News Releases

CALGARY, ALBERTA - March 2, 2005 /CNW/ - Newalta Income Fund
(TSX:NAL.UN) ("Newalta") today announces that effective March 1, 2005,
it has closed the acquisition of an oilfield facility near Fox Creek,
Alberta. The total investment in this facility, including additional
capital in 2005, is estimated to be $10.0 million. This investment is in
addition to the $30.0 internal growth capital program for 2005 and is
consistent with the Fund's strategy to acquire and develop operations to
increase geographic coverage.

"We continue to pursue a number of additional acquisition candidates
that can be completed at responsible prices to add new services, expand
our geographic coverage and further enhance returns to our investors,"
said Ron Sifton, Senior Vice President, Finance and Chief Financial
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.