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

    TORONTO, Sept. 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 market-neutral 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 86% of the Fund (73% of the Trust) were subject to restrictions
on liquidity at July 31, 2009. In addition, the Manager estimates based on the
information available to it at July 31, 2009 from the Trust's underlying hedge
fund managers that approximately 73% of the Fund (62% of the Trust), based on
the NAV at July 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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