Northwater Market-Neutral Trust - Preliminary net asset value - May 31, 2009



    TORONTO, June 3 /CNW/ - The Northwater Market-Neutral Trust announced
today that the projected net asset value of the Trust per unit as at May 31,
2009 is $7.17. The return of the Trust for the month of May is estimated at
0.18%. The rolling 12-month return for the Trust is approximately -31.01%.
    The Trust relies on estimates provided by administrators and/or managers
of each of the Trust's underlying hedge funds. The estimates received by the
Trust from such administrators and/or managers of the Trust's underlying hedge
funds may differ from the final reported monthly returns of such underlying
hedge funds.
    The Trust will firm up its net asset value per unit and the return of the
Trust for the month as reports from administrators and managers are updated.
The final net asset value per unit and the final return of the Trust will be
provided to investors once they are available. It is possible that the final
net asset value per unit and the final return of the Trust for the month may
differ from the preliminary estimates provided herein.
    For the month of May, 10 of the Trust's 20 managers posted positive
returns, while 8 of the 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.
    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 diversified 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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