Northwater Five-Year Market-Neutral Trust Preliminary Net Asset Value - February 28, 2007

    TORONTO, March 7 /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 February 28, 2007, is $23.51.
    The return of the Trust for the month of February is estimated at 0.74%.
The rolling 12-month return for the Trust is approximately 10.85%. 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 February, 29 of the Fund's 37 managers posted positive returns, while 10 of
the 12 market-neutral strategies included within the Fund's portfolio added to
the bottom line. Specifically, the Fund's Distressed Securities 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 February, 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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