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10
The Executive Board has prepared a dependent com-
pany report for the 2006/07 fiscal year in accordan-
ce with §312 AktG. The auditor audited the depen-
dent company report and issued the following
opinion:
“Based on our audit and assessment in accordance
with professional standards, we confirm that
1. the actual disclosures contained in the report
are correct,
2. the payments made by the company in
connection with transactions detailed in the
report were not unreasonably high.”
The Supervisory Board received the dependent com-
pany report and the audit report of the auditor in
good time. Following its own review, which did not
lead to any objections, the Supervisory Board appro-
ved the result of the audit of Ernst & Young AG Wirt-
schaftsprüfungsgesellschaft Steuerberatungsgesell-
schaft, Stuttgart, at its meeting on November 12,
2007 which was also attended by the auditor. Based
on the results of the examination by the Supervisory
Board, it has concluded that no objections need to
be raised against the final declaration of the Execu-
tive Board in the dependent company report.
After many years of outstanding service, Prof.
Dr. Sihler, has laid down his office as member
and chairman of the Supervisory Board at the end
of the ordinary stockholders meeting on January 26,
2007 and thus retired from the Supervisory Board.
We would like to thank Prof. Dr. Sihler for his out-
standing contribution to Porsche AG. We would also
like to thank Dr. Zügel who took his leave of the
Supervisory Board on January 26, 2007 after 27
years. The achievements of these gentlemen both
during their professional careers and in their official
capacities at Dr. Ing. h.c. F. Porsche AG have been
outstanding. Their track records are impressive
and they deserve our unconditional respect.
The Supervisory Board expresses its gratitude to
the Executive Board, the employees' elected repre-
sentatives and all employees in acknowledgement
of their dedicated work in the past fiscal year.
Stuttgart, November 12, 2007
The Supervisory Board
Dr. Wolfgang Porsche
Chairman