Cargojet Boeing 767-200ER enters the Freighter Fleet

    TORONTO, Aug. 8 /CNW/ - Cargojet Income Fund (the "Fund") (TSX: CJT.UN),
Canada's leading domestic premium overnight air cargo network operator, today
announced today it's first Boeing 767-200 Extended Range Freighter Aircraft
has joined it's fleet of thirty-four aircraft.
    This aircraft has a maximum structural payload of 100,000 pounds, an
increase of 67% as compared to the current B727-200 Advanced Freighter
Aircraft and will allow further expansion with a maximum range of 5000
nautical miles. The B767-200ER burns on average 13% more fuel per block hour
versus the B727-200AF; however the B767-200, with the increased payload
results in a net reduction in fuel consumed of 33% per gross payload pound.
    "We are very excited to be the first Canadian air cargo operator to
introduce these newer generation, longer range, and more fuel efficient and
environmentally friendly aircraft to our fleet. The addition of this aircraft
will allow us to continue to meet the growing requirements of our domestic
overnight network and continue to provide value added services to our
customers. This will also allow Cargojet to further expand into selected
international markets," says Ajay K. Virmani, President and CEO of the Fund.
    This aircraft arrived at Hamilton International Airport on Thursday,
August 7, 2008 and is planned to enter revenue service later this month. The
addition of this aircraft type is a major step in Cargojet's ongoing aircraft
fleet renewal and cargo growth plans.

    Cargojet is Canada's leading provider of time sensitive overnight air
cargo services. Cargojet operates its network across North America
transporting over 885,000 pounds of time sensitive air cargo each business
night, utilizing a fleet of thirty-four 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. Reference should be made to the issuer's most recent Annual
Information Form filed with the Canadian securities regulators, and its most
recent Annual Consolidated Financial Statements and Quarterly Financial
Statements and Notes thereto and related Management's Discussion and Analysis
(MD&A), for a summary of major risks. 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,
other than as required by applicable securities laws. In the event the issuer
does update any forward-looking statement, no inference should be made that
the issuer will make additional updates with respect to that statement,
related matters, or any other forward-looking statement.

    %SEDAR: 00022068E

For further information:

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

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