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Cargojet Income Fund Announces First Quarter Results

Mississauga, ON, May 10, 2010 - Cargojet Income Fund (the "Fund") TSX: CJT.UN) announced today financial results for the First Quarter ended March 31, 2010.

For the First Quarter Ended March 31, 2010:

• Total Revenues increased by 0.9% to $42.6 million from $42.2 million for the comparable period in 2009.
• Direct Expenses increased by 9.3% to $35.1 million from $32.2 million for the comparable period in 2009.
• Gross Margin as a percentage of revenue decreased to 17.6% from 23.7% for the comparable period in 2009.
• EBITDA decreased to $3.4 million as compared to $6.4 million for the same period in 2009.

“Cargojet’s First Quarter results reflect an increase in charter, ACMI and fuel surcharge revenues, that were offset by the continued impact of lower customer demand, pricing pressures affecting our core overnight network and the effect of the strong Canadian dollar on our US revenues.  Expenses were higher due to increased maintenance costs and additional block hours flown in the period,” said Ajay Virmani, President and Chief Executive Officer.  “ We continue to remain cautious about the speed of economic recovery and are focused on a comprehensive cost reduction plan to improve our margins”, added Virmani.

The Fund’s Consolidated Interim Financial Statements and Management Discussion and Analysis for the three month period ended March 31, 2010 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 all-cargo aircraft.

For further 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.  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.