The Northwater Top 75 Income Trusts PLUS (the "Trust") is a closed-end fund that invests in a diversified, equal-weighted portfolio of the 75 largest income trusts PLUS provides a leveraged exposure to Northwater's fund of hedge funds. Units of the Trust trade on the Toronto Stock Exchange (TSX: NTP.UN). Established in February 2005, the Trust's expected termination date is December 31, 2009.

Northwater Capital Management Inc. (the "Manager") is in the process of unwinding the trust, and proceeds from the disposition of the underlying assests will be distributed as they become available.