High Quality Large Cap Stocks Rewarding Investors in

High Quality Large Cap Stocks: Rewarding Investors in Both Up and Down Markets Morningstar Web Seminar February 18, 2009 For Institutional and One-on-One Presentations Only. Not for Distribution to the Public. 1

Today’s Speakers Pat Dorsey, CFA Director of Equity Research Morningstar, Inc. Richard B. England, CFA Lead Portfolio Manager CSIF Equity Portfolio Managing Director, Atlanta Capital Management Company, LLC (ACM) Natalie Trunow Senior Vice President, Equities Calvert Asset Management Company, Inc. (CAMCO) For more information about Morningstar's equity research and Wide Moat stocks, please call 1. 866. 608. 9570. For Institutional Investor Use Only. Not For Public Distribution. 2

Calvert’s Basic 6 Manager Review Calvert Basic 6 1) Philosophy Aligns with Fund Objectives 2) Performance 3) Consistency and Quality of Investment Process 4) Firm of High Quality 5) Commitment to Calvert 6) Effective Communication For Institutional Investor Use Only. Not For Public Distribution. 3

What is a High Quality Stock? How Atlanta Capital looks at quality: • • • consistently increasing earnings and dividends provide attractive relative returns over the long term provide less volatility How Morningstar® looks at quality: • • • has a structural advantage (an “economic moat”) is likely to withstand competitive threats in the future can sustain high returns on capital For Institutional Investor Use Only. Not For Public Distribution. 4

Key Themes GREAT BUSINESSES HAVE MOATS For Institutional Investor Use Only. Not For Public Distribution. 5

Key Themes What’s an Economic Moat? • Successful businesses attract competition that hurts profitability. • Still, some businesses remain highly profitable in the face of concerted competition. • How? By creating a moat: a structural business characteristic that allows a company to fend off the competition (and generate above-average profits) for a long period of time. For Institutional Investor Use Only. Not For Public Distribution. 6

Key Themes Building an Economic Moat • Intangible Assets: Brands, Patents, Licenses • Tiffany, Novartis, Waste-Haulers • Customer Switching Costs • Cisco, Stryker, Otis Elevators (owned by United Technologies) As of January 31, 2009, Calvert Social Investment Fund Equity owned the following companies: Tiffany represented 2. 35% of the Fund’s assets, Novartis represented 2. 75%, Stryker 3. 56% and CISCO represented 3. 76%. United Technologies was not represented in the Fund. Calvert may or may not still invest in, and is not recommending any action on, companies listed. For the most recently available information on holdings in each Calvert socially screened equity fund, visit www. calvert. com. For Institutional Investor Use Only. Not For Public Distribution. 7

Key Themes Digging an Economic Moat • The Network Effect • Master. Card, Western Union, C H Robinson • Cost Advantages • UPS, Compass Minerals As of January 31, 2009, Calvert Social Investment Fund Equity Portfolio owned the following companies: UPS represented 1. 63%, CH Robinson represented 0. 67% and Master Card and Western Union each represented 0. 00% of the Fund’s assets. Compass Minerals was not represented in the portfolio. Calvert may or may not still invest in, and is not recommending any action on, companies listed. For the most recently available information on holdings in each Calvert socially screened equity fund, visit www. calvert. com. For Institutional Investor Use Only. Not For Public Distribution. 8

A Wide Economic Moat A Narrow Economic Moat No Economic Moat Return on Invested Capital Wide vs. Narrow Moat Companies Time Horizon Total Morningstar Universe of Companies Covered: 2000+ in 100+ Industries Companies with No Moats (1, 189) Narrow-Moat Companies: 829 Companies with Moats (998) Source: Morningstar Wide-Moat Companies: 169 (less than 10% of all companies) For Institutional Investor Use Only. Not For Public Distribution. 9

Key Themes Moats are Cheap • Logically, you’d pay more for a great business relative to an average business. • But wide moat stocks trade for average valuations (12 x), and at discounts to our fair value estimates! Source: Morningstar, February 4, 2009 For Institutional Investor Use Only. Not For Public Distribution. 10

Key Themes Wrapping Up Cheap: Wide moat/high quality stocks are above-average businesses trading for average valuations. Strong: Wide moat businesses are self-funding, and not reliant on the free money of the last five years. Less Risky: Risk premia have shot up dramatically. Who benefits in this environment? Strong businesses with less uncertain futures — ones with moats. For Institutional Investor Use Only. Not For Public Distribution. 11

CSIF Equity Portfolio Managed by Calvert’s Sub-Advisor Atlanta Capital Management Co. , LLC Organizational Overview $6. 2 Billion under management for 135 clients Focused • Investment counseling is our sole business. • Stability among investment professionals. Seasoned • Serving the institutional marketplace for over 35 years. • 20 investment professionals averaging 18 years industry experience. Disciplined • Proven discipline based on high quality, sustainable growth investing. • Value added from bottom-up, fundamental research. For Institutional Investor Use Only. Not For Public Distribution. 12

CSIF Equity Portfolio The investment philosophy of Atlanta Capital Management Company, LLC We believe that high quality growth companies produce consistently increasing earnings and dividends, thereby providing attractive returns with moderate risk over the long-term. For Institutional Investor Use Only. Not For Public Distribution. 13

High Quality Companies Have Outperformed Quarterly As Reported Earnings Growth — S&P 500 Index by Quality Ranking Group *Source: Standard & Poor’s. Time period: December 31, 1988 – December 31, 2007. The High and Low Quality portfolios are provided to compare the aggregate of all companies with High Quality S&P Rankings (B+ or Better) to those with Low Quality S&P Rankings (B or Below). The universe includes all U. S. common stocks with S&P Quality Rankings and prices greater than $1. Portfolios are formed and rebalanced monthly, and rates of return are calculated using a market capitalization-weighted methodology. The data in this report has been prepared by Standard & Poor’s Investment Advisory Services LLC and contains proprietary information. The material is based upon information that S&P considers to be reliable, but neither S&P nor its affiliates warrants its completeness, accuracy or adequacy and it should not be relied upon as such. Copyright © 2008, Standard &Poor’s, a division of The Mc. Graw-Hill Companies. A reference to a particular investment or security in the S&P Services is not a recommendation to buy, sell, or hold such investment or security. S&P is not furnishing individualized investment advice to any investor. There is no guarantee that any forecasts or opinions expressed in this material will be realized. These opinions may change at any time without prior notice. Performance during certain periods reflects strong stock market performance that is not typical and may not be repeated. Indexes are unmanaged and it is not possible to directly invest in an index. Past performance does not predict future results. Reproduction or redistribution of this page in any form without express permission from Atlanta Capital is prohibited. For Institutional Investor Use Only. Not For Public Distribution. 14

CSIF Equity Portfolio Calvert Equity Management Group Reviews/Monitors Managers and Supervises Integration of Social Research Atlanta Capital Stock-Selection Process • High Quality Universe • Fundamental Research • Attractive Valuation • Positive Risk Reward Calvert Social Research + • Select companies that meet Calvert’s social criteria • Identify Companies with Good Management = Calvert/Atlanta SRI Portfolio • Seek Companies with Lower Risk Double Diligence® For Institutional Investor Use Only. Not For Public Distribution. 15

Investment Philosophy & Process We believe that high quality growth companies produce consistently increasing earnings and dividends, thereby providing attractive returns with moderate risk over the long-term. 1 Buy Discipline 2 Portfolio Construction 3 Sell Discipline For Institutional Investor Use Only. Not For Public Distribution. 16

So, What Does a High Quality Company Look Like? CVS – Largest position in portfolio at 1/31/09 • • Structurally brilliant but misunderstood acquisition of Caremark. Advantaged position in retail vs. all competitors. Inserting themselves into the health care solution. Steady earnings growth, low debt, returns to rise. C. H. Robinson – Provider of freight services and logistics • Asset-light middleman in domestic freight. • Great returns and cash flows, no debt, never had a down earnings year. Stryker – The global leader in orthopedic products • Great relationships with physicians. Market share very sticky. • Numerous secular trends aiding demand growth. • Never a down earnings year, no debt, high margins and returns, strong cash flow. As of January 31, 2009, Calvert Social Investment Fund Equity Portfolio owned the following companies: CVSrepresented 4. 26% of the Fund’s assets, C H Robinson represented 0. 67% and Stryker represented 3. 59%. Calvert may or may not still invest in, and is not recommending any action on, companies listed. For the most recently available information on holdings in each Calvert socially screened equity fund, visit www. calvert. com. For Institutional Investor Use Only. Not For Public Distribution. 17

CSIF Equity Portfolio As of January 31, 2009 Top Ten Holdings % CVS/Caremark Cisco Systems Google Stryker Staples Hewlett-Packard Apple EOG Resources Kohl’s Qualcomm 4. 26 3. 76 3. 59 3. 56 3. 53 3. 39 3. 04 2. 99 2. 94 Portfolio Metrics for Securities Metrics S&P 500 Index # of Holdings Wtd. Avg. Mkt. Cap (billion) Historical Earnings Growth Forecasted Earnings Growth** Return on Equity Price/Earnings (2010) Dividend Yield 500 $72. 2 8% 8% 15% 10. 5 x 3. 4% HQ Socially Russell 1000 Responsible Growth Index 47 $40. 4 20% 13% 19% 10. 8 x 1. 9% 643 $53. 2 10% 13% 23% 12. 2 x 2. 0% Sector Exposure **Source: First Call estimate. Top ten holdings are based on total assets of a CSIF Equity Portfolio and are subject to change. It should not be assumed that any of the above securities were or will be profitable. The S&P 500 represents the primary, long-term index. The Russell 1000 Growth represents the secondary, short-term style specific index. Source: Baseline, as cited by Atlanta Capital Management. For Institutional Investor Use Only. Not For Public Distribution. 18

Is it the Right Time to Invest in High Quality? 1989 - 2002 2003 - 2007 2008 – Future? High Quality Dominates Perfect Storm Financial Crisis ● ● ● Long Period of High Quality Stocks Out-Performing Low Quality Stocks With Less Volatility Slower Economic Growth and the Credit Crisis Suggest that High Quality Stocks Should Outperform B+ or Better B or Below < 11. 6% 18. 2% < 8. 0% 11. 1% HQ/LQ Relative Return Annualized Return: Standard Deviation: B+ or Better B or Below > 12. 0% 9. 9% < 13. 8% 18. 3% ● Massive Fiscal & Monetary Stimulus Global Economic Expansion High Quality Outperforms High Quality Underperforms *Time period: January 1, 1989 – December 31, 2008. The High and Low Quality portfolios are provided to compare the aggregate of all companies with High Quality S&P Rankings (B+ or Better) to those with Low Quality S&P Rankings (B or Below). The universe includes all U. S. common stocks with S&P Quality Rankings and prices greater than $1. Portfolios are formed and rebalanced monthly, and rates of return are calculated using a market capitalization-weighted methodology. The data has been prepared by Standard & Poor’s Investment Advisory Services LLC and contains proprietary information. The material is based upon information that S&P considers to be reliable, but neither S&P nor its affiliates warrants its completeness, accuracy or adequacy and it should not be relied upon as such. Copyright © 2009, Standard & Poor’s, a division of The Mc. Graw. Hill Companies. A reference to a particular investment or security in the S&P Services is not a recommendation to buy, sell, or hold such investment or security. S&P is not furnishing individualized investment advice to any investor. There is no guarantee that any forecasts or opinions expressed in this material will be realized. These opinions may change at any time without prior notice. Performance during certain periods reflects strong stock market performance that is not typical and may not be repeated. Indexes are unmanaged and it is not possible to directly invest in an index. Past performance does not predict future results. Reproduction or redistribution of this page in any form without express permission from Atlanta Capital is prohibited. For Institutional Investor Use Only. Not For Public Distribution. 19

Capital Preservation is Important October 1, 1998 – December 31, 2008 UP MARKET CAPTURE DOWN MARKET CAPTURE Since Atlanta Capital began managing the Fund on 10/01/98, in quarters when the S&P 500 index had a positive return, the portfolio captured 121. 9% of the “up” market appreciation. Since Atlanta Capital began managing the Fund on 10/1/98, in quarters when the S&P 500 index had a negative return, the portfolio captured only 92. 09% of the “down” market depreciation. CSIF Equity Portfolio (at NAV) S&P 500 Index Performance Compared to the S&P 500 Index Source: Atlanta Capital Management, L. L. C. and Zephyr. Based on quarterly returns. This information is not intended as investment advice or a recommendation to purchase or sell securities. There is no guarantee that any forecasts or opinions expressed in this material will be realized. These opinions may change at any time without prior notice. Indexes are unmanaged and it is not possible to directly invest in an index. Performance during certain periods reflects strong stock market performance that is not typical and may not be repeated. Past performance does not predict future results. For Institutional Investor Use Only. Not For Public Distribution. 20

Fund Performance CSIF Equity Portfolio Average Annual Returns (%) as of 12/31/2008 Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Indices reflect no deductions for fees or expenses. An investor cannot invest directly in an index. Visit www. calvert. com to obtain performance data current to the most recent month-end. For Institutional Investor Use Only. Not For Public Distribution. 21

Disclosure Investment Risks Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during periods of economic expansion. Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in CSIF Equity Portfolio or the Fund could underperform because of the following risks: the stock market may decline; the individual stocks or bonds in the Fund may not perform as well as expected; and/or the Fund’s portfolio management practices may not work to achieve their desired result. For Institutional Investor Use Only. Not For Public Distribution. 22

Disclosure For more information on any Calvert mutual fund, please call Calvert for a free prospectus. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The prospectus contains this and other information. Read it carefully before you invest or send money. 800. 368. 2750 www. calvert. com Calvert mutual funds are underwritten and distributed by Calvert Distributors, Inc. , member FINRA, a subsidiary of Calvert Group, Ltd. #8762 -200902 For Institutional Investor Use Only. Not For Public Distribution. 23

Purchase Information n Mutual Fund: Class A, B and C-shares available on most platforms n SMA: Calvert / Atlanta Socially Responsive Investment — available through the Schwab MAS system n SMA: Calvert/ACM High Quality Large Cap Core – available at Smith Barney Contact the Calvert Sales Desk for more information about these products at 800. 368. 2750. Institutional investors should call 800. 327. 2109. For Institutional Investor Use Only. Not For Public Distribution. 24

www. calvert. com © 2009 Calvert Group, Ltd.