DBRS Discontinues Ratings to Driver Eight GmbH

DBRS Ratings Limited (“DBRS”) has discontinued the ratings on the notes issued by Driver Eight GmbH. The following rating actions have been taken due to repayment of the notes on the 24 June 2014 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.

The sources of information used for this rating include monthly investor reports provided by Volkswagen Bank 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 25 February 2014.

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: 17 January 2011
Initial Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Keith Gorman
Rating Committee Chair: Diana Turner

DBRS Ratings Limited
1 Minster Court, 10th Floor
Mincing Lane
London
EC3R 7AA
United Kingdom

Registered in England and Wales: No. 7139960

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