Davis Polk is proud to support Vault and MCCA. · Davis Polk's commitment to diversity is communicated internally and externally through various channels, including our Intranet and

We share in their commitment to promote diversity and inclusion throughout the legal profession.

Davis Polk is

New York

Northern California

Washington DC

São Paulo

London

Paris

Madrid

Hong Kong

Beijing

Tokyo

davispolk.com

proud to supportVault and MCCA.

© 2020 Davis Polk & Wardwell LLP

Response to Spring 2020 Vault/MCCA Law Firm Diversity Survey. Complete survey results available in Law Firm Diversity Database(http://mcca.vault.com). Copyright © 2020 Vault.com Inc. and Minority Corporate Counsel Association, Inc. All rights reserved.

Davis Polk & Wardwell LLP

2020 VAULT/MCCA LAW FIRM DIVERSITY SURVEY

450 Lexington AveNew York, NY 10017Phone: 212-450-4000Fax: 212-701-5800www.davispolk.com

LOCATIONSNew York, NY; Northern California; Washington DC; London; Paris; Madrid; São Paulo; Hong Kong; Beijing; Tokyo

DIVERSITY LEADERSHIPHead(s) of Firm: Neil Barr, Managing PartnerDiversity team leader(s): Francine Rosado-Cruz, Chief Diversity & Inclusion Officer

NUMBER OF ATTORNEYSTOTAL NUMBER OF ATTORNEYS

Currently As of December 31, 2019

Worldwide 988 1048U.S. offices only 806 851

Davis Polk & Wardwell LLP2020 VAULT/MCCA LAW FIRM DIVERSITY SURVEY


Law Firm Demographic Profile

Does your firm have more than one tier of partnership?

No

ASSOCIATES (2019) SUMMER ASSOCIATES (2019)

Men Women

White/Caucasian 254 166African-American/Black 15 31

Hispanic/Latinx 13 11Alaska Native/American Indian 0 2

Asian 52 71Native Hawaiian/Pacific Islander 0 0

Multiracial 6 10Openly LGBTQ 27 9

Individuals with Disabilities n/a n/aTotal 340 291

Men Women






EQUITY PARTNERS (2019) NON-EQUITY PARTNERS (2019)

Men Women






Men Women

White/Caucasian n/a n/aAfrican-American/Black n/a n/a

Hispanic/Latinx n/a n/aAlaska Native/American Indian n/a n/a

Asian n/a n/aNative Hawaiian/Pacific Islander n/a n/a

Multiracial n/a n/aOpenly LGBTQ n/a n/a

Individuals with Disabilities n/a n/aTotal n/a n/a

OF COUNSEL (2019) NEW HIRES (2019)

Men Women






Men Women








Strategic Plan and Diversity Leadership

How does the firm's leadership communicate the importance of diversity to everyone at the firm?

Davis Polk's commitment to diversity is communicated internally and externally through various channels, including our Intranet and public website, brochures, email and otherwritten communications. In addition, the firm supports a number of affinity groups, which are open to all lawyers and provide networking, mentoring and career developmentopportunities for lawyers who share common backgrounds and experiences, and organizations that promote diversity and inclusion in the legal profession and in the community,such as the Leadership Council on Legal Diversity, Council of Urban Professionals, Direct Women and the Transgender Legal Defense & Education Fund. The firm also holdsdiversity and inclusion training and discussion sessions for lawyers at all levels. For example, diversity and inclusion programming was a significant part of our last several annualpartner meetings, and is incorporated in our training programs for summer, first-year, mid-level and senior associates. Our Management Committee also addresses the firm'sdiversity efforts and new initiatives during annual Town Hall meetings with all associates.

Who has primary responsibility for leading diversity initiatives at your firm?

Francine Rosado-Cruz, Chief Diversity & Inclusion Officer

Does your law firm currently have a diversity committee?

Yes

If yes, do one or more members of the firm's management/executive committee (or the equivalent) serve on the diversity committee?

No

If yes, how many attorneys are on the committee, and in 2019, what was the total number of hours collectively spent by the committee in the furtherance ofthe firm's diversity initiatives?

Total attorneys on committee: 9Total hours spent on diversity: [No response]Comments: The Diversity & Inclusion Committee meets on at least a monthly basis. While we do not track the hours that committee members devote to diversity initiatives,in addition to these regular meetings, they spend a great deal of time meeting with associates, including members of our affinity group steering committees, speaking withconsultants, outside organizations and clients on these issues, and attending and in some cases participating in affinity group events and programs.

Does the committee and/or diversity leader establish and set goals or objectives consistent with management's priorities?

Yes

If yes or partially, please explain.

The Management Committee meets several times throughout the year with our Diversity & Inclusion Committee to ensure that goals and objectives are aligned and progress ismade on our D&I initiatives.

Has the firm undertaken a formal or informal diversity program or set of initiatives aimed at increasing the diversity of the firm?

Yes

If yes, is it formal or informal?

Formal

How often does the firm's management review the firm's diversity progress/results?

Monthly

How is the firm's diversity committee and/or firm management held accountable for achieving results?

The firm's success and progress with respect to diversity and inclusion is constantly evaluated by our Diversity and Inclusion Department, as well as the Management and Diversity& Inclusion Committees. The D&I Committee has distributed guidelines to provide partners with thoughts on how to promote a more inclusive workplace and to assist partnersand the Compensation Committee in completing and evaluating responses on the partner self-evaluation forms. The Committee also created an Inclusive Leadership Award torecognize lawyers for their D&I efforts.

Our diversity hiring and retention goals are based on the firm's performance relative to law school demographics and diversity performance throughout the legal professiongenerally. We strive to be a leader in this area not only statistically, but through our policies and initiatives. For example, the Management Committee specifically monitors activitylevels and the quality (e.g. complexity and high-profile nature, client contact and exposure to a variety of work and partners) of work of individual associates, with a particularfocus on diverse and women associates. This includes regular meetings with practice group coordinators.

We reaffirmed our commitment to the NYCBA's Statement of Diversity and Inclusion Principles last year and participated in the latest NYC Bar Benchmarking Survey. We planto do so again this year. We also participated in the first-ever McKinsey/Lean In Women in the Workplace Study to include a legal industry component. Participating in thesesurveys provides us with useful data and information from other law firms so that we can continue to improve our D&I efforts.

Davis Polk also recently partnered with MCCA to establish best practices and diversity metrics for law firms. By sharing and collaborating on best practices, firms can learn fromand motivate each other, and develop infrastructures that go beyond the individual firm. Ultimately, the effort betters the profession.

Is your firm minority-owned or women-owned?

No



Law Firm Diversity Initiatives

INITIATIVES FOR ALL DIVERSE ATTORNEYS

AlreadyCompleted

CurrentlyAddressing

Not a CurrentPriority

X X Undertake communication from firm management that diversity is a top priority of the firm

X X Formalize diversity plan and committee with action steps and accountability to management

X Conduct firmwide mandatory diversity training for all attorneys and staff annually

X Implement bias interrupters with respect to hiring/assignments/evaluations/compensation reviews/promotions/etc.

X X Focus on strengthening firm's mentoring program

X X Conduct internal diversity needs assessment (e.g., culture and environment surveys) and/or retain diversityconsultant to examine how firm culture might be more welcoming of minorities

X X Support law firm's internal affinity networks

X Hire a director of diversity or other full-time professional to implement the firm's diversity program

X X Coordinate or work with clients on diversity issues

X X Develop/expand relationships with minority bar associations and other legal diversity organizations to offerfirm's support of these networks




INITIATIVES SPECIFICALLY FOR MINORITY ATTORNEYS

AlreadyCompleted

CurrentlyAddressing


X X Increase the number of minority attorneys at the associate level

X X Increase the number of minority attorneys at the partnership level

X X Increase the number of minority attorneys in leadership positions

X X Focus on strengthening firm's mentoring program for minority attorneys

X X Manage/monitor allocation of work assignments and/or hours billed to ensure minority attorneys have equalaccess/inclusion on top client matters

X X

Other (please specify): Affinity groups (Asian/South Asian/Middle Eastern, Black, Hispanic/Latinx, LGBTQ+,Women) provide leadership opportunities for diverse lawyers and a forum to explore areas of interest. Affinitygroups host events with diverse lawyers and business leaders, providing attendees with opportunities to networkwith and hear from distinguished alumni, and clients. For example, in May 2019 we hosted our fourth annualcitywide networking event for black lawyers. Recent events have also included: discussion with New YorkTimes best-selling author Baratunde Thurston; private screening of the Ruth Bader Ginsberg documentaryand Q&A with the film's director; discussion with Davis Polk alumnus and Second Circuit Judge Denny Chin;annual citywide networking event for black attorneys; discussion with Min Jin Lee, author of National BookAward finalist Pachinko; annual "Year in Review" panel discussion by the LGBTQ+ Bar Association of GreaterNew York; workshop on having difficult conversations with kids; and a conversation with Davis Polk alumnaand Global Executive Director of Equality Now Yasmeen Hassan. Since 2017, we have sent diverse associatesto the New York City Bar Association's annual Associate Leadership Institute, including 7 associates this year.




INITIATIVES SPECIFICALLY FOR WOMEN ATTORNEYS

AlreadyCompleted

CurrentlyAddressing


X Institute a formal part-time policy that addresses partnership prospects

X X Increase the number of women at the associate level

X X Increase the number of women at the partnership level

X X Increase the number of women in leadership positions

X X Focus on strengthening firm's mentoring program for women

X X Manage/monitor allocation of work assignments and/or hours billed to ensure women have equal access/inclusion to top client matters

X X Provide accommodations specific to mothers (e.g., lactation rooms)

X Implement policies to address gender pay equity

X X

Other (please specify): DPWomen, our women-focused affinity group, conducts programs on businessdevelopment, client relations, networking and communication. Our women partners also host quarterlyreceptions for women associates. We recognize the importance of generous parental leave and reintegrationpolicies in retaining our best lawyers. On average, our women take 5.6 months of maternity leave. We offer 12weeks of gender-neutral paid leave to all new parents (birthing mothers may receive additional disability leave).We are focused on the off-ramping and on-ramping of lawyers who take leave. Women associates preparingto go on leave are invited to meet with a designated woman partner. Once new mothers return from leave, welend practical support, including under-desk refrigerators, lactation rooms and hospital-grade pumps, and aprogram through which lawyers can ship breast milk home on business travel. We also offer "Mindful Return,"a four-week online course to ease the transition back to work. All new parents have the option of a new parentmentor, as well as meeting with a counselor at Soho Parenting to help navigate topics such as sleep and childdevelopment. New parents also receive our New Parent Toolkit.In 2019, we partnered with our emergencydaycare provider, Bright Horizons, to offer a new "Infant Transition Program" which allows an additional 20days (for a total of 40 days in the first year) of back-up care to use within the first 12 months. The firm alsorolled out our "Flex-Back Program," which provides associates and counsel the opportunity to work from homeone day per week for the first three months of their return.In addition, our DPW Parents affinity group offersopportunities to gather as a community and hear from external experts on topics such as infant CPR, fatherhoodin the 21st century and navigating your child's social world. DPW Mothers meet as a group throughout the yearwith women partners to discuss challenging issues.




INITIATIVES SPECIFICALLY FOR OPENLY LGBTQ ATTORNEYS

AlreadyCompleted

CurrentlyAddressing


X Offer same-sex domestic partners the same benefits available to married individuals

X X Increase the number of LGBTQ attorneys at the associate level

X X Increase the number of LGBTQ attorneys at the partnership level

X Increase the number of LGBTQ attorneys in leadership positions

X Focus on strengthening firm’s mentoring program for LGBTQ attorneys

X Manage/monitor allocation of work assignments and/or hours billed to ensure LGBTQ attorneys have equalaccess/inclusion on top client matters

X X Ensure that EEO and non-discrimination policies specifically address gender identity

X Provide accommodations for LGBTQ attorneys (e.g. bathroom facilities)

X XOther (please specify): Davis Polk's LGBTQ+ affinity group provides networking and outreach opportunitiesfor our lawyers, including through the firm's annual reception for LGBTQ+ lawyers across New York City andour annual "Year in Review" CLE panel discussion with the LGBT Bar Association of Greater New York onLGBT developments in the courts and various legislatures. For 2020, one of two partners who serve as the firm'sbusiness development partners is LGBTQ+.




INITIATIVES SPECIFICALLY FOR ATTORNEYS WITH DISABILITIES

AlreadyCompleted

CurrentlyAddressing


X X Increase the number of attorneys with disabilities at the associate level

X X Increase the number of attorneys with disabilities at the partnership level

X Increase the number of attorneys with disabilities in leadership positions

X Focus on strengthening firm’s mentoring program for attorneys with disabilities

X Manage/monitor allocation of work assignments and/or hours billed to ensure attorneys with disabilities haveequal access/inclusion on top client matters

X X Ensure that EEO and non-discrimination policies specifically address individuals with disabilities

X X Implement accommodations for current and future attorneys with disabilities (e.g., access, technology, etc.)

X X Other (please specify): We conduct outreach to our attorneys with disabilities to ensure that technical resourcesare made available to support and enhance their experience at the firm.



Pipeline Initiatives

Does your firm actively engage in initiatives to feed the diversity pipeline by encouraging minority students to consider law as a career and/or assisting themin pursuing such opportunities?

Participate in established pipeline programs, such as SEO, Legal Outreach, Prep for Prep or Street Law

Fund scholarships for minority high school or college students

Mentor minority high school or college students

Participate in or host mock trial programs or career events

Provide internships or employment to minority high school or college students

Outreach to middle school students

Please discuss any additional efforts to reach out to diverse undergraduates, high school, middle school or grade school students.

[No response]



Recruitment - New Associates

Does your firm annually recruit at any of the following types of institutions?

Ivy League law schools: Columbia University, Cornell University, Harvard University, University of Pennsylvania, Yale University

Other private law schools: Boston College, Boston University, Brooklyn Law School, BYU, Cardozo Law School, University of Chicago, Duke University, Emory University,Fordham University, George Washington University, Georgetown University, Hofstra University, New York Law School, Northwestern University, NYU, Seton Hall University,St. John's University, Stanford University, Tulane University Law School, University of Notre Dame, USC, Vanderbilt University, Washington University, Washington and LeeUniversity, William & Mary

Public state law schools: University of Buffalo, University of California Berkeley, University of California Hastings, UCLA, McGill University, University of Michigan,University of Minnesota, Osgoode Hall, Rutgers University, University of Texas, University of Toronto, UC Davis, University of Virginia

Law schools of Historically Black Colleges and Universities (HBCUs): Howard University

Diversity job fairs: Lavender Law Career Fair, National BLSA Job Fair, LeGal Job Fair, Harvard BLSA Job Fair, San Francisco Bar Association Diversity Job Fair

Do you have any special outreach efforts directed to encourage minority law students to consider your firm?

Hold a reception for minority students

Advertise in minority law student association publications

Participate in or host minority law student job fairs

Sponsor minority law student association events

Firm lawyers participate on career panels at schools

Outreach to leadership of minority student organizations

Scholarships or intern/fellowships for minority students

Other (please specify)

Do you have any programs specifically targeted at first-year students?

The firm hires 1Ls from NYU's AnBryce Scholars Program as summer associates. This program provides full-tuition scholarships to law students who come from economicallydisadvantaged backgrounds and are among the first in their immediate family to pursue a graduate degree. We also participate in the 1L Leadership Council on Legal Diversity(LCLD) Scholars Program.



Recruitment - New Associates

ALL 2L SUMMER ASSOCIATES (2019) OFFERS MADE* (2019)

* Summer associates who received an offer of full-time employment

Men Women






Men Women






OFFERS ACCEPTED* (2019) NEITHER ACCEPTED NOR DECLINED (2019)

* Summer associates who accepted an offer of full-time employment * Summer associates who neither accepted nor declined an offer of full-timeemployment because of postgraduate clerkship/fellowship

Men Women






Men Women








Recruitment - Lateral Associates and Partners

LATERAL ASSOCIATE HIRES (2019) LATERAL OF COUNSEL HIRES (2019)

Men Women






Men Women






LATERAL PARTNER HIRES* (2019) NEW PARTNERS PROMOTED* (2019)

* Both equity and non-equity * Both equity and non-equity promoted from associate or of counsel rank

Men Women






Men Women






NEW EQUITY PARTNERS* (2019)

* Whether hired laterally or promoted from within

Men Women








Recruitment - Lateral Associates and Partners

What activities does the firm undertake to attract diverse attorneys?

Partner programs with women, minority, LGBTQ or disability-focused bar associations

Participate at diversity job fairs

Attend events at diversity legal organizations

Seek referrals from other attorneys

Utilize online job services (e.g., MCCA Job Bank)

Hire recruiting professional who specializes in identifying diverse candidates

Firm is Mansfield Rule certified

If the firm is not Mansfield Rule certified, does it plan to be certified?

Other (please specify)

Do you use executive recruiting/search firms to seek to identify new diversity hires (partners or associates)?

Yes

If yes, are any of these executive recruiting/search firms women and/or minority-owned?

Yes

If yes, list all women and/or minority-owned executive search/recruiting firms to which the firm paid a fee for placement services in the past 12 months:

North Star Attorney Search; ELR Legal Search; SJL Attorney Search; Stofsky & Schiller



Retention and Professional Development

A T T O R N E Y S W H O L E F T T H E F I R M I N 2 0 1 9

1ST-YEAR ASSOCIATES 2ND-YEAR ASSOCIATES

Men Women






Men Women






3RD-YEAR ASSOCIATES 4TH-YEAR ASSOCIATES

Men Women






Men Women






5TH-YEAR ASSOCIATES 6TH-YEAR ASSOCIATES

Men Women






Men Women









A T T O R N E Y S W H O L E F T T H E F I R M I N 2 0 1 9

7TH-YEAR ASSOCIATES 8TH-YEAR PLUS ASSOCIATES

Men Women






Men Women






OF COUNSEL NON-EQUITY PARTNERS

Men Women






Men Women






EQUITY PARTNERS

Men Women









Please identify the specific steps you are taking to reduce the attrition rate of diverse attorneys.

Develop and/or support internal employee affinity groups (e.g., networks within the firm for minorities, women, LGBTQ attorneys, or individuals with disabilities)

Increase/review compensation relative to competition

Implement procedures to ensure gender pay equity

Increase/improve current work/life programs

Adopt dispute resolution process

Succession plan includes emphasis on diversity and greater inclusion of minority men and women in firm leadership

Work with diverse attorneys to develop career advancement plans

Introduce diverse attorneys to key clients, including to lead engagements

Review work assignments and hours billed to key client matters to make sure diverse attorneys, particularly minority attorneys (for whom research indicates a greaterinclusion problem), are not being excluded

Strengthen mentoring program for all attorneys

Professional skills development program for all attorneys

Provide a gender-neutral parental leave policy that covers adoptions

Other (please specify)Our lockstep compensation structure for partners and associates eliminates gender- and diversity-based pay inequities.

Does your firm have part-time/flex-time policies that permit attorneys (male or female) to work alternative schedules?Yes

Comments:Davis Polk was an early adopter among law firms of a part-time/flextime policy, and we believe our policy is among the very best in the industry. Several of our women lawyersreturn from parental leave on a flextime schedule each year. Lawyers are not required to provide a reason for wishing to work flextime or agree to return to full-time status on a setdate. Arrangements are based on the needs of our clients and the needs of our lawyers, and the variety of flextime arrangements is a reflection of the flexibility of the program. OurProfessional Development department conducts annual check-in meetings with all flextime lawyers to see how the arrangement is working and to help with any potential issues.Retention rates among our flextime lawyers in recent years suggest that these efforts have a positive impact on keeping lawyers at the firm. In January 2019, we rolled out our"Flex-Back Program." Associates and counsel who return to the firm after parental leave now have the opportunity to work from home one day per week for the first three monthsof their return.

What impact, if any, will the decision to work part time have on an attorney's ability to make a partner, or if already a partner, to remain a partner at yourfirm?

A number of our lawyers have worked on a part-time or flextime basis either prior to or after becoming partners of the firm. Our part-time and flextime policy expressly states thatthose working on reduced or flexible schedules are eligible for partnership consideration and that part-time and flextime opportunities are available to partners.

How many current equity partners have worked part time, exclusive of maternity/paternity leave or short-term disability?

7




PART-TIME ATTORNEYS PART-TIME ATTORNEYS TOTAL NUMBER OF ATTORNEYS(2019) Men Women Total (full and part-time)

Associates 1 11 12 631Of counsel 1 8 9 82

Non-equity partner n/a n/a n/a n/aEquity partner 0 0 0 138



Management Demographic Profile

F I R M W I D E C O M M I T T E E S 2 0 1 9

EXECUTIVE/MANAGEMENT COMMITTEE* HIRING COMMITTEE*

* Attorneys on the Executive/Management Committee or equivalent * Attorneys on Hiring Committee or equivalent

Men Women






Men Women






PARTNER REVIEW COMMITTEE* ASSOCIATE REVIEW COMMITTEE*

* Attorneys on the Partner Review Committee or equivalent * Attorneys on the Associate Review Committee or equivalent

Men Women






Men Women






ATTORNEYS ON THE DIVERSITY COMMITTEE OREQUIVALENT

Men Women








Management Demographic Profile

O T H E R L E A D E R S H I P R O L E S

Leadership positions (2019) U.S. office headsPractice group/

department leaders Committee leadersTotal number of positions 3 24 15Number of such positions held by:

Minorities 0 4 2Women 1 7 5LGBTQ attorneys 0 1 1Individuals with Disabilities 0 0 0

Please provide information regarding all diverse attorneys who currently head offices, practice groups and committees. Enter responses inthe following format: Attorney, Office location/Practice group/Committee (No. of attorneys in office/practice group/committee).

U.S. OFFICE HEADS

How many offices does your firm have in the United States? 3

Minorities heading offices: 0

Women heading offices: Annette L. Nazareth, Washington DC

LGBTQ attorneys heading offices: 0

Individuals with Disabilities heading offices: 0

PRACTICE GROUP/DEPARTMENT LEADERS

Minorities heading practices: Loyti Cheng, Environmental; Betty Moy Huber, Environmental, Social and Corporate Governance; Ashok Ramani, IP Litigation; Maurice Blanco,Capital Markets;

Women heading practices: Loyti Cheng, Environmental; Betty Moy Huber, Environmental, Social and Corporate Governance; Nora M. Jordan, Investment Management; Paula A.Ryan, Trusts & Estates; Dana M. Seshens, Civil Litigation; Angela T. Burgess, White Collar/Enforcement; Annette Nazareth, Trading and Markets;

LGBTQ attorneys heading practices: Joseph A. Hall, Corporate Governance

Individuals with Disabilities heading practices: 0

COMMITTEE LEADERS

Minorities heading committees: Sartaj Gill, Opinion Committee; Maurice Blanco, Recruiting Committee

Women heading committees: Monica Holland, Diversity & Inclusion Committee; Lara Samet Buchwald, Associates Committee; Angela T. Burgess, Alumni Committee; Dana M.Seshens, Recruiting Committee; Kyoko Yakahashi Lin, Women's Initiative Committee

LGBTQ attorneys heading committees: Byron Rooney, Business Development

Individuals with Disabilities heading committees: 0



The Firm Says

Davis Polk is deeply committed to promoting diversity and inclusion at our firm and in the legal profession. Our culture of inclusiveness and respect is integral to our values andinherent in how we relate to our clients and each other. We believe that the diverse perspectives of our lawyers enhance our ability to provide creative solutions tailored to ourclients' most challenging business needs.

We understand the urgency of improving diversity and inclusion in the legal industry as a whole and within our firm, and are focused on making that happen:

• Minority Corporate Counsel Association (MCCA) — partnered to establish best practices and diversity metrics for law firms.

• Center for Talent Innovation — Task Force Member

• Leadership Council on Legal Diversity (LCLD) — Member

• New York City Bar Statement of Diversity Principles — Signatory firm

• Diversity in Law Hackathon sponsored by Diversity Lab and HLS — Participant

• McKinsey/Lean In Women in the Workplace Study — Participant

• Venture for America (VFA) — In the first law firm partnership of its kind, we partner with VFA to provide free legal advice to select VFA companies and introduce VFAcompanies to NAMWOLF firms for local relationships.

• Neuro Leadership Institute

By the Numbers

• Our lawyers come from more than 40 countries and collectively speak more than 50 languages.

• 32% of our U.S. lawyers are diverse or LGBTQ+.

• 47% of our associates and 19% of our partners are women.

• 34% of our partners promoted in the past five years are women, diverse or LGBTQ+, including 60% of our 2019 partner class.

• Our 2019 summer associate class included 46% women, and was 58% racially/ethnically diverse and LGBTQ+, a record high for the firm.

Recognition

• The Diversity & Flexibility Alliance's Tipping the Scale Award, 2019

• Asian American Bar Association of New York Law Firm Diversity Award, 2019

• Bank of America — D&I Business Council Law Firm Award Finalist, 2018

• Morgan Stanley Asia Outside Counsel Diversity Award Finalist, 2018

• TIAA — Top Performing Law Firm for Championing Diversity & Inclusion, 2017

• PepsiCo — Recognized for our commitment to increasing diversity and inclusion in the legal profession, 2017

• Community Business Diversity & Inclusion in Asia Network Decade Awards — Diversity & Inclusion in Asia Collaboration Award, 2018

• Women in Law Empowerment Forum — Gold Standard Certification, 2012-2015, 2017-2018, 2019

• Chambers Women in Law Awards — Finalist, Most Innovative Gender Diversity Initiative, 2018

In addition, Davis Polk recently established an Inclusive Leadership Award to recognize partners and associates for their D&I efforts. A distinctive feature of this award is thatprospective honorees are nominated by members of our affinity groups, thereby giving our diverse associates the opportunity to identify colleagues who they feel have had apositive impact on advancing diversity and inclusion efforts at the firm. The inaugural honorees were announced in May 2019.

Our lockstep compensation system, where associates and partners are paid based on seniority, ensures that there is no conscious or unconscious pay disparity based on race, genderor other demographic characteristics.

Recruiting

The vast majority of our attorneys are hired through our summer associate program. We proactively seek and recruit diverse candidates by visiting many law schools — includingIvy League and other private schools, public state schools and historically black institutions — and job fairs each year. Among the job fairs we attend are the Lavender Law CareerFair, National Black Law Students Association Job Fair, Howard University 1L Job Recruiting Event, and The Bar Association of San Francisco's Diversity Career Fair.

This outreach ensures that we have a talented pool of diverse law students to whom we can extend offers to join the firm. Our lawyers, including our affinity group members,take an active role in the hiring process by having one-on-one discussions with interested candidates and hosting targeted recruiting events. For example, each of our affinitygroups hosts a dinner for offerees from their respective groups. These efforts continue to be successful, resulting in summer classes, and ultimately a lawyer population, with largenumbers of students from diverse backgrounds.

In addition to participating in NYU's AnBryce Scholars Program and the 1L Leadership Council on Legal Diversity Scholars Program, each summer we hire several future lawstudents through the Sponsors for Educational Opportunity (SEO) program, which provides law firm internships to minority students the summer prior to starting law school. Wealso participate in Legal Outreach, an intensive, one-week paid training and mentoring program for high school students who are considering careers in the legal profession.



Retention and Promotion The retention of our diverse lawyers is a critical component of Davis Polk's business success. We focus on the retention and advancement of diverse lawyers from the start oftheir time here. The firm supports six affinity groups for lawyers who share common interests or backgrounds, designed to enhance our ability to offer networking, mentoring andcareer development opportunities. Each affinity group has one designated partner liaison who is also a member of the firm's Diversity & Inclusion Committee. Our affinity groupsconsistently host or sponsor over 50 events per year. A goal of our affinity groups is to extend their reach and invite lawyers who do not identify as affinity group members toevents and discussions, to gain perspective and support from lawyers of different backgrounds. Another goal is to network with people outside of the firm, including clients.

At the associate level, we provide leadership opportunities through Affinity Group Steering Committees. Since 2017, our diverse associates have participated in the New York CityBar Association's Associate Leadership Institute, a series of high-level developmental trainings for diverse mid-levels at firms that are signatories to the City Bar's Statement ofDiversity Principles. In 2020, we significantly increased our participation to include seven associates, six of whom are women.

In practice groups where diverse lawyers have been historically underrepresented, practice group coordinators and staffing partners are particularly focused on making sure ourdiverse associates have ample opportunity to work on a range of matters and with multiple partners to promote their professional growth. Our Management Committee has madethis a priority, and monitors the activity levels and the quality — including substance/complexity, high-profile nature, variety and exposure to key clients — of work of individualdiverse associates.

Training

Our training programs for summer, junior, mid-level and senior associates all incorporate diversity topics, and our annual partners' meeting has included one or more sessionsfocused on diversity and inclusion for each of the last several years. In 2020 we partnered with the NeuroLeadership Institute for a session on mitigating bias.

Davis Polk Revisited

We launched "Davis Polk Revisited" in 2017. Revisited is a re-entry program to help alumni transition back to full-time legal careers after taking an extended break, often to raisechildren. The program not only looks to give our alumni an opportunity to return to the law, but also improve and promote gender diversity in mid-senior associate ranks. Womenwho took an extended break from their legal practice to spend time with their families made up 80% of our inaugural class. Our second class joined the firm in Fall 2018. Webelieve we are the first major U.S. law firm to launch its own such program.

Sponsorships

The firm, as well as our individual lawyers, sponsors or otherwise supports (through board membership and other advisory roles) a number of external organizations that promotediversity and equality in the legal profession and in the community. Such groups include:

-Asian American Bar Association of New York's Portrait Project 2.0 -Asian American Legal Defense Fund-Association of Black Women Lawyers -Council of Urban Professionals-DirectWomen -LatinoJustice PRLDEF -Leadership Council on Legal Diversity -LeGal Foundation -Legal Outreach-Metropolitan Black Bar Association -NAACP Legal Defenseand Educational Fund-National LGBT Bar Foundation -New York City Bar Office of Diversity and Inclusion -NYU Center for Diversity, Inclusion and Belonging -Sponsors forEducational Opportunity (SEO) -Transgender Legal Defense & Education Fund -Women in Law Empowerment Forum

Documents

Davis Polk is proud to support Vault and MCCA. · Davis Polk's commitment to diversity is communicated internally and externally through various channels, including our Intranet and