Excel Funds Management Inc.

Excel Funds Management Inc.
Excel India Trust
TSX : EXI.UN

Excel India Trust

July 17, 2007 13:03 ET

Excel Funds Management Inc. Completes Initial Public Offering of Excel India Trust

TORONTO, ONTARIO--(Marketwire - July 17, 2007) -

Attention Business Editors:

Excel India Trust (TSX:EXI.UN)(the 'Trust') announces that it has completed an initial public offering of 4,500,000 million units of the Trust at a price of $10 per unit, yielding gross proceeds of $45 million. The Trust units began trading on the Toronto Stock Exchange today under the symbol EXI.UN. The Trust has granted the agents for the offering an over-allotment option to acquire additional units exercisable at any time during the next 30 days.

The Trust has been designed to provide investors with the exposure of equity securities of Indian companies. The Fund uses an efficient tax structure designed to minimize Indian withholding taxes on capital gains and avoid certain investment restrictions that would otherwise apply to foreign investors investing in India.

The Trust's investment objectives are: (i) to provide holders of Units with quarterly distributions (initially targeted to be $0.125 per Unit per quarter or 5% per annum based on the offering price of $10.00 per Unit); and (ii) long-term capital appreciation.

The syndicate of agents for this offering was co-led by CIBC World Markets Inc. and RBC Capital Markets, and included BMO Capital Markets, National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Desjardins Securities Inc., Berkshire Securities Inc., Blackmont Capital Inc., IPC Securities Corporation, Richardson Partners Financial Limited and Wellington West Capital Inc.

Founded in 1998, Excel Funds Management Inc. is a specialized fund management company that focuses exclusively on investment opportunities in Emerging Markets. Excel Funds manages highly ranked and award winning funds, including the Excel India Fund, Excel China Fund, Excel Chindia Fund and the Excel Income and Growth Fund and currently has approximately $600 million in assets under management.

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