Cargojet successfully completes fleet renewal plan for 2008

    TORONTO, Oct. 2 /CNW/ - Cargojet Income Fund (the "Fund") (TSX: CJT.UN),
Canada's leading domestic premium overnight air cargo network operator, today
announced today its second Boeing 767-200 Extended Range Freighter Aircraft
has recently joined its fleet.
    The B767-200ER 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 B757-200ER is capable of uplifting a maximum cargo
payload of 80,500 pounds an increase payload of 33% compared to the current
    "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. These aircraft will allow us
to efficiently deploy capacity to match customer demand and to continue
providing value added services to our customers," says Ajay K. Virmani,
President and CEO of the Fund.
    All three new aircraft have entered into revenue service on the domestic
overnight network as of September 30th.

    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-five 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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