Volkswagen Leasing GmbH. Volkswagen Leasing GmbH. Volkswagen Leasing GmbH

Transcription

1 Deal name: VCL Master Residual Value Compartment 1 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 avenue du X Septembre L-2550 Luxembourg Luxembourg Tel.: Fax: Volkswagen Leasing GmbH Volkswagen Leasing GmbH Volkswagen Leasing GmbH Volkswagen Leasing GmbH ABS Operations Käferweg, 4 Building E Braunschweig Federal Republic of Germany Contact: Tel.: Fax: ABSOperations@vwfs.com Corporate service provider: Wilmington Trust SP Services (Luxembourg) S.A avenue du X Septembre L-2550 Luxembourg Luxembourg Tel.: Fax: VCL@WilmingtonTrust.com Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

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 Information regarding the notes I 9 Information regarding the notes II 10 Cash collateral account 11 Swap fixing / Waterfall 12 CRD retention / Retention of net economic interest 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 Write-Offs 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 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

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: 6 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 New cars ,62% ,60 95,35% Used cars 504 1,66% ,97 1,58% Demonstration cars 826 2,72% ,49 3,07% Total ,00% ,06 100,00% Type of product at pool cut Percentage Closed end contract ,54% ,29 98,98% Open end lease contract 444 1,46% ,77 1,02% Total ,00% ,06 100,00% Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

4 Parties overview Lead manager: HSBC Bank plc Security trustee / Wilmington Trust SP 8 Canada Square Process Agent: Services (Frankfurt) GmbH London E14 5HQ Steinweg 3-5 United Kingdom D Frankfurt am Main ctla.securitisation@hsbc.com Germany Fax +49 (0) fradirectors@wilmingtontrust.com Calculation agent/ BNY Mellon, London Branch Data protection Volkswagen Bank GmbH Interest determination agent/ One Canada Square trustee: Gifhorner Straße 57 Principal Paying Agent: London E145 AL D Braunschweig United Kingdom Germany tsampikos.trigenis@bnymellon.com ABSOperations@vwfs.com Fax: +49 (0) 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: Royal Bank of Canada Rating agencies: Fitch Ratings Limited Roal Bank Plaza Attn.: Structured Finance Surveillance 200 Bay Street, 2nd Floor, Toronto, Ontario M5J 2W7 30 The North Colonnade Canada London E14 5GN florent.demontbel@rbccm.com United Kingdom abssurveillance@fitchratings.com Skandinaviska Enskilda Banken (SEB) Fax: +44 (20) Capital Markets Kungsträdgårdsgatan 8, Stockholm Standard & Poor's Ratings Group Sweden Attn.: Structured Finance Peter.Frank@seb.de Surveillance Department 20 Canada Square Canary Wharf London E14 5LH United Kingdom ABSEuropeanSurveillance@standardandpoors.com DBRS Ratings Ltd. Attn.: ABS Surveillance 10th Floor, 1 Minster Court, Mincing Lane London EC3R 7AA United Kingdom Tel.: +44 (20) bfranco@dbrs.com Corporate service Wilmington Trust SP Services Servicer: Volkswagen Leasing GmbH provider: (Luxembourg) S.A. Gifhorner Str avenue du X Septembre D Braunschweig L-2550 Luxembourg Germany Luxembourg ABSOperations@vwfs.com VCL@WilmingtonTrust.com Fax: Fax: Tel.: Tel.: Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

5 Transaction events I Clean-Up-Call Clean-Up-Call condition current portfolio Min. portfolio 101,14% 10,00% *N.B. This percentage may become greater 100% whenever the current total is larger than the Initial as of initial Cut-Off- Date. Fulfilled when the aggregate Balance is less than 10% of the Initial as of initial Cut-Off date provided that all payment obligations under the VCL Master Residual Value Compartment 1 notes will be thereby fulfilled. Repurchase of receivables % of % of 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 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

6 Transaction events II Revolving period Spalte1 Series revolving period expiration date of the last series of VCLM RV compartment 1 notes Date of occurance of an early amortisation event - Compartment 1 revolving period Accumulation account Amounts not invested for the purchase of additional assets , , , ,82 Percentage not invested for the purchase of additional assets 0,10% 0,19% 0,20% - Dynamic net loss ratio* Ratio > 0,4% 1,0% 2,0% 2,8% ,01872% No No No No ,01618% No No No No ,01374% No No No No Cumulative net loss ratio* Ratio > 0,45% 1,2% 1,75% 2,25% ,08634% No No No No ,08497% No No No No ,08544% No No No No Discounted as of the previous period* ,62 Discounted of all initial and additional assets* ,83 Weighted average seasoning (before top-up/tap-up)* Late delinqency ratio* 9,59 0,25884% Enforcement event* Credit enhancement increase condition* a) the dynamic net loss ratio for three consecutive payment dates exeeds and (i) if weighted average seasoning is less or equal 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 or equal 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 3% 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 Residual Value Compartment 1 specified general g) the put price has not been paid by the seller on the respective put date German trade tax* German trade tax increase event has occured German trade tax decrease event has occured Current german trade tax level (Hebesatz) German trade tax increase-/ decrease amount 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 - No - No - No - No No No No 450,00% 0,00 Early amortisation event* (i) Occurence of a foreclosure event (ii) VCL Master Compartment 1 accumulation account > 10% of total lease receivables on two consecutive months (iii) VCL Master Compartment 2 accumulation account > 10% of total expectancy rights on three consecutive months (iv) VCL Master RV Compartment 1 accumulation account > 10% of total expectancy rights on three consecutive (v) In case of default/termination event: failure to replace swap counterparty or failure to post collatereal by swap counterparty (vi) Six payment dates after the initial issue date, the compartment 1 overcollateralisation percentage is lower than 13 per cent overcollateralisation not in effect No No No No No No km-settlement reserve Discounted total Nominal Consumer with km-settlement 0 0,00-0,00 No *Derived from VCL Master Compartment 1 data Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

7 Transaction events III Account bank BNY Mellon Long term Fitch Short term Outlook Long term S&P Short term Outlook Long term DBRS Short term Outlook Current rating* AA- F1+ Stable A+ A-1 Negative AA R-1 (middle) stable Minimum required rating A F1 - - A-1 - A R-1 - (if no short term rating available, the higher long term rating is applicable) 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. Required rating: Fulfilled 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. BNY Mellon (Please refer to the prospectus for a complete description of the mechanism) Swap counterparty Fitch S&P DBRS Royal Bank of Canada Long term Short term Outlook Long term Short term Outlook Long term Short term Outlook Current rating* AA F1+ Stable AA- A-1+ Stable n.a. R-1 (high) stable Minimum required rating A F1 - 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 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 (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. Required rating: Fulfilled (Please refer to the prospectus for a complete description of the mechanism) Royal Bank of Canada Swap counterparty Fitch S&P DBRS Skandinavska enskilda Banken (SEB) Long term Short term Outlook Long term Short term Outlook Long term Short term Outlook Current rating* A+ F1 Positive A+ A-1 Negative AA (low) R-1 (middle) stable Minimum required rating A F1 - 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 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 (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. Required rating: Fulfilled (Please refer to the prospectus for a complete description of the mechanism) Skandinaviska enskilda Banken (SEB) Fitch S&P DBRS Volkswagen Financial Services AG Long term Short term Outlook Long term Short term Outlook Long term2 Short term3 Outlook4 Current rating** A F1 - A- A-2 Positive Minimum required rating BBB+ F2 - BBB A Servicer Fitch S&P DBRS Volkswagen Leasing GmbH Long term Short term Outlook Long term Short term Outlook Long term Short term Outlook Current rating** A- A-2 Positive Minimum required rating BBB A *Ratings last updated on 01/08/2014 Required rating: Fulfilled **Rating of Volkswagen Financial Services AG Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

8 Information regarding the notes I Rating at issue date Series A Series A Fitch AAA(sf) AAA(sf) Standard & Poors AAA(sf) AAA(sf) DBRS AAA(sf) AAA(sf) Current rating Series A Series A Fitch AAA(sf) AAA(sf) Standard & Poors AAA(sf) AAA(sf) DRBS AAA(sf) AAA(sf) Information on notes Series A Series A ISIN XS XS Common code Original face value , ,00 Spread / Margin 0,5500% 0,5500% Current coupon 0,6480% 0,6480% Information on notes Class A-Series Legal final maturity date Sep 20 Fixed/Floating floating Day count convention actual/360 rate (1-Month-Euribor) 0,0980% Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

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 0,0980% actual/360 Interest payments Class A total Series A Series A Total interest amount of the reporting period , , ,80 Paid interest , , ,80 Unpaid Interest Spalte1 Spalte2 Spalte3 Unpaid interest of the reporting period 0,00 0,00 0,00 Cumulative unpaid interest 0,00 0,00 0,00 Note Class A Class B Spalte1 Note as of the beginning of the period , , ,00 Additional issue amount 0,00 0,00 0,00 Redemption amount due to amortizing series 0,00 0,00 0,00 Term take out redemption 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 Interest - 57,60 57,60 Principal repayment by note - 0,00 0,00 Total - 57,60 57,60 Notes Spalte2 Spalte3 Spalte4 notes as of the beginning of the period Increase of notes from tap-up Reduction of 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 Current OC amount , , ,83 Current OC percentage 42,6720% 42,6720% 42,6720% Target OC percentage (revolving period/ amortising period) 49,0%/ 52,0% 49,0%/ 52,0% 49,0%/ 52,0% Subordinated loan - Balance as of the beginning of the period ,09 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 Capitalization of interest ,92 Balance as of the end of the period ,01 Current OC amount ,19 Current OC percentage 3,8281% Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

10 Cash collateral account Cash collateral account (CCA) in EUR Initial at poolcut plus increases from tap-up/decrease from TTO ,00 Thereof general cash reserve ,00 Thereof german trade tax risk reserve 0,00 Targeted (floor) ,00 Thereof general cash reserve ,00 Thereof german trade tax risk reserve 0,00 Balance as of the beginning of the period ,00 Thereof general cash reserve ,00 Thereof german trade tax risk reserve 0,00 Payments 0,00 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 0,00 Balance as of the end of the period ,00 Thereof general cash reserve ,00 Thereof german trade tax risk reserve 0,00 General cash reserve in percent of total current note 5,18% Minimum VCLM RV compartment 1 cash collateral account ,00 Accrued interest 2.541,19 Set off risk There is no set off risk applicable. Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

11 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 ,93 Available distribution amount calculation Payment Remaining amount a) Available collections amount , ,68 b) Accumulation account and distribution account interest 0, ,26 c) Net swap receipts - series A 0, ,26 d) Payments from the cash collateral account as provided for in clause 23.2 of the trust agreement 0, ,26 e) Payments from the VCL Master Residual Value Compartment 1 distribution account pursuant to Clause 22.3(a) item twelfth and 22.3(c) item tenth of the trust agreement 0, ,26 f) Compartment 1 German trade tax risk reserve decrease amount released persuant to clause 22.4(b) second of the trust agreement 0, ,26 g) In case of an early amortisation event or after the revolving period, transfers from the compartment 1 accumulation account to the compartment 1 distribution account pursuant to clause 23.4 of the trust 0, ,26 agreement h) Repayment to Volkswagen Leasing, of any excess servicer advance over the actual lease receivables collections amount 0, ,26 Purchase price amount (clean-up call) 0, ,26 Remaining amount from previous period 0, ,26 Waterfall Payment Remaining amount Available distribution amount ,26 1) Taxes ( 1.070,00) ,26 2) Payment to security trustee 0, ,26 3) Payment in respect of fees I ( ,14) ,12 4) Payment in respect of fees II ( 1.640,00) ,12 5) Payment to account bank, cash administrator, principal paying agent, interest determination agent and calculation agent 0, ,12 6) Equal rank swap payments - Series A ( ,93) ,19 - Net swap payments on series A ( ,23) ,89 - Net swap payments on series A ( 7.714,70) ,19 7) Interest payment class A ( ,40) ,79 (a) Accrued interest & (b) interest shortfalls on series A ( ,60) ,59 (a) Accrued interest & (b) interest shortfalls on series A ( ,80) ,79 8) Payment to cash collateral account 0, ,79 9) Payment to CCA due to german trade tax increase event 0, ,79 10) Redemption amount class A 0, ,79 (a) Redemption on series A , ,79 (a) Redemption on series A , ,79 Remaining rounding amount from current period 0, ,79 Payment to the accumulation account ( ,79) 0,00 11) Payments to swap counterparties, not subsumed under item sixth 0,00 0,00 12) 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 13) Redemption subordinated loan 0,00 0,00 14) Final success fee 0,00 0,00 Distribution of cash collateral account surplus Payment Remaining amount Payment from CCA - Payment to subordinated lender 0,00 0,00 German trade tax reserve decrease 0,00 0,00 German trade tax reserve decrease event - payment to distribution account 0,00 0,00 Payment in respect of regular interest of subordianted loan 0,00 0,00 Payment in respect of regular redemption of subordianted 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 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

12 Retention of net economic interest Period Pool cut Balance at the end of the Balance as of the end of the period - before top/tap-up period First loss piece , , ,39 Overcollateralization , , ,36 Accumulation account 0, , ,03 Cash collateral account , , ,00 Issued tranches , , ,01 A-Note , , ,00 Subordinated loan , , ,01 Actual retention 19,19% 17,77% 17,77% 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. Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

13 Amortisation profile I Note class Class A Payment date Actual note Forecasted note Poolcut , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,00 *Based on the following assumptions: CPR of 5% and Clean-Up-Call at 10% of the oustanding portfolio. Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

14 Amortisation profile II in EUR Amortisation profile Class A-Notes Actual Amort. A-Notes Expected Amort. A-Notes Assuming a Clean-Up Call at 10% of the initial, annual prepayments of 5% and 0% defaults Reporting period 0 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

15 Run out schedule I Payment period Principal Interest Instalment arrears 0,00 0,00 0, ,79 67, , ,77 296, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,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 , , ,37 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

16 Publication date: Run out schedule II in EUR Expected amortisation of the 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 Expected Discounted Asset-Portfolio Actual Discounted Asset-Portfolio Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

17 Collections by source - Collections Payments due from regular contract terminations - 0,00 Payment due from early settlement or contract changes ,68 Total ,68 Collections by status Collections Current ,43 Delinquent 220 0,00 Default 80 0,00 End of term 2 0,00 Early settlement ,25 Write-Off 0 0,00 Total ,68 Evolution of pool during the reporting period active nominal Balance as of the begin of the period , ,14 Balance at the end of the period - before top/tap-up , ,37 Top/tap-up of the period 0 0,00 0,00 Term take out 0 0,00 0,00 Balance as of the end of the period , ,37 Contract status development I Current , , , , , ,11 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 Total , , , , , ,11 Contract status development II Current , , , , , ,10 Delinquent , , , , , ,35 Default , , , , , ,64 End of term 2 0,00 2 0,00 0 0,00 0 0,00 1 0,00 1 0,00 Early settlement 264 0, , , , , ,00 Write-Off 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total , , , , , ,09 3 4,00 5 6,00 7 8, , Contract status development III Contract status as of the end of the current period Current Delinquent Default End of term Early settlement Write-Off Contract status as of the begin of the period Total portfolio as of pool cut date Total portfolio as of current reporting period Top-/Tap-Up 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Current , , ,28 0 0, ,00 0 0,00 Delinquent , , ,88 0 0,00 1 0,00 0 0,00 Default , , ,72 0 0,00 7 0,00 0 0,00 End of term 0 0,00 0 0,00 0 0,00 2 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 Write-Off 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total , , ,88 2 0, ,00 0 0,00 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

18 Delinquencies & defaults I Days in arrears Delinquent Delinquent early settlements 0 0,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 30 <= ,49% ,69 0,40% , , , , ,10 > 60 <= ,15% ,80 0,13% , , , , ,72 > 90 <= ,05% ,01 0,05% ,53 0 0, , , ,79 > 120 <= ,02% ,91 0,03% , ,56 0 0, , ,99 > 150 <= ,01% ,88 0,01% ,88 0 0,00 0 0, , ,53 > 180 <= ,01% ,86 0,01% ,86 0 0,00 0 0, ,86 0 0,00 > 210 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 240 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 270 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 300 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total 220 0,73% ,15 0,63% , , , , , Delinquencies I - of delinquent Reporting period not delinquent > 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 / 28

19 Delinquencies & defaults II Days in arrears Defaulted at day of default Delinquent early settlements 7 0,02% ,12 0,02% , ,86 0 0, , , ,24 > 30 <= ,04% ,67 0,03% , , , , , ,03 > 60 <= ,03% ,25 0,03% , ,68 0 0, , ,25 0 0,00 > 90 <= ,08% ,27 0,07% , , , , , ,03 > 120 <= ,05% ,11 0,04% , , , , , ,67 > 150 <= ,02% ,39 0,02% , ,39 0 0,00 0 0, , ,68 > 180 <= ,02% ,69 0,03% , ,63 0 0, , ,69 0 0,00 > 210 <= ,00% 0,00 0,00% 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 240 <= ,00% 0,00 0,00% 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 270 <= ,00% 0,00 0,00% 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 300 <= ,00% 0,00 0,00% 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > ,00% 0,00 0,00% 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total 80 0,27% ,50 0,23% , , , , , , Delinquencies II - of default Reporting period not delinquent > 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 / 28

20 Delinquencies & defaults III Days in arrears Delinquent early settlements 7 0,02% ,12 0,02% ,86 0 0, , , ,24 > 30 <= ,53% ,36 0,43% , , , , ,13 > 60 <= ,18% ,05 0,16% , , , , ,72 > 90 <= ,13% ,28 0,12% , , , , ,82 > 120 <= ,07% ,02 0,07% , , , , ,66 > 150 <= ,03% ,27 0,03% ,27 0 0,00 0 0, , ,21 > 180 <= ,03% ,55 0,04% ,49 0 0, , ,55 0 0,00 > 210 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 240 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 270 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 300 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total 300 1,00% ,65 0,86% , , , , , Delinquent and defaulted New vehicle Used vehicle Demonstration vehicles Delinquencies III - of delinquent and default Retail Corporate Reporting period not delinquent > 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 / 28

21 Write-Offs Write-Offs of end of the Amount monthly period ,25 Cumulative Write-Offs as of the end of the monthly period Discounted of all initial and additional assets Cumulative net loss ratio , ,83 0,08544% Current period Cumulative Write-Offs Monthly period Write-Offs Write-Offs ,00 0 0, ,00 0 0, ,00 0 0, ,00 0 0, ,00 0 0, ,00 0 0, ,00 0 0, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Total ,62 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

22 Prepayments Reporting period Unscheduled payments Discounted as of previous period Periodic CPR Annualised CPR Pool cut , ,06 0,182% 2,161% , ,83 0,164% 1,945% , ,36 0,140% 1,663% , ,89 0,218% 2,582% , ,39 0,136% 1,620% , ,33 0,202% 2,392% The annualised constant prepayment rate (CPR) of the underlying receivables based upon the most recent periodic CPR. Periodic CPR is equal to the total unscheduled principal received in the most recent period divided by the start of period principal. This is then annualised as follows: 1-((1-Periodic CPR)^number of periods in a year) Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

23 Pool data I Distribution by payment type Direct borrower account debit ,39% ,35 93,67% , , , , ,25 Others ,61% ,26 6,33% , , , , ,84 Total ,00% ,61 100,00% , , , , ,09 Distribution by contract concentration ,77% ,21 61,35% , , , , , ,94% ,60 35,85% , , , , , ,15% ,08 2,67% , , ,20 0 0, , ,14% ,72 0,12% ,72 0 0,00 0 0,00 0 0, ,72 > ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total ,00% ,61 100,00% , , , , ,09 Distribution by largest lessee Total porfolio Total porfolio Total porfolio ,06% ,85 0,05% ,85 0 0,00 0 0,00 0 0, , ,06% ,61 0,04% ,61 0 0,00 0 0,00 0 0, , ,03% ,22 0,04% ,22 0 0,00 0 0,00 0 0, , ,03% ,57 0,04% ,57 0 0,00 0 0,00 0 0, , ,05% ,65 0,04% ,65 0 0,00 0 0,00 0 0, , ,02% ,49 0,04% ,49 0 0,00 0 0,00 0 0, , ,05% ,02 0,04% ,02 0 0,00 0 0,00 0 0, , ,04% ,21 0,04% , , ,73 0 0, , ,03% ,14 0,04% ,14 0 0,00 0 0,00 0 0, , ,03% ,80 0,04% ,80 0 0,00 0 0,00 0 0, , ,05% ,36 0,04% ,36 0 0,00 0 0,00 0 0, , ,03% ,54 0,04% ,54 0 0,00 0 0,00 0 0, , ,03% ,38 0,04% ,38 0 0,00 0 0,00 0 0, , ,02% ,09 0,03% ,09 0 0,00 0 0, ,09 0 0, ,03% ,48 0,03% ,48 0 0,00 0 0,00 0 0, , ,04% ,08 0,03% ,08 0 0,00 0 0,00 0 0, , ,04% ,60 0,03% ,60 0 0,00 0 0,00 0 0, , ,03% ,43 0,03% ,43 0 0,00 0 0,00 0 0, , ,03% ,50 0,03% ,50 0 0,00 0 0,00 0 0, , ,02% ,64 0,03% ,64 0 0,00 0 0,00 0 0, ,64 Total ,71% ,66 0,74% , , , , ,57 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

24 Pool data II Distribution by Total porfolio 0, , ,26% ,22 1,75% , , , , , , , ,88% ,77 21,80% , , , , , , , ,19% ,93 33,24% , , , , , , , ,96% ,46 19,06% , , , , , , , ,34% ,99 11,25% , , , , , , , ,39% ,18 7,33% , , , , ,42 > , ,99% ,06 5,58% , , , , ,01 Total ,00% ,61 100,00% , , , , ,09 Statistics Minimum Maximum Average 860, , ,19 Distribution by nominal Total porfolio 0, , ,94% ,39 0,87% , , , , , , , ,52% ,59 16,11% , , , , , , , ,83% ,58 31,83% , , , , , , , ,39% ,92 21,57% , , , , , , , ,43% ,17 11,96% , , , , , , , ,45% ,17 8,78% , , , , ,79 > , ,45% ,79 8,89% , , , , ,62 Total ,00% ,61 100,00% , , , , ,09 Statistics Minimum nominal Maximum nominal Average nominal 868, , ,08 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

25 Pool data III Distribution by remaining term ,49% ,27 3,24% , , , , , ,54% ,05 43,85% , , , , , ,17% ,91 41,75% , , , , , ,64% ,40 10,35% , , , , , ,16% ,98 0,80% , , , , , ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 >72 0 0,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total ,00% ,61 100,00% , , , , ,09 Distribution by seasoning Total porfolio Statistics Minimum Remaining Term 1 Maximum Remaining Term 51 Weighted Average Remaining Term 25 Total porfolio ,22% ,58 36,83% , , , , , ,37% ,32 59,22% , , , , , ,27% ,44 3,84% , , , , , ,15% ,27 0,10% , , , , , ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0, ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 >72 0 0,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total ,00% ,61 100,00% , , , , ,09 Statistics Minimum seasoning 9 Maximum seasoning 45 Weighted average seasoning 15 The stratification tables are based on cash flow characteristics. Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

26 Pool data IV Distribution by brand VW ,14% ,51 34,79% , , , , ,72 VW LCV ,53% ,94 13,84% , , , , ,20 Audi ,68% ,11 41,16% , , , , ,31 Seat 982 3,27% ,74 2,14% , , , , ,79 Skoda ,18% ,83 7,90% , , , , ,17 Other brands 60 0,20% ,48 0,16% , , , , ,90 Total ,00% ,61 100,00% , , , , ,09 Distribution by geographic distribution Baden-Wuerttemberg ,78% ,07 16,21% , , , , ,48 Bavaria ,91% ,53 18,32% , , , , ,34 Berlin 835 2,78% ,60 2,81% , , , , ,99 Brandenburg 614 2,04% ,67 1,78% , , , , ,76 Bremen 335 1,11% ,01 1,08% , , , , ,30 Hamburg 962 3,20% ,07 3,25% , , , , ,93 Hesse ,71% ,70 8,00% , , , , ,11 Lower Saxony ,77% ,82 9,13% , , , , ,19 Mecklenburg-Vorpommern 473 1,57% ,32 1,35% , , , , ,63 North Rhine-Westphalia ,72% ,05 21,70% , , , , ,13 Rhineland-Palatinate 972 3,23% ,81 3,20% , , , , ,07 Saarland 168 0,56% ,52 0,57% , , , , ,53 Saxony ,31% ,97 4,96% , , , , ,31 Saxony-Anhalt 690 2,29% ,76 1,97% , , , , ,96 Schleswig-Holstein ,43% ,02 3,33% , , , , ,81 Thuringia 773 2,57% ,35 2,33% , , , , ,55 Foreign countries (*) 2 0,01% ,34 0,01% , ,63 0 0, ,34 0 0,00 Total ,00% ,61 100,00% , , , , ,09 Distribution by industry sector Total porfolio Total porfolio Total porfolio Agriculture/ Forestry 221 0,73% ,59 0,73% , , , , ,55 Energy/ Mining 344 1,14% ,55 1,05% , , , , ,38 Manufacturing industry ,65% ,58 20,12% , , , , ,99 Chemical industry 390 1,30% ,16 1,32% , , , , ,58 Construction ,26% ,48 10,66% , , , , ,25 Retail/ Wholesale ,25% ,63 18,47% , , , , ,35 Hotel and restaurant industry 511 1,70% ,84 1,73% , , , , ,60 Transportation 787 2,62% ,50 2,50% , , , , ,45 Financial services 977 3,25% ,95 3,80% , , , , ,25 Public administration, education, health care, public serv ,84% ,24 13,74% , , , , ,02 Other services ,70% ,64 17,06% , , , , ,25 Information technology ,66% ,56 6,04% , , , , ,86 Real estate 833 2,77% ,29 2,64% , , , , ,57 Other 42 0,14% ,60 0,13% ,79 0 0, , , ,99 Total ,00% ,61 100,00% , , , , ,09 (*) Customers who changed their residence after Cut-Off-Date Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28