Northwater Top 75 Income Trusts Plus preliminary net asset value - May 31, 2009



    TORONTO, June 5 /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, 2009, is $2.32. The return of the Trust for the month of
May is estimated at 12.48%. The rolling 12-month return for the Trust is
approximately -68.12%.
    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 12.18%.
    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, 9 of the Fund's 15 managers posted positive returns
while 7 out of the 9 market-neutral strategies included within the Fund's
portfolio contributed positively to the bottom line. Specifically, the Fund's
convertible arbitrage strategy was the largest positive contributor to the
estimated return of the Trust for the month.
    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 May, the Trust purchased 11,700 units under
this program.

    The Northwater Top 75 Income Trusts Plus is a fund of income trusts and
hedge funds. Units are listed on the Toronto Stock Exchange under the symbol
NTP.UN.





For further information:

For further information: Mohamed Khaki at Northwater Capital Management
Inc. at (416) 360-5435

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NORTHWATER TOP 75 INCOME TRUSTS PLUS

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