Northwater Five-Year Market-Neutral Trust - Final Net Asset Value - February 28, 2007



    TORONTO, March 21 /CNW/ - The Northwater Five-Year Market-Neutral Trust
(the "Trust") is pleased to announce today that the net asset value of the
Trust per unit as at February 28, 2007 is $23.59. This reflects a return of
the Trust for the month of February of 1.11%. The rolling 12-month return for
the Trust is 11.25%. The Trust also announced today that it has declared a
regular quarterly distribution to be payable to unitholders of record on
March 31, 2007 that is $0.4375. This distribution is expected to be paid on
April 13, 2007.
    The Trust, through a forward purchase and sale agreement, has exposure to
approximately 150% of a portfolio of market-neutral hedge funds held by
Northwater Five-Year Market-Neutral Fund Limited (the "Fund"). For the month
of February, 32 of the Fund's 37 managers posted positive returns, while 11 of
the 12 market-neutral strategies included within the Fund's portfolio added to
the bottom line. Specifically, the Fund's Distressed Securities managers, in
aggregate, were the largest contributors to the estimated return of the Trust
for the month.
    The Fund's exposure to a fixed interest rate swap increased the Trust's
return as the interest rate environment was favourable to the Trust over the
period.
    Subject to limits set out in the Trust's prospectus, the Trust is
required to purchase its units in the market in the event that the market
price of a unit of the Trust falls below 95% of the net asset value of the
Trust per unit. For the month of February, the Trust did not purchase any
units under this program.
    Information on the tax character of the distributions made by the Trust
for the year ended December 31, 2006 is now available on our website at
www.northwatercapital.com, or by phoning (416) 360-5435.

    The Northwater Five-Year Market-Neutral Trust is a well-diversified fund
of market-neutral hedge funds. Units are listed on The Toronto Stock Exchange
under the symbol NYF.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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NORTHWATER FIVE-YEAR MARKET-NEUTRAL TRUST

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