Northwater Top 75 Income Trusts Plus Announces Issuer Bid

    TSX Symbol: NTP.UN

    TORONTO, Sept. 9 /CNW/ - In accordance with the terms of its initial
public offering, Northwater Top 75 Income Trusts(PLUS) (the "Trust") intends
to make a normal course issuer bid to purchase up to 166,009 units of the
Trust (the "Trust Units") representing approximately 10% of the public float.
The Trust Units may be purchased commencing on September 11, 2008 through to
September 10, 2009 through the facilities of the TSX. Under the Declaration of
Trust, the Trust Units must be purchased for cancellation when the price at
which Trust Units are then offered for sale in the market is less than 95% of
the most recently determined net asset value per Trust Unit, up to a maximum
amount in any calendar quarter of 1.25% of the number of Trust Units
outstanding at the beginning of such period. In addition, the Trust Units may
be purchased for cancellation when the net asset value per Trust Unit exceeds
its trading price. Any such Trust Units purchased will be cancelled. The
purpose of the normal course issuer bid is to provide the Trust with a
mechanism to decrease the potential spread between the net asset value per
Trust Unit and the market price of the Trust Units and to provide enhanced
liquidity for the Trust Units. The Trust had 1,660,086 Trust Units issued and
outstanding as at August 29, 2008. The Trust will not purchase in any given 30
day period, in the aggregate, more than 33,202 units, being 2% of the issued
and outstanding units as at August 29, 2008.
    32,600 Trust Units were purchased by the Trust at an average price of
$7.35 under its previous normal course issuer bid during the period from
August 27, 2007 to August 14, 2008.

    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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