Northwater Market-Neutral Trust Revised Final Net Asset Value December 31, 2011

TORONTO, Feb. 1, 2012 /CNW/ - The Northwater Market-Neutral Trust (the "Trust") announced on January 19, 2012 that the final net asset value of the Trust per unit as at December 31, 2011 was $0.74.  Upon finalizing the details of certain of the secondary market transactions entered into by the Trust as previously announced, the Trust has revised the final net asset value of the Trust per unit as at December 31, 2011 to $0.76.  This revised final net asset value results in the return of the Trust for the month of December 2011 being restated to -30.00% and the rolling 12-month return of the Trust being restated to -32.04%.  The revised net asset value will not have any impact on the termination distribution of $0.53 per unit previously announced on January 16, 2012.

Northwater Fund Management Inc. (the "Manager"), in its capacity as manager of the Trust, continues to expect that the remaining sale transactions will close by not later than March 31, 2012.  Additional termination distributions of the net proceeds from such sales will be distributed to investors as soon as reasonably practicable after such closings occur.

Dan Mills at Northwater Capital Management Inc. at [phone].