FINANCIAL HIGHLIGHTS(1)

Management Commentary

"Results in the third quarter reflect the continued execution of our business plan with strong contributions from our growth investments," said Al Cadotte, President and CEO of Newalta.

"We remain on track to deliver 20 percent growth in Adjusted EBITDA for the year, primarily driven by our growth capital investments. We continue to make progress on the strategic review of our Industrial Division. At the same time, we are evaluating opportunities to accelerate our organic growth plans in the Oilfield and New Markets Divisions where we have seen excellent returns. In addition, we will pursue acquisition opportunities in the U.S. where we can add meaningful value and advance our growth strategy.

"Our 2014 capital program is fully committed with investments prioritized towards our key growth areas that provide the lowest risk, highest returns, and stable cash flows. The investments that we made this year will drive strong, profitable performance in 2015 and in the years ahead."

Consolidated Overview

Third quarter revenue was up 8% to $228.4 million. Adjusted EBITDA increased 15% to $59.1 million compared to the prior year. Adjusted EBITDA as a percentage of revenue was 26%, up from 24% in 2013. Net earnings for the quarter was $16.6 million, up 26% over prior year due to higher Adjusted EBITDA offset by restructuring and other related charges. Returns from growth capital investments in New Markets and Oilfield, coupled with the savings realized from the Rationalization Plan in Industrial drove growth.

Year-to-date, Adjusted EBITDA was $137.2 million, up 17% over the prior year. Year-to-date results reflect the same factors as the quarter and were also impacted by improved commodity prices in the first half of the year. Year-to-date net earnings was $14.9 million, down 54% from prior year due to higher finance charges associated with the early redemption of the Series 1 Senior Unsecured Debentures, higher stock-based compensation expense and restructuring and other related costs. Year-to-date adjusted net earnings, which excludes stock-based compensation, embedded derivative loss and restructuring and other related costs, was up 22% over prior year.

Operational Overview

New Markets revenue and gross profit in the quarter increased 17% and 9%, respectively, to $79.7 million and $26.8 million compared to prior year. Improved performance was primarily driven by growth in our U.S. operations. Year-to-date, revenue and gross profit increased by 25% and 14%, respectively, to $206.9 million and $63.8 million compared to prior year. Strong returns from growth capital investments, specifically the Mature Fine Tailings (MFT) contracts and U.S. expansion, coupled with increased activity at our Heavy Oil facilities drove improved performance.

Oilfield revenue and gross profit in the quarter increased 14% and 16%, respectively, to $55.7 million and $23.6 million compared to prior year. Performance was driven by returns from growth capital investments and increased demand at our facilities and for our drill site services. Year-to-date revenue and gross profit increased by 13% and 12%, respectively, to $155.3 million and $61.1 million compared to prior year. Results were impacted by the same factors as the quarter and were also impacted by improved commodity prices in the first half of the year.

Q3 2014 Industrial revenue and gross profit was $93.0 million and $14.3 million, respectively, flat compared to prior year. Year-to-date, revenue decreased 4% to $267.1 million while gross profit increased by 9% to $35.1 million, compared to prior year. Savings realized from the Rationalization Plan, gains from favourable commodity prices and increased demand for our eastern onsite services were offset by lower waste receipts at the Stoney Creek Landfill (SCL) and reduced contributions from oil recycling services (ORS).

Other Highlights

Newalta's Board of Directors declared $7.0 million in dividends or $0.125 per share, paid October 15, 2014, to shareholders on record as at September 30, 2014.

Revenue from contracts generated 16% of consolidated revenue on a trailing-twelve month (TTM) basis compared to 13% in TTM Q3 2013.

Q3 2014 Adjusted SG&A improved to 9.5% of revenue from 10.6% in 2013, primarily due to overhead reductions in the quarter as part of the Rationalization Plan initiated in the Industrial Division partially offset by executive recruitment charges.

Our Total Debt to EBITDA ratio of 2.85 in Q3 2014 remains flat to Q2 2014 (2.54 in Q3 2013). We anticipate ending the year at or about 2.50.

Capital expenditures for Q3 2014 and year-to-date were $47.2 million and $107.1 million, respectively, focused primarily on growth projects in New Markets and Oilfield. We remain on track to execute our capital expenditures program of approximately $145 million in growth capital and $35 million in maintenance capital this year.

Recent Developments

During the first quarter, we initiated the rationalization plan associated with the comprehensive review announced in December 2013 focused primarily on our Industrial Division (Rationalization Plan). To date, we have closed four facilities, reduced overhead in associated support functions and have redirected lines of business.

In Q2, we engaged RBC Capital Markets to conduct the Strategic Review of our Industrial Division. We are committed to optimizing value from this Division and continue to make progress as we evaluate our strategic alternatives for the Industrial Division. Concurrently, we are evaluating our organizational capacity and investment opportunities to accelerate growth in the New Markets and Oilfield divisions via organic growth capital or acquisitions in the U.S.

Year-to-date, we realized approximately $7.0 million in savings associated with the Rationalization Plan and remain on track to realize approximately $10.0 million in annualized cash savings. Including costs associated with the Strategic Review, we incurred approximately $7.4 million in one-time restructuring and other related costs and anticipate incurring an additional $2.0 million before year end. We will assess and update savings and cost estimates throughout the year.

In addition to the Rationalization Plan, we are assessing our cost structure across all divisions, including SG&A. We have identified areas to better align resources with our business needs and have initiated steps to realize additional cost savings.

On October 14, Newalta announced the appointment of John Barkhouse as President and Chief Executive Officer and to the Board of Directors, to succeed Al Cadotte, current President and Chief Executive Officer, effective November 10, 2014. Mr. Cadotte will remain on Newalta's Board until the Annual General Meeting in 2015. In addition, Mr. Cadotte will work with Mr. Barkhouse to ensure a seamless leadership transition.

Outlook

We remain on track to deliver Adjusted EBITDA growth of 20% over 2013. Growth capital investments combined with improved commodity prices, rationalization initiatives focused primarily on the Industrial Division and reductions in SG&A will drive strong returns and improved results over prior year.

In Q4 2014, Adjusted EBITDA growth will be driven by stronger activity levels and returns from our growth capital investments in New Markets and Oilfield. These gains will offset the impact of softer commodity prices and a shortfall in event-based volumes at SCL.

• In New Markets, we expect growth to be driven by our onsite contracts as well as continued progress in the U.S. expansion. In the U.S., growth will be driven by increased contributions from our satellites and drill site services. Operations at our existing satellites are gaining momentum and will drive year-over-year growth. Drill site utilization is expected to trend near maximum practical capacity throughout the remainder of the year, with utilization of approximately 70% to 75%.
• In Oilfield, we expect growth to be driven by our growth capital investments, specifically in satellites and productivity improvements, and steady drilling activity. Operations at our satellites commissioned in the second quarter continue to ramp up with construction on the two new 2014 satellites progressing as planned.
• In Industrial, we expect gains in profitability from the initiatives implemented under the Rationalization Plan to be partially offset by lower contributions from SCL and ORS. SCL volumes in the fourth quarter are expected to be significantly lower than our previous guidance due largely to reduced event-based volumes. Q4 activity levels at Ville Ste-Catherine (VSC) are expected to be in line with 2013.

We continue to focus on growing our portfolio of longer term contracts, strengthening our foundation of stable cash flow, and maximizing returns from our existing assets.

Quarterly Conference Call

Management will hold a conference call on Wednesday, November 5, 2014 at 11:00 a.m. (ET) to discuss Newalta's performance for the quarter ended September 30, 2014. To participate in the teleconference, please call 416-340-2218 or 866-223-7781. To access the simultaneous webcast, please visit www.newalta.com. For those unable to listen to the live call, a taped broadcast will be available at www.newalta.com and, until midnight on Wednesday, November 12, 2014 by dialing 800-408-3053 and entering passcode 5569913 followed by the pound sign.

About Newalta

Newalta is North America's leading provider of innovative, engineered environmental solutions that enable customers to reduce disposal, enhance recycling and recover valuable resources from industrial residues. We serve customers onsite directly at their operations and through a network of 85 locations in Canada and the U.S. Our proven processes, portfolio of more than 250 operating permits and excellent record of safety make us the first choice provider of sustainability enhancing services to oil, natural gas, petrochemical, refining, lead, manufacturing and mining markets. With a skilled team of more than 2,100 people, two decade track record of profitable expansion and commitment to commercializing new solutions, Newalta is positioned for sustained future growth and improvement. Newalta trades on the TSX as NAL. For more information, visit www.newalta.com.

The press release contains certain statements that constitute forward-looking information. Please refer to the section below "Forward-Looking Information", for further discussion of assumptions and risks relating to this forward looking information. The unaudited interim Condensed Consolidated Financial Statements and MD&A, which contain additional notes and disclosures, are available on our website atwww.newalta.com under Investor Relations/Financial Reports.

SELECTED FINANCIAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited - Expressed in thousands of Canadian Dollars)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited - Expressed in thousands of Canadian Dollars except per share data)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited - Expressed in thousands of Canadian Dollars)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(Unaudited - Expressed in thousands of Canadian Dollars)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited - Expressed in thousands of Canadian Dollars)

FORWARD-LOOKING INFORMATION

Certain statements contained in this document constitute "forward-looking information" as defined under applicable securities laws. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "potential", "strategy", "target", and similar expressions, as they relate to Newalta Corporation and the subsidiaries of Newalta Corporation, or their management, are intended to identify forward-looking information. In particular, forward-looking information included or incorporated by reference in this document include statements with respect to:

• future operating and financial results;
• business prospects and strategy including related timelines;
• capital expenditure programs and other expenditures;
• realization of anticipated benefits of growth capital investments, acquisitions and our technical development initiatives;
• realization of anticipated benefits from our Rationalization Plan and in particular the anticipated value and sustainability of the cash savings from such initiatives;
• anticipated industry activity levels;
• expected demand for our services;
• the amount of dividends declared or payable in the future;
• our projected cost structure; and
• expectations and implications of changes in legislation.

Our strategic objectives for the Business Plan period 2014 to 2017, including anticipated growth capital investments and our action plan for 2014 and 2015, are set out under "Strategy" on page 33 in our Annual Report for the year ended December 31, 2013.

Such information reflects our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, without limitation:

• general market conditions of the industries we service;
• strength of the oil and gas industry, including drilling activity;
• fluctuations in commodity prices for oil and the price we received for our recovered oil;
• fluctuations in commodity prices for lead including the price differential we pay for lead feedstock and the price we receive for our lead products;
• fluctuations in base oil prices including the price differential we pay for used oil and the price we receive for our finished lube oil products;
• fluctuations in interest rates and exchange rates;
• supply of waste lead acid batteries as feedstock to support direct lead sales;
• demand for our finished lead products by the battery manufacturing industry;
• our ability to secure future capital to support and develop our business, including the issuance of additional common shares;
• the highly regulated nature of the environmental services and waste management business in which we operate;
• dependence on our senior management team and other operations management personnel with waste industry experience;
• the competitive environment of our industry in Canada and the U.S.;
• success of our growth, acquisition and technical development strategies including integration of businesses and processes into our operations and potential liabilities from acquisitions;
• potential operational and safety risks and hazards, obtaining insurance for such risks and hazards on reasonable financial terms, and potential failure of meeting customer safety standards;
• the seasonal nature of our operations;
• costs associated with operating our landfills and reliance on third party waste volumes;
• risk of pending and future legal proceedings;
• risk to our reputation;
• our ability to attract, retain, and integrate skilled employees and maintain positive labour union relationships;
• open access for new industry entrants and the general unprotected nature of technology used in the waste industry;
• possible volatility of the price of, and the market for, our common shares, and potential dilution for shareholders in the event of a sale of additional shares;
• financial covenants in our debt agreements that may restrict our ability to engage in transactions or to obtain additional financing; and
• such other risks or factors described from time to time in reports we file with securities regulatory authorities.

During the second quarter, we engaged a financial advisor to conduct a Strategic Review for our Industrial Division which is ongoing. As such, forward-looking information in this document is made subject to any changes that may be implemented as a result of this Strategic Review.

By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur. Many other factors could also cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking information and readers are cautioned that the foregoing list of factors is not exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Furthermore, the forward-looking information contained in this document is made as of the date of this document and, in each case, is expressly qualified by this cautionary statement. Unless otherwise required by law, we do not intend, or assume any obligation, to update any such forward-looking information.

The information contained on our website does not form part of this press release.

RECONCILIATION OF NON-GAAP MEASURES

This Press Release contains references to certain financial measures, including some that do not have any standardized meaning prescribed by International Financial Reporting Standards (IFRS or GAAP) and may not be comparable to similar measures presented by other corporations or entities. These financial measures are identified and defined below:

"EBITDA", "EBITDA per share", "Adjusted EBITDA", and "Adjusted EBITDA per share" are measures of our operating profitability. EBITDA provides an indication of the results generated by our principal business activities prior to how these activities are financed, assets are amortized or impaired, or how the results are taxed in various jurisdictions. In addition, Adjusted EBITDA provides an indication of the results generated by our principal business activities prior to recognizing stock-based compensation and restructuring and other related costs. Adjusted EBITDA provides improved continuity with respect to the comparison of our operating results over a period of time. Stock-based compensation, a component of employee remuneration, can vary significantly with changes in the price of our common shares while restructuring and other related costs are outside of our normal course of business. Restructuring and other related costs are charges primarily attributable to the Rationalization Plan and the Strategic Review. EBITDA and Adjusted EBITDA are derived from the consolidated statements of operations and comprehensive income. EBITDA per share and Adjusted EBITDA per share are derived by dividing EBITDA and Adjusted EBITDA by the basic weighted average number of shares.

They are calculated as follows:

"Divisional EBITDA" provides an indication of the results generated by the division's principal business activities prior to how the assets are amortized, and before allocation of Selling, general and administrative costs (SG&A). Divisional EBITDA is the sum of gross profit and amortization for the respective division. Divisional EBITDA is derived from gross profit as follows:

"Adjusted net earnings" and "Adjusted net earnings per share" are measures of our profitability. Adjusted net earnings provides an indication of the results generated by our principal business activities prior to recognizing stock-based compensation recovery or expense, the gain or loss on embedded derivatives and restructuring and other related charges. Stock-based compensation expense, a component of employee remuneration, can vary significantly with changes in the price of our common shares. The loss (gain) on the embedded derivative is a result of the change in the trading price of the debentures and the volatility of the applicable bond market. Restructuring and other related costs are related to initiatives outside of our normal course of business. As such, Adjusted net earnings provides improved continuity with respect to the comparison of our results over a period of time. Adjusted net earnings per share is derived by dividing Adjusted net earnings by the basic weighted average number of shares.

"Book value per share" is used to assist management and investors in evaluating the book value compared to the market value.

"Cash Basis Return on Capital" (ROC - Cash) is used to assist management and investors in measuring the returns realized at the consolidated level from capital employed. ROC - Cash is derived from Adjusted EBITDA less cash stock-based compensation, cash taxes and maintenance capital divided by Net Assets. Net Assets is an average of the beginning and ending balances of our total assets less current liabilities for the period.

"Divisional Return on Capital" is used to assist management and investors in measuring the returns realized at the Divisional level from capital employed. It is derived from Divisional EBITDA divided by the average of the beginning and ending balances of assets employed for the period.

"Funds from operations" is used to assist management and investors in analyzing cash flow and leverage. Funds from operations as presented is not intended to represent operating funds from operations or operating profits for the period, nor should it be viewed as an alternative to cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. Funds from operations is derived from the consolidated statements of cash flows and is calculated as follows:

References to EBITDA, EBITDA per share, Adjusted EBITDA, Adjusted EBITDA per share, Divisional EBITDA, Adjusted net earnings, Adjusted net earnings per share, ROC - Cash, Divisional Return on Capital, Funds from operations, and Funds from operations per share throughout this document have the meanings set out above. Adjusted SG&A is defined as SG&A adjusted for stock-based compensation and amortization.