Driver Brasil Two€¦ · Issuer: DRIVER Brasil TWO Banco Volkswagen Fundo de Investimento em Direitos Creditórios Financiamento de Veículos Nucleo Cidade de Deus, Predio Prata

Publication Date: 30.06.2017

Period: 05.2017 / Period No. 42

Index

Deal Name: Driver Brasil Two

Issuer: DRIVER Brasil TWO Banco Volkswagen Fundo de

Investimento em Direitos Creditórios Financiamento de

Veículos

Nucleo Cidade de Deus, Predio Prata 4º andar

Zip Code: 06029-900

Osasco - São Paulo - Brazil

Seller of the Receivables: Banco Volkswagen S.A.

Servicer name: Banco Volkswagen S.A.

Reporting Entity: Banco Volkswagen S.A.

Treasury - ABS Operations

Rua Volkswagen, 291 - 2º andar

São Paulo

Brasil

Contact: Phone: +55 11 5582 5831

Fax: + 55 11 5582 5317

Email: [email protected]

Asset Manager: BRAM - Bradesco Asset Management S.A. D.T.V.M

Avenida Paulista 1450, 6º andar

Zip Code: 01310-917

São Paulo - Brazil

phone: +55 11 2178 6600

[email protected]

“As a consequence of the emissions scandal and based on our high transparency standards the content of the investor

report will be enhanced. From September 2015 onwards you will find an additional table quantifying the number and

volume of contracts with underlying vehicles fitted with an EA189 engine.“

IMPORTANT NOTICE to Investors:

upgraded Mezzanine quotas from Aa3.br(sf) to Aaa.br(sf).

With effect from 25 August 2016 Moody’s has affirmed Driver Brazil Two’s Senior quotas rating as Aaa.br(sf) and

1

Banco Volkswagen S.A.

Rua Volkswagen, nº 291

São Paulo - SP - Brazil

Tel: +55 11 5582 5831

[email protected]



Index

Contents

Page Table of Contents1 Cover

2 Contents

3 Reporting Details

4 Parties Overview

5 Transaction Events I

6 Transaction Events II

7 Transaction Events III

8 Information regarding the Notes I

9 Information regarding the Notes II

10 Credit Enhancement

11 Swap Fixing / Waterfall

12 Amortisation Profile I

13 Amortisation Profile II

14 Run Out Schedule I

15 Run Out Schedule II

16 Outstanding Contracts

17 Delinquencies

18 Recoveries

19 Pool Data I

20 Pool Data II

21 Pool Data III

22 Pool Data IV

23 Pool Data V

24 Pool Data VI

25 Glossary

2




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Index

Reporting Details

Deal Overview

Cut-Off Date 17/12/2013 Publication Date:

Scheduled Date of Clean-Up-Call December 2017 Payment Date:

Legal Maturity Date December 2018 Reporting Date:

Issue Date 11/12/2013 Asset Collection Period:

Period No.: 42 Interest Accrual Period

Reporting frequency: monthly Note Payment Period:

Next Payment Date: 06/06/2017 Days accrued:

Type of Car at Pool CutNumber of

Contracts

Percentage of

Contracts

Outstanding

Discounted

Principal Balance

Percentage Outstanding

Discounted Principal

Balance

New Cars 54.082 91,26% 982.628.189,61 92,75%

Used Cars 5.178 8,74% 76.758.090,68 7,25%

Total 59.260 100,00% 1.059.386.280,29 100,00%

19

30/06/2017

31/05/2017 (last day of each month)

from 01/05/2017 until 31/05/2017

from 06/04/2017 until 05/05/2017

from 06/04/2017 until 05/05/2017

05/05/2017 (4th of each month)

3




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Index

Parties Overview

Administrator: BRAM - Bradesco Asset Management S.A. D.T.V.M

Avenida Paulista 1450, 6º andar

Cidade de Deus Zip Code: 01310-917

Bairro Vila Yara - 4º andar São Paulo - Brazil

Osasco - São Paulo phone: +55 11 2178 6600

Brazil [email protected]

Custodian Bank: Banco Bradesco S.A. Collection Agent: Banco Volkswagen S.A.

Cidade de Deus Treasury - ABS Operations

Bairro vila Yara - 2º andar Rua Volkswagen, 291

Osasco - São Paulo São Paulo

Brazil Brazil

Phone: + 55 11 5582 5831

[email protected]

Swap Counterparty: Itaú BBA Clearing System: CETIP S.A. - Mercados Organizados

Av. Brigadeiro Faria Lima, 3400 Av. Brigadeiro Faria Lima, 1663, 1º andar

3º ao 8º andar Jardim Paulistano São Paulo - SP

São Paulo - SP CEP: 01452-001

Brazil phone: +55 11 4152 9370

[email protected]

Rating Agencies Moody´s América Latina Ltda.

Avenida Nações Unidas, 12551 16º andar

04578-903 São Paulo

Brazil

[email protected]

[email protected]

Standard & Poors Brasil

Avenida Brigadeiro Faria Lima, 201 18º andar

05426-100 São Paulo

Brazil

[email protected]

[email protected]

Asset Manager:BEM DISTRIBUIDORA DE TÍTULOS E VALORES

MOBILIÁRIOS LTDA

4




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mailto:[email protected]









Index

Transaction Events (I)

3,28%

10,00%

Clean-Up Call

Banco Volkswagen S.A. will have the right at its option to exercise a Clean-Up Call and to repurchase the Loan Receivables from Driver Brasil One when the sum of the Discounted

Principal Balance for all loan contracts is less than 10 per cent. of the sum of the Discounted Principal Balance for all Loan contracts as of the Cut Off Date, provided that all

payment obligations under the Quotas will be thereby fulfilled.

Clean-Up Call Condition

Percentage of Current Outstanding Discounted Portfolio

Min. Percentage of Outstanding Discounted Portfolio The Clean-Up-Call Condition has been reached.

5




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Index

Transaction Events (II)

NO

NO

NO

Outstanding


Balance (in Arrears)

Outstanding


Balance (at Late

Delinquency)Cumulative Late Delinquencies BOP 9.780.895,95R$ 15.600.953,10R$

Late Delinquencies (13.889,18)R$ 166.984,59R$

Cumulative Late Delinquencies EOP 9.767.006,77R$ 15.767.937,69R$

1.059.386.280,29R$

Cumulative Late Delinquency as percentage of DPB at Pool-Cut 1,48840%

Credit Enhancement Increase Conditions

Level 1a Credit Enhancement Increase Condition - Cumulative Late Delinquencies do not amount to 2.6% for any

Payment Date before and incp. 12/2014

Level 1b Credit Enhancement Increase Condition -Cumulative Late Delinquencies do not amount to 4.8% for any

Payment Date bexween 01/2015 and incp. 12/2015

Level 2 Credit Enhancement Increase Condition - Cumulative Late Delinquencies do not amount to 7.4% for any

Payment Date

Discounted Principal Balance as of Pool-Cut Date

0,0

00

00

%

0,0

00

00

%

0,0

00

00

%

0,0

00

00

%

0,0

00

00

%

0,0

00

00

%

0,0

23

52

%

0,0

62

92

%

0,1

23

39

%

0,1

82

11

%

0,2

30

94

%

0,2

76

99

%

0,3

41

33

%

0,3

91

31

%

0,4

62

51

%

0,5

15

02

%

0,5

55

61

%

0,6

14

70

%

0,6

74

37

%

0,7

24

46

%

0,7

75

91

%

0,8

34

55

%

0,8

88

70

%

0,9

23

84

%

0,9

67

35

%

1,0

22

94

%

1,0

80

91

%

1,1

20

90

%

1,1

51

24

%

1,1

87

14

%

1,2

12

72

%

1,2

51

41

%

1,2

68

95

%

1,2

90

62

%

1,3

37

74

%

1,3

70

58

%

1,3

92

01

%

1,4

13

79

%

1,4

39

39

%

1,4

57

59

%

1,4

72

64

%

1,4

88

40

%

0,00%

2,50%

5,00%

7,50%

10,00%

Cumulative Late Delinquency

Cumulative Net Loss Ratio Level 1a/b Level 2

6




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Index

Transaction Events (III)

Administrator

BEM DTVM Long Term2 Outlook4 Long Term8 Outlook10

Rating Aaa.br Stable brAA+ Negative

Custodian Bank

Banco Bradesco Long Term2 Outlook4 Long Term8 Outlook10


Swap Counterparty

Itaú BBA Long Term2 Outlook4 Long Term8 Outlook10


Servicer

Banco Volkswagen S.A. Long Term2 Outlook4 Long Term8 Outlook10

Rating n.a. n.a. brAA+ Negative

Moody's S&P

S&PMoody's

Moody's S&P

Moody's S&P

7




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Index

Information regarding the Notes I

Rating at Issue Date Senior Quota Mezzanine Quota

Moody's Aaa.br A1.br

Standard & Poors brAAA brA+

Current Rating Senior Quota Mezzanine Quota

Moody's Aaa.br Aaa.br

Standard & Poors brAAA brAA-

Information on Notes Senior Quota Mezzanine Quota

Legal maturity date December 2018 December 2018

Scheduled Clean Up Call December 2017 December 2017

ISIN: BRDVERCTF004 BRDVERCTF012

Nominal Amount 25.000,00R$ 25.000,00R$

Information on Interest Senior Quota Mezzanine Quota

Spread/ Margin 92 bps 170 bps

Index Rate Daily CDI Daily CDI

Fixed/Floating floating floating

Current Coupon Daily CDI + 92 Daily CDI + 170

Day Count Convention actual/252 actual/252

8




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Index

Information regarding the Notes II

Monthly Period:

Payment Date:

Interest Accrual Period (from/until)

Days accrued

Index Rate

Index Rate as of Month End

Day Count Convention

Interest Payments Senior Quota Mezzanine Quota

Total Interest Amount of the Reporting Period 221.326,19R$ 64.356,90R$

Note Balance Senior Quota Mezzanine Quota

Note Balance as of Beginning of Period 26.333.000,00R$ 7.183.000,00R$

Note Balance as of End of Period 20.763.000,00R$ 7.183.000,00R$

Principal Amortization 5.570.000,00R$ -R$

Payments to Investors (per note) Senior Quota Mezzanine Quota

Interest 5,78R$ 37,42R$

Principal Amortization 145,51R$ -R$

Number of Notes 38.280 1.720

Overcollateralisation Senior Quota Mezzanine Quota

Initial OC Percentage at Poolcut 9,6647% 5,6057%

Current OC Percentage 45,0322% 55,6647%

Target OC Percentage 12,5000% 7,0000%

10,14%

actual/252

31/05/2017

05/05/2017

06/04/2017 until 05/05/2017

19

Daily CDI

9




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Index

Credit Enhancement

Credit Enhancement @ Pool-Cut % of Discounted Principal Balance Value

Mezzanine Quota 4,06% 43.000.000,00R$

Subordinated Quota 7,02% 74.406.137,20R$

Overcollateralization 11,08% 117.406.137,20R$

Cash Collateral Account 1,00% 10.593.862,80R$

Calculation of Credit Enhancement

● The Senior Quota benefits from the Mezzanine, Subordinated Quotas and the Cash Collateral Account;

● The Mezanine Quota benefits from the Subordinated Quota and the Cash Collateral Account;

● The transaction starts with sequential amortisation and therefore initially only the Senior Quota will receive principal payments;

● The transaction switches into pro rata amortisation once an overcollateralisation percentage (i.e. credit enhancement excluding

cash collateral) of OC-Percentage for the Senior Quota and OC-Percentage for the Mezanine Quota has been reached.

10




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Index

Swap Fixing / Waterfall

Amortising Interest Rate Swap Senior Quota Mezzanine Quota

Initial Principal 957.000.000,00R$ 43.000.000,00R$

Underlying Principal for Reporting Period 20.763.000,00R$ 7.183.000,00R$

Paying Leg Fix Interest Rate Fix Interest Rate

Receiving Leg Floating Interest Rate Floating Interest Rate

Waterfall Column2 Column1

Available Distribution Amount 16.533.920,45R$

1) Fees (68.457,03)R$

2) Net Swap Payments (18.724,76)R$

3) Interest Senior Quota (221.326,19)R$

4) Interest Mezzanine Quota (64.356,90)R$

5) Payment to Cash Collateral Account (10.589.435,14)R$

6) Redemption Senior Quota (5.570.000,00)R$

7) Redemption Mezzanine Quota -R$

8) Redemption Subordinated Quota

9) Remaining Amount Due to Rounding (1.620,43)R$

Remaining Balance from Current Period (0,00)R$

11




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Index

Amortisation Profile I*

Senior Quota Mezzanine Quota

Reporting Period Actual Note Balance Actual Note Balance2

Poolcut 957.000.000,00 43.000.000,00

12/2013 957.000.000,00 43.000.000,00

01/2014 957.000.000,00 43.000.000,00

02/2014 868.100.000,00 43.000.000,00

03/2014 827.605.000,00 43.000.000,00

04/2014 773.105.000,00 42.000.000,00

05/2014 735.105.000,00 39.000.000,00

06/2014 695.105.000,00 36.000.000,00

07/2014 663.105.000,00 36.000.000,00

08/2014 623.105.000,00 36.000.000,00

09/2014 586.505.000,00 36.000.000,00

10/2014 553.255.000,00 34.800.000,00

11/2014 518.721.000,00 32.605.000,00

12/2014 489.922.000,00 30.805.000,00

01/2015 453.822.000,00 28.872.000,00

02/2015 425.572.000,00 26.722.000,00

03/2015 401.914.000,00 26.722.000,00

04/2015 367.784.000,00 23.122.000,00

05/2015 343.784.000,00 22.149.000,00

06/2015 319.284.000,01 20.149.000,00

07/2015 295.284.000,00 18.149.000,00

08/2015 270.284.000,00 17.158.000,00

09/2015 249.284.000,00 16.158.000,00

10/2015 231.284.000,00 14.658.000,00

11/2015 216.784.000,00 13.658.000,00

12/2015 199.559.000,00 13.563.000,00

01/2016 182.559.000,00 11.563.000,00

02/2016 171.059.000,00 10.663.000,00

03/2016 157.059.000,00 10.383.000,00

04/2016 143.559.000,00 8.883.000,00

05/2016 131.209.000,00 8.183.000,00

06/2016 119.540.000,00 8.183.000,00

07/2016 105.540.000,00 7.183.000,00

08/2016 93.640.000,00 7.183.000,00

09/2016 82.840.000,00 7.183.000,00

10/2016 73.596.000,00 7.183.000,00

11/2016 64.754.000,00 7.183.000,00 12/2016 54.822.000,00 7.183.000,00

01/2017 46.622.000,00 7.183.000,00

02/2017 39.390.000,00 7.183.000,00

03/2017 34.633.000,00 7.183.000,00

04/2017 26.333.000,00 7.183.000,00

05/2017 20.763.000,00 7.183.000,00

06/2017 15.069.000,00 7.183.000,00

07/2017 9.541.331,06 7.183.000,00

08/2017 4.776.672,26 7.183.000,00

09/2017 491.016,54 7.183.000,00

10/2017 4.051.185,01

11/2017 936.453,68

+Based on the following assumptions: CPR of 14,5%, Net Losses at 2,10%

12




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12




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Index

Amortisation Profile II

0

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

30.000.000

35.000.000

40.000.000

45.000.000

Reporting Period

Outstanding Balance in BRL

Amortisation Profile Mezzanine Quota

The dark blue bars project the amortisation for the senior quota assuming, among other things, annual prepayments of 14,5% and 2,10% of Net Losses

0

100.000.000

200.000.000

300.000.000

400.000.000

500.000.000

600.000.000

700.000.000

800.000.000

900.000.000

1.000.000.000

Reporting Period

Outstanding Balance in BRL

Amortisation Profile Senior Quota

The dark blue bars project the amortisation for the senior quota assuming, among other things, annual prepayments of 14,5% and 2,10% of Net Losses

13




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Index

Run Out Schedule I

Payment Date Remaining InterestOutstanding Discounted

Principal Balance

ABS Remaining

Nominal

arrears 248.184,16R$ 2.363.734,78R$ 2.611.918,94R$

06/2017 335.951,23R$ 4.203.286,95R$ 4.539.238,18R$

07/2017 295.460,94R$ 3.964.575,39R$ 4.260.036,33R$

08/2017 254.637,27R$ 3.609.142,69R$ 3.863.779,96R$

09/2017 216.899,66R$ 3.086.839,32R$ 3.303.738,98R$

10/2017 184.301,99R$ 2.676.729,18R$ 2.861.031,17R$

11/2017 156.164,39R$ 2.442.715,31R$ 2.598.879,70R$

12/2017 130.290,87R$ 2.213.945,52R$ 2.344.236,39R$

01/2018 107.042,63R$ 1.939.339,64R$ 2.046.382,27R$

02/2018 86.720,89R$ 1.769.913,78R$ 1.856.634,67R$

03/2018 68.193,39R$ 1.557.257,98R$ 1.625.451,37R$

04/2018 51.823,33R$ 1.316.323,05R$ 1.368.146,38R$

05/2018 38.042,20R$ 1.149.614,63R$ 1.187.656,83R$

06/2018 25.895,95R$ 949.169,03R$ 975.064,98R$

07/2018 15.916,82R$ 756.355,59R$ 772.272,41R$

08/2018 7.955,96R$ 519.340,35R$ 527.296,31R$

09/2018 2.510,71R$ 241.803,20R$ 244.313,91R$

Total 2.225.992,39R$ 34.760.086,39R$ 36.986.078,78R$

14




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Index

Run Out Schedule II

0

2.000.000

4.000.000

6.000.000

8.000.000

10.000.000

12.000.000

14.000.000

16.000.000

18.000.000

20.000.000

Reporting Period

Expected Amortisation of the Discounted Principal Balance (in BRL)

The expected portfolio amortisation is solely based on the scheduled payments , no assumptions on prepayments or defaults are made.

15




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Index

Overview Outstanding Contracts

StatusNumber of

Contracts

Outstanding Discounted

Principal Balance

Beginning of Period 7.780 40.917.591,26R$

End of Period 7.108 34.760.086,39R$

Total 672 6.157.504,87R$

Walk b/w BOP and EOPNumber of

Contracts Column1

Early Settlement 216

Write-Off 25

End of Term 428

Renegotiation 3

Total 672

Contract Status DevelopmentNumber of

Contracts


Principal Balance

Number of

Contracts2


Principal Balance5

Number of

Contracts3#


Principal Balance2

Number of

Contracts7


Principal Balance3

Number of

Contracts9


Principal Balance4

Current 5.144 25.041.701,58R$ 4.695 23.590.288,64R$ 449 1.451.412,94R$ 5.020 24.434.765,77R$ 124 606.935,81R$

Early Settlement 20.821 -R$ 18.773 -R$ 2048 -R$ 19.242 -R$ 1.579 -R$

Delinquent 2.636 15.875.889,68R$ 2.345 14.629.564,35R$ 291 1.246.325,33R$ 2.546 15.359.682,14R$ 90 516.207,54R$

Write Off 642 -R$ 560 -R$ 82 -R$ 578 -R$ 64 -R$

End of Term 29.700 -R$ 27.418 -R$ 2282 -R$ 26.210 -R$ 3.490 -R$

Renegotiation 317 -R$ 291 -R$ 26 -R$ 314 -R$ 3 -R$

Total 7.780 40.917.591,26R$ 7.040 38.219.852,99R$ 740 2.697.738,27R$ 7.566 39.794.447,91R$ 214 1.123.143,35R$

Contract Status DevelopmentNumber of

Contracts


Principal Balance

Number of

Contracts2


Principal Balance

Number of

Contracts3#


Principal Balance2

Number of

Contracts7


Principal Balance3

Number of

Contracts9


Principal Balance4

Current 5.367 24.376.597,80R$ 4.924 23.021.279,00R$ 443 1.355.318,80R$ 5.240 23.820.775,44R$ 127 555.822,36R$

Early Settlement 21.037 -R$ 18.970 -R$ 2067 -R$ 19.451 -R$ 1.586 -R$

Delinquent 1.741 10.383.488,59R$ 1.536 9.506.199,76R$ 205 877.288,83R$ 1.682 10.026.868,53R$ 59 356.620,06R$

Write Off 667 -R$ 583 -R$ 84 -R$ 602 -R$ 65 -R$

End of Term 30.128 -R$ 27.775 -R$ 2353 -R$ 26.618 -R$ 3.510 -R$

Renegotiation 320 -R$ 294 -R$ 26 -R$ 317 -R$ 3 -R$

Total 7.108 34.760.086,39R$ 6.460 32.527.478,76R$ 648 2.232.607,63R$ 6.922 33.847.643,97R$ 186 912.442,42R$

Total Portfolio as of Beginning of PeriodType of Car Customer Type

New Vehicle Used Vehicle Retail Corporate

Total Portfolio as of End of PeriodType of Car Customer Type


16




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Index

Delinquencies2 3 4 5

Delinquency ProfileNumber of

Contracts

Percentage of

Contracts

Outstanding


Balance

Percentage of

Discounted

Principal Balance

Number of

Contracts2

Outstanding


Balance

Number of

Contracts4

Outstanding


Balance3

Number of

Contracts8

Outstanding


Balance2

Number of

Contracts9

Outstanding


Balance4from 1 - 14 days 1.187 68,18% R$ 766.462,27 32,43% 1.070 702.149,73R$ 117 64.312,54R$ 1.148 736.562,86R$ 39 29.899,41R$

from 15 - 30 days 0 0,00% R$ - 0,00%

from 31 - 60 days 159 9,13% R$ 203.128,83 8,59% 136 177.350,02R$ 23 25.778,81R$ 157 200.784,80R$ 2 2.344,03R$

from 61 - 90 days 78 4,48% R$ 147.049,05 6,22% 65 129.392,15R$ 13 17.656,90R$ 77 143.017,69R$ 1 4.031,36R$

from 91 - 120 days 48 2,76% R$ 106.745,80 4,52% 42 94.455,90R$ 6 12.289,90R$ 46 101.991,91R$ 2 4.753,89R$

from 121 - 150 days 28 1,61% R$ 73.135,89 3,09% 22 61.993,31R$ 6 11.142,58R$ 27 71.452,24R$ 1 1.683,65R$

from 151 - 180 days 35 2,01% R$ 117.303,20 4,96% 26 91.041,99R$ 9 26.261,21R$ 34 112.019,13R$ 1 5.284,07R$

from 181 - 360 days 168 9,65% R$ 822.486,76 34,80% 142 735.014,74R$ 26 87.472,02R$ 157 747.843,33R$ 11 74.643,43R$

from 361 - 720 days 31 1,78% R$ 110.825,03 4,69% 27 96.950,71R$ 4 13.874,32R$ 29 96.861,69R$ 2 13.963,34R$

More than 720 days 7 0,40% R$ 16.597,95 0,70% 6 16.396,11R$ 1 201,84R$ 7 16.597,95R$ 0 -R$

Total 1.741 100,00% 2.363.734,78R$ 100,00% 1.536 2.104.744,66R$ 205 258.990,12R$ 1.682 2.227.131,60R$ 59 136.603,18R$

Delinquent ContractsType of Car Customer Type


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

dez

-13

jan

-14

fev-

14

mar

-14

abr-

14

mai

-14

jun

-14

jul-

14

ago

-14

set-

14

ou

t-1

4

no

v-1

4

dez

-14

jan

-15

fev-

15

mar

-15

abr-

15

mai

-15

jun

-15

jul-

15

ago

-15

set-

15

ou

t-1

5

no

v-1

5

dez

-15

jan

-16

fev-

16

mar

-16

abr-

16

mai

-16

jun

-16

jul-

16

ago

-16

set-

16

ou

t-1

6

no

v-1

6

dez

-16

jan

-17

fev-

17

mar

-17

abr-

17

mai

-17

jun

-17

jul-

17

ago

-17

set-

17

ou

t-1

7

no

v-1

7

dez

-17

jan

-18

fev-

18

mar

-18

abr-

18

mai

-18

jun

-18

jul-

18

ago

-18

set-

18

ou

t-1

8

no

v-1

8

dez

-18

1 to 14 15 to 30 31 to 60 61 to 90 91 to 120 121 to 150 151 to 180 181 to 360 361 to 720 > 720

Delinquency Performance - Historical Data (by Bucket)

17




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Index

Recoveries

Number of Contracts 59.260

Outstanding Nominal Balance 1.257.875.331,98

(+)

Outstanding

Nominal Balance at

Day of Write Off

(-)

Prior

Transactions/

Negotiations

(-)

Recoveries

for Current Period

(-)

Discounts for

Current Period

(=)

Current Outstanding

Nominal Balance

12.500.985,56R$ (2.790.274,85)R$ (147.100,67)R$ (21.033,57)R$ 9.542.576,47R$

Relevant Pool-Cut Data

18




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Index

Pool Data I

Distribution by

Contract

Concentration

Number of

Contracts

Percentage

of Contracts

Outstanding


Balance

Percentage of

Discounted

Principal

Balance

Number of

Contracts2

Outstanding


Balance

Number of

Contracts4

Outstanding


Balance2

Number of

Contracts8

Outstanding


Balance3

Number of

Contracts9

Outstanding


Balance4

1 6.993 98,38% 34.182.213,71R$ 98,34% 6.352 31.974.137,82R$ 641 2.208.075,89R$ 6.836 33.417.870,03R$ 157 764.344

2-3 114 1,60% 572.753,93R$ 1,65% 107 548.222,19R$ 7 24.531,74R$ 86 429.773,94R$ 25 130.714

4-5 0 0,00% -R$ 0,00% 3 12.266

6-10 1 0,01% 5.118,75R$ 0,01% 1 5.118,75R$ 1 5.119

> 10 0 0,00% -R$ 0,00%

Total 7.108 100,00% 34.760.086,39R$ 100,00% 6.460 32.527.478,76R$ 648 2.232.607,63R$ 6.922 33.847.643,97R$ 186 912.442,42R$

Distribution by largest

customers

Contract

Concentration

Percentage

of Contracts

Outstanding


Balance

Percentage of

Discounted

Principal

Balance

Number of

Contracts2

Outstanding


Balance

Number of

Contracts4

Outstanding


Balance2

Number of

Contracts8

Outstanding


Balance3

Number of

Contracts9

Outstanding


Balance4

1 1 0,01% 27.551,74R$ 0,08% 1 27.551,74R$ 0 -R$ 1 27.551,74R$ 0 -R$

2 1 0,01% 25.990,94R$ 0,07% 1 25.990,94R$ 0 -R$ 1 25.990,94R$ 0 -R$

3 1 0,01% 24.448,44R$ 0,07% 1 24.448,44R$ 0 -R$ 1 24.448,44R$ 0 -R$

4 1 0,01% 23.893,61R$ 0,07% 1 23.893,61R$ 0 -R$ 1 23.893,61R$ 0 -R$

5 1 0,01% 22.863,86R$ 0,07% 1 22.863,86R$ 0 -R$ 1 22.863,86R$ 0 -R$

6 1 0,01% 22.743,61R$ 0,07% 1 22.743,61R$ 0 -R$ 0 -R$ 1 22.743,61R$

7 1 0,01% 22.296,91R$ 0,06% 1 22.296,91R$ 0 -R$ 1 22.296,91R$ 0 -R$

8 1 0,01% 22.055,83R$ 0,06% 0 -R$ 1 22.055,83R$ 1 22.055,83R$ 0 -R$

9 1 0,01% 21.580,65R$ 0,06% 1 21.580,65R$ 0 -R$ 1 21.580,65R$ 0 -R$

10 1 0,01% 20.989,08R$ 0,06% 1 20.989,08R$ 0 -R$ 1 20.989,08R$ 0 -R$

11 1 0,01% 20.970,81R$ 0,06% 1 20.970,81R$ 0 -R$ 1 20.970,81R$ 0 -R$

12 1 0,01% 20.808,53R$ 0,06% 1 20.808,53R$ 0 -R$ 1 20.808,53R$ 0 -R$

13 1 0,01% 20.700,88R$ 0,06% 1 20.700,88R$ 0 -R$ 1 20.700,88R$ 0 -R$

14 1 0,01% 20.439,36R$ 0,06% 1 20.439,36R$ 0 -R$ 1 20.439,36R$ 0 -R$

15 1 0,01% 20.378,48R$ 0,06% 1 20.378,48R$ 0 -R$ 1 20.378,48R$ 0 -R$

16 1 0,01% 20.345,80R$ 0,06% 1 20.345,80R$ 0 -R$ 0 -R$ 1 20.345,80R$

17 1 0,01% 20.211,69R$ 0,06% 1 20.211,69R$ 0 -R$ 1 20.211,69R$ 0 -R$

18 1 0,01% 20.108,13R$ 0,06% 1 20.108,13R$ 0 -R$ 1 20.108,13R$ 0 -R$

19 1 0,01% 20.103,46R$ 0,06% 1 20.103,46R$ 0 -R$ 1 20.103,46R$ 0 -R$

20 2 0,03% 20.060,70R$ 0,06% 2 20.060,70R$ 0 -R$ 0 -R$ 2 20.060,70R$

Total 1 - 20 21 0,30% 438.542,51R$ 1,26% 20 416.486,68R$ 1 22.055,83R$ 17 375.392,40R$ 4 63.150,11R$

Total 7.108 100,00% 34.760.086,39R$ 100,00%

Total PorfolioType of Car Customer Type




19




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Index

Pool Data II

Distribution by

Outstanding

Disounted Principal

Balance

Number of

Contracts

Percentage

of Contracts

Oustanding Discounted

Principal Balance

Percentage of

Discounted

Principal

Balance

Number of

Contracts2

Outstanding


Balance3

Number of

Contracts4

Outstanding


Balance6

Number of

Contracts8

Outstanding


Balance8

Number of

Contracts9

Outstanding


Balance10

< = 5000,00 4.233 59,55% 10.837.889,63R$ 31,18% 3.747 9.872.316,50R$ 486 965.573,13R$ 4.121 10.557.782,59R$ 112 280.107,04R$

5000,01 < 10000,00 2.249 31,64% 15.914.353,12R$ 45,78% 2.113 14.970.196,41R$ 136 944.156,71R$ 2.192 15.508.529,47R$ 57 405.823,65R$

10000,01 < 15000,00 515 7,25% 6.067.556,46R$ 17,46% 492 5.802.108,20R$ 23 265.448,26R$ 503 5.932.735,49R$ 12 134.820,97R$

15000,01 < 20000,00 92 1,29% 1.521.805,37R$ 4,38% 90 1.486.431,67R$ 2 35.373,70R$ 89 1.473.204,02R$ 3 48.601,35R$

20000,01 < 25000,00 17 0,24% 364.939,13R$ 1,05% 16 342.883,30R$ 1 22.055,83R$ 15 321.849,72R$ 2 43.089,41R$

25000,01 < 30000,00 2 0,03% 53.542,68R$ 0,15% 2 53.542,68R$ 0 -R$ 2 53.542,68R$ - -R$

30000,01 < 40000,00 0 0,00% -R$ 0,00%

40000,01 < 50000,00 0 0,00% -R$ 0,00%

Total 7.108 100,00% 34.760.086,39R$ 100,00% 6.460 32.527.478,76R$ 648 2.232.607,63R$ 6.922 33.847.643,97R$ 186 912.442,42R$

Distribution by

Original Discounted

Principal Balance

Number of

Contracts

Percentage

of Contracts


Principal Balance

Percentage of

Discounted

Principal

Balance

Number of

Contracts2

Outstanding


Balance3

Number of

Contracts4

Outstanding


Balance6

Number of

Contracts8

Outstanding


Balance8

Number of

Contracts9

Outstanding


Balance10

<= 5000,00 1 0,01% 314,65R$ 0,00% 1 314,65R$ 0 -R$ 1 314,65R$ 0 -R$

5000,01 < 10000,00 28 0,39% 32.673,73R$ 0,09% 9 12.458,73R$ 19 20.215,00R$ 28 32.673,73R$ 0 -R$

10000,01 < 15000,00 309 4,35% 724.523,82R$ 2,08% 184 495.674,29R$ 125 228.849,53R$ 305 714.518,08R$ 4 10.005,74R$

15000,01 < 20000,00 1.119 15,74% 3.641.220,18R$ 10,48% 923 3.089.874,49R$ 196 551.345,69R$ 1.097 3.575.027,05R$ 22 66.193,13R$

20000,01 < 25000,00 1.914 26,93% 7.576.114,74R$ 21,80% 1.736 6.868.024,43R$ 178 708.090,31R$ 1.871 7.417.981,27R$ 43 158.133,47R$

25000,01 < 30000,00 1.903 26,77% 9.563.715,25R$ 27,51% 1.826 9.192.997,88R$ 77 370.717,37R$ 1.852 9.334.221,72R$ 51 229.493,53R$

30000,01 < 40000,00 1.483 20,86% 9.909.474,54R$ 28,51% 1.439 9.628.229,21R$ 44 281.245,33R$ 1.439 9.646.436,97R$ 44 263.037,57R$

40000,01 < 50000,00 274 3,85% 2.376.254,08R$ 6,84% 268 2.342.000,20R$ 6 34.253,88R$ 259 2.261.457,33R$ 15 114.796,75R$

50000,01 < 60000,00 59 0,83% 734.191,18R$ 2,11% 57 702.167,11R$ 2 32.024,07R$ 55 682.125,75R$ 4 52.065,43R$

60000,01 < 70000,00 11 0,15% 129.758,72R$ 0,37% 10 123.892,27R$ 1 5.866,45R$ 9 117.537,12R$ 2 12.221,60R$

70000,01 < 80000,00 4 0,06% 30.776,01R$ 0,09% 4 30.776,01R$ 0 -R$ 3 24.280,81R$ 1 6.495,20R$

> 80000,00 3 0,04% 41.069,49R$ 0,12% 3 41.069,49R$ 0 -R$ 3 41.069,49R$ 0 -R$

Total 7.108 100,00% 34.760.086,39R$ 100,00% 6.460 32.527.478,76R$ 648 2.232.607,63R$ 6.922 33.847.643,97R$ 186 912.442,42R$



Statistics

Minimum Outstanding Discounted Principal Balance

Maximum Outstanding Discounted Principal Balance

Average Outstanding Discounted Principal Balance

48,78R$

27.551,74R$

4.890,28R$

Average Original Nominal Balance 32.201,92R$



Statistics

Minimum Original Nominal Balance 1.669,92R$

Maximum Original Nominal Balance 332.425,80R$

20




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Index

Pool Data III

Distribution by

Original Term

Number of

Contracts

Percentage

of Contracts


Principal Balance

Percentage of

Discounted

Principal

Balance

Number of

Contracts2

Outstanding


Balance3

Number of

Contracts4

Outstanding


Balance6

Number of

Contracts8

Outstanding


Balance8

Number of

Contracts9

Outstanding


Balance10

01 - 12 0 0,00% -R$ 0,00%

13 - 24 0 0,00% -R$ 0,00%

25 - 36 8 0,11% 11.499,68R$ 0,03% 6 10.253,02R$ 2 1.246,66R$ 6 10.576,23R$ 2 923,45R$

37 - 48 1.416 19,92% 3.250.872,66R$ 9,35% 1.136 2.728.972,61R$ 280 521.900,05R$ 1.332 2.964.254,00R$ 84 286.618,66R$

49 - 60 5.684 79,97% 31.497.714,05R$ 90,61% 5.318 29.788.253,13R$ 366 1.709.460,92R$ 5.584 30.872.813,74R$ 100 624.900,31R$

Total 7.108 100,00% 34.760.086,39R$ 100,00% 6.460 32.527.478,76R$ 648 2.232.607,63R$ 6.922 33.847.643,97R$ 186 912.442,42R$

Distribution by

Remaining Term

Number of

Contracts

Percentage

of Contracts


Principal Balance

Percentage of

Discounted

Principal

Balance

Number of

Contracts2

Outstanding


Balance3

Number of

Contracts4

Outstanding


Balance6

Number of

Contracts8

Outstanding


Balance8

Number of

Contracts9

Outstanding


Balance10

01 - 12 5.480 77,10% 20.065.039,64R$ 57,72% 4.940 18.718.934,97R$ 540 1.346.104,67R$ 5.325 19.466.263,55R$ 155 598.776,09R$

13 - 24 1.614 22,71% 14.441.002,12R$ 41,54% 1.506 13.554.499,16R$ 108 886.502,96R$ 1.584 14.142.660,09R$ 30 298.342,03R$

25 - 36 14 0,20% 254.044,63R$ 0,73% 14 254.044,63R$ 0 -R$ 13 238.720,33R$ 1 15.324,30R$

37 - 48 0 0,00% -R$ 0,00%

49 - 60 0 0,00% -R$ 0,00%

Total 7.108 100,00% 34.760.086,39R$ 100,00% 6.460 32.527.478,76R$ 648 2.232.607,63R$ 6.922 33.847.643,97R$ 186 912.442,42R$

Distribution by

Seasoning

Number of

Contracts

Percentage

of Contracts


Principal Balance

Percentage of

Discounted

Principal

Balance

Number of

Contracts2

Outstanding


Balance3

Number of

Contracts4

Outstanding


Balance6

Number of

Contracts8

Outstanding


Balance8

Number of

Contracts9

Outstanding


Balance10

01 - 12 0 0,00% -R$ 0,00%

13 - 24 0 0,00% -R$ 0,00%

25 - 36 42 0,59% 522.426,45R$ 1,50% 35 489.517,81R$ 7 32.908,64R$ 36 450.158,04R$ 6 72.268,41R$

37 - 48 3.319 46,69% 19.743.534,96R$ 56,80% 2.927 18.302.451,23R$ 392 1.441.083,73R$ 3.206 19.240.376,09R$ 113 503.158,87R$

49 - 60 3.747 52,72% 14.494.124,98R$ 41,70% 3.498 13.735.509,72R$ 249 758.615,26R$ 3.680 14.157.109,84R$ 67 337.015,14R$

Total 7.108 100,00% 34.760.086,39R$ 100,00% 6.460 32.527.478,76R$ 648 2.232.607,63R$ 6.922 33.847.643,97R$ 186 912.442,42R$

Type of Car


Customer Type

Type of Car

New Vehicle Used Vehicle

Customer Type

Retail Corporate

Weighted Average Original Term 57,9

Statistics

Minimum Original Term 5

Maximum Original Term 60

Total PorfolioNew Vehicle Used Vehicle Retail Corporate

Type of Car Customer Type

Weighted Average Remaining Term 10,9

Total Porfolio

Statistics

Minimum Remaining Term 0

Maximum Remaining Term 16

Weighted Average Seasoning 48,0

Total Porfolio

Statistics

Minimum Seasoning 44

Maximum Seasoning 60

21




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Index

Pool Data IV

Distribution by brandNumber of

Contracts

Percentage

of Contracts

Outstanding


Balance

Percentage of

Discounted

Principal

Balance

Number of

Contracts2

Outstanding


Balance3

Number of

Contracts4

Outstanding


Balance6

Number of

Contracts8

Outstanding


Balance8

Number of

Contracts9

Outstanding


Balance10

AUDI 2 0,03% 32.557,88R$ 0,09% 2 32.557,88R$ 0 -R$ 2 32.557,88R$ 0 -R$

SEAT 0 0,00% -R$ 0,00% 0 -R$ 0 -R$ 0 -R$ 0 -R$

VW C&L 6.845 96,30% 33.747.682,77R$ 97,09% 6.409 32.222.505,97R$ 436 1.525.176,80R$ 6.663 32.850.612,56R$ 182 897.070,21R$

OTHER BRANDS 261 3,67% 979.845,74R$ 2,82% 49 272.414,91R$ 212 707.430,83R$ 257 964.473,53R$ 4 15.372,21R$

Total 7.108 100,00% 34.760.086,39R$ 100,00% 6.460 32.527.478,76R$ 648 2.232.607,63R$ 6.922 33.847.643,97R$ 186 912.442,42R$

Distribution by

Geographic

Distribution

Number of

Contracts

Percentage

of Contracts

Outstanding


Balance

Percentage of

Discounted

Principal

Balance

Number of

Contracts2

Outstanding


Balance3

Number of

Contracts4

Outstanding


Balance6

Number of

Contracts8

Outstanding


Balance8

Number of

Contracts9

Outstanding


Balance10

AC 31 0,44% 130.366,35R$ 0,38% 30 123.734,82R$ 1 6.631,53R$ 28 115.795,04R$ 3 14.571,31R$

AL 66 0,93% 264.352,60R$ 0,76% 64 262.352,85R$ 2 1.999,75R$ 64 260.110,78R$ 2 4.241,82R$

AM 52 0,73% 238.777,16R$ 0,69% 47 205.668,91R$ 5 33.108,25R$ 42 185.026,63R$ 10 53.750,53R$

AP 31 0,44% 221.388,75R$ 0,64% 31 221.388,75R$ 0 -R$ 31 221.388,75R$ - -R$

BA 253 3,56% 1.172.282,20R$ 3,37% 227 1.099.377,86R$ 26 72.904,34R$ 245 1.132.861,09R$ 8 39.421,11R$

CE 219 3,08% 955.998,87R$ 2,75% 202 919.636,61R$ 17 36.362,26R$ 218 955.319,29R$ 1 679,58R$

DF 175 2,46% 1.057.630,18R$ 3,04% 172 1.040.023,13R$ 3 17.607,05R$ 174 1.054.171,50R$ 1 3.458,68R$

ES 112 1,58% 580.256,58R$ 1,67% 102 547.295,22R$ 10 32.961,36R$ 107 539.038,53R$ 5 41.218,05R$

GO 325 4,57% 1.503.102,27R$ 4,32% 300 1.427.240,54R$ 25 75.861,73R$ 321 1.482.154,25R$ 4 20.948,02R$

MA 90 1,27% 355.327,32R$ 1,02% 88 354.240,21R$ 2 1.087,11R$ 90 355.327,32R$ - -R$

MG 757 10,65% 3.499.240,28R$ 10,07% 698 3.284.874,76R$ 59 214.365,52R$ 740 3.444.401,98R$ 17 54.838,30R$

MS 205 2,88% 1.045.303,35R$ 3,01% 193 1.010.755,09R$ 12 34.548,26R$ 201 1.033.834,75R$ 4 11.468,60R$

MT 126 1,77% 706.753,15R$ 2,03% 118 687.436,13R$ 8 19.317,02R$ 121 685.054,92R$ 5 21.698,23R$

PA 128 1,80% 749.113,31R$ 2,16% 117 707.044,45R$ 11 42.068,86R$ 125 735.247,00R$ 3 13.866,31R$

PB 117 1,65% 661.385,02R$ 1,90% 108 623.046,36R$ 9 38.338,66R$ 117 661.385,02R$ - -R$

PE 259 3,64% 1.259.965,39R$ 3,62% 242 1.202.385,09R$ 17 57.580,30R$ 258 1.256.820,72R$ 1 3.144,67R$

PI 115 1,62% 572.303,84R$ 1,65% 113 568.875,81R$ 2 3.428,03R$ 114 570.056,19R$ 1 2.247,65R$

PR 507 7,13% 2.329.327,26R$ 6,70% 432 2.102.197,88R$ 75 227.129,38R$ 481 2.203.896,77R$ 26 125.430,49R$

RJ 525 7,39% 2.571.111,22R$ 7,40% 471 2.345.010,68R$ 54 226.100,54R$ 517 2.544.495,17R$ 8 26.616,05R$

RN 60 0,84% 312.677,83R$ 0,90% 59 309.891,04R$ 1 2.786,79R$ 57 278.449,81R$ 3 34.228,02R$

RO 86 1,21% 398.209,53R$ 1,15% 77 373.580,79R$ 9 24.628,74R$ 85 397.609,94R$ 1 599,59R$

RR 15 0,21% 57.304,39R$ 0,16% 11 50.193,79R$ 4 7.110,60R$ 11 44.770,11R$ 4 12.534,28R$

RS 560 7,88% 2.647.338,16R$ 7,62% 513 2.496.307,19R$ 47 151.030,97R$ 545 2.558.929,80R$ 15 88.408,36R$

SC 609 8,57% 3.230.572,39R$ 9,29% 562 3.045.003,26R$ 47 185.569,13R$ 591 3.123.774,81R$ 18 106.797,58R$

SE 68 0,96% 283.966,02R$ 0,82% 61 255.926,76R$ 7 28.039,26R$ 66 276.739,88R$ 2 7.226,14R$

SP 1.568 22,06% 7.714.920,42R$ 22,19% 1.377 7.030.221,47R$ 191 684.698,95R$ 1.526 7.493.122,99R$ 42 221.797,43R$

TO 49 0,69% 241.112,55R$ 0,69% 45 233.769,31R$ 4 7.343,24R$ 47 237.860,93R$ 2 3.251,62R$

Total 7.108 100,00% 34.760.086,39R$ 100,00% 6.460 32.527.478,76R$ 648 2.232.607,63R$ 6.922 33.847.643,97R$ 186 912.442,42R$

Customer TypeRetail Corporate

Customer Type

Total PorfolioNew Vehicle Used Vehicle

Type of Car

Total PorfolioNew Vehicle Used Vehicle Retail Corporate

Type of Car

22




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Index

Pool Data V

Distribution by Brand

& ModelModel

Number of

Contracts

Percentage of

Contracts


Principal Balance

Percentage of

Discounted

Principal

Balance

Number of

Contracts2


Principal Balance3

Number of

Contracts4


Principal Balance6

Number of

Contracts8


Principal Balance32

Number of

Contracts9


Principal Balance33

VW AMAROK 25 0,35% 245.558,93R$ 0,71% 22 233.319,26R$ 3 12.239,67R$ 19 195.904,07R$ 6 49.654,86R$

BORA 0 0,00% -R$ 0,00% 0 -R$ 0 -R$ 0 -R$ 0 -R$

CROSSFOX 111 1,56% 745.642,82R$ 2,15% 102 715.761,15R$ 9 29.881,67R$ 111 745.642,82R$ 0 -R$

FOX 1.348 18,96% 6.817.903,16R$ 19,61% 1.255 6.452.247,19R$ 93 365.655,97R$ 1.323 6.684.747,45R$ 25 133.155,71R$

FUSCA 0 0,00% -R$ 0,00% 0 -R$ 0 -R$ 0 -R$ 0 -R$

GOL 3.645 51,28% 16.747.639,14R$ 48,18% 3.447 16.123.952,56R$ 198 623.686,58R$ 3.566 16.402.814,03R$ 79 344.825,11R$

GOLF 34 0,48% 204.475,30R$ 0,59% 25 174.287,16R$ 9 30.188,14R$ 34 204.475,30R$ 0 -R$

JETTA 17 0,24% 148.396,11R$ 0,43% 15 146.771,70R$ 2 1.624,41R$ 17 148.396,11R$ 0 -R$

KOMBI 33 0,46% 135.731,67R$ 0,39% 23 113.742,55R$ 10 21.989,12R$ 17 55.659,98R$ 16 80.071,69R$

PARATI 5 0,07% 15.381,52R$ 0,04% 2 1.409,25R$ 3 13.972,27R$ 4 14.701,94R$ 1 679,58R$

PASSAT 1 0,01% 6.495,20R$ 0,02% 1 6.495,20R$ 0 -R$ 0 -R$ 1 6.495,20R$

POLO 31 0,44% 138.615,17R$ 0,40% 24 121.131,29R$ 7 17.483,88R$ 30 135.091,73R$ 1 3.523,44R$

POLO SEDAN 75 1,06% 473.922,19R$ 1,36% 60 414.553,13R$ 15 59.369,06R$ 73 451.004,19R$ 2 22.918,00R$

SANTANA 0 0,00% -R$ 0,00% 0 -R$ 0 -R$ 0 -R$ 0 -R$

SAVEIRO 235 3,31% 1.191.322,52R$ 3,43% 219 1.127.631,05R$ 16 63.691,47R$ 203 1.041.370,65R$ 32 149.951,87R$

SPACECROSS 20 0,28% 151.660,74R$ 0,44% 20 151.660,74R$ 0 -R$ 17 117.362,43R$ 3 34.298,31R$

SPACEFOX 112 1,58% 690.133,46R$ 1,99% 89 590.919,64R$ 23 99.213,82R$ 110 676.284,08R$ 2 13.849,38R$

TIGUAN 1 0,01% 6.496,85R$ 0,02% 1 6.496,85R$ 0 -R$ 1 6.496,85R$ 0 -R$

TOUAREG 0 0,00% -R$ 0,00% 0 -R$ 0 -R$ 0 -R$ 0 -R$

UP 2 0,03% 12.785,48R$ 0,04% 2 12.785,48R$ 0 -R$ 2 12.785,48R$ 0 -R$

VOYAGE 1.149 16,16% 6.011.274,58R$ 17,29% 1.101 5.825.093,84R$ 48 186.180,74R$ 1.135 5.953.627,52R$ 14 57.647,06R$

OTHER VW 1 0,01% 4.247,93R$ 0,01% 1 4.247,93R$ 0 -R$ 1 4.247,93R$ 0 -R$

Sub-Total VW 6.845 96,30% 33.747.682,77R$ 97,09% 6.409 32.222.505,97R$ 436 1.525.176,80R$ 6.663 32.850.612,56R$ 182 897.070,21R$

Audi A1 0 0,00% -R$ 0,00% 0 -R$ 0 -R$ 0 -R$ 0 -R$

A3 1 0,01% 17.892,65R$ 0,05% 1 17.892,65R$ 0 -R$ 1 17.892,65R$ 0 -R$

A4 0 0,00% -R$ 0,00% 0 -R$ 0 -R$ 0 -R$ 0 -R$

A5 1 0,01% 14.665,23R$ 0,04% 1 14.665,23R$ 0 -R$ 1 14.665,23R$ 0 -R$

Q3 0 0,00% -R$ 0,00% 0 -R$ 0 -R$ 0 -R$ 0 -R$

Sub-Total Audi 2 0,03% 32.557,88R$ 0,09% 2 32.557,88R$ 0 -R$ 2 32.557,88R$ 0 -R$

Seat IBIZA 0 0,00% -R$ 0,00% 0 -R$ 0 -R$ 0 -R$ 0 -R$

Sub-Total Seat 0 0,00% -R$ 0,00% 0 -R$ 0 -R$ 0 -R$ 0 -R$

OTHER BRANDS OTHER BRANDS 261 3,67% 979.845,74R$ 2,82% 49 272.414,91R$ 212 707.430,83R$ 257 964.473,53R$ 4 15.372,21R$

Sub-Total Other Brands 261 3,67% 979.845,74R$ 2,82% 49 272.414,91R$ 212 707.430,83R$ 257 964.473,53R$ 4 15.372,21R$

Total 7.108 100,00% 34.760.086,39R$ 100,00% 6.460 32.527.478,76R$ 648 2.232.607,63R$ 6.922 33.847.643,97R$ 186 912.442,42R$



23




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Index

Pool Data IV

EA189 Engine statusNumber of

Contracts

Percentage of

Contracts


Principal Balance

Percentage of

Discounted

Principal

BalanceEA189 Engine 2 0,03% 8.990,27R$ 0,03%

Other 7.106 99,97% 34.751.096,12R$ 99,97%

Total 7.108 100,00% 34.760.086,39R$ 100,00%

Total Porfolio

24




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Index

Glossary

ABS Remaining Nominal:

Collections:

Delinquent contract:

Late Delinquency:

Late Delinquency Ratio:

Original Maturity Date:

Outstanding Discounted Principal Balance:

Pool-Cut:

Present Value:

Recoveries:

Swap: Means the interest rate swap operations performed by the Fund, as provided in the Interest Rate Swap Agreement, with the purpose of

mitigating the potential mismatch between the fixed rate of its spot positions and the benchmark established for its class of quotas.

Original maturity date of each quota as of the inception of the transaction (as of cut off date).

Means with respect to a Sold Eligible Credit Right, the sum of the present value of all of its installments minus the sum of the present

values of its installments that have been already paid as of the immediately preceding Monthly Period. For the purposes of calculating the

Discounted Principal Balance, the installments will be discounted to the origination date of the Credit Right and at the Discount Rate, on the

basis of one year of 360 (three hundred and sixty) days being equivalent to 12 (twelve) months, each month consisting of 30 (thirty) days.

Present Value of the portfolio as of 12/17/2013 (considering the discount rate used for the deal and the 360-day convention).

Means the sum of the amounts of the Sold Eligible CreditRights, calculated at present value applying the Discount Rate.

All money received after the Write Off of a contract.

Contracts in arrears for more than 180 days.

Means, for any Payment Date a fraction, expressed as a percentage,

(a) the numerator of which is the sum of the Discounted Principal Balance of all Sold Eligible Credit Rights that have ever been overdue

and unpaid in arrears for one hundred and eighty (180) or more days from the Purchase Date through the end of the preceding Monthly

Period. The Discounted Principal Balance of each such Sold Eligible Credit Rights will be calculated at the end of the Monthly Period the

Sold Eligible Credit Right becomes for the first time overdue and unpaid in arrears for one hundred and eighty (180) or more days. It is

hereby understood that any payment of any overdue installment for one hundred and eighty (180) days or more will not affect the

calculation of the Late Delinquency Ratio;

(b) and the denominator of which is the aggregate Discounted Principal Balance of Sold Eligible Credit Rights on the Purchase Date.

The sum of all installments of the portfolio (future + delinquent).

Available Distribution Amount on each payment day as described in the Offering Circular.

The outstanding value of a contract which is past due more than 1 day.

25




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Documents

Driver Brasil Two€¦ · Issuer: DRIVER Brasil TWO Banco Volkswagen Fundo de Investimento em Direitos Creditórios Financiamento de Veículos Nucleo Cidade de Deus, Predio Prata