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Roadshow with Citigroup

Hans Dieter Ptsch, Member of the Board of Management, Volkswagen Aktiengesellschaft

Zurich, 26 September 2008

Volkswagen - Das Auto: Today and Tomorrow

2008

2009

... to 2018

Highlights 2008
Deliveries to customers developing better than the world market

Operating performance further improved in H1

Strong cost control and capital discipline continues

Scania becomes the 9th brand of the Volkswagen Group

Sales and profit targets for 2008 reaffirmed


3

Volkswagen Group Deliveries to Customers by Brands 1)


January August 2008
000 units January August 2007 January August 2008
+4.1%
4,070 4,235

5000 5,000

4,000 4000

3,000 3000

+3.6%
2,399 2,486

2000 2,000

+1.6%
1000 1,000 656 667

+16.2% -9.2%
406 472 286 260

+9.2% -20.3%
7 6 Commercial Vehicles
4

314

343

00
Volkswagen Group
1)

Volkswagen Passenger Car

Audi

koda

Seat

Bentley

Scania figures will be reported quarterly

Volkswagen Group Deliveries to Customers by Markets 1)


January August 2008
000 units January August 2007 January August 2008

5,000 5000

+4.1%
4,070 4,235

4,000 4000

3,000 3000

+0.6%
2,491 2,505

2,000 2000 +11.5%


342 540 602

+14.8%
686 787

1,000 1000

- 3.3%
353

0 0
Volkswagen Group
1)

Scania figures will be reported quarterly

Europe/Remaining Markets

North America

South America/South Africa

Asia Pacific
5

Outlook 2008 Volkswagen Group


in 000 units / million Deliveries to customers Sales revenue Operating profit
1)

2004 5,079 88,963 2,0372)

20051) 5,243 93,996 2,8892)

2006 5,733 104,875 4,383

2007 6,189 108,897 6,151

2008 >6,189 >108,897 >6,151

Restated; 2) before special items.

Together with the higher sales revenue resulting from the expected increase in unit sales, this will help lift our operating profit for 2008 above the previous years figure. As a result of upfront expenditures on new products, powertrains and production facilities, the ratio of investments in property, plant and equipment (capex) to sales revenue will be at a competitive level of around 6%.

6 Source: Volkswagen Aktiengesellschaft January June 2008 Interim Report

Volkswagen - Das Auto: Today and Tomorrow

2008

2009

... to 2018

Volkswagen Way: Value-driven, synchronized Group Production System

Continuous Improvement Process


Process Optimisation Product Optimisation

Wave 1: Direct area / production


Step 1 Step 2 Step 3

Wave 2: Indirect area / administration

Wave 3: Product process prior to SOP

Wave 4: Supplier management / logistic chain

Golf VI: Production Time Reduction


The new door-concept for the Golf VI saves production time, has a higher quality and costs less in comparison with the Golf V. Golf V Golf VI

The new inner door-concept for the Golf VI

Golf: Production Time Reduction


Production time

30%

2005

2006

2007

2008

2009
10

Golf VI material savings: improved design, higher quality and lower costs
The new navigation system costs less. Golf VI

Golf V RNS 310 Improved functionality: Larger display 5 versus 3.8 SD-card reader RNS 300 Colour display etc.

11

The Golf VI: Strong profit improvement


Analysis of profitability
Currencies/ Other

Purchasing Productivity Raw materials

Volume

Golf VI Golf V

12

Volkswagen - Das Auto: Today and Tomorrow

2008

2009

... to 2018

13

Growing importance of Emerging Markets


Deliveries to customers in million units (2007 2018) including Light Commercial Vehicles

62% 4.2 2.6 4% 17.6 16.9


Russia

7% 18.9

20.3

96% 14.5 7.4

25% 1.5 1.2


South Korea

North America

Western Europe

171% 1.7

4.6
China

10% 5.7 5.2


Japan

52% 3.5 2.3

India

77% 3.0 1.7


Asean*

Brazil

Year 2007

Year 2018

Growth
14

Source: Volkswagen, NEWREG; *) Malaysia, Singapore, Thailand, other Asia-Pacific

BRIC Markets: China and Brazil show the way


China Brazil Russia India

VW Group Deliveries 2007 (000)


Jan. Aug. 2008

910
686

581
438

81
83

13
14

Market share 2007


Jan. Aug. 2008

17.8
19.1

24.9
23.9

3.2
4.1

1.0
1.5

Plants Top 3 sellers

7 Jetta Santana Passat 60-90%

5 Gol Fox Saveiro 80-90%

1 Octavia Passat Touareg reduce imported components by 30%

2 Fabia Octavia (new) Octavia 80% until 2010

Localisation rate:

15

USA a growth market for the Volkswagen Group


Volkswagen Brand USA 2018: 800,000 units
Total market million units (without LCV) Market share VW Group in % Deliveries million units 1.0

Local production in the US

300,000 units
Import from Mexico 375,000 units

Import from Europe 125,000 units

17.3 16.1 >6

Chattanooga

Export 125,000 units


Puebla
2007 2018

2018 2

0.3 0.2 VW 0.8 VW

0.1 0.2 Audi Audi 2007 2007 2018


16

US Market: Total Segmentation August YTD 2008


Winners/Losers
ck ba ch at an -H ed AO S Bn da Se A- pe u Co Aan ed -S AO ck ba ch at UV

Units
100,000

AO AO

-H -S

50,000 (50,000)

-24.5% -21.6% -23.1% -19.0% -23.0% -8.5% -17.4% -12.0% -18.1% -32.5% -28.2% -18.5% -40.7% +158% n/a +24.6% +14.4% +3.0% +3.0% +35.0%

on ag W CPV M An r da rte Se po Dns r ra rte -T B po ns ra -T

C B-

B-

pe ou

(100,000) (150,000) (200,000) (250,000)

c Pi up k-

V SU A-

PV M B-

V SU C-

V SU B-

d Se C-

(300,000) (350,000)

an

C ic -P up k17

(400,000)

Source : Volkswagen Group

Covering new segments will only be possible by modularization Development from platform strategies to modular tool kits
Body Platform Before D C B A A0 A00 E D C B A A0 A00
Module Module

Today E D C B A A0 A00

Future

Synergies

Synergies

Synergies

20% Body 50%

Modules
Platform 50%

60%

20%
18

Volkswagen: facing the challenges


External challenges Our opportunities
Unique brand and product portfolio High quality standards

Growth in global demand slowing Changing consumer priorities Diverse emission regulations Unfavorable exchange rates Rising raw material and energy prices Rising interest rates

Technological leadership Strong global footprint/good exposure to emerging markets FS extends automotive value chain Increased local production/natural hedge Product cost savings through toolkit systems, scale economies in purchasing, and productivity gains Diversified funding sources and excellent ratings Ample cash reserves
19

Key drivers to optimise profit growth


Automotive Division Operating Profit (bn)
5.2

3.5

2.1 1.4 1.1

Key Drivers Strong cost control Process optimisation Increased productivity Product optimisation Increased capacity utilization Regional scale effects
06* 07 08 09 10
20

03*

04*

05*

* Figures are before special items

Capital discipline supporting profitable growth


Investments in Property, Plant & Equipment Automotive Division
bn Capex ratio in % of sales revenue
6.6 5.4 4.5 6.8% 4.3 3.6 5.0% 3.8% 4.6% 6.0%

8.6%

2003

2004

2005

2006

2007

2008

2009

2010

21

Return on Investment on the way to double-digit returns


ROI in % Automotive Division

Best in class

Doubledigit returns

et g r Ta

9.5
Minimum required rate of return 9%

9.0 5.8 2.9

20051,2)

20061)

2007

2018
22

1) Before special items; 2) restated

Disclaimer
This presentation contains forward-looking statements and information on the business development of the Volkswagen Group. These statements may be spoken or written and can be recognized by terms such as expects, anticipates, intends, plans, believes, seeks, estimates, will or words with similar meaning. These statements are based on assumptions relating to the development of the economies of individual countries, and in particular of the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of going to press. The estimates given involve a degree of risk, and the actual developments may differ from those forecast. Consequently, any unexpected fall in demand or economic stagnation in our key sales markets, such as in Western Europe (and especially Germany) or in the USA, Brazil or China, will have a corresponding impact on the development of our business. The same applies in the event of a significant shift in current exchange rates relative to the US dollar, sterling, yen, Brazilian real, Chinese rinminbi and Czech koruna. If any of these or other risks occur, or if the assumptions underlying any of these statements prove incorrect, the actual results may significantly differ from those expressed or implied by such statements. We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superceded.
23

APPENDIX

Volkswagen Scirocco

25

Audi A3 Cabriolet

26

Audi Q5

27

koda Superb GreenLine

28

SEAT Ibiza SportCoup

29

Bentley Continental Flying Spur Speed

30

Volkswagen Caddy Life BlueMotion

31

Lamborghini Gallardo LP560-4

32

Roadshow with Citigroup


Hans Dieter Ptsch, Member of the Board of Management, Volkswagen Aktiengesellschaft

Zurich, 26 September 2008