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Factbook2013

12fascinating brands

9.3 millionVehicles sold in 2012

550,000Employees worldwide

153countries

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2012 was a challenging year in the automotive

world. Nevertheless, we can say that 2012 was

a good in fact a very good year for the

Volkswagen Group. Regardless of whether

there is an upturn or a downturn going on, our

goal is to ensure the Volkswagen Group

reaches the top of the automotive industry by

2018.

Prof. Dr. Martin WinterkornChairman of the Board of Management

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Content

Volkswagen at a Glance 3

Our Brands & Products 8

Our Markets 24

Financials & Outlook 34

Strategy 2018 45

Excellence in Production 51

Focus on R&D 59

Forming an Integrated Group 68

Shareholder Information 71

Team 77

Our Markets Excellence inProduction

Focus on R&DFinancials &Outlook

ShareholderInformation

Strategy 2018 Forming anIntegrated Group

Volkswagen at aGlance

Our Brands &Products

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Volkswagen at a Glance

Profit after tax:

22 billion9.3 m deliveries to

customersActive in

153 countries280 models37,700 vehicles a

day

Dec. 1945: start of

series production550,000

employees100 production

plants worldwide112 brands from 7

European countriesHeadquarters

Wolfsburg

The Volkswagen Group with itsheadquarters in Wolfsburg is

one of the worlds leadingautomobile manufacturers andthe largest carmaker in Europe.

The Group operates 100production plants. Everyweekday, 550,000 employees

worldwide produce some 37,700vehicles, and work in vehicle-related services or other fields ofbusiness. The VolkswagenGroup sells its vehicles in 153countries.

In 2012, the Group increased thenumber of vehicles delivered tocustomers to 9.3 million (2011:8.3 million), corresponding to ashare of 12.8 percent of theworld passenger car market.Note: 2012 figures.

1 Including Silao plant (Mexico) which started production in January 2013.







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1

The Volkswagen Group consists of threedivisions: Passenger Cars, Commercial

Vehicles and Power Engineering andFinancial Services.

The Passenger Cars Division is centeredon the development of vehicles and enginesas well as the production and sale ofpassenger cars.

The Commercial Vehicles and PowerEngineering Division deals with theproduction and sale of trucks and busses,and business comprising genuine parts,large-bore diesel engines, turbomachinery,special gear units, propulsion componentsand testing systems.

The Financial Services Divisions portfolioof services combines dealer and customerfinancing, leasing, banking and insuranceactivities and fleet management.

Volkswagen Group Built on Three Strong Pillars







Passenger CarsCommercial Vehicles,

Power Engineering

Financial ServicesDivision

Porsche Holding FinancialServices

MAN Financial Services

Scania Financial Services

Porsche Financial Services

VolkswagenFinancial Services

Financial Services

USA / Canada / Spain /Argentina

Automotive Division

Remaining companies

Europe / Asia-Pacific / North- andSouth America

2

1 Fully consolidated as from August 1, 2012.2 Consolidated as from July 19, 2012.

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The Board of Management of Volkswagen Aktiengesellschaft(from left to right)

Prof. Dr. rer. pol. Dr.-Ing.E. h. Jochem HeizmannChina

Prof. Dr. rer. pol.Horst NeumannHuman Resources andOrganization

Christian KlinglerSales and Marketing

Dr. h. c. Leif stlingCommercial Vehicles

Dr. rer. pol. h. c. FranciscoJavier Garcia SanzProcurement

Prof. Dr. Dr. h.c. mult.Martin WinterkornChairman of the Board ofManagement of Volkswagen

AktiengesellschaftResearch and Development

Hans Dieter PtschFinance and Controlling

Prof. Rupert StadlerChairman of the Board ofManagement of AUDI AG

Dr.-Ing. E. h. Michael MachtProduction







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Volkswagen Polo BlueGT







Volkswagen XL1

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Content



Our Markets 24


Strategy 2018 45


Focus on R&D 59

Forming an Integrated Group _______________ 68


Team 77







Team

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Our Brands and Products A Success Story

Volkswagen is the most successfulmultibrand group in the automotive

industry.The Group consists of twelve brandsfrom seven European countries:Volkswagen Passenger Cars, Audi,SEAT, KODA, Bentley, Bugatti,Lamborghini, Porsche, Ducati,

Volkswagen Commercial Vehicles,Scania and MAN. Each brand has itsown character and operates as anindependent entity in the market tobetter satisfy the specific needs ofthe different segments and countries.

On August 1, 2012, the integration ofPorsche into Volkswagen AG wascompleted. The brand is now fullyconsolidated into the VolkswagenGroup.







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Note: Without Scania and MAN.1 Porsche AG fully consolidated from August 1, 2012.2

Original Equipment Manufacturer.

Product to be launched in 2013

Body-

Segment

E

D

C

B

A

A0

Hatch-back Saloon Estate MPV Coup

Road-ster

City VanTrans-porter

Con-vertibleSUV

Pick-Up

A00

1 1

1

1 1

1

style With one of thebroadest product

and segmentcoverage of anyOEM2, Volkswagenis well positioned tocapture profitablegrowth.

The product range

extends from low-consumption smallcars to luxury classvehicles. In thecommercial vehiclesector, the productoffering spans pick-

ups, busses andheavy trucks.

This huge portfolioenables us to reachall major targetcustomer groups.







Team

World 2013

Our Huge Product Range Satisfies all Major Customer Groups

1

Segments > 1m cars

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103,942

Passat/Santana

Volkswagen Passenger Cars

The Volkswagen Das Auto slogan unites thethree core messages that distinguish theVolkswagen Passenger Cars brand: innovative,

offering enduring value and responsible.The Volkswagen Passenger Cars brandpremiered a large number of new vehicles in2012. As the highest-volume Group model andone of the biggest-selling cars worldwide, thefocal point was the new, seventh generation Golf,

which is still setting new standards in thecompact segment.

The brand also started selling the natural gas-fueled eco up!. In addition, the third generation ofthe Beetle Convertible celebrated its worldpremiere at the end of the year.

Prof. Dr.

Martin

Winterkorn

CEO

VII generationOF THE GOLF LAUNCHED IN 2012

GolfJetta/Bora

Deliveries (000 units)

Vehicle sales (000 units)

Production (000 units)

Sales revenue ( million)

Operating profit ( million)

as % of sales revenue

5,738

4,850

5,772

3,640

2012

5,091

4,450

5,272

94,690

4.0

2011 %

+12.7

+9.0

+9.5

+9.8

3.5

3,796 -4.1

KEY FIGURES

MOST PRODUCED IN 2012

Note: Pictures are only examples; regional variations exist.







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48,771

In the premium segment, Audi has become oneof the strongest car brands worldwide under theslogan of Vorsprung durch Technik. Its objectiveis to become the market leader in this segment.

To do this, Audi relies heavily on its sporty, high-quality and progressive image.

The Audi brand put its technical and sportingexpertise to the test in 2012 and again met itsown high standards.

In the premium compact segment a highlight wasthe market launch of the third generation of thesuccessful Audi A3, the first Group model to bebased on the Modular Transverse Toolkit.

Audi began producing the Q7 in India in thereporting period. This is the fourth model to be

manufactured locally.

Audi RupertStadler

CEO

KEY FIGURES

10.6 %INCREASE IN SALES REVENUE IN 2012Deliveries (000 units)Vehicle sales (000 units)





1,457

1,299

1,468

5,380

2012

1,304

1,543

1,345

44,096

12.1

2011 %

+11.7

- 15.9

+9.2

+10.6

11.0

5,348 +0.6

A6A4








Team

Q5

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10,438

With its Simply clever slogan, KODA hasbecome one of the fastest emerging brands,particularly in Europe and China.

The brand image is dominated by a compellingvalue proposition and an attractive design, coupledwith intelligent ideas for the use of space that aretechnically simple but offer refined and practicaldetails. The numerous awards for its ambitious,innovative and sophisticated vehicle design are

proof of the high recognition for this brand concept.With the new Rapid which has been available onthe Indian market since 2011 - the KODA brandpresented a compact notchback saloon, specificallydesigned for global growth markets like China andRussia, as well as price-sensitive customer

segments in Europe.

KODA

Fabia Superb

Prof. Dr.

Winfried

Vahland

CEO

727 thousandVEHICLES SOLD IN 2012Deliveries (000 units)Vehicle sales (000 units)





939

727

943

712

2012

879

690

902

10,266

7.2

2011 %

+6.8

+5.2

+4.6

+1.7

6.8

743 -4.1

KEY FIGURES


Octavia







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6,485

Models that regularly win awards for theiroutstanding design are representative of SpanishSEAT brands image.

SEAT is aiming for stronger growth, particularly inEurope, by sharpening its brand profile andfocusing on its distinctive brand values of beingdynamic, young and design-oriented. The newbrand claim Enjoyneering suitably expressesthe character of the brand as a passionate

perfectionist and emotional technology leader.SEAT updated the Leon the brands first vehicleto be based on the Modular Transverse Toolkitand introduces equipment features from thepremium class into the compact segment for thefirst time. The launch of the four-door version of

the Mii small car was also significant.

SEAT

6.5 billionSALES REVENUE IN 2012

Leon Altea/ToledoIbiza







321

429

321

-156

2012

350

362

353

5,393

-4.2

2011 %

-8.3

+18.8

-9.0

+20.2

-2.4

-225 +30.7

KEY FIGURES


James

Muir

CEO







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1,453

To build a good car, a fast car, the best in class this was the mission of W.O. Bentley when hefounded Bentley Motors in 1919. Still today, the

definitive British luxury car company dedicatesitself to developing and crafting the worlds mostdesirable high performance cars with the staminato cross continents at pace, and drive in refinedcomfort and style. Bentley is located in Crewe,England and belongs to the Volkswagen Groupsince 1998.

In 2012, Bentley launched an energy-efficientalternative to the twelve-cylinder version: the V8engine. This was used in the new version of theContinental GT launched in 2010 and theContinental GTC that made its debut in 2011.

Bentley

100 millionOPERATING PROFIT IN 2012

Continental GT Coup Continental GT Cabriolet

Dr.

Wolfgang

Schreiber

CEO

Deliveries (units)

Vehicle sales (units)

Production (units)




8,510

9,186

9,107

100

2012

7,003

7,402

7,593

1,119

0.7

2011 %

+21.5

+24.1

+19.9

+29.9

6.9

8 x

KEY FIGURES








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5,879

911

16.1%OPERATING RETURN ON SALES IN 2012

Porsche MatthiasMller

CEO

Porsche is an iconic sports and luxury car brandwith leading profitability. High performance meetsoutstanding everyday practicality, breathtaking

dynamics, exceptional occupant comfort andsafety.

Porsche is investing in rejuvenating andexpanding its entire model range. In 2012, thenew edition of the Porsche Boxster got theprocess underway. This will be followed in 2013

with the all-new Cayman.On August 1, 2012, the integration of Porsche AGinto Volkswagen AG was completed. The brand isnow fully consolidated into the Volkswagen Group.


1 fully consolidated as from August 1.

Cayenne Panamera







Team







60

62

64

946

20121

16.1

KEY FIGURES

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9,450

Volkswagen Commercial Vehicles stands forsuperior mobility with its three core values ofreliability, economy and partnership. The brand

offers a range of different transport solutions at thehighest levels of engineering for different customergroups. The light commercial vehicles are tailoredto meet the individual transportation needs ofcustomers in retail and craft businesses, as well ascivil authorities and service providers. Privatecustomers value family-friendly MPVs and leisure-oriented motor homes.

Volkswagen Commercial Vehicles introduced twonew special models the Caddy Edition 30 andthe Multivan Edition 25 and thus confirmed itsdecades-long dominance of the light commercialvehicles market.

Volkswagen Commercial Vehicles

550 thousandVEHICLES DELIVERED IN 2012

AmarokSaveiroCaravelle/Multivan

KEY FIGURES








Team

Dr.

Eckhard

Scholz

CEO







550

437

487

421

2012

529

441

508

8,985

5.0

2011 %

+4.1

-0.8

-4.1

+5.2

4.5

449 -6.1

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9,314

The Swedish Scania brand follows the corevalues of customer first, respect for theindividual and quality. For over 100 years, thissuccessful company has been manufacturinghigh-performance trucks and buses featuringextremely innovative technology. The brandoffers its customers efficient transport solutionsbacked by service offerings and financialservices.

Scania started to build a new CKD plant inNarasapura in India, which is scheduled to startassembling trucks and buses for the Indianmarket in 2013.

In 2012, the first Scania trucks whose enginesmeet the new Euro 6 emissions standard were

registered.

Scania

10 %OPERATING RETURN ON SALES IN 2012

Buses & CoachesTrucks

KEY FIGURES







67

67

67

930

2012

80

80

84

10,064

13.6

2011 %

-15.9

-15.9

-20.4

-7.4

10.0

1,372 -32.2


Martin

Lundstedt

CEO







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15,999

MANs roots can be traced back to 1758. The corevalues of the MAN brand are reliability, innovation,dynamic strength and openness. These values arekey success factors for MAN, one of Europesleading manufacturers of commercial vehicles,engines and mechanical engineering equipment.The company manufactures diesel engines,turbomachinery and special gear units, alongsidetrucks and buses.

MAN launched the new premium NEOPLANJetliner, which can be used as both a public servicebus and coach.

The new MAN TG family of trucks celebrated theirworld premiere in 2012. They already meet therequirements of the future Euro 6 emission

standard.

MAN

135 thousandORDERS RECEIVED FOR COMMERCIALVEHICLES IN 2012

Buses & CoachesTrucks

KEY FIGURES







134

134

124

808

2012

5.0


Dr. Georg

Pachta-

Reyhofen

CEO

1 November 9 to December 31, 2011.







Team

25

25

24

2,652

7.3

2011 1

193

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Lamborghini & Bugatti

Stephan

Winkelmann

CEO

AVENTADOR

Lamborghini stands for extreme and uncompromisingsuper sports cars of the best Italian tradition.

Lamborghini redefined the future of its super sportscars and decided to focus more on weight reductionthan on top-speed. Extensive use of carbon fibre,

even at a structural level, allows Lamborghini to be atthe forefront of development techniques.

Lamborghini presented a new, even more strikingdesign of its most successful super sports car ever,the Gallardo LP 560-4 as a Coup and Spyder.

LAMBORGHINI BUGATTIBugatti has always been the epitome of exclusivity,luxury, elegance, style and extraordinary design,driven by a great passion for automobiles.

Unique visions, the strong legacy of legendary sportscars that date back to the year 1901, and high-

precision engineering in development, construction,and manufacture distinguish this outstandingautomotive brand.

Bugatti confirmed its unique position by launching theVeyron Grand Sport Vitesse, the fastest roadster ofall time with a top speed of 431 km/h.

VEYRON







Team

Dr.

Wolfgang

Schreiber

CEO

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Financial Services Division

The Financial Services Division, which corresponds to the

Financial Services segment, combines dealer and costumerfinancing, leasing, banking and insurance activities, fleetmanagement and mobility offerings.

Management focuses on increasing the return on equity inthe Financial Services Division. Additional goals are to meetthe banking authorities regulatory capital requirements, to

support its external rating by ensuring capital adequacy andto procure equity for the growth planned in the next fiscalyears. In the process, it aims overall to achieve the highestpossible growth in the value of the Group and its divisionsfor the benefit of all the Companys stakeholder groups.

The Financial Services Division once again made a

significant contribution to the Groups earnings with anoperating profit of 1.6 billion (1.3 billion). Return on equitybefore tax was lower than in the previous year at 13.1%(14.0%).







Team

FINANCIALSERVICES DIVISION

Volkswagen Financial Services

AUTOMOTIVE DIVISION

Scania Financial Services

MAN Financial Services

Porsche Holding Salzburg Financial Services

Porsche Financial Services1

1 Fully consolidated as from August 1, 2012.

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3,162 3,567 3,712 3,9304,551

1,506 1,5081,524 1,623

1,8082,452 2,148 2,246

2,6913,281

2008 2009 2010 2011 2012Finance Leasing Service / Insurance

TotalPortfolio

9,640

Volkswagen Financial Services is the largestautomotive financial services provider in Europe

presently employing more than 10,133 employeesworldwide, of which 4,971 work in Germany.

Volkswagen Financial Services offers financialservices for more than 60 years in closecooperation with the Volkswagen Group brands in42 countries worldwide.

Volkswagen Financial Services portfolio includesdealer and customer financing, leasing, bankingand insurance activities, as well as fleetmanagement.

Volkswagen Financial Services

17.1 %INCREASE IN OPERATING PROFIT

KEY FIGURES

Total Assets ( million)

Receivables ( million)

Direct Banking Deposits ( m)

Equity ( million)


111,053

77,197

22,004

1,410

2012 2011 %

+14.0

+11.4

+3.0

+15.6

+17.1

11,312

Frank Witter

CEO

VolkswagenFinancialServices AG

97,455

69,328

21,373

1,203

9,785







Team

CONTINUOUS PORTFOLIO GROWTH (CONTRACTS `000)

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Team

Audi SQ 5

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Our Markets 24


Strategy 2018 45


Focus on R&D 59



Team 77







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Content

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Overview World Car Markets and Volkswagen GroupDeliveries to Customers

With its twelve brands, theVolkswagen Group has a presence in

all important automotive marketsaround the world.

It is the goal of the Group to offerattractive, safe and environmentallysound vehicles which are competitiveand which set world standards in theirrespective classes.

Currently, the key markets includeWestern Europe, China, Brazil, theUS, Russia, Argentina and Mexico.The Group continued to extend itsstrong competitive position in 2012thanks to its wide range of attractive

and environmentally friendly models.We have increased our market sharein key markets and again recorded anencouraging global increase indemand.

WORLDWIDE DELIVERIES OF THE GROUPS MOST SUCCESSFUL MODELSIN 2012 (000 units)

KEY MARKETS







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1,176

The overall market slowdown in Western Europein 2012 resulted in our deliveries to customers inthe region declining year-on-year. Our salesfigures were down on the previous year in allmajor markets in this region, apart from Germanyand the United Kingdom. Except for SEAT, allvolume brands sold more vehicles in thereporting period than in the previous year.

The Tiguan, Audi A6, KODA Roomster, KODAYeti, SEAT Alhambra, Amarok and Crafter

models all registered positive growth rates. Thenew up!, Beetle, Golf Cabriolet, Audi Q3, KODACitigo and SEAT Mii models were also verypopular.

Volkswagen maintains 50 plants in WesternEurope, 28 of which are situated in Germany.

37.7%MARKET SHARE IN GERMANY IN 2012

Western Europe (WE)

Golf

DELIVERIES (`000 units) AND MARKET SHARE (in %)

OUR TOP SELLER IN THE MARKET

Deliveries market

thereof: Germany

Deliveries Group

thereof: Germany

Market share WE

Market share GER

13,153

3,309

3,023

24.4

2012

14,433

3,414

3,130

1,153

35.9

2011 %

-8.9

-3.1

-3.4

+1.9

37.7

23.0

Source: IHS Automotive (data status: 15/02/13), rounded.Note: Market = Cars and LCVs.







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Deliveries of passenger cars and light commercial vehicles.

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318

The Volkswagen Groups sales figures in Centraland Eastern Europe surpassed the prior-yearlevel by 17.6%. We recorded the highest growthrates in Russia (+38.8%) and the Ukraine

(+29.6%).The Polo Sedan, Tiguan, Passat, CC, Touareg,the Audi A3, A6 and Q7, the KODA Octavia andall Volkswagen Commercial Vehicles modelsexperienced higher demand in Central andEastern Europe than in the previous year. The

new Jetta, Audi Q3 and KODA Citigo modelswere also very popular.

Volkswagen maintains 17 plants in CEE, one ofwhich is located in Russia.

Central and Eastern Europe (CEE)

KODA Octavia


38.8%INCREASE IN DELIVERIES IN RUSSIA IN 2012







Team


Deliveries market

thereof: Russia

Deliveries Group

thereof: Russia

Market share CEE

Market share Russia

4,295

2,953

644

15.4

2012

4,027

2,690

548

229

8.9

2011 %

+6.7

+9.8

+17.6

+38.8

11.1

13.9



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596

North America (NAR)

Volkswagen Jetta


34.2%INCREASE IN DELIVERIES IN THE US IN 2012Demand for Group vehicles in the US market grewby 34.2% year-on-year, outperforming the positivetrend in the overall market (+13.4%). The Golf,Tiguan, Passat, Audi Q5, Audi A6 and Audi Q7models recorded the highest growth rates.In Canada the Group recorded year-on-year growthof 15.7%. Demand for the Passat, Touareg, Audi A4,Audi Q5 and Audi A7 models was encouragingthere.

The Groups sales figures in Mexico surpassed theprior-year level by 7.8%. Demand increased for theVoyage, Beetle, Passat, Audi A1 and SEAT Ibizamodels.

Besides one plant in the US the group maintainsthree plants in Mexico.







Team


Deliveries market

thereof: US

Deliveries Group

thereof: US

Market share NAR

Market share US

17,170

14,497

842

4.9

2012

15,266

12,779

667

444

3.5

2011 %

+12.5

+13.4

+26.2

+34.2

4.1

4.3



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780

South America (SAR)

Volkswagen Gol


23.0%MARKET SHARE IN BRAZIL IN 2012The Volkswagen Groups deliveries in the SouthAmerica region rose 8.2% in 2012.

After declining slightly in 2011, our sales figures inBrazil were again positive in 2012 (+ 10.7%). Thiswas attributable to a temporary tax cut for newvehicles as well as the market launch of the newgenerations of the Gol and the Voyage. The Foxwas also highly popular and sales of the Amarokalmost doubled.

Demand for Volkswagen Group vehicles declinedby 5.1% in Argentina. The Fox, Audi A3 andSaveiro models recorded stronger demand. With amarket share of 25.0%, the Volkswagen Groupmaintained its market leadership.

Volkswagen maintains nine plants in SouthAmerica: six in Brazil and three in Argentina.







Team


Deliveries market

thereof: Brazil

Deliveries Group

thereof: Brazil

Market share SAR

Market share Brazil

5,843

3,634

1,010

19.6

2012

5,581

3,417

933

705

22.3

2011 %

+4.7

+6.3

+8.2

+10.7

23.0

18.9



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2,812

Asia-Pacific

Volkswagen Lavida


24.5%INCREASE IN DELIVERIES IN CHINA IN 2012The Group increased sales in the Asia-Pacificregion by 23.3% compared with the 2011 figure,outperforming the market as a whole (+13.3%).

Growth in the region was again driven by theChinese market, which saw demand for Groupvehicles rise by 24.5%. Virtually all modelscontributed to this positive result. We extendedour leadership of the Chinese market with amarket share of 20.8% (2011: 18.2%).

Deliveries to customers in the Indian marketincreased by 2.1%. The Passat, Audi A4, Audi A6and KODA Rapid models recorded the highestgrowth rates.

Volkswagen maintains 17 plants in Asia Pacific:12 in China, four in India and one in Thailand.







Team


Deliveries market

thereof: China

Deliveries Group

thereof: China

Market share Asia-Pacific

Market share China

33,669

18,834

3,170

12.2

2012

30,370

17,629

2,570

2,259

18.2

2011 %

+10.9

+6.8

+23.3

+24.5

20.8

11.3



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Total investments 2013-2015 planned 9.8

Operating profit (100%) 8,424

Operating profit (proportionate) 3,678

EARNINGS 2012 ( million)

INVESTMENTS ( billion)

Total investments 1985-2012 15.7

The importance of the Chinese market hassignificantly increased in the past years.As the automotive pioneer, Volkswagen entered the

modern Chinese market in 1984 founding a jointventure with the Shanghai Automotive IndustrialCorporation (Shanghai Volkswagen AutomotiveCompany Ltd.).

A second joint venture, FAW-Volkswagen AutomotiveCompany Ltd. was set up in 1991 to expand the

Groups activities. Today Volkswagen is representedby 17 companies producing at eleven facilities including component, finance and sales companies.

A China Board of Management function wascreated in 2012 to underpin the growing significanceof the Chinese market.

Our Chinese product portfolio now covers allsegments from small cars to luxury sports cars. Wetook account of up-and-coming vehicle classes, suchas the SUV segment, in our local production at anearly stage. The commercial vehicle segment is alsogaining in importance for us.

Volkswagen Group China Automotive Pioneer Since 198417 COMPANIES ASSURE OPERATIONS OF THE VW GROUP

Volkswagen ChinaInvestment Company

Beijing

Volkswagen Transmission

Shanghai VolkswagenPowertrain

Shanghai

FAW-Volkswagen(Volkswagen, Audi)

DalianVolkswagen FAW Engine

ChangchunVolkswagen FAW Platform

Chengdu

Nanjing Shanghai Volkswagen

Shanghai Volkswagen(Volkswagen, KODA)

Foshan

Yizheng

car production plantscomponent plants

planned plantsHeadquarter Volkswagen Group China

FAW-Volkswagen

Ningbo

Urumqi

Tianjin

Changzhou (MAN)

Volkswagen AutomaticTransmission







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Deliveries of Volkswagen in China January to December 2012

Since it first embarked on economicreform more than 30 years ago, Chinahas become one of the worlds most

important automotive markets and isnow the Volkswagen Groups largestsales market.

At the end of the 1990s, the focusbegan to turn to diversifying the

product range. A crucial factor herewas the establishment of the importbusiness in 2007, which we hadextended to include all of the Groupspassenger car brands by 2012.

A4 L A6 L New Lavida Santana Octavia

1 Including Hongkong. Porsche imports only from August-December, FY import units totaled to 31,200.







Team

VW, VWN

Porsche2)

Audi

Locally Produced(000 units)

Import FBU1(000 units)

FAW-VW

SVW

189.7 2,622.8

88.4

83.1

13.0

Total Deliveries Region China 2,813

995.9 322.7

235.71,068.5Other Brands5.2

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KODA Octavia

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Our Markets 24


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Focus on R&D 59



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Facts & Figures

Key Financial Figures 2012 Highest Deliveries Ever and Record Profits

Deliveries topped the 9 million mark for the first time at 9.3 million vehicles (+ 12.2 percent); market share in key

markets increased further Operating profit exceeds record prior-year level at 11.5 billion (+ 2.1%)

Volkswagen Group generated a record profit in fiscal year 2012 (net profit 21.9 billion)

The Board of Management and Supervisory Board proposed to pay a dividend of 3.50 per ordinary share and

3.56 per preferred share Strategic growth trajectory continues with contribution in full of Dr. Ing. h.c. F. Porsche AG to the Volkswagen

Group, increased stake in MAN SE and acquisition of Ducati

Net liquidity of 10.6 billion (17.0 billion) in the Automotive Division provides financial stability and flexibility

Volkswagen can look back on another extremely successful fiscal year. The Volkswagen Group

continued its successful course and further strengthened its market position thanks to its high

profitability.Hans Dieter Ptsch

Finance and Controlling







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Our Brands Once Again Proved Their Attraction toCustomers1

8.160

5.091

1.303879

3507

529

9.074

5.738

1.455

939321

9550

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

10.000

VolkswagenGroup

VolkswagenPassenger Cars

Audi KODA SEAT Porsche(since 08/12)

Bentley CommercialVehicles

January to December 2011January to December 2012

60

1 Figures including Porsche as from August 1, 2012; excluding Scania and MAN.







Team

Deliveries in 000 units

+12.7%

+11.7%

-8.3% +21.5% +4.1%

+11.2%

+6.8%

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Volkswagen Group Truck and Bus Deliveries1January to December 2012 vs. 2011 (Gvw. > 6t)







Team

1 MAN is consolidated in the Volkswagen Group since 9 November 2011. Delivery figures for the period January December 2011 are shown for information only.2 MAN Latin America Trucks and Buses gvw. > 5t.

2

-15.9%

2011 2012

80

67

-13.7%

2011 2012

156

134

Deliveries in 000 units

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2011 20122011 20122011 20122010 2011

Operating Profit

11,271 11,510

21,884

15,799

Profit Before Tax

18,926

25,492

Net Profit

Sustained Commitment to Profitable Growth

The Volkswagen Group significantly increased its sales revenue and net profit in 2012.

In 2012, the Volkswagen Group generated sales revenue of 192.7 billion (+20.9%) and a record operating profit

of 11.5 billion. At 25.5 billion, the Volkswagen Groups profit before tax was significantly higher than in 2011(+34.7%) due to positive measurement effects in the financial result.

At 21.9 billion, the Volkswagen Groups net profit exceeded the prior year figures by around 6.1 billion.

million million million







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Sales Revenue

159,337

192,676

million

2011 2012 2011 2012 2011 2012 2011 2012

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1All figures shown are rounded, so minor discrepancies may arise from addition of these amounts.2 Including financial services; Porsche since August 1, 2012, MAN as from November 9, 2011.3 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 3,678 million (2,616 million).4 Including Porsche Holding Salzburg as from March 1, 2011.5 Mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits; the figure includes depreciation and amortization of identifiable assets as part of the

purchase price allocation for Scania, Porsche Holding Salzburg, MAN und Porsche.

('000 units)/ million 2012 2011 2012 2011 2012 2011

Volkswagen Passenger Cars 4.850 4.450 103.942 94.690 3.640 3.796

Audi 1.299 1.543 48.771 44.096 5.380 5.348

KODA 727 690 10.438 10.266 712 743

SEAT 429 362 6.485 5.393 -156 -225

Bentley 9 7 1.453 1.119 100 8

Porsche2 62 - 5.879 - 946 -

Volkswagen Commercial Vehicles 437 441 9.450 8.985 421 449

Scania2 67 80 9.314 10.064 930 1.372

MAN

2 134 25 15.999 2.652 808 193

VW China3 2.609 2.201 - - - -

Other4 -1.279 -1.438 -36.929 -33.768 -2.682 -1.617

Financial Services Division - - 17.872 15.840 1.410 1.203

Volkswagen Group 9.345 8.361 192.676 159.337 11.510 11.271

Automotive Division 9.345 8.361 172.822 142.092 9.923 9.973

of which: Passenger Cars and LCV Business Area 9.143 8.256 148.021 129.706 9.405 9.042

of which: Commercial Vehicles, Power Engineering Business Area 202 105 24.801 12.386 519 931Financial Services Division - - 19.854 17.244 1.586 1.298

Operating resultVehicle Sales Sales revenue

5 5







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Strong Performance Across our Business Lines1

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16.516.0

Gross cash flow in the Automotive Division increased slightly year-on-year to 15.8 billion (15.4 billion) in fiscalyear 2012 whereat higher tax payments had a negative impact. Despite the increased business volumes, strictworking capital management led to the release of 0.5 billion (1.7 billion). The overall cash flow from operatingactivities decreased to 16.2billion (17.1 billion). A cash outflow arose from the contribution in full of Porschesautomotive business to the Volkswagen Group and from the acquisition of Ducati. The net cash flow of theAutomotive Division decreased by 1.3 billion to -0.2 billion.

Cash Flows from Operating Activities and Cash Flows fromInvesting Activities

1 Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.2 Before consolidation of intragroup transactions: 17,029 million (17,868million). Excluding acquisition and disposal of equity investments: 12,528 million (9,371 million).

January December 2011 January December 2012

Cash flows fromoperating activities2

Cash flows fromoperating activities2

Cash flows frominvesting activities

Net cash flow1.1

Cash flows frominvesting activities

17.1Net cash flow

-0.2

16.2







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9.4 12.5

billion, Automotive Division1

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2008 2009 2010 2011 2012

AUTOMOTIVE NET LIQUIDITYINVESTMENTS IN PROPERTY, PLANT ANDEQUIPMENT, AUTOMOTIVE DIVISION

billion / in % of sales revenue

6.8

5.8 5.7

6.6%

6.2%

5.0%

7.9

5.6%

10.3

2008 2009 2010 2011 2012

18.6

10.6

8.0

17.0

billion

10.6







Team

5.9%

Volkswagen is Financially Stable Supported by StrongCapital Discipline and Significant Liquidity

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Robust Financial Structure

It is part of Volkswagens strategy to ensure a solid, stablefinancial position at all times. We aim to safeguard an

adequate liquidity, a healthy financing structure and our rating,which compares extremely well with the rest of the sector.

The Automotive Division recorded a cash inflow of 2.6 billion( -4.3 billion) from financing activities. Due to new equityinvestments, net liquidity in the Automotive Division decreasedat the end of fiscal year 2012 to 10.6 billion (17.0 billion).

In light of the Volkswagen Groups sustained growth, wefurther diversified our refinancing activities in 2012. Last year,Volkswagen refinanced the equivalent of 25 billion throughthe issue of bonds, tapping into additional financial markets inthe process.

In 2012, rating agencies Standard & Poors and Moodys

Investors Service performed their regular update of their creditratings, they confirmed Volkswagens very good rating bysector standards and raised the outlook.

CAPITAL MARKET PROGRAMS

RATING OVERVIEW

Authorizedvolume

Amount utilizedon Dec. 31, 2012

Programs billion billion

Commercial paper 25.7 5.3

Medium-term notes 68.1 36.9

Other capital market programs 21.3 10.1

Asset-backed securities 43.9 18.4

As ofDec. 31, 2012

Standard & Poors

short-term A2 A2 A2

long-term A A A

Outlook positive positive positiveMoodys InvestorsService

short-term P2 P2 P2

long-term A3 A3 A3

Outlook positive positive positive

VolkswagenAG

VolkswagenFinancial

Services AG

VolkswagenBank GmbH







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Outlook 2013 Volkswagen Group1

Salesrevenue billion

Deliveries tocustomers

million vehicles

Operating

profit billion

Deliveries to customers are expected toincrease year-on-year

Sales revenue is expected to exceed theprior-year figure

While we shall see positive effects from ourattractive model range and strong marketposition, there will also be increasingly stiffcompetition in a challenging marketenvironment

Given the ongoing uncertainty in the economic

environment, the Groups goal for operatingprofit is to match the prior-year level in 2013

This applies equally to the Passenger CarsBusiness Area, the Commercial Vehicles,Power Engineering Business Area whichremains affected by high write-downs relating

to purchase price allocation, among otherthings and the Financial Services Division

9.38.3

7.2

6.3

126.9

192.7159.3

105.2

11.3

7.1

1.9

11.5

20132012201120102009

1 Including Trucks & Busses (until February 2009); MAN is fully consolidated in the Volkswagen Group since November 9, 2011; Ducati is consolidated as from July 19, 2012;Porsche AG is fully consolidated as from August 1, 2012.







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SEAT Leon SC

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Our Markets 24


Strategy 2018 45


Focus on R&D 59Forming an Integrated Group 68


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Topemployer

VolkswagenGroup profitbefore tax

margin > 8%Volumes

> 10 millionunits p.a.2

Leadingin customersatisfactionand quality

1 Growth market focus

Increased market penetration

Emerging markets expansion

Balanced global footprint 2 Modular toolkit strategy

Reduction in investment,development and unit costs

Scale and efficiency effects

Increased productionflexibility

Reduced time to market

3 Capital discipline

> 16% RoI target inautomotive business

20% RoE1 goal in FinancialServices

Around 6% automotive capexin PPE/sales

4 Operating profit measures

Strong cost control

Process/product optimization

Regional scale effects

5 Synergy potential

Leveraging best practicesacross the Group

Purchasing, production, anddistribution benefits

6 Potential upside

Product portfolio extension

North American expansionand market recovery

Commercial vehicle strategyand market recovery

Financial Services:strengthen the automotivevalue chain

Strategy 2018: Sustainable Profitable Growth

We have defined four goals that are designed to support Volkswagen becoming the most successful andfascinating automaker by 2018. To achieve these targets we have identified six areas to focus on:

1 Normalized RoE based on 8% equity ratio.2 Including China.Source: Volkswagen Group.Note: All stated Volkswagen Group figures represent financial targets for 2018, excluding Porsche, MAN and Ducati.







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2007 2008 2009 2010 2011 2012

Strategy 2018: Our Achievements so far

2007 2008 2009 2010 2011 2012

6.2 6.3 6.3

Group deliveries(in million units)

7.2

8.3

6.0 5.8

1.2

Group profit before tax margin(in percent)

7.1

11.9

2007 2008 2009 2010 2011 2012

I am happy to work at the Volkswagen Group(Employee opinion survey)

Own calculation based on key industrystudies on customer satisfaction withdealers, after sales and new vehicles.

Including China.

Group profit before tax margin excluding thenonrecurring effect from the remeasurementof the Porsche put/call options and fromremeasurement at the contribution dateof the shares already held.

Volkswagen Group customer satisfaction(on a scale of 1 to 101)

7.83

8.22 8.32 8.34 8.41

8.55

VolkswagenGroup profitbefore tax

margin > 8%Volumes

> 10 millionunits p.a.2

Leadingin customersatisfactionand quality

Topemployer

9.3

13.2

6.93

1

2

3

8.67

2007/08 2009 2010 2011 2012

84%

88% 87%88%

90%







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NorthAmerica Western

Europe2

Eastern Europe(incl. Russia)

China(incl. HK)

SouthAmerica1

Japan

India

In 2012, we delivered 9.3 millionvehicles to our customers,

substantially up from previous years8.3 million.

The BRIC markets (Brazil, Russia,India and China) as well as the USoffer significant further growthpotential.

To meet regional customer demandand purchasing power and to minimizecurrency risk a clear focus on localproduction is necessary.

Thats why we are investing in our

existing capacity and the continuedexpansion of our production network,such as in China, Russia and Mexico.

Substantial Growth Opportunities Stemming from BRICCountries Together with a Continued Rebound in the USFORECAST MARKET GROWTH 2012 2018 (million units)

1 Includes Central America and Caribbean.2 Includes Cyprus and Malta.Source: IHS Global Insight (data status: February 2013), rounded.Note: Market = Cars and LCVs.

World

2012 2015 2018

+14%

17.2

19.5

2012 2015 2018

+17%

13.215.3

2012 2015 2018

+36%

4.35.9

2012 2015 2018

-14%

5.24.5

2012 2015 2018

+55%

18.8

29.1

2012 2015 2018

+77%

3.3

5.9

2012 2015 2018

+33%

5.8

7.8

2012 2015 2018

+29%

79.7

102.6







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3,5674,469

1.673

5,859

9,375

10,911

2007 2008 2009 2010 2011 2012

The operating profit after tax of the AutomotiveDivision, including the share of the Chinese jointventures, was 10.9 billion in 2012 (9.4 billion).

The significant year-on-year increase was due inparticular to higher volumes, optimized product costsand positive exchange rate effects, as well as theinclusion of MAN and Porsche.

Invested capital rose to 65.7 billion (52.9 billion),mainly as a result of the inclusion of the new

companies and higher investments in property, plant,and equipment. Multiplied by the cost of capital, whichalso increased as against 2011, the cost of investedcapital was up to 5.1 billion (3.7 billion).

The increase in operating profit after tax resulted in aclearly positive value contribution of 5.8 billion (5.7

billion).The return on investment is the return on investedcapital for a particular period based on the operatingprofit after tax. At 16.6%, this was down on the prior-year figure (17.7%) due the increase in investedcapital.

Positive Long-Term Trend of Return on InvestmentShows Improving Efficiency

9.5%10.9%

3.8%

13.5%

Operating profit after tax

RoI

OPERATING PROFIT AFTER TAX AND RoI DEVELOPMENTOF THE AUTOMOTIVE DIVISION ( million)

Note: Including proportionate inclusion of the Chinese joint ventures (including the respectivesales and component companies) and allocation of consolidation adjustments between the

Automotive and Financial Services divisions.1Adjusted. The return on investment after tax (RoI) is unchanged as against the previous year.

16.6%

1

17.7%







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Our Markets 24Financials & Outlook 34

Strategy 2018 45




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100 Locations Worldwide Support Growing Demand

Volkswagen is represented ineach important region with atleast one plant.

Local production allows us tooffer model variations thatanswer the different needs ofour regional customers fromChina to North America, India

and Europe.Our flexible engineeringarchitecture allows this to beachieved in a cost effectiveand timely manner.

The transfer of the toolkit

principle to production is thenext step. Our factory of thefuture is highly flexible, and itcan produce a wide range ofmodels and brands on thesame production line.

4India

6Brazil

3Argentina

3South Africa

3Mexico

12China

1USA

67

Europe

Production locations

Production locations under construction

As of January 16, 2013.

1Thailand







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Modular Toolkit Efficiency Gains Through Synergies

TECHNICAL CONCEPT Significantly reducing the fuelconsumption of our vehicles, producingthem at globally competitive costs andsimultaneously increasing profitabilityand productivity these are theVolkswagen Groups goals for itsmodular toolkits. They represent thefurther development of our platform andmodular strategy, which has its origins

in the mid-1990s. Independent fromsize and segment, several parts, suchas engines, gearboxes or airconditioning, can be used for differentvehicles.

This ensures that the synergy effects

that exist, both between models in oneseries and across all series and brands,can be optimized and increased.

Modularisation enables standardization with visible customizationwhilst maintaining the individual brand identity.

1 Porsche AG fully consolidated since August 1, 2012.

1







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Modular Toolkit Introduction of the Modular TransverseMatrix

MODULAR LONGITUDINAL MATRIX (MLB)

The Modular Longitudinal Matrix is the use of a modular strategy in

vehicle platforms in which the drive train is mounted longitudinally to thedirection of travel. This modular arrangement of all components enablesmaximum synergies to be achieved between the vehicle families. Thisconcept is already used at Audi since 2007 to develop vehicles. With theevolutionary step MLB evo, the toolkit will be expanded in the future.

MODULAR TRANSVERSE MATRIX (MQB)

The latest member of our toolkit family is the Modular Transverse Toolkit(MQB). It is the basis for vehicles whose engine is mounted in a transversearrangement. We introduced the first models based on this toolkit in theshape of the new Audi A3, the new Golf and the new SEAT Leon in 2012.

With the MQB, the Volkswagen Groups modular toolkit strategy nowextends from the A0 segment to the C segment. The vehicles in the NewSmall Family are also covered in the A00 segment. We intend to produceover 40 models based on the MQB in the long term and across brands tothe highest quality standards, customized to each brand and tailored to thedifferent market requirements.







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MQBplatformca. 60%

MQB Helping to Improve Product and Margins

Material costs 100 %

Hatca.40%

Potential savingsLower cost per unit

Less EHpV1

Less one-off expenditures

Additional serial andoptional content,previously reserved topremium class

Marginimprovement

Savings Profit Expenditures Invest

Distribution of savings

Savings to be partlyabsorbed to fulfillregulatory and legalrequirements:

EURO 6Pedestrian protection

1 Engineered Hours per Vehicle.

The MQB architecture standardizes a number of key components across a number of vehicles classes. Eachmodel retains its own unique look and feel through the development of the so-called Hat. The MQB platformitself counts for 60 percent of the vehicle costs and bears the possibility first to significantly cut the necessary

one-time expenses, such as development costs and to reduce manufacturing times, and, second, to enable useover several vehicle generations.







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The MQBs Flexible Design is Able to AccommodateAlternative Drives

FlexFuelEthanol

Conventional drive

TSI GasolineEA211

TDI DieselEA288

Plug-in

E-Drive

Electric drive

Alternative/Regenerative

EcoFuelCNG

In addition to conventional petrol and diesel engines, the MQB also permits alternative drivetrains to beintegrated, for example gas, hybrid, or electric drives. Previously, vehicle-specific adaptions were necessary in

each case. Now, the MQB basic architecture is pre-configured to accommodate the changes required, be it forbattery packs or high pressure gas tanks within the existing structure. Therefore, a quick reaction to changingneeds is possible avoiding major product investment and minimizing complexity.







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MQB MLB MSB

Modular Toolkit Responsibility

The responsibilities for the different modular toolkits and for the New Small Family are with Volkswagen, Audi and Porsche.

Audi started with the launch of the Modular longitudinal toolkit and keeps the responsibility. The know-how which they have gainedover the years, helped and helps to develop the following toolkits.

The Volkswagen brand is responsible for the Modular transverse toolkit which will be used for the Volkswagen, Audi, SEAT andKODA brands. The first vehicles to be produced based on the MQB will be the successor to the Audi A3 and the next generation Golf.

Development of the Modular standard drive train toolkit is being handled by Porsche, which was made responsible for developmentof sports car and luxury sedan platforms. The MSB is for a conventional front-engine, rear-wheel drive layout, hence the wordstandard in its title, and it will be used for a range of models including the next-generation Porsche Panamera and Bentley Continentallineup.

In addition, the New Small Family complements the toolkit strategy. The up! and its derivatives are not produced based on the MQB.However, individual components such as engine, gearbox and steering components can be used for vehicles based on MQB.

NSF

1 Porsche AG fully consolidated as from August 1, 2012.

1







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Bentley Mulsanne

Lamborghini Aventador Roadster







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Strategy 2018 45




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R&D Mission

Shaping the future is a fascinating challenge for industry and society. Volkswagens automotive future is formed bysocial conditions and trends. It is the Groups task to anticipate the future needs of our customers and to convertthese needs into innovative technologies.

The technological challenges of the future can only be mastered by intensive research and networked co-operationboth inside and outside the company. Our mission is to continue meeting our customers wishes for individual andaffordable mobility through sustainable technologies. We work together with our partners to achieve this goal.Research and development activities in the Group again concentrated on two areas in 2012: expanding the productportfolio and improving the functionality, quality, safety and environmental compatibility of Group products.

1972 BEETLE 1303

Consumed 13l/100km

2012XL1

Consumes just 0.9l/100km

Example: From Beetle to XL1 - R&D achieved significant reduction in fuel consumption







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2007 2008 2009 2010 2011 2012

8.9

2007 2008 2009 2010 2011 2012

( billion)

Volkswagen Continues to Invest in its Global R&D ActivitiesR&D EMPLOYEES VOLKSWAGEN GROUP

(000 employees)

( billion)% of automotive sales

VOLKSWAGEN GROUP R&D FOOTPRINT

R&D EXPENSES VOLKSWAGEN GROUP

The large number and technical quality of the ideas submitted in2012 demonstrate once again that our employees are anenormous source of innovation. In the reporting period, theyapplied for 4,313 patents 2,128 in Germany and 2,185 abroad.The main focus of these innovations was on the areas ofinfotainment, driver assistance systems, electric drive technologyand lightweight steel design.

7.26.9

5.45.15.3

VWGoAChattanoogaoperations

VW deMexico

VolkswagenArgentina

VW do Brasil

SCANIA LAMVW of

South Africa

VW India

Shanghai VW

VTT

FAW-VW

VTB

VW Group RUS

kodaVolkswagen

NutzfahrzeugeVolkswagen

SCANIA

BentleyBugattiPorsche

SEAT

Lamborghini

Audi

ERL

ItaldesignMAN

5.4 5.05.8

6.1 5.1

of which capatilized development cost

1.42.2 1.9 1.7 1.7

2.6

Capitalization ratio in %

2937 34

27 23 28

5.1

2007 2008 2009 2010 2011 2012

34.727.425.6

22.821.7

42.1

Our Markets Excellence inProduction Focus on R&DFinancials &Outlook ShareholderInformationStrategy 2018 Forming anIntegrated GroupVolkswagen at aGlance Our Brands &Products Team

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The Lane Assist helps to prevent

accidents caused by unintentionallywandering out of lane, and represents amajor safety gain on motorways andmajor trunk roads. If there is anindication that the vehicle is about toleave the lane unintentionally, Lane

Assist alerts the driver visually and bymeans of a signal on the steering wheel.

The Proactive Occupant Protection

System detects critical situations withelevated accident potential. The vehicleoccupants and the vehicle are preparedfor a possible accident: The front seatbelts in use are tensioned to securelyhold both the driver and the passenger.Open windows and the sunroof areclosed to just a crack.

Proven Innovation Track Record

The multi-collision brake automaticallybrakes after the first impact in order tomitigate and avoid further collisions. Itreduces the remaining kinetic energy byreducing the speed of the car to 10kilometers per hour and therebyincreases safety significantly.

Parking in tight spaces is madeconsiderably easier with the ParkAssist. The latest generation detects

parallel and perpendicular parkingspaces and automatically steers inseveral moves into small parallelparking spaces and out again.

The Fatigue Detection system detectswaning driver concentration and warnsthe driver with an acoustic signal lastingfive seconds; a visual message alsoappears in the instrument clusterrecommending that the driver takes abreak from driving.

The cruise control system withautomatic distance control ACC uses

a distance sensor to measure thedistance and speed relative to vehiclesdriving ahead.


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A Technology Portfolio for Eco-friendly Mobility

EFFICIENT TECHNOLOGIES FOR SUSTAINABLEMOBILITY

Integrating a wide range of innovations into fuel-efficient, low emission mobility solutions, Volkswagens greenlabels offer technologies and products that are geared to significantly reduced fuel consumption and CO2emissions. Volkswagen is committing to reducing the CO2 output of the European new car fleet to 95 grams per

kilometer by 2020. We again recorded impressive results in reducing emission levels last year: we reduced theaverage CO2 emissions over the past five years by 25 grams of CO2 per kilometer to 134 grams of CO2 perkilometer.

NUMBER OF MODEL DERIVATIVES FULFILLING LOW CO2EMISSIONS

33

207

324

100g CO2/km 120g CO2/km 130g CO2/km


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Small internalcombustionengine whichrecharges thevehicles batteryand therebyincreases itsrange.

Full Hybrids, incontrast to mildhybrids, candrive shortdistances in fullelectric mode.

Steps in Electrification

Volkswagen is electrifying drivetrains step by step and is on the way to launch the first series e-vehicle for everyone,the e-up!. Volkswagens aim is not to be the fastest, but the best and safest for our customers.

Mild Hybrid

Start-Stop systemRecuperation

Combination ofICE and electricmotor. Theelectric motorserves to boostpower duringacceleration.Pure electricdriving is notpossible.

Internalcombustionengine (ICE)

1.2 l 77 kW TSI

Gasoline orDiesel Engine

Full Hybrid

Touareg Hybrid

Plug-InHybrid

Golf twinDRIVE

Electricvehicle

Fuel Cell

e-up! TiguanHymotion

RangeExtender

Range ExtenderElectrical Vehicle

Internal Combustion Engine + Electric Generator

Both

Electric Motor2 km 20-80 km 50-120 km 80-200 km 400-600 km

In the next decades, todays technologieswill continue to be dominant. Combustionengines some of them supported by E-motors, pure E-drives and fuel cells willco-exist side-by-side. On its path towardsthe future, Volkswagen will continue toresearch and further develop all potentialengine types and introduce them as soonas it makes sense and is technicallyfeasible.

The Batteries ofPlug-In Hybridscan be charged byplugging into anelectric socket.Due to the greaterbattery capacity,longer electricdriving ranges arepossible.


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Urban Mobility and Long Distance Mobility

Bik.e

E-Scooter

Kickstep

Urban Concept

Q5 Hybrid

Panamera Hybrid

Nils

Caddy blue-e-motion

e-up!

e-Golf

Golf twinDRIVE

XL1

Passat BlueMotion

Touareg Hybrid

Cayenne Hybrid

The use of efficient, sustainable drivetrains is a highly important strategic issue for Volkswagen. The Group is notonly working to continuously optimize its existing drivetrains but is also as in the past pursuing a variety ofalternative drive concepts, and especially electric traction.


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VW Passat

Audi A4

Audi Q7

Audi A6

Audi A8

VW XL1

Porsche1 918 Spyder

VW e-up!

VW e-Golf

VW Caddy blue-e-motion

VW Jetta

Porsche1 Panamera S

Audi Q5

Porsche1 Cayenne S

VW Touareg

Driving the Future On the Way to E-Mobility

With these models offered worldwide Volkswagen willbuild a solid bridgeto the era of electricmobility.

In parallel with theintroduction of newhybrid models,Volkswagen isworking on its

electric vehicleoffensive.

2010 2011 2012 2013

Hybrid

E-veh

icles

1 Porsche AG fully consolidated as fromAugust 1, 2012.


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67Our Markets Excellence inProduction Focus on R&DFinancials &Outlook ShareholderInformationStrategy 2018 Forming anIntegrated GroupVolkswagen at aGlance Our Brands &Products Team

Porsche Cayman S

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Strategy 2018 45




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Forming an Integrated Commercial Vehicles Group


MAN, Scania und Volkswagen Commercial Vehicleswill leverage synergies and jointly harness thesubstantial worldwide growth potential in thissegment.

To strengthen and simplify cooperation in theCommercial Vehicles business Volkswagen seeksto conclude a domination and profit and loss transferagreement with MAN SE.

The target is to achieve 200 million per annum insynergies between MAN, Scania and Volkswagen.

We anticipate higher synergy potential in themedium to long term.

Initially, these will relate to procurement activities,followed in the medium and long term by a closercooperation in research and development as well asproduction.

Leif stling in charge of Group Board ofManagement Commercial Vehicles functionsince 1 September, 2012.

Voting rights: 75.03%1

Capital: 73.72%1Voting rights: 89.2%2

Capital: 62.6%2

1As per 31 December 2012.2As per 31 December 2012; The stake in Scania held by MAN is attributable to Volkswagen.

Business unit ofVolkswagen AG

Automotive Division

Business Area

Trucks and Buses,Power Engineering

Financial ServicesDivision

Business Area

Passenger Cars and LightCommercial Vehicles

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Strategy 2018 45


Focus on R&D 59



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D J F M A M J J A S O N D

125

100

150

175

75

Volkswagen Stammakt ie

Volkswagen Vorzugsaktie

DAX

DJEuro STOXX Aut omobil e

200

The performance of ordinary and preferredshares was unequivocally positive in fiscal2012. However, for Volkswagen AG

shareholders the year was also marked bypronounced volatility on the stock marketsprecipitated by the European debt crisis.

On the whole, Volkswagen AGs ordinaryand preferred shares performed very

positively during the year in spite of volatilemarket trends. The securities not onlyincreased in value year-on-year, but alsooutperformed the overall market and thesector.

In the interests of all stakeholders, we arepursuing continuous dividend growth so thatour shareholders can participateappropriately in our business success. TheGroup is aiming to achieve a distributionratio of 30% in the medium term.

SHARE PRICE DEVELOPMENT 2012

Fiscal Year 2012 Encouraging Share Price Performance forVolkswagen AG Shareholders

DIVIDEND DEVELOPMENT

Dividend development 2012 2011 2010 2009

Number of no-par valueshares at Dec. 31

Ordinary shares 000 295,090 295,090 295,046 295,005Preferred shares 000 170,143 170,143 170,143 105,238

Dividendper ordinary share 3.501 3.00 2.20 1.60per preferred share 3.561 3.06 2.26 1.66

Total dividend paidOrdinary share million 1,0331 885 649 472Preferred share million 6061 521 385 282

1 Proposed.


Volkswagen Ordinary Shares

Volkswagen Preferred Shares

DAX

DJ Euro STOXX Automobile

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50.73%Porsche AutomobilHolding SE, Stuttgart

20%State of LowerSaxony, Hanover

17%QatarHolding

9.9%Others

2.37%Porsche GmbH,Salzburg

0

30

60

90

120

150

180

1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

Volkswagen Share Historical Share Price Development andShareholder StructureHISTORICAL DEVELOPMENT ORDINARY AND PREFERRED SHARE (, monthly closing prices)

SHAREHOLDER STRUCTURE AND VOTING RIGHTS

Preference Share

In Percent of Subscribed Capital (as of Dec. 31, 2012)

Ordinary Share

1969Stocksplit 1:2

Voting Rights (as of Dec. 31, 2012)

16.4

12.7

3.0

1.5

0 10 20 30 40 50 60 70 80 90 100

32.2

24.9

German institutional investors

Porsche Holding GmbH, Salzburg

Private shareholders/Others

State of Lower Saxony

Porsche Automobil Holding SE

Foreign institutional investors

Qatar Holding LLC

9.3

1998Stocksplit 1:10





Volkswagen at aGlance Our Brands &Products

Team

0

100

200

300

400

500

600

1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012

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April 25, 2013 Volkswagen AGAnnual General Meeting 2013Hanover

April 29, 2013 Volkswagen AGInterim Report January March 2013

Wolfsburg

July 31, 2013 Volkswagen AGHalf-Year Financial Report January June 2013Wolfsburg

October 31, 2013 Volkswagen AGInterim Report January September 2013Wolfsburg

Upcoming Events 2013







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Team

MAN TGX

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Strategy 2018 45


Focus on R&D 59



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Key Investor Relations Contacts

Christine RitzGroup Head of Investor Relations

E-Mail: [email protected]

Telephone: +49 5361 9 49840

Oliver Larkin (London office)Senior Investor Relations Manager

E

Factbook_2013

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