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 PAGE 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 i 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 ii 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