Offering Circular

Private Driver 2010-1 Fixed GmbH

(incorporated with limited liability in Germany with registered number HRB 88798)
EUR 905,000,000 Class A Fixed Rate Asset Backed Notes due 2017, issue price: 100 per cent.
EUR 37,500,000 Class B Fixed Rate Asset Backed Notes due 2017, issue price: 100 per cent.

The Class A Fixed Rate Asset Backed Notes (the "Class A Notes") and the Class B Fixed Rate Asset Backed Notes
(the "Class B Notes", and together with the Class A Notes the "Notes") entitle each Noteholder to demand the
payment of a particular amount of interest and/or principal only, if and to the extent sufficient amounts have been
received by Private Driver 2010-1 Fixed GmbH (the "Issuer") from Collections in particular in respect of Principal
and Interest under the Purchased Loan Receivables, from the enforcement of the Loan Collateral, or which have been
deposited into the Cash Collateral Account. The aggregate nominal amount of the Notes plus EUR 52,504,467.28
received under the Subordinated Loan plus an amount of EUR 5,000,000 for overcollateralisation purposes equals
the present value of the Initial Purchased Loan Receivables discounted at the date of issue of the Notes at the Discount
Rate of 3.0779 per cent. per annum. Subject to the Order of Priority each Noteholder is entitled to the payment of
EUR 100,000 of principal per Note plus applicable interest. Payments of principal and interest on each Class of Notes
will be made monthly in arrear on the 21st day of each month in each year, subject to adjustment for non-Business
Days, commencing on the Payment Date falling in 21 November 2010. No principal will be paid on the Notes during
the revolving period (the "Revolving Period") commencing on the Issue Date and ending on the earlier of November
2011 and the day on which an Early Amortisation Event occurs. The Notes will bear interest at 1.940 per cent. per
annum in respect of the Class A Notes and 2.865 per cent. per annum in respect for the Class B Notes, calculated in
each case with reference to the principal amount of each Note remaining outstanding immediately prior to the time of
each payment and published pursuant to Condition 12 of the terms and conditions of the Notes (the "Conditions").
This Offering Circular constitutes a prospectus under article 8 of the law of 10 July 2005, implementing the
Prospectus Directive 2003/71/EC.

Application has been made to the Commission de Surveillance du Secteur Financier (the "CSSF") for approval of this
Offering Circular. Application has been made to the Luxembourg Stock Exchange for the Notes to be listed on the
official list and be admitted to trading on the regulated market of the Luxembourg Stock Exchange. The Luxembourg
Stock Exchange's regulated market is a regulated market for the purpose of the Markets in Financial Instruments
Directive 2004/39/EC.

Each of the Notes in the denomination of EUR 100,000 will be governed by the laws of Germany, be issued in new
global note ("NGN") form, and will be initially represented by a temporary global bearer note (the "Temporary
Global Notes"), without interest coupons attached, which will be deposited on or around 28 October 2010 (the "Issue
Date") with a Common Safekeeper for Clearstream Banking société anonyme, Luxembourg ("Clearstream
Luxembourg") and Euroclear Bank S.A./N.V. ("Euroclear"). The Temporary Global Notes will be exchangeable for
permanent global bearer notes (the "Permanent Global Notes"), without interest coupons attached, not earlier than
forty (40) days and not later than one hundred and eighty (180) days after the Issue Date upon delivery of
certifications as set forth in Condition 1(3). The Temporary Global Notes and the Permanent Global Notes shall
together be referred to as the "Global Notes". The Permanent Global Notes will not be exchangeable for definitive
Notes. The Class A Notes are intended to be held in a manner which will allow Eurosystem eligibility. See
"SUMMARY OF THE CONDITIONS OF THE NOTES – Global Notes".

For a discussion of certain significant factors affecting investments in the Notes, see "RISK FACTORS".

For reference to the definitions of capitalised terms appearing in this Offering Circular, see "THE MASTER
DEFINITIONS SCHEDULE".
Co-Arrangers
Volkswagen Financial Services AG WestLB AG
Lead Manager
WestLB AG

Offering Circular dated 26 October 2010

1
The Issuer accepts responsibility for the information contained in this Offering Circular (other than information
for which the Seller and Servicer, the Security Trustee, the Data Protection Trustee, the Account Bank or any
other party expressly accepts responsibility in this Offering Circular). To the best of the knowledge and belief of
the Issuer (having taken all reasonable care to ensure that such is the case) the information contained in this
Offering Circular is in accordance with the facts and does not omit anything likely to affect the import of such
information. The Issuer has taken all reasonable care to ensure that the information stated herein is true and
accurate in all material respects and that there are no other material facts the omission of which would make
misleading any statement herein, whether of fact or opinion. VW Bank as the Seller and Servicer accepts
responsibility for any information in this Offering Circular relating to the Purchased Loan Receivables, the Loan
Collateral, the disclosure of servicing related risk factors, risk factors relating to the Purchased Loan
Receivables, the information contained in "DESCRIPTION OF THE PURCHASED LOAN RECEIVABLES
AND OF THE ADDITIONAL RIGHTS", "BUSINESS PROCEDURES OF VOLKSWAGEN BANK GMBH",
"THE SELLER AND THE SERVICER" and "ADMINISTRATION OF THE PURCHASED LOAN
RECEIVABLES UNDER THE SERVICING AGREEMENT". To the best of the knowledge and belief of VW
Bank as the Seller and Servicer (having taken all reasonable care to ensure that such is the case) the information
contained in this Offering Circular is in accordance with the facts and does not care to ensure that the
information stated herein is true and accurate in all material respects and that there are no other material facts
the omission of which would make misleading any statement herein, whether of fact or opinion.

No person has been authorised to give any information or to make any representations, other than those
contained in this Offering Circular, in connection with the issue and sale of the Notes and, if given or made,
such information or representations must not be relied upon as having been authorised by the Issuer, VW Bank,
the Security Trustee, the Servicer, the Data Protection Trustee, or by the Co-Arrangers and the Lead Manager
shown on the cover page.

The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended from time
to time (the "Securities Act") and include Notes in bearer form that are subject to U.S. tax law requirements.
Subject to certain exceptions, the Notes may not be offered, sold or delivered within the United States or to U.S.
persons. After the issuance of the Notes, each of the Issuer, the Lead Manager and the Co-Arrangers will effect
transactions of the Notes only in transactions that occur outside of the United States.

Neither the delivery of this Offering Circular nor any offering, sale or delivery of any Notes shall, under any
circumstances, create any implication (i) that the information in this Offering Circular is correct as of any time
subsequent to the date hereof, or (ii) that there has been no adverse change in the financial situation of the Issuer
or with respect to VW Bank since the date of this Offering Circular or the balance sheet date of the most recent
financial statements or (iii) that any other information supplied in connection with the issue of the Notes is
correct at any time subsequent to the date on which it is supplied or, if different, the date indicated in the
document containing the same.

No Notes may be offered or sold, directly or indirectly, and neither this Offering Circular (nor any part hereof)
nor any information memorandum, prospectus, form of application, advertisement or other offering materials
may be issued, distributed or published in any country or jurisdiction except in compliance with applicable laws,
orders, rules and regulations, and each of the Issuer, the Lead Manager and the Co-Arrangers has represented
that all offers and sales by it have been made on such terms.

This Offering Circular may only be used for the purposes for which it has been published. This Offering
Circular does not constitute an offer to sell or the solicitation of an offer to buy any securities other than the
securities to which it relates or an offer to sell or the solicitation of any offer to buy any of the securities offered
hereby in any circumstances in which such offer or solicitation is unlawful. The distribution of this Offering
Circular (or of any part thereof) and the offering and sale of the Notes in certain jurisdictions may be restricted
by law. Persons into whose possession this Offering Circular (or any part thereof) comes are required by the
Issuer, the Co-Arrangers and the Lead Manager to inform themselves about and to observe any such restrictions.
This Offering Circular does not constitute, and may not be used for, or in connection with, an offer or
solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to
whom it is unlawful to make such offer or solicitation. For a further description of certain restrictions on
offerings and sales of the Notes and distribution of this Offering Circular (or of any part thereof) see
"SUBSCRIPTION AND SALE".

THE NOTES REPRESENT OBLIGATIONS OF THE ISSUER ONLY AND DO NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF ANY OF THE CO-ARRANGERS, THE LEAD MANAGER, THE

2
SELLER, THE SERVICER (IF DIFFERENT), THE SECURITY TRUSTEE, THE DATA PROTECTION
TRUSTEE, THE ACCOUNT BANK, THE PAYING AGENT, THE CALCULATION AGENT, THE
CORPORATE SERVICES PROVIDER, OR ANY OF THEIR RESPECTIVE AFFILIATES OR ANY OTHER
PARTY (OTHER THAN THE ISSUER) TO THE TRANSACTION DOCUMENTS. IT SHOULD BE NOTED
FURTHER THAT THE NOTES WILL ONLY BE CAPABLE OF BEING SATISFIED AND DISCHARGED
FROM THE ASSETS OF THE ISSUER. NEITHER THE NOTES NOR THE UNDERLYING LOAN
RECEIVABLES WILL BE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AUTHORITY OR
BY ANY OF THE CO-ARRANGERS, THE LEAD MANAGER,THE SELLER, THE SERVICER (IF
DIFFERENT), THE SECURITY TRUSTEE, THE DATA PROTECTION TRUSTEE, THE ACCOUNT
BANK, THE PAYING AGENT, THE CALCULATION AGENT, THE CORPORATE SERVICES
PROVIDER, OR ANY OF THEIR RESPECTIVE AFFILIATES OR ANY OTHER PARTY TO THE
TRANSACTION DOCUMENTS OR BY ANY OTHER PERSON OR ENTITY EXCEPT AS DESCRIBED
HEREIN.
If you are in any doubt about the contents of this document you should consult your stockbroker, bank
manager, solicitor, accountant or other financial adviser.

An investment in these Notes is only suitable for financially sophisticated investors who are capable of
evaluating the merits and risks of such investment and who have sufficient resources to be able to bear
any losses which may result from such investment.

It should be remembered that the price of securities and the income from them may decrease.

3
 STRUCTURE DIAGRAM

Cash Three German

Collateral charitable
Account foundations

Payments in respect Payments to

of losses and provide the Shareholding
liquidity shortfalls Specified Cash
Collateral Amount
Loan amount to fund
purchase of Loan
Receivables, Cash Collateral
Account and
upfront expenses
Affiliate of
Volkswagen Private Driver 2010-
AG
(Subordinated
1 Fixed GmbH
(Purchaser/Issuer)
Lender)
Repayment of loan
subordinated to claims
of the Noteholders
Purchase Price Note interest
and principal
Sale and transfer of Loan Proceeds from
Receivables / Collections issue of the
Notes

Volkswagen Noteholders
Bank GmbH
(Seller/Servicer)
(VW Bank)

4
 PRINCIPAL FEATURES OF THE NOTES

Class A Notes Class B Notes

Nominal Amount EUR 905,000,000 EUR 37,500,000

Interest Rate 1.940 per cent. per annum 2.865 per cent. per annum

Issue Price 100 per cent. 100 per cent.

Scheduled Repayment Date Payment Date in Payment Date in

November 2016 November 2016

Final Maturity Date Payment Date in Payment Date in

November 2017 November 2017

Expected Ratings on Issue AAA (sf) by Fitch A+ (sf) by Fitch

AAAsf by S&P A+sf by S&P

Form Global Bearer Global Bearer

Listing Application for listing on the Application for listing on the

official list of the official list of the
Luxembourg Stock Exchange Luxembourg Stock Exchange

Clearing Clearstream Luxembourg Clearstream Luxembourg

and Euroclear and Euroclear

ISIN XS0545042334 XS0545042763

Common Code 054504233 054504276

WKN A1E8PS A1E8PT

5
 TABLE OF CONTENTS

Page
STRUCTURE DIAGRAM .....................................................................................................................4
PRINCIPAL FEATURES OF THE NOTES ..........................................................................................5
TABLE OF CONTENTS........................................................................................................................6
TRANSACTION OVERVIEW ............................................................................................................11
THE PARTIES .....................................................................................................................................11
THE NOTES.........................................................................................................................................12
PURCHASED LOAN RECEIVABLES AND LOAN SECURITY.....................................................14
IMPORTANT TRANSACTION DOCUMENTS AND TRANSACTION FEATURES.....................15
RISK FACTORS ..................................................................................................................................18
I. RISKS RELATING TO THE ASSETS, THE ISSUER AND THE TRANSACTION
DOCUMENTS .....................................................................................................................................18
Historical and Other Information .............................................................................................18
Violation of the Articles of Association (Gesellschaftsvertrag) of the Issuer or the
Trust Agreement by the Issuer may adversely affect the Performance of the Notes................18
Termination for Good Cause (Kündigung aus wichtigem Grund) ...........................................18
Risk of Late Payment of Monthly Instalments.........................................................................18
Risk of Early Repayment .........................................................................................................19
Changing Characteristics of the Purchased Loan Receivables during the Revolving
Period could result in faster or slower repayments or losses on the Notes...............................19
Losses on the Purchased Loan Receivables .............................................................................19
Market Value of Purchased Loan Receivables.........................................................................20
The Revolving Period may end if VW Bank is unable to originate Additional Loan
Receivables ..............................................................................................................................20
Credit Risk of the Parties .........................................................................................................20
Risk of "Re-qualification" of the Transaction as Loan Secured by Purchased Loan
Receivables ..............................................................................................................................20
Risk of Defences and Set-Off Rights of Borrowers against Assignment.................................20
Restriction on Assignment .......................................................................................................21
Restriction on Assignment resulting from Banking Secrecy ...................................................21
Risks Resulting from Consumer Credit Legislation.................................................................22
Further German Civil Law Aspects .........................................................................................22
Risks Resulting from Data Protection Rules............................................................................23
Risk of Non-Existence of Purchased Loan Receivables ..........................................................23
Loan Collateral.........................................................................................................................23
Reliance on Warranties ............................................................................................................23
Reliance on Administration and Collection Procedures...........................................................24
Risk of Change of Servicer ......................................................................................................24
Commingling Risk ...................................................................................................................24
Conflicts of Interest..................................................................................................................24
Risks from Reliance on Certification by True Sale International GmbH.................................25

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II. RISKS RELATING TO THE NOTES ....................................................................................25
German Tax Issues...................................................................................................................25
Change of Law.........................................................................................................................25
Market and Liquidity Risk for the Notes .................................................................................25
Responsibility of Prospective Investors ...................................................................................25
Risks in connection with the application of the German Act on Debt Securities from
Entire Issues (Gesetz über Schuldverschreibungen aus Gesamtemissionen
(Schuldverschreibungsgesetz - SchVG)) .................................................................................26
Ratings of each Class of Notes.................................................................................................26
Liability and Limited Recourse under the Notes and the Subordinated Loan..........................27
Illiquidity..................................................................................................................................27
Taxation ...................................................................................................................................28
Council Directive 2003/48/EC of 3 June 2003 on taxation of savings as interest
payments ..................................................................................................................................28
Eurosystem Eligibility..............................................................................................................29
USE OF PROCEEDS ...........................................................................................................................30
SUMMARY OF THE CONDITIONS OF THE NOTES .....................................................................31
GENERAL SUMMARY OF THE CONDITIONS OF THE NOTES..................................................31
Denomination...........................................................................................................................31
Global Notes ............................................................................................................................31
Payments of Principal and Interest...........................................................................................31
Principal Payment Amounts.....................................................................................................32
Order of Priority.......................................................................................................................33
Cash Collateral Account ..........................................................................................................34
Accumulation Account ............................................................................................................35
Early Amortisation Events .......................................................................................................36
Duties of the Issuer ..................................................................................................................36
Realisation of Loan Collateral .................................................................................................36
Optional Redemption of the Notes / Clean-Up Call.................................................................36
Paying Agent............................................................................................................................36
Security, Security Trustee and Enforcement............................................................................36
Limited Recourse and Non-petition .........................................................................................37
Replacement of Issuer ..............................................................................................................38
Applicable Law, Place of Performance and Place of Jurisdiction............................................38
SUMMARY OF THE OTHER PRINCIPAL TRANSACTION DOCUMENTS ................................39
Trust Agreement ......................................................................................................................39
Servicing Agreement................................................................................................................39
TAXATION..........................................................................................................................................41
Taxation in Germany ...............................................................................................................41
CERTIFICATION BY TSI...................................................................................................................43
DESCRIPTION OF THE PURCHASED LOAN RECEIVABLES AND OF THE LOAN
COLLATERAL ....................................................................................................................................44

7
 The Loan Receivables ..............................................................................................................44
Warranties and Guarantees for the Sale of the Initial Purchased Loan Receivables ................44
Warranties and Guarantees for each Sale of Additional Loan Receivables at an
Additional Purchase Date.........................................................................................................45
Description of the Loan Contracts, Initial Purchased Loan Receivables, Financed
Objects and Borrowers as of the Cutoff Date...........................................................................47
THE INITIAL PURCHASED LOAN RECEIVABLES POOL ...........................................................48
1. Make: New and Used Cars ...............................................................................................49
2. Down Payment..................................................................................................................50
3. Customer Type..................................................................................................................50
4. Type of Payment ...............................................................................................................50
5. Customer Concentration ...................................................................................................51
6. Distribution by Outstanding Discounted Principal Balance..............................................52
7. Distribution by Original Principal Balance.......................................................................52
8. Interest Rate paid by the Receivable Debtor.....................................................................53
9. Length of Original Term in Months..................................................................................54
10. Length of Remaining Term in Months .............................................................................54
11. Seasoning ..........................................................................................................................55
12. Credit Type .......................................................................................................................55
13. Balloon in per cent. of Original Principal Balance - Remaining Term .............................56
14. Balloon in per cent. of Original Principal Balance (nominal)...........................................57
15. Type of Car .......................................................................................................................57
16. Make and Model ...............................................................................................................58
17. Region...............................................................................................................................59
DELINQUENCIES...............................................................................................................................60
HISTORICAL PERFORMANCE DATA ............................................................................................61
SCHEDULED AMORTISATION OF THE PURCHASED LOAN RECEIVABLES ........................72
Scheduled Amortisation of the Purchased Loan Receivables ..................................................72
Weighted Average Life of the Notes........................................................................................73
Assumed Amortisation of the Notes ........................................................................................74
ENHANCEMENT OF FUTURE CASHFLOW FROM PURCHASED LOAN
RECEIVABLES ...................................................................................................................................75
AMENDMENTS TO THE LOAN RECEIVABLES PURCHASE AGREEMENT ............................77
THE SELLER AND SERVICER .........................................................................................................78
BUSINESS AND ORGANISATION OF VOLKSWAGEN BANK GMBH.......................................78
Auto Finance Business in Germany .........................................................................................78
Incorporation, Registered Office and Purpose .........................................................................78
BUSINESS PROCEDURES OF VOLKSWAGEN BANK GMBH ....................................................80
Negotiation of the Loan Contract and Appraisal of the Creditworthiness of the
Prospective Borrower...............................................................................................................80
Debt Management ....................................................................................................................80
Collection Center .....................................................................................................................81

8
 Procedure .................................................................................................................................82
Internal Audits .........................................................................................................................82
Auditors ...................................................................................................................................82
VW Bank market Germany retail financing business ..............................................................83
Data on VW Bank GmbH ........................................................................................................83
ADMINISTRATION OF THE PURCHASED LOAN RECEIVABLES UNDER THE
SERVICING AGREEMENT ...............................................................................................................84
Commingling ...........................................................................................................................84
Servicing Report ......................................................................................................................86
Distribution Duties of the Servicer ..........................................................................................87
Distribution Procedure .............................................................................................................87
Administration of Insurance Benefits and Realisation of Security ..........................................87
Amendments to the Servicing Agreement ...............................................................................87
Collection Right of the Servicer...............................................................................................88
Dismissal and Replacement of the Servicer .............................................................................88
Audit of Activities of the Servicer ...........................................................................................89
RATINGS.............................................................................................................................................90
THE ISSUER........................................................................................................................................91
ISSUER OF THE NOTES....................................................................................................................91
Establishment, Duration, Domicile ..........................................................................................91
Capital ......................................................................................................................................91
Capitalisation of the Issuer.......................................................................................................92
Managing Directors..................................................................................................................92
Annual Statements ...................................................................................................................92
Auditors ...................................................................................................................................92
Fiscal Year ...............................................................................................................................92
Commencement of Operations.................................................................................................93
Distribution of Profits ..............................................................................................................93
Interim Reports ........................................................................................................................93
Corporate Services Provider of the Issuer................................................................................93
Governmental, Litigation and Arbitration Proceedings ...........................................................93
Material Adverse Change.........................................................................................................93
SECURITY TRUSTEE ........................................................................................................................94
DATA PROTECTION TRUSTEE .......................................................................................................95
ACCOUNT BANK...............................................................................................................................96
CORPORATE ADMINISTRATION ...................................................................................................97
CONDITIONS OF THE NOTES .........................................................................................................98
CONDITIONS OF THE CLASS A NOTES ........................................................................................98
CONDITIONS OF THE CLASS B NOTES ......................................................................................105
TRUST AGREEMENT ......................................................................................................................112
SUBSCRIPTION AND SALE ...........................................................................................................135
Subscription and Sale.............................................................................................................135
Selling Restrictions ................................................................................................................135
GENERAL INFORMATION.............................................................................................................139

9
NOTE ISSUES ...................................................................................................................................139
LITIGATION .....................................................................................................................................139
NO SIGNIFICANT CHANGE ...........................................................................................................139
PAYMENT INFORMATION AND POST- ISSUANCE INFORMATION .....................................139
LISTING AND ADMISSION TO TRADING ...................................................................................139
ICSDS ...............................................................................................................................................140
CLEARING CODES ..........................................................................................................................140
INSPECTION OF DOCUMENTS .....................................................................................................140
MASTER DEFINITIONS SCHEDULE.............................................................................................141
1. DEFINITIONS.......................................................................................................................141
2. INTERPRETATION..............................................................................................................157

10
 TRANSACTION OVERVIEW

The following "TRANSACTION OVERVIEW" does not purport to be complete and is qualified in its entirety by
the detailed information appearing elsewhere in this Offering Circular and related documents referred to
herein. For a discussion of certain risk factors to be construed in connection with an investment in the Notes,
see "RISK FACTORS". Capitalised terms not specifically defined in this TRANSACTION OVERVIEW shall have
the respective meanings set out in Clause 1 of the MASTER DEFINITIONS SCHEDULE dated on or about the
Issue Date and signed for identification purposes by the Transaction Parties.

THE PARTIES

Issuer Private Driver 2010-1 Fixed GmbH, Steinweg 3-5, 60313 Frankfurt am Main,
Germany, a company which is not related to Volkswagen AG and is wholly
owned by three German charitable foundations being (i) Stiftung
Kapitalmarktrecht für den Finanzstandort Deutschland, Frankfurt am Main, (ii)
Stiftung Kapitalmarktforschung für den Finanzstandort Deutschland, Frankfurt
am Main, and (iii) Stiftung Unternehmensfinanzierung und Kapitalmärkte für
den Finanzstandort Deutschland, Frankfurt am Main with participations of 1/3
each. The Issuer will be liquidated after the final payment to the holders of
Class A Notes and Class B Notes (the "Noteholders"), and to the Subordinated
Lender.
Seller Volkswagen Bank GmbH, Gifhorner Straße 57, 38112 Braunschweig,
Germany, a wholly-owned subsidiary of Volkswagen Financial Services AG.
Co-Arrangers Volkswagen Financial Services AG, Gifhorner Straße 57, 38112 Braunschweig,
Germany and WestLB AG, acting through its office at Herzogstraße 15, 40217
Düsseldorf, Germany.
Lead Manager WestLB AG, acting through its office at Herzogstraße 15, 40217 Düsseldorf,
Germany.
Servicer Volkswagen Bank GmbH, Gifhorner Straße 57, 38112 Braunschweig,
Germany.
Subordinated Lender An Affiliate of Volkswagen AG.
Cash Collateral Account Bank BNP Paribas Securities Services, Luxembourg Branch, 33, rue de Gasperich,
Howald – Hesperange, L-2085 Luxembourg.
Distribution Account Bank BNP Paribas Securities Services, Luxembourg Branch, 33, rue de Gasperich,
Howald – Hesperange, L-2085 Luxembourg.
Accumulation Account Bank BNP Paribas Securities Services, Luxembourg Branch, 33, rue de Gasperich,
Howald – Hesperange, L-2085 Luxembourg.
Monthly Collateral Account BNP Paribas Securities Services, Luxembourg Branch, 33, rue de Gasperich,
Bank Howald – Hesperange, L-2085 Luxembourg.
Security Trustee Wilmington Trust (London) Limited, Fifth Floor, 6 Broad Street Place,
London EC2M 7JH, United Kingdom.
Data Protection Trustee Wilmington Trust SP Services (Luxembourg) S.A., 52-54 Avenue du X
Septembre, L-2550 Luxembourg, Luxembourg.
Paying Agent and Calculation BNP Paribas Securities Services, Luxembourg Branch, 33, rue de Gasperich,
Agent Howald – Hesperange, L-2085 Luxembourg.
Clearing Clearstream Banking, société anonyme, Luxembourg, 42 Avenue J.F. Kennedy,
L-1885 Luxembourg; and Euroclear Banking S.A./N.V., 1 Boulevard du Roi
Albert II, B-1210 Brussels, Belgium.
Corporate Services Provider Wilmington Trust SP Services (Frankfurt) GmbH, Steinweg 3-5, 60313
Frankfurt am Main, Germany.

11
Rating Agencies Fitch and S&P.

THE NOTES

Class A Notes The EUR 905,000,000 class A fixed rate asset backed notes due November
2017, consisting of 9,050 individual notes, each in the nominal amount of
EUR 100,000. With respect to payment of interest and principal the Class A
Notes rank senior to the Class B Notes.
Class B Notes The EUR 37,500,000 class B fixed rate asset backed notes due November 2017
consisting of 375 individual notes, each in the nominal amount of EUR 100,000.
With respect to payment of interest and principal the Class B Notes rank junior
to the Class A Notes.
Issue Date 28 October 2010.
Interest (yield) and principal During the Revolving Period, no principal will be paid on the Class A Notes.
Each Class A Note entitles the Class A Noteholders to receive from the
Available Distribution Amount on each Payment Date interest (yield) at the rate
equivalent to 1.940 per cent. per annum (the "Class A Note Interest Rate") on
the nominal amount of each Class A Note outstanding immediately prior to such
Payment Date and, thereafter from the remaining Available Distribution
Amount on each Payment Date, provided that the payment of interest due and
payable on the Class B Notes has been paid (prior to the occurrence of a
Foreclosure Event), a payment of principal in an amount equal to the pro rata
share of the Class A Noteholders in the Class A Principal Payment Amount.
During the Revolving Period, no principal will be paid on the Class B Notes.
Each Class B Note entitles the Class B Noteholder thereof to receive on each
Payment Date, out of the amounts remaining from the Available Distribution
Amount on each Payment Date after payment of interest due and payable on the
Class A Notes, interest (yield) at the rate equivalent to 2.865 per cent. per
annum (the "Class B Note Interest Rate") on the nominal amount of each
Class B Note outstanding immediately prior to such Payment Date, and in
addition, payment of principal in an amount equal to the Class B Principal
Payment Amount, but only after the payment of the relevant Class A Principal
Payment Amount on that Payment Date.
With respect to payments of interest and principal, particular attention should be
paid to the risk factor descriptions as set forth in "RISK FACTORS" and in
particular the risk factor outlined under "RISK FACTORS - Liability and
Limited Recourse under the Notes".
Ratings The Class A Notes are expected to be rated AAAsf by Fitch and AAA (sf) by
S&P. The Class B Notes are expected to be rated A+sf by Fitch and A+ (sf) by
S&P. The ratings address the ultimate payment of principal and the timely
payment of interest. The rating should not be regarded as a recommendation by
the Issuer or by the Co-Arrangers, the Lead Manager or by the Rating Agencies
to buy, sell or hold the Notes; such a rating is subject to revision or withdrawal
at any time.
Discount Rate 3.0779 per cent. per annum, which equals the weighted average of (i) the fixed
rates under the Class A Notes and the Class B Notes, and (ii) the fixed rate
under the Subordinated Loan, plus the Servicer Fee at a rate of 1.0 per cent. per
annum, plus 0.03 per cent. for any administrative cost and fees.
Additional Purchase Price Additional Purchase Price means in respect of Additional Purchased Loan
Receivables an amount equal to the Aggregate Discounted Principal Balance
of the Additional Purchased Loan Receivables (discounted at the Discount
Rate as of the respective Additional Cutoff Date) less the Additional Purchase
Price Discount.

12
Discounted Principal Balance
Order of Priority
Payment Dates
Business Day
Available Distribution Amount
Revolving Period
Early Amortisation Event
Accumulation Account
Final Maturity Date
The Discounted Principal Balance means as of the end of any Monthly Period
the present value of a single Purchased Loan Receivable, or the relevant
Purchased Loan Receivables, remaining to be paid in the future, calculated
using a discount rate equal to the Discount Rate. The Discounted Principal
Balance includes for the avoidance of doubt Purchased Loan Receivable(s) or
portions of Purchased Loan Receivable(s) which are still unpaid except the
Discounted Principal Balance will be zero for such Purchased Loan
Receivable(s) which have been written-off by the Servicer in accordance with
its customary practices as applicable from time to time.
For the Order of Priority of payments applicable (i) prior to the occurrence of a
Foreclosure Event and (ii) upon the occurrence of a Foreclosure Event see
"OVERVIEW OF THE CONDITIONS OF THE NOTES – ORDER OF
PRIORITY".
The 21st of each month, or, in the event such day is not a Business Day, then on
the next following Business Day unless that day falls in the next calendar
month, in which case the date will be the first preceding day that is a Business
Day, beginning 21 November 2010 (each a "Payment Date").
Business Day means any day on which the TARGET2 or the successor system
to TARGET2 is open for business, provided that this day is also a day on which
banks are open for business in London and Luxembourg.
The monthly distribution of the Available Distribution Amount on each
Payment Date in accordance with the Order of Priority. The "Available
Distribution Amount" on each Payment Date shall include the sum of the
following amounts:
– the Collections for the calendar month immediately prior to each
Payment Date (the "Monthly Period"); plus
– drawings from the Cash Collateral Account as provided for in
Clause 26(2) of the Trust Agreement; plus
– Net investment earnings from deposits in the Accumulation Account;
plus
– after the termination of the Revolving Period, the amount of transfers
made from the Accumulation Account to the Distribution Account
pursuant to Clause 26(4) of the Trust Agreement.
The Revolving Period commences on 21 November 2010 and ends on the
earlier of 20 November 2011 and the day on which an Early Amortisation Event
has occurred.
The occurrence of any of the following events shall constitute an Early
Amortisation Event: (i) the occurrence of a Foreclosure Event, (ii) the amount
deposited and remaining in the Accumulation Account after the acquisition of
Additional Loan Receivables on two (2) consecutive Payment Dates exceeds 10
per cent. of the Aggregate Discounted Principal Balance, (iii) the Credit
Enhancement Increase Condition is in effect, (iv) the Late Delinquency Ratio
exceeds 1.75 per cent., or (v) the occurrence of a Servicer Replacement Event.
During the Revolving Period on each Payment Date (each an "Additional
Purchase Date") an aggregate amount equal to the Cash Component of the
Aggregate Discounted Principal Balance Increase Amount for such Payment
Date pursuant to item ninth of the Order of Priority shall be paid on the Payment
Date into the Accumulation Account. Amounts on deposit in the Accumulation
Account shall, subject to certain conditions, be used by the Issuer for the
purchase of the Additional Loan Receivables from VW Bank.
The Payment Date falling in November 2017.
13
Applicable Law The Notes are governed by the laws of Germany.
Tax Status of the Notes See "TAXATION".
Selling Restrictions See "SUBSCRIPTION AND SALE - Selling Restrictions".
Clearing Codes Class A Notes
ISIN: XS0545042334
Common Code: 054504233
Class B Notes
ISIN: XS0545042763
Common Code: 054504276
Listing and Admission to Application has been made for listing of the Notes on the official list of the
Trading Luxembourg Stock Exchange and for admission to trading of the Notes on the
regulated market of the Luxembourg Stock Exchange.
PURCHASED LOAN The assets and security backing the Class A Notes, the Class B Notes and the
RECEIVABLES AND LOAN other Secured Obligations consist of the following:
SECURITY

Purchased Loan Receivables Under the Initial Loan Receivables Purchase Agreement the Issuer will on the
Purchase Date purchase from VW Bank the Initial Purchased Loan Receivables.
Under the Additional Loan Receivables Purchase Agreements, the Issuer will
purchase during the Revolving Period from VW Bank on the Additional
Purchase Dates certain Additional Loan Receivables. The Initial Purchased
Loan Receivables and the Additional Purchased Loan Receivables (together the
"Purchased Loan Receivables") will comprise claims against Borrowers in
respect of Principal, Interest and Loan Administration Fees (including, for the
avoidance of doubt, any and all statutory claims being commercially equivalent
to Principal, Interest and/or Loan Administration Fees).
The Purchased Loan Receivables shall reflect payments for the financing of the
purchase of the vehicles and vehicle financing Loan Contracts primarily
originated by Volkswagen, Audi, SEAT, Skoda and Volkswagen Nutzfahrzeuge
dealers as agents as well as by third parties and under which the Borrowers
amortise the relevant loan amount in monthly instalments over the life of the
Loan Contracts. Some of the Loan Contracts may also provide that the Loan
Contracts amortise over the life of the Loan Contracts in substantially equal
monthly instalments and a final larger balloon instalment.
If the Purchased Loan Receivables should partially or totally fail to conform on
the Cutoff Date, respectively the Additional Cutoff Date, with the warranties
given by VW Bank in the Initial Loan Receivables Purchase Agreement,
respectively the Additional Loan Receivables Purchase Agreements (for a
detailed description of the warranties (eligibility criteria) which apply to the
Loan Receivables see "THE INITIAL PURCHASED LOAN RECEIVABLES
POOL") and such failure materially and adversely affects the interests of the
Issuer or the Noteholders, VW Bank may, by the end of the Monthly Period
which includes the sixtieth (60th) day (or, if VW Bank elects, an earlier date)
after the date that VW Bank became aware or was notified of such failure, cure
or correct such failure. Any such breach or failure will not be deemed to have a
material and adverse effect if such failure does not affect the ability of the Issuer
to receive and retain timely payment in full on such Purchased Loan Receivable.
If VW Bank does not cure or correct such failure prior to such time, VW Bank
is required to repurchase any Purchased Loan Receivable affected by such
failure on the Payment Date following the expiration of such period. Any such
repurchase by VW Bank of the Purchased Loan Receivables on such Payment
Date shall be at a price equal to their then outstanding Discounted Principal
Balance.
Additional Purchase Dates During the Revolving Period VW Bank has the right to sell Additional Loan
Receivables to the Issuer on each Payment Date falling within the Revolving

14

Additional Cutoff Dates
Cutoff Date
Loan Collateral
Cash Collateral Account
Initial Purchase Price
Subordinated Loan
Overcollateralisation
Ownership title in the financed
assets as security
IMPORTANT TRANSACTION
DOCUMENTS AND
TRANSACTION FEATURES
Initial Loan Receivables
Purchase Agreement
Additional Loan Receivables
Purchase Agreements
Early Settlement
Period.
Each last day of a Monthly Period elapsing prior to an Additional Purchase Date
shall be the Additional Cutoff Date for the respective Additional Loan
Receivables Purchase Agreement.
30 September 2010.
Certain rights associated with the premature termination of a Loan Contract
(including security title (Sicherungseigentum) in respect of the Financed
Objects) or with the transfer of Loan Receivables as well as security title to the
seizable portion of the respective Borrower's wage and salary receivables, if
any, which VW Bank had acquired as collateral under or in connection with the
relevant Loan Contract, will be transferred to the Issuer under the Initial Loan
Receivables Purchase Agreement and under the relevant Additional Loan
Receivables Purchase Agreement.
No later than the Issue Date, the Issuer will deposit the Initial Cash Collateral
Amount of EUR 12,000,053.61 as cash reserve in the Cash Collateral Account.
Prior to the occurrence of a Foreclosure Event, on each following Payment Date
the Available Distribution Amount shall be allocated to the Cash Collateral
Account in accordance with the Order of Priority until the balance of the Cash
Collateral Account equals the Specified Cash Collateral Account Balance.
The Initial Purchase Price shall be EUR 1,000,004,467 (equal the Aggregate
Discounted Principal Balance of the Initial Purchased Loan Receivables as of
the Cutoff Date) less (i) an amount of EUR 5,000,000 for overcollateralisation
purposes less (ii) the Initial Cash Collateral Amount and less (iii) certain costs
related to the issue of the Notes).
In order to provide credit enhancement to the Class A Notes and the Class B
Notes an affiliate of Volkswagen AG has granted the Subordinated Loan in the
amount of EUR 52,504,467.28 to the Issuer. The Subordinated Loan may not
become due and payable prior to the Class A Final Maturity Date and the
Class B Final Maturity Date.
In addition to the Subordinated Loan there will be overcollateralisation in the
amount of EUR 5,000,000 in the form of the additional Aggregate Discounted
Principal Balance at the Closing Date.
In order to secure the repayment in full of the Purchased Loan Receivables
outstanding at any time, VW Bank will transfer for security purposes
(Sicherungseigentum) to the Issuer its ownership of the Financed Objects
relating to Purchased Loan Receivables. The Issuer in turn transfers such title
for security purposes (Sicherungseigentum) to the Financed Objects with respect
to the Purchased Loan Receivables to the Security Trustee.
Pursuant to the provisions of the Initial Loan Receivables Purchase Agreement,
the Issuer will acquire from VW Bank the Initial Purchased Loan Receivables.
During the Revolving Period, VW Bank may sell at its discretion on each
Payment Date (each an "Additional Purchase Date") at the terms and
conditions described in the Initial Loan Receivables Purchase Agreement the
Additional Loan Receivables (the "Additional Purchased Loan Receivables")
under the Additional Loan Receivables Purchase Agreements up to an aggregate
amount equal to the Cash Component of the Aggregate Discounted Principal
Balance Increase Amount for such Payment Date pursuant to item ninth of the
Order of Priority.
Pursuant to the provisions of the Loan Receivables Purchase Agreements, the
15
 Issuer is entitled to demand from VW Bank, as a contractual remedy, the
retransfer of the Purchased Loan Receivables in certain circumstances against
payment of the Settlement Amount. This includes, inter alia, the assertion of
invalidity of any part of the relevant Loan Contract or of a Borrower's right to
withhold payments. The sum to be paid on such retransfer by VW Bank to the
Issuer shall be the then outstanding Discounted Principal Balance of the relevant
Purchased Loan Receivables.
Such retransfers or cases of Early Settlement of the relevant Purchased Loan
Receivables will lead to earlier than expected payments of the Notes. See
"RISK FACTORS - Risk of Early Repayment".
Clean-Up Call Under the Loan Receivables Purchase Agreements, VW Bank will have the
option to exercise the Clean-Up Call and to repurchase the outstanding
Purchased Loan Receivables from the Issuer at any time when the sum of the
Aggregate Discounted Principal Balances for all outstanding Purchased Loan
Receivables is less than 9 per cent. of the sum of the Aggregate Discounted
Principal Balance of the Purchased Loan Receivables as of the Cutoff Date (the
"Aggregate Cutoff Date Discounted Principal Balance") provided that all
payment obligations under the Notes will thereby be fulfilled if the Transaction
Documents are given full effect.
Servicing Agreement Under the terms of the Servicing Agreement VW Bank has agreed to:
– administer the Loan Contracts and in particular to collect the
Purchased Loan Receivables in accordance with its usual business
practices applied from time to time;
– repossess the respective Financed Objects on behalf of the Issuer upon
termination of a Loan Contract and consistent with its customary
practices applied from time to time;
– administer the Cash Collateral Account;
– transfer to the Issuer's Distribution Account the monthly Collections at
the intervals specified in the Servicing Agreement (see
"ADMINISTRATION OF THE PURCHASED LOAN
RECEIVABLES UNDER THE SERVICING AGREEMENT"); and
– perform other tasks incidental to the above.
Trust Agreement The Issuer has entered into the Trust Agreement with, inter alios, the Security
Trustee and VW Bank, under which the Issuer has authorised the Security
Trustee to act as fiduciary agent for the Transaction Creditors and has
undertaken to the Security Trustee (the "Trustee Claim") to duly make all
payments owed to Transaction Creditors directly or, in case of non-
performance, to the Security Trustee for purposes of transfer of such amounts to
the respective Transaction Creditors.
As security for the Trustee Claim, the Issuer has charged, assigned and/or
pledged, the Purchased Loan Receivables, the claims to the Monthly Collateral
Account, the claims to the Cash Collateral Account, the claims to the
Distribution Account, the claims to the Accumulation Account, the claims
against VW Bank in case of breach of warranties, the claims arising under the
insurance policies concluded for the Financed Objects, any rights to unilaterally
alter the Loan Contracts necessary for the enforcement of the Purchased Loan
Receivables (unselbständige Gestaltungsrechte), and the other surrender claims
to which the Issuer is entitled under the Loan Receivables Purchase Agreements
as well as the Issuer's security title in interest in the Financed Objects. VW Bank
has transferred to the Issuer its ownership of the Financed Objects for security
purposes (Sicherungseigentum) and the Issuer has transferred the ownership of
the Financed Objects for security purposes (Sicherungseigentum) to the Security
Trustee. In respect of the Loan Receivables to be transferred under the
Additional Loan Receivables Purchase Agreements, such transfer and other

16

Data Protection Trust Agreement
Corporate Services Agreement
Risk Factors
disposal will become effective upon the exercise of VW Bank's option to sell
and transfer Additional Loan Receivables during the Revolving Period (the
same applies in respect of the additional rights thereto). The Security Trustee
has agreed to realise the ownership of the Financed Objects for security
purposes (Sicherungseigentum) or have the ownership for security purposes
(Sicherungseigentum) realised in accordance with the terms of the underlying
security agreements relating to the Financed Objects. The Issuer has also
assigned to the Security Trustee its claims to disbursement of the portion of the
Enforcement Proceeds due to the Issuer.
Under the provisions of the Data Protection Trust Agreement VW Bank will
deliver to the Data Protection Trustee in a sealed containment an electronically
readable data media with any Portfolio Decryption Key(s) for the identification
of the names and addresses of the Borrowers relating to the Purchased Loan
Receivables. Each time, upon the conclusion of an Additional Loan Receivables
Purchase Agreement during the Revolving Period, VW will deliver to the Issuer
only such encrypted personal data which can be decrypted with the respective
Portfolio Decryption Key for the identification of the names and addresses of
the Borrowers relating to the Additional Purchased Loan Receivables. The Data
Protection Trust Agreement will comply with the requirements of the German
Federal Financial Supervisory Authority for the protection of the banking
secrecy in asset-backed securitisation transactions of German credit institutions
as outlined in Circular 4/97. The Data Protection Trustee will keep the Portfolio
Decryption Keys in careful safe custody and protect it against unauthorised
access by any third parties. Should upon the occurrence of a Borrower
Notification Event, VW Bank not comply with its obligation to notify the
relevant Borrowers of the assignment of the Purchased Loan Receivables to the
Issuer as provided for in the Servicing Agreement (see "ADMINISTRATION
OF THE LOAN RECEIVABLES UNDER THE SERVICING AGREEMENT -
Dismissal And Replacement Of The Servicer") the Issuer (acting through the
Corporate Services Provider) will attempt to cause a replacement Servicer to
become appointed (see "ADMINISTRATION OF THE LOAN
RECEIVABLES UNDER THE SERVICING AGREEMENT - Collection
Right Of The Servicer") to notify the respective Borrowers of the assignment
and to instruct them to make payments under their respective Loan Contract into
the Distribution Account.
The Issuer will enter into the Corporate Services Agreement with the Corporate
Services Provider pursuant to which the Corporate Services Provider shall
provide managing directors (Geschäftsführer) who perform certain services for
the Issuer, particularly take over the accounting for the Issuer and support the
managing directors of the Issuer in any company law matters and provide the
registered residence of the Issuer.
Prospective investors in the Notes should consider, among other things, certain
risk factors in connection with the purchase of the Notes. Such risk factors as
described below may influence the ability of the Issuer to pay interest, principal
or other amounts on or in connection with any Notes. The risks in connection
with the investment in the Notes include, inter alia, risks relating to the assets
and the Transaction Documents, risks relating to the Notes and risks relating to
the Issuer. These risk factors represent the principal risks inherent in investing
in the Notes only and shall not be deemed as exhaustive. See "RISK
FACTORS"
17
 RISK FACTORS

THE PURCHASE OF THE NOTES MAY INVOLVE SUBSTANTIAL RISKS AND BE SUITABLE ONLY
FOR INVESTORS WHO HAVE THE KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND
BUSINESS MATTERS NECESSARY TO ENABLE THEM TO EVALUATE THE RISKS AND THE
MERITS OF AN INVESTMENT IN THE NOTES. PRIOR TO MAKING AN INVESTMENT DECISION,
PROSPECTIVE INVESTORS SHOULD CAREFULLY CONSIDER IN LIGHT OF THEIR OWN
FINANCIAL CIRCUMSTANCES AND INVESTMENT OBJECTIVES ALL THE INFORMATION SET
FORTH IN THIS OFFERING CIRCULAR AND, IN PARTICULAR, THE CONSIDERATIONS SET FORTH
BELOW. PROSPECTIVE INVESTORS SHOULD MAKE SUCH INQUIRIES AS THEY DEEM
NECESSARY WITHOUT RELYING ON THE ISSUER OR ANY CO-ARRANGER OR THE LEAD
MANAGER.

The following is a summary of certain aspects of the Notes of which prospective investors should be aware. This
summary is not intended to be exhaustive and prospective investors should also read the detailed information set
out elsewhere in this Offering Circular and reach their own views prior to making any investment decision.

The Issuer believes that the risks described herein are the principal risks inherent in the transaction for
Noteholders, but the inability of the Issuer to pay interest, principal or other amounts on or in connection with
the Notes may occur for other reasons and the Issuer does not represent that the above statements regarding the
risks of holding the Notes are exhaustive. Although the Issuer believes that the various structural elements
described in this document mitigate some of these risks for Noteholders, there can be no assurance that these
measures will be sufficient to ensure payment to Noteholders of interest, principal or any other amounts on or in
connection with the Notes on a timely basis or at all.

I. RISKS RELATING TO THE ASSETS, THE ISSUER AND THE TRANSACTION DOCUMENTS

Historical and Other Information

The historical information set out in particular in "DESCRIPTION OF THE PURCHASED LOAN
RECEIVABLES AND OF LOAN COLLATERAL" is based on the historical experience and present
procedures of the Seller. None of the Issuer, the Co-Arrangers, the Lead Manager, the Security Trustee, the
Paying Agent, or the Corporate Services Provider has undertaken or will undertake any investigation or review
of, or search to verify the historical information. There can be no assurances as to the future performance of the
Purchased Loan Receivables.

Violation of the Articles of Association (Gesellschaftsvertrag) of the Issuer or the Trust Agreement by the
Issuer may adversely affect the Performance of the Notes

The Articles of Association (Gesellschaftsvertrag) of the Issuer and the Trust Agreement provide for certain
restrictions with respect to the business and corporate governance of the Issuer. The Issuer shall only undertake
such business which is related to the transaction and agreements described in this Offering Circular. However,
any action which provokes a breach of the Articles of Association (Gesellschaftsvertrag) or the Trust
Agreement, respectively, and/or the commitment of further indebtedness, would generally constitute legal, valid
and binding obligations of the Issuer and may adversely affect the payment of principal under the Notes.

Termination for Good Cause (Kündigung aus wichtigem Grund)

As a general principle of German law any contract may be terminated for good cause (aus wichtigem Grund)
and such right may not be totally excluded nor may it be unreasonably exacerbated or linked to consent from a
third party. This may also have an impact on limitations of the right of the parties to the Transaction Documents
to terminate for good cause.

Risk of Late Payment of Monthly Instalments

In the event of late payment made in relation to Purchased Loan Receivables becoming due in the respective
Monthly Period, the risk of late payment is in part mitigated for the Noteholders by payments from the General
Cash Collateral Amount to the extent that funds are available therein.

18
Risk of Early Repayment

In the event that the Loan Contracts underlying the Purchased Loan Receivables are prematurely terminated or
otherwise settled early, the Noteholders will (barring the loss of some or all of the Purchased Loan Receivables,
which is described below) be repaid the principal which they invested, but will receive interest for a shorter
period than that provided in the respective Loan Contract.

Changing Characteristics of the Purchased Loan Receivables during the Revolving Period could result in
faster or slower repayments or losses on the Notes

During the Revolving Period, the amounts that would otherwise be used to repay the principal under the Notes
will be used to purchase Additional Loan Receivables from the Seller. Provided that the Initial Purchased Loan
Receivables and Additional Purchased Loan Receivables are prepaid and may default during the Revolving
Period and payments are made with regard to the Initial Purchased Loan Receivables and the Additional
Purchased Loan Receivables, the characteristics of the receivables pool will change after the Issue Date, and
could be substantially different at the end of the Revolving Period from the characteristics of the Initial
Purchased Loan Receivables. These differences could result in faster or slower repayments or greater losses on
the Notes.

Although each pool of Additional Purchased Loan Receivables purchased on each Additional Purchase Date is
required to have a maximum remaining term to maturity and a purchase of Additional Purchased Loan
Receivables may not result in the Aggregate Discounted Principal Balance of all Purchased Loan Receivables
exceeding concentration limits with respect to the percentage of Discounted Principal Balances generated under
Loan Contracts for used vehicles, classic credit Loan Contracts for used vehicles, Loan Contracts for non-VW
vehicles or Loan Contracts with corporate customers, the exact characteristics of the Additional Purchased Loan
Receivables will not be taken into account in determining the additional overcollateralisation amount. To the
extent the characteristics of the Additional Purchased Loan Receivables differ from those of the Initial
Purchased Loan Receivables at the Issue Date, the amounts applied to the Additional Purchased Loan
Receivables to compensate for yield may be less than actually needed and may be less than the amount of credit
enhancement provided by the additional overcollateralisation amount. Accordingly, such factors would increase
the Noteholders' risk to incur delays in payment or losses on the Notes.

Because of payments on the Purchased Loan Receivables and purchase of Additional Purchased Loan
Receivables during the Revolving Period, concentrations of obligors in the pool may be substantially different
from the concentration that exists as of the Issue Date. Such concentration or other changes of the pool could
adversely affect the delinquency, credit loss or repossession experience of the Purchased Loan Receivables.

Losses on the Purchased Loan Receivables

The risk for the Class A Noteholders that they will not receive the amount due to them under the Class A Notes
as stated in this Offering Circular is covered up to the amount of funds in the General Cash Collateral Amount,
by the investment of principal of the Class B Noteholders and the Subordinated Lender due to the subordination
of the Class B Notes and the Subordinated Loan to the Class A Notes and by the excess of the Aggregate
Discounted Principal Balance over the sum of the total nominal amounts of the Class A Notes, the Class B
Notes and the Subordinated Loan.

The risk for the Class B Noteholders that they will not receive the amount due to them under the Class B Notes
as stated in this Offering Circular is covered up to the amount of funds in the General Cash Collateral Amount
to the extent the Class A Noteholders are not entitled to such amounts, by the investment of the Subordinated
Lender due to the subordination of the Subordinated Loan to the Class A Notes and the Class B Notes and by
the excess of the Aggregate Discounted Principal Balance over the sum of the total nominal amounts of the
Class A Notes, the Class B Notes and the Subordinated Loan.

There is no assurance that the Class A Noteholders will receive for each Class A Note the total nominal amount
of EUR 100,000 plus interest at the Class A Note Interest Rate nor that the distributions which are made will
correspond to the monthly payments originally agreed upon in the underlying Loan Contracts.

There is no assurance that the Class B Noteholders will receive for each Class B Note the total nominal amount
of EUR 100,000 plus interest at the Class B Note Interest Rate nor that the distributions which are made will
correspond to the monthly payments originally agreed upon in the underlying Loan Contracts.

19
Market Value of Purchased Loan Receivables

There is no assurance that the market value of the Purchased Loan Receivables will at any time be equal or
greater than the principal amount of the then outstanding Notes.

The Revolving Period may end if VW Bank is unable to originate Additional Loan Receivables

During the Revolving Period, no principal will be paid to the Noteholders. Instead, on each Payment Date
during the Revolving Period, amounts allocable to the Accumulation Account may be used to purchase
Additional Loan Receivables. If such amounts are not applied to purchase Additional Loan Receivables, then
such amounts will be deposited to the Accumulation Account. If such amounts deposited into the Accumulation
Account during the Revolving Period exceed a certain percentage of the Aggregate Discounted Principal
Balance of the Purchased Loan Receivables over a certain period (calculated as if all amounts had been
reinvested in Loan Receivables), then an Early Amortisation Event will occur. If an Early Amortisation Event
occurs, the Revolving Period will terminate and the amortisation period will commence.

VW Bank does not, as of the date of this Offering Circular, expect any shortage in availability of Additional
Loan Receivables. However, VW Bank is not obliged to sell any Additional Loan Receivables and only has the
option to sell Additional Loan Receivables as it deems necessary at each Additional Purchase Date during the
Revolving Period. If VW Bank is unable to originate Additional Loan Receivables or if it does not exercise its
option to sell Additional Loan Receivables, then the Revolving Period will terminate earlier than expected, in
which case the Noteholders will receive payments of principal on the Notes earlier than expected.

Credit Risk of the Parties

The ability of the Issuer to make any principal and interest payments in respect of the Notes depends to a large
extent upon the ability of the parties to the Transaction Documents to perform their contractual obligations. In
particular, and without limiting the generality of the foregoing, the timely payment of amounts due in respect of
the Notes depends on the ability of the Servicer to service the Purchased Loan Receivables.

Risk of "Re-qualification" of the Transaction as Loan Secured by Purchased Loan Receivables

The transaction is structured to qualify under German law as an effective (true) sale of the Purchased Loan
Receivables under the Loan Receivables Purchase Agreements from VW Bank to the Issuer. In particular, the
discount for a default risk or similar techniques like a cash collateral account with regard to the Collection of
Purchased Loan Receivables will not be higher than nine (9) per cent. of the purchase price paid by the Issuer
for the Purchased Loan Receivables. However, there are no statutory or case law based tests with respect to
when a securitisation transaction qualifies as a true sale or as a secured loan. Therefore there is a risk that a court
could "re-qualify" the sale of Purchased Loan Receivables under the Loan Receivables Purchase Agreements as
a secured loan. In such case sections 166 and 51(1) of the German Insolvency Code (Insolvenzordnung) would
apply with the following consequences:

In case of a "re-qualification" and if the insolvency administrator is regarded as economic owner of the
Purchased Loan Receivables or if the insolvency administrator has possession of other movable objects assigned
as security, the Issuer is barred from enforcing the security. Further, an insolvency administrator of VW Bank as
transferor of loan receivables which have been assigned for security purposes is authorised by German law to
enforce the assigned Loan Receivables (on behalf of the assignee) and the Issuer would be barred from
enforcing the Purchased Loan Receivables assigned to it itself or through an agent. The insolvency administrator
is obliged to transfer the proceeds from such realisation of the financed object to the Issuer. He may, however,
deduct his fees from such proceeds; such fees may amount to up to nine (9) per cent. (or such fees may even
exceed nine (9) per cent. in certain circumstances) of the enforcement proceeds plus applicable value added tax
(section 166(2) German Insolvency Code (Insolvenzordnung)).

Risk of Defences and Set-Off Rights of Borrowers against Assignment

With respect to a Purchased Loan Receivable assigned by VW Bank to the Issuer in fulfilment of the Loan
Receivables Purchase Agreements, the Issuer's claim to payment may be subject to defences and set-off rights of
the Borrowers of such Purchased Loan Receivable; provided (i) such rights were in existence and due at the
time of the assignment of such Purchased Loan Receivable (section 404 of the German Civil Code
(Bürgerliches Gesetzbuch)) or (ii) were acquired after such assignment by the respective Borrower without such
Borrower having knowledge of the assignment at the time of acquiring the right or at the time when the right

20
falls due (in cases where the rights maturity falls beyond the maturity of the respective right under the Purchased
Loan Receivable) (section 406 of the German Civil Code (Bürgerliches Gesetzbuch)). Such set-off rights could
in particular result from deposits of Borrowers, owing Purchased Loan Receivables, in accounts maintained with
VW Bank. In order to minimise the set-off risk resulting from such Borrowers' deposits, the eligibility criteria
applicable to the Purchased Loan Receivables will exclude such Borrowers from the pool of Purchased Loan
Receivables who maintain as of the Cutoff Date deposits with VW Bank. With regard to the purchase of
Additional Loan Receivables, VW Bank will ensure that no Borrower of Additional Purchased Loan
Receivables maintains at the respective Additional Cutoff Date deposits with VW Bank. For the time thereafter,
if (x) (i) the total amount of potential set-off risk is greater than one (1) per cent. of the Aggregate Discounted
Principal Balance of the Purchased Loan Receivables and (ii) VW Bank is rated lower than BBB- by Fitch,
and/or (y) VW Bank's short-term rating from S&P is lower than A-2, or if VW Bank is not the subject of an
S&P's short-term rating, VW Bank's long-term rating from S&P is lower than BBB+, VW Bank is obliged to
post collateral amounting to the potential set-off risk which will be adjusted on a monthly basis (the "Set-Off
Risk Reserve"). The Set-Off Risk Reserve shall be deposited in the Cash Collateral Account, and is exclusively
reserved to cover set-off risks. In addition, as long as the Borrower of the Purchased Loan Receivable has no
knowledge of the assignment, e.g. because it is not notified by VW Bank, it may discharge its debt by paying to
VW Bank or may set-off with counterclaims against VW Bank (e.g. with claims from Borrowers deposits on
bank accounts maintained with VW Bank) which have become due prior to obtaining knowledge of the
assignment of the Purchased Loan Receivables to the Issuer. In such case, the Issuer would have a claim for
compensation against VW Bank and would therefore be subject to VW Bank insolvency risk.

Restriction on Assignment

VW Bank's standard loan application forms for the financing of vehicles do not prohibit VW Bank to assign
claims arising from such vehicle Loan Contracts. In case VW Bank should have agreed or will agree with any
Borrower that it is restricted in assigning the Loan Receivables arising from the respective Loan Contract, such
Loan Receivable could generally not be validly assigned to the Issuer under the Loan Receivables Purchase
Agreements. Any assignment of a Loan Receivable which contravenes such assignment restriction will be
invalid. However, under an exception contained in section 354a (1) of the German Commercial Code
(Handelsgesetzbuch), the assignment of monetary claims (i.e. claims for the payment of money) governed by
German law cannot effectively be contractually excluded if the underlying agreement between the contracting
parties constitutes a commercial transaction for both parties (beiderseitiges Handelsgeschäft) provided that, in
case of loan receivables against a credit institution (Kreditinstitut) within the meaning of the German Banking
Act (Kreditwesengesetz), the underlying agreement was entered into on or before 18 August 2008. In such
circumstances, monetary claims to which such a restriction applies can be validly assigned notwithstanding a
contractual restriction on assignment in the underlying contract provided that the debtor under such claim is a
merchant (Kaufmann) in the sense of the German Commercial Code (Handelsgesetzbuch). Notwithstanding that
German courts would not enforce restrictions on the assignment of monetary claims to the extent to which
section 354a (1) of the German Commercial Code (Handelsgesetzbuch) provides that they are not enforceable,
section 354a (1) nonetheless allows the debtor of an assigned claim to pay and discharge its obligations to the
original creditor (i.e. VW Bank) even if such debtor has been notified of the assignment of its debt obligation. In
the event that some of the debtors are not merchants (Kaufleute) in the meaning of the German Commercial
Code (Handelsgesetzbuch) and in the event of loan receivables against a credit institution (Kreditinstitut) within
the meaning of the German Banking Act (Kreditwesengesetz) arising out of agreements entered into after 18
August 2008, contractually stipulated restrictions on assignment would render any assignment in violation of
such restrictions invalid.

Restriction on Assignment resulting from Banking Secrecy

Restrictions on assignment could also result from VW Bank's obligation to comply with banking secrecy
(Bankgeheimnis) obligations and to keep Borrowers' loan information confidential. The Frankfurt Court of
Appeal ruled in a judgement of May 25, 2004 that the assignment of consumer loan receivables implies a
violation of the banking secrecy and is void as it consequently contravenes a contractual prohibition of
assignment implied in banking secrecy. On November 25, 2004 the District Court Koblenz and on
December 17, 2004 the District Court Frankfurt opposed this view and ruled that German banking secrecy
principles will not result in a contractual prohibition to transfer (consumer) loan receivables.

The German Federal Supreme Court (Bundesgerichtshof) has set forth in a judgement in February 2007 that the
assignment of loan receivables is valid even if the assigning bank violates either banking secrecy rules or data
protection rules in making the assignment. However, the Federal Supreme Court did not rule out that the debtor
may have a claim for damages resulting from the violation of the banking secrecy or the data protection rules.

21
The German Federal Constitutional Court (Bundesverfassungsgericht) confirmed this judgement in a decree of
July 2007 and held that in the case of transfer of loans the related transfer of debtor information does not
contravene constitutional rights of the borrower.

In order to mitigate the rights of damage claims of borrowers the transaction documents will provide that
Purchased Loan Receivables data will only be disclosed to the Issuer in compliance with the guidelines of the
German regulator BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) as laid down for asset-backed
transactions in BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) Circular 4/97 (i.e. the Issuer will receive
Borrowers' data only in encrypted form, VW Bank will act as Servicer, the Portfolio Decryption Key is handed
over to the Data Protection Trustee and the Data Protection Trustee must deliver the Portfolio Decryption Key
only to a successor Servicer).

Risks Resulting from Consumer Credit Legislation

In case a Loan Contract with a consumer is not executed in written form, such Loan Contract would be
ineffective with the consequence that the consumer could refuse to perform the Loan Contract or, if the vehicle
is already delivered, return such vehicle and discontinue loan payments. For a fortnight period commencing with
a notice informing the consumer of such possibility, the consumer would have the right to cancel the Loan
Contract. With respect to certain types of defences and objections, the consumer could raise such objections and
defences against payment obligations under the Loan Contract even if explicitly excluded in the Loan Contract.
In case a consumer defaults with respect to its payment obligations under a Loan Contract, there are special
conditions for the acceleration of the Purchased Loan Receivable under such Loan Contract. Any objections or
defences arising from a default with respect to the financed vehicle (Mängel) entitle the consumer to also raise
such objections or defences with respect to its payment obligations under the Loan Contract.

According to section 358 of the German Civil Code (Bürgerliches Gesetzbuch) if a consumer has validly
revoked his declaration of intention to conclude a contract for the delivery of goods or for other performance,
the consumer also ceases to be bound by his declaration of intention to conclude a consumer loan contract
linked with that contract. In the event of a Loan Contract where a consumer is a party, the related car purchase
agreement could be considered as a linked contract in the meaning of section 358 of the German Civil Code
(Bürgerliches Gesetzbuch) and, hence, the revocation of the Loan Contract or the car purchase agreement
results, generally, in the revocation of the other contract. The foregoing also applies if a credit life insurance
contract is linked with a Loan Contract.

In addition hereto, in case of linked contracts, the consumer may be entitled to refuse payments under the Loan
Contract if he is entitled to any claim or defence under the car purchase agreement or the credit life insurance
contract. Moreover, the consumer might also have the right to set-off claims which he has against the seller of
the car or against the insurance company against its payment obligations under the Loan Contract.

Further German Civil Law Aspects

The assignment of the Purchased Loan Receivables may only be disclosed to the relevant Borrowers at any time
by the Servicer or by any replacement Servicer in accordance with the Servicing Agreement and in accordance
with section 496 (2) German Civil Code (Bürgerliches Gesetzbuch). Until the relevant Borrowers have been
notified of the assignment of the relevant Purchased Loan Receivables, they may make payment with
discharging effect to the Seller. Each Borrower may further raise defences against the Issuer arising from its
relationship with the Seller which exist at the time of the assignment of the Purchased Loan Receivables.
Moreover, each Borrower is entitled to set-off against the Issuer its claims against the Seller or such claims
against the Seller which become due only after the Borrower acquires such knowledge and after the relevant
Purchased Loan Receivables themselves become due. In relation to any loan claims arising from contracts with
consumers within the meaning of section 13 of the German Civil Code (Bürgerliches Gesetzbuch), the consumer
may terminate the loan agreement if six months have expired since the disbursement of the full loan amount and
the consumer has complied with a three month termination period.

Pursuant to section 496 (2) of the German Civil Code, any assignor of loan receivables assigned after 18 August
2008 has the obligation to notify its debtors of the contact details of its assignee except that such assignor
remains as servicer for the relevant loan receivables. As such, in case of a Servicer Replacement Event, the
Borrowers need to be notified. In any case, the assignment of the Purchased Loan Receivables will be disclosed
to the relevant Borrowers following a Servicer Replacement Event by the Servicer or by any replacement
Servicer in accordance with the Servicing Agreement.

22
If the purpose of a Loan Contract with a Borrower is connected with the financing of a credit life insurance
(Restschuldversicherung), such Loan Contract and the credit life insurance constitute linked contracts within the
meaning of section 359 of the German Civil Code (Bürgerliches Gesetzbuch). As a result, the Borrower may
deny the repayment of such part of the instalment under the relevant Loan Contract which relates to the
financing of the insurance premium if he has defences against the insurance company under the credit life
insurance. In case of insolvency of the insurance company, the credit life insurance contract will be terminated
pursuant to section 77(b) of the German Insurance Supervisory Act (Versicherungsaufsichtsgesetz). According
to this provision the Borrower will have a claim against the insolvency estate to obtain the amount which
corresponds to his share of the minimum amount of the security fund (Sicherungsvermögen) pursuant to
section 66(1a) of the German Insurance Supervisory Act (Versicherungsaufsichtsgesetz). It cannot be excluded
that a German court would consider such claim of the Borrower as a defence which the Borrower could raise
against his payment obligations relating to the financing of the insurance premium under the relevant Loan
Contract.

Risks Resulting from Data Protection Rules

German Data Protection Rules allow the transfer and processing of data only if the relevant customer has
consented to such transfer or such transfer or processing is admissible under the applicable laws. The provisions
of the German Federal Data Protection Act (Bundesdatenschutzgesetz) allows, among others, the transfer and
processing provided such transfer (i) is required to execute a contract with the customer or (ii) the interest of the
data storer prevails over the customer's interest to prevent the processing and use of data. Such interest weighing
is substantially influenced by banking secrecy if the data is to be transferred by a bank. In particular, if the data
are transferred to an entity which is not subject to banking secrecy rules, then the interest of the customer to
prevent his data from being transferred prevails over the interest of the bank. In order to take these principles
into account the Seller has appointed the Data Protection Trustee as suggested in a circular of the German
Federal Financial Supervisory Authority. Pursuant to German case law, a violation of German Data Protection
Rules should not result in the assignment of the Purchased Loan Receivables being invalid.

Risk of Non-Existence of Purchased Loan Receivables

In the event that any of the Purchased Loan Receivables have not come into existence at the time of their
assignment to the Issuer under the Loan Receivables Purchase Agreements or belong to another Person than the
Seller, such assignment would not result in the Issuer acquiring ownership title in such Purchased Loan
Receivable. The Issuer would not receive adequate value in return for its purchase price payment. This result is
independent of whether the Issuer, at the time of assignment, is not aware of the non-existence and therefore
acts in good faith (gutgläubig) with respect to the existence of such Purchased Loan Receivable or not. This
risk, however, will be mitigated by contractual representations and warranties and the contractual obligation that
VW Bank shall purchase from the Issuer any Loan Receivables affected by such breach at a price equal to the
then outstanding Discounted Principal Balance of the Purchased Loan Receivables remaining due under such a
Loan Contract.

Loan Collateral

The payment obligations of the Issuer under the Notes and the Subordinated Loan are secured by the Loan
Collateral as described herein (see "TRANSACTION OVERVIEW – Purchased Loan Receivables and Loan
Collateral").

Reliance on Warranties

If the Purchased Loan Receivables should partially or totally fail to conform at the Cutoff Date to the
representations and warranties given by VW Bank in the Initial Loan Receivables Purchase Agreement
(respectively at the Additional Cutoff Date for the Additional Loan Receivables Purchase Agreements) and such
failure materially and adversely affects the interests of the Issuer or the Noteholders, VW Bank shall have until
the end of the Monthly Period which includes the sixtieth (60th) day (or, if VW Bank elects, an earlier date) after
the date that VW Bank became aware or was notified of such failure to cure or correct such failure. Any such
breach or failure will not be deemed to have a material and adverse effect if such failure does not affect the
ability of the Issuer to receive and retain timely payment in full on such Purchased Loan Receivable. If VW
Bank does not cure or correct such failure prior to such time, then VW Bank is required to repurchase any
Purchased Loan Receivable affected by such failure on the Payment Date following the expiration of such
period. The Issuer's rights under these provisions are, however, not secured, and the Noteholders bear the risk
deriving from this fact.

23
Reliance on Administration and Collection Procedures

VW Bank, in its capacity as Servicer, will carry out the administration, collection and enforcement of the
Purchased Loan Receivables, including foreclosure on the Purchased Loan Receivables, in accordance with the
Servicing Agreement (see "ADMINISTRATION OF THE PURCHASED LOAN RECEIVABLES UNDER
THE SERVICING AGREEMENT").

Accordingly, the Noteholders are relying on the business judgement and practices of VW Bank as they exist
from time to time, in its capacity as Servicer, enforcing claims against Borrowers, including making appropriate
decisions with respect to foreclosure in respect of the Security.

Risk of Change of Servicer

In the event VW Bank is replaced as Servicer, there may be losses or delays in processing payments or losses on
the Purchased Loan Receivables due to a disruption in servicing during a transfer to a successor Servicer, or
because the successor Servicer is not as experienced as VW Bank. This may cause delays in payments or losses
under the Notes. There is no guarantee that a successor Servicer provides the servicing at the same level as VW
Bank. A successor Servicer is under no obligation to effect advances on expected Collections as outlined below
under "Commingling Risk".

Commingling Risk

VW Bank, as the Servicer, is entitled to commingle funds such as Collections from the Purchased Loan
Receivables and proceeds from the disposition of any Financed Objects with its own funds during each Monthly
Period in accordance with the following procedure:

If the Monthly Remittance Condition is met, but no Monthly Collateral Increase Event has occurred, VW Bank
as the Servicer, is entitled to commingle funds such as Collections from the Purchased Loan Receivables and
proceeds from the disposition of any Financed Object with own funds during each Monthly Period and will be
required to make a single deposit to the Distribution Account on each Payment Date.

If the Monthly Remittance Condition is not met and a Monthly Collateral Increase Event has occurred, VW
Bank, as the Servicer, is entitled to commingle funds such as Collections from the Purchased Loan Receivables
and proceeds from the disposition of any Financed Objects with its own funds during each Monthly Period only
in accordance with the procedure outlined in detail in "ADMINISTRATION OF THE PURCHASED LOAN
RECEIVABLES UNDER THE SERVICING AGREEMENT - Commingling".

Commingled funds may be used or invested by VW Bank at its own risk and for its own benefit until the next
relevant Payment Date. If VW Bank were unable to remit those funds or were to become insolvent, losses or
delays in distributions to investors may occur.

Conflicts of Interest

VW Bank, the Security Trustee and the Paying Agent are acting in a number of capacities in connection with the
transaction. These parties will have only those duties and responsibilities expressly agreed to by them in the
relevant agreement and will not, by virtue of their or any of their affiliates' acting in any other capacity, be
deemed to have any other duties or responsibilities or be deemed to be held to a standard of care other than as
expressly provided with respect to each agreement to which they are a party. The aforementioned parties in their
various capacities in connection with the transaction may enter into business dealings from which they may
derive revenues and profits without any duty to account therefore in connection with the transaction.

VW Bank, in particular, may hold and/or service claims against the Borrowers other than the Purchased Loan
Receivables. The interests or obligations of the aforementioned parties in their respective capacities with respect
to such other claims may in certain aspects conflict with the interests of the Noteholders.

The aforementioned parties may engage in commercial relationships, in particular, be lender, provide general
banking, investment and other financial services to the Borrowers, the Co-Arrangers, the Lead Manager and
other parties. In such relationships the aforementioned parties are not obliged to take into account the interests
of the Noteholders. Accordingly, because of these relationships, potential conflicts of interest may arise out of
the transaction.

24
Risks from Reliance on Certification by True Sale International GmbH

True Sale International GmbH ("TSI") grants a registered certification label if a special purpose vehicle
complies with certain TSI conditions. These conditions ensure that securitisations involving a German special
purpose vehicle adhere to certain quality standards. The label "CERTIFIED BY TSI – DEUTSCHER
VERBRIEFUNGSSTANDARD" thus indicates that standards based on the conditions established by TSI have
been met. Nonetheless, the TSI certification is not a recommendation to buy, sell or hold securities. Certification
is granted on the basis of the originator's or Issuer's declaration of undertaking to comply with the main quality
criteria of the "CERTIFIED BY TSI – DEUTSCHER VERBRIEFUNGSSTANDARD" label, in particular with
the lending and servicing standards and disclosure requirements, throughout the duration of the transaction. The
certification does not represent any assessment of the expected performance of the loans portfolio or the Notes.

(For a more detailed explanation see "Certification by TSI" below.)

TSI has carried out no other investigations or surveys in respect of the Issuer or the securities concerned and
disclaims any responsibility for monitoring the Issuer's continuing compliance with these standards or any other
aspect of the Issuer's activities or operations.

Investors should therefore not evaluate their securities investments on the basis of this certification.

II. RISKS RELATING TO THE NOTES

German Tax Issues

Germany does not offer a general legal framework relating to the tax treatment of securitisations. Therefore, any
German transaction has to rely on the application of general principles of German tax law.

Change of Law

The structure of the issue of the Notes and the related transaction is based on German law (including tax law) in
effect as at the date of this Offering Circular. No assurance can be given as to the impact of any possible judicial
decision or changes to any relevant law, the interpretation thereof or administrative practice after the date of this
Offering Circular.

Market and Liquidity Risk for the Notes

Presently, there is no secondary market for the Notes and there is no guarantee that a liquid secondary market
will be established in the near future. Accordingly investors should be prepared to be invested in the Notes until
final maturity of the relevant Note.

Further, the secondary markets are currently experiencing severe disruptions resulting from reduced investor
demand for asset-backed securities and increased investor yield requirements for those securities. As a result,
the secondary market for asset-backed securities is experiencing extremely limited liquidity. These conditions
may continue or worsen in the future. Limited liquidity in the secondary market for asset-backed securities has
had a severe adverse effect on the market value of asset-backed securities. Limited liquidity in the secondary
market may continue to have a severe adverse effect on the market value of asset-backed securities, especially
those securities that are more sensitive to prepayment, credit or interest rate risk and those securities that have
been structured to meet the investment requirements of limited categories of investors. Consequently, any
purchaser of the Notes must be prepared to hold such Notes for an indefinite period of time or until final
redemption or maturity of such Notes. The market values of the Notes are likely to fluctuate. Any such
fluctuation may be significant and could result in significant losses to investors in the Notes. In addition, the
forced sale into the market of asset-backed securities held by structured investment vehicles, hedge funds,
issuers of collateralised debt obligations and other similar entities that are currently experiencing funding
difficulties could adversely affect an investor's ability to sell, and/or the price an investor receives for, the Notes
in the secondary market.

Responsibility of Prospective Investors

The purchase of Notes is only suitable for investors that have adequate knowledge and experience in such
structured investments and have the necessary background and resources to evaluate all risks related with the
investment that are able to bear the risk of loss of their investment (up to a total loss of the investment) without

25
the necessity to liquidate the investment in the meantime and that are able to assess the tax aspects of such
investment independently.

Furthermore, each potential investor should on the basis of its own and independent investigation and help of its
professional advisors (the consultation of which the investor may deem necessary) be able to assess if the
investment in the Notes is in compliance with its financial requirements, targets and situation (or if it is
acquiring the Notes in a fiduciary capacity, the beneficiary's), is in compliance with its principles for
investments, guidelines or restrictions (regardless of whether it acquires the Notes for itself or as a trustee) and
is an appropriate investment for the purchaser (or for any beneficiary if acting as a trustee), notwithstanding the
risks of such investment.

Risks in connection with the application of the German Act on Debt Securities from Entire Issues (Gesetz
über Schuldverschreibungen aus Gesamtemissionen (Schuldverschreibungsgesetz - SchVG))

A Noteholder is subject to the risk to be outvoted and to lose rights towards the Issuer against his will in the case
that the Noteholders agree pursuant to the Conditions to amendments of the Conditions by majority vote
according to the German Act on Debt Securities from Entire Issues (Schuldverschreibungsgesetz - SchVG)
(German Act on Debt Securities of Entire Issues). In the case of an appointment of a Noteholder's representative
for all Noteholders a particular Noteholder may lose, in whole or in part, the possibility to enforce and claim his
rights against the Issuer regardless of other Noteholders.

Limitation of Time¶

Claims arising from a bearer note (Inhaberschuldverschreibung) i. e. claims to interest and principal cease to
exist with the expiration of five years after the Final Maturity Date, unless the bearer note is submitted to the
Issuer for redemption prior to the expiration of five years after the Final Maturity Date. In case of a submission,
the claims will be time-barred in two years beginning with the end of the period for presentation (ending five
years after the Final Maturity Date in accordance with the Conditions). The judicial assertion of the claim
arising from a bearer note has the same effect as a presentation of such bearer note.

Ratings of each Class of Notes

Each rating assigned to any Class of Notes by the Rating Agencies take into consideration the structural and
legal aspects associated with the notes and the underlying Purchased Loan Receivables, the credit quality of the
Purchased Loan Receivables, the extent to which the Lessees' payments under the Purchased Loan Receivables
are adequate to make the payments required under the Notes as well as other relevant features of the structure,
including, inter alia, the credit situation of the Account Bank, the Seller and the Servicer (if different). Each
Rating Agency's rating reflects only the view of that Rating Agency. Each rating assigned to any Class of Notes
assigned by the Rating Agencies addresses the likelihood of full and timely payment to the Noteholders of all
payments of interest on the Notes on each Payment Date and the ultimate payment of principal on the Final
Maturity Date of the Notes and takes into consideration the characteristics of the Purchased Loan Receivables
and the structural, legal, tax and Issuer-related aspects associated with the Notes.

The Issuer has not requested a rating of any Class of Notes by any rating agency other than the Rating Agencies.
However, rating organisations other than the Rating Agencies may seek to rate any Class of Notes and, if such
"shadow ratings" or "unsolicited ratings" are lower than the comparable ratings assigned to such Class of Notes
by the Rating Agencies, such shadow or unsolicited ratings could have an adverse effect on the value of any
Class of Notes. Future events, including events affecting the Account Bank, the Seller and the Servicer (if
different) could also have an adverse effect on the rating of any Class of Notes.

A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or
withdrawal at any time by the rating organisation. The ratings assigned to any Class of Notes should be
evaluated independently from similar ratings on other types of securities. There is no assurance that the ratings
will continue for any period of time or that they will not be lowered, reviewed, suspended or withdrawn by the
Rating Agencies. In the event that the ratings initially assigned to any Class of Notes by the Rating Agencies are
subsequently withdrawn or lowered for any reason, no person or entity is obliged to provide any additional
support or credit enhancement to the Notes.

26
Liability and Limited Recourse under the Notes and the Subordinated Loan

The Notes and the Subordinated Loan represent obligations of the Issuer only, and do not represent obligations
of the Security Trustee, VW Bank or Volkswagen AG or any of its affiliates (together the "Volkswagen
Group") or any affiliate of the Issuer or any other third person or entity. Neither the Security Trustee, nor VW
Bank, nor the Volkswagen Group, nor any affiliate of the Issuer, nor any other third person or entity, assume
any liability to the Noteholders if the Issuer fails to make a payment due under the Notes or the Subordinated
Loan.

Without prejudice to the Security and the enforcement and application of the proceeds thereof by the Security
Trustee in accordance with the Trust Agreement, under the condition precedent (aufschiebende Bedingung) that
the Issuer would, at any time, after taking into account all claims of the creditors of the Issuer (including the
claims of the Noteholders and the Subordinated Lender), be overindebted (überschuldet) within the meaning of
section 19 of the German Insolvency Code (Insolvenzordnung), to the extent that, and only as long as, it is
necessary to avoid such over-indebtedness of the Issuer, the obligations of the Issuer in respect of (in the
following order): first, the Subordinated Loan and second, (to the extent necessary and pari passu and pro rata),
the Notes shall be regarded as junior obligations for the purpose of the German Insolvency Code
(Insolvenzordnung) but shall not be construed as a waiver (Erlass, Verzicht) by the Noteholders and the
Subordinated Lender or converted into equity of the Issuer, and such junior obligations shall be treated as if they
constitute statutory capital of the Issuer (qualifizierter Rangrücktritt within the meaning of section 199 sentence
2 of the German Insolvency Code (Insolvenzordnung)). Notwithstanding the foregoing subordination, the Issuer
shall satisfy such junior obligations by payment to the Security Trustee for application in accordance with the
provisions of the Subordinated Loan Agreement, the Conditions and the Trust Agreement out of future profit
(Gewinn), liquidation surplus (Liquidationsüberschuss) and/or other free assets (freies Vermögen) as soon as,
and to the extent that, the Issuer can do so without becoming over-indebted and/or illiquid. If no such or no
sufficient assets are available for payment of such junior obligations of the Issuer, first, the Subordinated Loan
and, second (pari passu and pro rata), the Noteholders shall suffer the resulting shortfall. The obligations of the
Issuer in respect of the Notes and the Subordinated Loan shall extinguish immediately prior to the registration of
the liquidation of the Issuer at the Commercial Register (Anmeldung zum Schluß der Liquidation zum
Handelsregister).

All payment obligations of the Issuer under the Notes and the Subordinated Loan constitute limited recourse
obligations to pay only the Available Distribution Amount which includes, inter alia, amounts received by the
Issuer under the Purchased Loan Receivables and under the other Transaction Documents. The Available
Distribution Amount may not be sufficient to pay amounts accrued under the Notes, which may result in an
Interest Shortfall as defined in the Master Definitions Schedule, however, an Interest Shortfall other than non-
payment of interest on the most senior Class of the Notes will not constitute a Foreclosure Event as defined in
Clause 20(1) of the Trust Agreement. The Notes shall not give rise to any payment obligation in addition to the
foregoing. The enforcement of the payment obligations under the Notes and the Subordinated Loan shall only be
effected by the Security Trustee in accordance with the Trust Agreement. If the Security Trustee enforces the
claims under the Notes and/or the Subordinated Loan, such enforcement will be limited to those assets which
were transferred to the Security Trustee and to any other assets of the Issuer. To the extent that such assets, or
the proceeds of the realisation thereof, prove ultimately insufficient to satisfy the claims of all Noteholders or
the Subordinated Lender in full, then any shortfall arising shall be extinguished and neither any Noteholder nor
the Security Trustee shall have any further claims against the Issuer. Such assets and proceeds shall be deemed
to be "ultimately insufficient" at such time when no further assets are available and no further proceeds can be
realised therefrom to satisfy any outstanding claims of the Noteholders, and neither assets nor proceeds will be
so available thereafter.

If any of the events which require the Security Trustee to take action should occur, the Security Trustee will
have legal access to the Security (see page 107 et seq. below) only. The Security Trustee itself is not a
guarantor, nor have any guarantees been given by other parties, with respect to which the Security Trustee could
assert claims on behalf of the Noteholders and/or the Subordinated Lender.

Illiquidity

There is currently no liquid market for the Notes. There can be no assurance that a secondary market for the
Notes will develop or, if it develops, that it will provide liquidity over the whole life of the Notes.

To facilitate the continuous valuation and the trading of the Notes, the Issuer will, pursuant to the Conditions,
publish or procure the publication of a figure each month (a "Note Factor") for each Class of Notes, which is

27
the ratio of the aggregate nominal amount of each Class of Notes then outstanding and the original principal
amount of such Class of Notes. The calculation of the Notes Factor is described in Condition 6 (iii) (see pages
101 and 108 below).

Taxation

The Issuer will not provide for gross-up of payments in the event that the payments on the Notes become subject
to withholding taxes. See "SUMMARY OF THE CONDITIONS OF THE NOTES – Taxation".

Council Directive 2003/48/EC of 3 June 2003 on taxation of savings as interest payments

On 3 June 2003, the Council of the European Union adopted Council Directive 2003/48/EC regarding the
taxation of savings income (the "Savings Directive"). The directive is applied by Member States since 1 July
2005.

According to the Savings Directive, Member States will be required to provide to the tax authorities of other
Member States details of payments of interest or other similar income paid by a paying agent within its
jurisdiction to an individual resident in another Member State (the "Disclosure of Information Method").

However, throughout a transitional period, certain Member States (Luxembourg and Austria), as well as certain
non Member States, which have signed an agreement with Member States (Switzerland, Liechtenstein, San
Marino, Monaco and Andorra) to apply similar measures to those included in the Savings Directive, will
withhold an amount on interest payments instead of using the Disclosure of Information Method, except if the
beneficiaries of the interest payments opt for the Disclosure of Information Method.

The rate of such withholding tax would be 15 percent for the first three years of the transitional period, this rate
being increased to 20 percent for the subsequent 3 years and to 35 percent thereafter. Such transitional period
will end if and when the European Community enters into agreements on exchange of information upon request
with several jurisdictions (Switzerland, Liechtenstein, San Marino, Monaco and Andorra) and when the Council
of the European Union agrees by unanimity that the United States is committed to use the Disclosures of
Information Method.

The withholding tax will not, however, apply if the beneficiary of the income (i) expressly authorises the paying
establishment to declare the payments or (ii) provides a certificate issued in his name by the competent tax
authorities allowing him to benefit from an exemption from withholding tax. The attention of the Noteholders is
drawn to the "SUMMARY OF THE CONDITIONS OF THE NOTES – Taxation" stating that no gross-up will
be available with respect to any withholding tax imposed under the EU Directive 2003/48/EC of 3 June 2003.

Basel Capital Accord

The original Basel Accord was agreed in 1988 by the Basel Committee on Banking Supervision (the
"Committee"). The Committee published the text of the new capital accord under the title: "Basel II;
International Convergence on Capital Measurement and Capital Standards: a revised framework" (the
"Framework") in June 2004. In November 2005, the Committee issued an updated version of the Framework.
On 4 July 2006, the Committee issued a comprehensive version of the Framework. This Framework places
enhanced emphasis on market discipline, internal procedures and governance and sensitivity to risk and serves
as a basis for national and supra-national rule-making and approval processes for banking organisations. The
Framework was put into effect for credit institutions in Europe via the recasting of a number of prior directives.
This consolidating directive is referred to as the EU Capital Requirements Directive ("CRD"). Member States
were required to transpose, and the financial services industry had to apply, the CRD by 1 January 2007, subject
to various transitional measures. The more sophisticated measurement approaches for operational risk are
required to be implemented from January 2008. The Framework, as implemented, will affect risk weighting of
the Notes for investors. Consequently, Noteholders should consult their own advisers as to the consequences to
and effect on them of the application of the Framework as implemented by their own regulator, to their holding
of any Notes. The Issuer is not responsible for informing Noteholders of the effects of the changes to risk-
weighting which will result for investors from the adoption by their own regulator of the Framework.

The Basel Committee announced in April 2008 that it would take steps to strengthen certain aspects of the
Framework and, to this end, it introduced a package of consultative documents, the Revisions to the Basel II
market risk framework and Proposed enhancements to the Basel II framework in January 2009. The European
Commission also published in April 2008 a consultation paper on certain changes proposed to the CRD and it

28
has also sought technical advice on its proposed changes from the Committee of European Banking Supervisors.
On 9 March 2009 the EU's Economic and Financial Affairs Council (ECOFIN) endorsed the European
Commission's final proposal for amendments to the CRD published in December 2008. The European
Commission's final proposal contains the controversial "skin in the game" proposals that (broadly) require
originators/sponsors of securitisations to retain a 5% economic interest in those securitisations. The European
Parliament has agreed to the amendments (including the controversial 5% "skin in the game" retention
requirement) to the CRD on 6 May 2009. On 17 November 2009, the Directive 2009/111/EC amending the
CRD was published in the Official Journal of the European Union. Member States are required to transpose the
Directive 2009/111/EC into national law by 31 October 2010, and begin implementing the Directive from 31
December 2010.

There can be no guarantee that the regulatory capital treatment of the Notes for investors will not be affected by
any future implementation of and changes to the Directive 2009/111/EC or other regulatory or accounting
changes.

Eurosystem Eligibility

The Class A Notes are intended to be held in a manner which will allow Eurosystem eligibility. This means that
the Class A Notes are intended upon issue to be deposited with one of Euroclear or Clearstream, Luxembourg as
Common Safekeeper and does not necessarily mean that the Class A Notes will be recognised as eligible
collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon issue
or at any or all times during their life. Such recognition will, inter alia, depend upon satisfaction of the
Eurosystem eligibility criteria. Such Eurosystem eligibility criteria may be amended by the European Central
Bank from time to time during the life of the Transaction and such amendments may influence Class A Notes as
eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem, as no
grandfathering would be guaranteed.

If the Class A Notes do not satisfy the criteria specified by the European Central Bank, there is a risk that the
Class A Notes will not be eligible collateral for the Eurosystem. The Issuer gives no representation, warranty,
confirmation or guarantee to any investor in the Class A Notes that the Class A Notes will, either upon issue, or
any or at all times during their life, satisfy all or any requirements for Eurosystem eligibility and be recognised
as Eurosystem eligible collateral. Any potential investor in the Class A Notes should make their own
conclusions and seek their own advice with respect to whether or not the Class A Notes constitute Eurosystem
eligible collateral.

29
 USE OF PROCEEDS

The aggregate proceeds from the issue of the Notes and the Subordinated Loan amount to approximately EUR
995,004,467.28 and will be used to purchase the Initial Purchased Loan Receivables from VW Bank, to pay
costs related to the issue of the Notes, the raising of the Subordinated Loan and to endow the Cash Collateral
Account with EUR 12,000,053.61; the sum of the initial General Cash Collateral Amount. On the date of the
issue of the Notes and of the raising of the Subordinated Loan, the discounted value of the Purchased Loan
Receivables will be EUR 1,000,004,467.

On the Issue Date all proceeds from the issue of the Notes and the Subordinated Loan will be fully invested.

30
 SUMMARY OF THE CONDITIONS OF THE NOTES

GENERAL SUMMARY OF THE CONDITIONS OF THE NOTES

The Notes do not represent obligations of Volkswagen Bank GmbH or any other party other than the Issuer.

Denomination

The Issue in the aggregate nominal amount of EUR 942,500,000 consists of 9,050 transferable Class A Notes of
EUR 100,000 nominal amount each, ranking equally among themselves but senior to the Class B Notes and of
375 transferable Class B Notes of EUR 100,000 nominal amount each, ranking equally among themselves but
subordinated to the Class A Notes.

Global Notes

Each of the Notes will be initially represented by a Temporary Global Note without interest coupons attached.
The Temporary Global Notes will be exchangeable for Permanent Global Notes without interest coupons
attached not earlier than forty (40) days and not later than one hundred and eighty (180) days after the date of
issue of the Temporary Global Notes upon delivery of certifications as set forth in Condition 1(3). The
Temporary Global Notes and the Permanent Global Notes will bear the personal signature of two managing
directors of the Issuer.

The Global Notes shall be deposited with a Common Safekeeper for Clearstream Luxembourg and Euroclear
and the Class A Notes shall be held in a manner which will allow Eurosystem eligibility. The interests in the
Notes are transferable according to applicable rules and regulations of Clearstream Luxembourg and Euroclear.
The Global Notes will not be exchangeable for definitive Notes. The Class A Notes are intended to be held in a
manner which will allow Eurosystem eligibility.

In addition, the Temporary Global Notes and the Permanent Global Notes will contain provisions which modify
the Conditions of the Notes as they apply to the Temporary Global Notes and the Permanent Global Notes. The
following is a summary of certain of those provisions:

Payments in respect of each Temporary Global Note and each Permanent Global Note shall be made against
presentation and notification on the reverse side thereof of the payments made and (in the case of payment of
principal in full with all interest accrued thereon) against surrender of the Temporary Global Note or (as the case
may be) the Permanent Global Note at the specified office of any Paying Agent and will be effective to satisfy
and discharge the corresponding liabilities of the Issuer of the Notes.

Notwithstanding Condition 12 (Notices), while all the Notes are represented by the Permanent Global Note and
the Permanent Global Note is deposited with a Common Safekeeper for Clearstream Luxembourg and
Euroclear, notices to Noteholders may be given by delivery of the relevant notice through Clearstream
Luxembourg and Euroclear and, in any case, such notices shall be deemed to have been given to the
Noteholders in accordance with Condition 12 (Notices) on the seventh (7th) day after the date of delivery to
Clearstream Luxembourg; provided, however, that, so long as the Notes are listed on the official list of the
Luxembourg Stock Exchange and are admitted to trading on the regulated market of the Luxembourg Stock
Exchange and its rules so require, all notices concerning the Notes shall be published in an official journal with
nation-wide circulation of the Luxembourg Stock Exchange to which the Notes are listed on the official list and
admitted to trading on the regulated market (which is expected to be the Luxemburger Wort) or on the website
of the Luxembourg Stock Exchange (www.bourse.lu).

Payments of Principal and Interest

Payments of principal and interest, if any, under the Notes shall be made by the Paying Agent on the Issuer's
behalf for further payment to Clearstream Luxembourg and Euroclear or to its order for credit to the relevant
account holders of Euroclear and Clearstream Luxembourg. All Payments in respect of any Note made by, or on
behalf of, the Issuer to, or to the order of Euroclear or Clearstream Luxembourg shall discharge the liability of
the Issuer under such Note to the extent of sums so paid.

The first payment shall be made on 21 November 2010. The final payment of the then outstanding principal
amount plus interest thereon is expected to be made on or before the Payment Date which is the last day on

31
which a loan payment on outstanding Purchased Loan Receivables becomes due, falling in November 2016 for
the Class A Notes (the "Class A Scheduled Repayment Date") and the Payment Date falling in November
2016 for the Class B Notes (the "Class B Scheduled Repayment Date"). All payments of interest on and
principal of each Class of Notes will be due and payable at the latest in full on the legal final maturity date of
such Class of Notes (the "Final Maturity Date"), which shall be twelve (12) months after the Scheduled
Repayment Date and which shall be the Payment Date falling in November 2017 for the Class A Notes (the
"Class A Final Maturity Date") and the Payment Date (defined below) falling in November 2017 for the
Class B Notes (the "Class B Final Maturity Date").

On 21 November 2010 and thereafter until the final payment on the 21st calendar day of each month or, in the
event such day is not a Business Day, on the next following Business Day, unless such day falls in the next
calendar month, in which case the date will be the first preceding day that is a Business Day, (the "Payment
Date") the Issuer shall, subject to Condition 4(3), pay to each Class A Noteholder interest on the nominal
amount of such Class A Notes immediately prior to the respective Payment Date at the Class A Notes Interest
Rate and after expiration of the Revolving Period, shall make repayments of the nominal amount of such Class
A Notes by paying to the Noteholders thereof from any amounts remaining from the Available Distribution
Amount after payment of interest due on the Notes on such Payment Date the Class A Principal Payment
Amount.

On 21 November 2010 and thereafter until the final payment on the 21st calendar day of each month or, in the
event such day is not a Business Day, on the next following Business Day unless, such day falls in the next
calendar month, in which case the date will be the first preceding day that is a Business Day (the "Payment
Date") the Issuer shall, subject to Condition 4(3), pay to each Class B Noteholder interest on the nominal
amount of such Class B Notes immediately prior to the respective Payment Date at the Class B Notes Interest
Rate and after expiration of the Revolving Period, shall make repayments of the nominal amount of such
Class B Notes by paying to the holders thereof from any amounts remaining from the Available Distribution
Amount after payment of interest due on the Notes on such Payment Date and after the payment of principal on
the Class A Notes equal to the Class B Principal Payment Amount.

Such Available Distribution Amount consists of (i) the Purchased Loan Receivables (including the discounted
Purchased Loan Receivables payable by VW Bank in cases of a Settlement pursuant to the Loan Receivables
Purchase Agreements as well as Interest Compensation Payments to be rendered by VW Bank or the Issuer in
case of a prepayment of a Loan Contract) received or collected by the Servicer for the Monthly Period (and in
case of a termination of a Loan Contract up to the date of the final write-off made by the Servicer), plus
(ii) drawings from the Cash Collateral Account, plus (iii) the Issuer's portion of the proceeds from the realisation
of Financed Objects, plus (iv) investment earnings from deposits in the Accumulation Account, plus (v) in case
of the termination of the Revolving Period, transfers from the Accumulation Account.

The Issuer is only obliged to make any payments to the Noteholders if it has first received such amounts for its
free disposal. Prior to a Foreclosure Event, payments to the Class A Noteholders of principal will be effected
only after the payment to the Class B Noteholders of interest on the respective Payment Date. All payment
obligations of the Issuer constitute solely obligations of the Issuer to distribute amounts out of the Available
Distribution Amount according to the Order of Priority and are limited recourse.

Principal Payment Amounts

On each Payment Date after the expiration of the Revolving Period, to the extent of the Available Distribution
Amount being sufficient and subject to the Order of Priority (described below), the Issuer will pay to the Class
A Noteholders an aggregate amount in respect of principal up to the Class A Principal Payment Amount and out
of the amounts remaining from the Available Distribution Amount to the Class B Noteholders an aggregate
amount in respect of principal up to the Class B Principal Payment Amount. The Class A Principal Payment
Amount is the amount necessary to reduce the outstanding principal amount of the Class A Notes to the
Targeted Class A Note Balance. The Class B Principal Payment Amount for any Payment Date is equal to the
amount necessary to reduce the outstanding principal amount of the Class B Notes to the Targeted Class B Note
Balance. The Class A Principal Payment Amount and the Class B Principal Payment Amount are intended to
reduce the aggregate outstanding principal amounts of the Class A Notes of the Class B Notes to amounts which
would leave an amount of overcollateralisation constant as a percentage of the Aggregate Discounted Principal
Balance subject to certain specified increases in those percentages in case a Credit Enhancement Increase
Condition is in effect because the Cumulative Net Loss Ratio for a Payment Date exceeds specified thresholds.

32
Order of Priority

Prior to the occurrence of a Foreclosure Event, distributions (other than repayments due to VW Bank in
accordance with Clause 13.2 of the Loan Receivables Purchase Agreement) will be made on each Payment Date
from the Available Distribution Amount according to the following order of priority (the "Order of Priority")
as set forth in Clause 25(3)(i) of the Trust Agreement:

first, amounts payable in respect of taxes (if any) by the Issuer;

second, amounts (excluding any payments under the Trustee Claim) payable (i) to the Security Trustee
under the Trust Agreement and (ii) pari passu to any successor of the Security Trustee (if applicable)
appointed pursuant to Clauses 35 and 36 of the Trust Agreement or under any agreement replacing the
Trust Agreement;

third, of equal rank amounts payable (i) to the Corporate Services Provider under the Corporate
Services Agreement, (ii) to the Data Protection Trustee under the Data Protection Trust Agreement;
(iii) to the Servicer, the Servicer Fee, and (iv) to the Rating Agencies the fees for the monitoring;

fourth, of equal rank amounts payable (i) to the directors of the Issuer and (ii) in respect of other
administration costs and expenses of the Issuer including without limitation, any costs relating to the
listing of the Notes on the official list of the Luxembourg Stock Exchange and the admission to trading
of the Notes on the regulated market of the Luxembourg Stock Exchange, each Agent's fees and
expenses, any auditors' fees, any tax filing fees and any annual return or exempt company status fees;

fifth, amounts payable to the Account Bank maintaining the Accounts for account management fees
due under the Account Agreement;

sixth, amounts payable in respect of (a) interest accrued during the immediately preceding Interest
Accrual Period plus (b) Interest Shortfalls (if any) on the Class A Notes;

seventh, amounts payable in respect of (a) interest accrued during the immediately preceding Interest
Accrual Period plus (b) Interest Shortfalls (if any) on the Class B Notes;

eighth, amounts payable to the Cash Collateral Account, until the General Cash Collateral Amount is
equal to the Specified Cash Collateral Account Balance;

ninth, prior to the expiration of the Revolving Period, to the Accumulation Account, an aggregate
amount equal to the Cash Component of the Aggregate Discounted Principal Balance Increase Amount
for such Payment Date, which is equal to the amount necessary to increase the Aggregate Discounted
Principal Balance (as of the end of the preceding Monthly Period) to the Targeted Aggregate
Discounted Principal Balance;

tenth, upon expiration of the Revolving Period, on a pari passu and pro rata basis to the Class A
Noteholders, an aggregate amount equal to the Class A Noteholders' pro rata share in the Class A
Principal Payment Amount for such Payment Date, which is equal to the amount necessary to reduce
the outstanding principal amount of the Class A Notes to the Targeted Class A Note Balance;

eleventh, upon expiration of the Revolving Period, to the Class B Noteholders, an aggregate amount
equal to the Class B Principal Payment Amount for such Payment Date, which is equal to the amount
necessary to reduce the outstanding principal amount of the Class B Notes to the Targeted Class B
Note Balance;

twelfth, after a Cash Collateral Increase Event to the Cash Collateral Account, until the Specified Cash
Collateral Account Balance is increased by the Cash Collateral Increase Amount;

thirteenth, amounts payable in respect of accrued and unpaid interest on the Subordinated Loan
(including, without limitation, overdue interest);

fourteenth, to the Subordinated Lender, principal amounts until the aggregate principal amount of the
Subordinated Loan has been reduced to zero; and

33
 fifteenth, to pay all remaining excess to VW Bank by way of a final success fee.

Following the occurrence of a Foreclosure Event, distributions (other than repayments due to VW Bank in
accordance with Clause 13.2 of the Loan Receivables Purchase Agreement) will be made by the Security
Trustee from the Available Distribution Amount according to the following Order of Priority as set forth in
Clause 25(3)(iii) of the Trust Agreement:

first, amounts payable in respect of taxes (if any) by the Issuer;

second, amounts (excluding any payments under the Trustee Claim) payable (i) to the Security Trustee
under the Trust Agreement and (ii) pari passu to any successor of the Security Trustee (if applicable)
appointed pursuant to Clauses 35 (Termination by the Security Trustee for Good Cause) and 36
(Replacement of the Security Trustee) hereof or under any agreement replacing the Trust Agreement;

third, of equal rank amounts payable (i) to the Corporate Services Provider under the Corporate
Services Agreement, (ii) to the Data Protection Trustee under the Data Protection Trust Agreement; (iii)
to the Servicer, the Servicer Fee, and (iv) to the Rating Agencies the fees for the monitoring of the
Issue;

fourth, of equal rank amounts payable (i) to the directors of the Issuer and (ii) in respect of other
administration costs and expenses of the Issuer including without limitation, any costs relating to the
listing of the Notes on the official list of the Luxembourg Stock Exchange and the admission to trading
of the Notes on the regulated market of the Luxembourg Stock Exchange, each Agent's fees and
expenses, any auditors' fees, any tax filing fees and any annual return or exempt company status fees;

fifth, amounts payable to the Account Bank maintaining the Accounts for account management fees
due under the Account Agreement;

sixth, amounts payable in respect of (a) interest accrued during the immediately preceding Interest
Accrual Period plus (b) Interest Shortfalls (if any) on the Class A Notes;

seventh, on a pari passu and pro rata basis to the Class A Noteholders, in respect of principal until the
Class A Notes are redeemed in full;

eighth, amounts payable in respect of (a) interest accrued during the immediately preceding Interest
Accrual Period plus (b) Interest Shortfalls (if any) on the Class B Notes;

ninth, to the holders of the Class B Notes in respect of principal until the Class B Notes are redeemed
in full;

tenth, amounts payable in respect of accrued and unpaid interest on the Subordinated Loan (including,
without limitation, overdue interest);

eleventh, to the Subordinated Lender, principal amounts until the aggregate principal amount of the
Subordinated Loan has been reduced to zero; and

twelfth, to pay all remaining excess to VW Bank by way of a final success fee.

Cash Collateral Account

On the date of the issue of the Notes, the Issuer has deposited EUR 12,000,053.61 in the Cash Collateral
Account at the Cash Collateral Account Bank and has agreed to keep this account at all times with an Eligible
Collateral Bank. If at any time the Cash Collateral Account Bank ceases to be an Eligible Collateral Bank, the
Issuer shall (i) procure the transfer of the Cash Collateral Account to an Eligible Collateral Bank, or (ii) find an
irrevocable and unconditional guarantor with an unsecured and unsubordinated short-term rating of at least F1
and A by Fitch or A-1 by S&P (or, if such entity is not a subject of an S&P's short-term rating, its long-term
debt obligations for unsecured and unguaranteed debt obligations ceased to be rated at least A+ by S&P). In
each case of (i) or (ii) above, the Account Bank shall use its best endeavours to assist the Issuer and the relevant
parties involved to effect an orderly transition of the Issuer's banking arrangements to another Eligible Collateral

34
Bank or to find a replacement guarantor and shall continue to provide services under the Account Agreement in
any case until and unless an Eligible Collateral Bank as successor Account Bank is validly appointed.

The amount of EUR 12,000,053.61 serves as the initial General Cash Collateral Amount. The funds in the Cash
Collateral Account will be invested by the Issuer in Permitted Investments.

After the initial General Cash Collateral Amount is deposited to the Cash Collateral Account, if (x) (i) the total
amount of potential set-off risk resulting from deposits of Borrowers owing Purchased Loan Receivables with
VW Bank is greater than 1 per cent. of the Aggregate Discounted Principal Balance and (ii) VW Bank is
(deemed to be) rated lower than BBB- by Fitch and/or (y) VW Bank's short-term rating from S&P is lower than
A-2, or if VW Bank is not the subject of an S&P short-term rating, VW Bank's long-term rating from S&P is
lower than BBB+, VW Bank is obliged to post the Set-Off Risk Reserve which will be adjusted on a monthly
basis. The Set-Off Risk Reserve shall be deposited in the Cash Collateral Account and is exclusively reserved to
cover set-off risks. Prior to the occurrence of a Foreclosure Event, on each following Payment Date the
Available Distribution Amount shall be distributed to the Cash Collateral Account in accordance with the Order
of Priority until the balance of the Cash Collateral Account equals the Specified Cash Collateral Account
Balance. All funds in the Cash Collateral Account other than the unused amounts of the Set-Off Risk Reserve
are referred to as the "General Cash Collateral Amount".

Prior to the occurrence of a Foreclosure Event, on each Payment Date, after the payment of interest on the Notes
and certain other amounts payable by the Issuer, any remaining portion of the Available Distribution Amount
will be distributed to the Cash Collateral Account until the General Cash Collateral Amount standing to the
credit of the Cash Collateral Account equals the Specified Cash Collateral Account Balance. On the Scheduled
Repayment Date or as soon as no more Purchased Loan Receivables are outstanding, the funds from the General
Cash Collateral Amount may be used for the repayment of principal under the Notes pursuant to items tenth and
eleventh of the Order of Priority.

Prior to the occurrence of a Foreclosure Event, on each Payment Date amounts will be withdrawn from the
General Cash Collateral Amount (a) to cover any shortfall in the amounts payable under item first through
seventh of the Order of Priority (this will include, inter alia, shortfalls in amounts payable in respect of accrued
and unpaid interest under the Notes), (b) for the amounts payable under Clause 25(3)(ii) of the Trust Agreement,
and (c) on the Scheduled Repayment Date for amounts payable under items tenth and eleventh the Order of
Priority described above for any Note (this will include, inter alia, amounts payable in respect of the outstanding
principal under the Notes).

On each Payment Date and provided that no Credit Enhancement Increase Condition is in effect, any amount in
the General Cash Collateral Amount in excess of the Specified Cash Collateral Account Balance for that
Payment Date will be released for payment to the Subordinated Lender (until all amounts payable in respect of
accrued and unpaid interest have been made and the principal of the Subordinated Loan has been reduced to
zero) and thereafter to VW Bank as provided for under the terms of the Trust Agreement.

Accumulation Account

During the Revolving Period, on each Payment Date (each an Additional Purchase Date) Collections and other
funds received during each Monthly Period that are allocable to item ninth of the Order of Priority shall be
transferred on the Payment Date into the Accumulation Account. The amounts deposited in the Accumulation
Account may be used for the purchase of Additional Loan Receivables from VW Bank. To the extent that
amounts allocated for the purchase of Additional Loan Receivables are not utilised on any Additional Purchase
Date, such amounts shall remain deposited in the Accumulation Account to purchase Additional Loan
Receivables on any subsequent Additional Purchase Dates during the Revolving Period. During the Revolving
Period an amount which equals up to 10 per cent. of the Aggregate Discounted Principal Balance on two
subsequent Payment Dates may be held in the Accumulation Account without triggering an Early Amortisation
Event. No funds will be deposited in the Accumulation Account on any Payment Date after the termination of
the Revolving Period (including, following the occurrence of an Early Amortisation Event).

Amounts, if any, on deposit in the Accumulation Account upon expiration of the Revolving Period will be
distributed in accordance with the Order of Priority to repay principal and interest amounts of the respective
Notes.

35
Amounts on deposit in the Accumulation Account will be invested in Permitted Investments. Any net interest
earnings from deposits on the Accumulation Account and from Permitted Investments therefrom shall be paid to
the Accumulation Account.

Early Amortisation Events

An Early Amortisation Event will occur upon the occurrence of any of the following: (i) the occurrence of a
Foreclosure Event, (ii) the amount deposited and remaining in the Accumulation Account after the distribution
in the Order of Priority on two consecutive Payment Dates exceeds 10 per cent. of the Aggregate Discounted
Principal Balance, (iii) the Credit Enhancement Increase Condition is in effect, (iv) the Late Delinquency Ratio
exceeds 1.75 per cent., or (v) the occurrence of a Servicer Replacement Event as defined in the Servicing
Agreement.

Duties of the Issuer

In addition to its obligation to make payments to the Noteholders as set out in the Conditions, the Issuer
undertakes, subject to the Trust Agreement and the other Transaction Documents, to hold, administer and collect
or realise in accordance with the Conditions, the Purchased Loan Receivables and the Loan Collateral (see
"ADMINISTRATION OF THE PURCHASED LOAN RECEIVABLES UNDER THE SERVICING
AGREEMENT"), the Specified Cash Collateral Account Balance, any rights arising from the Loan Receivables
Purchase Agreements, particularly the right to the payment of any Settlement Amounts and any rights arising
under the Servicing Agreement.

Realisation of Loan Collateral

The Security Trustee is authorised and obliged to adequately realise the Loan Collateral, in particular the
ownership interest in the Financed Objects by adequately selling the Financed Objects or having the Financed
Objects adequately sold by third parties commissioned by the Security Trustee. The Enforcement Proceeds thus
gained shall be allocated to the Issuer as provided in Clause 25 of the Trust Agreement.

Optional Redemption of the Notes / Clean-Up Call

VW Bank will have the right at its option to exercise a Clean-Up Call and to repurchase the Purchased Loan
Receivables from the Issuer at any time when the then outstanding Aggregate Discounted Principal Balance is
less than nine (9) per cent. of the Aggregate Cutoff Date Discounted Principal Balance provided that, assuming
the Transaction Documents are given full effect, all payment obligations under the Notes including principal and
accrued interest, will thereby be fulfilled in accordance with the Order of Priority.

Paying Agent

The Issuer will make payments to the Noteholders through the Paying Agent. The Paying Agent is an
independent credit institute and is not affiliated with VW Bank or the Issuer and may be substituted as provided
for in Condition 8(5).

Security, Security Trustee and Enforcement

For the benefit of the Transaction Creditors, the Issuer has appointed the Security Trustee pursuant to the Trust
Agreement and will charge, assign or pledge to the Security Trustee the Security (being substantially the
Purchased Loan Receivables, the Loan Collateral and its rights and interests under the Transaction Documents)
and will in particular assign for security purposes (Sicherungseigentum) to the Security Trustee the ownership
interest in the Financed Objects acquired from VW Bank for these purposes (including title to newly fitted parts
and accessories), whereby the act of delivery has been substituted by the assignment of its surrender claims. The
Loan Collateral shall serve to secure the Secured Obligations. In the case of additional Loan Collateral being
made available during the Revolving Period the creation of security interests will become effective on the
relevant Additional Purchase Date.

The Trust Agreement establishes the right and duty of the Security Trustee – to the extent necessary – to hold,
administer or realise the Security for the benefit of the Transaction Creditors and to perform only those other
duties which are necessarily incidental thereto. The Transaction Creditors are entitled, subject to the provisions
of Clauses 20 to 23 of the Trust Agreement, to demand from the Security Trustee the fulfilment of its duties as

36
specified under the Conditions. The Security Trustee is not obliged to monitor the fulfilment of the duties of the
Issuer under the Notes, the Conditions, the Subordinated Loan or any other contracts to which the Issuer is a
party. All rights of the Noteholders shall remain at all times and under all circumstances vested in the
Noteholders.

The Security can be realised pursuant to Clause 20 of the Trust Agreement if (i) with respect to the Issuer an
Insolvency Event occurs; (ii) the Issuer defaults in the payment of any interest on the most senior Class of Notes
then outstanding when the same becomes due and payable, and such default continues for a period of five (5)
Business Days; or (iii) the Issuer defaults in the payment of principal of any Note on the Final Maturity Date.
Amounts generally will not be due and payable on any Payment Date except to the extent there are sufficient
funds in the Available Distribution Amount to pay such amounts in accordance with the Order of Priority of
distributions described above.

VW Bank shall undertake all steps necessary to protect the Security Trustee's interest in the Security and to hold
the Financed Objects harmless or free from attachments or secured rights of third parties.

Limited Recourse and Non-petition

The Notes and the Subordinated Loan represent obligations of the Issuer only, and do not represent obligations
of the Co-Arrangers, the Lead Manager, the Security Trustee, VW Bank or Volkswagen AG or any of its
affiliates (together the "Volkswagen Group") or any affiliate of the Issuer or any other third person or entity.
Neither the Co-Arrangers, nor the Lead Manager, nor the Security Trustee, nor VW Bank, nor the Volkswagen
Group, nor any affiliate of the Issuer, nor any other third person or entity, assume any liability to the
Noteholders if the Issuer fails to make a payment due under the Notes or the Subordinated Loan.

Without prejudice to the Security and the enforcement and application of the proceeds thereof by the Security
Trustee in accordance with the Conditions of the Notes, under the condition precedent (aufschiebende
Bedingung) that the Issuer would, at any time, after taking into account all claims of the creditors of the Issuer
(including the claims of the Noteholders) be overindebted (überschuldet) within the meaning of section 19 of
the German Insolvency Code (Insolvenzordnung), to the extent that, and only as long as, it is necessary to avoid
such over-indebtedness of the Issuer, the obligations of the Issuer in respect of the Notes and the Subordinated
Loan shall be regarded as junior obligations for the purpose of the German Insolvency Code (Insolvenzordnung)
but shall not be construed as a waiver (Erlass, Verzicht) by the Noteholders or converted into equity of the
Issuer and such junior obligations shall be treated as if they constitute statutory capital of the Issuer
(qualifizierter Rangrücktritt within the meaning of section 199 sentence 2 of the German Insolvency Code
(Insolvenzordnung)). Notwithstanding the foregoing subordination, the Issuer shall satisfy such junior
obligations by payment to the Security Trustee for application in accordance with the Conditions of the Notes
out of future profit (Gewinn), liquidation surplus (Liquidationsüberschuss) and/or other free assets (freies
Vermögen) as soon as, and to the extent that, the Issuer can do so without becoming over-indebted and/or
illiquid. If no such assets are available for payment of such junior obligations of the Issuer, the Noteholders shall
suffer a shortfall. The obligations of the Issuer in respect of the Notes shall extinguish immediately upon the
registration of the liquidation of the Issuer at the Commercial Register (Anmeldung zum Schluß der Liquidation
zum Handelsregister).

All payment obligations of the Issuer under the Notes and the Subordinated Loan constitute limited recourse
obligations to pay only the Available Distribution Amount which includes, inter alia, amounts received by the
Issuer under the Purchased Loan Receivables and under the other Transaction Documents. The Available
Distribution Amount may not be sufficient to pay amounts accrued under the Notes, which may result in an
Interest Shortfall as defined in the Master Definitions Schedule, however, an Interest Shortfall other than non-
payment of interest on the most senior Class of the Notes will not constitute a Foreclosure Event as defined in
Clause 20(1) of the Trust Agreement. The Notes shall not give rise to any payment obligation in addition to the
foregoing. The enforcement of the payment obligations under the Notes and the Subordinated Loan shall only be
effected by the Security Trustee in accordance with the Trust Agreement. If the Security Trustee enforces the
claims under the Notes and/or the Subordinated Loan, such enforcement will be limited to those assets which
were transferred to the Security Trustee and to any other assets of the Issuer. To the extent that such assets, or
the proceeds of the realisation thereof, prove ultimately insufficient to satisfy the claims of all Noteholders or
the Subordinated Lender in full, then any shortfall arising shall be extinguished and neither any Noteholder nor
the Security Trustee shall have any further claims against the Issuer. Such assets and proceeds shall be deemed
to be "ultimately insufficient" at such time when no further assets are available and no further proceeds can be

37
realised therefrom to satisfy any outstanding claims of the Noteholders, and neither assets nor proceeds will be
so available thereafter.

If any of the events which require the Security Trustee to take action should occur, the Security Trustee will
have legal access to the Security (see page 120 et seq. below) only. The Security Trustee itself is not a
guarantor, nor have any guarantees been given by other parties, with respect to which the Security Trustee could
assert claims on behalf of the Noteholders and/or the Subordinated Lender.

None of the Noteholders (nor any other Person acting on behalf of any of them) shall be entitled at any time
until the expiry of at least one year and one day after the Final Maturity Date, to institute against the Issuer; or
join in any institution against the Issuer of, any Insolvency Proceedings in connection with any obligations of
the Issuer relating to the Notes, save for lodging a claim in the liquidation of the Issuer which is initiated by
another Person who is not a Noteholder or a party to any Transaction Document.

Replacement of Issuer

Subject to certain preconditions the Issuer is entitled to appoint another company (the "New Issuer") in place of
itself as debtor for all obligations arising from and in connection with the Notes.

Applicable Law, Place of Performance and Place of Jurisdiction

The form and content of the Notes, all non-contractual obligations arising from or connected with it and all of
the rights and privileges of the Noteholders, the Issuer, the Paying Agent, the Calculation Agent, the Account
Bank and the Servicer under the Notes are governed by and shall be subject in all respects to the laws of
Germany.

Place of performance and venue for legal proceedings is Frankfurt am Main.

38
 SUMMARY OF THE OTHER PRINCIPAL TRANSACTION DOCUMENTS

Trust Agreement

The Issuer has entered into the Trust Agreement with, inter alios, the Security Trustee and VW Bank. Under the
Trust Agreement the Issuer has instructed and authorised the Security Trustee to act as fiduciary agent for the
Transaction Creditors. The Security Trustee is not affiliated with the Issuer or VW Bank and maintains no
relationships other than arm's length business relationships with the Issuer and VW Bank.

The Trust Agreement creates the Trustee Claim of the Security Trustee against the Issuer pursuant to which the
Security Trustee shall be entitled to demand that the Issuer makes all payments owed to the Transaction
Creditors directly or, in the event of non-performance, to the Security Trustee for transfer of such amounts to the
respective Transaction Creditors.

As Security for the Trustee Claim, the Issuer will charge, assign and/or pledge (as applicable) to the Security
Trustee the Purchased Loan Receivables and substantially all its other assets, rights or interests arising under or
in connection with the Transaction Documents.

The Security Trustee has agreed to maintain and manage the Loan Collateral, or, as the case may be, to enforce
it. However, until revocation by the Security Trustee the management and realisation of the Loan Collateral is
delegated to the Servicer, provided that the Issuer fulfils its obligations under the Notes.

The parties to the Trust Agreement have agreed that the Security Trustee, under the Trust Agreement, shall act
exclusively for the benefit of the Transaction Creditors.

Except as expressly provided for otherwise in the Trust Agreement, the Security Trustee is not required to
monitor the fulfilment of the Issuer's obligations under the Notes, the Conditions or any other Transaction
Document.

Notwithstanding the provisions of the Trust Agreement, all rights of the Noteholders under the Notes shall
remain at all times and under all circumstances vested in the Noteholders.

The Trust Agreement does not oblige the Security Trustee to take any action (except for holding and realising
the Loan Collateral) unless a Foreclosure Event occurs.

Subject to the occurrence of a Foreclosure Event, amounts generally will not be due and payable on any Note on
any Payment Date prior to the Final Maturity Date of that Note except to the extent there are sufficient funds in
the Available Distribution Amount and the General Cash Collateral Amount to pay such amounts in accordance
with the Order of Priority of distributions described above.

VW Bank will be entitled to amend the Trust Agreement as provided for in Clause 45 of the Trust Agreement.

For the complete text of the Trust Agreement please see "TRUST AGREEMENT" of this Offering Circular.

Servicing Agreement

Subject to revocation by the Issuer after a Servicer Replacement Event, VW Bank is instructed pursuant to the
terms of the Servicing Agreement to act as Servicer and to make Collections in accordance with its customary
practices in effect from time to time using the same degree of skill and attention that the Servicer exercises with
respect to comparable vehicle loan contracts that the Servicer collects for itself or others.

The Servicer has also been empowered to administer the Cash Collateral Account and the Loan Collateral for
and on behalf of the Issuer. The Servicer has undertaken to transfer to the Distribution Account maintained by
the Issuer with the Distribution Account Bank amounts received up to the final write-off of a Purchased Loan
Receivable, drawn from the Cash Collateral Account or realised from the Financed Objects or other Loan
Collateral as the case may be.

VW Bank, as the Servicer, is entitled to commingle Collections with its own funds during each Monthly Period
in accordance with the following procedure:

39
If the Monthly Remittance Condition is met, but no Monthly Collateral Increase Event has occurred, VW Bank
as the Servicer, is entitled to commingle funds such as Collections from the Purchased Loan Receivables and
proceeds from the disposition of any Financed Object with own funds during each Monthly Period and will be
required to make a single deposit to the Distribution Account on each Payment Date.

If the Monthly Remittance Condition is not met and no Monthly Collateral Increase Event has occurred,
VW Bank, as the Servicer, will determine the exact Collections only in accordance with the procedure outlined
in detail in "ADMINISTRATION OF THE PURCHASED LOAN RECEIVABLES UNDER THE SERVICING
AGREEMENT - Commingling".

Commingled funds may be used or invested by VW Bank at its own risk and for its own benefit until the next
relevant Payment Date. If VW Bank were unable to remit those funds or were to become insolvent, losses or
delays in distributions to investors may occur.

Information as to the present lending business procedures of VW Bank are described in the sections entitled
"BUSINESS PROCEDURES OF VOLKSWAGEN BANK GMBH" and "ADMINISTRATION OF THE
PURCHASED LOAN RECEIVABLES UNDER THE SERVICING AGREEMENT" below, however,
VW Bank will be permitted to change those business procedures from time to time in its own discretion.

The Servicer is permitted to delegate some or all of its duties to other entities, including its Affiliates and
subsidiaries, although the Servicer will remain liable for the performance of any duties that it delegates to
another entity.

The Servicer will be entitled to receive a fee on each Payment Date for the preceding Monthly Period in
accordance with the Order of Priority. The Servicer will pay all expenses incurred by it in connection with its
collection activities and will not be entitled to reimbursement of those expenses. The Servicer will have no
responsibility, however, to pay or fund any credit losses with respect to the Purchased Loan Receivables.

After a Servicer Replacement Event, the Issuer is entitled to dismiss the Servicer.

40
 TAXATION

The following information is not intended as tax advice and does not purport to describe all of the tax
considerations that may be relevant to a prospective investor of the Notes. It should be read in conjunction with
the section entitled "Risk Factors". Potential investors of the Notes are urged to satisfy themselves as to the
overall tax consequences of purchasing, holding and/or selling the Notes and, therefore, to consult their
professional tax advisors.

Taxation in Germany

Interest

A Noteholder, who is tax resident in Germany (i.e., persons whose residence, habitual abode, statutory seat, or
place of effective management and control is located in Germany) and receives interest on the Notes, is subject
to personal or corporate income tax (plus solidarity tax (Solidaritätszuschlag) thereon currently at a rate of
5.5 per cent. and church tax, if applicable). The interest may also be subject to trade tax if the Notes form part of
the property of a German trade or business.

If the Noteholder keeps the Notes in a custodial account with a German financial institution or financial services
institution (including a German branch of a non-German financial institution or financial services institution, but
excluding a non-German branch of a German financial institution or financial services institution, the
"Institution"), the interest is principally subject to a flat rate withholding tax at a rate of 25 per cent. (plus
solidarity surcharge thereon currently at a rate of 5.5 per cent. plus church tax, if applicable). The flat rate
withholding tax is to be withheld by the Institution which credits or pays out the interest to the Noteholder. With
the flat rate withholding tax the income from capital investments is deemed discharged and the taxpayer is no
longer required to include the income in his or her tax return. Foreign withholding tax on interest income may
be credited against German tax. The flat rate withholding tax would not apply, if the Noteholder is a German
financial institution or financial services institution.

For individual resident Noteholders an annual exemption for investment income of EUR 801 for individual tax
payers or EUR 1,602 for married tax payers who are assessed jointly principally may apply, principally, if their
Notes do not form part of the property of a trade or business nor give rise to income from the letting and leasing
of property. Therefore, Noteholders may be exempt from the flat rate withholding tax on interest, if (i) their
interest income qualifies as investment income and (ii) if they filed a withholding exemption certificate
(Freistellungsauftrag) with the Institution having the respective Notes in custody. However, the exemption
applies only to the extent the interest income derived from the Notes together with other investment income
does not exceed the maximum exemption amount shown on the withholding exemption certificate. Similarly, no
flat rate withholding tax will be levied if the Noteholder submits a certificate of non-assessment
(Nichtveranlagungsbescheinigung) issued by the relevant local tax office to the German Institute having the
respective Notes in custody. Furthermore, if the flat tax rate exceeds the personal income tax rate of the
individual resident Noteholder, the Noteholder may elect a personal assessment to apply his or her personal
income tax rate.

Capital Gains

Gains from the alienation or redemption of Notes aquired after December 31, 2008, including gains derived by a
secondary or any subsequent acquirer of such Notes upon alienation or redemption of the Notes at maturity
("Capital Gains") derived by a resident taxpayer are subject to personal or corporate income tax (plus solidarity
surcharge and church tax, if applicable). The tax on Capital Gains applies irrespective of the holding period of
the Notes. The Capital Gain may also be subject to trade tax if the Notes form part of the property of a German
trade or business.

If the Noteholder keeps the Notes aquired after December 31, 2008 in a custodial account at a German financial
institution or financial services institution, the gain from the alienation or redemption of the Notes is principally
subject to a flat rate withholding tax at a rate of 25 per cent. (plus solidarity surcharge thereon currently at a rate
of 5.5 per cent. plus church tax, if applicable) levied by the Institution which credits or pays out the capital gain
to the Noteholder. The flat rate withholding tax also applies to interest accrued through the date of the sale of the
Notes and shown separately on the respective settlement statement (Stückzinsen). With the flat rate withholding
tax the income from capital investments is deemed discharged and the taxpayer is no longer required to include
the income in his tax return. Flat rate withholding tax exemptions are available as explained under "Interest"

41
above. The possibilities to offset losses from the alienation or redemption of the Notes are restricted, as losses
may only be offset against other investment income.

Non-resident Noteholders

In principle, interest income deriving from Notes held by non-resident Noteholders is not regarded as taxable
income in Germany unless such income qualifies as German source income because
- the Notes are secured by land charge on German real estate or ships registered in a German ship
register or by domestic rights governed by the provisions of private law applicable to real estate; or
- the Notes are held as business assets in a German permanent establishment or by a German-resident
permanent representative of the Noteholder; or
- the interest payments are linked to the profit of the issuer or the Notes are qualified as jouissance rights
("Genussrechte")
- the interest income is paid out in course of an "over the counter transaction" ("Tafelgeschäft").
If the interest income deriving from the Notes qualifies as German source income and the Notes are held in
custody with a German credit institution or a German financial services institution, the German flat rate
withholding tax (including solidarity surcharge) would principally apply. Flat rate withholding tax exemptions
may be available as explained under "Interest" above.

Gains derived from the alienation or redemption of the Notes by a non-resident Noteholder are subject to
German personal or corporate income tax (plus solidarity tax thereon currently at a rate of 5.5 per cent.) only if
the Notes form part of the business property of a permanent establishment maintained in Germany by the
Noteholder or are held by a permanent representative of the Noteholder (in which case such capital gains may
also be subject to trade tax on income). Double tax treaties concluded by Germany generally permit Germany to
tax the interest income in this situation.

If the Notes are held in custody with a German credit institution or a German financial services institution
(including a German permanent establishment of a foreign credit institution), as disbursing agent (inländische
auszahlende Stelle) for the individual Noteholder, the German Central Tax Office is obliged to provide
information on interest received by non-resident individual Noteholders to the tax authorities at the state of
residence of the respective Noteholder, provided that this Noteholder is resident of an EU-Member state or any
other territory for which the provisions under the EU Savings Tax Directive are applicable.

THE FOREGOING INFORMATION IS NOT EXHAUSTIVE; IT DOES NOT, IN PARTICULAR,

DEAL WITH ALL TYPES OF TAXES NOR WITH THE POSITION OF INDIVIDUAL INVESTORS.
PROSPECTIVE INVESTORS SHOULD, THEREFORE, CONSULT THEIR PROFESSIONAL
ADVISORS.

42
 CERTIFICATION BY TSI

True Sale International GmbH ("TSI") grants the Issuer a certificate entitled "CERTIFIED BY TSI –
DEUTSCHER VERBRIEFUNGSSTANDARD", which may be used as a quality label for the securities in
question.

The certification label has been officially registered as a trademark and is usually licensed to an issuer of
securities if the securities meet, inter alia, the following conditions:

• creation of a special purpose vehicle in accordance with a certain documentation standard;

• transfer of the shares to non-profit foundations (Stiftungen), also in accordance with a certain
documentation standard;

• use of the TSI securitisation platform, i.e. use of the German special purpose vehicle structure for the
securitisation;

• the issuer must agree to the general certification conditions, including the annexes, and must pay a
certification fee;

• the issuer must accept TSI's disclosure and reporting standards, including the publication of the
investor reports, offering circular and the originator's or issuer's declaration of undertaking on the True
Sale International GmbH website (www.true-sale-international.de);

• the originator or issuer must confirm that the main quality criteria of the "CERTIFIED BY TSI –
DEUTSCHER VERBRIEFUNGSSTANDARD" label, particularly with regard to lending and servicing
standards, are maintained throughout the duration of the transaction.

Certification by True Sale International GmbH ("TSI") is not a recommendation to buy, sell or hold securities.
TSI's certification label is issued on the basis of an assurance given to True Sale International GmbH by the
Issuer, as of the date of this Offering Circular, that, throughout the duration of the transaction, he will comply
with:

(a) the reporting and disclosure requirements of True Sale International GmbH, and

(b) the main quality criteria of the "CERTIFIED BY TSI – DEUTSCHER

VERBRIEFUNGSSTANDARD" label, in particular regarding the loan and servicing standards.

True Sale International GmbH has relied on the above-mentioned declaration of undertaking and has not made
any investigations or examinations in respect of the declaration of undertaking, any transaction party or any
securities, and disclaims any responsibility for monitoring continuing compliance with these standards by the
parties concerned or any other aspect of their activities or operations.

43
 DESCRIPTION OF THE PURCHASED LOAN RECEIVABLES AND OF
THE LOAN COLLATERAL

The Loan Receivables

The Purchased Loan Receivables are receivables from vehicle loan contracts originated by Volkswagen, Audi,
SEAT, Skoda and Volkswagen Nutzfahrzeuge dealers as agents as well as by third parties. The Loan Contracts
generally contain VW Bank's standard loan terms; contracts with "large customers" have essentially these
conditions as used by VW Bank in accordance with its customary business practices as in place from time to
time. Other payments may also be agreed upon in these Loan Contracts. Instalments under the Loan Receivables
are due on a monthly basis. The Financed Objects are mainly new or used Volkswagen, Audi, SEAT, Skoda and
Volkswagen Nutzfahrzeuge vehicles and to a minor extent new or used vehicles of other brands.

The Purchased Loan Receivables require the monthly payment of Interest and Principal in exchange for the
financing of the acquisition of the vehicles which (i) either amortise in substantially equal monthly instalments
during the life of the Loan Contract (Classic Credit) or (ii) provide in addition to substantially equal monthly
instalments during the life of the Loan Contract for a final larger balloon payment (Auto Credit). If the Loan
Contracts provide for a final larger balloon payment, the Borrower is entitled to settle the final balloon payment
either by (x) payment in cash, or (y) sale of the Financed Object (provided the Financed Object is in the
contractually required physical and technical condition) for a purchase price which equals the balloon payment
to the car dealer who will settle on the Borrower's behalf the balloon payment (if the purchase price for the
Financed Object is lower than the contractual balloon payment, the Borrower is bound to pay the difference for
the entire settlement of the balloon payment), or (z) refinancing the balloon payment by concluding a new loan
with VW Bank and VW Bank will pay out with the funds of the new loan contract the balloon payment.
According to a poll of VW Bank in 2009, 56 per cent. of the Auto Credit Borrowers settle the balloon payment
in cash, 29 per cent. return the vehicle for sale to the car dealer and 15 per cent. refinance the balloon payment.

Warranties and Guarantees for the Sale of the Initial Purchased Loan Receivables

The Issuer has warranted and guaranteed that there has been no material adverse change in the financial position
or prospects of the Issuer since its incorporation or since its opening balance sheet was made. In the Initial Loan
Receivables Purchase Agreement VW Bank has warranted and guaranteed the following in the form of a
separate guarantee undertaking pursuant to section 311 (1) German Civil Code (Bürgerliches Gesetzbuch) for
the purchase of the Initial Purchased Loan Receivables as of the Cutoff Date:

(i) that the relevant Loan Contracts constitute legal valid, binding and enforceable agreements;

(ii) that the Initial Purchased Loan Receivables are assignable and require monthly payments which consist
over the life of the Loan Contract of substantially equal monthly instalments and may also include a final
balloon payment;

(iii) that it can dispose of the Initial Purchased Loan Receivables free from rights of third parties;

(iv) that the Initial Purchased Loan Receivables are free of defences, whether pre-emptory or otherwise
(Einwendungen oder Einreden) for the agreed term of the Loan Contract as well as free of rights of third
parties and that the Borrowers in particular have no set-off claim;

(v) that no Initial Purchased Loan Receivable is overdue;

(vi) that the status and enforceability of the Initial Purchased Loan Receivables is not impaired due to
warranty claims or any other rights of the Borrower (even if the Issuer knew or could have known on the
Cutoff Date of the existence of such defences or rights);

(vii) that the status and enforceability of the Initial Purchased Loan Receivables is not impaired by set-off
rights and that no Borrower maintains deposits on accounts with VW Bank;

(viii) that none of the Borrowers is an affiliate of "Familie Porsche und Familie Piech Salzburg und Stuttgart
Gruppe" (Family Porsche and Family Piech Salzburg and Stuttgart Group) (registered under single
borrower unit 48108283 at German Central Bank);

44
(ix) that (according to VW Bank's records) terminations of the Loan Contracts have not occurred and are not
pending;

(x) that the related Loan Contracts shall be governed by the laws of Germany and have not been concluded
prior to January 2002;

(xi) that the related Loan Contracts have been entered into exclusively with Borrowers which, if they are
corporate entities have their registered office in Germany or, if they are individuals have their place of
residence in Germany;

(xii) that on the Cutoff Date at least two instalments have been paid in respect of each of the Purchased Loan
Receivables and that the Initial Purchased Loan Receivable require substantially equal monthly
payments to be made within seventy two (72) months of the date of origination of the Loan Contract and
may also provide for a final balloon payment;

(xiii) that each of the Initial Purchased Loan Receivables will mature no earlier than eighteen (18) months and
no later than sixty (60) months after the Cutoff Date;

(xiv) that the total outstanding amount of Initial Purchased Loan Receivables assigned hereunder resulting
from Loan Contracts with one and the same Borrower will not exceed EUR 500,000 in respect of any
single Borrower;

(xv) that those related Loan Contracts which are subject to the provisions of the German Civil Code
(Bürgerliches Gesetzbuch) on consumer financing, comply in all material respects with the requirements
of such provisions and, in particular contain legally accurate instructions in respect of the right of
revocation of the Borrowers and that none of the Borrowers has used its right of revocation within the
term of revocation;

(xvi) that it may dispose of security title (Sicherungseigentum) to the Financed Objects in accordance with the
Initial Loan Receivables Purchase Agreement and that no third-party's rights prevent such dispositions;

(xvii) that (according to VW Bank's records) no insolvency proceedings are initiated against any of the
Borrowers;

(xviii) that VW Bank has not opted for German VAT in respect of the Initial Purchased Loan Receivables; and

(xix) that the purchase of the Initial Purchased Loan Receivables may not have the result that the Aggregate
Discounted Principal Balance of all Initial Purchased Loan Receivables exceed the following
concentration limits with respect to the percentage of Discounted Principal Balance generated under
Loan Contracts for used vehicles (concentration limit: 50 per cent.), classic credit Loan Contracts for
used vehicles (concentration limit: 25 per cent.), Loan Contracts for non-VW brands (VW, Audi, Seat or
Skoda vehicles) (concentration limit: 10 per cent.).

Warranties and Guarantees for each Sale of Additional Loan Receivables at an Additional Purchase Date

The Issuer has warranted and guaranteed that there has been no material adverse change in the financial position
or prospects of the Issuer since its incorporation or since its opening balance sheet was made. In each Additional
Loan Receivables Purchase Agreement on the purchase of Additional Loan Receivables that will become
effective upon the exercise of VW Bank's option right to sell during the Revolving Period on an Additional
Purchase Date Additional Loan Receivables to the Issuer, VW Bank will warrant and guarantee the following in
the form of a separate guarantee undertaking pursuant to section 311 (1) German Civil Code (Bürgerliches
Gesetzbuch) as of the respective Additional Cutoff Date:

(i) that the relevant Loan Contracts constitute legal valid, binding and enforceable agreements;

(ii) that the Additional Purchased Loan Receivables are assignable and require monthly payments which
consist (over the life of the Loan Contract) of substantially equal monthly instalments and may also
include a final balloon payment;

(iii) that it can dispose of the Additional Purchased Loan Receivables free from rights of third parties;

45
(iv) that the Additional Purchased Loan Receivables are free of defences, whether pre-emptory or otherwise
(Einwendungen oder Einreden) for the agreed term of the Loan Contract as well as free from rights of
third parties and that the Borrowers in particular have no set-off claim;

(v) that no Additional Purchased Loan Receivable is overdue;

(vi) that the status and enforceability of the Additional Purchased Loan Receivables is not impaired due to
warranty claims or any other rights of the Borrower (even if the Issuer knew or could have known on the
Additional Cutoff Date of the existence of such defences or rights);

(vii) that the status and enforceability of the Additional Purchased Loan Receivables is not impaired by set-
off rights and that no Borrower maintains deposits on accounts with VW Bank at the respective
Additional Cutoff Date;

(viii) that none of the Borrowers of the Additional Purchased Loan Receivables is an Affiliate of "Familie
Porsche und Familie Piech Salzburg und Stuttgart Gruppe" (Family Porsche and Family Piech Salzburg
and Stuttgart Group) (registered under single borrower unit 48108283 at German Central Bank);

(ix) that (according to VW Bank's records) terminations of the Loan Contracts have not occurred and are not
pending;

(x) that the related Loan Contracts shall be governed by the laws of Germany and have not been concluded
prior to January 2002;

(xi) that the related Loan Contracts have been entered into exclusively with Borrowers which, if they are
corporate entities have their registered office in Germany or, if they are individuals have their place of
residence in Germany;

(xii) that on the respective Additional Cutoff Date at least two loan instalments have been paid in respect of
each of the Additional Purchased Loan Receivables and that the Additional Purchased Loan Receivables
require substantially equal monthly payments to be made within seventy two (72) months of the date of
origination of the Loan Contract and may also provide for a final balloon payment;

(xiii) that each of the Additional Purchased Loan Receivables will mature no earlier than eighteen (18) months
and no later than sixty (60) months after the Additional Cutoff Date;

(xiv) that the total outstanding amount of Initial Purchased Loan Receivables and Additional Purchased Loan
Receivables assigned hereunder resulting from Loan Contracts with one and the same Borrower will not
exceed EUR 500,000 in respect of any single Borrower;

(xv) that those related Loan Contracts which are subject to the provisions of the German Civil Code
(Bürgerliches Gesetzbuch) on consumer financing, comply in all material respects with the requirements
of such provisions and, in particular contain legally accurate instructions in respect of the right of
revocation of the Borrowers and that none of the Borrowers has used its right of revocation within the
term of revocation;

(xvi) that it may dispose of security title (Sicherungseigentum) to the Financed Objects in accordance with the
Additional Loan Receivables Purchase Agreement and that no third-party's rights prevent such
dispositions;

(xvii) that (according to VW Bank's records) no insolvency proceedings are initiated against any of the
Borrowers of the Additional Purchased Loan Receivables;

(xviii) that VW Bank has not opted for German VAT in respect of the Additional Purchased Loan Receivables;

(xix) that none of the Additional Purchased Loan Receivables will mature later than on the Final Maturity
Date as defined in Condition 8(3); and

46
(xx) that the purchase of the Additional Purchased Loan Receivables may not have the result that the
Aggregate Discounted Principal Balance of all Additional Purchased Loan Receivables exceed the
following concentration limits with respect to the percentage of Discounted Principal Balance generated
under Loan Contracts for used vehicles (concentration limit: 50 per cent.), Classic Credit Loan Contracts
for used vehicles (concentration limit: 25 per cent.), Loan Contracts for non-VW brands (VW, Audi,
Seat or Skoda vehicles) (concentration limit: 10 per cent.).

VW Bank may sell Additional Loan Receivables to the Issuer at each Additional Purchase Date for an
Additional Purchase Price.

In the event that any of the warranties set forth above prove to be untrue at the Cutoff Date or the Additional
Cutoff Date (as applicable) which materially and adversely affects the interests of the Issuer or the Noteholders,
VW Bank shall have until the end of the Monthly Period which includes the sixtieth (60th) day (or, if VW Bank
elects an earlier date) after the date that VW Bank became aware or was notified of such breach to cure or
correct such breach. Any such breach or failure will not be deemed to have a material and adverse effect if such
breach or failure does not affect the ability of the Issuer to receive and retain timely payment in full on the
related Purchased Loan Receivable. If VW Bank does not cure or correct such breach prior to such time, then
VW Bank shall repurchase any Purchased Loan Receivables affected by such breach which materially and
adversely affect the interests of the Issuer or the Noteholders from the Issuer on the Payment Date following the
expiration of such period. Any such repurchase by VW Bank of the Purchased Loan Receivables on such
Payment Date shall be at a price equal to their then outstanding Discounted Principal Balance.

Upon payment of such settlement amount ("Settlement Amount") by VW Bank, the Issuer and the Security
Trustee shall release and shall execute and deliver such instruments of release, transfer or assignment, in each
case without recourse or representation, as shall be reasonably necessary to vest in VW Bank or its designee any
Purchased Loan Receivable settled. The right to cause VW Bank to settle any Purchased Loan Receivable as
described above will constitute the sole remedy for such breach available to the Issuer and the Security Trustee.
Neither the Issuer nor the Security Trustee will have any duty to conduct an investigation as to the occurrence of
any condition requiring the settlement or resale of any Purchased Loan Receivable.

The Purchased Loan Receivables generally have characteristics that demonstrate the capacity to produce funds
to serve as payments due and payable on the Notes, however, VW Bank does not warrant the solvency (credit
standing) of the Borrowers.

Description of the Loan Contracts, Initial Purchased Loan Receivables, Financed Objects and Borrowers
as of the Cutoff Date

The portfolio information presented in this Offering Circular is based on a sample pool as of the Cutoff Date.
The acquisition of Additional Purchased Loan Receivables at Additional Purchase Dates may have the result
that the characteristics of the Purchased Loan Receivables pool may vary from the Initial Purchased Loan
Receivables pool.

47
 THE INITIAL PURCHASED LOAN RECEIVABLES POOL

The characteristics set forth in this section are based on the Initial Purchased Loan Receivables balance as of the
Cutoff Date which have been grossed up for the expected volume of the transaction. The statistical distribution
of the characteristics of the Initial Purchased Loan Receivables pool as of the Cutoff Date are illustrated in the
tables below.

As of the Cutoff Date, the Initial Purchased Loan Receivables:

• had an original term of maturity of 24 to 72 months and a remaining term to maturity between 18 and 60
months;

• had a contract rate of 0.05 per cent. To 13.99 per cent. and a weighted average contract rate of 4.35 per
cent.;

• were not past due; and

• satisfied the other criteria set forth in the transaction documents, including the criteria set forth under
"Description of the Initial Purchased Loan Receivables" in this Offering Circular.

The monthly Servicing Report will contain the information outlined in the paragraph entitled
"ADMINISTRATION OF THE PURCHASED LOAN RECEIVABLES UNDER THE SERVICING
AGREEMENT - Servicing Report" of this Offering Circular. As part of the Servicing Report prepared by the
Servicer in connection with the Notes, the Servicer will compute a Note Factor. See "Pool Factors, Note Factors
and Pool Information" in the Conditions of the Notes.

The composition, distribution by remaining term, distribution by contract rate and geographic distribution, in
each case of the Purchased Loan Receivables as of the Cutoff Date, are set forth in the tables below.

Composition of the Initial Purchased Loan Receivables Pool

as of the Cutoff Date

Outstanding Aggregate Discounted Principal Balance EUR 1,000,004,467

Number of Loan Contracts 78,075
Average Outstanding Discounted Principal Balance EUR 12,808.25
Range of Outstanding Discounted Principal Balance EUR 504.16 to EUR 127,713.79
Weighted Average Contract Rate(1) 4.35 per cent.
Range of Contract Rates 0.05 per cent. to 13.99 per cent.
Weighted Average Remaining Term(1) 34.81 months
Range of Remaining Terms 18 months to 60 months
Weighted Average Original Term(1) 46.50 months
Range of Original Terms 24 to 72 months
_______________________
(1) Weighted by principal balance as of the Cutoff Date.

48
1. Make: New and Used Cars

Audi

Outstanding Discounted Percentage of

Percentage of Loans
New or Used cars Number of Loans Principal Balance Balance
(%)
(€) (%)

New Cars 3,026 28.50% 71,868,265.86 € 39.25%

Used Cars 7,590 71.50% 111,254,986.44 € 60.75%
Total 10,616 100.00% 183,123,252.30 € 100.00%

Seat
Outstanding Discounted Percentage of
Percentage of Loans
New or Used cars Number of Loans Principal Balance Balance
(%)
(€) (%)
New Cars 3,736 71.18% 42,475,881.82 € 77.65%
Used Cars 1,513 28.82% 12,226,434.26 € 22.35%
Total 5,249 100.00% 54,702,316.08 € 100.00%

Skoda
Outstanding Discounted Percentage of
Percentage of Loans
New or Used cars Number of Loans Principal Balance Balance
(%)
(€) (%)
New Cars 7,755 78.05% 85,809,893.96 € 82.80%
Used Cars 2,181 21.95% 17,823,160.09 € 17.20%
Total 9,936 100.00% 103,633,054.05 € 100.00%

VW
Outstanding Discounted Percentage of
Percentage of Loans
New or Used cars Number of Loans Principal Balance Balance
(%)
(€) (%)
New Cars 28,928 58.76% 409,039,105.67 € 64.57%
Used Cars 20,305 41.24% 224,410,048.11 € 35.43%
Total 49,233 100.00% 633,449,153.78 € 100.00%

Other
Outstanding Discounted Percentage of
Percentage of Loans
New or Used cars Number of Loans Principal Balance Balance
(%)
(€) (%)
New Cars 263 8.65% 2,762,185.11 € 11.01%
Used Cars 2,778 91.35% 22,334,505.96 € 88.99%
Total 3,041 100.00% 25,096,691.07 € 100.00%

49
2. Down Payment

Percentage of Outstanding Discounted Down

Percentage of Balance
Down Payment Number of Loans Loans Principal Balance Payment/Purchase Price
(%)
(%) (€) in %
No Down Payment 14,329 18.35% 204,205,354.23 € 20.42% 0.00%
<= 1.000,00 3,024 3.87% 33,945,528.74 € 3.39% 5.78%
1.000,01 - 2.000,00 4,858 6.22% 53,905,684.63 € 5.39% 12.22%
2.000,01 - 3.000,00 11,865 15.20% 140,439,364.06 € 14.04% 16.34%
3.000,01 - 4.000,00 7,032 9.01% 84,134,588.63 € 8.41% 21.31%
4.000,01 - 5.000,00 9,195 11.78% 117,605,029.10 € 11.76% 24.69%
5.000,01 - 6.000,00 4,987 6.39% 64,710,255.43 € 6.47% 27.80%
6.000,01 - 7.000,00 4,192 5.37% 55,277,297.30 € 5.53% 30.56%
7.000,01 - 8.000,00 4,243 5.43% 53,641,837.55 € 5.36% 34.45%
8.000,01 - 9.000,00 2,239 2.87% 28,500,284.47 € 2.85% 37.08%
9.000,01 - 10.000,00 4,078 5.22% 56,030,494.99 € 5.60% 38.37%
10.000,01 - 11.000,00 1,168 1.50% 15,390,540.01 € 1.54% 41.23%
11.000,01 - 12.000,00 1,368 1.75% 18,421,384.57 € 1.84% 43.22%
12.000,01 - 13.000,00 1,160 1.49% 14,423,186.36 € 1.44% 46.58%
13.000,01 - 14.000,00 705 0.90% 8,865,361.04 € 0.89% 48.24%
14.000,01 - 15.000,00 1,197 1.53% 17,069,912.50 € 1.71% 47.48%
> 15.000,00 2,435 3.12% 33,438,363.67 € 3.34% 55.60%
Total 78,075 100.00% 1,000,004,467.28 € 100.00% 24.92%

Statistics
Minimum Down Payment 12.40 €
Maximum Down Payment 55,600.00 €
Average Down Payment (Customer that
5,985.52 €
made a Down Payment)
Average Down Payment 4,887.00 €

3. Customer Type

Outstanding Discounted
Percentage of Loans Percentage of Balance
Customer Type Number of Loans Principal Balance
(%) (%)
(€)
Retail 63,203 80.95% 745,207,816.24 € 74.52%
Corporate 14,872 19.05% 254,796,651.04 € 25.48%
Total 78,075 100.00% 1,000,004,467.28 € 100.00%

4. Type of Payment

Outstanding Discounted
Percentage of Loans Percentage of Balance
Type of Payment Number of Loans Principal Balance
(%) (%)
(€)
Direct Borrower Account
77,931 99.82% 997,933,058.64 € 99.79%
Debit (Lastschrift)
Other 144 0.18% 2,071,408.64 € 0.21%
Total 78,075 100.00% 1,000,004,467.28 € 100.00%

50
5. Customer Concentration

Percentage of Percentage of Outstanding Discounted Percentage of Balance

Contracts Number of Customers Number of Loans
Customers (%) Loans (%) Principal Balance (€) (%)
1 77,101 99.43% 77,101 98.75% 984,885,605.70 € 98.49%
2 384 0.50% 768 0.98% 12,016,371.76 € 1.20%
3 38 0.05% 114 0.15% 1,848,694.38 € 0.18%
4 11 0.01% 44 0.06% 525,726.22 € 0.05%
5 4 0.01% 20 0.03% 267,265.17 € 0.03%
6 - 10 2 0.00% 14 0.02% 110,546.51 € 0.01%
> 10 1 0.00% 14 0.02% 350,257.54 € 0.04%
Total 77,541 100.00% 78,075 100.00% 1,000,004,467.28 € 100.00%

Customer-Concentration: Top 20

Outstanding
Percentage of Number of
Number Discounted Principal
Balance (%) Contracts
Balance (€)

1 350,257.54 € 0.0350% 14
2 127,713.79 € 0.0128% 1
3 120,615.19 € 0.0121% 1
4 116,117.38 € 0.0116% 1
5 107,596.32 € 0.0108% 2
6 102,325.68 € 0.0102% 1
7 100,659.41 € 0.0101% 3
8 99,637.40 € 0.0100% 2
9 90,324.18 € 0.0090% 1
10 89,583.95 € 0.0090% 1
11 89,446.28 € 0.0089% 1
12 88,744.41 € 0.0089% 5
13 87,177.46 € 0.0087% 2
14 86,811.95 € 0.0087% 2
15 86,163.06 € 0.0086% 1
16 85,547.20 € 0.0086% 1
17 84,912.89 € 0.0085% 5
18 83,090.47 € 0.0083% 3
19 79,249.28 € 0.0079% 1
20 78,528.46 € 0.0079% 1
Total 1 -20 2,154,502.30 € 0.2154% 49

51
6. Distribution by Outstanding Discounted Principal Balance

Outstanding Discounted
Distribution by Outstanding Percentage of Loans Percentage of Balance
Number of Loans Principal Balance
Discounted Principal Balance (%) (%)
(€)
0,01 - 5.000,00 6,895 8.83% 25,284,498.12 € 2.53%
5.000,01 - 10.000,00 23,814 30.50% 183,705,786.12 € 18.37%
10.000,01 - 15.000,00 23,576 30.20% 290,644,977.83 € 29.06%
15.000,01 - 20.000,00 13,602 17.42% 234,302,532.36 € 23.43%
20.000,01 - 25.000,00 5,949 7.62% 131,370,766.49 € 13.14%
25.000,01 - 30.000,00 2,352 3.01% 63,815,452.67 € 6.38%
> 30.000,00 1,887 2.42% 70,880,453.69 € 7.09%
Total 78,075 100.00% 1,000,004,467.28 € 100.00%

Statistics
Minimum Outstanding Discounted
504.16 €
Principal Balance
Maximum Outstanding Discounted
127,713.79 €
Principal Balance
Average Outstanding Discounted
12,808.25 €
Principal Balance

7. Distribution by Original Principal Balance

Outstanding Discounted
Distribution by Original Principal Balance Percentage of Loans Percentage of Balance
Number of Loans Principal Balance
(€) (%) (%)
(€)
0,01 - 5.000,00 2,081 2.67% 5,781,515.35 € 0.58%
5.000,01 - 10.000,00 13,834 17.72% 79,806,981.81 € 7.98%
10.000,01 - 15.000,00 22,969 29.42% 218,291,013.84 € 21.83%
15.000,01 - 20.000,00 18,070 23.14% 243,416,414.37 € 24.34%
20.000,01 - 25.000,00 10,603 13.58% 184,882,811.84 € 18.49%
25.000,01 - 30.000,00 5,438 6.97% 115,553,817.98 € 11.56%
> 30.000,00 5,080 6.51% 152,271,912.09 € 15.23%
Total 78,075 100.00% 1,000,004,467.28 € 100.00%

Statistics
Minimum Original Principal Balance 686.40 €
Maximum Original Principal Balance 176,817.00 €
Average Original Principal Balance 16,593.22 €

52
8. Interest Rate paid by the Receivable Debtor

Effective Rate of Interest Outstanding Discounted

Percentage of Loans Percentage of Balance
paid by the Receivable Number of Loans Principal Balance
(%) (%)
Debtor (€)
< 0,10 % 1 0.00% 8,612.00 € 0.00%
0,10 % - 0,59 % 197 0.25% 2,467,735.95 € 0.25%
0,60 % - 1,09% 5,762 7.38% 83,070,393.19 € 8.31%
1,10 % - 1,59 % 17 0.02% 172,009.22 € 0.02%
1,60 % - 2,09 % 7,087 9.08% 102,762,569.25 € 10.28%
2,10 % - 2,59 % 27 0.03% 341,988.62 € 0.03%
2,60 % - 3,09 % 16,976 21.74% 235,328,401.69 € 23.53%
3,10 % - 3,59 % 19 0.02% 236,646.17 € 0.02%
3,60 % - 4,09 % 11,314 14.49% 162,735,343.11 € 16.27%
4,10 % - 4,59 % 99 0.13% 1,964,094.07 € 0.20%
4,60 % - 5,09 % 15,452 19.79% 176,014,201.46 € 17.60%
5,10 % - 5,59 % 1,101 1.41% 14,444,344.64 € 1.44%
5,60 % - 6,09 % 4,713 6.04% 65,174,521.24 € 6.52%
6,10 % - 6,59 % 452 0.58% 7,085,302.76 € 0.71%
6,60 % - 7,09 % 2,691 3.45% 36,035,862.71 € 3.60%
7,10 % - 7,59 % 1,490 1.91% 18,380,992.16 € 1.84%
7,60 % - 8,09 % 6,013 7.70% 57,409,969.86 € 5.74%
8,10 % - 8,59 % 1,066 1.37% 8,359,918.74 € 0.84%
8,60 % - 9,09 % 2,492 3.19% 18,768,385.50 € 1.88%
9,10 % - 9,59 % 62 0.08% 526,357.65 € 0.05%
9,60 % - 10,00 % 390 0.50% 2,820,803.27 € 0.28%
> 10,00 % 654 0.84% 5,896,014.02 € 0.59%
Total 78,075 100.00% 1,000,004,467.28 € 100.00%

Statistics
Minimum Interest Rate Debtor 0.05%
Maximum Interest Rate
13.99%
Debtor
Weighted Average Interest
4.35%
Rate Debtor

53
9. Length of Original Term in Months

Outstanding Discounted
Length of Original Term Percentage of Loans Percentage of Balance
Number of Loans Principal Balance
(months) (%) (%)
(€)
01 - 12 0 0.00% - € 0.00%
13 - 24 1,083 1.39% 8,351,053.97 € 0.84%
25 - 36 17,156 21.97% 223,101,599.07 € 22.31%
37 - 48 48,990 62.75% 635,250,803.36 € 63.52%
49 - 60 8,543 10.94% 110,237,329.57 € 11.02%
61 - 72 2,303 2.95% 23,063,681.31 € 2.31%
> 72 0 0.00% - € 0.00%
Total 78,075 100.00% 1,000,004,467.28 € 100.00%

Statistics
Minimum Original Term in
24
months
Maximum Original Term in
72
months
Weighted Average Original
46.50
Term in months

10. Length of Remaining Term in Months

Percentage of Outstanding Discounted Percentage of

Length of Remaining Term
Number of Loans Loans Principal Balance Balance
(months)
(%) (€) (%)
01 - 12 0 0.00% - € 0.00%
13 - 24 12,778 16.37% 141,017,458.93 € 14.10%
25 - 36 35,329 45.25% 441,995,145.40 € 44.20%
37 - 48 26,569 34.03% 368,921,873.27 € 36.89%
49 - 60 3,399 4.35% 48,069,989.68 € 4.81%
> 60 0 0.00% - € 0.00%
Total 78,075 100.00% 1,000,004,467.28 € 100.00%

Statistics
Minimum Remaining Term in
18
months
Maximum Remaining Term in
60
months
Weighted Average Remaining
34.81
Term in months

54
11. Seasoning

Outstanding Discounted Percentage of

Percentage of Loans
Seasoning (months) Number of Loans Principal Balance Balance
(%)
(€) (%)
<= 06 19,536 25.02% 284,063,248.60 € 28.41%
07 - 12 18,674 23.92% 250,643,501.16 € 25.06%
13 - 18 25,725 32.95% 310,262,175.02 € 31.03%
19 - 24 9,697 12.42% 111,946,284.05 € 11.19%
25 - 30 3,287 4.21% 34,512,800.45 € 3.45%
31 - 36 743 0.95% 6,332,992.86 € 0.63%
37 - 42 247 0.32% 1,441,510.11 € 0.14%
43 - 50 166 0.21% 801,955.03 € 0.08%
> 50 0 0.00% - € 0.00%
Total 78,075 100.00% 1,000,004,467.28 € 100.00%

Statistics
Weighted Average
11.92
Seasoning in months

12. Credit Type

Outstanding Discounted
Percentage of Loans Percentage of Balance
Credit Type Number of Loans Principal Balance
(%) (%)
(€)
AutoCredit 58,657 75.13% 833,103,672.57 € 83.31%
ClassicCredit 19,418 24.87% 166,900,794.71 € 16.69%
Total 78,075 100.00% 1,000,004,467.28 € 100.00%

55
13. Balloon in per cent. of Original Principal Balance - Remaining Term

Percentage of Balloon
Length of Remaining Number of Balloon Balloon in % of Original
Loans Balloon (€)
Term (months) Loans Principal Balance
(%)
18 1,392 2.37% 11,811,030.73 € 48.63%
19 1,301 2.22% 10,988,979.77 € 48.51%
20 1,337 2.28% 11,742,592.43 € 48.92%
21 1,384 2.36% 12,235,344.50 € 48.80%
22 1,341 2.29% 11,656,533.84 € 48.20%
23 1,126 1.92% 10,047,390.91 € 47.50%
24 1,618 2.76% 13,302,952.37 € 45.25%
25 1,560 2.66% 13,285,308.92 € 45.60%
26 1,572 2.68% 13,554,977.66 € 45.70%
27 1,518 2.59% 13,265,965.98 € 45.01%
28 1,274 2.17% 10,316,893.81 € 43.37%
29 2,027 3.46% 15,520,731.57 € 44.13%
30 2,694 4.59% 20,785,523.19 € 44.33%
31 2,970 5.06% 23,100,172.66 € 45.15%
32 3,086 5.26% 24,548,617.93 € 46.06%
33 3,338 5.69% 27,187,469.70 € 45.94%
34 3,224 5.50% 26,473,032.96 € 45.82%
35 2,328 3.97% 18,314,151.14 € 44.76%
36 2,232 3.81% 16,969,127.80 € 44.17%
37 2,131 3.63% 16,188,941.53 € 44.29%
38 2,159 3.68% 16,744,008.88 € 43.72%
39 1,672 2.85% 12,246,383.11 € 41.74%
40 1,389 2.37% 9,957,849.86 € 40.50%
41 1,781 3.04% 12,672,531.41 € 40.11%
42 2,122 3.62% 15,244,358.03 € 40.40%
43 2,267 3.86% 16,377,830.82 € 40.19%
44 2,009 3.42% 14,513,091.82 € 39.58%
45 2,074 3.54% 15,030,801.36 € 39.44%
46 1,953 3.33% 14,167,168.37 € 39.14%
47 195 0.33% 1,062,577.84 € 29.19%
48 230 0.39% 1,426,699.02 € 30.84%
49 234 0.40% 1,505,730.89 € 31.12%
50 267 0.46% 1,566,084.50 € 30.18%
51 253 0.43% 1,527,546.97 € 30.78%
52 232 0.40% 1,388,232.03 € 30.64%
53 75 0.13% 436,776.59 € 24.80%
54 53 0.09% 282,328.37 € 22.85%
55 65 0.11% 321,436.99 € 25.08%
56 59 0.10% 288,538.74 € 21.56%
57 53 0.09% 297,605.13 € 24.94%
58 57 0.10% 322,850.65 € 25.24%
59 5 0.01% 28,185.66 € 24.22%
Total 58,657 100.00% 458,704,356.44 € 43.63%

56
14. Balloon in per cent. of Original Principal Balance (nominal)

Length of Original Term Percentage of Balloon Loans Balloon in % of Original

Number of Balloon Loans Balloon (€)
(months) (%) Principal Balance
1 - 12 0 0.00% - € 0.00%
13 - 24 574 0.98% 2,762,978.19 € 42.15%
25 - 36 13,355 22.77% 119,506,731.04 € 48.44%
37 - 48 39,255 66.92% 303,652,111.70 € 43.68%
49 - 60 5,456 9.30% 32,565,613.10 € 31.83%
> 60 17 0.03% 216,922.41 € 28.90%
Total 58,657 100.00% 458,704,356.44 € 43.63%

15. Type of Car

Outstanding Discounted
Percentage of Loans Percentage of Balance
Type of Car Number of Loans Principal Balance
(%) (%)
(€)
New 43,708 55.98% 611,955,332.42 € 61.20%
Used 34,367 44.02% 388,049,134.86 € 38.80%
Total 78,075 100.00% 1,000,004,467.28 € 100.00%

Type of Car: Only AutoCredits

Outstanding Discounted
Percentage of Loans Percentage of Balance
Type of Car Number of Loans Principal Balance
(%) (%)
(€)
New 35,240 60.08% 531,829,845.91 € 63.84%
Used 23,417 39.92% 301,273,826.66 € 36.16%
Total 58,657 100.00% 833,103,672.57 € 100.00%

Type of Car: Only ClassicCredits

Outstanding Discounted
Percentage of Loans Percentage of Balance
Type of Car Number of Loans Principal Balance
(%) (%)
(€)
New 8,468 43.61% 80,125,486.51 € 48.01%
Used 10,950 56.39% 86,775,308.20 € 51.99%
Total 19,418 100.00% 166,900,794.71 € 100.00%

57
16. Make and Model

Outstanding Discounted Percentage of

Percentage of Loans
Make Model Number of Loans Principal Balance Balance
(%)
(€) (%)
Audi A2 74 0.0948% 431,351.76 € 0.0431%
A3 3,638 4.6596% 51,546,844.44 € 5.1547%
A4 3,448 4.4163% 53,598,325.10 € 5.3598%
A5 357 0.4573% 11,443,788.18 € 1.1444%
A6 2,019 2.5860% 35,924,005.74 € 3.5924%
A8 175 0.2241% 5,062,269.94 € 0.5062%
TT 418 0.5354% 8,014,895.09 € 0.8015%
Q5 301 0.3855% 10,436,610.18 € 1.0437%
Q7 177 0.2267% 6,243,649.45 € 0.6244%
R8 3 0.0038% 333,415.12 € 0.0333%
AUDI OTHER 6 0.0077% 88,097.30 € 0.0088%
Subtotal 10,616 13.5972% 183,123,252.30 € 18.3122%
Seat ALHAMBRA 194 0.2485% 2,548,023.30 € 0.2548%
ALTEA 150 0.1921% 1,440,962.76 € 0.1441%
AROSA 59 0.0756% 217,869.49 € 0.0218%
CORDOBA 57 0.0730% 295,683.74 € 0.0296%
EXEO 116 0.1486% 2,117,534.52 € 0.2118%
IBIZA 2,892 3.7041% 26,460,127.90 € 2.6460%
INCA 3 0.0038% 7,131.21 € 0.0007%
LEON 1,124 1.4396% 13,576,570.54 € 1.3577%
TOLEDO 654 0.8377% 8,038,412.62 € 0.8038%
Subtotal 5,249 6.7230% 54,702,316.08 € 5.4702%
Skoda FABIA 4,956 6.3477% 40,144,793.27 € 4.0145%
FELICIA 5 0.0064% 13,254.86 € 0.0013%
OCTAVIA 3,254 4.1678% 41,956,815.30 € 4.1957%
ROOMSTER 1,007 1.2898% 9,538,581.20 € 0.9539%
SUPERB 421 0.5392% 7,386,834.08 € 0.7387%
YETI 293 0.3753% 4,592,775.34 € 0.4593%
Subtotal 9,936 12.7262% 103,633,054.05 € 10.3633%
VW BORA 123 0.1575% 741,094.66 € 0.0741%
CADDY 2,394 3.0663% 27,310,800.65 € 2.7311%
CRAFTER/LT 73 0.0935% 1,378,158.38 € 0.1378%
EOS 866 1.1092% 14,828,918.74 € 1.4829%
FOX 1,285 1.6459% 8,357,810.02 € 0.8358%
GOLF 19,854 25.4294% 235,384,564.80 € 23.5384%
JETTA 314 0.4022% 3,571,336.99 € 0.3571%
KAEFER 1 0.0013% 2,467.71 € 0.0002%
LUPO 123 0.1575% 480,217.04 € 0.0480%
NEW BEETLE 420 0.5379% 4,775,615.43 € 0.4776%
PASSAT 4,997 6.4003% 71,658,758.98 € 7.1658%
PHAETON 88 0.1127% 1,638,361.91 € 0.1638%
POLO 6,973 8.9312% 63,286,896.54 € 6.3287%
SCIROCCO 940 1.2040% 16,006,775.50 € 1.6007%
SHARAN 856 1.0964% 12,479,866.10 € 1.2480%
T4/ T5 2,248 2.8793% 43,725,152.68 € 4.3725%
TIGUAN 1,805 2.3119% 36,642,290.22 € 3.6642%
TOUAREG 653 0.8364% 16,165,599.42 € 1.6166%
TOURAN 5,218 6.6833% 75,009,409.35 € 7.5009%
VENTO 2 0.0026% 5,058.66 € 0.0005%
Subtotal 49,233 63.0586% 633,449,153.78 € 63.3446%
Non VW Group
3,041 3.8950% 25,096,691.07 € 2.5097%
Vehicles
Subtotal 3,041 3.8950% 25,096,691.07 € 2.5097%
Total 78,075 100.0000% 1,000,004,467.28 € 100.0000%

58
17. Region

Outstanding Discounted Percentage of

Percentage of Loans
Region Number of Loans Principal Balance Balance
(%)
(€) (%)

Baden-Wuerttemberg 8,726 11.18% 117,151,741.80 € 11.72%

Bavaria 9,943 12.74% 135,055,706.94 € 13.51%
Berlin 1,782 2.28% 23,939,073.34 € 2.39%
Brandenburg 3,121 4.00% 38,234,454.74 € 3.82%
Bremen 488 0.63% 5,872,314.10 € 0.59%
Hamburg 1,241 1.59% 17,016,326.23 € 1.70%
Hesse 5,444 6.97% 71,426,047.43 € 7.14%
Lower Saxony 8,463 10.84% 103,586,593.23 € 10.36%
Mecklenburg-Vorpommern 2,443 3.13% 28,710,190.06 € 2.87%
North Rhine-Westfalia 15,069 19.30% 192,626,810.52 € 19.26%
Rhineland-Palatinate 3,590 4.60% 45,678,216.11 € 4.57%
Saarland 561 0.72% 7,571,574.23 € 0.76%
Saxony 6,360 8.15% 78,975,867.39 € 7.90%
Saxony-Anhalt 3,951 5.06% 47,763,230.20 € 4.78%
Schleswig-Holstein 2,848 3.65% 35,174,816.75 € 3.52%
Thuringia 4,045 5.18% 51,221,504.21 € 5.12%
Total 78,075 100.00% 1,000,004,467.28 € 100.00%

Schleswig-
Holstein Mecklenburg-
Vorpommern
Hamburg
Bremen
Berlin
Lower Saxony
Saxony-
Anhalt Brandenburg
North
Rhine-Westphalia
Saxony
Thuringia
Hessen
Rhineland-
Palatinate

Saarland
Bavaria
Baden-
Wurttemberg

59
DELINQUENCIES

The following data indicates, for the auto loan portfolio of VW Bank (originated under AutoCredit and
ClassicCredit contracts), and for a given month the outstanding balance of the receivables which are current, one
up to thirty (1-30) days, thirty-one up to sixty (31-60) days, sixty-one up to ninety (61-90) days or more than
ninety (90) days in arrears, expressed as a percentage of the total outstanding balance of the auto loan portfolio
at the beginning of such period.

Arrear status credit portfolio VW Bank Germany

in per cent. of receivables volume (rounded off to two
decimal places)

Month 0 days 1-30 days 31-60 days 61-90 days > 90 days Receivables volume in million EUR
Sep 08 97.64% 0.80% 0.31% 0.25% 1.00% 13,258,35
Dec 08 97.53% 0.79% 0.42% 0.23% 1.03% 13,492.53
Mar 09 97.42% 0.83% 0.39% 0.32% 1.05% 13,801.96
Jun 09 97.40% 0.83% 0.38% 0.26% 1.13% 14,606.80
Sep 09 97.53% 0.78% 0.36% 0.22% 1.11% 15,264.70
Dec 09 97.58% 0.73% 0.39% 0.23% 1.07% 15,602.66
Mar 10 97.50% 0.76% 0.42% 0.27% 1.05% 15,495,74
Jun 10 97.45% 0.87% 0.37% 0.20% 1.10% 15,518,99

60
HISTORICAL PERFORMANCE DATA

VW Bank has extracted data on the historical performance of the entire German auto loan portfolio. The tables
below show historical data on net losses, for the period from January 2004 to January 2010 from contracts
originated since January 2004 and defaulted before June 2010.

Total Portfolio

The net losses data displayed below are in static format and show the cumulative net losses realised after the
specified number of months since origination, for each portfolio of loans originated in a particular month,
expressed as a percentage of the original principal balance of that portfolio. Net losses are calculated by
deducting the vehicle sales proceeds as well as any other recoveries from the outstanding balances of the
respective loans up to the final write-off of the loan (net losses are shown in the month where the write-off of
the loan contract has been carried out by the Seller). The data includes standard and balloon loans to corporate
and private debtors to finance new and used vehicles.

61
Cumulative monthly net losses (in percentages) - Total portfolio

1. Portion of Write-offs to initial credit amount - ClassicCredit and AutoCredit June 2010
01.2004 02.2004 03.2004 04.2004 05.2004 06.2004 07.2004 08.2004 09.2004 10.2004 11.2004 12.2004 01.2005 02.2005 03.2005 04.2005 05.2005 06.2005 07.2005 08.2005 09.2005 10.2005 11.2005 12.2005 01.2006 02.2006 03.2006 04.2006 05.2006 06.2006 07.2006 08.2006 09.2006 10.2006 11.2006 12.2006 01.2007 02.2007 03.2007 04.2007 05.2007 06.2007 07.2007 08.2007 09.2007 10.2007 11.2007 12.2007 01.2008 02.2008 03.2008 04.2008 05.2008 06.2008 07.2008 08.2008 09.2008 10.2008 11.2008 12.2008 01.2009 02.2009 03.2009 04.2009 05.2009 06.2009 07.2009 08.2009 09.2009 10.2009 11.2009 12.2009 01.2010 02.2010 03.2010 04.2010 05.2010 06.2010
1 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
2 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0059% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0057% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
3 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0007% 0.0000% 0.0126% 0.0099% 0.0000% 0.0000% 0.0000% 0.0000% 0.0059% 0.0000% 0.0000% 0.0000% 0.0000% 0.0004% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0057% 0.0000% 0.0000% 0.0016% 0.0000% 0.0000% 0.0011% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
4 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0007% 0.0000% 0.0177% 0.0099% 0.0000% 0.0000% 0.0000% 0.0000% 0.0059% 0.0000% 0.0000% 0.0012% 0.0000% 0.0004% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0009% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0083% 0.0000% 0.0000% 0.0110% 0.0000% 0.0000% 0.0020% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0168% 0.0000% 0.0067% 0.0058% 0.0000% 0.0000% 0.0011% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
5 0.0024% 0.0000% 0.0031% 0.0002% 0.0000% 0.0007% 0.0020% 0.0000% 0.0000% 0.0000% 0.0012% 0.0013% 0.0000% 0.0000% 0.0000% 0.0007% 0.0045% 0.0280% 0.0143% 0.0000% 0.0001% 0.0058% 0.0004% 0.0059% 0.0000% 0.0009% 0.0012% 0.0000% 0.0004% 0.0000% 0.0006% 0.0000% 0.0009% 0.0000% 0.0007% 0.0000% 0.0010% 0.0000% 0.0009% 0.0001% 0.0000% 0.0057% 0.0006% 0.0000% 0.0000% 0.0000% 0.0086% 0.0023% 0.0080% 0.0131% 0.0000% 0.0001% 0.0151% 0.0000% 0.0000% 0.0000% 0.0000% 0.0006% 0.0047% 0.0000% 0.0000% 0.0239% 0.0005% 0.0068% 0.0058% 0.0042% 0.0000% 0.0011% 0.0000% 0.0016% 0.0041% 0.0000% 0.0017% 0.0000%
6 0.0033% 0.0000% 0.0031% 0.0002% 0.0000% 0.0016% 0.0020% 0.0000% 0.0051% 0.0049% 0.0012% 0.0013% 0.0080% 0.0019% 0.0012% 0.0007% 0.0088% 0.0295% 0.0156% 0.0002% 0.0001% 0.0077% 0.0011% 0.0060% 0.0015% 0.0036% 0.0012% 0.0000% 0.0059% 0.0003% 0.0009% 0.0000% 0.0009% 0.0026% 0.0007% 0.0012% 0.0014% 0.0010% 0.0009% 0.0009% 0.0001% 0.0060% 0.0006% 0.0061% 0.0000% 0.0042% 0.0132% 0.0041% 0.0151% 0.0131% 0.0000% 0.0035% 0.0182% 0.0019% 0.0000% 0.0000% 0.0075% 0.0096% 0.0107% 0.0010% 0.0000% 0.0245% 0.0026% 0.0094% 0.0066% 0.0050% 0.0000% 0.0011% 0.0014% 0.0016% 0.0057% 0.0067% 0.0017%
7 0.0042% 0.0000% 0.0046% 0.0024% 0.0021% 0.0043% 0.0031% 0.0000% 0.0125% 0.0049% 0.0020% 0.0014% 0.0080% 0.0085% 0.0084% 0.0069% 0.0112% 0.0472% 0.0156% 0.0072% 0.0001% 0.0105% 0.0025% 0.0083% 0.0041% 0.0036% 0.0018% 0.0017% 0.0068% 0.0017% 0.0036% 0.0027% 0.0025% 0.0031% 0.0033% 0.0123% 0.0059% 0.0030% 0.0021% 0.0009% 0.0022% 0.0086% 0.0056% 0.0073% 0.0000% 0.0153% 0.0166% 0.0102% 0.0155% 0.0167% 0.0031% 0.0051% 0.0254% 0.0055% 0.0014% 0.0003% 0.0097% 0.0167% 0.0134% 0.0025% 0.0152% 0.0263% 0.0053% 0.0096% 0.0066% 0.0073% 0.0113% 0.0092% 0.0067% 0.0049% 0.0057% 0.0129%
8 0.0133% 0.0067% 0.0125% 0.0044% 0.0046% 0.0079% 0.0049% 0.0023% 0.0182% 0.0067% 0.0020% 0.0014% 0.0151% 0.0085% 0.0136% 0.0069% 0.0195% 0.0589% 0.0237% 0.0098% 0.0117% 0.0121% 0.0174% 0.0083% 0.0154% 0.0045% 0.0071% 0.0118% 0.0108% 0.0041% 0.0146% 0.0069% 0.0063% 0.0117% 0.0054% 0.0164% 0.0086% 0.0030% 0.0108% 0.0013% 0.0023% 0.0183% 0.0087% 0.0092% 0.0073% 0.0182% 0.0252% 0.0119% 0.0202% 0.0212% 0.0066% 0.0117% 0.0280% 0.0055% 0.0027% 0.0041% 0.0099% 0.0210% 0.0181% 0.0045% 0.0152% 0.0268% 0.0165% 0.0138% 0.0135% 0.0077% 0.0235% 0.0092% 0.0140% 0.0157% 0.0123%
9 0.0297% 0.0290% 0.0233% 0.0226% 0.0086% 0.0142% 0.0088% 0.0135% 0.0394% 0.0102% 0.0043% 0.0271% 0.0203% 0.0156% 0.0197% 0.0096% 0.0345% 0.0638% 0.0349% 0.0124% 0.0370% 0.0121% 0.0224% 0.0091% 0.0161% 0.0084% 0.0098% 0.0234% 0.0121% 0.0079% 0.0191% 0.0139% 0.0096% 0.0140% 0.0121% 0.0256% 0.0107% 0.0225% 0.0136% 0.0025% 0.0161% 0.0275% 0.0113% 0.0194% 0.0191% 0.0359% 0.0312% 0.0185% 0.0305% 0.0262% 0.0163% 0.0170% 0.0378% 0.0192% 0.0160% 0.0072% 0.0240% 0.0257% 0.0349% 0.0064% 0.0210% 0.0342% 0.0228% 0.0266% 0.0276% 0.0113% 0.0254% 0.0150% 0.0155% 0.0271%
10 0.0443% 0.0388% 0.0447% 0.0301% 0.0159% 0.0273% 0.0212% 0.0281% 0.0633% 0.0202% 0.0240% 0.0430% 0.0377% 0.0208% 0.0229% 0.0176% 0.0434% 0.0654% 0.0492% 0.0270% 0.0509% 0.0126% 0.0367% 0.0111% 0.0168% 0.0189% 0.0114% 0.0305% 0.0179% 0.0128% 0.0252% 0.0171% 0.0134% 0.0240% 0.0160% 0.0315% 0.0243% 0.0296% 0.0140% 0.0191% 0.0302% 0.0429% 0.0319% 0.0233% 0.0241% 0.0441% 0.0474% 0.0242% 0.0410% 0.0342% 0.0278% 0.0288% 0.0485% 0.0271% 0.0431% 0.0316% 0.0434% 0.0334% 0.0422% 0.0349% 0.0457% 0.0419% 0.0322% 0.0365% 0.0329% 0.0146% 0.0302% 0.0175% 0.0212%
11 0.0500% 0.0405% 0.0684% 0.0376% 0.0277% 0.0319% 0.0323% 0.0354% 0.0712% 0.0344% 0.0290% 0.0739% 0.0561% 0.0341% 0.0373% 0.0275% 0.0558% 0.0711% 0.0624% 0.0448% 0.0658% 0.0182% 0.0407% 0.0420% 0.0199% 0.0249% 0.0204% 0.0363% 0.0281% 0.0148% 0.0281% 0.0420% 0.0169% 0.0326% 0.0197% 0.0475% 0.0287% 0.0406% 0.0157% 0.0349% 0.0341% 0.0558% 0.0435% 0.0448% 0.0266% 0.0506% 0.0568% 0.0361% 0.0600% 0.0441% 0.0305% 0.0421% 0.0578% 0.0479% 0.0545% 0.0507% 0.0610% 0.0413% 0.0584% 0.0463% 0.0754% 0.0518% 0.0375% 0.0454% 0.0420% 0.0232% 0.0415% 0.0255%
12 0.0685% 0.0597% 0.0835% 0.0541% 0.0618% 0.0413% 0.0439% 0.0481% 0.0797% 0.0583% 0.0657% 0.0822% 0.0649% 0.0436% 0.0550% 0.0583% 0.0649% 0.1052% 0.0668% 0.0517% 0.0780% 0.0356% 0.0518% 0.0580% 0.0394% 0.0337% 0.0255% 0.0430% 0.0327% 0.0224% 0.0308% 0.0696% 0.0333% 0.0403% 0.0234% 0.0541% 0.0354% 0.0565% 0.0217% 0.0416% 0.0453% 0.0778% 0.0616% 0.0456% 0.0407% 0.0615% 0.0662% 0.0455% 0.0753% 0.0503% 0.0507% 0.0579% 0.0741% 0.0642% 0.0840% 0.0649% 0.0643% 0.0606% 0.0809% 0.0605% 0.0899% 0.0569% 0.0408% 0.0655% 0.0455% 0.0289% 0.0477%
13 0.0996% 0.0654% 0.1064% 0.0959% 0.0734% 0.0583% 0.0613% 0.0636% 0.1080% 0.0828% 0.0974% 0.1135% 0.0729% 0.0474% 0.1345% 0.0680% 0.0932% 0.1173% 0.1005% 0.0702% 0.0951% 0.0456% 0.0701% 0.0655% 0.0566% 0.0425% 0.0407% 0.0515% 0.0416% 0.0414% 0.0400% 0.0831% 0.0497% 0.0499% 0.0373% 0.0610% 0.0487% 0.0736% 0.0304% 0.0663% 0.0577% 0.0892% 0.0740% 0.0614% 0.0793% 0.0780% 0.0700% 0.0701% 0.0953% 0.0559% 0.0694% 0.0785% 0.0904% 0.0952% 0.1020% 0.0761% 0.0710% 0.0736% 0.1105% 0.0734% 0.1076% 0.0752% 0.0518% 0.0697% 0.0494% 0.0420%
14 0.1212% 0.0787% 0.1357% 0.1162% 0.0858% 0.0708% 0.0840% 0.0983% 0.1607% 0.1395% 0.1109% 0.1559% 0.0886% 0.1883% 0.1358% 0.1004% 0.0935% 0.1404% 0.1180% 0.0883% 0.1247% 0.0684% 0.0841% 0.0829% 0.0624% 0.0723% 0.0562% 0.0574% 0.0562% 0.0542% 0.0508% 0.1030% 0.0615% 0.0596% 0.0465% 0.0787% 0.0532% 0.0892% 0.0454% 0.0813% 0.0651% 0.1007% 0.0944% 0.0862% 0.1094% 0.1083% 0.0914% 0.0788% 0.1165% 0.0666% 0.0928% 0.1039% 0.1000% 0.1171% 0.1167% 0.1019% 0.0932% 0.1117% 0.1304% 0.0923% 0.1368% 0.0824% 0.0680% 0.0765% 0.0580%
15 0.1303% 0.1167% 0.1608% 0.1503% 0.0921% 0.0824% 0.1055% 0.1303% 0.1937% 0.1782% 0.1535% 0.1920% 0.1305% 0.2013% 0.1827% 0.1238% 0.1089% 0.1764% 0.1290% 0.1010% 0.1667% 0.0931% 0.1115% 0.0883% 0.0811% 0.0778% 0.0605% 0.0747% 0.0684% 0.0668% 0.0603% 0.1219% 0.0691% 0.0636% 0.0634% 0.0917% 0.0662% 0.1035% 0.0555% 0.0947% 0.0711% 0.1187% 0.1223% 0.1145% 0.1305% 0.1330% 0.1135% 0.0986% 0.1267% 0.0947% 0.1253% 0.1230% 0.1179% 0.1330% 0.1450% 0.1298% 0.1200% 0.1621% 0.1703% 0.1030% 0.1533% 0.1019% 0.0785% 0.0988%
16 0.1613% 0.1452% 0.1958% 0.1668% 0.1073% 0.0994% 0.1259% 0.1648% 0.2397% 0.2037% 0.1668% 0.2067% 0.1477% 0.2452% 0.2001% 0.1374% 0.1228% 0.2043% 0.1448% 0.1476% 0.1809% 0.1006% 0.1270% 0.0980% 0.1032% 0.0896% 0.0838% 0.1002% 0.0925% 0.0764% 0.0699% 0.1312% 0.0829% 0.0852% 0.0725% 0.0981% 0.0873% 0.1190% 0.0646% 0.1111% 0.0905% 0.1546% 0.1608% 0.1381% 0.1452% 0.1511% 0.1272% 0.1242% 0.1527% 0.1180% 0.1460% 0.1563% 0.1426% 0.1695% 0.1890% 0.1657% 0.1336% 0.2046% 0.1924% 0.1422% 0.1885% 0.1183% 0.0946%
17 0.1890% 0.1631% 0.2266% 0.1780% 0.1219% 0.1327% 0.1548% 0.1850% 0.2519% 0.2423% 0.1978% 0.2149% 0.1727% 0.2693% 0.2136% 0.1600% 0.1364% 0.2158% 0.1580% 0.1690% 0.2133% 0.1156% 0.1616% 0.1233% 0.1247% 0.1355% 0.1085% 0.1062% 0.1050% 0.1068% 0.0766% 0.1362% 0.1086% 0.0956% 0.0859% 0.1133% 0.0977% 0.1292% 0.0779% 0.1292% 0.1220% 0.2092% 0.1815% 0.1490% 0.1533% 0.1741% 0.1403% 0.1749% 0.1737% 0.1327% 0.1658% 0.1911% 0.1859% 0.2153% 0.2214% 0.2123% 0.1649% 0.2303% 0.2211% 0.1727% 0.2229% 0.1403%
18 0.2311% 0.1931% 0.2457% 0.2242% 0.1462% 0.1650% 0.1959% 0.2209% 0.2875% 0.2839% 0.2194% 0.2371% 0.2040% 0.2949% 0.2332% 0.1872% 0.1568% 0.2343% 0.2049% 0.2002% 0.2248% 0.1604% 0.1797% 0.1347% 0.1491% 0.1447% 0.1201% 0.1144% 0.1153% 0.1161% 0.0912% 0.1508% 0.1163% 0.1164% 0.1009% 0.1360% 0.1042% 0.1472% 0.1066% 0.1561% 0.1669% 0.2512% 0.2064% 0.1611% 0.1765% 0.2047% 0.1580% 0.2076% 0.1968% 0.1669% 0.2098% 0.2151% 0.2131% 0.2484% 0.2689% 0.2602% 0.2201% 0.2628% 0.2450% 0.2096% 0.2530%
19 0.2628% 0.2102% 0.2753% 0.2500% 0.1603% 0.2175% 0.2320% 0.2311% 0.3282% 0.3091% 0.2355% 0.2585% 0.2205% 0.3092% 0.2419% 0.2201% 0.1850% 0.2618% 0.2250% 0.2248% 0.2494% 0.1767% 0.1997% 0.1487% 0.1911% 0.1569% 0.1292% 0.1311% 0.1274% 0.1285% 0.1015% 0.1686% 0.1245% 0.1338% 0.1086% 0.1506% 0.1187% 0.1835% 0.1645% 0.1722% 0.1990% 0.2702% 0.2202% 0.1958% 0.1999% 0.2161% 0.1826% 0.2389% 0.2131% 0.1868% 0.2438% 0.2442% 0.2596% 0.2805% 0.3246% 0.2992% 0.2522% 0.2858% 0.2837% 0.2708%
20 0.2887% 0.2511% 0.3037% 0.2838% 0.1818% 0.2387% 0.2418% 0.2566% 0.3559% 0.3353% 0.2666% 0.2853% 0.2462% 0.3281% 0.2686% 0.2475% 0.2038% 0.2993% 0.2449% 0.2557% 0.2601% 0.1991% 0.2131% 0.1734% 0.2038% 0.1672% 0.1421% 0.1401% 0.1374% 0.1406% 0.1168% 0.1741% 0.1555% 0.1464% 0.1170% 0.1622% 0.1324% 0.2105% 0.1944% 0.1965% 0.2189% 0.2932% 0.2418% 0.2397% 0.2385% 0.2436% 0.2106% 0.2874% 0.2450% 0.2166% 0.2632% 0.2830% 0.2950% 0.3344% 0.3811% 0.3232% 0.2811% 0.3167% 0.3199%
21 0.3123% 0.2741% 0.3330% 0.3036% 0.1966% 0.2554% 0.2755% 0.2735% 0.3749% 0.3568% 0.2806% 0.3100% 0.2602% 0.3780% 0.3000% 0.2584% 0.2336% 0.3199% 0.2887% 0.2785% 0.2847% 0.2231% 0.2272% 0.2072% 0.2325% 0.1913% 0.1589% 0.1427% 0.1649% 0.1574% 0.1300% 0.1968% 0.1768% 0.1641% 0.1277% 0.1813% 0.1826% 0.2328% 0.2207% 0.2153% 0.2321% 0.3291% 0.2714% 0.2963% 0.2629% 0.2670% 0.2345% 0.3054% 0.2823% 0.2550% 0.2894% 0.3216% 0.3418% 0.3611% 0.4241% 0.3379% 0.3232% 0.3560%
22 0.3242% 0.3086% 0.3727% 0.3289% 0.2258% 0.3107% 0.2943% 0.2967% 0.4121% 0.3897% 0.3231% 0.3384% 0.2811% 0.4100% 0.3266% 0.3024% 0.2547% 0.3410% 0.3094% 0.3021% 0.2974% 0.2431% 0.2488% 0.2126% 0.2558% 0.2101% 0.1707% 0.1618% 0.1796% 0.1717% 0.1453% 0.2255% 0.1854% 0.1784% 0.1365% 0.2041% 0.2094% 0.2768% 0.2474% 0.2500% 0.2577% 0.3510% 0.2898% 0.3402% 0.3048% 0.3008% 0.2819% 0.3203% 0.2884% 0.3328% 0.3305% 0.3704% 0.3808% 0.3910% 0.4666% 0.3607% 0.3602%
23 0.3690% 0.3361% 0.3929% 0.3375% 0.2365% 0.3347% 0.3246% 0.3456% 0.4299% 0.4183% 0.3331% 0.3900% 0.3234% 0.4397% 0.3604% 0.3141% 0.2891% 0.3570% 0.3302% 0.3157% 0.3299% 0.2587% 0.2845% 0.2391% 0.2741% 0.2226% 0.1891% 0.1809% 0.1928% 0.1957% 0.1589% 0.2388% 0.1973% 0.1891% 0.1682% 0.2450% 0.2342% 0.3149% 0.2656% 0.2807% 0.2927% 0.4114% 0.3322% 0.3627% 0.3662% 0.3250% 0.3301% 0.3527% 0.3594% 0.3777% 0.3627% 0.4020% 0.4090% 0.4383% 0.4986% 0.4205%
24 0.4185% 0.3618% 0.4370% 0.3488% 0.2552% 0.3610% 0.3543% 0.3714% 0.4604% 0.4334% 0.3696% 0.4273% 0.3415% 0.4620% 0.3876% 0.3262% 0.3093% 0.3728% 0.3411% 0.3463% 0.3414% 0.2701% 0.3002% 0.2637% 0.2792% 0.2535% 0.2035% 0.1967% 0.2298% 0.2068% 0.1781% 0.2577% 0.2156% 0.2112% 0.1787% 0.2573% 0.2444% 0.3443% 0.2744% 0.3098% 0.3370% 0.4639% 0.3662% 0.3887% 0.3948% 0.3551% 0.3563% 0.4059% 0.3741% 0.3970% 0.3863% 0.4438% 0.4298% 0.4837% 0.5395%
25 0.4417% 0.4160% 0.4638% 0.3621% 0.2908% 0.3732% 0.3662% 0.4008% 0.4866% 0.4810% 0.3941% 0.4986% 0.3564% 0.4722% 0.4161% 0.3504% 0.3501% 0.3884% 0.3537% 0.3687% 0.3655% 0.2889% 0.3210% 0.2778% 0.3293% 0.2686% 0.2114% 0.2102% 0.2445% 0.2238% 0.1976% 0.2722% 0.2531% 0.2287% 0.2067% 0.2767% 0.2619% 0.3827% 0.3065% 0.3374% 0.3549% 0.5149% 0.4142% 0.4190% 0.4176% 0.3825% 0.3863% 0.4678% 0.4194% 0.4351% 0.4025% 0.4661% 0.4556% 0.5338%
26 0.4690% 0.4277% 0.4805% 0.3808% 0.3065% 0.3906% 0.4005% 0.4213% 0.5259% 0.5187% 0.4529% 0.5487% 0.3758% 0.5121% 0.4389% 0.3704% 0.3702% 0.4118% 0.3888% 0.3991% 0.3896% 0.3143% 0.3261% 0.2992% 0.3521% 0.2729% 0.2358% 0.2239% 0.2585% 0.2345% 0.2139% 0.3133% 0.2755% 0.2471% 0.2225% 0.2897% 0.2900% 0.4358% 0.3429% 0.3643% 0.3762% 0.5592% 0.4419% 0.4583% 0.4463% 0.4236% 0.4415% 0.5145% 0.4470% 0.4585% 0.4277% 0.5078% 0.4927%
27 0.4941% 0.4573% 0.5128% 0.3873% 0.3177% 0.4086% 0.4336% 0.4433% 0.5725% 0.5599% 0.4877% 0.5667% 0.3953% 0.5319% 0.4700% 0.4118% 0.3942% 0.4417% 0.4052% 0.4170% 0.4084% 0.3146% 0.3458% 0.3203% 0.3747% 0.3086% 0.2483% 0.2542% 0.2758% 0.2541% 0.2406% 0.3436% 0.3213% 0.2594% 0.2393% 0.3153% 0.3188% 0.4704% 0.3730% 0.4033% 0.4065% 0.5850% 0.4777% 0.5423% 0.4866% 0.4411% 0.4751% 0.5543% 0.4964% 0.4794% 0.4474% 0.5540%
28 0.5030% 0.4769% 0.5307% 0.3964% 0.3364% 0.4277% 0.4586% 0.4838% 0.6277% 0.5929% 0.5034% 0.5929% 0.4099% 0.5697% 0.4972% 0.4349% 0.4312% 0.4778% 0.4266% 0.4431% 0.4214% 0.3536% 0.3659% 0.3388% 0.4025% 0.3320% 0.2628% 0.2667% 0.2954% 0.2994% 0.2580% 0.3785% 0.3319% 0.2634% 0.2489% 0.3248% 0.3401% 0.5029% 0.4051% 0.4367% 0.4395% 0.6068% 0.5152% 0.5714% 0.5406% 0.5004% 0.4866% 0.5723% 0.5277% 0.5235% 0.4794%
29 0.5287% 0.4929% 0.5432% 0.4202% 0.3484% 0.4495% 0.4865% 0.5160% 0.6655% 0.6065% 0.5483% 0.6137% 0.4389% 0.5892% 0.5488% 0.4996% 0.4709% 0.4988% 0.4450% 0.4694% 0.4759% 0.3676% 0.3769% 0.3697% 0.4131% 0.3462% 0.2741% 0.2811% 0.3173% 0.3170% 0.2811% 0.3948% 0.3439% 0.2873% 0.2662% 0.3353% 0.3639% 0.5367% 0.4314% 0.4631% 0.4712% 0.6337% 0.5468% 0.6068% 0.5831% 0.5347% 0.5180% 0.6098% 0.5538% 0.5531%
30 0.5597% 0.5082% 0.5570% 0.4236% 0.3689% 0.4767% 0.4977% 0.5455% 0.6794% 0.6501% 0.5578% 0.6417% 0.4536% 0.6019% 0.5719% 0.5130% 0.4877% 0.5087% 0.4582% 0.4964% 0.4815% 0.3873% 0.3946% 0.3889% 0.4319% 0.3581% 0.2920% 0.3057% 0.3338% 0.3305% 0.3073% 0.4058% 0.3660% 0.3001% 0.2776% 0.3537% 0.3873% 0.5952% 0.4579% 0.4869% 0.5049% 0.6825% 0.5830% 0.6365% 0.6126% 0.5603% 0.5527% 0.6434% 0.5881%
31 0.5822% 0.5268% 0.5780% 0.4407% 0.3966% 0.4875% 0.5225% 0.5561% 0.7036% 0.6634% 0.5894% 0.6585% 0.4737% 0.6172% 0.5896% 0.5338% 0.5116% 0.5274% 0.4839% 0.5185% 0.4897% 0.4085% 0.4148% 0.4151% 0.4449% 0.3702% 0.3199% 0.3263% 0.3436% 0.3566% 0.3235% 0.4202% 0.3868% 0.3374% 0.2975% 0.3715% 0.4072% 0.6182% 0.4827% 0.5103% 0.5362% 0.7100% 0.6217% 0.6731% 0.6369% 0.5776% 0.5659% 0.6812%
32 0.6188% 0.5436% 0.6030% 0.4503% 0.4208% 0.5085% 0.5364% 0.5622% 0.7163% 0.6899% 0.6170% 0.6832% 0.4945% 0.6440% 0.6192% 0.5587% 0.5192% 0.5440% 0.4946% 0.5280% 0.5029% 0.4226% 0.4424% 0.4422% 0.4640% 0.3821% 0.3335% 0.3588% 0.3616% 0.3622% 0.3509% 0.4427% 0.4185% 0.3568% 0.3065% 0.3922% 0.4290% 0.6353% 0.5198% 0.5244% 0.5855% 0.7639% 0.6477% 0.6826% 0.6642% 0.5971% 0.6201%
33 0.6316% 0.5711% 0.6426% 0.4619% 0.4452% 0.5295% 0.5550% 0.5723% 0.7543% 0.7120% 0.6306% 0.7009% 0.5074% 0.6599% 0.6481% 0.5763% 0.5446% 0.5537% 0.5177% 0.5517% 0.5142% 0.4516% 0.4714% 0.4546% 0.4973% 0.3993% 0.3463% 0.3808% 0.3761% 0.3800% 0.3619% 0.4724% 0.4366% 0.3754% 0.3336% 0.4047% 0.4552% 0.6770% 0.5368% 0.5717% 0.6043% 0.7819% 0.6887% 0.7006% 0.6788% 0.6409%
34 0.6433% 0.5880% 0.6595% 0.4910% 0.4593% 0.5553% 0.5839% 0.6002% 0.7982% 0.7248% 0.6595% 0.7100% 0.5280% 0.6807% 0.6596% 0.6100% 0.5608% 0.5607% 0.5329% 0.5694% 0.5304% 0.4698% 0.4821% 0.4805% 0.5138% 0.4182% 0.3552% 0.3963% 0.3947% 0.4088% 0.3926% 0.5050% 0.4580% 0.3948% 0.3570% 0.4205% 0.4698% 0.6883% 0.5614% 0.6054% 0.6281% 0.8059% 0.7051% 0.7462% 0.7040%
35 0.6637% 0.6149% 0.6775% 0.5075% 0.4854% 0.5775% 0.5952% 0.6240% 0.8227% 0.7417% 0.6878% 0.7446% 0.5372% 0.6996% 0.6820% 0.6183% 0.5736% 0.5916% 0.5445% 0.5837% 0.5520% 0.4742% 0.5059% 0.4890% 0.5381% 0.4303% 0.3671% 0.4178% 0.4071% 0.4260% 0.4071% 0.5245% 0.4756% 0.4042% 0.3757% 0.4385% 0.5047% 0.7195% 0.5738% 0.6188% 0.6536% 0.8311% 0.7246% 0.7686%
36 0.6961% 0.6429% 0.6946% 0.5290% 0.4984% 0.5919% 0.6222% 0.6490% 0.8404% 0.7618% 0.6940% 0.7582% 0.5543% 0.7228% 0.6917% 0.6389% 0.6043% 0.6073% 0.5771% 0.5941% 0.5731% 0.4983% 0.5318% 0.4980% 0.5526% 0.4434% 0.3949% 0.4340% 0.4132% 0.4339% 0.4294% 0.5414% 0.4888% 0.4277% 0.3864% 0.4573% 0.5232% 0.7600% 0.5889% 0.6586% 0.6913% 0.8481% 0.7595%
37 0.7162% 0.6620% 0.7023% 0.5482% 0.5152% 0.6178% 0.6330% 0.6818% 0.8624% 0.7881% 0.7042% 0.7752% 0.5742% 0.7284% 0.7107% 0.6610% 0.6080% 0.6200% 0.5841% 0.6060% 0.6023% 0.5397% 0.5412% 0.5147% 0.5616% 0.4490% 0.4310% 0.4540% 0.4377% 0.4533% 0.4501% 0.5567% 0.5016% 0.4539% 0.3983% 0.4797% 0.5442% 0.7825% 0.6035% 0.6886% 0.7139% 0.8731%
38 0.7440% 0.6777% 0.7101% 0.5545% 0.5223% 0.6309% 0.6544% 0.6965% 0.8879% 0.8117% 0.7146% 0.7951% 0.5955% 0.7477% 0.7356% 0.6691% 0.6231% 0.6452% 0.5965% 0.6401% 0.6277% 0.5595% 0.5509% 0.5533% 0.5748% 0.4763% 0.4432% 0.4715% 0.4498% 0.4729% 0.4717% 0.5864% 0.5182% 0.4714% 0.4185% 0.4919% 0.5634% 0.8173% 0.6176% 0.7195% 0.7518%
39 0.7587% 0.6967% 0.7339% 0.5807% 0.5377% 0.6446% 0.6735% 0.7177% 0.9043% 0.8319% 0.7350% 0.8153% 0.6075% 0.7648% 0.7518% 0.6889% 0.6381% 0.6548% 0.6237% 0.6484% 0.6493% 0.5733% 0.5612% 0.5713% 0.5995% 0.4835% 0.4595% 0.4969% 0.4627% 0.4936% 0.4883% 0.6127% 0.5473% 0.4849% 0.4496% 0.5178% 0.5857% 0.8508% 0.6492% 0.7451%
40 0.7898% 0.7125% 0.7617% 0.5879% 0.5532% 0.6531% 0.6946% 0.7318% 0.9177% 0.8698% 0.7602% 0.8265% 0.6151% 0.7735% 0.7610% 0.6990% 0.6546% 0.6901% 0.6546% 0.6702% 0.6584% 0.5799% 0.5815% 0.5821% 0.6108% 0.5044% 0.4752% 0.5045% 0.4707% 0.5256% 0.5038% 0.6269% 0.5616% 0.5081% 0.4675% 0.5377% 0.6078% 0.8675% 0.6663%
41 0.8042% 0.7351% 0.7762% 0.5976% 0.5778% 0.6661% 0.7118% 0.7477% 0.9400% 0.8774% 0.7686% 0.8389% 0.6162% 0.7879% 0.7692% 0.7152% 0.6741% 0.7124% 0.6725% 0.6805% 0.6656% 0.5966% 0.5968% 0.5948% 0.6328% 0.5159% 0.5017% 0.5188% 0.4875% 0.5371% 0.5249% 0.6463% 0.5709% 0.5182% 0.4812% 0.5468% 0.6267% 0.8841%
42 0.8274% 0.7641% 0.7952% 0.6083% 0.5898% 0.6743% 0.7186% 0.7642% 0.9595% 0.8906% 0.8023% 0.8485% 0.6330% 0.7928% 0.7757% 0.7296% 0.6854% 0.7202% 0.6816% 0.6908% 0.6921% 0.6044% 0.6060% 0.6182% 0.6570% 0.5462% 0.5204% 0.5398% 0.4975% 0.5459% 0.5459% 0.6619% 0.5909% 0.5362% 0.4980% 0.5639% 0.6434%
43 0.8462% 0.7874% 0.8056% 0.6168% 0.5940% 0.6949% 0.7493% 0.7940% 0.9695% 0.9005% 0.8124% 0.8544% 0.6470% 0.8187% 0.7907% 0.7575% 0.7089% 0.7319% 0.6867% 0.7127% 0.7189% 0.6185% 0.6266% 0.6384% 0.6797% 0.5636% 0.5404% 0.5606% 0.5062% 0.5607% 0.5587% 0.6830% 0.6112% 0.5525% 0.5047% 0.5878%
44 0.8732% 0.8011% 0.8191% 0.6268% 0.6058% 0.7119% 0.7602% 0.8066% 0.9848% 0.9110% 0.8269% 0.8702% 0.6611% 0.8336% 0.7963% 0.7726% 0.7196% 0.7558% 0.7065% 0.7292% 0.7329% 0.6501% 0.6549% 0.6469% 0.6900% 0.5696% 0.5576% 0.5795% 0.5165% 0.5749% 0.5681% 0.6938% 0.6229% 0.5689% 0.5195%
45 0.8825% 0.8289% 0.8247% 0.6395% 0.6267% 0.7151% 0.7650% 0.8230% 0.9934% 0.9251% 0.8453% 0.8792% 0.6815% 0.8405% 0.8135% 0.7859% 0.7352% 0.7683% 0.7139% 0.7540% 0.7513% 0.6719% 0.6789% 0.6763% 0.6969% 0.5987% 0.5720% 0.6074% 0.5299% 0.5904% 0.5794% 0.7045% 0.6311% 0.5776%
46 0.8949% 0.8347% 0.8326% 0.6503% 0.6354% 0.7188% 0.7758% 0.8326% 1.0044% 0.9459% 0.8584% 0.8951% 0.6903% 0.8580% 0.8246% 0.8029% 0.7544% 0.7742% 0.7318% 0.7880% 0.7643% 0.6903% 0.6937% 0.6897% 0.7090% 0.6273% 0.5790% 0.6271% 0.5409% 0.6062% 0.5999% 0.7248% 0.6443%
47 0.9097% 0.8462% 0.8419% 0.6587% 0.6390% 0.7370% 0.7857% 0.8421% 1.0101% 0.9640% 0.8779% 0.9035% 0.7014% 0.8649% 0.8330% 0.8201% 0.7809% 0.7862% 0.7512% 0.8002% 0.7703% 0.6970% 0.7202% 0.7055% 0.7197% 0.6543% 0.5882% 0.6382% 0.5596% 0.6187% 0.6093% 0.7440%
48 0.9125% 0.8599% 0.8548% 0.6689% 0.6623% 0.7467% 0.7934% 0.8515% 1.0204% 0.9799% 0.8946% 0.9212% 0.7215% 0.8817% 0.8420% 0.8332% 0.7880% 0.7957% 0.7598% 0.8183% 0.7998% 0.7109% 0.7304% 0.7209% 0.7391% 0.6753% 0.5985% 0.6518% 0.5675% 0.6287% 0.6322%
49 0.9251% 0.8709% 0.8579% 0.6780% 0.6770% 0.7657% 0.7966% 0.8561% 1.0314% 0.9933% 0.9150% 0.9263% 0.7338% 0.8867% 0.8524% 0.8476% 0.7974% 0.8174% 0.7693% 0.8258% 0.8069% 0.7207% 0.7374% 0.7344% 0.7520% 0.6879% 0.6032% 0.6575% 0.5756% 0.6414%
50 0.9449% 0.8793% 0.8725% 0.6890% 0.6804% 0.7742% 0.8005% 0.8732% 1.0430% 1.0203% 0.9201% 0.9312% 0.7381% 0.8970% 0.8717% 0.8560% 0.8011% 0.8286% 0.7795% 0.8496% 0.8266% 0.7279% 0.7464% 0.7446% 0.7576% 0.7036% 0.6148% 0.6743% 0.5893%
51 0.9525% 0.8963% 0.8836% 0.6934% 0.6841% 0.7870% 0.8254% 0.8882% 1.0599% 1.0290% 0.9251% 0.9478% 0.7446% 0.9093% 0.8814% 0.8779% 0.8066% 0.8397% 0.7853% 0.8621% 0.8316% 0.7436% 0.7560% 0.7484% 0.7785% 0.7086% 0.6239% 0.6796%
52 0.9633% 0.8985% 0.8859% 0.7007% 0.6875% 0.7954% 0.8365% 0.9061% 1.0747% 1.0541% 0.9341% 0.9562% 0.7534% 0.9197% 0.8932% 0.8931% 0.8155% 0.8464% 0.7936% 0.8757% 0.8420% 0.7524% 0.7699% 0.7639% 0.7907% 0.7158% 0.6333%
53 0.9714% 0.9037% 0.9034% 0.7091% 0.6950% 0.8077% 0.8555% 0.9179% 1.0804% 1.0790% 0.9465% 0.9695% 0.7701% 0.9267% 0.8988% 0.9020% 0.8248% 0.8577% 0.8053% 0.8906% 0.8555% 0.7706% 0.7782% 0.7672% 0.7949% 0.7304%
54 0.9784% 0.9121% 0.9150% 0.7314% 0.7008% 0.8239% 0.8639% 0.9287% 1.0918% 1.0889% 0.9531% 0.9746% 0.7953% 0.9372% 0.9108% 0.9092% 0.8307% 0.8776% 0.8107% 0.9020% 0.8620% 0.7929% 0.7908% 0.7718% 0.8025%
55 0.9839% 0.9157% 0.9210% 0.7391% 0.7082% 0.8263% 0.8689% 0.9389% 1.1013% 1.1077% 0.9536% 0.9851% 0.8020% 0.9543% 0.9190% 0.9214% 0.8532% 0.9015% 0.8231% 0.9147% 0.8716% 0.7962% 0.8033% 0.7772%
56 1.0061% 0.9236% 0.9355% 0.7554% 0.7099% 0.8380% 0.8721% 0.9438% 1.1060% 1.1181% 0.9657% 0.9927% 0.8109% 0.9616% 0.9279% 0.9281% 0.8578% 0.9226% 0.8290% 0.9291% 0.8734% 0.8009% 0.8217%
57 1.0108% 0.9423% 0.9412% 0.7607% 0.7137% 0.8456% 0.8741% 0.9517% 1.1353% 1.1258% 0.9737% 1.0053% 0.8311% 0.9685% 0.9324% 0.9337% 0.8648% 0.9249% 0.8536% 0.9412% 0.8780% 0.8150%
58 1.0166% 0.9491% 0.9529% 0.7638% 0.7161% 0.8563% 0.8801% 0.9576% 1.1388% 1.1458% 0.9871% 1.0144% 0.8323% 0.9803% 0.9378% 0.9447% 0.8710% 0.9313% 0.8560% 0.9484% 0.8914%
59 1.0286% 0.9605% 0.9579% 0.7752% 0.7197% 0.8590% 0.8859% 0.9601% 1.1495% 1.1580% 0.9882% 1.0263% 0.8360% 0.9843% 0.9466% 0.9578% 0.8840% 0.9330% 0.8664% 0.9549%
60 1.0398% 0.9722% 0.9607% 0.7779% 0.7310% 0.8628% 0.8890% 0.9739% 1.1571% 1.1681% 1.0015% 1.0310% 0.8509% 0.9973% 0.9546% 0.9642% 0.8894% 0.9376% 0.8805%
61 1.0443% 0.9853% 0.9615% 0.7849% 0.7452% 0.8664% 0.8951% 0.9865% 1.1687% 1.1726% 1.0027% 1.0358% 0.8587% 1.0112% 0.9617% 0.9708% 0.8952% 0.9525%
62 1.0499% 0.9871% 0.9681% 0.7921% 0.7533% 0.8715% 0.9015% 0.9955% 1.1790% 1.1770% 1.0076% 1.0374% 0.8670% 1.0204% 0.9769% 0.9770% 0.9046%
63 1.0499% 0.9951% 0.9738% 0.7940% 0.7567% 0.8745% 0.9058% 1.0095% 1.1949% 1.1845% 1.0140% 1.0435% 0.8763% 1.0254% 0.9788% 0.9827%
64 1.0500% 0.9960% 0.9840% 0.7968% 0.7629% 0.8776% 0.9119% 1.0138% 1.1992% 1.1896% 1.0175% 1.0535% 0.8830% 1.0356% 0.9885%
65 1.0567% 1.0068% 0.9873% 0.8038% 0.7646% 0.8841% 0.9203% 1.0183% 1.2038% 1.1950% 1.0189% 1.0629% 0.8839% 1.0475%
66 1.0674% 1.0084% 0.9887% 0.8065% 0.7667% 0.8860% 0.9231% 1.0303% 1.2170% 1.2035% 1.0227% 1.0743% 0.8840%
67 1.0730% 1.0153% 0.9914% 0.8126% 0.7707% 0.8861% 0.9274% 1.0312% 1.2214% 1.2077% 1.0324% 1.0797%
68 1.0766% 1.0181% 0.9984% 0.8137% 0.7715% 0.8869% 0.9281% 1.0317% 1.2265% 1.2083% 1.0342%
69 1.0792% 1.0226% 0.9990% 0.8189% 0.7754% 0.8873% 0.9298% 1.0339% 1.2279% 1.2112%
70 1.0792% 1.0328% 0.9990% 0.8201% 0.7796% 0.8902% 0.9310% 1.0386% 1.2290%
71 1.0897% 1.0338% 1.0046% 0.8221% 0.7843% 0.8916% 0.9366% 1.0392%
72 1.0923% 1.0350% 1.0080% 0.8375% 0.7866% 0.8932% 0.9382%
73 1.0937% 1.0351% 1.0093% 0.8389% 0.7893% 0.8981%
74 1.0942% 1.0393% 1.0113% 0.8407% 0.7893%
75 1.0942% 1.0420% 1.0143% 0.8431%
76 1.0943% 1.0421% 1.0166%
77 1.0950% 1.0421%
78 1.0950%

62
1.4000%

1.2000%

1.0000%

0.8000%

0.6000%

0.4000%

0.2000%

0.0000%
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77
01.2004 02.2004 03.2004 04.2004 05.2004 06.2004 07.2004 Alte r de s Vertrags
08.2004 09.2004 10.2004 11.2004 12.2004 01.2005 02.2005 03.2005 04.2005
05.2005 06.2005 07.2005 08.2005 09.2005 10.2005 11.2005 12.2005 01.2006 02.2006 03.2006 04.2006 05.2006 06.2006 07.2006 08.2006
09.2006 10.2006 11.2006 12.2006 01.2007 02.2007 03.2007 04.2007 05.2007 06.2007 07.2007 08.2007 09.2007 10.2007 11.2007 12.2007
01.2008 02.2008 03.2008 04.2008 05.2008 06.2008 07.2008 08.2008 09.2008 10.2008 11.2008 12.2008 01.2009 02.2009 03.2009 04.2009
05.2009 06.2009 07.2009 08.2009 09.2009 10.2009 11.2009 12.2009 01.2010 02.2010 03.2010 04.2010 05.2010 06.2010

63
2. Portion of Write-offs to initial credit amount - ClassicCredit / New Cars June 2010
Period 01.2004 02.2004 03.2004 04.2004 05.2004 06.2004 07.2004 08.2004 09.2004 10.2004 11.2004 12.2004 01.2005 02.2005 03.2005 04.2005 05.2005 06.2005 07.2005 08.2005 09.2005 10.2005 11.2005 12.2005 01.2006 02.2006 03.2006 04.2006 05.2006 06.2006 07.2006 08.2006 09.2006 10.2006 11.2006 12.2006 01.2007 02.2007 03.2007 04.2007 05.2007 06.2007 07.2007 08.2007 09.2007 10.2007 11.2007 12.2007 01.2008 02.2008 03.2008 04.2008 05.2008 06.2008 07.2008 08.2008 09.2008 10.2008 11.2008 12.2008 01.2009 02.2009 03.2009 04.2009 05.2009 06.2009 07.2009 08.2009 09.2009 10.2009 11.2009 12.2009 01.2010 02.2010 03.2010 04.2010 05.2010 06.2010
1 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
2 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
3 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
4 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
5 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0305% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
6 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0305% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0041% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0044% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
7 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0305% 0.0000% 0.0055% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0084% 0.0000% 0.0000% 0.0051% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0041% 0.0000% 0.0000% 0.0000% 0.0000% 0.0318% 0.0044% 0.0000% 0.0000% 0.0000% 0.0000% 0.0231% 0.0000% 0.0320% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
8 0.0000% 0.0000% 0.0000% 0.0088% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0113% 0.0000% 0.0000% 0.0481% 0.0000% 0.0055% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0403% 0.0000% 0.0084% 0.0060% 0.0000% 0.0051% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0031% 0.0000% 0.0000% 0.0000% 0.0000% 0.0131% 0.0000% 0.0000% 0.0041% 0.0000% 0.0170% 0.0000% 0.0044% 0.0543% 0.0044% 0.0000% 0.0000% 0.0000% 0.0000% 0.0633% 0.0000% 0.0320% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0146% 0.0000%
9 0.0000% 0.0425% 0.0034% 0.0094% 0.0000% 0.0000% 0.0000% 0.0000% 0.0132% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0322% 0.0000% 0.0297% 0.0481% 0.0000% 0.0055% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0403% 0.0000% 0.0111% 0.0060% 0.0000% 0.0062% 0.0000% 0.0077% 0.0000% 0.0000% 0.0000% 0.0000% 0.0122% 0.0000% 0.0000% 0.0000% 0.0028% 0.0131% 0.0115% 0.0000% 0.0198% 0.0000% 0.0170% 0.0000% 0.0044% 0.0701% 0.0044% 0.0000% 0.0000% 0.0000% 0.0000% 0.1080% 0.0000% 0.0320% 0.0000% 0.0000% 0.0287% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0288%
10 0.0079% 0.0706% 0.0803% 0.0094% 0.0128% 0.0000% 0.0000% 0.0000% 0.0132% 0.0000% 0.0033% 0.0080% 0.0006% 0.0299% 0.0346% 0.0000% 0.0297% 0.0481% 0.0000% 0.0055% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0232% 0.0000% 0.0403% 0.0000% 0.0111% 0.0060% 0.0000% 0.0062% 0.0060% 0.0094% 0.0000% 0.0000% 0.0000% 0.0000% 0.0122% 0.0000% 0.0000% 0.0014% 0.0028% 0.0131% 0.0225% 0.0310% 0.0198% 0.0000% 0.0170% 0.0031% 0.0044% 0.0701% 0.0044% 0.0000% 0.0000% 0.0000% 0.0000% 0.1080% 0.0000% 0.1157% 0.0000% 0.0325% 0.0395% 0.0001% 0.0000% 0.0000% 0.0000% 0.0152%
11 0.0079% 0.0706% 0.0962% 0.0094% 0.0189% 0.0000% 0.0000% 0.0000% 0.0132% 0.0000% 0.0033% 0.0080% 0.0133% 0.0299% 0.0423% 0.0000% 0.0297% 0.0481% 0.0000% 0.0055% 0.0000% 0.0058% 0.0000% 0.0000% 0.0000% 0.0232% 0.0112% 0.0403% 0.0000% 0.0111% 0.0064% 0.0234% 0.0097% 0.0060% 0.0094% 0.0000% 0.0000% 0.0000% 0.0000% 0.0122% 0.0000% 0.0048% 0.0014% 0.0101% 0.0131% 0.0225% 0.0310% 0.0363% 0.0000% 0.0170% 0.0031% 0.0352% 0.0701% 0.0364% 0.0000% 0.0000% 0.0066% 0.0000% 0.1080% 0.0294% 0.1584% 0.0000% 0.0325% 0.0395% 0.0001% 0.0000% 0.0000% 0.0000%
12 0.0079% 0.0894% 0.0962% 0.0094% 0.1004% 0.0008% 0.0114% 0.0000% 0.0132% 0.0084% 0.0033% 0.0154% 0.0133% 0.0299% 0.0423% 0.0014% 0.0297% 0.0481% 0.0000% 0.0055% 0.0053% 0.0058% 0.0019% 0.0000% 0.0000% 0.0232% 0.0153% 0.0431% 0.0000% 0.0111% 0.0064% 0.0598% 0.0377% 0.0060% 0.0094% 0.0114% 0.0000% 0.0000% 0.0000% 0.0126% 0.0000% 0.0270% 0.0288% 0.0101% 0.0507% 0.0225% 0.0310% 0.0482% 0.0137% 0.0170% 0.0031% 0.0543% 0.0804% 0.0364% 0.0234% 0.0207% 0.0106% 0.0000% 0.1141% 0.0294% 0.1584% 0.0071% 0.0325% 0.1025% 0.0001% 0.0001% 0.0026%
13 0.0535% 0.0894% 0.0962% 0.0547% 0.1004% 0.0157% 0.0114% 0.0000% 0.0395% 0.0187% 0.0145% 0.0154% 0.0332% 0.0299% 0.0809% 0.0014% 0.0567% 0.0481% 0.0641% 0.0242% 0.0053% 0.0143% 0.0019% 0.0000% 0.0089% 0.0318% 0.0243% 0.0431% 0.0000% 0.0591% 0.0336% 0.0749% 0.0377% 0.0060% 0.0094% 0.0114% 0.0000% 0.0000% 0.0207% 0.0126% 0.0000% 0.0303% 0.0288% 0.0549% 0.1542% 0.0225% 0.0310% 0.0482% 0.0137% 0.0233% 0.0409% 0.0574% 0.0804% 0.0799% 0.0482% 0.0207% 0.0106% 0.0337% 0.1818% 0.0423% 0.1584% 0.0494% 0.0325% 0.1148% 0.0074% 0.0036%
14 0.0677% 0.0894% 0.0962% 0.0621% 0.1004% 0.0157% 0.0271% 0.0100% 0.0398% 0.0761% 0.0282% 0.0154% 0.0332% 0.0299% 0.0809% 0.0014% 0.0569% 0.0481% 0.0844% 0.0554% 0.0053% 0.0143% 0.0219% 0.0041% 0.0089% 0.0477% 0.0454% 0.0431% 0.0000% 0.0790% 0.0336% 0.0751% 0.0743% 0.0119% 0.0166% 0.0171% 0.0069% 0.0000% 0.0226% 0.0126% 0.0000% 0.0805% 0.0325% 0.0671% 0.1542% 0.0225% 0.0421% 0.0657% 0.0158% 0.0546% 0.0642% 0.0574% 0.1015% 0.1097% 0.0482% 0.0419% 0.0228% 0.0486% 0.1818% 0.0725% 0.1584% 0.0494% 0.0325% 0.1171% 0.0150%
15 0.0677% 0.0894% 0.1047% 0.0621% 0.1004% 0.0157% 0.0486% 0.0212% 0.0444% 0.1415% 0.0360% 0.0154% 0.0332% 0.0299% 0.0934% 0.0014% 0.0625% 0.0567% 0.0844% 0.0554% 0.0695% 0.0408% 0.0423% 0.0041% 0.0192% 0.0477% 0.0454% 0.0431% 0.0000% 0.0861% 0.0547% 0.0860% 0.0743% 0.0159% 0.0185% 0.0171% 0.0182% 0.0000% 0.0226% 0.0170% 0.0000% 0.1191% 0.0325% 0.1362% 0.1964% 0.0260% 0.0421% 0.0657% 0.0254% 0.0546% 0.1045% 0.0975% 0.1015% 0.1097% 0.0875% 0.0566% 0.0300% 0.0967% 0.2491% 0.0813% 0.1584% 0.0588% 0.0465% 0.1171%
16 0.0835% 0.0894% 0.1154% 0.0621% 0.1004% 0.0157% 0.0629% 0.0447% 0.0709% 0.1464% 0.0360% 0.0187% 0.0332% 0.0881% 0.0934% 0.0014% 0.0889% 0.0946% 0.0967% 0.0599% 0.0967% 0.0498% 0.0423% 0.0041% 0.0192% 0.0477% 0.0545% 0.0712% 0.0000% 0.0975% 0.0547% 0.0860% 0.0822% 0.0159% 0.0320% 0.0171% 0.0182% 0.0000% 0.0230% 0.0524% 0.0164% 0.1191% 0.0711% 0.1362% 0.1964% 0.0260% 0.0684% 0.0981% 0.0254% 0.0551% 0.1505% 0.1436% 0.1137% 0.1097% 0.0875% 0.0630% 0.0300% 0.0967% 0.2491% 0.1668% 0.1584% 0.0691% 0.0505%
17 0.0835% 0.0894% 0.1551% 0.0767% 0.1004% 0.0391% 0.0629% 0.0526% 0.0772% 0.1464% 0.0360% 0.0187% 0.0332% 0.1217% 0.1058% 0.0193% 0.0889% 0.1038% 0.1020% 0.0601% 0.1009% 0.0498% 0.0423% 0.0041% 0.0192% 0.0477% 0.0545% 0.0712% 0.0101% 0.1157% 0.0547% 0.0860% 0.0822% 0.0159% 0.0332% 0.0262% 0.0182% 0.0051% 0.0230% 0.0699% 0.0164% 0.1606% 0.0711% 0.1362% 0.1964% 0.0293% 0.0684% 0.0981% 0.0254% 0.0551% 0.1733% 0.2213% 0.1349% 0.1347% 0.1292% 0.0658% 0.0547% 0.1069% 0.2491% 0.1937% 0.1584% 0.0842%
18 0.0835% 0.1080% 0.1760% 0.0767% 0.1434% 0.0604% 0.0722% 0.0526% 0.1020% 0.1620% 0.0360% 0.0187% 0.0332% 0.1217% 0.1133% 0.0273% 0.0889% 0.1067% 0.1020% 0.0601% 0.1009% 0.1122% 0.0461% 0.0110% 0.0192% 0.0477% 0.0700% 0.0712% 0.0114% 0.1189% 0.0654% 0.0939% 0.0995% 0.0239% 0.0332% 0.0400% 0.0182% 0.0057% 0.0230% 0.0699% 0.0164% 0.1919% 0.0724% 0.1623% 0.2033% 0.0293% 0.0812% 0.1314% 0.0259% 0.0957% 0.1733% 0.2357% 0.2052% 0.1552% 0.1459% 0.1178% 0.0606% 0.1401% 0.2491% 0.3047% 0.2434%
19 0.0835% 0.1147% 0.2010% 0.0767% 0.1509% 0.1066% 0.0936% 0.0526% 0.1187% 0.1801% 0.0473% 0.0187% 0.0332% 0.1217% 0.1133% 0.0273% 0.0889% 0.1116% 0.1020% 0.0601% 0.1009% 0.1122% 0.0886% 0.0215% 0.0382% 0.0546% 0.0700% 0.0985% 0.0277% 0.1332% 0.0654% 0.0977% 0.0995% 0.0299% 0.0343% 0.0400% 0.0182% 0.0250% 0.0233% 0.0699% 0.0167% 0.1919% 0.0724% 0.1937% 0.2439% 0.0293% 0.1024% 0.1347% 0.0418% 0.1574% 0.1973% 0.2420% 0.2101% 0.1713% 0.1986% 0.1712% 0.0788% 0.2046% 0.3430% 0.3061%
20 0.0860% 0.2501% 0.2010% 0.0984% 0.1509% 0.1066% 0.0936% 0.0526% 0.1210% 0.1832% 0.0561% 0.0187% 0.0530% 0.1217% 0.1133% 0.0273% 0.1042% 0.1265% 0.1020% 0.0601% 0.1009% 0.1489% 0.0956% 0.0436% 0.0618% 0.0663% 0.0700% 0.0985% 0.0289% 0.1456% 0.0783% 0.0977% 0.1459% 0.0439% 0.0343% 0.0400% 0.0182% 0.0250% 0.0577% 0.0974% 0.0167% 0.1919% 0.0825% 0.2104% 0.2439% 0.0293% 0.1040% 0.1347% 0.0418% 0.1574% 0.2023% 0.2420% 0.2192% 0.1962% 0.2240% 0.1712% 0.0788% 0.2046% 0.3588%
21 0.0942% 0.2661% 0.2148% 0.0984% 0.1698% 0.1066% 0.0985% 0.0607% 0.1256% 0.2090% 0.0643% 0.0261% 0.0530% 0.1217% 0.1447% 0.0278% 0.1146% 0.1267% 0.1020% 0.0822% 0.1285% 0.1489% 0.0956% 0.0436% 0.0618% 0.0663% 0.0781% 0.0985% 0.0316% 0.1811% 0.0807% 0.1006% 0.2174% 0.0568% 0.0394% 0.0400% 0.0182% 0.0450% 0.0577% 0.1179% 0.0167% 0.2022% 0.0851% 0.2851% 0.2439% 0.0537% 0.1040% 0.1592% 0.0690% 0.1746% 0.2504% 0.2537% 0.2482% 0.2238% 0.2437% 0.2206% 0.0788% 0.2573%
22 0.0942% 0.2671% 0.2164% 0.1125% 0.1698% 0.1137% 0.0985% 0.0607% 0.1783% 0.2090% 0.1762% 0.0577% 0.0530% 0.1298% 0.1582% 0.0562% 0.1146% 0.1267% 0.1020% 0.0950% 0.1285% 0.1489% 0.0956% 0.0494% 0.0618% 0.0663% 0.1064% 0.0985% 0.0410% 0.1835% 0.0807% 0.1006% 0.2220% 0.0568% 0.0394% 0.0618% 0.0708% 0.0450% 0.0703% 0.1283% 0.0266% 0.2090% 0.0851% 0.3238% 0.2907% 0.0707% 0.1233% 0.2169% 0.0797% 0.2005% 0.2767% 0.2886% 0.2482% 0.2293% 0.3346% 0.2400% 0.0788%
23 0.1171% 0.2671% 0.2164% 0.1125% 0.1698% 0.1198% 0.1118% 0.0968% 0.1807% 0.2253% 0.1838% 0.0685% 0.0845% 0.1298% 0.1582% 0.0562% 0.1358% 0.1267% 0.1024% 0.0972% 0.1393% 0.1489% 0.1013% 0.0494% 0.0618% 0.0663% 0.1064% 0.0985% 0.0410% 0.1835% 0.0807% 0.1076% 0.2311% 0.0568% 0.0437% 0.0747% 0.1591% 0.1007% 0.0703% 0.1532% 0.0506% 0.2495% 0.0977% 0.3552% 0.3574% 0.0964% 0.1471% 0.2782% 0.1039% 0.2857% 0.3120% 0.3338% 0.3344% 0.2514% 0.3475% 0.2400%
24 0.1171% 0.2941% 0.2547% 0.1170% 0.1722% 0.1461% 0.1152% 0.1631% 0.1807% 0.2348% 0.1838% 0.0685% 0.0845% 0.1298% 0.1582% 0.0637% 0.1358% 0.1317% 0.1041% 0.1445% 0.1393% 0.1709% 0.1044% 0.0608% 0.0618% 0.0822% 0.1064% 0.1031% 0.0410% 0.1845% 0.1148% 0.1076% 0.2311% 0.0584% 0.0479% 0.0747% 0.1591% 0.1053% 0.0703% 0.1584% 0.0807% 0.2502% 0.0977% 0.3552% 0.3574% 0.0964% 0.1471% 0.2782% 0.1039% 0.2857% 0.3616% 0.3338% 0.3660% 0.3744% 0.3685%
25 0.1549% 0.3552% 0.2547% 0.1170% 0.2082% 0.1640% 0.1197% 0.2193% 0.1807% 0.2546% 0.2144% 0.1192% 0.0845% 0.1298% 0.1705% 0.0727% 0.1358% 0.1587% 0.1076% 0.1693% 0.1502% 0.1807% 0.1134% 0.0828% 0.0618% 0.0985% 0.1064% 0.1031% 0.0410% 0.1845% 0.1250% 0.1076% 0.2384% 0.0584% 0.1064% 0.0861% 0.1838% 0.1053% 0.0913% 0.1724% 0.0807% 0.2502% 0.0977% 0.3819% 0.3599% 0.0964% 0.1471% 0.4153% 0.1343% 0.3440% 0.3616% 0.3449% 0.3758% 0.3923%
26 0.1760% 0.3635% 0.2547% 0.1274% 0.2154% 0.1853% 0.1197% 0.2193% 0.1968% 0.2595% 0.2144% 0.1432% 0.1135% 0.1417% 0.1705% 0.0727% 0.1358% 0.1587% 0.1836% 0.1767% 0.1502% 0.1807% 0.1134% 0.0828% 0.0648% 0.0985% 0.1064% 0.1052% 0.0426% 0.1966% 0.1362% 0.1261% 0.2666% 0.0584% 0.1064% 0.1133% 0.2275% 0.1142% 0.0913% 0.1788% 0.0939% 0.2699% 0.0977% 0.3892% 0.3900% 0.1324% 0.2034% 0.4209% 0.2245% 0.3440% 0.3616% 0.3982% 0.4421%
27 0.2186% 0.4785% 0.2631% 0.1274% 0.2265% 0.1853% 0.1850% 0.2288% 0.1968% 0.2985% 0.2778% 0.1559% 0.1135% 0.1417% 0.1829% 0.0774% 0.1451% 0.1587% 0.1887% 0.1767% 0.1542% 0.1807% 0.1134% 0.1096% 0.0648% 0.1252% 0.1073% 0.1382% 0.0487% 0.1966% 0.1362% 0.1404% 0.3362% 0.0641% 0.1064% 0.1133% 0.2275% 0.2125% 0.1034% 0.1788% 0.1666% 0.2844% 0.1842% 0.4690% 0.4018% 0.1567% 0.2377% 0.5301% 0.2306% 0.3569% 0.4074% 0.3987%
28 0.2186% 0.4863% 0.2653% 0.1354% 0.2332% 0.1875% 0.1850% 0.2444% 0.2284% 0.3171% 0.2778% 0.1559% 0.1291% 0.1417% 0.1829% 0.1039% 0.1697% 0.1934% 0.1887% 0.1767% 0.1542% 0.2242% 0.1134% 0.1096% 0.0683% 0.1252% 0.1073% 0.1382% 0.0545% 0.2184% 0.1362% 0.1542% 0.3489% 0.0641% 0.1097% 0.1148% 0.2275% 0.2356% 0.1174% 0.2059% 0.1689% 0.2844% 0.1962% 0.4755% 0.4590% 0.1673% 0.2377% 0.5452% 0.2884% 0.4692% 0.4074%
29 0.2186% 0.5153% 0.2668% 0.1478% 0.2332% 0.1944% 0.1851% 0.2444% 0.2400% 0.3187% 0.3373% 0.1598% 0.1466% 0.1506% 0.1859% 0.1042% 0.1697% 0.2044% 0.1944% 0.2000% 0.1837% 0.2242% 0.1134% 0.1296% 0.0683% 0.1252% 0.1091% 0.1382% 0.0545% 0.2225% 0.1875% 0.1542% 0.3489% 0.0641% 0.1167% 0.1148% 0.2609% 0.2494% 0.1342% 0.2078% 0.1689% 0.3449% 0.1962% 0.4755% 0.4590% 0.1706% 0.2377% 0.5815% 0.3197% 0.4795%
30 0.2186% 0.5268% 0.2812% 0.1478% 0.2332% 0.1951% 0.2052% 0.2554% 0.2401% 0.3187% 0.3444% 0.1731% 0.1624% 0.1506% 0.1859% 0.1042% 0.1697% 0.2184% 0.1944% 0.2580% 0.1957% 0.2242% 0.1212% 0.1296% 0.0683% 0.1252% 0.1314% 0.1531% 0.0613% 0.2265% 0.2083% 0.1642% 0.3689% 0.0743% 0.1167% 0.1148% 0.3022% 0.2620% 0.1342% 0.2078% 0.1689% 0.3621% 0.2150% 0.4862% 0.4730% 0.1831% 0.2534% 0.5879% 0.3197%
31 0.2217% 0.5268% 0.3079% 0.1553% 0.2469% 0.1985% 0.2105% 0.2554% 0.2401% 0.3276% 0.3627% 0.1810% 0.1817% 0.1714% 0.1859% 0.1072% 0.1697% 0.2496% 0.2149% 0.2587% 0.2061% 0.2321% 0.1212% 0.1475% 0.0683% 0.1252% 0.1404% 0.1531% 0.0674% 0.2265% 0.2198% 0.1891% 0.3848% 0.1078% 0.1167% 0.1155% 0.3223% 0.2836% 0.1573% 0.2254% 0.1839% 0.3727% 0.2418% 0.4928% 0.4730% 0.1987% 0.2697% 0.5890%
32 0.3206% 0.5268% 0.3479% 0.1553% 0.2557% 0.2023% 0.2376% 0.2640% 0.2489% 0.3276% 0.3661% 0.1867% 0.1817% 0.1714% 0.1859% 0.1661% 0.1697% 0.2548% 0.2259% 0.2675% 0.2061% 0.2321% 0.1212% 0.2170% 0.0683% 0.1252% 0.1459% 0.1531% 0.0794% 0.2394% 0.2239% 0.1891% 0.4234% 0.1232% 0.1171% 0.1169% 0.3482% 0.2836% 0.1683% 0.2318% 0.2578% 0.4329% 0.2418% 0.4928% 0.5088% 0.2133% 0.3134%
33 0.3250% 0.5268% 0.3713% 0.1690% 0.2557% 0.2063% 0.2439% 0.2640% 0.2489% 0.3352% 0.3683% 0.2033% 0.1817% 0.1983% 0.2168% 0.1757% 0.1697% 0.2548% 0.2259% 0.2709% 0.2061% 0.2642% 0.1212% 0.2170% 0.0683% 0.1252% 0.1478% 0.1556% 0.0794% 0.2444% 0.2241% 0.1891% 0.4303% 0.1414% 0.1415% 0.1169% 0.3482% 0.3141% 0.1683% 0.2544% 0.2595% 0.4705% 0.3098% 0.5248% 0.5244% 0.2472%
34 0.3359% 0.5365% 0.3713% 0.1735% 0.2638% 0.2110% 0.2474% 0.2688% 0.2610% 0.3352% 0.3739% 0.2033% 0.2101% 0.2301% 0.2263% 0.1757% 0.1697% 0.2652% 0.2259% 0.2747% 0.2104% 0.2642% 0.1212% 0.2381% 0.0836% 0.1265% 0.1478% 0.1556% 0.1035% 0.2444% 0.2363% 0.3032% 0.4473% 0.1644% 0.1415% 0.1269% 0.3492% 0.3175% 0.1700% 0.2716% 0.2595% 0.4732% 0.3098% 0.5248% 0.5301%
35 0.3359% 0.5365% 0.3925% 0.1884% 0.2779% 0.2144% 0.2563% 0.2721% 0.2625% 0.3352% 0.4065% 0.2033% 0.2101% 0.2301% 0.2263% 0.1757% 0.1819% 0.2686% 0.2311% 0.2747% 0.2348% 0.2701% 0.1408% 0.2381% 0.0836% 0.1381% 0.1478% 0.1654% 0.1250% 0.2444% 0.2553% 0.3276% 0.4537% 0.1644% 0.1734% 0.1284% 0.3807% 0.3278% 0.1700% 0.2716% 0.2596% 0.4957% 0.3098% 0.5684%
36 0.3359% 0.5365% 0.3925% 0.1940% 0.2779% 0.2211% 0.2563% 0.2721% 0.3156% 0.3641% 0.4065% 0.2033% 0.2101% 0.2301% 0.2263% 0.1805% 0.2071% 0.2686% 0.3089% 0.2747% 0.2382% 0.2827% 0.1596% 0.2609% 0.0836% 0.1381% 0.1500% 0.1660% 0.1250% 0.2450% 0.2729% 0.3279% 0.4537% 0.1739% 0.1871% 0.1391% 0.3843% 0.3347% 0.1700% 0.2917% 0.3129% 0.4957% 0.3613%
37 0.3359% 0.5365% 0.3948% 0.2008% 0.2853% 0.2245% 0.2563% 0.2726% 0.3156% 0.3641% 0.4065% 0.2103% 0.2101% 0.2301% 0.2512% 0.2012% 0.2071% 0.2703% 0.3089% 0.2798% 0.2798% 0.2827% 0.1599% 0.2609% 0.0836% 0.1404% 0.1546% 0.1660% 0.1359% 0.2450% 0.2732% 0.3436% 0.4700% 0.1963% 0.1882% 0.1459% 0.3926% 0.3512% 0.1703% 0.3044% 0.3129% 0.4994%
38 0.3648% 0.5412% 0.3948% 0.2008% 0.2858% 0.2245% 0.2653% 0.2730% 0.3181% 0.3707% 0.4065% 0.2345% 0.2491% 0.2301% 0.2784% 0.2012% 0.2095% 0.2762% 0.3144% 0.3043% 0.3031% 0.2902% 0.1696% 0.2609% 0.0836% 0.1560% 0.1645% 0.1680% 0.1374% 0.2450% 0.3045% 0.3562% 0.4700% 0.2424% 0.1890% 0.1522% 0.3926% 0.3646% 0.1772% 0.3081% 0.3137%
39 0.3779% 0.5643% 0.3948% 0.2034% 0.2876% 0.2316% 0.2672% 0.2730% 0.3190% 0.3787% 0.4267% 0.2422% 0.2491% 0.2429% 0.2784% 0.2012% 0.2095% 0.2762% 0.3144% 0.3144% 0.3033% 0.2902% 0.1877% 0.2672% 0.0836% 0.1560% 0.1746% 0.1707% 0.1475% 0.2450% 0.3324% 0.3562% 0.5106% 0.2424% 0.1890% 0.1868% 0.4173% 0.3850% 0.1790% 0.3113%
40 0.4020% 0.5871% 0.4180% 0.2034% 0.2876% 0.2364% 0.2877% 0.2975% 0.3354% 0.3847% 0.4393% 0.2489% 0.2491% 0.2483% 0.2784% 0.2012% 0.2199% 0.2762% 0.3144% 0.3218% 0.3192% 0.2902% 0.2052% 0.2672% 0.0836% 0.1560% 0.1749% 0.1922% 0.1475% 0.2551% 0.3324% 0.3585% 0.5164% 0.2555% 0.2008% 0.1943% 0.4551% 0.3850% 0.2066%
41 0.4184% 0.5875% 0.4180% 0.2034% 0.2876% 0.2364% 0.2930% 0.3318% 0.3499% 0.3857% 0.4393% 0.2489% 0.2491% 0.2560% 0.2784% 0.2261% 0.2199% 0.2875% 0.3154% 0.3250% 0.3192% 0.3336% 0.2134% 0.2672% 0.0836% 0.1560% 0.1876% 0.2032% 0.1475% 0.2650% 0.3466% 0.3762% 0.5260% 0.2555% 0.2008% 0.2119% 0.4864% 0.4004%
42 0.4184% 0.5875% 0.4194% 0.2086% 0.2901% 0.2364% 0.2930% 0.3318% 0.3505% 0.3857% 0.4586% 0.2489% 0.2491% 0.2560% 0.2784% 0.2261% 0.2231% 0.2891% 0.3154% 0.3250% 0.3192% 0.3336% 0.2134% 0.2672% 0.0836% 0.1572% 0.1876% 0.2048% 0.1475% 0.2650% 0.3744% 0.3858% 0.5561% 0.2555% 0.2096% 0.2242% 0.5315%
43 0.4209% 0.5900% 0.4194% 0.2086% 0.2955% 0.2364% 0.2930% 0.3318% 0.3508% 0.3857% 0.4601% 0.2489% 0.2491% 0.2560% 0.2784% 0.2266% 0.2234% 0.2891% 0.3154% 0.3250% 0.3438% 0.3336% 0.2134% 0.2672% 0.0968% 0.1814% 0.1923% 0.2048% 0.1517% 0.2728% 0.3744% 0.3998% 0.5914% 0.2555% 0.2129% 0.2262%
44 0.4209% 0.5900% 0.4404% 0.2086% 0.3053% 0.2403% 0.2930% 0.3318% 0.3508% 0.3857% 0.4727% 0.2489% 0.2491% 0.2560% 0.2784% 0.2266% 0.2234% 0.2955% 0.3365% 0.3413% 0.3703% 0.3514% 0.2414% 0.2672% 0.0968% 0.1814% 0.1945% 0.2102% 0.1517% 0.2928% 0.3744% 0.3998% 0.6102% 0.2570% 0.2142%
45 0.4266% 0.5900% 0.4404% 0.2086% 0.3053% 0.2448% 0.2930% 0.3376% 0.3508% 0.3857% 0.4727% 0.2489% 0.2533% 0.2560% 0.2786% 0.2266% 0.2234% 0.2955% 0.3365% 0.3519% 0.3703% 0.3864% 0.2414% 0.2672% 0.1011% 0.1814% 0.2101% 0.2344% 0.1535% 0.3017% 0.3829% 0.3998% 0.6102% 0.2622%
46 0.4282% 0.5900% 0.4404% 0.2086% 0.3053% 0.2448% 0.2930% 0.3376% 0.3508% 0.3989% 0.4763% 0.2489% 0.2533% 0.2653% 0.2786% 0.2266% 0.2234% 0.2955% 0.3451% 0.3519% 0.3709% 0.3864% 0.2414% 0.2672% 0.1011% 0.2033% 0.2101% 0.2513% 0.1535% 0.3369% 0.3829% 0.4074% 0.6326%
47 0.4359% 0.5900% 0.4404% 0.2086% 0.3053% 0.2457% 0.2930% 0.3417% 0.3508% 0.3989% 0.4763% 0.2489% 0.2533% 0.2653% 0.2826% 0.2433% 0.2234% 0.3245% 0.3622% 0.3557% 0.3709% 0.3864% 0.2728% 0.2736% 0.1032% 0.2344% 0.2134% 0.2513% 0.1675% 0.3458% 0.3862% 0.4202%
48 0.4467% 0.6021% 0.4404% 0.2086% 0.3053% 0.2499% 0.2930% 0.3417% 0.3508% 0.4201% 0.4982% 0.2489% 0.2600% 0.2653% 0.3001% 0.2508% 0.2234% 0.3257% 0.3626% 0.3557% 0.3709% 0.4061% 0.2735% 0.2739% 0.1059% 0.2420% 0.2191% 0.2648% 0.1691% 0.3458% 0.3862%
49 0.4491% 0.6021% 0.4440% 0.2235% 0.3143% 0.2554% 0.2930% 0.3525% 0.3637% 0.4247% 0.4982% 0.2489% 0.2600% 0.2653% 0.3001% 0.2801% 0.2234% 0.3349% 0.3626% 0.3557% 0.3709% 0.4194% 0.2889% 0.2798% 0.1089% 0.2420% 0.2191% 0.2686% 0.1734% 0.3458%
50 0.4491% 0.6116% 0.4515% 0.2280% 0.3143% 0.2554% 0.2938% 0.3525% 0.3637% 0.4481% 0.4982% 0.2489% 0.2600% 0.2768% 0.3062% 0.2913% 0.2325% 0.3467% 0.3626% 0.3557% 0.3709% 0.4194% 0.3153% 0.2798% 0.1108% 0.2425% 0.2312% 0.2686% 0.1734%
51 0.4491% 0.6677% 0.4634% 0.2280% 0.3190% 0.2628% 0.3015% 0.3525% 0.3637% 0.4481% 0.4982% 0.2489% 0.2653% 0.2768% 0.3062% 0.2913% 0.2325% 0.3467% 0.3626% 0.3665% 0.3709% 0.4194% 0.3157% 0.2837% 0.1108% 0.2425% 0.2314% 0.2686%
52 0.4708% 0.6677% 0.4634% 0.2384% 0.3190% 0.2673% 0.3061% 0.3525% 0.3707% 0.4481% 0.4982% 0.2489% 0.2653% 0.2914% 0.3062% 0.2913% 0.2434% 0.3467% 0.3686% 0.3832% 0.3709% 0.4194% 0.3157% 0.2971% 0.1118% 0.2425% 0.2317%
53 0.4718% 0.6677% 0.4637% 0.2384% 0.3190% 0.2697% 0.3538% 0.3525% 0.3786% 0.4481% 0.5096% 0.2592% 0.2653% 0.3017% 0.3073% 0.2913% 0.2530% 0.3467% 0.3686% 0.4091% 0.3709% 0.4194% 0.3167% 0.2971% 0.1118% 0.2612%
54 0.4723% 0.6723% 0.4637% 0.2384% 0.3190% 0.2697% 0.3568% 0.3562% 0.3786% 0.4602% 0.5246% 0.2592% 0.2653% 0.3063% 0.3104% 0.2913% 0.2684% 0.3467% 0.3742% 0.4091% 0.3852% 0.4194% 0.3659% 0.2971% 0.1118%
55 0.4723% 0.6723% 0.4639% 0.2384% 0.3190% 0.2697% 0.3605% 0.3562% 0.3786% 0.4801% 0.5246% 0.2592% 0.2653% 0.3063% 0.3104% 0.3086% 0.2775% 0.3467% 0.3745% 0.4097% 0.3920% 0.4194% 0.3659% 0.3002%
56 0.4723% 0.6723% 0.4677% 0.2384% 0.3190% 0.2697% 0.3605% 0.3562% 0.3966% 0.4801% 0.5271% 0.2592% 0.2653% 0.3063% 0.3104% 0.3177% 0.2775% 0.3575% 0.3745% 0.4097% 0.3928% 0.4194% 0.3659%
57 0.4723% 0.6723% 0.4779% 0.2384% 0.3190% 0.2697% 0.3605% 0.3646% 0.4912% 0.4806% 0.5383% 0.2640% 0.2968% 0.3063% 0.3135% 0.3294% 0.2775% 0.3575% 0.4554% 0.4294% 0.3956% 0.4442%
58 0.4723% 0.6723% 0.4779% 0.2403% 0.3190% 0.2697% 0.3626% 0.3646% 0.4912% 0.4806% 0.5383% 0.2640% 0.2968% 0.3063% 0.3146% 0.3379% 0.2848% 0.3606% 0.4586% 0.4356% 0.3956%
59 0.4723% 0.6723% 0.4779% 0.2582% 0.3190% 0.2697% 0.3626% 0.3646% 0.4912% 0.4806% 0.5387% 0.2640% 0.2968% 0.3063% 0.3146% 0.3402% 0.2862% 0.3649% 0.4813% 0.4356%
60 0.4723% 0.6723% 0.4779% 0.2582% 0.3190% 0.2697% 0.3626% 0.3646% 0.5082% 0.4806% 0.5387% 0.2640% 0.3253% 0.3143% 0.3146% 0.3402% 0.2862% 0.3649% 0.4813%
61 0.4723% 0.7077% 0.4779% 0.2582% 0.3306% 0.2697% 0.3686% 0.3646% 0.5082% 0.4806% 0.5387% 0.2705% 0.3315% 0.3183% 0.3146% 0.3402% 0.2862% 0.3744%
62 0.4723% 0.7077% 0.4779% 0.2582% 0.3306% 0.2697% 0.3686% 0.3646% 0.5082% 0.4806% 0.5387% 0.2705% 0.3564% 0.3183% 0.3445% 0.3402% 0.2862%
63 0.4723% 0.7077% 0.4779% 0.2582% 0.3309% 0.2697% 0.3686% 0.3646% 0.5237% 0.4806% 0.5387% 0.2705% 0.3564% 0.3183% 0.3445% 0.3499%
64 0.4723% 0.7128% 0.4779% 0.2631% 0.3312% 0.2775% 0.3710% 0.3646% 0.5237% 0.4806% 0.5387% 0.2705% 0.3564% 0.3183% 0.3445%
65 0.4723% 0.7255% 0.4783% 0.2631% 0.3312% 0.2775% 0.3757% 0.3646% 0.5237% 0.4806% 0.5387% 0.2705% 0.3564% 0.3224%
66 0.4804% 0.7255% 0.4783% 0.2631% 0.3312% 0.2775% 0.3757% 0.3646% 0.5307% 0.4806% 0.5402% 0.2731% 0.3564%
67 0.4804% 0.7255% 0.4783% 0.2631% 0.3312% 0.2778% 0.3757% 0.3646% 0.5320% 0.4806% 0.5402% 0.2731%
68 0.4986% 0.7331% 0.4821% 0.2631% 0.3312% 0.2778% 0.3757% 0.3646% 0.5364% 0.4806% 0.5402%
69 0.4986% 0.7331% 0.4821% 0.2634% 0.3312% 0.2778% 0.3757% 0.3646% 0.5364% 0.4806%
70 0.4986% 0.7331% 0.4821% 0.2634% 0.3312% 0.2778% 0.3757% 0.3646% 0.5364%
71 0.4986% 0.7331% 0.4904% 0.2634% 0.3312% 0.2778% 0.3757% 0.3654%
72 0.4986% 0.7331% 0.4904% 0.2695% 0.3312% 0.2778% 0.3761%
73 0.4986% 0.7331% 0.4904% 0.2695% 0.3312% 0.2838%
74 0.4986% 0.7335% 0.4904% 0.2732% 0.3312%
75 0.4986% 0.7335% 0.4904% 0.2732%
76 0.4986% 0.7335% 0.4904%
77 0.4986% 0.7335%
78 0.4986%

64
0.80%

0.70%

0.60%

0.50%

0.40%

0.30%

0.20%

0.10%

0.00%
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77

01.2004 02.2004 03.2004 04.2004 05.2004 06.2004 07.2004 08.2004 09.2004 10.2004 11.2004 12.2004 01.2005 02.2005 03.2005 04.2005 05.2005
06.2005 07.2005 08.2005 09.2005 10.2005 11.2005 12.2005 01.2006 02.2006 03.2006 04.2006 05.2006 06.2006 07.2006 08.2006 09.2006 10.2006
11.2006 12.2006 01.2007 02.2007 03.2007 04.2007 05.2007 06.2007 07.2007 08.2007 09.2007 10.2007 11.2007 12.2007 01.2008 02.2008 03.2008
04.2008 05.2008 06.2008 07.2008 08.2008 09.2008 10.2008 11.2008 12.2008 01.2009 02.2009 03.2009 04.2009 05.2009 06.2009 07.2009 08.2009
09.2009 10.2009 11.2009 12.2009 01.2010 02.2010 03.2010 04.2010 05.2010 06.2010

65
3. Portion of Write-offs to initial credit amount - ClassicCredit / Used Cars June 2010
Period 01.2004 02.2004 03.2004 04.2004 05.2004 06.2004 07.2004 08.2004 09.2004 10.2004 11.2004 12.2004 01.2005 02.2005 03.2005 04.2005 05.2005 06.2005 07.2005 08.2005 09.2005 10.2005 11.2005 12.2005 01.2006 02.2006 03.2006 04.2006 05.2006 06.2006 07.2006 08.2006 09.2006 10.2006 11.2006 12.2006 01.2007 02.2007 03.2007 04.2007 05.2007 06.2007 07.2007 08.2007 09.2007 10.2007 11.2007 12.2007 01.2008 02.2008 03.2008 04.2008 05.2008 06.2008 07.2008 08.2008 09.2008 10.2008 11.2008 12.2008 01.2009 02.2009 03.2009 04.2009 05.2009 06.2009 07.2009 08.2009 09.2009 10.2009 11.2009 12.2009 01.2010 02.2010 03.2010 04.2010 05.2010 06.2010
1 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
2 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0370% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0384% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
3 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0370% 0.0000% 0.0000% 0.0000% 0.0000% 0.0027% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0384% 0.0000% 0.0000% 0.0140% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
4 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0370% 0.0000% 0.0000% 0.0027% 0.0000% 0.0027% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0584% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0002% 0.0000% 0.0000% 0.0000% 0.1121% 0.0000% 0.0000% 0.0502% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
5 0.0096% 0.0000% 0.0122% 0.0008% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0002% 0.0000% 0.0072% 0.0000% 0.0000% 0.0000% 0.0000% 0.0087% 0.0000% 0.0000% 0.0000% 0.0003% 0.0028% 0.0022% 0.0370% 0.0000% 0.0049% 0.0027% 0.0000% 0.0027% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0065% 0.0000% 0.0000% 0.0000% 0.0000% 0.0355% 0.0035% 0.0000% 0.0000% 0.0000% 0.0603% 0.0000% 0.0000% 0.0000% 0.0000% 0.0008% 0.0354% 0.0000% 0.0000% 0.0000% 0.0000% 0.0039% 0.0000% 0.0000% 0.0000% 0.1121% 0.0000% 0.0008% 0.0502% 0.0373% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
6 0.0096% 0.0000% 0.0122% 0.0008% 0.0000% 0.0041% 0.0000% 0.0002% 0.0000% 0.0107% 0.0000% 0.0074% 0.0000% 0.0084% 0.0058% 0.0000% 0.0167% 0.0000% 0.0067% 0.0011% 0.0003% 0.0028% 0.0055% 0.0372% 0.0000% 0.0049% 0.0027% 0.0000% 0.0027% 0.0000% 0.0023% 0.0000% 0.0000% 0.0000% 0.0000% 0.0113% 0.0089% 0.0000% 0.0000% 0.0000% 0.0003% 0.0372% 0.0035% 0.0343% 0.0001% 0.0288% 0.0603% 0.0001% 0.0000% 0.0000% 0.0000% 0.0204% 0.0430% 0.0000% 0.0000% 0.0000% 0.0242% 0.0040% 0.0375% 0.0066% 0.0000% 0.1162% 0.0000% 0.0199% 0.0573% 0.0373% 0.0000% 0.0000% 0.0000% 0.0000% 0.0085% 0.0383% 0.0000%
7 0.0096% 0.0000% 0.0184% 0.0025% 0.0003% 0.0165% 0.0014% 0.0002% 0.0333% 0.0107% 0.0000% 0.0076% 0.0000% 0.0343% 0.0413% 0.0000% 0.0292% 0.0167% 0.0067% 0.0290% 0.0003% 0.0028% 0.0055% 0.0456% 0.0003% 0.0049% 0.0063% 0.0000% 0.0063% 0.0000% 0.0023% 0.0000% 0.0053% 0.0041% 0.0000% 0.0283% 0.0375% 0.0000% 0.0069% 0.0000% 0.0033% 0.0372% 0.0213% 0.0343% 0.0001% 0.0288% 0.0842% 0.0001% 0.0026% 0.0209% 0.0033% 0.0204% 0.0628% 0.0000% 0.0000% 0.0021% 0.0242% 0.0464% 0.0375% 0.0163% 0.0160% 0.1162% 0.0000% 0.0220% 0.0573% 0.0544% 0.0185% 0.0000% 0.0352% 0.0196% 0.0085% 0.0383%
8 0.0172% 0.0000% 0.0243% 0.0025% 0.0116% 0.0255% 0.0043% 0.0099% 0.0515% 0.0187% 0.0002% 0.0076% 0.0244% 0.0343% 0.0563% 0.0000% 0.0495% 0.0243% 0.0331% 0.0343% 0.0130% 0.0028% 0.0487% 0.0456% 0.0320% 0.0051% 0.0361% 0.0159% 0.0153% 0.0182% 0.0119% 0.0090% 0.0198% 0.0041% 0.0003% 0.0679% 0.0545% 0.0000% 0.0069% 0.0000% 0.0036% 0.0614% 0.0400% 0.0343% 0.0162% 0.0381% 0.0850% 0.0001% 0.0028% 0.0358% 0.0033% 0.0204% 0.0628% 0.0000% 0.0000% 0.0021% 0.0253% 0.0600% 0.0375% 0.0163% 0.0160% 0.1171% 0.0051% 0.0377% 0.1069% 0.0578% 0.0492% 0.0000% 0.0352% 0.0321% 0.0125%
9 0.0266% 0.0127% 0.0243% 0.0082% 0.0167% 0.0536% 0.0133% 0.0301% 0.0515% 0.0353% 0.0002% 0.0078% 0.0297% 0.0608% 0.0656% 0.0000% 0.0548% 0.0246% 0.0783% 0.0391% 0.0893% 0.0028% 0.0584% 0.0506% 0.0320% 0.0206% 0.0361% 0.0858% 0.0157% 0.0182% 0.0253% 0.0282% 0.0248% 0.0041% 0.0305% 0.0679% 0.0569% 0.0027% 0.0192% 0.0000% 0.0107% 0.0616% 0.0469% 0.0421% 0.0162% 0.0734% 0.1269% 0.0009% 0.0142% 0.0452% 0.0124% 0.0324% 0.0628% 0.0132% 0.0794% 0.0058% 0.0477% 0.0782% 0.0732% 0.0259% 0.0301% 0.1247% 0.0258% 0.0455% 0.1164% 0.0759% 0.0580% 0.0033% 0.0436% 0.0768%
10 0.0350% 0.0146% 0.0314% 0.0200% 0.0234% 0.0817% 0.0180% 0.0716% 0.0718% 0.0744% 0.0206% 0.0078% 0.0371% 0.0608% 0.0687% 0.0171% 0.0598% 0.0329% 0.1204% 0.0577% 0.0949% 0.0052% 0.0619% 0.0631% 0.0360% 0.0248% 0.0371% 0.1104% 0.0419% 0.0445% 0.0253% 0.0376% 0.0381% 0.0418% 0.0559% 0.1021% 0.0569% 0.0402% 0.0211% 0.0192% 0.0382% 0.0750% 0.0580% 0.0636% 0.0176% 0.1107% 0.1302% 0.0241% 0.0142% 0.0795% 0.0173% 0.0628% 0.0685% 0.0464% 0.1144% 0.0506% 0.0948% 0.0959% 0.0793% 0.0599% 0.0684% 0.1485% 0.0509% 0.0753% 0.1373% 0.0774% 0.0778% 0.0087% 0.0506%
11 0.0350% 0.0213% 0.0844% 0.0410% 0.0351% 0.0950% 0.0203% 0.0850% 0.0938% 0.1259% 0.0349% 0.0078% 0.0687% 0.0928% 0.0692% 0.0488% 0.0743% 0.0404% 0.1636% 0.0918% 0.1115% 0.0121% 0.0702% 0.0799% 0.0360% 0.0346% 0.0554% 0.1104% 0.0676% 0.0463% 0.0336% 0.0814% 0.0599% 0.0694% 0.0604% 0.1219% 0.0853% 0.0591% 0.0304% 0.0708% 0.0391% 0.0750% 0.0950% 0.1260% 0.0208% 0.1386% 0.1447% 0.0718% 0.0451% 0.1042% 0.0296% 0.0886% 0.0769% 0.0889% 0.1316% 0.1457% 0.1330% 0.1093% 0.0863% 0.0876% 0.0764% 0.1955% 0.0616% 0.1169% 0.2162% 0.1321% 0.0996% 0.0278%
12 0.0761% 0.0738% 0.0937% 0.0518% 0.0621% 0.1100% 0.0498% 0.0850% 0.1096% 0.1402% 0.0704% 0.0351% 0.0945% 0.1012% 0.1103% 0.0726% 0.0904% 0.0750% 0.1814% 0.1063% 0.1518% 0.0121% 0.0805% 0.0894% 0.0517% 0.0346% 0.0748% 0.1106% 0.0708% 0.0686% 0.0549% 0.1525% 0.0993% 0.0896% 0.0604% 0.1306% 0.0989% 0.0761% 0.0444% 0.0785% 0.0525% 0.1022% 0.1182% 0.1262% 0.0391% 0.1545% 0.1727% 0.0829% 0.0877% 0.1217% 0.0942% 0.1259% 0.0864% 0.1039% 0.2319% 0.1526% 0.1346% 0.1464% 0.1025% 0.1088% 0.1310% 0.2011% 0.0629% 0.1208% 0.2441% 0.1321% 0.1210%
13 0.1051% 0.0865% 0.1583% 0.1287% 0.0668% 0.1399% 0.0578% 0.1038% 0.1544% 0.1694% 0.0934% 0.0675% 0.0961% 0.1056% 0.3928% 0.0927% 0.1047% 0.1137% 0.2790% 0.1197% 0.1955% 0.0143% 0.1368% 0.1083% 0.0825% 0.0435% 0.0904% 0.1106% 0.0882% 0.0945% 0.0613% 0.1665% 0.1300% 0.1064% 0.0992% 0.1353% 0.1148% 0.0907% 0.0444% 0.1253% 0.0716% 0.1217% 0.1403% 0.1275% 0.0953% 0.2112% 0.1844% 0.0966% 0.1481% 0.1379% 0.1074% 0.1709% 0.1135% 0.1414% 0.2552% 0.1777% 0.1646% 0.1539% 0.1470% 0.1376% 0.2114% 0.2205% 0.0857% 0.1405% 0.2441% 0.1983%
14 0.1399% 0.1143% 0.1819% 0.1731% 0.0929% 0.1740% 0.0895% 0.1396% 0.2054% 0.3104% 0.1138% 0.1384% 0.1004% 0.6123% 0.3979% 0.1361% 0.1066% 0.1181% 0.3150% 0.1334% 0.2456% 0.0631% 0.1591% 0.1708% 0.0867% 0.0883% 0.1023% 0.1128% 0.1162% 0.0998% 0.0764% 0.2107% 0.1316% 0.1141% 0.1299% 0.2384% 0.1230% 0.1148% 0.0695% 0.1577% 0.0749% 0.1332% 0.1745% 0.1572% 0.1354% 0.2770% 0.2164% 0.0999% 0.2365% 0.1715% 0.1477% 0.2049% 0.1421% 0.2066% 0.2877% 0.2436% 0.2262% 0.2824% 0.2101% 0.1649% 0.2918% 0.2224% 0.1457% 0.1561% 0.2682%
15 0.1625% 0.1771% 0.2016% 0.2391% 0.0973% 0.1903% 0.1055% 0.1758% 0.2498% 0.4101% 0.1315% 0.1582% 0.1584% 0.6123% 0.4281% 0.1481% 0.1102% 0.1835% 0.3180% 0.1585% 0.2923% 0.0706% 0.2146% 0.1737% 0.0894% 0.1130% 0.1036% 0.1699% 0.1228% 0.1000% 0.0998% 0.2109% 0.1526% 0.1225% 0.1529% 0.2613% 0.1230% 0.1502% 0.0695% 0.1950% 0.0808% 0.1704% 0.2215% 0.1733% 0.1754% 0.3517% 0.2839% 0.1349% 0.2560% 0.2100% 0.1743% 0.2257% 0.1528% 0.2437% 0.3265% 0.2924% 0.2775% 0.4245% 0.2958% 0.1933% 0.2960% 0.2701% 0.1747% 0.2403%
16 0.1866% 0.2150% 0.2862% 0.2685% 0.1317% 0.2222% 0.1572% 0.2083% 0.3034% 0.4236% 0.1528% 0.1971% 0.1738% 0.6644% 0.4447% 0.1540% 0.1376% 0.2412% 0.3601% 0.2545% 0.2991% 0.0842% 0.2623% 0.1908% 0.0894% 0.1561% 0.1701% 0.1818% 0.1588% 0.1064% 0.1100% 0.2189% 0.1545% 0.1339% 0.1548% 0.3114% 0.1295% 0.1622% 0.1043% 0.1984% 0.0924% 0.2307% 0.2871% 0.2310% 0.1905% 0.3641% 0.3127% 0.1615% 0.2939% 0.2689% 0.2080% 0.3340% 0.1910% 0.3792% 0.3778% 0.3882% 0.2935% 0.5227% 0.3425% 0.2797% 0.3449% 0.3201% 0.1944%
17 0.2302% 0.2691% 0.3083% 0.2778% 0.1619% 0.2759% 0.1839% 0.2280% 0.3143% 0.4587% 0.2361% 0.2180% 0.2062% 0.6814% 0.4579% 0.1792% 0.1693% 0.2569% 0.3886% 0.2757% 0.3281% 0.0987% 0.3336% 0.2062% 0.1113% 0.1658% 0.1915% 0.1963% 0.1644% 0.1981% 0.1119% 0.2276% 0.2090% 0.1671% 0.1703% 0.3509% 0.1422% 0.1814% 0.1322% 0.2359% 0.1633% 0.3482% 0.3241% 0.2786% 0.2203% 0.3967% 0.3501% 0.2368% 0.3101% 0.2912% 0.2451% 0.3937% 0.2084% 0.4408% 0.4062% 0.4205% 0.3347% 0.5905% 0.4180% 0.4181% 0.4910% 0.3720%
18 0.2916% 0.3325% 0.3337% 0.3480% 0.1885% 0.3315% 0.2255% 0.2807% 0.3894% 0.5408% 0.2427% 0.2549% 0.2305% 0.7326% 0.4822% 0.2183% 0.2021% 0.2713% 0.4042% 0.2862% 0.3391% 0.1006% 0.3868% 0.2191% 0.1179% 0.1984% 0.2028% 0.2239% 0.1946% 0.2142% 0.1256% 0.2675% 0.2248% 0.1934% 0.2177% 0.3717% 0.1500% 0.1991% 0.1403% 0.2786% 0.2888% 0.4721% 0.3757% 0.2964% 0.3100% 0.4151% 0.4101% 0.2627% 0.3214% 0.3904% 0.3051% 0.4719% 0.2298% 0.4743% 0.4492% 0.4385% 0.3995% 0.6407% 0.4501% 0.5156% 0.5669%
19 0.3483% 0.3392% 0.3678% 0.3939% 0.2305% 0.3558% 0.2633% 0.2876% 0.4867% 0.5546% 0.2910% 0.2737% 0.2588% 0.7623% 0.5014% 0.2462% 0.2568% 0.2838% 0.4338% 0.3147% 0.3976% 0.1326% 0.3980% 0.2429% 0.1840% 0.2141% 0.2033% 0.2541% 0.2125% 0.2521% 0.1379% 0.2979% 0.2408% 0.2162% 0.2223% 0.4039% 0.1811% 0.3314% 0.1947% 0.3139% 0.3304% 0.5238% 0.3946% 0.3739% 0.3606% 0.4336% 0.4495% 0.3235% 0.3571% 0.4176% 0.3536% 0.5055% 0.3456% 0.5182% 0.5336% 0.5213% 0.4297% 0.6999% 0.5443% 0.5267%
20 0.3533% 0.3694% 0.4126% 0.4427% 0.2656% 0.3790% 0.2897% 0.3345% 0.5173% 0.5732% 0.3375% 0.2957% 0.2742% 0.7655% 0.5238% 0.2950% 0.2847% 0.3260% 0.4796% 0.3601% 0.3979% 0.1690% 0.4417% 0.2772% 0.1991% 0.2294% 0.2332% 0.2911% 0.2262% 0.2590% 0.1584% 0.3139% 0.2899% 0.2623% 0.2764% 0.4311% 0.2389% 0.4152% 0.2265% 0.3548% 0.4029% 0.5918% 0.4264% 0.4165% 0.4234% 0.4718% 0.5168% 0.4499% 0.4382% 0.5124% 0.4030% 0.5362% 0.3786% 0.5751% 0.5908% 0.5264% 0.4768% 0.7470% 0.5855%
21 0.3672% 0.4214% 0.4504% 0.4628% 0.3050% 0.4002% 0.3183% 0.3585% 0.5367% 0.5871% 0.3612% 0.3416% 0.3000% 0.7921% 0.5471% 0.3119% 0.3012% 0.3795% 0.5242% 0.3806% 0.4213% 0.2191% 0.4514% 0.2895% 0.2150% 0.2747% 0.2580% 0.3002% 0.2991% 0.2720% 0.1680% 0.3344% 0.3118% 0.3088% 0.2801% 0.4520% 0.2876% 0.4645% 0.2798% 0.3953% 0.4408% 0.6860% 0.4472% 0.4945% 0.4475% 0.5368% 0.5508% 0.4966% 0.5062% 0.5330% 0.4557% 0.5779% 0.4704% 0.6720% 0.6651% 0.5482% 0.5337% 0.8102%
22 0.3758% 0.5103% 0.5250% 0.4916% 0.3365% 0.4882% 0.3435% 0.3747% 0.5691% 0.6196% 0.4096% 0.3603% 0.3172% 0.8079% 0.6014% 0.3722% 0.3470% 0.3974% 0.5323% 0.4054% 0.4395% 0.2668% 0.4656% 0.3006% 0.2619% 0.2750% 0.2692% 0.3174% 0.3698% 0.3214% 0.2078% 0.3840% 0.3416% 0.3338% 0.3094% 0.5397% 0.3205% 0.5876% 0.3154% 0.4285% 0.4837% 0.7084% 0.4891% 0.5207% 0.4791% 0.5919% 0.5896% 0.5462% 0.5242% 0.6333% 0.5302% 0.6738% 0.5739% 0.7534% 0.7073% 0.5942% 0.5737%
23 0.4233% 0.5225% 0.5322% 0.5051% 0.3558% 0.5462% 0.3501% 0.4220% 0.5956% 0.6330% 0.4122% 0.3847% 0.3936% 0.8549% 0.6474% 0.4055% 0.4248% 0.4096% 0.5785% 0.4166% 0.5133% 0.3079% 0.5140% 0.4113% 0.2771% 0.3091% 0.2843% 0.3241% 0.3981% 0.3733% 0.2508% 0.3927% 0.3604% 0.3395% 0.4115% 0.6104% 0.3573% 0.6167% 0.3871% 0.4667% 0.5445% 0.7621% 0.5343% 0.5511% 0.5297% 0.6247% 0.6430% 0.5597% 0.5421% 0.6859% 0.5886% 0.7256% 0.6155% 0.7987% 0.8025% 0.6754%
24 0.4831% 0.5672% 0.5906% 0.5266% 0.3882% 0.5607% 0.3756% 0.4590% 0.6032% 0.6638% 0.5042% 0.4127% 0.3936% 0.9090% 0.6924% 0.4062% 0.4421% 0.4604% 0.6104% 0.4446% 0.5377% 0.3335% 0.5348% 0.4419% 0.3017% 0.4495% 0.2997% 0.3422% 0.5034% 0.4006% 0.2760% 0.4889% 0.3739% 0.3891% 0.4355% 0.6433% 0.3832% 0.6217% 0.3964% 0.5270% 0.5950% 0.8954% 0.6373% 0.6322% 0.5647% 0.7355% 0.6684% 0.6829% 0.5661% 0.6980% 0.5971% 0.8793% 0.6362% 0.8702% 0.8721%
25 0.5183% 0.6435% 0.6448% 0.5598% 0.4575% 0.5617% 0.3962% 0.4849% 0.6630% 0.7185% 0.5353% 0.4823% 0.4066% 0.9090% 0.7392% 0.4612% 0.5047% 0.4875% 0.6293% 0.4664% 0.5595% 0.3500% 0.5511% 0.4837% 0.3524% 0.4762% 0.3125% 0.3526% 0.5384% 0.4209% 0.3260% 0.5492% 0.4454% 0.4306% 0.4740% 0.7127% 0.3985% 0.6543% 0.4324% 0.5702% 0.6318% 0.9794% 0.7964% 0.6929% 0.6468% 0.7816% 0.7753% 0.7060% 0.5930% 0.7379% 0.6939% 0.9395% 0.6895% 0.9863%
26 0.5291% 0.6659% 0.6553% 0.5791% 0.5031% 0.5837% 0.4355% 0.5136% 0.7260% 0.7881% 0.5524% 0.5189% 0.4463% 0.9911% 0.7668% 0.4809% 0.5480% 0.5145% 0.6950% 0.4951% 0.5780% 0.4326% 0.5630% 0.5082% 0.4300% 0.4933% 0.3678% 0.3856% 0.5635% 0.4352% 0.3677% 0.6408% 0.4783% 0.4370% 0.5155% 0.7480% 0.4490% 0.6880% 0.4853% 0.5975% 0.6705% 1.0740% 0.8433% 0.7211% 0.6613% 0.8793% 0.8637% 0.8213% 0.6490% 0.7881% 0.7337% 0.9940% 0.7484%
27 0.5543% 0.6885% 0.7235% 0.5937% 0.5249% 0.6087% 0.4557% 0.5459% 0.8075% 0.8101% 0.5792% 0.5447% 0.4716% 1.0329% 0.7750% 0.5169% 0.5742% 0.6058% 0.7214% 0.5009% 0.6093% 0.4330% 0.6302% 0.5193% 0.4380% 0.5806% 0.3752% 0.4184% 0.5959% 0.4664% 0.4139% 0.6919% 0.5490% 0.4906% 0.5520% 0.7851% 0.5091% 0.7661% 0.5321% 0.6450% 0.6905% 1.1252% 0.8451% 0.8187% 0.7007% 0.9060% 0.9303% 0.8616% 0.6825% 0.8301% 0.8128% 1.0672%
28 0.5667% 0.6991% 0.7481% 0.6096% 0.5439% 0.6320% 0.5021% 0.6128% 0.8355% 0.8226% 0.5925% 0.5647% 0.4901% 1.0444% 0.8332% 0.5718% 0.6100% 0.6465% 0.7559% 0.5510% 0.6356% 0.4456% 0.6306% 0.5685% 0.4689% 0.6017% 0.4084% 0.4184% 0.6128% 0.6330% 0.4920% 0.7359% 0.5871% 0.4972% 0.5728% 0.8013% 0.5568% 0.7829% 0.5606% 0.6963% 0.7303% 1.1560% 0.9032% 0.8665% 0.8523% 0.9754% 0.9734% 0.9190% 0.7342% 0.8551% 0.8672%
29 0.5868% 0.7178% 0.7715% 0.6179% 0.5552% 0.6578% 0.5249% 0.6450% 0.8727% 0.8413% 0.6412% 0.5988% 0.5081% 1.0533% 0.8652% 0.6196% 0.6402% 0.6675% 0.8137% 0.5625% 0.6597% 0.4953% 0.6363% 0.5982% 0.4752% 0.6302% 0.4465% 0.4389% 0.6167% 0.6470% 0.5059% 0.7364% 0.6104% 0.5479% 0.6580% 0.8403% 0.5640% 0.8617% 0.6028% 0.7612% 0.8227% 1.1842% 0.9738% 0.8901% 0.9245% 1.0567% 1.0490% 0.9719% 0.7926% 0.8793%
30 0.6115% 0.7220% 0.7862% 0.6179% 0.5868% 0.7299% 0.5308% 0.6768% 0.8830% 0.8936% 0.6426% 0.6504% 0.5316% 1.0652% 0.8755% 0.6489% 0.6571% 0.6810% 0.8181% 0.5770% 0.6597% 0.5333% 0.6504% 0.6205% 0.4962% 0.6520% 0.4486% 0.4659% 0.6834% 0.6824% 0.5871% 0.7728% 0.6286% 0.5653% 0.7004% 0.8692% 0.5855% 0.9301% 0.6272% 0.8080% 0.8743% 1.2339% 0.9851% 0.9671% 0.9437% 1.1216% 1.1477% 1.0604% 0.9190%
31 0.6388% 0.7310% 0.8413% 0.6441% 0.6221% 0.7516% 0.5529% 0.7112% 0.9331% 0.9262% 0.6577% 0.6821% 0.5631% 1.0852% 0.8901% 0.6798% 0.6725% 0.7026% 0.8547% 0.6375% 0.6753% 0.5725% 0.6696% 0.6430% 0.5154% 0.6748% 0.4968% 0.4779% 0.6839% 0.7258% 0.5950% 0.8115% 0.6505% 0.6531% 0.7004% 0.8883% 0.5892% 0.9886% 0.6596% 0.8424% 0.9089% 1.2602% 1.0431% 0.9974% 1.0310% 1.1640% 1.1701% 1.0604%
32 0.6645% 0.7349% 0.8610% 0.6532% 0.6471% 0.7683% 0.5590% 0.7239% 0.9390% 0.9421% 0.6783% 0.7241% 0.5710% 1.1441% 0.9100% 0.6859% 0.6815% 0.7402% 0.8614% 0.6433% 0.6980% 0.5895% 0.6771% 0.6488% 0.5517% 0.6931% 0.5152% 0.5001% 0.6960% 0.7299% 0.6175% 0.8422% 0.6648% 0.6603% 0.7041% 0.9085% 0.5892% 1.0171% 0.6989% 0.8502% 0.9770% 1.3757% 1.1037% 1.0150% 1.0651% 1.2160% 1.2375%
33 0.6646% 0.7821% 0.9130% 0.6631% 0.6936% 0.7963% 0.5987% 0.7274% 1.0014% 0.9568% 0.6847% 0.7510% 0.5829% 1.1617% 0.9300% 0.6860% 0.7536% 0.7585% 0.8779% 0.6958% 0.7324% 0.6122% 0.7371% 0.6643% 0.5827% 0.7176% 0.5306% 0.5027% 0.7233% 0.7860% 0.6735% 0.8777% 0.6773% 0.6834% 0.7121% 0.9444% 0.6380% 1.0277% 0.7283% 0.9446% 1.0010% 1.3757% 1.1417% 1.0327% 1.0733% 1.3630%
34 0.6787% 0.7952% 0.9294% 0.6720% 0.7143% 0.8183% 0.6072% 0.7686% 1.0288% 0.9618% 0.7013% 0.7644% 0.6087% 1.1670% 0.9506% 0.7146% 0.7647% 0.7809% 0.9277% 0.7178% 0.7337% 0.6255% 0.7577% 0.7073% 0.6349% 0.7549% 0.5379% 0.5027% 0.7358% 0.8510% 0.7305% 0.8888% 0.7103% 0.7043% 0.7315% 0.9740% 0.6642% 1.0360% 0.7632% 0.9793% 1.0329% 1.4297% 1.1924% 1.0784% 1.1439%
35 0.6922% 0.8396% 0.9570% 0.6973% 0.7446% 0.8556% 0.6106% 0.7837% 1.0572% 0.9761% 0.7039% 0.7876% 0.6410% 1.1896% 0.9890% 0.7170% 0.7889% 0.8248% 0.9727% 0.7312% 0.7806% 0.6296% 0.8145% 0.7218% 0.6829% 0.7549% 0.5622% 0.5468% 0.7390% 0.9247% 0.7333% 0.9218% 0.7345% 0.7108% 0.7835% 1.0230% 0.7045% 1.1109% 0.7636% 1.0059% 1.0507% 1.4468% 1.2722% 1.0931%
36 0.7148% 0.8639% 1.0101% 0.7232% 0.7585% 0.8613% 0.6698% 0.8116% 1.0667% 0.9863% 0.7107% 0.8072% 0.6513% 1.2100% 1.0103% 0.7558% 0.8010% 0.8344% 0.9800% 0.7312% 0.8461% 0.6486% 0.8762% 0.7250% 0.6980% 0.7789% 0.5740% 0.5693% 0.7648% 0.9331% 0.7865% 0.9401% 0.7750% 0.7391% 0.7870% 1.0689% 0.7123% 1.1594% 0.7915% 1.1099% 1.0763% 1.4594% 1.3664%
37 0.7456% 0.8724% 1.0134% 0.7621% 0.7585% 0.8857% 0.6847% 0.8763% 1.0774% 1.0257% 0.7203% 0.8171% 0.6641% 1.2100% 1.0371% 0.7754% 0.8139% 0.8429% 0.9961% 0.7441% 0.8753% 0.7525% 0.9160% 0.7634% 0.7137% 0.7845% 0.5953% 0.5773% 0.7840% 0.9662% 0.8490% 0.9718% 0.7841% 0.7698% 0.7993% 1.0813% 0.7591% 1.1594% 0.7953% 1.1205% 1.1508% 1.4818%
38 0.7843% 0.8895% 1.0135% 0.7658% 0.7615% 0.9170% 0.6935% 0.8954% 1.1446% 1.0379% 0.7410% 0.8171% 0.6871% 1.2176% 1.0613% 0.7793% 0.8306% 0.8792% 0.9992% 0.8196% 0.8961% 0.7525% 0.9232% 0.8473% 0.7280% 0.8054% 0.6163% 0.6065% 0.8113% 0.9890% 0.8831% 0.9908% 0.7973% 0.7698% 0.8007% 1.1044% 0.8028% 1.1879% 0.8006% 1.1210% 1.2162%
39 0.7915% 0.8977% 1.0282% 0.7948% 0.7887% 0.9238% 0.7067% 0.9294% 1.1638% 1.0445% 0.7554% 0.8470% 0.7147% 1.2355% 1.0943% 0.7988% 0.8443% 0.8962% 1.0153% 0.8298% 0.9320% 0.7530% 0.9232% 0.8784% 0.7633% 0.8212% 0.6384% 0.6182% 0.8247% 1.0139% 0.9043% 1.0470% 0.8151% 0.7957% 0.8387% 1.1256% 0.8225% 1.2491% 0.8620% 1.1532%
40 0.7943% 0.9233% 1.0372% 0.7969% 0.7997% 0.9420% 0.7344% 0.9323% 1.1746% 1.1263% 0.7653% 0.8520% 0.7289% 1.2503% 1.0959% 0.8098% 0.8639% 0.9296% 1.0715% 0.8429% 0.9396% 0.7539% 0.9258% 0.9002% 0.7765% 0.8702% 0.6786% 0.6187% 0.8394% 1.0900% 0.9951% 1.0809% 0.8199% 0.8157% 0.8870% 1.1604% 0.8430% 1.2672% 0.8779%
41 0.8164% 0.9685% 1.0488% 0.8096% 0.8193% 0.9589% 0.7425% 0.9458% 1.2032% 1.1329% 0.7840% 0.8605% 0.7334% 1.2594% 1.0999% 0.8323% 0.8951% 0.9365% 1.0812% 0.8429% 0.9603% 0.7585% 0.9541% 0.9116% 0.8025% 0.8955% 0.6985% 0.6187% 0.8453% 1.1155% 1.0616% 1.0994% 0.8573% 0.8159% 0.9236% 1.1604% 0.8517% 1.2789%
42 0.8164% 0.9914% 1.0768% 0.8358% 0.8409% 0.9680% 0.7497% 0.9575% 1.2637% 1.1395% 0.7864% 0.8873% 0.7804% 1.2672% 1.1138% 0.8530% 0.9067% 0.9414% 1.0880% 0.8429% 0.9779% 0.7670% 0.9815% 0.9231% 0.8263% 0.9212% 0.7257% 0.6502% 0.8478% 1.1229% 1.0616% 1.1294% 0.8726% 0.8985% 0.9247% 1.1758% 0.8642%
43 0.8435% 1.0303% 1.0784% 0.8404% 0.8455% 0.9874% 0.7744% 0.9849% 1.2709% 1.1575% 0.8130% 0.8990% 0.7839% 1.3212% 1.1511% 0.9353% 0.9186% 0.9465% 1.1042% 0.8489% 0.9866% 0.7798% 1.0012% 0.9500% 0.8548% 0.9476% 0.7524% 0.6613% 0.8516% 1.1251% 1.0843% 1.1442% 0.9204% 0.9541% 0.9392% 1.2264%
44 0.8512% 1.0559% 1.0784% 0.8482% 0.8455% 1.0241% 0.8015% 0.9912% 1.2813% 1.1874% 0.8288% 0.9297% 0.7876% 1.3356% 1.1514% 0.9414% 0.9288% 0.9597% 1.1411% 0.8649% 1.0224% 0.7963% 1.0290% 0.9500% 0.8830% 0.9493% 0.7582% 0.6801% 0.8516% 1.1567% 1.0946% 1.1682% 0.9462% 0.9541% 0.9467%
45 0.8793% 1.0887% 1.0820% 0.8639% 0.8819% 1.0264% 0.8073% 1.0063% 1.3028% 1.2083% 0.8412% 0.9321% 0.8621% 1.3378% 1.1806% 0.9688% 0.9548% 0.9762% 1.1426% 0.8743% 1.0336% 0.8035% 1.0569% 0.9953% 0.8830% 1.0182% 0.7881% 0.6919% 0.8516% 1.1860% 1.1130% 1.1866% 0.9462% 0.9794%
46 0.8921% 1.0967% 1.0864% 0.8639% 0.8970% 1.0316% 0.8126% 1.0126% 1.3196% 1.2310% 0.8621% 0.9421% 0.8629% 1.3771% 1.1837% 0.9806% 0.9591% 0.9762% 1.1526% 0.9107% 1.0506% 0.8283% 1.0569% 1.0010% 0.9334% 1.0217% 0.8027% 0.7162% 0.8591% 1.2008% 1.1355% 1.2107% 0.9618%
47 0.8921% 1.0967% 1.1068% 0.8664% 0.8972% 1.0605% 0.8368% 1.0196% 1.3218% 1.2357% 0.8934% 0.9601% 0.8952% 1.3809% 1.1838% 0.9963% 0.9663% 0.9868% 1.1572% 0.9367% 1.0643% 0.8333% 1.0569% 1.0055% 0.9334% 1.0296% 0.8083% 0.7241% 0.8600% 1.2108% 1.1412% 1.2279%
48 0.8948% 1.1067% 1.1196% 0.8664% 0.9341% 1.0756% 0.8550% 1.0256% 1.3241% 1.2636% 0.9058% 0.9792% 0.9439% 1.3846% 1.1852% 0.9984% 0.9945% 1.0109% 1.1828% 0.9514% 1.1009% 0.8582% 1.0592% 1.0303% 0.9470% 1.0762% 0.8083% 0.7322% 0.8765% 1.2108% 1.1621%
49 0.9408% 1.1153% 1.1210% 0.8765% 0.9546% 1.0954% 0.8550% 1.0307% 1.3316% 1.2681% 0.9564% 0.9896% 0.9439% 1.3846% 1.1972% 1.0139% 0.9978% 1.0161% 1.1869% 0.9673% 1.1148% 0.8608% 1.0702% 1.0303% 0.9845% 1.1000% 0.8086% 0.7435% 0.8769% 1.2163%
50 0.9562% 1.1247% 1.1259% 0.8857% 0.9585% 1.1140% 0.8614% 1.0539% 1.3614% 1.2684% 0.9668% 0.9983% 0.9589% 1.3879% 1.2424% 1.0205% 0.9978% 1.0441% 1.2046% 0.9984% 1.1495% 0.8629% 1.0702% 1.0399% 0.9869% 1.1268% 0.8241% 0.7779% 0.8779%
51 0.9756% 1.1287% 1.1259% 0.8860% 0.9639% 1.1528% 0.8990% 1.0619% 1.3690% 1.2712% 0.9741% 1.0143% 0.9589% 1.4033% 1.2428% 1.0703% 1.0048% 1.0598% 1.2288% 1.0099% 1.1528% 0.9059% 1.0890% 1.0402% 0.9869% 1.1268% 0.8241% 0.8009%
52 0.9905% 1.1289% 1.1259% 0.8865% 0.9733% 1.1570% 0.9133% 1.0920% 1.3729% 1.2799% 0.9781% 1.0228% 0.9616% 1.4082% 1.2566% 1.0832% 1.0097% 1.0645% 1.2291% 1.0152% 1.1691% 0.9123% 1.0989% 1.0544% 0.9998% 1.1566% 0.8399%
53 0.9975% 1.1388% 1.1259% 0.8934% 0.9912% 1.1633% 0.9328% 1.0956% 1.3729% 1.2930% 0.9903% 1.0298% 1.0070% 1.4145% 1.2626% 1.0930% 1.0197% 1.0695% 1.2353% 1.0219% 1.2063% 0.9476% 1.1144% 1.0635% 1.0001% 1.1674%
54 1.0130% 1.1448% 1.1435% 0.9272% 0.9940% 1.1636% 0.9348% 1.1092% 1.4028% 1.3127% 1.0083% 1.0328% 1.0072% 1.4232% 1.2955% 1.0930% 1.0197% 1.0706% 1.2365% 1.0284% 1.2183% 0.9644% 1.1183% 1.0674% 1.0190%
55 1.0177% 1.1448% 1.1521% 0.9418% 1.0142% 1.1646% 0.9453% 1.1092% 1.4059% 1.3249% 1.0083% 1.0382% 1.0332% 1.4386% 1.3119% 1.1033% 1.0476% 1.0834% 1.2365% 1.0485% 1.2266% 0.9644% 1.1354% 1.0717%
56 1.0656% 1.1448% 1.1678% 0.9732% 1.0169% 1.1983% 0.9454% 1.1167% 1.4096% 1.3249% 1.0134% 1.0462% 1.0332% 1.4386% 1.3245% 1.1066% 1.0546% 1.1256% 1.2365% 1.0727% 1.2266% 0.9693% 1.1433%
57 1.0677% 1.2005% 1.1739% 0.9813% 1.0169% 1.2128% 0.9541% 1.1362% 1.4097% 1.3360% 1.0197% 1.0700% 1.0635% 1.4429% 1.3276% 1.1066% 1.0599% 1.1256% 1.2397% 1.0853% 1.2280% 0.9713%
58 1.0726% 1.2135% 1.1874% 0.9889% 1.0185% 1.2176% 0.9578% 1.1405% 1.4140% 1.4037% 1.0250% 1.0797% 1.0637% 1.4470% 1.3276% 1.1081% 1.0641% 1.1412% 1.2397% 1.0910% 1.2543%
59 1.1181% 1.2268% 1.1874% 0.9938% 1.0185% 1.2222% 0.9799% 1.1405% 1.4194% 1.4344% 1.0250% 1.0940% 1.0637% 1.4507% 1.3336% 1.1226% 1.0877% 1.1412% 1.2512% 1.0996%
60 1.1242% 1.2435% 1.1915% 1.0006% 1.0243% 1.2283% 0.9808% 1.1536% 1.4236% 1.4513% 1.0311% 1.0940% 1.0795% 1.4686% 1.3516% 1.1226% 1.1053% 1.1586% 1.2707%
61 1.1310% 1.2473% 1.1920% 1.0116% 1.0521% 1.2404% 0.9835% 1.1536% 1.4236% 1.4615% 1.0329% 1.0940% 1.0830% 1.5196% 1.3535% 1.1338% 1.1129% 1.1628%
62 1.1359% 1.2514% 1.1920% 1.0239% 1.0525% 1.2452% 0.9893% 1.1536% 1.4302% 1.4638% 1.0397% 1.1009% 1.0860% 1.5196% 1.3639% 1.1393% 1.1208%
63 1.1359% 1.2646% 1.1950% 1.0268% 1.0546% 1.2454% 0.9953% 1.1735% 1.4354% 1.4638% 1.0478% 1.1009% 1.0860% 1.5265% 1.3680% 1.1396%
64 1.1359% 1.2646% 1.2163% 1.0343% 1.0629% 1.2455% 0.9956% 1.1735% 1.4404% 1.4642% 1.0575% 1.1315% 1.0884% 1.5295% 1.3730%
65 1.1395% 1.2963% 1.2248% 1.0344% 1.0629% 1.2520% 1.0052% 1.1735% 1.4430% 1.4642% 1.0575% 1.1439% 1.0884% 1.5349%
66 1.1624% 1.2963% 1.2248% 1.0350% 1.0637% 1.2522% 1.0136% 1.2031% 1.4438% 1.4687% 1.0678% 1.1472% 1.0884%
67 1.1626% 1.3078% 1.2291% 1.0438% 1.0696% 1.2524% 1.0136% 1.2031% 1.4536% 1.4687% 1.0690% 1.1582%
68 1.1627% 1.3087% 1.2410% 1.0467% 1.0696% 1.2560% 1.0136% 1.2042% 1.4724% 1.4695% 1.0705%
69 1.1672% 1.3266% 1.2416% 1.0467% 1.0872% 1.2560% 1.0136% 1.2042% 1.4745% 1.4700%
70 1.1672% 1.3266% 1.2416% 1.0467% 1.0909% 1.2567% 1.0136% 1.2044% 1.4745%
71 1.1831% 1.3266% 1.2459% 1.0467% 1.0984% 1.2589% 1.0136% 1.2044%
72 1.1852% 1.3314% 1.2596% 1.1067% 1.0999% 1.2614% 1.0136%
73 1.1906% 1.3314% 1.2596% 1.1067% 1.1044% 1.2614%
74 1.1906% 1.3434% 1.2596% 1.1067% 1.1044%
75 1.1906% 1.3434% 1.2655% 1.1119%
76 1.1910% 1.3437% 1.2690%
77 1.1910% 1.3441%
78 1.1910%

66
1.80%

1.60%

1.40%

1.20%

1.00%

0.80%

0.60%

0.40%

0.20%

0.00%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78

01.2004 02.2004 03.2004 04.2004 05.2004 06.2004 07.2004 08.2004 09.2004 10.2004 11.2004 12.2004 01.2005 02.2005 03.2005 04.2005 05.2005
06.2005 07.2005 08.2005 09.2005 10.2005 11.2005 12.2005 01.2006 02.2006 03.2006 04.2006 05.2006 06.2006 07.2006 08.2006 09.2006 10.2006
11.2006 12.2006 01.2007 02.2007 03.2007 04.2007 05.2007 06.2007 07.2007 08.2007 09.2007 10.2007 11.2007 12.2007 01.2008 02.2008 03.2008

04.2008 05.2008 06.2008 07.2008 08.2008 09.2008 10.2008 11.2008 12.2008 01.2009 02.2009 03.2009 04.2009 05.2009 06.2009 07.2009 08.2009
09.2009 10.2009 11.2009 12.2009 01.2010 02.2010 03.2010 04.2010 05.2010 06.2010

67
4. Portion of Write-offs to initial credit amount - AutoCredit / New Cars June 2010

Period 01.2004 02.2004 03.2004 04.2004 05.2004 06.2004 07.2004 08.2004 09.2004 10.2004 11.2004 12.2004 01.2005 02.2005 03.2005 04.2005 05.2005 06.2005 07.2005 08.2005 09.2005 10.2005 11.2005 12.2005 01.2006 02.2006 03.2006 04.2006 05.2006 06.2006 07.2006 08.2006 09.2006 10.2006 11.2006 12.2006 01.2007 02.2007 03.2007 04.2007 05.2007 06.2007 07.2007 08.2007 09.2007 10.2007 11.2007 12.2007 01.2008 02.2008 03.2008 04.2008 05.2008 06.2008 07.2008 08.2008 09.2008 10.2008 11.2008 12.2008 01.2009 02.2009 03.2009 04.2009 05.2009 06.2009 07.2009 08.2009 09.2009 10.2009 11.2009 12.2009 01.2010 02.2010 03.2010 04.2010 05.2010 06.2010
1 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
2 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
3 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0348% 0.0282% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
4 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0491% 0.0282% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
5 0.0000% 0.0000% 0.0001% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0012% 0.0553% 0.0282% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0043% 0.0164% 0.0043% 0.0000% 0.0000% 0.0153% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
6 0.0033% 0.0000% 0.0001% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0040% 0.0000% 0.0000% 0.0000% 0.0090% 0.0553% 0.0282% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0121% 0.0000% 0.0000% 0.0000% 0.0000% 0.0018% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0073% 0.0067% 0.0164% 0.0043% 0.0000% 0.0000% 0.0153% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0048% 0.0000% 0.0000% 0.0000% 0.0000% 0.0001% 0.0000% 0.0000% 0.0000% 0.0043% 0.0000%
7 0.0033% 0.0000% 0.0001% 0.0063% 0.0000% 0.0000% 0.0026% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0040% 0.0000% 0.0000% 0.0000% 0.0090% 0.0957% 0.0282% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0041% 0.0121% 0.0000% 0.0021% 0.0000% 0.0000% 0.0018% 0.0015% 0.0141% 0.0000% 0.0046% 0.0000% 0.0000% 0.0035% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0073% 0.0067% 0.0164% 0.0043% 0.0053% 0.0000% 0.0153% 0.0000% 0.0031% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0110% 0.0000% 0.0000% 0.0008% 0.0000% 0.0035% 0.0000% 0.0021% 0.0000% 0.0121%
8 0.0221% 0.0000% 0.0229% 0.0063% 0.0000% 0.0000% 0.0026% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0040% 0.0000% 0.0000% 0.0000% 0.0090% 0.0987% 0.0282% 0.0000% 0.0000% 0.0000% 0.0023% 0.0000% 0.0000% 0.0022% 0.0000% 0.0041% 0.0165% 0.0000% 0.0073% 0.0056% 0.0032% 0.0018% 0.0027% 0.0141% 0.0000% 0.0046% 0.0189% 0.0000% 0.0035% 0.0015% 0.0000% 0.0044% 0.0066% 0.0031% 0.0167% 0.0067% 0.0206% 0.0043% 0.0053% 0.0053% 0.0153% 0.0000% 0.0062% 0.0040% 0.0000% 0.0050% 0.0000% 0.0049% 0.0000% 0.0000% 0.0110% 0.0000% 0.0000% 0.0008% 0.0093% 0.0035% 0.0000% 0.0113% 0.0126%
9 0.0296% 0.0170% 0.0229% 0.0063% 0.0000% 0.0009% 0.0029% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0112% 0.0000% 0.0000% 0.0000% 0.0206% 0.0987% 0.0348% 0.0047% 0.0128% 0.0000% 0.0055% 0.0000% 0.0000% 0.0022% 0.0000% 0.0041% 0.0165% 0.0052% 0.0085% 0.0109% 0.0032% 0.0038% 0.0052% 0.0141% 0.0030% 0.0378% 0.0189% 0.0000% 0.0084% 0.0076% 0.0000% 0.0237% 0.0095% 0.0045% 0.0167% 0.0118% 0.0344% 0.0077% 0.0095% 0.0053% 0.0279% 0.0000% 0.0062% 0.0040% 0.0068% 0.0093% 0.0100% 0.0049% 0.0000% 0.0053% 0.0110% 0.0019% 0.0241% 0.0013% 0.0093% 0.0035% 0.0000% 0.0162%
10 0.0667% 0.0170% 0.0229% 0.0063% 0.0000% 0.0009% 0.0120% 0.0081% 0.0550% 0.0000% 0.0066% 0.0125% 0.0166% 0.0000% 0.0066% 0.0000% 0.0245% 0.0987% 0.0410% 0.0112% 0.0339% 0.0000% 0.0276% 0.0000% 0.0000% 0.0098% 0.0000% 0.0070% 0.0165% 0.0052% 0.0195% 0.0109% 0.0066% 0.0106% 0.0052% 0.0141% 0.0081% 0.0378% 0.0189% 0.0178% 0.0132% 0.0116% 0.0183% 0.0237% 0.0162% 0.0045% 0.0260% 0.0118% 0.0386% 0.0077% 0.0230% 0.0053% 0.0395% 0.0000% 0.0462% 0.0264% 0.0110% 0.0093% 0.0190% 0.0271% 0.0097% 0.0120% 0.0110% 0.0049% 0.0265% 0.0013% 0.0093% 0.0035% 0.0000%
11 0.0790% 0.0170% 0.0302% 0.0104% 0.0084% 0.0055% 0.0120% 0.0137% 0.0550% 0.0000% 0.0066% 0.0564% 0.0334% 0.0113% 0.0308% 0.0000% 0.0474% 0.0987% 0.0529% 0.0112% 0.0447% 0.0002% 0.0276% 0.0000% 0.0000% 0.0098% 0.0052% 0.0162% 0.0222% 0.0061% 0.0195% 0.0342% 0.0066% 0.0140% 0.0081% 0.0271% 0.0081% 0.0481% 0.0189% 0.0246% 0.0162% 0.0203% 0.0216% 0.0367% 0.0176% 0.0093% 0.0380% 0.0178% 0.0608% 0.0196% 0.0242% 0.0102% 0.0442% 0.0000% 0.0617% 0.0335% 0.0222% 0.0118% 0.0395% 0.0364% 0.0283% 0.0120% 0.0148% 0.0090% 0.0265% 0.0013% 0.0093% 0.0062%
12 0.0923% 0.0170% 0.0423% 0.0104% 0.0084% 0.0202% 0.0120% 0.0187% 0.0623% 0.0290% 0.0226% 0.0576% 0.0434% 0.0113% 0.0351% 0.0601% 0.0474% 0.1532% 0.0529% 0.0112% 0.0447% 0.0002% 0.0279% 0.0226% 0.0205% 0.0222% 0.0071% 0.0258% 0.0242% 0.0133% 0.0195% 0.0499% 0.0116% 0.0151% 0.0142% 0.0316% 0.0120% 0.0737% 0.0211% 0.0339% 0.0169% 0.0332% 0.0216% 0.0367% 0.0176% 0.0127% 0.0413% 0.0178% 0.0687% 0.0220% 0.0356% 0.0102% 0.0457% 0.0231% 0.0617% 0.0521% 0.0267% 0.0237% 0.0700% 0.0485% 0.0333% 0.0173% 0.0157% 0.0113% 0.0269% 0.0034% 0.0129%
13 0.1161% 0.0170% 0.0519% 0.0358% 0.0216% 0.0204% 0.0287% 0.0254% 0.0906% 0.0533% 0.0265% 0.0662% 0.0434% 0.0113% 0.0721% 0.0616% 0.0854% 0.1604% 0.0529% 0.0201% 0.0500% 0.0053% 0.0361% 0.0226% 0.0205% 0.0316% 0.0162% 0.0329% 0.0362% 0.0194% 0.0211% 0.0580% 0.0265% 0.0220% 0.0225% 0.0372% 0.0268% 0.0881% 0.0250% 0.0447% 0.0234% 0.0384% 0.0238% 0.0439% 0.0211% 0.0183% 0.0427% 0.0549% 0.0687% 0.0265% 0.0356% 0.0159% 0.0516% 0.0524% 0.0643% 0.0521% 0.0267% 0.0282% 0.0789% 0.0525% 0.0355% 0.0173% 0.0270% 0.0113% 0.0285% 0.0034%
14 0.1161% 0.0297% 0.0738% 0.0358% 0.0321% 0.0282% 0.0429% 0.0449% 0.0906% 0.0576% 0.0311% 0.0913% 0.0480% 0.0290% 0.0731% 0.1074% 0.0854% 0.1604% 0.0609% 0.0336% 0.0879% 0.0309% 0.0416% 0.0226% 0.0205% 0.0503% 0.0162% 0.0377% 0.0544% 0.0224% 0.0230% 0.0670% 0.0309% 0.0251% 0.0225% 0.0459% 0.0268% 0.1089% 0.0250% 0.0489% 0.0280% 0.0439% 0.0291% 0.0482% 0.0335% 0.0445% 0.0619% 0.0549% 0.0687% 0.0266% 0.0513% 0.0337% 0.0516% 0.0524% 0.0728% 0.0633% 0.0393% 0.0381% 0.0862% 0.0612% 0.0463% 0.0276% 0.0336% 0.0142% 0.0319%
15 0.1161% 0.0422% 0.0924% 0.0625% 0.0321% 0.0326% 0.0605% 0.0650% 0.1507% 0.0588% 0.0475% 0.1088% 0.0709% 0.0455% 0.1105% 0.1514% 0.0962% 0.1977% 0.0633% 0.0437% 0.1055% 0.0639% 0.0551% 0.0226% 0.0321% 0.0503% 0.0163% 0.0466% 0.0586% 0.0328% 0.0291% 0.0719% 0.0359% 0.0251% 0.0367% 0.0550% 0.0413% 0.1156% 0.0250% 0.0565% 0.0329% 0.0545% 0.0322% 0.0641% 0.0364% 0.0459% 0.0691% 0.0695% 0.0687% 0.0363% 0.0765% 0.0471% 0.0754% 0.0607% 0.1029% 0.0708% 0.0520% 0.0413% 0.0862% 0.0612% 0.0730% 0.0497% 0.0336% 0.0247%
16 0.1312% 0.0879% 0.1215% 0.0625% 0.0321% 0.0409% 0.0733% 0.0806% 0.1591% 0.0891% 0.0650% 0.1142% 0.0828% 0.0535% 0.1485% 0.1870% 0.1000% 0.1977% 0.0633% 0.0614% 0.1240% 0.0653% 0.0551% 0.0328% 0.0847% 0.0525% 0.0280% 0.0640% 0.0806% 0.0404% 0.0323% 0.0836% 0.0459% 0.0282% 0.0407% 0.0550% 0.0721% 0.1330% 0.0250% 0.0663% 0.0408% 0.0613% 0.0445% 0.0701% 0.0364% 0.0748% 0.0735% 0.0773% 0.0963% 0.0450% 0.0940% 0.0581% 0.0849% 0.0740% 0.1190% 0.0835% 0.0639% 0.0732% 0.0939% 0.0655% 0.1063% 0.0497% 0.0480%
17 0.1390% 0.0879% 0.1763% 0.0696% 0.0488% 0.0487% 0.1199% 0.1038% 0.1807% 0.1577% 0.0701% 0.1159% 0.0828% 0.0666% 0.1603% 0.2074% 0.1114% 0.2030% 0.0747% 0.0822% 0.1298% 0.0838% 0.1013% 0.0328% 0.1066% 0.0873% 0.0332% 0.0708% 0.0991% 0.0487% 0.0441% 0.0842% 0.0613% 0.0364% 0.0553% 0.0583% 0.0862% 0.1330% 0.0310% 0.0688% 0.0591% 0.0755% 0.0490% 0.0701% 0.0364% 0.0832% 0.0815% 0.1135% 0.1060% 0.0496% 0.1057% 0.0702% 0.1275% 0.0966% 0.1519% 0.1246% 0.0639% 0.0927% 0.1083% 0.0699% 0.1138% 0.0528%
18 0.1945% 0.1135% 0.1898% 0.1255% 0.0517% 0.0709% 0.1376% 0.1156% 0.2138% 0.1810% 0.1125% 0.1159% 0.1331% 0.0740% 0.1695% 0.2108% 0.1208% 0.2185% 0.1477% 0.0946% 0.1392% 0.0854% 0.1084% 0.0359% 0.1241% 0.0873% 0.0373% 0.0708% 0.1043% 0.0597% 0.0496% 0.0923% 0.0653% 0.0532% 0.0678% 0.0675% 0.0901% 0.1460% 0.0604% 0.1010% 0.0695% 0.0855% 0.0637% 0.0789% 0.0476% 0.1051% 0.0912% 0.1497% 0.1376% 0.0564% 0.1579% 0.0795% 0.1373% 0.1350% 0.1816% 0.1620% 0.1149% 0.1103% 0.1083% 0.0797% 0.1233%
19 0.2024% 0.1199% 0.1927% 0.1533% 0.0616% 0.1011% 0.1525% 0.1339% 0.2138% 0.1937% 0.1125% 0.1445% 0.1553% 0.0740% 0.1766% 0.2349% 0.1283% 0.2202% 0.1805% 0.1353% 0.1532% 0.0856% 0.1084% 0.0359% 0.1332% 0.0873% 0.0521% 0.0708% 0.1111% 0.0694% 0.0599% 0.0972% 0.0742% 0.0630% 0.0703% 0.0781% 0.0982% 0.1545% 0.0786% 0.1133% 0.0832% 0.0880% 0.0691% 0.0869% 0.0532% 0.1074% 0.0977% 0.1707% 0.1519% 0.0647% 0.1812% 0.0968% 0.1373% 0.1420% 0.1936% 0.1885% 0.1193% 0.1206% 0.1123% 0.1663%
20 0.2256% 0.1199% 0.2016% 0.1707% 0.0661% 0.1112% 0.1525% 0.1565% 0.2138% 0.2211% 0.1228% 0.1752% 0.1949% 0.0740% 0.2130% 0.2490% 0.1327% 0.2294% 0.1863% 0.1768% 0.1637% 0.0907% 0.1093% 0.0457% 0.1424% 0.0873% 0.0521% 0.0752% 0.1127% 0.0771% 0.0637% 0.1024% 0.0909% 0.0676% 0.0728% 0.0899% 0.0982% 0.1549% 0.1049% 0.1290% 0.0861% 0.0914% 0.0785% 0.1222% 0.0656% 0.1318% 0.1218% 0.1986% 0.1758% 0.0740% 0.1860% 0.1370% 0.1569% 0.2019% 0.2333% 0.1923% 0.1375% 0.1274% 0.1618%
21 0.2527% 0.1199% 0.2311% 0.1806% 0.0661% 0.1157% 0.1983% 0.1565% 0.2138% 0.2543% 0.1269% 0.2054% 0.1952% 0.0740% 0.2502% 0.2490% 0.1584% 0.2319% 0.2113% 0.1969% 0.1705% 0.1110% 0.1126% 0.1115% 0.1895% 0.1076% 0.0623% 0.0752% 0.1211% 0.0900% 0.0774% 0.1200% 0.0922% 0.0787% 0.0854% 0.0919% 0.1262% 0.1595% 0.1371% 0.1339% 0.0861% 0.1159% 0.1018% 0.1535% 0.1024% 0.1441% 0.1339% 0.1987% 0.1880% 0.1363% 0.1953% 0.1807% 0.1699% 0.2054% 0.2544% 0.1992% 0.1859% 0.1514%
22 0.2614% 0.1366% 0.2503% 0.1806% 0.0694% 0.1760% 0.2287% 0.1750% 0.2346% 0.2620% 0.1386% 0.2152% 0.2008% 0.0900% 0.2723% 0.2706% 0.1717% 0.2471% 0.2275% 0.2223% 0.1786% 0.1147% 0.1292% 0.1115% 0.1990% 0.1132% 0.0646% 0.0961% 0.1211% 0.0976% 0.0886% 0.1430% 0.0922% 0.0871% 0.0854% 0.1010% 0.1419% 0.1850% 0.1596% 0.1422% 0.0957% 0.1352% 0.1064% 0.1958% 0.1361% 0.1546% 0.1755% 0.1993% 0.1897% 0.1720% 0.2182% 0.2223% 0.1760% 0.2220% 0.2778% 0.2098% 0.1956%
23 0.2751% 0.1774% 0.2627% 0.1806% 0.0768% 0.1828% 0.2595% 0.2040% 0.2493% 0.3066% 0.1398% 0.2640% 0.2114% 0.1024% 0.2723% 0.2709% 0.1811% 0.2565% 0.2431% 0.2223% 0.1831% 0.1291% 0.1550% 0.1115% 0.2137% 0.1273% 0.0805% 0.1130% 0.1211% 0.1104% 0.1006% 0.1607% 0.1043% 0.0928% 0.1042% 0.1381% 0.1478% 0.2035% 0.1596% 0.1763% 0.1334% 0.2018% 0.1233% 0.2078% 0.1941% 0.1656% 0.2067% 0.2270% 0.2660% 0.2036% 0.2286% 0.2332% 0.1844% 0.2461% 0.2953% 0.2529%
24 0.2832% 0.1861% 0.2926% 0.1806% 0.0768% 0.1828% 0.2780% 0.2063% 0.2493% 0.3265% 0.1547% 0.2771% 0.2547% 0.1024% 0.2933% 0.2763% 0.2028% 0.2622% 0.2511% 0.2550% 0.1883% 0.1291% 0.1622% 0.1266% 0.2140% 0.1274% 0.0805% 0.1264% 0.1419% 0.1150% 0.1154% 0.1623% 0.1186% 0.1103% 0.1122% 0.1506% 0.1512% 0.2234% 0.1652% 0.1999% 0.1764% 0.2279% 0.1429% 0.2167% 0.2235% 0.1765% 0.2331% 0.2621% 0.2815% 0.2105% 0.2415% 0.2436% 0.2065% 0.2708% 0.3101%
25 0.2905% 0.2232% 0.2981% 0.1970% 0.0866% 0.1955% 0.2879% 0.2186% 0.2693% 0.3464% 0.1587% 0.3658% 0.2604% 0.1024% 0.2965% 0.2817% 0.2648% 0.2671% 0.2545% 0.2695% 0.2069% 0.1599% 0.1850% 0.1266% 0.2326% 0.1368% 0.0854% 0.1428% 0.1440% 0.1275% 0.1195% 0.1624% 0.1345% 0.1233% 0.1313% 0.1639% 0.1631% 0.2853% 0.1973% 0.2073% 0.1826% 0.2707% 0.1688% 0.2220% 0.2275% 0.1965% 0.2509% 0.3203% 0.3193% 0.2450% 0.2415% 0.2577% 0.2204% 0.2906%
26 0.3061% 0.2299% 0.3029% 0.2177% 0.0887% 0.2082% 0.3332% 0.2349% 0.3013% 0.3998% 0.2326% 0.4103% 0.2666% 0.1131% 0.3107% 0.2890% 0.2704% 0.2906% 0.2545% 0.2836% 0.2546% 0.1613% 0.1850% 0.1375% 0.2524% 0.1398% 0.0875% 0.1497% 0.1530% 0.1288% 0.1310% 0.1745% 0.1471% 0.1387% 0.1375% 0.1690% 0.1667% 0.3166% 0.2154% 0.2310% 0.1927% 0.2925% 0.2026% 0.2603% 0.2387% 0.2209% 0.2887% 0.3322% 0.3235% 0.2646% 0.2618% 0.2893% 0.2460%
27 0.3156% 0.2299% 0.3230% 0.2177% 0.1011% 0.2082% 0.3415% 0.2437% 0.3364% 0.4138% 0.2550% 0.4288% 0.2681% 0.1131% 0.3500% 0.3116% 0.2923% 0.3016% 0.2573% 0.2887% 0.2546% 0.1617% 0.1904% 0.1474% 0.2577% 0.1570% 0.0977% 0.1526% 0.1686% 0.1410% 0.1516% 0.1834% 0.1775% 0.1418% 0.1444% 0.1799% 0.1866% 0.3187% 0.2357% 0.2547% 0.2040% 0.3199% 0.2292% 0.3172% 0.2832% 0.2282% 0.2998% 0.3453% 0.3624% 0.2724% 0.2636% 0.3076%
28 0.3225% 0.2307% 0.3372% 0.2177% 0.1011% 0.2382% 0.3521% 0.2517% 0.4407% 0.4598% 0.2650% 0.4374% 0.2809% 0.1326% 0.3512% 0.3116% 0.2979% 0.3235% 0.2821% 0.3105% 0.2546% 0.2017% 0.2317% 0.1675% 0.2754% 0.1663% 0.1069% 0.1583% 0.1787% 0.1564% 0.1516% 0.2064% 0.1787% 0.1453% 0.1510% 0.1903% 0.1911% 0.3540% 0.2535% 0.2674% 0.2378% 0.3448% 0.2569% 0.3345% 0.3166% 0.2841% 0.3089% 0.3479% 0.3810% 0.2782% 0.2831%
29 0.3435% 0.2307% 0.3492% 0.2291% 0.1226% 0.2694% 0.3567% 0.2790% 0.4522% 0.4852% 0.2675% 0.4374% 0.3320% 0.1647% 0.4212% 0.3673% 0.3309% 0.3304% 0.2902% 0.3366% 0.3360% 0.2022% 0.2424% 0.1867% 0.2856% 0.1707% 0.1069% 0.1644% 0.1936% 0.1675% 0.1654% 0.2233% 0.1858% 0.1503% 0.1619% 0.1980% 0.2151% 0.3711% 0.2664% 0.2942% 0.2515% 0.3624% 0.2879% 0.3646% 0.3292% 0.3013% 0.3227% 0.3781% 0.3856% 0.3043%
30 0.3527% 0.2495% 0.3576% 0.2291% 0.1349% 0.2723% 0.3579% 0.2923% 0.4522% 0.5494% 0.2703% 0.4481% 0.3480% 0.1802% 0.4667% 0.3673% 0.3547% 0.3304% 0.2902% 0.3366% 0.3433% 0.2022% 0.2581% 0.1946% 0.2988% 0.1783% 0.1230% 0.1918% 0.1986% 0.1737% 0.1731% 0.2317% 0.2112% 0.1631% 0.1685% 0.2147% 0.2283% 0.4131% 0.2872% 0.3030% 0.2720% 0.3905% 0.3206% 0.3829% 0.3513% 0.3212% 0.3331% 0.4005% 0.3935%
31 0.3784% 0.2729% 0.3644% 0.2441% 0.1612% 0.2750% 0.3806% 0.2978% 0.4567% 0.5494% 0.3155% 0.4658% 0.3615% 0.1880% 0.5007% 0.3832% 0.3938% 0.3390% 0.2903% 0.3425% 0.3433% 0.2203% 0.2616% 0.2144% 0.2988% 0.1944% 0.1534% 0.2101% 0.2064% 0.1962% 0.1826% 0.2327% 0.2261% 0.1787% 0.1840% 0.2228% 0.2434% 0.4156% 0.3061% 0.3136% 0.3055% 0.4120% 0.3448% 0.4196% 0.3564% 0.3388% 0.3382% 0.4465%
32 0.3903% 0.2911% 0.3913% 0.2523% 0.1639% 0.2935% 0.3808% 0.2978% 0.4567% 0.5563% 0.3155% 0.4744% 0.3669% 0.2205% 0.5181% 0.4043% 0.4050% 0.3425% 0.2930% 0.3507% 0.3433% 0.2319% 0.3008% 0.2196% 0.3026% 0.1965% 0.1571% 0.2462% 0.2237% 0.1962% 0.2005% 0.2411% 0.2476% 0.1938% 0.1897% 0.2282% 0.2734% 0.4278% 0.3589% 0.3240% 0.3326% 0.4400% 0.3526% 0.4256% 0.3881% 0.3456% 0.3742%
33 0.3903% 0.2970% 0.4084% 0.2623% 0.1778% 0.2935% 0.3808% 0.3044% 0.5304% 0.5753% 0.3338% 0.4932% 0.3863% 0.2205% 0.5569% 0.4043% 0.4081% 0.3425% 0.3003% 0.3703% 0.3433% 0.2363% 0.3114% 0.2415% 0.3175% 0.1987% 0.1676% 0.2626% 0.2360% 0.2047% 0.2005% 0.2653% 0.2641% 0.2073% 0.2185% 0.2349% 0.2897% 0.4813% 0.3775% 0.3554% 0.3499% 0.4577% 0.3760% 0.4307% 0.4057% 0.3581%
34 0.3903% 0.3152% 0.4323% 0.3181% 0.1897% 0.2935% 0.4331% 0.3284% 0.5818% 0.6142% 0.3653% 0.4995% 0.3863% 0.2296% 0.5731% 0.4147% 0.4110% 0.3425% 0.3091% 0.3972% 0.3471% 0.2676% 0.3114% 0.2605% 0.3175% 0.2107% 0.1741% 0.2915% 0.2510% 0.2265% 0.2118% 0.2848% 0.2842% 0.2170% 0.2357% 0.2482% 0.2952% 0.4898% 0.4056% 0.3905% 0.3766% 0.4771% 0.3814% 0.4835% 0.4172%
35 0.4187% 0.3207% 0.4410% 0.3181% 0.2192% 0.2935% 0.4478% 0.3494% 0.5819% 0.6351% 0.4082% 0.5447% 0.3881% 0.2410% 0.5929% 0.4264% 0.4174% 0.3715% 0.3091% 0.4019% 0.3557% 0.2676% 0.3139% 0.2623% 0.3253% 0.2201% 0.1830% 0.3098% 0.2554% 0.2334% 0.2142% 0.2994% 0.3029% 0.2238% 0.2424% 0.2645% 0.3207% 0.5095% 0.4139% 0.3951% 0.4033% 0.4906% 0.3906% 0.5080%
36 0.4479% 0.3702% 0.4466% 0.3428% 0.2455% 0.2976% 0.4593% 0.3689% 0.5883% 0.6534% 0.4093% 0.5546% 0.4238% 0.2627% 0.5993% 0.4264% 0.4370% 0.3940% 0.3326% 0.4148% 0.3639% 0.2707% 0.3163% 0.2669% 0.3287% 0.2406% 0.2033% 0.3311% 0.2554% 0.2441% 0.2309% 0.3089% 0.3119% 0.2445% 0.2543% 0.2742% 0.3289% 0.5316% 0.4293% 0.4104% 0.4313% 0.5000% 0.3971%
37 0.4650% 0.3702% 0.4466% 0.3588% 0.2564% 0.3355% 0.4697% 0.3810% 0.6000% 0.6816% 0.4219% 0.5738% 0.4583% 0.2692% 0.6093% 0.4366% 0.4393% 0.3991% 0.3333% 0.4233% 0.3786% 0.2971% 0.3197% 0.2811% 0.3357% 0.2406% 0.2449% 0.3541% 0.2819% 0.2596% 0.2529% 0.3168% 0.3164% 0.2729% 0.2661% 0.2925% 0.3418% 0.5377% 0.4447% 0.4366% 0.4406% 0.5199%
38 0.4702% 0.3844% 0.4482% 0.3670% 0.2650% 0.3433% 0.4772% 0.3836% 0.6103% 0.6964% 0.4219% 0.5880% 0.4672% 0.3043% 0.6240% 0.4471% 0.4544% 0.4227% 0.3568% 0.4479% 0.4030% 0.3292% 0.3217% 0.3211% 0.3448% 0.2513% 0.2552% 0.3701% 0.2839% 0.2804% 0.2638% 0.3399% 0.3227% 0.2836% 0.2861% 0.3065% 0.3521% 0.5568% 0.4637% 0.4719% 0.4856%
39 0.4702% 0.3936% 0.4747% 0.3941% 0.2835% 0.3500% 0.4812% 0.4193% 0.6349% 0.7178% 0.4396% 0.6001% 0.4798% 0.3211% 0.6338% 0.4576% 0.4785% 0.4273% 0.3615% 0.4479% 0.4221% 0.3513% 0.3217% 0.3219% 0.3759% 0.2570% 0.2677% 0.4094% 0.2918% 0.3021% 0.2753% 0.3509% 0.3452% 0.2931% 0.3106% 0.3254% 0.3772% 0.5753% 0.4914% 0.4869%
40 0.5247% 0.4004% 0.4856% 0.3991% 0.2997% 0.3527% 0.4958% 0.4332% 0.6388% 0.7304% 0.4853% 0.6224% 0.4811% 0.3333% 0.6493% 0.4628% 0.4849% 0.4424% 0.3781% 0.4561% 0.4241% 0.3640% 0.3541% 0.3276% 0.3948% 0.2570% 0.2745% 0.4128% 0.2948% 0.3372% 0.2779% 0.3561% 0.3588% 0.3140% 0.3225% 0.3368% 0.4006% 0.5864% 0.5005%
41 0.5364% 0.4146% 0.4929% 0.4044% 0.3699% 0.3628% 0.5348% 0.4332% 0.6661% 0.7377% 0.4857% 0.6260% 0.4811% 0.3558% 0.6625% 0.4736% 0.5009% 0.4709% 0.3902% 0.4561% 0.4243% 0.3708% 0.3644% 0.3410% 0.4199% 0.2573% 0.2978% 0.4284% 0.3199% 0.3463% 0.2964% 0.3652% 0.3626% 0.3222% 0.3358% 0.3471% 0.4166% 0.5966%
42 0.5495% 0.4901% 0.5234% 0.4116% 0.3865% 0.3633% 0.5468% 0.4509% 0.6688% 0.7377% 0.5436% 0.6363% 0.4961% 0.3628% 0.6690% 0.4739% 0.5066% 0.4777% 0.3984% 0.4713% 0.4505% 0.3715% 0.3687% 0.3747% 0.4392% 0.2702% 0.3135% 0.4429% 0.3273% 0.3581% 0.3095% 0.3827% 0.3780% 0.3300% 0.3521% 0.3608% 0.4210%
43 0.5553% 0.5103% 0.5457% 0.4128% 0.3865% 0.4047% 0.6082% 0.4604% 0.6877% 0.7419% 0.5525% 0.6409% 0.5317% 0.3744% 0.6822% 0.4795% 0.5271% 0.4916% 0.3986% 0.5037% 0.4747% 0.3892% 0.3772% 0.4004% 0.4496% 0.2744% 0.3399% 0.4751% 0.3428% 0.3778% 0.3271% 0.4029% 0.3854% 0.3364% 0.3573% 0.3792%
44 0.5838% 0.5165% 0.5667% 0.4128% 0.4040% 0.4138% 0.6142% 0.4858% 0.7058% 0.7489% 0.5637% 0.6571% 0.5317% 0.3841% 0.6874% 0.5066% 0.5470% 0.5351% 0.3986% 0.5287% 0.4747% 0.4020% 0.4049% 0.4094% 0.4578% 0.2784% 0.3665% 0.4810% 0.3508% 0.3849% 0.3324% 0.4071% 0.3957% 0.3426% 0.3726%
45 0.5879% 0.5570% 0.5724% 0.4228% 0.4261% 0.4172% 0.6142% 0.4989% 0.7064% 0.7530% 0.5991% 0.6677% 0.5344% 0.3902% 0.7076% 0.5150% 0.5519% 0.5444% 0.4084% 0.5654% 0.4838% 0.4129% 0.4289% 0.4249% 0.4647% 0.2893% 0.3668% 0.5069% 0.3600% 0.3864% 0.3411% 0.4152% 0.4054% 0.3457%
46 0.6054% 0.5621% 0.5812% 0.4253% 0.4369% 0.4179% 0.6258% 0.4991% 0.7140% 0.7638% 0.6111% 0.6996% 0.5570% 0.3967% 0.7236% 0.5193% 0.5573% 0.5493% 0.4230% 0.5923% 0.4838% 0.4398% 0.4610% 0.4422% 0.4647% 0.3290% 0.3693% 0.5183% 0.3771% 0.4021% 0.3614% 0.4415% 0.4167%
47 0.6344% 0.5621% 0.5934% 0.4253% 0.4413% 0.4466% 0.6258% 0.5103% 0.7140% 0.7979% 0.6192% 0.7009% 0.5586% 0.3967% 0.7270% 0.5402% 0.6192% 0.5521% 0.4259% 0.5947% 0.4885% 0.4478% 0.4891% 0.4558% 0.4647% 0.3517% 0.3777% 0.5272% 0.3803% 0.4077% 0.3712% 0.4658%
48 0.6344% 0.5621% 0.6156% 0.4370% 0.4476% 0.4488% 0.6309% 0.5297% 0.7351% 0.8057% 0.6325% 0.7184% 0.5686% 0.4284% 0.7371% 0.5511% 0.6216% 0.5626% 0.4259% 0.6101% 0.5204% 0.4629% 0.4957% 0.4751% 0.4774% 0.3588% 0.3933% 0.5369% 0.3853% 0.4216% 0.3822%
49 0.6344% 0.5889% 0.6156% 0.4370% 0.4532% 0.4666% 0.6356% 0.5297% 0.7384% 0.8206% 0.6495% 0.7208% 0.5833% 0.4284% 0.7371% 0.5561% 0.6216% 0.6019% 0.4365% 0.6194% 0.5222% 0.4735% 0.4957% 0.4966% 0.4842% 0.3692% 0.3995% 0.5390% 0.3892% 0.4359%
50 0.6746% 0.5898% 0.6294% 0.4404% 0.4532% 0.4678% 0.6399% 0.5373% 0.7384% 0.8838% 0.6529% 0.7246% 0.5835% 0.4284% 0.7399% 0.5651% 0.6244% 0.6097% 0.4498% 0.6194% 0.5275% 0.4795% 0.4998% 0.5062% 0.4867% 0.3732% 0.4090% 0.5530% 0.3987%
51 0.6746% 0.5919% 0.6492% 0.4406% 0.4546% 0.4738% 0.6603% 0.5557% 0.7496% 0.8996% 0.6562% 0.7424% 0.5877% 0.4533% 0.7399% 0.5839% 0.6291% 0.6302% 0.4498% 0.6339% 0.5374% 0.4828% 0.5096% 0.5088% 0.5089% 0.3811% 0.4090% 0.5531%
52 0.6746% 0.5919% 0.6492% 0.4407% 0.4546% 0.4845% 0.6605% 0.5698% 0.7702% 0.9342% 0.6660% 0.7526% 0.5987% 0.4594% 0.7408% 0.5845% 0.6291% 0.6433% 0.4531% 0.6339% 0.5374% 0.4940% 0.5308% 0.5289% 0.5277% 0.3811% 0.4214%
53 0.6746% 0.5919% 0.6896% 0.4408% 0.4604% 0.5086% 0.6630% 0.5770% 0.7767% 0.9683% 0.6744% 0.7594% 0.6015% 0.4594% 0.7439% 0.5950% 0.6392% 0.6525% 0.4681% 0.6440% 0.5467% 0.4995% 0.5446% 0.5289% 0.5308% 0.3876%
54 0.6746% 0.5924% 0.6983% 0.4414% 0.4756% 0.5223% 0.6666% 0.5874% 0.7872% 0.9762% 0.6744% 0.7622% 0.6373% 0.4594% 0.7511% 0.6055% 0.6435% 0.6889% 0.4700% 0.6584% 0.5513% 0.5475% 0.5472% 0.5382% 0.5370%
55 0.6910% 0.5959% 0.6983% 0.4433% 0.4756% 0.5279% 0.6703% 0.6084% 0.7986% 0.9945% 0.6758% 0.7716% 0.6373% 0.4848% 0.7553% 0.6170% 0.6727% 0.7296% 0.4869% 0.6609% 0.5610% 0.5475% 0.5570% 0.5409%
56 0.6937% 0.6028% 0.7128% 0.4456% 0.4782% 0.5381% 0.6722% 0.6116% 0.7986% 1.0133% 0.6948% 0.7807% 0.6577% 0.4973% 0.7615% 0.6226% 0.6774% 0.7458% 0.4869% 0.6609% 0.5627% 0.5496% 0.5677%
57 0.6989% 0.6028% 0.7128% 0.4456% 0.4782% 0.5400% 0.6722% 0.6118% 0.8112% 1.0174% 0.6992% 0.7917% 0.6728% 0.5022% 0.7615% 0.6259% 0.6881% 0.7465% 0.4925% 0.6609% 0.5627% 0.5634%
58 0.7021% 0.6048% 0.7210% 0.4456% 0.4782% 0.5467% 0.6804% 0.6118% 0.8112% 1.0240% 0.7183% 0.8067% 0.6728% 0.5152% 0.7725% 0.6316% 0.6968% 0.7497% 0.4978% 0.6680% 0.5647%
59 0.7037% 0.6162% 0.7327% 0.4456% 0.4782% 0.5467% 0.6804% 0.6118% 0.8112% 1.0359% 0.7193% 0.8159% 0.6852% 0.5152% 0.7785% 0.6440% 0.7040% 0.7497% 0.5029% 0.6687%
60 0.7199% 0.6325% 0.7327% 0.4456% 0.4848% 0.5534% 0.6821% 0.6192% 0.8147% 1.0394% 0.7435% 0.8159% 0.7011% 0.5266% 0.7806% 0.6440% 0.7047% 0.7497% 0.5184%
61 0.7267% 0.6325% 0.7327% 0.4456% 0.4989% 0.5534% 0.6853% 0.6518% 0.8207% 1.0394% 0.7435% 0.8185% 0.7113% 0.5266% 0.7862% 0.6440% 0.7092% 0.7615%
62 0.7416% 0.6325% 0.7424% 0.4456% 0.5024% 0.5534% 0.6975% 0.6774% 0.8351% 1.0394% 0.7435% 0.8195% 0.7150% 0.5266% 0.7962% 0.6502% 0.7193%
63 0.7416% 0.6368% 0.7558% 0.4466% 0.5024% 0.5534% 0.6975% 0.6990% 0.8598% 1.0394% 0.7435% 0.8291% 0.7295% 0.5266% 0.7993% 0.6553%
64 0.7416% 0.6368% 0.7584% 0.4466% 0.5137% 0.5534% 0.6975% 0.7143% 0.8685% 1.0438% 0.7452% 0.8324% 0.7407% 0.5488% 0.8085%
65 0.7416% 0.6368% 0.7584% 0.4466% 0.5137% 0.5669% 0.7046% 0.7210% 0.8782% 1.0491% 0.7452% 0.8324% 0.7407% 0.5488%
66 0.7416% 0.6376% 0.7631% 0.4530% 0.5157% 0.5705% 0.7046% 0.7266% 0.9039% 1.0539% 0.7452% 0.8452% 0.7407%
67 0.7579% 0.6376% 0.7631% 0.4633% 0.5157% 0.5705% 0.7046% 0.7266% 0.9097% 1.0600% 0.7541% 0.8497%
68 0.7579% 0.6376% 0.7631% 0.4633% 0.5157% 0.5705% 0.7046% 0.7266% 0.9097% 1.0600% 0.7567%
69 0.7579% 0.6376% 0.7631% 0.4811% 0.5157% 0.5705% 0.7101% 0.7344% 0.9097% 1.0603%
70 0.7579% 0.6586% 0.7631% 0.4847% 0.5210% 0.5705% 0.7101% 0.7344% 0.9097%
71 0.7739% 0.6586% 0.7631% 0.4847% 0.5210% 0.5705% 0.7285% 0.7344%
72 0.7739% 0.6586% 0.7631% 0.4847% 0.5222% 0.5708% 0.7285%
73 0.7739% 0.6586% 0.7631% 0.4847% 0.5281% 0.5767%
74 0.7756% 0.6586% 0.7631% 0.4847% 0.5281%
75 0.7756% 0.6586% 0.7631% 0.4847%
76 0.7756% 0.6586% 0.7631%
77 0.7756% 0.6586%
78 0.7756%

68
1.20%

1.00%

0.80%

0.60%

0.40%

0.20%

0.00%
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77

01.2004 02.2004 03.2004 04.2004 05.2004 06.2004 07.2004 08.2004 09.2004 10.2004 11.2004 12.2004 01.2005 02.2005 03.2005 04.2005 05.2005
06.2005 07.2005 08.2005 09.2005 10.2005 11.2005 12.2005 01.2006 02.2006 03.2006 04.2006 05.2006 06.2006 07.2006 08.2006 09.2006 10.2006
11.2006 12.2006 01.2007 02.2007 03.2007 04.2007 05.2007 06.2007 07.2007 08.2007 09.2007 10.2007 11.2007 12.2007 01.2008 02.2008 03.2008
04.2008 05.2008 06.2008 07.2008 08.2008 09.2008 10.2008 11.2008 12.2008 01.2009 02.2009 03.2009 04.2009 05.2009 06.2009 07.2009 08.2009
09.2009 10.2009 11.2009 12.2009 01.2010 02.2010 03.2010 04.2010 05.2010 06.2010

69
5. Portion of Write-offs to initial credit amount - AutoCredit / Used Cars June 2010

Period 01.2004 02.2004 03.2004 04.2004 05.2004 06.2004 07.2004 08.2004 09.2004 10.2004 11.2004 12.2004 01.2005 02.2005 03.2005 04.2005 05.2005 06.2005 07.2005 08.2005 09.2005 10.2005 11.2005 12.2005 01.2006 02.2006 03.2006 04.2006 05.2006 06.2006 07.2006 08.2006 09.2006 10.2006 11.2006 12.2006 01.2007 02.2007 03.2007 04.2007 05.2007 06.2007 07.2007 08.2007 09.2007 10.2007 11.2007 12.2007 01.2008 02.2008 03.2008 04.2008 05.2008 06.2008 07.2008 08.2008 09.2008 10.2008 11.2008 12.2008 01.2009 02.2009 03.2009 04.2009 05.2009 06.2009 07.2009 08.2009 09.2009 10.2009 11.2009 12.2009 01.2010 02.2010 03.2010 04.2010 05.2010 06.2010
1 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
2 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
3 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0025% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0040% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
4 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0025% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0032% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0039% 0.0002% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0451% 0.0000% 0.0000% 0.0076% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0239% 0.0000% 0.0000% 0.0000% 0.0040% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
5 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0030% 0.0081% 0.0000% 0.0000% 0.0000% 0.0047% 0.0000% 0.0000% 0.0000% 0.0000% 0.0025% 0.0093% 0.0087% 0.0164% 0.0000% 0.0000% 0.0208% 0.0000% 0.0000% 0.0000% 0.0000% 0.0032% 0.0000% 0.0000% 0.0000% 0.0036% 0.0000% 0.0053% 0.0000% 0.0051% 0.0000% 0.0000% 0.0000% 0.0039% 0.0003% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0451% 0.0000% 0.0000% 0.0076% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0147% 0.0000% 0.0000% 0.0230% 0.0017% 0.0239% 0.0000% 0.0000% 0.0000% 0.0040% 0.0000% 0.0066% 0.0157% 0.0000% 0.0051% 0.0000%
6 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0030% 0.0081% 0.0000% 0.0179% 0.0098% 0.0047% 0.0000% 0.0234% 0.0000% 0.0000% 0.0025% 0.0093% 0.0145% 0.0164% 0.0000% 0.0000% 0.0284% 0.0003% 0.0000% 0.0068% 0.0108% 0.0032% 0.0000% 0.0000% 0.0016% 0.0036% 0.0000% 0.0053% 0.0102% 0.0051% 0.0000% 0.0000% 0.0039% 0.0039% 0.0040% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0039% 0.0000% 0.0305% 0.0451% 0.0000% 0.0000% 0.0143% 0.0046% 0.0000% 0.0000% 0.0109% 0.0268% 0.0147% 0.0000% 0.0000% 0.0230% 0.0017% 0.0239% 0.0000% 0.0032% 0.0000% 0.0040% 0.0055% 0.0066% 0.0180% 0.0000% 0.0051%
7 0.0031% 0.0000% 0.0000% 0.0000% 0.0082% 0.0030% 0.0082% 0.0000% 0.0179% 0.0098% 0.0076% 0.0000% 0.0234% 0.0027% 0.0000% 0.0238% 0.0093% 0.0145% 0.0164% 0.0000% 0.0000% 0.0394% 0.0064% 0.0043% 0.0179% 0.0108% 0.0032% 0.0000% 0.0015% 0.0016% 0.0126% 0.0142% 0.0064% 0.0102% 0.0170% 0.0059% 0.0000% 0.0039% 0.0039% 0.0040% 0.0000% 0.0122% 0.0098% 0.0044% 0.0000% 0.0480% 0.0039% 0.0302% 0.0305% 0.0451% 0.0002% 0.0062% 0.0143% 0.0167% 0.0000% 0.0000% 0.0176% 0.0268% 0.0147% 0.0000% 0.0260% 0.0287% 0.0017% 0.0239% 0.0000% 0.0032% 0.0383% 0.0276% 0.0087% 0.0066% 0.0180% 0.0088%
8 0.0112% 0.0219% 0.0001% 0.0000% 0.0082% 0.0104% 0.0130% 0.0000% 0.0239% 0.0101% 0.0076% 0.0000% 0.0289% 0.0027% 0.0000% 0.0238% 0.0266% 0.0368% 0.0273% 0.0049% 0.0323% 0.0455% 0.0323% 0.0043% 0.0441% 0.0108% 0.0032% 0.0002% 0.0040% 0.0016% 0.0477% 0.0142% 0.0064% 0.0678% 0.0268% 0.0059% 0.0000% 0.0039% 0.0041% 0.0040% 0.0003% 0.0353% 0.0098% 0.0044% 0.0000% 0.0480% 0.0207% 0.0386% 0.0415% 0.0451% 0.0144% 0.0205% 0.0143% 0.0167% 0.0000% 0.0066% 0.0176% 0.0268% 0.0147% 0.0001% 0.0260% 0.0297% 0.0356% 0.0311% 0.0050% 0.0032% 0.0542% 0.0276% 0.0369% 0.0178% 0.0180%
9 0.0523% 0.0443% 0.0377% 0.0662% 0.0198% 0.0104% 0.0208% 0.0220% 0.0888% 0.0101% 0.0167% 0.1034% 0.0354% 0.0065% 0.0000% 0.0335% 0.0423% 0.0553% 0.0273% 0.0049% 0.0504% 0.0455% 0.0409% 0.0043% 0.0471% 0.0152% 0.0157% 0.0002% 0.0099% 0.0053% 0.0606% 0.0218% 0.0207% 0.0751% 0.0327% 0.0695% 0.0008% 0.0221% 0.0067% 0.0040% 0.0466% 0.0634% 0.0166% 0.0044% 0.0413% 0.0934% 0.0210% 0.0470% 0.0491% 0.0523% 0.0394% 0.0330% 0.0236% 0.0553% 0.0001% 0.0148% 0.0412% 0.0268% 0.0203% 0.0013% 0.0357% 0.0426% 0.0462% 0.0566% 0.0080% 0.0088% 0.0579% 0.0474% 0.0385% 0.0249%
10 0.0573% 0.0583% 0.0527% 0.0851% 0.0309% 0.0399% 0.0558% 0.0306% 0.1034% 0.0163% 0.0660% 0.1424% 0.0834% 0.0065% 0.0000% 0.0490% 0.0676% 0.0553% 0.0418% 0.0339% 0.0706% 0.0457% 0.0619% 0.0043% 0.0471% 0.0261% 0.0224% 0.0080% 0.0179% 0.0123% 0.0606% 0.0323% 0.0207% 0.0809% 0.0400% 0.0861% 0.0531% 0.0221% 0.0069% 0.0260% 0.0784% 0.1151% 0.0614% 0.0044% 0.0479% 0.0996% 0.0540% 0.0595% 0.0853% 0.0606% 0.0554% 0.0589% 0.0407% 0.0643% 0.0131% 0.0385% 0.0721% 0.0410% 0.0287% 0.0460% 0.0532% 0.0466% 0.0528% 0.0679% 0.0154% 0.0224% 0.0680% 0.0538% 0.0489%
11 0.0659% 0.0583% 0.0722% 0.0909% 0.0522% 0.0415% 0.0990% 0.0396% 0.1140% 0.0282% 0.0741% 0.2031% 0.0971% 0.0154% 0.0177% 0.0609% 0.0736% 0.0717% 0.0434% 0.0690% 0.0985% 0.0584% 0.0722% 0.1298% 0.0609% 0.0431% 0.0291% 0.0162% 0.0345% 0.0191% 0.0714% 0.0485% 0.0207% 0.1034% 0.0496% 0.1286% 0.0531% 0.0337% 0.0069% 0.0415% 0.0891% 0.1520% 0.0796% 0.0188% 0.0531% 0.0996% 0.0592% 0.0595% 0.0990% 0.0606% 0.0554% 0.0706% 0.0625% 0.0989% 0.0194% 0.0385% 0.0903% 0.0551% 0.0502% 0.0460% 0.1010% 0.0557% 0.0598% 0.0732% 0.0154% 0.0327% 0.1044% 0.0692%
12 0.0818% 0.0661% 0.1072% 0.1461% 0.0866% 0.0483% 0.1093% 0.0785% 0.1243% 0.0665% 0.1682% 0.2085% 0.0971% 0.0409% 0.0466% 0.0838% 0.0968% 0.1022% 0.0469% 0.0819% 0.1088% 0.1266% 0.1085% 0.1511% 0.0975% 0.0587% 0.0298% 0.0256% 0.0493% 0.0239% 0.0714% 0.0720% 0.0461% 0.1358% 0.0496% 0.1377% 0.0653% 0.0400% 0.0181% 0.0455% 0.1275% 0.1908% 0.1278% 0.0217% 0.0794% 0.1295% 0.0766% 0.0903% 0.1118% 0.0684% 0.0720% 0.0986% 0.1103% 0.1127% 0.0552% 0.0486% 0.0928% 0.0804% 0.0718% 0.0649% 0.1107% 0.0598% 0.0684% 0.1097% 0.0154% 0.0523% 0.1107%
13 0.1112% 0.0739% 0.1225% 0.1713% 0.1136% 0.0769% 0.1527% 0.1102% 0.1413% 0.0990% 0.2596% 0.2986% 0.1109% 0.0502% 0.0562% 0.1015% 0.1229% 0.1106% 0.0564% 0.1145% 0.1309% 0.1510% 0.1296% 0.1708% 0.1431% 0.0669% 0.0619% 0.0497% 0.0527% 0.0478% 0.0913% 0.0994% 0.0685% 0.1594% 0.0832% 0.1582% 0.0814% 0.0721% 0.0359% 0.0972% 0.1549% 0.2148% 0.1636% 0.0483% 0.1406% 0.1534% 0.0836% 0.1065% 0.1552% 0.0684% 0.1209% 0.1373% 0.1439% 0.1378% 0.0911% 0.0710% 0.0980% 0.0994% 0.1058% 0.0818% 0.1202% 0.0944% 0.0775% 0.1097% 0.0242% 0.0740%
14 0.1452% 0.0838% 0.1865% 0.2039% 0.1281% 0.0889% 0.1850% 0.1754% 0.2874% 0.1473% 0.2793% 0.3814% 0.1568% 0.1224% 0.0562% 0.1327% 0.1229% 0.1960% 0.0705% 0.1337% 0.1539% 0.1669% 0.1463% 0.2003% 0.1657% 0.1129% 0.1067% 0.0653% 0.0614% 0.0861% 0.1372% 0.1469% 0.0927% 0.2008% 0.1183% 0.1651% 0.0922% 0.0800% 0.0806% 0.1303% 0.1757% 0.2171% 0.2173% 0.1101% 0.2100% 0.1863% 0.1090% 0.1356% 0.1835% 0.0738% 0.1477% 0.1819% 0.1516% 0.1650% 0.1107% 0.0960% 0.1151% 0.1323% 0.1273% 0.1065% 0.1526% 0.1024% 0.0928% 0.1207% 0.0372%
15 0.1568% 0.1451% 0.2358% 0.2471% 0.1499% 0.1174% 0.2162% 0.2294% 0.3069% 0.1586% 0.4030% 0.4871% 0.2324% 0.1489% 0.1508% 0.1572% 0.1609% 0.2290% 0.1069% 0.1471% 0.2078% 0.1906% 0.1813% 0.2222% 0.2164% 0.1168% 0.1255% 0.0831% 0.1049% 0.1183% 0.1372% 0.2257% 0.1038% 0.2173% 0.1579% 0.2003% 0.1124% 0.0984% 0.1249% 0.1421% 0.1879% 0.2257% 0.3037% 0.1488% 0.2420% 0.2415% 0.1504% 0.1720% 0.2086% 0.1424% 0.1944% 0.2005% 0.1723% 0.1867% 0.1257% 0.1444% 0.1532% 0.1923% 0.1845% 0.1237% 0.1689% 0.1083% 0.1078% 0.1428%
16 0.2178% 0.1682% 0.2492% 0.2853% 0.1804% 0.1494% 0.2249% 0.2909% 0.3989% 0.2047% 0.4149% 0.5070% 0.2675% 0.2149% 0.1574% 0.1608% 0.1692% 0.2666% 0.1262% 0.2126% 0.2141% 0.2014% 0.2104% 0.2336% 0.2173% 0.1290% 0.1481% 0.1316% 0.1444% 0.1337% 0.1756% 0.2355% 0.1431% 0.3405% 0.1890% 0.2085% 0.1342% 0.1210% 0.1370% 0.1717% 0.2399% 0.3306% 0.3790% 0.1896% 0.2897% 0.2494% 0.1690% 0.2391% 0.2363% 0.1785% 0.2007% 0.2173% 0.2184% 0.2181% 0.2256% 0.1881% 0.1723% 0.2333% 0.2206% 0.1700% 0.2096% 0.1332% 0.1293%
17 0.2675% 0.1816% 0.2566% 0.2999% 0.1931% 0.2067% 0.2628% 0.3169% 0.4074% 0.2430% 0.4638% 0.5225% 0.3284% 0.2502% 0.1739% 0.1871% 0.1827% 0.2855% 0.1360% 0.2469% 0.2990% 0.2227% 0.2261% 0.3351% 0.2558% 0.2517% 0.2348% 0.1351% 0.1512% 0.1912% 0.1756% 0.2539% 0.1979% 0.3517% 0.2086% 0.2630% 0.1406% 0.1446% 0.1611% 0.2080% 0.2878% 0.4379% 0.4363% 0.1986% 0.3018% 0.3085% 0.1861% 0.3454% 0.2947% 0.2138% 0.2227% 0.2556% 0.2896% 0.2966% 0.2560% 0.2642% 0.2406% 0.2500% 0.2545% 0.1853% 0.2293% 0.1695%
18 0.3093% 0.1945% 0.2743% 0.3533% 0.2219% 0.2418% 0.3629% 0.3862% 0.4226% 0.2941% 0.4867% 0.5851% 0.3649% 0.2899% 0.2108% 0.2446% 0.2248% 0.3222% 0.2051% 0.3312% 0.3205% 0.3498% 0.2470% 0.3650% 0.3265% 0.2649% 0.2587% 0.1507% 0.1649% 0.1961% 0.2236% 0.2735% 0.2041% 0.3963% 0.2251% 0.3534% 0.1565% 0.1805% 0.2217% 0.2270% 0.3715% 0.4982% 0.4785% 0.2056% 0.3095% 0.3820% 0.1980% 0.3727% 0.3197% 0.2518% 0.2610% 0.2742% 0.3312% 0.3269% 0.3452% 0.3412% 0.3126% 0.2907% 0.3134% 0.2023% 0.2442%
19 0.3613% 0.2354% 0.3308% 0.3808% 0.2221% 0.3544% 0.4378% 0.3981% 0.4771% 0.3480% 0.5028% 0.6162% 0.3766% 0.3153% 0.2199% 0.3126% 0.2832% 0.4125% 0.2154% 0.3489% 0.3481% 0.3904% 0.2886% 0.4013% 0.4298% 0.2978% 0.2711% 0.1805% 0.1803% 0.1961% 0.2420% 0.3287% 0.2098% 0.4500% 0.2652% 0.3872% 0.1825% 0.2002% 0.3958% 0.2454% 0.4546% 0.5417% 0.5161% 0.2577% 0.3394% 0.4147% 0.2590% 0.4300% 0.3270% 0.2695% 0.3102% 0.3317% 0.4265% 0.3948% 0.4528% 0.3685% 0.3856% 0.2963% 0.3479% 0.2753%
20 0.4234% 0.2633% 0.3858% 0.4302% 0.2726% 0.4098% 0.4550% 0.4261% 0.5493% 0.3975% 0.5669% 0.6633% 0.3995% 0.3761% 0.2575% 0.3577% 0.3179% 0.5019% 0.2486% 0.3748% 0.3735% 0.4179% 0.3049% 0.4500% 0.4385% 0.3196% 0.3063% 0.1849% 0.2127% 0.2234% 0.2928% 0.3316% 0.2598% 0.4688% 0.2730% 0.3985% 0.2039% 0.2435% 0.4284% 0.2724% 0.4821% 0.5895% 0.5641% 0.3292% 0.4271% 0.4568% 0.2860% 0.5129% 0.3572% 0.3059% 0.3435% 0.3911% 0.5011% 0.4496% 0.5468% 0.4377% 0.4281% 0.3575% 0.3719%
21 0.4628% 0.2855% 0.4187% 0.4787% 0.2786% 0.4549% 0.5067% 0.4596% 0.5979% 0.4085% 0.5909% 0.6797% 0.4274% 0.5229% 0.2884% 0.3833% 0.3779% 0.5390% 0.3479% 0.4026% 0.4186% 0.4456% 0.3508% 0.4663% 0.4666% 0.3510% 0.3368% 0.1896% 0.2673% 0.2372% 0.3168% 0.3846% 0.3054% 0.4958% 0.2862% 0.5073% 0.3391% 0.2770% 0.4376% 0.3024% 0.5125% 0.6232% 0.6314% 0.4052% 0.4402% 0.4779% 0.3464% 0.5537% 0.4303% 0.3207% 0.3738% 0.4314% 0.5816% 0.4719% 0.6143% 0.4478% 0.4682% 0.3979%
22 0.4884% 0.3100% 0.4758% 0.5400% 0.3649% 0.5256% 0.5247% 0.5085% 0.6427% 0.4966% 0.6146% 0.7392% 0.4802% 0.5971% 0.3092% 0.4506% 0.4075% 0.5857% 0.3986% 0.4296% 0.4405% 0.4840% 0.4031% 0.4777% 0.5167% 0.4178% 0.3546% 0.2222% 0.2763% 0.2548% 0.3412% 0.4347% 0.3269% 0.5385% 0.3266% 0.5432% 0.3717% 0.3147% 0.4741% 0.4100% 0.5678% 0.6590% 0.6745% 0.4666% 0.5018% 0.5574% 0.4305% 0.5537% 0.4352% 0.4867% 0.4336% 0.4681% 0.6486% 0.5032% 0.6675% 0.4753% 0.5510%
23 0.5726% 0.3550% 0.5315% 0.5617% 0.3821% 0.5591% 0.5910% 0.5864% 0.6685% 0.5288% 0.6440% 0.8493% 0.5362% 0.6483% 0.3975% 0.4670% 0.4545% 0.6254% 0.4216% 0.4661% 0.4897% 0.4938% 0.4691% 0.5163% 0.5593% 0.4208% 0.3962% 0.2700% 0.3168% 0.3104% 0.3505% 0.4435% 0.3349% 0.5828% 0.3892% 0.6067% 0.3933% 0.3851% 0.4972% 0.4309% 0.5838% 0.7222% 0.7902% 0.4973% 0.5743% 0.6040% 0.5315% 0.5911% 0.5560% 0.5337% 0.4879% 0.5163% 0.6761% 0.5944% 0.6925% 0.5653%
24 0.6828% 0.3785% 0.5813% 0.5827% 0.4266% 0.6285% 0.6637% 0.5988% 0.7706% 0.5305% 0.6945% 0.9602% 0.5535% 0.6823% 0.4384% 0.4978% 0.4897% 0.6376% 0.4274% 0.4872% 0.5065% 0.5042% 0.5044% 0.5656% 0.5626% 0.4308% 0.4502% 0.2977% 0.3678% 0.3366% 0.3661% 0.4686% 0.3834% 0.6207% 0.4069% 0.6155% 0.4141% 0.4619% 0.5173% 0.4605% 0.6349% 0.8054% 0.8254% 0.5260% 0.6098% 0.6413% 0.5735% 0.6803% 0.5699% 0.5905% 0.5302% 0.5588% 0.6903% 0.6257% 0.7644%
25 0.6997% 0.4247% 0.6248% 0.5855% 0.4617% 0.6441% 0.6779% 0.6298% 0.7968% 0.6260% 0.7361% 1.0252% 0.5887% 0.7166% 0.4948% 0.5306% 0.5162% 0.6517% 0.4537% 0.5173% 0.5473% 0.5133% 0.5348% 0.5805% 0.7119% 0.4456% 0.4667% 0.3193% 0.4063% 0.3778% 0.4218% 0.5007% 0.4847% 0.6547% 0.4348% 0.6335% 0.4421% 0.4832% 0.5531% 0.5274% 0.6737% 0.8802% 0.8686% 0.5792% 0.6365% 0.6873% 0.5997% 0.7268% 0.6511% 0.6253% 0.5302% 0.5759% 0.7241% 0.6964%
26 0.7556% 0.4338% 0.6723% 0.6085% 0.4747% 0.6594% 0.7283% 0.6614% 0.8424% 0.6471% 0.8538% 1.1151% 0.6001% 0.7704% 0.5404% 0.5783% 0.5544% 0.6893% 0.4837% 0.5798% 0.5622% 0.5508% 0.5472% 0.6372% 0.7150% 0.4456% 0.5302% 0.3411% 0.4326% 0.4105% 0.4391% 0.6044% 0.5250% 0.7106% 0.4885% 0.6496% 0.5018% 0.6113% 0.6345% 0.5734% 0.7104% 0.9526% 0.8860% 0.6425% 0.7062% 0.7320% 0.6745% 0.8462% 0.6759% 0.6474% 0.5667% 0.6215% 0.7533%
27 0.7827% 0.4435% 0.7020% 0.6208% 0.4750% 0.7124% 0.7706% 0.6961% 0.9087% 0.7359% 0.8886% 1.1312% 0.6463% 0.8051% 0.5923% 0.6685% 0.5907% 0.7227% 0.5187% 0.6307% 0.6035% 0.5511% 0.5701% 0.6822% 0.7993% 0.4791% 0.5612% 0.4189% 0.4515% 0.4587% 0.4953% 0.6918% 0.5815% 0.7348% 0.5505% 0.7550% 0.5463% 0.6374% 0.6819% 0.6619% 0.7638% 0.9630% 0.9356% 0.7644% 0.7525% 0.7618% 0.7409% 0.9078% 0.7802% 0.6818% 0.5684% 0.7197%
28 0.7963% 0.4930% 0.7293% 0.6351% 0.5274% 0.7319% 0.8195% 0.7630% 0.9556% 0.7823% 0.9263% 1.2096% 0.6592% 0.9030% 0.6463% 0.6919% 0.6815% 0.7762% 0.5409% 0.6585% 0.6304% 0.6048% 0.5862% 0.6911% 0.8637% 0.5429% 0.5831% 0.4638% 0.5047% 0.5193% 0.5399% 0.7695% 0.5987% 0.7424% 0.5711% 0.7636% 0.6006% 0.6815% 0.7557% 0.7291% 0.8084% 0.9838% 0.9950% 0.8109% 0.7769% 0.8483% 0.7437% 0.9416% 0.8102% 0.7826% 0.6236%
29 0.8484% 0.5122% 0.7406% 0.6978% 0.5406% 0.7538% 0.9073% 0.8216% 1.0398% 0.7877% 1.0123% 1.2652% 0.6807% 0.9238% 0.7256% 0.8211% 0.7676% 0.8239% 0.5527% 0.6976% 0.6905% 0.6225% 0.6105% 0.7542% 0.8869% 0.5721% 0.6027% 0.5009% 0.5726% 0.5685% 0.5744% 0.8071% 0.6259% 0.8440% 0.5761% 0.7758% 0.6304% 0.7202% 0.8018% 0.7380% 0.8504% 1.0111% 1.0186% 0.8796% 0.8732% 0.9069% 0.8075% 0.9882% 0.8562% 0.8313%
30 0.9248% 0.5363% 0.7585% 0.7110% 0.5806% 0.7987% 0.9266% 0.8774% 1.0807% 0.8365% 1.0391% 1.3137% 0.6866% 0.9416% 0.7486% 0.8469% 0.7877% 0.8418% 0.5994% 0.7463% 0.6942% 0.6725% 0.6418% 0.8086% 0.9302% 0.5920% 0.6333% 0.5263% 0.5843% 0.5947% 0.6254% 0.8075% 0.6428% 0.8556% 0.5963% 0.8126% 0.6685% 0.8228% 0.8574% 0.7894% 0.9187% 1.1246% 1.0929% 0.9047% 0.9306% 0.9273% 0.8698% 1.0325% 0.8989%
31 0.9529% 0.5696% 0.7585% 0.7306% 0.6172% 0.8178% 0.9752% 0.8805% 1.1227% 0.8530% 1.0760% 1.3257% 0.7055% 0.9576% 0.7621% 0.8777% 0.8146% 0.8633% 0.6546% 0.7699% 0.7056% 0.6945% 0.7058% 0.8566% 0.9730% 0.5984% 0.6555% 0.5744% 0.6079% 0.6412% 0.6735% 0.8352% 0.6846% 0.9461% 0.6706% 0.8879% 0.7119% 0.8550% 0.8890% 0.8349% 0.9530% 1.1765% 1.1561% 0.9592% 0.9583% 0.9290% 0.8949% 1.0994%
32 0.9793% 0.6058% 0.7752% 0.7506% 0.6810% 0.8634% 0.9993% 0.8852% 1.1558% 0.9311% 1.1643% 1.3774% 0.7651% 0.9699% 0.8345% 0.8975% 0.8220% 0.8913% 0.6787% 0.7840% 0.7357% 0.7205% 0.7511% 0.9047% 1.0232% 0.6294% 0.6915% 0.6340% 0.6370% 0.6564% 0.7560% 0.9081% 0.7566% 0.9949% 0.7064% 0.9928% 0.7279% 0.8802% 0.9085% 0.8667% 1.0202% 1.2398% 1.2131% 0.9731% 0.9694% 0.9582% 0.9911%
33 1.0199% 0.6512% 0.8386% 0.7640% 0.7218% 0.9221% 1.0348% 0.9111% 1.1692% 0.9741% 1.1864% 1.3878% 0.7802% 0.9944% 0.8566% 0.9521% 0.8630% 0.9153% 0.7439% 0.8022% 0.7508% 0.7883% 0.8100% 0.9076% 1.1197% 0.6775% 0.7156% 0.6970% 0.6583% 0.6832% 0.7795% 0.9708% 0.7925% 1.0311% 0.7436% 1.0260% 0.7769% 0.9311% 0.9230% 0.9251% 1.0486% 1.2604% 1.2779% 1.0068% 0.9823% 1.0104%
34 1.0401% 0.6746% 0.8614% 0.8025% 0.7384% 1.0058% 1.0774% 0.9471% 1.2433% 0.9741% 1.2399% 1.4054% 0.8134% 1.0323% 0.8577% 1.0375% 0.9138% 0.9182% 0.7527% 0.8144% 0.8005% 0.8039% 0.8388% 0.9383% 1.1405% 0.7062% 0.7384% 0.7109% 0.6847% 0.7307% 0.8699% 0.9982% 0.8124% 1.0856% 0.8204% 1.0483% 0.8128% 0.9534% 0.9462% 0.9647% 1.0743% 1.2852% 1.3028% 1.0611% 1.0108%
35 1.0733% 0.7207% 0.8778% 0.8315% 0.7684% 1.0620% 1.0938% 0.9944% 1.3062% 1.0020% 1.2657% 1.4625% 0.8186% 1.0670% 0.8875% 1.0520% 0.9273% 0.9625% 0.7591% 0.8479% 0.8172% 0.8140% 0.8762% 0.9620% 1.1975% 0.7321% 0.7556% 0.7316% 0.7134% 0.7504% 0.9287% 1.0186% 0.8303% 1.1162% 0.8527% 1.0680% 0.8682% 0.9817% 0.9833% 0.9941% 1.1186% 1.3445% 1.3122% 1.0757%
36 1.1387% 0.7504% 0.8861% 0.8593% 0.7777% 1.1050% 1.1386% 1.0390% 1.3144% 1.0248% 1.2829% 1.4885% 0.8320% 1.1071% 0.8993% 1.0926% 0.9914% 0.9847% 0.7908% 0.8692% 0.8319% 0.8812% 0.9197% 0.9721% 1.2442% 0.7346% 0.8331% 0.7462% 0.7229% 0.7569% 0.9507% 1.0676% 0.8451% 1.1601% 0.8601% 1.1139% 0.9281% 1.0650% 0.9967% 1.0467% 1.1768% 1.3920% 1.3540%
37 1.1656% 0.8055% 0.9099% 0.8748% 0.8260% 1.1409% 1.1573% 1.0875% 1.3720% 1.0599% 1.2983% 1.5161% 0.8547% 1.1194% 0.9191% 1.1306% 0.9930% 1.0187% 0.8044% 0.8877% 0.8709% 0.9290% 0.9234% 0.9922% 1.2588% 0.7512% 0.8967% 0.7857% 0.7580% 0.7941% 0.9545% 1.0914% 0.8837% 1.1769% 0.8837% 1.1765% 0.9567% 1.1363% 1.0266% 1.1108% 1.2013% 1.4429%
38 1.2027% 0.8274% 0.9374% 0.8867% 0.8411% 1.1580% 1.2184% 1.1197% 1.3973% 1.1158% 1.3227% 1.5548% 0.8764% 1.1425% 0.9544% 1.1442% 1.0168% 1.0522% 0.8139% 0.9069% 0.9020% 0.9539% 0.9474% 1.0281% 1.2899% 0.8177% 0.9071% 0.8097% 0.7889% 0.8252% 0.9929% 1.1602% 0.9480% 1.2098% 0.9385% 1.1794% 0.9906% 1.2137% 1.0423% 1.1734% 1.2256%
39 1.2381% 0.8612% 0.9846% 0.9301% 0.8559% 1.1936% 1.2777% 1.1309% 1.4155% 1.1554% 1.3516% 1.5904% 0.8834% 1.1618% 0.9774% 1.1876% 1.0313% 1.0706% 0.8984% 0.9219% 0.9294% 0.9753% 0.9760% 1.0791% 1.3153% 0.8261% 0.9316% 0.8372% 0.8143% 0.8585% 1.0121% 1.2272% 0.9979% 1.2423% 1.0244% 1.2290% 1.0066% 1.2588% 1.0763% 1.2301%
40 1.2781% 0.8725% 1.0506% 0.9509% 0.8896% 1.2042% 1.3016% 1.1472% 1.4380% 1.2126% 1.3718% 1.5942% 0.8972% 1.1641% 0.9914% 1.2090% 1.0642% 1.1606% 0.9514% 0.9734% 0.9442% 0.9820% 0.9915% 1.1005% 1.3205% 0.8743% 0.9574% 0.8467% 0.8344% 0.8696% 1.0283% 1.2615% 1.0283% 1.2857% 1.0523% 1.2871% 1.0174% 1.2929% 1.1040%
41 1.2869% 0.8965% 1.0865% 0.9714% 0.8896% 1.2310% 1.3117% 1.1682% 1.4565% 1.2263% 1.3892% 1.6324% 0.8976% 1.1783% 1.0029% 1.2212% 1.0948% 1.1933% 0.9948% 1.0066% 0.9543% 1.0026% 1.0114% 1.1233% 1.3520% 0.9018% 1.0075% 0.8720% 0.8555% 0.8791% 1.0306% 1.3118% 1.0326% 1.3200% 1.0645% 1.2887% 1.0432% 1.3246%
42 1.3545% 0.9089% 1.0984% 0.9767% 0.8968% 1.2569% 1.3187% 1.1986% 1.4750% 1.2705% 1.4268% 1.6369% 0.9036% 1.1817% 1.0087% 1.2559% 1.1197% 1.2094% 1.0133% 1.0248% 1.0043% 1.0263% 1.0222% 1.1552% 1.4055% 0.9836% 1.0406% 0.9132% 0.8846% 0.8883% 1.0864% 1.3160% 1.0628% 1.3469% 1.1039% 1.3267% 1.0744%
43 1.3885% 0.9342% 1.1127% 1.0047% 0.9041% 1.2741% 1.3473% 1.2697% 1.4860% 1.2881% 1.4324% 1.6451% 0.9119% 1.2157% 1.0200% 1.2876% 1.1738% 1.2312% 1.0204% 1.0594% 1.0491% 1.0460% 1.0791% 1.1773% 1.4545% 1.0105% 1.0551% 0.9363% 0.8862% 0.9053% 1.0879% 1.3490% 1.0905% 1.3881% 1.1145% 1.3767%
44 1.4491% 0.9523% 1.1252% 1.0370% 0.9218% 1.2971% 1.3609% 1.2836% 1.5141% 1.2957% 1.4517% 1.6629% 0.9576% 1.2450% 1.0341% 1.3063% 1.1801% 1.2484% 1.0526% 1.0668% 1.0559% 1.1265% 1.1089% 1.1977% 1.4632% 1.0269% 1.0753% 0.9913% 0.9176% 0.9214% 1.1189% 1.3771% 1.0905% 1.4710% 1.1458%
45 1.4491% 0.9818% 1.1369% 1.0614% 0.9480% 1.2996% 1.3756% 1.3113% 1.5270% 1.3272% 1.4670% 1.6821% 0.9650% 1.2602% 1.0512% 1.3238% 1.2147% 1.2716% 1.0665% 1.0978% 1.1025% 1.1656% 1.1489% 1.2668% 1.4774% 1.0763% 1.1042% 1.0379% 0.9592% 0.9703% 1.1357% 1.3973% 1.1064% 1.4930%
46 1.4639% 0.9899% 1.1528% 1.1011% 0.9569% 1.3096% 1.4007% 1.3391% 1.5454% 1.3635% 1.4829% 1.6929% 0.9709% 1.2773% 1.0701% 1.3696% 1.2787% 1.2874% 1.1014% 1.1570% 1.1357% 1.1801% 1.1585% 1.2896% 1.4929% 1.1105% 1.1194% 1.0718% 0.9689% 0.9703% 1.1739% 1.4064% 1.1168%
47 1.4838% 1.0272% 1.1558% 1.1323% 0.9661% 1.3234% 1.4201% 1.3526% 1.5635% 1.3888% 1.5236% 1.7117% 0.9828% 1.2975% 1.0937% 1.3840% 1.2906% 1.3006% 1.1552% 1.1745% 1.1414% 1.1911% 1.1981% 1.3252% 1.5389% 1.1555% 1.1384% 1.0988% 1.0373% 1.0063% 1.1901% 1.4173%
48 1.4838% 1.0564% 1.1688% 1.1591% 1.0201% 1.3430% 1.4299% 1.3610% 1.5777% 1.4002% 1.5440% 1.7435% 0.9998% 1.3186% 1.1008% 1.4111% 1.2939% 1.3042% 1.1683% 1.2080% 1.1811% 1.1911% 1.2273% 1.3392% 1.5889% 1.1891% 1.1506% 1.1239% 1.0502% 1.0218% 1.2734%
49 1.4852% 1.0626% 1.1762% 1.1728% 1.0458% 1.3771% 1.4370% 1.3658% 1.5976% 1.4259% 1.5612% 1.7532% 1.0266% 1.3352% 1.1297% 1.4251% 1.3279% 1.3225% 1.1873% 1.2117% 1.1939% 1.2024% 1.2360% 1.3536% 1.6027% 1.2059% 1.1595% 1.1335% 1.0762% 1.0463%
50 1.5040% 1.0759% 1.2063% 1.1999% 1.0560% 1.3947% 1.4414% 1.3984% 1.6152% 1.4362% 1.5685% 1.7612% 1.0297% 1.3607% 1.1589% 1.4324% 1.3316% 1.3260% 1.1949% 1.2696% 1.2321% 1.2199% 1.2460% 1.3737% 1.6195% 1.2427% 1.1720% 1.1563% 1.1189%
51 1.5132% 1.0929% 1.2180% 1.2170% 1.0601% 1.3982% 1.4780% 1.4260% 1.6578% 1.4484% 1.5781% 1.7907% 1.0442% 1.3650% 1.1936% 1.4525% 1.3411% 1.3291% 1.1989% 1.2815% 1.2355% 1.2456% 1.2558% 1.3819% 1.6709% 1.2502% 1.2144% 1.1629%
52 1.5227% 1.0998% 1.2264% 1.2359% 1.0652% 1.4113% 1.5059% 1.4495% 1.6816% 1.4961% 1.5972% 1.8034% 1.0611% 1.3814% 1.2250% 1.4953% 1.3637% 1.3329% 1.2213% 1.3146% 1.2606% 1.2590% 1.2716% 1.3917% 1.6795% 1.2573% 1.2196%
53 1.5437% 1.1087% 1.2495% 1.2628% 1.0728% 1.4249% 1.5162% 1.4801% 1.6895% 1.5400% 1.6155% 1.8332% 1.0808% 1.3941% 1.2365% 1.5076% 1.3711% 1.3598% 1.2410% 1.3345% 1.2700% 1.2968% 1.2716% 1.3997% 1.6923% 1.2850%
54 1.5536% 1.1279% 1.2671% 1.3192% 1.0759% 1.4755% 1.5413% 1.4939% 1.6959% 1.5424% 1.6155% 1.8474% 1.1298% 1.4201% 1.2451% 1.5211% 1.3766% 1.3852% 1.2540% 1.3528% 1.2700% 1.3012% 1.2779% 1.3997% 1.7003%
55 1.5541% 1.1367% 1.2814% 1.3339% 1.0876% 1.4779% 1.5445% 1.5089% 1.7157% 1.5662% 1.6157% 1.8723% 1.1330% 1.4398% 1.2582% 1.5320% 1.3958% 1.4110% 1.2783% 1.3780% 1.2822% 1.3141% 1.3015% 1.4128%
56 1.5860% 1.1565% 1.3029% 1.3669% 1.0892% 1.4838% 1.5550% 1.5164% 1.7157% 1.5837% 1.6314% 1.8839% 1.1422% 1.4516% 1.2734% 1.5409% 1.4022% 1.4314% 1.3006% 1.4088% 1.2859% 1.3259% 1.3544%
57 1.5955% 1.1711% 1.3108% 1.3805% 1.1046% 1.5004% 1.5557% 1.5221% 1.7337% 1.5985% 1.6430% 1.8971% 1.1530% 1.4663% 1.2854% 1.5487% 1.4107% 1.4391% 1.3265% 1.4297% 1.2996% 1.3416%
58 1.6081% 1.1808% 1.3331% 1.3840% 1.1130% 1.5325% 1.5649% 1.5389% 1.7428% 1.6117% 1.6660% 1.9050% 1.1568% 1.4895% 1.2915% 1.5740% 1.4140% 1.4458% 1.3265% 1.4388% 1.3255%
59 1.6081% 1.1976% 1.3394% 1.4086% 1.1276% 1.5400% 1.5696% 1.5474% 1.7763% 1.6195% 1.6687% 1.9295% 1.1568% 1.5003% 1.3120% 1.5941% 1.4361% 1.4489% 1.3344% 1.4539%
60 1.6268% 1.2081% 1.3463% 1.4130% 1.1604% 1.5418% 1.5795% 1.5775% 1.7836% 1.6397% 1.6834% 1.9480% 1.1613% 1.5138% 1.3251% 1.6164% 1.4429% 1.4542% 1.3526%
61 1.6305% 1.2268% 1.3486% 1.4307% 1.1652% 1.5460% 1.5917% 1.5894% 1.8186% 1.6486% 1.6867% 1.9583% 1.1708% 1.5195% 1.3428% 1.6311% 1.4537% 1.4850%
62 1.6322% 1.2290% 1.3632% 1.4479% 1.1937% 1.5633% 1.5980% 1.5955% 1.8355% 1.6630% 1.7005% 1.9583% 1.1778% 1.5505% 1.3572% 1.6420% 1.4703%
63 1.6322% 1.2406% 1.3678% 1.4515% 1.2050% 1.5757% 1.6101% 1.6066% 1.8518% 1.6907% 1.7191% 1.9687% 1.1943% 1.5620% 1.3572% 1.6495%
64 1.6327% 1.2406% 1.3832% 1.4515% 1.2094% 1.5803% 1.6324% 1.6066% 1.8544% 1.7044% 1.7230% 1.9821% 1.2041% 1.5713% 1.3780%
65 1.6522% 1.2421% 1.3874% 1.4790% 1.2163% 1.5851% 1.6447% 1.6157% 1.8592% 1.7187% 1.7282% 2.0107% 1.2071% 1.6046%
66 1.6633% 1.2465% 1.3877% 1.4819% 1.2217% 1.5884% 1.6490% 1.6278% 1.8746% 1.7415% 1.7339% 2.0336% 1.2073%
67 1.6683% 1.2595% 1.3937% 1.4860% 1.2327% 1.5884% 1.6663% 1.6306% 1.8758% 1.7501% 1.7590% 2.0407%
68 1.6683% 1.2633% 1.4058% 1.4875% 1.2357% 1.5884% 1.6691% 1.6314% 1.8758% 1.7515% 1.7613%
69 1.6731% 1.2633% 1.4076% 1.4875% 1.2357% 1.5902% 1.6696% 1.6314% 1.8790% 1.7617%
70 1.6731% 1.2789% 1.4076% 1.4878% 1.2432% 1.6017% 1.6745% 1.6476% 1.8831%
71 1.6813% 1.2822% 1.4178% 1.4960% 1.2555% 1.6053% 1.6745% 1.6493%
72 1.6884% 1.2822% 1.4178% 1.4960% 1.2621% 1.6097% 1.6806%
73 1.6884% 1.2824% 1.4228% 1.5015% 1.2621% 1.6163%
74 1.6884% 1.2859% 1.4302% 1.5053% 1.2621%
75 1.6884% 1.2946% 1.4360% 1.5099%
76 1.6884% 1.2946% 1.4410%
77 1.6908% 1.2946%
78 1.6908%

70
2.50%

2.00%

1.50%

1.00%

0.50%

0.00%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78

01.2004 02.2004 03.2004 04.2004 05.2004 06.2004 07.2004 08.2004 09.2004 10.2004 11.2004 12.2004 01.2005 02.2005 03.2005 04.2005 05.2005

06.2005 07.2005 08.2005 09.2005 10.2005 11.2005 12.2005 01.2006 02.2006 03.2006 04.2006 05.2006 06.2006 07.2006 08.2006 09.2006 10.2006

11.2006 12.2006 01.2007 02.2007 03.2007 04.2007 05.2007 06.2007 07.2007 08.2007 09.2007 10.2007 11.2007 12.2007 01.2008 02.2008 03.2008
04.2008 05.2008 06.2008 07.2008 08.2008 09.2008 10.2008 11.2008 12.2008 01.2009 02.2009 03.2009 04.2009 05.2009 06.2009 07.2009 08.2009

09.2009 10.2009 11.2009 12.2009 01.2010 02.2010 03.2010 04.2010 05.2010 06.2010

71
 SCHEDULED AMORTISATION OF THE PURCHASED LOAN RECEIVABLES

Scheduled Amortisation of the Purchased Loan Receivables

This amortisation scenario is based on the assumptions (i) that no losses, prepayments or delinquencies occur
and (ii) that the final poolcut produces similar cash flows as the preliminary poolcut. It should be noted that the
actual amortisation of the Purchased Loan Receivables may differ substantially from the amortisation scenario
indicated below.

IN EUROs
Scheduled Amortisation of
Monthly Purchased Loan Receivables Scheduled Instalements from
Period (Principal) Purchased Loan Receivables

Oct-10 12,242,992 14,252,374

Nov-10 15,802,722 18,337,985
Dec-10 15,862,154 18,358,665
Jan-11 15,904,860 18,361,359
Feb-11 15,943,948 18,360,738
Mar-11 15,986,043 18,360,037
Apr-11 16,023,457 18,357,525
May-11 16,060,977 18,353,972
Jun-11 16,099,262 18,351,159
Jul-11 16,139,643 18,350,353
Aug-11 16,177,738 18,347,072
Sep-11 16,216,125 18,344,006
Oct-11 16,255,258 18,341,453
Nov-11 16,294,123 18,338,481
Dec-11 16,333,957 18,336,438
Jan-12 16,370,954 18,331,437
Feb-12 16,410,310 18,328,700
Mar-12 27,947,400 29,823,665
Apr-12 26,772,223 28,576,885
May-12 27,180,187 28,915,835
Jun-12 27,212,354 28,878,217
Jul-12 26,240,509 27,836,135
Aug-12 24,288,591 25,816,772
Sep-12 27,137,071 28,602,936
Oct-12 26,708,632 28,104,725
Nov-12 26,588,774 27,916,144
Dec-12 25,707,825 26,966,861
Jan-13 22,420,663 23,613,496
Feb-13 27,040,222 28,176,112
Mar-13 31,569,077 32,634,435
Apr-13 33,230,488 34,214,875
May-13 33,899,825 34,799,047
Jun-13 35,718,783 36,530,812
Jul-13 34,253,103 34,972,981
Aug-13 25,420,201 26,052,063
Sep-13 23,473,999 24,040,544
Oct-13 22,187,046 22,693,228
Nov-13 22,202,734 22,651,792
Dec-13 17,316,555 17,708,650
Jan-14 14,703,060 15,050,715
Feb-14 16,888,688 17,198,835
Mar-14 18,841,499 19,108,033
Apr-14 19,422,683 19,640,913
May-14 17,014,937 17,183,465
Jun-14 16,840,062 16,964,603
Jul-14 15,437,500 15,518,783
Aug-14 2,038,821 2,080,521
Sep-14 2,279,245 2,315,643
Oct-14 2,258,952 2,289,554
Nov-14 2,210,471 2,235,228
Dec-14 2,075,850 2,094,970
Jan-15 1,846,765 1,860,560
Feb-15 836,031 845,063
Mar-15 620,447 627,298
Apr-15 592,819 598,110
May-15 498,758 502,497
Jun-15 451,326 453,783
Jul-15 411,777 413,069
Aug-15 73,884 74,125
Sep-15 20,105 20,156
Total 1,000,004,467 1,064,413,890
Weighted Average Life of the Notes

Weighted average life of the Notes refers to the average amount of time that will elapse (on a 30/360 basis) from
the date of issuance of a Note to the date of distribution of amounts to the Noteholders Lenders distributed in
reduction of principal of such Note (assuming no losses). The weighted average life of the Notes will be
influenced by, amongst other things, the rate at which the Purchased Loan Receivables are paid, which may be
in the form of scheduled amortisation, prepayments or liquidations.

The following table is prepared on the basis of certain assumptions, as described below, regarding the weighted
average characteristics of the Purchased Loan Receivables and the performance thereof.

The table assumes, among other things, that if:

(a) the Portfolio is subject to a constant annual rate of prepayment as set out under "CPR";

(b) no Purchased Loan Receivables are repurchased by the Originator;

(c) the Notes are purchased on the assumed Issue Date of 28 October 2010;

(d) the Payment Date is assumed to be the 21st of each month;

(e) the Clean-Up Call is exercised;

(f) the Purchased Loan Receivables are fully performing (no losses or delinquencies occur);

(g) the original outstanding balance of each Class of Notes is equal to the Nominal Amount set forth on the
front cover of this Offering Circular;

(h) the Discount Rate is assumed to be 3.0779 per cent. per annum and the Monthly Payments are
discounted back to the assumed Cutoff Date of 30 September 2010;

(i) the acquisition of Additional Loan Receivables will have no impact on the amortisation profile of the
Portfolio;

(j) no losses or delinquencies occur; and

(k) the weighted average fixed rate of the fixed rates under the Class A Notes and the Class B Notes and
the fixed rate under the Subordinated Loan are assumed to be 2.0479 per cent.

The approximate average life of the Notes, at various assumed rates of prepayment of the Purchased Loan
Receivables, would be as follows:

CPR Class A Notes Class B Notes

(per cent.) Average Life First Principal Average Life in First Principal
in Years Payment Date Expected Maturity Years Payment Date Expected Maturity

0.00% 2.49 Nov 2011 Jun 2014 2.61 Mar 2012 Jun 2014

5.00% 2.44 Nov 2011 Jun 2014 2.55 Feb 2012 Jun 2014

10.00% 2.38 Nov 2011 Jun 2014 2.49 Jan 2012 Jun 2014

15.00% 2.33 Nov 2011 May 2014 2.43 Jan 2012 May 2014

20.00% 2.28 Nov 2011 May 2014 2.38 Jan 2012 May 2014

25.00% 2.22 Nov 2011 Apr 2014 2.32 Dec 2011 Apr 2014

The exact average life of the Class A Notes and of the Class B Notes cannot be predicted as the actual rate at
which the Purchased Loan Receivables will be repaid and a number of other relevant factors are unknown.

The average life of the Class A Notes and of the Class B Notes are subject to factors largely outside the control
of the Issuer and consequently no assurance can be given that the assumptions and the estimates above will
prove in any way to be realistic and they must
therefore be viewed with considerable caution.
Assumed Amortisation of the Notes

This amortisation scenario is based on the assumptions (i) listed above under "Weighted Average Life of the
Notes " and (ii) of a 10 per cent. CPR. It should be noted that the actual amortisation of the Notes may differ
substantially from the amortisation scenario indicated below.

IN EUROs
Payment Date Principal Amount Principal Amount Amortisation of Amortisation of
falling in Oustanding Class Outstanding Class Class A Notes Class B Notes
A Notes B Notes

Oct-10 905,000,000 37,500,000

Nov-10 905,000,000 37,500,000 - -
Dec-10 905,000,000 37,500,000 - -
Jan-11 905,000,000 37,500,000 - -
Feb-11 905,000,000 37,500,000 - -
Mar-11 905,000,000 37,500,000 - -
Apr-11 905,000,000 37,500,000 - -
May-11 905,000,000 37,500,000 - -
Jun-11 905,000,000 37,500,000 - -
Jul-11 905,000,000 37,500,000 - -
Aug-11 905,000,000 37,500,000 - -
Sep-11 905,000,000 37,500,000 - -
Oct-11 905,000,000 37,500,000 - -
Nov-11 877,069,930 37,500,000 27,930,070 -
Dec-11 849,392,646 37,500,000 27,677,284 -
Jan-12 823,913,475 37,029,819 25,479,171 470,181
Feb-12 800,044,158 35,957,041 23,869,318 1,072,778
Mar-12 776,477,878 34,897,882 23,566,280 1,059,159
Apr-12 744,359,281 33,454,350 32,118,597 1,443,532
May-12 713,429,821 32,064,262 30,929,460 1,390,088
Jun-12 682,452,304 30,672,014 30,977,517 1,392,248
Jul-12 651,709,623 29,290,320 30,742,681 1,381,694
Aug-12 621,943,775 27,952,529 29,765,848 1,337,791
Sep-12 593,870,018 26,690,787 28,073,757 1,261,742
Oct-12 563,972,818 25,347,093 29,897,201 1,343,694
Nov-12 534,637,927 24,028,671 29,334,890 1,318,422
Dec-12 505,631,590 22,725,015 29,006,337 1,303,656
Jan-13 477,492,811 21,460,351 28,138,778 1,264,664
Feb-13 451,912,680 20,310,682 25,580,131 1,149,669
Mar-13 423,349,945 19,026,964 28,562,735 1,283,718
Apr-13 391,890,149 17,613,040 31,459,796 1,413,923
May-13 359,758,834 16,168,936 32,131,315 1,444,104
Jun-13 327,596,825 14,723,453 32,162,008 1,445,484
Jul-13 294,632,688 13,241,919 32,964,138 1,481,534
Aug-13 263,064,235 11,823,112 31,568,453 1,418,807
Sep-13 237,730,174 10,684,502 25,334,061 1,138,609
Oct-13 214,035,530 9,619,574 23,694,643 1,064,928
Nov-13 191,620,314 8,612,149 22,415,216 1,007,425
Dec-13 169,633,299 7,623,968 21,987,015 988,180
Jan-14 151,194,869 6,795,275 18,438,430 828,693
Feb-14 134,827,437 6,059,660 16,367,432 735,615
Mar-14 117,461,193 5,279,155 17,366,245 780,505
Apr-14 99,346,408 4,465,007 18,114,785 814,148
May-14 79,182,908 4,465,007 20,163,500 -
Jun-14 - - 79,182,908 4,465,007
Jul-14 - - - -
Aug-14 - - - -
Sep-14 - - - -
Oct-14 - - - -
Nov-14 - - - -
Dec-14 - - - -
Jan-15 - - - -
Feb-15 - - - -
Mar-15 - - - -
Apr-15 - - - -
May-15 - - - -
Jun-15 - - - -
Jul-15 - - - -
Aug-15 - - - -
Sep-15 - - - -
Oct-15 - - - -
Nov-15 - - - -
Dec-15 - - - -
Jan-16 - - - -
Feb-16 - - - -
Mar-16 - - - -
Apr-16 - - - -
May-16 - - - -
ENHANCEMENT OF FUTURE CASHFLOW FROM PURCHASED LOAN RECEIVABLES

Settlement and Reduction

The Issuer may demand from VW Bank a Settlement Amount for any Purchased Loan Receivables in the Event
of Legitimate Repudiation of Loan Contract. Such Settlement Amount corresponds in each case to the then
outstanding Discounted Principal Balance of all affected Purchased Loan Receivables.

The Loan Receivables Purchase Agreements provide that in case of a Prepayment of a Purchased Loan
Receivable, VW Bank and the Issuer will compensate each other for the difference of interest between the
Discount Rate and the interest rate applicable to the prepaid Loan Contract for the period between the receipt of
the Discounted Principal Balance for such prepaid Loan Contract and the ordinary termination date of the
respective Loan Contract without such prepayment by making the appropriate Interest Compensation Payment.
In case of a Prepayment of a Purchased Loan Receivable, VW Bank will calculate the Interest Compensation
Payment to be rendered by VW Bank or the Issuer for such Prepayment of a Purchased Loan Receivable. VW
Bank will inform the Issuer of the Interest Compensation Payments to be rendered by VW Bank or the Issuer for
a Monthly Period by the Service Report Performance Date following such Monthly Period. The balance of the
Interest Compensation Payments to be rendered for a Monthly Period increases or decreases the Available
Distribution Amount for such Monthly Period.

The Settlement Amount corresponds in each case to the then outstanding Discounted Principal Balance of all
affected Purchased Loan Receivables. Any prepayment penalty collected by the Issuer shall reduce the
Settlement Amount.

The Settlement Amount to be paid in the case of a Clean-Up Call, which could be exercised if all payment
obligations under the Notes were thereby fulfilled in accordance with the Order of Priority, is equal to the then
outstanding Discounted Principal Balance of all Purchased Loan Receivables which would have become due if
the Clean-Up Call had not occurred, provided that all payment obligations under the Notes will thereby be
fulfilled. For the calculation of such Clean-Up Settlement Amount the risk of losses, if any, shall be taken into
account, by applying the principles of impairment of such receivables pursuant to German Generally Accepted
Accounting Principles (Grundsätze ordnungsgemäßer Buchführung) resulting in a flat-rate value adjustment
(Pauschalwertberichtigung) or – if applicable – in an adjustment of the single Purchased Loan Receivable
(Einzelwertberichtigung).

Realisation of Financed Objects

The Issuer is entitled to the Enforcement Proceeds in the amount up to the outstanding amount of the related
Purchased Loan Receivables which VW Bank has received from the realisation of the Financed Objects for the
account of the Security Trustee or which the Security Trustee has received on its own behalf (and in case of a
termination of a Loan Contract up to the date of the final write-off made by the Servicer). All payments and
disposition and other proceeds with respect to the Financed Object will be allocated to the Purchased Loan
Receivables for which the Financed Object was foreclosed.

Further Loan Collateral

The Issuer has also acquired, or will acquire (in respect of the Additional Loan Receivables) as security for the
Purchased Loan Receivables (including, for the avoidance of doubt, the Additional Purchased Loan
Receivables) and as security for all of the Issuer's current and future claims against VW Bank arising from the
Initial Loan Receivables Purchase Agreement, each Additional Loan Receivables Purchase Agreement and the
Servicing Agreement, including all future damage claims pursuant to section 280(1) in connection with
section 280(3) German Civil Code (Bürgerliches Gesetzbuch) (Schadensersatz statt der Leistung) and including
all claims arising out of a withdrawal from the Loan Receivables Purchase Agreements, security title
(Sicherungseigentum) to the Financed Objects, as well as security title to the respective Borrower's wage and
salary receivables, if any, which VW Bank had acquired as Security under the relevant Loan Contract and,

(a) notwithstanding the transfer of auxiliary or preferential rights pursuant to section 401 German
Civil Code (Bürgerliches Gesetzbuch), when the assignment is effectuated pursuant to Clause 3(1)
of the Loan Receivables Purchase Agreement, the following receivables and rights:
 – right to unilaterally alter a contractual relationship which is required to enforce the Purchased
Loan Receivables (unselbständige Gestaltungsrechte). Until revoked, these rights will be
exercised by VW Bank for the Issuer's benefit. VW Bank may exercise such rights in
conformity with VW Bank's customary practices in effect from time to time.

– Damage claims arising from a breach of contract or in tort against the respective Borrower or
any interest due and claims against third parties due to damage to or loss of the Financed
Objects.

– The claims arising from the insurance certificate or without an insurance certificate against
the respective vehicle insurer for payment of the insurance benefit. The Issuer is entitled to
notify the respective insurer of the assignment on behalf of VW Bank. Although VW Bank
offers the opportunity to obtain insurance with respect to the Financed Objects, VW Bank
will have no requirement to monitor whether the Borrowers will obtain insurances and VW
Bank will have no liability should a Borrower not obtain offered insurance protection.

(b) all its present and future claims and other rights arising from the Transaction Documents
(including the rights to unilaterally alter the relevant legal relationship (Gestaltungsrechte)), and
from all present and future contracts the Issuer has entered or may enter into in connection with
the Notes, the Subordinated Loan or the Purchased Rights.

Each right, claim or title assigned to the Issuer as security is to be reassigned to VW Bank when the right or
claim to be secured no longer exists.
AMENDMENTS TO THE LOAN RECEIVABLES PURCHASE AGREEMENT

VW Bank will be entitled to unilaterally amend any term or provision of the Loan Receivables Purchase
Agreements with the consent of the Issuer but without the consent of any Noteholder, the Subordinated Lender
or any other Person; provided that such amendment shall only become valid,

(a) if it is notified to the Security Trustee and the Rating Agencies and the Issuer and VW Bank have
received a confirmation (x) from the Security Trustee that in the sole professional judgment of the
Security Trustee, such amendment will not be materially prejudicial to the interests of any such
Transaction Creditor and (y) from S&P that the ratings then assigned to the Notes will not be adversely
affected by such amendment and that the Rating Agency Confirmation is satisfied thereby; and

(b) materially and adversely affect the interests of the Issuer, the Security Trustee or the Subordinated
Lender if such parties that are materially and adversely affected have consented to such amendment.

All amendments to the Loan Receivables Purchase Agreement shall be notified to the Rating Agencies.

The Security Trustee shall have the right to request a reputable international law firm to confirm the legal
validity of such amendment and/or to describe the legal effects of such amendment and to incur reasonable
expenses for such consultation which shall be reimbursed by VW Bank.

77
 THE SELLER AND SERVICER

BUSINESS AND ORGANISATION OF VOLKSWAGEN BANK GMBH

Auto Finance Business in Germany

The global economy showed a clearly positive development during the first half of 2010. Growth rates in the
emerging countries – particularly China, India and Brazil – were robust. Whilst the United States and Japan also
recovered more rapidly than expected, the sovereign debt crisis dampened developments in Western Europe.
Growth in this region remained weak from January to June 2010. Several Central and Eastern European
countries recovered substantially in the year's first half, but the fact that they are highly dependent on Western
Europe limits them to a slow pace of economic expansion. The German economy lost much of its momentum
during the winter but it stabilised substantially during the second quarter of 2010. Exports, especially to the
Asian markets, continued to generate most of the impetus in this regard. Domestic demand remained muted
although the labour market developed better than expected. Private consumption was undermined in particular
by the expiration of governmental economic stimulus packages, the uncertainties arising from the sovereign debt
crisis and low income growth.

Following the expiration of the scrapping bonus that had been launched in January 2009, German consumers’
anticipated reluctance between January and June 2010 to make new purchases led to the lowest number of new
passenger car registrations since German reunification. During the first six month of 2010 a total of 1.47 million
vehicles (January to June 2009: 2.06 million) were registered in Germany. Despite car registrations decreasing
by 28.7% the Volkswagen Group remained the number one automobile manufacturer in Germany with a share
in the car market of 36.0%.

The origination of auto loans tends to be closely linked to the sale of new vehicles. About 70 per cent. of all cars
(new and used) in western markets are financed by auto loans. Following real estate, the acquisition of a car is
the second biggest investment, undertaken up to 10 times in the average customer's lifetime. The competition in
the auto finance business is becoming increasingly fierce as traditional banks rediscovering the auto finance
market have to compete with new entrants (independent lease companies and specialised car finance banks).
The amendment of the so called block exemption of the EU will have a strong impact on the future car-,
finance- and after sales market.

Incorporation, Registered Office and Purpose

VW Bank was incorporated on 30 June 1949 according to German law under the name "Volkswagen
Finanzierungsgesellschaft mit beschränkter Haftung" in Wolfsburg. The headquarters was moved to
Braunschweig, where the company was registered in the Commercial Register on 29 September 1982. The name
was changed to "Volkswagen Bank GmbH" on 14 December 1994. VW Bank operates under a banking license
("Vollbanklizenz") and is a member of the deposit protection fund (Einlagensicherungsfonds). Therefore, VW
Bank is subject to the regulations of the German regulator BaFin (Bundesanstalt für
Finanzdienstleistungsaufsicht).

VW Bank employs a diversified business model by carrying out various banking activities such as accepting
bank deposits, lending activities, transfer and payment activities. Within this business model VW Bank also
supports the sale of the products of the Volkswagen Group and its brands. VW Bank fulfils this role by
continuously optimising its service function, which entails improving processes, organisational structures and
information systems, and above all by ensuring a high level of customer and dealer loyalty and by offering
attractive products.

VW Bank co-operates closely with approximately 2,900 dealerships of the Volkswagen Group. A dealer can
thus offer the customer complete, competent, personal service, at one stop and from a single source, including
the financing. The co-operation between the manufacturer or importer and the dealer-partner respectively is
established by a dealer agreement. Under this agreement the dealer-partner is given the responsibility for
marketing the products and services of the Volkswagen Group and to service the trade-marked-products of the
Volkswagen Group. Dealers receive valuable support from VW Bank in the form of diverse training measures
and extensive marketing support.

As an operating subsidiary of Volkswagen Financial Services AG, its task is to provide their customers with
everything they need to achieve financial and mobile flexibility. The product offerings range from the financing

78
of new and pre-owned cars of the Volkswagen Group and non-Group brands alike, to wholesale financing all
the way to direct banking.

By utilising its so called "European Passport" banking license VW Bank can establish branches and establish,
acquire or participate in other businesses, domestically or abroad, and partake in any activities that promote its
objectives.

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BUSINESS PROCEDURES OF VOLKSWAGEN BANK GMBH

Under the Servicing Agreement, the Loan Receivables are to be administered together with all other loan
receivables of VW Bank according to VW Bank's normal business procedures as they exist from time to time.
The Borrowers will not be notified of the fact that the receivables from their loan contracts have been assigned
to the Issuer, except under special circumstances.

The normal business procedures of VW Bank currently include the following:

Negotiation of the Loan Contract and Appraisal of the Creditworthiness of the Prospective Borrower

The customer writes and signs an application for the financing of a specific vehicle against a specified monthly
payment. By signing the application the customer signifies its acceptance of the loan conditions.

Before an application is accepted, VW Bank checks the credit standing of the customer. For private and
commercial retail customer contracts, currently the following procedure applies. Applications are automatically
approved by a scoring system if the information on the application demonstrates that the applicant meets VW
Bank's criteria for an automatic approval. For this purpose information from credit bureaus (SCHUFA,
Creditreform, Bürgel) and data of customer profile (application data and payment history at VW Bank) are
brought together into VW Bank's system.

The scoring system takes into account different criteria and factors. Depending on the respective information
which applies to each criterion, the loan application receives a certain amount of scores per criterion according
to statistical methods and historical experience. The sum of scores gives VW Bank an assessment with respect
to the risk of granting a loan to the respective applicant. The scoring process (in particular the weight or the
value of the individual scoring criteria and the scoring result) is treated as strictly confidential by VW Bank
(internally vis-à-vis the employees of the credit department and also vis-à-vis the respective car dealer). The
performance of the scoring system is monitored regularly by VW Bank. Changes to the scoring system are
based on the results of regular VW Bank statistical analysis.

Applications not automatically accepted by the scoring system have to be decided by an employee of the credit
department. The employees of VW Bank's credit department are qualified persons (generally with at least three
years' training in banks or in industry or with degrees in business administration or similar business experience,
etc.). Each employee is personally assigned a credit ceiling up to which she/he may underwrite a given loan.

Debt Management

The Borrower pays a contractually specified monthly instalment at a stipulated payment date, with the number
of payments corresponding with the number of months covered by the financing period. In the case of the
special "AutoCredit" financing option, a larger final instalment is due at the end of the contract term (balloon
payment).

As a rule, VW Bank requests the Borrower to accept a procedure by which the monthly instalments shall be
debited directly from the Borrower's bank account. So far more than 95 per cent of all Borrowers have
voluntarily chosen to make use of this procedure. In the course of 2005 VW Bank changed its procedure by now
insisting on direct-debit payments; thus a Borrower cannot choose between different payment types anymore.
This payment type generally ensures that VW Bank receives payment of its debts promptly and without
complication. Those customers who do not agree to this direct-debiting procedure effect their monthly payments
either by way of a standing order for payment transfers from their bank accounts, by regular bank transfers or by
cheque.

VW Bank receives direct debits on the specified due date (this process is normally initiated two German
business days before the specified due date) and by way of direct contact with the Borrower's bank. In cases
where the Borrower’s bank does not render payment of the direct-debit amount, a reversal of the amount is
recorded on the corresponding account at VW Bank. Thus, VW Bank normally receives knowledge of such
outstanding or non-paid debts at the latest within 12 days after the due date of payment, allowing the bank to
respond quickly with the issuance of reminder notices to the customers concerned. In 2008, slightly less than 2
per cent of direct-debit payments were in arrears. In approximately 85 per cent of those cases, non-payment was
due to an insufficiency of the Borrower's bank account; in 15 per cent of the cases, rejection occurred due to the
closing of the Borrower’s bank account or due to the use of incorrect account data. Close to 30 per cent of debts

80
involving direct-debit reversals are ultimately settled by Borrowers within 2 weeks. In the case of the remaining
70 per cent of those reversals, reminder notices are generally issued to the Borrowers as of the 12th day
following the original due date. In the event that payment continues to remain outstanding, a second reminder
notice is generally issued to the Borrowers as of the 24th day. In addition to issuing written reminder notices to
such Borrowers, collection operations are also executed by phone. Phone-aided collection is risk-based,
whereby the assessment of such risk is system-managed.

Debt management also processes the refinancing of commitments as well as prolongations. Depending on their
level of competency, debt management staff may approve the deferment of a customer’s payment if such
deferment is deemed to be justifiable. These are the procedures which precede any termination of contract. A
termination of contract is only resorted to once all reminder notices have been issued (see above) and the
customer has failed to honour any standstill agreement previously negotiated.

In debt management, the final claims-processing step is the preparation, signing and issuance of contract
termination. Once such termination has been executed, responsibility for the account is passed on to the
collection centre.

Collection Center

The main task of the collection centre is to process insolvent contracts from private customers, commercial
customers and key accounts/fleets. The collection centre focuses on securing, as quickly as possible, the
vehicles involved in terminated financing or leasing agreements or asserting the claims which arise as part of the
dunning procedure.

Under German law, the borrower of a consumer loan contract is entitled to cancel a loan contract without giving
reason by sending a letter, fax or email message, exercising such cancellation right within two weeks after
receipt of a written notice informing him of such cancellation right.

Each party to a loan contract can terminate the contract without giving prior notice, if it has a material reason to
do so, in particular, but not limited to:

1. if the other party has made untrue statements in connection with the loan contract or has failed to
state relevant facts and the borrower cannot be reasonably expected to continue to honour the
contract;

2. if the other party does not stop committing serious breaches of the contract in spite of written
requests to this effect or if it fails to remedy immediately any effects of such breaches of contract;

3. if (i) circumstances upon which the contract was based have materially changed after conclusion of
the contract and if the parties would not have concluded the contract or would have done so only
upon different terms if they had foreseen that change; adaptation of the contract may be claimed in so
far as, having considered all circumstances of the specific case, in particular the contractual or
statutory allocation of risk, it cannot reasonably be expected that a party should continue to be bound
by the contract in its unaltered form and (ii) the adaptation of the contract is impossible or reasonably
unacceptable; or

4. if there otherwise is good cause for doing so. A good cause exists if, after consideration of all
circumstances of the specific case and balancing the interests of both parties, the terminating party
cannot reasonably be expected to continue the contractual relationship until the agreed termination
date or until the end of the notice period.

Six months after the receipt of the loan, the Borrower may terminate the Loan Contract upon observance of a
notice period of three months.

The collection centre executes and manages the following specific processes:

- the securing of vehicles from terminated loan contracts, with the option of re-integrating contracts into
the stocks of "normal" contract holdings

81
- the issuance of requests for dunning notices and the execution of measures involving levy upon
property

- the negotiation of payment standstills

- the processing of company and consumer insolvencies

- the utilisation of guarantees

- the writing off and processing of irrecoverable debts

Procedure

Upon termination of a contract, the delinquent debtor has 14 days to render payment of the entire claim amount
or, alternatively, to deliver the vehicle to the premises of a Volkswagen Group dealer if that Borrower should
not be able to satisfy his/her payment obligations. As a rule (i.e. in the event of contract termination occurs on
the 53rd day after the date on which payment of the first unpaid instalment was due), this deadline expires on the
70th day (mailing time is taken into account) after the date on which payment of the first unpaid instalment was
due. After the termination our experienced outbound team convinces (in nearly 50 per cent. of the cases) the
debtor to pay his entire claim amount or to retransfer his vehicle to VW Bank or a Volkswagen Group dealer. In
the event of non-compliance, a vehicle-repossession request is issued to an experienced external repossession
company (e.g. Excon and Wächter), who either put the vehicle at the disposal of the VW Bank or a Volkswagen
Group dealer (generally by the 91th day) – this is the most common procedure – or who pay the total arrears or
total claim amount to VW Bank. This procedure (collection of receivables or vehicle repossession) has proved
in the past to be successful in 95 per cent. of all cases. Around 50 per cent. of the contracts which have been
terminated are returned to normal "current" contract status after the timely payment of all instalments in arrears
as well as all related costs and interest on arrears shortly after the debtor's receipt of the termination due to the
fact, that the debtor realises that loss of the vehicle is imminent. In the event of vehicle repossession, the matter
is passed on to Volkswagen Financial Service's used-vehicle centre, which initiates estimation of the vehicle.
Based on this estimate the vehicle is then offered to approximately 1,700 Volkswagen Group and non-affiliated
dealers around the country who have access to Used Cars Center's Internet marketplace, where the vehicle
ultimately is sold to the highest bidder. Disposal of a repossessed vehicle via the Volkswagen Group used-
vehicle centre takes on average 30 days. Thus, generally around 121 days pass between the date on which
payment of the first unpaid instalment is due and the date on which settlement of the debtor’s account is issued
(in the case of a still outstanding residual-loan amount). The automated legal dunning procedure is run until the
147th day; the execution of a levy on property is initiated on approx. the 177th day. If such levy on property
should prove unsuccessful, i.e. if a settlement of outstanding claims should not be achieved, the claim is written
off as irrecoverable.

Internal Audits

Internal Audit at Volkswagen Bank GmbH independently examines all operational and business procedures of
Volkswagen Bank GmbH on behalf of the Board of Management, taking due account of the provisions of bank
regulations. This activity is based on an annual audit plan, which is drawn up on the basis of the legal provisions
in a risk-oriented manner. Internal Audit informs the Board of Management of Volkswagen Bank GmbH about
the result of the audits carried out by submitting audit reports and an annual summary report. Implementation of
the measures and recommendations agreed in the audit reports is monitored by Internal Audit.

Auditors

PricewaterhouseCoopers Aktiengesellschaft, Wirtschaftsprüfungsgesellschaft, Fuhrberger Straße 5, 30625

Hannover, ("PwC") audits the annual financial statements of VW Bank.

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VW Bank market Germany
retail financing business

2009 2008 2007 2006 2005 2004 2003

- New Contracts 538,354 402,777 399,077 452,544 369,341 370,508 376,970

(number)
- thereof new cars 279,535 182,074 196,908 252,914 154,654 145,917 158,876
- thereof used cars 258,819 220,703 202,099 199,630 214,687 224,591 218,094
- Contracts Outstanding 1,552,688 1,245,849 1,197,175 1,156,230 1,104,822 1,099,859 1,075,722
(number)
- thereof new cars 817,263 647,123 611,211 563,269 483,690 470,642 444,805
- thereof used cars 735,425 598,726 585,964 592,961 621,132 629,217 630,917
- Total receivables (EUR 12,235 8,755 9,259 8,872 7,739 8,094 8,822
m.) after provisions
- Utilisation of 55.3 41.3 39.4 45.4 62.4 72.5 62.7
provisions plus direct
write-offs (EUR m.)
- Loss of receivables 0.45 0.47 0.43 0.51 0.81 0.90 0.71
from non-payment in
per cent. of total
receivables

Data on VW Bank GmbH*

Source: Annual Reports

in Mio EUR 2009 2008 2007 2006 2005 2004 2003

Total assets 34,193 33,497 26,539 23,538 19,084 21,435 16,245

Receivables from 25,004 24,270 21,835 19,077 16,819 16,490 15,146
customers
Liabilities to customers 20,703 14,880 11,254 10,360 10,088 12,058 8,782
Subordinated liabilities 998 1,691 1,543 1,547 1,140 1,020 704
Equity 4,095 3,318 3,379 2,987 2,649 2,126 896

* Beginning in 2006 according to IFRS

83
 ADMINISTRATION OF THE PURCHASED LOAN RECEIVABLES
UNDER THE SERVICING AGREEMENT

VW Bank has agreed to act as Servicer under the Servicing Agreement. In this capacity it has retained the right
and agreed to perform the following tasks according to its usual business practices as they exist from time to
time:

– To make Collections with regard to the Purchased Loan Receivables.

– To administer the related Loan Contracts and in particular to terminate a Loan Contract for good cause
(wichtiger Grund) in the event of a Borrower default.

– VW Bank may allow Borrowers to defer payments within the scope of VW Bank's general business
policies as they are applied from time to time.

– To repossess the respective Financed Objects on behalf of the Issuer upon termination of a Loan
Contract and to realise such Financed Objects.

– To assert vis-à-vis the respective insurance companies, the claims to payment of other benefits under
any vehicle insurance policies assigned to the Issuer pursuant to the Loan Receivables Purchase
Agreements.

Commingling

VW Bank, as the Servicer, is entitled to commingle Collections from the Purchased Loan Receivables with its
own funds during each Monthly Period in accordance with the following procedure:

If the Monthly Remittance Condition is met, but no Monthly Collateral Increase Event has occurred, VW Bank
as the Servicer is entitled to commingle Collections with own funds during each Monthly Period and will be
required to make a single deposit of such monthly Collections into the Distribution Account on each Payment
Date.

If (x) the Monthly Remittance Condition is not satisfied, and (y) provided that no Monthly Collateral Increase
Event has occurred, VW Bank as the Servicer will, within fourteen calendar days, determine the exact
Collections: (i) for the first fifteen calendar days of a Monthly Period on the first Business Day following the
fifteenth calendar day of a Monthly Period (the "Monthly Collections Part 1") and (ii) for the period from (and
including) the sixteenth calendar day of a Monthly Period until (and including) the last day of such Monthly
Period (the "Monthly Collections Part 2") on the second Business Day of the subsequent Monthly Period.
Furthermore, VW Bank as the Servicer will arrange for the following:

(a) VW Bank as the Servicer will determine the expected Collections for the period from the first through
the fourteenth calendar day of each Monthly Period, (the "Monthly Collateral Part 1"). VW Bank as
the Servicer shall transfer on the second Business Day of each Monthly Period to the Monthly
Collateral Account of the Issuer which is maintained with the Monthly Collateral Account Bank, the
Monthly Collateral Part 1 for securing the Issuer's claim with respect to the Monthly Collections Part 1
and will maintain the Monthly Collateral Part 1 as collateral on this account until the Monthly
Collections Part 1 have been paid.

(b) VW Bank as the Servicer will further determine the expected Collections for the period from (and
including) the sixteenth calendar day of a Monthly Period through (and including) the second last
calendar day of such Monthly Period (the "Monthly Collateral Part 2"). VW Bank as the Servicer
shall transfer on the second Business Day following the fifteenth calendar day of each Monthly Period
to the Monthly Collateral Account of the Issuer which is maintained with the Monthly Collateral
Account Bank, the Monthly Collateral Part 2 for securing the Issuer's claim with respect to the Monthly
Collections Part 2 and will maintain the Monthly Collateral Part 2 as collateral on this account until the
Monthly Collections Part 2 have been paid.

(c) The Issuer will remit the following payments (each as a single deposit) to the Distribution Account:

84
 (i) on the second Business Day of each Monthly Period the Monthly Collections Part 2 for the
previous Monthly Period; and

(ii) on the second Business Day following the fifteenth calendar day of each Monthly Period the
Monthly Collections Part 1.

Even if the Monthly Remittance Condition is met, if a Monthly Collateral Increase Event occurs (i.e. VW Bank
no longer (i) has a short-term rating for unsecured and unguaranteed debt of at least "A-2" from S&P, or if VW
Bank is not the subject of an S&P's short-term rating, VW Bank no longer has a long-term rating for unsecured
and unguaranteed debt of at least "BBB+" from S&P, or (ii) VW Bank receives notification from Fitch that
Fitch has determined that VW Bank's capacity for timely payment of financial commitments would no longer
equal a rating of at least "F2" and "BBB+"), VW Bank as the Servicer is only entitled to commingle funds as
Collections from the Purchased Loan Receivables and Enforcement Proceeds from the disposition of any
Financed Objects with its own funds during each Monthly Period if it arranges the following mechanism within
fourteen calendar days after the Monthly Collateral Increase Event:

(a) VW Bank as the Servicer will determine the expected Collections for the period from (and including)
the first through (but excluding) the sixteenth calendar day of each Monthly Period (the amounts
referred to as the "Increased Monthly Collateral Part 1"). VW Bank as the Servicer shall transfer on
the second Business Day following the 15th calendar day of the preceding Monthly Period to the
Monthly Collateral Account of the Issuer which is maintained with the Monthly Collateral Account
Bank, the Increased Monthly Collateral Part 1 for securing the Issuer's claim with respect to the
Monthly Collections Part 1 and will maintain the Increased Monthly Collateral Part 1 as collateral on
this account until the Monthly Collections Part 1 have been paid.

(b) VW Bank as the Servicer will further determine the expected Collections for the period from (and
including) the sixteenth calendar day of a Monthly Period through (and including) the last calendar day
of such Monthly Period (the "Increased Monthly Collateral Part 2"). VW Bank as the Servicer shall
transfer on the second Business Day following the first calendar day of such Monthly Period to the
Monthly Collateral Account of the Issuer which is maintained with the Monthly Collateral Account
Bank, the Increased Monthly Collateral Part 2 for securing the Issuer's claim with respect to the
Monthly Collections Part 2 and will maintain the Increased Monthly Collateral Part 2 as collateral on
this account until the Monthly Collections Part 2 have been paid.

(c) The Issuer will remit the following payments (each as a single deposit) to the Distribution Account:

(i) on the second Business Day of each Monthly Period the Monthly Collections Part 2 for the
previous Monthly Period; and

(ii) on the second Business Day following the fifteenth calendar day of each Monthly Period the
Monthly Collections Part 1.

Commingled Collections may be used or invested by VW Bank at its own risk and for its own benefit until the
next relevant Payment Date. If VW Bank were unable to remit those Collections or in respect of VW Bank an
Insolvency Event occurred, losses or delays in distributions to Noteholders may occur.

In the event of an Early Settlement, the Servicer shall collect the Settlement Amount from VW Bank and
transfer such Settlement Amount to the Issuer pursuant to the terms of the Servicing Agreement.

Unless the related power is revoked, the Servicer is entitled and obliged to utilise the balance of the General
Cash Collateral Amount:

(i) to the extent, in the amounts and for the purposes described in Clause 26 of the Trust
Agreement; or

(ii) to fund costs as a result of the replacement of a Servicer, to the extent that they cannot be
covered by income from the investment of the funds in the Distribution Account and the Cash
Collateral Account.

85
The Servicer is entitled and obliged to invest deposits in the Accumulation Account if such amounts are not
used in the purchase of Additional Loan Receivables in Permitted Investments as provided for in Clause 25(3)
of the Trust Agreement. Any such amounts shall be either: (i) used to purchase Additional Loan Receivables
(without transfer of money, if the purchase price for the Additional Loan Receivables is due on the same day on
which VW Bank as the Servicer has to remit payments to the Monthly Collateral Account) or (ii) transferred to
the Accumulation Account to the extent such moneys exceed the purchase price of the Additional Purchased
Loan Receivables on any Payment Date.

The Servicer will be entitled to receive the Servicer Fee on each Payment Date for the preceding Monthly
Period in accordance with the Order of Priority. As additional compensation, the Servicer will be entitled to
retain all fees for cheques with insufficient funds, other administrative fees and any investment earnings from
the Cash Collateral Account and the Distribution Account. The Servicer will pay all expenses incurred by it in
connection with its collection activities and will not be entitled to reimbursement of those expenses. The
Servicer will have no responsibility, however, to pay or fund any credit losses with respect to the Purchased
Loan Receivables. VW Bank is entitled to receive late Collections on Purchased Loan Receivables which will
be collected by the Servicer in case of a termination of a Loan Contract after the date of the final write-off of a
Loan Contract in accordance with its customary practices as applicable from time to time.

The Servicer may be replaced in case of a Servicer Replacement Event as outlined below. In that case the costs
of replacing it are also to be paid from income from the investment of the funds in the Distribution Account and
the Cash Collateral Account. If these proceeds do not cover the said costs, the difference is to be made up from
the General Cash Collateral Amount.

Servicing Report

Under the Servicing Agreement the Servicer has undertaken to report, amongst others, the following facts to the
Issuer, the Security Trustee, the Paying Agent and the Rating Agencies on each Service Report Performance
Date:

(i) the aggregate amount to be distributed on each Class A Note, each Class B Note and on the
Subordinated Loan on the Payment Date immediately following;

(ii) the repayment of the nominal amount attributed to each Class A Note, to each Class B Note and to the
Subordinated Loan as distributed together with the interest payment and the amount credited to the
Accumulation Account;

(iii) the nominal amount still outstanding on each Class A Note, on each Class B Note and on the
Subordinated Loan as of each respective Payment Date;

(iv) the Note Factor of the Class A Notes and of the Class B Notes;

(v) the General Cash Collateral Amount and the amounts in the Accumulation Account still available on
the immediately following Payment Date;

(vi) the sums corresponding to the administration fees;

(vii) the Cumulative Net Loss Ratio and whether a Credit Enhancement Increase Condition is in effect;

(viii) the current Class A Overcollateralisation Percentage and the current Class B Overcollateralisation
Percentage;

(ix) the applicable Class A Targeted Overcollateralisation Percentage and the applicable Class B Targeted
Overcollateralisation Percentage;

(x) delinquency information for delinquency periods of up to one month, up to two months, up to three
months, up to seven months and more than seven months with respect to the number of delinquent
Loan Contracts, the amount of Purchased Loan Receivables and the total outstanding Discounted
Principal Balance of delinquent Loan Contracts;

(xi) in the event of the final Payment Date, the fact that such date is the final payment date;

86
(xii) the sum of the credit balances (deposits) on the previous Payment Date of the Borrowers of the
Purchased Loan Receivables at bank accounts maintained with VW Bank; and

(xiii) the sum of the Additional Purchased Loan Receivables acquired at the Additional Purchase Date and
the Additional Purchase Price debited to the Accumulation Account for the purchase of Additional
Loan Receivables from VW Bank on the relevant Additional Purchase Date.

VW Bank will inform the Rating Agencies without undue delay in case its credit and collection policy is
changed in a way which could have a material adverse effect on the payment of the Notes.

Under the aforementioned agreement, the Servicer will also provide the Rating Agencies with such other
information as they may reasonably request.

To a certain extent some of the above information will be included in the reports of the Issuer. Such information
will be, among other things, accessible on the TSI website (www.true-sale-international.de).

Distribution Duties of the Servicer

Each 21st day of each month or, if such day is not a Business Day, then the next following Business Day (unless
that day falls in the next calendar month, in which case the date will be the first preceding day that is a Business
Day) shall be a Payment Date. The Servicer will make available to the Issuer in the Distribution Account in the
manner stated below under "Distribution Procedure" (see below) the Collections made during the prior month.

Distribution Procedure

The Servicer will transfer by the Payment Date of each month to the Distribution Account the Collections of
that month.

Administration of Insurance Benefits and Realisation of Security

The Servicer is authorised and obliged to assert in accordance with its customary practices as they are applied
from time to time in relation to the respective insurance companies, the Insurance Claims assigned to the Issuer
pursuant to the Loan Receivables Purchase Agreements. VW Bank will have no requirement to monitor the
compliance by the Borrowers with these provisions and VW Bank will have no liability for any failure by a
Borrower to comply with these provisions.

Upon the termination of a Loan Contract, the Servicer is authorised and obliged in accordance with its
customary practices as they are applied from time to time to appropriate the respective Financed Objects on
behalf of the Security Trustee or upon the occurrence of an event described in the Security Agreement and to
realise such Financed Objects on behalf of the Security Trustee by private sale or by another measure chosen by
the Servicer, upon due assessment of the circumstances.

Amendments to the Servicing Agreement

VW Bank will be entitled to unilaterally amend any term or provision of the Servicing Agreement with the
consent of the Issuer but without the consent of any Noteholder, the Subordinated Lender or any other Person;
provided that such amendment shall only become valid,
(a) if it is notified to the Security Trustee and the Rating Agencies and the Issuer and VW Bank have
received a confirmation (x) from the Security Trustee that in the sole professional judgment of the
Security Trustee, such amendment will not be materially prejudicial to the interests of any such
Transaction Creditor and (y) from S&P that the ratings then assigned to the Notes will not be adversely
affected by such amendment and that the Rating Agency Confirmation is satisfied thereby; and

(b) in case of amendments which materially and adversely affect the interests of the Issuer, the Security
Trustee or the Subordinated Lender if such parties that are materially and adversely affected have
consented to such amendment.

All amendments to the Servicing Agreement shall be notified to the Rating Agencies.

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The Security Trustee shall have the right to request a reputable international law firm to confirm the legal
validity of such amendment and/or to describe the legal effects of such amendment and to incur reasonable
expenses for such consultation which shall be reimbursed by VW Bank.

Collection Right of the Servicer

VW Bank's authorisation and power to make Collections with regard to the Purchased Loan Receivables as
servicer ceases automatically (i) when insolvency proceedings over the assets of the Servicer are commenced, or
(ii) when VW Bank loses its banking licence caused by the non-compliance of VW Bank duties against its
creditors pursuant to section 35 (2)(4) of the German Banking Act (Kreditwesengesetz), or (iii) if the German
Federal Financial Supervisory Authority conducts measures against VW Bank because of the risk of pending
insolvency pursuant to section 46a para. 1(1) of the German Banking Act (Kreditwesengesetz), or (iv) if any
proceedings for the appointment of a new Servicer have been initiated caused by a violation of material duties
under the Servicing Agreement by VW Bank.

VW Bank is obliged under the Servicing Agreement in the case of withdrawal of such power of collection to
refrain from further collection of Purchased Loan Receivables and to refrain from the utilisation of direct debit
(Lastschriftverfahren). Further VW Bank is obliged to inform all Borrowers about the assignment of the
Purchased Loan Receivables to the Issuer and to instruct such Borrowers to make their money transfer not any
more to the account of VW Bank, but to the Distribution Account of the Issuer.

If VW Bank does not comply with these obligations, the Data Protection Trustee is obliged under the Data
Protection Trust Agreement to instruct the new Servicer upon its appointment or the Security Trustee is obliged
under the Loan Receivables Purchase Agreements to inform all Borrowers about the assignment of the
Purchased Loan Receivables to the Issuer and to instruct such Borrowers to make their money transfer not any
more to the account of VW Bank, but to the Distribution Account of the Issuer.

If an Insolvency Event should occur in respect of VW Bank, the Issuer may under certain circumstances be able
to claim under the prerequisites of section 48 of the German Insolvency Code (Insolvenzordnung) the right to
substitutional segregation (Ersatzaussonderungsrecht) from the assets involved in the insolvency proceedings,
with respect to Collections that VW Bank's insolvency administrator received for the Purchased Loan
Receivables, if subsequent to the opening of insolvency proceedings against VW Bank the Purchased Loan
Receivables have been collected by the insolvency administrator without authorisation, as long as the
consideration continues to exist in a distinct form among the assets involved in the insolvency proceedings of
VW Bank. If payments on the Purchased Loan Receivables have been credited to an account of VW Bank, a
right to substitutional segregation (Ersatzaussonderungsrecht) could be reduced by subsequent drawings from
such account and would only exist to the extent of the remaining credit balance on such account (after taking
subsequent account drawings into consideration). Where a right for substitutional segregation would not exist or
be available for the Issuer, the Issuer would rank as unsecured creditor in relation to amounts standing on credit
on VW Bank's accounts unless such accounts have been pledged to the Issuer.

Dismissal and Replacement of the Servicer

After the occurrence of a Servicer Replacement Event, the Issuer is entitled to dismiss the Servicer by written
notification and to appoint a new Servicer. The dismissal of the Servicer and the appointment of a new Servicer
shall only become effective after the new Servicer has (i) taken over all the rights and assumed all obligations of
the departing Servicer hereunder and (ii) agreed to indemnify and hold harmless the dismissed Servicer.

The Issuer is entitled to transfer its right to dismiss the Servicer to the Security Trustee. The Servicer is obliged
with respect to the Issuer, for the benefit of the Security Trustee by way of a third party beneficiary contract
pursuant to section 328 German Civil Code (Bügerliches Gesetzbuch), to hold the Security Trustee harmless
from all procedures, claims, obligations and liabilities as well as all related costs, fees, damages claims and
expenditures arising in the execution of the Security Trustee's duties or arising from an alleged fault in carrying
out its duties except to the extent that any cost, expense, loss, claim, damage or liability arises out of or is
incurred as a result of the negligence of the Security Trustee or the non-compliance by the Security Trustee with
the provisions of the Transaction Documents.

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Audit of Activities of the Servicer

The activities of the Servicer under the Servicing Agreement are to be audited annually by chartered accountants
to be appointed by the Issuer. The costs of such audit are to be borne by the Servicer.

89
 RATINGS

The Class A Notes are expected to be rated AAAsf by Fitch and AAA (sf) by S&P.

The Class B Notes are expected to be rated A+sf by Fitch and A+ (sf) by S&P.

The rating of "AAA" is the highest rating that Fitch assigns to long term debts and "AAA" is the highest rating
S&P assigns.

The rating of the Class A Notes addresses the ultimate payment of principal and timely payment of interest
according to the Conditions. The rating of the Class B Notes addresses the ultimate payment of principal and
interest according to the Conditions. The rating takes into consideration the characteristics of the Loan
Receivables and the structural, legal, tax and Issuer-related aspects associated with the Notes.

The ratings assigned to the Notes should be evaluated independently from similar ratings on other types of
securities. A security rating is not a recommendation to buy, sell or hold securities and may be subject to
revision or withdrawal by the Rating Agencies at any time. In the event that the ratings initially assigned to any
Class of the Notes by the Rating Agencies are subsequently withdrawn or lowered for any reason, no person or
entity is obliged to provide any additional support or credit enhancement with respect to such Class of Notes.

The Issuer has not requested a rating of the Notes by any rating agency other than the Rating Agencies; there
can be no assurance, however, as to whether any other rating agency will rate the Notes or, if it does, what rating
would be assigned by such other rating agency. The rating assigned to the Notes by such other rating agency
could be lower than the respective ratings assigned by the Rating Agencies.

References to ratings of Fitch and S&P in this Offering Circular shall refer to www.fitchratings.com and
www.standardandpoors.com respectively.

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 THE ISSUER

ISSUER OF THE NOTES

Establishment, Duration, Domicile

The Issuer was established on 9 August 2010 as a special purpose vehicle for the purpose of issuing asset backed
securities under the German Act on Companies with Limited Liability (GmbH-Gesetz) with legal domicile, c/o
Wilmington Trust SP Services (Frankfurt) GmbH, Steinweg 3-5, 60313 Frankfurt am Main, Germany,
telephone: +49 (69) 2992 5385 and is registered with the commercial register at the Municipal Court, Frankfurt
am Main under registration no. HRB 88798. The duration of the Issuer is not limited under its Articles of
Association (Gesellschaftsvertrag).

According to Clause 2.1 of the Issuer's Articles of Association (Gesellschaftsvertrag), the purpose of the Issuer
is to act as special purpose vehicle for asset-backed transactions of a German credit institution ("asset pool
supplier") and in particular to perform the following activities:

(a) purchase of receivables and further assets from the asset pool supplier and collateralisation of
receivables and other assets through the Issuer;

(b) financing of the purchase and/or of the collateralisation of the assets addressed under subparagraph (a)
above through the issue of notes and other financial instruments, through loans and/or other suitable
actions; and

(c) conclusion of agreements (including the conclusion of interest rate and/or currency swaps) in
connection with and/or as ancillary transaction for the activities listed under subparagraph (a) and (b)
above.

The Issuer must not engage in businesses which may require a licence under the German Banking Act
(Kreditwesengesetz) and must not acquire real estate.

The Issuer will not perform any active management of the acquired assets under profit aspects neither by itself
nor through third parties.

Notwithstanding the foregoing, the objects of the Issuer and the powers of the Managing Directors are not
limited thereby and the Issuer has unrestricted corporate capacity.

The Issuer has obliged itself under Condition 5 (see "CONDITIONS OF THE CLASS A NOTES" and
"CONDITIONS OF THE CLASS B NOTES") to limit its business activities in certain ways and in particular as
long as the Notes and the Subordinated Loan are outstanding to take actions or measures pursuant to Clause 42
of the Trust Agreement (see "TRUST AGREEMENT") only with the written consent of the Security Trustee.
Clause 2.1 of the Issuer's Articles of Association (Gesellschaftsvertrag) provides that the shareholders of the
Issuer before any change of the Issuer's Articles of Association (Gesellschaftsvertrag) must inform any
respective rating agency/rating agencies should the Issuer have made an issuance which was rated by any such
internationally recognised rating agencies.

Capital

The registered share capital of the Issuer being the only authorised capital amounts to EUR 25,050 and consists
of one fully paid-in share (Geschäftsanteil) of EUR 25,050. Besides the registered share capital of EUR 25,050
no other amount of any share capital has been agreed to be issued.

The foundation shareholder of the Issuer split its share in the nominal amount of EUR 25,050 into three shares
of EUR 8,350 each and donated fully paid-in registered shares of EUR 8,350 each to three charitable
foundations (Stiftungen) which have been established under the laws of Germany. Each of the following
Stiftungen owns after such donation one registered share of EUR 8,350 in the Issuer:

(a) Stiftung Kapitalmarktrecht für den Finanzstandort Deutschland, Frankfurt am Main,

(b) Stiftung Kapitalmarktforschung für den Finanzstandort Deutschland, Frankfurt am Main,

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(c) Stiftung Unternehmensfinanzierung und Kapitalmärkte für den Finanzstandort Deutschland, Frankfurt
am Main.

Capitalisation of the Issuer

The table below sets out the opening balance sheet of the Issuer as of 9 August 2010.

Assets Equity and

liabilities
Current Assets EUR EUR

Cash in Banks 25,050.00

Subscribed share capital 25,050.00
EUR 25,050.00 EUR 25,050.00

Beside these assets and the Notes to be issued, the Issuer has no long-term debt since 9 August 2010 other than
the activities described in this Offering Circular, there has been no material change in the capitalisation of the
Issuer compared with the information presented in the table above.

Managing Directors

The Issuer shall be managed by at least two managing directors. The managing directors are to be appointed by
the shareholders' meeting of the Issuer. The Issuer is to be represented by two managing directors jointly. The
following managing directors (Geschäftsführer) have been appointed:

Stephanie Gaubatz, Director of Wilmington Trust SP Services (Frankfurt) GmbH, Florian Schlüter, Executive
Director of Wilmington Trust SP Services (Frankfurt) GmbH and Werner Niemeyer, Director of Wilmington
Trust SP Services (Frankfurt) GmbH with offices at Wilmington Trust SP Services (Frankfurt) GmbH, Steinweg
3-5, 60313 Frankfurt am Main, Germany, telephone: +49 (69) 2992 5385. The managing directors Stephanie
Gaubatz, Florian Schlüter and Werner Niemeyer do not perform any other principal activities outside of the
Issuer which are significant for the Issuer.

Annual Statements

At the beginning of its commercial business and for the end of each fiscal year the Issuer is obliged to prepare a
statement reflecting the relationship between its assets and its liabilities (opening balance, which shall not be
audited, and audited balance sheet), alone with a comparative analysis of the expenditure and revenues of the
fiscal year (profit-and-loss account). The balance sheet and the profit-and-loss account, together with the so-
called appendix (Anhang) and report on economic position (Lagebericht), form the annual statement of the
Issuer. The annual statements must be prepared in accordance with the German Generally Accepted Accounting
Principles (Grundsätze ordnungsgemäßer Buchführung) and must be adopted together with the appropriation of
profits by the annual shareholders' meeting. Since its formation, the Issuer made no financial statements other
than its opening balance sheet.

Auditors

PricewaterhouseCoopers Aktiengesellschaft, Wirtschaftsprüfungsgesellschaft, Fuhrberger Straße 5, D-

30625 Hanover, Federal Republic of Germany have been appointed as statutory auditors of the Issuer. Audits
are conducted in accordance with auditing standards generally accepted in Germany. PricewaterhouseCoopers
Aktiengesellschaft, Wirtschaftprüfungsgesellschaft is a member of the Chamber of Public Accountants
(Wirtschaftsprüferkammer), Rauchstraße 26, D-10787 Berlin, Federal Republic of Germany.

Fiscal Year

The fiscal year of the Issuer is the calendar year. The first fiscal year is a short fiscal year ending on
31 December 2010.

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Commencement of Operations

The Issuer has not commenced operations prior to the issue of the Notes. Except the opening balance, no other
financial statements have been prepared or published.

Distribution of Profits

For the distribution of profits section 29 of the Act on Companies with Limited Liability of Germany (GmbH-
Gesetz) applies.

Interim Reports

The Issuer does not publish interim reports.

Corporate Services Provider of the Issuer

The Managing Directors are in charge for the current operations of the Issuer. Wilmington Trust SP Services
(Frankfurt) GmbH will perform administration, accounting, secretarial and office services according to a
corporate services agreement as well as to the applicable provisions of the laws of Germany.

Governmental, Litigation and Arbitration Proceedings

The Issuer has not been engaged in any governmental, legal or arbitration proceedings (including any such
proceedings which are pending or threatened of which the Issuer is aware), during a period covering the last 12
months, which may have, or have had in the recent past, significant effects on the Issuer's financial position or
profitability.

Material Adverse Change

There has been no material adverse change in the financial position or prospects of the Issuer since its
incorporation or since its opening balance sheet was made.

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 SECURITY TRUSTEE

Wilmington Trust (London) Limited has been appointed as Security Trustee under the Trust Agreement.

Wilmington Trust (London) Limited, a limited liability company incorporated in London and having its
registered address at Fifth Floor, 6 Broad Street Place, London EC2M 7JH and acting through its managing
directors (the "Security Trustee") will provide the trustee services to the Noteholders pursuant the Trust
Agreement. Wilmington Trust (London) Limited belongs to the worldwide active Wilmington Trust group with
Wilmington Trust Corporation as its head.

Wilmington Trust Corporation's common stock is traded on the New York Stock Exchange (NYSE, stock
trading symbol: WL).

The Wilmington Trust group exists since more than 100 years being a major player in the trust business.
Wilmington Trust is mandated in over 3,000 mortgage and asset-backed securitisations representing nearly 200
issuers and a wide variety of asset classes. Wilmington Trust is the independent and neutral partner with no
lending or securities underwriting conflicts.

The information in the preceding 3 paragraphs has been provided by Wilmington Trust (London) Limited for
use in this Offering Circular and Wilmington Trust (London) Limited is solely responsible for the accuracy of
the preceding 3 paragraphs. Except for the foregoing 3 paragraphs, Wilmington Trust (London) Limited in its
capacity as Security Trustee, and its affiliates have not been involved in the preparation of, and do not accept
responsibility for, this Offering Circular.

To the best knowledge and belief of the Issuer, the above information has been accurately reproduced. The
Issuer is able to ascertain from the above information published by the Security Trustee that no facts have been
omitted which would render the reproduced information inaccurate or misleading.

94
 DATA PROTECTION TRUSTEE

Wilmington Trust SP Services (Luxembourg) S.A. has been appointed as Data Protection Trustee under the
Data Protection Trust Agreement.

Wilmington Trust SP Services (Luxembourg) S.A., a société anonyme incorporated in Luxembourg and having
its registered address at 52-54 Avenue du X Septembre, L-2550 Luxembourg, Grand Duchy of Luxembourg,
and acting through its managing director Petronella J. S. Dunselman (the "Data Protection Trustee") will
provide the data protection trustee services pursuant the Data Protection Trust Agreement. Wilmington Trust SP
Services (Luxembourg) S.A. belongs to the worldwide active Wilmington Trust group with Wilmington Trust
Corporation as its head.

Wilmington Trust Corporation's common stock is traded on the New York Stock Exchange (NYSE, stock
trading symbol: WL).

The Wilmington Trust group exists since more than 100 years being a major player in the trust business.

Wilmington Trust is mandated in over 3,000 mortgage and asset-backed securitisations representing nearly 200
issuers and a wide variety of asset classes. Wilmington Trust is the independent and neutral partner with no
lending or securities underwriting conflicts.

The information in the preceding 4 paragraphs has been provided by Wilmington Trust SP Services
(Luxembourg) S.A. for use in this Offering Circular and Wilmington Trust SP Services (Luxembourg) S.A. is
solely responsible for the accuracy of the preceding 4 paragraphs. Except for the foregoing 4 paragraphs,
Wilmington Trust SP Services (Luxembourg) S.A. in its capacity as Data Protection Trustee, and its affiliates
have not been involved in the preparation of, and do not accept responsibility for, this Offering Circular.

To the best knowledge and belief of the Issuer, the above information has been accurately reproduced. The
Issuer is able to ascertain from the above information published by the Data Protection Trustee that no facts
have been omitted which would render the reproduced information inaccurate or misleading.

95
 ACCOUNT BANK

This description of Account Bank does not purport to be a summary of, and is therefore subject to, and qualified
in its entirety by reference to, the detailed provisions of the Account Agreement and the other Transaction
Documents.

With an Account Bank Required Guarantee, BNP Paribas Securities Services, Luxembourg Branch has been
appointed as Account Bank under the Account Agreement dated on or about the Signing Date between the
Issuer, the Security Trustee and the Account Bank.

BNP Paribas Securities Services, Luxembourg Branch is a French credit institution acting through its
Luxembourg branch whose offices are at 33, rue de Gasperich, L-5826 Hesperange, having as postal address L-
2085 Luxembourg and registered with the Luxembourg trade and companies register under number B. 86 862.

Payment of the Account Bank fees, costs and expenses due and payable under the Account Agreement will be
made by the Issuer on each Payment Date in accordance with the Order of Priority.

The information in the preceding 3 paragraphs has been provided by BNP Paribas Securities Services,
Luxembourg Branch for use in this Offering Circular and BNP Paribas Securities Services, Luxembourg Branch
is solely responsible for the accuracy of the preceding 3 paragraphs. Except for the foregoing 3 paragraphs, BNP
Paribas Securities Services, Luxembourg Branch in its capacity as Account Bank and its affiliates have not been
involved in the preparation of, and do not accept responsibility for, this Offering Circular.

To the best knowledge and belief of the Issuer, the above information has been accurately reproduced. The
Issuer is able to ascertain from the above information published by the Account Bank that no facts have been
omitted which would render the reproduced information inaccurate or misleading.

96
 CORPORATE ADMINISTRATION

Pursuant to the Corporate Services Agreement, the Issuer has appointed Wilmington Trust SP Services
(Frankfurt) GmbH, (the "Corporate Services Provider") to provide management, secretarial and administrative
services to the Issuer including the provision of managing directors (Geschäftsführer) of the Issuer. It is not in
any manner associated with the Issuer or with the Volkswagen Group. Wilmington Trust SP Services
(Frankfurt) GmbH will, inter alia, provide the following services:

– provide the Issuer with a registered office and make available telecommunication facilities and
premises for the purposes of the transaction;

– convene meetings of shareholders;

– prepare and maintain all necessary books and records;

– give orders to effectuate the payment of moneys payable under the Transaction Documents;

– procure that the annual accounts and tax returns of the Issuer are prepared, audited and filed;

– deal with correspondence relating to the transaction; and

– carry on the administration of the Issuer.

Wilmington Trust SP Services (Frankfurt) GmbH will, furthermore act at all time in accordance with all
reasonable and proper directions, orders and instructions given to it in writing or in board meetings by the board
of directors of the Issuer.

As consideration for the performance of its services and functions under the Corporate Services Agreement, the
Issuer will pay the Corporate Services Provider a fee as separately agreed. Recourse of the Corporate Services
Provider against the Issuer is limited accordingly. See "CONDITIONS OF THE NOTES".

The Corporate Services Provider and the Issuer may terminate the Corporate Services Agreement at any time
upon giving not less than three (3) months prior notice to the other party, however, no termination by the
Corporate Services Provider shall become effective until a successor Corporate Services Provider is appointed
that is acceptable to the Issuer, is independent from, and maintains no relationships other than standard arm's
length business relationships with VW Bank and WestLB AG and such replacement administrator enters into an
administration agreement on similar terms as provided for in the Corporate Services Agreement.

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 CONDITIONS OF THE NOTES

CONDITIONS OF THE CLASS A NOTES

The terms and conditions of the Class A Notes (the "Conditions") are set out below. Annex A to the Conditions
sets out the "TRUST AGREEMENT", Annex B to the Conditions sets out the "MASTER DEFINITIONS
SCHEDULE". In case of any overlap or inconsistency in the definition of a term or expression in the Conditions
and elsewhere in this Offering Circular, the definition contained in the Conditions will prevail. For Annex A
referred to under the Conditions of the Class A Notes see "TRUST AGREEMENT".

1. Form and Nominal Amount

(1) The Issue of the Class A Notes in an aggregate nominal amount of EUR 905,000,000 (the "Nominal
Amount") is divided into

9,050 Class A Notes payable to bearer,

each having a nominal amount of EUR 100,000.
(2) The Class A Notes are initially represented by a temporary global bearer note (the "Class A
Temporary Global Note") without coupons attached. The Temporary Global Note will be
exchangeable for Notes represented by a permanent global note (the "Class A Permanent Global
Note") without coupons attached. The Temporary Global Note and the Permanent Global Note shall
together be referred to as the "Class A Global Note". The Temporary Global Note and the Permanent
Global Note shall be deposited with a Common Safekeeper for Euroclear Bank S.A./N.V. as operator
of the Euroclear System ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream
Luxembourg" and, together with Euroclear, the "ICSDs"). The Notes shall be effectuated by the
Common Safekeeper. The Temporary Global Note and the Permanent Global Note bear the personal
signatures of two Managing Directors of the Issuer and will be authenticated by an employee of BNP
Paribas Securities Services, Luxembourg Branch (the "Paying Agent").

(3) The Temporary Global Note shall be exchanged for the Permanent Global Note on a date (the
"Exchange Date") not later than one hundred and eighty (180) days after the date of issue of the
Temporary Global Note. The Exchange Date for such exchange will not be earlier than forty (40) days
after the date of issue of the Temporary Global Note. Such exchange shall only be made upon delivery
of certifications to the effect that the beneficial owner or owners of the Notes represented by the
Temporary Global Note is not a United States person (other than certain financial institutions or certain
persons holding Notes through such financial institutions). Payment of interest on Notes represented by
a Temporary Global Note will be made only after delivery of such certifications. A separate
certification shall be required in respect of each such payment of interest. Any such certification
received on or after the fortieth (40th) day after the date of issue of the Temporary Global Note will be
treated as a request to exchange such Temporary Global Note pursuant to this Condition 1(3).
Certifications may be issued after receipt of certifications by beneficial owners or owners of the Notes.
Any securities delivered in exchange for the Temporary Global Note shall be delivered only outside of
the United States and its possessions. On an exchange (also of a portion only) of the Notes represented
by a Temporary Global Note, the Issuer shall procure that details of such exchange shall be entered
(pro rata, if applicable) in the records of the ICSDs.

(4) The interests in the Class A Notes are transferable according to applicable rules and regulations of
Clearstream Luxembourg and Euroclear. The Global Note will not be exchangeable for definitive Class
A Notes. The Class A Notes are intended to be held in a manner which will allow Eurosystem
eligibility.

(5) Simultaneously with the Class A Notes the Issuer has issued EUR 37,500,000 class B fixed rate notes
due November 2017 (the "Class B Notes" and together with the Class A Notes, the "Notes"). The
Class A Notes rank senior to the Class B Notes with respect to payment of interest and principal as
described in the Order of Priority.

(6) The Issuer will borrow from the Subordinated Lender the Subordinated Loan in the nominal amount of
EUR 52,504,467.28 which will rank junior to the Notes with respect to payment of interest and
principal as described in the Order of Priority.

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(7) The Notes are subject to the provisions of the Trust Agreement. The provisions of the Trust Agreement
are set out in Annex A. Annex A constitutes part of these Conditions. The Trust Agreement is available
for inspection during normal business hours at the specified offices of the Paying Agent.

(8) The nominal amount of Notes represented by the relevant Global Note shall be the aggregate amount
from time to time entered in the records of both ICSDs. The records of the ICSDs (which expression
means the records that each ICSD holds for its customers which reflect the amount of such customer's
interest in the Notes) shall be conclusive evidence of the nominal amount of Notes represented by such
Global Note and, for these purposes, a statement issued by an ICSD stating that the nominal amount of
Notes so represented at any time shall be conclusive evidence of the records of the relevant ICSD at
that time.

On any redemption or payment of an instalment or interest being made in respect of, or purchase and
cancellation of, any of the Notes represented by the relevant Global Note the Issuer shall procure that
details of such redemption, payment or purchase and cancellation (as the case may be) in respect of the
Global Note shall be entered pro rata in the records of the ICSDs and, upon any such entry being made,
the nominal amount of the Notes recorded in the records of the ICSDs and represented by the relevant
Global Note shall be reduced by the aggregate nominal amount of the Notes so redeemed or purchased
and cancelled or by the aggregate amount of such instalment so paid.

2. Status and Ranking

(1) The Class A Notes constitute direct, unconditional and secured obligations of the Issuer. The Class A
Notes rank pari passu among themselves.

(2) The claims of the Class A Noteholders under the Class A Notes rank against the claims of all other
creditors of the Issuer in accordance with the Order of Priority, unless mandatory provisions of law
provide otherwise.

3. The Issuer
The Issuer is a company incorporated with limited liability under the laws of Germany and which has
been founded solely for the purpose of issuing the Notes, raising the Subordinated Loan and concluding
and executing various agreements in connection with the issue of the Notes and the raising of the
Subordinated Loan. All its issued shares are held by three (3) charitable foundations (gemeinnützige
Stiftungen) which have been founded under the laws of Germany. The articles of the foundations
provide, inter alia, that subject to mandatory provisions of law no shares in the Issuer may be disposed
of during the duration of the foundation.

4. Assets of the Issuer for the Purpose of Payments on the Notes and on the Subordinated Loan,
Provision of Security; Limited Payment Obligation
(1) The Issuer has used the proceeds of the issue of the Notes and of the Subordinated Loan and will use
amounts on deposit on the Accumulation Account during the Revolving Period essentially to acquire
from VW Bank (a) pursuant to the Initial Loan Receivables Purchase Agreement and Additional Loan
Receivables Purchase Agreement (i) Loan Receivables and ancillary rights arising from Loan Contracts
which VW Bank has concluded with private individual and commercial Borrowers and (ii) claims
against the insurer pursuant to loss insurance policies covering the respective Financed Objects,
damage claims arising from a breach of contract or in tort against a respective Borrower or any interest
due and claims against third parties due to damage to or loss of the Financed Objects and the right to
require VW Bank to repurchase the Purchased Loan Receivables in case of breach of warranties and
(b) pursuant to the Trust Agreement the security ownership interest in the Financed Objects. The Issuer
has transferred the security ownership interest in the Financed Objects to the Security Trustee and, in
exchange thereof, it has obtained the right to receive a defined share of the realisation proceeds, if any.
The collection and administration of the Purchased Loan Receivables and the Loan Collateral, to which
VW Bank has retained the right and assumed the duty in the Initial Loan Receivables Purchase
Agreement, shall be carried out on the basis of the Servicing Agreement between the Issuer, VW Bank
as Servicer and the Security Trustee. In addition, subject to revocation by the Security Trustee, VW
Bank is entitled and obliged according to the provisions of the Trust Agreement to realise the Financed
Objects on behalf of the Security Trustee as necessary. Furthermore, the Issuer has entered into
additional agreements, described in Annex A, in connection with the acquisition of the Purchased Loan
Receivables and the issue of the Notes and the raising of the Subordinated Loan, the Data Protection
Trust Agreement with the Data Protection Trustee, the Corporate Services Agreement with the

99
 Corporate Services Provider, the Agency Agreement with the Agents and VW Bank, and the Account
Agreement with the Account Bank. The agreements and documents referred to in this Condition 4(1)
are collectively referred to as the "Transaction Documents" and the creditors of the Issuer under these
Transaction Documents are referred to as "Transaction Creditors".

(2) The Issuer has transferred or pledged the Purchased Loan Receivables and the Loan Collateral and all
of its claims arising under the Transaction Documents to the Security Trustee as Security for its
obligations under the Notes and other Secured Obligations specified in the Trust Agreement. As to the
form and contents of such provision of security, reference is made to the provisions of the Trust
Agreement.

(3) All payment obligations of the Issuer under the Class A Notes, the Class B Notes and the Subordinated
Loan Agreement constitute solely obligations to distribute amounts out of the Available Distribution
Amount as generated, inter alia, by payments to the Issuer by the Borrowers as available on the
respective Payment Dates according to the Order of Priority. The Class A Notes shall not give rise to
any payment obligation in excess of the foregoing and recourse shall be limited accordingly. The Issuer
shall hold all moneys paid to it, save for the Permitted Investments made pursuant to the terms of the
Trust Agreement, in the Distribution Account. Furthermore, the Issuer will on or before the Issue Date
establish and thereafter maintain the Cash Collateral Account to provide limited coverage for payments
of interest and principal on the Notes and certain other amounts. Furthermore, the Issuer shall exercise
all of its rights under the Transaction Documents with the due care of a prudent businessman such that
obligations under the Class A Notes may, subject always to the provisions of these Conditions of the
Class A Notes as to the Order of Priority, be performed to the fullest extent possible. To the extent that
upon the exercise of such rights, funds in the Distribution Account and/or the Cash Collateral Account
and/or the Accumulation Account will be insufficient to satisfy in full the claims of all Transaction
Creditors any claims remaining unpaid shall be extinguished at the Class A Final Maturity Date which
is 12 months after the Class A Scheduled Repayment Date and the Issuer shall have no further
obligations thereto and, for the avoidance of doubt, neither the Class A Noteholders nor the Security
Trustee shall have any further claims against the Issuer in respect of such claims remaining unpaid.

(4) Without prejudice to the Security and the enforcement and application of the proceeds thereof by the
Security Trustee in accordance with these Conditions of the Notes, under the condition precedent
(aufschiebende Bedingung) that the Issuer would, at any time, after taking into account all claims of the
creditors of the Issuer (including the claims of the Noteholders and the Subordinated Lender), be
overindebted (überschuldet) within the meaning of section 19 of the German Insolvency Code
(Insolvenzordnung), to the extent that, and only as long as, it is necessary to avoid such over-
indebtedness of the Issuer, the obligations of the Issuer in respect of (in the following order:) first, the
Subordinated Loan and second (to the extent necessary), pari passu and pro rata, the Notes shall be
regarded as junior obligations for the purpose of the German Insolvency Code (Insolvenzordnung) but
shall not be construed as a waiver (Erlass, Verzicht) by the Noteholders and the Subordinated Lender
or converted into equity of the Issuer and such junior obligations shall be treated as if they constitute
statutory capital of the Issuer (qualifizierter Rangrücktritt within the meaning of section 199 sentence 2
of the German Insolvency Code (Insolvenzordnung)). Notwithstanding the foregoing subordination, the
Issuer shall satisfy such junior obligations by payment to the Security Trustee for application in
accordance with these Conditions of the Notes out of future profit (Gewinn), liquidation surplus
(Liquidationsüberschuss) and/or other free assets (freies Vermögen) as soon as, and to the extent that,
the Issuer can do so without becoming overindebted and/or illiquid. If no such or no sufficient assets
are available for payment of such junior obligations of the Issuer, first the Subordinated Lender and
second, pari passu and pro rata, the Noteholders shall suffer the resulting shortfall. The obligations of
the Issuer in respect of the Notes and the Subordinated Loan shall extinguish immediately prior to the
registration of the liquidation of the Issuer at the Commercial Register (Anmeldung zum Schluss der
Liquidation zum Handelsregister).

(5) The enforcement of the payment obligations under the Class A Notes, the Class B Notes and the
Subordinated Loan Agreement pursuant to paragraph (3) shall only be effected by the Security Trustee
for the benefit of all Class A Noteholders, the Class B Noteholders and the Subordinated Lender. The
Security Trustee is required to foreclose on the Security upon the occurrence of a Foreclosure Event, on
the conditions and in accordance with the terms set forth in Clauses 20 through 23 of the Trust
Agreement.

(6) The other parties to the Transaction Documents shall not be liable for the obligations of the Issuer.

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(7) No shareholder, officer, director, employee or manager of the Issuer or of Volkswagen AG or its
affiliates shall incur any personal liability as a result of the performance or non-performance by the
Issuer of its obligations under the Transaction Documents and no Noteholder or Transaction Creditor
shall have recourse against such Persons.

5. Further Covenants of the Issuer

(1) As long as any of the Notes and/or the Subordinated Loan remains outstanding, the Issuer is not
entitled, without the prior consent of the Security Trustee, to disregard its obligations described in
Clause 42 of the Trust Agreement.

(2) The counterparties of the Transaction Documents are not liable to procure the Issuer's compliance with
its covenants.

6. Payment Date, Payment Related Information

The Issuer shall inform the Class A Noteholders, no later than on the Service Report Performance Date
by means of a publication specified in Condition 12, with reference to the Payment Date (as described
below) of such month, as follows:

(i) the repayment of the nominal amount payable on each of the Class A Notes (if any) and the amount of
interest calculated and payable on the Class A Notes on the succeeding Payment Date;

(ii) the nominal amount remaining outstanding on each of the Class A Notes as per each respective
Payment Date and the amount of interest remaining unpaid, if any, on the Class A Notes as from such
Payment Date;

(iii) the Class A Notes Factor;

(iv) the remaining General Cash Collateral Amount; and

(v) in the event of the final Payment Date with respect to the Class A Notes, the fact that this is the last
Payment Date.

The Issuer shall make available for inspection by the Class A Noteholders, in its offices at Steinweg 3-
5, 60313 Frankfurt am Main, Germany and at the specified offices of the Paying Agent and during
normal business hours, the documents from which the figures reported to the Class A Noteholders are
calculated.

7. Payments of Interest
(1) Subject to the limitations set forth in Condition 4(3) each outstanding principal amount in respect of the
Class A Notes shall, subject to (2) below, bear interest from (and including) the Issue Date until (and
including) the day preceding the day on which the principal amount has been reduced to zero.

(2) The amount of interest payable in respect of each Class A Note on any Payment Date shall be
calculated not later than on the first day of the Interest Accrual Period by applying the Class A Note
Interest Rate for the relevant Interest Accrual Period to the principal amount outstanding immediately
prior to the relevant Payment Date and multiplying the result by the number of days to be calculated on
the basis of a year of 360 days with twelve 30-day months and rounding the result to the nearest EUR
0.01 (with EUR 0.005 being rounded upwards), all as determined by the Paying Agent.

(3) [reserved].

(4) The interest rate calculated pursuant to Condition 7(2) shall be 1.940 per cent. (the "Class A Note
Interest Rate").

(5) Accrued Interest not paid on a Class A Note on the Payment Date related to the Interest Accrual Period
in which it accrued, will be an Interest Shortfall with respect to such Class A Note will be carried over
to the next Payment Date and will constitute a Foreclosure Event.

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8. Payment obligations; Agents
(1) On each Payment Date the Issuer shall, subject to Condition 4(3), pay to each Class A Noteholder
interest at the Class A Note Interest Rate on the nominal amount of the Class A Notes outstanding
immediately prior to the respective Payment Date or, with respect to the first Payment Date
EUR 905,000,000, and after expiration of the Revolving Period, redeem the nominal amount of the
Class A Notes by applying the amount remaining thereafter in accordance with the Order of Priority.

(2) Sums which are to be paid to the Class A Noteholders shall be rounded to the nearest full cent amount
for each of the Class A Notes. The Servicer shall be entitled to any amount resulting from rounding
differences of less than EUR 500 remaining on the Class A Final Maturity Date (as defined below).

(3) Payments of principal and interest, if any, on the Notes shall be made by the Paying Agent on the
Issuer's behalf for further payment to Clearstream Luxembourg and Euroclear or to its order for credit
to the relevant account holders of Euroclear and Clearstream Luxembourg. All Payments in respect of
any Note made by, or on behalf of, the Issuer to, or to the order of Euroclear or Clearstream
Luxembourg shall discharge the liability of the Issuer under such Note to the extent of sums so paid.

The first Payment Date shall be 21 November 2010. The final payment of the then outstanding
principal amount plus interest thereon is expected to take place on or before the Class A Scheduled
Repayment Date. All payments of interest on and principal of the Class A Notes will be due and
payable at the latest in full on the Class A Final Maturity Date.

(4) Payments by the Paying Agent, which may also include a substitute or alternative paying agent
pursuant to Condition 8(5), shall be made from the Issuer's Accounts with BNP Paribas Securities
Services, Luxembourg Branch (the "Account Bank") without having to execute an affidavit or fulfil
any formalities other than the compliance with tax, currency exchange or other regulations of the
country where the payment takes place. The Issuer is entitled to transfer paid-in amounts to the
Account Bank prior to the Payment Date and leave with the Account Bank any amounts not claimed by
the Noteholders upon maturity.

(5) In its capacity as such, the Paying Agent and the Calculation Agent, respectively, BNP Paribas
Securities Services, Luxembourg Branch shall act solely as the agent of the Issuer and shall not
maintain an agency or trust relationship with the holders of the Class A Notes. The Issuer may appoint
a new paying agent and/or a new calculation agent, or if there are grounds to do so, appoint an
alternative paying agent and/or an alternative calculation agent and revoke the appointment of the
Paying Agent and/or the Calculation Agent. Appointments and revocations thereof shall be announced
pursuant to Condition 12. The Issuer will ensure that during the term of the Notes and as long as the
Notes are listed on the official list and are admitted to trading on the regulated market of the
Luxembourg Stock Exchange a paying agent located in Luxembourg will be appointed at all times and
that they are released from the restrictions of section 181 of the German Civil Code (Bürgerliches
Gesetzbuch).

9. Taxes
Payments shall only be made after the deduction and withholding of current or future taxes, levies or
government charges, regardless of their nature, which are imposed, raised or collected (hereinafter
collectively referred to as "taxes") on the basis of the applicable laws of, or for the account of, an
authority or government agency authorised to levy taxes or of any country which claims fiscal
jurisdiction, to the extent that such a collection is prescribed by statute. The Issuer shall render an
account of the deducted or withheld taxes accruing to the competent government agencies and shall,
upon a Class A Noteholder's request, provide proof thereof. It is not obliged to pay any additional
amounts to settle tax claims.

10. Replacement of Issuer

(1) The Issuer is at any time entitled to appoint another company (the "New Issuer") in place of the Issuer
as debtor for all obligations arising from and in connection with the Notes insofar as (i) the New Issuer
assumes all rights and duties of the Issuer under or pursuant to the Class A Notes, the Class B Notes,
the Subordinated Loan, the Initial Loan Receivables Purchase Agreement, the Additional Loan
Receivables Purchase Agreements, the Trust Agreement, the Servicing Agreement, the Corporate
Services Agreement, the Data Protection Trust Agreement and the Agency Agreement by means of an
agreement with the Issuer; provided further, the Security is, upon the Issuer's replacement, to be held

102
 by the Security Trustee for the purpose of securing the obligations of the New Issuer, (ii) no further
expenses or legal disadvantages of any kind arise for the holders of the Class A Notes, the holders of
the Class B Notes or the Subordinated Lender of the Subordinated Loan from such an assumption of
debt and this fact has been established in legal opinions which can be examined at the premises of the
Paying Agent, (iii) the New Issuer provides proof that it has obtained all of the necessary governmental
approvals in the country in which it has its corporate seat and that it may fulfil all of the duties arising
out of or in connection with the Trust Agreement without discrimination against the Noteholders or the
Subordinated Lender of the Subordinated Loan as a whole, (iv) the Issuer and the New Issuer conclude
such agreements and execute such documents which the Security Trustee considers necessary for the
effectiveness of the replacement, and (v) the New Issuer is incorporated under a tax neutral jurisdiction.
Upon fulfilment of the aforementioned conditions, the New Issuer shall in every respect replace the
Issuer, and the Issuer shall be released from all obligations relating to the function of an issuer vis-à-vis
the Class A Noteholders under or in connection with the Class A Notes, the Class B Noteholders under
or in connection with the Class B Notes and the Subordinated Lender under or in connection with the
Subordinated Loan.

(2) Such replacement of the Issuer must be published in accordance with Condition 12.

(3) In the event of such replacement of the Issuer, each reference to the Issuer in these Conditions of the
Class A Notes shall be deemed to be a reference to the New Issuer.

11. Loss of Notes

(1) The period for presenting the Global Note prescribed in section 801 para. 1 German Civil Code
(Bügerliches Gesetzbuch) shall end five (5) years after the final Payment Date.

(2) Should the Global Note become lost, stolen, damaged or destroyed, then it may be replaced at the
Issuer's offices upon payment by the claimant of the costs arising in connection thereto. The Issuer may
require proof of a declaration of exemption and/or adequate security prior to replacement. In the event
of damage, the Global Note shall be surrendered before a replacement is issued. In the event of the loss
or destruction of the Global Note, the possibility of invalidation under statutory provisions shall remain
unaffected.

12. Notices
All notices to the Noteholders regarding the Class A Notes shall be (i) published on the website of the
Luxembourg Stock Exchange (www.bourse.lu) and/or in a newspaper having general circulation in Luxembourg
(which is expected to be the Luxemburger Wort) as long as the Notes are listed on the official list and are
admitted to trading on the regulated market of the Luxembourg Stock Exchange and the rules of such exchange
so require and (ii) delivered to the applicable clearing systems for communication by them to the Noteholders.
Any notice referred to under (ii) above shall be deemed to have been given to all Noteholders on the seventh
(7th) day after the day on which the said notice was delivered to the respective clearing system.

This Offering Circular relating to the Conditions of the Notes will be published on the website of the
Luxembourg Stock Exchange (www.bourse.lu).

Additionally, investor reports with the information set forth in Condition 6 will be made available to the
Noteholders via the website of TSI (www.true-sale-international.de).

13. Miscellaneous
(1) The form and content of the Class A Notes and all of the rights and obligations of the Class A
Noteholders, the Issuer, the Paying Agent and the Servicer under these Class A Notes shall be
governed by and subject in all respects to the laws of Germany.

(2) Should any of the provisions hereof be or become invalid in whole or in part, the other provisions shall
remain in force. The invalid provision shall to the extent permitted by law, according to the intent and
purpose of these Conditions, be replaced by the applicable valid provision of the laws of Germany
which in its economic effect comes as close as legally possible to that of the invalid provision.

(3) The place of performance and venue for legal proceedings is Frankfurt am Main. The German courts
have jurisdiction for the annulment of the Global Note in the event of loss or destruction.

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(4) The Class A Noteholders may agree to amendments of the Conditions applicable to Class A Notes by
majority vote and may appoint a noteholder's representative for all Class A Noteholders for the
preservation of their rights (section 5, paragraph (1) sentence 1 of the German Act on Debt Securities
from Entire Issues (Gesetz über Schuldverschreibungen aus Gesamtemissionen
(Schuldverschreibungsgesetz - SchVG)).

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 CONDITIONS OF THE CLASS B NOTES

The terms and conditions of the Class B Notes (the "Conditions") are set out below. Annex A to the Conditions
sets out the "TRUST AGREEMENT", Annex B to the Conditions sets out the "MASTER DEFINITIONS
SCHEDULE". In case of any overlap or inconsistency in the definition of a term or expression in the Conditions
and elsewhere in this Offering Circular, the definition contained in the Conditions will prevail. For Annex A
referred to under the Conditions of the Class B Notes see "TRUST AGREEMENT".

1. Form and Nominal Amount

(1) The Issue of the Class B Notes in an aggregate nominal amount of EUR 37,500,000 the "Nominal
Amount") is divided into

375 Class B Notes payable to bearer,

each having a nominal amount of EUR 100,000.
(2) The Class B Notes are initially represented by a temporary global bearer note (the "Class B
Temporary Global Note") without coupons attached. The Temporary Global Note will be
exchangeable for Notes represented by a permanent global note (the "Class B Permanent Global
Note") without coupons attached. The Temporary Global Note and the Permanent Global Note shall
together be referred to as the "Class B Global Note". The Temporary Global Note and the Permanent
Global Note shall be deposited with a Common Safekeeper for Euroclear Bank S.A./N.V. as operator
of the Euroclear System ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream
Luxembourg" and, together with Euroclear, the "ICSDs"). The Notes shall be effectuated by the
Common Safekeeper. The Temporary Global Note and the Permanent Global Note bear the personal
signatures of two Managing Directors of the Issuer and will be authenticated by an employee of BNP
Paribas Securities Services, Luxembourg Branch (the "Paying Agent").

(3) The Temporary Global Note shall be exchanged for the Permanent Global Note on a date (the
"Exchange Date") not later than one hundred and eighty (180) days after the date of issue of the
Temporary Global Note. The Exchange Date for such exchange will not be earlier than forty (40) days
after the date of issue of the Temporary Global Note. Such exchange shall only be made upon delivery
of certifications to the effect that the beneficial owner or owners of the Notes represented by the
Temporary Global Note is not a United States person (other than certain financial institutions or certain
persons holding Notes through such financial institutions). Payment of interest on Notes represented by
a Temporary Global Note will be made only after delivery of such certifications. A separate
certification shall be required in respect of each such payment of interest. Any such certification
received on or after the fortieth (40th) day after the date of issue of the Temporary Global Note will be
treated as a request to exchange such Temporary Global Note pursuant to this Condition 1(3).
Certifications may be issued after receipt of certifications by beneficial owners or owners of the Notes.
Any securities delivered in exchange for the Temporary Global Note shall be delivered only outside of
the United States and its possessions. On an exchange (also of a portion only) of the Notes represented
by a Temporary Global Note, the Issuer shall procure that details of such exchange shall be entered
(pro rata, if applicable) in the records of the ICSDs.

(4) The interests in the Class B Notes are transferable according to applicable rules and regulations of
Clearstream Luxembourg and Euroclear. The Global Note will not be exchangeable for definitive Class
B Notes.

(5) Simultaneously with the Class B Notes the Issuer has issued EUR 905,000,000 class A fixed rate notes
due November 2017 (the "Class A Notes" and together with the Class B Notes, the "Notes"). The
Class A Notes rank senior to the Class B Notes with respect to payment of interest and principal as
described in the Order of Priority.

(6) The Issuer will borrow from the Subordinated Lender the Subordinated Loan in the nominal amount of
EUR 52,504,467.28, which will rank junior to the Notes with respect to payment of interest and
principal as described in the Order of Priority.

(7) The Notes are subject to the provisions of the Trust Agreement. The provisions of the Trust Agreement
are set out in Annex A. Annex A constitutes part of these Conditions. The Trust Agreement is available
for inspection during normal business hours at the specified offices of the Paying Agent.

105
(8) The nominal amount of Notes represented by the relevant Global Note shall be the aggregate amount
from time to time entered in the records of both ICSDs. The records of the ICSDs (which expression
means the records that each ICSD holds for its customers which reflect the amount of such customer's
interest in the Notes) shall be conclusive evidence of the nominal amount of Notes represented by such
Global Note and, for these purposes, a statement issued by an ICSD stating that the nominal amount of
Notes so represented at any time shall be conclusive evidence of the records of the relevant ICSD at
that time.

On any redemption or payment of an instalment or interest being made in respect of, or purchase and
cancellation of, any of the Notes represented by the relevant Global Note the Issuer shall procure that
details of such redemption, payment or purchase and cancellation (as the case may be) in respect of the
Global Note shall be entered pro rata in the records of the ICSDs and, upon any such entry being made,
the nominal amount of the Notes recorded in the records of the ICSDs and represented by the relevant
Global Note shall be reduced by the aggregate nominal amount of the Notes so redeemed or purchased
and cancelled or by the aggregate amount of such instalment so paid.

2. Status and Ranking

(1) The Class B Notes constitute direct, unconditional and secured obligations of the Issuer. The Class B
Notes rank pari passu among themselves.

(2) The claims of the Class B Noteholders under the Class B Notes rank against the claims of all other
creditors of the Issuer in accordance with the Order of Priority, unless mandatory provisions of law
provide otherwise.

3. The Issuer
The Issuer is a company incorporated with limited liability under the laws of Germany and which has
been founded solely for the purpose of issuing the Notes and the Subordinated Loan and concluding
and executing various agreements in connection with the issue of the Notes and the raising of the
Subordinated Loan. All its issued shares are held by three (3) charitable foundations (gemeinnützige
Stiftungen) which have been founded under the laws of Germany. The articles of the foundations
provide, inter alia, that subject to mandatory provisions of law no shares in the Issuer may be disposed
of during the duration of the foundation.

4. Assets of the Issuer for the Purpose of Payments on the Notes and on the Subordinated Loan,
Provision of Security; Limited Payment Obligation
(1) The Issuer has used the proceeds of the issue of the Notes and of the Subordinated Loan and will use
amounts on deposit on the Accumulation Account during the Revolving Period essentially to acquire
from VW Bank (a) pursuant to the Initial Loan Receivables Purchase Agreement and Additional Loan
Receivables Purchase Agreement (i) Loan Receivables and ancillary rights arising from Loan Contracts
which VW Bank has concluded with private individual and commercial Borrowers and (ii) claims
against the insurer pursuant to loss insurance policies covering the respective Financed Objects,
damage claims arising from a breach of contract or in tort against a respective Borrower or any interest
due and claims against third parties due to damage to or loss of the Financed Objects and the right to
require VW Bank to repurchase the Purchased Loan Receivables in case of breach of warranties and
(b) pursuant to the Trust Agreement the security ownership interest in the Financed Objects. The Issuer
has transferred the security ownership interest in the Financed Objects to the Security Trustee and, in
exchange thereof, it has obtained the right to receive a defined share of the realisation proceeds, if any.
The collection and administration of the Purchased Loan Receivables and the Loan Collateral, to which
VW Bank has retained the right and assumed the duty in the Loan Receivables Purchase Agreement,
shall be carried out on the basis of the Servicing Agreement between the Issuer, VW Bank as Servicer
and the Security Trustee. In addition, subject to revocation by the Security Trustee, VW Bank is
entitled and obliged according to the provisions of the Trust Agreement to realise the Financed Objects
on behalf of the Security Trustee as necessary. Furthermore, the Issuer has entered into additional
agreements, described in Annex A, in connection with the acquisition of the Purchased Loan
Receivables and the issue of the Notes and the raising of the Subordinated Loan, the Data Protection
Trust Agreement with the Data Protection Trustee, the Corporate Services Agreement with the
Corporate Services Provider, the Agency Agreement with the Agents and VW Bank, and the Account
Agreement with the Account Bank. The agreements and documents referred to in this Condition 4(1)

106
 are collectively referred to as the "Transaction Documents" and the creditors of the Issuer under these
Transaction Documents are referred to as "Transaction Creditors".

(2) The Issuer has transferred or pledged the Purchased Loan Receivables and the Loan Collateral and all
of its claims arising under the Transaction Documents to the Security Trustee as Security for its
obligations under the Notes and other Secured Obligations specified in the Trust Agreement. As to the
form and contents of such provision of security, reference is made to the provisions of the Trust
Agreement.

(3) All payment obligations of the Issuer under the Class A Notes, the Class B Notes and the Subordinated
Loan Agreement constitute solely obligations to distribute amounts out of the Available Distribution
Amount as generated, inter alia, by payments to the Issuer by the Borrowers as available on the
respective Payment Dates according to the Order of Priority. The Class A Notes shall not give rise to
any payment obligation in excess of the foregoing and recourse shall be limited accordingly. The Issuer
shall hold all moneys paid to it, save for the Permitted Investments made pursuant to the terms of the
Trust Agreement, in the Distribution Account. Furthermore, the Issuer will on or before the Issue Date
establish and thereafter maintain the Cash Collateral Account to provide limited coverage for payments
of interest and principal on the Notes and certain other amounts. Furthermore, the Issuer shall exercise
all of its rights under the Transaction Documents with the due care of a prudent businessman such that
obligations under the Class A Notes may, subject always to the provisions of these Conditions of the
Class B Notes as to the Order of Priority, be performed to the fullest extent possible. To the extent that
upon the exercise of such rights, funds in the Distribution Account and/or the Cash Collateral Account
and/or the Accumulation Account will be insufficient to satisfy in full the claims of all Transaction
Creditors any claims remaining unpaid shall be extinguished at the Class B Final Maturity Date which
is 12 months after the Class B Scheduled Repayment Date and the Issuer shall have no further
obligations thereto and, for the avoidance of doubt, neither the Class B Noteholders nor the Security
Trustee shall have any further claims against the Issuer in respect of such claims remaining unpaid.

(4) Without prejudice to the Security and the enforcement and application of the proceeds thereof by the
Security Trustee in accordance with these Conditions of the Notes, under the condition precedent
(aufschiebende Bedingung) that the Issuer would, at any time, after taking into account all claims of the
creditors of the Issuer (including the claims of the Noteholders and the Subordinated Lender), be
overindebted (überschuldet) within the meaning of section 19 of the German Insolvency Code
(Insolvenzordnung), to the extent that, and only as long as, it is necessary to avoid such over-
indebtedness of the Issuer, the obligations of the Issuer in respect of (in the following order:) first, the
Subordinated Loan and second (to the extent necessary), pari passu and pro rata, the Notes shall be
regarded as junior obligations for the purpose of the German Insolvency Code (Insolvenzordnung) but
shall not be construed as a waiver (Erlass, Verzicht) by the Noteholders and the Subordinated Lender
or converted into equity of the Issuer and such junior obligations shall be treated as if they constitute
statutory capital of the Issuer (qualifizierter Rangrücktritt within the meaning of section 199 sentence 2
of the German Insolvency Code (Insolvenzordnung)). Notwithstanding the foregoing subordination, the
Issuer shall satisfy such junior obligations by payment to the Security Trustee for application in
accordance with these Conditions of the Notes out of future profit (Gewinn), liquidation surplus
(Liquidationsüberschuss) and/or other free assets (freies Vermögen) as soon as, and to the extent that,
the Issuer can do so without becoming overindebted and/or illiquid. If no such or no sufficient assets
are available for payment of such junior obligations of the Issuer, first the Subordinated Lender and
second, pari passu and pro rata, the Noteholders shall suffer the resulting shortfall. The obligations of
the Issuer in respect of the Notes and the Subordinated Loan shall extinguish immediately prior to the
registration of the liquidation of the Issuer at the Commercial Register (Anmeldung zum Schluss der
Liquidation zum Handelsregister).

(5) The enforcement of the payment obligations under the Class A Notes, the Class B Notes and the
Subordinated Loan Agreement pursuant to paragraph (3) shall only be effected by the Security Trustee
for the benefit of all Class A Noteholders, the Class B Noteholders and the Subordinated Lender. The
Security Trustee is required to foreclose on the Security upon the occurrence of a Foreclosure Event, on
the conditions and in accordance with the terms set forth in Clauses 20 through 23 of the Trust
Agreement.

(6) The other parties to the Transaction Documents shall not be liable for the obligations of the Issuer.

107
(7) No shareholder, officer, director, employee or manager of the Issuer or of Volkswagen AG or its
affiliates shall incur any personal liability as a result of the performance or non-performance by the
Issuer of its obligations under the Transaction Documents and no Noteholder or Transaction Creditor
shall have recourse against such Persons.

5. Further Covenants of the Issuer

(1) As long as any of the Notes and/or the Subordinated Loan remains outstanding, the Issuer is not
entitled, without the prior consent of the Security Trustee, to disregard its obligations described in
Clause 42 of the Trust Agreement.

(2) The counterparties of the Transaction Documents are not liable to procure the Issuer's compliance with
its covenants.

6. Payment Date, Payment Related Information

The Issuer shall inform the Class B Noteholders, no later than on the Service Report Performance Date
by means of a publication specified in Condition 12, with reference to the Payment Date (as described
below) of such month, as follows:

(i) the repayment of the nominal amount payable on each of the Class B Notes (if any) and the amount of
interest calculated and payable on the Class B Notes on the succeeding Payment Date;

(ii) the nominal amount remaining outstanding on each of the Class B Notes as per each respective
Payment Date and the amount of interest remaining unpaid, if any, on the Class B Notes as from such
Payment Date;

(iii) the Class B Notes Factor;

(iv) the remaining General Cash Collateral Amount; and

(v) in the event of the final Payment Date with respect to the Class B Notes, the fact that this is the last
Payment Date.

The Issuer shall make available for inspection by the Class B Noteholders, in its offices at Steinweg 3-
5, 60313 Frankfurt am Main, Germany and at the specified offices of the Paying Agent and during
normal business hours, the documents from which the figures reported to the Class B Noteholders are
calculated.

7. Payments of Interest
(1) Subject to the limitations set forth in Condition 4(3) each outstanding principal amount in respect of the
Class B Notes shall, subject to (2) below, bear interest from (and including) the Issue Date until (and
including) the day preceding the day on which the principal amount has been reduced to zero.

(2) The amount of interest payable in respect of each Class B Note on any Payment Date shall be
calculated not later than on the first day of the Interest Accrual Period by applying the Class B Note
Interest Rate for the relevant Interest Accrual Period to the principal amount outstanding immediately
prior to the relevant Payment Date and multiplying the result by the number of days to be calculated on
the basis of a year of 360 days with twelve 30-day months and rounding the result to the nearest EUR
0.01 (with EUR 0.005 being rounded upwards), all as determined by the Paying Agent.

(3) [reserved].

(4) The interest rate calculated pursuant to Condition 7(2) shall be 2.865 per cent. (the "Class B Note
Interest Rate").

(5) Accrued Interest not paid on a Class B Note on the Payment Date related to the Interest Accrual Period
in which it accrued will be an Interest Shortfall with respect to such Class B Note, will be carried over
to the next Payment Date and, if any Class A Notes are still outstanding, will not constitute a
Foreclosure Event.

108
8. Payment obligations; Agents
(1) On each Payment Date the Issuer shall, subject to Condition 4(3), pay to each Class B Noteholder
interest at the Class B Note Interest Rate on the nominal amount of the Class B Notes outstanding
immediately prior to the respective Payment Date or, with respect to the first Payment Date
EUR 37,500,000, and after expiration of the Revolving Period, redeem the nominal amount of the
Class B Notes by applying the amount remaining thereafter in accordance with the Order of Priority.

(2) Sums which are to be paid to the Class B Noteholders shall be rounded to the nearest full cent amount
for each of the Class B Notes. The Servicer shall be entitled to any amount resulting from rounding
differences of less than EUR 500 remaining on the Class B Final Maturity Date (as defined below).

(3) Payments of principal and interest, if any, on the Notes shall be made by the Paying Agent on the
Issuer's behalf for further payment to Clearstream Luxembourg and Euroclear or to its order for credit
to the relevant account holders of Euroclear and Clearstream Luxembourg. All Payments in respect of
any Note made by, or on behalf of, the Issuer to, or to the order of Euroclear or Clearstream
Luxembourg shall discharge the liability of the Issuer under such Note to the extent of sums so paid.

The first Payment Date shall be 21 November 2010. The final payment of the then outstanding
principal amount plus interest thereon is expected to take place on or before the Class B Scheduled
Repayment Date. All payments of interest on and principal of the Class B Notes will be due and
payable at the latest in full on the Class B Final Maturity Date.

(4) Payments by the Paying Agent, which may also include a substitute or alternative paying agent
pursuant to Condition 8(5), shall be made from the Issuer's Accounts with BNP Paribas Securities
Services, Luxembourg Branch (the "Account Bank") without having to execute an affidavit or fulfil
any formalities other than the compliance with tax, currency exchange or other regulations of the
country where the payment takes place. The Issuer is entitled to transfer paid-in amounts to the
Account Bank prior to the Payment Date and leave with the Account Bank any amounts not claimed by
the Noteholders upon maturity.

(5) In its capacity as such, the Paying Agent and the Calculation Agent, respectively, BNP Paribas
Securities Services, Luxembourg Branch shall act solely as the agent of the Issuer and shall not
maintain an agency or trust relationship with the holders of the Class B Notes. The Issuer may appoint
a new paying agent and/or a new calculation agent, or if there are grounds to do so, appoint an
alternative paying agent and/or an alternative calculation agent and revoke the appointment of the
Paying Agent and/or the Calculation Agent. Appointments and revocations thereof shall be announced
pursuant to Condition 12. The Issuer will ensure that during the term of the Notes and as long as the
Notes are listed on the official list and admitted to trading on the regulated market of the Luxembourg
Stock Exchange a paying agent located in Luxembourg will be appointed at all times and that they are
released from the restrictions of section 181 of the German Civil Code (Bürgerliches Gesetzbuch).

9. Taxes
Payments shall only be made after the deduction and withholding of current or future taxes, levies or
government charges, regardless of their nature, which are imposed, raised or collected (hereinafter collectively
referred to as "taxes") on the basis of the applicable laws of, or for the account of, an authority or government
agency authorised to levy taxes or of any country which claims fiscal jurisdiction, to the extent that such a
collection is prescribed by statute. The Issuer shall render an account of the deducted or withheld taxes accruing
to the competent government agencies and shall, upon a Class B Noteholder's request, provide proof thereof. It
is not obliged to pay any additional amounts to settle tax claims.

10. Replacement of Issuer

(1) The Issuer is at any time entitled to appoint another company (the "New Issuer") in place of the Issuer
as debtor for all obligations arising from and in connection with the Notes insofar as (i) the New Issuer
assumes all rights and duties of the Issuer under or pursuant to the Class A Notes, the Class B Notes,
the Subordinated Loan, the Initial Loan Receivables Purchase Agreement, the Additional Loan
Receivables Purchase Agreements, the Trust Agreement, the Servicing Agreement, the Corporate
Services Agreement, the Data Protection Trust Agreement and the Agency Agreement by means of an
agreement with the Issuer; provided further, the Security is, upon the Issuer's replacement, to be held
by the Security Trustee for the purpose of securing the obligations of the New Issuer, (ii) no further

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 expenses or legal disadvantages of any kind arise for the holders of the Class A Notes, the holders of
the Class B Notes or the Subordinated Lender of the Subordinated Loan from such an assumption of
debt and this fact has been established in legal opinions which can be examined at the premises of the
Paying Agent, (iii) the New Issuer provides proof that it has obtained all of the necessary governmental
approvals in the country in which it has its corporate seat and that it may fulfil all of the duties arising
out of or in connection with the Trust Agreement without discrimination against the Noteholders or the
Subordinated Lender of the Subordinated Loan as a whole, (iv) the Issuer and the New Issuer conclude
such agreements and execute such documents which the Security Trustee considers necessary for the
effectiveness of the replacement, and (v) the New Issuer is incorporated under a tax neutral jurisdiction.
Upon fulfilment of the aforementioned conditions, the New Issuer shall in every respect replace the
Issuer, and the Issuer shall be released from all obligations relating to the function of an issuer vis-à-vis
the Class A Noteholders under or in connection with the Class A Notes, the Class B Noteholders under
or in connection with the Class B Notes and the Subordinated Lender under or in connection with the
Subordinated Loan.

(2) Such replacement of the Issuer must be published in accordance with Condition 12.

(3) In the event of such replacement of the Issuer, each reference to the Issuer in these Conditions of the
Class B Notes shall be deemed to be a reference to the New Issuer.

11. Loss of Notes

(1) The period for presenting the Global Note prescribed in section 801 para. 1 German Civil Code
(Bügerliches Gesetzbuch) shall end five (5) years after the final Payment Date.

(2) Should the Global Note become lost, stolen, damaged or destroyed, then it may be replaced at the
Issuer's offices upon payment by the claimant of the costs arising in connection thereto. The Issuer may
require proof of a declaration of exemption and/or adequate security prior to replacement. In the event
of damage, the Global Note shall be surrendered before a replacement is issued. In the event of the loss
or destruction of the Global Note, the possibility of invalidation under statutory provisions shall remain
unaffected.

12. Notices
All notices to the Noteholders regarding the Class B Notes shall be (i) published on the website of the
Luxembourg Stock Exchange (www.bourse.lu) and/or in a newspaper having general circulation in Luxembourg
(which is expected to be the Luxemburger Wort) as long as the Notes are listed on the official list and are
admitted to trading on the regulated market of the Luxembourg Stock Exchange and the rules of such exchange
so require and (ii) delivered to the applicable clearing systems for communication by them to the Noteholders.
Any notice referred to under (ii) above shall be deemed to have been given to all Noteholders on the seventh
(7th) day after the day on which the said notice was delivered to the respective clearing system.

This Offering Circular relating to the Conditions of the Notes will be published on the website of the
Luxembourg Stock Exchange (www.bourse.lu).

Additionally, investor reports with the information set forth in Condition 6 will be made available to the
Noteholders via the website of TSI (www.true-sale-international.de).

13. Miscellaneous
(1) The form and content of the Class B Notes and all of the rights and obligations of the Class B
Noteholders, the Issuer, the Paying Agent and the Servicer under these Class B Notes shall be governed
by and subject in all respects to the laws of Germany.

(2) Should any of the provisions hereof be or become invalid in whole or in part, the other provisions shall
remain in force. The invalid provision shall to the extent permitted by law, according to the intent and
purpose of these Conditions, be replaced by the applicable valid provision of the laws of Germany
which in its economic effect comes as close as legally possible to that of the invalid provision.

(3) The place of performance and venue for legal proceedings is Frankfurt am Main. The German courts
have jurisdiction for the annulment of the Global Note in the event of loss or destruction.

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(4) The Class B Noteholders may agree to amendments of the Conditions applicable to Class B Notes by
majority vote and may appoint a noteholder's representative for all Class B Noteholders for the
preservation of their rights (section 5, paragraph (1) sentence 1 of the German Act on Debt Securities
from Entire Issues (Gesetz über Schuldverschreibungen aus Gesamtemissionen
(Schuldverschreibungsgesetz - SchVG)).

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 TRUST AGREEMENT

The following is the text of the material terms of the Trust Agreement between the Issuer, the Security Trustee,
the Co-Arrangers, the Lead Manager, the Subordinated Lender, the Data Protection Trustee, the Corporate
Services Provider, the Paying Agent, the Calculation Agent, the Account Bank and VW Bank GmbH. The text is
attached to the Conditions and constitutes an integral part of the Conditions – in case of any overlap or
inconsistency in the definition of a term or expression in the Trust Agreement and elsewhere in this Offering
Circular, the definition contained in the Trust Agreement will prevail.

1. Definitions and Interpretation

(1) Unless otherwise defined herein, capitalised terms shall have the respective meanings set forth in
Clause 1 of the master definitions schedule dated the Signing Date and signed for identification
purposes by, inter alios, the parties hereto (the "Master Definitions Schedule"). The terms of the
Master Definitions Schedule are hereby expressly incorporated into this Agreement by reference.

(2) If there is any conflict between the Master Definitions Schedule and this Agreement, this Agreement
shall prevail.

(3) Terms in this Agreement, except where otherwise stated or the context otherwise requires, shall be
interpreted in the same way as set forth in Clause 2 of the Master Definitions Schedule.

2. DUTIES AND POSITION OF THE SECURITY TRUSTEE

Duties of the Security Trustee

This Agreement establishes the rights and obligations of the Security Trustee to carry out the tasks
assigned to it in this Agreement. Unless otherwise set forth in this Agreement, the Security Trustee is
not obliged to supervise the discharge of the payment and other obligations of the Issuer arising from
the Funding and the Transaction Documents or to carry out duties which are the responsibility of the
management of the Issuer.

The Security Trustee hereby undertakes to the Issuer that it shall notify the shareholders of the Issuer
of the repayment in full, but not in part, of the Notes outstanding under the Transaction Documents.

3. Position of the Security Trustee in Relation to the Transaction Creditors

(1) The Security Trustee carries out the duties specified in this Agreement as a trustee for the benefit of the
Transaction Creditors. The Security Trustee shall exercise its duties hereunder with particular regard to
the interests of the Transaction Creditors, giving priority to the interests of each Transaction Creditor in
accordance with the Order of Priority, especially to the interests of the Noteholders.

(2) This Agreement grants all Transaction Creditors the right to demand that the Security Trustee performs
its duties under Clause 2 (Duties of the Security Trustee) and all its other duties hereunder in
accordance with this Agreement, and therefore this Agreement constitutes in favour of the Transaction
Creditors that are not (validly) parties to this Agreement (in particular the Noteholders) a contract for
the benefit of a third party pursuant to section 328 of the Civil Code (echter Vertrag zugunsten
Dritter). The rights of the Issuer pursuant to Clause 4(3) (Position of the Security Trustee in Relation to
the Issuer) shall not be affected.

4. Position of the Security Trustee in Relation to the Issuer

(1) With respect to the Security, the Security Trustee is legally a secured party (Sicherungsnehmer) in
relation to the Issuer. Accordingly, to the extent that the Purchased Loan Receivables and the Loan
Collateral will be transferred by the Issuer to the Security Trustee for security purposes in accordance
with Clause 5 (Assignment for Security Purposes; Transfer of Title for Security Purposes), in
insolvency proceedings on the Security Trustee's estate, such rights would be segregated
(Aussonderungsrecht) as assets of the Issuer held in trust.

(2) The Issuer hereby grants the Security Trustee a separate Trustee Claim, entitling the Security Trustee
to demand from the Issuer:

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(i) that any present or future obligation of the Issuer in relation to the Noteholders be fulfilled;

(ii) that any present or future obligation of the Issuer in relation to a Transaction Creditor of the
Transaction Documents be fulfilled; and

(iii) (if the Issuer is in default with any Secured Obligation(s) and insolvency proceedings have not been
instituted against the estate of the Security Trustee) that any payment owed under the respective
Secured Obligation will be made to the Security Trustee for on-payment to the Transaction Creditors
and discharge the Issuer's obligation accordingly.

The right of the Issuer to make payments to the respective Transaction Creditor shall remain
unaffected. The Trustee Claim in whole or in part may be enforced separately from the relevant
Transaction Creditor's claim related thereto. In the case of a payment pursuant to Clause 4(2)(iii)
hereof, the Issuer shall have a claim against the Security Trustee for on-payment to the respective
Transaction Creditors.

(3) The obligations of the Security Trustee under this Agreement are owed exclusively to the Transaction
Creditors, except for the obligations and declarations of the Security Trustee to the Issuer pursuant to
Clause 4(1), the last sentence of Clause 4(2), Clause 11, Clause 37 and Clauses 43 through 47 hereof.

GRANTING OF SECURITY

5. Assignment for Security Purposes; Transfer of Title for Security Purposes

(1) The Issuer hereby assigns or transfers (as applicable) the following rights to the Security Trustee for
security purposes:

(a) all Purchased Loan Receivables and Loan Collateral which VW Bank transfers to the Issuer pursuant
to the provisions of the Loan Receivables Purchase Agreements, and all present and future rights
arising from the Purchased Loan Receivables and Loan Collateral;

(b) all its present and future claims and other rights arising from the Transaction Documents (including
such rights to unilaterally alter a contractual relationship which are required to enforce the Purchased
Loan Receivables (akzessorische Gestaltungsrechte)) and from all present and future contracts the
Issuer has entered or may enter into in connection with the Notes, the Subordinated Loan or the
Purchased Loan Receivables and Loan Collateral; and

(c) all transferable (then) present and future claims in respect of all bank accounts which will be opened
under the Corporate Services Agreement, the Account Agreement or this Agreement in the name of the
Issuer in the future.

The rights of the Security Trustee under section 402 of the German Civil Code to receive from VW
Bank information and/or documents is limited to the extent that such demand does not result in a
violation of German Data Protection Rules, otherwise, VW Bank shall deliver such information to the
Data Protection Trustee in encrypted form together with a sealed containment containing the relevant
Portfolio Decryption Key(s) who may release such information and/or documents only to a substitute
Servicer and the Security Trustee.

The Security Trustee hereby accepts the assignment and, in particular, recognises the obligations of the
Issuer to release the Loan Collateral pursuant to the provisions of the Loan Receivables Purchase
Agreements and confirms to be bound by such obligations as if such obligations were directly owed by
the Security Trustee to VW Bank.

(2) The assignment for security purposes in accordance with Clause 5(1)(a) is subject to the condition
precedent that the transfer of the rights specified in Clause 5(1)(a) from VW Bank to the Issuer
becomes effective.

(3) If an express or implied current account relationship exists or is later established between the Issuer
and a third party, the Issuer hereby assigns to the Security Trustee – without prejudice to the generality
of the provisions in Clause 5(1)(b) and (c) – the right to receive a periodic account statement and the
right to payment of present or future balances (including a final net balance determined upon the

113
 institution of any insolvency proceedings regarding the estate of the Issuer), as well as the right to
terminate the current account relationship and to the determination and payment of the closing net
balance upon termination.

(4) Together with the rights assigned in accordance with this Clause 5 (Assignment for Security Purposes;
Transfer of Title for Security Purposes), all of the Loan Collateral securing such rights, as well as the
rights arising from the underlying contracts (including the rights to alter the legal relationship) are
hereby transferred to the Security Trustee (which hereby accepts such transfer).

(5) In order to safeguard the existence and fulfilment of the relevant Purchased Loan Receivables
outstanding at any one time and in order to secure the fulfilment of all current and future claims of the
Issuer against VW Bank under the Loan Receivables Purchase Agreements and the Servicing
Agreement, including, but not limited to, damage claims pursuant to sections 280(1) and 280(3) of the
German Civil Code (Schadensersatz statt der Leistung), as well as the claims of the Issuer in the event
of ineffectiveness of the assignment of the Purchased Loan Receivables and the claims which the
Issuer may have against VW Bank for participation in any realisation proceeds in the event of
premature termination of the respective Loan Contracts, as well as any present or future claims arising
from a rescission of the Loan Receivables Purchase Agreement, VW Bank herewith transfers for
security purposes (Sicherungseigentum) its present and future ownership interest of the Financed
Objects as identified by means of chassis numbers in data field 1 of Schedule A to the Initial Loan
Receivables Purchase Agreement and of Schedule A to each future Additional Loan Receivables
Purchase Agreement to the Issuer in relation to the relevant Loan Contracts, as well as VW Bank's
security title to the respective Borrower's wage and salary claims, if any, which VW Bank had acquired
under the Loan Contracts, which in turn herewith transfers the ownership interest in such collateral to
the Security Trustee. As substitute for delivery of the Financed Objects, VW Bank herewith assigns to
the Issuer, subject to payment of the Purchase Price of the Purchased Loan Receivables according to
Clause 3.2 (Assignment of Initial Purchased Loan Receivables and Issue Date) of the Loan
Receivables Purchase Agreements, the claims for delivery in respect of the Financed Objects, and the
Issuer in turn assigns these claims for delivery to the Security Trustee. In the event that VW Bank
obtains direct possession of a Financed Object, it shall hold such Financed Object, until revoked, free
of charge on behalf of the Security Trustee. In the event of revocation, such Financed Object shall
without delay be delivered to the Security Trustee.

6. Pledge

The Issuer hereby pledges to the Security Trustee all its present and future claims against the Security
Trustee arising under this Agreement as well as its present and future claims under the Distribution
Account, the Cash Collateral Account, the Monthly Collateral Account and the Accumulation Account.
The Issuer hereby gives notice to the Security Trustee of such pledge and the Security Trustee hereby
confirms the receipt of such notice. The Issuer informed the Account Bank of the pledge and the
Account Bank confirmed receipt of such notification in the Account Agreement.

7. [intentionally left blank]

8. Security Purpose

The assignment and/or transfer for security purposes pursuant to Clauses 5(1) through 5(4) and the
pledge pursuant to Clause 6 (Pledge) serve to secure the Trustee Claim. In addition, the assignment
pursuant to Clauses 5(1) through 5(4) is made for the purpose of collateralising the rights of the
Transaction Creditors against the Issuer arising under the Funding and the Transaction Documents.

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9. Authority to Collect; Assumption of Obligations; Further Assignment

(1) The Issuer is authorised to collect, to have collected, to realise and to have realised in the ordinary
course of business or otherwise to use, the rights assigned for security purposes pursuant to Clause 5
(Assignment for Security Purposes; Transfer of Title for Security Purposes) and the rights pledged
pursuant to Clause 6 (Pledge).

(2) The authority provided in Clause 9(1) above is deemed to be granted only to the extent that all
obligations of the Issuer are fulfilled in accordance with the Order of Priority prior to a Foreclosure
Event. The authority may be revoked by the Security Trustee if this is necessary in the opinion of the
Security Trustee to avoid endangering the Security or their value. The authority shall automatically
terminate upon the occurrence of a Foreclosure Event.

(3) The Security Trustee is obliged in its relationship to the Issuer and to VW Bank to comply with the
continuing duties of care of the Issuer arising from the Loan Receivables Purchase Agreements and the
Servicing Agreement (including the treatment of the transfer to the Issuer as silent assignment and
compliance with security agreements entered into between VW Bank and the Borrowers). Such
continuing duties shall not include, in particular, the payment obligations of the Issuer (i) pursuant to
Clause 3.2 (Assignment of Initial Purchased Loan Receivables and Issue Date) and Clause 6.2
(Assignment of Additional Loan Receivables and Additional Purchase Date) of the Loan Receivables
Purchase Agreements (purchase price), or (ii) as compensation for damages.

(4)

(a) The Security Trustee is authorised to assign the Security assigned in accordance with Clause 5
(Assignment for Security Purposes; Transfer of Title for Security Purposes) for security purposes:

(i) in the event the Security Trustee is replaced and all Security is assigned to a new security trustee (the
"New Security Trustee"); or

(ii) upon occurrence of a Foreclosure Event; or

(iii) if a Foreclosure Event pursuant to Clause 20 (Foreclosure on the Securities; Foreclosure Event)
threatens to occur because taxes are levied by Germany on payments under the Purchased Loan
Receivables or the Loan Collateral, or if such levy is to be introduced, and if the negative
consequences thereof can be avoided in whole or in part through the transfer; or

(iv) as long as VW Bank is the Servicer, VW Bank has given its consent to such assignment or if it
unreasonably withholds its consent; such a withholding of consent shall as a rule be considered
unreasonable if a transfer does not affect the interests of VW Bank, the Borrowers or the Issuer and the
Transaction Creditors risk substantial disadvantages without such a transfer.

(b) In the case of an assignment pursuant to (a) above, the Security Trustee shall be obliged to agree with
the respective transferee that the transferee:

(i) in the case of an assignment pursuant to (a)(i), shall assume the obligations of Security Trustee
pursuant to Clause 9(3) above; and

(ii) in all other cases under (a) with regard to the Purchased Loan Receivables or the Loan Collateral, shall
assume the rights and continuing obligations of the Issuer under the Loan Receivables Purchase
Agreements and under the Servicing Agreement (within the meaning of Clause 9(3) above).

10. Representation of the Issuer

(1) The Issuer represents to the Security Trustee that:

(a) the Security has not already been assigned or pledged to a third party; and

(b) the Issuer has not established any third-party rights on or in connection with the Security.

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(2) The Issuer shall pay damages pursuant to sections 280(1) and 280(3) of the German Civil Code
(Schadensersatz statt der Leistung) if the legal existence of the Security transferred for security
purposes in accordance with this Agreement is invalid as a consequence of an action by the Issuer
contrary to Clause 10(1) above.

11. Representations of the Security Trustee

The Security Trustee represents to the Issuer that it is legally competent and in a position to perform
the duties assigned to it in this Agreement in accordance with the provisions of this Agreement, and
that, as of the time of concluding this Agreement, a ground for termination pursuant to Clause 35
(Termination by the Security Trustee for Good Cause) has neither occurred nor is foreseen.

12. Undertakings of the Transaction Creditors

Without prejudice to the Security and the enforcement and application of the proceeds thereof by the
Security Trustee in accordance with the Conditions and this Agreement, each of the Security Trustee
and the Transaction Creditors undertakes to the Issuer that until one year and one day has passed after
the last payment is effected on the Notes and the Subordinated Loan, it shall:

(1) not take or induce any action the subject of which is a dissolution, liquidation, or insolvency
proceedings with respect to the Issuer of any or all of its revenue or property or the appointment of a
receiver, administrator, administrative receiver, trustee, liquidator, sequestrator or similar officer of the
Issuer; and

(2) neither assert judicially or extra-judicially claims for payment against the Issuer to which any of the
Transaction Creditors is entitled under or in connection with this Agreement and its performance, nor
permit third parties to assert such claims.

13. Enforceability

Enforceability of the Security shall ensue pursuant to Clause 20 (Foreclosure on the Security;
Foreclosure Event).

14. Release of Security

(1) Subject to the condition precedent of full satisfaction of (i) any amount due and payable (fällig) by VW
Bank to the Issuer at the relevant time, and (ii) the respective secured Purchased Loan Receivables, the
Security Trustee hereby retransfers and/or reassigns, as applicable, directly to VW Bank (and VW
Bank hereby accepts, and the Issuer hereby agrees to and authorises the Security Trustee to make such
transfer and/or assignment) of title to the respective Financed Objects and any other Loan Collateral,
except where such Financed Objects or other Loan Collateral have been realised.

(2) As soon as the Issuer has fully performed all obligations secured by this Agreement, the Security
Trustee shall promptly retransfer any remaining Security transferred to it under this Agreement and
that it still holds at such time to or to the order of the Issuer. The Security Trustee undertakes to notify
each shareholder of the Issuer of the full satisfaction of all obligations secured hereunder and of the
retransfer of the Security. For the purpose of release, the Security Trustee may rely on evidence which
shows that all moneys necessary for the satisfaction of the obligations secured by this Agreement have
been transferred to the Paying Agent who then forwarded the proceeds. A confirmation of the Paying
Agent will be sufficient evidence for the purpose of the preceding sentence.

(3) Subject to the provisions in the Transaction Documents, as soon as the Security has been released, the
Transaction and all Transaction Documents shall automatically terminate.

DUTIES OF THE SECURITY TRUSTEE PRIOR TO OCCURRENCE OF THE FORECLOSURE

EVENT

15. Acceptance, Safekeeping, and Review of Documents; Notification of the Issuer

(1) The Security Trustee shall accept the documents which are delivered to it in connection with the
reporting of VW Bank pursuant to Clause 2.4 (Purchase Agreement concerning the Initial Purchased

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 Loan Receivables) and Clause 5.5 (Purchase Agreement concerning the Additional Purchased Loan
Receivables) of any Loan Receivables Purchase Agreement and Clause 10 (Reporting Duties) of the
Servicing Agreement and shall:

(a) keep such documents for one year after the termination of this Agreement and, at the discretion of the
Issuer, thereafter either destroy such documents or deliver the same to the Issuer or to VW Bank; or

(b) forward the documents to the New Security Trustee if the Security Trustee is replaced in accordance
with Clauses 35 (Termination by the Security Trustee for Good Cause) through 37 (Transfer of
Security; Costs; Publication) of this Agreement.

(2) The Security Trustee shall to an appropriate extent check the conformity of the documents provided to
it in accordance with Clause 10 (Reporting Duties) of the Servicing Agreement without being obliged
to recalculate the figures. If this does not reveal any indication of a breach of duties or any risk for the
Security, the Security Trustee is not obliged to examine such documents any further. If, on the basis of
such checks, the Security Trustee comes to the conclusion that a Transaction Creditor is not properly
fulfilling its obligations under a Transaction Document, the Security Trustee shall promptly inform the
directors of the Issuer thereof. The right of the Security Trustee to obtain additional information from
VW Bank shall not be affected hereby.

16. Accounts

(1) The terms of the Accounts are set out in the Account Agreement. The Issuer shall terminate the
Account Agreement within thirty (30) calendar days after receiving notice from either the Account
Bank, or the Successor Bank, as the case may be, that its rating has fallen below the Minimum Rating
set out in Clause 16 (2) below.

(2) Should one of the Issuer Accounts be terminated either by the Account Bank or by the Issuer, the
Issuer shall promptly inform the Security Trustee of such termination. The Issuer shall, together with
the Security Trustee, open an account, on conditions as close as possible to those previously received,
with another bank (hereinafter the "Successor Bank") specified by the Security Trustee, which is rated
at least F1 and A by Fitch, and A-1 by S&P (or, if such entity is not the subject of an S&P's short-term
rating, it is rated at least A+ by S&P in respect of long-term unsecured and unguaranteed debt
obligations) in respect of short-term unsecured obligations (the "Minimum Rating") from the Rating
Agencies. The Issuer shall conclude a new Account Agreement with the Successor Bank as
counterparty, and with the consent of the Security Trustee the new Account Agreement shall include a
provision in which the Successor Bank undertakes to promptly notify the other contract parties of any
drop in its rating.

(3) Should one of the Accounts be opened with a Successor Bank, and the Issuer or the Security Trustee
receives a notice pursuant to Clause 16(1) above, then within thirty (30) calendar days after having
received such notice, the Security Trustee shall open the relevant Issuer account with another
Successor Bank in accordance with the procedure laid out in Clause 16(2) above on behalf of the Issuer
and terminate the relevant Issuer account with the previous Successor Bank.

17. Actions of the Issuer Requiring Consent

If the Issuer requests that the Security Trustee grant its consent as required pursuant to Clause 42
(Negative Undertakings), the Security Trustee may grant or withhold the requested consent at its
discretion, taking into account the reasonable interests of the Transaction Creditors in accordance with
Clause 3.1 hereof.

18. Breach of Obligations by the Issuer

(1) If the Security Trustee in the course of its activities becomes aware that the existence or the value of
the Security is at risk due to any failure of the Issuer to properly comply with its obligations under this
Agreement, the Security Trustee shall, subject to the provisions in Clause 18(2) below, deliver a notice
to the Issuer in reasonable detail of such failure (with a copy to the Servicer) and, if the Issuer does not
remedy such failure within 90 days after the delivery of such notice, the Security Trustee shall at its
discretion take or induce all actions which in the opinion of the Security Trustee are warranted to avoid
such threat. To the extent that the Issuer does not comply with its obligations pursuant to Clause 40

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 (Undertakings of the Issuer in Respect of the Security) in respect of the Security and does not remedy
such failure within the ninety (90) day period after the notice set forth above, the Security Trustee is in
particular authorised and obliged to exercise all rights arising under the Transaction Documents on
behalf of the Issuer.

(2) The Security Trustee shall only intervene in accordance with Clause 18(1) above if and to the extent
that it is assured that it will be indemnified to its satisfaction, at its discretion either by reimbursement
of costs or in any other way it deems appropriate, against all costs and expenses resulting from its
activities (including fees for retaining counsel, banks, auditors, or other experts as well as the expenses
for retaining third parties to perform certain duties) and against all liability, obligations, and attempts to
bring any action in or out of court. Clause 38 (Standard of Care) of this Agreement shall not be
affected hereby.

19. Power of Attorney

The Issuer hereby grants by way of security power of attorney to the Security Trustee, waiving the
restrictions set forth in section 181 of the German Civil Code, and with the right to grant substitute
power of attorney, to act in the name of the Issuer with respect to all rights of the Issuer arising under
the Transaction Documents (except for the rights vis-à-vis the Security Trustee). Such power of
attorney is irrevocable. It shall expire as soon as a New Security Trustee has been appointed pursuant
to Clauses 35 (Termination by the Security Trustee for Good Cause) through 37 (Transfer of Security;
Costs; Publication) of this Agreement and the Issuer has issued a power of attorney to such New
Security Trustee having the same contents as the above power of attorney. The Security Trustee shall
only act under this power of attorney in the context of its rights and obligations pursuant to this
Agreement.

DUTIES OF THE SECURITY TRUSTEE AFTER OCCURRENCE OF A FORECLOSURE EVENT

20. Foreclosure on the Security; Foreclosure Event

(1) Subject to Clause 21 (Realisation of the Financed Objects) of this Agreement, the Security shall be
subject to foreclosure upon the occurrence of a Foreclosure Event. A Foreclosure Event shall occur
when:

(i) with respect to the Issuer an Insolvency Event occurs;

(ii) the Issuer defaults in the payment of any interest on the most senior Class of Notes then outstanding
when the same becomes due and payable, and such default continues for a period of five (5) Business
Days; or

(iii) the Issuer defaults in the payment of principal of any Note on the Final Maturity Date.

It is understood that the interest and principal on the Subordinated Loan and on the Notes (other than interest on
the Class A Notes) will not be due and payable on any Payment Date except to the extent there are sufficient
funds in the Available Distribution Amount to pay such amounts in accordance with the Order of Priority.

The Security Trustee shall promptly give notice to the Noteholders of the relevant Class and the Subordinated
Lender pursuant to Clause 43(3)(Notices) of this Agreement and notify the Rating Agencies of the occurrence
of a Foreclosure Event.

(2) After the occurrence of a Foreclosure Event, the Security Trustee will at its reasonable discretion
foreclose or cause foreclosure on the Security. Unless compelling grounds to the contrary exist, the
foreclosure shall be performed by collecting payments made into the Accounts on the Security or, inter
alia, by assignment pursuant to Clause 9(4)(a) (Authority to Collect; Assumption of Obligations;
Further Assignment) hereof. The provisions of the Corporate Services Agreement shall be unaffected
by the foreclosure of the Security (subject to the provisions of Clause 9(4) (Authority to Collect;
Assumption of Obligations; Further Assignment) hereof).

(3) Within fifteen (15) days after the occurrence of a Foreclosure Event, the Security Trustee shall give
notice to the Noteholders and the Subordinated Lender, specifying the manner in which it intends to
foreclose on the Security, in particular, whether it intends to sell the Security, and apply the proceeds

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 from such foreclosure to satisfy the obligations of the Issuer, subject to the Order of Priority set out in
Clause 25(3) hereof. If, within sixty (60) days after the publication of such notice, the Security Trustee
receives written notice from a Noteholder or Noteholders, together representing more than 50 per cent.
of the aggregate outstanding principal amount of the Class A Notes, or, provided that no Class A Notes
are outstanding, the Class B Notes, objecting to the action proposed in the Security Trustee's notice, the
Security Trustee shall not undertake such action (other than the collection of payments on the accounts
for the Security).

21. Realisation of the Financed Objects

The Financed Objects the ownership of which has been transferred for security purposes
(Sicherungseigentum) to the Security Trustee will be realised by the Security Trustee or by agents of
the Security Trustee (including VW Bank) upon the occurrence of an event described in Clause 5(5)
(Assignment for Security Purposes; Transfer of Title for Security Purposes) (irrespective of the
occurrence of a Foreclosure Event), as follows:

(1) Any payments and proceeds VW Bank has (based on the authorisation as per Clause 11 (Realisation of
Financed Objects) of the Initial Loan Receivables Purchase Agreement or pursuant to the respective
clause of the Additional Loan Receivables Purchase Agreements) attained from the realisation with
respect to the Financed Objects will be allocated to the Loan Contract for which the Financed Objects
was foreclosed.

(2) Proceeds from the realisation of the Financed Objects and collections on Purchased Loan Receivables
which can be realised and collected after the moment that the related Purchased Loan Receivable has
been finally written off shall be allocated to VW Bank.

22. Payments upon Occurrence of the Foreclosure Event

(1) Upon the occurrence of a Foreclosure Event, the Security (except Security which pursuant to Clause
20(1) (Foreclosure on the Security; Foreclosure Event) of this Agreement must be administered by the
Servicer) may be claimed exclusively by the Security Trustee. Payments on such Security thereafter on
will have effect only if made to the Security Trustee. The Security Trustee shall invest the payments
which it receives in this manner, as provided for in Clause 25 (Permitted Investment; Order of
Priority), until they are paid out to the Transaction Creditors of the Issuer.

(2) As of the Foreclosure Event, payments on the obligations of the Issuer may not be made as long as, in
the opinion of the Security Trustee, such payment will jeopardise the fulfilment of any later maturing
obligation of the Issuer with higher rank.

(3) In the case of payments on the Notes, or the Subordinated Loan, the Security Trustee shall provide the
Noteholders and the Subordinated Lender with advance notice of the Payment Date pursuant to the
Conditions of the relevant Class of Notes or the Subordinated Loan Agreement. In the case of such
payment, the Security Trustee is only responsible for making the relevant amount available to the
Paying Agent.

(4) After all Secured Obligations have been fulfilled, the Security Trustee shall release any remaining
Security and pay out any remaining amounts to the Issuer.

23. Continuing Duties

Clauses 15 (Acceptance, Safekeeping, and Review of Documents; Notification of the Issuer) through 18
(Breach of Obligations by the Issuer) of this Agreement shall continue to apply after a Foreclosure
Event has occurred.

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ACCOUNTS; ORDER OF PRIORITY; PERMITTED INVESTMENTS

24. Distribution Account; Accumulation Account

(1) The Distribution Account shall be used for the fulfilment of the payment obligations of the Issuer. The
Issuer shall ensure that all payments made to the Issuer shall be made by way of a bank transfer to or
deposit or in any other way into the Distribution Account.

(2) The Accumulation Account shall be used on each Payment Date to collect moneys paid under step
ninth of the Order of Priority set forth in Clause 25(3)(i) hereof for the purchase of Additional Loan
Receivables and at any time after such Payment Date to deposit moneys arising from the repayment of
principal under the Purchased Loan Receivables which amounts may be used to purchase Additional
Loan Receivables during the Revolving Period. No principal will be repaid on the Notes during the
Revolving Period.

25. Permitted Investment; Order of Priority

(1) Prior to the full discharge of all obligations of the Issuer to the Transaction Creditors, any credit in the
Distribution Account (the "Credit"), the Accumulation Account and the Cash Collateral Account
(other than repayments due to VW Bank in accordance with Clause 10.2 of the Loan Receivables
Purchase Agreement) shall be allocated exclusively in accordance with paragraphs (2) and (3) below
and Clause 26 (Cash Collateral/Accumulation Account).

(2) To the extent that no obligations of the Issuer are due and payable, the Issuer is authorised and obliged
to invest the Credit with the Account Bank in Permitted Investments, VW Bank shall have the right to
make non-binding suggestions to the Issuer regarding the selection of the Permitted Investments.

(3) Prior to the occurrence of a Foreclosure Event, distributions will be made on each Payment Date from
the Available Distribution Amount according to the following Order of Priority:

(i) first, amounts payable in respect of taxes (if any) by the Issuer;

second, amounts (excluding any payments under the Trustee Claim) payable (i) to the Security Trustee
under this Agreement and (ii) pari passu to any successor of the Security Trustee (if applicable)
appointed pursuant to Clauses 35 and 36 of this Agreement or under any agreement replacing this
Agreement;

third, of equal rank amounts payable (i) to the Corporate Services Provider under the Corporate
Services Agreement, (ii) to the Data Protection Trustee under the Data Protection Trust Agreement;
(iii) to the Servicer, the Servicer Fee, and (iv) to the Rating Agencies the fees for the monitoring;

fourth, of equal rank amounts payable (i) to the directors of the Issuer and (ii) in respect of other
administration costs and expenses of the Issuer including without limitation, any costs relating to the
listing of the Notes on the official list of the Luxembourg Stock Exchange and the admission to trading
of the Notes on the regulated market of the Luxembourg Stock Exchange, each Agent's fees and
expenses, any auditors' fees, any tax filing fees and any annual return or exempt company status fees;

fifth, amounts payable to the Account Bank maintaining the Accounts for account management fees
due under the Account Agreement;

sixth, amounts payable in respect of (a) interest accrued during the immediately preceding Interest
Accrual Period plus (b) Interest Shortfalls (if any) on the Class A Notes;

seventh, amounts payable in respect of (a) interest accrued during the immediately preceding Interest
Accrual Period plus (b) Interest Shortfalls (if any) on the Class B Notes;

eighth, amounts payable to the Cash Collateral Account, until the General Cash Collateral Amount is
equal to the Specified Cash Collateral Account Balance;

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 ninth, prior to the expiration of the Revolving Period, to the Accumulation Account, an aggregate
amount equal to the Cash Component of the Aggregate Discounted Principal Balance Increase Amount
for such Payment Date, which is equal to the amount necessary to increase the Aggregate Discounted
Principal Balance (as of the end of the preceding Monthly Period) to the Targeted Aggregate
Discounted Principal Balance;

tenth, upon expiration of the Revolving Period, on a pari passu and pro rata basis to the Class A
Noteholders, an aggregate amount equal to the Class A Noteholders' pro rata share in the Class A
Principal Payment Amount for such Payment Date, which is equal to the amount necessary to reduce
the outstanding principal amount of the Class A Notes to the Targeted Class A Note Balance;

eleventh, upon expiration of the Revolving Period, to the Class B Noteholders, an aggregate amount
equal to the Class B Principal Payment Amount for such Payment Date, which is equal to the amount
necessary to reduce the outstanding principal amount of the Class B Notes to the Targeted Class B
Note Balance;

twelfth, after a Cash Collateral Increase Event to the Cash Collateral Account, until the Specified Cash
Collateral Account Balance is increased by the Cash Collateral Increase Amount;

thirteenth, amounts payable in respect of accrued and unpaid interest on the Subordinated Loan
(including, without limitation, overdue interest);

fourteenth, to the Subordinated Lender, principal amounts until the aggregate principal amount of the
Subordinated Loan has been reduced to zero; and

fifteenth, to pay all remaining excess to VW Bank by way of a final success fee.

(ii) Any positive difference between the General Cash Collateral Amount and the Specified Cash
Collateral Account Balance shall be distributed according to the following Order of Priority, provided
that no Credit Enhancement Increase Condition is in effect:

first, amounts payable in respect of accrued and unpaid interest on the Subordinated Loan (including,
without limitation, overdue interest);

second, to the Subordinated Lender, until the aggregate principal amount of the Subordinated Loan has
been reduced to zero; and

third, all remaining excess to VW Bank by way of a final success fee.

(iii) Following the occurrence of an Enforcement Event, distributions will be made by the Security Trustee
from the Available Distribution Amount according to the following Order of Priority:

first, amounts payable in respect of taxes (if any) by the Issuer;

second, amounts (excluding any payments under the Trustee Claim) payable (i) to the Security Trustee
under this Agreement and (ii) pari passu to any successor of the Security Trustee (if applicable)
appointed pursuant to Clauses 35 (Termination by the Security Trustee for Good Cause) and 36
(Replacement of the Security Trustee) of this Agreement or under any agreement replacing this
Agreement;

third, of equal rank amounts payable (i) to the Corporate Services Provider under the Corporate
Services Agreement, (ii) to the Data Protection Trustee under the Data Protection Trust Agreement;
(iii) to the Servicer, the Servicer Fee, and (iv) to the Rating Agencies the fees for the monitoring of the
Issue;

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 fourth, of equal rank amounts payable (i) to the directors of the Issuer and (ii) in respect of other
administration costs and expenses of the Issuer including without limitation, any costs relating to the
listing of the Notes on the official list of the Luxembourg Stock Exchange and the admission to trading
of the Notes on the regulated market of the Luxembourg Stock Exchange, each Agent's fees and
expenses, any auditors' fees, any tax filing fees and any annual return or exempt company status fees;

fifth, amounts payable to the Account Bank maintaining the Accounts for account management fees
due under the Account Agreement;

sixth, amounts payable in respect of (a) interest accrued during the immediately preceding Interest
Accrual Period plus (b) Interest Shortfalls (if any) on the Class A Notes;

seventh, on a pari passu and pro rata basis to the Class A Noteholders, in respect of principal until the
Class A Notes are redeemed in full;

eighth, amounts payable in respect of (a) interest accrued during the immediately preceding Interest
Accrual Period plus (b) Interest Shortfalls (if any) on the Class B Notes;

ninth, to the holders of the Class B Notes in respect of principal until the Class B Notes are redeemed
in full;

tenth, amounts payable in respect of accrued and unpaid interest on the Subordinated Loan (including,
without limitation, overdue interest);

eleventh, to the Subordinated Lender, principal amounts until the aggregate principal amount of the
Subordinated Loan has been reduced to zero; and

twelfth, to pay all remaining excess to VW Bank by way of a final success fee.

(4) Notwithstanding the provisions of this Clause 25(3) (Permitted Investment; Order of Priority), any
obligations referred to in this Clause 25(3)(i) (Permitted Investment; Order of Priority) under first
through fifth may be satisfied on any date other than a Payment Date from any funds available on the
Accounts in the Order of Priority.

26. Cash Collateral/Accumulation Account

(1) The Issuer will on the date of this Agreement in accordance with Clause 15 (Cash Collateral Account)
of the Loan Receivables Purchase Agreements establish the Cash Collateral Account in the initial
amount of EUR 12,000,053.61 which serves as the initial General Cash Collateral Amount. For the
time thereafter, if (x) (i) the total amount of potential set-off risk resulting from deposits of Borrowers
owing Purchased Loan Receivables with VW Bank is greater than 1 per cent. of the Aggregate
Discounted Principal Balance and (ii) VW Bank is (deemed to be) rated lower than BBB- by Fitch
and/or (y) VW Bank's short-term rating from S&P is lower than A-2 (or, if VW Bank is not the subject
of an S&P's short-term rating, VW Bank's long-term rating from S&P is lower than BBB+), VW Bank
is obliged to post the Set-Off Risk Reserve which will be adjusted on a monthly basis. The Set-Off
Risk Reserve shall be deposited in the Cash Collateral Account and is exclusively reserved to cover
set-off risks. On each following Payment Date, the available proceeds pursuant to the Order of Priority
shall be used to deposit amounts in the Cash Collateral Account equal to the Specified Cash Collateral
Account Balance. All funds in the Cash Collateral Account other than the unused amounts of the Set-
Off Risk Reserve are referred to as the "General Cash Collateral Amount".

(2) Prior to the occurrence of a Foreclosure Event, on each Payment Date amounts payable under item
eighth according to the Order of Priority referred to in Clause 25(3)(i) (Permitted Investment; Order of
Priority) above will be paid until the amount of funds in the Cash Collateral Account is equal to the
Specified Cash Collateral Account Balance. Prior to the occurrence of an Enforcement Event, amounts
on deposit in the Cash Collateral Account at any time shall be invested in Permitted Investments and
on each Payment Date the General Cash Collateral Amount shall be used to cover (a) any shortfalls in
the amounts payable under items first through seventh according to the Order of Priority referred to in
Clause 25(3)(i) (Permitted Investment; Order of Priority), (b) the amounts payable under Clause
25(3)(ii) (Permitted Investment; Order of Priority) above and (c) on the Scheduled Repayment Date or
as soon as no more Loan Receivables are outstanding also for amounts payable under items tenth and

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 eleventh of the Order of Priority referred to in Clause 25(3)(i) (Permitted Investment; Order of
Priority) hereof. In addition, VW as Servicer is entitled to utilise the Cash Collateral Amount to the
extent and in the amounts as agreed with its auditors for the purposes of the Clean-Up Call.

(3) After the exercise of the Clean-Up Call, the Cash Collateral Account shall be closed and VW Bank
shall be entitled to the sums remaining in the Cash Collateral Account together with the interests
accrued thereof. After closing of the Cash Collateral Account, VW Bank is entitled to any Purchased
Loan Receivables still being collected.

(4) The Issuer will on the date of this Agreement establish at the Accumulation Account Bank the
Accumulation Account. During the Revolving Period, amounts on deposit in the Accumulation
Account shall be used by the Issuer at VW Bank's discretion for the purchase of the Additional Loan
Receivables from VW Bank according to the terms as set forth in Clause 5 et seq. of the Loan
Receivables Purchase Agreement. Upon the termination of the Revolving Period, the Accumulation
Account shall be closed and any amounts on deposit in the Accumulation Account shall be transferred
on the subsequent Payment Date to the Distribution Account.

27. Relation to Third Parties; Overpayment

(1) In respect of the Security, the Order of Priority shall be binding in point of security on all Transaction
Creditors of the Issuer. In respect of other assets of the Issuer, such Order of Priority shall only be
applicable internally between Transaction Creditors, the Security Trustee, and the Issuer; in third party
relationships, the rights of the Transaction Creditors and the Security Trustee shall have equal rank to
those of the third-party creditors of the Issuer.

(2) The Order of Priority set forth in Clause 25 (Permitted Investment; Order of Priority) of this
Agreement shall also be applicable if the claims are transferred to a third party by assignment,
subrogation into a contract, or otherwise.

(3) All payments to Transaction Creditors shall be subject to the condition that if a payment is made to a
creditor in breach of the Order of Priority, such creditor shall repay - with commercial effect to the
relevant Payment Date - the amount received to the Security Trustee; the Security Trustee shall then
pay - with commercial effect to the relevant Payment Date - out the moneys so received in the way that
they were payable in accordance with the aforementioned Order of Priority on the relevant Payment
Date. If such overpayment as regards a Funding is not repaid by the Payment Date following the
overpayment or if the claim to repayment is not enforceable, the Security Trustee is authorised and
obliged to adapt the distribution provisions pursuant to Clause 25 (Permitted Investment; Order of
Priority) of this Agreement in such a way that any over- or underpayments made in breach of Clause
25 (Permitted Investment; Order of Priority) of this Agreement are set off by correspondingly
increased or decreased payments on such Payment Date (and, to the extent necessary, on all subsequent
Payment Dates).

DELEGATION; ADVISORS

28. Delegation

(1) In individual instances, the Security Trustee may, at market prices (if appropriate, after obtaining
several offers), retain the services of a suitable law firm or credit institution to assist it in performing
the duties assigned to it under this Agreement by delegating the entire or partial performance of the
following duties:

(a) the undertaking of individual measures pursuant to Clause 18 (Breach of Obligation by the
Issuer) hereof, specifically the enforcement of certain claims against the Issuer or a
Transaction Creditor;

(b) the foreclosure on Security pursuant to Clause 20 (Foreclosure on the Security; Foreclosure
Event) hereof;

(c) the settlement of payments pursuant to Clause 22 (Payments upon Occurrence of the
Foreclosure Event) hereof; and

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 (d) the settlement of overpayments pursuant to Clause 27(3) (Relation to the Third Parties;
Overpayment) hereof.

(2) If third parties are retained pursuant to this Clause 28(1), the Security Trustee shall only be liable for
the exercise of due care in the selection and supervision of the third party to a degree that the Security
Trustee would exercise in its own affairs. The Security Trustee, however, shall not be liable for any
negligence of the third party.

(3) The Security Trustee shall promptly notify the Rating Agencies of every hiring pursuant to this Clause
28(1).

29. Advisors

(1) The Security Trustee is authorised, in connection with the performance of its duties under the Funding
and the Transaction Documents, at its own discretion, to seek information and advice from legal
counsel, financial consultants, banks, and other experts in Germany or elsewhere (and irrespective of
whether such Persons are already retained by the Security Trustee, the Issuer, a Transaction Creditor,
or any other Person involved in the transactions under the Notes, the Subordinated Loan or the
Transaction Documents), at market prices (if appropriate, after obtaining several offers).

(2) The Security Trustee may rely on such information and such advice without having to make its own
investigations. The Security Trustee shall not be liable for any damages or losses caused by its acting
in reliance on the information or the advice of such Persons. The Security Trustee shall not be liable
for any negligence of such Persons.

FEES; REIMBURSEMENT OF EXPENSES; INDEMNIFICATION; TAXES

30. Fees

(1) The Issuer will pay the Security Trustee a fee, the amount of which shall be separately agreed between
the Issuer and the Security Trustee.

(2) Upon the occurrence of a Foreclosure Event or a default of any party (other than the Security Trustee)
to a Transaction Document which results in the Security Trustee undertaking tasks, the Issuer shall pay
or procure to be paid to the Security Trustee such additional remuneration as shall be agreed between
them. In the event that the Issuer and the Security Trustee fail to agree as to whether and/or in which
amount an additional remuneration shall be payable in accordance with the preceding sentence, such
matters shall be determined by a bank, financial services institution or auditing firm of recognised
standing (acting as an expert and not as an arbitrator) jointly determined by the Issuer and the Security
Trustee. The determination made by such expert shall be final and binding upon the Issuer and the
Security Trustee. It being understood that the additional tasks to be performed by the Security Trustee
will not be delayed, but instead will be continued as if the Issuer and the Security Trustee would have
agreed on a fee immediately.

31. Reimbursement of Expenses; Advance

The Issuer shall bear all reasonable costs and disbursements (including costs for legal advice and costs
of other experts) incurred by the Security Trustee in connection with the performance of its duties
under this Agreement, including the costs and disbursements in connection with the creation, holding,
and foreclosure on the Security.

32. Right to Indemnification

The Issuer shall indemnify the Security Trustee against all losses, liabilities, obligations (including any
taxes), actions in and out of court, and costs and disbursements incurred by the Security Trustee in
connection with this Agreement, unless such costs and expenses are incurred by the Security Trustee
due to a breach of its standard of care pursuant to Clause 38 (Standard of Care) of this Agreement.

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33. Taxes

(1) The Issuer shall bear all transfer taxes and other similar taxes or charges which are imposed in
Germany on or in connection with (i) the creation, holding, or foreclosure on Security, (ii) on any
measure taken by the Security Trustee pursuant to the Conditions of the Notes, the Subordinated Loan
Agreement or the other Transaction Documents, and (iii) the Issue of the Notes, the execution of the
Subordinated Loan Agreement or the execution of the other Transaction Documents.

(2) All payments of fees and reimbursements of reasonable expenses to the Security Trustee shall include
any turnover taxes, value added taxes or similar taxes, other than taxes on the Security Trustee's overall
income or gains, which are imposed in the future on the services of the Security Trustee.

34. Limited Recourse; No Lien or Set-off; No Petition

(1) Limited Recourse

(a) Without prejudice to the Security and the enforcement and application of the proceeds thereof by the
Security Trustee in accordance with the Conditions, under the condition precedent (aufschiebende
Bedingung) that the Issuer would, at any time, after taking into account all claims of the creditors of
the Issuer (including the claims of the Subordinated Lender and the Noteholders), be overindebted
(überschuldet) within the meaning of section 19 of the German Insolvency Code (Insolvenzordnung –
"InsO"), to the extent that, and only as long as, it is necessary to avoid such over-indebtedness of the
Issuer, the obligations of the Issuer in respect of (in the following order:) first, the Subordinated Loan
and second, (pari passu and pro rata), the Noteholders shall be regarded as junior obligations for the
purpose of the German Insolvency Code (Insolvenzordnung – "InsO") but shall not be construed as a
waiver (Erlass, Verzicht) by the Subordinated Lender and the Noteholders or converted into equity of
the Issuer, and such junior obligations shall be treated as if they constitute statutory capital of the
Issuer (qualifizierter Rangrücktritt within the meaning of section 199 sentence 2 of the German
Insolvency Code (Insolvenzordnung – "InsO")). Notwithstanding the foregoing subordination, the
Issuer shall satisfy such junior obligations by payment to the Security Trustee for application in
accordance with the Conditions of the Notes out of future profit (Gewinn), liquidation surplus
(Liquidationsüberschuss) and/or other free assets (freies Vermögen) as soon as, and to the extent that,
the Issuer can do so without becoming over-indebted and/or illiquid. If no such or no sufficient assets
are available for payment of such junior obligations of the Issuer, first the Subordinated Lender and
second, (pari passu and pro rata), the Noteholders shall suffer the resulting shortfall. The obligations
of the Issuer in respect of the Notes and the Subordinated Loan shall extinguish immediately prior to
the registration of the liquidation of the Issuer at the Commercial Register (Anmeldung zum Schluß der
Liquidation zum Handelsregister).

(b) Without limitation to the generality of the above, each of the Transaction Creditors agrees that until all
sums required by the terms of this Agreement to be paid in accordance with the Order of Priority
thereto have been paid or discharged in full and then if and only to the extent that the Issuer shall have
funds available to pay such amounts and shall be permitted to pay such amounts in accordance with the
terms of this Agreement together with all other amounts payable pari passu therewith, no amount
payable by the Issuer to the relevant Transaction Creditor hereunder shall be paid or discharged to it.

(c) In the event of any payment, repayment or distribution in cash or in kind being made to any
Transaction Creditor otherwise than in accordance with the provisions of this Agreement or all or any
of the Secured Obligations being set-off against any moneys, liabilities or obligations now or at any
time hereafter due, owing or incurred from or by the Issuer to any Transaction Creditor, the relevant
Transaction Creditor undertakes (as a separate covenant) with the Issuer and the Security Trustee that
it will promptly pay or deliver (without set-off, deduction or counterclaim) an amount equal to the
amount so paid, repaid or distributed in cash or kind or set-off to the Issuer or, following the service of
an Enforcement Notice, the Security Trustee, to be applied in or towards discharge of the liabilities and
obligations of the Issuer in accordance with this Agreement.

(d) The Transaction Creditors hereby acknowledge and agree that the obligations of the Issuer under this
Agreement will be solely the corporate obligations of the Issuer, and that the Transaction Creditors
shall not have any recourse against any of the shareholders, directors, officers or employees of the
Issuer for any claims, losses, damages, liabilities, indemnities or other obligations whatsoever in
connection with any transactions contemplated by this Agreement.

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(2) The Security Trustee shall under no circumstances have any lien, right of retention, right of set-off or
similar right in respect of any moneys paid or payable to it or assets delivered or deliverable into its
custody under this Agreement vis-à-vis the Issuer.

(3) Prior to the date that is one year and one day after all of the Secured Obligations have been paid in full,
none of the Transaction Creditors or the Security Trustee shall take any action or institute any
proceeding against the Issuer under any applicable insolvency law or seek the protection of any
applicable insolvency law, provided that any such Person may become party to and participate in any
proceeding or action under any applicable insolvency law that is initiated by any Person other than
either such Person or one of its Affiliates.

(4) The provisions of this Clause 34 (Limited Recourse; No Lien or Set-Off; No Petition) shall survive the
termination of this Agreement.

REPLACEMENT OF THE SECURITY TRUSTEE

35. Termination by the Security Trustee for Good Cause

(1) The Security Trustee may resign from its office as Security Trustee for good cause (aus wichtigem
Grund) at any time, provided that upon or prior to its resignation, the Security Trustee, on behalf of the
Issuer, appoints a reputable bank in Germany or a reputable German auditing company and/or
fiduciary company as successor and such appointee who needs to be experienced in the business of
security trusteeship in Germany assumes all rights and obligations arising from this Agreement and has
been furnished with all authorities and powers that have been granted to the Security Trustee.

(2) Without prejudice to the obligation of the Security Trustee to appoint a successor in accordance with
Clause 35(1) above, the Issuer shall be authorised to make such appointment in lieu of the Security
Trustee.

(3) The appointment of the new Security Trustee pursuant to Clause 35(1) or Clause 35(2) above shall
only take effect if (i) VW Bank consents to the appointment of the proposed new Security Trustee; and
(ii) the Issuer consents to the appointment of the proposed new Security Trustee or withholds such
consent unreasonably. Consent pursuant to number (i) above shall be deemed granted if the Issuer or
the Security Trustee requests VW Bank in writing for consent to the appointment and consent is not
refused by VW Bank within five banking days in Frankfurt am Main of having received the request.
Consent pursuant to number (ii) shall be deemed granted if the Security Trustee requests the Issuer in
writing for consent to the appointment and consent or proof of reasonable cause for refusing to give
consent is not provided within five banking days in Frankfurt am Main after the Issuer receives the
request.

(4) A termination pursuant to Clause 35(1) above notwithstanding, the rights and obligations of the
Security Trustee shall continue until the appointment of the new Security Trustee has become effective
and the rights pursuant to Clause 37 (Transfer of Security; Costs; Publication) hereof have been
assigned to it.

(5) The outgoing Security Trustee shall, in case of a termination, reimburse (on a pro rata basis) to the
Issuer any up-front fees paid by the Issuer for periods after the date on which the substitution of the
Security Trustee is taking effect. In case of a termination by the Issuer for good cause (aus wichtigem
Grunde) which is attributable to a breach by the Security Trustee of its standard of care set out in
Clause 38 hereof, the outgoing Security Trustee shall reimburse the Issuer for the costs (including legal
costs and administration costs) or pay any costs incurred for the purpose of appointing a new Security
Trustee up to a maximum amount of EUR 20,000 (the "Replacement Cost"). For the avoidance of
doubt, such Replacement Cost shall cover any and all replacement costs occurred in respect of a
replacement of Wilmington Trust SP Services (Frankfurt) GmbH as Corporate Services Provider,
Wilmington Trust (London) Limited as Security Trustee and/or Wilmington Trust SP Services
(Luxembourg) S.A. as Data Protection Trustee.

36. Replacement of the Security Trustee

The Issuer shall be authorised and obliged to replace the Security Trustee with a reputable bank or a
reputable German auditing company and/or a fiduciary company who needs to be experienced in the

126
 business of security trusteeship in Germany if the Issuer has been so instructed in writing by a
Noteholder or Noteholders owning at least 25 per cent. of the outstanding principal amount of the
Notes or by the Subordinated Lender. The Issuer shall be obliged to notify VW Bank and the Rating
Agencies within thirty (30) calendar days upon receipt of such request to replace the Security Trustee
on the request to replace the Security Trustee.

37. Transfer of Security; Costs; Publication

(1) In the case of a replacement of the Security Trustee pursuant to Clause 35 (Termination by the Security
Trustee for Good Cause) or 36 (Replacement of the Security Trustee) of this Agreement, the Security
Trustee shall forthwith transfer the Security it holds as fiduciary under this Agreement, as well as its
Trustee Claim under Clause 4 (Position of the Security Trustee in Relation to the Issuer) (including the
pledge rights granted for the same pursuant to Clause 6 (Pledge)) in its capacity as trustee to the new
Security Trustee. Without prejudice to this obligation, the Issuer is hereby irrevocably authorised to
effect such transfer on behalf of the Security Trustee subject to the condition set forth in sentence 1.

(2) The costs incurred in connection with replacing of the Security Trustee pursuant to Clause 35
(Termination by the Security Trustee for Good Cause) or 36 (Replacement of the Security Trustee) of
this Agreement shall be borne by the Issuer. If the replacement pursuant to Clause 35 (Termination by
the Security Trustee for Good Cause) or Clause 36 (Replacement of the Security Trustee) of this
Agreement is caused by a violation of obligations of the Security Trustee as set out in Clause 38
hereof, the Issuer shall be entitled, without prejudice to any additional rights, to demand damages from
the Security Trustee in the amount of such costs.

(3) The appointment of a new Security Trustee in accordance with Clauses 35 (Termination by the
Security Trustee for Good Cause) and 36 (Replacement of the Security Trustee) of this Agreement shall
be published without delay in accordance with the Conditions of the Notes and the Subordinated Loan
Agreement, or, if this is not possible, in any other appropriate way.

(4) The Security Trustee shall provide the new Security Trustee with a report regarding its activities within
the framework of this Agreement.

LIABILITY OF THE SECURITY TRUSTEE

38. Standard of Care

The Security Trustee shall be liable for breach of its obligations under this Agreement only if and to
the extent that it fails to meet the standard of care which it would exercise in its own affairs (Sorgfalt in
eigenen Angelegenheiten).

39. Exclusion of Liability

The Security Trustee shall not be liable for: (i) any action or failure to act of the Issuer or of other
parties to the Transaction Documents, (ii) the Notes, the Subordinated Loan, the Purchased Loan
Receivables and the Loan Collateral and the Transaction Documents being legal, valid, binding, or
enforceable, or for the fairness of the provisions set forth in the Notes, the Subordinated Loan
Agreement or in the aforementioned Transaction Documents, (iii) a loss of documents related to the
Purchased Rights unless attributable to a violation of the standard of care set out in Clause 38 above of
the Security Trustee, and (iv) – without prejudice to the provisions of Clause 18 (Breach of Obligations
by the Issuer) – VW Bank's failure to meet all or part of its contractual obligations to submit
documents to the Security Trustee. In addition, no shareholder, officer or director of the Security
Trustee shall incur any personal liability as a result of the performance or non-performance by the
Security Trustee of its obligations hereunder. Any recourse against such a shareholder, officer or
director is excluded accordingly, save for any such shareholder's, officer's or director's own gross
negligence (grobe Fahrlässigkeit) or willful misconduct (Vorsatz).

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UNDERTAKINGS OF THE ISSUER

40. Undertakings of the Issuer in Respect of the Security

The Issuer undertakes vis-à-vis the Security Trustee:

(1) not to sell the Security and to refrain from all actions and failure to act (excluding the collection and
enforcement of the Security in the ordinary course of business) which may result in a significant
(wesentlichen) decrease in the aggregate value or in a loss of the Security; to the extent that there are
indications that a Transaction Creditor does not properly fulfil its obligations under a Transaction
Document, the Issuer will in particular exercise the care due from a prudent merchant (Sorgfalt eines
ordentlichen Kaufmanns) to take all necessary action to prevent the Security or their value from being
jeopardised;

(2) upon request of the Security Trustee, to mark in its accounting records the transfer for security
purposes and the pledge to the Security Trustee and to disclose to third parties having a legal interest in
becoming aware of the transfer for security purposes and the pledge that the transfer for security
purposes and the pledge has taken place;

(3) promptly to notify the Security Trustee if the rights of the Security Trustee in the Security are impaired
or jeopardised by way of an attachment or other actions of third parties, by sending a copy of the
attachment or transfer order or of any other document on which the enforcement of the third party is
based, as well as all further documents which are required or useful to enable the Security Trustee to
file proceedings and take other actions in defence of its rights. In addition, the Issuer shall promptly
inform the attachment creditor and other third parties in writing of the rights of the Security Trustee in
the Security; and

(4) to permit the Security Trustee or its representatives to inspect its books and records at any time during
usual business hours for purposes of verifying and enforcing the Security, to give any information
necessary for such purpose, and to make the relevant records available for inspection.

41. Other Undertakings of the Issuer

The Issuer undertakes to:

(1) promptly notify the Security Trustee in writing if circumstances occur which constitute a Foreclosure
Event pursuant to Clause 20 (Foreclosure on the Security; Foreclosure Event) of this Agreement;

(2) submit to the Security Trustee at least once a year and in any event not later than 120 calendar days
after the end of its fiscal year and at any time upon demand within five days a certificate signed by a
director of the Issuer in which such director, in good faith and to the best of his/her knowledge based
on the information available represents that during the period between the date the preceding certificate
was submitted (or, in the case of the first certificate, the date of this Agreement) and the date on which
the relevant certificate is submitted, the Issuer has fulfilled its obligations under the Notes, the
Subordinated Loan Agreement and the other Transaction Documents or (if this is not the case)
specifies the details of any breach;

(3) give the Security Trustee at any time such other information it may reasonably demand for the purpose
of performing its duties under this Agreement;

(4) send to the Security Trustee one copy in the German or the English language of any balance sheet, any
profit and loss accounts, any report or notice, or any other memorandum sent out by the Issuer to its
shareholders either at the time of the mailing of those documents to the shareholders or as soon as
possible thereafter;

(5) send or have sent to the Security Trustee a copy of any notice given in accordance with the Conditions
of the Notes and/or the terms of the Subordinated Loan Agreement immediately, or at the latest on the
day of the publication of such notice;

128
(6) ensure that the Paying Agent notifies the Security Trustee immediately if they do not receive the
moneys needed to discharge in full any obligation to repay the full or partial principal amount due to
the Noteholders and/or the Subordinated Lender on any Payment Date;

(7) have at all times at least one director independent from the Seller and the Issuer's shareholders;

(8) correct any known misunderstanding regarding its separate identity; and

(9) conduct its own business in its own name.

42. Negative Undertakings

As long as the Notes and the Subordinated Loan are outstanding, the Issuer is not authorised without
prior written consent of the Security Trustee to:

(1) engage in any business or activities other than:

(i) the performance of the obligations under this Agreement, the Notes, the Subordinated Loan Agreement
and the other Transaction Documents and under any other agreements which have been entered into in
connection with the Funding;

(ii) the enforcement of its rights;

(iii) the performance of any acts which are necessary or useful in connection with (i) or (ii) above; and

(iv) the execution of all further documents and undertaking of all other actions, at any time and to the
extent permitted by law, which, in the opinion of the Security Trustee, are necessary or warranted with
respect to the reasonable interests of the Noteholders or the Subordinated Lender in order to ensure that
the Conditions or the Subordinated Loan Agreement are always valid;

(2) hold, permit to subsist any subsidiary nor form or acquire any subsidiary (unless in the case of a
substitution of the Issuer pursuant to the Conditions and the Subordinated Loan Agreement);

(3) dispose of any assets or any part thereof or interest therein and/or make, incur, assume or suffer to exist
any loan, advance or guarantee to any person, unless provided otherwise in this Clause 42(1) above;

(4) pay dividends or make any other distribution to its shareholders;

(5) incur, create, assume or suffer to exist or otherwise become or be liable in respect of any indebtedness,
whether present or future;

(6) have any employees or own any real estate assets;

(7) create or permit to subsist any mortgages, or – notwithstanding of its obligations under the Transaction
Documents - any liens, pledges or similar rights;

(8) consolidate or merge;

(9) materially amend its Articles of Association;

(10) issue new shares and acquire shares;

(11) open new accounts (other than contemplated in the Transaction Documents);

(12) change its country of incorporation unless in accordance with Condition 10;

(13) effect a substitution of debtors pursuant to the Conditions of the Notes and the Subordinated Loan
Agreement;

(14) permit its assets to become commingled with those of any other party; or

129
(15) acquire obligations or securities of its affiliates.

MISCELLANEOUS PROVISIONS

43. Notices

(1) Subject to this Clause 43(3), all notices under this Agreement shall be made in the German or English
language by mail or by fax which shall be confirmed by mail. Notices to VW Bank shall be sent
separately to the attention of the individuals nominated by VW Bank in this Clause 43(2) below.

(2) Subject to written notification of any change of address, all notices under this Agreement to the parties
set forth below shall be directed to the following addresses:

(a) for the Issuer:

Private Driver 2010-1 Fixed GmbH

c/o Wilmington Trust SP Services (Frankfurt) GmbH
Attn.: Directors
Steinweg 3-5
60313 Frankfurt am Main
Germany
Fax: (+49-69) 2992 5387
Email.: fradirectors@wilmingtontrust.com

(b) for VW Bank:

Volkswagen Bank GmbH

Attn.: Christian Heuer
Letter Box: F-TRA
Gifhorner Straße 57
38112 Braunschweig
Germany
Fax: (+49-531) 212 3853

(c) for the Security Trustee:

Wilmington Trust (London) Limited

Attn.: the Directors
Fifth Floor
6 Broad Street Place
London EC2M 7JH
United Kingdom
Fax: (+44-20) 7614 1122

(d) for Fitch:

Fitch Ratings Limited

Attn.: Structured Finance Surveillance
First Floor, 101 Finsbury Pavement
London EC2A 1RS
United Kingdom
Fax: (+44-20) 74176262
Email: ABSsurveillance@fitchratings.com

(e) for S&P:

Standard & Poor's Ratings Services

20 Canada Square
Canary Wharf

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 London E14 5LH
United Kingdom
Telefax: (+44-20) 7176 3098
Email: ABSEuropeanSurveillance@standardandpoors.com

(f) for the Data Protection Trustee:

Wilmington Trust SP Services (Luxembourg) S.A.

Attn.: Zamyra H. Cammans
52-54 Avenue du X Septembre
L-2550 Luxembourg
Luxembourg
Fax: (+352) 2645 9628
Email: ZCammans@WilmingtonTrust.com

(g) for the Paying Agent and the Account Bank:

BNP Paribas Securities Services, Luxembourg Branch

Attn.: Corporate Trust Services
33, rue de Gasperich, Howald – Hesperange
L-2085 Luxembourg
Fax: (+352) 2696 9757

(h) if to the Calculation Agent:

BNP Paribas Securities Services, Luxembourg Branch

Attn.: Corporate Trust Services
33, rue de Gasperich, Howald – Hesperange
L-2085 Luxembourg
Fax: (+352) 2696 9758

(i) for the Corporate Services Provider:

Wilmington Trust SP Services (Frankfurt) GmbH

Attn.: Florian A. Schlüter
Attn.: Stephanie Gaubatz
Steinweg 3-5
60313 Frankfurt am Main
Germany
Fax: (+49-69) 2992 5387
Email: fradirectors@wilmingtontrust.com

(j) for the Co-Arrangers

Volkswagen Financial Services AG

Attn.: Christian Heuer
Letter Box: F-TRA
Gifhorner Straße 57
38112 Braunschweig
Germany
Fax: (+49-531) 212 3853

WestLB AG
Attn.: Jan-Peter Hülbert
Herzogstraße 15
40217 Düsseldorf
Germany
Fax: (+49-211) 826 2908

(k) for the Subordinated Lender:

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 Volkswagen International Finance N.V.
Attn.: Frank Mitschke (Managing Director)
Herengracht 495
1017BT Amsterdam
The Netherlands
E-mail: f.mitschke@vwfsag.com
Fax (+31-20) 626 9254

(l) for the Lead Manager:

WestLB AG
Attn.: Jan-Peter Hülbert
Herzogstraße 15
40217 Düsseldorf
Germany
Fax: (+49-211) 826 6545

(3) Such communications will take effect, in the case of a letter, when delivered or, in the case of a fax,
upon receipt by the sender of the relevant fax of a transmission confirmation. Any communication
which is received after 4.00 p.m. (in the city of the addressee) on any particular day or on a day on
which commercial banks and foreign exchange markets do not settle payments in the city of the
addressee shall be deemed to have been received and shall take effect from 10.00 a.m. on the next
following day on which commercial banks and foreign exchange markets settle payments in the city of
the addressee or on the next Business Day, as applicable.

(4) All notices that the Security Trustee must give to the Noteholders under this Agreement shall be (i)
published in a newspaper with nationwide circulation of the Luxembourg Stock Exchange to which the
Notes are admitted for trading and/or published on the website of the Luxembourg Stock Exchange
(www.bourse.lu) and (ii) delivered to the applicable clearing systems for communication by them to
the Noteholders.

44. Severability Clause; Coordination

(1) Without prejudice to any other provision hereof, if any provision of this Agreement is or becomes
invalid in whole or in part, the remaining provisions shall remain unaffected thereby. Invalid
provisions shall be replaced by such valid provisions which taking into consideration the purpose and
intent of this Agreement have to the extent legally possible the same economic effect as the invalid
provisions. The preceding provisions shall be applicable mutatis mutandis to any lacunae in this
Agreement.

(2) The parties to this Agreement each undertake vis-à-vis the respective other party to take all actions that
become necessary pursuant to Clause 44(1) above or for other reasons to implement this Agreement.

45. Amendments

(1) VW Bank will be entitled to unilaterally amend any term or provision of this Agreement with the
consent of the Issuer but without the consent of any Noteholder, the Subordinated Lender or any other
Person; provided that such amendment shall only become valid,

(a) if it is notified to the Security Trustee and the Rating Agencies and the Issuer and VW Bank have
received a confirmation (x) from the Security Trustee that in the sole professional judgment of the
Security Trustee, such amendment will not be materially prejudicial to the interests of any such
Transaction Creditor and (y) from S&P that the ratings then assigned to the Notes will not be adversely
affected by such amendment and that the Rating Agency Confirmation is satisfied thereby; and

(b) in case of amendments which materially and adversely affect the interests of the Issuer, the Security
Trustee or the Subordinated Lender if such parties that are materially and adversely affected have
consented to such amendment.

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(2) The Security Trustee shall have the right to request a reputable international law firm to confirm the
legal validity of such amendment and/or to describe the legal effects of such amendment and to incur
reasonable expenses for such consultation which shall be reimbursed by VW Bank.

(3) This Agreement may also be amended from time to time in accordance with the provisions set out in
sections 5 to 21 of the German Act on Debt Securities from Entire Issues (Gesetz über
Schuldverschreibungen aus Gesamtemissionen Schuldverschreibungsgesetz - SchVG) with the consent
of (a) the Issuer and (b) the Class A Noteholders evidencing not less than a Majority of the aggregate
outstanding principal amount of the outstanding Class A Notes, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Noteholders; provided that no such amendment shall reduce
the interest rate or principal amount of any Note or delay the Scheduled Repayment Date or Final
Maturity Date of any Note without the consent of the respective Noteholder. The manner of obtaining
such consents may be either a meeting of Noteholders or by way of a decision without a meeting of
Noteholders (einer Abstimmung ohne Versammlung), in each case as further provided in sections 5 to
21 of the SchVG. The manner of obtaining any other consents of Noteholders provided for in this
Agreement and of evidencing the authorisation of the execution thereof by Noteholders will be subject
to such reasonable requirements as the Security Trustee may prescribe, including the establishment of
record dates. Upon full redemption of all Class A Notes, the foregoing sentence shall apply with the
modification that the required Class A Noteholder consent as set out under (b) shall be replaced by
consent of Class B Noteholders evidencing not less than a Majority of the aggregate outstanding
principal amount of the outstanding Class B Notes.

46. Governing Law; Place of Performance; Jurisdiction

(1) This Agreement and all non-contractual obligations arising from or connected with it are governed by
and shall be construed in accordance with the laws of Germany.

(2) Each party to this Agreement irrevocably agrees that the Regional Court (Landgericht) of
Frankfurt/Main shall have non-exclusive jurisdiction to hear and determine any proceedings and to
settle any disputes brought in connection herewith, and each party hereto irrevocably submits to the
jurisdiction of the German courts. This jurisdiction agreement is not concluded for the benefit of only
one party.

(3) Nothing in this Clause 46 (Governing Law; Place of Performance; Jurisdiction) shall limit any party's
right to take proceedings against any other party in any other jurisdiction or in more than one
jurisdiction concurrently, subject to article 17 of the Convention on jurisdiction and the enforcement of
judgments in civil and commercial matters opened for signature in Brussels in 1968 and article 17 of
the similarly-named Convention opened for signature in Lugano in 1988 or Council Regulation (EC)
No. 44/2001 of 22 December 2000 on jurisdiction and the enforcement of judgments in civil and
commercial matters.

(4) Each party hereto also irrevocably waives (and irrevocably agrees not to raise) any objection which it
might at any time have on the ground of forum non conveniens or any other ground to proceedings
being taken in any court referred to in this Clause 46 (Governing Law; Place of Performance;
Jurisdiction), and irrevocably agrees that any judgment in proceedings taken in any such court shall be
conclusive and binding on it and may be enforced in any other jurisdiction.

47. Condition Precedent

This Agreement and the rights and obligations hereunder are subject to the condition precedent that the
Note Purchase Agreement will be executed and that the Loan Receivables Purchase Agreement will
become effective.

48. Third Party Benefit

Unless expressly stipulated herein otherwise, a Person who is not a party to this Agreement has no
right under section 328 (echter Vertrag zugunsten Dritter) of the German Civil Code to enforce or to
enjoy the benefit of any term of this Agreement.

133
49. Counterparts

This Agreement may be signed in any number of counterparts. Each signed counterpart shall be
deemed an original.

IN WITNESS WHEREOF, this Agreement is duly executed and delivered on the date
and the year first above written.

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 SUBSCRIPTION AND SALE

SUBSCRIPTION OF THE NOTES

Subscription and Sale

The Class A Notes will be underwritten by a syndicate of financial institutions, headed by WestLB
AG, acting through its office at Herzogstraße 15, 40217 Düsseldorf, Germany, as Lead Manager at an
issue price of 100 per cent. of their principal amounts. The payment date is 28 October 2010.

The Class B Notes will be underwritten by a syndicate of financial institutions, headed by WestLB AG,
acting through its office at Herzogstraße 15, 40217 Düsseldorf, Germany, as Lead Manager at an
issue price of 100 per cent. of their principal amounts. The payment date is 28 October 2010.

Selling Restrictions

General

All applicable laws and regulations must be observed in any jurisdiction in which the Notes may be
offered, sold or delivered, to the best of such Bank's knowledge and belief. Each of the Banks has
agreed that it will not offer, sell or deliver any of the Notes, directly or indirectly, or distribute this
Offering Circular or any other marketing material relating to the Notes, in or from any jurisdiction
except under circumstances that will result in compliance with the applicable laws and regulations
thereof, to the best of such Bank's knowledge and belief, and that will not impose any obligations on
the Issuer except as set out in the Note Purchase Agreement.

European Economic Area

In relation to each Member State of the European Economic Area which has implemented the
Prospectus Directive (each, a "Relevant Member State"), each of the Banks has represented and
agreed that with effect from and including the date on which the Prospectus Directive is implemented
in that Relevant Member State (the "Relevant Implementation Date") it has not made and will not
make an offer of Notes to the public in that Relevant Member State prior to the publication of a
prospectus in relation to the Notes which has been approved by the competent authority in that
Relevant Member State in accordance with the Prospectus Directive or, where appropriate, published in
another Relevant Member State and notified to the competent authority in that Relevant Member State
in accordance with Article 18 of the Prospectus Directive, except that it may, with effect from and
including the Relevant Implementation Date, make an offer of Notes to the public in that Relevant
Member State at any time:

(a) to legal entities which are authorized or regulated to operate in the financial markets or, if not
so authorized or regulated, whose corporate purpose is solely to invest in securities;

(b) to any legal entity which has two or more of (1) an average of at least 250 employees during
the last fiscal year; (2) a total balance sheet of more than € 43,000,000 and (3) an annual net
turnover of more than € 50,000,000, as shown in its last annual or consolidated accounts;

(c) to fewer than 100 natural or legal persons (other than qualified investors as defined in the
Prospectus Directive); or

(d) in any other circumstances which do not require the publication by the Issuer of a prospectus
pursuant to Article 3 of the Prospectus Directive;

provided that no such offer of Notes shall require the Issuer or Co-Arrangers or the Lead Manager to
publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus
pursuant to Articles 16 of the Prospectus Directive.

For the purposes of this provision, the expression an "offer of Notes to the public" in relation to any
Notes in any Relevant Member State means the communication in any form and by any means of
sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor

135
to decide to purchase or subscribe the Notes, as the same may be varied in that Member State by any
measure implementing the Prospectus Directive in that Member State, and the expression "Prospectus
Directive" means Directive 2003/71/EC and includes any relevant implementing measure in each
Relevant Member State.

United States of America and its Territories

Each of the Banks represents and agrees in a note purchase agreement that:

(1) The Notes have not been and will not be registered under the Securities Act and may not be
offered, or sold within the United States or to, or for the account or benefit of, U.S. persons
except pursuant to an exemption from the registration requirements of the Securities Act. Each
of the Banks has represented and agreed that it has not offered or sold the Notes, and will not
offer or sell the Notes (i) as part of its distribution at any time or (ii) otherwise until forty (40)
calendar days after the completion of the distribution of all the Notes only in accordance with
Rule 903 of Regulation S under the Securities Act. Neither the Banks nor their respective
Affiliates nor any Persons acting on their behalf have engaged or will engage in any directed
selling efforts with respect to the Notes, and they have complied and will comply with the
offering restrictions requirements of Regulation S under the Securities Act. At or prior to
confirmation of sale of Notes, the Banks will have sent to each distributor, dealer or person
receiving a selling concession, fee or other remuneration that purchases Notes from them
during the distribution compliance period a confirmation or notice to substantially the
following effect:

"The Securities covered hereby have not been registered under the U.S. Securities Act of
1933, as amended (the "Securities Act"), and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any
time or (ii) otherwise until forty (40) calendar days after the completion of the distribution of
the Securities as determined and certified by the Banks. Terms used above have the meaning
given to them in Regulation S under the Securities Act".

Terms used in this Clause (1) have the meaning given to them in Regulation S under the Securities Act.

(2) Further, each of the Banks represents and agrees that:

(a) except to the extent permitted under U.S. Treas. Reg. section 1.163-5 (c)(2)(i)(D) (the
"TEFRA D Rules"), (i) it has not offered or sold, and during the restricted period will
not offer or sell, directly or indirectly, Notes in bearer form to a person who is within
the United States or its possessions or to a United States Person, and (ii) it has not
delivered and will not deliver, directly or indirectly, within the United States or its
possessions definitive Notes in bearer form that are sold during the restricted period;

(b) it has and throughout the restricted period will have in effect procedures reasonably
designed to ensure that its employees or agents who are directly engaged in selling
Notes in bearer form are aware that such Notes may not be offered or sold during the
restricted period to a person who is within the United States or its possessions or to a
United States person, except as permitted by the TEFRA D Rules;

(c) if it was considered a United States person, that it is acquiring the Notes for purposes
of resale in connection with their original issuance and agrees that if it retains Notes
in bearer form for its own account, it will only do so in accordance with the
requirements of U.S. Treas. Reg. section 1.63-5 (c)(2)(i)(D)(6); and

(d) with respect to each Affiliate that acquires from it Notes in bearer form for the
purpose of offering or selling such Notes during the restricted period that it will
either (i) repeat and confirm the representations and agreements contained in sub-
clauses (a), (b) and (c); or (ii) obtain from such Affiliate for the benefit of the Issuer
the representations and agreements contained in sub-clauses (a), (b) and (c).

Terms used in this Clause (2) have the meanings given to them by the U.S. Internal Revenue Code and
regulations thereunder, including the TEFRA D Rules.

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United Kingdom

Each of the Banks represents and agrees with the Issuer that:

(a) they have only communicated or caused to be communicated and will only communicate or
cause to be communicated an invitation or inducement to engage in investment activity (within
the meaning of section 21 of the Financial Services and Markets Act 2000 (the "FSMA"))
received by it in connection with the issue or sale of any Notes in circumstances in which
section 21(1) of the FSMA does not apply to the Issuer; and

(b) they have complied and will comply with all applicable provisions of the FSMA with respect
to anything done by it in relation to the Notes in, from or otherwise involving the United
Kingdom.

Republic of France

Each of the Banks represents and agrees that, it has not offered or sold and will not offer or sell,
directly or indirectly, Notes to the public in the Republic of France (offre au public de titres financiers)
within the meaning of Article L.411-1 of the French Monetary and Financial Code (Code monétaire et
financier) and Articles 211-1 et seq. of the General Regulations (Règlement Général) of the French
Market Authority (Autorité des Marchés Financiers), and has not distributed or caused to be distributed
and will not distribute or cause to be distributed, directly or indirectly, to the public in the Republic of
France, this Offering Circular and any other offering material relating to the Notes, and that such
offers, sales and distributions have been and shall only be made in the Republic of France (i) to
qualified investors (investisseurs qualifiés) acting for their own account, and/or (ii) to persons
providing portfolio management investment service for third parties (personnes fournissant le service
d'investissement de gestion de portefeuille pour compte de tiers), each as defined in and in accordance
with Articles L. 411-2-II°, D. 411-1 to D. 411-3, D. 734-1, D. 744-1, D. 754-1 and D. 764-1 of the
French Monetary and Financial Code (Code monétaire et financier) and any implementing regulation
or decree and/or (iii) in a transaction that, in accordance with Articles L. 411-2-I-1° or 2° or 3° of the
French Monetary and Financial Code (Code monétaire et financier) and Article 211-2 of the General
Regulations (Règlement Général) of the French Market Authority (Autorité des Marchés Financiers),
does not constitute an offer to the public (offre au public de titres financiers).

Each of the Banks has informed and/or will inform such investors that the subsequent direct or indirect
retransfer of the Notes in France can only be made in compliance with Articles L. 411-1, L. 411-2,
L.412-1 and L. 621-8 through L. 621-8-3 of the French Monetary and Financial Code (Code monétaire
et financier). This Offering Circular and any other offering material relating to the Notes have not been
and will not be submitted to the French Market Authority (Autorité des Marchés Financiers) for
approval and do not constitute an offer to the public (offre au public de titres financiers).in the
Republic of France for the sale or subscription of financial instruments.

Republic of Italy

The offering of the Notes in the Republic of Italy has not been authorised by the Italian Securities and
Exchange Commission (Commissione Nazionale per le Società e la Borsa, "CONSOB") pursuant to
the Italian securities legislation and, accordingly, each of the Banks has represented and agreed that it
has not offered or sold, and will not offer, sell or deliver any Notes or distribute copies of the Offering
Circular or of any other offering material relating to the Notes in the Republic of Italy in a public offer
within the meaning of Article 1.1(t) of Legislative Decree No. 58 of 24 February 1998 ("Decree No.
58"), other than:

(a) to Italian qualified investors, as defined in Article 100 of Decree no. 58 by reference to Article 34-
ter of CONSOB Regulation no. 11971 of 14 May 1999 ("Regulation no. 11971") as amended
("Qualified Investors"); and

(b) in other circumstances which are exempted from the rules on public offer pursuant to Article 100
of Decree No. 58 and Article 34-ter of Regulation No. 11971, as amended.

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Any offer, sale or delivery of the Notes or distribution of copies of the Offering Circular or any other
document relating to the Notes in Italy under the paragraphs above must be:

(a) made by investment firms, banks or financial intermediaries permitted to conduct such activities in
Italy in accordance with Legislative Decree No. 385 of 1 September 1993, as amended ("Decree
No. 385"), Decree No. 58, CONSOB Regulation No. 16190 of October 29, 2007 and any other
applicable laws and regulations; and

(b) in compliance with all relevant Italian securities, tax and exchange controls and any other
applicable laws and regulations.

Any subsequent distribution of the Notes in Italy must be made in compliance with the public offer and
prospectus requirement rules provided under Decree no. 58 and Regulation no. 11971 as amended,
unless an exemption from those rules applies. Failure to comply with such rules may result in the sale
of such Notes being declared null and void and in the liability of the entity transferring the Notes for
any damages suffered by the investors.

138
 GENERAL INFORMATION

NOTE ISSUES

The Notes have been authorised by the managing directors of the Issuer on 15 October 2010 and will
be issued by the managing directors of the Issuer on 28 October 2010. For the effective issue of the
Notes, the managing directors do not require any shareholders' resolution or other internal approval.
According to Clause 2 of the Issuer's Articles of Association (Gesellschaftsvertrag), the issue of asset-
backed secured notes is the purpose of the Issuer.

LITIGATION

Neither the Issuer is, or has been since its incorporation, nor VW Bank is, or has during the last twelve
(12) months been, engaged in any litigation or arbitration proceedings which may have or have had
during such period a significant effect on its respective financial position, and, as far as the Issuer, or
VW Bank, respectively, are aware, no such litigation or arbitration proceedings are pending or
threatened.

NO SIGNIFICANT CHANGE

Save as disclosed in this Offering Circular, there has been no significant change in the financial
position of the Issuer since its incorporation.

PAYMENT INFORMATION AND POST- ISSUANCE INFORMATION

The Issuer does not intend to provide any post-issuance information, except if required by any
applicable laws and regulations.

For so long as the Notes are listed on the official list and admitted to trading on the regulated market of
the Luxembourg Stock Exchange, the Issuer will notify the Luxembourg Stock Exchange on the
Service Report Performance Date of the Interest Amounts, Interest Accrual Periods and the payments
of principal, in each case without delay after their determination pursuant to the Conditions. The
information will be communicated to the Luxembourg Stock Exchange at the latest on the first day of
each interest period.

All information to be given to the Noteholders pursuant to Condition 6, including monthly information
on the development of the portfolio as set out in Condition 6, will be available and may be obtained
(free of charge) at the specified office of the Paying Agent.

The Notes have been accepted for clearance through Clearstream Banking société anonyme,
Luxembourg and Euroclear Bank S.A./N.V.

All notices concerning the Notes shall be published on the website of the Luxembourg Stock Exchange
(www.bourse.lu) and/or in a newspaper having general circulation in Luxembourg (which is expected
to be the Luxemburger Wort) insofar as required by the rules of the Luxembourg Stock Exchange and
shall be delivered to the applicable clearing systems for communications by them to the Noteholders.

Additionally, the Issuer undertakes towards True Sale International GmbH to submit investor reports
which contain the post-issuance transaction information regarding the performance of the Purchased
Loan Receivables and the Notes to be admitted to trading on the regulated market of the Luxembourg
Stock Exchange for publication on True Sale International GmbH's website (www.true-sale-
international.de). True Sale International GmbH has no obligation against the Noteholders to update or
verify any information or publish it on its website.

LISTING AND ADMISSION TO TRADING

Application has been made for listing of the Notes on the official list of the Luxembourg Stock
Exchange and for admission to trading of the Notes on the regulated market of the Luxembourg Stock
Exchange. The total expenses related to the admission to listing and trading will approximately amount
to EUR 11,280.

139
ICSDS

Euroclear Bank S.A./N.V.

1 Boulevard du Roi Albert II
1210 Brussels
Belgium

Clearstream Banking, société anonyme, Luxembourg

42 Avenue JF Kennedy
L-1885 Luxembourg

CLEARING CODES

Class A Notes
ISIN: XS0545042334
Common Code: 054504233
Class B Notes
ISIN: XS0545042763
Common Code: 054504276

INSPECTION OF DOCUMENTS

Copies of the following documents may be inspected during customary business hours on any working
day from the date hereof (or the date of publication of such document, as relevant) as long as the Notes
remain outstanding at the registered office of the Issuer and the Paying Agent and as long as the Notes
are listed on the official list of the Luxembourg Stock Exchange and admitted to trading on the
regulated market of the Luxembourg Stock Exchange they will also be available at the specified offices
of the Paying Agent, (i) the Transaction Documents; (ii) the Articles of Association
(Gesellschaftsvertrag) of the Issuer and (ii) all future financial reports of the Issuer. A copy of the
Offering Circular will be published on the website of the Luxembourg Stock Exchange
(www.bourse.lu).

Private Driver 2010-1 Fixed GmbH

Steinweg 3-5
60313 Frankfurt am Main
Germany

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 MASTER DEFINITIONS SCHEDULE

The following is the text of the Master Definitions Schedule. The text will be attached as Appendix B to
the Conditions of both Classes and constitutes an integral part of the Conditions of both Classes. In
case of any overlap or inconsistency in the definitions of a term or expression in the Master Definitions
Schedule and elsewhere in the Offering Circular, the definitions of the Master Definitions Schedule will
prevail.

1. DEFINITIONS

1.1 The parties to this Master Definitions Schedule agree that, except where expressly stated to the
contrary or where the context otherwise requires, the definitions set out below shall apply to
terms or expressions referred to but not otherwise defined in each Transaction Document.

"Account Agreement" means the account agreement between the Issuer, the Account Bank and
the Security Trustee governing the Accounts dated on or about the Signing Date.

"Account Bank" means the Accumulation Account Bank, the Cash Collateral Account Bank,
the Monthly Collateral Account Bank and the Distribution Account Bank.

"Account Bank Required Guarantee" means a guarantee provided to the Account Bank by a
party with ratings of at least "F1" and "A" from Fitch and "A-1" from S&P or, if such entity is
not the subject of an S&P's short-term rating, long-term ratings of at least "A+" from S&P. For
the avoidance of doubt, such Account Bank Required Guarantee shall comply with the S&P's
guarantee criteria as published by S&P from time to time. For the purpose of assessment of
this definition, an entity on RWN should be considered to be rated one notch below its current
rating by Fitch.

"Account Bank Required Rating" means ratings of at least "F1" and "A" from Fitch and "A-
1" from S&P or, if such entity is not the subject of an S&P's short-term rating, long-term
ratings of at least "A+" from S&P. For the purpose of assessment of this definition, an entity
on RWN should be considered to be rated one notch below its current rating by Fitch.

"Accounts" means the Accumulation Account, the Cash Collateral Account, the Distribution
Account and the Monthly Collateral Account collectively. The "Account" means any one of the
Accounts.

"Accrued Interest" means in respect of a Note, the Note interest which has accrued up to the
sale of such Note.

"Accumulation Account" means the account no. LU90 3280 3617 16C0 3978 held with the
Accumulation Account Bank.

"Accumulation Account Bank" means BNP Paribas Securities Services, Luxembourg Branch.

"Additional Cutoff Date" means in respect of an Additional Purchase Date the last day of the
latest completed Monthly Period.

"Additional Loan Receivables" means the additional Loan Receivables to be purchased by

the Issuer from the Seller in accordance with an Additional Loan Receivables Purchase
Agreement.

"Additional Purchased Loan Receivables" means the Additional Loan Receivables

purchased by the Issuer from the Seller in accordance with the Additional Loan Receivables
Purchase Agreement.

"Additional Loan Receivables Purchase Agreement" means any additional loan receivables
purchase agreement to be entered into between the Issuer and VW Bank during the Revolving
Period on an Additional Purchase Date governed by the Loan Receivables Purchase
Agreement, particularly Clauses 5 through 7 of the Loan Receivables Purchase Agreement.

141
"Additional Purchase Date" means a Payment Date falling in the Revolving Period on which
the Additional Purchased Loan Receivables are purchased by the Issuer in accordance with the
Additional Loan Receivables Purchase Agreement.

"Additional Purchase Price" means in respect of Additional Purchased Loan Receivables an

amount equal to the Aggregate Discounted Principal Balance of the Additional Purchased Loan
Receivables (discounted at the Discount Rate as of the respective Additional Cutoff Date) less
the Additional Purchase Price Discount.

"Additional Purchase Price Discount" means 2.0 per cent. of the Aggregate Discounted
Principal Balance of the Additional Purchased Loan Receivables.

"Adverse Claim" means any mortgage, charge, pledge, hypothecation, lien, floating charge or
other security interest or encumbrance or other right or claim under the laws of any
jurisdiction, of or on any Person's assets or properties in favour of any other Person.

"Affiliate" means, in relation to any Person, any entity controlled, directly or indirectly by the
Person, any entity that controls, directly or indirectly the Person or any entity directly or
indirectly under common control with such Person (for this purpose, "control" of any entity of
Person means ownership of a majority of the voting power of the entity or Person). For the
purposes of this definition, with respect to the Issuer, "Affiliate" does not include the
Corporate Services Provider or any entities which the Corporate Services Provider controls.

"Agency Agreement" means the agency agreement between, inter alia, the Issuer, the Paying
Agent and the Security Trustee dated on or about the Signing Date.

"Agents" means the Calculation Agent and the Paying Agent, and "Agent" means any one of
them.

"Aggregate Additional Cutoff Date Discounted Principal Balance" means the sum of the
Discounted Principal Balance for the Additional Purchased Loan Receivables purchased at the
relevant Additional Purchase Date.

"Aggregate Cutoff Date Discounted Principal Balance" means the Aggregate Discounted
Principal Balance as of the Cutoff Date.

"Aggregate Discounted Principal Balance" means the sum of the Discounted Principal
Balance of, as applicable, all Initial Purchased Loan Receivables, all Additional Purchased
Loan Receivables or all Purchased Loan Receivables.

"Aggregate Discounted Principal Balance Increase Amount" means in respect of a

Payment Date the amount necessary to increase the Aggregate Discounted Principal Balance
as of the end of the preceding Monthly Period to the Targeted Aggregate Discounted Principal
Balance.

"Applicable Insolvency Law" means any applicable bankruptcy, insolvency or other similar
law affecting creditors' rights now or hereafter in effect in any jurisdiction.

"Articles of Association" means the articles of association (Gesellschaftsvertrag) of the Issuer

under German law.
"Available Distribution Amount" in respect of a Payment Date shall equal the sum of the
following amounts:

(i) the Collections for the calendar month immediately prior to such Payment
Date; plus

(ii) drawings from the Cash Collateral Account as provided for in Clause 26(2)
(Cash Collateral/Accumulation Account) of the Trust Agreement; plus

142
 (iii) Net investment earnings from deposits in the Accumulation Account; plus

(iv) after the occurrence of an Early Amortisation Event or after termination of

the Revolving Period, the amount of transfers made from the Accumulation
Account to the Distribution Account pursuant to Clause 26(4) (Cash
Collateral/Accumulation Account) of the Trust Agreement.

"Balloon Loan Receivable" means a Loan Receivable with a final balloon instalment.

"Banks" means the Co-Arrangers and the Lead Manager collectively and "Bank" means any
one of the Co-Arrangers and the Lead Manager.

"Borrower" means, in respect of a Loan Receivable, a Person (including consumers and

businesses) to whom the Seller has advanced one or more auto loans on the terms of a Loan
Contract.

"Borrower Notification Event" means notification in connection with a Servicer

Replacement Event.

"Business Day" means any day on which TARGET2 is open for business, provided that this
day is also a day on which banks are open for business in London and Luxembourg.

"Calculation Agent" means BNP Paribas Securities Services, Luxembourg Branch.

"Capital Gains" means the gains from a disposal of the Notes (other than Accrued Interest),
including gains realised by a secondary or any subsequent acquirer of the Notes upon
redemption of the Notes at maturity.

"Cash Collateral Account" means the account no. LU95 3280 3617 16C0 0978 held with the
Cash Collateral Account Bank.

"Cash Collateral Account Bank" means BNP Paribas Securities Services, Luxembourg Branch.

"Cash Collateral Amount" means the outstanding balance of the Cash Collateral Account from
time to time.

"Cash Collateral Increase Amount" means the amount required to increase the Specified
Cash Collateral Account Balance by 0.4419 per cent. of the Aggregate Discounted Principle
Balance at the Payment Date immediately prior to the day of the occurrence of the Cash
Collateral Increase Event which is exclusively reserved to cover any potential value added tax
burden in case a replacement Servicer is appointed.

"Cash Collateral Increase Event" means a notification from Fitch to VW Bank stating that
Fitch has determined that VW Bank's short-term rating would no longer equal at least F3.

"Cash Component" shall be equal to the Aggregate Discounted Principal Balance Increase
Amount multiplied by a factor of 98 (i.e. 100 per cent. minus the Additional Purchase Price
Discount).

"Class" means, as the context may require, the Class A of the Notes or the Class B of the Notes.

"Class A Final Maturity Date" means the Payment Date falling in November 2017.

"Class A Fixed Rate Asset Backed Notes" means the class A notes issued by the Issuer on
the Issue Date with a total nominal amount of EUR 905,000,000 consisting of 9,050 individual
Class A Notes, each in the nominal amount of EUR 100,000 and, upon a Foreclosure Event,
ranking senior to the Class B Notes with respect to the payment of interest and principal.

"Class A Noteholders" means the holders of the Class A Notes.

143
"Class A Notes" means the Class A Fixed Rate Asset Backed Notes.

"Class A Notes Factor" shall be calculated as follows:

905,000,000 -KR
NF =
905,000,000

whereby NF means the Class A Notes Factor which is calculated to six decimal places and KR
means the total of all repayments of the nominal amount of all Class A Notes paid and
contained respectively in each payment up to each respective Payment Date.

"Class A Interest Rate" means 1.940 per cent. per annum.

"Class A Overcollateralisation Percentage" means:

(i) 11 per cent. until a Credit Enhancement Increase Condition shall be in

effect;

(ii) 14 per cent. if a Level 1 Credit Enhancement Increase Condition is in effect;

and

(iii) 100 per cent. if a Level 2 Credit Enhancement Increase Condition is in

effect.

"Class A Principal Payment Amount" means in respect of a Payment Date the amount
necessary to reduce on such Payment Date the outstanding principal amount of the Class A
Notes to the Targeted Class A Note Balance.

"Class A Scheduled Repayment Date" means the Payment Date following the Monthly
Period which includes the last day on which a loan payment on outstanding Purchased Loan
Receivables becomes due, falling in November 2016.

"Class A Targeted Overcollateralisation Amount" means, on each Payment Date, the

greater of (a) the Class A Overcollateralisation Percentage multiplied by the Aggregate
Discounted Principal Balance as of the end of the preceding Monthly Period, and (b) the lesser
of (i) EUR 11,000,049.14 (i.e., 1.1 per cent. of the Aggregate Cutoff Date Discounted
Principal Balance), and (ii) the sum of the aggregate outstanding principal amount of the Class
A Notes on such Payment Date (after giving effect to all payments and distributions on such
date).

"Class B Final Maturity Date" means the Payment Date falling in November 2017.

"Class B Fixed Rate Asset Backed Notes" means the Class B Notes issued by the Issuer on
the Issue Date with a total nominal amount of EUR 37,500,000, consisting of 375 individual
Class B Notes, each in the nominal amount of EUR 100,000 and, upon a Foreclosure Event,
ranking junior to the Class A Notes with respect to the payment of interest and principal.

"Class B Noteholders" means the holders of the Class B Notes.

"Class B Notes" means the Class B Fixed Rate Asset Backed Notes.

"Class B Notes Factor" shall be calculated as follows:

37,500,000- KR
NF = 37,500,000

whereby NF means the Class B Notes Factor which is calculated to six decimal places and KR
means the total of all repayments of the nominal amount of all Class B Notes paid and
contained respectively in each payment up to each respective Payment Date.

144
"Class B Notes Interest Rate" means 2.865 per cent. per annum.

"Class B Overcollateralisation Percentage" means:

(i) 7 per cent. until a Credit Enhancement Increase Condition shall be in effect;

(ii) 8 per cent. if a Level 1 Credit Enhancement Increase Condition is in effect;

and

(iii) 100 per cent. if a Level 2 Credit Enhancement Increase Condition is in

effect.

"Class B Principal Payment Amount" means in respect of a Payment Date the amount
necessary to reduce on such Payment Date the outstanding principal amount of the Class B
Notes to the Targeted Class B Note Balance.

"Class B Scheduled Repayment Date" means the Payment Date falling in November 2016.

"Class B Targeted Overcollateralisation Amount" means, on each Payment Date, the

greater of (a) the Class B Overcollateralisation Percentage multiplied by the Aggregate
Discounted Principal Balance as of the end of the preceding Monthly Period, and (b) the lesser
of (i) EUR 7,000,031.27 (i.e., 0.7 per cent. of the Aggregate Cutoff Date Discounted Principal
Balance), and (ii) the aggregate outstanding principal amount of the Class B Notes on such
Payment Date (after giving effect to all payments and distributions on such date).

"Clean-Up Call" means a clean-up call by the Seller as more specifically described in
Clause 9 of the Loan Receivables Purchase Agreement.

"Clean-Up Call Conditions " means, under the Loan Receivables Purchase Agreement,
VW Bank will have the option to exercise a Clean-Up Call and to repurchase the Purchased
Loan Receivables from the Issuer at any time when the Aggregate Discounted Principal
Balance is less than 9 per cent. of the Aggregate Cutoff Date Discounted Principal Balance
provided that all payment obligations under the Notes will be thereby fulfilled.

"Clearing" means clearing through Euroclear and/or Clearstream Luxembourg.

"Clearstream Luxembourg" means the Clearstream clearance system for internationally

traded securities operated by Clearstream Banking, société anonyme, Luxembourg, 42 Avenue
JF Kennedy, L-1885 Luxembourg, and any successor thereto.

"Closing Date" means 28 October 2010.

"Co-Arrangers" means Volkswagen Financial Services AG and WestLB AG

"Collections" means (i) all collections of the Issuer under Purchased Loan Receivables (other
than Written Off Purchased Loan Receivables) in respect of Principal, Interest, Loan
Administration Fees, Enforcement Proceeds, Insurance Proceeds; plus (ii) Interest Compensation
Payments and Settlement Amounts paid by VW Bank to the Issuer; and minus (iii) Interest
Compensation Payments paid by the Issuer to VW Bank.

"Common Safekeeper" or "CSK" means the entity appointed by the ICSDs to provide
safekeeping for the Notes in NGN form.

"Common Services Provider" or "CSP" means the entity appointed by the ICSDs to provide
asset servicing for the Notes in NGN form.

"Company" means Private Driver 2010-1 Fixed GmbH.

"Conditions" means the terms and conditions of the Notes which are set out in the Offering
Circular.

145
"Corporate Services Agreement" means the corporate services agreement entered into by the
Issuer and the Corporate Services Provider on or about the Signing Date under which the
Corporate Services Provider shall, inter alia, provide secretarial, clerical, administrative and
related services to the Issuer and maintain the books and records of the Issuer in accordance
with applicable laws and regulations of Germany.

"Corporate Services Provider" means Wilmington Trust SP Services (Frankfurt) GmbH.

"Credit Enhancement Increase Condition" means either a Level 1 Credit Enhancement

Increase Condition or a Level 2 Credit Enhancement Increase Condition.

"CSSF" means the Commission de surveillance du secteur financier of Luxembourg.

"Cumulative Net Loss Ratio" means, for any Payment Date a fraction, expressed as a
percentage, the numerator of which is the sum of the discounted principal balances of all Loan
Receivables (including Loan Receivables which were not received on time and Loan
Receivables remaining to be paid in the future) that were written off by the Servicer in
accordance with its customary practices from time to time in effect from the Cutoff Date
through the end of the preceding Monthly Period and the denominator of which is the sum of
(i) the Aggregate Cutoff Date Discounted Principal Balance and (ii) the sum of all Aggregate
Additional Cutoff Date Discounted Principal Balances (if any) until such Payment Date which
is in the same month one year before the Payment Date which is relevant for the calculation of
the numerator.

"Cutoff Date" means 30 September 2010.

"Data Protection Trust Agreement" means the data protection trust agreement entered into
on or about the Signing Date by the Seller, the Data Protection Trustee, the Security Trustee
and the Issuer.

"Data Protection Trustee" means Wilmington Trust SP Services (Luxembourg) S.A.

"Discount Rate" means 3.0779 per cent. per annum.

"Discounted Principal Balance" means in respect of a Loan Receivable its scheduled cash
flow of Principal and Interest (including amounts of Principal and Interest that are overdue)
discounted as of the relevant date at the Discount Rate on the basis of one year of 360 days
being equivalent to 12 months, each month consisting of 30 days.

"Distribution Account" means the account no. LU27 3280 3617 16C0 2978 held with the
Distribution Account Bank.

"Distribution Account Bank" means BNP Paribas Securities Services, Luxembourg Branch.

"Early Amortisation Event" means any of the following:

(i) the occurrence of a Foreclosure Event;

(ii) the amount deposited in the Accumulation Account after acquisition of

Additional Loan Receivables on two consecutive Payment Dates exceeds 10
per cent. of the Aggregate Discounted Principal Balance;

(iii) the Credit Enhancement Increase Condition is in effect;

(iv) the Late Delinquency Ratio exceeds 1.75 per cent.; or

146
 (v) the occurrence of a Servicer Replacement Event.

"Early Settlement" means the retransfer of the Loan Receivables under a loan contract in
certain circumstances against payment of the Settlement Amount.

"EC Treaty" means the Treaty establishing the European Community (signed in Rome on 25
March, 1957), as amended by the Treaty on European Union (signed in Maastricht on 07
February, 1992), as amended by the Treaty of Amsterdam (signed in Amsterdam on 02
November, 1997), as amended by the Treaty of Nice (signed in Nice on 26 February, 2001),
and as amended by the Treaty of Lisbon (signed in Lisbon on 13 December, 2007).

"EEA" means the European Economic Area established under the "The Agreement creating the
European Economic Area" entered into force on 01 January 2004.

"Eligible Collateral Bank" means an international recognised bank with the Account Bank
Required Rating or the Account Bank Required Guarantee.

"Enforcement Event" means the event that (in the sole judgment of the Security Trustee) a
Foreclosure Event has occurred and the Security Trustee has served an Enforcement Notice
upon the Issuer.

"Enforcement Notice" means a notice delivered by the Security Trustee on the Issuer upon
the occurrence of a Foreclosure Event stating that the Security Trustee commences with the
enforcement of the Security pursuant to the procedures set out in the Trust Agreement.

"Enforcement Proceeds" means the proceeds from the realisation of Financed Objects in
respect of Purchased Loan Receivables and from the enforcement of any other Loan
Collateral.

"EONIA" means Euro Overnight Index Average.

"EU" means the European Union.

"EU Member State" means, as the context may require, a member state of the European
Union or of the European Economic Area.

"EU Saving Tax Directive" means Council Directive 2003/48/EC regarding the taxation of
savings income, adopted by the Council of the European Union on 03 June 2003.

"EUR" or "€" means the lawful currency of the member states of the European Union that
have adopted the single currency in accordance with the EC Treaty.

"Euroclear" means Euroclear Bank S.A./N.V. and any successor thereto.

"Eurosystem" comprises the European Central Bank and the national central banks of those
countries that have adopted the euro.

"Euro-zone" means the region comprising member states of the European Union that have
adopted the single currency, the euro, in accordance with the EC Treaty.

"Event Of Legitimate Repudiation Of Loan Contract" means the event that a Borrower
legitimately terminates or invalidates a related Loan Contract or refuses to pay a Purchased
Loan Receivable or uses a right of set-off.

"Event Of Prepayment Of Purchased Loan Receivables" means an early repayment of the

entire Purchased Loan Receivables.

"Exchange Date" shall have the meaning ascribed to such term in Condition 1 (3).

147
"Final Maturity Date" means the Class A Final Maturity Date and the Class B Final Maturity
Date, collectively.

"Financed Objects" means the objects financed under the Loan Contracts.

"Fitch" means Fitch Ratings Limited, or any successor to its rating business.

"Foreclosure Event" means any of the following events:

(i) with respect to the Issuer an Insolvency Event occurs; or

(ii) the Issuer defaults in the payment of any interest on the most senior Class of Notes
then outstanding when the same becomes due and payable, and such default
continues for a period of five (5) Business Days; or

(iii) the Issuer defaults in the payment of principal of any Note on the Final Maturity
Date.

It is understood that the interest and principal on the Notes (other than interest on the Class A
Notes) will not be due and payable on any Payment Date except to the extent there are
sufficient funds in the Available Distribution Amount to pay such amounts in accordance with
the Order of Priority.

"FSMA" means the United Kingdom Financial Services and Markets Act 2000.

"Funding" means the Class A Notes, the Class B Notes and the Subordinated Loan.

"General Cash Collateral Amount" means all funds in the Cash Collateral Account other
than the unused amounts of the Set-Off Risk Reserve.

"German Banking Act" means the banking act (Kreditwesengesetz) of Germany, as amended or
restated from time to time.

"German Civil Code" means the civil code (Bürgerliches Gesetzbuch) of Germany, as amended
or restated from time to time.

"German Commercial Code" means the commercial code (Handelsgesetzbuch) of Germany, as

amended or restated from time to time.

"German Data Protection Rules" means collectively, the rules of German banking secrecy
(Bankgeheimnis), the provisions of the German Federal Data Protection Act
(Bundesdatenschutzgesetz) and the provisions of Circular 4/97 (Rundschreiben 4/97) of the
German Federal Financial Supervisory Authority, as such rules are binding the Seller in its
capacity as a German credit institution (Kreditinstitut) with respect to the Loan Receivables
and the Loan Collateral from time to time.

"German Federal Financial Supervisory Authority" means the German Federal Financial
Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), including its
predecessors and any potential successor(s).

"German Tax Residents" means Persons whose residence, habitual abode, statutory seat, or
place of effective management and control is located in Germany.

"Germany" means the Federal Republic of Germany.

"Global Note" means each of the Temporary Global Notes and the Permanent Global Notes.

"Governmental Authority" means any nation or government, any state or other political
subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any
body or entity exercising executive, legislative, judicial, regulatory or administrative functions

148
of or pertaining to a government, including without limitation any court, and any Person
owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing
including for the avoidance of doubt the German Federal Financial Supervisory Authority.

"Increased Monthly Collateral" means the Increased Monthly Collateral Part 1 and the
Increased Monthly Collateral Part 2.

"Increased Monthly Collateral Part 1" means in respect of a Monthly Period an amount
equal to the expected Collections for the period from (and including) the first through (but
excluding) the sixteenth calendar day of such Monthly Period as determined by the Servicer.

"Increased Monthly Collateral Part 2" means in respect of a Monthly Period an amount
equal to the expected Collections for the period from (and including) the sixteenth calendar
day of a Monthly Period through (and including) the last calendar day of such Monthly Period
as determined by the Servicer.

"Initial Cash Collateral Amount" means EUR 12,000,053.61 (i.e. 1.2 per cent. of the
Aggregate Cutoff Date Discounted Principal Balance).

"Initial Loan Receivables Purchase Agreement" means the initial loan receivables purchase
agreement between the Issuer and VW Bank governed by the Loan Receivables Purchase
Agreement, particularly Clauses 2 through 4 of the Loan Receivables Purchase Agreement.

"Initial Purchased Loan Receivables" means the Loan Receivables purchased by the Issuer
from the Seller in accordance with the Initial Receivables Purchase Agreement as more
specifically described in Clause 2.1 of the Initial Loan Receivables Purchase Agreement dated
on or about the Signing Date.

"Initial Purchase Price" shall be equal to the Aggregate Discounted Principal Balance of the
Initial Purchased Loan Receivables (discounted as of the Cutoff Date) less (i) the Initial
Purchase Price Discount less (ii) the Initial Cash Collateral Amount and less (iii) certain costs
related to the issue of the Notes.

"Initial Purchase Price Discount" means 1.70 per cent. of the Aggregate Discounted
Principal Balance of the Initial Purchased Loan Receivables.

"Insolvency Event" means, with respect to the Issuer, Seller, Servicer or Security Trustee, as
the case may be, each of the following events: (i) the making of an assignment, conveyance,
composition or marshalling of assets for the benefit of its creditors generally or any substantial
portion of its creditors; (ii) the application for, seeking of, consents to, or acquiescence in, the
appointment of a receiver, custodian, trustee, liquidator or similar official for it or a substantial
portion of its property; (iii) the initiation of any case, action or proceedings before any court or
Governmental Authority against the Issuer, Seller, Servicer or Security Trustee under any
applicable liquidation, insolvency, composition, bankruptcy, receivership, dissolution,
reorganisation, winding-up, relief of debtors or other similar laws and such proceedings are
not being disputed in good faith with a reasonable prospect of discontinuing or discharging the
same; (iv) the levy or enforcement of a distress or execution or other process upon or sued out
against the whole or any substantial portion of the undertaking or assets of the Issuer, Seller,
Servicer or Security Trustee and such possession or process (as the case may be) shall not be
discharged or otherwise shall not cease to apply within sixty (60) days; (v) initiation or
consent to any case, action or proceedings in any court or Governmental Authority relating to
the Issuer, Seller, Servicer or Security Trustee under any applicable liquidation, insolvency,
composition, bankruptcy, receivership, dissolution, reorganisation, winding-up, relief of
debtors or other similar laws; (vi) an order is made against the Issuer, Seller, Servicer or
Security Trustee or an effective resolution is passed for its winding-up; and (vii) the Issuer,
Seller, Servicer or Security Trustee is deemed unable to pay its debts within the meaning of
any liquidation, insolvency, composition, reorganisation or other similar laws in the
jurisdiction of its incorporation or establishment (provided that, for the avoidance of doubt,
any assignment, charge, pledge or lien made by the Issuer for the benefit of the Security
Trustee under the Trust Agreement shall not constitute an Insolvency Event in respect of the
Issuer).

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"Insurance Claims" means any claims against any car insurer in relation to any damaged
Financed Object.

"Insurance Proceeds" means any proceeds or monetary benefit in respect of any Insurance
Claims.

"Interest" means in respect of a Loan Receivable each of the scheduled periodic payments of
interest (if any) payable by the respective Borrower as provided for in the terms of the relevant
Loan Contract plus any applicable later payment penalties.

"Interest Accrual Period" means in respect of the first Payment Date, the period
commencing on the Issue Date and ending on 20 November 2010 (both days inclusive) and in
respect of any subsequent Payment Date, the period commencing on the preceding Payment
Date and ending on the calendar day preceding the relevant Payment Date (both days
inclusive).

"Interest Compensation Payment" means the interest compensation payment payable (i) by
VW Bank to the Issuer for negative difference of interest between the Discount Rate and the
interest rate applicable to the prepaid Loan Contract for the period between the receipt of the
Discounted Principal Balance for such prepaid Loan Contract and the ordinary termination
date of the respective Loan Contract without such prepayment or (ii) by the Issuer to VW
Bank for the positive difference of interest between the Discount Rate and the interest rate
applicable to the prepaid Loan Contract for the period between the receipt of the Discounted
Principal Balance for such prepaid Loan Contract and the ordinary termination date of the
respective Loan Contract without such prepayment.

"Interest Period" shall mean, unless otherwise mutually agreed by the parties, the period
from (and including) a Payment Date to (but excluding) the next succeeding Payment Date;
provided that the initial Interest Period shall be the period from (and including) the Issue Date
to (but excluding) first Payment Date.
"Interest Shortfall" means the Accrued Interest which is not paid on a Note on the Payment
Date related to the Interest Accrual Period in which it accrued.

"International Central Securities Depositary" or "ICSD" means Clearstream Luxembourg

or Euroclear and "ICSDs" means both Clearstream Luxembourg and Euroclear collectively.

"ISIN" means the international securities identification number pursuant to the ISO – 6166
Standard.

"ISO" means the International Organisation for Standardisation.

"Issue" means the issue of the Class A Notes and/or the Class B Notes by the Issuer.

"Issue Date" means 28 October 2010.

"Issuer" means Private Driver 2010-1 Fixed GmbH.

"Issuer-ICSDs Agreement" means the Issuer-ICSDs agreement entered into by the Issuer and
the ICSDs before any Notes in NGN form will be accepted by the ICSDs.

"Late Delinquency Ratio" means in respect of the Portfolio, expressed as a percentage, the
ratio of (i) Late Delinquent Purchased Loan Receivables as nominator and (ii) the Aggregate
Discounted Principal Balance as denominator.

"Late Delinquent Purchased Loan Receivables" means each and any Purchased Loan
Receivables that is for more than 180 days overdue.

"Lead Manager" means WestLB AG.

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"Level 1 Credit Enhancement Increase Condition" shall be deemed to be in effect if the
Cumulative Net Loss Ratio exceeds (i) 0.5 per cent. for any Payment Date prior to or during
January 2012; or (ii) 1.15 per cent. for any Payment Date after January 2012 but prior to or
during October 2012.

"Level 2 Credit Enhancement Increase Condition" shall be deemed to be in effect if the

Cumulative Net Loss Ratio exceeds 1.6 per cent. for any Payment Date.

"Loan Administration Fee" means the loan administration fee (Bearbeitungsgebühr) relating
to a Purchased Loan Receivable (i) which fee has become payable in accordance with the
terms of the relevant Loan Contracts and (ii) that is capitalised by VW Bank in accordance
with VW Bank's customary accounting practice in effect from time to time prior to the sale of
such Purchased Loan Receivables to the Issuer under the Loan Receivables Purchase
Agreement.

"Loan Collateral" means (i) security title (Sicherungseigentum) in respect of Financed Objects,
(ii) security title to the seizable portion of the respective Borrower's wage and salary
receivables, (iii) Insurance Claims, (iv) damage claims arising from a breach of contract or in
tort against a Borrower, (v) any claims against third parties due to damage or loss of Financed
Objects, and (vi) any other collateral provided by the Borrower to VW Bank under or in
connection with the relevant Loan Contract; in each case to the extent and subject as acquired
by VW Bank.

"Loan Contract" means each contractual framework, as applicable in the form of standard
business terms (Allgemeine Geschäftsbedingungen) or otherwise, governing (immediately
prior to any transactions under the Loan Receivables Purchase Agreement) the Seller's
relationship with the respective Borrower(s) with regard to the Loan Receivables.

"Loan Receivables" means a loan receivable arisen under a Loan Contract and comprising
claims against Borrowers in respect of Principal, Interest and Loan Administration Fees
(including, for the avoidance of doubt, any and all statutory claims being commercially
equivalent to Principal, Interest and/or Loan Administration Fees).

"Loan Receivables Purchase Agreement" means as the context requires (i) any of the Initial
Loan Receivables Purchase Agreement and the Additional Loan Receivables Purchase
Agreement or (ii) the Transaction Document entitled "Loan Receivables Purchase Agreement"
and entered into between the Issuer, the Seller and the Security Trustee dated on or about the
Signing Date.

"Luxembourg" means the Grand Duchy of Luxembourg.

"Luxembourg Stock Exchange" means société de la bourse de Luxembourg.

"Majority" means, as the context may require, 75 per cent.

"Monthly Collateral" means the Monthly Collateral Part 1 and the Monthly Collateral Part 2.

"Monthly Collateral Account" means the interest bearing account no. LU56 3280 3617 16C0
4978 held with the Monthly Collateral Account Bank.

"Monthly Collateral Account Bank" means BNP Paribas Securities Services, Luxembourg
Branch.

"Monthly Collateral Account Bank Required Guarantee" means a guarantee provided to

the Monthly Collateral Account Bank by a party with ratings of at least "F1" and "A" from
Fitch and "A-1" from S&P, or if such entity is not the subject of an S&P's short-term rating,
long-term ratings of at least "A+" from S&P. For the avoidance of doubt, such Monthly
Collateral Account Bank Required Guarantee shall comply with the S&P's guarantee criteria
as published by S&P from time to time. For the purpose of assessment of this definition, an
entity on RWN should be considered to be rated one notch below its current rating by Fitch.

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Monthly Collateral Account Bank Required Rating" means ratings of at least "F1" and "A"
from Fitch and "A-1" from S&P, or if such entity is not the subject of an S&P's short-term
rating, long-term ratings of at least "A+" from S&P. For the purpose of assessment of this
definition, an entity on RWN should be considered to be rated one notch below its current
rating by Fitch.

"Monthly Collateral Increase Event" means that VW Bank no longer (i) has a short-term
rating for unsecured and unguaranteed debt of at least "A-2" from S&P, or if VW Bank is not
the subject of an S&P's short-term rating, VW Bank no longer has a long-term rating for
unsecured and unguaranteed debt of at least "BBB+" from S&P, or (ii) VW Bank receives
notification from Fitch that Fitch has determined that VW Bank's capacity for timely payment
of financial commitments would no longer equal a short-term rating of at least "F2" and a
long-term rating of at least "BBB+".

"Monthly Collateral Part 1" means the amount of, determined by VW Bank as the Servicer,
the expected Collections for the period from the first through the fourteenth calendar day of
each Monthly Period.

"Monthly Collateral Part 2" means the amount of the Collections determined by VW Bank
as the Servicer for the period from (and including) the sixteenth calendar day of a Monthly
Period through (and including) the second last calendar day of such Monthly Period.

"Monthly Collections" means the Monthly Collections Part 1 and the Monthly Collections
Part 2.

"Monthly Collections Part 1" means the Collections for the first fifteen calendar days of a
Monthly Period on the first Business Day following the fifteenth calendar day of a Monthly
Period.

"Monthly Collections Part 2" means the Collections for the period from (and including) the
sixteenth calendar day of a Monthly Period until (and including) the last day of such Monthly
Period.

"Monthly Payments" means the monthly distribution of the Available Distribution Amount
on each Payment Date in accordance with the Order of Priority.

"Monthly Period" means the calendar month immediately prior to each Payment Date.

"Monthly Remittance Condition" shall be deemed to be satisfied if (i) VW Bank is the

Servicer and (ii) Fitch has not determined that VW Bank's rating would no longer equal at
least "F1" and "A" (or its equivalent).

"New Global Note" or "NGN" means a global note which refers to the books and records of the
ICSDs to determine the total remaining indebtedness of the Issuer as determined from time to
time.

"New Issuer" means any Person which substitutes the Issuer pursuant to Condition 10.

"Note Factor" means the Class A Note Factor or the Class B Note Factor or the combination
of them.

"Note Purchase Agreement" means the note purchase agreement between the Issuer, the
Seller, the Co-Arrangers, the Lead Manager and the Security Trustee dated on or about the
Signing Date.

"Notes" means the Class A Notes and the Class B Notes, collectively.

"Noteholders" means the Class A Noteholders and the Class B Noteholders.

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"Obligors" means in respect of a Loan Receivable (i) the Borrower(s) and (ii) those Persons
who have guaranteed the obligations of any such Borrower(s) in respect of such Loan
Receivable.

"Offering" means the offering in connection with the Offering Circular.

"Offering Circular" means the offering circular dated on or about the Signing Date prepared
in connection with the issue by the Issuer of the Notes.

"Order of Priority" means the order of priority according to which the payments of interest
and principal to the Noteholders are distributed and other payments due and payable by the
Issuer are made as more specifically described in Clauses 25.3 (i) and 25.3(iii) (Permitted
Investment; Order of Priority) of the Trust Agreement.

"Paying Agent" means BNP Paribas Securities Services, Luxembourg Branch.

"Payment Date" means, in respect of the first such Payment Date, 21 November 2010, and in
respect of any subsequent Payment Date the 21st day of each month or, in the event that such
day is not a Business Day, the next following Business Day unless that day falls in the next
calendar month, in which case the date will be the first preceding day that is a Business Day.

"Permanent Global Notes" means in respect of each Class of Notes the permanent global
bearer notes without coupons attached representing each such Class as more specifically
described in Condition 1(2).

"Permitted Investments" means any amount standing to the credit of the Accounts invested
by the Issuer, provided that any such investment:

(a) must be denominated and payable in euro;

(b) may only be made:

(i) in securities which are rated at least F1+ and AA- by Fitch and at least A-1
by S&P (or A+ or higher if they have no short-term ratings), respectively;

(ii) in deposits with a credit institution which is rated at least F1 and A by Fitch
and at least A-1 by S&P (or A+ or higher if it has no short-term ratings),
respectively; or

(iii) in other obligations or securities that will not result in a reduction or

withdrawal of the then current rating of the Notes;

(c) shall mature no later than the next following Payment Date; and

(d) the Issuer shall not purchase Notes from the Funding.

For the avoidance of doubts, no such investment shall be made, in whole or in part, actually or
potentially, in asset-backed securities, credit linked notes, or similar claims resulting from the
transfer of credit risk by means of credit derivatives. In addition, for the purpose of assessment
of this definition, an entity on RWN should be considered to be rated one notch below its
current rating by Fitch.

"Person" means an individual, partnership, corporation (including a business trust),

unincorporated association, trust, joint stock company, limited liability company, joint venture
or other entity, or a government or political subdivision, agency or instrumentality thereof.

"Portfolio" means the aggregate of all Purchased Loan Receivables that the Issuer has not
sold or transferred to any Person other than the Security Trustee under or in connection with
the Trust Agreement.

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"Portfolio Decryption Keys" means the decryption key for the Initial Purchased Loan
Receivables and the decryption key for the Additional Purchased Loan Receivables.

"Preliminary Offering Circular" means the Offering Circular issued by the Issuer in
preliminary form dated on or about 27 September 2010.

"Prepayment of a Purchased Loan Receivable" means the event that a Borrower repays in
full a Purchased Loan Receivable prior to its stated maturity date.

"Principal" means with respect to a Loan Receivable each of the scheduled periodic payments
of principal payable by the respective Borrower as provided for in accordance with the terms of
the relevant Loan Contract (Nettodarlehensbetrag), as may be modified from time to time to
account e.g. for unscheduled prepayments by the Borrower.

"Principal Payment Amount" means the Class A Principal Payment Amount and the Class B
Principal Payment Amount, collectively.

"Prospectus Directive" means Directive 2003/71/EC including, where the context requires,
Commission Regulation (EC) No. 809/2004 and any relevant implementing measure in each
relevant Member State of the European Economic Area.

"Purchase Date" means the Issue Date.

"Purchased Loan Receivables" means the Initial Purchased Loan Receivables and the
Additional Purchased Loan Receivables.

"Purchaser" means the Issuer in its capacity as purchaser of the Loan Receivables secured by
the Loan Collateral.

"Rating Agencies" means Fitch and S&P.

"Rating Agency Confirmation" means, with respect to any event or circumstance, a written
confirmation by S&P that the occurrence of such event or circumstance will not cause it to
downgrade, qualify or withdraw its rating assigned to any of the Notes.

"Receivables Assignment Letter" means the receivable assignment letter between the Issuer
and the Seller dated on or about the Issue Date.

"Revolving Period" means the period commencing on 21 November 2010 and ending on the
earlier of 20 November 2011 or the day on which an Early Amortisation Event occurred.

"RWN" means the Rating Watch Negative published by Fitch in accordance with its criteria
from time to time.

"S&P" means Standard and Poor's, a division of the McGraw-Hill Companies, Inc. and any
successor to the debt rating business thereof.

"Scheduled Repayment Date" means the Class A Scheduled Repayment Date and the Class B
Scheduled Repayment Date, collectively.

"Secured Claim" means any secured claim of the Issuer against VW Bank as Servicer under
the Servicing Agreement in respect of VW Bank's obligation under the Servicing Agreement
to remit the Monthly Collections Part 1 and the Monthly Collections Part 2 to the Distribution
Account of the Issuer.

"Secured Obligations" means all duties and liabilities of the Issuer which the Issuer has
covenanted with the Security Trustee to pay to the Noteholders and the other Transaction
Creditors pursuant to Clause 4.2 (Position of the Security Trustee in Relation to the Issuer) of
the Trust Agreement.

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"Securities Act" means the U.S. Securities Act of 1933, as amended from time to time.

"Security" means all the Adverse Claims from time to time created by the Issuer in favor of
the Security Trustee (and also for the benefit of the Transaction Creditors) pursuant to the
provisions of the Trust Agreement.

"Security Trustee" means Wilmington Trust (London) Limited.

"Seller" means VW Bank.

"Service Report Performance Date" means the sixteenth (16th) day of each calendar month
or if this is not a Business Day, then the next succeeding Business Day.

"Servicer" means VW Bank, unless the engagement of VW Bank as servicer of the Issuer is
terminated in which case Servicer shall mean the replacement Servicer (if any).

"Servicer Fee" means, for any Monthly Period, one-twelfth of the Servicer Fee Rate
multiplied by the Aggregate Discounted Principal Balance as of the beginning of the
preceding Monthly Period.

"Servicer Fee Rate" means 1 per cent. per annum.

"Servicer Insolvency Event" means that the Servicer declares its inability to effect payments
(Zahlungsunfähigkeit) or overindebtedness (Überschuldung) or that insolvency proceedings
under the Insolvency Code (Insolvenzordnung) are instituted by the insolvency court against
the Servicer.

"Servicer Replacement Event" means the occurrence of any event described in paragraphs (a)
to (e) below:

(a) any unremedied failure (and such failure is not remedied within three (3) Business
Days of notice of such failure being given) by the Servicer to deliver or cause to be
delivered any required payment to the Issuer for distribution to the Noteholders and
the Subordinated Lender;

(b) any unremedied failure (and such failure is not remedied within three (3) Business
Days of notice of such failure being given) by the Servicer to duly observe or
perform in any material respect any other of its covenants or agreements which
failure materially and adversely affects the rights of the Issuer or the Noteholders;

(c) the Servicer suffers a Servicer Insolvency Event;

(d) the withdrawal of the banking licence of the Servicer in the sense of section 32 of the
German Banking Act (Kreditwesengesetz) due to breach or non-performance of its
obligations in the meaning of section 35 (2) No. 4 of the German Banking Act
(Kreditwesengesetz); or

(e) the German Federal Financial Supervisory Authority initiates measures against the
Servicer pursuant to section 46a para. 1 (1) of the German Banking Act
(Kreditwesengesetz) caused by the pending insolvency risk of the Servicer;

provided, however, that a delay or failure of performance referred to under paragraph (a), or
(b) above for a period of 150 days will not constitute a Servicer Replacement Event if such
delay or failure was caused by an event beyond the reasonable control of the Servicer, an act
of god or other similar occurrence.

"Servicing Agreement" means the servicing agreement between the Servicer, the Issuer and
the Security Trustee dated on or about the Signing Date.

"Servicing Report" shall have the meaning ascribe to such term in the Servicing Agreement.

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"Set-Off Risk Reserve" means the amount VW Bank is obliged under the Loan Receivables
Purchase Agreement to post as security for the risk of potential set-off by the Borrowers under
the Loan Contracts.

"Settlement" means an instance defined as Settlement in Clause 9.5 of the Loan Receivables
Purchase Agreement.

"Settlement Amount" means the amount payable by VW Bank to the Issuer on Early
Settlement on Event of Legitimate Repudiation of Loan Contract or on Prepayment of a
Purchased Loan Receivable, which amount shall be the Discounted Principal Balance of the
relevant Loan Receivables at Early Settlement.

"Signing Date" means 26 October 2010.

"Specified Cash Collateral Account Balance" means during the Revolving Period the Initial
Cash Collateral Amount and on each Payment Date after the expiration of the Revolving
Period (a) except in the case of (b), the lesser of (i) the Initial Cash Collateral Amount and (ii)
the aggregate outstanding principal amount of the Class A Notes and Class B Notes on the
immediately preceding Payment Date and (b) zero, if the Aggregate Discounted Principal
Balance as of the end of the immediately preceding Monthly Period is zero.

"Statistical Cutoff Date" means 31 March 2010.

"Subordinated Lender" means the subordinated lender under the Subordinated Loan
Agreement being an Affiliate of Volkswagen AG.

"Subordinated Loan" means the EUR 52,504,467.28 loan received (or to be received) by
the Issuer under the Subordinated Loan Agreement.

"Subordinated Loan Agreement " means the subordinated loan agreement dated on or
about the Signing Date and entered into by, inter alios, the Issuer, the Subordinated Lender
and the Security Trustee, under which the Subordinated Lender will advance (or has advanced)
the Subordinated Loan to the Issuer.

"Successor Bank" means the successor account bank determined in accordance with the
Account Agreement.

"TARGET2" means the second generation of the Trans-European Automated Real-time

Cross-Settlement Express Transfer System and was launched on 19 November 2007 by the
European Central Bank.

"Targeted Aggregate Discounted Principal Balance" means the division of the aggregate
nominal amount of the Class A Notes by (100 per cent. minus the Class A
Overcollateralisation Percentage).

"Targeted Class A Note" means (a) except in the case of (b), the excess of the Aggregate
Discounted Principal Balance as of the end of the preceding Monthly Period over the Class A
Targeted Overcollateralisation Amount and (b) zero, if the Aggregate Discounted Principal
Balance as of the end of the preceding Monthly Period is less than 10 per cent. of the
Aggregate Cutoff Date Discounted Principal Balance or if a Servicer Replacement Event
occurs.

"Targeted Class B Note Balance" means (a) except in the case of (b), the excess of the
Aggregate Discounted Principal Balance as of the end of the preceding Monthly Period over
the aggregate outstanding principal amount of the Class A Notes (after giving effect to all
payments and distributions on such date) and the Class B Targeted Overcollateralisation
Amount and (b) zero, if the Aggregate Discounted Principal Balance as of the end of the
preceding Monthly Period is less than 10 per cent. of the Aggregate Cutoff Date Discounted
Principal Balance or if a Servicer Replacement Event occurs.

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 "Temporary Global Note" means in respect of each Class of Notes the temporary global bearer
note without coupons or talons attached as more specifically described in Condition 1(2).

"Transaction" means the Transaction Documents, together with all agreements and documents
executed in connection with the issuance of the Class A Notes and the Class B Notes, the
performance thereof and all other acts, undertakings and activities connected therewith.

"Transaction Creditors" means Noteholders, the Security Trustee, the Seller, the Servicer (if
different), the Subordinated Lender, the Co-Arrangers, the Paying Agent, the Calculation
Agent, the Account Bank, the Data Protection Trustee and the Corporate Services Provider.

"Transaction Documents" means the Conditions, the Trust Agreement, the Note Purchase
Agreement, the Agency Agreement, the Account Agreement, the Loan Receivables Purchase
Agreement, Receivables Assignment Letter, the Servicing Agreement, the Data Protection Trust
Agreement, the Subordinated Loan Agreement, the Issuer-ICSDs Agreement and the Corporate
Services Agreement.

"Trust Agreement" means the trust agreement dated on or about the Signing Date and entered
into by, inter alios, the Issuer and the Security Trustee.

"Trustee Claim" shall have the meaning ascribed to such term in Clause 4(2) (Position of the
Security Trustee in Relation to the Issuer) of the Trust Agreement.

"TSI" means True Sale International GmbH.

"UK" or "the United Kingdom" means the United Kingdom of Great Britain and Northern
Ireland.

"United States" means, for the purpose of issue of the Notes and the Transaction Documents,
the United States of America (including the States thereof and the District of Columbia) and its
possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, America Samoa, Wake Island
and the Northern Mariana Islands).

"Volkswagen Group" means Volkswagen AG and any of its Affiliates.

"VW Bank" means Volkswagen Bank GmbH.

"Written Off Purchased Loan Receivables" means Purchased Loan Receivables which have
been written off in full by VW Bank in its capacity as Servicer in accordance with its
customary accounting practice in effect from time to time.

1.2 In this Master Definitions Schedule, words denoting the singular number only shall also
include the plural number and vice versa, words denoting one gender only shall include the
other genders, and words denoting individuals only shall include firms and corporations and
vice versa.

2. INTERPRETATION

In any Transaction Document, the following shall apply:

2.1 in the computation of periods of time from a specified date to a later specified date, the word
"from" means "from and including" and the words "to" and "until" each mean "to but
excluding". The word "including" shall not be exclusive and shall mean "including, without
limitation";

2.2 if any date specified in any Transaction Document would otherwise fall on a day that is not a
Business Day, that date will be the first following day that is a Business Day, unless that day
falls in the next calendar month, in which case that date will be the first preceding day that is a
Business Day;

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2.3 periods of days shall be counted in calendar days unless Business Days are expressly
prescribed;

2.4 the expression "tax" shall be construed so as to include any tax, levy, impost, duty or other
charge of similar nature, including, without limitation, any penalty or interest payable in
connection with any failure to pay or delay in paying the same;

2.5 a reference to law, treaty, statute, regulation, order, decree, directive or guideline of any
governmental authority or agency, or any provision thereof, shall be construed as a reference
to such law, statute, regulation, order, decree, directive or guideline, or provision, as the same
may have been, or may from time to time be, amended or re-enacted;

2.6 any reference to any Person appearing in any of the Transaction Documents shall include its
successors and permitted assigns;

2.7 any reference to an agreement, deed or document shall be construed as a reference to such
agreement, deed or document as the same may from time to time be amended, varied, novated,
supplemented, replaced or otherwise modified;

2.8 to the extent applicable, the headings of clauses, schedules, sections, articles and exhibits are
provided for convenience only. They do not form part of any Transaction Document and shall
not affect its construction or interpretation. Unless otherwise indicated, all references in any
Transaction Document to clauses, schedules, sections, articles and exhibits refer to the
corresponding clauses, schedules, sections, articles or exhibits of that Transaction Document;

2.9 unless specified otherwise, "promptly" or "immediately" shall mean without undue delay
(ohne schuldhaftes Zögern); and

2.10 "novation" shall, for the purposes of documents governed by German law, be construed as
"Vertragsübernahme". "To novate" shall be interpreted accordingly.

158
 REGISTERED DOMICILE OF THE ISSUER

Private Driver 2010-1 Fixed GmbH

c/o Wilmington Trust SP Services (Frankfurt) GmbH
Steinweg 3-5
60313 Frankfurt am Main
Germany

THE SECURITY TRUSTEE

Wilmington Trust (London) Limited

Fifth Floor
6 Broad Street Place
London EC2M 7JH
United Kingdom

PAYING AGENT and CALCULATION AGENT

BNP Paribas Securities Services, Luxembourg Branch

33, rue de Gasperich
Howald Hesperange
L 2085 Luxembourg
Luxembourg

LEGAL ADVISOR

Baker & McKenzie

Partnerschaft von Rechtsanwälten, Wirtschaftsprüfern, Steuerberatern und Solicitors
Bethmannstraße 50-54
60311 Frankfurt am Main
Federal Republic of Germany

AUDITORS

to the Issuer
PricewaterhouseCoopers Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Fuhrberger Strasse 5
30625 Hannover
Federal Republic of Germany

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