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



    TORONTO, Aug. 24 /CNW/ - The Northwater Market-Neutral Trust (the
"Trust") announced today that the net asset value of the Trust per unit as at
July 31, 2009 is $3.97. The return of the Trust for the month of July is
1.25%. The rolling 12-month return for the Trust is -29.29%.
    For the month of July, 12 of the Trust's 19 managers posted positive
returns, while all 9 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 95,300 units under these programs during the month.
    Northwater Fund Management Inc. (the "Manager") previously advised
unitholders that the Trust lost its "qualified investment" status for
registered accounts with effect from July 29, 2009. The Trust has also
provided investors with periodic updates on the scheduled termination of the
Trust on December 31, 2009. Investors are advised to refer to the press
releases containing these updates.

    The Northwater Market-Neutral Trust is a fund of 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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