Northwater Top 75 Income Trusts PLUS - Update on status of wind-up - October
1, 2009

TORONTO, Oct. 1 /CNW/ - The Northwater Top 75 Income Trusts PLUS (the "Trust") today is providing investors with an update on the status of actions taken within the Trust to effect the orderly liquidation of the Trust's assets as previously announced in anticipation of the scheduled termination of the Trust at December 31, 2009 (the "Termination Date").

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. The Trust also has exposure to a portfolio of hedge funds held by Enhancement Fund Limited (the "Fund") through a forward purchase and sale agreement.

As announced previously, market conditions have caused many underlying hedge funds held by the Fund to invoke 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 Northwater Fund Management Inc. (the "Manager") had available to it at the time, the Manager anticipates that approximately 81% of the Fund (69% of the Trust) were subject to restrictions on liquidity at August 31, 2009. In addition, the Manager estimates based on the information available to it at August 31, 2009 from the Trust's underlying hedge fund managers that approximately 70% of the Fund (59% of the Trust), based on the NAV at August 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.

Units of the Northwater Top 75 Income Trusts PLUS are listed on The Toronto Stock Exchange under the symbol NTP.UN.


For further information: For further information: Mohamed Khaki at Northwater Capital Management Inc. at (416) 360-5435

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