Fire Forces Change of Venue to Newalta Income Fund Annual Meeting of Unitholders

CALGARY, ALBERTA - May 16, 2005 /CNW/ - Newalta Income Fund (TSX:NAL.UN) ("Newalta") today announced that, as a result of a fire at The Calgary Petroleum Club, the location of the Annual Meeting of the Unitholders of Newalta has been relocated to the Marriott Hotel, in the Mount Royal Room, 110 - 9th Avenue S.E., Calgary, Alberta, Canada. In order to facilitate the attendance of all those who wish to attend, the meeting will be delayed 30 minutes and will commence at 3:30 p.m. (Calgary time) on Tuesday, May 17, 2005 at the Marriott Hotel as set out above.



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.

For further information: Newalta Income Fund - Ronald L. Sifton, Senior Vice President, Finance and Chief Financial Officer, (403) 206-2684; Website: www.newalta.com