Northwater Market-Neutral Trust - Final Net Asset Value - September 30, 2008

    TORONTO, Oct. 22 /CNW/ - The Northwater Market-Neutral Trust (the
"Trust") announced today that the net asset value of the Trust per unit as at
September 30, 2008 is $9.62. This NAV per unit reflects the quarterly cash
distribution of $0.22 per unit previously declared to unitholders of record on
September 30, 2008.
    The return of the Trust for the month of September is -9.85%. The rolling
12-month return for the Trust is approximately -11.91%. The returns reflects
the impact of writing down 100% of the value of one of the Trusts' investments
in an underlying fund that has been subject to an alleged fraud, as previously
announced in our September 30, 2008 press release. The underlying fund
represented a 4.3% weight in the investment portfolio of the Trust.
    For the month of September, 2 of the Trust's 31 managers posted positive
returns, while none of the 10 market-neutral strategies included within the
Trust's portfolio added to the bottom line. Specifically, the Trust's
structured finance strategy was the largest negative contributor to the
estimated return of the Trust for the month.
    The Trust relies on estimates provided by administrators of each of the
Trust's underlying hedge funds. Occasionally, these estimates may be revised
and the Trust will be required to capture these revisions in subsequent net
asset value calculations. The net asset value of the Trust is also affected by
the finalization of the net asset value by the administrators of the
underlying hedge funds.
    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 September the Trust did not purchase any units under these programs.

    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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