42.8% of Dover Corp. Shares Vote in Favor of Proposal Encouraging
Company to Adopt More Inclusive Equal Employment Opportunity Policy

Contact: Kenneth Scott, Walden, (617) 726-7003;
Elizabeth Laurienzo, Calvert, (301) 657-7047

(NEW YORK, NY) - April 25, 2003 - Leading institutional shareholder advocates applauded today the results of a shareholder vote asking Dover Corporation (NYSE: DOV) to amend its nondiscrimination policy to explicitly include sexual orientation. Approximately 42.8% of shares voted in favor of the proposal at the company's annual meeting of shareholders on April 22. The proposal was submitted by ICCR Member Walden Asset Management, and co-filed by ICCR Member Calvert Group, Ltd. and Funding Exchange. This is the second largest vote ever in favor of a shareholder proposal on a social issue when management recommended voting against the proposal.

"While corporate governance reforms often receive large shareholder votes of support, the nearly unprecedented Dover vote signifies the growth of support among individual and institutional investors for important, common-sense social and human rights issues as well," stated Tim Smith, Senior Vice President at Walden Asset Management, located in Boston, Massachusetts. "I view this vote as a landmark in my thirty-plus years in shareholder advocacy for greater corporate responsibility."

"A company facing a vote this high by its owners ignores that vote at its peril. We urge Dover management to immediately begin the process of informing their subsidiaries to change their personnel policies to include non-discrimination on the basis of sexual orientation," stated Nikki Daruwala, Senior Analyst and Shareholder Advocacy Coordinator for Calvert Group, Ltd., located in Bethesda, Maryland

"While historic, this vote is not as satisfying for Walden and its clients as is the quiet successes with the numerous companies that recently amended their policies over the past year to make them more inclusive," stated Kenneth P. Scott, portfolio manager at Walden Asset Management. "Nevertheless, this high level of support sends a strong signal to management that shareholders care deeply about the company's reputation for inclusiveness, and its ability to attract employees from the widest pool of talent."

"Dover is on a shrinking list of major industrial companies refusing to adopt such a policy," stated Walden's Kenneth Scott. More than 60 percent of the Fortune 500® companies explicitly bar discrimination based on sexual orientation, according to Human Rights Campaign, including 90 of the Fortune 100. Major industrial companies with inclusive policies, as requested in the resolution, include 3M, Applied Materials, Baldor Electric, Caterpillar, Cummins, Deere, Donaldson, General Electric, General Motors, Illinois Tool Works, Teleflex, and United Technologies, according to Human Rights Campaign.

In December 2002, Governor Pataki signed the Sexual Orientation Non-Discrimination Act (SONDA), which requires that companies in New York State not discriminate on the basis of sexual orientation. Dover is one of the largest employers in New York not to have made its policy fully inclusive. Major companies that are headquartered in New York and explicitly prohibit this form of discrimination in their written polices include AIG, AOL Time Warner, Citigroup, Goldman Sachs, IBM, International Paper, Merrill Lynch, MetLife, J.P. Morgan Chase, Morgan Stanley, PepsiCo, Pfizer, Philip Morris, and Verizon, according to Human Rights Campaign.

National polls consistently find more than three-quarters of Americans support equal rights in the workplace for gay men, lesbians and bisexuals. For example, in a Gallup poll conducted in June 2001, 85 percent of respondents favored equal opportunity in employment for gays and lesbians. Moreover, according to a recent survey by Harris Interactive and Witeck-Combs, 41% of gay and lesbian workers in the United States report facing some form of hostility or harassment on the job; almost one out of every 10 gay or lesbian adults also stated that they had been fired or dismissed unfairly from a previous job, or pressured to quit a job because of their sexual orientation. Employment discrimination on the basis of sexual orientation diminishes employee morale and productivity.

"By explicitly barring sexual orientation discrimination in its policies, Dover would help ensure a respectful and productive atmosphere for all employees and enhance its competitive edge by joining the growing ranks of major industrial companies guaranteeing equal opportunity for all employees," added Kenneth Scott.

Approximately 58.45 million shares were voted in favor of the resolution. Approximately 78.10 million shares voted against the proposal, resulting in a 42.8% vote. Under SEC rules for re-submitting shareholder proposals, the voting result is determined by dividing shares voted for by the total of shares voted for or against. An additional 11.34 million shares abstained from voting on the proposal, deciding explicitly not to vote with management. "When you combine the votes for and those that abstain, roughly 47 percent of the votes went against Dover management's recommendation opposing the equal employment resolution," said Kenneth Scott. The proponents collectively represent more than 400,000 shares of Dover stock.

Walden Asset Management (www.waldenassetmgmt.com) is the socially responsive investment division of United States Trust Company of Boston. Founded in 1975, Walden blends a disciplined investment style with expertise in social screening and a commitment to using its leverage as investors to improve corporate social performance in the U.S. and abroad. Walden's nine portfolio managers and six-person social research and advocacy team work to serve all aspects of their clients' unique investment needs - from portfolio management and trusteeship to customized social research and shareholder advocacy.

Calvert Group, Ltd. (http://www.calvert.com) is one of the largest mutual fund complexes in the Washington D.C. area with approximately $8.8 billion in assets under management. Best known for its family of socially responsible mutual funds, Calvert offers twenty-nine funds that allow individual and institutional investors to pursue a broad range of investment objectives within a single fund family. Calvert launched the Calvert Social Indexä, a benchmark for measuring the performance of large, U.S.-based socially responsible companies. Calvert also has an extensive lineup of tax-free and taxable fixed income investments.

The Funding Exchange is a network of regionally-based community foundations that currently makes grants of approximately $12 million each year for projects related to social and economic justice. See Funding Exchange's website at www.fex.org.

The investors relied, in part, on the technical assistance of the Equality Project, a not-for-profit organization that uses investor pressure to advocate for progressive workplace policies for lesbian, gay, bisexual and transgendered employees. See www.equalityproject.org