Northwater Market-Neutral Trust - Preliminary Net Asset Value - November 30,
2009

TORONTO, Dec. 3 /CNW/ - The Northwater Market-Neutral Trust (the "Trust") announced today that the projected net asset value of the Trust per unit as at November 30, 2009 is $3.83. The return of the Trust for the month of November is estimated at 0.09%. The rolling 12-month return for the Trust is approximately -6.20%.

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.

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.

In anticipation of the termination of the Trust on December 31, 2009, Northwater Fund Management Inc., the Manager of the Trust, has been taking action to liquidate the assets of the Trust in an orderly manner. The Trust has provided investors with periodic updates on the status of the termination of the Trust. Investors are advised to refer to the press releases containing these updates.

Units of the Northwater Market-Neutral Trust are listed on The Toronto Stock Exchange under the symbol NMN.UN.

SOURCE Northwater Market-Neutral Trust

For further information: For further information: Dan Mills at Northwater Capital Management Inc. at (416) 360-2101

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Northwater Market-Neutral Trust

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