Northwater Five-Year Market-Neutral Trust - Final Net Asset Value October 31,
2009

TORONTO, Nov. 19 /CNW/ - The Northwater Five-Year Market-Neutral Trust (the "Trust") announced today that the net asset value of the Trust per unit as at October 31, 2009 is $6.95. The return of the Trust for the month of October is -1.19%. The rolling 12-month return for the Trust is -17.50%.

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, 8 of the Fund's 18 managers posted positive returns. Four of the seven strategies included within the Fund's portfolio contributed positively to the bottom line. The Fund's distressed securities strategy was the largest negative contributor 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%.

The Fund relies on estimates provided by administrators or managers of each of the Fund's underlying hedge funds. These estimates may be revised and the Fund will be required to capture these revisions in subsequent net asset value calculations. The net asset value of the Fund is also affected by the finalization of the net asset value by the administrators of the underlying hedge funds. Ultimately, the net asset value of the Fund impacts the reported net asset value of the Trust and, accordingly, the Trust indirectly relies on the estimates provided by administrators or managers of each of the Fund's underlying hedge funds.

Northwater Fund Management Inc., in its capacity as manager of the Trust, previously advised unitholders that the Trust lost its "qualified investment" status for registered accounts with effect from June 30, 2009. Also, as previously advised, the Trust was delisted from the Toronto Stock Exchange effective September 30th, 2009. The Trust has provided investors with periodic updates on the Net Asset Values and the status of the termination of the Trust. Investors are advised to refer to the press releases containing these updates.

SOURCE NORTHWATER FIVE-YEAR MARKET-NEUTRAL TRUST

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

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NORTHWATER FIVE-YEAR MARKET-NEUTRAL TRUST

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