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Development of the Volkswagen
share price

On the whole, Volkswagen AG’s ordinary and preferred shares performed very positively during the year in spite of volatile market trends. The securities not only increased in value year-on-year, but also outperformed the overall market and the sector.

SHARE PRICE DEVELOPMENT FROM DECEMBER 2011 TO DECEMBER 2012
Index based on month-end prices: December 31, 2011 = 100

In the first quarter of 2012, Volkswagen AG’s preferred and ordinary share prices participated in the upturn on the equity markets and initially recorded significant increases. The share prices then moved sideways amid substantial volatility from the beginning of February to the middle of March. Following the announcement of the results for fiscal year 2011, which were largely in line with the market expectations, both share classes lost ground for a short while, before trending upwards slightly again for several days. However, reports of demand weakening in the Chinese passenger car market, the smoldering nuclear dispute with Iran and the associated rises in oil prices unsettled investors, causing automotive share prices to retreat towards the end of March 2012.

In the second quarter of 2012, both of Volkswagen’s share classes outperformed the market as a whole. The share prices initially declined slightly until mid-April in a market environment that was also deteriorating. Volkswagen share prices rose considerably until the beginning of May in response to the positive reception for the Company’s figures for the first quarter of 2012. However, the price gains were lost again by the end of June, reflecting the trend in the market as a whole.

The prices of preferred and ordinary shares surged in a positive environment in the third quarter. The announcement that the integrated automotive group with Porsche would be implemented as early as August 1, 2012, together with the Company’s figures for the first half of 2012 and the strong monthly sales figures, all supported an upward trend that continued until the beginning of August. The share prices then moved sideways amid substantial volatility. Price gains led to new highs for the year in mid-September, although they were lost again by the end of the third quarter.

In the face of considerable volatility, Volkswagen shares sustained their strong uptrend in the fourth quarter, hitting fresh highs after the publication of the Group’s results for the first three quarters of 2012 at the end of October. The issue of a mandatory convertible note at the beginning of November had only a fleeting impact on Volkswagen’s share price. As the year went on, the stock was given a boost by solid sales figures in a favorable trading environment.

Volkswagen AG’s preferred shares recorded their highest daily closing price for the year of €172.70 on December 20, 2012. They recorded their low for the year of €118.00 on June 28, 2012. At the end of 2012, the preferred shares closed at €172.15, 48.7% higher than in the previous year.

Volkswagen’s ordinary shares closed on December 28, 2012, the last trading day of the year, at €162.75. This was the highest closing price and 57.0% higher than at the end of 2011. The shares traded at their lowest daily closing price for the year of €106.20 on January 2, 2012.

FURTHER INFORMATION ON VOLKSWAGEN SHARES
www.volkswagenag.com/ir

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