01 TO OuR SHaREHOldERS

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TOGETHER WE WIN

Q3 N i n e M o n t h s R e p o r t

J a n u a r y – S e p t e m b e r 2 0 12

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Ta b l e o f C o n T e n T s

Nine Months Results at a Glance 3

Financial Highlights (IFRS) 4

Operational and Sporting Highlights 5

Interview with the CEO 6

Our Share 10

Group Business Performance 13

Economic and Sector Development 13

Income Statement 14

Statement of Financial Position and Statement of Cash Flows 18

Business Performance by Segment 21

Wholesale Business Performance 21

Retail Business Performance 23

Other Businesses Performance 25

Subsequent Events and Outlook 27

Consolidated Statement of Financial Position 31

Consolidated Income Statement 33

Consolidated Statement of Comprehensive Income 34

Consolidated Statement of Changes in Equity 35

Consolidated Statement of Cash Flows 36

Selected Explanatory Notes to the Interim Consolidated Financial Statements 37

Executive and Supervisory Boards 41

Financial Calendar 2013 42

Publishing Details & Contact 43

01 TO OuR SHaREHOldERS

01.1 01.2 01.3 01.4 01.5

02 INTERIM GROup MaNaGEMENT REpORT

02.1

02.2

02.3

03 INTERIM CONSOlIdaTEd FINaNCIal STaTEMENTS (IFRS)

03.1 03.2 03.3 03.4 03.5 03.6

04 addITIONal INFORMaTION

04.1 04.2 04.3

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T o o u r s h a r e h o l d e r s

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Q 3 / 2 012 01.1 Nine Months Results at a Glance

01 Nine Months Results at a Glance (€ in millions) Nine months

2012 Nine months

2011 Change Third quarter

2012 Third quarter

2011 Change

Group

Net sales 11,514 10,081 14.2% 4,173 3,744 11.4%

Gross profit 5,500 4,855 13.3% 1,978 1,762 12.2%

Gross margin 47.8% 48.2% (0.4pp) 47.4% 47.1% 0.3pp

Operating profit 1,159 973 19.0% 494 441 12.0%

Operating margin 10.1% 9.7% 0.4pp 11.8% 11.8% 0.1pp

Wholesale

Net sales 7,470 6,869 8.8% 2,743 2,577 6.5%

Gross profit 3,034 2,821 7.6% 1,132 1,041 8.8%

Segmental operating profit 2,388 2,201 8.5% 907 813 11.5%

Segmental operating margin 32.0% 32.0% (0.1pp) 33.1% 31.6% 1.5pp

Retail

Net sales 2,491 2,015 23.6% 944 757 24.8%

Gross profit 1,520 1,273 19.4% 557 472 18.1%

Gross margin 61.0% 63.2% (2.2pp) 59.0% 62.3% (3.3pp)

Segmental operating profit 538 437 23.1% 206 175 17.4%

Segmental operating margin 21.6% 21.7% (0.1pp) 21.8% 23.2% (1.4pp)

Other Businesses

Net sales 1,553 1,197 29.6% 486 411 18.2%

Gross profit 682 532 28.3% 207 176 17.7%

Gross margin 44.0% 44.4% (0.5pp) 42.7% 42.9% (0.2pp)

Segmental operating profit 445 337 32.3% 127 117 8.8%

Segmental operating margin 28.7% 28.1% 0.6pp 26.1% 28.4% (2.3pp)

Sales by Brand

adidas 8,807 7,467 18.0% 3,271 2,794 17.1%

Reebok 1,240 1,467 (15.5%) 453 564 (19.7%)

TaylorMade-adidas Golf 1,071 814 31.6% 283 244 16.1%

Rockport 207 186 11.3% 79 72 9.6%

Reebok-CCM Hockey 189 148 27.6% 87 70 23.1%

Rounding differences may arise in percentages and totals.

01.1

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Q 3 / 2 012

03 Nine months net sales

11,514

10,081

04 Nine months net income attributable to shareholders

798 652

01.2 Financial Highlights

1) Twelve-month trailing average. 2) EBITDA of last twelve months.

02 Financial Highlights (IFRS)

Nine months

2012 Nine months

2011 Change Third quarter

2012 Third quarter

2011 Change

Operating Highlights (€ in millions)

Net sales 11,514 10,081 14.2% 4,173 3,744 11.4%

EBITDA 1,348 1,135 18.8% 562 497 13.0%

Operating profit 1,159 973 19.0% 494 441 12.0%

Net income attributable to shareholders 798 652 22.4% 344 303 13.5%

Key Ratios (%)

Operating expenses as a percentage of net sales 39.1% 39.6% (0.5pp) 37.0% 36.3% 0.7pp

Operating margin 10.1% 9.7% 0.4pp 11.8% 11.8% 0.1pp

Effective tax rate 27.8% 27.4% 0.4pp 28.3% 27.3% 1.0pp

Net income attributable to shareholders as

a percentage of net sales 6.9% 6.5% 0.5pp 8.2% 8.1% 0.1pp

Operating working capital as a percentage of

net sales¹⁾ 20.5% 20.9% (0.4pp)

Equity ratio 49.6% 46.9% 2.7pp

Net borrowings/EBITDA²⁾ 0.2 0.6 (0.4pp)

Financial leverage 5.7% 14.7% (8.9pp)

Return on equity 13.5% 12.7% 0.8pp

Balance Sheet and Cash Flow Data (€ in millions)

Total assets 11,889 10,928 8.8%

Inventories 2,347 2,302 2.0%

Receivables and other current assets 3,171 3,049 4.0%

Working capital 2,830 2,592 9.2%

Net borrowings 337 750 (55.1%)

Shareholders’ equity 5,895 5,119 15.1%

Capital expenditure 252 217 16.3% 103 92 11.7%

Net cash used in operating activities (5) (163) (97.0%)

Per Share of Common Stock (€)

Basic earnings 3.82 3.12 22.4% 1.64 1.45 13.5%

Diluted earnings 3.82 3.12 22.4% 1.64 1.45 13.5%

Operating cash flow (0.02) (0.78) (97.0%)

Share price at end of period 63.84 45.78 39.4%

Other (at end of period)

Number of employees 46,961 48,547 (3.3%)

Number of shares outstanding 209,216,186 209,216,186 – 209,216,186 209,216,186 –

Average number of shares 209,216,186 209,216,186 – 209,216,186 209,216,186 –

01.2

€ in millions

2012 € in millions

2012

€ in millions

2011 € in millions

2011

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Q 3 / 2 012 01.3 Operational and Sporting Highlights

Operational and Sporting Highlights Third Quarter 2012

01.3

01 The adidas sponsored Spanish national foot- ball team becomes the first European team ever to win three back-to-back international tournaments when they defend the European Championship with an impressive 4-0 win over Italy.

15 For the second consecutive year, Reebok sponsored Rich Froning Jr. and Annie Thorisdottir earn the titles of Fittest Man and Woman on Earth at the final of the 2012 Reebok CrossFit Games in Carson, California.

19 During a press conference in New York with adidas Group CEO Herbert Hainer, adidas launches the miCoach Elite System for football. Picture 01

27 The London 2012 Olympic Games kick off with an incredible Opening Ceremony in the Olympic Stadium in London. As Official Sportswear Partner of London 2012, adidas is able to contribute to the phenomenal success of these Olympic and Paralympic Games. Picture 02 31 adidas unveils the Group’s latest advancement

in sustainability: DryDye, a new technology to eliminate the need for water in the dyeing process.

01 adidas Originals unveils “all originals represent”, the newest chapter of the “adidas is all in” brand campaign featuring brand ambassadors such as international superstar Nicki Minaj, hip hop artist Big Sean, Korean pop phenomenon 2NE1, basketball star Derrick Rose and designer Jeremy Scott.

06 Reebok’s new Fit Hub concept store opens on NYC’s Fifth Avenue. The store stems from the idea of having a retail store and CrossFit Box in one environment to present to consumers that Reebok is truly a one-stop-shop for fitness. Picture 03

24 The adidas Group 2011 Annual Report receives the prestigious “Best Annual Report 2012”

award granted by the German business magazine “manager magazin”. Picture 04

03 Brazilian football fans write their own chapter of FIFA World Cup history by picking “Brazuca”

as the name of the Official Match Ball for the 2014 FIFA World Cup Brazil.

05 Reebok announces an exclusive partnership and design collaboration with 14-time Grammy Award winning singer/songwriter/producer and actress Alicia Keys. Picture 05 10 In celebration of its 10th anniversary, Y-3

presents its spring/summer 2013 collection at the New York Fashion Week. Picture 06 11 In a 4 hour 54 minute match Andy Murray

defeats Novak Djokovic in the U.S. Open final in New York to win his first Grand Slam title.

13 For the 13th consecutive time, adidas AG is selected to join the Dow Jones Sustainability Indexes (DJSI) and is rated as industry leader in sustainability issues and corporate responsibility for the ninth time.

18 In an effort to drive further engagement with the Group’s stakeholders, particularly with key groups such as investors, analysts, journalists and the financial and business media, the adidas Group launches the adidas Group IR and Media App.

19 adidas and Derrick Rose officially launch the D Rose signature collection in Chicago where Derrick speaks emotionally about the importance of his fans in helping to drive his return.

30 adidas sponsored Geoffrey Mutai wins the Berlin Marathon in 2:04:15 wearing the adizero running shoe. It is the fastest time of the year and the sixth-fastest time ever. Picture 07 J uL

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Q 3 / 2 012 01.4 Interview with the CEO

Interview with the CEO

In the first nine months of 2012, the adidas Group delivered another set of record financial results.

Sales increased 8% currency-neutral, with growth across all geographical areas. Despite significant input cost headwinds and investments to support brand activities at this year’s major sports events, the Group was also able to improve its operating margin, which in turn led to strong earnings per share growth of 22%. Given its prudent management of operations

and inventories in light of the persistent economic uncertainty, the Group is taking the right measures to ensure it continues its excellent progress in 2013 towards its Route 2015 goals.

In the following interview, Herbert Hainer, adidas Group CEO, reviews the first nine months of 2012 and discusses the key areas of focus for the Group for the remainder of the year and beyond.

01.4

HE R b E R T H a INE R CEO

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? Herbert, what are the key financial highlights from the third quarter?

! I am pleased to report that there are many highlights from our third quarter results, but three really stand out. Firstly, it is the power and global strength of the adidas brand where we enjoyed 10%

currency-neutral growth, marking our tenth consecutive quarter of double-digit growth for the brand. The second highlight is our gross margin performance, which increased 30 basis points despite continuing pressures from input costs which were a 2.5 percentage point negative headwind in the quarter. And thirdly, we continued our industry-leading inventory management, which resulted in inventories declining 1% currency-neutral. This gives us a significant competitive advantage as we look forward, particularly given the economic uncertainties that still persist as well as the inventory challenges several of our competitors face.

? What is driving the strong earnings per share growth of 14%

in Q3 and 22% year-to-date?

! These impressive financial results have been driven by all levers of our P&L. First and foremost, they reflect our relentless focus on creating the industry’s most desirable brands, which we are doing through consistent product and brand innovation, authentication and investment. Our emphasis on driving quality top-line growth also ensures we are able to preserve and create opportunities to improve and grow our margins. This is one of the clear differentiators and strengths of our strategy. Unlike many others in our industry, we have delivered operating margin expansion of 40 basis points year-to-date, without sacrificing important investments into our brands and infrastructure. And through our strong reduction in net borrowings, which has led to a 17% reduction in net interest expenses, we have leveraged the entire P&L down to the bottom line. In fact, we have grown the bottom line faster than the top line for the last seven quarters, which is indeed very satisfying.

? can you tell us a little bit more about the strong growth at the adidas brand?

! The global reach and the momentum we are generating with the adidas brand is unprecedented since I became CEO of the adidas Group. The success of our cooperation with Team GB at the Olympic Games as well as our dominant presence at the European Football Championships demonstrates just what the machinery of adidas can achieve when we shift into high gear. But more than that, it is the diversity of the brand’s growth by region and category that is even more remarkable. For the first nine months, sales are up at a double-digit rate in all regions with the exception of Western Europe, which increased 7%. That is highly impressive considering the region’s economic challenges. By category, all of our key performance categories – football, running, basketball, outdoor – as well as adidas Sport Style have grown above 15% currency-neutral year to date. This confirms my firm opinion that there is no other brand with the breadth and depth of appeal of adidas. And this strength is also reflected in the brand’s gross margin, which saw a healthy third quarter improvement of 70 basis points.

? reebok sales declined at a similar level in Q3 as in Q2.

can you comment on underlying trends excluding one-time impacts?

! If we exclude the impact from our decision to discontinue the NFL licence and the reporting change of the NHL business from Reebok to Reebok-CCM Hockey, revenues declined 10% in the third quarter versus the 25% currency-neutral reported decline. If we exclude the negative impact from Reebok India Company on top, sales were down 6%. While this is still by no means satisfactory, it is an improvement in the trend compared to the second quarter decline of 10%. This confirms what I said back in August. We do see encouraging signs for the brand, particularly in markets led by own retail. In fact, Reebok’s comparable store sales globally are up 11% in the third quarter. In addition, I also now believe we can call out that our Classics business is moving into a sustainable upwards trend. Reebok Classics sales were up double-digit in the third quarter, supported by strong new product introductions such as those with brand ambassador Alicia Keys.

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? Looking out to 2013, are you confident that reebok will grow again?

! Yes, I am. Our new category approach, the House of Fitness, ensures the brand is now positioned to create a sustainable and meaningful connection to its target consumer. Above all, that means Reebok is now fully aligned and focused on the fitness and fitness- lifestyle consumer. This means that we will be able to serve this consumer in a much more practical and identifiable manner by providing them with the right product for their various fitness activities – be it running, training, walking/toning, studio such as dance and yoga, or fitness-inspired Classics. Through this structure, we have also strengthened Reebok’s product engine to drive more comprehensive, relevant and commercial footwear and apparel collections. This will also allow Reebok to own more shelf space at retail. The additional benefit will be that Reebok will be presented to the consumer more consistently, led more by the emotion and meaning of the brand, rather than just from blockbuster launches that only tell part of the brand story. So far, we are seeing a solid uptake to our 2013 offering, and I fully expect we will see most of our markets return to growth next year.

? At your investor field trip to carlsbad in September, you updated your revenue guidance for route 2015. What are the key changes you have made?

! For adidas, we increased our 2015 goal by € 600 million to € 12.8 billion. adidas Sport Performance sales are projected to reach € 8.9 billion – originally € 8.5 billion – with the increase in our expectations driven by record-breaking football sales and tremendous momentum in our running and basketball businesses. We also increased our expectations for adidas Sport Style to € 3.9 billion, up from € 3.7 billion, due to the continuing strong global resonance of adidas Originals, and the solid momentum we are seeing with the adidas NEO label. Another area I can share great news with you is Other Businesses, where we will achieve our Route 2015 target already this year. TaylorMade-adidas Golf is the cornerstone of this result and through our unparalleled innovation pipeline and the growth opportunities we see with Adams Golf, we are confident we can lift sales to a new lofty level of € 1.5 billion by 2015. This implies that our Other Businesses in total should account for € 2.2 billion in sales by 2015, an increase from the € 1.8 billion previously expected. Finally, looking at Reebok. Taking into account the more clearly defined approach towards fitness I just discussed, our strategic decision to exit the NFL business, our focus on profitability rather than size in lower-profit markets like India and Latin America as well as the shift of reporting of US-related NHL sales to Reebok-CCM Hockey, we reset the bar for the brand and now expect sales in 2015 of € 2 billion compared to our previous expectation of € 3 billion.

? Many investors are still sceptical on your ability to achieve the 2015 11% operating margin goal. Why should we be confident you can achieve this ambitious target?

! My confidence comes from our track record. It is not just

on our most important profit-enhancing levers. For example, we are making great strides with product margin profit drivers such as range reduction, where we have already reduced offered articles by close to 10% for 2013. In Wholesale, we are improving our business by sharpening our trade terms policies and reducing our exposure to lower-quality channels of distribution, focusing on higher-quality partners more aligned to where our target consumer is shopping. On our mission to become a best-in-class retailer, we are already halfway to our Route 2015 goal to add five points of segmental operating margin. Given the strong results from our HR programme SHINE, our real estate optimisation projects and benefits from the expansion of our global foundation range, we will most likely overshoot our original Retail margin target by one or two points. In manufacturing, we are combatting inflation in the supply chain by increasing our investments in automation and new production techniques. Also, our investments in infrastructure such as the new distribution centres in Osnabrueck/

Germany, China and Canada will ensure we increase capacity in a cost-efficient way to service all of our channels, be it wholesale, own retail or eCommerce. As you can see from all of these points, and believe me these are not the only ones, we have both gross margin and operating expense leverage opportunities on our path to 11%.

? there still seems to be a lot of debate on the economic environment. Do you see any risks to your business from the current environment?

! Compared to twelve months ago, there is definitely a lot more economic uncertainty, particularly as Europe struggles to shake off recession. This is important because Western Europe today represents almost 30% of our business. Therefore, we are definitely not immune to any setbacks in consumer spending from further austerity measures, rising unemployment or falling business sentiment, particularly in terms of retailers’ appetite for risk. However, that being said, these are the very conditions which, as we have seen time and again, if acted upon correctly, can lead to significant market share gains. That is why we have persistently focused on inventory management this year, to keep our markets and channels clean and healthy to ensure our continued success going forward.

? the fourth quarter is normally a small contributor to your annual results. Are there any factors we need to take into account, and do you have any special initiatives planned?

! The fourth quarter, as you rightly point out, is a rather small one, and this year there are a few things to consider. Firstly, we will anniversary the sell-in of high-margin event-related products for the Olympic and Paralympic Games as well as the UEFA EURO 2012.

Secondly, we will continue to see negative impacts on Reebok from the NFL licence termination as well as the finalisation of our clean-up efforts at Reebok India Company. And thirdly, the player lockout in the NHL will negatively affect our fourth quarter results. In terms of activities, our main priority for the final quarter will be to do what I just said, keep our markets and channels clean and healthy. Therefore, in Wholesale, this means being prudent and disciplined, particularly

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conversion in our stores. Here, I am excited to report that we will take another big step this year towards becoming a world-class retailer.

Not only do we have our most comprehensive winter wear offering to date, but also for the first time ever we will have a fully integrated global in-store and online Christmas campaign, which launches at the end of November.

? taking everything we have discussed into account, are there any changes to your outlook for the full year?

! For the full year, we have slightly reduced our sales outlook to high-single-digit currency-neutral sales growth, from approaching 10%, which relates to lower sales expectations at Reebok and Rockport after the first nine months performance as well as negative impacts due to the NHL lockout. Our gross and operating margin guidance, of around 47.5% and approaching 8%, as well as our earnings growth expectations of 15% to 17% for the year, remain unchanged.

Finally, given our strong inventory management, we expect operating

working capital as a percentage of sales to be around the prior year level, compared to our earlier expectations of a moderate increase.

This means we will deliver record results and record cash flow from operations this year.

? Finally, can you already share any details of what we can expect in 2013?

! Our results to date provide clear evidence that Route 2015 is a powerful and robust strategic business plan. Our Group’s business model is proving rock-solid, especially against the prevailing winds of a stormy global economic environment. We will continue in the same direction and with the same determination in 2013: staying focused, simplifying to the maximum, implementing with excellence and, above all, placing the consumer front and centre in every decision we make. We will create the unexpected, by bringing more game-changing innovation and freshness in more categories than any of our competitors. In particular, we will bring one game-changing revolution to market in spring which I am certain will shake up the entire running market.

In addition, you will see us continue to deepen the emotional connection between our brands and our consumers, becoming an even greater part of their lives through best-in-class brand activation on the field of play, on the street and in social media. You will see this again on every major stage, be it the NBA All-Star Weekend in Houston, Texas, the UEFA Champions League final in London, the IAAF World Championships in Moscow, or as we kick off for the FIFA World Cup 2014 at next summer’s FIFA Confederations Cup in Brazil. And you will see fantastic new brand and product collaboration with key promotional partners, such as those recently announced with Derrick Rose in basketball and Justin Bieber for the adidas NEO label. These are the types of opportunities and initiatives that make our Group unique. They are part of a formula that is rich in content, comprehensive to be globally relevant, and focused to maximise and grow earnings and cash flow. I can already confirm that we expect to deliver another year of record financial performance in 2013.

This will come predominantly from operating margin expansion, where we expect to achieve a level of around 9% in 2013, as well as from sales growth. This will yield another year of significant double-digit earnings growth which, I am sure you will agree, is the telltale sign of a high-performing company.

Herbert, thank you for this interview.

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Q 3 / 2 012 01.5 Our Share

Global stock markets soar in the third quarter

In the third quarter of 2012, international stock markets gained momentum and reversed prior quarter losses. The key trigger of the uptrend was the commitment of various central banks to continue loose monetary policies in order to stimulate economic activity. In particular, the announcement of ECB president Mario Draghi at the end of July that the ECB will do whatever is necessary to preserve the euro currency strengthened confidence in the policymakers’ ability to resolve the sovereign debt crisis. Similarly, in September, the approval of a multi-billion infrastructure investment programme by the Chinese government in a proactive effort to fuel its slowing economy eased concerns among market participants that the world’s growth engine might come to an abrupt halt. Nevertheless, throughout the quarter, setbacks from increasing evidence of weakening global economic activity such as the slowdown in Chinese and US GDP growth as well as persistently high unemployment rates in many regions curbed equity market gains. In addition, the Q2 earnings season overall was weaker than expected by most investors, with several companies cutting full year estimates and providing a negative business outlook for the upcoming quarters. As a result of all these developments, the DAX-30 gained considerably, increasing 12%, and ended the quarter at 7,216 points. The Dow Jones and the MSCI World Textiles, Apparel &

Luxury Goods Index, which comprises the Group’s main competitors, increased 4% and 5%, respectively, compared to the end of June 2012.

Our Share

In the third quarter of 2012, international stock markets reversed the negative trend from the previous quarter, posting considerable gains. This development mainly reflected the reiter- ation of central bank commitments, in particular the ECB, to provide further economic stimuli.

This more than offset the negative impact from subdued macroeconomic indicators worldwide.

Accordingly, the DAX-30, the Dow Jones and the MSCI World Textiles, Apparel & Luxury Goods Index increased 12%, 4% and 5%, respectively. The adidas AG share in comparison outperformed these indexes and gained 13%.

01.5

05 The adidas AG share

Number of shares outstanding Nine months average 209,216,186 At September 30¹⁾ 209,216,186

Type of share Registered no-par-value share

Free float 100%

Initial Public Offering November 17, 1995 Share split June 6, 2006 (in a ratio of 1: 4) Stock exchange All German stock exchanges Stock registration number

(ISIN) DE000A1EWWW0

Stock symbol ADS, ADSGn.DE

Important indices DAX-30

MSCI World Textiles, Apparel & Luxury Goods Deutsche Börse Prime Consumer Dow Jones STOXX

Dow Jones EURO STOXX Dow Jones Sustainability Indexes FTSE4Good Europe Index

Ethibel Sustainability Index Excellence Europe ASPI Eurozone Index

ECPI Ethical Index EMU STOXX Global ESG Leaders 1) All shares carry full dividend rights.

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Q 3 / 2 012 01.5 Our Share

06 Historical performance of the adidas AG share and important indices at September 28, 2012 (in %)

YTD 1 year 3 years 5 years Since IPO

adidas AG 27 39 76 39 560

DAX-30 22 31 27 (8) 229

MSCI World Textiles,

Apparel & Luxury Goods 10 19 61 30 261

Source: Bloomberg.

08 Share price development in 2012¹⁾

| Dec. 30, 2011 Sep. 28, 2012 |

130

115

100

85

adidas AG DAX-30 MSCI World Textiles, Apparel & Luxury Goods Index 1) Index: December 30, 2011 = 100.

adidas AG share gains considerably in the third quarter The adidas AG share traded sideways at the beginning of the third quarter in line with the overall market direction. However, from mid-July onwards, the share price gained momentum following several positive analyst comments in the run-up to the adidas Group first half results release. Although the results, published on August 2, were positively commented on by market participants, the adidas AG share decreased 3.0% during the day as a result of profit taking as well as the challenging trading environment in the DAX-30, which lost 2.2%. After recouping its losses already on the next trading day, the share price continued to progress favourably for the remainder of August, gaining steadily. In September, positive analyst commentary and target price upgrades prior to the adidas Group Investor Field Trip to Carlsbad, California, provided further stimuli to share price increases. The event, which took place on September 20 and 21, aimed at delivering additional insight into the Group’s Generation US 2015 growth plan and the strategy to sustain the success of TaylorMade- adidas Golf as well as increasing understanding of the key pillars of Reebok’s new fitness positioning. Positive market feedback on the event is reflected in the adidas AG share price reaching a then new all-time high of € 65.84 on September 25. Towards the end of the quarter, negative commentary after the results release of one of the adidas Group’s major competitors weighed on the share price performance. As a consequence, the adidas AG share finished the quarter at € 63.84, representing an increase of 13% compared to the end of June 2012. Since the end of 2011, the adidas AG share has gained 27%.

Number of ADRs continues to increase

The number of Level 1 ADRs (American Depository Receipts) further increased during the three-month period compared to the end of the second quarter of 2012. At September 28, 2012, 12.2 million ADRs were outstanding (June 29, 2012: 11.8 million). This development represents a significant increase versus September 30, 2011, when 10.0 million ADRs were outstanding. The Level 1 ADR closed the quarter at US $ 41.14, reflecting an increase of 15% compared to the end of June 2012. The more pronounced increase of the Level 1 ADR price compared to the ordinary share price was due to the appreciation of the US dollar versus the euro at the end of the third quarter of 2012 compared to the end of June 2012.

07 adidas AG high and low share prices per month¹⁾(in €)

| Jan. 1, 2012 Sep. 28, 2012 |

60

50

30-day moving average ■ High and low share prices Source: Bloomberg.

1) Based on daily Xetra closing prices.

65.84

63.07

61.67

59.11

63.16

63.00

60.02

56.50 60.34 62.20

59.10

56.46

55.82

58.90

56.94

56.00

51.42 56.51

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Q 3 / 2 012 01.5 Our Share

Changes in shareholder base

In the third quarter of 2012, the Group received one voting rights notification according to §§ 21 section 1, 25 section 1 or 25a section 1 of the German Securities Trading Act (Wertpapier- handelsgesetz – WpHG). This voting rights notification and those received thereafter can be viewed on our corporate website : WWW.ADiDAS-GrouP.coM/votinG_riGHtS_notiFicAtionS.

Directors’ dealings reported on corporate website The purchase or sale of adidas AG shares (ISIN DE000A1EWWW0) or related financial instruments, as defined by § 15a WpHG, conducted by members of our Executive or Supervisory Boards, by key executives or by any person in close relationship with these persons, is reported on our website : WWW.ADiDAS-GrouP.coM/DirectorS_DeALinGS. In the third quarter of 2012, adidas AG received notification that Christian Tourres, member of the adidas AG Supervisory Board, sold 78,381 shares on August 14 and 21,619 shares on August 15, 2012.

adidas AG again included in Dow Jones Sustainability Indexes

For the 13th consecutive time, adidas AG has been selected to join the Dow Jones Sustainability Indexes (DJSI), the world’s first global sustainability index family tracking the performance of the leading sustainability-driven companies worldwide. In the category “Clothing, Accessories & Footwear”, adidas AG was rated as industry leader in sustainability issues and corporate responsibility for the ninth time.

Award-winning Investor Relations activities

In August 2012, the adidas Group 2011 Annual Report received the prestigious “Best Annual Report 2012” award granted by the German business magazine “manager magazin”. The award forms part of the most comprehensive competition of its kind in Germany and one of the most comprehensive globally. The prize is awarded by a jury which reviews 160 annual reports from across Germany’s most important stock indices, the DAX-30, MDAX, SDAX and TecDAX.

09 adidas AG market capitalisation at year-end

(€ in millions)

2012¹⁾ 13,356

2011 10,515

2010 10,229

2009 7,902

2008 5,252

1) At September 28.

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I n T e r I m G r o u p m a n a G e m e n T r e p o r T

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Q 3 / 2 012 02.1 Group Business Performance Economic and Sector Development

Economic and Sector Development

Global economy grows in the third quarter

In the third quarter of 2012, the global economy grew moderately, with the emerging markets continuing to outperform most developed economies. Stabilising inflationary pressures and increases in real disposable incomes supported domestic consumption and economic activity, particularly in Asia’s emerging markets. In Western Europe, economic activity remained subdued, with the region’s export growth being offset by domestic contraction. Despite GDP expansion in both Germany and France, concerns regarding the sovereign debt crisis, stringent public austerity measures and high unemployment levels continued to inhibit confidence and consumer demand. Most European emerging markets recorded solid GDP growth, albeit at lower levels than in recent quarters, buoyed by exports and industrial production. Russia, in particular, as one of the world’s largest energy exporters, benefited from relatively high oil prices, which supported investment and government spending. However, a poor Russian harvest and the resulting inflationary pressures on food prices negatively impacted consumption and domestic demand. Despite concerns over high unemployment levels, the US economy continued its recovery, supported by export and industrial activity. Additionally, slight improvements in the housing market, relatively stable food and fuel prices and the latest quantitative easing programme, launched in mid-September, supported economic expansion and helped increase consumer confidence and spending. Most Asian economies, excluding Japan, recorded solid GDP growth rates, albeit at lower levels than in recent quarters. Inflation continued to stabilise or fall in most of the region’s markets and, together with wage growth, this helped to drive domestic demand and economic expansion. In contrast, GDP in Japan grew only modestly; economic activity and domestic demand continued to be driven by government stimulus and post-earthquake reconstruction investments. In Latin America, low unemployment rates, significant government stimulus programmes and solid domestic consumption supported the region’s economies. However, moderating export demand, particularly from Europe, and an increase in inflation negatively impacted economic expansion.

Group Business Performance

In the first nine months of 2012, the adidas Group delivered a strong financial performance despite macroeconomic challenges in many regions, especially Western Europe. Currency-neutral Group sales increased 8% as a result of double-digit growth in Retail as well as in Other Businesses. In euro terms, adidas Group revenues grew 14% to € 11.514 billion from € 10.081 billion in 2011. The Group’s gross margin decreased 0.4 percentage points to 47.8% (2011: 48.2%), as an increase in input costs more than offset the positive impact from product price increases, a more favourable product and regional sales mix as well as a larger share of higher-margin Retail sales. The Group’s gross profit rose 13% to € 5.500 billion in the first nine months of 2012 versus € 4.855 billion in 2011. The Group’s operating margin was up 0.4 percentage points to 10.1% from 9.7% in 2011. This was primarily due to positive effects from lower other operating expenses as a percentage of sales, which more than offset a decrease in gross margin. An increase in other operating income as well as royalty and commission income also positively contributed to the operating margin develop ment. The Group’s operating profit grew 19% to € 1.159 billion in the first nine months of 2012 versus € 973 million in 2011. The Group’s net income attributable to shareholders increased 22% to € 798 million from € 652 million in 2011. Diluted earnings per share grew 22% to € 3.82 in the first nine months of 2012 versus € 3.12 in 2011.

02.1

10 Quarterly consumer confidence development¹⁾ (by region) Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012

USA²⁾ 46.4 64.8 69.5 62.7 70.3

Euro area³⁾ (19.3) (21.3) (19.1) (19.8) (25.9)

Japan⁴⁾ 38.5 38.1 40.1 40.8 40.4

China⁵⁾ 103.4 100.5 100.0 99.3 99.4

Russia⁶⁾ (7.0) (7.0) (5.0) (4.0) (6.0)

1) Quarter-end figures.

2) Source: Conference Board.

3) Source: European Commission.

4) Source: Economic and Social Research Institute, Government of Japan.

5) Source: China National Bureau of Statistics.

6) Source: Russia Federal Service of State Statistics.

11 Exchange rate development (€ 1 equals) Average rate

2011 Q4 2011¹⁾ Q1 2012¹⁾ Q2 2012¹⁾ Q3 2012¹⁾ Average rate 2012²⁾

USD 1.3922 1.2939 1.3356 1.2590 1.2930 1.2826

GBP 0.8678 0.8353 0.8339 0.8068 0.7981 0.8128

JPY 111.04 100.20 109.56 100.13 100.37 101.77

RUB 40.871 41.659 39.171 41.316 39.976 39.826

CNY 9.0000 8.1527 8.4067 7.9630 8.1989 8.1179

1) Spot rates at quarter-end.

2) Average rate for the first nine months of 2012.

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Q 3 / 2 012 02.1 Group Business Performance Economic and Sector Development Income Statement

Income Statement

adidas Group currency-neutral sales grow 4% in the third quarter of 2012

In the third quarter of 2012, Group revenues grew 4% on a currency- neutral basis, driven by double-digit sales increases in Retail.

Currency translation effects had a positive impact on sales in euro terms. Group revenues grew 11% to € 4.173 billion in the third quarter of 2012 from € 3.744 billion in 2011.

Group sales increase driven by double-digit sales growth in Retail

In the third quarter of 2012, currency-neutral Wholesale revenues remained stable as sales growth at adidas offset sales declines at Reebok. Currency-neutral Retail sales rose 15% versus the prior year, mainly due to high-single-digit comparable store sales growth. Revenues in Other Businesses were up 7% on a currency- neutral basis, driven by sales increases at Other Centrally Managed Brands, Reebok-CCM Hockey and TaylorMade-adidas Golf. Currency translation effects had a positive impact on segmental sales in euro

12 Nine months net sales (€ in millions)

2012 11,514

2011 10,081

2010 9,059

2009 7,923

2008 8,225

13 Nine months net sales by segment

2012

¹65% Wholesale

2 22% Retail

3 13% Other Businesses 1

2 3

14 Nine months net sales by region

2012

1 29% Western Europe 2 23% North America 3 15% Other Asian Markets 4 13% European Emerging Markets 5 10% Latin America

6 10% Greater China 6

5 1

3 2 4

Positive growth in the global sporting goods industry in the third quarter

In the third quarter of 2012, the global sporting goods industry recorded solid growth, primarily driven by robust consumer spending in the emerging markets, which offset subdued private spending in some Western European markets and in Japan. Additionally, increases in average selling prices supported this expansion. From a category perspective, running continued to be the biggest sales driver, supported in particular by the popularity of lightweight running products. The increasing demand for minimalist running shoes also contributed positively to this trend. The football, training and basketball categories all posted robust sales increases in the third quarter. Kids sporting goods products also recorded strong sales growth and the e-commerce channel continued to see rapid expansion across the industry. In Europe, despite high unemployment in many markets, the sporting goods industry grew modestly. In Western Europe, consumer demand for sporting goods in some peripheral euro area countries remained challenging. However, in the UK, the industry benefited from the London 2012 Olympic and Paralympic Games. In European emerging markets, rising wages supported consumption, which also positively impacted the sporting goods sector, particularly in Russia. In North America, strong retail sales trends in basketball, running and training supported the positive develop ment of the industry. Innovations, particularly in lightweight products, continued to contribute significantly to growth in these categories. In Asia, wage growth and consumer spending supported increases in the sporting goods industry. Growth in the sportswear sector in China was mainly driven by international brands, as inventory issues continued to negatively impact most domestic players. In Japan, by contrast, low consumer spending on discretionary items kept sporting goods sales muted. In Latin America, despite inflationary pressures, loosening credit control policies began to show traction as retail sales overall and in the sporting goods industry strengthened.

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Q 3 / 2 012

terms. Wholesale revenues increased 6% to € 2.743 billion in the third quarter of 2012 from € 2.577 billion in 2011. Retail sales rose 25% to

€ 944 million versus € 757 million in the prior year. Sales in Other Businesses grew 18% to € 486 million (2011: € 411 million).

adidas Group currency-neutral sales grow 8%

in the first nine months of 2012

In the first nine months of 2012, Group revenues increased 8%

on a currency-neutral basis. Currency translation effects had a positive impact on sales in euro terms. Group revenues grew 14% to

€ 11.514 billion in the first nine months of 2012 from € 10.081 billion in 2011 ^{DiAGrAM 12}.

First nine months Group sales increase driven by double- digit growth in Retail and Other Businesses

The adidas Group’s sales increase in the first nine months of 2012 was primarily due to double-digit growth in Retail as well as in Other Businesses. Currency-neutral Wholesale revenues increased 4% during the period, driven by double-digit sales growth at adidas.

Currency-neutral Retail sales increased 16% versus the prior year as a result of double-digit sales growth at adidas and Reebok. Revenues in Other Businesses increased 20% on a currency-neutral basis, mainly due to strong double-digit sales growth at TaylorMade-adidas Golf and Reebok-CCM Hockey. Currency translation effects had a positive impact on segmental sales in euro terms. Wholesale revenues increased 9% to € 7.470 billion in the first nine months of 2012 from

€ 6.869 billion in 2011. Retail sales increased 24% to € 2.491 billion versus € 2.015 billion in the prior year. Sales in Other Businesses grew 30% to € 1.553 billion (2011: € 1.197 billion).

02.1 Group Business Performance Income Statement

15 Net sales by region (€ in millions)

Nine months 2012

Nine months 2011

Change Change

(currency-neutral)

Western Europe 3,342 3,172 5% 4%

European Emerging Markets 1,486 1,189 25% 17%

North America 2,641 2,306 15% 5%

Greater China 1,169 900 30% 16%

Other Asian Markets 1,741 1,482 17% 9%

Latin America 1,135 1,031 10% 10%

Total¹⁾ 11,514 10,081 14% 8%

1) Rounding differences may arise in totals.

16 Net sales by product category (€ in millions)

Nine months 2012

Nine months 2011

Change Change

(currency-neutral)

Footwear 5,423 4,849 12% 6%

Apparel 4,761 4,199 13% 7%

Hardware 1,329 1,033 29% 20%

Total¹⁾ 11,514 10,081 14% 8%

1) Rounding differences may arise in totals.

Currency-neutral sales increase in all regions

In the first nine months of 2012, currency-neutral adidas Group sales grew in all regions. Revenues in Western Europe increased 4% on a currency-neutral basis, primarily as a result of double-digit sales growth in the UK and Poland. In European Emerging Markets, Group sales increased 17% on a currency-neutral basis due to double-digit growth in most of the region’s markets. Sales for the adidas Group in North America grew 5% on a currency-neutral basis due to increases in both the USA and Canada. Sales in Greater China increased 16%

on a currency-neutral basis. Currency-neutral revenues in Other Asian Markets grew 9%, driven by double-digit increases in Japan and South Korea. In Latin America, sales grew 10% on a currency-neutral basis, with strong double-digit increases in Argentina and Colombia.

Currency translation effects had a positive impact on sales in euro terms ^{tAbLe 15}.

Group sales up in all product categories

In the first nine months of 2012, Group sales grew in all product categories on a currency-neutral basis. Currency-neutral footwear sales increased 6% during the period. This develop ment was due to double-digit growth in the running, football, basketball and outdoor categories. Apparel revenues increased 7% on a currency-neutral basis, driven by double-digit growth in football, basketball and running. Currency-neutral hardware sales increased 20% compared to the prior year, primarily due to strong growth at TaylorMade-adidas Golf as well as in the football category. Currency translation effects had a positive impact on sales in euro terms ^{tAbLe 16}.

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Q 3 / 2 012 02.1 Group Business Performance Income Statement

18 Nine months gross profit (€ in millions)

2012 5,500

2011 4,855

19 Nine months gross margin (in %)

2012 47.8

2011 48.2

20 Nine months other operating expenses (€ in millions)

2012 4,500

2011 3,996

21 Nine months operating profit (€ in millions)

2012 1,159

2011 973

New product introductions contributed to the sales growth in all product categories. An overview of major product launches in the third quarter of 2012 is provided in the table below ^{tAbLe 17}.

Group gross margin decreases 0.4 percentage points The gross margin of the adidas Group decreased 0.4 percentage points to 47.8% in the first nine months of 2012 (2011: 48.2%) ^{DiAGrAM 19}. The increase in input costs more than offset the positive impact from product price increases, a more favourable product and regional sales mix as well as a larger share of higher-margin Retail sales. Gross profit for the adidas Group grew 13% in the first nine months of 2012 to € 5.500 billion versus € 4.855 billion in the prior year ^{DiAGrAM 18}. Royalty and commission income grows

Royalty and commission income for the adidas Group increased 24%

to € 79 million in the first nine months of 2012 from € 64 million in 2011. On a currency-neutral basis, royalty and commission income was up 20%, mainly as a result of higher licensee sales at adidas.

Other operating income increases 60%

Other operating income includes items such as gains from the disposal of fixed assets and releases of accruals and provisions as well as insurance compensation. In the first nine months of 2012, other operating income increased 60% to € 80 million (2011: € 50 million).

This was mainly due to an increase in income from insurance compensation as well as the release of operational accruals and provisions.

Other operating expenses as a percentage of sales down 0.5 percentage points

Other operating expenses, including depreciation and amortisation, consist of items such as sales working budget, marketing working budget and operating overhead costs. Other operating expenses as a percentage of sales decreased 0.5 percentage points to 39.1%

in the first nine months of 2012 from 39.6% in 2011. In euro terms, other operating expenses increased 13% to € 4.500 billion (2011:

€ 3.996 billion), as a result of the expansion of the Group’s own-retail activities as well as higher marketing expenditure ^{DiAGrAM 20}. Thereof, sales and marketing working budget expenditures amounted to € 1.346 billion, which represents an increase of 8% versus the prior-year level (2011: € 1.245 billion). By brand, adidas sales and marketing working budget increased 11% to € 1.013 billion in the first nine months of 2012 compared to € 915 million in the prior year.

Sales and marketing working budget for Reebok decreased 13%, amounting to € 176 million (2011: € 202 million). As a percentage of sales, the Group’s sales and marketing working budget decreased 0.7 percentage points to 11.7% (2011: 12.3%).

17 Major product launches in Q3 2012

Product Brand

adizero Feather 2 running shoe adidas

adipure Gazelle natural running shoe adidas

Rose 773 basketball shoe adidas

adizero Crazy Light basketball shorts adidas

adizero Feather 2 tennis shoe adidas

Zappan outdoor shoe adidas

EveryDay Outdoor apparel collection adidas

adipower Stabil 10.0 handball shoe adidas

Predator Incurza rugby boot adidas

FFR France rugby shirt adidas

adizero 5-tool metal baseball shoe adidas

Techfit Recovery training apparel adidas

adizero women’s footwear and training collection adidas Clima365 men’s apparel with ThermoCool technology adidas

Reebok CrossFit Nano 2.0 Reebok

ZigTech Shark running shoe Reebok

Ghost Spider S putter TaylorMade

adicross II golf shoe adidas Golf

EZ-Tech 2 apparel collection Ashworth

RocSports Lite men’s shoe collection Rockport

Presia women’s shoe collection Rockport

SicKick 20K ice hockey stick Reebok Hockey

RBZ ice hockey stick powered by TaylorMade CCM

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Q 3 / 2 012 02.1 Group Business Performance Income Statement

25 Nine months net income attributable to shareholders

(€ in millions)

2012 798

2011 652

2010 560

2009 226

2008 588

26 Nine months diluted earnings per share (in €)

2012 3.82

2011 3.12

2010 2.68

2009 1.13

2008 2.78

Number of Group employees down 3%

At the end of the first nine months of 2012, the Group employed 46,961 people. This represents a decrease of 3% versus the prior-year level of 48,547. Increased efficiencies in the Group’s own-retail store base were the main driver of this develop ment. On a full-time equivalent basis, the number of employees decreased 2% to 41,124 at the end of the first nine months of 2012 (2011: 41,866).

Operating margin improves 0.4 percentage points

Group operating profit increased 19% to € 1.159 billion in the first nine months of 2012 versus € 973 million in 2011 ^{DiAGrAM 21}. The operating margin of the adidas Group improved 0.4 percentage points to 10.1%

(2011: 9.7%) ^{DiAGrAM 22}. This was primarily due to the positive effects from lower other operating expenses as a percentage of sales, which more than offset the decrease in gross margin. Higher royalty and commission income as well as higher other operating income also contributed to this develop ment.

Financial income grows 25%

Financial income increased 25% to € 29 million in the first nine months of 2012 from € 24 million in the prior year, mainly due to an increase in interest income.

Financial expenses decrease 13%

Financial expenses declined 13% to € 84 million in the first nine months of 2012 (2011: € 97 million) ^{DiAGrAM 23}. The decrease in negative exchange rate effects was the main contributor to the decline.

Income before taxes as a percentage of sales increases 0.7 percentage points

Income before taxes (IBT) for the adidas Group increased 23% in the first nine months of 2012 to € 1.104 billion from € 900 million in 2011

DiAGrAM 24. IBT as a percentage of sales improved 0.7 percentage points to 9.6% from 8.9% in 2011. This was a result of the Group’s operating margin increase and lower net financial expenses.

Net income attributable to shareholders up 22%

The Group’s net income attributable to shareholders increased to

€ 798 million in the first nine months of 2012 from € 652 million in 2011

DiAGrAM 25. This represents an increase of 22% versus the prior-year level. Higher IBT was the primary reason for this develop ment. The Group’s tax rate increased 0.4 percentage points to 27.8% (2011:

27.4%), mainly due to a less favourable earnings mix.

Basic and diluted earnings per share reach € 3.82

In the first nine months of 2012, basic and diluted earnings per share amounted to € 3.82 (2011: € 3.12) ^{DiAGrAM 26}, representing an increase of 22%. The weighted average number of shares used in the calculation of both basic and diluted earnings per share was 209,216,186 (2011 average: 209,216,186) as there were no potential dilutive shares in the first nine months.

23 Nine months financial expenses (€ in millions)

2012 84

2011 97

24 Nine months income before taxes (€ in millions)

2012 1,104

2011 900

22 Nine months operating margin (in %)

2012 10.1

2011 9.7