Development of the Volkswagen
share price

Neither Volkswagen AG’s ordinary shares nor its preferred shares were immune to the highly volatile market trends in 2011. However, both share classes outperformed the overall market year-on-year. After the share price performance of both share classes had drifted apart to a large extent in recent years, mainly because of the investment in Volkswagen AG by Porsche SE, the change in the share class represented in the DAX, as well as the capital increase from the issue of new preferred shares in 2010, the prices of ordinary shares and preferred shares ran almost parallel in 2011. Due not least to their higher liquidity, however, preferred shares traded at a slight premium throughout the year.

SHARE PRICE DEVELOPMENT FROM DECEMBER 2010 TO DECEMBER 2011
Index based on month-end prices: December 31, 2010 = 100

Following the strong price growth in the second half of 2010, both ordinary shares and preferred shares entered a consolidation phase in the first quarter of 2011. This was mainly due to the political unrest in North Africa, which put pressure on all automotive stocks. In the second quarter, Volkswagen’s share price recovered and increased significantly by almost 30%, driven by the announcement of the Group’s very positive business performance. Amid ongoing high volatility, ordinary and preferred share prices reached their high for the year in July 2011 on the back of reports of encouraging growth in Group deliveries. At the end of the month, however, Volkswagen shares – following the market trend – declined significantly, hitting their lowest point for the year at the beginning of October. This wide fluctuation range did not have any company-specific or fundamental reasons, but rather was largely attributable to general uncertainty on the financial markets.

The Volkswagen Group’s positive business performance in the first nine months of the year and market participants’ optimistic expectations led to the price of both share classes recovering more strongly than the overall market in the fourth quarter.

Based on the daily closing prices, preferred shares reached their high for the year on July 15, 2011, at €151.00. They fell to their lowest point for the year – €88.54 – on October 4, 2011. At the end of 2011, preferred shares were trading at €115.75, corresponding to a decrease of 4.7% compared with the prior year.

Volkswagen ordinary shares, which celebrated 50 years on the stock exchange in 2011, moved within a range of €84.50 on October 4, 2011 to €136.95 on July 15, 2011. At the end of 2011, the ordinary shares closed at €103.65, 2.1% lower than the previous year.