<SEC-DOCUMENT>0000743773-14-000007.txt : 20140415
<SEC-HEADER>0000743773-14-000007.hdr.sgml : 20140415
<ACCEPTANCE-DATETIME>20140415125821
ACCESSION NUMBER:		0000743773-14-000007
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140415
DATE AS OF CHANGE:		20140415
EFFECTIVENESS DATE:		20140415

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:		14764382

	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
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<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>cvppx14a6gfiled041514.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; April 14, 2014</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">&nbsp;&nbsp;&nbsp;&nbsp;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">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;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">F&amp;C Investments<BR><BR></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; 1 Broadway, 14<SUP>th</SUP> Floor, Cambridge, MA 02142</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 2014 Annual Meeting. </FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black size=3 face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">IMPORTANT PROXY VOTING MATERIAL</FONT></B></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><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Shareholder Rebuttal to the Urban Outfitters, Inc.<BR>Opposition Statement Regarding Human Rights Risk Assessment<BR>(p. 18 of Urban Outfitters&#8217; Proxy)</FONT></U></B></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT size=3 face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Proposal # 5. Shareholder Proposal </FONT></B></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">This proposal has been filed by Calvert Investment Management, Inc. (&#8220;Calvert&#8221;) and F&amp;C Investments.&nbsp; These investors share a common concern regarding the absence of an adequate policy framework and management system to assess operational and supply chain human rights risks. The proponents view human rights risk assessment as a strategic business and investment imperative, especially for global apparel companies that face increasing reputational, legal and operational risks in a complex, global marketplace. </FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT size=3 face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Urban Outfitters&#8217; opposition statement and primary arguments against this proposal are that:</FONT></B></FONT></P>

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<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT size=3 face="Courier New"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="courier new">o</FONT><FONT size=1 face="Times New Roman"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Urban Outfitters argues that its support for fundamental human rights is encompassed in The Company&#8217;s Code of Conduct and Ethics (the &#8220;Code&#8221;).</FONT></P>

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<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT size=3 face="Courier New"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="courier new">o</FONT><FONT size=1 face="Times New Roman"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Urban Outfitters argues that The Company&#8217;s Statement of Corporate Policy and Code of Conduct (the &#8220;Vendor and Supplier Code&#8221;) has similar human rights standards and &#8220;does more than simply report on human rights risks in the Company&#8217;s supply chain,&#8221; including a compliance program in connection with its Vendor and Supplier Code.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT size=3 face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Our Rebuttal and Rationale for a YES vote follows:</FONT></B></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">This proposal requests Urban Outfitters to report on its process for identifying and analyzing the company&#8217;s potential and actual human rights risks within its operations and supply chain by conducting a human rights impact assessment. The elements of a human rights impact assessment, which are based on the United Nations Guiding Principles on Business and Human Rights, include the following:</FONT></FONT></P>

<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT size=3 face=Symbol><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT size=1 face="Times New Roman"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Human rights principles used to frame the assessment</FONT></P>

<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT size=3 face=Symbol><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT size=1 face="Times New Roman"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Frequency of assessment</FONT></P>

<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT size=3 face=Symbol><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT size=1 face="Times New Roman"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Methodology used to track and measure performance</FONT></P>

<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT size=3 face=Symbol><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT size=1 face="Times New Roman"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Nature and extent of consultation with relevant stakeholders in connection with the assessment</FONT></P>

<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT size=3 face=Symbol><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT size=1 face="Times New Roman"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">How the results of the assessment are incorporated into company policies and decision making</FONT></P>

<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT size=3 face=Symbol><FONT style="FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT size=1 face="Times New Roman"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">List of countries where the company sources a minimum of 5% of its total global volume order </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">We feel that Urban Outfitters&#8217; current policies (the Code and its Vendor and Supplier) and management system (its compliance program) are inadequate given the risks it faces as a global </FONT></FONT>


<FONT size=3 face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">retail company and fail to reflect all of the aforementioned elements of a human rights impact assessment as identified in the proposal. &nbsp;This is of particular concern for investors because the fiduciary and public reporting responsibilities of company management and the Board of Directors involves the identification and management of materials risks, including those associated with human rights. Based on a recent survey of 50 retailers and an analysis of Urban Outfitters&#8217; policies and management system, the company is a clear laggard within its peer group regarding human rights management. &nbsp;</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT size=3 face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Shareholders are urged to vote </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">FOR&nbsp;</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> Proposal #5 following the instruction provided on the company&#8217;s proxy mailing.</FONT></B></FONT></P>

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<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT size=3 face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1.</FONT></B><FONT size=1 face="Times New Roman"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Human rights risk assessments identify potential and existing risks.</FONT></B></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">According to the Organisation for Economic Co-operation and Development&#8217;s (OECD) Guidelines for Multinational Enterprises, &#8220;human rights due diligence entails assessing actual and potential human rights impacts, integrating and acting upon findings, tracking responses as well as communicating how impacts are addressed.&#8221; </FONT></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">In light of continued and recent global supply chain disruptions and tragedies, such as the Rana Plaza building collapse in Bangladesh, we believe Urban Outfitters should take necessary and proactive measures to address its potential and existing human rights risks, as well as reasonable steps to inform investors. Urban Outfitters fails to do so.&nbsp; For example, Urban Outfitters does not disclose countries where it sources its products and there is no evidence that the company has procedures to assess the broader and potential human rights risks when evaluating new sourcing markets.&nbsp; The degree to which the company is tracking and measuring its human rights performance is also noticeably absent as well, as any indication of consultation with relevant stakeholders.&nbsp; </FONT></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">The absence of these key elements would appear to indicate that Urban Outfitters does not integrate human rights due diligence into its overall business strategy and decision-making process, which may lead to a number of risks in their direct operations and supply chain. &nbsp;As </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Investing the Rights Way: A Guide for Investors on Business and Human Rights</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> notes, &#8220;companies associated with human rights abuse exposes themselves to operational risks (such as project delays or cancellation), legal and regulatory risks (lawsuits or fines), and reputational risks (negative press coverage and brand damage).&nbsp; </FONT></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">We remain unconvinced that Urban Outfitters is taking necessary steps to assess potential and existing human rights risks.</FONT></FONT></P>

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<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT color=black size=3 face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">2.</FONT></B><FONT size=1 face="Times New Roman"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></FONT><FONT color=black><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Urban Outfitters lags industry peers on human rights risk management</FONT></B></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">According to a recent survey evaluating home and apparel companies&#8217; efforts to eliminate forced labor from their supply chains, Urban Outfitters was rated among the worst performers.&nbsp; The survey, which was conducted by the Responsible Sourcing Network, assessed the policies and practices of 49 companies.&nbsp; Three companies, including Urban Outfitters, received zero points.&nbsp; </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">Many apparel companies disclose comprehensive human rights policies, risk assessment procedures, a range of auditing programs, capacity building and key performance data.&nbsp; However, Urban Outfitters falls lags its industry peers.&nbsp; The company&#8217;s disclosure is limited to its Code of Conduct and Ethics, Vendor and Supplier Code and a compliance program.&nbsp; To Urban Outfitters&#8217; credit, the company discloses a Vendor and Supplier Code, but its guidelines fall short of standard practice for apparel companies due to the exclusion of one of the International Labor Organization&#8217;s (ILO) core standards - freedom of association and right to collective bargaining.&nbsp; In addition and contrary to the company&#8217;s claim, its Code of Conduct and Ethics does not encompass a wide range of human rights issue consistent with standards and declarations. With the exception of non-discrimination, the Code fails to include the remaining ILO&#8217;s core standards &#8211; prohibition of child labor, forced labor and discrimination.&nbsp; Furthermore, Urban Outfitters&#8217; fails to provide sufficient information for investors to assess the quality and effectiveness of its compliance program, whereas similar companies disclose extensive details and quantitative key performance data.&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT size=3 face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Shareholders are urged to vote </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">FOR&nbsp;</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> Proposal #5 following the instruction provided on the company&#8217;s proxy mailing.</FONT></B></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) OR F&amp;C INVESTMENTS (&#8220;F&amp;C&#8221;).&nbsp; PLEASE DO NOT SEND YOUR PROXY TO CIM, ANY CALVERT FUND OR F&amp;C.&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, AND/OR F&amp;C 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 #5 on Human Rights Risk Assessment, </FONT></I></B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">please contact Mike Lombardo, Calvert Investments, 301.961.4756, mike.lombardo@calvert.com.&nbsp; </FONT></I></FONT></P>

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