CORPORATE WOMEN DIRECTORS INTERNATIONAL Global Summit of Women Sao Paulo, Brazil May 15, 2015 CWDI Report on Women Board Directors of 100 Largest Latin American Companies Irene Natividad President, Global Summit of Women and Chair, Corporate Women Directors International 0

CORPORATE WOMEN DIRECTORS INTERNATIONAL 100 Largest Latin American Companies, By Country 1 COUNTRYNUMBER OF COMPANIES Brazil42 Mexico29 Chile14 Colombia13 Argentina2

CORPORATE WOMEN DIRECTORS INTERNATIONAL Percentage of Men and Women Board Directors in Latin America’s Largest Companies (as of March 31, 2015) 2

CORPORATE WOMEN DIRECTORS INTERNATIONAL Women Board Directors in Latin America, In the past decade, the percentage of women board directors has increased only 1.3%

CORPORATE WOMEN DIRECTORS INTERNATIONAL Percentage of Top Latin American Companies with 0 Women Directors (as of March 31, 2015) 4 Nearly half of the largest companies in the region have no women board directors.

CORPORATE WOMEN DIRECTORS INTERNATIONAL 10 Largest Companies in Latin America with 0 Women Board Directors (as of March 31, 2015) 5 RankingCompanyCountry Number of Women Directors Total Number of Directors Percentage of Women Directors 1AmbevBrazil0110 3Itau UnibancoBrazil0120 4ValeBrazil0100 6America MovilMexico0110% 11Grupo MexicoMexico0140% 12ItausaBrazil060% 13Telef BrasilBrazil TelevisaMexico BRF FoodsBrazil0110

CORPORATE WOMEN DIRECTORS INTERNATIONAL 6 Regional Comparison of Women on Boards

CORPORATE WOMEN DIRECTORS INTERNATIONAL 7 Percentage of Women Board Directors in Latin America, By Country (as of March 31, 2015)

CORPORATE WOMEN DIRECTORS INTERNATIONAL Top 5 Companies with Highest Percentage of Women Board Directors (as of March 31, 2015) 8 RankCompanyCountry Number of Women Directors Total Number of Directors Percentage of Women Directors 1 (tie)Grupo ArgosColombia2728.6% 1 (tie)CemargosColombia2728.6% 2 Organizacion SorianaMexico2825.0% 3 (tie)ExitoColombia2922.2% 3 (tie)FalabellaChile2922.2% 3 (tie) Santander BrasilBrazil2922.2% 4 (tie)WalmexMexico % 4 (tie) Banco do Brasil SeguridadeBrazil1520.0% 5FemsaMexico %

CORPORATE WOMEN DIRECTORS INTERNATIONAL The Quota Legislative Strategy for Women Directors – Global Overview 9 Countries with Quotas for State-Owned Companies Israel (1993) South Africa (1996) Denmark (2000) Finland (2004) Ireland (2004) Iceland (2006) Kenya (2010) Austria (2011) Slovenia (2011) Poland (2012) UAE (2012) Greece (2012) Countries with Quotas for Publicly-Listed Companies Israel (1999 – 1 woman) Norway (2003) Spain (2007) Iceland (2010) France (2010 ) Belgium (2011) Malaysia (2011) Italy (2011) Netherlands (2012) Denmark (2013 – soft target) India (2013 – 1 woman min.) Germany (2014) Municipal and Provincial Quotas Berlin, Germany (2002) Nuremberg, Germany (2009) Quebec, Canada (2006) Proposed Quotas European Commission Brazil (State-Owned Companies) Canada (Publicly-listed Companies) South Korea (State-Owned Companies) Switzerland (State-Owned Companies) ________________________________________ ©2014. Information may not be reproduced without permission from CWDI

CORPORATE WOMEN DIRECTORS INTERNATIONAL 10 The Americas: No Initiatives to Increase the Number of Women Board Directors North America 0 South America 0 Africa 2 Asia-Pacific 2 Middle East 2 Europe 15

CORPORATE WOMEN DIRECTORS INTERNATIONAL Percentage of Women Board Directors in Countries with Quota Legislation and all Fortune Global 200 Companies 2014 Women Directors in Countries w/ Quota 25.3 % Women Directors in all Fortune Global 200 Companies 15.6 % 11

CORPORATE WOMEN DIRECTORS INTERNATIONAL Countries with Board Diversity Language in Corporate Governance Codes, Stock Exchange Listing or Security Exchange Commission Requirements 12 Stock Exchange Commissions SPAIN (2007) AUSTRALIA (2011) ITALY (2011) SINGAPORE (2011) JAPAN (2009) (inclusion of independent directors) POLAND (2010) MALAYSIA (2011) HONG KONG (2012) NEW ZEALAND (2012) Corporate Governance Commissions KENYA (2002) FINLAND (2003, 2008) SWEDEN (2004) NORWAY (2004) NETHERLANDS (2008) BELGIUM (2009) LUXEMBOURG (2009) SOUTH AFRICA (2009) GERMANY (2010) Corporate Governance Commissions (Cont’d) FRANCE (2010) UK (2010) AUSTRIA (2010) DENMARK (2010) MOROCCO (2010) MALAWI (2011) NIGERIA (2011) CANADA (2013) USA - Securities and Exchange Commission (2010) __________________________________________________________________________ ©2014. Information may not be reproduced without permission from CWDI

CORPORATE WOMEN DIRECTORS INTERNATIONAL Percentage of Women Board Directors in Countries with Gender Diversity Language In Corporate Governance Codes and all Fortune Global 200 Companies 2014 Women Directors in Countries w/ Corp. Gov. Code on Gender Diversity 24.2 % Women Directors in all Fortune Global 200 Companies 13.6 % 13

CORPORATE WOMEN DIRECTORS INTERNATIONAL 14 Global Summit of Women Sao Paulo, Brazil May 15, 2015 CWDI Report on Women Board Directors of 100 Largest Latin American Companies Irene Natividad President, Global Summit of Women and Chair, Corporate Women Directors International