Volkswagen Leasing GmbH. Volkswagen Leasing GmbH. Volkswagen Leasing GmbH

Transcription

1 Deal name: VCL Master Residual Value SA - Compartment 2 Issuer: Originator of the receivables: Seller of the receivables: Servicer name: Reporting entity: VCL Master Residual Value S.A. acting with respect to its Compartment Boulevard Royal L-2449 Luxembourg Luxembourg Tel.: Fax: Volkswagen Leasing GmbH Volkswagen Leasing GmbH Volkswagen Leasing GmbH Volkswagen Leasing GmbH ABS Operations Gifhorner Str Braunschweig Federal Republic of Germany Contact: Tel.: Fax: VCL@vwfs.com Corporate service provider: Circumference FS (Luxembourg) S.A Boulevard Royal L-2449 Luxembourg Luxembourg Tel.: Fax: VCL@circumferencefs.lu Volkswagen Leasing ABS Operations VCL@vwfs.com / 34

2 Contents Page Table of contents 1 Cover 2 3 Reporting details 4 Parties overview 5 Transaction events I 6 Transaction events II 7 Transaction events III 8 Notes I 9 Notes II 10 Cash collateral account 11 Swaps & Waterfall 12 Retention 13 Amortisation profile I 14 Amortisation profile II 15 Run out schedule I 16 Run out schedule II 17 ResidualV 18 Cash-Flow 19 Delinquencies & defaults I 20 Delinquencies & defaults II 21 Delinquencies & defaults III 22 Write-Offs 23 Prepayments 24 Pool data I 25 Pool data II 26 Pool data III 27 Pool data IV 28 Pool data V 29 Pool data VI 30 Pool data VII Volkswagen Leasing ABS Operations VCL@vwfs.com / 34

3 Reporting details Deal overview Cut-Off-Date Scheduled date of Clean- Up-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: 37 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 ,29% ,12 96,07% Used cars ,79% ,24 1,72% Demonstration cars ,92% ,63 2,21% Total ,00% ,99 100,00% Type of product at pool cut Percentage outstanding Closed end contract ,97% ,07 99,34% Open end lease contract 648 1,03% ,92 0,66% Total ,00% ,99 100,00% Volkswagen Leasing ABS Operations / 34

4 Parties overview Lead manager: Crédit Agricole Corporate and Investment Bank Security trustee / Wilmington Trust SP Services (Frankfurt) GmbH 12 place des Etats-Unis, CS Process Agent: Steinweg Montrouge Cedex D Frankfurt am Main France Germany Fax +49 (0) fradirectors@wilmingtontrust.com Wilmington Trust SP Services (London) Limited Third Floor, 1 King s Arms Yard EC2R 7AF London United Kingdom Faxc: mfiler@wilmingtontrust.com Calculation agent/ BNY Mellon, London Branch Data protection Amsterdamsch Trustee's Kantoor B.V. Interest determination agent/ One Canada Square trustee: Prins Bernhardplein 200 Principal Paying Agent: London E145 AL 1097 JB Amsterdam United Kingdom The Netherlands tsampikos.trigenis@bnymellon.com Account bank: BNY Mellon Clearing systems: Clearstream Banking S.A. Frankfurt Branch 42 Avenue JF Kennedy Messeturm, Friedrich-Ebert-Anlage 49 L-1885 Luxembourg Frankfurt/Main Luxembourg Germany web@clearstream.com tsampikos.trigenis@bnymellon.com Euroclear Banking S.A./ N.V. 1 Boulevard du Roi Albert II. B-1210 Brussels Belgium Tel.: +32 (0) Swap counterparty: ING Bank N.V. Rating agencies: Standard & Poor's Ratings Group Bijlmerplein 888 Attn.: Structured Finance 1102 MG Amsterdam, the Netherlands Surveillance Department SPG.Amsterdam@INGBank.com 20 Canada Square Canary Wharf DZ Bank AG London E14 5LH Platz der Republik United Kingdom Frankfurt am Main, Germany ABSEuropeanSurveillance@standardandpoors.com otcderivatives@dzbank.de DBRS Ratings Limited Credit Agricole SA Attn: Structured Finance Corporate and Investment Bank Surveillance Department 12 Place de etats-unis 20 Fenchurch Street, 31st Floor Montrouge Cedex London EC3M 3BY alternative-derivatives@ca-cib.com Tel.: Fax: EU.ABS.Surveillance@dbrs.com Skandinaviska Enskilda Banken (SEB) Creditreform Capital Markets Attn.: Structured Finance Kungsträdgårdsgatan 8, Stockholm Hellersbergstraße 12 Sweden D Neuss creditreform@verband.creditreform.de Corporate service Circumference FS Servicer: Volkswagen Leasing GmbH provider: (Luxembourg) SA Gifhorner Str Boulevard Royal D Braunschweig L-2449 Luxembourg Germany Luxembourg vcl@vwfs.com VCL@circumferencefs.lu Fax: Fax: Tel.: Tel.: Volkswagen Leasing ABS Operations absoperations@vwfs.com / 34

5 Transaction events I Clean-Up-Call Clean-Up-Call condition the Max. Disc. Expactancy Rights Balance Min. portfolio 75,31% 10,00% Fulfilled when the Aggregate Discounted Expectancy Rights Balance on a Payment Date is less than 10 per cent. of the Maximum Discounted Expectancy Rights Balance as of the Initial Cut-Off Date provided that all payment obligations under the Notes will be thereby fulfilled. Repurchase of receivables % of % of outstanding Re-Purchase price Current period Previous periods Total If a repurchase of expectancy rights occurred, it would only result from non-eligibility as of the respective Cut-Off-Date (which has been discovered at a later stage). Transaction party replacements Capacity of transaction party Date of replacement Reason for replacement Replaced party Replaced by Swapcounterparty Series A Renewal ING DZ Swapcounterparty Series A Renewal ING DZ Swapcounterparty Series A Renewal ING CA Swapcounterparty Series A Renewal ING SEB Swapcounterparty Series A Renewal ING SEB Swapcounterparty Series B Renewal ING DZ Swapcounterparty Series B Renewal ING DZ Swapcounterparty Series B Renewal ING CA Swapcounterparty Series B Renewal ING DZ Swapcounterparty Series B Renewal ING DZ Swapcounterparty Series B Renewal ING SEB Volkswagen Leasing ABS Operations VCL@vwfs.com / 34

6 Transaction events II Revolving period Spalte1 Series revolving period expiration date of the last outstanding series of VCLM RV compartment 2 notes Date of occurance of an early amortisation event - Compartment 2 revolving period Accumulation account Amounts not invested for the purchase of additional assets 0,00 0, ,89 0,00 Percentage not invested for the purchase of additional assets 0,00% 0,00% 3,37% 0,00% Dynamic net loss ratio* Ratio > 0,4% 1,0% 2,0% 2,8% ,00848% No No No No ,01240% No No No No ,02970% No No No No Cumulative net loss ratio* Ratio > 0,45% 1,2% 1,75% 2,25% ,08343% No No No No ,09882% No No No No ,09879% No No No No Discounted as of the previous period* ,21 Discounted of all initial and additional assets* ,70 Nominal of all initial and additional assets ,24 Weighted average seasoning (before top-up/tap-up)* Late delinquency ratio* 7,13 0,27440% Enforcement event* Credit enhancement increase condition* a) the dynamic net loss ratio for three consecutive payment dates exceeds and (i) if weighted average seasoning is less 12 months (ii) if weighted average seasoning is between months (iii) if weighted average seasoning is between months (iv) if weighted average seasoning is > 36 months b) the cumulative net loss ratio for three consecutive payment dates exeeds and (i) if weighted average seasoning is less 12 months (ii) if weighted average seasoning is between months (iii) if weighted average seasoning is between months (iv) if weighted average seasoning is > 36 months c) the late delinquency ratio exeeds 2,5% at any payment date d) the occurence of a servicer replacement event e) the occurence of an insolvency event with respect to VWL f) the cash collateral account does not contain the VCL Master specified general cash collateral account g) the Cash Collateral Account does not contain the Minimum Cash Collateral Account Balance h) any Repurchase Price has not been paid by the Seller on the respective Repurchase Date No not in effect - - 0,40% No 1,00% No 2,00% No 2,80% No - - 0,45% No 1,20% No 1,75% No 2,25% No 2,50% No - No - No - No No No Early amortisation event* (i) Occurence of a foreclosure event (ii) VCL Master RV Compartment 2 accumulation account > 10% of Aggregate Discounted Expectancy Rights Balance on three consecutive Payment Dates (iii) 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 or to take other measures to prevent a downgrade of the Notes (v) On any Payment Date the Class A Actual Overcollateralisation Percentage is determined as being lower than 42.8 per cent. or the Class B Actual Overcollateralisation Percentage is determined as being lower than 32.3 per cent (vi) Occurrence of an Early Amortisation Event (vii) VWL ceases to be an Affiliate of Volkswagen Financial Services AG or any successor thereto not in effect No No No No No No No km-settlement reserve Discounted total Nominal Consumer with km-settlement 0 0,00 0,00% 0,00 No *Derived from VCL Master Compartment 1 data Volkswagen Leasing ABS Operations VCL@vwfs.com / 34

7 Transaction events III Account bank BNY Mellon Long term Creditreform Short term Outlook Long term S&P Short term Outlook Long term DBRS Short term Outlook Current rating* A L2 - A A-1 stable AA R-1 (high) stable Minimum required rating A L2 - A A-1 - A R-1 - (if no short term rating available, the higher long term rating is applicable) A If the account bank ceases to have the account bank required rating it shall, at its own cost, (i) transfer the accounts to an eligible collateral bank, or (ii) provide a guarantee from an eligible guarantor, or (iii) take any other action in order to maintain the rating of the notes. If none of the measures is taken within a given timespan, the issuer may enter into new banking arrangements at its own initiative with another account bank. (Please refer to the prospectus for a complete description of the mechanism) Swap counterparty ING Bank N.V. Long term S&P Short term Outlook Long term DBRS Short term Outlook Current rating* A+ A-1 stable AA (low) R-1 (middle) stable Minimum required rating A - - A - - (if no short term rating available, the higher long term rating is applicable) If the swap bank falls below the above mentioned minimum rating (Level I) it shall provide eligible credit support by means of cash or certain types of prime debt obligations Required rating: Fulfilled If the swap bank ceases to have the even lower rating as an eligible swap counterparty (Level II) it shall, at its own cost, (i) transfer all rights and obligations under the swap agreement to another eligible swap partner or Required rating: (ii) provide a guarantee from an eligible guarantor. If none of the measures is taken within a given timespan, the Issuer may enter into new arrangements at its own initiative with another swap bank. Fulfilled (Please refer to the prospectus for a complete description of the mechanism) Creditreform S&P Volkswagen Financial Services AG** Long term Short term Outlook Long term Short term Outlook Current rating BBB+ n.a. stable BBB+ A-2 stable Minimum required rating BBB+ n.a. - BBB+ A-2 - DBRS Volkswagen AG Long term Short term Outlook Current rating BBB (high) 0 positive Minimum required rating BBB (high) n.a. - *Ratings last updated on 03/12/2018 Required rating: Fulfilled ** Volkswagen Financial Services AG is not rated by DBRS, but Volkswagen AG, who holds 100% of the shares of Volkswagen Leasing GmbH. Volkswagen Leasing ABS Operations VCL@vwfs.com / 34

8 Information regarding the notes I_ Rating at issue date Series A Series A Series A Series A Series A Series A Series A Series A Series A Series A Series A Creditreform AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) Standard & Poors AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) DBRS AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) Current rating Series A Series A Series A Series A Series A Series A Series A Series A Series A Series A Series A Creditreform AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) Standard & Poors AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) DRBS AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) Information on notes Series A Series A Series A Series A Series A Series A Series A Series A Series A Series A Series A ISIN XS XS XS XS XS XS XS XS XS XS XS Common code Original face value , , , , , , , , , , ,00 Spread / Margin 0,4500% 0,4500% 0,4500% 0,4500% 0,4500% 0,4500% 0,4500% 0,4500% 0,4500% 0,4500% 0,4500% Current coupon 0,0810% 0,0810% 0,0810% 0,0810% 0,0810% 0,0810% 0,0810% 0,0810% 0,0810% 0,0810% 0,0810% Information on notes Class A-Series Class B-Series Legal final maturity date Sep 23 Sep 23 Fixed/Floating floating floating Day count convention actual/360 actual/360 rate (1-Month- Euribor) -0,3690% -0,3690%

9 Publicat Period: 11 Series A Series A Series A Series A Series B Series B Series B Series B Series B Series B Series B Series B AAA(sf) n.a. n.a. n.a. A+(sf) A+(sf) A+(sf) A+(sf) A+(sf) A+(sf) A+(sf) n.a. AAA(sf) n.a. n.a. n.a. A+(sf) A+(sf) A+(sf) A+(sf) A+(sf) A+(sf) A+(sf) n.a. AAA(sf) n.a. n.a. n.a. A (high) (sf) A (high) (sf) A (high) (sf) A (high) (sf) A (high) (sf) A (high) (sf) A (high) (sf) n.a. Series A Series B Series B Series B Series B Series B Series B Series B AAA(sf) n.a. n.a. n.a. A+(sf) A+(sf) A+(sf) A+(sf) A+(sf) A+(sf) A+(sf) n.a. AAA(sf) n.a. n.a. n.a. A+(sf) A+(sf) A+(sf) A+(sf) A+(sf) A+(sf) A+(sf) n.a. AAA(sf) n.a. n.a. n.a. A (high) (sf) A (high) (sf) A (high) (sf) A (high) (sf) A (high) (sf) A (high) (sf) A (high) (sf) n.a. Series A Series B Series B Series B Series B Series B Series B Series B Series B XS XS XS XS XS XS XS XS XS XS XS XS , , , , , , , , , , , ,00 0,4500% 0,4500% 0,4500% 0,4500% 0,9000% 0,9000% 0,9000% 0,9000% 0,9000% 0,9000% 0,9000% 0,9000% 0,0810% 0,0810% 0,0810% 0,0810% 0,5310% 0,5310% 0,5310% 0,5310% 0,5310% 0,5310% 0,5310% 0,5310%

10 tion date: / Period no. 37 Series B n.a. n.a. n.a. n.a. n.a. n.a. Series B XS ,00 0,9000% 0,5310%

11 Information regarding the notes II Monthly period: Payment date: Interest accrual period (from/until) until Days accrued 31 rate 1-Month-Euribor Base interest rate: -0,3690% Day count convention actual/360 Interest payments Class A + B total Series A Series A Series A Series A Series A Series A Series A Series A Series A Series A Series A Series A Series A Series A Series A Class A Total Total interest amount of the reporting period , , , , , , , , , , , , ,70 0,00 0,00 0, ,77 Paid interest , , , , , , , , , , , , ,70 0,00 0,00 0, ,77 Unpaid Interest Spalte1 Spalte2 Spalte3 Spalte32 Spalte33 Spalte34 Spalte35 Spalte36 Spalte37 Spalte373 Spalte3732 Spalte37322 Spalte37323 Spalte43 Spalte44 Spalte45 Spalte3742 Unpaid interest of the reporting period 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 Cumulative unpaid interest 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 Note Class A Class B Spalte1 Spalte12 Spalte13 Spalte14 Spalte15 Spalte16 Spalte17 Spalte173 Spalte1732 Spalte17322 Spalte17323 Spalte23 Spalte24 Spalte25 Spalte1742 Note as of the beginning of the period , , , , , , , , , , , , ,00 0,00 0,00 0, ,00 Additional issue amount , ,00 0,00 0, , ,00 0, ,00 0,00 0,00 0, ,00 0, , , , ,00 Redemption amount due to amortizing series 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 Term take out redemption 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 Class as of the end of the period , , , , , , , , , , , , , , , , ,00 Payments to Investors per note Class A Class B Spalte1 Spalte12 Spalte13 Spalte14 Spalte15 Spalte16 Spalte17 Spalte173 Spalte1732 Spalte17322 Spalte17323 Spalte23 Spalte24 Spalte25 Spalte1742 Interest - 6,98 6,98 6,98 6,98 6,98 6,98 6,98 6,98 6,98 6,98 6,98 6,98 0,00 0,00 0,00 - Principal repayment by note - 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 - Total - 6,98 6,98 6,98 6,98 6,98 6,98 6,98 6,98 6,98 6,98 6,98 6,98 0,00 0,00 0,00 - Notes Spalte2 Spalte3 Spalte4 Spalte42 Spalte43 Spalte44 Spalte45 Spalte46 Spalte47 Spalte473 Spalte4732 Spalte47322 Spalte47323 Spalte53 Spalte54 Spalte55 Spalte4742 notes as of the beginning of the period Increase of outstanding notes from tap-up 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 Class B Spalte1 Spalte12 Spalte13 Spalte14 Spalte15 Spalte16 Spalte17 Spalte173 Spalte1732 Spalte17322 Spalte17323 Spalte23 Spalte24 Spalte25 Spalte1742 Current OC amount , , , , , , , , , , , ,99 0,00 0,00 0, ,35 Current OC percentage 46,1904% 46,1904% 46,1904% 46,1904% 46,1904% 46,1904% 46,1904% 46,1904% 46,1904% 46,1904% 46,1904% 46,1904% 46,1904% 46,1904% 46,1904% 46,1904% Target OC percentage (revolving period/ amortising period) 48,0%/ 51,0% 48,0%/ 51,0% 48,0%/ 51,0% 48,0%/ 51,0% 48,0%/ 51,0% 48,0%/ 51,0% 48,0%/ 51,0% 48,0%/ 51,0% 48,0%/ 51,0% 48,0%/ 51,0% 48,0%/ 51,0% 48,0%/ 51,0% 48,0%/ 51,0% 48,0%/ 51,0% 48,0%/ 51,0% 48,0%/ 51,0% Subordinated loan - Balance as of the beginning of the period ,88 Balance increase from tap up ,61 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 ,49 Capitalization of interest ,16 Current OC amount (before TU / TTO) ,47 Current OC percentage (before TU / TTO) 7,1651% Current OC amount (after TU / TTO) ,90 Current OC percentage (after TU / TTO) 6,7866% Volkswagen Leasing ABS Operations VCL@vwfs.com / 34

12 Information regarding the notes II Monthly period: Payment date: Interest accrual period (from/until) until Days accrued 31 rate 1-Month-Euribor Base interest rate: -0,3690% Day count convention actual/360 Interest payments Class A + B total Total interest amount of the reporting period ,29 Paid interest ,29 Series B Series B Series B Series B Series B Series B Series B Series B Series B Class B Total , , , , , , ,43 0,00 0, , , , , , , , ,43 0,00 0, ,52 Unpaid Interest Spalte1 Spalte37422 Spalte Spalte Spalte Spalte Spalte Spalte Spalte Spalte Spalte ,00 0,00 0,00 0,00 0,00 0,00 Unpaid interest of the reporting period 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 Cumulative unpaid interest 0,00 Note Class A Spalte17422 Spalte Spalte Spalte Spalte Spalte Spalte Spalte Spalte Spalte , , , , , , ,00 0,00 0, ,00 Note as of the beginning of the period , , ,00 0, , ,00 0, , , , ,00 Additional issue amount ,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 Redemption amount due to amortizing series 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 Term take out redemption 0, , , , , , , , , , ,00 Class as of the end of the period ,00 Payments to Investors per note Class A Spalte17422 Spalte Spalte Spalte Spalte Spalte Spalte Spalte Spalte Spalte ,73 45,73 45,73 45,73 45,73 0,00 0,00 Interest - 45,73 45,73-0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 - Principal repayment by note - 45,73 45,73 45,73 45,73 45,73 45,73 45,73 0,00 0,00 - Total - Notes Spalte2 notes as of the beginning of the period Increase of outstanding notes from tap-up Reduction of outstanding notes from term take out 0 notes as of the end of the period Face value per note - Balance per note - Note factor - Spalte47422 Spalte Spalte Spalte Spalte Spalte Spalte Spalte Spalte Spalte , , , , , , , , , , , , , , , , , ,00 1, , , , , , , , , Overcollateralisation Current OC amount Current OC percentage Target OC percentage (revolving period/ amortising period) Class A Spalte17422 Spalte Spalte Spalte Spalte Spalte Spalte Spalte Spalte Spalte , , , , , , ,71 0,0000% 0,0000% ,35 35,3383% 35,3383% 35,3383% 35,3383% 35,3383% 35,3383% 35,3383% 0,0000% 0,0000% 35,3383% 36,0% / 39,0% 36,0% / 39,0% 36,0% / 39,0% 36,0% / 39,0% 36,0% / 39,0% 36,0% / 39,0% 36,0% / 39,0% 36,0% / 39,0% 36,0% / 39,0% 36,0% / 39,0% Subordinated loan - Balance as of the beginning of the period ,88 Balance increase from tap up ,61 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 ,49 Capitalization of interest ,16 Current OC amount (before TU / TTO) ,47 Current OC percentage (before TU / TTO) 7,1651% Current OC amount (after TU / TTO) ,90 Current OC percentage (after TU / TTO) 6,7866% Volkswagen Leasing ABS Operations VCL@vwfs.com / 34

13 Cash Collateral Account Cash Collateral Account (CCA) - General Cash Collateral Amount and German Task Risk Reserve in EUR Targeted (floor) ,00 Thereof general cash reserve ,00 Balance as of the beginning of the period ,00 Thereof general cash reserve ,00 Payments ,00 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 tap-up ,00 Balance as of the end of the period ,00 Thereof general cash reserve ,00 General cash reserve in percent of total current note 4,32% Minimum Cash Collateral Account Balance ,00 Cash Collateral Account Balance in EUR Balance as of the beginning of the period ,00 Balance as of the end of the period ,00 Accrued interest 0,00 Set off risk There is no set off risk applicable. Volkswagen Leasing ABS Operations VCL@vwfs.com / 34

14 Swap fixing / Waterfall Amortising interest rate swap Class A Underlying principal for reporting period ,00 Paying leg Fix interest rate Receiving leg Floating interest rate Net swap payments ,71 Available distribution amount calculation Payment Remaining amount a) Available collections amount , ,42 b) Accumulation account interest 0, ,42 c) Net swap receipts - series A + B and any other amounts included in the Available Distribution Amount pursuant to clause 21 of the Trust 0, ,42 Agreement d) Payments from the cash collateral account as provided for in clauses 22.2 of the Trust Agreement 0, ,42 e) Payments from any Further Distribution Account made on the immediately preceding Payment Date 0, ,42 f) In case of an early amortisation event or after the revolving period, transfers from the accumulation account to the compartment 1 distribution account pursuant to clause 22.4 of the trust agreement 0, ,42 g) the Buffer Release Amount to be paid to VWL, provided that no Insolvency Event with respect to VWL has occurred ( ,73) ,69 Purchase price amount (clean-up call) 0, ,69 Remaining amount from previous period 0, ,69 Waterfall Payment Remaining amount Available distribution amount ,69 1) Taxes 0, ,69 2) Payment to security trustee 0, ,69 3) Servicing fee ( ,30) ,39 4) Payment in respect of fees I ( ,00) ,39 5) Payment in respect of fees II ( 800,00) ,39 6) Payment to account bank, cash administrator, principal paying agent, the Registrar, interest determination agent and calculation agent ( ,13) ,26 7) Equal rank swap payments - Series A and B ( ,71) ,55 - Net swap payments on series A ( ,07) ,19 - Net swap payments on series A ( ,17) ,02 - Net swap payments on series A ( ,50) ,52 - Net swap payments on series A ( ,42) ,10 - Net swap payments on series A ( ,82) ,28 - Net swap payments on series A ( ,65) ,63 - Net swap payments on series A ( ,15) ,48 - Net swap payments on series A ( 6.512,50) ,98 - Net swap payments on series A ( ,40) ,58 - Net swap payments on series A ( ,00) ,58 - Net swap payments on series A ( ,25) ,33 - Net swap payments on series A ( ,30) ,03 - Net swap payments on series A , ,03 - Net swap payments on series A , ,03 - Net swap payments on series A , ,03 - Net swap payments on series B ( ,72) ,99 - Net swap payments on series B ( ,60) ,39 - Net swap payments on series B ( 6.423,75) ,64 - Net swap payments on series B ( ,37) ,27 - Net swap payments on series B ( ,60) ,67 - Net swap payments on series B ( 1.898,57) ,10 - Net swap payments on series B , ,10 - Net swap payments on series B , ,10 8) Interest payment class A ( ,77) ,78 (a) Accrued interest & (b) interest shortfalls on series A ( ,93) ,62 (a) Accrued interest & (b) interest shortfalls on series A ( ,83) ,79 (a) Accrued interest & (b) interest shortfalls on series A ( ,50) ,29 (a) Accrued interest & (b) interest shortfalls on series A ( ,58) ,71 (a) Accrued interest & (b) interest shortfalls on series A ( ,18) ,53 (a) Accrued interest & (b) interest shortfalls on series A ( ,35) ,18 (a) Accrued interest & (b) interest shortfalls on series A ( ,85) ,33 (a) Accrued interest & (b) interest shortfalls on series A ( 3.487,50) ,83 (a) Accrued interest & (b) interest shortfalls on series A ( ,60) ,23 (a) Accrued interest & (b) interest shortfalls on series A ( ,00) ,23 (a) Accrued interest & (b) interest shortfalls on series A ( 8.439,75) ,48 (a) Accrued interest & (b) interest shortfalls on series A ( ,70) ,78 (a) Accrued interest & (b) interest shortfalls on series A , ,78 (a) Accrued interest & (b) interest shortfalls on series A , ,78 (a) Accrued interest & (b) interest shortfalls on series A , ,78 9) Interest payment class B ( ,52) ,26 (a) Accrued interest & (b) interest shortfalls on series B ( ,13) ,65 (a) Accrued interest & (b) interest shortfalls on series B ( ,28) ,37 (a) Accrued interest & (b) interest shortfalls on series B ( ,40) ,97 (a) Accrued interest & (b) interest shortfalls on series B ( ,25) ,72 (a) Accrued interest & (b) interest shortfalls on series B ( ,63) ,09 (a) Accrued interest & (b) interest shortfalls on series B ( ,40) ,69 (a) Accrued interest & (b) interest shortfalls on series B ( 6.081,43) ,26 (a) Accrued interest & (b) interest shortfalls on series B , ,26 (a) Accrued interest & (b) interest shortfalls on series B , ,26 10) Payment to cash collateral account 0, ,26 11) (a) Redemption amount class A 0, ,26 (a) Redemption on series A , ,26 (a) Redemption on series A , ,26 (a) Redemption on series A , ,26 (a) Redemption on series A , ,26 (a) Redemption on series A , ,26 (a) Redemption on series A , ,26 (a) Redemption on series A , ,26 (a) Redemption on series A , ,26 (a) Redemption on series A , ,26 (a) Redemption on series A , ,26 (a) Redemption on series A , ,26 (a) Redemption on series A , ,26 (a) Redemption on series A , ,26 (a) Redemption on series A , ,26 (a) Redemption on series A , ,26 Remaining rounding amount from current period Class A 0, ,26 11) (b) Class A Payment to the accumulation account ( ,26) 0,00 12) (a) Redemption amount class B 0,00 0,00 (a) Redemption on series B ,00 0,00 (a) Redemption on series B ,00 0,00 (a) Redemption on series B ,00 0,00 (a) Redemption on series B ,00 0,00 (a) Redemption on series B ,00 0,00 (a) Redemption on series B ,00 0,00 (a) Redemption on series B ,00 0,00 (a) Redemption on series B ,00 0,00 (a) Redemption on series B ,00 0,00 Remaining rounding amount from current period Class B 0,00 0,00 12) (b) Class B Payment to the accumulation account 0,00 0,00 13) Payments to swap counterparties, not subsumed under item seventh and b) any note purchaser of any amount payable under the Programme Agreement 0,00 0,00 14) All excess to VCL Master Distribution Account in case of an Insolvency event 0,00 0,00 15) Accrued and unpaid interest on the subordinated loan 0,00 0, ) Interest subordinated loan 0,00 0, ) Unpaid interest subordinated loan 0,00 0,00 16) Redemption subordinated loan 0,00 0,00 17) Final success fee 0,00 0,00 Volkswagen Distribution Leasing of cash collateral ABS Operations account VCL@vwfs.com surplus Payment Remaining amount 14 / 34

15 Payment from CCA - Payment to subordinated lender 0,00 0,00 Payment in respect of regular interest of subordinated loan 0,00 0,00 Payment in respect of interest shortfalls of subordinated loan 0,00 0,00 Payment in respect of regular redemption of subordinated loan 0,00 0,00 Final success fee 0,00 0,00 Payments due to term take out - not part of the waterfall Payment Remaining amount Purchase price from term take out 0,00 0,00 Redemption class A 0,00 0,00 Redemption subordinated loan 0,00 0,00 Advances 0,00 Volkswagen Leasing ABS Operations VCL@vwfs.com / 34

16 Retention of net economic interest Period Nominal Balance at Pool cut Nominal Balance at the end of the period - before top/tap-up Nominal Balance at of the end of the period Total Assets , , ,38 Expectancy Rights , , ,38 Accumulation Account 0, ,15 0,00 First loss piece , , ,89 Overcollateralization* , , ,89 General Cash Collateral Account , , ,00 Actual retention 16,83% 14,33% 15,16% In its capacity as originator and original lender, Volkswagen Leasing GmbH complies with the retention requirement of a material net economic interest in accordance with option (d) Article 405 (1) CRR. By adhering to option d) of the CRR, Volkswagen Leasing will keep the exposures 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 with this investor report. * Overcollateralisation to be calculated as difference between Nominal Expectancy Rights Balance and sum of Class A notes, Class B notes and Subordinated loan. Volkswagen Leasing ABS Operations VCL@vwfs.com / 34

17 Amortisation profile I Note class Payment date (month) Actual note (Class A) Class A Forecasted note (Class A) S p a l t e 1 Actual note (Class B) Class B Forecasted note (Class B) Issue Date , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,34 Volkswagen Leasing ABS Operations VCL@vwfs.com / 34

18 Amortisation profile II in EUR Amortisation profile Class A-Notes Actual Balance A-Notes Expected Balance A-Notes Assuming a Clean-Up Call at 10% of the initial outstanding, annual prepayments of 0% and 0% defaults Payment period 0 in EUR Amortisation profile Class B-Notes Actual Balance B-Notes Expected Balance B-Notes Assuming a Clean-Up Call at 10% of the initial outstanding, Payment period 0 Volkswagen Leasing ABS Operations VCL@vwfs.com / 34

19 Run out schedule I Reporting period Principal Interest Instalment arrears 0,00 0,00 0, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,91 349, , ,00 0,00 0,00 Total , , ,38 Volkswagen Leasing ABS Operations VCL@vwfs.com / 34

20 Publication date: Run out schedule II in EUR Expected Balance of the outstanding asset-portfolio The expected Portfolio amortisation is solely based on the scheduled payments according to rental plan, no assumptions on prepayments or defaults are made Reporting period Actual Discounted Asset-Portfolio Expected Discounted Asset-Portfolio Volkswagen Leasing ABS Operations VCL@vwfs.com / 34

21 - Residual Value Collections by source Collections Payments due from regular contract terminations ,66 Payment due from early settlement ,42 Compensation Payments from contract changes ,34 therof payments by the Issuer to VWL ################################ therof payments by VWL to the Issuer ,16 Total ,42 Collections by RV status Collections Current ,34 End of term ,66 Early settlement ,42 Total ,42 nominal Evolution of outstanding pool during the reporting period active Balance as of the begin of the period , ,87 Balance at the end of the period - before top/tap-up , ,06 Top/tap-up of the period , ,32 Term take out 0 0,00 0,00 Balance as of the end of the period , ,38 Total portfolio as of pool cut date Contract RV status development I Current , , , , , ,03 End of term 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Early settlement 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total , , , , , ,03 Total portfolio as of current reporting period Contract RV status development II Current , , , , , ,44 End of term , , , , , ,00 Early settlement , , , , , ,00 Total , , , , , ,44 3 4,00 5 6,00 7 8, , Contract status as of the end of the current period Contract status development III Current End of term Early settlement Contract RV status as of the begin of the period Top-/Tap-Up ,19 0 0,00 0 0,00 Current , , ,00 End of term 0 0, ,00 0 0,00 Early settlement 0 0,00 0 0, ,00 Total , , ,00 Volkswagen Leasing ABS Operations VCL@vwfs.com / 34

22 - Cash-flow Collections by CF status Collections Current ,26 Delinquent ,37 Default ,34 End of term ,04 Early settlement ,54 Write off ,87 Write down 97 0,00 Total ,42 Total portfolio as of pool cut date Contract CF status development I Current , , , , , ,03 Delinquent 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Default 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 End of term 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Early settlement 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Write-Off 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Write Down 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total , , , , , ,03 Total portfolio as of current reporting period Contract CF status development II Current , , , , , ,11 Delinquent , , , , , ,74 Default , , , , , ,69 End of term , , , , , ,41 Early settlement , , , , , ,00 Write-Off , , , , , ,00 Write down , , ,30 0 0, , ,49 Total , , , , , ,44 3 4,00 5 6,00 7 8, , Contract status as of the end of the current period Contract status development III Current Delinquent Default End of term Early settlement Write-Off Write-Down Contract CF status as of the begin of the period Top-/Tap-Up ,19 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Current , , , , , ,00 0 0,00 Delinquent , , , , , ,00 0 0,00 Default , , ,38 1 0,00 0 0, ,00 0 0,00 End of term 0 0,00 0 0,00 0 0, ,18 0 0,00 0 0,00 0 0,00 Early settlement 0 0,00 0 0,00 0 0,00 0 0, ,00 0 0,00 0 0,00 Write-Off 0 0,00 0 0,00 0 0,00 0 0,00 0 0, ,00 0 0,00 Write Down ,85 0 0,00 0 0,00 0 0,00 0 0,00 8 0, ,20 Total , , , , , , ,20 Volkswagen Leasing ABS Operations VCL@vwfs.com / 34

23 Delinquencies & defaults I Days in arrears Delinquent outstanding <=30 5 0,0010% ,87 0,0003% ,50 0 0, , , ,26 > 30 <= ,3825% ,27 0,1207% , , , , ,92 > 60 <= ,1049% ,72 0,0311% , , , , ,54 > 90 <= ,0462% ,48 0,0131% , , , , ,33 > 120 <= ,0186% ,64 0,0052% , , , , ,87 > 150 <= ,0172% ,53 0,0045% , , , , ,52 > 180 <= ,0151% ,71 0,0042% , , , , ,27 > 210 <= ,0039% ,04 0,0011% ,04 0 0,00 0 0, , ,73 > 240 <= ,0072% ,49 0,0018% , , , , ,77 > 270 <= ,0052% ,86 0,0019% , , , , ,13 > 300 <= ,0025% ,92 0,0008% , , , , ,78 > ,0222% ,33 0,0066% , , , , ,52 Total ,6264% ,86 0,1912% , , , , ,64 Delinquencies I - of delinquent Reporting period <=30 > 30 <= 60 > 60 <= 90 > 90 <= 120 > 120 <= 150 > 150 <= 180 > 180 <= 210 > 210 <=240 > 240 <= 270 > 270 <= 300 > 300 <= 330 > 330 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 34