Porsche 2010 Annual Report Download - page 11

concluded before the start of 2012. In the view of the executive board of Porsche SE, this reduces the prob-
ability of achieving the merger before the end of 2011 from previously 70 to 50 percent.
The executive board of Porsche SE currently assumes that, if the outstanding issues are successfully
clarified, the merger will be able to go ahead, even if this is after 2011. And the board knows that it has the
backing of important parties involved, Volkswagen, Porsche, the Porsche and Piëch families as well as the
employee representatives of both companies. But even if legal or tax issues lead us to take the alternative
route of Volkswagen AG increasing its investment in Porsche Zwischenholding GmbH to 100 percent, with
around 50.7 percent of the ordinary shares in Volkswagen AG, Porsche SE would remain a highly attractive
investment.
This means that two things are clear: First, the integrated automotive group will happen. This is be-
cause the combination of Porsche and Volkswagen is based on a clear and compelling logic from an industry
perspective. All the necessary groundwork has been laid for joint success. And second, the new, strong inte-
grated group will permit the fascinating traditional Porsche brand to fully achieve its great potential. The
declared objective of the Porsche brand is to double sales figures while maintaining high profitability and
exclusivity.
As shareholders of Porsche SE, you will participate in this development. We thank you for your confi-
dence in a company that is one of the best in the automotive industry when it comes to products, brand
strength, innovative power and profitability.
Prof. Dr. Martin Winterkorn
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