News Releases

CALGARY, ALBERTA - Sept. 20, 2004 /CNW/ - Newalta Income
Fund ("Newalta") today announced that it has received all
required regulatory approvals relating to its Distribution
Reinvestment Plan (the "DRIP Plan") and that the distribution
payable on October 15, 2004 will be eligible for reinvestment
under the DRIP Plan.

The DRIP Plan provides eligible Unitholders of Newalta with the
opportunity to reinvest their monthly cash distributions to
acquire additional Units of Newalta at a purchase price equal to
95% of the average market price (defined as the volume weighted
average trading price of the Units for the 10 trading days
immediately preceding the distribution payment date). No
additional commissions, service charges or brokerage fees will be
charged to a Unitholder in connection with the reinvestment of
distributions under the DRIP Plan.

The full text of the DRIP Plan and an Authorization Form are
being mailed to Unitholders and are also available on Newalta's
website at www.newalta.com.

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.