Why$can't$women$break$throughthe$tech$ceiling?

March$2014

Introduc)onDespite'pushes'towards'greater'equality'in'developed'Western'na6ons'there's6ll'exists'a'significant'gender'gap'at'the'highest'

levels'of'decision'making'in'business'and'government.'The'small'number'of'recognisable'female'leaders'in'the'field'of'

technology'seems'to'imply'that'this'gender'gap'is'even'more'pronounced'in'the'technology'sector.

This'report'shows'that'gender'inequality'at'the'highest'levels'in'technology'is'not'due'solely'to'a'‘glass'ceiling’'within'the'

corporate'technological'sphere'(though'the'crossCsector'data'on'board'composi6on'shows'that'such'a'glass'ceiling'does'exist)'

but'is'exacerbated'by'a'persistent'gap'between'the'genders'in'levels'of'par6cipa6on'in'technological'fields'from'early'educa6on'

through'the'workforce'to'the'boardroom.

The'glass'ceiling'in'technology'is'thicker'and'is'located'not'just'between'the'employee'and'leadership'levels'within'business'but'

at'least'as'far'back'as'early'adolescence.

Contents...................................................................................................................................................................................Methodology 4

...............................................................................................................................................................Women0in0the0boardroom 5

................................................................................................................................................................Women0in0the0workforce 8

.........................................................................................................................................................................Women0graduates 11

...................................................................................................................................................Women0in0secondary0educa>on 13

...................................................................................................................................................................................In0the0UK 13

...................................................................................................................................................................................In0France 15

.................................................................................................................................................................................In0Sweden 16

..........................................................................................................................................................In0the0USA0and0Germany 16

.................................................................................................................................AHtudes0to0science0among014I160year0olds 17

.....................................................................................................................................................................................Conclusion 18

.....................................................................................................................................................................................References 19

.....................................................................................................................................................................................Appendix01 20

.................................................Board0composi>on0of0companies0in0FTSE100,0CAC40,0S&P100,0OMXS30,0DAX0and0TecDAX 20

MethodologyThe'hypothesis'we'are'tes6ng'applies'to'developed'Western'na6ons'only'since'data'is'more'readily'available'in'this'region.'We'

confined'our'analysis'to'the'UK,'USA,'Germany,'France'and'Sweden'as'representa6ves'of'such'countries.

The'major'methodological'challenge'was'to'define'the'field'of'‘technology’'in'business'and'educa6on.'Rather'than'limi6ng'the'

scope'of'this'report'to'internet'companies'the'decision'was'taken'to'use'the'widely'recognised'STEM'defini6on'for'

educa6on:'fields'of'study'in'science,'technology,'engineering,'and'mathema6cs.

We'then'projected'this'defini6on'into'the'business'domain'by'choosing'sectors'of'the'economy'and'industries'where'STEM'is'

essen6al'to'core'func6ons.'The'categorisa6on'of'companies'for'analysis'of'board'composi6on'then'was'rather'subjec6ve'but'

we'have'included'all'the'data'in'Appendix'1'for'scru6ny.

To'obtain'data'on'the'composi6on'of'STEM'workforces'by'gender'we'used'data'from'the'Interna6onal'Labour'Organisa6on’s'

online'database'and'the'EU'Labour'Force'Sta6s6cs'database.

Data'on'graduates'was'taken'from'the'OECD'Educa6on'Database.'Data'on'secondary'educa6on'was'taken'from'the'relevant'

country’s'educa6on'authority'or'na6onal'sta6s6cs'databases.

Women4in4the4boardroomAn'analysis'of'the'number'of'women'on'boards'of'directors'at'companies'traded'on'the'major'stock'indexes'of'the'UK,'USA,'

Germany,'France'and'Sweden'provides'an'insight'into'the'representa6on'of'women'at'the'highest'level'of'technology'

companies.

While'women'are'generally'underrepresented'on'boards'of'companies'in'all'indexes'(women'occupy'just'19%'of'all'seats)'the'

problem'is'more'pronounced'in'STEM'related'companies.

Figure'1:'Percentage'of'women'board'members'in'major'stock'indexes'and'in'their'STEM'components,'Appendix'1

Across'all'the'indexes'studied'STEM'related'companies'have,'on'average,'fewer'women'on'the'board'of'directors'than'nonC

STEM'companies'(Fig'1).

The'differences'are'most'pronounced'in'Sweden,'where'STEM'companies'traded'on'the'OMXS30'have,'on'average,'17%'fewer'

women'on'the'board'than'nonCSTEM'companies;'and'in'Germany,'where'STEM'companies'on'the'DAX'or'TecDAX'have,'on'

average,'16%'fewer'women'on'the'board'than'nonCSTEM'companies'(Appendix'1).

STEM'companies'also'make'up'a'dispropor6onately'large'number'of'the'companies'with'1'or'fewer'women'on'their'boards'and'

a'dispropor6onately'small'number'of'the'companies'with'4'or'more'women'on'their'boards'(Fig'2).

Figure'2:'STEM'companies'as'a'percentage'of'all,'as'a'percentage'of'those'with'1'or'fewer'women'board'members'and'as'a'percentage'of'those'with'4'or'more'women'board'members,'Appendix'1

In'addi6on'to'the'previous

• 31%'of'STEM'companies'have'1'or'fewer'women'on'their'board'of'directors'(as'opposed'to'13%'of'nonCSTEM'

companies);

• Of'21'companies'studied'with'no'women'on'the'board'of'directors,'19'(or'90%)'were'STEM'companies'(Appendix'1);

• When'all'companies'are'ranked'by'female'representa6on'at'board'level,'just'2'of'the'top'10'companies'are'STEM'

companies'(Table'1).

Table&1:&Top&10&companies&by&female&representa5on&on&board&(FTSE&100,&S&P&100,&DAX+TecDAX,&OMXS30,&CAC40),&Appendix&1

The'glass'ceiling'for'women'seems'to'be'even'thicker'in'technology'related'fields'than'in'the'wider'business'world.

Company( Sector STEM? Directors(on(Board

Female(Directors

%(Female(Directors

SEB financial&services 13 6 46.15%

SECURITAS security&services 11 5 45.45%

HENNES&&&MAURITZ apparel&retail 9 4 44.44%

TECHNIP oil&equipment&and&services Y 12 5 41.67%

PROCTER&&&GAMBLE&CO consumer&defensiveconsumer&defensive 12 5 41.67%

SWEDBANK financial&services 12 5 41.67%

ACCOR hotels 10 4 40.00%

LEGRAND electrical&components&and&equipment

Y 10 4 40.00%

SOCIÉTÉ&GÉNÉRALE banks 15 6 40.00%

THE&WALT&DISNEY&COMPANY consumer&cyclical 10 4 40.00%

Women4in4the4workforceAn'analysis'of'employment'data'for'each'of'the'focus'countries'shows'that'women'are'also'underrepresented'in'the'workforce'

within'STEMCrelated'sectors'of'the'economy.

Figure'3:'Female'representaEon'in'STEM'workforce'as'a'percentage'of'all'STEM'employment'by'country,'ILOSTAT'Database'2012

Across'our'five'focus'countries'women'make'up,'on'average,'just'28%'of'the'workforce'in'science,'technology,'engineering'and'

mathema6cs'related'sectors'of'the'economy.'

When'we'look'at'more'specialised'professions'within'these'sectors'we'see'similar'dispari6es.

Figure'4:'Percentage'female'ICT'professionals'by'country,'ILOSTAT'Database'2012

Just'15%'of'ICT'professionals'in'France,'Sweden,'the'UK'and'Germany'are'female.

Figure'5:'Percentage'female'scienEsts'and'engineers'by'country,'EU'Labour'Force'StaEsEcs'2012

Women'make'up'just'35%'of'scien6sts'and'engineers'across'Sweden,'the'UK,'France'and'Germany.'(Though'Sweden'bucks'the'

trend'with'over'48%'female'scien6sts'and'engineers.)

Women4graduatesGiven'the'underrepresenta6on'of'women'in'the'STEM'workforce'of'the'focus'countries'we'would'expect'to'find'a'similar'

underrepresenta6on'of'women'among'STEM'graduates,'and'indeed'this'is'the'case.

Figure'6:'Percentage'female'graduates'in'STEM'subjects'versus'all'subjects'by'country,'OECD'EducaEon'Database'2008

Women'make'up'just'37%'of'graduates'in'STEM'subjects'across'our'five'focus'countries'whereas'they'cons6tute'nearly'57%'of'

all'graduates'(Fig'6).

Surprisingly'the'largest'disparity'is'found'in'Sweden'–'the'country'with'the'highest'propor6on'of'female'scien6sts'and'

engineers'–'where'64%'of'all'graduates'are'female'but'only'38%'of'graduates'in'STEM'subjects'are'female.

Figure'7:'Percentage'female'graduates'in'STEM'subjects'by'country,'OECD'EducaEon'Database'2008

When'we'look'at'individual'subjects'we'find'that'the'poorest'performing'subjects'in'higher'educa6on'in'terms'of'female'

representa6on'are'those'related'to'computer'science'and'engineering.

Across'our'focus'countries'just'23%'of'engineering'graduates'and'19%'of'compu6ng'graduates'are'female.

• In'France'and'Germany'just'16%'of'computer'science'graduates'are'female.

• 64%'of'mathema6cs'graduates'in'Germany'are'female'–'much'more'than'the'average'of'47%'across'the'focus'countries.

• Sweden'is'the'poorest'performer'on'gender'in'mathema6cs'and'sta6s6cs'where'just'34%'of'graduates'are'female.

• Women'make'up'more'than'50%'of'life'sciences'graduates'in'each'of'the'focus'countries.

Women4in4secondary4educa)onIn'the'UK'and'France'the'available'data'shows'females'outperforming'males'in'STEM'subjects'in'secondary'educa6on'but'rarely'

making'up'50%'or'more'of'candidates'in'these'subjects.

In#the#UKFemales'accounted'for'50%'or'more'of'the'candidates'in'just'5'of'23'STEM'subjects'at'GCSE'and'ACLevel'in'the'UK'in'2013'(Fig'

8).'Females'outperformed'males'in'all'but'3'STEM'GCSEs'and'in'all'STEM'ACLevels.

Figure'8:'GCSE'parEcipaEon'and'performance'by'gender,'JCQ'V'Provisional'GCSE'(Full'Course)'Results'V'June'2013

Figure'9:'STEM'AVLevel'parEcipaEon'and'performance'by'gender,'JCQ'V'Provisional'GCE'A'Level'Results'V'June'2013

In#FranceIn'France'in'2012'females'made'up'50%'or'more'of'the'candidates'in'5'of'15'STEM'streams'of'the'general'and'technological'

baccalauréat'(Fig'10).'Females'outperformed'males'in'all'but'6'STEM'streams.

Figure'10:'Baccalauréat'général'et'technologique,'parEcipaEon'and'performance'by'gender'across'STEM'streams,'Résultats'définiEfs'de'la'session'2012'du'baccalauréat'V'France'métropolitaine'et'Dom'y'compris'Mayo_e','Ministre'de'l’ÉducaEon'naEonale

In#SwedenThe'percentage'of'women'aged'16C24'with'secondary'educa6on'in'the'fields'of'natural'sciences,'mathema6cs'and'compu6ng'

or'engineering'and'manufacturing'(Fig'11)'indicate'that'female'par6cipa6on'in'STEM'related'subjects'is'similarly'low'in'Sweden.

Figure'11:'Percentage'females'aged'16V24'with'secondary'educaEon'by'subject'area,'StaEsEcs'Sweden'V'PopulaEon'16V74'years'of'age'by'sex,'age,'naEonal'background,'level'of'educaEonal'a_ainment'and'field'of'educaEon'(ISCED97'first'digit)

In#the#USA#and#GermanyInsufficient'data'is'available'for'secondary'educa6on'in'the'US'and'Germany'(largely'due'to'the'responsibility'for'educa6on'

falling'at'state'level).'Data'from'the'OECD'Educa6on'Database'is'not'sufficiently'granular'for'an'analysis'at'this'level.

A4tudes#to#science#among#14<16#year#olds

A'2010'survey'conducted'by'the'Department'for'Business,'Innova6on'and'Skills'of'500'secondary'school'students'aged'14C16'

found

• female'students'were'significantly'less'likely'than'male'students'to'strongly'agree'with'the'statement'‘I'am'amazed'by'

the'achievements'of'science’;

• females'were'significantly'less'likely'than'males'to'disagree'with'the'statement'‘I'don’t'think'I’m'clever'enough'to'

understand'science'and'technology’;

• 23%'of'males'listed'science'as'their'favourite'subject'compared'to'just'13%'of'females.

ConclusionAt'the'highest'levels'of'business'in'developed'Western'na6ons'there'is'a'more'pronounced'gender'gap'in'technologyCrelated'

sectors.

This'gender'gap'is'not'solely'due'to'a'glass'ceiling'for'women'in'the'business'world,'though'the'complete'set'of'data'on'board'

composi6on'proves'that'this'glass'ceiling'does'exist.'Rather'the'gender'gap'in'STEM'emerges'at'least'as'early'as'during'

secondary'educa6on.

Female'par6cipa6on'in'STEM'subjects'is'significantly'lower'than'males'in'Western'developed'na6ons.'This'leads'to'lower'

female'par6cipa6on'in'the'STEM'workforce'in'these'na6ons'and'produces'a'much'smaller'pool'from'which'female'leaders'can'

emerge.

Lower'female'par6cipa6on'in'STEM'subjects'is'due'not'to'ability.'Female'students'tend'to'outperform'males'in'almost'all'STEM'

subjects'and'make'up'a'larger'propor6on'of'scien6sts'and'engineers'than'their'par6cipa6on'in'the'STEM'workforce'would'

imply,'especially'in'Sweden'(Fig'5).'Rather,'as'implied'by'the'survey'conducted'in'the'UK,'aitudes'to'science'and'technology'

among'females'in'secondary'educa6on'are'considerably'more'nega6ve'than'those'of'their'male'counterparts.

These'nega6ve'aitudes,'unjus6fied'by'academic'achievement,'suggest'that'greater'efforts'are'required'to'encourage'and'

promote'female'par6cipa6on'in'STEM'subjects.

ReferencesILOSTAT'Database

EU'Labour'Force'Sta6s6cs

OECD'Educa6on'Database

Provisional'GCSE'(Full'Course)'Results,'Joint'Council'for'Qualifica6ons,'June'2013

Provisional'GCE'A'Level'Results,'Joint'Council'for'Qualifica6ons,'June'2013

Résultats'définiEfs'de'la'session'2012'du'baccalauréat,'Ministre'de'l’Éduca6on'na6onale

PopulaEon'16V74'years'of'age'by'sex,'age,'naEonal'background,'level'of'educaEonal'a_ainment'and'field'of'educaEon'(ISCED97'first'digit),'Sta6s6cs'Sweden

Abtudes'to'Science:'Survey'of'14V16'Year'Olds,'Department'for'Business,'Innova6on'and'Skills,'January'2010

The'Female'FTSE'Board'Report'2013,'Cranfield'University'School'of'Management

2020'Women'on'Boards'Gender'Diversity'Directory

Appendix41Board#composiAon#of#companies#in#FTSE100,#CAC40,#S&P100,#OMXS30,#DAX#and#TecDAXExplanatory#notes

Data'for'the'FTSE100'was'taken'from'the'Cranfield'report.

Data'for'the'S&P100'was'taken'from'the'2020'Women'on'Boards'Gender'Diversity'Directory.

Data'for'the'CAC40,'OMXS30'and'DAX'companies'was'taken'from'the'corporate'websites'of'the'companies'themselves.

In'France'and'Germany'where'companies'have'a'dual'board'structure'both'supervisory'and'execu6ve'boards'were'counted.

Only'29'companies'appear'for'OMXS30'since'Atlas'Copco'appears'twice'(both'A'and'B'classes'of'stocks'appear'on'the'index).

In'Sweden'deputy'board'members'were'not'counted.

Table'2:'Board'composiEon'by'gender'FTSE100,'CAC40,'S&P100,'OMXS30,'DAX'and'TecDAX

Index Company( Sector STEM? Directors(on(Board Female(Directors %(Female(Directors

FTSE100 ABERDEEN&ASSET&MANAGEMENT&PLC& fund&management 14 4 28.60%FTSE100 ADMIRAL&GROUP&PLC& insurance 12 3 25.00%FTSE100 AGGREKO&PLC& generator&hire 10 2 20.00%FTSE100 AMEC&PLC& consul5ng 8 1 12.50%FTSE100 ANGLO&AMERICAN&PLC& mining Y 11 2 18.20%FTSE100 ANTOFAGASTA&PLC& mining Y 9 0 0.00%FTSE100 ARM&HLDGS&PLC& engineering Y 11 2 18.20%FTSE100 ASSOCIATED&BRITISH&FOODS&PLC& food 8 1 12.50%FTSE100 ASTRAZENECA&PLC& pharmaceu5cals Y 12 3 25.00%FTSE100 AVIVA&PLC& insurance 12 1 8.30%FTSE100 BABCOCK&INTERNATIONAL&GROUP&PLC& consul5ng 11 2 18.20%

FTSE100 BAE&SYSTEMS&PLC& military Y 11 3 27.30%FTSE100 BARCLAYS&PLC& banking 13 2 15.40%FTSE100 BG&GROUP&PLC& oil&and&gas Y 13 2 15.40%FTSE100 BHP&BILLITON&PLC& mining Y 13 2 15.40%FTSE100 BP&PLC& oil&and&gas Y 15 2 13.30%FTSE100 BRITISH&AMERICAN&TOBACCO&PLC& tobacco 13 3 23.10%FTSE100 BRITISH&LAND&CO&PLC& property 12 2 16.70%FTSE100 BRITISH&SKY&BROADCASTING&GROUP&PLC&(BSKYB)&media 14 1 7.10%FTSE100 BT&GROUP&PLC& telecomms Y 10 3 30.00%FTSE100 BUNZL&PLC& industrial&products Y 9 1 11.10%FTSE100 BURBERRY&GROUP&PLC& fashion 8 3 37.50%FTSE100 CAPITA&PLC& support&services 9 3 33.30%FTSE100 CARNIVAL&PLC& leisure 14 2 14.30%FTSE100 CENTRICA&PLC& energy Y 12 3 25.00%FTSE100 COMPASS&GROUP&PLC& food 10 1 10.00%FTSE100 CRH&PLC& building&materials Y 12 2 16.70%FTSE100 CRODA&INTERNATIONAL&PLC& chemicals Y 13 0 0.00%FTSE100 DIAGEO&PLC& beverages Y 11 4 36.40%FTSE100 EURASIAN&NATURAL&RESOURCES&CORP&PLC& mining Y 12 1 8.30%FTSE100 EVRAZ&PLC& mining Y 10 1 10.00%FTSE100 EXPERIAN&PLC& informa5on 12 3 25.00%FTSE100 FRESNILLO&PLC& mining Y 13 1 7.70%FTSE100 G4S&PLC& security 12 2 16.70%FTSE100 GKN&PLC& manufacturing Y 10 1 10.00%FTSE100 GLAXOSMITHKLINE&PLC& pharmaceu5cals Y 15 5 33.30%FTSE100 GLENCORE&INTERNATIONAL&PLC& mining Y 8 0 0.00%FTSE100 HAMMERSON&PLC& property 12 2 16.70%FTSE100 HARGREAVES&LANSDOWN&PLC& finance 8 1 12.50%FTSE100 HSBC&HLDGS&PLC& banking 17 4 23.50%FTSE100 IMI&PLC& engineering Y 11 2 20.00%FTSE100 IMPERIAL&TOBACCO&GROUP&PLC& tobacco 11 2 18.20%FTSE100 INTERCONTINENTAL&HOTELS&GROUP&PLC& hotels 11 3 27.30%FTSE100 INTERNATIONAL&CONSOLIDATED&AIRLINES&

GROUP&SA&(IAG)&transport&air Y 14 1 7.10%

FTSE100 INTERTEK&GROUP&PLC& product&tes5ng Y 9 2 22.20%

FTSE100 INTU&PROPERTIES&(FORMERLY&CAPITAL&SHOPPING&CENTRES&GROUP&PLC)&

property&services 14 2 14.30%

FTSE100 ITV&PLC& media 8 1 12.50%FTSE100 JOHNSON&MATTHEY&PLC& chemicals Y 9 1 11.10%FTSE100 KAZAKHMYS&PLC& mining Y 9 0 0.00%FTSE100 KINGFISHER&PLC& retail&homeware 11 3 27.30%FTSE100 LAND&SECURITIES&GROUP&PLC& property 10 2 20.00%FTSE100 LEGAL&&&GENERAL&GROUP&PLC& insurance 13 2 15.40%FTSE100 LLOYDS&BANKING&GROUP& banking 12 3 25.00%FTSE100 MARKS&&&SPENCER&GROUP&PLC& retailer 14 3 21.40%FTSE100 MEGGITT&PLC& engineering Y 10 1 10.00%FTSE100 MELROSE&INDUSTRIES&PLC& finance 8 0 0.00%FTSE100 MORRISON&(WM.)&SUPERMARKETS&PLC& supermarket 8 2 25.00%FTSE100 NATIONAL&GRID&PLC& energy Y 14 3 21.40%FTSE100 NEXT&PLC& retail&clothing 10 2 20.00%FTSE100 OLD&MUTUAL&PLC& insurance 12 2 16.70%FTSE100 PEARSON&PLC& publishing 11 3 27.30%FTSE100 PETROFAC&LTD& oil&and&gas Y 11 1 9.10%FTSE100 POLYMETAL&INTERNATIONAL&PLC& mining Y 9 1 11.10%FTSE100 PRUDENTIAL&PLC& finance 16 1 6.30%FTSE100 RANDGOLD&RESOURCES&LTD& mining Y 9 1 11.10%FTSE100 RECKITT&BENCKISER&GROUP&PLC& consumer&goods 10 1 10.00%FTSE100 REED&ELSEVIER&PLC& publishing 10 2 20.00%FTSE100 RESOLUTION&LTD& investment 10 1 10.00%FTSE100 REXAM&PLC& packaging 7 1 14.30%FTSE100 RIO&TINTO&PLC& mining Y 12 2 16.70%FTSE100 ROLLShROYCE&HOLDINGS&PLC& manufacturing Y 14 2 13.30%FTSE100 ROYAL&BANK&OF&SCOTLAND&GROUP&PLC& banking 12 3 25.00%FTSE100 ROYAL&DUTCH&SHELL&PLC& oil&and&gas Y 13 2 15.40%FTSE100 RSA&INSURANCE&GROUP&PLC& insurance 12 2 16.70%FTSE100 SABMILLER&PLC& beverages Y 16 3 18.80%FTSE100 SAGE&GROUP&PLC& it Y 7 2 28.60%FTSE100 SAINSBURY(J)&PLC& supermarket 9 2 22.20%FTSE100 SCHRODERS&PLC& fund&management 12 2 16.70%FTSE100 SERCO&GROUP&PLC& outsourced&services 7 1 14.30%

FTSE100 SEVERN&TRENT&PLC& water Y 11 1 9.10%FTSE100 SHIRE&PLC& pharmaceu5cals Y 11 2 18.20%FTSE100 SMITH&&&NEPHEW&PLC& medical Y 10 3 30.00%FTSE100 SMITHS&GROUP&PLC& engineering Y 8 2 25.00%FTSE100 SSE&PLC& energy Y 9 2 22.20%FTSE100 STANDARD&CHARTERED&PLC& banking 21 3 14.30%FTSE100 STANDARD&LIFE&PLC& fund&management 12 4 33.30%FTSE100 TATE&&&LYLE&PLC& food 10 3 30.00%FTSE100 TESCO&PLC& supermarket 9 2 22.20%FTSE100 TUI&TRAVEL&PLC& leisure 15 2 13.30%FTSE100 TULLOW&OIL&PLC& oil&and&gas Y 11 2 18.20%FTSE100 UNILEVER&PLC& consumer&goods 12 3 25.00%FTSE100 UNITED&UTILITIES&GROUP&PLC& water Y 8 2 25.00%FTSE100 VEDANTA& mining Y 10 0 0.00%FTSE100 VODAFONE&GROUP&PLC& telecomms Y 13 2 15.40%FTSE100 WEIR&GROUP&PLC&(THE)& engineering Y 9 1 11.10%FTSE100 WHITBREAD&PLC& retail&hospitality 13 4 30.80%FTSE100 WOLSELEY&PLC& building&materials Y 10 2 20.00%FTSE100 WOOD&GROUP&(JOHN)&PLC& oil&and&gas Y 13 1 7.70%FTSE100 WPP& media 15 2 13.30%FTSE100 XSTRATA&PLC& mining Y 10 0 0.00%CAC40 ACCOR hotels 10 4 40.00%CAC40 AIR&LIQUIDE commodity&chemicals Y 11 3 27.27%CAC40 ALSTOM industrial&machinery Y 14 4 28.57%CAC40 ARCELORMITTAL steel Y 11 2 18.18%CAC40 AXA full&line&insurance 14 5 35.71%CAC40 BNP&PARIBAS banks 14 5 35.71%CAC40 BOUYGUES heavy&construc5on Y 18 6 33.33%CAC40 CAPGEMINI computer&services Y 12 3 25.00%CAC40 CARREFOUR food&retailers&and&wholesalersfood&retailers&and&wholesalers 14 3 21.43%CAC40 CRÉDIT&AGRICOLE banks 21 6 28.57%CAC40 EADS aerospace Y 12 1 8.33%CAC40 EDF electricity Y 18 4 22.22%CAC40 ESSILOR medical&supplies Y 15 4 26.67%CAC40 GDF&SUEZ gas&distribu5on Y 18 6 33.33%

CAC40 GEMALTO cyber&security Y 11 3 27.27%CAC40 GROUPE&DANONE food&products 13 3 23.08%CAC40 L'ORÉAL personal&products 14 4 28.57%CAC40 LAFARGE building&materials&and&fixtures Y 15 3 20.00%CAC40 LEGRAND electrical&components&and&

equipmentY 10 4 40.00%

CAC40 LVMH clothing&and&accessoriesclothing&and&accessories 17 3 17.65%CAC40 MICHELIN 5res 19 4 21.05%CAC40 ORANGE telecommunica5ons Y 15 4 26.67%CAC40 PERNOD&RICARD dis5llers&and&vintnersdis5llers&and&vintners 14 4 28.57%CAC40 PPR broadline&retailers 11 4 36.36%CAC40 PUBLICIS* media&agencies 18 7 38.89%CAC40 RENAULT automobiles Y 19 4 21.05%CAC40 SAFRAN aerospace&and&defence Y 15 5 33.33%CAC40 SAINThGOBAIN building&materials&and&fixtures Y 16 6 37.50%CAC40 SANOFI pharmaceu5cals Y 16 4 25.00%CAC40 SCHNEIDER&ELECTRIC electrical&components&and&

equipmentY 13 3 23.08%

CAC40 SOCIÉTÉ&GÉNÉRALE banks 15 6 40.00%CAC40 SOLVAY chemicals Y 15 3 20.00%CAC40 STMICROELECTRONICS semiconductors Y 9 2 22.22%CAC40 TECHNIP oil&equipment&and&services Y 12 5 41.67%CAC40 TOTAL integrated&oil&and&gas Y 15 5 33.33%CAC40 UNIBAILhRODAMCO real&estate&investment&trustsreal&estate&investment&trusts 16 3 18.75%CAC40 VALLOUREC industrial&machinery Y 14 4 28.57%CAC40 VEOLIA&ENVIRONNEMENT water Y 17 3 17.65%CAC40 VINCI heavy&construc5on Y 12 4 33.33%CAC40 VIVENDI broadcas5ng&and&entertainmentbroadcas5ng&and&entertainment 17 5 29.41%S&P&100 3M&COMPANY industrials Y 11 2 18.18%S&P&100 ABBOTT&LABORATORIES healthcare Y 11 4 36.36%S&P&100 ABBVIE&INC. healthcare Y 9 1 11.11%S&P&100 ACCENTURE&PLC technology Y 12 3 25.00%S&P&100 ALLSTATE&CORP. financial&services 12 3 25.00%S&P&100 ALTRIA&GROUP consumer&defensive 11 2 18.18%S&P&100 AMAZON.COM consumer&cyclical 9 2 22.22%

S&P&100 AMERICAN&ELECTRIC&POWER&CO. u5li5es Y 14 3 21.43%S&P&100 AMERICAN&EXPRESS&INC. financial&services 13 3 23.08%S&P&100 AMERICAN&INTERNATIONAL&GROUP&INC. financial&services 13 2 15.38%S&P&100 AMGEN&INC. healthcare Y 13 2 15.38%S&P&100 ANADARKO&PETROLEUM&CORPORATION energy Y 11 2 18.18%S&P&100 APACHE&CORP. energy Y 11 0 0.00%S&P&100 APPLE&INC. technology Y 8 1 12.50%S&P&100 AT&T&INC communica5on&services Y 14 4 28.57%S&P&100 BANK&OF&AMERICA&CORP financial&services 15 4 26.67%S&P&100 BANK&OF&NEW&YORK financial&services 12 2 16.67%S&P&100 BAXTER&INTERNATIONAL&INC healthcare Y 13 3 23.08%S&P&100 BERKSHIRE&HATHAWAY financial&services 13 3 23.08%S&P&100 BOEING&CO. industrials Y 11 2 18.18%S&P&100 BRISTOLhMYERS&SQUIBB healthcare Y 10 2 20.00%S&P&100 CAPITAL&ONE&FINANCIAL&CORP. financial&services 10 2 20.00%S&P&100 CATERPILLAR&INC industrials Y 15 1 6.67%S&P&100 CHEVRON energy Y 11 2 18.18%S&P&100 CISCO&SYSTEMS technology Y 14 3 21.43%S&P&100 CITIGROUP&INC financial&services 13 3 23.08%S&P&100 COLGATEhPALMOLIVE&CO. consumer&defensive 10 2 20.00%S&P&100 COMCAST&CORPORATION communica5on&services Y 11 1 9.09%S&P&100 CONOCOPHILLIPS energy Y 9 2 22.22%S&P&100 COSTCO consumer&defensive 14 2 14.29%S&P&100 CVS&CAREMARK consumer&defensive 9 2 22.22%S&P&100 DEVON&ENERGY energy Y 8 1 12.50%S&P&100 DOW&CHEMICAL basic&materials Y 10 2 20.00%S&P&100 DUPONT real&estate 8 0 0.00%S&P&100 EBAY&INC. technology Y 11 1 9.09%S&P&100 ELI&LILLY&AND&COMPANY healthcare Y 14 4 28.57%S&P&100 EMC&CORPORATION technology Y 12 2 16.67%S&P&100 EMERSON&ELECTRIC&CO. technology Y 12 1 8.33%S&P&100 EXELON u5li5es Y 16 2 12.50%S&P&100 EXXON&MOBIL&CORP energy Y 13 2 15.38%S&P&100 FACEBOOK technology Y 8 2 25.00%S&P&100 FEDEX industrials Y 12 2 16.67%

S&P&100 FORD&MOTOR consumer&cyclical 15 2 13.33%S&P&100 FREEPORThMCMORAN basic&materials Y 16 2 12.50%S&P&100 GENERAL&DYNAMICS industrials Y 11 2 18.18%S&P&100 GENERAL&ELECTRIC&CO. industrials Y 17 5 29.41%S&P&100 GENERAL&MOTORS consumer&cyclical 14 4 28.57%S&P&100 GILEAD&SCIENCES healthcare Y 10 2 20.00%S&P&100 GOLDMAN&SACHS financial&services 12 2 16.67%S&P&100 GOOGLE&INC. technology Y 10 3 30.00%S&P&100 HALLIBURTON energy Y 11 2 18.18%S&P&100 HEWLETT&PACKARD&CO technology Y 12 3 25.00%S&P&100 HOME&DEPOT consumer&cyclical 11 3 27.27%S&P&100 HONEYWELL industrials Y 12 3 25.00%S&P&100 INTEL&CORPORATION technology Y 10 2 20.00%S&P&100 INTERNATIONAL&BUSINESS&MACHINES technology Y 13 3 23.08%S&P&100 JOHNSON&&&JOHNSON&INC healthcare Y 12 3 25.00%S&P&100 JP&MORGAN&CHASE&&&CO financial&services 10 2 20.00%S&P&100 LOCKHEEDhMARTIN industrials Y 12 4 33.33%S&P&100 LOWE'S consumer&cyclical 11 1 9.09%S&P&100 MASTERCARD&INC financial&services 12 2 16.67%S&P&100 MCDONALD'S&CORP consumer&cyclical 13 3 23.08%S&P&100 MEDTRONIC&INC. healthcare Y 12 3 25.00%S&P&100 MERCK&&&CO. healthcare Y 12 2 16.67%S&P&100 METLIFE&INC. financial&services 12 3 25.00%S&P&100 MICROSOFT technology Y 9 2 22.22%S&P&100 MONDELĒZ&INTERNATIONAL consumer&defensive 11 3 27.27%S&P&100 MONSANTO basic&materials Y 12 3 25.00%S&P&100 MORGAN&STANLEY financial&services 15 2 13.33%S&P&100 NATIONAL&OILWELL&VARCO energy Y 8 0 0.00%S&P&100 NIKE consumer&cyclical 12 2 16.67%S&P&100 NORFOLK&SOUTHERN&CORP industrials Y 12 1 8.33%S&P&100 OCCIDENTAL&PETROLEUM&CORP. energy Y 8 1 12.50%S&P&100 ORACLE&CORPORATION technology Y 11 2 18.18%S&P&100 PEPSICO&INC. consumer&defensive 13 4 30.77%S&P&100 PFIZER&INC healthcare Y 12 4 33.33%S&P&100 PHILLIP&MORRIS&INTERNATIONAL consumer&defensive 13 2 15.38%

S&P&100 PROCTER&&&GAMBLE&CO consumer&defensive 12 5 41.67%S&P&100 QUALCOMM&INC. technology Y 12 3 25.00%S&P&100 RAYTHEON&CO industrials Y 8 1 12.50%S&P&100 SCHLUMBERGER energy Y 11 1 9.09%S&P&100 SIMON&PROPERTY&GROUP,&INC. real&estate 10 1 10.00%S&P&100 SOUTHERN&COMPANY u5li5es Y 13 2 15.38%S&P&100 STARBUCKS&CORPORATION consumer&cyclical 12 2 16.67%S&P&100 TARGET&CORP. consumer&defensive 12 3 25.00%S&P&100 TEXAS&INSTRUMENTS technology Y 11 4 36.36%S&P&100 THE&COCAhCOLA&COMPANY consumer&defensive 17 4 23.53%S&P&100 THE&WALT&DISNEY&COMPANY consumer&cyclical 10 4 40.00%S&P&100 TIME&WARNER&INC. consumer&cyclical 12 2 16.67%S&P&100 TWENTYhFIRST&CENTURY&FOX,&INC consumer&cyclical 13 1 7.69%S&P&100 UNION&PACIFIC&CORP. industrials Y 13 1 7.69%S&P&100 UNITED&PARCEL&SERVICE&INC industrials Y 13 3 23.08%S&P&100 UNITED&TECHNOLOGIES&CORP industrials Y 12 3 25.00%S&P&100 UNITEDHEALTH&GROUP&INC. healthcare Y 11 2 18.18%S&P&100 US&BANCORP financial&services 14 3 21.43%S&P&100 VERIZON&COMMUNICATIONS&INC communica5on&services Y 13 4 30.77%S&P&100 VISA&INC. financial&services 10 3 30.00%S&P&100 WALGREENS consumer&defensive 13 3 23.08%S&P&100 WALhMART consumer&defensive 16 4 25.00%S&P&100 WELLS&FARGO financial&services 14 5 35.71%OMXS30 ABB industrial&machinery Y 8 1 12.50%

OMXS30 ALFA&LAVAL industrial&machinery Y 12 3 25.00%

OMXS30 ASSA&ABLOY building&products Y 10 2 20.00%

OMXS30 ASTRAZENECA pharmaceu5cals Y 12 3 25.00%

OMXS30 ATLAS&COPCO industrial&machinery Y 13 3 23.08%

OMXS30 BOLIDEN mining Y 11 3 27.27%

OMXS30 ELECTROLUX household&appliances Y 13 4 30.77%

OMXS30 ERICSSON communica5ons&equipment Y 15 5 33.33%

OMXS30 GETINGE medical&technology Y 9 2 22.22%

OMXS30 HENNES&&&MAURITZ apparel&retail 9 4 44.44%

OMXS30 INVESTOR mul5hsector&holdings 14 3 21.43%

OMXS30 LUNDIN&PETROLEUM oil&and&gas Y 8 2 25.00%

OMXS30 MODERN&TIMES&GROUP broadcas5ng 7 2 28.57%

OMXS30 NOKIA communica5ons&equipment Y 9 2 22.22%

OMXS30 NORDEA financial&services 9 3 33.33%

OMXS30 SANDVIK industrial&machinery Y 10 1 10.00%

OMXS30 SCA paper&products 12 2 16.67%

OMXS30 SCANIA construc5on&and&farm&machinery

Y 12 1 8.33%

OMXS30 SEB financial&services 13 6 46.15%

OMXS30 SECURITAS security&services 11 5 45.45%

OMXS30 SKANSKA construc5on&and&engineering Y 13 2 15.38%

OMXS30 SKF industrial&machinery Y 11 2 18.18%

OMXS30 SSAB steel Y 12 1 8.33%

OMXS30 SVENSKA&HANDELSBANKEN financial&services 11 3 27.27%

OMXS30 SWEDBANK financial&services 12 5 41.67%

OMXS30 SWEDISH&MATCH tobacco 10 4 40.00%

OMXS30 TELE2 telecoms Y 8 2 25.00%

OMXS30 TELIASONERA telecoms Y 11 4 36.36%

OMXS30 VOLVO&GROUP construc5on&and&farm&machinery

Y 14 2 14.29%

TecDAX ADVA&OPTICAL&NETWORKING telecoms&equipment Y 6 1 16.67%TecDAX AIXTRON semiconductors Y 9 1 11.11%TecDAX BB&BIOTECH biotech Y 3 0 0.00%TecDAX BECHTLE it Y 15 3 20.00%TecDAX CANCOM&AG it Y 7 1 14.29%TecDAX CARL&ZEISS&MEDITEC medical&technology Y 9 1 11.11%TecDAX COMPUGROUP&MEDICAL somware Y 9 0 0.00%TecDAX DIALOG&SEMICONDUCTOR semiconductors Y 9 0 0.00%TecDAX DRÄGERWERK medical&technology Y 16 1 6.25%TecDAX DRILLISCH telecoms Y 8 1 12.50%TecDAX EVOTEC biotech Y 10 1 10.00%TecDAX FREENET telecoms Y 15 3 20.00%TecDAX JENOPTIK electronics Y 13 2 15.38%TecDAX KONTRON electronics Y 10 0 0.00%TecDAX LPKF&LASER&&&ELECTRONICS electronics Y 7 0 0.00%TecDAX MORPHOSYS biotech Y 10 2 20.00%TecDAX NEMETSCHEK&AG somware Y 6 0 0.00%TecDAX NORDEX renewables Y 9 1 11.11%TecDAX PFEIFFER&VACUUM manufacturing Y 9 1 11.11%TecDAX PSI&AG somware Y 8 1 12.50%TecDAX QIAGEN biotech Y 15 2 13.33%TecDAX QSC telecoms Y 10 4 40.00%TecDAX SARTORIUS biotech Y 15 3 20.00%TecDAX SMA&SOLAR&TECHNOLOGY electronics Y 15 1 6.67%TecDAX SOFTWARE&AG somware Y 19 3 15.79%TecDAX STRATEC&BIOMEDICAL&SYSTEMS biotech Y 7 0 0.00%

TecDAX TELEFÓNICA&GERMANY telecoms Y 19 6 31.58%TecDAX UNITED&INTERNET telecoms Y 6 0 0.00%TecDAX WIRECARD financial&tech Y 6 0 0.00%TecDAX XING somware Y 10 1 10.00%DAX ADIDAS clothing 17 2 11.76%DAX ALLIANZ insurance 23 5 21.74%DAX BASF chemicals Y 19 3 15.79%DAX BAYER pharmaceu5cals Y 25 3 12.00%DAX BEIERSDORF consumer&goods 15 4 26.67%DAX BMW manufacturing Y 28 5 17.86%DAX COMMERZBANK banking 28 6 21.43%DAX CONTINENTAL manufacturing Y 29 2 6.90%DAX DAIMLER manufacturing Y 27 5 18.52%DAX DEUTSCHE&BANK banking 27 7 25.93%DAX DEUTSCHE&BÖRSE securi5es 23 5 21.74%DAX DEUTSCHE&LUFTHANSA transport&avia5on Y 27 8 29.63%DAX DEUTSCHE&POST communica5ons Y 27 7 25.93%DAX DEUTSCHE&TELEKOM communica5ons Y 27 7 25.93%DAX E.ON energy Y 18 2 11.11%DAX FRESENIUS medical Y 25 0 0.00%DAX FRESENIUS&MEDICAL&CARE medical Y 14 0 0.00%DAX HEIDELBERGCEMENT building Y 18 1 5.56%DAX HENKEL consumer&goods 22 8 36.36%DAX INFINEON&TECHNOLOGIES semiconductors Y 15 2 13.33%DAX K+S chemicals Y 22 2 9.09%DAX LANXESS chemicals Y 16 2 12.50%DAX LINDE industrial&gases Y 17 2 11.76%DAX MERCK pharmaceu5cals Y 21 3 14.29%DAX MUNICH&RE insurance 29 5 17.24%DAX RWE energy Y 24 3 12.50%DAX SAP it Y 21 4 19.05%DAX SIEMENS electronics Y 27 5 18.52%DAX THYSSENKRUPP manufacturing Y 24 3 12.50%DAX VOLKSWAGEN&GROUP manufacturing Y 29 3 10.34%

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