Movements in the price of Volkswagen’s shares

On the whole, Volkswagen AG’s ordinary and preferred shares declined sharply in 2015, underperforming the overall market and the automotive sector.

Index based on month-end prices: December 31, 2015 = 100

In the first quarter, both classes of shares clearly outperformed the upward trend on the equity markets. The above-average increase at the beginning of 2015 was driven by several factors: firstly the strong results we presented when the Company’s annual financial statements for the fiscal year 2014 were published, but above all the positive conditions on the capital markets and the depreciation of the euro against other currencies, which is advantageous for export industries.

In the second quarter, Volkswagen shares gave up some of their gains made during the first three months. With stock markets in decline, discussions about the composition of the Board of Management and the Supervisory Board of Volkswagen AG, as well as increasing concerns about slower growth in demand for passenger cars due to China’s weaker economy influenced market participants. As the quarter progressed, both classes of shares were more volatile than the market as a whole, trailing market growth.

In the course of the third quarter, ordinary and preferred shares progressively continued their downward trend, thus lagging significantly behind the market trend. Investors focusing on the automotive industry were unsettled by weaker economic growth in China, among other factors. After the emergence of irregularities in the software used in certain diesel engines and the resulting public speculations concerning possible expected consequences, both classes of shares fell considerably in mid-September 2015.

After reaching the lowest closing price for the year at the beginning of the fourth quarter, Volkswagen shares recovered temporarily from their sharp declines. As a result of the news that, as part of the internal examination of all diesel engines, we also encountered evidence that irregularities in the determination of the CO2 figures for vehicles’ type approvals in the EU28 countries could initially not be ruled out, the prices of both classes of shares trended lower again.

As the fourth quarter progressed, the information about technical solutions for our customers in the EU28 countries to rectify the irregularities in NOx emissions, and the clarification of the CO2 issue led to a rise in the share price amid significant fluctuations. The prices of Volkswagen shares moved sideways towards the end of the fourth quarter.

Volkswagen AG’s preferred shares reached their highest daily closing price for the year of €255.20 on March 16, 2015. They recorded their lowest closing price for the year of €92.36 on October 2, 2015. The Company’s preferred shares closed the end of 2015 at €133.75, down 27.6% on the prior-year figure.

Volkswagen’s ordinary shares also reached their highest closing price of €247.55 on March 16, 2015. They recorded their lowest daily closing price for the year (€101.15) on October 2, 2015. The ordinary shares were trading at €142.30 on the last day of trading in 2015, down 21.0% on the price at the end of 2014.

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