Ratings

In 2011, rating agencies Standard & Poor’s and Moody’s Investors Service performed their regular update of their credit ratings for Volkswagen AG, Volkswagen Financial Services AG and Volkswagen Bank GmbH. Standard & Poor’s confirmed its short-term and long-term ratings of A–2 and A– respectively for Volkswagen AG and Volkswagen Financial Services AG. The outlook for the two companies was raised to “stable” due to the positive business development. Standard & Poor’s confirmed Volkswagen Bank GmbH’s short-term and long-term ratings at A–2 and A– respectively and left its outlook at “stable”. The reasons for this were in particular the company’s improved earnings forecasts for 2011 and 2012, its strong capitalization and the share of Volkswagen Bank GmbH’s refinancing mix accounted for by stable deposits.

Moody’s Investors Service confirmed its short-term and long-term ratings for Volkswagen AG and Volkswagen Financial Services AG at P–2 and A3 respectively; the outlook for both companies was raised to “positive”. Volkswagen Bank GmbH’s short-term and long-term ratings were adjusted because of a change in methodology at Moody’s to P–2 and A3 respectively. Moody’s outlook for Volkswagen Bank GmbH was raised to “positive”.

OUR INVESTOR RELATIONS TEAM IS AVAILABLE FOR QUERIES AND COMMENTS:
WOLFSBURG OFFICE (VOLKSWAGEN AG)
Phone +49 5361 9-86622 IR-Hotline
Fax +49 5361 9-30411
E-mail investor.relations@volkswagen.de
Internet www.volkswagenag.com/ir

LONDON OFFICE
Phone +44 20 7290 7820

BEIJING OFFICE
Phone +86 10 6531 3000

INVESTOR RELATIONS LIAISON OFFICE
(VOLKSWAGEN GROUP OF AMERICA, INC.)
(Questions relating to American Depositary Receipts)
Phone +1 703 364 7000