Women on Boards of Colorado Publicly Traded Companies. Analysis as of June 30, 2014

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1 Women on Boards of Colorado Publicly Traded Companies Analysis as of June 0, 014

2 Women's Leadership Foundation Study as of 6/0/14

3 Colorado is below the national average Colorado companies are 5 p.p. below the national average. Women on Boards 1/ national average 0 Women on Boards twice national average U.S. CO Difference Total 14.0% 9.% (4.8 p.p.) U.S. CO Difference Women on Boards 14.8% 5.% (9.5 p.p.) 0 Women on Boards.7% 5.% (9.5 p.p.) ] U.S. data from GMI s study based on S&P The differences may be somewhat overstated since Colorado s data may include even smaller companies than the U.S. benchmark of S&P Women's Leadership Foundation Study as of 6/0/14

4 Colorado is making progress... slowly From 7% in 011 to 9% in 014 Smaller companies struggle most 11% for 79 Large to Mid 5% for 4 Small 011 WLF Study 014 Data # Colorado Public Companies 9 11 # with women on boards 1 6 # with women on boards 9 1 # Women Board Seats of CO Companies 5 78 # Total Board Seats of CO Companies % Women Board Seats of CO Companies 7% 9% 78 Women board seats [1] 014 data as of June 0, [5] Original study showed 5. However, directors listed as male in 011 study were female. If corrected to show 54 women Board members, it would be 7.7%. Women's Leadership Foundation Study as of 6/0/14 4

5 Women on Every Colorado Board is our goal % Colorado Publicly Traded Companies with # Women on their Boards Celebrate the 16% of Colorado companies who have or women on their board Over half of Colorado companies have zero women on their boards. Small companies have the greatest challenge with nearly 80% with zero women on their boards Level moved from 0 to 1 after 6/0/14 Small Med/Lg F500 Total 0 Woman 1 Woman Women Women 5% have women 16% have or more Women's Leadership Foundation Study as of 6/0/14 5

6 women are on six Colorado boards Women on Board Only one company, CoBiz Financial, in 011 Six in 014 Women on Board Twelve companies # Women On Boards Newmont Mining Co Biz Financial Gaiam Re/Max Western Union White Wave Foods Company Large Medium Spectranetics UDR, Inc. Arrow Electronics Ball Corporation TW Telecom Thompson Creek Metals Company Boulder Funds Natural Grocers by Vitamin Cottage National CineMedia Red Robin Gourmet Heska Small Venaxis Women's Leadership Foundation Study as of 6/0/14 6

7 # Women on Board # Total on Board % Women on Board Fortune 500 companies are ahead of the pack 50% of Fortune 500 have or more vs. 16% overall Level is the only one with zero women, but added a woman in 014 CHM Hill is Fortune 500 but is not included in overall database analysis because it is employee owned and not publicly traded Colorado Fortune 500 Companies Arrow Electronics 9.% Good Dish % Liberty Media % Liberty Interactive % Newmont Mining % Best Ball % Good DaVita % Level % Added woman after 6/0/14 analysis CHM Hill % Good Western Union % Best Women's Leadership Foundation Study as of 6/0/14 7

8 Colorado has made progress over the last few years From 1 to 6 companies with women on their boards companies went from to 1 company went from 1 to Co-Biz had and still has Re/Max went public with 6 companies went from 1 to women on their boards 5 companies went public or moved to Colorado with or women on their boards However, 5 companies lost women board members: Guaranty Bancorp, TeleTech, RGS Energy, Vista Gold & Zynex % Women Board Seats of CO Companies % 9% Colorado Companies who have gained women board members Gaiam Newmont Mining Western Union White Wave Foods 1 Heska 1 National Cinemedia 1 TW Telecom 1 Thompson Creek Metals 1 Red Robin Gourmet 1 Venaxis 1 Advanced Emissions 0 1 AIMCO 0 1 Bill Barrett 0 1 Einstein 0 1 Gevo 0 1 I H S 0 1 QEP 0 1 Women's Leadership Foundation Study as of 6/0/14 8

9 Where do we go from here? Women on Every Colorado Board! Why women on boards? Women on Boards = Increased Performance for Organizations Improved financial performance Improved governance Higher level of board independence from management Stronger commitment to social responsibility Increased number of women role models in society How will Colorado become a leader? All of us focus on involving women in the governance of our companies Celebrate companies who have successfully brought women on boards and learn from them Spread the word on Board Bound program that helps women learn, prepare, and position themselves more successfully for board opportunity Raise awareness and engage companies who don t yet have at least women on their board Women's Leadership Foundation Study as of 6/0/14 9

10 Background and Sources Prepared by Women s Leadership Foundation Corporate Engagement Committee Monica Coughlin, Darren Royal and Jo Lynne Whiting Women's Leadership Foundation Study as of 6/0/14 10

11 Study Sources and Definitions All 11 companies in the database analysis are listed on the NYSE or NASDAQ and headquartered in Colorado. 4 of the 11 are classified as Small (See NYSE-MKT or NASDAQ Capital Market definitions.) OTC companies or Privately Owned companies were not included. Sources for companies included Denver Business Journal, Denver Post, GMI Ratings and CoBiz Magazine. Definitions of Small Companies NYSE-MKT Listing Requirements In 008, the NYSE acquired the AMEX, and renamed it NYSE-MKT. Micro cap and small-cap companies looking to jump out of the penny stock exchanges can take advantage of the NYSE-MKT's less stringent listing requirements. Companies can choose from three different listing and shareholder standards, which can help fledgling companies meet the listing criteria. For example, Listing Standard requires the company have a shareholder s equity of $4 million and a stock price of $ a share, and the market value of the public float be a minimum of $15 million. There is no market capitalization requirement. NASDAQ Listing Requirements Apple, Google and Microsoft are a few of NASDAQ's well-known stocks. Companies with a small market cap are listed on the NASDAQ Capital Market, mid-cap companies are listed on the NASDAQ Global Market and large-cap companies are listed on the NASDAQ Global Select Market. For example, companies can choose from three different requirement standards to be listed on the NASDAQ Capital Market. The minimum number of publicly held shares is 1 million with a total market value of at least $15 million, the stock price cannot be less than $4 a share, and the shareholder s equity must be at least $5 million. Women's Leadership Foundation Study as of 6/0/14 11