DIVERSITY& INCLUSIONREPORT 2021

MESSAGE FROM OUR CEO
Employee experience is one of our top priorities at PubMatic. The macro events of the past year
and a half have forced us all to navigate new ways of supporting our people and reinforced theimportance of culture and experience to driving corporate success. We recognize that not only do
our customers choose PubMatic, but our employees do as well. Fostering an inclusive culture is
key to ensuring we create a strong value proposition to attract new talent as well as a compelling
reason for existing employees to thrive and grow with our company.
We remain steadfast in our core belief that being biased towards action applies to both ourbusiness as well as our people. Last year, we committed to make progress against seven key
areas to make an impact in our own company and the communities in which we work. I am proud
to share that we have taken purposeful action and driven measurable change against each, as we
will outline throughout this report. At the same time, we recognize we have more work to do.
It has become a company-wide initiative to maintain a diverse workforce and foster an inclusive
culture that recognizes our differences as a point of business strength. In January 2021, we added
a new core cultural principle to affirm PubMatic’s commitment to Diversity, Equity & Inclusionand firmly embed it within our company value system, to ensure it is lived out by everyone in
the organization.

We will encourage diversity and inclusion of ideas and people,
creating a high-trust and high-performance workplace.

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We first reported on our diversity and inclusion metrics in 2016 and have been doing so annually forfive consecutive years. Through this we hold ourselves accountable and ensuring we continue to pushforward in creating a PubMatic culture of inclusion where employees can achieve their best as theirauthentic selves. Our organization is growing, now employing a team of over 600. As our team expands,
so too does our commitment to ensuring our workforce represents the customers we serve and thecommunities we operate in.
In August of 2020, we made a public commitment to drive progress in our diversity, equity andinclusion efforts by taking seven action steps:
1. Publish diversity data annually (already a practice since 2016)
2. Ensure greater diversity of candidate pools
3. Invest up to $100,000 in DE&I training programs
4. Build upon our mentorship programs for female and underrepresented minority employees
5. Spend a significant percentage of our annual procurement budget to support minority- andwomen-owned business enterprises
6. Ingrain public service and impact into our corporate DNA
7. Create an internal Diversity, Equity & Inclusion Council
To drive meaningful change against these goals, PubMatic partnered with an external DE&I consultant,
Unsiloed, to establish new programs, employee resource groups, learning and listening opportunities,
and celebrations of our differences and achievements. Twelve months later, we are proud to share
the progress we have made against this action plan and identify areas of improvement that requirecontinued investment to advance our inclusion efforts.

© 2 0 2 1 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

RAJEEV GOEL
Co-Founder and CEO

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23.5%

15.0% WOMEN IN INDIA
2020
2021
2021
New Hires© 2 0 2 1 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

26.8%

2021
New Hires

We have focused on improving retention among female
employees. This past year, women were promoted at higher
rates, accounting for 31.4% of total promotions. This drove
greater female representation at senior levels, with women
making up 26.4% of senior management (up from 22.8% a
year prior). With representation decreasing year over year,
increasing female representation within our technical teams
remains an area of focus.

27.8%

2021

Female employees represent 26.8% of our global workforce,
down slightly year-over-year driven largely by decreasein female representation of new hires at our Pune, India
location, home to our largest employee base of engineers andtechnical team members. Globally, we have room to improvewhen it comes to hiring more gender-diverse talent.

26.8% WOMEN GLOBALLY
2020

DIVERSITY
AT PUBMATIC

17.0%
15.0%
11.3%

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US RACIAL
BREAKDOWN

43.9% WHITE
2020

39.7%

2021

43.9%

2021
New Hires

Following a year of amplified violence against Asianand Black communities, we have made strides inincreasing representation and driving inclusion
among underrepresented populations in tech. While
we have room for improvement, our efforts aroundmore inclusive recruiting and hiring practices areleading to increased representation of Black and
Latinx employees at PubMatic.
Black employees represent 4% of our U.S. workforce
and nearly 5% of our new hires, while Latinx
employees now make up 8.5% of our U.S. workforce
and represented nearly 10% of our new hires. We
continue to focus on expanding opportunities forunderrepresented populations in management andtechnical roles within the organization.

52.5%

40.8% ASIAN
2020

44.6%

2021

40.8%

2021
New Hires

8.5% LATINX

0.9% INDIGENOUS

2.7%

2020

1.1%

2021

1.8%

2021

0.9%

1.6%

2021
New Hires

2021
New Hires

4.9%

1.8% MULTIRACIAL
2020© 2 0 2 1 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

4.0%

2021
New Hires

2021
New Hires

9.8%

3.3%

2021

2021

8.5%

2020

2020

8.2%

4.0% BLACK

35.1%

0.0%

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In addition to building a global employee base representativeof the communities and clients we serve, we understandthe importance of inclusion in leadership. Not only does
representative leadership reinforce our company’s commitment
to DE&I efforts, but it also ensures that business decisions are
made with input from a variety of perspectives, leading to betterbusiness outcomes.
Among our leadership team, 27% are women, slightly higher
than female representation across our organization. Fifty-five
percent of our leadership team is white, and the remaining 45%
are of Asian descent.
We are also proud of the diversity of PubMatic’s Board of
Directors. Nasdaq, the exchange on which we are listed,
introduced a new Board Diversity Rule in August 2021 which
requires that all companies listed on their U.S. exchange haveat least two diverse directors (defined as female, non-white, or
LGBTQ+). PubMatic has exceeded this goal for the past sevenyears, and we currently have 83% board diversity against thisstandard. With the addition of new board member Susan Daimler
in Fall of 2020, we now have 33% female representation and
50% minority representation.

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INCLUSIVE HIRING
The PubMatic team has grown by nearly 25% over the past year, now employing
over 600 people around the world. As we expand our workforce, we have an
opportunity and responsibility to advance our diversity and inclusion efforts.
PubMatic is committed to expanding opportunities for underrepresented
talent in markets around the world.
It is our goal to attract candidates with both direct and transferable skills to ensure
we continue to innovate on behalf of our customers and our business. In order toensure we are equitably sourcing candidates for open positions, we have added
SeekOut, an AI-powered platform for recruiting hard-to-find and diverse talent, toour HR team’s arsenal. We also continue to work closely with hiring managers toensure we are building diverse pipelines.
Additionally, in an effort to further advance diversity across the broader industry
and close the tech talent gap, we have introduced new programming and initiatives
this year. We introduced a new partnership with The Boyd Initiative, providing
Black college students and recent graduates a course in media and advertisingfundamentals, as well as hiring Boyd Initiative members as summer interns toencourage more diverse talent to begin their careers in media and tech.
We are also rolling out dedicated programming focused on increasing gender
representation within our technical teams in India. In order to attract and engage
more female engineers, we have expanded our Campus Hire Program to partnerwith colleges that have high rates of female STEM graduates. Additionally, we are
introducing more visibility for our female technical leads to grow their own public
profiles through speaking engagements and media profiles to encourage more
women to enter the field.

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INCLUSION
THROUGH LEARNING
To drive meaningful change, it is necessary to educate and empower people.
We have expanded our training initiatives to include more programming
dedicated to building an inclusive work environment that encourages theadvancement of underrepresented groups within our organization. Over the
past year, we exceeded our goal of investing $100,000 towards our DE&I
learning and development programs by more than 2X, further supporting
employees upon hire and throughout their entire tenure at PubMatic.

INCLUSIVE LEADERSHIP TRAINING
To raise awareness of unconscious bias and support managers on theirjourney to building a more equitable and inclusive culture across theentire employee lifecycle, we introduced a training series attended by
82% of people managers focused on inclusive hiring, management andpromotion practices.

HALTING HARASSMENT TRAINING
As part of our commitment to provide a work environment free ofharassment, discrimination and retaliation, we held a training to on therules of the road for an inclusive and respectful workplace. The training
has been completed by 100% of our global employee base.

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ALLYSHIP TRAINING
In 2021, we introduced a new Allyship Learning Lab workshop to help
the PubMatic team build a culture of trust and collaboration at workand create an environment where each employee feels valued andwelcomed. 325 employees participated in the workshops to help themunderstand privilege, gain a better understanding of the experience ofunderrepresented groups, and create a workplace where all voices areheard.

I’m excited to join PubMatic’s Diversity, Equity &Inclusion Council as co-chair of the Anti-Racism
Working Group. As part of our efforts to make
PubMatic a truly inclusive organization, we arebuilding a place where Black, Latinx and AAPI
voices can be heard, and together, carve our place
within the company and the industry. We know
the challenges we face as non-white talent in theworkforce, so it was refreshing to receive immediatebuy-in from the leadership team for many of theanti-racism initiatives, from Safe Spaces to financial
commitment to support programs that benefit
historically marginalized groups. We still have a longroad ahead of us, but we are committed to building
a more inclusive employee experience, especiallyfor my Black, Latinx and AAPI colleagues across all
our offices.

COURAGEOUS CONVERSATIONSThis year we continued to host “Courageous Conversations,” listening
events with small groups of employees to discuss and react to systemic
racism and raise awareness of the increased need for allyship in supportof underrepresented groups both within and outside of PubMatic.
I M E L DA SU R I ATOS E N IOR D I R ECTOR , C R E AT I V E S E R V I C E S© 2 0 2 1 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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RETENTION & ADVANCEMENT
THROUGH MENTORSHIP
Opportunities for our team members to learn, upskill and grow are key
components of the PubMatic employee value proposition and are critical toretaining top talent. We strive to be a place where the best and the brightest
want to grow their careers. PubMatic is introducing new initiatives to embrace
the diversity that makes our team so innovative, to promote personal andprofessional development, and create lasting impact for our business andour customers.
Over the past year, we have rolled out expanded leadership and development
programs for female employees, introduced formal mentorship programs to
support junior leaders, and launched our first Employee Resource Groups(ERGs) to amplify diverse voices within our organization. These efforts areimportant stepping stones toward building a more inclusive corporate culture.

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JOY IN THE JOURNEY
This was our third year of “Joy in the Journey,” our in-house women’s leadershiproundtable meant to inspire the next wave of talent to break through the glassceiling. In addition to featuring some of our own executives, we invited partners toparticipate and share stories from their own careers, discuss the challenges thatcome from the intersectionality of gender and race in the workplace, and share
how they overcame along the way to grow in their professional careers.

Myself, Kofi, and Justin founded PubMatic’s
first ever Employee Resource Group forBlack employees titled ‘The Safe Space.’
The group acts as a haven to create andshare meaningful connections regarding
the impact of race relations for Black
people globally. We are deeply committed
to our mission of building a truly inclusive
experience for Black employees at
PubMatic. We are achieving this throughour two focus areas of training anddevelopment, along with equity andresources to actively drive initiatives
with the full support of PubMatic globally.

EMPLOYEE RESOURCE GROUPSIn 2021, we launched our first ERGs to provide opportunities for underrepresented
groups at PubMatic to build community, learn from one another and develop new
skills. We are looking to launch new employee-led and company-supported ERGs
over the coming months.
The Safe Space Black ERG | AAPI ERG | Latinx ERG© 2 0 2 1 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 DOMARI EDWARDSA S SOCIATE DIRECTOR, MARKE T ING,EMEADI VERSI T Y, EQUI T Y & INCLUSION REPOR T 2021

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LEADERSHIP TRAINING FOR FEMALE ENGINEERS
Our goal of expanding female representation within our technical teams begins withrecruiting and hiring more female engineers but does not end there. In order to retain
our female talent, we must invest in training and development programs that prepare
these individuals to take on new and expanded roles and provide an opportunity
to grow their careers at PubMatic. This training will focus on the development ofcore leadership competencies such as communication, decision making, change
management, and teamwork and collaboration as well as the opportunity to upskill
with technical learnings that are inspired by our product roadmap.

The goal of female mentorship is tosupport and empower each other.
Mentorship allows us to use ourexpertise and life experiences to help
motivate and encourage others. I am
grateful for the role models that I have
had on my career journey and hope tobe able to pay it forward and provide
guidance to others.

UP THE LADDER MENTORSHIP PROGRAM
In fall 2021, we will be rolling out PubMatic’s first ever mentorship program
as a vehicle for underrepresented employees to tap into the knowledge, skills
and experience of their senior counterparts. We currently have over 10% of ouremployees signed up to participate in the first cohort as either mentors or mentees.

© 2 0 2 1 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

LIS A KALYUZHNY
RVP, ADVERTISER SOLUTIONS,EMEADI VERSI T Y, EQUI T Y & INCLUSION REPOR T 2021

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SUPPORTING
SOCIO-ECONOMIC CHANGE
Our DE&I efforts extend beyond our own company, and we need to ingrain
public service and impact into our corporate DNA. We have both an opportunityand obligation to leverage our sizeable resources to address the socioeconomic drivers of racial and gender inequality. We are continuing to makeprogress towards our commitment of spending a significant percentage
of our annual procurement budget to support female- and minority-owned
businesses.
Further, as a global technology provider that processes over one trillion
advertiser bids each day, we have invested in supporting more diverse media
owners. We have partnered with some of our biggest demand side platforms
to package BIPOC inventory for ad buyers to easily access and support. Someof the biggest agencies—including Dentsu, GroupM, Havas Group, IPG,
Omnicom Media Group and Publicis Media—and many advertisers havemade public commitments to raise visibility for and spend significant portionsof their media budgets on media properties with Black ownership or those
owned by other underrepresented groups. PubMatic is proud to join with ourindustry partners on these important efforts to leverage advertising spend todrive socio-economic change.

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Since joining PubMatic, I’ve witnessed ourcommitment to promoting diversity and uplifting
minority voices firsthand. Internal and externalfacing initiatives, some longstanding traditions
and others newly minted, have emboldened us
to ask tough questions about the ‘why,’ ‘how,’and ‘what more can we do,’ to continue to affectchange for our underrepresented communities andclients. With the support of a hungry and motivatedteam, we sought to spotlight our BIPOC partners,
to help brand spend reach them, at a time where
advertisers are allocating bigger budgets towards
these publishers.

JUSTIN PINDERHUGHESCUSTOMER SUCCESS MANAGERDI VERSI T Y, EQUI T Y & INCLUSION REPOR T 2021

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INSPIRING HOPE & ACTIVISM
We understand that we can have a greater impact if we extend our DE&I efforts
beyond the walls of our virtual offices to the communities in which we live and serve.
Despite the challenges of volunteering during a global pandemic, we have focusedon creating opportunities for our employees to give back, celebrate, and support
traditionally marginalized communities.
We have rolled out new programming geared toward celebrating a global diversity
calendar, producing social events and promotional materials that recognize andsupport diverse cultures across our employee base and communities. This spring,amid concern around the heightened violence in the U.S. against the Asian and PacificIslander community, we partnered with brands and vendors that donate proceeds backto AAPI communities and charities across the United States, including Stop AAPI Hate,
Asian Americans Advancing Justice, and the ACLU. We also celebrated Pride Monthby supporting The Door and VOCAL, two organizations that work with LGBTQ+ youth tobuild power among those impacted by HIV/AIDS, drugs, and homelessness.

At PubMatic, with various DE&I initiatives,
we listen, we celebrate and we learn
from a diverse mix of voices to become
even more thoughtful, reflective, andinclusive in our approach and conduct.
I am grateful to have had a chance tonot only have comfortable interactions
with colleagues from different walks oflife but also to promote this culture of
acceptance, inclusion and embracement,
where everyone who joins, feels, they
have prospects to flourish and grow!

Further, we understand that systemic racism has broad-reaching impacts oncommunities and continues to hold talent back. We recognize our responsibility as
a company and as individuals to fight for change and leverage our resources andexpertise to create opportunity. For the third year in a row, we partnered with Defy
Ventures to provide entrepreneurship and business coaching to incarcerated andformerly incarcerated individuals so they can develop their business skills and growtheir professional prospects.
RA S AYAN I KAMATDIRECTOR, HUMAN RESOURCES© 2 0 2 1 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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DIVERSITY, EQUITY &INCLUSION COUNCIL
Driving longstanding change within a culture requires the ongoing commitment anddedication by team members across the organization. In our efforts to address racism andinequality within our own company, PubMatic partnered with an external D&I consultant,
Unsiloed, in July 2020 to develop a comprehensive action plan for our DE&I efforts.
We formed the Diversity, Equity & Inclusion Council of employees, with representation fromindividuals across regions, teams and seniority levels. A core team of 45 DE&I champions
was responsible for helping to shape our corporate DE&I objectives and programming. By
leaning into areas they are most passionate about and where they identified the greatest
need or opportunity for the company, the group focused their efforts on the following areas:
Establishing DE&I as a core cultural value for PubMatic

It has been inspiring to work with the
DE&I Council to build programs thatmake PubMatic a more equitable andinclusive company. This significant work
has been supported by high participationin programs like long-time favorite ‘Joyin the Journey’ and the new Mentorship
Program. With the continued support ofleadership and effort from every single
employee, I’m confident that year afteryear, we will continue to experiencea more diverse workforce.

Advancing anti-racism and gender inclusion
Supporting career advancement for underrepresented groups
Encouraging courageous conversations
Supporting our communities and partners
Communicating our goals and achievements
The goals of the council are to elevate employee voices and foster an environment where
every employee can be their most authentic selves at work, cultivating sustainable changes
in our company that will lead to change throughout our industry and broader communities.
The DE&I champions involved have been instrumental in developing and evangelizing manyof our new inclusion programs and enabling us to drive maximum impact.

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IVANNA HERBERTMANAGER, HUMAN RESOURCES
DE&I COUNCIL FOUNDING MEMBERDI VERSI T Y, EQUI T Y & INCLUSION REPOR T 2021

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THE ROAD AHEAD
An increased investment of both time and resources from acrossthe organization will be required to further diversify our company.
We will do so through inclusive hiring practices, providing equal
opportunity for growth and promotion, addressing unconscious
bias, and becoming better allies to underrepresented groups at
PubMatic.
The past 18 months have not been without challenges. As a society
we have witnessed increased violence against Black and Asian
communities. We have seen the impact that the global pandemic
has had on women and underrepresented minorities droppingout of the workforce. And we must grapple with the mental healthchallenges that many are experiencing as a result of social isolation,
sustained anxiety, and the constant fluctuation of regions opening
and locking down once again. A constant amidst this change has
been the collective support and comfort that we have provided to
one another as peers, managers, and leaders at PubMatic.
While we made progress in our inclusive efforts to provide more
opportunity for women to be promoted at PubMatic, we were notable to grow global female representation overall. This was due
in part to the fact that we were not able to hire as many female
engineers in India as we had hoped. To address this, we will be
expanding our campus hiring program in India, which has proven to
be a top source for female talent, and rolling out a training programfor junior female engineers to provide opportunity for learning anddevelopment, in the hopes that they will stay and grow their careerswith PubMatic.

© 2 0 2 1 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

Additionally, we are committed to go even further to support themental health of our employees by adding Neurodiversity as partof our overall Diversity, Equity and Inclusion strategy. PubMatic
recently signed on to the One Mind at Work initiative as a meansof advancing the issue of mental health and committed to acharter of best practices. Our continued support of employee
mental health and wellbeing will include programs and education
to eliminate stigma, social prejudice, and discrimination thatsurround mental illness.
Our goal has always been to bring about sustained and measurable
change that is driven by and for our employees. We have amassed
a team of DE&I champions throughout all levels and regions of ourorganization who will take this mission forward. I am confident
that as a collective group of diverse individuals we can accomplish
more and have a greater impact on
the organization in the months andyears to come: by sharing our stories,
empowering unique voices, celebrating
our differences, and learning together.

LORRIE DOUGHERTY
Senior Vice President,
Human Resources

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Methodology
We analyzed diversity and inclusion metrics by region, including U.S., EMEA, APAC (minus India), and India.1 Data included is for the 12-month
period through June 2021 (July 1, 2020 through June 30, 2021) and demographic percentages are based on first-half totals (as of June30, 2021). Gender, race,2 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).3
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.

India was separated out from the data analysis for certain items given the high concentration of employees in our Pune office.
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).
12, 3

About PubMatic
PubMatic (Nasdaq: PUBM) delivers superior revenue to publishers by being an SSP of choice for agencies and advertisers. PubMatic’s
cloud infrastructure platform for digital advertising empowers independent app developers and publishers to increase monetization
while enabling media buyers to drive return on investment by reaching and engaging their target audiences in brand-safe, premium
environments across ad formats and devices. Since 2006, PubMatic has been expanding its owned and operated global infrastructure andcontinues to cultivate programmatic innovation. PubMatic operates 14 offices and eight data centers worldwide.
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 1 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

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