Calvert Files 20 Shareholder Resolutions for 2002-2003 Season; Seeks Positive Impact on Diversity, Medical Ethics and Environmental Issues.

Business Editors

BETHESDA, Md.--(BUSINESS WIRE)--Feb. 13, 2003

Calvert, one of the nation's leading provider of social investing and screening, today, released information on its shareholder activism filings for the current proxy season. This year, the firm is focusing on board diversity, workplace diversity, corporate governance, clinical trials, the environment and worker safety reporting, and workplace violence. Calvert has filed shareholder resolutions with 20 companies.

"Shareholder activism is an integral part of Calvert's social investing process, leveraging the firm's status as an investor to encourage positive social change and enhanced company value," said Dr. Julie Gorte, Director of Social Research at Calvert. "We constantly challenge ourselves to identify the ways in which socially-beneficial initiatives can enhance a company's financial performance."

Summary of Calvert's Shareholder Resolutions

Triquint Semiconductor (TQNT):

On November 8, 2002, Calvert Funds filed a resolution with Triquint asking the company to prepare a report that includes (1) environmental indicators, both in absolute amounts and in production-adjusted or revenue-adjusted amounts, for energy consumption, water consumption, hazardous chemical consumption, and chemical waste treatment/disposal; (2) a summary of policies and initiatives to promote sound environmental management, including ISO 14001 certification, EPA partnerships, and voluntary programs; and (3) a description of policies and programs in place to ensure the health and safety of clean room workers, including S2 Safety Guidelines, S8 Ergonomic/Human Factor Guidelines, and efforts to mitigate the effects of handling hazardous chemicals during the manufacturing process.

Merck & Company (MRK):

On November 13, 2002, Calvert Funds co-sponsored a resolution with the Sisters of the Blessed Sacrament asking that the company prepare a report detailing the progress the company has made in breaking the glass ceiling and including the top one hundred or one percent of company wage earners broken down by gender and race.

Alltel (AT):

On November 4, 2002, Calvert Funds co-sponsored a resolution with Walden Asset Management that asks the company to develop a written diversity policy to explicitly prohibit discrimination based on sexual orientation and requests that the company substantially implement the policy.

Dover Corporation (DOV):

On November 11, 2002, Calvert Funds co-sponsored a resolution with Walden Asset Management that asks Dover Corporation to develop a written diversity policy to explicitly prohibit discrimination based on sexual orientation and requests that the company substantially implement the policy.

Gillette Company (G):

On November 18, 2002, Calvert Funds co-sponsored a resolution with Walden Asset Management asking Gillette to declassify the election of Directors by ensuring that in future Board elections, directors are elected annually and not by classes as is now provided.

Stanley Works (SWK):

On December 3, 2002, Calvert co-sponsored a resolution with the Office of the Connecticut State Treasurer requesting that Stanley Works take necessary steps to declassify the election of Directors by ensuring that in future Board elections, directors are elected annually and not by classes as is now provided.

"Calvert does not merely avoid investing in problematic companies. We actively engage corporate management to adopt higher standards on socially relevant issues. Often this is achieved via healthy dialogues. When this effort fails, shareholder resolutions are one of the most effective tools we have as concerned investors," said Nikki Daruwala, Senior Social Research Analyst and Shareholder Activism Coordinator.

2003 Calvert Focus: Board Diversity

The issue of board diversity, in particular, is a focus for Calvert this year. It has already contacted over 600 companies in its Calvert Social Index(TM) asking them to diversify their boards with women and minorities. Nine of the shareholder resolutions this season are asking companies to do the same. Currently, Calvert is developing model charter language on diversity best practices and will invite companies to adopt it into their corporate nominating charters. The State of Connecticut Treasurer's Office, which has spearheaded a board diversity program, has endorsed Calvert's language.

Danaher (DHR):

On December 9, 2002, Calvert Funds filed a resolution seeking board diversity at the company.

Gentex (GNTX):

On November 22, 2002, Calvert filed a resolution seeking board diversity at the company.

American Power Conversion (APCC):

On December 17, 2002, Calvert co-filed a resolution with the Office of the Connecticut State Treasurer requesting that American Power Conversion diversify its board of directors.

WebMD (HLTH):

On January 15, 2003, Calvert filed a resolution seeking board diversity at the company.

Grant Prideco (GRP):

On January 15, 2003, Calvert filed a resolution seeking board diversity at the company.

Patterson Dental (PDCO):

On January 15, 2003, Calvert filed a resolution seeking board diversity at the company.

Check Free (CKFR)

On February 10, 2003, Calvert filed a resolution seeking board diversity at the company.

Zebra Technology (ZBRA)

On February 10, 2003, Calvert filed a resolution seeking board diversity at the company.

Success Stories

-- Following Calvert's resolutions on ethical guidelines for clinical trials, both Johnson & Johnson (JNJ) and Pfizer (PFE) have agreed to greater disclosure on their protocols governing clinical trials. Earlier this year, Johnson & Johnson posted its Ethical Code governing clinical trials on its website. Pfizer has also agreed to work with us to disclose the countries where it conducts or sponsors clinical trials and how it plans to ensure that its study protocols and ethical guidelines are followed at all clinical research sites. Both resolutions have been withdrawn.

-- The shareholder resolution with CEC Entertainment (CEC) was withdrawn after the company provided Calvert with its intentions to implement policies and programs aimed at minimizing workplace threats and violence.

-- Co-filed with Walden Capital Management, the shareholder resolution with Illinois Tool Works (ITW) was withdrawn after the firm agreed to publicly disclose detailed diversity data.

-- The shareholder resolution with Molex (MOLX) is currently being withdrawn after the company agreed to Calvert's request to diversify its Board of Directors.

Calvert is one of the largest mutual fund complexes in the Washington D.C. area with approximately $8.6 billion in assets under management. Best known for its family of socially responsible mutual funds, Calvert offers twenty-nine funds that allow individual and institutional investors to pursue a broad range of investment objectives within a single fund family. Calvert launched the Calvert Social Index(TM), a benchmark for measuring the performance of large, U.S.-based socially responsible companies. For more information on Calvert, click on www.calvert.com.

Calvert mutual funds are underwritten and distributed by Calvert Distributors Inc., member NASD, a subsidiary of Calvert Group. (2/03)