F U RTH E R I N F OR M AT I O N O N S U STA I N A B I L IT Y

F U RTH E R I N F OR M AT I O N O N S U STA I N A B I L IT Y

M. Piëch to the Supervisory Board for a full term of office

www.volkswagenag.com/sustainability

as a shareholder representative. Prof. Dr. Ferdinand K. Piëch

was reelected to the Supervisory Board, likewise for a full term of office. At the constituent meeting of the Supervisory

VOLKSWAGEN SHARE KEY FIGURES

Dividend development

Number of no-par value shares at Dec. 31 Ordinary shares

295,005 294,920 Preferred shares

105,238 105,238 Dividend per ordinary share

3.50 3.00 2.20 1.60 1.93 per preferred share

754 778 on ordinary shares

Dividend paid 1 € million

472 569 on preferred shares

2009 2008 Share price development Ordinary shares Closing

77.00 250.00 Price performance

–69.2 +60.2 Annual high

298.85 945.00 Annual low

84.50 62.30 72.41 148.43 Preferred shares Closing

65.74 38.02 Price performance

+72.9 –62.0 Annual high

81.72 108.30 Annual low

1.26 1.09 0.99 0.87 0.89 Market capitalization at Dec. 31

Beta factor 3 factor

77.3 50.3 51.9 29.6 77.7 Equity attributable to shareholders of

€ billion

Volkswagen AG at Dec. 31

77.5 57.5 46.0 35.3 35.0 Ratio of market capitalization to equity

Key figures per share 2012

2009 2008 4 Earnings per ordinary share

Operating profit 5 €

Cash flows from operating activities 5 €

98.84 88.15 87.49 Price/earnings ratio ordinary share

3.5 3.1 7.0 32.5 21.0 preferred share

10.6 5.7 4.2 2.4 9.2 Dividend yield ordinary share

Price/cash flow ratio 7 factor

2.2 2.9 2.1 2.1 0.8 preferred share

Stock exchange turnover 8 2012

Turnover of Volkswagen ordinary shares

26.8 46.4 79.2 128.1 554.9 Turnover of Volkswagen preferred shares

145.0 118.8 Volkswagen share of total DAX turnover

1 Figures for the years 2008 to 2011 relate to dividends paid in the following 5 Based on the weighted average number of ordinary and preferred shares year. For 2012, the figures relate to the proposed dividend.

outstanding (basic).

2 Xetra prices. 6 Based on the total number of ordinary and preferred shares on December 31 3 See page 186 for the calculation.

(excluding potential shares from the mandatory convertible note). 4 See note 11 to the consolidated financial statements (Earnings per share) for

7 Using closing prices of the ordinary shares. the calculation.

8 Order book turnover on the Xetra electronic trading platform (Deutsche Börse). 9 Preferred shares replaced ordinary shares in the DAX as of December 23, 2009.

MANAGEMENT REPORT 171 Business Development Shares and Bonds

Results of Operations, Financial Position and Net Assets Volkswagen AG (HGB) Value-Enhancing Factors Risk Report Report on Expected Developments

VOLKSWAGEN SHARE DATA

Market indices:

Market indices:

Securities identification codes

ordinary shares

preferred shares

Exchanges

Berlin, Düsseldorf, ISIN: DE0007664005

Ordinary shares

CDAX, Prime All Share,

DAX, CDAX, EURO STOXX,

Frankfurt, Hamburg, WKN: 766400

Prime Automobile,

EURO STOXX 50, EURO STOXX

Hanover, Munich, Deutsche Börse/Bloomberg: VOW

FTSE Eurotop 100 Index,

Automobile & Parts, Prime All

Stuttgart, Xetra, Reuters: VOWG.DE

MSCI Euro,

Share, Prime Automobile,

S&P Global 100 Index

Classic All Share,

London, Luxembourg,

New York*, SIX Swiss Exchange Preferred shares

FTSE Eurotop 100 Index, MSCI

Euro, Advanced Sustainability

ISIN: DE0007664039

Performance Eurozone Index,

WKN: 766403

DJ Sustainability World Index,

Deutsche Börse/Bloomberg: VOW3

FTSE4Good

Reuters: VOWG_p.DE

* Traded in the form of “sponsored unlisted American Depositary Receipts” (ADRs). Five ADRs correspond to one underlying Volkswagen ordinary or preferred share.

of digital media as an information channel for investors. International analysts and investors maintained their level This is the reason the Annual Media and Investor Conference of interest in the business development of the Volkswagen held in March 2012, the shareholder meetings and the Group during the past fiscal year. The Investor Relations conference calls of the Volkswagen Group on the quarterly team provided extensive information at more than 650 results for 2012 were additionally broadcast live on the roadshows, conferences and one-on-one discussions at all Internet. key financial centers worldwide about the strategic focus,

I NVESTOR RELATIONS ACTIVITI ES

We also promptly published all presentations given current business performance and future prospects of the in connection with events that were relevant for Volkswagen Group and its brands. Many of these discussions investors online on our investor relations website at involved a direct exchange of ideas between capital market www.volkswagenag.com/ir. participants and members of the Board of Management and Group senior executives.

HIGHLIGHTS I N THE I NVESTOR RELATIONS CALEN DAR

The Investor Relations team has made the focus of its At the Annual Media and Investor Conference, which was activities even more international. In addition to the existing held in Wolfsburg on March 12, 2012, the Group’s Board sites in Wolfsburg, London and Herndon, an investor of Management looked back on a successful fiscal year in relations office was opened in Beijing at the beginning of 2011 and gave its outlook for the Company and the industry. 2012 to cope with the sharp rise in interest among inter- One week before, on March 5, in the Audi forum at national capital market participants in the Chinese oper- Munich airport, members of the Board of Management of ations of the Volkswagen Group, as well as the growing AUDI AG presented analysts and investors with information significance of investors in the region.

on the premium brand’s performance and strategy. The Investor Relations team also briefed Volkswagen’s

July 4, 2012 was another high point in the investor private shareholders on the Company’s development at relations calendar. On this day, Volkswagen AG and numerous events and was available to answer questions in Porsche Automobil Holding SE announced the creation of many personal discussions; among other things, it had its the integrated automotive group through the contribution own stand at the Annual General Meeting. As in previous in full of Porsche’s automotive business to the Volkswagen years, Investor Relations also provided support for Group Group, with the move already expected to take effect as of Treasury’s extensive capital market activities.

August 1, 2012. At a conference call the next day, CFO Hans Investors and analysts were supplied with the latest Dieter Pötsch explained the details of this transaction to news and publications not only through direct dialog, but analysts and investors and outlined the strategic impor- also online. Our website recorded 3.4 million hits, around tance and the advantages of accelerated integration of the 18% more than in 2011, which underlines the importance

sports car manufacturer.

REFINANCING STRUCTURE OF THE VOLKSWAGEN GROUP as of December 31, 2012

Commercial paper

Bonds

Asset-backed securities

26% Money and capital

market instruments 0 10 20 30 40 50 60 70 80 90 100

The new Golf was unveiled for the first time at the Paris

he has headed up since September 1, 2012, and the Motor Show in September 2012. Investors and analysts prospects for closer cooperation between MAN , Scania and were able to get an impression of this model and other Volkswagen Commercial Vehicles. Hans Dieter Pötsch product innovations by the Group at the Volkswagen Group explained the robust positioning and strategy of the Volks- Night on the evening before the event opened and by visiting wagen Group in the difficult economic environment. the stands at the motor show. In addition, members of the