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UBS to acquire 50% of Northern Star Generation

New York | | Media Releases Americas

UBS announced today that its Infrastructure Asset Management (IAM) business has agreed to acquire a 50% stake in Northern Star Generation LLC from AIG Highstar Generation LLC, a subsidiary of AIG Highstar Capital II L.P. The transaction is expected to close in the third quarter of 2007, subject to regulatory approvals.

IAM is a business unit of UBS Global Asset Management that aims to create a top-tier alternative investment business in the growing infrastructure sector. IAM manages both listed infrastructure securities and direct investment funds globally.

Northern Star Generation LLC is an unregulated electric generation holding company, with ownership interests in 13 electric generation facilities in California, Colorado, Florida, Georgia, Nevada and Pennsylvania. The remaining 50 percent interest in Northern Star Generation is held by OTPPB US Power LLC, a wholly owned subsidiary of Ontario Teachers' Pension Plan Board (OTPPB).

Steve Jacobs, Global Head of IAM at UBS, commented: "We are excited about acquiring this 50% interest in NSG, as it represents a company with a strong management team focused on developing a platform of assets that comprise stable, long-term cash flows principally with investment grade rated counterparties. We look forward to working with OTPPB in this investment."

UBS Global Asset Management is one of the world's leading asset managers, providing traditional, alternative and real estate investment management solutions to private clients, financial intermediaries and institutional investors worldwide. Invested assets totaled some CHF 883 billion at 31 March 2007, making the firm one of the largest global institutional asset managers, a leading fund house in Europe and the largest mutual fund manager in Switzerland.

With around 3,500 employees, located in 23 countries, UBS Global Asset Management is a truly global firm. The main offices are in Basel, Chicago, Frankfurt, Grand Cayman, Hartford, Hong Kong, London, Luxembourg, New York, Rio de Janeiro, Sydney, Tokyo, Toronto and Zurich.

UBS is one of the world's leading financial firms, serving a discerning international client base. Its business, global in scale, is focused on growth. As an integrated firm, UBS creates added value for clients by drawing on the combined resources and expertise of all its businesses.

UBS is the leading global wealth manager, a top tier investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking.

UBS is present in all major financial centers worldwide. It has offices in 50 countries, with about 39% of its employees working in the Americas, 34% in Switzerland, 17% in the rest of Europe and 10% in Asia Pacific. UBS's financial businesses employ some 80,000 people around the world. Its shares are listed on the SWX Swiss Stock Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).


Contact:

Kris Kagel : +1-212-882-5691
Karina Byrne: +1-212-882-5692


New York, May 9, 2007

UBS