Driver China five. CITIC Trust Co., Ltd. Contact: Phone: Fax:

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1 Deal Name: Issuer/Trustee: Originator/Servicer: Reporting Entity: Driver China five CITIC Trust Co., Ltd Volkswagen Finance (China) Co., Ltd Volkswagen Finance (China) Co., Ltd Contact: Phone: Fax: ABSOperations.China@vwfsag.com Lead Underwriter Joint Lead Underwriter Joint Lead Underwriter Financial Advisor CITIC Securities Co., Ltd HSBC Bank (China) Company Limited Industrial and Commercial Bank of China Limited The Hongkong and Shanghai Banking Corporation Limited IMPORTANT NOTICE to Investors: With effect from January 2019, Moody's has upgraded Driver China five s Class B notes from A3(sf) to A2(sf). Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

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 Notes I 9 Notes II 10 Credit Enhancement 11 Waterfall 12 Amortisation Profile I 13 Amortisation Profile II 14 Run Out Schedule I 15 Run Out Schedule II Delinquencies 18 Defaults I 19 Delinquencies & Default 20 Defaults & Recoveries 21 Cumulative Gross Loss 22 Prepayments 23 Pool Data I 24 Pool Data II 25 Pool Data III 26 Pool Data IV 27 Pool Data V 28 Pool Data VI 29 Pool Data VII 30 Pool Data VIII 31 Share of Vehicles Fitted with an Unfixed EA189 Engine 32 Loan Level Data Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

3 Reporting Details Deal Overview Cut-Off Date: 2016/10/31 Information Date: Scheduled Date of Clean-Up-Call: 2019/5/26 Payment Date: Lagal Maturity Date: 2024/9/26 Reporting Date: Issue Date: 2016/12/7 Asset Collection Period: Period No.: 27 Interest Accrual Period: Reporting Frequency: Monthly Note Payment Period: Next Payment Date: 2019/3/26 Days accrued: 2019/2/ /2/ /1/31 from 2019/01/01 until 2019/01/31 from 2019/01/26 until 2019/02/26 from 2019/01/26 until 2019/02/26 31 Type of Car at Pool Cut Percentage of Percentage New Cars 70, % 3,957,572, % Used Cars % 42,448, % Total 71, % 4,000,021, % Credit Type at Pool Cut Percentage of Percentage Classic Credit 70, % 3,929,570, % Used Car Classic Credit % 42,448, % Balloon Credit % 1,163, % Exquisite easy loan % 26,463, % Enjoyable balance loan % 375, % Total 71, % 4,000,021, % Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

4 Parties Overview Lead Underwriter: CITIC Securities Co., Ltd Registered Address: North Tower Excellence Times Plaza II, No.8 Central III Avenue, Futian District, Shenzhen, Guangdong , People s Republic of China Legal Representative: Zhang Youjun Contact: David Zhang, Patrick Bi, Alina Wang Telephone: , , Fax: Website: zhangdy@citics.com, bzq@citics.com, wangqingzhi@citics.com Trust Company/Issuer: CITIC Trust Co., Ltd Registered Address: 13th Floor, Capital Mansion, 6 Xinyuannanlu, Chaoyang District, Beijing , People s Republic of China Legal Representative: Chen Yisong Contact: Liu Ning Telephone: Fax: Website: trust.ecitic.com liuning@citictrust.com.cn Joint Lead Underwriter: HSBC Bank (China) Company Limited Registered Address: HSBC Building, Shanghai IFC, 8 Century Avenue, Pudong New District, Shanghai , People s Republic of China Legal Representative: Liao Yijian Contact: Yu Mengjia Telephone: Fax: Website: claire.m.j.yu@hsbc.com.cn Joint Lead Underwriter: Industrial and Commercial Bank of China Limiled Registered Address: No.55 Fuxingmennei Street, Xicheng District, Beijing , People s Republic of China Legal Representative: Yi Huiman Contact: Jiang Man Telephone: Fax: Website: man.jiang@icbc.com.cn Account Bank: China Construction Bank, Beijing Branch Registered Address: No.4, Building 28, Xuan Wu Men West Street, Xicheng District, Beijing , P.R.China. Legal Representative:Liao Lin Contact: Li Bo, Liu Mengda Telephone: , Fax: Website: libo.bj@ccb.com, liumengda.bj@ccb.com Clearing Systems/ Paying Agent: China Central Depository & Clearing Co.,Ltd Registered Address: No. 10, Jinrong Street, Xicheng District, Beijing , People s Republic of China Legal Representative: Shui Ruqing Telephone: Website: Servicer/Originator: Volkswagen Finance (China) Co., Ltd Registered Address: Building 3, No. 15 Furong Street Wangjing, Chaoyang District, Beijing , People's Republic of China Contact: ABS Operations Telephone: Fax: Website: ABSOperations.China@vwfsag.com Financial Advisor: The Hongkong and Shanghai Banking Corporation Limited Registered Address: 1 Queen's Road Central, Hong Kong SAR, People's Republic of China Contact: Kyson Ho, Vivian Zhang Telephone: Fax: Website: vivian.j.zhang@hsbc.com.hk Domestic Rating Agencies: China Chengxin International Credit Rating Co., Ltd Registered Address: 7/F, Block D, Beijing China Merchants International Financial Center, 156 Fuxingmennei Avenue, Xicheng District, Beijing , People's Republic of China Telephone: yli@ccxi.com.cn China Bond Rating Co. Ltd Registered Address: 6/F, Tower 2, Yingtai Center, 28 Financial Street, Xicheng District, Beijing , People's Republic of China Telephnoe: qinxiaolin@chinaratings.com.cn International Rating Agencies: Moody s Investors Service Hong Kong Limited Registered Address: 24/F One Pacific Place, 88 Queensway, Admiralty, Hong Kong Telephone: jamie.lo@moodys.com S&P Global Ratings Registered Address: Unit 1 Level 69, International Commerce Centre,1 Austin Road West, Kowloon, Hong Kong Telephone: hongshan.chen@spglobal.com Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

5 Transaction Events (I) Clean-Up Call Condition Percentage of Current Portfolio Min. Percentage of Portfolio 16.18% 10.00% The Clean-Up-Call Condition is planned to be reached in Clean-Up Call VW FC will have the option to exercise a Clean-Up Call and to repurchase the Purchased Loan Receivables from the Issuer at any time when the Aggregate is less than 10 percent. of the Aggregate Cutoff Date provided that all payment obligations under the Notes will be thereby fulfilled. Repurchase of Receivables contracts % of % of Receivables Re-Purchase Price Current Period % 0.00% Previous Periods % 0.00% Total % 0.00% If a repurchase of receivables occurred, it would only result from non-eligibility as of the respective Cut Off Date (which has been discovered at a later stage). Transaction Party Replacements Capacity of Transaction Party Date of Replacement Reason for Replacement Replaced Party Replaced by Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

6 0.0082% % % % % % % % % % % % % % % % % % % % % % % % % % % Transaction Events (II) Accumulation account balance 2018/11/ /12/31 Amounts not invested for the purchase of additional assets Percentage not invested for the purchase of additional assets 0.00% 0.00% Credit Enhancement Increase Conditions a) 1.2 per cent. for any Payment Date prior to or during September 2017; b) 1.6 per cent. for any Payment Date from October 2017 but prior to or during May 2018; c) 2.0 per cent. for any Payment Date. No No No Cumulative Gross Loss Amount Gross Loss in Current Period , Cumulative Gross Loss ,097, Cumulative Gross Loss as of the End of the Monthly Period Receivable as of Cutoff-Date Aggregate Additional Cut-Off s Cumulative Gross Loss Ratio as percentage of defaults divided by the Receivable at Pool Cut 26,097, ,000,021, ,593,211, % in % 2.50% Cumulative Gross Losses in percent of Initial Pool 2.25% 2.00% 1.75% 1.50% 1.25% 1.00% 0.75% 0.50% 0.25% 0.00% Monthly Period Cumulative Gross Loss Ratio Credit Enhancement Condition Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

7 Transaction Events (III) Account Bank: China Construction Bank Beijing Branch China Chengxin International Credit Rating Co., Ltd China Bond Rating Co. Ltd Moody's Investors Service Hong Kong Limited S&P Global Ratings Rating Rating Long Term Short Term Outlook Long Term Short Term Outlook Current Rating * AAA AAA A1 P-1 Stable A A-1 Stable Minimum required Rating AA- AA If the Account Bank falls under the Required Rating, the Issuer is entitled to close the Accounts and appoint a successor account bank (the "Successor Account Bank") and open new accounts (the "Successor Accounts") at the Successor Account Bank. (Please refer to the Prospectus for a complete description of the mechanism) Required Rating: Fulfilled Servicer: Volkswagen Finance (China) Co., Ltd Required Rating: Fulfilled Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

8 Information regarding the Notes I Rating at Issue Date Rating Scale Class A Class B China Chengxin International Credit Rating Co., Ltd Local Scale AAA AA China Bond Rating Co. Ltd Local Scale AA+ AA Moody's Investors Services Hong Kong Limited International Scale Aa3(sf) A3(sf) Standard & Poor's Ratings Services International Scale AA(sf) BBB(sf) Current Rating Rating Scale Class A Class B China Chengxin International Credit Rating Co., Ltd Local Scale AAA AA+ China Bond Rating Co. Ltd Local Scale AA+ AA Moody's Investors Services Hong Kong Limited International Scale Aa3(sf) A2(sf) Standard & Poor's Ratings Services International Scale AA(sf) BBB(sf) Information on Notes Class A Class B Legal Maturity Date 2024/9/ /9/26 Scheduled Clean Up Call Date 2019/6/ /6/26 Nominal Amount Information on Interest Class A Class B Interest Rate 3.50% 4.00% Fixed/Floating Fixed Fixed Current Coupon 3.50% 4.00% Day Count Convention actual/365 actual/365 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

9 Information regarding the Notes II Monthly Period: 2019/01 Payment Date: 2019/2/26 Interest Accrual Period (from/until) 2019/01/26 until 2019/02/26 Days accrued 31 Class A Interest Rate 3.50% Class B Interest Rate 4.00% Day Count Convention actual/365 Interest Payments Class A Class B Total Interest Amount of the Reporting Period 1,743, , Paid Interest 1,743, , Unpaid Interest Class A Class B Unpaid Interest of the Reporting Period Cumulative unpaid Interest Note Class A Class B Note as of Cutoff Date 3,500,000, ,000, Note as of the Beginning of the Period 586,600, ,790, Redemption Amount per Class 114,800, Class as of the End of the Period 471,800, ,790, Payments to Investors per Note Class A Class B Interest Principal Repayment by note 3.28 Notes 35,000,000 1,500,000 Note Factor Overcollateralisation Class A Class B Initial OC Percentage at Poolcut 13% 9% Current OC Percentage 27% 14% Target OC Percentage 23% 12% Subordinated Note as of the Beginning of the Period 35,283, Redemption as of the End of the Period 35,283, Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

10 Credit Enhancement Credit Enhancement as of Cutoff Date % of Aggregate Value Class B Note 3.75% 150,000, Subordinated Note 8.25% 330,010, Overcollateralization 0.50% 20,010, Cash Collateral Account 1.20% 48,000, Cash Collateral Account (CCA) in RMB in % of Initial at Poolcut 48,000, % Targeted (Floor) 40,000, % Current 40,000, % Payment from CCA - Payment to CCA - as of the End of the Period 40,000, % Calculation of Credit Enhancement Initially, Driver China five's Credit Enhancement consists of the respective Note Issue in comparison to the Receivable as of Poolcut, minus any Senior Debt Issuance. This 'Overcollateralisation' is specific for each Note Series and increases with its seniority. Subsequently, the 'Overcollateralisation' is calculated (as an OC Percentage) on a monthly basis, all on end of month figures. Considering the seniority of the respective Note Series, redemption is made until an Overcollateralisation of 23% for Class A (12% for Class B) has been reached. However, if an Enforcement Event causes the transaction to switch into sequential payment mode, the OC Percentages will not determine the maximum redemtion amount and may be exceeded. In addition, there is the Cash Collateral Amount which is in principle to the benefit of all Tranches over the entire lifetime of the transaction. The transaction starts amortising Class A only until its OC Percentage is reached. The transaction switches into pro rata amortisation once an Overcollateralisation Percentage (i.e. Credit Enhancement excluding the Cash Collateral Account) of 25% for the Class A Notes and 14% for the Class B Notes has been reached. The amortisation will switch to sequential in case the Aggregate Receivable falls below 10,00% of the Aggregate Cut-Off Date Receivable, thus redeeming the most senior tranches before any redemtion goes to Junior Debt. Set Off Risk There is no Set Off Risk applicable Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

11 Waterfall Available Distribution Amount Calculation Payment to waterfall position Remaining Amount Available Collections Amount 117,687, ,687, Interest Income 117,687, Remaining Rounding Amount from previous period 90, ,778, Other Income 117,778, Waterfall Payment to waterfall position Remaining Amount Available Distribution Amount 117,778, ) Taxes - 147, ,631, ) Administrative Expenses - 28, ,602, ) Servicer Fee payable to the Servicer - 634, ,967, ) Interest Payment Class A Notes - 1,743, ,224, ) Interest Payment Class B Notes - 284, ,939, ) Payment to cash collateral account 114,939, ) Payment to accumulation account (revolving period) 114,939, ) Redemption Class A (amortizing period) - 114,800, , ) Redemption Class B (amortizing period) 139, Remaining Rounding Amount (Current Period) - 139, ) Interest Payment Subordinated Notes 11) Subordinated Note Principal Amount 12) Final Success Fee payable to the Originator Distribution of Cash Collateral Account Surplus Payment Amount Remaining Amount Available Distribution Amount Interest Payment Subordinated Notes Subordinated Note Principal Amount Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

12 Amortisation Profile I Note Class Class A Class B Sub Note WAL At Closing: 1.66 yrs At Currently: 0.2 yrs At Closing: 2.41 yrs At Currently: 0.24 yrs At Closing: 1.83 yrs At Currently: 0.24 yrs Payment Date Actual Note Forecasted Note Forecasted Note Actual Note Actual Note Forecasted Note Poolcut 3,500,000, ,000, ,010, /12/26 3,500,000, ,000, ,010, /1/26 3,500,000, ,000, ,010, /2/26 3,500,000, ,000, ,010, /3/26 3,500,000, ,000, ,010, /4/26 3,500,000, ,000, ,010, /5/26 3,500,000, ,000, ,010, /6/26 3,500,000, ,000, ,010, /7/26 3,500,000, ,000, ,010, /8/26 3,500,000, ,000, ,010, /9/26 3,500,000, ,000, ,010, /10/26 3,500,000, ,000, ,010, /11/26 3,500,000, ,000, ,010, /12/26 3,151,400, ,000, ,010, /1/26 2,813,650, ,000, ,010, /2/26 2,496,200, ,000, ,010, /3/26 2,266,600, ,000, ,734, /4/26 1,914,150, ,000, ,010, /5/26 1,748,950, ,000, ,603, /6/26 1,550,850, ,000, ,677, /7/26 1,373,400, ,000, ,356, /8/26 1,209,600, ,000, ,929, /9/26 1,062,600, ,000, ,383, /10/26 928,550, ,255, ,831, /11/26 803,600, ,780, ,335, /12/26 690,200, ,595, ,515, /1/26 586,600, ,790, ,283, /2/26 471,800, ,790, ,283, /3/26-386,055, ,790, ,283, /4/26-298,160, ,790, ,283, /5/ /6/ /7/ /8/ /9/ Based on the following assumptions: CPR of 5% and Clean Up Call at 10% of the oustanding portfolio Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

13 Amortisation Profile II in RMB 4,000,000,000 3,500,000,000 3,000,000,000 Amortisation Profile Class A-Notes Actual Amort. A-Notes Expected Amort. A-Notes Assuming a Clean-Up Call at 10% of the initial outstanding discounted receivables balance, annual prepayments of 5% and 0% defaults 2,500,000,000 2,000,000,000 1,500,000,000 1,000,000, ,000,000 0 Reporting Period in RMB 160,000, ,000, ,000,000 Amortisation Profile Class B-Notes Actual Amort. B-Notes Expected Amort. B-Notes Assuming a Clean-Up Call at 10% of the initial outstanding discounted receivables balance, annual prepayments of 5% and 0% defaults 100,000,000 80,000,000 60,000,000 40,000,000 20,000,000 0 Reporting Period in RMB 360,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000,000 90,000,000 60,000,000 30,000,000 0 Amortisation Profile Sub-Notes Actual Amort. Sub-Notes Expected Amort. Sub-Notes Assuming a Clean-Up Call at 10% of the initial outstanding discounted receivables balance, annual prepayments of 5% and 0% defaults Reporting Period Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

14 Run Out Schedule I Payment Date Remaining Interest Remaining Capital Remaining Instalments arrears 313, ,373, ,687, /2019 2,909, ,312, ,313, /2019 2,485, ,562, ,973, /2019 2,090, ,420, ,656, /2019 1,732, ,463, ,109, /2019 1,415, ,105, ,707, /2019 1,153, ,287, ,849, / , ,148, ,697, / , ,659, ,302, / , ,107, ,598, / , ,248, ,879, / , ,788, ,868, / , ,641, ,290, / , ,308, ,118, / , ,175, ,603, / , ,011, ,397, / , ,441, ,167, / , ,081, ,550, / , ,366, ,144, / , , ,404, / , , , /2020 8, , , /2020 7, , , /2020 6, , , /2021 5, , , /2021 5, , , /2021 4, , , /2021 3, , , /2021 3, , , /2021 2, , , /2021 2, , , /2021 1, , , /2021 1, , , /2021 1, , , / , , / , , / , , / , , / , , / , , / , , / , , / , , Total 16,289, ,350, ,254, Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

15 Run Out Schedule II in RMB 4,500,000,000 4,000,000,000 Expected Amortisation of the Asset-Portfolio The expected Portfolio amortisation is solely based on the scheduled payments according to rental plan, no assumptions on prepayments or defaults are made. 3,500,000,000 3,000,000,000 2,500,000,000 2,000,000,000 1,500,000,000 1,000,000, ,000,000 Reporting Period 0 Expected Disocunted Asset-Portfolio Actual Asset-Portfolio Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

16 Overview Collections by Source Collections Paid instalments 112,976, Early settlements 4,276, Penalty interest 6, Fee components 226, Collection for write-off loans 202, Total 117,687, Collections by Status Collections Current 97,162, Matured 15,586, Delinquent 159, Default - 59, Write off 202, Partial Prepayment Full prepayment 4,636, Prolonged New Total 117,687, Customer Type Total Portfolio as of Pool Cut Date Credit Type Vehicle Status Classic Credit Used Car Classic Credit Balloon Credit Exquisite easy loan Enjoyable balance loan Corporate Individual New Vehicle Used Vehicle Contract Status Development Current 71,248 4,000,021, ,929,570, ,448, ,163, ,463, , ,675, ,846,345, ,957,572, ,448, Matured Delinquent Default Write off Partial Prepayment Full prepayment Prolonged New Total 71,248 4,000,021, ,534 3,929,570, ,448, ,163, ,463, , , ,675, ,081 3,846,345, ,752 3,957,572, ,448, Customer Type Total Portfolio as of Current Reporting Period Credit Type Vehicle Status Classic Credit Used Car Classic Credit Balloon Credit Exquisite easy loan Enjoyable balance loan Corporate Individual New Vehicle Used Vehicle Contract Status Development Current 37, ,708, ,035, ,221, , ,238, ,637, ,071, ,486, ,221, Matured 85, , , , ,622 82, , , , Delinquent 156 3,861, ,647, , , ,625, ,861, Default , , , , , , , Write off Partial Prepayment Full prepayment 11, Prolonged New Total 134, ,350, , ,457, ,228, , ,451, ,985 21,961, , ,388, , ,121, ,228, Contract status development Contract status as of the end of the Current period Current Matured Delinquent Default Write off Partial Prepayment Full prepayment Prolonged New Contract status as of the beginning of the Receivable Receivable Receivable Receivable Receivable Receivable Receivable Loan Loan period 4 Current 37, ,708, , ,441, ,267, Matured 85, , ,500 80, , Delinquent 156 3,861, ,983, ,877, Default , , , , Write off Partial Prepayment Full prepayment 11, Prolonged New Total 134, ,350, , ,716, , , ,474, , , Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

17 Delinquencies Days in Arrears Total Portfolio (%) Receivables Receivables (%) Customer Credit Type Type Vehicle Status Balloon Credit Used Car Classic Credit Exquisite easy loan Classic Credit Enjoyable balance loan Corporate Individual New Receivables Receivables Receivables Receivables Receivables Receivables Receivables Receivables <= % 2,764, % 110 2,550, , , ,643, ,764, > 30 and <= % 732, % , , , , > 60 and <= % 357, % , , , , > 90 and <= % 6, % 1 6, , , > 120 and <= % 0.00% > 150 and <= % 0.00% > % 0.00% Total % 3,861, % 154 3,647, , , ,625, ,861, Used 50,000,000 Delinquencies - of delinquent contracts 45,000,000 40,000,000 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000, / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /2019 Period <= 30 > 30 and <= 60 > 60 and <= 90 > 90 and <= 120 > 120 and <= 150 > 150 and <= 180 >180 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

18 Defaults Total Portfolio Credit Type Customer Type Vehicle Status Classic Credit Enjoyable balance loan Corporate Individual Used Car Classic Credit Balloon Credit Exquisite easy loan New Used Days in Arrears (%) (%) Receivables <= % 0.00% > 30 and <= % 0.00% > 60 and <= % 9, % , , , , , , > 90 and <= % 635, % 1 9, , , > 120 and <= % 0.00% > 150 and <= % 0.00% > % % Total % 645, % , , , , , , ,000,000 Defaults - of default contracts 5,000,000 4,000,000 3,000,000 2,000,000 1,000, / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /2019 Period <= 30 > 30 and <= 60 > 60 and <= 90 > 90 and <= 120 > 120 and <= 150 > 150 and <= 180 >180 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

19 Information Date: Period: / Period No. 1 Delinquencies&Default Credit Type Customer Type Vehicle Status Total Portfolio Classic Credit Used Car Classic Credit Balloon Credit Exquisite easy loan Enjoyable balance loan Corporate Individual New Used Days in Arrears (%) (%) Receivables <= % 2,764, % 110 2,550, , , ,643, ,764, > 30 and <= % 732, % , , , , > 60 and <= % 367, % , , , , , , > 90 and <= % 641, % 2 16, , , > 120 and <= % 0.00% > 150 and <= % 0.00% > % % Total % 4,506, % 184 4,286, , , , ,182, ,499, , ,000,000 Delinquencies&Default - discounted receivables balance of Delinquencies&Default contracts 45,000,000 40,000,000 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000, / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /2019 Period <= 30 > 30 and <= 60 > 60 and <= 90 > 90 and <= 120 > 120 and <= 150 > 150 and <= 180 >180

20 Defaults & Recoveries Credit Type Vehicle Status Nominal Principal at Day of Default* at Day of Default* Total Recoveries Total Write Offs Nominal Principal End of Reporting Period* Receivables End of Reporting Period* Classic Credit New , , , , Used 0 Subtotal , , , , Used Car Classic Credit New 0 Used 1 6, , , , Subtotal 1 6, , , , Balloon Credit New 0 Used 0 Subtotal 0 Exquisite easy loan New 0 Used 0 Subtotal 0 Enjoyable balance loan New 0 Used 0 Subtotal 0 Total , , , , Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

21 Cumulative Gross Loss Default of the Monthly Period Credit Type Type of Car Amount Classic Credit New , Used 0 Subtotal , Used Car Classic Credit New 1 6, Used 0 Subtotal 1 6, Balloon Credit New 0 Used 0 Subtotal 0 Exquisite easy loan New 0 Used 0 Subtotal 0 Enjoyable balance loan New 0 Used 0 Subtotal 0 Total , Spalte1 Spalte2 Spalte3 Spalte3 Spalte5 Cumulative Gross Loss as of the End of the Monthly Period 631 Receivable as of Cut-Off-Date 4,000,021, Aggregate Additional Cut-Off s Cumulative Gross Loss Ratio 3,593,211, % Current Period Cumulative Gross Loss Monthly Period Gross Loss Gross Loss 11/ , , / , ,310, / , ,677, / , ,413, / , ,391, / ,177, ,569, / , ,456, / , ,321, / , ,137, / , ,972, / ,053, ,025, / ,030, ,056, / ,840, ,897, / ,162, ,059, / , ,789, / ,171, ,961, / ,312, ,273, / ,317, ,590, / ,113, ,704, / ,157, ,861, / ,184, ,046, / , ,524, / ,221, ,745, / , ,628, / ,310, ,939, / , ,475, / , ,097, Total ,097, ,097, Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

22 Prepayments Reporting period Unscheduled balance as of Annualised Periodic CPR payments previous period CPR Poolcut % % 2016/11/30 16,916, ,000,021, % % 2016/12/31 15,047, ,011,649, % % 2017/1/31 8,876, ,019,423, % % 2017/2/28 10,980, ,027,430, % % 2017/3/31 20,836, ,036,910, % % 2017/4/30 12,871, ,045,924, % % 2017/5/31 17,023, ,055,090, % % 2017/6/30 17,187, ,063,937, % % 2017/7/31 17,116, ,074,277, % % 2017/8/31 20,696, ,083,024, % % 2017/9/30 16,771, ,092,335, % % 2017/10/31 13,754, ,102,230, % % 2017/11/30 17,965, ,111,835, % % 2017/12/31 18,388, ,767,599, % % 2018/1/31 16,351, ,433,775, % % 2018/2/28 6,581, ,119,704, % % 2018/3/31 16,967, ,832,906, % % 2018/4/30 15,150, ,543,814, % % 2018/5/31 15,184, ,271,030, % % 2018/6/30 10,584, ,013,646, % % 2018/7/31 11,920, ,783,313, % % 2018/8/31 9,935, ,570,561, % % 2018/9/30 8,985, ,379,884, % % 2018/10/31 7,895, ,205,455, % % 2018/11/30 7,636, ,043,416, % % 2018/12/31 6,383, ,216, % % 2019/1/31 4,488, ,863, % %

23 Down Payment Credit Type Customer Type Vehicle Status Total Portfolio Classic Credit Used Car Classic Credit Balloon Credit Exquisite easy loan Enjoyable balance loan Corporate Individual New Used Down Down Down Down Payment/ Down Payment/ Down Payment/ Percentage Percentage Down Payment/ Down Payment/ Down Payment/ Down Payment/ Payment/ Payment/ Payment/ Down Payment Purchase Price Purchase Price in Purchase Price in of Loans Receivables of Receivables Purchase Price in % Receivables Purchase Price in % Receivables Purchase Price in % Purchase Price in % Receivables Receivables Receivables Purchase Receivables Purchase Receivables Purchase in % % % Price in % Price in % Price in % > 0 and <= 30,000 6, % 62,033, % 32.05% 6,779 61,657, % , % % % % 542 5,251, % 6,260 56,781, % 6,779 61,657, % , % > 30,000 and <= 60,000 15, % 217,518, % 38.77% 14, ,126, % 49 1,030, % % 21 1,361, % % 209 2,863, % 14, ,654, % 15, ,487, % 49 1,030, % > 60,000 and <= 90,000 9, % 165,050, % 45.77% 9, ,960, % , % % 93 9,310, % % 61 1,960, % 9, ,090, % 9, ,271, % , % > 90,000 and <= 120,000 3, % 98,052, % 45.36% 3,549 90,731, % , % % 51 6,894, % % 67 3,020, % 3,550 95,031, % 3,600 97,626, % , % > 120,000 and <= 150,000 1, % 35,376, % 52.93% 1,550 33,543, % 7 206, % % 13 1,626, % % 28 1,104, % 1,542 34,271, % 1,563 35,169, % 7 206, % > 150,000 and <= 180, % 20,646, % 50.26% ,368, % 9 266, % % 13 2,012, % % 18 2,146, % ,500, % ,380, % 9 266, % > 180,000 and <= 210, % 22,490, % 42.66% ,302, % 5 224, % % 5 962, % % 25 2,847, % ,642, % ,265, % 5 224, % >210,000 and <= 240, % 10,096, % 46.74% 205 9,601, % 5 211, % % 1 283, % % 17 1,358, % 194 8,738, % 206 9,884, % 5 211, % >240,000 and <= 270, % 4,589, % 46.41% 67 4,381, % 2 208, % % % % 5 364, % 64 4,225, % 67 4,381, % 2 208, % >270,000 and <= 300, % 2,855, % 42.97% 43 2,740, % 1 114, % % % % 5 201, % 39 2,653, % 43 2,740, % 1 114, % >300, % 8,640, % 46.97% 113 8,042, % 5 385, % 1 212, % % % , % 108 7,798, % 114 8,254, % 5 385, % Total 37, % 647,350, % 0.00% 37, ,457, % 159 4,228, % 1 212, % ,451, % % ,961, % 36, ,389, % 37, ,121, % 159 4,228, % Minimum Down Payment Maximum Down Payment Average Down Payment Type of Payment Statistics Down Payments 10, ,375, , Credit Type Customer Type Vehicle Status Total Portfolio Used Car Classic Credit Balloon Credit Exquisite easy loan Corporate Individual Classic Credit Enjoyable balance loan New Used Percentage Percentage Type of Payment Loans of Loans Receivables of Receivables Receivables Receivables Receivables Receivables Receivables Receivables Direct Debit 37, % 647,350, % 37, ,457, ,228, , ,451, ,961, , ,389, , ,121, ,228, Others % 0.00% Total 37, % 647,350, % 37, ,457, ,228, , ,451, ,961, , ,389, , ,121, ,228, Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

24 Distribution of Loan per Borrower Contract Concentration Customers Percentage of Customers Loans Percentage of Loans Percentage of 1 41, % 41, % 755,336, % % % 1,978, % % % 855, % % % 474, % % % 828, % % % 1,797, % > % % 432, % Total 42, % 42, % 761,703, % Top 20 Borrower Number Receivables Percentage of 1 1,179, % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % 1 Total 7,015, % 28 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

25 Distribution by Total Portfolio Credit Type Customer Type Vehicle Status Used Car Classic Credit Balloon Credit Exquisite easy loan Classic Credit Enjoyable balance loan Corporate Individual New Distribution by Percentage Percentage of Receivables Loans of Loans Receivables Receivables Receivables Receivables Receivables Receivables Receivables Receivables Receivables >= 0 and <= 50,000 9, % 78,532, % 9,667 78,150, , ,511, ,161 74,021, ,667 78,150, , >50,000 and <= 100,000 20, % 272,674, % 20, ,499, ,086, , ,678, , ,995, , ,588, ,086, >100,000 and <= 150,000 4, % 125,800, % 4, ,943, , ,858, ,656, , ,143, , ,802, , >150,000 and <= 200,000 1, % 62,438, % 1,349 52,407, , ,325, , ,427 61,457, ,438 61,732, , >200,000 and <= 250, % 45,155, % ,075, , ,399, ,696, ,459, ,475, , >250,000 and <= 300, % 17,952, % ,473, , ,301, ,821, ,131, ,775, , >300,000 and <= 350, % 4,978, % 53 4,316, , , ,649, ,978, >350,000 and <= 400, % 7,001, % 70 6,218, , , ,675, ,326, ,944, , >400,000 and <= 450, % 15,143, % ,647, , ,776, ,366, ,143, >450,000 and <= 500, % 8,170, % 76 7,716, , , ,325, ,844, ,028, , >500, % 9,501, % 78 9,005, , , ,508, ,993, ,501, Total 37, % 647,350, % 37, ,457, ,228, , ,451, ,961, , ,389, , ,121, ,228, Used Statistics Minimum Maximum Average 1,112, , Distribution by Original Principal Credit Type Customer Type Vehicle Status Total Portfolio Classic Credit Used Car Classic Credit Balloon Credit Exquisite easy loan Enjoyable balance loan Corporate Individual New Used Distribution by Original Percentage Percentage of Principal Loans of Loans Receivables Receivables Receivables Receivables Receivables Receivables Receivables Receivables Receivables >= 0 and <= 50k 9, % 78,532, % 9,667 78,150, , ,511, ,161 74,021, ,667 78,150, , >50k and <= 100k 20, % 272,674, % 20, ,499, ,086, , ,678, , ,995, , ,588, ,086, >100k and <= 150k 4, % 125,800, % 4, ,943, , ,858, ,656, , ,143, , ,802, , >150k and <= 200k 1, % 62,438, % 1,349 52,407, , ,325, , ,427 61,457, ,438 61,732, , >200k and <= 250k % 45,155, % ,075, , ,399, ,696, ,459, ,475, , >250k and <= 300k % 17,952, % ,473, , ,301, ,821, ,131, ,775, , >300k and <= 350k % 4,978, % 53 4,316, , , ,649, ,978, >350k and <= 400k % 7,001, % 70 6,218, , , ,675, ,326, ,944, , >400k and <= 450k % 15,143, % ,647, , ,776, ,366, ,143, >450k and <= 500k % 8,170, % 76 7,716, , , ,325, ,844, ,028, , >500k % 9,501, % 78 9,005, , , ,508, ,993, ,501, Total 37, % 647,350, % 37, ,457, ,228, , ,451, ,961, , ,389, , ,121, ,228, Minimum Original Principal Maximum Original Principal Average Original Principal Statistics 19, ,375, , Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

26 Effective Interest Rate Total Portfolio Credit Type Customer Type Vehicle Status Used Car Classic Credit Balloon Credit Exquisite easy loan Classic Credit Enjoyable balance loan Corporate Individual New Used Interest Rate paid by the Percentage Percentage Receivable Debtor Loans of Loans Receivables of Receivables Receivables Receivables Receivables Receivables Receivables Receivables Receivables Receivables 0.00% 24, % 281,953, % 24, ,567, , , ,491, , ,461, , ,649, , > 0.00% and <= 5.00% 9, % 234,775, % 9, ,251, , , ,992, ,593, , ,181, , ,456, , > 5.00% and <= 6.00% 1, % 86,182, % 1,660 81,333, , ,839, ,845, ,649 82,336, ,695 86,173, , > 6.00% and <= 7.00% 1, % 24,558, % 1,421 24,518, , , ,398 24,237, ,421 24,518, , > 7.00% and <= 8.00% % 2,004, % 106 1,786, , , ,446, ,786, , > 8.00% and <= 9.00% % 2,316, % 49 2,204, , ,316, ,204, , > 9.00% and <= 10.00% % 3,082, % 94 3,075, , , ,039, ,075, , > 10.00% and <= 11.00% % 1,308, % 204 1,308, , ,148, ,308, > 11.00% and <= 12.00% % 9,795, % 342 6,576, ,219, ,902, ,893, ,576, ,219, > 12.00% and <= 13.00% % 0.00% > 13.00% and <= 14.00% % 1,373, % , , , ,326, ,373, > 14.00% and <= 15.00% % 0.00% > 15.00% and <= 16.00% % 0.00% >16% % 0.00% Total 37, % 647,350, % 37, ,457, ,228, , ,451, ,961, , ,389, , ,121, ,228, Statistics Interest Rate Minimum Effective Interest Rate Maximum Effective Interest Rate Weighted Average Effective Interest Rate 0.00% 13.18% 2.76% Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43

27 Distribution by Original Term Total Portfolio Credit Type Customer Type Vehicle Status Used Car Classic Credit Balloon Credit Exquisite easy loan Classic Credit Enjoyable balance loan Corporate Individual New Length of Original Percentage Percentage Term (months) Loans of Loans Receivables of Receivables Receivables Receivables Receivables Receivables Receivables Receivables Receivables Receivables <= % 0.00% > 12 and <= 24 7, % 74,440, % 7,127 74,105, , ,274, ,937 72,165, ,127 74,105, , > 24 and <= 36 30, % 559,675, % 29, ,654, ,894, , ,914, ,470, , ,205, , ,781, ,894, > 36 and <= % 6,059, % 121 5,522, , ,059, ,059, > 48 and <= % 7,174, % 210 7,174, , ,958, ,174, Total 37, % 647,350, % 37, ,457, ,228, , ,451, ,961, , ,389, , ,121, ,228, Used Statistics Original Term Minimum Original Term in months Maximum Original Term in months Weighted Average Original Term in months Distribution by Remaining Term Credit Type Customer Type Vehicle Status Total Portfolio Classic Credit Used Car Classic Credit Balloon Credit Exquisite easy loan Enjoyable balance loan Corporate Individual New Used Length of Remaining Percentage Percentage Term (months) Loans of Loans Receivables of Receivables Receivables Receivables Receivables Receivables Receivables Receivables Receivables Receivables <= 12 33, % 461,470, % 33, ,393, ,494, , ,369, ,973, , ,497, , ,975, ,494, > 12 and <= 24 4, % 180,739, % 4, ,924, ,733, ,082, ,987, , ,751, , ,006, ,733, > 24 and <= % 4,249, % 62 4,249, ,249, ,249, > 36 and <= % 890, % , , , > 48 and <= % 0.00% Total 37, % 647,350, % 37, ,457, ,228, , ,451, ,961, , ,389, , ,121, ,228, Statistics Remaining Term Minimum Remaining Term in months Maximum Remaining Term in months Weighted Average Remaining Term in months Distribution by Seasoning Credit Type Customer Type Vehicle Status Total Portfolio Classic Credit Used Car Classic Credit Balloon Credit Exquisite easy loan Enjoyable balance loan Corporate Individual New Used Percentage Percentage Seasoning (months) Loans Loans Loans Loans of Loans Receivables of Loans Receivables Receivables Receivables Receivables Loans Receivables Loans Receivables Loans Receivables Loans Receivables Loans Receivables <= % 0.00% > 12 and <= 24 12, % 295,644, % 12, ,040, ,568, ,035, ,133, , ,510, , ,076, ,568, > 24 and <= 36 25, % 347,470, % 24, ,615, ,659, , ,982, ,610, , ,860, , ,810, ,659, > 36 and <= % 2,639, % 81 2,206, , ,639, ,639, > 48 and <= % 1,595, % 107 1,595, , ,378, ,595, Total 37, % 647,350, % 37, ,457, ,228, , ,451, ,961, , ,389, , ,121, ,228, Statistics Seasoning Minimum Seasoning in months Maximum Seasoning in months Weighted Average Seasoning in months Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com / 43