News Releases

CALGARY, ALBERTA - Nov. 15, 2004 /CNW/ - Newalta Income Fund
(TSX:NAL.UN) ("Newalta") today announced that it has declared a cash
distribution of 12.5 cents per trust unit for the month of November,
2004 payable on December 15, 2004 to all unitholders of record on
November 30, 2004. The ex-distribution date is November 26, 2004.

Based on the November 15, 2004 closing price of $21.75 per trust unit,
the November distribution represents an annualized cash-on-cash yield of
approximately 6.9%.

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 strong track record of profitable growth and
environmental stewardship, Newalta is focused on leveraging its proven
competencies in new service sectors and geographic markets from coast to
coast.