Cargojet Income Fund CEO acquires additional units

TORONTO, Aug. 27 /CNW/ - Cargojet Income Fund (the "Fund") (TSX: CJT-UN.TO) - Ajay Virmani, Chief Executive Officer of the Fund announced today that he has acquired ownership of an additional 50,450 units ("Units") of the Fund at a price of $8.25 per Unit through the facilities of the Toronto Stock Exchange. Mr. Virmani has acquired a total of 201,800 units at an average price of $7.63 per unit since the last Early Warning Report dated May 19, 2006.

Ajay Virmani is a beneficiary and one of three trustees of the Virmani Family Trust (the "Trust"). Together with the Trust, Ajay Virmani currently owns, controls or has securities exchangeable for 2,251,996 Units representing approximately 26.4% of the Units on a partially diluted basis. The Units were acquired for investment purposes only. Mr. Virmani intends to acquire additional Units in the future if available at appropriate prices.

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.

Contacts

and for a copy of the National Instrument 62-103 Early Warning Report to be filed on SEDAR at www.sedar.com
please contact Pauline Dhillon
VP Marketing
Public & Government Relations
Cargojet Income Fund
350 Britannia Road East
Units 5 & 6
Mississauga
Ontario
L4Z 1X9
(905) 501-7373 ext 135 or at pdhillon@cargojet.com