A good start for Adecco into 2008

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Further strengthens operating margin in Q1 2008

Q1 HIGHLIGHTS (Q1 08 vs. Q1 07)

* Revenues of EUR 5.0 billion, up 1% (1% organically[1])
* Operating income of EUR 205 million, up 8% (9% organically)
* Strong operating income margin improvement of 30 bps to 4.1%
* Basic earnings per share (EPS) of EUR 0.78, up 8%

KEY FIGURES

+-------------------------------------------------------------------+
| In EUR million | Q1 2008 | Q1 2008 | Q1 2008 |
| (except EPS) | Reported | Reported | Organic[1] |
| | | growth | growth |
|--------------------+----------+----------------+------------------|
| Revenues | 5,029 | 1% | 1% |
|--------------------+----------+----------------+------------------|
| Gross profit | 909 | 2% | 2% |
|--------------------+----------+----------------+------------------|
| EBITA | 215 | 11% | 9% |
|--------------------+----------+----------------+------------------|
| Operating income | 205 | 8% | 9% |
|--------------------+----------+----------------+------------------|
| Net income | 137 | 3% | n.a. |
|--------------------+----------+----------------+------------------|
| Basic EPS | 0.78 | 8% | n.a. |
+-------------------------------------------------------------------+

Zurich, Switzerland, May 6, 2008: The Adecco Group, the worldwide
leader in Human Resource services, today announced results for the
first quarter of 2008. Earnings per share increased 8% to EUR 0.78.
Revenues were up 1% organically to EUR 5.0 billion compared to Q1
2007. The operating income margin further improved 30 bps to 4.1%.

Dieter Scheiff, Chief Executive Officer, Adecco Group said: "Adecco
started well into 2008. We continued to improve the operating margin
by 30 bps to 4.1%. Gross margin expanded further, particularly in the
professional staffing business and through good growth of our
permanent placement business, while we carefully managed our costs.
We continue to be well on track to reach over 5% EBITA margin by
2009."

"For 2008 we expect modest revenue growth for the Group. While growth
rates in the European and the Japanese markets are decelerating, they
are still on a solid path. Demand in the US remains weak, whereas the
Emerging Markets continue to grow strongly."

FINANCIAL PERFORMANCE

Revenues
Group revenues for Q1 2008 increased 1% to EUR 5.0 billion compared
with Q1 2007. On an organic basis, Adecco grew revenues by 1%,
negatively impacted by 2% fewer trading days. Permanent placement
revenues grew 11% in constant currency to EUR 98 million in the
quarter.

Gross Profit
The gross margin improved 30 bps to 18.1% compared to the first
quarter of 2007 as a result of a higher gross margin in the temporary
staffing business and the growing contribution of the permanent
placement business. The acquisition of Tuja added 10 bps to the
Group's gross margin.

Selling, General and Administrative Expenses (SG&A)
SG&A remained flat in the period under review (organically also
flat), reflecting a decrease in SG&A as a percentage of revenues of
10 bps to 13.8%. Organically, Adecco grew the number of FTEs by 1%
(+300 FTEs) compared to the same quarter last year. At the end of the
first quarter Adecco operated a network of 6,900 offices with 37,000
FTEs.

Amortisation of Intangible Assets
Amortisation increased to EUR 10 million from EUR 4 million in the
same quarter last year due to the acquisition of Tuja, which was
consolidated as of August 2007.

Operating Income
Operating income for the first quarter 2008 was EUR 205 million, an
increase of 8% (9% organically) compared with Q1 2007, while the
operating margin improved to 4.1% versus 3.8% .

Interest Expense and Other Income / (Expenses), net
The interest expense amounted to EUR 14 million in the period under
review, which compares to EUR'13 million in Q1 2007. For the full
year 2008, the interest expense is expected to be approximately EUR
55 million. Other income / (expenses), net was EUR 2 million in Q1
2008 compared to EUR 9 million in Q1 2007. Lower interest income is
the main reason for the difference.

Provision for Income Taxes
The effective tax rate for the first quarter of 2008 was 28% compared
with 27% in the same period last year, when the company benefited
from a tax release. For 2008 Adecco expects an underlying effective
tax rate of approximately 28%.

Net Income and EPS
Net income was up 3% to EUR 137 million in the first quarter of 2008
compared to EUR 133 million in Q1 2007, reflecting a net income
margin of 2.7%. Basic EPS was EUR 0.78 (EUR 0.72 for Q1 2007), which
is an increase of 8% versus the same quarter a year ago.

Balance Sheet, Cash-flow, and Net Debt[2]
The Group generated EUR 91 million of operating cash flow in the
first quarter of 2008, invested   EUR'22 million in capex and
purchased treasury shares for EUR 218 million. As a result the net
debt position increased to EUR 1,069 million at the end of March 2008
compared to EUR 866 million at the end of 2007. In Q1 2008 DSO
improved by 1 day to 57 days compared with Q1 2007.

Currency Impact
Currency fluctuations had a negative impact of 3% on revenues and
operating income in the first quarter of 2008, mainly due to the
weakness of the US dollar and the British pound.

GEOGRAPHICAL PERFORMANCE

In France, Adecco grew revenues by 2% to EUR 1.6 billion driven by
growth in the Industrial business. The operating income increased 5%
to EUR 55 million, which reflects an operating margin improvement of
10 bps to 3.4%. Good performance in the permanent and outplacement
business is the main reason for this improvement.

In USA & Canada, Adecco's revenues declined by 4% in constant
currency to EUR 703 million in Q1 2008. The decline was most
significant in the Industrial business, while Adecco experienced a
more moderate decrease in the Office business. Engineering &
Technical and Human Capital Solutions increased revenues. Operating
income increased 9% in constant currency, while the operating margin
increased 60 bps to 4.7% compared to Q1 2007. Additional expenses in
connection with the investments to improve customer mix and cost
efficiency were compensated with favourable bad debt and social cost
developments.

In the UK & Ireland, revenues declined 9% in constant currency,
negatively impacted by 3% fewer trading days. Ongoing restructuring,
particularly in the Information Technology, Industrial and
Engineering & Technical business lines, led to a declining business.
Operating income declined 8% in constant currency. The operating
income margin remained flat at 3.0%.

In Germany revenues grew 58% in the first quarter of 2008 and 6%
organically to EUR 386 million. Organic growth was driven by good
demand in the Industrial business. Operating income grew 32% compared
to Q1 2007, corresponding to an operating margin of 9.7% (Q1 2007:
11.6%). 4% fewer trading days in the period under review was the main
reason for the lower profitability.

In Japan, revenues in constant currency grew 5% in the first quarter
of 2008. A healthy pricing environment, strong growth in the
permanent placement business and good cost management led to a 90 bps
operating margin improvement to 6.8% from 5.9% in the same period
last year.

Italy grew revenues by 7% and increased the operating margin by 60
bps to 7.0% in the first quarter of 2008. In Iberia revenues
increased by 1%; however growth was negatively impacted by 4% fewer
trading days. Operating margins declined by 10 bps to 6.0%. In the
Nordics, revenues increased by 8% in constant currency, while
revenues in the Benelux declined 1%. Emerging Markets grew revenues
by 14% in constant currency.

BUSINESS LINE PERFORMANCE

Q1 2008 Revenues in percent

Q1 2008 Gross profit in percent

(The pie charts are visable in the PDF version of the report)

Adecco grew revenues of the Office and Industrial businesses by 4% in
constant currency to
EUR 3.9 billion in Q1 2008 (0% organically) and increased the gross
margin by 30 bps to 16.3%. The Industrial business increased revenues
by 6% in constant currency (1% organically) driven by strong demand
in Germany and Italy. France's revenues increased 2%, while USA &
Canada decreased 12% in constant currency. In the Office business,
revenues remained flat in constant currency with solid growth in
Japan and the Nordics, while declining in France and in the USA &
Canada.

In the first quarter of 2008, revenues in the Professional
Business[3] grew 1% in constant currency (0% organically). Gross
margin in the Professional Business improved 110 bps to 27.4% mainly
driven by Human Capital Solutions, as well as the Information
Technology business.

In Information Technology (IT), Adecco's revenues decreased 7% in
constant currency. Continued customer portfolio optimization led to a
19% revenue decline in the UK & Ireland, while revenues in the USA &
Canada remained flat.

Adecco's Engineering & Technical (E&T) business was flat in constant
currency. In USA & Canada, Adecco increased revenues by 4% in
constant currency, while revenues in the UK & Ireland declined 19%.
Demand in Germany remained strong.

In Finance & Legal (F&L), Adecco increased revenues by 2% in constant
currency in the first quarter of 2008. The declining business in USA
& Canada was more than offset by strong revenue growth in the
emerging Finance & Legal businesses in Germany, Nordics and Italy.

In the first quarter of 2008 revenues in constant currency in Sales,
Marketing & Events (SM&E) and Medical & Science (M&S) grew 5% and 25%
respectively (M&S 22% organically). Revenues in Human Capital
Solutions (HCS) increased 13% in constant currency.

MANAGEMENT OUTLOOK

Management continues to be confident that the focus on value based
management and professional and specialized business fields will
allow Adecco to continuously improve the operating margin to over 5%
by 2009. At the same time the Group remains committed to deliver
revenue growth of at least 7-9% per annum on average for the coming
years and to increase return on capital employed (ROCE[4]) to above
25% in 2009, assuming a favourable macroeconomic environment. ROCE
was 21.7% in 2007.

As the economic environment is not favourable in certain parts of the
world and remains generally uncertain, Adecco anticipates revenue
growth for 2008 below the long-term target of 7-9%. Management
expects the market in the USA & Canada to remain weak, while still
anticipating moderate growth in Europe and Japan.

Update on share buy back
In November 2007 Adecco's Board of Directors decided to purchase
Adecco shares for up to EUR'400'million by the end of 2008. Since the
start of the program Adecco has purchased 9.9 million shares for a
total consideration of EUR 342 million. The shares are intended to be
used for future acquisitions or to minimize potential dilution
related to the outstanding convertible bond. Currently Adecco holds
13.2 million treasury shares.

Financial Agenda 2008

* Q2 2008 results   August 12, 2008
* Q3 2008 results November 4, 2008

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 temporary personnel; the resolution of the French
anti-trust procedure and any adverse developments in existing
commercial relationships, disputes or legal and tax proceedings.

About Adecco
Adecco S.A. is a Fortune Global 500 company and the global leader in
HR services. The Adecco Group network connects over 700,000
associates with clients each day through its network of over 37,000
employees (FTEs) and approximately 7,000 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 (SWX:
ADEN) and the Euronext Paris of Euronext (EURONEXT: ADE).

Contacts:
Adecco Corporate Investor Adecco Corporate Press
Relations Office
Investor.relations@adecco.com
or +41 (0) 44 878 8925       Press.office@adecco.com or +41 (0) 44 878
87 87

There will be a media conference call at 8 am CET as well as an
analyst conference call at 10 am CET, details of which can be found
at our Investor Relations section at http://webcast.adecco.com.

[1] Organic growth is a non US GAAP measure and excludes the impact
of currency and acquisitions.
[2] 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
[3] Professional business refers to Adecco's Information Technology,
Engineering & Technical, Finance & Legal, Medical & Science, Sales,
Marketing & Events and Human Capital Solutions businesses.
[4] ROCE = (Operating income - 30% income tax)/average invested
capital; invested
   capital = assets - liabilities excluding cash and interest bearing
liabilities.

The full report (in German) including tables can be downloaded from
the following link:
Press Release (German) PDF

The full report (in French) including tables can be downloaded from
the following link:
Press Release (French) PDF

The full report (in English) including tables can be downloaded from
the following link:

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Adecco SA
Sagereistrasse 10 Glattbrugg Switzerland

WKN: 922031;
ISIN: CH0012138605; Index: SLCI, SMI, SPI, SMIEXP;
Listed: Main Market in SWX Swiss Exchange;