VCL Master Netherlands

Transcription

1 Deal name: Issuer: Originator of the receivables: Seller of the receivables: Servicer name: SubServicer name: Reporting entity: VCL Master Netherlands VCL Master Netherlands B.V. Prins Bernhardplein JB Amsterdam The Netherlands Telefax: +31 (0) Volkswagen Leasing B.V. DutchLease B.V. Volkswagen Leasing B.V. DutchLease B.V. Volkswagen Leasing B.V. DutchLease B.V. Volkswagen Pon Financial Services B.V. Volkswagen Pon Financial Services B.V. ABS Operations Saturnus ME Amersfoort The Netherlands Contact: Phone: + 31 (33) Phone: + 31 (33) absoperations@vwpfs.nl Corporate service provider: Intertrust (Netherlands) B.V. Prins Bernhardplein JB Amsterdam The Netherlands Telefax: +31 (0) securitisation@intertrustgroup.com Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

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 Cash collateral account 11 Swap fixing / Waterfall 12 Retention 13 Amortisation profile I 14 Amortisation profile II 15 Run out schedule I 16 Run out schedule II Delinquencies & defaults I 19 Delinquencies & defaults II 20 Delinquencies & defaults III 21 WriteOffs 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 Lease level data Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

3 Reporting details Deal overview CutOffDate Scheduled date of CleanUp Call Legal final maturity date Issue date Period no.: Reporting frequency: Next payment date: Publication date: n.a. Payment date: Reporting date: Asset collection period: 24 Interest accrual period Monthly Note payment period: Days accrued: (18th of each month) (25th of each month) (last day of each month) from until from until from until at pool cut Percentage outstanding New cars ,62% ,74 96,01% Used cars 746 5,38% ,13 3,99% Total ,00% ,87 100,00% Volkswagen PON Financial Services B.V. ABS Operations +31 (0) / 32

4 Parties overview Issuer: VCL Master Netherlands B.V. Lead Manager ING Bank N.V. Attn.: Directors Attn.: MJH Henzen/ S de Visser / TRC Prins Bernhardplein 200 Foppingadreef JB Amsterdam NL1000 BV Amsterdam The Netherlands The Netherlands Telefax: +31 (0) Telephone: securitisation@intertrustgroup.com mathijs.henzen@ingbank.com CoArranger: Volkswagen Financial Services AG CoArranger: ING Bank N.V. Attn.: Heiko Wiegmann, Dr. Dmitriy Ostapenko Attn.: MJH Henzen/ S de Visser / TRC Gifhorner Strasse 57 Foppingadreef Braunschweig NL1000 BV Amsterdam Germany The Netherlands Telefax: +49 (531) , +49 (531) Telephone: heiko.wiegmann@vwfs.com, dmitriy.ostapenko@vwfs.com mathijs.henzen@ingbank.com Principal Paying Agent, Calculation Agent, Interest Determination Agent, Account Bank and Cash Administrator Elavon Financial Services Limited, UK Branch Security Trustee Stichting Security Trustee VCL Master Netherlands Attn.: Structures Finance Relationship Management Attn.: Director 5th Floor, 125 Old Broad Street Prins Bernhardplein 200 London EC2N 1AR 1097 JB Amsterdam United Kingdom The Netherlands Telefax: Telefax: +31 (0) mbs.relationship.management@usbank.com securitisation@intertrustgroup.com Listing Agent Lucid Issuer Services Limited Registrar Elavon Financial Services Limited Attn.: Jackie Geisen Attn.: Structured Finance Agency Services Tankerton Works Block E, Cherrywood Business Park 12 Argyle Walk Loughlinstown, Dublin London WC1H 8HA Ireland United Kingdom Telefax: +353 (1) jgeisen@lucidis.com mbs.relationship.management@usbank.com Subservicer: Volkswagen Pon Financial Services B.V. Swap counterparty: ING Bank N.V. Attn.: ABS Operations Attn.: MJH Henzen/ S de Visser / TRC Saturnus 1 Foppingadreef ME Amersfoort NL1000 BV Amsterdam The Netherlands The Netherlands Telefax: +31 (0) Telephone: absoperations@vwpfs.nl mathijs.henzen@ingbank.com Sellers, Servicers, Call Option Buyers, Issuer Facility Borrowers: Volkswagen Leasing B.V. Rating agencies: DBRS Ratings Limited Attn.: ABS Operations Attn.: Alexander Garrod Saturnus 1 1 Minister court, 10th Floor Mincing Lane 3824 ME Amersfoort London, EC3R 7AA The Netherlands United Kingdom Telefax: +31 (0) Telefax: absoperations@vwpfs.nl EU.ABS.Surveillance@dbrs.com Moody's Investors Service Ltd. DutchLease B.V. One Canada Square Attn.: ABS Operations Canary Wharf Saturnus 1 London E14 5FA 3824 ME Amersfoort United Kingdom The Netherlands monitor.abs@moodys.com Telefax: +31 (0) absoperations@vwpfs.nl Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

5 Transaction events I Cleanupcall CleanUpCall condition current outstanding portfolio Min. outstanding portfolio 266,94% 10,00% *N.B. This percentage may become greater 100% whenever the current total outstanding is larger than the initial as of initial CutOffDate. Fulfilled when the aggregate Balance is less than 10,00% of the initial as of initial CutOff date provided that all payment obligations under the Compartment 1 notes will be thereby fulfilled. Repurchase of receivables outstanding RePurchase price Current period Previous periods Total If a repurchase of receivables occurred, it would only result from noneligibility as of the respective CutOffDate (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 PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

6 Transaction events II Revolving period Spalte1 Series revolving period expiration date of the last outstanding series of notes Date of occurance of an early amortisation event n.a. Revolving period Accumulation account Amounts not invested for the purchase of additional assets 0,00,00 Percentage not invested for the purchase of additional assets 0,00% 0,00% Dynamic gross loss ratio Ratio > 1,0% > 2,0% ,04672% No No ,05681% No No ,19117% No No Cumulative gross loss ratio Ratio > 2,00% 3,50% 4,50% 5,50% ,33918% No No No No Discounted as of the previous period ,94 Discounted of all initial and additional assets Weighted average seasoning ,72 18,26 Late delinqency ratio 0,00000% Enforcement event Credit enhancement increase condition a) the dynamic gross loss ratio for three consecutive payment dates exceeds (i) if weighted average seasoning is less 12 months (ii) if weighted average seasoning is >= 12 months b) the cumulative gross loss ratio exceeds (i) if weighted average seasoning is less then 12 months (ii) if weighted average seasoning is between 12 (incl.) 24 (incl.) months (iii) if weighted average seasoning is between 24 (excl.) 36 (incl.) months (iv) if weighted average seasoning is > 36 months c) the late delinquency ratio exceeds at any payment date d) the occurence of a servicer replacement event e) the occurence of an insolvency event with respect to VWL/DL f) the cash collateral account does not contain the specified general cash collateral account No Not in effect 1,00% No 2,00% No 2,00% No 3,50% No 4,50% No 5,50% No 2,00% No No No No Early amortisation event (i) Occurence of a foreclosure event (ii) VCL Master accumulation account > 10% of total receivables on two consecutive months (iii) the Credit Enhancement Increase Condition is in effect (iv) In case of default/termination event: failure to replace swap counterparty or failure to post collatereal by swap counterparty (v) Any payment date after six consecutive payment dates following the initial issue date, the sum of Class A Actual Overcollateralisation Percentage is lower than 32,25% or the Class B Actual Overcollateralisation Percentage is lower than 24,75% (vi) Either of the Sellers ceases to be an Affiliate of the Volkswagen AG or any successor thereto (vii) The 403declaration with respect to a Seller is withdrawn by Volkswagen Pon Financial Services B.V. by depositing a declarartion to this effect with the Trade Register of the Chamber of Commerce unless Volkswagen Pon Financial B.V. has provided to the relevant Seller, no later than 30 Business Days following the depositing of the declaration to this effect, replacement security by other means in form and substance sufficient to the Issuer and the Issuer and the Security Trustee (which may, at the sole discretion of Volkswagen Pon Financial Services B.V., take the form of a guarantee or any other form. No No No No No No No No Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

7 Transaction events III Account bank Elavon Financial Services Limited UK branch Long term Moody's Short term Outlook Long term* DBRS Short term Outlook Current rating Aa2 P1 Stable *AA R1 (middle) Stable Minimum required rating P1 A A1 * if no such rating assigned, a DBRS Equivalent Rating ** if not subject to shortterm rating, long term rating of account bank ceases the account bank rating it shall, at its If the to have required own cost, at least A+ (i) procure transfer of the accounts held with it to an Eligible Collateral Bank which is to be appointed by the Issuer once selected by the Account Bank, or (ii) find an irrevocable and unconditional guarantor providing the guarantee from an entity with Account Bank Required Rating, or (iii) take any other action in order to maintain the rating of the Notes or to restore the rating of the Notes. (Please refer to the prospectus for a complete description of the mechanism) Required rating: Fulfilled Swap counterparty ING Bank NV Long term Moody's Short term Outlook Long term DBRS Short term Outlook Current rating Aa3 P1 Stable AA (Low) R1 (middle) Stable Minimum required rating Baa1 A * and either posts collateral or obtains garuantee from a person having minimum required rating If the swap counterparty ceases to maintain its credit rating at the miniumum required rating, the swap counterparty: (i) posts an amount of collateral (in the form of cash and/or securities) as set forth in the Swap Agreement; or (ii) obtains a guaranty from an instituton with an acceptable ratng; or (iii) assigns its rights and obligations under the relevant Swap Agreement to a substitute swap counterparty with an acceptable rating. (Please refer to the prospectus for a complete description of the mechanism) Required rating: Fulfilled Moody's DBRS Volkswagen AG Long term Short term Outlook Long term Short term Outlook Current rating A3 P2 Negative BBB (high) Negative Minimum required rating BBB(high) Required rating: Fulfilled Moody's DBRS Volkswagen Financial Services AG Long term Short term Outlook Long term Short term Outlook Current rating A3 P2 Negative Minimum required rating Baa1 Required rating: Fulfilled Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

8 Information regarding the notes I Rating at issue date Series A Series A Series A Series A Series A Series A Series B Series B Moody's Aaa (sf) Aaa (sf) Aaa (sf) Aaa (sf) Aaa (sf) Aaa (sf) Aa1 (sf) Aa1 (sf) DBRS AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) A (high) (sf) A (high) (sf) Current rating Series A Series A Series A Series A Series A Series A Series B Series B Kolom1 Kolom2 Moody's Aaa (sf) Aaa (sf) Aaa (sf) Aaa (sf) Aaa (sf) Aaa (sf) Aa1 (sf) Aa1 (sf) DBRS AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) A (high) (sf) A (high) (sf) Information on notes Series A Series A Series A Series A Series A Series A Series B Series B ISIN XS XS XS XS XS XS XS XS Common code Original face value , , , , , , , ,00 Spread / Margin 0,400% 0,400% 0,400% 0,400% 0,400% 0,400% 0,800% 0,800% Current coupon 0,028% 0,028% 0,028% 0,028% 0,028% 0,028% 0,428% 0,428% Information on notes Class ASeries Class BSeries Legal final maturity date nov24 nov24 Fixed/Floating floating floating Day count convention actual/360 actual/360 rate (1MonthEuribor) 0,372% 0,372% Class A Notes Class B Notes Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

9 Information regarding the notes II Monthly period: Payment date: Interest accrual period (from/until) Days accrued rate Base interest rate: Day count convention until Month Euribor 0,3720% actual/360 Class A Notes Class B Notes Interest payments Total Class A and B Series A Series A Series A Series A Series A Series A Total Class A Series B Series B Total Class B Note ,00, , , , , , , , , ,00 Paid interest ,01 0,02.583,01.719,67 863, ,01.719, , , , ,34 Unpaid Interest Spalte1 Kolom28 Kolom29 Kolom30 Kolom31 Kolom32 Kolom1 Kolom20 Kolom16 Kolom17 Kolom27 Unpaid interest of the reporting period 0,00,00,00,00,00,00,00,00,00,00,00 Cumulative unpaid interest 0,00,00,00,00,00,00,00,00,00,00,00 Note Class A Kolom28 Kolom29 Kolom30 Kolom31 Kolom32 Kolom1 Kolom20 Kolom16 Kolom17 Kolom27 Note as of the beginning of the period ,00, , , , , , , , , ,00 Additional issue amount 0,00,00,00,00,00,00,00,00,00,00,00 Redemption amount due to amortizing series 0,00,00,00,00,00,00,00,00,00,00,00 Term take out redemption 0,00,00,00,00,00,00,00,00,00,00,00 Class as of the end of the period ,00, , , , , , , , , ,00 Payments to Investors per note Class A Kolom28 Kolom29 Kolom30 Kolom31 Kolom32 Kolom1 Kolom20 Kolom16 Kolom17 Kolom27 Interest 2,33 2,33 2,33 2,33 2,33 2,33 35,67 35,67 Principal repayment by note 0,00,00,00,00,00,00,00,00 Total 2,33 2,33 2,33 2,33 2,33 2,33 0,00,00 Notes Spalte2 Kolom28 Kolom29 Kolom30 Kolom31 Kolom32 Kolom1 Kolom20 Kolom16 Kolom17 Kolom27 notes as of the beginning of the period Increase of outstanding notes from tapup Reduction of outstanding notes from term take out notes as of the end of the period Face value per note , , , , , , , , , ,00 Balance per note , , , , , , , , , ,00 Note factor 1, , , , , , , , , , Overcollateralisation Class A Kolom28 Kolom29 Kolom30 Kolom31 Kolom32 Kolom1 Kolom20 Kolom16 Kolom17 Kolom27 Current OC amount (before TU / TTO) 0, , , , , , , , , ,99 Current OC percentage (before TU / TTO) 31,8123% 31,8123% 31,8123% 31,8123% 31,8123% 31,8123% 31,8123% 23,6740% 23,6740% 23,6740% Target OC percentage (revolving period/ amortising period) 34% / 43% 34% / 43% 34% / 43% 34% / 43% 34% / 43% 34% / 43% 34% / 43% 26.5% / 35.5% 26.5% / 35.5% 26.5% / 35.5% Current OC amount (after TU / TTO) 0, , , , , , , , , ,60 Current OC percentage (after TU / TTO) 0,0000% 33,5574% 33,5574% 33,5574% 33,5574% 33,5574% 33,5574% 26,2419% 26,2419% 26,2419% Subordinated loan Balance as of the beginning of the period ,11 Balance increase from tap up 0,00 Redemption payments from term take out 0,00 Regular redemption from waterfall 0,00 Redemption from cash collateral account 0,00 Balance as of the end of the period ,11 Capitalization of interest ,13 O/C Class A Notes Class B Notes Current OC amount (before TU / TTO) , ,99 Current OC percentage (before TU / TTO) 31,8123% 23,6740% Current OC amount (after TU / TTO) , ,60 Current OC percentage (after TU / TTO) 33,5574% 26,2419% Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

10 Credit enhancement Cash collateral account (CCA) in EUR Initial at poolcut ,28 Thereof general cash reserve ,00 Thereof maintenance reserve ,28 Targeted (floor after Top Up) ,40 Thereof general cash reserve ,00 Thereof maintenance reserve ,40 Balance as of the beginning of the period ,56 Thereof general cash reserve ,00 Thereof maintenance reserve ,56 Payments ( ,16) General payment from CCA 0,00 General payment to CCA 0,00 Payment from CCA due to TTO 0,00 Payment to CCA due to tapup 0,00 Payment from CCA due to maintenance reserve ( ,19) Payment to CCA due to maintenance reserve ,62 Payment to CCA due to topup ,41 Balance as of the end of the period ,40 Thereof general cash reserve ,00 Thereof maintenance reserve ,40 General cash reserve in percent of total current note 1,200% Specified general cash collateral amount ,00 Accrued interest 0,00 Set off risk There is no set off risk applicable. Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

11 Swap fixing / Waterfall Amortising interest rate swap Class A Class B Underlying principal for reporting period , ,00 Paying leg Fix interest rate Fix interest rate Receiving leg Floating interest rate Floating interest rate Net swap payments / receipts ( ,33) ( ,07) Available distribution amount calculation Payment to waterfall position Remaining amount (i) Lease Collections, minus (A) amounts credited to the Maintenance Surplus Reserve Ledger and (B) amounts of any Issuer Increase Advance , ,48 (ii) amounts of interest paid or principal repaid under the Issuer Facility Agreement 0, ,48 (iii) Vehicle Realisation Proceeds , ,27 (iv) Lease Incidental Shortfall payments 0, ,27 (vi) payments from the CCA 0, ,27 (vii) amounts debited from the Maintenance Reserve Ledger , ,46 (viii) Maintenance Surplus debited from the Maintenance Reserve Ledger 0, ,46 (ix) Net Swap Receipts 0, ,46 (x) transfers from the Accumulation Account to the Distribution Account 0, ,46 (xi) the Buffer Release Amount ( ,79) ,67 Waterfall Payment to waterfall position Remaining amount Available distribution amount ,67 1) Taxes and Issuer Profit Amount 0, ,67 1.i) Taxes 0, ,67 1.ii) Issuer Profit Amount 0, ,67 2) Senior Maintenance Coordinator Fee ( ,30) ,37 3) Payments in respect of fees I ( ,93) ,43 3.i) Payment to directors of the issuer 0, ,37 3.ii) Servicer Fee Volkswagen Leasing B.V. ( ,08) ,29 Servicer Fee DutchLease B.V. ( ,85) ,43 3.iii) Payment to Maintenance Coordinator Volkswagen Leasing B.V. 0, ,43 Payment to Maintenance Coordinator DutchLease B.V. 0, ,43 3.iv) Payment to Rating Agencies 0, ,43 3.v) Payment to Process Agent 0, ,43 3.vi) Payment to Account Bank 0, ,43 3.vii) Payment to Agents 0, ,43 3.viii) Payment in respect of listing of the notes 0, ,43 3.ix) Payment in respect of auditors' fees and legal counsel fees 0, ,43 3.x) Payment in respect administration costs and expenses 0, ,43 3.xi) Payment to other third parties providing services 0, ,43 4) Net Swap Payments or Swap Termination Payments Series A and B ( ,40) ,03 Net swap payments on series A , ,43 Net swap payments on series A ( ,00) ,43 Net swap payments on series A ( ,33) ,10 Net swap payments on series A ( ,67) ,43 Net swap payments on series A ( ,00) ,43 Net swap payments on series A ( ,33) ,10 Net swap payments on series B ( ,91) ,19 Net swap payments on series B ( 4.461,16) ,03 5) Interest payment class A ( ,67) ,36 (a) Accrued interest & (b) interest shortfalls on series A , ,03 (a) Accrued interest & (b) interest shortfalls on series A ( 2.583,00) ,03 (a) Accrued interest & (b) interest shortfalls on series A ( 1.719,67) ,36 (a) Accrued interest & (b) interest shortfalls on series A ( 863,33) ,03 (a) Accrued interest & (b) interest shortfalls on series A ( 3.647,00) ,03 (a) Accrued interest & (b) interest shortfalls on series A ( 1.719,67) ,36 6) Interest payment class B ( ,34) ,02 (a) Accrued interest & (b) interest shortfalls on series B ( ,67) ,69 (a) Accrued interest & (b) interest shortfalls on series B ( 5.064,67) ,02 7) Payment to cash collateral account until the general CCA equals specified general CCA 0, ,02 8) Redemption amount class A 0, ,02 (a) Redemption on series A , ,02 (a) Redemption on series A , ,02 (a) Redemption on series A , ,02 (a) Redemption on series A , ,02 (a) Redemption on series A , ,02 (a) Redemption on series A , ,02 Class A accumulation account ( ,02) 0,00 9) Redemption amount class B 0,00,00 (a) Redemption on series B ,00,00 (a) Redemption on series B ,00,00 Class B accumulation account 0,00,00 10) Payments to swap counterparties, other than those made under item 4 0,00 11) Accrued and unpaid interest on the subordinated loan 0,00,00 (a) Interest subordinated loan 0,00,00 (b) Unpaid interest subordinated loan 0,00,00 12) Redemption subordinated loan 0,00,00 13) Final success fee 0,00,00 Distribution of cash collateral account surplus Payment to waterfall position Remaining amount Payment in respect of accrued and unpaid interest on the Subordinated Loan 0,00,00 Payment in respect of reduction of outstanding principal amount of Subordinated Loan 0,00,00 Payment in respect of Sellers final success fee 0,00,00 Payments due to term take out not part of the waterfall Payment Remaining amount Purchase price from term take out 0,00,00 Redemption class A 0,00,00 Redemption class B 0,00,00 Redemption subordinated loan Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) ,00,00 11 / 32

12 Retention of net economic interest Retention amount at poolcut Type of asset nominal nominal Portfolio sold to SPV ,05% ,18 95,00% Retention of VWL/DLN 722 4,95% ,00 5,00% Total ,00% ,18 100,00% Retention amounts Kolom1 Kolom2 Minimum retention ,76 5,00% Actual retention ,00 5,00% Retention amount end of reporting period Type of asset nominal nominal Portfolio sold to SPV ,16% ,41 94,82% Retention of VWL/DLN ,84% ,72 5,18% Total ,00% ,13 100,00% Retention amounts Kolom2 Kolom1 Minimum retention ,44 5,00% Actual retention ,72 5,18% In its capacity as originator and original lender, Volkswagen Leasing B.V. and DutchLease B.V. comply with the retention requirements of a material net economic interest in accordance with article 405 Abs. 1 c CRR. By adhering to option c) of the direction, Volkwagen Leasing B.V. and DutchLease B.V. keep the exposure designated for retention on its sheet on an ongoing basis. The latest end of month level of retention will be published on a monthly basis within the investor report. Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

13 Amortisation profile I Note class Class A Class B Payment date Actual note Forecasted note Actual note 2 Forecasted note 3 Poolcut , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,00, ,00, ,00, ,00 Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

14 *Based on the following assumptions: CPR of 5% and CleanUpCal at 10% of the oustanding portfolio Volkswagen PON Financial Services B.V. ABS Operations +31 (0) / 32

15 Amortisation profile II Volkswagen PON Financial Services B.V. ABS Operations +31 (0) / 32

16 Run out schedule I Reporting period Principal Interest Instalment arrears , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,06 385, , ,30,127,40 Total , , ,63 Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

17 Run out schedule II Volkswagen PON Financial Services B.V. ABS Operations +31 (0) / 32

18 Collections by source Collections Paid instalments of monthly period ,24 therof capital ,50 therof interest ,74 Paid instalments of previous periods ,49 Payment due from early settlement ,99 Compensation Payments from contract changes ( ,95) thereof payments from the Issuer to VWL/DLN ( ,99) therof payments from VWL/DLN to the Issuer ,04 Servicing collections ,25 VAT collections ,08 Total Lease Collections ,10 Collections by status Collections Current ,08 Delinquent ,55 Early settlement ,21 Default ,86 End of term ,07 Write Off 1 310,33 Total ,10 Evolution of outstanding pool during the reporting period active nominal Balance as of the begin of the period , ,42 Balance at the end of the period before top/tapup , ,15 Top/tapup of the period , ,26 Term take out Balance as of the end of the period , ,41 Contract status development I New vehicle Used vehicle Commercial Private Current , , , , ,32 Delinquent 0,00 0,00 0,00 0,00 0,00 Early settlement 0,00 0,00 0,00 0,00 0,00 Default 0,00 0,00 0,00 0,00 0,00 End of term 0,00 0,00 0,00 0,00 0,00 Write Off 0,00 0,00 0,00 0,00 0,00 Total , , , , , Total portfolio as of current reporting period New vehicle Used vehicle Commercial Private Contract status development II Current , , , , ,14 Delinquent , , , , ,28 Early settlement , , , , ,59 Default , , , , ,26 End of term , , , , ,00 Write Off , , , , ,81 Total , , , , ,08 Contract status development III Contract status as of the begin of the period Total portfolio as of pool cut date Contract status as of the end of the current period Current Delinquent Early settlement Default End of term Write Off Top/TapUp ,61 0,00 0,00 0,00 0,00 0,00 Current , , , , ,79 0,00 Delinquent , , , , ,92 0,00 Early settlement 0,00 0, ,61 4 0,00 0,00 0,00 Default 0, ,02 0, ,16 0,00 0,00 End of term 10,00 0, ,00 1 0, ,63 0,00 Write Off 0,00 0,00 0,00 0,00 0, ,81 Total , , , , , ,81 Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

19 Delinquencies & defaults I Days in arrears Delinquent outstanding Publication date: New vehicle Used vehicle Commercial Private < 1 month delinquent ,62% ,58 2,60% , , , ,81 1 month delinquent 7 0,02% ,06 0,02% , , ,99 2 months delinquent 9 0,02% ,13 0,02% , , , ,48 3 months delinquent 0 0,00% 0,00 0,00% 4 months delinquent 0 0,00% 0,00 0,00% 5 months delinquent 0 0,00% 0,00 0,00% 6 months delinquent 0 0,00% 0,00 0,00% 7 months delinquent 0 0,00% 0,00 0,00% 8 months delinquent 0 0,00% 0,00 0,00% 9 months delinquent 0 0,00% 0,00 0,00% 10 months delinquent 0 0,00% 0,00 0,00% > 10 months delinquent 0 0,00% 0,00 0,00% Total ,66% ,77 2,64% , , , ,28 Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

20 Volkswagen PON Financial Services B.V. ABS Operations +31 (0) / 32

21 Delinquencies & Defaults II Days in arrears Defaulted outstanding at day of default Publication date: New vehicle Used vehicle Commercial Private < 1 month delinquent 115 0,29% ,60 0,19% , , , , ,26 1 month delinquent 0 0,00% 0,00 0,00% 0,00 0,00 0,00 0,00 0,00 2 months delinquent 0 0,00% 0,00 0,00% 0,00 0,00 0,00 0,00 0,00 3 months delinquent 0 0,00% 0,00 0,00% 0,00 0,00 0,00 0,00 0,00 4 months delinquent 0 0,00% 0,00 0,00% 0,00 0,00 0,00 0,00 0,00 5 months delinquent 0 0,00% 0,00 0,00% 0,00 0,00 0,00 0,00 0,00 6 months delinquent 0 0,00% 0,00 0,00% 0,00 0,00 0,00 0,00 0,00 7 months delinquent 0 0,00% 0,00 0,00% 0,00 0,00 0,00 0,00 0,00 8 months delinquent 0 0,00% 0,00 0,00% 0,00 0,00 0,00 0,00 0,00 9 months delinquent 0 0,00% 0,00 0,00% 0,00 0,00 0,00 0,00 0,00 10 months delinquent 0 0,00% 0,00 0,00% 0,00 0,00 0,00 0,00 0,00 > 10 months delinquent 0 0,00% 0,00 0,00% 0,00 0,00 0,00 0,00 0,00 Total 115 0,29% ,60 0,19% , , , , ,26 Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

22 Delinquencies & defaults III Days in arrears Delinquent and defaulted outstanding New vehicle < 1 month delinquent ,90% ,18 2,79% , , , ,07 1 month delinquent 7 0,02% ,06 0,02% , , ,99 2 months delinquent 9 0,02% ,13 0,02% , , , ,48 3 months delinquent 0 0,00% 0,00 0,00% 4 months delinquent 0 0,00% 0,00 0,00% 5 months delinquent 0 0,00% 0,00 0,00% 6 months delinquent 0 0,00% 0,00 0,00% 7 months delinquent 0 0,00% 0,00 0,00% 8 months delinquent 0 0,00% 0,00 0,00% 9 months delinquent 0 0,00% 0,00 0,00% 10 months delinquent 0 0,00% 0,00 0,00% > 10 months delinquent 0 0,00% 0,00 0,00% Total ,94% ,37 2,83% , , , ,54 Used vehicle Commercial Private Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

23 WriteOffs WriteOffs of the monthly Amount period ,00 Cumulative WriteOffs as of the end of the monthly period Discounted of all initial and additional assets Cumulative net loss ratio , ,72 0,00175% Current period Cumulative WriteOffs Monthly period WriteOffs WriteOffs ,00 0, ,00 0, ,00 0, ,00 0, ,00 0, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,96 Total ,96 Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

24 Pool data I Distribution by payment type outstanding 2 Direct borrower account debit ,77% ,35 84,36% , , , ,55 Others ,23% ,25 15,64% , , , ,53 Total ,00% ,60 100,00% , , , ,08 Distribution by contract concentration outstanding ,33% ,96 42,18% , , , , ,08% ,60 28,81% , , , , ,53% ,83 11,11% , , , ,66% ,33 13,46% , , ,33 > ,40% ,88 4,44% , , ,88 Total ,00% ,60 100,00% , , , ,08 Distribution by largest lessee Total porfolio Total porfolio Total porfolio outstanding 2 New vehicle Used vehicle Commercial Private ,23% ,84 0,15% , , , ,16% ,28 0,15% , , ,12% ,69 0,15% , , , ,11% ,55 0,15% , , , ,15% ,90 0,15% , , , ,10% ,46 0,15% , , ,12% ,03 0,15% , , , ,15% ,94 0,15% , , , ,11% ,77 0,15% , , ,13% ,57 0,15% , , , ,11% ,05 0,15% , , ,11% ,91 0,15% , , , ,16% ,93 0,15% , , ,10% ,90 0,15% , , ,20% ,18 0,15% , , ,21% ,65 0,15% , , , ,09% ,53 0,15% , , , ,14% ,21 0,15% , , ,15% ,23 0,15% , , , ,14% ,69 0,15% , , ,69 Total ,79% ,31 2,93% , , , New vehicle Used vehicle Commercial Private 9 New vehicle Used vehicle Commercial Private Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

25 Pool data II Distribution by outstanding Total porfolio outstanding New vehicle Used vehicle Commercial Private 0, , ,68% ,79 0,15% , , , , , , ,82% ,27 10,87% , , , , , , ,35% ,17 20,75% , , , , , , ,27% ,42 18,67% , , , , , , ,13% ,13 17,41% , , , , , , ,76% ,43 14,10% , , , ,14 > , ,98% ,39 18,06% , , , ,58 Total ,00% ,60 100,00% , , , ,08 Statistics Minimum outstanding Maximum outstanding Average outstanding 21, , ,02 Distribution by outstanding nominal Total porfolio outstanding New vehicle Used vehicle Commercial Private 0, , ,59% ,19 0,12% , , , , , , ,26% ,06 8,82% , , , , , , ,88% ,28 18,47% , , , , , , ,88% ,81 17,93% , , , , , , ,94% ,13 15,85% , , , , , , ,83% ,70 14,61% , , , ,18 > , ,61% ,43 24,20% , , , ,15 Total ,00% ,60 100,00% , , , ,08 Statistics Minimum outstanding nominal Maximum outstanding nominal Average outstanding nominal 21, , ,95 Volkswagen PON Financial Services B.V. ABS Operations +31 (0) / 32

26 Pool data III Distribution by remaining term outstanding New vehicle Used vehicle Commercial Private ,44% ,53 9,98% , , , , ,00% ,16 27,44% , , , , ,14% ,70 33,23% , , , , ,30% ,58 23,76% , , , , ,13% ,63 5,60% , , , , ,00% 0,00% >72 0 0,00% 0,00% Total ,00% ,60 100,00% , , , ,08 Distribution by seasoning Total porfolio Statistics Minimum Remaining Term 0 Maximum Remaining Term 60 Weighted Average Remaining Term 29,34 Total porfolio outstanding New vehicle Used vehicle Commercial Private ,61% ,64 34,41% , , , , ,82% ,41 35,95% , , , , ,51% ,02 25,64% , , , , ,35% ,72 3,63% , , , , ,69% ,19 0,36% , , , , ,02% ,62 0,01% , ,62 >72 0 0,00% 0,00 0,00% Total ,00% ,60 100,00% , , , ,08 Statistics Minimum seasoning 0 Maximum seasoning 69 Weighted average seasoning 18,26 Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32

27 Pool data IV Distribution by brand outstanding New vehicle Used vehicle Commercial Private VW ,84% ,56 32,47% , , , ,33 VW LCV ,65% ,88 9,16% , , ,88 Audi ,00% ,47 16,25% , , , ,81 Seat ,71% ,61 9,43% , , , ,19 Skoda ,67% ,43 13,54% , , , ,51 Other brands ,12% ,65 19,16% , , , ,24 Total ,00% ,60 100,00% , , , ,08 Distribution by geographic distribution outstanding New vehicle Used vehicle Commercial Private NoordHolland ,41% ,96 17,68% , , , ,82 Flevoland ,56% ,35 2,27% , , , ,64 Utrecht ,79% ,85 9,99% , , , ,66 ZuidHolland ,32% ,13 24,94% , , , ,07 Gelderland ,81% ,29 10,53% , , , ,38 NoordBrabant ,43% ,97 15,37% , , , ,71 Zeeland 680 1,69% ,83 1,66% , , , ,72 Limburg ,59% ,58 4,93% , , , ,43 Overijssel ,93% ,57 7,41% , , , ,47 Drenthe 694 1,73% ,03 1,68% , , , ,38 Friesland 530 1,32% ,85 1,11% , , , ,12 Groningen 973 2,42% ,19 2,43% , , , ,68 Total ,00% ,60 100,00% , , , ,08 Distribution by industry sector Total porfolio Total porfolio Total porfolio New vehicle Used vehicle Commercial Private Agriculture / Forestry 164 0,41% ,78 0,50% , , ,78 Construction 125 0,31% ,61 0,36% , , ,61 Energy / Mining 126 0,31% ,76 0,45% , , ,76 Financial services ,95% ,43 5,00% , , ,43 Hotel and restaurant industry 127 0,32% ,11 0,36% , , ,11 Information technology ,36% ,98 3,98% , , ,98 Manufacturing industry ,91% ,69 8,93% , , ,69 Other ,91% ,90 16,80% , , ,91 Other services ,35% ,39 15,07% , , ,39 Private ,03% ,09 29,03% , , ,08 Public administration, education, health care, public services 557 1,39% ,23 1,51% , , ,23 Real estate 533 1,33% ,11 1,70% , , ,11 Retail / Wholesale ,84% ,38 4,16% , , ,38 Transportation ,59% ,14 12,14% , , ,14 Total ,00% ,60 100,00% , , , ,08 Volkswagen PON Financial Services B.V. ABS Operations absoperations@vwpfs.nl +31 (0) / 32