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Zach Miles, Vedior’s Chief Executive, said: “I am very pleased that the approval by shareholders to redeem Vedior’s preference shares will simplify the Company’s capital structure and reduce our finance costs.”

The Annual General Meeting of shareholders of Vedior N.V. today adopted the Company’s annual accounts for 2004. All proposals on the agenda for the meeting have been voted for in favour.

A payment will be made to shareholders of €4 million out of the freely distributable reserves on the (certificates of) preference shares and a payment of € 33 million on the (certificates of) ordinary shares. The payment per (certificate of an) ordinary share is €0.20, to be received either fully in cash or in (certificates of) ordinary shares. The value of the stock payment will be approximately 5% higher than the cash payment.

In addition, the meeting approved the reappointment of Mr D. Sinninghe Damsté as member of the Supervisory Board.

The meeting also approved the proposal to cancel all issued preference A and B shares as a separate class of shares. The redemption of the preference A shares is expected to be effective in the first half of July 2005. The preference B shares will be redeemed as a separate class of shares as per 1 July 2007.

A copy of the agenda for the Annual General Meeting, including all agenda items, can be found on Vedior’s corporate website www.vedior.com together with a webcast of the meeting.


This media release includes forward-looking statements that reflect our intentions, beliefs or current expectations and projections about our future results of operations, financial condition, liquidity, performance, prospects, growth, strategies, opportunities and the industry in which we operate. Forward-looking statements include all matters that are not historical fact. We have tried to identify these forward-looking statements by using words including "may", "will", "should", "expect", "intend", "estimate", "project", "believe", "plan", "seek", "continue", "appears" and similar expressions or their negative.

These forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause our actual results of operations, financial condition, liquidity, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or suggested by these forward-looking statements. Important factors that could cause those differences include, but are not limited to our financial position and our ability to implement our business strategy and plans and objectives of management for future operations, our ability to develop, balance and expand our business, our ability to implement our longterm growth strategy (including through organic growth and acquisitions), our ability to make improvements to our capital structure, industry and market trends and volumes, including the speed and strength at which the staffing services industry and the sectors in which we operate, rebound from economic slowdowns and recessions, the effects of regulation (including employment and tax regulations), our ability to improve the efficiency of our operations and to reduce expenses in our operating companies and their network of offices, litigation and our ability to take advantage of new technologies.

In light of these risks, uncertainties, assumptions and other factors, the forward-looking events described in this media release might not occur. Additional risks that we may deem immaterial or that are not presently known to us could also cause the forward-looking events discussed in this media release not to occur. Except as otherwise required by applicable law, we undertake no obligations to update publicly or revise publicly any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this media release.

Company Profile:

Vedior is one of the world’s largest recruitment companies and is a full-service recruitment provider with a diversified portfolio of brands targeting a broad range of industry sectors. Annual sales for 2004 were €6,467 million.

From its global network of offices spanning Europe, North America, Australasia, Asia, South America and Africa, Vedior offers temporary and permanent recruitment as well as a number of complementary employment-related services such as outplacement, HR outsourcing, payrolling and training.

Vedior has a leading market position in the provision of professional/executive recruitment in sectors such as information technology, healthcare, accounting, engineering and education. In order to meet client requirements for all categories of personnel, we also have a significant global network providing administrative/secretarial and light industrial recruitment.

Financial Agenda:

3 May 2005

Declared ex-payment from reserves

17 May 2005

Publication of stock equivalent for cash payment from reserves

23 May 2005

Distribution from reserves made payable

28 July 2005

Publication second quarter results

27 October 2005

Publication third quarter results

2 February 2006

Publication of annual results 2005

For further information, please contact:

Amsterdam

Zach Miles, Chief Executive

+31 (0)20 573 5609

Jelle Miedema, Company Secretary