Live INVESTOR and ANALYST Audio Webcast and Conference Call

MAY 2nd, 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, 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 Such statements are valid on the date of publication and can be superseded.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.

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Live Audio Webcast and Conference Call: January – March 2019

Frank Witter Dr. Christian Dahlheim Oliver Larkin

Chief Financial Officer Director Group Sales Head of Group Investor Relations
Volkswagen AG Volkswagen AG Volkswagen AG

3
Financial Highlights January – March 2019
Deliveries to customers total 2.6 million vehicles (-2.8%); decline particularly in Asia-Pacific, growth in
Western Europe and South America; passenger car market share increased in a declining global market

Group sales revenue of €60.0 billion exceeds prior year by 3.1%

Operating profit before special items up by €0.6 billion to €4.8 (4.2) billion, includes positive Fair-value
measurement of derivatives €0.4 billion above prior year

Operating result at €3.9 (4.2) billion, negative Special Items of €-1.0 billion relating to legal risks

Profit before tax at €4.1 (4.5) billion

Automotive Division net cash flow down €0.4 billion to €2.0 billion; capex ratio of 4.0% (3.9%)

Automotive Division net liquidity at €16.0 billion, negative net liquidity effect of €5.1 billion disclosed under IFRS 16

4
Volkswagen Group – Deliveries to Customers by Brands 1)
(January to March 2019 vs. 2018)
[thsd. units]
January - March 2018
-2.8% January - March 2019
3,000
2,680
2,606
Volume Premium Sport & Luxury Truck & Bus
-2.6 % -3.4 % -11.7 % +7.4 %

2,000 -4.5%

1,525
1,456

1,000
-3.6%
-2.9%
+8.9% +9.4% 464 447 -12.3% +9.8% +4.1%
+77.2% +3.3%
317 308
139 152 115 126
1 2
63 56 2 2 31 34 23 24
0

1) Volkswagen Group excl. Ducati 5

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

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

1.2%

-0.6%

-2.0%
-2.6% -3.6% -2.9%

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

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

1.4%

-3.6%
-7.6% -5.6% -6.6% -6.5%

South America (incl. LCV) World 2) Asia Pacific

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

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Volkswagen Group – Expected SUV Share by Region 1)
(2017 – 2020)
[SUV share in %]

60

NAR
50

China
40
World
30 Europe

20

10
2017 2018 2019 2020
SUV
Touareg Q8 Tarraco e-tron
Tayron Q3 T-Cross Macan FL
Tharu Urus Teramont X Cayenne Coupé

1) Volkswagen Group excl. Ducati

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Volkswagen Group – Expected BEV volumes by Region 1)
(2018 – 2020)
[thsd. units]

x5

> 500
NAR

Europe
x4

> 100 China

>25 RoW
2018 2019 2020

e-Crafter e-tron e-Bora e-TGE ID. e-Mii

e-Golf Taycan e-Lavida e-Caddy ID. Crozz e-Citigo
e-up! Q2L e-tron e-Transporter Moia Shuttle e-tron Spb

1) Volkswagen Group excl. Ducati

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Volkswagen Group – Analysis of Operating Profit 1)
(January to March 2019 vs. 2018)
[€ billion]

0.2 -0.4
0.5 0.1 0.0 0.1
0.2 1.0
4

4.8
2 4.2 3.9

0
Jan – Mar 2018 Volume/ Exchange Product Costs Fixed Costs Commercial Power Financial Jan – Mar Special Items Jan – Mar
before Special Mix/ Prices Rates Vehicles** Engineering** Services 2019 before 2019 after
Items Division Special Items Special Items

Passenger Cars*/**

1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts. *) without FS ** ) including PPA

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Volkswagen Group – Analysis by Business Line 1)
(January to March 2019 vs. 2018)
Vehicle sales Sales revenue Operating profit
thousand vehicles / € million 2019 2018 2019 2018 2019 2018
Volkswagen Passenger Cars 910 912 21,538 20,115 921 879
Audi 305 394 13,812 15,320 1,100 1,300
ŠKODA 275 256 4,920 4,547 410 437
SEAT 176 167 3,053 2,782 89 85
Bentley 3 2 456 351 49 -44
Porsche Automotive 2) 57 61 5,224 5,438 829 939
Volkswagen Commercial Vehicles 129 117 3,294 2,945 291 224
Scania 3) 24 23 3,350 3,029 370 301
MAN Commercial Vehicles 34 31 2,988 2,771 115 83
Power Engineering - - 891 766 9 21
VW China 4) 901 1,040 - - - -
Other 5) -229 -233 -8,220 -7,834 28 -622
Volkswagen Financial Services - - 8,706 7,999 638 608
Volkswagen Group before Special Items - - - - 4,849 4,211
Special Items - - - - -981 -
Volkswagen Group 2,583 2,769 60,012 58,228 3,868 4,211
Automotive Division 6) 2,583 2,769 50,777 49,743 3,166 3,572
of which: Passenger Cars 7) 2,526 2,716 43,581 43,243 2,803 3,301
of which: Commercial Vehicles 7) 57 53 6,305 5,734 420 312
of which: Power Engineering - - 891 766 -56 -42
Financial Services Division - - 9,236 8,485 701 639

1)All figures shown are rounded, minor discrepancies may arise from addition of these amounts. 2) Porsche (Automotive and Financial Services): sales revenue € 5,799 (5,936) million, operating profit € 868 (976) million. 3) Scania (Automotive and Financial Services): sales revenue € 3,458 (3,118) million, operating profit € 402 (331) million. 4) The sales revenue and
operating profits of the joint venture companies in China are not included in the figures for the Group. These Chinese companies are accounted for using the equity method and recorded a proportionate operating profit of € 1,074 (1,163) million. 5) In operating profit mainly intragroup items recognized in profit or loss, in particular from the elimination of
intercompany profits; the figure includes depreciation and amortization of identifiable assets as part of purchase price allocation for Scania, Porsche Holding Salzburg, MAN and Porsche. 6) Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. 7) Since 1st January 2019 Volkswagen Commercial Vehicles is reported
in the Automotive division, prior year figures have been adjusted. 10
Automotive Division – Net Cash Flow 1)
(January to March 2019)
[€ billion]

0.3
2 0.2

2.5
2.0

0
2018 2.4 0.8 -0.1 3.1
Net Cash flow Diesel outflow Aquisition and Net Cash flow
including Diesel disposal of equity underlying business
payments and M&A investments

1) Including allocation of consolidation adjustments between Automotive and Financial Services divisions.

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Automotive Division – Net Cash Flow Development 1) 2)
(January to March 2019)
[€ billion]

5
-2.0
4
(4.0%) 3)
3
5.4 -1.1
2
0.0 -0.3

1 2.3 2.0

0
2018 5.5 -1.9 (3.9%) 3) -1.2 0.1 2.4 0.1 2.4
Cash flow from Capex Capitalized Other Net cash flow Acquisition Net Cash flow 4)
operating development before equity and disposal
activities costs 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) Capital expenditure for property, plant and equipment in % of Automotive sales revenue. 4) Including Diesel payments and M&A.
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Automotive Division – Analysis of Net Liquidity 1)
(January to March 2019)
[€ billion]

25

-0.3
20 2.0
-0.2 0.6 -5.1

15 -1.1 0.8

10 19.4
16.0
5

0
31.12.2018 Diesel Outflow China Operating M&A IFRS 16 MAN Other 31.03.2019
Dividend Business minorities

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

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Volkswagen Group – Outlook for 2019

+0.9%
Deliveries to 10.7 10.8
customers slightly exceed the prior-year
(‘000 vehicles)
2017 2018 2019

+2.7%

Sales revenue 229.6 235.8

(€ billion) grow by as much as 5%
2017 2018 2019

1)
Operating 7.4 7.3
1)

return on sales in the range of 6.5 – 7.5% before Special Items

(%)
2017 2018 2019

1) before Special Items.

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Automotive Division – Research and Development Costs
(January to March 2019 vs. 2018)
[€ million]

4,000 4,000
2019 2018

1,147 891 1,203

32.9% 934
35.9%

2,000 2,000
3,483 3,227 3,356 3,087

0 0
Total of which amortization Recognized in Total of which amortization Recognized in
R&D costs capitalized the income R&D costs capitalized the income
statement statement
VW ID. Buggy
Porsche Taycan
ŠKODA Scala
SEAT Tarraco
VW Commercial Vehicles T 6.1
Audi e-tron
Bentley Continental GT Convertible
Lamborghini Hurácan EVO Spyder
Bugatti La Voiture Noire
Scania L 320 6x2 Plug-in- Hybrid
MAN CitE