Ad-Hoc Disclosure Regarding Article 15 of the WpHG

February 27, 2004

PUMA Intends to Continue its Share Buy-Back Program

Herzogenaurach, Germany, February 27, 2004 – Based on today’s resolution, PUMA’s Board of Management intends to continue its share buy-back program. PUMA will extend the current resolution from 300,000 to 800,000 shares. The revised figure constitutes 5% of PUMA’s outstanding shares.

Shares will be acquired via the open market. The acquisition price per share may not be in excess of or fall short of 5% of the mean value of the closing prices of PUMA’s share price on the XETRA during the last five trading days prior to the date of acquisition.

The reason for the buy-back is the availability of liquid funds. Based on the current business development, management considers an investment in PUMA’s shares to be in the company’s best interest while also ensuring flexible management of the company’s capital requirements.

As of December 31, 2003 the company bought back 175,000 shares at a total cost of €20.9 million. Additional shares were acquired during January and February and therefore the current resolution has been extensively used.