Northwater Top 75 Income Trusts Plus Announces Issuer Bid

TSX Symbol: NTP.UN

TORONTO, Sept. 8 /CNW/ - In accordance with the terms of its initial public offering, Northwater Top 75 Income Trusts(PLUS) (the "Trust") intends to make a normal course issuer bid to purchase up to 166,009 units of the Trust (the "Trust Units") representing approximately 10% of the public float. The Trust Units may be purchased commencing on September 11, 2008 through to September 10, 2009 through the facilities of the TSX. Under the Declaration of Trust, the Trust Units must be purchased for cancellation when the price at which Trust Units are then offered for sale in the market is less than 95% of the most recently determined net asset value per Trust Unit, up to a maximum amount in any calendar quarter of 1.25% of the number of Trust Units outstanding at the beginning of such period. In addition, the Trust Units may be purchased for cancellation when the net asset value per Trust Unit exceeds its trading price. Any such Trust Units purchased will be cancelled. The purpose of the normal course issuer bid is to provide the Trust with a mechanism to decrease the potential spread between the net asset value per Trust Unit and the market price of the Trust Units and to provide enhanced liquidity for the Trust Units. The Trust had 1,660,086 Trust Units issued and outstanding as at August 29, 2008. The Trust will not purchase in any given 30 day period, in the aggregate, more than 33,202 units, being 2% of the issued and outstanding units as at August 29, 2008.

32,600 Trust Units were purchased by the Trust at an average price of $7.35 under its previous normal course issuer bid during the period from August 27, 2007 to August 14, 2008.

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