Morningstar DBRS Comments on the Tap Issuance of VCL Master Netherlands B.V.

DBRS Ratings GmbH (Morningstar DBRS) acknowledged the tap issuance under the following notes issued by VCL Master Netherlands B.V. (VCL NL or the Issuer):

-- Series 2016-2, Class A Notes
-- Series 2021-1, Class A Notes
-- Series 2016-1, Class B Notes

Morningstar DBRS deems that the tap issuance on 27 May 2025 has no impact on the current AAA (sf) credit ratings on the outstanding rated Class A Notes (the Notes).

The Series 2016-3, 2016-4, 2016-5, and 2016-6 Class A Notes and the Series 2016-2 Class B Notes issued by VCL NL were not included as part of the tap issuance.

The programme features and the Notes' terms and conditions remain substantially unchanged. Currently, the Notes issued by VCL NL are backed by approximately EUR 1.30 billion of receivables related to lease instalments and residual values from motor vehicle lease contracts originated by Volkswagen Pon Financial Services B.V. in the Netherlands.

The Issuer is a private company with limited liability incorporated under the laws of the Netherlands as a special-purpose entity specifically for the purpose of the securitisation programme, which was established on 26 May 2016. All series of Notes are currently in their revolving period. The programme allows for tap-up issuances as well as the issuance of additional series of notes, subject to the collateralisation levels and performance requirements being met as specified in the transaction documents, up to the programme maximum of EUR 1.5 billion.

Portfolio stratifications were provided in the form of the latest investor report, and the portfolio composition remains within programme standards. Morningstar DBRS has not updated its assumptions of gross default and recovery since its initial credit rating in November 2021.

Since no trigger events outlined in the transaction documents have been breached and overcollateralisation for the Notes is at the required levels, Morningstar DBRS did not perform any cash flow analyses.

Please refer to https://dbrs.morningstar.com/issuers/21627 for more information on this Issuer.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the "Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings" at: https://dbrs.morningstar.com/research/454196 (16 May 2025).

Notes:
All figures are in euros unless otherwise noted.

For more information on this credit or on this industry, visit dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

DBRS Ratings GmbH
Neue Mainzer Straße 75
D-60311 Frankfurt am Main
Tel. +49 (69) 8088 3500
Geschäftsführung: Detlef Scholz, Marta Zurita Bermejo
Amtsgericht Frankfurt am Main, HRB 110259