Annual Report 2008/09 Porsche Group Highlights

Annual Report 2008/09 Porsche group highlights

1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 HGB HGB HGB HGB IFRS IFRS IFRS IFRS IFRS IFRS

Revenue € million3,648 4,441 4,857 5,583 6,148 6,574 7,2732) 7,368 7,466 57,081 Revenue

Domestic € million 893 1,001 1,121 1,483 1,214 1,267 1,234 1,326 1,365 16,328 Domestic Export € million 2,7553,440 3,736 4,100 4,934 5,307 6,039 6,042 6,101 40,753 Export

Vehicle sales (new cars) total units 48,797 54,586 54,234 66,803 76,827 88,379 96,794 97,515 98,652 3,082,837 Vehicle sales (new cars) total

Vehicle sales (new cars) Volkswagen subgroup units – – – – – – – – – 3,007,599 Vehicle sales (new cars) Volkswagen subgroup Vehicle sales (new cars) Porsche subgroup units 48,797 54,586 54,234 66,803 76,827 88,379 96,794 97,515 98,652 75,238 Vehicle sales (new cars) Porsche subgroup

Domestic Porsche units 11,754 12,401 12,825 13,896 12,176 13,902 13,921 14,314 13,524 12,291 Domestic Porsche Export Porsche units 37,043 42,185 41,409 52,907 64,651 74,477 82,873 83,201 85,128 62,947 Export Porsche 911 units 23,050 26,721 32,337 27,789 23,704 27,826 34,386 37,415 31,423 27,070 911 Boxster/Cayman3) units 25,747 27,865 21,897 18,411 12,988 18,009 27,906 26,146 21,747 13,140 Boxster/Cayman3) Cayenne units – – – 20,603 39,913 41,884 34,134 33,943 45,478 34,265 Cayenne Panamera units – – – – – – – – 0 763 Panamera Carrera GT & RS Spyder units – – – – 222 660 368 11 4 0 Carrera GT & RS Spyder

Production total units 48,815 55,782 55,050 73,284 81,531 90,954 102,602 101,844 105,162 2,899,388 Production total

Production Volkswagen subgroup units – – – – – – – – – 2,822,649 Production Volkswagen subgroup Production Porsche subgroup units 48,815 55,782 55,050 73,284 81,531 90,954 102,602 101,844 105,162 76,739 Production Porsche subgroup

911 units 22,950 27,325 33,061 29,564 26,650 28,619 36,504 38,959 34,303 27,776 911 Boxster/Cayman3) units 25,865 28,457 21,989 18,788 13,462 20,321 30,680 26,712 22,356 14,403 Boxster/Cayman3) Cayenne units – – – 24,925 41,149 41,299 35,128 36,169 48,497 32,640 Cayenne Panamera units – – – – – – – – 3 1,920 Panamera Carrera GT & RS Spyder units – – – 7 270 715 290 4 3 0 Carrera GT & RS Spyder

Employees (at year-end) number 9,320 9,752 10,143 10,699 11,668 11,878 11,384 11,571 12,202 375,959 Employees (at year-end) Personnel expenses € million 631 710 799 850 950 965 1,037 1,264 1,359 9,038 Personnel expenses

Financials Financials Total assets € million 2,205 2,892 5,409 6,315 9,014 9,710 14,641 23,332 45,577 213,565 Total assets Shareholders' equity € million 782 1,053 1,467 1,755 2,921 3,420 5,338 9,481 16,846 48,479 Shareholders' equity Fixed assets € million 578 732 2,208 2,663 2,380 2,428 5,681 9,760 11,168 85,066 Fixed assets Capital expenditures € million 244 294 1,120 1,295 1,111 919 4,083 3,881 1,383 22,410 Capital expenditures Depreciation € million197 133 279 392 382 511 489 532 569 6,169 Depreciation Income before tax € million 434 592 829 933 1,137 1,238 2,1102) 5,857 8,569 -4,405 Income before tax Net income € million 210 271 462 565 690 779 1,3932) 4,242 6,392 -3,578 Net income Dividends paid in total € million 26 45 297 59 70 87 157 385 472 8 Dividends paid in total

Dividends per share1) Dividends per share1) Ordinary share € 0.148 0.254 0.294+1.40 0.334 0.394 0.494 0.594+0.30 0.694+1.50 0.694+2.00 0.044 Ordinary share Preference share € 0.153 0.26 0.300+1.40 0.34 0.4 0.5 0.600+0.30 0.700+1.50 0.700+2.00 0.050 Preference share Earnings per ordinary share1) € – – – – 3.963 4.468 7.81 23.98 35.943 -14.455 Earnings per ordinary share1) Earnings per preference share1) € – – – – 3.969 4.474 7.822 23.986 35.949 -14.455 Earnings per preference share1)

1) The years up until 2007/08 have been adjusted according to the share split in fiscal year 2000/01 and 2007/08. 2) Incl. figures from discontinued operations of CTS group 3) Cayman from fiscal year 2005/06 Annual Report 2008 ⁄ 09 To our shareholders 04 Letter from the executive board 07 Company boards

08 Report of the supervisory board

The Company 14 Group management report 16 Recent developments 19 Business development 26 Capital market 28 Net assets, financial position and results of operations 34 Summary pursuant to German Commercial Code (HGB) 37 Value-enhancing factors 67 Opportunities and risks of future development 86 Subsequent events Remuneration report 87 Forecast report and outlook 90 Corporate governance report

98 Markets 110 Models 120 Environment 132 Motor Sports

Financials 141 Consolidated income statement 143 Consolidated balance sheet 144 Consolidated statement of cash flows 146 Statement of changes in equity 148 Notes to the consolidated financial statements 242 Responsibility statement 243 Audit opinion 244 Membership in other statutory supervisory boards 247 Balance sheet of Porsche Automobil Holding SE 248 Income statement of Porsche Automobil Holding SE 249 Significant equity investments

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;VV\YZOHYLOVSKLYZ -PUHUJPHSZ

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Markets

To our shareholders The Company Financials

Markets

Around the globe, the entire automotive industry suffered the full impact of the financial and economic crisis in Porsche’s fiscal year 2008/09. Many regions saw dramatic falls in the volume of new vehicles sold. Severe slumps were above all seen in North America and Eastern Europe. Western Europe also saw losses, although state intervention benefited manufacturers of small cars in particular. Only the Chinese and Brazilian markets remained stable.

Given these conditions, Porsche was unable to repeat its strong performance of recent years. The automobile manufacturer based in Stuttgart delivered a total of 73,492 vehicles to customers, 26 percent fewer than in the prior fiscal year. The only market that continued to grow was China, and the Middle East only just fell short of the previous year’s figures. These two markets now account for 19 percent of all deliveries (prior year: 14 percent).

The new Carrera models were well received in all markets. With 24,963 units delivered, the 911 series made up more than a third of new vehicle deliveries. The Boxster and Cayman held steady with a total of 13,720 vehicles in a rapidly shrinking segment. Almost half of the vehicles delivered were of the new generation of the mid-engined sports car, introduced by Porsche in February 2009. The Cayenne remained the highest-volume seller at 34,799 vehicles. The sporty off-roader benefited both from its popularity in the growth regions of China and the Middle East and from the market launch of the Cayenne Diesel. This already clocked up 4,654 deliveries in the second half of the fiscal year.

100 America With 776 vehicles delivered, the Cayenne only The United States: fell just short of the prior-year figure of 796 largest market despite the crisis units. Among the sports cars, 480 vehicles The situation on the US market continued to of the 911 series and 366 mid-engined sports deteriorate in the course of fiscal 2008/09. cars were sold. The severity of the economic crisis led to a dramatic fall in sales in the automotive market. Latin America: Porsche was unable to escape this downward Porsche weathers the crisis trend, with the delivery of 19,024 units re- Thanks to the sales success of the Cayenne, presenting a significant drop on the prior year Porsche was able to deliver a total of 2,123 (31,818 units). Nevertheless, the US remained vehicles to the Latin American markets in fis- Porsche’s biggest single market. cal 2008/09 (prior year: 2,712), 1,301 of which were accounted for by the sporty off-roader Despite sliding to 8,650 deliveries (prior year: (prior year: 1,691). 418 units of the 911 series 12,904), the Cayenne remained the bestselling (prior year: 523) and 404 vehicles of the series. The Cayenne GTS even improved on Boxster and Cayman mid-engined sports car the prior year with 1,953 units sold. In a highly series (prior year: 498) went to customers competitive market, the Boxster/Cayman in the region. The largest single market is series managed sales of 3,806 units (prior Mexico with 645 deliveries, followed by the year: 8,718). The 911 also suffered, making growing market of Brazil (579 units) and just 6,568 deliveries (prior year: 10,196). Puerto Rico (159 vehicles).

With more than 200 dealerships, Porsche Porsche Latin America engaged new import- offers its US customers a strong dealership ers in Guatemala, Puerto Rico, the Dominican network. In order to further improve the supply Republic and Trinidad. Overall, the distribu- of original parts to the north-east of the US tion network in Latin America grew to 15 im- and Canada, a new parts warehouse with inte- porters and 36 dealerships. grated training center was set up in Easton, Pennsylvania. Europe Canada: encouraging start Germany: still on the right track for the new company In Porsche’s home market, the 2009 scrappage In the reporting period, 1,622 vehicles were scheme led to a rush on small cars. The luxury delivered to customers in Canada, down from segment, meanwhile, declined sharply. In this 1,874 in the prior year. This decline is mode- challenging environment, Porsche was able to rate in comparison to other markets. This improve its position relative to its competitors. represents a successful start for the newly In fiscal year 2008/09, deliveries fell just seven established Porsche Cars Canada Ltd. The percent to 12,506 units (prior year: 13,510). subsidiary has handled the sale and distribution of Porsche vehicles for Canada since The 911 increased its share of the market seg- August 2008. ment to more than 50 percent with 6,322 ve-

101 To our shareholders The Company Financials

Markets

hicles delivers (prior year: 6,594). With 2,619 the diesel variant of the Cayenne series was units delivered (prior year: 3,087), sales of high. 770 deliveries meant that every other the Boxster series, which was revamped in Cayenne sold was a diesel. February 2009, were very successful in the reporting period in direct comparison with France: successful marketing competition. The Cayenne series, which has Since 2008, France has levied an extra tax now been made even more diverse with the on vehicles that emit more than 160 grams of

successful introduction of the Cayenne Diesel, CO2 per kilometer (benefits and penalties sys- even came close to equaling the 3,829 deliv- tem). The introduction of the Cayenne Diesel eries made in the prior year with 3,565 units and a more efficient generation of engines for delivered. the Boxster series enabled Porsche to soften the negative impact of these measures. Never- United Kingdom: theless, 2,013 deliveries in fiscal 2008/09 important market for sports cars fell well short of the very good figures for the The country’s strong dependence on the crisis- prior year (2,539 vehicles). hit financial sector had a particularly severe impact on the economic conditions in the UK. The 911 series achieved 814 deliveries in the In these conditions, Porsche was able to reporting year (prior year: 1,058), the mid- deliver 4,930 vehicles within the reporting engined sports cars 387 (prior year: 559), and period (prior year: 7,169). the Cayenne models also saw a decline with 812 deliveries (prior year: 921). Sports cars remained Porsche’s mainstay, accounting for 77 percent of total deliveries. Spain and Portugal: shrinking market The 911 series managed sales of 1,931 ve- The real estate crisis that began in the spring hicles (prior year: 2,572), while the Boxster of 2008 spread to other sectors of the Spanish and Cayman together saw 1,862 deliveries economy in the course of the last fiscal year, (prior year: 3,132). Sales of the Cayenne were including the automotive industry. As a result, boosted towards the end of fiscal 2008/09 the number of new vehicle registrations in by the new diesel. 1,128 units of the off- Spain fell by more than 50 percent within the road series were delivered to the UK (prior space of a year, in the luxury segment by more year: 1,465). than 60 percent. Porsche was unable to buck this trend, with 1,097 new vehicle deliveries Italy: loyal customers (prior year: 2,061). However, market share in The Italian economy was also hit by the global the respective segments remained stable. recession. Porsche was able to limit the impact, delivering 3,928 vehicles in comparison The 644 Cayennes delivered in the report- to 4,749 in the prior year, thanks to the suc- ing year (prior year: 1,127) demonstrated the cess of the 911 series. vehicle’s key role within the Porsche product portfolio. The new diesel variant was well re- With 1,938 units delivered, the 911 series ceived by customers. The 911 models achiev- almost achieved the prior-year level of 2,179. ed sales of 287 units (prior year: 525), with A more severe drop was seen for the Cayman the Boxster and Cayman managing a total of and Boxster, which saw a combined total of 166 vehicles (prior year: 409). 639 vehicles (prior year: 981). Demand for

102 Switzerland and Austria: Belgium/Netherlands/Luxembourg: restraint on the part of customers diesel on a roll The financial sector, which is of great impor- With 773 deliveries in fiscal 2008/09, Porsche tance for Switzerland, was experiencing a low fell short of the prior-year figure of 1,033 in point during the reporting period, and the re- Belgium on account of the economic collapse. sulting muted purchasing patterns also affect- However, Porsche was able to hold its own ed Porsche. The 1,122 deliveries fell short against the competition, selling 396 vehicles of of the 1,924 units delivered in the prior year. the 911 series (prior year: 517), 155 units of The 911 series saw a drop from 920 vehicles the Boxster (prior year: 251) and 222 Cayennes. to 584 units. This trend was also apparent The fact that sales of the sporty off-roader only in the 188 deliveries of Boxster and Cayman just fell short of the prior-year value of 265 de- vehicles (prior year: 317). The Cayenne saw liveries is down to the success of the Cayenne sales of 350 vehicles (prior year: 687). Diesel, which accounted for 129 units.

A scrappage scheme similar to the one imple- In the Netherlands, the CO2 tax for new ve- mented in Germany and a trend towards small hicles was raised again in 2009. Conditions for vehicles created difficult conditions for Porsche luxury vehicles were therefore challenging. in Austria, where 551 vehicles were delivered Nevertheless, Porsche fared well with 524 (prior year: 832). However, with 288 vehicles vehicles delivered in the reporting year (prior delivered, the 911 remained market leader for year: 850). With 65 units delivered in just five luxury coupés and cabriolets. The Cayenne months, the Cayenne Diesel proved a success, also achieved 177 deliveries in fiscal 2008/09 with the entire model series seeing 158 de- thanks to the new diesel variant (prior year: liveries (prior year: 353). 297 vehicles of the 333). The Boxster series sold 86 vehicles, successful 911 series were delivered (prior 34 less than in the prior year. year: 381 units).

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In Luxembourg, the importer Autodistribution With 167 units sold, the sports car was unable Losch S.à.r.l. delivered 193 vehicles in difficult to repeat the prior-year value of 248 vehicles. conditions (prior year: 239). In a positive de- Economic conditions permitting, Porsche in- velopment, the 911 series almost matched its tends to be represented at up to 25 locations success of the prior year with 101 deliveries in Russia by the end of fiscal 2009/10. (prior year: 102). On the other hand, with only 53 vehicles delivered, the Cayenne was unable to repeat its performance from the Middle East and Africa prior year (71). Maintaining a high level As the fourth largest sales market, Porsche Northern Europe: high taxes and Middle East & Africa is one of the most impor- economic downturn tant pillars of the sales organization. The The ongoing economic downturn and high prior-year result of 6,082 units delivered was level of taxation meant that Porsche was op- almost repeated, with 5,941 vehicles sold. erating in a highly challenging environment The appeal of the Cayenne series in particular, in Northern Europe in fiscal 2008/09. Nonthe- with 4,141 deliveries, continues unabated less, the Company still managed to deliver (prior year: 4,112). However, the 911 also prov- 858 vehicles (prior year: 1,319). 411 of these ed popular with customers, performing similar- were from the 911 series (prior year: 635). ly to the high level of the prior year with 1,265 The Boxster model series reached a total of vehicles delivered (prior year: 1,273 units). 111 vehicles (prior year: 167). 336 Cayenne Only the Boxster series was unable to repeat models were delivered (prior year: 517). With the record performance of the prior year, 110 vehicles sold, the Cayenne Diesel was with 535 vehicles delivered (prior year: 697). the most successful model in the series. The focus for future growth is now mainly Southern and Eastern Europe: on Africa and India. In the reporting period, in reverse gear Porsche was able to engage new sales partner With a slump in deliveries from 3,178 to for the markets in Ghana, Angola, Nigeria, 2,180 units, Porsche was hit hard by the con- Iran and Syria. A total of 19 importers are op- sequences of the global economic crisis in erating on behalf of the company in Dubai. the Southern and Eastern European markets, which had hitherto seen strong growth. The Cayenne performed best, with 1,356 vehicles Australia/ New Zealand delivered (prior year: 1,965). The 911 achiev- Cayenne – solid as a rock ed 578 deliveries (prior year: 877), and the The economies of both Australia and New Zea- Boxster and Cayman mid-engined sports cars land suffered during the reporting year, with 246 vehicles (prior year: 336). significant declines in their automotive markets. The retail organisation Porsche Cars Austra- Russia: new challenges lia, with 16 Porsche Centers, delivered 1,076 ve- Following a long period of growth, the Rus- hicles to customers (prior year: 1,588). The sian import market in particular fell under the Cayenne achieved its second-best result ever wheels of the financial crisis in the report- following the record prior year (730 units) ing period. Porsche made 1,278 deliveries thanks to the new diesel variant, with 536 de- (prior year: 2,328), of which 1,111 units were liveries. The sports cars held their own in allocable to the Cayenne (prior year: 2,080). their respective segments.

104 Asia Four new Porsche Centers were added to the Japan: first fall in sales for seven years dealership network in China in the reporting pe- The Japanese subsidiary saw its first fall in riod. The retail organization currently consists sales for seven years in connection with the of 25 dealerships. The addition of seven more severe economic crisis. In total, 2,915 vehicles dealerships is planned for fiscal 2009/10. were delivered to customers in fiscal 2008/09 (prior year: 4,162). Sports cars, of which 1,729 units were delivered (prior year: 2,724), Asia-Pacific saw a steeper decline than the Cayenne se- Retail organization continues to expand ries, of which a total of 1,186 were delivered Despite the global economic crisis, the in the reporting year (prior year: 1,438). Asia-Pacific region will remain an important

China: positive development and nascent economic region for Porsche in the “Middle Kingdom” in the future. In the reporting year, the The importance of Far Eastern markets for company delivered 1,116 vehicles to custom- Porsche is apparent from the fact that the car ers in the region (prior year: 1,738 units). manufacturer from Stuttgart chose China as Porsche Asia Pacific Pte. Ltd. supports im- the backdrop for the global debut of the new porters in twelve different countries in the Panamera. Porsche presented the four-seater region. The distribution network in Vietnam Gran Turismo to an enthusiastic public at the and South Korea grew to 21 dealerships. “Auto Shanghai” fair in April 2009. The impor- Further sites are under construction or in tance of the Chinese market can also primari- planning. ly be seen in its continued growth. In fiscal 2008/09, the newly established subsidiary In order to improve brand recognition, Por- Porsche China achieved a record result in the sche had stands at two automobile trade fairs company’s third largest single market with in Taiwan in fiscal 2008/09, and organized 7,708 vehicles delivered (prior year: 7,600), driving events for the Porsche World Road- despite a significant increase in displace- show in Singapore and Korea. ment-based taxation in September 2008.

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The Volkswagen Group Europe/other markets: market share increased Pulled under by the market In the first half of 2009, deliveries to the Volks- In the first six months of 2009, global new ve- wagen group’s customers in Western Europe hicle registrations were significantly lower were down 8.1 percent on the prior year, than in the comparable period of 2008. Severe at 1,472,471. Western Europe accounts for slumps in demand were above all seen in 47.2 percent of the group’s total sales volume North America and Central and Eastern Europe. (prior year: 49.0 percent). In an exceptionally In Western Europe, passenger car sales were challenging market environment, sales figures also down on the same period in the prior year. for all group brands were down on the prior However, the decline was mitigated as a result year. However, the Volkswagen passenger car of the positive effects of state intervention, and Škoda brands were the main beneficiaries particularly in Germany. In China, demand for of state rescue packages, and saw declines passenger cars rose sharply between January that were not as severe as the rest of the mar- and June 2009. The sharp increase in the se- ket, thus increasing their share of many impor- cond quarter in particular led to slight growth tant markets. The Golf, Tiguan, Škoda, Fabia in the Asia-Pacific region. Combi and SEAT Ibiza models were in particularly high demand. The new Scirocco, Passat CC, Vehicle sales in the US fell well below prior-year Audi A3 Cabriolet, Audi Q5 and Škoda Superb levels between January and June 2009. How- models were also well received. In a fast-shrink- ever, a slight revival of demand is expected for ing Western European passenger car market, the second half of the year following the in- the total market share of the Volkswagen group troduction of a scrappage scheme. In Canada rose to 21.3 percent (19.3 percent). and Mexico, new registrations remained low in the first six months of 2009. On the Brazilian On the German passenger car market, sales passenger car market, sales rose slightly in figures for the Volkswagen group rose 18.5 per- the first half of 2009. Unit sales benefited in cent in the period from January to June 2009 particular from the reduction of industrial pro- compared with the prior year, to a total of ducts tax. In Argentina, on the other hand, new 633,091 vehicles. This was mainly due to the passenger car registrations were significantly environmental bonus offered by the state. below prior-year levels. Significant growth was seen for the Fox, Polo, Golf, Tiguan, Škoda Fabia, Škoda Roomster, In the first six months of this year, the Volks- SEAT Ibiza and Caddy models. Sales figures for wagen group delivered 3,120,998 vehicles to the new Scirocco, Passat CC, Audi A3 Cabrio- customers throughout the world (down 4.4 per- let, Audi Q5 and Škoda Superb models were cent). As a result of the financial and economic also encouraging. The new Polo already had a crisis, almost all of the group’s brands saw high number of advance orders upon its launch. falling sales figures. However, the high-volume Seven of the Volkswagen group’s models plac- brands saw drops in demand that were milder ed at the top of their respective segments in than the overall development of the market. the registration statistics of the German Ministry Volkswagen passenger cars was even able to of Transport: Polo, Golf, Passat, Touran, Tiguan, deliver more vehicles to customers in com- Audi TT and Caddy. The Golf remains the clear parison to the prior year. leader in the German passenger market in terms of new vehicle registrations. In the first half of 2009, the Volkswagen group increased its market share in Germany to 33.5 percent (32.7 percent).

106 In the important Central and Eastern European models developed favorably. At 24,434 ve- markets, the Volkswagen group delivered hicles, deliveries of group models were 201,779 units to customers in the first six down 3.4 percent on the prior year in the months of this year, 28.5 percent fewer than reporting period. Demand rose for the in the prior year. Sales only rose in the prior Jetta, Audi A4 and Audi A5 Coupé models. year in Poland, at 42,233 vehicles (an increase In the struggling Mexican passenger car of 8.6 percent). However, demand for the market, which shrank 30.6 percent, Volks- Golf, Tiguan and Škoda Superb models devel- wagen’s sales figures fell 8.4 percent to oped favorably. Demand fell sharply on the 61,845 deliveries. Increased demand was South African passenger car market in the seen for the Jetta, SEAT Ibiza, SEAT Leon reporting period. This was above all attribut- and Saveiro models.

able to the effects of the financial and eco- South America: sales holding steady nomic crisis, as well as ongoing restrictions Demand also fell in the South American pas- on lending. The low level of demand hit the senger markets as a result of the slump in entry-level models the hardest. Deliveries to the global economy. However, Volkswagen customers fell 29.2 percent on the prior year Group was able to buck this trend and main- to 26,599 vehicles. The market share re- tain sales of 402,195 vehicles in the first mained steady at 20.0 percent. half of 2009 (prior year: 401,795). In Brazil, high demand for the Fox, Gol, Golf and Jetta North America: entire market shrinking models contributed to a 7.3 percent increase The Volkswagen group delivered 135,750 units in sales figures on the comparable value for in the struggling US passenger car market in the prior year, with 339,264 vehicles sold. the first half of 2009, 16.6 percent fewer than These figures include the lightweight commer- in the prior year. However, the decline in the cial vehicles Saveiro and T2, sales of which overall market was much more severe. Demand fell 9.0 percent on the Brazilian passenger for the Tiguan, Audi A5 Coupé and Audi R8 car market.

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Demand for the group’s vehicles on the shrink- Brands developing differently ing Argentine passenger car market fell 24.9 A look at the delivery volumes of the Volks- percent on the prior year to 50,914 vehicles. wagen group in the first half of 2009 broken Demand rose for the New Beetle and Audi A4. down by brand also gives a differentiated The Volkswagen group was able to maintain picture. The Volkswagen passenger car brand its market leadership in Argentina with a mar- performed well given the decline of certain ket share of 25.1 percent (24.0 percent). international markets. 1,948,979 vehicles were sold, 2.2 percent more than in the compar- Asia-Pacific: maintaining the level able period of the prior year. This is mainly due of the prior year to gains made in important markets such as The passenger car market in the Asia-Pacific China and Germany. region remained partially unaffected by the development of the global economy in the first The other group brands were unable to repeat half of 2009, with demand holding steady at the the delivery volumes of the first six months prior-year level. The Volkswagen group deliver- of 2008. With 465,978 vehicles delivered, Audi ed 725,728 vehicles to customers in the region, suffered a decline of 9.7 percent on the prior an increase of 18.9 percent on the prior year. year, and Škoda saw sales drop 10.1 percent On the Chinese passenger car market, sales to 329,641 vehicles, while SEAT saw sales figures rose 22.7 percent to 652,436 vehicles. of 173,378 units, down 15.7 percent on the The Jetta, Santana, Audi A4, Audi Q7 and Škoda figure for the prior year. Falling sales figures Octavia models enjoyed growing popularity. were also seen at Bentley (minus 52.5 per- The Volkswagen group’s share of the highly cent), Lamborghini (minus 37.0 percent) and competitive Chinese passenger car market fell Bugatti (minus 30.3 percent). to 17.9 percent (19.0 percent), although it held on to market leadership. Deliveries at Volkswagen Nutzfahrzeuge fell 31.8 percent to 179,266 units in the first half Deliveries totaling 26,410 units meant that sales of the year. Between January and June 2009, in the shrinking Japanese passenger car market Scania delivered 20,667 heavy-duty com- fell 19.8 percent on the prior year. The Golf, mercial vehicles to customers throughout the Audi A3 and Audi A4 models saw increases in world, including 3,049 busses. demand. Demand for the group’s vehicles also fell in the region’s other markets, including Australia and India.

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Models To our shareholders The Company Financials

Models

Unique design, top quality, outstanding handling and practicality – these aspects define the ideal behind Porsche’s entire model portfolio. And

today, more than ever before, fuel-efficiency and CO2 emissions are at the heart of work on further developing our vehicles. These raised environmental standards are met by using state-of-the-art technology, consistently applying lightweight construction methods and implementing a range of detailed refinements. The results of many surveys and readers’ polls show how successful this has been for the Porsche brand.

Porsche came first twice in the poll for “best car” held by the “auto motor und sport” magazine in Germany in fiscal year 2008/09, with the 911 Coupés and the 911 Carrera Cabriolet. And in June 2009, the readership of the industry magazine “Sport Auto” voted no fewer than four Porsche models into top spots: the 911 Carrera S Cabriolet, the 911 GT3 and the mid-engined Boxster S and Cayman. The 911 Carrera and 911 Carrera Cabriolet also came top in their classes in the “Auto Trophy 2008”, a reader poll conducted by “Auto Zeitung”. And readers of “Powercar” magazine voted for the 911 Turbo Cabriolet and 911 GT2. In the US, the inclusion of the Boxster and Cayman in the “Car and Driver’s 10 Best Cars List” of the industry magazine “Car and Driver” underscored the reputation enjoyed by the mid-engined sports cars.

Porsche enjoyed success in the reporting year not just with its sport cars, but also with the second generation of the Cayenne sporty off-roader. The Turbo S came first in the “Off-road / SUV” category of the reader poll held by “Powercar”. And in Central America, journalists voted the Cayenne GTS “Interamerican SUV of the Year 2009”.

The British industry magazine “Engine Technology International” award- ed the title “Best New Engine 2009” to the 3.8-liter 6-cylinder boxer engine of the 911 Carrera S. The competition was judged by well-known industry journalists from more than 30 countries using a range of criteria. Despite increasing output by 8.5 percent in comparison to its predecessors, this model with Porsche Doppelkupplungsgetriebe, PDK (Double-

Clutch Gearbox) consumes 13 percent less fuel, while CO2 emissions have been reduced by as much as 15 percent.

112 Many appealing developments Cayenne The Gran Turismo Panamera, which was intro- Cayenne Diesel duced to the market in September 2009, repre- Cayenne S sents a milestone in the Porsche brand’s long- Cayenne S Transsyberia term strategy for growth. At the same time, the Cayenne GTS Stuttgart-based automobile manufacturer’s Cayenne GTS Porsche Design Edition 3 three existing model series also caused a stir in Cayenne Turbo fiscal 2008/09. The revamped 911 Carrera and Cayenne Turbo S Targa 4 models introduced from June 2008 onwards impressed customers and the inter- Panamera S ested public for the most part on account of the Panamera 4S revolutionary engine with fuel-efficient direct fuel Panamera Turbo injection and Porsche Doppelkupplungsgetriebe, PDK (Double-Clutch Gearbox). From February The following describes the characteristics 2009, these new technologies were then rolled of the newly introduced models. out to the current generation of the Boxster and Cayman mid-engined sports cars. And the diesel A new dimension: the Panamera and GTS Porsche Design Edition 3 variants were Debuting a new vehicle at an auto show in two appealing additions to the Cayenne series. China was a first for Porsche. As the Stuttgart- based manufacturers then also revealed the Including all models and derivatives that Porsche new Panamera on the 94th floor of a skyscraper has introduced and announced in the current high above the streets of Shanghai as part of fiscal year, the portfolio now comprises four the 13th “Auto Shanghai”, the applause of the model series with a total of 31 models, without gathered international press was a safe bet. a doubt the most varied and appealing product One thing is sure: the public like it. As a Gran range in the Company’s long tradition, includ- Turismo with four doors, four seats and ample ing the following models: space for four adults with baggage, it combines the sportiness typical of Porsche with Boxster a high level of comfort. Boxster S Boxster Spyder The sporty design also suggests at first glance Cayman the vehicle’s potential performance. With Cayman S proportions based on Porsche’s classical forms, the Panamera reveals its connection to the 911 Carrera Coupé and Cabriolet sports cars. The silhouette, similar to that of 911 Carrera S Coupé and Cabriolet a coupé, compact overhangs and the character- 911 Carrera 4 Coupé and Cabriolet istic design of the rear wings emphasize its 911 Carrera 4S Coupé and Cabriolet sportiness. 911 Targa 4 and Targa 4S 911 Turbo Coupé and Cabriolet With their 4.8-liter V8 engines with direct fuel 911 GT3 and GT3 RS injection (DFI) and VarioCam Plus variable cam- 911 Sport Classic shaft adjustment, the Panamera S and Pana-

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mera 4S offer a maximum output of 400 hp The continuous middle console that rises to (294 kW). In the case of the Panamera S, this meet the dashboard is the most striking aspect power is transferred to the road via the rear of the interior. This realizes the concept of a wheels with the aid of a sporty six-gear trans- “car cockpit” with four individual seats for all mission. For the Panamera 4S, the Porsche four occupants. There are almost no limits to Doppelkupplungsgetriebe, PDK (Double-Clutch the degree of personalization possible thanks Gearbox) with seven gears (optional for the to a wide range of materials on offer, and op- Panamera S) and Porsche Traction Management tions ranging from seat ventilation to luxury rear (PTM) with active all-wheel drive and electroni- seats. The trunk volume of up to 1,263 liters cally controlled multiple-plate clutch give more also makes the Panamera the ideal vehicle for traction, sportiness and nimble handling. long-distance journeys.

In the Panamera Turbo, the 4.8-liter V8 twin-tur- In the field of audio and communications, the bo engine with DFI and VarioCam Plus has an out- comprehensive program of individualization put of 500 hp (368 kW). With PDK as standard, includes the exclusive Burmester® high-end the vehicle accelerates to 100 km/h from a stand- surround sound system as well as Porsche ing start in 4.2 seconds, and has a top speed Communication Management (PCM) including of 303 km/h. In this way, the Panamera Turbo navigation module as standard. A total of 16 enters new territory for vehicles of its class. individually controllable loudspeakers including 300-watt active subwoofers and with a total One innovation in connection with the PDK is output of more than 1,000 watts provide a the automated start/stop function, which cuts unique acoustic experience. the engine when the vehicle is not moving, such as at lights or in heavy traffic. This saves fuel State-of-the-art technology: the 911 Turbo

and reduces CO2 emissions, a fact reflected in The new 911 Turbo represents the logical pro- the statistics. The Panamera S only requires gression of its predecessors. With the complete- 10.8 liters of fuel per 100 kilometers with PDK ly new twin-turbo engine with 3.8-liter displace- in the EU cycle, the Panamera 4S 11.1 liters, ment and direct fuel injection (DFI), optional and the Panamera Turbo 12.2 liters. Porsche Doppelkupplungsgetriebe, PDK (Double- Clutch Gearbox) and other options such as A three-level chassis system provides sporti- Porsche Torque Vectoring (PTV) and dynamic ness and comfort at the push of a button. The cornering lights, the Turbo once again assumes Panamera S and 4S have steel suspension its position at the forefront of high-performance with Porsche Active Suspension Management sports cars. The newly developed Porsche Torque (PASM) as standard. As an option, or as stand- Vectoring (PTV) improves the vehicle’s steering ard for the Panamera Turbo, the new adaptive through the selective application of the rear air suspension together with PASM offers an brakes. In the interest of further improving even wider range of options. This allows the handling and comfort, the optional Sport Chrono spring rate of each strut to be adjusted, the Package Turbo comes with dynamic engine vehicle to be lowered 25 millimeters at the push mountings that adapt their stiffness and spring of a button, and, together with the adjustable rate to the situation. At the same time, the trans- springs, it enables the vehicle to transition from fer of oscillation and vibration from the entire a comfortable setting to a stiffer, sporty one. drive train to the chassis is considerably reduced. Another option, a package consisting of Porsche Dynamic Chassis Control (PDCC) and an elec- The Turbo has an unusually high potential out- tronically controlled real differential lock, adds put. The maximum engine output is 20 hp higher even more sportiness and comfort. than the predecessor model, at 500 hp (368 kw)

114 giving a maximum acceleration to 100 km/h Porsche’s overall strategy. This pursues the in 3.4 seconds from a standing start (previously clear objective of emphasizing the core compe- 3.7 seconds). Top speed is 312 km/h. Despite tencies of the customization division. The this, fuel consumption has been reduced by changes to the vehicle therefore concern the up to 16 percent and CO2 emissions by up to exterior, the engine and exhaust system, the 18 percent (calculated using the Euro 5 meas- wheels and the entire interior. The car is based urement procedure and the New European on the 911 Carrera S Coupé with manual trans- Driving Cycle). mission, with output boosted 20 hp to 408 hp (300 kW). An optimum level of enjoyment is One unique characteristic of the top-of-the- provided by the sporty chassis with Porsche range 911 is the apron with large ventila- Active Suspension Management (PASM) which tion intakes, and pillar-shaped LED indica- has been lowered 20 millimeters, and has a tors. Titanium-colored plating in the side air rear differential lock and Porsche Ceramic Com- intakes at the front and LED daytime run- posite Brake. ning lamps instead of fog lights are other new developments. The new optional dynamic cor- The Sport Classic is immediately recognizable nering light for the 911 Turbo improves the thanks to its new color, sport-classic gray, its illumination of curves in the road by means widened chassis at the rear and its dual-domed of a lamp that can rotate through 16 degrees. roof. The design of the roof harks back to the Modern LED technology is now also being Panamericana fair show cars from the year used for the rear lights. The 19-inch Turbo II 1989. It is highlighted by two decorative stripes wheels with forging technology and bi-color running parallel along the length of the vehicle. design as standard, developed for the 911 The 19-inch Sport Classic wheels with black Turbo, give the car a particularly stylish ap- painted hub-cap spokes and chrome tailpipes pearance, as do the enlarged exhaust tail- underscore the exclusive design. The “duck tail” pipes. of the 911 Carrera RS 2.7 from 1973 is also making a comeback in the form of a fixed rear Exclusive: the 911 Sport Classic spoiler that is harmoniously integrated into a With only 250 units produced, Porsche will rear section and designed exclusively for the introduce the 911 Sport Classic to the market 911 Sport Classic. The integrated chrome in January 2010. The 911 Sport Classic is part tailpipes give the 911 Sport Classic its own of the “Exclusive” customization division of unique design.

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With regard to the interior, the Sport Classic manual six-gear transmission, the optimized is characterized by particularly high-quality handling of the chassis, the significant increase furnishings with a large number of exclusive, in downforce and, last but not least, its func- unique details. The application of espresso- tional yet elegant and forceful appearance colored natural leather to almost all components guarantee this vehicle pole position within its and the use of woven leather, a combination segment. The 911 GT3 is the first vehicle to of light-gray yarn and leather, are particularly include Porsche Stability Management (PSM). noteworthy. The changed dial faces and stain- less steel entrance panel, as well as the limited Just like its predecessor, the new 911 GT3 RS edition signs for the interior and exterior are is the basis for the homologation of the 911 GT3 unique features of this exclusive sports car, racing cars. The new 911 GT3 RS differs even and have been harmoniously incorporated into more from the basic 911 GT3, and its handling the overall concept of the 911 Sport Classic. characteristics are closer to those of the racing cars. This is mainly due to the increased engine Close connection to motor sports: output of 450 hp (331 kW), the wider chassis, the 911 GT3 wheels and track, dynamic engine mountings, Within the 911 series, the 911 GT3 is the most a large rear spoiler and the specific calibration nimble, offering the best handling, particularly of handling elements.

around corners. The new 911 GT3 shares many Porsche’s engineers were able to reduce important features with the 911 GT3 Cup and the weight of the car by 25 kilos in compari- 911 GT3 RSR models from motor sports. As son to the basic model using an engine with a direct offshoot, the 911 GT3 embodies the a single-mass flywheel, a titanium muffler and essence of the brand with sportiness and lightweight chassis components made of alu- particularly high performance. The even more minum and carbon fiber (CfK). Optional extras powerful engine with 3.8 liters of displacement such as the Porsche Ceramic Composite Brake and 435 hp (320 kW), the sporty tuning of the System (PCCB), lightweight halogen lights

116 and the innovative lithium ion battery offer The 3.4-liter engine supplies 320 hp and 370 Nm even more potential to reduce weight. of torque. The six-gear manual transmission transfers the power to the series-standard rear A purist driving experience: differential lock. The stiff sports suspension Boxster Spyder with new 19-inch Boxster Spyder wheels, which Porsche added a decidedly purist model to its also comes as standard, ensures that the po- Boxster series in February 2010, with an empha- tential for performance is realized. Combined sis on the most important aspects of the vehicle: with the 80 kilogram reduction in weight in com- impressive design, top performance and pure parison to the Boxster S, extraordinary perfor- enjoyment of driving in an open-top sports car. mance is achieved.

The Boxster Spyder has been given a complete- Conventional comfort elements have been eli- ly new look. The striking air intakes at the front minated from the interior to reflect the charac- with a short, thin LED positioning light provide ter of the Spyder. The standard vehicle comes cool air to the radiator and brakes. The air in- without a radio, air conditioning unit, cup holder, takes at the sides of the passenger compart- door storage compartments or a cover for the ment have been redesigned, and provide a instrument panel, but does include lightweight finishing touch to the unique silhouette. A new bucket seats. A limited range of special equip- door glass design highlights the dipped profile, ment options is available for those customers and the extremely sporty rear section is domi- who do not want to live without certain details. nated by a continuous trunk lid with two pro- nounced protuberances behind the roll bar and a Economical and sporty: fixed, stand-alone rear spoiler. This is comple- Cayenne Diesel mented by a twin tailpipe in a sporty black finish. In February 2009, Porsche introduced the first luxury vehicle with a diesel engine. The The consistent orientation towards the experi- Cayenne Diesel was the Company’s response ence of the open road is emphasized by the to long-term trends towards reducing consump- lightweight, close-fitting and low, manually- tion and emissions, without neglecting impor- operated roof. It is quick and easy to assemble, tant brand values such as performance and and can be stored without taking up too much handling. The Cayenne Diesel is mainly offered space. Aluminum doors and a minimalist door on European markets with a high proportion panel reduce the weight even more. of diesel vehicles. The 3.0-liter turbo diesel

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motor with 240 hp combines a number of color as the body, black exterior package with advantages, such as the high performance Bi-Xenon headlights and other extras such of a diesel engine, low displacement for low as front and rear skirts, roof-mounted spoiler

consumption and reduced CO2 emissions and side wings in metallic lava gray. In the and an exhaust turbocharger with variable interior, sporty seats and luxury black leather turbine geometry for high torque at low rpms. furnishings with contrasting red stitching as A catalytic converter and series-standard well as alcantara elements, trim strips in carbon diesel particle filter are also used to treat and dial faces using Porsche Design style exhaust fumes. Thanks to this, the Cayenne also give the car a sporty/exclusive flair. The Diesel meets the Euro 4 exhaust standard. series-standard sport exhaust system and The use of the turbo diesel motor in the Cay- BOSE® surround sound system guarantee enne reduces consumption in the EU cycle unmistakable sound. The performance figures to 9.3 liters per 100 kilometers. are impressive: the 4.8-liter V8 suction engine with 405 hp accelerates to 100 km/h in High quality: Cayenne GTS 6.5 seconds with the aid of Tiptronic S, and With the new Cayenne GTS Porsche Design top speed is 251 km/h. Edition 3, of which 1,000 units have been built, the Company is continuing the success- The Porsche Design accessories, produced ful tradition of the Porsche Design Edition exclusively for the vehicle and provided as special models 1 and 2. Metallic lava-gray standard, are just as exclusive as the vehicle paint, modest stripes on the hood and sides itself. These include the P’6612 “Edition 3” and the striking model wordmark in black automatic chronograph with titanium housing with a red “S” reinforce the vehicle’s sporty, and unique dial face, as well as four high- exclusive character. The same applies to the quality pieces of baggage from the Roadster 21-inch Cayenne SportPlus wheels with widen- Porsche design series with their own label ed wheel housings and painted in the same “Porsche Design Edition 3“.

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Environment To our shareholders The Company Financials

Environment

The automotive industry is undergoing changes. Changes brought about by discussions on climate protection that have had a strong influence on the public consciousness. For European customers, environmental impact is already among the top five criteria when deciding to purchase a vehicle.

No question about it: mobility is a critical factor for the health of the economy and society at large. Globalization and international trade are not possible without the transport of goods and personal travel. This makes it more important than ever to make this increasing mobility environmentally friendly, commercially viable and socially responsible. It is the responsibility of the automotive industry to continue reducing

the fuel consumption and CO2 emissions of vehicles.

Cars more economical The German automotive industry has proactively taken on this challenge in the past. In the seventies and nineties of the last century, it promis- ed to reduce fuel consumption. The extent of their success can be seen in two examples. Firstly, modern vehicles consume an average of two liters less fuel per 100 kilometers than at the beginning of the nineties. Secondly, the distance driven per liter of fuel has increased two thirds since 1978. At that time, a car could go about nine kilometers on a liter of fuel, while today the figure is 15 kilometers.

Despite the continued growth of road traffic, due in part to the relaxa- tion of borders in Europe and the enlargement of the European commu-

nity, Germany’s CO2 emissions peaked in 1999. Road traffic CO2 emissions have fallen since then, with the figure for 2006 down 1.5 million tonnes on the 1990 values. No other Western European country has been able to do this.

This positive trend continued into the last two years. In 2007, the aver-

age CO2 emissions of passenger cars newly registered in Germany fell a further 1.7 percent, with an even steeper reduction seen for newly

122 registered German-brand passenger cars in der to achieve the target of 120 g/km, a fur- 2008. The most economical vehicles are un- ther ten grams should be attained by supple- questionably those offered by German manu- mentary measures such as the use of bio-fuels, facturers, and not only small vehicles, but low-drag tires, effective air conditioning and also large family cars. Most impressive are the other technical refinements. luxury vehicles. In this segment, the automotive industry was even able to reduce fuel con- However, the future CO2 limit for the fleet is sumption by more than the industry average. not a uniform target for every manufacturer. It is rather calculated according to the aver- The innovative strength of the German automo- age weight of its vehicles sold in Europe. tive industry is revealed in the approximately Heavy fleets may consume slightly more 19 billion Euro it invests each year in research than 130 g/km, the lighter ones must con- and development, more than any other industry. sume less. Almost 100,000 employees are involved in research and develop for the cars of the future, Large variety offered by manufacturers a number that has increased by 50 percent However, this regulation still does not do jus- in about a decade. With this combined power, tice to companies such as Porsche with a the German automotive industry will also highly specialized portfolio of vehicles and face the new challenges posed by legislation smallscale manufacturing operations. Critics passed by the European Union in 2009 for stress that the variety of manufacturers and the year 2012. models, and the commercial viability of the European automotive industry must be main- Strict European CO2 legislation tained. This is why companies that register In 2007, the EU Commission required that the less than 10,000 vehicles each year in the EU

CO2 emissions of new vehicles be reduced to are able to come to a special arrangement 120 grams per kilometer (g/km) as of 2012. with the Commission; one that is challenging This proposal was incorporated into “Directive but realistic. For example, manufacturers pro- (EC) No. 443/2009”. This marks the first time ducing 10,000 to 300,000 vehicles per year that a law has been introduced for car manu- can agree to a 25 percent reduction of CO2 facturers and importers who want to sell their emissions per annum. The calculation is based vehicles in the European Union. on the figures for the vehicles manufactured in the year 2007. Before being made law, the original proposal of the EU Commission was the subject of heated Using the fleet values of all manufacturers re- debate, and key aspects have been changed. presented in Europe as of 2006, the new limit

The result is that the average CO2 emissions of will bring about a reduction in CO2 emissions of the entire European fleet of new vehicles should between eleven percent and 25 percent. The not exceed 130 g/km in the „New European lower value applies to the lowest segment of Driving Cycle“ (NEDC) in the period from 2012 manu-facturers of small vehicles, mainly based in to 2020. NEDC is a standardized procedure for Italy and France, while the upper value applies measuring emissions with a speed profile that to luxury vehicle manufacturers, mainly based has been precisely defined by legislation. In or- in Germany.

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Specific technological innovations that contrib- excess of the limit, 20 Euro for the second gram,

ute to reducing CO2 emissions, i.e. ecological 45 Euro for the third and 95 Euro for the fourth. innovations, can also be taken into account. The fleet value will be calculated annually. In oth- LED headlights, for example, use less electric- er words, penalties could be incurred annually. ity and therefore less fuel, but are not taken in-

to account by any of the criteria previously men- It is intended that the new EU CO2 regulation will

tioned. However, such measures may only be apply until 2020 after which the CO2 regulations credited to a manufacturer up to a maximum are likely to become tighter. The initial target is value of seven g/km. Legislators also have to a mean emission of 95 g/km for the entire Euro- draw up clear rules for accreditation by 2010. pean fleet, which translates into a further 25 percent reduction in fuel consumption. However, Risk of severe penalties before a corresponding resolution is passed, the In order to give all manufacturers sufficient feasibility and above all extent of a stricter limit time to adjust, the new law will be introduced should be examined from 2013 onwards. on a step-by-step basis. In 2012, only 65 percent of all of a manufacturer’s new registra- Porsche vehicles more fuel-efficient tions will be taken into account, then 75 per- At Porsche, accountability for actions and eco- cent in 2013, 80 percent in 2014 and then nomic success are inextricably intertwined. This all vehicles in the following year. However, in is why conservation has formed an integral part order to give companies an incentive to offer of company policy for many years. As early as fuel-efficient vehicles within as short a time 1995, Porsche undertook to conserve resources

as possible, each new vehicle with CO2 emis- and limit its impact on the environment. This is sions below 50 grams will count three and also made clear by the principles of the Com- a half times in 2012 and 2013. This multiplier pany’s environmental policy: will be reduced to 2.5 in 2014, and 1.5 in 2015. From 2016, even exceptionally environ- – Porsche develops, produces and sells high- mentally friendly vehicles will only be taken quality, exclusive sports cars to very high into account once. dards, including with regard to the environment. High penalties will ensure compliance. If a Com- – Porsche wants to conserve resources and pany does not manage to meet its individual tar- limit its impact on the environment as much get, it must pay five Euro for the first gram in as possible.

124 – Porsche develops and applies manufactur- In the last 15 years, Porsche has reduced the

ing procedures that are as environmentally CO2 emissions of its vehicles by an average friendly as possible. of 1.7 percent each year. This decline has ac- – Porsche naturally meets all current environ celerated significantly in the last four years. mental regulations. If one compares the vehicle portfolio from 2006 – Porsche regularly informs the public of its with the portfolio for 2009, average consump- efforts with regard to the environment, and tion has improved by 2.8 percent each year. aims to maintain open and cordial dialog Porsche will continue along this path of con- with authorities and organizations. tinuously improving the consumption of all its models in future and prove its competitiveness, In the past, the company has also spent a great even in terms of their environmental impact. deal of money on limiting its impact on the environment as much as possible. The refinement In order to do justice to this important operating of all model series in terms of their impact on goal, Porsche has created a department within the environment is a high priority for the devel- its development department that is responsible opment departments. for optimizing energy management. A significant

The fact that Porsche is continuously improving reduction in consumption can only occur if all the fuel consumption of its vehicles can be ex- components and systems are optimized and net- emplified by a comparison of a Carrera from the worked with regard to their energy efficiency. year 1994 with a current model. Fifteen years Here, energy management concepts that are ago, the vehicle had a 3.6-liter engine with 285 heavily networked are developed for the entire hp (210 kW) and consumed 14.4 liters per 100 vehicle. The best evidence of the success of kilometers. The 2009 Carrera, with exactly the these efforts lies in the excellent consumption same displacement, has an output of 345 hp figures of the new Panamera. (254 kW) but only requires 9.5 liters per 100 kilometers. A one-third reduction in consumption Hybrid drive trains also dramatically reduced exhaust emissions. nearing series production The old Carrera was built according to the Euro 1 In the past fiscal year development of a hybrid exhaust standard, while the current model meets drive train came a good step closer to series the much stricter Euro 5 requirements. production. This system, which has a particu-

125 To our shareholders The Company Financials

Environment

larly low environment impact will be used in both the Cayenne and the new Panamera. Combining a gasoline engine with an electric motor offers the potential of reducing consumption considerably. The Cayenne S Hybrid, for example, in which the new drive train is currently being tested, always drives in its optimal range, depending on whether the vehicle is currently in stop‑ and-go-traffic, normal around-town driving, or on a long distance haul.

The drive is based on a parallel full hybrid concept. The electric motor can power the vehicle alone – for moderate acceleration – or in combination with the combustion engine. Com- pared to the customary hybrid drives on the market, this design demands a great deal of technical expertise but, in return, offers numer- ous important benefits: consumption for inter- urban and highway journeys can be significantly reduced as the vehicle can roll at a speed of up to 130 km/h without any need for the combustion motor. If the driver takes his foot off the pedal at this speed, the gasoline engine switches off and the Cayenne continues to roll without any noticeable change. If, by contrast, he puts his foot on the gas pedal again, the gasoline motor accelerates the vehicle without any delay. Moreover, acceleration and elasticity in the parallel full hybrid are significantly better because the electric engines and gasoline engine can be used together to boost acceleration.

Porsche has optimized this concept in cooperation with Volkswagen Group. The gasoline engine is a 3.0-liter V6 turbocharged engine with DFI generating 333 hp (245 kW). The automatic transmission has been stepped up from six to eight gears. The Cayenne sprints from 0 to 100 km/h in 6.8 seconds. These are performance figures that are normally only attained by the V8 model.

Once it goes into series production, the Cay- enne S Hybrid will consume less than nine liters of fuel for 100 kilometers measured on the

126 127 To our shareholders The Company Financials

Environment

New European Drive Cycle (NEDC). This repre- performance class. The Panamera S with PDK sents savings of approximately 30 percent on beats its competitors both in terms of accelera- the 2009 Cayenne V6 model with a standard tion, sprinting from 0 to 100 km/h in 5.2 se- drive train. conds and also in terms of lower consumption.

Lightweight construction cuts fuel Environmental protection at all locations consumption of the Panamera Porsche endeavors to minimize its impact A similar combination of high performance and on the environment in everything it does. For economic consumption is also attained in the this reason, our environmental principles are new Panamera thanks to its modern drive tech- supported by the following environmental nology, the progress made with aerodynamic guidelines: efficiency and intelligent use of lightweight materials. For example, in the Panamera, the axles, – Our employees are the most important doors, hood, wings and trunk lid are all made partner when it comes to protecting the of aluminum to reduce the weight of the vehicle. environment for which they are trained Measures to save energy have also been incor- systematically. porated in the brakes. – Our manufacturing facilities are operated to make as little impact on the environment as The Panamera is only available with a range of possible, with their environmental impact be- efficient direct fuel injection engines. Consistent ing assessed and judged at regular intervals. reductions in weight and frictional drag for all – Our business associates and contractual moveable parts of the drive are supported by partners are involved in our efforts to pro- innovations such as sensor-based thermal ma- tect the environment. nagement of the cooling water, which leads – The impact on the environment of all of our to further fuel savings. The Porsche Doppelkup- activities is analyzed regularly, evaluated, plungsgetriebe, PDK (Double-Clutch Gearbox), assessed and optimized using the best which Porsche is the first to offer in this techniques that are economically feasible. segment, makes an additional contribution – Specific environmental goals and programs towards reducing consumption and, what is are set for all operating functions. more, provides even greater driving comfort and sportier handling. Environmental management at Porsche is an effective instrument for improving the environ- Another milestone set by the Panamera is the mental performance of the Company’s loca- first start/stop system for a premium vehicle tions. This system governs processes, respon- with an automatic transmission. If the vehicle is sibilities and competencies for environmental standing still, for example at traffic lights or in protection and ensures that each employee congestion, depressing the brake pedal cuts the knows and takes into account the impact of

engine. This saves fuel and lowers CO2 e m i s - their activities. In this way, Porsche is able to sions. The fuel savings can be as much as ten efficiently translate the responsibility which percent in city traffic and approximately five the Company has assumed to protect the en- percent in the test cycle of the NEDC. Under the vironment into its daily operations. European Directive, the Panamera S requires 12.5 liters of fuel per 100 kilometers. Equipped Back in 1995 Porsche installed GAO, a con- with PDK, it only needs 10.8 liters. In spite of tingency plan for handling risks. This risk its amazing performance, the Panamera Turbo avoidance plan governs the procedures to be only needs 12.2 liters of fuel per 100 km. As followed in emergencies to avoid any risks such, the vehicle sets new standards in its to human health or the environment and keep

128 the consequences to a minimum. This plan high level of environmental protection attained proved its worth in dramatic fashion in fiscal by our locations was once again confirmed. year 2008/09. On 3 July 2009, a heavy thun- derstorm caused substantial flooding at various In Leipzig the environmental management sys- parts of the facility at the Zuffenhausen loca- tem was also reviewed pursuant to ISO 14001 tion. The GAO contingency plan ensured that in June 2009. At the Leipzig facility, which the emergency measures were carried out is being expanded to house production of the in exemplary fashion, resulting in rapid contain- fourth series, all machines and equipment, ment of the damage and any adverse impact parts of the building, fixtures and facilities on the environment. were all subject to a thorough reassessment.

In the reporting period the environmental ma- Improvements in environmental nagement system in place at our locations in performance Zuffenhausen, Weissach, Sachsenheim and Our environmental performance was improv- Leipzig was further fine-tuned. Regular environ- ed significantly in the past fiscal year by opti- mental audits identify potential improvement, mizing processes. The installation of additional focusing in particular on compliance with en- meters ensures that consumption in the existing vironmental laws, Porsche’s environment policy, paint shop is continuously measured and ana- the functioning of the environmental manage- lyzed. The results are being considered in the ment system and the monitoring of environ- planning of the new paint shop. The new con- mental performance indicators. These are construction, which is one of the most modern and ducted in conjunction with an external environ- most environmentally friendly paint shops world- mental auditor. wide, uses the most advanced technologies, particularly in terms of environmental pro- In June and July 2009 reaudits pursuant to ISO tection. As it is totally encapsulated, the paint- 14001 or EMAS were conducted at our loca- ing process is fully protected from dust. This tions in Zuffenhausen, Sachsenheim and Weis- method not only improves the already high sach. The environmental management system quality of the paint job but also reduces require- was investigated by TÜV inspectors over a pe- ments for treating the air of the hall. A parti- riod of three days who placed their focus on the cularly efficient energy management system organization, its environmental goals and on also provides special benefits for protecting any processes relevant to the environment. The the environment.

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130 In order to handle the higher demand which Since this date, all vehicles manufactured in will arise from production of the fourth series, Zuffenhausen and designated for the United Porsche has also expanded its engine assemb- Kingdom and overseas are railed to Emden and ly operation in Zuffenhausen. High environmen- Bremerhaven for shipping. tal standards have been implemented. For example, compressed air screwdrivers have been Starting February 2006, Porsche expanded installed instead of electric tools and a second this logistics concept. Thanks to newly devel- cold-test station put into operation. This re- oped railway wagons and mega-trailers that can duces the duration of testing by around 22 per- be transported by rail or towed by truck on the cent. The number of empty transports needed road, deliveries of engines and other compo- in logistics has been reduced, which will reduce nents have been shifted off the road and onto carbon emissions by approximately 100 tons railway cars. per year. Porsche also relies on rail transport at its Leip- Since June 2008, Porsche has been a recog- zig location. The preassembled bodies for the nized recycler of end-of-life vehicles in accord- Cayenne and Panamera arrive daily by train at ance with section 5 (3) of the end-of-life-vehic- the facility’s own loading station. The vehicles les directive. The certificate for the Weissach of both series designated for overseas trans- location was renewed in June 2009. port are likewise railed to Emden for shipment.

Water protection measures were continuous- This logistics concept has proven extremely ly implemented throughout the reporting pe- beneficial both economically and ecologically: riod. A matrix for treating waste water arising rail transport is characterized by its absolute from soil decontamination has been prepar- punctuality and minimal losses during loading ed to ensure uniform compliance with the law. and unloading. Moreover, the close cooperation This governs which waste water should be with Deutsche Bahn saves 11,000 truck ship- treated or remain untreated before being fed ments each year. In absolute terms, this is into the drains and which waste water should equivalent to savings of approximately 32,000 be professionally removed. tons CO2 or 4,000 tons per year.

Punctual and clean arrival by train The new loading station was commissioned in 2001 already, the product of intensive cooperation between Porsche and Deutsche Bahn.

131 Motor Sports

To our shareholders The Company Financials

Motor Sports

An impressive series of victories in the field of motor sports in fiscal 2008/09 showed once again that the best sports cars are made in Stuttgart. In the face of stiff competition, Porsche’s vehicles not only held on to the title in the American Le Mans Series (ALMS), they also reclaimed first place in the European Le Mans Series (LMS). The Swabian-made vehicles also won Germany’s most significant competition, the 24-hour race on the Northern Loop of the Nürburg- ring, for the fourth year in succession.

The Company’s motor sports customers around the world continued to set the pace. With more than 200 vehicles delivered, Porsche remained one of the largest manufacturers of racing cars in the world. Ten Company drivers supported customer teams at important championships and long-distance races. In addition to carrying out the technical groundwork, the motor sports center in Weissach also delivered engines, transmissions and components as well as sending engineers and mechanics to race tracks in 90 different countries.

Whether in top-level competition using prototypes, Gran Turismo championships, manufacturers’ cups or club races, Porsche kept adding new chapters to its long story of success. It’s more than just a matter of collecting titles. On the race track new technologies can be tried and tested under extreme conditions. Through its involvement in the sport, the Company gains valuable experience for the development of its series vehicles, which benefits the customer at the end of the day.

Prototypes victorious in Daytona and Le Mans In January 2009, Porsche returned to the scene of many a triumph with a splendid victory. The top American teams Penske Racing and Brumos Racing put their faith in “Porsche Power” for the 24-hour race on the Daytona International Speedway in Florida. The four-liter, six-cylinder engines of the sports prototypes developed in Weissach and at Porsche Motorsport North America managed an output of around 510 hp (375 kW). After a dramatic race, the Brumos Porsche

134 driven by David Donohue, Darren Law, Buddy Casper Elgaard, Kristian Poulsen and Company Rice and Antonio Gracia crossed the line as driver Emmanuel Collard won with a 15-lap victors with a slim 0.16 second lead. Third place lead. The RS Spyder once again won the en- also went to a Brumos Porsche. Penske Racing, vironmental award “Michelin Green X Challenge”, fielding Company drivers Timo Bernhard and which goes to the racing car with the lowest Romain Dumas, struggled with technical prob- consumption values per lap. lems towards the end of the race, but recorded the best lap time and were leading for much Fans in the US were given another opportunity of the race. to experience the RS Spyder. Team Cytosport entered the prototype into four races in the Porsche also began the 2009 season of the American Le Mans Series, achieving podium Grand-American Rolex Sportscar Series with its placements each time. 21st overall victory in Daytona. Penske Racing and Brumos Racing were in the running right The 911 in Gran Turismo sport up until the end of the year, despite the organ- Countless victories and championships have izers continually changing the rules with rpm- added to Porsche’s legendary reputation in limits, increasing the minimum weight and requir- Gran Turismo sport. In this competition, racing ing five-gear transmissions instead of the origi- cars must be based on series vehicles rather nal six permitted. Following a further victory by than prototypes. In fiscal 2008/09, the Com- Brumos Racing at the final in Miami, Porsche pany offered four racing variants to customers came second in the manufacturers’ competition. for use in the various Gran Turismo classes.

While the Company started out as a partner Originally conceived for the Porsche Cups, for engines and development in the Grand-Am professional customer teams racing the class, the end of the 2008 season represent- 911 GT3 Cup have also enjoyed success in ed the planned end of its involvement with the GT championships. It has been in use since RS Spyder sports prototype following three very 1998, and is the most popular racing car in successful years. Three times in a row, the ve- the world with 1,400 units delivered. The vehi- hicle, which ended with 440 hp (324 kW) output cle, which has an output of 420 hp (309 kW), and a weight of just 825 kilograms, claimed all served as the basis for the even more power- titles in the American Le Mans Series, as well ful GT3 Cup Grand-Am for the GT class of as the European Le Mans Series and its class in the Grand-Am Series. the 24-hour race at Le Mans in 2008. The motorsports division continued to refine In 2009, customer teams demonstrated the ex- the GT3 Cup S, first used in 2008, in response cellent qualities of the sports prototype at select- to the increasing importance of GT3 champion- ed races. Team Essex from Denmark entered ships. With a 440 hp (324 kW) variant of the the 1,000 kilometer race in Spa in May, winning familiar 3.6-liter racing engine, refined aerody- in their class at the first attempt. In Le Mans, namics and a chassis that borrows aspects the RS Spyder once again proved itself to be un- from the even more powerful GT3 RSR, the beatable, with Team Essex achieving an even GT3 Cup S also enjoyed a series of impressive more convincing victory than in the year before. victories in the reporting year.

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The GT3 RSR, top of the range among the At the 24-hour race in Daytona, Porsche sup- current racing variants of the 911, was intro- ported customer teams in both the prototype duced in 1999 and has been in constant and GT classes by providing nine Company development ever since. Prior to 2008, this drivers. Following the triumph of a Porsche Riley Porsche had won the GT2 class at Le Mans in the prototypes, a triple victory in the Gran eight times, for example. Having inherited a Turismo class rounded off the result of the long and glorious tradition, this 911 also prov- oldest 24-hour race in America. The Company ed itself to be the winning type in 2009. The drivers Jörg Bergmeister and Patrick Long boxer engine, with a displacement that has won the race in a 911 GT3 Cup Grand-Am for been increased from 3.8 to 4 liters in the la- Team TRG, ahead of their colleagues Emma- test model, has an output of around 450 hp nuel Collard and Richard Lietz, who drove TRG’s (331 kW) despite the downsizing of the air second 911 into second place together with intake volume limiter demanded by the rules, two American drivers. The third-placed Porsche and impresses with its excellent handling from Wright Motorsport was driven by Company and exemplary efficiency. driver Sascha Maassen among others.

Towards the end of summer 2009, Porsche The 24-hour race on the Nürburgring in May presented its vehicles for the 2010 season in also turned out to be a triumph for Porsche. In the form of the 911 GT3 RS and 911 GT3 Cup. a company-supported 911 GT3 RSR from the A sporty, road-going variant and the basis for Manthey Racing Team, Company drivers Timo the series-based GT racing cars, the GT3 RS Bernhard, Romain Dumas and Marc Lieb and with 450 hp (331 kW) has a number of light- Manthey driver Marcel Tiemann proved, in front weight components, a closely layered trans- of around 235,000 onlookers, to be unstopp- mission, a specially constructed and calibrat- able. The quartet of drivers achieved the fourth ed chassis and large wheel housings. victory in a row for the Manthey team on the hardest racing track in the world. Porsche had The GT3 Cup, based on the 911 GT3 RS and a total of seven Porsche 911 in the top ten. presented at the IAA motor show in Frankfurt in A 911 GT3 Cup S came in third, while fourth September 2009, weighs 1,200 kilograms and place went to a series-based 911 GT3 Cup, has an engine output of 450 hp (331 kW). It is which was able to leave much more powerful the most powerful and fastest racing car in the racing cars than itself in the dust. history of 911 GT3 Cup models, and is used in the Porsche Cups as well as a number of GT3 Porsche customers enjoyed a further victory championships. at the 24-hour race in Zolder, Belgium. Rudi Penders, Franz Lamot, David Loix and Louis The long road to success Machiels set a new long-distance record in Since the sensational overall victory of the 911 a 911 GT3 RSR of the Prospeed Competition at the 24-hour race in Daytona in 1973 (the team. A 911 GT3 Cup S entered by First Motor- first victory by a 911 in the manufacturers’ cham- sport completed the double victory by com- pionship), the classic sports car has made its ing in second. mark on the most famous endurance race in the world. On the second weekend of January, A thrilling race was driven by Jörg Bergmeister, more than 80 GT racing cars started the first Marc Lieb and Patrick Long at the 24-hour race 24-hour race of 2009 in Dubai. Victory was in Sebring, Florida. The trio of Company drivers claimed by the 911 GT3 Cup of the Land Motor- lost twelve minutes on the second lap due to sport Team. Seven other 911 made it into an accident that was not their fault and the re- the top ten. sulting repairs. After a series of record-break-

136 ing laps, the Porsche entered by Flying Lizard entered the American Le Mans Series (ALMS) Motorsports had made it to third place 70 min- on behalf of customer teams, with Bergmeis- utes before the end of the race when a new ter driving a 911 GT3 RSR for the Flying Lizard bump from a competitor cost them a place on Motorsports Team as defending champion the podium. In fourth place, the team still ma- alongside Patrick Long. naged to gain important points in the American Le Mans Series, which began the new season With a series of victories from the second to in Sebring. the sixth race, the duo initially set a record that seemed unattainable. The tenth and last race, At the 24-hour race in Le Mans, Jörg Bergmeis- which saw a struggle in the final bend against a ter and Marc Lieb competed for pole position Corvette, ended with the sixth victory of the in the GT2 class in their 911 GT3 RSR models. season. This confirmed Bergmeister and Long Bergmeister came in just three hundredths of as the champions. Flying Lizard Motorsports a second faster. The bad luck of the previous won the team competition, while Porsche was year stayed with them. Lieb’s Felbermayr-Proton once again able to claim the manufacturer’s title 911 fell victim to a fault in the gasoline system. and the “Michelin Green X Challenge”. This suc- Bergmeister had to take the Porsche of the Fly- cess reinforced Porsche’s position as the most ing Lizard Motorsports Team out of the race successful car manufacturer in the ALMS, while after a bump from a competitor, with the race victory in the final race at Laguna Seca, Cali- living up to its reputation for being one of the fornia marked its 100th triumph in total. Since most unpredictable endurance circuits in motor- 1999, Porsche drivers have won the drivers’ sports. championship nine times. Customer teams have been made team champions eight times, and Porsche customers win championships Porsche has come top among the manufacturers Porsche customers entered almost all major in nine racing years. Gran Turismo championships in the world. They faced the stiffest competition since the renais- Porsche teams and their 911 GT3 Cup Grand-Am sance in motor sports with GT racing cars at the cars impressed in the GT class of the Grand- end of the nineties. The Porsche 911 excelled Am Series held in the US and Canada with their in the GT class of the most important American speed and constancy. Following a triple Porsche sports car championships. Company drivers victory at the 24-hour race in Daytona at the Jörg Bergmeister, Wolf Henzler and Patrick Long beginning of the season, the German-American

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team Farnbacher Loles took the lead with the with a brief interlude. In order to raise their German team driver Dirk Werner and the Ameri- chances of a title, Westbrook and Collard can Leh Kenn. In twelve races, the pair achiev- started the title in different Porsche vehicles. ed podium places a total of seven times, four As the Porsche veterans were competing times as champions. At the end of the season for the title, two young drivers were taking they were able to celebrate a clear victory. the opportunity to prove themselves on an Porsche comfortably claimed the manufactur- international stage. 21-year old Marco Holzer ers’ title. and Martin Ragginger, also 21, entered the FIA GT championship as “Porsche juniors” in Customer teams also enjoyed success in training for the Carrera Cup Deutschland. Europe, with Porsche’s support. The five quali- The up-and-coming drivers impressed the fying races of the Le Mans Series are driven world of motor sports with impeccable per- over the traditional sports car racing distance formances in their unusual 911 GT3 RSR. This of 1,000 kilometers. Company drivers Marc was also the case in the final, with Holzer Lieb and Richard Lietz achieved victories at the sharing the driver’s seat with Westbrook, and Circuit de Catalunya near Barcelona, at Spa- Ragginger joining Collard in the pursuit of Francorchamps in Belgium and at the Nürburg- faster times. ring in a 911 GT3 RSR entered by the team Felbermayr-Proton. The Lieb / Lietz partner- Richard Lietz and Gianluca Roda began 2009 ship led twice on points, and at the end of an in a 911 GT3 RSR provided by Autorlando exciting season claimed the GT2 championship Sport in the top class of International GT Open, for themselves. This was Lieb’s third drivers’ which Lietz won in 2007, as runners-up from title in the important championship following the previous year. Eight racing weekends with victories in 2005 and 2006. 16 races were scheduled throughout Europe. With four races remaining, the Austrian and the The competition in the international FIA GT Italian looked like safe bets for second place championship was decided in the last race, with in the drivers’ rankings in the fall, followed by Briton Richard Westbrook claiming the GT2 another Autorlando Porsche driven by Pedro title in a 911 GT3 RSR entered by the Prospeed Couceiro and Manuel Giao from Portugal and Competition team. The Briton and his teammate, the Frenchmen Patrick Pilet and Raymond Porsche Company driver Emmanuel Collard, Narac in a GT3 RSR from IMSA Performance dominated the season and the championship Matmut.

138 Partnerships between Porsche Motorsport and 13 cup races in which customers start in professional customer teams also proved a re- identically fitted 911 GT3 Cup racing cars cipe for success in many national champion- were seen in 20 different countries in 2009. ships around the world. This was demonstrated Porsche organizes these races beginning in one of the toughest tests for drivers and rac- with the delivery of start-ready 911 GT3 Cup ing cars in the world, the BF Goodrich Endur- vehicles through to the organization of the ance Championship at the Nürburgring. The weekends and television coverage. The Cups championship is held on a 24.4 kilometer com- are hosted by other racing series that are bination of the Northern Loop and the Grand worthy of the Porsche brand’s premium repu- Prix track, with racing distances of between 650 tation. Back in summer 2008, Porsche had and just under 1,000 kilometers. With eight over- already reached an agreement with the govern- all victories in nine races and one race remaining ing body of Formula 1 to hold the Mobil 1- in the fall, Porsche teams demonstrated the su- Supercup in connection with the Grands Prix periority of the GT racing car developed in Weis- at least until 2011. The decision was made sach. A GT3 RSR from the Manthey Racing Team in summer 2009 to add two races to the Mo- secured five wins. The Mamerow Racing Team bil 1-Supercup in connection with the For- achieved three victories with a 911 GT3 Cup S. mula 1 Grand Prix in Abu Dhabi.

Company driver Sascha Maassen supported Success in the Carrera Cups as well: In Aus- the team Autorlando Sport and its team driver tralia, Porsche proved its flexibility by combin- Francisco Cruz-Martins at the Italian GT cham- ing the Carrera Cup Australia with the local GT3 pionship. The collaboration was highly success- Cup Challenge, which benefited both champion- ful, and Autorlando Sport was able to cele- ships. The new GT3 Cup Challenge Deutschland brate a championship title for Cruz-Martins after was a complete success from the very start. the final in Monza. Porsche customers were In Turkey and the Middle East, Porsche pushed also victorious in Spain and Belgium. In the US, initiatives that will ensure that the number of Porsche was the clear winner of the manufac- such mass sport series will continue to grow in turers’ championship in the SCCA Speed World the coming year. Challenge GT thanks to the dedication of its customer teams. In selected races, a 911 GT3 The success of the Porsche Cup racing series RS entered by the Hankook Porsche Team en- is based not only on the fascination of the 911, joyed success in the Japanese Super GT Series. its clear sporting concept or the exceptional suitability of the Cups as a business platform Mass sport and fostering young talent for customer teams. It is also due to the high Porsche Cup racing offers a unique foundation sporting status of these racing series. The fact for customer sport. The GT3 Cup Challenges that six of the current ten Company drivers be- are held in connection with club sport for ama- gan their careers in the Porsche-Mobil 1-Super- teur racing drivers. The Carrera Cups enjoy the cup or a Carrera Cup speaks for itself. Even in status of national championships for profes- one of the toughest 24-hour races in the world, sional teams. The Porsche Mobil 1-Supercup is on the Nürburgring, nine of twelve drivers tak- held as a prestigious GT championship in con- ing to the winners’ podium began their careers nection with the FIA Formula 1 championship. in one of the Porsche Cups.

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Consolidated financial statements 2008/09

To our shareholders The Company

Consolidated income statement of the Porsche group for the period from 1 August 2008 to 31 July 2009

€ million Note 2008/09 2007/08

Revenue [1] 57,081 7,467 Changes in inventories

and own work capitalized [2] – 1,107 311

Total operating performance 55,974 7,778

Other operating income [3] 60,215 19,773

Cost of materials [4] – 33,781 – 4,170

Personnel expenses [5] – 9,038 – 1,358 Amortization of intangible assets and depreciation of property, plant and equipment, leased assets

and investment property [14], [15], [17] – 6,169 – 569

Other operating expenses [6] – 70,858 – 13,744

Profit/loss before financial result – 3,657 7,710

Profit/loss from investments accounted for at equity [7] 736 1,007

Finance costs [8] – 2,054 – 548 Other financial result [9] 570 400

Financial result – 748 859

Profit/loss before tax – 4,405 8,569

Income tax expense [10] 827 – 2,177

Profit/loss after tax (continuing operations) – 3,578 6,392

Profit after tax (discontinued operations) 15 0

Profit/loss after tax – 3,563 6,392

Thereof profit attributable to minority interests [11] – 1,142 13 Thereof profit attributable to hybrid capital investors [12] 103 88

Thereof profit attributable to shareholders of Porsche SE [12] – 2,524 6,291

Earnings per ordinary share (basic) [12] – 14.45 35.94

Earnings per preference share (basic) [12] – 14.45 35.95

Earnings per ordinary share (diluted) [12] – 14.45 35.94

Earnings per preference share (diluted) [12] – 14.45 35.95

Earnings per ordinary share from discontinued operations (basic and diluted) [12] 0.03 0.00 Earnings per preference share from discontinued operations (basic and diluted) [12] 0.03 0.00

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Consolidated balance sheet of the Porsche group as of 31 July 2009

€ million Note 31/7/2009 31/7/2008

Assets Intangible assets [14] 32,666 359 Property, plant and equipment [15] 32,136 1,668 Investments accounted for at equity [16] 8,153 8,130 Other financial assets [16] 680 64 Leased assets [17] 11,040 947 Investment property [17] 391 0 Receivables from financial services [20] 34,520 1,301 Other receivables and assets [21] 3,495 732 Income tax assets [22] 848 57 Securities [23] 34 1,021 Deferred tax assets [10] 1,643 95 Non-current assets 125,606 14,374

Inventories [18] 16,265 757 Trade receivables [19] 6,715 2681 Receivables from financial services [20] 27,632 472 Other receivables and assets [21] 7,819 19,299 Income tax assets [22] 1,089 34 Securities [23] 3,403 3,383 Cash and cash equivalents [24] 25,036 6,990 Current assets 87,959 31,203 213,565 45,577

Equity Subscribed capital [25] 175 175 and Capital reserves [25] 122 122 liabilities Retained earnings [25] 15,048 14,7691 Equity before minority interests [25] 15,345 15,066 Hybrid capital [25] 1,173 1,780 Minority interests [25] 31,961 0 Equity 48,479 16,846

Provisions for pensions and similar obligations [26] 13,843 777 Income tax provisions [27] 3,778 0 Other provisions [27] 9,698 650 Deferred tax liabilities [10] 6,836 1,015 Financial liabilities [29] 49,904 3,489 Other liabilities [30] 3,074 47 Non-current liabilities 87,133 5,978

Income tax provisions [27] 2,280 2,008 Other provisions [27] 9,743 1,190 Trade payables [28] 11,225 5861 Financial liabilities [29] 43,717 12,897 Income tax liabilities [30] 127 221 Other liabilities [30] 10,861 6,0501 Current liabilities 77,953 22,753 213,565 45,577

1 restated (for additional explanations, please refer to the notes)

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To our shareholders The Company

Consolidated statement of cash flows of the Porsche group for the period from 1 August 2008 to 31 July 2009

€ million 2008/09 2007/08

1. Operating activities Profit/loss after tax – 3,563 6,392 Amortization and depreciation 6,169 569 Change in provisions for pensions and similar obligations 125 60 1 Change in other provisions – 277 64 Income tax expense 1,188 1,9431 1 Change in deferred taxes – 2,017 237 1 Income taxes paid – 2,212 – 834 Income taxes received 392 81 Gain/loss from disposal of intangible assets, property, plant and equipment,

leased assets and investment property – 26 – 78 1 Gains/losses from the disposal of stock options – 7,821 – 3,924 Non-cash expenses/income from 1 market valuation of stock options 10,283 – 2,910 1 Other non-cash expenses and income – 1,012 – 936 Dividends received from investments accounted for at equity 317 160 Change in inventories, trade 1 receivables and other assets 3,736 – 1,585 Change in trade payables and other liabilities (without tax provisions and other provisions) 1,585 1261,2 1 Cash flow from operating activities 6,867 – 708

2. Investing activities Cash received from disposal of intangible assets, property, plant and equipment, leased assets and investment property 1,871 417 Cash received from the disposal of subsidiaries less cash funds sold 1,343 11 Cash paid for investments in intangible assets

and property, plant and equipment – 4,635 – 784 Cash paid for investments in leased assets and

investment property – 3,134 – 574

Cash paid for investments in financial assets – 1 – 22 Cash paid for the acquisition of

subsidiaries less cash funds received – 6,360 90 2 1,2 Changes in stock options 11,098 – 3,824

Change in receivables from financial services – 257 – 122 Cash flow from investing activities 1 before investments in securities and loans – 75 – 4,808

Change in investments in securities and loans 5,827 – 2,076 1 Cash flow from investing activities 5,752 – 6,884

1 restated (explanatory notes on the statement of cash flows are presented in note [13]) 2 contains the change in cash and cash equivalents that are not available for use by the group 3 contains cash and cash equivalents of €1,750 million (prior year: €2,567 million) that are not available for use by the group

The statement of cash flows is explained in note [13].

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€ million 2008/09 2007/08

3. Financing activities Cash paid to shareholders – 472 – 384

Cash paid to minority interests – 617 – 1

Cash paid for repayment of bonds – 5,741 0

Cash paid to hybrid capital investors – 103 – 79 Cash paid/cash received

for repayment/borrowing of loans – 133 9,952 Capital contributions 1 959 Cash received from the issue of bonds 12,273 0 Cash received from other financial liabilities 17 99

Cash paid for other financial liabilities – 2 0

Capital transactions with minority interests – 392 0 Cash flow from financing activities 4,831 10,5461

4. Cash funds Change in cash funds (subtotal of 1 to 3) 17,450 2,9541

Exchange-rate related change in cash funds 152 – 11 Cash funds as of 31 July 2008 and 31 July 2007 4,423 1,4801 Cash funds as of 31 July 2009 and 31 July 2008 22,025 4,4231

Presentation of gross liquidity Cash and cash equivalents 25,036 6,990 Securities and loans 3,437 4,404 Gross liquidity 3 28,473 11,394

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To our shareholders The Company

Statement of changes in equity of the Porsche group for the period from 1 August 2008 to 31 July 2009

Subscribed Capital Retained earnings capital reserves Accumulated profit Other compreh. income Revaluation Securities Cash flow reserve marked to hedges € million market

As of 31 July 2007 45 122 8,2683 423 1293

Effects of currency translation

Financial instruments pursuant to IAS 39 – 51 585 Investments accounted for at equity

Taxes recognized directly in equity 3 – 175

Income and expenses recognized directly in equity 0 0 0 – 48 410 Profit/loss after tax 6,291

Total income and expenses for the period 0 0 6,291 – 48 410

Capital increase from corporate funds 130 – 130 Increase of hybrid capital Transaction cost related to the increase of hybrid capital Profit/loss attributable to hybrid capital investors 1 Dividends paid – 384 Other changes 4

3 3 3 As of 31 July 2008 175 122 14,049 – 6 539

Effects of currency translation

Financial instruments pursuant to IAS 39 24 – 414 Investments accounted for at equity

Taxes recognized directly in equity – 1 118

Income and expenses recognized directly in equity 0 0 0 23 – 296

Profit/loss after tax – 2,524

Total income and expenses for the period 0 0 – 2,524 23 – 296 Buyback of hybrid capital 95 Profit/loss attributable to hybrid capital investors 2 Dividends paid – 472 Effects from first-time consolidation 3,508

Other changes – 15

As of 31 July 2009 175 122 14,641 17 243

1 distribution of a dividend (taking the stock split into account) of €0.694 + €1.50 per ordinary share; total €191,975,000

distribution of a dividend (taking the stock split into account) of €0.70 + €1.50 per preference share; total €192,500,000

2 distribution of a dividend of €0.694 + €2.00 per ordinary share; total €235,725,000

distribution of a dividend of €0.70 + €2.00 per preference share; total €236,250,000 3 restated (for additional explanations, please refer to note [25])

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Equity before Hybrid capital Minority Group minority interests interests equity

Currency Investments translation accounted for at equity

513 143 8,671 810 0 9,481

3 3 – 80 – 6 – 86 – 86 2843 818 818 33 3 3

– 79 – 251 11 – 240

– 80 202 484 11 0 495 6,291 87 13 6,391

– 80 202 6,775 98 13 6,886

1,000 1,000

– 41 – 41

– 87 – 87

– 384 – 384

4 – 13 – 9

3 3 – 29 216 15,066 1,780 0 16,846

171 34 205 345 550

– 443 – 833 334 – 499 43 43 43

154 271 13 – 81 203

171 – 212 – 314 13 598 297

– 2,524 103 – 1,142 – 3,563

171 – 212 – 2,838 116 – 544 – 3,266

95 – 620 – 525

– 103 – 103

– 472 – 617 – 1,089 3,508 33,472 36,980

1 – 14 – 350 – 364

143 4 15,345 1,173 31,961 48,479

147

To our shareholders The Company

Notes to the consolidated financial statements of the Porsche group as of 31 July 2009

Basis of presentation Porsche Automobil Holding SE (“Porsche SE”) is a European Company (Societas Europaea) and is headquartered at Porscheplatz 1 in 70435 Stuttgart, Germany. The business objective of Porsche SE is the management of companies and the administration of interests in companies, in particular companies active in the following business fields: the development, design, manufacture and distribution of vehicles and engines of all kinds and other technical products as well as of parts and components thereof. The company may engage in all kinds of business and take all measures that are related to the business purpose or that it deems directly or indirectly useful for achieving that purpose. This also includes financial services, consisting of financing, banking, leasing and insurance services particularly for customers and dealers.

The consolidated financial statements of Porsche SE as of 31 July 2009 were prepared in accordance with International Financial Reporting Standards (IFRSs) as endorsed by the European Union. The standards published by the International Accounting Standards Board (IASB), London, that are applicable as of the balance sheet date as well as the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) that are valid for the fiscal year have been taken into account. The requirements of the standards and interpretations applied were satisfied in full. The financial statements thus give a true and fair view of the net assets, financial position and results of operations and cash flows of the Porsche group.

These consolidated financial statements comply with the requirements of Sec. 315a HGB [“Han- delsgesetzbuch”: German Commercial Code]. It represents the legal basis for group accounting according to international financial reporting standards in Germany in conjunction with EC Directive No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the adoption of international financial reporting standards.

The Porsche group’s (Porsche SE and its subsidiaries) fiscal year is the period from 1 August of a year until 31 July of the following year. The group’s presentation currency is the euro. Unless otherwise stated, all figures in the notes are presented in millions of euro (€million). In some instances, the composition of the individual items of the financial statements has been changed. The comparative information has been restated accordingly. The adjustments have been marked as such and explained. To improve comparability with previous consolidated financial statements, we have expanded the explanations on the assets and liabilities and on the income statement of the Porsche group to include the amounts which would have resulted had the Volkswagen subgroup (Volkswagen AG, Wolfsburg, and its subsidiaries) (“Porsche without VW”) not been included. The amounts presented for comparison do not include effects arising from consolidation.

The income statement has been prepared using the nature of expense method.

The consolidated financial statements and group management report of Porsche SE were released to the supervisory board by the executive board by resolution dated 19 October 2009.

The executive board of Porsche SE assumes that the basic agreement – which amongst other things requires certification by a notary to take effect – to be finalized in particular with Volks- wagen AG and the ordinary shareholders of Porsche SE as well as the implementation of the individual steps for the merger of Porsche SE and Volkswagen AG will be effected in a timely manner as a prerequisite for achieving a significantly improved liquidity situation. The finalization of the basic agreement is also a prerequisite for the successful completion of current negotiations with the lending banks. If the steps involved in the merger of the two companies and thus the debt relief of Porsche SE do not take place as planned, this could once again lead Porsche SE into a critical

148

liquidity situation by the end of 2009 which could put the ability of the company and the group to continue as a going concern at risk. Based on the current status of the negotiations, the executive board is, however, convinced that this risk will not occur.

Consolidated group The consolidated financial statements of Porsche SE include all companies in which Porsche SE has the power to govern the financial and operating policy, either directly or indirectly, so as to obtain benefits from its activities (control concept). Initial consolidation is performed as of the date on which the acquirer obtains the possibility of control. A company is no longer consolidated upon cessation of control. Subsidiaries that are immaterial on a stand-alone basis and in total for a true and fair presentation of the net assets, financial position and results of operations are recognized at cost in the consolidated financial statements.

Significant companies where Porsche SE is able, directly or indirectly, to significantly influence financial and operating policy decisions (associates), or directly or indirectly shares control (joint ventures), are accounted for using the equity method.

Joint ventures also include companies in which the Porsche group holds the majority of voting rights, but whose articles of association or partnership agreements stipulate that important decisions may only be made unanimously.

Bertrandt AG, Ehningen, is not accounted for at equity as no significant influence can be exercised on this company because the Porsche group is not represented on its executive board or supervisory board.

The number of companies included in the Porsche group is shown in the following table:

2008/2009 2007/2008

Porsche SE and fully consolidated subsidiaries Germany 84 24 International 353 62 Subsidiaries carried at cost Germany 57 0 International 82 0 Associates and joint ventures Germany 22 1 International 46 0 644 87

The consolidated financial statements and group management report prepared as of 31 July 2009 as well as the full list of shareholdings can be downloaded from the electronic version of the Ger- man business register at www.unternehmensregister.de.

149

To our shareholders The Company

With reference to Sec. 264b HGB, the financial statements of the following German subsidiaries are not published: Karosseriewerk Porsche GmbH & Co. KG, Porsche Financial Services GmbH & Co. KG, Porsche Lizenz- und Handelsgesellschaft mbH & Co. KG and ING Leasing GmbH & Co. Fox OHG. If the conditions for exemption pursuant to Sec. 264 (3) HGB are effectively satisfied, the financial statements of the following German subsidiaries are not published: Dr. Ing. h.c. F. Porsche Aktiengesellschaft (“Porsche AG”), Porsche Nordamerika Holding GmbH, Porsche Engineering Services GmbH, Porsche Consulting GmbH, Porsche Financial Services GmbH, Porsche Zentrum Hoppegarten GmbH, PIKS Porsche-Information-Kommunikation-Services GmbH, Porsche Deutsch- land GmbH, Porsche Leipzig GmbH, Porsche Engineering Group GmbH, Porsche Dienstleistungs GmbH, Porsche Niederlassung Stuttgart GmbH, Porsche Niederlassung Mannheim GmbH, Porsche Niederlassung Berlin GmbH, Porsche Niederlassung Berlin-Potsdam GmbH, Porsche Zweite Vermögensverwaltung GmbH and Porsche Logistik GmbH.

In the period from 16 September 2008 to 5 January 2009, the Porsche group increased its investment in Volkswagen AG, Wolfsburg, Europe’s largest vehicle manufacturer, in several tranches by a further 20.21%. Having reached a voting share of 50.76%, Porsche SE now owns the majority of voting rights in Volkswagen AG (control according to IAS 27). Since 5 January 2009, Volks- wagen AG and its subsidiaries have therefore been consolidated as a subgroup in the consolidated financial statements of Porsche SE. The Volkswagen group operates in the automobile and commercial vehicle production sector and the related financial services sector and has a large number of production facilities worldwide.

When the reporting date of a subsidiary is different from that of the parent company, IAS 27.26 et seq. (rev. 2004) allows the use of financial statements of the subsidiary as of a different reporting date in the preparation of consolidated financial statements if it is not practicable for the subsidiary to prepare interim financial statements as of the reporting date of the parent company. Apply- ing this exception, the Volkswagen group has been consolidated in the consolidated financial statements of Porsche SE as of 31 July 2009 on the basis of the figures for the period from 5 January 2009 to 30 June 2009. Due to extensive accounting activities for preparing the half- yearly financial report 2009 for the Volkswagen group, the quality of data needed for external reporting purposes for July 2009 was not available in time. Matters of relevance for the consolidation were considered until 31 July 2009. There were no significant transactions or events between 30 June 2009 and 31 July 2009 which would have resulted in any further adjustment of the balance sheet figures of the Volkswagen group and to a change in the income statement.

The cost of the business combination amounted to €23.0 billion, including all costs directly attributable to the acquisition. Of this total amount, €21.6 billion was paid in cash and cash equivalents, the rest by using equity forward transactions. Cash and cash equivalents of €9.5 billion were acquired in the course of the business combination.

Due to the size and complexity of the Volkswagen group, the process of determining the fair values of the assets and liabilities acquired for the purchase price allocation requires thorough inves- tigation and has not yet been finalized. The Volkswagen group has therefore been included in the consolidated financial statements of Porsche SE using provisional figures. The initial accounting of the assets and liabilities included in the consolidated financial statements has been determined provisionally. If necessary, the figures will be adjusted after the completion of the purchase price allocation. Goodwill has, therefore, also only been determined provisionally.

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The table below shows the provisional figures of the assets and liabilities included in the consolidated financial statements.

Carrying amount Purchase Amounts on acquisition price recognized in the acc. to IFRS allocation consolidated (provisional) financial statements € million (provisional)

Intangible assets1 12,291 12,539 24,830 Property, plant and equipment and leased assets 33,010 6,924 39,934 Non-current receivables from financial services 31,855 341 32,196 Investments accounted for at equity 6,373 1,888 8,261 Other non-current assets 8,227 249 8,476 Inventories 17,816 536 18,352 Current receivables from financial services 27,035 169 27,204 Other current assets 31,312 999 32,311 Total assets 167,919 23,645 191,564

Non-current financial liabilities 33,257 61 33,318 Provision for pensions and other non-current liabilities 32,472 6,035 38,507 Current financial liabilities 36,123 31 36,154 Other current liabilities 28,679 66 28,745 Total liabilities 130,531 6,193 136,724

1 Including goodwill of €2,771 million recognized in the Volkswagen consolidated financial statements and eliminated within capital consolidation; excluding the provisionally determined goodwill at the level of Porsche SE.

Other current assets and current liabilities contain discontinued operations with a carrying amount of €1,007 million and €766 million respectively as of the acquisition date. All effects from the purchase price allocation in other current assets and liabilities relate to discontinued operations.

The provisionally determined goodwill of €10.4 billion comprises intangible assets that are not separable such as employee know-how and synergy effects. Of this provisionally determined goodwill, an amount of €9.9 billion was allocated to the Volkswagen subgroup.

151

To our shareholders The Company

Since its initial consolidation, Volkswagen AG and its subsidiaries have contributed an amount of €-1,703 million to consolidated net income. This amount breaks down as follows:

€ million 2008/09

Profit of Volkswagen subgroup 494

Development of hidden reserves and liabilities from purchase price allocation – 2,320 Adjustment of the effect on net income of income and expenses that had been recognized

directly in equity prior to initial consolidation – 755

Other – 8 Adjustment of current and deferred taxes 886

Contribution of Volkswagen subgroup to consolidated net income – 1,703

Had the Volkswagen group already been included in the consolidated financial statements of Porsche SE as of 1 August 2008, group revenue would amount to around €113.8 billion and the group profit after tax would amount to around €-1.8 billion, without taking into account effects from the purchase price allocation before initial consolidation. It was not possible to reliably determine the effects of the purchase price allocation before the initial consolidation.

In the course of the business combination with Volkswagen, the Porsche group acquired an equity investment in Caminhões e Ônibus Indústria e Comércio de Veículos Comerciais Ltda. Resende, Brazil solely with a view to resale. The sale of the investment was finalized in March 2009. The total disposal consideration of €1,352 million was entirely settled in cash. The assets disposed of contained cash and cash equivalents of €11 million. Revenue from ordinary activities between the date of initial consolidation of the Volkswagen group and the date of disposal amounted to €259 million and expenses (including taxes of €7 million) to €244 million. In the consolidated income statement, they are presented as profit from discontinued operations. No gain or loss was recognized on sale as the assets and liabilities of the company had already been recognized at fair values in the course of the purchase price allocation for the Volkswagen group at acquisition date. The carrying amounts of the assets and liabilities which were sold in connection with the disposal of the equity investment can be broken down by main group as follows:

Carrying € million amount

Non-current assets 1,375 Current assets 795 Provisions 241 Financial liabilities 185 Other liabilities 256

152

Investments in associates Before its initial consolidation, Volkswagen AG, Wolfsburg, was included in the consolidated financial statements as an associate. As of 31 July 2008, the fair value of the investment in Volkswagen AG amounted to €17,501 million.

Since the business combination with Volkswagen AG, the Porsche group also has a significant influence over MAN AG, Munich. As of the balance sheet date, the investment amounts to 29.9% of the voting rights and 28.7% of the subscribed capital of MAN AG. MAN AG has been included on the basis of the figures for the period from 5 January 2009 to 30 June 2009. On 30 June 2009, the fair value of the investment in MAN AG amounted to €1,838 million.

The following carrying amounts are attributable to the Porsche group from its interest in MAN AG and Volkswagen AG (in fiscal year 2008/09, Volkswagen AG was considered in revenue and profit for the period from 1 July 2008 until initial consolidation; the prior-year figures result from the period between 1 July 2007 and 30 June 2008):

€ million 2008/09 2007/08

Non-current assets 2,083 17,534 Current assets 2,596 17,252 Non-current liabilities 1,302 13,594 Current liabilities 1,855 13,241 Revenue 19,025 24,833 Profit 458 1,007 Share of discontinued operations 36 0

Interests in joint ventures Since the initial consolidation of the Volkswagen group, the main joint ventures of the Porsche group are the investments held in Shanghai-Volkswagen Automotive Company Ltd., Shanghai, China (“SVW”), in FAW-Volkswagen Automotive Company Ltd., Changchun, China (“FAW”) and Global Mobility Holding B.V., Amsterdam, Netherlands as the holding company of LeasePlan N.V., Am- sterdam, Netherlands (“LeasePlan”). The joint ventures have been considered on the basis of the figures for the period from 5 January to 30 June 2009.

The Chinese market is supplied with products of the Volkswagen subgroup through the investment in SVW and FAW.

Through its investment in LeasePlan, the group secures influence on Europe's market leader in fleet and vehicle management.

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To our shareholders The Company

Based on the proportionate interest in the joint ventures, the following figures are attributable to the Porsche group.

€ million 2008/09

Non-current assets 8,384 Current assets 7,587 Non-current liabilities 5,932 Current liabilities 6,920 Income 5,101 Expenses 4,804

Consolidation principles The financial statements of the subsidiaries (with the exception of the companies belonging to the Volkswagen subgroup) are prepared as of the balance sheet date of the consolidated financial statements, which is the balance sheet date of Porsche SE.

Business combinations are accounted for by applying the purchase method pursuant to IFRS 3 (revised 2004) (“Business Combinations”).

Purchased assets and liabilities are measured at their fair value on the acquisition date. The acquisition costs of the shares acquired are then offset against pro rata revalued equity of the subsidiary.

In a business combination achieved in stages, each exchange transaction is accounted for separately, i.e. for each transaction; the acquisition cost of the share purchase is compared with the relevant share in the identifiable net assets determined at the acquisition date. Any remaining positive difference from offsetting the acquisition cost against the identified assets and liabilities at the date of acquisition is recognized as goodwill within intangible assets. If in a business combination achieved in stages shares of the acquired subsidiary held before initial consolidation, the changes in hidden reserves and hidden liabilities attributable to these shares for the period between share purchase and initial consolidation are recorded in retained earnings in accordance with IFRS 3 (rev. 2004).

To the extent that the cost of the business combination falls short of the identified assets, liabilities and contingent liabilities, the identified assets, liabilities and contingent liabilities as well as the acquisition costs are reassessed and recognized immediately in profit or loss in the year of acquisition of the equity investment.

Any difference arising upon acquisition of additional shares or sale of shares after initial consolidation without loss of control in a subsidiary that has already been fully consolidated is recognized within equity.

When subsidiaries are sold, the difference between the selling price and the net assets plus cumulative translation differences (including unamortized goodwill) is recognized in profit or loss when control is lost.

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Intragroup expenses and income as well as receivables, liabilities and provisions are eliminated. Intercompany profits from the sale of assets within the group which have not yet been resold to third parties are eliminated. Deferred taxes are recognized for intragroup transactions that affect income taxes. In addition, guarantees and warranties assumed by Porsche SE or one of its consolidated subsidiaries in favor of other consolidated subsidiaries are eliminated.

Investments accounted for at equity are carried at cost at the time of initial consolidation. The consolidation procedures generally apply by analogy to measurement using the equity method. Any goodwill that arises as part of the investment carrying amount is not presented separately. In subsequent periods, the carrying amount is changed to reflect the Porsche group’s share of changes in equity of the associate. An impairment test is made whenever there is any indication that the entire carrying amount of the investment is impaired. At least once a year, an assessment is made whether there is any indication that the reason for an impairment no longer exists or an impairment amount has decreased. If this is the case, the recoverable amount is recalculated and the impairment that no longer exists is reversed.

Currency translation Foreign currency items in the financial statements of the entities included in the consolidated financial statements are measured at the spot exchange rates at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the closing rate. Non-monetary items denominated in a foreign currency measured at historical cost are translated using the exchange rate at the date of the initial transaction. Non- monetary items measured at fair value in a foreign currency are translated using the exchange rate prevailing on the date when the fair value was determined. Exchange rate gains and losses as of the balance sheet date are recorded in profit or loss.

Goodwill and adjustments to recognize assets and liabilities arising from business combinations at their fair value are expressed in the functional currency of the subsidiary.

The financial statements of consolidated subsidiaries prepared in a foreign currency are translated to the euro in accordance with IAS 21. The functional currency of the company being included in consolidation is the currency of the primary economic environment in which it operates.

Assets, liabilities and contingent liabilities are translated at the closing rate as of the balance sheet date, while equity is translated at historical rates with the exception of income and expenses recognized directly in equity. The income statement is translated using average exchange rates. Exchange rate differences resulting from the translation of financial statements are recognized as a separate component directly to equity until the disposal of the subsidiary.

Due to the different reporting date, the Volkswagen subgroup uses closing rates as of 30 June and average rates for the period between the initial consolidation and 30 June 2009. The foreign currency rates applied are presented in the following table.

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Balance sheet Income statement Closing rate Average rate VW subgroup VW subgroup 1€= 31/7/2009 30/6/2009 31/7/2008 2008/09 5/1-30/6 2007/08

Argentina ARS 5.4134 5.3547 n/a 1 4.7307 5.2763 n/a 1 Australia AUD 1.7057 1.7359 1.6562 1.8623 1.7463 1.6450 Brazil BRL 2.6482 2.7469 n/a 1 2.8694 2.7391 n/a 1 Canada CAD 1.5238 1.6275 1.6090 1.5908 1.5761 1.4986 China CNY 9.6568 9.6545 10.7217 9.2819 9.5786 10.7253 Czech Republic CZK 25.5730 25.8820 23.9971 26.1425 26.5446 25.8436 Hong Kong HKD 10.9589 10.9540 12.2412 10.5380 10.8638 11.6000 India INR 67.9500 67.5180 n/a 1 66.3285 66.9191 n/a 1 Japan JPY 135.4500 135.5100 168.8800 132.8275 135.3918 161.8668 Mexico MXN 18.6678 18.5537 n/a 1 17.6513 18.6813 n/a 1 Poland PLN 4.1590 4.4520 n/a 1 4.0957 4.5084 n/a 1 Republic of Korea KRW 1,728.7100 1,802.4300 n/a 1 1,765.1992 1,768.7968 n/a 1 Russia RUB 44.5400 43.8810 36.6501 40.7650 43.5553 36.1415 South Africa ZAR 11.0368 10.8853 11.5383 12.2787 11.2718 n/a 1 Sweden SEK 10.3358 10.8125 9.4634 10.4848 10.8713 n/a 1 Switzerland CHF 1.5320 1.5265 1.6338 1.5283 1.5148 1.6266 United Kingdom GBP 0.8554 0.8521 0.7886 0.8615 0.8567 0.7446 USA USD 1.4139 1.4134 1.5684 1.3580 1.4017 1.4886

1 not relevant for the Porsche group as of 31 July 2008

Accounting policies The assets and liabilities of Porsche SE and the consolidated German and foreign subsidiaries included are accounted for using uniform accounting policies applicable within the Porsche group. The comparative information for the fiscal year 2007/08 is based on the same accounting policies as for the fiscal year 2008/09. Where changes were made, the effect is explained in the notes.

With the exception of certain items such as derivative financial instruments and available-for-sale financial assets, the consolidated financial statements are prepared using the historical cost principle. The measurement principles used are described below in detail.

Intangible assets Intangible assets acquired separately are recognized at cost in accordance with IAS 38. The cost of intangible assets acquired as part of a business combination is fair value as at the date of acquisition.

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Intangible assets acquired separately with a finite useful life are amortized on a straight-line basis over their useful life, taking any impairments into account. Useful lives range from three to five years. Useful lives, residual values and methods of amortization are reviewed, and adjusted if appropriate, at least at each balance sheet date. If adjustments are made, these are accounted for as changes in estimates.

Goodwill and intangible assets with indefinite useful lives are not amortized. Each asset or cash- generating unit is tested at least once a year for impairment. Intangible assets with indefinite useful lives are reviewed once a year to determine whether the indefinite life assessment continues to be supportable. If this is no longer the case, the change in the useful life assessment from indefinite to finite is made prospectively.

Development costs are recognized for products provided that expenditures can be attributed reliably and all other recognition criteria of IAS 38 are met. The capitalized development costs include all costs and overhead expenditure directly attributable to the development process that is incurred after the point in time at which all recognition criteria are met. Capitalized development costs are amortized beginning at start of production using the straight-line method over the expected useful life of the product, usually five to ten years. Research and non-capitalizable development costs are expensed as incurred.

Property, plant and equipment Items of property, plant and equipment are measured at cost less depreciation over the useful life of the assets and impairment losses. The cost of items of property, plant and equipment acquired as part of a business combination is fair value as at the date of acquisition. Self-constructed items of property, plant and equipment are recognized at cost. Cost is determined on the basis of the direct and indirect production-related costs that are directly attributable. Investment grants are generally deducted from cost. Costs for repairs and maintenance are recognized as an expense.

Depreciation, which is charged on a straight-line basis in general, reflects the pattern of the assets expected utility to the company. For equipment used in shift operations, increased depreciation rates are applied.

Depreciation is based on the following useful lives:

Years

Buildings 25 to 50 Technical equipment and machinery 6 to 20 Other equipment, furniture and fixtures 3 to 15

Residual values, depreciation method and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

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Leases Whether an arrangement is, or contains a lease, is determined on the basis of the economic sub- stance of the arrangement at its inception date and requires an assessment whether the fulfillment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset. A reassessment after the inception of the lease is only performed under the conditions set forth in IFRIC 4.

Operating leases

Leases under which substantially all the risks and rewards incidental to ownership of the asset are not transferred to the lessee are classified as operating leases.

Assets leased under operating leases in which the Porsche group is lessor are presented in fixed assets. Most of the operating leases are for vehicles leased from the group’s leasing companies. Leased vehicles are recognized at cost and depreciated on a straight-line basis over the term of the lease to the lower of estimated residual value and fair value.

Where group companies are the lessee in operating leases, i.e. when not all significant risks and rewards have been transferred incidental to ownership, lease or rental payments are recognized as an expense in the income statement.

Finance leases

A lease is classified as a finance lease if substantially all risks and rewards incidental to ownership are transferred to the lessee.

When using items of property, plant and equipment as lessee under a finance lease, the individual assets and liabilities resulting from the lease are recognized at fair value or, if lower, the present value of the minimum lease payments. Items of property, plant and equipment are depreciated on a straight-line basis over the economic useful life or the term of the lease, if shorter.

Where group companies are the lessor under finance leases, receivables are initially recognized at an amount equal to the net investment.

Borrowing cost Borrowing costs that are attributable to the acquisition, construction or production of a qualifying asset are recognized as part of the cost of that asset. In the fiscal year 2008/09, borrowing costs of €0.6 million were capitalized for the first time, assuming a borrowing cost rate of 4.4%.

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Impairment test An impairment test is performed at least once a year for goodwill, capitalized costs for products under development and intangible assets with an indefinite useful live. For intangible assets with finite useful lives, property, plant and equipment as well as investments accounted for at equity an impairment test is performed when there is an indication that the asset may be impaired.

An impairment is recognized in the effect income statement in the item “amortization and depreciation of intangible assets, property, plant and equipment, leased assets and investment property” if the recoverable amount of the asset is lower than its carrying amount. The recoverable amount is generally determined separately for each asset. The recoverable amount is the higher of fair value less costs to sell and value in use. If it is not possible to determine the recoverable amount for an individual asset, it is determined on the basis of a group of assets that constitutes a cash-generating unit. To determine whether goodwill is impaired, the segments of the Porsche group are used in general as a cash-generating unit. The impairment test of recognized brands is based on the data of the relevant brand organizations. In the case of other intangible assets and property, plant and equipment, the product or model series is used to determine the cash- generating units.

The fair value less costs to sell is the amount obtainable from the sale of an asset in an arm’s length transaction between knowledgeable, willing parties, less the costs of disposal. Costs to sell are incremental costs incurred to sell the asset or cash-generating unit. Value in use is determined using the discounted cash flow method or capitalized earnings method on the basis of the estimated future cash flows expected to arise from the continuing use of the asset and its disposal.

To determine whether goodwill which allocated to the Volkswagen subgroup is impaired, a calculation based on value in use was applied. The calculation was based on a current forecast prepared by management including their assumptions about growth and the average EBIT margin, covering a period of five years. It takes into account the current uncertainty about the effects of the financial crisis on the automotive sector and a recovery within the planning period. To calculate the terminal value, the cash flow is extrapolated taking into account the expected growth rates and profitability. The calculation is based on a discount rate of 7.6% and a growth rate of 1.0%. The growth rate is based on the circumstances specific to the industry and considers the specific price and cost situation. The discount rate was determined on the basis of the weighted capital costs of a peer group of listed automotive companies with a similar risk structure. Even omitting growth when calculating the terminal value or reducing the EBIT margin applied by 15% would not lead to an impairment of the goodwill.

The impairment testing of the goodwill allocated to the Porsche subgroup is based on fair value less costs to sell. The calculation is based on the value of Porsche AG as a whole stated in the comprehensive agreement of €12.4 billion. This figure serves as the best indicator of fair value.

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The impairment test of recognized brands in the consolidated financial statements of Porsche SE is also based on fair value less costs to sell. The calculations are made by applying the relief from royalty method (brand equity approach) using a planning period of five years and an assumed growth rate of 0.75%. This growth rate is based on the circumstances specific to the industry and the specific price and cost situation. The sensitivity analysis has shown that even without assuming growth in the terminal value, the brand values are not impaired.

The assumptions described above are adjusted to reflect the current information available taking assumptions on macro-economic trends as well as historical developments into account.

When determining the value in use for the impairment test of other intangible assets and property, plant and equipment, local discount rates of at least 8.7% to 9.8% (prior year: 9.1%) have been used.

If the reasons for impairments charged in prior years no longer exist, the impairments are reversed up to the recoverable amount (with the exception of goodwill). The amount reversed cannot exceed the carrying amount that would have been determined, net of depreciation and amortization, had no impairment loss been recognized for the asset in prior years.

Investment property Investment property held to generate rental income is accounted for at amortized cost. The underlying useful lives and depreciation methods correspond to those used for items of property, plant and equipment used by the group. Due to the measurement at amortized cost, the fair values of the investment property must be disclosed in the notes to the consolidated financial statements. An income capitalization approach is used to calculate the fair value of each building by determining the income value based on gross income taking other factors such as land value, remaining useful lives and a multiplier specific to residential property into account. Group calculations take account of market information.

Other receivables and financial assets Other receivables and financial assets (excluding derivative financial instruments) are accounted for at amortized cost. Appropriate allowance is made for known individual risks and general credit risks.

Inventories Inventories include raw material, consumables and supplies as well as work in progress and finished goods. Inventories are stated at the lower of cost or net realizable value as of the balance sheet date.

In addition to costs directly attributable, costs of conversion include an appropriate portion of incurred materials and production overheads as well as production-related depreciation and other directly attributable costs.

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Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

If the carrying amounts are no longer realizable due to a decrease in prices, inventories are written down accordingly.

Inventories of similar nature are generally measured using the weighted average cost method.

Long-term development contracts Future receivables from long-term development contracts are recognized according to their percentage of completion. The percentage of completion to be recognized per contract is calculated by comparing the accumulated costs with the total costs expected (cost-to-cost method). If the result of a development contract cannot be determined reliably, income is only recognized at the amount of the contract costs incurred (zero profit method). If the total of accumulated contract costs and reported profits exceeds advance payments received, the development contracts are recognized as an asset as future receivables from long-term development contracts under trade receivables. Any negative balance is reported under trade payables. The principle of measuring assets at the lower of carrying amount and net realizable value is observed.

Financial instruments According to IAS 39, a financial instrument is any contract that gives rise to a financial asset at one entity and a financial liability or equity instrument at another entity. If the trade date of a financial asset differs from the settlement date, it is initially accounted for at the settlement date. Initial measurement of a financial instrument is at cost including transaction costs. Subsequent measurement of financial instruments is either at fair value or amortized cost.

With respect to measurement, IAS 39 distinguishes between the following categories of financial assets: – Financial assets at fair value through profit or loss (FVtPL) and held-for-trading (HfT) – Held-to-maturity investments (HtM) – Available-for-sale financial assets (AfS) and – Loans and receivables (LaR).

By contrast, financial liabilities are divided into the two categories: – Financial liabilities at fair value through profit or loss (FVtPL) and held-for-trading (HfT) and – Financial liabilities measured at amortized cost (FLAC).

Depending on the category, measurement of financial instruments is either at fair value or amortized cost.

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Fair value corresponds to market price provided the financial instruments measured are traded on an active market. If there is no active market for a financial instrument, fair value is calculated using appropriate valuation techniques such as generally accepted option price models or dis- counting future cash flows with the market interest rate, or by referring to the most recent business transactions between knowledgeable, willing and independent business partners for one and the same financial instrument, if necessary confirmed by the banks processing the transactions. Amortized cost corresponds to costs less redemption, impairment losses and the release of any difference between costs and the amount repayable upon maturity calculated by applying the effective interest method. Financial instruments are recognized as soon as Porsche becomes a party to the contractual provisions of the financial instrument. They are generally derecognized when the contractual right to the cash flows expires or this right is transferred to a third party.

Non-derivative financial instruments Financial instruments accounted for at fair value include securities held-for-trading and financial assets recognized at fair value through profit or loss. Gains and losses from subsequent measurement are recognized in profit or loss. The financial assets recognized at fair value through profit or loss represents index certificates. The classification in this category reflects the risk management and investment strategy.

Financial instruments held to maturity are accounted for at amortized cost. Gains and losses from the subsequent measurement are recognized in profit or loss.

Financial instruments available for sale are measured at fair value. Non-derivative financial assets are allocated to this category that is classified as available for sale and that cannot be allocated to any other category. Unrealized gains and losses from subsequent measurement are recognized in equity after considering deferred taxes until the securities are derecognized or an objective impairment occurs. Investments presented as non-current financial assets that are not accounted for at equity also constitute available-for-sale financial instruments and are generally measured at fair value. If, however, no active market exists and fair value cannot be reliably estimated, they are measured at cost.

Loans and receivables originated by the entity, held-to-maturity financial instruments and financial liabilities are measured at amortized cost unless they are related to hedging instruments. In particular, these include trade receivables and payables, receivables from financial services, other financial receivables, financial liabilities and other financial liabilities. The financial receivables and liabilities related to fair value hedge accounting are accounted for at fair value with respect to the hedged risk.

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Financial assets are subject to an impairment test if there is an indication that the asset is permanently impaired. An impairment loss is immediately recorded as an expense.

Specific and portfolio-based valuation allowances are recognized for the risk of default inherent in receivables and loans from financial.

For significant individual receivables (for example receivables from dealer financing or from fleet customers). Specific valuation allowances are recognized in accordance with group-wide standards for the amount of incurred losses. Indicators of a potential impairment include delayed payments over a certain period of time, the institution of enforcement measures, the threat of insolvency or over-indebtedness, application for or the opening of insolvency proceedings or the failure of financial reorganization measures.

In the case of non-significant receivables (such as receivables from customer financing), a general- ized procedure is used to calculate the specific valuation allowances after the impairment has been identified.

Portfolio-based valuation allowances are recognized by grouping together non-significant receivables and significant individual receivables for which there is no indication of impairment into homogeneous portfolios on the basis of comparable credit risk features and allocating them by risk class. As long as no definite information is available about which receivable is in default, average historical default probabilities for the portfolio concerned are used to calculate the amount of the valuation allowances.

As a matter of principle, specific valuation allowances are recognized for receivables in the automotive sector.

Allowances are generally recognized in separate allowance accounts.

An impairment loss is recognized on available-for-sale financial assets if there is objective evidence of permanent impairment. In the case of equity instruments, evidence of impairment is taken to exist, among other things, if the fair value decreases significantly below cost or the decrease in fair value is prolonged. Any loss previously recognized in equity for available-for-sale securities is recognized in profit or loss when the impairment is permanent. Any increase in the value of debt securities at a later date is accounted as a reversal of the impairment loss recognized in profit or loss. In the case of equity instruments, reversals of impairment losses are recognized in equity.

Derivative financial instruments Derivative financial instruments held by the Porsche group primarily relate to foreign currency forwards and options, swaps, interest derivatives, commodity futures and stock options. They are used to hedge interest and currency risks from existing balance sheet items or highly probable forecast transactions as well as to secure commodity and stock prices. Derivative financial instruments are generally valued at fair value through profit or loss. As soon as the criteria of IAS 39 for hedge accounting are satisfied, the derivative financial instruments are designated either as fair value or cash flow hedges. Otherwise, they are allocated to the category financial assets or liabilities held for trading.

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A fair value hedge hedges the exposure to changes in fair value of a recognized asset or liability or an unrecognized firm commitment. Gains or losses arising from marking derivative financial instruments to market and the secured portion of the risk of the hedged transaction are recognized in profit or loss. If the fair value hedge ends, the adjustment of the carrying amount from the fair value hedge accounting of financial instruments measured at amortized cost is released to profit or loss over the remaining term of the hedged transaction.

In the case of fair value portfolio hedges performed, the accounting for changes in fair value corresponds to the accounting for fair value hedges. Gains or losses from changes in measurement are recognized in the income statement.

A cash flow hedge is used to hedge highly probable future cash flows. Hedges are only included in hedge accounting to the extent that they offset changes in the value of the cash flows of the hedged transaction. When included in cash flow hedge accounting, changes in are recorded directly in other comprehensive income, taking deferred taxes into account. When the hedged transaction occurs, the change in value is reclassified from other comprehensive income to profit or loss. As a result of harmonizing the accounting policies with those of the Volkswagen group, such reclassifications are presented in the income statement in other operating income or expenses.

The stock options held by Porsche generally are not traded on a public market. In such cases, IAS 39.48 et seq. requires that a suitable valuation technique or recent transaction be used for measurement purposes. As a large volume of the stock options were sold shortly after the balance sheet date, Porsche assumes that this sales price was the best estimate for fair value at the balance sheet date.

Cash and cash equivalents The cash and cash equivalents include checks, cash on hand and at banks. This item also includes cash and cash equivalents that are not available for use by the Porsche group.

Deferred taxes Deferred tax assets are generally recognized for deductible temporary differences between the tax base and carrying amounts in the consolidated balance sheet as well as on unused tax losses and tax credits if it is probable that they will be used. Deferred tax liabilities are generally recognized for all taxable temporary differences between the tax base and the carrying amounts in the consolidated balance sheet (temporary concept). Deferred tax liabilities for taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures are not recognized if the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

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Valuation allowances are recognized on deferred tax assets that are unlikely to be realized in a clearly predictable period. A previously unrecognized deferred tax asset is reassessed and recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred taxes are measured on the basis of the tax rates that apply or that are expected to apply based on the current legislation in the individual countries at the time of realization. Deferred taxes are not discounted. Deferred taxes referring to items recognized directly in equity are presented in equity. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

Current taxes Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The recognized tax asset arising from the claim for payment of corporate income taxes is discounted using a risk-free interest rate that matches the timing of the cash flows. The tax rates and tax laws applied for measurement are those that are enacted or substantively enacted by the balance sheet date. Adequate provisions was recognized for future probable tax liabilities, considering a large number of factors such as interpretations, commentaries and jurisdiction on the pertinent tax legislation as well as past experience.

Current tax relating to items recognized directly in equity is recognized in equity and not in the income statement.

Discontinued operations and non-current assets held for sale Discontinued operations are components of an entity that have either been disposed of or are classified as held for sale and which represent a separate major line of business or geographical area of operations, are part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations or are a subsidiary acquired exclusively with a view to resale. Under IFRS 5, discontinued operations which are disposed of from the consolidated group are presented separately. The income and expenses arising prior to disposal and the gain on sale are disclosed separately in the income statement as profit from discontinued operations after the profit from continuing operations. The comparative information in the income statement is restated accordingly. Under IFRS 5, non-current assets or groups of assets and liabilities are classified as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Such assets are carried at the lower of their carrying amount and fair value less costs to sell, and are presented separately in current assets and liabilities in the balance sheet.

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Hybrid capital Provided the bond conditions of the hybrid capital issued satisfy the criteria, hybrid capital is accounted for as an equity instrument of the group in accordance with IAS 32. If the hybrid capital is classified as equity, the deductible interest is not presented as interest expenses but accounted for corresponding to the accounting for dividends to the shareholders. Any transaction costs are deducted from the hybrid capital, taking tax effects into account.

If classified as a debt instrument, hybrid capital is presented under bonds. Interest is included in interest and similar expenses.

Provisions for pensions and similar obligations In accordance with IAS 19, the actuarial measurement of pension obligations arising from defined benefit plans is based on the projected unit credit method. This method considers not only the pension payments and the future claims known on the balance sheet date but also future anticipated increases in salaries and pensions. If pension obligations are funded by plan assets the obligation and the assets are offset. The calculation is based on actuarial expert opinions taking into account biometric assumptions. The company applies the corridor method to measure the pension obligations and determine the pension cost. Actuarial gains and losses are not accounted for to the extent they do not exceed ten percent of the defined benefit obligation or ten percent of the fair value of the plan assets. The amount exceeding the corridor is recognized by allocation to the average remaining working lives of the employees. Past service cost is recognized on a straight-line basis over the average period until the benefits become vested to the extent that the benefits are already vested immediately following the introduction of, or changes to, a pension plan, past service cost is recognized immediately in profit or loss. Service cost is presented as personnel expense while the interest expense of the obligation and return on plan assets is presented in the financial result. The interest rate used to discount provisions is determined on the basis of the return on long-term high-quality corporate bonds at the balance sheet date.

Other provisions Other provisions are recognized if a past event has led to a current legal or constructive obligation to third parties which is expected to lead to a future outflow of resources that can be estimated reliably. Provisions for warranty claims are recognized taking account of the past or estimated future claims pattern. Non-current provisions are stated at their present value at the balance sheet date. The present value also includes the estimated cost increases. The interest rate used is a pre- tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The expense resulting from the unwinding of the interest rate is recognized in finance cost. Provisions are not offset against reimbursement claims from third parties. Reimbursement claims are recognized separately in other assets if it is virtually certain that the Porsche group will receive the reimbursement when it settles the obligation. Provisions resulting from insurance contracts are accounted for in accordance with the provisions of IFRS 4. Reinsurance acceptances are accounted for on an accrual basis. Accruals are not presented as provisions, but under trade payables or other liabilities, based on their nature.

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Liabilities Non-current liabilities are carried at amortized cost in the balance sheet. Differences between their historical cost and their repayment amount are accounted for using the effective interest method.

Current liabilities are recognized at their repayment or settlement value.

Revenue and expenses Revenue is generally recognized to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured.

Revenue from the sale of products is generally not recognized until the point in time when the significant opportunities and risks associated with ownership of the goods and products being sold are transferred to the buyer. Revenue is reported net of discounts, customer bonuses and rebates.

Income from assets for which a group entity has a buy-back obligation cannot be realized until the assets have definitely left the group. If a fixed repurchase price was agreed when the contract was concluded, the difference between the selling and repurchase price is recognized as income rata- bly over the term of the contract. Prior to that time, the assets are accounted for as inventories.

Revenue from receivables from financial services is realized using the effective interest method.

Revenue is generally recorded separately for each business transaction. If two or more transactions are linked in such a way that the commercial effect cannot be understood without reference to the series of transactions as a whole, the criteria for revenue recognition are applied to these transactions as a whole. If, for example, loans in the financial services sector are issued at below market interest rates to promote sales of new vehicles, revenue is reduced by the incentive arising from the loan.

In case of long-term development contracts revenue is recognized in accordance with the percentage of completion method.

Interest income is recognized when interest accrues.

Dividend income is recognized when the group’s right to receive the payment is established.

Production-related expenses are recognized upon delivery or utilization of the service, while all other expenses are recognized as an expense as incurred. The same applies for development costs not eligible for recognition.

Provisions for warranty claims are recognized upon sale of the related products. Interest expenses incurred for financial services are presented as cost of materials.

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Contingent liabilities A contingent liability is a possible obligation to third parties that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Porsche group. A contingent liability may also be a present obligation that arises from past events but is not recognized because an outflow of resources is not probable or the amount of the obligation cannot be measured with sufficient reliability.

Put options of minority interests Where minority shareholders have put options on their interest, shares of the total profit of the period attributable to minority interests as well as dividend payments to and withdrawals by minority shareholders are presented as a change in equity. However as of the balance sheet date, a liability needed to settle the option is recognized and the difference between this liability and the pro rata equity of the minority shareholder is recognized in equity. Deferred taxes are recognized for temporary differences for partnerships between the IFRS balance sheet carrying and the tax base amount.

Significant accounting judgements and estimates The preparation of consolidated financial statements requires certain judgements and estimates that have an effect on recognition, measurement, presentation and disclosure of assets, liabilities, income and expenses as well as contingent assets and liabilities. These judgement and estimates reflect the current status of knowledge. Key sources of estimations are the measurement of the impairment of intangible assets and property, plant and equipment, the determination of useful lives and depreciation methods for fixed assets, the measurement of impairments and reversals of impairments of associates and joint ventures, the measurement of derivative financial instruments, the recoverability of receivables and the measurement of provisions. In individual cases, amounts realized may differ from the estimates. The carrying amounts of the assets and liabilities affected by estimates can be seen in the breakdowns of the individual balance sheet items.

The main issues requiring judgements are the classification of financial instruments, determining the starting point for the recognition of development costs as an asset, the classification of leases as operating or finance leases, deciding which indicators are indicative of an impairment of items of property, plant and equipment, associates and joint ventures and the recognition of provisions.

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The judgements and estimates are based on assumptions that are derived from the current information available. In particular, the circumstances given when preparing the consolidated financial statements and assumptions as to the expected future development of the global and industry environment were used to estimate the company’s future business performance. Where these assumptions turn out differently than expected, and are beyond the control of management, the figures realized may differ from those anticipated. In such cases, the assumptions, and if necessary the carrying amounts of the assets and liabilities concerned, are adjusted accordingly.

The judgements and estimates made when preparing the consolidated financial statements were subject to a high degree of uncertainty due to the uncertain economic climate. Factors which may cause variances from judgements and estimates include new information about the buying behavior on the sales markets and in response to this changes in planning, dependency on suppliers, in particular exclusive suppliers, developments in share prices and exchange rates, interest rates and the price of raw materials as well as environmental or other legal provisions. Prior to the date of authorization of the financial statements by the executive board for issue to the supervisory board, there were no indications that the carrying values of the assets and liabilities presented in the consolidated balance sheet would require any significant adjustment in the following reporting period. Judgements and estimates by management included assumptions contained in the forecast report.

New accounting standards

a) The group has adopted the following new and revised IFRSs and interpretations during the fiscal year for the first time: IFRS 8 “Operating Segments” IFRS 8 regulates the financial information which an entity has to report about its operating segments. IFRS 8 replaces IAS 14 “Segment Reporting” and is subject to mandatory adoption for the first time in fiscal years beginning on or after 1 January 2009. The Porsche group has early adopted IFRS 8 for the 2008/09 consolidated financial statements. As a result, the segment reporting has been reclassified. Based on the management approach, the Porsche group has two reportable segments. Assets, revenue and expenses that cannot be allocated to the operating segments and the consolidation are presented in reconciliation statements.

Amendment to IAS 23 “Borrowing Costs” The amendment requires the recognition of borrowing costs which can be allocated directly to the acquisition, construction or production of a qualifying asset. The option for the immediate recognition of borrowing costs in profit or loss is no longer applicable. The amendment is applicable for reporting periods beginning on or after 1 January 2009. The Porsche group early adopted this amendment as of 1 February 2009. In the fiscal year 2008/09, borrowing costs of €0.6 million were recognized as an asset. A borrowing cost rate of 4.4% was applied in the calculation.

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To our shareholders The Company

b) The following new or revised standards and interpretations which were adopted for first time in the fiscal year had no material effect on the consolidated financial statements Amendments to IAS 39 “Financial Instruments: Recognition and Measurement” and IFRS 7 “Finan- cial Instruments: Disclosures” The amendments allow entities to reclassify certain financial instruments from the category “at fair value through profit or loss” to another category in which they are measured at amortized cost taking impairments into account. These amendments were applied retrospectively from 1 August 2008.

IFRIC 12 “Service Concession Arrangements” IFRIC 12 gives guidance on how operators under service concession arrangements have to apply existing IFRSs in order to recognize the obligations entered into and the rights received under these agreements. IFRIC 12 is mandatory for the first time for reporting periods beginning on or after 1 January 2008.

IFRIC 13 “Customer Loyalty Programmes” IFRIC 13 determines the accounting of customer bonus programs which are run by manufacturers or service providers themselves or by third parties. IFRIC 13 is applicable for reporting periods beginning on or after 1 July 2008.

IFRIC 14 “The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction” IFRIC 14 deals with the interaction between an obligation existing at the balance sheet date to pay in additional amounts to a pension plan (minimum funding requirement) and the regulations set forth in IAS 19 on the upper limit of a positive balance between plan assets and the defined benefit obligation (asset ceiling). IFRIC 14 must be applied for reporting periods beginning on or after 1 January 2008. According to Article 2 of the Regulation (EC) No. 1263/2008 from 16 December 2008, Official Journal EU No. L 338/25, IFRIC 14 must be applied in the EU for reporting period beginning after 31 December 2008.

c) The following standards and interpretations, which have been published but whose adoption is not yet mandatory or which are not applicable in the EU, have not yet been adopted Amendment to IFRS 2 “Share-Based Payment” The amendments concern transactions in which an employee receives a cash settlement which corresponds to the value of the equity instruments of the parent company or subsidiary and which the subsidiary is not obliged to pay. Such transactions are to be accounted for in the IFRS separate financial statements of the subsidiary as equity-settled share-based payment transactions. As a result, the accounting differs from the accounting in the consolidated financial statements. In the consolidated financial statements, these transactions are to be treated as cash-settled share- based payment transactions. The amendments are applicable for the first time for reporting periods beginning on or after 1 January 2010.

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Amendments to IFRS 7 “Financial Instruments: Disclosures” The amendments provide for extended disclosures on the fair value measurement of financial instruments and liquidity risks and concern, among other things, the introduction of a three-stage fair value hierarchy. This differentiates fair values by the type of input parameters included in the valuation and shows to what extent observable market data are available when determining the fair value. In addition, the disclosures on the liquidity risk are to be improved by clarifying the scope of the liabilities to be included in the reconciliation of opening and closing balances. The amendments are applicable for reporting periods beginning on or after 1 January 2009.

Amendments to IAS 32 “Financial Instruments: Presentation” The amendments relate to the classification of subscription rights and provide new rulings on certain subscription rights as well as options and warrants in a foreign currency (diverging from the functional currency) which are to be presented within equity in the balance sheet of the issuer whose equity instruments relate to these rights, and no longer as derivative liabilities. The currency in which the exercise price is denominated is not relevant. The amendments are applicable for the first time for reporting periods beginning on or after 1 February 2010.

Amendments to IFRIC 9 “Reassessment of Embedded Derivatives” and IAS 39 “Financial Instru- ments: Recognition and Measurement” An entity has to check whether a derivative embedded in a host contract can be separated if the whole hybrid instrument has been reclassified from the category at fair value through profit and loss in accordance with the amendments to IAS 39 from October 2008. If the derivative has to be accounted for separately but its fair value cannot be reliably determined or an entity cannot perform the necessary assessment, the entire hybrid instrument has to remain in the category financial instruments at fair value through profit and loss. The amendments are supposed to be applied for reporting periods ending on or after 30 June 2009. The endorsement of the amendment by the European Union as part of the comitology procedure is still outstanding.

IFRIC 17 “Distributions of Non-Cash Assets to Owners” IFRIC 17 clarifies that when an entity settles the dividend payable, it must recognize the difference, if any, between the carrying amounts of the assets distributed and the fair value in profit or loss. The obligations and any changes in the fair value of the asset concerned should be recognized in equity. IFRIC 17 must be applied for reporting periods beginning on or after 1 July 2009.

IFRIC 18 “Transfers of Assets from Customers” IFRIC 18 regulates agreements in which an entity receives an asset from a customer that the entity must use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services, or to do both. The interpretation addresses in particular the recognition criteria of customer contributions, the timing and the amount of revenue recognition from such business transactions. IFRIC 18 must be applied for reporting periods beginning on or after 1 July 2009.

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To our shareholders The Company

Annual improvements project II On 16 April 2009, the International Accounting Standards Board (IASB) the IASB issued the second annual “Improvements to IFRSs” standard to implement minor amendments to the existing IFRSs. This standard contains 15 different changes to 12 existing IFRSs. Unless stated otherwise in the standard, the amendments are applicable for reporting periods beginning on or after 1 January 2010.

In addition, a number of other changes were presented in the consolidated financial statements for the fiscal year 2007/08 which had still not been applied in the fiscal year 2008/09.

These new accounting principles are not currently expected to have a major effect on future consolidated financial statements with the exception of IAS 27 (rev. 2008). IAS 27 (rev. 2008) provides that the acquisition or sale of minorities without loss of control is taken directly to equity. This does not have any effect as this accounting policy is already applied in the Porsche group. IAS 27 (rev. 2008) also contains rulings on deconsolidation. For possible effects of applying this revision in the fiscal year 2009/10, please refer to the subsequent events presented in note [34].

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Notes to the consolidated income statement

[1] Revenue Revenue breaks down by type of product as follows:

2008/09 2008/09 2007/08 Porsche € million without VW

Type of product Vehicles 43,798 4,987 6,232 Parts and accessories 4,673 525 516 Interest and similar income from financial services business 2,310 38 36 Rental and leasing business 4,185 666 347 Other revenue 2,115 349 336 57,081 6,565 7,467

A breakdown of revenue by operating segment and geographical segment is provided in the segment reporting in note [35].

[2] Changes in inventories and own work capitalized Own work capitalized is principally a result of the capitalization of vehicles and development costs.

[3] Other operating income Other operating income breaks down as follows:

2008/09 2008/09 2007/08 Porsche € million without VW

Income from reversal of valuation allowances on receivables and other assets 36 2 4 Income from stock price hedging derivatives 53,653 53,653 19,256 Income from reversal of provisions and accruals 524 214 153 Income from foreign exchange gains 1,325 279 3 Income from cost allocations 1,342 0 0 Income from rental assets and investment property 58 13 13 Sundry operating income 3,277 585 344 60,215 54,746 19,773

Income from stock price hedging derivatives results from forwards and cash-settled stock options. Sundry operating income mainly includes income from other derivative financial instruments. Income from foreign exchange gains mainly contains exchange rate gains between the date of origin and the date of payment of foreign exchange receivables and liabilities as well as exchange rate gains from the measurement at closing rate. Resulting exchange rate losses are included in other operating expenses.

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To our shareholders The Company

[4] Cost of materials

2008/09 2008/09 2007/08 Porsche € million without VW

Cost of raw materials, consumables and supplies and of purchased goods 31,100 3,108 3,525 Cost of purchased services 2,681 331 645 33,781 3,439 4,170

The cost of purchased services contains interest expenses from financial services business of €1,603 million (prior year: €92 million).

[5] Personnel expenses

2008/09 2008/09 2007/08 Porsche € million without VW

Wages and salaries 7,479 1,007 1,207 Social security contributions, pension and other benefit costs 1,559 156 151 9,038 1,163 1,358 Employees (annual average) Performance-related wage-earners 86,379 2,289 4,081 Salaried staff 92,292 10,122 7,532 Vocational trainees 4,507 377 398 Employees of joint ventures 13,309 0 0 196,487 12,788 12,011

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[6] Other operating expenses Other operating expenses consist of:

2008/09 2008/09 2007/08 Porsche € million without VW

Expenses from stock price hedging derivatives 45,832 45,832 12,422 Expenses from stock options marked to market 10,283 10,283 0 Valuation allowances on receivables and other assets 706 25 5 Expenses from cost allocations 69 0 0 Foreign exchange losses 1,227 98 112 Advertising 1,465 304 264 Selling and general administrative expenses 2,060 156 174 Repairs and maintenance 867 68 67 Sundry operating expenses 8,349 948 700 70,858 57,714 13,744

The expenses from stock price hedging derivatives result from cash-settled stock options used to secure stock prices. Due to the sale of significant volumes of stock options shortly after the balance sheet date, the options were accounted for at their selling price as the best indicator of fair value. The expenses arising from the impairment of financial assets and from the recognition of financial liabilities in connection with the stock options are disclosed as expense from stock options marked to market. The other operating expenses include, among other things, expenses from other derivative financial instruments.

[7] Profit and loss from investments accounted for at equity The profit and loss from investments accounted for at equity breaks down as follows:

2008/09 2008/09 2007/08 Porsche € million without VW

Profit from investments accounted for at equity 742 400 1,007 thereof from joint ventures 328 0 0 thereof from associates 414 400 1,007

Loss from investments accounted for at equity – 6 0 0

thereof from joint ventures – 6 0 0 736 400 1,007

The profit from investments accounted for at equity contains the profit contribution of Porsche SE's investment in Volkswagen AG for the period from 1 July 2008 until the initial consolidation on 5 January 2009.

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To our shareholders The Company

[8] Finance costs

2008/09 2008/09 2007/08 Porsche € million without VW

Interest expenses for unwinding the discount on pension provisions 397 40 37 Interest arising from unwinding the discount on other provisions 247 46 28 Unwinding the discount on provisions 644 86 65 Other interest and similar expenses 1,410 737 483 2,054 823 548

Other interest and similar expenses comprises interest expenses arising from operating activities and from the issuance of bonds. Finance costs and cost of purchased services included in cost of materials contain interest expenses of €2,673 million (prior year: €361 million) which result from financial assets and liabilities which were not measured at fair value through profit or loss. In the fiscal year 2008/09, an amount of €13 million (prior year: €0 million) was recorded as expense for fees and commissions which are not considered when using the effective interest method.

[9] Other financial result

2008/09 2008/09 2007/08 Porsche € million without VW

Income from profit and loss transfer agreements 5 0 0

Cost of loss absorption – 6 0 0 Other income from investments 45 0 0

Other expenses from investments – 25 0 0

Income from securities and loans – 76 – 138 – 11 Other interest and similar income 627 200 411 570 62 400

Other interest and similar income is mainly attributable to fixed-interest securities and time deposits. In addition, it includes income on interest-bearing receivables and loans. Other financial result and revenue contain interest income of €2,001 million (prior year: €305 million) which results from financial assets and liabilities which were not measured at fair value through profits or loss. Inter- est income from impaired financial assets amounted to €102 million in the fiscal year (prior year: €0 million). In the fiscal year 2008/09, an amount of €2 million (prior year: €0 million) was recorded as income for fees and commissions which are not considered when using the effective interest method.

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[10] Income tax expense The income tax expense disclosed breaks down into:

2008/09 2008/09 2007/08 Porsche € million without VW

Current taxes, Germany 871 619 1,858 Current taxes, other countries 317 0 85 Current taxes 1,188 619 1,943

thereof income/expenses relating to other periods 579 591 – 1

Deferred tax income/expense, Germany – 1,658 – 915 221

Deferred tax income/expense, other countries – 357 54 13

Deferred taxes – 2,015 – 861 234

Income tax expense – 827 – 242 2,177

An overall income tax rate of 30% (prior year: 30%) applies for Porsche’s German entities following the enactment of the business tax reform act in 2008. For German entities of the Volkswagen group the overall tax rate is 29.5%.

The income tax rates applied for foreign companies range between 0% and 42% (prior year: between 0% and 41%). In the case of split tax rates, the tax rate applicable to undistributed profits is applied. Changes in tax rates led to a recalculation of deferred taxes and thus tax income of €7 million (prior year: tax expense of €1 million).

The current tax expense was reduced by €19 million (prior year: €1 million) as a result of the utilization of previously unrecognized unused tax losses and tax credits. In deferred taxes this did not lead to a reduction in the deferred tax expense in the two accounting periods.

No reversals of previously recognized impairments of deferred taxes were recognized (prior year: €1 million). Recognized impairments of deferred taxes amounted to €6 million (prior year: €0 million).

Previously unused tax and interest loss carryforwards for which no deferred tax assets were recorded amounted to €4,043 million (prior year: €32 million). Tax and interest loss carryforwards amounting to €1,087 million (prior year: €30 million) can be used indefinitely, while €1,423 million (prior year: €2 million) must be used within the next ten years. There are additional tax and interest loss carryforwards amounting to €1,533 million (prior year: €0 million), that can be used within a period of 15 to 20 years.

No deferred tax assets were recognized in the balance sheet for tax credits of €143 million (prior year: €0 million). Of the tax credits, an amount of €27 million (prior year: €0 million) has to be used within the next ten years and an amount of €116 million (prior year: €0 million) within a period of 10 to 15 years.

No deferred tax assets were recognized on unused deductible temporary differences of €1,373 million (prior year: €0 million). Of the deductible temporary differences, €4 million (prior year: €0 million) can be used for an unlimited period of time, while the use of €1,369 million (prior year: €0 million) is restricted to the next 10 years.

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To our shareholders The Company

In addition, deferred tax assets totaling €913 million (prior year: €8 million) have been recognized on unused tax losses. No deferred taxes were recorded on retained profits at subsidiaries, associates and joint ventures of €34 million (prior year: €33 million), as these profits are primarily to be used for the expansion of business activities at the various locations.

In accordance with IAS 12.82, the utilization of a deferred tax assets of €249 million (prior year: €0 million) depends on the future taxable profit which, based on current tax planning, will probably be realized.

The following reconciliation shows the differences between the expected income tax expense calculated on the group tax rate and the reported income tax expense:

€ million 2008/09 2007/08

Profit before tax – 4,405 8,569 Group tax rate 30% 30%

Expected income tax expense – 1,322 2,571

Tax rate related differences – 50 – 43

Difference in tax base – 888 – 369 Recognition and measurement of deferred taxes 821 18 Taxes relating to other periods 567 -3 Other differences 45 3

Reported income tax expense – 827 2,177

The reconciliation item “Recognition and measurement of deferred taxes” mainly contains deferred taxes not recognized on unused tax losses and deductible temporary differences.

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The deferred tax assets and liabilities break down by balance sheet item as follows:

Deferred tax assets Deferred tax liabilities € million 31/7/2009 31/7/2008 31/7/2009 31/7/2008

Intangible assets, property, plant and equipment and leased assets 4,273 107 10,496 152 Non-current financial assets 933 0 9 12 Inventories 298 2 412 1 Receivables and other assets (including financial services division) 646 57 5,713 532 Other current assets 76 2 59 33 Unused tax losses 913 8 0 0 Provisions for pensions and similar obligations 1,134 4 10 0 Other provisions 2,730 118 296 0 Liabilities 1,691 26 1,304 587

Valuation allowances on deferred tax assets – 7 – 1 0 0 Reversal of an impairment loss on deferred tax assets 0 1 0 0 Gross value 12,687 324 18,299 1,317

Offsetting – 11,352 – 313 – 11,352 – 313

Consolidation 308 84 – 111 11 Balance according to consolidated balance sheet 1,643 95 6,836 1,015

For non-current financial assets, deferred tax assets of €30 million (prior year: €141 million) were recorded directly in equity. For the derivatives presented within other assets and other liabilities, deferred tax liabilities of €162 million (prior year: €540 million) and for other current assets deferred tax assets of €12 million (prior year: €6 million) were recognized directly in equity.

[11] Profit attributable to minority interests This item is made up of the profit attributable to minority interests amounting to €–1,142 million (prior year: €13 million). These are primarily attributable to minority interests of Volkswagen AG and Scania AB.

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To our shareholders The Company

[12] Earnings per share

2008/09 2007/08

Profit/loss after tax (continuing operations) € million – 3,578 6,392

Profit/loss attributable to minority interests € million – 1,151 13 Profit/loss attributable to hybrid capital investors € million 103 88

Profit/loss attributable to shareholders of Porsche SE € million – 2,530 6,291

Profit/loss attributable to ordinary shares (basic) € million – 1,265 3,145

Profit/loss attributable to preference shares (basic) € million – 1,265 3,146

Profit/loss attributable to ordinary shares (diluted) € million – 1,265 3,145

Profit/loss attributable to preference shares (diluted) € million – 1,265 3,146

Average number of ordinary shares outstanding Number 87,500,000 87,500,000 Average number of preference shares outstanding Number 87,500,000 87,500,000

Earnings per ordinary share (basic) € – 14.45 35.94

Earnings per preference share (basic) € – 14.45 35.95

Earnings per ordinary share (diluted) € – 14.45 35.94

Earnings per preference share (diluted) € – 14.45 35.95

Profit/loss after tax (discontinued operations) € million 15 0 Profit/loss attributable to minority interests € million 9 0 Profit/loss attributable to shareholders of Porsche SE € million 6 0

Profit attributable to ordinary shares (basic and diluted) € million 3 0 Profit attributable to preference shares (basic and diluted) € million 3 0

Earnings per ordinary share from discontinued operations (basic and diluted) € 0.03 0.00 Earnings per preference share from discontinued operations (basic and diluted) € 0.03 0.00

Earnings per share are calculated by dividing the profit or loss attributable to the shareholders of Porsche SE by the total number of shares outstanding in the fiscal year. There were no dilutive effects in the fiscal year.

[13] Notes to the consolidated statement of cash flows The statement of cash flows shows how the cash and cash equivalents of the Porsche group have changed during the reporting year as a result of cash inflows and outflows. For this purpose the cash flows in the statement of cash flows are categorized into operating activities, investing activities including investments in securities and loans, and financing activities.

The statement of cash flows for the fiscal year 2008/09 has been positively influenced by the first- time inclusion of the Volkswagen group and the cash inflows generated in this subgroup since initial consolidation and the cash and cash equivalents received.

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Cash inflows and outflows from investing and financing activities are presented using the direct method. Cash flows from investing activities contain additions to and disposals of property, plant and equipment and financial assets, intangible and leased assets, investment property and the cash flows from the acquisition and sale of stock options as well as cash received from and paid for the sale and acquisition of subsidiaries. Changes in receivables from financial services and investments in securities and loans are also disclosed here.

The cash paid for the acquisition of subsidiaries disclosed in cash flows from investing activities less cash funds received mainly consist of the cash paid for the acquisition of shares in Volkswagen AG totaling €15,734 million and the cash and cash equivalents of the Volkswagen group of €9,443 million received as a result of the acquisition. Of the cash paid for the acquisition of shares in Volkswagen AG, an amount of €13,174 million is attributable to shares acquired during the fiscal year 2008/2009 before the initial consolidation.

The cash flows from financing activities contain cash paid for dividends, for the repayment of loans, bonds and commercial paper and notes, to minority interests and hybrid capital investors as well as cash received from capital contributions by hybrid investors, from borrowing of loans, bonds and commercial paper and notes as well as the change in other financial liabilities.

The cash flow from operating activities, on the other hand, is derived indirectly from profit/loss after tax. This involves eliminating all non-cash expenses – mainly depreciation or amortization and changes in provisions as well as other non-cash income and expenses – and adjusting them for changes in operating assets and liabilities. Other non-cash expenses and income mainly result from the investments accounted for at equity. In the fiscal year 2008/09, income taxes paid and received were disclosed separately for the first time in the statement of cash flows in the cash flows from operating activities. The prior-year figures were restated accordingly.

To improve transparency, gains and losses on the disposal of stock options as well as non-cash expenses and income from marking stock options to market are presented in separate line items in the cash flows from operating activities. The prior-year figures were adjusted accordingly. The cash flows from investing activities also contain cash received from and paid for the acquisition and disposal of cash-settled stock options used to secure stock prices and for other purposes. In the prior year, these had been disclosed in the cash flows from operating activities or financing activities. The corresponding prior-year disclosures were restated.

The cash flow from operating activities includes:

€ million 2008/09 2007/08

Interest paid – 2,916 – 478 Interest received 2,766 342 Dividends received from non-consolidated subsidiaries 12 0

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To our shareholders The Company

The changes in the balance sheet items from which the statement of cash flows is derived are adjusted for non-cash factors arising from currency translation. Changes in the balance sheet items concerned can therefore not be reconciled directly with the figures in the published consolidated balance sheet.

The table below reconciles the cash and cash equivalents as reported in the balance sheet to cash and cash equivalents reported in the statement of cash flows:

€ million 2008/09 2007/08

Cash and cash equivalents as reported in the balance sheet 25,036 6,990 Time deposit investments 1,261 0 Cash and cash equivalents not available for use by the group 1,750 2,567 Cash and cash equivalents as reported in the statement of cash flows 22,025 4,423

Cash and cash equivalents that are not available for use by the group were deposited as collateral in connection with the cash-settled stock option transactions used to secure stock prices and for other purposes and are therefore not included in cash and cash equivalents reported in the cash flow statement. The changes in cash and cash equivalents that are not available for use by the group are presented in the statement of cash flows, as are the cash flows from these stock options, in the cash flows from investing activities. The corresponding prior-year disclosures were restated. The cash and cash equivalents reported in the statement of cash flows at the beginning of the comparative period were therefore reduced by €930 million to €1,480 million.

The changes made in the fiscal year 2008/09 resulted in a decrease in cash outflows from operating activities compared to the presentation in the 2007/08 consolidated financial statements of €2,168 million. The cash outflows from investing activities increased by €3,284 million. This contains a change in the cash and cash equivalents which are not available for use in connection with stock option transactions. For the same reason, the cash outflows from financing activities increased compared to the presentation in the prior year by €19 million.

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Notes to the consolidated balance sheet

[14] Development of intangible assets The indefinitely lived intangible assets are mainly goodwill and brands.

The carrying amounts of the capitalized goodwill were allocated to the Volkswagen subgroup in an amount of €9.9 billion, and the remaining €518 million to the Porsche subgroup. The carrying amounts of the brands were allocated to the cash-generating units Volkswagen passenger vehicles, Volkswagen commercial vehicles, Audi, Seat, Škoda and Scania. The main brand values are attributable to the cash-generating unit Volkswagen passenger vehicles (€4,829 million) and Audi (€3,734 million). There has been no impairment of goodwill or the capitalized brands.

Total research and development of the reporting period developed as follows:

2008/09 2008/09 20007/08 Porsche € million without VW

Research and non-capitalized development costs 2,690 569 875

Amortization of development costs – 895 – 52 – 36 Research and development costs recognized in the income statement 1,795 517 839 Investment in capitalized development costs 1,160 226 61 2,955 743 900

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To our shareholders The Company

Intangible assets developed as follows:

Goodwill Capitalized Capitalized Brands Other Total development costs development costs intangible for products for products under assets1 € million currently in use development

Cost As of 1 August 2007 11 212 2 0 420 645 Changes to consolidated group 0 0 0 0 0 0 Additions 0 47 14 0 122 183

Exchange differences 0 0 0 0 – 2 – 2

Reclassifications 0 2 – 2 0 0 0 Disposals 0 0 0 0 1 1 As of 31 July 2008 11 261 14 0 539 825

Amortization and depreciation As of 1 August 2007 0 106 0 0 275 381 Additions 0 36 0 0 51 87

Exchange differences 0 0 0 0 – 2 – 2 Extraordinary additions 0 0 0 0 0 0 Reclassifications 0 0 0 0 0 0 Disposals 0 0 0 0 0 0 Reversals of impairments 0 0 0 0 0 0 As of 31 July 2008 0 142 0 0 324 466

Cost As of 1 August 2008 11 261 14 0 539 825 Changes to consolidated group 10,368 6,165 2,839 10,852 2,201 32,425 Additions 0 192 968 0 273 1,433 Exchange differences 70 154 39 9 21 293

Reclassifications 0 604 – 604 0 – 20 – 20 Disposals 0 20 36 0 379 435 As of 31 July 2009 10,449 7,356 3,220 10,861 2,635 34,521

Amortization and depreciation As of 1 August 2008 0 142 0 0 324 466 Additions 0 895 0 0 681 1,576 Exchange differences 0 95 0 0 8 103 Extraordinary additions 0 64 81 0 0 145

Reclassifications 0 0 0 0 – 2 – 2 Disposals 0 20 35 0 378 433 Reversals of impairments 0 0 0 0 0 0 As of 31 July 2009 0 1,176 46 0 633 1,855

Net carrying amount 31 July 2008 11 119 14 0 215 359 Net carrying amount 31 July 2009 10,449 6,180 3,174 10,861 2,002 32,666

Net carrying amount 31 July 2009 Porsche without VW 11 177 129 0 380 697

1 The franchises, industrial rights and similar rights as well as advance payments presented separately as of 31 July 2008 have been combined in a single sum as of 31 July 2009.

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[15] Development of property, plant and equipment

Land, Technical Other Advance Total land rights and equipment equipment, payments buildings incl. and furniture and assets buildings on machinery and fixtures under € million third-party land construction

Cost As of 1 August 2007 824 471 2,185 268 3,748 Changes to consolidated group 1 0 1 0 2 Additions 157 46 178 224 605

Exchange differences – 9 – 1 – 5 0 – 15

Reclassifications 17 40 46 – 103 0 Disposals 4 6 56 1 67 As of 31 July 2008 986 550 2,349 388 4,273

Amortization and depreciation As of 1 August 2007 310 372 1,688 0 2,370 Additions 22 31 229 0 282

Exchange differences – 3 0 – 4 0 – 7 Extraordinary additions 0 0 0 0 0 Reclassifications 0 0 0 0 0 Disposals 2 5 33 0 40 Reversals of impairments 0 0 0 0 0 As of 31 July 2008 327 398 1,880 0 2,605

Cost As of 1 August 2008 986 550 2,349 388 4,273 Changes to consolidated group 11,886 8,184 6,945 2,979 29,994 Additions 150 393 1,166 1,493 3,202 Exchange differences 129 190 73 28 420

Reclassifications 294 388 699 – 1,252 129 Disposals 24 68 154 37 283 As of 31 July 2009 13,421 9,637 11,078 3,599 37,735

Amortization and depreciation As of 1 August 2008 327 398 1,880 0 2,605 Additions 367 1,184 1,446 0 2,997

Exchange differences – 3 48 15 0 60 Extraordinary additions 0 1 34 0 35 Reclassifications 0 3 24 0 27 Disposals 21 29 74 0 124 Reversals of impairments 0 1 0 0 1 As of 31 July 2009 670 1,604 3,325 0 5,599

Net carrying amount 31 July 2008 659 152 469 388 1,668 Net carrying amount 31 July 2009 12,751 8,033 7,753 3,599 32,136

Net carrying amount 31 July 2009 Porsche without VW 826 161 1,004 127 2,118

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To our shareholders The Company

Government grants of €7 million (prior year: €0 million) were deducted from the cost of property, plant and equipment. The grants mainly subsidize the purchase of land and capital goods.

The carrying amounts of the buildings leased under finance leases amount to €180 million (prior year: €0 million) and the carrying amounts of the equipment leased in this way to €18 million (prior year: €0 million). For most of them, the company has purchase options which it intends to exercise. The underlying interest rates of the agreements vary between 2.9% and 13.6%, depending on the date on which the agreements were concluded and on market conditions.

Future lease payments due and their present values are shown in the following table:

€ million 2010 2011-2014 from 2015 Total

Lease payments 30 99 105 234 Interest component 7 17 3 27 Carrying amount/present value 23 82 102 207

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[16] Development of financial assets

Investments Other financial Total € million accounted for at equity assets1

Cost As of 1 August 2007 7,059 67 7,126 Changes to consolidated group 0 0 0 Additions 22 0 22 Changes due to accounting at equity 1,049 0 1,049 Exchange differences 0 0 0 Reclassifications 0 0 0 Disposals 0 3 3 As of 31 July 2008 8,130 64 8,194

Amortization and depreciation As of 1 August 2007 0 0 0 Additions 0 0 0 Exchange differences 0 0 0 Extraordinary additions 0 0 0 Reclassifications 0 0 0 Disposals 0 0 0 Reversals of impairments 0 0 0 As of 31 July 2008 0 0 0

Cost As of 1 August 2008 8,130 64 8,194 Changes to consolidated group 8,261 583 8,844 Additions 14,577 64 14,641

Changes due to accounting at equity – 166 0 – 166

Exchange differences – 51 – 1 – 52 Reclassifications 0 0 0 Disposals 22,598 30 22,628 As of 31 July 2009 8,153 680 8,833

Amortization and depreciation As of 1 August 2008 0 0 0 Additions 0 0 0 Exchange differences 0 0 0 Extraordinary additions 0 0 0 Reclassifications 0 0 0 Disposals 0 0 0 Reversals of impairments 0 0 0 As of 31 July 2009 0 0 0

Net carrying amount 31 July 2008 8,130 64 8,194 Net carrying amount 31 July 2009 8,153 680 8,833

Net carrying amount 31 July 2009 Porsche without VW 0 37 37

1 The other investments and other loans presented separately as of 31 July 2008 have been combined for materiality reasons in one column.

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To our shareholders The Company

The carrying amount of the investments accounted for at equity includes interests in joint ventures with a carrying amount of €5,738 million (prior year: €0 million). Significant joint ventures and associates are detailed in the listing of significant group companies at the end of the notes to the consolidated financial statements.

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[17] Development of leased assets, investment property and of total fixed assets

Leased Investment Fixed assets € million assets property Total

Cost As of 1 August 2007 1,333 0 12,852 Changes to consolidated group 0 0 2 Additions 574 0 1,384 Changes due to accounting at equity 0 0 1,049

Exchange differences – 154 0 – 171 Reclassifications 0 0 0 Disposals 469 0 540 As of 31 July 2008 1,284 0 14,576

Amortization and depreciation As of 1 August 2007 342 0 3,093 Additions 200 0 569

Exchange differences – 48 0 – 57 Extraordinary additions 0 0 0 Reclassifications 0 0 0 Disposals 157 0 197 Reversals of impairments 0 0 0 As of 31 July 2008 337 0 3,408

Cost As of 1 August 2008 1,284 0 14,576 Changes to consolidated group 9,942 400 81,605 Additions 3,131 3 22,410

Changes due to accounting at equity 0 0 – 166 Exchange differences 218 0 879

Reclassifications – 109 0 0 Disposals 1,868 0 25,214 As of 31 July 2009 12,598 403 94,090

Amortization and depreciation As of 1 August 2008 337 0 3,408 Additions 1,231 12 5,816 Exchange differences 46 0 209 Extraordinary additions 173 0 353

Reclassifications – 25 0 0 Disposals 185 0 742 Reversals of impairments 19 0 20 As of 31 July 2009 1,558 12 9,024

Net carrying amount 31 July 2008 947 0 11,168 Net carrying amount 31 July 2009 11,040 391 85,066

Net carrying amount 31 July 2009 Porsche without VW 998 0 3,850

189

To our shareholders The Company

The impairment losses totaling €353 million concern assets in the Volkswagen segment as a result of market changes due to changes in volume and exchange rates. The recoverable amount used to determine the impairment was based on the value in use. A discount rate of is 9.8% was used and the calculations are based on a five-year plan.

Leased assets include assets leased out under the terms of operating leases.

Investment property includes apartments rented out and leased dealerships, with a fair value of €400 million (prior year: €0 million). Operating expenses of €19 million (prior year: €0 million) were incurred for the maintenance of investment property in use. Expenses of €1 million were incurred for unused investment property (prior year: €0 million).

The duration of the minimum lease payments under non-cancellable operating leases of €2,960 million (prior year: €404 million) are as follows:

31/7/2009 31/7/2009 31/7/2008 Porsche € million without VW

Due within one year 1,509 217 186 Due in one to five years 1,451 222 218 Due in more than five years 0 0 0 2,960 439 404

The contracts are concluded for a maximum period of 60 months and partly contain renewal and purchase options as well as escalation clauses. Conditional lease payments, particularly those dependent on mileage, of €2 million (prior year: €2 million) were recognized.

[18] Inventories Inventories break down as follows:

31/7/2009 31/7/2009 31/7/2008 Porsche € million without VW

Raw materials, consumables and supplies 2,138 85 83 Work in progress 1,263 49 42 Finished goods and merchandise 12,089 514 632 Current leased assets 696 0 0 Advance payments made 79 1 0 16,265 649 757

190

Of the total inventories reported as of the balance sheet date of €16,265 million (prior year: €757 million), an amount of €2,382 million (prior year: €209 million) is recognized at net realizable value. At the same time as revenue recognition, inventories of €45,601 million (prior year: €4,375 million) were expensed. The write-downs recognized in the reporting period amounted to €359 million (prior year: €1 million). The write-downs were caused by market conditions. Reversals of write-downs of €4 million were recognized in profit or loss in the fiscal year (prior year: €8 million). These were a result of new information obtained about the usability of the inventories. Vehicles amounting to €88 million (prior year: €77 million) were pledged as collateral for phased retirement obligations.

[19] Trade receivables

31/7/2009 31/7/2009 31/7/2008 Porsche € million without VW

Receivables from long-term development contracts 8 8 28 Trade receivables from third parties 6,193 377 228 affiliated companies 262 0 0 joint ventures 299 0 0 associates 4 0 18 other investees and investors 1 0 0

Valuation allowance – 52 – 8 – 6 6,715 377 268

The non-current trade receivables disclosed in the prior year are disclosed under current trade receivables for materiality reasons. The maximum bad debt risk corresponds to the carrying amounts of the net receivables. The fair values of the trade receivables essentially correspond to the carrying amounts due to the remaining terms.

The receivables from long-term development contracts are calculated as follows:

31/7/2009 31/7/2009 31/7/2008 Porsche € million without VW

Costs of conversion including outcome of the long-term development contracts 132 132 77

thereof services billed to customers – 17 – 17 – 16 Future receivables from long-term development contracts before advance payments received 115 115 61

Advance payments received – 107 – 107 – 33 8 8 28

191

To our shareholders The Company

The revenue from long-term development contracts totals €73 million (prior year: €65 million). Contracts and parts of contracts billed to customers are presented within trade receivables. No significant allowances for trade receivables were recognized.

[20] Non-current and current receivables from financial services

31/7/2009 31/7/2009 31/7/2008 Porsche € million without VW

Customer financing 33,203 555 431 Dealer financing 10,469 52 46 Direct banking 140 0 0 Receivables from financing business 43,812 607 477 Receivables from operating lease business 178 30 15 Receivables from finance leases 18,815 1,369 1,317

Valuation allowance – 653 – 49 – 36 Receivables from financial services 62,152 1,957 1,773

thereof non-current 34,520 1,310 1,301 thereof current 27,632 647 472

The non-current receivables from financial services are subject to generally fixed interest rates of between 1.5% and 18.9% (prior year: 3.0% and 18.1%), depending on the market. Unguaranteed residual values accruing to the benefit of the Porsche group amount to €27 million (prior year: €8 million).

Receivables from financial services of €62.2 billion (prior year: €2.0 billion) contain a fair value adjustment from portfolio hedging amounting to €151 million (prior year: €0 million).

Receivables from financial services are generally secured by the assignment of collateral, land charges or guarantees. The maximum bad debt risk corresponds to the carrying amounts of the net receivables.

The receivables from dealer financing include an amount of €186 million (prior year: €0 million) receivable from affiliated companies.

192

Receivables from finance leases result almost exclusively from vehicle financing and break down as follows:

31/7/2009 31/7/2009 31/7/2008 Porsche € million without VW

Total gross investment in the lease 20,627 1,535 1,475 Due within one year 8,248 525 504 Due in one to five years 12,330 1,010 971 Due in more than five years 49 0 0

Unearned finance income – 1,812 – 166 – 158

Present value of outstanding minimum lease payments 18,815 1,369 1,317 Due within one year 7,494 451 428 Due in one to five years 11,274 918 889 Due in more than five years 47 0 0

Some of the leases contain renewal and purchase options as well as escalation clauses. Escalations may arise in connection with tax changes.

Depending on liquidity requirements and the market situation, a certain volume of receivables from financial services is sold to third parties (factoring). In such cases, the company examines whether the criteria for derecognition of receivables legally transferred in factoring contracts are met. If the criteria are not met, the receivables remain recognized on the balance sheet, which is referred to as recourse factoring.

Factoring in the context of asset-backed-security transactions which do not satisfy the derecognition criteria resulted in receivables from financial services with a carrying amount of €16,439 million (prior year: €1,132 million) as of the balance sheet date. The opportunities and risks associated with recourse factoring are essentially comparable to those inherent in receivables that have not been sold. The liabilities related to the receivables that have been transferred and not derecognized amount to €13,561 million (prior year: €1,084 million).

193

To our shareholders The Company

[21] Non-current and current other receivables and assets

31/7/2009 31/7/2009 31/7/2008 Porsche € million without VW

Derivative financial instruments 4,567 1,387 18,330 Other receivables and assets from affiliated companies 183 0 0 from joint ventures 1,704 0 0 from associates 20 3 0 from other investees and investors 1 0 0 Recoverable income taxes 1,187 103 Sundry receivables and assets 3,477 205 1,685 Prepaid expenses 351 29 16

Valuation allowance – 176 0 0 11,314 1,727 20,031

thereof non-current 3,495 430 732 thereof current 7,819 1,297 19,299

Sundry receivables and assets include plan assets to fund pension obligations of €64 million (prior year: €2 million). This item also includes the share of the technical provisions attributable to rein- surers amounting to €128 million (prior year: €0 million). In the course of vehicle financing, collateral of €96 million was issued (prior year: €61 million). The collateral is generally accounted for when the contract is concluded and derecognized when the contract expires. There are no material restrictions on title or right of use in respect of sundry receivables and assets. Valuation allowances are recognized to take account of default risks. The maximum risk of default corresponds to the net carrying amounts of the sundry receivables and assets. The current other receivables and assets are mainly non-interest-bearing. The non-current other receivables and assets include derivative financial instruments totaling €1,926 million (prior year: €712 million).

Other receivables and assets excluding derivative instruments have a carrying amount of €6,747 million (prior year: €1,701 million). This value comprises other financial receivables with a carrying amount of €3,411 million (prior year: €1,456 million) and other non-financial receivables and assets with a carrying amount of €3,336 million (prior year: €245 million). The other non-financial receivables and assets contain in particular other taxes, advance payments and accrued expenses.

194

The positive fair values of derivatives relate to the following items:

€ million 31/7/2009 31/7/2008

Transactions for hedging against: foreign currency risk from assets using fair value hedges 66 0 foreign currency risk from liabilities using fair value hedges 118 0 interest rate risk using fair value hedges 362 6 interest rate risk using cash flow hedges 16 0 foreign currency and price risk from 2,66 future cash flows (cash flow hedges) 6 820 Hedging transactions 3,228 826 Stock price derivatives 774 17,301 Other derivatives 565 203 Assets from derivatives without hedging relationship 1,339 17,504 4,567 18,330

The positive fair value of transactions for hedging against price risk from future cash flows (cash flow hedges) amounted to €83 million (prior year: €0 million).

The sale of significant volumes of cash-settled stock options shortly after the balance sheet date has led Porsche to measure the stock options at their selling price as the best indicator of fair value. The price difference between the basic strike price of the stock option and the quoted stock price of the hedged shares as of the balance sheet date came to an accumulated total of €9,212 million.

Further details on derivative financial instruments as a whole are given in note [31].

[22] Income tax assets

31/7/2009 31/7/2009 31/7/2008 Porsche € million without VW

Income tax assets 1,937 568 91

thereof non-current 848 58 57 thereof current 1,089 510 34

The non-current income tax assets mainly include the residual present value from corporate income tax reduction claims which were converted into actual refund claims on the basis of the law passed in Germany on measures to assist the introduction of the European company and to amend other tax legislation (SEStEG). These claims are no longer realized via distributions but paid out in equal installments over the residual period of eight years.

195

To our shareholders The Company

[23] Securities The securities serve to safeguard liquidity. The securities are quoted and mainly short-term fixed- interest-bearing securities and shares allocated to the available-for-sale financial assets category. The securities which are measured at fair value through profit or loss are carried at €32 million (prior year: €431 million). The maximum default risk is equivalent to the carrying amounts of the securities.

[24] Cash and cash equivalents Bank balances are held at various banks in different currencies. In connection with the stock options that have been acquired, cash and cash equivalents of €1,750 million (prior year: €2,567 million) have been pledged as of the balance sheet date. A large part of the pledge was revoked due to the sale of stock options a few days after the balance sheet date.

[25] Equity and minority interests The reconciliation of equity and minority interests is presented in the statement of changes in equity.

Subscribed capital Porsche SE’s subscribed capital totals €175 million (prior year: €175 million) and is divided into 87,500,000 ordinary shares and 87,500,000 non-voting preference shares which have been fully paid. Each share represents a €1 notional value of the subscribed capital. The preference shares carry an additional dividend of 0.6 cents per share in the event of retained profit being recorded.

Subject to the approval of the supervisory board, the executive board is authorized to increase the company’s share capital, once or several times, by a maximum amount of €22.75 million in total until 25 January 2012 by issuing new bearer shares (ordinary shares) and/or non-voting preference shares for contributions in cash and/or in kind.

Capital reserves The capital reserves contain contributions from premiums only and are unchanged since the prior year.

Retained earnings The retained earnings include the reserve for accumulated profits, the revaluation reserve, reserves available-for-sale securities marked to market, reserves for cash flow hedges, the reserves for investments accounted for at equity and the currency translation reserve. The reserve available- for-sale securities marked to market contains changes in the fair value of these securities.

196

The reserve for accumulated profits includes the profits of Porsche SE and its consolidated subsidiaries earned in prior years and the reporting year and not yet distributed. The revaluation reserve arises from business combinations achieved in stages and contains changes in hidden reserves and burdens incurring before initial consolidation that are attributable to shares already held before initial consolidation.

The portion of the gain or loss on hedging instruments that is determined to be effective is recognized in the reserve for cash flow hedges.

The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. In addition, exchange differences from the translation of capital have been disclosed in this reserve for the first time to allow the uniform recording of foreign currency effects within equity. The prior-year figures were adjusted accordingly.

In the reserve for investments accounted for at equity, expenses and income from investments accounted for at equity recognized directly in equity are presented in a separate reserve for the first time in order to enhance transparency. The prior-year figures were adjusted accordingly. In prior years, expenses and income from investments accounted for at equity recognized directly in equity were included in the respective reserves provided for the nature of the income or expense.

The separate financial statements of Porsche SE as of 31 July 2009 report a net retained profit of €8,225,000. The executive board and supervisory board of Porsche SE will propose to the annual general meeting to distribute the entire net retained profit and thus to pay out a dividend of €0.044 per ordinary share (prior year: €0.694 plus €2.00 extra dividend) and per preference share of €0.050 (prior year: €0.700 plus €2.00 extra dividend).

Hybrid capital During fiscal year 2008/09, the Porsche group signed an agreement to repurchase hybrid capital with a nominal volume of €640 million. This part was therefore reclassified to the bonds. The remaining hybrid capital thus consists of a nominal volume of €0.36 billion and US$1 billion (prior year €1 billion and US$1 billion) and has an indefinite duration. According to IAS 32, it represents equity of the group. The currency translation of the US dollar hybrid capital is based on the exchange rate prevailing at the time of issue.

Minority interests The minority interests in equity mainly relate to the minority interests of Volkswagen AG, Scania AB and AUDI AG. The other changes presented in the statement of changes in equity mainly concern the shares acquired in Scania AB as a result of the mandatory offer after the initial consolidation of the Volkswagen group.

197

To our shareholders The Company

Stock option plan The stock option plan entitles the optionees – the Board of Management of Volkswagen AG, group senior executives and management, as well as employees of Volkswagen AG covered by collective pay agreements – to purchase options for shares of Volkswagen AG by subscribing for convertible bonds at a price of €2.56 each. Each bond is convertible into ten ordinary shares.

The exercise price and conversion period following the expiry of the first five tranches are shown in the following table.

€ 6th tranche 7th tranche 8th tranche

Base exercise price per share 38.68 37.99 58.18 Exercise price as from publication of VW interim report for Jan. - Sept. 2008 48.35 45.59 66.91 as from publication of VW interim report for Jan. - Sept. 2009 – 47.49 69.82 as from publication of VW interim report for Jan. - Sept. 2010 – – 72.73 Beginning of conversion period 10 July 2006 9 July 2007 8 July 2008 End of conversion period 2 July 2009 1 July 2010 30 June 2011

Changes in the rights to stock options granted are shown in the following table:

Nominal value of Number of Number of potential convertible bonds conversion rights ordinary shares € Number Number

As of 5 January 2009 43,540.48 17,008 170,080 In fiscal year exercised 4,034.56 1,576 15,760 returned – – – As of 30 June 2009 39,505.92 15,432 154,320

198

Changes in convertible bonds in the sixth to eight tranches The tables below show the changes in the convertible bonds in issue and their exercise prices:

Average exercise price Convertible bonds per convertible bond1 € Number

As of 5 January 2009 556.27 17,008 In fiscal year granted – – returned – – exercised 571.21 1,576 As of 30 June 2009 554.75 15,432 thereof available for exercise 554.75 15,432

1 conversion price per ten shares

Exercise price Convertible bonds per convertible bond1 € Number

2008/09 6th tranche 483.50 5,753 7th tranche 455.90 3,269 8th tranche 669.10 6,410 15,432

1 conversion price per ten shares

199

To our shareholders The Company

Capital management Capital management in the Porsche group is a two-step process. In a first step, both the Porsche subgroup and the Volkswagen subgroup manage their capital in accordance with individual requirements. In a second step at overall group level, a monitoring of the subgroups, the consolidation effects and the effects from the purchase price allocation is performed.

Capital management in the Porsche subgroup

The main target of capital management in the Porsche subgroup is the continuous and long-term increase in the value of the company and securing its liquidity and complying with the capital requirements imposed by third parties. This is done in order to protect the long-term interests of the shareholders and employees and other stakeholders.

There are minimum capital requirements imposed by third parties relating to certain profit and debt levels. These were complied with in full in the fiscal year 2008/09.

The Porsche group supports active debt capital management with a view to reducing the cost of capital and optimizing the capital structure.

Total capital, defined for capital management purposes as the sum of equity and financial liabilities, is as follows as of the balance sheet date:

€ million 31/7/2009 31/7/2008

Equity 13,492 16,846 Share of total capital 45% 51%

Non-current financial liabilities 10,103 3,489 Current financial liabilities 6,287 12,897 Total financial liabilities 16,390 16,386 Share of total capital 55% 49%

Total capital 29,882 33,232

Capital management in the Volkswagen subgroup

The goal of capital management in the Volkswagen subgroup is to ensure that the group can effectively achieve its goals and strategies in the interests of the shareholders, employees and other stakeholders. In particular, management focuses on generating the minimum return on invested assets in the automotive division that is required by the capital markets, and on increasing the return on equity in the financial services division. In addition, the goals of the financial services division are to meet the banking supervisory authorities’ regulatory capital requirements, to support the external rating by ensuring adequate capital gearing and to procure equity for the growth planned in the next fiscal years. In the process, it aims overall to achieve the highest possible growth in the value of the group and its divisions for the benefit of all the company’s stakeholder groups. The Volkswagen group’s financial target system focuses systematically on continuously and sustainably increasing the value of the company. In order to maximize the use of resources in the automotive division and to measure the success of this, the Volkswagen subgroup has been using value contribution, a control variable linked to the cost of capital, for a number of years. The concept of value contribution not only allows overall performance to be measured in the automotive division, but also in the individual business units, projects and products. In addition, business units and product-specific investment projects can be managed operationally and strategically using the value contribution.

200

Total capital of the Volkswagen subgroup, defined for capital management purposes as the sum of equity and financial liabilities, is as follows on the balance sheet date:

€ million 30/6/2009

Equity 36,415 Share of total capital 32%

Non-current financial liabilities 39,696 Current financial liabilities 37,427 Total financial liabilities 77,123 Share of total capital 68%

Total capital 113,538

[26] Provisions for pensions or similar obligations Provisions for pensions and similar obligations are recognized for benefits in the form of retirement, invalidity and dependents’ benefits payable under pension plans. The benefits vary according to the legal, tax and economic circumstances of the country concerned, and usually depend on the length of service and remuneration of the employees. The direct and indirect obligations include both current pension obligations and future pension and retirement benefit obligations.

Group companies provide both defined contribution and defined benefit plans. In the case of defined contribution plans, the company makes contributions to state or private pension schemes based on legal or contractual requirements, or on a voluntary basis. Once the contributions have been paid, there are no further obligations for the company. Contributions are recognized as expenses of the period concerned. In the fiscal year 2008/09, they amounted to a total of €551 million (prior year: €62 million) in the Porsche group. Thereof, contributions to the compulsory state pension system in Germany amounted to €464 million (prior year: €62 million).

Most pension plans are defined benefit plans, with a distinction made between unfunded benefit obligations and externally funded plans. The obligations for defined benefit plans are measured using the projected unit credit method in accordance with IAS 19. The defined benefit obligations are recognized at the present value of vested benefits as of the measurement date taking probable future increases in pensions and salaries into account. The defined benefit obligation for active employees increases annually by the interest cost plus the present value of the new benefit entitlements earned in the current period. Actuarial gains or losses result from changes in the composition of the plan and deviations of actual parameters (for example, increases in income and pensions or changes in interest rates) from the assumptions made in the valuation.

201

To our shareholders The Company

Most of the benefits in the Porsche subgroup concern Porsche AG. In addition, personal retirement capital is accumulated in Germany by way of employee contributions to Porsche VarioRente.

The occupational pension arrangements of the Volkswagen subgroup in Germany are based on a specially developed expense-related pension model that is classified as a defined benefit plan under IAS 19. This model has been further developed into a pension fund, with the annual remuneration-linked contributions being invested in funds by Volkswagen Pension Trust e.V. as the trustee. By investing in funds, this model offers an opportunity for increasing benefit entitlements, while at the same time fully safeguarding them. For this reason, almost all group companies in the Volkswagen subgroup in Germany have now joined the fund. Since the fund units held by the trust meet the criteria of IAS 19 for classification as plan assets, they are deducted from the obligation.

Owing to their benefit character, the obligations of the US group companies in respect of post- employment medical care in particular are also carried under provisions for pensions and similar obligations. These similar obligations take into account the expected long-term rise in medical costs.

Actuarial assumptions The defined benefit obligations are calculated using actuarial methods. These include assumptions concerning future wage and salary developments and pension increases. The measurement is based on the following assumptions:

Germany International 2008/09 2007/08 2008/09 2007/08

Discount rate 5.25 - 5.50 5.70 1.50 - 9.00 6.00 - 6.25 Expected return on plan assets 5.00 – 3.00 - 11.30 5.63 - 6.00 Increase in salaries and wages 2.50 - 3.00 3.00 2.00 - 10.00 4.00 Trend of medical cost – – 5.00 - 8.00 5.00 Employee turnover rate 0.75 - 1.20 0.50 1.53 - 6.00 – Increase in pensions 1.00 - 1.60 2.00 1.00 - 6.00 3.00 - 3.80

The effects on the service cost and interest cost of a one percentage point increase or decrease in the assumed medical cost increase rate when calculating the obligations are immaterial. The obligation for medical care increases or decreases by €6 million (prior year: €4 million).

202

Amounts posted to profit or loss break down as follows:

€ million 2008/09 2007/08

Current service cost 201 25 Interest expenses 500 38

Expected return on plan assets – 103 – 2

Net actuarial gain (–)/loss (+) recognized in the year – 1 0

Past service cost – 50 0

Losses/gains as a result of application of limit the according to IAS 19.58(b) – 30 0 Net benefit expense 517 61

The rate for the expected long-term return on plan assets is based on the long-term returns actually generated for the portfolio, historical overall market returns and a forecast of expected returns on the securities classes held in the portfolio. The forecasts are based on the expected rate of return for comparable pension funds taking the remaining service period as the investment horizon and using the experience of managers of large portfolios and of experts from the investment industry. The weighted average return of each class of asset supports the rate of return of the group anticipated in the long-term.

The actual return on plan assets in the fiscal year amounted to €88 million (prior year: €1 million).

The table below presents the changes in the present value of the pension obligations and the plan assets at market values.

Changes in the present value of pension obligations

2008/09 2008/09 2007/08 Porsche € million without VW

As of 1 August 760 760 744

Exchange differences 166 0 – 6 Current service cost 201 28 25 Interest cost 500 42 38

Past service cost – 50 1 0

Actuarial gains (–) and losses (+) 26 26 – 43

Benefits paid – 378 – 23 – 20 Employee contributions 26 20 22 Changes to consolidated group 15,983 0 0

Other changes – 12 – 1 0 As of 31 July 17,222 853 760

203

To our shareholders The Company

Changes in the fair value of plan assets

2008/09 2008/09 2007/08 Porsche € million without VW

As of 1 August 41 41 43

Exchange differences 151 – 1 – 6 Expected return on plan assets 103 2 2

Actuarial gains (+) and losses (–) – 14 0 – 2

Benefits paid – 60 – 1 0 Employer contributions 140 1 4 Employee contributions 7 0 0 Changes to consolidated group 3,153 0 0

Other changes – 11 1 0 As of 31 July 3,510 43 41

Contributions to the defined benefit plans are expected to total €261 million for the fiscal year 2009/10 (prior year: €4 million).

The following amounts were recognized in the balance sheet for defined benefit obligations:

31/7/2009 31/7/2009 31/7/2008 Porsche € million without VW

Present value of funded benefit obligations 3,745 52 56

Fair value of plan assets – 3,510 – 43 – 41 Funded status 235 9 15 Present value of unfunded benefit obligations 13,477 801 704 Net obligations 13,712 810 719 Unrecognized net actuarial gains (+) and losses (–) 25 23 56 Unrecognized past service cost 37 0 0 Amount not recognized according to IAS 19.58b 5 0 0 As of 31 July 13,779 833 775

thereof pension provisions 13,843 834 777 thereof other asset 64 1 2

204

Plan assets consist of the following components:

31/7/2009 31/7/2009 31/7/2008 Porsche % without VW

Shares 21 12 0 Fixed-interest securities 55 46 91 Other securities 0 0 9 Cash reserve 15 42 0 Real estate 5 0 0 Other 4 0 0

The table below presents experience adjustments, meaning differences between changes in assets and obligations expected on the basis of actuarial assumptions and actual changes in those assets and obligations:

€ million 2008/09 2007/08 2006/07 2005/06

Defined benefit obligation 17,222 760 744 758

Plan assets – 3,510 – 41 – 43 – 37 Deficit (+)/Surplus (–) 13,712 719 701 721

Experience adjustments on pension obligation – 0.7% + 13.1% + 6.0% – 2.6%

Experience adjustments on plan assets – 0.5% – 1.7% + 1.3% 1.0%

[27] Non-current and current tax provisions and other provisions

31/7/2009 31/7/2009 31/7/2008 Porsche without VW Thereof Thereof Thereof due within due within due within € million one year one year one year

Income tax provisions 6,058 2,280 1,401 1,401 2,008 2,008 Provisions for employee expenses 2,811 1,650 327 226 639 535 Provisions for obligations arising from sales 11,205 5,584 688 312 893 347 Sundry other provisions 5,425 2,509 186 179 308 308 Other provisions 19,441 9,743 1,201 717 1,840 1,190

Provisions for employee expenses are recognized for long-service awards, time credits, the phased retirement scheme, severance payments and similar obligations, among other things.

Provisions for obligations arising from sales primarily concern warranty obligations, marketing services and bonuses. The warranty obligations in the Porsche group mainly arise from product warranties granted for the vehicles it produces. The provisions include both estimated expenses from legal and contractual guarantee claims as well as estimated expenses for constructive warranty. The timing of the utilization of the warranty obligation depends on the occurrence of the warranty claim and can extend over the entire legal and constructive warranty period.

205

To our shareholders The Company

The provisions for bonuses are intended to cover the cost of subsequent reductions in revenue already realized.

Sundry other provisions relate to a wide range of identifiable risks and uncertain obligations, measured according to the probability of their occurrence. These contain technical provisions for insurance of €169 million (prior year: €0 million).

50% of the other provisions are expected to result in cash outflows in the following year, 42% between 2010/11 to 2013/14 and 8% thereafter.

Other provisions developed as follows:

As of 1 Exchange Changes to Additions Unwinding Utilization Reversal As of 31 Porsche August differences consolidated the July 2009 without VW € million 2008 group discount

Provisions for employee expenses 639 14 2,820 808 20 1,428 62 2,811 327 Provisions for obligations arising from sales 893 62 10,225 3,357 219 3,189 362 11,205 688 Sundry other provisions 308 166 4,569 1,139 8 588 177 5,425 186 1,840 242 17,614 5,304 247 5,205 601 19,441 1,201

[28] Trade payables

31/7/2009 31/7/2009 31/7/2008 Porsche € million without VW

Liabilities from long-term development contracts 2 2 5 Trade payables to third parties 11,125 677 559 affiliated companies 57 0 0 joint ventures 18 0 0 associates 21 8 22 other investees and investors 2 0 0 11,225 687 586

The non-current trade payables presented in the prior year have been shown under current trade payables for materiality reasons.

206

The liabilities from long-term development contracts are calculated as follows:

31/7/2009 31/7/2009 31/7/2008 Porsche € million without VW

Costs of conversion including outcome of the long-term development contracts 15 15 14

thereof services billed to customers – 3 – 3 – 4 Future receivables from long-term development contracts before advance payments received 12 12 10

Advance payments received – 14 – 14 – 15 2 2 5

The fair values of trade payables generally correspond to the carrying amounts.

[29] Non-current and current financial liabilities Financial liabilities break down as follows:

Total Porsche Current Porsche Non-current Porsche € million without VW without VW without VW

31/7/2009 Bonds 36,211 2,995 9,334 568 26,877 2,427 Commercial paper and notes 10,426 0 5,555 0 4,871 0 Liabilities to banks 25,480 11,337 11,190 4,899 14,290 6,438 Deposits from direct banking business 19,085 0 16,628 0 2,457 0 Finance lease liabilities 207 0 36 0 171 0 Financial liabilities to affiliated companies 154 0 154 0 0 0 Other financial liabilities 2,058 2,058 820 820 1,238 1,238 93,621 16,390 43,717 6,287 49,904 10,103

31/7/2008 Bonds 2,295 2,295 0 0 2,295 2,295 Commercial paper and notes 0 0 0 0 0 0 Liabilities to banks 12,175 12,175 12,116 12,116 59 59 Deposits from direct banking business 0 0 0 0 0 0 Finance lease liabilities 0 0 0 0 0 0 Financial liabilities to affiliated companies 0 0 0 0 0 0 Other financial liabilities 1,916 1,916 781 781 1,135 1,135 16,386 16,386 12,897 12,897 3,489 3,489

Liabilities to banks are recognized at amortized cost.

207

To our shareholders The Company

Asset-backed securities transactions accomplished via special purpose entities to refinance the financial services business are included in the bonds, commercial paper and notes, loan liabilities and other financial obligations with an amount of €13,561 million (prior year: €1,084 million). Liabilities to refinance the financial services business in the form of forfaiture and sale-and- leaseback programs are also presented within other financial liabilities. Interest rates compare to inter-bank level. The average duration of the financing ranges from one to four years. Measure- ment is at amortized cost.

The present values of the future minimum lease payments from sale-and-leaseback transactions entered into to refinance the financial services business break down as follows:

€ million 31/7/2009 31/7/2008

Due within one year 66 57 Due in one to five years 47 45 113 102

Other financial liabilities include liabilities from put options of minority shareholders of €146 million (prior year: €66 million).

In connection with the acquisition of shares of Volkswagen AG, 83,871,000 shares (prior year: 0 shares) of Volkswagen AG were pledged for liabilities to banks. This was done to secure the claims of the creditor banks and is related to the duration of the liability.

Receivables from customer financing and the leasing business of €16,439 million (prior year: €1,132 million) are used as collateral for the asset-back-securities transactions. Collateral totaling €598 million (prior year: €0 million) was provided for financial liabilities. These are generally deposits, fixed-term deposits, assignments and other items.

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[30] Non-current and current other liabilities As of the balance sheet date, other liabilities break down as follows:

31/7/2009 31/7/2009 31/7/2008 Porsche € million without VW

Advance payments received on account of orders 1,146 24 127 Other tax liabilities 1,760 145 96 Liabilities relating to social security 283 2 3 Personnel liabilities 1,911 106 2 Other liabilities to affiliated companies 8 0 0 to joint ventures 14 0 0 Derivative financial instruments marked to market 3,788 1,995 5,696 Sundry liabilities 3,963 57 1131 Deferred income 1,062 70 60 13,935 2,399 6,097

thereof non-current 3,074 2,308 47 thereof current 10,861 91 6,050

1 The income tax liabilities disclosed within other liabilities as of 31 July 2008 are presented separately in the balance sheet as of 31 July 2009.

The item “derivative financial instruments marked to market” mainly comprises forward exchange transactions and stock options. The non-current other liabilities contain derivative financial instruments totaling €862 million (prior year: €33 million).

Other liabilities excluding derivative financial instruments have a carrying amount of €10,147 million (prior year: €401 million). This total breaks down into other financial liabilities with a carrying amount of €2,285 million (prior year: €91 million) and other non-financial liabilities with a carrying amount of €7,861 million (prior year: €330 million). The non-financial other liabilities include in particular advance payments on account of orders, other tax liabilities and deferred income.

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To our shareholders The Company

The negative fair values of derivatives relate to the following items:

€ million 31/7/2009 31/7/2008

Transactions for hedging against: foreign currency risk from assets using fair value hedges 79 0 foreign currency risk from liabilities using fair value hedges 132 1 interest rate risk using fair value hedges 265 0 interest rate risk using cash flow hedges 269 0 foreign currency and price risk from future cash flows (cash flow hedges) 513 3 Hedging transactions 1,258 4 Stock price derivatives 1,893 5,679 Other derivatives 637 13 Liabilities from derivatives without hedging relationship 2,530 5,692 3,788 5,696

As a result of portfolio hedging, negative fair values of €151 million (prior year: €0 million) were recognized from transactions for hedging against interest rate risk (fair value hedges).

The sale of significant volumes of stock options shortly after the balance sheet date has led Porsche to measure the stock options at their selling price as the best indicator of fair value. The cumulative price difference between the basic strike price of the stock options and the quoted stock price of the secured shares as of the balance sheet amounted to €9,212 million.

Further details on derivative financial instruments as a whole are given in note [31].

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Notes on the other disclosures

[31] Financial risk management and financial instruments 1. Hedging guidelines and financial risk management principles The principles and responsibilities for managing and controlling the risks that could arise from financial instruments are defined by the executive board and monitored by the supervisory board. Internal guidelines exist within the Porsche group which clearly defines the risk management processes. These guidelines regulate, among other things, the use of financial instruments or derivatives and the requisite control procedures, such as a clear segregation of functions between trade and settlement. The guidelines are based on the statutory requirements as well as the minimum standards for risk management at banks. The central treasury departments of the Porsche and Volkswagen subgroups identify, analyze and monitor the risks throughout the group using suitable information systems. Moreover, transactions may only be concluded in permitted financial instruments, only with approved counterparties and to the admissible extent.

The guidelines and the supporting systems are checked regularly and brought into line with current market and product development. The group manages and monitors these risks primarily via its business operations and financing activities and, where necessary, by using derivative financial instruments. The Porsche group mainly uses derivative financial instruments for the management of currency, interest, commodity and fund price risks. Without using such instruments, the group would be exposed to higher financial risks.

2. Credit and default risk The credit and default risk arising from financial assets involves the risk of default by counterparties, and therefore comprises at a maximum the amount of the positive fair values of claims against them and the irrevocable credit commitments. The default risk of financial assets is taken into account through adequate valuation allowances considering collateral that has already been provided. Various measures are taken into account to reduce the default risk for primary financial instruments, such as requesting collateral or guarantees and credit ratings based on information from credit rating agencies and historical data. The contracting partners for monetary investments, capital investments and financial instruments are national and international counterparties. Finan- cial derivatives are used by the subgroups in accordance with standardized guidelines, and are continuously monitored.

Due to the worldwide spread of business activities and the resulting diversification, there was no major concentration of risk in the past fiscal year.

It was decided not to present the non-significant classes and a break-down of the securities class which in the prior year contained a small amount of securities held to maturity. A credit rating is not performed for the equity instruments.

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To our shareholders The Company

The table below shows the credit and default risk of financial assets by gross carrying amount:

Neither Past due Impaired Total past due and not € million nor impaired impaired

31/7/2009 Trade receivables 5,207 1,291 261 6,759 Receivables from financial services 57,996 3,802 1,006 62,804 Other financial receivables 3,321 123 124 3,568 Securities 3,436 0 3 3,439 Cash and cash equivalents 25,036 0 0 25,036 94,996 5,216 1,394 101,606

31/7/2008 Trade receivables 199 38 9 246 Receivables from financial services 1,739 29 41 1,809 Other financial receivables 1,455 0 1 1,456 Securities 4,397 0 12 4,409 Cash and cash equivalents 6,990 0 0 6,990 14,780 67 63 14,910

There are no overdue financial instruments measured at fair value in the Porsche group.

€ million 2008/09 2007/08

Valuation allowances as of 1 August 48 46 Exchange differences 1 -3 Additions 841 20 Utilization 24 12 Reversal 2 3 Valuation allowances as of 31 July 864 48

The valuation allowances were mainly related to the credit risks associated with financial services. For materiality reasons, a break-down of the valuation allowances on these receivables has not been presented.

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Credit rating of the gross carrying amounts of financial assets that are neither past due nor impaired break down as follows:

€ million Risk class 1 Risk class 2 Total

31/7/2009 Trade receivables 5,207 0 5,207 Receivables from financial services 50,351 7,645 57,996 Other financial receivables 3,320 1 3,321 Securities 2,253 0 2,253 Cash and cash equivalents 25,036 0 25,036 86,167 7,646 93,813

31/7/2008 Trade receivables 199 0 199 Receivables from financial services 1,613 126 1,739 Other financial receivables 1,455 0 1,455 Securities 4,266 0 4,266 Cash and cash equivalents 6,990 0 6,990 14,523 126 14,649

The Porsche group performs a credit assessment of borrowers in all loan and lease agreements, using scoring systems for the high-volume business and rating systems for corporate customers and receivables from dealer financing. The receivables rated as good are contained in risk class 1. Receivables from customers whose credit rating is not good, but have not yet defaulted, are contained in risk class 2.

Maturity analysis of the gross carrying amount of financial assets that are past due and not impaired:

Past due by Up to 30 30 to More than Total € million days 90 days 90 days

31/7/2009 Trade receivables 706 339 246 1,291 Receivables from financial services 2,504 1,267 31 3,802 Other financial receivables 21 27 75 123 Securities 0 0 0 0 Cash and cash equivalents 0 0 0 0 3,231 1,633 352 5,216

31/7/2008 Trade receivables 19 11 8 38 Receivables from financial services 25 3 1 29 Other financial receivables 0 0 0 0 Securities 0 0 0 0 Cash and cash equivalents 0 0 0 0 44 14 9 67

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To our shareholders The Company

Carrying amounts of financial instruments that would otherwise be past due or impaired whose terms have been renegotiated break down as follows:

€ million 31/7/2009 31/7/2008

Receivables from financial services 0 0 Trade receivables 1,162 0 Other receivables 0 0 Securities 0 0 Cash and cash equivalents 0 0 1,162 0

Financial instruments that would otherwise be past due or impaired whose terms have been renegotiated are measured at amortized cost.

Collateral of €226 million (prior year: €0 million) exists which can be used in the absence of default by the owner of the collateral. It is provided in the form of bank warranties, bank guarantees, recourse rights and, on a small scale, mortgages. Collateral that met the recognition criteria under IFRSs was recognized in the balance sheet in the amount of €173 million in the fiscal year (prior year: €0 million). This mainly relates to vehicles and other financial assets that are usually converted into liquid assets. Collateral of €45 million (prior year: €37 million) has been provided for past due but not impaired receivables and for impaired receivables. In addition, title is retained in some vehicle sales for trade receivables which are past due but not impaired or which are impaired.

3. Liquidity risk The solvency and liquidity of the Porsche group is continuously monitored by rolling liquidity planning, a cash liquidity reserve, guaranteed credit lines and globally available debt issuance programs (securitizations). Reference is also made to explanations on the management of liquidity risks at subgroup and overall group level presented in the risk report as part of the group management report.

The liquid assets consist of cash and cash equivalents as well as highly liquid securities.

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The following overview shows the contractual undiscounted cash outflows from financial instruments:

Remaining contractual maturities Within Within one In more than Total Porsche € million one year to five years five years without VW

31/7/2009 Financial liabilities 46,984 41,469 5,483 93,936 17,048 Trade payables 11,541 7 1 11,549 720 Other financial liabilities 2,974 1,791 76 4,841 29 Derivative financial instruments 36,421 34,105 64 70,590 5,873 97,920 77,372 5,624 180,916 23,670

31/7/2008 Financial liabilities 13,103 2,945 1,349 17,397 17,397 Trade payables 578 3 0 581 581 Other financial liabilities 87 4 0 91 91 Derivative financial instruments 7,854 136 1 7,991 7,991 21,622 3,088 1,350 26,060 26,060

The derivatives include all cash outflows from derivative financial instruments with a negative and positive carrying amount. They are mostly currency hedging derivatives for which gross settlement has been agreed. If gross settlement has been agreed to, payments are always offset by corresponding cash inflows. These cash inflows are not shown in the maturity analysis. If the cash inflows were considered, the cash outflows presented in the maturities analysis would be significantly lower.

The cash outflows from irrevocable credit commitments classified by contractual maturities are presented in note [33].

4. Market risk 4.1 Hedging policy and financial derivatives During the course of its general business activities, the Porsche group is exposed to foreign currency, interest rate, commodity price, share price and fund price risk. The risks result from foreign currency transactions in the course of ordinary operations, from financing, from financial investing activities and in connection with the purchasing of commodities. It is company policy to exclude or limit these risks by entering into hedge transactions. All necessary hedging activities are arranged or coordinated by the group treasury departments.

The nature and volume of hedging transactions is generally chosen with regard to the hedged item. Hedging transactions may only be concluded to hedge existing hedged items or forecast transactions. Only financial instruments approved by type and volume may be entered into with approved counterparties.

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To our shareholders The Company

The Porsche group uses two different methods to present market risk from primary and derivative financial instruments in accordance with IFRS 7. The currency and interest rate risks in financial services are valued using the value-at-risk model, while market price risks in the automotive segment for interest rate, currency hedges and the investment risks associated with asset management largely are calculated using a sensitivity analysis, and a value-at-risk model is used for share price risks. In the value-at-risk calculation, a historical simulation is used to determine the potential change in market price. The sensitivity analysis calculates the effect on equity and profit by modi- fying risk variables within the respective market risk. The value at risk shows the potential future loss of a certain portfolio over a predefined period of time (retention period) with certain probabilities which are not likely to be exceeded. The degree of risk does not, however, say anything about the distribution and anticipated loss, if it is actually exceeded.

4.2 Porsche subgroup 4.2.1 Market risk in the automotive division 4.2.1.1 Foreign currency risk Currency risks from current receivables and liabilities as well as from highly probable forecast transactions are, hedged with forward exchange contracts, currency options or combined options where this makes economic sense. Hedges for value fluctuations in future cash flows from highly probable forecast transactions mainly relate to planned revenues in foreign currency. As of 31 July 2009, currency hedges are in place in particular for the major currencies US dollar, pound sterling and Japanese yen.

For the sensitivity analyses within the meaning of IFRS 7, all non-functional currencies in which the Porsche subgroup enters into financial instruments are considered as relevant risk variables. If the functional currencies concerned had appreciated by 10% higher compared to the other currencies as of 31 July 2009, the hedge reserve in equity would have been €688 million higher (prior year: €967 million). If the functional currencies concerned had depreciated 10% compared to the other currencies as of 31 July 2009, the hedge reserve in equity would have been €555 million lower (prior year: €777 million). If the functional currencies concerned had appreciated by 10% higher compared to the other currencies as of 31 July 2009, profit would have been €33 million higher (prior year: €117 million lower). If the functional currencies concerned had depreciated by 10% compared to the other currencies as of 31 July 2009, profit would have been €80 million lower (prior year: €23 million higher).

4.2.1.2 Interest rate risk The interest rate risk for the automotive division results from changes in market interest rates. This particularly affects the current interest result for call money and medium- and long-term variable-interest receivables and liabilities, but can equally also impact on the market value recognized for fixed-interest receivables and liabilities. Interest rate swaps and interest contracts are used as hedges depending on the market situation.

Interest rate risk within the meaning of IFRS 7 is calculated for the automotive division using sensitivity analyses. The effects of the risk variables in the form of market rates of interest on the financial result and on equity are presented. If market interest rate had been 100 base points higher as of 31 July 2009, the reserve in equity would have been €9 million lower (prior year: €3 million). If market interest rate had been valued 100 base points lower as of 31 July 2009, the reserve in equity would have been €0 million higher (prior year: €3 million). If market interest rate had been valued 100 base points higher as of 31 July 2009, the profit would have been €60 million lower

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(prior year: €8 million higher). If market interest rate had been valued 100 base points lower as of 31 July 2009, the profit would have been €60 million higher (prior year: €6 million lower).

4.2.1.3 Stock price risk Stock price derivatives were entered into at the Porsche subgroup in connection with the originally planned step-up of the share in Volkswagen AG. These are stock options (prior year: to a lesser extent also equity forward contracts). Based on a historical simulation of the last 360 days and a retention period of 10 days and confidence level of 95% and based on fair values, the value at risk for stock price derivatives amounted to €1,237 million (prior year: €1,834 million).

As of the balance sheet date, Porsche SE was in the latter stage of negotiations about the sale of significant volumes of stock options. The sale shortly after the balance sheet date led to a significant decrease in the value at risk from stock price hedging. Taking into account the sale that took place after the balance sheet date, it amounts to €180 million.

4.2.1.4 Investment risk from asset management Porsche has invested part of its liquid assets in special securities funds. Here too, Porsche’s investment policy complies with the basic principle that investment security takes clear prece- dence over any attempt to secure an unusually high return on investment. With a retention period of 30 days and a confidence level of 95%, the value at risk for the investment risk came to €1 million (prior year: €6 million).

4.2.2 Market risk in the financial services division In the financial services division, the interest risk is minimized by using suitable business models or interest swaps to offset the burdens of financing and refinancing as far as possible. In this segment, there is therefore no material risk due to interest rate fluctuations. The business activity of the financial service companies takes place in the local currency area, which is why the currency risk is not material.

4.3 Volkswagen subgroup 4.3.1 Market risk in the automotive division 4.3.1.1 Foreign currency risk Currency risks from current receivables and liabilities as well as from highly probable forecast transactions are hedged with forward exchange contracts, currency options, currency swaps and cross-currency swaps where this makes economic sense. These transactions relate to the exchange rate hedging of all payments covering general business activities that are not made in the functional currency of the respective group companies. The principle of matching currencies applies to the group’s financing activities. Hedges for value fluctuations in future cash flows from highly probable forecast transactions mainly relate to planned revenues in foreign currency. As of 31 July 2009, currency hedges are in place in particular for the major currencies US dollar, pound sterling, Mexican peso, Russian rouble, Swedish krone, Czech koruna, Swiss franc and Japanese yen.

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To our shareholders The Company

All non-functional currencies in which the Volkswagen subgroup enters into financial instruments are included as relevant risk variables in the sensitivity analysis in accordance with IFRS 7. If the functional currencies concerned had appreciated or depreciated by 10% against the other currencies on 31 July 2009, the exchange rates shown would have resulted in the following effects on the hedging reserve in equity and on profit before tax.

31/7/2009

+10% – 10%

Exchange rate EUR/foreign currency

Hedging reserve 2,054 – 1,645

Profit/loss before tax – 461 246 GBP/USD

Hedging reserve 66 – 66 Profit/loss before tax 1 0 USD/MXN

Hedging reserve 31 – 31

Profit/loss before tax – 6 6 CZK/USD

Hedging reserve 50 – 50

Profit/loss before tax – 3 3 Other Non-EUR / foreign currency

Hedging reserve 82 – 82

Profit/loss before tax – 26 26

4.3.1.2 Interest rate risk The interest rate risk for the automotive division results from changes in market interest rates. This particularly affects the current interest result for call money and medium- and long-term variable-rate receivables and liabilities, but can equally also impact on the market value recognized for fixed-interest receivables and liabilities. Interest rate swaps, cross-currency interest swaps and other interest contracts are entered into to hedge against this risk under fair value or cash flow hedges, depending on market conditions. Intra-group financing arrangements are normally struc- tured to match the maturities of their refinancing.

Interest rate risk within the meaning of IFRS 7 is calculated for the automotive division using sensitivity analyses. The effects of the risk variables in the form of market rates of interest on the financial result and on equity are presented. If market interest rate had been valued 100 base points higher as of 31 July 2009, the reserve in equity would have been €10 million lower. If market interest rate had been valued 100 base points lower as of 31 July 2009, the reserve in equity would have been €13 million higher. If market interest rate had been valued 100 base points higher as of 31 July 2009, the profit would have been €5 million lower. If market interest rate had been valued 100 base points lower as of 31 July 2009, the profit would have been €1 million higher.

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4.3.1.3 Investment risk from asset management The Volkswagen subgroup has invested part of its liquid assets in special securities funds. These are subject in particular to a stock and bond risk which can arise from fluctuations in market prices, stock exchange indices and market rates of interest. The risks are counteracted in a first step by a broad diversification of products, issuers and regional markets. In addition, exchange rate hedges are used in the form of futures contracts when market conditions are appropriate. If stock prices as of 31 July 2009 had been 10% higher (lower), equity would have been €54 million higher (lower).

4.3.1.4 Commodity price risk Commodity price risk in the automotive division results from price fluctuations and the availability of non-ferrous metals and precious metals as well as of coal and CO2 certificates. Forward transactions are entered into to limit these risks. Hedge accounting in accordance with IAS 39 is applied to the hedging of commodity risk associated with aluminum and copper.

Commodity price risk within the meaning of IFRS 7 is presented using sensitivity analyses. These show the effect on profit and equity of changes in risk variables in the form of commodity prices.

If the commodity prices of the hedged metals had been 10% higher (lower) as of 31 July 2009, profit would have been €49 million higher (lower). If the commodity prices of the hedging transactions accounted for using hedge accounting had been 10% higher (lower) as of 31 July 2009, equity would have been €74 million higher (lower).

4.3.2 Market risk in the financial services divisions Exchange rate risk in the financial services division is mainly attributable to assets that are not denominated in the functional currency and from refinancing within operating activities. Interest rate risk relates to refinancing without matching maturities and the varying interest rate elasticity of individual asset and liability items. The risks are limited by the use of currency and interest rate hedges.

Regarding the fair value portfolio hedge fixed-rate receivables and liabilities are hedged against changes in the risk-free base rate. The assets and liabilities included in this hedging strategy are measured at fair value for the remaining term. The resulting effects in the income statement are offset by the corresponding gains and losses on the interest rate hedging instruments.

The value at risk is determined using a historical simulation based on the last 250 trading days and with a retention period of 10 days as well as a confidence level of 99% and the potential change in financial instruments if interest and exchange rates vary.

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To our shareholders The Company

As of 31 July 2009, the value at risk for interest rate risk was €46 million and €99 million for foreign currency risk.

The entire value at risk for interest rate and foreign currency risk in the financial services division was €108 million.

5. Methods for monitoring hedge effectiveness At the inception of a hedge relationship, the group formally designates and documents the hedge relationship to which the group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument’s effectiveness in offsetting the exposure to changes in the hedged item’s fair value or cash flows. At the Porsche group, the effectiveness of hedges is permanently monitored both prospectively and retrospectively. Both the critical terms match method and statistical methods in the form of regression analysis are used to prospectively measure effectiveness. Retrospective analysis of effectiveness uses effectiveness tests in the form of the dollar offset method or a regression analysis.

Under the dollar offset method, the changes in value of the hedged item expressed in monetary units are compared with the changes in value of the hedging instrument expressed in monetary units.

Where regression analysis is used, the change in value of the hedged item is presented as an independent variable, and that of the hedging instrument as a dependent variable. Currency transactions are classified as effective hedge relationships if they have sufficient coefficients of determination and slope factors.

Notional amount of derivative financial instruments:

Notional amount Due within Due in Due in more Total Total one year one to than five notional notional five years years amount amount € million 31 July 2009 31 July 2008

Currency derivatives 25,441 29,832 50 55,323 15,816 Interest derivatives 17,166 39,134 2,114 58,414 6,203 Commodity futures contract 463 867 33 1,363 0 Stock price derivatives with positive carrying amount 8,575 0 0 8,575 26,019 Stock price derivatives with negative carrying amount 8,575 0 0 8,575 31,009 60,220 69,833 2,197 132,250 79,047

As a result of the sale of stock options shortly after the balance sheet date, the notional amounts of the stock price derivatives both on the assets and liabilities side decrease to €1,579 million.

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The hedged items in cash flow hedges are expected to be realized largely in accordance with the maturity buckets of the hedges reported in the table. Market values of the derivatives are determined using market data on the balance sheet date and suitable valuation methods. The table contains the nominal volume of the derivative financial instruments both on the assets and the liabilities side.

6. Measurement of financial instruments The market value of financial instruments is determined by reference to stock market listings, reference prices or generally accepted calculation models such as the discounted cash flow method. The following term structure of interest rates was used where appropriate:

EUR USD GBP MXN AUD

Interest rate for 6 months 1.13-1.31 0.93-1.11 1.10-1.41 4.70 3.81 Interest rate for 1 year 1.35-1.50 1.50-1.61 1.42-1.70 4.74 4.40 Interest rate for 5 years 2.81-2.90 2.90-2.99 3.67 7.17 5.71 Interest rate for 10 years 3.56-3.65 3.69-3.85 4.14-4.24 8.14 6.09 Interest rate for 15 years 3.94-4.05 3.98-4.13 4.36-4.46 – 6.12

RUB CHF JPY CAD SEK CZK

Interest rate for 6 months 12.38-13.00 0.47-0.51 0.64-0.70 1.10 1.33 2.30 Interest rate for 1 year 11.75-12.76 0.77-0.81 0.83-0.87 1.60 1.60 2.58 Interest rate for 5 years 11.85-12.28 1.70-1.88 0.89-0.92 2.76 2.84 3.47 Interest rate for 10 years 12.05-12.30 2.52-2.72 1.39-1.49 3.60 3.72 3.84 Interest rate for 15 years 12.30 2.52-3.10 1.71-1.84 4.25 – 4.15

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To our shareholders The Company

The following table shows the reconciliation of the items of the balance sheet to the classes of financial instruments, as well as the comparison of carrying amount and fair value:

Measurement Carrying Fair value Carrying Fair value category amount 31/7/2009 amount 31/7/2008 € million under IAS 39 31/7/2009 31/7/2008

Assets Other financial assets AfS 678 678 64 64 Other loans LaR 2 2 0 0 Receivables from long-term development contracts n/a 8 8 28 28 Trade receivables LaR 6,707 6,707 240 240 Receivables from financial services LaR/IAS 17 62,152 62,510 1,773 1,787 Derivative financial instruments 4,567 4,567 18,330 18,330 Hedge accounting n/a 3,228 3,228 826 826 Currency derivatives HfT 467 467 188 188 Interest derivatives HfT 15 15 15 15 Stock price derivatives HfT 774 774 17,301 17,301 Commodity futures contract HfT 83 83 0 0 Other financial receivables LaR 3,411 3,541 1,456 1,456 Securities 3,437 3,437 4,404 4,404 Measured at fair value AfS/HfT/FVtPL 3,437 3,437 4,373 4,373 Measured at amortized cost HtM 0 0 31 31 Cash and cash equivalents LaR 25,036 25,036 6,990 6,990

Equity Financial liabilities 93,621 94,528 16,386 16,269 and Financial liabilities FLAC 91,440 92,343 14,143 14,019 liabilities Financial liabilities n/a 2,181 2,185 2,243 2,250 Liabilities from long-term development contracts n/a 2 2 5 5 Trade payables FLAC 11,223 11,223 581 581 Other financial liabilities FLAC 2,285 2,363 91 91 Derivative financial instruments 3,788 3,788 5,696 5,696 Hedge accounting n/a 1,258 1,258 4 4 Currency derivatives HfT 624 624 7 7 Interest derivatives HfT 13 13 6 6 Stock price derivatives HfT 1,893 1,893 5,679 5,679

The market value of receivables from financial services is determined using the current market interest rates as of the balance sheet date instead of the internal interest rate.

The market value of the financial derivatives is disclosed in the balance sheet under other receivables and assets or other liabilities.

The receivables from financial services contain assets of €18,832 million (prior year: €1,326 million) which are valued in accordance with IAS 17.

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The carrying amounts are allocated to the respective measurement categories as follows:

Carrying amount € million 31/7/2009 31/7/2008

Financial assets at fair value through profit or loss 1,411 17,974 Designated upon initial recognition (FVtPL) 32 431 Held for trading (HfT) 1,379 17,543 Held to maturity investments (HtM) 0 31 Loans and receivables (LaR) 78,476 9,133 Available-for-sale financial assets (AfS) 4,043 3,967 Financial liabilities at fair value through profit or loss 2,530 5,692 Designated upon initial recognition (FVtPL) 0 0 Held for trading (HfT) 2,530 5,692 Financial liabilities measured at amortized cost (FLAC) 104,948 14,815

The net gains or losses of the respective measurement categories are as follows:

Net gains or losses € million 2008/09 2007/08

Financial instruments at fair value through profit or loss – 2,285 6,608

Designated upon initial recognition (FVtPL) – 57 1

Held for trading (HfT) – 2,228 6,607 Held to maturity investments (HtM) 1 2 Loans and receivables (LaR) 1,599 213

Available-for-sale financial assets (AfS) – 54 79

Financial liabilities measured at amortized cost (FLAC) – 2,595 – 360

The net gains or losses from financial instruments in the measurement categories according to IAS 39 are made up of interest, the fair value measurement of financial instruments, currency translation gains or losses, impairments and gains on disposal. Interest also includes interest income and expenses from the financial services division’s loans and leasing business. The financial instruments reported at fair value do not include dividend income.

The following table shows gains and losses resulting from hedges.

€ million 2009 2008

Hedging instruments used in fair value hedges – 362 27

Hedged items used in fair value hedges 307 – 27 Ineffective portion of cash flow hedges 7 0

The ineffective portion of cash flow hedges represents the income and expenses from changes in the fair value of hedging instruments exceeding the change in fair value of hedged items, for which, however, the effectiveness within the acceptable t range of 80% to 125% could be demonstrated. Such income or expenses are recognized directly in other operating income and other operating expenses.

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To our shareholders The Company

In the course of the fiscal year, €164 million expenses (prior year: €272 million income) was transferred from the cash flow hedge reserve to other operating income and expenses, and an expense of €10 million (prior year: €0 million) was transferred to the financial result. These figures also contain transfers from the cash flow hedge reserve for foreign currency hedges which were no longer accounted for as cash flow hedges due to the lapse of the hedged item. These have a notional amount of €2,870 million (prior year: €133 million). This contains a nominal volume of €979 million due in more than one year. The remaining amount fell due in the fiscal year 2008/09 or is due in the short term. Losses of €9 million (prior year: €12 million) have been reversed from the reserve for available-for-sale securities. The addition to the reserve for available-for-sale securities resulted in an increase of €15 million (prior year: €38 million decrease).

For cash flow hedge accounting purposes, hedged future cash flows of the following five fiscal years are considered.

Realization of the gain or loss and cash flow generally fall within the same period.

[32] Contingent liabilities

31/7/2009 31/7/2009 31/7/2008 Porsche € million without VW

Guarantees 174 0 0 Warranties 51 29 27 Collateral for third-party liabilities 232 167 130 Other contingent liabilities 796 0 0

No provisions were recognized for contingent liabilities as the occurrence of the risk is not probable.

The trust assets and liabilities not included in the consolidated balance sheet of the saving and trust companies belonging to the South American subsidiaries of the Volkswagen subgroup amounted to €632 million (prior year: €0 million). These are included in other contingent liabilities.

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[33] Other financial obligations

Porsche Payable Payable Payable Total without VW Total € million 2010 2011-2013 from 2014 2008/09 2008/09 2007/08

Purchase commitments in respect of Property, plant and equipment 1,973 808 11 2,792 324 423 Intangible assets 207 151 0 358 190 119 Investment property 2 0 0 2 0 0 Obligations from irrevocable credit commitments 1,844 0 0 1,844 0 0 loan commitments to subsidiaries 109 0 0 109 0 0 long-term leasing and rental contracts 359 943 1,492 2,794 128 91 Sundry other financial obligations 1,886 937 4 2,827 21 17

Sundry other financial obligations contain in particular obligations from the future acquisition of shares of LeasePlan Corporation N.V. (please refer to note [34]) and include order volumes from the acquirer of the gedas group, agreed to by contract for the coming years.

Rent and leasing payments recorded as an expense in the fiscal year total €310 million (prior year:

€ 49 million). The leases also contain renewal and purchase options as well as escalation clauses.

Litigation Porsche SE or any of its group companies are not party to any legal or arbitration proceedings that may have a material effect on the economic position of the group, or have had such an effect within the last two years. Legal proceedings are expected for the tax treatment of part of the stock option gains. Income tax provisions have been recognized for possible obligations arising from this litigation. Appropriate provisions are established by the group company concerned for any potential costs arising from other legal or arbitration proceedings pending, or the company has adequate insurance cover.

[34] Subsequent events On 13 August 2009 and 11 September 2009, the supervisory board of Porsche SE approved the basic agreement negotiated between the executive boards of Porsche SE and of Volkswagen AG, the workforce representatives of both companies and the ordinary shareholders of Porsche SE, describing the stages of creating an integrated automotive group. This basic agreement provides in a first step an indirect, 42% investment from Volkswagen AG in Porsche AG, for which the former will implement a capital increase in the first half of 2010. Porsche SE plans to raise capital by issuing new ordinary and preference shares in the first half of 2011. In addition, the shareholders of Volkswagen AG will be presented an amendment to the articles of association to vote on at the next annual general meeting. This will establish the State of Lower Saxony's right to appoint two members of the supervisory board of Volkswagen AG. A further proposal to be decided at the annual general meeting is to confirm the regulation already included in the articles of association that requires an 80% majority on resolutions for which the German stock corporation law requires at least a three-quarters majority of the share capital represented. The planned amendment of the articles of association with respect to the right of the State of Lower Saxony to appoint two members of the supervisory board of Volkswagen AG will not allow that Porsche SE continues to con-

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solidate Volkswagen as a subgroup. The necessary deconsolidation would would not affect the liquidity situation, but it would have a sustainable effect on the consolidated financial statements of Porsche SE. Volkswagen AG would again be accounted for as an associate in the consolidated financial statements of Porsche SE. In accordance with current IFRS rulings, the investment would be recognized in the balance sheet based on the quoted stock price of Volkswagen AG’s ordinary shares at the time of deconsolidation. The currently observable quoted stock price of the ordinary shares of Volkswagen AG would result in a significant deconsolidation loss.

The common target is the merger of Porsche SE with Volkswagen AG during 2011, provided the legal prerequisites for the merger are fulfilled.

Should the merger not take place, the basic agreement provides that Porsche SE has a put option for the remaining indirect 58% share in Porsche AG, and Volkswagen AG has a call option for this share. As a modification to the basic agreement, it is planned in a first step for Volkswagen AG to obtain 49.9% (instead of 42%) in Porsche AG in return for a cash contribution of €3.9 billion. The percentages covered by the put and call options decrease respectively.

Once the details of the implementation agreements which stipulate the steps to be undertaken for the merger of Porsche SE and Volkswagen AG have been clarified, Prof. Dr. Martin Winterkorn and Hans Dieter Pötsch will take office as CEO and members of the executive board of Porsche SE respectively. They will perform their new functions in addition to their current roles on the executive board of Volkswagen AG.

On 14 August 2009, Qatar Holding LLC signed an agreement to contribute €265 million to the syndicated loan of up to €12.5 billion. In August Porsche SE also sold a significant portion of the cash-settled hedging derivatives relating to the shares of Volkswagen AG. The sale released collateral of around €1.4 billion that had been pledged in the course of hedging transactions. This improved the Porsche group's liquidity considerably.

Qatar Holding LLC also acquired 10% of Porsche SE’s ordinary shares in August 2009.

Subsequent to the balance sheet date, Porsche SE began negotiations for the sale of cash-settled stock options that were not yet intended for sale on 31 July 2009 on about 3% of the ordinary shares of Volkswagen AG.

On 18 August 2009, Porsche SE signed a hold harmless agreement in favor of the Association of German Banks (Bundesverband deutscher Banken e.V.) for any losses which that association might suffer from measures pursuant to Art. 2 (2) of the statutes of the deposit guarantee fund agency in favor of Volkswagen Bank GmbH. For internal purposes, Volkswagen AG in turn has agreed to hold Porsche SE harmless from any obligations resulting therefrom.

In the course of criminal investigations by the state prosecutor into alleged market manipulation and infringement of publication duties by former members of the executive board and (with regard to alleged manipulation of the market) another officer of Porsche SE, the business premises of Porsche SE and Porsche AG at their headquarters in Zuffenhausen were investigated on 20 August 2009. Both companies deny the public prosecutor’s allegations while cooperating with investigations and providing their full support to the investigating officers in order to clarify the matter as soon as possible.

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Talks with the syndicate of banks commenced at the end of August 2009. The target of these talks is to renegotiate the existing syndicated loan at more favorable terms after finalization of the basic agreement.

In fiscal year 2008/09, the Porsche group agreed to repurchase a part of the hybrid bond issued to institutional investors in December 2007 at total notional amount of €1.0 billion. The repurchase, which was executed on 31 August 2009, led to a cash outflow of €0.5 billion.

In the course of the acquisition of all shares in LeasePlan Corporation N.V., Amsterdam and the subsequent sale of 50% of the shares to two co-investors, Volkswagen AG reached an agreement with the co-investors on put options which entitle the latter to sell their shares to Volkswagen AG. On 22 December 2008, the co-investors announced that they would make use of their put options. In September 2009, Volkswagen agreed with the co-investors to acquire shares in the fiscal year 2009/10 for a purchase price of approx. €1.3 billion. The planned simultaneous transfer of the shares to a new co-investor requires the approval of the oversight authorities.

[35] Segment reporting The objective of the segment reporting is to provide information about the main operations of the group. In accordance with IFRS 8 (Operating Segments), the group’s activities are broken down by operating segments. Segmentation is based on the internal reporting and organizational structure. Segmentation by operating segments shows activities of the Porsche and Volkswagen business segments. The segments comprise the development, production and sale of vehicles of the respective subgroups and their financing and leasing business for customers and dealers. The Volkswagen business segment comprises all activities of the Volkswagen group. The other group companies, including Porsche SE, are allocated to the Porsche business segment.

Internal controlling and reporting Segment reporting is generally based on the same accounting policies as the consolidated financial statements. Measurement methods have not changed in comparison to earlier periods. The executive board of Porsche Automobil Holding SE is responsible for allocating resources and assessing the earnings power of the reportable segments. The segments are managed using profit before the financial result and income taxes.

Intersegment receivables and liabilities, provisions, income and expenses as well as intersegment profits and losses are eliminated in the column “reconciliation”. This column also includes the items not allocable to the individual segments. The business relations between the entities of the Porsche group are generally based on prices as agreed with third parties.

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To our shareholders The Company

Sales to third-parties show the share of each operating segment in the Porsche group’s revenue. Intersegment sales revenue show the sales effected between the segments. Earnings before financial income and income tax constitute the segment result. The material expenses / income include the results from stock options. The non-cash expenses included therein amounts to €10,283 million and are allocable to the Porsche segment (prior year: non-cash income of €2,910 million). Segment assets include all assets except for income tax claims and assets where the associated income and expenses are allocable to the financial result. The amortization and depreciation and additions to non-current assets relate to property, plant and equipment, intangible assets, investment property and leased assets.

Segment information by business division

Porsche € million 2008/09 2007/08

Sales to third parties 6,564 7,467 Intersegment sales revenue 43 0 Segment sales revenue 6,607 7,467

Segment result – 1,751 7,710 Segment assets 9,029 26,272 Material items of income 53,653 19,256 Material items of expense 56,116 12,423 Amortization and depreciation 637 569 Impairments 0 0 Additions to non-current assets1 1,716 1,362

1 intangible assets, property, plant and equipment, leased assets and investment property

The figures for the segments are reconciled to the corresponding group values as follows:

€ million 2008/09 2007/08

Segment result (operating profit)

Segment total – 3,676 7,710 Consolidation 19 0

Profit before financial result – 3,657 7,710

Financial result – 748 859

Group profit before tax – 4,405 8,569

Segment assets Segment total 172,359 26,272 Interest-bearing assets 37,232 19,118 Current and deferred taxes 4,767 187 Other assets not allocated 64 0

Consolidation – 857 0 Group assets 213,565 45,577

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Volkswagen Segment total Reconciliation Porsche group 2008/09 2007/08 2008/09 2007/08 2008/09 2007/08 2008/09 2007/08

50,517 0 57,081 7,467 0 0 57,081 7,467

330 0 373 0 – 373 0 0 0

50,847 0 57,454 7,467 – 373 0 57,081 7,467

– 1,925 0 – 3,676 7,710 19 0 – 3,657 7,710 163,330 0 172,359 26,272 41,206 19,305 213,565 45,577 0 0 53,653 19,256 0 0 53,653 19,256 0 0 56,116 12,423 0 0 56,116 12,423 5,179 0 5,816 569 0 0 5,816 569 353 0 353 0 0 0 353 0 8,613 0 10,329 1,362 0 0 10,329 1,362

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To our shareholders The Company

Segment information by region The segment information by region is based on sales to third parties broken down by where the customer is based and the non-current assets by the region in which the asset is located. The information on non-current assets refers to intangible assets, property, plant and equipment, investment property and leased assets.

Rest of Europe Germany and other regions € million 2008/09 2007/08 2008/09 2007/08

Sales to third parties 16,328 1,367 24,048 2,805 Non-current assets 44,580 1,946 19,303 111

IFRS 8 was early adopted for fiscal 2008/09. The corresponding figures for fiscal 2007/08 were adjusted accordingly.

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North America South America Asia/Oceania Consolidation Porsche group

2008/09 2007/08 2008/09 2007/08 2008/09 2007/08 2008/09 2007/08 2008/09 2007/08

7,538 2,112 4,302 136 4,865 1,047 0 0 57,081 7,467 8,990 880 2,508 0 785 26 67 12 76,233 2,975

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To our shareholders The Company

[36] Disclosure pursuant to Sec. 160 (1) No. 8 AktG [“Aktiengesetz”: German Stock Corporation Act] Notification on 5 August 2008

On 5 August 2008, Ferdinand Karl Alpha Privatstiftung, Vienna, Austria made the following announcement:

“The voting share of Ferdinand Karl Alpha Privatstiftung in Porsche Automobil Holding SE, registered under HRB 724512 at the Stuttgart local court, with registered office in Stuttgart and the business address Porscheplatz 1, D-70435 Stuttgart, exceeded on 30 July 2008 the voting right thresholds of 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75% and on that date amounted to 100% of the voting rights.

Of these, 13.16% of the voting rights (11,517,300 of a total of 87,500,000 voting rights) are allocable to Ferdinand Karl Alpha Privatstiftung in accordance with Sec. 22 (1) Sentence 1 No. 1 WpHG. The voting rights allocable to Ferdinand Karl Alpha Privatstiftung pursuant to Sec. 22 (1) Sentence 1 No. 1 WpHG are held via the following dependent companies whose voting share in Porsche Automobil Holding SE is 3% or more: Dipl. Ing. Dr. h.c. Ferdinand Piëch GmbH, FN 202342 m, with registered office in Salzburg and the business address Sonnleitenweg 12, 5020 Salzburg; Ferdinand Piëch GmbH, HRB 163967 of the Munich local court, with the registered office in Grünwald and business address Karl-Valentin-Strasse 23, DE-82031 Grünwald.

Moreover, 86.84% of the voting rights (75,982,700 voting rights of a total of 87,500,000 voting rights) of shareholders whose voting share in Porsche Automobil Holding SE amounts to 3% or

more are allocable to Ferdinand Karl Alpha Privatstiftung in accordance with Sec. 22 (2) WpHG because, as a subsidiary of Ferdinand Karl Alpha Privatstiftung, Ferdinand Piëch GmbH coordinates its actions regarding Porsche Automobil Holding SE on account of the existing consortium agreement with these shareholders. The voting rights allocable to Ferdinand Karl Alpha Privatstiftung pursuant to Sec. 22 (2) WpHG are held by the following companies: Hans-Michel Piëch GmbH, Familie Porsche Beteiligung GmbH, Familien Porsche-Daxer-Piëch Beteiligung GmbH, Porsche Gesellschaft mit beschränkter Haftung.“

Notification on 6 August 2008

On 6 August 2008, Ferdinand Karl Alpha Privatstiftung with registered office in Vienna, Austria made the following announcement as a correction to their announcement of 5 August 2008:

“The voting share of Ferdinand Karl Alpha Privatstiftung, Vienna, Austria in Porsche Automobil Holding SE, registered under HRB 724512 at the Stuttgart local court, with registered office in Stuttgart and the business address Porscheplatz 1, D-70435 Stuttgart, exceeded on 30 July 2008 the voting right thresholds of 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75% and on that date amounted to 100% of the voting rights.

Of these, 13.16% of the voting rights (11,517,300 of a total of 87,500,000 voting rights) are allocable to Ferdinand Karl Alpha Privatstiftung in accordance with Sec. 22 (1) Sentence 1 No. 1 WpHG. The voting rights allocable to Ferdinand Karl Alpha Privatstiftung pursuant to Sec. 22 (1) Sentence 1 No. 1 WpHG are held via the following dependent companies whose voting share in Porsche Automobil Holding SE is 3% or more: Dipl. Ing. Dr. h.c. Ferdinand Piëch GmbH, FN 202342 m, with registered office in Salzburg, Austria; Ferdinand Piëch GmbH, HRB 163967 of the Munich local court, with registered office in Grünwald, Germany.

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Moreover, 86.84% of the voting rights (75,982,700 voting rights of a total of 87,500,000 voting rights) of shareholders whose voting share in Porsche Automobil Holding SE amounts to 3% or more are allocable to Ferdinand Karl Alpha Privatstiftung in accordance with Sec. 22 (2) WpHG because, as a subsidiary of Ferdinand Karl Alpha Privatstiftung, Ferdinand Piëch GmbH coordinates its actions regarding Porsche Automobil Holding SE on account of the existing consortium agreement with these shareholders. The voting rights allocable to Ferdinand Karl Alpha Privatstiftung pursuant to Sec. 22 (2) WpHG are held by the following companies: Hans-Michel Piëch GmbH, Familie Porsche Beteiligung GmbH, Familien Porsche-Daxer-Piëch Beteiligung GmbH, Porsche Gesellschaft mit beschränkter Haftung.”

Notifications on 19 December 2008

On 19 December 2008, Dr. Oliver Porsche, Austria, announced, on behalf of and with the authorization of Familie Porsche Beteiligung GmbH, Grünwald, Germany, as a correction to the announcement of 3 January 2003 pursuant to Sec. 21 (1) WpHG, that the share of voting rights in Porsche Automobil Holding SE (at that time operating under the name Dr. Ing. h.c. F. Porsche Aktiengesellschaft), Porscheplatz 1, 70435 Stuttgart held by Familie Porsche Beteiligung GmbH as of 30 December 2002 exceeded the thresholds of 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%, and amounted to 100% as of that date (8,750,000 voting rights). As of today, it also amounts to 100% (87,500,000 voting rights).

Allocation as of 30 December 2002 49.90% of the voting rights (4,365,970 voting rights) were allocated to Familie Porsche Beteiligung GmbH as of 30 December 2002 in accordance with Sec. 22 (2) WpHG on the basis of a consortium agreement. The share of voting rights allocated to the following shareholders in accordance with Sec. 22 (2) WpHG came to 3% or more: Ferdinand Piëch GmbH, Hans-Michel Piëch GmbH, Porsche GmbH, all based in Stuttgart, Germany.

Allocation as of today 75.57% of the voting rights (661,208,000 voting rights) are allocated to Familie Porsche Be- teiligung GmbH as of today in accordance with Sec. 22 (2) WpHG on the basis of a consortium agreement. The share of voting rights allocated to the following shareholders in accordance with Sec. 22 (2) WpHG comes to 3% or more: Familien Porsche-Daxer-Piëch Beteiligung GmbH, Ferdi- nand Piëch GmbH, Hans-Michel Piëch GmbH, all based in Grünwald, Germany, Porsche GmbH, Stuttgart, Germany.

On 19 December, 2008, Dr. Oliver Porsche, Austria, announced on his own behalf and on behalf of and with the authorization of the persons listed below (hereinafter also referred to as the “notifying parties”) as a correction to the correction from January 2007 and published on 2 February 2007 in accordance with Sec. 41 (2) Sentence 1 WpHG that their respective shares in the voting rights of Porsche Automobil Holding SE (at that time operating under the name Dr. Ing. h.c. F. Porsche Aktiengesellschaft), Porscheplatz 1, 70435 Stuttgart amounted to 100% (8,750,000 voting rights) as of 1 April, 2002. As of today, it also amounts to 100% (87,500,000 voting rights).

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To our shareholders The Company

Allocation as of 1 April 2002 These voting rights were allocable to the individual notifying parties as follows on 1 April 2002 pursuant to Sec. 41 (2) Sentence 1, Sec. 22 (1) Sentence 1 No. 1, Sec. 22 (2) WpHG:

Pursuant to Pursuant to Sec. 41 (2) Sentence 1, Sec. 41 (2) Sentence 1, Sec. 22 (1) Sentence 1 Sec. 22 (2) WpHG Notifying party and address No. 1 WpHG

Mag. Josef Ahorner, 7.64% 92.36% Austria (668,750 voting rights) (8,081,250 voting rights) Mag. Louise Kiesling, 7.64% 92.36% Austria (668,750 voting rights) (8,081,250 voting rights) Dr. Oliver Porsche, 12.26% 87.74% Austria (1,072,740 voting rights) (7,677,260 voting rights) Kai Alexander Porsche, 12.26% 87.74% Austria (1,072,740 voting rights) (7,677,260 voting rights) Mark Philipp Porsche, 12.26% 87.74% Austria (1,072,740 voting rights) (7,677,260 voting rights) Peter Daniell Porsche, 12.22% 87.78% Austria (1,068,960 voting rights) (7,681,040 voting rights)

The allocable voting rights of the following notifying parties pursuant to Sec. 41 (2) Sentence 1, Sec. 22 (1) Sentence 1 No. 1 WpHG were held via the following controlled companies, whose attributable share of voting rights amounted to 3% or more each:

Notifying party Controlled company

Mag. Josef Ahorner, Mag. Louise Kiesling Louise Daxer-Piëch GmbH, Salzburg Louise Daxer-Piëch GmbH, Stuttgart Dr. Oliver Porsche, Kai Alexander Porsche, Prof. Ferdinand Alexander Porsche GmbH, Salzburg, Mark Philipp Porsche Ferdinand Alexander Porsche GmbH, Stuttgart Peter Daniell Porsche Ing. Hans-Peter Porsche GmbH, Salzburg, Hans-Peter Porsche GmbH, Stuttgart

3% or more of the voting rights arising from the shares of the following shareholders were allocated to the notifying parties in accordance with Sec. 41 (2) Sentence 1, Sec. 22 (2) WpHG (excluding those notifying parties that have already been allocated voting rights arising from the shares of the respective shareholder in accordance with Sec. 41 (2) Sentence 1, Sec. 22 (1) Sentence 1 No. 1 WpHG): Ferdinand Alexander Porsche GmbH, Hans-Peter Porsche GmbH, Wolfgang Porsche GmbH, Gerhard Porsche GmbH, Louise Daxer-Piëch GmbH, Ferdinand Piëch GmbH, Hans-Michel Piëch GmbH, Porsche GmbH, all based in Stuttgart, Germany.

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Allocation as of today As of today, these voting rights are allocable to the individual notifying parties pursuant to Sec. 41 (2) Sentence 1, Sec. 22 (1) Sentence 1 No. 1, Sec. 22 (2) WpHG as follows:

Pursuant to Pursuant to Sec. 22 (1) Sentence 1 No. 1 Sec. 22 (2) WpHG Notifying party and address WpHG

Mag. Josef Ahorner, 25.67% 74.33% Austria (224,611,000 voting rights) (650,389,000 voting rights) Mag. Louise Kiesling, 25.67% 74.33% Austria (224,611,000 voting rights) (650,389,000 voting rights) Dr. Oliver Porsche, 25.67% 74.33% Austria (224,611,000 voting rights) (650,389,000 voting rights) Kai Alexander Porsche, 25.67% 74.33% Austria (224,611,000 voting rights) (650,389,000 voting rights) Mark Philipp Porsche, 25.67% 74.33% Austria (224,611,000 voting rights) (650,389,000 voting rights) Peter Daniell Porsche, 24.43% 75.57% Austria (223,792,000 voting rights) (661,208,000 voting rights)

As of today, the allocable voting rights of the following notifying parties pursuant to Sec. 41 (2) Sentence 1, Sec. 22 (1) Sentence 1 No. 1 WpHG are held via the following controlled companies, whose attributable share of voting rights amounts to 3% or more each:

Notifying party Controlled company

Mag. Josef Ahorner, Austria, Ferdinand Porsche Privatstiftung, Salzburg, Ferdinand Porsche Holding Mag. Louise Kiesling, Austria, GmbH, Salzburg, Louise Daxer-Piëch GmbH, Salzburg, Dr. Oliver Porsche, Austria, Louise Daxer-Piëch GmbH, Grünwald, Kai Alexander Porsche, Austria, Prof. Ferdinand Alexander Porsche GmbH, Salzburg, Ferdinand Alexander Mark Philipp Porsche, Austria Porsche GmbH, Grünwald, Gerhard Anton Porsche GmbH, Salzburg, Gerhard Porsche GmbH, Grünwald, Familien Porsche-Daxer-Piëch Beteiligung GmbH, Grünwald Peter Daniell Porsche Familie Porsche Privatstiftung, Salzburg, Familie Porsche Holding GmbH, Salzburg, Ing. Hans-Peter Porsche GmbH, Salzburg, Hans-Peter Porsche GmbH, Grünwald, Familie Porsche Beteiligung GmbH, Grünwald

As of today, 3% or more of the voting rights arising from the shares of the following shareholders are allocated to the notifying parties in accordance with Sec. 41 (2) Sentence 1, Sec. 22 (2) WpHG (excluding those notifying parties that are already allocated voting rights arising from the shares of the respective shareholder in accordance with Sec. 41 (2) Sentence 1, Sec. 22 (1) Sentence 1 No. 1 WpHG): Familie Porsche Beteiligung GmbH, Familien Porsche-Daxer-Piëch Be- teiligung GmbH, Ferdinand Piëch GmbH, Hans-Michel Piëch GmbH, all based in Grünwald, Germany, Porsche GmbH, Stuttgart, Germany.

Notification on 14 May 2009

On 23 December 2008, at 7.22 p.m., Porsche Automobil Holding SE issued a ‘Correction to the publication of a miscellaneous voting right announcement’ entitled ‘Correction of a publication pursuant to Sec. 25 (1) WpHG, old version’. As a correction, it is hereby announced that this was a

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To our shareholders The Company

'Correction to the publication of a miscellaneous voting right announcement pursuant to Sec. 21 (1) WpHG’ and 'Correction of a publication pursuant to Sec. 26 (1) WpHG’.

The publication on 23 December 2008 at 7.22 p.m. was worded as follows:

‘On 19 December 2008, Dr. Oliver Porsche, Austria, announced, on behalf of and with the authorization of Familie Porsche Beteiligung GmbH, Grünwald, Germany, as a correction to the announcement of 3 January 2003 pursuant to Sec. 21 (1) WpHG, that the share of voting rights in Porsche Automobil Holding SE (at that time operating under the name Dr. Ing. h.c. F. Porsche Aktiengesellschaft), Porscheplatz 1, 70435 Stuttgart held by Familie Porsche Beteiligung GmbH as of 30 December 2002 exceeded the thresholds of 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%, and amounted to 100% as of that time (8,750,000 voting rights). As of today, it also amounts to 100% (87,500,000 voting rights).

The share of voting rights allocated to the following shareholders in accordance with Sec. 22 (2) WpHG came to 3% or more: Ferdinand Piëch GmbH, Hans-Michel Piëch GmbH, Porsche GmbH, all based in Stuttgart, Germany.

The share of voting rights allocated to the following shareholders in accordance with Sec. 22 (2) WpHG comes to 3% or more: Familien Porsche-Daxer-Piëch Beteiligung GmbH, Ferdinand Piëch GmbH, Hans-Michel Piëch GmbH, all based in Grünwald, Deutschland Porsche GmbH, Stuttgart, Germany.’

Notification on 1 September 2009

We were notified of the following on 1 September 2009:

“(1) Pursuant to Sec. 21 (1) WpHG we hereby notify for and on behalf of the State of Qatar, acting by and through the Quatar Investment Authority, P.O. Box: 23224, Doha, Qatar, that its indirect voting rights in Porsche Automobil Holding SE exceeded the thresholds of 3% and 5% and reached the threshold of 10% on 28 August 2009 and amounted to 10% of the voting rights of Porsche Automobil Holding SE (8,750,000 voting rights) as per this date, all of which are attributed to the State of Qatar pursuant to Sec. 22 (1) Sentence 1 No. 1 WpHG. Voting rights that are attributed to the State of Qatar are held via the following entities which are controlled by it and whose attributed proportion of voting rights in Porsche Automobil Holding SE amount to 3% each or more:

(a) Qatar Investment Authority, P.O. Box: 23224, Doha, Qatar; (b) Qatar Holding LLC, Qatar Finance Centre, 8th Floor, Q-Tel Tower, West Bay, Doha, Qatar; (c) Qatar Holding Luxembourg II S.à.r.l., 65 Boulevard Grande-Duchesse Charlotte, L-1331, Luxembourg; (d) Qatar Holding Netherlands B.V., Prins Bernhardplein 200, 1097 JB Amsterdam, The Netherlands.

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(2) Pursuant to Sec. 21 (1) WpHG we hereby notify for and on behalf of Qatar Investment Authority, P.O. Box: 23224, Doha, Qatar, that its indirect voting rights in Porsche Automobil Holding SE exceeded the thresholds of 3% and 5% and reached the threshold of 10% on 28 August 2009 and amounted to 10% of the voting rights of Porsche Automobil Holding SE (8,750,000 voting rights) as per this date, all of which are attributed to the Qatar Investment Authority pursuant to Sec. 22 (1) Sentence 1 No. 1 WpHG. Voting rights that are attributed to the Qatar Investment Authority are held via the entities as set forth in (1) (b) through (d) which are controlled by it and whose proportion of voting rights in Porsche Automobil Holding SE amount to 3% each or more.

(3) Pursuant to Sec. 21 (1) WpHG we hereby notify for and on behalf of Qatar Holding LLC, Qatar Finance Centre, 8th Floor, Q-Tel Tower, West Bay, Doha, Qatar, that its indirect voting rights in Porsche Automobil Holding SE exceeded the thresholds of 3% and 5% and reached the threshold of 10% on 28 August 2009 and amounted to 10% of the voting rights of Porsche Automobil Holding SE (8,750,000 voting rights) as per this date, all of which are attributed to Qatar Holding LLC pursuant to Sec. 22 (1) Sentence 1 No. 1 WpHG. Voting rights that are attributed to Qatar Holding LLC are held via the entities as set forth in (1) (c) through (d) which are controlled by it and whose proportion of voting rights in Porsche Automobil Holding SE amount to 3% each or more.

(4) Pursuant to Sec. 21 (1) WpHG we hereby notify for and on behalf of Qatar Holding Luxembourg II S.à.r.l., 65 Boulevard Grande-Duchesse Charlotte, L-1331, Luxembourg, that its indirect voting rights in Porsche Automobil Holding SE exceeded the thresholds of 3% and 5% and reached the threshold of 10% on 28 August 2009 and amounted to 10% of the voting rights of Porsche Auto- mobil Holding SE (8,750,000 voting rights) as per this date, all of which are attributed to Qatar Holding Luxembourg II S.à.r.l. pursuant to Sec. 22 (1) Sentence 1 No. 1 WpHG. Voting rights that are attributed to Qatar Holding Luxembourg II S.à.r.l. are held via the entity as set forth in (1) (d) which is controlled by it and whose attributed proportion of voting rights in Porsche Automobil Holding SE amount to 3% or more.

(5) Pursuant to Sec. 21 (1) WpHG we hereby notify for and on behalf of Qatar Holding Netherlands B.V., Prins Bernhardplein 200, 1097 JB Amsterdam, The Netherlands, that its direct voting rights Porsche Automobil Holding SE exceeded the thresholds of 3% and 5% and reached the threshold of 10% on 28 August 2009 and amounted to 10% of the voting rights of Porsche Automobil Holding SE (8,750,000 voting rights) as per this date.

Frankfurt am Main, 1 September 2009”

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To our shareholders The Company

[37] Related parties In accordance with IAS 24, persons or entities which are in control of or controlled by Porsche SE must be disclosed. Pursuant to a consortium agreement, the Porsche and Piëch families have direct and indirect control respectively of Porsche Holding SE.

The disclosure requirements under IAS 24 also extend to persons who have the power to exercise significant influence over the entity, i.e. who have the power to participate in the financial and operating policies of the entity, but do not control it, including close family members. In the fiscal year 2008/09, this concerns members of the supervisory board and the executive board of Por- sche SE as well as their close family members.

The volume of trade in the course of ordinary operations in the vehicles and parts business with the Porsche and Piëch families and their affiliated entities came to €1,719.4 million (prior year: €144.1 million), and trade in the design business amounted to €1.4 million (prior year: €1.9 million).

To secure a loan provided to Porsche AG, the shareholders of Porsche Holding GmbH pledged a 20% package of ordinary shares of Porsche Holding GmbH and Porsche GmbH, Salzburg, a 2.4% Volkswagen share package with a liability limit of €600 million. To secure a further loan provided to Porsche AG, the shareholders of Porsche Holding GmbH pledged a 40% package of ordinary shares of Porsche Holding GmbH. For as long as this collateral exists, Porsche AG agrees to pay guarantee commission to Porsche GmbH, Salzburg, of 2.5% p.a. of the amount secured in each case and to the shareholders of Porsche Holding GmbH of 2.5% p.a. of the amount secured in each case. An amount of €10.4 million was recognized as a liability for this commission.

Apart from that, the Porsche und Piëch families provided automotive services and delivered clocks and related spare parts to Porsche AG. These deliveries and services are not material for the Porsche group and were charged at arm’s length conditions without exception. The Porsche and Piëch families granted an interest-free loan of €2 million (prior year: €2 million) to Porsche Lizenz- und Handelsgesellschaft mbH & Co. KG.

The disclosure requirements in the consolidated financial statements of Porsche SE as of 31 July 2009 pursuant to IAS 24 also include persons and entities on which the Porsche group can exert a significant influence. Before obtaining the majority of voting rights in Volkswagen AG, i.e. between 1 August 2008 and 5 January 2009, Porsche SE was able to exercise a significant influence on the Volkswagen group. During that time, business relations existed with the Volkswagen group from deliveries relating to the vehicle and parts business and from consulting and development services. In addition, shares from the mandatory offer for shareholders of Audi AG worth €86 million were resold to Volkswagen AG before the initial consolidation. The transactions were charged at arm's length conditions.

Since 5 January 2009 Porsche SE controls (in terms of IAS 27) non-consolidated subsidiaries and has joint control over joint ventures or can exercise significant influence over associates of the Volkswagen group. In this period, the trade relations with these entities mainly pertained to the vehicle and parts business. They were charged at arm's length conditions.

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Related parties

Supplies and Supplies and services rendered services received € million 2008/09 2007/08 2008/09 2007/08

Porsche and Piëch families 1,721 146 126 2 Volkswagen AG (prior to initial consolidation) 183 113 527 989 Members of the executive board and the supervisory board 0.5 0.2 0 0 Joint ventures 1,305 0 196 0 Associates 1,336 0 89 0 Pension plans 0.2 0 0.5 0 Non-consolidated subsidiaries 681 0 326 0 5,227 259 1,265 991

Receivables Liabilities € million 31/7/2009 31/7/2008 31/7/2009 31/7/2008

Porsche and Piëch families 217 3 12 2 Volkswagen AG (prior to initial consolidation) 0 18 0 22 Members of the executive board and the supervisory board 0.1 0 0.3 0 Joint ventures 1,941 0 41 0 Associates 20 0 12 0 Pension plans 1 0 0 0 Non-consolidated subsidiaries 659 0 206 0 2,838 21 271 24

For members of the executive board and of the supervisory board, short-term benefits of €5.5 million (prior year: €145.4 million), termination benefits of €71.0 million (prior year: €0.0 million) as well as post-employment benefits of €5.5 million (prior year: €2.1 million) were paid out. Payments of €0.5 million (prior year: €0.2 million) were made to members of the executive board and supervisory board as key management personnel, mainly for transactions in the vehicle and parts business. They were charged at arm's length conditions. Other than that, no transactions requiring disclosure were conducted by entities of the Porsche group with members of the supervisory board or executive board as key management personnel or with any other entities having these persons on their executive or supervisory board. The same applies for close family members of these persons.

239

To our shareholders The Company

[38] Remuneration of the supervisory board and the executive board The remuneration of the executive board consists of a fixed basic salary and a profit-based variable component. The remuneration of the executive board comprises short term benefits with an amount of €75.0 million for the fiscal year 2008/09 (prior year: €143.5 million). This contains severance payments of €71.0 million, fixed remuneration of €3.3 million and supervisory board payments made in the fiscal year of €0.7 million. The profit-based variable components contained in the prior-year figure amount to €139.5 million. The members of the executive board appointed on 23 July 2009 did not receive any remuneration from Porsche SE for the fiscal year. The pension obligations for active members of the executive board increased in the fiscal year by €5.5 million (prior year: €2.1 million).

The pension obligations to former executive board members and their surviving dependants total €45.5 million (prior year: €28.1 million). Benefit payments came to €1.6 million for this group of persons (prior year: €1.3 million).

The total remuneration of the supervisory board for the 2008/09 fiscal year is all short term and amounts to €1.5 million (prior year: €1.9 million).

The provisions for pensions are disclosed in note [26] and measured according to IAS 19. There are no further obligations towards the supervisory board and the executive board.

[39] Auditor’s fees The auditor’s fees for the auditor Ernst & Young GmbH recognized in the fiscal year in accordance with Sec. 314 (1) No. 9 German Commercial Code (HGB) break down as follows:

€ thousand 31/7/2009 31/7/2008

Audit of financial statements 1,240 828 Other assurance services 765 6 Tax advisory services 809 211 Other services 2,221 1,002 5,035 2,047

240

[40] Declaration on the German Corporate Governance Code The executive board and supervisory board of Porsche SE have issued the declaration required by Sec. 161 AktG in the annual report 2008/09. It is made permanently accessible to the shareholders on the homepage www.porsche-se.com.

The executive board and supervisory board of Volkswagen AG have issued the declaration on the German Corporate Governance Code required by Sec. 161 AktG on 21 November 2008 and made it permanently accessible to the shareholders of Volkswagen AG on the homepage www.volkswagenag.com/ir.

The executive board and supervisory board of AUDI AG also have issued the declaration on the German Corporate Governance Code required by Sec. 161 AktG on 24 November 2008 and made it permanently accessible to the shareholders on the homepage www.audi.de/cgk-erklaerung.

Stuttgart, 19 October 2009

Porsche Automobil Holding SE

The executive board

Michael Macht Thomas Edig

241

To our shareholders The Company

Responsibility statement

We assure to the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group, and the group management report includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal opportunities and risks associated with the expected development of the group.

Stuttgart, 19 October 2009

Porsche Automobil Holding SE

The executive board

Michael Macht Thomas Edig

242

Auditors’ report of the group auditor

“We have audited the consolidated financial statements prepared by Porsche Automobil Holding SE, Stuttgart, comprising the balance sheet, the income statement, the statement of cash flows, statement of changes in equity as well as the notes to the financial statements, together with the combined management report, for the fiscal year from 1 August 2008 to 31 July 2009. The preparation of the consolidated financial statements and the group management report in accordance with IFRSs as adopted by the EU, and the additional requirements of German commercial law pursuant to Sec. 315a (1) HGB [“Handelsgesetzbuch”: German Commercial Code] is the responsibility of the entity’s management. Our responsibility is to express an opinion on the consolidated financial statements and on the group management report based on our audit.

We conducted our audit of the consolidated financial statements in accordance with Sec. 317 HGB and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of net assets, financial position and results of operations in the consolidated financial statements in accordance with the applicable financial reporting framework and in the group management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the group and expectations as to possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting- related internal control system and the evidence supporting the disclosures in the consolidated financial statements and the group management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the annual financial statements of those entities included in consolidation, the determination of entities to be included in consolidation, the accounting and consolidation principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and the group management report. We believe that our audit provides a reasonable basis for our opinion.

Our audit has not led to any reservations.

In our opinion, based on the findings of our audit, the consolidated financial statements comply with IFRSs as adopted by the EU, and the additional requirements of German commercial law pursuant to Sec. 315a (1) HGB and give a true and fair view of the net assets, financial position and results of operations of the group in accordance with these requirements. The group management report is consistent with the consolidated financial statements and as a whole provides a suitable view of the group’s position and suitably presents the opportunities and risks of future development.

Without qualifying this opinion, we refer to the discussion in the group management report on risks and opportunities relating to future development. Here it says:

If the steps involved in the merger of Porsche Automobil Holding SE and Volkswagen AG and thus the debt relief of Porsche Automobil Holding SE do not take place as planned, this could once again lead Porsche Automobil Holding SE into a critical liquidity situation by the end of 2009 which could put the ability of the company and the group to continue as a going concern at risk.”

Stuttgart, 19 October 2009

Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft

Benzinger Strähle Wirtschaftsprüfer Wirtschaftsprüfer [German Public Auditor] [German Public Auditor]

243

To our shareholders The Company

Membership in other statutory supervisory boards and comparable domestic and foreign control bodies

Members of the supervisory board of Porsche Automobil Holding SE

Dr. Wolfgang Porsche Bernd Osterloh (from 30 January 2009) 1) Dr. Ing. h.c. F. Porsche AG, Stuttgart (chairman) 1) Volkswagen AG, Wolfsburg Volkswagen AG, Wolfsburg Auto 5000 GmbH, Wolfsburg 2) Porsche Holding GmbH, Salzburg (chairman) Autostadt GmbH, Wolfsburg Porsche Ges.m.b.H., Salzburg (chairman) Wolfsburg AG, Wolfsburg Porsche Bank AG, Salzburg (deputy chairman) Projekt Region Braunschweig GmbH, Wolfsburg Familie Porsche AG Beteiligungsgesellschaft, Volkswagen Coaching GmbH, Wolfsburg Salzburg (chairman) VfL Wolfsburg Fussball GmbH, Wolfsburg Porsche Cars Great Britain Ltd., Reading Porsche Cars North America Inc., Wilmington Hon.-Prof. Dr. techn. h.c. Dipl. Ing. ETH Porsche Ibérica S.A., Madrid Ferdinand K. Piëch Porsche Italia S.p.A., Padua 1) Dr. Ing. h.c. F. Porsche AG, Stuttgart Eterna S.A., Grenchen (chairman) Volkswagen AG, Wolfsburg (chairman) Schmittenhöhebahnen AG, Zell am See MAN AG, Munich (chairman) AUDI AG, Ingolstadt Uwe Hück 2) Porsche Holding GmbH, Salzburg 1) Dr. Ing. h.c. F. Porsche AG, Stuttgart Porsche Ges.m.b.H., Salzburg

Hans Baur Dr. Hans Michel Piëch 1) Dr. Ing. h.c. F. Porsche AG, Stuttgart (deputy 1) Dr. Ing. h.c. F. Porsche AG, Stuttgart chairman) 2) Porsche Bank AG, Salzburg Berthold Leibinger GmbH, Ditzingen Porsche Holding GmbH, Salzburg (deputy chairman) Berthold Huber (from 30 January 2009) Porsche Cars North America Inc., Wilmington 1) Audi AG, Ingolstadt (deputy chairman) Porsche Cars Great Britain Ltd., Reading Siemens AG, Munich (deputy chairman) Porsche Italia S.p.A., Padua Porsche Ibérica S.A., Madrid Prof. Dr. Ulrich Lehner Porsche Ges.m.b.H., Salzburg (deputy chairman) 1) Dr. Ing. h.c. F. Porsche AG, Stuttgart Volksoper Wien GmbH, Vienna HSBC Trinkaus & Burkhardt AG, Düsseldorf Schmittenhöhebahnen AG, Zell am See E.ON AG, Düsseldorf ThyssenKrupp AG, Düsseldorf Dr. Ferdinand Oliver Porsche Henkel Management AG, Düsseldorf 1) Dr. Ing. h.c. F. Porsche AG, Stuttgart Deutsche Telekom AG, Bonn (chairman) Voith AG, Heidenheim 2) Dr. August Oetker KG, Bielefeld 2) Porsche Lizenz- und Handelsgesellschaft mbH Henkel AG & Co. KGaA, Düsseldorf & Co. KG, Bietigheim-Bissingen Novartis AG, Basle PGA S.A., Paris Eterna S.A., Grenchen Peter Mosch (from 30 January 2009) 1) Volkswagen AG, Wolfsburg Hans-Peter Porsche Audi AG, Ingolstadt 1) Dr. Ing. h.c. F. Porsche AG, Stuttgart 2) Porsche Lizenz- und Handelsgesellschaft mbH & Co. KG, Bietigheim-Bissingen Familie Porsche AG Beteiligungsgesellschaft, Salzburg (deputy chairman) Porsche Holding GmbH, Salzburg Porsche Ges.m.b.H., Salzburg FAP Beteiligungen AG, Salzburg (chairman)

244

Werner Weresch 1) Dr. Ing. h.c. F. Porsche AG, Stuttgart

Wolfgang Leimgruber (until 30 January 2009) 1) Dr. Ing. h.c. F. Porsche AG, Stuttgart 2) Porsche France S.A., Boulogne-Billancourt

Hansjörg Schmierer (until 30 January 2009) 1) Dr. Ing. h.c. F. Porsche AG, Stuttgart Berthold Leibinger GmbH, Ditzingen Mahle GmbH, Stuttgart

Walter Uhl (until 30 January 2009) 1) Dr. Ing. h.c. F. Porsche AG, Stuttgart

(Disclosures pursuant to Sec. 285 No. 10 HGB) As of 31 July 2009 or the date on which members left the supervisory board or executive board of Porsche Automobil Holding SE. 1) Membership in German statutory supervisory boards 2) Comparable offices in Germany and abroad

245

To our shareholders The Company

Members of the executive board of Porsche Automobil Holding SE

Michael Macht (from 23 July 2009) Dr. Wendelin Wiedeking (until 23 July 2009) 2) Porsche Consulting GmbH, 1) Volkswagen AG, Wolfsburg* Bietigheim-Bissingen (chairman) AUDI AG, Ingolstadt* Porsche Consulting Italia S.r.l., Milan 2) Porsche Cars North America Inc., Porsche Leipzig GmbH, Leipzig (chairman) Wilmington* PIKS Porsche-Information-Kommunikation- Porsche Cars Great Britain Ltd., Reading* Services GmbH, Stuttgart Porsche Italia S.p.A., Padua* Advisory Board KS ATAG Porsche Ibérica S.A., Madrid* Porsche Japan K.K., Tokyo* Thomas Edig (from 23 July 2009) Porsche Enterprises Inc., Wilmington* 2) Porsche Consulting GmbH, Bietigheim-Bissingen Novartis AG, Basle Porsche Consulting Italia S.r.l., Milan Porsche Leipzig GmbH, Leipzig Holger P. Härter (until 23 July 2009) Mieschke Hofmann und Partner Gesellschaft für 1) EUWAX AG, Stuttgart (chairman) Management- und IT-Beratung mbH, Freiberg/N. Volkswagen AG, Wolfsburg* Porsche Logistik GmbH, Stuttgart AUDI AG, Ingolstadt* boerse-stuttgart AG, Stuttgart (chairman) 2) Porsche Cars North America Inc., Wilmington* Porsche Enterprises Inc., Wilmington (chairman)* Porsche Financial Services Inc., Wilmington (chairman)* Porsche Cars Great Britain Ltd., Reading* Porsche Italia S.p.A., Padua* Porsche Ibérica S.A., Madrid* Porsche Japan K.K., Tokyo* Porsche Deutschland GmbH, Bietigheim-Bissingen* Porsche Financial Services GmbH, Bietigheim-Bissingen (chairman)* PIKS Porsche-Information-Kommunikation- Services GmbH, Stuttgart (chairman) Mieschke Hofmann und Partner Gesellschaft für Management- und IT-Beratung mbH, Freiberg/N. (chairman)

* Until 23 July 2009

246

Balance sheet of Porsche Automobil Holding SE as of 31 July 20091

€ million 31/7/2009 31/7/2008

Assets Non-current assets Intangible assets . 0 Property, plant and equipment . 0 Financial assets 24,838 9,104 24,838 9,104 Current assets Trade receivables 2,703 0 Other assets 1,202 12,639 Securities 0 2,500 Cash and cash equivalents 2,164 6,030 6,069 21,169

Prepaid expenses 263 0 31,170 30,273 Equity Equity and Subscribed capital 175 175 liabilities Capital reserves 122 122 Retained earnings 7,688 6,974 Net profit available for distribution 8 2,190 7,993 9,461 Provisions Provisions for pensions and similar obligations 6 6 Sundry provisions 3,365 2,111 3,371 2,117 Liabilities Liabilities to banks 10,561 9,873 Trade payables 4 0 Sundry liabilities 9,241 8,822 19,806 18,695

31,170 30,273

1 The financial statements of Porsche SE have been prepared in accordance with German accounting standards (HGB) and are published in the elektronischer Bundesanzeiger (German Electronic Federal Gazette). They can be obtained from Porsche SE, Financial Press and Investor Relations, Porscheplatz 1, 70435 Stuttgart, Germany.

247

To our shareholders The Company

Income statement of Porsche Automobil Holding SE for the period from 1 August 2008 to 31 July 2009

€ million 2008/09 2007/08

Revenue 5 0

Total operating performance 5 0

Other operating income 52,790 8,345 Cost of materials 0 .

Personnel expenses – 77 – 52 Amortization and depreciation . 0

Other operating expenses – 55,407 – 3,682 Income from investments 2,992 1,895

Interest result – 746 – 289

Income from ordinary activities – 443 6,217

Taxes – 553 – 1,837

Net profit/loss – 996 4,380 Withdrawals from retained earnings 1,004 0

Transfer to retained earnings 0 – 2,190

Net profit available for distribution 8 2,190

248

Significant equity investments

Share in capital as of 31 July 2009 %

Fully consolidated Porsche entities – Dr. Ing. h.c. F. Porsche AG, Stuttgart 100.00 Germany Porsche Consulting GmbH, Bietigheim-Bissingen 100.00 1 Porsche Deutschland GmbH, Bietigheim-Bissingen 100.00 1 Porsche Leipzig GmbH, Leipzig 100.00 1 Porsche Engineering Group GmbH, Weissach 100.00 1 Porsche Lizenz- und Handelsgesellschaft mbH & Co. KG, Bietigheim-Bissingen 65.00 1 Mieschke Hofmann und Partner Gesellschaft für Management- und IT-Beratung mbH, Freiberg am Neckar 74.80 1 Porsche Financial Services GmbH & Co. KG, Bietigheim-Bissingen 100.00 1

Volkswagen VOLKSWAGEN AG, Wolfsburg 37.42 2 Volkswagen Sachsen GmbH, Zwickau 100.00 1 SITECH Sitztechnik GmbH, Wolfsburg 100.00 1 Volkswagen Original Teile Logistik GmbH & Co. KG, Baunatal 52.96 1 Automobilmanufaktur Dresden GmbH, Dresden 100.00 1 Auto 5000 GmbH, Wolfsburg 100.00 1 AUDI AG, Ingolstadt 99.55 1 quattro GmbH, Neckarsulm 100.00 1 SEAT Deutschland GmbH, Mörfelden-Walldorf 100.00 1 ŠkodaAuto Deutschland GmbH, Weiterstadt 100.00 1 Scania Deutschland Holding GmbH, Koblenz 100.00 1 VOLKSWAGEN FINANCIAL SERVICES AG, Braunschweig 100.00 1 Volkswagen Leasing GmbH, Braunschweig 100.00 1 Volkswagen Bank GmbH, Braunschweig 100.00 1 Volkswagen Reinsurance AG, Braunschweig 100.00 1 Volkswagen-Versicherungsdienst GmbH, Braunschweig 100.00 1

Fully consolidated Porsche entities – Porsche Ibérica S.A., Madrid, Spain 100.00 1 Other countries Porsche Italia S.p.A., Padua, Italy 100.00 1 Porsche International Financing plc., Dublin, Ireland 100.00 1 Porsche France S.A., Boulogne-Billancourt, France 100.00 1 Porsche Distribution S.A.S., Levallois-Perret, France 100.00 1 Porsche Cars Great Britain Ltd., Reading, UK 100.00 1 Porsche Retail Group Ltd., Reading, UK 100.00 1 Porsche Schweiz AG, Zug/Steinhausen, Switzerland 100.00 1 Porsche Enterprises Inc., Wilmington, Delaware, USA 100.00 1 Porsche Cars North America Inc., Wilmington, Delaware, USA 100.00 1 Porsche Cars Canada Ltd., Toronto, Ontario, Canada 100.00 1 Porsche Japan K.K., Tokyo, Japan 100.00 1

1 indirect equity investment 2 diverging from the capital share, the voting right share is 50.76%

249

To our shareholders The Company

Share in capital as of 31 July 2009 %

Fully consolidated Porsche entities – Porsche Cars Australia Pty. Ltd., Collingwood, Australia 100.00 1 Other countries Porsche Retail Group Australia Pty. Ltd., Collingwood, Australia 100.00 1 Porsche Middle East FZE, Dubai, United Arab Emirates 100.00 1 Porsche Russland OOO, Moscow, Russia 100.00 1 Porsche Center Moscow OOO, Moscow, Russia 100.00 1 Porsche (China) Motors Limited, Guangzhou, China 75.00 1 Porsche Financial Services Italia S.p.A., Padua, Italy 100.00 1 Porsche Financial Services Great Britain Ltd., Reading, UK 100.00 1 Porsche Liquidity LLC, Wilmington, Delaware, USA 100.00 1 Porsche Capital LLC, Wilmington, Delaware, USA 100.00 1 Porsche Financial Services Japan K.K., Tokyo, Japan 100.00 1

Fully consolidated Volkswagen entities – VOLKSWAGEN SLOVAKIA, a.s., Bratislava, Slovakia 100.00 1 Other countries Volkswagen Navarra, S.A., Arazuri (Navarra), Spain 100.00 1 AUTOEUROPA-AUTOMÓVEIS LDA., Palmela, Portugal 100.00 1 Volkswagen Motor Polska Sp.z o.o., Polkowice, Poland 100.00 1 Volkswagen-Audi España, S.A., El Prat de Llobregat, Spain 100.00 1 VOLKSWAGEN Group United Kingdom Ltd., Milton Keynes, UK 100.00 1 Groupe VOLKSWAGEN France s.a., Villers-Cotterêts, France 100.00 1 Volkswagen Poznan Sp.z o.o., Poznan, Poland 100.00 1 Volkswagen Group Sverige Aktiebolag, Södertälje, Sweden 100.00 1 Volkswagen Group of America, Inc., Herndon, Virginia, USA 100.00 1 Volkswagen Group Canada, Inc., Ajax, Ontario, Canada 100.00 1 VOLKSWAGEN Group Japan K.K., Toyohashi, Japan 100.00 1 VOLKSWAGEN Group Rus OOO, Kaluga, Russia 93.78 1 AUDI BRUSSELS S.A./N.V., Brussels, Belgium 100.00 1 AUDI HUNGARIA MOTOR Kft., Györ, Hungary 100.00 1 Audi of America, LLC, Herndon, Virginia, USA 100.00 1 Audi Volkswagen Korea Ltd., Seoul, Korea 100.00 1 Audi Volkswagen Middle East FZE, Dubai, United Arab Emirates 100.00 1 Automobili Lamborghini Holding S.p.A., Sant' Agata Bolognese, Italy 100.00 1 VOLKSWAGEN GROUP ITALIA S.P.A., Verona, Italy 100.00 1 SEAT, S.A., Martorell, Spain 100.00 1 Gearbox del Prat, S.A., El Prat de Llobregat, Spain 100.00 1 ŠKODA AUTO a.s., Mladá Boleslav, Czech Republic 100.00 1 ŠKODA AUTO Slovensko, s.r.o., Bratislava, Slovakia 100.00 1 ŠKODA AUTO POLSKA, S.A., Poznan, Poland 51.00 1 Bentley Motors Ltd., Crewe, UK 100.00 1

1 indirect equity investment

250

Share in capital as of 31 July 2009 %

Fully consolidated Volkswagen entities – Volkswagen de Mexico, S.A. de C.V., Puebla, Mexico 100.00 1 Other countries Volkswagen do Brasil Ltda., São Bernardo do Campo, Brazil 100.00 1 Volkswagen Argentina S.A., Buenos Aires, Argentina 100.00 1 Volkswagen of South Africa (Pty.) Ltd., Uitenhage, South Africa 100.00 1 Scania AB, Södertälje, Sweden 49.29 1, 3 S.A.S. Scania Holding France, Angers, France 100.00 1 Scania Europe Holding B.V., Zwolle, the Netherlands 100.00 1 Scania CV AB, Södertälje, Sweden 100.00 1 Volkswagen (China) Investment Company Ltd., Bejing, China 100.00 1 Volkswagen Group Services S.A., Brussels, Belgium 100.00 1 Volkswagen International Finance N.V., Amsterdam, the Netherlands 100.00 1 VOLKSWAGEN FINANCE, S.A., Madrid, Spain 100.00 1 Volkswagen Financial Services (UK) Ltd., Milton Keynes, UK 100.00 1 Volkswagen Financial Services N.V., Amsterdam, the Netherlands 100.00 1 Volkswagen Financial Services Japan Ltd., Tokyo, Japan 100.00 1 ŠkoFIN s.r.o., Prague, Czech Republic 100.00 1 Volkswagen Pon Financial Services B.V., Amersfoort, the Netherlands 60.00 1 VW CREDIT, INC., Wilmington, Delaware, USA 100.00 1 VOLKSWAGEN LEASING SA DE CV, Puebla, Mexico 100.00 1 VOLKSWAGEN BANK SA INSTITUCION DE BANCA MULTIPLE, Puebla, Mexico 100.00 1 Finanzdienstleistungsgesellschaften Brasilien, São Paulo, Brazil 100.00 1 Finanzdienstleistungsgesellschaften Argentinien, Buenos Aires, Argentina 100.00 1

Entities accounted for Shanghai-Volkswagen Automotive Company Ltd., Shanghai, China 50.00 1, 4 using the equity method FAW-Volkswagen Automotive Company, Ltd., Changchun, China 40.00 1, 4 MAN Aktiengesellschaft, Munich 28.67 1, 5 Global Mobility Holding B.V., Amsterdam, the Netherlands 50.00 1, 4, 6 LeasePlan Corporation N.V., Amsterdam, the Netherlands – 1

1 indirect equity investment 2 diverging from the capital share, the voting right share is 50.76% 3 diverging from the capítal share, the voting right share is 71.81% 4 joint venture 5 diverging from the capital share, the voting right share 29.90% 6 Global Mobility Holding B.V., Amsterdam, holds 100% of the shares in LeasePlan Corporation N.V., Amsterdam.

251 Imprint

Photographs: Werkfotos Porsche AG

Design: Atelier Lagally, Stuttgart Produced by IThaus Münster GmbH & Co. KG, Kornwestheim