ADECCO INTERNATIONAL FINANCIAL SERVICES B.V.

The Company's success depends upon its ability to attract and retain qualifiedpersonnel.temporaryThe Company depends upon its ability to attract and retain temporary personnel who possess the skillsand experience necessary to meet the staffing requirements of its clients. The Company mustcontinually evaluate and upgrade its base of available qualified personnel to keep pace with changingclient needs and emerging technologies. Competition for individuals with proven professional skills orspecial industry know-how may be expected in periods of high demands for these individuals. Therecan be no assurance that qualified personnel will continue to be available to the Company in sufficientnumbers and on terms of employment acceptable to the Company and its clients. The Company'ssuccess will depend on its ability to recruit qualified temporary personnel and retain them.If the Company loses its key personnel, its business may suffer.The Company's operations are dependent on the continued efforts of its executive officers and seniormanagement. In addition, the Company is dependent on the performance and productivity of its localmanagers and field personnel. The Company's ability to attract and retain business is significantlyaffected by local relationships and the quality of service rendered. The loss of those key executiveofficers and senior management who have acquired experience in operating a staffing servicecompany on an international level may cause a significant disruption to the Company's business.Moreover, the loss of the Company's key local managers and field personnel may jeopardise existingcustomer relationships with businesses that continue to use the Company's staffing services basedupon past direct relationships with these local managers and field personnel. Either of these types oflosses could adversely affect the Company's operations, including its ability to establish and maintaincustomer relationships.The Company may be exposed to employment-relatedadversely affect its business.claims and costs that could materiallyThe Company is in the business of employing people and placing them in the workplace of otherbusinesses. Attendant risks of these activities include possible claims by customers or third parties ofemployee misconduct or negligence, claims by employees of discrimination or harassment (includingclaims relating to actions of the Company's customers), claims related to the inadvertent employmentof illegal aliens or unlicensed personnel, payment of workers' compensation claims and other similarclaims. These risks are especially prevalent in the United States where the legal systems favour classactions and claims for substantial damages. However, there can be no assurance that the Companywill not experience these problems in the future, that the insurance will cover all claims that may beasserted against the Company or that the Company may not incur fines or other losses or negativepublicity with respect to these problems that could have a material adverse effect on the Company'sbusiness.Litigation and regulatory investigations and audits to which the Company is currently, or maybecome, subject could materially adversely affect its business, financial condition, results ofoperations or cash flows.In the ordinary course of business, the Company is involved in various legal actions and claims,including those related to social security charges, unemployment taxes, other payroll related chargesand various employment related matters. In the U.S., the Company, like other companies, incurs costsfor unemployment taxes based on taxable wages (which include the wages of its temporary staff) andtax rates notified by each state. Certain states have advised the Company that they are reviewing theunemployment tax rates applied by the Company as a result of certain past changes in structure in theU.S. As of the date of this document, the Company has not received any assessments from thesestates, but it anticipates that it will receive such assessments in due course. It is possible that other6