Cargojet Income Fund Announces January Distribution



    TORONTO, Jan. 22 /CNW/ - Cargojet Income Fund (the "Fund") (TSX: CJT.UN)
announced today a cash distribution of $0.0964 per unit for the period from
January 1, 2008 to January 31, 2008. The distribution will be paid to
unitholders of record at the close of business on January 31, 2008 and will be
payable on or before February 15, 2008.
    For those unitholders holding units outside a tax deferred plan, the Fund
estimates that 94% of the distributions made in 2008 will be treated as
taxable income and the balance as a return of capital. The proportion of these
figures may change when the actual results for the fiscal year are calculated.

    Cargojet is Canada's leading provider of time sensitive overnight air
cargo services. Cargojet operates its network across North America,
transporting over 840,000 pounds of time sensitive air cargo each business
night, utilizing a fleet of twenty all cargo aircraft.

    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.

    %SEDAR: 00022068E




For further information:

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


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