News Releases

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.