Northwater Announces Results of Annual Redemption

Thu May 29, 5:11 PM

TORONTO, May 29 /CNW/ - The Northwater Top 75 Income Trusts Plus (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, 2008 of approximately 28% of their redemption request. Redeeming unitholders will receive payment on or before August 12, 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