News Releases

CALGARY, ALBERTA - Feb. 24, 2006 /CNW/ - Newalta Income Fund (TSX:NAL.UN) ("Newalta") today announced that management will hold its quarterly conference call on Wednesday, March 8, 2006 at 1:00 p.m. Eastern Time.

Newalta's management will review financial results for the fourth quarter and year-end 2005. The call will be hosted by Al Cadotte, President and CEO; Ron Sifton, Senior Vice President, Finance and CFO; and Rob Morin, Vice President, Finance.

To participate in the teleconference, please call 1-888-280-8771 or 416-695-9712. To access the simultaneous webcast, please visit www.newalta.com. For those unable to listen to the live call, a taped broadcast will be available at www.newalta.com and, until midnight on Wednesday, March 15, 2006, by dialing 1-888-509-0081 or 416-695-5275.

A calendar of Newalta's 2006 quarterly conference calls is also available at www.newalta.com.

Newalta Income Fund has delivered dynamic profitable growth and generated average revenue growth of 30 percent per year 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 non-hazardous industrial solid waste. With 1,500 talented people and a network of 56 facilities, Newalta serves corporations 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.