News Releases

CALGARY, ALBERTA – May 14, 2008 /CNW/ - Newalta Income Fund (the "Fund") announces that at its annual and special meeting held on May 13, 2008 unitholders of the Fund approved by an overwhelming majority the adoption by the Fund of a unitholder rights plan (the "Plan"). Details regarding the Plan are set forth in the management proxy circular of the Fund dated March 19, 2008, a copy of which has been filed and is available from the SEDAR website at www.sedar.com.

The objectives of the Plan are to ensure, to the extent possible, that all unitholders are treated equally and fairly in connection with any take-over bid or similar proposal to acquire trust units of the Fund. The Plan was not adopted in response to, or in anticipation of, any known proposal to acquire control of the Fund.

The plan has been implemented and is effective immediately pursuant to the terms and conditions of a Unitholder Rights Plan Agreement between the Fund and Valiant Trust Company, as rights agent. The complete text of this agreement will be filed and available from the SEDAR website at www.sedar.com.

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.