Northwater Market-Neutral Trust - Final net asset value - May 31, 2007

    TORONTO, June 21 /CNW/ - The Northwater Market-Neutral Trust (the
"Trust") announced today that the net asset value ("NAV") of the Trust per
unit as at May 31, 2007 is $14.68. The NAV reflects a return of 1.32% for the
month of May. The rolling 12-month return for the Trust is approximately
11.67%. The Trust also announced today that it has declared a regular
quarterly distribution to be payable to unitholders of record on June 30, 2007
in the amount of $0.30 per unit. This distribution is expected to be paid on
July 30, 2007.
    For the month of May, 34 of the Trust's 37 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. The Trust
did not purchase any units under these programs during the month.

    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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