BETHESDA, Md. - A coalition of investors led by Calvert Group, Ltd. and As You Sow Foundation announced a key milestone in their electronic waste initiative as Dell Inc. became the first U.S. computer company to publicly release a global recycling goal. Dell's goal commits the company to recycling 50% more used and obsolete computer equipment in its 2005 fiscal year than it did in fiscal 2004.

Computer systems contain heavy metals such as lead, mercury and cadmium and plastics that can cause harm to human health and the environment when landfilled or incinerated. Over the next decade, hundreds of millions of computers will need to be retired and responsibly processed. Dell's public goal begins to address the significant environmental and public health concern associated with the disposal of computer equipment.

"As institutional shareholders, we are pleased by Dell's efforts toward full life cycle management of its products," said Julie Frieder, Environment Analyst for Calvert. "We successfully used shareholder influence to encourage a mindset of responsible stewardship. No longer will Dell introduce a new product without considering what to do with that product at the end of its useful life."

Since 2001, the investor group which includes - As You Sow Foundation, Calvert Group, Ltd., Dreyfus Premier Third Century Fund, Inc., Green Century Funds, ISIS Asset Management, Pax World Fund, and Walden Asset Management, - has challenged U.S. computer companies to take greater responsibility for the e-waste problem by developing comprehensive computer recycling policies, programs, goals, and metrics. "We are pleased with the progress Dell has made in the past three years," said Conrad MacKerron, Director of Corporate Responsibility for As You Sow Foundation "While there is still a long way to go, Dell's commitment sends an important message of accountability to customers, employees and shareholders.

The investor group will seek to leverage Dell's commitment to push other computer companies - Apple, Dell, Hewlett-Packard and IBM - to set goals and targets so that investors and other shareholders will be able to measure and compare companies' progress over time.

Long-term solutions to e-waste require industry-wide agreements as well as design innovations so that harmful constituents are eliminated or minimized at the front end of production and workers and the environment are not exposed to the associated hazards of electronic waste upon disposal. In the interim, appropriate and affordable takeback and recycling programs can begin to address the massive stockpile of old computer equipment in warehouses, garages and basements.

About As You Sow and the Educational Foundation of America
As You Sow is a non-profit organization dedicated to promoting corporate social responsibility. It represents shareholders in engaging publicly held companies to adopt more progressive social and environmental policies. As You Sow's participation is supported by the Educational Foundation of America, a private foundation, part of whose mission is to promote environmental sustainability.

About Calvert
Best known for its family of socially responsible mutual funds, Calvert manages approximately $9.7 billion in assets under management among twenty-seven funds. 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. (4/04, 4329)

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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