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Cargojet Income Fund Announces Third Quarter Results

November 12, 2008

Mississauga, ONT, - Cargojet Income Fund (the "Fund") TSX: CJT.UN) announced today financial results for the Third Quarter ended September 30, 2008.

For the Three Month Period Ended September 30, 2008:

• Revenues increased to $53.1 million from $35.0 million for the comparable period in 2007, an increase of 51.7%;
• Direct expenses increased to $45.6 million from $26.3 million for the comparable period in 2007, an increase of 73.4%;
• EBITDA decreased to $3.1 million from $5.2 million for the comparable period in 2007.  EBITDA increased by $2.0 million from the previous quarter ended June 30, 2008;

Cargojet successfully completed its fleet renewal program with the acceptance and introduction of a Boeing 757-200ER (B757) and two Boeing 767-200ER (B767) freighters during the third quarter of 2008.

“The one-time increases in sub-charter, crew and training costs related to the fleet renewal program were the primary reasons for the reduction in EBITDA despite an increase in core revenues during the quarter,” said Ajay Virmani, President and Chief Executive Officer. “The current uncertainty in the global economy, instability in financial markets and record high fuel prices during the third quarter 2008 have negatively affected customer demand for higher priced time-sensitive overnight air cargo services.  Cargojet continues to deal with the impact of a worldwide economic slowdown and is adjusting its current operations and future business plan.  Despite these challenges we remain positive about our business model and our recent investment in the new aircraft.  We will remain focused on being the best overnight air cargo service provider in North America by consistently delivering our customers with a reliable, cost effective and value added solutions to their time sensitive air cargo needs.  Our fleet plans will position us well for the future," added Virmani.

The Fund’s consolidated interim financial statements and Management’s Discussion and Analysis (“MD&A”) for the third quarter of 2008 have been released to the Fund’s website at www.cargojet.com and have also been filed with SEDAR.

Cargojet management will host a conference call at 2:00p.m. Eastern Standard Time (11:00 a.m. Pacific Standard) on Wednesday, November 12, 2008.

Cargojet is Canada's leading provider of time sensitive overnight air cargo services. Cargojet operates its network across North America, transporting over 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.