News Releases

CALGARY, ALBERTA--Newalta Income Fund ("Newalta") today announces
that effective January 1, 2004, it has closed the acquisition of
an oilfield satellite facility near Drumheller, Alberta. The
acquisition is consistent with the Fund's strategy to acquire and
develop satellite operations to increase geographic coverage.

"We are pursuing a number of additional acquisition candidates
that can be completed at responsible prices to further enhance
returns to our investors," said Ron Sifton, Senior Vice
President, Finance and Chief Financial 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.