ITALIAN ANNEX Supplemental terms and conditions for transactions In Italian Domestic Purchased Securities or Italian Bonds This Annex constitutes an Annex to the TBMA/ISMA Global Master Repurchase Agreement dated January 7, 2015 between DEUTSCHE BANK AG and SOUTHERN FINANCIAL LLC (the "Agreement'). I. Scope In the event of Repurchase Transactions or Buy/Sell Back Transactions in Domestic Purchased Securities (as defined below) or in Italian Bonds (as defined below) whether or not such Italian Ronds fall within the definition of Domestic Purchased Securities, the following provisions shall apply and, where in conflict with any other tens of the Agreement or of the Buy/Sell Back Annex. they shall prevail. 2. Interpretation (a) The following definition shall be added to paragraph 2 of the Agreement - "Domestic Purchased Securities" means Purchased Securities which are issued in Italy whether or not the issuer thereof is incorporated in Italy or has a presence in Italy. (b) The following definitions shall replace the corresponding definitions contained in paragraph 2 of the Buy/Sell Back Annex - (i) "Accrued Interest", with respect to any Domestic Purchased Scarifies unpaid Income that has accrued during the period from (and excluding) the issue date or the last Income Payment Date (whichever is the later) in respect of such Domestic Purchased Securities to (and including) the date of calculation. For these purposes unpaid Income shall be deemed to accrue on a daily basis from (and excluding) the issue date or the last Income Payment Date (as the case may be) to (and including) the next Income Payment Date or the maturity date (whichever is the earlier). t ii) -Sell Back Differential". with respect to any Transaction in Domestic Purchased Securities as of any date, the aggregate amount obtained by daily application of the Pricing Rate for such Transaction (on a 360 day basis unless otherwise agreed between the panics for the Transaction)