Volkswagen Aktiengesellschaft sets subscription price and offer price for new preference shares at E

the Board of Management of Volkswagen Aktiengesellschaft has resolved with the consent of the Supervisory Board and in coordination with the syndicate of banks the conditions for the capital increase against cash contributions announced on March 23, 2010. The subscription price for the new preference shares from the capital increase against cash contributions and the offer price for the pre-placement of the new preference shares to private investors in Germany and to qualified institutional investors in Germany and outside Germany has been set at EUR 65 per preference share.

64,904,498 new, no-par value, non-voting preferred bearer shares with a notional value of EUR 2.56 per share and with full dividend rights from January 1, 2009 will be issued against cash contributions. This corresponds to a subscription ratio of 37:6. The company will, under the conditions set out in the subscription offer, raise net proceeds of approximately EUR 4.1 billion from the capital increase.

 

All new preference shares were placed in the pre-placement. The allocation of preference shares to institutional investors is subject to a 27.2 percent clawback if those shareholders who have not assigned their subscription rights in advance to the Global Coordinators exercise their subscription rights.

 

The subscription period for the new preference shares has been set from March 31, 2010 up to and including April 13, 2010.

 

The settlement of those new preference shares which are attributable to subscription rights assigned by the major shareholders is expected to occur on March 31, 2010. The final settlement of the remaining new preference shares is expected to take place on April 16, 2010.

 

Volkswagen Aktiengesellschaft - Board of Management