Article on Porsche activity from PAG

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The following press release was distributed by PAG today.

Sports Car Producer Picks Up Award For Outstanding Three-Year Performance

On Stock Exchange

Porsche Shareholders Fare Better

Stuttgart. In the last three years, shareholders of Dr. Ing. h.c. F. Porsche AG, Stuttgart, had the pleasure of seeing their stocks record a higher increase in value than those of the shareholders of all other European car manufacturers. Consequently, yesterday evening in Paris the Stuttgart-based sports car producer was presented with an award for the largest total shareholder return. The award was conferred jointly by "Automotive News Europe" - a specialist magazine published in London - and the US-American auditing firm PricewaterhouseCoopers. By way of substantiation it was said that Porsche's stock performance reflected the outstanding competence of management, which has prepared well for the future, in particular thanks to the successful market launch of the Cayenne and currency hedging up to 2006.

In the period of 31 May 2000 to 31 May 2003, on which the study was based, the commitment in Porsche shares - including dividend payments that were reinvested? recorded 22.1 % growth. In contrast, the index of European automobile stocks fell in value by 31.5 %.