Obligation Volksfinance AG 8.875% ( XS1107805670 ) en TRY

Société émettrice Volksfinance AG
Prix sur le marché 100 %  ▲ 
Pays  Allemagne
Code ISIN  XS1107805670 ( en TRY )
Coupon 8.875% par an ( paiement annuel )
Echéance 11/03/2016 - Obligation échue



Prospectus brochure de l'obligation Volkswagen Financial Services AG XS1107805670 en TRY 8.875%, échue


Montant Minimal 5 000 TRY
Montant de l'émission 120 000 000 TRY
Description détaillée Volkswagen Financial Services AG est une société de services financiers qui propose des solutions de financement et de location aux clients de Volkswagen et d'autres marques automobiles du groupe Volkswagen.

L'obligation Volkswagen Financial Services AG (XS1107805670), émise en Allemagne pour un montant total de 120 000 000 TRY, avec un coupon de 8,875% payable annuellement, et une taille minimale d'achat de 5 000 TRY, est arrivée à échéance le 11 mars 2016 et a été intégralement remboursée à son prix nominal de 100%.







Dated 1 September 2023
This document constitutes five base prospectuses for the purposes of Article 8 (1) of Regulation (EU) 2017/1129 of
the European Parliament and the Council of 14 June 2017, as amended (the "Prospectus Regulation"): (i) the
base prospectus of Volkswagen Financial Services Aktiengesellschaft in respect of non-equity securities within the
meaning of Art. 2 lit. c) of the Prospectus Regulation ("Non-Equity Securities"), (ii) the base prospectus of
Volkswagen Leasing GmbH in respect of Non-Equity Securities, (iii) the base prospectus of Volkswagen Financial
Services N.V. in respect of Non-Equity Securities, (iv) the base prospectus of Volkswagen Financial Services Japan
Ltd. in respect of Non-Equity Securities and (v) the base prospectus of Volkswagen Financial Services Australia
Pty Limited in respect of Non-Equity Securities (together, the "Prospectus").
VOLKSWAGEN FINANCIAL SERVICES
AKTIENGESELLSCHAFT
Braunschweig, Federal Republic of Germany
­ Issuer and/or Guarantor ­
VOLKSWAGEN LEASING Gesellschaft mit beschränkter Haftung
Braunschweig, Federal Republic of Germany
­ Issuer ­
VOLKSWAGEN FINANCIAL SERVICES N.V.
Amsterdam, The Netherlands
­ Issuer ­
VOLKSWAGEN FINANCIAL SERVICES JAPAN LTD.
Tokyo, Japan
­ Issuer ­
VOLKSWAGEN FINANCIAL SERVICES AUSTRALIA PTY LIMITED
(ABN 20 097 071 460)
Sydney, Australia
­ Issuer ­
EUR 50,000,000,000
Debt Issuance Programme (the "Programme")
Arranger
UNICREDIT BANK
Dealers
BBVA
BARCLAYS
BNP PARIBAS
BOFA SECURITIES
CITIGROUP
COMMERZBANK
CRÉDIT AGRICOLE CIB
DANSKE BANK
DEUTSCHE BANK
HSBC
J.P. MORGAN
LANDESBANK BADEN-
LLOYDS BANK CORPORATE
WÜRTTEMBERG
MARKETS
WERTPAPIERHANDELSBANK
MUFG
MIZUHO
NATWEST MARKETS
RBC CAPITAL MARKETS
SANTANDER CORPORATE &
SEB
INVESTMENT BANKING
SMBC
SOCIÉTÉ GÉNÉRALE
UNICREDIT
CORPORATE & INVESTMENT
BANKING
Issuing Agent
CITIBANK, N.A.


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This Prospectus has been approved by the Luxembourg Commission de Surveil ance du Secteur Financier
(the "Commission" or the "CSSF"), as competent authority under the Prospectus Regulation and the
Luxembourg act relating to prospectuses for securities dated 16 July 2019 (Loi du 16 juillet 2019 relative aux
prospectus pour valeurs mobilières et portant mise en oeuvre du règlement (UE) 2017/1129, the
"Luxembourg Law").
The CSSF only approves this Prospectus as meeting the standards of completeness,
comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not
be considered as an endorsement of the Issuers and/or the Guarantor that is the subject of this
Prospectus. By approving this Prospectus, in accordance with Article 20 of the Prospectus
Regulation, the CSSF shall give no undertaking as to the economic and financial soundness of the
operation or the quality and solvency of the Issuer and/or the Guarantors or of the quality of the Notes
that are the subject of this Prospectus pursuant to Article 6 (4) of the Luxembourg Law. Investors
should make their own assessment as to the suitability of investing in the Notes.
Application has been made to the Luxembourg Stock Exchange for notes (the "Notes") issued under this
Programme to be admitted to trading on the regulated market of the Luxembourg Stock Exchange (as defined
below) and to be listed on the official list of the Luxembourg Stock Exchange. Notes issued under the Programme
may also be listed and traded on an alternative stock exchange or may not be listed at all.
Each Issuer has requested the Commission to provide the competent authorities in the Federal Republic of
Germany, the Netherlands, the Republic of Ireland, and the Republic of Austria with a certificate of approval
attesting that the Prospectus has been drawn up in accordance with the Prospectus Regulation ("Notification").
Each Issuer may request the Commission to provide competent authorities in additional Member States within the
European Economic Area with a Notification.
This Prospectus and any supplement thereto and documents incorporated by reference will be published in
electronic form on the website of the Luxembourg Stock Exchange (www.luxse.com) and this Prospectus and any
supplement thereto wil also be published in electronic form on the website of Volkswagen Financial Services
(www.vwfs.com).
Potential investors should be aware that any website referred to in this document does not form part of this
Prospectus and has not been scrutinised or approved by the CSSF.
This Prospectus is valid for a period of twelve months after its approval. The validity ends upon expiration
of 1 September 2024. There is no obligation to supplement the Prospectus in the event of significant new
factors, material mistakes or material inaccuracies when the Prospectus is no longer valid.


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Important Notice
This Prospectus should be read and understood in conjunction with any supplement thereto and with any other
document incorporated herein by reference. Ful information on each Issuer and any Tranche of Notes is only
available on the basis of the combination of the Prospectus and the relevant final terms (the "Final Terms").
Each Issuer and the Guarantor have confirmed to the Dealers (as defined herein) that this Prospectus contains all
information with regard to the Issuers and the Notes which is material in the context of the Programme and the
issue and offering of Notes thereunder; that the information contained in the Prospectus is accurate and complete
in all material respects and is not misleading; that any opinions and intentions expressed herein are honestly held
and based on reasonable assumptions; that there are no other facts with respect to the Issuer, the Guarantor or
the Notes, the omission of which would make the Prospectus as a whole or any statement, whether fact or opinion,
in this Prospectus misleading in any material respect; and that all reasonable enquiries have been made to ascertain
all facts and to verify the accuracy of all statements contained herein.
No person has been authorised to give any information which is not contained in or not consistent with this
Prospectus or any other information supplied in connection with the Programme and, if given or made, such
information must not be relied upon as having been authorised by or on behalf of the Issuers, the Guarantor, the
Dealers or any of them.
This Prospectus is valid for twelve months following its date of approval and this Prospectus and any supplement
hereto as wel as any Final Terms reflect the status as of their respective dates of issue. Notwithstanding that the
Issuers may be required to provide a supplement pursuant to Article 23 of the Prospectus Regulation, the delivery
of this Prospectus or any Final Terms and the offering, sale or delivery of any Notes may not be taken as an
implication that the information contained in such documents is accurate and complete subsequent to their
respective dates of issue or that there has been no adverse change in the financial situation of the Issuers and the
Guarantor since such date or that any other information supplied in connection with the Programme is accurate at
any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing
the same.
Each Issuer and the Guarantor have undertaken with the Dealers to supplement this Prospectus or publish a new
Prospectus in the event of any significant new factor, material mistake or inaccuracy relating to the information
included in this Prospectus which is capable of affecting the assessment of the Notes and which arises or is noted
between the time when this Prospectus has been approved and the final closing of any Tranche of Notes offered
to the public or, as the case may be, when trading of any Tranche of Notes on a regulated market begins.
Neither the arranger as set forth on the cover page (the "Arranger") nor any Dealer nor any other person mentioned
in this Prospectus, excluding the Issuers, is responsible for the information contained in this Prospectus or any
supplement hereto, or any Final Terms or any other document incorporated herein by reference, and accordingly,
and to the extent permitted by the laws of any relevant jurisdiction, none of these persons accepts any responsibility
for the accuracy and completeness of the information contained in any of these documents.
None of the Arranger or the Dealers makes any representation as to the suitability of any Notes to fulfil
environmental, sustainability, social and/or other criteria required by prospective investors.
The distribution of this Prospectus and any Final Terms and the offering, sale and delivery of Notes in certain
jurisdictions may be restricted by law. Persons into whose possession this Prospectus or any Final Terms come
are required to inform themselves about and observe any such restrictions. For a description of the restrictions
applicable in the United States of America, the European Economic Area, the United Kingdom, The Netherlands,
the Republic of Austria, Japan and Australia see "Subscription and Sale". In particular, the Notes have not been
and wil not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and
are subject to tax law requirements of the United States of America; subject to certain exceptions, Notes may not
be offered, sold or delivered within the United States of America or to, or for the account or benefit of, U.S. persons.
This Prospectus may only be communicated or caused to be communicated in circumstances in which Section 21(1)
of the Financial Services and Markets Act 2000 ("FSMA") does not apply. If a jurisdiction requires that the offering
be made by a licensed broker or dealer and the Dealers or any parent company or affiliate of the Dealers is a
licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by the Dealers or such parent
company or affiliate in such jurisdiction.
The language of the Prospectus is English. Where parts of the Prospectus are drafted in a bilingual format reflecting
both an English language version and a German language version the English language version shall be the
controlling language for reading and construing the contents of the Prospectus, provided that certain parts of the
Prospectus reflect documents which have been, or will be, executed as separate documents with the German
language version being control ing and binding. Consequently, in respect of the issue of any Tranche of Notes under
the Programme, the German language version of the Terms and Conditions may be controlling and binding if so
specified in the relevant Final Terms and in respect of the Guarantee, the German language version is always
controlling and binding.


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This Prospectus may only be used for the purpose for which it has been published.
This Prospectus and any Final Terms may not be used for the purpose of an offer or solicitation by anyone
in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is
unlawful to make such an offer or solicitation.
This Prospectus, any supplements thereto and any Final Terms do not constitute an offer or an invitation
to subscribe for or purchase any of the Notes.
In connection with the issue of any Tranche of Notes under the Programme, the Dealer or Dealers (if any)
named as stabilisation manager(s) in the applicable Final Terms (or persons acting on behalf of any
stabilisation manager(s)) may over-allot Notes or effect transactions, outside Australia and on a market
operated outside of Australia, with a view to supporting the market price of the Notes at a higher level than
that which might otherwise prevail. However, stabilisation may not necessarily occur. Any stabilisation
action may begin on or after the date on which adequate public disclosure of the terms of the offer of the
relevant Tranche of Notes is made and, if begun, may cease at any time, but it must end no later than the
earlier of 30 days after the issue date of the relevant Tranche of Notes and 60 days after the date of the
allotment of the relevant Tranche of Notes. Any stabilisation action or over-allotment must be conducted
by the relevant stabilisation manager(s) (or person(s) acting on behalf of any stabilisation manager(s)) in
accordance with all applicable laws and rules.
EU Benchmarks Regulation: Article 29 (2) statement on Benchmarks
Amounts payable under the Notes may be calculated by reference to EURIBOR, which is provided by European
Money Markets Institute ("EMMI"), Sterling Overnight Index Average ("SONIA") which is provided by the Bank of
England, the Euro short term rate ("STR") which is provided by the European Central Bank, Swedish Krona short
term rate ("SWESTR") which is provided by the Sveriges Riksbank and the Secured Overnight Financing Rate
("SOFR") which is provided by the Federal Reserve Bank of New York or any other reference rates, which are
deemed benchmarks (each a "Benchmark" and together the "Benchmarks") in each case as specified in the Final
Terms.
As at the date of this Prospectus, only EMMI appears on the register of administrators and Benchmarks established
and maintained by the European Securities and Markets Authority ("ESMA") pursuant to Article 36 of the
Benchmarks Regulation (Regulation (EU) 2016/1011). As central banks, the European Central Bank, the Sveriges
Riksbank, the Bank of England and the Federal Reserve Bank of New York are not subject to the Benchmarks
Regulation.
Product Governance
The Final Terms in respect of any Notes may include a legend entitled "MiFID II Product Governance" which wil
outline the target market assessment in respect of the Notes and which channels for distribution of the Notes are
appropriate. Any person subsequently offering, sel ing or recommending the Notes (a "Distributor") should take
into consideration the target market assessment; however, a Distributor subject to the MiFID Product Governance
rules under EU Delegated Directive 2017/593 (the "MiFID Product Governance Rules") is responsible for
undertaking its own target market assessment in respect of the Notes (by either adopting or refining the target
market assessment) and determining appropriate distribution channels.
The Final Terms in respect of any Notes may include a legend entitled "UK MiFIR Product Governance" which
will outline the target market assessment in respect of the Notes and which channels for distribution of the Notes
are appropriate. Any person subsequently offering, sel ing or recommending the Notes (a "Distributor") should
take into consideration the target market assessment; however, a Distributor subject to the FCA Handbook Product
Intervention and Product Governance Sourcebook (the "UK MiFIR Product Governance Rules") is responsible
for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the target
market assessment) and determining appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product
Governance Rules and/or the UK MiFIR Product Governance Rules, any Dealer subscribing for any Notes is a
manufacturer in respect of such Notes, but otherwise neither the Arranger nor the Dealers nor any of their respective
affiliates will be a manufacturer for the purpose of the MiFID Product Governance Rules and/or the UK MiFIR
Product Governance Rules.
Notification under Section 309B of the Securities and Futures Act 2001 of Singapore
In connection with Section 309B of the Securities and Futures Act 2001 of Singapore as modified or amended from
time to time including by any subsidiary legislation as may be applicable at the relevant time (together, the "SFA"),
unless otherwise specified before an offer of Notes, each Issuer has determined, and hereby notifies all relevant


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persons (as defined in Section 309(A)(1) of the SFA), that the Notes are 'prescribed capital markets products' (as
defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and 'Excluded Investment
Products' (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-
N16: Notice on Recommendations on Investment Products).
In this Prospectus, al references to "EUR" are to the euro, the single currency of the member states participating
in the European Monetary Union, to "GBP" are to British pounds sterling, the official currency of the United Kingdom,
to "USD" are to U.S. dollar, the official currency of the United States of America, to "AUD" are to Australian dol ar,
the official currency of the Commonwealth of Australia and to "YEN" are to Japanese yen, the official currency of
Japan and to "TRY" are to Turkish Lira, the official currency of Turkey and the Turkish Republic of Northern Cyprus.
Information relating to the diesel issue described herein with regards to Volkswagen Aktiengesellschaft
("Volkswagen AG"), together with its direct and indirect subsidiaries and joint ventures (the "Volkswagen Group"
or "Volkswagen") is based on public information and is subject to change. The Issuers and the Guarantor have not
independently verified any such information.
Green Bonds
Neither the Issuers, nor the Guarantor, nor the Dealers makes any representation as to the suitability of any Green
Bonds (as defined in section "Use of Proceeds" below), including the listing or admission to trading thereof on any
dedicated "green", "sustainable" or other equivalently-labelled segment of any stock exchange or securities market
(whether or not regulated), to fulfil any present or future investor expectations or requirements with respect to
investment criteria or guidelines which any investor or its investments are required to comply with under its own by-
laws or other governing rules or investment portfolio mandates. The Dealers have not undertaken, nor are they
responsible for, any assessment of the eligibility criteria for Green Projects, any verification of whether the Green
Projects meet such criteria or the monitoring of the use of (net) proceeds of any Green Bonds (or amounts equal
thereto). Investors should refer to the Green Finance Framework of VWFSAG and the other Issuers (see for further
information section "Use of Proceeds" below), the independent second party opinion by ISS ESG thereto, which is
published on the Issuers' investor relations website (https://www.vwfs.com/en/investor-relations.html), and any
public reporting by or on behalf of the Issuer in respect of the use of the (net) proceeds of any Green Bonds, which
is also published on VWFSAG's investor relations website,for further information. For the avoidance of doubt, the
Green Finance Framework and the second party opinion are not incorporated in, and do not form part of, this
Prospectus. None of the Dealers makes any representation as to the suitability or contents of the Green Finance
Framework.
Special Taxation Measures Law of Japan
In respect of Notes issued by Volkswagen Financial Services Japan Ltd., interest payments on such Notes paid to
an individual resident of Japan, to a Japanese corporation (except for (i) a Japanese designated financial institution
described in Article 6, paragraph 11 of the Special Taxation Measures Law of Japan (the "Special Taxation
Measures Law") which has complied with the requirements under that paragraph and (ii) a public corporation, a
financial institution or a financial instruments business operator, etc., as provided in Article 3-3, paragraph 6 of the
Special Taxation Measures Law which receives the interest payments through its payment handling agent in Japan
and complies with the requirement for tax exemption under that paragraph), or to an individual non-resident of
Japan or a non-Japanese corporation that in either case is a person having a special relationship (as described in
Article 6, paragraph 4 of the Special Taxation Measures Law) of Volkswagen Financial Services Japan Ltd. will be
subject to deduction in respect of Japanese income tax at a rate of 15.315 per cent. (15 per cent. on or after 1
January 2038) of the amount of such interest.


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Table of Contents
Page
General Description of the Programme ...............................................................................................8
Risk Factors ......................................................................................................................................... 11
Risk Factors regarding the Issuers ......................................................................................... 11
Risk Factors regarding Volkswagen Financial Services AG ................................................ 11
Financial and business related risks ............................................................................ 11
Captive related risks ....................................................................................................... 19
Legal risks ....................................................................................................................... 25
Risks related to strategic decision................................................................................ 27
Economic dependencies ................................................................................................ 31
Regulatory risks .............................................................................................................. 32
Risk Factors regarding Volkswagen Leasing GmbH ............................................................. 35
Financial and business related risks ............................................................................ 35
Captive related risks ....................................................................................................... 41
Legal risks ....................................................................................................................... 44
Risks related to strategic decision................................................................................ 45
Economic dependencies ................................................................................................ 48
Regulatory risks .............................................................................................................. 49
Risk Factors regarding Volkswagen Financial Services N.V................................................ 51
Financial and business related risks ............................................................................ 51
Captive related risks ....................................................................................................... 55
Legal risks ....................................................................................................................... 56
Risks related to strategic decision................................................................................ 57
Economic dependencies ................................................................................................ 58
Regulatory risks .............................................................................................................. 59
Risk Factors regarding Volkswagen Financial Services Japan Ltd. ................................... 62
Financial and business related risks ............................................................................ 62
Captive related risks ....................................................................................................... 67
Legal risks ....................................................................................................................... 70
Risks related to strategic decision................................................................................ 71
Economic dependencies ................................................................................................ 73
Regulatory risks .............................................................................................................. 74
Risk Factors regarding Volkswagen Financial Services Australia Pty Limited.................. 76
Financial and business related risks ............................................................................ 76
Captive related risks ....................................................................................................... 81
Legal risks ....................................................................................................................... 84
Risks related to strategic decision................................................................................ 85
Economic dependencies ................................................................................................ 88
Regulatory risks .............................................................................................................. 88
Risk Factors regarding the Notes ............................................................................................ 91
Risks related to the payout of the Notes ...................................................................... 91
Risks related to an early termination ............................................................................ 92
Risks related to reference rates .................................................................................... 92
Risks related to the investment in the Notes ............................................................... 95
Risks related to tax matters ........................................................................................... 98
Volkswagen Financial Services AG as Issuer and Guarantor ........................................................ 99
Volkswagen Leasing GmbH as Issuer ............................................................................................. 110
Volkswagen Financial Services N.V. as Issuer .............................................................................. 114
Volkswagen Financial Services Japan Ltd. as Issuer ................................................................... 118
Volkswagen Financial Services Australia Pty Limited as Issuer ................................................. 121


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Description of the Notes ................................................................................................................... 124
English Language Terms and Conditions ...................................................................................... 127
Option I. Terms and Conditions for Notes with fixed interest rates .................................. 127
Option II. Terms and Conditions for Notes with floating interest rates ............................. 147
Option III. Terms and Conditions for Notes with fixed to floating interest rates .............. 182
Deutsche Fassung der Anleihebedingungen ................................................................................. 221
Option I. Anleihebedingungen für Schuldverschreibungen mit fester Verzinsung ......... 221
Option II. Anleihebedingungen für Schuldverschreibungen mit variabler Verzinsung ... 244
Option III. Anleihebedingungen für Schuldverschreibungen mit fester zu variabler
Verzinsung ............................................................................................................................... 285
Guarantee ........................................................................................................................................... 329
Garantie .............................................................................................................................................. 331
FORM OF FINAL TERMS ................................................................................................................... 334
Part I.: CONDITIONS................................................................................................................ 337
Teil I.: BEDINGUNGEN ............................................................................................................ 337
[Option I. Notes with fixed interest rates .............................................................................. 338
Option I. Schuldverschreibungen mit fester Verzinsung .................................................... 338
[Option II. Notes with floating interest rates ........................................................................ 344
Option II. Schuldverschreibungen mit variabler Verzinsung ............................................. 344
[Option III. Notes with fixed to floating interest rates .......................................................... 351
Option III. Schuldverschreibungen mit fester zu variabler Verzinsung ............................. 351
Part II.: OTHER INFORMATION .............................................................................................. 359
Teil II.: WEITERE INFORMATIONEN ...................................................................................... 359
Use of Proceeds ................................................................................................................................ 369
Taxation .............................................................................................................................................. 372
Subscription and Sale ....................................................................................................................... 373
General Information .......................................................................................................................... 380
1. Responsibility Statement ................................................................................................... 380
2. Listing and Admission to Trading ..................................................................................... 380
3. Consent to use Prospectus ................................................................................................ 380
4. Interest of Natural and Legal Persons involved in the Issue/Offer ................................ 381
5. Authorisations ..................................................................................................................... 381
6. Publication of the Prospectus ........................................................................................... 382
7. Documents on Display ....................................................................................................... 382
8. Clearing Systems ................................................................................................................ 382
9. Ratings ................................................................................................................................. 382
10. Third party information ..................................................................................................... 383
11. Alternative Performance Measures ................................................................................. 383
Documents Incorporated by Reference .......................................................................................... 386
Address List ....................................................................................................................................... 394


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General Description of the Programme
1. General Information
Under this EUR 50,000,000,000 Debt Issuance Programme, VOLKSWAGEN FINANCIAL SERVICES
AKTIENGESELLSCHAFT ("Volkswagen Financial Services AG" or "VWFSAG"), Volkswagen Leasing
Gesellschaft mit beschränkter Haftung ("Volkswagen Leasing GmbH" or "VWLGMBH"), Volkswagen Financial
Services N.V. ("VWFSNV"), Volkswagen Financial Services Japan Ltd. ("VWFSJ") and Volkswagen Financial
Services Australia Pty Limited ("VWFSAL") may from time to time issue Notes to one or more of the following
Dealers: Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander, S.A., Barclays Bank Ireland PLC, BNP Paribas,
BofA Securities Europe SA, Citigroup Global Markets Europe AG, Commerzbank Aktiengesel schaft, Crédit
Agricole Corporate and Investment Bank, Danske Bank A/S, Deutsche Bank Aktiengesel schaft, Mizuho Securities
Europe GmbH, HSBC Continental Europe, J.P. Morgan SE, Landesbank Baden-Württemberg, Lloyds Bank
Corporate Markets Wertpapierhandelsbank GmbH, MUFG Securities (Europe) N.V., NatWest Markets N.V., RBC
Capital Markets (Europe) GmbH, Skandinaviska Enskilda Banken AB (publ), SMBC Bank EU AG, Société Générale,
UniCredit Bank AG or any additional Dealer appointed under the Programme from time to time by the Issuer(s)
(each a "Dealer" and together, the "Dealers"), which appointment may be for a specific issue or on an ongoing
basis.
The maximum aggregate principal amount of the Notes at any one time outstanding under the Programme will not
exceed EUR 50,000,000,000 (or its equivalent in any other currency). The Issuers may increase the amount of the
Programme in accordance with the terms of the Dealer Agreement (as defined herein) from time to time.
The Notes may be issued on a continuing basis to one or more of the Dealers. Notes may be distributed by way of
public offer or private placements and, in each case, on a syndicated or non-syndicated basis. The method of
distribution of each Tranche will be stated in the relevant Final Terms. The Notes may be offered to qualified and
non-qualified investors, unless the applicable Final Terms include a legend entitled "PROHIBITION OF SALES TO
EEA RETAIL INVESTORS" and/or "PROHIBITION OF SALES TO UK RETAIL INVESTORS".
Each issue of Notes shall be made in series with a minimum aggregate principal amount of EUR 5,000,000 (or its
equivalent in any other currencies) or such smaller amount as agreed from time to time between the respective
Issuer and the respective Dealer for any individual series.
In case of Notes issued by VWFSAG, VWLGMBH, VWFSNV and VWFSAL, such Notes will be issued in such
denominations as may be specified in the relevant Final Terms, save that the minimum denomination of the Notes
will be, if in euro, EUR 1,000 and, if in any currency other than euro, an amount in such other currency nearly
equivalent to EUR 1,000 at the time of the issue of the Notes. In case of Notes issued by VWFSJ, the minimum
denomination of the Notes wil be, if in euro, EUR 100,000 and, if in any currency other than euro, an amount in
such other currency nearly equivalent to EUR 100,000 at the time of the issue of Notes.
Notes wil be issued in tranches (each a "Tranche"), each Tranche consisting of Notes which are identical in al
respects. One or more Tranches, which are expressed to be consolidated and forming a single series and being
identical in all respects, but may have different issue dates, interest commencement dates, issue prices and/or
dates for first interest payments may form a series (each a "Series") of Notes. Further Notes may be issued as part
of existing Series.
VOLKSWAGEN FINANCIAL SERVICES AKTIENGESELLSCHAFT (the "Guarantor") has given its unconditional
and irrevocable Guarantee (the "Guarantee") for the due payment of the amounts corresponding to the principal of
and interest on the Notes issued by VWLGMBH, VWFSNV, VWFSJ or VWFSAL.
Notes may be issued at their principal amount or at a discount or premium to their principal amount as specified in
the applicable Final Terms.
Under the Programme, the Issuers wil not issue Notes where the redemption amount is determined by reference
to an underlying (including an underlying in the form of a security, an index, an interest rate or a basket of
underlyings).
Application has been made to the Commission, which is the Luxembourg competent authority for the purpose of
the Prospectus Regulation, for the approval of this Prospectus.
Application has been made to the Luxembourg Stock Exchange for Notes to be issued under this Prospectus to be
admitted to trading on the "regulated market of the Luxembourg Stock Exchange" which is a regulated market for
the purposes of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets
in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast), and to be listed on
the official list of the Luxembourg Stock Exchange. The Programme provides that Notes may be listed and traded


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on any other stock exchange agreed between the relevant Issuer and the relevant Dealer(s) that may qualify as a
regulated market as indicated in the relevant Final Terms. Notes may also be issued without being listed.
Citibank, N.A. will act as Issuing Agent and Principal Paying Agent.
2. Issue Procedures
General
The Issuer and the relevant Dealer(s) wil agree on the terms and conditions applicable to each particular Series of
Notes (the "Conditions"). The Conditions will be constituted by the relevant set of Terms and Conditions of the
Notes set forth below (the "Terms and Conditions") as further specified by the Final Terms (the "Final Terms") as
described below.
Options for sets of Terms and Conditions
A separate set of Terms and Conditions applies to each type of Notes, as set forth below. The Final Terms provide
for the Issuer to choose between the fol owing Options:
- Option I ­ Terms and Conditions for Notes with fixed interest rates;
- Option II ­ Terms and Conditions for Notes with floating interest rates;
- Option III ­ Terms and Conditions for Notes with fixed to floating interest rates;
Documentation of the Conditions
The Issuer may document the Conditions of an individual Series of Notes either as Replication Conditions or as
Reference Conditions whereas:
- "Replication Conditions" means that the provisions of the set of Terms and Conditions in the form replicated
and completed in Part I. of the Final Terms shal constitute the Conditions. The Final Terms shall determine which
of Option I, II or III of the Terms and Conditions respectively, shall be applicable to the individual Series of Notes
by replicating the relevant provisions and completing the relevant placeholders of the relevant set of Terms and
Conditions as set out in the Prospectus in the Final Terms. The replicated and completed provisions of the set of
Terms and Conditions alone shall constitute the Conditions, which wil be attached to each global note representing
the Notes of the relevant Series. Replication Conditions will be required where the Notes are publicly offered, in
whole or in part, or are to be initial y distributed, in whole or in part, to non-qualified investors.
- "Reference Conditions" means that the provisions in Part I of the Final Terms that specify and complete the
relevant set of Terms and Conditions and the relevant set of Terms and Conditions as set out in the Prospectus,
taken together shall constitute the Conditions. The Final Terms shall determine which of Option I, II or III of the
Terms and Conditions are applicable to the individual Series by referring to the relevant provisions of the relevant
set of Terms and Conditions as set out in the Prospectus only. The provisions of the Final Terms and the relevant
set of Terms and Conditions as set out in the Prospectus, taken together, shall constitute the Conditions. Each
global note representing a particular Series of Notes will have the Final Terms and the relevant set of Terms and
Conditions as set out in the Prospectus attached.
Determination of Options / Completion of Placeholders
The Final Terms shall determine which of Option I, II or III shal be applicable to the individual Series of Notes. Each
of the sets of Terms and Conditions of Option I, II, III contains also certain further options (characterised by indicating
the respective optional provision through instructions and explanatory notes set out in square brackets within the
text of the relevant set of Terms and Conditions as set out in the Prospectus) as well as placeholders (characterised
by square brackets which include the relevant items) which will be determined by the Final Terms as fol ows:
Determination of Options
The Issuer will determine which options will be applicable to the individual Series either by replicating the relevant
provisions in the Final Terms or by reference of the Final Terms to the respective sections of the relevant set of
Terms and Conditions as set out in the Prospectus. If the Final Terms do not refer to an alternative or optional
provision or such alternative or optional provision is not replicated therein it shall be deemed to be deleted from the
Conditions.


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Completion of Placeholders
The Final Terms wil specify the information with which the placeholders in the relevant set of Terms and Conditions
will be completed taking into account the categorisation requirements in the Commission Delegated Regulation (EU)
2019/980 of 14 March 2019 (the "Commission Delegated Regulation"). In the case the provisions of the Final
Terms and the relevant set of Terms and Conditions, taken together, shall constitute the Conditions the relevant
set of Terms and Conditions shall be deemed to be completed by the information contained in the Final Terms as
if such information were inserted in the placeholders of such provisions. All instructions and explanatory notes and
text set out in square brackets in the relevant set of Terms and Conditions and any footnotes and explanatory text
in the Final Terms wil be deemed to be deleted from the Conditions.
All instructions and explanatory notes and text set out in square brackets in the relevant set of Terms and Conditions
and any footnotes and explanatory text in the Final Terms will be deemed to be deleted from the Conditions.
Controlling Language
As to the controlling language of the respective Conditions, the Issuer anticipates that, in general, subject to any
stock exchange or legal requirements applicable from time to time, and unless otherwise agreed between the Issuer
and the relevant Dealer(s): in the case of Notes publicly offered, in whole or in part, in the Federal Republic of
Germany or distributed, in whole or in part, to non-qualified investors in the Federal Republic of Germany, German
will be the controlling language. If, in the event of such public offer or distribution to non-qualified investors, however,
English is chosen as control ing language, a German language translation of the Conditions wil be available from
the respective offices of the Paying Agent in the Federal Republic of Germany and the Issuer, and in the case of
Notes issued by VWLGMBH, VWFSNV, VWFSJ or VWFSAL, the Guarantor, as specified under Address List on
page 394 ­ 397 of this Prospectus.