Northwater Market-Neutral Trust Announces Issuer Bid

    TSX Symbol: NMN.UN

    TORONTO, Sept. 9 /CNW/ - In accordance with the terms of its initial
public offering, Northwater Market-Neutral Trust (the "Trust") intends to make
a normal course issuer bid to purchase up to 428,607 units of the Trust (the
"Trust Units") representing approximately 10% of the public float. The Trust
Units may be purchased commencing on September 11, 2008 through to
September 10, 2009 through the facilities of the TSX. Under the Trust
Agreement, the Trust Units must be purchased for cancellation when the price
at which Trust Units are offered for sale in the market is less than 92.5% of
the most recently determined net asset value per Trust Unit, up to a maximum
amount in any calendar quarter of 2.0% of the number of Trust Units
outstanding at the beginning of such period. In addition, Trust Units may be
purchased for cancellation when the net asset value per Trust Unit exceeds its
trading price. Any such Trust Units purchased will be cancelled. The purpose
of the normal course issuer bid is to provide the Trust with a mechanism to
decrease the potential spread between the net asset value per Trust Unit and
the market price of the Trust Units and to provide enhanced liquidity for the
Trust Units. The Trust had 4,291,415 Trust Units issued and outstanding as at
August 29, 2008. The Trust will not purchase in any given 30 day period, in
the aggregate, more than 85,828 units, being 2% of the issued and outstanding
units as at August 29, 2008.
    23,800 Trust Units were purchased by the Trust at an average price of
$10.80 under its previous normal course issuer bid during the period from
August 27, 2007 to August 14, 2008.

    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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