2011 Catalyst Annual Report

TRANSFORMINGTHE WORLD OF WORKANNUAL REPORT 2011

About CatalystFounded in 1962, Catalyst is the leading nonprofit membership organization expandingopportunities for women and business. With offices in the United States, Canada, Europe,and India, and more than 500 preeminent corporations as members, Catalyst is the trustedresource for research, information, and advice about women at work. Catalyst annually honorsexemplary organizational initiatives that promote women’s advancement with the CatalystAward.B | Catalyst Annual Report 2011

Behind every successful man is a great woman.So who’s behind every successful woman?- ow.ly/84jhLCatalyst Annual Report 2011 | C

1Letter From thePresident & CEOand Chair3 6 12 172011 Highlights CreatingChange ThroughKnowledgeReaching theWorld ThroughCommunicationsCatalystSpeakingEngagements

22PartneringWith InfluentialLeaders25 37 40Gathering andCelebratingLeadersRecognizingour PartnersFinancialsTable of Contents

LETTER FROMTHE PRESIDENT & CEOAND CHAIROur world is both largerand smaller than everbefore thanks to thetechnology we’ve cometo rely on in today’sworkplace. While moreand more organizations are “going global,” more and more offices are “goingvirtual.” Business leaders around the world realize how interconnected ournations, economies, and societies are and how essential women leaders are tobusiness success.1 | Catalyst Annual Report 2011

In 2011, Catalyst’s on-the-ground and virtual activities reflected this transformation in thecorporate world. We engaged people and businesses in more locations than ever throughin-person events in 12 countries, webinars that reached over 3,000 people, robust socialmedia communities, and a new office in India. Our groundbreaking research, cuttingedgeadvisory services work, and unique events benefitted women—and men—-acrossmultiple levels and forged common bonds among diverse populations.The foundation of our work has always been our broad and innovative research programs.In 2011, we not only published 15 research reports that revealed a wealth of crucialinformation and usable insights, but we also created tools to help members take actionbased on the findings. We convened the world’s experts on women in the boardroom atthe Catalyst Corporate Board Governance Symposium for a powerful discussion of howto increase knowledge and accelerate change in this important area. And we held ourfourth biennial CEO Summit with close to 100 CEOs and senior leaders of major globalcorporations to discuss actions they can take to ensure the advancement of women tosenior leadership positions. In addition, the Israel Women’s Network joined our rosterof partners, which also includes Equal Opportunity in the Workplace Agency (Australia)and Japan Women’s Innovative Network (J-Win). With these and other initiatives, Catalysthas found new methods of advancing women in the global workplace.In 2012, we mark Catalyst’s 50th anniversary. From our modest start in 1962, we’vebecome an organization whose impact is felt by businesses, communities, families, andindividuals all over the world. We are proud of all we’ve achieved and excited about ourfuture, and we know we couldn’t do our work without your support.Ilene H. LangPresident & CEOCatalystJames S. TurleyChair, Catalyst Board of DirectorsChairman & CEO, Ernst & YoungCatalyst Annual Report 2011 | 2

2011HIGHLIGHTS50Aswe turn 50, Catalyst’s work hasbecome more impactful than ever.Through a variety of initiatives, Catalystused its leadership position to startconversations among our communitiesthat will drive transformational workplacestrategies.In 2011, we proudly opened our first office in India, reaching out to and developing a large newnetwork of partners in a region struggling with a significant talent shortage and a great thirstfor solutions we can provide. With an in-person event in Mumbai and a follow-up webinar, welaunched the 2010 India Benchmarking Report and showed participants how to best take advantageof the accompanying tool. This groundbreaking report, which gives organizations in India soliddata about women and diversity and inclusion initiatives implemented in the region, receivedbroad media coverage.3 | Catalyst Annual Report 2011

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Catalyst President & Chief Executive Officer Ilene H. Lang (right) urges corporate leaders to take personal action to advance womenat the 2011 Catalyst CEO Summit.Two other events in Gurgaon and Bangalorehighlighted how sponsorship is essential totalent management and gave attendees anopportunity to build their own networks oflike-minded colleagues. With 35 memberorganizations in the region already, includingthree global corporations headquartered inIndia, we anticipate that our new office will bea source of rapid growth and rich knowledge.Another new event, the Catalyst CorporateBoard Governance Symposium, demonstratedour leadership in gathering experts togetherand stimulating action. Held over three daysin Toronto, the Symposium attracted morethan 20 of the world’s experts on corporategovernance, a diverse group comprisingleading academics, corporate boardmembers from Fortune and Financial Post 500companies, policy makers, and other businessexecutives from across disciplines and aroundthe globe. Together, they worked to assessthe state of corporate governance research,co-create a research agenda for the future,and determine a course of action to impactpolicies and practices around the world, helpgreater numbers of women advance intoleadership, and deliver better outcomes forwomen, business and society. BMO FinancialGroup hosted the Symposium at its worldclassInstitute for Learning.5 | Catalyst Annual Report 2011In December, we convened a powerful groupof business leaders at the fourth biennialCatalyst CEO Summit in New York, whereclose to 100 CEOs and senior executives metwith Catalyst to discuss “Getting Past Stuck”and formulate actionable strategies to helpadvance women to the very top of majorcorporations. By identifying steps they cantake personally—such as acting intentionally,taking sponsorship seriously, and becomingstrong and inclusive stewards of talent—theseengaged and thoughtful leaders pledged tomake a difference in their own organizations.The CEO Summit was sponsored by Ernst &Young.As these events demonstrate, Catalyst isfortunate to command the respect of a widerange of high-level leaders from a variety ofbackgrounds. But we also have a fast-growingglobal network of grass-roots supportersand champions who help communicateour message through social media such asTwitter, Facebook, LinkedIn, and YouTube.This year, our social media communities havemore than doubled in size and generatedserious discussions on the issues related toadvancing women and business. Mainstreammedia and high-profile bloggers from aroundthe world have also frequently cited Catalystwork in a variety of contexts. As our influencegrows, so does our ability to accomplish ourtransformative vision of changing workplacesand changing lives.

CREATING CHANGETHROUGHKNOWLEDGERESEARCHIn 2011, Catalyst published groundbreaking research on a varietyof topics important to our members, policy makers, the media, andothers. Many of our engaging and visually appealing reports arenow published in conjunction with tools that provide individuals, HRdepartments, and corporate leaders in Catalyst member companieswith concrete steps they can take to address issues discussed inthe reports. This crucial information helps them effect meaningfulchange with actionable strategies.Catalyst Annual Report 2011 | 6

ASSESSING STRATEGIES FOR WOMEN’S ADVANCEMENTSponSoring Women to SucceSSCatalyst’s crucial longitudinal project, The Promise of Future Leadership: AResearch Program on Highly Talented Employees in the Pipeline, surveys graduatesof 26 leading business schools in the United States, Canada, Europe, andAsia to assess their career values, goals, and expectations, the developmentalopportunities afforded them, and their strategies for managing work andfamily life. The project has resulted in a series of cutting-edge researchreports on the retention and advancement of these high-potential womenand men which highlights the differences between women’s and men’scareer experiences.The third report in this series, Mentoring: Necessary But Insufficient for Advancement, revealed thathaving a mentor before starting a first post-M.B.A. job resulted in higher compensation and ahigher-level position for both women and men—but that the payoffs were much greater for men.This is because men’s mentors were more senior than women’s and often acted as sponsors,opening doors to new opportunities and vouching for their readiness.The fourth report in this series, The Myth of the Ideal Worker: Does DoingAll the Right Things Really Get Women Ahead?, refutes persistent mythsabout the gender gap by comparing the experiences of women andmen who employed the same career advancement strategies. It revealsthat women who did all the things they have been told will help themget ahead, including employing the same tactics as men, were stillless likely to advance and experienced slower pay growth than theirmale counterparts. Questions included in the report guide readers toa more comprehensive understanding of the mechanisms that create this situation and how tocombat them.The importance of sponsorship was the topic of another compelling report, Sponsoring Women toSuccess, which helped highlight this very specific type of professional relationship. By clarifyingprecisely what sponsorship is (and isn’t) and presenting insights about how best to foster it withinan organization, this report provides useful information for both sponsors and high-potentialemployees. An accompanying tool, Fostering Sponsorship Success Among High Performers and Leaders,offers valuable information for current sponsors, those looking to become a sponsor, andprotégés about why sponsorship is important, how to position yourself for sponsorship, how to bean effective sponsor, and how to ensure a successful relationship between employee and sponsor.7 | Catalyst Annual Report 2011

85.9%92.5%2011 Executive Officers14.1%2011 Top Earners7.5%Women (N=710/5018)Men (N=4308/5018)Women (N=162/2148)Men (N=1986/2148)•In 2010, women held 14.4 percent ofExecutive Officer positions.•In 2010, women held 7.6 percent ofExecutive Officer top earner positions.Companies by Percentage ofWomen Executive Officers40% or More Women3.6% 2.4%•In both 2010 and 2011, nearly one-fifthof companies had 25 percent or more27.4% 27.4%women Executive Officers, yet more than19.7% 19.9%one-quarter had no women ExecutiveOfficers.201020110% Women 25% or MoreWomenThis study was authored by Rachel Soares, Senior Research Associate; Baye Cobb, Ellen Lebow, Hannah Winsten, and Veronica Wojnas,Interns; and Allyson Regis, Graduate ResearcherResearch Partners: American Express Company, BMO Financial Group, Chevron Corporation, Credit Suisse, Deloitte LLP, Desjardins Group, Deutsche Bank AG,Ernst & Young LLP, Hewlett-Packard Company, IBM Corporation, KeyBank, McDonald’s Corporation, and UPSThe findings, views, and recommendations expressed in this report do not necessarily reflect the views of the funding organizations.1. 2011 analysis and 2010 analysis are based on 497 companies. See Appendix 1—Methodology for more information. Results are accurate within one-tenthof a percent. None of the changes from 2010 to 2011 are statistically significant.Mentor Circle Sponsor:© Catalyst 201182.3%93.8%2010 Senior Officers2010 Top Earners6.2%Percent of Companiesby Women Senior Officers32.0%30.3%17.7%30.8%25.9%0% Women 25% or MoreWomen2008Women(n=800/4527)Men(n=3727/4527)Women(n=68/1103)Men(n=1035/1103)2010•In 2008, women corporate officers held 5.6percent of top earner positions.•In both 2008 and 2010, more than 30percent of companies had zero womensenior officers.1. 2010 analysis is based on 468 companies. 2008 analysis was based on 490 companies. See Appendix 1—Methodology for more information.Results are accurate within one-tenth of a percent.2. Changes from 2008 to 2010 are not statistically significant unless otherwise noted. In 2008 and earlier, Catalyst used the term “corporate officers”rather than “senior officers.” The definition, however, remains the same.1© Catalyst 2011KEEPING TRACK OF WOMEN BOARD DIRECTORSIn 2011, Catalyst and our partners conducted various censuses tracking women’s progress oncorporate boards and in executive suites.2011 CATALYST CENSUS: FORTUNE 500 WOMENEXECUTIVE OFFICERS AND TOP EARNERS 1The 2011 Catalyst Census: Fortune 500 Women Board Directors, Women ExecutiveOfficers, and Top Earners showed that women have made no significant gainson U.S. corporate boards in the last year and in fact have not advancedmuch further than they were six years ago.• Women held 16.1 percent of board seats in 2011, compared to 15.7percent in 2010.• Less than one-fifth of companies had 25 percent or more womenboard directors.• About one in ten companies had no women serving on their boards.• Women of color held only 3.0 percent of corporate board seats.• Women held fewer Executive Officer positions in 2011 (14.1 percent) than they did in2010 (14.4 percent) and held only 7.5 percent of Executive Officer top-earner positions.• Less than one in five companies had 25 percent or more women Executive Officers, andmore than one-quarter had zero.2010 Catalyst Census: FINANCIAL POST 500WOMen senIOR OFFICeRs anD tOP eaRneRs 1•In 2008, women held 16.9 percent ofcorporate officer positions. 2Canadian women fared little better. The most encouraging finding of our2010 Catalyst Census: Financial Post 500 Women Senior Officers and Top Earnerswas that the number of FP500 public companies with 25 percent or morewomen senior officers increased 7.7 percentage points in the last two years.Less encouraging was the report’s finding that the growth of women’s overallrepresentation in the ranks of companies’ senior officers and top earnersslowed to a crawl between 2008 and 2010.In 2011 our new Census partner, the Israel Women’s Network, compiledWomen Leading Business: The 2010 Israeli Census Report on Women’s Representation in Tel Aviv 100 IndexCompanies, which details women’s representation in senior leadership positions at Israel’s top100 public companies (the TA-100). Women, who comprise 47 percent of the Israeli workforce,held only 18 percent of TA-100 executive positions and 15 percent of TA-100 board seats. Only 5percent of TA-100 companies were led by women CEOs.Catalyst Annual Report 2011 | 8

Missing Pieces: Women and Minorities on Fortune 500 Boards—2010 Alliance for Board Diversity Censusis the periodic census compiled by the Alliance for Board Diversity (ABD), a collaboration of fiveleading organizations including Catalyst, The Executive Leadership Council (ELC), the HispanicAssociation on Corporate Responsibility (HACR), Leadership Education for Asian Pacifics, Inc.(LEAP), and The Prout Group, Inc. It revealed that women and minorities continue to be poorlyrepresented on America’s corporate boards.CONNECTING WOMEN’S LEADERSHIP TO THE BOTTOMLINEThe Bottom Line: Corporate Performance and Women’s Representation on Boards(2004–2008), the fourth study in Catalyst’s series correlating women inleadership with financial performance, found that companies with themost women board directors (WBD) outperformed those with the least by16 percent on ROS and 26 percent on ROIC. In addition, companies withthree or more WBD in at least four of five years significantly outperformedthose with sustained low representation by 84 percent on ROS, 60 percenton ROIC, and 46 percent on ROE. These findings suggest a potentiallystaggering financial advantage for companies that sustained more womenboard members over the years regardless of economic conditions.Gender and Social Corporate Responsibility: It’s a Matter of Sustainability demonstrates that the benefitsof gender-diverse leadership extend beyond financial performance. In this report, researchersfrom Catalyst and the Harvard Business School linked women board directors to corporate socialresponsibility (CSR). In fact, companies with more women board directors contributed, onaverage, more charitable funds and sustained high-quality CSR initiatives than companies withoutwomen leaders, even after controlling for key factors that might influence total donations. Thesefindings indicate a new way for shareholders to gauge a company’s long-term health.Both of these reports can be used in conjunction with the tool Why Diversity Matters, whichexplores four pillars of the business case for advancing women: improving financial performance,leveraging talent, reflecting the marketplace and building reputation, and increasing innovationand reducing conflict. This valuable tool supplies forward-thinking corporate leaders with currentdata that will help them build the business case for diversity and inclusion.ADVANCING DIVERSE WOMENDiverse women often face greater challenges than white women in forming trusting relationshipswith their managers and navigating organizational cultures. Two reports released this year givemanagers and women the information they need to even the playing field.9 | Catalyst Annual Report 2011

Building Trust Between Managers and Diverse Women Direct Reports revealedthat trust between managers and their direct reports is essential to formingproductive workplace relationships, facilitating employee engagement,navigating the workplace, and improving organization-wide performance.This report was released with the tool Building Trust Between Managers andDiverse Women Direct Reports: Recommendations for Human Resources Departments,Managers, and Individuals, which includes recommendations on suchtopics as assessing trust in work environments, improving the effectivenessof diversity training, providing effective feedback, and developing andmaintaining open communication.Navigating Organizational Cultures: A Guide for Diverse Women and TheirManagers shows that while diversity and inclusion programs have long beenin place throughout many organizations, many have not been entirelysuccessful at eliminating bias. This report provides practical advice andstrategies for leaders who wish to promote diversity and inclusion withintheir organizations, as well as for diverse women seeking to advance theircareers.NAVIGATING ORGANIZATIONAL CULTURES:A Guide For Diverse Women and Their ManagersEXPANDING OUR GLOBAL KNOWLEDGEIn preparation for the opening of our new office in Mumbai, in March wereleased our first 2010 India Benchmarking Report, which showed India-basedcompanies how to gain the competitive edge by accelerating the rate atwhich they advance talented women. According to the report, 68 percentof companies in India have formal strategies for women’s advancement in2010 INDIA BENCHMARKING REPORT:place—yet these programs lack elements crucial to their success, such asDIVERSITY & INCLUSION PRACTICESmanagerial accountability and the engagement of men. Catalyst membercompanies that completed the benchmarking survey received online accessto the Catalyst India Benchmarking Tool, enabling them to compare theircompany’s responses to those of other participants, India-headquartered respondents, foreignheadquarteredrespondents, and industry peers, as well as to view valuable workforce data anddownload additional Diversity & Inclusion Practices.Extending our base of knowledge in Europe, Unwritten Rules: Why Doing a GoodJob Might Not Be Enough (Europe) examined European respondents’ perceptionsof the unwritten rules to advancement and how they learned to navigate thoserules within their organizations. Among other findings, European womenwere more likely than European men to rate visibility-building as essentialto career development. This report was released with the members-onlyUser’s Guide: Approaches to Learning the Unwritten Rules, which helps individualUnwritten rUles:why Doing a Good Job Might not Be enoughEUROPECatalyst Annual Report 2011 | 10

employees, supervisors, and teams identify and discuss their organization’s unwritten rules. Thistool can be used on its own or as a companion to the Unwritten Rules user’s guide released in 2008.CHECKING THE PULSE OFWOMEN IN BIOSCIENCE:What Organizations Need To KnowAnother report with a global focus, Checking the Pulse of Women in Bioscience:What Organizations Need to Know found that most bioscience organizationsare not maximizing their talent pools. This eye-opening report provided asnapshot of emergent industry trends and a useful look at how they impactwomen and business. It also included practical recommendations forretaining and advancing talented women and establishing more inclusiveworkplaces.SHARING VALUABLE PRACTICES AND DATAIn addition, Catalyst provided insights through ourDiversity & Inclusion (D&I) Practices, which show howorganizations, including those whose initiatives have wonthe Catalyst Award, have tackled diversity and inclusionchallenges. They outline programs to address specificissues and are available only to Catalyst members. In 2011,Catalyst published 14 D&I practices on topics such assponsoring women into critical roles, talent managementand leadership development, flexible work arrangements,and diversity and inclusion in community-based healthcare.Quick Takes are statistics-based overviews that provideessential information in an efficient, user-friendly format.In 2011, Catalyst created or updated 61 Quick Takes ontopics including a statistical overview of women in theworkplace, disabilities, LGBT workplace issues, and womenin the labor force in Brazil.4 Ways Men StuntWomen’s CareersUnintentionally:brutal responseto @HBR articleow.ly/84joICatalyst’s hallmark Pyramids provide a statistical snapshot of women’s representation at variouslevels of responsibility in the workplace. In 2011, Catalyst updated 24 Pyramids on the statusof women in a variety of U.S. and Canadian industries, including but not limited to womenin Canadian transportation and warehousing, women in U.S. finance, women in Canadianconstruction, and women in U.S. accommodations and food services.11 | Catalyst Annual Report 2011

REACHING THEWORLD THROUGHCOMMUNICATIONSCATALYST IN THE NEWSCatalyst is a valued partner to many esteemed media outlets andacts as the go-to source for information on women in the workplace.Our leaders, experts, and research are cited several times a dayin leading media venues globally. As digital, print, and broadcastmedia help us disseminate our expertise around the world, businessand thought leaders take note and take action. A sample of piecesis listed on the following pages.Catalyst Annual Report 2011 | 12

January 19Unwritten Rules: WhyDoing a Good Job MayNot Be EnoughFinancial Times (UK)This column on UnwrittenRules: Why Doing a GoodJob Might Not Be EnoughEurope features insightfulinformation and statisticsfrom the report.How to get morewomen studyingeconomics?Try hiring morefemale economicsprofessors.11.me/OLF-CVJanuary 26For Women in theWorkplace, an ‘UpgradeProblem’International Herald Tribune(NYT)Catalyst President & ChiefExecutive Officer Ilene H.Lang is quoted in an articlethat examines the lack ofwomen in business at seniorlevels in corporate Germanyand cites Pipeline’s BrokenPromise and Mentoring:Necessary But Insufficient forAdvancement.March 8Corporate India:Women Have LowerRepresentation in SeniorPositionsThe Economic TimesCatalyst’s Senior AdvisorDeepali Bagati wasinterviewed for a featurearticle on the 2011 IndiaBenchmarking report.The report highlightsthe struggles of women’sadvancement in corporateIndia.March 14Economics Journal: Is aQuota the Way to GetMore Female Directors?The Wall Street Journal’s IndiaReal TimeDeepali Bagati, SeniorAdvisor, is quoted inan article about theimplications of quotasto add more women tocorporate boards, andCatalyst research is cited.April 5Is Sex Discrimination AtWork Still A Problem?NPRCatalyst’s President & ChiefExecutive Officer IleneH. Lang discusses Catalystresearch in relation tosex discrimination in theworkplace on NationalPublic Radio’s Talk of theNation program.April 7Career Pointers from KraftCEO Irene RosenfeldFox Business2011 Catalyst AwardsConference keynotespeaker Irene Rosenfeld,CEO of Kraft Foods, offerscareer advice for womenwho want to reach the topof the corporate ladder.13 | Catalyst Annual Report 2011

May 4How Women Can BreakInto the C-SuiteCNN.comThis article cites 2010Catalyst Census: Fortune 500Women Executive Officer andTop Earners in conjunctionwith advice on how womencan reach the C-Suite.June 8Champions of Womenin Corporate WorldRecognizedToronto StarThis article discusses TheCatalyst Canada Honoursdinner with quotes fromthe 2011 winners as well asDeborah Gillis, Senior VicePresident, Membership &Global Operations.June 8Opportunities For WomenCBC Metro Morning RadioIn an interview, JenniferTory of RBC and a 2011recipient of The CatalystCanada Honours discusseswomen’s advancementand The Catalyst CanadaHonours event.July 4Ellen Kullman, DuPontCEO: Women inLeadershipPBS Nightly BusinessReportCatalyst President & ChiefExecutive Officer IleneH. Lang and DuPontCEO Ellen Kullman areinterviewed for a series onwomen’s advancement inbusiness (video).July 30Frauen scheitern in Firmenan den MännernWelt am SontaggCatalyst Senior VicePresident, AdvisoryServices, Meryle MahrerKaplan offers insights intothe recent trend of Germanwomen executives leavingtheir positions. The articlealso cites Catalyst research.August 30Korean Women Struggleto Break the Glass CeilingKorea Joongang DailyArticle about the challengesKorean women face in theworkplace cites Catalystresearch.September 7Analysis: Exits Show HowFew Women Make it toCEO in U.S.ReutersDeborah Soon, Senior VicePresident, Marketing &Strategy, Catalyst, is quotedregarding the recentdepartures of several highprofilewomen CEOs andthe lack of women at thetop of the corporate world.September 8Women on Wall Street:Small Group at the TopGets SmallerLos Angeles TimesCatalyst Senior VicePresident, Marketing &Strategy Deborah Soon isquoted in an article abouthow women in finance havebeen losing their jobs morerapidly than men.September 8Financial Firms’ CeilingThe Wall Street JournalDeborah Soon, SeniorVice President, Marketing& Strategy, Catalyst, offersinsights into why there isa lack of women in thebanking and financialservices industry.Catalyst Annual Report 2011 | 14

September 23Indian MNCs Have FewestWomen StaffThe Times of IndiaDeepali Bagati, SeniorAdvisor, is interviewed foran article exploring theissues around the lack ofwomen in multinationalcorporations in India.The power of rolemodels:ChristineLagarde leadingthe IMF and what itmeans for#womeninleadershiphttp://t11.me/PF6-6ASeptember 27From Mentors to SponsorsFinancial PostCatalyst Senior VicePresident, Membership& Global Operations,Deborah Gillis, andHeather Foust Cummings,Senior Director, Research,are interviewed for anarticle on the significanceof sponsorship to women’scareer advancement thatalso features SponsoringWomen to Success.September 29Glass CeilingThe Globe and MailIn a letter to the editor,Catalyst’s Deborah Gillis,Senior Vice President,Membership & GlobalOperations, questionsrecent articles about womenin the workplace that focuson “fixing the women.”October 4Recruit Your PromoterInvestor’s Business DailyCatalyst’s Senior VicePresident, Membership& Global Operations,Deborah Gillis, is quotedin this article on thesignificance of sponsorshipfor career advancement;article also featuresSponsoring Women to Success.October 8For Women, Parity Is Still aSubtly Steep ClimbThe New York TimesCatalyst President & ChiefExecutive Officer Ilene H.Lang offers her insightson the issue of achievinggender parity in theworkplace.October 13Effective Career TacticsDepend on GenderFinancial Times (UK edition)Eleanor Tabi Haller-Jorden,General Manager, CatalystEurope AG, is interviewedon effective career tacticsfor women. The article alsoreferences The Myth of theIdeal Worker: Does Doing Allthe Right Things Really GetWomen Ahead?October 13Women Don’t Go Afterthe Big Jobs with Gusto:True or False?Harvard Business ReviewCatalyst’s Nancy Carter,Ph.D., Senior VicePresident, Research, andChristine Silva, Director,Research, outline thefindings of Myth of theIdeal Worker: Does Doing Allthe Right Things Really GetWomen Ahead? in this blogpost.15 | Catalyst Annual Report 2011

October 18Scotiabank and Catalyst:Supporting WomenBNNScotiaBank CEO RickWaugh is interviewed aboutthe The Catalyst CanadaHonours 2011 event andthe significance of Catalyst’swork to advance women inthe corporate world.October 26Number of FemaleFortune 500 CEOs atRecord HighUSA TodayCatalyst’s Senior VicePresident, Marketing &Strategy, Deborah Soonis interviewed for a storyabout women CEOs on theFortune 500 list and GinniRometty’s appointment asCEO of IBM.November 1Progress for Women, but aLong Way to GoThe New York TimesCatalyst President & ChiefExecutive Officer Ilene H.Lang offers her insightsinto the World EconomicForum’s recent GlobalGender Gap report. Catalystresearch is also cited.November 26Top JobsThe EconomistIn an in-depth report onthe gender gap, CatalystPresident & Chief ExecutiveOfficer Ilene H. Langdiscusses the issue and howto close the gap. Catalystresearch is also extensivelycited.December 15Avon CEO Andrea JungSteps Down, Capping Offa Flat Year for Women inLeadership RanksThe Washington PostCatalyst’s Census ishighlighted in thisdiscussion of Andrea Jung’sdeparture from Avon.December 16Fortune 500 Commonality:WomenCNBCCatalyst President & ChiefExecutive Officer IleneH. Lang is interviewedon the program, StreetSigns, about the findingsfrom 2011 Catalyst Census:Fortune 500 Women BoardDirectors and 2011 CatalystCensus: Fortune 500 WomenExecutive Officer and TopEarners.Why won’tthese just goaway?10 stereotypesabout powerfulwomen.ow.ly/84iYdCatalyst Annual Report 2011 | 16

CATALYST SPEAKINGENGAGEMENTSCatalyst Speaker’s Bureau is another way that we are able to shareour knowledge with interested groups. In 2011 Catalyst expertswere invited to speak at engagements around the world by a varietyof organizations—corporate, academic, governmental, and nongovernmental.A sample of engagements is listed on the followingpages.17 | Catalyst Annual Report 2011

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February 1CIBC PanelVancouverChristine SilvaSenior Director, ResearchFebruary 21Diversity & InclusionBreakfastZurichEleanor Tabi Haller-JordenGeneral Manager, CatalystEurope AGFebruary 24Fourth Annual Diversity &Inclusion SeminarBarcelonaJane DennehyAmbassador, UK RegionMarch 9Women’s Day DiversityPetach Tikva, IsraelIlene H. LangPresident & Chief ExecutiveOfficerMarch 11Leveraging Women’sLeadership for the 21stCentury SummitOttawaDeborah GillisSenior Vice President,Membership & GlobalOperationsMarch 22Women’s Business CouncilSanta Ana, CAMary N. BoughtonSenior Director, MemberRelationsApril 5Women in the EconomyConferencePalm Beach, FLNancy Carter, Ph.D.Senior Vice President,ResearchApril 5Senior Women’sLeadership DinnerChicago, ILIlene H. LangPresident & Chief ExecutiveOfficerMay 219th Annual HACRSymposiumWashington, DCIlene H. LangPresident & Chief ExecutiveOfficerMay 6Women Unlimited, Inc.,PanelSan Francisco, CADeborah M. SoonSenior Vice President,Strategy & MarketingMay 11-12Women of ColorLeadership ConferenceAtlanta, GAKatherine Giscombe, Ph.D.Vice President, DiverseWomen & InclusionResearchToo many suits& too few skirts.How are youdevelopingthe womenin “marzipanlayer”?ow.ly/7EWNCMay 20Diversity Summit 2011Houston, TXMary BoughtonSenior Director, MemberRelationsDeb CampbellDirector, Advisory Services19 | Catalyst Annual Report 2011

7:00 99%Non-Profit Organization1,439 like thisSeptember 14, 2011While your staff may love you, your male boss maynot. Research studies revealed that even whenwomen produced superior outcomes at work, it was likely to beattributed to luck, whereas men’s success was likely attributed totheir personal capability. However, failure in women is likely tobe attributed to lack of ability, but for men, to bad luck. What’sworse, a major problem for women is that they simply don’t looklike the notion of a leader, because leaders look like men. Readmore...Why staff rate female leaders highly but male bosses scorethem lower than menwww.guardian.co.ukActivity Wall Info PhotosCatalyst Annual Report 2011 | 20

June 22Dallas DiversityConsortiumDallas, TXKatherine Giscombe, Ph.D.Vice President, DiverseWomen & InclusionMartha FeebackMembership Manager,TexasSeptember 26Women of CoreNet GlobalConferenceDallas, TXNancy Carter, Ph.D.Senior Vice President,ResearchOctober 3WICT (Women in CableTelecommunications)Leadership ConferenceNew YorkJan CombopianoVice President & ChiefKnowledge OfficerOctober 13Deauville Women’s ForumGlobal MeetingDeauville, FranceIlene H. LangPresident & Chief ExecutiveOfficerOctober 17Women’s Economic Forumat the Office of U.S.Senator Kristin GillibrandNew YorkDeborah SoonSenior Vice President,Marketing & StrategyOctober 19Deutsche Bank Women onWall Street ConferenceNew YorkIlene H. LangPresident & Chief ExecutiveOfficerOctober 24-25SHRM Diversity & InclusionConferenceWashington, DCAnika K. Warren, Ph.D.Senior Director, ResearchNovember 10Girl Scouts NationalConventionHouston, TXIlene H. LangPresident & Chief ExecutiveOfficerDecember 8NALP ProfessionalDevelopment InstituteWashington, DCBrande Stellings, J.D.Vice President, AdvisoryServices, ProfessionalServices PracticeAnika K. Warren, Ph.D.Senior Director, ResearchDecember 6Women’s Law Associationof Ontario 2011 FestiveDinnerTorontoDeborah GillisSenior Vice President,Membership & GlobalOperationsDecember 19, 2011IMT – CDL’s Diversity &Inclusion ConferenceNew DelhiDeepali Bagati, Ph.D.Senior Advisor, MumbaiAnika K. Warren, Ph.D.Senior Director, Research21 | Catalyst Annual Report 2011

PARTNERING WITHINFLUENTIAL LEADERSADVISORY SERVICESCatalyst’s Advisory Services (AS) is a key element of our work to transformbusiness, workplaces, and lives. With decades of experience, Catalyst nowprovides a global talent and inclusion consulting practice that partners withmember organizations to create effective solutions. We add sustainablevalue to member organizations by building their internal capabilities andcreating breakthrough strategies. In addition, while we maintain full clientconfidentiality, insights gained from advisory work contribute to Catalyst’simpactful, vibrant, cutting edge wisdom, our knowledge products,membership, and outreach activities.Catalyst Annual Report 2011 | 22

A prime example of how we shared ourlearnings, helped others apply it, and gatheredmore knowledge, was the 2011 Catalyst CEOSummit described in the Highlights section. Atthis event, we led a conversation that marriedCatalyst’s experience with the participants’experiences to produce strategies that CEOscan personally execute to advance women totop leadership positions.In 2011, Catalyst engaged with 35 memberorganizations in AS activities across a breadth oftopics. Clients came from a range of industries,including pharmaceuticals, technology,financial services, law, accounting, consumerproducts, and energy. Most projects were globalor regional in scope. We conducted 24 InsightSessions/Strategic Focused Interventions, 12Master Classes and Workshops, 6 MeetingsThat Matter, and 5 Strategic PlanningSessions, at times providing multiple servicesfor a client. Topics included developing andrefining human capital strategy, sponsorship,employee resource groups, diversity councils,metrics, communications, building leadershipcapability, and work-life effectiveness.GOVERNMENTALADVISORY WORKIn 2011, Catalyst continued its work advisinggovernment officials around the world on howtheir actions affect working women and theeconomy. As a provider of expert testimonyon issues such as pay equity and women oncorporate boards, Catalyst is able to bring ourconsiderable research and reputation to bearon policy debates and decisions.• Emma Sabin, Vice President, AdvisoryServices, Partnerships, presented on“Women at the Top in Science andTechnology” at the 55th Session of theCommission on the Status of Women,hosted by UN Women and sponsoredby the International Federation ofBusiness and Professional Women.• Eleanor Tabi Haller-Jorden, GeneralManager, Catalyst Europe AG, andHeather Foust-Cummings, Ph.D.,Senior Director, Catalyst, providedinsights on gender balance in theboardroom at a workshop titled“Women on Board: Lessons fromNorway,” sponsored in part bythe Royal Norwegian Ministry ofChildren, Equality and Inclusion.• At a panel hosted by the United StatesEqual Employment OpportunityCommission titled “Strategies forClosing the Wage Gap,” CatalystDirector of Government AffairsSerena Fong shared Catalyst researchon the link between the gender wagegap and the gender leadership gap.• Catalyst President & Chief ExecutiveOfficer Ilene H. Lang was invitedby the U.S. Department of State tomoderate a panel entitled “Womenat the Top: How Diverse LeadershipBenefits Everyone” at the 2011 AsiaPacific Economic Cooperation(APEC) Women and the EconomySummit.All of these engagements were by invitation,highlighting the growing respect that Catalyst’swork is afforded by regulatory bodies. Catalystresearch is also cited frequently by governmentofficials and agencies in reports and othercommunications materials around the globe.23 | Catalyst Annual Report 2011

8:00 89%Non-Profit Organization1,439 like thisDecember 1, 2011In 1985, Catalyst increased its range of guidesabout core employment issues, including parentalleave, childcare options, and women’s groups. These topicscontinue to be part of the current dialogue about women in theworkplace. Are there other topics that aren’t on today’s agendathat you think should be up for discussion?Timeline: 50 years of Catalyst : Catalystwww.catalyst.orgActivity Wall Info PhotosCatalyst Annual Report 2011 | 24

GATHERING AND CELEBRATINGLEADERSEVENTSInspiring action and workplace transformation is a matter of course atCatalyst events, whether they are in-person or online. The broad range ofleaders that we are able to convene to learn from one another speaks tothe respect participants have for our knowledge and the community thatwe have created.25 | Catalyst Annual Report 2011

Catalyst President & Chief Executive Officer Ilene H. Lang (right) discusses strategies for women’s advancement with IreneRosenfeld, Chairman & Chief Executive Officer, Kraft Foods Inc. (left) at the Catalyst 2011 Catalyst Annual Awards Report Conference. 2011 | 26

Catalyst held over 40 events in 2011 on topicsranging from reinvigorating the business casefor gender diversity to building trust betweenmanagers and diverse women direct reports.In-person events took place throughoutNorth America, Europe, and Asia, and variousvirtual events were hosted using onlinemedia. Two major events, the CorporateBoard Governance Symposium and the CEOSummit, as well as the series of events wehosted in India, were discussed earlier in theHighlights section.Other in-person events we organized providedmembers and others with opportunities tonetwork and share experiences, ideas, andknowledge. For example, our successfulseries of Catalyst Connects events brought highpotentialwomen from member organizationstogether with speakers who are inspiring rolemodels hailing from a variety of backgrounds.The program, sponsored by BMO FinancialGroup, has the added benefit of exposingsenior-level women leaders to womenmembers who are currently in the leadershippipeline. It took place in Calgary, Montreal,and Vancouver.Catalyst also gathered members through aseries of roundtables hosted in Houston,Dallas, and the Bay Area. During the 2011roundtables, participants discussed SponsoringWomen to Success, The Promise of FutureLeadership (a research program on highlytalented employees), and getting women intopartnership positions at law firms.In Europe, we continued our RegionalLearning Hub series, convening local leadersand professionals to discuss challenges toworkplace inclusion, talent management,and organizational innovation. This year’sLearning Hubs took place in London, Berlin,and Paris, each one hosted by a Catalystmember organization. We also offeredmembers additional opportunities to networkwith one another in Paris and Milan, andon June 14 hosted a regional symposium inThe Hague, Netherlands, where participantsdiscussed Engaging and Retaining Women:Reinvention & Critiques.Webinars, which are complimentary tomembers, continue to play an integral partamong Catalyst’s event offerings. These onlineseminars provide an opportunity for Catalystto share research insights and information tomembers around the globe. Catalyst’s 2011webinars included:Maximizing Mentoring and Securing SponsorshipJanuary 11Live Q&A: Reinvigorating the Business Case:Myth Busting and Reality ChecksJanuary 18Building TrustFebruary 10Live Q&A: Management as a Social Competency:The New Performance ParadigmMarch 10Engaging Men in Gender Initiatives: an Interviewwith Michael KimmelMay 17Transgender in the WorkplaceJune 14Diversity Strategy: Using the 2010 IndiaBenchmarking ToolJuly 19Why Diversity MattersAugust 11Sponsoring Women to SuccessSeptember 1527 | Catalyst Annual Report 2011

8:00 76%BackLINKEDINNever has the talent crunch in India been more apparent.The solution to the problem? Women of course.Catalyst held an event in Mumbai today to unveil our2010 India Benchmarking Report and the results shouldopen everyone’s eyes. Ilene H. Lang, Catalyst’s Presidentand CEO, remarks on the release and the report in herlatest blog post. Tracking the progress and effectivenessof programs to advance women is essential to maximizingorganizational investments in recruitment and improvingretention of top talent. We couldn’t agree more.Catalyst BlogBlog Archive Getting It DoneThe severe talent crunch that India is facing, tracking the progress andeffectiveness of programs to advance...

THE CATALYST AWARDS DINNER AND CONFERENCEThe Catalyst Awards Dinner, sponsoredby Deloitte LLP and Shell Oil Company,took place on March 29, 2011, at TheWaldorf=Astoria in New York to celebrateinitiatives from Kaiser Permanente,McDonald’s Corporation, and Time WarnerInc. Over 1,500 guests representing at least200 national and global companies attended,including more than 100 CEOs and leadersof major corporations, firms, academicinstitutions, and nonprofit organizations. Thedinner and the conference that preceded itboth sold out, demonstrating that diversityand inclusion are considered more crucialthan ever in these challenging times.What is the REALmessage behindsome of the cartoonprincesses? Find a man,you’re saved.ow.ly/84jDfIn her introductory remarks, Ursula M.Burns, Chairman and Chief Executive Officer,Xerox Corporation, and Dinner Chair, citedCatalyst research as she stressed the amount ofprogress yet to be made in advancing womenin the workplace: “We have much to do andmiles to go before we rest,” she said.Catalyst President & Chief Executive OfficerIlene H. Lang delivered the keynote speech,illustrating how sexism, though a loadedword, is still prevalent in the workplace. Ms.Lang encouraged attendees to use their voicesto advocate for women: when we see instancesof sexism, whether in the workplace or in ourpersonal lives, it is critical that we not only saysomething, but do something: “Your voicesand your actions can take women from beingworth less to being worth more, to beingvalued—in workplaces and across society. AndI guarantee you this: Your voice will multiply.It will inspire others. It will build momentum.It will change workplaces and change lives.”James S. Turley, Chair of Catalyst’s Boardof Directors and Chairman & CEO of Ernst& Young, presented the Catalyst Award tothe leaders of the three Award-winningorganizations. Kaiser Permanente’s initiative,Achieving Our Mission and Growing theBusiness Through the National Diversity Agenda,makes diversity and inclusion central to theorganization’s competitive advantage andits ability to deliver culturally competenthealth care to its 8.7 million members.“Kaiser Permanente is honored to receivethe 2011 Catalyst Award in recognition ofour commitment to diversity as a core valueof our organization,” said Chairman andChief Executive Officer George Halvorson.“Women who serve on Kaiser Permanente’sboard of directors, as members of our seniorleadership, as our executive physicians andas valued staff members at every level of ourorganization demonstrate that the diversityof our teams helps serve millions of diversepatients who trust Kaiser Permanente to carefor their health every day.”29 | Catalyst Annual Report 2011

McDonald’s Corporation’s strongcommitment to inclusion led the companyto build on its successful and longstandingdiversity work in the United States by creatingFreedom Within a Framework: Global Women’sInitiative. McDonald’s Chief Executive OfficerJim Skinner said, “We are honored thatCatalyst has recognized McDonald’s globalcommitment to the growth and advancementof women in the workplace. We’re extremelyproud of our efforts in this area, as well as allof our efforts around diversity at McDonald’s.We will remain committed to fostering aninclusive and diverse workplace that reflectsour global customer base.”Time Warner Inc.’s initiative, Creating a UnifiedCulture: Investing in Our Women Leaders, uses acompelling market-oriented business case fordiversity and inclusion as a foundation forthe new, cohesive culture it has built acrossall four business divisions. “At Time Warner,our businesses rely on the ability to draw toptalent from all sectors to serve our increasinglydiverse and global audiences,” said JeffBewkes, Chairman and CEO, Time WarnerInc. “This focus on the best talent fuels ourcommitment to diversity.”Earlier in the day, over 550 attendeesparticipated in the 2011 Catalyst AwardsConference, sponsored by The Coca-ColaCatalyst President & Chief Executive Officer Ilene H. Lang (right) shares a laugh with Irene Rosenfeld,Chairman & Chief Executive Officer, Kraft Foods Inc. (left) at the 2011 Catalyst Catalyst Awards Annual Conference.Report 2011 | 30

Company and Walmart. Morning sessionsincluded presentations about the Awardwinninginitiatives, which gave attendees anopportunity to learn about implementationin greater detail and ask questions. Duringthe luncheon, Irene Rosenfeld, Chairmanand CEO of Kraft Foods, and Ilene H.Lang engaged in a conversation about Ms.Rosenfeld’s career, touching on topics asvaried as the power of diversity and inclusion,the importance of taking risks, and how Ms.Rosenfeld’s experience playing sports helpedher on her path to leadership. Ms. Rosenfeldstressed the fact that advancing diversity is“imperative in our ability to be competitive.”She also underlined how important it is forwomen to have sponsors who can advancetheir interests during meetings that matter:“mentoring is necessary but not sufficient…it is so helpful to have [a sponsor] sitting inthose [meetings] who really knows what youwant.” During afternoon sessions, Catalystexperts and guest speakers addressed topicalissues, including using social media fordiversity and inclusion and inspiring changethrough regional relevance.More than 550 business leaders attended the 2011 Catalyst Awards Conference in New York City.31 | Catalyst Annual Report 2011

CATALYST AWARDS DINNER CONTRIBUTORSSPONSORSDeloitte LLPShell Oil CompanyDINNER CHAIR COMPANYXerox CorporationVideo SponsorToyota Motor NorthAmerica, Inc.Video ProductionDraftfcb$100,000+BP p.l.c.Deloitte LLPMcDonald’s CorporationShell Oil Company$50,000-$99,999Bank of AmericaBMO Financial GroupCampbell Soup CompanyThe Chubb CorporationThe Coca-Cola CompanyDell Inc.Ernst & YoungGoldman, Sachs & Co.Kraft Foods Inc.Paul, Hastings, Janofsky& Walker LLPPepsiCo, Inc.Raytheon CompanyTime Warner Inc.UPSWalmartXerox Corporation$35,000-$49,999ARAMARKAutomatic DataProcessing, Inc.Baker Hughes, Inc.Bayer CorporationCoreLogic, Inc.CovidienDeutsche BankDuPontEMC 2 CorporationExxon Mobil CorporationGeneral ElectricGeneral Mills, Inc.The Hartford FinancialServices Group, Inc.Hewlett-Packard CompanyHumana Inc.Juniper Networks, Inc.Kellogg CompanyKimberly-Clark CorporationMassMutualFinancial GroupMasterCard WorldwideMerckNationwideNorthrop GrummanCorporationNovartis CorporationPfizer IncPitney Bowes Inc.The Procter &Gamble CompanyRockwell AutomationStrykerTD Ameritrade HoldingCorporationToys “R” Us, Inc.UBS AGWhirlpool Corporation$20,000-$34,999AlcoaAllstate Insurance CompanyAvon Products, Inc.BNY MellonBooz & CompanyBroadridge FinancialSolutions, Inc.Cardinal Health, Inc.Chevron CorporationCummins Inc.The Dow ChemicalCompanyDraftfcbeBay Inc.Financial IndustryRegulatory AuthorityGeneral Motors CompanyHearst CorporationING Insurance U.S.ITT CorporationITWJ.P. MorganKPMG LLPMarsh & McLennanCompanies, Inc.Microsoft CorporationNew York LifeInsurance CompanyNextEra Energy, Inc.Prudential Financial, Inc.Catalyst Annual Report 2011 | 32

PwCRBCScotiabankSociety for HumanResource Management(SHRM)Sodexo, Inc.State Farm InsuranceTD Bank GroupTexas InstrumentsIncorporatedThomson ReutersTIAA-CREFToyota Motor NorthAmerica, Inc.Tyco International, Ltd.WalgreensZurich in North America$10,000-$19,999Altria GroupArcher DanielsMidland CompanyArrow Electronics, Inc.BDO USA, LLPBechtel CorporationBest Buy Co., Inc.BloombergCH2M HILLCompanies Ltd.Colgate-Palmolive CompanyCorn ProductsInternational, Inc.Debevoise & Plimpton LLPEnbridge Inc.Fluor CorporationFrontier CommunicationsCorporationFulbright & Jaworski L.L.P.Goodwin Procter LLPThe Goodyear Tire &Rubber CompanyGrant Thornton LLPIBMInterpublic GroupJCPenneyKeyBankLife TechnologiesMarriott InternationalThe McGraw-HillCompanies, Inc.MeadWestvacoThe MITRE CorporationMorrison & Foerster LLPMutual of AmericaPillsbury WinthropShaw Pittman LLPRR DonnelleyRyder System, Inc.Sears Holdings CorporationSidley Austin LLPSunoco, Inc.Terex CorporationVinson & Elkins L.L.P.Young & Rubicam$1,000-$9,999BacardiBausch + LombBlackRock, Inc.Borden Ladner Gervais LLPCB Richard EllisGroup, Inc.CIBCCIGNA CorporationCredit Suisse AGEastman Kodak CompanyFedEx CorporationFirst NiagaraFinancial GroupFUJIFILM HoldingsCorporationGibbons P.C.GoogleHeidrick & StrugglesInternational, Inc.The Home DepotHyatt Hotels CorporationIGTKaye Scholer LLPLockheed MartinManpower Inc.McgarrybowenMcKinsey & CompanyNavistar InternationalCorporationPetrocelli Financial ServicesS.C. Johnson &Son, LimitedSBLI USA Mutual LifeInsurance Company, Inc.Schnitzer SteelIndustries, Inc.Simpson Thacher& Bartlett LLPSony ElectronicsStarwood Hotels &Resorts Worldwide, Inc.Target CorporationUnited Rentals, Inc.W. L. Gore33 | Catalyst Annual Report 2011

THE CATALYST CANADA HONOURS 2011The Catalyst Canada Honours celebratesindividual champions of women in businessby recognizing a Company/Firm Leader, aBusiness Leader, and a Human Resources/Diversity Leader whose careers demonstrateexceptional leadership in advancingwomen in their organizations, industries,and communities. The three categories ofchampions reflect the unique and criticalroles played by different types of leadersin advocating diversity. These remarkableindividuals serve as powerful role models forCanadian corporate leaders: the championsrecognize that what’s good for women isgood for business, and they are personallyand visibly committed to the advancement ofwomen.The dinner, held on October 18, 2011, atThe Fairmont Royal York in Toronto, was acelebration of three outstanding champions ofwomen in business. Dinner Chair Bill Downe,President and CEO, BMO Financial Group,welcomed more than 600 business leaders,including 60 CEOs, to the sold-out event, andreminded attendees that “making changehappen means taking action.” He presentedThe Catalyst Canada Honours to the 2011Champions: Monique F. Leroux, Chair of theBoard, President and CEO, Desjardins Group;Jennifer Tory, Regional President, GreaterToronto Region, RBC; and Michael Bach,Director of Diversity, Equity and Inclusion,KPMG LLP. During her keynote remarks, Deborah Gillis,Catalyst’s Senior Vice President, Membership& Global Operations, suggested thatattendees ask themselves, “looking back atyour career, what do you want to say you’vedone?” She proposed that one way to createa valuable legacy is to change the workplaceby sponsoring women to success, therebyincreasing market share and improving thebottom line. Ms. Gillis highlighted CatalystCensus results showing the lack of womenin Canadian executive suites and boards ofdirectors, and showed that sponsorship iscritical to improving this situation. “And nowit’s your turn be a sponsor, to be a champion…The night’s many speakers included, from left to right: James S. Turley, Chair of Catalyst’s Board of Directors and Chairman &CEO of Ernst & Young; Ilene H. Lang, President & CEO, Catalyst; Michael Bach; Jennifer Tory; Rick Waugh, Chair of CatalystCanada Advisory Board and President & CEO of Scotiabank; Monique F. Leroux; Catalyst Deborah Annual Gillis; Report and Bill 2011 Downe, | 34 President andCEO of BMO Financial Group and The Catalyst Canada Honours 2011 Chair

and create a legacy that may not make thehistory books, but will change someone’spersonal story forever,” Ms. Gillis said.Richard Waugh, Chairman of the CatalystCanada Advisory Board, and President andCEO of Scotiabank, stressed the importanceof advancing women in Canadian businessin order to increase productivity and remaincompetitive in a global marketplace. “Ichallenge all of you here tonight to hiretalented women, sponsor them, promotethem to leadership positions and strengthenyour organization, strengthen Canadianproductivity, and enhance everyone’s growthand everyone’s careers.”Monique F. Leroux, Chair of the Board,President and CEO, Desjardins Group, andthe 2011 Company/Firm Leader Champion,reminded the audience that when it comes toincreasing the pipeline of women, “‘Wait andsee’ is not an option. Instead, all of us should becatalysts in our own organizations.” As the firstwoman elected Chair of the Board, Presidentand CEO of Desjardins Group, and the firstwoman to lead a top ten financial institutionin Canada, Ms. Leroux implemented anunprecedented organizational restructuring,establishing ten multidisciplinary taskforceswith equal numbers of men and women oneach, thereby sending a clear message aboutgender equality at Desjardins. Ms. Lerouxis also a passionate mentor and sponsor tomany women, and has established severalprograms to build a strong pipeline of womenin banking.Jennifer Tory, Regional President, GreaterToronto Region, RBC, was the 2011 BusinessLeader Champion. A champion and sponsorof diversity throughout her career, Ms. Toryhas worked tirelessly to advance womenand visible minorities both at RBC—wherediversity is a long-standing core value—andin her community. Ms. Tory’s overall strategyis to cultivate talent for results, and herinnovative approaches in support of this havecreated development opportunities towardthe advancement of high-potential diverseemployees. Her commitment to promotingwomen and diversity extends beyond herrole at RBC to her work on the Boards of theToronto International Film Festival and theToronto Board of Trade, and as the Chairof the Sunnybrook Hospital Foundation’sCapital Campaign. “Having a diverse andinclusive workplace isn’t just common sense,it’s good business,” she said.Michael Bach, Director of Diversity, Equity andInclusion, KPMG LLP, was the 2011 HumanResources/Diversity Leader Champion.He wrote the business case for dedicatedresources for diversity and inclusion atKPMG, and was instrumental in creating andimplementing targets for women’s promotionto partner, which has resulted in an impressiveincrease in the proportion of women andvisible minorities in new partner classes atKPMG. Mr. Bach’s commitment to diversityextends to his work with several communityorganizations, including Pride at WorkCanada, the Canadian Board Diversity Counciland the Rotman School of Management’sBack to Work Program. “Being a championrequires you to be bold, and it requires you todo things that might make you unpopular,” heannounced. “I have decided that this honorgives me the right, if only for one night, toissue a challenge to all of you: ‘what are yougoing to do tomorrow to be bold?’”35 | Catalyst Annual Report 2011

THE CATALYST CANADA HONOURS CONTRIBUTORSDINNER CHAIRBMO Financial GroupRECEPTION SPONSORScotiabankVIDEO SPONSORPricewaterhouseCoopersLLPVIDEO PRODUCTIONDraftfcbCRIMSON TABLE–$30,000BellCIBCDesjardins GroupKPMG LLPRBCTalisman Energy Inc.TD Bank GroupSILVER TABLE–$20,000BMO Capital MarketsBMO Financial GroupErnst & YoungHSBC Bank of CanadaPembroke Private WealthManagement Ltd.RBCScotiabankShaw CommunicationsShell CanadaBRONZE TABLE–$15,000ADPChartis InsuranceD+H Ltd.DeloitteThe Home Depot CanadaMcDonald’s Restaurantsof Canada LimitedRaymond James Ltd.ScotiabankPATRON TABLE–$10,000Baxter CorporationBlake, Cassels &Graydon LLPBorden Ladner Gervais LLPCH2M HILLCompanies Ltd.Chubb InsuranceCo. of CanadaCossette CommunicationInc.DeloitteDesjardins GroupDraftfcbThe Empire LifeInsurance CompanyEnbridge Gas DistributionExport DevelopmentCanadaFraser Milner Casgrain LLPHSBC Bank of CanadaHydro One Inc.IBM Canada Ltd.Linamar CorporationMcCarthy Tétrault LLPMcKinsey & CompanyMTS AllstreamNorton Rose OR LLPPepsiCo Beverages CanadaPepsiCo Foods CanadaPwC CanadaRBCRogersS.C. Johnson andSon, LimitedSobeys Inc.Sodexo CanadaXerox Canada Ltd.INDIVIDUAL SEAT–$750The BedfordConsulting GroupBP Canada EnergyCompanyCNCovidienFelix Global CorporationGrowthWorks AtlanticICICI Bank CanadaMount Saint VincentUniversityPremières en AffairesProctor & GambleSAP CanadaSaskCentralTim HortonsToyota MotorManufacturing CanadaUniversity of BritishColumbiaWomen on BoardWork-Life HarmonyEnterprisesCatalyst Annual Report 2011 | 36

RECOGNIZING OUR PARTNERSSPECIAL PROJECT FUNDINGCatalyst’s ability to lead the way on issues related to advancing women in theglobal workplace is a result of the support of a large group of members andindividuals. We thank them here for their generosity in supporting our mission.Research Partners37 | Catalyst Annual Report 2011

Research PartnersResearch Partners are a group of Catalyst members dedicated to advancing women and buildingmore inclusive work environments through the highest level of commitment. Members of thiscommunity amplify their capacity to act as change agents within their organization by engagingdirectly and closely with one another and Catalyst experts. In addition to cultivating theirexperience and passion, Research Partners have the opportunity to:• Become better equipped to take Catalyst recommendations into the field.• Engage multiple stakeholders across different regions, levels, and functions of theorganization.• Generate new ideas and approaches to workplace inclusion through shared problemsolving.• Gather together at exclusive events.• Engage a Catalyst expert at no charge through the Speakers Bureau.Lastly, Research Partners financially support the development of a calendar year’s worth ofresearch and help shape Catalyst’s future research agenda. We acknowledge this elite group forevery 2011 report.American Express CompanyBMO Financial GroupChevron CorporationCredit Suisse GroupDeloitte LLPDesjardins GroupDeutsche Bank AGErnst & YoungHewlett-Packard CompanyIBM CorporationMcDonald’s CorporationKeyCorpUPS2010 Catalyst Census: Financial Post 500 Women Senior Officers and Top Earners2010 Catalyst Census: Financial Post 500 Women Senior Officers and Top Earners (French Version)2010 India Benchmarking Report2011 Catalyst Census: Fortune 500 Women Board Directors; 2011 Catalyst Census: Fortune 500 WomenExecutive Officers and Top EarnersSponsor: Ernst & YoungThe Bottom Line: Corporate Performance and Women’s Representation on Boards (2004–2008)Building Trust Between Managers and Diverse Women Direct ReportsCatalyst Annual Report 2011 | 38

Checking the Pulse of Women in Bioscience: WhatOrganizations Need to KnowGender and Corporate Social Responsibility: It’s AMatter of SustainabilityThe Myth of the Ideal Worker: Does Doing All TheRight Things Really Get Women Ahead?Mentor Circle Sponsors: ChevronCorporation, Deutsche Bank AGNavigating Organizational Cultures: A Guide forDiverse Women and Their ManagersSponsoring Women to SuccessUnwritten Rules: Why Doing a Good Job MightNot Be Enough EuropeAre women lessambitious than theyused to be? Results ofnew study on genderand ambitionow.ly/84j7rEVENTS2011 Catalyst Awards ConferenceNew York, March 29Sponsors: The Coca-Cola Company, Walmart2011 Catalyst Awards DinnerNew York, March 29Sponsors: Deloitte LLP, Shell Oil CompanyDinner Chair: Ursula M. Burns, Chairmanand Chief Executive Officer, XeroxCorporationVideo Sponsor: Toyota Motor North America,Inc.Video Production: DraftfcbThe Catalyst Canada HonoursToronto, October 18Dinner Chair: Bill Downe, President & CEO,BMO Financial GroupReception Sponsor: ScotiabankVideo Sponsor: PricewaterhouseCoopers LLPVideo Production: Draftfcb2011 Catalyst CEO SummitNew York, December 1Sponsor: Ernst & YoungOTHER EVENTSEngaging Men in Gender InitiativesVancouver, February 1Calgary, April 5Montreal, June 7Sponsor: CIBCSan Francisco Law Roundtable: ThePartnership PlateauSan Francisco, February 2Sponsor: Morrison Foerster39 | Catalyst Annual Report 2011

Regional Learning HubLondon, March 3Sponsor: BAE SystemsCatalyst ConnectsMontreal, March 9Vancouver, May 11Calgary, September 14Sponsor: BMO Financial GroupBay Area Member RoundtableSan Francisco, April 19Sponsor: Booz & Co.Regional Learning HubBerlin, April 27Sponsor: Deutsche Bank AGRegional Learning HubParis, May 10Sponsor: Merck, Sharp & Dohme Corp.Houston Member RoundtableHouston, May 19Sponsor: Spectra EnergyRegional SymposiumThe Hague, June 14Sponsor: Shell International B.V.Senior Executive Round TableVancouver, June 21Calgary, September 28Sponsor: PricewaterhouseCoopers LLPCatalyst Corporate Board GovernanceSymposiumToronto, September 21-23Sponsor: BMO Financial GroupDallas Member RoundtableDallas, September 23Sponsor: Fluor CorporationNEWSLETTERCORESponsor: Deutsche Bank AGANNUAL GIVINGThe Catalyst Annual Giving Program is a wayfor individuals and organizations to makepersonal donations to Catalyst. We rely onthese funds as a resource to perpetuate ourworld-class talent base, exceptional researchopportunities, and unique programs. We arethankful to the following generous individualsand organizations who made a personalimpact on Catalyst in 2011.AnonymousSharon AllenAlan BloodTed Childs LLCMary CranstonThe Jacquelyn &Gregory ZehnerFoundationMeryle Mahrer KaplanMary F. LannonMary LefereNiloufar MolaviSilverleafFoundationPatricia StewartBonita TeymouriUnited HealthGroupBay Area Law Roundtable: Building Businessthrough Diversity InitiativesSan Francisco, July 19Sponsor: Holme Roberts & Owen LLPCatalyst Annual Report 2011 | 40

8:00 89%Non-Profit Organization1,439 like thisAugust 8, 2011Yay! Another first for women. “One could sayit’s laughable that, in the year 2011, women are celebratingChristine Lagarde’s appointment as the first female headof the IMF.” Agreed. When are we going to get to thepoint where a woman’s ascension in the ranks is no longernewsworthy? Will we see the day where it’s as blasé aswhat’s for dinner? What do you think? Does every milestoneneed recognition?Gender and Power: What Christine Lagarde’sAppointment to Head the IMF Means for Women inLeadershipwww.theglasshammer.comActivity Wall Info Photos41 | Catalyst Annual Report 2011

FINANCIALS AND NOTES TOCONSOLIDATED FINANCIALSTATEMENTSConsolidated statements of financial positionASSETS 2011 2010Cash (Notes 2F and 11) $2,205,461 $1,133,458Grants and contributions receivable (Notes 2G and 3) 1,511,495 937,956Accounts and other receivables (Note 2G) 93,238 379,308Investments (Notes 2D, 2N, 5, 10 and 11) 12,927,449 12,524,987Publication inventory (Note 2H) 19,525 40,464Prepaid expenses and other assets 114,933 88,353Property and equipment, net (Notes 2E, 4 and 7) 233,131 257,987TOTAL ASSETS $17,105,232 $15,362,513LIABILITIESAccounts payable and accrued expenses $1,143,298 $911,362Deferred revenue (Note 2K) 895,724 414,550Deferred rent obligation (Notes 2J and 9) 110,454 221,053TOTAL LIABILITIES 2,149,476 1,546,965COMMITMENTS AND CONTINGENCIES (Note 9)NET ASSETS (Notes 2C and 6)Unrestricted 11,120,975 10,156,022Temporarily restricted 526,628 686,505Permanently restricted 3,308,153 2,973,021TOTAL NET ASSETS 14,955,756 13,815,548TOTAL LIABILITIES AND NET ASSETS $17,105,232 $15,362,513Catalyst Annual Report 2011 | 42

Consolidated statements of cash flowsCASH FLOWS FROM OPERATING ACTIVITIES: 2011 2010Change in net assets $1,140,208 $721,052Adjustments to reconcile change in net assets tonet cash provided by operating activities:Depreciation and amortization 134,096 154,113Realized (gain) loss on investment sales (77,592) 194,894Unrealized gain on investments (98,792) (459,961)Contributed property and equipment (36,416) (15,558)Subtotal 1,061,504 594,540Changes in operating assets and liabilities:(Increase) or decrease in assets:Grants and contributions receivable (573,539) (88,407)Accounts and other receivables 286,070 (50,565)Publication inventory 20,939 28,703Prepaid expenses and other assets (26,580) 22,919Increase or (decrease) in liabilities:Accounts payable and accrued expenses 231,936 340,635Deferred revenue 481,174 50,400Deferred rent obligation (110,599) (110,467)Net Cash Provided by Operating Activities 1,370,905 787,758CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of investments (7,190,067) (6,029,380)Proceeds from investment sales 6,963,989 6,045,532Purchases of property and equipment (72,824) (30,683)Net Cash Used in Investing Activities (298,902) (14,531)NET INCREASE IN CASH 1,072,003 773,227Cash - beginning of the year 1,133,458 360,231CASH - END OF YEAR $2,205,461 $1,133,45843 | Catalyst Annual Report 2011

Consolidated statements of ActivitiesFor the Year Ended August 31, 2011REVENUE AND SUPPORT:Unrestricted Temporarily PermanentlyTotal 2011 Total 2010Restricted RestrictedContributions and grants $5,771,501 $1,014,608 $- $6,786,109 $5,561,139Special events revenue (net of direct donor benefitcosts of $449,472 in 2011 and $414,685 in 2010)4,083,305 412,240 - 4,495,545 3,806,603Donated services and assets (Notes 2E and 7) 605,086 - - 605,086 779,040Advisory fee income 551,916 - - 551,916 656,771Honoraria and other 415,239 - - 415,239 287,607Interest and dividend income (Note 5) 168,015 - 92,322 260,337 318,565Realized and unrealized (loss) gain on investments(Note 5)(66,426) - 242,810 176,384 265,067Net assets released from restrictions (Note 2C) 1,586,725 (1,586,725) - - -TOTAL SUPPORT AND REVENUE 13,115,361 (159,877) 335,132 13,290,616 11,674,792EXPENSES:Program services:National Education 1,035,254 - - 1,035,254 1,337,664Research 2,285,418 - - 2,285,418 2,225,514Communications 3,264,078 - - 3,264,078 2,567,457Advisory Services 1,335,600 - - 1,335,600 1,158,471Information Center and Services 1,143,341 - - 1,143,341 1,111,836Total program services 9,063,691 - - 9,063,691 8,400,942Supporting services:Finance and Administration 1,404,802 - - 1,404,802 1,351,443Development and Member Relations 1,681,915 - - 1,681,915 1,201,355Total supporting services 3,086,717 - - 3,086,717 2,552,798TOTAL EXPENSES 12,150,408 - - 12,150,408 10,953,740CHANGE IN NET ASSETS 964,953 (159,877) 335,132 1,140,208 721,052Net assets - beginning of year 10,156,022 686,505 2,973,021 13,815,548 13,094,496NET ASSETS - END OF YEAR $11,120,975 $526,628 $3,308,153 $14,955,756 $13,815,548Catalyst Annual Report 2011 | 44

Consolidated Schedule of Functional ExpensesProgram ServicesSupporting ServicesOPERATINGEXPENSES:Salaries, benefits,and payroll taxesNationalEducationResearchAdvisoryServicesCommunicationsInformationCenterandServicesTotalProgramServicesFinanceandAdministrationDevelopmentandMemberRelationsTotalSupportingServicesTotal 2011 Total 2010$578,291 $1,726,941 $1,794,698 $1,106,425 $734,713 $5,941,068 $1,035,038 $1,309,737 $2,344,775 $8,285,843 $7,288,764Professional fees 370,398 195,531 396,057 33,634 70,203 1,065,823 161,672 58,076 219,748 1,285,571 1,349,742Pension expense 28,325 123,759 114,952 80,933 52,453 400,422 69,915 84,186 154,101 554,523 523,075Occupancy 15,451 110,145 133,638 63,434 59,874 382,542 69,734 77,971 147,705 530,247 563,620Printing, typesetting,and design- - 317,172 - - 317,172 - - - 317,172 232,491Supplies 1,156 4,833 6,472 3,095 18,673 34,229 4,571 4,709 9,280 43,509 35,256Postage andshippingBooks and subscriptionsMeetings, conferences,and travelRepairs andmaintenance725 1,452 13,858 1,004 2,772 19,811 3,405 3,774 7,179 26,990 27,8303,315 1,602 3,242 1,400 34,856 44,415 1,213 2,265 3,478 47,893 40,67123,593 65,492 94,815 15,607 16,297 215,804 7,571 86,891 94,462 310,266 187,974919 5,583 7,153 3,308 67,690 84,653 5,695 4,209 9,904 94,557 79,239Telephone 2,621 7,839 24,015 5,573 11,528 51,576 5,996 13,503 19,499 71,075 63,745Depreciation andamortizationConferenceexpense4,186 29,296 32,936 16,887 16,667 99,972 18,802 15,322 34,124 134,096 154,113- - 238,150 - - 238,150 - - - 238,150 164,931Other 6,274 12,945 86,920 4,300 57,615 168,054 21,190 21,272 42,462 210,516 242,289TOTALEXPENSES$1,035,254 $2,285,418 $3,264,078 $1,335,600 $1,143,341 $9,063,691 $1,404,802 $1,681,915 $3,086,717 $12,150,408 $10,953,74045 | Catalyst Annual Report 2011

NOTE 1 – ORGANIZATION AND NATURE OF ACTIVITESCatalyst Inc. is a nonprofit research and advisory organizationwhich works with businesses and the professions to buildinclusive environments and expand opportunities forwomen at work. Catalyst Canada Inc. (“Catalyst Canada”) wasincorporated on December 27, 2000, to fulfill the mission ofCatalyst in Canada and is controlled by Catalyst Inc. CatalystEurope AG (“Catalyst Europe”) was incorporated on June22, 2006, to fulfill the mission of Catalyst in Europe and iscontrolled by Catalyst Inc. The accompanying consolidatedfinancial statements include the accounts of CatalystInc., Catalyst Canada, and Catalyst Europe (collectively,“Catalyst”). Catalyst Inc. is exempt from federal income taxesunder Section 501(c)(3) of the Internal Revenue Code andhas been classified as an organization that is not a privatefoundation under Section 509(a).A description of Catalyst’s major programs and supportingservices are as follows:National education – National education fosters awarenessand informs decision makers of the changing role and needsof women in the workplace by promoting Catalyst’s missionof advancing women in business and the professions,Catalyst’s research, and services. National education alsoincludes the execution of strategic plans to expand the reachof Catalyst’s mission in the North American and Europeanbusiness communities.Research – Research conducts qualitative and quantitativeresearch on both women’s leadership advancement andwork/life issues across a wide range of industries, geographies,generations, and racial/ethnic groups. This researchculminates in published studies that include findings frominterviews, focus groups, and surveys, as well as company bestpractices and recommendations for companies and firmsinterested in recruiting, retaining, and advancing women.Catalyst has conducted research on women in leadership inthe United States, Canada, and Europe.Communications – Communications create and executestrategies to increase Catalyst’s visibility in the United States,Canada, and Europe by developing strategic partnershipsand strengthening its brand, products, and services.Communications is responsible for editing, designing,and producing all publications and collateral materials,and for public education activities such as press relationsand speaking engagements. The department managesspecial events, including the Catalyst Awards Dinner andconferences to disseminate Catalyst research.Advisory services – Advisory services conduct large-scaleinternal organizational assessments on a proprietary basisfor companies and firms. It advises employers on workplacebarriers and successful strategies to retain, develop, andadvance women. Advisory services also provides single-issue,focused workshops on topics such as mentoring, creatingwomen’s networks, and work/life integration.Information center and services – The Information centertracks and collects information and produces qualityresults to requests through a comprehensive collectionof books, periodicals, statistics, government reports, andpress coverage of working women. The Information centerprovides efficient, valuable information to Catalyst members,the media, and those who formulate public policy.Finance and administration – Finance and administrationmaintains operational, administrative, and financialresponsibility for Catalyst.Development and member relations – Development andmember relations enlist corporate, individual, governmental,and foundation contributions for general support and specialresearch projects. The department manages relationshipswith members headquartered in the United States, Canada,and Europe.NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIESA. Catalyst’s consolidated financial statements have beenprepared on the accrual basis of accounting. Catalystadheres to accounting principles generally accepted inthe United States of America (“U.S. GAAP”).B. The consolidated financial statements include theaccounts of Catalyst Inc., Catalyst Canada Inc., andCatalyst Europe AG. Upon consolidation, all significantintercompany balances and transactions are eliminated.C. Pledges are recorded as income when Catalyst is formallynotified of the grants or contributions by the respectivedonors.Catalyst reports contributions as unrestricted supportunless they are received with donor stipulations that limitthe use of the donated assets; such assets are consideredtemporarily restricted. When a donor restriction expires,that is, when a stipulated time restriction ends or purposerestriction is accomplished, temporarily restricted netassets are reclassified to unrestricted net assets andreported in the statement of activities as net assetsreleased from restrictions. Temporarily restricted netassets were released from donor restrictions by incurringexpenses, thereby satisfying the restricted purposes ofproviding program services as specified by the donors.Catalyst reports gifts of cash and other assets aspermanently restricted support when use by Catalystis limited by donor-imposed stipulations that neitherexpire by the passage of time nor can be fulfilled orotherwise removed by actions of Catalyst. Earnings onpermanently restricted net assets can be borrowed forresearch projects as described in Note 6.D. Investments are stated at their fair values, which aregenerally determined by quoted market prices. RealizedCatalyst Annual Report 2011 | 46

and unrealized gains and losses are recognized aschanges in net assets in the period in which they occurand investment income is recognized as revenue in theperiod earned. In order to increase consistency andcomparability in fair value measurements, a fair valuehierarchy prioritizes observable and unobservable inputsused to measure fair value into three levels, as describedbelow:Level 1 - Valuations for assets and liabilities that canbe obtained from readily available active pricingsources for market transactions involving identicalassets or liabilities.Level 2 - Valuations for assets and liabilities tradedin less active dealer or broker markets. Valuationsare obtained from third-party pricing services foridentical or similar assets or liabilities.Level 3 - Valuations for assets and liabilities thatare derived from other valuation methodologies,including option pricing models, discounted cashflow models or similar techniques, and not basedon market exchange, dealer, or broker-tradedtransactions.E. Donated goods and services are recognized in thefinancial statements if the services or goods enhanceor create non-financial assets or require specializedskills, provided by individuals possessing those skills andwould typically need to be purchased if not providedby donation. Donated contributions of use of facilitiesare recognized at estimated fair value. A member ofCatalyst’s Board of Directors is an attorney. For manyyears, her law firm has provided pro-bono legal servicesto Catalyst. For the years ended August 31, 2011 and2010, Catalyst recorded contributed goods and servicesamounting to $605,086 and $779,040, respectively, whichare included in revenue, expenses and fixed assets forcapitalized property and equipment in the accompanyingconsolidated financial statements.F. Catalyst considers all highly liquid instruments purchasedwith original maturities of 3 months or less to be cashequivalents, except for cash, money market funds, andcertificates of deposits held as investments.G. Catalyst has determined that no allowance foruncollectible grants and contributions receivableand accounts and other receivables is necessary as ofAugust 31, 2011 and 2010. Such estimate is based onmanagement’s assessments of the creditworthiness of itsdonors, the aged basis of its receivables, as well as currenteconomic conditions and historical information.H. Inventory consists of publications that are sold onCatalyst’s website. Inventory is stated at the lower of cost(specific identification) or market.I. Property and equipment is stated at cost less accumulateddepreciation or amortization. These amounts do notpurport to represent replacement or realizable values.Catalyst capitalizes all owned property and equipmenthaving a useful life of greater than one year and a costof more than $1,000. Depreciation is provided on astraight-line basis over the estimated useful lives of theassets. Leasehold improvements are amortized over thelesser of the useful lives of the improvements or the termof the applicable lease.J. Catalyst leases real property under operating leasesat various dates in the future. Since the rent paymentsincrease over time, Catalyst records an adjustment torent expense each year to reflect its straight-lining policy.The annual adjustment recorded for the years endedAugust 31, 2011 and 2010, amounted to $110,599 and$110,467, respectively. Straight-lining of rent gives riseto a timing difference that is reflected as deferred rentobligation in the accompanying consolidated statementof financial position.K. Catalyst receives cash in advance of special events that areto be held after the statement of financial position date.It is Catalyst’s policy to record the contribution portionof the events as income when received and the exchangeportion as deferred income until earned. Additionally,advisory fee, honoraria, and miscellaneous income arereported as revenue when expenses are incurred inaccordance with the terms of the agreement. Deferredrevenue balances include special event, advisory fee,honoraria, and miscellaneous receipts applicable to thenext fiscal year.L. All elements of financial statements for Catalyst CanadaInc. and Catalyst Europe AG are translated by using acurrency exchange rate. For assets and liabilities, theexchange rate as of the balance sheet date is used. Forrevenues, support and expenses, an average exchangerate for the period is used. As of August 31, 2011, theaccumulated adjustments to net assets related to currencyexchange rates amounted to a decrease in net assets ofapproximately $199,000. For the year ended August31, 2011, Catalyst incurred a loss of $119,000. ThroughFebruary 2012 there are no significant exchange ratechanges.M. The preparation of consolidated financial statementsin conformity with accounting principles generallyaccepted in the United States of America requiresmanagement to make estimates and assumptions thataffect certain reported amounts and disclosures at thedate of the financial statements. Actual results coulddiffer from those estimates.N. Fair value measurements are based on the price that wouldbe received to sell an asset or paid to transfer a liabilityin an orderly transaction between market participants at47 | Catalyst Annual Report 2011

the measurement date. In order to increase consistencyand comparability in fair value measurements, a fairvalue hierarchy prioritizes observable and unobservableinputs used to measure fair value into three levels asdescribed in Note 10.O. Management has evaluated, for potential recognitionand disclosure, events subsequent to the consolidatedstatement of financial position date through February9, 2012, the date the consolidated financial statementswere available to be issued. Except as noted below, noevents have occurred subsequent to the consolidatedstatement of financial position date through February9, 2012, that would require adjustment to or disclosurein the consolidated financial statements. However,Catalyst has embarked on a major gifts campaign andhas received over $5.3 million in pledges. Additionally,Catalyst has started operations in India as of September14, 2011, as part of a global expansion pillar in the majorgifts campaign.P. Catalyst has no uncertain tax positions as of August31, 2011 and 2010, in accordance with AccountingStandards Codification (“ASC”) Topic 740, whichprovides standards for establishing and classifying anytax provisions for uncertain tax positions. Catalyst is nolonger subject to federal or state and local income taxexaminations by tax authorities for years before 2008.NOTE 3 – GRANTS AND CONTRIBUTIONS RECEIVABLEGrants and contributions receivable consist of the followingas of August 31, 2011 and 2010:Amount due in less than oneyearNOTE 4 – PROPERTY AND EQUIPMENT2011 20102011 2010$1,511,495 $937,956$1,511,495 $937,956Property, equipment and leasehold improvements consist ofthe following as of August 31, 2011 and 2010:EstimatedUseful LivesFurniture and $435,063 $435,063 5 YearsfixturesEquipment 2,425,580 2,327,789 5 YearsLeasehold 729,193 717,744 Lease termimprovementsTotal cost 3,589,836 3,480,596Less:(3,356,705) (3,222,609)accumulateddepreciationandamortizationNet bookvalue$233,131 $257,987NOTE 5 – INVESTMENTSInvestments consist of the following as of August 31, 2011and 2010:Short-term cashinvestments (cash andmoney market fund)2011 2010Realized gain (loss) $77,592 $(194,894)Unrealized gain 98,792 459,961Interest and dividendincome2011 2010$471,325 $137,749Certificates of deposits 8,232,713 6,562,971Government sponsored- 254,375enterprisesDomestic equities 139,950 -Mutual funds 4,083,461 5,569,892$12,927,449 $12,524,987Investment income (loss) consists of the following for theyears ended August 31, 2011 and 2010:260,337 318,565$436,721 $583,632Investments, in general, are exposed to various risks, suchas interest rate, credit, and overall market volatility risks.Due to the level of risk associated with certain investmentsecurities, it is reasonably possible that changes in the valuesof investment securities will occur in the near term and suchchanges could materially affect the amounts reported in theconsolidated financial statements.Contributed services for investments amount to $43,167and $40,396 for the years ended August 31, 2011 and 2010,respectively, and are reported as finance and administrationexpenses in the accompanying consolidated statements ofactivities.Catalyst Annual Report 2011 | 48

NOTE 6 – NET ASSETSTemporarily Restricted Net AssetsTemporarily restricted net assets as of August 31, 2011 and2010 are restricted as follows:Major Gifts Campaign – LongitudinalResearchWomen of Color ManagerSubordinate Study2011 2010$44,597 $-39,160 72,562Creating Inclusive Workplaces 30,496 48,104Talent Management in Global27,212 66,639Information TechnologyMen as Diversity Champions 20,424 28,550Unwritten Rules 15,635 26,342Senior Executive Roundtable 9,500 -Women in Health Leadership 10,611 86,675Learning Lab Impact Study 9,303 -Occupancy 6,699 15,214E.L. Wiegand Foundation 5,948 40,437CEO Summit 2011 3,784 -Sponsorship of Senior Women - 66,806Benchmarking India - 43,660Dinner – Canada Honours 2010- 23,928(Video)Dinner – Canada Honours 2010 - 11,703Dinner – Canada Honours 2011 72,274 -Dinner – Canada Honours 2011 25,293 -(Video)Netherlands (CE Symposium in Hague2011)23,192Time restricted 182,500 155,885$526,628 $686,505Permanently Restricted Net AssetsDuring 1992, Catalyst established the “Felice N. SchwartzPermanently Restricted Net Assets Reserve Fund for theAdvancement of Women in Business and the Professions.”The principal amount of the fund may be borrowed on ashort-term basis by Catalyst to complete research projects,which are of strategic importance but lack complete funding,and to meet temporary cash flow needs. The income earnedfrom invested principal will be used to grow the fund in linewith inflation and to complete the financing of researchprojects for which the majority of funds have been raised.Because borrowings from the principal and interest of thisfund must be repaid, these amounts have been classified aspermanently restricted net assets. There were no borrowingsfrom the fund for the years ended August 31, 2011 and 2010.Changes in permanently restricted endowment net assets foryears ended August 31, 2011 and 2010, are as follows:2011 2010Investment activity:Interest and dividends $92,322 $80,481Unrealized gain on275,031 434,847investmentsRealized loss on(32,221) (208,536)investmentsTotal investment activity 335,132 306,792Endowment net assets, 2,973,021 2,666,229beginning of yearEndowment net assets,end of year$3,308,153 $2,973,021Endowment net assets of $3,308,153 and $2,973,021 areincluded with investments on the consolidated statementsof financial position as of August 31, 2011 and 2010,respectively.From time to time, the fair value of assets associated withindividual donor-restricted endowment funds may fall belowthe level that the donor requires Catalyst to retain as a fundof perpetual duration. In accordance with Catalyst’s policy,deficiencies of this nature are reported in either restricted orunrestricted net assets. However, there were no deficienciesfor the years ended August 31, 2011 and 2010.NOTE 7 – DONATED SERVICES AND ASSETSCatalyst received the following donated services and assetsfor the years ended August 31, 2011 and 2010:2011 2010Legal $255,575 $682,463Investment 43,167 40,396Other266,906 40,623servicesCapitalized39,438 15,558computerequipment$605,086 $779,04049 | Catalyst Annual Report 2011

NOTE 8 – PENSION PLANCatalyst sponsors a defined contribution money purchaseplan. Catalyst contributes 5% of compensation andemployees are given the choice to contribute up to 5%of their compensation with Catalyst matching dollar fordollar up to limits established by the Internal RevenueCode. An employee becomes eligible to participate inthe plan after one year of service. Total pension expensefor the years ended August 31, 2011 and 2010, amountedto $554,523 and $523,075, respectively.NOTE 9 – COMMITMENTS AND CONTINGENCIESA. In 1997, Catalyst entered into a lease agreement foroffice space, expiring in 2012, for its New York Cityheadquarters. In connection with the lease, Catalystreceived 14 months of free rent and reimbursementfrom the landlord for leasehold improvements ofapproximately $552,000. The reimbursement fromthe landlord for leasehold improvements, as well asthe value of the 14 months of free rent, have beenrecorded as a deferred rent obligation and are beingamortized over the lease term. Rental expense forthis space is recorded on a straight-line basis. Thelease provides for an escalation based on operatingcosts. Effective November 2011, Catalyst enteredinto a 15-year new lease agreement for office space.Catalyst received nine months of free rent andreimbursement which will be recorded as a deferredrent obligation in fiscal year 2012.B. In June 2002, Catalyst Canada executed a lease foroffice space which expired in 2007 and was extendedto June 2012. In connection with the lease, CatalystCanada received three months of free rent that hasbeen recorded as a deferred rent obligation and isbeing amortized over the lease term. Under the lease,Catalyst Canada is obligated to pay for rent and otheroccupancy costs.C. In 2002, Catalyst entered in a license agreement foroffice space for its Western Region Program. Underthis agreement, which is extended on a year to yearbasis, the value of the rent for licensed space is beingcontributed by the licensor. The value of contributedrent over the agreement period of $636,297 wasrecorded as temporarily restricted donated servicesand contributions receivable. In 2011, $28,612 ofcontribution revenue was recorded for the extensionof the lease. The contributions will be released fromrestriction and the receivable will be amortized overthe lease term. For the years ended August 31, 2011and 2010, receivables included $6,699 and $15,214,respectively, related to this agreement.D. Catalyst is obligated, pursuant to lease agreements, toapproximate future minimum annual lease paymentsfor the years ended after August 31, 2011 as follows:2012 $597,9572013 660,3982014 733,0962015 745,2122016 745,212Thereafter 8,197,332$11,679,207Occupancy expense for the years ended August 31,2011 and 2010, amounted to $530,247 and $563,620,respectively.NOTE 10 – FAIR VALUE MEASUREMENTSFinancial assets carried at fair value at August 31, 2011and 2010, are classified as Level 1 in the table as follows:2011 2010Cash Investments $471,325 $137,749Certificates of deposits 8,232,713 6,562,971Government sponsored- 254,375enterprisesDomestic Equities 139,950 -Mutual FundsLarge Cap Growth 656,062 477,742Large Cap Value 618,944 328,690Small/Mid Cap Growth 147,892 106,593Small/Mid Cap Value 268,331 91,492International Equity 981,385 573,683Equities Blend 74,626 95,610Long Term Bond 178,856 411,370Intermediate Term Bond 394,980 696,767Short Term Bond 605,669 801,321Fixed Income Blend 36,781 1,798,143Other 119,935 188,481Total Mutual Funds 4,083,461 5,569,892TOTAL ASSETS AT FAIR 12,927,449 $12,524,987VALUENOTE 11 – CONCENTRATIONS OF CREDIT RISKCatalyst maintains cash and cash equivalents in a majorfinancial institution. Financial instruments that potentiallysubject Catalyst to a concentration of credit risk includecash and money market accounts (shown as investments)with banks in excess of Federal Deposit InsuranceCorporation (“FDIC”) insurance limits by approximately$376,000 and $260,000, as of August 31, 2011 and 2010,respectively, and Canada Deposit Insurance Corporation(“CDIC”) insurance limits ($100,000) by approximatelyCatalyst Annual Report 2011 | 50

$804,000 and $298,000 as of August 31, 2011 and 2010,respectively. Such amounts include outstanding checksand cash included in Catalyst’s investment portfolio. Inaddition, as of August 31, 2011 and 2010, certain cashequivalents (included under investments) in one financialinstitution exceeded the insurance limit of cash underSecurities Investor Protection Corporation (“SIPC”) byapproximately $371,000 and $38,000, respectively. In2010, the FDIC insurance limit was permanently increasedto $250,000 and beginning December 31, 2010, throughDecember 31, 2012, deposits held in non-interest bearingaccounts are fully insured, regardless of the amount, at allFDIC-insured institutions.Western women LESS likely to startbusinesses than women in less-developednations, you know why?ow.ly/81DuZ51 | Catalyst Annual Report 2011

CATALYST MEMBERSResearch Partners comprise a community of members who work collaboratively with one anotherand Catalyst to advance women and build more inclusive work environments. Members of thisgroup benefit from the active exchange of ideas, D&I Practices, and shared problem solving.Through insightful dialogue with Catalyst researchers and issue experts, Research Partners arewell equipped to take Catalyst recommendations into the field.In addition, Research Partners financially support the development of a calendar year’s worth ofresearch and help shape Catalyst’s future research agenda.Global Research PartnersAmerican Express CompanyChevron CorporationCredit Suisse GroupDeloitte LLPDeutsche Bank AGErnst & YoungHewlett-Packard CompanyIBM CorporationMcDonald’s CorporationResearch PartnersBMO Financial GroupDesjardins GroupKeyCorpUPSGlobal SupportersAB VolvoAccentureAECOM TechnologyCorporationAGCO CorporationAgrium Inc.AllianzAmerican InternationalGroup, Inc.Aon CorporationARAMARKArrow Electronics, Inc.AXABaker Hughes IncorporatedBarclays Capital IncBaxter International Inc.BlackRock, Inc.BP p.l.c.Broadridge FinancialSolutions, Inc.Cardinal Health, Inc.Carlson Companies, Inc.CH2M HILLCompanies Ltd.CignaCisco Systems, Inc.Citigroup Inc.The Coca-Cola CompanyCognizant TechnologySolutionsDell Inc.The Dow ChemicalCompanyDuPontExxon Mobil CorporationThe Goldman SachsGroup, Inc.Catalyst Annual Report 2011 | 52

GoogleHess CorporationHilton WorldwideHSBC Holdings plcInterpublic GroupJohnson & JohnsonJPMorgan Chase & Co.KPMG LLP USKraft Foods Inc.Life TechnologiesCorporationMasterCard WorldwideMattel, Inc.Medtronic, Inc.Merck & Co., Inc.Microsoft CorporationMorgan StanleyNewedge GroupNorthern Trust CorporationPearson plcPepsiCo, Inc.Pfizer IncPricewaterhouseCoopersLLPThe Procter &Gamble CompanyRBCRio TintoRoche GroupSAP AGSC Johnson & Son, LimitedSchlumberger LimitedShell Oil CompanySiemensSodexo, Inc.State Street CorporationStrykerTarget CorporationTD Bank GroupTexas InstrumentsIncorporatedThomson ReutersThe TJX Companies, Inc.UBS AGUnileverVerizon CommunicationsInc.Walmart Stores, Inc.Whirlpool CorporationZurich Financial ServicesAsia-Pacific SupportersCommonwealth Bankof AustraliaEqual Opportunityfor Women in theWorkplace AgencyFreehillsMacquarie Group LimitedOrica LimitedTelstra Corporation LimitedWesfarmers LimitedThe Westpac GroupCanada SupportersAlcoa CanadaBC HydroBell CanadaBlake, Cassels &Graydon LLPBombardierBorden Ladner Gervais LLPBruce Power LPCampbell Companyof CanadaCanadian NationalRailway CompanyChubb InsuranceCompany of CanadaCIBCConocoPhillips CanadaDraftfcb CanadaThe Empire LifeInsurance Co.Enbridge Inc.Facebook CanadaFraser Milner Casgrain LLPGowling LafleurHenderson LLPGrant ThorntonLLP in CanadaHealthcare of OntarioPension PlanHome Depot of Canada Inc.Insurance Corporationof British ColumbiaLinamar CorporationLoblaw CompaniesLoyaltyOne Inc.Manulife FinancialCorporationMcCarthy Tétrault LLPMcKesson CanadaMcKesson CorporationCanadaMcKinsey & Company(Canada)Merck Frosst Canada & Co.National Bank of CanadaOgilvy RenaultOntario PowerGeneration Inc.Osler, Hoskin &Harcourt LLPPenn West Petroleum Ltd.Public Sector PensionInvestment BoardRacism-Free WorkplaceStrategy (HumanResources and SkillsDevelopment CanadaLabour Program)Rogers CommunicationsInc.53 | Catalyst Annual Report 2011

Rotman School ofManagementScotiabankSNC-LavalinSobeys Inc.Sun Life AssuranceCompany of CanadaSuncor Energy Inc.Talisman Energy Inc.TMX Group Inc.TransAlta CorporationWorleyParsons CanadaServices Ltd.Xerox Canada Ltd.Europe SupportersAdidas GroupAstraZeneca PLCBaker & McKenzie EuropeBanco Santander, S.A.BBVABooz & CompanyCEVA LogisticsDaimler AGGE CapitalHolcim Ltd.IMD internationalING Groep N.V.INSEADInternational Committeeof the Red Cross (ICRC)Linklaters LLPManpower EuropeNovartis CorporationNovo Nordisk A/SSociété GénéraleSwiss Reinsurance CompanySyngenta AGTetra Pak International S.A.White & Case LLP EuropeIndia SupportersGenpact LimitedInfosysWipro Ltd.United States SupportersACE INAAdvanced MicroDevices, Inc.Aera Energy LLCAlcoa Inc.The Allstate CorporationAlly FinancialAltria GroupAmgen Inc.Ancestry.com Inc.AOL Inc.Arnold & Porter LLPAT&T Inc.Automatic DataProcessing, Inc.Avon Products, Inc.Babson CollegeBaker & McKenzieBank of AmericaThe Bank of New YorkMellon CorporationBayer CorporationBDO USABechtel CorporationBest Buy Co., Inc.Bingham McCutchen LLPBlack Hills CorporationBloombergBoehringer IngelheimPharmaceuticalsThe Boeing CompanyBooz Allen Hamilton Inc.Bridgestone CorporationBright Horizons FamilySolutions, Inc.Brown-Forman CorporationC. R. Bard, Inc.Caesars Entertainment, Inc.Campbell Soup CompanyCanadian NationalRailway Company USCapital One FinancialCorporationCargill, IncorporatedCarlson Companies, Inc.Caterpillar Inc.CB Richard EllisGroup, Inc.CDW CorporationThe Chubb CorporationCINTAS CorporationCitizens FinancialGroup, Inc.City of Hope NationalMedical CenterThe Clorox CompanyColgate-Palmolive CompanyComcast CorporationConAgra Foods, Inc.Consolidated Edison, Inc.Convergys CorporationCoreLogic, Inc.Costco WholesaleCorporationCovidienCummins Inc.Daiichi Sankyo, Inc.Davis Polk & Wardwell LLPDebevoise & Plimpton LLPDelta Air Lines, Inc.DFW International AirportDr Pepper Snapple GroupDraftfcbEastman Kodak CompanyeBay Inc.Eli Lilly and CompanyCatalyst Annual Report 2011 | 54

EMC CorporationEnterprise Rent-A-Car CompanyFacebookFactSet ResearchSystems IncFaegre Baker Daniels LLPFannie MaeFedEx CorporationFINRAFirst NiagaraFinancial GroupFitzpatrick, Cella,Harper & Scinto LLPFluor CorporationFrontier CommunicationsCorporationFulbright & Jaworski L.L.P.Gannett Co., Inc.Gap Inc.General Electric CompanyGeneral Mills, Inc.General Motors CompanyGibbons P.C.Gibson, Dunn &Crutcher LLPGlaxoSmithKline (US)Goodwin Procter LLPThe Goodyear Tire &Rubber CompanyGrant Thornton LLPHalliburton CompanyHarris BankThe Hartford FinancialServices Group, Inc.Hitachi Data SystemsHolme Roberts &Owen LLPThe Home Depot, Inc.Humana Inc.Iberdrola Group USIllinois Tool WorksInfosys USING Groep (US)Intel CorporationInterDigitalCommunications, LLCInternational PaperCompanyIrell & Manella LLPJacobs EngineeringGroup Inc.Johnson Controls, Inc.Jones Lang LaSalleIncorporatedJuniper Networks, Inc.Kaiser PermanenteFoundationKellogg CompanyKilpatrick Townsend& Stockton LLPKimberly-Clark CorporationKirkland & Ellis LLPKLA-Tencor CorporationThe Kroger Co.Libbey, Inc.Lincoln Financial GroupLittler Mendelson, P.C.Lockheed MartinLowe’s Companies, Inc.LPL InvestmentHoldings Inc.Macy’s, Inc.Marathon Oil CorporationMarriott InternationalMarsh & McLennanCompanies, Inc.MassMutualFinancial GroupThe McGraw-HillCompanies, Inc.McKesson CorporationMcKinsey & CompanyMeadWestvaco CorporationMetropolitan LifeInsurance CompanyThe MITRE CorporationMonsanto CompanyMoody’s CorporationMorrison & Foerster LLPMoss Adams LLPNationwideThe Nature ConservancyNBC UniversalNew York LifeInsurance CompanyNorfolk SouthernCorporationNorthrop GrummanCorporationOffice of the Comptrollerof the CurrencyO’Melveny & Myers LLPPacific Gas & ElectricCompanyPanasonic Corporationof North AmericaPaul Hastings LLPPaul, Weiss, Rifkind,Wharton & Garrison LLPPillsbury WinthropShaw Pittman LLPPitney Bowes Inc.The PNC FinancialServices Group, Inc.PPG Industries, Inc.Prudential Financial, Inc.Raytheon CompanyReed Smith LLPRice UniversityRockwell AutomationRockwell Collins, Inc.55 | Catalyst Annual Report 2011

RR DonnelleySara Lee CorporationSBLI USA Mutual LifeInsurance Company, Inc.Sears Holdings CorporationSidley Austin LLPSimpson Thacher& Bartlett LLPSkadden, Arps, Slate,Meagher & Flom LLPSmith CollegeSony ElectronicsSouthern CompanySpectra Energy CorpState Farm CompaniesStudley Inc.Sunoco, Inc.SUPERVALU INC.Symantec CorporationT. Rowe PriceAssociates, Inc.TaylorTerex CorporationThompson Hine LLPTIAA-CREFTime Warner Inc.The TravelersCompanies, Inc.Toyota Motor NorthAmerica, Inc.Tyco International, Ltd.UCLA Anderson Schoolof ManagementUnited Launch AllianceUnited TechnologiesCorporationUnitedHealth GroupIncorporatedUniversity of PhoenixThe Vanguard Group, Inc.Vinson & Elkins L.L.P.Visa Inc.Wachtell, Lipton,Rosen & KatzWalgreensWeil, Gotshal &Manges LLPWellPointWells Fargo & CompanyWhite & Case LLPWilmerHaleWilson SonsiniGoodrich & RosatiWinston & StrawnWomen’s FoodserviceForumXerox CorporationYum! Brands, Inc.As of December 31, 2011Catalyst Annual Report 2011 | 56

CATALYST BOARDSCatalyst Boardof DirectorsChairJames S. TurleyChairman & CEOErnst & YoungSharon AllenRetired Chairmanof the BoardDeloitte LLPLloyd C. BlankfeinChairman & CEOThe Goldman SachsGroup, Inc.Ursula M. BurnsChairman & CEOXerox CorporationDouglas R. ConantRetired President & CEOCampbell Soup CompanyIan M. CookChairman, President& CEOColgate-Palmolive CompanyMary B. Cranston, Esq.Firm Senior PartnerPillsbury WinthropShaw Pittman LLPMichael S. DellChairman & CEODell Inc.David B. DillonChairman & CEOThe Kroger Co.Jamie DimonChairman & CEOJPMorgan Chase & Co.William A. DownePresident & CEOBMO Financial GroupThomas FalkChairman & CEOKimberly-Clark CorporationMary Beth Hogan, Esq.Partner & ManagementCommittee MemberDebevoise & Plimpton LLPJeffrey R. ImmeltChairman & CEOGeneral Electric CompanyAndrea JungChairman & CEOAvon Products, Inc.Muhtar KentChairman & CEOThe Coca-Cola CompanyMichel LandelGroup CEOSodexoIlene H. LangPresident & CEOCatalystGerald LemaCorporate Vice Presidentand President, Asia PacificBaxter International Inc.Murray MartinChairman, President& CEOPitney Bowes Inc.Robert A. McDonaldChairman, President& CEOThe Procter &Gamble CompanyLiam E. McGeeChairman, President& CEOThe Hartford FinancialServices Group, Inc.57 | Catalyst Annual Report 2011

Joseph NeubauerChairman & CEOARAMARKIndra K. NooyiChairman & CEOPepsiCo, Inc.Kendall J. PowellChairman & CEOGeneral Mills, Inc.Jim SkinnerChief Executive OfficerMcDonald’s CorporationStephanie A. StreeterChief Executive OfficerLibbey, Inc.Richard K. TempletonChairman, President& CEOTexas InstrumentsIncorporatedPeter VoserChief Executive OfficerRoyal Dutch Shell plcRichard E. WaughPresident & CEOScotiabankMaggie WilderotterChairman & CEOFrontier CommunicationsCorporationThomas J. WilsonChairman, President& CEOAllstate Insurance CompanyChairs EmeritiJohn H. BryanRetired Chairman & CEOSara Lee CorporationJ. Michael CookRetired Chairman & CEODeloitte & Touche LLPThomas J. EngibousRetired Chairman & CEOTexas InstrumentsIncorporatedCharles O. Holliday, Jr.Retired Chairman & CEODuPontReuben MarkRetired Chairman & CEOColgate-Palmolive CompanyJohn F. Smith, Jr.Retired Chairman & CEOGeneral MotorsCorporationHonorary DirectorsTony ComperRetired President & CEOBMO Financial GroupMichael J. CritelliRetired Chairman & CEOPitney Bowes Inc.Thomas J. EngibousRetired Chairman & CEOTexas InstrumentsIncorporatedAnn M. FudgeRetired Chairman & CEOYoung & Rubicam BrandsCharles O. Holliday, Jr.Retired Chairman & CEODuPontKaren KatenRetired Vice ChairmanPfizer IncReuben MarkRetired Chairman & CEOColgate-Palmolive CompanyAnne M. MulcahyRetired Chairman & CEOXerox CorporationBarbara PaulRobinson, Esq.PartnerDebevoise & Plimpton LLPG. Richard Wagoner, Jr.Retired Chairman & CEOGeneral MotorsCorporationAs of December 31, 2011Catalyst Annual Report 2011 | 58

Catalyst Boardof AdvisorsChairJan FieldsPresidentMcDonald’s USA, LLCShahla AlyVice President, SolutionsDelivery, Microsoft ITMicrosoft CorporationRohini AnandSVP and Global ChiefDiversity OfficerSodexoDavid BooneExecutive Vice President,Mass Affluent Products& TD Bank USATD Bank N.A.Irene Chang BrittSenior Vice President& Chief StrategyOfficerCampbell Soup CompanyAnn-Marie CampbellPresident – SouthernDivisionThe Home Depot, Inc.Deborah DagitVP, Global Diversity& InclusionMerck & Co., Inc.Carlos DominguezSenior Vice-President,Office of the Chairmanand CEOCisco Systems, Inc.Teresa FinleyCorporate ControllerUPSMargaret M. ForanChief GovernanceOfficer, VP andCorporate SecretaryPrudential Financial, Inc.Emma FoxSenior Vice President,MarketingWalmart CanadaGregory M. FreiwaldExecutive Vice President,Human Resources,Corporate Affairs,and AviationThe Dow ChemicalCompanyKathy H. HannanNational ManagingPartner, CorporateSocial Responsibilityand DiversityKPMG LLPNancy KilleferSr Director & OfficeManagerMcKinsey & CompanyIlene H. LangPresident & CEOCatalystVeronica S. LewisPartnerGibson, Dunn &Crutcher LLPMaureen A. McGuireChief Marketing OfficerBloomberg L.P.Christine MillerChief MarketingOfficerWestwood OneRita MitjansSVP, Corporate Marketing& Product ManagementAutomatic DataProcessing, Inc.Mary Frances PearsonPartner, GlobalPublic PolicyErnst & Young LLPRobert PeasePresident & CEOMotiva Enterprises LLCPatricia Salas PinedaGroup Vice President,National Philanthropyand the Toyota USAFoundationToyota Motor NorthAmerica, Inc.59 | Catalyst Annual Report 2011

Janet PinesFounding PartnerSPUR Partners, LLCKaren QuintosSenior Vice Presidentand Chief MarketingOfficerDell Inc.Dino E. RobustoPresident, PersonalLines & ClaimsThe Chubb CorporationSusan SilbermannRegional President, LatinAmerica, EmergingMarkets Business UnitPfizer IncBridget van KralingenGeneral Manager,North AmericaIBM CorporationKathy WallerVice President andControllerThe Coca-Cola CompanyTerri WestSenior Vice President andManager, Communicationsand Investor RelationsTexas InstrumentsIncorporatedAs of December 31, 2011Catalyst CanadaAdvisory BoardChairRichard E. WaughPresident and CEOScotiabankJohn E. BettsPresidentMcDonald’s Restaurantsof Canada LimitedMarc-André BlanchardChair and CEOMcCarthy Tétrault LLPGeorge A. CopePresident and CEOBCE and Bell CanadaWilliam A. DownePresident and CEOBMO Financial GroupDeborah GillisSenior Vice President,Membership andGlobal OperationCatalyst Inc.Linda S. HasenfratzCEO and DirectorLinamar CorporationBeth HorowitzFormer President and CEOAmex Canada, Inc.Glenn IvesChairDeloitte & ToucheLLP CanadaDean JohnsonPresidentSodexo CanadaDonna Soble KaufmanCorporate DirectorLinda Kuga PikulinFormer PresidentPepsico Beverages CanadaIlene H. LangPresident & CEOCatalystMonique F. LerouxChair of the Board,President and CEODesjardins GroupThe HonourableJohn P. Manley, P.C.,O.C/C.P., O.C.President and CEOCanadian Council ofChief ExecutivesJohn A. ManzoniPresident and CEOTalisman Energy Inc.Bill McEwanPresident and CEOSobeys Inc.Catalyst Annual Report 2011 | 60

Lorraine MitchelmorePresident and CanadaCountry ChairShell Canada LimitedEllen J. MoorePresident and CEOChubb InsuranceCompany of CanadaGordon M. NixonPresident and CEORBCMandy ShapanskyPresident and CEOXerox Canada Ltd.Bruce B. SimpsonDirectorMcKinsey & Company(Canada)Carol StephensonDeanRichard Ivey Schoolof BusinessBill ThomasCEO and Senior PartnerKPMG LLP CanadaAs of December 31, 2011Catalyst EuropeAdvisory BoardChairHoward P. LovellCEO Deloitte SwitzerlandDeloitte Consulting, GmbHPatrick ArneggerDirector, Global Financial& People Services andFinance EuropeAlcoa EuropeDenise BroussalPartnerBaker & McKenzie SCPTania GandamihardjaCareer Planning, Staffing& Diversity ManagerSchlumberger LimitedTony GlassborowHuman Resources Director,Northern EuropeManpower EMEAEleanor Tabi Haller-JordenGeneral ManagerCatalyst Europe AGPeter HolickiGlobal Vice President,ManufacturingHydrocarbonsDow Europe GmbHGilli HowarthGlobal Head of DiversityUBSHerminia IbarraProfessor of OrganizationalBehaviorINSEADNia Joynson-RomanzinaGlobal Head of Diversityand InclusionSwiss Reinsurance CompanyLisa KepinskiChief Diversity &Inclusion OfficerAXAValérie LandonManaging Director,Co-Head InvestmentBanking Dept. France,Belg., and LuxemburgCredit SuisseIlene H. LangPresident & CEOCatalystGarmt LouwEVP Talent andDevelopmentShell International B.V.Brandon MathewsHead of EmergingConsumerZurich InsuranceCompany, LtdHubertus MühlhäuserSenior Vice President& General ManagerAGCO International GmbH61 | Catalyst Annual Report 2011

Wendy PapworthDiversity Manager, MajorMarkets (Europe,Japan, Canada)IBM CorporationJacqueline RastPresident, Facilities andInfrastructure DivisionCH2M HILLCompanies Ltd.Kim StrattonHead of Group CountryManagement &External AffairsNovartis International AGEileen TaylorGlobal Head of DiversityDeutsche BankJoan L. WalesHead of FunctionRemediation ManagementBP International LimitedAlan WaltersVice President, HumanResources UnileverUK & IrelandUnilever UK LtdChristopher YatesGlobal Head ofOrganisationalDevelopmentHSBC Holdings PlcWestern RegionAdvisory BoardChairMary B. CranstonFirm Senior PartnerPillsbury WinthropShaw Pittman LLPDeAnne AguirreSenior Vice PresidentBooz & CompanyCathy BenkoVice Chairman andChief Talent OfficerDeloitte LLPLaszlo BockVice President, PeopleOperationsGoogleWilliam DehnExecutive VicePresident, Director ofRisk ManagementCH2M Hill Companies Ltd.Gerri ElliottExecutive Vice President& Chief Sales OfficerJuniper Networks, Inc.Jacqueline Kosecoff, PhDCEOOptumRxIlene H. LangPresident & CEOCatalystSteve LyleDirector, Diversity &Workforce DevelopmentTexas Instruments Inc.Judy D. Olian, Ph.D.DeanUCLA Anderson Schoolof ManagementTami RellerChief Financial Officerand Chief MarketingOfficer, Windows &Windows Live DivisionMicrosoft CorporationQuinn TranPresident & CEOGlobAll ConnectAs of December 31, 2011As of December 31, 2011Catalyst Annual Report 2011 | 62

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