Volkswagen AG: Supervisory Board Approves Review of gedas, Europcar

WOLFSBURG, Germany--Sept. 23, 2005--At its meeting today (23 September 2005), the Supervisory Board of Volkswagen AG (FWB:VOW) (LSE:VKW) (SWX:VOW) authorized the company's Board of Management to review all options, ranging from strategic expansion to an initial public offering (IPO) or sale, with regard to the 100-percent subsidiaries gedas AG, Berlin, and Europcar International SA, Paris. This decision was taken in the context of the plans by the Group Board of Management to review all company activities.

The decision has no effect on the 2005 profit outlook already issued by the Group Board of Management: the Board of Management continues to expect a year- on-year improvement in both operating profit after special items and profit before tax.

VOLKSWAGEN AG
Brieffach 1970
38436 Wolfsburg
Deutschland

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