News Releases

CALGARY, ALBERTA - July 29, 2004 /CNW/ - Newalta Income
Fund ("Newalta") today announced that management will hold its
quarterly conference call on Wednesday, August 11, 2004, at 2:00
p.m. Eastern Time.

The call will be hosted by Al Cadotte, President and Chief
Executive Officer, and Ron Sifton, Senior Vice President, Finance
and Chief Financial Officer.

To participate in the teleconference, please call 1-800-814-4890
or 416-913-8746. To access the simultaneous webcast, please visit
www.newalta.com. Participants will require RealPlayer to listen
to the webcast, which can be downloaded prior to accessing the
call.

For those unable to listen to the live call, a taped broadcast
will be available at www.newalta.com and, until midnight on
August 18, 2004, by dialing 416-640-1917 or 1-877-289-8525 and
entering the passcode 21081165#.

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.