Northwater Top 75 Income Trusts Plus - Preliminary net asset value - May 31, 2007



    TORONTO, June 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 May 31, 2007, is $9.82. The net asset value is net of the monthly
cash distribution of $0.08 per unit previously declared to unitholders of
record on May 31, 2007. The Trust will firm up its net asset value as reports
from administrators and managers are finalized. The final net asset value will
be provided to investors once it is available.
    The return of the Trust for the month of May is estimated at 3.87%. The
rolling 12-month return for the Trust is approximately 10.68%.
    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 5.34%.
    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 24 of the 26 hedge fund managers posting positive returns. Eleven of the
twelve market-neutral strategies included within the Fund's portfolio
contributed positively to the bottom line. Specifically, the Fund's distressed
securities managers, in aggregate, were the largest contributors to the
estimated 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 purchased 31,500 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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