NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75

LAND TENURE AND POVERTY INVESTORS’ OPPORTUNITIES16th World Bank Conference on Land and Poverty 2015: Linking Land Tenure and Use for Shared Prosperity

March 24, 2015

NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18% AFOP -0.01 -1.73% APSG -0.03 -1.00% ARQL -0.03 -1.00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 ENSG -0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 +0.60% HTGC -0.04 -1.10% HTS -0.07 -0.32% INFI -0.09 -1.13% INSU -0.68 -5.39% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18% AFOP -0.01 -1.73% APSG -0.03 -1.00% ARQL -0.03 -1.00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 ENSG -0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +4.75% DBTK +0.31 +4.75% DEP +0.19 +0.60% HTGC -0.04 -1.10% HTS -0.07 -0.32% INFI -0.09 -1.13% INSU -0.68 -5.39% ITWO -0.12 -1 ITWO -0.12 -1.68% JOSB

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TRUSTED LEADER IN RESPONSIBLE INVESTING

Calvert combines a commitment to comprehensive portfolio and security analysis with integrated approach to including Environmental, Social, and Governance (ESG) factors

▪ Over $13.5 billion in assets under management▪ Calvert has financial positions in over 7,000 publicly traded companies globally▪ Calvert was founded in 1976 ▪ Calvert has 500,000 shareholders▪ Calvert assesses land tenure and smallholders’ risks in our Human Rights and

Indigenous Peoples’ Rights analysis, depending on the investment strategy


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RESPONSIBLE INVESTING PROCESS

▪Macro Environment

▪Balance Sheet Analysis

▪Cash Flow Analysis

▪Evaluation of Company Management

▪Market Capitalization

▪Market Sentiment

▪Supply/demand dynamics

TRADITIONAL FACTORS

▪Governance and Ethics

▪Workplace

▪Environment

▪Product Safety and Impact

▪International Operations/Human Rights

▪Indigenous Peoples’ Rights

▪Community Relations

ESG FACTORS


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SMALLHOLDERS AND INVESTORS SHARE RISKS

DE-RISKING SUPPLY CHAINS

Ecology

Communities

Governments

Businesses

PALM OIL RISK MITIGATION

Apply iteration and adaptive management to risk mitigation

Ecology: Land dictates the rules Communities: Gatekeepers Governments: Regulate risks Businesses: Mitigate risks


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OPPORTUNITIES: DE-RISK SUPPLY CHAINS

Together, we can apply a sustainable systems approach to de-risk supply chains:

Create zero-deforestation/zero-degradation indices to benchmark performance Make sustainable agriculture finance tools to enable inclusionary prosperity Apply ESG standards to financial products that trade on financial exchanges De-risk other soft commodities in other sub-industries Develop soft commodities policies for pension funds and asset managers Create key performance indicators on actual avoided deforestation Prohibit use of child and forced labor and development on High Carbon Stock,

High Conservation Value, and peat lands Create demand for sustainable, certified commodities Apply ICT technology for transparent payments to smallholders Enable Free, Prior and Informed Consent frameworks with durable contracts

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INQUIRIES

John Streur

President and CEO

Calvert InvestmentsT: 1.301.961.4804

[email protected]

mailto:[email protected]

NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18% AFOP -0.01 -1.73% APSG -0.03 -1.00% ARQL -0.03 -1.00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK

+0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 ENSG -0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 +0.60% HTGC -0.04 -1.10% HTS -0.07 -0.32% INFI -0.09 -1.13% INSU -0.68 -5.39% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02

+2.74% UBOH +0.04 +0.44% UNFY -0.20 0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18% AFOP -0.01 -1.73% APSG -0.03 -1.00% ARQL -0.03 -1.00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 ENSG -0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +4.75% DBTK +0.31 +4.75% DEP +0.19 +0.60%

HTGC -0.04 -1.10% HTS -0.07 -0.32% INFI -0.09 -1.13% INSU -0.68 -5.39% ITWO -0.12 -1 ITWO -0.12 -1.68% JOSB

THANK YOU www.Calvert.com

Documents

NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75