Northwater Five-Year Market-Neutral Trust - Tax character of distributions for 2007



    TORONTO, March 6 /CNW/ - The Northwater Five-Year Market-Neutral Trust
announced that it has determined the tax character of distributions issued by
the Trust for its taxation period ended December 31, 2007.

    
    The tax character of the distributions for 2007 is as follows:

    -------------------------------------------------------------------------
                                                                     Amount
    Record Date          Payment Date        Tax Character          per Unit
    -------------------------------------------------------------------------
    March 31, 2007       April 13, 2007      Return of Capital       $0.4375
    -------------------------------------------------------------------------
    June 30, 2007        July 13, 2007       Return of Capital       $0.4375
    -------------------------------------------------------------------------
    September 30, 2007   October 15, 2007    Return of Capital       $0.4375
    -------------------------------------------------------------------------
    December 31, 2007    January 15, 2008    Return of Capital       $0.4375
    -------------------------------------------------------------------------
    

    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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