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1、Leading the Transformation.September 26th,2022German Debt Investor Update with HSBCThe following presentations as well as remarks/comments and explanations in this context contain forward-looking statements on the business development of the Volkswagen Group.These statements are based on assumptions

2、 relating to the development of the economic,political and legal environment in individual countries,economic regions and markets,and in particular for 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 goin

3、g to press.The estimates given entail a degree of risk,and actual developments may differ from those forecast.At the time of preparing these presentations,it is not yet possible to conclusively assess the specific effects of the latest developments in the Russia-Ukraine conflict on the Volkswagen Gr

4、oups business,nor is it possible to predict with sufficient certainty to what extent further escalation of the Russia-Ukraine conflict will impact on the global economy and growth in the industry in fiscal year 2022.Any changes in significant parameters relating to our key sales markets,or any signi

5、ficant shifts in exchange rates,energy and other commodities or commodities relevant to the Volkswagen Group or the supply with parts,or deviations in the actual effects of the Covid-19 pandemic from the scenario presented will have a corresponding effect on the development of our business.In additi

6、on,there may be departures from our expected business development if the assessments of the factors influencing sustainable value enhancement and of risks and opportunities presented develop in a way other than we are currently expecting,or if additional risks and opportunities or other factors emer