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Cullen Increases Stake In Excell

Cullen Increases Investment in Excell Corporation

Auckland, 19 March, 2001 -- Cullen Investments today confirmed that it has increased its investment in infrastructure solutions company, Excell Corporation.

These capital injections, bringing the total invested in Excell over the last two and a half years to some $37.5million, have funded the company's expansion programme.

"Excell has a strong business base which has grown rapidly as local authorities, government agencies and industrial companies continue to contract-out infrastructure services," said Cullen and Excell Director Maurice Kidd. "Over the last two years Excell's revenues have grown from $70 million to over $200 million. And that growth is continuing as customers seek broader and more innovative solutions.

"This expansion has brought with it a requirement for additional capital." Excell Corporation is firmly established as an Australasian infrastructure solutions company. Its purpose is to help clients in both the private and public sectors manage and maintain key assets such as parks, recreational facilities, buildings, roads, water and wastewater networks, and waste management systems.

Its many Australian and New Zealand clients all have sound credit ratings and include local territorial authorities and municipalities, roading authorities, government agencies and commercial and industrial companies, the majority secured on long-term contracts.

ENDS

About Cullen Investments Cullen Investments Limited is a private investment company with strategic investments in a network of well-established businesses, principally in Australia and New Zealand. The company is the primary investment vehicle of Eric Watson and comprises a team with formidable financial and business acumen and considerable experience in markets in New Zealand, Australia, Europe and the United States. As a business transformer, Cullen Investments brings together its expertise and creates growth where it sees opportunity for itself and its business partners. Areas of investment and activity include consumer services, financial services, infrastructure, property, healthcare, technology, telecommunications, e-commerce, sport, entertainment and bloodstock.


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