News Releases

CALGARY, ALBERTA – October 30, 2008 /CNW/ - Newalta Income Fund ("Newalta") today announced that it will release third quarter 2008 results before the market opens on Wednesday, November 5, 2008 and will hold its quarterly conference call on the same day at 2:00 p.m. Eastern Time.

Newalta's management will review financial results for the third quarter of 2008. The call will be hosted by Al Cadotte, President and CEO; Mike Borys, Senior Vice President, Finance and CFO; and Ron Sifton, Executive Vice President.

To participate in the teleconference, please call 416-644-3430 or 1-800-587-1893. 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, 2008, by dialing 1-877-289-8525 and using the passcode 21288003 followed by the number sign.

Newalta Income Fund is the largest Canadian industrial waste management and environmental services provider and focuses on maximizing the value inherent in industrial waste through the recovery of saleable products and recycling. It also provides environmentally sound disposal of solid, non-hazardous industrial waste. With talented people and a national network of facilities, Newalta serves customers in the automotive, forestry, manufacturing, mining, oil and gas, lead, petrochemical, pulp and paper, steel and transportation service industries. Providing solid investor returns, exceptional customer service, safe operations and environmental stewardship has enabled Newalta to expand into new service sectors and geographic markets. Newalta Income Fund's units trade on the TSX as NAL.UN. For more information, visit www.newalta.com