Porsche Automobil Holding SE / Key word(s): Miscellaneous 20.07.2016 11:08 Disclosure of an inside information according to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Volkswagen AG, Wolfsburg, reported in an ad-hoc announcement that its operating result before special items for the first six months of 2016 reaches 7.5 billion euro despite the ongoing economic impact from the Diesel issue. In addition, special items, totaling a negative 2.2 billion euro, mainly related to further legal risks predominately arising in North America, have been included in the first half year results. The operating result of the Volkswagen Group after special items for the same period amounted to 5.3 billion euro. As a consequence of the capital stake of 30.8 percent which Porsche Automobil Holding SE, Stuttgart ("Porsche SE"), holds in Volkswagen AG, the special items cause a negative effect on the group result of Porsche SE. Taking this effect into account, Porsche SE, based on its present knowledge, still expects a group profit after tax for fiscal year 2016 of between 1.4 billion euro and 2.4 billion euro unchanged from its previous forecast. This forecast is based on the current group structure of Porsche SE. In particular it takes into account the Volkswagen Group's expectations regarding its future development as well as the existing uncertainties with regard to possible special items in connection with the Diesel issue. Due to these constraints Porsche SE's forecast is inevitably subject to estimation risks. Porsche SE still aims to achieve a positive net liquidity between 1.0 billion euro and 1.5 billion euro as of 31 December 2016, not taking into account future investments. 20.07.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- Language: English Company: Porsche Automobil Holding SE Porscheplatz 1 70435 Stuttgart Germany Phone: +49 (0)711 911-11046 Fax: +49 (0)711 911-11819 E-mail: [email protected] Internet: www.porsche-se.com ISIN: DE000PAH0038 WKN: PAH003 Listed: Regulated Market in Berlin, Frankfurt (General Standard), Munich, Stuttgart; Regulated Unofficial Market in Dusseldorf, Hamburg, Hanover; Terminbörse EUREX End of Announcement DGAP News-Service ---------------------------------------------------------------------------