Northwater Top 75 Income Trusts Plus - Preliminary net asset value - November 30, 2007



    TORONTO, Dec. 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 November 30, 2007, is $8.31. The net asset value is net of the
monthly cash distribution of $0.08 per unit previously declared to unitholders
of record on November 30, 2007. The Trust will finalize its net asset value
per unit as reports from administrators and managers are finalized. The final
net asset value per unit will be provided to investors once it is available.
    The return of the Trust for the month of November is estimated at -5.67%.
The rolling 12-month return for the Trust is approximately 5.71%.
    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, 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 28 hedge fund managers
posted positive returns, while four of the 12 market-neutral strategies
included within the Fund's portfolio contributed positively to the bottom
line. Specifically, the Fund's Reinsurance 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 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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