Northwater Five-year Market-Neutral Trust - Declaration of Distribution -<br>November 12, 2009

TORONTO, Nov. 12 /CNW/ - The Northwater Five-Year Market-Neutral Trust announces that it has declared a second termination distribution to be payable to unitholders of record on November 19, 2009 in the amount of $1.63 per unit. This distribution is expected to be paid on November 26, 2009.

The Northwater Five-Year Market-Neutral Trust is a fund of market-neutral hedge funds. Unitholders are encouraged to refer to the regular updates on the Net Asset Value and the Status of Wind-up of the Trust that are provided by way of press releases.

For further information: Mohamed Khaki at Northwater Capital Management Inc. at [phone]