Volkswagen : Remuneration Report 2023

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Remuneration Report 2023

Remuneration Report 2023

The Board of Management and Supervisory Board of Volkswagen AG must prepare a clear and understandable remuneration report in accordance with section 162 of the Aktiengesetz (AktG - German Stock Corporation Act). In this report, we explain the main features of the remuneration system for the members of the Board of Management and Supervisory Board. The remuneration report also contains an individualized breakdown of the remuneration components provided to current and former members of the

Board of Management and Supervisory Board.

A. REMUNERATION OF THE MEMBERS OF THE BOARD OF MANAGEMENT

In the reporting year, the Volkswagen Group's business was impacted by the challenging global market environ- ment, parts supply shortages and disruptions in the logistics chain. In this environment, the Group delivered

9.2 million units to customers. This was 11.8% more vehicles than in the previous year. While sales revenue rose by 15.5%, the operating result of €22.6 billion was similar to the previous year's.

I. Principles of Board of Management remuneration

The remuneration of the Board of Management is based on the remuneration system developed by the Supervisory Board and adopted for the first time on December 14, 2020 with effect from January 1, 2021. The remuneration system for the members of the Board of Management implements the requirements of the AktG as amended by the Gesetz zur Umsetzung der zweiten Aktionärsrechterichtlinie (ARUG II - German Act on the Implementation of the Second Shareholder Rights Directive) and takes into account the recommendations of the German Corporate Governance Code (the Code).

On March 3, 2023, the Supervisory Board resolved to modify the remuneration system with effect from January 1, 2023, particularly to heed the call by investors to give long-term variable remuneration more weight. This led to the relative share of the fixed remuneration components being reduced and the relative share of the long-term variable remuneration being increased. To reinforce the principle of pay for performance and implement investors' requirements, it is also no longer possible to agree a special bonus with future effect. In addition, the maximum target achievement levels for the annual bonus and the performance share plan as well as their respective maximum payout amounts have been increased so that higher levels of target achievement are appropriately rewarded. In this context, the maximum remuneration and the cap on cash remuneration have also been increased to reflect current market conditions. The Annual General Meeting approved the modified remuneration system on May 10, 2023 with 98.82% of the votes cast.

The modified remuneration system has applied since January 1, 2023 to all Board of Management members with service contracts newly concluded or renewed after the Annual General Meeting's approval of the remuneration system on May 10, 2023. For the Board of Management members already appointed at the time of the Annual General Meeting's approval of the remuneration system on May 10, 2023, the new remuneration system has also applied in principle since January 1, 2023. To implement the remuneration system, Volkswagen AG reached an agreement with the members of the Board of Management on corresponding amendments to their

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Remuneration Report 2023

service contracts. For members of the Board of Management already appointed before the Supervisory Board's first resolution on a remuneration system in accordance with section 87a of the AktG on December 14, 2020 and whose service contract has not been renewed since then, the following exceptions will continue to apply until their contract is renewed: the performance share plan of the Board of Management members already appointed before December 14, 2020 whose service contract has not yet been renewed continues to have only a three-year performance period, but otherwise corresponds to the performance share plan described in the remuneration system. Penalty and clawback rules will only apply to Board of Management members already appointed before December 14, 2020 on renewal of their contracts. In fiscal year 2023, these exceptions only applied to Mr. Markus Duesmann; Mr. Duesmann stepped down from the Board of Management in the course of the year.

The level of the Board of Management remuneration should be appropriate and attractive in the context of the Company's national and international peer group. Criteria include the tasks of the individual Board of Management member, their personal performance, the economic situation, and the performance of and outlook for the Volkswagen Group, as well as how customary the remuneration is when measured against the peer group and the remuneration structure that applies to other areas of the Volkswagen Group. In this context, comparative studies on remuneration are conducted on a regular basis.

In the Remuneration Report for fiscal year 2022, the Board of Management and Supervisory Board reported in detail on the remuneration paid to members of the Board of Management in fiscal year 2022. The Annual General Meeting on May 10, 2023 approved the Remuneration Report for fiscal year 2022 with a majority of 98.47% of the votes cast. Comments by investors and investor representatives were taken into account in the preparation of the Remuneration Report for fiscal year 2023, for example by clarifying possible achievement of targets or adding explanations of the procedure in the event of early terminations or a change of control.

In this chapter, we provide an overview of the remuneration system for the Board of Management members in fiscal year 2023 before going into the components of the remuneration in fiscal year 2023.

II. Overview of the remuneration components

The table below provides an overview of the components of the remuneration system applicable for fiscal year 2023 for the members of the Board of Management. The table also outlines the composition of the individual remuneration components and explains their targets, particularly in respect of how the remuneration will promote the Company's long-term performance. A more detailed description of the remuneration system applicable for fiscal year 2023 for the members of the Board of Management is available at www.volkswagen-group.com/ remuneration.

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Remuneration Report 2023

REMUNERATION SYSTEM FOR 2023

Component		Composition		Target

Fixed remuneration components

Base salary		∙	Twelve equal installments payable at month-end
		∙	Chair of the Board of Management: €2,600,000 (scope of activity: 100%)1;
			Board of Management member: €1,500,000 (scope of activity: 100%)
Fringe benefits		∙	Fringe benefit allowance (Chair of the Board of Management: €350,000; Board
			of Management member: €175,000) covers certain benefits at the discretion of
			the Board of Management member, for example:
			o Company cars
			o Preventive medical check-ups
			o Allowances for health and long-term care insurance
			o Accident insurance
		∙	Crediting of benefits against the fringe benefit allowance where these are
			subject to payroll tax
		∙	Payment of the remaining amount
Occupational		∙	Defined contribution plan by means of direct commitments to retirement,
retirement provision			disability and surviving dependents' benefits
		∙	Normally when the members reach the age of 65 (or 63 in the case of Board of
			Management members who took office before January 1, 2020)
		∙	Annual pension contribution of up to 50% of the contractually agreed base
			salary for the Chair of the Board of Management and up to 40% of the
			contractually agreed base salary for regular members of the Board of
			Management

The basic remuneration and fringe benefits are intended to reflect the tasks and responsibility of the Board of Management members, provide a basic income and prevent them from taking inappropriate risks

The occupational retirement provision is intended to provide Board of Management members with an adequate pension when they retire

Variable remuneration components

Annual bonus	∙	Plan type: Target Bonus
	∙	Target amount for the Chair of the Board of Management: €3,500,000 (scope of
		activity: 100%)1; target amount for a Board of Management member:
		€1,500,000 (scope of activity: 100%)
	∙	Minimum payment: €0
	∙	Cap: 200% of the target amount
	∙	Assessment period: fiscal year
	∙	Performance criteria:
		o Financial subtargets:
			Operating result (OR) incl. Chinese joint ventures2 (proportionate) (50%) and
			operating return on sales (50%)
			The Supervisory Board defines minimum, target and maximum values for the
			financial subtargets for each fiscal year. The minimum corresponds to
			subtarget achievement of 0% of the OR including Chinese joint ventures
			(proportionate) or 50% of the operating return on sales, while the target
			corresponds to a subtarget achievement of 100% in each case and the
			maximum to subtarget achievement of 175%; interim values are interpolated
			on a linear basis
			Overall financial target achievement = subtarget achievement
			"operating result including Chinese joint ventures (proportionate)" x 50% +
			"subtarget achievement operating return on sales" x 50%

1. ESG factor:

The annual bonus is designed to motivate Board of Management members to pursue ambitious targets

The financial performance targets support the strategic target of achieving competitive profitability

Integration of the sustainability targets takes the importance of ESG factors into account.

1. • • Subtargets of 50% each for the Environment (decarbonization index) and Social (sentiment and diversity index) as well as the Governance factor of between 0.9 and 1.1 (compliance and integrity, standard value of 1.0)
     • The Supervisory Board defines minimum, target and maximum values for the Environment and Social subtargets for each fiscal year. The minimum, target and maximum values correspond to subtarget achievement of 0.7, 1.0 and 1.3 respectively; interim values are interpolated on a linear basis
     • The Supervisory Board sets the Governance factor after the end of the fiscal year taking into account the collective performance of the Board of Management as a whole and the performance of each Board of Management member individually
     • Calculation of the ESG factor: (Environment subtarget achievement x 50% + Social subtarget achievement x 50%) x Governance factor (0.9-1.1)
   • Annual bonus payment amount = individual target amount x financial target achievement x ESG factor
   • Payment: in cash in the month following approval of the consolidated financial statements for the fiscal year in question
2. Mr. Blume receives from Volkswagen AG 50% of the remuneration for the Chair of the Board of Management of Volkswagen AG and from Porsche AG 50% of the remuneration for the Chair of the Executive Board of Porsche AG. The target amount for Mr. Blume thus corresponds to half of the target amount for a Chair of the Board of Management who receives the full remuneration of a Chair of the Board of Management of Volkswagen AG.
3. Equity-accountedcompanies in China.

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Remuneration Report 2023

Component		Composition		Target

Long-term incentive (LTI)

• Plan type: phantom performance share plan
• Performance period: measured forward over four years1
• Target amount for the Chair of the Board of Management: €5,900,000 (scope of
  activity: 100%)2; target amount for a Board of Management member:
  €2,500,000 (scope of activity: 100%)
• Minimum payment: €0
• Cap: 250% of the target amount
• The phantom performance shares are a purely mathematical construct and do not confer any ownership or voting rights in Volkswagen AG
• Allocation of performance shares: at the start of each fiscal year, the individually agreed target amount is divided by the arithmetic mean of the closing prices of Volkswagen's preferred shares (German Securities Identification Number: 766403) in the Xetra trading system of Deutsche Börse AG on the last 30 trading days prior to January 1 in the respective performance period ("initial reference price")
• Target-setting:at the start of the performance period, the Supervisory Board defines minimum, target and maximum values for EPS as presented in the annual report as audited, fully diluted earnings per Volkswagen preferred share from the Company's continuing and discontinued operations; the EPS minimum corresponds to target achievement of 50%, the EPS target corresponds to target achievement of 100% and the EPS maximum corresponds to target achievement of 175%
• Determination of one-quarter of the allocated performance shares at the end of each fiscal year depending on EPS target achievement
• Calculation of the payment amount: fixed performance shares are multiplied by the arithmetic mean of the closing prices of Volkswagen's preferred shares in the Xetra trading system of Deutsche Börse AG on the last 30 trading days prior to the end of the performance period ("closing reference price") and the dividends paid out per Volkswagen preferred share during the performance period ("dividend equivalent")
• Payment: in cash in the month following approval of the consolidated financial statements for the last fiscal year of the respective performance period
• If the service contract ends before the end of the performance period due to a bad leaver case (extraordinary termination for cause or a breach of a contractual or postcontractual restraint on competition), all performance shares will be forfeited

The long-term incentive serves to align the remuneration of the Board of Management members with the Company's long-term performance. The EPS (earnings per share) financial performance target in conjunction with share price performance and the dividends paid, measured over four years, ensures the long-term effect of the behavioral incentives and supports the strategic target of achieving competitive profitability.

Other benefits

Benefits agreed with new Board of Management members for a defined period of time or for the entire term of their service contracts

∙ Only on the basis of a separate contractual agreement with the new Board of	(Compensation) payments are designed to
Management member	attract qualified candidates

• Payments to compensate for declining variable remuneration or other financial disadvantages
• Benefits in connection with a relocation

1. For the Board of Management members already appointed prior to December 14, 2020, a three-year performance period continues to apply until their contracts are renewed. In all other respects, the performance share plan corresponds mutatis mutandis to that described for fiscal year 2023.
2. Mr. Blume receives from Volkswagen AG 50% of the remuneration for the Chair of the Board of Management of Volkswagen AG and from Porsche AG 50% of the remuneration for the Chair of the Executive Board of Porsche AG. The target amount for Mr. Blume thus corresponds to half of the target amount for a Chair of the Board of Management who receives the full remuneration of a Chair of the Board of Management of Volkswagen AG.

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Remuneration Report 2023

Component		Composition		Target
Other remuneration provisions
Penalty and		∙ The Supervisory Board can reduce or request repayment of the annual bonus		Penalty and clawback rules are intended
clawback rules1		and LTI by up to 100% in the event of relevant misconduct during the		to counteract individual misconduct and
		assessment period		negligence on the part of the organization
		∙ A clawback is not permissible if more than three years have elapsed since the
		bonus was paid

Maximum remuneration

Cap on cash remuneration

• Relevant components are the base salary paid for the respective fiscal year, fringe benefits granted, the service cost in connection with the occupational retirement provision, the annual bonus granted for the respective fiscal year and paid out in the following year, the performance share plan paid out in the respective fiscal year and for which the performance period ended immediately before the respective fiscal year, any benefits granted to new Board of Management members and any special payment granted by third parties (e.g. other Volkswagen Group companies) for the relevant fiscal year
• For the Chair of the Board of Management €15,000,000 (gross) per fiscal year and for Board of Management members €8,500,000 (gross) per fiscal year
• If the maximum remuneration is exceeded, the annual bonus will be reduced; if a reduction is not sufficient, the Supervisory Board may, at its discretion, reduce other remuneration components or request repayment of remuneration paid out
• In addition to maximum remuneration
• Cash remuneration includes the base salary paid in the respective fiscal year, the annual bonus granted for the respective fiscal year and paid out in the following year, the performance share plan paid in the respective fiscal year and for which the performance period ended immediately before the respective fiscal year
• For the Chair of the Board of Management €12,500,000 (gross) per fiscal year and for Board of Management members €7,000,000 (gross) per fiscal year

The aim of the maximum remuneration is to ensure that the remuneration of Board of Management members is not inappropriately high when measured against the peer group

The cap on cash remuneration is intended to prevent unacceptably high disbursements in the individual fiscal year

1 For the Board of Management members already appointed prior to December 14, 2020, penalty and clawback rules only apply once their contracts have been renewed.

1. Remuneration of the Board of Management members appointed in fiscal year 2023 1. Board of Management members in fiscal year 2023
   The members of the Volkswagen AG Board of Management in fiscal year 2023 were as follows:
   > Oliver Blume, member of the Board of Management since April 13, 2018, Chair of the Board of Management since September 1, 2022, also Chair of the Executive Board of Dr. Ing. h.c. F. Porsche AG
   > Arno Antlitz, member of the Board of Management since April 1, 2021
   > Ralf Brandstätter, member of the Board of Management since January 1, 2022, also CEO of Volkswagen (China) Investment Company Limited
   > Gernot Döllner, member of the Board of Management since September 1, 2023, also Chair of the Board of Management of AUDI AG
   > Manfred Döss, member of the Board of Management since February 1, 2022
   > Markus Duesmann, member of the Board of Management from April 1, 2020, also Chair of the Board of Management of AUDI AG; stepped down from the Board of Management of Volkswagen AG and from the Board of Management of AUDI AG effective August 31, 2023
   > Gunnar Kilian, member of the Board of Management since April 13, 2018 > Thomas Schäfer, member of the Board of Management since July 1, 2022
   > Thomas Schmall-von Westerholt, member of the Board of Management since January 1, 2021 > Hauke Stars, member of the Board of Management since February 1, 2022

Members generally do not receive additional remuneration for discharging other mandates on management bodies, supervisory boards or similar, especially in other companies of the Volkswagen Group, as part of their Board of Management mandate. If such remuneration is nevertheless granted, it is counted toward the remuneration for their work as a member of the Board of Management of Volkswagen AG.

A different arrangement has been reached with Mr. Blume with regard to the performance of his duties as Chair of the Executive Board of Dr. Ing. h.c. F. Porsche AG (Porsche AG): since January 1, 2023, Volkswagen AG

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Remuneration Report 2023

has granted Mr. Blume 50% of the remuneration for the Chair of the Board of Management based on a newly concluded service contract; an exception is made for fringe benefits - in this respect, Mr. Blume receives the full amount of the fringe benefit allowance for the Chair of the Board of Management of Volkswagen AG. However, Porsche AG reimburses Volkswagen AG half of the expenses for fringe benefits. Since January 1, 2023, Porsche AG has granted Mr. Blume 50% of the remuneration for the Chair of the Executive Board of Porsche AG. This remuneration is based on the remuneration system for the members of the Executive Board of Porsche AG. Mr. Blume receives from Porsche AG a base salary, one-year variable remuneration (STI) and multi-year variable remuneration (LTI); Mr. Blume does not receive fringe benefits from Porsche AG. In addition, Porsche AG grants Mr. Blume an occupational retirement provision in the form of a defined contribution plan. In preparation for the IPO completed on September 29, 2022, Porsche AG agreed on an IPO bonus for Mr. Blume. This IPO bonus is structured as a share plan with a one-, two- and three-year term, in each case starting from the time of the IPO. Remuneration granted to Mr. Blume by Porsche AG is counted towards the cap on cash remuneration and Mr. Blume's maximum remuneration at Volkswagen AG. In the overview in the tables of the remuneration granted and owed to Mr. Blume in fiscal year 2023, the remuneration components granted to Mr. Blume by Porsche AG are included and shown separately.

A different arrangement has also been reached with Mr. Brandstätter for his work at Volkswagen (China) Investment Company Limited: Mr. Brandstätter receives a separate remuneration for his work as CEO of Volks- wagen (China) Investment Company Limited. Mr. Brandstätter's contractual remuneration under his contract of employment with Volkswagen AG is reduced accordingly for the duration of his work at Volkswagen (China) Investment Company Limited.

2. Remuneration granted and owed in fiscal year 2023

In accordance with section 162(1) sentence 1 of the AktG, the remuneration report must report on the remuneration granted and owed to each individual member of the Board of Management in the last fiscal year. These terms are understood as follows:

The term "granted" (gewährt) refers to the actual receipt (Zufluss) of the remuneration component.

The term "owed" (geschuldet) refers to all legally existing liabilities for remuneration components that are due but have not yet been fulfilled.

2.1. Overview in the tables

The following tables show the remuneration actually received by members of the Board of Management in fiscal year 2023. The time of actual payment is not relevant. The remuneration reported as granted in fiscal year 2023 thus consists of the base salary paid out in fiscal year 2023, the fringe benefits, the annual bonus paid in the month following the approval of the Company's consolidated financial statements for fiscal year 2023 and the LTI for the performance period 2020-2022 paid in fiscal year 2023. The remuneration components granted to Mr. Blume by Porsche AG are presented in the same way.

The relative shares shown in the tables relate to the remuneration components granted and owed in the respective fiscal year in accordance with section 162(1) sentence 1 of the AktG. They thus include all benefits actually received in the respective fiscal year, regardless of the fiscal year for which the Board of Management members received them. The relative shares indicated here are thus not comparable with the respective relative shares of fixed and variable remuneration components as part of total remuneration in the description of the remuneration system according to section 87a(1) sentence 2 no. 3 of the AktG. The shares indicated in the remuneration system relate to the targets agreed for the relevant fiscal year, irrespective of the time at which the respective remuneration component was paid out.

Pension expense is reported as service cost within the meaning of IAS 19. The service cost in accordance with IAS 19 does not constitute remuneration granted or owed within the meaning of section 162(1) sentence 1 of the AktG as it is not actually received by the Board of Management member in the reporting year.

Maximum remuneration corresponds to maximum remuneration within the meaning of section 87a(1) sentence 2 no. 1 of the AktG in accordance with the remuneration system adopted by the Supervisory Board and approved by the Annual General Meeting. As in the past, in addition to maximum remuneration, a limit on cash

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Remuneration Report 2023

remuneration, which includes the base salary paid out for the relevant fiscal year, the annual bonus granted for the relevant fiscal year and paid out in the subsequent year, the performance share plan paid out in the relevant fiscal year and for which the performance period ended immediately before the respective fiscal year has been agreed with the members of the Board of Management.

On December 14, 2020, the Supervisory Board adopted a remuneration system for the members of the Board of Management based for the first time on the requirements of ARUG II. Board of Management service contracts newly agreed or renewed since that time also contain the penalty and clawback rules provided for in this remuneration system. Accordingly, only Mr. Duesmann's service contract, which was concluded before December 13, 2020, does not contain a penalty and clawback provision. Mr. Duesmann stepped down from the Board of Management with effect from August 31, 2023. Volkswagen AG did not make use of the existing penalty and clawback rules in fiscal year 2023.

		OLIVER BLUME1
		Chair,
		Sport Luxury brand group,
		Chair of the Executive Board of Porsche AG
		2023
		€	%
Fixed remuneration components
Base salary
Volkswagen AG	1,300,000.00			14.9
Porsche AG	800,000.00			9.2
Fringe benefits
Volkswagen AG	358,521.00			4.1
Porsche AG	-	-
Total	2,458,521.00			28.2
Variable remuneration components
One-year variable remuneration/annual bonus
Volkswagen AG	2,324,700.00			26.6
Porsche AG	1,388,800.00			15.9
Multi-year variable remuneration/long-term incentive (LTI)2
LTI (performance share plan) 2020-2022	1,914,757.98			21.9
Other remuneration
Special benefits paid to new Board of Management members	-	-
Porsche AG IPO bonus	636,827.00			7.3
Total remuneration granted and owed	8,723,605.98			100.0
Pension expenses
Volkswagen AG	663,530.00			x
Porsche AG	324,342.00			x
Total remuneration including pension expenses	9,711,477.98			x
Maximum remuneration	15,000,000.00			x
Clawback in accordance with section 162(1) sentence 2 no. 4 of the AktG	-	x

1. Mr. Blume receives from Volkswagen AG 50% of the remuneration for the Chair of the Board of Management of Volkswagen AG and from Porsche AG 50% of the remuneration for the Chair of the Executive Board of Porsche AG. The table shows the remuneration components granted to Mr. Blume separately according to whether they were granted by Volkswagen AG or by Porsche AG.
2. The LTI paid out in fiscal year 2023 was for work performed in fiscal year 2020. Mr. Blume did not receive any long-term variable remuneration from Porsche AG in fiscal year 2020 that would have to be counted towards the remuneration he receives from Volkswagen AG. Instead, Mr. Blume received 100% of the 2020 LTI from Volkswagen AG.

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Remuneration Report 2023

		ARNO ANTLITZ
		Finance and Operations
		2023
		€	%
Fixed remuneration components
Base salary	1,500,000.00			40.8
Fringe benefits	185,752.00			5.0
Total	1,685,752.00			45.8
Variable remuneration components
One-year variable remuneration/annual bonus	1,992,600.00			54.2
Multi-year variable remuneration/long-term incentive (LTI)
LTI (performance share plan) 2020-2022	-	-
Other remuneration
Special benefits paid to new Board of Management members	-	-
Total remuneration granted and owed	3,678,352.00			100.0
Pension expenses	602,272.00			x
Total remuneration including pension expenses	4,280,624.00			x
Maximum remuneration	8,500,000.00			x
Clawback in accordance with section 162(1) sentence 2 no. 4 of the AktG	-			x

		RALF BRANDSTÄTTER
		China,
		Chair of the Board of Management (CEO) of
		Volkswagen (China) Investment Co. Ltd.
		2023
		€	%
Fixed remuneration components
Base salary
Volkswagen AG	150,000.00			3.6
VCIC1	1,350,000.00			32.0
Fringe benefits
Volkswagen AG	25,768.00			0.6
VCIC2	696,628.00			16.5
Total	2,222,396.00			52.7
Variable remuneration components
One-year variable remuneration/annual bonus
Volkswagen AG	199,260.00			4.7
VCIC	1,793,340.00			42.5
Multi-year variable remuneration/long-term incentive (LTI)
LTI (performance share plan) 2020-2022	-	-
Other remuneration
Special benefits paid to new Board of Management members	-	-
Total remuneration granted and owed	4,214,996.00			100.0
Pension expenses	599,577.00			-
Total remuneration including pension expenses	4,814,573.00			x
Maximum remuneration	8,500,000.00			x
Clawback in accordance with section 162(1) sentence 2 no. 4 of the AktG	-			x

1. Mr. Brandstätter receives 90% of the remuneration of a regular Board of Management member of Volkswagen AG from Volkswagen (China) Investment Company Limited (VCIC) for his work as CEO of VCIC. VCIC accounts for Mr. Brandstätter as if he received his remuneration from Volkswagen AG in Germany. These amounts are disclosed here. The actual gross expense incurred by VCIC may differ on account of Chinese tax law.
2. The fringe benefits presented by VCIC include, in particular, the benefits paid by VCIC for Mr. Brandstätter's assignment to China (such as housing, flight expenses). Assignment-specific fringe benefits are not counted against the fringe benefit allowance provided by VCIC.

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Remuneration Report 2023

		GERNOT DÖLLNER
		Progressive brand group,
		Chair of the Board of Management of AUDI AG
		(since September 1, 2023)
		2023
		€	%
Fixed remuneration components
Base salary	500,000.00			39.8
Fringe benefits	90,885.00			7.2
Total	590,885.00			47.1
Variable remuneration components
One-year variable remuneration/annual bonus	664,200.00			52.9
Multi-year variable remuneration/long-term incentive (LTI)
LTI (performance share plan) 2020-2022	-	-
Other remuneration
Special benefits paid to new Board of Management members	-	-
Total remuneration granted and owed	1,255,085.00			100.0
Pension expenses	232,883.00			x
Total remuneration including pension expenses	1,487,968.00			x
Maximum remuneration	2,833,333.33			x
Clawback in accordance with section 162(1) sentence 2 no. 4 of the AktG	-			x

		MANFRED DÖSS1
		Integrity and Legal Affairs
		2023
		€	%
Fixed remuneration components
Base salary	1,125,000.00			40.8
Fringe benefits	137,139.00			5.0
Total	1,262,139.00			45.8
Variable remuneration components
One-year variable remuneration/annual bonus	1,494,450.00			54.2
Multi-year variable remuneration/long-term incentive (LTI)
LTI (performance share plan) 2020-2022	-	-
Other remuneration
Special benefits paid to new Board of Management members	-	-
Total remuneration granted and owed	2,756,589.00			100.0
Pension expenses	445,500.00			x
Total remuneration including pension expenses	3,202,089.00			x
Maximum remuneration	6,375,000.00			x
Clawback in accordance with section 162(1) sentence 2 no. 4 of the AktG	-	x

1 Mr. Döss receives remuneration in the amount of 75% of the remuneration of a regular member of the Board of Management of Volkswagen AG.

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Remuneration Report 2023

		MARKUS DUESMANN
		Progressive brand group,
		Chair of the Board of Management of AUDI AG
		(until August 31, 2023)
		2023
		€	%
Fixed remuneration components
Base salary	1,000,000.00			29.4
Fringe benefits	120,538.00			3.5
Total	1,120,538.00			32.9
Variable remuneration components
One-year variable remuneration/annual bonus	1,328,400.00			39.0
Multi-year variable remuneration/long-term incentive (LTI)
LTI (performance share plan) 2020-2022	957,403.83			28.1
Other remuneration
Special benefits paid to new Board of Management members	-	-
Total remuneration granted and owed1	3,406,341.83			100.0
Pension expenses	408,474.67			x
Total remuneration including pension expenses	3,814,816.49			x
Maximum remuneration	5,666,666.67			x
Clawback in accordance with section 162(1) sentence 2 no. 4 of the AktG	-	x

1 Mr. Duesmann received remuneration of €75,000 from FC Bayern München AG in fiscal year 2023 for his mandate on its Supervisory Board appointment. This remuneration was counted in full toward the reported variable remuneration granted by Volkswagen AG for fiscal year 2023.

Mr. Duesmann also received remuneration of €40,000 for a mandate on the Board of Directors of Bentley Motors Ltd. This remuneration was counted in full toward the reported base salary granted by Volkswagen AG.

		GUNNAR KILIAN
		Human Resources and Trucks brand group
		2023
		€	%
Fixed remuneration components
Base salary	1,500,000.00			26.8
Fringe benefits	185,026.00			3.3
Total	1,685,026.00			30.1
Variable remuneration components
One-year variable remuneration/annual bonus	1,992,600.00			35.6
Multi-year variable remuneration/long-term incentive (LTI)
LTI (performance share plan) 2020-2022	1,914,757.98			34.2
Other remuneration
Special benefits paid to new Board of Management members	-	-
Total remuneration granted and owed	5,592,383.98			100.0
Pension expenses	601,860.00			x
Total remuneration including pension expenses	6,194,243.98			x
Maximum remuneration	8,500,000.00			x
Clawback in accordance with section 162(1) sentence 2 no. 4 of the AktG	-	x