Press release11/29/2010

Wolfgang Dürheimer appointed new president of Bugatti

Wolfgang Dürheimer appointed new president of Bugatti

FRANCE/STUTTGART,GERMANY

Wolfgang Dürheimer (52), Executive Vice President, Research and Development, Porsche AG, has been appointed Chairman and Chief Executive Officer of Bentley Motors and President and Chief Executive Officer of Bugatti Automobiles S.A.S. with effect from February 1, 2011. He is to succeed Dr. Franz-Josef Paefgen (64), who is retiring.

Beginning his career in the motor industry with BMW in 1986, Wolfgang Dürheimer has held positions as a product manager and also Head of Product Development in the motorcycle division. He later became a member of the senior management team responsible for research, development and project management. In 1999, Mr. Dürheimer moved to Porsche, taking management responsibility for the iconic 911 product line. Since 2000 he has been a Member of the Board responsible for Research and Product Development. Under his management new models and product lines have been developed which have strengthened the success of the Porsche brand.

Speaking about the appointment, the Chairman of Volkswagen AG, Professor Dr Martin Winterkorn said: “Wolfgang Dürheimer personifies the outstanding technical competency of Porsche. He will bring this expertise and his experience to Bentley and Bugatti, helping it maintain its leading position within the luxury segment.”

Dr. Franz-Josef Paefgen joined the Volkswagen group in 1980. In 1995 he became a member of the Audi board of management with responsibility for technical development, before being promoted to vice chairman in 1997 and chairman in 1998. In the same year, he also became president and CEO of Lamborghini S.p.A. Since 2002, he has been chairman of Bentley Motors Ltd, and in December 2003 also became CEO of Bugatti Engineering Ltd, where he was responsible for the development of the Veyron 16.4. In March 2007, Paefgen was appointed president of Bugatti Automobiles S.A.S. (based in Molsheim, France) and chairman of Bugatti International S.A. (based in Luxembourg).

During his time at Bugatti, he has played a key role in positioning the brand and has helped to ensure the success of the Veyron 16.4, and the subsequent models Veyron 16.4 Grand Sport and Veyron 16.4 Super Sport. In 2009, he unveiled the four-door 16 C Galibier concept car during Bugatti’s centenary celebrations, giving a glimpse into a possible future direction of the marque.

Prof. Winterkorn thanked Dr. Paefgen for his contribution: “In his 30 years heading up several of our car brands, he has made a significant contribution to the growth of our company. He has successfully repositioned Bentley and put Bugatti in the technological forefront of automotive engineering.”

In future, Dr. Paefgen is to act as a consultant to the Management Board of Volkswagen Aktiengesellschaft.