News Releases

CALGARY, ALBERTA--Newalta Income Fund ("Newalta") today announced
that it has increased its monthly cash distribution by 19%, to
12.5 cents per trust unit, or $1.50 per year. The Fund has
declared a cash distribution of 12.5 cents per trust unit for the
month of March, 2004 payable on April 15, 2003 to all unitholders
of record on March 31, 2004. The ex-distribution date is March
29, 2004.

Based on the March 17, 2004 closing price of $18.15 per trust
unit, the March distribution represents an annualized
cash-on-cash yield of approximately 8.3%.

"The increase in monthly distributions is consistent with the
Board of Trustee's policy of reviewing distributions in light of
current performance, and the future outlook," said Alan Cadotte,
President and Chief Executive Officer of Newalta.

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 37 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.