Northwater Five-Year Market-Neutral Trust Announces Issuer Bid



    TSX Symbol: NYF.UN

    TORONTO, Sept. 9 /CNW/ - In accordance with the terms of its initial
public offering, Northwater Five-Year Market-Neutral Trust (the "Trust")
intends to make a normal course issuer bid to purchase up to 237,847 units of
the Trust (the "Trust Units") representing approximately 10% of the public
float. The Trust Units may be purchased commencing on September 11, 2008
through to September 10, 2009 through the facilities of the TSX. Under the
Declaration of Trust, the Trust Units must be purchased for cancellation when
the price at which Trust Units are then offered for sale in the market is less
than 95% of the most recently determined net asset value per Trust Unit, up to
a maximum amount in any calendar quarter of 2.5% of the number of Trust Units
outstanding at the beginning of such period. In addition, Trust Units may be
purchased for cancellation when the net asset value per Trust Unit exceeds its
trading price. Any such Trust Units purchased will be cancelled. The purpose
of the normal course issuer bid is to provide the Trust with a mechanism to
decrease the potential spread between the net asset value per Trust Unit and
the market price of the Trust Units and to provide enhanced liquidity for the
Trust Units. The Trust had 2,381,000 Trust Units issued and outstanding as at
August 29, 2008. The Trust will not purchase in any given 30 day period, in
the aggregate, more than 47,620 units, being 2% of the issued and outstanding
units as at August 29, 2008.
    No Trust Units were purchased by the Trust under its previous normal
course issuer bid during the period from August 27, 2007 to August 14, 2008.

    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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