Shareholder structure

SHAREHOLDER STRUCTURE AT DECEMBER 31, 2008
as a percentage of subscribed capital
Shareholder structure at December 31, 2008 as a percentage of subscribed capital (bar chart)

The shareholder structure of Volkswagen AG as of December 31, 2008, is shown in the chart above. Because of the exercise of conversion rights under the stock option plan, the number of shares increased by 0.9%. At the end of 2008, the subscribed capital of Volkswagen AG thus comprised 294,920,207 ordinary shares and 105,238,280 preferred shares.

In June 2008, the Finance Ministry of the State of Lower Saxony announced that the State of Lower Saxony had purchased 500,000 Volkswagen shares. The purchase was intended to maintain the State’s share in Volkswagen AG above 20% of the voting rights.

Porsche Automobil Holding SE announced in September 2008 that it had purchased an additional 4.89% of Volkswagen’s ordinary shares, bringing its equity interest to a total of 35.14%.

On October 26, 2008, Porsche Automobil Holding SE publicly announced that it had increased its holding of Volkswagen AG’s ordinary shares to 42.6%.

On January 5, 2009, Porsche Automobil Holding SE notified us that its share of the voting rights of Volkswagen AG had exceeded the 50% threshold and amounted to 50.76% as of that date.

This means that Porsche Automobil Holding SE is the largest single shareholder of Volkswagen AG. The State of Lower Saxony held 20.0% of the ordinary shares on December 31, 2008, corresponding to 14.7% of the subscribed capital. The proportion of Volkswagen shares held by foreign institutional investors was 11.9% (previous year: 25.6%), while German institutional investors held 3.8% (previous year: 6.2%).

Notifications of changes in voting rights in accordance with the Wertpapierhandelsgesetz (German Securities Trading Act) are published on our website www.volkswagenag.com/ir

CONVERSION OF STOCK OPTIONS

Due to the very positive performance of Volkswagen ordinary shares in 2008, many of our employees took advantage of the attractive opportunity to convert previously subscribed bonds into ordinary shares. During the reporting period, some 47,000 employees exercised their conversion rights under the subscribed bonds in the fifth, sixth, seventh and eighth tranches of the stock option plan. This resulted in the creation of 3,582,940 new ordinary shares, or €9.2 million in subscribed capital. Further details of our stock option plan can be found in the Notes to the Volkswagen Consolidated Financial Statements.

annual GENERAL MEETING

Volkswagen AG’s 48th Ordinary General Meeting was held in the Congress Center Hamburg on April 24, 2008. With 57.86% of the voting capital present, the ordinary shareholders voted in favor of resolutions including formal approval for the actions of the Board of Management and the Supervisory Board, and the authorization to purchase and utilize own shares. As in previous years, shareholders were able to follow the entire AGM and issue instructions online. Many shareholders also took advantage of the opportunity to exercise their voting rights through an authorized proxy of Volkswagen AG. This service will also be offered to shareholders for the 49th Annual General Meeting on April 23, 2009. All shareholders of Volkswagen AG will receive further information together with their invitation to the AGM.

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