All financial services of the Volkswagen Group operating in Europe are combined under the management of Volkswagen Financial Services AG (VWFSAG). Its purpose is to develop, distribute and settle financial activities that are appropriate to promote the business of Volkswagen AG and its associated companies. Standard&Poor's regards VWFSAG as being part of a single economic entity with Volkswagen AG. Underlying reasons are the strategic importance of VWFSAG for its parent Volkswagen AG, the ability of Volkswagen AG to influence the actions of VWFSAG, and the legal linkage according to a control and profit transfer agreement between Volkswagen AG and VWFSAG, effective since Jan. 1, 1995. Subsequently, VWFSAG would be included if a bankruptcy filing of the parent Volkswagen
