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Allegation of Deceit of Investors Unsubstantiated

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Report in "Wirtschaftswoche"

Stuttgart, 13 May 2009. , Stuttgart, is rejecting the allegation raised in a magazine report claiming that it has mislead investors. In its May 11, 2009, edition, "Wirtschaftswoche" claimed that representatives of SE secretly met with a high official from Lower Saxony's state government in Berlin on February 25, 2008, and expressed the company's intention to enter into a domination and profit transfer agreement with VW.

This allegation is false. In a letter dated May 12, 2009, addressed to "Wirtschaftswoche", a copy of which was forwarded to , Lower Saxony's state chancellery clarified that such statements had in fact not been made. In the letter from Lower Saxony's state chancellery, the following is stated: "Neither representatives nor their lawyers [...] expressly or impliedly declared in this meeting that intends to enter into a domination agreement with Volkswagen".

In the meantime, SE has clarified this matter vis-à-vis the Federal Agency for Financial Services Supervision (Bundesanstalt für Finanzdienstleistungsaufsicht).

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