Rule 8.3- Adecco S.A.

    RNS Number : 2627D
  D E Shaw & Co LP
  11 September 2008
   

    FORM 8.3

    DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE
    (Rule 8.3 of the City Code on Takeovers and Mergers)

    1.    KEY INFORMATION

 Name of person dealing (Note 1)                   D. E. Shaw & Co., L.P.
 Company dealt in                                  Adecco S.A.
 Class of relevant security to which the dealings  1 CHF Ordinary
  being disclosed relate (Note 2)
 Date of dealing                                   September 10, 2008

    2.    INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

    (a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3)

                                              Long              Short       
                                              Number     (%)    Number   (%)
 (1) Relevant securities                                                  
 (2) Derivatives (other than options)         2,996,584  1.58%  769,866  0.41%
 (3) Options and agreements to purchase/sell    273,500  0.14%  106,600  0.06%
 Total                                        3,270,084  1.73%  876,466  0.46%

    (b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 3)

 Class of relevant security:                  Long         Short     

                                              Number  (%)  Number  (%)
 (1) Relevant securities                                            
 (2) Derivatives (other than options)
 (3) Options and agreements to purchase/sell
 Total

    (c)    Rights to subscribe (Note 3)
  Class of relevant security:  Details
                                

    3.    DEALINGS (Note 4)

    (a)    Purchases and sales

 Purchase/sale  Number of securities  Price per unit (Note 5)
                                       
      
    (b)    Derivatives transactions (other than options)

 Product name, e.g. CFD  Long/short (Note 6)  Number of securities  Price per unit (Note
                                              (Note 7)              5)


 Swap                    Long                 337                   CHF 49.90
 Swap                    Long                 1,196                 CHF 49.92
 Swap                    Long                 809                   CHF 49.94
 Swap                    Long                 1,528                 CHF 50.00
 Swap                    Long                 518                   CHF 50.05
 Swap                    Long                 945                   CHF 50.10
 Swap                    Long                 725                   CHF 50.20
 Swap                    Long                 1,000                 CHF 50.35
 Swap on                 Long                              350,000                     0
 long put 
 option expiration



 Swap as a               Short                             350,000                CHF 76
  result of 
 option exercise




    (c)    Options transactions in respect of existing securities
    (i)    Writing, selling, purchasing or varying

 Product name,e.g. call option  Writing, selling,     Number of securities  Exercise price   Type, e.g. American,  Expiry date  Option
money
                                purchasing, varying   to which the option                    European etc.                     
paid/received per
                                etc.                  relates (Note 7)                                                          unit (Note
5) 


    (ii)    Exercising

 Product name, e.g. call option  Number of securities  Exercise price per unit (Note 5) 
                                                        

    (d)    Other dealings (including new securities) (Note 4)

 Nature of transaction (Note 8)  Details  Price per unit (if applicable) (Note
                                          5)
                                           

    4.    OTHER INFORMATION

    Agreements, arrangements or understandings relating to options or derivatives

    Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting
rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or
disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.

    None**************************

    **************************
      
    Is a Supplemental Form 8 attached? (Note 9)                YES
      
 Date of disclosure                       September 11, 2008
 Contact name                             Stephen Back (Compliance Department)
 Telephone number                         [phone]
 If a connected EFM, name of              N/A
 offeree/offeror with 
 which connected
 If a connected EFM, state nature of      N/A
 connection (Note 10)

    Notes

    The Notes on Form 8.3 can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk

      SUPPLEMENTAL FORM 8


    DETAILS OF OPEN POSITIONS 
    (This form should be attached to Form 8.1, Form 8.1(b)(ii) or Form 8.3, as appropriate)




    OPEN POSITIONS (Note 1)

 Product name,e.g. call option  Written or purchased  Number of securities  Exercise price (Note  Type, e.g. American,  Expiry date
                                                      to which the option   2)                    European etc.
                                                      or derivative
                                                      relates
 Put option                     Written               100,000               CHF 44                American              19/06/2009
 Put option                     Written               25,200                CHF 68                American              19/12/2008
 Put option                     Written               100,000               CHF 48                American              19/06/2009
 Put option                     Written               45,300                CHF 50                American              19/09/2008
 Call option                    Purchased             3,000                 CHF 68                American              18/12/2009
 Call option                    Written               56,600                CHF 52                American              19/09/2008
 Put option                     Purchased             50,000                CHF 48                American              18/12/2009

    Notes

    1. Where there are open option positions or open derivative positions (except for CFDs), full details should be given. Full details of
any existing agreements to purchase or to sell should also be given on this form.  

    2. For all prices and other monetary amounts, the currency must be stated.

    For details of the Code's dealing disclosure requirements, see Rule 8 and its Notes which can be viewed on the Takeover Panel's website
at www.thetakeoverpanel.org.uk






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