Excel Funds Management Inc. on behalf of the Excel India Trust has filed and has received a receipt from the securities regulators across Canada for a final prospectus qualifying the initial public offering of the units of the trust, a closed-end investment fund for which Excel Funds will be the manager and trustee.

The offering price is $10 per unit and the minimum purchase quantity is 100 units ($1,000).

The trust has been designed to provide investors with exposure to an actively managed portfolio consisting primarily of equity securities of Indian companies. This exposure will be achieved through a fund-on-fund 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: to provide holders of units with quarterly distributions; and long-term capital appreciation.

Excel Funds is a specialized fund management company that focuses exclusively on investment opportunities in the emerging markets sector. Excel Funds manages Excel India Fund, Excel China Fund, Excel Chindia Fund and Excel Income and Growth Fund, and currently has approximately $600 million in assets under management.

The portfolio will be actively managed by Birla Sun Life Asset Management Company Limited, based in Mumbai, India. Birla Sun Life is a joint venture between the Aditya Birla Group and Sun Life Financial Services of Canada, and has one of the largest teams of research analysts in India and has over $5 billion of assets under management as of May 1, 2007.

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.