At the Annual General Meeting (AGM) on May 10, 2012, shareholders approved the adidas AG Executive and Supervisory Boards’ recommendation to pay a dividend of € 1.00 per share for the financial year 2011 (2010: € 0.80). The dividend was paid on May 11, 2012. Based on the number of shares outstanding at the time of our AGM, this represents a dividend payout of € 209 million (2010: € 167 million) and a payout ratio of 31% of net income (2010: 30%). This is in line with our dividend policy where we intend to pay out between 20% and 40% of net income attributable to shareholders.