News Releases

CALGARY, ALBERTA - Nov. 15, 2006 /CNW/ - Newalta Income Fund (TSX:NAL.UN) ("Newalta") today announced that it has declared a cash distribution of 18.5 cents per trust unit for the month of November, 2006, payable on December 15, 2006, to all unitholders of record on November 30, 2006. The ex-distribution date is November 28, 2006.

Based on the November 15, 2006 closing price of $26.30 per trust unit, the November distribution represents an annualized cash-on-cash yield of approximately 8.4%.

Newalta Income Fund is one of Canada's leading industrial waste management and environmental services companies 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, 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.