Bloomberg Enters Agreement to Acquire BNA

Press Release

Combination Propels Bloomberg’s Expansion into Legal Information
Market and Enhances BNA through Bloomberg’s Data and Technology
Expertise; Acquisition Increases Bloomberg’s Presence in
Washington Market

New York, NY/Arlington, VA — The following press release was
issued on August 25, 2011:

Bloomberg and BNA today announced that they have entered into an
agreement for Bloomberg to acquire all of the outstanding shares
of BNA for $39.50 per share in a cash tender offer followed by a
merger for a total purchase price of approximately $990 million.
The transaction is expected to close in 2011.

BNA, which is wholly owned by current and former employees,
provides important legal, tax and regulatory research and
analysis and would become a stand-alone subsidiary of Bloomberg.

Together, Bloomberg and BNA would form a unique combination of
premium content, deep subject matter expertise, proprietary data
and world class technological capabilities to provide
distinctive products and solutions for professionals and
decision makers in law, government, business and finance.

This acquisition would immediately strengthen Bloomberg’s
offerings in the legal information market by complementing
Bloomberg Law — the only legal research system that fully
integrates primary research, dockets, company information and
proprietary news — with BNA’s trusted legal, tax and regulatory
content.

In addition, the combination would enhance Bloomberg’s coverage
and analysis of tax and accounting, labor and employment,
healthcare, intellectual property, and telecommunications
issues.

The acquisition would significantly grow Bloomberg’s presence in
the Washington, DC area through its multiple operating units,
Bloomberg News, Bloomberg Government, Bloomberg Law and BNA —
which would work together to provide unparalleled coverage and
analysis of U.S. policy and regulatory issues for customers.

“BNA’s employees have built a superior franchise and we are
enthusiastic about a Bloomberg-BNA combination that will deliver
more premium content to our professional audiences,” said Dan
Doctoroff, CEO and President of Bloomberg. “BNA research and
analysis will make Bloomberg’s products even more valuable, and
BNA would benefit from our data and technology expertise.”

“For more than eight decades, we have provided our subscribers
with quality products that allow them to do their jobs more
effectively and efficiently,” said Paul N. Wojcik, Chairman and
CEO of BNA. “We believe this is the start of a new day, where we
will join forces with Bloomberg to extend our premium content to
an expanded audience.”

“Bloomberg and BNA share many of the same values, including a
commitment to deliver high-quality content to customers,
employing highly skilled and experienced workers and offering
superior customer service,” said Peter Grauer, Chairman of
Bloomberg. “We look forward to welcoming them to the Bloomberg
family.”

The tender offer is expected to commence by September 8, 2011.
The acquisition is subject to the terms and conditions set forth
in the merger agreement, including a condition that at least a
majority of the outstanding BNA Class A Shares are tendered,
that the waiting period under the U.S. Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended, has expired or
been terminated and other customary conditions. If the tender
offer is completed, untendered shares of BNA are expected to be
converted in the subsequent merger into the right to receive the
same US$39.50 per share price paid in the tender offer.

The Offer has not yet commenced, and this communication is for
informational purposes only and is not a recommendation, an
offer to purchase or a solicitation of an offer to sell shares
of the common stock of BNA. On the commencement date of the
Offer, a tender offer statement on Schedule TO, including an
offer to purchase, a letter of transmittal and related
documents, will be filed with the United States Securities and
Exchange Commission (the “SEC”). The offer to purchase shares of
BNA’s common stock will only be made pursuant to the offer to
purchase, the letter of transmittal and related documents filed
with such Schedule TO. INVESTORS AND BNA STOCKHOLDERS ARE
STRONGLY ADVISED TO CAREFULLY READ THE TENDER OFFER STATEMENT
(INCLUDING THE OFFER TO PURCHASE, THE LETTER OF TRANSMITTAL AND
THE RELATED TENDER OFFER DOCUMENTS) AND THE RELATED
SOLICITATION/RECOMMENDATION STATEMENT, AS WELL AS ANY AMENDMENTS
THERETO AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN
THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. The tender offer statement will be filed with the
SEC by Brass Acquisition Corp. and Bloomberg, and the
solicitation/recommendation statement will be filed with the SEC
by BNA. Investors and BNA stockholders may obtain a free copy
of the tender offer statement, the solicitation/recommendation
statement and other documents (when available) filed with the
SEC at the SEC’s website at www.sec.gov. The tender offer
statement and other documents filed by Brass Acquisition Corp.
or Bloomberg may also be obtained free of charge by directing a
request by mail to MacKenzie Partners, Inc. at 105 Madison
Avenue, New York, New York 10016, by calling toll-free at +1
800-322-2885 or by email to tenderoffer@mackenziepartners.com.

More information about the transaction is available on the
Bloomberg Blog and BNA’s website.

About Bloomberg

Bloomberg, a leader in global business and financial information
and news, 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 300,000
subscribers globally. Bloomberg’s enterprise solutions build on
the company’s core strength, using technology to allow customers
to access, integrate, distribute and manage data and information
across organizations more efficiently and effectively. Through
Bloomberg Law, Bloomberg Government 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
employs more than 13,000 people in 185 locations around the
world.

About BNA

BNA is the largest independent publisher of news, analysis, and
reference products for
professionals. Delivering specialized information to business,
legal, and government professionals at every level of expertise,
BNA produces more than 300 news and information services,
including the highly respected Daily Labor Report, U.S. Law
Week, and Daily Report for Executives. For more information,
visit bna.com.

About Bloomberg Law

Bloomberg Law is the first real-time legal research system that
integrates innovative search technology, comprehensive legal
content, company and client information, and proprietary news
all in one place. This collaborative workspace also includes a
suite of new tools for more effective legal analysis and more
productive client development. For more information, visit
BloombergLaw.com.

About Bloomberg Government

Bloomberg Government is the single source for professionals who
need to understand the business impacts of government actions so
they can work quickly, decisively and effectively. This
comprehensive, subscription-based, online tool collects best-in-
class data, provides high-end analysis and analytic tools, and
delivers deep, reliable, timely and unbiased reporting from a
team of more than 2,300 journalists and multimedia specialists
worldwide. For more information, visit BGov.com.

Forward Looking Statements

This announcement contains forward-looking statements relating
to the potential acquisition of BNA by Bloomberg Inc. These
forward-looking statements are made within the meaning of and
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. The actual results of the
acquisition could vary materially as a result of a number of
factors, including: uncertainties as to how many of BNA’s
stockholders will tender their stock in the offer; the
possibility that competing offers will be made; and the
possibility that various closing conditions for the transaction
may not be satisfied or waived. Other factors that may cause
actual results to differ materially include those set forth in
the reports that BNA files from time to time with the Securities
and Exchange Commission, including its annual report on Form 10-
K for the year ended December 31, 2011 and quarterly and current
reports on Form 10-Q and 8-K. These forward-looking statements
reflect BNA’s expectations as of the date of this announcement.
BNA undertakes no obligation to update the information provided
herein.

Contact for Bloomberg:

Ty Trippet, +1.212.617.2443, ttrippet@bloomberg.net