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Bloomberg Completes Acquisition of BNA

September 30, 2011

Press Release

Bloomberg and BNA Will Offer a Unique Combination of Premium
Content, Deep Subject Matter Expertise, Proprietary Data and
World-Class Technological Capabilities

NEW YORK, NY/ARLINGTON, VA — Bloomberg today announced that it
has completed its acquisition of The Bureau of National Affairs,
Inc (BNA) which is now a stand-alone wholly-owned subsidiary of

The acquisition was overwhelmingly accepted by the BNA
owner/employees, who tendered approximately 95% of their stock
within the 20 business day offering period. Additionally,
Bloomberg received an early termination of the waiting period
under the Hart-Scott-Rodino Act.

“Together, Bloomberg and BNA will offer a unique combination of
premium content, deep subject matter expertise, proprietary data
and world-class technological capabilities,” said Dan Doctoroff,
CEO and President of Bloomberg. “BNA’s trusted and respected
research and analysis will significantly enhance our
professional offerings including Bloomberg Law, Bloomberg
Government and the Bloomberg Professional service.”

“This is an exciting moment for all of us at BNA,” said Paul N.
Wojcik, Chairman and CEO of BNA. “Through our unequivocal vote
in favor of this transaction, BNA employees sent a clear signal
that we are energized and enthused about joining Bloomberg in a
move that will enhance BNA’s premium content with Bloomberg’s
data and technology expertise and expand our audience of

The combination propels Bloomberg Law’s expansion into the legal
information market and increases Bloomberg’s presence in the
Washington, D.C. area where BNA is based. In addition, the
combination expands Bloomberg’s coverage and analysis of tax and
accounting, labor and employment, healthcare, intellectual
property, and telecommunications issues. BNA will be led by its
current management team and it will be part of the Bloomberg
Industry Verticals Group.

“We’re delighted to formally welcome BNA to the Bloomberg
family, and we look forward to working with BNA’s leaders and
employees as we shape our future together,” said Peter Grauer,
Chairman of Bloomberg. “We will work diligently over the coming
months to determine how we will provide the best products for
our customers, and will share more information as we progress.”

“The synergies between BNA and Bloomberg are clear, and we are
incredibly excited to get to work on maximizing value for our
customers in each of our markets,” said Greg McCaffery,
President and COO of BNA.

On August 25, 2011, Bloomberg and BNA jointly announced their
entry into an Agreement and Plan of Merger, which provided for a
cash tender offer by a subsidiary of Bloomberg to purchase all
of the outstanding shares of BNA common stock for $39.50 per
share to be followed by a merger to complete the acquisition of
any shares not acquired pursuant to the offer. The total
purchase price for the acquisition was just under $1 billion.

More information about the transaction is available on
Bloomberg’s website at:

About Bloomberg

Bloomberg, the global business and financial information and
news leader, gives influential decision makers a critical edge
by connecting them to a dynamic network of information, people
and ideas. The company’s strength – delivering data, news and
analytics through innovative technology, quickly and accurately
– is at the core of the Bloomberg Professional service, which
provides real time financial information to more than
310,000 subscribers globally. Bloomberg’s enterprise solutions
build on the company’s core strength, leveraging technology to
allow customers to access, integrate, distribute and manage data
and information across organizations more efficiently and
effectively. Through Bloomberg Law, Bloomberg Government, BNA
and Bloomberg New Energy Finance, the company provides data,
news and analytics to decision makers in industries beyond
finance. And Bloomberg News, delivered through the Bloomberg
Professional service, television, radio, mobile, the Internet
and two magazines, Bloomberg Businessweek and Bloomberg Markets,
covers the world with more than 2,300 news and multimedia
professionals at 146 bureaus in 72 countries.   Headquartered in
New York, Bloomberg and its affiliated entities, including BNA,
employ more than 14,500 people in 192 locations.

Contact for Bloomberg:

Ty Trippet, +1.212.617.2443,