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Annual Report

Development of the Volkswagen
share price

Both ordinary and preferred shares of Volkswagen AG performed positively in the past fiscal year. Ordinary shares, which were replaced by preferred shares in the DAX at the end of 2009 due to the low free float, delivered an encouraging performance. However, this was surpassed by the preferred shares, whose price overtook that of ordinary shares for the first time in the second quarter and remained permanently higher over the rest of the year. The price of ordinary shares fluctuated substantially due to their limited free float and relatively low trading volumes.

SHARE PRICE DEVELOPMENT FROM DECEMBER 2009 TO DECEMBER 2010
Index based on month-end prices: December 31, 2009 = 100
Share price development from December 2009 to December 2010 (line chart)

At first, neither class of Volkswagen AG shares was immune to the overall development in the equity markets in the first quarter of 2010. After falling at the beginning of the year, Volkswagen AG’s ordinary and preferred shares rose significantly from February onwards. Among other things, this was attributable to the reporting on fiscal year 2009 made at the Annual Media Conference and positive announcements on delivery figures for the first two months of 2010. The price of preferred shares rose until the end of Q1 thanks to strong demand for the new shares resulting from the capital increase.

While Volkswagen’s ordinary share price subsequently moved sideways, the price of preferred shares recorded a clear upward trend in the second quarter after the successful completion of the capital increase and after a phase that was dominated by substantial fluctuations in April and May. The increase resulted, among other things, from the Company’s announcement that, due to the positive business performance, unit sales and operating profit in 2010 would be significantly higher than the previous year’s figures. In view of the capital increase, the increased market price also underlined the Company’s extremely good performance.

Volkswagen’s preferred share price performed significantly better than the overall market in the third quarter of 2010. It rose sharply in July, which was due in particular to the better than expected deliveries to customers and financial data for the first half of 2010. Following a volatile sideways movement in August, there was a further increase in the share price in September. The ordinary share price performed in line with the sector index in the period from July to September 2010.

In the period from October to early December, both ordinary and preferred shares posted strong gains in a generally favorable but slightly volatile overall market. As a result, Volkswagen preferred shares recorded their highest price to date and ordinary shares reached their high for the year. The disproportionately positive performance in Q4 compared with the DAX is primarily due to positive results in the third quarter and upbeat analyst ratings.

Volkswagen AG preferred shares recorded their highest daily closing price of the reporting period, €136.90, on December 7, 2010. They reached their lowest price, €55.83, on February 15, 2010. At the end of the year, preferred shares were trading at €121.40, or 84.7% higher than the price at December 31, 2009.

On December 7, 2010, Volkswagen AG ordinary shares recorded their highest daily closing price in fiscal year 2010, namely €118.50. At their low on February 12, 2010, the shares traded at €62.30. On the last trading day of the year, they were quoted at €105.90, up 37.5% compared with the end of 2009.

FURTHER INFORMATION ON VOLKSWAGEN SHARES

www.volkswagenag.com/ir

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