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ManpowerGroup Tax Policy

It is the policy of the Company to properly report and pay tax due based on the applicable tax laws and the economic substance of our business transactions. Tax planning is used to support and ethically align our business operations with tax laws and tax structures are not used for the sole purpose of tax avoidance. The Company understands and balances the competing, important roles of taxation. Taxes enhance our social responsibility for our host communities. Taxes also affect the sustainable value of our operations to benefit our employees and shareholders.

The Company complies with tax laws and regulations globally via effective collaboration and governance within our Global Tax Process. In compliance with U.S. GAAP and SEC reporting, our Global Tax Process provides oversight to mitigate and report tax risks to enable a sustainable tax rate. Tax exposures and tax risks may arise throughout our 80 countries of operation. Tax exposures and risks are most likely to arise from cross-border transactions because of the involvement of multiple tax jurisdictions and the interpretational differences of the respective tax authorities. All material inter-company transactions reflect transfer prices that are documented on an arm’s length principle meaning profits are taxed where value is created.

The Company’s total effective tax rate is based on the reported results of various subsidiaries in our 80 countries of operation and the effective tax rates of each country that vary country-by- country. Statutory filings, including the reporting of the effective tax rate versus the statutory tax rate, are made annually in almost all countries. A discussion of the Company’s global tax rate may be found in the Annual Report based on U.S. GAAP and filed with the SEC, and readily available on the Company’s website under Investor Relations.


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