Northwater Top 75 Income Trusts Plus - Final net asset value - March 31, 2007



    TORONTO, April 23 /CNW/ - Northwater Top 75 Income Trusts Plus (the
"Trust") announced today that the net asset value (NAV) of the Trust per unit,
as at March 31, 2007, is $9.12. The NAV is net of the monthly cash
distribution of $0.08 per unit previously declared to unitholders of record on
March 31, 2007. The Trust also announced today that it has declared a cash
distribution of $0.08 per unit to holders of record on April 30, 2007. The
distribution is expected to be paid on May 15, 2007.
    The return of the Trust for the month of March is 0.07%. The rolling
12-month return for the Trust is 0.61%.
    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
March 2007, the S&P/TSX Capped Income Trust Index posted a return inclusive of
reinvested distributions of -0.64%.
    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. During the month, overall hedge fund returns were positive,
with 26 of the 28 hedge fund managers posting positive returns. All twelve of
the market-neutral strategies included within the Fund's portfolio contributed
positively to the bottom line. Specifically, the Fund's mortgage-backed
securities arbitrage managers, in aggregate, were the largest contributors to
the return of the Trust for the month.
    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 did not purchase any 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.





For further information:

For further information: Mohamed Khaki or Stephen Foote, at Northwater
Capital Management Inc., at (416) 360-5435

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NORTHWATER TOP 75 INCOME TRUSTS PLUS

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