As good corporate citizens, we believe that well-constructed self-regulatory codes can be more effective and credible than government regulation and legislation. Self-regulatory codes allow for speedy resolution of issues without compromising legitimate advertising and promotional needs.

Our participation in such organizations commits us to adhere to industry codes on the responsible marketing and promotion of our products; to place moderation statements on our consumer advertising; and on our labels to remind consumers to enjoy our brands responsibly.

Our approach is to self-regulation through the Bacardi Global Marketing Principles, which establish the minimum standards that must be met when marketing our brands in the markets we distribute our products. Around the world, nominated approvers are trained in how to apply the Global Marketing Principles and sign off marketing materials in their markets. These approvers are external affairs managers, in legal departments, or General Managers. They are always non-marketing staff. This approach is designed to ensure that we are complying with government and industry regulations.

Training in the Global Marketing Principles is conducted primarily through the Bacardi Marketing Way program. To date, 440 marketing staff across the Company have been trained.

We are founding members of the Distilled Spirits Council of the United States (DISCUS), a national trade association comprised of producers and marketers of distilled spirits sold in the U.S.A. We have adopted and actively participated in the development of the group’s voluntary code of advertising practices, the DISCUS Code of Responsible Marketing Practices, including the latest version dated January 2009. The new Code has been expanded to apply to video games, music videos, sponsorships, and product placements.

In Europe, we play an active role in many national trade associations which are members of CEPS, the European Spirits Organization. CEPS has a long-standing commitment to responsibility – the CEPS European Compliance Charter commits all CEPS members to promote the responsible consumption of spirit drinks. For example by 2010, where permitted under national law, 75% of advertising (print, including billboards, TV/cinema and Web site) undertaken by members will include responsible drinking messages. Bacardi has already achieved this particular target and we are working to fulfill our remaining commitments.