News Releases

CALGARY, ALBERTA – July 3, 2008 /CNW/ - Newalta Income Fund ("Newalta") today announced the appointment of Michael A. Borys, CA as Senior Vice President, Finance and Chief Financial Officer (CFO), reporting to the President and Chief Executive Officer, effective July 14, 2008.

"We are very pleased to welcome Mike to our executive team. His extensive financial experience includes strategy development, financings, mergers and acquisitions, and risk management. We look forward to his contribution to furthering Newalta's corporate goals and objectives, including the successful execution of our growth strategy," said Al Cadotte, Newalta's President and Chief Executive Officer. "Consistent with our long-term succession plan for the CFO role, Ron Sifton will continue as Executive Vice President, working closely with Mike to ensure the orderly transition of CFO responsibilities, principally those of finance, information technology, and investor relations."

Mr. Borys has 25 years of progressively responsible financial management experience. Prior to joining Newalta, Mr. Borys served as Executive Vice President and Chief Financial Officer of The Brick Group Income Fund. Prior to that, Mr. Borys served as Executive Vice President and Chief Financial Officer of Famous Players. He was also previously Chief Financial Officer of Priszm Canadian Income Fund. Mr. Borys earned a Bachelor of Commerce Degree (with distinction) from Concordia University in 1983 and is a Chartered Accountant.

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.