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Cargojet Income Fund Announces Distribution

October 20, 2008

Cargojet Income Fund (the "Fund") (TSX: CJT.UN) announced today a cash distribution of $0.0675 per unit for the period from October 1, 2008 to October 31, 2008.

The distribution will be paid to unitholders of record at the close of business on October 31, 2008 and will be payable on or before November 14, 2008. For those unit holders holding units outside a tax deferred plan, the Fund estimates that 96% of the distributions made in 2008 will be treated as taxable income and the balance as a return of capital. The proportion of these figures may change when the actual results for the fiscal year are calculated.

Cargojet is Canada's leading provider of time sensitive overnight air cargo services. Cargojet operates its network across North America, transporting approximately 800,000 pounds of time sensitive air cargo each business night, utilizing a fleet of thirty-five all cargo aircraft.

For further information, please contact:

Pauline Dhillon, VP Marketing, Public and Government Relations
Cargojet Income Fund,
350 Britannia Road East, Units 5 & 6,
Mississauga, Ontario, L4Z 1X9
(905) 501-7373 ext 135 or at
pdhillon@cargojet.com.