On January 29, 2008, adidas AG announced a share buyback program. Under the program, treasury shares of up to 5% of the Company’s stock capital (up to 10,182,248 shares) with an aggregate value of up to € 420 million (excluding incidental purchasing costs) should be repurchased, exclusively via the stock exchange. On October 27, 2008, adidas AG announced the completion of the program. Between January 30 and October 22, 2008, adidas AG repurchased a total of 10,182,248 shares at an average price of € 40.21. This represents 5% of the stock capital at the time the program started. The total buyback volume amounted to € 409 million. The buyback was conducted on the basis of authorizations given by the Annual General Meetings on May 10, 2007, and May 8, 2008, respectively. The treasury shares were cancelled in July and December 2008, respectively. Share Buyback Activities
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