Northwater Five-Year Market-Neutral Trust preliminary net asset value -
February 28, 2010

TORONTO, March 5 /CNW/ - The Northwater Five-Year Market-Neutral Trust (the "Trust") announced today that the preliminary net asset value of the Trust per unit, as at February 28, 2010, is $0.08. The Trust is in the process of conferring with each of the Trust's third party service providers to finalize any outstanding and payable amounts and a final 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]