Hi, good morning everyone and welcome to our fireside chat on the orange bonds a new asset class for investing in gender equality My name is George stop Chinsky, and I'll be the moderator for today So we'll just run straight in So the agenda for today So first we'll have some introductions from our panelists from the steering committee and then later on they'll go through the Orange one initiative overview giving you some more details about the initiative in general and then we'll open to a panelist discussion and Q&A session at the end if you use the Q&A function on the event on the app That allows you to put your questions on there, and I'll I'll take them from there later on and So now I'll move to the panelists for today and introduced our speakers So from IAX we have miss Natasha Garcha the senior director of the innovative finance team Miss Garcha leads the IAX's work in their award-winning women's livelihood bond series But also as a representative on the steering committee of the orange bond initiative Miss Garcha's been at IAX for a number of years. We're heading their work in these areas But also she was the co-head of corporate social responsibility at D.E. Shaw previously So Miss Garcha I'll pass that over to you to introduce IAX and yourself Sure, thank you very much George, and thank you to everyone who joined the session We're living in a world in which women are disproportionately impacted by a number of crises Climate change Covid we were twice as likely to drop out of the workforce and in all the wars that we're seeing everywhere from from Syria and Palestine to the Ukraine women are rarely the main Combatants, but they're usually the main victims yet We still firmly believe that women can be solutions to many of these issues having women back in the workforce Can add 13 trillion dollars back to GDP having women have a seat at peace tables allows peace agreements a 35% increased chance of lasting for at least 15 years and the climate crisis cannot be solved without half of humanity being a part of the Solution and so for those reasons IAX which is a woman-led firm Has been working for many years in the impact investing space to bridge the wall streets of the world with the back streets Of the world has had a very clear mission to have gender and women women as a part of the equation in financial solutions We're very excited to be here launching the orange bond initiative IAX has issued many gender bonds in the past, but having a very clear asset class of what a gender bond even means We hope is a pathway to unlock Billions of dollars towards this new asset class We're also very excited that everyone on the steering committee is a practitioner all of us and you hear from my wonderful colleagues Who are also in the steering committee from the DFC and Naveen have actually worked on transactions before so we're not just looking to set Standards where people who've worked to mobilize capital. We understand the complexities and we're looking to bring that knowledge Into this asset class. Thank you very much for joining us today, and I'll hand it back to George Thank You Miss Garger and so now I'll pass it over to Mr. Stephen liberal who is managing director and head of ESG and Impact at the global fixed income team at Naveen Mr. Liberal is also the lead portfolio manager for the fixed income team within their strategies to incorporate ESG Mr. Liberal is also a member of the investment committee and holds a CFA qualification And has also sat on the advisory board for the screen bomb principles. So, Mr. Liberal I'll pass it over to you Thank you. Thank you again for having me and I appreciate the opportunity to discuss this really Important and emerging topic for us one of the things that we have found As we continue to grow our assets and grow our business is that our investors are really looking for a use of proceeds Concept that can be applied in a variety of different ways that there is a desire for ever more granularity in the impact that we deliver to them and so that this Opportunity and I've been fortunate enough to have worked with IAX on three of the four women's livelihood bond series deals that have come to market so far and What we have found has been tremendous reception from our investors the the for a couple of different reasons one You know, we talk a lot in the market now about being able to deliver impact And what that means is obviously different for everyone But what everyone is looking for is some type of way to align their principles with their investment holdings and The concept of a gender equity bond has been really interesting and very exciting to many of our investors and What we're hopefully able to do in in trying to establish this particular Initiative is do the same thing that we did for the green bonds for green bonds through the green bond principles And what we want is to be able to engage with issuers To get them comfortable with what needs to be done from a perspective of what an investor is looking for and have them Feel comfortable that what they're going to do is it be is going to be accepted in the market and going to be considered as Cutting edge and relevant for whatever outcome they're attempting to to provide an investment vehicle for So hopefully what we do with these principles and this initiative is Create an ecosystem in an environment that allows for issuers to come to market and investors to be able to find particular Securities that really fit what their investors are looking for Thank you very much, mr. Liberal and now I'll pass it over to mr. Richard Greenberg who's managing director at the United States International Development Finance Corporation He leads the efforts and DFC's contribution to the expansion of social enterprises and the group He leads has closed over 1 billion US dollars in financing enterprises and funds across a variety of sectors So mr. Greenberg I'll pass it over to you to introduce. Thank you George It's great to be here and I want to thank ix for organizing this panel They've been an incredible partner for us as a leader in enabling us to contribute to this space So there's some history there and some transactions that we've already done I just want to make sure everybody who's in the room who may not be familiar that DFC is used to be OPIC OPIC and we are the US Development Finance Institution. We provide financing Debt now we have equity authority. We can provide technical assistance now under our new Formulation as DFC which is very exciting and we we've always I think for many years We've actually been trying to contribute to Gender Lens investing and we have some people who really been standout leaders in that space One of my colleagues Eleanor Kempelman actually is on the steering committee of this group She couldn't be here today. So I'm kind of standing in to a certain extent for her Also, I just want to introduce. I have a two colleagues here Laura Anderson Do you want to just raise your hand Laura and Jason Whitney? To to the colleagues in my team are also here and available to speak to any of you I Guess the only other thing I would add here is that I manage a team it's called the social enterprise finance team and what we're trying to do is Represent the part of the portfolio at DFC which looks for more innovative transactions earlier stage Uses of our capital that may not be traditional and conventional in terms of risk return and impact and we've set some sort of higher bar standards for ourselves in Looking at transactions with respect to impact that that the agency is very lined with with the agency's mission that could be small direct deals or Small funds and also initiatives like this where we have provided either guarantee or funding To enable to catalyze more capital because at the end of the day That's really what we're all about bringing in new being and it's in its clients to this space. Thanks. Thank you Thank you, Mr. Greenberg and thank you all for being here today and for representing organizations on the steering committee of the initiative So now I'll pass it over to miss culture who will tell you a little bit more about the initiative in general and its mission and objectives It's the orange bond firstly why orange we get to ask this question a lot So the United Nations has 17 sustainable development goals as everyone here likely knows The fifth goal is orange in color and it stands for gender equality therefore the inspiration for the orange bond In fact on the steering committee besides the DFC in the vein all who've been perfect Thank you all who've been at the forefront of actually working on transactions I think this is one of the unique things about the steering committee is that we understand the complexities of this because it's easy to set Standards but you need to have both the gender expertise and the expertise on the financial side to set something that can actually mobilize capital at scale But it's very important as a class the mission is to mobilize at least ten billion dollars by 2030 through the orange bond transactions and we think that's achievable and you'll hear from Steven the sustainable debt market already crossed the $1 trillion mark and so we we think gender can be a cross-cutting part of that We also define gender to be very inclusive. We're looking at women girls the LGBTQ plus community this intersectionality is Absolutely critical when you think about the different ways an individual can face gender-based discrimination So besides having a set of principles We will also be pushing our transaction support and working to develop the ecosystem Which you'll hear more from from Richard on later in the presentation besides The three of us as I was saying you there's a number of other organizations on this during committee. We have made an intentional Pledge to have folks from across different sectors in different regions. We have two donor agencies So besides the and and DFI so besides the DFC we have the Australian DFAT We have the United Nations Capital Development Fund. We have water.org an excellent nonprofit doing fantastic work in the space ANZ Bank and Sherman and Sterling so very different from a lot of other groups who've developed other sorts of standards This is much more inclusive. We hope this also has made an intentional commitment to have Diversity inclusion having women as a part of the conversation having people from the global south as a part of the conversation And as you'll hear from me later in the in the Session when we developed the principles about a hundred and fifty organizations From all six continents were invited to to give input into them And so with that we're very excited to now hear from all of you at the end of this conversation We'd love to take questions at the ends if you have questions along the way Please fill them out in the Q&A app, but we will have ten minutes at the end for Q&A as well Thank you. Thank you very much Miss Karcher and for telling us a little bit more about how the initiative works Now I'll pass it over to mr. Stephen Libertor who will go over Why the initiative is happening and what gaps it is for Sure And so one of the things that I mentioned earlier was that we're the green bomb principles and I was on the initial executive committee of those So I so I helped to write them and and one of the keys is and what you'll see in this chart over with my shoulder is The the purpose of that entire process was to see to generate the outcome you see on this particular slide It was and remains one of the one of the challenges in the concept of impact investing remains the issue around Subjectivity what's considered green is different for everyone. What's considered social is different for everyone And so when you have that much, you know Such a diverse view of what could potentially work You need to have parameters or processes that are put in place or a framework put in place to have everyone feel Comfortable with what it is you're looking at if you're labeling something or naming something So I I managed 20 billion dollars and I know that 100% of my investors are not happy with 100% of the holdings But the key is is that they understand why we own something. We're able to explain it We have a process we're able to show them Directly and measurably why we own a particular security and what that does for the investor is it provides them comfort in How their capital is being deployed and one of the things in my mind of why? ESG and impact investing has been so so rapidly growing over the past few years And it's not really talked a lot about about enough in my view is that using ESG or impact as Criteria for how you're investing is really right now the easiest way for an investor to control how their dollars yen Euros whatever it is arc are utilized they understand where the money is going and That provides a great comfort to them because they're not only seeing first and foremost Financial return, but secondarily they're seeing the outcome of how their capital is being deployed and that's really critical But in order to get there you have to have issuers who are willing to generate securities that provide that type of directed and measurable outcome and so without frameworks in place issuers are extremely concerned and and very cautious around ever trying to do anything that could label them as the current terminology a green washer and So what is needed is an ecosystem of framework a process that's been put in place Where an issuer can look and say okay? Here's the framework. I'm aligning myself to here Expectations of me. I can say I'm in alignment with this framework And I think that provides them comfort that they're not going to get called out at some future data Well, what you did really wasn't in alignment of what we were thinking it should be because there is so much subjectivity You can at least point to this independent framework that allows for a Market to develop that you see on the slide has gotten to a place where we have over a trillion dollars of issuance and labeled Green social and sustainability bonds and now have two and a half to treat thrift three trillion of Outstanding labeled paper. So what hopefully we're going to try to do here is is expand that into the gender area One area that we continually hear investors very interested in increasingly interested in is the social bond space and It's always been historically while you why you see the breakout you see on this chart Is because historically Green investing or environmental investing has been easier to accomplish and that's primarily because the metrics associated with Measuring the environmental benefit are fairly well accepted and known and it's a fairly finite area it's certainly expanding now with the concept of blue economy investing and and Biodiversity wildlife conservation, but for the most part up until now green investing is related to primarily renewable energy So it's been very straightforward Social has always been a harder space to define and to identify Because there is such a wide variety of potential outcome associated with it Historically the easiest one of course is affordable housing, but now what we're seeing are other types of opportunities led by Unfortunately, the only positive has come out of COVID has been a boom in the social bond market where issuers were responding to Providing relief efforts associated with the impacts of COVID, but now we're starting to see obviously moving past that At this point, but also now looking for other opportunities within the social space to identify investment And the gender space is one that is continually discussed and talked about yet The two people sitting to my right on the stage are the only two that have ever issued a true Gender lens type of security in the public fixed income market So what we're hoping to do here is take the learnings that we've had from the women's livelihood bond series and from the DFCs to X women's initiative Program and spread that out to other issuers to get us to a place where we can start seeing a much wider variety of Opportunity specifically targeted to women because of as Natasha aptly pointed out all of the factors that currently point to an underserved Population that is critical to the heart of not only families, but the environment as well Thank you, Mr. Liberty. I'm telling us a little bit more about how we can see this asset class grow and Now I'll pass it back to you to go over a little bit about how Everyone can get involved and how organizations themselves can also get involved So one of the things that we what we're trying to do is get as many organizations and entities involved from from across the entire Ecosystem of the finance world Because ultimately what we're trying to do is bring in capital to address these these particular underfunding and under capitalized opportunities So what we've attempted to do is create this orange bond pledge which allows for people to talk about and be willing to look at and For us really from the finance side Asset managers be willing to evaluate potentially invest in transactions be involved in the discussions on the creation of these securities and the Structuring of these transactions, but it goes across that to a wider array of organizations that are issuers And what we're seeing is when we have conversations with issuers They're starting to recognize that you know used to be a few years ago. Everyone had a green framework Then they had a social framework now everybody's coming through with sustainability frameworks and to me That's the perfect evolution of the market because issuers are I are recognizing that their operations Have both environmental and societal impact So hopefully what we do is by getting this orange bond pledge in the orange bonds initiative moving forward We get more people involved and more people comfortable talking about this in a way that actually leads to you know actual real market Actions that are investable Thank you very much, Mr. Libertor for giving us a bit more information on how everyone can get involved the pledge is online And it's a digital pledge that we encourage Individuals and organizations to sign to become part of the initiative now I'll pass it over to Mr. Greenberg to give a bit more context on the initiative transitioning from just talking about gender lens Investing to actually putting that into action. Yes. Thanks So we've seen as dramatic uptick and interest I think all many of you would be familiar in gender lens investing Going back many years the FC what was OPIC recognized the importance of Our gen our mission to invest in women and have transactions which support women I've been involved with microfinance going back about 15 years And it was just understood that most microfinance borrowers were were women and there was strong positive impact as a result And but then of course it it I think became more understood and recognized that Across all of our portfolio really there could be impacts on women that need it to be better understood and also Cultivated and encouraged so we we I think were one of the early DFI's to really Try to understand that better and then put in place people to advocate for that and also Train our transaction teams and we've done a tremendous amount of train internal training to to have a dialogue with any client that comes in Whether they have a women focused impact mission or or not to try to help Us understand that and help us provide financing that will what will Recognize that in the in the best possible way So we that that could be smaller direct enterprises that we lend to and also a lot of funds that are building an agenda lens So we're we're both you know We like to think of ourselves as leaders and and tag along with people like hiX and also followers and where the market's going like like Steven is talking about and and just provide value-added where we can But I think you know for picking up on what's in the slide here While there's all this interest there there hasn't been a maturation of that to what Natasha and Steven are talking about to have a broader market that can invest in this and so two billion dollars it says on the side capital in 2021 to Gender Lens investing lots of events losses discussions, but only a very very small number of gender bonds actually issued And without the sort of standards around that that can create that that market that we all want to see So the role that we're trying to play is is to just wherever we can what partnering with hiX and and new bean to create Again catalyze other capital hopefully when DFI participates that sends a signal We're willing to provide in some cases subordinated capital to then help bring in the senior debt So whatever it appears the market needs For for us to take that additional risk. That's what we're that's what we're looking to do at this point Sure, thank you very much. Mr. Greenberg and now I'll pass it back over to you as well to go a bit over the approach The initiative is gonna take to actually putting this into action. Sure. So again picking up on what Steven said Fundamental to development of any market of this sort is is the standard setting So that means, you know putting principles in place Taxonomies the language is always very important aligning with other industry standards We don't need to reinvent the wheel on everything but build off of it and and just host gatherings and discussions and again credited Natasha and her team for For bringing the parties together and a very diversified group also to ensure that those principles represent reflect Really what the market needs? And a second piece, of course, is the actual transaction work and that's what you know our bread and butter is is actually doing deals And that's what gets us most excited We're seeing a tremendous amount of deal flow in this space Again, one of the things I think we all need to continue to be mindful of is the sort of I don't know what you call orange washing or gender washing right because you know, I It occurred to me maybe last year sometime that every other transaction that was coming to us had a big gender label on it And that's great on the one hand and I think in most cases, of course It was very intentional sincere But maybe not really well thought out or an attempt to capture our interest when it wasn't really very well developed Also, you know the the role of providing advice to orange bond issuers and just having that flow of information from people that are Experienced who have done this type of thing and and then of course the training component even you're alluding to that as well especially the lawyers, right And then lastly, it's just more broadly the whole market building exercise and we've seen this in other kinds of sectors, of course where There's a nascent interest in certain sectors, but not really a broad understanding about the ecosystem We see that now. I don't know one of the ones that comes to mind is the EV market Mobility I've been involved with the clean cooking space for a long time even going back some years microfinance So, you know, there's a there's a set of things that that Need to occur right to build the so-called ecosystem both the players and the concepts and and things like certification services Can be very very important to validate and provide a signal to the market that this Qualifies under that 2x gender less gender lens investing late. Thanks Thank you very much. Miss Greenberg for giving some more information about how the initiative will actually be put into practice And now I'll pass it over to miss culture to go over the a bit about the principles that will actually make up in these transactions So over to you miss culture So the principles we decided to have a three-pronged approach to this So the first principle is what's most traditionally been done in the gender lens investing space Which says you have to have gender positive capital allocation the proceeds of these bonds have to go towards projects that benefit women Historically we've seen a number of projects in which it's very checkbox and I'm sure all of you know what I'm talking about They put one woman on the board and therefore it's there's a gender lens. This goes much beyond that We give people multiple options through principle one to make it more customized for what's relevant for their region or their sector It could be having a majority woman owned organization or a woman led organization And that is very relevant for some sectors and some countries But if you look at say emerging markets, it has to expand beyond that So principle one also gives you the option to invest in companies where the products and services Disproportionately and significantly impact anyone who faces gender-based discrimination Similarly, it allows you to look at gender equal workforces gender equal supply chains being gender inclusive and equitable in the Policies through you through which you govern these these different stakeholder groups who face these forms of gender-based Discrimination and note again. We're not just saying women. It can be many different ways people experience gender-based discrimination So that's principle one principle two really is more inward-looking Looking at folks like us who are issuers to make sure that the issuer has the capacity and diversity in their own leadership I think what's been really interesting is that Investing is really not a zero-sum game And we are losing a lot by not having more women and more of the LGBTQI plus community Making investment decisions. It's made a big difference in what a gender bond even looks like when you don't have women working on them Principle two looks at the leadership of these issuer organizations. So for instance, it would look at IX's own leadership It would look at also people on the team who are structuring the transactions. Do they have women? Do they have also Very importantly people of color the intersectionality again of having a woman of color working on a deal That's focused on Asia and Africa or Latin America and can make a significant difference in how you take investment decisions And finally principle three looks at transparency and I really enjoyed the debate yesterday on ESG And I think this is really really timely to think through how would you avoid issues like orange washing? so apart from aligning with say what the green and social bonds say which is to have a Framework on impact management to disclose this to have a second-party opinion We're also mandating that you have to verify outcomes with the end beneficiaries You have to have women who you've collected data from to ask whether the initiative is working or not So when you do your reporting back against the principles, there being a set of women who've who? Slives you were meant to transform who've actually provided data to tell you how that Transformation was experienced if or if not it was experienced at all we found that as a very powerful way to not only Have more magnified impact when we do our gender bonds, but also as a very key way to mitigate risk We actually understand how the proceeds are being used by these women And if we go to the the next slide, I'll give you as an example again It's very easy to talk about doing all of these things. So very quickly as a case study IAX has done a number of women's livelihood bonds our next bond which will be issued later in Q4 Which we're working very hard on on the side with with many of the partners who you see on over here as well It will be a $50 million transaction. It will be a blended finance product So we are going to we understand the other side of innovation is risk and there are ways to de-risk the transaction That's where the FIs play a key role in providing guarantees and subordinated that pieces It's a multi-country multi-continent bond. We're investing both in Asia and Africa Looking at sectors. So of course microfinance, but clean energy Sustainable agriculture all these sectors where women play a critical role not as victims, but as solutions and Finally, I think what's what's been really important to see is IAX again We looked inward to align with principal to we have over 70% of the team Working on the bond are women and over 90% are people of color From the regions that we're investing in which gives us we think an edge in understanding both the risk return and the impact and in particular the gender lens and Finally on a last note just because we're an orange bond doesn't mean we are competing with the other standards that out there This is also in line with the IKMA standards. It's also 2x compliant The orange bond principles have been made to be harmonized with what's out there So we're complementing what's there, but strengthening particularly the gender lens. Thank you Sure. Thank you very much Miss Gargene. Thank you for providing some more color on the initiative in general Now I'm gonna move to a panelist discussion where I have some questions I'd like to ask the three of you as well and please again do put your questions in the Q&A because we will designate some time Momentarily to go through those but the first question I wanted to ask the last panel and it kind of touches a little bit on what you just mentioned Miss Karcher about Collaborating or aligning with other principles And so there are a number of existing standards in the sustainable debt market Currently and I guess how does the orange one initiative aim to harmonize or further complement these and Mr. Librezo, I hope maybe you'd like to open up with with some remarks on that Sure So I think what we're gonna what we're attempting to do is make sure that we are exactly as Natasha said We're building upon what's already in this in the market at the moment and and as we saw from that one chart about the showing the growth of the the green social sustainability Bond market that those principles have been very catalytic in providing growth to the market And so what we're gonna try to do with the orange bond principles is Focus people more on the gender Concept, you know as I've seen this market continue to evolve and I see it in our own assets That we as I mentioned we're trying to be more granular investors are looking for more granularity We've launched our first actual social bond Account for a client this this calendar year 2022 So there's increasing demand, but we have to make sure that we have the supply that can meet it So what we're what we're working at is is Capturing the success that we saw with the green bond principles But bringing to bear the focus specifically on gender because what we have seen is that most people You know when we talked about this initially most people push back well You don't really need to do that. That's really a social bond. Well, yes, that is true, but we're not seeing the uptake that I think that you would expect nor the specificity of outcome that you could receive because Gender investing isn't purely social there are environmental aspects as well And as such we want to make sure that we're able to call out and bring to bear the opportunity set That's across pretty much every impact concept and impact thematic area by specifically funding women and gender in this particular case because of The the critical role that that women play in as I mentioned society But also how that translates into their effect on the environment So hopefully what we're going to be able to do is again as I mentioned Create an environment where issuers are comfortable coming to market because they have a specific framework They can say they're in alignment with and point to that has been independently created That's based off of the tremendously successful green bond principles that are the market standard Thank you very much, Mr. Libertor and now maybe I'd like Mr. Greenberg to come in a little bit on what role can DFI is Specifically play in catalyzing the initiative and moving it forward Yeah, well we back in 2018 we were one of the original members of a group of DFI's that Put together what we call the 2x challenge at that time and and that matured into the 2x collaborative and ultimately a set of criteria and principles to help people understand what What that would translate into and with some specificity and that and and that was a lengthy process It wasn't something that just happened overnight because again there was a learning curve to go up and sharing the experiences of different organizations and Perspectives but ultimately a set of specific criteria were agreed that we use when we're looking at transactions and to For ourselves to help determine whether we think it you know it qualifies in that regard But also to to convey to the market to signal to the market These are the kinds of things to think about and when you're coming to us as a DFI We're going to prioritize transactions that meet these criteria and it's not a one-size-fits-all And there are many different ways to to achieve Aspects of it. It could be obviously Women employment in a transaction. It could be in a project. It could be leadership at the management level It could be products and services that are developed specifically designed for women and it's really been astounding I think in certain ways to once you once you have start that dialogue a lot of companies that were That hadn't even thought about it realize that there were a lot of things that they either already were doing that they weren't properly Recognizing or that they could do to to advance that that would be consistent with their own business model and their own You know need to achieve the financial returns and also the social return objective that they wanted to achieve so We're so just to finish the thought Again our role is to provide In addition to you know helping build the ecosystem by participating in the steering committee our main job is to get money out the door and Whether that's in the companies or funds And and we're very I think now well positioned to do that and then again provide that Capital that's going to de-risk things that otherwise the commercial markets aren't ready to do and and then in turn, you know collaborate with the with commercial players to To provide the type of capital that's gonna it's gonna get them into the transaction It's it's very we have a very specific and focused mindset in that regard. Thank you. Sure. Absolutely. Thank you Mr. Greenberg and Just just I know earlier you mentioned about kind of impact washing and greenwashing being quite prevalent in Across across the green bond industry, but perhaps it's got you like to give some some more color on how the orange one initiative is actually going to Be different to that and to make sure that it doesn't fall into the same trap so I Think women need to be given a value and a voice in these investment decisions So not just as part of the issuer not just as having more investors who have these in their teams But also the actual women on the ground So I'll I'll maybe answer this with an example because I think the other and I'll tie to another question that I see is getting a Lot of upticks on how do you involve the global south and intersectionality? But I think when you have a gender bonds for instance in our women's livelihood bond series when we are putting together the portfolio We actually don't just do a diligence on the company and their staff on on their management on their leadership on their operations We also go and have a number of Days where we spend asking the women questions and I think that's been very very powerful It shifts the power dynamic back towards the people whose lives were meant to be transforming It's it blows my mind that if you've never experienced a certain kind of discrimination that you would be able to solve that Problem and very often a top-down approach where we tell women what they need is what we need to stop doing in gender Investing so when and this also helps us take a very data-driven approach when we're asking women for information We can map them better to the SDGs We can understand how exactly do you design loan contracts with impact covenants and gender action plans to push the boundaries of What the women think is most important for them instead of us Imagining what we think it's it's most important based on papers that we've read in our in our ivory towers So I think the verification element will be very powerful I think having a way to map how you align with the principles Maybe she's of orange as we have shades of green would be very powerful and I also think just making sure that that You're taking this data-driven approach and being very transparent about your reporting during COVID We didn't meet every single outcome women didn't for instance increase income Which is one of the outcomes we were tracking But they had a lot of other benefits for for instance in the wash sector the water and sanitation sector in building better food Security, etc. Which was critical for covert recovery. So we started shifting measurement towards that So I think all of these things together will help mitigate the risk of of orange washing if you will as time goes on Very similar to the question that we have on how do we integrate the global south when we develop the principles the 150 organizations who joined our round tables we had people from all six continents predominantly from the global south Who were giving input into this and I think that's been very critical that we brought those new Perspectives in even though the steering committee we have people who are leading the space in many ways But hearing in particular from civil society from human rights experts from gender lens and Experts as well helped us think through these things in a more robust way Thank you Sure, absolutely And it's great to build on some of the questions we have in the Q&A But there's just one one more I wanted to touch on with maybe miss liberatory being a good position to answer this But how will the initiative actually help scale the amount of transactions in the gender bond market But also the size of orange bond transactions. I think that you know, if it's okay I was gonna just add one thing to what Natasha was just saying one of the things that occurred during COVID for us as an investor was that while every Targeted impact that we thought initially was going to be achieved wasn't What gave us tremendous comfort was one of the main challenges when you're dealing in any type of microfinance situation is How do we gauge how those lending institutions interact with their client? And are they treating them in a fair manner? Are they just in the way that they're working with them and it gave us an opportunity to go to IIX and say well Let's talk to the lending institutions to find out. What are they proactively doing to help their clients? Are they reaching out or they asking if they need anything and so that's always been a real Challenge in in this particular space is ensuring that the that in this case the women that are receiving the financial The financial outcome are also being treated in a way that helps them get through it when there's challenges or problems So that was a real positive. I thought In and I think that didn't answer the question is asked George I think that it's really important one of the things in in asset management is that's critical is having comfort that there is scalability and What you need in place is you know when we look at smaller types of transactions There's only a handful of us that are really willing to dig in and look at a 50 million dollar transaction So what we want to be able to do is create template like structures that have a framework associated with them That allow investors to be willing to commit the time and energy and effort to evaluate the 50 million dollar transaction Because they know the next one is going to be a hundred the one after that's going to be 150 Then you're at 200 and you're getting up to index eligible size at 300 and you're able to see a diverse opportunity set where the You can actually build an entirely you can build an entire portfolio of these types of Securities in a diversified manner where you're not specifically levered to just one issuer one part of the world one type of outcome So I think that if we're able to do this correctly We're going to be able to put ourselves in a position where we're going to be able to rapidly scale the space And it also proves out that there's actual people and interested in investing in this way But also that there's opportunities to invest this way Sure, absolutely. Thank you very much miss Libertor and and just a follow-up question here from the Q&A as well Is maybe you can share a little bit more about the journey that the steering committee took to actually bring the orange bond initiative to the forefront of the markets and what was the process like and What what how can others interested in creating these initiatives learn from your journey and use that so perhaps Ms. Gachi you'd like to start off and then we can open it to the other team Yes, just very quickly. It was quite the journey I think we were it was interesting as we were doing gender lens investing since we started which was during the 2008 financial crisis We just didn't know that's what it was called. We just thought that was good business So it's been a long journey when we did our first woman's livelihood bond Some of the bankers who shall not be named said to just call it a high yield emerging market Bonner will be sold we said no we'd like to call it a woman's livelihood bond We want people to know that a woman that firm is designed this and the proceeds are for women So it's been a truly interesting journey But now I think we're at a stage where people have started valuing this I think a lot of the social movements whether it's me, too or black lives matter have brought Things to the attention of the wider financial industry that we cannot ignore these sort of social movements And we cannot ignore half of humanity and potentially more than that When we're making these decisions when we put together the steering committee I think we were therefore very keen to ensure there were people from different countries from different sectors People of different colors at the table are designing this but most importantly I think is is folks such as yourselves who come and join us in these conversations who that's why we have the pledge set up It doesn't actually mandate you to have a financial commitment It just allows us to engage you in roundtables to let you know about Transactions that are happening and to share market intelligence reports when we verify the impact with the women So again a warm invitation to everyone here to sign the pledge and join us all This is not just the steering committee who's leading it. It's all of us. It takes a village to build a movement like this Maybe we open it up I'm Doug Biel with Boston Consulting Group And I've worked with a number of the big global banks on their sustainable and social finance framework So how they make decisions around supporting their clients and labeling and things like this and there's always a trade-off between Getting the label and then the cost of getting that label versus the benefit to their client in Lower cost of capital right the process you've just described sounds fantastic, but also sounds very high cost What's the benefit of then labeling something an orange bond you get? Different investors longer-term investors better pricing that would be my no, that's an excellent question I'll start and then if Richard or Steven you want to jump in the first thing on the cost is people usually think the impact Measurement and the verification with women is going to be a cost first We think that's you investing in taking smarter investment decisions. You're investing in understanding risks better You're investing in making sure the impact you're promising is better We're also rolling out digital impact assessment tools that are quite low cost and easily scalable So that you can control the cost of the impact verification with the women The other costs are very much on par with what you would say in a green and and a social bond And I think the labeling will allow investors or DFIs who want to play a catalytic role Understand that that is in line with certain principles and therefore they may want to come in So we hope it has that signaling effect as well, but with either of you Yeah, sure This is a great question that I get all the time and it doesn't cost issuers more to do these securities that it's fallacy We are simply asking is if you are trying to Structure a transaction that you believe has a specific outcome and I'll use Green investing because it's really the simplest one to discuss at the moment If you're coming to market to tell me that you're going to build a solar power project Then it's reasonable for me to assume that you can provide to me the megawatt hours of the capacity of that project And the power that it's producing and if you can't you're incompetent and I shouldn't invest with you to begin with So you highlighted a couple of the benefits is a much wider Investor base a much more stable investor base One of the things that we have heard back consistently from issuers that have created and structured frameworks whether it's social environmental sustainability And it was actually a surprise to me was how many have come back and said you know what this framework really helped us to better Evaluate our own operations and have allowed us to improve our operations in a handful of different ways And then the last thing that I'll use and this is not old cynical bond guy You know talking is it's amazing to me every issuer who comes to market puts out a press release Associated with a green social sustainability bound. That's called marketing. You pay for marketing So, you know that this is a you know, this is a problem that you know We continue to talk about and deal with but try to get issuers to understand again That you're attempting to do something different You're also trying to establish a business that would help you grow in the future that also allows you to speak positively to your Regulators your employees your future customers and also I think Hopefully opens up an idea in your head about a wider opportunity set of potential transactions that you may able to to create In the future that has a long-run benefit associated with it Absolutely. Thank you very much, Mr. Libeton. Thank you all for your your questions and and and thanks for three of you for Telling us a little bit more about the initiative We have run out of time. We have run over time, but we will be around to take any more questions You have or any more discussion. So thank you all for coming to to see us And we hope you've enjoyed learning a bit more about our initiative


Lux presents Hollywood Lever brother's company the makers of Lux toilet soap bring you the Lux radio theater starring Vivian Lee and Lawrence Olivier in Rebecca Ladies and gentlemen your producer, mr. William Keely Hollywood ladies and gentlemen The motion picture industry was delighted when Lawrence Olivier and Vivian Lee Decided to return to the United States after too long an absence as you know They're recognized as two of England's finest artists We've honored miss Lee with our Academy Award for her performance as Scarlett O'Hara and mr. Olivier for his handling So I was especially delighted. I was able to persuade them to appear on the Lux radio theater Since their sailing next week for England their schedule is extremely tight And we consider it a rare privilege to have them in their first and only radio appearance together on our stage We chose David O. Selznick's immortal screenplay Rebecca First because of Lawrence Olivier's brilliant characterization in his original role of Maxim the winter and Second because the role of Mrs. The winter is tailored to the charm and acting ability of Vivian Lee We regret that sir Lawrence and Lady Olivier can't stay longer in our country But we hope when they sail next week for England, they'll take a long plenty of Lux toilet soap Vivian Lee has been a friend of Lux for years Now here's our play starring Lawrence Olivier as Maxim the winter and Vivian Lee as the woman who tells the story of Rebecca night I dreamt I went to Mandalay again It seemed to me I stood by the iron gate leading to the drive And for a while I could not enter for the way with bar to me Then like all dreamers. I was possessed of a sudden with supernatural powers and Passed like a spirit through the barrier before me The drive wound away in front of me twisting and turning Finally there was Mandalay Mandalay secretive and silent Time could not mow the perfect symmetry of those walls But I knew I looked upon an empty desolate shell With no whisper of the past in its staring blackened windows We can never go back to Mandalay again That much is certain But sometimes in my dreams. I do go back to the strange days of my life Which began for me in the south of France There on a great cliff towering above the sea I first saw him He was looking down staring at the rocks below And then suddenly I thought I saw him about you The devil you shouting about who are you? What are you staring at? I'm sorry. I didn't mean to scare but you were so close to the edge of the cliff. I was afraid that No, you were well, what are you doing here? I was only walking. I came up the path and well get on with your walking Don't hang about here screaming. Go on Out of season again, not a single well-known personality in the hotel This coffee stone cold Wait up. Go song. I don't believe he can hear you mrs. Then hop up and get him get him What are you being paid for girl? Yeah? Oh? That's max to winter look see him coming this way What are you looking so surprised about I? Saw him today Mr.. Da Winta, how'd you do? How do you do? I mean the fun hopper. Do you remember me? It's so nice to run into you here. Do sit down and have some coffee Mr.. Winter's having some coffee with me. You may go of course.  No, I'm afraid that sort of thing ceased to amuse me years ago Oh, I can well understand that if I had a home like Mandalay. I should certainly never come to Monty I hear it's one of the biggest places in that part of the country and you just can't beat it for beauty Cigarette mr.. Manhopper. Thank you. Thank you. Oh, no. No, I Thank you. What do you think of Monte Carlo? Oh, don't you think of it at all? Well, I think it's rather artificial She's spoiled mr.. Da Winta. That's her trouble most girls would give their eyes for the chance to see Monty Wouldn't that rather defeat the purpose? Well now that we've found each other again I do hope I shall be seeing something of you your ballots unpacked for you I suppose I'm afraid I don't possess one perhaps you'd like to do it for me Well this young lady might make herself useful. She's a capable child in many ways, aren't you dear? That's a charming suggestion, but I'm afraid I cling to the old motto He travels fastest who travels alone. Perhaps you've not heard of it. Good night. Well What do you make of that? You suppose that sudden departure was intended to be funny. Oh, perhaps he didn't quite realize how it locked Poor thing. I suppose he just can't get over his wife's death They say he's simply a daughter When I came alone to the dining room the following day, he was already there at the next table As I sat down I paid the penalty of my awkwardness. I knocked over a vase of flowers the water soaking the cloth I'm so sorry.  You can leave that waiter. Go and let another place at my table Mademoiselle will have lunch with me wheelie. Oh, no. Oh, no, I couldn't possibly Please don't be polite. It's very kind of you, but I wasn't being polite I should have asked you to lunch with me even if you haven't been so clumsy Sit down. We needn't talk to each other if we don't feel like it. Well, thank you very much What's happened to your friend? Oh, she's ill in bed with a cold. Oh I'm sorry. I was rude to you yesterday The only excuse I can offer is that I have become boorish through living alone You weren't really. You just wanted to be by yourself.  No, she's my employer. I'm what is known as a paid companion. Oh, I didn't know the companionship could be bored Is that a sketching pad? Do you sketch? Yes a little. Were you going sketching this afternoon? Yes.  I'll drive you somewhere in the car. Oh, no, please don't I don't nonsense All your lunch will get Taken long enough for that sketch I Shall expect a really fine work of art. You're not a very easy subject. Your expression keeps changing all the time Does it? Well, I'd concentrate on the view instead if I were you much more worthwhile Rather reminds me of our coastline at home Do you know Cornwall at all? Oh, yes. Yes, I went there once on a holiday I was in a shop there and I saw a postcard with a beautiful house on it right by the sea And I asked whose house it was and the old lady said that's Mandalay Mandalay is beautiful But to me, it's just the place where I was born and have lived in all my life Now I don't suppose I shall ever see it again. Oh Well, we are we're lucky not to be home during the bad weather, aren't we? I can't ever remember enjoying swimming in England until June. Can you but the water's so warm here I could stay in all day There's a dangerous undertow and there was a man Brown here last year, but I never have any fear of drowning Have you why do you say that I said something wrong? I I didn't mean to No longer, I'll take you home That night I learned the reason for his strangeness. I was late getting back to the hotel As I opened the door of Mrs. Van Hopper's suite, I heard her talking to someone on the telephone Oh, yes, I knew him quite well. I knew his wife too. She was the beautiful Rebecca Hildreth, you know The most glamorous creature in all England. She was drowned for saying while she was sailing near Mandalay I'm glad it cannot happen twice The fever of first love For it is a fever and a burden too I have forgotten much of Monte Carlo for those morning drives with him of where we went what we said But I have not forgotten how I prembles I wish there could be an invention that bottled up the memory like perfume and then whenever I wanted to I could uncork the bottle and live the memory all over again at what particular moment in your young life Would you want to keep?  I didn't know I was a Would you please tell me mr. The winter why you asked me to come out with you? It's obvious that you want to be kind, but why do you choose me for your charity? I asked you to come out with me because I wanted your company You've blotted out the past for me more than all the bright lights of Monte Carlo But if you think I just asked you out of kindness or charity you can get out of the car and find your own way home Go on open the door and get out. Take my handkerchief You better better blow your nose Thank you The wind please don't call me mr. The winter. I have a very impressive array of first names George Fortescue Maximilian You needn't bother with them all at once my family called me Maxine Come in come in. What are you doing here? Anything the matter? I've come to say goodbye Maxine. We're going away. What are you talking about? It's true. We're going now. I'm afraid. I was afraid. I wouldn't see you again. Where's she taking you to New York? I don't want to go. I shall hate it. I shall be miserable You might have a finished shaving and jump along, but I can't stay I Tell me something Which would you prefer New York or Mandalay? Oh, please don't joke about it. Mrs. Van Hopper's waiting and I I'd better say goodbye now I'll repeat what I said Either you go to America with Mrs. Van Hopper or you come home to Mandalay with me You mean you want a secretary or something?  Well, I'm sorry But you don't understand. I it's that I well, well, I'm not the sort of person men marry on that you mean I don't belong in your sort of world for one thing What is my sort of world? Well, Mandalay. Oh, you know what I mean Well, I'm the best judge of whether you belong there or not Of course, if you don't love me, that's a different thing Find blow to my conceit. That's all I do love you.  I was afraid to tell Mrs. Van Hopper. I knew what she would say When we were alone.  He just couldn't go on living alone You've flattered yourself that he's in love with you I hope not after being married to Rebecca Hildreth the most beautiful the most cultured woman in all England Well, goodbye and good luck, Mrs. DeWinter We were married that evening in a little village near the sea and in May we came to Mandalay We arrived early in the evening It was raining as we drove through the high iron gates The drive twisted and turned as a serpent and then suddenly there was the house Mandalay a thing of grace and beauty and yet somehow almost frightening As we came into the great hall, I saw that it was crowded with people the staff of the house in the estate They stood silent and curious gazing at me and then someone advanced from the sea of faces She was tall and gaunt Dressed in deep black and her prominent cheekbones and hollow eyes gave her a sort of skulls face This is Mrs. Danvers You don't have to worry about the house at all darling. Mrs. Danvers takes care of everything. Good evening, Mrs. Danvers Good evening, madam. I have everything in readiness for you. Oh, that's very good of you Will you go to your room now madam, or will you have tea in the library? Why I don't the room first Mrs. Danvers. Yes, sir this way if you please madam I hope you'll approve the new decorations of these rooms madam Oh, I I didn't know that they'd been changed. What did it look like before it had an old paper and different hangings It was never used much except for occasional visitors Oh, then it wasn't mr. The window's room originally no madam He has never used the east wing before the only good view of the sea is from the west wing Room's very charming and and I'm sure that I shall be comfortable If there's anything you want done madam, you have only to tell me Mrs. Danvers, I suppose you've been at Mandalay for many years I came here when the first mrs. DeWinter was a bride I do hope we'll be friends mrs. Danvers, but you must be patient with me This sort of life is new to me And I do want to make a success of it and to make mr. DeWinter happy So I know that I can leave all the household arrangements to you I hope I shall do everything to your satisfaction madam I have managed the house since mr. DeWinter's death and mr. DeWinter has never complained I I think I'll go downstairs now certainly madam The room in the west wing I was telling you about is there through that door It's not used now It's the most beautiful room in the house the only one that looks down across the lawns to the sea It was mrs. DeWinter's room I knew even then that mrs. Danvers despised me Standing there watching me laughing silently at my awkwardness Telling me over and over that there had been another before me The beautiful Rebecca Hildreth There was everything to remind me of that The letter R embroidered on the linens Her writing paper and the drawers of the desk a dog who still slept outside her room She was everywhere at mandalay Rebecca who had died and who still wandered through that house I met someone else the next morning when I came down to breakfast Oh, good morning. Good morning You're mrs. DeWinter aren't you? Yes My name's Crawley. I managed your state for maxim awfully glad to meet you How do you do Fipped a lot of stuff piled up while maxim was away. Yes, I'm sure there must have been I do wish I could help you with some of it help him Frank never allows anyone to help him Like an old mother hen with his bills and rents and taxes come on frank. We must go over these estimates I'll get my papers the fine quantities of breakfast over there darling But you must eat it all or cook will be mortally offended. I'll do my best maxim later on the softest noon Maybe we'll take a walk around the estate Just you die darling There's a good deal. I'd like you to see I'll be ready maxim anytime That goes round you here. He isn't raining now maxim must I certainly certainly can't be too careful with children Oh, it's glory is here. I love every foot of it maxim Jasper yeah, not that great Jasper come back He went down those steps by the cliff. Where does that lead to? It leads to a little cove where we used to keep a boat. Let's go down there No, they're perfectly dull and an interesting stretch of sand just like any other. Oh, please It's some other time darling not today. Listen Is that Jasper? There must be something wrong. Perhaps he's hurt. No, he's all right. Leave him alone dear. I think I'd better go No, come back. Don't bother about him. I'll tell you he can't come to any harm. You'll find his own way back There you are. What do you want in that cottage Jasper? Come on home. Come on Jasper He comes here looking for her I didn't know there was anybody I know that dog He comes from the out He ain't yours No, he is mr. The winter's dog. I know that dog. He comes down looking for her Who whose cottage is this? Mrs.  Don't you belong on the estate? Yes, but I won't do anything I was just putting my shells away She's gone in the sea, ain't she she'll never come back no more No, she'll never come back Come on Jasper Come on boy. Oh, Maxime. I'm sorry. I was such a time. You knew I didn't want you together, but you deliberately went Oh, why not? There was only a cottage down there and a strange man. Well, don't go that again. Do you hear? Oh, why not?  Don't I? Go home and have some tea and forget all about it. We'll bring you act two of Rebecca And now here's liby Collins our hollywood reporter To give us the lux radio theater's movie news of the week What's the good word tonight, liby? The big news this week, john is the hollywood premiere thursday night of the 20th century fox picture all about e Darl afsana can be proud of this sophisticated comedy about life behind the footlights. It's going to be a gala event All right, everyone wants to see betty davis and ann baxter in two very dramatic roles Oh, yes Betty is a famous star whose career is threatened by an apparently sweet and admiring young actress Played by ann baxter Almost too late. She finds she's befriended a ruthless schemer with no scruples about stealing her career And the man she loves and turns out to be a rather unsympathetic character doesn't she yes indeed But she's certainly easy on the eyes. Oh and what a glamour girl. She isn't all about eve She has charm and vivacity too That lux complexion of her has never looked lovelier than it does in the close-up camera close-ups are so revealing That's why of course so many famous stars depend on luck soak beauty care. Yes, john Screen stars can't take chances with million dollar complexions Luck soak gives delicate skin the protecting care it needs No wonder stars like ann baxter wouldn't be without it. There's something about that active lather It leaves skin looking so fresh all you do is smooth on that rich active lather Work it well in Rinse and then pat with a soft towel to dry That's ann baxter's daily care And I think every woman who tries it will be delighted with the new beauty Active lather facials give her skin. That's a smart tip living Luck soap is as gentle as finer soap as you can buy for complexion care Why not get hollywood's own beauty soap tomorrow? Remember nine out of ten screen stars use fragrant white luck toilets home Now our producer mr. William kealy act two of rebecca starring laurence Olivier as maxim And livian lee as mrs. De Witte The weather was wet and cold for almost a week and we didn't go down to the beach again But I couldn't forget the dark lost to look in maxim's eyes when they came up the path through the woods It was my fault Had gone down to that cottage I seemed to open up a road into the past and now because of it. There was a barrier between us I began to dread any mention of the scene Until one morning in the library. I was alone with frank crawley Oh, but you're not disturbing me mrs. De Witte Please if there's something I can explain about the estate when I I was down at the cottage on the beach the other day mr. Crawley The place seems to be going to rack and ruin Are those all rebecca's things down there? Yes. Yes, they are What did she use the cottage for? The the boat who used to be moored near there the boat Oh, was that the boat that she was sailing in when she was drowned? Yes, it kept sized and sank and she was washed overboard Where did they find her near edge come about 40 miles up channel about two months afterwards Maxim went up to identifier. It was horrible for him. Yes, it must have been Mr. Crawley Please don't think me morbidly curious, but would you answer just one more question? If there's something I'm able to answer Tell me What was rebecca really like? I suppose I suppose she was the most beautiful creature I've ever saw Maxim had to go up to london at the end of june from business of the estate Frank crawley had gone along with him and I was alone at mandalay I was surprised one evening to hear voices coming from the west wing from the room that had been rebecca's I recognized one as mrs. Danvers The other was a man's voice a stranger I really don't think it was wise for you to come here mr. Jack. No nonsense nonsense. It's been just like coming back home I must say I feel a little like the poor relations sneaking around through back doors Well to do danin. Goodbye, mr. Jack and please be careful. I will don't worry Oh, hello Good evening. Danny all your precautions were in vain. The mistress of the house was hiding behind the door I wasn't really I heard voices. What about presenting me to the bride danin. This is mr. Favel madam How do you do? How do you do? Uh Won't you have some tea or something? Now isn't that a charming invitation? I've been asked to stay to tea danin. It's rather late. Oh, well, perhaps you're right And we must lead the bride astray must win Well, goodbye. Oh, and I know what was wrong with our introduction Danny didn't tell you did she I'm rebecca's favorite cousin to do The man went quickly down the stairs and mrs. Danvers went after him I had a terrifying impulse to see what lay behind the door in front of me The door of rebecca's room I pushed it open slowly I could hear the seed plainly through the window I had expected to see the furniture squire that in dust sheets But nothing was covered up There were flowers on the dressing table a satin dressing on on the chair And beneath a pair of bedroom slippers and then suddenly The door closed behind me Do you wish anything madam? No, no, I I just You always wanted to see this room, haven't you? Why did you never ask me to show it to you? It's a lovely room, isn't it the most beautiful room you've ever seen Everything is kept just as mrs. DeWinter liked it. Nothing has been altered since that last night This is where I keep her closed You would like to see them wouldn't you? Feel this wrap It was a christmas present from mr. DeWinter. He was always giving her expensive gifts the whole year round You wouldn't think she'd been gone so long would you? Sometimes when I walk along the corridor I fancy I hear her just behind me that quick light step I couldn't mistake it anywhere. It's not only in this room. It's it's in all the rooms in the house I can almost hear it now Do you believe the dead come back and watch the living? No, no, I don't believe it. Sometimes I wonder if she doesn't come back here to mandalay And what you and mr. DeWinter together You looked tired Why don't you stay here a while and rest? Listen to the scene. It's so soothing. No, no, listen to it Listen to the scene. I won't listen. I'm glad you're home again You're choking me. Who am I? Well, well, what have you been doing with yourself? Darling, I've been thinking Could we have a costume ball just as you used to? Now what put that idea into my nothing I just feel that we ought to do something to make people feel that mandalay is the same as it always was Oh, please darling, could we? All right, if you think you'd enjoy it You better get mrs. Danvers to help you, isn't you? No, no, I don't need mrs. Danvers to help me I can do it by myself All right, my sweet. I'm sure you can But mrs. Danvers did help me It was she who suggested that I design my costume after one of the family portraits in the gallery A lovely young woman in a white dress with great puffed sleeves and a hat with gay ribbons When the night of the party arrived I could hardly contain myself for excitement For I'd kept the costume as a surprise for Maxine I ran quickly down the stairs And then I waited for the clapping and the laughter that would greet me Suddenly they were all quiet Nobody clapped Nobody moved And then Maxine was coming towards me his face white his eyes blazing What the devil do you think you're doing? Maxine Picture the one in the gallery Well go and take it off go and take it off. It doesn't matter what you put on anything will do What are you standing there for? Didn't you hear what I said? Watch this and take it off I help you with another gown madam. No No, thank you, mrs.    You tried to take her place.  I don't want to know. I don't want to know You thought you could be mrs.  You can't fight her. No one ever got the better of her never never She was beaten in the end, but it wasn't a man. It wasn't a woman. It was the sea You're overwrought madam I'll open the window for you a little air will do you good Come and stand here madam Don't be afraid Now it now look down there Isn't the sea lovely? Why don't you go? Why don't you leave mandolin? He doesn't need you He's got his memories You've nothing to stay for you've nothing to live for really have you Look down there It's easy. Isn't it? Why don't you? Why don't you?  There's a ship of ground sending up rockets. Robert Robert. Notify the coast guard ship wreck Frank heavy was he max him on the beach nuts since half an hour ago. He hasn't been in the house all night I'm afraid something might have happened to him Frank what's the matter? You look terribly worried Well the diver who went down to inspect the bottom of the ship Came across the hull of another boat A little sailboat Frank is it? Yes. Yes, it's Rebecca's boat Rebecca's? Oh, why do they have to find it? Why couldn't they have left it there in peace at the bottom of the sea? Poor Max It will be so hard on him Yes, it's going to bring it all back again And worse than before I searched the beach frantically for max him, but there was no sign of him And suddenly I came upon the boat house Rebecca's cottage. There was a light burning dimly in the window I pushed open the door and there in the glow of the dying fire I saw the tortured face of max you haven't had any sleep Have you forgiven me?  I won't ask impossible things That'll be your friend and companion. I'll be happy with that You love me very much, don't you? But it's too late my darling We've lost our little chance of happiness. No max him. Yes. No. It's all over now Rebecca has won Her shadow has been between us all the time Keeping us from one another She knew this would happen What are you saying? They sent a diver down He found another boat. I know Rebecca's boat. Yeah The diver made another discovery He broke one of the ports and looked into the cabin There was a body in there Then she wasn't alone. There was someone sailing with her. You don't understand There was no one with her It's Rebecca's body lying there on a cabin floor. No The woman that was washed up at Edgecum The woman that is now buried in the family crypt That was not Rebecca That was the body of some unknown woman Unclaim Belonging nowhere I identified it But I knew it wasn't Rebecca I knew where Rebecca's body was Lying on that cabin floor on the bottom of the sea Max him How did you know because I put it there Will you look into my eyes and tell me that you love me now? See I was right It's too late. No, it's not too late. You're not to say that We can't lose each other now. We must be together always always We may only have a few hours a few days. Oh maxim. Why didn't you tell me before? Sometimes I nearly did but you never seemed close enough How could we be close when I knew you were always thinking of Rebecca? How could I even ask you to love me when I knew that you loved Rebecca still? What are you talking about? You thought I loved Rebecca I hated her Hated her I was carried away by her enchanted by her as everyone was But I never had a moment's happiness with her He was incapable of love Or tenderness Or decency You didn't love her Remember that cliff where you first saw me in Monte Carlo? Well, I went there with Rebecca on our honeymoon That was where I found out about her Four days after we were married She stood there laughing Her black hair blowing in the wind And told me all about herself Things I'll never tell a living soul. I wanted I wanted to kill her I'll make a bargain with you, she said You'd look rather foolish trying to divorce me now after four days of marriage So I'll play the part of the devoted wife Mistress of your precious mandolin And people will visit us and envious And say we're the luckiest, happiest couple in the country What a grand joke it'll be What a triumph I should never have accepted her dirty bargain that I did And I kept it So did she apparently But after a while she began to grow careless She took her flat in London and she'd stay away for days at a time And she started to bring her friends down here I warned her but she only shrugged her shoulders Then there was a cousin of hers A man named Favel Yes, I know him He came the day you went to London Why didn't you tell me? I didn't like to I thought it would remind you of Rebecca Remind me As if I needed reminding Favel used to visit her here in this cottage I found out about it and I warned her But if he came here again I'd shoot them both One night when I found that she'd come back quietly from London I thought that Favel was with her I decided to come down here and have it out with both of them But she was alone She was lying on the divan She looked ill Queer Suddenly she got up Started to walk toward me And I have a child, she said Neither you nor anyone else can ever prove it wasn't yours You'd like to have an heir, wouldn't you Max?  Aren't you going to kill me? I suppose I went mad for a moment I must have struck her She stood staring at me She looked almost triumphant Then she started to walk me again, smiling Suddenly she stumbled and fell And I looked down Ages afterwards it seemed She was lying on the floor It struck her head on a heavy piece of ship's tackle I remember wondering why she was still smiling Then I realized she was dead But you didn't kill her It was an accident Who would believe me I lost my head I knew I had to do something, anything I carried her out to the boat I put her in the cabin When the boat seemed a safe distance from the shore I took a spike and drove it again and again Through the planking of the hull I opened up the seacocks And the water began to come in fast Then I climbed over into the dinghy and pulled away Then I saw the boat Heel over and sink It started to rain Maxine, does anyone else know this? No No one Then you must explain it It's got to be the body of someone you've never seen before No No, they're bound to know her Her rings and bracelets She always wore them They'll identify her body Then they'll remember that other woman The other woman buried in the crypt I've done a very selfish thing in marrying you I've loved you, my darling I shall always love you But I've known all along that Rebecca would win in the end No No, she hasn't won No matter what happens now she hasn't won Well Hello Frank Who? Colonel Julian? We'll tell him I'll meet him there as soon as I possibly can What happened? Colonel Julian called He's the chief constable of the country He wants to know if I could possibly have made a mistake About that other body In a few moments we'll return with a third act of Rebecca Acting in a school play often leads to more than local fame The guest I've invited tonight, Miss Barbara Rush Really began her professional career with her part in a class play At Santa Barbara State College That's so Barbara? Yes, Mr. Keely Because it got me a scholarship at the Pasadena Playhouse Where so many studios have discovered fresh new talent Well that's how it turned out for me One night when I was appearing in Antony and Cleopatra A Paramount talent scout saw me and signed me up I'm sure you made a lovely Cleopatra Have you any particular ambition in pictures, Barbara? Well, to be good enough actors to play different kinds of roles, Mr. Keely I'm thinking of Betty Hutton's new Paramount Technicolor musical Let's Dance And believe it or not, Betty has never danced on the screen before And imagine all those intricate dance routines she does with Fred Astaire Yes, Betty is certainly a remarkably versatile star You know you have to be good to be Fred Astaire's partner They make a terrific team and let's dance As they sing, dance and romance And Betty lives up to her reputation as a comedian too That's a hilarious scene when she makes up her mind to sleep in the bathtub Sounds very uncomfortable It was only for a few minutes, Mr. Kennedy Afterward she could take plenty of time to relax in her own bathtub In her Luxo Beauty Bath Then which there's nothing more refreshing Yes, that big new bath size cake is so luxurious And I love the Luxo perfume It leaves such a delicate fragrance on the skin Yes, screen stars say this beauty bath makes them sure of all over Lux's loveliness Thank you, Ms. Barbara Rush for coming tonight And now a Hollywood beauty hint to women everywhere Try this generous satin smooth bath size Lux Toilets Hope You'll enjoy the creamy abundant lather, the flower-like perfume Nine out of ten screen stars use Lux Toilets Hope We pause now for a station identification This is CBS, the Columbia Broadcasting System The curtain rises on Act 3 of Rebecca Starring Laurence Olivier as Maxim de Winter And Vivian Lee as Mrs. de Winter The body they had found in the boat was identified as Rebecca de Winter There had to be an inquest, of course Maxim was calm, almost too calm I think that frightened me even more Sorry to drag you back for further questioning, Mr. de Winter But you've heard the statement of the boat builder, Mr. Ted I wonder if you can help us in any way I'm afraid not The holes in the planking were evidently made from the inside Can you think of any reason for that? Of course I can't think of any reason Then since Mrs. de Winter went sailing alone Are we to believe that she drove those holes herself? You may believe whatever you like Can you enlighten us as to why Mrs. de Winter should have wanted to end her own life? I know of no reason, whatever Mr. de Winter, however painful it may be I have to ask you a very personal question Were relations between you and the late Mrs. de Winter perfectly happy? Once again, were relations between you and... I won't stand this any longer, and you might as well know... Mrs. de Winter! Will a journal fill out the luncheon? Darling, you alright? Frank, help me, I'll take her outside Take her to the car You're very foolish of me, painting like that Hello! Maxim, it's that... it's for Belle And how does the bride find herself today? What do you want for Belle? Oh, Max, I was rather worried about you when I heard about the inquest That's why I came down I'm touched by your solicitude, but you don't mind My guess is they'll turn in a verdict of suicide And that is, of course, unless something unforeseen occurs What do you mean? Well, I have a strong feeling that before the day is out Somebody is going to make use of that rather expressive, though old-fashioned term Hull play Go on You see, Max, I find myself in a rather awkward position You've only got to read this note to understand It's from Rebecca She wrote it to me the day she died Oh, I'm not going to bother you with the contents now But I can assure you that it's not the note of a woman who intends to drown herself the same night You know, Max I've often wondered what it would be like to retire to the country Have a nice little place with a few acres of shooting I've never figured out what it would cost a year I'd like to talk about it with you Darling, Mr. Favela and I have a little business transaction on hand I think we'd better conduct it over to the inn They may have a private room there Max, him He won't right now, dear Yes, but I... Your friend will be here in a moment Ask him to find Colonel Julian Then bring them both over to the inn immediately Come on, Favela, let's go Colonel Julian, this is Mr. Favela Oh, I know Colonel Julian. We're old friends, aren't we? Good morning Since you're old friends, I assume you also know that he's head of the police here I think it might be interesting to hear your proposition I don't know what you mean I only want to see justice done, Colonel The evidence suggested certain possible theories concerning Rebecca's death One of them, of course, is suicide Now, I have a little note here which puts that possibility quite out of court Will you read it, Colonel? Jack, darling, I've just seen the doctor And I'm going to Mandalay right away I shall be at the cottage all this evening And shall leave the door open for you I have something terribly important to tell you Rebecca Now, does that look like the note of a woman who had made up her mind to kill herself? Now, come, Colonel, as an officer of the law Don't you feel that there's some slight grounds for suspicion? Of murder Or what else? It's blackmail, pure and simple Blackmail's not so pure nor so simple, Mr. Crawley Mr. Favel, perhaps you can provide us also with a motive I knew you were going to bring that up, Colonel Yes, I'll supply that, too What are you going to do? You come in, Mrs. Danvers? Oh, thank you Colonel Julian, Mrs. Danvers I believe you know everyone else, Danny Mrs. Danvers, there are a few questions No, friends, Colonel, but I think if I put this to Danny, she'll understand it more easily Danny, who was Rebecca's doctor? Mrs. DeWinter always had Dr. McClain from the village No, no, no, you heard I said Rebecca's doctor in London We know that Rebecca went to a doctor in London on the last day of her life Who was it? I don't know I understand, Danny, you're trying to defend her But that's what I'm doing No, Mrs. Danvers, it has been suggested that Mrs. DeWinter was deliberately murdered There you have it in a nutshell, Danny But there's one more thing you'll want to know The name of the murderer George Fortescue Maximillian DeWinter Well, Danny There was a doctor Mrs. DeWinter sometimes went to him privately What was his name? Dr.  Never, Colonel Julian Oh, here, here are all the appointments for that day Ross, Campbell, Stiddle, Perino, Danvers, Matthew Danny? What, the devil? You'll read that name again, did you say Danvers? Yes, Mr. DeWinter, I had a Mrs. Danvers for three o'clock What did she look like? Can you remember? Yes, yes, I remember quite well She was a very beautiful woman, tall, dark, exquisitely dressed Rebecca, the lady must have used an assumed name, Dr. Baker Is that so? Well, this is a surprise I'd known her for some time, what was the matter with her? My dear sir, there are certain edgings She'll possibly supply a reason, Dr. Baker, for Mrs. DeWinter's suicide For her murder, you mean? She was going to have a child, wasn't she?  Perhaps even less There was nothing that could be done Nothing that she could do Except wait, did she? Did she say anything when you told her? She smiled in a queer sort of way Oh yes, I remember she said something that struck me as being very peculiar at the time When I told her it was a matter of months, she said Oh no, Doctor, not that long Oh thank you, you've been very kind You've told us all we wanted to know I'd like to have a talk with you and Mr. Favela I didn't know that Will we be needed any further than the inquest, Colonel Julian? No, I can see to it that Maxon's not troubled any further Thank you, Colonel Frank? Yes?  But what time is it? Oh, it must be three or four Why? Look at the sky Over that way Can't be the dawn breaking over there Hardly, perhaps it's northern nights But it's in the winter that you see them, isn't it? They aren't the northern lights That's Mandalay It's burning What if you see me since the winter? Where is she?  Maxon, she's been killed Last night I dreamt I went to Mandalay again As I stood there hushed and still I could swear that the house was not an empty shell But lived and breathed as it had long ago But Mandalay is no more And we are happy now, Maxon and I For all our fears and suffering And I'm buried in its ruin The curtain falls on Rebecca And all our thanks for a truly memorable evening with Mrs. Olivier and Vivienne Lee Lawrence, the last time we met the circumstances were quite different It was in England during the war Yes, I remember it well You came down to Denham Studios while we were filming Henry V You were making a picture for the American Air Force, isn't it, Bill? Yes, and as I spent most of my time on the bomber stations I didn't have the opportunity of seeing you, Vivienne Well, we hope you'll make us another visit again, Bill Perhaps we'll be able to repay some of Hollywood's wonderful hospitality We just can't believe that any two people were generously treated And the same was true in New Orleans as well I believe you were there on location making scenes for your picture streetcar named Desire Well, Scarlett O'Hara should have felt right at home in New Orleans That's right, Bill It looks like all of Vivienne's American picture career will be spent in the deep south By the way, Vivienne didn't you play streetcar named Desire on the London stage for some time? Well, as a matter of fact I did And then when Larry decided to come over for Paramount to make the picture of Carrie for William Weiler I decided to take advantage of Warner Brothers offer to do streetcar And what are your immediate plans? Oh, plenty of rest You see, we're taking the long way home We're sailing next week on a tramp steamer Mmm, sounds wonderful And what about when you get back to England? More Shakespearean roles, Wallace? No, I... I rather think we'll do something a little lighter for a change Fine, you know we'd love to see you both in the comedy Well, which part would you ask, Bill? What's your plan next week? Well, next week we'll present one of our special musical treats That's a boisterous comedy as well 20th Century Fox's recent screen hit Warbash Avenue And our stars will appear in their original roles Betty Grable and Victor Mature A wonderful cast and a musical of the wonderful gay knighting I'm sure everyone will look forward to that, Bill just as much as we do Good night Who is this Hollywood star? She was born in Paris, but speaks English without a trace of an accent An Academy Award winner She's also one of Hollywood's best-dressed stars and always wears bangs A fashion leader with bangs, huh? I nominate Claudette Colbert Claudette it is, John She's a perfectionist in her clothes as well as in her work She insists on Lux Flakes' care for all her lovely washables From explicit suit louses to flannel ski shirts and soft wool sweaters Actual washing tests prove this gentle care keeps colors at their loveliest up to three times as long No wonder Hollywood stars won't risk ordinary washing methods for their glamorous wardrobe Take Claudette Colbert's tip Live all your nice washables that lovely Lux look Get a big box of Lux Flakes tomorrow Leave our brother's company with a box of Lux toilet soap Join me in inviting you to be with us again next Monday evening When the Lux Radio Theatre presents Betty Grabo and Victor Mature in Wabash Avenue This is William Keely saying good night to you from Hollywood Tonight we'll betty-blies is Mrs. Danvers, John Dodds Wethers-Babelle, and Eleanor Audley is Mrs. Van Hopper A musical directed by Rudy Schrager This is your announcer John Milton Kennedy Tonight to hear Wabash Avenue starring Betty Grabo and Victor Mature Stay tuned for my friend Irma which follows over these same stations This is CBS, the Columbia Broadcasting System