Randstad N.V. — M&A Activity 2016

May 23, 2016

Press release Date

May 20, 2016 For more information Arun Rambocus / Machteld Merens Telephone +31 (0)20 569 59 40

Randstad to acquire Obiettivo Lavoro, creating a leading position in Italy

Key points

• Randstad to acquire Obiettivo Lavoro in Italy for an Enterprise Value of € 102.5 million
• Obiettivo Lavoro realized revenue of approximately € 436 million and EBITDA of € 20.1 million in 2015
• Randstad to become #2 player in Italy (currently #4), further strengthening the density of its network
• the transaction offers a significant opportunity for value creation and will be immediately accretive to Randstad's earnings per share

Today, Randstad Holding nv announces that it signed an agreement to acquire the entire share capital of Obiettivo Lavoro. Both businesses have a comparable offering, which creates a unique strategic opportunity, significantly strengthening the market position in Italy. Obiettivo Lavoro has more than 600 corporate employees and a little over 100 branches in Italy.

Randstad CEO Jacques van den Broek comments: "We are happy to further strengthen our position in the Italian market. This acquisition is part of our strategy to aim for top 3 positions in each of the markets in which we operate. The services portfolios of Randstad and Obiettivo Lavoro are quite complementary, with Obiettivo Lavoro providing strong positions in the public sector and logistics segments of the Italian market. We will work towards a smooth transition process, building upon the solid track record of our Italian colleagues in previous integrations."

Randstad will benefit from significant cross-selling opportunities, such as the introduction of Inhouse Services and sharing of best practices and processes. Our focus will be on capturing profitable growth, client profitability, and optimizing delivery models. Combined with further efficiency improvements and office optimizations, it is expected that these activities will soon start contributing to Randstad's strategic targets.

The transaction is subject to approval of the European Commission and certain internal reorganizations of Obiettivo Lavoro. The transaction has been approved by the boards of both companies. Randstad expects to close the transaction mid-2016. Randstad will finance the transaction by using its existing credit facilities.

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For background information on Randstad in Italy, please review the Italian market presentation on our website, taken from the Southern European Insight Day in May 2015.

Randstad specializes in solutions in the field of flexible work and human resources services. Our services range from regular temporary staffing and permanent placements to Inhouse, Professionals, Search & Selection, outplacement, and HR Solutions. The Randstad Group is one of the leading HR services providers in the world, with top-three positions in Argentina, Belgium & Luxembourg, Canada, Chile, France, Germany, Greece, India, Mexico, the Netherlands, Poland, Portugal, Spain, Switzerland, the UK, and the United States, as well as major positions in Australia and Japan. In 2015, Randstad had approximately 29,750 corporate employees and around 4,473 branches and Inhouse locations in 39 countries around the world. Randstad generated revenue of € 19.2 billion in 2015. Randstad was founded in 1960 and is headquartered in Diemen, the Netherlands. Randstad Holding nv is listed on the Euronext Amsterdam, where options for stocks in Randstad are also traded. For more information, see www.randstad.com.