News Releases

CALGARY, ALBERTA--

Not for distribution to the U.S. newswire services or for
dissemination in the United States.

Newalta Income Fund ("Newalta") (TSX - NAL.UN) announced today
the closing of the previously disclosed $45.6 million equity
financing involving the issue of 3,800,000 trust units from
treasury for net proceeds to Newalta of $43.32 million. After
completion of this issue, Newalta has 26,832,375 units
outstanding. The underwriting syndicate was co-led by CIBC World
Markets Inc. and Sprott Securities Inc. and included BMO Nesbitt
Burns Inc. and Canaccord Capital Corporation.

The net proceeds of the offering will be used to repay
outstanding indebtedness, for general corporate purposes and to
fund Newalta's growth strategy through investments in its
existing operations as well as acquisitions.

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.