Porsche 2009 Annual Report Download - page 12

Ladies and gentlemen,
For Porsche Automobil Holding SE, the agreed creation of an integrated automotive group
with Volkswagen AG dominated fiscal year 2009/10.
The supervisory board approved the conclusion of a basic agreement which sets forth the
steps necessary for the creation of the integrated automotive group between Porsche and Volks-
wagen. In early December 2009, Volkswagen AG – as provided for in the basic agreement – indi-
rectly acquired a 49.9 percent interest in Dr. Ing. h.c. F. Porsche Aktiengesellschaft by means of a
capital increase. Porsche Automobil Holding SE used the cash of approximately 3.9 billion euro that
it received in connection with the capital increase to reduce its bank liabilities. The basic agreement
also provides for a capital increase at Volkswagen AG which was successfully carried out in the
spring of 2010 and a capital increase at Porsche Automobil Holding SE in the first half of 2011
(however not before 28 February 2011) and the subsequent merger of Porsche Automobil Holding
SE with Volkswagen AG.
In parallel to the indirect investment of Volkswagen AG in Dr. Ing. h.c. F. Porsche Aktienge-
sellschaft, a new loan agreement was entered into with an international banking syndicate to repay
the syndicated loan that had existed since March 2009.
In August 2009, Porsche Automobil Holding SE already sold a significant portion of the
cash-settled options relating to VW shares to Qatar Holding LLC, Qatar. In connection with this,
Qatar Holding LLC as strategic investor acquired ten percent of the ordinary shares in Porsche
Automobil Holding SE from holders of ordinary shares in Porsche Automobil Holding SE.
Report of the supervisory board
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