Newalta Income Fund Releases 2007 US Tax Information

    TSX Trading Symbol: NAL.UN

    CALGARY, Feb. 14 /CNW/ - The following information is being provided to
assist individual U.S. holders of trust units of Newalta Income Fund (the
"Fund") who hold their units through a broker or other intermediary in
reporting dividends received from the Fund on their IRS Form 1040 - U.S.
Individual Income Tax Return for the calendar year 2007. The information is
intended as a general guideline and should not be considered legal advice to
any particular existing or potential holder of trust units. The information is
not intended to cover all possible U.S. income tax considerations. Holders or
potential holders of trust units of the Fund should consult their own legal
and tax advisors as to the specific U.S. tax consequences of holding trust
units of the Fund.
    We believe the Fund should be treated as a qualified corporation for U.S.
tax purposes. As such, dividend distributions from the Fund should generally
be considered "Qualifying Dividends" subject to tax at a reduced rate in the
U.S. The taxable portion of the monthly distribution is determined annually by
the Fund based upon current and accumulated earnings and profits in accordance
with U.S. tax law. The taxable portion of the monthly distribution is
considered a dividend for U.S. tax purposes. For 2007, the Fund has calculated
that 100 percent of the distributions made in 2007 are dividends that should
be "Qualifying Dividends".
    If you are a registered holder of trust units, you will receive a
1099- DIV slip (or equivalent) from our transfer agent (Valiant Trust
Company). If you hold trust units through a broker or other intermediary, you
may receive a 1099-DIV slip (or equivalent) directly from your broker or
intermediary, not from our transfer agent (Valiant Trust Company) or us.
Information on the 1099- DIV slip issued by your broker or intermediary may
not accurately reflect the information in this release for a variety of
reasons. Investors should consult their broker and tax advisor to ensure that
the information presented here is accurately reflected in their tax returns.

    Newalta Income Fund is the largest Canadian 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,

For further information:

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

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