Volkswagen Car Lease No.10 Ltd

The 14th securitisation from the Volkswagen group, with four transactions coming to market under
the Driver issuance name.

The actual originator is VWL, which is a wholly owned subsidiary of VW Financial Services AG,
which in turn is 100% ownedby VW AG. VWL’s main activities are to promote the sales of the VW
Group’s automotive products (VW, Audi, SEAT and Skoda) and to strengthen customer loyalty to
the VW Group brands. VWL offers financial leasing for new Volkswagen, Audi, SEAT and Skoda
vehicles, service-leasing for commercial and non-commercial customers, and leasing of used cars
produced by all manufacturers.

The initial provisional portfolio consists of 76,522 lease contracts, having been granted to 52,359
lessees with a total outstanding discounted principal balance of Eur1.011bln and an average balance
of Eur13,212 per contract. Of these lease contracts, 89.92% relate to new vehicle purchases (the
vast majority of the vehicles manufactured by the Volkswagen Group,including VW, Audi, Skoda and
Seat), and the balance for used vehicles. Commercial customers make up 99.38% of all the leases.
The portfolio will be static, and will have average seasoning of 5mnths.


Compare/contrast: Driver Four GmBH, Volkswagen Car Lease No.9 Ltd, Cars Alliance Auto Loans
Germany 2007-1, FTA Santander Consumer Auto Fin 2007-2
Driver Four GmBHVolkswagen Car Lease No.9 LtdCars Alliance Auto Loans Germany 2007-1
FTA Santander Consumer Auto Fin 2007-2