Northwater Top 75 Income Trusts Plus - Final Net Asset Value November 30,
2009 - Tax Implications Following Initial Termination Distribution and
Delisting of the Trust on the Toronto Stock Exchange

TORONTO , Dec. 18 /CNW/ - The Northwater Top 75 Income Trusts Plus (the "Trust") announced today that the final net asset value of the Trust per unit, as at November 30, 2009 , is $2.71 . The return of the Trust for the month of November is -0.20%. The rolling 12-month return for the Trust is -1.78%.

The Trust also announced that it has declared an initial termination distribution to be payable to unitholders of record on December 31, 2009 in the amount of $1.00 per unit. The initial termination distribution is expected to be paid on January 15, 2009 . As has been announced previously, the Trust is scheduled to terminate effective as of December 31, 2009 (the "Termination Date"). In anticipation of the Termination Date, the Trust previously announced that the portfolio of income trusts had been liquidated to generate sufficient cash in the portfolio to settle and terminate the forward agreement of purchase and sale entered into at the inception of the Trust. In addition, the Trust's exposure to Enhancement Fund Limited (the "Fund") is no longer hedged to the Canadian dollar. These actions in anticipation of the Termination Date have made it possible for the Trust to make this initial termination distribution.

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 2009, if any, have been ascertained. It is not currently anticipated that any such additional special distribution will be required for 2009. However, if such a special distribution is required to be made after the Trust's net income and realized capital gains for 2009 have been ascertained, the special distribution is expected to be paid on January 29, 2010 .

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, 2009 .

The Fund relies on estimates provided by administrators or managers of each of the Fund's underlying hedge funds. Occasionally, these estimates may be revised and the Fund will be required to capture these revisions in subsequent net asset value calculations. The net asset value of the Fund is also affected by the finalization of the net asset value by the administrators of the underlying hedge funds. Ultimately, the net asset value of the Fund impacts the reported net asset value of the Trust and, accordingly, the Trust indirectly relies on the estimates provided by administrators or managers of each of the Fund's underlying hedge funds.

The Manager continues to actively seek to monetize the underlying hedge fund portfolio and distribute the proceeds to unitholders as quickly as is practicable. In the event that the Manager pursues an alternative means of monetizing the underlying hedge fund portfolio, it is likely that the value achieved through such alternative monetization of the underlying hedge fund portfolio may differ substantially from the net asset values and estimates received from administrators or managers of the Fund's underlying hedge funds.

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 did not purchase units under this program during the month.

    
    Tax Implications following Initial Termination Distribution
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As previously announced by the Manager in a series of press releases dating back to January 2009 , it is anticipated that, as of the effective date of the initial termination distribution to unitholders of the Trust on December 31, 2009 , the percentage of certain illiquid holdings in relation to the Trust's assets is likely to exceed the 10% concentration limits required in order for the Trust to continue to qualify as a unit trust for Canadian income tax purposes.

Upon the Trust's failure to qualify as a unit trust it will no longer qualify as a mutual fund trust for Canadian income tax purposes and the Trust will no longer be a "qualified investment" for registered accounts, including without limitation, RRIF's, RRSP's and RESP's. The Manager confirms that, upon the liquidation of the portfolio of income trusts and the settlement and termination of the forward agreement of purchase and sale this month, the Trust no longer qualifies as a "qualified investment" for registered accounts. Investors are advised to speak with their advisors as soon as possible to obtain tax advice regarding the failure of the Trust to maintain its "qualified investment" status, and the appropriate movement of any investment in the Trust out of registered accounts.

    
    Delisting of Trust Units from the TSX
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As previously advised by the Manager, the Toronto Stock Exchange (the "TSX") has expressed concern about the continued listing of units of the Trust on the TSX and suggested that it may be necessary to delist the units of the Trust on or about December 31, 2009 . The TSX informed the Manager this morning of its decision to delist the units of the Trust effective as of December 31, 2009 .

The Manager continues to actively seek to monetize the underlying hedge fund portfolio and distribute the proceeds to unitholders as quickly as is practicable. Regardless of the delisting of units of the Trust on December 31, 2009 , the Trust will continue to exist and unitholders 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.

Notwithstanding the fact that the Trust will continue to exist until all of its assets are able to be liquidated and returned to unitholders, the TSX has determined that, in order to maintain the listing, a formal unitholder meeting would have been required. The Manager's view is that the cost of holding such a unitholder meeting would have outweighed the benefit of maintaining the listing. The Manager is keen to minimize the costs of the Trust in an effort to maximize proceeds to unitholders. The Trust has provided investors with periodic updates on the scheduled termination of the Trust on December 31, 2009 , and on the Net Asset Value of the Trust. Investors are advised to refer to the press releases containing these updates.

For further information: Dan Mills at Northwater Capital Management Inc. at [phone]