Ben Noteboom, acting CEO Robert-Jan van de Kraats, CFO February 18, 2003 Fourth quarter and annual results 2002

 Highlights 2002  Key data  Market developments & operational performance  Financial performance  Outlook  Strategic prioritiesAgendaAgenda

 Organic growth after 7 quarters of declining revenue  Growth in Belgium, France, Spain, United Kingdom, Denmark, Italy, Portugal, Canada and United States (year-over-year)  Operating margin 2.4% (Q4 2001: 1.4%)  One-off’s € 10 million (3.7% of operating expenses)  Real estate portfolio sold  Operational performance improved throughout the year Highlights Q4 2002

 EPS € 0.43, an improvement of 26.5% compared to 2001  DSO reduced by 5 days to 52 (equals approx. € 100 million cash)  Net debt reduced by 48.8% to € million (2001: € million)  Dividend proposal € 0.17 (2001: € 0.14) Highlights full year 2002

Key data € mln Q Q changeFY 2002 FY 2001 change Revenue1,3681,396-2%5,4445,789-6% Gross margin22.2%23.0%21.9%23.0% Operating margin2.4%1.4%1.8% Net income from ordinary operations %594821% EPS from ordinary operations

Randstad North America  Only light industrial segment improved  Gross margin measures effective In mln $

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

Developments market share Europe Market share FY 2002 Market share Q Market position the Netherlands=+1 Germany-=1 Belgium=+1 France++ 6 Spain-=2 United Kingdom Italy++6

Gross margin by region FY 2002FY 2001* The Netherlands27.6%27.7% Germany21.0%22.2% Belgium16.5%17.4% France15.0%15.3% Spain16.3%17.5% United Kingdom19.9%21.7% Other European countries21.5%24.0% North America18.3%20.9% Total21.9%23.0% * continuing operations only

Randstad Germany  Break even in second half 2002; operational performance improved throughout the year  Structural improvement of market approach  Operating expenses significantly below 2001  In-house services expanding: 2,500 flexworkers  Legislative environment has improved

LegislationLegislation  German legislative environment has improved -Synchronization ban removed -Order duration for 1 flexworker at 1 client no longer limited -Staffing in construction sector allowed under certain conditions -But, existing law on part-time and time limitation has to be followed (“Teilzeit- and Befristungsgesetz”)  Draft EU directive still under discussion

Share of specific target groups among flexworkers in the Netherlands Elderly people (> 45 years)8%7% Impaired employees3%2% Long-term unemployed2% Ethnic minorities13%9% Target groups (corrected for double counting)23%18% source: ABU

YachtYacht  Reduction operating expenses by € 10.4 million (-13.0%)  Tight cost control and adjustments to headcount  Focus on limited number of product market combinations  Ratio fixed and variable contracts has improved further (65/35%)  Market leader in finance in the Netherlands Technology ICT Finance & Management Revenue split per LoB

In-house services*  Organic growth 11% in Q  Solid profitability Capac the Netherlands  Other countries: focus on profitability per client  46 in-house locations added * excl. Germany and USA 64% (2001: 75%) 8% 16% 9% 2% 1%

Financial performance Q4 and 2002 Robert-Jan van de Kraats, CFO

Income statement Q € mln Q4 2002Q4 2001change Revenue1,3681,396-2% Organic revenue growth 0.5% Gross margin22.2%23.0% Operating expenses % Operating profit321970% Net financial income & expenses Net income from ordinary operations %

Income statement full year 2002 € mln FY 2002FY 2001change Revenue5,4445,818-6% Organic revenue growth -5% Gross margin21.9%23.0% Operating expenses1,0931,236-12% Operating profit % Net financial income & expenses Net income from ordinary operations %

Revenue split by region: unchanged in 2002 Total € 5,444 mln

Gross margin contribution by region * in 2001 Total € 1,193 mln

Development in operating expenses  Operating expenses declined by € million  Most savings in Randstad North America and Germany  One-off’s in Q of € 10 million One-off’s

Balance sheet € mlnDec 31, 2002Dec 31, 2001 Goodwill77 Financial fixed assets Tangible fixed assets Trade receivables Equity (goodwill absorbed) Provisions Net debt Interest cover ratio* * EBITDA over financial income and expenses

Cash flow statement € mlnFY 2002FY 2001 Cash flow from operations Cash flow from investments2721 Tangible fixed assets, net12(91) Participation/disposal15112 Free cash flow Cash flow from financing(228)(63) Financing(185)32 Reimbursements financiers(43)(95) Net cash flow3153 DSO5257

Accounting topics  IAS project status: identify issues and establish time path  Classification of amortization goodwill in the income statement: changed per January 1, 2003  Segmentation report to be changed as of first quarter 2003

Outlook Q We do not yet see convincing signs of a recovery in our markets. Current organic revenue trends are close to flat (year-over-year). In the seasonal pattern of our business volume, the first quarter is the weakest quarter. Therefore, we expect the operating result in the first quarter to be close to or slightly below break-even, consequently EPS will be slightly negative as well, as it was in the first quarter of 2002.

StrategyStrategy Ben Noteboom, acting CEO

Medium-term strategic targets 2002 actual 4 to 6 year target  Revenue mix : 20% specialized  > 30% specialized  Geographical spread : 40% the Netherlands  30% the Netherlands  EBITA margin : 1.8%  5 – 6 %

Building blocks Building blockStatus Strong concepts Implementation of structured work processes and commercial approach in almost all countries The best people HR & MD guidelines and systems have been defined and implemented All training in line with strong concepts Senior management training tripled in 2003 Superior brands Corporate identity Randstad brand “Good to know you” Excellent execution

Strategic priorities  Improve operational performance Randstad North America, Randstad Germany and Yacht  Focus on organic growth  International Randstad branding program  Implementation of standardized work processes and commercial approach  Infrastructure maintained  Maintain strong balance sheet

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.