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Visit our home page at http://nyc.gov/ethics

October 25, 2010

FOR IMMEDIATE RELEASE

WILLETT ADVISORS LLC IS THE NEW INVESTORCO FOR ASSETSOF MAYOR MICHAEL R. BLOOMBERG AND THE BLOOMBERGFAMILY FOUNDATION.

In its Advisory Opinion No. 2007-4, dated December 26, 2007, theConflicts of Interest Board (the “Board”) approved an arrangement wherebythe oversight of certain investments of Mayor Michael R. Bloomberg and theBloomberg Family Foundation would be undertaken by a so-calledInvestorco, an entity that would shield the Mayor not only from any controlover where these funds were invested but also from any knowledge of thoseinvestments. The Opinion required that the identity of the Investorco wouldbe disclosed to the Board, which in turn would make that name public.

In the immediate wake of the issuance of the Opinion, the Mayor

identified the Investorco as Quadrangle Asset Management (“Quadrangle”),and the Board in turn made that name public. The Opinion also required thatthe Mayor provide the Board with the agreement with the Investorcoreflecting the requirements of the Opinion, most prominently with therequirement that the Investorco shield the Mayor from control over andknowledge about the investment of the funds at issue. The Mayor providedthe Board with the subject agreement with Quadrangle.

Mayor Bloomberg has now advised the Board that a newly formedentity, Willett Advisors LLC (“Willett”), a Delaware corporation, wouldbecome the Investorco in the place of Quadrangle; that he is the sole owner

of Willett; and that Willett will employ the same individuals to manage hisassets as Quadrangle did. The Mayor has also provided the Board with acopy of the agreement between the Mayor and Willett whereby Willett willact as the Investorco, as that term is used in Opinion No. 2007-4, whichagreement provides that the Mayor and Willett will adhere to the obligationsand limitations set forth in that Opinion and in any other relevant ruling oropinion of the Board.

Steven B. RosenfeldChair/Board Member

Monica Blum Board Member

Angela Mariana Freyre Board Member

Andrew Irving Board Member

Burton Lehman Board Member ____________

Mark Davies Executive Director

Wayne G. Hawley Deputy Executive Director & General Counsel

Carolyn Lisa Miller Director of Enforcement

Julia DavisSpecial Counsel &

Director of Financial Disclosure

Alex Kipp Director of Training & Education

Ute O’Malley Director of Administration

Derick Yu Director of Information

Technology

CITY OF NEW YORKCONFLICTS OF INTEREST BOARD

2 Lafayette Street, Suite 1010New York, New York 10007

(212) 442-1400Fax: (212) 442-1407 TDD: (212) 442-1443

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