Annual Report

Topics discussed by the Supervisory Board

At the Supervisory Board meeting on February 26, 2010, we examined in detail and subsequently approved the consolidated financial statements and the annual financial statements of Volkswagen AG for 2009 prepared by the Board of Management and the combined management report. We also examined the dependent company report prepared by the Board of Management and did not raise any objections to the concluding declaration by the Board of Management in the dependent company report.

In March 2010, the Supervisory Board approved the resolution by the Board of Management to implement a capital increase against cash contributions with preemptive rights for ordinary and preferred shareholders. The Supervisory Board also approved the subscription price for the new preferred shares specified by the Board of Management.

Our meetings on April 21 and 22, 2010 mainly addressed strategic issues. We concurred with the Board of Management’s plans to increase the current investment program for new locations and models in China by a further €1.6 billion. Other agenda items concerned the preparation and follow-up evaluation of the 50th Annual General Meeting of the Volkswagen Group held on April 22, 2010.

At the Supervisory Board meeting held on June 16, 2010, the Board of Management informed us of its plans to merge the AfGA and AfbG committees to form the new AfGG. We approved the proposals after a detailed examination. In addition, we elected Berthold Huber as Deputy Chairman of the Supervisory Board as the successor to Jürgen Peters. The Board of Management also presented us with its plans to expand capacity in North America. Finally, we held detailed discussions on the topic of electromobility.

In July 2010, the Supervisory Board expanded the Group Board of Management effective October 1, 2010 and appointed Dr. Michael Macht as a member of the Board of Management. At the same time, the “Commercial Vehicles” function was created and the Supervisory Board decided to appoint Prof. Dr. Jochem Heizmann to assume responsibility for this function.

The Supervisory Board held another meeting on September 17, 2010, at which we approved the plans presented by the Board of Management in June to increase capacity in North America. In addition, we approved the investment program for the German locations and the expansion of the facility in Györ, Hungary, ahead of schedule. The Supervisory Board also elected the members of the AfGG from among its members.

The Supervisory Board meeting on November 19, 2010 saw an in-depth discussion of the Volkswagen Group’s investment and financial planning for the 2011 to 2015 period, in which we approved the Board of Management’s plans. We also approved the formation of an Employee Foundation and the associated benefits. Other topics discussed during the meeting included the remuneration system for the Board of Management and the annual declaration of conformity with the German Corporate Governance Code. Information on the remuneration system for the Board of Management and the Supervisory Board, together with the remuneration of the executive bodies actually paid in the reporting period, can be found in the Remuneration Report.

No conflicts of interest were reported or arose in the reporting period. The pending issues relating to the creation of an integrated automotive group were resolved by mutual agreement.

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