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Teachers' sells stake in Express Pipeline System

December 11, 2012

Ontario Teachers' Pension Plan (Teachers') today announced an agreement to sell its one-third interest in Express Pipeline System (Express System) to Spectra Energy Corp (Spectra Energy) for approximately $430 million.

Teachers' partners in Express System, Borealis Infrastructure (Borealis) and Kinder Morgan Energy Partners, L.P. (Kinder Morgan), are also selling their interests to Spectra Energy. It is anticipated this transaction will close in the first half of 2013 after regulatory approvals have been obtained.

The Express System consists of two crude oil pipelines: Express Pipeline and Platte Pipeline. The 1,717-mile (2,763-kilometre) integrated oil transportation network connects Canadian and U.S. producers to refineries in the Rocky Mountain and Midwest regions of the U.S. Express Pipeline has been in operation since 1997 and transports crude oil from Hardisty, Alberta, to Casper, Wyoming. Platte Pipeline has been in operation since 1952, transporting crude oil from Casper to Wood River, Illinois.

Teachers' acquired its interest in 2003 through its Infrastructure Group.

"The Express Pipeline System was one of Teachers' earliest infrastructure investments and has been a good investment for the Fund," said Stephen Dowd, Teachers' Senior Vice-President, Infrastructure and Timberland. "We have had a positive relationship with our partners, Borealis and Kinder Morgan, and we will continue to look at future opportunities in the pipeline sector."

Teachers' Infrastructure Group currently manages an international portfolio of approximately $11 billion, including water and wastewater, electricity distribution, gas distribution, airports, power generation, high-speed rail, port facilities and timberland. About Teachers'

With $117.1 billion in assets as of December 31, 2011, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 300,000 active and retired teachers in Ontario. For more information visit www.otpp.com

Contact:

Deborah Allan
Director, Communications and Media Relations
Ontario Teachers' Pension Plan
(416) 730-5347
deborah_allan@otpp.com

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