REG-Commerzbank AG: Pre Stabilisation - VW Intl Fin €1.5bn 1.875% 2017

Wed May 9, 2012 10:07am EDT

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Pre-Stabilisation notice

9th May 2012

Not for distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.

                     Volkswagen International Finance N.V.                     

                                €1,500,000,000                                 

                     1.875 per cent. Notes due 15 May 2017                     

                  Launched under the issuer's €25,000,000,000                  

                Debt Issuance Programme, dated 27th April 2012                 

Stabilisation Notice

Commerzbank AG (contact: Ian Turner; telephone:44-207-475-1817) hereby
announces that the Stabilising Manager(s) named below may stabilise the offer
of the following securities in accordance with Commission Regulation (EC) No.
2273/2003 implementing the Market Abuse Directive (2003/6/EC).

The security to be stabilised:                                                 
                                                                               
Issuer:                        Volkswagen International Finance N.V.           
                                                                               
Guarantor (if any):            Volkswagen Aktiengesellschaft                   
                                                                               
ISIN                           XS0782708456                                    
                                                                               
Aggregate nominal amount:      EUR 1,500,000,000                               
                                                                               
Description:                   1.875 per cent. Notes due 15 May 2017           
                                                                               
Offer price:                   99.378                                          
                                                                               
Other offer terms:             Listing: Luxembourg / denoms EUR1k / payment    
                               date: 15 May 2012.                              
                                                                               
Stabilisation:                                                                 
                                                                               
Stabilising Manager(s):        Coordinating Stabilisation Manager:             
                                                                               
                               Commerzbank Aktiengesellschaft                  
                                                                               
                               Stabilisation Managers:                         
                                                                               
                               HSBC                                            
                                                                               
                               Santander GBM                                   
                                                                               
Stabilisation period commences 9th May 2012                                    
                                                                               
Stabilisation period expected  No later than 30 days                           
to end on:                                                                     
                                                                               
Existence, maximum size and    The Stabilising Manager(s) may over-allot the   
conditions of use of           securities to the extent permitted in accordance
over-allotment facility.       with applicable German law.                     

In connection with the offer of the above securities, the Stabilising Manager
(s) may over-allot the securities or effect transactions with a view to
supporting the market price of the securities at a level higher than that which
might otherwise prevail. However, there is no assurance that the Stabilising
Manager(s) will take any stabilisation action and any stabilisation action, if
begun, may be ended at any time Any stabilisation action or over-allotment
shall be conducted in accordance with all

applicable laws and rules.

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or
dispose of any securities of the Issuer in any jurisdiction.

This announcement is not for distribution, directly or indirectly, in or into
the United States or any other jurisdiction in which such distribution would be
unlawful.

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