NORTHWATER MARKET-NEUTRAL TRUST - DECLARATION OF THE FIFTH TERMINATION
DISTRIBUTION

TORONTO, Sept. 23 /CNW/ - The Northwater Market-Neutral Trust (the "Trust") announced today that it has declared the fifth termination distribution to be payable to unitholders of record on Septermber 30, 2010 in the amount of $0.06 per unit. This termination distribution is expected to be paid on October 7, 2010.

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