VW - Announcement of the new CEO

Dear Shareholder,

The Supervisory Board asked me to take over as CEO of Volkswagen AG, and I am writing to you today in my new function.

We all saw that last week was a very difficult time for our customers, shareholders and for the whole Group as we were compelled to come to terms with misconduct that has occurred within our company.

As a shareholder in the Group I know that you will have many questions you would like to see answered. Let me assure you that I am personally committed to answering them. However, I must ask you to give me time to gather the full facts first. Only when we have established exactly what happened will I be able to give you a detailed response. The Group's internal investigations are running at full speed.

In addition, the Supervisory Board of Volkswagen AG with support from German and US lawyers has created a Special Committee to steer the complete clarification process.

We are all committed to making Volkswagen a company you can once again trust.

I give you my word that I will work steadfastly to put our company back on the right track.

Yours sincerely,

Matthias Müller

More information at VW website