Northwater Market-Neutral Trust - Final Net Asset Value - January 31, 2009



    TORONTO, Feb. 23 /CNW/ - The Northwater Market-Neutral Trust (the
"Trust") announced today that the net asset value of the Trust per unit as at
January 31, 2009 is $7.40. The return of the Trust for the month of January is
-0.03%. The rolling 12-month return for the Trust is -30.39%.
    For the month of January, 9 of the Trust's 21 managers posted positive
returns, while 7 of the 10 market-neutral strategies included within the
Trust's portfolio added to the bottom line. Specifically, the Trust's
convertible arbitrage strategy was the largest positive contributor to the
estimated return of the Trust for the month.
    The Trust relies on estimates provided by administrators or managers of
each of the Trust's underlying hedge funds. Occasionally, these estimates may
be revised and the Trust will be required to capture these revisions in
subsequent net asset value calculations. The net asset value of the Trust is
also affected by the finalization of the net asset value by the administrators
of the underlying hedge funds.
    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 falls below 92.5% of the net asset value of the Trust. The Trust also
makes purchases of its units pursuant to a normal course issuer bid. The Trust
purchased 85,000 units under these programs during the month.

    The Northwater Market-Neutral Trust is a well-diversified fund of market-
neutral hedge funds. Units are listed on The Toronto Stock Exchange under the
symbol NMN.UN.





For further information:

For further information: Mohamed Khaki at Northwater Capital Management
Inc. at (416) 360-5435

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Northwater Market-Neutral Trust

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