Northwater Top 75 Income Trusts Plus - Preliminary Net Asset Value - November
30, 2009

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, 2009, is $2.68. The return of the Trust for the month of November is estimated at -1.17%. The rolling 12-month return for the Trust is approximately -2.74%.

The Trust has generally held 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 2.65%.

The Trust also has had exposure to a portfolio of market-neutral hedge funds held by Enhancement Fund Limited (the "Fund") through a forward purchase and sale agreement.

In anticipation of the scheduled termination of the Trust on December 31, 2009, the Trust has liquidated the portfolio of income trusts previously held by the Trust and, as of November 30, 2009 no longer has exposure to the income trust market generally. In addition, effective as of December 2, 2009, the Trust took all actions necessary to settle its obligations under the forward purchase and sale agreement and terminated the forward purchase and sale agreement in accordance with its terms. Accordingly, the Trust now holds all of the shares of the Fund directly and has direct exposure to the fund of hedge funds portfolio. These funds are denominated in US dollars. As the foreign currency hedge was part of the forward purchase and sale agreement, the US dollar exposure of the Fund will no longer be hedged to Canadian dollars.

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 November, the Trust did not purchase any units under these programs during the month.

In addition, in an effort to expedite the distribution of proceeds to unitholders as soon as practicable, the Manager continues to actively seek alternative means of affecting the monetization of the underlying hedge fund portfolio. Although the Manager is endeavouring to maximize value, any such alternative means of monetizing the underlying hedge fund portfolio may result in realizing an amount that is materially less than the Trust's preliminary net asset value. The Manager will provide further information to unitholders, if and when such details become available.

An update on the Status of Wind-up was provided through a press release dated November 30, 2009. Unitholders are encouraged to refer to this press release for information on the wind-up.

Units of Northwater Top 75 Income Trusts Plus are listed on the Toronto Stock Exchange under the symbol NTP.UN.

SOURCE NORTHWATER TOP 75 INCOME TRUSTS PLUS

For further information: For further information: Dan Mills at Northwater Capital Management Inc. at (416) 360-2101

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NORTHWATER TOP 75 INCOME TRUSTS PLUS

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