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

    TORONTO, Oct. 3 /CNW/ - The Northwater Market-Neutral Trust (the "Trust")
announced today that the projected net asset value of the Trust per unit as at
September 30, 2008 is $9.68. This net asset value 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 estimated at
-9.31%. The rolling 12-month return for the Trust is approximately -11.38%.
The estimated return 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
    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 September, 1 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.
    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: Stephen Foote or Jim Sinclair at Northwater
Capital Management Inc. at (416) 360-5435

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Northwater Market-Neutral Trust

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