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Private Driver Italia 2020-1 S.r.l.: 27 November 2020

The proceeds of the issue of the Notes will be applied by the issuer to fund the purchase of an initial pool of monetary receivables and other connected rights arising from a portfolio of auto loans granted by Volkswagen Bank GmbH - Italian Branch. The Notes will be governed by the laws of Germany.

At the initial cut-off date, the pool consists of 177,497 loan contracts where the Average Outstanding Discounted Receivables balance is Eur11,267 and the largest is for Eur93,116. Customer Type (by outstanding balance): retail – 100.00%. Type of Credit: Auto Credit – 63.23%, Classic Credit – 36.77%. Type of Car: New – 78.77%, used – 21.23%. The WA seasoning is 17.21 months. Geographic Region: Lombardia – 23.29%, Veneto – 11.38% and Toscana - 10.76%.

EU Risk Retention: VW Bank in its capacity as Originator will, pursuant to Regulation (EU) 2017/2402, whilst any of the Notes remain outstanding, retain throughout the lifetime of the securitisation a material net economic interest of not less than 5% in the securitisation in accordance with Article 6(3)(d) of the Securitisation Regulation. As at the Closing Date, such interest will be comprised of an interest in the first loss tranche equivalent to no less than 5% of the nominal value of the securitised exposures.

STS: As at the Closing Date, the Notes will not be classified as an STS securitisation and therefore will not be eligible as high quality liquid assets for the purposes of Liquidity Coverage Ratio from such date.

Compare/contrast: Volkswagen Car Lease No.31, A-Best 18