MAY LOSE VALUE. NOT FDIC INSURED. NOT A DEPOSIT. NO BANK GUARANTEE. NOT NCUA/NCUSIF INSURED. NO CREDIT UNION GUARANTEE. © 2013 Calvert Investments, Inc.

MAY LOSE VALUE. NOT FDIC INSURED. NOT A DEPOSIT. NO BANK GUARANTEE.NOT NCUA/NCUSIF INSURED. NO CREDIT UNION GUARANTEE.

© 2013 Calvert Investments, Inc.

TAP INTO SOLUTIONS TO THE GLOBAL WATER CRISIS

2

QUIZ: WHICH NEEDS MORE WATER?

8 oz steak, 8 oz chicken or 1/3 pound hamburger

1 cup of rice or 1 cup of potatoes

1 pint of beer or 16 oz of wine

8 oz chocolate or 8 oz cheese

1 ream of paper or 1 day’s use for the average American

70% of global water use is for agriculture

3

WATER, WATER EVERYWHERE…OR IS IT?

Worldwide, water consumption is doubling every 20 years, twice the rate of population growth1

China is home to 21% of the world’s population, but has only 7% of its water supply2

About 80% of sewage flows untreated into bodies of water in developing countries, according to the United Nations

1. Source: Water Facts & Water Stories from across the Globe (The World Water Organization, 2010), 2. Source: The World Water Organization

In India, most human sewage goes directly into the nation’s rivers untreated, polluting the country’s main sources of drinking water. (Report by the Center for Science and Environment, September, 2013.)

4

WAKING UP TO THE GLOBAL WATER CRISISGrowing awareness in the media

TODAY’S AGENDA

1. A water crisis is engulfing the world

2. Innovative solutions from innovative companies

3. An investment theme with staying power

4. Ways to access the water opportunity

5. The preeminent name in sustainable investing

5

A WATER CRISIS IS ENGULFING THE WORLD

7

SHRINKING SUPPLYLess than 1% of all water is potentially drinkable

The Water Problem”, Zulfiquer Ahmed Amin, Global Policy Forum, http://www.globalpolicy.org/security/natres/water/2007/1008wprob.htm, October 8, 2007.

8

THE GROWING GULF Demand to exceed supply by 2030

Source: 2030 Water Resource Group and International Food Policy Research Institute (IFPRI)

Current Demand Demand in 2030 Available Resources

Agriculture

Industries

Domestic

4,500billion m3

6,900 billion m3

4,200 billion m3

600

800

3,100

900

1,500

4,500

-40%

9

A RIVER RUNS FROM IT

2.5 billion people worldwide don’t have access to wastewater services and 800 million don’t have access to clean water.1

Dangerous and costly infrastructure issues abound

One-third of utilities around the globe report losing more than 40% of clean water to leaks.

Source: Jacobs Securities, Global Water Primer, April 2011, referencing Booz Allen Hamilton; Sensus, Water 20/20: Bringing Smart Water Networks into Focus, 2012, http://sensus.com/documents/10157/1577608/Sensus_Water2020-USweb.pdf/d67d0a75-255a-4a20-86f1-d4548bfcdf78

10

INFRASTRUCTURE NEEDS LURK BELOW THE SURFACE EVERYWHERE

Developing World – more cell phones than toilets 7 billion in world, 6 billion

have mobile phones, only 4.5 billion have toilets…

Developed World –

ASCE Report Card on U.S. Infrastructure: Water — D Wastewater — D

Sources: /www.un.org/apps/news/story.asp?NewsID=44452&Cr=sanitation&Cr1=#.UjtV8mRgbwa, www.infrastructurereportcard.org

INNOVATIVE SOLUTIONS FROM INNOVATIVE COMPANIES

12

DEFINING WATER INVESTMENTSOpportunities throughout the water cycle

STEP 1

Collection

STEP 4

Sewage/Sanitation

STEP 3

Usage STEP 2

Treatment

13

CLEANING UP HURRICANE SANDY

Odds of a record-breaking storm surge in the next year have more than doubled for 2/3 of U.S. coastal locations

11 billion gallons of raw and partially treated sewage spewed into streets and waterways

NY and NJ will spend $3 billion on plant repairs

Spotlight on: Xylem

In the immediate wake of Hurricane Sandy, Xylem pumps were deployed in hard-hit locations like Belmar, New Jersey, shown above.

14

RECYCLING WATER TO EXPAND SUPPLY

Big Potential for Recycled Water 4 times less energy than

desalination More practical for inland

communities Only 2% of wastewater

worldwide is currently recycled Market is growing 25% a year

in U.S. and Europe

Spotlight on: Suez Environnement

Source: www.emag.suez-environnement.com/en/why-how-recover-wastewater-4032

While not done in the United States, drinking recycled water is standard practice in Barcelona, Spain.

15

SAVING OUR WATERS FROM JUMPING FISHSpotlight on: Calgon Carbon

AN INVESTMENT THEME WITH STAYING POWER

17

A SEA OF POTENTIALNeeded water investments exceed $20 trillion by 2030

Source: Booz Allen Hamilton, Global Infrastructure Partners, World Energy Outlook, Organization of Economic Cooperation and Development, Boeing, Drewry Shipping Consultants, U.S. Department of Transportation.

REQUIRED GLOBAL INFRASTRUCTURE SPEND 2005-2030 (USD TRN)

Resource scarcity

Emerging market growth

Regulation: quality and measurement

Infrastructure investment

Air/Seaports$1.6

Water$22.6

Road and Rail$7.8

Power $9

More than 50% of investment should be in water

18

WHY INVEST IN WATER?6 themes making water-related companies attractive

Infrastructure Rehabilitation Large opportunity due to ongoing cumulative deferred investment

Emerging Market Growth Increased exposure to Emerging Markets China/India increased spending nearly 10x in 10 years

M & A M&A activity still pervasive Benefit from owning companies that acquire others or are

targeted for acquisition

Evolving Regulations Ballast water treatment & shale-related water management are two key emerging trends

Supply-Demand Imbalance Fixed supply + demand growing twice as fast as the population = growing gap

Climate change is altering water supply patterns

Capital Expenditure Significant capital expenditure in Power, Refineries, Chemicals, Upstream Oil & Gas, Mining sectors

19

3 KEY TYPES OF WATER INVESTMENTS

Infrastructure Technology Utilities

Pipes Storage tanks Pumps & fluid control Irrigation equipment Construction Engineering &

consulting

Water treatment Smart meters Leak detection Water testing &

analysis

Private water utilities Private wastewater

utilities Utility management

companies

Most attractive areas of the water sector

The listed stocks are a representative sample of stocks that may or may not be in the strategy. Size or profitability have not been used in determining the selection of stocks and their inclusion should not be construed as a stock recommendation.

20

DIVING INTO WATER INVESTMENTS

Stocks ETFs Mutual Funds

+ Choose specific companies

+ Moderately cost-effective

+ More cost-effective + Moderate

diversification

+ Active management+ Exploit market

opportunities + More diversification

across industries

- Complex area requires expertise

- Hard to build diversified portfolio

- Backward-looking - Does not capitalize

on market trends- Typically focused on

one industry (e.g., utilities)

- Tend to cost more - Management

strategies may add or subtract relative value

3 options for tapping into water

WAYS TO ACCESS THE WATER OPPORTUNITY

22

WATER HAS STRONGEST 10-YEAR, RISK-ADJUSTED RETURNS

Source: Zephyr. Data as of 12/31/13.

Index performance does not represent fund performance, and the performance of the fund may differ significantly from that of an index. Index returns are for illustrative purposes only and do not represent actual performance of Calvert Global Water Fund. Performance during certain periods reflects strong market performance that is not typical and may not be repeated. Past performance does not predict future results. Standard deviation is a statistical measure of the historical variability of an investment’s returns. A standard deviation of “1” means an investment can be expected to produce an annual return that is plus or minus 1% of its average annual return 66% of the time. Standard deviation is one measure of a investment’s risk. Indexes are unmanaged and it is not possible to directly invest in an index.

RE

WA

RD

RISK

Risk/Return Comparison | January 2004-December 2013

TO

TAL

AN

NU

AL

IZE

D R

ET

UR

N

TOTAL ANNUALIZED STANDARD DEVIATION

14 16 18 20 22 24 26 280%

2%

4%

6%

8%

10%

12%

14%

16%

WATER

US REITSUS SMALL COMPANY STOCKS

WORLD STOCKS

COMMODITIES

US STOCK MARKET

DOW UBS Commodity Index

S-Network Global Water Index (total return)

MSCI World Index

Russell 2000 Index

FTSE Nareit Equity

S&P 500 Index

23

WHERE DOES WATER FIT IN MY PORTFOLIO?Water investments:10%-30% of a global equity allocation

Other Global Stocks

Water Stocks 10% to 30%

SUGGESTED GLOBAL EQUITY ALLOCATION Water Investments Can Also Help Diversify: Commodities Alternative Stocks

24

RIDING THE TIDES OF CHANGEPotential risk factors

Shifting Economic

Trends

Changing Weather Patterns

Regulatory & Tax Changes

Tech Advances &

New Competition

THE PREEMINENT NAME IN SUSTAINABLE INVESTING

26

3 KEY REASONS TO CHOOSE THE CALVERT GLOBAL WATER FUND

Broader Investment Universe

Calvert’s Sustainability

Research

Expertise of Kleinwort Benson

International

Breadth of investments—depth of expertise

27

RECAP: THE OPPORTUNITY FOR WATER INVESTMENTS

The Case for Water Water Investments Tap Into

Water Investments Offer

Calvert Global Water Fund

Supply: <1% of the world’s water is available for use1

Demand expected to grow by more than 40% by 20302

Required spending of $20 trillion on water infrastructure through 20303

Increased Regulation & New Technologies

A $500B global market expected to be $1Trillion by 2020

Exposure to emerging markets

Infrastructure spending

Growing supply-demand imbalance

M&A Activity

Small- to large-cap stocks

Diversification, especially in global equities

Strong, steady returns with run-of-the-mill risk

A broad universe of potential investments

Attractive long-term growth potential

Active portfolio management

Kleinwort Benson a pioneer in water investing since 2001

Calvert a leader in water sustainability

Invests in companies throughout water cycle

Targeted 30–40 stock portfolio

1. “Water, Our Thirsty World,” National Geographic, April 2010

2. McKinsey Global Institute, Resource Revolution: meeting the world’s energy, materials, food, and water needs, November 2011

3. Jacobs Securities, Global Water Primer, April 2011, referencing Booz Allen Hamilton

4. Based on Water strategy, vs MSCI World index

28

IT’S EASY TO CAPITALIZE ON THE BENEFITS OF WATER

Visit www.Calvert.com/water for a free copy of our white paper: Quenching the World’s Thirst for Water

Speak to your Financial Advisor Invest in Calvert Global Water

Fund (CFWAX) Download Calvert’s free

Water Investing app from

Take advantage of water’s investment promise with Calvert

Visit www.Calvert.com or talk with your financial advisor

29

IMPORTANT DISCLOSURE

As of December 31, 2013, Calvert Global Water Fund’s holdings included Xylem (1.49%), Calgon Carbide (2.95%), and Suez Environnement (4.51%). 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 equity fund, visit www.calvert.com. Current and future portfolio holdings are subject to market risk.

30

POTENTIAL RISKS OF THE CALVERT GLOBALWATER FUND

You could lose money on your investment in the Calvert Global Water Fund, or the Fund could

underperform, because of the following risks:

Stocks that comprise the water-related resource sector may fall in value.

The water industry can be significantly affected by common economic trends or other conditions or developments,

such as the availability of water, the level of rainfall and occurrence of other climatic events, changes in water

consumption, and new technologies relating to the supply of water, in addition to environmental considerations,

taxation, and government regulation (including the increased cost of compliance).

The stock market (including markets outside the U.S.) may fall in value, causing prices of stocks held by the Fund to

fall.

The Fund is non-diversified and may invest more of its assets in a smaller number of companies than a diversified

fund, and gains or losses on a single stock may have greater impact on the Fund.

A downturn in the water-related resource sector would impact the Fund more than other mutual funds because the

Fund concentrates in this industry.

By focusing on a specific sector or industry, the Fund may be more volatile than a typical mutual fund.

Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk

of currency fluctuations.

Strong global water spending and demand for water-related solutions does not necessarily indicate positive

investment results for a fund investing in the water sector.

31

IMPORTANT DISCLOSURE

For more information on any Calvert fund, please contact Calvert at 800.368.2748 for a free summary prospectus and/or prospectus. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other information. Read them carefully before you invest or send money.

Calvert mutual funds are underwritten and distributed by Calvert Investment Distributors, Inc., member FINRA, and subsidiary of Calvert Investments, Inc., 4550 Montgomery Avenue, Suite 1000N, Bethesda, MD 20814

PT10019-201403

www.Calvert.com

800.368.2748

REGIONAL STORIES—OPTIONAL SLIDES FOR BEGINNING OF PRESENTATION

34

DAM OVER TROUBLED WATERSLake Mead Could Be Dry By 2025

35

LIVELIHOODS OR NEIGHBORHOODS?

Florida

The water is essential to:

Panhandle fisheries—especially oysters—and the fishermen’s livelihoods Sustaining ecosystems in the

western Gulf of Mexico

The fight over the Chattahoochee-Flint river basin

Georgia

The water is essential to: Supplying water to Atlanta’s

fast growing population Georgia’s water consumption

is expected to double by 2035

36

WATER STEEPED IN HISTORY

Some water pipes dating back to Civil War

Boston loses 30% of treated water a year due to leaks

Funding gap of more than $39 B over the next 20 years to fix it all

Antique infrastructure needs replacing

Do you want to keep drinking out of this?