Holding(s) in Company

 
TIDM0LAT 
 
Zurich, Switzerland, 20 April 2010: Pursuant to Art. 10 and 21 of the 
SESTO-FINMA, Adecco S.A. discloses the following: 
 
 
 
1.    Name of the listed company:     Adecco S.A. 
 
 
 
2.    Proportion of voting rights held by Adecco S.A. (total holdings in 
percent): see table under item 5. 
 
 
 
3.    Identity of those involved: 
 
Group consisting of Deutsche Bank AG (direct/indirect shareholder), 
Theodor-Heuss-Allee 70, DE-60486 Frankfurt am Main, and subsidiaries (direct 
shareholders): 
 
-Deutsche Asset Management Investmentgesellschaft mbH, Mainzer Landstr. 
178-190, DE-60327 Frankfurt am Main (direct) 
-Deutsche Investment Management Americas Inc., 345 Park Avenue, US-New York, NY 
10154 (direct) 
-Deutsche Asset Management (Japan) Limited, 2-11-1 Sanno Park Tower, Nagata-cho, 
Chiyoda-ku, JP-Tokyo (direct) 
-DWS Investment S.A., Luxembourg, 2 Boulevard Konrad Adenauer, LU-1115 
Luxembourg (direct) 
-DWS Investment GmbH, Mainzer Landstr. 178-190, DE-60327 Frankfurt am Main 
(direct) 
-Deutsche Bank Securities Inc., 60 Wall Street, US-New York, NY 10005-2858 
(direct) 
-Frankfurt-Trust Investment-Gesellschaft mit beschränkter Haftung, Neue Mainzer 
Strasse 80, DE-60311 Frankfurt am Main (direct) 
-Sal Oppenheim JR & CIE KGaA, Unter Sachsenhausen 4, DE-50667 Köln (direct) 
-Deutsche Asset Management International GmbH, Mainzer Landstr. 178-190, 
DE-60327 Frankfurt am Main (direct) 
-DWS Investments (Spain) S.G.I.I.C.S.A., Paseo de la Castellana 18, ES-28046 
Madrid (direct) 
-Deutsche Asset Management (Korea) Company Limited, 33 Seorin-dong, Jongno-gu, 
KR-Seoul (direct). 
 
4.    Nature of the agreement:     Group of companies 
 
 
 
5.    Number and type of shares/rights: 
 
+-----------------------------+----------------+-------------+-----------------+ 
|Type of rights               |Number of rights|Number of    |Percentage of    | 
|                             |                |voting rights|voting rights (%)| 
+-----------------------------+----------------+-------------+-----------------+ 
|I. Purchase positions        |                |             |                 | 
+-----------------------------+----------------+-------------+-----------------+ 
|I.1. Equity securities       |       7'692'159|    7'692'159|             4.06| 
|(Adecco registered shares) 1)|                |             |                 | 
+-----------------------------+----------------+-------------+-----------------+ 
|                             |                |             |                 | 
+-----------------------------+----------------+-------------+-----------------+ 
|I.2.  Conversion  rights etc.|                |             |                 | 
|2), 3)                       |                |             |                 | 
+-----------------------------+----------------+-------------+-----------------+ 
|I.2.1. Conversion rights and |     115'189'228|    2'148'489|             1.14| 
|share purchase rights        |                |             |                 | 
+-----------------------------+----------------+-------------+-----------------+ 
|I.2.2 Granted (written) share|      32'800'062|   33'223'629|            17.55| 
|sale rights                  |                |             |                 | 
+-----------------------------+----------------+-------------+-----------------+ 
|Total category I.2.          |                |   35'372'118|            18.69| 
+-----------------------------+----------------+-------------+-----------------+ 
|                             |                |             |                 | 
+-----------------------------+----------------+-------------+-----------------+ 
|I.3. Financial Instrument    |                |             |                 | 
|that provide for or permit   |                |             |                 | 
|cash settlement, etc. 2), 3) |                |             |                 | 
+-----------------------------+----------------+-------------+-----------------+ 
|I.3.1. Acquisition rights    |         183'700|        6'375|             0.00| 
+-----------------------------+----------------+-------------+-----------------+ 
|I.3.2. Granted (written)     |          50'000|        5'000|             0.00| 
|share sale rights            |                |             |                 | 
+-----------------------------+----------------+-------------+-----------------+ 
|Total category I.3.          |                |       11'375|             0.00| 
+-----------------------------+----------------+-------------+-----------------+ 
|                             |                |             |                 | 
+-----------------------------+----------------+-------------+-----------------+ 
|Total category I.            |                |   43'075'652|            22.75| 
+-----------------------------+----------------+-------------+-----------------+ 
 
 
+--------------------------------------------------+----------+----------+-----+ 
|II. Sale positions 3)                             |          |          |     | 
+--------------------------------------------------+----------+----------+-----+ 
|II.1. Share sale rights                           |33'850'974|34'362'829|18.16| 
+--------------------------------------------------+----------+----------+-----+ 
|II.2. Granted (written) conversion rights and     |   211'900|     7'828| 0.00| 
|share purchase rights                             |          |          |     | 
+--------------------------------------------------+----------+----------+-----+ 
|                                                  |          |          |     | 
+--------------------------------------------------+----------+----------+-----+ 
|Total category II.                                |          |34'370'657|18.16| 
+--------------------------------------------------+----------+----------+-----+ 
|                                                  |          |          |     | 
+--------------------------------------------------+----------+----------+-----+ 
 
 
 
 
 
1) Securities lending and comparable transaction in equity securities: 
 
From the above mentioned equity securities (I.1. above), the following part is 
held due to securities lending and comparable transactions (Art. 21 para. 2b 
SESTO-FINMA and Art. 14 SESTO-FINMA) 
 
+--------------+-------------+--------------+---------------+------------------+ 
|Type of rights|Number of    |Proportion of |Nature of the  |Agreed date of    | 
|              |rights       |voting rights |legal          |return, transfer  | 
|              |             |              |transaction    |or, if there is a | 
|              |             |              |               |right to choose,  | 
|              |             |              |               |whether this      | 
|              |             |              |               |applies to the    | 
|              |             |              |               |contracting party | 
|              |             |              |               |subject to the    | 
|              |             |              |               |obligation to     | 
|              |             |              |               |notify or to the  | 
|              |             |              |               |counterparty      | 
+--------------+-------------+--------------+---------------+------------------+ 
|Registered    |5'864'437    |3.10%         |Stock Borrows  |Counterparties'   | 
|shares        |             |              |               |right to recall   | 
+--------------+-------------+--------------+---------------+------------------+ 
 
 
 
2) Securities lending and comparable transaction in financial instruments: 
 
From the above mentioned financial instruments (I.2. and I.3. above), the 
following part is held due to securities lending and comparable transactions 
(Art. 21 para. 2b SESTO-FINMA and Art. 14 SESTO-FINMA) 
 
+---------------+--------------+-------------+--------------+------------------+ 
|Type of rights |Number of     |Proportion of|Nature of the |Agreed date of    | 
|               |rights        |voting rights|legal         |return, transfer  | 
|               |              |             |transaction   |or, if there is a | 
|               |              |             |              |right to choose,  | 
|               |              |             |              |whether this      | 
|               |              |             |              |applies to the    | 
|               |              |             |              |contracting party | 
|               |              |             |              |subject to the    | 
|               |              |             |              |obligation to     | 
|               |              |             |              |notify or to the  | 
|               |              |             |              |counterparty      | 
+---------------+--------------+-------------+--------------+------------------+ 
|Acquisition    |35'385'000    |559'548      |Stock Borrow  |Counterparties'   | 
|rights         |              |             |              |right to recall   | 
+---------------+--------------+-------------+--------------+------------------+ 
 
 
 
3) Further details are available from the Adecco contact as indicated at the end 
of this notification and from the Adecco S.A. webpage:www.adecco.com 
<http://www.adecco.com/> or http://ir.adecco.com (Investor Information). 
 
 
 
6.    Time (date)  of  acquisition,  sale  or  understanding  through  which the 
shareholding  reached, exceeded or  fell below the  percentage threshold:     15 
April 2010, Change to the composition of the group 
 
7.    Representative of the Group members:     Natalie Brewer, 
        Deutsche Bank AG London, Winchester House, 
        1 Great Winchester Street, UK-London EC2N 2DB 
    Tel. [phone], Fax. [phone] 
 
 
 Adecco S.A. 
 
 
 
Contact: 
Investor Relations: 
Tel: [phone] 
E-Mail:[e-mail] <mailto:[e-mail]> 
 
 
 
[HUG#1405980] 
 
 
 
 
 
    Holding in Company: http://hugin.info/136572/R/1405980/359621.pdf