Elian Corporate Trustee (Cayman) Limited, Grand Cayman, Cayman Islands

Notification of Major Holdings

1. Details of issuer

adidas AG
Adi-Dassler-Straße 1
91074 Herzogenaurach
Germany

2. Reason for notification

X	Acquisition/disposal of shares with voting rights
	Acquisition/disposal of instruments
	Change of breakdown of voting rights
X	Other reason: Voluntary group notification due to reorganisation of subsidiaries

3. Details of person subject to the notification obligation

Name:	City and country of registered office:
Elian Corporate Trustee (Cayman) Limited	Grand Cayman Cayman Islands

4. Names of shareholder(s)
holding directly 3% or more voting rights, if different from 3.

NNS Luxembourg S.à r.l.

5. Date on which threshold was crossed or reached

16 Dec 2016

6. Total positions

	% of voting rights attached to shares (total of 7.a.)	% of voting rights through instruments (total of 7.b.1 + 7.b.2)	total of both in % (7.a. + 7.b.)	total number of voting rights of issuer
Resulting situation	3.46 %	2.25 %	5.71 %	209216186
Previous notification	3.0000002 %	4.00 %	7.00 %	/

7. Notified details of the resulting situation
a. Voting rights attached to shares (Sec.s 21, 22 WpHG)

b.1. Instruments according to Sec. 25 para. 1 No. 1 WpHG

Type of instrument	Expiration or maturity date	Exercise or conversion period	Voting rights absolute	Voting rights in %
				%
		Total		%

b.2. Instruments according to Sec. 25 para. 1 No. 2 WpHG

Type of instrument	Expiration or maturity date	Exercise or conversion period	Cash or physical settlement	Voting rights absolute	Voting rights in %
OTC European Put	23.01.2017		Both	300000	0.1434 %
OTC European Put	24.01.2017		Both	300000	0.1434 %
OTC European Put	25.01.2017		Both	300000	0.1434 %
OTC European Put	26.01.2017		Both	300000	0.1434 %
OTC European Put	16.03.2017		Both	270313	0.1292 %
OTC European Put	20.03.2017		Both	270313	0.1292 %
OTC European Put	22.03.2017		Both	270312	0.1292 %
OTC European Put	20.04.2017		Both	175000	0.0836 %
OTC European Put	21.04.2017		Both	125000	0.0597 %
OTC European Put	24.04.2017		Both	200000	0.0956 %
OTC European Put	25.04.2017		Both	200000	0.0956 %
OTC European Put	26.04.2017		Both	200000	0.0956 %
OTC European Put	20.07.2017		Both	175000	0.0836 %
OTC European Put	21.07.2017		Both	125000	0.0597 %
OTC European Put	24.07.2017		Both	200000	0.0956 %
OTC European Put	25.07.2017		Both	200000	0.0956 %
OTC European Put	26.07.2017		Both	200000	0.0956 %
OTC European Put	20.10.2017		Both	175000	0.0836 %
OTC European Put	23.10.2017		Both	125000	0.0597 %
OTC European Put	24.10.2017		Both	200000	0.0956 %
OTC European Put	25.10.2017		Both	200000	0.0956 %
OTC European Put	26.10.2017		Both	200000	0.0956 %
			Total	4710938	2.25 %

8. Information in relation to the person subject to the notification obligation

	Person subject to the notification obligation is not controlled and does itself not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer (1.).
X	Full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity:

Name	% of voting rights (if at least held 3% or more)	% of voting rights through instruments (if at least held 5% or more)	Total of both (if at least held 5% or more)
Elian Corporate Trustee (Cayman) Limited	%	%	%
NNS S.à r.l. - SPF	%	%	%
NNS Midco Holding S.à r.l.	%	%	%
NNS LLuxembourg S.à r.l.	3.46 %	%	%

Elian Corporate Trustee (Cayman) Limited	%	%	%
NNS S.à r.l. - SPF	%	%	%
NNS Holding	%	%	%

9. In case of proxy voting according to Sec. 22 para. 3 WpHG

Date of general meeting:
Holding position after general meeting:	% (equals voting rights)

10. Other explanatory remarks:

see notification

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