Disclosure according to sec. 34 b para. 1 German Securities Trading Act for company Adidas:

In accordance with sec. 34 b para. 1 German Securities Trading Act and FinAnV, we point out that:

M.M.Warburg & CO KGaA and affiliates are regularly trading securities issued by this company or securities based on these issues.

The boxes on the price and rating history chart indicate the date of the Equity Alert and M.M.Warburg & CO’s or SES Research's projected rating. Each box represents a date on which an analyst made a change to a rating, except for the first box, which may represent the rating in place at the beginning of the period or the first Alert written on the issue in the past 12 months.