DIVERSITY& INCLUSIONREPORT 2023

MESSAGE FROM OUR CEO
We believe that diversity fuels creative problem solving and maximizes customer
empathy, equity of opportunity fosters an environment of excellence, and a cultureof inclusion drives passionate participation and an ownership mindset. Collectively,
our focus on Diversity, Equity, and Inclusion (DE&I) is designed to create a highperformance team and company to maximize business outcomes for our customers,
shareholders, and employees, while maintaining a long-term competitive advantage.
This DE&I report highlights our achievements, our strategies, and the path we are on to
attract, retain, and develop the top talent that moves our business forward. It outlines
the progress we’ve made and areas where more work is required. DE&I is core to ourcompany culture, with one of our cultural principles being to encourage diversity andinclusion of ideas and people, creating a high-trust and high-performance workplace.
We continue to invest in fostering collaboration, innovation, and ultimately results forour customers.
Our mission is to fuel the endless potential of internet content creators, and to
do so we must fuel the endless potential of our people as well. Our commitment
to DE&I is part of our broader strategy to lead with integrity, transparency, andexcellence — this is core to all we do. As you will see throughout this report, weapproach the challenges of diversity and inclusion from both a quantitative standpoint,
sharing demographic and other data to measure representation among our workforce,and a qualitative standpoint, providing insight into our initiatives and programming
designed to advance our DE&I efforts around the globe.

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RAJEEV GOEL
Co-Founder and CEO

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DIVERSITY AT PUBMATIC
Building diverse teams and creating a culture of inclusion is one of our top priorities, and as
always, we strive to be transparent about where PubMatic stands with regard to the diversity ofour teams. We were one of the first independent advertising technology companies to publicly
report on our DE&I data in 2016. We have created a level of accountability and commitment tocontinuous improvement that has gained momentum with increased support of leadership andour employees over the past seven years.
As we grew our workforce 10% year-over-year (reaching 878 global employees at the endof June 2023), we looked not only at our overall workforce makeup, but also that of various
teams, regions, and levels to ensure we are making progress across all aspects of theorganization.
In our 2022 DE&I report, we identified opportunities for improvement, particularlyaround the diversity of our management teams. Through intentional and focused effort,
we have seen some notable gains in this area. Other areas require continued attention
and action to have our team more closely resemble the demographic make-up of thecustomers and communities we serve. Highlights from the past year include: Gender representation globally remained flat YOY, though we saw significant gains infemale representation in senior leadership tiers.
 We saw an increase in representation among Black employees in the US, but continued

focus is needed to foster greater diversity among underrepresented groups by both ensuring
we have a strong pipeline of new talent and supporting internal mobility and growth.
 Gains achieved in diversity among management, with a rise in representation of women

globally and Black, Indigenous, and People of Color (BIPOC) employees in the US.

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GENDER DIVERSITY
Women made up 28% of our global workforce in June 2023,
flat year-over-year, but continuing on an upward trajectory of
increased gender representation, growing 3.7% over the past
five years. We did see pockets of growth in representation of
women, including among our technical teams, where women
now make up nearly 20% of our engineering and productteams.

2023
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2023

From June 2022 to July 2023, women represented 32% of
new hires globally, and 43% of new hires outside of India.
Our two largest regions by headcount, India and the US, both
saw gains in gender diversity among new hire cohorts. In
APAC, over 80% of new hires were women, as we onboarded
more female talent across both individual contributor andleadership levels.

2022

On a regional basis, our EMEA team remains at near gender
parity at 45% women. Plus, our APAC team (excluding our
India sales teams and our engineering hub) is 46% women,
following a significant addition of female talent. In the US,
one-third of our team is women, and in India women make up
20% of the workforce.

27.9% WOMENGLOBALLY
28.0%
27.9%
31.9%

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Over the past year, we saw gains in gender diversity among both seniorand middle management (up 0.9 points and 4.3 points year-over-year,
respectively). Women now make up 27.5% of our senior management and27.9% of middle management, on par with representation among ourglobal workforce.

Having come from a publisher and content
creation business, I believe in PubMatic’s
vision for being a force of good for the
thousands of content developers in APAC,
whether it be a mobile application developer
or a video creator. As an individual, I stay
motivated working for a company where adiverse group of people assume leadershiproles. PubMatic truly values talent anddiversity.

We saw gains in senior management across all regions globally, and inboth EMEA and APAC, one-third of all senior managers are women. In theUS, this tally is approaching 30%.
This positive trend in representation within management tiers was driven
by both recruitment of more senior women into the organization as well
as from internal promotions, though the overall promotion rate of women
was down year-over-year with women accounting for one-quarter of total
promotions globally.

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ALEX CHUNG
DIRECTOR, PUBLISHER DE VELOPMENT,SOUTH KORE A

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SPOTLIGHT ON INDIA
In 2022, we saw major gains in representation of womenamong our engineering organization following a periodof female exits from the workforce during the pandemic.
Correspondingly, we were named by Great Place to Work®
as one of “India’s Best Workplaces for Women” in Septemberof 2022. Over the past 12 months, we have continued toprioritize gender diversity in India through recruitment
efforts targeting female talent pools, including our campus
hiring program focused on universities with large female
STEM student populations. In addition, we have grown our
Delhi-based commercial organization, further diversifying
the talent pool as we look beyond engineering roles.

2023
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2023

Successful recruitment of female talent was a major driverof this growth, as we saw a 4% year-over-year increase in
the representation of women among the new hire cohort inIndia. What’s more, this was on top of a 10-point increase
in representation last year. As a result, more than 60% of
the women employed in India have a tenure of less than
two years at PubMatic, resulting in lower year-over-year
promotion rates for women.

2022

Overall, our India-based team was our fastest growing teamover the past year, with overall headcount growing 18% yearover-year. The rate of growth for women was even higher,
with representation of women in India rising to more than
20% for the first time since we began reporting DE&I data.

20.1%
WOMEN
IN INDIA

PubMatic is one of those esteemed
workplaces where everyone isencouraged to be part of somethingthat goes beyond ‘just advertising.’
We’re given the agency and the
support we need to create somethingof value and to give back to society.
What makes the culture at PubMaticso inspiring is that we get to work
together with people from diverse
backgrounds and mindsets, whichbrings unique perspectives to the table.
As a woman, I feel truly grateful to bepart of an organization that promotes
female empowerment and provides
all resources necessary for growth -—professional, and personal. PubMaticembodies the feeling of ‘In diversity,
there is beauty and strength.’

19.2%
20.1%
25.5%

TA M M A N A A L I
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ETHNIC DIVERSITYIn the US, we saw the highest year-over-year increase in
representation of Asian and Black employees at 0.9 points and
0.7 points respectively. However, because of flat year-over-year
growth in headcount of Latinx and Indigenous employees, overall
representation of Black, Indigenous, and People of Color (BIPOC)
employees decreased slightly, currently at 17% of our US workforce.

40.6% WHITE

42.3% ASIAN
2022

2022

US RACIALREPRESENTATION

40.7%

41.4%

2023

2023

40.6%

2023
New Hires

2023
New Hires

50.0%

42.3%
29.0%

9.1% LATINX

4.5% BLACK

2.8% MULTIRACIAL

0.7% INDIGENOUS

2022

9.9%

2022

3.8%

2022

3.4%

2022

0.8%

2023

9.1%

2023

4.5%

2023

2.8%

2023

0.7%

3.2%

2023
New Hires

6.5%

2023
New Hires

2023
New Hires

2023
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11.3%

0.0%

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The growth in Black representation in the US was the combined resultof increased representation within our new hire cohort (up 1.7 points)
and a significantly lower rate of attrition. This trend was also evident in
EMEA, where Black employees now make up 7% of our regional workforce
following a similar increase in representation among new hires. In EMEA,
underrepresented minority employees (including individuals of Asiandescent) make up 30% of our regional workforce.
In the US, we have made a concerted effort to not only recruit morediverse candidates, but also retain underrepresented talent by providing
an inclusive culture where our people have the support and opportunities
to learn and grow at PubMatic. We saw retention rates for underrepresented
minority employees in the US rise 6% year-over-year, with the largest gains
among Black employees.

My three years at PubMatic have been truly
a unique experience. I’m so proud to bepart of a team that not only expresses it’scommitment to diversity but creates action
items to support it. It’s the first company I’ve
ever worked for that has employee resourcegroups. Black is Beautiful has been essential
to my employee experience. It provides asafe space for unique challenges but alsoa breeding ground for change within theorganization. I’ve stayed at PubMatic in part
because of its commitment to creating anenvironment where diverse groups can thrive.
Diversity brings perspective and different
perspectives drive growth. I’m excited tocontinue building an inclusive environment
with PubMatic that strengthens ourcommunity and our organization.

However, we still have representation gaps at more senior levels of theorganization, as we saw no movement in diversity metrics. We arecontinuing to build the management pipeline with more diverse talent witha 2.4-point increase in BIPOC representation among middle management,with notable gains among Latinx employees, now representing 17% ofmiddle management in the US.
LINDSEY BLUEA S S O C I AT E D I R ECTOR , A D V E R T IS E R
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LEADERSHIP AND
GOVERNANCE
PubMatic’s Board of Directors and executive
leadership team understand that creating adiverse, equitable, and inclusive culture is criticalto the long-term success of our business, andthat this ethos must be adopted at the mostsenior levels of the organization. PubMatic has
high retention among our leadership team, withrepresentation remaining flat year-over-year.
Our leadership team is actively involved in DE&I
efforts across the company, with 40% of ourleadership team members serving as executive
sponsors for an employee resource group.
We also continue to prioritize diversity in our Boardof Directors, both in terms of demographics as wellas in experience and expertise. As of June 2023,
our Board of Directors had 83% diversity based on
Nasdaq’s board diversity standard, with 50% womenand 33% non-white representation. This comparesto 28.4% female and 20.8% minority representation
among Russell 3000 companies according toa 2023 study by The Conference Board.

FEMALE50%

PUBMATIC
BOARD

24%

RUSSELL 3000
BENCHMARK

BIPOC

33%

PUBMATIC
BOARD

17%

RUSSELL 3000
BENCHMARKOn August 30, 2023, we announced the addition of two new board members Anton Hanebrink andNick Mehta, while long-serving board member Cathie Black announced her retirement from board
life. This has altered the board make up to 71% diversity, with 29% women and 43% minority
representation.

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There is nothing more important at
PubMatic than making sure that thisis the absolute best place for people
to work. And the most importantpart of that is ensuring that eachmember of our team has a home at
PubMatic. I’ve been uniquely lucky tohave the opportunity to work with —and learn from — both an incredibly
diverse Legal team at PubMatic, andthe wonderful women who make up
the WIN (Women’s Impact Network)
ERG. Making sure that these folks
have an opportunity to thrive here
makes PubMatic a stronger company— and helps me be a better leader!”ANDREW WOODSGENERAL COUNSEL,E XECUTIVE SPONSOR OF WIN ERG

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FOSTERING AN
INCLUSIVE CULTURE
Creating an exceptional employee experience has remained a core priority forour business over the past few years, as we understand that our people are
our company’s greatest asset. We approach our culture initiatives with an eye
towards the needs and wants of our employees to ensure that each individual
and team has the resources and support they need to be successful at PubMaticand in their lives outside of work. Our strategy is yielding results: we had 82%
global employee retention in 2022 and are on pace to achieve 93% in 2023.
We approach building an inclusive culture from three vantage points:

EMPLOYEE-LED
EFFORTSCOMPANY-LED
EFFORTS

INDUSTRYEFFORTSENCOURAGE BELONGINGEMPOWER & ENABLE

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Employee-Led Efforts:

ENCOURAGE BELONGING
Building a diverse workforce is important, but so too is creating a culture where
people from all backgrounds and lived experiences feel that they can thrive. Overthe past year, we have focused on providing additional support to our Employee
Resource Groups (ERGs) and DE&I Council by engaging with external DE&I consultants,building on the successes we’ve had and addressing some of the roadblocks we haveencountered that could hamper future progress.
Facilitating our company culture requires investment in employees’ experiences.
In 2023, we increased our investment in DE&I activities, programming, and education
by approximately 20% year-over-year and partnered with the team at ReadySet tohelp drive a more formalized DE&I initiative to scale both regionalized and global
efforts and programming.

DEI COUNCIL
Active since summer 2020, our DE&I Council is made up of dedicated employee
volunteers across PubMatic’s global team. The Council guides the direction of DE&I
programming at PubMatic, partnering closely with ERG leads, executive leadership,
global HR teams, and the broader PubMatic community to drive sustainable changes.

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EMPLOYEE RESOURCE GROUPS
Our five active, colleague-led ERGs provide our people with a safe space to cultivate
connections based on shared identity, purpose, and impact. Each ERG is open
for anyone to join; we welcome those who identify with a group as well as allies,
advocates, and friends, and nearly a third of our employees are members of an ERG.
We are committed to investing in and growing our ERG programs.

One of the reasons I joined PubMatic
was its commitment to diversity,
equity, and inclusion, which aligns
with my personal, and professional
values for a diverse workplace.
Championing underrepresented
voices resonates with me andis something that I am proud torepresent within my role internallyand externally, at PubMatic, mostrecently co-chairing the Women’s
EMEA ERG, EmpowHER.

HARPREET KALLAHSENIOR MARKETING MANAGER,
EMEA, AND ERG LEAD

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Company-Led Efforts:

EMPOWER AND ENABLE
Creating an inclusive culture is not only about bringing diverse talent in the door, butalso providing the tools, resources, and support to enable everyone to be their best,
regardless of demographics or personal background. Supporting equal opportunity
throughout the employment lifecycle requires increased awareness of actions that
may impede advancement and hamper our retention efforts. We provide continuous
education and training to managers and employees about sexual harassment,
hostile work environment, unconscious bias, and microaggressions in the workplacethat are counterproductive to the empowerment and engagement of employees.
Engaged employees are happier in their jobs and committed to delivering the best
outcomes for all stakeholders — our customers, our company, and our shareholders.

INCLUSIVE RECRUITINGAt PubMatic, we are committed to an inclusive recruiting experience and we added
additional artificial intelligence sourcing tools in 2023 to increase our access todiverse talent. We prioritize diversity on interview panels and showcase diverse talenton our career pages to help position PubMatic as an employer of choice. Our goal is toattract the best candidates that the market has to offer, across various backgrounds
and lived experiences.
Our commitment to inclusive recruiting is the shared responsibility of the talentacquisition team and hiring managers. Training is provided for all managers to identify
implicit biases and avoid their impact on hiring decisions. Our new hire cohorts
continue to be more diverse than our overall workforce, a trend that has been true forall but one year since we began reporting in 2017.

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LEARNING & DEVELOPMENT
We strive to create a company culture where employees of all backgrounds
want to learn and grow their careers. This requires that all people feelheard and respected and have the resources necessary to increase theircontribution, influence, and impact on our business. All our employees
are required to complete a variety of DE&I training modules both as newhires and as part of their continuing education while at PubMatic. We also
provide custom DE&I training focused on delivering and receiving feedback,conflict resolution, and speaking up with confidence.

As a Latina woman working in the techindustry, diversity, equity, and inclusion holdimmense significance for me in my workplace.
Diversity means embracing and celebrating
the unique backgrounds, experiences, andperspectives that individuals from different
ethnicities, races, and cultures bring to thetable. Diversity is vital in tech because it
fosters creativity, innovation, and different
ways of thinking, ultimately leading to a morevibrant and successful organization. Sincejoining PubMatic, I have been amazed to see
what these DE&I efforts have done and how
it truly elevates employee engagement andretention of our top talent.

The commitment to providing our employees with the opportunity to upskill
and advance their careers is a key part of our employer value proposition.
Last year, we identified a need to focus on increasing representation at
more senior levels of the organization. In response, Our India and APAC
chapter of the Women’s Impact Network (WIN) ERG hosted an interactive
session titled Leave Your Mark — Crafting Your Personal Brand.
ALEX ANDRA MCCANT
DIRECTOR, LE ARNING & DE VELOPMENT,GLOBAL SALES TRAINING© 2 0 2 3 P U B M AT I C , I N C . A L L R I G H T S R E S E R V E D

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Industry Efforts:

EXTENDING OUR IMPACT
As a public company and a leader in advertising and technology, we
have both an opportunity and a responsibility to extend our DE&I focus
beyond our company boundaries and champion change in our industry
and communities. Whether it’s through directing our procurement dollars
toward women- and minority-owned businesses or helping advertisers
direct ad spend to women- and minority-owned media properties andcontent creators, we are committed to driving meaningful impact. We
are also building relationships with industry organizations and non-profit
groups to create additional opportunities to upskill, to give back, and tosupport historically marginalized groups.

PARTICIPATING IN INDUSTRY-WIDE EFFORTS
The systemic issues we are working to address with our DE&I work are
best tackled collectively. We continue to partner with various industry
organizations committed to increasing representation of women andminorities and advertising in tech, including Bloom UK, Media for All —MEFA, She Runs It, Women in Data Science, Women in Programmatic
Network, and Wildflowers of London Collective.
Through these and other partnerships, our leaders have spoken on ten
industry panels related to DE&I over the past year, helping to evangelize
the opportunities and responsibilities our industry has to drive
meaningful change.

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SUPPORTING DIVERSE& RESPONSIBLE MEDIAWe hear more and more that our buy-side partners arelooking to align their media investment with their corevalues and leverage their buying power to drive change
in our industry and in the societies we serve. PubMatic’s
global scale and premium publisher relationships provide
us with an opportunity to help facilitate increasing spend
on diverse media suppliers.
Over the past year, we’ve continued to onboard inventory
from women, LGBTQ+ and minority owned publishers andmake sure these ownership signals are being passed.
We are committed to continuing to partner with diverse
owned media companies to help maximize their revenue
potential and support economic growth across various
communities.

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INSPIRING HOPE & ACTIVISM
As our global offices re-opened for hybrid work in mid2022, our teams embraced opportunities to engage
with local organizations and non-profits to give backto the communities in which they work and live. For
example, this year for International Women’s Day, ourteams around the world participated in programming
focused on this year’s theme of embracing equity. The
celebrations took many different shapes: our teamin India assembling bicycles for local school girls
from Zilla Parishad ­– Gorhe Budruk, Pune; our UK
team held a moving session with human trafficking
survivor Lurata Lyon, and our US teams built beautyand hygiene kits for two nonprofits serving women,
Bottomless Closet and Maitri.
Service is a core component of our ERG structure,
and we will continue to invest in and partner withorganizations doing important work to advanceaccess and equality in our communities and create
opportunities for cultivate connection for our people.

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A YEAR IN ACTIONJULY 2022
 Conversations Beyond Silos:“Overturning Roe V Wade”
 “How To Bridge Advertising’s PostPandemic Gender Gap” panel at
EU Video Awards
 South Asian Heritage Month panel
with BloomUKAUGUST 2022
 “Giving & Receiving Inclusive

Feedback” and “Transforming
Conflict to Constructive
Conversations” trainings
 “India – First Time Women
Leadership Training” Program Volunteered at The Roots Community
Garden (NYC) Sponsored the CareerNet Virtual
Career Fair for Women in India

OCTOBER 2022

© 2 0 2 3 P U B M AT I C , I N C . A L L R I G H T S R E S E R V E D Latinx Heritage Month Game Night “Conversations Beyond Silos:

Neurodiversity”
 Participated in Ad Relief Charity Golf
and Careoke for the Kids events

DECEMBER 2022

 She Runs It Best of the Badass Bosses

Diversity Month ERG Open House “Colorism, Let’s Talk About It” and“Latinx in Tech” panels
 AAPI Celebration: Bollywood Moves!,
Phin Coffee and Sake Discovery

SEPTEMBER 2022

NOVEMBER 2022
 IAB Europe Virtual ProgrammaticDay DE&I panel
 Hormones as a Superpower panel at
Bloomfest

 ArtForAll Kids charity Holiday party
 Donated much-needed essentials

to Children of Promise, Gambian
Youths Organization, and Newark
Water Coalition — charities selectedby Black is Beautiful ERG

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MARCH 2023
JANUARY 2023
 EMEA Black is Beautiful ERG

participated in The Mentoring Lab –Charity Event for Black Youth AAPI Lunar New Year celebration

FEBRUARY 2023
Sponsored the CareerNet Virtual Career
Fair for Women in India

International Women’s Day Programming Joy in the Journey in India and the US
 #Embracing Equity Program — Pune team assembled andgifted bikes to schoolgirls to help their journeys to school International Women’s Month event honoring Lurata Lyon
 “Embracing Equity” panel at IPG Women’s Day
 Interview and career sessions with New Women New Yorkers
 Sponsored Women Leading Tech Awards in Sydney

Black History Month Programming Black-owned Pop-Up Shops
 “African American History of NYC”
Lunch & Learn

JUNE 2023
 Bring Your Kids to Work Day (India)
 India and APAC WIN ERG hosted “Leave Your Mark — Crafting

APRIL 2023
 Bring Your Kids to Work Day (US)Your Personal Brand” workshop
 “The Women in Programmatic Network” panel at Cannes
 Participated in MEFA HR Leaders

MAY 2023

Juneteenth Celebration
 Lunch and Learn viewing party of the sitcom, Black-ish Jazz Happy Hour with Jazzy R&B duo, Acute Inflections

Intersectional Mental Health Workshop:“Thriving As Your Authentic Self At Work”

Pride Month Programming
Castro Walking Tour (SF), Christopher St. Pride History Tour (NYC) Latinx in Tech ERG Spring Social© 2 0 2 3 P U B M AT I C , I N C . A L L R I G H T S R E S E R V E D

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THE ROAD AHEAD
I am equal parts humbled and proud when I look back at what wehave accomplished over the past six years as an organization tofoster an inclusive culture and create an exceptional employee
experience. At PubMatic, we recognize employee experience as
a competitive business advantage. Our cumulative DE&I efforts
support a positive employee experience by cultivating deeper
connections among employees to drive innovation and promotenonlinear thinking that, in turn, increases market share. They also
help foster a sense of belonging, connection and purpose which
impacts how our employees perceive their potential to influencebusiness outcomes.
Our strategic plan for DE&I moving forward will include programs,
policies, and processes that support a high-touch and positive
employee experience. We are planning to increase our focus on
inclusive recruiting to ensure we continue to attract top talent.
We will invest in development programs for emerging leaders andeducation for all employees focused on driving greater inclusionand continued celebration of our differences.

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LORRIE DOUGHERTY
Senior Vice President,
Human Resources

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Methodology
We We analyzed diversity and inclusion metrics by region, including U.S., EMEA, APAC (minus India), and India. Data included is for the
12-month period through June 2023 (July 1, 2022 through June 30, 2023) and demographic percentages are based on first-half totals (as ofJune 30, 2023). Gender, race, and ethnicity are the key demographics used to analyze the fairness of our hiring, promotion, and compensation
practices. Race and ethnicity metrics were analyzed for the US, including representation of people of color (including Black and Latinx
employees).1
Management categories in the analysis are based on job title. Middle managers consist of associate directors, senior managers, managers,
team leads, and other similar titles. Senior managers consist of leadership team members, vice presidents, senior directors, and directors.
Please note that this document may include inaccuracies or typographical errors and is based on operational data that has not been audited
or reviewed by a third-party. PubMatic does not intend to update the information contained in this document if any information or statement
contained herein later turns out to be inaccurate.
Information on race is obtained through voluntary self-reporting in hiring, as well as employment records and observer identification, in accordance with the guidelines of
the U.S. federal Equal Employment Opportunity Commission (EEOC).

1

About PubMatic
PubMatic (Nasdaq: PUBM) is an independent technology company maximizing customer value by delivering digital advertising’s supply
chain of the future. PubMatic’s sell-side platform empowers the world’s leading digital content creators across the open internet to control
access to their inventory and increase monetization by enabling marketers to drive return on investment and reach addressable audiences
across ad formats and devices. Since 2006, our infrastructure-driven approach has allowed for the efficient processing and utilization ofdata in real time. By delivering scalable and flexible programmatic innovation, we improve outcomes for our customers while championinga vibrant and transparent digital advertising supply chain.
PubMatic is a registered trademark of PubMatic, Inc. Other trademarks are the property of their respective owners.

PUBMATIC CONTACTLORRIE DOUGHERTY
SVP, Human Resources
lorrie.dougherty@pubmatic.com© 2 0 2 3 P U B M AT I C , I N C . A L L R I G H T S R E S E R V E D

Press Contact:
BROADSHEET COMMUNICATIONS
pubmaticteam@broadsheetcomms.com

DI VERSI T Y, EQUI T Y & INCLUSION REPOR T 2023

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