Adecco Group AG

Investor Presentation • May 22, 2003

Adecco Full-Year 2002 Results

Analyst Conference

February 5, 2002

Disclaimer

We are going to discuss certain subjects that may contain forwardlooking statements relating to such matters as anticipated financial performance, business prospects, new products, development activities and similar matters. We caution you that actual results could differ materially from those that will be projected in our discussions. Additional detailed information concerning a number of factors that could cause actual results to differ materially from the information that we will be giving you is readily available in our most recent report on Form 20-F and in our Form F-4 registration statement filed with the United States Securities & Exchange Commission.

Jérôme Caille Chief Executive Officer

Adecco Group 2002 Results

C H F i l l i	D 2 0 0 2 e c	%	D 2 0 0 1 e c	%	% c	h a n g e
m o n s	Y T D	l s a e s	Y T D	l s a e s	C H F	L l o c a
N t i e s e r v c e r e v e n u e s	2 5 0 8 6 ,		2 7 2 4 7 ,		% 8 -	% 3 -
G M i r o s s a r g n	4 4 7 5 ,	1 8 % 7	5 1 2 0 ,	1 8 8 %	% 1 3 -	% 8 -
O t i t p e r a n g c o s s	( 3 8 1 3 ) ,	1 2 % 5 -	( 3 9 1 ) 4 ,	1 4 % 5 -	3 % -	2 %
O i i t p e r a n g n c o m e	6 6 2	2 6 %	1 1 9 7 ,	4 3 %	4 4 % -	4 0 % -
N i b f i i t t t e n c o m e e o r e a m o r s a o n d i i ( 1 ) t t a n o n e m e e m s	3 6 2	1. 4 %	7 0 2	2 6 %	4 8 % -	4 4 % -

(1) One-time items i ncludes for 2001 Internet investment write-down of CHF 15m and cum ulativ e effect of accounting changes, net of tax of CHF 8m, in Q1.

Adecco Group 2002 4th Quarter

C H F i l l i m o n s	D 2 0 0 2 e c	%		% l s a e s	% h c	a n g e
		l s a e s	D 2 0 0 1 e c		C H F	L l o c a
N t i e s e r v c e r e v e n u e s	6 2 7 8 ,		6 3 7 7 ,		% 2 -	% 3
G M i r o s s a r g n	1 0 7 1 ,	% 1 7 1	1 1 4 7 ,	% 1 8 0	7 % -	2 % -
O t i t p e r a n g c o s s	( 9 8 1 )	1 6 % 5 -	( 9 3 2 )	1 4 6 % -	% 5	1 1 %
O i i t p e r a n g n c o m e	9 0	% 1 4	2 1 5	% 3 4	5 8 % -	5 6 % -
N i b f i i t t t e n c o m e e o r e a m o r s a o n d i i t t a n o n e m e e m s	4 0	0 7 %	1 2 3	1. 9 %	% 6 7 -	% 6 5 -

Accelerating Sales

2 0 0 2 2 0 0 1 @ C t t R t v s. o n s a n a e	Q 1	Q 2	Q 3	Q 4	Y e a r
S f f S t i i a n g e r v c e s	7 % -	2 % -	1 %	5 %	1 % -
f S f f S P i l t i d i r o e s s o n a a n g a n e r v c e s	% 2 6 -	% 2 4 -	% 2 0 -	% 1 3 -	% 2 1 -
C S i a r e e r e r c e s v	% 5 7	1 0 %	2 %	0 %	1 % 5
h A d G t e e c c o r o u p	9 % -	% 5 -	1 % -	3 %	3 % -

Sales Growth Ranking

U SA - Adecco Japan - Adecco Spain - Adecco Belgium - Adecco Italy - Adecco Other Adecco Units Germany - Adecco France - Adecco France - Adia UK - Adecco Switz e rla nd - Adec c o Netherlands - A d ecco

UK - Ajilon Office Angels USA - Ajilon Con s ultin g Othe r Ajilon Units UK - Ajilon CP USA - Ajilon Fin ance

-1

6

Other LHH Units USA - LHH

Gross Margin by Division 2002 vs 2001

G % M i r o s s a r g n	Q 1	Q 2	Q 3	Q 4	Y e a r
S f f S t i i a n g e r c e s v	% 1 5 7	% 1 5 4	% 1 5 4	% 1 4 5	% 1 5 2
P f i l S f f i d S i t r o e s s o n a a n g a n e r v c e s	2 6 1 %	2 6 % 5	2 7 6 %	2 9 % 5	2 6 3 %
C S i a r e e r e r v c e s	1 0 0 %	1 0 0 %	1 0 0 %	1 0 0 %	1 0 0 %
G t h A d e e c c o r o p u	% 1 8 7	% 1 7 8	% 1 7 8	% 1 7 1	% 1 7 8

The Gross Margin Trend

About 1,000 FTE Reduction (Change Dec 01 to Dec 02)

e -

Staffing Services -3% Professional Staffing and Services -14% Career Services 15% HR and Other Services nm Others -12% the Adecco Group -3%

% Variance

Increasing Productivity

Felix Weber Chief Financial Officer

The Results in Detail

C H F i l l i m o n s	T l w e v e m o n
	D b 2 9 e c e m e r , 2 0 0 2	D b 3 0 e c e m e r , 2 0 0 1	% h c a n g e
N i t e s e r c e r e e n e s v v u	2 0 8 6 5 ,	2 2 4 7 7 ,	% 8 -
G M i r o s s a r g n	4 4 7 5 ,	5 1 2 0 ,	1 3 % -
O t i i p e r a n g n c o m e	6 6 2	1, 1 7 9	4 4 % -
& I t t t h i t n e r e s o e r n c o m e n e ,	( ) 1 5 9	( ) 2 2 2
f P i i i t r o v s o n o r n c o m e a x e s	( ) 1 4 1	( ) 2 5 4
I l i b l t i i t i t t n c o m e a p p c a e o m n o r n e r e s y	-	( 1 )
N t I b f t i t i d t i i t ( 1 ) e n c o m e e o r e a m o r a o n a n o n e m e e m s z	3 6 2	0 2 7	% 4 8 -
A i i f i i b l t t t m o r s a o n o n a n g e s	( 8 )	( 1, 1 0 6 )
O t i i t ( 1 ) n e m e e m s -	-	( 2 3 )
N i / ( l ) t ( 2 ) e n c o m e o s s	3 5 4	( 4 2 7 )

(1) In the first quarter 2001, one-tim e it e ms includes internet in vestm ent writ e-down of CHF 15 million and the cumulative effe ct of change in a c c ounting prin ciples, n et of t a x, of CHF 8 million.

(2) F or the twelve m onths ended Dec e m ber 3 0, 2001, net inc o m e / (loss) in cludes goodwill am ortisation. F or the twelve months ended Dec e m ber 30, 2001, the adjusted net inc o m e (under S F AS No. 142) is CHF 561 million.

The Drivers for Change

FY 2001

FY 2002

Adecco Temp erm Placem ent Temp & P erm Outplacement Other Total T emp Ajilon T e m p Grand Total

Adecco Temp

erm Placem

Outplacement

Grand Total

P

emp

e

m

p

erm

Temp &

Total T

Ajilon T

Other

P

ent

P

Consolidated Cash-Flows

C H F i l l i m o n s	2 0 0 2	2 0 0 1
N i / ( l ) t e n c o m e o s s	3 5 5	( 4 2 ) 7
A i i d d i i t t t m o r s a o n a n e p r e c a o n	2 2 1	1 3 0 0 ,
F i i f t h n a n c n g o g r o w	1 0	5 3 1
R t t i d t h e s r c r n g a n o e r u u	6 1	( ) 1 4
T l C h F l f O i t t o a a s o w r o m p e r a o n s	6 4 7	1 3 9 0 ,
& A d d i t i t P P E t o n s o n e ,	( ) 1 4 8	( ) 2 9 0
C h h i i i ( j i l ) t t a s p u r c a s e a c q u s o n o p o	( 8 9 )	-
O t h i t t e r n v e s m e n s	( ) 2 8	( ) 2 3 8
C h F l f I t t t a s o w a e r n v e s m e n s	3 8 2	8 6 2
C h i i t a n g e n e q u y	( 1 6 ) 7	( 1 4 ) 5
S h d l f i i t t o r a n o n g e r m n a n c n g	( 5 8 5 )	( 6 5 3 )
f f & F t t h o r e e e c o e r x	1 2 7	1 0
N I / ( D ) C h & C h E i t e n c r e a s e e c r e a s e a s a s q u v	( 2 4 3 )	6 5
C h t b i i f i d a s a e g n n n g o p e r o	5 5 2	4 8 7
C f h t d i d a s a e n o p e r o	3 0 9	5 5 2

Consolidated Balance Sheets

	Y E d d e a r n e
C H F i l l i m o n s	D b 2 9 e c e m e r ,	D b 3 0 e c e m e r ,
	2 0 0 2	2 0 0 1
A S S E T S
C h d h i l t a s a n c a s e q a e n s u v	3 0 9	5 5 2
T d i b l t t r a e a c c o u n s r e c e v a e n e ,	4 2 2 5 ,	4 6 3 6 ,
& P t i l h l d i t t r o p e r e q p e a s e o m p r o e m e n s n e y u v , ,	6 3 2	7 3 5
I t i b l t n a n g e s n e ,	2 1 4 7 ,	2 2 9 2 ,
O h t t e r a s s e s	1 1 4 7 ,	1 1 0 8 ,
T t l A t o a s s e s	8 4 6 0 ,	9 3 2 3 ,
S L I A B I L I T I E
S h d b t- t t o r e r m e	3 3 1	9 9 5
A t b l d d c c o n s p a a e a n a c c r e e p e n s e s u y u x	4 0 9 3 , 1 9 4 0 , 1 4 9	4 3 0 9 , 2 0 4 7 , 1 8 3
L d b t t o n g e r m e -
O h l i b i l i i t t e r a e s
T l L i b i l i i t t o a a e s	6 5 1 3 ,	7 5 3 4 ,
M i i t I t t n o r y n e r e s s	-	2
S O S Q H A R E H L D E R E U I T Y	1 9 4 7 ,	1 7 8 7 ,
S T t l L i b i l i t i d h h l d ' E i t o a a e s a n a r e o e r s q u y	8 4 6 0 ,	9 3 2 3 ,

Jérôme Caille Chief Executive Officer

Temp Volume above 2002 levels

Today: Strong Strategic Position

• • Size and scale in major markets
• • Global network

¾Highest market share, revenue, cash flow and market capitalization in the industry ¾Number 1 or 2 in 12 of the 13 largest markets ¾5,800 offices and points of contact i n 63 countries with 29,000 colleagues ¾Leading world network in Specialist and Career Services brands

• • Superior technology
• • Low cost provider
• • Strong specialty business
• • Multicultural management
• • Outstanding people
• • Financial strength

¾Best systems i n t he industry ¾70% of sales run through systems less than 3 years old

Growth markets

W l d k t t h o r m a r e g r o w • G P i i k t J r o m s n g m a r e s : e r m a n y a p a n • ,	1 0 % 5 p a -
f f W l d k t t h t t i o r m a r e g r o e m p s a n g w • W l d k h f f i t t t o r m a r e g r o p e r m s a n g w • O i i f l i d i t t t p p o r n e s o r c o n s o a o n u •	1 0 1 5 % - p a 1 2 0 % 5 - p a
W l d k h t t o r m a r e g r o w • O i i f l i d i t t t p p o r n e s o r c o n s o a o n u •	3 5 4 5 % -
W l d k t t h o r m a r e g r o w • O S t i t t d d E t i h p p o r u n y o a x e c u v e e a r c • d t h H R l t i i a n o e r c o n s u n g s e r v c e s	1 2 1 % 5 -

Adecco Market Share in the different countries

% Share 2002 Estimate

France Spain Italy Switzerland Scandinavia Australia Belgium UK Canada Japan USA Netherlands Germany

Expected Market Growth,

Temp Work Penetration In Top Staffing Marketplaces Worldwide

E s tim a t ed P ene tra tion i n 2001

E s tim a t e d Gro wt h by 2010

Source: Eurostat, CIETT, SETT, Adecco estimates

Colleague development

• Adecco University

• •Internal mobility and promotion

• •Human Resources policy

• •The employment experts

• •Career managers

Summary

• • Consistent strategy
• • Unrivaled track record
• • Undisputed, diversified HR solutions leader
• • Divisional strengths and opportunities
• • Shaping future of 'Workforce management'
• • Dynamic strategic focus

Succeed Whatever the Market Environment

Thank You