Northwater Top 75 Income Trusts PLUS - Actions in Anticipation of the
Termination of the Trust and Update on Status of Wind-up

TORONTO, Nov. 30 /CNW/ - The Northwater Top 75 Income Trusts PLUS (the "Trust") today is providing investors with an update on the scheduled termination of the Trust on December 31, 2009 (the "Termination Date").

The Trust generally holds an income trust portfolio (the "Income Trust Portfolio") comprised of an equally weighted portfolio of the largest 75 income trusts by market capitalization listed on the Toronto Stock Exchange. In accordance with the terms of a forward purchase and sale agreement the Trust entered at the inception of the Trust (the "Forward Agreement"), the Trust received a tax-deferred exposure to the portfolio of hedge funds held by Enhancement Fund Limited (the "Fund") as well as a foreign currency hedge that hedged the US Dollar exposure of the Fund.

    
    ACTIONS IN ANTICIPATION OF TERMINATION OF THE TRUST
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In anticipation of the scheduled Termination Date of the Trust, Northwater Fund Management Inc. (the "Manager"), in its capacity as manager of the Trust, has liquidated the Income Trust Portfolio in an orderly manner to generate sufficient cash in the portfolio to settle the Forward Agreement in an effort to effect an orderly wind-up of the Trust as soon as practicable after the Termination Date.

Upon settlement of the Forward Agreement, the Trust will have direct exposure to the Fund. Following this action, the Trust's exposure to the Fund will no longer be hedged to the Canadian dollar. The creation of a new hedging program would require the Trust to hold back a material amount of cash and would significantly restrict the Trust's ability to distribute cash to unitholders.

    
    UPDATE ON THE STATUS OF THE WIND-UP OF THE TRUST
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As announced previously, many underlying hedge funds held by the Fund placed various restrictions on redemptions including, without limitation, restricting redemptions to a limited percentage of the aggregate net asset value of such underlying hedge funds, the temporary suspension of redemptions altogether, or the commencement of a controlled liquidation and wind-up of the underlying hedge fund's business.

Based on the information that the Manager had available to it at the time, the Manager anticipates that approximately 61% of the Fund (47% of the Trust) were subject to restrictions on liquidity at October 31, 2009. In addition, the Manager estimates based on the information available to it at October 31, 2009 from the Trust's underlying hedge fund managers that approximately 54% of the Fund (42% of the Trust), based on the NAV at October 31, 2009, may continue to be subject to restrictions on liquidity that could extend beyond the Termination Date. However, in an effort to distribute the proceeds to unitholders as soon as practicable, the Manager is actively seeking alternative means of affecting the monetization of the underlying hedge fund portfolio. The Manager will provide further information to unitholders, if and when such details become available.

The Toronto Stock Exchange (the "TSX") has expressed to the Manager some concerns in relation to the continued listing of the units of the Trust on the TSX beyond the Termination Date. We expect to hear from the TSX on this matter in December. Regardless of whether the listing on the TSX is maintained beyond the Termination Date the Trust will continue to exist and unitholders of the Trust will have a right to the return of their pro rata share of the assets of the Trust as such assets are liquidated and cash becomes available for distribution to unitholders.

Units of the 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 or 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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