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Cargojet Income Fund Announces Exceptional Third Quarter Results

Mississauga, ON, November 12, 2009 - Cargojet Income Fund (the "Fund") TSX: CJT.UN) announced today financial results for the third quarter ended September 30, 2009.

For the Three Month Period Ended September 30, 2009:

• Total revenues were $41.4 million as compared to $53.1 million for the same period in 2008, representing a decrease of $11.7 million or 22.0%.
  
• Direct expenses were $30.8 million as compared to $45.6 million for the same period in 2008, representing a decrease of $14.8 million or 32.5%.
  
• EBITDA was $5.4 million as compared to $3.1 million for the same period in 2008, representing an increase of $2.3 million or 74.2%.
  
• Total cash distributions were $0.7 million as compared to $1.8 million for the same period in 2008, a decrease of 61.1%.
  

“Our Team at Cargojet has performed very well this quarter despite lower revenues. Cost containment measures were very effective in maintaining our margins consistent with the first half of 2009,” 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 our customers with a reliable and cost effective solution to their time sensitive cargo needs,” added Virmani.

The Fund’s consolidated interim financial statements and Management Discussion and Analysis for the third quarter of 2009 have been released to the Fund’s website at www.cargojet.com and have also been filed with SEDAR.

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 further information, please contact:

Please visit our website at www.cargojet.com or contact
P. Dhillon, Vice President Marketing, Public & Government Relations
Tel: (905) 501 7373
pdhillon@cargojet.com

Notice on Forward Looking Statements: