NORTHWATER Top 75 Income Trusts Plus - PRELIMINARY NET ASSET VALUE - May 31, 2008



    TORONTO, June 6 /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, 2008, is $8.40. The net asset value per unit is net of the
monthly cash distribution of $0.08 per unit previously declared to unitholders
of record on May 31, 2008. The Trust will firm up its net asset value per unit
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 4.89%. The
rolling 12-month return for the Trust is approximately -4.05%.
    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. For the month of May, 20 of the Fund's 26 managers posted
positive returns and 9 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
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. 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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