Obligation Volkslease GmbH 2.625% ( XS1014610254 ) en EUR

Volkslease GmbH

100 % ▼

Allemagne

XS1014610254 ( en EUR )

2.625% par an ( paiement annuel )

15/01/2024 - Obligation échue

Prospectus brochure de l'obligation Volkswagen Leasing GmbH XS1014610254 en EUR 2.625%, échue

1 000 EUR

1 250 000 000 EUR

Volkswagen Leasing GmbH est une filiale du groupe Volkswagen qui propose des solutions de financement et de leasing pour les véhicules Volkswagen et d'autres marques du groupe.

L'Obligation émise par Volkslease GmbH ( Allemagne ) , en EUR, avec le code ISIN XS1014610254, paye un coupon de 2.625% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 15/01/2024

Dated 12 June 2013
This document constitutes five base prospectuses for the purposes of Article 5.4 of Directive 2003/71/EC of the
European Parliament and the Council of 4 November 2003, as amended by Directive 2010/73/EU of the
European Parliament and of the Council of 24 November 2010 (the "Prospectus Directive"): (i) the base
prospectus of Volkswagen Financial Services Aktiengesellschaft in respect of non-equity securities within the
meaning of Art. 22 No. 6 (4) of the Commission Regulation (EC) No. 809/2004 of 29 April 2004 as most recently
amended by Commission Regulation (EU) No. 486/2012 of 30 March 2012 and Commission Regulation (EU)
No. 862/2012 of 4 June 2012 (the "Prospectus Regulation") ("Non-Equity Securities"), (ii) the base prospectus
of Volkswagen Leasing GmbH in respect of Non-Equity Securities, (iii) the base prospectus of Volkswagen
Financial Services N.V. in respect of Non-Equity Securities, (iv) the base prospectus of Volkswagen Financial
Services Japan Ltd. in respect of Non-Equity Securities and (v) the base prospectus of Volkswagen Financial
Services Australia Pty Limited in respect of Non-Equity Securities (together, the "Debt Issuance Programme
Prospectus" or the "Prospectus").
VOLKSWAGEN FINANCIAL SERVICES
AKTIENGESELLSCHAFT
Braunschweig, Federal Republic of Germany
Issuer and/or Guarantor
VOLKSWAGEN LEASING GMBH
Braunschweig, Federal Republic of Germany
Issuer
VOLKSWAGEN FINANCIAL SERVICES N.V.
Amsterdam, The Netherlands
Issuer
VOLKSWAGEN FINANCIAL SERVICES JAPAN LTD.
Tokyo, Japan
Issuer
VOLKSWAGEN FINANCIAL SERVICES AUSTRALIA PTY LIMITED
(ABN 20 097 071 460)
Sydney, Australia
Issuer
EUR 18,000,000,000
Debt Issuance Programme (the "Programme")
Arranger
COMMERZBANK
Dealers
BARCLAYS
BAYERNLB
BNP PARIBAS
BOFA MERRILL LYNCH
CITIGROUP
COMMERZBANK
DANSKE BANK A/S
DEUTSCHE BANK
GOLDMAN SACHS
HSBC
J.P. MORGAN
LANDESBANK BADEN-
WÜRTTEMBERG
RBC CAPITAL MARKETS
SOCIÉTÉ GÉNÉRALE
THE ROYAL BANK OF
CORPORATE & INVESTMENT
SCOTLAND
BANKING
TD SECURITIES
UNICREDIT BANK
Issuing Agent
CITIBANK, N.A.

2
Application has been made to the Commission de Surveillance du Secteur Financier of the Grand Duchy of
Luxembourg (the "Commission") in its capacity as competent authority under the Luxembourg act relating to
prospectuses for securities (loi relative aux prospectus pour valeurs mobilières) (the "Luxembourg Prospectus
Law"), which implements the Prospectus Directive into Luxembourg law, for the approval of this Prospectus. The
Commission assumes no responsibility as to the economic and financial soundness of the transaction or the
quality or solvency of the Issuers and the Guarantor.
Application has been made to the Luxembourg Stock Exchange for notes (the "Notes") issued under this
Programme to be admitted to trading on the regulated market of the Luxembourg Stock Exchange (as defined
below) and to be listed on the official list of the Luxembourg Stock Exchange. Notes issued under the Programme
may also be listed and traded on an alternative stock exchange or may not be listed at all.
Each Issuer has requested the Commission to provide the competent authorities in the Federal Republic of
Germany, the Netherlands, the United Kingdom of Great Britain and Northern Ireland, the Republic of Ireland, and
the Republic of Austria with a certificate of approval attesting that the Prospectus has been drawn up in
accordance with the Luxembourg Prospectus Law ("Notification"). Each Issuer may request the Commission to
provide competent authorities in additional Member States within the European Economic Area with a Notification.
It is intended that subsequent to the approval of the Prospectus a Notification will be requested for the competent
authorities in the Italian Republic, the Kingdom of Spain, and the French Republic.
This Prospectus and any supplement thereto will be published in electronic form on the website of the
Luxembourg Stock Exchange (www.bourse.lu) and the website of Volkswagen Financial Services
Aktiengesellschaft (www.vwfs.com). This Prospectus is valid for a period of twelve months from its date of
approval.

3
Table of Contents
Page
Responsibility Statement ................................................................................................................................ 5
Notice ................................................................................................................................................................ 5
Summary........................................................................................................................................................... 7
Section A Introduction and warnings ............................................................................................................ 7
Section B Issuer and any Guarantors ........................................................................................................... 8
Section C Securities ................................................................................................................................... 16
Section D Risks .......................................................................................................................................... 20
Section E Offer ........................................................................................................................................... 28
German Translation of the Summary............................................................................................................ 30
Abschnitt A Einleitung und Warnhinweise .................................................................................................. 30
Abschnitt B Emittent und etwaige Garantiegeber ....................................................................................... 31
Abschnitt C Wertpapiere............................................................................................................................. 40
Abschnitt D Risiken..................................................................................................................................... 44
Abschnitt E Angebot ................................................................................................................................... 54
Risk Factors.................................................................................................................................................... 55
Risk Factors regarding Volkswagen Financial Services Aktiengesellschaft................................................... 55
Risk Factors regarding Volkswagen Leasing GmbH...................................................................................... 59
Risk Factors regarding Volkswagen Financial Services N.V. ........................................................................ 62
Risk Factors regarding Volkswagen Financial Services Japan Ltd................................................................ 64
Risk Factors regarding Volkswagen Financial Services Australia Pty Limited............................................... 67
Risk Factors regarding the Notes .................................................................................................................. 70
Volkswagen Financial Services Aktiengesellschaft as Issuer and Guarantor.......................................... 75
Volkswagen Leasing GmbH as Issuer .......................................................................................................... 81
Volkswagen Financial Services N.V. as Issuer ............................................................................................ 84
Volkswagen Financial Services Japan Ltd. as Issuer ................................................................................. 87
Volkswagen Financial Services Australia Pty Limited as Issuer................................................................ 89
General Description of the Programme........................................................................................................ 92
1. General...................................................................................................................................................... 92
2. Description of the Notes ............................................................................................................................ 93
3. Issue Procedures....................................................................................................................................... 96
English Language Terms and Conditions.................................................................................................... 98
Option I Terms and Conditions for Notes with fixed interest rates .............................................................. 98
Option II Terms and Conditions for Notes with floating interest rates ....................................................... 118
Option III Terms and Conditions for Notes with fixed to floating interest rates.......................................... 139
Deutsche Fassung der Anleihebedingungen............................................................................................. 163
Option I Anleihebedingungen für Schuldverschreibungen mit fester Verzinsung...................................... 163
Option II Anleihebedingungen für Schuldverschreibungen mit variabler Verzinsung................................ 186
Option III Anleihebedingungen für Schuldverschreibungen mit fester zu variabler Verzinsung ................ 211
English Language Guarantee...................................................................................................................... 238
Deutsche Fassung der Garantie.................................................................................................................. 239
Form of Final Terms..................................................................................................................................... 240
PART I CONDITIONS
TEIL I BEDINGUNGEN ............................................................................................................................ 243
Option I Terms and Conditions for Notes with fixed interest rates
Option I Anleihebedingungen für Schuldverschreibungen mit fester Verzinsung...................................... 245
Option II Terms and Conditions for Notes with floating interest rates
Option II Anleihebedingungen für Schuldverschreibungen mit variabler Verzinsung................................ 251

4
Option III Terms and Conditions for Notes with fixed to floating interest rates
Option III Anleihebedingungen für Schuldverschreibungen mit fester zu variabler Verzinsung ................ 257
PART II OTHER INFORMATION
TEIL II WEITERE INFORMATIONEN....................................................................................................... 264
Use of Proceeds ........................................................................................................................................... 274
Taxation......................................................................................................................................................... 275
Subscription and Sale.................................................................................................................................. 295
General Information ..................................................................................................................................... 301
Listing and Admission to Trading................................................................................................................. 301
Consent to use Prospectus.......................................................................................................................... 301
Interest of Natural and Legal Persons involved in the Issue/Offer ............................................................... 301
Authorisations.............................................................................................................................................. 301
Documents on Display................................................................................................................................. 302
Clearing Systems......................................................................................................................................... 302
Documents Incorporated by Reference...................................................................................................... 303
Address List.................................................................................................................................................. 308

5
Responsibility Statement
Volkswagen Financial Services Aktiengesellschaft ("VWFSAG" or the "Guarantor", together with its consolidated
subsidiaries "VWFSAG Group") with its registered office in Braunschweig, Volkswagen Leasing GmbH
("VWLGMBH") with its registered office in Braunschweig, Volkswagen Financial Services N.V. ("VWFSNV") with
its registered office in Amsterdam, Volkswagen Financial Services Japan Ltd. ("VWFSJ") with its registered office
in Tokyo and Volkswagen Financial Services Australia Pty Limited ("VWFSAL") with its registered office in
Sydney, Australia (each an "Issuer" and together the "Issuers") accept responsibility for the information given in
this Prospectus,provided that:
VWLGMBH is not responsible for the description of VWFSAG (p. 75 - p. 80), VWFSNV (p. 84 - p. 86) and
VWFSJ (p. 87 - p. 88) including the Risk Factors regarding VWFSAG (p. 55 - p. 58), VWFSNV (p. 62 - p.
63), VWFSJ (p. 64 - p. 66) and VWFSAL (p. 89 p. 91), the related parts of the summary and the
description of the guarantee of the Notes (p. 238 - p. 239),
VWFSNV is not responsible for the description of VWFSAG (p. 75 - p. 80), VWLGMBH (p. 81 - p. 81) and
VWFSJ (p. 87 - p. 88) including the Risk Factors regarding VWFSAG (p. 55 - p. 58), VWLGMBH (p. 59 - p.
61), VWFSJ (p. 64 - p. 66) and VWFSAL (p. 89 p. 91), the related parts of the summary and the
description of the guarantee of the Notes (p. 238 - p. 239),
VWFSJ is not responsible for the description of VWFSAG (p. 75 - p. 80), VWLGMBH (p. 81 - p. 81) and
VWFSNV (p. 84 - p. 86) including the Risk Factors regarding VWFSAG (p. 55 - p. 58), VWLGMBH (p. 59 -
p. 61), VWFSNV (p. 62 - p. 63) and VWFSAL (p. 89 p. 91), the related parts of the summary and the
description of the guarantee of the Notes (p. 238 - p. 239),
VWFSAL is not responsible for the description of VWFSAG (p. 75 - p. 80), VWLGMBH (p. 81 - p. 81) and
VWFSNV (p. 84 - p. 86) including the Risk Factors regarding VWFSAG (p. 55 - p. 58), VWLGMBH (p. 59 -
p. 61), VWFSNV (p. 62 - p. 63) and VWFSJ (p. 64 - p. 66), the related parts of the summary and the
description of the guarantee of the Notes (p. 238 - p. 239).
Each Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the
information contained in this Prospectus for which it is responsible is, to the best of its knowledge, in accordance
with the facts and contains no omission likely to affect its import.
Notice
This Prospectus should be read and understood in conjunction with any supplement thereto and with any other
document incorporated herein by reference. Full information on each Issuer and any Tranche of Notes is only
available on the basis of the combination of the Prospectus and the relevant final terms (the "Final Terms").
Each Issuer and the Guarantor have confirmed to the Dealers (as defined herein) that this Prospectus contains all
information with regard to the Issuers and the Notes which is material in the context of the Programme and the
issue and offering of Notes thereunder; that the information contained in the Prospectus is accurate and complete
in all material respects and is not misleading; that any opinions and intentions expressed herein are honestly held
and based on reasonable assumptions; that there are no other facts with respect to the Issuer, the Guarantor or
the Notes, the omission of which would make the Prospectus as a whole or any statement, whether fact or
opinion, in this Prospectus misleading in any material respect; and that all reasonable enquiries have been made
to ascertain all facts and to verify the accuracy of all statements contained herein.
No person has been authorised to give any information which is not contained in or not consistent with this
Prospectus or any other information supplied in connection with the Programme and, if given or made, such
information must not be relied upon as having been authorised by or on behalf of the Issuers, the Guarantor, the
Dealers or any of them.
This Prospectus is valid for twelve months following its date of approval and this Prospectus and any supplement
hereto as well as any Final Terms reflect the status as of their respective dates of issue. Notwithstanding that the
Issuers may be required to provide a supplement pursuant to Article 13 of the Luxembourg Prospectus Law, the
delivery of this Prospectus or any Final Terms and the offering, sale or delivery of any Notes may not be taken as
an implication that the information contained in such documents is accurate and complete subsequent to their
respective dates of issue or that there has been no adverse change in the financial situation of the Issuers and
the Guarantor since such date or that any other information supplied in connection with the Programme is
accurate at any time subsequent to the date on which it is supplied or, if different, the date indicated in the
document containing the same.

6
Each Issuer and the Guarantor have undertaken with the Dealers to supplement this Prospectus or publish a new
Prospectus in the event of any significant new factor, material mistake or inaccuracy relating to the information
included in this Prospectus which is capable of affecting the assessment of the Notes and which arises or is noted
between the time when this Prospectus has been approved and the final closing of any Tranche of Notes offered
to the public or, as the case may be, when trading of any Tranche of Notes on a regulated market begins.
Neither the arranger as set forth on the cover page (the "Arranger") nor any Dealer nor any other person
mentioned in this Prospectus, excluding the Issuers, is responsible for the information contained in this
Prospectus or any supplement hereto, or any Final Terms or any other document incorporated herein by
reference, and accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none of these
persons accepts any responsibility for the accuracy and completeness of the information contained in any of
these documents.
The distribution of this Prospectus and any Final Terms and the offering, sale and delivery of Notes in certain
jurisdictions may be restricted by law. Persons into whose possession this Prospectus or any Final Terms come
are required to inform themselves about and observe any such restrictions. For a description of the restrictions
applicable in the United States of America, the European Economic Area, the United Kingdom, The Netherlands,
the Republic of Austria, the Italian Republic, Japan and Australia see "Subscription and Sale". In particular, the
Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, and
are subject to tax law requirements of the United States of America; subject to certain exceptions, Notes may not
be offered, sold or delivered within the United States of America or to U.S. persons. This Prospectus may only be
communicated or caused to be communicated in circumstances in which Section 21(1) of the Financial Services
and Markets Act 2000 ("FSMA") does not apply.
The language of the Prospectus is English. Where parts of the Prospectus are drafted in a bilingual format
reflecting both an English language version and a German language version the English language version shall
be the controlling language for reading and construing the contents of the Prospectus, provided that certain parts
of the Prospectus reflect documents which have been, or will be, executed as separate documents with the
German language version being controlling and binding. Consequently, in respect of the issue of any Tranche of
Notes under the Programme, the German language version of the Terms and Conditions may be controlling and
binding if so specified in the relevant Final Terms and in respect of the Guarantee, the German language version
is always controlling and binding.
This Prospectus may only be used for the purpose for which it has been published.
This Prospectus and any Final Terms may not be used for the purpose of an offer or solicitation by
anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it
is unlawful to make such an offer or solicitation.
This Prospectus, any supplements thereto and any Final Terms do not constitute an offer or an invitation
to subscribe for or purchase any of the Notes.
In connection with the issue of any Tranche of Notes under the Programme, the Dealer or Dealers (if any)
named as the stabilising manager(s) in the applicable Final Terms (or persons acting on behalf of any
stabilising manager(s)) may over-allot Notes or effect transactions, outside Australia and on a market
operated outside of Australia, with a view to supporting the price of the Notes at a level higher than that
which might otherwise prevail. However, there is no assurance that the stabilising manager(s) (or
persons acting on behalf of a stabilising manager) will undertake stabilisation action. Any stabilisation
action may begin at any time after the adequate public disclosure of the terms of the offer of the relevant
Tranche of Notes and, if begun, may be ended at any time, but it must end no later than the earlier of 30
days after the Issue Date of the relevant Tranche of Notes and 60 days after the date of the allotment of
the relevant Tranche of Notes. Any stabilisation action or over-allotment must be conducted by the
relevant stabilising manager(s) (or person(s) acting on behalf of any stabilising manager(s)) in
accordance with all applicable laws and rules.
In this Prospectus, all references to "EUR" are to the euro, the single currency of the member states participating
in the European Monetary Union, to "GBP" are to British pounds sterling, the official currency of the United
Kingdom, to "USD" are to U.S. dollar, the official currency of the United States of America, to "AUD" are to
Australian dollar, the official currency of the Commonwealth of Australia and to "YEN" are to Japanese yen, the
official currency of Japan.

7
Summary
Summaries consist of specific disclosure requirements, known as "Elements". These Elements are
numbered in Sections A E (A.1 E.7).
This summary contains all the Elements required to be included in a summary for this type of
securities and Issuer. Because some Elements are not required to be addressed, there may be gaps in
the numbering sequence of the Elements.
Even though an Element may be required to be inserted in the summary because of the type of
securities and Issuer, it is possible that no relevant information can be given regarding the Element. In
this case a short description of the Element is included in the summary with the mention of "not
applicable".
The following Summary contains options and blank spaces, marked by square brackets or bold script,
relating to the Notes that may be issued under the Prospectus. The summaries for the individual
issues of Notes will be included in the Final Terms and will contain only those options that are
relevant for the respective issue of Notes. In addition, the placeholders ("") contained in the
following Summary that are relevant for the particular issue will be completed in the summary for the
individual issue.
Section A Introduction and warnings
A.1
Warning that:

this Summary should be read as an introduction to the Prospectus;

any decision to invest in the Notes should be based on consideration of the Prospectus as a
whole by the investor;

where a claim relating to the information contained in the Prospectus is brought before a court,
the plaintiff investor might, under the national legislation of the Member States, have to bear
the costs of translating the Prospectus, before the legal proceedings are initiated; and

civil liability attaches only to the Issuer who has tabled the Summary including any translation
thereof, but only if the Summary is misleading, inaccurate or inconsistent when read together
with the other parts of the Prospectus or it does not provide, when read together with the other
parts of the Prospectus, key information in order to aid investors when considering whether to
invest in the Notes.
A.2
Consent to the use of [Not applicable.][The Issuer consents to the use of the Prospectus by all
the prospectus
credit institutions (general consent) and accepts responsibility for the
content of the Prospectus also with respect to subsequent resale or final
placement of the Notes by any credit institution which was given consent to
use the Prospectus, provided however, that the Prospectus is still valid in
accordance with Article 11 of the Luxembourg act relating to prospectuses
for securities (Loi relative aux prospectus pour valeurs mobilières)) which
implements Directive 2003/71/EC of the European Parliament and of the
Council of 4 November 2003 (as amended by Directive 2010/73/EU of the
European Parliament and of the Council of 24 November 2010).
Such general consent for the subsequent resale or final placement of the
Notes by the credit institution is given in relation to public offers in
[Luxembourg][,] [and] [Germany][,] [and] [The Netherlands][,] [and] [the
United Kingdom][,] [and] [Ireland][,] [and] [Italy][,] [and] [Spain][,] [and]
[France][,] [and] [Austria] [and [specify any other jurisdictions where the
Prospectus has been passported] (the "Offer State[s]") only.

8
The subsequent resale or final placement of Notes by credit institutions can
be made during the period commencing from[, and including,] [specify
date] [to[, and including,] [specify date]] (the "Offer Period").
[Additionally, the Issuer may grant its consent to the use of the Prospectus
for any resale or final placement of the relevant Notes in the Offer State[s]
following the end of such Offer Period to any financial intermediary
(individual consent), the name and address of which shall be published on
the website of Volkswagen Financial Services Aktiengesellschaft
(www.vwfs.com).]
In the event of a public offer being made by a credit institution, this credit
institution will provide information to investors on the terms and conditions of
the offer at the time the offer is made.
Any credit institution using the Prospectus based on the general
consent for public offerings has to state on its website that it uses the
Prospectus in accordance with the consent and the conditions
attached thereto.]
Section B Issuer
[1. Information relating to Volkswagen Leasing GmbH as Issuer
B.1
Legal and commercial Volkswagen Leasing GmbH ("VWLGMBH")
name
B.2
Domicile, legal form, VWLGMBH was incorporated on 18 October 1966 as a limited liability
legislation
company under German law under the name "Volkswagen Leasing
Gesellschaft mit beschränkter Haftung" in Wolfsburg. The seat was moved
to Braunschweig, where VWLGMBH was registered in the commercial
register of the local court (Amtsgericht) of Braunschweig on 5 January 1983
under the number HRB 1858.
B.4b
Known trends affecting The business development of VWLGMBH is closely linked to the
the Issuer and the development of sales of VW Group (as defined below). The development of
industries in which it the automotive sector remains dependent on the global economic
operates
development, which continues to be shrouded in considerable uncertainty.
The financial markets still entail risks resulting above all from the strained
debt situation of many countries.
The economic environment is expected to become increasingly uncertain
and volatile in 2013. Resolving the sovereign debt crisis in Europe and its
global ramifications will be decisive.
B.5
Organisational Structure
VWLGMBH is a wholly-owned subsidiary of Volkswagen Financial Services
Aktiengesellschaft, Braunschweig, Federal Republic of Germany
("VWFSAG"). Parent company of VWFSAG is Volkswagen
Aktiengesellschaft, Wolfsburg, Federal Republic of Germany ("VW AG").
VW AG is the controlling company of the Volkswagen Group ("VW Group")
which consists of numerous subsidiaries and affiliates in the Federal
Republic of Germany and abroad.

9
B.9
Profit
forecasts
or Not applicable; VWLGMBH has not made any profit forecasts or estimates.
estimates
B.10
Qualifications in the Not applicable; there are no qualifications in the audit report of VWLGMBH
audit report
on its historical financial information.
B.12
Selected historical key The following table shows selected financial information of VWLGMBH
financial
information extracted from the audited non-consolidated financial statements for the
regarding the Issuer, financial years ended 31 December 2011 and 2012:
statement
regarding
trend information and
significant changes in Balance sheet data
the financial or trading
position of the Issuer
31 December 2012
31 December 2011
EUR 000
Total Assets
18,228,631
17,042,892
Tangible
Fixed Assets
16,788,688
15,189,512
Equity
219,124
219,124
Liabilities
13,135,024
12,663,961
Income statement data
1 January 31 December
2012
2011
EUR 000
Net income from
4,518,769
4,426,855
financial
transactions
Result from ordinary
223,497
528,985
business activities
Net retained profits
649
649
There has been no material adverse change in the prospects of VWLGMBH
since the date of its last audited financial statements (31 December 2012).
There has been no significant change in the financial or trading position of
VWLGMBH since the end of the last financial year (31 December 2012).
B.13
Recent developments
There have been no recent events particular to VWLGMBH which are to a
material extent relevant to the evaluation of VWLGMBH's solvency.
B.14
Dependence of the see Element B.5.
Issuer
upon
other
entities within the group
The business development of VWLGMBH is closely linked to the
development of sales of VW Group.
A profit-and-loss-transfer agreement with VWFSAG came into effect on 18

10
September 2002. Under this agreement the total profit made in a financial
year will be transferred to VWFSAG.
B.15
A description of the VWLGMBH engages in the operating leasing business with private and
Issuer's
principal business customers as well as in the fleet management and services
activities
business. VWLGMBH is focused squarely on the needs of the private
customer, corporate customer and fleet customer groups. Besides enabling
innovative rental models such as long-term or micro rentals (car sharing)
and other new mobility services, the company's organisational foundation
ensures the consistent expansion of after sales services in the automotive
context.
B.16
Major shareholders
VWLGMBH is a wholly-owned subsidiary of VWFSAG.
B. 17
Ratings
No Rating to the Issuer has been assigned. For rating of the Guarantor see
below.
B.19
Information about the For information on VWFSAG as guarantor please see "2. Information
Guarantor
relating to Volkswagen Financial Services Aktiengesellschaft as Guarantor"
below.]
[1. Information relating to Volkswagen Financial Services N.V. as Issuer
B.1
Legal and commercial Volkswagen Financial Services N.V. ("VWFSNV")
name
B.2
Domicile, legal form, VWFSNV was incorporated as a stock corporation under the law of The
legislation
Netherlands for an indefinite period of time on 16 May 1983 under the name
Audi Finance N.V. It is registered in the Register of Commerce of
Amsterdam under No. 33172400. According to a resolution of the
extraordinary general meeting of shareholders held on 28 December 1994
the name was changed to Volkswagen Financial Services N.V.
Furthermore, it was sold by its former shareholders Volkswagen
International Finance N.V. and Audi AG to VWFSAG (as defined below)
with effect from 31 December 1994. VWFSNV's registered office is at
Herengracht 495, 1017 BT Amsterdam, The Netherlands (phone +31 20
420-5360).
B.4b
Known trends affecting The business development of VWFSNV is closely linked to the development
the Issuer and the of sales of VW Group (as defined below). The development of the
industries in which it automotive sector remains dependent on the global economic development,
operates
which continues to be shrouded in considerable uncertainty. The financial
markets still entail risks resulting above all from the strained debt situation
of many countries.
The economic environment is expected to become increasingly uncertain
and volatile in 2013. Resolving the sovereign debt crisis in Europe and its
global ramifications will be decisive.
B.5
Organisational structure
VWFSNV is a wholly-owned subsidiary of Volkswagen Financial Services
Aktiengesellschaft, Braunschweig, Federal Republic of Germany
("VWFSAG"). Parent company of VWFSAG is Volkswagen
Aktiengesellschaft, Wolfsburg, Federal Republic of Germany ("VW AG").
VW AG is the controlling company of the Volkswagen Group ("VW Group")
which consists of numerous subsidiaries and affiliates in the Federal