Commentary & Deal Flow

Final Books: over €1bn (ex JLM). Peak book over €1.1bn (ex JLM)

Launched: 2yr: €500m @ 3mE+63bp - Books over €1.1bn (ex JLM)
Guidance: 2yr: 3mE+75a

• Issuer: Volkswagen Bank GmbH
• Issuer LEI: 529900GJD3OQLRZCKW37
• Issuer Ratings: A1/BBB+/A- (Moody's/S&P/Fitch)
• Expected Issue Ratings: A1/BBB+/A- (Moody's/S&P/Fitch)
• Status of the Notes: Green Senior Preferred
• Format of Notes: Reg S, Bearer, New Global Notes, Tefra D
• Settlement: 09-Jun-26 (T+5)
• Size: €500m
• Maturity: 09-Jun-28
• ISIN: XS3402822210
• Coupon: Floating (Quarterly, Act / 360)
• Use of Proceeds: An amount equal of the Net Proceeds will be to be used to finance and/or refinance the eligible Green Projects relating to zero-tailpipe emission mobility as defined by VW FS AG Group‘s Green Finance Framework (GFF) dated Nov-25
• 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
• Documentation: 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)
• Selling Restrictions: As per Debt Issuance Programme. No communications with or into the US, no sales to Canada
• Bookrunner: Crédit Agricole CIB (B&D)
• Advertisement: The Base Prospectus and any supplements are available and the Final Terms, when published, will be available at: https://www.luxse.com/issuer/VWFS/113537
• Timing: Pricing to follow.