NorthWater Top 75 Income Trusts Plus - Final Net Asset Value May 31, 2008



    TORONTO, June 19 /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 May 31, 2008, is $8.39. This net asset value reflects the monthly cash
distribution of $0.08 per unit previously declared to unitholders of record on
May 30, 2008. The return of the Trust for the month of May is 4.69%. The
rolling 12-month return for the Trust is -4.23%.
    The Trust also announced today that it has declared a regular monthly
distribution to be payable to unitholders of record on June 30, 2008 in the
amount of $0.08 per unit. The distribution is expected to be paid on July 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 May, the
S&P/TSX Capped Income Trust Index posted a return inclusive of reinvested
distributions of 7.16%.
    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, 20 of the 26 hedge fund managers posted
positive returns. Nine out of the 10 market-neutral strategies included within
the Fund's portfolio contributed positively to the bottom line. Specifically,
the Fund's statistical arbitrage 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. The Trust also makes purchases of its units pursuant to a
normal course issuer bid. For the month of May, the Trust purchased
22,100 units under this program.

    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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