In fiscal year 2010, the United Kingdom Office of Fair Trading (OFT) started an investigation into Volkswagen’s Scania subsidiary. MAN SE (which has been a Volkswagen Group subsidiary since November 2011) also received a request for information in fiscal year 2010 in connection with this investigation. In fiscal year 2011, Scania and MAN also became the subject of an investigation launched by the European Commission concerning alleged inappropriate exchange of information. Also in fiscal year 2011, the South Korean antitrust authorities conducted a search at MAN Truck & Bus (Korea) Limited, Seoul/South Korea. In addition, the European Commission conducted a search at MAN Truck & Bus AG and at MAN Diesel & Turbo SE in fiscal year 2011 due to a suspected possible antitrust violation in the engines business. Such investigations normally take several years. It is still too early to judge whether these investigations pose any risk to Scania or MAN.

Based on indications of irregularities in the course of the handover of four-stroke marine diesel engines by MAN Diesel & Turbo SE, MAN SE 's Executive Board launched an investigation by MAN SE 's Compliance department and external advisers. This investigation is still ongoing. Preliminary findings suggest that it was possible to externally manipulate the technically calculated fuel consumption figures of four-stroke marine diesel engines on test beds operated by MAN Diesel & Turbo SE (formerly: MAN Diesel SE) such that the figures displayed differed from the actual test results. The extent to which the figures were actually manipulated when diesel engines were handed over to customers, as well as the potential financial consequences for the MAN Group, are still being assessed.

In the course of their operating activities, Volkswagen AG and the companies in which it is directly or indirectly invested also become involved in legal disputes and official proceedings in Germany and internationally. In particular, such proceedings may occur in relation to suppliers, dealers, customers, employees or investors.

For the companies involved, these may result in payment or other obligations. Particularly in cases where US customers assert claims for vehicle defects individually or by way of a class action, highly cost-intensive measures may have to be taken and substantial compensation or punitive damages paid. Corresponding risks also result from US patent infringement proceedings.

Where transparent and economically viable, adequate insurance cover is taken out for these risks and appropriate provisions recognized for the remaining identifiable risks. The Company does not believe, therefore, that these risks will have a sustained effect on the economic position of the Group.

However, as some risks cannot be assessed or can only be assessed to a limited extent, the possibility of loss or damage not being covered by the insured amounts and provisions cannot be ruled out.

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