Northwater Five-Year Market-Neutral Trust - Final net asset value - September 30, 2007

    TORONTO, Oct. 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 September 30, 2007, is $21.59. The NAV is net of the
quarterly cash distribution of $0.4375 per unit previously declared to
unitholders of record on September 30, 2007. The NAV reflects a return of
0.22% for the month of September. The rolling 12-month return for the Trust
was 2.96%.
    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 September, 27 of the Fund's 37 managers posted positive returns. Eight of
the 12 market-neutral strategies included within the Fund's portfolio
contributed positively to the bottom line. Specifically, the Fund's
Convertible Arbitrage managers, in aggregate, were the largest contributors to
the return of the Trust for the month.
    The Fund's exposure to a fixed interest rate swap increased the Trust's
return as the interest rate environment was favourable 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 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 month of September, the Trust did not purchase any
units under this program.

    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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