2018 Guide to Effective Proxies

6 TH EDITION | GUIDE TO EFFECTIVE PROXIES 402 CEO Pay Ratio CEO Pay Ratio In accordance with the requirements of Item 402(u) of Regulation S-K, we have calculated a CEO Pay Ratio for 2017. This ratio is a reasonable estimate, calculated as described below. Measurement Date We utilized a measurement date of October 1, 2017, which reflects an employee population of more than 600,000 individuals worldwide as of the measurement date. It is important to note that 95% of this population comprises our “associates” — these are the employees on assignment that day with our clients within the 80 countries in which we operate. A majority of such assignments are temporary in nature, of different types and durations, which leads to considerable variation in our employee population on a daily basis. In accordance with Item 402(u), our employee population includes both our associates and the remaining 5% of our employees who represent our “permanent” (full and part-time) staff. Consistently Applied Compensation Measure For each of these individuals, compensation was calculated based on total taxable earnings as defined in their home country’s payroll systems. Consistent with SEC rules, we have annualized this number for part-time and full- time employees who were employed for less than the full year in 2017, but not for our associates whose positions are seasonal or temporary in nature. From this, our median employee was identified, an associate located in the United Kingdom who worked in a distribution center for part of the year. His total annual compensation was calculated in accordance with the requirements of the Summary Compensation Table as being $4,828. When calculated against Mr. Prising’s compensation for 2017 of $11,987,783 as reflected in the Summary Compensation Table, it yields a CEO Pay Ratio of 2483:1. Calculation Excluding Associates Supplementally, we have calculated a CEO pay ratio excluding our associates. As noted above, most of the individuals who are counted as “employees” under Item 402(u) are in fact associates who are performing work for our clients on a temporary basis. If we include only our “permanent” staff as of October 1, 2017, our median employee as of the measurement date was a junior sourcing consultant in one of our branch offices in Belgium. Her annualized total compensation was $43,344 for 2017. Under this calculation, the CEO pay ratio is 276:1. We believe this is a more representative indication of how our CEO pay compares to that of our workforce. 2018 Proxy Statement | 76 MANPOWERGROUP