1. Aon Trade Credit1 Insuring the balance sheet DACT Treasury Beurs Noordwijk November 5th, 2009

2. Aon Trade Credit2 Who is Aon  Worldwide leader in –Risk Management –Employee Benefits –(Re-) Insurance  Aon Corporation –Revenue USD 7,4 Billion (2008) –Based in 120 countries with 500 offices –36.000 employees worldwide, 1500 in The Netherlands

3. Aon Trade Credit3  Aon is risk consultant & insurance broker to Randstad  Aon Trade Credit was requested to advise Randstad on credit insurance in relation to the pursued off-balance sheet financing of the receivable portfolio  The objective of Randstad was the off-balance structure –In some structures a credit insurance was a condition sine qua non –This has an impact on the discount rate of the purchase price RandstadBank Credit Insurer EUR A/R Premium Insurance

4. Aon Trade Credit4 Insurance Issues  Credit management impact for Randstad  Standby facility: when to start insuring  Amount covered and therefore fundable unclear over time  Insured is the financial institution (ABS policy) at the moment it becomes owner of the assets  Cost / Benefit

5. Aon Trade Credit5 Randstad Solution  The receivables portfolio of Randstad is diversified in terms of debtors and industry segments  Therefore comparable to the portfolio of a financial institution willing to finance the portfolio (predictability and no concentration concerns)  The credit insurance market is open for solutions and has shown flexibility  The discount proposed by a financial institution and amount eligible for sale should be compared with the cost for risk transfer premium of a credit insurance

6. Aon Trade Credit6