Manpower

Inc.

2005

4

th

Quarter

Results

January

27,

2006

This

presentation

includes

forward-looking

statements

which

are

subject

to

risks

and

uncertainties.

Actual

results

might

differ

materially

from

those

projected

in

the

forward-looking

statements.

Forward-looking

statements

can

be

identified

by

words

such

as

“expect,”

“plan,”

“may,”

“will,”

and

similar

expressions.

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,

2004,

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:

Exhibit 99.2

2

47% CC

Consolidated Financial Highlights

Consolidated Financial Highlights

Revenue

$4.1B

Gross Margin

18.7%

Operating Profit

$132M

OP Margin

3.2%

EPS

$ 1.01

1%

8% CC

10 bps

30 bps

38%

13%

21% 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.

Q4 Highlights

3

Consolidated Financial Highlights

Consolidated Financial Highlights

Gross Profit Margin Change

18.69%

18.76%

16%

17%

18%

19%

Q4 2004

EMEA Staffing

Non-recurring

Items

Permanent

Recruitment

Mix -

Right

Q4 2005

-

0.11%

+ 0.15%

-

0.34%

+ 0.23%

4

Q4 Financial Highlights

3%

OUP Margin

4.3%

110 bps

Revenue

$534M

OUP

$23M

United States Segment

United States Segment

38%

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.

5

Q4 Financial Highlights

2%

7% CC

OUP Margin

3.4%

50 bps

Revenue

$1.4B

OUP

$47M

France Segment

France Segment

14%

6% CC

6

Q4 Financial Highlights

2%

11% CC

OUP Margin

3.7%

80 bps

Revenue

$1.5B

OUP

$54M

EMEA Segment

EMEA Segment

30%

43% CC

7

21%

5%

16%

8%

6%

-13%

10%

16%

-7%

17%

26%

15%

10%

5%

-2%

1%

Other

Holland

Spain

Germany

Elan

Italy

UK - Manpower

Nordics

Revenue Growth -

CC

Revenue Growth

18%

17%

16%

12%

8%

7%

6%

16%

% of Segment

Revenue

Q4 Revenue Growth YoY

EMEA Segment

EMEA Segment

8

Q4 Financial Highlights

7%

OUP Margin

4.6%

820 bps

Revenue

$96M

OUP

$4M

Jefferson Wells Segment

Jefferson Wells Segment

66%

9

Q4 Financial Highlights

9%

5% CC

OUP Margin

3.4%

380 bps

Revenue

$97M

OUP

$3M

Right Management Segment

Right Management Segment

N/A

10

Q4 Financial Highlights

9%

12% CC

OUP Margin

3.6%

150 bps

Revenue

$547M

OUP

$19M

Other Operations Segment

Other Operations Segment

87%

91% CC

11

29%

-5%

32%

-4%

6%

25%

-3%

26%

Other

Australia/NZ

Mexico

Japan

32%

Revenue Growth -

CC

Revenue Growth

37%

16%

15%

Other Operations Segment

Other Operations Segment

% of Segment

Revenue

Q4 Revenue Growth YoY

12

Financial Highlights

Financial Highlights

13

45%

39%

29%

22%

26%

26%

27%

0%

10%

20%

30%

40%

50%

60%

2002

2003

2004

Q1

Q2

Q3

Q4

2005

538

416

370

231

391

324

280

735

627

754

756

902

842

822

0

200

400

600

800

1,000

2002

2003

2004

Q1

Q2

Q3

Q4

2005

Total Debt

$ in millions

Net Debt

Total Debt

Total Debt to Total Capitalization

Percent

Balance Sheet Highlights

Balance Sheet Highlights

14

(in millions)

2005

2004

Cash from Operations

273

$      

187

$      

Capital Expenditures

(78)

(68)

Free Cash Flow

195

119

Share Repurchases *

(218)

-

Change in Debt

(37)

6

Other

(17)

(19)

Change in Cash

(77)

$   

106

$     

Cash Flow Summary –

Cash Flow Summary –

Full Year

Full Year

* 5,300,000 shares

15

Revenue

U.S.

Up 5-7%

France

1%

(Up 6-8% CC)

EMEA

Up 4-6%

(Up 11-13% CC)

Jefferson Wells

Right

Down 7-9%

(Down 3-5% CC)

Other

Up 7-9%

(Up 10-12% CC)

Total

Up 2-4%

(Up 8-10% CC)

Gross Profit Margin

18.1 -

18.3%

Operating Profit Margin

1.6 –

1.7%

Tax Rate

36.5%

EPS

$.36 -

$.39

(Negative $.03 Currency)

First Quarter Outlook

First Quarter Outlook

Up 5-7%

Manpower

Inc.

2005

4

th

Quarter

Results

January

27,

2006

Questions

Questions