## Auditor’s Report 

We have audited the consolidated financial statements of PUMA Aktiengesellschaft Rudolf Dassler Sport, Herzogenaurach, consisting of a consolidated balance sheet, consolidated income statement, cash flow statement and notes to the consolidated financial statements for the financial year from January 1 to December 31, 2004. The preparation and content of the consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS issued by the IASB) are the responsibility of the Company‘s Board of Management. Our responsibility is to express an opinion as to whether, based on our audit, the consolidated financial statements are in compliance with IFRS. 

We conducted our audit of the consolidated financial statements in accordance with German auditing regulations and generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer in Deutschland (IDW) and international standards on auditing (ISA). These standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. Knowledge of the business activities and the economic and legal environment of the Group and evaluations of possible misstatements are taken into account in the determination of audit procedures. The evidence supporting the amounts and disclosures in the consolidated financial statements are examined on a test basis within the framework of the audit. The audit includes assessing the accounting principles used and significant estimates made by the Board of Management as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion. 

In our opinion, the consolidated financial statements give a true and fair view of the net assets, financial position, results of operations and cashflows of the Group in the financial year in compliance with IFRS. Our audit, which also extends to the group management report prepared by Board of Management for the financial year from January 1 to December 31, 2004 has not led to any reservations. In our opinion, on the whole the group management report, together with the other information of the consolidated financial statements, provides a suitable understanding of the Group's position and suitably presents the risks of future development. In addition, we confirm that the consolidated financial statements and the group management report for the business year from January 1 to December 31, 2004 satisfy the conditions required for the Company’s exemption from its duty to prepare consolidated financial statements and the group management report in accordance with German law. 

Frankfurt am Main, January 24, 2005 

Detlev Cuntz German Public Accountant 

## PRICEWATERHOUSE(COPERS 

GmbH Wirtschaftsprüfungsgesellschaft 

Dr. Ulrich V. Störk German Public Accountant 

