Northwater Five-Year Market-Neutral Trust - Final Net Asset Value - January
31, 2010

TORONTO , Feb. 5 /CNW/ - The Northwater Five-Year Market-Neutral Trust (the "Trust") announced today that the final net asset value of the Trust per unit, as at January 31, 2010 , is $0.08 after taking into consideration the third termination distribution which was paid on January 29, 2010 to unitholders of record on January 22, 2010 in the amount of $2.53 per unit.

The Trust is in the process of conferring with each of the Trust's third party service providers to finalize any such outstanding and payable amounts and a final and terminal distribution will be declared as soon as reasonably practicable upon the completion of this process at which time the Trust will be formally terminated.

For further information: Dan Mills at Northwater Capital Management Inc. at [phone]