Week 9 solutions-1 (1)

(In million EUR) 2020 31-Dec Total Current Assets 194944 Cash and Short Term Investments 68305 Cash - Cash & Equivalents 33909 Short Term Investments 34396 Total Receivables, Net 82816 Accounts Receivables - Trade, Net 16243 Total Inventory 43823 Prepaid Expenses - Other Current Assets, Total - Total Assets 497114 Property/Plant/Equipment, Total - Net 114570 Property/Plant/Equipment, Total - Gross 254255 Accumulated Depreciation, Total -139686 Goodwill, Net 23318 Intangibles, Net 44650 Long Term Investments 20337 Note Receivable - Long Term 85808 Other Long Term Assets, Total 13487 Other Assets, Total - Total Current Liabilities 165410 Accounts Payable 22677 Payable/Accrued - Accrued Expenses 97 Notes Payable/Short Term Debt - Current Port. of LT Debt/Capital Leases 87854 Other Current liabilities, Total 54782 Total Liabilities 370065 Total Long Term Debt 112900 Long Term Debt 107781 Capital Lease Obligations 5119 Deferred Income Tax 4890 Minority Interest 1734 Other Liabilities, Total 85131 Total Equity 127049 Redeemable Preferred Stock, Total - Preferred Stock - Non Redeemable, Net - Common Stock, Total 1283 Additional Paid-In Capital 14551 Retained Earnings (Accumulated Deficit) 100772 Treasury Stock - Common - ESOP Debt Guarantee - Unrealized Gain (Loss) -189 Other Equity, Total 10632 497114 501.3 Total Liabilities & Shareholders' Equity Total Number of Common Shares Outstanding (in millions)

Total Preferred Shares Outstanding -

(In million EUR) 2020 31-Dec Total Revenue 222884 Revenue 222884 Other Revenue, Total - Cost of Revenue, Total 182757 Gross Profit 40127 Total Operating Expenses 213209 Selling/General/Admin. Expenses, Total 29090 Research & Development - Depreciation / Amortization - Interest Expense (Income) - Net Operating 471 Unusual Expense (Income) 1093 Other Operating Expenses, Total -202 Operating Income 9675 Interest Income (Expense), Net Non-Operating 4264 Gain (Loss) on Sale of Assets - Other, Net -2272 Net Income Before Taxes 11667 Provision for Income Taxes 2843 Net Income After Taxes 8824 Minority Interest 43 Equity In Affiliates - U.S GAAP Adjustment - Net Income Before Extraordinary Items 8867 Total Extraordinary Items - Net Income 8867 Total Adjustments to Net Income -533 Income Available to Common Excluding Extra 8334 Dilution Adjustment -1 Diluted Net Income 8333 Diluted Weighted Average Shares 501.3 Diluted EPS Excluding Extraordinary Items 16.62 DPS - Common Stock Primary Issue 4.86 Diluted Normalized EPS 19.63

Bonds Description Maturity Date Amount Outstanding Issued Amount Coupon Coupon payments Currency Issue Date Last Price Last Price Date Is Convertible Asset Status Green Bonds VOWGVE / VOWG 3.250 18-Nov-2030 18-Nov-2030 1,000,000,000 1,000,000,000 3.25 annual Euro 16-Nov-2018 122.769 01-May-2021 N Issued N Bond FV 1000 coupon 0.0325 n 10 r 0.008636 Price 1227.69 PV = 1227.69

Date VOWG Closing Price VOWG Return % DAX Closing Price DAX Return % Apr 25, 2021 265.6 -6.35% 15,135.91 -0.94% Apr 18, 2021 283.6 -4.06% 15,279.62 -1.17% Apr 11, 2021 295.6 -0.81% 15,459.75 1.48% Apr 04, 2021 298 -2.80% 15,234.16 0.84% Mar 28, 2021 306.6 8.88% 15,107.17 2.43% Mar 21, 2021 281.6 0.36% 14,748.94 0.88% Mar 14, 2021 280.6 21.58% 14,621.00 0.82% Mar 07, 2021 230.8 7.75% 14,502.39 4.18% Feb 28, 2021 214.2 10.58% 13,920.69 0.97% Feb 21, 2021 193.7 2.43% 13,786.29 -1.48% Feb 14, 2021 189.1 4.48% 13,993.23 -0.40% Feb 07, 2021 181 -0.28% 14,049.89 -0.05% Jan 31, 2021 181.5 4.01% 14,056.72 4.64% Jan 24, 2021 174.5 -2.79% 13,432.87 -3.18% Jan 17, 2021 179.5 6.91% 13,873.97 0.63% Jan 10, 2021 167.9 -0.47% 13,787.73 -1.86% Jan 03, 2021 168.7 -0.82% 14,049.53 2.41% Dec 27, 2020 170.1 0.24% 13,718.78 0.97% Dec 20, 2020 169.7 3.48% 13,587.23 -0.32% Dec 13, 2020 164 6.49% 13,630.51 3.94% Dec 06, 2020 154 -3.99% 13,114.30 -1.39% Nov 29, 2020 160.4 -0.31% 13,298.96 -0.28% Nov 22, 2020 160.9 -0.92% 13,335.68 1.51% Nov 15, 2020 162.4 2.85% 13,137.25 0.46% Nov 08, 2020 157.9 9.81% 13,076.72 4.78% Nov 01, 2020 143.8 7.63% 12,480.02 7.99% Oct 25, 2020 133.6 -9.18% 11,556.48 -8.61% Oct 18, 2020 147.1 0.00% 12,645.75 -2.04% Oct 11, 2020 147.1 0.27% 12,908.99 -1.09% Oct 04, 2020 146.7 2.23% 13,051.23 2.85% Sep 27, 2020 143.5 -0.42% 12,689.04 1.76% Sep 20, 2020 144.1 -4.57% 12,469.20 -4.93% Sep 13, 2020 151 -5.09% 13,116.25 -0.66% Sep 06, 2020 159.1 5.22% 13,202.84 2.80% Aug 30, 2020 151.2 -0.66% 12,842.66 -1.46% Aug 23, 2020 152.2 3.26% 13,033.20 2.10% Aug 16, 2020 147.4 -2.12% 12,764.80 -1.06% Aug 09, 2020 150.6 4.73% 12,901.34 1.79% Aug 02, 2020 143.8 8.36% 12,674.88 2.94% Jul 26, 2020 132.7 -11.53% 12,313.36 -4.09% Jul 19, 2020 150 1.01% 12,838.06 -0.63% Jul 12, 2020 148.5 0.81% 12,919.61 2.26% Jul 05, 2020 147.3 1.45% 12,633.71 0.84% Jun 28, 2020 145.2 2.04% 12,528.18 3.63% Jun 21, 2020 142.3 -0.28% 12,089.39 -1.96% Jun 14, 2020 142.7 -2.53% 12,330.76 3.19% Jun 07, 2020 146.4 -6.57% 11,949.28 -6.99% May 31, 2020 156.7 10.04% 12,847.68 10.88% May 24, 2020 142.4 1.79% 11,586.85 4.63%

SUMMARY OUTPUT Regression Statistics Multiple R 0.799866 R Square 0.639785 Adjusted R 0.636254 Standard E 0.034793 Observatio 104 ANOVA df SS MS F ignificance F Regression 1 0.219311 0.219311 181.1644 2.376E-24 Residual 102 0.123478 0.001211 Total 103 0.342789 Coefficients andard Erro t Stat P-value Lower 95%Upper 95% Intercept 0.003138 0.00342 0.917492 0.361049 -0.003646 0.009921 X Variable 1.185652 0.088089 13.45973 2.376E-24 1.010928 1.360376

Lower 95.0% Upper 95.0% -0.003646 0.009921 1.010928 1.360376

Date Dividend (EUR) Oct 01, 2020 4.8 May 08, 2020 6.5 May 15, 2019 4.8 May 04, 2018 3.9 May 11, 2017 2 Jun 23, 2016 0.11 May 06, 2015 4.8

Weighted Average Cost of Capital Market value of equity 133,145 Market value preference shares - Market value debt 454,325 Cost of equity 0.0684 Cost of debt 0.008636 VW's effective tax rate 0.244 WACC 0.0206