Porsche Increases Revenue and Profit

Sports Car Manufacturer Remains on Growth Course

ATLANTA, Jan. 23 -- Porsche's President and Chief Executive Officer Dr. Wendelin Wiedeking announced today in Leipzig, Germany, double digit increases in both profit and revenue for the first half of the company's fiscal year, which began August 1, 2003. For the fiscal year as a whole, Wiedeking predicted further improved revenue and earnings over the record- setting previous fiscal year.

According to provisional figures for Dr. Ing. h.c.F. Porsche AG of Stuttgart, Germany, Group profit before tax for the period of August 1, 2003 to January 31, 2004, will be 207.0 million euro, an increase of 11.5 percent compared to the same period of the previous fiscal year (185.7 million euro). Profit after tax will be 118.0 million euro and will exceed the prior year's figure (102.0 million euro) by 15.7 percent.

Speaking at the company's annual general meeting, Wiedeking also announced he expected Group revenue to increase by 27.8 percent compared to the first half of the previous fiscal year (2.21 billion euro), to approximately 2.82 billion euro. Sales are expected to increase by 31.1 percent to a total of 32,410 vehicles, comprising 10,250 Porsche 911 cars (down by 25.9 percent), 5,250 Porsche Boxster cars (down by 44.2 percent) and 16,890 Porsche Cayenne sport utility vehicles (compared with 1,484 in the same period of the previous fiscal year). Total production is scheduled to reach 36,510 vehicles (an increase of 31.7 percent), including 18,950 Cayennes.

For the complete 2003/2004 fiscal year the company expects Group sales to reach approximately 75,000 vehicles (previous year: 66,803) and for there to be further growth in revenue and income.

Porsche Cars North America, Inc. (PCNA), based in Atlanta, Ga., and its subsidiary, Porsche Cars Canada, Ltd., are the exclusive importers of Porsche vehicles for the United States and Canada. A wholly owned, indirect subsidiary of Dr. Ing. h.c.F. Porsche AG, PCNA employs approximately 250 people who provide Porsche vehicles, parts, marketing and training for its 204 U.S. and Canadian dealers. They, in turn, provide Porsche owners with best-in- class service.