New Board of Management Line-up at Volkswagen Financial Services: Frank Witter Appointed Chairman

WOLFSBURG - September 3, 2008: Frank Witter (49) has been appointed Chairman of the Board of Management of Volkswagen Financial Services AG with effect from September 15, 2008. Witter succeeds Burkhard Breiing, who leaves the company at his own request.

Lars-Henner Santelmann (45), formerly General Manager of Financial Services AG, will become the board member for sales and will retain his present post as Spokesperson of Volkswagen Leasing GmbH. Klaus-Dieter Schürmann (44) moves to Volkswagen Commercial Vehicles as the board member for finance.

At the same time, the Board of Management of Financial Services AG is to be expanded. Frank Fiedler (45), formerly member of the Board of Management for Finance at Volkswagen Commercial Vehicles, becomes board member at Financial Services AG responsible for the newly established finance division.

The company’s Board of Management also comprises Elke Eller, responsible for Human Resources and Organization, and Dr. Michael Reinhart, responsible for Risk Management and Accounting.

The new management line-up is to secure sustainable profitable growth and expansion of the market position on the international stage and in growth markets. The financial services sector will continue to make an important contribution to the Volkswagen Group’s earnings in 2008 and subsequent years as planned. Financial services are of high strategic significance for the success of all Group brands.

Burkhard Breiing became a member of the Board of Management in October 2003 and was appointed Chairman of Financial Services AG in May 2004. Under his leadership, Financial Services AG has consistently developed well and earnings have risen successively. He has in particular been instrumental in pressing ahead with the global coordination of the Group’s financial service activities. The Supervisory Board wishes to thank Burkhard Breiing for many years of service to the company.

His successor Frank Witter joined the Volkswagen Group in 1992, heading the capital markets business section at the Group Treasury before taking responsibility for finance at Volkswagen of America from 1998 to 2001. He became CFO of Volkswagen of America in 2002 and also CEO in 2005. Frank Witter has been President of Volkswagen Credit and the Financial Services Regional Manager for the American markets since September 2007. He brings extensive international experience in both automotive and financial services management to the board of Financial Services AG.

Frank Fiedler joined the Volkswagen Group as a trainee in 1990. From 1996 to 1999 he was in charge of tax affairs for the Group in Asia and for Financial Services worldwide. He subsequently joined the management board of Wolfsburg AG and became a member of the management board of AutoVision GmbH in 2001. Frank Fiedler has been a member of the Board of Management of Volkswagen Commercial Vehicles since September 2005.

Lars-Henner Santelmann joined the Volkswagen Group in 1988, holding several senior management posts such as finance director at Autogerma (Italy) from 1993 to 1994 and Group sales director for South and Eastern Europe from 1995 to 2000. He was subsequently appointed Vice President of SEAT (Spain), before becoming General Manager of Financial Services AG in November 2005.

Klaus-Dieter Schürmann has been with the Volkswagen Group since 1990. He became President and CEO of Volkswagen Credit and a member of the management team of Volkswagen of America in 1994. He was General Manager of Financial Services AG from 2000 to 2002 and has been a member of the Board of Management since January 2003. His duties include responsibility for the direct bank and he has also been Spokesperson of the Board of Volkswagen Bank GmbH since 2007.