Dr. Christian Dahlheim, Director Sales Volkswagen Group Deutsche Bank Global Auto Industry Conference, Detroit, 16 January 2019 Disclaimer

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, 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 Such statements are valid on the date of publication and can be superseded.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. Development World Car Market vs. Volkswagen Group Car Deliveries to Customers1) (Growth y-o-y in deliveries to customers, January to December 2018 vs. 2017)

bf Car Market VW GroupCar Market VW Group Car Market VW Group Cars + LCV Cars + LCV 11.0% 6.8% -0.6%

-0.6% -2.1% -0.7%

North America Western Europe Central & Eastern Europe

Car Market VW GroupCar Market VW Group Car Market VW Group Cars + LCV Cars + LCV 11.3% 0.6% 0.9% 6.2%

-1.2% -2.3%

South America World Asia-Pacific

1) Figures excl. Volkswagen Commercial Vehicles, Scania and MAN. 3 Volkswagen Group – Deliveries to Customers by Brands1) (January to December 2018 vs. 2017) [thsd. units]

+0.9% January - December 2017 January - December 2018 10,742 10,834 11,000 Volume Premium Sport & Luxury Truck & Bus 10,000 +1.4 % -3.4 % +3.6 % +13.7 % 9,000 +0.2% 8,000

7,000 6,230 6,245 6,000 5,000 4,000 -3.5% +4.4% 3,000 +10.5% +0.4% 1,878 1,812 +50.7% +4.0% -5.3% +19.6% +6.3% 2,000 1,201 1,254 1,000 468 518 498 500 4 6 246 256 11 11 114 137 91 96 0

2)

1) Incl. all brands of Volkswagen Group (Passenger Cars and Commercial Vehicles); +0.6% excl. Volkswagen Commercial Vehicles, Scania and MAN. 4 2) MAN incl. MAN Latin America Trucks and Busses GVW > 5t. Volkswagen Group – Outlook for 2018

+ 4.3% Deliveries to 10,741 Deliveries to customers customers 10,297 (‘000 vehicles) moderately above prior year

+ 6.2% Sales revenue 230.7 Sales revenue (€ billion) 217.3 by as much as 5% year-on-year

1) Operating 7.4 return on sales 1) 6.7 Operating return on sales (%) between 6.5% to 7.5% before Special Items 2) 2016 2017 Full Year

1) before Special Items. 2) Operating return on sales after Special Items is expected to be moderately below that range. 5 Improving Group Return on Sales despite significant headwinds

Return on Sales 7.0 - 8.0% 6.5 - 7.5% 6.5 - 7.5% 6.7% 7.4%

Industry transition Emission costs / CO2

Performance improvement programs

2016 2017 2018 2020 2025 Base Outlook Target Target

6 Global Passenger Car Market 2017 - 2020 China remains largest driver of passenger car demand, Western Europe stable, Slowdown in the US from a high level, Recovery in Brazil and Russia from a low level m units USA1) Western Europe Russia

17.3 17.2 16.8 16.7 14.3 14.5 14.5 14.4 1.5 1.7 2.0 2.3

2017 20182019 2020 2017 2018 2019 2020 20172018 2019 2020

Brazil1) World1) China

88.8 84.5 85.2 86.6 24.0 23.9 25.0 26.2

2.2 2.4 2.7 2.9

2017 2018 2019 2020 20172018 2019 2020 2017 2018 2019 2020

1) Actuals Forecast Data source: IHS Automotive (11.2018) Volume for North & South America includes light commercial vehicles (definition ‘Light Vehicles’) 7 New and forthcomming Product Highlights*

Portfolio expansion and successor models ICE Portfolio expansion BEV

T-Cross Sagitar (NF) B-SUV 5-Seater (US/CH) A1 City Carver Bora BEV (CH) Lavida BEV (CH)

Q3 Octavia Combi (NF) ŠKODA Scala Tarraco e-tron e-tron Sportback

Leon (NF) 911 Carrera (NF) Cayenne Coupé Flying Spur (NF) Citigo BEV Taycan

* selected models 8 Strong increase in our Worldwide SUV Mix1)

SUV share in % of regional Group deliveries to customers

70

60

50 NAR China 40 World Europe 30

20

10 2014 2015 2016 2017 2018 2019 2020

1) Actual figures 2014-2018; 5-Year Planning (PR 67) 2019-2020 9 Strong Electrification of Product Portfolio

BEV volume per region in thousand units

5.000 VW ID. Lounge Until 2025: +50 new BEVs VW ID. Vizzion 4.000 World VW ID. Buzz

3.000 VW ID. Crozz Audi A SUVe China 2.000 VW ID. Neo Porsche Taycan 1.000 Europe Audi e-tron NAR

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

1) As of 19th November, 2018 / Communication of 5-Year Planning (PR67) 10 The Future Sales Model

Retail partnerships ready for the future – Customer is central to all touch-points

Entrepreneurship Efficient retail/service New joint customer Efficient and lean network (market area approach between OEM, processes and IT concept) and formats importer and dealer

Consumer Centricity Integrated customer Ecosystem Digital products, functions Seamless online and data management for for more on demand and new services offline customer journey direct customer access customer loyalty for additional business to meet expectations

Profitability & Efficiency Over-the-Air Integrated, direct Segment-specific diagnosis and updates online channel for customer orientation sales and service lean sales and service activities

11 Car Park Development Volkswagen Group

Car Park by Region

in Mil. 120 112 107 110 101 9 96 8 100 90 7 85 7 90 81 6 77 6 80 73 6 45 49 69 5 42 USA 66 6 38 70 63 5 34 58 5 31 China 60 52 55 5 24 27 5 18 21 4 12 15 Europa 50 4 10 7 9 40 30 51 52 53 55 45 46 46 47 47 48 49 50 20 41 42 43 10 0 2010 20112012 2013 2014 2015 2016 20172018 20192020 2021 2022 2023 2024

12 Driving forward Strategy 2025: Implementation is accelerating

Autonomy for Truck & Bus Volkswagen becomes largest Joint venture for rapid Fuel cell technology making good progress shareholder charging network in place partnership agreed

Product & technology Strategic cooperation in offensive in China agreed discussion

SEDRIC developed and Powering electric mobility Positioning of Group brands Strategic partnership with presented sharpened Microsoft agreed

13 Volkswagen Brand – Pushing the Turnaround in the US with new products

SUV offensive #1 Sedans SUV offensive #2 Deliveries to US customers, ‘000’ units 2017 2018-19 2019-21 500

Atlas Jetta Midsize SUV 5s

250

Tiguan Passat Compact SUV

0 2012 2013 2014 2015 2016 2017 2018 Refreshed Golf Arteon ID Crozz

Market 3.0 Share % 2.6 2.2 2.01.8 2.0 2.0

14 We are stepping on the gas in terms of profitability, innovative power and sustainability Appendix Volkswagen Group – Deliveries to Customers by Markets1) (January to December 2018 vs. 2017)

[thsd. units] +0.9% January - December 2017 January - December 2018

10,834 11,000 10,742 10,000 9,000 8,000

7,000 +0.9% 6,000 0.0% 5,000 4,506 4,546 4,000 3,584 3,584 3,000 +7.1% -2.0% +13.1% -11.9% 2,000 745 797 976 957 1,000 522 590 409 360 0 Volkswagen Western Europe Central- & North America South America Asia-Pacific Rest of World Group Eastern Europe

1) Incl. all brands of Volkswagen Group (Passenger Cars and Commercial Vehicles), excl. Ducati; +0.6% excl. Volkswagen Commercial Vehicles, Scania and MAN. 17