Commentary & Deal Flow

Launched:
2.5yr: €1bn @ MS+73bp - Book >€4.2bn
4.5yr: €1bn @ MS+103bp - Book >€4.5bn
7.5yr: €750m @ MS+133bp - Book >€3.8bn

Guidance: 2.5yr: MS+80bp (Book >€3.6bn) 4.5yr: MS+110bp (Book >€3.8bn) 7.5yr: MS+140bp (Book >€3.3bn)
Book Update: Combined order books in excess of €6bn+
IPTs: 2.5yr: MS+110a 4.5yr: MS+140a 7.5yr: MS+170a

• Issuer: Volkswagen Bank GmbH (Ticker: VW, Country: DE)
• Issuer LEI: 529900GJD3OQLRZCKW37
• Issuer Ratings: A1 (negative) by Moody's / BBB+ (stable) by S&P / A- (negative) by Fitch
• Expected Issue Ratings: Baa1 by Moody's / BBB by S&P / BBB+ by Fitch
• Status of the Notes: Green, Senior Non-Preferred
• Format of Notes: Reg S, Bearer, New Global Notes
• Eligible Liabilities Format: Applicable
• Pricing Date: 19-May-26
• Settlement: 26-May-26 (T+5)
• Size:
• • 2.5yr: €1bn
  • 4.5yr: €1bn
  • 7.5yr: €750m
• Maturity:
• • 2.5yr: 26-Nov-28
  • 4.5yr: 26-Nov-30
  • 7.5yr: 26-Nov-33
• Coupon:
• • 2.5yr: Fixed, Annual, Act/Act (ICMA), Short First
  • 4.5yr: Fixed, Annual, Act/Act (ICMA), Short First
  • 7.5yr: Fixed, Annual, Act/Act (ICMA), Short First
• ISIN:
• • 2.5yr: XS3386702149
  • 4.5yr: XS3386742285
  • 7.5yr: XS3386742798
• Denoms: €100k + €100k
• Documentation: As per the EUR 50,000,000,000 Debt Issuance Programme dated 3-Jul-25, supplemented on 1-Dec-25, 23-Mar-26, 14-Apr-26, and 4-May-26
• Use of Proceeds: Net proceeds are intended to be used to finance and / or refinance the eligible Green Projects relating to vehicles with zero-tailpipe emissions as defined by VW FS AG Group's Green Finance Framework (GFF) dated November 2025
• GFF and SPO: The Green Finance Framework is available on https://www.vwfs.com/content/dam/bluelabel/valid/www-vwfs-com/investor-relations/vwfs-ag/green-finance-framework/20251121_VWFSAG_GFF.pdf and the SPO by ISS ESG is available on: https://www.vwfs.com/content/dam/bluelabel/valid/www-vwfs-com/investor-relations/vwfs-ag/green-finance-framework/spo-vwfs-211125.pdf
• Law: German law
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Target Market: Manufacturer target market (MiFID II (Directive 2014/65/EU (as amended) product governance and UK MiFIR product governance) is eligible counterparties and professional clients (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK
• Selling Restrictions: As per Debt Issuance Programme. No communications with or into the US. Sales into Canada: Sales into Ontario only, subject to compliance with applicable law
• Bookrunners: BBVA, BNP Paribas, Commerzbank, Citigroup, SMBC (B&D)
• Marketing: An investor presentation (May 2026) is available on the website of the issuer: https://www.vwfs.com/en/investor-relations/presentations.html
• Advertisement: The Base Prospectus dated 3-Jul-25 and any supplements (last dated on 4-May-26) and the Final Terms, when published, will be available at https://www.luxse.com/issuer/VWFS/113537
• Schedule: Allocations & Pricing this afternoon