Volkswagen AG UK Regulatory Announcement: Acquisition

HAMBURG, Germany--

Supervisory Board Authorises Executive Board to Acquire Stake in LeasePlan Corp.

In its meeting today the Supervisory Board of the Volkswagen Group
authorised the Board of Management to acquire jointly with two
co-investors the Dutch LeasePlan Corporation N.V., Almere-Stad, from
ABN Amro Bank, Amsterdam. The purchase price is 2 billion euro. The
selling party will receive a dividend from retained earnings of 130
mill euro.

Following the completion of the transaction the Volkswagen Group will
hold 50% of the shares and the co-investors 25% each. The
internationally renowned co- investors are the Olayan Group, Athens,
and the state-owned Mubadala Development Company, Abu Dhabi. The
acquisition is subject to regulatory approval, including the European
Monopolies and Merger Commission as well as the Dutch Central Bank.

The Board of Management was authorised by the Supervisory Board to
explore the option of fully or partially using Volkswagen shares
currently held as treasury stock.

These shares are presently owned by VW-Beteiligungs-GmbH. A
state-owned investment company in Abu Dhabi might be interested in
holding these shares. The final decision rests with the Supervisory
Board upon due examination.

With around 1.2 million vehicles under management, total assets of
10.8 billion euro and net earnings of 193 million euro (as per Dec.
31, 2003), LeasePlan is the market leading multi-brand fleet
management provider in Europe and one of the top providers worldwide.

Within the Volkswagen Group, business management competence for the
multi- brand fleet management operations has been delegated to
Volkswagen Financial Services AG, Braunschweig. It is here the fifty
percent share will be placed by way of a contribution in kind. Within
the Group the joint venture will be accounted for at equity.

In an initial statement, the CEO of the Volkswagen Group, Dr. Bernd
Pischetsrieder, welcomed the Supervisory Board's approval. He sees the
acquisition as a decisive milestone that consistently follows the
strategic roadmap to a global mobility group.

During the course of the Annual General Meeting on Thursday, April 22,
2004, in Hamburg, Dr. Pischetsrieder will elaborate to shareholders in
his speech on this transaction and further plans.