News Releases

CALGARY, ALBERTA - April 18, 2005 /CNW/ - Newalta Income Fund
(TSX:NAL.UN) ("Newalta") today announced that it has declared a cash
distribution of 15.0 cents per trust unit for the month of April, 2005
payable on May 16, 2005 to all unitholders of record on April 29, 2005.
The ex-distribution date is April 27, 2005.

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 April 18, 2005 closing price of $22.23 per trust unit, the
April distribution represents an annualized cash-on-cash yield of
approximately 8.1%.

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.