Adecco Group –
Operating and financial review and prospects
in millions, except share and per share information

1.3 Business line performance

The business line breakdown of revenues for the six months ended June 30, 2011 and June 30, 2010 is presented below:

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[1]Breakdown of staffing revenues into Office, Industrial, Information Technology, Engineering & Technical, Finance & Legal, and Medical & Science is based on dedicated branches. Solutions include revenues from Human Capital Solutions, Managed Service Provider (“MSP”), Recruitment Process Outsourcing (“RPO”), and Vendor Management System (“VMS”). The 2010 information has been restated to conform to the current year presentation.

[2]In the first six months of 2011, revenues changed organically in Information Technology by 7%; Engineering & Technical by 11%; Finance & Legal by 2%; Medical & Science by 9%; Professional Staffing by 7%; Solutions by –11%; and Adecco Group by 15%.

General Staffing

The Company’s Office and Industrial businesses which represented 78% of total revenues in the first six months of 2011 increased by 19%, or by 18% in constant currency, to EUR 7,822 compared to the first six months of 2010. In the Industrial business, revenues increased by 23%, or by 22% in constant currency. In France, revenues increased by 20%. In North America, revenues increased by 18% in constant currency, whereas both Germany & Austria and Italy reported a revenue increase of 42%. Revenues in France, North America, Germany & Austria, and Italy comprised over 75% of the Industrial business. In the Office business, revenues increased by 13% or by 11% in constant currency. In constant currency, the UK & Ireland reported a revenue decline of 1%, whereas revenues in North America grew by 20%, or by 24% in constant currency. In Japan, revenues increased by 10% (or by 3% in constant currency) and in the Nordics revenues grew by 22% (or by 15% in constant currency). The combined revenues from these four segments represented over 55% of the Office business revenues.

Information Technology

In Information Technology, revenues increased by 11%, or by 7% organically. Revenues in the UK & Ireland increased by 10% in constant currency or by 7% organically, while in North America revenues increased by 10% in constant currency or remained flat organically. The UK & Ireland and North America comprised over 70% of the Information Technology business line’s revenues. Information Technology represented 10% of the Company’s revenues in the first six months of 2011.

Engineering & Technical

In the first six months of 2011, revenues in the Engineering & Technical business increased by 13%, or by 11% organically. In North America, revenues increased by 23% in constant currency, or by 17% organically, while revenues in Germany & Austria increased by 19%. North America and Germany & Austria comprised over 75% of Engineering & Technical revenues. Engineering & Technical represented 5% of the Company’s revenues in the first six months of 2011.

Finance & Legal

In Finance & Legal, revenues grew by 10% in the first six months of 2011 compared to the same period in 2010, or by 2% organically. The Finance & Legal businesses in North America and the UK & Ireland comprised over 70% of the business line’s revenues. The Finance & Legal business line contributed 4% to the Company’s revenues in the first six months of 2011.

Medical & Science

In the first six months of 2011, revenues in Medical & Science grew by 14% or by 9% organically.

Solutions

In Solutions, revenues decreased by 11%, by 9% in constant currency, and by 11% organically in the first six months of 2011 compared to the same period last year, mainly due to the decline in the counter-cyclical career transition business.