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Cargojet Income Fund Announces Second Quarter Results

Mississauga, ON, August 9, 2010 - Cargojet Income Fund (the "Fund") TSX: CJT.UN) announced today financial results for the Second Quarter ended June 30, 2010.

For the Second Quarter Ended June 30, 2010*:

• Revenues increased to $37.8 million or 3.0% as compared to the previous quarter and by 11.2% as compared to the same period in 2009.
• Direct Expenses decreased to $29.2 million or 1.0% as compared to previous quarter and increased by 19.7% as compared to the same period in 2009.
• EBITDA increased to $4.2 million or 23.5% as compared to the previous quarter and decreased by 23.6% as compared to the same period in 2009. 

   *All figures exclude the operations of the Cargojet Regional business that was sold on July 14, 2010.

“Strengthening customer demand has resulted in revenue increases in our adhoc, charter and ACMI business sectors.  We are pleased with the improvement over the previous Quarter and the relative stability in customer demand after many quarters of economic slow down.  Increased direct expenses were primarily due to the additional block hours flown for charters, higher fuel costs and foreign exchange gains recorded in the prior year,” said Ajay Virmani, President and Chief Executive Officer.  “We remain focused on further cost control and reductions that will translate into margin improvements as demand continues to grow in the second half of 2010”, added Virmani.

The Fund’s Consolidated Interim Financial Statements and Management Discussion and Analysis for the three month period ended June 30, 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 thirteen 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.