Rakesh Gangwal joins Teachers' Private Capital as global Senior Advisor

TORONTO: Accomplished business leader and executive Rakesh Gangwal has joined Teachers' Private Capital, the private equity arm of the Ontario Teachers' Pension Plan, as a Senior Advisor.

Mr. Gangwal will be responsible primarily for sourcing and evaluating technology and business services transactions. He will provide strategic counsel and portfolio support to Teachers' Private Capital through its offices in Toronto, New York and London, with his primary base in the New York area.

Mr. Gangwal has held several senior roles and directorships at companies in the U.S. and Europe during his 25-year career in the travel and technology fields. He was Chairman, President and CEO of Worldspan Technologies Inc., President and CEO of US Airways Group, and also worked in various senior-level positions at Air France and United Airlines. In 1999, BusinessWeek magazine recognized Mr. Gangwal as one of the "Top 25 global executives". He currently serves on the boards of OfficeMax and PetSmart, Inc.

Mr. Gangwal holds an MBA in Finance from The Wharton Business School of The University of Pennsylvania, and a Bachelor of Technology in Mechanical Engineering from the Indian Institute of Technology in Kanpur, India, which awarded him the Distinguished Alumnus Award in 2000.

"Teachers' Private Capital has a sound investment approach, which is reflected in its terrific track record, and I look forward to working with the Teachers' team and their partners as they move to their next level of success," said Mr. Gangwal. He further added that Teachers' Private Capital is well positioned to take advantage of opportunities within the current market conditions.

"We are very pleased that such a well-respected business leader has decided to lend his deep strategic, operational and business acumen exclusively to Teachers' Private Capital," said Erol Uzumeri, Senior Vice-President. "He brings the value of his considerable business experience, expertise and recognized success to our team, partners and portfolio companies." Mr. Uzumeri added that Teachers' Private Capital plans to establish similar relationships with other "high-calibre and seasoned executives".

About Teachers' Private Capital

With $17 billion in invested and committed capital, Teachers' Private Capital is one of the world's largest private equity investors. Teachers' Private Capital is the private investment arm of the $108.5-billion Ontario Teachers' Pension Plan, the largest single-profession pension plan in Canada. The Ontario Teachers' Pension Plan is an independent corporation responsible for investing the fund and administering the pensions of Ontario's 278,000 active and retired teachers

Contact:

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