Short Sellers Responsible for Extreme Price Movements in Volkswagen Ordinary Shares

    Partial Settlement of Hedging Transactions Planned

    STUTTGART, Oct. 29 /CNW/ - Porsche Automobil Holding SE, Stuttgart, has
information that speculative short sellers have had to buy Volkswagen ordinary
shares in order to fulfil their delivery obligations. In the very recent past,
this resulted in a massive increase in the stock exchange price of the
Volkswagen shares, which at one stage exceeded Euro 1,000 per Volkswagen
ordinary share.
    In order to avoid further market distortions and the resulting
consequences for those involved, Porsche SE intends - depending on the state
of the market - to settle hedging transactions in the amount of up to five per
cent of the Volkswagen ordinary shares. This may result in an increase in the
liquidity of the Volkswagen ordinary shares.
    Porsche SE denies all responsibility for these market distortions and for
the resulting risks to which the short sellers have exposed themselves.
Porsche wishes to point out that the applicable capital markets law provisions
have been complied with at all times. Porsche has not been active in the
market during this share price movements. Allegations of price manipulation by
Porsche are therefore without any foundation whatsoever.
    Porsche remains committed to its goal of increasing its stake in
Volkswagen to up to 75% and thus intends to continue to acquire Volkswagen
ordinary shares, on and off the stock exchange, at prices which are
economically justifiable.
    The German Federal Agency for Financial Services Supervision (BaFin) was
informed by Porsche in advance about the measure being contemplated and its

For further information:

For further information: Laurance Yap, E-mail:,
Phone: (905) 219-2195

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