DBRS Discontinues Ratings to VCL 13

DBRS Ratings Limited (“DBRS”) has discontinued the ratings on the notes issued by VCL 13. The following rating actions have been taken due to repayment of the notes on the 23 December 2013 payment date:

• Class A previously rated AAA (sf) is now rated Disc.-Repaid
• Class B previously rated AA (sf) is now rated Disc.-Repaid

Notes:
The principal methodology applicable is Master European Structured Finance Surveillance Methodology.

Other methodologies and criteria referenced in this transaction are listed at the end of this press release.

This can be found on www.dbrs.com at:
http://www.dbrs.com/about/methodologies

The sources of information used for this rating include monthly investor reports provided by Volkswagen Leasing GmbH.

DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

The last rating action on this transaction took place on 8 February 2013, when the Class A Notes were confirmed at AAA (sf) and the Class B Notes were upgraded from ‘A’ (high) (sf) to AA (sf).

Information regarding DBRS ratings, including definitions, policies and methodologies are available on www.dbrs.com.

For further information on DBRS 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: 21 March 2011
Initial Rating Committee Chair: Claire Mezzanotte

Last Rating Date: 8 February 2013
Lead Surveillance Analyst: Keith Gorman
Rating Committee Chair: Chuck Weilamann

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The rating methodologies and criteria used in the analysis of this transaction can be found at: http://www.dbrs.com/about/methodologies