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Volkswagen Aktiengesellschaft Wolfsburg, Germany As Issuer and As Guarantor for Notes Issued by Volkswagen International Finance

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Volkswagen Aktiengesellschaft Wolfsburg, Germany As Issuer and As Guarantor for Notes Issued by Volkswagen International Finance May 6, 2020 This document constitutes four base prospectuses for the purposes of Article 8(1) of Regulation (EU) 2017/1129, as amended ("Prospectus Regulation"): (i) the base prospectus of Volkswagen Aktiengesellschaft in respect of non-equity securities within the meaning of Article 2 (c) of the Prospectus Regulation ("Non-Equity Securities"), (ii) the base prospectus of Volkswagen International Finance N.V. in respect of Non-Equity Securities, (iii) the base prospectus of VW Credit Canada Inc./Crédit VW Canada Inc. in respect of Non-Equity Securities and (iv) the base prospectus of Volkswagen Group of America Finance, LLC in respect of Non-Equity Securities (together, the "Debt Issuance Programme Prospectus" or the "Prospectus"). Volkswagen Aktiengesellschaft Wolfsburg, Germany as Issuer and as Guarantor for Notes issued by Volkswagen International Finance N.V. Amsterdam, The Netherlands VW Credit Canada, Inc. / Crédit VW Canada, Inc. St.-Laurent, Québec, Canada Volkswagen Group of America Finance, LLC Herndon, Virginia, USA (formed in Delaware) € 30,000,000,000 Debt Issuance Programme Arranger Barclays Dealers Barclays BNP PARIBAS BofA Securities Crédit Agricole CIB Citigroup Commerzbank Deutsche Bank Goldman Sachs Bank Europe SE HSBC ING J.P. Morgan Mizuho Securities Société Générale NatWest Markets RBC Capital Markets Corporate & Investment Banking TD Securities UniCredit Bank Application has been made to the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg (the "Commission"), which is the Luxembourg competent authority for the purposes of the approval of the Debt Issuance Programme Prospectus under the Prospectus Regulation. Application has been made to the Luxembourg Stock Exchange to list notes to be issued under the programme (the "Programme") (the "Notes") on the official list of the Luxembourg Stock Exchange and to admit Notes to trading on the regulated market of the Luxembourg Stock Exchange, which is a regulated market for the purposes of Directive 2014/65/EU of the European Parliament and of the Council of May 15, 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, as amended ("MiFID II"). Notes issued under the Programme may also be listed on further or other stock exchanges or may not be listed at all. The Notes and Guarantee have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any State or other jurisdiction of the United States and are being sold pursuant to an exemption from the registration requirements of the Securities Act. The Notes will be issued in bearer form and are subject to certain U.S. tax law requirements. Subject to certain exceptions, Notes may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons as defined in Regulation S under the Securities Act ("Regulation S") and the Internal Revenue Code of 1986, as amended (the "Code") and the rules and regulations thereunder. Subject to certain limited exceptions, the Notes are being offered and sold only to non-U.S. persons in reliance on Regulation S and may not be legally or beneficially owned at any time by any U.S. person. For a description of certain restrictions on offers and sales of Notes and on distribution of this Prospectus or any Final Terms or any other offering material relating to the Notes, see "Subscription and Sale - Selling Restrictions". The Notes and Guarantee have not been approved or disapproved by the U.S. Securities and Exchange Commission (the "SEC"), any State securities commission in the United States or any other U.S. regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the offering of the Notes or the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offence in the United States. This Prospectus will be published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu) and the website of Volkswagen Aktiengesellschaft (www.volkswagenag.com). - ii - RESPONSIBILITY STATEMENT Volkswagen Aktiengesellschaft ("Volkswagen AG", "VWAG" or the "Guarantor") with its registered office in Wolfsburg, Germany, Volkswagen International Finance N.V. ("VIF") with its registered office in Amsterdam, The Netherlands, VW Credit Canada, Inc. / Crédit VW Canada, Inc. ("VCCI") with its registered office in St.- Laurent, Québec, Canada and Volkswagen Group of America Finance, LLC ("VWGoAF") with its registered office in Delaware, USA and with its principal place of business in Herndon, Virginia, USA (each an "Issuer" and together the "Issuers") accept responsibility for the information given in this Prospectus. References to "Volkswagen" or the "Volkswagen Group" are to VWAG together with its consolidated subsidiaries, including VIF, VCCI and VWGoAF. Each Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Prospectus for which it is responsible is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. NOTICE This Prospectus should be read and understood in conjunction with any supplement thereto and with any other document incorporated herein by reference. Full information on each Issuer and any tranche of notes is only available on the basis of the combination of this Prospectus and the relevant final terms (the "Final Terms"). The Issuers have confirmed to Barclays Bank Ireland PLC (the "Arranger") and to the Dealers (as defined herein) that this Prospectus contains all information with regard to the Issuers, the Guarantor, the Notes and the Guarantee which is material in the context of the Programme and the issue and offering of Notes thereunder; that the information contained in this Prospectus is accurate and complete in all material respects and is not misleading; that any opinions and intentions expressed herein are honestly held and based on reasonable assumptions; that there are no other facts with respect to the Issuers, the Guarantor, the Notes or the Guarantee, the omission of which would make any statement, whether fact or opinion, in this Prospectus misleading in any material respect; and that all reasonable enquiries have been made to ascertain all facts and to verify the accuracy of all statements contained herein. No person has been authorised to give any information which is not contained in or not consistent with this Prospectus or information supplied in connection with the Programme and, if given or made, such information must not be relied upon as having been authorised by or on behalf of the Issuers, the Guarantor, the Dealers or any of them. This Prospectus is valid until its expiration on May 6, 2021 and this Prospectus and any supplement hereto as well as any Final Terms reflect the status as of their respective dates of issue. There is no obligation to supplement this Prospectus in the event of significant new factors, material mistakes or material inaccuracies when this Prospectus is no longer valid. The delivery of this Prospectus or any Final Terms and the offering, sale or delivery of any Notes may not be taken as an implication that the information contained in such documents is accurate and complete subsequent to their respective dates of issue or that there has been no adverse change in the financial situation of the Issuers and the Guarantor since such date or that any other information supplied in connection with the Programme is accurate at any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same. Each Issuer and the Guarantor have undertaken with the Dealers to supplement this Prospectus or to publish a new Prospectus in the event of any significant new factor, material mistake or inaccuracy relating to the information included in this Prospectus which is capable of affecting the assessment of the Notes and where approval by the Commission of any such document is required, upon such approval having been given. To the extent permitted by the laws of any relevant jurisdiction, neither the Arranger nor any Dealer nor any other person mentioned in this Prospectus, excluding the Issuers and the Guarantor, is responsible for the information contained in this Prospectus or any supplement hereof, or any Final Terms or any other document incorporated herein by reference, and accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none of these persons accepts any responsibility for the accuracy and completeness of the information contained in any of these documents. The Commission has only approved this Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such an approval should not be considered as an endorsement of the Guarantor, any of the Issuers or the quality of any Notes that are the subject of this Prospectus. Neither does the Commission give any undertaking as to the economic and financial soundness of the operation or the quality or solvency of the Guarantor or any of the Issuers pursuant to Article 6(4) of the Luxembourg law of July 16, 2019 on prospectuses for securities (Loi du 16 juillet 2019 relative aux prospectus pour valeurs - iii - mobilières) by approving this Prospectus. Prospective investors should make their own assessment as to the suitability of investing in the Notes. Any websites included in this Prospectus, except for the websites specified in the context of the documents incorporated by reference, are for information purposes only and do not form part of this Prospectus and have not been scrutinized or approved by the Commission. The distribution of this Prospectus and any Final Terms and the offering, sale and delivery of Notes in certain jurisdictions may be restricted by law.
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