News Releases

CALGARY, ALBERTA - March 15, 2005 /CNW/ - Newalta Income Fund
("Newalta") (TSX:NAL.UN) today announced that it has increased its
monthly distribution by 20%, to 15.0 cents per trust unit, or $1.80 per
year. The Fund has declared a cash distribution of 15.0 cents per trust
unit for the month of March, 2005 payable on April 15, 2005 to all
unitholders of record on March 31, 2005. The ex-distribution date is
March 29, 2005.

The 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 March 15, 2005 closing price of $24.25 per trust unit, the
March distribution represents an annualized cash-on-cash yield of
approximately 7.4%.

"The increase in monthly distributions is consistent with the Board of
Trustee's policy of reviewing distributions in light of current
performance, and the future outlook," said Alan Cadotte, President and
Chief Executive Officer of Newalta.

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 41
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.