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Adecco Group –
Notes to consolidated financial statements (unaudited)
in millions, except share and per share information

Note 11 • Subsequent events

On July 26, 2011, the Company entered into an agreement to acquire Drake Beam Morin, Inc. (“DBM”) for an enterprise value of EUR 149 (spot exchange rate USD/EUR 1.42). DBM is a leading provider in the career transition and talent development services sector. The transaction is subject to regulatory approvals and is expected to close in the third quarter of 2011. The transaction will be funded with the Company’s existing financial resources.

The Company has evaluated subsequent events through August 9, 2011, the date the financial statements were available to be issued. No other significant events occurred subsequent to the balance sheet date but prior to August 9, 2011 that would have a material impact on the consolidated financial statements.