NORTHWATER FIVE-YEAR MARKET-NEUTRAL TRUST
Distribution History
Record Date Date distribution paid Character of distribution
for tax purposes
Amount per unit
September 30, 2004 October 15, 2004 Return of capital $ 0.4375
December 31, 2004 January 14, 2005 Return of capital $ 0.4375
March 31, 2005 April 15, 2005 Return of capital $ 0.4375
June 30, 2005 July 15, 2005 Return of capital $ 0.4375
September 30, 2005 October 14, 2005 Return of capital $ 0.4375
December 31, 2005 January 13, 2006 Return of capital $ 0.4375
March 31, 2006 April 13, 2006 Return of capital $ 0.4375
June 30, 2006 July 14, 2006 Return of capital $ 0.4375
September 30, 2006 October 13, 2006 Return of capital $ 0.4375
December 31, 2006 January 15, 2007 Return of capital $ 0.4375
March 31, 2007 April 13, 2007 Return of capital $ 0.4375
June 30, 2007 July 13, 2007 Return of capital $ 0.4375
September 30, 2007 October 15, 2007 Return of capital $ 0.4375
December 31, 2007 January 15, 2008 Return of capital $ 0.4375
March 31, 2008 April 15, 2008 To be determined $ 0.4375
June 30, 2008 July 15, 2008 To be determined $ 0.4375
September 30, 2008 October 15, 2008 To be determined $ 0.4375