ManpowerGroup (MAN) 8-K Manpower Reports 4th Quarter and Full Year 2010 Results

Exhibit 99.2

2011February 2

2010 4th Quarter

Manpower Inc.

Manpower Inc. 2010 4th Quarter Results

February 2011

2

This presentation includes forward-looking
statements, including earnings projections
which are subject to risks and uncertainties.
Actual results might differ materially from
those projected in the forward-looking
statements. Additional information
concerning factors that could cause actual
results to materially differ from those in the
forward-looking statements is contained in
the Company’s Annual Report on Form 10-K
dated December 31, 2009, which information
is incorporated herein by reference, and
such other factors as may be described from
time to time in the Company’s SEC filings.

Forward-Looking Statement

Manpower Inc. 2010 4th Quarter Results

February 2011

3

42% CC

N/A

N/A

18%

22% CC

760 bps

Operating Loss($343M)

OP Margin(6.6%)

Revenue$5.2B

Gross Margin17.4%

EPS ($4.29)

30 bps

Q4 Highlights

Throughout this presentation, the difference between reported variances and Constant Currency (CC) variances
represents the impact of currency on our financial results. Constant Currency is further explained on our Web site.

Consolidated Financial Highlights

Excluding

Non-recurring
Items

As

Reported

(1)

(1) Excludes non-recurring items for 2010 as set forth on page 4, and reorganization expenses in 2009.

18%

22% CC

30 bps

110%

122% CC

100 bps

38%

N/A

N/A

Manpower Inc. 2010 4th Quarter Results

February 2011

4

Q4 Non-Recurring Items
($ in millions, except per share amounts)

(1)Includes reorganization charges for Jefferson Wells ($6.1M), France ($7.6M) and Right Management ($16.8M).

(2) Includes goodwill and intangible asset impairment charges for Jefferson Wells ($32.9M) and Right Management
($395.9M).

Manpower Inc. 2010 4th Quarter Results

February 2011

5

Consolidated Gross Margin Change

Manpower Inc. 2010 4th Quarter Results

February 2011

6

SG&A Expense Sequential Bridge - Q4 vs. Q3

(in millions of USD)

Manpower Inc. 2010 4th Quarter Results

February 2011

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46% CC

Americas Segment
(22% of Revenue)

Q4 Financial Highlights

47%

OUP Margin

2.1%

280 bps

Revenue

$1.1B

OUP

$24M

Operating Unit Profit (OUP) is the measure that we use to evaluate segment performance.OUP is equal to segment
revenues less direct costs and branch and national headquarters operating costs.

(1)Included in these amounts is the US, which had revenue of $777M (+62%) and OUP of $14M.On an
organic basis, US revenue was $563Mand OUP was $4M.Included in the US is Jefferson Wells, which
had revenue of $44M and OUP of -$9M, including $6.1M of reorganization charges.

(2) On an organic basis, Americas revenue increased 19% in USD (18% in CC).

(3) Excludes the impact of the reorganization charges of $6.1M in 2010 and $1.1M in 2009.

(1)

N/A

N/A

46% CC

47%

230 bps

(2)

(2)

Excluding

Non-recurring
Items

As

Reported

(3)

N/A

N/A

Manpower Inc. 2010 4th Quarter Results

February 2011

8

Americas - Q4 Revenue Growth YoY

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

69%

11%

6%

14%

(1)On an organic basis, US revenue (including Jefferson Wells) was $563M (+18%).

(1)

Manpower Inc. 2010 4th Quarter Results

February 2011

9

France Segment
(27% of Revenue)

19% CC

Q4 Financial Highlights

10%

OUP Margin

0.8%

70 bps

Revenue

$1.4B

OUP

$12M

19% CC

10%

40 bps

Excluding

Non-recurring
Items

As

Reported

157% CC

138%

119% CC

101%

(1) Excludes the impact of $7.6M of reorganization charges in 2010, and $4.7M of reorganization charges in
2009.

(1)

Manpower Inc. 2010 4th Quarter Results

February 2011

10

EMEA Segment
(38% of Revenue)

19% CC

Q4 Financial Highlights

13%

OUP Margin

4.1%

160 bps

Revenue

$2.0B

OUP

$82M

19% CC

13%

190 bps

Excluding

Non-recurring
Items

As

Reported

128% CC

116%

95% CC

85%

(1) Excludes the impact of the reorganization charges of $6.4M in 2009.

(1)

Manpower Inc. 2010 4th Quarter Results

February 2011

11

EMEA - Q4 Revenue Growth YoY

Revenue Growth - CC

Revenue Growth

Manpower Inc. 2010 4th Quarter Results

February 2011

12

Asia Pacific Segment
(11% of Revenue)

16% CC

Q4 Financial Highlights

26%

OUP Margin

1.7%

10 bps

Revenue

$588M

OUP

$10M

16% CC

26%

20 bps

Excluding

Non-recurring
Items

As

Reported

32% CC

42%

25% CC

34%

(1) Excludes the impact of the reorganization charges of $0.4M in 2009.

(1)

Manpower Inc. 2010 4th Quarter Results

February 2011

13

Asia Pacific - Q4 Revenue Growth YoY

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

47%

29%

24%

Manpower Inc. 2010 4th Quarter Results

February 2011

14

Right Management Segment
(2% of Revenue)

32% CC

Q4 Financial Highlights

33%

OUP Margin

(19%)

1600 bps

Revenue

$87M

OUP

($17M)

32% CC

33%

3540 bps

Excluding

Non-recurring
Items

As

Reported

N/A

N/A

(1) Excludes the impact of the reorganization charges of $16.8M in 2010.

(1)

N/A

N/A

Manpower Inc. 2010 4th Quarter Results

February 2011

15

Cash Flow Summary - Full Year

2010

2009

Cash from Operations

182

414

Capital Expenditures

(58)

(35)

Free Cash Flow

124

379

($ in millions)

Other

(28)

Change in Cash

(242)

141

(26)

Change in Debt

(270)

(227)

Effect of Exchange Rate Changes

(18)

37

Acquisitions of Businesses,

net of cash acquired

(22)

(15)

Share Repurchases

(35)

-

Manpower Inc. 2010 4th Quarter Results

February 2011

16

Balance Sheet Highlights

Total Debt

($ in millions)

Total Debt to

Total Capitalization

Total Debt

Net Debt

2010

2010

Manpower Inc. 2010 4th Quarter Results

February 2011

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(b)

(b)

Credit Facilities as of December 31, 2010($ in millions)

(a)

(a)

This $400M agreement requires, as of December 31, that we comply with a Debt-to-EBITDA ratio of less than 5.25 to 1 and a fixed charge
coverage ratio of greater than 1.25 to 1.As defined in the agreement, we had a Debt-to-EBITDA ratio of 1.60 and a fixed charge coverage
ratio of 2.41 as of December 31, 2010.As of December 31, there were $2.2M of standby letters of credit issued under the agreement.

Represents subsidiary uncommitted lines of credit & overdraft facilities, which total $395.7M.Total subsidiary borrowings are limited to $300M
due to restrictions in our Revolving Credit Facility, with the exception of Q3 when subsidiary borrowings are limited to $600M.

Interest

Rate

Maturity

Date

Total

Outstanding

Remaining

Available

Euro Notes:

- Euro 200M

4.86%

Jun 2013

267

-

- Euro 300M

4.58%

Jun 2012

401

-

Revolving Credit Agreement

2.81%

Nov 2012

-

398

368

Uncommitted lines and Other

Various

Various

30

Total Debt

698

766

Manpower Inc. 2010 4th Quarter Results

February 2011

18

First Quarter Outlook

Revenue

Americas

Up 39-41% in constant currency

France

Up 16-18% in constant currency

Up 8-10% in constant currency

Asia Pacific

Right Management

Down 21-23% in constant currency

Up 18-20% in constant currency

Total

Gross Profit Margin

17.0-17.2%

Operating Profit Margin

1.3-1.5%

Tax Rate

56% (39% excl. reclassification of
France business tax)

EPS

$0.26-$0.34

EMEA

Up 15-17% in constant currency

Manpower Inc. 2010 4th Quarter Results

February 2011

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Strategic Priorities

To achieve our vision, better service our clients and candidates, and differentiate
ourselves from our competition, the Manpower group of companies will focus on:

Manpower Experience

•Candidate Experience

•Client Experience

Digital Strategy

•Direct Talent

•Direct Office

•Direct Time

Professional

•ICT, Engineering, Finance and
Accounting, Healthcare

•Go-to-Market Strategy

•Enhanced Business Model

New Services & Sectors

•Manpower Business Solutions

-RPO (Recruitment Process Outsourcing)

-MSP (Managed Service Provider)

-TBO (Task Based Outsourcing)

-BTS (Borderless Talent Solutions)

•Workforce Strategy

•Government Sector

Manpower Inc. 2010 4th Quarter Results

February 2011

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Questions?

Answers