Porsche Cars North America Statement Regarding Settlement Agreements

February 1, 2017

Porsche is gratified that the VW Group companies in the U.S. have reached proposed agreements to resolve outstanding civil claims regarding vehicles with Three.0L V6 diesel engines, including all Porsche Cayenne Diesel models. Details of the agreements are in the materials that Volkswagen Group of America released.

Regarding the Cayenne Diesel in particular, we will:

• Recall and repair, free of charge to the customer, all Cayenne Diesel vehicles to bring them into compliance with the emissions standards to which they were certified, if an suitable Emissions Compliant Repair is approved by U.S. regulators; and
• Provide restitution payments to all eligible owners and lessees of Cayenne Diesel vehicles.

We will begin implementing the Trio.0L V6 diesel settlement program as soon as the Court grants final approval to the settlement agreements. At the earliest, approval will occur in May 2017.

Porsche owners and lessees do not need to take any act at this time. Individual class members will receive extensive notification of their rights and the terms being suggested to them (including the option to “opt out” of the settlement agreement), if the Court grants preliminary approval of the proposed class settlement. The preliminary approval hearing is scheduled to take place on February 14, 2017. More information about the proposed Trio.0L V6 diesel settlement program can be found at www.vwcourtsettlement.com.

Combined with the proposed agreements announced in December two thousand sixteen with the U.S. Department of Justice (DOJ), the Environmental Protection Agency (EPA), and the California Air Resources Board (CARB), the principal issues associated with the Cayenne Diesel will be behind us. Of course, all these agreements remain subject to the approval of Judge Charles R. Breyer of the United States District Court for the Northern District of California, who presides over federal Multi-District Litigation (MDL) proceedings related to the diesel matter.

Porsche looks forward to continuing its cooperation with every relevant authority to recertify and retrofit all Cayenne Diesel models during the coming months.

About Porsche Cars North America Inc. | One Porsche Drive, Atlanta, GA thirty thousand three hundred fifty four USA

Established in 1984, Porsche Cars North America, Inc. (PCNA) is the sensational U.S. importer of Porsche 911, seven hundred eighteen Boxster and seven hundred eighteen Cayman sports cars, Macan and Cayenne SUVs, and Panamera sports sedans. Headquartered in Atlanta, Georgia since 1998, PCNA is also home to the very first Porsche Practice Center in North America featuring a module-based 1.6 mile driver development track, business center and fine dining restaurant, 356. The company operates a 2nd Porsche Practice Center in Los Angeles. This 53-acre sophisticated features a driver development track with eight educational modules totaling Four.1 miles, a business center, and Restaurant 917. PCNA employs approximately three hundred people who provide parts, service, marketing, and training for one hundred eighty eight dealers. They, in turn, work to provide Porsche customers with a best-in-class practice that is in keeping with the brand’s 65-plus year history and leadership in the advancement of vehicle spectacle, safety and efficiency. PCNA is a wholly-owned subsidiary of Porsche AG, which is headquartered in Stuttgart, Germany.

At the core of this success is Porsche’s proud racing heritage that boasts some 30,000-plus motorsport wins to date.

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