TORONTO, Dec. 11, 2012 /PRNewswire/ – 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

SOURCE Ontario Teachers’ Pension Plan