Northwater Five-Year Market-Neutral Trust - March 31, 2008 distribution



    TORONTO, March 19 /CNW/ - The Northwater Five-Year Market-Neutral Trust
(the "Trust") is pleased to announce today that it has declared a regular
quarterly distribution to be payable to unitholders of record on March 31,
2008 that is $0.4375. This distribution is expected to be paid on April 15,
2008.
    Information on the tax character of the distributions made by the Trust
for the year ended December 31, 2007 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

Organization Profile

NORTHWATER FIVE-YEAR MARKET-NEUTRAL TRUST

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