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Unicredit Kepler CheuvreuxGerman Corporate Conference Dr. Jens Effenberger, Head of Group Sales Steering

Frankfurt, 20th January 2020

The following presentations contain forward-looking statements and information on the business development of the Volkswagen Group. These statements may be spoken or written and can be recognized by terms such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “will” or words with similar meaning. These statements are based on assumptions, which we have made on the basis of the information available to us and which we consider to be realistic at the time of going to press. These assumptions relate in particular to the development of the economies of individual countries and markets, the regulatory framework and the development of the automotive industry. Therefore the estimates given involve a degree of risk, and the actual developments may differ from those forecast. The Volkswagen Group currently faces additional risks and uncertainty related to pending claims and investigations of Volkswagen Group members in a number of jurisdictions in connection with findings of irregularities relating to exhaust emissions from diesel engines in certain Volkswagen Group vehicles. The degree to which the Volkswagen Group may be negatively affected by these ongoing claims and investigations remains uncertain.

Consequently, a negative impact relating to ongoing claims or investigations, any unexpected fall in demand or economic stagnation in our key sales markets, such as in Western Europe (and especially Germany) or in the USA, Brazil or China, and trade disputes among major trading partners will have a corresponding impact on the development of our business. The same applies in the event of a significant shift in current exchange rates in particular relative to the US dollar, sterling, yen, Brazilian real, Chinese renminbi and Czech koruna.

If any of these or other risks occur, or if the assumptions underlying any of these statements prove incorrect, the actual results may significantly differ from those expressed or implied by such statements.

We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superseded.

This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities.

Disclaimer

21.01.2020 2

21.01.2020 3

(January to December 2019 vs. 2018)Volkswagen Group – Deliveries to Customers by Brands1)

[thsd. units]

NutzfahrzeugeVolkswagen

7.000

4.000

0

2.000

5.000

8.000

1.000

9.000

6.000

10.000

3.000

11.000

6.278

500

6.245

492118

10.834

1.254

10.975

1.846

574

1.243

518

1.812

6256 281

11 137 143 96 99

+1,3%

+0,5%

-0,9%

+10,9% -1,6%

+1,8%

+42,7%+9,6%

+4,9% +4,6% +3,1%

1) Volkswagen Group excl. Ducati

January – December 2018

January – December 2019

Volume Premium Sport & Luxury Truck & Bus

% % % %+0,8 +2,0 +9,4 +4,0

21.01.2020 4

(Growth y-o-y in deliveries to customers, January to December 2019 vs. 2018)Development World Car Market vs. Volkswagen Group Car Deliveries to Customers 1)

1) Volkswagen Group Passenger Cars excl. Volkswagen Commercial Vehicles 2) incl. LCV in North America & South America

North America (incl. LCV) Western Europe

Asia PacificSouth America (incl. LCV) World 2)

Car Market VW Group

Car Market VW Group Car Market VW Group Car Market VW Group

Car Market VW Group

Central & Eastern Europe

Car Market VW Group

-2,3%-0,5%

+0,6%

+4,8%2,7%

1,2%

-4,0%

1,3%

-6,0%

-0,2%

-5,0%

+1,8%

21.01.2020 5

Passenger Car Market Forecast 2020

1)) incl. LCV in North America & South America

North America (incl. LCV) Western Europe

Asia PacificSouth America (incl. LCV) World 1)

Central & Eastern Europe

20,8 20,4 20,0

20192018 2020

-2%

14,3 14,2 13,9

2018 2019 2020

-2%

3,4 3,5 3,6

2018 2019 2020

+4%

83,6 80,0 80,1

2018 2019 2020

0%

36,6 34,3 34,7

2018 2019 2020

+1%

4,6 4,4 4,5

2018 2019 2020

+2%

[mil. units]

21.01.2020 6

Strong Increase Will Continue in the Near FutureVolkswagen Group – SUV Mix

2014 202320202015 202120192016 20182017 2022 2024 2025

Europe NARChina

> 50%

Worldwide:≈ 13%

* excl. Ducati

12%14%17%

≈ 50%

>50%

>65%

Source: PR 68.OP

Volkswagen Group* - SUV share 2014 - 2025(in % of regional Group Deliveries to Customers)

To ensure future profits, we drive a fundamental transformation towards electrification and digitalisation

21.01.2020 7

1Transformation

2Transformation

Conventional platforms Software & electric platforms

Electrical transformation: Battery electric vehicles

Digital transformation: Fully networked vehicles and autonomous driving

Commitment to Paris goals 2050

We will become a leading automotive software company

BEVs are the first choice as the most cost-efficient solution for CO2 reduction…

21.01.2020 8

Diesel ICEEU7

95 €/g CO2

#1

Gasoline ICE Hybrid

Gasoline ICE Mild Hybrid

Gasoline ICE Plug-In Hybrid

BEV MEB 1st

GenerationBEV MEB 2nd

Generation

Measures for CO2 reduction in €/g CO2

* Example Volkswagen Brand: Ranking CO2 efficiency indicators (average) for selected CO2 measures

…therefore we based our strategy on dedicated BEV platforms already in 2015

21.01.2020 9

2nd wave

ID. Crozz

MEB Entry Family

ID. Buzz

ID. Vizzion

Vision E

Mission E Cross Turismo

e-tron GT

e-tron Sportback concept

bn. invest33~

Battery supply secured

3 World regionsChina, USA, Europe

ID.3

Taycan

e-tron

1st wave

26 m. cars • Strong group position in EU/CN guarantees scale effects

• Early decisions on dedicated BEV platforms unleash value

• Multi-brand platforms in dedicated plants provide efficiencies

Our advantage

Based on strong customer interest, we will significantly increase our BEV deliveries

21.01.2020 10

Volkswagen Group – BEV volume by regions(BEV share of total Group Deliveries in %)

2019 202520232020 20222021 2024

Europe China NAR RoW

ID.3el-Borne-tron SBe-TharuID.Crozz

e-Miie-CitigoTaycan Cross TurismoVision iV

≈ 1%

≈ 4%

> 20%≈ 3 mn units

e-tronTaycanQ2L e-troneTGE

e-Borae-LavidaMoia Shuttle

Our dedicated BEV strategy enables us to meet CO2 requirements

21.01.2020 11

BEV modelsModel highlights in 2020

21.01.2020 12

Audi e-tron Sportback

Volkswagen ID.3 Volkswagen ID.CROZZ

SEAT el-born

Model highlights in 2020

21.01.2020 13

Volkswagen Golf Volkswagen T-Roc Cabrio

Audi S8 ŠKODA Octavia