Disclosure of sharholdings - Deutsche Bank

1/24/2007, 7:00 AM (Source: GlobeNewswire)


Chart for: Swiss Market Index SMI Price


Chart for: ADECCO N
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Dear all,

in order to avoid confusion around the attached disclosure of
shareholdings of Deutsche Bank AG we would like to draw you attention
to the following:

* Current Swiss disclosure regulations require companies not only
to report holdings of shares, but also any holdings of
derivatives. Deutsche Bank AG on January 19, 2006 held approx.
2.2% of Adecco shares, but put and call options for an equivalent
of 27.2% of shares. Most of these derivatives have been issued in
direct or indirect connection of the refinancing of the Jacobs /
Akila transaction, first announced in November 2005.

* The Swiss disclosure regulations also require reporting of any
changes in the composition of the shareholder group. This
includes any changes of name and address of any subsidies
involved. Deutsche Bank AG had such changes, which is also the
reason for this disclosure.

Therefore the distribution of shares amongst major shareholders
(excluding derivative holders) does not change with this

In case of questions please don't hesitate to contact us.

Kind regards,

Adecco Investor Relations

+41 44 878 89 25

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