ADECCO INTERNATIONAL FINANCIAL SERVICES B.V.

Risks associated with the Company's international operations, including currencymay adversely affect the Company's business or operating results.fluctuations,The Company's operations are conducted around the world. Operations in the Company's markets aresubject to risks inherent in international business activities, including, but not limited to:• foreign currency fluctuation;• varying economic and political conditions;• cultures and business practices in different regions;• overlapping of different tax structures;• accounting and reporting requirement compliance;changing and, in some cases, complex or ambiguous laws and regulations; and• litigation claims and judgments.The Company's local operations are reported in the applicable foreign currencies and then translatedinto Euro at the applicable foreign currency exchange rates for inclusion in the Company'sconsolidated financial statements. Exchange rates for currencies of these countries may fluctuate inrelation to the Euro and these fluctuations may have an adverse effect on the Company's operatingresults when foreign currencies are translated into Euro.The Company's acquisition strategy may have an adverse effect on the Company'sbusiness.The Company has a strategy of growing in part by acquisition and may make material acquisitions inthe future. Acquisitions may involve significant risks, including but not limited to:difficulties in the assimilation or integration of the operations, services and corporate culture of theacquired companies;• failure to achieve expected synergies and other benefits;• insufficient indemnification from the selling parties for legal liabilities incurred by the acquiredcompanies prior to the acquisitions; and• diversion of management's attention from other business concerns.In addition, further acquisitions would likely result in the incurrence of debt, and contingent liabilitiesand an increase in interest expense and amortisation expense related to intangible assets, which couldhave a material adverse effect on the Company's results of operations, financial condition or liquidity.The Company's major shareholders, which include the Company's Chairman and CEO, couldhave a significant impact on decisions taken by a meeting of shareholders.As of 31 December 2005, 42,804,180 shares representing 22.8% of the total Adecco S.A. registeredshare capital were held by a group consisting of Jacobs Holding AG (formerly KJ Jacobs AG), Zurich,Switzerland—which represents the Jacobs Group and whose own shares and participation certificatesare held by Jacobs Foundation and by the association Jacobs Familienrat (both Zurich, Switzerland)—Jacobs Venture AG, Baar, Switzerland, Triventura AG, Baar, Switzerland, Klaus J. Jacobs, Renata I.8