News Releases

CALGARY, ALBERTA--Newalta Income Fund (TSX: NAL.UN) today
announced that management will hold a conference call and webcast
on Monday, May 5, 2003 at 1 p.m. ET to discuss the Fund's
performance for the first quarter ended March 31, 2003.

The call will be hosted by Al Cadotte, President and Chief
Executive Officer, and Ron Sifton, Chief Financial Officer. The
number to call to participate in the teleconference is
1-800-814-4857 or 416-640-4127. To ensure your participation,
please call in about five minutes prior to start of the call.

For those unable to listen to the live call, a taped rebroadcast
will also be available until midnight on May 12, 2003. To access
the rebroadcast, please dial 416-640-1917 or 1-877-289-8525 and
enter the passcode 250722.

To access the simultaneous webcast, please visit the Fund's
website at www.newalta.com or www.ccnmatthews.com. Participants
will require RealPlayer(TM) to listen to the call, which can be
downloaded prior to accessing the call.

Newalta Income Fund maximizes the inherent value in industrial
wastes through recovery of saleable products and recycling,
rather than disposal. Through 34 integrated, 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 sectors. 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.