Volkswagen : Presentation – Société Générale Webcast Presentation

Leading the Transformation.

Frank Witter, Chief Financial Officer

Volkswagen AG

Investor Conference Call with Société Générale, 23 March 2020

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 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.

The recent outbreak of COVID-19 (commonly referred to as coronavirus) has negatively impacted and may continue to impact economic and social conditions in some of Volkswagen's primary markets, including China and Europe, as public, private, and government entities implement containment and quarantine measures. The continued spread of COVID-19 may cause shortages of necessary materials and parts from suppliers directly or indirectly affected by the outbreak and may cause operational disruptions and interruptions at Volkswagen's production facilities, leading to significant production downtimes

A negative development relating to ongoing claims or investigations, the continuation of COVID-19, an 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.

Development World Car Market vs. Volkswagen Group Car Deliveries to Customers1)

(Growth y-o-y in deliveries to customers, January to December 2019 vs. 2018)

Car Market	VW Group
	-0.5%
-2.3%
North America (incl. LCV)

Car Market	VW Group
	1.8%
-5.0%
South America (incl. LCV)

Car Market	VW Group
	4.8%
0.6%
Western Europe
Car Market	VW Group
	1.3%
-4.0%
World 2)

Car Market	VW Group
2.7%
	1.2%

Central & Eastern Europe
Car Market	VW Group
	-0.2%
-6.0%
Asia Pacific

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

3

Development World Car Market vs. Volkswagen Group Car Deliveries to Customers1)

(Growth y-o-y in deliveries to customers, January to February 2020 vs. 2019)

Car Market	VW Group
	6.6%
4.2%
North America (incl. LCV)

Car Market	VW Group
	6.2%
-5.5%
South America (incl. LCV)

Car Market	VW Group
	-0.1%
-7.4%
Western Europe
Car Market	VW Group
-12.5%	-13.9%
World 2)

Car Market VW Group

-2.4%	-2.7%
Central & Eastern Europe
Car Market	VW Group
-27.4%	-33.2%
Asia Pacific

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

4

Volkswagen Group - Deliveries to Customers by Brands1)

(January to December 2019 vs. 2018)

+1.3%

[thsd. units]

January - December 2018

11,000	10,834 10,975											January - December 2019
10,000	Volume				Premium		Sport & Luxury	Truck & Bus
9,000	+0.8 %				+2.0 %			+9.4 %			+4.0 %
8,000	+0.5%
7,000	6,245 6,278
6,000
5,000
4,000					+1.8%
3,000	-0.9%
2,000	+10.9%	-1.6%	1,812 1,846		+9.6%	+4.9%	+4.6%	+3.1%
1,254 1,243				+42.7%
1,000	518	574	500	492	6	8	256	281	11	11	137	143	96	99
0

1) Volkswagen Group excl. Ducati

5

Volkswagen Group - Deliveries to Customers by Brands1)

(January to February 2020 vs. 2019)

[thsd. units]

January - February 2019 January - February 2020

2,000
	-13.9%	Volume					Premium		Sport & Luxury		Truck & Bus
	1,607
	-15.4%					-9.0%			+0.4 %			-11.9%
	1,383
	-17.3%
1,000	914
	756
	-16.9%					-9.2%
	+6.1%	-13.7%
			264		+21.8%	-0.8%	+32.3%	-8.9%	-16.2%
					240
	193	161
	89	94	75	65
					1	1	35	35	1	2	20	18	14	12
0

1) Volkswagen Group excl. Ducati

6

Financial Highlights - Volkswagen Group

(January to December 2019 vs. 2018)

Sales revenue

Operating profit1)

Profit before tax

€ million		€ million		€ million
	+ 7.1%		+ 12.8%	+ 17.3%
	252,632	Op.
235,849	7.3%	7.6%
margin
				19,296
			17,104			18,356
					15,643
2018	2019		2018	2019	2018	2019

Profit after tax	Dividend proposal2)
€ million	€/share
+ 15.4%		+ 35.0%
	Payout	20.5%	24.5%
	ratio

			6.56
	14,029	4.86
12,153
2018	2019	2018	2019

7

1) Before special items. 2) Per preference share. Per ordinary share 6.50 (2018: 4.80 ) €.

Volkswagen Group - Analysis by Business Line1)

(January to December 2019 vs. 2018)

thousand vehicles / € million

Vehicle sales	Sales revenue	Operating profit	Operating margin
2019	2018	2019	2018	2019	2018	2019	2018

Volkswagen Passenger Cars	3,677	3,715		88,407	84,585		3,785	3,239		4.3	3.8
Audi	1,200	1,467		55,680	59,248		4,509	´4,705		8.1	7.9
ŠKODA	1,062	957		19,806	17,293		1,660	1,377		8.4	8.0
SEAT	667	608		11,496	10,202		445	254		3.9	2.5
Bentley	12	10		2,092	1,548		65	-288		3.1	-18.6
Porsche Automotive 2)	277	253		26,060	23,668		4,210	4,110		16.2	17.4
Volkswagen Commercial Vehicles	456	469		11,473	11,875		510	780		4.4	6.6
Scania 3)	101	97		13,934	12,981		1,506	1,207		10.8	9.3
MAN Commercial Vehicles	143	137		12,663	12,104		402	332		3.2	2.7
Power Engineering	-	-		3,997	3,608		159	193		4.0	5.3
VW China 4)	4,048	4,101		-	-		-	-		-	-
Other 5)	-685	-912		-30,931	-34,029		-917	-1,418		-	-
Volkswagen Financial Services	-	-		37,957	32,764		2,960	2,612		-	-
Volkswagen Group before Special Items	-	-		-	-		19,296	17,104		7.6	7.3
Special Items	-	-		-	-		-2,336	-3,184		-	-
Volkswagen Group	10,956	10,900		252,632	235,849		16,960	13,920		6.7	5.9
Automotive Division 6)	10,956	10,900		212,473	201,067		13,748	11,127		-	-
of which: Passenger Cars 7)	10,713	10,666		182,031	172,678		12,188	10,000		-	-
of which: Commercial Vehicles 7)	243	234		26,444	24,781		1,653	1,191		-	-
of which: Power Engineering	-	-		3,997	3,608		-93	-64		-	-
Financial Services Division	-	-		40,160	34,782		3,212	2,793		-	-
1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts. 2) Porsche (Automotive and Financial Services): sales revenue € 28,518 (25,784) million, operating profit € 4,396 (4,291) million. 3) Scania (Automotive and Financial Services): sales revenue € 14,391 (13,360) million, operating profit € 1,648 (1,346) 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 € 4,425 (4,627) million. 5) In operating profit mainly intragroup items recognized in profit or loss, in particular from the elimination of	8
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.

Volkswagen Group - Analysis of Operating Profit1)

(January to December 2019 vs. 2018)

[€ billion]
22					-0.2	0.6
20					-2.8			0.4
			3.7			0.5	0.0		-2.3
18
16		3.2
14
12
10			17.1								19.3		17.0
8
13.9
6
4
2
0	2018	Special Items	2018	Volume/	Exchange	Product Costs	Fixed Costs	Commercial	Power	Financial	2019 excl.	Special Items	2019 incl.
	incl. Special		excl. Special	Mix/ Prices	Rates /			Vehicles**	Engineering**	Services	Spec. Items		Spec. Items
	Items		Items		Derivatives					Division

Passenger Cars*/**

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

9

Automotive Division - Net Cash Flow Development 1) 2)

(January to December 2019)

[€ billion]
35
30
25		-14.0
20
15	30.7		-5.2
			0.1		-0.7
10
5					11.6		10.8
0
2018	18.5	-13.2	-5.2	0.2	0.3	-0.6	-0.3
	Cash flow from	Capex	Capitalized	Other	Net cash flow before	Acquisition	Net Cash flow
	operating activities		development		equity	and disposal
			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.

10

Automotive Division - Net Cash Flow1)

(January to December 2019)

[€ billion]
		14
									0.7
		12					1.9
		10
		8											13.5
		6			10.8
		4
		2
		0
	2018			-0.3		5.3	0.6		5.6
					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.

11

Automotive Division - Analysis of Net Liquidity1)

(January to December 2019)

[€ billion]

35

30

25

20

15

-5.4

9.9-1.1

-1.9-0.7 3.6

-2.4 1.4 -1.4

10

5

0

19.4	Net Cash flow (€ 10.8 bn)	21.3

31.12.2018 Diesel Outflow	M&A	China Dividend Operating	IFRS 16	MAN	Dividend to TRATON IPO	Other	31.12.2019
		Business		minorities	VW AG
					Shareholder

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

12

Volkswagen Group - Outlook for 20201)

Deliveries to

customers

('000 vehicles)

Sales revenue

(€ billion)

Operating

return on sales

(%)

1.3%

10.8 11.0

			On the level of prior year
2018	2019	2020
	+7.1%
235.8	252.6		grow by as much as 4%
2018	2019	2020
7.32)	7.6 2)		Range of 6.5 - 7.5% (before Special Items)
2018	2019	2020

1) ) In light of Corona, under constant review. 2) before Special Items.

13

The transformation of our portfolio has started

Broad product portfolio

Transformation

CO2 neutral cars

ICE

BEV

2020

2050

14

Our worldwide SUV mix is expected to increase strongly

Volkswagen Group - SUV share

(in % of regional Group Deliveries to Customers)

Europe China NAR

> 50%

49%

56%

Worldwide

≈ 13%

12%											69%
14%
17%
2014	2015	2016	2017	2018	2019	2020*	2021*	2022*	2023*	2024*	2025*

* Target

15

BEVs are the first choice as the most cost-efficient solution for CO2 reduction

Measures for CO2 reduction in €/g CO2
95 €/g CO2					#1
Diesel ICE EU7	Gasoline ICE Hybrid	Gasoline ICE Mild	Gasoline ICE Plug-	BEV MEB 1st	BEV MEB 2nd
		Hybrid	In Hybrid	Generation	Generation

Example Volkswagen Brand: Ranking CO2 efficiency indicators (average) for selected CO2 measures		16

Customers already experience comparable TCOs in 2020 - 2nd wave BEV will provide even more attractive TCOs

TCO comparison1)

€
			Government
			subsidies
			Cost of Ownership
			Cost / Leasing
Golf 7 TDI	e-Golf	ID.3	2nd wave MEB
(dedicated		(dedicated	(dedicated
ICE platform)		BEV platform)	BEV platform)

Including government subsidies for many customers BEV TCO are comparable to ICE TCO already today

2nd wave MEB cars will offer better TCOs than ICEs (even without government subsidies)

1) Schematic overview | TCO = Total Cost of Ownership

17

The significant increase in BEV deliveries will support CO2 compliance

Volkswagen Group - BEV volume by regions

(BEV share of total Group Deliveries in %)

e-tron	e-Bora	ID.3	e-Mii
Taycan	e-Lavida	el-Born	e-Citigo
Q2L e-tron	Moia Shuttle	e-tron SB	Taycan Cross Turismo
eTGE		e-Tharu	Vision iV
		ID.Crozz

• 4%

≈ 1%

Europe China NAR RoW

> 20%

≈ 3 mn units

2019

2020*

2021*

2022*

2023*

2024*

2025*

* Target

18

Development Global passenger car markets

Markets by regions (2020-2025)

					>20%
				> 30%
	~ 4%	~ 0%	~ 20%
2020	Europe	North America	South America	China incl. HK	RoW	2025

North America and South America incl. Light Commercial Vehicle; Source: IHS Markit I March 2020

19

Strategic Group KPI's

Key financial targets	2016	2017	2018	2019		2020		2025
		Actual	Actual	Actual	Actual		Outlook1)		Strategic
									Targets
Operating return on sales	6.7%	7.4%	7.3%	7.6%		6.5 - 7.5%		7 - 8%
beforeSpecial Items
Return on investment	8.2%	12.1%	11.0%	11.2%		11 - 13%3)		>14%3)
Automotive Division afterSpecial Items
Capex ratio	6.9%	6.4%	6.6%	6.6%		6 - 6.5%4)		6%
Automotive Division
R&D cost ratio	7.3%	6.7%	6.8%	6.7%		6 - 6.5%4)		6%
Automotive Divison
Cash	a) Net Cashflow2)	€ 4.9 bn	€ 10.3 bn	€5.6 bn	€ 13.5 bn		≥ € 10 bn		> € 10 bn
Automotive Division								~10% of
	b) Net Liquidity	€ 27.2bn	€ 22.4 bn	€ 19.4 bn	€ 21.3 bn2)		> € 20 bn3)
			Group turnover

1) In light of Corona, under constant review 2) Ex Diesel payments and M&A 3) Including the negative IFRS 16 impact, effective from 1st January 2019. 4) Ambition of reaching 6% remains.

20

Scalable Technology: The dedicated platforms (MEB/PPE) guarantee superior customer experience, scale and versatility

21

The ID. DNA | What makes our ID. Family special

Visionary	New sense of	Smart	Intuitive	Sustainable
design	space	connected	usability	platform

Affordable | High Ranges | Fast Charging Technology | Good residual values

22

To maximize the climate impact of MEB we are open to share it to other car manufactures as well

1 Large range	8	designed for
fast charging

2	attractive costs	7	performancehigh

3 maximum security	6 lifespanlong
4 availabilityrobustness and	5 useworldwide

23

The car becomes the most complex internet device

24

In the future, software will be a main differentiator in the automotive industry…

Today

• 100 million lines of code per vehicle
• Approximately $ 10 per line of code
• Example: Navi system 20 million lines of code

120	Lines of Code
	[Million]
100
80
60
40
20
0	Vehicle Debian	Face-	MS	F-35	LinuX	Android	Google
	5.0	book	Office	Fighter	Kernel		Chrome
			2013	Jet	3.1

Tomorrow

• > 200 - 300 million lines of code are expected
• Level 5 autonomous driving will take up to 1 billion lines of code

1200	Lines of Code per Model
[Million]
1000
800
600
400
200
0	2005	2010	2015	2020	2025

Sources: https://spectrum.ieee.org/transportation/systems/this-car-runs-on-code | http://frost.com/prod/servlet//press-release.pag?docid=284456381 |	25
https://www.visualcapitalist.com/millions-lines-of-code/

…therefore, we invest 7 billion Euro in a dedicated software organisation and will start operation in January 2020

A strong team…

Software experts	>10.000						Connected Car
7.000		+46%				Intelligent Cockpit
				Driver Assistance Systems &
							Automated Driving
							Vehicle Motion/ Energy
							Service Platform
							Cross-functional
2020	2025

More customer value…

• Always up-to-date functions in all vehicles
• Higher residual values
• Lower maintenance downtimes

…develops software in-house

• Increase in-house share software development from 10% to 60%
• All news cars on VW.OS from 2025 on
• Migrate parallel solutions to gain scale, e.g. One Infotainment & One cloud

…less complexity for us	~ 0.5 bn
synergies by 2025 from
	standardisation of
• Cost reduction due to
infotainments	Example

• significantly lower direct material cost
• reduced development cost
• smoother new vehicle launches
• reduced warranty cost

26

Expanding production of electric vehicles worldwide on a massive scale by the end of 2022

27

BEV challenges addressed by three key elements

28

Driving forward Strategy: New collaborative approach

29

Ford and Volkswagen extend global alliance, Volkswagen simultaneously invests in Argo AI

		EQUAL SHAREHOLDER WITH FORD;
ANNOUNCED 2019	VOLKSWAGEN TO SUPPLY	TRANSACTION REPRESENTS
MEB PLATFORM TO FORD	$7.25B VALUATION*
		NEW COLLABORATION

		VOLKSWAGEN
COMMERCIAL VAN	FULLY ELECTRIC	MAKES
AUTONOMOUS
AND PICKUP	VEHICLES
DRIVING
		INVESTMENT

*Estimated

30

Key Messages

1.	2.		3.	4.
Leading the		Cost effective	First in		Increased focus
transformation to		transformation	transforming into		on
e-mobility		path	software OEM		value creation

31

Volkswagen Financial Services 1): global, well diversified and successful

Strong global presence

Continuous portfolio expansion

Rising penetration rates (without China)

48.7%	49.4%	49.1%
47.8%

46.9%

in '000 contracts

								10,297
6,322	7,218	7,641	7,717				Total
									portfolio
		2,760	3,921	4,149	4,616
2,518		21,223
5,833	6,155	5,672	5,935	6,585
2015	2016	2017 *	2018	2019 **

		Financing			Leasing			Insurance / Services
		*) Reclassification Finance / Lease contracts **) contracts from international JVs included
		Diversified funding structure
Equity, liabilities to				18%	Asset backed securitization
affiliated companies,	30%
other
			14%	38%	Bonds,
Customer deposits							Commercial Paper,
						liabilities to financial

institutions

31.12.2019: € 223.5 bn

1. Excl. activities of Scania and Porsche Holding Salzburg; incl. Financial Services of Porsche AG and MAN Financial Services.

32

Volkswagen Brand - Pushing the Turnaround in the US, break even by 2020

•	Product portfolio renewal with focus on profitable products	• Focus on efficient local production and logistics
	 Significant reduction in incentive spend			 > 90% of US sales produced in North America
	 Improved model mix, mainly SUVs			 Lower material costs and one-offs due to less
•	Fix costs improvements					complexity
		 MQB share up from 20% in 2015 to 80% in 2020
	Deliveries to US customers, '000' units	SUV offensive #1			New Sedans		SUV offensive #2		Electric transition
			2017	2018-19	2020-21	2020 +

500			All-new Atlas		Jetta	Atlas Cross Sport	Compact SUV e
250			All -new Tiguan	Passat	Compact SUV	ID Buzz
		53
0					Arteon
2012 2013	2014 2015 2016 2017 2018 2019 2020				New Model

33

Volkswagen Group China performance

(January to December 2019 vs. 2018)

[thsd. units]

4,500

4,000

	Proportionate operating profit, January to December
+0.6%	-4.4%
4,207
4,234	€ 4.4 bn
	€ 4.6 bn

January - December 2018

January - December 2019

[units]

-28.8%

5,695 6,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

+1.7%
3,110	3,163
	2018	2019

+4.1%

663	690	-17.3%
341			+8.3%
		282
				87
			80

1)

-12.6%

2,219 1,940

+125.1%

770

342

4,057

5,000

4,000

3,000

2,000

1,000

0

1) Incl. Hong Kong, excl. Ducati. Group numbers incl. Volkswagen Commercial Vehicles, Scania and MAN.

34

Volkswagen Group China performance

(January to February 2020 vs. 2019)

[thsd. units]

Proportionate operating profit, January to December	[units]

January - February 2019 January - February 2020

700 -35.0%

622

		-4.4%
€ 4.6 bn	€ 4.4 bn

-92.4%

462

500

600

500

400

404

-34.2%
460
2018	2019

-3.6%

400

300

300

200

100

303

-30.1%
							-72.7%
	-57.1%
104					66
73	44			-23.9%
	19	12	7	18

248 239

200

100

35

0

1)

0

1) Incl. Hong Kong, excl. Ducati. Group numbers incl. Volkswagen Commercial Vehicles, Scania and MAN.

35

Together4Integrity: Group-wide integrity and compliance program in full swing

RISK MANAGEMENT

Ethics and compliance risks are identified, owned, managed and mitigated

SPEAK-UP ENVIRONMENT

The organization encourages, protects and values the reporting of concerns and suspected wrongdoing

1. Group entities covered; as of 12th March, 2019.

STRATEGY
Ethics and	compliance is
central to business		strategy
	1	~50%1)

2 3

45

CULTURE OF INTEGRITY

Leaders at all levels across the organization build and sustain a culture of integrity

RESOLUTE ACCOUNTABILITY

The organization takes action and holds itself accountable when wrongdoing occurs

36

We are convinced that we have a strong Investment Proposition

Shaping

mobility -

for generations

to come.

• Strong brands with clear positioning and great products that inspire customers
• A leading position in China with global footprint and value creating growth
• Fully committed to "Go to Zero" and shaping e-mobility
• Transforming to one of the leading automotive software players
• Business portfolio optimisation and rigorous allocation of capital
• Taking complexity out and pushing for industry-leading economies of scale
• Delivering on demanding financial targets and committed to dividend pay out ratio

Unleash value

Integrity as the foundation of a successful business

37

Investor Relations Team

We are pleased to answer your inquiries regarding Volkswagen shares and other capital market related questions.

Helen Beckermann (Wolfsburg office)

Head of Group Investor Relations

E-Mail: [e-mail]

Telephone: [phone]

Alexander Hunger (Wolfsburg office)	Andreas Buchta (Wolfsburg office)	Ulrich Hauswaldt (Wolfsburg office)
Investor Relations Manager	Investor Relations Manager	Investor Relations Manager
Equity & ESG	Equity & Key Contact North America	Equity & Debt
E-Mail: [e-mail]	E-Mail: [e-mail]	E-Mail: [e-mail]
Telephone: [phone]	Telephone: + 49 5361 9 40765	Telephone: [phone]

Andreas Kowalczyk (Wolfsburg office)	Monika Kowalski (Wolfsburg office)
Investor Relations Manager	Investor Relations Manager
Equity	Equity
E-Mail: [e-mail]	E-Mail: [e-mail]
Telephone: [phone]	Telephone: [phone]
The official website of Volkswagen Group Investor Relations. Company topics, brandchannels, innovation and informations.	38

Appendix

The Shareholder Structure, Supervisory and Management Board

Shareholder Structure of Volkswagen AG

Number of Outstanding Shares	Preferred shares
	206,205,445

41.1%

58.9%

Ordinary shares
295,089,818
Current Voting Rights Distribution
		Others
9.9%
Qatar Holding
	17.0%
							Porsche SE,
						53.1%
							Stuttgart
	20.0%
State of Lower
Saxony, Hanover	(as at December 31, 2019)

Supervisory Board of Volkswagen AG

Chairman Hans Dieter Pötsch

Members Dr. Hussain Ali Al Abdulla Dr. Hessa Sultan Al Jaber Dr. Bernd Althusmann Dr. Hans-Peter Fischer Marianne Heiß

Jörg Hofmann

Johan Järvklo

Ulrike Jakob

Dr. Louise Kiesling Peter Mosch

Bertina Murkovic

Bernd Osterloh

Dr. jur. Hans Michel Piëch

Dr. jur. Ferdinand Oliver Porsche Dr. rer. comm. Wolfgang Porsche Conny Schönhardt Athanasios Stimoniaris Stephan Weil

Werner Weresch

Board of Management of Volkswagen AG1)

Chairman of VW AG	Dr. Herbert Diess
and VW Passenger
Cars brand
Porsche AG	Dr. Oliver Blume
Human Resources	Gunnar Kilian
TRATON Group	Andreas Renschler
Audi AG	Abraham Schot
Integrity and Legal	Hiltrud Dorothea Werner
Affairs
Finance and IT	Frank Witter
Components and	Dr. Stefan Sommer
Procurement

1) Each Board Member is responsible for one or more functions within the Volkswagen Group. The work of the Board of Management of Volkswagen AG is supported by the boards	40
of the brands and regions as well as by the other group business units and holdings.

Diesel issue: Special Items & payments

€ (bn)

2015

2016

2017

2018

2019

2020

Total

Diesel special items		Payments
Legal	7.0
Other items	9.2
	16.2
Mainly legal risks	6.4
Buyback/retrofit program	2.2
Legal	1.0
	3.2
Mainly legal risks	3.2
Mainly legal risks	2.3
	-	Expected
	31.3	Payments made until end of 2019

-

~3.0

~16.1

~5.3

~1.9

~3.0

~26.2

41

We are speeding up the transformation and becoming the leading

provider of sustainable mobility.