Northwater Five-Year Market-Neutral Trust - Preliminary net asset value -
October 31, 2009

TORONTO, Nov. 6 /CNW/ - The Northwater Five-Year Market-Neutral Trust (the "Trust") announced today that the projected net asset value of the Trust per unit, as at October 31, 2009, is $6.98. The return of the Trust for the month of October is estimated at -0.84%. The rolling 12-month return for the Trust is approximately -17.21%.

The Trust had exposure to a portfolio of market-neutral hedge funds through its ownership of the Northwater Five-Year Market- Neutral Fund Limited (the "Fund"). For the month of October, 4 of the Fund's 18 managers posted positive returns. Two of the seven strategies included within the Fund's portfolio contributed positively to the bottom line. The Fund's structured finance strategy managers, in aggregate, were the largest negative contributors to the estimated return of the Trust for the month.

As announced previously, the Trust has had direct exposure to the fund of hedge funds from June 30, 2009. These funds are denominated primarily in US dollars. In October 2009, the US dollar appreciated against the Canadian dollar by 0.36%.

In calculating the estimated return of the Trust for the month and the net asset value of the Trust, the Trust relies on estimates provided by administrators and/or managers of each of the Fund's underlying hedge funds. The estimates received by the Fund's investment advisor from such administrators and/or managers of the Fund'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 as reports from administrators and managers of the underlying hedge funds held by the Fund are finalized. The final net asset value per unit of the Trust will be provided to investors once it is 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.

Regular updates on the Status of Wind-up are provided by way of press releases, the most recent being on November 2, 2009. Unitholders are encouraged to refer to these press releases for information on the wind-up.


For further information: For further information: Mohamed Khaki at Northwater Capital Management Inc. at (416) 360-5435

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