VOLKSWAGEN AKTIENGESELLSCHAFT: Board of Management and Supervisory Board aim for an IPO of Dr. Ing. h.c. F. Porsche AG and decide on the next step with the 'intention to float'

Board of Management and Supervisory Board aim for an IPO of Dr. Ing. h.c. F. Porsche AG and decide on the next step with the "intention to float"

On February 24, 2022, Volkswagen AG had announced that it would examine the feasibility of a possible IPO of Dr. Ing. h.c. F. Porsche AG. Based on the results of this review, the Board of Management of Volkswagen AG today resolved, with the consent of the Supervisory Board, to pursue an initial public offering of the preferred shares of Dr. Ing. h.c. F. Porsche AG with the target to list them on the Regulated Market of the Frankfurt Stock Exchange (Prime Standard) - subject to further capital market developments - at the end of September / beginning of October 2022 ("intention to float") to be completed by the end of the year.

In preparation for the IPO, the share capital of Dr. Ing. h.c. F. Porsche AG has been divided into 50% preference shares and 50% ordinary shares. As part of the IPO, a total of up to 25% of the preferred shares in Dr. Ing. h.c. F. Porsche AG would be placed with investors from the holding of Volkswagen AG.

In connection with the intended IPO, Porsche Automobil Holding SE would acquire 25% plus one share in the ordinary share capital of Dr. Ing. h.c. F. Porsche AG from Volkswagen AG at the placement price of the preference shares plus a premium of 7.5%.

Volkswagen AG would continue to hold Dr. Ing. h.c. F. Porsche AG in its consolidated financial statements by way of full consolidation even after implementation of the intended IPO. The existing industrial and strategic cooperation between Volkswagen AG and Dr. Ing. h.c. F. Porsche AG would be comprehensively continued after the IPO.

In the event of a successful IPO, Volkswagen AG will convene an extraordinary general meeting in December 2022 at which it will propose to its shareholders that a special dividend amounting to 49% of the total gross proceeds from the placement of the preferred shares and the sale of the ordinary shares be distributed to the shareholders at the beginning of 2023.

Rolf Woller

Head of Group Treasury and Investor Relations