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Cargojet Announces Normal Course Issuer Bid November 21, 2008 Mississauga, ONT, - Cargojet Income Fund (“Cargojet”) announced today that it intends to make a normal course issuer bid to purchase, through the facilities of the Toronto Stock Exchange (“TSX”), certain of its outstanding Units. As at November 19, 2008, there were 6,698,863 Units issued and outstanding. The number of Units to be purchased through the facilities of the TSX during the period of the normal course issuer bid (the "Bid") from November 25, 2008 to November 24, 2009 will not exceed 599,402 Units, or approximately 10% of the public float outstanding on November 19, 2008. Daily purchases will be limited to 6,507 up to and including March 31, 2009 and 3,253 Units thereafter, other than block purchase exemptions. Units purchased pursuant to the Bid will be cancelled. TSX recently announced a temporary exemption which increases the amount of daily purchases an issuer is permitted to make under a normal course issuer bid. Subject to certain exceptions for block purchases, this exemption increases to 6,507 the maximum number of Units that can be purchased per day on the TSX from the start of the Bid up to and including March 31, 2009. Cargojet believes that the market price of the Units may, at certain times throughout the duration of the normal course issuer bid, be undervalued. 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
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