Investment Funds File Lawsuit Against Porsche SE

NEW YORK, January 25 - A group of investment funds filed a lawsuit today against Porsche
Automobil Holding SE ("Porsche SE") and two of Porsche SE's former
executives, Wendelin Wiedeking and Holger Haerter, seeking to recover over a
billion dollars in losses suffered as Porsche SE attempted a takeover of
Volkswagen AG in 2008.

The Complaint, filed in federal court in Manhattan, explains in detail
how Porsche SE manipulated the price of VW stock as it secretly accumulated
control over almost all of VW's freely traded shares, and then, after it
achieved control, triggered a massive short squeeze. Porsche released
billions of Euros worth of shares into the short squeeze for its own profit.

The Complaint alleges that the defendants repeatedly misled investors and
lied about Porsche SE's positions and intentions with respect to VW in order
to take control of VW while preventing the price of VW shares from rising to
reflect their intentions. The defendants' actions enabled them to hide the
extent to which Porsche SE had cornered the market in VW's freely traded
shares and simultaneously induced the plaintiff funds to establish short
positions on the same shares.

On October 26, 2008, Porsche SE suddenly revealed the extent of its true
control of VW shares. This resulted in what the New York Times called "a
short squeeze of historic proportions." The Wall Street Journal reported that
"[a]t the height of the short squeeze on Oct. 28, VW stock briefly topped
1,000 Euros, nearly five times as high as on Oct. 24, making VW the biggest
company by stock-market value for a few hours." The Complaint alleges that
the short squeeze forced the price of VW shares higher, allowing Porsche SE
to make outrageous profits at the expense of the plaintiff funds.

"Porsche SE should be held accountable in a court of law," said Phil
Beck, a lawyer for the funds. "We will do whatever it takes to make sure the
rule of law is upheld."

Plaintiffs in the lawsuit are: Elliott Associates, L.P.; Elliott
International, L.P.; The Liverpool Limited Partnership; Glenhill Capital LP;
Glenhill Capital Overseas Master Fund LP; Glenhill Concentrated Fund LP;
Glenview Capital Partners, L.P.; Glenview Institutional Partners, L.P.;
Glenview Capital Master Fund, Ltd.; GCM Little Arbor Partners, L.P.; GCM
Little Arbor Institutional Partners, L.P.; GCM Little Arbor Master Fund,
Ltd.; GCM Opportunity Fund, L.P.; Glenview Capital Opportunity Fund, L.P.;
Glenview Offshore Opportunity Master Fund, Ltd.; Perry Partners L.P.; and
Perry Partners International, Inc.

The funds are represented by Bartlit Beck Herman Palenchar & Scott LLP
(see www.bartlit-beck.com).

    Contact:
    Nina Devlin
    Edelman
    +1-212-704-8145

    Frank Schoenrock
    Edelman GmbH
    +49-69-756199-27

Nina Devlin, Edelman, +1-212-704-8145, or Frank Schoenrock, Edelman GmbH, +49-69-756199-27