Northwater Five-Year Market-Neutral Trust - Final net asset value - July 31, 2007

    TORONTO, Aug. 22 /CNW/ - The Northwater Five-Year Market-Neutral Trust
(the "Trust") is pleased to announce today that the net asset value (NAV) of
the Trust per unit, as at July 31, 2007, is $22.97. The NAV reflects a return
of -1.36% for the month of July. The rolling 12-month return for the Trust was
    The Trust, through a forward purchase and sale agreement, has exposure to
approximately 150% of a portfolio of market-neutral hedge funds held by
Northwater Five-Year Market-Neutral Fund Limited (the "Fund"). For the month
of July, 16 of the Fund's 37 managers posted positive returns. Five of the
twelve market-neutral strategies included within the Fund's portfolio
contributed positively to the bottom line. Specifically, the Fund's
convertible bond arbitrage managers, in aggregate, were the largest positive
contributors to the estimated return of the Trust for the month.
    The Fund's exposure to a fixed interest rate swap decreased the Trust's
return as the interest rate environment was unfavourable to the Trust over the
    Subject to limits set out in the Trust's prospectus, the Trust is
required to purchase its units in the market, up to a maximum of 2.5% each
quarter, in the event that the market price of a unit of the Trust falls below
95% of the net asset value of the Trust per unit. For the quarter to date, the
Trust purchased 68,400 units under this program. The Trust has completed its
market-support program, as described in the Trust's prospectus, for the
    The preliminary NAV and return for the month of August will be made
available to unitholders on September 10th, the fifth business day following
the month-end, as required under the terms of the Trust.

    The Northwater Five-Year Market-Neutral Trust is a well-diversified fund
of market-neutral hedge funds. Units are listed on The Toronto Stock Exchange
under the symbol NYF.UN.

For further information:

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

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