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Cargojet Income Fund Announces Strong Second Quarter Results

Mississauga, ONT, August 14, 2009 - Cargojet Income Fund (the "Fund") TSX: CJT.UN) announced today financial results for the second quarter ended June 30, 2009.

For the Three Month Period Ended June 30, 2009:

Total revenues were $39.1 million as compared to $52.1 million for the same period in 2008, representing a decrease of $13.0 million or 25.0%
Direct expenses were $29.8 million as compared to $46.3 million for the same period in 2008, representing a decrease of $16.5 million or 35.6%.
EBITDA was $4.9 million as compared to $1.1 million for the same period in 2008, representing an increase of $3.8 million or 345.5%
Total cash distributions were $0.7 million, representing a payout ratio of 23.0%

“Through the hard work, dedication and sacrifice of our team, Cargojet has performed very well this quarter despite lower revenues. Cost containment measures were very effective in maintaining our margins that were consistent with the first quarter of 2009. Furthermore, we did not experience the one-time costs associated with the introduction of new aircraft incurred during the same period in 2008,” said Ajay Virmani, President and Chief Executive Officer. “We are managing well through this tough economic climate however we remain very aware of the competitive environment facing our customers and continue to work very closely with them as their partner. We will remain focused on being the best overnight air cargo service provider in North America by consistently delivering reliable and cost effective solutions to our customers’ time sensitive cargo needs,” added Virmani.

The Fund’s Consolidated Interim Financial Statements and Management Discussion and Analysis for the second quarter of 2009 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 Daylight Time (11:00 a.m. Pacific Daylight) on Monday, August 17, 2009.

Cargojet is Canada's leading provider of time sensitive overnight air cargo services. Cargojet operates its network across North America, transporting over 750,000 pounds of time sensitive air cargo each business night, utilizing a fleet of forty-one all cargo aircraft.

For more information please contact:

P. Dhillon
Vice President Marketing, Public & Government Relations
Tel: (905) 501 7373
pdhillon@cargojet.com

Notice on Forward Looking Statements:

Certain statements contained herein constitute "forward-looking statements". Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans," "intends," "anticipates," "should," "estimates," "expects," "believes," "indicates," "targeting," "suggests" and similar expressions. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Reference should be made to the issuer's most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Quarterly Financial Statements and Notes thereto and related Management's Discussion and Analysis (MD&A), for a summary of major risks. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. The issuer assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason, other than as required by applicable securities laws. In the event the issuer does update any forward-looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

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