Northwater Market-Neutral Trust - Preliminary Net Asset Value - December 31, 2008

    TORONTO, Jan. 6 /CNW/ - The Northwater Market-Neutral Trust announced
today that the projected net asset value of the Trust per unit, as at December
31, 2008, is $7.56. This net asset value reflects the quarterly cash
distribution of $0.16 per Unit previously declared to unitholders of record on
December 31, 2008 but does not take into account any additional special
distribution that the Trust may be required to make so that the Trust will not
be liable to pay income tax under Part I of the Income Tax Act.
    The return of the Trust for the month of December is estimated at -3.08%.
The rolling 12-month return for the Trust is approximately -29.86%. The Trust
relies on estimates provided by administrators and/or managers of each of the
Trust's underlying hedge funds. The estimates received by the Trust from such
administrators and/or managers of the Trust's underlying hedge funds may
differ from the final reported monthly returns of such underlying hedge funds.
    The Trust will firm up its net asset value per unit and the return of the
Trust for the month as reports from administrators and managers are updated.
The final net asset value per unit and the final return of the Trust will be
provided to investors once they are available. It is possible that the final
net asset value per unit and the final return of the Trust for the month may
differ from the preliminary estimates provided herein.
    For the month of December, 7 of the Trust's 25 managers posted positive
returns, while 4 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.
    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 at Northwater Capital Management
Inc. at (416) 360-5435

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Northwater Market-Neutral Trust

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