Banco Volkswagen S.A. Banco Volkswagen S.A. Banco Volkswagen S.A. Treasury - ABS Operations Rua Volkswagen, 291-5º andar São Paulo Brasil

Transcription

1 Deal Name: Issuer: Seller of the Receivables: Servicer Name: Reporting Entity: Driver Brasil ONE DRIVER Brasil ONE Banco Volkswagen Fundo de Investimento em Direitos Creditórios Fiunanciamento de Veículos Nucleo Cidade de Deus, Predio Prata 4º andar Zip Code: Osasco - São Paulo - Brazil Treasury - ABS Operations Rua Volkswagen, 291-5º andar São Paulo Brasil Contact: Phone: Fax: 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 1

2 Page Table of contents 2 Contents 3 Deal Overview 4 Deal Overview: Counterparties I. 5 Deal Overview: Counterparties II. 6 Information regarding the Quotas I. 7 Information regarding the Quotas II. 8 Credit Enhancement 9 Swap / Waterfall 10 Run Out Schedule 11 Amortisation Profile 12 Late Delinquency / Performance Trigger 13 Overview Contracts 14 Delinquent Contracts 15 Future Contracts 16 Recovery Contracts 17 Prepayments 18 Pool Information I. - Make: New, Used Cars 19 Pool Information II. - Downpayments, Customer Type and Type of Payment 20 Pool Information III. - Customer Concentration 21 Pool Information IV. - Distribution by Discounted and Original Nominal 22 Pool Information V. - Interest Rate paid by the Customer 23 Pool Information VI. - Distribution by Original Term, Remaining Term and Seasoning 24 Pool Information VII. - Distribution by Vehicle Makes and Models 25 Poolinformation VIII. - Geographic Distribution 26 Glossary 2

3 Deal Overview Cut Off Date: 17/7/2012 Issue Date: 12/7/2012 Legal Maturity Date: July 2017 Reporting period: 2/60 Reporting date: 13 Reporting Frequency: monthly Payment date: 6/9/2012 Next payment date: 4/10/2012 Asset collection period: 1/8/2012 until 31/8/2012 Interest Accrual Period: 6/8/2012 until 5/9/2012 Days accrued: 23 Quota Payment Period: 6/8/2012 until 5/9/2012 Pool Information at Pool-Cut Number of Contracts Discounted Principal (Pool- Cut) Pool R$ ,09 R$ ,84 Type of Car % of Contracts Discounted (Pool- % of Principal Cut) (Pool-Cut) New 87,6% R$ ,26 89,9% R$ ,86 89,9% Used 12,4% R$ ,83 10,1% R$ ,98 10,1% Total 10 R$ ,09 10 R$ ,

4 Deal Overview: Counterparties I. Lead Manager: Name BEM DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS LTDA Rating Moody s S & P Long Term Short Term Outlook Long Term Short Term Outlook Cidade de Deus Aaa.br BR-1 n.a. braaa bra-1 n.a. Bairro Vila Yara - 4º andar Osasco - São Paulo Brazil Accounts: Cash Collateral Banco Bradesco S.A. Aaa.br BR-1 n.a. braaa bra-1 n.a. Distribution Cidade de Deus Monthly Collateral Bairro vila Yara - 4º andar Osasco - São Paulo Brazil Paying Agent: n.a. n.a. n.a. braaa n.a. Stable Treasury - ABS Operations Rua Volkswagen, 291 São Paulo Brazil Swap Counterparty: IBBA Aaa.br BR-1 n.a. braaa bra-1 n.a. Av. Brigadeiro Faria Lima, º ao 8º andar São Paulo - SP Brazil 4

5 Deal Overview: Counterparties II. Rating Agencies: Moody s América Latina Ltda. Avenida Nações Unidas, º andar São Paulo Brazil Johann.Grieneisen@moodys.com sara.tonello@moodys.com Standard & Poors Brasil Avenida Brigadeiro Faria Lima, º andar São Paulo Brazil leandro.albuquerque@standardpoors.com gustavo.belger@standardpoors.com Asset Manager: Clearing Entity: 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 CETIP S.A. - Mercados Organizados Av. Brigadeiro Faria Lima, 1663, 1º andar Jardim Paulistano São Paulo - SP CEP: phone: atendimento@cetip.com.br Rating* Moody s S & P Long Term Short Term Outlook Long Term Short Term Outlook Rating of VWFS AG A3 Prime-2 positive A- A-2 Stable 5 *Rating last updated on 09/08/2012

6 Information regarding the Quotas I. Rating Details: Senior Quota Mezzanine Quota Rating at Issue Date Moody's (Preliminary) Aaa A1 Standard & Poors braaa bra+ Current Rating Moody's (Preliminary) Aaa A1 Standard & Poors braaa bra+ Information on Quotas Senior Quota Mezzanine Quota Final Maturity Date July 2017 July 2017 Scheduled Repayment Date: Monthly Monthly ISIN: BRDRIVCTF005 BRDRIVCTF013 Nominal Amount: R$ ,00 R$ ,00 Information on Interest Senior Quota Mezzanine Quota Spread/Margin: 125 pbs 205 pbs Index Rate: CDI CDI Fixed/ Floating: Floating Floating Current Coupon: CDI pbs CDI pbs Day Count Convention Clean-Up Call will have the right at its option to exercise a Clean-Up Call and to repurchase the Loan Receivables from Driver Brasil One when the sum of the Discounted Principal for all loan contracts is than 9 per cent. of the sum of the Discounted Principal for all Loan contracts as of the Cut Off Date, provided that all payment obligations under the Quotas will be thereby fulfilled. 6

7 Information regarding the Quotas II. Monthly Period: August2012 Payment Date: 6/9/2012 Interest Accrual Period (from/until): 6/8/2012 5/9/2012 Days Accrued: 23 Base Interest Rate (1-Month CDI): 7,38% BRL Day Count Convention: actual/252 Interest Payments Senior Quota Mezzanine Quota Total Interest Amount of the Reporting Period Gross Paid interest: Unpaid Interest: Unpaid interest of the Reporting Period: Cumulative unpaid interest: Principal Payment Senior Quota Mezzanine Quota Quota (Cut Off Date): R$ ,00 R$ ,00 Quota (Beginning of Period): R$ ,00 R$ ,00 Unallocated Redemption Amount from Previous Period: Available Redemption Amount Reporting Period: Total Available Redemption Amount: Redemption Amount per Class: Unallocated Redemption Amount per quota from current period:: Quota (End of Period): Quota Factor (End of Period): Overcollateralisation Senior Quota Mezzanine Quota Initial OC Percentage at Poolcut 12,42% 6,92% Current OC Percentage Target OC Percentage 15,50% 8,50% 7

8 Credit Enhancement Credit Pool-Cut Discounted Principal (%) Value Mezanine Quota 5,50% R$ ,00 Subordinated Quota 8,51% R$ ,00 Overcollateralization 14,01% R$ ,00 Cash Collateral Account 1,00% R$ ,00 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 OC-Percentage for the Senior Quota and OC-Percentage for the Mezanine Quota has been reached. 8

9 Swap / Waterfall Amortising Interest Rate Swap Senior Quota Mezzanine Quota Initial Principal R$ ,00 R$ ,00 Underlying Principal for Reporting Period Paying Leg Receiving Leg R$ ,00 R$ ,00 Fix Interest Rate Floating Interest Rate Net Swap payments/ Receipts Waterfall Remaining from Previous Period Available Distribution Amount Fees Net Swap Payments Senior Quota Net Swap Payments Mezzanine Quota Interest Senior Quota Interest Mezzanine Quota Payment to Cash Collateral Account Redemption Senior Quota Redemption Mezzanine Quota Remaining Amount Due to Rounding Other Payments to Swap Counterparties Interest Subordinated Quota Redemption Subordinated Quota Payment to Subordinated Lender or VW Finance Payment from Cash Collateral Account Payment to Subordinated Lender or VW Finance plus Payment Remaining Amount 9

10 Run Out Schedule At the end of Reporting Period 31/07/2012 At the end of Reporting Period 31/08/2012 Payment Period ABS Remaining Nominal ABS Remaining Interest Discounted Principal (Pool- Cut) Payment Period R$ ,78 R$ ,24 R$ ,54 R$ ,78 Arrears , R$ ,37 R$ ,49 R$ ,88 R$ , , R$ ,99 R$ ,58 R$ ,41 R$ , , R$ ,82 R$ ,06 R$ ,76 R$ , , R$ ,21 R$ ,42 R$ ,79 R$ , , R$ ,86 R$ ,62 R$ ,24 R$ , , R$ ,57 R$ ,39 R$ ,18 R$ , , R$ ,28 R$ ,47 R$ ,81 R$ , , R$ ,43 R$ ,69 R$ ,74 R$ , , R$ ,37 R$ ,95 R$ ,42 R$ , ,47 # R$ ,21 R$ ,84 R$ ,37 R$ , ,92 # R$ ,30 R$ ,39 R$ ,91 R$ , ,02 # R$ ,24 R$ ,57 R$ ,67 R$ , ,35 # R$ ,07 R$ ,56 R$ ,51 R$ , ,67 # R$ ,93 R$ ,73 R$ ,20 R$ , ,07 # R$ ,43 R$ ,67 R$ ,76 R$ , ,58 # R$ ,63 R$ ,31 R$ ,32 R$ , ,00 # R$ ,99 R$ ,68 R$ ,31 R$ , ,61 # R$ ,78 R$ ,63 R$ ,15 R$ , ,43 # R$ ,15 R$ ,31 R$ ,84 R$ , ,84 # R$ ,89 R$ ,55 R$ ,34 R$ , ,98 # R$ ,14 R$ ,42 R$ ,72 R$ , ,83 # R$ ,80 R$ ,28 R$ ,52 R$ , ,18 # R$ ,68 R$ ,78 R$ ,90 R$ , ,84 # R$ ,30 R$ ,35 R$ ,95 R$ , ,87 # R$ ,08 R$ ,17 R$ ,91 R$ , ,49 # R$ ,95 R$ ,11 R$ ,84 R$ , ,88 # R$ ,76 R$ ,54 R$ ,22 R$ , ,33 # R$ ,09 R$ ,41 R$ ,68 R$ , ,25 # R$ ,29 R$ ,74 R$ ,55 R$ , ,23 # R$ ,45 R$ ,10 R$ ,35 R$ , ,16 # R$ ,70 R$ ,19 R$ ,51 R$ , ,69 # R$ ,85 R$ ,16 R$ ,69 R$ , ,32 # R$ ,05 R$ ,28 R$ ,77 R$ , ,55 # R$ ,74 R$ ,23 R$ ,51 R$ , ,13 # R$ ,86 R$ ,80 R$ ,06 R$ , ,22 # R$ ,69 R$ ,28 R$ ,41 R$ , ,63 # R$ ,43 R$ ,53 R$ ,90 R$ , ,70 # R$ ,53 R$ ,38 R$ ,15 R$ , ,26 # R$ ,63 R$ ,23 R$ ,40 R$ , ,17 # R$ ,34 R$ ,22 R$ ,12 R$ , ,14 # R$ ,25 R$ ,31 R$ ,94 R$ , ,14 # R$ ,79 R$ ,78 R$ ,01 R$ , ,59 # R$ ,23 R$ ,45 R$ ,78 R$ , ,86 # R$ ,38 R$ ,51 R$ ,87 R$ , ,16 # R$ ,16 R$ ,63 R$ ,53 R$ , ,15 # R$ ,55 R$ ,90 R$ ,65 R$ , ,85 # R$ ,90 R$ ,02 R$ ,88 R$ , ,02 # R$ ,61 R$ ,38 R$ ,23 R$ , ,62 # R$ ,31 R$ ,23 R$ ,08 R$ , , R$ ,78 R$ ,76 R$ ,02 R$ , ,27 > R$ ,32 R$ ,74 R$ ,58 R$ , ,60 Ov R$ ,09 R$ ,68 R$ ,41 R$ , , R$ ,78 R$ ,40 R$ ,38 R$ , , R$ ,02 R$ ,59 R$ ,43 R$ , , R$ ,22 R$ ,72 R$ ,50 R$ , , R$ ,26 R$ ,97 R$ ,29 R$ , , R$ ,66 R$ 3.552,36 R$ ,30 R$ , , R$ 2.362,67 R$ 20,25 R$ 2.342,42 R$ 1.435, ,67 ABS Remaining Nominal ABS Remaining Interest R$ R$ , ,94 R$ R$ , ,06 R$ R$ , ,21 R$ R$ , ,29 R$ R$ , ,13 R$ R$ , ,69 R$ R$ , ,38 R$ R$ , ,19 R$ R$ , ,55 R$ R$ , ,75 R$ R$ , ,60 R$ R$ , ,58 R$ R$ , ,44 R$ R$ , ,45 R$ R$ , ,91 R$ R$ , ,54 R$ R$ , ,13 R$ R$ , ,99 R$ R$ , ,02 R$ R$ , ,47 R$ R$ , ,00 R$ R$ , ,54 R$ R$ , ,72 R$ R$ , ,29 R$ R$ , ,12 R$ R$ , ,73 R$ R$ , ,35 R$ R$ , ,78 R$ R$ , ,92 R$ R$ , ,01 R$ R$ , ,95 R$ R$ , ,31 R$ R$ , ,99 R$ R$ , ,34 R$ R$ , ,38 R$ R$ , ,99 R$ R$ , ,74 R$ R$ , ,16 R$ R$ , ,25 R$ R$ , ,84 R$ R$ , ,50 R$ R$ , ,06 R$ R$ , ,01 R$ R$ , ,99 R$ R$ , ,76 R$ R$ , ,48 R$ R$ , ,61 R$ R$ , ,54 R$ R$ , ,21 R$ R$ , ,02 R$ R$ , ,71 R$ R$ , ,75 R$ R$ , ,74 R$ R$ , ,68 R$ R$ , ,57 R$ R$ , ,60 R$ R$ , ,30 R$ R$ 3.518, ,57 R$ R$ 20, ,42 R$ R$ ,12 R$ R$ ,61 R$ R$ ,15 R$ R$ ,79 R$ R$ ,52 R$ R$ ,24 R$ R$ ,22 R$ R$ ,01 R$ R$ ,84 R$ R$ ,71 R$ R$ ,69 R$ R$ ,54 R$ R$ ,48 R$ R$ ,47 R$ R$ ,07 R$ R$ ,71 R$ R$ ,37 R$ R$ ,39 R$ R$ ,31 R$ R$ ,86 R$ R$ ,20 R$ R$ ,50 R$ R$ ,00 R$ R$ ,89 R$ R$ ,73 R$ R$ ,75 R$ R$ ,07 R$ R$ ,25 R$ R$ ,83 R$ R$ ,38 R$ R$ ,72 R$ R$ ,22 R$ R$ ,38 R$ R$ ,11 R$ R$ ,91 R$ R$ ,86 R$ R$ ,98 R$ R$ ,77 R$ R$ ,97 R$ R$ ,44 R$ R$ ,42 R$ R$ ,81 R$ R$ ,94 R$ R$ ,84 R$ R$ ,32 R$ R$ ,12 R$ R$ ,72 R$ R$ ,69 R$ R$ ,90 R$ R$ ,55 R$ R$ ,70 R$ R$ ,32 R$ R$ ,48 R$ R$ ,91 R$ R$ ,23 R$ R$ ,82 R$ R$ ,64 R$ R$ ,88 R$ R$ 1.447,57 Total R$ ,64 R$ ,03 R$ ,61 R$ ,79 Total R$ ,69 R$ ,44 R$ ,25 R$ ,92 10

11 Amortisation Profile 13/9/2012 EXPECTED AMORTISATION (R$ MM) Period Senior Quota Mezzanine Quota R$ ,00 R$ , R$ ,00 R$ , R$ ,00 R$ , R$ ,32 R$ , R$ ,23 R$ , R$ ,75 R$ , R$ ,77 R$ , R$ ,67 R$ , R$ ,37 R$ , R$ ,99 R$ , R$ ,58 R$ , R$ ,47 R$ , R$ ,83 R$ , R$ ,69 R$ , R$ ,87 R$ , R$ ,84 R$ , R$ ,41 R$ , R$ ,33 R$ , R$ ,99 R$ , R$ ,36 R$ , R$ ,23 R$ , R$ ,86 R$ , R$ ,20 R$ , R$ ,61 R$ , R$ ,02 R$ , R$ ,39 R$ , R$ ,62 R$ , R$ ,18 R$ , R$ ,26 R$ , R$ ,73 R$ , R$ ,55 R$ , R$ ,48 R$ , R$ ,12 R$ , R$ ,98 R$ , R$ ,32 R$ , R$ ,33 R$ , Senior Quota Mezzanine Quota 11

12 Overview Contracts Development of Pool within Reporting Period Status Number of contracts Adjustments Discounted Principal Ov Begin of Period R$ ,61 R$ ,79 Ov End of Period R$ ,25 R$ ,92 Periodic reduction 660 R$ ,36 R$ ,87 Write Off / Write Down Recoveries after Write Off Status of Contracts Pool at Poolcut Current Total Status Number of Contracts Discounted Principal (Pool- Cut) R$ ,09 R$ , R$ ,09 R$ ,84 Pool at the Beginning of Period Pool at the End of Period Status Number of Discounted Number of Discounted Contracts Principal Contracts Principal 1 Current R$ ,96 R$ , R$ ,10 R$ ,35 4 Early Settlement 328 R$ - R$ R$ - R$ - 5 Delinquent R$ ,65 R$ , R$ ,15 R$ ,57 2 End of Term 41 R$ - R$ R$ - R$ - 6 Renegotiation 7 R$ - R$ - 15 R$ - R$ - Total R$ ,61 R$ , R$ ,25 R$ ,92 12

13 Late Delinquency / Performance Trigger Relevant Pool-Cut Data Number of Contracts R$ ,09 Cumulative Late Delinquencies Number of Contracts Begin of Period Late Delinquencies End of Period Late Delinquency - Discounted Pool-Cut Discounted Principal 0 0,00 R$ - R$ - 0 0,00 0 0,00 R$ - R$ - Cumulative Late Delinquency Ratio Cumulative Late Delinquency as percentage of at Pool-Cut (R$) 0,0000% Performance Triggers A Targeted Quota was implemented to assure on a monthly basis that no cash is paid to lower steps in the waterfall un there is sufficient overcollateralization to support the quotas. The performance trigger in form of a credit enhancement increase condition will be activated when the cumulative Late Delinquency exceeds the defined limits. In this case the overcollateralization will be increased accordingly. Until a Credit Enhancement Increase condition is in place Level I Credit Enhancement Increase condition is in place Level II Credit Enhancement Increase condition is in place OC-Percentage Senior Quota 15,50% 18,50% 100,00% Performance Trigger Levels Level 1 Credit Enhancement increase condition Cumulative Late Delinquencies do not amount to 2,6% for any Payment Date before and incl. 07/2013 or Cumulative Late Delinquencies do not amount to 4,8% for any Payment Date between 08/2013 and incl. 07/2014 Credit Enhancement increase condition in place? No Level 2 Cumulative Late Delinquencies do not amount to 7,4% for any Payment Date No Performance Pool vis-a-vis Triggers Late Delinquency in % Cumulative Late Delinquency 10% 5% 0% Cumulative Late Delinquency Ratio Level 1 Level 2 13

14 Delinquent Contracts Relevant Pool-Cut Data Number of Contracts Discounted Principal R$ ,09 Installment in Arrears Delinquency Profile Number of Contracts % of Contracts Discounted Principal Percentage of (%) Number of Contracts Amount from 1-14 days ,0% R$ ,86 87,7% 4,9% 0,2% from days 187 7,0% R$ ,14 12,3% 0,4% from days from days from days from days from days from days from days More than 1080 days Total R$ , ,3% 0,18% Delinquency Performance - Historical Data (by bucket) to to to to to to to to to to 1080 >

15 Future Contracts Maturiy Profile Number of Contracts % of Contracts Discounted Principal Percentage of (%) (Month- End) 360 from 1-14 days 6 R$ 3.464,14 R$ 4.125,28 from days 516 1,0% R$ ,21 0,1% R$ ,23 0,1% from days 602 1,2% R$ ,98 0,2% R$ ,37 0,2% from days 495 1,0% R$ ,78 0,2% R$ ,59 0,2% from days 774 1,6% R$ ,64 0,3% R$ ,39 0,3% from days 866 1,7% R$ ,70 0,5% R$ ,61 0,5% from days 681 1,4% R$ ,20 0,4% R$ ,87 0,4% from days ,3% R$ ,16 4,9% R$ ,29 4,9% from days ,3% R$ ,29 17,7% R$ ,06 17,7% from days ,2% R$ ,45 27,0% R$ ,43 27,0% More than 1080 days ,2% R$ ,70 48,7% R$ ,80 48,7% Total R$ ,25 10 R$ ,92 10 Portfolio s Days to Maturity (by bucket) to to to to to to to to to 1080 >

16 Recovery Contracts Recoveries - after Write Off ** Vehicle Status Number of Contracts Nominal at Day of Write Off Total Recoveries Total Write Down Nominal End of Reporting Period % of Present Value 360 (Month- End) New ,00 0,00 0,00 0, ,68 98,0% Used ,00 0,00 0,00 0, ,24 2,0% Total ,00 0,00 0,00 0, ,92 10 ** This table exclusively covers contracts with the Status Write off 16

17 Prepayments Relevant Pool-Cut Data Number of Contracts R$ ,09 Calendar Year/Month Number of Contracts Discounted Principal % Prepayments (Nr. Of Contracts) % Prepayments (Amount) R$ ,33 0,65% 0,48% R$ ,60 1,65% 1,29% Total 840 R$ ,60 1,65% 1,29% PREPAYMENTS (NR. CONTRACTS) PREPAYMENTS (AMOUNT) 15,0% 15,0% 1 1 5,0% 0,65% 1,65% ,0% 0,48% 1,29%

18 Pool Information I. - Make: New, Used Cars AUDI New or Used Cars Number of Contracts % of Contracts A New Cars 88 88,00% ,80 A Used Cars 12 12,00% ,33 Total ,13 VW New or Used Cars Number of Contracts % of Contracts V New Cars ,83% ,28 V Used Cars ,17% ,00 Total ,28 OTHER New or Used Cars Number of Contracts % of Contracts O New Cars ,06% ,01 O Used Cars ,94% ,83 Total ,84 TOTAL New or Used Cars Number of Contracts % of Contracts O New Cars ,63% ,09 O Used Cars ,37% ,16 Total , R$ 92,20% R$ ,02 92,19% R$ 7,80% R$ ,83 7,81% R$ 10 R$ , R$ 93,18% R$ ,52 93,18% R$ 6,82% R$ ,86 6,82% R$ 10 R$ , R$ 26,64% R$ ,77 26,64% R$ 73,36% R$ ,92 73,36% R$ 10 R$ , R$ 89,78% R$ ,31 89,78% R$ 10,22% R$ ,61 10,22% R$ 10 R$ ,

19 Pool Information II. - Downpayments, Customer Type and Type of Payment Downpayments Downpayment Number of Contracts % of Contracts 0 < 2500, ,2% , ,01 < 5000, ,4% , ,01 < 7500, ,6% , ,01 < 10000, ,3% , ,01 < 12500, ,2% , ,01 < 15000, ,1% , ,01 < 17500, ,7% , ,01 < 20000, ,2% , ,01 < 22500, ,5% , ,01 < 25000, ,5% , ,01 < 27500, ,0% , ,01 < 30000, ,4% , ,01 < 32500, ,5% , ,01 < 35000, ,1% , ,01 < 37500, ,7% , ,00 < 40000, ,6% ,48 > 40000, ,1% ,15 Total ,25 % Downpayment / Purchase Price 360 R$ 18,6% 0,7% R$ ,74 18,6% R$ 6,5% 14,0% R$ ,41 6,5% R$ 7,3% 21,2% R$ ,69 7,3% R$ 12,2% 27,7% R$ ,66 12,2% R$ 9,5% 33,0% R$ ,36 9,5% R$ 11,6% 39,8% R$ ,52 11,6% R$ 7,7% 44,5% R$ ,05 7,7% R$ 8,8% 49,9% R$ ,28 8,8% R$ 4,0% 53,6% R$ ,85 4,0% R$ 3,7% 57,9% R$ ,52 3,7% R$ 2,0% 60,2% R$ ,78 2,0% R$ 2,3% 62,0% R$ ,81 2,3% R$ 1,0% 63,4% R$ ,19 1,0% R$ 0,9% 62,9% R$ ,24 0,9% R$ 0,5% 63,4% R$ ,43 0,5% R$ 0,6% 60,7% R$ ,58 0,6% R$ 2,7% 59,8% R$ ,81 2,7% R$ 10 39,0% R$ ,92 10 Statistics Minimum Down Payment Maximum Down Payment Weighted Average Down Payment (Customers who did Down Payment) Weighted Average Down Payment R$ R$ R$ R$ , , ,33 Customer Type Customer Type Number of Contracts % of Contracts Individuals ,9% ,92 Company ,1% ,33 Total , R$ 86,2% R$ ,77 86,2% R$ 13,8% R$ ,15 13,8% R$ 10 R$ ,

20 Pool Information III. - Customer Concentration Top 20 Customers Number Number of Contracts % of Contracts 1 6 0,012% , ,018% , ,008% , ,012% , ,008% , ,006% , ,008% , ,006% , ,010% , ,006% , ,002% , ,008% , ,006% , ,008% , ,008% , ,002% , ,008% , ,006% , ,002% , ,002% ,28 Total 73 0,1466% , R$ 0,0127% R$ ,07 0,0127% R$ 0,0094% R$ ,46 0,0095% R$ 0,0092% R$ ,32 0,0093% R$ 0,0091% R$ ,71 0,0092% R$ 0,0090% R$ ,67 0,0090% R$ 0,0090% R$ ,57 0,0090% R$ 0,0090% R$ ,38 0,0090% R$ 0,0090% R$ ,57 0,0090% R$ 0,0090% R$ ,72 0,0090% R$ 0,0089% R$ ,30 0,0089% R$ 0,0089% R$ ,75 0,0090% R$ 0,0089% R$ ,49 0,0089% R$ 0,0089% R$ ,20 0,0089% R$ 0,0089% R$ ,07 0,0090% R$ 0,0089% R$ ,91 0,0089% R$ 0,0089% R$ ,84 0,0089% R$ 0,0089% R$ ,16 0,0088% R$ 0,0089% R$ ,01 0,0088% R$ 0,0088% R$ ,84 0,0088% R$ 0,0088% R$ ,44 0,0088% R$ 0,1833% R$ ,48 0,1835% 20

21 Pool Information IV. - Distribution by Discounted and Original Nominal Distribution by Distribution by Number of Contracts % of Contracts < = 5000, ,0% R$ ,56 1,4% R$ ,22 1,4% , , ,1% R$ ,72 6,2% R$ ,55 6,2% , , ,7% R$ ,20 12,7% R$ ,13 12,7% , , ,9% R$ ,94 17,9% R$ ,26 17,9% , , ,6% R$ ,84 17,7% R$ ,86 17,7% , , ,7% R$ ,38 14,3% R$ ,21 14,3% 7 > , ,0% R$ ,61 29,7% R$ ,69 29,7% Total R$ ,25 10 R$ ,92 10 Statistics Minimum R$ 71,83 Maximum R$ ,22 Average R$ ,02 Distribution by Original Nominal Distribution by Original Nominal Number of Contracts % of Contracts , , ,1% R$ ,27 R$ , , , ,4% R$ ,49 0,9% R$ ,30 0,9% , , ,9% R$ ,28 4,8% R$ ,55 4,8% , , ,1% R$ ,74 12,6% R$ ,21 12,6% , , ,5% R$ ,87 20,9% R$ ,80 20,9% , , ,5% R$ ,19 21,0% R$ ,17 21,0% 7 > , ,4% R$ ,41 39,8% R$ ,76 39,8% Total R$ ,25 10 R$ ,92 10 Statistics Minimum Original Nominal Maximum Original Nominal Average Original Nominal R$ R$ R$ 3.455, , ,45 21

22 Pool Information V. - Interest Rate paid by the Customer Interest Rate paid by the Customer Interest Rate Number of Contracts % of Contracts >= 0 <= 2,5 % 472 0,9% ,81 > 2,5 <= 5,0 % 109 0,2% ,98 > 5,0 <= 7,5 % 250 0,5% ,13 > 7,5 <= 10,0 % 508 1,0% ,11 > 10,0 <= 12,5 % ,1% ,60 > 12,5 <= 15,0 % ,5% ,99 >15,0 <= 17,5 % ,1% ,94 > 17,5 <= 20,0 % ,7% ,68 > 20,0 <= 22,5 % ,9% ,21 > 22,5 <= 25,0 % ,5% ,95 > 25, ,5% ,85 Total , R$ 0,8% R$ ,16 0,8% R$ 0,2% R$ ,09 0,2% R$ 0,3% R$ ,02 0,3% R$ 0,6% R$ ,77 0,6% R$ 1,6% R$ ,80 1,6% R$ 4,7% R$ ,64 4,7% R$ 13,0% R$ ,00 13,0% R$ 35,2% R$ ,92 35,2% R$ 19,5% R$ ,75 19,5% R$ 15,7% R$ ,93 15,7% R$ 8,5% R$ ,84 8,5% R$ 10 R$ ,92 10 Statistics Minimum Interest Rate Maximum Interest Rate Weighted Average Interest Rate 43,9% 19,7% 22

23 Pool Information VI. - Distribution by Original Term, Remaining Term and Seasoning Distribution by Original Term Length of Original Term (monthly instalments) Number of Contracts % of Contracts ,7% R$ ,08 0,6% R$ ,45 0,6% ,3% R$ ,40 9,1% R$ ,80 9,1% ,5% R$ ,37 20,5% R$ ,23 20,5% ,7% R$ ,45 27,5% R$ ,77 27,5% ,8% R$ ,95 42,3% R$ ,67 42,3% Total R$ ,25 10 R$ ,92 10 Statistics Minimum Original Term in monthly instalments Maximum Original Term in monthly instalments Weighted Average Original Term in monthly instalments ,10 Distribution by Remaining Term Lenght of Remaining Term (monthly instalments) Number of Contracts % of Contracts 360 # ,8% R$ ,01 6,8% R$ ,49 6,8% ,5% R$ ,17 18,9% R$ ,33 18,9% ,8% R$ ,02 28,2% R$ ,01 28,2% ,1% R$ ,92 28,9% R$ ,73 28,9% ,9% R$ ,13 17,2% R$ ,36 17,2% Total R$ ,25 10 R$ ,92 10 Statistics Minimum Remaining Term in monthly instalments Maximum Remaining Term in monthly instalments Weighted Average Remaining Term in monthly instalments ,94 Distribution by Seasoning Term Seasoning (monthly instalments) Number of Contracts % of Contracts ,8% R$ ,25 51,2% R$ ,67 51,1% ,2% R$ ,11 37,2% R$ ,17 37,2% ,5% R$ ,71 9,9% R$ ,46 9,9% ,0% R$ ,40 1,6% R$ ,02 1,6% ,4% R$ ,78 0,2% R$ ,60 0,2% Total R$ ,25 10 R$ ,92 10 Statistics Minimum Seasoning Term in monthly instalments Maximum Seasoning Term in monthly instalments Weighted Average Seasoning Term in monthly instalments ,16 23

24 Pool Information VII. - Distribution by Vehicle Makes and Models Make Model Number of Contracts % of Contracts A1 Audi A1 74 0,1% ,97 A2 A ,21 A3 A ,01 A4 Q ,50 A5 Q ,71 Q ,73 Subtotal 100 0,2% ,13 OX VW OTHER VW ,96 LO AMAROK 582 1,2% ,01 LF BORA 65 0,1% ,19 RA CROSSFOX ,0% ,25 TA FOX ,0% ,35 AT GOL ,9% ,41 OS GOLF 842 1,7% ,35 LE JETTA 674 1,4% ,81 AN KOMBI ,4% ,70 AN LOGUS 1 546,83 EG NEW BEETLE 51 0,1% ,08 ON PARATI 278 0,6% ,99 DY PASSAT 39 0,1% ,63 T5 POINTER ,92 LT POLO 613 1,2% ,00 OK POLO CLASSIC ,58 CO POLO SEDAN 872 1,8% ,29 AN SANTANA 25 0,1% ,44 W SAVEIRO ,4% ,34 SPACECROSS 250 0,5% ,15 SPACEFOX ,9% ,32 TIGUAN 118 0,2% ,09 VOYAGE ,4% ,59 Subtotal ,0% ,28 O T H E R 360 R$ 0,3% R$ ,62 0,3% R$ R$ ,54 R$ R$ ,52 R$ R$ ,64 R$ R$ ,74 R$ R$ ,79 R$ 0,3% R$ ,85 0,3% R$ R$ ,72 R$ 2,4% R$ ,13 2,4% R$ 0,2% R$ ,40 0,2% R$ 3,4% R$ ,30 3,4% R$ 18,6% R$ ,49 18,6% R$ 33,8% R$ ,73 33,8% R$ 2,2% R$ ,40 2,2% R$ 2,4% R$ ,58 2,4% R$ 2,8% R$ ,04 2,8% R$ R$ 547,31 R$ 0,1% R$ ,78 0,1% R$ 0,4% R$ ,20 0,4% R$ 0,2% R$ ,69 0,2% R$ R$ 4.342,91 R$ 1,2% R$ ,21 1,2% R$ R$ ,40 R$ 1,9% R$ ,86 1,9% R$ R$ ,00 R$ 5,7% R$ ,89 5,7% R$ 0,7% R$ ,25 0,7% R$ 4,1% R$ ,86 4,1% R$ 0,4% R$ ,76 0,4% R$ 5,1% R$ ,47 13,9% R$ 85,8% R$ ,38 94,6% Non VW Group Vehicles OTHER ,8% R$ ,84 5,1% R$ ,69 5,1% Subtotal ,8% R$ ,84 5,1% R$ ,69 5,1% Total R$ ,25 10 R$ ,

25 10/8/2012 Period: 1/60 Period No.: 1 Pool Information VIII. - Geographic Distribution State Number of Contracts % of Contracts # AC 269 0,5% ,86 # AL 682 1,4% ,07 # AM 549 1,1% ,39 # AP 103 0,2% ,84 # BA ,2% ,87 # CE ,9% ,72 # DF 830 1,7% ,68 # ES 940 1,9% ,31 # GO ,0% ,00 # MA 596 1,2% ,08 # MG ,8% ,95 # MS 733 1,5% ,64 # MT 724 1,5% ,67 # PA ,1% ,88 # PB 634 1,3% ,90 # PE ,8% ,11 # PI 503 1,0% ,61 # PR ,0% ,52 # RJ ,2% ,83 RN 576 1,2% ,68 RO 473 1,0% ,04 RR 148 0,3% ,15 RS ,4% ,12 SC ,0% ,92 SE 489 1,0% ,05 SP ,5% ,04 TO 261 0,5% ,32 Total , R$ 0,6% R$ ,97 0,6% R$ 1,4% R$ ,96 1,4% R$ 1,3% R$ ,25 1,3% R$ 0,3% R$ ,65 0,3% R$ 5,0% R$ ,11 5,0% R$ 2,9% R$ ,42 2,9% R$ 1,9% R$ ,20 1,9% R$ 1,7% R$ ,81 1,7% R$ 5,1% R$ ,50 5,1% R$ 1,3% R$ ,40 1,3% R$ 8,8% R$ ,31 8,8% R$ 1,4% R$ ,17 1,4% R$ 1,6% R$ ,03 1,6% R$ 2,2% R$ ,61 2,2% R$ 1,3% R$ ,77 1,3% R$ 3,8% R$ ,91 3,8% R$ 1,0% R$ ,52 1,0% R$ 7,9% R$ ,54 7,9% R$ 7,3% R$ ,27 7,3% R$ 1,1% R$ ,91 1,1% R$ 1,0% R$ ,29 1,0% R$ 0,4% R$ ,43 0,4% R$ 7,4% R$ ,41 7,4% R$ 6,9% R$ ,29 6,9% R$ 1,0% R$ ,33 1,0% R$ 25,0% R$ ,34 25,0% R$ 0,6% R$ ,52 0,6% R$ 10 R$ ,92 10 RR [0,4%] AP [0,3%] AC [0,6%] AM [1,3%] RO [1,0%] MT MS PA MA CE [2,2%] [1,3%] PI [1,0%] TO [0,6%] BA [5,0%] [1,6%] DF [1,9%] GO [5,1%] MG [8,8%] [1,4%] SP [25,0%] PR RJ [7,9%] RN [1,1%] [2,9%] PB [1,3%] PE [3,8%] AL [1,4%] SE [1,0%] ES [1,7%] [7,3%] RS [7,4%] SC [6,9%] 25

26 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. Installments 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. Month-End: Present Value of the portfolio at each month-end closing (considering the discount rate used for the deal and the 360-day convention). 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 Discounted Principal, 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. Pool-Cut: Present Value: Recoveries: Swap: Present Value of the portfolio as of 07/17/2012 (considering the discount rate used for the deal and the 360-day 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. 26