Driver Brasil Three. Banco Volkswagen S.A. Banco Volkswagen S.A. Banco Volkswagen S.A.

Transcription

1 Deal Name: Issuer: Driver Brasil Three DRIVER Brasil TWO Banco Volkswagen Fundo de Investimento em Direitos Creditórios Financiamento de Veículos Nucleo Cidade de Deus, Predio Prata 4º andar Zip Code: Osasco São Paulo Brazil Seller of the Receivables: Servicer name: Reporting Entity: Treasury ABS Operations Rua Volkswagen, 291 2º andar São Paulo Brasil Contact: Phone: Fax: FSBRTESOUABS@vwfs.com Asset Manager: BRAM Bradesco Asset Management S.A. D.T.V.M Avenida Paulista 1450, 6º andar Zip Code: São Paulo Brazil phone: bemdtvm@bradesco.com.br IMPORTANT NOTICE to Investors: With effect from 11 May 2016 Moody s has upgraded Driver Brazil three s Mezanine quotas from Aa2.br(sf) to Aaa.br(sf). With effect from 12 Dec 2016 Fitch has upgraded Driver Brazil three s Mezanine quotas from A+sf(bra) to AA+sf(bra). As a consequence of the emissions scandal and based on our high transparency standards the content of the investor report will be enhanced. From September 2015 onwards you will find an additional table quantifying the number and volume of contracts with underlying vehicles fitted with an EA189 engine. 1 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

2 Contents Page Table of Contents 1 Cover 2 Contents 3 Reporting Details 4 Parties Overview 5 Transaction Events I 6 Transaction Events II 7 Transaction Events III 8 Information regarding the Notes I 9 Information regarding the Notes II 10 Credit Enhancement 11 Swap Fixing / Waterfall 12 Amortisation Profile I 13 Amortisation Profile II 14 Run Out Schedule I 15 Run Out Schedule II Delinquencies 18 Recoveries 19 Pool Data I 20 Pool Data II 21 Pool Data III 22 Pool Data IV 23 Pool Data V 24 Pool Data VI 25 Glossary 2 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

3 Reporting Details Deal Overview CutOff Date Scheduled Date of CleanUpCall Legal Maturity Date Issue Date Period No.: Reporting frequency: Next Payment Date: 15/12/2015 Publication Date: December 2017 Payment Date: December 2020 Reporting Date: 10/12/2015 Asset Collection Period: 20 Interest Accrual Period monthly Note Payment Period: 06/09/2017 Days accrued: 29/09/ /08/2017 (4th of each month) 31/08/2017 (last day of each month) from 01/08/2017 until 31/08/2017 from 06/07/2017 until 04/08/2017 from 06/07/2017 until 04/08/ at Pool Cut Principal Percentage New Cars ,84% ,90 89,93% Used Cars ,16% ,36 10,07% Total ,00% ,26 100,00% 3 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

4 Parties Overview Administrator: BEM DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS LTDA Asset Manager: BRAM Bradesco Asset Management S.A. D.T.V.M Avenida Paulista 1450, 6º andar Cidade de Deus Zip Code: Bairro Vila Yara 4º andar São Paulo Brazil Osasco São Paulo Brazil phone: phone: bemdtvm@bradesco.com.br Custodian Bank: Banco Bradesco S.A. Collection Agent: Cidade de Deus Treasury ABS Operations Bairro Vila Yara 2º andar Rua Volkswagen, 291 Osasco São Paulo Brazil São Paulo phone: Brazil Phone: FSBRTESOUABS@vwfs.com Swap Counterparty: Banco Santander (Brasil) S.A. Clearing System: CETIP S.A. Mercados Organizados Avenida Presidente Juscelino Kubitschek, 2235 Av. Brigadeiro Faria Lima, 1663, 1º andar Bloco A Jardim Paulistano São Paulo SP São Paulo SP CEP: Brazil phone: phone: atendimento@cetip.com.br Rating Agencies Moody s América Latina Ltda. Avenida Nações Unidas, º andar São Paulo Brazil phone: daniela.jayesuria@moodys.com Fitch Ratings Brasil Ltda. Alameda Santos, andar São Paulo Brazil phone: juliana.ayoub@fitchratings.com 4 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

5 Transaction Events (I) CleanUp Call Condition Current Portfolio 12,48% Min. Portfolio 10,00% The CleanUpCall Condition is planned to be reached in November CleanUp Call will have the right at its option to exercise a CleanUp Call and to repurchase the Loan Receivables from Driver Brasil One when the sum of the Principal for all loan contracts is less than 10 per cent. of the sum of the for all Loan contracts as of the Cut Off Date, provided that all payment obligations under the Quotas will be thereby fulfilled. 5 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

6 0,00000% 0,00000% 0,00000% 0,00000% 0,00000% 0,00000% 0,02122% 0,04937% 0,09671% 0,13788% 0,19220% 0,25079% 0,28016% 0,31056% 0,36343% 0,42357% 0,45915% 0,48659% 0,52498% 0,56504% 0,61882% Publication Date: Transaction Events (II) Credit Enhancement Increase Conditions Level 1a Credit Enhancement Increase Condition Cumulative Late Delinquencies do not amount to 1.5% for any Payment Date before and incp. 12/2016 Level 1b Credit Enhancement Increase Condition Cumulative Late Delinquencies do not amount to 3.5% for any Payment Date between 01/2017 and incp. 12/2017 Level 2 Credit Enhancement Increase Condition Cumulative Late Delinquencies do not amount to 5.0% for any Payment Date NO NO NO (in Arrears) (at Late Delinquency) R$ R$ R$ Cumulative Late Delinquencies BOP R$ , ,42 Late Delinquencies R$ , ,94 Cumulative Late Delinquencies EOP R$ , ,36 as of PoolCut Date R$ ,26 Cumulative Late Delinquency as percentage of DPB at PoolCut 0,61882% 7,50% Cumulative Late Delinquency Cumulative Net Loss Ratio Level 1a/b Level 2 5,00% 2,50% 0,00% 6 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

7 Transaction Events (III) Administrator Fitch Moody's BEM DTVM Long Term2 Outlook4 Long Term8 Outlook10 Rating AAA (bra) Stable Aaa.br Stable Custodian Bank Fitch Moody's Banco Bradesco Long Term2 Outlook4 Long Term8 Outlook10 Rating AAA (bra) Stable Aaa.br Stable Swap Counterparty Fitch Moody's Santander Long Term2 Outlook4 Long Term8 Outlook10 Rating AAA (bra) Negative Aaa.br Negative Servicer Fitch Moody's Long Term2 Outlook4 Long Term8 Outlook10 Rating n.a. n.a. n.a. n.a. 7 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

8 Information regarding the Notes I Rating at Issue Date Senior Quota Mezzanine Quota Moody's Aaa.br Aa2.br Fitch Ratings AAA(bra) A+(bra) Current Rating Senior Quota Mezzanine Quota Moody's Aaa.br Aaa.br Fitch Ratings AAA(bra) AA+sf(bra) Information on Notes Senior Quota Mezzanine Quota Legal maturity date December 2020 December 2020 Scheduled Clean Up Call December 2017 December 2017 ISIN: BRDRVRCTF006 BRDRVRCTF014 Nominal Amount R$ , ,00 Information on Interest Senior Quota Mezzanine Quota Spread/ Margin 175 bps 285 bps Rate Daily CDI Daily CDI Fixed/Floating floating floating Current Coupon Daily CDI Daily CDI Day Count Convention actual/252 actual/252 8 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

9 Information regarding the Notes II Monthly Period: Payment Date: Interest Accrual Period (from/until) Days accrued Rate Rate as of Month End Day Count Convention 31/08/ /08/ /07/2017 until 04/08/ Daily CDI 9,14% actual/252 Interest Payments Senior Quota Mezzanine Quota Total Interest Amount of the Reporting Period R$ , ,59 Note Senior Quota Mezzanine Quota Note as of Beginning of Period R$ , ,00 Note as of End of Period R$ , ,00 Principal Amortization R$ ,01 R$ ,00 Payments to Investors (per note) Senior Quota Mezzanine Quota Interest R$ 14,87 R$ 42,04 Principal Amortization R$ 237,52 R$ 413,73 Notes Overcollateralisation Senior Quota Mezzanine Quota Initial OC Percentage at Poolcut 7,40% 5,97% Current OC Percentage 10,15% 6,38% Target OC Percentage 10,00% 6,60% 9 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

10 Credit Enhancement Credit PoolCut % of Value Mezzanine Quota 1,43% R$ ,00 Subordinated Quota 8,56% R$ ,00 Overcollateralization 9,99% R$ ,00 Cash Collateral Account 1,00% R$ ,78 Calculation of Credit Enhancement The Senior Quota benefits from the Mezzanine, Subordinated Quotas and the Cash Collateral Account; The Mezanine Quota benefits from the Subordinated Quota and the Cash Collateral Account; The transaction starts with sequential amortisation and therefore initially only the Senior Quota will receive principal payments; The transaction switches into pro rata amortisation once an overcollateralisation percentage (i.e. credit enhancement excluding cash collateral) of OCPercentage for the Senior Quota and OCPercentage for the Mezanine Quota has been reached. 10 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

11 Swap Fixing / Waterfall Amortising Interest Rate Swap Senior Quota Mezzanine Quota Initial Principal R$ , ,00 Underlying Principal for Reporting Period R$ , ,00 Paying Leg Fix Interest Rate Fix Interest Rate Receiving Leg Floating Interest Rate Floating Interest Rate Waterfall Column2 Column1 Available Distribution Amount R$ ,57 1) Fees R$ (64.033,01) 2) Net Swap Payments R$ ( ,77) 3) Interest Senior Quota R$ ( ,60) 4) Interest Mezzanine Quota R$ (64.315,59) 5) Payment to Cash Collateral Account R$ ( ,68) 6) Redemption Senior Quota R$ ( ,00) 7) Redemption Mezzanine Quota R$ ( ,00) 8) Redemption Subordinated Quota 9) Remaining Amount Due to Rounding R$ (354,92) Remaining from Current Period R$ 0,00 11 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

12 Amortisation Profile I* Senior Quota Mezzanine Quota Reporting Period Actual Note Actual Note 2 Poolcut , ,00 12/ , ,00 01/ , ,00 02/ , ,00 03/ , ,00 04/ , ,00 05/ , ,00 06/ , ,00 07/ , ,00 08/ , ,00 09/ , ,00 10/ , ,00 11/ , ,00 12/ , ,00 01/ , ,00 02/ , ,00 03/ , ,00 04/ , ,00 05/ , ,00 06/ , ,00 07/ , ,00 08/ , ,00 09/ , ,00 10/ , ,05 11/ , ,05 12/ , ,05 01/ , ,05 02/ , ,05 03/ , ,05 04/ , ,05 05/ , ,05 06/ , ,05 07/ ,79 08/ Based on the following assumptions: CPR of 14,5%, Net Losses at 1,25% 12 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

13 Amortisation Profile II Amortisation Profile Senior Quota in BRL The dark blue bars project the amortisation for the senior quota assuming, among other things, annual prepayments of 14,5% and 2,10% of Net Losses Reporting Period 0 Amortisation Profile Mezzanine Quota in BRL The dark blue bars project the amortisation for the senior quota assuming, among other things, annual prepayments of 14,5% and 1,25% of Net Losses Reporting Period 0 13 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

14 Run Out Schedule I Payment Date Remaining Interest Principal ABS Remaining Nominal arrears R$ ,35 R$ ,29 R$ ,64 09/2017 R$ ,11 R$ ,58 R$ ,69 10/2017 R$ , ,48 R$ ,38 11/2017 R$ ,49 R$ ,41 R$ ,90 12/2017 R$ ,72 R$ ,41 R$ ,13 01/2018 R$ ,94 R$ ,41 R$ ,35 02/2018 R$ ,04 R$ ,92 R$ ,96 03/2018 R$ ,12 R$ , ,52 04/2018 R$ ,18 R$ ,42 R$ ,60 05/2018 R$ , ,61 R$ ,01 06/2018 R$ , ,51 R$ ,31 07/2018 R$ ,98 R$ ,44 R$ ,42 08/2018 R$ ,88 R$ ,61 R$ ,49 09/2018 R$ ,99 R$ ,85 R$ ,84 10/2018 R$ ,69 R$ ,22 R$ ,91 11/2018 R$ ,45 R$ ,87 R$ ,32 12/2018 R$ 4.292,36 R$ ,31 R$ ,67 Total R$ , ,74 R$ ,14 14 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

15 Run Out Schedule II Expected Amortisation of the (in BRL) The expected portfolio amortisation is solely based on the scheduled payments, no assumptions on prepayments or defaults are made Reporting Period 0 15 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

16 Overview Status Principal Beginning of Period R$ ,95 End of Period R$ ,74 Total R$ ,21 Walk b/w BOP and EOP Column1 Early Settlement 729 WriteOff 25 End of Term Renegotiation 1 Total Contract Status Development Principal 2 Principal 5 3# Principal 2 7 Principal 3 9 Principal 4 Current R$ , R$ , , R$ , R$ ,08 Early Settlement R$ R$ R$ R$ Delinquent R$ , R$ , R$ , R$ , R$ ,62 Write Off 154 R$ End of Term R$ R$ R$ R$ Renegotiation 225 R$ 199 R$ 26 R$ 213 R$ 12 R$ Total R$ , R$ , R$ , R$ , R$ ,70 Contract Status Development Total Portfolio as of Beginning of Period Total Portfolio as of End of Period Principal 2 New Vehicle Used Vehicle Retail Corporate New Vehicle Used Vehicle Retail Corporate Principal 3# Principal 2 7 Principal 3 9 Principal 4 Current R$ , R$ , , R$ , R$ ,13 Early Settlement R$ R$ R$ R$ Delinquent R$ , , R$ , R$ , R$ ,97 Write Off 179 R$ End of Term R$ R$ R$ R$ Renegotiation 226 R$ R$ 213 R$ 13 R$ Total R$ , R$ , R$ , R$ , R$ ,10 16 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

17 Delinquencies Delinquent Delinquency Profile Principal 2 Publication Date: New Vehicle Used Vehicle Retail Corporate from 1 14 days ,51% R$ ,59 43,21% R$ , R$ , R$ , ,56 from days 0 0,00% R$ 0,00% from days 200 6,09% R$ ,37 6,66% 158 R$ ,66 42 R$ , R$ ,69 24 R$ ,68 from days 104 3,16% R$ ,23 4,73% 85 R$ ,71 19 R$ ,52 91 R$ ,21 13 R$ ,02 from days 59 1,80% R$ ,11 3,85% 41 R$ ,73 18 R$ ,38 54 R$ ,47 5 R$ ,64 from days 74 2,25% R$ ,45 5,46% 53 R$ ,59 21 R$ ,86 65 R$ ,35 9 R$ ,10 from days 46 1,40% R$ ,54 4,47% 41 R$ ,90 5 R$ ,64 35 R$ ,68 11 R$ ,86 from days 228 6,94% R$ ,60 29,07% 176 R$ ,22 52 R$ , R$ ,12 16 R$ ,48 from days 28 0,85% R$ ,40 2,55% 25 R$ ,54 3 R$ ,86 25 R$ ,28 3 R$ ,12 Total ,00% R$ ,29 100,00% , R$ , R$ , R$ ,46 100% Delinquency Performance Historical Data (by Bucket) 1 to to to to to to to to to 720 > % 80% 70% 60% 50% 40% 30% 20% 10% 0% 17 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

18 Recoveries Relevant PoolCut Data Nominal ,98 (+) Nominal at Day of Write Off ,98 () Prior Transactions/ Negotiations () Recoveries for Current Period () Discounts for Current Period (=) Current Nominal R$ R$ ( ,53) R$ ( ,87) R$ (1.103,81) R$ ,77 18 São Paulo SP Brazil

19 Pool Data I Distribution by Contract Concentration Percentage of Principal ,76% R$ ,63 95,18% R$ , R$ , R$ , ,66% R$ ,77 4,25% ,15 57 R$ , R$ , ,34% R$ ,78 0,32% 82 R$ , ,16% R$ ,09 0,18% 37 R$ ,37 2 R$ 1.948, > ,08% R$ ,47 0,07% 18 R$ , Total ,00% R$ ,74 100,00% R$ , R$ , R$ , R$ ,10 Distribution by largest customers Contract Concentration Percentage of Total Porfolio Total Porfolio Principal ,01% R$ ,78 0,04% 3 R$ ,78 3 R$ , ,00% R$ ,86 0,04% 1 R$ ,86 1 R$ , ,00% R$ ,77 0,03% 1 R$ ,77 1 R$ , ,00% R$ ,86 0,03% 1 R$ ,86 1 R$ , ,00% R$ ,05 0,03% 1 R$ ,05 1 R$ , ,00% R$ ,82 0,03% 1 R$ ,82 1 R$ , ,01% R$ ,52 0,03% 2 R$ ,52 2 R$ , ,00% R$ ,70 0,03% 1 R$ ,70 1 R$ , ,00% R$ ,46 0,03% 1 R$ ,46 1 R$ , ,00% R$ ,05 0,03% 1 R$ ,05 1 R$ , ,00% R$ ,75 0,03% 1 R$ ,75 1 R$ , ,00% R$ ,01 0,02% 1 R$ ,01 1 R$ , ,00% R$ ,63 0,02% 1 R$ ,63 1 R$ , ,00% R$ ,31 0,02% 1 R$ ,31 1 R$ , ,00% R$ ,90 0,02% 1 R$ ,90 1 R$ , ,01% R$ ,94 0,02% 2 R$ ,94 2 R$ , ,00% R$ ,56 0,02% 1 R$ ,56 1 R$ , ,00% R$ ,60 0,02% 1 R$ ,60 1 R$ , ,00% R$ ,62 0,02% 1 R$ ,62 1 R$ , ,00% R$ ,66 0,02% 1 R$ ,66 1 R$ ,66 Total ,10% R$ ,85 0,55% 23 R$ ,99 1 R$ ,86 9 R$ ,23 15 R$ ,62 Total ,00% R$ ,74 100,00% New Vehicle Used Vehicle Retail Corporate New Vehicle Used Vehicle Retail Corporate 19 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

20 Pool Data II Distribution by Disounted Principal Percentage of Total Porfolio Oustanding Principal Principal 2 New Vehicle Used Vehicle Retail Corporate < = 5000, ,55% R$ ,48 24,77% R$ , , R$ , R$ , ,01 < 10000, ,29% R$ ,87 45,11% , R$ , R$ , R$ , ,01 < 15000, ,02% R$ ,41 19,21% R$ , R$ , R$ , R$ , ,01 < 20000, ,13% R$ ,52 6,42% 448 R$ ,61 61 R$ , R$ ,08 96 R$ , ,01 < 25000, ,63% R$ ,09 2,50% 143 R$ ,41 9 R$ , R$ , , ,01 < 30000, ,24% R$ ,24 1,16% 51 R$ ,75 6 R$ ,49 48 R$ ,45 9 R$ , ,01 < 40000, ,13% R$ ,50 0,76% 28 R$ ,78 3 R$ ,72 19 R$ ,08 12 R$ , ,01 < 50000,00 2 0,01% R$ ,63 0,07% 1 R$ ,77 1 R$ ,86 2 R$ ,63 R$ 50000,01 < 60000,00 0 0,00% R$ 0,00% Total ,00% R$ ,74 100,00% R$ , R$ , R$ , R$ ,10 Statistics Minimum Maximum Average R$ R$ R$ 0, , ,60 Distribution by Original Principal Percentage of Total Porfolio Oustanding Principal Principal <= 5000,00 9 0,04% R$ 8.571,67 0,01% 4 R$ 3.523,52 5 R$ 5.048,15 9 R$ 8.571, ,01 < 10000, ,83% R$ ,72 0,67% , R$ , R$ ,59 3 R$ 3.992, ,01 < 15000, ,14% R$ ,17 4,82% R$ , R$ , ,00 49 R$ , ,01 < 20000, ,85% R$ ,69 16,42% R$ , R$ , R$ , R$ , ,01 < 25000, ,19% R$ ,19 22,96% R$ , R$ , R$ , R$ , ,01 < 30000, ,55% R$ ,24 20,64% R$ , R$ , R$ , R$ , ,01 < 40000, ,59% R$ ,45 20,86% R$ , R$ , R$ , R$ , ,01 < 50000, ,36% R$ ,77 6,90% 758 R$ ,77 46 R$ , R$ , R$ , ,01 < 60000, ,99% R$ ,47 2,53% 218 R$ ,71 19 R$ , R$ ,30 44 R$ , ,01 < 70000, ,68% R$ ,31 1,67% ,76 13 R$ , R$ ,39 41 R$ , ,01 < 80000, ,38% R$ ,51 1,20% 84 R$ ,74 8 R$ ,77 68 R$ ,88 24 R$ ,63 > 80000, ,40% R$ ,55 1,31% 89 R$ ,35 6 R$ ,20 63 R$ ,59 32 R$ ,96 Total ,00% R$ ,74 100,00% R$ , R$ , R$ , R$ ,10 Statistics Minimum Original Nominal R$ 2.652,60 Maximum Original Nominal R$ ,20 Average Original Nominal R$ ,56 New Vehicle Used Vehicle Retail Corporate 20 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

21 Pool Data III Distribution by Original Term Percentage of Oustanding Principal Principal ,00% R$ 0,00% ,93% R$ ,48 0,82% 622 R$ ,54 79 R$ , ,24% R$ ,70 45,99% R$ , R$ , ,03% R$ ,20 36,48% R$ , R$ , ,81% R$ ,36 16,72% R$ , R$ , Total ,00% R$ ,74 100,00% R$ , R$ , R$ , R$ ,10 Distribution by Remaining Term Percentage of Oustanding Principal Principal ,29% R$ ,10 65,52% R$ , R$ , R$ , R$ , ,64% R$ ,70 34,26% R$ , R$ , R$ , R$ , ,07% R$ ,94 0,23% 12 R$ ,16 5 R$ ,78 16 R$ ,42 1 R$ , ,00% R$ 0,00% ,00% R$ 0,00% Total ,00% R$ ,74 100,00% R$ , R$ , R$ , R$ ,10 Distribution by Seasoning Percentage of Total Porfolio Statistics Minimum Original Term 4 Maximum Original Term 72 Weighted Average Original Term 44,2 Total Porfolio Statistics Minimum Remaining Term 0 Maximum Remaining Term 16 Weighted Average Remaining Term 10,4 Total Porfolio Oustanding Principal Principal 2 New Vehicle Used Vehicle Retail Corporate New Vehicle New Vehicle Used Vehicle Retail Corporate ,01% R$ ,01 0,04% 2 R$ ,01 1 R$ 9.293,15 1 R$ , ,04% R$ ,29 15,88% R$ , R$ , R$ , R$ , ,24% R$ ,26 52,12% R$ , R$ , R$ , R$ , ,35% R$ ,73 24,80% R$ , R$ , , R$ , ,36% R$ ,45 7,16% R$ , R$ , R$ ,32 36 R$ , ,00% R$ 0,00% Total ,00% R$ ,74 100,00% R$ , R$ , R$ , R$ ,10 Statistics Minimum Seasoning 22 Maximum Seasoning 60 Weighted Average Seasoning 33,8 Used Vehicle Retail Corporate 21 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

22 Pool Data IV Distribution by brand Percentage of Principal AUDI 265 1,11% R$ ,69 2,22% ,99 15 R$ , R$ , ,97 SEAT VW C&L ,10% R$ ,48 92,28% R$ , R$ , R$ , R$ ,57 OTHER BRANDS ,79% R$ ,57 5,50% 68 R$ , R$ , R$ , ,56 Total ,00% R$ ,74 100,00% R$ , R$ , R$ , R$ ,10 Distribution by Geographic Distribution Percentage of Total Porfolio Total Porfolio Principal 2 New Vehicle 3 4 Used Vehicle AC 103 0,43% R$ ,27 0,48% 81 R$ ,48 22 R$ ,79 96 R$ ,78 7 R$ ,49 AL 333 1,39% R$ ,73 1,38% 297 R$ ,37 36 R$ , R$ ,05 6 R$ ,68 AM 242 1,01% R$ ,19 1,04% 223 R$ ,05 19 R$ , R$ , ,56 AP 88 0,37% R$ ,54 0,46% 87 R$ ,29 1 R$ 7.018,25 85 R$ ,15 3 R$ ,39 BA ,22% R$ ,08 4,06% 897 R$ , R$ , R$ ,85 62 R$ ,23 CE 776 3,24% R$ ,82 3,11% 678 R$ ,98 98 R$ , R$ ,20 25 R$ ,62 DF 484 2,02% R$ ,86 2,41% 461 R$ ,29 23 R$ , R$ ,04 11 R$ ,82 ES 391 1,63% R$ ,58 1,61% 335 R$ ,88 56 R$ , R$ ,63 22 R$ ,95 GO ,72% R$ ,12 4,56% 934 R$ , R$ , R$ ,56 63 R$ ,56 MA 388 1,62% R$ ,75 1,82% 377 R$ ,99 11 R$ , R$ ,09 12 R$ ,66 MG ,81% R$ ,29 8,64% R$ , R$ , , ,59 MS 481 2,01% R$ ,88 1,85% 431 R$ , , R$ ,94 34 R$ ,94 MT 383 1,60% R$ ,10 1,70% 347 R$ ,46 36 R$ , R$ ,72 28 R$ ,38 PA 578 2,41% R$ ,27 2,80% 489 R$ ,25 89 R$ , ,29 28 R$ ,98 PB 511 2,13% R$ ,31 2,07% 478 R$ ,92 33 R$ , R$ ,45 18 R$ ,86 PE 963 4,02% R$ ,78 3,71% 878 R$ ,13 85 R$ , ,19 43 R$ ,59 PI 391 1,63% R$ ,26 1,60% 381 R$ , , R$ ,48 9 R$ ,78 PR ,99% R$ ,46 5,80% R$ , R$ , R$ , R$ ,57 RJ ,94% R$ ,00 7,01% R$ , , R$ ,39 93 R$ ,61 RN 308 1,29% R$ ,93 1,31% 287 R$ ,99 21 R$ , R$ ,42 27 R$ ,51 RO 257 1,07% R$ ,14 1,07% 222 R$ ,05 35 R$ , R$ , ,85 RR 45 0,19% R$ ,76 0,21% 42 R$ ,00 3 R$ ,76 38 R$ ,19 7 R$ ,57 RS ,20% R$ ,70 6,66% R$ , R$ , R$ , ,44 SC ,42% R$ ,78 7,43% R$ , R$ , R$ ,67 99 R$ ,11 SE 263 1,10% R$ ,55 1,14% 218 R$ ,51 45 R$ , R$ , ,48 SP ,94% R$ ,32 25,48% , R$ , R$ , R$ ,68 TO 141 0,59% R$ ,27 0,59% ,05 11 R$ , R$ ,07 12 R$ ,20 Total ,00% R$ ,74 100,00% R$ , R$ , R$ , R$ ,10 Retail Corporate New Vehicle Used Vehicle Retail Corporate 22 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

23 Pool Data V Distribution by Brand & Model Model Total Porfolio Principal Principal 2 New Vehicle Used Vehicle Retail Corporate Principal 3 4 Principal 6 8 Principal 32 9 Principal 33 VW AMAROK 244 1,02% R$ ,30 2,67% 212 R$ ,31 32 R$ , R$ ,51 93 R$ ,79 BORA 6 0,03% R$ ,81 0,02% 6 R$ ,81 6 R$ ,81 CROSSFOX 232 0,97% R$ ,38 1,22% 172 R$ , , R$ ,88 9 R$ ,50 FOX ,90% R$ ,90 22,87% R$ , R$ , R$ , R$ ,19 FUSCA 3 0,01% R$ ,31 0,02% 3 R$ ,31 3 R$ ,31 GOL ,65% R$ ,86 28,52% R$ , R$ , R$ , R$ ,29 GOLF 200 0,84% R$ ,79 1,53% 154 R$ ,06 46 R$ , R$ ,40 12 R$ ,39 JETTA 149 0,62% R$ ,72 1,39% 121 R$ ,32 28 R$ , R$ ,36 21 R$ ,36 KOMBI 60 0,25% R$ ,86 0,20% 33 R$ ,59 27 R$ ,27 39 R$ ,98 21 R$ ,88 NEW BEETLE 5 0,02% R$ ,06 0,03% 5 R$ ,06 5 R$ ,06 PARATI 25 0,10% R$ ,62 0,07% 25 R$ ,62 25 R$ ,62 PASSAT 5 0,02% R$ ,05 0,04% 5 R$ ,05 4 R$ ,31 1 R$ 7.888,74 POLO 133 0,56% R$ ,28 0,57% 71 R$ ,70 62 R$ , R$ ,05 9 R$ ,23 POLO SEDAN 121 0,51% R$ ,61 0,65% 64 R$ ,52 57 R$ , R$ ,29 5 R$ ,32 SANTANA 1 0,00% R$ 1.607,76 0,00% 1 R$ 1.607,76 1 R$ 1.607,76 SAVEIRO ,51% R$ ,57 9,27% R$ , , , R$ ,07 SPACECROSS 65 0,27% R$ ,86 0,34% 56 R$ ,70 9 R$ ,16 61 R$ ,99 4 R$ ,87 SPACEFOX 383 1,60% R$ ,66 1,83% 289 R$ ,54 94 R$ , ,19 23 R$ ,47 TIGUAN 20 0,08% R$ ,25 0,20% 15 R$ ,96 5 R$ ,29 15 R$ ,57 5 R$ ,68 TOUAREG 0 0,00% R$ 0,00% UP ,49% R$ ,23 9,34% R$ , , R$ , R$ ,41 VOYAGE ,63% R$ ,79 11,48% R$ , R$ , R$ , R$ ,38 OTHER VW 6 0,03% R$ ,81 0,02% 2 R$ 3.622,30 4 R$ ,51 6 R$ ,81 SubTotal VW ,10% R$ ,48 92,28% R$ , R$ , R$ , R$ ,57 Audi A1 4 0,02% R$ ,54 0,03% 3 R$ ,33 1 R$ ,21 4 R$ ,54 A ,56% R$ ,32 1,22% 126 R$ ,23 7 R$ , R$ ,97 14 R$ ,35 A4 26 0,11% R$ ,12 0,21% 23 R$ ,74 3 R$ ,38 23 R$ ,49 3 R$ ,63 A5 13 0,05% R$ ,73 0,08% 12 R$ ,78 1 R$ 2.911,95 11 R$ ,96 2 R$ 7.935,77 A7 1 0,00% R$ 2.970,00 0,00% 1 R$ 2.970,00 1 R$ 2.970,00 Q3 77 0,32% R$ ,09 0,62% 76 R$ ,88 1 R$ 1.307,21 69 R$ ,80 8 R$ ,29 Q5 9 0,04% R$ ,12 0,02% 9 R$ ,12 6 R$ ,19 3 R$ ,93 Q7 1 0,00% R$ 2.628,91 0,00% 1 R$ 2.628,91 1 R$ 2.628,91 S3 0 0,00% R$ 0,00% TT 0 0,00% R$ 0,00% 1 R$ ,86 1 R$ ,86 SubTotal Audi 265 1,11% R$ ,69 2,22% ,99 15 R$ , R$ , ,97 OTHER BRANDS OTHER BRANDS ,79% R$ ,57 5,50% 68 R$ , R$ , R$ , ,56 SubTotal Other Brands ,79% R$ ,57 5,50% 68 R$ , R$ , R$ , ,56 Total ,00% R$ ,74 100,00% R$ , R$ , R$ , R$ ,10 23 São Paulo SP Brazil FSBRTESOUABS@vwfs.com

24 Pool Data IV EA189 Engine status Total Porfolio Principal Principal EA189 Engine 15 0,06% R$ ,94 0,13% Other ,94% R$ ,80 99,87% Total ,00% R$ ,74 100,00% 24 São Paulo SP Brazil

25 Glossary ABS Remaining Nominal: Collections: Delinquent contract: Late Delinquency: Late Delinquency Ratio: The sum of all installments of the portfolio (future + delinquent). Available Distribution Amount on each payment day as described in the Offering Circular. The outstanding value of a contract which is past due more than 1 day. in arrears for more than 180 days. Means, for any Payment Date a fraction, expressed as a percentage, (a) the numerator of which is the sum of the of all Sold Eligible Credit Rights that have ever been overdue and unpaid in arrears for one hundred and eighty (180) or more days from the Purchase Date through the end of the preceding Monthly Period. The of each such Sold Eligible Credit Rights will be calculated at the end of the Monthly Period the Sold Eligible Credit Right becomes for the first time overdue and unpaid in arrears for one hundred and eighty (180) or more days. It is hereby understood that any payment of any overdue installment for one hundred and eighty (180) days or more will not affect the calculation of the Late Delinquency Ratio; (b) and the denominator of which is the aggregate of Sold Eligible Credit Rights on the Purchase Date. Original Maturity Date: : Original maturity date of each quota as of the inception of the transaction (as of cut off date). Means with respect to a Sold Eligible Credit Right, the sum of the present value of all of its installments minus the sum of the present values of its installments that have been already paid as of the immediately preceding Monthly Period. For the purposes of calculating the, the installments will be discounted to the origination date of the Credit Right and at the Discount Rate, on the basis of one year of 360 (three hundred and sixty) days being equivalent to 12 (twelve) months, each month consisting of 30 (thirty) days. PoolCut: Present Value: Recoveries: Swap: Present Value of the portfolio as of 12/17/2013 (considering the discount rate used for the deal and the 360day convention). Means the sum of the amounts of the Sold Eligible CreditRights, calculated at present value applying the Discount Rate. All money received after the Write Off of a contract. Means the interest rate swap operations performed by the Fund, as provided in the Interest Rate Swap Agreement, with the purpose of mitigating the potential mismatch between the fixed rate of its spot positions and the benchmark established for its class of quotas. 25 São Paulo SP Brazil FSBRTESOUABS@vwfs.com