Press Release

Braunschweig, May 23, 2006

Volkswagen Financial Services AG founds reinsurance company

Volkswagen Financial Services AG has completed the foundation of a reinsurance company with its entry into the commercial register. Through its wholly owned subsidiary Volkswagen Reinsurance AG, Europe's largest provider of automotive financial services is now in a position in the future to develop intelligent rating features for its tariffs and vehicle insurance products for motorists driving Volkswagen Group brands.

The products offered will continue to be developed in collaboration with the longstanding cooperation partner Allianz Versicherungs-AG. Within the framework of the new insurance business structure, Volkswagen Reinsurance AG is taking over parts of the car insurance business that was passed on to Allianz, as was already announced during the International Motor Show (IAA) in September 2005. In addition, Volkswagen Versicherungsdienst GmbH will be successively taking over the processing of motor vehicle third-party liability claims. No changes arise from these developments in the contractual relationships that exist with the customers. They will continue to conclude their vehicle insurance contracts in the dealer showroom and then obtain a policy from Volkswagen-Versicherungsdienst GmbH.

Contact:

Helge K. Hiller
Tel.: 05 31 / 2 12 38 10
Fax: 05 31 / 2 12 27 27
E-Mail: h.hiller@vwfsag.de

Verena Rattey
Tel.: 05 31 / 2 12 26 21
Fax: 05 31 / 2 12 27 27
E-Mail: v.rattey@vwfsag.de