Northwater Top 75 Income Trusts Plus - Final net asset value - May 31, 2007

    TORONTO, June 21 /CNW/ - Northwater Top 75 Income Trusts Plus (the
"Trust") announced today that the net asset value ("NAV") of the Trust per
unit, as at May 31, 2007, is $9.85. The NAV is net of the monthly cash
distribution of $0.08 per unit previously declared to unitholders of record on
May 31, 2007. The Trust also announced today that it has declared a cash
distribution of $0.08 per unit to holders of record on June 30, 2007. The
distribution is expected to be paid on July 13, 2007.
    The return of the Trust for the month of May is 4.07%. The rolling
12-month return for the Trust is 10.89%.
    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 2007, the S&P/TSX Capped Income Trust Index posted a return inclusive of
reinvested distributions of 5.34%.
    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 26 hedge fund managers posting positive returns. Eleven of the
twelve market-neutral strategies included within the Fund's portfolio
contributed positively 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 31,500 units under this program during the

    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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