Paefgen New President of Bugatti

Wolfsburg, 13 March 2007 - With immediate effect, Dr.-Ing. Franz-Josef Paefgen (60) has been appointed the new President of Bugatti Automobiles S.A.S. (Molsheim) and Bugatti International S.A. (Luxemburg). He succeeds Dr. Thomas Bscher, who leaves the company by mutual agreement at the end of the month.

Paefgen will continue to perform his duties as Chairman and Chief Executive of Bentley Motors Ltd. and General Representative of Volkswagen AG for Group Research and Motorsport in addition to his new responsibilities. From 1980, he held various senior posts at Audi AG, the most recent being Chairman of the Board of Management from 1998 to 2002. Since 2002, Paefgen has, inter alia, been Chairman of Bentley Motors Ltd.

From 2003 to 2005, he was responsible for the development of the Veyron 16.4 as Chief Executive Officer of Bugatti Engineering.

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