Northwater Market-Neutral Trust - Preliminary net asset value - August 31, 2008



    TORONTO, Sept. 4 /CNW/ - The Northwater Market-Neutral Trust (the
"Trust") announced today that the projected net asset value of the Trust per
unit as at August 31, 2008 is $10.92. The return of the Trust for the month of
August is estimated at -1.09%. The rolling 12-month return for the Trust is
approximately -1.99%.
    The Trust will firm up its net asset value per unit as reports from
administrators and managers are finalized. The final net asset value per unit
will be provided to investors once it is available.
    For the month of August, 8 of the Trust's 31 managers posted positive
returns, while 2 of the 10 market-neutral strategies included within the
Trust's portfolio added to the bottom line. Specifically, the Trust's
reinsurance managers, in aggregate, were the largest positive contributors to
the estimated return of the Trust for the month.
    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
did not purchase any 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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