Date Closed

June 19, 2012

Lead Office

Toronto

Value

34.00 Million USD

On June 19, 2012, Excel Funds Management Inc. (the "Manager") announced that Excel Latin America Bond Fund (the "Fund") has completed its initial public offering of Class A Units and Class F Units (collectively, "Units") each at a price of US$10.00 per Unit for gross proceeds of approximately US$34 million. The Class F Units are designed for fee-based accounts and will be convertible into Class A Units on a monthly basis.  The Class A Units will commence trading today on the Toronto Stock Exchange under the symbol ELA.UN.

The Fund's investment objectives are to (i) provide quarterly tax-advantaged distributions consisting primarily of returns of capital; and (ii) preserve and provide the opportunity to increase the net asset value of the Fund, in each case, through exposure to an actively managed, diversified portfolio consisting primarily of U.S. dollar denominated fixed income securities issued by companies located in Latin America, with an initial focus on Brazil. The initial distribution target for the Fund is expected to be $0.19375 per Unit per quarter ($0.775 per annum, to yield 7.75% on the subscription price of $10.00 per Unit), consisting primarily of returns of capital which are not immediately taxable but which reduce a Unitholder's adjusted cost base of its Units. Excel Investment Counsel Inc., the portfolio manager, intends to hedge substantially all of the value of the portfolio to the Canadian dollar.

The syndicate of agents for the offering was co-led by BMO Capital Markets, CIBC and RBC Capital Markets and includes TD Securities Inc., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Macquarie Private Wealth Inc., Dundee Securities Ltd., Mackie Research Capital Corporation, Manulife Securities Incorporated, Sherbrooke Street Capital (SSC) Inc. and Union Securities Ltd.

McCarthy Tétrault LLP represented BMO Nesbitt Burns, the term agent, with a team led by Andrew Armstrong.