Securities Fraud and Manipulation Lawsuit Against Porsche SE Expands to More Than US$2 Billion in Losses

18 Investment Funds Join Litigation, Amended Complaint Filed

NEW YORK, April 29, 2010 - Eighteen investment funds today joined the lawsuit against Porsche
Automobil Holding SE ("Porsche SE") and two of its former executives,
Wendelin Wiedeking and Holger Haerter, asserting fraud and securities
manipulation in relation to Porsche SE's failed 2008 attempt to take over
Volkswagen AG ("VW"). With the addition of the new plaintiffs, the funds –
now 35 in number — seek to recover more than US$2 billion dollars in losses
suffered after Porsche SE triggered what The New York Times called "a short
squeeze of historic proportions."

The Amended Complaint, filed this morning in Manhattan federal court,
explains in greater detail how Porsche SE manipulated the price of VW stock
as it secretly cornered the market in VW shares. According to the Amended
Complaint, Porsche SE hid that it was cornering the market in VW's freely
traded shares by repeatedly issuing misleading statements about its
activities and by spreading purchases of call options around to several
counterparties to avoid detection of its increasing control. The scheme
induced the plaintiff funds to establish short positions on VW stock. When
Porsche SE suddenly revealed the extent of its true control of VW shares on
October 26, 2008, a massive short squeeze ensued. The price of VW shares
skyrocketed several hundred percent, briefly topping 1,000 Euros. Investors
who had shorted VW lost billions covering their positions in the squeeze.
Porsche SE collected outrageous profits at the expense of plaintiffs and
others by releasing some of its shares into the market at artificial prices.

Today's filing reveals previously unknown details of Porsche SE's plan.
The new allegations include that:

    -- Less than a week before Porsche SE revealed the truth -- that it had
       amassed control of more than 74 percent of VW's shares -- it conducted
       phone calls with investment advisors in New York during which Porsche
       SE sought to reassure the New York-based investment advisors that it
       was nowhere near 75 percent control. Among the false statements
       Porsche SE made was that although it would acquire a simple majority
       of VW shares, "going to 75% is not on the agenda." Porsche SE told
       another fund that it would stop acquiring shares after achieving
       50-55% control.
    -- Porsche SE admitted to at least one plaintiff that it was spreading
       its options trades around to multiple counterparties to avoid
       detection.
    -- Porsche SE's fraudulent strategy deliberately targeted short sellers.
       In order to secretly obtain 75 percent ownership in VW, Porsche needed
       short sellers to borrow stock from owners who would not or could not
       sell the stock themselves and then to sell it to Porsche or Porsche's
       call-option counterparties. Without the additional supply created by
       short sellers, Porsche could never have gained control of 75 percent.
    -- Porsche SE financed its call-option strategy in part through selling
       put options. As the price of VW declined in the third week of October
       2008, Porsche SE's liability on the puts it had sold threatened to
       force the company into bankruptcy. It avoided this threat by forcing
       the price of VW up, which it accomplished by announcing its
       call-option position on October 26, triggering the squeeze.

The case is pending in the Southern District of New York, where it is
captioned as Elliott Associates, L.P., et al, v. Porsche Automobil Holding
SE, et al, No. 10-civ-532 (HB)(THK).

The funds are represented by Bartlit Beck Herman Palenchar & Scott LLP
(see www.bartlit-beck.com) and Kleinberg, Kaplan, Wolf & Cohen, P.C.
(www.kkwc.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, both for Elliott Associates, L.P.