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PRE-ISSUANCE CLIMATE BOND 
CERTIFICATION 
 
 
Verifier’s Report for Pre-Issuance Certification 
for the Green Bond Issued by Dr. Ing. h.c.F. Porsche 
Aktiengesellschaft  
 
 
 
SCOPE 
Dr. Ing. h.c.F. Porsche Aktiengesellschaft (Porsche) commissioned ISS-oekom to compile a Verifier’s 
Report for Pre-Issuance Certification of its 2019 Green Bond by the Climate Bonds Initiative (CBI). 
The Climate Bonds Certification process includes verifying whether the provisions of the Climate 
Bonds Standards issued by the CBI are met and obtaining evidence to support the verification. 
CRITERIA 
Relevant CBI Standards for this Climate Bonds Certification:  
▪ 
Climate Bonds Standard (Version 2.1) 
▪ 
Low Carbon Land Transport (Version 1.0) 
ISSUER’S RESPONSIBILITY 
Porsche’s responsibility was to provide information and documentation on:  
▪ 
Selection of nominated projects & assets 
▪ 
Technical aspects of projects & assets 
▪ 
Internal processes & controls 
▪ 
Proposed reporting

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ISS-oekom’s VERIFICATION PROCESS 
ISS-oekom is one of the world’s leading independent environmental, social and governance (ESG) 
research, analysis and rating houses. The company has been actively involved in the sustainable 
capital markets for over 25 years. Since 2014, ISS-oekom has built up a reputation as a highly-
reputed thought leader in the green and social bond market and has become one of the first CBI 
approved verifiers.  
ISS-oekom has been conducted this independent Pre-Issuance Verification Process of the green 
bond to be issued by Porsche based on the Climate Bond Standards 2.1. and in line with the limited 
assurance procedure defined by the International Standard on Assurance Engagements other than 
Audits or Reviews of Historical Financial Information (ISAE 3000). 
ISS-oekom’s approach is to assess whether the issuer’s Green Bond meets the criteria of the Climate 
Bond Standards 2.1. is as follows: 
▪ 
The issuer provided an overview over the assets to be included in the Green Bond asset pool and 
the relevant processes and documentation regarding the proceeds (e.g. use of proceeds, 
management of proceeds) to ISS-oekom.  
▪ 
The issuer filled in a questionnaire that covers all criteria of the Climate Bonds Standard 2.1.  
▪ 
The issuer provided background documents that elaborate further on the information 
mentioned in the questionnaire.  
▪ 
Using the questionnaire and background documents, ISS-oekom carried out an assessment of 
the CBI criteria. In case any answers were unclear, ISS-oekom contacted the issuer for more 
details and clarification. 
The engagement with Porsche took place in March 2019. 
 
ISS- oekom’s BUSINESS PRACTICES 
ISS has conducted this verification in strict compliance with the ISS Code of Ethics, which lays out 
detailed requirements in integrity, transparency and objectivity for the ISS business and team 
members. It is designed to ensure that the verification is conducted independently and without any 
conflicts of interest with other parts of the ISS Group. 
RESTRICTION ON DISTRIBUTION AND USE OF REPORT 
This Verification Report for Climate Bonds Certification including all documentation provided 
alongside is intended for the use of Porsche and the Climate Bonds Standard Board. The present 
document may be published by Porsche, CBI and ISS-oekom. CBI and ISS-oekom agree to publish the 
report with the consent of Porsche.

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OPINION 
Based on the limited assurance procedures conducted and evidence obtained, nothing has come to 
our attention that causes us to believe that, in all material respects, the Porsche’s 2019 Green Bond 
is not in conformance with the Climate Bonds Standard’s Pre-Issuance Requirements. 
 
  
R O B E R T  H A ß L E R   
ISS-oekom 
Munich, 11 April 2019

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Disclaimer 
Copyright © 2019 Institutional Shareholder Services Inc. (“ISS”). This document and all of the 
information contained in it is the property of ISS and/or its subsidiaries. The Information may not be 
reproduced or redisseminated in whole or in part without the prior written permission of ISS. While 
we exercise due care in compiling this document, we assume no liability with respect to the 
consequences of relying on this information for investment or other purposes. ISS makes no express 
or implied warranties or representations with respect to the information. 
 
About ISS-oekom and ISS ESG 
Since March 2018, ISS-oekom has been a member of the ISS family, sitting within the ISS ESG 
business unit, which also includes ISS-ethix and ISS-climate. ISS ESG provides high quality solutions 
for sustainable and responsible investment and corporate governance. The External Review team, 
covering Second Party Opinions (SPOs) and Climate Bond Certifications is made up of colleagues 
across ISS ESG, from ISS-oekom and ISS-climate. 
Originally founded in 1993 and formerly known as oekom research AG, ISS-oekom is one of the 
world’s leading ESG research and rating agencies for sustainable investments with an unsurpassed 
rating methodology and quality recognition. ISS-oekom analyzes businesses and countries with 
respect to their environmental social and governance performance. As an experienced partner of 
institutional investors and financial service providers, we analyse the level of responsibility exercised 
by equity and bond issuers towards society and the environment. Under the new ownership, ISS-
oekom completes the ESG research and RI services offerings of ISS, making it a worldwide pure-
player in the area of RI Research & Solutions. ISS-oekom is headed by Robert Haßler, former CEO 
and co-founder of oekom research AG. More information: www.oekom-research.com and 
www.issgovernance.com. 
Contact  
Federico Pezzolato – SPO Business Manager 
ISS Corporate Solutions, 1 London Bridge, London, SE1 9BG 
tel: +44 (0) 203 192 5760 
e-mail: SPO@isscorporatesolutions.com

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ANNEXES 
Annex 1: Detailed Findings 
Annex 2: Detailed Findings Low Carbon Land Transport

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ANNEX 1: DETAILED FINDINGS  
1. SELECTION OF NOMINATED PROJECTS & ASSETS 
 
REQUIREMENTS 
FACTUAL FINDINGS 
ANALYSIS 
AGAINST 
REQUIREMENTS 
1.1. 
Decision-making 
process to determine 
eligibility of 
nominated projects 
& assets. 
Porsche AG intends to allocate the net proceeds of 
the Green Instruments to a Green Project 
Portfolio which includes, but is not limited to, 
investments and expenditures in  
a) Research and Development (R&D) for the 
conception, development and construction of BEV 
and, 
b) investments in energy efficient manufacturing 
(including infrastructures, production equipment 
and tools, supplier tools, processes and systems) 
solely built and used for Battery Electric Vehicles 
(BEV) development and production. 
 
1.2. 
Assessment of 
proposed nominated 
projects & assets.  
The Porsche Treasury department will assess the 
eligibility of projects and allocation of proceeds to 
Eligible Green Projects in close cooperation with 
the respective expert departments including 
public and investor relations, controlling, risk 
management as well as the management board 
and sustainability counsel. The Treasury 
department monitors the Eligible Green Portfolio 
and is responsible for excluding projects that no 
longer comply with the Eligibility Criteria and for 
replacing the eligible assets that have matured, or 
have been disposed of, on a best effort basis. 
 
1.3. 
Documentation of 
eligibility of 
nominated projects 
& assets. 
The Porsche Treasury department will assess the 
eligibility of projects and allocation of proceeds to 
Eligible Green Projects in close cooperation with 
the respective expert departments including 
public and investor relations, controlling, risk 
management as well as the management board 
and sustainability counsel. The Treasury 
department monitors the Eligible Green Portfolio 
and is responsible for excluding projects that no 
longer comply with the Eligibility Criteria and for 
replacing the eligible assets that have matured, or 
have been disposed of, on a best effort basis.

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1.4. 
No double 
nomination of 
projects & assets. 
The Treasury department monitors the Eligible 
Green Portfolio and is responsible for excluding 
projects that no longer comply with the Eligibility 
Criteria and for replacing the eligible assets that 
have matured, or have been disposed of, on a best 
effort basis. 
 
1.5. 
Net proceeds in 
relation to issuer’s 
debt obligation. 
Porsche seeks to compile an Eligible Green Project 
Portfolio that, over time, matches or exceeds the 
proceeds from green funding instruments issued 
under this framework thereby ensuring swift 
allocation of funds to projects. The addition of 
other eligible investments and projects will be in 
accordance with the evaluation process described 
in the "Project Selection and Evaluation Process" 
outlined in the Framework. 
 
 
 
 
 
 
2. INTERNAL PROCESSES & CONTROLS 
 
REQUIREMENTS 
FACTUAL FINDINGS 
ANALYSIS 
AGAINST 
REQUIREMENTS 
2.1.1. 
Tracking of 
proceeds 
Porsche intends to allocate the proceeds from 
green funding instruments under this framework to 
the Eligible Green Project Portfolio. Porsche will 
manage these proceeds using a portfolio approach. 
Porsche will track investments in eligible projects 
to ensure that the allocation of proceeds is in 
accordance with the Green Finance Framework. 
 
2.1.2. 
Managing 
unallocated 
proceeds  
If net proceeds from green funding instruments 
remain unallocated, Porsche will temporarily hold 
the funds at its own discretion in its treasury 
liquidity portfolio. 
 
2.1.3. 
Earmarking funds 
to nominated 
projects & assets 
Porsche seeks to compile an Eligible Green Project 
Portfolio that, over time, matches or exceeds the 
proceeds from green funding instruments issued 
under this framework thereby ensuring swift 
allocation of funds to projects. The addition of 
other eligible investments and projects will be in

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accordance with the evaluation process described 
in the "Project Selection and Evaluation Process" 
outlined in the Framework. 
 
3. REPORTING PRIOR TO ISSUANCE 
 
REQUIREMENTS 
FACTUAL FINDINGS 
ANALYSIS 
AGAINST 
REQUIREMENTS 
3.1.1. 
Disclosure on 
investment areas  
Porsche will document that the proceeds will be 
used to (re)finance new and existing investments 
and expenditures, which are exclusively 
associated with the development and production 
of battery electric vehicles (BEV), including the 
manufacturing facilities. 
 
3.1.2. 
Disclosure on 
intended types of 
temporary 
investment 
instruments 
The Porsche AG Green Finance Framework, 
together with a Second Party Opinion relating to 
the Framework, can be found on the Issuer's 
website: "If net proceeds from green funding 
instruments remain unallocated, Porsche will 
temporarily hold the funds at its own discretion in 
its treasury liquidity portfolio." 
 
3.1.3. 
Disclosure 
regarding pre-
issuance 
verification  
Porsche will disclose the verifier’s report as part of 
its bond disclosure documentation. 
 
3.1.4. 
Disclosure on 
periodic assurance 
engagements 
Porsche will seek a post-issuance certification by 
the CBI and might decide to seek other external 
review re-verification in the future.

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ANNEX 2: DETAILED FINDINGS LOW CARBON LAND 
TRANSPORT 
 
 
The Green Bond Asset Pool complies with the Low Carbon Transport criteria of the 
Climate Bonds Initiative. 
The financed assets relate to the development and construction of battery electric 
vehicles (BEVs) and manufacturing facilities solely built and used for Battery Electric 
Vehicles (BEV). The assets are therefore eligible for the Climate Bonds Certification.