Financial press Release

Adecco Group successfully places a EUR 500 million bond

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Adecco Group successfully places a EUR 500 million bond

Glattbrugg/Zurich, Switzerland, April 22, 2009: Adecco Group, the worldwide leader in Human Resource services, successfully placed a 5-year EUR 500 million bond with a coupon of 7.625%, issued by Adecco International Financial Services B.V. and guaranteed by Adecco S.A.  The proceeds further increase the Group's financial flexibility with respect to the refinancing of the outstanding zero-coupon convertible bond as well as for general corporate purposes.
 
Yesterday, the Adecco Group completed the pricing of a 5-year EUR 500 million bond with a coupon of 7.625%, to be issued by Adecco International Financial Services B.V. and guaranteed by Adecco S.A. The proceeds further increase the Group's financial flexibility with respect to the refinancing of the outstanding zero-coupon convertible bond as well as for general corporate purposes.  The 5-year EUR 500 million bond is issued within the framework of the recently established Euro Medium Term Note programme and trades on the London Stock Exchange.
 
Adecco S.A. is currently rated as follows by international rating agencies:  Standard & Poor's (BBB, negative outlook) and Moody's (Baa2, stable).
 
 
Adecco Corporate Press Office
Press.office@adecco.com or +41 (0) 44 878 87 87
 
Adecco Corporate Investor Relations
Investor.relations@adecco.com or +41 (0) 44 878 89 89
 
 
About Adecco
Adecco S.A. is a Fortune Global 500 company and the global leader in HR services. The Adecco Group network connects over 500,000 associates with clients each day through its network of over 34,000 FTE employees and over 6,600 offices in over 60 countries and territories around the world. Registered in Switzerland, and managed by a multinational team with expertise in markets spanning the globe, the Adecco Group delivers an unparalleled range of flexible staffing and career resources to clients and associates.
 
Adecco S.A. is registered in Switzerland (ISIN: CH0012138605) and listed on the Swiss Stock Exchange with trading on SWX Europe (SIX: ADEN) and the Euronext in Paris (EURONEXT: ADE).
 
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY DEBT SECURITIES IN THE US OR ANY OTHER JURISDICTION. ANY SECURITIES TO BE ISSUED HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY RELEVANT SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES (THE "US") ABSENT REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. ACCORDINGLY, THE SECURITIES ARE BEING OFFERED AND SOLD ONLY OUTSIDE THE US TO NON-US PERSONS IN RELIANCE ON REGULATIONS UNDER THE SECURITIES ACT.
 
 
This press release is directed only at (i) persons who are outside the United Kingdom, (ii) persons in the United Kingdom who have professional experience in matters related to investments and who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) of the United Kingdom (the "Financial Promotion Order"); (iii) persons who fall within Articles 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Financial Promotion Order; and (iv) any other persons to whom this press release may otherwise lawfully be directed (all such persons together being referred to as "relevant persons"). This press release must not be acted on or relied on by other persons in the United Kingdom. Any investment or investment activity to which this press release relates is available only to relevant persons and will be engaged in only with relevant persons.
 
This press release constitutes neither an offer to sell nor a solicitation to buy securities. It does not constitute an offering prospectus within the meaning of art. 1156 of the Swiss Code of Obligations, nor a listing prospectus within the meaning of the SIX Swiss Exchange Listing Rules.
 
Forward-looking statements
Information in this release may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based on information available to the Adecco Group as of the date of this release, and we assume no duty to update any such forward-looking statements. The forward-looking statements in this release are not guarantees of future performance and actual results could differ materially from our current expectations. Numerous factors could cause or contribute to such differences. Factors that could affect the Adecco Group's forward-looking statements include, among other things: global GDP trends and the demand for temporary work; changes in regulation of temporary work; intense competition in the markets in which the Adecco Group competes; changes in the Adecco Group's ability to attract and retain qualified temporary personnel; the resolution of the French anti-trust procedure and any adverse developments in existing commercial relationships, disputes or legal and tax proceedings.

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