ManpowerGroup Inc NYSE: MAN

1. ManpowerGroupIncNYSE: MAN Nicole Shan, Muen Yue Presented: April 11, 2019

2. Agenda • Introduction • Selection Criteria • Macroeconomic Overview • Company Overview • Financial Analysis • Valuation • Recommendation

3. Selection Criteria New Industry Small-Medium Size Company Increasing Trend in Dividends Continuous Stock Repurchases Steady EBIT Margin Source: Yahoo Finance

4. Macroeconomic Overview

5. Macroeconomic Overview Source: FRED Economics Data/ Bureau of Labor Statistics URL: https://fred.stlouisfed.org/series/A191RP1A027NBEA; https://data.bls.gov/timeseries/lns14000000

6. Global GDP Growth Rate | United States | | European Union | | Japan | | France | Source: Trading Economics; URL: https://tradingeconomics.com/european-union/gdp-annual-growth-rate

7. Global Unemployment Rate | European Union | | United States | | Japan | | France | Source: Trading Economics; URL: https://tradingeconomics.com/france/unemployment-rate

8. Contingent Employment Source: https://data.bls.gov/pdq/SurveyOutputServlet; https://data.oecd.org/emp/temporary-employment.htm

9. Industry Overview Life Cycle Stage Mature Technology Change Medium Competition Level High Industry Globalization Low Capital Intensity Low Concentration Level Medium Barriers to entry Low Rivalry

10. BusinessOverview

11. Overview Characteristics Company Introduction • ManpowerGroup Inc. is a globally recognized leader in innovative workforce solutions and services. • ManpowerGroup’s suite of innovative workforce solutions and services include: • Recruitment and Assessment • Training and Development • Career Management • Outsourcing • Workforce Consulting • Providing meaningful work for over 600,000 people everyday • Connecting millions of job seekers with work every year, globally • Finding talent solutions for clients from small/medium to Fortune 100 companies Source: Company 2018 Investor Relationship Presentation ;

12. Future Challenges & Advantages Challenges Advantages INNOVATIVE WORKFORCE SOLUTIONS Provide flexibility and agility to the clients as they face these challenges Source: Company 2018 Investor Relationship Presentation ;

13. Enabled by Technology ManpowerGroup Digital Ecosystem Source: Company 2018 Investor Relationship Presentation ;

14. Strong Brands • Global career experts dedicated to helping organizations and individuals become more agile and market-ready. • Career Transition / Talent Management & Assessment • A global leader in outsourcing services for large-scale recruiting. • the world’s largest Recruitment Process Outsourcing (RPO) • Managed Service Provider (MSP) business • Talent Based Outsourcing (TBO). • Leader in contingent staffing and permanent recruitment. • Provide with rapid access to a highly qualified and productive pool of candidates. • Multi-channel delivery • A global leader in professional resourcing and project-based solutions. • With operations in over 50 countries and territories, • Delivered 71 million hours of professional talent in 2018 • Core growth in Experis IT 37% of Revenue 63% of Revenue Source: Company 2018 Investor Relationship Presentation ;

15. Geographic Segment Overview • The Southern Europe segment had 1,103 branch offices and 49 franchise offices • Largest operations in this segment are in France and Italy. 42.6 % Southern Europe • Collectively, Operates through 449 branch offices in this region • Largest operations in Northern Europe are in the United Kingdom, Germany, the Nordics and the Netherlands 24.4% Northern Europe • The Americas segment had 573 branch and 182 franchise offices • United States, representing 61% of the Americas’ revenue, had 377 branch and 167 franchise offices 18.9% Americans • Operate through 175 branch offices in the Asia Pacific Middle East (APME) region. • The largest of these operations are located in Japan, Australia, India, Greater China and Korea 13.1 % APME Source: Company 2018 Annual Report

16. Segment Results in 2018 Source: Company 2018 Investor Relationship Presentation ;

17. SWOT Analysis • Opportunities • Opening up of new markets • Merger & Acquisition • Sales Growth in APME • Strength • Highly skilled workforce through successful training and learning programs • Strong brand name • Strong distribution network SWOT Analysis • Weakness • High attrition rate in work force • Not highly successful at integrating firms • Threats • Intense Competition • Currency Exchange Rate • Decrease in customer needs Source: Company Annual report 2018

18. Financial Analysis

19. Financial Analysis Source: Capital IQ

20. Valuation

21. Valuation-ComparableComps The Adecco Group (ADEN),based in Zurich, Switzerland, is the largest temp staffing firm in the world. With 5,100 branches in over 60 countries and territories around the world, The Adecco Group offers the services that include temporary staffing, permanent placement, career transition and talent development, and outsourcing and consulting. ADEN key markets are France, North America, UK and Ireland. Robert Half International is a global human resource consulting firm based in Menlo Park, California founded in 1948. It is credited as being the world's first and largest accounting and finance staffing firm, with over 345 locations worldwide. 51job, Inc., provides integrated human resource services in the People's Republic of China. The company offers online recruitment services through its Websites comprising 51job.com, yingjiesheng.com, 51jingying.com, and lagou.com; and mobile applications that enable job seekers to access their accounts through mobile devices and utilize functions available on their Websites Randstad NV is a Dutch multinational human resource consulting firm headquartered in Diemen, Netherlands. It was founded in 1960 and operates in around 39 countries. It specializes in human resource services for temporary and permanent jobs, including contract staffing of professionals and senior managers. Source: Yahoo Finance, Company Websites

22. Valuation-ComparableComps Source: Capital IQ

23. Valuation-DCF Key Assumptions • Revenue Growth Rate: Slow down in 2019 and Keep stable in the near future. • France and Japan will be the key area. • Higher Efficiency • Shut down and sell non-core business • Increase Operating Margin • Flat to Increasing Dividend • Continued Share repurchase plan • Increasing Earnings Per Share Source: Company Website; .

24. Valuation-DCF Data Assumptions

25. Valuation-DCF Terminal Growth Rate 2% Terminal Value 4,394 Million CAPM 9.5% + 2% Premium Actual Return (5 yrs) 13.2% Total Equity Value: 5,891 Million Discount Rate Discount Rate 12.5% Target Price: $90.5

26. Recommendation

27. Recommendation Range: $90.5 - $94.5 Current Price: $83.97 • Highly Currency Exchange Risk • Opportunity to New Markets • Strong Brand Add to Watching List