Volkswagen : Base Prospectus EUR 30.0bn DIP - 2026-03-20

March 20, 2026

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, Federal Republic of 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.

Pickering, Ontario, Canada

Volkswagen Group of America Finance, LLC

Reston, Virginia, USA (formed in Delaware)

€30,000,000,000 Debt Issuance Programme Arranger and Dealer Barclays

This Prospectus has been approved by the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg (the "CSSF"), 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 "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 and documents incorporated by reference will be published in electronic form on the website of the Luxembourg Stock Exchange (https://www.LuxSE.com) and the website of VOLKSWAGEN AKTIENGESELLSCHAFT (https://www.volkswagen-group.com). This Prospectus is valid until March 20, 2027 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.

RESPONSIBILITY STATEMENT

VOLKSWAGEN AKTIENGESELLSCHAFT ("Volkswagen AG", "VWAG" or the "Guarantor") with its registered office in Wolfsburg, Federal Republic of Germany ("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 Pickering, Ontario, Canada and Volkswagen Group of America Finance, LLC ("VWGoAF") with its registered office in Delaware, USA and with its principal place of business in Reston, 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 makes 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 "Dealer") and any Dealer (as defined in "General Description of the Programme") 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.

The delivery of this Prospectus, any supplement(s) thereto 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 Arranger 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 CSSF 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 CSSF 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 CSSF 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 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 scrutinised or approved by the CSSF.

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. Persons into whose possession this Prospectus or any Final Terms come are required to inform themselves about and observe any such restrictions. For a description of the restrictions applicable in the United States of America, Canada, the United Kingdom ("UK"), Japan, People's Republic of China, Hong Kong, Singapore and Switzerland, see "Selling Restrictions". In particular, offer and sale of the Notes have not been and will not be registered under the Securities Act and are subject to tax law requirements of the United States of America; subject to certain exceptions, Notes may not be offered, sold or delivered within the United States of America or to U.S. persons. The Notes have also not been, and will not be, qualified for sale under the securities laws of any province or territory of Canada and the Notes may not be offered, sold or delivered, directly or indirectly, in Canada or to, or for the benefit of any resident of Canada unless in accordance with all applicable Canadian provincial and/or territorial securities laws, or an available exemption therefrom.

The language of this Prospectus is English. Any part of this Prospectus in the German language constitutes a translation. In respect of the issue of any Tranche of Notes under the Programme, the German text of the Terms and Conditions may be controlling and binding if so specified in the relevant Final Terms. In respect of the Guarantee, the German language version is always controlling and binding.

This Prospectus may only be used for the purpose for which it has been published. This Prospectus, any supplements thereto and any Final Terms do not constitute an offer to sell or a solicitation of an offer to buy any Notes offered hereby to any person in any jurisdiction in which it is unlawful to make any such offer or solicitation to such person. This Prospectus, any supplements thereto and any Final Terms do not constitute an offer or an invitation to subscribe for or purchase any of the Notes. In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) named as the Stabilisation Manager(s) (or persons acting on behalf of any Stabilisation Manager(s)) in the applicable Final Terms may over-allot Notes or effect transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail. However, stabilization may not necessarily occur. Any stabilization action may begin on or after the date on which adequate public disclosure of the terms of the offer of the relevant Tranche of Notes is made and, if begun, may cease at any time, but it must end no later than the earlier of 30 days after the issue date of the relevant Tranche of Notes and 60 days after the date of the allotment of the relevant Tranche of Notes. Any stabilization action or over-allotment must be conducted by the relevant Stabilisation Manager(s) (or person(s) acting on behalf of any Stabilisation Manager(s)) in accordance with all applicable laws and rules. NOTICE TO CANADIAN INVESTORS

The Notes may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the Notes must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws, see "Selling Restrictions - Canada". Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this Prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser of Notes issued by an Issuer other than VCCI should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal adviser.

GREEN FINANCE FRAMEWORK AND SECOND PARTY OPINION

The Final Terms relating to any specific Tranche of Notes may provide that it will be the Issuer's intention to apply an amount equivalent to the net proceeds from the issuance of those Notes specifically for a portfolio of new or existing eligible green capital expenditures that form the eligible green portfolio (the "Eligible Green Portfolio"). VWAG has published a framework dated October 2022 (as amended and/or replaced from time to time) for such issuances which further specifies the eligibility criteria for such Eligible Green Portfolio (the "Green Finance Framework") based on the recommendations included in the voluntary process guidelines for issuing green bonds published by the International Capital Market Association ("ICMA") in 2021 including the updated appendix I of June 2022 (the "ICMA Green Bond Principles 2021") and which is available on the website of VWAG.

For a summary of the Green Finance Framework, please refer to the section "11. Use of Proceeds" in this Prospectus.

A second party opinion on the alignment of the Green Finance Framework with the ICMA Green Bond Principles 2021 has been provided by Sustainalytics on October 12, 2022 (as amended and/or replaced from time to time, the "Second Party Opinion") and is available on the website of VWAG.

Neither the Green Finance Framework nor the Second Party Opinion is incorporated into or forms part of this Prospectus. None of the Issuers, the Guarantor, the Arranger, the Dealers, any of their respective affiliates or any other person mentioned in this Prospectus makes any representation as to the suitability of such Notes to fulfil environmental, social and/or sustainability criteria required by any prospective investors. The Arranger and the Dealers have not undertaken, nor are any of them responsible for, any assessment of the Green Finance Framework or the Eligible Green Portfolio, any verification of whether any Eligible Green Portfolio meets the criteria set out in the Green Finance Framework or the monitoring of the use of proceeds.