Northwater Five-Year Market-Neutral Trust final net asset value - March 31, 2009



    TORONTO, April 22 /CNW/ - The Northwater Five-Year Market-Neutral Trust
(the "Trust") announced today that the net asset value of the Trust per unit
as at March 31, 2009 is $11.70. The net asset value per unit is net of the
quarterly cash distribution of $0.4375 per unit previously declared to
unitholders of record on March 31, 2009. The return of the Trust for the month
of March is -0.88%. The rolling 12-month return for the Trust is -33.78%.
    The Trust, through a forward purchase and sale agreement, has exposure to
a portfolio of market-neutral hedge funds held by Northwater Five-Year
Market-Neutral Fund Limited (the "Fund"). For the month of March, 8 of the
Fund's 22 managers posted positive returns. Two of the nine 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 negative contributors to the estimated return of
the Trust for the month.
    The Fund relies on estimates provided by administrators or managers of
each of the Fund's underlying hedge funds. These estimates may be revised and
the Fund will be required to capture these revisions in subsequent net asset
value calculations. The net asset value of the Fund is also affected by the
finalization of the net asset value by the administrators of the underlying
hedge funds. Ultimately, the net asset value of the Fund impacts the reported
net asset value of the Trust and, accordingly, the Trust indirectly relies on
the estimates provided by administrators or managers of each of the Fund's
underlying hedge funds.
    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 March, the Trust did not purchase any 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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