Northwater Market-Neutral Trust - Preliminary net asset value - July 31, 2007

    TORONTO, Aug. 3 /CNW/ - The Northwater Market-Neutral Trust (the "Trust")
announced today that the projected net asset value of the Trust per unit as at
July 31, 2007 is $14.26.
    The return of the Trust for the month of July is estimated at -1.42%. The
rolling 12-month return for the Trust is approximately 9.93%. The Trust will
firm up its net asset value as reports from administrators and managers are
finalized. The final net asset value will be provided to investors once it is
    For the month of July, 15 of the Trust's 38 managers posted positive
returns, while 3 of the 12 market-neutral strategies included within the
Trust's portfolio added to the bottom line. Specifically, the Trust's
reinsurance managers, in aggregate, were the largest positive 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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