Sale of Europcar

The Board of Management of Volkswagen AG has decided to sell its 100%-owned subsidiary Europcar International S.A.S.U. to listed French investment company Eurazeo.

The transaction has a total value of approximately 3.32 billion euros, comprising the purchase price for the equity of approximately 1.26 billion euros and the net debt of Europcar of approximately 2.06 billion euros.

The sale requires approval by the Supervisory Board of Volkswagen AG as well as clearance from anti-trust authorities and should be completed by the end of 2nd quarter 2006.