Volkswagen Leasing GmbH. Volkswagen Leasing GmbH. Volkswagen Leasing GmbH

Transcription

1 Deal name: VCL Master Compartment 1 Publication date: Issuer: Originator of the receivables: Seller of the receivables: Servicer name: Reporting entity: VCL Master 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: Phone: 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 / 36

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 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 29 Lease level data Volkswagen Leasing ABS Operations absoperations@vwfs.com / 36

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: 57 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 Type of car at pool cut Percentage outstanding New cars ,34% ,18 92,26% Used cars ,31% ,09 4,85% Demonstration cars 740 2,35% ,62 2,88% Total ,00% ,89 100,00% Type of product at pool cut Percentage outstanding Closed end contract ,98% ,93 3,36% Open end lease contract ,02% ,96 96,64% Total ,00% ,89 100,00% Volkswagen Leasing ABS Operations / 36

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 Paying agent/ HSBC Bank plc Data protection Volkswagen Bank GmbH Calculation agent/ 8 Canada Square trustee: Gifhorner Straße 57 Interest determination agent: London E14 5HQ D Braunschweig United Kingdom Germany ctla.securitisation@hsbc.com ABSOperations@vwfs.com Fax: +49 (0) Account bank: BNY Mellon Clearing systems: Clearstream Banking S.A. One Canada Square 42 Avenue JF Kennedy London E14 5AL L-1885 Luxembourg United Kingdom Luxembourg luke.ashby@bnymellon.com web@clearstream.com Euroclear Banking S.A./ N.V. 1 Boulevard du Roi Albert II. B-1210 Brussels Belgium Tel.: +32 (0) Swap counterparty: HSBC Bank plc Rating agencies: Fitch Ratings Limited 8 Canada Square Attn.: Structured Finance Surveillance London, E14 5HQ 4th Floor, 101 Finsbury Pavement Great Britain London EC2A 1RS hsbc.collateralmanagement@hsbc.com United Kingdom abssurveillance@fitchratings.com DZ Bank AG Fax: +44 (20) Platz der Republik Frankfurt am Main Standard & Poor's Ratings Group Germany Attn.: Structured Finance otcderivatives@dzbank.de Standard & Poor's Ratings Services 20 Canada Square Bank of Nova Scotia Canary Wharf 40 King Street West London E14 5LH Toronto, M5H 3Y2 United Kingdom scott.lloyd@scotiabank.com ABSeuropeansurveillance@standardandpoors.com Fax: BNP Paribas 8 Rue de Sofia Paris boswaps.fixing@bnpparibas.com Fax: Credit Agricole SA Corporate and Investment Bank 12 Place de etats-unis Montrouge Cedex alternative-derivatives@ca-cib.com Fax: Mitsubishi UFJ Securities International plc Broadgate 6 London, EC2M 2 AA docsconfirms@int.sc.mufg.jp Fax: Tel: 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 / 36

5 Transaction events I Clean-up-call Clean-Up-Call condition current outstanding portfolio Min. outstanding portfolio 448,76% 10,00% *N.B. This percentage may become greater 100% whenever the current total outstanding 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 Compartment 1 notes will be thereby fulfilled. Repurchase of receivables outstanding Re-Purchase price Current period Previous periods Total If a repurchase of receivables 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 SWAP counterparty Series A Renewal CommerzBank BBVA SWAP counterparty Series A Renewal Commerzbank BBVA SWAP counterparty Series A Renewal Commerzbank BBVA SWAP counterparty Series A Renewal Commerzbank BBVA SWAP counterparty Series A Renewal HSBC DZ Bank Account Bank Renewal HSBC BNY Subloan Lender Renewal VIPS VIL SWAP counterparty Series A Renewal BBVA RBI SWAP counterparty Series A Renewal BBVA Commerzbank SWAP counterparty Series A Renewal BBVA DZ Bank SWAP counterparty Series A Renewal DZ Bank SEB SWAP counterparty Series A Downgrade BBVA Helaba SWAP counterparty Series A Renewal RBI HSBC SWAP counterparty Series A Renewal Commerzbank RBI SWAP counterparty Series A Renewal SEB HSBC SWAP counterparty Series A Renewal Credit Agricole HSBC SWAP counterparty Series A Renewal DZ Bank HSBC SWAP counterparty Series A Renewal DZ Bank RBI Investor Series A Exchange of Inestors BAML BNP Paribas SWAP counterparty Series A Renewal RBI HSBC SWAP counterparty Series A Renewal DZ Bank Scotia SWAP counterparty Series A Renewal HSBC BNP Paribas SWAP counterparty Series A Renewal RBI Scotia SWAP counterparty Series A Renewal HSBC Credit Agricole SWAP counterparty Series A Renewal RBI MUFG SWAP counterparty Series A Renewal HSBC DZ Bank Volkswagen Leasing ABS Operations absoperations@vwfs.com / 36

6 Transaction events II Revolving period Spalte1 Series revolving period expiration date of the last outstanding series of compartment notes Date of occurance of an early amortisation event - Compartment 1 revolving period Accumulation account Amounts not invested for the purchase of additional assets , ,06 Percentage not invested for the purchase of additional assets 3,63% 7,49% Dynamic net loss ratio Ratio > 0,4% 1,0% 2,0% 2,8% ,01374% No No No No ,01948% No No No No ,00880% No No No No Cumulative net loss ratio Ratio > 0,45% 1,2% 1,75% 2,25% ,08544% No No No No ,08933% No No No No ,09103% No No No No Discounted as of the previous period ,58 Discounted of all initial and additional assets ,83 Weighted average seasoning Late delinqency ratio 12,64 0,23368% 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 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 compartment 1 specified general cash collateral account 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 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 the initial overcollateralisation percentage not in effect No No No No No No km-settlement reserve Discounted total Nominal Consumer with km-settlement ,18 3,05% ,56 No Volkswagen Leasing ABS Operations absoperations@vwfs.com / 36

7 Transaction events III Account bank BNY Mellon Long term Fitch Short term Outlook Long term S&P Short term Outlook Current rating* AA- F1+ Stable A+ A-1 Negative Minimum required rating A F1 - A A-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 DZ Bank AG Long term Short term Outlook Long term Short term Outlook Current rating* A+ F1+ Stable AA- A-1+ Stable Minimum required rating A F1 - A A-1 - (if no short term rating available, the higher long term rating is applicable) Required rating: Fulfilled DZ Bank AG (Please refer to the prospectus for a complete description of the mechanism) Swap counterparty Fitch S&P Bank of Nova Scotia Long term Short term Outlook Long term Short term Outlook Current rating* AA- F1+ Stable A+ A-1 Negative Minimum required rating A F1 - A A-1 - (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 Bank of Nova Scotia (Please refer to the prospectus for a complete description of the mechanism) Swap counterparty Fitch S&P BNP Paribas Long term Short term Outlook Long term Short term Outlook Current rating* A+ F1 Stable A+ A-1 Negative Minimum required rating A F1 - A A-1 - (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 BNP Paribas (Please refer to the prospectus for a complete description of the mechanism) Swap counterparty Fitch S&P Crédit Agricole Long term Short term Outlook Long term Short term Outlook Current rating* A F1 Stable A A-1 Negative Minimum required rating A F1 - A A-1 - (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 Crédit Agricole (Please refer to the prospectus for a complete description of the mechanism) Swap counterparty Fitch S&P MUFG Long term Short term Outlook Long term Short term Outlook Current rating* #NV #NV #NV #NV #NV #NV Minimum required rating A F1 - A A-1 - (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 MUFG (Please refer to the prospectus for a complete description of the mechanism) Swap counterparty Fitch S&P HSBC Bank plc Long term Short term Outlook Long term Short term Outlook Current rating* AA- F1+ Stable AA- A-1+ Negative Minimum required rating A F1 - 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 HSBC Bank plc (Please refer to the prospectus for a complete description of the mechanism) Fitch S&P Volkswagen Financial Services AG Long term Short term Outlook Long term Short term Outlook Current rating** A F1 - A- A-2 Positive Minimum required rating BBB+ F2 - BBB A-2 - Servicer Volkswagen Leasing GmbH Long term Fitch Short term Outlook Long term S&P Short term Outlook Current rating** A- A-2 Positive Minimum required rating BBB A-2 - Required rating: Fulfilled *Ratings last updated on 06/10/2014 **Rating of Volkswagen Financial Services AG 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. 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. 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. 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. 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. 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. Volkswagen Leasing ABS Operations absoperations@vwfs.com / 36

8 Information regarding the notes I Publication date: Class A Notes Class B Notes 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 B Series B Series B Series B J Fitch AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AA- (sf) AA- (sf) AA- (sf) AA- (sf) Standard & Poors AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) A+ (sf) A+ (sf) A+ (sf) A+ (sf) Current rating Series A Series A Series A Series A Series A Series A Series A Series A Series A Series A Series B Series B Series B Series B Fitch AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AA- (sf) AA- (sf) AA- (sf) AA- (sf) Standard & Poors AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) AAA(sf) A+ (sf) A+ (sf) A+ (sf) A+ (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 B Series B Series B Series B ISIN XS XS XS XS XS XS XS XS XS XS XS XS XS XS Common code Original face value , , , , , , , , , , , , , ,00 Spread / Margin 0,3000% 0,3000% 0,3000% 0,3000% 0,3000% 0,3000% 0,3000% 0,3000% 0,3000% 0,3000% 0,6500% 0,6500% 0,6500% 0,6500% Current coupon 0,3050% 0,3050% 0,3050% 0,3050% 0,3050% 0,3050% 0,3050% 0,3050% 0,3050% 0,3050% 0,6550% 0,6550% 0,6550% 0,6550% Information on notes Class A-Series Class B-Series Legal final maturity date Sep 21 Sep 21 Fixed/Floating floating floating Day count convention actual/360 actual/360 rate (1-Month-Euribor) 0,0050% 0,0050% Volkswagen Leasing ABS Operations absoperations@vwfs.com / 36

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 0,0050% 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 Series A Series A Series A Series A Total Class A Series B Series B Series B Series B Total Class B Total interest amount of the reporting period , , , , , , , , , , , , , , , , ,01 Paid interest , , , , , , , , , , , , , , , , ,01 Unpaid Interest Spalte1 Spalte2 Spalte3 Spalte4 Spalte5 Spalte6 Spalte7 Spalte8 Spalte9 Spalte10 Spalte11 Spalte22 Spalte23 Spalte24 Spalte25 Spalte26 Spalte33 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 Spalte3 Spalte5 Spalte6 Spalte7 Spalte8 Spalte9 Spalte10 Spalte11 Spalte22 Spalte23 Spalte24 Spalte25 Spalte26 Spalte33 Note as of the beginning of the period , , , , , , , , , , , , , , , , ,00 Additional issue amount 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 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 , , , , , , , , , , , , , , , , ,00 Class as of the end of the period , , , , , , , , , , , , , , , , ,00 Payments to Investors per note Class A Class B Spalte1 Spalte3 Spalte5 Spalte6 Spalte7 Spalte8 Spalte9 Spalte10 Spalte11 Spalte22 Spalte23 Spalte24 Spalte25 Spalte26 Spalte33 Interest - 27,11 27,11 27,11 27,11 27,11 27,11 27,11 27,11 27,11 27, ,22 58,22 58,22 58,22 0 Principal repayment by note - 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0, Total - 27,11 27,11 27,11 27,11 27,11 27,11 27,11 27,11 27,11 27,11 0,00 58,22 58,22 58,22 58,22 0,00 Notes Spalte2 Spalte3 Spalte4 Spalte5 Spalte6 Spalte7 Spalte8 Spalte9 Spalte10 Spalte11 Spalte12 Spalte23 Spalte24 Spalte25 Spalte26 Spalte27 Spalte34 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 , , , , , , , , , , Balance per note , , , , , , , , , , Note factor - 1, , , , , , , , , , , , , , , #DIV/0! Overcollateralisation Class A Class B Spalte1 Spalte3 Spalte5 Spalte6 Spalte7 Spalte8 Spalte9 Spalte10 Spalte11 Spalte22 Spalte23 Spalte24 Spalte25 Spalte26 Spalte33 Current OC amount , , , , , , , , , , , , , , , ,53 Current OC percentage 15,8825% 15,8825% 15,8825% 15,8825% 15,8825% 15,8825% 15,8825% 15,8825% 15,8825% 15,8825% 15,8825% 12,3837% 12,3837% 12,3837% 12,3837% 12,3837% Target OC percentage (revolving period/ amortising period) 17,0% / 20,0% 17,0% / 20,0% 17,0% / 20,0% 17,0% / 20,0% 17,0% / 20,0% 17,0% / 20,0% 17,0% / 20,0% 17,0% / 20,0% 17,0% / 20,0% 17,0% / 20,0% 17,0% / 20,0% 13,5% / 16,5% 13,5% / 16,5% 13,5% / 16,5% 13,5% / 16,5% 13,5% / 16,5% Subordinated loan - Balance as of the beginning of the period ,66 Balance increase from tap up 0,00 Redemption payments from term take out ,73 Regular redemption from waterfall 0,00 Redemption from cash collateral account ,10 Capitalization of interest 0,00 Balance as of the end of the period ,83 Current OC amount (before TU / TTO) ,87 Current OC percentage (before TU / TTO) 3,1993% Current OC amount (after TU / TTO) ,97 Current OC percentage (after TU / TTO) 5,5884% Volkswagen Leasing ABS Operations absoperations@vwfs.com / 36

10 Credit enhancement 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) ,74 Thereof general cash reserve ,74 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 ,26 General payment from CCA 0,00 General payment to CCA 0,00 Payment from CCA due to TTO ,26 Payment to CCA due to tap-up 0,00 Balance as of the end of the period ,74 Thereof general cash reserve ,74 Thereof german trade tax risk reserve 0,00 General cash reserve in percent of total current note 1,53% Minimum specified general cash collateral amount of maximum 0,60% Accrued interest 5.227,04 Set off risk There is no set off risk applicable. Volkswagen Leasing ABS Operations / 36

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 , ,73 Available distribution amount calculation Payment to waterfall position Remaining amount 1) Available collections amount , ,42 2) Accumulation account interest 0, ,42 3) Net swap receipts 0, ,42 4) Payments from the cash collateral account as provided for in clause 23.2 of the trust agreement 0, ,42 5) Payments from any further distribution account made on the immediately preceding payment date 0, ,42 6) German trade tax risk reserve decrease amount released persuant to clasue 22.3 second of the trust agreement 0, ,42 7) In case of an early amortisation event or after termination the revolving period, transfers from the accumulation account to the distribution account pursuant to clause 0, , of the trust agreement 8) Buffer release amount , ,14 9) Repayment to Volkswagen Leasing of any excess servicer advance over the actual lease receivables collections amount 0, ,14 Purchase price amount (clean-up call) 0, ,14 Remaining amount from previous period 0, ,14 Waterfall Payment to waterfall position Remaining amount Available distribution amount ,14 1) Taxes , ,51 2) Payment to security trustee 0, ,51 2.1) Payment to security trustee 0, ,51 2.2) Payment to succesor of security trustee 0, ,51 3) Payment in respect of fees I , ,96 3.i) Payment to the Corporate servicer provider 0, ,51 3.ii) Payment to the data protection trustee 0, ,51 3.iii) Servicing fee , ,96 3.iv) Payment to rating agencies 0, ,96 3.v) Payment to process agent and the english process agent 0, ,96 4) Payment in respect of fees II , ,37 4.i) Payment to directors of the issuer 0, ,96 4.ii) Payment to issuer in respect of other administration costs and expenses , ,96 4.ii) Payment in respect of listing of the notes 0, ,96 4.ii) Payment in respect of admission to trading 0, ,96 4.ii) Payment in respect of auditors' fees , ,37 4.ii) Tax filing fees 0, ,37 4.ii) Annual return or excempt company status fees 0, ,37 5) Payment to account bank, cash administrator, principal paying agent, interest determination agent and calculation agent 0, ,37 6) Equal rank swap payments - Series A and B , ,35 - Net swap payments on series A , ,32 - Net swap payments on series A , ,71 - Net swap payments on series A , ,96 - Net swap payments on series A , ,13 - Net swap payments on series A , ,10 - Net swap payments on series A , ,49 - Net swap payments on series A , ,05 - Net swap payments on series A , ,41 - Net swap payments on series A , ,39 - Net swap payments on series A , ,08 - Net swap payments on series B , ,31 - Net swap payments on series B , ,20 - Net swap payments on series B , ,93 - Net swap payments on series B , ,35 7) Interest payment class A , ,22 (a) Accrued interest & (b) interest shortfalls on series A , ,57 (a) Accrued interest & (b) interest shortfalls on series A , ,01 (a) Accrued interest & (b) interest shortfalls on series A , ,01 (a) Accrued interest & (b) interest shortfalls on series A , ,34 (a) Accrued interest & (b) interest shortfalls on series A , ,12 (a) Accrued interest & (b) interest shortfalls on series A , ,56 (a) Accrued interest & (b) interest shortfalls on series A , ,00 (a) Accrued interest & (b) interest shortfalls on series A , ,89 (a) Accrued interest & (b) interest shortfalls on series A , ,33 (a) Accrued interest & (b) interest shortfalls on series A , ,22 8) Interest payment class B , ,21 (a) Accrued interest & (b) interest shortfalls on series B , ,66 (a) Accrued interest & (b) interest shortfalls on series B , ,44 (a) Accrued interest & (b) interest shortfalls on series B , ,88 (a) Accrued interest & (b) interest shortfalls on series B , ,21 9) Payment to cash collateral account until the general CCA = specified general CCA 0, ,21 10) Payment to CCA due to german trade tax increase event 0, ,21 11) Redemption amount class A 0, ,21 (a) Redemption on series A , ,21 (a) Redemption on series A , ,21 (a) Redemption on series A , ,21 (a) Redemption on series A , ,21 (a) Redemption on series A , ,21 (a) Redemption on series A , ,21 (a) Redemption on series A , ,21 (a) Redemption on series A , ,21 (a) Redemption on series A , ,21 (a) Redemption on series A , ,21 Remaining rounding amount from current period class A 0, ,21 Class A accumulation account ,21 0,00 12) 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 Remaining rounding amount from current period class B 0,00 0,00 Class B accumulation account 0,00 0,00 13) Payments to swap counterparties, not subsumed under item sixth 0,00 0,00 14) All excess to Compartment 2 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 Distribution of cash collateral account surplus Payment to waterfall position Remaining amount Payment from CCA - Payment to subordinated lender , ,26 Payment in respect of regular interest to subordinated lender , ,10 Payment in respect of interest shortfalls to subordinated lender , ,50 Payment in respect of regular redemption to subordinated lender ,50 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 , ,73 Redemption class A , ,73 Redemption class B , ,73 Volkswagen Redemption Leasing subordinated ABS Operations loan absoperations@vwfs.com ,73 0,00 11 / 36

12 Retention of net economic interest Retention amount at poolcut Type of asset nominal nominal Portfolio sold to SPV n.a. n.a. n.a. n.a. Retention of VW Leasing n.a. n.a. n.a. n.a. Total n.a. n.a. n.a. n.a. Retention amounts - -2 Minimum retention n.a. n.a. Actual retention n.a. n.a. Retention amount end of reporting period Type of asset nominal nominal Portfolio sold to SPV ,09% ,19 91,42% Retention of VW Leasing ,91% ,42 8,58% Total ,00% ,61 100,00% Retention amounts - -2 Minimum retention ,59 5,00% Actual retention ,42 8,58% In its capacity as originator and original lender, Volkswagen Leasing GmbH complies 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 GmbH 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 within the investor report. Volkswagen Leasing ABS Operations absoperations@vwfs.com / 36

13 Amortisation profile I Note class Class A Class B Payment date Actual note Forecasted note Actual note 2 Forecasted note 3 Poolcut , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,00 0, , ,00 0, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,26 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 36

14 Amortisation profile I Note class Class A Class B Payment date Actual note Forecasted note Actual note 2 Forecasted note ,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 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 36

15 Amortisation profile II in EUR Amortisation profile Class A-Notes Actual Amort. A-Notes Expected Amort. A-Notes Overcollateralisation of the period Assuming a Clean-Up Call at 10% of the initial outstanding, annual prepayments of 5% and 0% defaults Reporting period 0 in EUR Amortisation profile Class B-Notes Actual Amort. B-Notes Expected Amort. B-Notes Overcollateralisation of the period Assuming a Clean-Up Call at 10% of the initial outstanding, annual prepayments of 5% and 0% defaults Volkswagen 0Leasing ABS Operations absoperations@vwfs.com / 36

16 Run out schedule I Payment period Principal Interest Instalment arrears , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,23 979, , ,85 506, , ,51 178, , ,00 0,00 0, ,00 0,00 0, ,00 0,00 0,00 Total , , ,19 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 36

17 Publication date: Run out schedule II in EUR Expected amortisation 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 Expected Discounted Asset-Portfolio Actual Discounted Asset-Portfolio Volkswagen Leasing ABS Operations absoperations@vwfs.com / 36

18 Collections by source - Collections Paid instalments of monthly period ,53 therof capital ,87 therof interest ,66 Paid instalments of previous periods ,68 Early settlements ,21 Total ,42 Collections by status Collections Current ,86 Delinquent ,84 Default ,95 End of term ,17 Early settlement ,06 Write-Off ,54 Total ,42 Evolution of outstanding pool during the reporting period active nominal Balance as of the begin of the period , ,32 Balance at the end of the period - before top/tap-up , ,44 Top/tap-up of the period 0 0,00 0,00 Term take out , ,25 Balance as of the end of the period , ,19 Contract status development I New vehicle Used vehicle Demonstration vehicles Retail Corporate Current , , , , , ,30 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 , , , , , ,30 Contract status development II New vehicle Used vehicle Demonstration vehicles Retail Corporate Current , , , , , ,90 Delinquent , , , , , ,52 Default , , , , , ,71 End of term , , , , , ,00 Early settlement , , , , , ,00 Write-Off , , , , , ,00 Total , , , , , ,13 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 , , , , ,00 4 0,00 Delinquent , , , , , ,00 Default , , ,52 4 0,00 0 0,00 1 0,00 End of term 0 0,00 0 0,00 0 0, ,00 8 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 Total , , , , , ,00 Type of car Type of car Volkswagen Leasing ABS Operations absoperations@vwfs.com / 36

19 Delinquencies & defaults I Days in arrears Delinquent outstanding New vehicle Used vehicle Demonstration vehicles Retail Corporate Delinquent early settlements 16 0,02% ,07 0,01% ,50 0 0, , , ,99 > 30 <= ,25% ,15 2,89% , , , , ,71 > 60 <= ,74% ,71 0,70% , , , , ,28 > 90 <= ,32% ,22 0,29% , , , , ,69 > 120 <= ,19% ,89 0,13% , , , , ,81 > 150 <= ,11% ,92 0,07% , , , , ,03 > 180 <= ,10% ,80 0,07% , , , , ,34 > 210 <= ,07% ,26 0,04% , , , , ,43 > 240 <= ,08% ,84 0,03% , , , , ,53 > 270 <= ,06% ,13 0,05% , , , , ,80 > 300 <= ,06% ,90 0,03% , , , , ,02 > ,53% ,67 0,27% , , , , ,87 Total ,53% ,56 4,58% , , , , ,50 Type of car 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 / 36

20 Delinquencies & Defaults II Days in arrears Defaulted outstanding at day of default New vehicle Used vehicle Demonstration vehicles Retail Corporate Delinquent early settlements 156 0,18% ,49 0,16% , , , , , ,27 > 30 <= ,07% ,78 0,07% , , ,19 0 0, , ,13 > 60 <= ,12% ,79 0,13% , , , , , ,14 > 90 <= ,09% ,10 0,12% , , , , , ,85 > 120 <= ,13% ,41 0,14% , , , , , ,81 > 150 <= ,05% ,93 0,07% , , , , , ,99 > 180 <= ,06% ,70 0,06% , , , , , ,40 > 210 <= ,02% ,84 0,01% , ,84 0 0,00 0 0, ,84 0 0,00 > 240 <= ,02% ,23 0,03% , , , , ,23 0 0,00 > 270 <= ,02% ,74 0,03% , , , , , ,32 > 300 <= ,01% ,75 0,01% , , , , , ,38 > ,07% ,91 0,09% , , , , , ,42 Total 733 0,86% ,67 0,92% , , , , , ,71 Type of car 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 / 36