Deal Name: Issuer/Trustee: Originator/Servicer: Reporting Entity: Driver China eight CITIC Trust Co., Ltd Volkswagen Finance (China) Co., Ltd Volkswagen Finance (China) Co., Ltd Contact: Phone: +86 10 6589 7000 Fax: + 86 10 6591 1606 Email: ABSOperations.China@vwfsag.com Lead Underwriter: Joint Lead Underwriter: Co-Lead Underwriter: Financial Advisor: China Merchants Securities Co., Ltd Bank of Tokyo-Mitsubishi UFJ (China), Ltd Industrial and Commercial Bank of China Limited Bank of Tokyo-Mitsubishi UFJ (China), Ltd Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 1 / 31
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 Notes I 9 Notes II 10 Credit Enhancement 11 Waterfall 12 Amortisation Profile I 13 Amortisation Profile II 14 Run Out Schedule I 15 Run Out Schedule II 16 17 Delinquencies 18 Defaults 19 Delinquencies & Defaults 20 Defaults & Recoveries 21 Cumulative Gross Loss 22 Pool Data I 23 Pool Data II 24 Pool Data III 25 Pool Data IV 26 Pool Data V 27 Pool Data VI 28 Pool Data VII 29 Pool Data VIII 30 Share of Vehicles Fitted with an Unfixed EA189 Engine 31 Loan Level Data Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 2 / 31
Reporting Details Deal Overview Cut-Off Date: 2017/10/31 Information Date: Scheduled Date of Clean-Up-Call: 2019/10/26 Payment Date: Lagal Maturity Date: 2024/8/26 Reporting Date: Issue Date: 2017/12/7 Asset Collection Period: Period No.: 10 Interest Accrual Period: Reporting Frequency: Monthly Note Payment Period: Next Payment Date: 2018/11/26 Days accrued: 2018/10/16 2018/10/26 2018/9/30 from 2018/09/01 until 2018/09/30 from 2018/09/26 until 2018/10/26 from 2018/09/26 until 2018/10/26 30 Type of Car at Pool Cut Percentage of Percentage New Cars 62,968 99.40% 3,470,372,460.35 99.15% Used Cars 378 0.60% 29,660,927.98 0.85% Total 63,346 100.00% 3,500,033,388.33 100.00% Credit Type at Pool Cut Percentage of Percentage Classic Credit 62,702 98.98% 3,429,821,581.40 97.99% Used Car Classic Credit 378 0.60% 29,660,927.98 0.85% Balloon Credit 0 0.00% 0.00 0.00% Exquisite easy loan 263 0.42% 40,099,451.91 1.15% Enjoyable balance loan 3 0.00% 451,427.04 0.01% Total 63,346 100.00% 3,500,033,388.33 100.00% Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 3 / 31
Parties Overview Lead Underwriter: China Merchants Securities Co. Ltd. Registered Address: 38F-45F, Block A, Jiangsu Building, Yitian Road, Futian District, Shenzhen, Guangdong, People s Republic of China Legal Representative: Huo Da Contact: Cao Menghui, Zheng Qian, Yang Kaiyu Telephone: +8610 6084 0885 Post Code: 100033 Fax: +8610 5760 1990 Website: www.newone.com.cn E-mail: zsgs_driver@cmschina.com.cn Joint Lead Underwriter: Bank of Tokyo-Mitsubishi UFJ (China), Ltd. Registered Address: 22/F, AZIA Center, No. 1233, Lujiazui Ring Road, China (Shanghai) Free Trade Pilot Zone, Shanghai, People s Republic of China Legal Representative: Hidekazu Horikoshi Contact: Aoki Makoto, Chen Shile, Maki Hiroyuki, Zhen Ying, Li Rujun Telephone: +8621 6888 1666 Post Code: 200120 Fax: +8621 68881 665, 1667 Website: www.bk.mufg.jp E-mail: makoto_aoki@cn.mufg.jp Joint Lead Underwriter: Industrial and Commercial Bank of China Limited Registered Address: No.55 FuXingMenNei Street, Xicheng District, Beijing, People s Republic of China Legal Representative: Yi Huiman Contact: ShiYue He Telephone: +8610 8101 1218 Post Code: 100140 Fax: +8610 6610 7567 Website: www.icbc.com.cn/icbc/ Trust Company/Issuer: CITIC Trust Co., Ltd Registered Address: 13th Floor, Capital Mansion, 6 Xinyuannanlu, Chaoyang District, Beijing 100004, People s Republic of China Legal Representative: Chen Yisong Contact: Liu Ning Telephone: +86 10 8486 1336 Fax: +86 10 8486 2089 Website: trust.ecitic.com Email: liuning@citictrust.com.cn Email: shiyue.he@icbc.com.cn Account Bank: Bank of China Limited, Beijing Branch Registered Address: Building A, Building C and Building E, Kaiheng Center, No.2 Chaoyangmennei Avenue, Dongcheng District,Beijing, China People's Republic of China Legal Representative: Wang Jianhong Contact: Zhu Yuchen Telephone: +8610 6515439 Fax: +8610 66595255 Post Code: 100010 Website: http://www.boc.cn Clearing Systems/ Paying Agent: China Central Depository and Clearing Co., Ltd. Registered Address: No. 10, Jinrong Street, Xicheng District, Beijing, People s Republic of China Legal Representative: Liu Chengxiang Contact: Wang Jiayao Telephone: +8610 8817 0734 Post Code: 100033 Fax: +8610 8817 0752 Website: www.chinabond.com.cn Servicer/Originator: Volkswagen Finance (China) Co., Ltd Registered Address: Building 3, No. 15 Furong Street Wangjing, Chaoyang District, Beijing 100102, People's Republic of China Contact: ABS Operations Telephone: +86 10 6589 7000 Fax: +86 10 6591 1606 Website: www.volkswagen-finance-china.com.cn Email: ABSOperations.China@vwfsag.com Financial Advisor: Bank of Tokyo-Mitsubishi UFJ (China), Ltd. Registered Address: 22/F, AZIA Center, No. 1233, Lujiazui Ring Road, China (Shanghai) Free Trade Pilot Zone, Shanghai, People s Republic of China Legal Representative: Hidekazu Horikoshi Contact: Aoki Makoto, Chen Shile, Maki Hiroyuki, Zhen Ying, Li Rujun Telephone: +8621 6888 1666 Post Code: 200120 Fax: +8621 68881 665, 1667 Website: www.bk.mufg.jp E-mail: makoto_aoki@cn.mufg.jp Domestic Rating Agencies: China Chengxin International Credit Rating Co., Ltd Registered Address: Building 6, Galaxy SOHO, No.2 Nanzhugan Lane, Chaoyangmennei Avenue, Dongcheng District, Beijing 100010, People's Republic of China Telephone: 010-66428877 Email: yli@ccxi.com.cn China Bond Rating Co. Ltd Registered Address: 6/F, Tower 2, Yingtai Center, 28 Financial Street, Xicheng District, Beijing 100032, People's Republic of China Telephone: 18811434587 Email: liubo@chinaratings.com.cn International Rating Agencies: S&P Global Ratings Hong Kong Limited Registered Address: Unit 1 Level 69, International Commerce Centre,1 Austin Road West, Kowloon, Hong Kong Telephone: +86 139 1018 6941 Email: hongshan.chen@spglobal.com Moody s Investors Service Hong Kong Limited Registered Address: 24th Floor, One Pacific Place, 88 Queensway, Admiralty, Hong Kong Telephone: +852 3758 1309 Email: jerome.cheng@moodys.com Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 4 / 31
Transaction Events (I) Clean-Up Call Condition Percentage of Current Portfolio Min. Percentage of Portfolio 42.84% 10.00% The Clean-Up-Call Condition is planned to be reached in 10.2019 Clean-Up Call VW FC will have the option to exercise a Clean-Up Call and to repurchase the Purchased Loan from the Issuer at any time when the Aggregate is less than 10 percent. of the Aggregate Cutoff Date provided that all payment obligations under the Notes will be thereby fulfilled. Repurchase of contracts % of % of Re-Purchase Price Current Period 0 0.00% 0.00 0.00% 0.00 Previous Periods 0 0.00% 0.00 0.00% 0.00 Total 0 0.00% 0.00 0.00% 0.00 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 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 5 / 31
0.0071% 0.0172% 0.0378% 0.0650% 0.0979% 0.1406% 0.1545% 0.1943% 0.2258% 0.2466% Transaction Events (II) Credit Enhancement Increase Conditions Level 1 Credit Enhancement Increase Condition shall be deemed to be in effect if the Cumulative Gross Loss Ratio exceeds (a) 1.20 per cent. for any Payment Date prior to or during Sep. 2018 Level 1b 1.60 per cent. for any Payment Date from Oct. 2018 but prior to or during May 2019. Level 2 Credit Enhancement Increase Condition shall be deemed to be in effect if the Cumulative Gross Loss Ratio exceeds 2.0 per cent. for any Payment Date. No No No Cumulative Gross Loss Amount Gross Loss in Current Period 12 727,730.03 Cumulative Gross Loss 139 8,630,838.40 Cumulative Gross Loss as of the End of the Monthly Period as of Cut-Off-Date Cumulative Gross Loss Ratio as percentage of defaults divided by the at Pool Cut 8,630,838.40 3,500,033,388.33 0.2466% in % 2.50% 2.25% 2.00% Cumulative Gross Losses in percent of Initial Pool Cumulative Gross Loss Ratio Level 1a/b Level 2 1.75% 1.50% 1.25% 1.00% 0.75% 0.50% 0.25% 0.00% Monthly Period Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 6 / 31
Transaction Events (III) Account Bank: Bank of China Limited Beijing Branch China Lianhe Credit Rating Co., Ltd China Lianhe Credit Rating Co., Ltd S&P Global Ratings Fitch Ratings Rating Rating Long Term Short Term Outlook Long Term Short Term Outlook Current Rating * AAA AAA A A-1 Stable A F1 Stable Minimum required Rating AA- AA - - - - - - If the Account Bank falls under the Required Rating, the Issuer is entitled to close the Accounts and appoint a successor account bank (the "Successor Account Bank") and open new accounts (the "Successor Accounts") at the Successor Account Bank. (Please refer to the Prospectus for a complete description of the mechanism) Required Rating: Fulfilled Servicer: Volkswagen Finance (China) Co., Ltd Required Rating: Fulfilled Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 7 / 31
Information regarding the Notes I Rating at Issue Date Rating Scale Class A Class B China Chengxin International Credit Rating Co., Ltd Local Scale AAA AA China Bond Rating Co. Ltd Local Scale AA+ AA S&P Global Ratings International Scale AA(sf) A-(sf) Moody s Investors Service International Scale Aa3(sf) A3(sf) Current Rating Rating Scale Class A Class B China Chengxin International Credit Rating Co., Ltd Local Scale AAA AA+ China Bond Rating Co. Ltd Local Scale AAA AA+ S&P Global Ratings International Scale AA(sf) A-(sf) Moody s Investors Service International Scale Aa3(sf) A1(sf) Information on Notes Class A Class B Legal Maturity Date 2024/8/26 2024/8/26 Scheduled Clean Up Call Date 2019/10/26 2019/10/26 Nominal Amount 100.00 100.00 Information on Interest Class A Class B Interest Rate 5.14% 5.60% Fixed/Floating Fixed Fixed Current Coupon 5.14% 5.60% Day Count Convention actual/365 actual/365 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 8 / 31
Information regarding the Notes II Monthly Period: 2018/09 Payment Date: 2018/10/26 Interest Accrual Period (from/until) from 2018/09/26 until 2018/10/26 Days accrued 30 Class A Interest Rate 5.14% Class B Interest Rate 5.60% Day Count Convention actual/365 Interest Payments Class A Class B Total Interest Amount of the Reporting Period 5,324,071.00 456,704.09 Paid Interest 5,324,071.00 456,704.09 Unpaid Interest Class A Class B Unpaid Interest of the Reporting Period 0.00 0.00 Cumulative unpaid Interest 0.00 0.00 Note Class A Class B Note as of Cut off Date 3,073,000,000.00 132,000,000.00 Note as of the Beginning of the Period 1,260,237,300.00 99,224,400.00 Redemption Amount per Class 120,768,900.00 9,306,000.00 Class as of the End of the Period 1,139,468,400.00 89,918,400.00 Payments to Investors per Note Class A Class B Interest 0.17 0.35 Principal Repayment by Note 3.93 7.05 Notes 30,730,000 1,320,000 Note Factor 0.3708000 0.6812000 Overcollateralisation Class A Class B Initial OC Percentage at Poolcut 12% 8% Current OC Percentage 24% 18% Target OC Percentage 24% 18% Subordinated Note as of the Beginning of the Period 260,259,009.58 Redemption 29,548,831.90 as of the End of the Period 230,710,177.68 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 9 / 31
Credit Enhancement Credit Enhancement as of Cutoff Date % of Aggregate Value Class B Note 3.77% 132,000,000.00 Subordinated Note 7.93% 277,546,789.84 Overcollateralization 0.50% 17,486,598.49 Cash Collateral Account 1.20% 42,000,000.00 Cash Collateral Account (CCA) in RMB in % of Initial at Poolcut 42,000,000.00 1.200% Targeted (Floor) 35,000,000.00 1.000% Current 35,000,870.72 1.000% Payment from CCA 870.72 - Payment to CCA 0.00 - as of the End of the Period 35,000,000.00 1.000% Calculation of Credit Enhancement Initially, Driver China eight's Credit Enhancement consists of the respective Note Issue in comparison to the Receivable as of Poolcut, minus any Senior Debt Issuance. This 'Overcollateralisation' is specific for each Note Series and increases with its seniority. Subsequently, the 'Overcollateralisation' is calculated (as an OC Percentage) on a monthly basis, all on end of month figures. Considering the seniority of the respective Note Series, redemption is made until an Overcollateralisation of 25% for Class A (18% for Class B) has been reached. However, if an Enforcement Event causes the transaction to switch into sequential payment mode, the OC Percentages will not determine the maximum redemtion amount and may be exceeded. In addition, there is the Cash Collateral Amount which is in principle to the benefit of all Tranches over the entire lifetime of the transaction. The transaction starts amortising Class A only until its OC Percentage is reached. The transaction switches into pro rata amortisation once an Overcollateralisation Percentage (i.e. Credit Enhancement excluding the Cash Collateral Account) of 25% for the Class A Notes and 18% for the Class B Notes has been reached. The amortisation will switch to sequential in case the Aggregate Receivable falls below 10,00% of the Aggregate Cut-Off Date Receivable, thus redeeming the most senior tranches before any redemtion goes to Junior Debt. Set Off Risk There is no Set Off Risk applicable Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 10 / 31
Waterfall Available Distribution Amount Calculation Payment to waterfall position Remaining Amount Available Collections Amount 168,148,012.89 168,148,012.89 Interest income 234,572.50 168,382,585.39 Remaining Rounding Amount (Previous Period) 266,967.94 168,649,553.33 Waterfall Payment to waterfall position Remaining Amount Available Distribution Amount 0.00 168,649,553.33 1) Taxes - 112,301.31 168,537,252.02 2) Administrative Expenses - 49,231.53 168,488,020.49 3) Servicer Fee payable to the Servicer - 1,381,556.98 167,106,463.51 4) Interest Payment Class A Notes - 5,324,071.00 161,782,392.51 5) Interest Payment Class B Notes - 456,704.09 161,325,688.42 6) Class A Principal Payment Amount - 120,768,900.00 40,556,788.42 7) Class B Principal Payment Amount - 9,306,000.00 31,250,788.42 Remaining Rounding Amount (Current Period) - 55,708.58 31,195,079.84 8) Interest Payment Subordinated Notes - 1,646,247.94 29,548,831.90 9) Subordinated Note Principal Amount - 29,548,831.90 0.00 10) Final Success Fee payable to the Originator 0.00 0.00 Distribution of Cash Collateral Account Surplus Payment Amount Remaining Amount Available Distribution Amount 870.72 870.72 Interest Payment Subordinated Notes - 870.72 0.00 Subordinated Note Principal Amount 0.00 0.00 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 11 / 31
Amortisation Profile I Note Class Class A Class B Sub Note WAL At Closing: 0.84 yrs Current: 0.30 At Closing: 1.27 yrs Current: 0.45 At Closing: 1.32 yrs Current: 0.49 Payment Date Actual Note Forecasted Note Forecasted Note Forecasted Note Actual Note Actual Note Poolcut 3,073,000,000.00-132,000,000.00-277,546,789.84-2018/1/26 2,682,729,000.00-132,000,000.00-275,889,233.18-2018/2/26 2,490,359,200.00-132,000,000.00-275,277,238.00-2018/3/26 2,303,828,100.00-132,000,000.00-275,277,238.00-2018/4/26 2,107,463,400.00-132,000,000.00-275,277,238.00-2018/5/26 1,915,400,900.00-132,000,000.00-275,277,238.00-2018/6/26 1,725,182,200.00-132,000,000.00-275,277,238.00-2018/7/26 1,544,182,500.00-132,000,000.00-275,277,238.00-2018/8/26 1,386,230,300.00-113,401,200.00-275,277,238.00-2018/9/26 1,260,237,300.00-99,224,400.00-260,259,009.58-2018/10/26 1,139,468,400.00-89,918,400.00-230,710,177.68-2018/11/26-1,025,091,616.38-80,928,285.50-203,853,608.86 2018/12/26-919,138,720.82-72,563,583.22-178,935,755.07 2019/1/26-818,943,446.65-64,653,430.00-155,528,891.51 2019/2/26-727,141,128.19-57,405,878.54-134,049,045.30 2019/3/26-644,789,836.23-50,904,460.76-114,305,712.00 2019/4/26-567,250,136.79-44,782,905.54-96,094,679.05 2019/5/26-494,460,439.79-39,036,350.51-78,846,785.57 2019/6/26-427,130,341.79-33,720,816.46-62,960,382.63 2019/7/26-367,145,876.04-28,985,200.74-48,687,863.69 2019/8/26-314,986,608.12-24,867,363.80-36,314,587.93 2019/9/26-271,734,577.53-21,452,729.81-26,018,044.55 2019/10/26-0.00-0.00-0.00 2019/11/26-0.00-0.00-0.00 2019/12/26-0.00-0.00-0.00 2020/1/26-0.00-0.00-0.00 2020/2/26-0.00-0.00-0.00 2020/3/26-0.00-0.00-0.00 2020/4/26-0.00-0.00-0.00 2020/5/26-0.00-0.00-0.00 2020/6/26-0.00-0.00-0.00 2020/7/26-0.00-0.00-0.00 2020/8/26-0.00-0.00-0.00 2020/9/26-0.00-0.00-0.00 2020/10/26-0.00-0.00-0.00 + Based on the following assumptions: CPR of 5% and Clean Up Call at 10% of the oustanding portfolio Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 12 / 31
Amortisation Profile II in RMB 3,500,000,000 3,000,000,000 2,500,000,000 Amortisation Profile Class A-Notes Actual Amort. A-Notes Expected Amort. A-Notes Assuming a Clean-Up Call at 10% of the initial outstanding discounted receivables balance, annual prepayments of 5% and 0% defaults 2,000,000,000 1,500,000,000 1,000,000,000 500,000,000 0 Reporting Period in RMB 140,000,000 120,000,000 100,000,000 Amortisation Profile Class B-Notes Actual Amort. B-Notes Expected Amort. B-Notes Assuming a Clean-Up Call at 10% of the initial outstanding discounted receivables balance, annual prepayments of 5% and 0% defaults 80,000,000 60,000,000 40,000,000 20,000,000 0 Reporting Period in RMB 300,000,000 270,000,000 240,000,000 210,000,000 180,000,000 150,000,000 120,000,000 90,000,000 60,000,000 30,000,000 0 Amortisation Profile Sub-Notes Actual Amort. Sub-Notes Expected Amort. Sub-Notes Assuming a Clean-Up Call at 10% of the initial outstanding discounted receivables balance, annual prepayments of 5% and 0% defaults Reporting Period Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 13 / 31
Run Out Schedule I Payment Date Remaining Interest Remaining Capital Remaining Instalments arrears 281,947.53 4,622,167.60 4,904,115.13 10/2018 8,403,737.68 145,813,258.45 154,216,996.13 11/2018 7,583,876.37 139,411,704.68 146,995,581.05 12/2018 6,800,012.70 131,835,887.07 138,635,899.77 01/2019 6,058,744.37 120,792,524.28 126,851,268.65 02/2019 5,379,566.29 108,356,963.11 113,736,529.40 03/2019 4,770,308.77 102,025,920.32 106,796,229.09 04/2019 4,196,655.86 95,775,917.10 99,972,572.96 05/2019 3,658,141.72 88,592,234.21 92,250,375.93 06/2019 3,160,017.35 78,926,928.62 82,086,945.97 07/2019 2,716,236.65 68,630,615.69 71,346,852.34 08/2019 2,330,350.86 56,910,566.56 59,240,917.42 09/2019 2,010,361.55 48,932,348.04 50,942,709.59 10/2019 1,735,230.66 46,708,501.52 48,443,732.18 11/2019 1,472,604.00 43,262,221.51 44,734,825.51 12/2019 1,229,354.31 39,724,196.51 40,953,550.82 01/2020 1,005,998.21 36,557,182.14 37,563,180.35 02/2020 800,448.78 30,458,360.99 31,258,809.77 03/2020 629,190.96 28,524,451.84 29,153,642.80 04/2020 468,807.87 25,257,905.70 25,726,713.57 05/2020 326,790.74 22,356,012.26 22,682,803.00 06/2020 201,090.76 17,406,207.39 17,607,298.15 07/2020 103,222.08 11,689,571.34 11,792,793.42 08/2020 37,495.24 3,835,141.04 3,872,636.28 09/2020 15,931.26 274,565.10 290,496.36 10/2020 14,387.47 269,652.92 284,040.39 11/2020 12,871.28 259,331.91 272,203.19 12/2020 11,413.14 251,360.91 262,774.05 01/2021 9,999.83 246,846.68 256,846.51 02/2021 8,611.88 238,442.69 247,054.57 03/2021 7,271.21 228,317.91 235,589.12 04/2021 5,987.45 205,589.00 211,576.45 05/2021 4,831.49 190,652.56 195,484.05 06/2021 3,759.51 151,986.41 155,745.92 07/2021 2,904.94 134,502.91 137,407.85 08/2021 2,148.69 72,241.52 74,390.21 09/2021 1,742.51 42,761.75 44,504.26 10/2021 1,502.05 43,002.21 44,504.26 11/2021 1,260.26 43,244.00 44,504.26 12/2021 1,017.13 43,487.13 44,504.26 01/2022 772.63 32,377.07 33,149.70 02/2022 590.57 26,263.60 26,854.17 03/2022 442.91 23,188.62 23,631.53 04/2022 312.51 16,718.05 17,030.56 05/2022 218.51 16,812.05 17,030.56 06/2022 123.99 15,659.11 15,783.10 07/2022 35.95 6,392.36 6,428.31 Total 65,468,328.48 1,499,240,184.44 1,564,708,512.92 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 14 / 31
Run Out Schedule II in RMB 4,000,000,000 3,500,000,000 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. 3,000,000,000 2,500,000,000 2,000,000,000 1,500,000,000 1,000,000,000 500,000,000 Reporting Period 0 Expected Disocunted Asset-Portfolio Actual Asset-Portfolio Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 15 / 31
Overview Collections by Source Collections Paid instalments 159,845,135.44 Early settlements 7,832,550.15 Penalty interest 2,071.08 Fee components 440,031.65 Collection for write-off loans 28,224.57 Total 168,148,012.89 Collections by Status Collections Current 153,298,023.51 Matured 6,107,694.14 Delinquent 171,587.98 Default 53,328.25 Write off 28,224.57 Partial Prepayment 0.00 Full prepayment 8,489,154.44 Prolonged 0.00 New 0.00 Total 168,148,012.89 as of Pool Cut Date Credit Type Customer Type Vehicle Status Classic Credit Used Car Classic Credit Balloon Credit Exquisite easy loan Enjoyable balance loan Corporate Individual New Vehicle Used Vehicle Contract Status Development Current 63,346 3,500,033,388.33 62702 3,429,821,581.40 378 29,660,927.98 0 0.00 263 40,099,451.91 3 451,427.04 1905 124,349,668.27 61441 3,375,683,720.06 62968 3,470,372,460.35 378 29,660,927.98 Matured 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 Delinquent 0 0.00 0 0.00 0 0.00 0 0.00 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 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 0 0.00 0 0.00 0 0.00 0 0.00 Partial Prepayment 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 Full prepayment 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 Prolonged 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 New 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 Total 63,346 3,500,033,388.33 62,702 3,429,821,581.40 378 29,660,927.98 0 0.00 263 40,099,451.91 3 451,427.04 1,905 124,349,668.27 61,441 3,375,683,720.06 62,968 3,470,372,460.35 378 29,660,927.98 as of Current Reporting Period Credit Type Customer Type Vehicle Status Classic Credit Used Car Classic Credit Balloon Credit Exquisite easy loan Enjoyable balance loan Corporate Individual New Vehicle Used Vehicle Contract Status Development Current 51,858 1,477,241,394.89 51374 1,436,037,406.98 257 11,175,988.98 0 0.00 226 30,018,604.22 1 9,394.71 1495 55,094,660.91 50363 1,422,146,733.98 51601 1,466,065,405.91 257 11,175,988.98 Matured 8,199 0.00 8,101 0.00 66 0.00 0 0.00 30 0.00 2 0.00 326 0.00 7,873 0.00 8,133 0.00 66 0.00 Delinquent 543 19,179,317.08 536 18,757,063.13 6 256,639.11 0 0.00 1 165,614.84 0 0.00 25 824,434.94 518 18,354,882.14 537 18,922,677.97 6 256,639.11 Default 59 2,818,549.60 56 2,613,494.78 3 205,054.82 0 0.00 0 0.00 0 0.00 7 175,061.08 52 2,643,488.52 56 2,613,494.78 3 205,054.82 Write off 68 0.00 66 0.00 1 0.00 0 0.00 1 0.00 0 0.00 1 0.00 67 0.00 67 0.00 1 0.00 Partial Prepayment 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 Full prepayment 2,619 922.87 2569 922.87 45 0.00 0 0.00 5 0.00 0 0.00 51 922.87 2568 0.00 2574 922.87 45 0.00 Prolonged 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 New 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 Total 63,346 1,499,240,184.44 62,702 1,457,408,887.76 378 11,637,682.91 0 0.00 263 30,184,219.06 3 9,394.71 1,905 56,095,079.80 61,441 1,443,145,104.64 62,968 1,487,602,501.53 378 11,637,682.91 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 16 / 31
Delinquencies Days in Arrears (%) (%) 2 3 4 5 6 7 Customer Credit Type Type Vehicle Status Balloon Credit Classic Credit Enjoyable balance loan Corporate Individual Used Car Classic Credit Exquisite easy loan New <= 30 472 0.75% 16,114,698.46 1.07% 466 15,739,219.72 5 209,863.90 0 0.00 1 165,614.84 0 0.00 16 467,961.78 456 15,646,736.68 467 15,904,834.56 5 209,863.90 > 30 and 40 0.06% 1,671,318.75 0.11% 39 1,624,543.54 1 46,775.21 0 0.00 0 0.00 0 0.00 6 250,930.32 34 1,420,388.43 39 1,624,543.54 1 46,775.21 <= 60 > 60 and <= 90 30 0.05% 1,351,456.68 0.09% 30 1,351,456.68 0 0.00 0 0.00 0 0.00 0 0.00 3 105,542.84 27 1,245,913.84 30 1,351,456.68 0 0.00 > 90 and <= 120 1 0.00% 41,843.19 0.00% 1 41,843.19 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 1 41,843.19 1 41,843.19 0 0.00 > 120 and <= 150 0 0.00% 0.00 0.00% 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 > 150 and <= 180 0 0.00% 0.00 0.00% 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 >180 0 0.00% 0.00 0.00% 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 Total 543 0.86% 19,179,317.08 1.28% 536 18,757,063.13 6 256,639.11 0 0.00 1 165,614.84 0 0.00 25 824,434.94 518 18,354,882.14 537 18,922,677.97 6 256,639.11 Used 50,000,000 Delinquencies I- of delinquent contracts 45,000,000 40,000,000 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 0 10/2017 11/2017 12/2017 01/2018 02/2018 03/2018 04/2018 05/2018 06/2018 07/2018 08/2018 09/2018 10/2018 11/2018 12/2018 01/2019 02/2019 03/2019 04/2019 05/2019 06/2019 07/2019 08/2019 09/2019 10/2019 11/2019 12/2019 01/2020 02/2020 03/2020 04/2020 05/2020 06/2020 07/2020 08/2020 09/2020 10/2020 11/2020 Period <= 30 > 30 and <= 60 > 60 and <= 90 > 90 and <= 120 > 120 and <= 150 > 150 and <= 180 >180 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 17 / 31
Defaults Credit Type Customer Type Vehicle Status Used Car Classic Credit Balloon Credit Exquisite easy loan Classic Credit Enjoyable balance loan Corporate Individual New Used Days in Arrears (%) (%) <= 30 0 0.00% 0.00 0.00% 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 > 30 and <= 60 3 0.00% 66,569.63 0.00% 3 66,569.63 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 3 66,569.63 3 66,569.63 0 0.00 > 60 and <= 90 1 0.00% 23,807.37 0.00% 1 23,807.37 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 1 23,807.37 1 23,807.37 0 0.00 > 90 and <= 120 11 0.02% 698,372.57 0.05% 10 674,675.49 1 23,697.08 0 0.00 0 0.00 0 0.00 0 0.00 11 698,372.57 10 674,675.49 1 23,697.08 > 120 and <= 150 24 0.04% 965,560.50 0.06% 24 965,560.50 0 0.00 0 0.00 0 0.00 0 0.00 5 123,958.49 19 841,602.01 24 965,560.50 0 0.00 > 150 and <= 180 20 0.03% 1,064,239.53 0.07% 18 882,881.79 2 181,357.74 0 0.00 0 0.00 0 0.00 2 51,102.59 18 1,013,136.94 18 882,881.79 2 181,357.74 >180 0 0.00% 0.00 0.00% 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 Total 59 0.09% 2,818,549.60 0.19% 56 2,613,494.78 3 205,054.82 0 0.00 0 0.00 0 0.00 7 175,061.08 52 2,643,488.52 56 2,613,494.78 3 205,054.82 6,000,000 Defaults - of default contracts 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0 Period <= 30 > 30 and <= 60 > 60 and <= 90 > 90 and <= 120 > 120 and <= 150 > 150 and <= 180 >180 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 18 / 31
Delinquencies&Defaults Credit Type Customer Type Vehicle Status Classic Credit Used Car Classic Credit Balloon Credit Exquisite easy loan Enjoyable balance loan Corporate Individual New Used Days in Arrears (%) (%) <= 30 472 0.00% 16,114,698.00 0.00% 466 15,739,220.00 5 209,864.00 0 0.00 1 165,615.00 0 0.00 16 467,962.00 456 15,646,737.00 467 15,904,835.00 5 209,864.00 > 30 and <= 60 43 0.00% 1,737,888.00 0.00% 42 1,691,113.00 1 46,775.00 0 0.00 0 0.00 0 0.00 6 250,930.00 37 1,486,958.00 42 1,691,113.00 1 46,775.00 > 60 and <= 90 31 0.00% 1,375,264.00 0.00% 31 1,375,264.00 0 0.00 0 0.00 0 0.00 0 0.00 3 105,543.00 28 1,269,721.00 31 1,375,264.00 0 0.00 > 90 and <= 120 12 0.00% 740,216.00 0.00% 11 716,519.00 1 23,697.00 0 0.00 0 0.00 0 0.00 0 0.00 12 740,216.00 11 716,519.00 1 23,697.00 > 120 and <= 150 24 0.00% 965,561.00 0.00% 24 965,561.00 0 0.00 0 0.00 0 0.00 0 0.00 5 123,958.00 19 841,602.00 24 965,561.00 0 0.00 > 150 and <= 180 20 0.00% 1,064,240.00 0.00% 18 882,882.00 2 181,358.00 0 0.00 0 0.00 0 0.00 2 51,103.00 18 1,013,137.00 18 882,882.00 2 181,358.00 >180 0 0.00% 0.00 0.00% 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 Total 602 0.95% 21,997,866.68 1.46% 592 21,370,557.91 9 461,693.93 0 0.00 1 165,614.84 0 0.00 32 999,496.02 570 20,998,370.66 593 21,536,172.75 9 461,693.93 50,000,000 Delinquencies&Defaults - discounted receivables balance of Delinquencies&Default contracts 45,000,000 40,000,000 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 0 Period <= 30 > 30 and <= 60 > 60 and <= 90 > 90 and <= 120 > 120 and <= 150 > 150 and <= 180 >180
Defaults & Recoveries Credit Type Vehicle Status Nominal Principal at Day of Default* at Day of Default* Total Recoveries Total Write Offs Nominal Principal End of Reporting Period* End of Reporting Period* Classic Credit New 56 2,743,921.47 2,690,113.25 0.00 0.00 2,665,021.47 2,613,494.78 Used 0 0.00 0.00 0.00 0.00 0.00 0.00 Subtotal 56 2,743,921.47 2,690,113.25 0.00 0.00 2,665,021.47 2,613,494.78 Used Car Classic Credit New 0 0.00 0.00 0.00 0.00 0.00 0.00 Used 3 209,159.43 205,054.82 0.00 0.00 209,159.43 205,054.82 Subtotal 3 209,159.43 205,054.82 0.00 0.00 209,159.43 205,054.82 Balloon Credit New 0 0.00 0.00 0.00 0.00 0.00 0.00 Used 0 0.00 0.00 0.00 0.00 0.00 0.00 Subtotal 0 0.00 0.00 0.00 0.00 0.00 0.00 Exquisite easy loan New 0 0.00 0.00 0.00 0.00 0.00 0.00 Used 0 0.00 0.00 0.00 0.00 0.00 0.00 Subtotal 0 0.00 0.00 0.00 0.00 0.00 0.00 Enjoyable balance loan New 0 0.00 0.00 0.00 0.00 0.00 0.00 Used 0 0.00 0.00 0.00 0.00 0.00 0.00 Subtotal 0 0.00 0.00 0.00 0.00 0.00 0.00 Total 59 2,953,080.90 2,895,168.07 0.00 0.00 2,874,180.90 2,818,549.60 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 20 / 31
Cumulative Gross Loss Default of the Monthly Period Credit Type Type of Car Amount Classic Credit New 12 727,730.03 Used 0 0.00 Subtotal 12 727,730.03 Used Car Classic Credit New 0 0.00 Used 0 0.00 Subtotal 0 0.00 Balloon Credit New 0 0.00 Used 0 0.00 Subtotal 0 0.00 Exquisite easy loan New 0 0.00 Used 0 0.00 Subtotal 0 0.00 Enjoyable balance loan New 0 0.00 Used 0 0.00 Subtotal 0 0.00 Total 12 727,730.03 Spalte1 Spalte2 Spalte3 Spalte3 Spalte5 Cumulative Gross Loss as of the End of the Monthly Period as of Cut-Off-Date Cumulative Gross Loss Ratio 139 3,500,033,388.33 0.2466% Current Period Cumulative Gross Loss Monthly Period Gross Loss Gross Loss 12/2017 2 250,183.37 2 250,183.37 01/2018 5 352,426.93 7 602,610.30 02/2018 5 720,901.30 12 1,323,511.60 03/2018 15 952,866.54 27 2,276,378.14 04/2018 16 1,151,081.52 43 3,427,459.66 05/2018 18 1,492,560.29 61 4,920,019.95 06/2018 13 488,485.55 74 5,408,505.50 07/2018 25 1,391,699.02 99 6,800,204.52 08/2018 28 1,102,903.85 127 7,903,108.37 09/2018 12 727,730.03 139 8,630,838.40 10/2018 11/2018 12/2018 01/2019 02/2019 03/2019 04/2019 05/2019 06/2019 07/2019 08/2019 09/2019 10/2019 Total 139 8,630,838.40 139 8,630,838.40 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 21 / 31
Down Payment Credit Type Customer Type Vehicle Status Classic Credit Used Car Classic Credit Balloon Credit Exquisite easy loan Enjoyable balance loan Corporate Individual New Used Down Down Down Down Payment/ Down Payment/ Down Payment/ Percentage Percentage Down Payment/ Down Payment/ Down Payment/ Down Payment/ Payment/ Payment/ Payment/ Down Payment Purchase Price Purchase Price in Purchase Price in of Loans of Purchase Price in % Purchase Price in % Purchase Price in % Purchase Price in % Purchase Purchase Purchase in % % % Price in % Price in % Price in % > 0 and <= 30,000 6,334 12.07% 113,479,035.40 7.57% 32.98% 6,289 112,462,084.60 32.99% 45 1,016,950.80 32.54% 0 0.00 0.00% 0 0.00 0.00% 0 0.00 0.00% 725 12,389,041.40 33.05% 5,609 101,089,994.00 32.97% 6,289 112,462,084.60 32.99% 45 1,016,950.80 32.54% > 30,000 and <= 60,000 20,588 39.25% 474,580,736.06 31.65% 40.59% 20,515 471,373,478.40 40.61% 52 1,481,968.55 42.16% 0 0.00 0.00% 21 1,725,289.11 30.00% 0 0.00 0.00% 334 7,101,009.41 40.99% 20,254 467,479,726.65 40.59% 20,536 473,098,767.51 40.59% 52 1,481,968.55 42.16% > 60,000 and <= 90,000 13,310 25.37% 373,034,391.52 24.88% 46.66% 13,153 357,989,829.19 46.88% 50 2,101,807.22 44.11% 0 0.00 0.00% 107 12,942,755.11 30.55% 0 0.00 0.00% 126 5,776,193.15 35.98% 13,184 367,258,198.37 46.80% 13,260 370,932,584.30 46.67% 50 2,101,807.22 44.11% > 90,000 and <= 120,000 5,802 11.06% 224,494,602.50 14.97% 47.48% 5,710 213,644,892.71 47.73% 33 1,712,902.18 45.73% 0 0.00 0.00% 58 9,127,412.90 31.37% 1 9,394.71 50.00% 129 6,539,068.43 40.46% 5,673 217,955,534.07 47.66% 5,769 222,781,700.32 47.49% 33 1,712,902.18 45.73% > 120,000 and <= 150,000 3,139 5.98% 117,726,603.75 7.85% 53.53% 3,090 113,608,129.88 53.69% 30 1,265,084.43 50.42% 0 0.00 0.00% 19 2,853,389.44 38.55% 0 0.00 0.00% 64 4,535,047.77 41.84% 3,075 113,191,555.98 53.84% 3,109 116,461,519.32 53.56% 30 1,265,084.43 50.42% > 150,000 and <= 180,000 1,178 2.25% 64,649,822.92 4.31% 52.30% 1,139 61,167,698.00 52.47% 25 1,387,083.54 50.43% 0 0.00 0.00% 14 2,095,041.38 43.52% 0 0.00 0.00% 33 4,859,816.07 34.63% 1,145 59,790,006.85 53.10% 1,153 63,262,739.38 52.35% 25 1,387,083.54 50.43% > 180,000 and <= 210,000 998 1.90% 55,146,944.58 3.68% 52.02% 986 54,103,949.71 52.06% 9 523,293.20 50.03% 0 0.00 0.00% 3 519,701.67 44.63% 0 0.00 0.00% 37 4,573,287.68 36.90% 961 50,573,656.90 52.84% 989 54,623,651.38 52.04% 9 523,293.20 50.03% >210,000 and <= 240,000 694 1.32% 34,126,138.56 2.28% 55.76% 686 33,109,664.51 55.82% 4 261,653.68 55.32% 0 0.00 0.00% 4 754,820.37 47.88% 0 0.00 0.00% 35 3,634,029.41 42.68% 659 30,492,109.15 56.69% 690 33,864,484.88 55.76% 4 261,653.68 55.32% >240,000 and <= 270,000 131 0.25% 7,642,938.07 0.51% 55.93% 127 7,402,243.18 56.13% 4 240,694.89 50.50% 0 0.00 0.00% 0 0.00 0.00% 0 0.00 0.00% 7 790,342.25 43.85% 124 6,852,595.82 56.82% 127 7,402,243.18 56.13% 4 240,694.89 50.50% >270,000 and <= 300,000 90 0.17% 8,532,560.79 0.57% 44.27% 86 7,990,932.20 43.83% 3 375,819.51 55.42% 0 0.00 0.00% 1 165,809.08 60.00% 0 0.00 0.00% 19 1,920,490.42 39.72% 71 6,612,070.37 45.70% 87 8,156,741.28 43.96% 3 375,819.51 55.42% >300,000 196 0.37% 25,826,410.29 1.72% 50.31% 185 24,555,985.38 50.12% 11 1,270,424.91 54.11% 0 0.00 0.00% 0 0.00 0.00% 0 0.00 0.00% 18 3,975,830.94 42.62% 178 21,850,579.35 51.57% 185 24,555,985.38 50.12% 11 1,270,424.91 54.11% Total 52,460 100.00% 1,499,240,184.44 100.00% 0.00% 51,966 1,457,408,887.76 0.00% 266 11,637,682.91 0.00% 0 0.00 0.00% 227 30,184,219.06 0.00% 1 9,394.71 0.00% 1,527 56,094,156.93 0.00% 50,933 1,443,146,027.51 0.00% 52,194 1,487,602,501.53 0.00% 266 11,637,682.91 0.00% Minimum Down Payment Maximum Down Payment Average Down Payment Type of Payment Statistics Down Payments 11,600.00 1,989,000.00 95,588.50 Credit Type Customer Type Vehicle Status Used Car Classic Credit Balloon Credit Exquisite easy loan Corporate Individual Classic Credit Enjoyable balance loan New Used Percentage Percentage Type of Payment Loans of Loans of Direct Debit 52,460 100.00% 1,499,240,184.44 100.00% 51,966 1,457,408,887.76 266 11,637,682.91 0 0.00 227 30,184,219.06 1 9,394.71 1,527 56,094,156.93 50,933 1,443,146,027.51 52,194 1,487,602,501.53 266 11,637,682.91 Others 0 0.00% 0.00 0.00% 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 Total 52,460 100.00% 1,499,240,184.44 100.00% 51,966 1,457,408,887.76 266 11,637,682.91 0 0.00 227 30,184,219.06 1 9,394.71 1,527 56,094,156.93 50,933 1,443,146,027.51 52,194 1,487,602,501.53 266 11,637,682.91 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 22 / 31
Distribution of Loan per Borrower Contract Concentration Customers Percentage of Customers Loans Percentage of Loans Percentage of 1 51,649 99.59% 51,649 98.45% 1,484,010,566.56 98.98% 2 83 0.16% 166 0.32% 3,637,678.97 0.24% 3 53 0.10% 159 0.30% 2,330,936.83 0.16% 4 34 0.07% 136 0.26% 2,205,321.63 0.15% 5 19 0.04% 95 0.18% 1,456,538.92 0.10% 6-10 20 0.04% 145 0.28% 3,414,196.14 0.23% > 10 5 0.01% 110 0.21% 2,184,945.39 0.15% Total 51,863 100.00% 52,460 100.00% 1,499,240,184.44 100.00% Top 20 Borrower Number Percentage of 1 1,613,332.70 0.11% 1 2 1,508,590.26 0.10% 1 3 1,201,810.90 0.08% 1 4 974,784.30 0.07% 1 5 959,078.23 0.06% 1 6 953,513.31 0.06% 31 7 816,558.32 0.05% 1 8 759,645.94 0.05% 1 9 725,256.22 0.05% 1 10 549,721.50 0.04% 25 11 466,059.74 0.03% 2 12 450,862.22 0.03% 1 13 449,215.21 0.03% 1 14 405,511.49 0.03% 1 15 386,881.28 0.03% 1 16 376,157.24 0.03% 1 17 365,913.69 0.02% 1 18 365,404.01 0.02% 1 19 347,700.65 0.02% 19 20 344,289.41 0.02% 1 Total 14,020,286.62 0.94% 93 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 23 / 31
Distribution by Credit Type Customer Type Vehicle Status Used Car Classic Credit Balloon Credit Exquisite easy loan Classic Credit Enjoyable balance loan Corporate Individual New Distribution by Percentage Percentage of Loans of Loans >= 0 and <= 50,000 46,192 88.05% 938,209,265.47 62.58% 46,003 933,914,238.71 188 4,285,632.05 0 0.00 0 0.00 1 9,394.71 1,271 23,160,769.84 44,921 915,048,495.63 46,004 933,923,633.42 188 4,285,632.05 >50,000 and <= 100,000 4,587 8.74% 307,126,606.22 20.49% 4,496 300,429,476.86 51 3,435,353.20 0 0.00 40 3,261,776.16 0 0.00 114 7,809,248.23 4,473 299,317,357.99 4,536 303,691,253.02 51 3,435,353.20 >100,000 and <= 150,000 1,143 2.18% 138,680,525.64 9.25% 1,003 121,136,580.79 17 2,006,516.74 0 0.00 123 15,537,428.11 0 0.00 75 9,213,968.11 1,068 129,466,557.53 1,126 136,674,008.90 17 2,006,516.74 >150,000 and <= 200,000 317 0.60% 53,396,600.74 3.56% 256 43,276,349.33 7 1,139,173.45 0 0.00 54 8,981,077.96 0 0.00 33 5,680,376.16 284 47,716,224.58 310 52,257,427.29 7 1,139,173.45 >200,000 and <= 250,000 136 0.26% 30,615,411.19 2.04% 127 28,680,751.55 1 215,827.00 0 0.00 8 1,718,832.64 0 0.00 17 3,790,227.96 119 26,825,183.23 135 30,399,584.19 1 215,827.00 >250,000 and <= 300,000 47 0.09% 12,503,729.21 0.83% 44 11,650,325.83 2 555,180.47 0 0.00 1 298,222.91 0 0.00 10 2,633,983.08 37 9,869,746.13 45 11,948,548.74 2 555,180.47 >300,000 and <= 350,000 23 0.04% 7,349,043.96 0.49% 23 7,349,043.96 0 0.00 0 0.00 0 0.00 0 0.00 4 1,263,584.34 19 6,085,459.62 23 7,349,043.96 0 0.00 >350,000 and <= 400,000 4 0.01% 1,494,356.22 0.10% 3 1,107,474.94 0 0.00 0 0.00 1 386,881.28 0 0.00 1 365,404.01 3 1,128,952.21 4 1,494,356.22 0 0.00 >400,000 and <= 450,000 2 0.00% 854,726.70 0.06% 2 854,726.70 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 2 854,726.70 2 854,726.70 0 0.00 >450,000 and <= 500,000 1 0.00% 450,862.22 0.03% 1 450,862.22 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 1 450,862.22 1 450,862.22 0 0.00 >500,000 8 0.02% 8,559,056.87 0.57% 8 8,559,056.87 0 0.00 0 0.00 0 0.00 0 0.00 2 2,176,595.20 6 6,382,461.67 8 8,559,056.87 0 0.00 Total 52,460 100.00% 1,499,240,184.44 100.00% 51,966 1,457,408,887.76 266 11,637,682.91 0 0.00 227 30,184,219.06 1 9,394.71 1,527 56,094,156.93 50,933 1,443,146,027.51 52,194 1,487,602,501.53 266 11,637,682.91 Used Statistics Minimum Maximum Average 0.00 1,613,332.70 28,578.71 Distribution by Original Principal Credit Type Customer Type Vehicle Status Classic Credit Used Car Classic Credit Balloon Credit Exquisite easy loan Enjoyable balance loan Corporate Individual New Used Distribution by Original Percentage Percentage of Principal Loans of Loans >= 0 and <= 50k 10,935 20.84% 150,294,845.77 10.02% 10,872 149,164,219.22 63 1,130,626.55 0 0.00 0 0.00 0 0.00 698 10,108,078.36 10,237 140,186,767.41 10,872 149,164,219.22 63 1,130,626.55 >50k and <= 100k 29,794 56.79% 660,936,929.74 44.08% 29,695 657,724,715.13 94 2,869,127.93 0 0.00 5 343,086.68 0 0.00 395 8,507,628.86 29,399 652,429,300.88 29,700 658,067,801.81 94 2,869,127.93 >100k and <= 150k 7,958 15.17% 316,439,656.28 21.11% 7,871 310,550,275.72 46 2,263,405.25 0 0.00 40 3,616,580.60 1 9,394.71 193 6,986,920.35 7,765 309,452,735.93 7,912 314,176,251.03 46 2,263,405.25 >150k and <= 200k 2,053 3.91% 143,120,849.39 9.55% 1,907 127,260,497.49 36 2,005,389.72 0 0.00 110 13,854,962.18 0 0.00 66 4,382,144.01 1,987 138,738,705.38 2,017 141,115,459.67 36 2,005,389.72 >200k and <= 250k 869 1.66% 91,080,585.04 6.08% 807 81,738,128.39 11 1,212,444.42 0 0.00 51 8,130,012.23 0 0.00 43 4,081,590.43 826 86,998,994.61 858 89,868,140.62 11 1,212,444.42 >250k and <= 300k 332 0.63% 39,656,395.56 2.65% 312 36,304,742.82 6 695,461.55 0 0.00 14 2,656,191.19 0 0.00 38 4,590,581.95 294 35,065,813.61 326 38,960,934.01 6 695,461.55 >300k and <= 350k 99 0.19% 14,100,718.29 0.94% 90 13,018,409.18 5 353,090.13 0 0.00 4 729,218.98 0 0.00 13 1,700,162.29 86 12,400,556.00 94 13,747,628.16 5 353,090.13 >350k and <= 400k 98 0.19% 18,736,190.00 1.25% 96 18,351,299.99 1 215,827.00 0 0.00 1 169,063.01 0 0.00 12 2,204,209.06 86 16,531,980.94 97 18,520,363.00 1 215,827.00 >400k and <= 450k 159 0.30% 28,370,304.92 1.89% 157 27,815,124.45 2 555,180.47 0 0.00 0 0.00 0 0.00 28 4,553,049.08 131 23,817,255.84 157 27,815,124.45 2 555,180.47 >450k and <= 500k 59 0.11% 11,173,970.66 0.75% 56 10,538,617.86 2 337,129.89 0 0.00 1 298,222.91 0 0.00 14 2,955,615.54 45 8,218,355.12 57 10,836,840.77 2 337,129.89 >500k 104 0.20% 25,329,738.79 1.69% 103 24,942,857.51 0 0.00 0 0.00 1 386,881.28 0 0.00 27 6,024,177.00 77 19,305,561.79 104 25,329,738.79 0 0.00 Total 52,460 100.00% 1,499,240,184.44 100.00% 51,966 1,457,408,887.76 266 11,637,682.91 0 0.00 227 30,184,219.06 1 9,394.71 1,527 56,094,156.93 50,933 1,443,146,027.51 52,194 1,487,602,501.53 266 11,637,682.91 Minimum Original Principal Maximum Original Principal Average Original Principal Statistics 20,000.00 3,063,678.10 141,402.97 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 24 / 31
Effective Interest Rate Credit Type Customer Type Vehicle Status Used Car Classic Credit Balloon Credit Exquisite easy loan Classic Credit Enjoyable balance loan Corporate Individual New Used Interest Rate paid by the Percentage Percentage Receivable Debtor Loans of Loans of 0.00% 39,262 74.84% 798,698,718.06 53.27% 39,188 796,628,063.81 74 2,070,654.25 0 0.00 0 0.00 0 0.00 885 17,271,355.81 38,377 781,427,362.25 39,188 796,628,063.81 74 2,070,654.25 > 0.00% and <= 5.00% 8,098 15.44% 376,505,513.02 25.11% 7,964 360,161,763.20 6 207,627.22 0 0.00 128 16,136,122.60 0 0.00 228 18,435,383.83 7,870 358,070,129.19 8,092 376,297,885.80 6 207,627.22 > 5.00% and <= 6.00% 3,018 5.75% 244,055,312.18 16.28% 2,912 229,954,527.49 11 488,611.10 0 0.00 95 13,612,173.59 0 0.00 84 12,423,009.37 2,934 231,632,302.81 3,007 243,566,701.08 11 488,611.10 > 6.00% and <= 7.00% 887 1.69% 46,551,591.55 3.11% 885 46,473,662.88 2 77,928.67 0 0.00 0 0.00 0 0.00 32 1,270,804.00 855 45,280,787.55 885 46,473,662.88 2 77,928.67 > 7.00% and <= 8.00% 414 0.79% 5,191,764.78 0.35% 405 4,510,809.91 9 680,954.87 0 0.00 0 0.00 0 0.00 73 1,401,071.60 341 3,790,693.18 405 4,510,809.91 9 680,954.87 > 8.00% and <= 9.00% 34 0.06% 4,175,720.53 0.28% 32 3,851,209.69 2 324,510.84 0 0.00 0 0.00 0 0.00 1 315,384.48 33 3,860,336.05 32 3,851,209.69 2 324,510.84 > 9.00% and <= 10.00% 67 0.13% 3,268,111.78 0.22% 65 3,175,735.70 2 92,376.08 0 0.00 0 0.00 0 0.00 4 25,565.67 63 3,242,546.11 65 3,175,735.70 2 92,376.08 > 10.00% and <= 11.00% 147 0.28% 1,512,009.92 0.10% 147 1,512,009.92 0 0.00 0 0.00 0 0.00 0 0.00 33 420,246.43 114 1,091,763.49 147 1,512,009.92 0 0.00 > 11.00% and <= 12.00% 521 0.99% 18,689,896.61 1.25% 360 10,985,482.02 160 7,695,019.88 0 0.00 0 0.00 1 9,394.71 184 4,358,351.87 337 14,331,544.74 361 10,994,876.73 160 7,695,019.88 > 12.00% and <= 13.00% 0 0.00% 0.00 0.00% 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 > 13.00% and <= 14.00% 12 0.02% 591,546.01 0.04% 8 155,623.14 0 0.00 0 0.00 4 435,922.87 0 0.00 3 172,983.87 9 418,562.14 12 591,546.01 0 0.00 > 14.00% and <= 15.00% 0 0.00% 0.00 0.00% 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 > 15.00% and <= 16.00% 0 0.00% 0.00 0.00% 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 >16% 0 0.00% 0.00 0.00% 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 Total 52,460 100.00% 1,499,240,184.44 100.00% 51,966 1,457,408,887.76 266 11,637,682.91 0 0.00 227 30,184,219.06 1 9,394.71 1,527 56,094,156.93 50,933 1,443,146,027.51 52,194 1,487,602,501.53 266 11,637,682.91 Statistics Interest Rate Minimum Effective Interest Rate Maximum Effective Interest Rate Weighted Average Effective Interest Rate 0.00% 13.18% 2.33% Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 25 / 31
Distribution by Original Term Credit Type Customer Type Vehicle Status Used Car Classic Credit Balloon Credit Exquisite easy loan Classic Credit Enjoyable balance loan Corporate Individual New Length of Original Percentage Percentage Term (months) Loans of Loans of <= 12 0 0.00% 0.00 0.00% 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 > 12 and <= 24 28,499 54.33% 520,490,833.48 34.72% 28,382 517,354,285.37 116 3,127,153.40 0 0.00 0 0.00 1 9,394.71 753 14,693,393.76 27,746 505,797,439.72 28,383 517,363,680.08 116 3,127,153.40 > 24 and <= 36 23,828 45.42% 968,023,581.09 64.57% 23,455 929,764,755.39 150 8,510,529.51 0 0.00 223 29,748,296.19 0 0.00 773 41,265,710.94 23,055 926,757,870.15 23,678 959,513,051.58 150 8,510,529.51 > 36 and <= 48 66 0.13% 7,779,730.42 0.52% 62 7,343,807.55 0 0.00 0 0.00 4 435,922.87 0 0.00 1 135,052.23 65 7,644,678.19 66 7,779,730.42 0 0.00 > 48 and <= 60 67 0.13% 2,946,039.45 0.20% 67 2,946,039.45 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 67 2,946,039.45 67 2,946,039.45 0 0.00 Total 52,460 100.00% 1,499,240,184.44 100.00% 51,966 1,457,408,887.76 266 11,637,682.91 0 0.00 227 30,184,219.06 1 9,394.71 1,527 56,094,156.93 50,933 1,443,146,027.51 52,194 1,487,602,501.53 266 11,637,682.91 Used Statistics Original Term Minimum Original Term in months Maximum Original Term in months Weighted Average Original Term in months 18 60 32 Distribution by Remaining Term Credit Type Customer Type Vehicle Status Classic Credit Used Car Classic Credit Balloon Credit Exquisite easy loan Enjoyable balance loan Corporate Individual New Used Length of Remaining Percentage Percentage Term (months) Loans of Loans of <= 12 35,552 67.77% 661,962,522.92 44.15% 35,383 655,336,975.69 143 3,933,113.27 0 0.00 25 2,683,039.25 1 9,394.71 949 20,620,814.60 34,603 641,341,708.32 35,409 658,029,409.65 143 3,933,113.27 > 12 and <= 24 16,837 32.09% 828,675,951.86 55.27% 16,512 793,470,202.41 123 7,704,569.64 0 0.00 202 27,501,179.81 0 0.00 578 35,473,342.33 16,259 793,202,609.53 16,714 820,971,382.22 123 7,704,569.64 > 24 and <= 36 53 0.10% 6,936,649.44 0.46% 53 6,936,649.44 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 53 6,936,649.44 53 6,936,649.44 0 0.00 > 36 and <= 48 18 0.03% 1,665,060.22 0.11% 18 1,665,060.22 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 18 1,665,060.22 18 1,665,060.22 0 0.00 > 48 and <= 60 0 0.00% 0.00 0.00% 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 Total 52,460 100.00% 1,499,240,184.44 100.00% 51,966 1,457,408,887.76 266 11,637,682.91 0 0.00 227 30,184,219.06 1 9,394.71 1,527 56,094,156.93 50,933 1,443,146,027.51 52,194 1,487,602,501.53 266 11,637,682.91 Statistics Remaining Term Minimum Remaining Term in months Maximum Remaining Term in months Weighted Average Remaining Term in months 0 46 14 Distribution by Seasoning Credit Type Customer Type Vehicle Status Classic Credit Used Car Classic Credit Balloon Credit Exquisite easy loan Enjoyable balance loan Corporate Individual New Used Percentage Percentage Seasoning (months) Loans Loans Loans Loans of Loans of Loans Loans Loans Loans Loans Loans <= 12 0 0.00% 0.00 0.00% 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 > 12 and 46,782 89.18% 1,394,693,905.71 93.03% 46,330 1,355,537,778.16 242 10,898,971.88 0 0.00 209 28,247,760.96 1 9,394.71 1,354 51,333,494.88 45,428 1,343,360,410.83 46,540 1,383,794,933.83 242 10,898,971.88 <= 24 > 24 and <= 36 5,629 10.73% 103,290,663.23 6.89% 5,590 100,882,353.96 24 738,711.03 0 0.00 15 1,669,598.24 0 0.00 172 4,625,609.82 5,457 98,665,053.41 5,605 102,551,952.20 24 738,711.03 > 36 and <= 48 20 0.04% 862,822.58 0.06% 17 595,962.72 0 0.00 0 0.00 3 266,859.86 0 0.00 1 135,052.23 19 727,770.35 20 862,822.58 0 0.00 > 48 and <= 60 29 0.06% 392,792.92 0.03% 29 392,792.92 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 29 392,792.92 29 392,792.92 0 0.00 Total 52,460 100.00% 1,499,240,184.44 100.00% 51,966 1,457,408,887.76 266 11,637,682.91 0 0.00 227 30,184,219.06 1 9,394.71 1,527 56,094,156.93 50,933 1,443,146,027.51 52,194 1,487,602,501.53 266 11,637,682.91 Statistics Seasoning Minimum Seasoning in months Maximum Seasoning in months Weighted Average Seasoning in months 13 59 18 Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 26 / 31
Credit Type Credit Type Loans Percentage of Loans Percentage of Loans Corporate Individual New Used Loans Loans Loans Classic Credit 51,966 99.06% 1,457,408,887.76 97.21% 1,520 55,288,916.67 50,446 1,402,119,971.09 51,966 1,457,408,887.76 0 0.00 Used Car Classic Credit 266 0.51% 11,637,682.91 0.78% 1 24,721.55 265 11,612,961.36 0 0.00 266 11,637,682.91 Balloon Credit 0 0.00% 0.00 0.00% 0 0.00 0 0.00 0 0.00 0 0.00 Exquisite easy loan 227 0.43% 30,184,219.06 2.01% 6 780,518.71 221 29,403,700.35 227 30,184,219.06 0 0.00 Enjoyable balance loan 1 0.00% 9,394.71 0.00% 0 0.00 1 9,394.71 1 9,394.71 0 0.00 Total 52,460 100.00% 1,499,240,184.44 100.00% 1,527 56,094,156.93 50,933 1,443,146,027.51 52,194 1,487,602,501.53 266 11,637,682.91 Type of Car Type of Car Loans Percentage of Loans Percentage of Loans Loans NEW 52,194 99.49% 1,487,602,501.53 99.22% 1,526 56,069,435.38 50,668 1,431,533,066.15 USED 266 0.51% 11,637,682.91 0.78% 1 24,721.55 265 11,612,961.36 Total 52,460 100.00% 1,499,240,184.44 100.00% 1,527 56,094,156.93 50,933 1,443,146,027.51 Customer Type Corporate Customer Type Customer Type Individual Vehicle Status Customer Type Loans Percentage of Loans Percentage of Corporate 1,527 2.91% 56,094,156.93 3.74% Individual 50,933 97.09% 1,443,146,027.51 96.26% Total 52,460 100.00% 1,499,240,184.44 100.00% Volkswagen Finance (China) Co., Ltd ABS Operations ABSOperations.China@vwfsag.com +8610-65897000 27 / 31