Northwater Market-Neutral Trust - Final net asset value - June 30, 2008



    TORONTO, July 22 /CNW/ - The Northwater Market-Neutral Trust (the
"Trust") announced today that the net asset value of the Trust per unit as at
June 30, 2008 is $11.09. This NAV per unit reflects the quarterly cash
distribution of $0.23 per unit previously declared to unitholders of record on
June 30, 2008. The return of the Trust for the month of June is -0.20%. The
rolling 12-month return for the Trust is approximately -4.47%.
    For the month of June, 18 of the Trust's 31 managers posted positive
returns, while 6 of the 10 market-neutral strategies included within the
Trust's portfolio added to the bottom line. Specifically, the Trust's
statistical arbitrage managers, in aggregate, were the largest positive
contributors to the estimated return of the Trust for the month.
    The Trust relies on estimates provided by administrators 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. For the
month of June the Trust did not purchase any units under these programs.

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

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Northwater Market-Neutral Trust

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