Article: Disclosure of Shareholding.

(From Hugin)

Cheserex, Switzerland, 25 May 2009: Pursuant to Art. 9 and 17 of the Stock Exchange Ordinance-FBC, Adecco S.A. has received the following notification: 1. Name of the listed company: Adecco S.A. 2. Proportion of voting rights held (total holdings in percent): See under item 5. 3. Identity of those involved: Group consisting of Morgan Stanley, The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware DE 19801, USA ("Morgan Stanley"), and its subsidiaries: Morgan Stanley & Co incorporated, 1585 Broadway, New York, NY 10036, USA, and Morgan Stanley & Co International Plc, 25 Cabot Square, Canary Wharf, London E14 ...

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