Deutsche Bank Deutsche Bank AG London Winchester House 1 Great Winchester Street. London EC2N 208 Telephone: +44 (0)20 7545 8000 Date: To: Attention: Our Reference: 14 January 2015 Southern Financial,LLC CDS Documentation CONFIRMATION Credit Derivative Transaction Dear Sir/Madam, The purpose of this communication (this 'Confirmation') is to set forth the terms and conditions of the Credit Derivative Transaction entered into between Deutsche Bank AG ("Party A") and Southern Financial,LLC ("Party B") on the Trade Date specified below (the "Transaction"). This Confirmation constitutes a 'Confirmation" as referred to in the ISDA Master Agreement specified below. The definitions and provisions contained in the 2014 ISDA Credit Derivatives Definitions (the '2014 Definitions"), as published by the International Swaps and Derivatives Association, Inc. (-ISDA'), are incorporated into this Confirmation. In the event of any inconsistency between the 2014 Definitions and this Confirmation, this Confirmation will govern. This Confirmation supplements, forms a part of, and is subject to, the ISDA Master Agreement dated as of 28 October 2013, as amended and supplemented from time to time (the "Agreement") between Party A and Party B. All provisions contained in, or incorporated by reference in, the Agreement shall govern this Confir- mation except as expressly modified below. The terms of the Transaction to which this Confirmation relates are as follows: 1. General Terms Transaction Type: Trade Date: Effective Date: Scheduled Termination Date: Floating Rate Payer: Fixed Rate Payer: Calculation Agent: Reference Entity: Standard Reference Obligation: Seniority Level: Reference Obligation: Standard Latin America Sovereign 13 January 2015 14 January 2015 20 March 2020 Party A (the *Seller') Party B (the 'Buyer") Seller FEDERATIVE REPUBLIC OF BRAZIL Applicable Senior Level The obligation(s) identified as follows: Primary Obligor: Fede