We have audited the consolidated financial statements prepared by PUMA SE, Herzogenaurach, comprising the balance sheet, the income statement and the statement of comprehensive income, the cash flow statement, the statement of changes in equity and the notes to the consolidated financial statements, as well as the combined management report for the period from January 1 through December 31, 2016. The Company’s Managing Directors are responsible for preparing the consolidated financial statements and the combined management report in accordance with the International Financial Reporting Standards (IFRS), as applicable in the EU, as well as in accordance with the supplementary regulations under commercial law pursuant to Section 315a (1) HGB. Our responsibility is to express an opinion on the consolidated financial statements and the combined management report based on our audit.

We conducted our audit of the consolidated financial statements pursuant to Section 317 HGB in compliance with the German generally accepted standards for the audit of financial statements promulgated by the Institute of Public Auditors in Germany (IDW). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with German principles of proper accounting and in the combined management report are detected with reasonable assurance. Knowledge of the business activities and the Group’s economic and legal environment as well as expectations of possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system as well as evidence supporting the disclosures in the consolidated financial statements and the combined management report are examined primarily on a sample basis within the framework of the audit. The audit includes assessing the financial statements of the companies included in consolidation, the determination of those companies to be included in consolidation, the accounting and consolidation principles applied and significant estimates made by the Managing Directors, as well as evaluating the overall presentation of the consolidated financial statements and the combined management report. We believe that our audit provides a reasonable basis for our opinion.

Our audit has not led to any reservations.

In our opinion, based on the findings of our audit, the consolidated financial statements of PUMA SE, Herzogenaurach, comply with the IFRS, as applicable in the EU, as well as with the supplementary regulations under commercial law pursuant to Section 315a(1) HGB and give a true and fair view of the net assets, financial position and results of operations of the Group. The combined management report is consistent with the consolidated financial statements, complies with the legal provisions, and as a whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks of future development.

Munich, January 30, 2017
Deloitte GmbH  
Wirtschaftsprüfungsgesellschaft