In their report, the auditors arrive at the conclusion that PUMA’s institutionalized risk management system pursuant to Section 91, (2) Stock Corporation Act, is suitable for the early recognition of any developments that may endanger the company as a going concern and for taking counteraction against same. To this end, the Board of Management has informed the Supervisory Board at regular intervals about the assessment of market and sourcing risks, financial risks, including currency risks, and also about risks that may arise in the organizational area. The financial statements documentation and the auditor’s audit reports as well as the proposal concerning the appropriation of retained earnings were available to all members of the Supervisory Board in good time. The auditor reported about  significant audit results and discussed these in detail with the members of the Board of Management and the Supervisory Board at the meeting of the Audit Committee on February 6, 2005, and at today’s Supervisory Board meeting. No inconsistencies occurred. After thorough examination, we approve the annual financial statements prepared by the Board of Management and agree with the auditors’ results. No objections are raised. The Supervisory Board thus approves the annual financial statements as prepared by the Board of Management; the annual financial statements are hereby established. Furthermore, the Supervisory Board agrees with the Board of Management’s proposal that the dividend be raised from € 0.70 to € 1.00 per share. A total of  € 16.1 million from the balance sheet profit will be used to this end. The remaining balance sheet profit shall be carried forward to the new accounting period. Mr. James Douglas Packer, Bellevue Hill, Australia, and Mr. Peter Chernin, Los Angeles, USA, have, at their own wish and with effect from March 18, 2004 and March 22, 2004, respectively, resigned from office and left the Supervisory Board. Ms. Seiler, Employee Representative, has also resigned from the Supervisory Board with effect from April 20, 2004. We wish to take this  opportunity to express our gratitude and to acknowledge their performance, competence and critical support of our successful corporate development. The Supervisory Board wishes to express its great appreciation and thanks to the Board of Management, to the management of the Group companies, the staff’s chosen representatives, and all employees for their sustained successful performance and the work involved in achieving it. Herzogenaurach, February 7, 2005  On behalf of the Supervisory Board Werner Hofer Chairman Changes in the Supervisory Board Thanks to the Board of Management and Staff  93 Foreword | Mission | Management Report | Share | Marketing | Consolidated Financial Statements - IFRS - |  Report of Supervisory Board | Board of Management