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Volkswagen Shares and Bonds

Volkswagen AG shares outperformed the market trend in 2006, almost doubling in value. The systematic continuation of our performance enhancement and restructuring measures, together with the retirement of treasury shares, led to a positive share price performance that was further lifted in the second half of the year by the investment by Porsche.

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Corporate Governance Report

Good practice and responsible corporate governance reinforce the trust of our customers and investors, thereby laying the foundation for a sustainable increase in the value of our Company. This is why the Board of Management and the Supervisory Board comply with all recommendations of the current German Corporate Governance Code as issued on June 12, 2006.

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