information on the share

stock market listing

The ordinary shares of USG People are listed on NYSE Euronext Amsterdam, where options on the shares are also traded. USG People is a component of the Amsterdam Midcap Index (AMX).

share capital

At the end of 2010 the number of USG People ordinary shares outstanding was 77,702,427. In 2010 the number of shares outstanding rose by 7,019,994 as the result of a share issue. No stock dividend was distributed in 2010 and no bonds were presented for conversion on the outstanding convertible bond. The number of conversion rights on the bond remained the same. Employee stock options are no longer outstanding since the end of 2009.

Alex Mulder, founder of USG People, acquired 1,404,606 shares from the share issue in March 2010. As a result the number of shares owned by Alex Mulder rose to 15,556,025 shares, which meant his interest in USG People remained 20.02%. 100% of the shares are in free float.

Result per share

The result per share is based on the result before amortisation of intangible assets and before unrealised value changes to interest rate derivatives. In our opinion this provides an accurate reflection of the operating results and a clear understanding when making comparisons with previous years. In 2010 this result amounted to € 37,108.

The result per share is calculated based on the average number of shares. The result per share for 2010 was € 0.49.

share price and volume development

Stock markets ended 2010 slightly higher. The AEX index rose 5.7% during the year. High-risk investment categories performed well in 2010 as the global economic recovery gathered momentum in the course of the year. The start of the year was characterised by strong economic recovery, after which doubts crept into the market about its sustainability. Fears arose about the recovery slowing down due to the expiration of government incentives and announced austerity measures in most European countries. In addition there was uncertainty for some time about the debt positions of some euro countries, including Greece, Ireland and Spain. The trend towards recovery was, however, confirmed as macroeconomic figures were generally better than expected in the final months of the year.

The staffing sector outperformed the AEX index and the USG People share rose 20% in 2010. The share price rose from € 12.70 to a high of € 15.63 in the first two weeks of the year, after which it gave up some of its gains. The price recovered somewhat after the share issue in March, but the rise in the stock market did not continue in the summer months due to uncertainty about the tenability of economic recovery. This uncertainty had a tight hold on markets until after the summer and the share price dropped to a low of € 9.78 on 27 August. The share recovered strongly in the final two months of the year and closed the year at € 15.20 (2009 closing price: € 12.70).

Trading volume rose in 2010 after falling in 2008 and 2009. The number of shares traded was 13 million lower compared to the year before, when exceptionally high trading volumes were recorded in the period from August to October. The value of shares traded was € 1.4 billion in 2010.

With the exception of the months of August, September and October trading volumes were above the monthly levels recorded in 2009. Trading volume was highest in the first half of the year, when volume exceeded € 150 million in most months. Investors were extremely reticent in the summer months due to uncertainty about the sustainability of economic recovery. Volume was again higher in the final months of the year.

Information per share based on average number of shares

Disclosure of major holdings

Under the Dutch Act on the Disclosure of Major Holdings in Listed Companies the following interests were declared:

Shareholdings of Executive Board members

Shareholdings of Supervisory Board members

Dividend policy

The objective of the dividend policy is a dividend distribution of approximately one-third of net profit before amortisation, adjusted for tax. Also, in determining the dividend it has been decided to adjust the net result for unrealised changes to interest rate derivatives. Each year it is established whether the dividend will be offered either in cash or fully in ordinary shares chargeable to the share premium reserve or to other reserves.

Investor relations

USG People is committed to being transparent and accessible for both its shareholders and its institutional and retail investors so as to enable investors to make as fair an assumption as possible of the value of the company and the attractiveness of the share.

Investor relations efforts are aimed at increasing the visibility and active interest in the USG People share for a broad group of investors. This has boosted trading in USG People shares in recent years. We aim to achieve an effective spread of its shares, and to be an attractive partner for both institutional and retail investors.

Meetings and roadshows are organised to provide clear communication to investors, analysts and the financial media. Every quarter the publication of earnings is accompanied by a conference call or presentation for analysts and the media, and the members of the Executive Board take part in conferences and roadshows. These gatherings provide an opportunity to meet investors and are a valuable complement to our communication through the website and other media.

Four analysts’ meetings were held in 2010, two of which were conference calls. The results achieved in the first and third quarter were presented and discussed in a conference call. These gatherings were accessible via webcasts. In the interests of direct contact with shareholders and investors, in 2010 roadshows and conferences were organised in the Benelux, the United Kingdom, Ireland, France, Germany, Italy, Switzerland, Austria, Scandinavia, the United States and Canada.

The number of media contacts and analysts covering our company remained about stable in 2010. USG People is currently followed actively by around 15 analysts representing most major brokers and securities houses.