<SEC-DOCUMENT>0000743773-13-000038.txt : 20130524
<SEC-HEADER>0000743773-13-000038.hdr.sgml : 20130524
<ACCEPTANCE-DATETIME>20130524155048
ACCESSION NUMBER:		0000743773-13-000038
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130524
DATE AS OF CHANGE:		20130524
EFFECTIVENESS DATE:		20130524

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			URBAN OUTFITTERS INC
		CENTRAL INDEX KEY:			0000912615
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-FAMILY CLOTHING STORES [5651]
		IRS NUMBER:				232003332
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22754
		FILM NUMBER:		13872005

	BUSINESS ADDRESS:	
		STREET 1:		5000 SOUTH BROAD STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19112
		BUSINESS PHONE:		2154545500

	MAIL ADDRESS:	
		STREET 1:		5000 SOUTH BROAD STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19112

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Calvert Variable Products, Inc.
		CENTRAL INDEX KEY:			0000743773
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		4550 MONTGOMERY AVENUE
		STREET 2:		SUITE 1000N
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		301-951-4800

	MAIL ADDRESS:	
		STREET 1:		4550 MONTGOMERY AVENUE
		STREET 2:		SUITE 1000N
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUMMIT MUTUAL FUNDS, INC.
		DATE OF NAME CHANGE:	20090122

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUMMIT MUTUAL FUNDS INC
		DATE OF NAME CHANGE:	20000323

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CARILLON FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>cvppx14a6gfiled052413.htm
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<P style="MARGIN: 0in 0in 0pt"><FONT color=black size=6 face="Times New Roman"><FONT style="FONT-SIZE: 22pt" lang=EN-US color=black face="Times New Roman">URBAN OUTFITTERS, INC. &#8211; URBN</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT color=black size=5 face="Times New Roman"><FONT style="FONT-SIZE: 16pt" lang=EN-US color=black face="Times New Roman">Filed:&nbsp; May 24, 2013</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT color=black size=5 face="Times New Roman"><FONT style="FONT-SIZE: 16pt" lang=EN-US color=black face="Times New Roman">Notice of Exempt Solicitation. Definitive Materials.</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black size=5 face="Times New Roman"><FONT style="FONT-SIZE: 16pt" lang=EN-US color=black face="Times New Roman">United States</FONT></FONT><FONT color=black size=5><FONT style="FONT-SIZE: 16pt" lang=EN-US color=black face="Times New Roman"> Securities and Exchange Commission</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black size=5 face="Times New Roman"><FONT style="FONT-SIZE: 16pt" lang=EN-US color=black face="Times New Roman">Washington</FONT></FONT><FONT color=black size=5><FONT style="FONT-SIZE: 16pt" lang=EN-US color=black face="Times New Roman">, D.C. 20549</FONT></FONT><FONT color=black size=5><FONT style="FONT-SIZE: 16pt" lang=EN-US color=black face="Times New Roman"> &nbsp;</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT color=black size=5 face="Times New Roman"><FONT style="FONT-SIZE: 16pt" lang=EN-US color=black face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black size=5 face="Times New Roman"><FONT style="FONT-SIZE: 16pt" lang=EN-US color=black face="Times New Roman">Notice of Exempt Solicitation</FONT></FONT><FONT color=black size=2><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black size=5 face="Times New Roman"><FONT style="FONT-SIZE: 16pt" lang=EN-US color=black face="Times New Roman">Pursuant to Rule 14a-103</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">1. Name of Registrant: </FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Urban Outfitters, Inc.</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">2. Name of person(s) relying on exemption: </FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 0.5in"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">a.</FONT><FONT size=1 face="Times New Roman"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT><FONT color=black><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Calvert VP S&amp;P 500 Index Portfolio, acting through Calvert Investment Management,&nbsp;&nbsp;&nbsp; Inc.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt 31.5pt"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 0.5in"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">b.</FONT><FONT size=1 face="Times New Roman"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT><FONT color=black><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">The Comptroller of the State of New York as trustee of the New York State Common Retirement Fund.<BR><BR></FONT></FONT></P>

<P style="TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 0.5in"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">c.&nbsp;&nbsp;&nbsp;&nbsp; The Treasurer of the State of Connecticut as trustee for the Connecticut Retirement Plans and Trust Funds.</FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P>

<P style="TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 0.5in"><FONT size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 0.5in"><FONT size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">d.&nbsp;&nbsp;&nbsp;&nbsp; Portico Benefit Services / A Ministry of the ELCA</FONT></FONT></P>

<P style="TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 0.5in"><FONT size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 0.5in"><FONT size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e.&nbsp;&nbsp;&nbsp;&nbsp; Mercy Investment Services.</FONT><FONT color=black><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"><BR><BR></FONT>&nbsp;</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">3. Address of person(s) relying on Exemption: </FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 0.5in"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">a.&nbsp;&nbsp;&nbsp;&nbsp; 4550 Montgomery Avenue, Suite 1000N, Bethesda, MD 20814 <BR><BR></FONT></FONT></P>

<P style="TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 0.5in"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">b.&nbsp;&nbsp;&nbsp;&nbsp; 110 State Street, Albany, NY 12236</FONT></FONT></P>

<P style="TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 0.5in"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 0.5in"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">c.</FONT><FONT size=1 face="Times New Roman"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT><FONT color=black><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">55 Elm Street</FONT></FONT><FONT color=black><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">, Hartford, CT 06106</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt 31.5pt"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 0.5in"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">d.</FONT><FONT size=1 face="Times New Roman"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT><FONT color=black><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">800 Marquette Ave., Suite 1050</FONT></FONT><FONT color=black><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">, Minneapolis, MN 55402</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0in 0.5in"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -22.5pt; MARGIN: 0in 0in 0pt 0.5in"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">e.</FONT><FONT size=1 face="Times New Roman"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT><FONT color=black><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">2039 North Geyer Road</FONT></FONT><FONT color=black><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">, St. Louis, MO 63131</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">4. Written Materials: </FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Attached are written materials, submitted pursuant to Rule 14a-6(g) promulgated under the Securities Exchange Act of 1934, in connection with a proxy proposal to be voted on at the Registrant&#8217;s 2013 Annual Meeting. </FONT></FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">&nbsp; </FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT size=3 face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Urban Outfitters Shareholder Resolution<BR>on Board Diversity: FAQ</FONT></B></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT size=5 face="Times New Roman"><B><FONT style="FONT-SIZE: 18pt" lang=EN-US face="Times New Roman">Q: Why does a company need female and minority representation on the board of directors? </FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A: Women and minorities play increasingly significant roles in today's marketplace, accounting for more buying power than ever before. To keep up with changing demographics of the United States and increasingly important global markets, companies need these consumers' interests represented at the highest company levels, where the most impactful decisions are made. Introducing women and minorities into the boardroom further facilitates innovation in director discussions through new perspectives, skills and experiences that may not be present among a homogeneous board. </FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT size=4 face="Times New Roman"><B><FONT style="FONT-SIZE: 13.5pt" lang=EN-US face="Times New Roman">Resources: </FONT></B></FONT></P>

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<LI style="MARGIN: 0in 0in 0pt"><FONT color=blue size=3 face="Times New Roman"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=blue face="Times New Roman">Credit Suisse Research Institute, Gender Diversity and Corporate Boards, August 2012.</FONT></U></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT>

<LI style="MARGIN: 0in 0in 0pt"><FONT color=blue size=3 face="Times New Roman"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=blue face="Times New Roman">Catalyst, The Bottom Line: Corporate Performance and Women's Representation on Boards, 2004-2008, March 2011</FONT></U></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">. </FONT></LI></UL>

<P style="MARGIN: 0in 0in 0pt; BACKGROUND: #cbdaea"><FONT size=3 face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; BACKGROUND: #cbdaea"><FONT size=3 face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Did you know</FONT></B></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">? Urban's top competitors The Gap Inc., Nordstrom, Inc., and Abercrombie &amp; Fitch, all have at least one woman and/or minority represented on the Board of Directors. These companies recognize that women and minorities account for a large portion of their profits and revenues and that, as valuable consumers, it is good business to have their perspectives represented in boardroom strategies. As a clothing retailer with three brands that exclusively target women &#8211; Anthropologie, Free People, and BHLDN &#8211; we urge Urban Outfitters to consider these consumers' interests and make a commitment to seek independent women and minorities as candidates for directorship. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT size=5 face="Times New Roman"><B><FONT style="FONT-SIZE: 18pt" lang=EN-US face="Times New Roman"></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT size=5 face="Times New Roman"><B><FONT style="FONT-SIZE: 18pt" lang=EN-US face="Times New Roman">Q: What is the most effective way for a company to make sure that diversity inclusive of gender and ethnicity is considered in its director selection criteria? </FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A: For a company to truly commit to inclusion in the boardroom, it is critical to institutionalize language into its formal director selection criteria that reflects a commitment to diversity. Doing so will ensure that the company remains committed to boardroom inclusion regardless of changes in leadership, and ensures that every new director search is governed by fully inclusive practices. </FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT size=4 face="Times New Roman"><B><FONT style="FONT-SIZE: 13.5pt" lang=EN-US face="Times New Roman">Resources: </FONT></B></FONT></P>

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<LI style="MARGIN: 0in 0in 0pt"><FONT color=blue size=3 face="Times New Roman"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=blue face="Times New Roman">Calvert's model board diversity policy and disclosures</FONT></U></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; </FONT></LI></UL>

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<P style="MARGIN: 0in 0in 0pt"><FONT size=5 face="Times New Roman"><B><FONT style="FONT-SIZE: 18pt" lang=EN-US face="Times New Roman">Q: Why does a company need independent directors? </FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A: The role of a company's board of directors is to provide oversight of its business operations and to hold management accountable for performance. To perform this task successfully, the board of directors must be composed of people who are independent from internal management personnel in order to remain objective about strategies and avoid conflicts of interest. </FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT size=4 face="Times New Roman"><B><FONT style="FONT-SIZE: 13.5pt" lang=EN-US face="Times New Roman">Resources: </FONT></B></FONT></P>

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<LI style="MARGIN: 0in 0in 0pt"><FONT color=blue size=3 face="Times New Roman"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=blue face="Times New Roman">SEC Rule 4200(a)(15)</FONT></U></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp;</FONT>

<LI style="MARGIN: 0in 0in 0pt"><FONT color=blue size=3 face="Times New Roman"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=blue face="Times New Roman">NYSE Rule 303A.02</FONT></U></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT> </LI></UL>

<P style="MARGIN: 0in 0in 0pt; BACKGROUND: #cbdaea"><FONT size=3 face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; BACKGROUND: #cbdaea"><FONT size=3 face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Did you know</FONT></B></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">? Urban Outfitters has nominated Margaret Hayne to the board. While we support the nomination of a woman director,&nbsp;we believe that the appointment of Mrs. Hayne to the board of directors raises additional questions about Urban's governance practices. In addition to her internal role in the company as President of Free People, Mrs. Hayne is also the spouse of CEO, Board Chair, and founder Richard Hayne. Both of these attributes represent conflicts of interest, as Mrs. Hayne is very closely aligned with existing management. Furthermore, Mrs. Hayne does not qualify as an independent director under regulations established by the Securities and Exchange Commission (NASDAQ Rule 4200(a)(15)) or the New York Stock Exchange (NYSE Rule 303A.02.) </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT size=5 face="Times New Roman"><B><FONT style="FONT-SIZE: 18pt" lang=EN-US face="Times New Roman">Q: Why does a company need to keep its CEO and Board Chair roles separate? </FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">A: A company's Chief Executive Officer (CEO), together with management, is accountable to the board of directors, as overseen by the Board Chair,for corporate performance and growth. Companies that assign both of these roles to one individual expose greater risk for management to influence boardroom decisions, and also weaken the overall independence of the board's oversight. By separating these roles, companies ensure that an appropriate level of board independence and accountability is maintained and that the risk for conflicts of interest in corporate governance remains low. </FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT size=4 face="Times New Roman"><B><FONT style="FONT-SIZE: 13.5pt" lang=EN-US face="Times New Roman">Resource: </FONT></B></FONT></P>

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<LI style="MARGIN: 0in 0in 0pt"><FONT color=blue size=3 face="Times New Roman"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=blue face="Times New Roman">GMI Ratings, The Costs of a Combined Chair/CEO, June 2012</FONT></U></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT> </LI></UL>

<P style="MARGIN: 0in 0in 0pt; BACKGROUND: #cbdaea"><FONT size=3 face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; BACKGROUND: #cbdaea"><FONT size=3 face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Did you know</FONT></B></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">? Richard Hayne is both the founder and CEO of Urban Outfitters. By virtue of his position in executive management, Mr. Hayne's objectivity in his concurrent role as Board Chair may be compromised, exposing the company to greater risk for conflicts of interest in </FONT>


<FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">corporate governance. Along with Calvert's shareholder proposal on board diversity, the New York City Employees' Retirement System has filed a proposal with Urban Outfitters on the separation of its CEO and Board Chair roles. We urge shareholders to consider these two proposals as positive steps toward a more responsible approach to governance.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT color=black size=3 face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE, U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY.&nbsp; NO PROXY CARDS WILL BE ACCEPTED BY CALVERT INVESTMENT MANAGEMENT, INC. (CIM), ANY REGISTERED INVESTMENT COMPANY THAT HAS RETAINED CIM AS ITS INVESTMENT ADVISER (EACH A CALVERT FUND), THE NEW YORK STATE COMMON RETIREMENT FUND, THE CONNECTICUT RETIREMENT PLANS AND TRUST FUNDS (CRPTF), PORTICO BENEFIT SERVICES, OR MERCY INVESTMENT SERVICES.&nbsp; PLEASE DO NOT SEND YOUR PROXY TO CIM, ANY CALVERT FUND OR ANY OF THE OTHER AFOREMENTIONED ENTITIES.&nbsp; TO VOTE YOUR PROXY, PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD.&nbsp; THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY CIM, CERTAIN CALVERT FUNDS, THE NEW YORK STATE COMMON RETIREMENT FUND, CRPTF, PORTICO BENEFIT SERVICES, AND/OR MERCY INVESTMENTS.</FONT></B></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT size=3 face="Times New Roman"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">For questions regarding </FONT></I><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Urban Outfitters Proposal #6 on Board Diversity, </FONT></I></B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">please contact Christine De Groot, Calvert Investments, 301.961.4754, christine.degroot@calvert.com.&nbsp; </FONT></I></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">#13188 (5/13)</FONT></FONT></P>

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