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 December, 2003 payable on January 15, 2004
to all unitholders of record on December 31, 2003. The
ex-distribution date is December 29, 2003.

Based on the December 15, 2003 closing price of $15.92 per trust
unit, the December distribution represents an annualized
cash-on-cash yield of approximately 7.9%.

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.