Northwater Top 75 Income Trusts Plus - Preliminary net asset value - September 30, 2008



    TORONTO, Oct. 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 September 30, 2008, is $6.16. 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 September 30, 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 per unit will be provided to investors
once it is available.
    The return of the Trust for the month of September is estimated at
-20.02%. The rolling 12-month return for the Trust is approximately -20.46%.
    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
September, the S&P/TSX Capped Income Trust Index posted a return inclusive of
reinvested distributions of -15.01%.
    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 September, 1 of the Fund's 27 managers posted
positive returns and none of the 10 market-neutral strategies included within
the Fund's portfolio contributed positively to the bottom line. Specifically,
the Trust's mortgage backed securities strategy was the largest negative
contributor 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 September, the Trust purchased 2,700 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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