Northwater Market-Neutral Trust - Final net asset value - February 28, 2007

    TORONTO, March 21 /CNW/ - The Northwater Market-Neutral Trust (the
"Trust") announced today that the net asset value of the Trust per unit as at
February 28, 2007 is $14.49. The return of the Trust for the month of February
is 1.17%. The rolling 12-month return for the Trust is approximately 10.60%.
The Trust also announced today 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. This distribution is expected to be paid on April
13, 2007.
    For the month of February, 34 of the Trust's 40 managers posted positive
returns, while 11 of the 12 market-neutral strategies included within the
Trust's portfolio added to the bottom line. Specifically, the Trust's
Distressed Securities managers, in aggregate, were the largest contributors to
the estimated return of the Trust for the month.
    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 falls below 92.5% of the net asset value of the Trust. The Trust also
makes purchases of its units pursuant to a normal course issuer bid. For the
month of February the Trust did not purchase any units under these programs.
    Information on the tax character of the distributions made by the Trust
for the year ended December 31, 2006 is now available on our website at, or by phoning (416) 360-5435.

    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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