Newalta Income Fund Announces February Distribution
CALGARY, ALBERTA--Newalta Income Fund ("Newalta") today announced
that it has declared a cash distribution of 10.5 cents per trust
unit for the month of February, 2004 payable on March 15, 2004 to
all unitholders of record on February 27, 2004. The
ex-distribution date is February 25, 2004.

Based on the February 17, 2004 closing price of $17.92 per trust
unit, the February distribution represents an annualized
cash-on-cash yield of approximately 7.0%.

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 36 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. 
For further information: Newalta Income Fund - Ronald L. Sifton, Senior Vice President, Finance and Chief Financial Officer, (403) 206-2684; Website: www.newalta.com