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

    TORONTO, Nov. 21 /CNW/ - The Northwater Market-Neutral Trust (the
"Trust") announced today that the net asset value ("NAV") of the Trust per
unit as at October 31, 2007 is $13.89. The NAV reflects a return of 1.92% for
the month of October. The rolling 12-month return for the Trust is
approximately 7.28%.
    For the month of October, 34 of the Trust's 38 managers posted positive
returns, while all 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 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. The Trust purchased 93,500 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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