Randstad Holding analyst & investor days back to 17 billion and beyond extracting the value of the new Randstad

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1 Randstad Holding analyst & investor days 2009 back to 17 billion and beyond extracting the value of the new Randstad Ben Noteboom, CEO

2 disclaimer Certain statements in this document comprise forecasts on Randstad Holding s future financial condition and results from operations and certain plans and goals. By their nature, such forecasts generate risk and uncertainty because they concern events in the future and depend on circumstances which then apply. Any number of factors can cause actual results and developments to deviate from those expressed in the forecasts stated here. Such factors can be, but are not limited to, general economic conditions, scarcity on the employment market, the variation in the demand for (flexible) personnel, changes in employment legislation, future currency exchange rates and interest rates, future corporate mergers, acquisitions and divestments and the speed of technical change. The forecasts speak only as at the date of this document. Quarterly figures and pro forma figures are unaudited. 2

3 agenda market developments in 2009 mid term market opportunities our achievements in 2009 our road ahead 3

4 market developments in

5 market development 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% -35% -40% 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% -35% -40% -40% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1Q3 Q2Q4 Q3Q1 Q4Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4Q3 Q1 Q2Q4 Q1 Q2 Q3-10% -15% -20% -25% -30% -35% NL France Germany Belgium N-America 15% 10% 5% 0% -5% current downturn far more severe than the previous one

6 clear impact economy on staffing market Dutch market figures market growth (YoY in %) staffing revenue growth vs. GDP growth market growth (revenue) GDP growth GDP growth (YOY in %) impact economic developments is obvious and economies will ultimately turn 6 source: ABU, CBS

7 structural growth elements intact economic developments have a clear negative impact currently but the structural growth elements remain in place HR Services will remain a structural growth market we will handle mid-term growth perspectives today this does not imply a forecasts on timing of recovery 7

8 underlying external growth drivers 8

9 future external growth drivers deregulation clients want less suppliers penetration flexibility theme

10 flexibility: never waste a good crisis the main lesson many of our clients learnt this downturn is that they were not flexible enough now is the time to help them to prepare organizing the optimal workforce now is the time to make sure flexibility becomes part of corporate policy now is the time to intensify the dialogue with governments, unions and employer organizations 10

11 flexibility: better employment for everyone* sustainability & creation of jobs close adaptation to activity fluctuation use of agency work competitiveness improvement Jetta Klijnsma, State Secretary of Social Affairs & Employment: What we really need right now, is flexibility. This is the moment for the staffing industry to profile itself. Agencies are a place where you find work, qualified personnel, and structural services. Millions of jobs are filled through staffing agencies, which makes your industry the biggest employer in the country. 11 * adaptation of CIETT chart

12 0,9% 0,7% 0,7% 0,6% penetration rates 4,1% Agency work penetration rate varies widely according to countries (2008*) 2,9% 2,3% 2,1% 2,0% 2,0% 1,9% 1,6% European average = 1,7% 1,4% 1,3% 1,0% 0,2% penetration rates are still low - penetration in 2009 will even be lower than in 2008 all countries have good potential to improve 12

13 penetration increases with every cycle 3,0% 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% Europe USA Japan source: Eurociett & SEO Economic Research 13

14 willingness to change jobs can help penetration the lower unemployment, the higher the willingness to change jobs demographic developments will lead to more scarcity going forward scarcity should lead to more flexibility, higher penetration and increased mobility source: Eurobarometer

15 deregulation: Agency Work Directive European Parliament adopted the Agency Work Directive in October 2008 recognition of positive role agency work-industry equal pay unless there is a sector CLA such as in NL and Germany - impact limited as UK is only country where this is not the case review & lifting of unjustified, discriminatory restrictions within 3 years France has opened up the public sector in 2009, in Spain the discussion is gaining traction 15

16 legislative overview of the worlds largest staffing markets equal pay restricted sectors reasons for use maximum length assignment contract flexibility USA UK Oct 2011* JAP FRA GER CLA NLD CLA* BRA ITA SPA BEL SWI CLA POL 16 * UK: as of Oct 2011 equal pay after 3 months * NL: equal pay after 6 months

17 deregulation: lifting restrictions enlarges market lifting restrictions can add 500,000 FTE to the total number of flexworkers in Europe number of additional jobs to be created if restrictions are lifted number of additional jobs 17 source: SEO Economic Research Amsterdam

18 HR services sector spread varies across countries other industry + construction services public the Netherlands and UK have the most diversified spread development of services segment and public sector can enhance market size and margin potential in several countries NL UK ES IT DE BE FR mainly public and services mainly industry source: Eurociett National Federations

19 the structural flex model can enhance market growth Characteristics Consequences Temporary Flex model (Southern Europe, Latin America): * Restrictions on use = less flexibility for user company Reasons for use in combination with maximum length of assignment no contract security for agency worker Structural Flex model * No restrictions on use maximum flexibility for user company * Restrictions on contract type & duration for agency workers some contract security for agency (in GER, NL, Scandinavia) worker structural flex model = model of the future, potential growth driver no reasons for use / max. length of assignment = no restrictions on the use of staffing for user companies use of structural flexibility leads to more competitive, stronger economies contributes to well-functioning labor markets (less unemployment, more mobility / transitions) if relevant in national labor system: Flexicurity model : some contract/work/income security for agency workers combined with an own CLA for agency workers less administrative burden / red tape 19

20 companies use less suppliers supplier list consolidation will be ongoing this provides chances for the large, multi-service providers such as Randstad source: Staffing Industry Analyst 20

21 rationalization of professionals supplier lists expected Large client Staffing volume 20 million Professionals volume 15 million Supplier 1 Supplier 2 Supplier 3 Supplier 1 Supplier 2 Supplier 3 Supplier 4 Supplier... Supplier... Supplier... Supplier... Supplier... Supplier... Supplier... Supplier... Supplier... Supplier... Supplier... Supplier... Supplier... Supplier... Supplier... Supplier... Supplier 47 Supplier 48 Supplier 49 Supplier 50 larger clients often have a small preferred supplier list in staffing at the same time they use many professionals suppliers the latter will most likely be reduced to improve quality, efficiency & transparency 21

22 professionals segment professionalizing executive search: 1.1 billion EBITA (top-level head hunting) professionals & recruitment: 5 billion EBITA staffing: 7.2 billion EBITA the new Randstad is well positioned to benefit from the trend towards more professionalization in the professionals segment 22 Randstad estimate: FY 2008

23 our achievements in

24 adequate and timely adjustments to unrivalled market developments year on year development : actual vs. worse case scenario EBITA margin development : actual vs. worse case scenario 0% -5% -10% worst case scenario revenue actual revenue operating expenses 6% 5% worst case scenario actual -15% 4% -20% 3% -25% -30% -35% 2% 1% -40% 0% Q3 Q4 Q1 Q2 Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q through our managing through the cycle approach we were well prepared for a downturn 24

25 integration completed; real value yet to be extracted other upside potential DSO specialties professionals Q realized tax efficiency branches head office 40 million inhouse 100 million Randstad 20XX Randstad & Vedior 2008 the physical integration in staffing has been completed focus on soft side now ready for roll-out of inhouse, specialties, professionals

26 achievements so far strong concepts - staffing integration well on track - professionals best practices defined - further roll-out inhouse concept best people - talent review in place - global People Survey - share incentive programs aligned - management development system in place excellent execution - reporting integration complete - DSO and other best practices being implemented - fiscal structure optimized - legal frameworks, governance structures mostly in place superior brands - staffing brand integration completed - joint professionals style being implemented - joint campaign materials in use - new web platforms implemented

27 our road ahead 27

28 growth drivers & strategy: unchanged targets continuous market share gains EBITA margin target of 5 to 6% on average through the cycle, not below 4% in normal downturn mid-term EBITA targets staffing 5-7%, inhouse 4-5%, professionals 10-15% sound financial position; leverage ratio between 0 and 2 28

29 the road to future revenue and profitability targets professionals productivity efficiency inhouse specialties HR solutions Randstad mid-term > 17 billion EBITA margin 5-6% Randstad 2009* 13.2 billion EBITA margin 2.9% * based on last 12 months, Oct Sept

30 repeat what we are good at: copy & paste onwards repair copy & paste integration managing through the cycle copy & paste staffing specialties inhouse staffing professionals specialties inhouse over enlarged footprint 30

31 inhouse: early pick up potential and low penetration inhouse as percentage of total revenue general staffing (based on Q figures) country percentage of general staffing < >15 NL 19 France 4 Germany 21 Belgium 12 UK 35 Spain 8 Italy 8 US 24 development inhouse branches 15% of the 230 billion staffing market is suitable for inhouse large opportunities in many markets

32 staffing specialties: large opportunity to improve spread segmentation largest staffing specialties (based on Qx figures) construction contact center finance healthcare logistics transport 32

33 HR solutions gross margin segmentation 26% 2% 12% Q (YTD) 13% 27% 20% the Dutch salary slip processing activities have been mostly sold the other activities are more international in nature and can be expanded payrolling outplacement MSP divested salary slips NL outsourcing other 33

34 professionals identify best practices per segment develop main concepts adapt copy & paste continued monitoring and learning EBITA margin 10% 15% collective learning by combining best practices unique selling points for main concepts cost savings by merging companies branding back-offices branches, network efficiency higher visability among candidates cross selling with different segments and countries 34

35 professionals collective learning by combining best practices unique selling points for main concepts cost savings by merging companies branding back-offices Randstad 2009* branches, network efficiency 13.2 billion EBITA margin 2.9% higher visability among candidates cross selling with different segments and countries continued monitoring & learning copy & paste identify best practice per segment adapt develop main concept 35 -

36 good international spread professionals overview of the largest concepts (65% of total professionals revenue) finance engineers 10% 23% 34% 4% 29% IT 5% 23% 36% 9% 14% 12% 6% 11% 14% 40% 24% 5% healthcare 8% 14% 19% 41% 17% NL, UK, US and France have a wide offering significant copy-paste potential NL France Germany Belgium UK N-America other 36

37 usage of overcapacity to stimulate productivity employees working/corporate FTE some 30% more upside compared to the peaks in Group NL GE US staffing gross profit/corporate FTE to be updated for Q3 way off from peaks in 1998 and 2006 if adjusted for inflation and differences business mix Group NL GE US staffing

38 efficiency enhanced structurally reduced number of brands - less production costs, more room to face the market ultimately goal of one back-office per country - realized in staffing, reduction in professionals ongoing larger branches are more efficient - structural changes have been made to the network roll-out best practices over enhanced footprint 38

39 efficiency: employees per branch general staffing, excluding inhouse services (based on October 09 figures) country <4 4-6 >6 employees Randstad NL 6.0 Tempo-Team NL 5.2 France 4.0 Germany 7.4 Randstad Belgium 7.9 UK staffing 3.6 Spain 5.8 Italy 3.0 US 4.8 the higher the number of consultants per branch, the better the profitability more efficient in the upturn easier to manage costs in downturn structural improvements made due to merger & rationalization 39

40 conclusion market HR services remains a structural growth market the severe downturn puts flexibility higher on the agenda deregulation and increased need for flexibility may help to increase penetration in the next up-cycle Randstad we weathered the storm well whilst simultaneously successfully completing the integration the extraction of the real value has yet to come focus on basic concepts should enable growth above market significant potential in roll-out inhouse and specialties through copypaste professionals concepts will first be used to improve current businesses; copy-paste thereafter 40 October 29, 2009 third quarter results 2009

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