Borealis Infrastructure Agrees to Sell Its Interest in

Borealis Infrastructure Agrees to Sell Its Interest in Express
Pipeline System to Spectra Energy Corp 
TORONTO, ONTARIO -- (Marketwire) -- 12/11/12 -- Borealis
Infrastructure, the infrastructure investment arm of the OMERS
pension plan, has entered into an agreement to sell its 33% stake in
Express Pipeline System to Spectra Energy Corp for gross proceeds of
approximately USD 430 million. 
Express Pipeline is a 2,763-kilometre crude oil pipeline system
running from Hardisty, Alberta to Wood River, Illinois. It transports
Alberta crude through to the Rockies and Alberta and U.S. crude
further onto Wood River, a major Midwest oil refining hub. An
affiliate of Kinder Morgan Energy Partners, L.P., a leading pipeline
transportation and energy storage company, operates Express Pipeline. 
Spectra Energy is acquiring 100% of Express Pipeline from its current
shareholders being affiliates of Borealis, the Ontario Teachers'
Pension Plan and Kinder Morgan.  
"Express Pipeline was one of our first significant capital
investments and has been an excellent asset for Borealis since 2003.
It is a great example of our focus on creating long-term value for
OMERS," said Michael Rolland, president and CEO of Borealis. "We are
happy to be selling to an established U.S. and Canadian operator like
Spectra and excited about the potential to redeploy our capital in
large-scale, global infrastructure assets." 
The transaction is subject to standard consents and regulatory
approvals and is expected to close in the second quarter of 2013.  
Borealis worked with financial advisors Morgan Stanley and CIBC World
Markets and legal advisors Sullivan & Cromwell LLP and Torys LLP. 
About Borealis Infrastructure  
Borealis Infrastructure is a leader in direct infrastructure
investing with over a decade of investment experience and almost CAD
20 billion in capital under management. Borealis invests in and
manages a diversified portfolio of large-scale infrastructure assets
exhibiting stability and strong cash flows, in sectors including
energy, transportation and government-regulated services. It has
offices in Toronto, London and New York. Borealis is the
infrastructure investment arm of the OMERS Worldwide group of
companies. OMERS is one of Canada's largest pension funds with net
assets of more than CAD 55 billion and an AAA credit rating. For more
information please visit or
Media contact: OMERS
Lori McLeod
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