Excel Funds Management Inc.

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

Excel India Trust

May 30, 2007 14:20 ET

Excel Funds Management Inc. is Pleased to Announce the Filing of the Preliminary Prospectus for the Excel India Trust

TORONTO, ONTARIO--(Marketwire - May 30, 2007) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES

Attention Business Editors:

Excel Funds Management Inc. ("Excel") is pleased to announce that a preliminary prospectus dated May 24, 2007, for the initial public offering of units (the "Units") of Excel India Trust (TSX:EXI.UN)(the "Trust") at a price of $10.00 per Unit (the "Offering Price"), has been filed with the securities regulatory authorities in all of the provinces and territories of Canada.

The Trust has been designed to provide investors with exposure to an actively managed portfolio consisting primarily of equity securities of Indian companies (the "Portfolio"). This exposure will be achieved through a
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 Portfolio will be managed by Birla Sun Life Asset Management Company Ltd., a Mumbai-based investment manager that will employ a long-term approach to investing which is based on identifying companies in India that have sound creditworthiness, quality management, are fundamentally strong and have suitable risk controls.

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.

Founded in 1998, Excel Funds Management Inc. is a specialized fund management company that focuses exclusively on investment opportunities in Emerging Markets. Excel 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. For more information about Excel please visit our website at www.excelfunds.com or contact us at 1-888-813-9813.

The syndicate of agents for this offering is being co-led by CIBC World Markets Inc. and RBC Capital Markets, and includes 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.

This news release contains forward-looking statements that involve risks and uncertainties. These statements reflect the Excel's current expectations, but are subject to a number of risks and uncertainties. Due to the many risks and uncertainties, Excel cannot assure that the forward-looking statements contained in this news release will be realized.

A preliminary prospectus dated May 24, 2007 relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada but has not yet become final for the purpose of a distribution to the public. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any province or territory of Canada prior to the time a receipt for the final prospectus or other authorization is obtained from the securities commission or similar authority in such province or territory.

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