Calvert, the nation’s largest family of socially responsible mutual funds, is honoring American Express Small Business Services on November 9, 2001 as the first recipient of the Calvert Corporate Citizenship Award. The Calvert award will go to Kerry Hatch, Executive Vice President and General Manager of the American Express and the Small Business Services team.

Under the leadership of Kerry Hatch, American Express Small Business Services pioneered the innovative American Express Community Business SM Card, a credit card which contributes 1 percent of every dollar charged to micro-enterprise development organizations, at no-cost to the customer. Microentreprise development organizations provide small loans, expertise and support to fledgling businesses that often cannot access financing through banks or other traditional channels.

“Often, as socially-responsible investors, we are forced to focus on the negative. But with this award, we celebrate the positive contributions that leading corporations are making to a better, safer, fairer world,” noted Barbara J. Krumsiek, President & CEO of Calvert, who will present the award. “Kerry Hatch and the Small Business Services team exemplify the way that companies can do well by doing good.”

“I am very proud that Calvert Group has recognized American Express’ commitment to being a good corporate citizen, which is a core value for our company,” said Ms. Hatch. “American Express created the Community Business Card because we recognized that some of those within the small business community had the passion to start a small business, but not necessarily the resources. We believe it is critical to support microenterprise development organizations in their mission to help these individuals get their businesses off the ground.”

Each year, Calvert plans to recognize individuals and companies that institute exceptional programs to promote community investment, environmental protection, fair treatment of employees and surrounding communities, safe and healthy products and human rights.

American Express Small Business Services (SBS) is a unit of American Express Travel Related Services Company, Inc. solely dedicated to serving companies with fewer than 100 employees. Small Business Services provides a broad range of financial services, including charge and credit cards, equipment financing, term loans and lines of credit to more than 2.5 million small businesses in the U.S.

Calvert is recognized as one of the world’s leading socially-responsible investors, offering twelve funds that are screened to eliminate companies that don’t meet its standards for environmental protection, gender and racial equity, labor relations, product safety, human rights and indigenous people’s rights. Calvert also invests extensively in local communities through its community investment program.

For over ten years, selected Calvert funds have invested up to 1% of assets in "high social impact" companies that put money to work in local communities that need more access to capital. In addition, the firm offers an extensive line of taxable and tax-free bond funds, several of which have earned top-ranking performance over the last several years. Calvert is well-known for its own women- and worker-friendly environment, earning acknowledgement from publications such as Working Mother and The Washingtonian, as one of the country’s best places to work.

For more complete information about any Calvert Group mutual fund, call 800.368.2748 for a free prospectus or go to our Web site at http://www.calvert.com/. Read it carefully before you invest.

Calvert mutual funds are underwritten and distributed by Calvert Distributors Inc., member NASD, a subsidiary of Calvert Group. (11/01)

Calvert

Calvert

Calvert, a leader in sustainable and responsible investing, headquartered in suburban Washington, D.C., has, since our founding in 1976, set industry standards for asset management excellence - in both the way we select companies for our portfolios and how we serve our clients' interests. Our investment approach emphasizes rigorous fundamental research that goes beyond traditional measures to uncover companies with long-term value. Through proven investment management, attentive customer service, an innovative family of investment products, and strong marketing capabilities, Calvert serves individual and institutional investors nationwide as well as professional financial advisors

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