News Releases

CALGARY, ALBERTA--Newalta Income Fund ("Newalta") today announced
that it has declared a cash distribution of $0.09 per trust unit
for the month of August, 2003 payable on September 15, 2003 to
all unitholders of record on August 29, 2003. The ex-distribution
date is August 27, 2003.

Based on the August 15, 2003 closing price of $11.95 per trust
unit, the August distribution represents an annualized
cash-on-cash yield of approximately 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.