Teachers’ to acquire UK National Lottery operator Camelot Group plc

TORONTO - The Ontario Teachers' Pension Plan (Teachers'), the largest single-profession pension plan in Canada, announces that it has agreed to acquire Camelot Group plc, which has an exclusive licence to operate the UK National Lottery, for an estimated consideration of £389 million. Details of the transaction were not disclosed.

Teachers' will acquire the shares from Camelot's five shareholders: Cadbury Holdings Ltd., De La Rue Holdings plc, Fujitsu Services Ltd., Royal Mail Enterprises Ltd. and Thales Electronics plc. Completion of the transaction is conditional upon approval from Camelot's regulator, the National Lottery Commission.

Wayne Kozun, Teachers' Senior Vice President, Public Equities, said: "As a pioneer in direct investing, and with an excellent global investment track record, we look forward to partnering with management to realize the full potential of the Camelot business over the remaining licence term and into the future." Mr. Kozun added that, as a pension plan, the fund has a long term time horizon, as it can be 70 years or more from the time a teacher‘s career begins until the last survivor pension payment is made. "We're known as a patient investor," he said.

The acquisition is made on Teachers' behalf by its Long-Term Equities division, which is focused on direct investments that have steady cash flow and growth potential over a long-term horizon. "We believe that Camelot is a world leading lottery operator and we are delighted to be involved with such a company which presents a unique, long term opportunity to earn attractive risk-adjusted returns," said Lee Sienna, Vice President Long Term Equities. "As a significant shareholder or sole owner, Teachers' Long Term Equities division works actively with the board and management of portfolio companies to develop strategies and policies that build businesses and create long-term value. Camelot is an excellent example of a first class business with long term potential and we look forward to making further investments to grow the company."

Dianne Thompson, Chief Executive of Camelot Group plc, said: "We welcome Teachers' commitment to The National Lottery's ongoing success, and look forward to the opportunity of working with them to continue our progress in developing the business and delivering even more money for the Good Causes."

Teachers' already has a successful history of direct investments in UK companies, including Acorn Care and Education, Bristol International Airport, Birmingham Airport, Scotia Gas Networks, InterGen and Thomas More Square Estate, as well as substantial shareholdings in a variety of publicly listed companies. It has offices in Toronto, London and New York. A list of other major investments around the world, including North and South America, Asia and Europe is available at www.otpp.com.

About Ontario Teachers' Pension Plan

The Ontario Teachers' Pension Plan is an independent organization responsible for investing the fund and administering the pensions of 289,000 active and retired teachers in Ontario. For more info visit: www.otpp.com

About Camelot

As operator of a national institution, Camelot is committed to maximising National Lottery sales and delivering the highest possible returns to the Good Causes in a socially responsible way. With sales of £5,149.1m in 2008/9 and 11.6% growth in total sales over the last five years, Camelot develops and markets new games, manages the lottery infrastructure, provides services for players and winners, and works closely with a network of over 28,000 retailers. The company generates around £25 million for the Good Causes every week – over £24 billion and counting since The National Lottery launched in 1994. In addition, The National Lottery has paid out over £37 billion in prizes and created more than 2,400 millionaires or multi-millionaires since launch. On 1st February 2009, Camelot began its third National Lottery Licence, running for 10 years with a possible extension for a further five years.

Contact:

Dudley White, Edelman PR
Tel: 0203 047 207
Email: dudley.white@edelman.com

Ben Burton, Edelman PR
Tel: 0203 047 2069
Email: ben.burton@edelman.com

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