Future legal structure of the Group

In 2009, the Supervisory Board of Volkswagen AG approved the Board of Management’s plans to create an integrated automotive group with Porsche, to be led by Volkswagen. Volkswagen is to acquire an equity interest in Dr. Ing. h.c. F. Porsche AG via a multi-tier transaction structure. As the first step towards this, Volkswagen acquired 49.9% of the shares of Dr. Ing. h.c. F. Porsche AG via Porsche Zwischenholding GmbH, Stuttgart, in December 2009. Another aspect of the transaction structure concerns the planned outsourcing of the operating trading business of Porsche Gesellschaft m.b.H., Salzburg, including the related services by Porsche Holding Gesellschaft m.b.H., Salzburg, to Porsche Automotive Gesellschaft m.b.H. and the planned transfer of the shares in this company to an Austrian subsidiary of Volkswagen AG as part of a put option. The goal is then for Volkswagen AG and Porsche Automobil Holding SE to merge in the course of 2011. This is dependent on prior approval by the general meetings of the two companies. The creation of an integrated group with ten strong brands that offers substantial potential for growth, earnings and synergies, while at the same time securing jobs, has compelling industrial logic.

On December 9, 2009, Volkswagen AG and Suzuki Motor Corporation agreed to establish a long-term strategic partnership. The two companies aim to generate synergies, for example by expanding their presence in dynamic automotive growth markets and by developing and producing innovative and environmentally friendly subcompacts. On January 15, Volkswagen laid the foundations for the cooperative arrangement by acquiring 19.9% of Suzuki’s shares. In return, Suzuki intends to invest half of the purchase price received in Volkswagen shares.

The newly established Volkswagen Osnabrück GmbH, a direct subsidiary of Volkswagen AG, will acquire machinery and equipment from Wilhelm Karmann GmbH & Co KG and launch a new vehicle project starting in 2011.

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