Northwater Top 75 Income Trusts Plus - Final Net Asset Value - February 28, 2007

    TORONTO, March 21 /CNW/ - Northwater Top 75 Income Trusts Plus (the
"Trust") announced today that the net asset value of the Trust per unit, as at
February 28, 2007, is $9.20. The net asset value is net of the monthly cash
distribution of $0.08 per unit previously declared to unitholders of record on
February 28, 2007. The Trust also announced today that it has declared a cash
distribution of $0.08 per unit to holders of record on March 31, 2007. The
distribution is expected to be paid on April 13, 2007.
    The return of the Trust for the month of February is estimated at 3.10%.
The rolling 12-month return for the Trust is approximately 2.40%. 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 February 2007, the S&P/TSX Capped
Income Trust Index posted a return inclusive of reinvested distributions of
    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. During the month, overall hedge fund returns were positive,
with 24 of the 28 hedge fund managers posting positive returns. Eleven of
twelve of the market-neutral strategies included within the Fund's portfolio
positively contributed to the bottom line. Specifically, the Fund's Distressed
Securities managers, in aggregate, were the largest contributors 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. The Trust purchased 28,600 units under this program during the
    Information on the tax character of the distributions made by the Trust
for the year ended December 31, 2006 is now available on our website at, or by phoning (416) 360-5435

    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: please contact: Mohamed Khaki or Stephen Foote
at Northwater Capital Management Inc. at (416) 360-5435

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