NORTHWATER Top 75 Income Trusts Plus - Final Net Asset Value August 31, 2008 and Fund Termination December 31, 2009

Mon Sep 22, 5:00 PM

TORONTO, Sept. 22 /CNW/ -

Final Net Asset Value

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The Northwater Top 75 Income Trusts Plus (the "Trust") announced today that the final net asset value of the Trust per unit, as at August 31, 2008, is $7.80. This net asset value per unit reflects the monthly cash distribution of $0.08 per unit previously declared to unitholders of record on August 31, 2008. The return of the Trust for the month of August is 2.81%. The rolling 12-month return for the Trust is 2.11%.

The Trust announced previously that it has declared a regular monthly distribution to be payable to unitholders of record on September 30, 2008 in the amount of $0.08 per unit. The distribution is expected to be paid on October 15, 2008.

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 August, the S&P/TSX Capped Income Trust Index posted a return inclusive of reinvested distributions of 5.39%.

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 August, 7 of the Fund's 27 managers posted positive returns and 3 out of the 10 market-neutral strategies included within the Fund's portfolio contributed positively to the bottom line. Specifically, the Fund's asset-backed securities managers, in aggregate, were the largest positive contributors to the estimated return of the Trust for the month.

The Fund relies on estimates provided by administrators of each of the Fund's underlying hedge funds. Occasionally, 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 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 August, the Trust purchased 100 units under this program.

Fund Termination December 31, 2009

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The Trust has announced that it expects to terminate on or about December 31, 2009. The Advisor to the Trust and to the Fund has submitted, and will continue to submit, redemptions to the hedge funds held by the Fund and to which the Trust has exposure in anticipation of the termination of the Trust.

To the extent that the hedge funds to which the Trust has exposure are not able to honour the redemption timelines to which they have committed, delay payment or impose other restrictions on liquidity, the Adviser will explore alternative means of liquidating the Fund's assets, including an outright sale of the investment. In the event that the Fund is required to sell any of its interests in hedge funds in lieu of redemption it may realize less than the reported net asset value of such hedge fund, in which case the Fund may realize a loss on such investment.

If the Trust is unable to dispose of all of the hedge funds in which it is invested prior to its termination date, or does not receive payment of redemption proceeds in full, the Trust may be required to distribute its net assets on termination by way of multiple payments.

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