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Porsche welcomes the dismissal of the interim injunctionLabour Court judges against the application VW Concern’s works council

Stuttgart. Dr. Ing. h.c. F. Porsche AG in Stuttgart welcomes the decision of the Labour Court of Stuttgart, Chambers of Ludwigsburg, which dismissed the interim injunction that VW Concern’s works council applied for. Porsche feels strengthened in its interpretation of the law, according to which the Codetermination Agreement regarding the future Porsche Automobil Holding SE was correctly concluded by the
Porsche AG’s board of executive directors and the special negotiating body. With a shareholding of just more than 30 per cent in
Volkswagen AG, there was no legal basis to include the Volkswagen employees in this process. Therefore, involvement of Volkswagen’s employees in the negotiations would have infringed on the rights of Porsche’s employees. This view is confirmed by the expert legal opinion of renowned company law lawyers.

The Codetermination Agreement ensures that after the entry of a further sub-group, the employees of both sub-groups are adequately represented on the Porsche Automobil Holding SE’s supervisory board. It was a central concern of Porsche’s board of directors to ensure that the interest’s of the current Dr. Ing. h.c. F. Porsche AG employees are adequately represented in the future Porsche Automobil Holding SE. Ultimately, it was the workers of Dr. Ing. h.c. F. Porsche AG, who worked hard to achieve the basis, which allows Porsche to participate in Volkswagen.

As his first reaction Dr. Wendelin Wideking, the chairman of Porsche AG’s board of executive directors, made it clear that his main concern was the preservation of jobs in Germany. “At Porsche we face up to our social responsibility. I am also prepared to personally give this message to Volkswagen’s workforce at any time.”

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10/24/2007