VCL Multi-Compartment S.A., acting for and on behalf of its Compartment VCL 35: Presale Report

VCL 35 is a public limited company incorporated under the laws of Luxembourg and governed by Luxembourg securitisation law, acting as a special-purpose entity specifically for the purpose of this transaction. The Notes are collateralised by a static portfolio of approximately EUR 750 million receivables related to automotive lease contracts. The transaction only captures the monthly lease instalment element of each lease and does not include the residual value element which is normally realised through the ultimate sale of the vehicle at the end of the lease contract. Volkswagen Leasing GmbH granted the lease contracts to lessors resident or incorporated in the Federal Republic of Germany. VWL is a wholly owned indirect subsidiary of Volkswagen AG. The underlying motor vehicles related to the lease contracts consist of both new and used passenger and light-commercial vehicles. VWL services the receivables.