Annual Report 2011

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

Note 5 – Significant shareholders

Adecco S.A. has only registered shares. Not all shareholders register with Adecco S.A.’s share register. The following figures are based on information from the share register as of December 31, 2011, on shareholders’ disclosures or on other information available to Adecco S.A.

35,313,579 and 34,866,019 shares in 2011 and 2010, respectively, held by a shareholder group with pooled voting rights, consisting, as notified to the Company on August 26, 2011, of Jacobs Holding AG, Zurich, Switzerland; Jacobs Stiftung, Zurich, Switzerland; Renata I. Jacobs, St. Moritz, Switzerland; Lavinia Jacobs, London, UK; Nicolas Jacobs, Kusnacht, Switzerland; Philippe Jacobs, London, UK; Nathalie Jacobs, Kusnacht, Switzerland; Christian Jacobs, Hamburg, Germany; Andreas Jacobs, Hamburg, Germany; Verein Jacobs Familienrat, Zurich, Switzerland; Sentosa Beteiligungs GmbH, Hamburg, Germany (controlled by Christian Jacobs, Hamburg, Germany); Niantic Finance AG, Zurich, Switzerland (controlled by Andreas Jacobs, Hamburg, Germany); Jacobs Venture AG, Baar, Switzerland; and Triventura AG, Baar, Switzerland.

9,403,368 shares as of February 8, 2011 held by Group Franklin Resources Inc., Ft. Lauderdale, USA, with pooled voting rights, consisting of Franklin Advisers, Inc., San Mateo, USA; Franklin Templeton Investments (Asia) Limited, Hong Kong; Franklin Templeton Investments Corp., Toronto, Canada; Franklin Templeton Investment Management Limited, Edinburgh, UK; Franklin Templeton Portfolio Advisors, San Mateo, USA; Templeton Asset Management Ltd, Hong Kong; Templeton Global Advisors Limited, Nassau, Bahamas; Templeton Investment Counsel, Ft. Lauderdale, USA.

10,163,580 shares in 2011 and 2010, held by Akila Finance S.A., Luxembourg, controlled by Philippe Foriel-Destezet, Gstaad, Switzerland.

9,394,718 shares as of March 7, 2011 held by Artisan Partners Limited Partnership, Milwaukee, USA, which is controlled by its general partner, Artisan Investment GP LLC, a limited liability company organised under the laws of the state of Delaware, USA. The sole member/partner of Artisan Investment GP LLC is Artisan Partners Holdings LP (also a limited partner of Artisan Partners Holding LP). Artisan Partners Holdings LP is the sole limited partner of Artisan Partners Limited Partnership. Artisan Partners Holdings LP is controlled by its general partner, Artisan Investment Corporation. The sole shareholder of Artisan Investment Corporation is ZFIC Inc., a corporation organised under the laws of the state of Wisconsin, USA, and with two shareholders, each owning 50% of the voting stock of ZFIC Inc., i.e. Andrew A. Ziegler and Carlene M. Ziegler (c/o Artisan Partners Limited Partnership, Milwaukee, USA).

9,660,727 shares as of May 11, 2011, and 9,309,349 shares as of December 3, 2010, held by Harris Associates L.P., Chicago, USA.

Refer to Note 3 for details on shares held by Adecco S.A.

For further detailed information, refer to the links listed under item 1.2 “Significant shareholders” of the Corporate Governance Report.