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Agreement with EU Commission on Porsche Sales and Service SystemGroup Exemption Regulation: Sales to remain in hands of selective dealer network

Stuttgart. Dr. Ing. h.c. F. Porsche AG, Stuttgart, and the Brussels Competition Commission of the European Union, under direction of Commissioner Mario Monti, have reached an agreement on the nature and scope of the application of the new Group Exemption Regulation (GER) 1400/02 on the Porsche brand. In line with this agreement, the Stuttgart automobile manufacturer will still be permitted to sell its vehicles via a selective network of dealers suited to the Porsche brand in Europe.

In particular, the agreement ensures that 911, Boxster and Cayenne vehicles will be sold exclusively at the around 220 authorised Porsche centres in the EU – of which there are 85 in Germany – in separate showrooms and by special Porsche sales staff. Moreover, Porsche dealers will require the authorisation of the Stuttgart-based automobile manufacturer to found further sales branches at locations other than those contractually agreed. Thus, the Company will retain control of both the number and geographical distribution of its dealer operations after the discontinuation of the regulation on localisation in October 2005.

Porsche is allowed to operate according to these guidelines instead of those of the new GER, which has been in force since 1 October 2003, as the Company falls under the EU Commission’s so-called notice on agreements of minor importance.

In future, Porsche will also authorise those applicants from third-party workshops that meet the brand’s defined admission criteria and quality standards for customer service as official members of the Porsche Service Network. These standards were agreed in cooperation with the Commission.

Dr. Wendelin Wiedeking, CEO of Porsche AG: “We find this regulation highly satisfactory. As a niche manufacturer, the fact that in future we can continue to market our vehicles through a selective network of dealers with an unmistakeable brand image is highly important to us. Therefore I would like to thank the responsible people in the Commission, who paid such careful attention to Porsche’s special circumstances.“

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5/4/2004