NORTHWATER Top 75 Income Trusts Plus - Proposed Early Termination of the Trust

    TORONTO, June 23 /CNW/ - Northwater Fund Management Inc., the manager
(the "Manager") of the Northwater Top 75 Income Trusts Plus (the "Trust")
announced today that a decision has been made to wind up the affairs of the
Trust on or about December 31, 2009. The decision to wind up the Trust has
been made by the Manager as a result of a number of factors affecting the
Trust, including:

    -   The decline in the Trust's net assets. Since the Trust's initial
        public offering, which raised approximately $31 million, the net
        assets of the Trust have declined to less than $17 million through a
        combination of annual redemptions by the unitholders of the Trust
        (the "Unitholders"), market purchases by the Trust as required under
        its declaration of trust (the "Declaration of Trust") and the high
        level of cash distributions paid by the Trust, aggregating $3.12 per
        unit ($8,322,238.08 in total);

    -   The difficulty the Manager foresees in maintaining the Trust's
        exposure to an adequately diversified portfolio of hedge funds held
        by Enhancement Fund Limited as required by the Declaration of Trust
        as the Trust's net assets decline due to repurchases, the payment of
        distributions and redemptions; and

    -   The fact that the Trust's fixed costs as a percentage of the Trust's
        net asset value have increased as the level of the Trust's net assets
        has declined.

    Given these factors, the Manager has determined that early termination of
the Trust is in the best interest of Unitholders. The early termination of the
Trust will also result in the early termination of Enhancement Fund Limited.
    The Trust was launched in February 2005 to provide investors with returns
in excess of those available in a portfolio of income trusts with little
incremental risk. Units of the Trust are listed on the Toronto Stock Exchange
(the "TSX") under the symbol NTP.UN.
    In accordance with the terms of the Declaration of Trust, the affairs of
the Trust will be wound up and all assets remaining after paying or providing
for all liabilities and obligations of the Trust will be distributed rateably
among the Unitholders.
    The Trust obtains its exposure to a portfolio of market-neutral hedge
funds held by Enhancement Fund Limited through a forward purchase and sale
agreement. The terms of the forward agreement and the terms of the investments
made by Enhancement Fund Limited in the hedge funds to which the Trust has
exposure mean that some time will be required to terminate the forward
agreement and liquidate the hedge funds held by Enhancement Fund Limited. The
Trust will, therefore, not be terminated until December 31, 2009. The Manager
intends to distribute rateably among Unitholders the Trust's assets as it is
able to do so.
    It is expected that the units will also be delisted from the TSX when the
Trust ceases to meet the TSX's ongoing listing requirements.

For further information:

For further information: Mohamed Khaki at Northwater Capital Management
Inc. at (416) 365-2508

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