Sourcing Sourcing Organization Asia as Largest Sourcing Market  Ethical and Social Standards  PUMA has a wholly owned subsidiary that is responsible for  outsourced production and sourcing. The PUMA sourcing  organization has offices in Hong Kong, Herzogenaurach and Boston, which are responsible for the Asian, European and American sourcing markets respectively.  In addition to production know-how and long-term partnerships, the development of the Euro/US Dollar exchange rate also  influences the decisions to relocate further sections of sourcing from the Euro Zone to Asia. Asia is PUMA’s largest sourcing market, followed by Europe  and America. Footwear is procured almost exclusively in Asia. In Apparel, there was further relocation from Europe to Asia. Overall, the share of sourcing in Asia rose from 74% to 81%.  PUMA acknowledges the principle of Sustained Development;  this principle is aimed at the optimization and integration of  economic, ecological, and social matters. Accordingly, all of PUMA’s dealings are oriented towards meeting the demands of today’s generation without impairing the opportunities of the generations of tomorrow.  Realization of the sustainability idea is supported by a code of conduct which is binding for management, employees and  producers. PUMA’s S.A.F.E. Team ( S ocial  A ccountability and F undamental  E nvironmental  S tandards) provides the necessary training and monitors compliance with the integrity code at  international level. Since January 2004, PUMA has been a "graduating member" of the Fair Labor Association (FLA), an international non-profit organization engaged in monitoring compliance with the FLA Code of Conduct through independent external audits. PUMA has also adapted to this code. The publication of audit results also serves to further increase the transparency of information vis à vis the public.  PUMA issues an annual sustainability report in accordance with the guidelines of the “Global Reporting Initiative (GRI)”, which is available on the Internet under www.about.puma.com. Far East/Asia Sourcing markets / units 2003 2004 0% 25% 50% 75% 100% Europe America Foreword | Mission |  Management Report  | Share | Marketing | Consolidated Financial Statements - IFRS - | Report of Supervisory Board | Board of Management 31