Offer Document

NON-BINDING ENGLISH TRANSLATION

Mandatory publication pursuant to § 35 para. 2 in conjunction with § 14 paras. 2 and 3 of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz) (WpÜG)

Shareholders of Volkswagen AG, in particular those who have their place of residence, seat (Sitz) or place of habitual abode in Luxembourg, the United States of America, Japan, or otherwise outside the Federal Republic of Germany should pay particular attention to the information contained in Section 1 on pages 1 to 3, Section 6.9 on page 14, Section 23 on page 51 and Section 24 on page 52 of this Offer Document.

Offer Document MANDATORY OFFER

by Dr. Ing. h.c. F. Porsche Aktiengesellschaft Porscheplatz 1 70435 Stuttgart

to the shareholders of Volkswagen Aktiengesellschaft Berliner Ring 2 38436 Wolfsburg

for the acquisition of the shares held by them in Volkswagen Aktiengesellschaft

at a price of EUR 100.92 per ordinary share of Volkswagen Aktiengesellschaft and

EUR 65.54 per preference share of Volkswagen Aktiengesellschaft

Acceptance Period: 30 April to 29 May 2007, 24:00 hrs local time Frankfurt am Main 18:00 hrs local time New York

Ordinary shares of Volkswagen Aktiengesellschaft: ISIN DE0007664005 Preference shares of Volkswagen Aktiengesellschaft: ISIN DE0007664039

Tendered ordinary shares of Volkswagen Aktiengesellschaft: ISIN DE000A0N3EV1 Tendered preference shares of Volkswagen Aktiengesellschaft: ISIN DE000A0N3EW9

TABLE OF CONTENTS

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1. General information on the implementation of the Mandatory Offer...... 1 1.1 Legal basis...... 1 1.2 Shareholders excluded from the Mandatory Offer ...... 1 1.3 Particular information for Volkswagen Shareholders whose place of residence, seat (Sitz) or place of habitual abode is in the United States ...... 1 1.4 Publication of the attainment of control...... 2 1.5 Review of the Offer Document by the Federal Agency for Financial Services Supervision...... 2 1.6 Publication and dissemination of the Offer Document...... 2 1.7 Acceptance of the Mandatory Offer outside the Federal Republic of Germany ...... 3 2. Information regarding the statements contained in the Offer Document ...... 3 2.1 General...... 3 2.2 Status and source of the particulars ...... 4 2.3 Forward-looking statements...... 4 2.4 No updates...... 4 3. Summary of the Mandatory Offer...... 5 4. Mandatory Offer...... 7 4.1 Subject-matter and Offer Price ...... 7 4.2 Legal character...... 7 4.3 No further mandatory offers ...... 7 5. Acceptance Period...... 8 5.1 Duration of the Acceptance Period...... 8 5.2 Extensions of the Acceptance Period...... 8 6. Description of the Bidder...... 9 6.1 Legal basis; Capital structure...... 9 6.2 Overview of the business activity of the Porsche Group...... 10 6.3 Boards ...... 11 6.4 Subsidiaries...... 12 6.5 Shareholder structure...... 12 6.6 Parties acting in concert with the Bidder ...... 13

6.7 Volkswagen Shares currently held by the Bidder or by persons acting in concert with the Bidder and subsidiaries of such persons; Attribution of voting rights...... 13 6.8 Particulars with regard to securities transactions...... 14 6.9 Possible parallel acquisitions ...... 14 7. Description of Volkswagen...... 14 7.1 Legal basis; Capital structure...... 14 7.2 Stock options...... 18 7.3 Volkswagen Act...... 18 7.4 Overview of the business activities of the Volkswagen Group ...... 21 7.5 Boards ...... 22 7.6 Shareholder structure...... 23 7.7 Persons acting in concert with Volkswagen ...... 23 8. Background to the Mandatory Offer...... 24 8.1 Cooperation between Porsche and Volkswagen...... 24 8.2 Stake-building and reasons for further increase of stake...... 24 9. Intentions of the Bidder ...... 25 9.1 Future business activities, assets and future obligations of Volkswagen...... 25 9.2 Future business activities of the Bidder...... 25 9.3 Managing Board and Supervisory Board of Volkswagen ...... 26 9.4 Employees, terms and conditions of employment and employee representation...... 26 9.5 Seat of Volkswagen; Location of major parts of the business...... 27 9.6 Possible further measures ...... 27 10. Explanation of price determination...... 27 10.1 Minimum offer prices ...... 27 10.2 Comparison with historical stock exchange prices...... 28 10.3 Further explanations with regard to the Offer Price ...... 30 10.4 No compensation for loss of certain rights ...... 31 11. Acceptance and settlement of the Mandatory Offer ...... 31 11.1 Central settlement agent...... 31 11.2 Acceptance of the Mandatory Offer ...... 31 11.3 Further declarations by accepting Volkswagen Shareholders ...... 32 11.4 Legal consequences of acceptance...... 33

11.5 Settlement of the Mandatory Offer and payment of the purchase price after expiry of the Acceptance Period...... 34 11.6 Costs...... 34 11.7 Stock exchange trading with Tendered Volkswagen Shares ...... 34 12. Official approvals and proceedings ...... 35 12.1 Antitrust approvals...... 35 12.2 Status of the merger clearance proceedings...... 38 12.3 Banking and insurance regulatory duties of notification ...... 38 12.4 Permission to publish this Offer Document...... 39 13. Conditions for the completion of the Mandatory Offer...... 39 13.1 Completion Conditions...... 39 13.2 Waiver of Completion Conditions...... 40 13.3 Non-fulfilment of Completion Conditions...... 40 13.4 Publications...... 41 14. Financing of the Mandatory Offer ...... 41 14.1 Measures to ensure complete performance of the Mandatory Offer...... 41 14.1.1 Maximum consideration...... 41 14.1.2 Financing of the Mandatory Offer...... 41 14.2 Confirmation of financing...... 42 15. Effects of completion of the Mandatory Offer on the net worth, financial position and results of the Bidder and the Porsche Group...... 42 15.1 Assumptions...... 42 15.2 Methodology and reservations...... 43 15.3 Expected effects on the individual financial statements of the Bidder...... 43 15.3.1 Effects on the balance sheet of the Bidder...... 43 15.3.2 Effects on the results...... 45 15.4 Effects on the consolidated financial statements of the Porsche Group ...... 46 15.4.1 Expected effects on the consolidated balance sheet of the Porsche Group...... 46 15.4.2 Expected effects on the income statement of the Porsche Group ...... 48 16. Right of withdrawal ...... 49 16.1 Conditions...... 49

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16.2 Exercise of the right of withdrawal...... 49 17. Information for Volkswagen Shareholders who wish to accept the Mandatory Offer ...... 50 18. Cash payments and valuable benefits for members of the Managing Board or the Supervisory Board of Volkswagen ...... 50 19. Advising banks...... 50 20. Taxes...... 50 21. Publications and notifications...... 51 22. Governing law and place of jurisdiction...... 51 23. Additional information for U.S. Shareholders...... 51 23.1 Implementation of the Offer ...... 51 23.2 American Depository Receipts ...... 52 24. Additional information for Volkswagen Shareholders whose place of residence, seat or place of habitual abode is in Luxembourg ...... 52 24.1 Publication and dissemination of the Offer Document in Luxembourg...... 52 24.2 Acceptance and Settlement of the Mandatory Offer for Luxembourg Shareholders...... 52 24.3 Taxes...... 53 24.3.1 Individuals who have unlimited tax liability in Luxembourg...... 53 24.3.2 Statutory corporations which have unlimited tax liability in Luxembourg ...... 53 25. Declaration of assumption of responsibility ...... 53

APPENDIX 1: Subsidiaries of the Bidder...... 54 APPENDIX 2: Persons and companies controlling the Bidder...... 57 APPENDIX 3: Subsidiaries of persons and companies controlling the Bidder ...... 59 APPENDIX 4: Subsidiaries of Volkswagen...... 73 APPENDIX 5: Financing Confirmation of Merrill Lynch International Bank Limited, Frankfurt am Main Branch...... 82

1. GENERAL INFORMATION ON THE IMPLEMENTATION OF THE MANDATORY OFFER

1.1 Legal basis

The mandatory offer (Mandatory Offer or Offer) contained in this Offer Document by Dr. Ing. h.c. F. Porsche Aktiengesellschaft, which has its seat (Sitz) in Stuttgart and is registered in the commercial register (Handelsregister) of the Stuttgart Local Court (Amtsgericht) under HRB 5211 (Bidder or Porsche), is a public offer for the acquisition of shares in Volkswagen Aktiengesellschaft, which has its seat in Wolfsburg and is registered in the commercial register of the Braunschweig Local Court under HRB 100484 (Volkswagen), in accordance with the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz) (WpÜG). It is addressed to all shareholders of Volkswagen (Volkswagen Shareholders) except for those shareholders who are excluded from the Mandatory Offer pursuant to Section 1.2 of this Offer Document and will be implemented solely in accordance with German law and certain applicable securities law provisions of the United States of America (United States or U.S.). Volks- wagen Shareholders whose place of residence, seat (Sitz) or place of habitual abode is in Japan are referred in particular to the information provided in Section 1.2 of this Offer Document.

1.2 Shareholders excluded from the Mandatory Offer

By a decision of the Federal Agency for Financial Services Supervision (Bundesanstalt für Finanzdienstleistungsaufsicht) (BaFin) of 11 April 2007, the Bidder was permitted to exclude Volkswagen Shareholders whose place of residence, seat (Sitz) or place of habitual abode is in Japan from the Mandatory Offer. The Mandatory Offer is therefore not addressed to Volkswagen Shareholders whose place of residence, seat (Sitz) or place of habitual abode is in Japan (Excluded Shareholders).

1.3 Particular information for Volkswagen Shareholders whose place of residence, seat (Sitz) or place of habitual abode is in the United States

The Offer relates to shares in a German company and is subject to the legal provisions of the Federal Republic of Germany on the implementation of such an offer. These provisions differ considerably from the corresponding U.S. legal provisions. Certain financial information in this Offer Document has been prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the European Union and is therefore not comparable to financial information on U.S. companies and other companies whose financial information is prepared in accordance with the generally accepted accounting principles in the United States.

The Mandatory Offer will be implemented in the United States pursuant to Section 14(e) and Regulation 14E of the U.S. Securities Exchange Act of 1934, as amended, (Exchange Act) and otherwise in accordance with the provisions of the WpÜG. Ac- cordingly, the Mandatory Offer is subject to disclosure and other procedural requirements, including with regard to withdrawal rights, offer period, settlement procedures and timing of payments, which differ from those regarding the implementation of public offers in the United States.

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Pursuant to the class exemptive relief from Rule 14e-5 under the Exchange Act (Rule 14e-5) granted by the Staff of the Division of Market Regulation of the U.S. Securities and Exchange Commission (SEC) on 2 March 2007, the Bidder may directly or indirectly acquire, or make arrangements to acquire, Volkswagen Shares other than pursuant to the Mandatory Offer on or off the stock exchange outside the United States during the period in which the Mandatory Offer remains open for acceptance, provided that such acquisitions or arrangements to acquire comply with the applicable German legal provisions, in particular the WpÜG. To the extent necessary under German law, information about such acquisitions or arrangements will be published in Germany. Such information will also be published by way of a non-binding English translation on the Bidder's website at http://www.porsche.com/germany/aboutporsche/investorrelations/.

It may be difficult for Volkswagen Shareholders whose place of residence, seat (Sitz) or place of habitual abode is in the United States (U.S. Shareholders) to enforce their rights and claims under U.S. federal securities laws, since both Porsche und Volks- wagen have their seats outside the United States, and all of their officers and directors (Organmitglieder) are resident outside the United States. U.S. Shareholders may not be able to sue a company which has its seat outside the United States, or its officers or directors, before a court outside the United States for violations of the U.S. securities laws. Furthermore, it could be difficult to enforce the decisions of a U.S. court against a company which has its seat outside the United States.

Although the Offer does not apply to American Depositary Receipts representing Volkswagen Shares (ADRs), holders of ADRs may participate in the Offer by taking the steps set out in Section 23.2 of this Offer Document.

1.4 Publication of the attainment of control

On 28 March 2007, the Bidder published its attainment of control of Volkswagen in accordance with § 35 para. 1 WpÜG in conjunction with § 10 para. 3 sentences 1 and 2 WpÜG. On 3 April 2007, the Bidder published a correction of the publication of 28 March 2007. Both publications are available on the internet at http://www.porsche.com/germany/aboutporsche/investorrelations/.

1.5 Review of the Offer Document by the Federal Agency for Financial Services Supervision

The BaFin has reviewed this Offer Document in accordance with German law and has permitted its publication. Registrations, admissions or approvals of this Offer Docu- ment and/or of the Mandatory Offer under any laws other than the laws of the Federal Republic of Germany have not so far taken place and are also not intended.

1.6 Publication and dissemination of the Offer Document

The Bidder has published this Offer Document (in German and in the form of a non- binding English translation which has not been reviewed by the BaFin) on 30 April 2007 on the internet at http://www.porsche.com/germany/aboutporsche/investorrelations/. The announcement regarding (i) the availability of copies of this Offer Document at Commerzbank Aktiengesellschaft, ZCM-CMAD, Mainzer Land- straße 153, 60327 Frankfurt am Main, for distribution free of charge (orders by telefax to +49 69 136 44598) and (ii) the internet address at which this Offer Document will be

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published will also be published on 30 April 2007 in the electronic Federal Gazette (elektronischer Bundesanzeiger) and in The Wall Street Journal (U.S. edition).

The publication, dispatch, distribution or dissemination of this Offer Document or other documents connected with the Mandatory Offer outside the Federal Republic of Ger- many, the United States and the Grand Duchy of Luxembourg may be subject to legal restrictions. Irrespective of the fact that as a result of the publication of this Offer Document on the internet, which is mandatorily prescribed by § 35 para. 2 in conjunction with § 14 para. 3 sentence 1 WpÜG, this Offer Document can be accessed globally, this Offer Document and other documents connected with the Mandatory Offer may not be dispatched to, or disseminated, distributed or published in, countries in which this would be illegal. The Bidder has not given its permission for the dispatch, publication, distribution or dissemination of this Offer Document by third parties outside the Federal Republic of Germany, the United States or the Grand Duchy of Luxembourg.

The Bidder will furnish this Offer Document to the relevant custodian securities services companies (Wertpapierdienstleistungsunternehmen) for dispatch to Volkswagen Shareholders whose place of residence, seat (Sitz) or place of habitual abode is in the Federal Republic of Germany, the United States or the Grand Duchy of Luxembourg. The custodian securities services companies may not otherwise publish, dispatch, dis- tribute or disseminate this Offer Document unless this takes place in compliance with all applicable domestic and foreign legal requirements.

1.7 Acceptance of the Mandatory Offer outside the Federal Republic of Ger- many

The Mandatory Offer may be accepted by all domestic and foreign Volkswagen Share- holders (except for the Excluded Shareholders) in accordance with this Offer Document and the applicable legal provisions. However, the Bidder wishes to point out that acceptance of the Mandatory Offer outside the Federal Republic of Germany, the United States or the Grand Duchy of Luxembourg may be subject to legal restrictions. Volks- wagen Shareholders who come into possession of this Offer Document outside the Fed- eral Republic of Germany, the United States or the Grand Duchy of Luxembourg, who wish to accept the Mandatory Offer outside the Federal Republic of Germany, the United States or the Grand Duchy of Luxembourg and/or who are subject to other legal provisions than those of the Federal Republic of Germany, the United States or the Grand Duchy of Luxembourg are advised to inform themselves of the relevant applicable legal provisions and to comply with them. The Bidder assumes no responsibility for acceptance of the Mandatory Offer outside the Federal Republic of Germany, the United States or the Grand Duchy of Luxembourg being permissible under the relevant applicable legal provisions.

2. INFORMATION REGARDING THE STATEMENTS CONTAINED IN THE OFFER DOCUMENT

2.1 General

Except as otherwise stated, references to time in this Offer Document are references to Central European Time (local time Frankfurt am Main). To the extent that expressions such as "currently", "at the present time", "at the moment", "now", "at present" or "to-

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day" are used in this Offer Document, they refer to the time of signature of this Offer Document, i.e. 26 April 2007.

References to a "banking day" relate to a day on which the banks in Frankfurt am Main are open for general business.

The Bidder has not authorised third parties to make statements about the Mandatory Of- fer or this Offer Document. If third parties nevertheless make such statements, these shall not be attributable to the Bidder.

2.2 Status and source of the particulars

The particulars, views, intentions and forward-looking statements contained in this Of- fer Document are, except as otherwise expressly stated, based on certain information available to the Bidder on the date of signature of this Offer Document and on certain assumptions and assessments made by the Bidder at that time. Except as otherwise expressly stated, the information is based solely on generally accessible sources of information (e.g. published financial statements, press announcements and analyst presenta- tions) as well as on the so-called Framework Agreement concluded between the Bidder and Volkswagen (see Section 8.1 of this Offer Document). In particular, the annual financial statements (consolidated and non-consolidated financial statements) of Volks- wagen as at 31 December 2006, which are published and accessible on the internet under http://www.volkswagen-ir.de, were used in the preparation of this Offer Document. Except as otherwise expressly stated, such information was not separately verified by the Bidder.

2.3 Forward-looking statements

This Offer Document and the documents referred to in it contain certain forward- looking statements. Such statements are, in particular, indicated by terms such as "will", "expects", "believes", "is of the opinion", "attempts", "estimates", "intends", "assumes" and "endeavours". Such statements express intentions, views or current expec- tations of the Bidder with regard to possible future events. They are subject to risks and uncertainties which are not usually within the sphere of influence of the Bidder. It should be borne in mind that the forward-looking statements contained in this Offer Document may turn out to be incorrect and that future events and developments may differ considerably from the forward-looking statements contained in this Offer Docu- ment.

2.4 No updates

The Bidder wishes to point out that it will update this Offer Document only to the extent that it is obliged to do so pursuant to the laws of the Federal Republic of Germany.

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3. SUMMARY OF THE MANDATORY OFFER

The following summary contains an overview of selected particulars set out in this Offer Document. It is supplemented by, and should be read in conjunction with, the information and particulars set out elsewhere in this Offer Document. This summary does not, therefore, contain all information that may be relevant for Volkswagen Shareholders. For this reason, Volkswagen Shareholders should read the entire Offer Document carefully.

Bidder: Dr. Ing. h.c. F. Porsche Aktiengesellschaft, Porscheplatz 1, 70435 Stuttgart

Target company: Volkswagen Aktiengesellschaft, Berliner Ring 2, 38436 Wolfsburg

Subject-matter of the Acquisition of all Volkswagen ordinary bearer shares (ISIN Mandatory Offer: DE0007664005) and all Volkswagen preference bearer shares (ISIN DE0007664039), in each case in the form of non-par-value shares representing a pro rata amount of the registered share capital of EUR 2.56 per share and in each case including dividend entitlement for the 2007 financial year. Volkswagen Shares, which belong to Volkswagen itself or to a dependent enterprise of Volkswagen or an enterprise in which Volkswagen holds a majority interest, are excluded.

Consideration: EUR 100.92 per Volkswagen Ordinary Share EUR 65.54 per Volkswagen Preference Share

Acceptance Period: 30 April 2007 until 29 May 2007, 24:00 hrs (local time Frankfurt am Main) / 18:00 hrs (local time New York)

ISIN: Volkswagen Shares: Volkswagen Ordinary Shares: ISIN DE0007664005 Volkswagen Preference Shares: ISIN DE0007664039 Tendered Volkswagen Shares: Tendered Volkswagen Ordinary Shares: ISIN DE000A0N3EV1 Tendered Volkswagen Preference Shares: ISIN DE000A0N3EW9

Acceptance: Acceptance of the Mandatory Offer must be declared in writing to the custodian securities services company of the relevant Volkswagen Shareholder during the Acceptance Period. It will only become effective upon the Volkswagen Shares in respect of which the Mandatory Offer has been accepted being re-booked, in a timely manner, under the ISIN DE000A0N3EV1 in the case of Volkswagen Ordinary

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Shares and under the ISIN DE000A0N3EW9 in the case of Volkswagen Preference Shares.

Conditions: Completion of the Mandatory Offer and of the agreements which come into existence as a result of acceptance of the Mandatory Offer is subject to the Completion Conditions set out in Section 13.1 of this Offer Document.

Costs of acceptance: Acceptance of the Mandatory Offer is – with the exception of any taxes, costs and expenses arising outside the Federal Republic of Germany – intended to be free of costs and expenses for the accepting Volkswagen Shareholders as a result of the making of a compensation payment to the custodian banks in accordance with Section 11.6 of this Offer Docu- ment.

Stock exchange trad- It is intended that the Tendered Volkswagen Shares in re- ing: spect of which the Mandatory Offer has been accepted during the Acceptance Period will be traded on the Official Market (Amtlicher Markt) (Prime Standard) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) under the ISIN DE000A0N3EV1 (Tendered Volkswagen Ordinary Shares) or, as the case may be, the ISIN DE000A0N3EW9 (Tendered Volkswagen Preference Shares), the anticipated period for such trading being from the second stock exchange trading day of the Acceptance Period, i.e. 2 May 2007, until and including the third-last stock exchange trading day of the Acceptance Period, i.e. 24 May 2007, or, if the Completion Conditions pursuant to Section 13.1 of this Offer Document have not been fulfilled by the end of the Acceptance Period, until no later than two stock exchange trading days prior to completion of the Offer or, as the case may be, until the announcement of its failure.

Publications: This Offer Document, which was approved for publication by the BaFin on 27 April 2007, will be published on the internet, together with a non-binding English translation, at http://www.porsche.com/germany/aboutporsche/investorrela tions/. The announcement about the availability of this Offer Document for distribution free of charge in Germany and the United States will be published on 30 April 2007 in the electronic Federal Gazette (elektronischer Bundesanzeiger) and in The Wall Street Journal (U.S. edition). All publications and announcements required pursuant to the WpÜG or the applicable capital markets law provisions of the United States will take place on the internet at http://www.porsche.com/germany/aboutporsche/investorrela tions/. Publications and announcements pursuant to the WpÜG will also take place in the electronic Federal Gazette (elektronischer Bundesanzeiger).

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4. MANDATORY OFFER

4.1 Subject-matter and Offer Price

The Bidder hereby offers to all Volkswagen Shareholders (with the exception of the Ex- cluded Shareholders) to purchase and acquire all ordinary bearer shares (auf den In- haber lautende Stammaktien) of Volkswagen (ISIN DE0007664005) (Volkswagen Or- dinary Shares) and all non-voting preference bearer shares (auf den Inhaber lautende Vorzugsaktien ohne Stimmrecht) of Volkswagen (ISIN DE0007664039) (Volkswagen Preference Shares), in each case without a par value (Stückaktien) and representing a pro rata amount of the registered share capital (Grundkapital) of EUR 2.56 and including dividend entitlement for the 2007 financial year, at a purchase price (Offer Price) of

EUR 100.92 per Volkswagen Ordinary Share

and

EUR 65.54 per Volkswagen Preference Share in accordance with the terms and conditions of this Offer Document. In this Offer Document, the Volkswagen Ordinary Shares and the Volkswagen Preference Shares are collectively also referred to as Volkswagen Shares.

Volkswagen Shares which belong to Volkswagen itself or to a dependent enterprise of Volkswagen or an enterprise in which Volkswagen holds a majority interest are excluded from this Offer.

4.2 Legal character

This Offer is the legal consequence of the attainment of control, within the meaning of § 29 para. 2 WpÜG, of Volkswagen by the Bidder, which occurred on 28 March 2007, and is thus a mandatory offer pursuant to Division 5 of the WpÜG.

4.3 No further mandatory offers

As a result of the attainment of control of Volkswagen by the Bidder, and by virtue of the attribution of voting rights pursuant to § 30 para. 1 sentence 1 no. 1 WpÜG, Mag. Josef Ahorner, Vienna/Austria, Dipl.-Ing. Dr. h.c. Ferdinand Piëch GmbH, Salz- burg/Austria, Dr. Hans-Michel Piëch GmbH, Salzburg/Austria, Familie Porsche Be- teiligung GmbH, Stuttgart/Germany, Familie Porsche Holding GmbH, Salz- burg/Austria, Familie Porsche Privatstiftung, Salzburg/Austria, Familien Porsche- Daxer-Piëch Beteiligung GmbH, Stuttgart/Germany, Ferdinand Alexander Porsche GmbH, Stuttgart/Germany, Ferdinand Piëch GmbH, Grünwald/Germany, Ferdinand Porsche Holding GmbH, Salzburg/Austria, Ferdinand Porsche Privatstiftung, Salz- burg/Austria, Gerhard Anton Porsche GmbH, Salzburg/Austria, Gerhard Porsche GmbH, Stuttgart/Germany, Hans-Michel Piëch GmbH, Grünwald/Germany, Hans-Peter Porsche GmbH, Stuttgart/Germany, Ing. Hans-Peter Porsche GmbH, Salzburg/Austria, Mag. Louise Kiesling, Vienna/Austria, Louise Daxer-Piëch GmbH, Stuttgart/Germany, Louise Daxer-Piëch GmbH, Salzburg/Austria, Dr. techn. h.c. Ferdinand Piëch, Salz- burg/Austria, Dr. Hans-Michel Piëch, Salzburg/Austria, Porsche GmbH, Salz- burg/Austria, Porsche GmbH, Stuttgart/Germany, Porsche Holding GmbH, Salz-

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burg/Austria, Dr. F. Oliver Porsche, Salzburg/Austria, Dr. Wolfgang Porsche, Mu- nich/Germany, Mr. Gerhard Anton Porsche, Mondsee/Austria, Mr. Hans-Peter Porsche, Salzburg/Austria, Mr. Kai Alexander Porsche, Innsbruck/Austria, Mr. Mark Philip Por- sche, Innsbruck/Austria, Mr. Peter Daniell Porsche, Hallein/Austria, Prof. Ferdinand Alexander Porsche, Gries/Pinzgau/Austria, Prof. Ferdinand Alexander Porsche GmbH, Salzburg/Austria and Wolfgang Porsche GmbH, Stuttgart/Germany (together the Addi- tional Controlling Persons) also indirectly attained control of Volkswagen on 28 March 2007. The present Mandatory Offer is also being made with exemptive effect on behalf of the Additional Controlling Persons. They will therefore not publish a separate mandatory offer for Volkswagen Shares.

5. ACCEPTANCE PERIOD

5.1 Duration of the Acceptance Period

The period for acceptance of the Mandatory Offer begins upon publication of this Offer Document on 30 April 2007. It ends on

29 May 2007, 24:00 hrs local time Frankfurt am Main/ 18:00 hrs local time New York

5.2 Extensions of the Acceptance Period

In the circumstances set out below, the Acceptance Period will in each case be extended automatically as follows:

● In the event of an amendment of the Mandatory Offer pursuant to § 21 WpÜG within the last two weeks before expiry of the Acceptance Period referred to in Section 5.1 of this Offer Document, the Acceptance Period pursuant to Sec- tion 5.1 of this Offer Document will be extended by two weeks (§ 21 para. 5 WpÜG), i.e. it is expected to end on 12 June 2007, 24:00 hrs local time Frank- furt am Main/18:00 hrs local time New York. This shall apply even if the amended Mandatory Offer contravenes legal provisions.

● If during the Acceptance Period of this Mandatory Offer a competing offer is made by a third party (Competing Offer) and if the Acceptance Period for the present Mandatory Offer expires prior to expiry of the acceptance period for the Competing Offer, the expiry of the Acceptance Period for the present Mandatory Offer shall be determined by reference to the expiry of the acceptance period for the Competing Offer (§ 22 para. 2 WpÜG). This shall apply even if the Com- peting Offer is amended or prohibited or contravenes legal provisions.

The period for acceptance of the Mandatory Offer, including all extensions of such period resulting from provisions of the WpÜG, is hereinafter uniformly referred to as the Acceptance Period. With regard to the right of withdrawal (Rücktrittsrecht) in the event of an amendment of the Mandatory Offer or the launching of a Competing Offer, see the statements contained in Section 16 of this Offer Document.

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6. DESCRIPTION OF THE BIDDER

6.1 Legal basis; Capital structure

(a) The Bidder (together with its subsidiaries that are consolidated in the consolidated balance sheet as at 31 July 2006 also referred to as the Porsche Group) is a German stock corporation (Aktiengesellschaft) which has its seat (Sitz) in Stuttgart and is registered in the commercial register (Handelsregister) of the Stuttgart Local Court (Amtsgericht) under HRB 5211. The financial year of the Bidder runs from 1 August until 31 July of the following year.

(b) The registered share capital (Grundkapital) of the Bidder amounts to EUR 45,500,000. It is divided into 17,500,000 non-par-value shares (Stück- aktien), namely 8,750,000 ordinary bearer shares and 8,750,000 non-voting preference shares, each of which represents a pro rata amount of the registered share capital of EUR 2.60. The ordinary bearer shares of the Bidder are not admitted to trading on the stock market. The preference bearer shares of the Bid- der are admitted to trading on the official market (Amtlicher Markt) (General Standard) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) and are also traded on the Regulated Unofficial Market (Freiverkehr) of the Stutt- gart, Munich, Hamburg, Berlin-Bremen, Dusseldorf and Hanover stock exchanges.

(c) Pursuant to § 4 para. 3 of the Articles of Association (Satzung) of the Bidder, the Managing Board (Vorstand), is authorised, with the consent of the Supervisory Board (Aufsichtsrat), to increase the registered share capital (Grundkapital) of the company by up to EUR 22,750,000 in aggregate in the period up to 25 January 2012 by the issue, on one or more occasions, of new ordinary bearer shares (auf den Inhaber lautende Stammaktien) and/or non-voting preference shares (stimmrechtslose Vorzugsaktien) in return for cash contributions (Bare- inlagen) and/or contributions in kind (Sacheinlagen). If this is done, the number of shares must increase in the same proportion as the registered share capital. The power may only be exercised in such a way that the proportion of the registered share capital represented by the non-voting preference shares at no time exceeds the proportion of the registered share capital represented by the ordinary shares. The authorisation includes authority to issue non-voting preference shares which rank pari passu, with regard to the distribution of profit or of the company's assets, with the non-voting preference shares issued previously. The shareholders of the Bidder must be granted subscription rights. However, in the case of a simultaneous issue of ordinary shares and non-voting preference shares in proportion to the amount of the registered share capital represented by these classes of shares, the Managing Board is, with the consent of the Supervisory Board of the Bidder, authorised to exclude the subscription rights of the holders of shares of one class for shares of the other class (so-called "reciprocal exclu- sion of subscription rights"). Furthermore, the Managing Board of the Bidder is authorised, with the consent of the Supervisory Board of the Bidder, to exclude the subscription rights of shareholders if new ordinary bearer shares are issued in return for contributions in kind for the purposes of acquiring business enterprises, parts of business enterprises, interests in business enterprises or other assets. The Managing Board of the Bidder is authorised, with consent of the Su-

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pervisory Board, to determine the further details of the share capital increase and the terms and conditions of issue of the shares.

6.2 Overview of the business activity of the Porsche Group

Porsche is an international automobile group with more than 70 subsidiaries in Europe, North America, Australia and Southeast Asia.

The main focus of the business activity of Porsche is the development and production as well as the sale of premium sports vehicles. In 1948, under the direction of Ferry Por- sche, the Porsche 356 "No. 1" became the first sports car to be produced under the Por- sche brand. Since then, Porsche has manufactured and sold over 1.5 million vehicles, approximately two-thirds of which are still in a roadworthy condition today.

The Porsche product range compromises the sports cars "911" and "Boxster", which are offered in various versions. Since 2005, the sports car segment product range has been rounded off by the mid-engined sports coupé “Cayman”. In Autumn 2002, Porsche pre- sented the sporty off-road vehicle “Cayenne” and thereby successfully positioned itself in the Sport Utility Vehicles (SUV) segment. The introduction of a fourth model series – the four-seater, four-door Gran Turismo “Panamera” – is planned for 2009.

In the 2005/2006 financial year, Porsche sold 96,794 new vehicles. Porsche's turnover increased in the 2005/2006 financial year to the record level of EUR 7.1 billion. At the same time, with an annual profit of approximately EUR 1.4 billion, Porsche achieved the best results in the history of the company. The operating margin (EBIT margin) amounted to approximately 25.7%. Hence, Porsche is the most profitable automobile manufacturer in the world.

With Porsche Engineering Group, the Porsche Group has a provider of engineering services which also carries out development work for third parties in close cooperation with the research and design centre in Weissach.

Through its Porsche Financial Services subsidiaries in Germany, France, Great Britain, Italy, Japan, Spain and the United States, the Porsche Group offers various financial services, such as leasing and financing of vehicles.

Porsche Lizenz und Handelsgesellschaft markets luxury articles and accessories. Por- sche holds a 65% stake in this company, with the remaining 35% being held by the shareholders of Porsche Design Produkte Vetriebsgesellschaft. The basis for Porsche Design goes back to 1972, when Ferdinand Alexander Porsche established the Porsche Design luxury brand.

In Germany, the Porsche Group also owns consultancy companies such as Porsche Consulting GmbH and Mieschke Hofmann und Partner Gesellschaft für Management und IT-Beratung mbH. The entire theoretical and practical know-how of the Porsche success story (lean production, procurement management, target engineering and sales), which is offered to various industry sectors, is gathered together in Porsche Consulting GmbH. Mieschke Hofmann und Partner is successful in IT consultancy, both on a national and an international level.

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6.3 Boards

The Managing Board (Vorstand) of the Bidder currently consists of the following persons:

• Dr.-Ing. Wendelin Wiedeking, Chairman of the Managing Board (Vorsitzender des Vorstands)

• Klaus Berning Responsibility: Sales and Marketing

• Wolfgang Dürheimer Responsibility: Research and Development

• Thomas Edig Responsibility: Human Resources/Director of Labour Relations (Arbeitsdirek- tor) (from 1 May 2007)

• Holger P. Härter Responsibility: Finance and Controlling

• Harro Harmel Responsibility: Human Resources/Director of Labour Relations (Arbeitsdirek- tor) (until 31 May 2007)

• Michael Macht Responsibility: Production and Logistics

The Supervisory Board of Porsche currently consists of the following persons:

• Dr. Wolfgang Porsche Chairman of the Supervisory Board (Aufsichtsratsvorsitzender)

٭Hans Baur • Deputy Chairman of the Supervisory Board

٭Dr. Ludwig Hamm •

٭Uwe Hück •

٭Jürgen Kapfer •

• Prof. Dr. Ulrich Lehner

• Hon. Prof. Dr. techn. h.c. Dipl. Ing. ETH Ferdinand K. Piëch

• Dr. Hans Michel Piëch

• Dr. Ferdinand Oliver Porsche

• Hans-Peter Porsche

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٭Hansjörg Schmierer •

٭Werner Weresch •

(Employee representatives٭)

6.4 Subsidiaries

The subsidiaries of the Bidder are listed in Appendix 1 to this Offer Document.

6.5 Shareholder structure

The ordinary shares of the Bidder, which are not admitted to stock exchange trading, are solely held indirectly by members of the Porsche and Piëch families. According to the information available to the Bidder, the shareholder structure with respect to the ordinary shares can be summarized as follows:

Further companies, individuals or private foundations indirectly dominating the Bidder based on indirect shareholdings in one or more of the GmbHs listed below:

Companies Individuals and private foundations (cont.) - Familie Porsche Holding GmbH, Salzburg - Hon. Prof. Dr. techn. h.c. Dipl. Ing. ETH Ferdinand K. Piëch, Salzburg - Ferdinand Porsche Holding GmbH, Salzburg - Dr. Hans-Michel Piëch, Salzburg - Gerhard Anton Porsche GmbH, Salzburg - Dr. F. Oliver Porsche, Salzburg - Ing. Hans-Peter Porsche GmbH, Salzburg - Dr. Wolfgang Porsche, München - Louise Daxer-Piëch GmbH, Salzburg - Mr. Gerhard Anton Porsche, Mondsee - Porsche Holding GmbH, Salzburg - Mr. Hans-Peter Porsche, Salzburg - Prof. Ferdinand Alexander Porsche GmbH, Salzburg - Mr. Kai Alexander Porsche, Innsbruck - Mr. Mark Philip Porsche, Innsbruck Individuals and private foundations - Mr. Peter Daniel Porsche, Hallein - Mag. Josef Ahorner, Wien - Prof. Ferdinand Alexander Porsche, Gries/Pinzgau - Mag. Louise Kiesling, Wien - Ferdinand Porsche Privatstiftung, Salzburg - Familie Porsche Privatstiftung, Salzburg

Dipl.-Ing. Dr. Dr. Hans Louise Daxer- Ferdinand Gerhard Porsche Hans-Peter Wolfgang h.c. Ferdinand Michel Piëch GmbH, Alexander Porsche GmbH, Porsche Porsche Piëch GmbH, Piëch GmbH, Stuttgart Porsche GmbH, Salzburg GmbH, GmbH, Salzburg Salzburg GmbH, Stuttgart Stuttgart Stuttgart Stuttgart

Ferdinand Hans-Michel Familien Porsche- Porsche GmbH, Familie Porsche Piëch GmbH, Piëch GmbH, Daxer-Piëch Stuttgart Beteiligung GmbH, Grünwald Grünwald Beteiligung GmbH, (23,57% of the Stuttgart (13,16% of the (13,16% of the Stuttgart ordinary shares) (24,44 % of the ordinary shares)) ordinary shares) (25,67% of the ordinary ordinary shares) shares)

Dr. Ing. h.c. F. Porsche AG Stuttgart

The ordinary voting shares of the Bidder are, according to the information available to the Bidder, held by a total of five GmbHs: Ferdinand Piëch GmbH, Hans Michel Piëch GmbH, Familien Porsche-Daxer-Piëch Beteiligung GmbH, Familie Porsche Beteiligung GmbH and Porsche GmbH (Consortium GmbHs). As far as the Bidder is aware, the Consortium GmbHs are parties to a pooling agreement on the basis of which they coordinate the exercise of their voting rights in the Bidder. Such coordination results in a control by several parent companies (Mehrmütterherrschaft) and makes the Bidder a subsidiary of each of the Consortium GmbHs. The Consortium GmbHs in turn are, according to the information available to the Bidder, each held – indirectly through inter-

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mediary holding companies as well as private foundations – by members of the Piëch and Porsche families. Therefore, the Bidder is a joint subsidiary of all family members, companies and private foundations included in the above chart.

According to the information available to the Bidder, more than half of the non-voting preference shares are held by institutional investors. The remaining preference shares of the Bidder are in free-float and are mainly held by private investors from the Federal Republic of Germany.

6.6 Parties acting in concert with the Bidder

The subsidiaries listed in Appendix 1 to this Offer Document constitute persons acting in concert with the Bidder and with each other pursuant to § 2 para. 5 sentence 3 WpÜG.

According to the information available to the Bidder at the time of signature of this Of- fer Document, the companies and persons listed in Appendix 2 jointly control the Bid- der. Appendix 3 contains a list of the subsidiaries of one or more of the persons and companies listed in Appendix 2, to the extent that they do not themselves control the Bidder and are therefore already listed in Appendix 2. All persons and companies listed in Appendix 2 and Appendix 3 therefore also constitute persons acting in concert with the Bidder and with each other pursuant to § 2 para. 5 sentence 3 WpÜG.

None of the persons who constitute persons acting in concert pursuant to § 2 para. 5 sentence 3 WpÜG actually coordinate their conduct with the Bidder with regard to the acquisition of Volkswagen Shares or their exercise of voting rights attaching to Volks- wagen Shares on the basis of an agreement or otherwise within the meaning of § 2 para. 5 sentence 1 WpÜG.

6.7 Volkswagen Shares currently held by the Bidder or by persons acting in concert with the Bidder and subsidiaries of such persons; Attribution of voting rights

At the time of signature of this Offer Document, the Bidder holds 88,874,462 Volks- wagen Ordinary Shares and voting rights in Volkswagen. This corresponds to approximately 22.64% of the total number of Volkswagen Shares in existence and approximately 30.93% of the total number of voting rights in Volkswagen. According to the information available to the Bidder at the time of signature of this Offer Document, no persons acting in concert with the Bidder within the meaning of § 2 para. 5 WpÜG hold shares or voting rights in Volkswagen, with the exception of 12,470 Volkswagen Ordinary Shares (corresponding to less than 0.01% of the total number of Volkswagen Ordinary Shares in existence) and 1,000 Volkswagen Preference Shares, which, according to the information available to the Bidder, are currently held by Dr. Hans-Michel Piëch, as well as 73 Volkswagen Ordinary Shares (corresponding to less than 0.01% of the total number of Volkswagen Ordinary Shares in existence), which, according to the information available to the Bidder, are currently held by Porsche Austria GmbH & Co. Furthermore, no voting rights attaching to Volkswagen Shares are currently attributable to the Bidder pursuant to § 30 WpÜG. The percentage of voting rights held by the Bid- der in Volkswagen in the amount of approximately 30.93% is attributed to the so-called Additional Controlling Persons listed in Section 4.3 of this Offer Document pursuant to § 30 para. 1 sentence 1 no. 1 WpÜG.

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6.8 Particulars with regard to securities transactions

In the six-month period prior to the publication of the Bidder's attainment of control of Volkswagen (which was published on 28 March 2007), the Bidder, persons acting in concert with the Bidder within the meaning of § 2 para. 5 WpÜG or their subsidiaries acquired Volkswagen Shares as follows:

(a) On 13 and 14 November 2006, by way of off-exchange trading, the Bidder acquired, respectively, a total of 12,878,000 and 6,122,000 Volkswagen Ordinary Shares for a purchase price of EUR 85.09 per Volkswagen Ordinary Share. Upon delivery of these Volkswagen Ordinary Shares, the proportion of voting rights in Volkswagen held by the Bidder increased initially to 25.26% and sub- sequently to 27.40%. The Bidder made a corresponding collective notification to Volkswagen and the BaFin pursuant to § 21 para. 1 of the German Securities Trading Act (Wertpapierhandelsgesetz) (WpHG) on 15 November 2006.

(b) On 26 March 2007, the Bidder purchased a total of 10,500,000 Volkswagen Or- dinary Shares at a purchase price of EUR 55.00 per Volkswagen Ordinary Share. The Bidder acquired these Volkswagen Ordinary Shares following the exercise of an option which had been granted to the Bidder by a financial services institution on 14 March 2007. In connection with the granting of the option, the Bidder paid the writer of the option a total amount of EUR 45.92 per Volkswagen Ordinary Share. The Volkswagen Shares acquired by the Bidder were delivered to it on 28 March 2007 simultaneously with (Zug um Zug gegen) payment of the purchase price of EUR 55.00 per Volkswagen Ordinary Share. The total consideration thus amounts to EUR 100.92 per Volkswagen Ordinary Share.

In the period between 28 March 2007 and 30 April 2007 (the date of publication of this Offer Document) neither the Bidder nor the persons acting in concert with the Bidder nor subsidiaries of such persons have acquired Volkswagen Shares.

6.9 Possible parallel acquisitions

The Bidder reserves the right, to the extent legally permissible, to directly or indirectly acquire additional Volkswagen Shares outside the Mandatory Offer on or off the stock exchange. To the extent that such acquisitions take place, this will be published on the internet at http://www.porsche.com/germany/aboutporsche/investorrelations/ and in accordance with the applicable legal provisions, in particular § 23 para. 2 WpÜG, stating the number and price of the Volkswagen Shares thus acquired.

7. DESCRIPTION OF VOLKSWAGEN

7.1 Legal basis; Capital structure

(a) Volkswagen (together with its subsidiaries consolidated in the consolidated balance sheet as at 31 December 2006 also referred to as the Volkswagen Group) is a German stock corporation (Aktiengesellschaft) which is registered in the commercial register (Handelsregister) of the Braunschweig Local Court (Amtsgericht) under HRB 100484 and has its seat (Sitz) in Wolfsburg. The ob- jects of the business (Unternehmensgegenstand) are the production and distribu-

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tion of vehicles and engines of all kinds, related accessories and all facilities, machines, tools and other technical products. The financial year of Volkswagen is the calendar year.

(b) According to Volkswagen's notification of 30 March 2007 pursuant to § 26a WpHG the registered share capital (Grundkapital) of Volkswagen as at 31 March 2007 amounted to EUR 1,004,984,542.72 and was divided into 287,333,807 ordinary shares (Stammaktien) and 105,238,280 non-voting preference shares (stimmrechtslose Vorzugsaktien), each representing a pro rata amount of the registered share capital of EUR 2.56. The shares are all in bearer form.

The non-voting Volkswagen Preference Shares have certain preferential rights with regard to the distribution of profits. Pursuant to § 28 para. 2 of the Articles of Association (Satzung) of Volkswagen, the dividends due to the Volkswagen Shareholders will always be distributed in proportion to the payments made on their share of the registered share capital and in proportion to the time which has elapsed since the time prescribed for such payment, subject to the provision that

− a preferential dividend of 11 cents per Volkswagen Preference Share eligible for dividends shall be paid to the preference shareholders of Volkswagen. If the net earnings (Bilanzgewinn) are not sufficient for payment of the preferential dividend, the short- fall shall be paid, without interest and prior to the distribution of any dividend to the Volkswagen ordinary shareholders, from the net earnings of the subsequent financial years in such a way that the older arrears are paid before the more recent ones and that the preferential dividend of 11 cents per Volkswagen Preference Share payable for any financial year out of the net earnings of such financial year shall not be distributed until all arrears have been paid;

− dividends of up to 11 cents per Volkswagen Ordinary Share eligible for dividends shall be paid to the ordinary shareholders of Volkswagen;

− further dividends shall be paid to the preference and ordinary shareholders of Volkswagen in proportion to their share of the registered share capital eligible for dividends and in such a way that the Volkswagen Preference Shares shall be eligible for a dividend which is 6 cents per preference share higher than that for which the Volkswagen Ordinary Shares are eligible.

• Volkswagen Ordinary Shares: Official Market (Amtlicher Markt) of the stock exchanges in Berlin-Bremen, Dusseldorf, Frankfurt (Prime Stan- dard), Hamburg, Hanover, Munich and Stuttgart. In addition, Volks- wagen Ordinary Shares are listed on the following foreign stock exchanges: SWX Swiss Exchange, Luxembourg, London and Tokyo. The

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Volkswagen Ordinary Shares are traded on the New York Stock Ex- change in the form of "Sponsored Unlisted American Depositary Re- ceipts", with five ADRs corresponding to one underlying Volkswagen Share.

• Volkswagen Preference Shares: Official Market (Amtlicher Markt) of the stock exchanges in Berlin-Bremen, Dusseldorf, Frankfurt (Prime Stan- dard), Hamburg, Hanover, Munich and Stuttgart. In addition, the Volkswagen Preference Shares are listed on the following foreign stock exchanges: SWX Swiss Exchange, Luxembourg, London and Tokyo. The Volkswagen Preference Shares are traded on the New York Stock Exchange in the form of "Sponsored Unlisted American Depositary Re- ceipts", with five ADRs corresponding to one underlying Volkswagen Share.

(d) Pursuant to § 4 para. 4 of the Articles of Association (Satzung) of Volkswagen, the Managing Board (Vorstand) of Volkswagen is authorised, with the consent of the Supervisory Board (Aufsichtsrat), to increase the registered share capital (Grundkapital) of Volkswagen by up to EUR 400 million in aggregate in the period up to 21 April 2009 by the issue, on one or more occasions, of new ordinary bearer shares (auf den Inhaber lautende Stammaktien) and/or new non-voting preference bearer shares (auf den Inhaber lautende stimmrechtslose Vorzugsak- tien) in return for cash contributions (Geldeinlagen). The Volkswagen shareholders must be granted subscription rights. However, the Managing Board is authorised to exclude fractional amounts (Spitzenbeträge) from the subscription rights of the shareholders and to exclude the subscription rights for an amount up to EUR 100 million in aggregate in order to be able to issue the new shares at an issue price which is not materially lower than the stock exchange price (§ 203 paras. 1 and 2, § 186 para. 3 sentence 4 of the German Stock Corporation Act). Furthermore, the Managing Board is authorised to exclude subscription rights to the extent that this is necessary in order to grant the holders of warrants (Op- tionsscheine) and convertible bonds (Wandelschuldverschreibungen) a subscription right for new shares in the amount to which they would be entitled following exercise of the option or conversion right. In the event of a simultaneous issue of ordinary and preference shares, the Managing Board is authorised to exclude the subscription right of holders of shares of one class with regard to shares of the other class if the subscription ratio for both classes is identical. The Managing Board, with the consent of the Supervisory Board, decides on the further details of the rights attaching to the shares and the terms and conditions of the issue of the shares.

Pursuant to § 4 para. 5 of the Articles of Association of Volkswagen, the Man- aging Board of Volkswagen is furthermore authorised, with the consent of the Supervisory Board, to increase the registered share capital of Volkswagen by up to EUR 90 million in aggregate in the period up to 2 May 2011 by the issue, on one or more occasions, of new ordinary bearer shares in return for cash contributions and/or contributions in kind. The Managing Board is furthermore authorised, with the consent of the Supervisory Board, to exclude the subscription rights of shareholders in the case of an issue of shares in return for contributions in kind. Fractional amounts which would otherwise arise may also be excluded

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from the subscription rights of the shareholders. The Volkswagen Managing Board is also authorised to exclude the subscription rights to the extent that this is necessary in order to grant holders of warrants and convertible bonds a subscription right in respect of new shares in the amount to which they would be entitled following exercise of the option or conversion right. The Managing Board, with the consent of the Supervisory Board, decides on the further details of the rights attaching to the shares and the terms and conditions of the issue of the shares.

Pursuant to § 4 para. 6 of the Articles of Association of Volkswagen, the registered share capital of Volkswagen has been conditionally increased by up to EUR 4,131,353.60 through the issue of ordinary bearer shares. The conditional share capital increase will only be implemented to the extent that the holders of convertible bonds which were issued by Volkswagen on the basis of the authorisation granted by the General Meeting of 19 June 1997 (which excluded the subscription rights of shareholders) for the purpose of being granted to the Manag- ing Board, the top management of the group, the management and the employees of Volkswagen subject to collective bargaining (tarifliche Mitarbeiter) exercise their rights of conversion into new ordinary shares. The new Volkswagen Ordinary Shares participate in the profits as from the beginning of the financial year in which they come into existence through the exercise of conversion rights.

Pursuant to § 4 para. 7 of the Articles of Association of Volkswagen, the registered share capital of Volkswagen has also been conditionally increased by up to EUR 100 million through the issue of new bearer Volkswagen Ordinary Shares and/or new bearer non-voting preference shares of Volkswagen. The conditional share capital increase will only be implemented to the extent that

• the holders or obligees of conversion rights or warrants attaching to convertible or warrant-linked bonds (Wandel- oder Optionsschuld- verschreibungen) issued up to 21 April 2009 by Volkswagen or companies in which it holds a direct or indirect majority interest exercise their conversion or option rights, or

• the holders or obligees of convertible bonds issued up to 21 April 2009 by Volkswagen or companies in which it holds a direct or indirect majority interest who are obliged to convert comply with their obligation to convert.

The new shares participate in the profits as from the beginning of the financial year in which they come into existence through the exercise of conversion or option rights or through compliance with conversion obligations.

Finally, pursuant to § 4 para. 8 of the Articles of Association of Volkswagen, the registered share capital of Volkswagen has been conditionally increased by up to EUR 24,531,744.00 through the issue of new ordinary bearer shares. The conditional share capital increase will only be implemented to the extent that holders of convertible bonds which are issued by Volkswagen, excluding the subscription rights of shareholders, on the basis of the authorisation of the General Meet-

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ing of 16 April 2002 for the purposes of implementing a stock option plan exercise their rights of conversion into new ordinary shares. The new Volkswagen Ordinary Shares participate in the profits as from the beginning of the financial year in which they come into existence through the exercise of conversion rights.

7.2 Stock options

The Managing Board of Volkswagen has made use of the authorisations granted by the general meetings of Volkswagen held on 19 June 1997 and on 16 April 2002 to set up a stock option plan. Conditional capital in the amount of approximately EUR 4.1 million and EUR 24.5 million is available for this (see above under Section 7.1 of this Offer Document).

This stock option plan grants the beneficiaries – the Managing Board, top management and management of Volkswagen as well as the employees of Volkswagen subject to collective bargaining – the right to acquire rights to subscribe for Volkswagen Ordinary Shares through the subscription of convertible bonds at a price of EUR 2.56 per bond. Each bond certificates (verbrieft) the right to convert into ten Volkswagen Ordinary Shares.

As at 31 December 2006, there were, according to the 2006 annual report of Volks- wagen, 824,039 convertible bonds in existence, which certificated rights of conversion into 8,240,390 Volkswagen Ordinary Shares. Based on the total number of voting rights as at 31 March 2007 (287,333,807), as published by Volkswagen pursuant to § 26a WpHG on 30 March 2007, which exceeds the total number of voting rights as at 31 December 2006 pursuant to the 2006 annual report of Volkswagen (286,980,067) by 353,740, the Bidder assumes that in the period between 1 January 2007 and 31 March 2007 35,374 convertible bonds were converted into 353,740 Volkswagen Ordinary Shares. Thus, the Bidder assumes that as at 31 March 2007 there were still 788,665 convertible bonds in existence, which certificated rights of conversion into 7,886,650 Volkswagen Ordinary Shares.

7.3 Volkswagen Act

(a) As a result of the Act on the Transfer of Shares in Volkswagen Gesellschaft mit beschränkter Haftung to Private Ownership (Gesetz über die Überführung der Anteilsrechte an der Volkswagen Gesellschaft mit beschränkter Haftung in private Hand) of 21 July 1960, which was last amended on 31 July 1970 (Volks- wagen Act), certain special arrangements currently apply to Volkswagen. In particular, these entail certain deviations from the generally applicable rules of the German Stock Corporation Act (Aktiengesetz). These include, in particular, the following:

• § 2 para. 1 of the Volkswagen Act (and, in consequence, also § 24 para. 1 sentence 3 of the Articles of Association of Volkswagen) provide for a limitation of voting rights for Volkswagen Shareholders according to which the voting rights of a shareholder are always limited to the number of votes that shares totalling 20% of the registered share capital would grant, even if the shareholder owns

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Volkswagen Shares the aggregate nominal amount of which exceeds 20% of the registered share capital.

• Pursuant to § 3 para. 5 of the Volkswagen Act and § 25 para. 4 of the Articles of Association of Volkswagen, no-one may – including when any voting proxies have been taken into account – exercise the voting rights for more than 20% of the registered share capital at the General Meeting of Volkswagen.

• Pursuant to § 4 para. 3 of the Volkswagen Act and § 26 para. 2 of the Articles of Association of Volkswagen, resolutions of the General Meeting of Volkswagen for which a majority of three quarters of the registered share capital represented at the passing of the resolution would be required under the German Stock Cor- poration Act require a majority of more than four fifths of the registered share capital of Volkswagen represented at the passing of the resolution.

• The Federal Republic of Germany and the Land of Lower Saxony are, pursuant to § 4 para. 1 of the Volkswagen Act and § 12 of the Articles of Association of Volkswagen, each entitled to appoint two members of the Supervisory Board (Aufsichtsrat) of Volkswagen as long as they hold shares in Volkswagen. Since the Federal Republic of Germany currently holds no Volkswagen Shares, such right of appointment currently only applies to the Land of Lower Saxony.

(b) The European Commission objected to the provisions of the Volkswagen Act referred to in paragraph (a) on the grounds that they are incompatible with the free movement of capital and the freedom of establishment under the EC Treaty (Articles 56 and 43 EC). In the opinion of the Commission, the relevant provisions of the Volkswagen Act make the acquisition of shares in Volkswagen sig- nificantly less interesting for investors from the EU who want to participate ef- fectively in the management and control of the company. In the opinion of the Commission, they therefore infringe the provisions on the free movement of capital and the right of establishment.

The Commission therefore initiated treaty infringement proceedings against the Federal Republic of Germany. In March 2004, the Commission, in a reasoned opinion pursuant to Art. 226 EC, demanded that the Federal Republic of Ger- many amend the Volkswagen Act in various respects.

After the Federal Republic of Germany refused to amend the relevant provisions, the Commission brought an action before the Court of Justice of the European Communities (ECJ) (Case C-112/05) on 4 March 2005. On 27 May 2005 a notice about the material contents of the action was published in the Of- ficial Journal of the EU.

The written proceedings ended on 30 January 2006. The oral proceedings took place on 12 December 2006. The Opinion of the Advocate General at the ECJ, Dámaso Ruiz-Jarabo Colomer, was delivered on 13 February 2007. In his Opin- ion, the Advocate General takes the position that the provisions in the Volks- wagen Act regarding the representation of the Federal Republic of Germany and the Land of Lower Saxony in the Supervisory Board of Volkswagen dissuades those wishing to acquire a significant number of shares in Volkswagen, since, of

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the ten members representing share capital, four would be representatives of public authorities, which own an insignificant number of shares. In his view, it is irrelevant that the Federal Republic of Germany has sold all of its shares and therefore does not exercise its right of appointment. It is sufficient that neither the right of the Federal Republic of Germany and the Land of Lower Saxony to appoint representatives to the Supervisory Board nor their prerogative to inter- vene when they consider it appropriate have been removed from the German legal order. As regards the blocking minority and the limitation of voting rights, the Advocate General points out that the restriction on the exercise of voting rights to 20 per cent corresponds to the percentage of shares held by the Federal Republic of Germany and the Land of Lower Saxony at the time the law was passed. In those circumstances, anyone wishing to acquire a sufficient number of shares in this company to sit on its management bodies would have serious doubts about acquiring more than one fifth of the capital because he would have no voting rights beyond that ceiling. Even if he succeeded in mobilising all small shareholders, the blocking minority of the Federal Republic of Germany and the Land of Lower Saxony would mean that there would be no real possibility of achieving any change with more than four fifths of the registered share capital in the general meeting.

Therefore, in the opinion of the Advocate General, the Volkswagen Act strengthens the position of the Federal Republic of Germany and the Land of Lower Saxony and prevents any participation in the management of Volks- wagen. In his opinion, this situation could not be remedied by the sale of the shares held by the Land of Lower Saxony. The mere existence of the relevant provision bolsters its dominance over Volkswagen in the future.

In the opinion of the Advocate General, the restrictions on the free movement of capital resulting from the provisions of the Volkswagen Act cannot be justified on the basis of the historical background to the passing of the Act and its objec- tives in terms of social, regional, economic and industrial policies.

Accordingly, the Advocate General proposed that the Court of Justice should find against the Federal Republic of Germany as requested by the Commission.

The judgement of the ECJ in this matter is expected in the coming months.

In earlier judgements the ECJ has already stated its position on so-called "golden share" rules in certain Member States and, in so doing, has particularly empha- sised the extent of the free movement of capital enshrined in Art. 56 EC:

In its judgements of 4 June 2002 in the Cases Commission/France (C-483/99), Commission/Belgium (C-503/99) and Commission/Portugal (C-367/98), the Court of Justice held that a statutory provision which can dissuade investors from other Member States from making capital investments is liable to render the free movement of capital illusory and thus constitutes a restriction on the free movement of capital within the meaning of Article 56 of the EC Treaty. The Court of Justice also held that economic reasons cannot justify restrictions

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which are prohibited under the EC Treaty (see ECJ judgement of 4 June 2002, Commission/Portugal (C-367/98)).

The extraordinarily broad area of protection as a prohibition on restrictions which the ECJ accords to Art. 56 EC in the above-mentioned judgements makes it appear very probable that the relevant provisions of the Volkswagen Act will also be regarded by the ECJ as a restriction on the free movement of capital. According to the earlier decisions, it is sufficient if a "golden share" provision results in a particular investment product being to a certain extent legally barred or even if they result in it simply being de facto less attractive. The decisive fac- tor will be whether the relevant provisions can be justified. So far, the ECJ has only accepted the possibility of justification on grounds of public order and se- curity in the case of protective rules to ensure basic supplies, which are not relevant here. On the other hand, according to the case-law, general financial interests or economic considerations of a Member State, such as an abstract protection against takeovers, are not sufficient.

7.4 Overview of the business activities of the Volkswagen Group

The Volkswagen Group, which has its seat in Wolfsburg, is one of the leading automobile manufacturers in the world and the largest automobile producer in Europe.

The Volkswagen Group consists of two divisions: Automotive and Financial Services. The activities of the Automotive Division comprise the development of vehicles and engines, as well as the production and sale of passenger cars, commercial vehicles, trucks and buses. The Volkswagen Group’s product range in the financial services area includes dealer and customer financing, leasing, banking and insurance business and fleet management business.

The Volkswagen Group has eight automobile brands from six European countries: Volkswagen, Audi, Bentley, Bugatti, Lamborghini, SEAT, Škoda and Volkswagen Commercial Vehicles. Each brand has its own distinct character and operates inde- pendently in the market. The vehicles on offer range from low-consumption small cars through to luxury-class vehicles. In the commercial vehicles area, the products on offer range from pick-up vehicles through to buses and heavy trucks.

The Volkswagen Group operates 44 production plants in twelve European countries and in six countries in the Americas, Asia and Africa. Around the world, nearly 325,000 employees produce more than 24,500 vehicles each working day or are involved in vehicle-related services. The Volkswagen Group sells its vehicles in more than 150 countries.

In 2006, the Volkswagen Group increased deliveries of vehicles to customers to 5,734 million (2005: 5,243 million), which corresponds to a share of the global passenger car market of 9.7 per cent. In Western Europe, the largest passenger car market in the world, almost every fifth new passenger car (19.9 per cent) comes from the Volkswagen Group.

Volkswagen Financial Services AG is a wholly-owned subsidiary of Volkswagen that has its seat in Braunschweig and is responsible for the coordination of the worldwide

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financial services activities of the Volkswagen Group. Through equity interests and service agreements it is affiliated with companies in a total of 36 countries.

Volkswagen Financial Services AG's financial services companies offer individual mobility services, such as financing, leasing and insurance products relating to automobiles. Direct banking products and fleet management solutions round off this range of products. In collaboration with the sales forces of the individual brands of the Volks- wagen Group, they contribute to a long-term expansion of the customer base and to long-term customer loyalty.

In 2006, the turnover of the Volkswagen Group increased to 104.9 billion Euro (2005: 94.0 billion). The profits after tax of the Volkswagen Group for the 2006 financial year amounted to 2.75 billion Euro (2005: 1.12 billion).

7.5 Boards

The Managing Board (Vorstand) of Volkswagen currently consists of the following persons:

• Prof. Dr. rer. nat. Martin Winterkorn Chairman of the Managing Board (Vorstandsvorsitzender)

• Francisco Javier Garcia Sanz Responsibility: Procurement

• Prof. Dr. rer. pol. Jochem Heizmann Responsibility: Production

• Dr. rer. pol. Horst Neumann Responsibility: Human Resources, Director of Labour Relations (Arbeitsdirek- tor)

• Hans Dieter Pötsch Responsibility: Finance and Controlling

The Supervisory Board (Aufsichtsrat) of Volkswagen currently consists of the following persons:

• Hon. Prof. Dr. techn. h.c. Dipl. Ing. ETH Ferdinand K. Piëch Chairman of the Supervisory Board (Aufsichtsratsvorsitzender)

٭Jürgen Peters • Deputy Chairman of the Supervisory Board (stellv. Aufsichtsratsvorsitzender)

٭Elke Eller •

• Dr. jur. Michael Frenzel

• Dr. jur. Hans Michael Gaul

• Dr. Jürgen Großmann

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• Holger P. Härter

• Walter Hirche Minister for Economic Affairs, Labour and Transport of Lower Saxony

٭Peter Jacobs •

٭Olaf Kunz •

٭Günter Lenz •

٭Peter Mosch •

• Roland Oetker

٭Bernd Osterloh •

• Prof. Dr. jur. Dr.-Ing. e.h. Heinrich von Pierer

٭Wolfgang Ritmeier •

٭Jürgen Stumpf •

٭Bernd Wehlauer •

• Dr.-Ing. Wendelin Wiedeking

• Christian Wulff Prime Minister of Lower Saxony (Niedersächsischer Ministerpräsident)

(Employee representatives٭)

7.6 Shareholder structure

According to Volkswagen's notification of 30 March 2007 pursuant to § 26a WpHG, the registered share capital (Grundkapital) of Volkswagen as at 31 March 2007 was divided into a total of 392,572,087 bearer shares of which 287,333,807 are ordinary shares car- rying voting rights (stimmberechtigte Stammaktien) and 105,238,280 are non-voting preference shares (stimmrechtslose Vorzugsaktien). With a shareholding of 30.93% of the Volkswagen Ordinary Shares, Porsche is the largest shareholder of Volkswagen. The second largest shareholder is the Land of Lower Saxony with a shareholding of approximately 20.24% of the Volkswagen Ordinary Shares. The remaining Volkswagen Ordinary Shares and the Volkswagen Preference Shares are, according to the information available to the Bidder, in free float.

7.7 Persons acting in concert with Volkswagen

According to the information available to the Bidder at the time of signature of this Of- fer Document, the companies listed in Appendix 4 are subsidiaries of Volkswagen and therefore constitute persons acting in concert with Volkswagen and with each other pursuant to § 2 para. 5 sentence 3 WpÜG. According to the information available to the

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Bidder at the time of signature of this Offer Document, there are no other persons acting in concert with Volkswagen within the meaning of § 2 para. 5 sentence 2 WpÜG.

8. BACKGROUND TO THE MANDATORY OFFER

8.1 Cooperation between Porsche and Volkswagen

The Bidder has traditionally had a close relationship with Volkswagen. The first best- seller of VW, the beetle, was based on a development by the founder of Porsche. Many joint projects, such as the 914, the 924 and the 944, and also a joint sales company in the period between 1969 and 1974, were propitious business decisions, which proved successful in the market. The results of numerous development services provided by the Porsche Group to Volkswagen are nowadays a standard feature in vehicles of the Volkswagen Group. The pinnacle of success can be seen in the current off-road models Cayenne and Touareg. Volkswagen's subsidiary Audi has now also adopted the platform for its Q7.

In the meantime, further joint projects have been initiated: a hybrid engine, which is to come on the market in the course of the current decade, a joint electronics platform as well as the production of the painted bodyshell for the new four-door Gran Turismo Panamera.

In the 2005/06 financial year, the Bidder purchased supplies and services from Volks- wagen – principally in the form of the supply of Cayenne bodyshells and engines – with a value of approximately EUR 780 million. In the relevant financial year, the total amount of materials purchased by the Bidder was EUR 3.273 billion, so that supplies and services provided by Volkswagen represented approximately 24% of the entire materials purchased by the Bidder in that year.

As a result of the Bidder's position as a major shareholder of Volkswagen, it is particularly important to comply with the principles of appropriateness and arm's length, which have already been observed in the past with regard to cooperation projects. For the purposes of dealing with their general relationship, and as the basis for cooperation in various fields of activity, the Bidder and Volkswagen concluded a so-called Framework Agreement and a Master Cooperation Agreement. In the Framework Agreement, the Bidder undertook to use its position as a major shareholder of Volkswagen only in accordance with the relevant legal provisions and, in particular, not to exert any influence with regard to strategic or operative decisions of Volkswagen where this would not comply with applicable legal provisions and/or the Articles of Association of Volks- wagen. The Bidder and Volkswagen have also agreed that all contractual relations established between the Bidder and Volkswagen should be on market-standard arms- length terms. In order to monitor this, Volkswagen, at its own expense, regularly has the contractual relations reviewed by an independent expert auditor.

8.2 Stake-building and reasons for further increase of stake

The Bidder is firmly convinced that the increase of its stake to more than 30 per cent of the Volkswagen Ordinary Shares will produce benefits for both partners without dilut- ing or indeed endangering the identity of the Bidder. The Managing Board of the Bid- der regards the increase of the stake in Volkswagen as a logical step, since this invest-

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ment is characterised by a high earnings potential based on the diversified global activities of the Volkswagen Group.

9. INTENTIONS OF THE BIDDER

The following particulars describe current intentions of the Bidder with regard to Volkswagen and (to the extent it is affected by the Offer) Porsche. These are based solely on certain public information which is available to the Bidder on the date of signature of this Offer Document.

9.1 Future business activities, assets and future obligations of Volkswagen

The bidder does not expect that, as a result of implementation of this Offer, Volkswagen will become a subsidiary of the Bidder. Therefore, the Bidder does not so far have any plans with regard to the future business activities of Volkswagen beyond the proposed deepening and broadening of the existing cooperation between the Bidder and Volks- wagen. It is intended that Volkswagen should in any event continue to exist as an independent company. The Bidder has no intentions regarding the use of the assets of Volkswagen. In particular, there are no plans to cause Volkswagen to divest parts of the Volkswagen Group. Furthermore, there are currently no plans which would lead to an increase in the liabilities of Volkswagen outside of the ordinary business operations.

9.2 Future business activities of the Bidder

In future, the Bidder will function as the holding company of the Porsche Group. The primary purpose of this is to separate the operational business activities from the holding activities. To this end, it is proposed to hive down the operational business of the Bidder into a wholly-owned subsidiary pursuant to the provisions of the German Con- version Act (Umwandlungsgesetz). This company will then continue the current business operations of the Bidder under the existing company name Dr. Ing. h.c. F. Porsche AG. A domination and profit transfer agreement is to be concluded between the Bidder and the operational subsidiary. As a result of the hive-down, the areas of responsibility of the management will in future be divided between, on the one hand, the holding activities carried on by the Bidder and, on the other hand, the development, production and sale of premium sports vehicles by Dr. Ing. h.c. F. Porsche AG.

It is also proposed to convert the Bidder into a European stock corporation “Societas Europaea (SE)”. An SE is a modern and internationally oriented corporate form, which, inter alia, enables the size of the Supervisory Board (twelve members), which has proved its worth in the past, to be maintained for the future. The decisions on the hive- down, the conversion and the domination and profit transfer agreement are to be taken at an extraordinary general meeting of the Bidder, which is expected to take place in June 2007.

Apart from that, no change of the future business activities of the Bidder, in particular with regard to its seat (Sitz) and the location of material parts of its business, the use of its assets, its future obligations, its employees and their representatives, the members of its management bodies or changes to the terms and conditions of employment are intended in connection with this Offer.

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9.3 Managing Board and Supervisory Board of Volkswagen

The Bidder has complete confidence in Volkswagen and in the current members of its Managing Board and is keen to ensure that the current members of the Managing Board of Volkswagen remain in their positions following the implementation of this Offer in order to implement the realignment of the Volkswagen Group which has already been commenced and to strengthen the current business.

The increase of the Bidder's stake in Volkswagen will have no direct effects on the size and composition of the Supervisory Board of Volkswagen. According to the Articles of Association of Volkswagen, the Supervisory Board of Volkswagen currently consists of twenty members, ten of whom are elected by the employees and eight of whom are elected by the General Meeting of Volkswagen. Two shareholder representatives on the Supervisory Board of Volkswagen are appointed by the Land of Lower Saxony by virtue of the right of appointment (see Section 7.3(a) of this Offer Document) contained in § 12 of the Articles of Association of Volkswagen. In future, Porsche intends to exercise its voting rights at the elections of the Volkswagen Supervisory Board in such a way that the Supervisory Board appropriately reflects the shareholder structure.

9.4 Employees, terms and conditions of employment and employee representation

The entrepreneurial success of Volkswagen depends to a large extent on its research and development achievements and on its ability to be innovative with regard to the development of automobiles. Volkswagen's ability to ensure the constant modernisation of its range of models depends particularly on the quality, commitment and creativity of its employees. The Bidder is therefore particularly interested in a long-term retention of the best employees of the Bidder and Volkswagen. The Bidder is not planning any re- duction in staff numbers in its own group or at Volkswagen as a result of the increase of the Bidder's stake in Volkswagen. Nor are changes in the terms and conditions of employment at Volkswagen intended. However, the Bidder does not have sufficient information to enable it to evaluate the working conditions of the Volkswagen employees and to identify any adjustments which may be required.

The Bidder is not planning changes with regard to employee representation at Volks- wagen.

In connection with the increase of the Bidder's stake in Volkswagen, it is proposed to convert the Bidder by way of a change of legal form (formwechselnd) into an SE. With regard to the involvement of the employees in the SE, the relevant legislation provides for the conclusion of a co-determination agreement (Mitbestimmungsvereinbarung) which deals with the details concerning the co-determination of the employees in the Supervisory Board of the SE and the establishment of an SE works council. If an agreement is not concluded, statutory fall-back arrangements apply. These require one half of the seats in the Supervisory Board to be held by employee representatives. The employee seats are distributed, in accordance with the numbers of employees, among the Member States of the EU and of the Agreement on the European Economic Area, and are filled in accordance with the relevant national law. Furthermore, an internationally constituted SE works council must be established which has various information rights and rights to be heard in cross-border matters.

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9.5 Seat of Volkswagen; Location of major parts of the business

Porsche does not intend to move the seat (Sitz) of Volkswagen away from Wolfsburg. Nor does Porsche have any plans to move other major parts of the business of the Volkswagen Group to other locations.

9.6 Possible further measures

The Bidder plans to continue to carry out, together with the management of Volks- wagen, a detailed analysis of possibilities for further deepening cooperation, new business opportunities and efficiency enhancement measures which make sense for both businesses.

The Bidder intends to recommend to Volkswagen that it should review whether the currently existing stock exchange admissions of the Volkswagen Shares in London, Lux- embourg, Tokyo and the SWX Swiss Exchange should also be maintained in the future.

10. EXPLANATION OF PRICE DETERMINATION

10.1 Minimum offer prices

Pursuant to § 3 sentence 3 of the WpÜG Offer Ordinance (WpÜG-Angebots- verordnung), the minimum offer price for the Volkswagen Ordinary Shares and the Volkswagen Preference Shares must be determined separately.

(a) Volkswagen Ordinary Shares

The Offer Price in the amount of EUR 100.92 per Volkswagen Ordinary Share is equivalent to the minimum price for the Volkswagen Ordinary Shares prescribed by § 31 para. 1 WpÜG in conjunction with §§ 4 and 5 of the WpÜG Offer Ordinance.

(i) Pursuant to § 5 of the WpÜG Offer Ordinance, the consideration must, in the case of a mandatory offer pursuant to §§ 29 et seq. WpÜG, be at least equivalent to the weighted average domestic stock exchange price of Volkswagen Shares during the last three months prior to the publication of the attainment of control. Ac- cording to the database available at www.bafin.de, this average price was determined by the BaFin to be EUR 94.99 as at 27 March 2007. The Offer Price in the amount of EUR 100.92 per Volkswagen Ordinary Share exceeds this amount by EUR 5.93, i.e. by approximately 6.2%.

(ii) Pursuant to § 4 of the WpÜG Offer Ordinance, the consideration must, in the case of a mandatory offer pursuant to §§ 29 et seq. WpÜG, be at least equivalent to the highest consideration provided or agreed by the Bidder, a person acting in concert with the Bidder, or their subsidiaries, for the acquisition of Volkswagen Shares within the last six months prior to the publication of this Offer Document. In the period between 30 October 2006 and the date of publication of this Offer Document, 30 April 2007, the Bidder acquired a total of 29,500,000 Volkswagen Ordinary

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Shares. The highest purchase price per Volkswagen Ordinary Share which was paid or agreed in this contract amounted to EUR 100.92 (see Section 6.8 of this Offer Document). This amount includes an option premium paid to the writer of the option for the acquisition of Volkswagen Ordinary Shares. In the Bidder's opinion, the part of the option premium relating to the time value of the option does not constitute consideration for the acquisition of Volkswagen Shares. Nevertheless, the Offer Price in the amount of EUR 100.92 per Volkswagen Ordinary Share corresponds to the total sum of the payments which the Bidder made or agreed to make to the option writer per Volkswagen Or- dinary Share acquired.

(b) Volkswagen Preference Shares

The Offer Price in the amount of EUR 65.54 per Volkswagen Preference Share is equivalent to the minimum price for Volkswagen Preference Shares prescribed by § 31 para. 1 WpÜG in conjunction with §§ 4 and 5 of the WpÜG Offer Ordinance.

(i) Pursuant to § 5 of the WpÜG Offer Ordinance, the consideration must, in the case of a mandatory offer pursuant to §§ 29 et seq. WpÜG, be at least equivalent to the weighted average domestic stock exchange price of Volkswagen Preference Shares during the last three months prior to the publication of the attainment of control. According to the database available at www.bafin.de, this average price was determined by the BaFin to be EUR 65.54 as at 27 March 2007. The Offer Price in the amount of EUR 65.54 per Volkswagen Preference Share corresponds to this amount.

(ii) Pursuant to § 4 of the WpÜG Offer Ordinance, the consideration must, in the case of a mandatory offer pursuant to §§ 29 et seq. WpÜG, be at least equivalent to the highest consideration provided or agreed by the Bidder, a person acting in concert with the Bidder, or their subsidiaries, for the acquisition of Volkswagen Preference Shares within the last six months prior to the publication of this Offer Document. In the period between 30 October 2006 and the date of publication of this Offer Document, 30 April 2007, the Bidder did not acquire any Volkswagen Preference Shares (see Section 6.7 of this Offer Document). There is therefore no minimum price for Volkswagen Preference Shares, which needs to be taken into account pursuant to § 4 of the WpÜG Of- fer Ordinance.

10.2 Comparison with historical stock exchange prices

In addition to the factors mentioned in Section 10.1 of this Offer Document, the historical stock exchange prices of the Volkswagen Shares have, in particular, been taken into consideration for the purpose of determining the Offer Price. The Bidder is of the opin-

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ion that the stock exchange prices of the Volkswagen Shares provide a suitable basis for the assessment of the appropriateness of the Offer Price.

(a) Volkswagen Ordinary Shares

The Offer Price for the Volkswagen Ordinary Shares compares with the closing prices (Schlusskurse) of the Volkswagen Ordinary Shares in the XETRA electronic trading system one day, one month, six months and twelve months prior to the Bidder's attainment of control of Volkswagen, which was published on 28 March 2007, as follows:

• On 27 March 2007, the last stock exchange trading day prior to publication of the attainment of control of Volkswagen, the closing price of the Volkswagen Ordinary Shares in the XETRA electronic trading system amounted to EUR 113.50. The Offer Price is thus EUR 12.58, or approximately 11.1%, below this stock exchange price.

• On 28 February 2007, one month prior to publication of the attainment of control of Volkswagen, the closing price of the Volkswagen Ordinary Shares in the XETRA electronic trading system amounted to EUR 95.34. The Offer Price thus includes a premium of EUR 5.58, or approximately 5.9%, on this stock exchange price.

• On 28 September 2006, six months prior to publication of the attainment of control of Volkswagen, the closing price of the Volkswagen Ordinary Shares in the XETRA electronic trading system amounted to EUR 67.55. The Offer Price thus includes a premium of EUR 33.37, or approximately 49.4%, on this stock exchange price.

• On 28 March 2006, twelve months prior to publication of the attainment of control of Volkswagen, the closing price of the Volkswagen Ordinary Shares in the XETRA electronic trading system amounted to EUR 61.05. The Offer Price thus includes a premium of EUR 39.87, or approximately 65.3%, on this stock exchange price.

Bloomberg was used as the source for the historical stock exchange prices set out above.

(b) Volkswagen Preference Shares

The Offer Price for the Volkswagen Preference Shares compares with the closing prices of the Volkswagen Preference Shares in the XETRA electronic trading system one day, one month, six months and twelve months prior to the Bid- der's attainment of control of Volkswagen, which was published on 28 March 2007, as follows:

• On 27 March 2007, the last stock exchange trading day prior to publication of the attainment of control of Volkswagen, the closing price of the Volkswagen Preference Shares in the XETRA electronic trading system amounted to EUR 76.75. The Offer Price is thus EUR 11.21, or approximately 14.6%, below this stock exchange price.

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• On 28 February 2007, one month prior to publication of the attainment of control of Volkswagen, the closing price of the Volkswagen Prefer- ence Shares in the XETRA electronic trading system amounted to EUR 66.65. The Offer Price is thus EUR 1.11, or approximately 1.7%, below this stock exchange price.

• On 28 September 2006, six months prior to publication of the attainment of control of Volkswagen, the closing price of the Volkswagen Prefer- ence Shares in the XETRA electronic trading system amounted to EUR 46.81. The Offer Price thus includes a premium of EUR 18.73, or approximately 40.0%, on this stock exchange price.

• On 28 March 2006, twelve months prior to publication of the attainment of control of Volkswagen, the closing price of the Volkswagen Prefer- ence Shares in the XETRA electronic trading system amounted to EUR 44.25. The Offer Price thus includes a premium of EUR 21.29, or approximately 48.1%, on this stock exchange price.

Bloomberg was used as the source for the historical stock exchange prices set out above.

10.3 Further explanations with regard to the Offer Price

The comparisons with historical stock exchange prices set out in Section 10.2 of this Offer Document demonstrate that the Offer Price is lower than the stock market price of the relevant Volkswagen Share on the last trading day prior to the publication of the Bidder's attainment of control of Volkswagen. Nevertheless, the Bidder is convinced that the Offer Price both for the Volkswagen Ordinary Shares and for the Volkswagen Preference Shares is appropriate within the meaning of § 31 para. 1 WpÜG. The reasons are as follows:

In the opinion of the Bidder, the historical stock exchange prices are the reference point for determining the appropriateness of the offer price for the Volkswagen Ordinary Shares and the Volkswagen Preference Shares. As can be seen from § 31 para. 1 WpÜG and § 5 para. 1 WpÜG Offer Ordinance, the legislator has approved this valua- tion method. There exists a functioning stock exchange trading involving significant trading volumes with regard to both the Volkswagen Ordinary Shares and the Volks- wagen Preference Shares. In addition, Volkswagen has been analysed regularly by pro- fessional equity analysts in Germany and abroad. The Volkswagen Ordinary Shares are also included in the DAX, the most important share index in Germany, and thus attract additional attention from investors.

The Bidder is making this Mandatory Offer in compliance with the applicable legal requirements without necessarily having an interest in an increase of its stake in Volks- wagen as result of the implementation of this Mandatory Offer. Therefore, the Bidder has taken the stock exchange prices for Volkswagen Shares over the last months as a reference point when determining the Offer Price. For the determination of the Offer Price for the Volkswagen Preference Shares no other methods were used. For the determination of the Offer Price for the Volkswagen Ordinary Shares, and in the interests of equal treatment in accordance with § 4 WpÜG Offer Ordinance, the highest consid-

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eration provided or agreed by the Bidder for Volkswagen Ordinary Shares during the relevant six-month period was decisive and thus also appropriate.

10.4 No compensation for loss of certain rights

The Articles of Association of Volkswagen do not provide for the application of § 33b para. 2 WpÜG. Porsche is not therefore obliged to pay any compensation pursuant to § 33b para. 5 WpÜG.

11. ACCEPTANCE AND SETTLEMENT OF THE MANDATORY OFFER

11.1 Central settlement agent

The Bidder has appointed Commerzbank Aktiengesellschaft, Frankfurt am Main, to act as the central settlement agent for the Mandatory Offer.

11.2 Acceptance of the Mandatory Offer

Volkswagen Shareholders who wish to accept the Mandatory Offer should contact their custodian securities services company with any questions they may have about acceptance of the Mandatory Offer and the technical aspects of settlement (Abwicklung). The custodian securities services companies have been informed separately about the mo- dalities for acceptance and settlement of the Mandatory Offer and are required to inform customers who hold Volkswagen Shares in their securities deposit account about the Mandatory Offer and the steps necessary to accept it.

Volkswagen Shareholders can only accept the Mandatory Offer by doing the following within the Acceptance Period:

(a) declaring their acceptance of the Mandatory Offer (Declaration of Acceptance) in writing vis-à-vis their own custodian securities services company (Custodian Bank), and

(b) instructing their Custodian Bank to effect the re-booking (Umbuchung) at Clear- stream Banking AG of the Volkswagen Ordinary Shares which are in their securities deposit account and in respect of which they wish to accept the Mandatory Offer (Tendered Volkswagen Ordinary Shares) under the ISIN DE000A0N3EV1 or, as the case may be, of the Volkswagen Preference Shares which are in their securities deposit account and in respect of which they wish to accept the Mandatory Offer (Tendered Volkswagen Preference Shares) under the ISIN DE000A0N3EW9.

The Declaration of Acceptance will only become effective if the Tendered Volkswagen Ordinary Shares or, as the case may be, the Tendered Volkswagen Preference Shares have been re-booked under the ISIN DE000A0N3EV1 (Tendered Volkswagen Ordinary Shares) or, as the case may be, ISIN DE000A0N3EW9 (Tendered Volkswagen Prefer- ence Shares) at Clearstream Banking AG by 17:30 hrs on the second banking day before expiry of the Acceptance Period. Such re-bookings are to be effected by the Cus- todian Bank after receipt of the Declaration of Acceptance.

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The Tendered Volkswagen Ordinary Shares and the Tendered Volkswagen Preference Shares are in this Offer Document collectively also referred to as Tendered Volkswagen Shares.

11.3 Further declarations by accepting Volkswagen Shareholders

By accepting the Mandatory Offer in accordance with Section 11.2 of this Offer Docu- ment

(a) the accepting Volkswagen Shareholders instruct and authorise their respective Custodian Banks and any intermediate custodians of the relevant Tendered Volkswagen Shares

• to leave the Tendered Volkswagen Shares in the securities deposit account of the accepting Volkswagen Shareholder for the time being, but to cause them to be re-booked under the ISIN DE000A0N3EV1 (Tendered Volkswagen Ordinary Shares) or, as the case may be, the ISIN DE000A0N3EW9 (Tendered Volkswagen Preference Shares) at Clear- stream Banking AG; and

• to themselves instruct and authorise Clearstream Banking AG to make the Tendered Volkswagen Shares available after expiry of the Accep- tance Period (but not before fulfilment of the Completion Conditions set out in Section 13.1 of this Offer Document to the extent that these have not been waived by the Bidder pursuant to § 21 para. 1 no. 4 WpÜG) to Commerzbank Aktiengesellschaft, Frankfurt am Main, as a central settlement agent, on its securities custody account with Clearstream Bank- ing AG for transfer of ownership to the Bidder; and

• to themselves instruct and authorise Clearstream Banking AG to transfer ownership of the Tendered Volkswagen Shares (ISIN DE000A0N3EV1 or, as the case may be, ISIN DE000A0N3EW9), in each case including all rights attaching thereto, to the Bidder simultaneously with (Zug um Zug gegen) payment of the Offer Price for the relevant Tendered Volks- wagen Shares to the account of the relevant Custodian Bank with Clear- stream Banking AG in accordance with the provisions of the Mandatory Offer; and

• to themselves instruct and authorise any intermediate custodians of the relevant Tendered Volkswagen Shares and Clearstream Banking AG to make available to the Bidder or to Commerzbank Aktiengesellschaft, Frankfurt am Main, as a central settlement agent for the Mandatory Of- fer, all information necessary for declarations and publications of the Bidder pursuant to the WpÜG, in particular to notify on each stock exchange trading day during the Acceptance Period the number of Volks- wagen Ordinary Shares booked under the ISIN DE000A0N3EV1 (Ten- dered Volkswagen Ordinary Shares) and the number of Volkswagen Preference Shares booked under the ISIN DE000A0N3EW9 (Tendered Volkswagen Preference Shares); and

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• to forward the Declaration of Acceptance to Commerzbank Aktienge- sellschaft, Frankfurt am Main, as a central settlement agent for the Man- datory Offer, upon request;

(b) the accepting Volkswagen Shareholders instruct and authorise their respective Custodian Banks and Commerzbank Aktiengesellschaft, Frankfurt am Main, as the central settlement agent, in each case with an exemption from the prohibition of contracting with oneself pursuant to § 181 of the German Civil Code (Bürger- liches Gesetzbuch) (BGB), to take all steps and to make and receive all declarations necessary or expedient for the settlement (Abwicklung) of this Mandatory Offer in accordance with this Offer Document, and in particular to procure the transfer of ownership of the Tendered Volkswagen Shares to the Bidder;

• unless otherwise expressly stated in writing in the Declaration of Accep- tance, they accept the Mandatory Offer for all Volkswagen Shares which are in their securities deposit account with the Custodian Bank at the time at which they declare their acceptance of the Mandatory Offer; and

• at the time of transfer of ownership to the Bidder, the Volkswagen Shares in respect of which they are accepting the Mandatory Offer are in their sole ownership and free from rights and claims of third parties; and

• they are transferring their Tendered Volkswagen Shares to the Bidder subject to the conditions precedent

(i) of fulfilment of the conditions pursuant to Section 13.1 of this Offer Document, to the extent that these have not been waived by the Bidder pursuant to § 21 para. 1 no. 4 WpÜG and

(ii) of expiry of the Acceptance Period

simultaneously with (Zug um Zug gegen) payment of the Offer Price into the account of the relevant Custodian Bank with Clearstream Banking AG.

In the interests of a smooth and prompt settlement of the Mandatory Offer, the instructions, declarations, mandates, powers and authorisations listed in Section 11.3 (a) to 11.3 (c) of this Offer Document are granted irrevocably by the accepting Volkswagen Shareholders. They shall lapse only in the event of a valid withdrawal (Rücktritt), in accordance with Section 16 of this Offer Document, from the contract concluded as a result of acceptance of the Mandatory Offer, or if non-fulfilment of the Completion Conditions described in Section 13.1 of this Offer Document becomes final.

11.4 Legal consequences of acceptance

Upon acceptance of the Mandatory Offer, a contract for the sale of the Tendered Volkswagen Shares to the Bidder will come into existence between the accepting Volkswagen Shareholder and the Bidder subject to the terms of the Mandatory Offer. Completion (Vollzug) of the contract will only take place if the Completion Conditions

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described in Section 13.1 of this Offer Document are fulfilled, to the extent that these have not been waived by the Bidder pursuant to § 21 para. 1 no. 4 WpÜG. The contract will lapse (condition subsequent, auflösende Bedingung) if one or more of the Comple- tion Conditions set out in Section 13.1(a) to 13.1(d) of this Offer Document has not been fulfilled by 30 September 2007, and if Porsche has not validly waived the relevant Completion Conditions pursuant to § 21 para. 1 no. 4 WpÜG, see Section 13.3 of this Offer Document. Furthermore, by accepting the Mandatory Offer, the accepting Volks- wagen Shareholders issue and grant the instructions, authorisations, mandates and powers referred to in Section 11.3(a) and 11.3(b) of this Offer Document and make the declarations listed in Section 11.3(c) of this Offer Document.

11.5 Settlement of the Mandatory Offer and payment of the purchase price after expiry of the Acceptance Period

Without undue delay (unverzüglich) after the Tendered Volkswagen Shares have been made available to Commerzbank Aktiengesellschaft, Frankfurt am Main, as central settlement agent, in accordance with Section 11.3(a) of this Offer Document, but no later than seven banking days after expiry of the Acceptance Period and fulfilment of those Completion Conditions described in Section 13.1 of this Offer Document that have not been waived by the Bidder pursuant to § 21 para. 1 no. 4 WpÜG, Commerzbank Akti- engesellschaft, Frankfurt am Main, will transfer the Tendered Volkswagen Shares to the Bidder simultaneously with (Zug um Zug gegen) payment of the Offer Price into the account of the relevant Custodian Bank with Clearstream Banking AG.

Upon the credit entry being made on the account of the relevant Custodian Bank, the Bidder has fulfilled its obligation to pay the Offer Price. It will be the responsibility of the Custodian Banks to credit the Offer Price to the relevant vendor.

As a result of the merger control and banking regulatory proceedings which need to be completed (see Sections 12.1 and 12.3 of this Offer Document), settlement of the Man- datory Offer and payment of the purchase price to the accepting Volkswagen Share- holders may be delayed until 30 September 2007 or may not take place at all.

11.6 Costs

In principle, acceptance of the Mandatory Offer is intended to be free of costs and expenses of Custodian Banks for the Volkswagen Shareholders. To this end, the Bidder will pay the Custodian Banks a compensation which has been separately communicated to them and which includes a market-standard custodian bank commission.

However, costs and expenses charged by Custodian Banks or foreign securities services enterprises and any foreign taxes must be borne by the relevant Volkswagen Share- holder.

11.7 Stock exchange trading with Tendered Volkswagen Shares

It is intended to permit the Tendered Volkswagen Shares to be traded on the Official Market (Prime Standard) on the Frankfurt Stock Exchange under the ISIN DE000A0N3EV1 (Tendered Volkswagen Ordinary Shares) or, as the case may be, ISIN DE000A0N3EW9 (Tendered Volkswagen Preference Shares) from the second stock exchange trading day of the Acceptance Period, i.e. (probably) from 2 May 2007, until

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no later than (but including) the third-last stock exchange trading day prior to expiry of the Acceptance Period, i.e. (probably) until and including 24 May 2007, and – if completion of the Offer is delayed – until (probably) two stock exchange trading days prior to completion of the Mandatory Offer. Parties acquiring Volkswagen Shares traded under ISIN DE000A0N3EV1 (Tendered Volkswagen Ordinary Shares) or, as the case may be, ISIN DE000A0N3EW9 (Tendered Volkswagen Preference Shares) will assume, with regard to such shares, all rights and obligations under the contracts concluded as a result of acceptance of the Mandatory Offer.

The Bidder wishes to point out that the trading volume and liquidity of the Tendered Volkswagen Shares will depend on the rate of acceptance from time to time and may therefore be non-existent or low and may be subject to strong fluctuations. It cannot therefore be excluded that, as a result of a lack of demand, sales of Tendered Volks- wagen Shares via the stock exchange will not be possible.

12. OFFICIAL APPROVALS AND PROCEEDINGS

12.1 Antitrust approvals

The takeover of the Volkswagen Group by the Bidder probably requires antitrust clearance or, as the case may be, expiry of certain waiting periods in accordance with the applicable antitrust law in the following jurisdictions:

● in the European Union,

● in the United States,

● in Canada, and

● in Switzerland and possibly also merger clearance in additional countries. In the above-mentioned jurisdictions, the merger control proceedings differ with regard to the review periods:

(a) European Union

The proposed concentration is subject to merger control by the European Com- mission (EU Commission) pursuant to Council Regulation (EC) No. 139/2004 on the control of concentrations between undertakings (ECMR).

Within 25 working days after notification of the proposed concentration, the EU Commission must decide whether to clear the proposed concentration or to order a detailed investigation. The period begins on the first working day following the day on which the complete filing was submitted to the EU Commission. If the EU Commission does not take a decision within this period of 25 working days, the proposed concentration is deemed to have been cleared. The review period is extended to 35 working days if the parties offer to give undertakings to the EU Commission in order to structure the proposed concentration in a way that is compatible with the Common Market. If, following expiry of the period of 25 or, as the case may be, 35 working days, the EU Commission commences a Phase II investigation, the investigation of the case can take a further 90 work-

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ing days or, in the case of offers to give undertakings, a further 105 working days. This period can be extended in certain circumstances.

In the merger control proceedings, the EU Commission examines whether the proposed concentration is compatible with the Common Market. It will only order an in-depth investigation of the proposed concentration (Phase II) if it is of the opinion that it falls within the ambit of the ECMR and raises serious con- cerns with regard to its compatibility with the Common Market. Otherwise, it will clear the proposed concentration in Phase I.

(b) United States

Under the U.S. Hart-Scott-Rodino Antitrust Improvement Act of 1976 (HSR Act) and the rules promulgated in relation thereto by the competition authorities of the United States, the Federal Trade Commission (FTC) and the Antitrust Di- vision of the U.S. Department of Justice, certain transactions may not be completed unless they have been notified to the competent authority and certain waiting periods have expired (so-called prohibition on completion).

Under the requirements of the HSR Act, a Notification and Report Form must be submitted to the Antitrust Division and the FTC for this Offer. The waiting period applicable to the acquisition of Volkswagen Shares on the basis of this Of- fer is expected to expire 15 days after submission. However, prior to its expiry, the waiting period can be extended by the Antitrust Division or the FTC request- ing additional information or documents on the Offer from the Bidder. If this happens, the waiting period may be extended by several months and expires on the tenth day following the date on which the Bidder has substantially provided the information requested. Following expiry of this period, the waiting period can only be extended by a court order.

The Antitrust Division or, as the case may be, the FTC are entitled to examine whether the effect of the proposed takeover of Volkswagen by the Bidder will be to substantially lessen competition in the United States. The Antitrust Division or, as the case may be, the FTC can, at any time prior to and following completion of the transaction, apply to the competent Federal Court for particular measures if this appears necessary or desirable to them in the public interest. Such measures may, inter alia, include a prohibition of the acquisition of the Volkswagen Shares on the basis of this Offer or an order to re-divest Volks- wagen Shares which have already been acquired or to divest substantial assets of affiliated enterprises of the Bidder or of Volkswagen. Actions based on U.S. antitrust law can also be brought by private parties (or by U.S. states).

The contracts which come into existence as a result of acceptance of this Manda- tory Offer will only be completed if the applicable waiting periods (including any extensions) under the HSR Act have expired or have been prematurely terminated without the competent U.S. antitrust authorities having applied to the competent Federal Court for an order prohibiting completion of the acquisition of the Volkswagen Shares by the Bidder or for a corresponding injunction (see Section 13.1(a) of this Offer Document).

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The acquisition of Volkswagen Shares under this Offer is a notifiable transaction under the provisions of the Canadian Competition Act. Under the provisions of the Canadian Competition Act notifiable transactions may not be completed before the requisite filing has being submitted to the Commissioner of Competition and the applicable waiting period has expired (so-called prohibition on completion). The applicable waiting period in the case of the acquisition of Volks- wagen Shares in accordance with this Offer is expected to be 14 days. Within the initial waiting period of 14 days, the Commissioner of Competition may require submission of a detailed filing. In this case, the waiting period will be 42 days from the time at which the detailed filing was submitted. Completion can take place upon expiry of the waiting period. The Commissioner of Competi- tion is entitled to take action against any transaction which noticeably lessens or prevents competition on a relevant market. He can exercise this right by apply- ing to the Competition Tribunal within three years after completion of the transaction. There is no guarantee that no investigation or no proceedings will be initiated by the Commissioner of Competition or, if they are initiated, what the out- come will be.

The contracts which come into existence as a result of acceptance of this Manda- tory Offer will only be completed if the applicable waiting period under Cana- dian Law (including any extensions) has expired or has been prematurely terminated without the Commissioner of Competition having applied to the Competi- tion Tribunal for an order prohibiting the acquisition of the Volkswagen Shares by the Bidder (see Section 13.1(b) of this Offer Document).

(d) Switzerland

The proposed concentration is subject to Swiss merger control if in the last financial year prior to the concentration the Bidder and Volkswagen (i) generated worldwide turnover of at least CHF two billion in total or a turnover in Switzer- land of CHF 500 million in total and (ii) each generated a turnover of at least CHF 100 million in Switzerland.

Proposed concentrations have to be notified to the Swiss Competition Commis- sion (Wettbewerbskommission) prior to completion. The Swiss Antitrust Act does not expressly specify the earliest date on which a concentration can be notified. Normally, in accordance with the practice of the Competition Commission, a notification may not be made until a binding agreement has been concluded between the companies involved. However, following the example of the ECMR, the Competition Commission has acknowledged in its case practice that a notification is also possible if the companies involved adduce credible evi- dence that they intend to conclude a contract that would trigger the obligation to notify or, in case of a public offer, have publicly announced their intention to launch such an offer.

In a first investigation the Competition Commission decides within one month after the submission of the complete notification, whether an in-depth investigation should be conducted. If no notice is issued within the one-month period or

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if the Competition Commission clears the transaction early, the concentration may be completed without reservation. Otherwise, the Competition Commission conducts the in-depth investigation within a further four months. It may prohibit the concentration if this investigation reveals that the concentration will create or strengthen a dominant market position that may prevent effective competition; in this context, the market development and the position of the companies within international competition have to be taken into account. The civil-law validity of the notifiable concentration is suspended until clearance of the concentration or until preliminary completion.

(e) Further necessary merger clearances

On the basis of its current knowledge, the Bidder assumes that the merger will trigger merger filing requirements in additional jurisdictions. The proceedings vary, in particular with regard to their duration. Sometimes, the applicable legal systems contain no prohibition on completion, i.e. the Offer may be completed before clearances are obtained. The Bidder cannot foresee when any review proceedings which may be initiated will be completed.

Merger clearances by the competent antitrust authorities in the countries referred to in this paragraph 12.1(e) and any other countries do not therefore constitute a condition to completion of the Mandatory Offer.

12.2 Status of the merger clearance proceedings

The Bidder intends to notify the proposed concentration in various jurisdictions as described in Section 12.1 of this Offer Document and to file the required merger control notifications with the responsible authorities by 11 May 2007. The Bidder expects the necessary clearances to be obtained in the course of June 2007, depending on the different procedural time limits, which vary from one country to another.

12.3 Banking and insurance regulatory duties of notification

(a) Germany

It is unclear whether, as a result of completion of this Offer, Volkswagen will become a subsidiary of the Bidder. If this were the case, Porsche would indirectly acquire significant interests in Volkswagen Bank GmbH and Volkswagen Reinsurance AG. The proposed indirect acquisition of a significant interest in Volkswagen Bank GmbH is notifiable pursuant to § 2c para. 1 sentence 1 of the German Banking Act (Kreditwesengesetz). The proposed indirect acquisition of a significant interest in Volkswagen Reinsurance AG is notifiable pursuant to § 121a para. 1 sentence 2 in conjunction with § 104 para. 1 sentence 1 of the German Insurance Supervisory Act (Versicherungsaufsichtsgesetz). On 4 April 2007, the Bidder notified the proposed acquisition of significant interests in Volkswagen Bank GmbH and Volkswagen Reinsurance AG to the BaFin and the German Federal Bank (Deutsche Bundesbank) on the one hand and the BaFin on the other. The BaFin can, within three months after receipt of the notification, prohibit the proposed acquisition if one of the grounds for prohibition within the meaning of § 2c para. 1a sentence 1 of the German Banking Act or, as

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the case may, be § 121a para. 1 sentence 2 in conjunction with § 104 para. 1a of the German Insurance Supervisory Act exists.

(b) United States

The increase of the Bidder’s voting rights in Volkswagen may also result in the acquisition of control within the meaning of the Change in Bank Control Act of 1978 (CIBCA) with regard to Volkswagen Bank U.S.A., a subsidiary of Volks- wagen. An acquisition of control requires prior notice to the Federal Deposit In- surance Corporation (FDIC) and may not be completed before the FDIC has confirmed that it does not intend to prohibit the acquisition of control. On 26 March 2007, the Bidder filed such a notice with the FDIC.

Based on its current knowledge, the Bidder assumes that the transaction may trigger banking regulatory notification and/or approval obligations in several U.S. states as well as in additional countries, such as Ireland, France, U.S., Po- land, Sweden, Spain, the Netherlands, the United Kingdom, Turkey, Brazil and Mexico. Notification and approval obligations may also arise in additional countries. The procedures are different, in particular with regard to their duration. The Bidder is currently unable to estimate when any procedures which may have to be initiated will have been completed.

12.4 Permission to publish this Offer Document

On 27 April 2007, the BaFin permitted the Bidder to publish this Offer Document.

13. CONDITIONS FOR THE COMPLETION OF THE MANDATORY OFFER

13.1 Completion Conditions

The Mandatory Offer and the contracts which come into existence as a result of its acceptance will only be completed if the following conditions (Completion Conditions) are fulfilled:

(a) All applicable waiting periods under the HSR Act have expired or have terminated without the competent U.S. antitrust authorities having applied to the competent Federal Court for an order prohibiting completion of the acquisition of the Volkswagen Shares by the Bidder or for a corresponding injunction or the responsible authority has declared that the preconditions for the obligation to notify do not, or no longer, exist.

(b) All applicable waiting periods under the Canadian Competition Act have expired or have terminated without the Commissioner of Competition having applied to the Competition Tribunal for an order prohibiting the acquisition of the Volkswagen Shares by the Bidder or the responsible authority has declared that the preconditions for the obligation to notify do not, or no longer, exist.

(c) The proposed concentration between the Bidder and Volkswagen has been cleared by the Competition Commission of Switzerland or is deemed to have

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been cleared or the responsible authority has declared that the preconditions for the obligation to notify do not, or no longer, exist.

(d) The FDIC has informed the Bidder that it does not intend to prohibit the indirect attainment of control of Volkswagen Bank U.S.A. by the Bidder.

As a result of the Completion Conditions listed under (a) to (d) above, completion of this Offer may be delayed until 30 September 2007 or may not take place at all. If one or more of the Completion Conditions set out in Section (a) to (d) of this Offer Docu- ment has not been fulfilled by 30 September 2007, and if Porsche has not validly waived the relevant Completion Conditions pursuant to § 21 para. 1 no. 4 WpÜG, the Mandatory Offer will lapse. In this case, the contracts which come into existence as a result of acceptance of the Mandatory Offer will not be completed and will lapse (condition subsequent, auflösende Bedingung), see Section 13.3 of this Offer Document.

13.2 Waiver of Completion Conditions

The Bidder reserves the right to waive one or more or all of the Completion Conditions up to one working day prior to expiry of the Acceptance Period. Completion Condi- tions which the Bidder has validly waived shall be deemed to have been fulfilled for the purposes of this Mandatory Offer. For the purposes of compliance with the time limit pursuant to § 21 para. 1 WpÜG, publication of the amendment of the Offer pursuant to § 21 para. 2 in conjunction with § 14 para. 3 sentence 1 WpÜG shall be decisive. In the event of a waiver of Completion Conditions within the last two weeks prior to expiry of the Acceptance Period referred to in Section 5.1 of this Offer Document, the latter will be extended by two weeks (§ 21 para. 5 WpÜG), i.e. probably until 12 June 2007, 24:00 hrs local time Frankfurt am Main/18:00 hrs local time New York.

13.3 Non-fulfilment of Completion Conditions

If one or more of the Completion Conditions set out in Section 13.1(a) to 13.1(d) of this Offer Document has not been fulfilled by 30 September 2007, and if Porsche has not validly waived the relevant Completion Conditions pursuant to § 21 para. 1 no. 4 WpÜG, the Mandatory Offer will lapse. The contracts which come into existence as a result of acceptance of the Mandatory Offer will not be completed and will lapse (condition subsequent, auflösende Bedingung). In this case, the contracts which come into existence as a result of acceptance of the Mandatory Offer will be unwound (rückabge- wickelt). Accordingly, the Custodian Banks will have to cause the Tendered Volks- wagen Ordinary Shares and the Tendered Volkswagen Preference Shares to be booked back under the ISIN DE0007664005 (Volkswagen Ordinary Shares) or, as the case may be, the ISIN DE0007664039 (Volkswagen Preference Shares) without undue delay and at the latest within four banking days after announcement of the expiry of the Manda- tory Offer. The unwinding (Rückabwicklung) is intended to be free of costs and expenses of Custodian Banks. To this end, the Bidder will pay the Custodian Banks a market-standard custodian bank commission. However, any foreign taxes, or costs and fees charged by foreign Custodian Banks which have no securities account connection with Clearstream Banking AG, must be borne by the relevant Volkswagen Shareholders themselves.

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13.4 Publications

If (i) a Completion Condition has been waived, (ii) all Completion Conditions either have been fulfilled or have been waived or (iii) the Offer will not be completed, the Bidder will publish this fact without undue delay on the internet on the website http://www.porsche.com/germany/aboutporsche/investorrelations/ (in German with an English translation) and in the electronic Federal Gazette.

14. FINANCING OF THE MANDATORY OFFER

14.1 Measures to ensure complete performance of the Mandatory Offer

14.1.1 Maximum consideration

The Bidder already holds a total of 88,874,462 Volkswagen Ordinary Shares (see Sec- tion 6.7 of this Offer Document). If the Mandatory Offer were to be accepted in respect of all other currently issued Volkswagen Shares of which the Bidder is aware, i.e. a total of 198,459,345 Volkswagen Ordinary Shares and 105,238,280 Volkswagen Preference Shares, the payment obligation of the Bidder to the accepting Volkswagen Shareholders would amount to EUR 26,925,833,968.60 in aggregate (equivalent to the Offer Price of EUR 100.92 per Volkswagen Ordinary Share multiplied by 198,459,345 remaining Volkswagen Ordinary Shares in issue plus EUR 65.54 per Volkswagen Preference Share multiplied by 105,238,280 Volkswagen Preference Shares in issue). For the purpose of calculating the maximum consideration, it has furthermore been assumed that all currently outstanding options on Volkswagen Ordinary Shares (see Section 7.2 of this Offer Document) are exercised and thus a total of 7,886,650 new Volkswagen Or- dinary Shares come into existence prior to the expiry of the Acceptance Period. If the Mandatory Offer were to be accepted in respect of these new Volkswagen Ordinary Shares, the consideration payable by the Bidder would increase by EUR 795,920,718.00. In addition, the Bidder will incur transaction costs in connection with this Mandatory Offer and its completion which are not expected to exceed an aggregate amount of EUR 126 million. The total potential costs for the Bidder for the complete takeover of Volkswagen are thus expected to be no more than approximately EUR 27,847,755,000.00 (Total Transaction Amount).

14.1.2 Financing of the Mandatory Offer

Prior to publication of this Offer Document, the Bidder has taken the measures necessary to ensure that the financial resources necessary for it to fully perform the Manda- tory Offer will be available to it in good time.

On 26 March 2007 the Bidder concluded a loan agreement (Loan Agreement) with ABN AMRO Bank N.V., Barclays Capital, Merrill Lynch International, UBS Limited and Commerzbank Aktiengesellschaft as arrangers, ABN AMRO Bank N.V., German Branch, Barclays Bank PLC, Merrill Lynch International Bank Limited, London Branch, Merrill Lynch International & Co. C.V., UBS AG, London Branch, and Com- merzbank International S.A. as lenders and Commerzbank International S.A. as facility agent under which the Bidder is granted a loan facility in an amount of up to EUR 35,000,000,000 (Loan) inter alia for the fulfilment of the Bidder's payment obligations under or in connection with the Mandatory Offer and for the refinancing of liabilities of Volkswagen or companies in which it holds an interest.

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The Loan may be drawn down by the Bidder until all obligations of the Bidder under the Mandatory Offer have been fulfilled, but no later than 28 October 2007. The Bidder may draw down the Loan if the conditions precedent and the requirements relating to documentation are fulfilled (or have been waived by the lenders), none of the grounds for termination listed in the Loan Agreement have occurred, certain additional conditions described in the Loan Agreement are fulfilled and the representations contained in the Loan Agreement are correct and accurate at the time at which the Loan is drawn down. The Bidder has no reason to believe that the conditions for draw down will not be fulfilled.

The Bidder has thus taken the measures necessary to ensure that it will, on the relevant due date, have available funds in the amount of the Total Transaction Amount.

14.2 Confirmation of financing

Merrill Lynch International Bank Limited with its seat in Dublin (Ireland), Frankfurt am Main Branch, is a securities services enterprise (Wertpapierdienstleistungs- unternehmen) independent of the Bidder and has, in the letter dated 18 April 2007 which is attached as Appendix 5, confirmed in writing pursuant to § 13 para. 1 sentence 2 WpÜG that the Bidder has taken the measures necessary to ensure that the funds necessary to fully perform the Mandatory Offer will be available to it at the time at which the claim for the monetary consideration falls due.

15. EFFECTS OF COMPLETION OF THE MANDATORY OFFER ON THE NET WORTH, FINANCIAL POSITION AND RESULTS OF THE BIDDER AND THE PORSCHE GROUP

The particulars contained in this Section 15 of this Offer Document contain forward- looking statements of the Bidder. They reflect the Bidder's current assessment with regard to possible future events and are based solely on the information available to the Bidder at the time of signature of this Offer Document and on a series of assumptions by the Bidder which may turn out to be correct or incorrect.

15.1 Assumptions

The particulars contained in this Section 15 of this Offer Document are, in particular, based on the following current position and assumptions:

(a) The Bidder already holds 88,874,462 Volkswagen Ordinary Shares (approximately 22.64% of the registered share capital of Volkswagen).

(b) With the exception of Volkswagen Shares which at the time of signature of this Offer Document are held by the Bidder, the Bidder will acquire all other currently issued 198,459,345 Volkswagen Ordinary Shares and all 105,238,280 issued Volkswagen Preference Shares (approximately 77.36% of the total Volks- wagen Shares in issue) at the Offer Price of EUR 100.92 per Volkswagen Ordi- nary Share and EUR 65.54 per Volkswagen Preference Share, i.e. in return for payment of EUR 26,925,833,968.60 in aggregate.

(c) The holders of options on Volkswagen Ordinary Shares with an exercise price of less than EUR 100.92 (see Section 7.2 of this Offer Document) will exercise their stock options during the Acceptance Period and will accept the Mandatory

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Offer in respect of the Volkswagen Ordinary Shares which have thereby come into existence. This results in an additional payment of EUR 795,920,718.00.

(d) Any additional Volkswagen Shares which may be issued after the date of publication of this Offer Document are not taken into account.

(e) For simplification purposes, it has been assumed that the expected transaction costs in the amount of approximately EUR 126 million will be capitalized as incidental acquisition costs.

(f) Apart from the proposed acquisition of the Volkswagen Shares, no other effects on the net worth, financial position and results of Porsche or the Porsche Group which have occurred since 31 January 2007 or could occur in the future have been taken into account.

15.2 Methodology and reservations

In order to assess the likely effects of the Mandatory Offer on the net worth, financial position and results of the Porsche Group, the Bidder has undertaken a preliminary and unaudited estimation of the balance sheet position which – at a consolidated level – Por- sche would have had in the event that Volkswagen had been completely taken over as at 31 January 2007. Set out below is a comparison of the pro-forma-consolidated balance sheet of Porsche, adjusted on the basis of the assumptions set out in Section 15.1 of this Offer Document, and the preliminary and unaudited consolidated balance sheet of Por- sche as at 31 January 2007.

Nevertheless, the Bidder would like to point out that the effects of the takeover of Volkswagen on the future net worth, financial position and results of the Bidder and the Porsche Group cannot be accurately predicted today. The reasons are as follows:

● The final amount of the acquisition costs and of the external financing utilised by Porsche depends on the number of Volkswagen Shares in respect of which the Mandatory Offer is accepted.

● The synergies and business opportunities arising from the increase in the stake can only be analysed in detail and accurately quantified following implementation of the Mandatory Offer.

15.3 Expected effects on the individual financial statements of the Bidder

15.3.1 Effects on the balance sheet of the Bidder

The acquisition of the Volkswagen Shares in accordance with this Mandatory Offer will, according to the estimates of Porsche, substantially have the following effects on the net worth and financial position of the Bidder (based on the accounting principles of the German Commercial Code (Handelsgesetzbuch) and the specific accounting principles of the German Stock Corporation Act (Aktiengesetz)):

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Effects on the balance sheet of the Bidder as at 31 January 2007 ASSETS unaudited Dr. Ing. h.c. F. Change Pro-forma Porsche AG through share after share EUR m acquisition acquisition Fixed assets 6,460.0 28,907.4 35,367.4 Intangible assets 399.7 399.7 Property, plant and equipment 1,097.5 1,097.5 Financial assets 4,962.8 28,907.4 33,870.2 Current assets 5,537.2 -1,618.2 3,919.0 Inventories 377.4 377.4 Trade receivables 672.6 672.6 Other receivables and other assets 2,707.2 -478.5 2,228.7 Cash and cash equivalents 1,780.0 -1,139.7 640.3 Prepaid expenses 7.5 7.5 Balance sheet total 12,004.7 27,289.2 39,293.9

EQUITY AND LIABILITIES unaudited Dr. Ing. h.c. F. Change Pro-forma Porsche AG through share after share EUR m acquisition acquisition Equity 4,384.2 -432.6 3,951.6 Subscribed capital 45.5 45.5 Capital reserve 122.0 122.0 Retained earnings 3,367.9 3,367.9 Net profit available for distribution 848.8 -432.6 416.2 Provisions 2,789.9 2,789.9 Pension provisions 547.7 547.7 Other provisions 2,242.2 2,242.2 Liabilities 4,828.6 27,721.8 32,550.4 Trade payables 218.7 218.7 Other liabilities 4,609.9 27,721.8 32,331.7 Deferred income 2.0 2,0 Balance sheet total 12,004.7 27,289.2 39,293.9

Pro-forma = "As is" data and change through share acquisition

Compared with the net worth and financial position of the Bidder as at 31 January 2007, the following principle changes can be foreseen:

(a) The financial assets (Volkswagen Shares) will increase by EUR 28,907.4 million from EUR 4,962.8 million to EUR 33,870.2 million. This includes transac-

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tion costs in the expected amount of EUR 126.0 million, which are capitalized as incidental acquisition costs in accordance with the assumptions.

(b) The current assets are reduced by EUR 1,618.2 million through the acquisition of Volkswagen Ordinary Shares (as described in Section 6.8(b) of this Offer Document), the transaction costs and the change in the income statement.

(d) The equity will be reduced by EUR 432.6 million from EUR 4,384.2 million to EUR 3,951.6 million.

(e) The liabilities will increase as a result of the funds provided to the Bidder by way of bank loans by EUR 27,721.8 million from EUR 4,828.6 to EUR 32,550.4 million.

15.3.2 Effects on the results

The acquisition of the Volkswagen Shares in accordance with this Mandatory Offer is expected to have the effects on the results of the Bidder described below (based on the accounting principles of the German Commercial Code (Handelsgesetzbuch) and the specific accounting principles of the German Stock Corporation Act (Aktiengesetz)). For this purpose, it has been assumed, that the transaction occurred at the beginning of the period to which the income and expenses relate.

Unaudited income statement of the Bidder for the period from 1 August 2006 until 31 January 2007 unaudited Dr. Ing. h.c. F. Change Pro-forma Porsche AG through share after share EUR m acquisition acquisition Sales 2,695.3 2,695.3 Changes in inventories and own work 77.8 77.8 capitalized Total operating performance 2,773.1 2,773.1 Other operating income 1,318.4 1,318.4 Cost of materials -1,558.8 -1,558.8 Personnel expenses -450.0 -450.0 Amortization and depreciation -162.1 -162.1 Other operating expenses -673.7 -673.7 Income from investments 50.7 50.7 Interest income, net -33.4 -641.1 -674.5 Write-downs of securities 0 0 Profit from ordinary activities 1,264.2 -641.1 623.1 Taxes -415.4 208.5 -206.9

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Net profit 848.8 -432.6 416.2 Transfer to retained earnings 0 0 Net profit available for distribution 848.8 -432.6 416.2

Compared with the unaudited income statement of the Bidder for the first six months of the 2006/2007 financial year (1 August 2006 to 31 January 2007), the following principle changes can be foreseen:

(a) The Bidder's income from investments will in future also consist of additional income from the stake in Volkswagen. The amount of this future income is uncertain. On the basis of the dividend proposed for the 2006 financial year, an income of EUR 497.0 million results. If the operating profit of Volkswagen were distributed in full or if a domination and profit transfer agreement were concluded, the income from investments would increase by EUR 945.0 million.

(b) The costs of the Bidder will in future also consist of current interest payments on the loans which were drawn down in order to finance the acquisition of the Volkswagen Shares. The Bidder expects an interest burden of EUR 1,282.1 million p.a.

(c) Since the transaction costs have, in accordance with the assumptions, been capitalized as incidental acquisition costs, they will not have any additional effects on the results of the Bidder.

15.4 Effects on the consolidated financial statements of the Porsche Group

The expected effects on the consolidated financial statements of the Porsche Group which are set out below relate to the position as at 31 January 2007. On the basis of the assumptions specified in Section 15.1 above, the effects on the consolidated financial statements of the Porsche Group (drawn up on the basis of IFRS) which are described below result. Financial data of Volkswagen were not publicly available as at 31 January 2007. Therefore, the pro-forma balance sheet was based on the consolidated balance sheet of Volkswagen as at 31 December 2006.

15.4.1 Expected effects on the consolidated balance sheet of the Porsche Group

Consolidated balance sheet of the Bidder as at 31 January 2007 ASSETS unaudited Dr. Ing. h.c. Volkswagen Change F. Porsche AG as at through share Pro-forma after share ac- AG as at 31.12.2006 acquisition quisition EUR m 31.1.2007 Intangible assets 266.2 7,193.0 7,370.4 14,829.6 Property, plant and 1,226.8 20,340.0 21,566.8 equipment Investments in 5,369.9 6,876.0 -5,369.9 6,876.0 associates

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Other financial assets 45.5 410.0 455.5 Leased assets 928.2 8,039.0 8,967.2 Fixed assets 7,836.6 42,858.0 2,000.5 52,695.1 Inventories 754.2 12,463.0 13,217.2 Trade receivables 213.5 5,049.0 -38.0 5,224.5 Receivables from fi- 1,797.2 49,876.0 51,673.2 nancial services Other receivables and 2,976.1 8,861.0 -478.5 11,358.6 assets Cash and cash equiva- 2,870.9 14,458.0 -1,139.7 16,189.2 lents Current assets 8,611.9 90,707.0 -1,656.2 97,662.7 Deferred taxes 337.1 3,038.0 3,375.1 Balance sheet total 16,785.6 136,603.0 344.3 153,732.9

EQUITY AND LIABILITIES unaudited Dr. Ing. h.c. Volkswagen Change F. Porsche as at through share Pro-forma after share ac- AG as at 31.12.2006 acquisition quisition EUR m 31.1.2007 Subscribed capital 45.5 1,004.0 -1,004.0 45.5 Capital reserve 122.0 4,942.0 -4,942.0 122.0 Revenue reserves 5,265.0 20,958.0 -21,393.5 4,829.5 Capital allocable to share- 5,432.5 26,904.0 -27,339.5 4,997.0 holders Hybrid capital 810.2 810.2 Minority interests 2.4 55.0 57.4 Equity 6,245.1 26,959.0 -27,339.5 5,864.6 Pension provisions 701.9 13,854.0 14,555.9 Deferred tax liabilities 544.9 2,586.0 3,130.9 Other provisions 1,778.3 16,001.0 17,779.3 Provisions 3,025.1 32,441.0 0.0 35,466.1 Financial liabilities 5,276.0 58,757.0 27,721.8 91,754.8 Trade payables 341.3 8,190.0 -38.0 8,493.3 Other liabilities 1,584.1 8,102.0 9,686.1 Liabilities 7,201.4 75,049.0 27,683.8 109,934.2 Deferred taxes 314.0 2,154.0 0.0 2,468.0 Balance sheet total 16,785.6 136,603.0 344.3 153,732.9

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Compared with the unaudited consolidated balance sheet of the Porsche Group as at 31 January 2007, the following principle changes can be seen on a pro-forma basis:

(a) The intangible assets will increase by EUR 14,563.4 million from EUR 266.2 million to EUR 14,829.6 million. The differences resulting from the first con- solidation of Volkswagen are contained therein.

(b) The cash and cash equivalents will decrease by EUR 1,139.7 million.

(d) The total assets will thus increase by EUR 136,947.3 million from EUR 16,785.6 million to EUR 153,732.9 million.

(e) The equity will be reduced by EUR 380.5 million from EUR 6,245.1 million to EUR 5,864.6 million.

(f) The liabilities will increase by EUR 27,721.8 million as a result of the funds which are made available to the Porsche Group by the banks by way of a loan.

15.4.2 Expected effects on the income statement of the Porsche Group

The acquisition of all Volkswagen Shares pursuant to this Mandatory Offer could be expected to affect the results of the Porsche Group (on the basis of IFRS) as described below. For this purpose, it has been assumed that the transaction occurred at the beginning of the period to which the income and expenses relate.

Financial data of Volkswagen was not publicly available as at 31 January 2007. There- fore, the pro-forma income statement was based on the consolidated income statement of Volkswagen for the period from 1.7.2006 until 31.12.2006.

Porsche Group: Income statement for the period from 1 August 2006 until 31 January 2007 unaudited Dr. Ing. h.c. Volkswagen Change F. Porsche as at through share Pro-forma after share AG as at 31.12.2006 acquisition acquisition EUR m 31.1.2007 Sales 3,065.2 52,983.0 -297.1 55,751.1 Profit from ordinary 1,072.2 975.0 2,047.2 activities Financial income 517.8 67.0 -644.0 -59.2 Profit before taxes 1,590.0 1,042.0 -644.0 1,988.0 Profit from discontinued -1.0 -1.0 activities Income taxes -446.4 523.0 208.5 285.1 Net profit 1,143.6 1,564.0 -435.5 2,272.1

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The details are as follows:

(a) Internal sales in the amount of to EUR 297.1 million have been eliminated from the sales.

(b) The costs of the Porsche Group will in future also consist of current interest payments on the loans which were drawn down in order to finance the acquisition of the Volkswagen Shares. The Bidder expects an interest burden of EUR 1,282.1 million p.a.

On the assumption that the transaction costs have been capitalized as incidental acquisition costs, they will not have any additional effects on the results of the acquiring companies.

16. RIGHT OF WITHDRAWAL

16.1 Conditions

Volkswagen Shareholders who have accepted the Mandatory Offer have the following rights of withdrawal (Rücktrittsrechte):

(a) In the event of an amendment of the Mandatory Offer pursuant to § 21 WpÜG, Volkswagen Shareholders may, at any time until expiry of the Acceptance Pe- riod, withdraw from the contracts concluded as a result of acceptance of the Mandatory Offer if and to the extent that they have accepted the Mandatory Of- fer prior to publication of the amendment of the Offer.

(b) In the event of a competing offer, Volkswagen Shareholders may, at any time until expiry of the Acceptance Period, withdraw from the contracts concluded as a result of acceptance of the Mandatory Offer if and to the extent that they have accepted the Mandatory Offer prior to publication of the offer document for the competing offer.

16.2 Exercise of the right of withdrawal

Volkswagen Shareholders may exercise a right of withdrawal pursuant to Section 16.1 of this Offer Document only by doing the following prior to expiry of the Acceptance Period:

● declaring their withdrawal to their Custodian Bank in writing for a specified number of Tendered Volkswagen Shares, and

● instructing their Custodian Bank to cause such number of Tendered Volkswagen Ordinary Shares or, as the case may be, Tendered Volkswagen Preference Shares held in their securities deposit account as is equivalent to the number of Tendered Volkswagen Shares in respect of which they have declared their withdrawal to be booked back under the ISIN DE0007664005 (Volkswagen Ordi-

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nary Shares) or, as the case may be, the ISIN DE0007664039 (Volkswagen Preference Shares) at Clearstream Banking AG.

The declaration of withdrawal will only become effective if the Tendered Volkswagen Shares in respect of which the withdrawal has been declared have been re-booked under the ISIN DE0007664005 (Volkswagen Ordinary Shares) or, as the case may be, the ISIN DE0007664039 (Volkswagen Preference Shares) at Clearstream Banking AG no later than 17:30 hrs on the second banking day after expiry of the Acceptance Period. This re-booking must be procured by the Custodian Bank following receipt of the declaration of withdrawal.

17. INFORMATION FOR VOLKSWAGEN SHAREHOLDERS WHO WISH TO ACCEPT THE MANDATORY OFFER

Volkswagen Shareholders who intend to accept the Mandatory Offer should take the following into account: The present stock market price of the Volkswagen Ordinary Shares is EUR 12.65 (status: 25 April 2007, XETRA closing price) higher, and the current stock market price of the Volkswagen Preference Shares (status: 25 April 2007, XETRA closing price) EUR 8.96 higher, than the purchase prices offered in this Man- datory Offer. It is uncertain whether, following implementation of the Mandatory Of- fer, the stock market price of the Volkswagen Shares will remain at their present level or rise above it of fall below it.

18. CASH PAYMENTS AND VALUABLE BENEFITS FOR MEMBERS OF THE MANAGING BOARD OR THE SUPERVISORY BOARD OF VOLKSWAGEN

Neither members of the Managing Board nor members of the Supervisory Board of Volkswagen were granted, or given the prospect of, cash payments or other valuable benefits in connection with this Mandatory Offer. As a precautionary measure, the Bid- der wishes to point out that the members of the Supervisory Board of Volkswagen Dr.- Ing. Wendelin Wiedeking and Mr Holger P. Härter are, at the same time, also members of the Managing Board of the Bidder. Furthermore, the chairman of the Supervisory Board of Volkswagen, Hon. Prof. Dr. techn. h.c. Dipl. Ing. ETH Ferdinand K. Piëch, is also a member of the Supervisory Board of the Bidder and holds an indirect interest in the Bidder.

19. ADVISING BANKS

Merrill Lynch International Bank Ltd. advised Dr. Ing. h.c. F. Porsche Aktiengesell- schaft with regard to the preparation of the Mandatory Offer. Commerzbank Aktienge- sellschaft is co-ordinating the technical implementation and settlement of the Manda- tory Offer.

20. TAXES

The Bidder recommends Volkswagen Shareholders to seek tax advice, taking account of their personal circumstances, with regard to the tax consequences of an acceptance of this Mandatory Offer.

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21. PUBLICATIONS AND NOTIFICATIONS

Pursuant to § 14 para. 3 WpÜG, this Offer Document will be published on the internet at http://www.porsche.com/germany/aboutporsche/investorrelations/ on 30 April 2007. Furthermore, a non-binding English translation of this Offer Document, which has not however been reviewed by the BaFin, will also be made available on the internet at http://www.porsche.com/germany/aboutporsche/investorrelations/. The announcement concerning (i) the availability of copies of this Offer Document at Commerzbank Akti- engesellschaft, ZCM-CMAD, Mainzer Landstraße 153, 60327 Frankfurt am Main, for distribution free of charge (orders by telefax to +49 69 136 44598) and (ii) the internet address at which this Offer Document is made available will be published in the electronic Federal Gazette and in The Wall Street Journal (U.S. edition), both on 30 April 2007.

The Bidder will publish notifications pursuant to § 23 para. 1 WpÜG on the internet at http://www.porsche.com/germany/aboutporsche/investorrelations/ (in German and with an English translation) and in the electronic Federal Gazette:

● on a weekly basis following publication of this Offer Document, and on a daily basis in the last week before expiry of the Acceptance Period, and

● without undue delay after expiry of the Acceptance Period, and

● without undue delay after attaining the shareholding threshold which is required for a takeover-law squeeze-out pursuant to § 39a paras. 1 and 2 WpÜG.

All publications and announcements required under the WpÜG or the applicable capital markets law provisions of the United States in connection with this Offer will be published on the internet at http://www.porsche.com/germany/aboutporsche /investorrelations/ (in German and with an English translation) and in the electronic Federal Gazette and (through dissemination of an English-language press announcement via an electronically operated information dissemination system) in the United States.

22. GOVERNING LAW AND PLACE OF JURISDICTION

This Offer and the contracts which come into existence as a result of the acceptance of this Offer shall be governed by German law. The exclusive place of jurisdiction for all legal disputes arising out of, or in connection with, this Offer (and any contract which comes into existence as a result of acceptance of this Offer) shall, to the extent legally permissible, be Stuttgart.

23. ADDITIONAL INFORMATION FOR U.S. SHAREHOLDERS

23.1 Implementation of the Offer

This Offer, which is governed by German law, is being made to the U.S. Shareholders in compliance with the applicable U.S. securities laws, including Regulation 14E, promulgated under the Exchange Act. This Offer is not subject to the requirements of Regulation 14D of the Exchange Act. Therefore, this Offer Document was neither submitted to, nor reviewed by, the SEC. U.S. Shareholders should be aware that this Offer is being made in relation to securities of a German company and is thus subject to the

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disclosure requirements of the Federal Republic of Germany, which are different from those of the United States.

To the extent permissible under applicable law, the Bidder may, in accordance with the class exemptive relief from Rule 14e-5 granted by the SEC on 2 March 2007 (see Sec- tion 1.3 of this Offer Document), also acquire, or make arrangements to acquire, directly or indirectly, Volkswagen Shares on or off the stock exchange outside the United States otherwise than pursuant to the Offer during the period in which the Mandatory Offer remains open for acceptance, provided that this complies with the applicable German legal provisions. To the extent necessary under applicable German law or the regulations of a relevant stock exchange, the Bidder will publish such acquisitions outside of the Offer on the internet at http://www.porsche.com/germany/aboutporsche/ investorrelations/ (in German and in an English translation) and in the electronic Federal Gazette, as well as in the United States by distribution of an English press announcement through an electronically operated dissemination system.

23.2 American Depository Receipts

The Offer is not being addressed to holders of ADRs. Holders of ADRs who wish to participate in the Offer should present their ADRs to the Custodian Bank responsible for the ADR programme, JPMorgan Chase & Co. (U.S. Depositary) for cancellation and (upon compliance with the terms of the deposit agreement relating to the ADR programme, including payment of the U.S. Depositary’s fees and any applicable transfer fees, taxes and governmental charges) delivery of Volkwagen Shares to them, in order to become holders of Volkwagen Shares. The Offer may then be accepted in accordance with this Offer Document for the Volkswagen Shares delivered to holders of ADRs upon such cancellation.

24. ADDITIONAL INFORMATION FOR VOLKSWAGEN SHAREHOLDERS WHOSE PLACE OF RESIDENCE, SEAT OR PLACE OF HABITUAL ABODE IS IN LUXEMBOURG

24.1 Publication and dissemination of the Offer Document in Luxembourg

For Volkswagen Shareholders whose place of residence, seat (Sitz) or place of habitual abode is in Luxembourg (Luxembourg Shareholders) and their custodian securities services companies (Wertpapierdienstleistungsunternehmen) this Offer Document will also be available at Commerzbank International S.A., Service Operations, Corporate Actions, 25, rue Edward Steichen, L-2013 Luxemburg (orders by telefax to +352 4779 11 2849) for distribution free of charge.

24.2 Acceptance and Settlement of the Mandatory Offer for Luxembourg Shareholders

Luxembourg Shareholders who wish to accept the Mandatory Offer must proceed as set out in Section 11.2 of this Offer Document. The payment of the purchase price will take place as set out in Section 11.5 of this Offer Document.

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24.3 Taxes

The following description is a summary of material tax aspects which may be relevant for Luxembourg Shareholders in connection with a possible acceptance of the Offer. The summary is for information purposes only and may not be complete. Volkswagen Shareholders who have unlimited tax liability in Luxembourg should seek tax advice that takes account of their personal circumstances.

24.3.1 Individuals who have unlimited tax liability in Luxembourg

Profits realised by a sale of Volkswagen Shares out of private assets through acceptance of the Offer by an individual who has unlimited tax liability in Luxembourg are ex- empted from tax if at the time of the acceptance of the Offer the Volkswagen Shares have been held for at least six months. If the Volkswagen Shares sold are part of the business assets (Gewerbevermögen), the profit realised is subject to tax.

24.3.2 Statutory corporations which have unlimited tax liability in Luxembourg

Profits realised by a sale of Volkswagen Shares through acceptance of the Offer by statutory corporations which have unlimited tax liability in Luxembourg (or by local branches of foreign statutory corporations) are, if the sold Volkswagen Shares were held as current assets subject to tax, unless the relevant provisions regarding tax exemption of cross shareholdings (Schachtelbeteiligungen) apply.

25. DECLARATION OF ASSUMPTION OF RESPONSIBILITY

Dr. Ing. h.c. F. Porsche Aktiengesellschaft, a German stock corporation which is registered in the commercial register of the Stuttgart Local Court under HRB 5211 and has its seat in Stuttgart, assumes responsibility for the contents of this Offer Document and declares that, to the best of its knowledge, the information contained in this Offer Document is correct and no material facts have been omitted.

Stuttgart, 26 April 2007

Dr. Ing. h.c. F. Porsche Aktiengesellschaft

signed by Dr. Wendelin Wiedeking signed by Holger P. Härter ______Dr. Wendelin Wiedeking Holger P. Härter Chairman of the Managing Board Member of the Managing Board

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APPENDIX 1: Subsidiaries of the Bidder

Size of the interest in the capital held by Dr. Ing. h.c. F. Porsche Aktiengesellschaft in % Name and seat of the company Country direct indirect total

Porsche Verwaltungsgesellschaft mbH, Bietigheim- Germany 65.00 -65.00 Bissingen Porsche Lizenz- und Handelsgesellschaft mbH & Co. Germany 65.00 -65.00 KG, Bietigheim-Bissingen Porsche Design GmbH, Zell am See, Austria Austria - 65.00 65.00 Porsche Design Studio North America Inc., Los USA - 65.0065.00 Angeles/California, USA Porsche Design of America Inc., Wilming- USA - 65.0065.00 ton/Delaware, USA Porsche Design Asia Pacific Limited, Hong Kong, China - 65.0065.00 China Porsche Design Great Britain Limited, London, England - 65.0065.00 England Porsche Design of France SARL, Serris, France France - 65.00 65.00 Porsche Design Italia S.r.l., Milan, Italy Italy - 65.00 65.00 ING Leasing GmbH & Co. Fox OHG, Börnsen Germany 95.00 - 95.00 Mieschke Hofmann und Partner Gesellschaft für Ma- Germany 74.80 -74.80 nagement und IT-Beratung mbH, Freiberg/N. MI 911, Frankfurt a. M. Germany 100.00 - 100.00 Porsche Financial Services GmbH, Bietigheim- Germany 100.00 -100.00 Bissingen Porsche Services Espana S.L., Madrid, Spain Spain - 100.00 100.00 Porsche Financial Services Japan K.K., Tokyo, Japan - 100.00100.00 Japan Porsche Financial Services Great Britain Ltd., England - 100.00100.00 Reading, England Porsche Financial Services France S.A., Bou- France - 100.00100.00 logne-Billancourt, France Porsche Financial Services Italia S.p.A., Padua, Italy - 100.00100.00 Italy Porsche Financial Services GmbH & Co. KG, Germany - 100.00100.00 Bietighiem-Bissingen Porsche Financial Services Verwaltungsgesell- Germany - 100.00100.00 schaft mbH, Bietigheim-Bissingen Porsche Financial Services Australia Pty. Ltd., Australia - 100.00100.00 Collingwood, Australia Porsche Classic GmbH, Ludwigsburg Germany 100.00 - 100.00 Porsche Zentrum Hoppegarten GmbH, Stuttgart Germany 100.00 - 100.00 Porsche Consulting GmbH, Bietigheim-Bissingen Germany 100.00 - 100.00 Porsche Consulting Italia S.r.l., Milan, Italy Italy 100.00 100.00 Porsche Engineering Services GmbH, Bietigheim- Germany 100.00 -100.00 Bissingen Porsche Niederlassung Stuttgart GmbH, Stuttgart Germany 100.00 - 100.00 Karosseriewerk Porsche GmbH & Co. KG, Stuttgart Germany 100.00 - 100.00 PIKS Porsche-Information-Kommunikation-Services Germany 100.00 -100.00 GmbH, Stuttgart Porsche Deutschland GmbH, Bietigheim-Bissingen Germany 100.00 - 100.00 Porsche Niederlassung Mannheim GmbH, Mann- Germany - 100.00100.00 heim

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Porsche Leipzig GmbH, Leipzig Germany 100.00 - 100.00 Porsche Dienstleistungsgesellschaft mbH, Stuttgart Germany 100.00 - 100.00 Porsche Engineering Group GmbH, Weissach Germany 100.00 - 100.00 Porsche Engineering Services s.r.o, Prag, Czech Czech Republic - 100.00 100.00 Republic Porsche Iberica S.A., Madrid, Spain Spain 100.00 - 100.00 Porsamadrid S.L., Madrid, Spain Spain - 100.00 100.00 Porsacentre S.L., Barcelona, Spain Spain - 100.00 100.00 Porsche Italia S.p.A., Padua, Italy Italy 100.00 - 100.00 Centro Porsche Padova S.r.l., Padua, Italy Italy - 100.00 100.00 Porsche Haus S.r.l., Mailand, Italy Italy - 100.00 100.00 Porsche Cars Great Britain Ltd., Reading, England England 100.00 - 100.00 Porsche Retail Group Ltd., Reading, England England - 100.00 100.00 Porsche Cars Australia Pty. Ltd., Collingwood, Aus- Australia 100.00 -100.00 tralia Porsche Centre Melbourne Pty. Ltd., Colling- Australia - 100.00100.00 wood, Australia Porsche International Financing plc, Dublin, Ireland Ireland 100.00 - 100.00 Porsche International Insurance Ltd., Dublin, Ire- Ireland - 100.00100.00 land Porsche France S.A., Boulogne-Billancourt, France France 100.00 - 100.00 Porsche Distribution S.A.S., Levallois-Perret, France - 100.00100.00 France Porsche Financial Management Services Ltd., Dublin, Ireland 100.00 -100.00 Ireland Porsche Japan K.K., Tokyo, Japan Japan 100.00 - 100.00 Porsche Middle East FZE, Dubai, United Arab Emir- United Arab Emirates 100.00 - 100.00 ates PPF Holding AG, Zug, Switzerland Switzerland 100.00 - 100.00 Porsche Enterprises Inc., Wilmington/Delaware, USA USA 96.15 3.85 100.00 Porsche Financial Services Inc., Wilming- USA - 100.00100.00 ton/Delaware, USA Porsche Business Services Inc., Wilming- USA - 100.00100.00 ton/Delaware, USA Porsche Cars North America Inc., Wil- USA - 100.00100.00 mintgton/Delaware, USA Porsche Cars Canada Ltd., Toronto/Ontario, Canada - 100.00100.00 Canada Porsche Financial Services Canada GP, Mis- Canada - 100.00100.00 sissauga/Ontario, Canada Porsche Funding Ltd. Partnership, Wilming- USA - 100.00100.00 ton/Delaware, USA Porsche Capital LLC, Wilmington/Delaware, USA - 100.00100.00 USA Porsche Funding LLC, Wilming- USA - 100.00100.00 ton/Delaware, USA Porsche Liquidity LLC, Wilming- USA - 100.00100.00 ton/Delaware, USA Euro Select Quality Parts Inc., Wilming- USA - 100.00100.00 ton/Delaware, USA Porsche Aviation Products Inc., Wilming- USA - 100.00100.00 ton/Delaware, USA Porsche Logistics Services LLC, Wilming- USA - 100.00100.00 ton/Delaware, USA PCTX LLC, Wilmington/Delaware, USA USA - 100.00 100.00 Porsche Canadian Investment ULC, Hali- Canada - 100.00100.00 fax/Nova Scotia, Canada Porsche Motorsport North America Inc., Wilming- USA - 100.00100.00 ton/Delaware, USA Porsche Latin America Inc., Wilming- USA - 100.00 100.00

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ton/Delaware, USA Porsche Investment Corp., Wilmington/Delaware, USA - 100.00100.00 USA Porsche Asia Pacific Pte. Ltd., Singapore Singapore 100.00 - 100.00 Porsche Russland OOO, Moscow, Russia Russia 100.00 - 100.00

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APPENDIX 2: Persons and companies controlling the Bidder

• Mag. Josef Ahorner, c/o Porsche Holding GmbH, Vogelweiderstraße 75, A-5020 Salzburg/Austria

• Dipl.-Ing. Dr. h.c. Ferdinand Piëch GmbH, Salzburg/Austria

• Dr. Hans-Michel Piëch GmbH, Salzburg/Austria

• Familie Porsche Beteiligung GmbH, Stuttgart/Germany

• Familie Porsche Holding GmbH, Salzburg/Austria

• Familie Porsche Privatstiftung, Salzburg/Austria

• Familien Porsche-Daxer-Piëch Beteiligung GmbH, Stuttgart/Germany

• Ferdinand Alexander Porsche GmbH, Stuttgart/Germany

• Ferdinand Piëch GmbH, Grünwald/Germany

• Ferdinand Porsche Holding GmbH, Salzburg/Austria

• Ferdinand Porsche Privatstiftung, Salzburg/Austria

• Gerhard Anton Porsche GmbH, Salzburg/Austria

• Gerhard Porsche GmbH, Stuttgart/Germany

• Hans-Michel Piëch GmbH, Grünwald/Germany

• Hans-Peter Porsche GmbH, Stuttgart/Germany

• Ing. Hans-Peter Porsche GmbH, Salzburg/Austria

• Mag. Louise Kiesling, c/o Porsche Holding GmbH, Vogelweiderstraße 75, A-5020 Salzburg/Austria

• Louise Daxer-Piëch GmbH, Stuttgart/Germany

• Louise Daxer-Piëch GmbH, Salzburg/Austria

• Hon. Prof. Dr. techn. h.c. Dipl. Ing. ETH Ferdinand K. Piëch, c/o Porsche Hol- ding GmbH, Vogelweiderstraße 75, A-5020 Salzburg/Austria

• Dr. Hans-Michel Piëch, c/o Porsche Holding GmbH, Vogelweiderstraße 75, A-5020 Salzburg/Austria

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• Porsche GmbH, Salzburg/Austria

• Porsche GmbH, Stuttgart/Germany

• Porsche Holding GmbH, Salzburg/Austria

• Dr. F. Oliver Porsche, c/o Porsche Holding GmbH, Vogelweiderstraße 75, A-5020 Salzburg/Austria

• Dr. Wolfgang Porsche, c/o Porsche Holding GmbH, Vogelweiderstraße 75, A-5020 Salzburg/Austria

• Gerhard Anton Porsche, c/o Porsche Holding GmbH, Vogelweiderstraße 75, A-5020 Salzburg/Austria

• Hans-Peter Porsche, c/o Porsche Holding GmbH, Vogelweiderstraße 75, A-5020 Salzburg/Austria

• Kai Alexander Porsche, c/o Porsche Holding GmbH, Vogelweiderstraße 75, A-5020 Salzburg/Austria

• Mark Philip Porsche, c/o Porsche Holding GmbH, Vogelweiderstraße 75, A-5020 Salzburg /Austria

• Peter Daniell Porsche, c/o Porsche Holding GmbH, Vogelweiderstraße 75, A-5020 Salzburg /Austria

• Prof. Ferdinand Alexander Porsche, c/o Porsche Holding GmbH, Vogelweiderst- raße 75, A-5020 Salzburg/Austria

• Prof. Ferdinand Alexander Porsche GmbH, Salzburg/Austria

• Wolfgang Porsche GmbH, Stuttgart/Germany

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APPENDIX 3: Subsidiaries of persons and companies controlling the Bidder

No. Name of the Company Seat Legal form 1. Piëch Ferdinand Beteiligungs GmbH & Munich, GmbH & Co. KG Co. KG Germany 2. Piëch Ferdinand Beteiligungsverwaltungs Munich, GmbH GmbH Germany 3. London, United Limited Ferdinand Karl Alpha Limited Kingdom 4. London, United Limited Ferdinand Karl Beta Limited Kingdom 5. Ferdinand Karl Alpha Anstalt Vaduz, Anstalt Liechtenstein 6. Ferdinand Karl Alpha Inc. Panama, Panama Sociedad Anonima 7. Ferdinand Karl Beta Inc. Panama, Panama Sociedad Anonima 8. HMP Immobilien Holding GmbH Vienna, Austria GmbH 9. Hotel Erlhof Ges. m. b. H. Zell am See, Ges.m.b.H. Austria 10. Hotel Erlhof GmbH und Co Salzburg, Austria GmbH & Co. 11. KR Louise Piëch Privatstiftung Salzburg, Austria Privatstiftung 12. Familie Porsche AG Beteiligungsgesell- Salzburg, Austria Aktiengesellschaft schaft (FN 238676 w) 13. Stuttgart, Gesellschaft mit beschränk- FaPo Beteiligungen GmbH Germany ter Haftung 14. F.A. Porsche Beteiligungen GmbH Salzburg, Austria Gesellschaft mit beschränk- (FN 72826 y) ter Haftung 15. Grenchen, Switzer- Aktiengesellschaft Eterna AG Uhrenfabrik land 16. Prof. Ferdinand Alexander Porsche Betei- Stuttgart, Gesellschaft mit beschränk- ligungen GmbH (HRB 25123) Germany ter Haftung 17. Real Estate Holding GmbH Salzburg, Austria Gesellschaft mit beschränk- (FN 202327 s) ter Haftung 18. State of California, Stock Corporation FaPo Holding Inc. U.S.A. 19. State of Idaho, Limited Liability Company FaPo Holdings Idaho, LLC U.S.A. 20. AUCANADA Holding GmbH Salzburg, Austria Gesellschaft mit beschränk- (FN 202320 f) ter Haftung 21. AUCANADA S.A. Palma de Mallorca, Sociedad Anónima Spain 22. Kulturzentrum St. Jakob Verwaltungsge- Puch bei Hallein, Gesellschaft mit beschränk- sellschaft m.b.H. (FN 272811 v) Austria ter Haftung

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23. Jakobisaal Betriebsgesellschaft m.b.H. Salzburg, Austria Gesellschaft mit beschränk- (FN 264522 d) ter Haftung 24. Kronberg im Tau- Gesellschaft mit beschränk- Eterna Uhren GmbH (HRB 4595) nus, Germany ter Haftung 25. Schloss Prielau Betriebsgesellschaft Zell am See, Gesellschaft mit beschränk- m.b.H. (FN 61845 z) Austria ter Haftung 26. Sanset Austria Film & Fernsehproduktio- Salzburg, Austria Gesellschaft mit beschränk- nen GmbH ter Haftung 27. Ferdinand Porsche GmbH Stifter Gesell- Salzburg, Austria Gesellschaft mit beschränk- schaft (FN 280874 a) ter Haftung 28. Familie Porsche GmbH Stifter Gesell- Salzburg, Austria Gesellschaft mit beschränk- schaft (FN 280864 k) ter Haftung 29. Louise GmbH Stifter Gesellschaft Salzburg, Austria Gesellschaft mit beschränk- (FN 280902 t) ter Haftung 30. Ferdinand GmbH Stifter Gesellschaft Salzburg, Austria Gesellschaft mit beschränk- (FN 280873 z) ter Haftung 31. Louise Privatstiftung (FN 280904 w) Salzburg, Austria Privatstiftung 32. Ferry Privatstiftung (FN 280861 g) Salzburg, Austria Privatstiftung 33. Ferdinand International Anstalt Vaduz, Anstalt nach liechtensteini- Liechtenstein schem Recht 34. Ferdinand Founding Limited London, Limited company United Kingdom 35. Ferdinand International Corporation Panama, Panama Sociedad Anónima 36. Familie Porsche Anstalt Vaduz, Anstalt nach liechtensteini- Liechtenstein schem Recht 37. Familie Porsche Limited London, Limited Company United Kingdom 38. Familie Porsche Corporation Panama, Panama Sociedad Anónima 39. Louise International Anstalt Vaduz, Anstalt nach liechtensteini- Liechtenstein schem Recht 40. Louise Founding Limited London, Limited Company United Kingdom 41. Louise Corporation Panama, Panama Sociedad Anónima 42. Ferdinand Porsche Anstalt Vaduz, Anstalt nach liechtensteini- Liechtenstein schem Recht 43. Ferdinand Porsche Limited London, Limited Company United Kingdom 44. Ferdinand Porsche Corporation Panama, Panama Sociedad Anónima 45. Ahorner Vermögensverwaltungsgesell- Vienna, Austria Gesellschaft mit beschränk- schaft m.b.H. (FN 80195 i) ter Haftung 46. EMARSYS eMarketing SystemsAG Vienna, Austria Aktiengesellschaft (FN 197024 t)

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47. L & D Handels GmbH (FN 174763 f) Vienna, Austria Gesellschaft mit beschränk- ter Haftung 48. Mainspring Holdings Limited London, Limited Company United Kingdom 49. Mainspring United Kingdom Limited London, Limited Company United Kingdom 50. Mainspring Properties Limited London, Limited Company United Kingdom 51. Porsche Konstruktionen GmbH & Co KG Salzburg, Austria GmbH & Co. KG 52. Porsche Austria GmbH Salzburg, Austria GmbH 53. Porsche Austria GmbH & Co. OG Salzburg, Austria GmbH & Co. OG 54. Porsche Informatik GmbH Salzburg, Austria GmbH 55. Porsche Werbemittlung GmbH Salzburg, Austria GmbH 56. Porsche Immobilien GmbH Salzburg, Austria GmbH 57. Porsche Immobilien GmbH & Co. KG Salzburg, Austria GmbH & Co. KG 58. Porsche Inter Auto GmbH & Co. KG Salzburg, Austria GmbH & Co. KG 59. Porsche Inter Auto Verwaltungs GmbH Salzburg, Austria GmbH 60. Porsche Hungaria Handels Kft. Budapest, Hungary Kft 61. POFIN Financial Services Verwaltungs Asperg, Germany GmbH GmbH 62. Allmobil Autohandels GmbH Salzburg, Austria GmbH 63. Auto-Z Autozubehörhandels GmbH Salzburg, Austria GmbH 64. Freizeit 2000 Tennishallen GmbH Salzburg, Austria GmbH 65. Porsche Bank AG Salzburg, Austria AG 66. Porsche Versicherungs AG Salzburg, Austria AG 67. Exclusive Cars Vertriebsges.mbH Salzburg, Austria GmbH 68. POFIN Financial Services GmbH & Co. Asperg, Germany GmbH & Co. KG KG 69. ARAC GmbH Salzburg, Austria GmbH 70. EuRent Autovermietung Kft. Budapest, Hungary Kft 71. Intercar Austria GmbH Salzburg, Austria GmbH 72. Porsche Immobilienverwaltungs Kft. Budapest, Hungary Kft 73. Porsche Inter Auto Slovakia spol. s.r.o. Bratislava, Slovakia s.r.o. 74. Porsche Inter Auto CZ spol. s.r.o. Prague, Czech Re- s.r.o. public 75. Porsche Immobilien spol. s.r.o. Prague, Czech Re- s.r.o. public 76. Porsche Inter Auto Pest Kft. Budapest, Hungary Kft

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77. Porsche Slovenija d.o.o. Ljubljana, Slovakia d.o.o. 78. Porsche Inter Auto d.o.o. Ljubljana, Slovakia d.o.o. 79. Porsche Automotive Investment GmbH Salzburg, Austria GmbH 80. Porsche Clearing GmbH Salzburg, Austria GmbH 81. Porsche Inter Auto Buda Kft. Budapest, Hungary Kft 82. Porsche Slovakia spol. s.r.o. Bratislava, Slovakia s.r.o. 83. Porsche L.S. Kft. Budapest, Hungary Kft 84. Parts Center Budapest Kft. Budapest, Hungary Kft 85. Porsche Bank Hungaria Zrt. Budapest, Hungary Zrt. 86. Porsche Versicherungsmittlung Kft. Budapest, Hungary Kft 87. Porsche Kredit in Leasing SLO d.o.o. Ljubljana, Slovakia d.o.o. 88. Porsche Leasing SLO d.o.o. Ljubljana, Slovakia d.o.o. 89. Auto & Service PIA GmbH Munich, GmbH Germany 90. Porsche Inter Auto Keresk. Kft. Szeged, Hungary Kft 91. Porsche Romania s.r.l. Bucharest, Romania s.r.l. 92. Porsche Inter Auto Györ Kft. Györ, Hungary Kft 93. Porsche Inter Auto d.o.o. Zagreb, Croatia d.o.o. 94. Porsche Zagreb d.o.o. Zagreb, Croatia d.o.o. 95. Porsche Leasing d.o.o. Zagreb, Croatia d.o.o. 96. Porsche Bank Romania S.A. Bucharest, Romania S.A. 97. Porsche Broker Asigurari s.r.l. Bucharest, Romania s.r.l. 98. Porsche Leasing Romania IFN S.A. Bucharest, Romania S.A. 99. Porsche SCG d.o.o. Belgrad, Serbia d.o.o. 100. Porsche BG EOOD Sofia, Bulgaria EOOD 101. Eurocar Italia s.r.l. Udine, Italy s.r.l. 102. Eurocar Immobili Italia s.r.l. Udine, Italy s.r.l. 103. Porsche Corporate Finance GmbH Salzburg, Austria GmbH 104. Porsche Leasing SCG d.o.o. Belgrad, Serbia d.o.o. 105. Porsche Immobilien BG EOOD Sofia, Bulgaria EOOD 106. Eurocar Deutschland Verwaltungs GmbH Munich, GmbH Germany 107. Porsche Pensionskasse AG Salzburg, Austria AG 108. Porsche System Engineering Ltd. Zürich, Switzerland Ltd. 109. Eurent Slovakia s.r.o. Bratislava, Slovakia s.r.o. 110. Porsche Immobiliendienstleistungs Kft. Budapest, Hungary Kft

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111. Hangzhou Jun Bao Hang Automobile Re- Hangzhou, China Ltd. pair & Service Co Ltd. 112. Porsche Leasing BG EOOD Sofia, Bulgaria EOOD 113. Porsche Albania Sh.p.k. Tirana, Albania Sh.p.k. 114. Porsche Macedonia dooel Skopje, Macedonia dooel 115. Porsche Immobilien Slovakia spol s.r.o. Bratislava, Slovakei s.r.o. 116. Innenstadt Immobilienverwaltungs Kft Budapest, Hungary Kft 117. PoHo Beteiligungs GmbH Stuttgart, GmbH Germany 118. Porsche Immobilien Srl Bucharest, Romania s.r.l. 119. Beijing Jun Bao Jie Automobile Repair Beijing, China Ltd. and Maintenance Co., Ltd. 120. Beijing Jun Bao Jie Automobile Sales and Beijing, China Ltd. Service Co., Ltd. 121. Porsche Mobiliti d.o.o. Zagreb, Croatia d.o.o. 122. Porsche Mobility d.o.o. Belgrad, Serbia d.o.o. 123. Porsche Mobility s.r.l. Bucharest, Romania s.r.l. 124. Porsche Insurance Broker BG EOOD Sofia, Bulgaria EOOD 125. PGA Group S.A.S. Paris, France S.A.S. 126. PGA S.A. Paris, France S.A. 127. PGA Motors S.A.S. Paris, France S.A.S. 128. Bayern Motors S.A.S. Paris, France S.A.S. 129. Blitz Motors S.A.S. Paris, France S.A.S. 130. Javel Motors S.A.S. Paris, France S.A.S. 131. Sochaux Motors S.A.S. Paris, France S.A.S. 132. Wolfsburg Motors S.A.S. Paris, France S.A.S. 133. Dynamic Automobiles S.A.S. Annemasse, S.A.S. France 134. Valiege S.A.S. Chasseneuil du Poi- S.A.S tou, France 135. PGA Trésorerie S.A.S. Paris, France S.A.S. 136. Dearborn Motors S.A.S. Paris, France S.A.S. 137. Stuttgart Motors S.A.S. Paris, France S.A.S. 138. PBO S.A.S. Chasseneuil du Poi- S.A.S. tou, France 139. ABCIS Bretagne S.A. Morlaix, France S.A. 140. ABCIS Centre S.A.S. Clermont Ferrand, S.A.S. France

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141. ABCIS Ouest S.A.S. Saint Maximin, S.A.S. France 142. ABCIS Picardie S.A.S. Saint Maximin, S.A.S. France 143. ABCIS Pyrenees S.A.S. Billere, France S.A.S. 144. Alsauto S.A.S. Colmar, France S.A.S. 145. Auto Garage de l’Ouest S.A.S. Orvault, France S.A.S. 146. Auto Services Landi SNC Landivisiau, SNC France 147. Auto Sport S.A. Limoges, France S.A. 148. Basa S.A.S. Niort, France S.A.S. 149. Bayern Aix S.A.S. Aix en Provence, S.A.S. France 150. Bayern Automobiles S.A.S. Mérignac, S.A.S. France 151. Bel S.A.S. Ville la Grand, S.A.S. France 152. Cofia S.A. Chasseneuil du Poi- S.A. tou, France 153. Diffusion Automobile de Charente S.A.S. Champniers, S.A.S. France 154. Espace Franklin S.A. Boulogne Billan- S.A. court, France 155. Floc S.A.S. Cesson Sévigne, S.A.S. France 156. Futurauto S.A. Poitiers, France S.A. 157. Garage Napoleon S.A.S. La Roche / Yon, S.A.S. France 158. Grands Garages de Provence SNC Aix en Provence, SNC France 159. Grands Garages de Touraine SNC St. Cyr sur Loire, SNC France 160. Grands Garages du Berry S.A. Sainte Maure, Fran- S.A. ce 161. Grands Garages du Biterrois S.A. Béziers, France S.A. 162. Grands Garages du Piscenois S.A.R.L. Pézenas, France S.A.R.L. 163. Loca Ouest SNC Plouigneau, SNC France 164. MCA S.A.S. Champniers, S.A.S. France 165. Meridional Autos S.A.S. Nîmes, France S.A.S.

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166. Niort Automobiles S.A.S. Niort, France S.A.S. 167. Ocean Automobile S.A.S. Orvault, France S.A.S. 168. Oreda S.A.S. La Chapelle Saint S.A.S. Mesmin, France 169. Précision Automobiles S.A. Paris, France S.A. 170. Prophi S.A.S. Chasseneuil du Poi- S.A.S. tou, France 171. Sadal S.A.S. Annemasse, S.A.S. France 172. Safi S.A.S. Vitry sur Seine, S.A.S. France 173. Savia S.A.S. Chauray, France S.A.S. 174. Savoie Automobiles Diffusion S.A. Chambery, S.A. France 175. Securycar S.A.S. Chasseneuil du Poi- S.A.S. tou, France 176. Solovi S.A.S. Saint Jean d’Angely, S.A.S. France 177. Somat S.A.R.L. St Cyr sur Loire, S.A.R.L. France 178. Sovaca S.A.S. Valence, France S.A.S. 179. Société Ciale Automobile du Poitou Poitiers, France S.A.S. S.A.S. 180. Société Commerciale Diffusion Automo- Poitiers, France S.A.S. bile du Poitou S.A.S. 181. Stewart et Ardern S.A. Mérignac, S.A. France 182. Techstar 86 S.A.R.L. Poitiers, France S.A.R.L. 183. Techstar Champs S.A.S. Champs sur Marne, S.A.S. France 184. Techstar Meaux S.A.S. Meaux, France S.A.S. 185. Techstar S.A.S. Cesson, France S.A.S. 186. Touraine Automobiles S.A.S. St. Cyr sur Loire, S.A.S. France 187. Tourisme Automobiles S.A.R.L. Angers, France S.A.R.L. 188. Vienne Sud Automobiles S.A.S. Civray, France S.A.S. 189. Cofora S.A. Paris, France S.A. 190. NSAA S.A.S. Chasseneuil du Poi- S.A.S. tou, France 191. SCI Longeres Saint Maximin Chasseneuil du Poi- SCI tou, France

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192. SCI Balzac Chasseneuil du Poi- SCI tou, France 193. SCI Bombard Chasseneuil du Poi- SCI tou, France 194. SCI Bressuire Chasseneuil du Poi- SCI tou, France 195. SCI Brezet Chasseneuil du Poi- SCI tou, France 196. SCI Champniers Chasseneuil du Poi- SCI tou, France 197. SCI Couzinet Chasseneuil du Poi- SCI tou, France 198. SCI Daniele Chasseneuil du Poi- SCI tou, France 199. SCI Dauphins Chasseneuil du Poi- SCI tou, France 200. SCI des Nouveaux Garages Saint Mau- Chasseneuil du Poi- SCI riens tou, France 201. SCI Foch 47 Plouigneau, SCI France 202. SCI Ile du Chail Chasseneuil du Poi- SCI tou, France 203. SCI Michelet Chasseneuil du Poi- SCI tou, France 204. SCI Santos Dumont Chasseneuil du Poi- SCI tou, France 205. SCI SCEI Chasseneuil du Poi- SCI tou, France 206. SCI Val 2000 Chasseneuil du Poi- SCI tou, France 207. SCI Vert Saint Denis Chasseneuil du Poi- SCI tou, France 208. SCI Vrillonnerie Chasseneuil du Poi- SCI tou, France 209. Simmopar S.A.S. Chasseneuil du Poi- S.A.S. tou, France 210. Cofora Polska Sp.z.o.o. Warsaw, Poland Sp.z.o.o. 211. PGA Polska SP.z.o.o. Warsaw, Poland Sp.z.o.o. 212. Bawaria Motors Sp.z.o.o. Warsaw, Poland Sp.z.o.o. 213. Lion Motors Sp.z.o.o. Warsaw, Poland Sp.z.o.o. 214. Gebr. Nefkens N.V. Utrecht, The Nether- N.V. lands

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215. Nefkens Motors B.V. Utrecht, The Nether- B.V. lands 216. Nefkens Leeuw B.V. Utrecht, The Nether- B.V. lands 217. Nefkens Blitz B.V. Utrecht, The Nether- B.V. lands 218. Nefkens Noord-Holland B.V. Alkmaar, B.V. The Netherlands 219. Nefkens Oost B.V. Apeldoorn, B.V. The Netherlands 220. Nefkens Vastgoed B.V. Utrecht, B.V. The Netherlands 221. Nefkens Brabant B.V. Eindhoven, B.V. The Netherlands 222. Nefkens Noord B.V. Groningen, B.V. The Netherlands 223. Nefkens Gooi-en Eemland B.V. Hilversum, B.V. The Netherlands 224. Nefkens Utrecht B.V. Utrecht, The Nether- B.V. lands 225. Smit & Co Zwolle B.V. Zwolle, The Nether- B.V. lands 226. Elgersma/PGN B.V. Ijsselstein, B.V. The Netherlands 227. Uas B.V. Alkmaar, B.V. The Netherlands 228. MKB Lease B.V. Amerfoort, B.V. The Netherlands 229. S.A.S. GGBA Henin Beaumont, S.A.S. France 230. S.A.S. Autolosange Metz, France S.A.S. 231. S.A.S. DAB Fouquieres les Be- S.A.S. thunes, France 232. S.A.S. Dianor Roncq, France S.A.S. 233. S.A.S. Garage Chevalier Longueville les S.A.S. Metz, France 234. S.A.S. Garage de la Gohelle Sains en Gohelle, S.A.S. France 235. S.A.S. Garage Moliere Ivry sur Seine, Fran- S.A.S. ce 236. S.A.S. Immogeb Henin Beaumont, S.A.S. France

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237. S.A.S. Lens Location Loison sous Lens, S.A.S. France 238. S.A.S. Nouveaux Garages Lensois Loison sous Lens, S.A.S. France 239. S.A.S. Sand Automobiles Loison sous Lens, S.A.S. France 240. S.A.S. Sandrah Henin Beaumont, S.A.S. France 241. S.A.S. Saneg Carvin, France S.A.S. 242. S.A.S. Premium Picardie Rivery, France S.A.S. 243. S.A.S. Garage de la Lys Englos les Ge- Sequedin, S.A.S. ants France 244. S.A.S. Svac Creteil, France S.A.S. 245. S.A.S. Vitry Automobiles Vitry sur Seine, S.A.S. France 246. S.A.S. Autolille Marcq en Baroeul, S.A.S. France 247. S.A.S. BBM 77 St. Thibault des S.A.S. Vignes, France 248. S.A.S. Concept Auto Rivery, France S.A.S. 249. S.A.S. Gardin Terville, France S.A.S. 250. S.A.S. Ets a Gardin Terville, France S.A.S. 251. S.A.S. Longwy Espace Automobiles Mexy, France S.A.S. 252. S.A.S. Garage de la Lys NGA Longuenesse, S.A.S. France 253. S.A.S. Garage de la Lys Nieppe, France S.A.S. 254. S.A.S. SNAT Tourcoing, S.A.S. France 255. S.A. Premium Automobiles Paris, France S.A. 256. S.A.S. Premium II Versailles, S.A.S. France 257. S.A.R.L. Cachera Oignies, France S.A.R.L. 258. S.A.R.L. CPA Ivry sur Seine, S.A.R.L. France 259. S.A.R.L. Garage du Rond Point Courrières, S.A.R.L. France 260. S.A.R.L. Woippy Automobiles Woippy, France S.A.R.L. 261. S.A.R.L. JP Cresson Hellemmes, S.A.R.L. France 262. S.A.R.L. DAL Lillers, France S.A.R.L.

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263. S.A.R.L. Lys Contrôle Nieppe, France S.A.R.L. 264. S.A.R.L. Mondial Automobiles Roubaix, France S.A.R.L. 265. S.A.R.L. Mondial Diffusion Roubaix, France S.A.R.L. 266. SCI Actipolis Hellemmes, SCI France 267. SCI Billemont Roncq, France SCI 268. SCI Carrefour de Courrieres Carvin, France SCI 269. SCI de la rue du Blason Hellemmes, SCI France 270. SCI de la rue des Chantiers Hellemmes, SCI France 271. SCI du Boulevard d’halluin Hellemmes, SCI France 272. SCI Lea Mexy, France SCI 273. SCI MV Hellemmes, SCI France 274. SCI de Loison Loison sois Lens, SCI France 275. SCI du Fond du Val Courrieres, SCI France 276. SCI du Pont Rouge Metz, France SCI 277. SCI du Ruisseau Woippy, France SCI 278. SCI Heninoise de l’Automobiles Henin Beaumont, SCI France 279. SCI des Pres Hellemmes, SCI France 280. SCI du Prieure Hellemmes, SCI France 281. SCI Thomas Abbeville, SCI France 282. SCI Les Champs Dronckaert Roncq, France SCI 283. SCI Les Petites Haies de Valenton Créteil, France SCI 284. SCI Lievinoise Lievin, France SCI 285. SCI Republique Marcq en Baroeul, SCI France 286. SCI Novo Lavoisier Lomme, France SCI 287. La Fonciere Marjolin SCI Paris, France SCI 288. Sonauto Accessoires S.A. Paris, France S.A. 289. Multi-Services Autos Chat. S.A.S. Paris, France S.A.S. 290. Garage de la Valle Noire S.A.S. Paris, France S.A.S.

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291. Parthenay Service Auto S.A. Parthenay, S.A. France 292. Garage Saint Marcellin S.A.R.L. Saint Marcellin, S.A.R.L. France 293. Privas Automobiles SNC Aubenas, France SNC 294. Carrosserie 16 S.A.R.L. Champniers, S.A.R.L. France 295. Slada Pyrénées S.A.S. Lescar, France S.A.S. 296. EKRIS Holding B.V. Veenendaal, B.V. The Netherlands 297. Houdstermaatschappij Plesman I B.V. Veenendaal, B.V. The Netherlands 298. Plesman Valet Parking B.V. Veenendaal, B.V. The Netherlands 299. Houdstermaatschappij Plesman II B.V. Veenendaal, B.V. The Netherlands 300. Auto Arnhem B.V. Arnhem, B.V. The Netherlands 301. Auto Veenendal B.V. Veenendaal, B.V. The Netherlands 302. Auto Doetinchem B.V. Doetinchem, B.V. The Netherlands 303. Auto Amersfoort B.V. Amersfoort, B.V. The Netherlands 304. Ekris Trading B.V. Duiven, The Nether- B.V. lands 305. Ekris Motorsport B.V. Veenendaal, B.V. The Netherlands 306. Ekris Arnhem B.V. Arnhem, B.V. The Netherlands 307. Ekris Utrecht B.V. Utrecht, The Nether- B.V. lands 308. Ekris Zeist B.V. Zeist, The Nether- B.V. lands 309. Ekris Nijkerk B.V. Nijkerk, B.V. The Netherlands 310. Ekris Veenendaal B.V. Veenendaal, B.V. The Netherlands 311. Ekris Lease B.V. Veenendaal, B.V. The Netherlands 312. Gebr. Nefkens Verzekeringsbedrijf B.V. Utrecht, The Nether- B.V. lands

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313. S.A.S. Evrard GGL Lievin, France S.A.S. 314. SCI Faema Villers cotterets, SCI France 315. SCI Dieu Calais, France SCI 316. SCI 108 Rue Pasteur Chauny, France SCI 317. S.A.S. S. des Automobiles du Soissonnais Soissons, France S.A.S. 318. S.A.S. Diffusion Automobile Calaisienne Calais, France S.A.S. 319. S.A.S. Grand Garage de la Société de Dunkerque, S.A.S. Dunkerque France 320. S.A.S. de Distribution Automobile Laon- Laon, France S.A.S. noise 321. S.A.S. S. Automobile Chauny Laon Chauny, France S.A.S. 322. S.A.S. S. des Automobiles de la Thiera- Hirson, France S.A.S. che 323. S.A.S. Boulanger Automobile Belleu, France S.A.S. 324. S.A.S. Noveaux Garages de l’Artois Arras, France S.A.S. 325. SNC Stylauto 86 Poitiers, France SNC 326. SCA Vision Chasseneuil du Poi- SCA tou, France 327. S.A.S. Bayern Auto Reims Reims, France S.A.S. 328. S.A.S. Sancar Aubière, France S.A.S. 329. SCI Carlet Aubière, France SCI 330. SCI Ribes Plein Sud Aubière, France SCI 331. S.A.R.L. Domes Automobiles Cebazat, France S.A.R.L. 332. S.A.R.L. Alize Automobile Cebazat, France S.A.R.L. 333. S.A.S. D’expl. Garage Carlet Thiers, France S.A.S. 334. S.A.S. JMC Auto Charmeil, S.A.S. France 335. SCI GMC Charmeil, SCI France 336. S.A.S. Jacques Carlet Mozac, France S.A.S. 337. SCI Carsan Mozac, France SCI 338. SNC Stylauto 79 Noirt, France SNC 339. SNC Grand Garages de Provence – Ga- Avignon, France SNC rage Central 340. SNC ABCIS Clermont Clermont de l’Oise, SNC France 341. Corre Automobile S.A. Montargis, S.A. France

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342. Corre Automobile Bourges S.A. Bourges, France S.A. 343. SNC Sud Berry Auto La Chatre, SNC France 344. S.A.R.L. Société des Etablissement Mi- Ste Maure de Tour- S.A.R.L. chel Saint Aubin raine, France 345. S.A.R.L. SV Auto Sauzé Vaussais, S.A.R.L. France 346. La Difference Automobile S.A.S. La Teste, France S.A.S. 347. ZSF Services S.A.S. Paris, France S.A.S. 348. S.A.R.L. Ruffec Auto Ruffec, France S.A.R.L. 349. MB Motors Sp.z.o.o. Warsaw, Poland Sp.z.o.o. 350. Lamina Auto Sp.z.o.o. Warsaw, Poland Sp.z.o.o. 351. C.C.A. Holding S.A.R.L. Villemandeur, S.A.R.L. France 352. FWAU Holding S.A.S. Paris, France S.A.S. 353. VW Financné sluzby Maklérska s.r.o. Bratislava, Slovakia s.r.o. 354. P.Z. Auto d.o.o. Zagreb, Croatia d.o.o. 355. VW Financné sluzby Slovensko s.r.o. Bratislava, Slovakia s.r.o. 356. Autoschade Amsterdam B.V. Utrecht, The Nether- B.V. lands

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APPENDIX 4: Subsidiaries of Volkswagen

Size of the interest in the capital held by Volkswagen Aktienge- sellschaft in % Name and seat of the company Country direct indirect total

AUDI AG, Ingolstadt Germany 99.14 - 99.14 Audi Vertriebsbetreuungsgesellschaft mbH, Ingol- Germany - 100.00100.00 stadt quattro GmbH, Neckarsulm Germany - 100.00 100.00 Automobilmanufaktur Dresden GmbH, Dresden Germany 100.00 - 100.00 AutoVision GmbH, Wolfsburg Germany 100.00 - 100.00 Auto 5000 GmbH, Wolfsburg Germany - 100.00 100.00 Volkswagen Individual GmbH, Wolfsburg Germany - 100.00 100.00 LOCATOR Grundstücksvermietungsgesellschaft Germany - -- mbH und Volkswagen AG in Gesellschaft bürgerli- chen Rechts, Eschborn SITECH Sitztechnik GmbH, Wolfsburg Germany - 100.00 100.00 SkodaAuto Deutschland GmbH, Weiterstadt Germany - 100.00 100.00 SEAT Deutschland GmbH, Mörfelden-Walldorf Germany - 100.00100.00 VOLKSWAGEN FINANCIAL SERVICES AG, Germany 100.00 -100.00 Braunschweig Volim Volkswagen Immobilien Vermietgesell- Germany - 100.00100.00 schaft für VW-/Audi-Händlerbetriebe mbH, Braunschweig Volkswagen Bank GmbH, Braunschweig Germany - 100.00 100.00 Volkswagen Leasing GmbH, Braunschweig Germany - 100.00 100.00 Volkswagen-Versicherungsdienst GmbH, Wolfs- Germany - 100.00100.00 burg VW Versicherungsvermittlungs-GmbH, Wolfs- - 100.00100.00 burg Volkswagen Gebrauchtfahrzeughandels und Service Germany 100.00 - 100.00 GmbH, Langenhagen Volkswagen Gewerbegrund GmbH, Wolfsburg Germany 100.00 - 100.00 VW Wohnungs GmbH & Co. KG, Wolfsburg Germany - 100.00 100.00 Volkswagen Immobilien Service GmbH, Wolfsburg Germany 51.00 49.00 100.00 Volkswagen Logistics GmbH, Wolfsburg Germany 100.00 - 100.00 Volkswagen Logistics GmbH & Co. OHG, Wolfs- Germany 81.00 19.00100.00 burg Volkswagen Original Teile Logistik Beteiligungs- Germany 46.80 3.8050.60 GmbH, Baunatal Volkswagen Original Teile Logistik GmbH & Co. Germany 48.57 3.8852.45 KG., Baunatal VOLKSWAGEN Retail GmbH, Wolfsburg Germany 100.00 - 100.00 Audi Zentrum Hannover GmbH, Hannover Germany - 100.00 100.00 Bugatti Engineering GmbH, Wolfsburg Germany - 100.00 100.00 Kommanditgesellschaft "MTH" Motor-Technik- Germany - 100.00100.00 Handelsgesellschaft m. b. H. & Co., Hamburg Bischoff & Hamel GmbH & Co. KG., Han- Germany - 100.00100.00 nover Raffay GmbH & Co. KG, Hamburg Germany - 100.00 100.00 Raffay Versicherungsdienst G.m.b.H., Ham- Germany - 100.00100.00 burg Raffay Verwaltungs- und Beteiligungsgesell- Germany - 100.00100.00 schaft m.b.H., Hamburg "MTH" Motor-Technik-Handelsgesellschaft m. b. Germany - 100.00100.00 H., Hamburg

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Size of the interest in the capital held by Volkswagen Aktienge- sellschaft in % Name and seat of the company Country direct indirect total Volkswagen Sachsen GmbH, Zwickau Germany 100.00 - 100.00 Volkswagen Sachsen Immobilienverwaltungs GmbH, Germany 100.00 -100.00 Zwickau VOTEX GmbH, Dreieich Germany 100.00 - 100.00 VW Kraftwerk GmbH, Wolfsburg Germany 100.00 - 100.00

Audi Australia Pty. Ltd., Botany Australia - 100.00 100.00 Audi Brasil Distribuidora de Veiculos Ltda., São Brazil - 100.00100.00 Paulo AUDI DO BRASIL E CIA., Curitiba Brazil - 100.00 100.00 AUDI HUNGARIA MOTOR Kft., Györ Hungary - 100.00 100.00 Audi Japan K.K., Tokio Japan - 100.00 100.00 Audi Volkswagen Korea Ltd., Seoul Korea - 100.00 100.00 Audi Volkswagen Middle East FZE, Dubai UAE - 100.00 100.00 AUTOEUROPA-AUTOMÓVEIS LDA., Quinta do Portugal 50.00 50.00100.00 Anjo Automobili Lamborghini Holding S.p.A., Sant´ Agata Italy - 100.00100.00 Bolognese Automobili Lamborghini S.p.A., Sant´ Agata Italy - 100.00100.00 Bolognese Lamborghini ArtiMarca S.p.A., Sant´ Agata Italy - 100.00100.00 Bolognese MML S.p.A., Sant´ Agata Bolognese Italy - 100.00 100.00 VOLKSWAGEN GROUP ITALIA S.p.A., Vero- Italy - 100.00100.00 na AutoVision S. A., Brüssel Belgium - 100.00 100.00 BUGATTI INTERNATIONAL S.A., Luxemburg Luxembourg 99.97 - 99.97 Global Automotive C.V., Amsterdam Netherlands 99.99 0.01 100.00 Volkswagen International Finance N.V., Amster- Netherlands - 100.00100.00 dam Import Volkswagen Group s.r.o., Prag Czechia - 100.00 100.00 Södertälje Bil Invest Aktiebolag, Södertälje Sweden - 100.00 100.00 Svenska Volkswagen Aktiebolag, Södertäl- Sweden - 100.00100.00 je Europeisk Biluthyrning Aktiebolag, Sweden - 100.00100.00 Stockholm PSE Sverige Aktiebolag, Södertälje Sweden - 100.00 100.00 SVW IT Service Aktiebolag, Södertälje Sweden - 100.00 100.00 SVW Parts Logistics Aktiebolag, Söder- Sweden - 100.00100.00 tälje VOLKSWAGEN Group Japan K.K., Toyohas- Japan - 100.00100.00 hi Volkswagen Tokyo K.K.,Tokio Japan - 100.00 100.00 VOLKSWAGEN SLOVAKIA, a.s., Bratislava Slovakia - 100.00 100.00 Global VW Automotive B.V., Amsterdam Netherlands 100.00 - 100.00 Groupe VOLKSWAGEN France s.a., Villers- France 100.00 -100.00 Cotterêts BUGATTI AUTOMOBILES SAS, Molsheim France - 100.00 100.00 SEAT, S. A., Martorell, Barcelona Spain 100.00 - 100.00 Asturias Motor, S.A., Gijón (Asturias) Spain - 100.00 100.00 Castellana Motor, S.A., Madrid Spain - 100.00 100.00 Catalunya Motor, S.A., Barcelona Spain - 100.00 100.00 CENTRO TÉCNICO DE SEAT, S.A., Martorell, Spain - 100.00100.00 Barcelona

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Size of the interest in the capital held by Volkswagen Aktienge- sellschaft in % Name and seat of the company Country direct indirect total Gearbox del Prat, S.A., El Prat de Llobregat, Bar- Spain - 100.00100.00 celona Huelva Motor, S.A., Huelva Spain - 100.00 100.00 Leioa Motor, S.A., Leioa (Vizcaya) Spain - 100.00 100.00 Levante Motor, S.A., Valencia Spain - 100.00 100.00 Marineda Motor, S.A., La Coruña Spain - 100.00 100.00 SEAT PORTUGAL, UNIPESSOAL LDA, Liss- Spain - 100.00100.00 abon Sevilla Motor, S.A., Sevilla Spain - 100.00 100.00 Valderribas Motor, S.A., Madrid Spain - 100.00 100.00 Valladolid Motor, S.A., Valladolid Spain - 100.00 100.00 Volkswagen Argentina S.A., Buenos Aires Argentina - 100.00 100.00 Volkswagen Compañía Financiera S.A., Bue- Argentina - 100.00100.00 nos Aires Volkswagen S.A. de Ahorro para Fines Deter- Argentina - 100.00100.00 minados, Buenos Aires Volkswagen-Audi España, S.A., El Prat de Llo- Spain - 100.00100.00 bregat Barcelona Astur Wagen, S.A., Gijón (Asturias) Spain - 100.00 100.00 Barna Wagen, S.A., Barcelona Spain - 100.00 100.00 Castellana Wagen, S.A., Madrid Spain - 100.00 100.00 Catalunya Wagen, S.A., Barcelona Spain - 100.00 100.00 Leioa Wagen, S.A., Leioa (Vizcaya) Spain - 100.00 100.00 Levante Wagen, S.A., Valencia Spain - 100.00 100.00 Málaga Wagen, S.A., Málaga Spain - 100.00 100.00 Sevilla Wagen, S.A., Sevilla Spain - 100.00 100.00 Valladolid Wagen, S.A., Valladolid Spain - 100.00 100.00 Vallehermoso Wagen, S.A., Madrid Spain - 100.00 100.00 VOLKSWAGEN FINANCE, S.A. – Spain - 100.00100.00 ESTABLECIMIENTO DE CRÉDITO, Alcoben- das (Madrid) SERVILEASE, S.A., Alcobendas (Madrid) Spain - 100.00 100.00 Volkswagen Navarra, S.A., Polígono de Landa- Spain - 100.00100.00 ben, s/n, Arazuri (Navarra) SITECH Sp. z o. o., Polkowice Poland 100.00 -100.00 SKODA AUTO a.s., Mladá Boleslav Czechia 100.00 - 100.00 SKODA AUTO India Private Limited, Auran- India - 100.00100.00 gabad SKODA AUTO Polska, S.A., Poznan Poland - 51.00 51.00 SKODA AUTO Slovensko s.r.o., Bratislava Slovakia - 100.00 100.00 ŠkoFIN s.r.o., Prag Czechia - 100.00 100.00 Svenska Volkswagen Finans AB (publ), Södertälje Sweden - 100.00 100.00 Volkswagen Audi Parts Center, Toyohashi Japan - - - Volkswagen Bruxelles S.A., Brüssel Belgium 100.00 - 100.00 Volkswagen Canada Inc., Ajax, Ontario Canada 70.68 29.32 100.00 Volkswagen (China) Investment Company Limited, China 100.00 -100.00 Peking VOLKSWAGEN IMPORT CO. LTD., Tianjin China - 100.00 100.00 Volkswagen de Mexico, S.A. de C.V., Puebla/Pue. Mexico 100.00 - 100.00 VOLKSWAGEN SERVICIOS Financieros SA Mexico - 100.00100.00 DE CV, Puebla/Pue. Volkswagen do Brasil Ltda.- Industria de Veiculos Brazil 100.00 -100.00 Automotores, São Bernardo do Campo, SP

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Size of the interest in the capital held by Volkswagen Aktienge- sellschaft in % Name and seat of the company Country direct indirect total Volkswagen Leasing S.A. Arrendamento Mercan- Brazil - 100.00100.00 til, São Paulo, SP VOLKSWAGEN Finance Belgium S.A., Brüssel Belgium - 100.00 100.00 Volkswagen Financial Services Japan K.K., Tokio Japan - 100.00 100.00 VOLKSWAGEN FINANCIAL SERVICES Australia - 100.00100.00 AUSTRALIA PTY LIMITED, Botany Volkswagen Financial Services N.V., Amsterdam Netherlands - 100.00 100.00 Volkswagen Financial Services (UK) Ltd., Milton Great Britain - 100.00 100.00 Keynes Volkswagen Financial Services (UK) (March) Great Britain - 100.00 100.00 Ltd., Milton Keynes Volkswagen Financial Services (UK) (June) Ltd., Great Britain - 100.00 100.00 Milton Keynes Volkswagen Financial Services (UK) (September) Great Britain - 100.00 100.00 Ltd., Milton Keynes VOLKSWAGEN GROUP AUSTRALIA PTY LTD., Australia 100.00 -100.00 Botany VOLKSWAGEN Group RUS OOO, Solnetchnogorsk Russia 100.00 - 100.00 Volkswagen Group Services S.A., Brüssel Belgium 99.99 0.01 100.00 VOLKSWAGEN Group United Kingdom Ltd., Mil- Great Britain 100.00 - 100.00 ton Keynes Bentley Motor Cars International S.A., Lausanne Switzerland - 99.90 99.90 Bentley Motors Limited, Crewe Great Britain - 100.00 100.00 BENTLEY MOTOR CARS EXPORT Great Britain - 100.00 100.00 LIMITED, Crewe BENTLEY MOTORS CANADA, LTD., Mon- Canada - 100.00100.00 tréal CREWE GENUINE LIMITED, Crewe Great Britain - 100.00 100.00 James Young Limited, Crewe Great Britain - 100.00 100.00 Volkswagen Group Insurance and Risk Manage- Great Britain - 100.00 100.00 ment Services (UK) Limited, Milton Keynes VOLKSWAGEN HOLDING FINANCIÈRE S.A., France - 100.00100.00 Villers-Cotterêts VOLKSWAGEN FINANCE S.A., Villers- France 0.32 99.68100.00 Cotterêts Volkswagen Motor Polska Sp. Z o.o., Polkowice Poland 100.00 - 100.00 VOLKSWAGEN OF AMERICA, INC., Auburn U.S.A. 100.00 -100.00 Hills, Michigan BENTLEY MOTORS, INC., New York U.S.A. - 100.00 100.00 LION AIR SERVICES, INC., George Town U.S.A. - 99.99 99.99 VW CREDIT, INC., Wilmington, Delaware U.S.A. - 100.00 100.00 VOLKSWAGEN AUTOMOTIVE FINANCE, U.S.A. - 100.00100.00 L.L.C., Wilmington, Delaware Volkswagen Auto Lease Entity, LLC, Wil- U.S.A. - 100.00100.00 mington, Delaware VOLKSWAGEN AUTO LEASE U.S.A. - 100.00100.00 UNDERWRITTEN FUNDING, LLC, Wil- mington, Delaware VOLKSWAGEN AUTO LOAN VEHICLE, U.S.A. - 100.00100.00 L.L.C., Wilmington, Delaware VOLKSWAGEN AUTO SECURITIZATION U.S.A. - 100.00100.00 TRANSACTION, L.L.C., Wilmington, Dela- ware

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Size of the interest in the capital held by Volkswagen Aktienge- sellschaft in % Name and seat of the company Country direct indirect total Volkswagen Bank USA, L.L.C., Salt Lake U.S.A. - 100.00100.00 City, Utah VOLKSWAGEN DEALER FINANCE, U.S.A. - 100.00100.00 L.L.C., Wilmington, Delaware VOLKSWAGEN INDEPENDENT U.S.A. - 100.00100.00 BORROWING ENTITY, L.L.C, Wilmington, Delaware VOLKSWAGEN OPERATING LEASE U.S.A. - 100.00100.00 TRANSACTION, L.L.C, Wilmington, Dela- ware Volkswagen Public Auto Loan Securitization, U.S.A. - 100.00100.00 L.L.C., Wilmington, Delaware VW CREDIT CANADA INC., St. Laurent, Canada - 100.00100.00 Quebec VW CREDIT LEASING Ltd., Wilmington, U.S.A. - 100.00100.00 Delaware Volkswagen of South Africa (Pty.) Ltd., Uitenhage South Africa 100.00 - 100.00 Volkswagen Participações Ltda., São Bernardo do Brazil 99.96 0.04100.00 Campo, SP Volkswagen Poznan Sp. z o.o., Poznan Poland 100.00 - 100.00 Volkswagen Serviços S.A., São Paulo, SP Brazil 98.69 1.31 100.00 Banco Volkswagen S.A., São Paulo, SP Brazil 70.15 29.85 100.00 Consórcio Nacional Volkswagen Ltda., São Brazil - 100.00100.00 Paulo, SP Volkswagen-Versicherungsdienst Gesellschaft Austria - 100.00100.00 m.b.H., Wien

Audi Akademie GmbH, Ingolstadt Germany - 100.00 100.00 Audi Qualifizierungsgesellschaft mbH, Ingolstadt Germany - 100.00 100.00 Audi Electronics Venture GmbH, Gaimersheim Germany - 100.00 100.00 AUDI Immobilien Verwaltung GmbH, Ingolstadt Germany - 100.00 100.00 AUDI Immobilien GmbH & Co. KG, Ingolstadt Germany - 100.00 100.00 Audi Retail GmbH, Ingolstadt Germany - 100.00 100.00 Audi Zentrum Berlin-Charlottenburg GmbH & Co. Germany - 100.00 100.00 KG, Berlin Audi Zentrum Berlin-Charlottenburg Verwaltungs- Germany - 100.00 100.00 GmbH, Berlin Autohaus Am Chemnitz Center GmbH, Chemnitz- Germany - 100.00 100.00 Röhrsdorf Autohaus Mann Zehlendorf GmbH, Berlin Germany - 100.00 100.00 Autohaus Staamann GmbH & Co. KG, Berlin Germany - 100.00 100.00 Autohaus Staamann Verwaltungs GmbH, Berlin Germany - 100.00 100.00 Automobile Rhein-Neckar GmbH, Mannheim Germany - 100.00 100.00 Autostadt GmbH, Wolfsburg Germany 100.00 - 100.00 Volkswagen Klassik GmbH, Wolfsburg Germany - 100.00 100.00 Auto Union GmbH, Ingolstadt Germany - 100.00 100.00 AVG Automobil Vertriebsgesellschaft mbH, Hanno- Germany - 100.00100.00 ver AZU Autoteile und -zubehör Vertriebs GmbH, Drei- Germany - 100.00100.00 eich Brandenburgische Automobil-GmbH, Potsdam Germany - 100.00 100.00 Carmeq GmbH, Berlin Germany - 100.00 100.00 CC WellCom GmbH, Potsdam Germany - 100.00 100.00

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Size of the interest in the capital held by Volkswagen Aktienge- sellschaft in % Name and seat of the company Country direct indirect total Eduard Winter Automobilbetriebe GmbH & Co. KG, Germany - 100.00100.00 Berlin Eduard Winter Automobilbetriebe Verwaltungsge- Germany - 100.00100.00 sellschaft mbH, Berlin Eduard Winter Importauto GmbH & Co. KG, Berlin Germany - 100.00 100.00 Eduard Winter Importauto Verwaltungsgesellschaft Germany - 100.00100.00 mbH, Berlin Eduard Winter Service GmbH & Co. KG, Berlin Germany - 100.00 100.00 Eduard Winter Service Verwaltungs-GmbH, Berlin Germany - 100.00 100.00 Fahr- und Sicherheitstraining FuS GmbH, Ingolstadt Germany - 27.45 27.45 FSVision GmbH, Braunschweig Germany - 100.00 100.00 Groupe Volkswagen France S.A. + Co. OHG, Wolfs- Germany - 100.00100.00 burg Groupe Volkswagen France Grundstücksgesell- Germany - 100.00100.00 schaft mbH, Wolfsburg Selbstfahrer Union GmbH & Co. KG, Wolfsburg Germany - 100.00 100.00 Hahn + Lang Automobile GmbH & Co. KG, Stuttgart Germany - 100.00 100.00 Hahn + Lang Automobile Verwaltungs-GmbH, Stutt- Germany - 100.00100.00 gart Hönigsberg & Düvel Datentechnik GmbH, Wolfsburg Germany - 87.10 87.10 ISIM International School of Integrated Management Germany 100.00 -100.00 GmbH, Braunschweig Karosserie- und Lackierzentrum Potsdam GmbH & Germany - 100.00100.00 Co., Potsdam Karosserie- und Lackierzentrum Potsdam Verwal- Germany - 100.00100.00 tungs-GmbH, Potsdam Kunden Club GmbH des Volkswagen-Konzerns, Germany 100.00 -100.00 Wolfsburg MMI Marketing Management Institut GmbH, Braun- Germany 100.00 -100.00 schweig NSU GmbH, Neckarsulm Germany - 100.00 100.00 Osterkamp Automobile GmbH, Aurich Germany - 100.00 100.00 SEAT Niederlassung Berlin GmbH, Berlin Germany - 100.00 100.00 SEAT Niederlassung Frankfurt GmbH, Frankfurt am Germany - 100.00100.00 Main SEAT Niederlassung Hamburg GmbH, Hamburg Germany - 100.00 100.00 SEAT Niederlassung Stuttgart GmbH, Stuttgart Germany - 100.00 100.00 stop+go Systemzentrale GmbH, Unna Germany - 100.00 100.00 Vehicle Trading International (VTI) GmbH, Braun- Germany - 100.00100.00 schweig VfL Wolfsburg-Fußball GmbH, Wolfsburg Germany 90.00 - 90.00 Volkswagen-Bildungsinstitut GmbH, Zwickau Germany 100.00 - 100.00 Volkswagen Coaching Gesellschaft mbH, Wolfsburg Germany 100.00 - 100.00 rkn GmbH, Wolfsburg Germany - 100.00 100.00 Volkswagen Design Center Potsdam GmbH, Potsdam Germany - 100.00 100.00 Volkswagen Insurance Brokers GmbH, Wolfsburg Germany - 100.00 100.00 Volkswagen Motorsport GmbH, Hannover Germany - 100.00 100.00 Volkswagen Procurement Service GmbH, Wolfsburg Germany - 100.00 100.00 Volkswagen Reinsurance AG, Braunschweig Germany - 100.00 100.00 Volkswagen Retail Leipzig GmbH, Leipzig Germany - 100.00 100.00 Volkswagen Retail Rhein-Main GmbH, Frankfurt am Germany - 100.00100.00 Main Volkswagen Vertriebsbetreuungsgesellschaft mbH, Germany 100.00 -100.00 Chemnitz

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Size of the interest in the capital held by Volkswagen Aktienge- sellschaft in % Name and seat of the company Country direct indirect total Volkswagen Zentrum Bochum Verwaltungsgesell- Germany - 100.00100.00 schaft mbH, Bochum Volkswagen Zentrum Bochum GmbH, Bochum Germany - 100.00 100.00 Volkswagen Zentrum Chemnitz GmbH, Chemnitz Germany - 100.00 100.00 WESER-EMS Vertriebsgesellschaft mbH, Bremen Germany 81.25 - 81.25 ZENDA Dienstleistungen GmbH, Würzburg Germany - 100.00 100.00 1998, LTD., Springfield, Virginia U.S.A. - 100.00 100.00 Apolo Administradora de Bens S/C Ltda., São Brazil - 100.00100.00 Bernardo do Campo, SP Audi Tooling Barcelona, S.L., Barcelona Spain - 100.00 100.00 AUTOVISÃO BRASIL DESENVOLVIMENTO DE Brazil - 100.00100.00 NEGÓCIOS LTDA., São Bernardo do Campo AutoVize s.r.o., Mladá Boleslav Czechia - 100.00 100.00 A-VISION - PRESTACAO DE SERVICOS À Portugal - 100.00100.00 INDÚSTRIA AUTOMÓVEL, UNIPESSOAL LDA, Palmela BENTLEY INSURANCE SERVICES LIMITED, Great Britain - 100.00 100.00 Crewe Bentley Motor Cars, Inc., New York U.S.A. - 100.00 100.00 BENTLEY MOTOR EXPORT SERVICES Great Britain - 100.00 100.00 LIMITED, Crewe CENTRE AUTOMOBILE DE LA RIVIERA CAR France - 100.00100.00 SAS, Nice COISSA CORREDURIA INTERNATIONAL DE Spain - 100.00100.00 SEGUROS SL., Barcelona Din Bil Sverige Aktiebolag, Södertälje Sweden - 100.00 100.00 Aktiebolaget Tönseth & Co, Södertälje Sweden - 100.00 100.00 Din Bil Fastigheter Malmö AB, Södertälje Sweden - 100.00 100.00 Din Bil Helsingborg Aktiebolag, Södertälje Sweden - 100.00 100.00 Din Bil Stockholm Norr Aktiebolag, Södertälje Sweden - 100.00 100.00 Din Bil Stockholm Söder Aktiebolag, Södertälje Sweden - 100.00 100.00 DISTRIBUTION INNOVATIONS INC., Wilming- U.S.A. - 100.00100.00 ton, Delaware H.J.Mulliner & Co. Limited, Crewe Great Britain - 100.00 100.00 HOLAD Holding & Administration AG, Basel Switzerland 100.00 - 100.00 CARIVIERA SAS, Nice France - 100.00 100.00 INIS International Insurance Service s.r.o., Mladá Czechia - 100.00100.00 Boleslav INIS International Insurance Service s.r.o., Brati- Slovakia - 100.00100.00 slava Instituto para Formación y Desarrollo Volkswagen, Mexico - 100.00100.00 S.C., Puebla/Pue. InterRent Biluthyrning Aktiebolag, Södertälje Sweden - 100.00 100.00 LES CARROSSERIES DU CONCESSIONNAIRE France - 100.00100.00 SAS, Villers-Cotterêts NIRA Dynamics AB, Linköping Sweden - 90.69 90.69 OOO VOLKSWAGEN Rus, Kaluga Russia 62.50 37.50 100.00 Park Ward & Co. Limited, Crewe Great Britain - 100.00 100.00 PARK WARD MOTORS INC., Wilmington, Dela- U.S.A. - 100.00100.00 ware Picardie Auto Services S.A.S., Villers-Cotterêts France - 100.00 100.00 PUTT ESTATES (PROPRIETARY) LIMITED, Up- South Africa - 100.00 100.00 ington RIODOR 67 (PTY) LTD, Uitenhage South Africa - 100.00 100.00

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Size of the interest in the capital held by Volkswagen Aktienge- sellschaft in % Name and seat of the company Country direct indirect total RIVIERA TECHNIC SAS, Mougins France - 99,99 99,99 SEAT Nordic AB, Södertälje Sweden - 100.00 100.00 SEAT Center Arrábida Automóveis Lda., Setúbal Portugal - 100.00 100.00 SEAT Saint Martin S.A.S., Paris France - 100.00 100.00 SEAT SPORT, S.A., Martorell, Barcelona Spain - 100.00 100.00 SERVICES AUTOMOBILES INFORMATISES France - 100.00100.00 SAS, Villeres-Cotterêts ŠkoFIN Fleet Services a.s., Prag Czechia - 100.00 100.00 SKODA AUTO BH, d.o.o., Sarajevo-Vogosca Bosnia-Herzegovina - 100.00 100.00 ŠkoLEASE s.r.o., Prag Czechia - 100.00 100.00 SOCIETE IMMOBILIERE AUDI SARL, Paris France - 100.00 100.00 SOCIETE NOUVELLE LE CHATAIGNIER SAS, France - 99,9699,96 Antibes VILLERS SERVICES CENTER SAS, Paris France - 100.00 100.00 Volksprop Halfway House (Pty.) Ltd., Uitenhage South Africa - 100.00 100.00 Volkswagen Finance (China) Co., Ltd., Peking China - 100.00 100.00 VOLKSWAGEN FINANCIAL SERVICES ASIA- Singapore - 100.00100.00 PACIFIC PTE. LTD., Singapur Volkswagen Financial Services Taiwan LTD., Taipei Taiwan - 100.00 100.00 Volkswagen Group Finanz OOO, Moskau Russia - 100.00 100.00 VOLKSWAGEN GROUP FIRENZE S.P.A., Florenz Italy - 100.00 100.00 Volkswagen Group Latin America, Inc., Miami, Flor- U.S.A. - 100.00100.00 ida Volkswagen Group Malaysia Sdn. Bhd, Kuala Lum- Malaysia 100.00 -100.00 pur Volkswagen Group Singapore Pte. Ltd., Singapur Singapore 51.00 49.00 100.00 Volkswagen Insurance Company Ltd., Dublin Ireland - 100.00 100.00 VOLKSWAGEN INSURANCE SERVICE LTD., Great Britain - 100.00 100.00 Milton Keynes Volkswagen Investments Ltd., Dublin Ireland 100.00 - 100.00 Volkswagen Investment Limited Partnership, Cayman Great Britain 99.90 0.10 100.00 Islands VOLKSWAGEN LEASING SA DE CV, Puebla Mexico - 100.00 100.00 Volkswagen Marketing, S.A. de C. V., Puebla/ Pue. Mexico - 100.00 100.00 Volkswagen Mercosul Participação em Outras So- Brazil - 100.00100.00 ciedades Ltd, São Paulo Volkswagen Overseas Finance N.V., Willemstad (Cu- Netherlands Antilles - 100.00 100.00 racao) VOLKSWAGEN SARAJEVO, d.o.o., Vogosca Bosnia-Herzegovina 58.00 - 58.00 Volkswagen - Versicherungsdienst AG, Wallisellen Switzerland - 100.00 100.00 VVD VOLKSWAGEN CORRETAGEM DE Brazil - 100.00100.00 SEGUROS LTDA., São Paulo ASSIVALO PRESTAÇÃO DE SERVIÇOS Brazil - 70.0070.00 AUXILIARES DO SETOR DE SEGUROS LTDA., São Paulo MULTIMARCAS CORRETORA DE SEGOROS Brazil - 100.00100.00 S/C LTDA., São Paulo VWFS Real Estate Corporation, Tokio Japan - 100.00 100.00 VWT PARTICIPAÇÕES LTDA., São Bernardo do Brazil - 100.00100.00 Campo, SP VOLKSWAGEN TRANSPORT OF SOUTH Brazil - 100.00100.00 AMERICA LTDA., São Bernardo do Campo, SP ZAO Evroavto, Sergiev Posad Russia - 100.00 100.00 Volkswagen Group Sales India P.L., Pune India 91.00 9.00 100.00

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Size of the interest in the capital held by Volkswagen Aktienge- sellschaft in % Name and seat of the company Country direct indirect total Volkswagen India Private Ltd., Pune India 91.00 9.00 100.00 Audi Canada Inc., Ajax, Ontario Canada - 100.00 100.00 Audi of America, LLC, Auburn Hills U.S.A. - 100.00 100.00 Automobili Lamborghini America, LLC, Auburn U.S.A. - 100.00100.00 Hills

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APPENDIX 5: Financing Confirmation of Merrill Lynch International Bank Lim- ited, Frankfurt am Main Branch

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[Letterhead of Merrill Lynch International Bank Limited, Frankfurt Branch]

Dr. Ing. h.c. F. Porsche Aktiengesellschaft – Managing Board – Porscheplatz 1 70435 Stuttgart

Frankfurt am Main, 18 April 2007

Confirmation pursuant to § 13 para. 1 sentence 2 of the German Securities Acqui- sition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz) (WpÜG) regarding the mandatory offer by Dr. Ing h.c. F. Porsche AG for all outstanding ordinary and preference shares of Volkswagen AG against payment of a purchase price in the amount of EUR 100.92 per Volkswagen Ordinary Share and EUR 65.54 per Volkswagen Preference Share

Ladies and Gentlemen,

We, Merrill Lynch International Bank Limited, Frankfurt Branch, Frankfurt am Main, are a securities services company (Wertpapierdienstleistungsunternehmen) independent of Dr. Ing. h.c. F. Porsche AG within the meaning of § 13 para. 1 sentence 2 WpÜG.

We hereby confirm pursuant to § 13 para. 1 sentence 2 WpÜG that Dr. Ing. h.c. F. Por- sche AG, which has its seat in Stuttgart, has taken the measures necessary to ensure that the resources necessary to fully perform the above-mentioned mandatory offer to the shareholders of Volkswagen AG, will be available to it at the time at which the claim for the cash payment falls due.

We agree to this letter being published in the Offer Document for the above-mentioned mandatory offer pursuant to § 11 para. 2 sentence 3 no. 4 WpÜG.

Yours faithfully

Merrill Lynch International Bank Limited, Frankfurt Branch

signed by Andreas Heine signed by Gregor Alpers ...... Andreas Heine Gregor Alpers Managing Director Vice President

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