Sonata Securities SA Launches an Issue Of Approximately CHF767 Million Non-Recourse Secured Exchangeable Bonds, Exchangeable into Shares of Adecco SA

This press release is for information purposes only and is not anoffer to sell, or a solicitation of an offer to buy, any securities.The distribution of this press release and the offer and sale of thesecurities in certain jurisdictions may be restricted by law. Anypersons reading this press release should inform themselves of andobserve any such restrictions.

This press release is not an offer of securities for sale in theUnited States. The offer and sale of the securities has not been, andwill not be, registered under the U.S. Securities Act of 1933, asamended. The securities may not be offered or sold in the UnitedStates absent such registration or an applicable exemption fromregistration. There will be no offering of the securities in theUnited States.

Sonata Securities SA ("Sonata"), Luxembourg, is launching anapproximately CHF767 million offering (the "Offering") of non-recoursesecured exchangeable bonds due 2010 (the "Bonds") exchangeable intoshares (the "Shares") of Adecco SA ("Adecco").

The maturity of the Bonds is five years. The Bonds will be issuedat 100 per cent of their principal amount, have a coupon of 1.5 percent per annum payable annually in arrear, and are expected to have ayield to maturity of between 3.0 per cent and 3.5 per cent. Theexchange price is expected to be set at a premium of approximately 25per cent above a reference price of Adecco Shares.

The final terms of the Bonds are expected to be announced latertoday through a separate press release. Settlement is expected on oraround 30 December 2005.

Sonata has entered into financial transactions with Deutsche Bankwho, in turn, has entered into financial transactions with asubsidiary of Jacobs Holding AG, Klaus J. Jacobs and certain membersof the Jacobs family (the "Jacobs Group"). As part of thesetransactions, Jacobs Venture AG, a subsidiary of Jacobs Holding AG, isentering into an equity-linked contract with Deutsche Bank. Theobligations of Jacobs Venture AG will be secured by collateralinterests in approximately 32 million shares in Adecco held by theJacobs Group that may be used to finance the termination of theequity-linked contract.

The Bonds will be offered to institutional investors only. Neitherthe Bonds nor the Shares have been or will be registered under theU.S. Securities Act 1933, as amended (the "Securities Act") and willbe offered and sold only outside the United States in compliance withRegulation S under the Securities Act. Neither the Bonds nor theShares will be offered to investors in the United States, Australia,Canada, Italy or Japan.

Application will be made for the admission of the Bonds to theofficial list of the Luxembourg Stock Exchange and application will bemade for the admission of the Bonds to trading on the Luxembourg StockExchange's Euro MTF Market.

Deutsche Bank AG is acting as sole bookrunner and sole manager inthe Offering.

In connection with the issue and distribution of the Bonds,Deutsche Bank AG (the "Stabilising Manager") or any person acting forit or them may over-allot Bonds (which may not exceed 5 per cent ofthe aggregate principal amount of Bonds) or effect transactions with aview to supporting the market price of the Bonds at a level higherthan that which might otherwise prevail. However, there is noassurance that such Stabilising Manager or other person will undertakeany such stabilising action. Any stabilisation action may commence atany time after the adequate public disclosure of the final terms ofthe offer of the Bonds and, if commenced, may be ended at any time,but it must end no later than 30 days after the closing date of theissue of the relevant Bonds. Such stabilising shall be in compliancewith all applicable laws and regulations.

Stabilisation / FSA

This press release is not a prospectus and is being furnished toyou solely for your information and may not be reproduced,redistributed or made available in whole or in part to any otherperson for any purpose. This press release does not constituteinvestment advice nor an offer to sell, or a solicitation of an offerto purchase any securities.

This press release is only directed at persons outside the UnitedKingdom or persons within the United Kingdom falling within thedefinition of investment professionals (as defined in Article 19(5) ofthe Financial Services and Markets Act 2000 (Financial Promotion)Order 2005 (the "Order")) or other persons to whom it may lawfully becommunicated in accordance with the Order. In the case of investmentprofessionals, this notice is directed at persons having professionalexperience in matters relating to investments and the investments andinvestment activity to which it relates will be engaged in only withsuch persons; persons who do not have professional experience inmatters relating to investments should not rely on it.

THIS PRESS RELEASE IS DIRECTED EXCLUSIVELY AT MARKET PROFESSIONALSAND INSTITUTIONAL INVESTORS. THIS PRESS RELEASE IS FOR INFORMATIONPURPOSES ONLY AND IS NOT TO BE RELIED UPON IN SUBSTITUTION FOR THEEXERCISE OF INDEPENDENT JUDGEMENT. THE DECISION TO PURCHASE ANY OF THEBONDS SHOULD ONLY BE MADE ON THE BASIS OF THE OFFERING CIRCULAR TO BEISSUED BY SONATA IN CONNECTION WITH THE OFFERING. THE OFFERINGCIRCULAR WILL BE AVAILABLE FREE OF CHARGE FROM DEUTSCHE BANK AG PRIORTO SETTLEMENT. DEUTSCHE BANK AG ACCEPTS NO LIABILITY ARISING FROM THEUSE OF NOR MAKE ANY REPRESENTATION AS TO THE ACCURACY OR COMPLETENESSOF THIS PRESS RELEASE OR THE OFFERING CIRCULAR. THE INFORMATIONCONTAINED HEREIN IS SUBJECT TO CHANGE WITHOUT NOTICE.

Each person receiving this press release should consult hisprofessional adviser to ascertain the suitability of the Bonds as aninvestment. Neither Sonata or Deutsche Bank AG make any representationas to (i) the suitability of the Bonds for any particular investor,(ii) the appropriate accounting treatment and potential taxconsequences of investing in the Bonds or (iii) the future performanceof the Bonds either in absolute terms or relative to competinginvestments.

In connection with the Offering, Deutsche Bank AG or itsaffiliates and agents may, for their own account, enter into assetswaps, credit derivatives or other derivative transactions relating tothe Bonds at the same time as the offer and sale of the Bonds or insecondary market transactions. Deutsche Bank AG or their affiliatesand agents may from time to time hold long or short positions in orbuy and sell such Bonds or derivatives or the underlying shares. Nodisclosure will be made of any such positions, unless so required byapplicable law.

THE BONDS WILL BE OFFERED AND SOLD ONLY OUTSIDE THE UNITED STATESIN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT. THISANNOUNCEMENT IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY IN ORINTO THE UNITED STATES. THIS ANNOUNCEMENT IS NOT AN OFFER OFSECURITIES FOR SALE INTO THE UNITED STATES OR ELSEWHERE.

THIS ANNOUNCEMENT MAY NOT BE TRANSMITTED OR DISTRIBUTED, DIRECTLYOR INDIRECTLY, IN OR INTO CANADA, AUSTRALIA, ITALY OR JAPAN. ANYFAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OFCANADIAN, AUSTRALIAN, ITALIAN OR JAPANESE SECURITIES LAWS.