Emerging Markets continued to show resilience to the economic downturn as revenues declined only 4% in constant currency. The EBITA margin was 3.5% in Q3 2009, which resulted in an EBITA of EUR 10 million. BUSINESS LINE PERFORMANCE (The pie charts are visible in the PDF version of the report) In Office & Industrial, Adecco's revenues in Q3 2009 were EUR 2.8 billion, a decline of 32% in constant currency. In the Industrial business, revenues declined by 34% in constant currency, following a 41% fall in Q2 2009. The most pronounced improvement in the year-on-year decline rate was experienced in Iberia, progressing from minus 50% in Q2 2009 to minus 36% in Q3 2009. France improved from minus 37% in Q2 2009 to minus 29% in Q3, whereas the USA & Canada improved from minus 41% in Q2 2009 to minus 33% in Q3 2009 in constant currency. In the Office business, revenues declined by 28% in constant currency, posting the same decline rate as in Q2 2009. Revenues in Japan declined by 28%, having fallen 24% in Q2 2009, while the decline rate improved in the USA & Canada with revenues down 20%, following 28% in Q2 2009, all in constant currency. In the UK & Ireland, revenues were down 29% in constant currency. In France, revenues declined by 33%. In the Professional Business[5] segment, revenues in Q3 2009 declined by 17% in constant currency and by 20% on an organic basis. The gross margin increased by 10 bps to 27.8%, despite the weak permanent placement business. In Information Technology (IT), Adecco's revenues decreased 14% in constant currency and by 21% organically. In the USA & Canada revenues in Q3 2009 were down 24% and in the UK & Ireland down 26%, both in constant currency. In France, revenues were flat. Adecco's Engineering & Technical (E&T) business was down 25% in constant currency. The USA & Canada revenues declined by 22% in constant currency, while revenues in Germany declined by 24% in the third quarter of 2009. In Finance & Legal (F&L), revenues declined by 33% in constant currency and by 36% on an organic basis. Weak demand in the USA & Canada, where revenues declined 41% in constant currency, was the main reason for the decline. In Q3 2009, revenues in Medical & Science (M&S) declined by 13% and in Sales, Marketing & Events (SM&E) by 17%, whereas revenues in Human Capital Solutions (HCS) were up 20%, all in constant currency. Management outlook The Adecco Group has seen first signs of a demand pick-up in general staffing. In particular, the light industrial segment, noticeably in France and in the USA & Canada, improved during the third quarter compared to the low base of the second quarter. The year-on-year revenue decline rate adjusted for business days improved over the course of the third quarter of 2009, and the trend continued in October with an expected decline rate of 22%. This is mainly driven by a lower comparable base, but also thanks to improving market conditions. The management team continues to focus its efforts on further structurally optimising the cost base while sticking to its value-based strategy. The recently announced acquisitions will significantly increase Adecco's exposure to the attractive professional staffing market, thereby strengthening the Company's profitability profile in the mid-term. Adecco expects to incur approximately EUR 35 million of restructuring costs in the fourth quarter of 2009 for various countries as part of the previously announced guidance of EUR 40 million for the second half of 2009. Acquisition of MPS Group On October 20, 2009, Adecco announced the acquisition of MPS Group, a leading provider of professional staffing services, for an enterprise value of EUR 782 million, or USD 13.80 per share. This acquisition will significantly enhance Adecco's position in the professional staffing business, particularly in the USA & Canada and the UK. Adecco expects the transaction to be accretive on an adjusted EPS[6] basis in the first year and EVA[7] positive within three years. The transaction is expected to close in the first quarter of 2010, subject to shareholder and regulatory approval. Closing of the acquisition of Spring Group Adecco announced the successful closing of the acquisition of Spring Group on October 20, 2009. The integration of Spring Group has recently been initiated. Adecco expects to achieve annual synergies of EUR 13 million from the integration of Spring Group within one year. Integration costs are expected to be equal to the targeted annual synergies and will be incurred in the first year following the closing of the acquisition. Issuance of CHF 900 million mandatory convertible bond due 2012 On October 20, 2009, Adecco placed a 3-year CHF 900 million mandatory convertible bond with a coupon of 6.5%, issued by Adecco Investment (Bermuda) Ltd, a wholly-owned subsidiary of Adecco S.A. The net proceeds of the offering will increase Adecco's financial flexibility and strengthen its balance sheet in conjunction with the announced acquisition of MPS Group. The reference share price and initial minimum conversion price of the bond will be CHF 50.50 and the initial maximum conversion price will be CHF 60.60 (120% of the reference share price). On that basis the number of shares underlying the bond upon issue will be approximately in the range of 14.85 million to 17.82 million shares. The shares underlying the bond will be sourced from treasury shares and/or from conditional share capital of Adecco S.A, at Adecco's election. Settlement of the bond is expected to occur on November 26, 2009. The bond is intended to be listed and admitted to trading on the SIX Swiss Exchange (ISIN XS0460347080). 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 Adecco S.A. 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 Company'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 Company operates; integration of acquired companies; changes in the Company's ability to attract and retain qualified internal and external personnel or clients; the potential impact of disruptions related to IT; any adverse developments in existing commercial relationships, disputes or legal and tax proceedings. About the Adecco Group The Adecco Group, based in Zurich, Switzerland, is the world's leading provider of HR solutions. With over 28,000 FTE employees and more than 5,700 offices, in over 60 countries and territories around the world, Adecco Group offers a wide variety of services, connecting more than 500,000 colleagues with over 100,000 clients every day. The services offered fall into the broad categories of temporary staffing, permanent placement, outsourcing, consulting and outplacement. The Adecco Group is a Fortune Global 500 company. Adecco S.A. is registered in Switzerland (ISIN: CH0012138605) with listings on the SIX Swiss Exchange (ADEN) and on Euronext in France (ADE). Q3 2009 Results Conference Calls There will be a media conference call at 9 am CET as well as an analyst conference call at 11 am CET, details of which can be found on our website in the Investor Relations section at http://webcast.adecco.com UK / Global + 44 (0)207 107 06 11 United States + 1 866 291 41 66 Cont. Europe + 41 (0)91 610 56 00 Adecco Corporate Investor Relations Investor.relations@adecco.com or +41 (0) 44 878 89 89 Adecco Corporate Press Office Press.office@adecco.com or +41 (0) 44 878 87 87 Financial Agenda 2009/2010 * Q4/FY 2009 results March 3, 2010 * Q1 2010 results May 6, 2010 * Annual General Meeting May 11, 2010 * Q2 2010 results August 11, 2010 * Q3 2010 results November 9, 2010 [1] Adjusted is a non US GAAP measure and excludes the positive impact on gross profit of EUR 11 million in Q3 2009 due to favourable developments which resulted in the reassessment of existing accruals in France and the negative impact on SG&A of EUR 1 million in Q3 2009 associated with restructuring costs for headcount reductions and branch optimisation. [2] EBITA is a non US GAAP measure and refers to operating income before amortisation and impairment of goodwill and intangible assets. [3] Organic growth is a non US GAAP measure and excludes the impact of currency, acquisitions and divestitures. [4] Net debt is a non US GAAP measure and comprises short-term and long-term debt less cash and cash equivalents and short-term investments. [5] Professional Business refers to Adecco's Information Technology, Engineering & Technical, Finance & Legal, Medical & Science, Sales, Marketing & Events and Human Capital Solutions business. [6] Excluding amortisation and integration costs [7] Based on Adecco's cost of capital The full report (in English) including tables can be downloaded from the following link: =-- End of Message --- Adecco SA Sagereistrasse 10 Glattbrugg Switzerland WKN: 922031; ISIN: CH0012138605; Index: SLCI, SMI, SPI, SMIEXP; Listed: Main Market in SIX Swiss Exchange;

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