Volkswagen Financial Services AG Sells Non-German Europcar Fleet Services Companies to LeasePlan Corporation N.V.

BRAUNSCHWEIG, Germany, May 24, 2005 --

- Europe's largest provider of automobile financial services completes the restructuring of corporate customer and fleet activities

Volkswagen Financial Services AG is selling the Italian, Spanish and Portuguese companies of its subsidiary Europcar Fleet Services to LeasePlan Corporation N.V. With this move, the largest provider of automobile financial services in Europe completes the restructuring measures within its corporate customer and fleet division. Europcar Fleet Services was responsible up to now for the multi-brand fleet management activities of Volkswagen Financial Services AG. The sale to LeasePlan will go ahead subject to approval from the respective regulatory authorities. The transaction is to be finalised in the third quarter of this year.

In November 2004 Volkswagen AG had purchased LeasePlan Corporation N.V. - Europe's largest multi-brand fleet management company and one of the leaders worldwide - together with two co-investors. The 50-percent holding was subsequently invested by Volkswagen in Volkswagen Financial Services AG as a contribution in kind, and is now being held by Volkswagen Bank GmbH. "As a result of this acquisition and the focussing of our multi-brand activities on LeasePlan, which has just been completed, we now have an excellent position from which to participate even more effectively than before in the growth potential inherent in a business that is geared towards economies of scale," emphasised Burkhard Breiing, Chairman of the Management Board of Volkswagen Financial Services AG. He added: "LeasePlan will remain strategically independent of Volkswagen and can continue its successful business model unchanged."

Both contract partners have agreed on a purchase price at "arm's length" conditions. The German sales activities of Europcar Fleet Services will be transferred to Volkswagen Leasing GmbH later this year.