Conflicts of interest

The Chairman of the Supervisory Board of Volkswagen AG, who is also a member of the Supervisory Board of Scania AB and Chairman of the Supervisory Board of MAN SE, participated in the resolution dated February 21, 2014 that voted to make the voluntary tender offer for all Scania shares outstanding and to implement the capitalization measures to fund this transaction.

Member of the Supervisory Board of Volkswagen AG Ms. Annika Falkengren, who is also President and CEO of Skandinaviska Enskilda Banken AB, Sweden, abstained from voting on the above resolution relating to the Scania tender offer on February 21, 2014.

At its meeting on November 20, 2014, the Executive Committee of the Supervisory Board addressed major shareholder business relationships. In this context, the Executive Committee granted individual approvals to transactions with the State of Lower Saxony. Executive Committee member Mr. Stephan Weil is Minister-President of the State of Lower Saxony and took part in the votes. The Executive Committee members were guided exclusively by the interests of the Company when voting. No material conflicts of interest were discernible in this respect. All approvals were granted unanimously.

No other discernible conflicts of interest were reported or arose in the reporting period.