First quarter results 2003 Robert-Jan van de Kraats, CFO April 29, 2003

 Q1 2003: main points  Financial performance  Market developments  Action plan and outlookAgendaAgenda

 Revenue trend as expected; organic growth rate 0.1%  Gross margin declined to 20.4% (Q1 2002: 21.9%)  Operating expenses reduced by 9.9% year-over-year  Headcount down by 200 since end of 2002  Number of outlets stable  Net debt reduced to € million Q1 2003: summary

 Expected gross margin pressure in the Netherlands materialized  Market share won in all countries except for Germany and North America  Germany loss making, idle time improved towards end of quarter  More large accounts in business mix in all operating companies  Cost reductions in personnel costs, advertising and accomodation  Productivity increased  Uncertainty surrounding revenue trend Q1 2003: underlying trends

Income statement  Amortization intangible fixed assets in operating expenses, Q has been adjusted for comparison purposes € mln Q1 2003Q1 2002% organic FY 2002 Revenue1,2171,272-4%0.1%5,444 Gross margin20.4%21.9% Operating expenses %-5.4%1,095 Operating profit EBITA-0.1%0.1%1.8% Net income %56.8

Gross margin by region Q1 2003Q The Netherlands24.7%27.5% Germany17.9%18.5% Belgium16.9%17.4% France14.3%15.6% Spain16.4%16.5% United Kingdom18.8%22.1% Other European countries20.0%21.6% North America18.1%18.5% Total20.4%21.9%

Development in operating expenses  One-off’s in Q of € 10 million  In Q tax rebate in France

Balance sheet € mlnQ1 2003Q Goodwill87 Tangible fixed assets Financial fixed assets Trade receivables Equity (goodwill absorbed) Provisions Net debt * EBITDA over financial income and expenses

Cash flow statement € mlnQ1 2003Q Cash flow from operations4759 Cash flow from investments28-10 Tangible fixed assets, net30-10 Participation/disposal-2- Free cash flow7549 Cash flow from financing Financing Reimbursements financiers-2-4 Net cash flow DSO5662

Market developments* % -change * prices & volume (year-over-year) ** estimate

 Adjusting the organization in the Netherlands  Randstad North America operating expenses frozen unless revenue development is favorable  Increase profitability non-Dutch operating companies  Reduce idle time at Yacht more aggressively  IT cost reduction by at least € 30 million by 2005 through infrastructure, communication capacity and personnel adjustments Q2 2003: priorities

Outlook Q Given current revenue trends in our markets and assuming a stabilization of gross margins at Q1 level, we expect the operating profit in the second quarter of 2003 to end somewhat below last year’s level. EPS before amortization goodwill is expected to amount to at least € 0.08.

DisclaimerDisclaimer 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.