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July 23, 2009

Wiedeking and Haerter are leaving company

Macht appointed Chairman of the Board of Management for Porsche AG, Edig his deputy - both also Members of the Board of Management of Porsche SE Stuttgart. Today the Supervisory Board of Porsche Automobil Holding SE, Stuttgart, together with Dr. Wendelin Wiedeking and Holger P. Haerter agreed upon their
dismissal. Both Members of the Board of Management will leave Porsche SE and Dr. Ing. h.c. F. Porsche AG with immediate effect, but will provide advice to both companies (make themselves available for serving both companies as consultants) as wished by the Supervisory board. Both resign from their respective seats at the Supervisory Board of Volkswagen AG and Audi AG.

In the last weeks Wiedeking and Haerter have come to the conclusion that the further strategic development of Porsche SE and Porsche AG is better off, if they are not on
board as acting persons. They both see that step as a significant contribution to the appeasement of the situation and to support the forming of an integrated car anufacturing company. Both gentlemen will accompany the handover at the Board of Management level positively and support their respective successor in their tasks.

Wendelin Wiedeking in his functions as CEO Porsche AG will be followed by Michael Macht, currently Board member of Porsche AG in charge of Production and Logistics. Thomas Edig, Board member in charge of Human Resources of Porsche AG will become his deputy. Furthermore Macht and Edig have been appointed as Members of the Board of Management of Porsche SE, Macht in charge of technology and products,
Edig with responsibility for commercial issues and administration.

The Supervisory Board expressed its thanks to both Board members resigning from office for their long lasting work. The Board has offered Dr. Wiedeking a compensation
for the termination of his contract, originally maturing 2012, of Euros 50 million. Wiedeking accepted this proposal as well as Holger P. Haerter, who was offered a compensation of Euros 12.5 million. Both Wiedeking and Haerter waived rights deriving from their current contracts in a substantial amount.

Dr. Wiedeking was appointed CEO of Porsche AG on October 1, 1992. After
successfully turning around the company he managed to make the Stuttgart based
manufacturer of sporty luxury cars the most profitable car company in the world. In September 2005 Porsche made public a 20 percent stake in common shares of Volkswagen AG. As a consequence Wiedeking joined the VW Supervisory Board in January 2006. After the forming of Porsche Automobil Holding SE in November 2007 he also took over the position of Chairman of the Board of Management in this Holding
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