VAG Division – Volkswagen Group Car Club

With one European and four world premieres, Porsche is demonstrating its strength in innovation at the IAA Frankfurt Auto Show 2009.

The 911 Turbo, the 911 Sport Classic (limited to 250 examples), the 911 GT3 RS – and its motorsport twin the 911 GT3 Cup race car – are making their debut at the show, and each is the embodiment of the characteristic sporting dynamism associated with Porsche. The Frankfurt Auto Show also marks the European introduction of the four door Panamera Gran Turismo.

The next generation 911 Turbo is the most dynamic high-performance sports car in its class, as well as the most fuel efficient. Porsche is also introducing the 911 GT3 RS, with its very direct connection to motorsport, and this will be joined by the race-ready 911 GT3 Cup car. The fourth world premiere is the 911 Sport Classic, which can be recognised at first glance by its fixed rear spoiler in the form of the legendary ‘ducktail’ from the Carrera RS 2.7 of 1973 and distinctive double-dome roof.

Visitors to the IAA will find Porsche in Hall 5.0 at Stand B14, which can be reached most directly through the Congress Centre and Ludwig-Erhard building entrances. The exhibition is open daily from 9 a.m. to 7 p.m. The 63rd International Automobile Exhibition IAA begins on September 17 and lasts until September 27, 2009.

911 GT3 RS

Offering increased engine power, lower weight, shorter transmission ratios and a chassis optimised to an even higher standard, the new 911 GT3 RS sets the foundation for homologating the racing version of the 911 GT3.

The GT3 RS thus provides the key ingredients for extending the unparalleled racing record of Porsche and continues the series of absolute, uncompromised, motor sport-oriented editions of the 911 that are homologated for road use and which can trace their roots back to the classic Carrera RS 2.7 of 1973.

The heart of the new GT3 RS, the power unit, is based on the proven flat-six cylinder ‘boxer’ engine already featured in the 911 GT3. Like the latter, the RS power unit now displaces 3.8 instead of 3.6-litres, but in this new model is tuned to deliver even more power and rev even faster and more dynamically.

The engine in the new 911 GT3 RS delivers 15 hp more than its counterpart in the 911 GT3, providing a maximum output of 450 hp from the naturally-aspirated power unit. This is 35 hp more than the prior model GT3 RS, and translates into a specific output of more than 118 hp per litre from the six-cylinder, an extremely high figure for a non-turbocharged engine. And unlike many other high-performance drivetrains, the power unit in the new GT3 RS remains well suited to everyday use.

The new 911 GT3 RS comes exclusively with a six-speed manual gearbox – with a short-throw gear lever – which is also optimised for low weight and high efficiency. To enhance the level of performance throughout the entire range of engine and road speeds, the gears have a shorter transmission ratio than on the 911 GT3, deliberately making concessions in terms of even higher top speed.

The new 911 GT3 RS features Porsche Active Suspension Management (PASM) which, for the first time, has been purpose-built and specially set-up to further improve the sporting behaviour of the chassis. With a wider track not only at the rear but also on the front axle, the body of the new 911 GT3 RS is widened accordingly. For the new car, the use of additional wheel arch covers increases the span across the nose. Beneath these pronounced front arches sit 9-inch wide wheels with 245/35 ZR 19 sports tyres, and 12-inch wide wheels with 325/30 ZR 19 sports tyres sit at the rear.

Porsche Active Drivetrain Mounts (PADM) are featured as standard and raise the driving dynamics of the new 911 GT3 RS to an even higher level. Depending on driving conditions, the engine mounts change in their stiffness and damping effect to resist the movement of the drivetrain in the bodyshell; this provides dynamic advantages when driving quickly on a challenging course such as a race track or twisting road.

The qualities of the car on a race track further benefit from the fact the aerodynamics of the RS develop even more downforce than on the GT3. Racing qualities are also why Porsche is introducing another new option in 2010, a lithium-ion battery delivered with the car. Replacing the conventional lead battery, this innovation reduces weight by more than 10 kg (22 lb).

The new 911 GT3 RS shows its close connection to motor sport also through the dynamic looks of the car and this is borne out in particular by the new, extra-large carbon-fibre rear wing with its specifically designed aluminium wing supports. Aside from the bold livery, other distinctive sporting motifs include the low ride height, the characteristic dual tailpipes of the extra-light titanium sports exhaust and special front and rear parts exclusive to this model.

The new Porsche 911 GT3 RS will go on sale in the UK and Ireland in February 2010 priced from £100,760. Standard equipment includes a Porsche Vehicle Tracking System (VTS), a sophisticated vehicle security package approved to Thatcham Category 5 standard.  Further technical and specification details will be confirmed nearer the on-sale date.

Customers will also be able to explore the dynamic attributes of the new GT3 RS, and further develop their own skills behind the wheel, courtesy of a Driving Experience Programme at the Porsche Experience Centre at Silverstone.

GT3 RS Porsche 911 Side View

• Supervisory Board of Porsche SE approves the Basic Agreement
• Qatar now a shareholder in Porsche

Stuttgart. The Supervisory board of Porsche Automobil Holding SE (Porsche SE) has approved a Basic Agreement negotiated by the management boards of Porsche SE and Volkswagen AG, the workers’ representatives of both companies and the Porsche SE ordinary shareholders, describing the path to foundation of an integrated car group.

The Supervisory Board of Porsche SE has also appointed, with effect from 15 September 2009, Prof. Dr Martin Winterkorn as CEO and Hans Dieter Pötsch as CFO of the company. They will exercise these tasks in addition to their functions as members of the Board of Management of Volkswagen AG. The CEO of Dr. Ing. h.c. F. Porsche AG, Michael Macht, who is also a member of the Board of Management of Porsche SE, shall also be appointed into the top management of Volkswagen AG.

The Basic Agreement provides for the following steps:

• Shareholding of 42% of Volkswagen in Dr. Ing. h.c. F. Porsche AG, the 100% subsidiary of Porsche SE. The shareholding will be provided by way of a cash capital increase with an expected total return of approximately up to 3,3 bn. EUR based on an enterprise value of Porsche AG of 12,4 bn. EUR.

• A cash capital increase of Volkswagen AG taking place in the first half-year of 2010 against issuance of new preference shares. The capital increase will be approved by Porsche SE.

• Volkswagen grants an option to the shareholders of Porsche Gesellschaft m.b.H., Salzburg, to sell the operative sales and distribution business of the company to Volkswagen.

• Cash capital increase of Porsche SE most probably taking place in the first half-year of 2011 against issuance of new ordinary and preference shares, granting preemptive rights for ordinary shareholders on ordinary and preemptive rights for preference shareholders on preference shares. The ordinary shareholders of Porsche SE will approve the capital increase.

• The following changes of the articles of association of Volkswagen will be proposed to the next shareholders meeting of Volkswagen:
  1. The state of Lower Saxony shall be entitled as a shareholder of Volkswagen to appoint two members of the supervisory board, as long as the state of Lower Saxony maintains a shareholding in the ordinary shares of Volkswagen of at least 15%. The implementation of such Appointment Right in the articles of association has the effect that Porsche SE will no longer include Volkswagen AG by way of full consolidation in its consolidated financial statements.
  2. Confirmation of the section of the articles of association providing that shareholders’ resolutions, requiring a majority of 75% of the capital represented in the shareholders’ meeting pursuant to the German Stock Corporations Act, require a majority of more than 80% of the capital represented in the shareholders’ meeting.
• Agreement that, until 2020, Porsche SE will not enter into a domination and profit and loss transfer agreement with Volkswagen AG.

• Joint purpose of a merger of Porsche SE into Volkswagen AG during 2011, if at that time the legal requirements for a merger are met.

• If a merger will not take place: put option for Porsche SE and call option for Volkswagen AG to sell and to purchase, respectively, the remaining shareholding of Porsche SE in Porsche AG; the purchase price is calculated according to the same parameters as applied for the valuation of Porsche SE for purposes of the capital increase.

Condition precedents for closing of this agreement include particularly approval by the consortium banks of Porsche SE and final clarification of remaining structural issues.

Separately, on Friday August 14, in a festive ceremony, Porsche SE and Qatar Holding LLC (QH) signed an agreement signaling the entry of the Emirate of Qatar into the Porsche SE family. In the afternoon, the Chairman of the Supervisory Board of Porsche SE, Dr Wolfgang Porsche, welcomed the high-ranking delegation from Qatar led by Prime Minister of the Emirate, Sheikh Hamad bin Jassim bin Jabr Al-Thani, to the historical Porsche Villa located on Killesberg Hill outside of Stuttgart. There, in the presence of the Minister President of Baden-Württemberg, Günther Oettinger, the two men signed two contractual agreements.

The Prime Minister of the Emirate of Qatar signed the purchase agreement with which Qatar will acquire 10 per cent of the ordinary shares of Porsche SE. As spokespersons for the family shareholders, Dr Wolfgang Porsche and HansMichel Piëch also signed the agreement. The second agreement, which provides for the takeover by the Emirate of a major share in the cash-settled options relating to Volkswagen shares, was signed by Ahmad Al Sayed, CEO of Qatar Holding, and Chairman of the Executive Board of Porsche AG, Michael Macht, as well as his Deputy Chairman, Thomas Edig, who are both members of the Executive Board of Porsche SE.

Dr Wolfgang Porsche gave the Emirate of Qatar a warm welcome as a new member of the Porsche shareholder family and declared: “Today is a historic day for us. For the first time in the history of Porsche, an external investor has acquired a holding of ordinary shares that so far have been solely owned by the family members of Porsche and Piëch.”

The Porsche and Piëch families have expressly welcomed the decision of the Emirate to become a shareholder in the company and, at the same time, to take on a major holding in the options to VW ordinary shares held by Porsche. “This will not only improve the liquidity situation of Porsche, but it is also an important step on the pre-destined road to an integrated automobile company, which we intend to forge together with Volkswagen,” explained Dr Porsche.

Sheikh Hamad bin Jassim bin Jabr Al-Thani emphasised that Qatar considers itself a strategic investor which has great interest in the long-term positive development of Porsche. “Porsche ranks among the most valuable automobile brands in the world. We are proud to be a part of this sports car manufacturer and its rich tradition and history. Through our trust-based collaboration with the family shareholders, we will help ensure that the success story of Porsche, and, in the future, of Volkswagen continues to be written,” explained the Prime Minister.