Northwater Five-Year Market-Neutral Trust - Preliminary net asset value -
November 30, 2009

TORONTO , Dec. 7 /CNW/ - The Northwater Five-Year Market-Neutral Trust (the "Trust") announced today that the projected net asset value of the Trust per unit, as at November 30, 2009 , is $5.09 . The net asset value per unit is net of the second termination distribution of $1.63 per unit previously paid to unitholders on November 26, 2009 . The return of the Trust for the month of November is estimated at -4.15%. The rolling 12-month return for the Trust is approximately -14.38%.

As announced previously, the Trust has had direct exposure to the fund of hedge funds from June 30, 2009 through its direct holding of the shares of Northwater Five-Year Market- Neutral Fund Limited (the "Fund"). These funds are denominated in US dollars. In November 2009 , the US dollar depreciated against the Canadian dollar by 2.13%.

In calculating the estimated return of the Trust for the month and the net asset value of the Trust, the Trust relies on estimates provided by administrators and/or managers of each of the Fund's underlying hedge funds. The estimates received by the Fund's investment advisor from such administrators and/or managers of the Fund's underlying hedge funds may differ from the final reported monthly returns of such underlying hedge funds.

The Trust will firm up its net asset value per unit as reports from administrators and managers of the underlying hedge funds held by the Fund are finalized. The final net asset value per unit of the Trust will be provided to investors once it is available. It is possible that the final net asset value per unit and the final return of the Trust for the month may differ from the preliminary estimates provided herein.

In addition, in an effort to expedite the distribution of proceeds to unitholders as soon as practicable, the Manager continues to actively seek alternative means of affecting the monetization of the underlying hedge fund portfolio. Although the Manager is endeavouring to maximize value, any such alternative means of monetizing the underlying hedge fund portfolio may result in realizing an amount that is materially less than the Trust's preliminary net asset value. The Manager will provide further information to unitholders, if and when such details become available.

Regular updates on the Status of Wind-up are provided by way of press releases, the most recent being on November 30, 2009 . Unitholders are encouraged to refer to these press releases for information on the wind-up.

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