DBRS Confirms Driver Nine GmbH

DBRS Ratings Limited (“DBRS”) has reviewed the Driver Nine GmbH transaction and confirms the Class A and Class B Notes (the “Notes”) at AAA (sf) and ‘A’ (high) (sf), respectively. The Notes are backed by a pool of German receivables which consists of consumer auto loans originated and serviced by Volkswagen Bank GmbH.

The pool of receivables supporting the transaction is performing within DBRS expectations and available credit enhancement for the Notes is sufficient to cover DBRS expected losses at the current ratings levels.

Deutsche Bank AG/London serves the role of Account Bank for the transaction while UniCredit Bank AG is the swap counterparty. Both entities comply with the respective DBRS criteria given the rating of the Notes.

The principal methodologies applicable are:
• Rating European Consumer and Commercial Asset-Backed Securitisations
• Legal Criteria for European Structured Finance Transactions
• Operational Risk Assessment for European Structured Finance Servicers
• Derivative Criteria for European Structured Finance Transactions
• Master European Structured Finance Surveillance Methodology

These can be found on dbrs.com under Methodologies. For a more detailed discussion of sovereign risk impact on Structured Finance ratings, please refer to DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area”.

The sources of information used for this rating include monthly investor reports provided by Volkswagen GmbH. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

The most recent rating action on this transaction took place on 17 July 2012, when the ratings of the Notes were confirmed.

For additional information on this rating, please see the linking document or European Disclosure Requirements.

The individual linking document for this transaction is located at
http://www.dbrs.com/research/259483/linking-document-driver-nine-gmbh.pdf

For further information on DBRS’s historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository see http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Initial Lead Analyst: Mike Babick
Initial Rating Date: 22 June 2011
Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Keith Gorman
Rating Committee Chair: Chuck Weilamann

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