Commentary & Deal Flow

Reoffer: Short 3yr: UKT+93bp / 99.846 / 5.192%
Benchmark: Short 3yr: UKT 0.500% 31-Jan-29 @ 90.743 / HR 111%

Final Books: £700m+. Peak books: above £800m (pre-rec)

Launched: Short 3yr: £350m @ UKT+93bp - Books above £800m (pre-rec)
Spread set at: Short 3yr: UKT+93bp - Books above £1bn (pre-rec)
IPTs: Short 3yr: UKT+110/115bp

• Issuer: Volkswagen Financial Services N.V.
• Guarantor: Volkswagen Financial Services AG
• Issuer LEI: 529900ZTQC8D1TW6BL41
• Guarantor LEI: 529900SSGT49ZZSWYE62
• Guarantor Ratings: Baa1 (stable) by Moody's / BBB+ (negative) by S&P / A- (negative) by Fitch
• Expected Issue Ratings: Baa1 by Moody's / BBB+ by S&P / A- by Fitch
• Status of the Notes: Senior Unsecured
• Format of Notes: Reg S, Bearer Notes, NGN, Green Bond, Fixed Rate
• Settlement Date: 04-Jun-26 (T+5)
• Maturity Date: 04-Apr-29 (Short 3-year)
• Size: £350m
• Re-offer: Mid-UKT+93bps / 5.192% (Annual) / 99.846
• Coupon: 5.125% Fixed, Annual, ACT/ACT (ICMA)- short first coupon
• Benchmark: UKT 0.500% Jan-2029 (Mid 90.743 / Bid 90.728) | HR 111%
• ISIN: XS3398382674
• Use of Proceeds: Amount equivalent to 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
• Denoms: £100k x £100k
• Law: German law
• Docs: As per the EUR 50,000,000,000 Debt Issuance Programme dated 03-Jul-25, supplemented on 01-Dec-25, 23-Mar-26, 14-Apr-26, and 04-May-26
• 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
• Selling Restrictions: As per Debt Issuance Programme. U.S.: RegS (Category 2), TEFRA D. No communications with or into the US. Sales into Canada: Sales into Ontario only, subject to compliance with applicable law
• Bookrunners: Barclays (B&D), Santander
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Debt Issuance Programme prospectus and the final terms when published will be, available on the website of the Luxembourg Stock Exchange. (https://www.luxse.com).
• Timing: ToE 14h09 UKT | FTT 14h30 UKT