Northwater Five-Year Market-Neutral Trust - Tax character of distributions
for 2009

TORONTO , Jan. 25 /CNW/ - The Northwater Five-Year Market-Neutral Trust (the "Trust") announces that it has determined the tax character of distributions issued by the Trust for its taxation period ended December 31, 2009 .

The tax character of the distributions for 2009 is as follows:

    
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    Record Date        Payment Date       Tax Character      Amount per Unit
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    March 31, 2009     April 15, 2009     Return of Capital  $0.4375
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    June 30, 2009      July 15, 2009      Return of Capital  $4.3075
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    November 19, 2009  November 26, 2009  Return of Capital  $1.6300
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For further information: Dan Mills, at Northwater Capital Management Inc. at [phone]