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Ad Hoc Publicity: Formal Investigation Against Adecco S.A. Initiated By The SWX

Date 12/02/2004

The SWX Swiss Exchange has initiated a formal investigation against Adecco S.A. in view of a possible violation of Art. 72 Listing Rules (ad hoc publicity). On 20 January 2004, the SWX announced that it had initiated a preliminary investigation of the company. The enquiries since made by the SWX show that a violation of Art. 72 Listing Rules cannot be ruled out in connection with the communiqué of 12 January 2004, according to which the publication of Adecco's annual results for 2003 would have to be postponed. The duration of the investigative proceedings has not been determined. The SWX will provide information on the outcome of its investigation. However, no information will be made public with regard to the ongoing investigation.