News Releases

CALGARY, ALBERTA - July 18, 2005 /CNW/ - Newalta Income Fund (TSX:NAL.UN) ("Newalta") today announced that it has declared a cash distribution of 15 cents per trust unit for the month of July, 2005 payable on August 15, 2005 to all unitholders of record on July 29, 2005. The ex-distribution date is July 27, 2005.

Based on the July 18, 2005 closing price of $23.43 per trust unit, the July distribution represents an annualized cash-on-cash yield of approximately 7.7%.

Newalta Income Fund is an open-ended trust that maximizes the inherent value in certain industrial wastes through recovery of saleable products and recycling, rather than disposal. Through an integrated network of 42 state-of-the-art facilities, Newalta delivers world-class solutions to a broad customer base of national and international corporations, in a range of industries, including the automotive, forestry, pulp and paper, manufacturing, mining, oil and gas, petrochemical, and transportation services industries. With a track record of profitable growth and environmental stewardship, Newalta is focused on leveraging its position in new service sectors and geographic markets from coast to coast.