Calvert Social Index Quarterly Adjustments

Business Wire, March 24, 2008

BETHESDA, Md. -- The Calvert Social Index Committee ("Index Committee") met on March 19th to review and approve changes to the Calvert Social Index[R]. The Index Committee meets quarterly to review the component companies of the Index for corporate actions (i.e., spin-offs, mergers and acquisitions, bankruptcy) and for the recommendations made by the Calvert Social Research Department that may affect their eligibility in the Index. The Index Committee has reviewed and approved the following additions and deletions to the Calvert Social Index, effective at market open today.

ADDITIONS:

Tiffany & Company (NYSE:TIF), a company in the Calvert Social Index Universe, was added to the Calvert Social Index as it now meets Calvert's standards for environment and human rights. The company has adopted a policy of refusing to sell gems and other products mined in Burma. In addition, the company now discloses policies and programs aimed at mitigating the environmental and social impacts of mines that supply the industry with gems and metals. As a result of these new initiatives, the company is positioned favorably amongst its industry peers.

Calvert welcomes Tiffany & Company to the Calvert Social Index as a sustainability leader in the jewelry industry, especially for its willingness to address critical issues from "mine to retail" through its global supply chain.

The glitter of jewels all too often obscures human tragedy and environmental degradation. The illegal diamond trade has been linked to violence, human rights abuses and civil conflict in Africa and beyond. Gold, too, has been associated with similar conflicts, violations of human rights as well as toxic pollution. Given the small size and high value of these commodities, diamonds and gold have been easy for rebel armies and warlords in various countries to sell in order to finance their operations.

Tiffany & Co. has played a major role in establishing a system adhered to by trading countries and the jewelry industry to keep conflict diamonds out of the legitimate diamond supply. The system known as the Kimberley Process (named after the South African city in which the accord was signed) is an international, cooperative monitoring system created to eliminate the flow of "conflict diamonds" and went into full effect in July 2003. Tiffany & Co. purchases diamonds only in those countries that are full participants in the Kimberley Process Certification Scheme.

In 2004, Tiffany & Co. was the first jeweler to embrace the objectives of the 'No Dirty Gold' campaign, which has established standards for the extraction of gold that retail jewelers can use as they seek responsible mine sources. Their willingness to work with leading advocacy, non-government organizations such as Oxfam America and Earthworks has been especially notable in connection with that campaign. Since 2005, as a founding member of the Council for Responsible Jewelry, the company has played a constructive and leading role in promoting responsible business practices throughout the diamond and gold supply chain.

Tiffany's position even extends beyond the compliance required by U.S. export and trade laws. For instance, the company does not sell gems or other products mined in Burma. Furthermore, the company has publicly opposed the development of mines in sensitive ecosystems. In March 2004, the company published an open letter in national papers criticizing the U.S. government for its reliance on antiquated laws to grant approval for the development of a copper and silver mine in Montana's Kootenai National Forest. In February 2008, the company was one of a group of jewelers that signed a pledge opposing a planned Alaskan gold and copper mine near the site of an extremely sensitive salmon run. These are highly unusual actions for any company to take, and Calvert applauds Tiffany & Co. for its leadership and the standard it has set for its industry.

Ann Taylor Stores Corporation (NYSE:ANN), a company in the Calvert Social Index Universe, was added to the Calvert Social Index as it now meets Calvert's standards for human rights. The company has adopted a supplier code of conduct, in conjunction with a commitment to a supplier monitoring program.

Campbell Soup Company (NYSE:CPB), a company in the Calvert Social Index Universe, was added to the Calvert Social Index as it now meets Calvert's standards for environment. The company has agreed to improve environmental disclosure by publishing a sustainability report in 2008.

Corning Incorporated (NYSE:GLW), a company in the Calvert Social Index Universe, was added to the Calvert Social Index as it now meets Calvert's standards for product safety. Corning has made significant efforts to resolve product liability issues and has refocused its strategy into innovative products and technologies.

International Flavors and Fragrances (NYSE:IFF), a company in the Calvert Social Index Universe, was added to the Calvert Social Index as it now meets Calvert's standards for animal welfare and product safety.