Dr. Christian Dahlheim, Director Sales Volkswagen GroupDeutsche 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.

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1) Figures excl. Volkswagen Commercial Vehicles, Scania and MAN. 3

bf

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)

World Asia-PacificSouth America

Central & Eastern EuropeNorth America Western Europe

-0.7%-0.6%

-0.6%

-2.1%

11.0%6.8%

-1.2%

0.6%

6.2%

11.3%

-2.3%

0.9%

Car MarketCars + LCV

Car Market Car MarketVW Group VW Group VW Group

Car Market Car MarketVW Group VW Group VW GroupCar MarketCars + LCV Cars + LCV

Cars + LCV

4

Volkswagen Group – Deliveries to Customers by Brands1)

(January to December 2018 vs. 2017)

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

Volume Premium Sport & Luxury Truck & Bus

+1.4 % -3.4 % +3.6 % +13.7 %

[thsd. units]

January - December 2017January - December 2018

6,000

0

5,000

11,000

4,000

2,000

8,000

7,000

3,000

10,000

1,000

9,000

518114

6,245

1,878

10,834

50091 96

1,254468

6,230

10,742

1,201498 137

1,812

4 2566 246 11 11

+0.9%

+0.2%

+4.4%+10.5% +0.4%

-3.5%

+50.7% +4.0% -5.3% +19.6% +6.3%

2)

Volkswagen Group – Outlook for 2018

5

Deliveries to customers(‘000 vehicles)

+ 4.3%

Sales revenue(€ billion)

+ 6.2%

2016

Operating return on sales

(%)

2017

Deliveries to customersmoderately above prior year

Sales revenue by as much as 5% year-on-year

Operating return on sales between 6.5% to 7.5% before Special Items 2)

Full Year

6.7

7.4

10,297

10,741

217.3230.7

1)

1)

1) before Special Items. 2) Operating return on sales after Special Items is expected to be moderately below that range.

Improving Group Return on Sales despite significant headwinds

6

6.7%6.5 - 7.5%

2020Target

2017

6.5 - 7.5%

2025Target

2018 Outlook

7.4%

Industry transition Emission costs / CO2

2016Base

7.0 - 8.0%

Performance improvement programs

Return on Sales

USA1) Western Europe Russia

Brazil1) World1) China

Actuals Forecast Data source: IHS Automotive (11.2018)

m units

2017 20202019

17.3 16.8 16.7

2017 2019 2020

14.3 14.5 14.4

2017 2019 2020

1.5 2.0 2.3

2017 2019 2020

2.2 2.7 2.9

2017 20202019

86.684.588.8

20202017 2019

24.0 25.0 26.2

1) Volume for North & South America includes light commercial vehicles (definition ‘Light Vehicles’)

Global Passenger Car Market 2017 - 2020China 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

17.2

2018 2018

14.5

1.7

2018

2018

2.4

2018

85.223.9

2018

7

New and forthcomming Product Highlights*

8

Portfolio expansion and successor models ICE Portfolio expansion BEV

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

Q3 Octavia Combi (NF) Tarraco

Leon (NF) 911 Carrera (NF) Cayenne Coupé Flying Spur (NF)

Bora BEV (CH) Lavida BEV (CH)

e-tron e-tron Sportback

Citigo BEV Taycan

ŠKODA Scala

* selected models

9

Strong increase in our Worldwide SUV Mix1)

SUV share in % of regional Group deliveries to customers

10

20

30

40

50

60

70

2014 2015 2016 2017 2018 2019 2020

NAR

Europe

ChinaWorld

1) Actual figures 2014-2018; 5-Year Planning (PR 67) 2019-2020

Strong Electrification of Product Portfolio

BEV volume per region in thousand units

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

China

Europe

NAR

World

2.000

1.000

5.000

3.000

4.000

Until 2025:+50 new BEVs

VW ID. NeoPorsche Taycan

VW ID. CrozzAudi A SUVe

VW ID. Buzz

VW ID. Vizzion

VW ID. Lounge

Audi e-tron

101) As of 19th November, 2018 / Communication of 5-Year Planning (PR67)

The Future Sales Model

11

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

Entrepreneurship

Consumer Centricity

Profitability &Efficiency

Ecosystemfor more

customer loyalty

Digital products, functions on demand and new services

for additional business

New joint customerapproach between OEM,

importer and dealer

Seamless online andoffline customer journey

to meet expectations

Integrated, direct online channel for

lean sales and service activities

Over-the-Airdiagnosis and updates

sales and service

Efficient and lean processes and IT

Efficient retail/service network (market area concept) and formats

Integrated customerdata management fordirect customer access

Segment-specific customer orientation

12

Car Park Development Volkswagen Group

Car Park by Region

40

60

20

0

120

80

100

10

30

50

70

90

110

2010

45

1858

6

5

2012

112

2011 2013

55

2014 2015 2016 2017 2019 2022 2023

52

74

81

94 12

66

105

73

15

5

695

21

77

24

5

27

6

85

31

6

906

96

38

7

101

42

7

1078

34

9

41 42 43 45 46 46 47 48 49

49

51 52 53 55

2021 20242018

63

2020

47 50

in Mil.

China

USA

Europa

Driving forward Strategy 2025: Implementation is accelerating

Joint venture for rapid charging network in place

Fuel cell technology partnership agreed

Strategic cooperation in discussion

Volkswagen becomes largest shareholder

Autonomy for Truck & Bus making good progress

Product & technology offensive in China agreed

Positioning of Group brands sharpened

SEDRIC developed and presented

Strategic partnership with Microsoft agreed

13

Powering electric mobility

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

14

0

250

500

2012 2013 2014 2015 2016 2017 2018

Deliveries to US customers, ‘000’ units

MarketShare % 2.2 2.0 2.03.0 2.6

2017 2018-19 2019-21

Jetta

Arteon

Passat

Midsize SUV 5s

Compact SUV

SUV offensive #1 Sedans SUV offensive #2

ID CrozzRefreshed Golf

Tiguan

Atlas

1.8 2.0

We are stepping on the gas in terms of profitability,innovative power and sustainability

Appendix

17

Volkswagen Group – Deliveries to Customers by Markets1)

(January to December 2018 vs. 2017)

VolkswagenGroup

1,000

0

2,000

5,000

3,000

4,000

6,000

7,000

8,000

9,000

11,000

10,000

976522

4,546

590797

3,584

360409

3,584

10,834

745 957

4,506

10,742

+0.9%

0.0%

+7.1% -2.0% +13.1%

+0.9%

-11.9%

January - December 2017 January - December 2018[thsd. units]

Western Europe Central- & Eastern Europe

North America South America Asia-Pacific Rest of World

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