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Press Release

CIBC Mellon appointed asset servicing provider by Excel Funds Management Inc.


Toronto, June 26, 2007 - CIBC Mellon Global Securities Services Company today announced its appointment by Excel Funds Management Inc. to act as custodian for the company’s family of mutual funds and the Excel India Trust - a closed end investment trust investing in India.

“Excel Funds Management offers a series of growth-oriented mutual funds, which are designed to take advantage of the fast-paced growth of the world's developing markets. We are an innovative company and it was important for us to identify a partner who shares this philosophy,” said Bhim Asdhir, president and chief executive officer of Excel Funds Management Inc.

 

“CIBC Mellon’s superior technology, and global service capabilities made this appointment a logical next step for us as we move into the next phase of our company’s growth.”

 

“We are pleased to be Excel Funds Management’s service provider of choice, providing global asset servicing, including fund accounting, and foreign exchange capabilities for their Canadian products,” said Thomas C. MacMillan, president and chief executive officer, CIBC Mellon.  “With Workbench, our award-winning technology, and our people’s expertise and commitment to client service excellence, we look forward to supporting Excel Fund Management and their clients.”

 

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 visit Excel Funds Management’s website.

CIBC Mellon is a 50-50 joint venture between Canadian Imperial Bank of Commerce and Mellon Financial Corporation.  CIBC Mellon Global Securities Services Company is a leading provider of custody services including global custody, multicurrency accounting, information delivery, securities lending and foreign exchange services in Canada.  CIBC Mellon is part of The Mellon Group (CIBC Mellon, ABN AMRO Mellon Global Securities Services and Mellon Global Securities Services), which has US$5.8 trillion in assets under management, administration or custody, including US$1.034 trillion under management. CIBC Mellon Global Securities Services Company is a sister company to CIBC Mellon Trust Company. 


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Contact:  Cheryl Ficker, director, corporate affairs, CIBC Mellon 416-643-6368 


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