IMPACT REPORT 2014

OUR BOTTOM LINE IS IMPACT.

Bloomberg Impact Report 2014 i WHAT WE’VE DONE for our customers and products 12 core terminal 19 industry verticals 23 media

WHAT WE’VE DONE for our people and communities 29 bcause introduction 34 global philanthropy & engagement 40 diversity & inclusion 44 benefits & wellness WHAT WE’VE DONE 48 leadership & development for the planet 50 communications 55 energy 62 paper 67 business travel & logistics 69 supply chain 75 waste & water

The cover of the 2014 Bloomberg Impact Report was designed by Roma Lazarev, a 30-year-old Moscow- based designer. Roma is an alumni of D&AD, a nonprofit that aims to inspire a community of creative thinkers by celebrating and stimulating the finest in design and advertising. Bloomberg has supported D&AD since 2002 and has mentored their alumni and commissioned their young creatives for projects including creating the website for the Bloomberg Space gallery in London and designing the Bloomberg volunteer T-shirt. IMPACT REPORT for our customers 2014 and products

Contents 02 Preface by Michael Bloomberg 03 About this Report 04 Materiality 06 Partner Engagement 07 2020 Targets 10 Customers and Products 28 People and Communities 53 Planet 84 Assurances

Bloomberg Impact Report 2014 1 Message from Mike.

Better access to data leads to better decisions. Bloomberg was founded on that idea, and we are constantly working to expand the universe of data our customers can tap into. Today, investors examine companies with greater sophistication than ever before, and one of the new variables they consider is sustainability. They ask, for instance: How sustainable are companies’ internal practices, such as talent recruitment and retention? And how sustainable are companies’ external supply chains, including the natural resources they depend upon? More and more customers seek access to this kind of information – wisely so – but it has not been easy to discover. Bloomberg is committed to changing that. We now collect sustainability information on more than 11,000 of the most actively traded securities – a ten-fold increase from when we started in 2009. More than 17,000 of our customers use this information in their work. Those numbers will continue to grow as sustainability criteria become an increasingly important variable shaping companies’ market value. One of the challenges to analyzing sustainability data is its lack of standardization across companies and industries. To address this challenge, I serve as the Chair of the Sustainability Accounting Standards Board, which develops metrics to include in a company’s annual S.E.C. filings. This reporting will allow analysts to see sustainability data in the same place they see financial data. At Bloomberg, our commitment to these issues runs through everything we do. Our employees are actively engaged in this work, as part of the 57,000 hours of service that Bloomberg employees around the world performed in 2014. In addition, we have increased the amount of renewable energy powering our offices, built our offices to the highest green building standards, improved energy efficiency more than 40 percent, and become the only news publisher to produce 100 percent of our magazines from sustainable paper sources. These steps have saved us nearly $70 million since 2008, and helped give us an edge in our work to attract and retain the most talented and hardest-working people. This report provides an overview of our work in these areas and how it is helping us to serve our customers more effectively. We are excited about their potential and committed to being a global leader in this critically important area for many years to come.

2 Bloomberg Impact Report 2014 Back to Contents BLOOMBERG IMPACT REPORT 2014 about this report.

Bloomberg Media including television, radio, Our People Bloomberg, the global business and mobile, digital and print — Bloomberg In 2014, we launched BCAUSE, a financial information and news leader, Businessweek, Bloomberg Markets collaborative effort across our employee gives influential decision makers a critical and Bloomberg Pursuits — covers the engagement and social impact groups edge by connecting them to a dynamic world with more than 2,400 news and to maximize our impact around the network of information, people and ideas. multimedia professionals at 150 bureaus world for our employees and our in 73 countries. communities. Together, our Diversity The Company’s strength — delivering data, & Inclusion, Wellness, Philanthropy & news and analytics through innovative Our Products Engagement and Sustainability units technology, quickly and accurately – is at Bloomberg’s products and services address social and environmental the core of the Bloomberg Professional® provide essential information to the issues that are relevant to our business service, which provides real-time financial world’s most influential audiences. We and our partners – customers, vendors, information to more than 320,000 are a signatory of the United Nations employees, nonprofits, governments, subscribers globally. Bloomberg’s Principles for Responsible Investment and communities. Pages 28–52 provide Enterprise Solutions build on the and believe that sustainability presents a more details on how we’re investing in our Company’s core strength, leveraging market opportunity for us. For Bloomberg, people and communities. technology to allow customers to access, sustainable finance is a broad term that integrate, distribute and manage data covers all forms of investment activity Our Planet and information across organizations analysis from business, government and By looking at our business through an more efficiently and effectively. The capital markets — that seek to integrate environmental lens we have been able Industry Verticals group — Bloomberg environmental and social considerations to improve operating margins, minimize Government, Bloomberg New Energy with financial analysis. Pages 10–27 risk, and engage our employees, while Finance and Bloomberg Bureau of provide an overview of how we are generating $68 million in financial savings National Affairs — provides data, news integrating sustainable finance products to the Company. Pages 53–81 provide and analytics to decision makers in and services across Core Terminal, an overview of how we’re making the industries beyond finance. Bloomberg Industry Verticals and Media for our business case for sustainability by News, delivered through the Bloomberg customers. reducing the impact of our operations Professional service and Bloomberg associated with energy, paper, travel, supply chain, waste & water.

Back to Contents Bloomberg Impact Report 2014 3 BLOOMBERG IMPACT REPORT 2014

Materiality

Bloomberg’s sustainability program what is essentially a sample MD&A to the corporate entity), we acknowledge began in 2007. From the beginning, we (Management Discussion & Analysis) that this is but a half-step in the direction recognized the importance of identifying for Bloomberg’s three applicable of a truly streamlined report. For 2014, areas of impact relevant to our business. SASB industries alongside the full GRI Bloomberg continues to report on the full While this initial assessment was focused G4 Content Index It is an opportunity complement of applicable GRI indicators. primarily on environmental mitigation, for Bloomberg to show that the GRI and As we look to 2015, we will embark on our continuing revision and stakeholder SASB reporting frameworks can be an extensive stakeholder engagement engagement processes, along with complimentary pieces in a comprehensive process to conduct a more targeted guidance from the Global Reporting sustainability reporting effort. materiality exercise, determining the most Initiative (GRI), led us to expand the scope relevant, substantively material indicators At the heart of this exercise lies the of sustainability to reflect a much broader culled from both GRI and SASB, thereby concept of “materiality,” which is defined array of material issues. continuing to rationalize and improve our in different ways under various reporting reporting process. For our 2014 Sustainability Report, as frameworks. We do not attempt to formally in prior years, Bloomberg is following reconcile divergent uses of the term Bloomberg’s aforementioned stakeholder the GRI guidelines. After utilizing G3 (as between SASB and GRI). Rather, engagement process is conducted since our initial GRI-compliant report in we have developed an implementation annually for the purposes of determining 2010, this year we are moving to the G4 methodology that enables the use of materiality and soliciting feedback on all framework and incorporating the Media both definitions in the context of a single facets of our sustainability program. As Sector supplement. report by a private company. “Materiality” described on page 6 in greater detail, understood within the GRI framework first it reflects a comprehensive process Also noteworthy in 2014 is the integration leads us to consider a spectrum of issues requiring input from a number of strategic of industry-specific accounting that are deemed salient in reflecting the partners, including customers, vendors, standards from the Sustainability company’s environmental and social employees, nonprofits, and other experts. Accounting Standards Board (SASB). impacts on a wide array of stakeholders. Under SASB’s industry classification Accordingly, we begin with the larger system, Bloomberg’s business offerings universe of potentially relevant issues and can be categorized into three distinct metrics as delineated under G4. However, industries: Internet Media & Services, as to one specific stakeholder group — the Media Production & Distribution and investor community — we turn to SASB’s Bloomberg’s Categories Professional Services. standards, which reflect the application of of Impact SASB standards are designed for use a U.S. legal/regulatory definition of mate- Based on the process outlined within a public company’s annual 10-K riality as derived from the “reasonable above, we have grouped issues filing to the SEC, and the complementary investor” standard. In utilizing SASB’s into three (3) levels of impact: nature of utilizing multiple reporting standards for each of the applicable • Issues that impact our company frameworks — here, namely GRI and industries, we rely on its evidence-based and our employees from a SASB — is most evident in the context of research process to have surfaced those business, environmental and/or a public company’s reporting activities industry topics most likely to be salient for social perspective. (between its regulated filings to the SEC Bloomberg L.P.’s financial and operational and its unregulated sustainability report). performance. • Issues that do not impact our While Bloomberg, as a private company, company directly but impact This report leads with a high-level “Topics” is not subject to those filing requirements, our strategic partners. table of both SASB’s potentially material we have nevertheless embarked on what general topics for the applicable sectors • Issues that may not have a we believe to be an important integrative set within the context of GRI’s broader significant, direct impact for our exercise given the rapid evolution of the array of “Aspects.” While we have con- company or strategic partners, but corporate reporting field. ducted an exercise of determining what those for which we recognize our Bloomberg is utilizing these frameworks in is actually material to Bloomberg L.P. organization has a unique opportu- an integrative fashion for the purposes of (since under both frameworks, the nity to make a positive impact. this reporting exercise and has produced ultimate determination of materiality is left

4 Bloomberg Impact Report 2014 Back to Contents BLOOMBERG IMPACT REPORT 2014

SASB Industry Topic GRI Materiality Map SASB Media GRI General Internet Media Production & Professional Standard for Bloomberg Aspects Topics & Services Distribution Services + Media

High Impact Energy ● ● n n Professional Ethics/Competitive Behavior ● ● n n n n Employee Wellbeing/Development ● ● n n n Economic ● n Risk Management/Compliance ● ● n Customer Welfare/Data Privacy ● ● n n n

Medium Impact Marketing Communications ● ● n n Materials ● ● n Supply Chain Management ● ● n Emissions ● ● n Workplace Safety ● ● n External Human Rights ● ● n Employee Rights ● ● n n n n

Limited Impact

Environmental/ ● Social Grievance Mechanisms n Products & Services (Labeling) ● ● n n Water & Waste ● ● n n

Biodiversity ● ●

Public Policy ● ●

Back to Contents Bloomberg Impact Report 2014 5 BLOOMBERG IMPACT REPORT 2014

Partner Engagement

In July 2014, Bloomberg met with Highlights of Stakeholder Diversity & Inclusion Diverse talent is a 12 stakeholders in our New York office Feedback Sessions critical source of competitive advantage. at a session organized and chaired by Stakeholders urged Bloomberg to prior- Leadership Vision Bloomberg’s Ceres* to obtain stakeholder views on itize building a more diverse workforce sustainability programs are ambitious Bloomberg’s sustainability plans, priori- and encouraged Bloomberg to increase efforts that leverage the Company’s ability ties and disclosures. The meeting focused disclosure and to set targets on an to influence the business and financial on social issues related to Bloomberg’s: assortment of internal social metrics and communities through its products indicators. (i) People: internal programs and employee base. Stakeholders encouraged Bloomberg to elevate and Implementation Stakeholders hope to (ii) Product: social data and analytics in highlight ESG (Environmental, Social see an implementation plan for BCAUSE the Company’s product suite & Governance) product goals within with specific reference to social issues, The goal of the meeting was to help us the strategy and to look for business including KPIs that measure progress develop fresh approaches to meet the development opportunities associated toward 2020 goals. company’s sustainability vision laid out in with social analytics. Product Strategy Bloomberg has the the BCAUSE Impact Report 2013. Social Focus Recognizing Bloomberg’s broadest reach to investors of any data The stakeholders were joined by senior strong performance on environmental provider. A robust product strategy, management and engaged in a dialogue sustainability, the stakeholder team inclusive of meaningful social indicators, with the stakeholder participants, who praised the Company’s willingness to should include both data consolidation had the opportunity to ask questions, turn its focus to the social dimensions of and analysis to make sustainability which ranged from: sustainability. increasingly relevant to customers’ • How does Bloomberg evaluate the analyses. In particular this should include: Global Reach With an employee-base impact of its sustainability efforts? • A process aimed at moving from of more than 17,000 across 211 locations, qualitative information to analysis of • How have recent efforts to align the Bloomberg can have a domino effect results and, finally, to the develop- Company’s social impact groups through its products and people. The ment of metrics that capture impacts under the BCAUSE umbrella posi- stakeholders urged Bloomberg to on the ground. tively affected employees? ensure that its programs successfully expand internationally by keeping cultural • Demonstration that ESG analytics • How does Bloomberg’s commitment differences in mind when designing and are useful to investors. Bloomberg to transparency and standards align implementing programs. should continue to assess what types with broader sustainability themes of of social data on the Terminal capture disclosure, measurement and social Risk Stakeholders were supportive of meaningful measures of corporate investment – within the Company and Bloomberg’s appointment of a Chief Risk performance. the community? Officer (and team) as a method of looking at risks strategically across the business. • Engagement with investors geared What we learned from the meeting, as It was suggested that this Risk team should towards promoting a long-term focus well as from detailed written comments also participate in future engagement and on finance. from Ceres, has informed this report’s planning around internal and external sus- • Emphasis on supply chain as a development and will inform Bloomberg’s tainability initiatives. Risk should also be critical intersection point of social sustainability strategy going forward. looked at in terms of Bloomberg operations and environmental issues; there is in countries with high levels of human rights opportunity for Bloomberg to be the censorship risks. lead provider of supply chain data,

* Ceres is a national network of investors, Capacity Building Many of the BCAUSE metrics and valuation. environmental groups and other public interest goals require ESG analytics and financial • Recognition that Bloomberg media organizations working with companies to address literacy in ESG for Bloomberg employees sustainability challenges such as global climate can help elevate the importance of as well as clients. Supporting goals should change. Bloomberg is a member of the Ceres network the impact of environmental/social of companies, which means that the Company has be set for training staff, including product concerns and actions on corporate committed to work with Ceres on various aspects of developers and media and sales teams on its sustainability performance and disclosure. Being performance. a Ceres company is not a certification or stamp of sustainable finance. Externally, Bloomberg approval relating to the Company’s business. should prioritize education and engage- ment of current and future clients.

6 Bloomberg Impact Report 2014 Back to Contents 2020 TARGETS

Measure the impact. Accelerate the results.

our 2020 targets Our founder’s ethos of ‘If you can’t work to do, we’ve made some progress measure it, you can’t manage it’ is at the and adjusted some of our targets. On the core of everything we do. As a result, as next few pages, we’ll share our efforts to our program has evolved, so too have date, as well as progress on some global the metrics by which we measure our impacts that our efforts are helping to success. Last year, we announced our achieve. 2020 Targets, and while we still have much

progress Engagement started integrating ESG into our Fixed BCAUSE is our collaborative effort across Income analytics and are collaborating and results our social impact groups — Diversity with BNEF, Bloomberg New Energy & Inclusion, Wellness, Philanthropy & Finance, and Fixed Income on Green Engagement and Sustainability to achieve Bond market development. Within our greater impact for our employees, our Industry Verticals Group, BNEF continues partners and our communities. In 2014, to expand their coverage of corporate 87% of our employees engaged with investment in clean energy and energy- at least one BCAUSE group. We want smart technologies, while BGOV and to increase the number of employees BBNA primarily focus on regulatory and participating in two or more BCAUSE legislative sustainability issues for policy groups, currently at 27%, tapping into our and related industry professionals. We are employees’ passion for giving back and working closely with our News and Media broadening the opportunities for them to Groups to integrate sustainability into the get involved. broader business discussion.

Leadership Development Operations The Impact Accelerator, a skills-based Even though Bloomberg's emissions service program, gives our employees a efficiency has improved 33% since way to give back to the causes they are the start of the program, our absolute passionate about, while developing the emissions have increased 5.8% versus next generation of leaders at Bloomberg. our 2007 baseline. We expect this to be We have completed 9 Impact Accelerator temporary, as we are currently focused projects, with participation in 9 major on a number of larger-scale, long-term offices. By 2020, we expect to complete projects. These projects sometimes result 50 projects across all major offices. in operational redundancies while we push toward completion. One example Product Development is our new LEED-certified data center Bloomberg continues to make significant which we expect to be approximately investments to bring Sustainable Finance 20% more efficient than the data center deeper into the Equities Platform it is replacing. through our ESG product. We also

Back to Contents Bloomberg Impact Report 2014 7 2020 TARGETS

How We Measure the Progress Toward Our 2020 Goals 2013 Goal Target Baseline Progress Against Target % to Target Engagement

Expand BCAUSE programs across all 17 offices — BCAUSE rolled out March 2015 100% major offices Establish BCAUSE Ambassadors to ingrain the 17 offices — Ambassador program in development programs into our culture Increase engagement of the global employee 75%, 2 or 20% 27% of employees engaged with population across all BCAUSE programs more groups 2 or more BCAUSE groups 36% and initiatives 90%, at least ~50% 87% of employees engaged with 1 group 1 BCAUSE Group 97% Extend reach of BCAUSE initiatives 50% — 1,700 “friends and family” attended at to Bloomberg families, engaging spouses least 1 BCAUSE event. Data capture & dependents improvements in progress

Leadership Development

Drive Impact Accelerator participation 17 offices 6 9 major offices 53% in all major offices Complete Impact Accelerator projects 50 projects 2 7 new projects completed in 2014 18% Incorporate BCAUSE engagement into — In progress the management evaluations system Product Development

Integrate “Sustainable Finance” across 7 asset classes 1 Equities and Fixed Income are 29% all financial products and asset classes integrating Sustainable Finance Be the leading voice on sustainability in Most influential source 1 A leading voice in investment industry business across news and media platforms for business, policy & on sustainable finance; with continued 20% finance leaders progress in policy and business coverage

Expand sustainability analysis into all major 3 industry vertical 1 Bloomberg New Energy Finance has 33% industry vertical products and services products expansive sustainability analysis Operations

Reduce emissions vs. 2007 20% 184,010 2014 emissions are up 5.8% vs. -29% baseline (MT of CO2e) 2007 baseline Return on investment 20% — 29.7% ROI on 2014 Capital Projects 148% Cost Savings 2014–2020 100 million — $12.1 million in cost savings in 2014 12.1% Direct clean energy 35% 1% 1% direct clean energy 2.9% Ensure that suppliers abide by Bloomberg 75% of suppliers — In progress sustainability policies & standards Clean energy projects developed by our partners 10 MW — In progress Institute an internal price on carbon and allocate $20 target — In progress across business units for planning purposes

How we judge $500 billion in new, 50% of all global assets Develop the next genera- 15 partners Contribute global clean energy under management tion of global service-ori- (customers­ and to ahealthier healthier the impact of investment annually managed sustainably ented leaders to address vendors) commit- cleaner and our efforts complex societal issues ted to an absolute more diverse using the power of data, emissions inclusive innovation & technology reduction of 20% communities

Beyond Bloomberg, Global, clean energy 30% of Global Assets Bloomberg launched We are aggressively engaging we recognize the expo- investment according Under Management are The Impact Accelerator to with our employees and customers nential impact that our to BNEF grew to now managed sustain- tap into our employees skill towards our 2020 goals, and will leadership can have on $311 billion in 2014, ably according to the sets and to work on social continue to provide updates. our industry and society. 62% towards the latest Global Sustainable problems that Bloomberg These are areas where global target of Investment Alliance is uniquely positioned to we can meaningfully $500 billion (GSIA) report, up address. The program contribute to broader annually. 40% since 2012 and doubles as a leadership sustainability goals. 60% toward a global development program. target of 50% by 2020.

8 Bloomberg Impact Report 2014 Back to Contents 2020 TARGETS bloomberg In the spirit of innovation, collaboration The projects we undertake align with and entrepreneurship, the Impact the challenges we are best suited to impact accelerator Accelerator provides an avenue for address — the intersection of technology, our employees — across departments, data and finance. For example, in businesses and regions — to use their partnership with the World Resources skills to work with nonprofits and other Institute, Bloomberg customers now partners to address societal challenges. have insight and transparency on over The program will evolve over time to help 120,000 energy and mining assets and identify the next generation of leaders at their water risk exposure after integrating Bloomberg, while also making an impact the WRI Aqueduct water risk atlas into that far exceeds the boundaries of our our BMAP Product. Another example is day-to-day business efforts. the increased awareness of the Jamaica Bay — Rockaway Parks Conservancy In 2014, we completed 7 projects with by providing digital tools and analysis 7 nonprofit partners with the help of of collected data to help inform future 113 employees, utilizing more than advocacy efforts. 30 skill sets and more than 1,100 hours.

LOOKING CLOSER: Moreover, SASB standards are designed have provided hundreds of volunteer Sustainability Accounting for use within a company’s annual SEC hours to assist in the development of Standards Board filings, which is precisely where analysts SASB’s research algorithms (built on already go to get company financial data. Bloomberg technologies), participate Decision-useful data isn’t full of holes. It in its Industry Working Groups, offer is complete, comparable and consistent, Since its inception in 2011, SASB has data expertise to assist in fine-tuning its which is precisely the kind of data that adopted an ambitious timeline, issuing a metrics and provide managerial insights to Bloomberg strives to provide the investor sector’s worth of standards each quarter. guide its growth out of the start-up phase. community. Investors, in turn, need good, By the first quarter of 2016, SASB looks All of this reflects the fact that SASB is transparent information to make informed forward to having issued the first full set more than a grantee. It’s a mission-aligned investment decisions. of provisional standards covering 10 partner. sectors and more than 80 industries. It is that overarching theme – linking Along the way, the organization will strive market transparency through quality to build and implement a market adoption sustainability data with investment strategy, a certification program and the performance – that drives our partner­ Last year infrastructure necessary to become a ship with the dynamic, young nonprofit self-sustaining operation. 18 Sustainability Accounting Standards employees Board (SASB). But SASB hasn’t done it alone. contributed over Bloomberg has been a steady partner SASB’s core mission is to identify throughout, providing crucial seed 100 hours sustainability topics that actually matter capital and additional philanthropic to support SASB to a company’s bottom line by using the support through significant grants from SEC’s definition of “materiality.” Since Bloomberg Philanthropies. We incubated those topics aren’t the same for all SASB in our San Francisco office. And in companies, SASB also adopts an industry Work we’ve done includes: 2014, Mike Bloomberg became the board focus to the extent that companies in • Development of Research Algorithms chair of SASB, solidifying our commitment the same sector are more likely to have • Industry Working Groups to SASB’s mission. similar sustainability issues. In developing Participation Finally, Bloomberg has leveraged its standardized metrics for disclosure topics • Metric Development & Business through a rigorous, empirically-driven collective human capital to provide our Development Expertise research methodology, SASB contributes customary technical rigor in a variety directly to generating complete, of in-kind ways. Through the Impact • Event Management comparable and consistent ESG data. Accelerator, dozens of our employees • Strategy Guidance

Back to Contents Bloomberg Impact Report 2014 9 Bloomberg Employees: Sheri, R&D Stephen, Media

WHAT WE’VE DONE for our customers and products Last year we saw customer use of ESG data increase 76% and the value of Green Bond issuances increase 130%.

10 Bloomberg Impact Report 2014 Back to Contents PRODUCTS bloomberg products and services

Our primary purpose is to serve our customers’ current and future analytical needs. Increasingly, that requires us to integrate sustainability issues — both risks

and opportunities — into our products and services.

Core Terminal offerings integrate a suite of in-depth information and Environmental, Social and Governance analytic solutions that cover the breadth (ESG) data into financial analysis, of these areas with key insights into making it relevant and actionable for the cross-cutting ESG issues. financial community. Our uniquely inte- Media enjoys an extensive, global grated platform — including Bloomberg infrastructure of reporters, writers Intelligence, Bloomberg News, Fixed and researchers under the Bloomberg Income and Commodities — gives News, Bloomberg Businessweek, shape and credibility to the concept of Bloomberg TV and Bloomberg View sustainability, which has traditionally properties — to name a few. Our ability been a hard-to-define term. to quickly surface sustainability news Industry Verticals products cover the and propagate it using our media legal, government and energy industries platform means we have opportunities through Bloomberg BNA, Bloomberg to educate and build dialogue across Government and Bloomberg New the financial and business communities. Energy Finance. Bloomberg offers

Bloomberg Products & Services 2014 2013 2012 2011 2010

Environmental, Social, Governance 17,100 Number of Bloomberg customers accessing environmental, social and governance data. 9,669 7,779 5,747 4,704

Bloomberg New Energy Finance 75,200 69,600 61,400 Global organizations active in clean energy 52,500 according to Bloomberg New Energy 40,000 Finance’s database.

Bloomberg Journalism Awards 162 153 154 154 Number of stories from multiple Bloomberg platforms receiving awards for journalistic 81 excellence.

Back to Contents Bloomberg Impact Report 2014 11 PRODUCTS core terminal.

overview The Bloomberg Professional® service to their changing needs and providing is a seamlessly integrated information them with actionable insights into risks service that provides financial professionals and opportunities as they emerge. who need real-time data, news and Sustainability issues — continuing popula- analytics to make smarter, faster, more tion growth, exponential growth in wealth informed business decisions. and inequality, consumption capacity of developing countries and massive pres- Bloomberg offers best-in-class news, sures on finite resources — have become data and analytics, plus the execution material issues for some businesses and capabilities that financial and business investors. Accordingly, we’ve made a professionals count on for every asset number of investments in our Product, class in every region around the world. We offering to help our customers respond. serve our customers by being responsive

commodities: Bloomberg is providing environmental industrial installations and global carbon and renewable markets participants projects — and then link the two. They carbon & real-time pricing calculators and in-depth can monitor long- and short-term spark renewables fundamental analyses. Users can analyze spreads, dark spreads and fuel-switch trading patterns and supply-demand levels in real time — while charting carbon bloomberg.com/professional/commodities balances in carbon markets, use our prices and getting market-leading data proprietary models to incorporate any from our renewable assets searches, time frame — from an immediate to a including wind and solar plants, and value long-term time horizon — dive into the existing or planned wind farms with our fundamental data with our tools to search wind asset valuation tool.

LOOKING CLOSER: high-carbon assets. The tool is designed This tool provides insight into a much- Carbon Risk Valuation Tool specifically to address the concept of a needed valuation where there currently is “carbon bubble” championed by organiza- no service offering. Providing this level of Our Carbon Risk Valuation Tool was rec- tions such as Carbon Tracker. It identifies detail to the capital markets is innovative ognized by Environmental Leader in 2014 how earnings may be impacted for oil and and forward-thinking and I anticipate its for “Top Product of the Year.” The tool was gas companies from either regulation usage to grow over time. developed in partnership with Generation to tax carbon or as demand shifts away — Environmental Leader Product & Project Investment Management’s foundation and from fossil fuels toward renewables, thus Awards Judge helps companies and investors evaluate decreasing the price of oil. financial risk entailed in exposure to Read More

12 Bloomberg Impact Report 2014 Back to Contents PRODUCTS

equities: ESG Bloomberg Environmental, Social and other data fields. Bloomberg also and Governance (ESG) products provides sustainability news, research, www.bloomberg.com/professional/equities enable all investors across a range of indices, funds, legal & regulatory informa- asset classes to understand the risks tion as well as robust screening, scoring and opportunities associated with and other portfolio optimization tools. potential investments or counterparties Bloomberg ESG data is collected from as the market continues to embrace published company disclosures and ESG factors. integrated into the Bloomberg Equities Bloomberg has researched 20,000 of the and Intelligence services. ESG data on most actively traded public companies the Bloomberg Terminal is fully integrated and obtained ESG data disclosed by with all of Bloomberg’s cutting-edge more than 11,000 companies in 65 coun- analytics, such as the Equity Screener tries and is increasing coverage every day. (EQS) and Relative Value (RV). In addi- This data includes energy & emissions, tion, we have developed ratios and key waste data, women on the board, % inde- performance indicators to better compare pendent directors, workforce accidents and analyze companies on ESG metrics.

LOOKING CLOSER: commit, as a first step, to measure and The Montreal Carbon Pledge disclose the carbon footprint of invest- ments annually, with the aim of using this Bloomberg is an official service provider information to develop an engagement to signatories of the Montreal Carbon strategy and/or identify and set carbon Pledge, providing carbon emissions data footprint reduction targets. integrated into comprehensive portfolio analytics. Signatories of the pledge Read More

ESG: Customers NUMBER OF and Funds CUSTOMERS 17,010 Customers Bloomberg collects Environmental, 20,000 Social and Governance (ESG) data Are Using from published company material and ESG Data integrates it into the Equities, Bloomberg Intelligence and Fixed Income platforms. 15,000 76% Bloomberg covers more than 11,000 Increase companies with ESG data and more than 7,500 companies with executive compensation data in 65 countries. 10,000 ESG data is fully integrated with all 9,669 of Bloomberg’s cutting-edge analysis, 7,779 such as the Equity Screener (EQS), 5,000 Portfolio Analytics (PORT), Relative 5,747 4,704 Value (RV) and our Excel-based analytical models, including our ESG 2,415 Scorecard and award-winning Carbon 0 Risk Valuation Tool. 2009 2010 2011 2012 2013 2014

Back to Contents Bloomberg Impact Report 2014 13 PRODUCTS

bloomberg Bloomberg Intelligence provides Dedicated ESG analysis in Bloomberg in-depth analysis, commentary and Intelligence integrates material company intelligence data sets on industries, companies, and industry environmental, social and bloomberg.com/professional/bloomberg-intelligence government factors, credit, litigation governance key performance indicators, and legislation that can impact decision comprehensive and proprietary funda- making. Bloomberg has created a unique mentals data, and the insight of the wider approach to aggregating information for Bloomberg Intelligence analyst team. investment professionals. We put the This platform provides unique, data-driven data, analytics and insights at the fingertips insights into sustainability themes, including of investment professionals to facilitate climate change, water, safety and corpo- creative investment ideas, simplify strate- rate governance, that present real risks gic and financing recommendations and and opportunities for whole industries and produce compelling presentations. individual companies. Collaboration with industry experts from Bloomberg New We cover more than 100 industries and Energy Finance, Bloomberg Government, all major sectors — we have a team of Bloomberg BNA and News ensures that experienced independent sector experts Bloomberg Intelligence ESG research from major buy-side and sell-side firms is both expansive and timely, providing contributing independent, fundamental clients with a deeper level of insight to views. This focused and dynamic approach help them make fully informed investment to analysis allows users to swiftly get an decisions. overview of an industry or company and its drivers and competitors.

LOOKING CLOSER: Responsible Investment survey. Two Innovation Award Bloomberg analysts were ranked in the top 10 in a survey of 1,000 analysts, Bloomberg was ranked the #4 Best portfolio managers and managers in the Firm for SRI Research and recognized same report. for “most innovative research product” in the annual Independent Research in Read More

fixed income: Bloomberg’s fixed income platforms Bloomberg ESG, Sustainability and Fixed cover sovereign, corporate and municipal Income Data and Product are actively green bonds & debt, mortgage- and asset-backed secu- collaborating to ensure that company ESG integration rities, treasury and money markets, credit ESG data is usable and actionable for default swaps, loans and exchange-traded credit research. We are also working to bloomberg.com/professional/fixed-income funds (ETFs). Our solutions support the increase coverage of debt issuers’ entire workflow — from idea generation ESG data. to execution — and offer tools that have Finally, Bloomberg is bringing greater become the market standard, including transparency, discoverability and integrity yield and spread calculators, yield curve to green bonds on the Bloomberg analysis, issuance and corporate actions, Professional Service and beyond. and relative value comparisons. See next page (15) for more details.

14 Bloomberg Impact Report 2014 Back to Contents PRODUCTS CASE STUDY

Making fixed income the next horizon for sustainable investment Green Bonds: A New Market for Sustainable Investment

Bloomberg is working The Green Bonds Bloomberg’s analytics with leading Market is expected to help users evaluate the nonprofit partners reach $100 billion in green bond opportunity. to mainstream issuance in 2015. Green Bonds.

Seeing the Building the Catalyzing the Opportunity Analytic Tools Green Bonds Green bonds are debt instruments Bloomberg New Energy Finance Ecosystem issued to finance projects and (BNEF) is at the heart of this effort Partnerships with Climate Bonds activities that address climate with its market-leading reports, Initiative and Ceres demonstrate change mitigation and adaptation league tables and unique data sets. Bloomberg’s commitment to (like solar energy or climate-resilient Fixed income product development advancing the investability of water infrastructure) or promote and data management teams have new financial instruments for environmental sustainability in other enhanced Bloomberg’s analytics to environmental sustainability. ways, such as better recycling. identify and evaluate these opportu- nities, and to monitor the integrity of the green bonds universe.

The market is growing rapidly. More than $30 billion in green bonds was issued in 2014, compared with $13 billion in 2013. Market participants expect $100 billion in issuance in 2015.

Back to Contents Bloomberg Impact Report 2014 15 PRODUCTS

bloomberg news Bloomberg News has aimed for more In addition to our own original content, the than 25 years to provide the most influen- Bloomberg Professional service carries bloomberg.com tial coverage of money in all of its forms more than 1,000 news sources in 30+ for those with the most at stake. Today, languages globally and provides a powerful 2,400 news and multimedia professionals search engine to capture content from in 72 countries publish 5,000 stories 90,000 web sources and social media. per day reaching the more than 320,000 Bloomberg reporters pride themselves on Bloomberg Terminal users, Bloomberg their journalistic integrity. All Bloomberg Businessweek and Markets magazine journalists must abide by a detailed readers, online audiences and customers handbook, The Bloomberg Way, and of the 440 publications that print our sign a Code of Conduct. The handbook articles. stresses the principles of accuracy, criti- Bloomberg News reports on the issues cal thinking, depth, guidance, people and that matter to financial and business global relevance; the Code of Conduct professionals — when they happen, from makes clear that integrity is everything. where they happen. If it affects markets, The principles of the Bloomberg Way are Bloomberg News will be there first, defined by the Five Fs — Factual Word, delivering the world’s most accurate First Word, Fastest Word, Final Word and information in milliseconds on virtually Future Word — and are the operating ethos every stock, bond and economic indicator. of the organization. Bloomberg News also leads the way Bloomberg’s award-winning reporters and in breaking news about mergers and editors create and curate sustainability- acquisitions and other events that help related news, including a weekly Carbon our readers to stay a step ahead of the & Climate column, and produce regular markets. stories on corporate governance, with a particular focus on executive pay and companies’ supply chains.

LOOKING CLOSER: contrast to the rise and fall of fossil-fuel Top-Read Story prices and shows how continued growth is no longer dependent on the price of While You Were Getting Worked Up fossil fuels. Solar power, he writes, will Over Oil Prices, This Just Happened to soon reach grid parity with conventional Solar, by Tom Randall, was the top-read electricity in well over half the nation. story on Bloomberg.com in 2014. Randall describes the evolution of solar power in Read More

16 Bloomberg Impact Report 2014 Back to Contents PRODUCTS

LOOKING CLOSER KDD: Unleashing Data for Social Good Currently there is a disconnect when it comes to understanding the different goals and opportunities for using data-driven approaches to promote social good and better policy decisions. On Sunday, August 24, 2014, a crowd of over 700 people — including prominent data scientists, policy makers and both non- and for-profit leaders from around the world — gathered at our global headquarters in New York City to address this disconnect with one goal in mind: unleashing the power of data for good.

We partnered with the Association of positioned to help address society’s “By partnering with Bloomberg Computing Machinery’s Special Interest greatest challenges: KDD researchers, for this year’s KDD Conference, Group for Knowledge Discovery and practitioners, thought leaders and policy Data Mining (ACM SIGKDD) to host makers from around the world.” we have an opportunity to “Unleash Data: Accelerate Impact — KDD demonstrate how industry Throughout the event, researchers were at Bloomberg.” The event was part of the able to engage with data science prac- and academic research can annual flagship KDD 2014 conference, titioners, policy makers, influencers and be used together to generate which had a special focus on applying with NGOs to explore opportunities to use data science to improve civic and social an environment of active data to tackle critical social challenges outcomes. Our specific event was conversation and social impact. relating to urbanization and geopolitical designed to help foster the discovery of disparity. The goal of the event was to With Bloomberg, we will new methodologies and frameworks for show how data-driven analytics can significantly magnify the impact problem-solving and data sharing — and identify new opportunities and accelerate novel ways that these communities can of a common goal: using data to solutions to pressing societal issues like leverage each other to mutual benefit. inform decision making and drive climate change and the spread of disease. “Data scientists have a tremendous policy change.” Leaders from organizations like the opportunity to contribute to the most C40 Cities Climate Leadership Group, pressing problems faced by policy —Claudia Perlich, general chair academic researchers from global makers today,” said Shawn Edwards, of this year’s conference and institutions, including the University of Bloomberg’s CTO. “Since the inception Chief Scientist at Dstillery Chicago, Cal Poly, Harvard, MIT, John of our company, we’ve shown that data is Hopkins and NYU Abu Dhabi, presented crucial to making informed decisions and side-by-side with nonprofit groups — the that it can also have a broader societal Rockefeller Foundation and National impact. We’re excited now to help bring Science Foundation among them. together communities that are ideally

Back to Contents Bloomberg Impact Report 2014 17 PRODUCTS

bloomberg beta Bloomberg’s $75 million venture capi- in companies such as BrightFunds, tal fund, invests in early-stage technology Pathgather and Bonusly, Beta is able to bloombergbeta.com companies. Beta was created as a new influence change in the workplace. Now type of fund, one where transparency and companies can encourage employees to a different way of operating stands as easily donate to charitable causes they are the cornerstones of what it does: invest passionate about, further their education in companies that will radically change through social learning, and provide peer the future of business.Beta understands generated recognition and rewards. the value of people. Through investments

enterprise products Bloomberg’s Enterprise Products compliance, we offer a complete turnkey and Solutions Group (EPS) leverages solution. Whatever the client’s needs, we & solutions: APPS the Company’s core strength — our approach them creatively. market-leading technology and global bloomberg.com/enterprise The Bloomberg App Portal provides infrastructure — enabling businesses to a comprehensive solution, allowing acquire, manage and distribute data and development teams to focus on building information more efficiently and effectively powerful applications such as the across the enterprise. From enterprise Investment Carbon Screener by South technology to data management, Pole Carbon. The App Portal framework trading workflow to portfolio and risk provides zero-touch distribution and analysis, secure archiving to regulatory infrastructure to any user globally.

LOOKING CLOSER: Investment Carbon Screener The Investment Carbon Screener is a powerful tool that provides extensive information on the carbon footprint of your investments. The App, developed by South Pole Carbon, assesses the carbon impact, risks and opportunities of your portfolio. South Pole’s extensive database not only assesses the reliability of disclosed carbon figures, it also employs an advanced metric to calculate approximated figures for companies that do not disclose their greenhouse gas emissions.

18 Bloomberg Impact Report 2014 Back to Contents PRODUCTS industry verticals.

overview The Industry Verticals group, BNEF, and financial communities. The industry BGOV and BBNA, all web-based busi- verticals group dives deep into these nesses, provide industry-leading news, issues – increased CAFE standards, DOE analysis and data about the government, clean energy directives, EPA emission law, regulation and energy. regulations, OSHA safety requirements, Dodd-Frank conflict mineral provisions The continuing rise of sustainability- and more – to provide clear and actionable related issues creates unique and intelligence to help our customers navi- profound implications for a wide range gate this ever-evolving and increasingly of industries and related participants complex landscape. in government, nongovernment, legal

bloomberg Bloomberg New Energy Finance and the world’s most comprehensive data- provides unique analysis, tools and data base of assets, investments, companies new energy finance for decision makers driving change in the and equipment in the clean energy space. about.bnef.com energy system. With unrivalled depth and BNEF’s regional products provide a breadth, we help clients stay on top of comprehensive view on the transformation developments across the energy spec- of the energy system by region. trum from our comprehensive web-based Corporations, financial institutions, platform. BNEF has 200 staff based in governments and service providers make London, New York, Beijing, Cape Town, use of a wide array of subscription-based Hong Kong, Munich, New Delhi, San services that include news, investment Francisco, São Paulo, Singapore, Sydney, data, research, advisory services and Tokyo, Washington, D.C. and Zurich. executive events. We are proud to serve BNEF products fit your daily workflow, several leading global institutions, streamline your research, sharpen your including the United Nations, UNEP, strategy and keep you informed. BNEF’s International Energy Agency, The Pew sectoral products provide financial, eco- Charitable Trust, UKAid, USAid, WWF nomic and policy analysis, as well as news and the OECD.

Back to Contents Bloomberg Impact Report 2014 19 PRODUCTS

Global Total New World clean energy investment the U.S. up 8% to $51.8 billion (its highest rebounded strongly in 2014, boosted figure since 2012), Japan up 12% to Investment in by demand for large-scale and rooftop $41.3 billion, Canada up 26% at $9 billion, Clean Energy solar photovoltaics on the back of its Brazil up 88% at $7.9 billion, India up greatly improved competitiveness and by 14% to $7.9 billion, and South Africa up the financing of a record $19.4 billion of 5% at $5.5 billion. Europe, despite the offshore wind projects. flurry in offshore wind, was a relative dull spot overall, investment there edging Authoritative annual data, published by 1% higher to $66 billion. Bloomberg New Energy Finance, shows that global investment in clean energy Many big solar and onshore wind projects was $310 billion last year. This was up around the world were also financed in 16% from a revised $268.1 billion in 2014. They included the Setouchi Mega 2013, and more than five times the figure PV project in Japan, at an estimated of $60.2 billion attained a decade earlier, $1.1 billion for 250MW, the Xina Solar in 2004, albeit still 2% below the all-time One solar thermal plant in South Africa, record of $317.5 billion reached in 2011. at $1 billion for 100MW, the $859 million, 310.5MW Lake Turkana wind project The jump in investment in 2014 reflected in Kenya and the K2 wind complex in strong performances in many of the main Ontario, Canada, at $728 million centers for clean energy deployment, with and 270MW. China up 32% to a record $89.5 billion, 16% Increase

BILLIONS to $310 Billion -7% 300 17% -9% 250 32%

200 17% 0.5%

150 36%

100 46% 46% 50

0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

LOOKING CLOSER: President Barack Obama’s “Power Africa” countries with the greatest clean energy Climate Scope 2014 initiative, commissioned Bloomberg investment opportunities. Climatescope, New Energy Finance (BNEF) to analyze a country-by-country assessment, inter- The Multilateral Investment Fund (MIF) and rank development prospects for active report and index, offers the clearest of the Inter-American Development solar, wind, small hydro, geothermal, picture yet of clean energy in 55 emerging Bank Group (IDB), the UK Government biomass and other zero-carbon-emitting markets in Africa, Asia, Latin America and Department for International Development technologies (excluding large hydro). the Caribbean. (DFID) and the U.S. Agency for The report provides potential investors International Development (USAID), under Read More with important information, identifying

20 Bloomberg Impact Report 2014 Back to Contents PRODUCTS

bloomberg BGOV is the most comprehensive web- lobbyists used to work for. These insights based information service for professionals allow users to track the positions of corpo- government who interact with or are affected by the rations and nongovernment organizations about.bgov.com federal government. Through rich data, trying to influence environmental and in-depth analysis, news, directories and energy policy. integrated analytical tools, BGOV helps In addition to new workflow tools, congressional staffers, government Bloomberg Government provided live relations and business development pro- floor coverage of both the U.S. House fessionals, C-level executives and agency and the U.S. Senate, including marathon officials stay at the top of their game. Senate sessions around the XL Keystone Throughout 2014, BGOV delivered a Pipeline. Bloomberg Government also transparent look at the energy and sus- continues in-depth coverage of live legis- tainability agenda of Washington policy lative markup hearings of the U.S. Senate makers and shapers. The launch of the Committee on Environment and the Public Lobbying Intelligence Tool empowered Works Committee, as well as the House users to understand lobbying efforts Committee on Natural Resources and the on environmental laws and regulation, Energy & Commerce Committee. BGOV’s providing visibility into which firms are ongoing real-time coverage enables clients lobbying on oil, natural gas, environmental to respond and act on environmental regulation and agricultural policy — as well regulation when it matters most to them. as which congressional offices registered 16% Increase

BILLIONS to $310 Billion -7% 300 17% -9% BGOV Reports on 2014 2013 2012 2011 2010 250 Energy and Environment EPA 32% Regulations Final Rules 554 532 635 533 479 200 Notices 670 677 762 884 1021 17% 0.5% Department of Energy 150 36% Final Rules 60 57 52 60 59 Notices 2,070 2006 2427 2351 2277 100 46% 46% 50 bloomberg BNA Bloomberg BNA, a wholly owned Across Bloomberg BNA’s publishing 0 bna.com/about-us 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 subsidiary of Bloomberg, is a leading groups, expert legal and business source of legal, regulatory and business practitioners in a wide range of fields information for professionals. Its network offer readers insight and analysis while of more than 2,500 reporters, correspon- delivering the highest editorial quality in dents and leading practitioners delivers the industry. Their timely, comprehensive, expert analysis, news, practice tools and focused coverage allows Bloomberg BNA guidance — the information that matters customers to spend less time on reading most to professionals. Bloomberg BNA’s and research. authoritative coverage spans the full range Bloomberg BNA’s Legal Resource of legal practice areas, including tax and Centers integrate up-to-date news, accounting, labor and employment, intel- thought leadership from respected lectual property, banking and securities, practitioners, Bloomberg BNA’s expert employee benefits, health care, privacy analysis, case law and other primary and data security, human resources, and sources — conveniently organized by environment, health and safety. practice area and all in one place.

Back to Contents Bloomberg Impact Report 2014 21 PRODUCTS

bloomberg BNA continued BNA Insights features outside experts issues; the new Water Law & Policy who help customers understand the Monitor concentrates on water rights and implications of key legal developments, use issues. The group supports many legislative activity and trends. sustainability-oriented programs, events and organizations. Senior executives are Bloomberg Law, an integrated legal actively represented on the Board of the research and business intelligence Association of Climate Change Officers solution, combines trusted news and (ACCO), as judges for EPA’s Climate analysis with cutting-edge technology Leadership Awards and, as members of to provide legal professionals tools to the National Association of Environmental be proactive advisors. Managers (NAEM), they support events Bloomberg BNA’s Daily Environment and new products and services for Report and Energy and Climate Report the sector. give prominent coverage to sustainability

Bloomberg BNA Bloomberg BNA is a leading source of news, practice tools and guidance – legal, regulatory and business information the information that matters most to for professionals. Its global network of our customers. In 2014, Bloomberg reporters, correspondents and leading BNA published 16,004 stories on practitioners delivers expert analysis, environmental topics.

6,812

1,939 3,288 2,007 1,191 2,065 2,293

Water Resources Legislative & Administrative Activity Water 2,969 Pollution 2,047 Chemicals 2,287 1,412 Climate Change 92 477 Energy 256 Environmental 290 Other Due Dilligence 451 Guide Report 607 Species Protection Chemical Regulation 678 Sustainability Reporter 847 Natural Resources Water Law & Policy Monitor Air Pollution International Environment Reporter

Hazardous Materials Energy & Climate Report Waste Management & Cleanup Liability Daily Environmental Report

22 Bloomberg Impact Report 2014 Back to Contents PRODUCTS media.

overview Bloomberg Media includes print insights into both the pressing issues of (Bloomberg Businessweek, Bloomberg the moment as well as deeper coverage Markets and Bloomberg Pursuits on long-term economic, social and magazines), television, radio, Internet environmental trends. Companies and and mobile offerings — all representing investors now share the mantle of sustain- the preeminent source of business and ability leadership with governments and financial news globally. NGOs. Bloomberg Media brings them the news they need, wherever and whenever These assets create a platform for they need it. Bloomberg’s unique strength syndicating coverage and analysis of is its commitment to covering these issues sustainability issues to different constitu- so that they are decision-useful to a broad encies in business, finance, government range of influencers. and others, providing them with critical

bloomberg Nations and companies face rising With reporters in more than 70 countries, competition for strategic resources — Bloomberg Business is positioned to tell business energy, food, water, materials — and these stories with unparalleled depth. bloomberg.com the technologies that make best use of In the United States, newly accessible them. That’s sustainability. It’s about shale oil and gas resources have brought the 21st-century race for wealth, health energy security closer to reality. In China, and long-term security across the global large cities choke on industrial pollution grid. Bloomberg Business publishes even as renewable energy continues more than two dozen stories every day to grow. In Europe, climate change is about how key 21st-century trends — the already starting to reshape agricultural booming global middle class, the race for patterns. And everywhere, companies natural resources, climate change — are and investors are gradually reinventing encouraging companies and governments financial reporting to increase transpar- to hone long-term strategies. ency on issues of environment, social and corporate governance (ESG).

Back to Contents Bloomberg Impact Report 2014 23 PRODUCTS

bloomberg view Bloomberg View, the opinion section written extensively on controlling carbon of Bloomberg Media, publishes unsigned emissions and unhitching economic bloombergview.com editorials as well as bylined commentary growth from oil. Cass R. Sunstein, a from regular columnists and occasional former Obama White House official and LOOKING CLOSER: contributors. The subject matter is wide- a regular columnist, has written about the ranging, including global affairs, U.S. history of ozone regulation in the Bush and GlobalView: Climate Change In Perspective domestic issues and economic trends. Obama administrations. Another regular columnist, Mohamed El-Erian, chairman Bloomberg View’s editorial board has A signature moment for Bloomberg of President Barack Obama’s Global weighed in on many important and con- View in 2014 was an interactive feature Development Council and former CEO troversial sustainability challenges. With that allowed readers to see how our & CIO of Pimco, has written about the a primary focus on specific controversies climate is changing and some actions economic, political and geopolitical around energy, View editorials have being taken around the world. They effects of the global drop in oil prices. favored a carbon tax, a long-term policy on were able to follow the trail of carbon in Finally, Bloomberg’s founder and wind-production tax credits, federal rules the atmosphere, observe melting polar former Mayor of New York City, Michael restricting greenhouse gas emissions ice caps, and measure the resulting Bloomberg, has written about how cities from power plants and methane emission rise in sea levels on the U.S.’s East and markets can fight climate change limits at natural gas drilling sites. Coast. It also focused on several global and President Obama’s proposal to limit cities and the actions they are taking to View columnists and contributors also greenhouse gas emissions. counter the impacts of climate change. address sustainability issues. Carl Pope, Read More the former head of the Sierra Club, has

bloomberg politics Bloomberg Politics leads political video, analysis, commentary, long-form coverage across all Bloomberg features, polling, interactive graphics bloombergpolitics.com platforms, including key energy and and live streams. Managing Editors environmental political issues — most Mark Halperin and John Heilemann recently the Keystone Pipeline debate. also host a half-hour television show, BloombergPolitics.com, is a next-gener- “With All Due Respect” which airs daily ation political news site that seamlessly on Bloomberg TV. combines up-to-the-minute news, original

bloomberg Bloomberg Businessweek offers a and analysis explore the business case global perspective and comprehensive for companies’ environmental and social businessweek insights to help business leaders profit strategies and separates hype from reality. bloomberg.com/businessweek from smarter, faster and more-informed We closely follow public policy debates decisions. Founded in 1929, the magazine both in Washington and the states. We is a trusted market leader with a global explain the rise of China as a dominant circulation of 980,000 and 4.6 million market for and producer of everything readers each week. Drawing on more than from renewable energy to consumer 2,300 journalists in 146 bureaus across products. And we explain to our readers 72 countries, Bloomberg Businessweek the impact of breakthrough developments covers the business world like no from mass-produced electric vehicles to one else — in print, online, mobile and the Canadian tar sands. A 2013 article events — and moderates global conver- by Jeffrey Goldberg, “Drowning Kirabati,” sations through content, context and about how climate change is destroying collaboration. the Pacific island nation of Kirabati was nominated for four awards in 2014, Bloomberg Businessweek has integrated winning the Sigma Delta Chi Award for sustainability into every aspect of its news Magazine Writing. coverage. The magazine’s reportage

24 Bloomberg Impact Report 2014 Back to Contents PRODUCTS

bloomberg markets Markets, a monthly magazine that while the Strategies section covers goes to more than 375,000 readers, energy supply and commodities-related bloomberg.com/markets provides regular coverage on energy, functions on the Bloomberg Terminal. the environment and sustainability Every May, the magazine publishes an developments as they pertain to the global annual special report on the future of financial community. Markets publishes at energy. This year’s special report, titled least one in-depth feature on sustainability “Old Energy, New Ideas,” highlighted or on an energy-related topic virtually former BP CEO John Browne’s contro- every month. A feature article in the March versial investments in fracking in the UK 2014 issue, “The Fight Over Canada’s countryside, North America’s natural gas Riches,” focused on First Nations Peoples boom and carbon capture and Qatar’s who are asserting their right to be con- LNG exports. In addition to several feature sulted before drillers and miners use their stories, Markets published the fourth land — complicating Stephen Harper’s annual ranking of the World’s Greenest plans to turn the country into an “energy Banks, which is based on environmental powerhouse.” The Agenda section also risk factors and low-carbon investment devotes a page most months to news activity. about energy and the environment,

bloomberg Bloomberg Pursuits is the quarterly of luxury intersects with concerns about global lifestyle luxury publication sustainability and tells how purveyors pursuits from Bloomberg Markets magazine. of custom goods, exclusive homes and bloomberg.com/pursuits Bloomberg Pursuits is distributed exotic travel are adapting their offerings to to all 375,000 Bloomberg Markets customer demand for more eco-friendly subscribers — a highly coveted and living. The cover story of the 2014 holiday affluent readership comprised largely issue focused on the issues — disease, of users of the Bloomberg Professional drought and demand — that endanger the service (“the Terminal”) around the world. chocolate industry. Bloomberg Pursuits covers how the world

Journalism Awards

Annual Number of Awards Distribution of Awards in 2014 1 167 Corporate 154 154 153 1 Honorary 93 2 111 Print Infographics 105 92 3 81 Photography 4 View

5 22 14 Pursuits Design Markets 17 5 Businessweek Broadcast 2007 2008 2009 2010 2011 2012 2013 2014

Back to Contents Bloomberg Impact Report 2014 25 PRODUCTS

Bloomberg Magazines Bloomberg Television Our publishing properties report on the sustainability issues that matter most to business and financial professionals.

July 7 — July 13, 2014 | businessweek.com In cities, it’s advantage Garment work is a high- job hunters 20 risk escape route for Bangladeshi women 21

A flash of optimism in Greece 23

April 28 — May 4, 2014

Don’t Hate Me Because I’m Beautiful Monsanto’s battle against GMO haters p52

19

China’s Pollution Police Are Watching

▶▶Cities across China are trying to force the worst-polluting cars and trucks onto the scrap heap ▶▶“This truck isn’t allowed on some roads. But when an order comes, I must take a risk” At 7 a.m. on a recent March morning, Hangzhou, a city of 8.8 million. Often, a March report from the Ministry of Xu Xiaoshun hops behind the wheel and his route takes him through areas of the Environmental Protection—Hangzhou turns the key. His Chang’an Leopard city where his truck is banned because and other cities have declared war on truck puffs out some black smoke and of its dirty emissions. “This truck isn’t dirty cars and trucks. High-emission shivers to life as Xu begins his daily allowed on some roads,” Xu says as he vehicles such as Xu’s must display Charlie Rose gamble. Every morning, including week- steps on the gas. “But when an order yellow stickers on their windshields. ends, he leaves the one-room apartment comes, I must take a risk.” (Cleaner cars are marked with green he shares with his wife, drives almost As air pollution in China becomes ones.) In Hangzhou, yellow-tagged cars 10 kilometers (six miles) to a market, a national crisis—only three of the and trucks are banned from the city’s A panel discussion about the climate with David Crane, president picks up construction materials, and 74 cities monitored last year had main areas from 6 a.m. to midnight. PHOTO ILLUSTRATION BY 731; PHOTO: MARK ANDERS/AURORA PHOTOS/CORBIS ANDERS/AURORA MARK PHOTO: 731; BY ILLUSTRATION PHOTO delivers them to job sites in and around acceptable air quality, according to About 13 percent of China’s and CEO of NRG Energy, Gina McCarthy of the U.S. Environmental Protection Agency, and José María Figueres Olsen, former president Bloomberg Businessweek of the Republic of Costa Rica, at the Clinton Global Initiative in 2014

aN exclusive F irst look i N side N ew Y ork’s N ew uN ited Natio N s headquarters NatioN B uildi N g

Forever You N g t rouB le iN Paradise t ime m achiN es PaiN tiN g P aris One billionaire’s Big bets, big losses on Australia’s The wristwatch as you’ve How the City of Light became quest to cheat death Great Barrier Reef never seen it before the unlikely capital of street art Bloomberg Markets Th E L ORD Nation Building O f fRAC k ING MAY 2014

SPECIAL REPORT: OLD ENERGY NEW IDEAS BLOOMBERGMAR k

ETS.COM First Up

Spring 2014 Impossible Foods CEO and co-founder Patrick Brown discusses his

Spring 2014 05_COVER [PT].indd 3 3/21/14 1:13 PM company’s products, which are made entirely from plants and thus Bloomberg Markets Bloomberg Pursuits 14P1_Cover [PT]-revoked.indd 1 2/7/14 11:38 AM create a sustainable source of food, and why he says his products are made a better way with Bloomberg’s Angie Lau.

Bloomberg Surveillance Elon Musk, chief executive officer of Tesla Motors Inc., discusses Bloomberg Markets the new Model D and Tesla stock with Bloomberg Surveillance.

26 Bloomberg Impact Report 2014 Back to Contents PRODUCTS

bloomberg Reaching more than 340 million and political activist Ralph Nader homes worldwide, Bloomberg Television on fuel efficiency standards and the television is based on the power of Bloomberg Keystone pipeline. bloomberg.com/live News and delivers timely, accurate and Acclaimed interviewer and broadcast concise business coverage together with journalist Charlie Rose engages unbiased context and insights. America’s best thinkers, writers, politi- Our access to global markets, business cians, athletes, entertainers, business leaders and financial information allows us leaders, scientists and other newsmakers to identify critical news and related events. in one-on-one interviews and roundtable discussions. His program is taped at Bloomberg TV (BTV) covers global Bloomberg L.P.’s headquarters in New sustainability and clean energy with a York City and airs on PBS stations across unique lens, providing insight and analysis the U.S., as well as during evening hours into emerging technologies, policies and on Bloomberg Television around the world. trends. BTV also does in-depth reporting Charlie has interviewed numerous guests on the major sustainability issues of on the subject of climate change, includ- our time through a business lens — from ing best-selling author Naomi Klein on her climate policy on Capitol Hill and the new book, This Changes Everything, in emergence of electric cars in Detroit to which she argues that the issues within carbon markets in Europe and smart cities the climate change debate are rooted in in Abu Dhabi. capitalism more so than in carbon. Rose Bloomberg has access to key players also hosted a panel discussion at the in the sustainable business and finance Clinton Global Initiatives Annual Meeting arena. Recent interviews included influ- in September 2014 with David Crane, encers like Elon Musk, founder of Tesla, president of NRG Energy, Gina McCarthy on topics ranging from space tourism to of the EPA and former president of Costa electric cars and self-driving vehicles, Rica Jose Maria Figueres Olsen.

bloomberg radio Bloomberg Radio’s reports and the new green economy where social programs are syndicated to 200 radio consciousness is a requirement. The bloomberg.com/radio affiliates nationally. Bloomberg Radio is report provides a smart perspective on broadcast via Sirius XM Radio globally; the changing ways nations and countries WBBR 1130 AM in the New York/ are doing business and offers a crucial New Jersey/Connecticut area, WXKS resource for forward-thinking audiences. AM 1200 in Boston and KNEW 960 Led by 40-year industry veteran Jon AM/KOSF 103.7 FM-HD2 in the San Bascom, the Bloomberg Green Business Francisco Bay area. Report examines the most important developments affecting our environment The Bloomberg Green Business Report across technology, politics, consumer is targeted toward business leaders trends and economics in a daily 60-minute and investors who are focused on the morning report. future regardless of the business they’re in — craving information and insights on

Back to Contents Bloomberg Impact Report 2014 27 Bloomberg Employees: Amin, Legal Samantha, Human Resources

WHAT WE’VE DONE for our people and communities 87% of our employees engaged in Diversity & Inclusion, Wellness, Philanthropy & Engagement, and Sustainability efforts

28 Bloomberg Impact Report 2014 Back to Contents PEOPLE bloomberg bcause

Last year we announced BCAUSE – a collaborative effort across our employee engagement and Social Impact Groups to achieve greater impact for our employees, our partners and our communities. The world is increasingly interconnected and transparent — values that have defined Bloomberg from Day One. We have always believed in making connections — connecting investors to better data, connecting users to the Terminal, connecting markets around the world.

BCAUSE makes the connection between our business and our larger place in the world — a theme threaded throughout this report. The four groups that form the backbone of our social and employee engagement programs, Diversity & Inclusion, Wellness, Philanthropy & Engagement, Sustainability, provide thoughtful answers to the question why?

Back to Contents Bloomberg Impact Report 2014 29 WHY CHAMPION DIFFERENCE?

Because diversity powers innovation and global business success.

Diversity & Inclusion

Abilities Womens LGBT & Military Ally & Veterans

More than 3,500 employees are Black members of seven Diversity & Inclusion Pan-Asian Latinos Professionals Communities.

Bloomberg Employees: Padmasini, R&D Janique, GTEC Maxim, R&D

30 Bloomberg Impact Report 2014 Back to Contents WHY FOCUS ON HEALTH?

Because healthy living is essential to great work.

Health & Wellness 27% of employees 826 had more than increased 2,342 employees 9,300 visits exercise engaged in 9,700 visits with with on-site coaches 85 on-site or telephonic wellness reduced coaches to pursue their Bloomberg Employee 256 stress health and wellness goals. Impacts improved blood 15 pressure Bloomberg Employees: quit Kieran, Electronic Trading Solutions Mae, Global Data smoking Veronica, Trading Solutions

Back to Contents Bloomberg Impact Report 2014 31 WHY BE SUSTAINABLE?

Because sustainability is a part of our culture.

Sustainability In a recent survey of global employees,

79% agree 79% that sustainability is a core part agree of Bloomberg’s culture.

Bloomberg Employee: Nick, Financial Products

32 Bloomberg Impact Report 2014 Back to Contents WHY SHOULD WE CONNECT?

Because we leverage the best of Bloomberg to achieve the greatest good.

Hours 50,000 Philanthropy & Engagement

40,000 Bloomberg employees volunteered over 30,000 57,000 20,000 hours in 2014.

10,000

Bloomberg Employee: Jill, Global Data 2008 2009 2010 2011 2012 2013 2014

Back to Contents Bloomberg Impact Report 2014 33 PEOPLE global philanthropy & engagement.

overview: Bloomberg has always endeavored to Our volunteer engagement programs are make significant impacts by providing global, with key hubs of activity in New local action, charitable support in the communities York, London, Princeton, San Francisco, global reach where we live and work through philan- Washington, D.C., São Paulo, Hong Kong, thropy and employee volunteer service. Tokyo and Singapore. In 2014, more than Giving back has been an integral part of 7,300 employee volunteers contributed Bloomberg’s culture since its inception, over 57,000 hours of service in 53 cities led by the personal commitment of worldwide. founder, Michael Bloomberg. Bloomberg concentrates its philanthropic As a part of Bloomberg Philanthropies, focus in four key areas: Arts & Culture, Global Philanthropy & Engagement at Education, Health & Human Services, Bloomberg harnesses the unique and Sustainability & the Environment. We expertise, talent and enthusiasm of our provide opportunities for employees to employees to strengthen communities, channel their passions by giving of their address local challenges and improve time, money or expertise in the areas that quality of life around the world. impact our local communities.

2014 Volunteer Hours # Employees Volunteer Number of Region (unique) Hours Events North America and Latin America 4,383 36,709 662

Europe, Middle East and Africa 1,909 12,963 640

Asia-Pacific 1,019 7,556 369

Total 7,311 57,228 1,671

34 Bloomberg Impact Report 2014 Back to Contents PEOPLE

Organizational Support Bloomberg provides support to more than through our philanthropic efforts, thereby 1,200 nonprofit and charity organizations helping to develop the next generation of around the world. We encourage our volunteers and philanthropists. employees to pursue their interests

113 Environment

162 Education

Areas 273 of Focus Arts & Culture

711 Health & Human Services

LEVERAGING BLOOMBERG’S owners from five U.S. cities. was announced as co-chair of the 10,000 EXPERTISE Close to 100 volunteer coaches from Small Businesses Advisory Council with Goldman Sachs: 10,000 Small Bloomberg and Goldman Sachs, Lloyd Blankfein, Warren Buffett and Dr. Businesses Partnership including senior leadership, provided Michael Porter. In 2015, Bloomberg and professional guidance and helped Goldman Sachs will provide assistance Bloomberg has partnered with Goldman develop strategic work plans with key to additional small businesses in New Sachs to help make a positive impact on milestones and deliverables to help the York and bring this partnership to the UK. small businesses by sharing our employ- entrepreneurs grow and develop their Overall, among 10,000 Small Businesses ees’ experience, talents and commitment small businesses. Throughout the year, program graduates in the U.S., 64% have to service. In 2014, Bloomberg worked volunteers have also participated in reported increasing their revenues and with Goldman Sachs’ 10,000 Small follow-up calls as well as a Financial Pitch 45% have reported creating net new jobs Businesses program for an inaugural Clinic in Detroit. In June, Mike Bloomberg just six months after graduating. coaching session with 18 small business

Back to Contents Bloomberg Impact Report 2014 35 PEOPLE

arts & culture Bloomberg provides vital support and encouraging greater involvement in to cultural organizations worldwide, these organizations. with a focus on advancing creativity, • More than 14,500 Hot Tickets were innovation, access and new technologies provided to employees and their in the arts. We support arts and cultural guests around the world in 2014. organizations in 41 cities globally that bring new energy and economic activity to • Bloomberg offered employees free our communities and offer opportunities access to 179 institutions in 31 for access to art and cultural events to cities. our employees and clients. Through our • More than 8,135 people visited unique Hot Tickets program, employees four exhibitions at our London office enjoy complimentary tickets to these Bloomberg SPACE public gallery. events, thus providing first-hand exposure

education Bloomberg supports academic improving reading skills, helping students achievement and pioneering approaches develop leadership and management to closing the achievement gap for skills, or mentoring a returning veteran underserved youth, working closely with looking to enter the civilian job market. In our Diversity & Inclusion team. Leveraging 2014, we launched Bloomberg Startup, Bloomberg’s unique expertise as a the next level of global education engage- global technology and data company, our ment led by employees at Bloomberg, to employees participate in mentorships inspire and support the next generation of and skills-based programs that provide technologists and entrepreneurs. college and career readiness and support literacy and STEAM (science, technology, • More than 750 employees serve engineering, arts and mathematics) as mentors in Bloomberg Startup, education. Mentoring at Bloomberg means reaching 900 students from more everything from working with budding than 50 nonprofits in 17 cities around journalists, coaching kids building a robot, the world.

health & human Bloomberg supports organizations • Nearly 1,700 Bloomberg employees that work to strengthen communities provided more than 8,000 hours services in need and addresses humanitarian to serve 118,600 meals with 55 issues on both local and international nonprofit organizations fighting levels. Bloomberg also raises funds for food insecurity in 31 cities around research and awareness for a wide variety the world. of health-related causes through races, • 1,311 employees in 20 cities walks and runs with a range of organiza- donated 1,421 units of blood to tions, including BikeMS, Teenage Cancer 18 nonprofit partners, potentially Trust and UNICEF among others. Through saving more than 4,200 lives and a series of company-wide campaigns in setting a company record for partnership with Wellness, Bloomberg blood donations. has increased awareness of key issues, including food insecurity, women’s • More than 1,400 Bloomberg health, cancer support and prevention, employees clocked in more than poverty, and natural disasters; Bloomberg 23,120 kilometers in races and employee volunteer efforts have provided walks to support 42 charities. vital resources to those in need of basic That’s more than halfway around care and supplies. the world or the equivalent of walking the entire equator of Mars.

36 Bloomberg Impact Report 2014 Back to Contents PEOPLE CASE STUDY

Providing hands-on workshops for students — developed and led by Bloomberg employees. In 2014, we launched Bloomberg Startup – the next level of global education engagement at Bloomberg, leveraging our company’s history as a start-up and unique expertise as a technology company to support academic achievement for youth.

900 More than 50 750 nonprofit Students employees serve as participate in organizations in workshops mentors 17 cities

Building on the commitment of Bloomberg employees. This signature more than 750 employee mentors program, developed in collaboration globally, Bloomberg Startup provides with our nonprofit education partners, technical and leadership training to combines our corporate strengths in approximately 900 students globally technology and innovation to create a within the Bloomberg nonprofit one-of-a-kind experience and provide “I learned that coding is network by developing a series of access to opportunity for our network a skill that can be really workshops focused on the following of students and nonprofit partners. The key areas: STEAM (science, technology, workshops aim to expose students to helpful even if I do not engineering, arts and math), business, training opportunities and experiences major in computer science. and college and career readiness. that will broaden their perspectives Also something that stands Startup participants are immersed and ultimately give them an edge to out from the conversation is in the Bloomberg enterprise — our succeed as they develop their college people, products and values. Students and career paths. In 2014, Bloomberg how in-demand this degree learn from and alongside dedicated Startup hosted workshops and trainings is now. This information Bloomberg mentors and subject-matter on topics including: Intro to Java heightened my interest experts. Programming; Project Management & in coding.” Business Basics; Personal Branding; Bloomberg Startup provides hands-on Team Scouting with the New York Mets – Student, learning workshops for high school at Citi Field; and Bloomberg 101: Inside Francis Lewis High School, students, developed and led by Innovation, among others. Queens, NY

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sustainability & Bloomberg is committed to global • More than 1,700 employees in sustainability and environmental aware- 17 office cities participated in the environment ness to preserve natural resources and 130 local greening and stewardship protect our planet. Bloomberg supports (cleaning, care and restoration) game-changing organizations dedicated projects and planted more than to sustainable business practices, urban 16,000 trees regeneration and environmental conser- • 100,000 beach grass culms planted vation. In collaboration with Sustainability, in Rockaway and Staten Island as part Global Philanthropy & Engagement offers of Hurricane Sandy recovery efforts a number of volunteer opportunities in support of these sustainability goals • 25 waterway clean-ups with non- worldwide, promotes advocacy and profit partners, including Anacostia supports organizations committed to influ- Watershed Society, Arakawa Clean encing the wider adoption of sustainable Aid, Jamaica Bay-Rockaway Parks practices across the business community. Conservancy and Thames21

employee giving Employee Matching Program and World Food Day Benefits Dollars for Your Hours Food Pantries Employees can leverage up to $10,000 Employees raised $125,000 for three for charity through two programs: the local food service organizations in New Employee Matching Program, which York, New Jersey and Washington, D.C., matches an employee’s contributions for World Food Day with a text-message up to $5,000 per year, and Dollars for pledge campaign. More than 1,000 Your Hours, which gives employees employees pledged meals for 4,000 that volunteer 25 hours or more a year families in need at NY Common Pantry, the opportunity to provide up $5,000 Mercer Street Friends Food Bank and to a Bloomberg-supported charity of Martha’s Table. their choice. Through these programs, Bloomberg donated nearly $4 million on Ice Bucket Challenge behalf of its employees in 2014. Benefitting ALS Research Eight hundred seventy-four employees Movember Benefitting Men’s responded to the global challenge, not Cancer Research only participating in the ALS Ice Bucket Seven hundred sixty-four employees in challenge in 12 offices around the world, 34 cities grew moustaches and raised but 433 employees also raised more than $315,320 for the Movember Foundation. $35,000 for ALS research organizations.

LOOKING CLOSER: the initiative provides cross-disciplinary a comprehensive integrated curriculum Bloomberg Media Initiative Africa education programs and mid-career around economics, business, journalism fellowships to increase the number of and public policy. This curriculum was In 2014, Mike Bloomberg launched highly trained business and financial designed by a consortium of faculty from the Bloomberg Media Initiative Africa journalists, convenes pan-African six leading African universities. The Africa (BMIA), a pan-African program that forums to examine worldwide media Leadership Initiative (ALI), a member of aims to increase the pipeline of skilled best practices and supports research the Aspen Global Leadership Network, financial journalists and analysts and to improve access to reliable, timely will develop the inaugural ALI-BMIA to encourage a data-driven journalism economic data on Africa. The BMIA Fellowship Program and select a group culture across Africa — funded by Executive Training Program, led by the of outstanding media leaders to deepen Bloomberg Philanthropies. With an initial University of Pretoria’s Gordon Institute of understanding of business and financial focus on Kenya, Nigeria and South Africa, Business Science in South Africa, offers journalism.

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Project Spotlights

Planting ceramic poppies, London Teaching students to code, Testing recipes for charity Planting beach grass, New York New York cookbook, Hong Kong

Arts & Culture Education Health & Human Services Sustainability In 2014, Bloomberg In 2014, Bloomberg was In 2014, Bloomberg’s In 2014, as coastal commemorated the centenary selected by CodeNow, Asia-Pacific employees communities in New York of World War I through its a U.S.-based nonprofit partnered with local food City worked to rebuild resil- support of various charity and focused on teaching bank Feeding Hong Kong to ient protection from future cultural partners in London. underrepresented youth develop, translate and storms. Bloomberg played Five hundred and eight to code, as its first major launch a cookbook featuring a key role in supporting our London-based employees partner for “CodeNow in a nutritious, affordable nonprofit partners in these participated in a volunteer Box” — a nationwide program recipes designed by local efforts. Bloomberg worked project to help plant 888,246 designed by CodeNow that and renowned chefs to raise with several nonprofits, with handmade ceramic poppies provides technology funds for its nonprofit support from Bloomberg designed by artist Paul companies with the tools and partner. Eighty employees Philanthropies, to create a Cummins as part of a large- curriculum to host their own from across Bloomberg’s 3.25-acre beach grass scale public art project at the computer-programming Asia-Pacific offices helped nursery at Floyd Bennett Tower of London. workshops. CodeNow’s test, edit and translate the Field on Jamaica Bay to fill This installation recognized program aims to reach recipes and helped launch a gap in the local supply of the British lives lost during 10,000 students nationwide and market the cookbook at this native species — which the war and was undertaken by 2020 and allows leading an event hosted in the Hong stabilizes dunes that buffer in collaboration with long- tech companies to give back Kong office on World Food the coastline from storms term nonprofit partner to their communities while Day. Employees in Tokyo, and sea-level rise. Historic Royal Palaces. cultivating a new passionate Singapore, Hong Kong and Volunteers assisted in Bloomberg and its employees and diversified pool of Sydney have prepared, planting the first 30,000 also participated in a series technical talent for future packed, served and deliv- culms at the nursery and of official 1418 NOW cultural generations of software ered more than 9,000 meals protected the plants as they program activities taking engineers. Bloomberg in 2014. grew through continued place across the United mentors trained more than stewardship of the site. Kingdom to mark the cente- 40 high school students on Ultimately, this beach grass nary of the First World War, coding in Ruby, a popular was planted in both including the national “Lights programming language. Rockaway and Staten Out” project, and launched a Island. In total, volunteers mentoring and recruitment planted 100,000 beach initiative to support ex- grass culms in 2014. servicemen and -women.

Back to Contents Bloomberg Impact Report 2014 39 PEOPLE diversity & inclusion.

overview & strategy Bloomberg drives disruptive • Open: Engaging a broad group innovation and breakthrough performance of senior leaders as champions by embracing and leveraging diversity in of Diversity & Inclusion efforts; all its forms. We strive to create a culture encouraging a “speak-up” culture that values difference, fosters inclusion that embraces diverse approaches, and promotes collaboration to drive innovative ideas and risk-taking superior business results. As Bloomberg’s global client base becomes increasingly Bloomberg’s Diversity & Inclusion team diverse, our focus on diversity & inclusion achieved significant progress in 2014, will help us stay attuned and open to our institutionalizing D&I concepts and clients’ rich and varied cultures, norms behaviors within the Bloomberg culture and business practices. Bloomberg’s and attaining buy-in across all business global Diversity & Inclusion strategy is areas. based on three core principles: In the year ahead, we will deepen our • Data Driven: Analyzing data, setting engagement with each of the business targets and measuring results — while areas to drive Diversity & Inclusion princi- holding managers accountable ples and behaviors. We will broaden our global reach and create greater • Multi-dimensional: Focusing on accountability to drive measurable out- inherent and acquired diversity, imple- comes. We will highlight the Bloomberg menting the strategy throughout brand as a diverse employer of choice. all levels of the organization and across We will expand our Communities region- the employee life cycle ally and leverage Community members from a business development and client relationship management perspective.

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engaging In 2014, Bloomberg created a strategy To educate our leaders on our multi- that established enterprise-wide diversity dimensional focus areas, we engaged stakeholders & inclusion goals and partnered with them through active participation in each business head to develop a busi- key industry diversity organizations and ness-specific diversity plan to address summits, including: 30% Club, Out opportunities and to set goals within on the Street, Catalyst Inc., Center for each function. Talent Innovation, National Center for Women in Technology, Council of Urban In alignment with our core principles, Professionals, Veterans on Wall Street diversity data and analytics were incorpo- and Lime Connect, among others. rated into monthly and quarterly reports to measure progress. We launched an In Latin America, we increased our internal diversity & inclusion brand engagement with the launch of Diversity – BOPEN – for employees to raise & Inclusion week in São Paulo, where awareness about the business case we facilitated conversations around for diversity and key initiatives. diversity & inclusion through service projects, trainings and panel discussions with employees and clients.

attracting & Bloomberg established a dedicated Now in its second year, we tripled the diversity recruiting team in 2014 to number of students in the Bloomberg recruiting diverse focus on attracting and recruiting diverse Technical Scholarship program, focused talent talent and branding Bloomberg as an on underrepresented groups in STEAM employer of choice in diverse communities. and awarded scholarships and internships to nine students. We established several new sponsorships of external strategic diversity partners globally to broaden and strengthen our talent pipeline.

developing Bloomberg is committed to integrating We continue to build inclusive leadership diversity & inclusion principles into all competencies throughout our learning inclusive leaders leadership development curricula. offerings and development opportunities. In 2014, global trainings covered D&I In partnership with PFLAG, Bloomberg practices and tools to help strengthen introduced the first training for managers teams and drive them toward greater and teammates about gender transitioning competitive advantage. in the workplace and created internal We incorporated explicit diversity content guidelines that are a starting point to into the Global Leadership Forum for more engage in dialogue and build awareness than 300 key Bloomberg global leaders for transgender colleagues. Bloomberg and provided Interview and Hire training also adopted medically recommended for 80 members of the Global Recruiting and inclusive benefit policies that cover team. gender reassignment surgery under our standard U.S. health plan. Unconscious bias sessions were deliv- ered to more than 300 managers globally.

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engaging & We drive a culture that appreciates and leverage memberships to leading differences, breaks down silos and organizations such as the Council of retaining diverse channels varied thoughts and experiences Urban Professionals, Out Next, Women’s employees to foster collaboration and leadership. Bond Club and more to engage talent. Bloomberg offers engagement opportu- For religious and nonreligious practices, nities internally and externally that equip reflection and meditation, the Company employees with the skills needed to established a “quiet room” – a shared advance. We have internal Communities space for use by employees.

LOOKING CLOSER: External Partnerships

We partner with global organizations that • Digital Diversity Network We are dedicated to recruiting and provide programs diversity in and thought • Future Work Institute retaining diverse talent from a variety leadership on improving diversity in the of organizations, including: • Goodwill workplace such as: • 100,000 Job Missions • New America Alliance • Association of Women • Grace Hopper in Finance in Tokyo • Out on the Street • iRelaunch • Catalyst • PFLAG • Jackie Robinson Foundation • Center for Talent Innovation • Pink Dot in Singapore, • Lime Connect • Corporate membership in Diversity • Stonewall • National Center for Women & in Asia Network (DIAN) • Tanenbaum Center for Interreligious Information Technology (NCWIT) • Council of Urban Professionals Understanding • Rare Recruitment • CSW Associates • Women’s Bond Club • Tapia • YWCA of the City of New York • Thurgood Marshall College Fund • Upwardly Global • Veterans on Wall Street (VOWS)

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LOOKING CLOSER Communities at Bloomberg Bloomberg Communities are employee networks for integrating diversity & inclusion awareness into the Company’s culture. They are employee-run and offer a platform for a global dialogue on leadership, commercial impact and recruiting.

In 2014, we launched four new Bloomberg Communities can: Communities: • Assist in identifying and developing 7 • Abilities Community new business opportunities; communities • Latino Community • Empower employees to act as at Bloomberg culture carriers and role models in • Military and Veterans Community the organization; • Pan-Asian Community • Expand professional networks across Globally, membership now includes more business areas and geographies; than 3,500 employees across seven

• Offer increased visibility to senior 11 Communities. Bloomberg hosted the leadership; cities inaugural Communities benchmarking where communities summit with Ogilvy, Moody’s and • Promote inclusive behavior and the exist globally Boehringer-Ingelheim. The sessions potential for innovation within the firm; provided a platform for practioners and • Provide opportunities to build leadership thought leaders to share best practices and management skills; across industries. • Support philanthropic and other The Women’s Community, in collaboration employee engagement activities. with Global Philanthropy & Engagement, celebrated International Women’s Day 31 with more than 59 events in 20 cities around the globe. The LGBT & Ally chapters globally Community launched a global “Ally Pledge” campaign, collecting signatures

from more than 800 employees in 35 cities across business units. Communities also led activities that brought together employees and clients on topics such as: Diversity in technology and growing a diverse pipeline; leveraging military and 3,697 veterans’ experiences in the workplace; total membership alternative investments in Asia; Visible and invisible differences; and connecting the arts to business impact.

Back to Contents Bloomberg Impact Report 2014 43 PEOPLE benefits & wellness.

overview At Bloomberg, we expect our employees plan with a generous company match to go above and beyond to make their and an array of complementary benefits, mark as we enter new markets, launch programs and services. new ventures and push the boundaries. We remain focused on delivering In return, Bloomberg offers benefits competitive benefit programs in diverse that go above and beyond to ensure our environments to attract, engage and retain employees and their families’ health, employees, while controlling costs and well-being and financial security. improving operational efficiencies. Employees can take advantage of excep- tional health care coverage, disability and life insurance, a retirement savings

benefits To support our Benefits strategy, • Telemedicine provides employees in 2014, we piloted an extensive U.S. data and their dependents 24/7 conve- analytics project to better understand our nient access and cost-effective changing demographics and the needs of clinical health care. Using video, our employees and their families. Outside phone, emails and mobile apps, of the U.S. we have commenced a review doctors can diagnose, recommend of the possibility of localizing benefit treatment and prescribe medication plans to ensure that they are more in line for certain common ailments with local market practices. This has through this service. Telemedicine resulted in an enhancement to our Italian is particularly helpful for employees retirement provision. who don’t have access to an on-site health center (which are available in 2014 Enhancements larger office locations), on nights and We recently introduced several new and weekends, and when traveling. innovative benefits in the U.S. to provide • The fertility program can help convenient and cost-effective services to our employees and their partners our employees, including telemedicine, with complex decisions about how a fertility support service and additional to obtain the right fertility care, at voluntary benefits. the right place, at the right time. The program provides access to

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benefits continued high-quality services through Centers To improve the benefits experience, of Excellence with proven outcomes, Bloomberg continually improves the 24/7 education, emotional support, enrollment process to provide employees and guidance in navigating the health an online environment to make benefit care system to maximize benefits. elections, update/view beneficiaries and review their benefits year-round — thus • The Voluntary Benefits Program eliminating any paper enrollment. In 2014, offers group savings and discounts we created an Open Enrollment website in to Bloomberg families for a range place of sending a home-mailer brochure, of insurance options such as legal which eliminated 189,000 printed pages. services, auto and home insurance, pet insurance and more.

wellness BWELL provides a comprehensive suite providers (i.e., physician, nurse of programs globally for employees and practitioner and physician assistant). dependents to improve their health and In our New York and New Jersey offices, well-being, reduce risks and manage we have five full-time on-site wellness work/life demands. Focusing on preven- coaches providing consultation to tion, healthy lifestyles and positive mental employees on a wide range of topics. health is important in managing health In London, we offer a well-utilized on-site care costs and in creating a culture of physiotherapy service alongside our acute resilient and engaged people. and episodic care center. On-site events cover topics such as ergonomics and At Bloomberg, all employees globally have musculoskeletal health, ways to stay fit access to “core” wellness-related benefits, and manage stress, CPR/AED/First Aid including an Employee Assistance training and preparing for parenthood. Program that provides telephonic confi- dential counseling and work/life referrals, We offer fun, and at times competitive, an Ergonomics program, fitness-related fitness and weight-loss challenges and and preventive programs such as gym small group wellness “Incubators” geared discounts, cycling and fitness subsidies, to mid-to-high-risk employees. We offer on-site health screenings, flu shots and seasonal community supported agricul- smoking-cessation resources. Bloomberg ture (CSA) programs in four offices; these also sponsors a number of teams/leagues CSAs support local farms and promote that employees are encouraged to join. healthy and eating-local habits. In addition to these programs, all major Bloomberg Another key area of focus for BWELL is offices have private and secure lactation supporting an individual’s work/life needs rooms and, in some locations, quiet and across all major life events. We offer pro- prayer rooms. grams and resources for our employees and their families for fertility, adoption, Health Track lactation, parenting, child care, education BWELL’s signature U.S. program, Health and adult/elder care. Track, includes a biometric screening and health assessment. Health Track provides On-site Programs recommendations about employee health In locations where we have a larger and risks for chronic conditions like footprint, BWELL offers many on-site diabetes and heart disease. With the wellness services and events. Bloomberg, use of incentives, more than 83% of U.S. with our vendor partners, operates four employees completed the program in health centers in the U.S. and London 2012, 2013 and 2014. staffed by experienced health care

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wellness continued 2014 Enhancements • Offered two new on-site health In 2014, BWELL implemented new screening programs in New York — pro­grams and enhanced several others, skin cancer and mammography — including: and piloted an on-site Alan Carr • Built and opened a new state-of-the- “Easy Way to Quit Smoking” clinic. art on-site health facility for one of our • Introduced “Momentum,” a wellness growing NYC offices at 120 Park. incubator program geared toward • Implemented “BWELL-approved” positive mental health and resiliency. snacks in our U.S. pantries to help Three groups of over 20 employees employees and guests easily identify participated in NY and NJ offices. snacks that meet the BWELL food philosophy and nutrition criteria.

• Introduced a new global compliance tool for management of our CPR, AED and First Aid programs.

Community Supported Agriculture Program Bloomberg partners with local farms to provide a Community Supported Agriculture (CSA) program. The program Impact of Community Economic gives employees the opportunity to Supported Agriculture • Support the viability of small, purchase a farm share of fresh fruits and Programs vegetables, which is delivered on-site diversified, family run, local or and teaches lessons on sustainably grown regional farms that are growing food and leading a healthier lifestyle. food sustainably

• 351 total CSA participants Social • Keep money in the local and regional economies • Each CSA share received 165 lbs. • The Centers for Disease of vegetables during the season Control has identified work- place CSA’s as an effective • More than 50,000 lbs. of means of increasing the vegetables consumed consumption of healthy foods

• 1,200 lbs. of unclaimed vegetables • Strengthen workplace donated to the NY Common Pantry communities by building camaraderie and connections Environmental “Partnering with Bloomberg among employees • Support land preservation through the workplace CSA efforts by farmers and model has allowed us to diversify communities our market while continuing our • Food is grown without commitment to Community the use of pesticides Supported Agriculture.” • Reduce participants carbon footprint by sourcing food —Ben Perrault and Liz Adler, regionally owners of Mountainview Farms, Easthampton, Massachusetts mountainviewfarmcsa.com

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Wellness Participation Throughout the year, BWELL offers a a chance for employees to participate, variety programs and events — drop-in and sometimes even compete, with Programs events, workshops, fitness classes, colleagues. Participation in BWELL challenges and more. These innovative programs can lead to happier, healthier, events are fun and educational, providing more focused and productive employees.

3,160 provided with a 6,182 6,392 flu shot employees participated in employees wellness event provided with opportunities on-site health screenings 205 employees trained in health and safety (and/or CPR, AED and first aid)

Wellness Coaching Wellness provides five full-time on-site These coaches are trusted advisors, health coaches to help employees motivators and lifestyle experts available develop personalized health-improvement to help employees be as healthy as plans on topics like nutrition, weight loss, they can be. fitness, stress management and more.

826 active employees increased 15 their weekly active employees quit exercise 27% tobacco of employees had more than 9,300 visits with on-site 85 256 coaches employees reported a active employees reduction in improved stress their blood pressure

Back to Contents Bloomberg Impact Report 2014 47 PEOPLE leadership & development.

employees Our goal is to offer learning and own role-specific training to give new development opportunities that help employees the knowledge and skills they employees perform at their best and need to be successful. For example, all enjoy fulfilling careers. Our development new Bloomberg News employees attend efforts focus on providing on-the-job intensive classes for a minimum of a week training, coaching/mentoring and formal that include training on the Bloomberg skill building with online and classroom Way, which documents our standards for events. Our learning organization consists journalism, as well as addresses ethics of an enterprise learning group called and legal issues. All Bloomberg News Leadership, Learning and Organizational employees also attend media law classes Development (LL&OD) as well as conducted by our in-house attorneys. business-specific training teams in Sales, All employees receive regular perfor- News and Technology. We also offer mance evaluations. Career advisors are leadership, professional, business and available to everyone, and individuals technical skills development through are encouraged to create a personal Bloomberg University, our online training development plan using our proprietary portal. Employees, on average, received online career development tool. We also 43 hours of training in 2014, up 38% provide tuition reimbursement to full-time since 2008. employees for pre-approved, job-related All new Bloomberg employees participate courses and certifications. To qualify, in an orientation program designed to employees must be in good standing and ease and accelerate their transition. Many attain a grade of B or above. Bloomberg departments also run their

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LOOKING CLOSER Leadership Journey at Bloomberg Our approach to leadership development centers on the transitions individuals make during their career. Our goal is to accelerate performance as people take on new responsi- bilities. Bloomberg has identified four main transitions that leaders typically go through. Because of our flat structure and distributed workforce, these transitions may happen as linear steps or in parallel with one another.

TRANSITION ONE to prepare them to take on broader In 2014, Bloomberg brought together Leading Self to Leading Others leadership responsibilities. At the point of 400 senior leaders from across all regions Pre-transition, nominated individuals transition, new managers would typically and business groups to attend the Global already demonstrating leadership have a transition meeting that focuses on Leadership Forum 3. priorities for their first 90 days in the new behavior are invited to attend Preparing Unlike previous forums, this was the first role. In addition, a suite of master classes to Lead. This program encompasses a time all participants went through the is available to deepen the leadership combination of learning modules, group forum together. The forum addressed five disciplines that are expected to be most project work and presentations geared to opportunities for our organization: tested as they step up. preparing a future leader to step up in his/ • Broadening Our Audience her current role. At the point of transition, new team leaders receive orientation • Innovation and New Technologies TRANSITION THREE supported by an online tool kit. At 30 to 60 • The Enterprise Opportunity days, new team leaders typically attend From Leading a Function to Leadership Fundamentals, which consol- Leading a Business • Risk and Compliance idates their early learning and positions In this transition, leaders need to extend • Engaging Our People them for success. Over the following 12– beyond their functional expertise to build 18 months, short application sessions are broader business acumen. This is sup- During the forum, leaders heard from made available to revisit key leadership ported by in-person and online programs Bloomberg managers, clients and disciplines and renew their focus on from Harvard ManageMentor and our outside speakers on key topics and getting the fundamentals right. Advanced Business Skills Curriculum. broke into small groups for discussion and scenario-based activities. Following TRANSITION TWO the forum, attendees and other top talent From Leading Others to TRANSITION FOUR have been invited to continue engaging Leading Leaders Leading Locally to Leading Globally with the five themes through discussion As with transition one, high-performing As leaders extend their span of control forums and speaker sessions. A critical team leaders who have demonstrated to encompass team members outside focus of the Engaging Our People theme the attributes needed to lead their peers of their locale, new challenges present was driving diversity & inclusion at are nominated for the Leading Leaders themselves. Programs addressing remote Bloomberg. As a result, business leaders program. This program combines learning leadership and leading cross culturally in every business have developed modules, detailed feedback, coaching, support leaders in making this transition. innovative plans to move us forward in project work and presentations designed this mission.

Back to Contents Bloomberg Impact Report 2014 49 PEOPLE communications.

employee The Employee Communications team • Digital signage on ~3,500 screens in informs, engages, enables and inspires all major offices communications Bloomberg employees. It informs employ- • Videos that appear on an internal video ees about the business, the market and platform and our YouTube channel, our products; it engages employees in a Inside Bloomberg dialogue of ideas that spans the globe; it inspires world-class customer service, Our communications are data-driven, public service and an appreciation for actionable, sensitive to employee time the high-energy culture of our firm. Our and attention and creatively designed. information and engagement platform We constantly seek to discover employee reaches our more than 17,000 employees needs through an increasingly sensitive worldwide and includes: and accurate feedback loop of surveys, • An internal newswire on the Bloomberg web traffic monitoring and focus groups Terminal accessed by employees more in order to create the programs and com- than 30,000 times a day munications content that will energize and • Email newsletters reaching targeted benefit Bloomberg employees globally. audiences

recognition & Bloomberg’s employee recognition News Bureau awards recognize reporters programs are designed to reinforce whose stories moved markets or made an awards innovation, commitment and business impact in a business sector. contributions: Shout Out! allows employees to BFIRST Awards highlight innovation, recognize each other for great work. high-impact ideas and successes led by employees in the following categories: Employees Business & Technology Innovator, We have recognized 560 winning Customer & Culture Champion, News stories and more than 8,400 individuals Maker and Sales Driver. since the BFIRST AWARDS launched in September 2011. The Tenure Recognition program recognizes employees who achieve More than 4,300 employees have been service milestones of 10, 20, 25 and recognized for achieving milestone years 30 years of service with the company. at the Company (10, 20, 25, or 30 years).

LOOKING CLOSER: Multiple teams contributed to Bloomberg by Bloomberg Philanthropies and the BFIRST Customer & Culture Intelligence’s Africa Rising, a collection Department of Commerce in Washington, Champion Award: Bloomberg of more than 75 pieces of proprietary D.C. The book, compiled in just a month, Intelligence Publishes Africa Rising research outlining the status, potential includes timely analyses of topics ranging for Business Forum and challenges facing the African conti- from macroeconomics and governance to nent, which was distributed to attendees key industries and major companies. at the U.S.-Africa Business Forum hosted

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policies The Bloomberg Global Core Guide • Security, facilities and equipment provides employees with information • Employee services about their employment terms, benefits and responsibilities. Supplements • Employee benefits address specific local issues. The following categories are covered: Detailed global and regional policies are • General Human Resources policies available to all employees via the Human Resources section (HR ) of the • Equal Employment Opportunity Bloomberg Professional service. The • Employee responsibilities People Operations team ensures that all employees are up-to-date on compliance • Absences, time off and holidays and related training activities.

legal actions Wage and Hour Litigations: These Bloomberg L.P., which pertains to GTEC matters were discussed in last year’s Representatives, while discovery is largely report, familiarity with which is assumed. complete, plaintiffs’ motion to compel Five such cases were filed or ongoing additional discovery is pending. The court during 2014. One of them, De Oca v. has not yet set a schedule for summary Bloomberg L.P., was resolved through a judgment or decertification briefing or a court-approved settlement with respect to trial date in either case. 28 job categories that the Company had The fifth case, Siegel v. Bloomberg previously reclassified as non-exempt. L.P., involves three former Service Desk The other four cases are all being litigated Representatives. This matter has been by the same plaintiff’s firm, and they are at settled. various stages of litigation. EEOC: This matter was discussed in In the most recently filed matter, last year’s report, familiarity with which Michael v. Bloomberg L.P., which pertains is assumed. In a decision issued on to ADSK Representatives, Bloomberg has September 9, 2013, the trial court answered the complaint and the parties dismissed all of EEOC’s remaining will soon be commencing discovery. The claims on the ground that the EEOC had court granted plaintiff's motion to approve failed to comply with its statutory obliga- a collective action under the FLSA and tions to engage in a pre-suit investigation notices have been sent out to potential and to attempt to conciliate the matter. class members. The court also dismissed in their entirety Of the three remaining cases, two are all of the claims filed by five of the six class actions. In Jackson v. Bloomberg plaintiff-intervenors. The parties settled L.P., which pertains to GCUS Represen­ the claim of the sixth (and only remaining) tatives, discovery is ongoing. In Enea v. plaintiff-intervenor in July 2014.

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Reportable Incidents

Europe, Global North America Latin America Middle East & Africa Asia

Total Per 100 Total Per 100 Total Per 100 Total Per 100 Total Per 100 2008 82 0.80 28 0.44 0 0.00 46 1.97 8 0.55 2009 88 0.82 24 0.36 0 0.00 60 2.38 4 0.26 2010 117 0.91 29 0.36 2 0.77 82 2.77 4 0.24 2011 108 0.78 31 0.36 2 0.80 71 2.21 4 0.21 2012 66 0.47 23 0.27 0 0.00 36 1.10 7 0.36 2013 53 0.38 23 0.27 0 0.00 27 0.83 3 0.15 2014 42 0.30 28 0.34 0 0.00 9 0.26 5 0.24

Lost Time Incidents

Europe, Global North America Latin America Middle East & Africa Asia

Total Per 100 Total Per 100 Total Per 100 Total Per 100 Total Per 100 2008 22 0.21 21 0.33 0 0.00 1 0.04 0 0 2009 16 0.15 12 0.2 0 0.00 4 0.16 0 0 2010 18 0.14 12 0.15 2 0.77 3 0.1 1 0.06 2011 20 0.14 9 0.16 2 0.80 9 0.28 0 0 2012 24 0.17 14 0.16 0 0.00 6 0.18 4 0.21 2013 11 0.08 8 0.1 0 0.00 2 0.06 1 0.05 2014 15 0.11 10 0.12 0 0.00 0 0.00 5 0.24

human rights, Human rights are a fundamental The Bloomberg General Standards of concern for Bloomberg in its Conduct and Ethical Behavior sets out ethics and relationship to employees and suppliers. the standards we expect our employees to follow. It requires Bloomberg employees business standards Employees to conduct themselves and our business We protect the human rights of our at the highest ethical standards, with employees by providing equal opportuni- integrity and within guidelines that prohibit ties and a safe and inclusive workplace. actual or potential conflicts of interest or Bloomberg complies with all applicable the perception of impropriety. laws and regulations on forced and child labor, as well as the rights of employees to The policy provides clear channels for unionize in the workplace. All employees raising concerns internally. Employees receive mandatory training about harass- can also raise concerns, ask questions or ment and cultural sensitivity. Employees report misconduct using a hotline that is may take additional courses to learn more available 24 hours a day, 7 days a week. about equal employment opportunity All calls are confidential and employees issues through Bloomberg University, can choose to remain anonymous. our online training portal.

52 Bloomberg Impact Report 2014 Back to Contents Bloomberg’s LEED Platinum Sydney Office Building

WHAT WE’VE DONE for the planet By maintaining a focus on projects that reduce environmental impacts and generate positive financial returns, we’ve eliminated 446,314 tonnes of CO2e and saved $68 million since 2008.

Back to Contents Bloomberg Impact Report 2014 53 PLANET bloomberg planet

Through our environmental strategy, we scrutinize every aspect of our business and operations, with the aspiration of creating a fully sustainable Bloomberg.

Energy consumption represents 59% In 2014, total emissions were 194,671

of our total CO2e emissions. Employee metric tonnes. This represents legacy business travel and logistics (including Bloomberg operations, as well as acqui- magazine distribution) contribute 26%, sitions of Businessweek and New Energy with paper consumption from publishing Finance in 2009, Bureau of National (Businessweek, Markets/Pursuits, BBNA) Affairs (BNA) in 2011, PolarLake in 2012 accounting for 14% and the balance from and Rivelando and Real Time Systems office paper and landfill waste. (RTS) in 2014. Emissions from acquisi- tions represent 18% of total emissions. Accordingly, our mission to minimize our environmental impacts remains focused In 2014 we realized an efficiency gain of on finding energy efficiencies and renew­­ 33% over adjusted Business As Usual able energy opportunities, ensuring our (BAU) levels1, primarily from energy publishing standards reduce emissions reduction and efficiency steps taken over and set new standards in the industry, the last seven years. We have also reduced and reducing emissions from employee landfill waste by moving to waste-to-energy travel, product transport and waste. engagements in New York and London and by emphasizing composting.

2007 2014 vs. 2014 2013 2012 2011 2010 Baseline 2007 Baseline Scope 1 Direct Combustion Emissions 7,831 6,107 8,018 7,747 6,447 3,612 116.8% Scope 2 Indirect Combustion (Electricity, Steam) 110,075 104,983 105,151 99,617 93,850 102,084 7.8% Scope 3 Employee Business Travel 36,912 35,670 27,241 30,062 28,304 20,819 77.3% Magazine Distribution 8,116 8,708 10,135 10,844 10,463 4,345 86.8% Material Transport 2,606 2,328 2,060 1,723 1,684 3,337 (21.9%) Publishing Paper Consumption 27,035 29,513 31,332 35, 045 31,442 7,429 263.9% Other Paper Consumption 796 919 890 739 696 963 (17.4%) Landfill Waste 1,300 1,160 1,249 1,965 2,026 2,473 (47.4%) Bloomberg Emissions 194,671 189,388 186,077 187, 741 174,912 145,063 34.2% REC Purchases (35,059) (82,070) (81,412) (81,597) (55,950) 0 N/A

Bloomberg Carbon Footprint 159,612 107,318 104,664 106,144 118,962 145, 063 10.0% 1 To create a revised baseline, we calculated emissions associated with those acquired entities at the time of acquisition and added them to Bloomberg’s original 2007 baseline emissions. Future efficiency reductions will be calculated against this re-baselined number.

54 Bloomberg Impact Report 2014 Back to Contents PLANET energy.

overview In 2014, Bloomberg’s total energy Bloomberg’s energy reduction strategy emissions were 115,211 metric tonnes. is comprehensive, focusing on reducing As a company with more than 17,000 overall energy consumption, implementing employees located in 211 offices globally, energy-efficiency projects at our facilities, including data centers, reducing our energy- developing both on- and off-site renewable related carbon emissions is critical to energy projects and building all of our reducing our total environmental impact. facilities to LEED standards.

Emissions by Activity Total kWh and kWh per Employee

kWh per Headcount 25,000 +3.1% -8.6% 22,477 23,105 20,000 21,139 -9.5% 19,050 -12.5% +5.8% +.3% -4.2% 26% 17,083 300M kWh 15,000 16,663 17,028 16,352 Travel and 59% Logistics Energy Use 275M kWh 282.5M 10,000 265.9M 267.4M 15% 250M kWh Paper 254.4M Consumption 5,000 241.7M and Waste 238.4M 232.3M 125M kWh 226.8M

0 200M kWh 2007 2008 2009 2010* 2011 2012** 2013 2014

* First full-year impact of Businessweek /BNEF kWh Usage by Headcount ** First full-year impact of BBNA, mid-year addition of PolarLake kWh Usage by Year

Back to Contents Bloomberg Impact Report 2014 55 PLANET

data centers Our data centers are the engines that • Using winter air to naturally cool handle the large volume of information IT equipment we provide to our customers through • Organizing equipment along hot and the Bloomberg Professional service. cold aisles They are our most important assets and LOOKING CLOSER: also require the most power to function. • Replacing older servers with more NYSERDA Incentives While our objective is to minimize our efficient equipment Bloomberg received support from the power usage, data center trends point New York State Energy Research and the other way. The quantities of data The mission-critical nature of the data Development Authority (NYSERDA) stored, Terminal functionality, complexity centers means our options for aggressive to install servers that reduced energy of routinely performed calculations and changes are somewhat constrained. consumption at our NY data center. customer service provided are always We are doing the utmost within those Through rigorous measurement and increasing as is our energy consumption. limitations to find the most effective and verification by technical experts, Bloomberg is not alone — this is a innovative solutions possible. sector-wide challenge. NYSERDA determined that our effort We saw the completion of our newest to transition to more efficient IT To evaluate our data centers, we created data center in 2014. This data center equipment will save us nearly the Bloomberg Average Data Center participated in the beta program for 1.6 million kWh annually. Efficiency (BADE) analysis tool. This LEED V4 New Construction Data compiles data on a number of IT-related Centers. It was completed in the fall of metrics, including RAM, CPU and disk 2014 and received LEED Gold in early utilization as well as building power usage 2015. The data center has a design power to determine a monthly efficiency score. usage effectiveness of 1.35, 25% better than a base building. When fully loaded Data center efficiency is a clear priority for with IT equipment, it will save more than us. Bloomberg is aggressively pursuing 28 million kWh annually compared with a creative solutions to save energy at our base design. data centers, including: • Conducting studies of airflow man- See page 59 for more details. agement to optimize air conditioning

buildings & IT At year-end 2014, Bloomberg had • Installing new energy-efficient more than 17,000 employees working in lighting, lighting sensors and other 208 non–data center locations globally, facilities lighting projects have consuming a total of 162 million kWh and reduced energy consumption by

generating 68,645 metric tonnes of CO2e. 4.9 million kWh per year Facilities has always been, and continue • Adjusting controls on heating, to be, a prime focus of our environmental ventilation and air conditioning, efforts, as well as an area in which we saves almost 7 million kWh annually have had significant success to date. In 2014, our current and historical reduction • Extensive efficiencies from our efforts resulted in savings/avoidance of portfolio of 21 LEED-certified offices

almost 38,000 metric tonnes of CO2e, resulting from building offices to the equivalent of approximately 90 million LEED standards kWh and a project-based cost savings • Enabling PC Sleep to reduce energy of $3.9 million. Key reduction/efficiency usage for PCs at night saves projects in our facilities included: 7.5 million kWh annually • Turning off the lights during nonwork- ing hours, yielding approximately 9.5 million kWh of annual savings

56 Bloomberg Impact Report 2014 Back to Contents PLANET

on-site renewables We currently have two on-site photo The second solar installation (completed voltaic solar power systems. Together, in 2008) is a 40.6KW rooftop system at these systems produce 2.7 million kWh our San Francisco office, which was our of electricity annually. The larger of first LEED project. This on-site renewable the two installations was constructed project is an example of how we are at our Princeton, NJ, office, a 1.8MW constantly evaluating our buildings for system that generates nearly 60% of the new sustainability opportunities and building’s annual electricity. Bloomberg improvements to their infrastructure. buys the clean power generated from the The system has produced 162,000 kWh system (which is owned and operated by and has saved $25,000 vs. utility power. a third party) at prices below retail rates, In 2014, we signed a Power Purchase providing a long-term hedge against rising Agreement for a 1.5MW Remote Net power prices. Financially, the NJ solar Metering (RNM) project in Queens, NY. array has an expected 20-year NPV of The project is expected to be completed $2.8 million and reduced our energy cost in May 2015. Once operational, it will by over $650,000 versus utility prices, generate 1.7 million kWh of renewable through the end of 2014. energy. This is the largest rooftop solar project in Queens and the largest remote net metering project in New York City.

renewable energy Bloomberg was once again While we view voluntary REC purchases recognized by the U.S. Environmental as tertiary to our demand reduction and Protection Agency (EPA) for its commit- infrastructure investment efforts, they do ment to green power purchases. send an important demand signal to the As of year-end 2014, Bloomberg was clean energy market. If more corporate the 24th-largest purchaser of Renewable consumers of electricity added RECs Energy Credits (RECs) according to data to their environmental strategy, greater and rankings compiled by the EPA. demand and increased prices could accelerate investment. In 2014, we purchased 90,747 mWh RECs for our largest sites to satisfy our LEED requirements and to backfill SRECs produced and sold for our NJ solar facility.

green buildings We include language in our preferred considerations into our search criteria lease terms that sets out our requirements when seeking new office space. for landlords. These cover energy supply Our policy is for all new office develop- and monitoring, waste management and ments, refurbishments and expansions to recycling, green cleaning, green construc- be certified or built to LEED (Leadership tion, bike parking and water conservation. in Energy and Environmental Design) We also have incorporated sustainability standards.

LOOKING CLOSER: Awarded by the EPA, an ENERGY STAR Princeton Office Energy Star Award score for your building or plant indicates how it’s performing against peer facilities Our office in Princeton, NJ, was awarded nationwide. A score of 75 or higher means the Energy Star rating with a score of 83. your facility is a top performer.

Back to Contents Bloomberg Impact Report 2014 57 PLANET

2014 LEED offices LEED certification for commercial Attention must be paid to every detail to interiors was achieved in 4 additional ensure that the majority of purchases are offices in 2014. As of December 31, 2014, local, have high recycled content and Bloomberg has attained the highest rating meet indoor air quality specifications. of LEED Platinum for 12 projects and By the end of 2015, we will have LEED LEED Gold for 9 projects. certified projects on six continents and We currently have 9 additional offices in every Bloomberg operating region. pursuing LEED certification. Our London Upon completion of the London headquarters, due to be completed in Bloomberg Place project, more than 2017, is seeking third-party certification. 71% of our employees will be based in a green-certified office. The primary challenge in building to LEED specifications is the increased level of coordination and planning required.

19,444 Employees in Certified Total Headcount Office Space 17,276 By year end 2014, Bloomberg has 15,617 15,653 15,264 attained the highest rating of LEED Platinum for 12 projects and LEED Gold 12,689 for 9 projects. In 2014, we completed 10,990 50% of 10,317 projects in Oslo, Norway; Cape Town, Headcount South Africa; Budapest, Hungary; and at our new data center. We currently have 71.8% 9 additional projects pursuing LEED Certification. Below is an analysis we’ve % of Employees conducted across our LEED portfolio. 26.7% 28.2% 26.2% in Office- 4.6% certified 1.7% 2.5% 8.6% Space 2008 2009 2010 2011 2012 2013 2014 2018 Anticipated

Projects Completed in 2014 Oslo, Norway Cape Town, South Africa Budapest, Hungary New Data Center Achieved LEED Platinum in Achieved LEED Platinum in Achieved LEED Platinum in Achieved LEED Gold January 2014. This project March 2014. This project was December 2014. We garnered in February 2015. This achieved large savings in our first LEED project on the 88 points in this project, our project participated in the lighting power density. The continent of Africa. second highest to date. beta program for LEED New average watts per square foot Construction Data Centers. is .67, 44% below allowable It is ony the 2nd data center, levels. and 17th project globally, that has been certified under the rigorous Version 4 standards.

58 Bloomberg Impact Report 2014 Back to Contents PLANET CASE STUDY

New Data Center Achieves LEED Version 4 Gold In Q1 of 2015, Bloomberg’s New Data Center attained LEED Gold in the data center beta program for new construction. The innovative Data Center structure will save $2.2 million annually.

Our data centers are the engines that Version 4 is the toughest LEED NEW JERSEY NEW YORK handle the large volume of information standard to date and the first iteration we provide to our customers through of LEED that has a standard for Data the Bloomberg Professional service. Center construction. This new facility Critical to our business, they also is only the 2nd Data Center and the Bloomberg H.Q. require the most power to function. 17th building globally to achieve the Our new data center in New York, certification. achieved LEED Version 4, Gold. LEED

Sustainable Sites Materials & Resources Building Life-Cycle Assessment; Heat Island Reduction; Construction Waste Management Light Pollution Reduction; Open Space Score: 4/14 Score: 9/10

Indoor Environmental Quality Indoor Air Quality Assessment; Energy & Atmosphere Construction IAQ Management Plan; Our New Low-emitting Interiors Optimized Energy Performance; Refrigerant Management; Data Center is only the Score: 8/16 Green Power 2nd Data Center Score: 20/33 to be certified under LEED V.4 Location & Transportation Sensitive Land Protection; Reduced Parking Footprint Innovation in Design Score: 3/32 Indoor Environment Assessment LEED AP Water Efficiency Score: 6/6 Outdoor Water Use Reduction; Integrative Process Indoor Water Use Reduction; Early analysis of sustainable Cooling Tower Water Analysis; design by project team Optimized Cycles Score: 1/1 Score: 10/11

Back to Contents Bloomberg Impact Report 2014 59 PLANET

Performance Summary by Department

Percentage Reduction in CO2e Emissions and Net Savings by Department 2014 vs. 2007 Baseline Intensity Absolute Department Saving

100% 80% 60% 40% 20% 0% -20% -40% -60% -80% -100%

Facilities/Offices -36% $14.7M -1.2%

-39% Info Systems $17.3M -1%

Networks -22% $0 4%

-19% Broadcast $399K -19%

Facilities/Data Centers -54% $7.8M 3%

R&D Systems -44% $0 26%

Employee Business Travel 6% $22.1M 78%

-40% Markets Magazine $5.8M -30%

-20% Businessweek $65K -18% Environmental impact management

has resulted in reduced CO2e and BLP Ink -24% significant operating cost reductions $500K vs. business as usual (BAU). 2% • CO2e Intensity Reduction -52% 33.2% Asset Mgmt $1.5M -31% • Avoided CO2e from BAU (2008—2014) 445,219 MT -95% • Cumulative Net Avoided Costs Pantry $0 -92% (2008–2014) $68M*

-60% Waste Other $0 -36%

*Net avoided costs includes additional savings of $10.7M and expenses of $12.8M not represented here.

60 Bloomberg Impact Report 2014 Back to Contents PLANET

2020 Carbon 2020 Emissions Reductions: Absolute & from Business as Usual (BAU) Emissions Reductions METRIC TONNES OF CO2e 400,000 Reduction % from BAU 2014 was a transition year from Phase 1 33.4% to Phase 2 of our strategy to reduce our 350,000 Facilities/Technology carbon emissions. In Phase 1, we 7.7% Magazine Publishing focused on demand reduction and 300,000 Identified projects, if completed, infrastructure investments. We also will offset growth & achieve a 12.5% reduction vs. 2007 1.5% Travel/Other investigated and implemented two 250,000 baseline emissions renewable energy projects, with a 1.9% Infrastructure third in progress. 200,000 In Phase 2, we will continue to focus 12.6% Renewable Energy on these opportunities, but will expand 150,000 To achieve our goal our use of direct renewable energy Bloomberg still needs to identify an additional 7.5% emissions reduction to enable us to achieve our goal of a 100,000 20% emissions reduction by 2020. 2014 2015 2016 2017 2018 2019 2020 Furthermore we are targeting reductions in non-sales related travel and actively CO2e Reductions From Energy following the market for opportunities 2008 – 2013 2014 – 2020 to incorporate recycled content into 0.7% 0% our magazine publications without Solar/Wind Other 6.1% 13.1% 6.0% Renewables Infrastructure Solar/Wind increasing costs or sacrificing quality. Infrastructure 3.3% Other Renewables

93.3% 77.5% Demand Reduction Demand Reduction

LOOKING CLOSER: (NYSERDA). Per the Office of former We have committed to reduce our NYC Carbon Challenge Mayor Michael R. Bloomberg, commercial emissions by 40% by 2023. To date, we for Commercial Offices buildings account for 21% of New York have achieved a headcount-adjusted City’s emissions, with the energy used in emissions reduction of 31% for our In 2013, Bloomberg became 1 of 12 interior offices and leased spaces account- NYC offices. global companies with office space in ing for between 40% and 60% of end use New York City that joined the Carbon Read More in a typical commercial office building. Challenge, launched jointly between the City and the New York State Energy Bloomberg is using 2007 as the base year Research and Development Authority for our emissions.

LOOKING CLOSER: of which is energy inefficient, the Mayor Bloomberg participated in the initial London Business Energy Challenge wants to install energy-saving measures challenge and submitted our energy in these buildings. consumption data for our London Per the Mayor of London’s office, around properties. 75% of London’s carbon dioxide (CO2) The Business Energy Challenge emissions come from buildings. Work­ challenges the commercial sector to take We had an absolute reduction of places account for 42% of London’s total. action and improve its energy efficiency. 3.3% and 11.6% growth — adjusted by With 80% of London’s buildings still likely This will save on operational costs and square footage from the 2010 baseline to be used in 50 years’ time, much help us reduce London’s emissions. mandated by the challenge. Read More

Back to Contents Bloomberg Impact Report 2014 61 PLANET paper.

overview Bloomberg’s paper usage includes its and office paper for standard business three magazines, in-house print facilities operations. Paper represents 14% of in New Jersey, London and Hong Kong, Bloomberg’s carbon emissions — Bloomberg BNA publishing at its printing responsible sourcing of paper and company in Maryland that provides printing services is critical to mitigating printing services to other companies, our environmental impact in this area.

Average Monthly Paper Use by Office Global Paper Usage 2014 Average Pages per Employee 21,142,901 Total pounds

241 12.3% Markets 5.5% 81 Pursuits

36 87 pages 4.8% AVERAGE BBNA Publishing London 73.9% 80 PER MONTH Businessweek 84 São Paulo 3.5% 135 Office Paper San Francisco Washington, D.C. 68 Stillman 113 49 New York Mumbai 51 Dubai Annual Employee Usage 83 Sydney Pounds of paper used per year, per All-In Employee 80 Singapore 35 Tokyo 30 30 45.7% Hong Kong 25 REDUCTION Frankfurt 20 15 10 5 0 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14

62 Bloomberg Impact Report 2014 Back to Contents PLANET

magazine We recognize that significant To that end, our guiding principles for environmental and financial impacts are paper use are to: publishing associated with our paper consumption. 1. Maximize recycled content in the paper As a publisher with a global distribution we use, so long as the quality meets of almost 55 million magazines and our requirements and costs are compa- consumption of almost 20 million pounds rable to paper with virgin fiber. It is our of paper per year, our paper choices have preference for post-consumer recycled a very direct impact on the environment. (PCW) paper, but we will incorporate Paper remains the communication vehicle pre-consumer recycled content when of choice for a majority of our readers and PCW is not available to increase the our advertisers. While digital publishing overall percentage of recycled content, is gaining, it is not an entirely environmen- thus reducing use of virgin fiber from tally benign solution as it relies on servers forests and reducing emissions. that contain extensive mineral materials and use substantial amounts of energy, 2. Maximize FSC-certification for any but it is preferable. virgin fiber used. To the extent that we must use a significant 3. Employ credible life-cycle analysis amount of physical paper and distribute (LCA) where feasible to determine products to nearly every country in the choices with the least environmental world, it is crucial we base our decisions impact. holistically on the best information avail- 4. Support and encourage cleaner and able and take what we feel is the most sus- more efficient manufacturing processes tainable action while not compromising that strive to eliminate waste. quality or cost. This includes encouraging recycling of our products, partnering 5. Ensure that our practices and those of with vendors on projects that achieve our vendors meet and/or exceed legal sustainability goals, using soy-based inks, requirements. purchasing Forest Stewardship Council Using paper made from post-consumer (FSC)-certified paper and using paper and pre-consumer recycled content and with recycled fiber when it meets quality FSC-certified fiber is the cornerstone of and cost requirements. our purchasing policy when it meets our Because we are responsible for quality and business needs and has a getting our product to market in an direct, significant and measurable impact. environmentally and socially conscious This strategy not only helps us reduce the manner, we will continue to improve our consumption of virgin fiber from natural processes to ensure we lead by example. forests and their ecosystems but also cre- We use printing plants with sustainable ates demand for “waste paper” that would practices, use rail for paper transportation otherwise go to landfills. Using recycled whenever feasible, consolidate magazine and FSC paper from paper mills closer shipments to reduce carbon emissions to the source of printing also reduces the and use regional printing plants to energy, water and chemicals consumed reduce the number of transportation during manufacture. In the end, the miles to customers. Maintaining clear FSC-certification program best meets our communication with our customers, criteria for forest protection because of its employees, vendors, communities, inclusive and transparent decision-making colleagues, governments, nonprofits and processes and its fairness, as reflected others, will encourage them to follow our in the equal weight the certification gives lead in meeting their environmental goals. to environmental, economic and social Through vigilance, collaboration and considerations. transparency, we can reduce, to the best of our ability, our carbon emissions and consumption of virgin materials.

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bloomberg In December 2009, Bloomberg In 2014, we had planned further tests acquired Businessweek magazine, with our printer partners in North America, businessweek a weekly publication with an average but the only paper mill producing 100% circulation of 917,000. At year-end recycled paper ceased producing paper 2014, the current weekly circulation of suited for publications. If 100% recycled Bloomberg Businessweek was 974,000 paper for coated publication pages again and, for the year, creation and distribution becomes available in North America, contributed 25,782 metric tonnes of we will certainly pursue that option.

CO2e to Bloomberg’s emissions. Since In 2014, Bloomberg Businessweek the acquisition, Bloomberg has been reduced printed copies by 2.4 million focused on increasing the magazine’s and increased digital copies by 778,000. circulation through improved content, This included a reduction of 1.8 million an editorial redesign and – most relevant printed subscriber copies, 484,000 to us – improving the quality of its paper, newsstand copies and 113,000 including procuring and printing on miscellaneous and overage copies. FSC-certified paper.

bloomberg markets Bloomberg Markets is published 11 • Printing EMEA and APAC copies times a year, with an average circulation in Europe of approximately 335,000. Carbon • Improvements in paper-production emissions associated with its paper processes resulted in lower carbon usage and distribution (5,006 and 3,110 factors associated with paper usage metric tonnes respectively in 2014) are significant but are actually down 30% Bloomberg conducted tests to reduce from its 2007 baseline due to: emissions associated with Bloomberg • Streamlined operations using less Markets in 2013 (100% recycled content) paper – fewer “free copies” and a and 2014 (lighter paper weight) but 60% reduction in production waste neither produced results that met our (i.e., “spoilage”); 2014 Markets paper business needs. consumption was down 20% since 2007 despite 2014 circulation being 11% higher than in 2007

bloomberg pursuits Bloomberg Pursuits was launched to Bloomberg Markets subscribers. in the spring of 2012 as a quarterly Emissions figures associated with the magazine, the first global luxury lifestyle production and distribution of Bloomberg magazine. Bloomberg Pursuits is poly- Pursuits are included with those of bagged with Markets and distributed Markets.

bloomberg press Wiley Publications is licensed to Bloomberg Press licensed through publish books under the Bloomberg Press Wiley Publications are printed on imprint. All new print and reprint runs of FSC-certified paper.

64 Bloomberg Impact Report 2014 Back to Contents PLANET

bloomberg ink Bloomberg Ink is the Company’s • A review of the observed results from in-house print facility (locations the on-site audit as well as written in New Jersey, London and Hong facility operation guidelines Kong). The department printed 15.2 million impressions in 2014, including The Certification allows Bloomberg Performance: Bloomberg Ink’s business cards, nameplates, notebooks, to design, manufacture and distribute Environmental achievements stationery and brochures. A range of products with the FSC label. The in 2014 include: suppliers produce additional printed NJ location is Bloomberg’s Central • Producing zero hazardous waste customer marketing material, but it is an Office — a multi-site facility that has been • Using upwards of 95% FSC-certified ongoing Bloomberg initiative to maximize FSC-certified since October 2008. It paper and, on average, 31% recycled- Bloomberg Ink’s output and minimize our has ultimate management responsibility content paper reliance on third-party printing. By 2014, for maintaining the certification contract. we had reduced annual spend on third- It will be held responsible for upholding • Printing only with low- or no-VOC party print services by 86% and achieved the Chain-of-Custody (CoC) system and and soy- or vegetable-based inks cost savings of $7.9 million since 2008. ensuring that CoC standards are met at participating sites. It is also responsible • Corporate business cards We are working to improve the sustain- for the following: redesigned to be in line with our ability of our printed materials by reducing • Overall responsibility for the environmental policies paper use, increasing the use of recycled certificate and CoC system and FSC paper and encouraging the use of environmentally preferable inks. • Documented procedures and training

All major Bloomberg Ink suppliers are • Adding/removing sites required to submit a complete “materials • Internal auditing of sites list” prior to order approval. The list includes: materials used, amount of recycled • Coordination with Rainforest Alliance content, inks, any toxic materials in the for annual audits product and type of waste associated with • Recordkeeping manufacturing the product for Bloomberg. • Trademark control Bloomberg’s corporate style guide stresses the importance of environmen- Bloomberg Ink London, added in October tally benign inks; designers are strongly 2013, and Bloomberg Ink Hong Kong, discouraged from using fluorescent or added in January 2014, are participating metallic inks. sites. They are included in the scope of a multi-site certificate. They do not hold indi- Bloomberg Ink and FSC Certification vidual FSC certificates but as long as they Bloomberg Ink has been certified to comply with requirements established by the Forest Stewardship Council Chain the central office, they are covered by the of Custody standards since 2008. multi-site certificate. Participating sites Certification is a three-step process: are responsible for: • A licensing agreement, outlining • Following Chain-of-Custody system terms of licensing, trademark usage and copyrights • Recording annual volume summary data for site • On-site visit from Rainforest Alliance auditors to review plant processes • Keeping samples of FSC-certified items and separation of FSC-certified • Attending training sessions products from non-FSC-certified products within the facility. Chain- • Participating in annual audits of-Custody standards require that FSC-certified products be clearly Collaborating with the Forest Stewardship marked and processed in a way that Council helps Bloomberg more effectively ensures no cross-contamination with communicate our sustainability efforts non-FSC-certified products to our customers, employees and other partners.

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office printing In 2014, Bloomberg continued to reduce 26% across all major offices since 2007. the environmental impact of our printed Challenges remain to further reduce our materials through increasing the use of paper consumption within our offices, recycled content, sustainably sourced especially in News- and Broadcast-related paper and reducing demand. Our business operations and annual global Asian offices, for example, successfully business planning periods. To address increased the recycled content of their these problems and eliminate inefficien­cies, office paper from 20% to 81%. Globally, we continue to evaluate badge-swipe Bloomberg offices use an average recy- technology that meets our technical and cled content in office paper of 66%, while risk requirements. We have conducted 76% of office paper is Forest Stewardship numerous tests on various technologies; Council (FSC) certified. however, we have not found a solution that will accommodate all end-user require- Overall, office paper printing activity has ments. This remains a focus for 2015. seen a 54% per-headcount decrease, and total paper purchased has decreased

Magazine Paper Paper Paper Distribution Usage per % Change CO2e per % Change CO2e per % Change Distribution Magazine Issue (Lbs.) vs. 2007 Issue (kg) vs. 2007 Issue (kg) vs. 2007 Businessweek .32 -8.8% .42 -20.7% .10 -14.0%

Markets .70 -28.7% .93 -38.0% .58 -36.4%

Office Paper Forest Stewardship Paper with Post- Sourcing Region Total Lbs. Council Consumer Waste PCW % PCW Lbs. 50% 165 Asia 50,999 44,131 44,202 60% 7,250 100% 36,787

Europe, 30% 83 Middle East & 102,406 99,040 47,794 Africa 100% 47,711

50% 399 Latin America 5,558 4,935 1,559 100% 1,160

10% 130,165 30% 55,257 North America 585,109 499,846 432,065 50% 46,154 100% 200,489

525,620 46% 343,475 Total 744,072 647,952 pounds of paper average weighted avg. containing PCW PCW of PCW

Note: Data in this table includes all paper from BLP INK and office use.

66 Bloomberg Impact Report 2014 Back to Contents PLANET business travel & logistics. overview In 2014, BLP emissions from areas where our environmental efforts are employee business travel and non- a challenge, as we cannot compromise publishing-related logistics were 42,214 business results or the level of service we metric tonnes, a 65% increase from 2007 provide to our customers. levels but a 2% reduction on a per-head- count basis. Travel and transport are two

employee travel Employee travel is a key component customer-facing headcount in recent of our business model and one of our big- years, overall miles-traveled has increased gest challenges in terms of reducing our accordingly. However, we have been able emissions. Bloomberg customer service to increase the use of rail service and is high-touch, requiring in-person visits slow the growth of emissions associated to our current customers and potential with car service by utilizing the following clients. Face-to-face customer support targeted reduction opportunities: and training are often cited as a distinct • 97% of travel between London advantage we have over our competitors. and Paris/Brussels and 60% of Our sales teams therefore travel regularly travel between New York City and to see clients and generate new business. Washington, D.C. were via rail Moreover, our extensive news bureaus • Use of car services was down 72% in and “hub-and-spoke” office model add to the UK and 11% in the U.S. vs. 2007 the challenges we face in reducing busi- baselines ness travel. As we have added significant

Travel by Mode

Totals Air Rail Car

MT of CO2e/ Miles MT of CO2e Full-time Miles MT of CO2e Miles MT of CO2e Miles MT of CO2e Employee

2014 149,763,642 39,608 2.42 140,756,764 37,077 2,818,827 221 6,188,051 2,310 2013 140,274,056 37,909 2.42 130,303,319 35,157 3,339,011 234 6,631,726 2,518 2012 125,174,301 29,565 1.91 115,162,429 26,885 3,565,889 251 6,445,983 2,430 2011 119,143,024 32,528 2.36 109,518,907 29,996 3,343,654 238 6,280,463 2,294 2010 110,402,214 31,493 2.64 101,815,197 29,230 2,765,353 185 5,821,664 2,079

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product transport In 2014, we clocked almost 600,000 air-shipment distance was down 29% shipments, both outbound and inbound, over the same interval which resulted in 2,606 metric tonnes Separately, packaging associated with of CO e (compared with 3,337 metric 2 the transport of our products generates tonnes in 2007). Almost 86% of shipping 35% of our annual waste. Bloomberg activity in 2014 was via ground or sea, has reduced this waste by implementing a 4.2% improvement over 2007, but the reusable packaging and eliminating keys to reducing our transport emissions Bloomberg-generated Styrofoam from were: our waste stream. Supply Chain has • Average shipment weight decreased implemented numerous packaging- 35% from 2007 to 2014: Our reduction initiatives, including a engineering group continuously looks multi-component reusable packaging for opportunities to reduce the weight system and a policy that encourages of our products and packaging. reuse of packaging as often as possible. One example: keyboards, for which Despite increased shipping activity, shipping weight has decreased by the result was a reduction in packaging more than 5 lbs., 58%, since 2007 usage of almost 20% since 2008 • Shorten Transport Distance: (the year before implementation) and Purchasing focuses on local sourcing annual savings in excess of $100,000. whenever possible, specifically with products for internal use. Average shipment distance in 2014 was 13% lower than in 2007; average

magazine Bloomberg Markets has been producing magazine distributes in 54 individual EMEA and APAC issues in Europe since markets, delivering more than 280,000 transportation 2012. This has reduced distribution copies every week to subscribers one to emissions because copies for destina- two days faster than the Postal Service. tions in Europe now travel by ground The plan is to continue to expand in transport rather than air. The print run for markets that make financial and logistical Bloomberg Pursuits is also split between sense. Alternate delivery reduces emis- plants in the U.S. and Europe. sions by approximately 10%, increases efficiencies and reduces costs associated In the United States, Bloomberg Markets with magazine distribution. co-mails its magazine with up to 30 other magazines, thus achieving full pallets and Bloomberg Businessweek currently efficient transportation to postal facilities. participates in a truck-sharing program Large volumes of magazines in the New with two independent weekly magazines York Metro area destined for large users that have similar production schedules of Bloomberg Terminals bypass the Postal and print and distribute from the same Service and are delivered directly to manufacturing sites. By so doing, Terminal client mailrooms. Businessweek is able to leverage a greater and more granular distribution Bloomberg Businessweek has been footprint, reduce costs and enhance the expanding its alternate delivery program, customer service experience by earlier partnering with newspaper delivery delivery to subscribers. Currently, 57% networks and private carriers to distribute of the weekly print order is distributed via Bloomberg Businessweek directly to truck share. subscribers. Bloomberg Businessweek began alternate delivery in 2010 in the Philadelphia market. Since then, the

68 Bloomberg Impact Report 2014 Back to Contents PLANET supply chain.

overview For our products, both customer-facing itself on providing best-in-class customer and for internal use, we have more than service. We ensure that our customers 300 stocking locations globally, with three get the equipment they need to maximize major distribution centers in New York, the use of our products and services. London and Tokyo. Bloomberg prides

supplier While our calculated supply chain goods and services, including consulting emissions comprise all shipment logistics, and IT support, office supplies, paper engagement including those from our print shops and for our publications and components for magazine distribution, we give attention to our Terminals. We look to source from our supply chain as a much broader entity. suppliers that maintain high labor and To date, Bloomberg has focused primarily environmental standards. on the impacts of its downstream supply We also seek to source locally when chain, including the conversion of our flat and where it makes sense; maintaining panels to Energy Star qualifications and consistent quality in our supplies requires the responsible recycling/scrapping of our close coordination between multiple retired electronic assets in accordance departments, including Purchasing, with e-Stewards certification require- Asset Management, Operations, ments. We are now looking upstream as Facilities and our various business units. well. Bloomberg buys a wide range of

LOOKING CLOSER: For our 2014 submission, we were Carbon Disclosure Project recognized as an industry leader with a score of 87 and a performance grade At the request of multiple customers, of “A” — achieving a position on the Bloomberg has participated in the CDP Supplier Climate Performance Carbon Disclosure Project Supply Chain Leadership Index (SCPLI) 2014. Initiative since 2008. Read More

Back to Contents Bloomberg Impact Report 2014 69 PLANET

LOOKING CLOSER Implementing Our Standards Bloomberg’s Environmentally Preferred Operating Guidelines provide environmental best practices for the 13 areas of the Company that have significant environmental impacts.

Our environmental operating policies 4. Third-Party Printer Guidelines 9. Sustainable Warehouse have expanded to reflect sustainability’s ensure that Bloomberg actively Guidelines cover proper disposal growing influence within the Company. engages with environmentally of waste, including e-waste, energy These guidelines allow us to scale our conscious print vendors. efficiency, packaging and cleaning of efforts across Bloomberg’s overall materials and equipment. 5. Green Construction Policy mitigates office portfolio. the environmental impact associated 10. Sustainable Event Policy considers 1. Environmentally Preferred with construction activities by using the environmental impacts of all types Purchasing Guidelines require sustainable materials, improving indoor of events (e.g., internal receptions, buyers to consider the impact of the air quality, minimizing site disturbance hotel trainings, exhibitions) from products and services we procure and and reducing waste. inception through execution. give preference to more environmentally 6. Waste Management reduces 11. Energy Star Policy requires new friendly products and services when pollution at the source, conserves equipment to be Energy Star–rated quality and cost performances are natural resources. where possible. This rigorous policy equal or superior to current purchases. is integral to achieving Bloomberg’s 7. Green Cleaning Policy ensures the 2. Sustainable Electronics carbon-emissions goals. products we choose to clean our offices Manufacturing Policy requires avoid harsh solutions and requires our 12. Vehicle Leasing Guidelines Field the manufacturer and designer of janitorial service contractors to use Service provides leased cars for the electronics we purchase to Green Seal (or equally environmentally technicians to visit customers where it be responsible for accounting for benign) products. is not practical to use public transpor- environmental impacts throughout tation because of response times and/ the entire life-cycle of the product, 8. Integrated Pest Management or equipment transport requirements. from material selection to production (IPM) Policy is a process for achieving through recycling and disposal. long-term, environmentally sound pest 13. Responsible Sourcing Policy suppression and prevention through the ensures that the raw materials and 3. Corporate Green Design Policy use of a wide variety of technological products we source for Bloomberg considers the environmental impacts and management practices that reduce operations have minimal adverse of products (e.g., packaging, printed the need for chemical applications. social, environmental and economic materials, publications) throughout impacts. the product’s life-cycle, including reducing the amount of materials required for production, selecting safe and sustainably produced materials and inks, and choosing production and distribution methods that require the least amount of transport.

70 Bloomberg Impact Report 2014 Back to Contents PLANET

supplier Globalization and sourcing • Develop sourcing solutions aligned diversification create unique with customer, regulatory and wider requirements opportunities and challenges for stakeholder needs and expectations supply-chain management. Bloomberg • Highlight and track the chain-of- has established sustainability require­ custody for all precious and conflict ments in supplier requests for proposals minerals as well as other high-impact (RFPs) and in master service contracts. items Our suppliers are required to comply with all applicable health, safety, labor • Ensure that all precious and conflict and environmental regulations, not minerals have been responsibly discriminate against groups of employees, sourced in accordance with local, maintain adequate safety standards and federal and international laws and not employ anyone under the age of 15. regulations, as well as our guidelines

We require suppliers to outline their • Prohibit child, convict/prison or slave environmental initiatives, including labor while ensuring that Bloomberg policies, procedures and information on and our suppliers abide by globally what makes their goods and services recognized, UN-mandated human environmentally and socially preferable. rights policies We define “environmentally preferable” • Create long-term value and reduce as products that contain recycled material risk for our business, our suppliers and are also recyclable and/or reusable, and our stakeholders have reduced embedded energy and carbon emissions, or that help Bloomberg Upstream collaboration and compliance and its customers reduce energy use and with our expectations by our suppliers – carbon emissions. We seek products with especially those that manufacture our reduced amounts of harmful chemicals branded products — are a significant focus and that are certified to a recognized for Supply Chain and the Sustainability environmental standard. Our supplier team. We worked with the nonprofit BSR guidelines are informed by guidance and (Business for Social Responsibility) standards of the following: Electronic on revising our electronic equipment Industry Citizenship Coalition (EICC), guidelines to be in line with the EICC. the International Labor Organization Alignment with the EICC principles will Code of Practice in Safety and Health, enable Bloomberg to leverage the power the Universal Declaration of Human of larger electronics companies, who Rights, Social Accountability International, are using their considerable spend to the Ethical Trading Initiative and the UN influence manufacturers, to comply with Global Compact. best-in-class environmental, social and Bloomberg is committed to working governance policies. with our suppliers to: • Operate an efficient and sustainable supply chain that supports our corporate responsibility programs

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vendor risk The Vendor Risk Management • Business-Critical: direct and material (VRM) program at Bloomberg was impact on the firm’s revenue, clients, management established to identify, assess, quantify core products and services or and mitigate risk exposure from third- strategic business operations party vendors. The VRM program • High-Risk: access to data internally provides transparency on vendor- classified as high-risk or secure related risks that enables informed Bloomberg facilities risk-based business decisions across the organization. Risk Transparency, Business Resiliency and Operational Bloomberg Vendor Risk Stability are the pillars of Bloomberg’s Management Ecosystem: The Vendor VRM program and underlie a “business- Risk Management program delivers first” commitment and approach. value to our business and ultimately our clients by enabling informed risk – based Bloomberg manages several thousand business decisions through supplier risk active suppliers globally. To ensure the intelligence and analytics while support- appropriate level of focus and value in ing client and regulatory requirements. assessing vendor-level risk, we have We have established a risk management established a rules-based risk model ecosystem that leverages the full range to enable our business units to quickly of Bloomberg Terminal functions, tools, and easily assess business-critical or analytics and data. high-risk vendor engagements:

Contract Governance Management • Risk Register

• Non-Disclosure • Sanctioned Party List Agreements • Corporate Entity • Master Service Relationships Agreements • Physical & Systems Access

Risk Risk Monitoring Assessment & Analytics

• Litigation Review • Vendor Concentration Analysis • Financial Viability (Line of Business, Products/ Service) • Information Security Review • Event-Driven Analysis (region, pandemic) • Watch List / Negative News Alerts

72 Bloomberg Impact Report 2014 Back to Contents PLANET

on-site audits The Quality Assurance team, The audits assess compliance in supported by qualified third-party accordance with local labor and health organizations that specialize in audits of and safety laws. Specifically, living manufacturing facilities, audit Bloomberg accommodations, machine safety and manufacturing suppliers with respect anything associated with worker safety, to their working conditions, safety and ventilation, eye wash and first aid worker compensation. availability, fire safety, accessibility to exits, working hours, overtime, wages We use a risk-based approach to and minimum health-related benefits, age selecting suppliers that considers the of employee, and working conditions in following: the workplace such as cleanliness and • Location of the supplier exposure to hazardous substances, health • Any indication of high-risk or substan- and safety considerations and separate dard manufacturing conditions areas for eating and washrooms.

• Volume of product they supply to Where necessary, we indicate corrective Bloomberg actions that suppliers must take.

greener equipment Bloomberg has conducted life-cycle In conjunction with performing these assessments (LCAs) of our customer-facing LCAs, we developed engineering product equipment for three main reasons: guidelines to reduce the environmental impact of our equipment, including 1. Understanding the impact of our design, durability, recyclability and water equipment inputs: What components use. The guidelines cover four areas: of our equipment have the largest • Minimize use of hazardous materials environmental impact? Once identified, and achieve compliance with the EU’s can the offending components be Restriction of Hazardous Substances replaced with something more environ- directive mentally benign? • Take full responsibility for our equip- 2. Recognizing the environmental impact ment and ensure that it is recycled in our products have on our customers: an environmentally benign way. We The Bloomberg Professional service commit to taking back our products is used by thousands of organizations from countries even if the local or globally to access critical financial federal laws of that country do not information. It was important for us to require us to do so understand how having our equipment on-site will impact our customers’ • Improve energy efficiency and meet energy consumption. We always look EPA Energy Star requirements for opportunities to reduce that impact. • Extend the useful life of the hardware 3. Bloomberg maintains a policy of on the Terminal and design it for cradle-to-grave electronic equipment recyclability management. All customer equipment is returned to Bloomberg for reuse, refurbishment or end-of-life disposal. Our equipment is our responsibility.

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Product Life-Cycle Improvements

Reduction of Life-Cycle Emissions kg CO2e 23" Panel Impact by Phase for Flat Panels 3,500 (kg CO2e) 23" Flat Panel saved 1,413 kg CO2e per lifetime compared with the 19" Panel. 3,000 23" Flat Panel brought to market in 1,389 Customer January of 2014. 2,500 Use

2,000

1,500 44% Reduction 334.3 Raw Materials 1,000 19 Distribution 500 16 Refurbishment 12 Packaging 0 19" vs. 23" -4 End-of-Life Flat Panels

Reduction of Life-Cycle Emissions kg CO2e StarBoard Impact by Phase for Keyboards 70 (kg CO2e) StarBoard Keyboard saved 24.6 kg CO e 22 Raw 2 Materials per lifetime compared with the FreeBoard 60 Keyboard. StarBoard Keyboard brought to market in October 2013. 50 13 Use 40 38% Reduction 30

1.58 Refurbishment 20 1.45 End-of-Life 10 1.31 Distribution 0 .65 Packaging FreeBoard vs. StarBoard Keyboards .15 Assembly

Reduction of Life-Cycle Emissions kg CO2e B-Unit 3 Impact by Phase for B-Unit 3 3.0 (kg CO2e) B-Unit 3 saved 0.77 kg CO e per 2 1.33 Raw lifetime compared with the B-Unit 2. 2.5 Materials B-Unit 3 brought to market in November 2013. 2.0 29% .23 Packaging 1.5 Reduction

1.0 .23 Assemby

0.5 .10 Distribution .02 End-of-Life 0.0 .08 Refurbishment B-Unit 2 vs. B-Unit 3 74 Bloomberg Impact Report 2014 Back to Contents PLANET waste & water.

waste & recycling When waste is sent to landfills, the New York City is one of the only breakdown process produces methane, commercial office buildings in Manhattan a powerful greenhouse gas. Our waste with a full composting program. Globally, sent to landfills resulted in 1,300 metric we composted 502 metric tonnes of

tonnes of CO2e. On a per-headcount waste in 2014. basis, this represents an 8% increase We have placed recycling bins for paper, over 2013, but still a 70% reduction cans and plastic in all of our offices and from 2007, attributable primarily to a move pantries. Many of our employees have to zero-landfill, waste-to-energy disposal had individual wastebaskets removed of all our waste in both New York City from under their desks, which provides and London. We calculate CO e 2 a unique opportunity to engage and emissions from waste using the educate them about waste segregation methodology and conversion factors that we hope translates into their everyday provided by the U.S. Environmental lives. The default setting on our printers Protection Agency. is double-sided, which helps reduce The main types of waste produced by paper use. Bloomberg are: Many offices are located in municipalities • General office waste, consisting that rely on waste-to-energy. For example, mostly of paper and cardboard, ink the London office sends nothing to and toner cartridges, cans and plastic the landfill. Trash is either recycled/ containers composted or converted into energy. • Electronic equipment waste from However, it is still useful for employees our offices, returns from customers, to sort their trash so that we can redundant PCs, monitors, servers, recycle the maximum amount of waste broadcast equipment and mobile possible. Last year, London recycled phones and composted 494 metric tonnes of waste and sent 58 metric tonnes to • In-house printing waste, including waste-to-energy. paper, ink and press-cleaning liquid The waste process is as follows: • Pantry waste, specifically food waste, • Dry, unsoiled waste is sent to a cans, plastic and glass containers, MRF (Materials Recovery Facility) cutlery and bowls made from that separates it out — it is either compostable material recycled (plastic bottles, spoons, etc.) or, if non-recyclable, goes to Bloomberg now has compost programs waste-to-energy in 16 offices (731 Lexington, 120 Park Ave and Queens NY; San Francisco; • Dirty or soiled trash goes to a Dayton, Princeton 100 & 101 NJ: 1399 dirty a MRF that then sends it to NY Ave Washington, D.C.; Arlington, VA; waste-to-energy City Gatehouse, 38 & 50 Finsbury and Silvertown Warehouse in London). 69% of While waste-to-energy is preferable to our employees are located in offices with landfill, recycling and reusing are better compost programs. Our headquarters in solutions.

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sustainable pantries Bloomberg’s pantries are the hearts of 94.7% of all pantry waste was divertible our offices and serve as informal gathering from landfills — 65.8% compostable and places for employees. They provide free 28.9% recyclable. We’ve partnered drinks, fruits and snacks. Bloomberg sets with TerraCycle to address individual targets to increase our offerings of local, snack wrappers from consumer goods organic and bulk foods for sustainable companies and are aggressively consumption. We also source cups, forks expanding this program globally. To date, and plates made from fully compostable we have diverted 83,401 snack wrappers materials in markets where composting is from landfill. We are seeking alternative available (currently New York, New Jersey, packaging opportunities and to expand DC Metro Area, Boston, Chicago, Los our bulk food offerings in order to minimize Angeles and San Francisco). In 2014, packaging waste.

2014 Compost, Recycling Diversion Percentage & Landfill Waste

10% 10% Cardboard Compost 8% 21% E-Waste 4% Waste-to- Mixed Recycling Energy 2% Plastic Less than 1% 23% Glass Landfill Trash Aluminum 21% Other Metals Paper Batteries Lightbulbs

Recycling Compost Landfill Metric Tonnes Metric Tonnes Metric Tonnes 2,500 600 3,000 2,000 2,500 500 2,000 400 1,500 300 1,500 1,000 1,000 200 500 500 100 0 0 0 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 Reduction primarily due to improved Reduction primarily due to closure of our Slight increase of 1.6% due to NJ compost production efficiencies at our McArdle compost vendor for NJ offices in Q4, being sent to landfill in Q4 and a year-over- printing facility reducing scrap paper resulting in ~40 MT of compost going to year all-in headcount increase of 3.5%. recycling by ~280 MT. landfill. We have identified a new vendor and will restart the program in NJ in April 2015.

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Office Pantries BGREEN Pantry Waste BGREEN Pantry Sourcing In 2014, 94.7% of all pantry waste was divertable; In 2014, 87% of our pantry offerings were served in 66.8% compostible and 28.9% recyclable. bulk, 38% were sourced locally and 3% were organically grown.

Composting Recycling Landfill Bulk Local Organic 100% 80% 60% 40% 20% 0% 0% 20% 40% 60% 80% 100%

731 Lexington

Princeton

Ridge Road

Washington, D.C.

San Francisco

São Paulo

London

Frankfurt

Hong Kong

Singapore

Sydney

Tokyo

Dubai

Mumbai

100% 80% 60% 40% 20% 0% 0% 20% 40% 60% 80% 100%

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sustainable events Bloomberg conducts more than 5,000 individual sectors addressing the scope of events globally. These events have large the meeting- and event-planning process. impacts on waste, travel, electricity These nine sectors include audiovisual, consumption and other environmental accommodations, communications, externalities. The APEX/ASTM event destinations, exhibits, food and beverage, standards are the first and only compre- meeting venue, on-site office and hensive standards for environmentally transportation. Bloomberg has checked sustainable meetings administered and a number of external and internal events directed through a partnership of the for compliance with the standard and Convention Industry Council (CIC), APEX achieved Level 1 compliance for a large initiative and the American Society for corporate employee-facing event, Testing Materials (ASTM) International. BNEF summits and events at our 731 The standards are composed of nine Lexington Headquarters.

green restaurant Bloomberg again received the Green waste reduction and recycling, sustainable Restaurant Association (GRA) Dine Green furnishings and building materials, association (GRA) certification for food service operations at sustainable food, energy, disposables dine green our full-service cafeterias in Princeton and and chemical and pollution reduction. Dayton (NJ) locations. GRA Dine Green Several initiatives have made this certifi- certification is a comprehensive environmental certifi- cation possible, including incorporating cation for food-service operations using reusable trays, green cleaning policies, a guidelines that holistically assess seven post-consumer composting program and categories, including water efficiency, compostable cutlery.

reuse & recycling All Bloomberg equipment at Bloomberg is an E-Steward enterprise, customer sites is returned at end-of- committed to the use of downstream use — at which time the equipment is recycling and disposal partners that reused by other customers, repurposed meet the E-Steward certification within the Company, refurbished for reuse requirements. Bloomberg also considers or recovered for useful parts before the R2 certification when choosing end-of-life remaining materials are sent out to be vendors and is compliant with the Waste reused or recycled in some other form. of electrical and electronic equipment (WEEE) directive. This market remains a In 2014, customers returned 216,241 challenge for the electronics industry. products to Bloomberg, including PCs, flat panel monitors, keyboards and biometric devices (B-Units). All the equipment was reused or recycled.

78 Bloomberg Impact Report 2014 Back to Contents PLANET

packaging Our goal is to improve the sustainability -- Reducing the weight of our keyboards of our product packaging by: -- Using biodegradable materials for • Reusing packaging from inbound packaging on keyboard boxes shipments whenever possible -- Reducing size of 23" dual flat panel • Reducing the amount and weight of packaging materials used -- Designing packaging for 27" monitor • Replacing petroleum-based materials that is modular and less bulky than with those made from paper, previous 17"/19" packaging materials cardboard and natural materials

• Redesigning packaging so more Whenever possible, these materials equipment can be transported in are obtained from recycled sources and each load, thus reducing fuel use fully recyclable.

• Achievements to date include: -- Introducing lightweight, reusable, air-filled transport packaging

-- Removing Styrofoam from standard packaging for outbound shipments

water use Limiting and reducing water use is a Performance: Our new data center has constant consideration throughout our a rainwater capture system that enables organization. While accurately quantifying the data center to use rainwater for HVAC. the scale of our global consumption has This project is projected to save more proven challenging, that has not impaired than 5 million gallons of water annually. In the implementation of our global water- addition to this project, each of our data reduction strategy. centers is designed to use the minimum amount of water necessary to provide We estimate we consumed 109 million cooling for our operations. gallons of water in 2014. Given the nature of our operations (i.e., non-manufacturing), Additionally, we have installed fixtures and our consumption is largely driven by our leased offices in 20 or 21 LEED projects employees and facilities. We recognize that resulted in a 35% reduction in water the importance of water conservation, usage. This equates to an estimated particularly in areas facing water scarcity, saving of more than 2.8 million gallons of and have consistently capitalized on water annually. To date, we estimate that opportunities to improve water-consump- these projects have saved nearly 9.5 million tion efficiencies in our facilities. gallons of water. Whenever possible, these materials are obtained from recy- cled sources and are fully recyclable.

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Key Performance Submetrics

2020 Goals 2014 Status 2020 Target Energy

20% reduction of Absolute Emissions Reduction by 2020 -6% Bloomberg’s absolute emissions vs. 2007 baseline

35% Utilization of direct % Energy from Direct Renewable Sources 1% renewable energy as a percentage of total energy consumption

50% improvement in energy Energy Efficiency 41% usage when evaluated against company growth

75% employees located in % of Employees in LEED Offices 26% Bloomberg offices that have been LEED certified

Publishing

50% of recycled paper used Recycled Paper in Magazines 0% to manufacture Businessweek and Markets magazines

10% of Businessweek and Digital Subscription Base 6% Markets subscribers that are “digital only” consumers

Travel

20% reduction in Travel Reduction 0% non-sales-related travel from current (2013) levels

Supply Chain

100% of (outbound) Packaging – Recycled/Renewable 5% warehouse packaging sourced from either renewable or recycled materials Waste/Paper

90% of Bloomberg waste Landfill Diversion Rate 77% diverted from landfills

75% reduction, on a Office Paper Reduction 54% per-headcount basis, of office paper consumed globally

75% of post- or pre-consumer Recycled Content – Office Paper 66% waste in our global office paper (on a blended average across all offices)

80 Bloomberg Impact Report 2014 Back to Contents PLANET

Regional Scorecard Sustainability is a global issue that plays out in complex local environments. Our local BGREEN squads in 13 regional offices drive efforts to identify local projects around the world that reduce energy use and waste, engage our employees and save us money — all while addressing local sustainability issues.

Office Score Breakdown Total Points, Energy Efficiency, Waste, Other, Employee Engagement

Washington, D.C. 84 35 36 5 8 100 Points Score Breakdown

London 49 Energy Efficiency 59% of Bloomberg’s emissions are 83 45 28 5 5 a result of energy consumption.

New York 40 Waste Reduction Diverting waste from landfills reduces 83 43 32 3 5 emissions and engages all employees.

Princeton 7 Other 82 45 29 3 5 Local/organic pantry offerings, green cleaning practices and bike parking.

San Francisco 8 Employee Engagement 71 32 33 6 0 Local volunteer opportunities and environmental guest speakers. Dubai 65 37.5 18 4.5 5

São Paulo 64.5 35.5 22 5 2

Tokyo 64 31.5 25 5.5 2

Sydney 63.5 37.5 21 5 0

Frankfurt 62.5 35.5 22 5 0

Singapore 59 33.5 20.5 3 2

Hong Kong 58.5 35.5 15.5 2.5 5

Mumbai 53.5 37.5 14 2 0

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Performance by the Numbers 2014 vs. 2007 Baseline

Unit of 2007 Measure 2014 2013 2012 2011 2010 Baseline % Corporate Summary Average Full-Time Employees 16,352 15,671 15,510 13,771 11,922 9,719 68.2% Average All-In Employees 18,111 17,496 17,153 15,439 13,413 10,277 76.2% Revenue ($Million) 9,045 8,590 8,255 7,668 6,873 5,446 66.1% Total Facilities Metric Tonnes Total Facilities CO2e 115,211 108,851 110,846 104,897 97,106 104,257 10.5% (MT) of CO2e Facilities CO e/ MT/All-In 2 6.36 6.22 6.46 6.79 7.24 10.14 (37.3%) All-In Employees Employees Kilowatt Hrs. Electricity Consumed 282,494,105 267,396,199 265,930,842 254,350,762 241,728,076 226,768,598 24.6% (kWh) Electricity Consumed/ Kilowatt Hrs./ 15,598 15,283 15,504 16,475 18,022 22,065 (29.3%) All-In Employees All-In Employees

Gross CO2e from Electricity MT of CO2e 108,989 103,753 103,956 98,334 93,115 100,170 8.8%

Electricity CO2e/ MT/All-In 6.02 5.93 6.06 6.37 6.94 9.75 (38.3%) All-In Employees Employees CO e from 2 MT of CO e 6,222 5,098 6,890 6,564 3,992 4,087 52.2% Non-Electrical Power 2 Business Travel Total Travel Miles Traveled 149,763,642 140,274,056 125,174,301 119,143,024 110,402,214 79,504,347 88.4% MT of CO e Travel CO2e 2 39,608 37,909 29,565 32,528 31,493 22,258 78.0%

Travel CO2e/ MT/FT 2.42 2.42 1.91 2.36 2.64 2.29 5.8% Full-Time Employees Employees Inter-City Travel Miles Traveled 143,575,591 133,642,330 118,728,318 112,862,561 104,580,550 73,641,875 95.0% MT of CO e O2e from Inter-City Travel 2 37,297 35,391 27,135 30,234 29,415 20,056 86.0% Intra-City Travel Miles Traveled 6,188,051 6,631,726 6,445,983 6,280,463 5,821,664 5,862,472 5.6% MT of CO e CO2e from Intra-City Travel 2 2,310 2,518 2,430 2,294 2,079 2,203 4.9% Paper Consumption Global Paper Lbs. of Paper 21,142,901 23,243,854 24,501,458 23,987,590 21,443,326 5,696,800 271.0% Consumption Used MT of CO e Global Paper CO2e 2 27,830 30,432 32,222 35,784 32,138 8,392 231.6% Bloomberg Markets Lbs. of Paper 3,765,000 3,905,966 3,665,253 3,665,929 3,384,192 4,694,031 (19.8%) Consumption Used MT of CO e Bloomberg Markets CO2e 2 5,006 5,148 4,851 5,333 4,778 7,183 (30.3%) Businessweek Lbs. of Paper 15,626,425 17,204,732 18,815,850 19,319,893 17,423,537 N/A N/A Consumption Used Businessweek MT of CO2e 20,775 22,768 24,992 29,340 26,664 N/A N/A CO2e BBNA Publishing Lbs. of Paper 1,007,404 1,259,678 1,170,723 292,681 N/A N/A N/A Consumption Used MT of CO e BBNA Publishing CO2e 2 1,254 1,596 1,488 372 N/A N/A N/A BLP INK Lbs. of Paper 421,456 542,425 521,594 409,645 323,098 481,517 (12.5%) Consumption Used MT of CO e BLP INK CO2e 2 485 588 518 419 297 694 (30.1%) BLP Press Lbs. of Paper N/A N/A N/A N/A N/A 184,000 N/A Consumption Used MT of CO e BLP Press CO2e 2 N/A N/A N/A N/A N/A 245 N/A Global Office Paper Lbs. of Paper 322,617 349,053 328,039 299,442 312,499 337,252 (4.3%) Consumption Used MT of CO e Global Office Paper CO2e 2 311 332 372 320 399 269 15.6% Global Office Paper/ Lbs. Used/All-In 17.81 19.95 19.12 19.40 23.30 32.81 (45.7%) All-In Employees Employees

82 Bloomberg Impact Report 2014 Back to Contents PLANET

Performance by the Numbers (continued)

Unit of 2007 Measure 2014 2013 2012 2011 2010 Baseline % Supply Chain

MT of CO e Total Shipments CO2e 2 10,722 11,036 12,195 12,567 12,147 7,683 39.6% Total Items Shipped # of Line Items 598,422 527,375 487,280 484,568 474,454 411,884 45.3%

Total Weight Shipped MT Shipped 8,883 7,420 6,841 6,757 6,652 8,535 4.1%

Weight of Ground/ MT Shipped Sea Shipments 8,265 6,817 6,284 6,350 6,238 7,892 4.7% Ground/ MT of CO2e 1,369 1,161 1,075 1,089 1,101 1,855 (26.2%) Sea Shipments CO2e

Weight of Air MT Shipped Shipments 618 604 556 406 324 643 (3.9%)

MT of CO e Air Shipments CO2e 2 1,237 1,167 985 634 583 1,482 (16.6%) Markets Magazine Distribution Annual Print Run 5,398,300 6,161,040 5,712,741 5,136,838 4,689,485 4,800,220 12.5% Markets Magazine Distribution MT of CO2e 3,110 3,224 4,076 4,752 4,542 4,345 (28.4%) CO2e

Businessweek Annual Print Run Distribution 49,597,016 52,011,705 54,028,043 50,926,573 50,455,465 N/A N/A Businessweek MT of CO2e 5,007 5,484 6,059 6,093 5,921 N/A N/A Distribution CO2e Waste Total Global Waste MT of Waste 5,159 5,363 5,557 4,056 4,576 N/A N/A Diverted Waste/ % of Total Global Waste Diverted Total Global 77% 80% 80% 56% 60% N/A N/A Waste Global Landfill Waste MT of Waste 1,183 1,055 1,137 1,788 1,844 2,250 (47.4%) Global Landfill Waste/ Kg Waste/ 65 60 66 116 137 219 (70.2%) All-in Employees All-In Employees Global Landfill MT of CO2e 1,300 1,160 1,249 1,965 2,026 2,473 (47.4%) Waste CO2e Global “Waste-to-Energy” MT of Waste 1,070 1,211 1,031 107 N/A N/A N/A

Global Recycling MT of Recycling 2,403 2,518 2,962 1,763 2,545 N/A N/A Global Recycling/ Kg Recycling/ 133 144 173 114 190 N/A N/A All-in Employees All-In Employees Global Compost MT of Compost 502 579 427 398 186 N/A N/A Kg Compost/ Global Compost/ Applicable Applicable Employees 44 50 37 36 19 N/A N/A Employees

Total CO2e 194,671 189,388 186,077 187,741 174,912 145,063 30.6%

COMMENTS: Avg. All-In Employees includes Part-Time, Contractors, etc.; Electricity Consumed includes all

components of Facilities (R&D, IS, Networks); CO2e from Non-Electric Power includes Natural Gas, Steam, Oil, Refrigerants; Inter-City Travel (between cities) includes Commercial Air, Private Aircraft and Rail; Intra-City Travel (within cities) includes Car Rental, Car Service, Taxi and Field Service Car miles; Businessweek Consumption: Businessweek Acquired December 2009; BBNA Publishing Consumption: BBNA Acquired September 2011; BLP Press Paper Consumption: BLP Press discontinued in-house year-end 2009; Supply Chain includes BLP INK shipping data; Businessweek Distribution began in December 2009; Diverted Waste is waste that is recycled, composted or sent to Waste-to-Energy; Landfill Waste is any waste that cannot be recycled or composted or sent to Waste-to-Energy; Waste- to-Energy began in London in 2011 and at 731 Lexington in 2012; Global Recycling does not include recycling CO2e (e-waste, metals, paper, plastic, cardboard, aluminum and glass); Global Compost: Composting in 731 Lex (6,437 HC), Princeton & Ridge Rd. (1,507 HC), Washington, D.C. (207 HC), SF (258 HC), London (2,997 HC) and Beijing (75 HC).

Back to Contents Bloomberg Impact Report 2014 83 Cventure Verification Statements

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ZĞƉŽƌƚŽŶƚĞŶƚĂŶĚŽƵŶĚĂƌŝĞƐ͗ ƚŚŝƌĚƉĂƌƚLJǀĞƌŝĨŝĐĂƚŝŽŶĞŶŐĂŐĞŵĞŶƚĐŽŶĚƵĐƚĞĚďLJǀĞŶƚƵƌĞ>>;ǀĞŶƚƵƌĞͿ͕ŽǀĞƌƚŚĞ&ĞďƌƵĂƌLJͲ:ƵŶĞϮϬϭϱƚŝŵĞƉĞƌŝŽĚ͕ŽŶ ůŽŽŵďĞƌŐ>W;ůŽŽŵďĞƌŐͿΖƐϱƚŚ^ƵƐƚĂŝŶĂďŝůŝƚLJZĞƉŽƌƚ͕ĐŽǀĞƌƐzϮϬϭϰ͘ZĞƉŽƌƚŝŶŐďŽƵŶĚĂƌŝĞƐǁĞƌĞĞƐƚĂďůŝƐŚĞĚďĂƐĞĚŽŶƚŚĞ 'ůŽďĂůZĞƉŽƌƚŝŶŐ/ŶŝƚŝĂƚŝǀĞ;'Z/Ϳ'Z/'ϰŐƵŝĚĞůŝŶĞƐ͕ǁŝƚŚĂĐŽŵƉƌĞŚĞŶƐŝǀĞůĞǀĞůŽĨƌĞƉŽƌƚŝŶŐƐĐŽƉĞ͖ƚŚĞ^ƵƐƚĂŝŶĂďŝůŝƚLJĐĐŽƵŶ ƚŝŶŐ ^ƚĂŶĚĂƌĚƐŽĂƌĚ;^^ͿƐƚĂŶĚĂƌĚƐĨŽƌDĞĚŝĂWƌŽĚƵĐƚŝŽŶ͕WƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐ͕ĂŶĚ/ŶƚĞƌŶĞƚDĞĚŝĂΘ^ĞƌǀŝĐĞƐŝŶĚƵƐƚƌLJƐĞĐƚŽƌƐ͖ ĂŶĚƚŚĞ'Z/^ĞĐƚŽƌ^ƵƉƉůĞŵĞŶƚĨŽƌƚŚĞDĞĚŝĂƐĞĐƚŽƌ͖ĐŽǀĞƌŝŶŐĂůůĂĐƚŝǀŝƚŝĞƐƵŶĚĞƌůŽŽŵďĞƌŐΖƐŽƉĞƌĂƚŝŽŶĂůĐŽŶƚƌŽů͘'Z/'ϰ ŐƵŝĚĞůŝŶĞƐĂƌĞďĞŝŶŐĨŽůůŽǁĞĚŝŶƐĞůĞĐƚŝŽŶŽĨĐŽŶƚĞŶƚĂŶĚƐĐŽƉĞ͕ƌĞƐƵůƚŝŶŐŝŶĂƌĞƉŽƌƚǁŚŝĐŚĨŽĐƵƐĞƐŽŶĞŶĞƌŐLJĐŽŶƐƵŵƉƚŝŽŶ͕ ƉĂƉĞƌƵƐĞ͕ƐƵƉƉůLJĐŚĂŝŶƐŚŝƉƉŝŶŐ͕ĂŶĚďƵƐŝŶĞƐƐƚƌĂǀĞů͕ĂƐŵĂƚĞƌŝĂůĚƌŝǀĞƌƐŽĨĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƵŶĚĞƌŵĂŶĂŐĞŵĞŶƚĐŽŶƚƌŽů͘ 

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DĂũŽƌ&ŝŶĚŝŶŐƐĂŶĚŽŶĐůƵƐŝŽŶƐ͗ ůŽŽŵďĞƌŐŚĂƐƚŚĞƐƵƐƚĂŝŶĂďŝůŝƚLJƉƌŽŐƌĂŵƌĞƉŽƌƚŝŶŐƐLJƐƚĞŵƐĂŶĚƉƌŽĐĞƐƐĞƐŝŶƉůĂĐĞ͕ĚĂƚĂŐĂƚŚĞƌŝŶŐƉƌĂĐƚŝĐĞƐ͕ĚĞŐƌĞĞŽĨ ĚŝƐĐůŽƐƵƌĞƚƌĂŶƐƉĂƌĞŶĐLJ͕ĂŶĚĂĐĐƵƌĂĐLJŽĨĐĂůĐƵůĂƚŝŽŶƐ͕ŶĞĐĞƐƐĂƌLJƚŽĚĞŵŽŶƐƚƌĂƚĞĂĚŚĞƌĞŶĐĞƚŽƐƵƐƚĂŝŶĂďŝůŝƚLJƉƌŝŶĐŝƉůĞƐ͕ĂŶĚƚŚĞ ƌĞůŝĂďŝůŝƚLJŽĨƐƵƐƚĂŝŶĂďŝůŝƚLJƉĞƌĨŽƌŵĂŶĐĞŝŶĨŽƌŵĂƚŝŽŶ͘ůŽŽŵďĞƌŐΖƐƐƚĂŬĞŚŽůĚĞƌĞŶŐĂŐĞŵĞŶƚƉƌŽŐƌĂŵŝƐĞdžƚĞƌŶĂůůLJĐŽŽƌĚŝŶĂƚĞĚ ǁŝƚŚZ^͕ĂŶĚŝŶĐůƵĚĞƐĂĚŝǀĞƌƐĞƐĞƚŽĨƉĂƌƚŶĞƌŽƌŐĂŶŝnjĂƚŝŽŶƐ͘/ŶƚĞƌŶĂůůLJ͕ƚŚĞŝƌƐƵƐƚĂŝŶĂďŝůŝƚLJƉƌŽŐƌĂŵĂŶĚƐƚĂŬĞŚŽůĚĞƌ ĞŶŐĂŐĞŵĞŶƚĂĐƚŝǀŝƚŝĞƐĂƌĞŝŶƚĞŐƌĂƚĞĚĂƚĂůůůĞǀĞůƐŽĨƚŚĞĨŝƌŵ͕ĂŶĚĂĐƌŽƐƐŽƉĞƌĂƚŝŽŶƐĂŶĚďƵƐŝŶĞƐƐƵŶŝƚƐ͕ƚŽďƵŝůĚĐĂƉĂĐŝƚLJĂŶĚ ŝĚĞŶƚŝĨLJŵĂƚĞƌŝĂůŝƐƐƵĞƐ͘ůŽŽŵďĞƌŐΖƐŵĂƚĞƌŝĂůŝƚLJĂƐƐĞƐƐŵĞŶƚƉƌŽĐĞƐƐĐŽŶƚŝŶƵƚĞƐƚŽŐƌŽǁ͕ĂŶĚĞǀŽůǀĞĨƵƌƚŚĞƌŝŶƚŚĞ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶĂŶĚƉƌŝŽƌŝƚŝnjĂƚŝŽŶŽĨĐƌŝƚŝĐĂůƐƵƐƚĂŝŶĂďŝůŝƚLJŝƐƐƵĞƐĨŽƌƚŚĞĨŝƌŵ͘ŵŽƌĞĚĞƚĂŝůĞĚĂŶĚĐŽŵƉƌĞŚĞŶƐŝǀĞŵĂƚĞƌŝĂůŝƚLJ ĂƐƐĞƐƐŵĞŶƚ͕ĂŶĚĂƐƐŽĐŝĂƚĞĚĚŽĐƵŵĞŶƚĂƚŝŽŶĂŶĚĞǀŝĚĞŶƚŝĂƌLJƐƵƉƉŽƌƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͕ǁĞƌĞƉƌĞƉĂƌĞĚďLJůŽŽŵďĞƌŐĂƐƉĂƌƚŽĨ ƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞŝƌϮϬϭϰ^ƵƐƚĂŝŶĂďŝůŝƚLJZĞƉŽƌƚ͕ĂŶĚ'Z/'ϰZĞƉŽƌƚŝŶŐ/ŶĚĞdž͘ůůŽĨƚŚĞƐĞĂĐƚŝǀŝƚŝĞƐĂƌĞůĞĚďLJĂŶ ĂĐĐŽƵŶƚĂďůĞ^ƵƐƚĂŝŶĂďŝůŝƚLJĞƉĂƌƚŵĞŶƚ͕ǁŚŽƐĞŝƌĞĐƚŽƌƌĞƉŽƌƚƐĚŝƌĞĐƚůLJƚŽƚŚĞŚĂŝƌŵĂŶŽĨůŽŽŵďĞƌŐ>W͘/ŶƚĞŐƌĂƚŝŽŶŽĨ ƐƚĂŬĞŚŽůĚĞƌĨĞĞĚďĂĐŬŝŶƚŽůŽŽŵďĞƌŐΖƐƐƵƐƚĂŝŶĂďŝůŝƚLJƉƌŽŐƌĂŵĚŝƌĞĐƚŝŽŶĂŶĚŵĂŶĂŐĞŵĞŶƚ͖ĂƌŽďƵƐƚŵĂƚĞƌŝĂůŝƚLJĂƐƐĞƐƐŵĞŶƚ ƉƌŽĐĞƐƐ͖ƐŝŐŶŝĨŝĐĂŶƚƌĞƐŽƵƌĐĞĐŽŵŵŝƚŵĞŶƚƐƚŽƐƵƐƚĂŝŶĂďŝůŝƚLJŝƐƐƵĞƐĂŶĚƐƵƐƚĂŝŶĂďŝůŝƚLJͲƌĞůĂƚĞĚƉƌŽũĞĐƚƐ͖ĂŶĚĐŽŵƉƌĞŚĞŶƐŝǀĞ ƌĞƉŽƌƚŝŶŐƵŶĚĞƌ'Z/'ϰŐƵŝĚĞůŝŶĞƐ;ŽŶĞƌĞƉŽƌƚŝŶŐLJĞĂƌĐLJĐůĞďĞĨŽƌĞŝƚŝƐƌĞƋƵŝƌĞĚͿĂƌĞŬĞLJĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨůŽŽŵďĞƌŐΖƐ ƐƵƐƚĂŝŶĂďŝůŝƚLJƉƌŽŐƌĂŵ͘

KƉŝŶŝŽŶ^ƵŵŵĂƌLJ͗ ĂƐĞĚŽŶŝƚƐƌĞǀŝĞǁƚŽĚĂƚĞŽĨůŽŽŵďĞƌŐΖƐĚŝƐĐůŽƐƵƌĞƐŝŶŝƚƐϮϬϭϰ^ƵƐƚĂŝŶĂďŝůŝƚLJZĞƉŽƌƚĂŶĚ'Z/'ϰZĞƉŽƌƚŝŶŐ/ŶĚĞdž͕ǀĞŶƚƵƌĞ ŚĂƐĨŽƵŶĚŶŽĞǀŝĚĞŶĐĞƚŚĂƚƚŚĞƐƵƐƚĂŝŶĂďŝůŝƚLJĚĂƚĂ͕ĚŝƐĐůŽƐƵƌĞƐ͕ĂŶĚĐůĂŝŵƐĂƌĞŶŽƚŵĂƚĞƌŝĂůůLJĐŽƌƌĞĐƚ͕ĂŶĚŶŽĞǀŝĚĞŶĐĞƚŚĂƚ ůŽŽŵďĞƌŐΖƐĂƐƐĞƌƚŝŽŶŝƐŶŽƚĂĨĂŝƌĂŶĚĂĐĐƵƌĂƚĞƌĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨůŽŽŵďĞƌŐΖƐƐƵƐƚĂŝŶĂďŝůŝƚLJƉŽƐŝƚŝŽŶ͕ǁŝƚŚĂŵŽĚĞƌĂƚĞůĞǀĞůŽĨ ĂƐƐƵƌĂŶĐĞ͘

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