Driver Brasil Two. Banco Volkswagen S.A. Banco Volkswagen S.A. Banco Volkswagen S.A.

Transcription

1 Deal Name: Issuer: Driver Brasil Two DRIVER Brasil TWO Banco Volkswagen Fundo de Investimento em Direitos Creditórios Financiamento de Veículos Nucleo Cidade de Deus, Predio Prata 4º andar Zip Code: Osasco São Paulo Brazil Seller of the Receivables: Servicer name: Reporting Entity: Treasury ABS Operations Rua Volkswagen, 291 2º andar São Paulo Brasil Contact: Phone: Fax: 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 25 August 2016 Moody s has affirmed Driver Brazil Two s Senior quotas rating as Aaa.br(sf) and upgraded Mezzanine quotas from Aa3.br(sf) to Aaa.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 Contents Page Table of Contents 1 Cover 2 Contents 3 Reporting Details 4 Parties Overview 5 Transaction Events I 6 Transaction Events II 7 Transaction Events III 8 Information regarding the Notes I 9 Information regarding the Notes II 10 Credit Enhancement 11 Swap Fixing / Waterfall 12 Amortisation Profile I 13 Amortisation Profile II 14 Run Out Schedule I 15 Run Out Schedule II Delinquencies 18 Recoveries 19 Pool Data I 20 Pool Data II 21 Pool Data III 22 Pool Data IV 23 Pool Data V 24 Pool Data VI 25 Glossary 2

3 Reporting Details Deal Overview CutOff Date Scheduled Date of CleanUpCall Legal Maturity Date Issue Date Period No.: Reporting frequency: Next Payment Date: 17/12/2013 Publication Date: December 2017 Payment Date: December 2018 Reporting Date: 11/12/2013 Asset Collection Period: 42 Interest Accrual Period monthly Note Payment Period: 06/06/2017 Days accrued: 30/06/ /05/2017 (4th of each month) 31/05/2017 (last day of each month) from 01/05/2017 until 31/05/2017 from 06/04/2017 until 05/05/2017 from 06/04/2017 until 05/05/ Type of Car at Pool Cut Discounted Percentage New Cars ,26% ,61 92,75% Used Cars ,74% ,68 7,25% Total ,00% ,29 100,00% 3

4 Parties Overview Administrator: BEM DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS LTDA Asset Manager: BRAM Bradesco Asset Management S.A. D.T.V.M Avenida Paulista 1450, 6º andar Cidade de Deus Zip Code: Bairro Vila Yara 4º andar São Paulo Brazil Osasco São Paulo phone: Brazil bemdtvm@bradesco.com.br Custodian Bank: Banco Bradesco S.A. Collection Agent: Cidade de Deus Treasury ABS Operations Bairro vila Yara 2º andar Rua Volkswagen, 291 Osasco São Paulo São Paulo Brazil Brazil Phone: Swap Counterparty: Itaú BBA Clearing System: CETIP S.A. Mercados Organizados Av. Brigadeiro Faria Lima, 3400 Av. Brigadeiro Faria Lima, 1663, 1º andar 3º ao 8º andar Jardim Paulistano São Paulo SP São Paulo SP CEP: Brazil phone: atendimento@cetip.com.br Rating Agencies Moody s América Latina Ltda. Avenida Nações Unidas, º andar São Paulo Brazil martin.fernandezromero@moodys.com rodrigo.conde@moodys.com Standard & Poors Brasil Avenida Brigadeiro Faria Lima, º andar São Paulo Brazil leandro.albuquerque@standardpoors.com gustavo.belger@standardpoors.com 4

5 Transaction Events (I) CleanUp Call Condition Current Discounted Portfolio Min. Discounted Portfolio 3,28% 10,00% The CleanUpCall Condition has been reached. CleanUp Call will have the right at its option to exercise a CleanUp Call and to repurchase the Loan Receivables from Driver Brasil One when the sum of the Discounted for all loan contracts is less than 10 per cent. of the sum of the Discounted for all Loan contracts as of the Cut Off Date, provided that all payment obligations under the Quotas will be thereby fulfilled. 5

6 0,00000% 0,00000% 0,00000% 0,00000% 0,00000% 0,00000% 0,02352% 0,06292% 0,12339% 0,18211% 0,23094% 0,27699% 0,34133% 0,39131% 0,46251% 0,51502% 0,55561% 0,61470% 0,67437% 0,72446% 0,77591% 0,83455% 0,88870% 0,92384% 0,96735% 1,02294% 1,08091% 1,12090% 1,15124% 1,18714% 1,21272% 1,25141% 1,26895% 1,29062% 1,33774% 1,37058% 1,39201% 1,41379% 1,43939% 1,45759% 1,47264% 1,48840% Transaction Events (II) Credit Enhancement Increase Conditions Level 1a Credit Enhancement Increase Condition Cumulative Late Delinquencies do not amount to 2.6% for any Payment Date before and incp. 12/2014 Level 1b Credit Enhancement Increase Condition Cumulative Late Delinquencies do not amount to 4.8% for any Payment Date bexween 01/2015 and incp. 12/2015 Level 2 Credit Enhancement Increase Condition Cumulative Late Delinquencies do not amount to 7.4% for any Payment Date NO NO NO (in Arrears) (at Late Delinquency) R$ R$ R$ Cumulative Late Delinquencies BOP R$ , ,10 Late Delinquencies R$ (13.889,18) ,59 Cumulative Late Delinquencies EOP R$ , ,69 Discounted as of PoolCut Date R$ ,29 Cumulative Late Delinquency as percentage of DPB at PoolCut 1,48840% 10,00% Cumulative Late Delinquency Cumulative Net Loss Ratio Level 1a/b Level 2 7,50% 5,00% 2,50% 0,00% 6

7 Transaction Events (III) Administrator Moody's S&P BEM DTVM Long Term2 Outlook4 Long Term8 Outlook10 Rating Aaa.br Stable braa+ Negative Custodian Bank Moody's S&P Banco Bradesco Long Term2 Outlook4 Long Term8 Outlook10 Rating Aaa.br Stable braa+ Negative Swap Counterparty Moody's S&P Itaú BBA Long Term2 Outlook4 Long Term8 Outlook10 Rating Aaa.br Stable braa+ Negative Servicer Moody's S&P Long Term2 Outlook4 Long Term8 Outlook10 Rating n.a. n.a. braa+ Negative 7

8 Information regarding the Notes I Rating at Issue Date Senior Quota Mezzanine Quota Moody's Aaa.br A1.br Standard & Poors braaa bra+ Current Rating Senior Quota Mezzanine Quota Moody's Aaa.br Aaa.br Standard & Poors braaa braa Information on Notes Senior Quota Mezzanine Quota Legal maturity date December 2018 December 2018 Scheduled Clean Up Call December 2017 December 2017 ISIN: BRDVERCTF004 BRDVERCTF012 Nominal Amount R$ , ,00 Information on Interest Senior Quota Mezzanine Quota Spread/ Margin 92 bps 170 bps Rate Daily CDI Daily CDI Fixed/Floating floating floating Current Coupon Daily CDI + 92 Daily CDI Day Count Convention actual/252 actual/252 8

9 Information regarding the Notes II Monthly Period: Payment Date: Interest Accrual Period (from/until) Days accrued Rate Rate as of Month End Day Count Convention 31/05/ /05/ /04/2017 until 05/05/ Daily CDI 10,14% actual/252 Interest Payments Senior Quota Mezzanine Quota Total Interest Amount of the Reporting Period R$ ,19 R$ ,90 Note Senior Quota Mezzanine Quota Note as of Beginning of Period R$ , ,00 Note as of End of Period R$ , ,00 Principal Amortization R$ ,0 Payments to Investors (per note) Senior Quota Mezzanine Quota Interest R$ 5,78 R$ 37,42 Principal Amortization R$ 145,51 R$ Notes Overcollateralisation Senior Quota Mezzanine Quota Initial OC Percentage at Poolcut 9,6647% 5,6057% Current OC Percentage 45,0322% 55,6647% Target OC Percentage 12,5000% 7,0000% 9

10 Credit Enhancement Credit PoolCut % of Discounted Value Mezzanine Quota 4,06% R$ ,00 Subordinated Quota 7,02% R$ ,20 Overcollateralization 11,08% R$ ,20 Cash Collateral Account 1,00% R$ ,80 Calculation of Credit Enhancement The Senior Quota benefits from the Mezzanine, Subordinated Quotas and the Cash Collateral Account; The Mezanine Quota benefits from the Subordinated Quota and the Cash Collateral Account; The transaction starts with sequential amortisation and therefore initially only the Senior Quota will receive principal payments; The transaction switches into pro rata amortisation once an overcollateralisation percentage (i.e. credit enhancement excluding cash collateral) of OCPercentage for the Senior Quota and OCPercentage for the Mezanine Quota has been reached. 10

11 Swap Fixing / Waterfall Amortising Interest Rate Swap Senior Quota Mezzanine Quota Initial Principal R$ , ,00 Underlying Principal for Reporting Period R$ , ,00 Paying Leg Fix Interest Rate Fix Interest Rate Receiving Leg Floating Interest Rate Floating Interest Rate Waterfall Column2 Column1 Available Distribution Amount R$ ,45 1) Fees R$ (68.457,03) 2) Net Swap Payments R$ (18.724,76) 3) Interest Senior Quota R$ ( ,19) 4) Interest Mezzanine Quota R$ (64.356,90) 5) Payment to Cash Collateral Account R$ ( ,14) 6) Redemption Senior Quota R$ ( ,00) 7) Redemption Mezzanine Quota R$ 8) Redemption Subordinated Quota 9) Remaining Amount Due to Rounding R$ (1.620,43) Remaining from Current Period R$ (0,00) 11

12 Amortisation Profile I* Senior Quota Mezzanine Quota Reporting Period Actual Note Actual Note 2 Poolcut , ,00 12/ , ,00 01/ , ,00 02/ , ,00 03/ , ,00 04/ , ,00 05/ , ,00 06/ , ,00 07/ , ,00 08/ , ,00 09/ , ,00 10/ , ,00 11/ , ,00 12/ , ,00 01/ , ,00 02/ , ,00 03/ , ,00 04/ , ,00 05/ , ,00 06/ , ,00 07/ , ,00 08/ , ,00 09/ , ,00 10/ , ,00 11/ , ,00 12/ , ,00 01/ , ,00 02/ , ,00 03/ , ,00 04/ , ,00 05/ , ,00 06/ , ,00 07/ , ,00 08/ , ,00 09/ , ,00 10/ , ,00 11/ , ,00 12/ , ,00 01/ , ,00 02/ , ,00 03/ , ,00 04/ , ,00 05/ , ,00 06/ , ,00 07/ , ,00 08/ , ,00 09/ , ,00 10/ ,01 11/ ,68 + Based on the following assumptions: CPR of 14,5%, Net Losses at 2,10% 12

13 12

14 Amortisation Profile II Amortisation Profile Senior Quota in BRL The dark blue bars project the amortisation for the senior quota assuming, among other things, annual prepayments of 14,5% and 2,10% of Net Losses Reporting Period 0 Amortisation Profile Mezzanine Quota in BRL The dark blue bars project the amortisation for the senior quota assuming, among other things, annual prepayments of 14,5% and 2,10% of Net Losses Reporting Period 0 13

15 Run Out Schedule I Payment Date Remaining Interest Discounted ABS Remaining Nominal arrears R$ ,16 R$ ,78 R$ ,94 06/2017 R$ ,23 R$ ,95 R$ ,18 07/2017 R$ ,94 R$ ,39 R$ ,33 08/2017 R$ ,27 R$ ,69 R$ ,96 09/2017 R$ ,66 R$ ,32 R$ ,98 10/2017 R$ ,99 R$ ,18 R$ ,17 11/2017 R$ ,39 R$ ,31 R$ ,70 12/2017 R$ ,87 R$ ,52 R$ ,39 01/2018 R$ ,63 R$ ,64 R$ ,27 02/2018 R$ ,89 R$ ,78 R$ ,67 03/2018 R$ ,39 R$ ,98 R$ ,37 04/2018 R$ ,33 R$ ,05 R$ ,38 05/2018 R$ , ,63 R$ ,83 06/2018 R$ ,95 R$ ,03 R$ ,98 07/2018 R$ ,82 R$ ,59 R$ ,41 08/2018 R$ 7.955,96 R$ ,35 R$ ,31 09/2018 R$ 2.510,71 R$ , ,91 Total R$ ,39 R$ ,39 R$ ,78 14

16 Run Out Schedule II Expected Amortisation of the Discounted (in BRL) The expected portfolio amortisation is solely based on the scheduled payments, no assumptions on prepayments or defaults are made Reporting Period 0 15

17 Overview Status Discounted Beginning of Period ,26 End of Period R$ ,39 Total 672 R$ ,87 Walk b/w BOP and EOP Column1 Early Settlement 216 WriteOff 25 End of Term 428 Renegotiation 3 Total 672 Contract Status Development Discounted 2 Discounted 5 3# Discounted 2 7 Discounted 3 9 Discounted 4 Current R$ , R$ , R$ , , R$ ,81 Early Settlement R$ R$ 2048 R$ R$ R$ Delinquent R$ , R$ , R$ , R$ , ,54 Write Off 642 R$ R$ 578 R$ 64 R$ End of Term R$ 2282 R$ Renegotiation 317 R$ 291 R$ 26 R$ 314 R$ 3 R$ Total , , , R$ , R$ ,35 Contract Status Development Total Portfolio as of Beginning of Period Total Portfolio as of End of Period Discounted 2 Type of Car Customer Type New Vehicle Used Vehicle Retail Corporate Type of Car Customer Type New Vehicle Used Vehicle Retail Corporate Discounted 3# Discounted 2 7 Discounted 3 9 Discounted 4 Current R$ , R$ , R$ , , R$ ,36 Early Settlement R$ R$ R$ R$ Delinquent R$ , R$ , R$ , R$ ,53 59 R$ ,06 Write Off 667 R$ 583 R$ 84 R$ 602 R$ 65 R$ End of Term R$ R$ 2353 R$ R$ 3.51 Renegotiation R$ 26 R$ 317 R$ 3 R$ Total R$ , , R$ , R$ , R$ ,42 16

18 dez13 jan14 fev14 mar14 abr14 mai14 jun14 jul14 ago14 set14 out14 nov14 dez14 jan15 fev15 mar15 abr15 mai15 jun15 jul15 ago15 set15 out15 nov15 dez15 jan16 fev16 mar16 abr16 mai16 jun16 jul16 ago16 set16 out16 nov16 dez16 jan17 fev17 mar17 abr17 mai17 jun17 jul17 ago17 set17 out17 nov17 dez17 jan18 fev18 mar18 abr18 mai18 jun18 jul18 ago18 set18 out18 nov18 dez18 Delinquencies Delinquent Delinquency Profile Discounted Type of Car Customer Type New Vehicle Used Vehicle Retail Corporate from 1 14 days ,18% R$ ,27 32,43% , R$ , R$ ,86 39 R$ ,41 from days 0 0,00% R$ 0,00% from days 159 9,13% R$ ,83 8,59% 136 R$ ,02 23 R$ , R$ ,80 2 R$ 2.344,03 from days 78 4,48% R$ ,05 6,22% 65 R$ ,15 13 R$ ,90 77 R$ ,69 1 R$ 4.031,36 from days 48 2,76% R$ ,80 4,52% 42 R$ ,90 6 R$ ,90 46 R$ ,91 2 R$ 4.753,89 from days 28 1,61% R$ ,89 3,09% 22 R$ ,31 6 R$ ,58 27 R$ ,24 1 R$ 1.683,65 from days 35 2,01% R$ ,20 4,96% 26 R$ ,99 9 R$ ,21 34 R$ ,13 1 R$ 5.284,07 from days 168 9,65% R$ ,76 34,80% 142 R$ ,74 26 R$ , R$ ,33 11 R$ ,43 from days 31 1,78% R$ ,03 4,69% 27 R$ ,71 4 R$ ,32 29 R$ ,69 2 R$ ,34 More than 720 days 7 0,40% R$ ,95 0,70% 6 R$ ,11 1 R$ 201,84 7 R$ ,95 Total ,00% R$ ,78 100,00% R$ , R$ , R$ ,60 59 R$ ,18 100% Delinquency Performance Historical Data (by Bucket) 1 to to to to to to to to to 720 > % 80% 70% 60% 50% 40% 30% 20% 10% 0% 17

19 Recoveries Relevant PoolCut Data Nominal ,98 (+) Nominal at Day of Write Off ,56 () Prior Transactions/ Negotiations () Recoveries for Current Period () Discounts for Current Period (=) Current Nominal R$ R$ ( ,85) R$ ( ,67) R$ (21.033,57) R$ ,47 18

20 Pool Data I Distribution by Contract Concentration Percentage of Discounted Principal ,38% R$ ,71 98,34% R$ , R$ , R$ , ,60% R$ ,93 1,65% 107 R$ ,19 7 R$ ,74 86 R$ , ,00% R$ 0,00% ,01% R$ 5.118,75 0,01% 1 R$ 5.118, > ,00% R$ 0,00% Total ,00% R$ ,39 100,00% , R$ , R$ , R$ ,42 Distribution by largest customers Contract Concentration Percentage of Total Porfolio Total Porfolio Discounted Principal ,01% R$ ,74 0,08% 1 R$ ,74 1 R$ , ,01% R$ ,94 0,07% 1 R$ ,94 1 R$ , ,01% R$ ,44 0,07% 1 R$ ,44 1 R$ , ,01% R$ ,61 0,07% 1 R$ ,61 1 R$ , ,01% R$ ,86 0,07% 1 R$ ,86 1 R$ , ,01% R$ ,61 0,07% 1 R$ ,61 1 R$ , ,01% R$ ,91 0,06% 1 R$ ,91 1 R$ , ,01% R$ ,83 0,06% 1 R$ ,83 1 R$ , ,01% R$ ,65 0,06% 1 R$ ,65 1 R$ , ,01% R$ ,08 0,06% 1 R$ ,08 1 R$ , ,01% R$ ,81 0,06% 1 R$ ,81 1 R$ , ,01% R$ ,53 0,06% 1 R$ ,53 1 R$ , ,01% R$ ,88 0,06% 1 R$ ,88 1 R$ , ,01% R$ ,36 0,06% 1 R$ ,36 1 R$ , ,01% R$ ,48 0,06% 1 R$ ,48 1 R$ , ,01% R$ ,80 0,06% 1 R$ ,80 1 R$ , ,01% R$ ,69 0,06% 1 R$ ,69 1 R$ , ,01% R$ ,13 0,06% 1 R$ ,13 1 R$ , ,01% R$ ,46 0,06% 1 R$ ,46 1 R$ , ,03% R$ ,70 0,06% 2 R$ ,70 2 R$ ,70 Total ,30% R$ ,51 1,26% ,68 1 R$ ,83 17 R$ ,40 4 R$ ,11 Total ,00% R$ ,39 100,00% Type of Car Customer Type New Vehicle Used Vehicle Retail Corporate Type of Car Customer Type New Vehicle Used Vehicle Retail Corporate 19

21 Pool Data II Distribution by Disounted Principal Percentage of Total Porfolio Oustanding Discounted Discounted Principal 2 Type of Car Customer Type New Vehicle Used Vehicle Retail Corporate < = 5000, ,55% R$ ,63 31,18% R$ , R$ , R$ , R$ , ,01 < 10000, ,64% R$ ,12 45,78% R$ , R$ , R$ ,47 57 R$ , ,01 < 15000, ,25% R$ ,46 17,46% 492 R$ ,20 23 R$ , R$ ,49 12 R$ , ,01 < 20000, ,29% R$ ,37 4,38% ,67 2 R$ ,70 89 R$ ,02 3 R$ , ,01 < 25000, ,24% R$ ,13 1,05% 16 R$ ,30 1 R$ ,83 15 R$ ,72 2 R$ , ,01 < 30000,00 2 0,03% R$ ,68 0,15% 2 R$ ,68 2 R$ ,68 R$ 30000,01 < 40000,00 0 0,00% R$ 0,00% 40000,01 < 50000,00 0 0,00% R$ 0,00% Total ,00% R$ ,39 100,00% , R$ , R$ , R$ ,42 Statistics Minimum Discounted Maximum Discounted Average Discounted R$ R$ R$ 48, , ,28 Distribution by Original Discounted Percentage of Total Porfolio Oustanding Discounted Discounted Principal <= 5000,00 1 0,01% R$ 314,65 0,00% 1 R$ 314,65 1 R$ 314, ,01 < 10000, ,39% R$ ,73 0,09% 9 R$ ,73 19 R$ ,00 28 R$ , ,01 < 15000, ,35% R$ ,82 2,08% 184 R$ , R$ , R$ ,08 4 R$ , ,01 < 20000, ,74% R$ ,18 10,48% 923 R$ , R$ , R$ ,05 22 R$ , ,01 < 25000, ,93% R$ ,74 21,80% R$ , R$ , R$ ,27 43 R$ , ,01 < 30000, ,77% R$ ,25 27,51% R$ ,88 77 R$ , R$ ,72 51 R$ , ,01 < 40000, ,86% R$ ,54 28,51% R$ ,21 44 R$ , R$ ,97 44 R$ , ,01 < 50000, ,85% R$ ,08 6,84% 268 R$ ,20 6 R$ , R$ ,33 15 R$ , ,01 < 60000, ,83% R$ ,18 2,11% 57 R$ ,11 2 R$ ,07 55 R$ ,75 4 R$ , ,01 < 70000, ,15% R$ ,72 0,37% ,27 1 R$ 5.866,45 9 R$ ,12 2 R$ , ,01 < 80000,00 4 0,06% R$ ,01 0,09% 4 R$ ,01 3 R$ ,81 1 R$ 6.495,20 > 80000,00 3 0,04% R$ ,49 0,12% 3 R$ ,49 3 R$ ,49 Total ,00% R$ ,39 100,00% , R$ , R$ , R$ ,42 Statistics Minimum Original Nominal R$ 1.669,92 Maximum Original Nominal R$ ,80 Average Original Nominal R$ ,92 Type of Car Customer Type New Vehicle Used Vehicle Retail Corporate 20

22 Pool Data III Distribution by Original Term Percentage of Oustanding Discounted Discounted Principal ,00% R$ 0,00% ,00% R$ 0,00% ,11% R$ ,68 0,03% 6 R$ ,02 2 R$ 1.246,66 6 R$ ,23 2 R$ 923, ,92% R$ ,66 9,35% R$ , , R$ ,00 84 R$ , ,97% R$ ,05 90,61% R$ , R$ , R$ , ,31 Total ,00% R$ ,39 100,00% , R$ , R$ , R$ ,42 Distribution by Remaining Term Percentage of Oustanding Discounted Discounted Principal ,10% R$ ,64 57,72% , , R$ , R$ , ,71% R$ ,12 41,54% R$ , R$ , R$ , , ,20% R$ ,63 0,73% 14 R$ ,63 13 R$ ,33 1 R$ , ,00% R$ 0,00% ,00% R$ 0,00% Total ,00% R$ ,39 100,00% , R$ , R$ , R$ ,42 Distribution by Seasoning Percentage of Total Porfolio Statistics Minimum Original Term 5 Maximum Original Term 60 Weighted Average Original Term 57,9 Total Porfolio Statistics Minimum Remaining Term 0 Maximum Remaining Term 16 Weighted Average Remaining Term 10,9 Total Porfolio Oustanding Discounted Discounted Principal 2 Type of Car Customer Type New Vehicle Used Vehicle Retail Corporate New Vehicle Type of Car Customer Type New Vehicle Used Vehicle Retail Corporate ,00% R$ 0,00% ,00% R$ 0,00% ,59% R$ ,45 1,50% 35 R$ ,81 7 R$ ,64 36 R$ ,04 6 R$ , ,69% R$ ,96 56,80% R$ , R$ , R$ , R$ , ,72% R$ ,98 41,70% R$ , R$ , ,84 67 R$ ,14 Total ,00% R$ ,39 100,00% , R$ , R$ , R$ ,42 Statistics Minimum Seasoning 44 Maximum Seasoning 60 Weighted Average Seasoning 48,0 Type of Car Used Vehicle Retail Customer Type Corporate 21

23 Pool Data IV Distribution by brand Percentage of Discounted Principal AUDI 2 0,03% R$ ,88 0,09% 2 R$ ,88 2 R$ ,88 SEAT 0 0,00% R$ 0,00% VW C&L ,30% R$ ,77 97,09% R$ , R$ , R$ , R$ ,21 OTHER BRANDS 261 3,67% R$ ,74 2,82% 49 R$ , R$ , R$ ,53 4 R$ ,21 Total ,00% R$ ,39 100,00% , R$ , R$ , R$ ,42 Distribution by Geographic Distribution Percentage of Total Porfolio Total Porfolio Discounted Principal 2 New Vehicle 3 4 Used Vehicle Customer Type 9 10 AC 31 0,44% R$ ,35 0,38% ,82 1 R$ 6.631,53 28 R$ ,04 3 R$ ,31 AL 66 0,93% R$ ,60 0,76% 64 R$ ,85 2 R$ 1.999,75 64 R$ ,78 2 R$ 4.241,82 AM 52 0,73% R$ ,16 0,69% 47 R$ ,91 5 R$ ,25 42 R$ , ,53 AP 31 0,44% R$ ,75 0,64% 31 R$ ,75 31 R$ ,75 R$ BA 253 3,56% R$ ,20 3,37% 227 R$ ,86 26 R$ , R$ ,09 8 R$ ,11 CE 219 3,08% R$ ,87 2,75% 202 R$ ,61 17 R$ , R$ ,29 1 R$ 679,58 DF 175 2,46% R$ ,18 3,04% 172 R$ ,13 3 R$ , R$ ,50 1 R$ 3.458,68 ES 112 1,58% R$ ,58 1,67% 102 R$ , , R$ ,53 5 R$ ,05 GO 325 4,57% R$ ,27 4,32% ,54 25 R$ , R$ ,25 4 R$ ,02 MA 90 1,27% R$ ,32 1,02% 88 R$ ,21 2 R$ 1.087, ,32 R$ MG ,65% R$ ,28 10,07% 698 R$ ,76 59 R$ , ,98 17 R$ ,30 MS 205 2,88% R$ ,35 3,01% 193 R$ ,09 12 R$ , R$ ,75 4 R$ ,60 MT 126 1,77% R$ ,15 2,03% 118 R$ ,13 8 R$ , R$ ,92 5 R$ ,23 PA 128 1,80% R$ ,31 2,16% 117 R$ ,45 11 R$ , R$ ,00 3 R$ ,31 PB 117 1,65% R$ ,02 1,90% 108 R$ ,36 9 R$ , R$ ,02 R$ PE 259 3,64% R$ ,39 3,62% 242 R$ ,09 17 R$ , R$ ,72 1 R$ 3.144,67 PI 115 1,62% R$ ,84 1,65% 113 R$ ,81 2 R$ 3.428, R$ ,19 1 R$ 2.247,65 PR 507 7,13% R$ ,26 6,70% 432 R$ ,88 75 R$ , R$ ,77 26 R$ ,49 RJ 525 7,39% R$ ,22 7,40% 471 R$ ,68 54 R$ , R$ ,17 8 R$ ,05 RN 60 0,84% R$ ,83 0,90% 59 R$ ,04 1 R$ 2.786,79 57 R$ ,81 3 R$ ,02 RO 86 1,21% R$ ,53 1,15% 77 R$ ,79 9 R$ ,74 85 R$ ,94 1 R$ 599,59 RR 15 0,21% R$ ,39 0,16% 11 R$ ,79 4 R$ 7.110,60 11 R$ ,11 4 R$ ,28 RS 560 7,88% R$ ,16 7,62% 513 R$ ,19 47 R$ , R$ ,80 15 R$ ,36 SC 609 8,57% R$ ,39 9,29% 562 R$ ,26 47 R$ , R$ ,81 18 R$ ,58 SE 68 0,96% R$ ,02 0,82% 61 R$ ,76 7 R$ ,26 66 R$ ,88 2 R$ 7.226,14 SP ,06% R$ ,42 22,19% R$ , R$ , R$ ,99 42 R$ ,43 TO 49 0,69% R$ ,55 0,69% 45 R$ ,31 4 R$ 7.343,24 47 R$ ,93 2 R$ 3.251,62 Total ,00% R$ ,39 100,00% , R$ , R$ , R$ ,42 Type of Car Retail Corporate Type of Car Customer Type New Vehicle Used Vehicle Retail Corporate 22

24 Pool Data V Distribution by Brand & Model Model Total Porfolio Discounted Discounted Principal 2 Type of Car Customer Type New Vehicle Used Vehicle Retail Corporate Discounted 3 4 Discounted 6 8 Discounted 32 9 Discounted 33 VW AMAROK 25 0,35% R$ ,93 0,71% 22 R$ ,26 3 R$ ,67 19 R$ ,07 6 R$ ,86 BORA 0 0,00% R$ 0,00% CROSSFOX 111 1,56% R$ ,82 2,15% 102 R$ ,15 9 R$ , R$ ,82 FOX ,96% R$ ,16 19,61% R$ ,19 93 R$ , R$ ,45 25 R$ ,71 FUSCA 0 0,00% R$ 0,00% GOL ,28% R$ ,14 48,18% R$ , R$ , R$ ,03 79 R$ ,11 GOLF 34 0,48% R$ ,30 0,59% 25 R$ ,16 9 R$ ,14 34 R$ ,30 JETTA 17 0,24% R$ ,11 0,43% 15 R$ ,70 2 R$ 1.624,41 17 R$ ,11 KOMBI 33 0,46% R$ ,67 0,39% 23 R$ , ,12 17 R$ ,98 16 R$ ,69 PARATI 5 0,07% R$ ,52 0,04% 2 R$ 1.409,25 3 R$ ,27 4 R$ ,94 1 R$ 679,58 PASSAT 1 0,01% R$ 6.495,20 0,02% 1 R$ 6.495,20 1 R$ 6.495,20 POLO 31 0,44% R$ ,17 0,40% 24 R$ ,29 7 R$ , ,73 1 R$ 3.523,44 POLO SEDAN 75 1,06% R$ ,19 1,36% ,13 15 R$ ,06 73 R$ ,19 2 R$ ,00 SANTANA 0 0,00% R$ 0,00% SAVEIRO 235 3,31% R$ ,52 3,43% 219 R$ ,05 16 R$ , R$ ,65 32 R$ ,87 SPACECROSS 20 0,28% R$ ,74 0,44% ,74 17 R$ ,43 3 R$ ,31 SPACEFOX 112 1,58% R$ ,46 1,99% 89 R$ ,64 23 R$ , ,08 2 R$ ,38 TIGUAN 1 0,01% R$ 6.496,85 0,02% 1 R$ 6.496,85 1 R$ 6.496,85 TOUAREG 0 0,00% R$ 0,00% UP 2 0,03% R$ ,48 0,04% 2 R$ ,48 2 R$ ,48 VOYAGE ,16% R$ ,58 17,29% R$ ,84 48 R$ , R$ ,52 14 R$ ,06 OTHER VW 1 0,01% R$ 4.247,93 0,01% 1 R$ 4.247,93 1 R$ 4.247,93 SubTotal VW ,30% R$ ,77 97,09% R$ , R$ , R$ , R$ ,21 Audi A1 0 0,00% R$ 0,00% A3 1 0,01% R$ ,65 0,05% 1 R$ ,65 1 R$ ,65 A4 0 0,00% R$ 0,00% A5 1 0,01% R$ ,23 0,04% 1 R$ ,23 1 R$ ,23 Q3 0 0,00% R$ 0,00% SubTotal Audi 2 0,03% R$ ,88 0,09% 2 R$ ,88 2 R$ ,88 Seat IBIZA 0 0,00% R$ 0,00% SubTotal Seat 0 0,00% R$ 0,00% OTHER BRANDS OTHER BRANDS 261 3,67% R$ ,74 2,82% 49 R$ , R$ , R$ ,53 4 R$ ,21 SubTotal Other Brands 261 3,67% R$ ,74 2,82% 49 R$ , R$ , R$ ,53 4 R$ ,21 Total ,00% R$ ,39 100,00% , R$ , R$ , R$ ,42 23

25 Pool Data IV EA189 Engine status Total Porfolio Discounted Discounted Principal EA189 Engine 2 0,03% R$ 8.990,27 0,03% Other ,97% R$ ,12 99,97% Total ,00% R$ ,39 100,00% 24

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. 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 Discounted 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 Discounted 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 Discounted of Sold Eligible Credit Rights on the Purchase Date. Original Maturity Date: Discounted : 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, the installments will be discounted to the origination date of the Credit Right and at the Discount Rate, on the basis of one year of 360 (three hundred and sixty) days being equivalent to 12 (twelve) months, each month consisting of 30 (thirty) days. PoolCut: Present Value: Recoveries: Swap: Present Value of the portfolio as of 12/17/2013 (considering the discount rate used for the deal and the 360day convention). Means the sum of the amounts of the Sold Eligible CreditRights, calculated at present value applying the Discount Rate. All money received after the Write Off of a contract. Means the interest rate swap operations performed by the Fund, as provided in the Interest Rate Swap Agreement, with the purpose of mitigating the potential mismatch between the fixed rate of its spot positions and the benchmark established for its class of quotas. 25