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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 (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 Such statements are valid on the date of publication and can be superseded.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.

21.01.2020 2 Volkswagen Group – Deliveries to Customers by Brands1) (January to December 2019 vs. 2018)

[thsd. units] +1,3% January – December 2018 10.975 11.000 10.834 January – December 2019 Volume Premium Sport & Luxury Truck & Bus 10.000 +0,8 % +2,0 % +9,4 % +4,0 % 9.000

8.000 +0,5%

7.000 6.245 6.278 6.000

5.000

4.000 +1,8% 3.000 -0,9% 1.846 2.000 +10,9% -1,6% 1.812 +9,6% 1.254 1.243 +42,7% +4,9% +4,6% +3,1% 1.000 518 574 500 492 256 281 6 8 11 11 137 143 96 99 0

Volkswagen Nutzfahrzeuge

1) Volkswagen Group excl. Ducati

21.01.2020 3 Development World Car Market vs. Volkswagen Group Car Deliveries to Customers 1) (Growth y-o-y in deliveries to customers, January to December 2019 vs. 2018)

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

+4,8% 2,7% +0,6% 1,2%

-0,5% -2,3%

North America (incl. LCV) Central &

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

+1,8% 1,3%

-0,2%

-4,0% -5,0% -6,0%

South America (incl. LCV) World 2) Pacific

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

21.01.2020 4 Passenger Car Market Forecast 2020

[mil. units]

-2% -2% 20,8 20,4 20,0 +4% 14,3 14,2 13,9 3,4 3,5 3,6

2018 2019 2020 2018 2019 2020 2018 2019 2020

North America (incl. LCV) Western Europe Central & Eastern Europe

0% 83,6 80,0 80,1

+1% 36,6 34,3 34,7 +2% 4,6 4,4 4,5

2018 2019 2020 2018 2019 2020 2018 2019 2020

South America (incl. LCV) World 1) Asia Pacific

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

21.01.2020 5 Volkswagen Group – SUV Mix Strong Increase Will Continue in the Near Future

Volkswagen Group* - SUV share 2014 - 2025 (in % of regional Group Deliveries to Customers) > 50%

≈ 50%

>50%

Worldwide: ≈ 13%

12% 14% >65% 17% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Europe China NAR

* excl. Ducati Source: PR 68.OP 21.01.2020 6 To ensure future profits, we drive a fundamental transformation towards electrification and digitalisation

Transformation

Electrical transformation: 1 Battery electric vehicles Commitment to goals 2050

Conventional platforms Software & electric platforms

Transformation

Digital transformation: We will become a leading Fully networked vehicles 2 and autonomous driving automotive software company

21.01.2020 7 BEVs are the first choice as the most cost-efficient solution for CO2 reduction…

Measures for CO2 reduction in €/g CO2

95 €/g CO2 #1

Diesel ICE Gasoline ICE Gasoline ICE Gasoline ICE BEV MEB 1st BEV MEB 2nd EU7 Hybrid Mild Hybrid Plug-In Generation Generation Hybrid

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

21.01.2020 8 …therefore we based our strategy on dedicated BEV platforms already in 2015

1st wave 2nd wave Our advantage

26 m. cars • Strong group position in EU/CN Mission E Cross Turismo MEB Entry Family guarantees scale effects • Early decisions on dedicated BEV 33 bn. invest e-tron GT platforms unleash value ~ ID. Buzz • Multi-brand platforms in

ID.3 dedicated plants provide efficiencies Vision E Battery supply secured

ID. Vizzion

e-tron Sportback concept World regions Taycan 3 China, USA, Europe

e-tron ID. Crozz

21.01.2020 9 Based on strong customer interest, we will significantly increase our BEV deliveries

Volkswagen Group – BEV volume by regions (BEV share of total Group Deliveries in %) > 20% ≈ 3 mn units

Europe China NAR RoW

e-tron e-Bora ID.3 e-Mii Taycan e-Lavida el-Born e-Citigo Q2L e-tron Moia Shuttle e-tron SB Taycan Cross Turismo eTGE e-Tharu Vision iV ID.Crozz

≈ 4%

≈ 1%

2019 2020 2021 2022 2023 2024 2025

21.01.2020 10 Our dedicated BEV strategy enables us to meet CO2 requirements

21.01.2020 11 Model highlights in 2020 BEV models

Volkswagen ID.3 Volkswagen ID.CROZZ

Audi e-tron Sportback SEAT el-born

21.01.2020 12 Model highlights in 2020

Volkswagen Golf Volkswagen T-Roc Cabrio

Audi S8 ŠKODA Octavia

21.01.2020 13