Northwater Top 75 Income Trusts Plus - Preliminary Net Asset Value - April 30, 2008

TORONTO, May 7 /CNW/ - Northwater Top 75 Income Trusts Plus (the "Trust") announced today that the projected net asset value of the Trust per unit, as at April 30, 2008, is $8.08. The net asset value per unit is net of the monthly cash distribution of $0.08 per unit previously declared to unitholders of record on April 30, 2008. The Trust will firm up its net asset value per unit as reports from administrators and managers are finalized. The final net asset value will be provided to investors once it is available.

The return of the Trust for the month of April is estimated at 3.62%. The rolling 12-month return for the Trust is approximately -4.90%.

The Trust generally holds an income trust portfolio comprised of an equally weighted portfolio of the largest 75 income trusts by market capitalization listed on the Toronto Stock Exchange. For the month of April, the S&P/TSX Capped Income Trust Index posted a return inclusive of reinvested distributions of 4.44%.

The Trust also has exposure to a portfolio of market-neutral hedge funds held by Enhancement Fund Limited (the "Fund") through a forward purchase and sale agreement. For the month of April, 16 of the Fund's 25 managers posted positive returns and 7 of the 10 market-neutral strategies included within the Fund's portfolio contributed positively to the bottom line. Specifically, the Fund's fixed income arbitrage managers, in aggregate, were the largest contributors to the estimated return of the Trust for the month.

Subject to limits set out in the Trust's prospectus, the Trust is required to purchase its units in the market in the event that the market price of a unit of the Trust falls below 95% of the net asset value of the Trust per unit. For the month of April, the Trust purchased 2,700 units under this program.

The Northwater Top 75 Income Trusts Plus is a well-diversified fund of income trusts and market-neutral hedge funds. Units are listed on the Toronto Stock Exchange under the symbol NTP.UN.

Contacts

Mohamed Khaki or Stephen Foote at Northwater Capital Management Inc. at (416) 360-5435