Banco Volkswagen S.A. Banco Volkswagen S.A. Banco Volkswagen S.A. Treasury - ABS Operations Rua Volkswagen, 291-2º andar São Paulo Brasil

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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, 291-2º 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 IMPORTANT NOTICE to Investors: With effect from 11 May 2016 Moody s has upgraded Driver Brazil one s Mezanine quotas from A1.br(sf) to Aa3.br(sf). 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

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 Overview Outstanding Contracts 13 Late Delinquency / Performance Trigger 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 and Original Discounted 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 Pool Information VIII. - Geographic Distribution 26 Pool Information IX. - Distribution by Motor Type 27 Glossary 2

3 Deal Overview Cut Off Date: 17/7/2012 Issue Date: 12/7/2012 Legal Maturity Date: July 2017 Reporting period: 46/60 Reporting date: 23 Reporting Frequency: monthly Payment date: 6/4/2016 Next payment date: 5/5/2016 Asset collection period: 1/4/2016 until 30/4/2016 Interest Accrual Period: 4/3/2016 until 6/4/2016 Days accrued: 23 Quota Payment Period: 4/3/2016 until 6/4/2016 Pool Information at Pool-Cut Number of Contracts Principal (Pool- Cut) Outstanding Pool , ,84 Type of Car % of Contracts (Pool- % of Principal Cut) (Pool-Cut) New 87,6% ,26 89,9% ,86 89,9% Used 12,4% ,83 10,1% ,98 10,1% Total , ,84 3

4 Deal Overview: Counterparties I. Lead Manager: Name BEM DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS LTDA Rating Moody s S & P Long Term Outlook Long Term Outlook Cidade de Deus Aaa.br Stable braa+ Negative Bairro Vila Yara - 4º andar Osasco - São Paulo Brazil Accounts: Cash Collateral Banco Bradesco S.A. Aaa.br Stable braa+ Negative Distribution Cidade de Deus Monthly Collateral Bairro vila Yara - 4º andar Osasco - São Paulo Brazil Paying Agent: n.a. n.a. braa+ Negative Treasury - ABS Operations Rua Volkswagen, 291 São Paulo Brazil Swap Counterparty: IBBA Aaa.br Stable braa+ Negative 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 joao.daher@moodys.com daniela.jayesuria@moodys.com Standard & Poors Brasil Avenida Brigadeiro Faria Lima, º andar São Paulo Brazil leandro.albuquerque@standardandpoors.com hebbertt.soares@standardandpoors.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 A1 Prime-1 Negative BBB+ A-2 Negative 5 *Rating last updated on 06/11/2015 **Rating last updated on 01/12/2015

6 Information regarding the Quotas I. Rating Details: Senior Quota Mezzanine Quota Rating at Issue Date Moody's (Preliminary) Aaa.br A1.br Standard & Poors braaa bra+ Current Rating Moody's Aaa.br Aa3.br Standard & Poors braaa braaa Information on Quotas Senior Quota Mezzanine Quota Final Maturity Date July 2017 July 2017 Scheduled Repayment Date: Monthly Monthly ISIN: BRDRIVCTF005 BRDRIVCTF013 Nominal Amount: , ,00 Quantity Information on Interest Senior Quota Mezzanine Quota Spread/Margin: 125 bps 205 bps Index Rate: CDI CDI Fixed/ Floating: Floating Floating Current Coupon: CDI bps CDI bps 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 less 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: April 2016 Payment Date: 6/4/2016 Interest Accrual Period (from/until): 4/3/2016 6/4/2016 Days Accrued: 23 Index Rate as of Month End: 14,13% BRL Day Count Convention: actual/252 Interest Payments Senior Quota Mezzanine Quota Total Interest Amount: , ,84 Principal Payment Senior Quota Mezzanine Quota Quota (Cut Off Date): , ,00 Quota (Beginning of Period): , ,00 Quota (End of Period): , ,00 Total Principal Amount ,00 - Cashflow per Quota Senior Quota Mezzanine Quota Interest Payment: 4,48 32,46 Principal Payment: 143,49 - Total Cashflow per Quota: 147,97 32,46 Overcollateralisation Senior Quota Mezzanine Quota Initial OC Percentage at Poolcut 12,42% 6,92% Current OC Percentage 65,87% 41,05% Target OC Percentage 15,50% 8,50% 7

8 Credit Enhancement Credit Pool-Cut Principal (%) Value Mezanine Quota 5,50% ,00 Subordinated Quota 8,51% ,00 Overcollateralization 14,01% ,00 Cash Collateral Account 1,00% ,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 , ,00 Underlying Principal for Reporting Period , ,00 Paying Leg Receiving Leg Fix Interest Rate Floating Interest Rate Net Swap payments/ Receipts Waterfall Remaining from Previous Period - Available Distribution Amount plus ,52 Fees less (62.231,68) Net Swap Payments less ,82 Interest Senior Quota less ( ,37) Interest Mezzanine Quota less (71.416,84) Payment to Cash Collateral Account less ( ,32) Redemption Senior Quota less ( ,00) Redemption Mezzanine Quota less - Redemption Subordinated Quota less - Remaining Amount Due to Rounding less (250,12) Remaining from Current Period 0,00 9

10 Run Out Schedule At the end of Reporting Period 31/03/2016 At the end of Reporting Period 30/04/2016 Payment Period ABS Remaining Nominal Outstanding ABS Remaining Payment Interest Period ABS Remaining Nominal ABS Remaining Interest Arrears , , , ,60 Arrears , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,52 # , , , , , ,45 # , , , , , ,26 # , , , , , ,11 # , , , , ,89 13,78 # ,89 13, , ,01 # Principal , , , , , , , , , , , , , , , , , , , , , , , , , , , ,35 Total , , , ,68 Total , , , ,11 10

11 Amortisation Profile Period Senior Quota Mezzanine Quota , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,18 23/5/ EXPECTED AMORTISATION ( MM) Senior Quota Mezzanine Quota 11

12 Overview Outstanding Contracts Development of Pool within Reporting Period Status Number of contracts Principal Ov Begin of Period , ,68 Ov End of Period , ,11 Periodic reduction , ,57 Walk between prior Begin vs End of Period Status 512 Early Settlement 120 Renegotiation 2 End of Term 366 Write Off / Write Down 24 Status of Contracts Pool at Poolcut Current Total Status Number of Contracts Principal (Pool- Cut) , , , ,84 Pool at the Beginning of Period Pool at the End of Period Status Number of Number of Contracts Principal Contracts Principal 1 Current , , , ,89 4 Early Settlement Delinquent , , , ,22 Write Off End of Term Renegotiation Total , , , ,11 12

13 Late Delinquency / Performance Trigger Relevant Pool-Cut Data Number of Contracts Outstanding ,09 Cumulative Late Delinquencies Begin of Period Late Delinquencies End of Period Cumulative Late Delinquency Ratio Cumulative Late Delinquency as percentage of at Pool-Cut () Principal (at Late Delinquency) Principal (in Arrears) , , , , ,42 3,6978% Performance Triggers A Targeted Quota was implemented to assure on a monthly basis that no cash is paid to lower steps in the waterfall unless 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? Yes Level 2 Cumulative Late Delinquencies do not amount to 7,4% for any Payment Date No Performance Pool vis-a-vis Triggers Cumulative Late Delinquency (in %) 10% 5% 0% 0% 0% 0% 0,2% 0,6% 1,0% 1,6% 2,2% 2,5% 2,7% 2,9% 3,1% 3,1% 3,2% 3,3% 3,6% 3,6% 3,7% 3,7% 3,7% 3,7% 3,7% Cumulative Late Delinquency Ratio Level 1 Level 2 13

14 Delinquent Contracts Relevant Pool-Cut Data Number of Contracts Principal ,09 Delinquency Profile Number of Contracts % of Contracts Principal in % of Arrears 22,0% 8,6% 6,0% 4,8% 4,3% 3,1% 41,7% 6,5% 2,2% 0,8% from 1-14 days ,0% ,68 from days ,0% ,87 from days 80 5,9% ,26 from days 45 3,3% ,33 from days 40 3,0% ,19 from days 24 1,8% ,09 from days ,3% ,98 from days 39 2,9% ,68 from days 17 1,3% ,29 More than 1080 days 8 0,6% ,53 Total ,90 Delinquency Performance - Historical Data (by bucket) 1 to to to to to to to to to to 1080 > ,0% 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% 14

15 Future Contracts Maturiy Profile Number of Contracts % of Contracts Principal Percentage of (%) (Month- End) 360 from 1-14 days 266 6,9% ,27 3,1% ,60 3,2% from days 214 5,5% ,55 1,1% ,86 1,1% from days 179 4,6% ,58 1,5% ,61 1,5% from days 293 7,6% ,68 3,7% ,41 3,7% from days 264 6,8% ,55 4,3% ,16 4,3% from days 318 8,2% ,94 6,3% ,11 6,3% from days 327 8,5% ,19 7,5% ,19 7,5% from days ,2% ,30 67,9% ,52 67,8% from days 103 2,7% ,45 4,7% ,65 4,7% Total , ,11 Portfolio s Days to Maturity (by bucket) 90,0% 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% 1 to to to to to to to to to 1080 >

16 Recovery Contracts Relevant Pool-Cut Data Number of Contracts Outstanding Nominal ,75 Recoveries - after Write Off ** (+) Outstanding Nominal at Day of Write Off , ,66 (-) Prior Transactions/ Negotiations (-) Recoveries for Current Period (-) Discounts for Current Period (=) Current Outstanding Nominal ( ,75) ( ,60) ( ,95) ,36 ( ,75) ( ,60) ( ,95) ,36 ** This table exclusively covers contracts with the Status Write off 16

17 /5/2016 Prepayments Relevant Pool-Cut Data Number of Contracts Outstanding ,09 Calendar Year/Month Number of Contracts Initial Discounted Principal % Prepayments (Nr. Of Contracts) % Prepayments (Amount) ,40 1% 0% ,10 2% 1% ,23 2% 2% ,40 3% 3% ,50 4% 4% ,47 6% 4% ,13 7% 5% ,06 7% 6% ,90 8% 7% ,99 9% 8% ,56 10% 9% ,45 11% 10% ,03 12% 11% ,79 13% 12% ,82 14% 13% ,70 15% 14% ,31 16% 14% ,40 17% 16% ,22 18% 17% ,03 19% 18% ,34 20% 19% ,29 21% 20% ,05 22% 22% ,34 23% 23% ,42 24% 24% ,85 25% 25% ,97 26% 26% ,88 27% 27% ,77 28% 29% ,50 29% 30% ,62 30% 31% ,86 30% 32% ,76 31% 33% ,04 32% 33% ,71 32% 34% ,12 33% 35% ,31 33% 35% ,36 34% 36% ,35 34% 37% ,42 35% 37% ,42 35% 38% ,08 35% 39% ,67 36% 39% ,46 36% 39% ,40 36% 40% ,78 36% 40% 40,0% 30,0% 20,0% 10,0% 0,0% PREPAYMENTS (NR. CONTRACTS) 40,0% 30,0% 20,0% 10,0% 0,0% PREPAYMENTS (AMOUNT) * This table covers contracts with the Status "Early Settlement" and "Renegotiation" 17

18 Pool Information I. - Make: New, Used Cars AUDI New or Used Cars Number of Contracts % of Contracts Principal 360 A New Cars 1 100,00% 5.441,35 100,00% 5.453,87 100,00% Total , ,87 VW New or Used Cars Number of Contracts % of Contracts Principal 360 V New Cars ,75% ,38 92,38% ,48 92,36% V Used Cars 299 8,25% ,76 7,62% ,46 7,64% Total , ,94 OTHER New or Used Cars Number of Contracts % of Contracts Principal 360 O New Cars 51 21,16% ,46 29,74% ,49 29,67% O Used Cars ,84% ,56 70,26% ,81 70,33% Total , ,30 TOTAL New or Used Cars Number of Contracts % of Contracts Principal 360 O New Cars ,36% ,19 88,59% ,84 88,56% O Used Cars ,64% ,32 11,41% ,27 11,44% Total , ,11 18

19 Pool Information II. - Downpayments, Customer Type and Type of Payment Downpayments Downpayment Number of Contracts % of Contracts Outstanding 0 < 2500, ,6% , ,01 < 5000, ,9% , ,01 < 7500, ,4% , ,01 < 10000, ,1% , ,01 < 12500, ,1% , ,01 < 15000, ,2% , ,01 < 17500, ,5% , ,01 < 20000, ,5% , ,01 < 22500, ,3% , ,01 < 25000, ,4% , ,01 < 27500, ,6% , ,01 < 30000, ,5% , ,01 < 32500, ,3% , ,01 < 35000,00 5 0,1% , ,01 < 37500,00 2 0,1% , ,00 < 40000,00 2 0,1% ,30 > 40000, ,4% ,18 Total ,51 % Downpayment / Purchase Price ,9% 0,8% ,97 29,9% 11,8% 12,9% ,59 11,8% 10,9% 20,0% ,43 10,9% 13,6% 26,2% ,51 13,7% 7,4% 32,7% ,79 7,4% 10,2% 39,6% ,46 10,2% 7,4% 42,4% ,81 7,4% 4,1% 46,8% ,30 4,0% 1,7% 48,4% ,50 1,7% 1,0% 50,6% ,84 0,9% 0,5% 50,8% ,28 0,5% 0,5% 46,1% ,55 0,5% 0,2% 49,0% ,11 0,2% 0,1% 51,9% ,34 0,1% 0,1% 51,4% ,58 0,1% 0,1% 56,8% ,95 0,1% 0,6% 51,6% ,10 0,6% 26,3% ,11 Statistics Minimum Down Payment Maximum Down Payment Weighted Average Down Payment (Customers who did Down Payment) Weighted Average Down Payment , , ,33 Customer Type Customer Type Number of Contracts % of Contracts Outstanding Individuals ,7% ,90 Company 244 6,3% ,61 Total , ,8% ,30 92,8% 7,2% ,81 7,2% ,11 19

20 Pool Information III. - Customer Concentration Top 20 Customers Number Number of Contracts % of Contracts Outstanding 1 1 0,026% , ,078% , ,026% , ,078% , ,026% , ,026% , ,026% , ,026% , ,026% , ,026% , ,026% , ,026% , ,026% , ,026% , ,026% , ,026% , ,026% , ,026% , ,026% , ,026% ,10 Total 24 0,6205% , ,1385% ,65 0,1453% 0,1324% ,75 0,1384% 0,1232% ,07 0,1284% 0,1222% ,27 0,1293% 0,1136% ,08 0,1199% 0,1133% ,02 0,1213% 0,1121% ,58 0,1185% 0,1058% ,50 0,1126% 0,1055% ,50 0,1092% 0,1029% ,61 0,1090% 0,0968% ,32 0,0956% 0,0954% ,93 0,0971% 0,0895% ,51 0,0949% 0,0895% ,06 0,0948% 0,0895% ,28 0,0946% 0,0893% ,35 0,0951% 0,0888% ,87 0,0892% 0,0886% ,86 0,0931% 0,0878% ,30 0,0868% 0,0876% ,59 0,0873% 2,0722% ,10 2,1605% 20

21 Pool Information IV. - Distribution by and Original Discounted Distribution by Outstanding Distribution by Outstanding Number of Contracts % of Contracts Principal < = 5000, ,8% ,53 27,8% ,17 27,7% , , ,4% ,37 50,8% ,06 50,7% , , ,6% ,99 17,3% ,80 17,5% , , ,0% ,99 3,1% ,07 3,2% , ,00 7 0,2% ,20 0,8% ,36 0,8% , ,00 1 0,0% ,43 0,1% ,65 0,1% Total , ,11 Statistics Minimum Outstanding 0,01 Maximum Outstanding ,43 Average Outstanding 5.186,72 Distribution by Original Distribution by Original Discounted Principal Number of Contracts % of Contracts Principal (Pool- Cut) 360 (Pool-Cut) 1 0, ,00 9 0,2% ,04 0,1% 7.881,43 0,0% , , ,2% ,37 1,3% ,03 0,6% , , ,4% ,97 5,6% ,92 2,8% , , ,0% ,53 19,6% ,76 9,8% , , ,3% ,27 24,7% ,07 12,3% , , ,4% ,76 31,7% ,14 15,9% 7 > , ,5% ,08 117,1% ,91 58,6% Total ,0% ,02 200,0% ,26 Statistics Minimum Original Nominal Maximum Original Nominal Average Original Nominal 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 Outstanding > 10,0 <= 12,5 % 8 0,2% ,29 > 12,5 <= 15,0 % 24 0,6% ,04 >15,0 <= 17,5 % 212 5,5% ,01 > 17,5 <= 20,0 % ,3% ,21 > 20,0 <= 22,5 % ,0% ,85 > 22,5 <= 25,0 % ,7% ,87 > 25, ,6% ,24 Total , ,2% ,97 0,2% 0,7% ,08 0,6% 3,8% ,17 3,7% 18,9% ,19 18,9% 39,4% ,07 39,4% 25,6% ,22 25,6% 11,5% ,41 11,6% ,11 Statistics Minimum Interest Rate Maximum Interest Rate Weighted Average Interest Rate 10,8% 32,5% 21,79% 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 Outstanding ,9% ,11 1,6% ,38 1,6% ,1% ,40 98,4% ,73 98,4% Total , ,11 Statistics Minimum Original Term in monthly instalments Maximum Original Term in monthly instalments Weighted Average Original Term in monthly instalments ,8 Distribution by Remaining Term Lenght of Remaining Term (monthly instalments) Number of Contracts % of Contracts Outstanding 360 # ,9% ,38 86,6% ,99 86,2% ,1% ,82 13,3% ,10 13,7% ,0% ,31 0,1% ,02 0,1% Total , ,11 Statistics Minimum Remaining Term in monthly installments Maximum Remaining Term in monthly installments Weighted Average Remaining Term in monthly instalments ,4 Distribution by Seasoning Term Seasoning (monthly instalments) Number of Contracts % of Contracts Outstanding ,0% ,31 0,1% ,02 0,1% ,7% ,94 27,8% ,20 28,2% ,3% ,26 72,1% ,89 71,6% Total , ,11 Statistics Minimum Seasoning Term in monthly installments Maximum Seasoning Term in monthly installments Weighted Average Seasoning Term in monthly instalments ,4 23

24 Pool Information VII. - Distribution by Vehicle Makes and Models Make Model Number of Contracts % of Contracts Principal 360 A1 Audi A1 1 0,03% 5.441,35 0,03% 5.453,87 0,03% A2 A3 0 0,00% - 0,00% - 0,00% Subtotal 1 0,0% 5.441,35 0,0% 5.453,87 0,0% OX VW AMAROK 22 0,57% ,99 0,88% ,47 0,87% LO BORA 1 0,03% 8.306,14 0,04% 8.377,96 0,04% LF CROSSFOX 71 1,84% ,25 2,49% ,64 2,49% RA FOX ,58% ,73 19,25% ,73 19,20% TA GOL ,33% ,33 40,34% ,62 40,34% AT GOLF 26 0,67% ,09 1,18% ,00 1,20% OS JETTA 21 0,54% ,62 0,99% ,95 1,00% LE KOMBI 12 0,31% ,82 0,24% ,78 0,24% AN NEW BEETLE 0 0,00% - 0,00% - 0,00% AN PARATI 5 0,13% ,85 0,11% ,22 0,11% EG PASSAT 0 0,00% - 0,00% - 0,00% ON POLO 24 0,62% ,49 0,76% ,20 0,76% DY POLO CLASSIC 0 0,00% - 0,00% - 0,00% T5 POLO SEDAN 43 1,11% ,91 1,49% ,35 1,49% LT SANTANA 0 0,00% - 0,00% - 0,00% OK SAVEIRO 148 3,83% ,69 4,38% ,68 4,41% CO SPACECROSS 13 0,34% ,62 0,60% ,71 0,60% AN SPACEFOX 108 2,79% ,44 3,70% ,48 3,70% W TIGUAN 0 0,00% - 0,00% - 0,00% UP 0 0,00% - 0,00% - 0,00% VOYAGE ,06% ,17 17,44% ,15 17,46% Subtotal ,7% ,14 93,9% ,94 93,9% O T H Non VW Group Vehicles OTHER BRANDS 241 6,23% ,02 6,05% ,30 6,07% E R Subtotal 241 6,2% ,02 6,1% ,30 6,1% Total , ,11 24

25 Pool Information VIII. - Geographic Distribution State Number of Contracts % of Contracts Outstanding 360 # AC 22 0,6% ,76 0,7% ,43 0,7% # AL 42 1,1% ,58 0,9% ,58 0,9% # AM 69 1,8% ,85 2,6% ,69 2,6% # AP 14 0,4% ,89 0,6% ,54 0,6% # BA 177 4,6% ,80 4,5% ,94 4,5% # CE 116 3,0% ,14 3,0% ,49 3,0% # DF 88 2,3% ,69 2,4% ,12 2,4% # ES 70 1,8% ,51 1,7% ,95 1,7% # GO 192 5,0% ,27 4,7% ,62 4,7% # MA 55 1,4% ,81 1,7% ,85 1,7% # MG 373 9,6% ,72 8,9% ,02 8,9% # MS 58 1,5% ,77 1,4% ,23 1,4% # MT 83 2,1% ,32 2,6% ,15 2,7% # PA 45 1,2% ,04 1,4% ,33 1,4% # PB 56 1,4% ,87 1,5% ,61 1,5% # PE 161 4,2% ,32 4,0% ,98 4,0% # PI 43 1,1% ,90 1,2% ,97 1,1% # PR 332 8,6% ,24 8,2% ,18 8,2% # RJ 279 7,2% ,25 7,4% ,46 7,4% RN 41 1,1% ,06 0,9% ,69 0,9% RO 38 1,0% ,76 1,1% ,64 1,1% RR 22 0,6% ,85 0,6% ,64 0,6% RS 260 6,7% ,05 5,9% ,79 5,8% SC 263 6,8% ,43 6,4% ,47 6,4% SE 36 0,9% ,08 0,8% ,54 0,8% SP ,4% ,66 24,3% ,70 24,3% TO 26 0,7% ,89 0,7% ,50 0,7% Total , ,11 25

26 Pool Information IX. - Distribution by Motor Type EA189 Engine status Number of Contracts % of Contracts Outstanding # EA189 Engine 25 0,6% ,56 2,0% # Others ,4% ,95 98,0% Total ,51 25

27 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. Contracts 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: Outstanding : 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