2017

Citizenship
ReportEXECUTIVE SUMMARY

2 • The Procter & Gamble Company

The Procter & Gamble Company • 3

Dear
Stakeholders,I’m pleased to share our 2017 Citizenship
Report, which details how P&G’s Citizenshipefforts are built into the way we deliver
our business results. This report provides aholistic view of how P&G’s Citizenship work
comes together — across brands, employees,
operations and business partners — to makemeaningful differences in people’s lives
around the world.
Every day, we work to be a force for good
and a force for growth. Our aspiration is
to positively impact all our stakeholders ineach area of our Citizenship work: Ethics &Corporate Responsibility, Community Impact,
Diversity & Inclusion, Gender Equality andEnvironmental Sustainability.

Ethics & Corporate
Responsibility

Community
ImpactDiversity& Inclusion

P&G has been a leader in environmental sustainability for
decades and continues to make strong progress — meeting our2020 energy, transportation, waste and water goals ahead ofschedule. We’re committed to continuing to innovate in theseareas. For example, we partnered with TerraCycle and SUEZ
to bring to market in France the first-ever recyclable shampoo
bottle made from beach plastic. And we recently created a newpartnership with Innventure called PureCycle, the basis of which is a
new-to-the-world technology that has the potential to revolutionize
the plastics recycling industry. This technology purifies recycled
polypropylene plastic back to a virgin-like form and can open up
billions of pounds of plastic material to meet an unmet demand forlike-new recycled plastic — something that was not possible before.
P&G makes an impact in communities around the world throughour people, brands and partners by delivering the comforts ofhome, health and hygiene. We do this with programs like Tide
Loads of Hope, which provides laundry services to those affectedby disaster; P&G Children’s Safe Drinking Water Program, whichhas provided more than 12 billion liters of clean drinking waterin communities around the world; and our Pampers UNICEF
campaign, which has helped eliminate maternal and newborn
tetanus in 20 countries — more than halfway to our goal ofeliminating neonatal tetanus from the world.
We treat all employees with respect and encourage them tobring their full selves to work, knowing that fully leveraging ourdiversity elevates our collective thinking and improves our ability
to win. To accelerate our progress in diversity and inclusion, we
recently joined 300 other companies to form the CEO Action
for Diversity & Inclusion. This initiative focuses on three key
areas: creating a trusting workplace environment for dialogue,
understanding unconscious bias, and sharing best — as well as
unsuccessful — practices to learn from. This is important not
only for P&G and the other members of the coalition, but also
for our society. By creating an environment where diverse
people can come together and offer their best thinking, ideas
and performance, more ideas for growth are realized. As atestimony to this effort, we received a perfect score on the
Human Rights Campaign Foundation’s Corporate Equality
Index for the fourth consecutive year.

GenderEquality

Environmental
Sustainability

We aspire to build a better world for all of us — inside and outsideof P&G — free from gender bias and with equal voice and equal
representation for women and men. As the world’s biggest
advertiser, we can spark conversations that motivate changesuch as with our Ariel #SharetheLoad, SK-II #ChangeDestiny andAlways #LikeAGirl campaigns. In addition, this year, in conjunction
with International Women’s Day, we launched our #WeSeeEqual
video, which has been widely recognized for the inclusive way
it promotes equality.
P&G’s commitment to Citizenship is supported by our Purpose,
Values and Principles. They are the foundation on which thisCompany was built, and they have been our guiding force
for 180 years.
I want to acknowledge and thank P&G’s many valued partners —businesses, NGOs and governments across the globe. In addition,
our efforts align with the United Nations Sustainable Development
Goals, which are focused on ending extreme poverty, fighting
inequality and injustice, and tackling climate change.
We’re proud of what we’ve accomplished, but we know there
is more to do to continue to make progress in each area. Thisis important work. Consumers care about the company behindthe brands they purchase and use. They want to know that the
products they are buying come from a trusted source. We’reworking to build on that trust every single day, and we’ll do it
within our Purpose, Values and Principles. We’ll always do it
the right way, with integrity and with competitive passion.
That’s P&G at our best.

David S. Taylor
Chairman of the Board,
President and Chief Executive Officer

4 • The Procter & Gamble Company

We operate within the spirit and letter of the law, maintaining
high ethical standards wherever we conduct business. We believethat good governance practices contribute to better results
for shareholders. We maintain governance principles, policies
and practices that support management accountability. These
are in the best interest of the Company, our shareholders andall stakeholders, and they are consistent with the Company’s
Purpose, Values and Principles.

CO

NSUME RS

BR

A

N

D

S

OP

Integrity
Leadership
Ownership
Passion for Winning
Trust

LE

OUR VALUES

P&G

We define this as improving transparency,
building collaborative partnerships,
respecting human and labor rights, andsourcing responsibly. This influences all
we do, and we take this responsibility
seriously. Our philosophy is that areputation of trust and integrity is built
over time, earned every day and is whatsets us apart.

Our Purpose, Values and Principles are the foundation of who
we are. Our Purpose is to improve consumers’ lives in small but
meaningful ways, and it inspires P&G people to make a positive
contribution every day. Our Values of Integrity, Leadership,
Ownership, Passion for Winning, and Trust shape how we workwith each other and with our partners. And our Principles
articulate P&G’s unique approach to conducting work every day.

PE

At P&G, we serve nearly 5 billion people
around the world with our brands. We
have operations in nearly 70 countries
and have one of the strongest portfoliosof trusted, quality and leadership brands.
As we serve the world’s consumers, we
believe in and have publicly committed
to doing what’s right and being a good
corporate citizen.

G

Ethics & Corporate
Responsibility

The Procter & Gamble Company • 5P&6 • The Procter & Gamble Company

Community Impact

The Procter & Gamble Company • 7

Our brands are part of everyday life.
We’re there with people when they
wash their hair, clean their clothes,
diaper their babies, and care for theirhomes. We’re also there in times ofgreater need — when our products
and our help matter more than ever.
We focus our efforts where we canuniquely add value — health and hygieneand comforts of home. These arejust a few examples of our workin communities around the globe.
BRINGING THE POWER OF CLEAN WATER
TO FAMILIES AROUND THE WORLD
Now in its 13th year, the P&G Children’s Safe Drinking Water(CSDW) Program continues to make a meaningful difference by
providing clean water to communities in rural areas and during
emergency situations. When families are forced to drink waterfrom contaminated sources, the impact to daily life is significant.
Health suffers, children miss school, and families struggle to earnstable incomes. Working with more than 150 global partners,
we are contributing to the worldwide effort to achieve UN
Sustainable Development Goal #6 — clean water and sanitation
for all. We have delivered more than 12 billion liters of cleanwater and are on our way to our goal of 15 billion by 2020.
The life-changing technology, invented by a P&G scientist, packs
the power of a water treatment plant in a four-gram packet.
With just a bucket, a spoon, a cloth and a P&G Purifier of Water
packet, a family can clean 10 liters of water in only 30 minutes.

P&G has delivered more than

12 billion
litersof clean water.

IMPROVING LIVES IN TIMES OF NEEDP&G provided product donations and services in response to
more than 20 disasters globally, and helped millions of people
through our disaster relief programs, working in collaboration
with numerous disaster relief partner organizations. Brands suchas Always, Gillette, Head & Shoulders, Oral-B, Pantene, Pampers,
Vicks and many others donated thousands of products to thosein need around the world. We provided disaster relief grants topartners on the ground to help bring some of the comforts ofhome to those impacted by natural disasters.

We’ve responded to more than

20 global
disasterswith product donations
and services this year.

The Procter & Gamble Company • 9With our Children’s
Safe Drinking Water Program,
we are on our way to providing

15 billion litersof clean water by 2020.

BIG IMPACTS COME IN SMALL SIZESCOMING TOGETHER IN THE COMMUNITY

Pampers believes that when babies enter the world, they
deserve to feel love at first touch. This is why P&G has partneredwith Neonatal Intensive Care Unit (NICU) nurses to design andintroduce the new Pampers Preemie Swaddlers Size P-3 diaper,
which is three sizes smaller than newborn diapers. It is designed
to fit the tiniest and most vulnerable premature babies, who
can weigh as little as one pound, wrapping them in Pampers’
most trusted comfort and protection. Moreover, in honor ofWorld Prematurity Day, Pampers went on Facebook, Twitter andInstagram with its #TouchesOfLove campaign and donated morethan $100,000 to March of Dimes.

P&G has introduced a first-of-its-kind community Centre, locatedin the poverty-stricken region of Kibera, Nairobi in Kenya.
Together with our NGO partner, Human Needs Project, P&G
is pioneering innovative ways to make sustainable lifestyles
irresistible and affordable, even in such a stressed environment.
It is a life-transformational 1-stop-shop providing much-needed,
pay-per-use services such as laundry, sanitation and hygiene to thechallenged community. Since it opened in March 2015, the Centre
has served more than 230,000 people with an estimated 750transactions every day, helping to improve the quality of life forthose in need in Kibera.

Pampers Preemie Swaddlers
Size P-3 is designed to fit thetiniest and most vulnerable
premature babies, who canweigh as little as one pound.

P&G has introduced a community
Centre in Kenya, providing basic
sanitation and empowerment
through pay-per-use services.

HELPING HAND IN THE REFUGEE CRISISA GREATER GOOD

In Turkey, we donated more than 300,000 P&G products
to help touch and improve lives of people needing assistance,
including thousands of Syrian refugees. The Turkish Red Crescentacknowledged the contributions with two gold medals. The
Turkish President hosted the ceremony recognizing P&G, and theMinister of Family and Social Policies presented the awards. We
are privileged to be part of the solution, through a long-term
partnership with the Turkish Red Crescent.

In line with the P&G Citizenship goal to bring comforts of hometo those who need them the most, P&G Italy, in partnershipwith the Office of Papal Charities and the Whirlpool Corporation,
led the creation of a free laundry service for homeless anddisadvantaged people in Rome. P&G supplies Dash and Lenor
fabric care products, and Whirlpool donated washing machines,
dryers and irons. P&G Italy first partnered with the Office of Papal
Charities in 2015 when we began supplying razors and shaving
cream to the facilities in St. Peter’s Square established by PopeFrancis that offer free showers, haircuts and shaves to Rome’s
homeless population.

P&G supplies Dash andLenor fabric care products
for a free laundry service forhomeless and disadvantaged
people in Rome.

10 • The Procter & Gamble Company

Diversity & Inclusion

The Procter & Gamble Company • 11

P&G is a company that believes indiversity and inclusion. With over 145
nationalities represented in our workforce,
our own diversity helps us reflect and win
with the consumers we serve around theworld. The more we understand people,
their needs and challenges, the better we
can delight them with our products andservices. And while diversity is essential
in all we do, we believe inclusion changes
the game. Every day we strive to get
the full value of our diversity throughinclusion — fostering an environment
where P&G people can be their best,full and authentic selves in the workplace.
But our job doesn’t end there — our belief
and commitment extends beyond P&G’s
walls. We are driving action on the worldstage to make a meaningful difference,
and we care deeply about our impact,
always striving to make the world alittle bit better through our actions.
BUILDING INCLUSION AS A
BUSINESS AND CULTURAL STRATEGY
P&G’s commitment to an inclusive culture is broad and deep.
We are continually improving our culture through policies, training
and employee support systems to meet the needs of our changing
workforce. We are committed to achieving 50-50 representationof women and men in all parts of our Company and stepping up
for our African Ancestry employees. To enable P&G people to be
and give their best, we continue to innovate in the area of global
parental leave and employee flexibility. All of this underscores ourdesire to make a difference around the world. We know that when
we get inclusion right, we are more able to reach our full potential.

We are committed to achieving
50-50 representation of womenand men in all parts of our company.

CREATING VALUE THROUGH DIVERSITY
AND INCLUSION
Our 2017 P&G Diversity & Inclusion Award winners are helping
P&G to win through better business, organizational andcommunity-improving results. The link to diversity and inclusion
comes through the commitment of these teams and individuals
who think differently and challenge themselves and others totake initiative, embrace change and tackle challenges throughdiverse vantage points and teams. From product innovation
for women of African Ancestry, to creating opportunity forpeople with disabilities, to advancing LGBT inclusion, to driving
economic empowerment for women, to winning locally withproducts and messages that resonate with consumers, we areinnovating for growth across our business through our diversity
and inclusion efforts.

12 • The Procter & Gamble Company

ENCOURAGING DIALOGUE AND ACTION
In June 2017, P&G joined 300 other companies through the CEO
Action for Diversity & Inclusion, the largest CEO-driven business
commitment to advance diversity and inclusion in the workplace
signed by more than 270 CEOs. The power of this commitment isthe bias towards action: seeing something, saying something andthen doing something about it. Diversity is about making sure wehave the right mix of talent. Inclusion is about using that diversity
to make us all stronger. It takes both. P&G is taking deliberate
steps inside and outside the Company to create a trusting
workplace environment for dialogue, understand unconscious
bias, and share best practices.

BRINGING OUT OUR BEST EVERYDAY
At P&G, we believe diversity and inclusion comes down to theeveryday choices and actions of every individual. When we unite
to bring out the best in each other, and when we invest in ourcommunities, we have the power to be unstoppable. In 2017, ourPeople with Disabilities and Veterans Affinity Teams, in partnershipwith the Department of Veterans Affairs and Paralyzed Veteransof America, co-presented the 37th National Veterans Wheelchair
Games in Cincinnati, Ohio. More than 550 veterans competed inthis event, empowering veterans with spinal cord injuries, multiple
sclerosis, amputations and other neurological injuries to live more
active and healthy lives through wheelchair sports and recreation.

Photo Credit: Paralyzed Veterans of America

Inclusion is about using
diversity to makeus all stronger.

14 • The Procter & Gamble Company

The Procter & Gamble Company • 15

Gender Equality

We aspire to build a better world for allof us — inside and outside of P&G — freefrom gender bias and with an equal voice
and equal representation for women andmen. A world where everyone sees equal.
This focus makes sense for P&G, as manyof our products are made uniquely for
women and girls. We have deep insights
into their lives, their challenges andtheir aspirations.

To create a world where everyone sees equal, we are focusing
on three areas where we can have the greatest impact:•	Leveraging our voice in advertising and media to tackle
gender bias;•	Removing gender-biased barriers to education for girls
and economic opportunities for women through our brandand corporate programs and policy advocacy efforts; and•	Creating an inclusive environment for our employees with
50-50 representation of women and men.
In all of these areas, we partner with highly engaged
organizations that share our commitment and where wecan combine our resources, talents and skills to have abroader and bigger impact.

The #WeSeeEqual video has been
seen millions of times in more than180 countries.

#WeSeeEqual
INSPIRING A NEW EXPECTATIONWITH #WeSeeEqual
We believe that when we make gender bias visible and bringawareness to it, we have the power to motivate change.
We launched #WeSeeEqual in March 2017 to inspire a new
expectation and re-set the outdated narrative that has been inplace for far too long. The video has been viewed millions oftimes in more than 180 countries and was named one of the mostinclusive ads of 2017 by the Association of National Advertisers.

The Procter & Gamble Company • 17

REMOVING BARRIERS TO EDUCATIONAND ECONOMIC OPPORTUNITIESP&G has more than

$1 billionof spending withwomen-owned businesses
in the United States.
LEVERAGING OUR VOICE IN ADVERTISING
AND MEDIA
P&G’s brands — including Always, Ariel, Dawn, Fairy, Luvs,
Pantene, Secret, SK-II, Tide and others — continued to deliver
campaigns that break down stereotypes and start conversations
that motivate change.

We’re helping to ensure access to education for girls andeconomic opportunities for women through our public policy
advocacy efforts as well as our brand and corporate programs.
Our Supplier Diversity program, which has been operating in
the United States for more than 40 years, is a great example.
This program is focused on awarding purchasing contracts towomen- and minority-owned businesses — including military
veterans, people with disabilities and LGBT business owners.
We have more than $1 billion of spending with women-owned
businesses in the United States. With recent expansion into China,
Mexico, Nigeria, South Africa and Turkey, the program is now
in place in each of the five regions where P&G does business,with expansion into additional countries planned soon.

Some of the ads tackle important issues like girls’ confidence,
while others break down stereotypes and set new expectations
by portraying characters in a gender-equal setting. The campaigns,
told in each brand’s unique voice in a way that connects with
consumers, build the business and contribute to a better world.
We’ve joined forces with other companies, including competitors,
to collaborate for good. We’ve committed to support:•	The Association of National Advertisers (ANA) #SeeHer
movement to reflect accurate portrayals of women and girls
in advertising and media; and•	The UN Women-led Unstereotype Alliance, a group of about
20 companies around the world focused on addressing andeliminating stereotypes in advertising. (UN Women is theUnited Nations entity that champions gender equality andthe empowerment of women worldwide.)

P&G’s brands continue to deliver
campaigns that break down
stereotypes and start conversations
that motivate change.

CREATING AN INCLUSIVE ENVIRONMENTWITHIN P&G
We are committed to achieving 50-50 representation in all partsof our company and ensuring an inclusive environment where
everyone — men and women — can contribute to their full potential.
Our commitment extends beyond the walls of P&G. We area founding partner of Catalyst CEO Champions For Change,
an initiative that brings together more than 50 global CEOsand senior leaders who are visibly
supportive of diversity andinclusion by driving it in theirorganizations.

18 • The Procter & Gamble Company

Environmental Sustainability

The Procter & Gamble Company • 19

Environmental Sustainability is not
something new at P&G. We have been
incorporating it into our way of doing
business for decades. We see it as our
responsibility, as well as a business
opportunity, and want to ensure no one
has to choose between the products
they use and enjoy today and what they
hope to preserve for tomorrow.
FULL STEAM AHEAD
A unique initiative that has come to fruition after years of planningis our highly efficient combined heat and power biomass facility
in Albany, Georgia. This site produces 100% of the steam anda significant portion of the total energy used to make Bounty
and Charmin at P&G’s Albany manufacturing plant. This biomass
project, along with our windfarm in Texas, will nearly double ouruse of renewable energy, getting us two-thirds of the way to our2020 goal of 30%. Instead of using natural gas to make the hot air
and steam, we produce our own renewable energy through therepurposing of scrap wood, leftover tree tops and limbs, peanut
shells and other locally abundant products that would otherwise
be discarded. The $200 million+ co-located facility is owned andoperated by Constellation, and is another example of how we areusing innovative partnerships to help reach our sustainability goals.

Renewable biomass produces 100%of the steam and a significant portionof the total energy used to make
Bounty and Charmin in Albany, GA.

Photo Credit: Constellation

FINDING VALUE IN WASTE
P&G has committed that all our manufacturing sites will send
ZERO manufacturing waste to landfill by 2020. This requires
working with local partners on circular approaches, finding abeneficial use for more than 640,000 metric tons of waste(the weight of nearly 350,000 mid-size cars). Currently, more than
70% of our sites have achieved this status by eliminating or finding
alternative uses for waste. This includes all of our manufacturing
sites in two of our largest markets, China and India, for a total of
23 countries. In addition, our Always and Tampax Feminine Carebusiness unit was the first business to reach zero manufacturing
waste to landfill across all their manufacturing sites. And as an
added benefit, it saves money — more than $1.9 billion since
the program began in 2007.

P&G has committed that all
our manufacturing sites will
send ZERO manufacturing
waste to landfill by 2020.

20 • The Procter & Gamble Company

REVOLUTIONIZING THE PLASTICSRECYCLING INDUSTRY
P&G has been using recycled plastic in our packaging since thelate 1980s, but our use of recycled polypropylene (PP) has been
limited due to a lack of availability of high-quality material.
We needed a solution, so one of our scientists invented atechnology to remove the color, odor and contaminants fromrecycled PP. We are scaling up this innovation with PureCycle
Technologies and look for it to unlock the potential for billionsof pounds of high-quality recycled polypropylene to replace
virgin materials for P&G and many other companies.

“This technology has the capacity to revolutionize
the plastics recycling industry by enabling P&G,
HEAD AND SHOULDERS ABOVE THE REST
Head & Shoulders, the world’s #1 shampoo brand, partneredwith TerraCycle and SUEZ to pioneer the world’s first recyclable
shampoo bottle made with beach plastic. The bottles, available
in Carrefour retail stores in France, hit shelves this summer.
In addition, we have a goal to have 99% of all hair care bottles
sold in Europe converted to include 25% post-consumer recycledcontent by the end of 2018, giving consumers yet another way
to make more sustainable choices.

Head & Shoulders partnered withTerraCycle and SUEZ to pioneer
the world’s first recyclable shampoo
bottle made with beach plastic.

AND THE WINNER IS …
P&G was recognized as an Organizational Leader in the 2017
Climate Leadership Awards. Sponsored by the US Environmental
Protection Agency (EPA), the Center for Climate and Energy
Solutions, and The Climate Registry, the award recognizes P&G’s
active leadership within industry to address climate change
and reduce our greenhouse gas emissions. We are proud to berecognized by the EPA for our efforts to not only reduce ourgreenhouse gas footprint but also that of our consumers.

and companies around the world, to tap into
sources of recycled plastics that deliver nearly
identical performance and properties as virginmaterials in a broad range of applications.”— Kathy Fish, P&G Chief Technology Officer

WATER AWARENESS GUIDING ACTION
P&G celebrates its five-year anniversary partnering with theWorld Resources Institute (WRI) on water. Over the course of thepartnership, we have worked with experts from WRI’s Aqueduct
Project to develop a detailed water risk assessment process forour manufacturing sites, supplier locations and key countries.
This approach enables us to highlight opportunity areas and focus
our resources where they can have the largest impact, such as
our Bounty and Charmin plant in Oxnard, California. This facility
implemented five distinct conservation projects to deliver a 28%
reduction in freshwater usage, setting new site and category
records for low levels of water consumption. As a result, theAmerican Forest & Paper Association (AF&PA) presented P&G with
their 2016 Sustainability Award for Water in recognition of theseadvances. We are also making it possible for consumers to reduce
their water footprint with products like Tide HE Turbo, which helps
to eliminate extra rinse time and water usage in high-efficiency
washing machines while providing a fantastic clean.

The American Forest & Paper
Association presented P&G with their2016 Sustainability Award for Water.

We are innovating withto transform the recycling industry
by meeting the unmet demand forvirgin-like recycled polypropylene
for P&G and other companies.

22 • The Procter & Gamble Company

The Procter & Gamble Company • 23

Long-Term Environmental Vision
Powering all our plants
with 100% renewableenergyHaving zero consumer
and manufacturing waste
go to landfills

Using 100% renewableor recycled materials for
all products and packaging

Designing products that delight
consumers while maximizing
the conservation of resources

2020 Environmental Goals Progress
WATER

CLIMATE
Reduce energy use at P&G facilities by 20%
per unit of production by 2020
Achieved — 22% reduction per unitof production

Reduce absolute GHG emissions by 30%
by 2020
We have reduced absolute
GHG emissions by 16%

Ensure 70% machine loads are low-energy cycles

67% of loads are done in low-energy

Have 100% of the virgin wood fibers used in our
tissue/towel and absorbent hygiene products bethird-party certified by 2015

Achieved — 100% third-party certified

Reduce truck transportation kilometers by 20%
per unit of production

Provide 1 billion people with access to waterefficient products

Achieved — reduced kilometers
by more than 25%

Ensure plants are powered by 30%
renewable energy

10% of energy is from renewable sources

Implement palm oil commitments
We continue to advance progress against our
three pillar strategy

Create technologies by 2020 to substitute top
petroleum-derived raw materials with renewablematerials as cost and scale permit
Complete for 2 of the 3 material classes we are focusingon (resins, cleaning agents). Research ongoing for third
targeted material class (acrylates).

610 million consumers had access towater-efficient products around the world

Achieved — 27% reduction per unitof production

WASTE
100% zero manufacturing waste to landfill
by 2020

72% of our manufacturing sites are ZMWTLReduce packaging by 20% per consumer use
We have reduced packaging by approximately
13% per consumer use

Ensure 90% of product packaging is either
recyclable or programs are in place to create
the ability to recycle it
We have achieved 86% and have strong,ongoing effort to further increase recyclability

Numbers are representative of progress since 2010

Reduce water use in manufacturing facilities by
20% per unit of production with conservation
focused on water-stressed regions

Have 100% of our paper packaging containeither recycled or third-party-certified virgin
content by 2020
98% of the volume reported by our suppliers
was either recycled or third-party certified
virgin content

Double use of recycled resin in plastic packaging
We used approximately 34,400 metrictons of PCR in our plastic packaging,getting us 32% of the way to our goal

Conduct pilot studies in both the developed anddeveloping world to understand how to eliminate
landfilled/dumped solid waste
We are making progress implementing a variety of pilot
projects with external partners

ABOUT OUR CITIZENSHIP REPORTThis summary shares a few examples of the work being done across the Company.
Our full report, with more statistics and stories, is available online at www.pg.com/citizenship.
The information in this report covers the time period from July 1, 2016 through June 30, 2017.
© 2017 Procter & Gamble
00385004

The paper utilized in the printing of this report is certified
to the FSC® Standards, which promotes environmentally
appropriate, socially beneficial and economically viable
management of the world’s forests.