ManpowerGroup (MAN) 8-K ManpowerGroup Reports 4th Quarter and Full Year 2011 Results

Exhibit 99.2

ManpowerGroup

4th Quarter

February 1, 2012

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

Forward-Looking Statement

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 Manpower Inc. Annual Report on Form 10-K
dated December 31, 2010, 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.

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

As Reported	Excluding Non -recurring Items	Q4 Financial Highlights
5%	5%	Revenue$5.5B
6% CC	6% CC
30 bps	30 bps	Gross Margin17.1%
N/A	29%	Operating Profit$130M
N/A	29% CC
900 bps	50 bps	OP Margin2.4%
N/A	48%	EPS$.78
N/A	48% CC

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

3

(1)Excludes reorganization charges for 2011 and 2010, and goodwill and intangible asset impairment in 2010.

(1)

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

Consolidated Gross Margin Change

4

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

SG&A Expense Bridge - Q4 YOY(in millions of USD)

87.1%

83.9%

Productivity Gain

5

% of GP

% of GP

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

Q4 Non-Recurring Items

($ in millions, except per share amounts)

6

(1)2011 includes reorganization charges for the Americas ($2.4M), Northern Europe ($12.0M) and Right Management ($6.1M).

(2)2010 includes reorganization charges for the Americas ($6.1M), Southern Europe ($7.6M) and Right Management ($16.8M).

(3)2010 includes goodwill and intangible asset impairment charges for the Americas ($32.9M) and Right Management ($395.9M).

	2011			2010
	Pre-tax Earnings	Net Earnings	EPS - Diluted	Pre-tax Earnings	Net Earnings	EPS - Diluted
Earnings, As Reported	$119.4	$63.6	$0.78	$(352.6)	$(350.4)	$(4.29)
Reorganization Charge	20.5	16.3	0.20	30.5	20.6	0.25
Goodwill and Intangible Asset impairment	N/A	N/A	N/A	428.8	384.3	4.70
Earnings, Excluding non- recurring items	$139.9	$79.9	$0.98	$106.7	$54.5	$0.66

(1)(2)

(3)

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

7

Growth

Business Line Gross Profit - Q4 2011

█Manpower █Experis█ManpowerGroup - Total

█ManpowerGroup Solutions█Right Management

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

As Reported	Excluding Non -recurring Items	Q4 Financial Highlights
3%	3%	Revenue$1.2B
5% CC	5% CC
59%	35%	OUP$38M
62% CC	37% CC
120 bps	80 bps	OUP Margin3.3%

Americas Segment

(21% of Revenue)

(1)Included in these amounts is the US, which had revenue of $766M (-1%) and OUP of $26M (+84%), including
$1.7M of reorganization charges.

(2)Excludes the impact of reorganization charges of $2.4M in 2011 and $6.1M in 2010.

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)

8

(2)

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

Americas - Q4 Revenue Growth YoY

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

66%

12%

7%

15%

9

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

As Reported	Excluding Non -recurring Items	Q4 Financial Highlights
5%	5%	Revenue$2.0B
6% CC	6% CC
41%	13%	��OUP$43M
42% CC	14% CC
50 bps	10 bps	OUP Margin2.1%

Southern Europe Segment

(37% of Revenue)

(1)    Included in these amounts is France, which had revenue of $1.5B (+6% CC) and OUP of $21M (+72% CC).

(2)On an organic basis, revenue increased 4% (5% in CC).

(3)Excludes the impact of reorganization charges of $7.6M in 2010.

(1)

10

(3)

(2)

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

Southern Europe - Q4 Revenue Growth YoY

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

75%

15%

5%

5%

11

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

As Reported	Excluding Non -recurring Items	Q4 Financial Highlights
3%	3%	Revenue$1.5B
4% CC	4% CC
18%	1%	OUP$52M
18% CC	1% CC
80 bps	10 bps	OUP Margin3.4%

Northern Europe Segment

(28% of Revenue)

(1)Excludes the impact of reorganization charges of $12.0M in 2011.

12

(1)

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

Northern Europe - Q4 Revenue Growth YoY

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

21%

17%

15%

12%

10%

18%

7%

13

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

As Reported	Q4 Financial Highlights
18%	Revenue$695M
14% CC
121%	OUP$22M
115% CC
140 bps	OUP Margin3.1%

APME Segment

(13% of Revenue)

14

(1)

(1)On an organic basis, revenue increased 9% (5% in CC).

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

APME - Q4 Revenue Growth YoY

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

44%

26%

30%

15

(1)On an organic basis, Other revenue growth was 11% (+13% CC).

(1)

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

As Reported	Excluding Non-recurring Items	Q4 Financial Highlights
8%	8%	Revenue$80M
9% CC	9% CC
N/A	N/A	OUP($6M)
N/A	N/A
1240 bps	70 bps	OUP Margin(7.0%)

Right Management Segment

(1% of Revenue)

(1)Excludes the impact of reorganization charges of $6.1M in 2011 and $16.8M in 2010.

16

(1)

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

Cash Flow Summary - Full Year

($ in millions)	2011	2010
Cash from Operations	69	182
Capital Expenditures	(65)	(58)
Free Cash Flow	4	124
Change in Debt	15	(15)
Share Repurchases	(105)	(35)
Acquisitions of Businesses net of cash acquired	(49)	(270)
Effect of Exchange Rate Changes	(28)	(18)
Other	(29)	(28)
Change in Cash	(192)	(242)

17

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

Balance Sheet Highlights

Total Debt

($ in millions)

Total Debt to

Total Capitalization

Total Debt

Net Debt

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

	Interest Rate	Maturity Date	Total Outstanding at 12/31/11	Remaining Available at 12/31/11
Euro Notes:
- Euro 200M	4.86%	Jun 2013	259	-
- Euro 300M	4.58%	Jun 2012	389	-
Revolving Credit Agreement	1.57%	Oct 2016	-	798
Uncommitted lines and Other	Various	Various	52	347
Total Debt			700	1,145

Credit Facilities
($ in millions)

(1)

Represents subsidiary uncommittedlines of credit & overdraft facilities, which total $399.2M. Total subsidiary borrowing are limited to $300M due to
restrictions in our Revolving Credit Facility, with the exception of Q3 when subsidiary borrowings are limited to $600M.

(1)

(2)

(2)

We completed a new $800M five year revolving credit agreement on October 5, 2011 with a syndicate of commercial banks .This new agreement
replaces the previous $400M agreement. This agreement, which expires in October 2016, allows for borrowings in various currencies and up to $150M
may be used for the issuance of stand-by letters of credit. Under this agreement, a debt ratings-based pricing grid determines the credit spread that we
add to the applicable interbank borrowing rate on all borrowings as well as the facility and issuance fees.At our current credit ratings, our facility fee is
0.225% and our credit spread for borrowings is 1.275%. This agreement requires that we comply with a Leverage Ratio (Debt-to-EBITDA) of not greater
than 3.5 to 1 and a Fixed Charge Coverage Ratio of not less than 1.5 to 1, in addition to other customary restrictive covenants. As defined in the
agreement, we had a Debt-to-EBITDA ratio of 0.80 and a fixed charge coverage ratio of 3.13 as of December 31, 2011. As of December 31, there were
$1.6M of standby letters of credit issued under the agreement.

19

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

First Quarter Outlook

Revenue	Total	Down 1-3% (Up 0-2% CC)
	Americas	Down 1-3% (Up 0-2% CC)
	Southern Europe	Down 5-7% (Down 0-2% CC)
	Northern Europe	Down 2-4% (Up 0-2% CC)
	APME	Up 11-13% (Up 7-9% CC)
Right Management		Down 9-11% (Down 7-9% CC)
Gross Profit Margin		16.6 - 16.8%
Operating Profit Margin		1.4 - 1.6%
Tax Rate		56%
EPS		$0.30 - $0.38 (Neg. $.02 Currency)

20

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

Last year at this time, we didn’t have…

21

…Introduction of Human Age

…Launch of our new parent brand - ManpowerGroup

…Launch of our new professional resourcing brand - Experis

…Launch of our solutions offering - ManpowerGroup Solutions

…Reposition of our Right Management brand to be aligned with our
new branding

…Introduction of new organizational structure - Southern and Northern
Europe

…Registered more than 9 million resumes on Direct Talent, our internet
recruitment tool, and implemented in 31 countries

…The largest global RPO business in the industry

…The largest Vender Neutral MSP business in the industry

ManpowerGroup2011 4th Quarter ResultsFebruary 2012

Strategic Drivers

Questions