EDMONTON, ALBERTA–(EMWNews – Aug. 1, 2008) – XS Cargo Income Fund (TSX:XSC.UN) will host a conference call and audio webcast for analysts, investors and media on Thursday, August 7, 2008 at 1:00 p.m. ET. Michael McKenna, President and Chief Executive Officer and Ross Kelly, Chief Financial Officer will discuss the details of the first quarter financial results, which will be released prior to markets opening on August 7, 2008.

To participate in the conference call, please dial (416) 620-3447 in the Toronto area or toll free at 1 (800) 952-4972 at least 10 minutes ahead of time. A replay of the conference call will be available approximately two hours after the event until midnight ET, August 14, 2008. To listen to the audio replay, call (416) 695-5800 in the Toronto area or toll free at 1 (800) 408-3053. Passcode: 3267882.

The simultaneous webcast of the event will be available at: http://events.onlinebroadcasting.com/xscargo/080708/index.php or on the investor relations page of the www.xscargo.com website.

The Fund is an open-ended trust that holds, indirectly, a 51% interest in XS Cargo Limited Partnership (“XS Cargo LP”). XS Cargo LP is one of the largest broadline closeout retailers in Canada with 40 stores in the provinces of Alberta, British Columbia, Saskatchewan, Manitoba, Ontario, Newfoundland, Nova Scotia and New Brunswick. The Fund’s trust units are listed on the Toronto Stock Exchange under the symbol “XSC.UN”.