Northwater Top 75 Income Trusts Plus - Final Net Asset Value - November 30, 2007



    TORONTO, Dec. 21 /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 November 30, 2007, was $8.31. This net asset value reflects the monthly
cash distribution of $0.08 per Unit previously declared to unitholders of
record on November 30, 2007. The return of the Trust for the month of November
is estimated at -5.62%. The rolling 12-month return for the Trust is estimated
at 5.76%.
    The Trust previously announced that it had declared a cash distribution
of $0.08 per Unit to holders of record on December 31, 2007. The distribution
is expected to be paid on January 15, 2008. In addition, the Trust is required
to distribute all of its net income and realized capital gains, so that the
Trust will not be liable to pay income tax under Part I of the Income Tax Act.
The Trust cannot, therefore, finalize the amount of the distribution declared
until all of its net income and realized capital gains for 2007 have been
ascertained. It is not currently anticipated that any such additional special
distribution will be required for 2007. However, if such a special
distribution is required to be made after the Trust's net income and realized
capital gains for 2007 have been ascertained, the special distribution is
expected to be paid on January 29, 2008 to unitholders of record on
December 31, 2007.
    The final character of the distribution for tax purposes and the amount
will be determined in accordance with the agreement establishing the Trust and
in accordance with the Income Tax Act (Canada). The Trust will finalize the
amount of the distribution after its results have been determined for the year
ending December 31, 2007.
    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 November
2007, the S&P/TSX Capped Income Trust Index posted a return inclusive of
reinvested distributions of -4.26%.
    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 November, 11 of the Fund's 28 hedge funds
posted positive returns, while 4 of the 12 market-neutral strategies included
within the Fund's portfolio added to the bottom line. Specifically, the
Trust's asset backed securities managers in aggregate were the largest
contributors to the 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 the 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 25,200 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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