www.randstadholding.com

Ben Noteboom, acting CEO

Robert-Jan van de Kraats, CFO

February 18, 2003

Fourth quarter and Fourth quarter and annual results 2002annual results 2002

Highlights 2002

Key data

Market developments & operational performance

Financial performance

Outlook

Strategic priorities

AgendaAgendaAgendaAgenda

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 2002Highlights Q4 2002Highlights Q4 2002Highlights 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 € 207.5 million (2001: € 405.3

million)

Dividend proposal € 0.17 (2001: € 0.14)

Highlights full year 2002Highlights full year 2002Highlights full year 2002Highlights full year 2002

Key dataKey dataKey dataKey data

€ mln Q4 2002

Q4 2001

change FY 2002

FY 2001

change

Revenue 1,368 1,396 -2% 5,444 5,789 -6%

Gross margin 22.2% 23.0% 21.9% 23.0%

Operating margin 2.4% 1.4% 1.8% 1.8%

Net income from ordinary operations

21 10 107% 59 48 21%

EPS from ordinary operations

0.16 0.07 0.43 0.34

Randstad North AmericaRandstad North AmericaRandstad North AmericaRandstad North America

Only light industrial segment improved

Gross margin measures effective

240

250

260

270

280

290

300

310

320

330

Q1 Q2 Q3 Q4

15%

16%

17%

18%

19%

20%

Revenue 2001

Revenue 2002

Gross margin

In mln $

European market developments*European market developments* European market developments*European market developments*

-20%

-15%

-10%

-5%

0%

5%

Q2 Q3 Q4 Q1 Q2 Q3 Q4

Germany** France Belgium the Netherlands

% -change

* prices & volume (year-over-year) ** estimate

20022001

Developments market share EuropeDevelopments market share EuropeDevelopments market share EuropeDevelopments market share Europe

Market share FY 2002

Market share Q4 2002

Market position

the Netherlands = + 1

Germany - = 1

Belgium = + 1

France ++ ++ 6

Spain - = 2

United Kingdom + ++ 10-15

Italy ++ ++ 6

Gross margin by region Gross margin by region Gross margin by region Gross margin by region

FY 2002 FY 2001*

The Netherlands 27.6% 27.7%

Germany 21.0% 22.2%

Belgium 16.5% 17.4%

France 15.0% 15.3%

Spain 16.3% 17.5%

United Kingdom 19.9% 21.7%

Other European countries 21.5% 24.0%

North America 18.3% 20.9%

Total 21.9% 23.0%

* continuing operations only

Randstad GermanyRandstad GermanyRandstad GermanyRandstad 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

LegislationLegislationLegislationLegislation

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 Share of specific target groups among flexworkers in the Netherlandsflexworkers in the NetherlandsShare of specific target groups among Share of specific target groups among flexworkers in the Netherlandsflexworkers in the Netherlands

2001 2000

Elderly people (> 45 years) 8% 7%

Impaired employees 3% 2%

Long-term unemployed 2% 2%

Ethnic minorities 13% 9%

Target groups (corrected for double counting) 23% 18%

source: ABU

YachtYachtYachtYacht

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

Netherlands0%

10%

20%

30%

40%

50%

2001 2002

Technology

ICT

Finance & Management

Revenue split per LoB

In-house services*In-house services*In-house services*In-house services*

Organic growth 11% in Q4 2002

Solid profitability Capac the

Netherlands

Other countries: focus on

profitability per client

46 in-house locations added

* excl. Germany and USA

the Netherlands Spain BelgiumUnited Kingdom France Italy

64%

(2001: 75%)

8%

16%

9%

2%

1%

Financial performance Q4 and 2002Financial performance Q4 and 2002Financial performance Q4 and 2002Financial performance Q4 and 2002

Robert-Jan van de Kraats, CFO

Income statement Q4 2002Income statement Q4 2002Income statement Q4 2002Income statement Q4 2002

€ mln Q4 2002 Q4 2001 change

Revenue 1,368 1,396 -2%

Organic revenue growth 0.5%

Gross margin 22.2% 23.0%

Operating expenses 272 301 -10%

Operating profit 32 19 70%

Net financial income & expenses -2.3 -5.5

Net income from ordinary operations

21 10 107%

Income statement full year 2002Income statement full year 2002Income statement full year 2002Income statement full year 2002

€ mln FY 2002 FY 2001 change

Revenue 5,444 5,818 -6%

Organic revenue growth -5%

Gross margin 21.9% 23.0%

Operating expenses 1,093 1,236 -12%

Operating profit 100 103 -4%

Net financial income & expenses -15.8 -25.9

Net income from ordinary operations

59 48 21%

Revenue split by region: unchanged in 2002Revenue split by region: unchanged in 2002Revenue split by region: unchanged in 2002Revenue split by region: unchanged in 2002

40%

10%10%

6%

5%

3%

3%

23%

the Netherlands

Germany

Belgium

France

Spain

United Kingdom

Other European Countries

North America

Total € 5,444 mln

Gross margin contribution by regionGross margin contribution by regionGross margin contribution by regionGross margin contribution by region

50%

9%

8%

4%

4%

3%

3%

19%

the Netherlands (48%)*

Germany (10%)*

Belgium (7%)*

France (4%)*

Spain (4%)*

United Kingdom (2%)*

Other European countries (2%)*

North America (21%)*

* in 2001Total € 1,193 mln

Development in operating expensesDevelopment in operating expensesDevelopment in operating expensesDevelopment in operating expenses

Operating expenses declined by € 142.3 million

Most savings in Randstad North America and Germany

One-off’s in Q4 2002 of € 10 million

200

220

240

260

280

300

320

340

Q1 Q2 Q3 Q4

in m

ln €

2001

2002 One-off’s

Balance sheet Balance sheet Balance sheet Balance sheet

€ mln Dec 31, 2002 Dec 31, 2001

Goodwill 7 7

Financial fixed assets 366 421

Tangible fixed assets 142 264

Trade receivables 820 924

Equity (goodwill absorbed) 335 350

Provisions 367 324

Net debt 208 405

Interest cover ratio* 10.5 6.8

* EBITDA over financial income and expenses

Cash flow statement Cash flow statement Cash flow statement Cash flow statement

€ mln FY 2002 FY 2001

Cash flow from operations 196 198

Cash flow from investments 27 21

Tangible fixed assets, net 12 (91)

Participation/disposal 15 112

Free cash flow 223 219

Cash flow from financing (228) (63)

Financing (185) 32

Reimbursements financiers (43) (95)

Net cash flow 3 153

DSO 52 57

Accounting topicsAccounting topicsAccounting topicsAccounting 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 Q1 2003Outlook Q1 2003Outlook Q1 2003Outlook Q1 2003

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.

StrategyStrategyStrategyStrategy

Ben Noteboom, acting CEO

Medium-term strategic targetsMedium-term strategic targetsMedium-term strategic targetsMedium-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 blocksBuilding blocksBuilding blocksBuilding blocks

Building block Status

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 pStrategic prioritiesrioritiesStrategic pStrategic prioritiesriorities

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

DisclaimerDisclaimerDisclaimerDisclaimer

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.