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					                     Volkswagen Group
                        -
    Debt Investor Presentation - Commerzbank

                          Volkswagen AG

                 Volkswagen Financial Services AG

                       Volkswagen Bank GmbH
September 20, 2005
Frankfurt am Main



                                                    1
Representatives

Oliver Larkin - Senior Investor Relations Manager, VW AG
VW Group – Financials and Strategy Update

Kai Otto - Head of Capital Markets, VW AG
VW Group - Funding

Helge Hiller - Head of Investor Relations, VW FS AG
VW FS Group – General Information

Bernd Bode - Head of Treasury, VW FS AG
VW FS Group - Funding


                                                           2
VOLKSWAGEN AG
Group Financials and Strategy Update


Oliver Larkin
Senior Investor Relations Manager, Volkswagen AG




                                                   3
Agenda



   Financials


   Targets 2008




                  4
Volkswagen Group Headline Figures
January - June 2005

January-June                                                                           2005            2004          +/- (%)
Deliveries to customers                                     '000 units                2,559           2,516          + 1.7
Production                                                  '000 units                2,634           2,670           - 1.3

                                                                                                                1)
Sales revenue                                                 € million             46,016          45,158           + 1.9
Operating profit (after special items)                        € million               1,375              851         + 61.6

                                 2)
Automotive division
Cash flows from operating activities                          € million               3,334           3,765           - 11.4
Cash flows from investing activities                          € million               2,676           3,495           - 23.5
Net cash flow                                                 € million                  658             270         +143.7
Net liquidity at June 30                                      € million             - 1,125         - 2,184



1) Restated.
2) Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.
                                                                                                                               5
   Volkswagen Group - Deliveries to Customers
   January - June 2004/2005
                                                                            Jan. – June 2004
‘000 units
                                                                            Jan. – June 2005
 3.000
3,000
                 + 1.7%
2,500
 2.500                 2,559
             2,516


2,000
 2.000
                                       - 1.3%
                                   1,747     1,725
 1.500
1,500


1,000
 1.000
                                                             + 2.8%

 500
  500                                                     621         638
                                                                                   + 31.9%

                                                                                 148         196
     0
             Volkswagen Group   Volkswagen Brand Group   Audi Brand Group      Commercial Vehicles




                                                                                                   6
   Volkswagen Group - Deliveries to Customers
   January - June 2004/2005
                                                                                         Jan. – June 2004
‘000 units
                                                                                         Jan. – June 2005
 3.000
3,000
                + 1.7%
2,500
 2.500               2,559
             2,516                +4.0%
                                       2,293
                               2,206
 2.000
2,000
                                                   + 5.1%
                                                         1,709
 1.500                                           1,627
1,500


1,000
 1.000

                                                                                                    - 10.4%
 500
  500
                                                                    -14.1%          + 15.4%
                                                                                                   363    326
                                                                   280             245    283
                                                                          241
     0
         Volkswagen Group    Volkswagen Group     Europe /        North America   South America/   Asia-Pacific
                                  ex-China    Remaining markets                    South Africa




                                                                                                              7
     Volkswagen Group
     Sales Revenues
€ billion
 46,0
 46.0
                                                                            0.4
45.5
45,5
                                                                   0.4
                                                  0.1
                           0.2     0.3
 45.0
 45,0

44.5
44,5                                                                                    46.0
                     1)
44.0
44,0
              45.2
                                         + €0.8 billion = + 1.9%
43.5
43,5

43.0
43,0
            Jan.-June     Volume   Price       Currency    Mix & others   Financial   Jan.-June
              2004                                                        Services      2005


  1) Restated.
                                                                                            8
       Volkswagen Group
       Analysis of Operating Profit
€ billion
1,5
1.5
                                                                           0.1
                                                                0.2
 1.0
 1,0

                        0                         0.5
                                    0.3                                               1.4
 0.5
 0,5
            0.9
                                          + €0.5 billion = + 61.6%

 0.0
 0,0
        Jan.-June    Volume /     Currency   Product cost Fixed costs /   Special   Jan.-June
          2004      Price / Mix                              Start-up      items      2005
                                                              costs



                                                                                            9
ForMotion Program Status
as of June 30, 2005


                                      Overheads / Process Optimization
   4.2%           33.0%
                                      One-time Expenditure
 4.4%
                                      Product Costs
6.2%
                                      Performance Enhancement Sales

  8.7%                                Commercial Vehicles
                          22.3%
                                      Foreign Sales Subsidiaries
          21.2%                       Financial Services



 Total ForMotion effects January-June 2005: €1.7 billion


                                                                   10
  Volkswagen Group
  Analysis by Business Line
     January – June                                 Sales Revenue                             Operating Result

€ million                                         2005          2004 1)         %          2005            2004      %

Volkswagen brand group                         23,722        24,521          -3.2            169             33    N/A
Audi brand group                               14,112        13,501         +4.5             657            550   +19.4
Commercial Vehicles                              3,460         2,811 +23.1                     10          -134    N/A
Remaining companies2)                               141           133       +6.0               35           20    +75.0
Financial Services / Europcar                    4,581         4,192        +9.3             504            510    -1.2

Special Items                                                                                              -128

Volkswagen Group                               46,016        45,158         +1.9           1,375            851   +61.6


1) Restated.
2) Primarily AutoVision GmbH, Coordination Center Volkswagen SCS, Volkswagen International Finance N.V.,
   Volkswagen Investments Ltd., VW Kraftwerk GmbH, Volkswagen Immobilien, gedas group, Volkswagen
   Beteiligungs-Gesellschaft mbH (including VW Versicherungsvermittlungs-GmbH in the previous year).                      11
     Operating Profit
     Analysis by Market H1 2002 – H1 2005
  € billion
        3,0
        3.0                         2.53



       2,0
       2.0
                                                                                                                                                                     1.38
                                                                                 1.22
                                                                                                                               0.85
       1,0
       1.0



      0.0
       0,0


                                                                                                                                            1)
                                H1 2002                                      H1 2003                                       H1 2004                                  H1 2005
      -1.0
      -1,0


                              Europe / Remaining markets                                North America                                            South America / South Africa
                              Asia- Pacific 2)                                          Volkswagen Group 3)

1) Restated.
2) The sales revenue and operating results of the joint venture companies in China are not included in the figures for the Group and the Asia-Pacific market. The
     Chinese companies are consolidated using the equity method.
3) including special items
                                                                                                                                                                                12
     Cash Flows from Operating Activities and
     Cash Flows from Investing Activities
   € million, Automotive Division1)
    4.000
   4,000
                                            3,765
                     3,495
  3,000
   3.000                                                                                                            3,334

                                                                                           2,676
   2.000
  2,000


   1.000
   1,000


         0
             Cash flows from Cash flows from                                        Cash flows from Cash flows from
                investing       operating                                              investing       operating
                activities      activities                                             activities      activities
                   January – June 2004                                                     January – June 2005

1) Including allocation of the consolidation adjustments between the Automotive and Financial Services divisions.

                                                                                                                            13
   Outlook Interim Report January – June 2005
• As expected, there was no significant improvement in the economic environment in the first six months of 2005.
  Although the German passenger car market developed better in the second quarter of 2005 than in the first three
  months, the overall situation in the most important automotive markets remained difficult. Despite the slight
  improvement in exchange rates for eurozone exporters in recent months, the global situation remains unfavorable
  for us.
• In addition, we expect that competitive pressures will tend to increase and that the cost of raw materials –
  especially steel and plastics – will remain at high levels. Moreover, we believe that the high oil price and the
  consequent jump in fuel prices to new record highs will further dampen automotive consumer confidence.
• We are expecting an improvement in our delivery figures for the US passenger car market on the back of the
  model changes for the Jetta and the Passat and the full availability of the Audi A4 and Audi A6 in the second half
  of the year. In Western Europe, we believe that with our updated model program featuring the new Passat, Golf
  Plus, Polo and Fox, we will build on the good sales development in recent months and further extend our market
  share. The market launches of the Passat Variant, Audi RS 4 and SEAT Leon in the second half of the year will
  also make a significant contribution to this growth. For the year as a whole, we are therefore confident that
  deliveries to customers will exceed the previous year’s volume.
• We are systematically continuing the Group-wide ForMotion program and will achieve our goal of a EUR 3.1 billion
  earnings contribution in 2005. In this context, we have initiated measures to restore our competitive position and
  return to profitability in the USA. In addition, we will restructure our business in China.
• For this reason, we continue to expect a year-on-year improvement in both 2005 operating profit after special
  items and profit before tax.




                                                                                                                       14
Agenda



   Financials


   Targets 2008




                  15
    Development of RoI
%
10
                                                    RoI target: 9%
9
8
                               Strong negative headwinds:
                               Strong negative headwinds:
7
6                                ••Currency
                                   Currency
5         9.4                    ••Market environment //pricing
                                   Market environment pricing
4                                ••Depreciation creep
                                   Depreciation creep
                         7.4
3
2
1                                    2.2
                                                       1.2
0
         2001        2002           2003              2004


                                                                16
  Capex Development
 % of revenues, Automotive Division
10
9
8
                 average 2004
7
                                                                  target corridor
6
5                                                                     average H1 2005
4                                                 8.0
                                        7.3
3        6.3
                        5.6                                 5.2
2                                                                            4.0

1
0
       Q1 2004        Q2 2004         Q3 2004   Q4 2004   Q1 2005          Q2 2005


                                                                                    17
    Modular Strategy
    Increasing Modularization within the Product Range
% of product cost (value)
       100%


        80%


        60%


        40%
                                                   Modules
                                    Modules
        20%

                     Modules
         0%
                    2003: Golf V   2004: Passat   2005: Jetta A5



                                                                   18
Top Line Growth:
Volkswagen Group Product Matrix
                                            Pickup/          Sport    Lim.           Road-
           Hatch   Notch    Station   MPV              SUV                   Conv.
                                            Del. Van         Coupé   Coupé            ster

  Luxury

                       *)
  Upper

  Upper
  Middle

  Middle

 Compact

  Small

   Mini

                                                                 new in
                                                               2005/2006
                                                                                             19
Targets 2008



     € 4 billion improvement in pre-tax profit
                in 2008 versus 2004




           Free automotive cash flow




                                                 20
ForMotion plus: 2006-2008

   Negative external trends continue

   Earnings improvement plan continued:
   intensity stepped up

   All measures, e.g. personnel and purchasing,
   included in this scheme


   Target:
             € 4 billion net improvement
             in profit before tax in 2008



                                                  21
Volkswagen Passenger Cars
We need to improve our results by € 7 billion (gross) to achieve
acceptable earnings in 2008

Main contributors

  Sales and distribution              > € 2 billion

  Material costs                      > € 3 billion

  Production costs                    > € 1 billion

  Overhead                            € 0.5 billion

  Warranty costs                      < € 0.5 billion

Gross improvement                     ca. € 7 billion

                                                              22
Tools at our Disposal

•   Full use of modules and components across the group
•   Reduction of complexity
•   Reduction of personnel costs
•   Rewarding performing suppliers
•   Global sourcing / diversifying currency footprint
•   Review of technical specifications
•   Review of logistics
•   Low cost manufacturing


                                                          23
VOLKSWAGEN AG
Volkswagen Group Funding



Kai Otto
Head of Capital Markets, Volkswagen AG




                                         24
 Volkswagen Group
 Group Treasury - Business Mission

                               Research &
                                                    Flow of
                               Development
                                                    Goods
                               Production
                               Sales




                                                       Time-lag !
                               Financial Services
                                       Financing                    Product
                  Placements
                                                                    Markets
                                    Group
  Money and
Capital Markets                                     Monetary
                  Borrowings      Treasury          flows
                                       Payments


                           Suppliers, Taxes,
                            Dividends, etc.

                                                                              25
   Volkswagen Group
   Group Treasury - Objectives

Objective:           Group-wide management of all financial flows

                     Optimization and control of all financial risks

Operational Basis:   Exclusively transactions with commercial
                     background
                     i.e. no speculative transactions

                     Group Treasury is not a profit center.


First priority:      Risk limitation

Second priority:     P&L contribution


                                                                       26
Volkswagen Group
Funding Instruments


        Internal              Shares           Convertible
          cash                                   bonds
       generation



                                                       Asset
Credit lines          Financial flexibility           Backed
                                                     Securities


   Debt Issuance
   Debt Issuance
    Programmes                                Supranational
   Programmes           Private Placements
    (CP/BT/MTN)         Private Placements     institutions
   (CP/BT/MTN)            + Market window
                         + Market window
                                bonds
                               bonds



                                                                  27
Volkswagen Group
Funding principle




                        Borrow money
                    when you don‘t need to !




                                               28
Volkswagen Group
Funding Approach



       where               where
       needed             cheapest




          i.e.            transfer to
   on local markets    respective entity
  for local purposes



                                           29
 Volkswagen Group
  Funding Strategy



Balance sheet total as of 30 Jun 2005 = € 133.04 bn.

                                                ≅
     of which Financial Services = € 63.07 bn. (≅ 47% of the total
                                                balance sheet)



     Financial Services:   funding requirements
                           (funding asset-led)

     Automotive:           in principle financing
                           out of cash flow


                                                               30
Volkswagen Group
Financial Flexibility
Billion, as per 31 Jul 2005                    internal limit    outstandings

Commercial Paper programmes                     17.7            6.7
- EUR-zone (Multi-Currency), Poland
- USA, Canada, Mexico, Japan, Australia,
 New Zealand

Medium Term Note programmes                     53.3            24.7
- EUR-zone (Multi-Currency), Poland
- USA, Canada, Mexico, Singapore, Australia,
 New Zealand

Other capital market programmes                 8.0             0.8

ABS programmes                                 27.1             12.4


                                                                          31
Volkswagen Group
 Financial Flexibility (continued)
 Billion, as per 31 jul 2005                         limit              outstandings

Committed lines                                       19.2                  1.8

(excluding supranational institutions)



      of which 12.5 billion € Syndicated Credit Facility
      no utilization - CP-backup including fx swinglines and strategic liquidity
      reserve only

              high degree of financial flexibility



                                                                                   32
                           Volkswagen Group
                           Historical Spread Analysis
                                        VW 4.125% 22-May-09             VW 4.5% 27-Jan-10                  VW 4.75% 19-Jul-11                 VW 5.375% 25-Jan-12
                                        VW 4.875% 22-May-13             VW 5.375% 22-May-18                VW4.875% 10-Mar-08
                           115




                           100




                            85
Spread vs Mid-Swap (bps)




                            70




                            55




                            40




                            25




                            10
                            01-Jan-04    01-Mar-04    01-May-04   01-Jul-04   01-Sep-04       01-Nov-04   01-Jan-05   01-Mar-05   01-May-05     01-Jul-05    01-Sep-05




                                                                                                                                                                         33
            Volkswagen Group
             Maturity Profile VW Group as of 31 July 2005

 bn. EUR
14.000
                  MTN / dip                                         EUR 24.7 bn.
12.000            CP‘s                                              EUR 6.7 bn.
                  Committed Credit Lines                            EUR 19.2 bn.
10.000
                  (drawn and undrawn)
                  ABS                                               EUR 12.4 bn.
 8.000


 6.000


 4.000


 2.000


     0
           Aug 05 Sep 05 Okt 05 Nov 05 Dez 05 Jan 06 Feb 06 M rz 06 Apr 06 M ai 06 Jun 06   Jul 06   2006   2007   2008   2009   2010   2011   2012   2013   2014   >2014


                                                                 MTN / dip      Comercial Paper         Credit Lines      ABS




                                                                                                                                                                            34
Volkswagen Financial Services Group
General information




Helge Hiller
Head of Investor Relations, VW FS AG



                                       35
         Volkswagen Financial Services – Introduction


                                      Volkswagen Group
                                                                                                Financial Services
                          Automotive Division
                                                                                                     Division

Volkswagen               Audi                Commercial             Remaining               Financial              Europcar
Brand group           Brand group             Vehicles              companies               Services*
                                                                                                                    Rental
                                                                                                                   Business




*Financial Services consists of VW FS AG plus the financial services activities in North America (NAR) and South America (SAR)




                                                                                                                                 36
          Financial Services breakdown of assets


                                VOLKSWAGEN GROUP



                                FINANCIAL SERVICES
                                FINANCIAL SERVICES
                                       UNIT
                                        UNIT


                                            Financial Services
Financial Services   Financial Services                          Europcar Group
                                                Europe &
  North America        South America
                                               Asia-Pacific
  € 14 bn assets       € 1 bn assets                              € 3 bn assets
                                              € 44 bn assets




With over € 61 bn (as per December 31, 2004) Financial Services represent 48% of
Volkswagen Group’s total assets


                                                                                  37
                     Volkswagen Financial Services worldwide


                                     Netherlands                        Sweden
                                     Belgium                            Germany
                                     Great Britain                      Poland
                                     Ireland                            Russia
                                     France                             Czech Republic
Canada          NAR                  Switzerland                        Slovakia
USA          Subsidiaries            Portugal                           Austria
Mexico                               Spain                              Turkey
                                     Italy                              Greece
                                                                                  China
                                                                                  Japan
                                                                                  Taiwan
                                                      VW FS AG
                                                                                   Singapore
      Brazil                                          Subsidiaries                New Zealand
                                                     and Branches                 Australia
                         SAR
                      Subsidiaries
         Argentina

                                              Affiliates of VW FS AG
                                              (Austria and Switzerland only insurance agency services)
                                              Companies with which service agreements exist


                                                                                                         38
                   Automobility – the rationale

Customers‘ desire for „Auto-Mobility“ goes far beyond a technically sound and
reliable car…


• Private customers demand convenience („One-Stop-Shopping“)

• Sales representatives need mobility around the clock

• Fleet Managers require Single-Sourcing for Multi-Brand-Fleets

• All customers expect additional services (wear & tear repairs, tyre
  replacement, 24 hours assistence)

• All customers welcome clear and predictable costs on a monthly basis
     „One Mobility-Package-Solution“ includes financing or leases,
      insurances, extended warantees etc.




                                                                                39
                                 Framework
• About 70% of all cars – new and used – in western markets are being financed or
 leased

• Following real estate, the acquisition of a car is the 2nd biggest investment
       done up to 10 times in the average customer´s lifetime

• New market entrants (independent lease companies, specialised banks) intensify
  competition

• Shrinking private car sales but constant growth in fleet sales.
  Fleet management services and off-balance financing in high demand (Basel II)

• Amendment of EU Block Exemption may lead to
          dealers emerging as so-called multi-brand dealers
          dealers using other parts than the ones sold by the OEM
          Lease- and Rent-a-Car Companies being considered as end users

 … which would affect car-, finance- and after sales-market


                                                                                  40
    The automotive value chain – facts and impacts
                                                                  Loyalty Products
                                                                   (Direct Banking,
„Mobility“ is the core idea for our automotive value chain. In     Insurances etc.)
addition to their „automotive mobility“ we also provide our
customers with Financial Services and boost their „financial         Used Car
mobility“.
                                                                    Rent-a-car

    “…We have two strategic business fields: the primary




                                                                                  Wertschöpfung Audi Bank
                                                                 Fleet Management
    automobile service and life cycle services. Lifecycle
    Services comprises … customer-related services
    such as financing, leasing, rental and insurance.               Insurance

    The relationship between the two strategic business
                                                                   Credit/Leasing
    fields is reciprocal."




                                                                                  Wertschöpfung Audi AG
            Dr. Bernd Pischetsrieder                                After Sales

            Chairman of the Board of VW AG                             Sales

                                                                 R&D, Procurement,
            (Investor Conference, March 9, 2005)
                                                                    Production


                                                                                                            41
                 The automotive value chain


Turnover              39%*                 12%*                               30%*                                  3%            8%
  Profits                  8%*             30%*                               46%*                                  4%            11%




                                                                                                 Fleet Management
            R&D, Procurement,




                                                                                                                                                  Loyalty Products
                                                                                                                                                   (Direct Banking,
                                                                                                                                                   Insurances etc.)
                                                           Credit/Leasing
                                             After Sales




                                                                                                                     Rent-a-car
                                                                                 Insurance
               Production




                                                                                                                                    Used Car
                                   Sales
                           Wertschöpfung Audi AG                       Wertschöpfung Audi Bank




                                                                                                                                               Impacts



                                                                                             *Industry averages. Source: Booz Allen Hamilton




                                                                                                                                                                      42
               Financing: Credit/Leasing (Retail)

Facts:
•   Europe‘s largest automotive financial services provider in a scale driven
    business model
•   State-of-the-art product portfolio
•   Total cost of ownership becoming increasingly important in sales process


Impact:
•   Increase in sales/turnover for group brands
•   Significantly increased brand loyalty & higher ticket price of vehicle
•   Value/return within the group through subsidies
•   Commission stabilizes retail organisation


                                                                                43
                 Financing: Credit (Wholesale)

Facts:
•   Financing stocks of group dealers
•   From pure wholesale to corporate financing for dealers
•   Critical success factor for a functioning franchise network/sales channel



Impact:
•   Stabilizes dealer network and thus sales channel
•   Secures high retail penetration („retail follows wholesale“)
•   Access to customer data paves the way for CRM



                                                                                44
                                    Insurance
Facts:
•   Europe‘s largest captive insurance broker in a scale driven business
•   1.6 million cars in portfolio
•   Innovation leader in motor insurance & package products
•   Broker developing to insurer
•   Foundation of a reinsurance company January 2006

Impact:
•   Tailor-made insurance products support the sale of vehicles at group
    dealerships
•   Positive influence on OEM’s spare part business and residual values
•   Generates traffic for dealer workshops


                                                                           45
                           Used car business
Facts:
• VW FS companies play a strong role in the corporate used car market,
  which is becoming increasingly important for the profitability of dealers
• Creates a platform for sales opportunities for used car related credit,
  leasing and insurance business

Impact:
• Attractive used car values stabilise new car retail prices

• Stabilising the residual value of the Group´s used cars enhances the
  competitiveness in the fleet management as well as in retail new car business
  (via residual value products)
• An attractive used car is often the first contact to younger customers and
  therefore a vital access for dealers for follow-up sales

                                                                               46
                      Direct Banking Business

Facts:
• VW Bank as one of Germany’s largest direct banks supplies VW FS AG with
    competitive refinancing conditions through customer deposits
• Broad product range enhances customer loyalty and retention
• 626,000 customers with deposits amounting € 8.0 bn (as at Dec. 31, 2004)


Impact:
•   Customer data base (> 4 million in Europe) as a pre-requisite for pro-active CRM
• Continues to attract customer deposits with additional potential in „Euroland“
• Deposits make up 35% of VW Bank GmbH‘s funding / 14% of FS-World
  (as at Dec. 31, 2004)

                                                                               47
        A look at Europe and the Asia/Pacific Region
   VW FS AG - Key Operating Data
                                   2001      2002     2003     2004

Portfolio (‘000)                    3,690    3,813    4,006    4,188
                                                                        Growing customer base
New Contracts                       1,289    1,374    1,432    1,490

Penetration                         26%       31%      32%      30%

Retail + Leasing receivables (€ mn) 19,700   21,544   23,778   25,845
                                                                        Increasing asset pool
Wholesale Receivables (€ mn)        4,492    4,862    4,893    6,815

Direct-bank deposits (€ mn)         4,546    5,613    6,744    8,017    Successful business model

Employees                           4,119    4,426    5,055    5,253

IAS Profit before tax (€ mn)         401      501      565      567     Stable income stream

Cost-income ratio                   55%       55%      57%      58%




                                                                                            48
Volkswagen Financial Services AG – Loss Ratios


     0,8%


     0,6%


     0,4%


     0,2%


     0,0%
                 2000             2001             2002             2003             2004

                                 Retail                     Wholesale




Loss Ratio: (Drawings on provisions + direct write-offs) / Avg. total receivables of the preceding 4 quarters



                                                                                                        49
VW FS AG has achieved strong product diversification

                Composition of product portfolio (‘000)


                                                                             Insurance/
                                                                     1,585   Service
                                                             1,495           Contracts
                                                 1,453
                                       1,426
                            1,036
                                                                             Leasing
                                                             813     830
                                        735       781
                             699
                   646
         623



                                                 1,579       1,698   1,773   Retail
                  1,394     1,475      1,529
        1,275                                                                Financing



        1998      1999      2000      2001       2002        2003    2004


     *Since 2000 incl. Volkswagen Versicherungsdienst GmbH




                                                                                          50
Volkswagen Financial Services Group
VW FS Group Funding




Bernd Bode
Head of Treasury, VW FS AG



                                      51
                        Funding Structure of VW FS AG
                               VW FS AG                          VW AG
Funding                Asset-based funding                 Funding requirements
rationale:                requirements                     covered by cash flow
                                                vs
                     Risk Basis: Customers’                Risk Basis: Automotive
                          ability to pay                          Industry


             Funding of VW FS AG assets:       31 Dec 01             31 Dec 04      strategic outlook

             Inter-company loans                 22%                     6%



             Liabilities from Direct Banking     17%                    19%



             Drawn bank lines                    21%                     8%



             Capital markets                     21%                    50%



                                                                                                        52
           Diversified Access to the Capital Markets
                                         PLN 2bn Debt Instrument
• € 2.5bn Multi-Currency – Commercial    Issuance Programme
  Paper Program (VW Bank)                (VW AG + VW FS Group)
• € 10bn Debt Issuance Program
  (VW Bank)
• € 10bn Multi-Currency – Commercial
   Paper Program (VW AG + VW FS Group)
• € 18bn Debt Issuance Program
  (VW FS Group)
• VCL ABS Program (VW Leasing)           JPY 60bn Electronic Commercial
• Driver ABS Program (VW Bank)           Paper Programme
                                         (VW Finance Japan K.K.)


                                         SGD 500m Debt Issuance
                                         Programme
                                         (VW FS Singapore Ltd.)

                                         AUD1bn Debt Issuance
                                         Programme
                                         (VW FS Australia Ltd.)

                                         NZD 300m Debt Issuance
                                         Programme
                                         (VW FS (NZ) Limited)




                                                                          53
                    Highlights in 2004 / 2005

Capital Markets / Rating:

- Asset Backed Securities offerings: € 3.3 bn + € 1.0 bn Driver 2 (Sept. 05)

- Dual-tranche offering of VW FS AG: € 2.5 bn

- First subordinated Lower Tier II Euro benchmark issue from an automotive bank:
  € 750m

- First New Turkish Lira Notes of a corporate borrower: TRY 160m

- Rating differentiation of VW Bank with Moody´s (A2, stable outlook)




                                                                               54
                     Highlights in 2004 / 2005


International Activities:

- New branches of VW Bank in France, Greece and UK

- New Zealand: new Financial Services joint venture

- Singapore: transformation of headquarters for the Asia/Pacific Region into a
  management company

- China: operational start as the first automotive financial services provider
  with a 100%-owned subsidiary




                                                                                 55
             Funding Strategy of VW FS Group

• Capital market activities of VW FS Group in 2005 were affected by low
 volumes due to a comfortable liquidity base

• Outlook 2006 - more frequent access of markets via different issuers can be
  expected:
        - VW Leasing GmbH is expected to replace VW FS AG as issuer for
          bonds in benchmark-size

        - VW FS NV will continue to tap unsecured market with Private
          Placements for international funding needs

        - VW Bank will emphasize Floating Rate Notes more strongly

        - VW FS Group will further use rating-independent funding sources (e.g.
          ABS, direct bank deposits), beside the aforementioned tools


                                                                                56
APPENDIX

September 20, 2005



                     57
Volkswagen Fox




                 58
Volkswagen Polo




                  59
Volkswagen Golf R32




                      60
Volkswagen Jetta




                   61
Volkswagen Passat Variant




                            62
Volkswagen Eos




                 63
Skoda Oktavia RS / Octavia RS Combi




                                      64
Bugatti Veyron




                 65
Audi Q7




          66
Audi A4 Cabrio




                 67
SEAT Leon




            68
SEAT Toledo




              69

				
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