CERTIFICATE OF INCUMBENCY OF SOUTHERN FINANCIAL, LLC The undersigned, Jeffrey Epstein, hereby certifies as follows: 1. Attached as Exhibit A hereto is a true and correct copy of the Operating Agreement, dated February 16, 2013, of Southern Financial, LLC, a United States Virgin Islands limited liability company (the "Company"). 2. As provided in Section V of the Operating Agreement of the Company, I am the duly appointed manager of the Company, and, since the date of my appointment, I have not resigned nor have I been removed as manager. Since the date of my appointment as manager of the Company, no other person has been appointed or served as manager of the Company. 3. In accordance with the provisions of Section V of the Operating Agreement, as the current manager of the Company, I have full signing authority for and on behalf of the Company, including full authority for and on behalf of the Company to execute the Global Master Repurchase Agreement attached as Exhibit B hereto. Dated: January 8, 2015 Jeffrey Epstein Manager On behalf of Southern Trust Company, Inc., a United States Virgin Islands corporation ("STC") and the sole member of Southern Financial, LLC, a United States Virgin Islands limited liability company (the "Company"), the undersigned, being the Treasurer of STC, hereby certifies that Jeffrey Epstein is the current manager of the Company with full authority to act on the Company's • ehalf and that the signature appearing above on the within Certificate of Incum cy is Mr. ein's signature as manager of the Company. Richard Kahn Treasurer CONFIDENTIAL SDNY_GM_00037917 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0000741 EFTA_00 I 48526 EFTA01282432