News Releases

CALGARY, ALBERTA - Aug. 1, 2006 /CNW - Income Fund (TSX:NAL.UN) ("Newalta") today announced it has acquired the operating assets of Norama Industries Inc. ("Norama") for $9.6 million cash.

Norama has a network of three facilities with 100 people in Quebec delivering industrial cleaning and environmental services to industrial, refinery, petrochemical and manufacturing companies. Its specialized transportation fleet includes 45 high-pressure and low-pressure industrial cleaning trucks, vacuum trucks and trailers.

"We are very pleased to enter the Quebec market with a well-managed business and high-quality people. We look forward to expanding this base into a fully integrated industrial services and waste management business in the months ahead," said Al Cadotte, President and Chief Executive Officer of Newalta.

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 1,500 talented people and a network of 59 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. For more information, visitwww.newalta.com.