Excel Funds Management Inc.

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

Excel India Trust

August 15, 2007 14:14 ET

Excel India Trust (TSX: EXI.UN) Raises Total Gross Proceeds of $48.5 Million After Over-Allotment Option of $3.5 million

TORONTO, ONTARIO--(Marketwire - Aug. 15, 2007) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES

Attention Business Editors:

Excel Funds Management Inc., the Manager of Excel India Trust (TSX:EXI.UN)(the "Trust") is pleased to announce that the Trust has issued an additional 350,000 units of the Trust at a price of $10.00 per unit for gross proceeds of $3,500,000 pursuant to the exercise by the agents of their over-allotment option. Including the over-allotment option, total gross proceeds of the Trust's initial public offering were $48,500,000.

The units trade on the Toronto Stock Exchange under the symbol EXI.UN.

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.

The syndicate of agents for this offering is being co-led by CIBC World Markets Inc. and RBC Dominion Securities Inc., and includes BMO Nesbitt Burns Inc., 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 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.

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.

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