Disclosure of Shareholdings

12/14/2005, 10:04 AM (Source: GlobeNewswire)

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Adecco S.A. Chéserex - Pursuant to art. 20 of the Federal Act on
Stock Exchanges and Securities Trading, Adecco S.A. has received the
following notification:

1. Name of the listed company
Adecco S.A.
2. Number and type of shares and proportion of voting rights
(total holdings as a percentage)
44'957'537 Registered Shares Adecco SA; 24%
3. Identity of the parties concerned
Group consisting of Deutsche Bank AG, Taunusanlage 12, 60325
Frankfurt am Main, Germany, and its subsidiaries:
* Deutsche Bank AG, London Branch, Winchester House, 1 Great
Winchester Street, EC2N, UK;
* Deutsche Asset Management, Inc. 345 Park Avenue, New York,
NY 10154, USA;
* Deutsche Asset Management Investmentgesellschaft mbH,
Mainzer Landstr. 178-190, 60327 Frankfurt am Main, BRD;
* Deutsche Asset Management (Japan) Limited, Nagata-cho,
Chiyoda-ku, Sanno Park Tower 2-11-1- J-Tokyo, Japan;
* Deutsche Asset Management International GmbH, Mainzer
Landstr. 178-190, 60327 Frankfurt am Main, BRD;
* DWS Investment GmbH, Mainzer Landstr. 178-190, 60327
Frankfurt am Main, BRD;
* DWS (Austria) Investmentgesellschaft mbH,
Hohenstaufengasse 4, 1010 Wien, Aus-tria;
* DWS Investments Schweiz, Theaterstrasse 12, 8001 Zürich,
Schweiz
* DWS Investments Italy SGR S.p.a, Via M. Gioia n.8, 20124
Milano, Italy;
* DWS Investments S.A., Luxembourg, 2 Boulevard Konrad
Adenauer, 1115 Luxem-bourg;
* DWS Invest SICAV., 2 Boulevard Konrad Adenauer, 1115
Luxembourg.
4. Indirect sale, relationship between the beneficial owner
and the direct vendor
n.a.

5. Type and amount of the equity securities, of the
conversion, share purchase or share sales rights held and the voting
rights attached to them
a) Call Option granted by Jacobs Venture AG to Deutsche Bank AG
to acquire up to 10'294'665 (5.5%) of Adecco shares during the term
of the Contract.
b) Put Option granted by Deutsche Bank AG to Jacobs Venture AG
to sell up to 32'170'829 (17.2%) of Adecco shares at maturity of the
Contract.
c) 2'492'043 (1.3%) of Adecco shares currently held by Deutsche
Bank AG in the course of its ordinary trading and asset management
activities.
6. Time (date) of acquisition, sale or understanding through
which the shareholding reached, exceeded or fell below the percentage
threshold
Bilateral Equity Linked Contract dated 6 December 2005 between Jacobs
Venture AG and Deutsche Bank AG (the "Contract")
7. Further remarks
Sonata Securities S.A., Luxembourg, ("Sonata") intends to issue bonds
in the total amount of CHF 767'300'000 due 2010 exchangeable into
Adecco shares. The proceeds will be used to acquire a limited
recourse instrument from Deutsche Bank AG on the same terms. In
connection with these arrangements and, in particular, to enable
Deutsche Bank AG to obtain the shares deliverable under the limited
recourse instrument, Deutsche Bank AG has entered into a contract
with Jacobs Venture AG containing the call option for 10'294'665
Adecco shares and the put option for 32'170'829 Adecco shares. The
proceeds obtained by Deutsche Bank AG under the limited recourse
instrument are passed on to Jacobs Venture AG in order to finance the
acquisition of Adecco shares.
All Adecco shares acquired by Deutsche Bank AG under the Call Option
and/or the Put Option granted under the Contract (see items 5. a) and
b)) will be transferred to Sonata for delivery to the holders of the
exchangeable bond.
Any exercise (whether partially or in full) of the Call Option will
lead to a pro rata reduction of the physical delivery entitlement
arising under the Put Option.



Adecco S.A. 14 December 2005
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WKN: 922031; ISIN: CH0012138605; Index: SLCI, SMI, SPI, SMIEXP;
Listed: Main Market in SWX Swiss Exchange;
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