Northwater Market-Neutral Trust - Final Net Asset Value - July 31, 2007

    TORONTO, Aug. 22 /CNW/ - The Northwater Market-Neutral Trust (the
"Trust") announced today that the net asset value ("NAV") of the Trust per
unit as at July 31, 2007 is $14.35. The NAV reflects a return of -0.75% for
the month of July. The rolling 12-month return for the Trust is approximately
    For the month of July, 16 of the Trust's 38 managers posted positive
returns, while 4 of the 12 market-neutral strategies included within the
Trust's portfolio added to the bottom line. Specifically, the Trust's
convertible bond arbitrage managers, in aggregate, were the largest positive
contributors to the 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, up to a maximum of 2% each quarter, 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 quarter to date, the Trust has purchased
95,400 units under these programs. The Trust has completed its market-support
program, as described in the Trust's prospectus, for the quarter.
    The preliminary NAV and return for the month of August will be made
available to unitholders on September 6th, the third business day following
the month-end, as required under the terms of the Trust.

    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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