Integrated automotive group: Volkswagen will take a 49.9 percent

The adjustment of the envisaged initial participation reflects the successful progress of negotiations between Volkswagen and Porsche concerning the details of the merger which have been taking place since the Comprehensive Agreement was approved. These negotiations indicate that the projects identified for a closer cooperation have been making swifter progress than initially anticipated. This positive development for both companies, which is an expression of the compelling industrial logic behind the merger, is now to be underscored by a larger participation in Porsche AG. Volkswagen is thus securing a higher share of the increase in the value of Porsche expected from the joint projects at an early stage. At the same time, Volkswagen remains committed to the phased integration of the two companies and is preserving the independence and the interests of Porsche.

Based on the enterprise value calculated for Porsche AG, Volkswagen is expected to pay approximately EUR 3.9 billion for the participation in the company. An increase in Volkswagen's preferred share capital is planned for the first half of 2010 in order to refinance the participation and maintain Volkswagen's good credit rating. Shareholders will be requested to adopt a resolution authorizing such an increase at an Extraordinary General Meeting on December 3.