Volkswagen On the Road of Success. Goldman Sachs Investor Visit Wolfsburg, September 22, PDF Free Download

Volkswagen On the Road of Success Goldman Sachs Investor Visit Wolfsburg, September 22, 2010

Volkswagen On the Road of Success Part 1: Hans Dieter Pötsch, Member of the Board of Management Part 2: Frank Fiedler, CFO Volkswagen Financial Services AG Part 3: Dr. Christof Spathelf, Senior Vice President of Volkswagen Group Manufacturing Overseas 2

Development of the world car market percentage deviation from 2007 110% Year 2007 = 100% 100% 2007 90% 80% 70% 2008 2009 2010 3

World car markets and VW Group deliveries to customers January to August 2010 vs. 2009 1 World car market: +12.4% VW Group: +13.5% North America Western Europe Central & Eastern Europe Car market Cars + LCV VW Group Car market VW Group Car market VW Group 8.1% 14.4% 1.0% 0.3% 4.5% South America -2.5% Rest of World Asia Pacific Car market VW Group Car market VW Group Car market VW Group 36.6% 30.9% 41.4% 10.2% 9.2% 4.8% 1 incl. Scania (Jan-Jun), incl. Trucks and Busses (until Feb 2009) Source: Volkswagen 4

1 Volkswagen Group Deliveries to Customers by Brands January to August 2010 vs. 2009 000 units January - August 2009 13.5% January - August 2010 5,000 4,730 4,500 4,000 3,500 3,000 2,500 2,000 4,166 13.4% 2,625 2,977 1,500 17.9% 13.2% 1.1% 6.7% 14.8% 37.0% 1,000 500 0 Volkswagen Group Volkswagen Passenger Cars 616 727 436 493 229 231 235 270 3 3 21 28 Audi Škoda Seat Bentley Commercial Vehicles Scania (Jan - Jun) 1 incl. Scania (Jan - Jun); incl. Trucks and Busses (until Feb 2009) 5

Volkswagen Group Deliveries to Customers by Market January to August 2010 vs. 2009 1 000 units January - August 2009 13.5% January - August 2010 5,000 4,730 4,500 4,166 4,000 3,500 3,000 1.0% 2,500 2,000 1,500 1,000 500 0 Volkswagen Group 1,921 1,940 Western Europe 4.5% 14.4% 4.8% 256 268 311 356 545 571 41.4% 1,009 1,426 36.6% 125 170 Central & North America South America Asia Pacific Rest of World Eastern Europe 1 incl. Scania (Jan - Jun); incl. Trucks and Busses (until Feb 2009) 6

Outlook 2010 Volkswagen Group Deliveries to customers Million vehicles 5.7 6.2 6.3 6.3 Large number of new models in the second half of 2010 2010 deliveries to customers expected to be significantly higher than in 09 Sales revenue billions 104.9 108.9 113.8 105.2 Sales revenue 2010 expected to exceed prior year significantly Operating profit billions 4.4 1) 6.2 6.3 1.9 Exchange rate effects will have a positive effect on earnings Disciplined cost management Operating profit in 2010 expected to exceed prior-year significantly 2006 07 08 09 2010 1 Before special items 7

Volkswagen Group Strategy 2018: Substantial Growth and Sustainable Profitability 1 Growth market focus 6 Potential upside Product portfolio extension North American expansion and market recovery Commercial vehicle strategy and market recovery Financial Services: strengthen the automotive value chain 5 Synergy potential Leveraging best practices across the Group Purchasing, production, and distribution benefits Increased market penetration Emerging markets expansion Balanced global footprint Top employer Leading in customer satisfaction and quality Volumes > 10 million units p.a. 2 Volkswagen Group profit before tax margin > 8% 4 Operating profit measures Strong cost control Process/product optimization Regional scale effects 2 Modular toolkit strategy Reduction in investment, development and unit costs Scale and efficiency effects Increased production flexibility Reduced time to market 3 Capital discipline > 16% RoI target in automotive business 20% RoE 1 goal in Financial Services Around 6% automotive capex in PPE/sales 1 Pretax 2 Including China Source: Volkswagen Group Note: All stated Volkswagen Group figures represent financial targets for 2018 8

Volkswagen Offers Diversified Economic Exposure through Attractive Mix of Emerging and Mature Markets Volkswagen Group 2009 (based on units) Market growth 2009-18 Volkswagen Group 2018 (based on units) 60% 47% 53% 27% 52% 48% Emerging Markets Mature Markets Emerging Markets Mature Markets Emerging Markets Mature Markets Source: Global Insight, Volkswagen Group Note: Market = Cars and LCVs; Mature markets: Western Europe, US, Canada, Japan, Australia and New Zealand; all other countries defined as emerging markets 9

We Are Well Positioned to Reach Our Strategic Goal of Achieving Sustainable Profitable Growth Medium-term Group targets Group no. of units sold 8.0 million (incl. Scania) Medium-term China targets China no. of units sold 2.0 million+ Automotive EBIT margin 5%+ Automotive capex/sales c.6% Automotive EBIT margin 6%+ Financial Services pre-tax RoE 15% 1 China RoI 20%+ Financial Services cost-income ratio c.55% Credit rating Maintain A Investments 6.0 billion 2 Note: Porsche AG not reflected 1 Normalized RoE based on 8% equity ratio 2 Represents total investment of Joint Ventures, new investments announced in April 2010 10

Volkswagen is Financially Stable Supported by Significant Liquidity and Stable Rating Automotive net liquidity billions Development of OEMs' credit ratings during financial crisis 1 S&P ratings 8.0 10.6 17.5 AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ B B- CCC+ CCC CCC- CC C Toyota (AA) Honda (A+) VW AG (A-) BMW (A-) Daimler (BBB+) Hyundai (BBB-) Peugeot (BB+) Fiat (BB+) Renault (BB) Ford (B+) Dec 08 Dec 09 Jun 10 Jan Mai Sep Jan Mai Sep Jan Mai Sep Jan 08 May Sep Jan 09 May Sep Jan 10 May Sep 1 Credit ratings based on Automotive Business Source: Volkswagen Group 11 11

Worldwide Financial Risk Management Key financial risks in global context Liquidity Currencies Interest rates Raw materials Credit risks Reduction of currency risks primarily via "natural hedge Hedging of interest rate risks and other financial instruments Limitation of raw material price risks especially via long-term contracts and swaps Source: Volkswagen Group 12

Volkswagen with Excellent Position in Fuel Efficiency 179 Models 130g CO 2 /km Number of Models 179 93 16 100g CO2/km 120g CO2/km 130g CO2/km Source: Volkswagen Group 13

Volkswagen Group on Track for E-Mobility Hybrid 2014 Touareg Audi Q5 Audi A8 Golf E-car 2014 From 2011: e-testfleet in Europe, NAR, China Audi e-tron (Small series) E-Up! e-golf Source: Volkswagen Group 14

Significant Competitive Advantages From Modular Toolkit Strategy Technical concept Financial Elements Previously Introduction of modular strategy Introduction of modular toolkit strategy Reduction targets from MQB 1,2 Unit costs ~ 20% Body Platform Module Module D C B A A0 A00 Synergies D C B A A0 A00 Synergies E D C B A A0 A00 Synergies One-off expenditure ~ 20% Body Vehicle-specific Vehicle-specific Modules Platform Platform Modularisation enables standardisation with visible customisation 100% vehicle Engineered hours per vehicle Significant weight and emission reduction ~ 30% 1 MQB: Modularer Querbaukasten 2 Reduction targets illustrate benefits from MQB implementation Source: Volkswagen Group 15

Integration of Porsche AG Enhances Premium Brand Offering and Is Expected to Deliver Substantial Synergies Cost efficiencies Purchasing Technology sharing and joint R&D Common components/platforms Sales and distribution Administration Financial Services Significant synergy potential Present value of synergies estimated at 3 billion Approximately 700 million p.a. long-term operating profit improvement Growth opportunities Targeted volume increase to ~ 150 k units p.a. Extension of Porsche model line-up Development of high-end modular toolkit for luxury brands Use of Porsche s distribution network for Volkswagen Group luxury brands More than half of cost savings expected in the medium term Smooth integration and rampup phase Source: Volkswagen Group 16

Volkswagen Group is Well on the Way to Becoming the Leading Automotive Group Globally Today Medium term Strategy 2018 All building blocks in place Execution of strategy The global automotive leader Strong brand portfolio Platform leverage Advanced technology Position of financial strength Excellent multi-brand management model Very well positioned to capture market share globally Localized value chains Leverage of modular toolkits Benefit from innovative technologies Higher profitability Extensive brand and product portfolio Global footprint with BRIC focus Unrivalled distribution Best-in-class manufacturing Technology and quality leader, incl. e-mobility Creation of sustainable value Strong foundation Capitalize on strategy implementation Global economic and environmental leadership Source: Volkswagen Group 17

Volkswagen Financial Services: Company Overview Creating value Our Business Model Preparing for the Future Our Strategy 2018 Financial Basis 19

Volkswagen Financial Services AG: Coordinating the worldwide financial services activities of the Volkswagen Group Automotive Division Financial Services Division Volkswagen Financial Services Europe / Asia-Pacific / South America Financial Services USA / Canada / Spain / Argentina Remaining companies Scania Financial Services Volkswagen Financial Services AG is responsible for coordinating the worldwide financial services activities of the Volkswagen Group (excl. Scania Financial Services) 20

Volkswagen Financial Services at a Glance (06/30/2010) Worldwide presence Key Company figures Total assets Equity Direct Bank deposits Employees Receivables Operating Profit 82.4 bn 8.5 bn 18.8 bn 7,589 61.3 bn 362 mn Volkswagen Financial Services is conducting business in 38 countries Receivables Wholesale 9.7 bn Leasing 13.9 bn Credit 37.7 bn 21

Volkswagen Financial Services: Company Overview Creating value Our Business Model Preparing for the Future Our Strategy 2018 Financial Basis 22

The Whole Range of Services Under One Roof Bank Direct Bank Leasing Insurance Services Retail Finance Deposit Accounts Finance Lease Automotive Fleet Management Dealer Finance Instalment Loans Operating Lease Payment Protection Fuel Factoring Investment Products Industry Tyre 23

Integrating Automotive and Financial Services: Improving Customer Loyalty and maximizing Profit Potential Automotive Mobility R&D Procurement Production Sales After Sales Total Mobility Financial Mobility Dealer Financing Credit / Leasing Insurance Services 24

Financial Services Impact on Automotive Business holding period Change to competitor New vehicle VW Group Cash payers 7.4 years Cash payers 37% 63% Captive customers 5.5 years Captive customers 31% 69% Increased Rate of Vehicle Turnover Captive Customers Have a Higher Brand Loyalty Source: VW Group internal data EU5 2009 25

VW FS has a Diversified Portfolio in Brand and Product Offer Segment Brands Captive Product Bank Direct Banking Leasing Insurance Services Volume / Premium Volume Volume Premium Luxury ( ) ( ) Luxury ( ) ( ) Luxury ( ) ( ) LCV ( ) = no active product offering 26

Volkswagen Financial Services: Company Overview Creating value Our Business Model Preparing for the Future Our Strategy 2018 Financial Basis 27

Strategy 2018 Volkswagen Financial Services: VISION The best automotive financial services group in the world. BRAND GUIDELINE STRATEGIC GOALS Customers To be the most attractive supporter of sales for the brands To be the quality leader in business with customers and dealers Employees We are a top team! getting things done The key to mobility. customer - focused Pioneering FS product brands follow the brand guidelines of the respective automotive brand Profitability 20% ROE 1) with 50% CIR Volume Comprehensive support for the automotive product flows To cover at least every 2nd new car from the VW Group with one or more FS products To become market leader for financial services products for young used cars of the VW Group 1) excl. LeasePlan, factoring, employee leasing; based on the necessary capital to run the business (today 8%) 28

Core Elements of Our Sales and Growth Strategy: Germany Global Trends Strategy 2018 Customers Employees Profitability Volume Area of growth Neue Mobilität New mobility Area of growth Insurance Versicherung, / service Wartung / und wear Verschleiß & tear Gebrauchtwagen- Used car management Develop position futher Hold position Individual / corporate Einzel-/Firmenkunden customers e.g. Germany Fleet Flottenmanagement management Hold position 29

Roll-Out of Our Sales and Growth Strategy: Example UK Global Trends Strategy 2018 Customers Employees Profitability Volume New mobility Area of growth Insurance / service / wear & tear Used car management Develop position futher Hold position Individual / corporate customers UK Fleet management Area of growth 30

Expanding Used Car Business in Europe 2006 06 / 2010 Sweden Denmark - Germany Ireland England The - Netherlands Germany Czech Rep. Poland France Italy Portugal Spain Turkey Increase in leasing segment brings rising volume of young used cars Opportunity due to shift of residual value risk from dealer to captive company 31

Used Car Business: Active Management of Residual Values Leasing Leasing profit + Remarketing with a lower residual value risk 40.000 Used Car Market Leasing No bulk risks 20.000 Residual Value = Market Value Used Car Market 10.000 Residual Value New car 3 years 6 years 32

Key Strategic Growth Markets: Opportunities and Challenges Russia USA China Brasil India 33

New Markets and Improving Market Positioning Norway FS Business EU4 Fleet Business Baltic States FS Business Switzerland Fleet Business Mexico Insurance Business Middle East / North Africa Insurance Business South Korea FS Business Argentina Insurance Business South Africa FS Business Australia FS Business Market Study Start/ Market Entry Expansion 34

Volkswagen Financial Services: Company Overview Creating value Our Business Model Preparing for the Future Our Strategy 2018 Financial Basis 35

Refinancing Strategy Deposits ABS 1 / 3 1 / 3 1 / 3 Capital Market Diversification is the key factor 36

Risk Profile Credit Risk Residual Value Risk Market Price Risk Shareholder Other Risk Risk Operational Risk Credit Risk is the predominant risk type whereof the major share is originated from well diversified retail business with low risk profile Retail Corporate Non-Dealer Dealer 37

Credit Risk: Losses Under Control / Covered by Provisions 2.4% 2.2% 2.1% 0.5% 0.5% 0.6% 0.6% 0.6% 0.3% 0.4% 0.7% 0.8% 0.8% 0.8% 0.5% 2007 2008 2009 Total Provision Ratio Total Provision Ratio according to IAS 39 revised = total provisions in proportion to the total receivables volume at reporting date Ø Dynamic Loss-Ratio Retail financing Leasing Corporate financing Dynamic Loss Ratio = utilization of provisions including direct write-offs relative to the average volume of receivables (last four quarters) 38

Key Data: Equity million 16.1% 12.1% 10.1% 10.1% 11.7% 10.4% 10.7% 10.3% 8.6% 8.5% 7,136 7,991 7,590 7,748 8,486 2007 2008 06/2009 2009 06/2010 Equity Equity Ratio Return on Equity ROE (is based on the avg. equity of the referred year): PbT / ((Equity current Year + Equity previous Year) / 2) 39

Key Data (IFRS) million 2007 2008 06 / 2009 2009 06 / 2010 Number of contracts ( 000) 6,602 6,632 6,796 7,223 7,151 Customer financing 3,097 3,162 3,293 3,567 3,499 Leasing 1,336 1,506 1,495 1,508 1,510 Insurance 1,925 1,599 1,560 1,508 1,591 Service 243 365 448 521 551 Receivables from Customer financing 28,002 29,251 31,495 33,823 37,748 Dealer financing 10,565 10,952 10,236 9,639 9,713 Leasing agreements 13,775 15,064 14,793 14,069 13,854 Direct banking deposits 9,620 12,835 19,085 18,309 18,811 Equity 7,136 7,991 7,744 7,748 8,486 Equity ratio (%) 10.4 10.7 10.1 10.1 10.3 ROE 1 (%) 16.1 12.1 8.6 8.5 11.7 Operating profit 957 893 339 606 362 Profit before tax 1,069 919 321 673 473 Employees 7,298 7,587 7,590 7,717 7,589 1 Profit before tax as % of average equity. 40

Strategic Focus Offer of innovative products for brand and local market requirements Exploitation of further growth potential in mature European markets based upon our innovative products and customised services through all steps of our value chain Growth in emerging markets in Eastern Europe, Russia, Asia and Latin America together with Volkswagen Group brands Further reduce risk exposure through customer segment- and regional diversification Ongoing diversification in worldwide refinancing 41

Outlook 2010 Growth potential continues to exist, Margin pressure likely to return, Risk Costs will improve, Refinancing situation normalized at competitive costs, Focus on Strategy 2018 implementation. 42

Substantial Growth Opportunities Stemming from BRIC and Rebound in US Market growth 2009-18 (million units) Total +50% 95.4 79.7 63.8 2009 2012 2018 1 +115% +55% +10% 2.8 3.6 6.0 12.7 18.0 16.5 19.7 15.0 15.0 2009 2012 2018 Eastern Europe +0.1% (incl. Russia) +78% 2009 2012 2018 23.1 4.6 4.8 4.6 2009 2012 2018 13.0 18.4 Western North Europe 2 2009 2012 2018 America Japan 2009 2012 2018 China +137% (incl. HK) +58% 2.1 3.2 4.9 4.2 5.1 6.7 +47% 2009 2012 2018 14.0 9.5 11.6 2009 2012 2018 India South America 2009 2012 2018 Rest of world 3 1 Includes Central America and Caribbean 2 Includes Cyprus and Malta 3 Includes Turkey Source: IHS Global Insight (data status: 06/10) Note: Market = Cars and LCVs; 2009: actuals with exception of "Central America"; 2012/18: estimates 44

China 1 : Volkswagen with Leading Market Position, Highly Profitable and Cash Generative Market development in China Million units Volkswagen Group position in China No. 1 automotive company 13.0 +6.6% CAGR 18.4 23.1 Investment plan 2010-12: 6 billion funded through local liquidity and cash flows Typical local content: ~ 80-98% Consolidated at equity 2009: 774 million (2008: 395 million) Dividends 2009 > 2008 ( 367 million) 2009 2012 2018 China became Volkswagen Group's No. 1 country market in 2009 2 1 incl. Hong Kong 2 Based on volume Source: IHS Global Insight (data status: 06/10) Note: Market = Cars and LCVs 45

Brazil: Set to Benefit From Global Recovery Combined Growth and Profitability Market development in Brazil Million units Volkswagen Group position in Brazil No. 2 in cars and LCV 4.2 +5.2% CAGR 5.1 1.6 6.7 2.2 Other South America Market share 23% (2009) Total capacity ~ 920,000 units Investment plan 2010-14: 2.3 billion Typical local content: ~ 90% 1.2 3.0 3.5 4.4 Brazil 2009 2012 2018 k units p.a. Source: IHS Global Insight (data status: 06/10) Note: Market = Cars and LCVs 46

Russia/India: Volkswagen Strengthening Position by Investing in Local Capacities/Markets Russia Market development, Million units India Market development, Million units 1.5 +9.4% CAGR 1.9 3.3 2.1 +10.0% CAGR 3.2 4.9 2009 2012 2018 2009 2012 2018 Volkswagen Kaluga Plant Volkswagen Pune Plant Investment: 970 million Capacity: 150,000 units p.a. Typical local content: ~ 34% Investment: 700 million Capacity: 110,000 units p.a. Typical local content: ~ 75% 1 1 By 2012 Source: IHS Global Insight (data status: 06/10) Note: Market = Cars and LCVs Additional opportunities from Suzuki cooperation 47

ASEAN: Volkswagen with an Excellent Basis, Rapid Growth Perspectives Market development in the ASEAN-Region Million units Volkswagen Group position in the ASEAN-Region Malaysia Local sales company founded 2005. +7.1% CAGR 3.4 Memorandum of understanding with DRB-Hicom. Goal is production of VW models from 2012. 1.8 0.3 0.5 0.5 0.4 2.5 0.4 0.8 0.6 0.7 0.5 1.0 0.8 1.1 Other Thailand Malaysia Indonesia Indonesia Production since June 2009 with local partner. Indomobil for Volkswagen brand. Other Group brands to follow. Other Markets Other countries remain under review. 2009 2012 2018 Potential for collaboration with Suzuki. Source: Global Insight, Volkswagen Group Note: Market = Cars and LCVs 48

US: Substantial Potential on the Back of Market Recovery Market development in North America Million units Recent progress in the US market 12.7 +5% CAGR 18.0 19.7 Above-average increase in deliveries to customers (+22% ytd August) With new Jetta and NMS 1 2 key products will be launched in 2010/11 New factory in Chattanooga on schedule (SOP 2011) Typical local content: ~ 85% 2 Changing > 50% of dealer network (2008-12) 2009 2012 2018 1 New Compact Sedan and New Midsize Sedan 2 Local content of New Midsize Sedan (NMS) to be produced in Chattanooga, of which US > 45%; Localisation rate within the first year after production start Source: JHS Global Insight (data status: 06/10) 49

Localized Value Chain Key Ingredient for Sustainable Profitability Research and Development Purchasing Production Distribution Financial Services Adaption to local customer needs Local R&D teams in regions Localized purchasing throughout supply chain Local production facilities for key products Strong dealer network Adapted local marketing Local offer of Financial Services ( ) Market entry2 ( ) 1 New: Pune Quick expansion ( ) Market entry2 ( ) 1 New: Kaluga Quick expansion ( ) Market entry2 1 Partial development capacities 2 Market entry planned Source: Volkswagen Group 50

Maximization of Production Efficiency and Flexibility via Modular Toolkits Price Core Markets MLB Global Markets NSF MQB A00 A0 A B C D E Segments Source: Volkswagen Group 51

Local Sourcing of Key Components Examples for local parts Europe India Polo twist beam rear axle Polo steering system Electronic hydraulic power system Electric power system Cost savings: 15-25% Source: Volkswagen Group 52

Continuous Productivity Improvements Volkswagen Way: Lower Ramp up Costs and Production Time Touareg New Touareg Reduction by > 25% Lower ramp-up costs and production efficiency via Production friendly development Process standardization Improved logistics Source: Volkswagen Group 53

With One of the Broadest Product and Segment Coverages of any OEM, Volkswagen is Well Positioned to Capture Profitable Growth World 2010 Hatchback Saloon Estate MPV SUV Coupé Convertible Roadster City Van Pick-Up E D 1 1 1 C 1 B 1 1 A A0 A00 1 49.9% stake since 7 December 2009 Source: Volkswagen Group Product to be launched in 2010 54

Partnership with Suzuki Offers Complementary Strengths in Products, Markets, and Technology Markets Market focus on Japan and India, plus ASEAN Market focus on Europe, China, North America, South America Segments Focus on city, subcompact, and small SUVs; plus motorcycles Focus on compact, medium and premium; additional commercial truck business Technological approach High level of maturity for cost-efficient small cars Modular systems with high level of maturity for volume premium vehicles Powertrain technology Strength in small gasoline engines Strength in highly efficient diesel/gasoline engines and new powertrain technologies Source: Volkswagen Group 55

Volkswagen On the Road of Success Goldman Sachs Investor Visit Wolfsburg, September 22, 2010

APPENDIX 57

Volkswagen Group Analysis of Operating Profit billion 5.0 4.0 3.0 0.4 0.6 1.2 0.5 0.0 0.6 2.0 1.9 1.0 2.8 1.2 0 Jan-Jun 2009 Volume/ Price/ Mix Currency Product cost Fixed cost/ Depreciation Scania Volkswagen Financial Services Sale of Resende Jan-Jun 2010 58

Automotive Division 1 Net Liquidity million 20,000 15,000 10,000 17,501 5,000 10,636 0 as of January 1, 2010 as of June 30, 2010 1 Including allocation of consolidation adjustments between Automotive and Financial Services divisions. 59

Volkswagen Group Analysis by Business Line January June 2010 Sales Sales revenues Operating profit thousand vehicles/ million 2010 2009 2010 2009 2010 2009 Volkswagen Passenger Cars 1,940 1,651 39,222 31,077 1,027 216 Audi 660 567 17,565 14,527 1,331 823 Škoda 298 262 4,266 3,291 227 135 SEAT 186 158 2,635 2,252-157 -159 Bentley 2 2 320 238-109 -114 Commercial Vehicles 159 135 3,539 2,656 118 463 1 Scania 2 28 21 3,915 3,122 577 48 VW China 3 861 618 - - - - Other -570-406 -16,220-12,057-534 4 4-493 Volkswagen Financial Services 6,567 6,096 362 321 Volkswagen Group 3,566 3,008 61,809 51,202 2,841 1,240 thereof Automotive Division 3,566 3,008 55,009 44,857 2,474 920 Financial Services Division 6,800 6,345 367 320 1 Including the proceeds from the sale of Volkswagen Caminhões e Ônibus Indústria e Comércio de Veículos Comerciais Ltda., Resende. 2 Vehicles & Services and Financial Services. 3 The sales revenue and operating profit of the joint venture companies in China are not included in the figures for the Group. The Chinese companies are accounted for using the equity method and recorded an operating profit (proportionate) of 804 million ( 294 million). 4 Mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits, and including depreciation and amortization of identifiable assets as part of the purchase price allocation for Scania. 60

Volkswagen Group Deliveries to Customers BRIC-Markets 1 January to August 2010 vs. 2009 000 units 21.2% January - August 2009 27.7% January - August 2010 2,000 1,851 1,500 1,450 41.1% 1,288 1,000 913-0.6% 500 460 457 22.2% 126.1% 0 66 80 12 26 BRIC Brazil Russia India China 1 incl. Scania (Jan - Jun); incl. Trucks and Busses (until Feb 2009) 61

Volkswagen Polo Limousine 62

Volkswagen Sharan 63

Audi A7 64

Audi A8 65

Škoda Fabia Combi GreenLine 66

SEAT Ibiza ST 67

Volkswagen Amarok 68

Scania R 620 Highline 69

Disclaimer This presentation contains forward-looking statements and information on the business development of the Volkswagen Group. These statements may be spoken or written and can be recognized by terms such as expects, anticipates, intends, plans, believes, seeks, estimates, will or words with similar meaning. These statements are based on assumptions relating to the development of the economies of individual countries, and in particular of the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of going to press. The estimates given involve a degree of risk, and the actual developments may differ from those forecast. Consequently, any unexpected fall in demand or economic stagnation in our key sales markets, such as in Western Europe (and especially Germany) or in the USA, Brazil or China, will have a corresponding impact on the development of our business. The same applies in the event of a significant shift in current exchange rates relative to the US dollar, sterling, yen, Brazilian real, Chinese rinminbi and Czech koruna. If any of these or other risks occur, or if the assumptions underlying any of these statements prove incorrect, the actual results may significantly differ from those expressed or implied by such statements. We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superceded. 70

Volkswagen On the Road of Success. Goldman Sachs Investor Visit Wolfsburg, September 22, 2010