Adecco S.A. (Holding Company) –
Notes to financial statements
in millions, except share and per share information and compensation table data

Adecco S.A. has irrevocably and unconditionally guaranteed the 7-year Euro medium-term notes of CHF 608 (EUR 500) due 2018 and accrued interest of CHF 21, the 5-year Euro medium-term notes of CHF 433 (EUR 356) due 2014 and accrued interest of CHF 22, and the fixed rate notes of CHF 406 (EUR 333) due 2013 and accrued interest of CHF 13 issued by Adecco International Financial Services BV, a wholly owned subsidiary of Adecco S.A.

Adecco S.A. has irrevocably and unconditionally guaranteed outstanding commercial paper of CHF 177 (EUR 145) issued by Adecco International Financial Services BV, a wholly owned subsidiary of Adecco S.A.

Adecco S.A. has guaranteed or co-issued an amount of CHF 96 utilised from the revolving credit facility in the form of letters of credit as of December 31, 2011. Approximately CHF 501 of the credit facilities issued to several subsidiaries in Europe, North America, South America, Asia, and Australia have been guaranteed. Additionally, Adecco S.A. has provided guarantees and letters of comfort amounting to CHF 101 relating to government requirements for operating a temporary staffing business and to operating leases of its subsidiaries mainly in the USA.

Adecco S.A. is jointly and severally liable for the liabilities of the Swiss VAT group. As of December 31, 2011, the Swiss VAT group liability amounted to CHF 11.

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