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

    TORONTO, Oct. 5 /CNW/ - The Northwater Five-Year Market-Neutral Trust
(the "Trust") is pleased to announce today that the projected net asset value
of the Trust per unit, as at September 30, 2007, is $21.64. The net asset
value is net of the quarterly cash distribution of $0.4375 per unit previously
declared to unitholders of record on September 30, 2007.
    The return of the Trust for the month of September is estimated at 0.47%.
The rolling 12-month return for the Trust is approximately 3.21%. The Trust
will firm up its net asset value as reports from administrators and managers
are finalized. The final net asset value will be provided to investors once it
is available.
    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, 24 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 estimated 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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