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 July, 2003 payable on August 15, 2003 to all
unitholders of record on July 31, 2003. The ex-distribution date
is July 29, 2003.

Based on the July 21, 2003 closing price of $10.35 per trust
unit, the July distribution represents an annualized cash-on-cash
yield of approximately 10.43%.

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.