Northwater Five-Year Market-Neutral Trust - Preliminary Net Asset Value - January 31, 2009



    TORONTO, Feb. 6 /CNW/ - The Northwater Five-Year Market-Neutral Trust
(the "Trust") announced today that the projected net asset value of the Trust
per unit, as at January 31, 2009, is $12.19. The return of the Trust for the
month of January is estimated at 1.04%. The rolling 12-month return for the
Trust is approximately -35.76%.
    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 January, 12 of the Fund's 23 managers posted positive returns. 7 of the 9
market-neutral strategies included within the Fund's portfolio contributed
positively to the bottom line. Specifically, the Fund's Structured Finance
managers, in aggregate, were the largest positive contributors to the
estimated return of the Trust for the month.
    In calculating the estimated return of the Trust for the month and the
net asset value of the Trust, the Trust relies on estimates provided by
administrators and/or managers of each of the Fund's underlying hedge funds.
The estimates received by the Fund's investment advisor from such
administrators and/or managers of the Fund's underlying hedge funds may differ
from the final reported monthly returns of such underlying hedge funds.
    The Trust will firm up its net asset value per unit as reports from
administrators and managers of the underlying hedge funds held by the Fund are
finalized. The final net asset value per unit of the Trust will be provided to
investors once it is available. It is possible that the final net asset value
per unit and the final return of the Trust for the month may differ from the
preliminary estimates provided herein.
    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 January, the Trust purchased 58,000 units
under this program.

    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 at Northwater Capital Management
Inc. at (416) 360-5435

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NORTHWATER FIVE-YEAR MARKET-NEUTRAL TRUST

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