ManpowerGroup (MAN) 8-K ManpowerGroup Reports 2nd Quarter and First Half 2012 Results

Exhibit 99.2

ManpowerGroup

2nd Quarter

July 20, 2012

ManpowerGroup 2012 2nd Quarter ResultsJuly 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, 2011, 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.

ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

As Reported	Excluding Non -recurring Items	Q2 Financial Highlights
8%	8%	Revenue$5.2B
1% CC	1% CC
40 bps	40 bps	Gross Margin16.6%
37%	18%	Operating Profit$94M
30% CC	11% CC
90 bps	30 bps	OP Margin1.8%
41%	13%	EPS$.51
34% CC	5% 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

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(1)

(1)Excludes the impact of non-recurring items of $28.7M in Q2 2012.

ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

Q2 Non-Recurring Items

($ in millions, except per share amounts)

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(1)Includes reorganization charges for the Americas ($8.3M) and Right Management ($10.4M).

	Pre-tax Earnings	Net Earnings	EPS - Diluted
Earnings, As Reported	$83.1	$41.0	$0.51
Reorganization Charges	18.7	13.9	0.17
Legal Costs - US	10.0	6.5	0.08
Earnings, Excluding non- recurring items	$111.8	$61.4	$0.76

(1)

ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

Consolidated Gross Margin Change

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ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

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ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

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$862M

Business Line Gross Profit - Q2 2012

█Manpower█Experis█ManpowerGroup - Total

█ManpowerGroup Solutions█Right Management

ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

As Reported	Excluding Non-recurring Items	Q2 Financial Highlights
2%	2%	Revenue$1.2B
1% CC	1% CC
54%	7%	OUP$18M
52% CC	5% CC
180 bps	20 bps	OUP Margin1.6%

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(1)

Americas Segment

(22% of Revenue)

(1)Included in these amounts is the US, which had revenue of $763M (-4%) and OUP of $8M (-72%, or -10%
excluding non-recurring items).

(2)Excludes the impact of non-recurring items of $18.3M in Q2 2012

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.

(2)

ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

Americas - Q2 Revenue Growth YoY

ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

As Reported	Q2 Financial Highlights
13%	Revenue$1.9B
3% CC
38%	OUP$31M
30% CC
70 bps	OUP Margin1.6%

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(1)

Southern Europe Segment

(36% of Revenue)

(1)Included in these amounts is France, which had revenue of $1.4B (-3% CC) and OUP of $16M (-29% CC).On
an organic basis, France revenue decreased 15% (-5% in CC).

(2)On an organic basis, Segment revenue decreased 15% (-4% in CC).

(2)

ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

Southern Europe - Q2 Revenue Growth YoY

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(1) On an organic basis, France revenue decreased 15% (-5% in CC).

ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

As Reported	Q2 Financial Highlights
10%	Revenue$1.4B
1% CC
30%	OUP$39M
24% CC
80 bps	OUP Margin2.8%

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Northern Europe Segment

(27% of Revenue)

ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

Northern Europe - Q2 Revenue Growth YoY

ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

As Reported	Q2 Financial Highlights
0%	Revenue$663M
2% CC
16%	OUP$22M
18% CC
50 bps	OUP Margin3.3%

APME Segment

(13% of Revenue)

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ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

APME - Q2 Revenue Growth YoY

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Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

44%

25%

31%

ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

As Reported	Excluding Non-recurring Items	Q2 Financial Highlights
1%	1%	Revenue$84M
3% CC	3% CC
N/A	166%	OUP($3M)
N/A	172% CC
680 bps	550 bps	OUP Margin(3.5%)

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Right Management Segment

(2% of Revenue)

(1)

(1)Excludes the impact of reorganization charges of $10.4M in Q2 2012.

ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

($ in millions)	2012	2011
Cash used in operating activities	(40)	(192)
Capital Expenditures	(34)	(28)
Free Cash Flow	(74)	(220)
Change in Debt	56	4
Share Repurchases	(33)	(19)
Dividends paid	(34)	(33)
Acquisitions of Businesses net of cash acquired	(34)	(15)
Effect of Exchange Rate Changes	(7)	31
Other	-	23
Change in Cash	(126)	(229)

Cash Flow Summary - First Half

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ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

Balance Sheet Highlights

Total Debt

($ in millions)

Total Debt to

ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

	Interest Rate	Maturity Date	Total Outstanding at 6/30/12	Remaining Available at 6/30/12
Euro Notes:
- Euro 200M	4.86%	Jun 2013	253	-
- Euro 350M	4.505%	Jun 2018	443	-
Revolving Credit Agreement	1.52%	Oct 2016	-	798
Uncommitted lines and Other	Various	Various	59	325
Total Debt			755	1,123

Credit Facilities
($ in millions)

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Represents subsidiary uncommitted lines of credit & overdraft facilities, which total $383.7M. 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.

(1)

(2)

(2)

(1)

The $800M 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 1.13
and a fixed charge coverage ratio of 3.08 as of June 30, 2012. As of June 30, 2012, there were $1.6M of standby letters of credit issued under the
agreement.

ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

Revenue	Total	Down 11-13% (Down 3-5% CC)
	Americas	Down 3-5% (Down 1-3% CC)
	Southern Europe	Down 18-20% (Down 6-8% CC)
	Northern Europe	Down 11-13% (Down 2-4% CC)
	APME	Down 2-4% (Up 0-2% CC)
Right Management		Down 0-2% (Up 2-4% CC)
Gross Profit Margin		16.3 - 16.5%
Operating Profit Margin		2.1 - 2.3%
Tax Rate		46% (34% excl. reclassification of France business tax)
EPS		$0.64 - $0.72 (Neg. $.08 Currency)

Third Quarter Outlook

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ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

Strategic Drivers

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ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

ManpowerGroup 2012 2nd Quarter ResultsJuly 2012

Questions

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