January – September 2016 Conference Call and Webcast 27 October 2016 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 relating to the development of the economies of individual countries, and in particular of the automotive industry, 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. The estimates given involve a degree of risk, and the actual developments may differ from those forecast.

Consequently, 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 relative to the US dollar, sterling, yen, Brazilian real, Chinese renminbi and Czech koruna.

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2 Conference Call: January – September 2016

Frank Witter Fred Kappler

Member of the Board of Head of Group Sales Management, Volkswagen AG Volkswagen AG Finance and Controlling

3 Financial Highlights January – September 2016

Solid performance over the first three quarters of 2016

Sales Revenue on level of prior year, despite exchange rate headwind

Operating Profit before Special Items improved

Special Items increased slightly in the third quarter

Financial result impacted by negative valuation of derivatives and lower at-equity result

Automotive net liquidity further increased

4 Development Volkswagen Group Car Deliveries to Customers1) (in comparison to previous year)

World Car Market: +2.6% +2.1% +3.8% +7.1% +4.7% In `000 units 12.000 -1.8% 10.000 9.491 9.321 +2.1% 8.000 6.980 7.126

6.000 +0.6% +1.9% +3.9% 4.000 2.340 2.353 2.390 2.435 2.251 2.337 2.000

Full Year Full Year Q1 Q1 Q2 Q2 Q3 Q3 Jan-Sep Jan-Sep 2014 2015 2015 2016 2015 2016 2015 2016 2015 2016

1) Figures excl. Volkswagen Commercial Vehicles, Scania and MAN. 5 Development World Car Market vs. Volkswagen Group Car Deliveries to Customers1) (Growth y-o-y in deliveries to customers, January to September 2016 vs. 2015) bf

Car Market VW Group Car Market VW Group Car Market VW Group Cars + LCV 5,9% 7,2% 1,8% 1,7% -4,3% -1,2%

North America Western Europe Central & Eastern Europe

Car Market VW Group Car Market VW Group Car Market VW Group Cars + LCV 10,3% 8,1% 4,7% 2,1% -14,0% -29,1%

South America World Asia Pacific

1) Figures excl. Volkswagen Commercial Vehicles, Scania and MAN. 6 Volkswagen Group – Deliveries to Customers by Brands (January to September 2016 vs. 2015)

´000 units +2.4% 1) January – September 2015 8.000 7.609 7.431 January – September 2016

Passenger Cars Commercial Vehicles 6.000 +0.6% 4.350 4.375 4.000

+4.5% +6.2% 2.000 1.409 +1.5% +9.1% 1.348 +3.0% 791 841 -0.4% +6.9% 308 313 321 351 173 178 74 74 55 59

Volkswagen 2) Group

1) Incl. all brands of Volkswagen Group (Passenger Cars and Commercial Vehicles); +2.1% excl. Volkswagen Commercial Vehicles, Scania and MAN. 7 2) MAN incl. MAN Latin America Trucks and Busses GVW > 5t Volkswagen Phideon (China) Audi Q2

ŠKODA KODIAQ Porsche Panamera 4 E Hybrid

8 Volkswagen Group – Key Financial Figures1) (January to September 2016 vs. 2015)

thousand vehicles / € million 2016 2015 +/- (%) Vehicle Sales 2) 7,653 7,440 +2.9 Sales revenue 159,932 160,263 -0.2 Operating profit before Special Items 11,267 10,197 +10.5 % of sales revenue 7.0 6.4 Operating profit 8,647 3,342 x % of sales revenue 5.4 2.1 Financial result -488 1,800 x of which: At-equity result2) 2,627 3.128 -16.0 of which: Other financial result -3,116 -1,327 x Profit before tax 8,159 5,142 +58.7 % Return on sales before tax 5.1 3.2 Profit after tax 5,915 3,990 +48.2

1) All figures shown are rounded, so minor discrepancies may arise from addition of these amounts. Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. 2) Volume data including the unconsolidated Chinese joint ventures. The joint venture companies in China are accounted for using the equity method and recorded an operating profit (proportionate) of €3,594 million (€3,777 million). 9 Volkswagen Group – Analysis of Operating Profit1) (January to September 2016 vs. 2015)

€ billion 14,0

12,0 -1.1 0.0 0.2 0.8 2.1 0.3 10,0 -1.2 -2.6

8,0 6.9 6,0 11.3 10.2 4,0 8.6

2,0 3.3 0,0

Jan – Sept Special Jan – Sept Volume/ Exchange Product Fixed Commercial Power Financial Jan – Sept Special Jan – Sept 2015 Items 2015 Mix/ Prices rates costs costs Vehicles Engineering Services 2016 Items 2016 after before Division before after Special Items Special Items Passenger Cars Special Items Special Items

1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts.

10 Volkswagen Group – Analysis by Business Line1) (January to September 2016 vs. 2015)

Vehicle sales Sales revenue Operating profit thousand vehicles/ € million 2016 2015 2016 2015 2016 2015 Volkswagen Passenger Cars 3,234 3,343 77,725 79,972 1,244 2,229 Audi 1,166 1,158 44,017 43,695 3,918 4,024 ŠKODA 606 605 10,113 9,280 940 734 SEAT 400 404 6,535 6,388 137 12 Bentley 8 7 1,411 1,364 54 57 Porsche2) 177 169 16,470 16,471 2,858 2,546 Volkswagen Commercial Vehicles 342 335 8,045 7,537 392 313 Scania2) 60 56 8,272 7,686 802 748 MAN Commercial Vehicles 74 74 7,213 7,247 204 52 MAN Power Engineering - - 2,567 2,756 176 227 VW China3) 2,803 2,492 - - - - 4) Other -1,217 -1,204 -42,771 -41,538 -993 -2,126 4) Volkswagen Financial Services - - 20,337 19,403 1,534 1,381 Volkswagen Group before Special Items - - - - 11,267 10,197 Special Items - - - - -2,620 -6,855 Volkswagen Group 7,653 7,440 159,932 160,263 8,647 3,342 Automotive Division5) 7,653 7,440 136,889 138,302 6,841 1,726 of which: Passenger Cars 7,178 6,974 111,044 113,325 6,359 1,203 of which: Commercial Vehicles 475 466 23,278 22,221 491 489 of which: Power Engineering - - 2,567 2,756 -9 34 Financial Services Division - - 23,042 21,961 1,806 1,615

1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts. 2) Incl. financial services. 3) Sales revenue and operating profit of the JV’s in China are not included in the Group figures. The Chinese companies are accounted for using the equity method and recorded an operating profit (proportionate) of € 3,594 million (€3,777 million). 4) Mainly intragroup items, in particular from elimination of intercompany profits; incl. depreciation and amortization 11 of identifiable assets as part of the PPA for Scania, Porsche Holding Salzburg, MAN and Porsche. 5) Including allocation of consolidation adjustments between Automotive and Financial Services divisions. Automotive Division – Strong Cash Generation1) 2) (January to September 2016)

€ billion 20

15 -7.8 (5.7%) 10 17.0 - 4.2 0.2 2.3 5 7.5 5.2

0

20153) 18.5 -7.3 (5.3%4)) -3.3 0.4 8.3 3.0 11.2

Cash flow Capex Capitalized Other Net cash flow Acquisition Net cash flow from operating development costs before equity and disposal activities investments of equity investments

1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts. 2) Including allocation of consolidation adjustments between Automotive and Financial Services divisions. 3) prior- year figures adjusted 4) Capital expenditure for property, plant and equipment in% of Automotive sales revenue. 12 Automotive Division – Analysis of Net Liquidity1)

€ billion 35 2.3 30 3.0

2.2 -0.5 25 -0.1 -0.3

20

15 31.1 24.5 10 31 December 2015 5

0 Dividend Equity capital Distributions Proceeds from sale 31.12.2015 pay-out to Dividend Other cash flow 30 September increase to hybrid of interest in Volkswagen AG FAW / SVW 2016 Volkswagen FS investors LeasePlan shareholders Net cash flow: €7.5

1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts. 13 Volkswagen Group – Outlook for 2016

- 2.0% Deliveries to 10,137 9,931 Deliveries to customers customers (‘000 vehicles) slightly above prior year

+ 5.4% 213.3 202.5 Sales revenue Sales revenue (€ billion) may reach prior year level

6.3 Operating return 6.0 on sales Operating return on sales (before Special Items) (before Special Items) between 5.0% and 6.0% (%) 2014 2015 Full Year 14 Appendix

15 Volkswagen Group – Deliveries to Customers by Markets1) (January to September 2016 vs. 2015)

´000 units +2.4% January – September 2015 8.000 7.609 7.431 January – September 2016 7.000

6.000

5.000 +8.1% 4.000 +3.0% 3.112 2.878 3.000 2.622 2.700

2.000 +6.8% -1.1% -27.2% -10.5%

1.000 693 686 452 482 440 320 346 310

Volkswagen Western Central & North America South America Asia Pacific Rest of World Group Europe Eastern Europe

1) Incl. all brands of Volkswagen Group (Passenger Cars and Commercial Vehicles); +2.1% excl. Volkswagen Commercial Vehicles, Scania and MAN. 16 Volkswagen Group – Headline Figures (January to September 2016 vs. 2015)

2016 2015 +/- (%) Deliveries to customers1) '000 units 7,609 7,431 +2.4 Vehicle sales1) '000 units 7,653 7,440 +2.9 Production1) '000 units 7,645 7,438 +2.8

Sales revenue € million 159,932 160,263 -0.2 Operating profit before Special Items € million 11,267 10,197 +10.5 Special Items € million -2,620 -6,855 -61.8 Operating profit € million 8,647 3,342 x Profit before tax € million 8,159 5,142 +58.7 Profit after tax € million 5,915 3,990 +48.2

Automotive Division2) Cash flows from operating activities3) € million 16,998 18,455 -7.9 Cash flows from investing activities attributable to operating activities4) € million 9,495 7,220 +31.5 of which investments in property, plant & equipment € million 7,803 7,340 +6.3 Net cash flow € million 7,504 11,235 -33.2 Net liquidity at September 30 € million 31,115 27,755 +12.1

1) Volume data including the unconsolidated Chinese joint ventures. These companies are accounted for using the equity method. All figures shown are rounded, so minor discrepancies may arise from addition of these amounts. 2015 deliveries updated reflect subsequent statistical trends. 2) Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. 3) prior- year figures adjusted 4) Excluding acquisition and disposal of equity investments: January – September €11.788 million (€10,246 million). 17 Volkswagen Group – Analysis by Market1) (January to September 2016 vs. 2015) bf

Vehicle sales Sales revenue

vehicles / € million 2016 2015 +/- (%) 2016 2015 +/- (%) Europe / Remaining markets 3,457 3,399 1.7 102,295 99,523 2.8 North America 708 699 1.3 25,650 26,570 -3.5 South America 312 424 -26.3 5,808 7,919 -26.7 Asia-Pacific2) 3,175 2,918 8.8 26,179 26,250 -0.3 Volkswagen Group2) 7,653 7,440 2.9 159,932 160,263 -0.2

1) All figures shown are rounded, so minor discrepancies may arise from addition of these amounts. 2) The sales revenue of the joint venture companies in China is not included in the figures for the Group and the Asia-Pacific market. 18 Automotive Division – Research and Development Costs (January to September 2016 vs. 2015)

€ million 2015 2016 12.000

10.000

3,292 4,222 8.000 33.1% 2,381 41.7% 2,538 6.000 10,129 9,941 9,030 8,445 4.000

2.000

0 Total of which amortization Recognized Total of which amortization Recognized R&D costs capitalized in the income R&D costs capitalized in the income statement statement

19 Volkswagen I.D

20 Audi Q5 Audi A5Q5

21 Porsche 718 Boxster Porsche 718 Boxster

22 ŠKODA SUPERB ŠKODA SUPERB COMBI

23 SEAT ATECA SEAT Ateca

24 BentleyBentley Bentayga Bentayga BentleyBentley Bentayga Bentayga

25 Lamborghini Lamborghini Centenario

26 Bugatti Chiron Bugatti Chiron

27 VWVolkswagen NFZ Crafter Crafter Volkswagen Crafter

28 MAN TGX MAN TGX

29 Scania Scania R500 4x2

30 January – September 2016 Conference Call and Webcast 27 October 2016