NORTHWATER Top 75 Income Trusts Plus year end distribution



    TORONTO, Dec. 19 /CNW/ - The Northwater Top 75 Income Trusts Plus (the
"Trust") announced today that it has declared a cash distribution of $0.08 per
Unit to holders of record on December 31, 2007. The distribution is expected
to be paid on January 15, 2008.
    In addition, the Trust is required to distribute all of its net income
and realized capital gains, so that the Trust will not be liable to pay income
tax under Part I of the Income Tax Act. The Trust cannot, therefore, finalize
the amount of the distribution declared until all of its net income and
realized capital gains for 2007 have been ascertained. It is not currently
anticipated that any such additional special distribution will be required for
2007. However, if such a special distribution is required to be made after the
Trust's net income and realized capital gains for 2007 have been ascertained,
the special distribution is expected to be paid on January 29, 2008 to
unitholders of record on December 31, 2007.
    The final character of the distribution for tax purposes and the amount
will be determined in accordance with the agreement establishing the Trust and
in accordance with the Income Tax Act (Canada). The Trust will finalize the
amount of the distribution after its results have been determined for the year
ending December 31, 2007.

    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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