Deutsche Bank Deuuche Sank AG London Wm/osier House I Great Wuchester Street. London Telephone. Date: To: Attention: Our Reference 14 January 2015 Southern Flnanclal,LLC CDS Documentation CONFIRMATION Credit Derivative Transaction Dear Sir/Madam. The purpose of this communication (this tunfinngthibl is to set forth the terms and conditions of the Credit Derivative Transaction entered Into between Deutsche Bank AO (Tarty Al and Southern Flnanclal,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 definition and provisions contained in the 2014 ISDA Credit Derivatives Definitions (the '2014 Definitional, as published by the International Swaps and Derivatives Association, Inc. (*ISDA'). are incorporated into this Confirmation. In the event of any incons,stency between the 2014 Definitions and this Confirmation, this Confirmation will govern. This Confirmation supplements. loans 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. NI 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. Ganaral.Iarma 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 'Scdler") Party B (the 'Buyer") Seller FEDERATIVE REPUBLIC OF BRAZIL Applicable Senior Level The obfigation(s) identified as follows: Primary Obligor. Federative Republic of Brazil CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY GM_00266803 DB-SDNY-0120619 EFTA01459871