Half Year Report 2012

Adecco Group –
Notes to consolidated financial statements (unaudited)
in millions, except share and per share information

Note 13 – Subsequent events

In June 2012, the Company launched a share buyback programme of up to EUR 400 on a second trading line with the aim of subsequently cancelling the shares and reducing the share capital. The share buyback commenced in mid-July 2012. As of August 8, 2012, the Company has acquired 280,000 shares under this programme for a total consideration of EUR 10.

On July 18, 2012, Adecco S.A. issued a CHF 250 long-term 5-year bond with a coupon of 1.875% and a CHF 125 long-term 8-year bond with a coupon of 2.625%, due on December 18, 2017 and December 18, 2020, respectively. The bonds were issued within the framework of the Euro Medium-Term Note Programme. The proceeds will be used to fund the planned share buyback programme described above.

The Company has evaluated subsequent events through August 8, 2012, the date the financial statements were available to be issued. No other significant events occurred subsequent to the balance sheet date but prior to August 8, 2012 that would have a material impact on the consolidated financial statements.