Respecto al uso del suelo urbano.

As statutory auditor, we have audited the accompanying financial statements of Adecco S.A., which comprise the balance sheet, statement of operations and notes, for the year ended 31 December 2010.

Board of Directors’ responsibility

The Board of Directors is responsible for the preparation of the financial statements in accordance with the requirements of Swiss law and the company’s articles of incorporation. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.

Auditor’s responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We con- ducted our audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial state- ments are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have ob- tained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements for the year ended 31 December 2010 comply with Swiss law and the company’s articles of incorporation.

Report on other legal requirements

We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence (article 728 CO and article 11 AOA) and that there are no circumstances incompatible with our independence.

In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control system exists, which has been designed for the preparation of financial state- ments according to the instructions of the Board of Directors.

We further confirm that the proposed appropriation of available earnings complies with Swiss law and the company’s articles of incorporation. We recommend that the financial statements submitted to you be approved.

Ernst & Young Ltd

Robin Errico Dominick Giuffrida

Licensed audit expert Certified Public Accountant (U.S.) (Auditor in charge)

Zurich, Switzerland 15 March 2011

Name of legal entity Country

Registered seat

of legal entity Ownership Type1

Currency of share capital

Share capital in thousands

Adecco Argentina S.A. Argentina Buenos Aires 100% O ARS 44,526 Adecco Industrial Pty Ltd Australia Melbourne 100% O AUD 5 Adecco Coordination Center NV Belgium Brussels 100% F EUR 1,332,468 Adecco Personnel Services NV Belgium Brussels 100% O EUR 16,651 Adecco Financial Services (Bermuda) Ltd Bermuda Hamilton 100% F USD 12 Secad Ltd Bermuda Hamilton 100% H CHF 44 Adecco Employment Services Limited Canada Toronto, Ontario 100% H/O CAD 90,615 Ajilon Canada Inc. Canada Toronto, Ontario 100% O CAD 14,884 Adecco Holding France SASU France Villeurbanne 100% H EUR 601,200 Adecco France SASU France Villeurbanne 100% O EUR 85,317 Adia SASU France Villeurbanne 100% O EUR 83,293 Adecco Medical SASU France Villeurbanne 100% O EUR 230 Altedia SA France Paris 100% O EUR 3,063 Adecco Beteiligungs GmbH Germany Düsseldorf 100% H EUR 25 Adecco Personaldienstleitungen GmbH Germany Düsseldorf 100% O EUR 31 DIS Deutscher Industrie Service AG Germany Düsseldorf 100% O EUR 12,300 TUJA Zeitarbeit GmbH Germany Ingolstadt 100% O EUR 40 euro engineering AG Germany Ulm 100% O EUR 540 Adecco Flexione Workforce Solutions Limited India Bangalore 100% O INR 500 Adecco Italia SpA Italy Milan 100% O EUR 2,976 Adecco Ltd. Japan Tokyo 100% O JPY 5,562,863 Ecco Servicios de Personal SA de CV Mexico Mexico City 100% H/O MXN 101,854 Adecco International Financial Services BV Netherlands Utrecht 100% F EUR 2,500 Adecco Holding Europe BV Netherlands Utrecht 100% H EUR 18,807 Adecco Personneelsdiensten BV Netherlands Utrecht 100% O EUR 227 Adecco Detachering BV Netherlands Utrecht 100% O EUR 18 Adecco Norge AS Norway Oslo 100% O NOK 51,000 Adecco TT SA Empresa de Trabajo Temporal Spain Madrid 100% O EUR 1,759 Eurocén Europea de Contratas SA Spain Madrid 100% O EUR 661 Adecco Sweden AB Sweden Stockholm 100% O SEK 3,038 Adecco S.A. Switzerland Chéserex H CHF 189,264 Adecco management & consulting S.A. Switzerland Lausanne 100% S CHF 500 Adecco Invest S.A. Switzerland Lucerne 100% H CHF 100 Adecco Ressources Humaines S.A. Switzerland Lausanne 100% O CHF 7,000 Spring Group Plc United Kingdom London 100% O GBP <1 Adecco UK Ltd United Kingdom Borehamwood 100% O GBP 99,600 Ajilon (UK) Ltd United Kingdom Borehamwood 100% O GBP 10 Office Angels Ltd United Kingdom Borehamwood 100% O GBP 2,657 Olsten (U.K.) Holdings Ltd United Kingdom London 100% H GBP 22,531 Modis Europe Limited United Kingdom London 100% H GBP 206 Badenoch and Clark Limited United Kingdom London 100% O GBP 3,878 Adecco Inc. United States Wilmington, DE 100% H USD <1 Adecco USA, Inc. United States Wilmington, DE 100% O USD <1 Ajilon LLC United States Wilmington, DE 100% O USD n/a2

Entegee, Inc. United States Burlington, MA 100% O USD <1 Ajilon Professional Staffing LLC United States Wilmington, DE 100% O USD n/a2

Lee Hecht Harrison LLC United States Wilmington, DE 100% O USD n/a2

Modis, Inc. United States Jacksonville, FL 100% O USD <1 MPS Group, Inc. United States Jacksonville, FL 100% O USD <1

1 H – Holding; O – Operating; S – Services; F – Financial.