Northwater Market-Neutral Trust - Preliminary net asset value - June 30, 2008

    TORONTO, July 4 /CNW/ - The Northwater Market-Neutral Trust (the "Trust")
announced today that the projected net asset value of the Trust per unit as at
June 30, 2008 is $11.11. This net asset value per unit reflects the quarterly
cash distribution of $0.23 per unit previously declared to unitholders of
record on June 30, 2008.
    The return of the Trust for the month of June is estimated at -0.06%. The
rolling 12-month return for the Trust is approximately -4.33%. The Trust will
firm up its net asset value per unit as reports from administrators and
managers are finalized. The final net asset value per unit will be provided to
investors once it is available.
    For the month of June, 16 of the Trust's 31 managers posted positive
returns, while 7 of the 10 market-neutral strategies included within the
Trust's portfolio added to the bottom line. Specifically, the Trust's
statistical arbitrage 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 at Northwater Capital Management
Inc. at (416) 360-5435

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Northwater Market-Neutral Trust

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