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NewYork,12January2009Volkswagen:FacingtheChallengeOliverLarkin,SeniorInvestorRelationsManagerVolkswagenAktiengesellschaft2Volkswagen:FacingtheChallenge...to2018200920083Highlights2008DeliveriestocustomersdevelopedbetterthantheworldmarketQ1–Q3Operatingprofitimprovedyear-on-yearWemaintainedourtargetsfor2008throughouttheyearStrongcostcontrolandcapitaldisciplinecontinued4WorldcarmarketQ1toQ3/2008andJanuarytoNovembercomparisonto2007in%Q1Q2Q3Jan-NovcumulativeWorldCarMarket2.6%-0.1%-6.9%-4.6%-8%-6%-4%-2%0%2%4%6%8%5Worldcarmarketvs.VolkswagenGroupdeliveriestocustomersQ1toQ3/2008andcomparisonto2007in%Q1Q2Q3JantoNovcumulativeVolkswagenGroup-deliveriestocustomersWorldCarMarket2.6%-0.1%-6.9%-4.9%6.9%4.8%+0.1%1.0%-8%-6%-4%-2%0%2%4%6%8%1)Scania:deliveriesfromJuly22,2008toSeptember30,2008only.1)1)6WorldcarmarketsanddeliveriestocustomersJanuary-November2008(comparisonto2007in%)CarmarketVWGroupCarmarketVWGroupCarmarketCarmarketVWGroupCarmarketVWGroup-14.2%-4.9%-7.6%-4.2%13.1%14.4%5.8%9.9%2.5%9.4%VWKonzern-VWKonzernVWGroupNorthAmericaWesternEuropeEasternEuropeSouthAmericaAsiaPacific7449482678974945144587451,065672,7455,6802,8665,7350100020003000400050006000VolkswagenGroupWesternEuropeEasternEuropeNorthAmericaSouthAmericaAsiaPacificSouthAfricaVolkswagenGroup–deliveriestocustomersbymarketJanuary–November2008‘000unitsJanuary–November2007January–November2008+1.0%-4.2%+14.4%-4.9%+9.9%5,0003,0002,0001,00004,000+9.4%-28.6%6,0001)Scania:deliveriesfromJuly22,2008toSeptember30,2008only.1)889439094456243427464135723,3685,6809213,3745,7350100020003000400050006000VolkswagenGroupVolkswagenPassengerCarAudiŠkodaSeatBentleyCommercialVehiclesScaniaVolkswagenGroup–deliveriestocustomersbybrandsJanuary–November2008‘000unitsJanuary–November2007January–November2008+1.0%+0.2%+9.1%-12.2%+3.0%-23.5%5,00002,0003,0001,0004,000+4.3%1)1)Scania:deliveriesfromJuly22,2008toSeptember30,2008only.6,0009VolkswagenGroupAnalysisofOperatingProfitJanuary-September€billion4.34.90.10.20.70.60.80.0Jan-Sep2007Volume/Price/MixCurrencyProductcostFixedcost/DepreciationScaniaVolkswagenFinancialServicesJan-Sep20086.05.04.03.02.01.00.010VolkswagenGroup–AnalysisbyBusinessLineJanuary–SeptemberOperatingprofitSalesrevenuesSalesthousandvehicles/€million1)Vehicles&ServicesandFinancialServices;periodfromJuly22,2008toSeptember30,2008.2)ThesalesrevenueandoperatingprofitofthejointventurecompaniesinChinaarenotincludedinthefiguresfortheGroup.TheChinesecompaniesareaccountedforusingtheequitymethodandrecordedanoperatingprofit(proportionate)of€250million(€158million).3)Mainlyintragroupitemsrecognizedinprofitorloss,inparticularfromtheeliminationofintercompanyprofits;2008figureincludesdepreciationandamortizationofidentifiedassetsaspartofthepurchasepriceallocationforScania.1,8892,059455-3082283227--7907444,9194,1687512008VolkswagenPassengercarsAudiŠkodaSEATBentleyCommercialVehiclesScania1)VWChina2)OtherVolkswagenFinancialServicesVolkswagenGroupthereofAutomotiveDivisionFinancialServicesDivision20071,3831,813526-12107148---4337474,2793,532747200754,71225,2605,7554,4391,0456,648---24,2587,35780,95873,6017,35755,80625,7996,3594,0469277,6361,800--25,0238,08285,43277,2418,19120082,7569024473067316-683-8434,5744,574200720082,820970504291734913769-8674,8564,8563)3)11Outlook2008–VolkswagenGroupSource:VolkswagenAktiengesellschaftJanuary–September2008InterimReportTogetherwiththehighersalesrevenueresultingfromtheexpectedincreaseinunitsales,thiswillhelpliftouroperatingprofitfor2008abovethepreviousyear’sfigure.Asaresultofupfrontexpendituresonnewproducts,powertrainsandproductionfacilities,theratioofinvestmentsinproperty,plantandequipment(capex)tosalesrevenuewillbeatacompetitivelevelofaround6%.1)Restated;2)beforespecialitems.20045,07988,9632,0372)in‘000units/€millionDeliveriestocustomersSalesrevenueOperatingprofit20051)5,24393,9962,8892)20065,733104,8754,38320076,189108,8976,15120086,189108,8976,15112Volkswagen:FacingtheChallenge...to20182009200813Worldcarmarketvs.VolkswagenGroupdeliveriestocustomersQ1Q2Q3JantoNovcumulativeVolkswagenGroup-deliveriestocustomersWorldCarMarket2.6%-0.1%-6.9%6.9%4.8%+0.1%-8%-6%-4%-2%0%2%4%6%8%1)Scania:deliveriesfromJuly22,2008toSeptember30,2008only.1)2009?+1.0%-4.9%1)14CurrencyImpactfromWeakDollarandWeakPound$/EuroEuro/GBP0.81.01.21.41.61.8Dec-98Dec-99Dec-00Dec-01Dec-02Dec-03Dec-04Dec-05Dec-06Dec-07Dec-080.50.60.70.80.91.0Dec-98Dec-99Dec-00Dec-01Dec-02Dec-03Dec-04Dec-05Dec-06Dec-07Dec-0815FundingInDifficultTimes5-yearCreditDefaultSwapPremiumsSource:Bloomberg0100200300400500Jul-06Oct-06Jan-07Apr-07Jul-07Oct-07Jan-08Apr-08Jul-08Oct-08Jan-09VolkswagenAGCompetitor1Competitor2inbp1602004006008001,0001,2001,4001/20031/20041/20051/20061/20071/2008EvolutionofSteelPrice*2003–2008*)Hot-RolledBandWesternEuropeEUR,USDperTonneStatus:11/2008Source:LMEUSDperTonneEURperTonne17Powertrain•Combustionoptimisation•Charging•Downsizing•Frictionreduction•TransmissionoptimisationDriverAssistance•FuelconsumptionoptimisedNavigationroute•Anticipatorygearchangesonautomatictransmissions•Innovativeshiftind