News Releases

CALGARY, ALBERTA - Jan. 17, 2005 /CNW/ - Newalta Income Fund
("Newalta") (TSX:NAL.UN) today announced that it has declared a cash
distribution of 12.5 cents per trust unit for the month of January, 2005
payable on February 15, 2005 to all unitholders of record on January 31,
2005. The ex-distribution date is January 27, 2005.

Based on the January 17, 2005 closing price of $22.12 per trust unit,
the January distribution represents an annualized cash-on-cash yield of
approximately 6.8%.

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 40
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.