Northwater Top 75 Income Trusts PLUS - Final Net Asset Value May 31, 2009 and Results of Annual Redemption

TORONTO, June 19 /CNW/ - The Northwater Top 75 Income Trusts PLUS (the "Trust") announced today that the final net asset value of the Trust per unit, as at May 31, 2009, is $2.35. The return of the Trust for the month of May is 13.51%. The rolling 12-month return for the Trust is -67.83%.

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 May, the S&P/TSX Capped Income Trust Index posted a return inclusive of reinvested distributions of 12.18%.

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 May, 11 of the Fund's 15 Managers posted positive returns, while all 9 market-neutral strategies included within the Fund's portfolio contributed positively to the bottom line. Specifically the Fund's Structured Finance strategy was the largest positive contributor to the estimated return of the Trust for the month.

The Fund relies on estimates provided by administrators or managers of each of the Fund's underlying hedge funds. These estimates may be revised and the Fund will be required to capture these revisions in subsequent net asset value calculations. The net asset value of the Fund is also affected by the finalization of the net asset value by the administrators of the underlying hedge funds. Ultimately, the net asset value of the Fund impacts the reported net asset value of the Trust and, accordingly, the Trust indirectly relies on the estimates provided by administrators or managers of each of the Fund's underlying hedge funds.

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 May, the Trust purchased 16,800 units under this program.

    
    Results of Annual Redemption
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The Trust announced today that it has received requests for annual redemption in accordance with the terms of the prospectus of the Trust. The redemption requests that have been received are in excess of the allowable maximum of 15% of the outstanding units of the Trust. Accordingly, the units subject to redemption shall be redeemed on a pro rata basis. Unitholders that submitted a redemption request will receive a cash redemption representing the Net Asset Value per unit of the Trust as of June 30, 2009 of approximately 25% of their redemption request. Redeeming unitholders will receive payment on or before August 12, 2009.

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

Contacts

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