Northwater Top 75 Income Trusts Plus - Final net asset value - October 31, 2007

The return of the Trust for the month of October is 1.21%. The rolling12-month return for the Trust is 3.12%.

The Trust generally holds an income trust portfolio comprised of anequally weighted portfolio of the largest 75 income trusts by marketcapitalization listed on the Toronto Stock Exchange. For the month of October2007, the S&P/TSX Capped Income Trust Index posted a return inclusive ofreinvested distributions of 0.75%.

The Trust also has exposure to a portfolio of market-neutral hedge fundsheld by Enhancement Fund Limited (the "Fund") through a forward purchase andsale agreement. During the month, overall hedge fund returns were positive,with 23 of the 26 hedge fund managers posting positive returns. Eleven of the12 market-neutral strategies included within the Fund's portfolio contributedpositively to the bottom line. Specifically, the Fund's statistical arbitragemanagers, in aggregate, were the largest contributors to the estimated returnof the Trust for the month.

Subject to limits set out in the Trust's prospectus, the Trust isrequired to purchase its units in the market in the event that the marketprice of a unit of the Trust falls below 95% of the net asset value of theTrust per unit. The Trust purchased 5,900 units under this program during themonth.

The Northwater Top 75 Income Trusts Plus is a well-diversified fund ofincome trusts and market-neutral hedge funds. Units are listed on the TorontoStock Exchange under the symbol NTP.UN.

For further information

Mohamed Khaki or Stephen Foote at NorthwaterCapital Management Inc. at (416) 360-5435