Reed Elsevier is making significant progress in addressing its largest environmental impact, paper use, by providing more information resource services online.Although the increased use of online services poses significant energy challenges, it also provides environmental benefits associated with dematerialization, such as reductions in paper use and in energy and packaging used in the physical distribution of publications. To address the impact of offering online services, the company tracks the power usage effectiveness of its data centers and sources renewable energy for its electricity use (in 2013 40% of its electricity was from renewable energy). Reed Elsevier was a founding member of Publishers Database of Responsible Environmental Paper Sourcing, which gives preference to Forest Stewardship Council (FSC) and Programme for the Endorsement of Forest Certification (PEFC) certified paper and recycled paper. Portfolio 21 believes that FSC certification is a stronger certification scheme and therefore has asked Reed Elsevier to strengthen its paper policy by committing to FSC paper purchasing.
To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 8/31/14 and may not reflect current opinions or subsequent events.