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Annual Report

Audit of annual and consolidated financial statements

The Annual General Meeting on April 22, 2010 elected PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft as auditors for fiscal year 2010. The auditors audited the annual financial statements of Volkswagen AG, the consolidated financial statements of the Volkswagen Group and the combined management report, and issued unqualified audit reports on all of these documents. The auditors also assessed the internal control system and the risk management system, concluding that the Board of Management had taken the measures required by section 91(2) of the AktG to ensure early detection of any risks endangering the continued existence of the Company. The “Report by Volkswagen AG on Relationships with Affiliated Companies in Accordance with Section 312 of the AktG” for the period from January 1 to December 31 2010 (dependent company report) submitted by the Board of Management was also audited by the auditors, who issued the following opinion: “On completion of our review and assessment in accordance with professional standards, we confirm that the actual disclosures contained in the report are accurate, and that the consideration paid by the Company for the transactions listed in the report was not inappropriately high.”

The documentation relating to the annual financial statements, including the dependent company report, and the audit reports were provided to all members of the Audit Committee and the members of the Supervisory Board in good time for their meetings on February 24, 2011 and February 25, 2011 respectively. The auditors reported extensively at both meetings on the material findings of their audit and were available to provide additional information.

Taking into consideration the audit reports and the discussion with the auditors as well as their own conclusions, the Audit Committee prepared the documents for our own examination of the consolidated financial statements, the annual financial statements of Volkswagen AG, the combined management report and the dependent company report and reported on these at our meeting on February 25, 2011. Following this, the Audit Committee recommended that we approve the annual financial statements. We rigorously examined the documents in the knowledge and on the basis of the report by the Audit Committee and the audit report as well as in talks and discussions with the auditors. We came to the conclusion that the assessment of the position of the Company and the Group presented by the Board of Management in the management report corresponds to the assessment by the Supervisory Board. At our meeting on February 25, 2011, we therefore concurred with the auditors’ findings and approved the annual financial statements prepared by the Board of Management and the consolidated financial statements. The annual financial statements are thus adopted. Our examination of the dependent company report did not result in any objections to the concluding declaration by the Board of Management in the dependent company report. We reviewed the proposal on the appropriation of net profit submitted by the Board of Management, taking into account in particular the interests of the Company and its shareholders, and endorsed the proposal.

The Supervisory Board would like to thank the members of the Board of Management, the Works Council, the management and all the employees of Volkswagen AG and its affiliated companies for their efforts and achievements in the past fiscal year. They all worked extremely hard to ensure the Volkswagen Group’s positive development.

Wolfsburg, February 25, 2011

Signature Dr. Ferdinand K. Piëch, Chairman of the Supervisory Board (handwriting)

Dr. Ferdinand K. Piëch

Chairman of the Supervisory Board

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