Northwater Market-Neutral Trust - Correction to distribution payment date

    TORONTO, March 23 /CNW/ - The Northwater Market-Neutral Trust (the
"Trust") announced on March 21, 2007 that it has declared a regular quarterly
distribution to be payable to unitholders of record on March 31, 2007 in the
amount of $0.29 per unit. The press release indicated that the distribution is
expected to be paid on April 13, 2007. However, in accordance with the terms
of the prospectus of the Trust and past practice, the Trust has 20 business
days to pay the distribution amount. Accordingly, the quarterly distribution
payable to unitholders of record on March 31, 2007 is expected to be paid on
April 30, 2007.

    The Northwater Market-Neutral Trust is a well-diversified fund of
market-neutral hedge funds. Units are listed on The Toronto Stock Exchange
under the symbol NMN.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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Northwater Market-Neutral Trust

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