News Releases

CALGARY, ALBERTA--Newalta Income Fund ("Newalta") today announced
the first cash distribution of $0.09 per trust unit. This
distribution will be payable on April 15, 2003 to all unitholders
of record on March 31, 2003. The ex-distribution date is March
27, 2003.

Based on the March 20, 2003 closing price of $8.85 per trust
unit, the March distribution represents an annualized
cash-on-cash yield of approximately 12.2%.

Newalta Income Fund is an open-ended trust that maximizes the
inherent value in industrial wastes through recovery of saleable
products and recycling, rather than disposal. Through an
integrated network of 34 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.

This document may contain forward-looking statements, relating to
Newalta's operations or to the environment in which it operates,
which are based on Newalta's operations, estimates, forecasts and
projections. These statements are not guarantees of future
performance and involve risks and uncertainties that are
difficult to predict, or are beyond Newalta's control. A number
of important factors, including commodity prices and volumes as
well as others set forth in other public filings, could cause
actual outcomes and results to differ materially from those
expressed in these forward-looking statements. Consequently,
readers should not place any undue reliance on such
forward-looking statements. In addition, these forward-looking
statements relate to the date on which they are made. Newalta
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new
information, future events or otherwise.