Northwater Top 75 Income Trusts Plus - preliminary net asset value - April 30, 2009



    TORONTO, May 7 /CNW/ - Northwater Top 75 Income Trusts Plus (the "Trust")
announced today that the projected net asset value of the Trust per unit, as
at April 30, 2009, is $2.08. The return of the Trust for the month of April is
estimated at 7.79%. The rolling 12-month return for the Trust is approximately
-70.12%.
    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 April,
the S&P/TSX Capped Income Trust Index posted a return inclusive of reinvested
distributions of 7.26%.
    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 April, 13 of the Fund's 17 managers posted positive
returns while 8 out of the 9 market-neutral strategies included within the
Fund's portfolio contributed positively to the bottom line. Specifically, the
Fund's distressed securities strategy was the largest positive contributor to
the estimated return of the Trust for the month.
    In calculating the estimated return of the Trust for the month and the
net asset value of the Trust, the Trust relies on estimates provided by
administrators and/or managers of each of the Fund's underlying hedge funds.
The estimates received by the Fund's investment advisor from such
administrators and/or managers of the Fund's underlying hedge funds may differ
from the final reported monthly returns of such underlying hedge funds.
    The Trust will firm up its net asset value per unit and the return of the
Trust for the month as reports from administrators and managers are updated.
The final net asset value per unit and the final return of the Trust will be
provided to investors once they are available. It is possible that the final
net asset value per unit and the final return of the Trust for the month may
differ from the preliminary estimates provided herein.
    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. For the month of April, the Trust purchased 16,800 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 at Northwater Capital Management
Inc. at (416) 360-5435

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NORTHWATER TOP 75 INCOME TRUSTS PLUS

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