Cargojet Income Fund Announces Senior Appointments

    TORONTO, June 7 /CNW/ - Cargojet Income Fund (the "Fund") (TSX: CJT.UN)
is pleased to announce today the appointment of Wade Morrell as Chief
Financial Officer of the Fund effective June 11, 2007. Mr. Morrell joined the
company in 2002 as Director of Strategic and Financial Planning and for the
last three years was Cargojet's Vice President of Finance. Prior to joining
Cargojet, Mr. Morrell enjoyed a career as the Chief Financial Officer for ICC,
a Canadian air carrier specializing in the transborder movement of air cargo.
Mr. Morrell has been a key member of the management team assisting in
developing and executing the business strategy of Cargojet. The appointment of
Mr. Morrell to the Chief Financial Officer's position is consistent with
Cargojet's succession plan.
    Dan Mills will relinquish his role as Chief Financial Officer of the
Fund. Mr. Mills will assume the position of Executive Vice President Corporate
Governance and continue to serve as a Director of the Fund. He will offer his
support and guidance to the executive team and to the finance group in his new
role. Mr. Mills, one of the Founders of Cargojet, will retain his holdings of
the Fund, which amount to 3.3%.
    Ajay Virmani, President and Chief Executive Officer said, "These
appointments will further strengthen the financial area of the business and
enhances the commitment that Cargojet has towards good corporate governance".

    Cargojet Holdings Ltd. is Canada's leading provider of time sensitive
overnight air cargo service. Cargojet operates its network from coast to coast
transporting over 500,000 pounds (226.8 tonnes) of volumetric time sensitive
air cargo to thirteen major cities in Canada each business night.

    %SEDAR: 00022068E

For further information:

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

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