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News of  November 28, 2001

Structural and management changes of AUDI AG adopted

Ingolstadt - According to the structural changes within the VOLKSWAGEN AG, the Supervisory Board of the AUDI AG decided the following changes in a meeting of Nov. 23, 2001.

As of January 1, 2002, SEAT and Lamborghini will be part of the Audi Brand Group. Under the leadership of the VOLKSWAGEN AG Board, Audi will be responsible for the results of their Brand Group world-wide. Each brand of this group will retain its differentiated brand-image and will operate as an independent entity in the marketplace.

Following these structural changes at the AUDI AG the Supervisory Board adopted the following management changes:

Dr. Franz-Josef Paefgen, Chairman of the Board of the AUDI AG, will resign in consultation with the Supervisory Board, effective February 28, 2002. He will become Member of the Supervisory Board of the AUDI AG effective March 1, 2002.

Paefgen will change after more than 21 successful years at Audi - the last 7 years as Member of the Board of Management and presiding Audi since 1997 - to the VOLKSWAGEN AG, where he will act as "Generalbevollmächtigter" (general power of attorney).

Effective March 1, 2002, he will fill the following positions:

• Executive of Volkswagen Group Research

• Executive of all Volkswagen Group motor sport activities

• Chairman of the Board of Rolls-Royce and Bentley Motor Cars Ltd.

Dr. Martin Winterkorn will become Chairman of the Board of AUDI AG, effective March 1, 2002. Before he changed to Wolfsburg he was head of "Quality Assurance" Audi. In his new position he will remain Member of the Board of the VOLKSWAGEN AG.

Dr. Andreas Schleef, Member of the Board of Management of AUDI AG, responsible for Human Resources, will assume the position of Chairman of the Board of SEAT S.A., effective March 7, 2002, in addition to his position at AUDI AG, for the time being.

As part of the restructuring process there will be the following changes within the Supervisory Board of the AUDI AG:

• Dr. Bernd Pischetsrieder will become Chairman of the Supervisory Board of the AUDI AG, effective January 1, 2002

• Dr. Robert Büchelhofer in his position as Member of the Supervisory Board of the AUDI AG, will remain Member of the "Präsidium" of the Supervisory Board

(Nov. 23, 2001) 

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