News Releases

CALGARY, ALBERTA--Newalta Income Fund ("Newalta") today announces
its planned capital investment program for 2004. Maintenance
capital expenditures are budgeted at $8.0 million for the year.
The Fund also plans to invest up to $20 million in a wide range
of growth and productivity improvement projects. In addition to
the $20 million in growth capital, the Fund will continue to
aggressively pursue acquisition opportunities which will further
enhance returns to investors.

"Our 2004 Capital Program is targeted at very attractive
investment opportunities in our existing operations and the
execution of the projects is well underway," said Al 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 35 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.