Adecco prices mandatory convertible bonds

Corporate news announcement processed and transmitted by Hugin AS.
The issuer is solely responsible for the content of this
announcement.
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Zurich, Switzerland, October 20, 2009: Adecco Group, announces the
completion of the CHF 900 million offering of 6.50% per cent
mandatory convertible bonds (the "Bonds") due 2012

The Bonds will be issued by Adecco Investment (Bermuda) Ltd (the
"Issuer") a wholly-owned subsidiary of Adecco SA, and will represent
senior secured limited recourse obligations of the Issuer. At
maturity, the Bonds will be mandatorily convertible into fully paid
ordinary shares of Adecco SA (the "Shares").

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.

On the basis of the concurrent equity offering ("Equity Offering") of
existing Shares the reference share price and initial minimum
conversion price of the Bonds will be CHF 50.50 and the initial
maximum conversion price will be CHF60.60 (120% of the reference
share price). On that basis the number of Shares underlying the Bonds
upon issue will be approximately 17.82 million Shares. The Shares
underlying the Bonds will be sourced from treasury shares and/or
conditional share capital of Adecco S.A., at Adecco's election.

The Bonds will have a maturity of 3 years, will be issued at 100% of
the principal amount and will be mandatorily convertible into Shares
at the maturity of the Bonds. The Bonds will pay a coupon of 6.50%
per annum.

Settlement of the Bonds is expected to occur on 26 November, 2009.
The Bonds are intended to be listed and admitted to trading on the
SIX Swiss Exchange (ISIN XS0460347080). An offering and listing
prospectus (the "Offering Circular") will be available approximately
3 days prior to settlement.

Contacts:

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

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 competes; 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 29,000 FTE employees and
more than 5,800 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).

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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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