Adecco - Conference March 2011

Presentation
Adecco Group
March/April, 2011
Disclaimer
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
differences. Factors that could affect the Company’s
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
bilit tto attract
tt t and
d retain
t i qualified
lifi d iinternal
t l andd external
t l personnell or clients;
li t th the potential
t ti l iimpactt
of disruptions related to IT; any adverse developments in existing commercial
relationships, disputes or legal and tax proceedings.
Adecco Group presentation

March 24, 2011
Slide 2
Today's agenda
Trends in the labour market
How to reach a mid-term EBITA margin of above 5.5%
Operational
p Q4 2010 review
Outlook & conclusion

March 24, 2011
Slide 3
Trends in the labour market

March 24, 2011
Slide 4
Five key trends
Huge growth potential for our industry
Ageing population Finding the right people at the right time
Need for people in emerging markets, need for different

Move of production skills in developed markets
Skills gap Finding skills locally and through mobility
More made to order Higher volatility requires more flexibility
Regulatory environment More sectors open for our industry

March 24, 2011
Slide 5
More made to order
US example: Inventory to sales ratio declining 1992 – 2009
US total business US manufacturers US retail trade
1.7
1.67
1.6
1.55 1.57 1.65
Inventory to sales ratio
1.52
1.55
1.5 1.6
-10% -13% -13%
15
1.5
1.45 1.55
1.45
1.4 1.5
1.37 1.4
1.37 1.46
1.35 1.45
1.35
1.3 1.3 1.4
1.25 1.25 1.35

1992 2009 1992 2009 1992 2009
Source: US Inventory to Sales ratio; US Manufacturing and Trade Inventories and Sales report, June 2010.

March 24, 2011
Slide 6
Penetration rates expected to surpass prior peaks
Employers’ new priorities
Employers
More temporary employees hired Recruiting was cut back
24% 63%
47% 30%
Part-time work arrangements Employees were laid off

increased
19% 48%
46% 17%
Actions performed in 2009 Actions to be continued in the future
Data: Boston Consulting Group, World Federation of People Management Associations.

March 24, 2011
Slide 7
Revenue growth drivers
Prior peak penetration rates should be surpassed
5.0% 4.8%
4.5%
4.0%
3.7%*
3.7%
3.5%
3.0% 2.9%
2.5% 2.6%*
2.5%
2.2% 2.1%*
2.0% 1.7%*
2 0%
2.0% 2 0%
2.0% 1 7%*
1.7%*
1.5% 1.6%*
1.0%
06 07 08 09* 10*
UK USA Japan France Germany The Netherlands
S
Source: Eurociett *Adecco
* estimate

March 24, 2011
Slide 8
US temporary job market
Monthly change
100
More than
500,000 temp
jobs recovered
50
-50
50
Loss of more than
900,000 temp jobs
-100
Source: Bureau of Labor Statistics (BLS)

March 24, 2011
Slide 9
Structural shift to temporary staffing in current upturn
US temporary penetration rate vs
vs. unemployment rate
2002 Q4 2005 Q4 2006 2009

Peak US temp Adecco’s North
0% 2.2%
penetration rate America revenues
peak
Q3 2009
2% 1.96% 2 0%
2.0%
Trough
T h US ttemp
penetration rate
4% 1.8%
1.65%
1 7%
1.7%
5.7% October 2006 to
6% 1.6%
November 2007
Unemployment rate
8% remained between 1 4%
1.4%
4.4% and 4.7%
1.33% 8.9%
10% 1.2%
2002 2003 2004 2005 2006 2007 2008 2009 2010
12% 1.0%
US unemployment rate s.a. inverted (lhs) US temp penetration rate s.a. (rhs)
Source: Bureau of Labor Statistics (BLS)

March 24, 2011
Slide 10
Professional staffing outgrowing general staffing
US temporary staffing market
market, based on revenues in USD billion
CAGR 13.0%
CAGR 3.1%
3 1% CAGR 9.4%
9 4% CAGR 8.2%
8 2%
60
53 52
50
50 47 48 49
45 46 45 46
44
41 43 42 41
43 41 43
40 39 38 39 38 38 39 38
38 37
36
34 33 32
31
30 29 28
21
20
16
10
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
General Staf f ing Prof essional Staf fing
CAGR 2.9% CAGR 6.8%
Source: Staffing Industry Analysts Inc., U.S. Census Bureau, Bureau of Labor Statistics, public company results

March 24, 2011
Slide 11
How to reach a mid-term EBITA margin of above 5.5%

March 24, 2011
Slide 12
How to reach new highs
The bridge to the >5
>5.5%
5% EBITA margin target
1
Structural
topline
drivers
4
Higher
g e The bridge 2
to the >5.5% Gross margin
G i
professional
improvements
staffing EBITA margin
share target
3
Efficiency
y
improvements

March 24, 2011
Slide 13
The temp gross margin is stabilising
Development since 2005
17.0%
%
16.0%
+80 bps -60 bps
(Q1 07 vs. Q1 05) (Q3 10 vs. Q1 08)
15.0%
14.0%
13.0%
12.0%
11.0%
Q1 05 Q3 05 Q1 06 Q3 06 Q1 07 Q3 07 Q1 08 Q3 08 Q1 09 Q3 09 Q1 10 Q3 10
Excluding the impact of the French

business tax reclassification

March 24, 2011
Slide 14
Structural cost improvements
Branch development June 20101) vs.
vs June 2007
Iberia
North America
Italy
Germany & Austria
France
Emerging Markets
-45% -40% -35% -30% -25% -20% -15% -10% -5% 0%
1) Please refer to slide 57.

March 24, 2011
Slide 15
Efficiency improvements in the US
The impact of the shared service center in Rochester
Q2 2008 Q2 2010
Retail DSO 40 38 Retail DSO
Electronic time Electronic time

68% 86%
capture
t capt re
capture
Average cost Average cost

USD 2.04 USD 0.94
per pay per pay

March 24, 2011
Slide 16
Cost actions/measures leading to higher efficiency
Timing of implementation
Back office consolidation 2006 – 2008
Branch footprint optimisation 2007 – 2009
Centralisation of administrative tasks 2008 – ongoing
Integration synergies 2010 – 2012
IT improvements Q4 2008 – mid-term

March 24, 2011
Slide 17
A big step ahead in Professional Staffing
Higher margin business positively contributes to profitability
Adecco2) 2009 revenue split FY 2010 Gross margin

20% 0.5 17.8
17.3
80%
GM FY 2010 org. acquisition
A
Acquisitions
i iti GM FY 2010
reported
organic
Prof essional General impact
Adecco 2010 revenue split Lower cost base

25% th
through
h synergies
i
Integrating Spring and MPS

leads to more than EUR 38 million
recurring cost savings that will
improve future profitability
75%

March 24, 2011
Slide 18
The success of EVA
A major achievement - comparison of KPIs during the last two downturns
2002 2009
Revenue decline yoy -3% -27% Revenue decline yoy

in constant currency organically
Gross margin yoy -100 bps -20 bps Gross margin adjusted3) yoy
Adjusted3) SG&A
SG&A in % of revenues 15.1% 15.1%
in % of revenues
EBITA margin yoy -160

160 bps -180 bps EBITA margin adjusted3) yoy
EBITA margin 2.7% 2.7% EBITA margin adjusted3)

March 24, 2011
Slide 19
Cash flow and DSO development
DSO reduction should positively impact future cash flows
1,200 62
1,062 1,054
60
1,000
60 60 60
59 59 58
800 747 58 58
56
600
542
453 477 455 54
442 54
400 53
298 52
200
50
0 48
2002 2003 2004 2005 2006 2007 2008 2009 2010
Cash Flow from operating activities DSO development

March 24, 2011
Slide 20
O
Operational
ti l Q4 2010 review
i

March 24, 2011
Slide 21
Highlights
Q4 2010 and Outlook
R
Revenues up 32% or 17% organically
i ll tto EUR 5.0
5 0 billi
billion
g of 17.9%
Gross margin % up
p 30 bps
p vs. Q
Q4 2009 and -50 bps
p organically
g y and adjusted
j
EBITA before integration costs of EUR 223 million, up 51% organically and adjusted
EBITA margin at 4.5%, up 110 bps on an adjusted basis and before integration costs
Proposed 2010 dividend of CHF 1.10, up 47% compared to 2009; 30% pay-out ratio
Revenues in January +17%1); strong momentum of Q4 2010 continued into 2011
1) Organically and adjusted for trading days.

March 24, 2011
Slide 22
Q4 2010 results summary
Reported Variance (10 vs. 09) in percent

0.0 Reported
50.0 100.0
Adjusted1)150.0
organic2) 200.0
0 EUR m % of rev.
Revenues 0 4,993 32
17
Gross profit 0 0.0% 894 17.9%

35
13
SG&A 0 0.0% 683 13.7%

19
6
3))
223 4 5%
4.5%
152
EBITA before integration costs
51
3)
0 211
139
EBITA 0.0% 4.2%
43
Operating income 0 197

145
0.0% 4.0%
Net income attributable to 236

0.0% 141 2.8%
Adecco shareholders
1) Adjusted is a non US GAAP measure excluding in Q4 2009, for better comparison, the French business tax of EUR 15 million in costs of services and EUR 1 million in
SG&A as those business tax components are shown as income tax as of 2010. It also excludes in Q4 2009 the positive impact on gross profit of EUR 14 million due to
favorable developments in France resulting in the reassessment of existing accruals and the negative impact of EUR 7 million on gross profit due to a sales tax accrual
in the UK related to prior years, as well as the negative impact on SG&A of EUR 30 million associated with restructuring costs.
2) Organic growth is a non US GAAP measure and excludes the impact of currency, acquisitions and divestures.
3) EBITA is a non US GAAP measure and refers to operating income before amortisation of intangible assets.

March 24, 2011
Slide 23
Revenue development by region
Organic year
year-on-year
on year change in percent
22 20
18 18 19
16 15 15
11
10 9 9
7
4 4 4
4 2
1 1 0
-2 -1 -2
-5 -4 -5 -5
-8 -7 -7
-8
-14
-14 -14
-17 -16
-20 -18 -19 -19
-26 -24 -24
-27
-32
-31
33
-33
-38
-37
-44
Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10
North America Europe (G-11) Rest of World

March 24, 2011
Slide 24
O tl k & conclusion
Outlook l i

March 24, 2011
Slide 25
Well on track to achieve the >5.5% EBITA margin target
Structural topline drivers
Gross margin improvements
EBITA margin >5.5%

Higher Professional
Staffing share
Efficiency improvements
Value creation through the focus on EVA

and financial discipline

March 24, 2011
Slide 26
Development of US and French staffing market
Year on year growth
Year-on-year
US staffing market (BLS data) turnover (not seas. adj.) volume (seas. adj.)
30%
20%
20% 16% 18% 16%
12%
10% 3%
8%
1% 0%
0%
-1% -1% -2% -1%
-2% -4%
-6%
-10%
10% -7%
7%
-10% -8%
8%
-12% -13%
-20% -18%
-23% -25% -23%
-30% -27% -25%
Apr-07
Oct-07
Apr-08
Oct-08
Apr-09
Oct-09
Apr-10
Oct-10
JJul-07
JJul-08
JJul-09
JJul-10
an-07
an-08
an-09
an-10
an-11
Ja
Ja
Ja
Ja
Ja
O
O
French staffing market (PRISME data) turnover (seas. adj.) volume (not. seas. adj.)
30%
22%
18% 18%
20% 13% 17% 16%
8%
6%
10% 4% 1% 4%
1%
1%
0% 0% -1% -3%
-10% -6% -6%
-10% -6%
-20%
20% -14%
-22% -21%
-30% -26%
-32% -30%
-40% -38% -36%
Apr-07
Oct-07
Apr-08
Oct-08
Apr-09
Oct-09
Apr-10
Oct-10
Jul-07
Jul-08
Jul-09
Jul-10
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
March 24, 2011
Slide 27
Th k you
Thank

March 24, 2011
Slide 28
A
Appendix
di

March 24, 2011
Slide 29
Financial Guidance
Full year 2011
Capex Approximately EUR 100 million
Interest expense Approximately EUR 65 million
Corporate costs Approximately EUR 85 million
Amortisation Approximately EUR 55 million

March 24, 2011
Slide 30
Q4 2010 gross margin drivers
In percent of revenues
0.6 17.9
0.4 17.8
0.2
17.6
-0.2 -0.3 0.0

-0.4
GM GM
Q4 2009
Q4 Reassessment French
Frenchlaw GM
GM Q4
Q4 2009
2009 Temp Permanent Outplacement Other Acquisitions GM
GMQ4Q4
2010
2009 of existing change impact Adjusted
law… adj. 1) Services 2010
accruals
&
UK sales tax
accrual
1) Adjusted is a non US GAAP measure excluding in Q4 2009, for better comparison, the French business tax of EUR 15 million in costs of services as this business tax
component is shown as income tax as of 2010. It also excludes in Q4 2009 the positive impact on gross profit of EUR 14 million due to favorable developments in France
resulting in the reassessment off existing accruals and the negative impact off EUR 7 million on gross profit
f due to a sales tax accrual in the UK related to prior years.

March 24, 2011
Slide 31
Q4 2010 SG&A movements
In EUR millions
36 683
72
576 29
546
-30
Includes EUR 12 million

integration costs
Q4
Q4 2009
2009 restructuring
restructuring Q4 2009
adj. Q4 09 FX acquisitions/ Cost increase Q4
Q4 2010
2010
expenses andand
expenses French
… adjusted1) divestures
business tax impact
14.4% cost in percentage of sales 13.7%
1) Adjusted is a non US GAAP measure excluding in Q4 2009, for better comparison, the French business tax of EUR 1 million in SG&A as this business tax component
i shown
is h as iincome tax as off 2010
2010. It
I also
l excludes
l d ini Q4 2009 the
h negative
i impact
i on SG&A off EUR 30 million
illi associated
i d with i h restructuring
i costs.

March 24, 2011
Slide 32
France
30% of group revenues in Q4 2010
Q4 2010 yoy revenue growth: 19%
7.0% Revenue growth of 19% (19% in Q3 10),

1,484
1,500 mainly driven by automotive, chemicals,
6.0% transportation and manufacturing
1,400
,
1,300 1,246 5.0%
1,200 4.0% 4.0% 2011 negative impact of the French

60 4.0% payroll
p y tax subsidy
y cut estimated at
1,100
50
maximum 30 bps on French gross
3.0% margin
1,000
900 2.0%
Q4 20091)
Q4 2009 Q4 2010
Revenues in EUR millions Strong 20% revenue growth in January
EBITA in EUR millions
2011, adjusted for business days
EBITA margin
1) Q4 2009 excludes, for better comparison, the French business tax of EUR 15 million in costs of services and EUR 1 million in SG&A as those business tax components
are shown as income tax as of 2010. It also excludes in Q4 2009 the positive impact on gross profit of EUR 14 million due to favorable developments in France resulting
in the reassessment of existing accruals, as well as the negative impact on SG&A of EUR 12 million associated with restructuring costs.

March 24, 2011
Slide 33
North America
Q4 2010 yoy organic revenue growth: 18%

Revenues up 54% in constant currency
(58% in Q3 10), driven by automotive,
1,000 953 7.0%
consumer goods, industrial and
900 6.5% technology
gy sectors and acquisitions
q
800
6.0%
700
5.5%
600 562 5.1% Excluding the declining outplacement
4.8%
500
49 5.0% business, revenues were up 21%
400
4.5% organically in Q4 10 (25% in Q3 10)
300
26 4.0% and up 18% organically and adjusted
3.5%
for business days in January
200
100 3.0%
Q4 2009
20091) Q4 2010
Revenues in EUR millions Integration costs related to MPS
EBITA in EUR millions amounted to EUR 8 million in Q4 10
EBITA margin
1) Q4 2009 excludes EUR 4 million of restructuring costs

costs.

March 24, 2011
Slide 34
UK & Ireland
Q4 2010 yoy organic revenue growth: -1%

1%
Revenues up 41% in constant currency
and down 1% organically (-1% in Q3 10);
450
411 6.5%
improving trends in financials and IT
400
350 5.5%
300 275 4.5%
250 3.5% EBITA margin of 1.1% despite

200
2 5%
2.5%
EUR 4 million integration
g costs;
150 integration of Spring Group
1.1% 1.5%
100
0.2%
successfully completed
50
4 0.5%
1
0 -0.5%
20091)
Q4 2009 Q4 2010
Revenues in EUR millions Permanent placement revenues
EBITA in EUR millions +43% organically (+38% in Q3 10)
EBITA margin
1) Q4 2009 excludes EUR 6 million of integration costs and the negative impact of EUR 7 million due to a sales tax accrual related to prior years
years.

March 24, 2011
Slide 35
Japan
Q4 2010 yoy constant currency revenue growth: -4%

4%
Revenues down 4% in constant currency

350 336 11.0%
(-7% in Q3 10)
330 10.0%
310 295 9 0%
9.0%
290 8.0%
270 6.3% 7.0%
250 6.0% No signs of a pick-up in the market
230
5.0% 5.0% overall. January
y revenues back to
19
210 17 4.0% growth in constant currency, due to
190 3.0% outsourcing contracts
170 2.0%
150 1.0%
Q4 2009 Q4 2010
EBITA margin negatively affected by
Revenues in EUR millions
ramp up costs for the recently won
EBITA margin outsourcing contracts

March 24, 2011
Slide 36
Germany & Austria
Q4 2010 y
yoy
y organic
g revenue g
growth: 32%
Revenues organically up 32% (29% in

Q3 10), driven by automotive, industrial
350
347 12.0% and electronics sectors
10.0%
300
261 7.4% 8.0%
Improvement in profitability with a
250
26
5 4%
5.4% 6.0% 7 4% EBITA margin for the region in
7.4%
14
Q4 10
200
4.0%
150 2.0%
Q4 2009
Q4 20091) Q4 2010
Strong growth in January with
Revenues in EUR millions
revenues up close to 40%, adjusted
EBITA margin for business days
1) Q4 2009 excludes EUR 2 million of restructuring costs

costs.

March 24, 2011
Slide 37
Revenues and EBITA by geography
Q4 2010 vs.
vs Q4 2009
Revenues EBITA2)
organic 1)
EUR m yoy growth EUR m margin
i
30% France 1,484 19% 60 4.0%

Revenues in percent
19% North America 953 18% 49 5.1%
8% UK & Ireland 411 -1% 4 1.1%
7% Japan 336 -4% 17 5.0%
7% Germany & Austria 347 32% 26 7.4%

5% Benelux 243 16% 16 6.4%
5% Italy 243 35% 11 4 9%
4.9%
4% Iberia 195 11% 8 4.4%
4% Nordics 205 23% 11 5.3%

2% Australia & New Zealand 122 21% 3 2.9%
2% Switzerland 114 22% 16 13.8%
7% Emerging Markets 340 20% 11 3.3%
Corporate (21)
Adecco Group 4,993 17% 211 4.2%
2) EBITA iis a non US GAAP measure and
d refers
f tto operating
ti iincome b
before
f amortisation
ti ti off iintangible
t ibl assets.
t

March 24, 2011
Slide 38
Developments in the Emerging Markets
Q4 2010 revenues by geography
Revenue split / growth Emerging Markets compared to

Adecco Group
Revenues
7%
Temp Hours Sold

31%
yoy growth, in constant currency
33% South America 18%

31% Eastern Europe 24%
22% Asia 6%
14% India 47% Emerging Markets
Adecco Group (excl. Emerging Markets)

March 24, 2011
Slide 39
Revenue development by business lines
Q4 2010 vs.
vs Q4 2009
Revenues1) Revenue growth
EUR m in %, organically
Office 986 6
Industrial 2,442 25
5%
%
Information Technology 544 12 8%
Engineering & Technical 246 22 8% 44%

Finance & Legal 182 11
Medical & Science 96 10 15%
Sales, Marketing & Events 95 5
Human Capital Solutions 62 -22
20%
Emerging Markets 340 20
Adecco Group
p 4,993
, 17
1) Breakdown of revenues is based on dedicated branches. The 2010 information includes certain changes in the allocation of branches to business lines. The 2009
information has been restated to conform to the current year presentation.
presentation

March 24, 2011
Slide 40
Revenues – Office and Industrial vs. Professional business lines
In percent
percent, based on dedicated branches in Q4 2010
UK & IRELAND
NORTH AMERICA
AUSTRALIA & NEW ZEALAND
NORDICS
IBERIA
BENELUX
GERMANY & AUSTRIA
JAPAN
SWITZERLAND
FRANCE
ITALY
Adecco Group
0 25 50 75 100
Prof essional Business Lines Of f ice and Industrial

March 24, 2011
Slide 41
FY 2010 results summary
Reported Variance (10 vs. 09) in percent

0.0 20.0 40.0 60.0 80.0
0 EUR m % of rev. Reported Adjusted1) organic2)
26
Revenues 0 18,656 12
26
Gross p
profit 0 0.0% 3,329 17.8% 6
11
SG&A 0 0.0% 2,607 14.0%
0
142
EBITA 0 0.0% 722 3.9%
34
Operating income 0 0.0% 667 3.6%
Net income attributable to

0.0% 423 2.3%
Adecco shareholders
1) Adjusted is a non US GAAP measure excluding in FY 2009, for better comparison, the French business tax of EUR 60 million in costs of services and EUR 4 million in SG&A as
those business tax components are shown as income tax as of 2010. It also excludes in FY 2009 the positive impact on gross profit of EUR 25 million due to favorable developments
in France resulting in the reassessment of existing accruals and the negative impact of EUR 7 million on gross profit due to a sales tax accrual in the UK related to prior years, as
well as the negative impact on SG&A of EUR 121 million associated with restructuring costs.
3) EBITA is a non US GAAP measure and refers to operating income before amortisation and impairment of goodwill and intangible assets.

March 24, 2011
Slide 42
FY 2010 gross margin drivers
In percent of revenues
04
0.4 18.2
17.9
0.1 0.5 17.8
-0.1
-0.5
0.1
-0.6
GM
FY FY
Q4 2009
2009 Reassessment
1) French
2) law GM FY 2009
adjusted Temp Permanent Outplacement Other Acquisitions GM FY 2010
2009
of existing change impact adjusted1) Services
accruals
&
UK sales tax
accrual
1) Adjusted is a non US GAAP measure excluding in FY 2009, for better comparison, the French business tax of EUR 60 million in costs of services as this business tax component is
shown as income tax as of 2010. It also excludes in FY 2009 the positive impact on gross profit of EUR 25 million due to favorable developments in France resulting in the
reassessment of existing accruals and the negative impact of EUR 7 million on gross profit due to a sales tax accrual in the UK related to prior years.

March 24, 2011
Slide 43
FY 2010 SG&A movements
In EUR millions
303 2,607
-1
2,350
80
2,225
-125
Includes EUR 33 million
integration costs
FY
FY 2009
2009 restructuring
1) FY 2009
adj. FY09 FX Acquisitions, Cost decrease FY
FY 2010
2010
expenses and French adjusted1) divestures
business tax impact
15.0% cost in percentage of sales 14.0%
1) Adjusted is a non US GAAP measure excluding in FY 2009, for better comparison, the French business tax of EUR 4 million in SG&A as this business tax component
is shown as income tax as of 2010. It also excludes in FY 2009 the negative impact on SG&A of EUR 121 million associated with restructuring costs.

March 24, 2011
Slide 44
SG&A breakdown
FY 2010
Premises Expenses 9%
Office & Admin. Expenses 7%
Marketing 3%
Depreciation 3% 71% Personnel cost
Consultants & Associates 3%
Bad Debt Expense 0%
Other Operating Net 4%
Income/Expenses

March 24, 2011
Slide 45
Revenues and EBITA by geography
FY 2010 vs.
vs FY 2009
Revenues EBITA1)
organic 1)
EUR m yoy growth EUR m margin
i
30% France 5,588 16% 212 3.8%

Revenues in percent
19% North America 3,609 14% 174 4.8%
9% UK & Ireland 1,630 -4% 22 1.4%
7% Japan 1,297 -12% 69 5.3%
7% Germany & Austria 1,238 19% 84 6.8%

5% Benelux 894 8% 43 4.8%
4% Italy 844 24% 37 4 4%
4.4%
4% Iberia 733 8% 27 3.8%
4% Nordics 731 13% 38 5.1%

2% Australia & New Zealand 435 15% 12 2.8%
2% Switzerland 399 7% 42 10.4%
7% Emerging Markets 1,258 23% 36 2.9%
Corporate (74)
Adecco Group 18,656 12% 722 3.9%
2) EBITA iis a non US GAAP measure and
d refers
f tto operating
ti iincome b
before
f amortisation
ti ti and d iimpairment
i t off goodwill
d ill and
d iintangible
t ibl assets.
t

March 24, 2011
Slide 46
Revenue development by business lines
FY 2010 vs.
vs FY 2009
Revenues1) Revenue growth
EUR m in %, organically
Office 3,726 -1
Industrial 8,971 20
6%
Information Technology 2,071 5 7%
Engineering & Technical 948 17 8% 44%
Finance & Legal 699 3
Medical & Science
S 360 5
15%
Sales, Marketing & Events 357 2
Human Capital Solutions 266 -24
20%
Emerging Markets 1,258 23
Adecco Group
p 18,656 12
1) Breakdown of revenues is based on dedicated branches. The 2010 information includes certain changes in the allocation of branches to business lines. The 2009
i f
information
ti h has b
been restated
t t d tto conform
f to
t the
th currentt year presentation.
t ti

March 24, 2011
Slide 47
Market potential for Professional and General staffing
Market size and FY 2010 revenues of Adecco
Adecco FY 2010 revenues: EUR 18.7bn Global market 2010: Approx. EUR 220bn
30% France 8%
19% North America 27%
9% UK & Ireland 10%
7% Germany & Austria 6%
7% Japan 23%
21% Rest EU 15%
7% Rest Global 11%
25%
25% 30%
30%
70%
75%
75% 70%
Professional Professional
General General
Professional Professional
General General
Source: National statistics and Adecco estimates

March 24, 2011
Slide 48
Adecco’s market position in FY 2010
Based on revenues
percent of Adecco revenues Market share1) in percent 1)

Market position
France 30% 31% 1
North America 19% 5% 2
UK & Ireland 9% 8% 1
Germany & Austria 7% 10% 2
Japan 7% 3% 4
Italy 4% 16% 1
Iberia 4% 25% 2
Nordics 4% 15% 2
Benelux 5% 6% 3
Switzerland 2% 22% 1
Australia & New Zealand 2% 9% 5
Emerging Markets 7% 5% 1
1) Adecco estimate.

March 24, 2011
Slide 49
What we have achieved
Financial performance since 2005
20.0%
18.2% 18 5%
18.5% 18.2%
17.8% 17.8%
25000 17.3% 18.0%
17.8% 18.0% 17.8%
17.4%
16.9% 16.0%
21,090
20,417 19,965
20000 18 656
18,656 14 0%
14.0%
18,303
12.0%
14,797
15000
10.0%
8.0%
10000
4.9% 6.0%
4.5% 4.9%
3.8% 3.9%
4 5%
4.5% 3.1% 4.0%
5000 4.1% 4.5%
3.4% 2.7%
2.0%
0 0.0%
2005 2006 2007 2008 2009 2010
Revenues in EUR millions Adjusted gross margin
adjusted4)Gross margin
Adjusted4)Gross
adjusted gross margin
margin (excl. FBT
FBT)impact) Adjusted4) EBITAmargin
adjusted EBITA margin
Adjusted EBITA
adjusted
4) EBITAmargin
margin(excl.
(excl.FBT)
FBT impact)

March 24, 2011
Slide 50
Balance sheet
In EUR millions
Dec 31 Dec 31
Assets 2010 2009
Cash and cash equivalents 549 1,458
Short-term Investments 5 2
Trade accounts receivable, net 3,541 2,560
Other current assets 351 331
Property, equipment, and leasehold improvements, net 291 245
Other assets 291 276
Goodwill and intangible assets, net 3,851 2,959
Total assets 8,879 7,831
Liabilities and shareholders’ equity

Accounts payable and accrued expenses 3,472
3 472 2,716
2 716
Short- and long-term debt 1,305 1,570
Other liabilities 535 431
Total Adecco shareholders’ equity 3,565 3,112
N
Noncontrolling
t lli iinterests
t t 2 2
Total liabilities and shareholders’ equity 8,879 7,831
Net Debt* 751 110
* 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.

March 24, 2011
Slide 51
Cash-flow statement
In EUR millions
Q4 FY
2010 2009 2010 2009
Net income 141 42 424 8
Adjustments to reconcile net income to cash flows

from operating activities:
– Depreciation and amortisation 37 30 142 123
– Impairment of goodwill and intangible assets 192
– Other charges (6) (31) 47 (62)
Changes in
Ch i operating
ti assets t and
d liabilities,
li biliti nett off acquisitions:
i iti
– Trade accounts receivable (22) 69 (667) 577
– Accounts payable and accrued expenses 85 (10) 460 (393)
– Other assets and liabilities 16 28 49 32
Cash flows from operating activities 251 128 455 477

Cash flows from/(used in) investing activities (76) (27) (1,020) (278)
Cash flows from/(used in) financing activities (75) 566 (385) 652
Effect of exchange rate changes on cash 8 24 41 33
Net increase/(decrease) in cash and cash equivalents 108 691 (909) 884

March 24, 2011
Slide 52
Net debt* development since Q4 2007
In EUR millions
2007 2008 2009 2010
1,190
1,069
, ,
1,069
958
866 898
800
702 751
617 611
445
110
Q4 07
Q1 08
Q2 08
Q3 08
Q4 08
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
* Net debt is a non US GAAP measure and comprises
p short-term and long-term
g debt less cash and cash equivalents
q and short-term investments.

March 24, 2011
Slide 53
Development of Return on Capital Employed (ROCE)
2002 until 2009 based on a 30% tax rate
4,000
3,581
3,405 3,320 30%
3 000
3,000 2,788 2,812
2,563
2,255 2,318
21.7% 20%
20.3%
2,000
18.5%
16.4%
14.6%
13.9%
11.4% 10%
1,000
738
571 524
356 371 430
318
45 1.4%
0 0%
2002 2003 2004 2005 2006 2007 2008 2009 future
NOPAT5)
NOPAT AverageInvested
Average Capital6)
InvestedCapital ROCE7)
ROCE
5),6),7) Please refer to slide 58.

March 24, 2011
Slide 54
MSP, RPO, VMS…
Can someone help with the definitions please!
Managed Service Programmes (MSP) Recruitment Process Outsourcing (RPO)

Clients outsource the management Clients outsource the permanent
of contingent workforce to MSPs recruiting process to RPOs
Client Client
Software Software
Outsourcer (VMS) Outsourcer (ATS)
(MSP) (RPO)
Fulfilment
C did t
Candidates C did t
Candidates
(Staffing Co.)
Outsourced procurement function, distinct from Outsourced HR function, distinct from executive
Master Vendor model search and traditional permanent staffing
MSP manages contingent workforce/staffing RPO provides any or all in-house/corporate
vendors recruiting department services
Mostly works in conjunction with a VMS tool Mostly works in conjunction with a ATS tool
A VMS automates the processes of procuring An ATS collects and tracks candidate data, interview
people from staffing vendors, provides transparency scheduling, reporting, provides transparency into
into vendor costs and performance candidate pipelining, hiring effectiveness

March 24, 2011
Slide 55
MSP Programmes manage the staffing supply chain
Business Units Vendors PS

Hiring Vendor A Worker
manager
Hiring Vendor B
Large firm manager
Hiring
manager Vendor C
Managed Service
Hiring
Programmes
g ((MSP))
manager Vendors GS
Hiring
Worker
Vendor D
manager
Vendor E
Vendor F
Directt source
Di
contractors (SOW)
VMS Technology

March 24, 2011
Slide 56
Notes to the slides
Details on sources,
sources estimates
estimates, adjustments and other
1) The number of branches excludes in H1 2010 MPS Group and Spring Group in North America as well as Tuja in Germany & Austria.
2) Adecco FY 2009 revenues includes Spring Group for the month November and December in 2009.
3) 2009 figures exclude on gross profit the positive impact of EUR 25 million due to favourable developments in France resulting in the
reassessment of existing accruals and the negative impact of EUR 7 million due to a sales tax accrual in the UK related to prior years. 2009
figures exclude on EBITA the positive impact of EUR 25 million due to favourable developments in France resulting in the reassessment of
existing accruals, the negative impact of EUR 7 million due to a sales tax accrual in the UK relating to prior years and the negative impact of
EUR 121 million associated with restructuring costs. 2008 figures on gross profit the positive impact of the modified calculation of the French
social charges of EUR 63 million and from restructuring charges of EUR 8 million. 2008 figures exclude on EBITA the positive impact of the
modified calculation of the French social charges of EUR 63 million and the negative impact associated with headcount reductions and branch
optimisation in France and other European countries of EUR 32 million and the provision of the French antitrust procedure of EUR 19 million.

March 24, 2011
Slide 57
Notes to the slides
Details on sources,
sources estimates
estimates, adjustments and other
4) For better comparison, figures for 2005, 2006, 2007, 2008 and 2009 are excluding the impact of the French business tax (FBT), which as of
January 1, 2010 was reclassified as income tax under US GAAP.
2005 figures
g exclude on g
gross profit the negative
g impact of the French business tax of EUR 80 million and on EBITA the negative
g impact of the
French business tax of EUR 84 million.
2006 figures exclude on gross profit the negative impact of the French business tax of EUR 86 million and on EBITA the negative impact of the
French business tax of EUR 91 million.
2007 figures exclude on gross profit the positive impact of the modified calculation of the French social charges of EUR 172 million and exclude
the negative impact of the French business tax of EUR 88 million. 2007 figures exclude on EBITA the positive impact of the modified calculation
of the French social charges of EUR 156 million and the negative impact of expenses related to the French antitrust proceedings of EUR 15
million
illi and d off the
h FFrench
hbbusiness
i tax off EUR 93 million.
illi
2008 figures exclude on gross profit the positive impact of the modified calculation of French social charges of EUR 63 million and from
restructuring charges of EUR 8 million as well as the negative impact of the French business tax of EUR 84 million. 2008 figures exclude on
EBITA the positive impact of the modified calculation of the French social charges of EUR 63 million, the negative impact associated with
headcount reductions and branch optimisation in France and other European countries of EUR 32 million and of the provision for the French
antitrust procedure of EUR 19 million and of the French business tax of EUR 89 million.
2009 figures exclude on gross profit the positive impact of EUR 25 million due to favourable developments in France resulting in the
reassessment of existing accruals and the negative impact of EUR 7 million due to a sales tax accrual in the UK related to prior years and of the
French business tax of EUR 61 million. 2009 figures exclude on EBITA the positive impact of EUR 25 million due to favourable developments in
France resulting in the reassessment of existing accruals, the negative impact of EUR 7 million due to a sales tax accrual in the UK related to
prior years, the negative impact of EUR 121 million associated with restructuring costs and of the French business tax of EUR 65 million.
LTM figures exclude on gross profit the positive impact of EUR 25 million due to favourable developments in France resulting in the
reassessment of existing accruals and the negative impact of EUR 7 million due to a sales tax accrual in the UK related to prior years and of the
French business tax of EUR 32 million. 2009 figures exclude on EBITA the positive impact of EUR 25 million due to favourable developments in
France resulting in the reassessment of existing accruals and the negative impact of EUR 7 million due to a sales tax accrual in the UK related to
prior years, the negative impact of EUR 31 million associated with restructuring costs and of the French business tax of EUR 34 million.
5) NOPAT = Net Operating Profit After Taxes (operating income minus 30% income tax).
6)) Average
g invested capital
p = assets minus liabilities excluding
g cash and cash equivalents,
q , short-term investments and interest-bearing
g liabilities.
7) ROCE = NOPAT/average invested capital.

March 24, 2011
Slide 58

Adecco - Conference March 2011

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Presentation

Adecco Group presentation

Trends in the labour market

How to reach a mid-term EBITA margin of above 5.5%

Outlook & conclusion

Adecco Group presentation

Adecco Group presentation

Ageing population Finding the right people at the right time

Need for people in emerging markets, need for different

Skills gap Finding skills locally and through mobility

More made to order Higher volatility requires more flexibility

Regulatory environment More sectors open for our industry

Adecco Group presentation

US total business US manufacturers US retail trade

1.3 1.3 1.4

1.25 1.25 1.35

Adecco Group presentation

More temporary employees hired Recruiting was cut back

Part-time work arrangements Employees were laid off

Actions performed in 2009 Actions to be continued in the future

Data: Boston Consulting Group, World Federation of People Management Associations.

Adecco Group presentation

UK USA Japan France Germany The Netherlands

Adecco Group presentation

Source: Bureau of Labor Statistics (BLS)

Adecco Group presentation

2002 Q4 2005 Q4 2006 2009

Adecco Group presentation

General Staf f ing Prof essional Staf fing

CAGR 2.9% CAGR 6.8%

Adecco Group presentation

Adecco Group presentation

Adecco Group presentation

Excluding the impact of the French

Adecco Group presentation

Germany & Austria

-45% -40% -35% -30% -25% -20% -15% -10% -5% 0%

1) Please refer to slide 57.

Adecco Group presentation

Retail DSO 40 38 Retail DSO

Electronic time Electronic time

Average cost Average cost

Adecco Group presentation

Back office consolidation 2006 – 2008

Branch footprint optimisation 2007 – 2009

Centralisation of administrative tasks 2008 – ongoing

Integration synergies 2010 – 2012

IT improvements Q4 2008 – mid-term

Adecco Group presentation

Adecco2) 2009 revenue split FY 2010 Gross margin

Adecco 2010 revenue split Lower cost base

Integrating Spring and MPS

2) Please refer to slide 57.

Adecco Group presentation

Revenue decline yoy -3% -27% Revenue decline yoy

EBITA margin yoy -160

EBITA margin 2.7% 2.7% EBITA margin adjusted3)

3) Please refer to slide 57.

Adecco Group presentation

Cash Flow from operating activities DSO development

Adecco Group presentation

Adecco Group presentation