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Netherlands — USG People announces Offering of up to 7,019,994 new ordinary shares

09 March 2010

USG People N.V. yesterday announced the launch of a placement of up to 7,019,994 new ordinary shares with a nominal value of 0.50 Euro each.

The Shares will be offered to institutional and other qualified investors through an accelerated book-build offering, on a non-pre-emptive base.

The Offering represents approximately 9.9% of the Company's issued ordinary share capital.

The Offering was launched immediately following the announcement, and the closing of the book is expected today at 17:30hrs CET, subject to acceleration.

The net proceeds of the Offering will be used to strengthen USG People's financial position,. enabling the Company to finance acquisitions, and to act swiftly if and when attractive acquisition opportunities present themselves.

Founder and major shareholder Alex Mulder has pre-committed to participate in the Offering for such Shares as are required to maintain his current shareholding interest in USG People of 20.02%. Herman van Campenhout, Rob Zandbergen, as well as other members of the executive and senior management of USG People have also committed themselves to participate in the Offering.

Herman van Campenhout, CEO of USG People, said "this offering is an important step in the strategy of USG People. It will strengthen our position and provide USG People with funds to effectively respond to opportunities that recovering markets may bring. More in particular it will enable USG People to seize possible opportunities to expand through possible acquisitions."

USG People is the 4th largest staffing company in Europe but has no presence in either the US or UK; the world's two most significant staffing markets. The Company has previously stated that its main emphasis for takeovers in the Benelux will be on specialist services, while elsewhere it will be on acquiring scale.

Rob Zandbergen, CFO of USG People, commented "the proceeds of this offering will strengthen USG People's financial structure and provide us with the equity to further effect our strategy."

In a research note, SNS Securities claimed that, "This is the perfect time to acquire staffing companies (early market recovery, several companies have financial issues and multiples are less demanding)". In early trading today, USG People shares declined by approximately 3% to 12.48 Euro.

The Issuer does not intend to register any portion of the Offering in the United States or to conduct a public offering of securities in the United States.



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