News Releases

CALGARY, ALBERTA - Feb. 15, 2006 /CNW/ - Newalta Income Fund (TSX:NAL.UN) ("Newalta") today announced that it has declared a cash distribution of 16.5 cents per trust unit for the month of February 2006, payable on March 15, 2006, to all unitholders of record on February 28, 2006. The ex-distribution date is February 24, 2006.

Newalta's DRIP provides eligible unitholders with the opportunity to reinvest their monthly distribution to acquire additional trust units at a purchase price equal to 95% of the average market price. The deadline for completing and delivering enrollment forms to Valiant Trust Company is 3:00 pm (MST) on the business day immediately preceding the record date.

Based on the February 15, 2006 closing price of $28.70 per trust unit, the February distribution represents an annualized cash-on-cash yield of approximately 6.9%.

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, 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.