November 9, 2006

Dr. Bernd Pischetsrieder to leave VW supervisory position

Wolfsburg, Germany – Volkswagen AG has announced that the company’s supervisory board and the Chairman of the Board of Management have agreed upon the resignation of company CEO Dr. Bernd Pischetsrieder, effective December 31, 2006.

The Presidium of the Supervisor Board has unanimously proposed to appoint Professor Dr. Martin Winterkorn as his successor, effective January 1, 2007. The board will decide on this appointment at its next meeting later this month. Winterkorn is currently CEO of Audi; the company has given no reason for Pischetsrieder’s resignation.

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