Report of the Supervisory Board

(in accordance with section 171(2) of the AktG)

Ladies and Gentlemen,

In fiscal year 2011, the Supervisory Board of Volkswagen AG addressed the Company’s position and development regularly and in detail. We supported the Board of Management in its running of the business and provided advice on issues relating to the management of the Company, in compliance with the legal requirements and the suggestions and recommendations of the German Corporate Governance Code.

The Supervisory Board was directly involved in all decisions of fundamental importance for the Group. In addition, we discussed current strategic considerations with the Board of Management at regular intervals. The Supervisory Board was provided by the Board of Management promptly and as scheduled with comprehensive written and verbal information on the development of the business and the Company’s planning and position, including the risk situation and risk management. The same also applies to all key questions relating to the planned creation of an integrated automotive group with Porsche and the formation of a commercial vehicle group comprising MAN, Scania and Volkswagen. In addition, the Board of Management reported to us on an ongoing basis on other current issues and on compliance. We received documents relevant to our decisions in good time for the Supervisory Board meetings in all cases. In addition, we were provided with detailed monthly reports by the Board of Management on the current business position and the forecast for the current year. The Board of Management provided detailed written or verbal explanations of deviations in business performance from the established plans and targets. We analyzed the reasons for these differences together with the Board of Management as a prelude to the appropriate countermeasures being taken.

The Chairman of the Supervisory Board also held regular discussions with the Chairman of the Board of Management in the periods between meetings of the Supervisory Board, in which we addressed the Volkswagen Group’s strategy, business development and risk management, among other things.

The Supervisory Board held a total of six meetings in fiscal year 2011. The average attendance rate was 94%; all Supervisory Board members attended more than half of the meetings. Resolutions on urgent matters were adopted in writing or using electronic means of communication.

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