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Cargojet Announces Normal Course Issuer Bid

December 4, 2009

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 trust units (“Units”).  As at November 30, 2009, there were 6,099,461 Units issued and outstanding. 

The number of Units to be purchased during the period of the normal course issuer bid (the "Bid") from December 8, 2009 to December 7, 2010 will not exceed 573,620 Units, or approximately 10% of the public float outstanding on November 27 , 2009.  Daily purchases will be limited to 3,311, other than block purchase exemptions.  All purchases made pursuant to the NCIB will be made through the facilities of the TSX, Alpha Trading Systems, Chi-X Canada or Pure Trading.  Units purchased pursuant to the Bid will be cancelled.

Cargojet believes that the market price of the Units may, at certain times throughout the duration of the Bid, be undervalued.
On November 21, 2008, the Fund received approval from the TSX on its notice of intention to make a normal course issuer bid for its Units through the facilities of the TSX from November 25, 2008 to November 24, 2009, in accordance with applicable rules of the TSX. Under its normal course issuer bid, the Fund was authorized to purchase for cancellation up to 599,402 Units, representing approximately 10% of the public float of Units issued and outstanding as at November 19, 2008. During the course of its normal course issuer bid, the Fund purchased for cancellation 599,402 Units at an average price of $4.01 per Unit.

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:

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