Northwater Top 75 Income Trusts Plus - Final Net Asset Value September 30, 2008

TORONTO, Oct. 22 /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 September 30, 2008, is $6.12. This net asset value per unit reflects the monthly cash distribution of $0.08 per unit previously declared to unitholders of record on September 30, 2008. The return of the Trust for the month of September is -20.47%. The rolling 12-month return for the Trust is -20.92%.

The Trust also announced that it has declared a regular monthly distribution to be payable to unitholders of record on October 31, 2008 in the amount of $0.08 per unit. The distribution is expected to be paid on November 14, 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 September, the S&P/TSX Capped Income Trust Index posted a return inclusive of reinvested distributions of -15.01%.

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 September, 1 of the Fund's 27 managers posted positive returns and none of the 10 market-neutral strategies included within the Fund's portfolio contributed positively to the bottom line. Specifically, the Trust's mortgage backed securities strategy was the largest negative contributor 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. The Trust also makes purchases of its units pursuant to a normal course issuer bid. The Trust purchased 2,700 units under this program during the month.

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