News Releases

CALGARY, ALBERTA--Newalta Income Fund (TSX: NAL.UN) today
announced that management will hold a conference call and webcast
on Thursday, March 18 at 11 a.m. ET to discuss the Fund's
performance for the fourth quarter and fiscal year ended December
31, 2003.

The call will be hosted by Al Cadotte, President and Chief
Executive Officer, and Ron Sifton, Senior Vice President, Finance
and Chief Financial Officer. The number to call to participate in
the teleconference is 1-800-814-4853 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 Thursday, March 25,
2004. To access the rebroadcast, please dial 416-640-1917 or
1-877-289-8525 and enter the passcode 21037517.

Newalta Income Fund maximizes the inherent value in certain
industrial wastes through recovery of saleable products and
recycling, rather than disposal. Through 36 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.