News Releases

CALGARY, ALBERTA - Sept. 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 September, 2006, payable on October 16, 2006, to all unitholders of record on September 29, 2006. The ex-distribution date is September 27, 2006.

Based on the September 15, 2006 closing price of $31.86 per trust unit, the September distribution represents an annualized cash-on-cash yield of approximately 7.0%.

Newalta Income Fund has delivered dynamic profitable growth and generated compound annual revenue growth of 30% since 1993. Newalta, one of Canada's largest industrial waste management companies, focuses on maximizing the value inherent in industrial waste through the recovery of saleable products and recycling. Newalta also provides environmentally sound disposal of solid, non-hazardous industrial waste. With 1,600 talented people and a network of more than 60 facilities from coast to coast, 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. For more information, visit www.newalta.com.