<SEC-DOCUMENT>0001105446-12-000007.txt : 20120427
<SEC-HEADER>0001105446-12-000007.hdr.sgml : 20120427
<ACCEPTANCE-DATETIME>20120427093139
ACCESSION NUMBER:		0001105446-12-000007
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20120427
DATE AS OF CHANGE:		20120427
EFFECTIVENESS DATE:		20120427

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FOSSIL INC
		CENTRAL INDEX KEY:			0000883569
		STANDARD INDUSTRIAL CLASSIFICATION:	WATCHES, CLOCKS, CLOCKWORK OPERATED DEVICES/PARTS [3873]
		IRS NUMBER:				752018505
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19848
		FILM NUMBER:		12785773

	BUSINESS ADDRESS:	
		STREET 1:		901 S CENTRAL EXPRESSWAY
		CITY:			RICHARDSON
		STATE:			TX
		ZIP:			75080
		BUSINESS PHONE:		9722342525

	MAIL ADDRESS:	
		STREET 1:		901 S CENTRAL EXPRESSWAY
		CITY:			RICHARDSON
		STATE:			TX
		ZIP:			75080

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CALVERT SOCIAL INDEX SERIES INC
		CENTRAL INDEX KEY:			0001105446
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		4550 MONTGOMERY AVE
		STREET 2:		STE 1000N
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		3019514881

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CALVERT 2000 SERIES INC
		DATE OF NAME CHANGE:	20000207
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>csispx14a6gfiled042712.htm
<TEXT>

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   <TITLE>csispx14a6gfiled042712.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<p style="margin:0pt;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:22.0pt;">FORM PX14A6G</font></p>

<p style="margin:0pt;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:22.0pt;">&nbsp;</font></p>

<p style="margin:0pt;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:22.0pt;">FOSSIL, INC. &#8211;
FOSL</font></p>

<p style="margin:0pt;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:22.0pt;">&nbsp;</font></p>

<p style="margin:0pt;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:16.0pt;">Filed:&#160; April 27,
2012</font></p>

<p style="margin:0pt;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:16.0pt;">&nbsp;</font></p>

<p style="margin:0pt;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:16.0pt;">Notice of Exempt
Solicitation. Definitive Materials.</font></p>




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

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

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

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

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

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<P style="TEXT-INDENT: -13.5pt; MARGIN: 0pt 0pt 0pt 13.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">1. Name of Registrant: </FONT></P>

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

<P style="MARGIN: 0pt 0pt 0pt 13.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Fossil, Inc.</FONT></P>

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

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

<P style="TEXT-INDENT: -13.5pt; MARGIN: 0pt 0pt 0pt 13.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">2. Name of person(s) relying on exemption: </FONT></P>

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

<P style="MARGIN: 0pt 0pt 0pt 13.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Calvert Social Index Fund, a series of Calvert Social Index Series, Inc., acting through Calvert Investment Management, Inc.<BR><BR><BR></FONT></P>

<P style="TEXT-INDENT: -13.5pt; MARGIN: 0pt 0pt 0pt 13.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">3. Address of person(s) relying on Exemption: </FONT></P>

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

<P style="MARGIN: 0pt 0pt 0pt 13.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">4550 Montgomery Avenue, Suite 1000N, Bethesda, MD 20814 </FONT></P>

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

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

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

<P style="MARGIN: 0pt"><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 2012 Annual Meeting.&nbsp;</FONT></P>

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">IMPORTANT PROXY VOTING MATERIAL </FONT></B></P>

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

<P style="MARGIN: 0pt 0pt 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>MEMO</FONT></B></P>

<P style="TEXT-INDENT: -72pt; MARGIN: 0pt 0pt 0pt 72pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>Subject:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grounds for a YES vote on Fossil, Inc. Resolution #4 requesting that the company disclose information about supply chain environmental risks&nbsp; </FONT></P>

<P style="TEXT-INDENT: -72pt; MARGIN: 0pt 0pt 0pt 72pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-INDENT: -72pt; MARGIN: 0pt 0pt 0pt 72pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>Date:&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2012</FONT></P>

<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond></FONT>&nbsp;</P>

<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>Contact: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jules Frieder, Calvert Investment Management, Inc.</FONT></P>

<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301-961-4753&nbsp; </FONT><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=blue face=garamond>Jules.Frieder@calvert.com&nbsp;</FONT></U></P>

<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lead filer:&nbsp; Calvert Investment Management, Inc. </FONT></P>

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<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 14pt" lang=EN-US face=garamond></FONT>&nbsp;</P>

<P style="MARGIN: 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 14pt" lang=EN-US face=garamond>Fossil, Inc. shareholders are encouraged to vote &#8220;FOR&#8221; the common sense resolution that requests the Board of Directors to prepare a report about the company&#8217;s supply chain environmental standards.&nbsp;&nbsp;&nbsp; </FONT></B></P>

<P style="MARGIN: 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond></FONT></B>&nbsp;</P>

<P style="MARGIN: 0pt 0pt 0pt 36pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>In the proposal, shareholders explicitly request the company to: </FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0pt 0pt 10pt 72pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>address risks associated with water scarcity and pollution </FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0pt 0pt 10pt 72pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>prepare a report at reasonable cost and omitting propriety information&nbsp; </FONT></P>

<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond></FONT>&nbsp;</P>

<P style="MARGIN: 0pt"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>Background on proposal</FONT></U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>:&nbsp; &nbsp;</FONT></P>

<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond></FONT>&nbsp;</P>

<P style="MARGIN: 0pt 0pt 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>The steady increase in population and water demand, coupled with the effects of worsening water quality and climate change, makes fresh water scarcity a global problem.&nbsp; Apparel companies that rely on cotton, leather, and other agricultural inputs are among the companies that face the greatest risk.&nbsp; Water shortages can cause production shortfalls, price volatility, higher energy costs, regulatory action and competition.&nbsp;&nbsp; </FONT></P>

<P style="MARGIN: 0pt 0pt 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>As a global company, Fossil&#8217;s supply chains employ energy-intensive processes and create significant water demands and detrimental effects, particularly in leather tanning and finishing.&nbsp; Producing leather goods such as belts, shoes, handbags and gloves is a water intensive process.&nbsp; According to the World Wildlife Fund, on average it takes over 2100 gallons of water to make one pair of leather shoes.</FONT>
<A href="#_edn1" name=_ednref1><SUP><SUP><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=blue face=garamond>[i]</FONT></U></SUP></SUP></A></P>

<P style="MARGIN: 0pt 0pt 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>Understanding, managing and disclosing information about these supply chain risks is precisely what our proposal is about.&nbsp; By understanding water risk in its supply chain and strengthening environmental commitments, Fossil will be better equipped for sustainable growth.&nbsp; </FONT></P>

<P style="MARGIN: 0pt"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>Rationale for a &#8220;FOR&#8221; vote</FONT></U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>: &nbsp;</FONT></P>

<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0pt 0pt 10pt 18pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>1.</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>Fossil lags industry peers with regard to sustainability policies, programs and performance.&nbsp;&nbsp; </FONT></P>

<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond></FONT>&nbsp;</P>

<P style="MARGIN: 0pt 0pt 0pt 18pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>Leading companies in apparel and accessories publish sustainability policies and reports that describe vendor standards and sustainable business practices. They gather and disclose information about key environmental impacts throughout the value chain of their products.&nbsp; Nine West, Adidas, Clarks, Dr. Martens, Deckers, K-Swiss, New Balance, Nike, Puma, Timberland, Wolverine all participate in the Leather Working Group (LWG), a multi-stakeholder initiative that maintains an environmental auditing protocol and promotes sustainable business practices among companies that produce leather and leather goods.</FONT>
<A href="#_edn2" name=_ednref2><SUP><SUP><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=blue face=garamond>[ii]</FONT></U></SUP></SUP></A><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>&nbsp; &nbsp;</FONT></P>

<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond></FONT>&nbsp;</P>

<P style="MARGIN: 0pt 0pt 0pt 18pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>In 2010, Nike committed to have all leather suppliers join LWG and actively worked with their suppliers toward that goal.&nbsp; Nike also took a leading role in developing the auditing protocol to strengthen the voluntary program.&nbsp; Timberland was a founding member of LWG and has continued to work closely with tanners to reduce environmental impacts.&nbsp; H&amp;M is working to educate farmers and promote more sustainable farming practices.&nbsp;&nbsp; </FONT></P></DIV>

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<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond></FONT>&nbsp;</P>

<P style="MARGIN: 0pt 0pt 0pt 18pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>While leather goods are a growing segment in Fossil&#8217;s product line up, the company is not a member of the LWG and does not disclose information about an alternative supplier environmental audit program.&nbsp; Furthermore, Fossil does not disclose corporate environmental policies, nor does Fossil communicate to stakeholders and shareholders important information about long-term sustainability performance such as water and energy use and pollution reduction strategies related to the production of leather goods.&nbsp;&nbsp; </FONT></P>

<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0pt 0pt 10pt 18pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>2.</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>Fossil does not seem to understand the strategic significance of water risk and pollution in the supply chain&nbsp; </FONT></P>

<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond></FONT>&nbsp;</P>

<P style="MARGIN: 0pt 0pt 0pt 18pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>Leather tanning and finishing are polluting processes that use and discharge heavy metals, chemicals, organic matter, salts and acids.&nbsp;&nbsp; Untreated effluent is a serious problem in developing countries where leather production is growing.&nbsp; With suppliers located throughout the world, Fossil is well positioned to work with third party manufactures to improve sustainability practices and disclosure.&nbsp;&nbsp; In addition, the business risks associated with water scarcity and declining water quality are likely to be worsened by climate change in certain regions.&nbsp; It is imperative that Fossil address these long-term business risks.&nbsp; </FONT></P>

<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond></FONT>&nbsp;</P>

<P style="MARGIN: 0pt 0pt 0pt 18pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>Fossil challenged Calvert&#8217;s proposal with the SEC arguing that the proposal inappropriately infringes upon fundamental management tasks.&nbsp; The SEC ruled on March 5, 2012 that, &#8220;the proposal focuses primarily on the environmental impacts of Fossil&#8217;s operations and does not seek to micromanage the company to such a degree that exclusion of the proposal would be appropriate.</FONT>
<A href="#_edn3" name=_ednref3><SUP><SUP><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=blue face=garamond>[iii]</FONT></U></SUP></SUP></A><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond> &nbsp;</FONT></P>

<P style="MARGIN: 0pt 0pt 0pt 36pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond></FONT>&nbsp;</P>

<P style="MARGIN: 0pt 0pt 0pt 18pt"><FONT style="LINE-HEIGHT: 115%; FONT-FAMILY: Garamond; FONT-SIZE: 12pt" lang=EN-US>The company claims that describing supply chain risk is not of interest to stakeholders. </FONT><FONT style="FONT-FAMILY: Garamond">
<A href="#_edn4" name=_ednref4><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=blue><SUP>[iv]</SUP></FONT></U></A><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US>&nbsp; In fact, investors are extremely concerned about matters that present long term risk to companies they own.&nbsp; According to the Carbon Disclosure Project Global Report 2011, on behalf of </FONT><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US>354&nbsp;</FONT></U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US> investors with $</FONT><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US>43 trillion</FONT></U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US> in assets under management: </FONT></FONT></P>

<P style="MARGIN: 0pt 0pt 0pt 36pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond></FONT>&nbsp;</P>

<P style="MARGIN: 0pt 0pt 0pt 72pt"><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>The advantage of understanding water&#8217;s importance is certainly tangible for the world&#8217;s clothing companies. Many struggled this year as floods and droughts in the world&#8217;s major cotton growing regions coupled with a surge in demand from Asia drove prices on the New York Cotton Exchange from 86 to 230 cents per pound in the year to March 2011.</FONT></I>
<A href="#_edn5" name=_ednref5><SUP><SUP><B><I><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=blue face=garamond>[v]</FONT></U></I></B></SUP></SUP></A><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>&nbsp;&nbsp;&nbsp; &nbsp;</FONT></I></P>

<P style="MARGIN: 0pt 0pt 0pt 36pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond></FONT>&nbsp;</P>

<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>Results from the Carbon Disclosure Project Survey of 500 global companies, show that the majority of respondents (59%) found water to be a substantial risk factor.&nbsp; Over one third of respondents reported that they have experienced water-related impacts to their business with associated costs up to $200 million.</FONT>
<A href="#_edn6" name=_ednref6><SUP><SUP><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=blue face=garamond>[vi]</FONT></U></SUP></SUP></A><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>&nbsp; &nbsp;</FONT></P>

<P style="MARGIN: 0pt 0pt 0pt 36pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond></FONT>&nbsp;</P>

<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-FAMILY: Garamond; FONT-SIZE: 12pt" lang=EN-US>The company maintains that it has a corporate Code of Conduct for Manufacturers that sets forth corporate responsibility requirements for suppliers.</FONT><FONT style="FONT-FAMILY: Garamond">
<A href="#_edn7" name=_ednref7><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=blue><SUP>[vii]</SUP></FONT></U></A><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US> We respect that Fossil sets out expectations to protect human rights but nowhere in the publicly disclosed information is there any discussion of supply chain environmental risk&nbsp;&nbsp; It is our belief, that Fossil is missing significant opportunities for </FONT></FONT>

<FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>value creation, brand enhancement and risk mitigation by refusing to undertake the request our proposal makes.&nbsp;&nbsp; </FONT></P></DIV>

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<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>Sustainability expert, Yvo de Boer, KPMG&#8217;s special global adviser on Climate Change, contends there are global sustainability megaforces at work - including water and resource availability &#8211; that are likely to add to business complexity in the coming decades.&nbsp; In a press release for the launch of KPMG&#8217;s February 2012 report, Expect the Unexpected:&nbsp; Building Business Value in a Changing World, de Boer stated: </FONT></P>

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<P style="MARGIN: 0pt 0pt 0pt 36pt"><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>Without action and strategic planning, risks will multiply and opportunities will be lost. Corporations are recognizing that there is value and opportunity in responsibility beyond the next quarter&#8217;s results, that what is good for people and the planet can also be good for the long-term bottom line and shareholder value.&#8221;</FONT></I> <FONT style="FONT-FAMILY: Garamond"></FONT>
<A href="#_edn8" name=_ednref8><SUP><SUP><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=blue><FONT style="FONT-FAMILY: Garamond"><EM>[viii]</EM></FONT></FONT></B></SUP></SUP></A><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond><EM> &nbsp;</EM></FONT></P>

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<P style="MARGIN: 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face=garamond>It is time for Fossil to assess, manage and disclose information about supply chain environmental risk.&nbsp; THEREFORE, please vote FOR this common-sense proposal for improved environmental performance, transparency and success of Fossil Inc&#8217;s long-term operations. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><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) OR ANY REGISTERED INVESTMENT COMPANY THAT HAS RETAINED CIM AS ITS INVESTMENT ADVISER (EACH A CALVERT FUND). </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">PLEASE DO NOT SEND YOUR PROXY TO CIM OR ANY CALVERT FUND.&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 AND/OR CERTAIN CALVERT FUNDS.</FONT></B></P>

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<P style="MARGIN: 0pt"><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">Fossil Proposal #4 regarding supply chain environmental risks, </FONT></I></B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">please contact Jules Frieder, Calvert Investment Management, Inc., 301-961-4753, Jules.Frieder@calvert.com</FONT></I></P>

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<A href="#_ednref1" name=_edn1><FONT style="VERTICAL-ALIGN: super"><FONT style="VERTICAL-ALIGN: super"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face="times new roman">[i]</FONT></U></FONT></FONT></A><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> http://wwf.panda.org/what_we_do/footprint/water/</FONT></P></DIV>

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<P style="MARGIN: 0pt">
<A href="#_ednref2" name=_edn2><FONT style="VERTICAL-ALIGN: super"><FONT style="VERTICAL-ALIGN: super"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face="times new roman">[ii]</FONT></U></FONT></FONT></A><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> http://www.leatherworkinggroup.com/lwg-members.htm</FONT></P></DIV>

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<P style="MARGIN: 0pt">
<A href="#_ednref3" name=_edn3><FONT style="VERTICAL-ALIGN: super"><FONT style="VERTICAL-ALIGN: super"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face="times new roman">[iii]</FONT></U></FONT></FONT></A><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Written correspondence from Ted Yu, Senior Special Counsel, US SEC Division of Corporate Finance to Randy Hyne, Fossil Inc., March 5, 2012</FONT></P></DIV>

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<P style="MARGIN: 0pt">
<A href="#_ednref4" name=_edn4><FONT style="VERTICAL-ALIGN: super"><FONT style="VERTICAL-ALIGN: super"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face="times new roman">[iv]</FONT></U></FONT></FONT></A><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Fossil Board of Directors draft Statement of Opposition to Calvert Proposal on Supply Chain Risk, March 22, 2012</FONT></P></DIV>

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<P style="MARGIN: 0pt">
<A href="#_ednref5" name=_edn5><FONT style="VERTICAL-ALIGN: super"><FONT style="VERTICAL-ALIGN: super"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face="times new roman">[v]</FONT></U></FONT></FONT></A><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> https://www.cdproject.net/CDPResults/CDP-Water-Disclosure-Global-Report-2011.pdf</FONT></P></DIV>

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<P style="MARGIN: 0pt">
<A href="#_ednref6" name=_edn6><FONT style="VERTICAL-ALIGN: super"><FONT style="VERTICAL-ALIGN: super"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face="times new roman">[vi]</FONT></U></FONT></FONT></A><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> https://www.cdproject.net/CDPResults/CDP-Water-Disclosure-Global-Report-2011.pdf</FONT></P></DIV>

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<P style="MARGIN: 0pt">
<A href="#_ednref7" name=_edn7><FONT style="VERTICAL-ALIGN: super"><FONT style="VERTICAL-ALIGN: super"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face="times new roman">[vii]</FONT></U></FONT></FONT></A><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Fossil Board of Directors draft Statement of Opposition to Calvert Proposal on Supply Chain Risk, March 22, 2012</FONT></P></DIV>

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<P style="MARGIN: 0pt">
<A href="#_ednref8" name=_edn8><FONT style="VERTICAL-ALIGN: super"><FONT style="VERTICAL-ALIGN: super"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face="times new roman">[viii]</FONT></U></FONT></FONT></A><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Expect the Unexpected: Building Business Value in a Changing World, Feb 2012</FONT></P></DIV></DIV></DIV>

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