Aon Trade Credit 1

Insuring the balance sheet

DACT Treasury Beurs

Noordwijk

November 5th, 2009

Aon Trade Credit 2

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

Aon Trade Credit 3

Aon Trade Credit 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

Randstad Bank

CreditInsurer

EUR

A/R Premium

Insurance

Aon Trade Credit 4

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

Aon Trade Credit 5

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

Aon Trade Credit 6

Aon Trade Credit