News Releases

CALGARY, ALBERTA - May 3, 2005 /CNW/ - Newalta Income Fund
(TSX:NAL.UN) ("Newalta") today announced that management will hold its
quarterly conference call on Tuesday, May 10, 2005 at 1:00 p.m. Eastern
Time.

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 1-800-565-0813 or
416-695-9702. 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 May 17, 2005, by
dialing 416-695-5275 or 1-888-509-0082.

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.