TORONTO, June 21, 2012 /CNW/ – Ontario Teachers’ Pension Plan
(Teachers’) today announced the successful completion of its
acquisition of a 9.9% stake in Kyobo Life Insurance Co. Ltd. (Kyobo),
the third-largest insurer in South Korea.

Teachers’ is acquiring the stake from Korea Asset Management Corporation
(KAMCO) for approximately US$400 million (KRW 468.1 billion) following
a sales process initiated by KAMCO earlier this year.

Headquartered in Seoul, Kyobo is a privately held company that offers a
broad range of life insurance products to its 4.5 million retail
customers. This transaction is Teachers’ first direct investment in
Korea and was led by Public Equities’ Relationship Investing group,
which acquires significant minority stakes in both publicly-listed and
private companies. Relationship Investing currently has a range of
direct investments throughout Asia including in Hong Kong, China,
Japan, Malaysia and Indonesia.

“Kyobo is a leading insurance brand with a strong customer base and
financial performance,” said Wayne Kozun, Senior Vice-President of
Public Equities. “We believe our investment is a unique opportunity to
acquire a sizeable stake in the Korean life insurance industry’s most
profitable company, and further expand our direct investments in Asia.
We look forward to being a constructive partner with Kyobo, its
management team and its shareholders.”

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

About KAMCO
KAMCO is a Korean quasi governmental entity established to restructure
corporations, manage state-owned properties and collect overdue taxes.
KAMCO serves the development of Korea’s economy, maximizing government
revenue by effectively managing government commissioned state-owned
properties.

SOURCE Ontario Teachers’ Pension Plan