## 31. Disclosures Concerning the Supervisory Board and the Board of Management 

In accordance with a resolution of the Shareholders’ Meeting held on April 20, 2004, the Supervisory Board was reduced from 9 to 6 members. The fixed remuneration for Supervisory Board members amounts to T-€ 50 for the Chairman and T-€ 25 for each other Supervisory Board member. The Supervisory Board members who have left the company in financial year 2004 were remunerated on a pro rata temporis basis. Overall remuneration in the past financial year totaled T-€ 194 (previous year: T-€ 250). No variable remuneration exists. As of the balance sheet date, the Supervisory Board members held a total of 2,100 shares (previous year: 1,000 shares) or 0.0126% (previous year: 0.0062%) of the total shares as of the balance sheet date. There are no share-based remuneration systems for members of the Supervisory Board. 

Remuneration for the Board of Management includes, in addition to a fixed and variable component, a variable remuneration in the 

## 32. German Corporate Governance Code 

The German Corporate Governance Code (DCGK) sets the significant legal regulations recommendations for the guidance and monitoring of German companies listed on the stock exchange and includes standards governing responsible corporate management. 

The Board and the Supervisory Board have made the required declaration concerning the recommendations issued by the 

## 33. Events after the Balance Sheet Date 

In January 2005, PUMA AG acquired the majority of the former distributor for Greece. The company will be consolidated with effect as from January 1, 2005 and integrated immediately into 

Herzogenaurach, January 24, 2005 

The Board of Management 

Zeitz 

Gänsler 

Heyd 

form of options in accordance with the with long-term incentive plan (see paragraph 20 of these notes). In the financial year, fixed remuneration amounted to € 3.9 million (previous year: € 2.6 million), and variable remuneration amounted to € 4.7 million (previous year: € 3.5 million). Share-based remuneration in the financial year amounted to € 2 million. The criteria applied to determine the adequacy of remuneration are, in addition to the functions and performance of the Board member concerned, the financial situation, the performance and future prospects of the company, taking peer companies into account. 

Pension commitments vis à vis former Board members amounted to € 2.7 million (previous year: € 2.6 million); they are recorded as a liability within pension provisions. As in the previous year, retirement benefits amounting to € 0.1 million were paid to a former Board member. 

Government Commission in the German Corporate Governance Code pursuant to Section 161 AktG, and made it permanently available to the shareholders on the Company’s homepage (www.puma.com). 

the PUMA organisation. The acquisition does not impact on the net assets, financial position and results of operations. 

