TRATON SE

Investor Presentation • May 18, 2022

TRATON Way Forward

TRATON Capital Markets Day Christian Levin, CEO

Södertälje, 05-18-2022

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Disclaimer

This presentation has been prepared for information purposes only.

It does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Volkswagen AG, TRATON SE, or any company of the TRATON GROUP in any jurisdiction. Neither this presentation, nor any part of it, nor the fact of its distribution, shall form the basis of, or be relied on in connection with, any contractual commitment or investment decision in relation to the securities of Volkswagen AG, TRATON SE, or any company of the TRATON GROUP in any jurisdiction, nor does it constitute a recommendation regarding any such securities.

It contains forward-looking statements and information on the business development of the TRATON GROUP. These statements and information are based on assumptions relating in particular to the TRATON GROUP's business and operations and the development of the economies in the countries in which the TRATON GROUP is active.

The TRATON GROUP has made such forward-looking statements on the basis of the information available to it and assumptions it believes to be reasonable. The forward-looking statements and information may involve risks and uncertainties, and actual results may differ materially from those forecasts. If any of these or other risks or uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect, the actual results may significantly differ from those expressed or implied by such forward-looking statements and information. The TRATON GROUP will not update this presentation, particularly not the forward-looking statements. The presentation is valid on the date of publication only.

Certain financial information and financial data included in this presentation are preliminary, unaudited, and may be subject to revision. Due to their preliminary nature, statements contained in this presentation should not be unduly relied upon, and past events or performance should not be taken as a guarantee or indication of future events or performance. Financial figures might be translated from different currencies, using the exchange rate prevailing at the relevant date or for the relevant period that the relevant financial figures relate to.

All statements with regard to markets or market position(s) of TRATON SE or any affiliated company or any of its competitors are estimates based on data available to the TRATON GROUP.

IHS Markit Data referenced herein are the copyrighted property of IHS Markit Ltd. and its subsidiaries ("IHS Markit"). The IHS Markit Data are from sources considered reliable; however, the accuracy and completeness thereof are not warranted, nor are the opinions and analyses published by IHS Markit representations of fact. The IHS Markit Data speak as of the original publication date thereof and are subject to change without notice. IHS Markit and other trademarks appearing in the IHS Markit Data are the property of IHS Markit or their respective owners.

The percentage figures shown may be subject to rounding differences. Due to different proportions and scaling in graphs, data shown in different graphs are not comparable.

A lot has been achieved in the past six years

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Key strategic questions for "TRATON Way Forward" have changed

Global Champion Strategy: Strategic questions (2015-21)

How to develop a group/own 1 entity for trucks & buses?

Where to focus for economies 2 of scale?

What are most important profit pools 3 globally and how to tap into them?

Will electrification and autonomous 4 play a role in trucks and when?

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Key strategic questions for "TRATON Way Forward" have changed

Global Champion Strategy: Strategic questions (2015-21)

• How to develop a group/own 1 entity for trucks & buses?
• Where to focus for economies 2 of scale?
• What are most important profit pools 3 globally and how to tap into them?
• Will electrification and autonomous 4 play a role in trucks and when?

TRATON Way Forward: Strategic questions (2022-30+)

How to ensure sustainable business and uphold needs of environment, society & other stakeholders?

How do we create sustainable value for our stakeholders?

How do we transform our business model to be prepared for changes in our industry?

Our new strategy guides our path towards the future

Responsible Company

Value Creation

Responsible Company

Make responsible behavior a top priority in everything we do

Decarbonization & Circularity People & Diversity Value Governance & Ethics

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Our approach to sustainability and ESG management is science-, risk- and impact-based

Sustainability ESG

We are fully committed to the Paris Agreement

All our brands have validated science-based targets or are in the process on obtaining those

1 Science based approved target 2 Company specific target - energy efficiency targets with regards to electricity and natural gas usage at the Resende manufacturing plant 3 Company specific target - energy intensity is an energy efficiency metric modeled by the USDOE using its Energy Performance Indicator model at four US facilities 4 Regulatory target - based on EPA Phase 2 GHG emission reduction targets for tractor combinations (-25%) and for vocational vehicles (-24%) – reduction targets are industry targets and exact reduction need per OEM will depend on sold vehicle mix 5 Downstream

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Our CO² impact stems almost exclusively from our products' use phase – but will change in the future

1 Based on EU 2016 electricity mix 2 Based on prognosed EU 2030 electricity mix Source: Scania estimates

Our strategic focus is underlined by a comparison of system efficiency between BEV and FEV

We see battery electric vehicles become the majority technology for trucks and buses

We boost our e-mobility investments

. 1 Incl. Navistar

All TRATON brands with BEV products across major applications and weight classes

Scania electric bus (Citywide LF)

Navistar electric bus (IC Bus electric CE Series)

VWCO electric truck (e-Delivery)

Scania electric truck (25 P BEV)

Navistar electric truck (International eMV)

MAN electric bus (Lion´s City E)

MAN electric van (eTGE)

No limits for BEV technology: Technical capability for use cases >70t GVW

High-performance charging network for Europe

• Joint Venture Agreement signed, subject to regulatory approvals
• Core focus on heavy-duty long-haulage (45-minute charging window)
• Network will be open and accessible to all brands
• Intended to enhance customer confidence
• Support EU's transformation to climateneutral transportation

Electrification will impact how we do repair & maintenance but also will open new profit pools

• Win customers from 3rd party providers for complex repair/maintenance services
• Win repair/maintenance for fleets done in-house
• Different maintenance but similar repair requirements of ICE and BEV
• Do repair/maintenance for new components (e.g. battery system)

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Win volume for e-mob repair/ maintenance

• Shift business model from product to service
• Price based on value for the customer (e.g. pricing uptime)
• Additional financing opportunities

2

• Charging services (e.g. eMSP, charging)
• Battery recycling and reuse
• Connectivity based solutions for >1 M connected vehicles

3

Price customer solution

Circularity – Optimize resource consumption here & now

All our brands are committed to minimize unrecycled waste and promoting a circular economy through repurposing and recycling programs

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Value Creation

Focus on sustainable value creation for our stakeholders

Performance-driven Navistar as part of TRATON family Value TRATON goes China

Creating value for our stakeholders

Brand performance programs, brand cooperation and performance culture

Integration of Navistar and realization of its full potential China as important future profit pool and a growth market for TRATON GROUP

Ambitious targets for each of our brands

• Fully committed to sustainability
• Focus topics
• More high-margin services
  • Growing in China

• Realignment program & topline improvement
• Leveraging new truck generation
• Shift to zeroemissions

• Higher margin by new heavy-duty portfolio expansion
• Continuous focus on efficiency

• Deliver profitable performance
• Benefit from Group
• Dealer performance improvement

Expansion of vehicle services TRATON GROUP Modular System Captive Financial Services

Strong markets with transition to new technologies and solution offerings as basis for future growth

	Market cycle (Illustrative view)	Electrification	Services maturity
Europe	Short-term risks	• Innovation front-runner	• Service/aftermarket expected to increase • Growth of solution offerings
South America	Short-term risks, but also pre buy effects	• Innovation follower	• Market still maturing
North America	Cyclicality expected	• Innovation front-runner	Service/aftermarket • expected to increase Growth of solution • offerings
China	Short-term risks	Innovation front-runner •	Market still maturing • • Shift in profit pools
Southeast Asia1		Innovation follower •	Heterogenous markets • with mixed maturity levels

1 Incl. Indonesia, Australia, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam; excl. China

Value Creation

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China is one of the most important profit pools

1.4 million trucks sold in 2021

World's largest single market for commercial vehicles

Segment shift towards more sophisticated products

First western truck manufacturer with license for fully independent production in China

Shape our role in the future logistics ecosystem

Business Model Expansion Partnership Culture Value Embrace Digital Business Model Expansion Partnership CultureEmbrace Digital

ACE¹ platform elements critical for all ACE-related business models

Autonomous vehicle + service

• ACE vehicle
• Maintenance & repair capabilities
• Additional services

Self-driving system (SDS)

• Virtual driver ensures control of vehicle
• Autonomous routes

Control Tower (CT)

• Ensures basic dispatching of vehicles
• Integrated in overarching systems
• Monitoring and remote maintenance function

Need to develop ACE platform as key enabler

We build a solution ecosystem around our customer

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Future Financial Services set-up currently being defined

MAN branded Financial Services front-end (part of VW Financial Services)	VWCO directly via  VW Financial Services – no separate branding	Financial Services  provided through Bank of Montreal
Development of blueprint for future setup ongoing		Planning ongoing with targeted startup TRATON Financial Services from September 2023

TRATON FS – Global multi-brand captive finance business leveraging existing structures

New strategy will guide path towards the future we will ensure successful strategy execution

Build-up of a TRATON Modular System based on Scania principles

Enable profitable mass customization of broad variant offering & ensure long-term competitive advantage

TRATON Modular System Scania Bygglåda TRATON Modular System

We create standardized Group interfaces

Within Group: Same need – identical solution

Differentiate via balanced performance steps

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Strategy Execution & Governance

From evolution to revolution

Strong Group Product Management and Solution Development planned to be set up

Group Product Management	Group Solution Development
ICE powertrain
E-mobility (incl. battery)
Autonomous, software, E/E
Basic chassis/cab
Bus solutions
Modularization: Solution development based on the TRATON Modular System – leveraging across the whole Group

More performance steps and more customer value to all brands

One strong Group delivering outstanding customer value

Lower product/component/ system cost as well as integration cost

Faster time to market, one integration, then "plug & play" for brands

Afford necessary technology investments

TRATON – Exciting pathway ahead

Strategy Execution & Governance

Responsible Company

Value Creation

TRATON Accelerated!