Capital Structure

Randstad maintains a long term and conservative view on its balance sheet. We target a leverage ratio (net debt/EBITDA) of between 0 and 2. Prolonged net cash positions (held over 1 year) will in the future be paid back to shareholders, preferably through share buy backs. The AGM of May 7, 2008 authorized the Executive Board to have the company acquire its own shares, for a maximum of 10% of the total number of issued ordinary shares. The authorization is limited to a maximum of 18 months. We aim for long-term flexibility. We maintain a clear preference to use cash, if available, to grow our business organically and through acquisitions.

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