News Releases

CALGARY, ALBERTA - May 4, 2004 /CNW/ - Newalta Income
Fund (TSX: NAL.UN) today announced that management will hold a
conference call and webcast on Wednesday, May 12, 2004 at 11 a.m.
ET to discuss the Fund's performance for the first quarter ended
March 31, 2004.

The call will be hosted by Al Cadotte, President and Chief
Executive Officer, and Ron Sifton, Chief Financial Officer. The
number to call to participate in the teleconference is
1-800-814-4859 or 416-640-4127. To ensure your participation,
please call in about five minutes prior to start of the call.

For those unable to listen to the live call, a taped rebroadcast
will also be available until midnight on May 19, 2004. To access
the rebroadcast, please dial 416-640-1917 or 1-877-289-8525 and
enter the passcode 21049190#.

To access the simultaneous webcast, please visit the Fund's
website at www.newalta.com or www.ccnmatthews.com. Participants
will require RealPlayer(TM) to listen to the call, which can be
downloaded prior to accessing the call.

Newalta Income Fund maximizes the inherent value in certain
industrial wastes through recovery of saleable products and
recycling, rather than disposal. Through 39 integrated,
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 sectors. 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.