The Northwater Market-Neutral Trust (the "Trust") is a closed-end fund that invests in a portfolio of hedge funds. Units of the Trust trade on the Toronto Stock Exchange (TSX: NMN.UN). Established in July 1997, the Trust's termination date is December 31, 2009.

Northwater Capital Management Inc. (the "Manager") is in the process of unwinding the trust, and proceeds from the disposition of the underlying assests will be distributed as they become available.