pg. 2

"The Code of Ethics is mandatory and extends to every individual working for or on behalf of PUMA. It determines PUMA's commitment to ethical and responsible individual and corporate behavior and requires everyone to comply with legal requirements at all times. Our commitment to avoid modern slavery, human trafficking and forced labor is also integrated in PUMA’s Code of Conduct that, in addition to the Code of Ethics, all our vendors and their subcontractors are required to fully respect. The Code of Conduct forms an essential part of our purchasing contracts. Introduced back in 1993, PUMA's Code of Conduct sets a clear minimum standard for supply chain partners and is displayed in all of PUMA's directly contracted partner factories. It stipulates very clearly:

DIGNITY AND RESPECT - Harassment, corporal punishment and physical, sexual, psychological or verbal abuse is not tolerated in the PUMAsupply chain. Vendors and their subcontractors cannot use any form of forced labor including prison labor, indentured labor or bonded labor.

Our compliance requirements covering responsible recruitment, forced labor, bonded labor, child labor and human trafficking are also detailed in our PUMA Sustainability Handbook - Social Standards. This handbook is available on our website and distributed to all our vendors and their subcontractors to illustrate our mandatory Code requirements in more detail. The Handbook is updated regularly to integrate relevant Human Rights subjects and set an approach to address and improve specific challenges. All commitments mentioned before are granted throughout the supply chain, so that a supplier with whom PUMA has a direct contractual relationship [Tier 1 supplier) in turn bears the responsibility for ensuring compliance across their own direct supply chain."

pg. 3

"Thanks to our work with industry peers, we have also identified the high risk of Modern Slavery and Human Trafficking to which low-skilled migrant workers are exposed. In 2018, we have updated our own policies to ensure that they adequately address responsible recruitment practices, including for example, that no recruitment fees should be borne by workers."