Northwater Market-Neutral Trust - Preliminary Net Asset Value - March 31, 2007

    TORONTO, April 4 /CNW/ - The Northwater Market-Neutral Trust (the
"Trust") announced today that the projected net asset value of the Trust per
unit as at March 31, 2007 is $14.33. This net asset value reflects the
quarterly cash distribution of $0.29 per Unit previously declared to
unitholders of record on March 31, 2007.
    The return of the Trust for the month of March is estimated at 0.87%. The
rolling 12-month return for the Trust is approximately 10.25%. 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 March, 35 of the Trust's 40 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 mortgage-backed
securities 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
purchased 10,800 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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