Newalta Income Fund Announces November Distribution

    TSX Trading Symbol: NAL.UN

    CALGARY, Nov. 15 /CNW/ - Newalta Income Fund ("Newalta") (TSX:NAL.UN)
today announced that it has declared a cash distribution of 18.5 cents per
trust unit for the month of November 2007, payable on December 17, 2007, to
all unitholders of record on November 30, 2007. The ex-distribution date is
November 28, 2007.
    To the extent that any portion of these distributions is designated as
dividends paid by Newalta, that portion is designated to be an "eligible
dividend" pursuant to subsection 89(14) of the Income Tax Act (Canada) and
corresponding provincial legislation.
    Based on the November 15, 2007 closing price of $16.42 per trust unit,
the November distribution represents an annualized cash-on-cash yield of
approximately 13.5%.

    Newalta Income Fund is Canada's largest industrial waste management and
environmental services provider and focuses on maximizing the value inherent
in industrial waste through the recovery of saleable products and recycling.
It also provides environmentally sound disposal of solid, non-hazardous
industrial waste. With talented people and a national network of facilities,
Newalta serves customers in the automotive, forestry, manufacturing, mining,
oil and gas, petrochemical, pulp and paper, steel and transportation service
industries. Providing solid investor returns, exceptional customer service,
safe operations and environmental stewardship has enabled Newalta to expand
into new service sectors and geographic markets. Newalta Income Fund's units
trade on the TSX as NAL.UN. For more information, visit

For further information:

For further information: Anne M. MacMicken, Director, Investor
Relations, Phone: (403) 806-7019

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