Deutsche Bank

Deutsche Bank Deutsche Sena AG London Wenches* House 1 Great vMthester Street London EC2N 2DB Telephone. Date: To: Menticn: 14 January 2015 Southern Financial.LLC CDS Documentation Our Reference: 07E712154M112ZQ9402 CONFIRMATION Credit Derivative Dear Sr/Madam, The purpose of this communication (this Taggrmiatgg") is to set forth the terms and conditions of the Credit Derivative Transaction entered into between Deutsche Bank AG rParty Al and Southern Financtal,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 /014 Definitions"), as published by the International Swaps and Derivatives Association, Inc. ('ISDA'), are incorporated into this Confirmation. In the event of any inconsistency between Me 2014 Definitions and this Confirmation. this Confirmation will govern. This Confirmation supplements, forms a poi of, and is subject to, the ISDA Master Agreement dated as of 28 October 2013, as amended and supplemented from time to trne (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 Conrwmation relates are as follows: 1. General lgrms 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) SeNer FEDERATIVE REPUBLIC OF BRAZIL Appltable Senior Level The obligation(s) identified as follows: Primary Obligor Federative Republic of Brazil EFTA01200326 2.1insaymnala Fared Rate Payer Payment Date(s): Fixed Rate: Initial Payment Payer. Initial Payment Amount Initial Fixed Rate Payer Calculation Period. Maturity: Coupon: CUSIP / ISIN: O6 March 2030 12.25% 20 March 2015 and thereafter each 20 June, 20 Septet—ber, 20 December and 20 March 1 per cent per annum Party El USD 491.941.00 Notwithstanding Secbon12.9 of the 2014 Definitions. the initial Fixed Rate Payer Calculation Period shall commence on, and include, the Fixed Rate Payer Payment Date falling on or immediately prior to the calendar day Immediately following the Trade Date. 1 Floating Payment Floating Rate Payer Calculation Amount: USD 10.000,000.00 4 Credit Superlative This Transaction shall be subject to the ISDA Credit Support Annex dated as of 28 October 2013 between the parties. For purposes of the Transaction the Independent Amount applicable :o Party B shall be an amount equal to 1% of the Fixed and Floating Rate Payer Calculation Amount, subject to any reductions due to partial terminations or partial novations. Contact Details !or Notices Party A: Party B: D riv lives Documentation Email: Please advise Account Details Party A: Standard Settlement Instructions Party B: Standard Settlement Instructions fi (MVOS. a) :he O'Sce of Party A for the Transaction Is London 2 EFTA01200327 lSeaurtmvtlons Party B, if it is a nonresident alien individual, foreign corporation, foreign partnership, foreign trust, or foreign estate, recresents that is a foreign person for purposes of US Treasury regulations relating to information reporting and badom withholding. Each party will be deemed to represent to the other party on the dale on which It enters into this Transaction that (absent a written agreement between the parties that expressly Imposes affirmative obligations to the contrary for this Transaction): (i) Piga-Relict It is acting for its own account, and it has made its own independent decisions to enter into this Transaction and as to whether this Transaction is appropriate or proper for it based upon its own judgement and upon advice from such advisers as it has deemed necessary II is not relying on any communication (written or oral) of the other party as Investment advice or as a recommendation to enter into this Transaction; it being understood that information and explanations related to the terms and conditions of this Transaction shall not be considered Investment advice or a recommendation to enter into this Transaction. No communication (written or oral) received from the other party shall be deemed to be an assurance or guarantee as to the expected results of this Transaction. (ii) Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of this Transaction. It is also capable of assuming, and assumes, the risks of this Transaction. (nii) Status of Parties. The other party is not acting as a fiduciary for, or an adviser to it in respect of this Transaction. 3 EFTA01200328 Please confirm your agreement to be bound by the te'rns of the foregoing by executing a copy of this Confirmation and returning d to us by facsimile to: Atteneen: Fax: Emelt New York Derivatives Documentation Deutscbe Bank AG, London Branch is auing as principal In this Transaction. The time of transaction wilt oe supplied on request. lf omkat* the forowing wie apply. The time of exercise wil be suppliod on rondeel Details of arrangements with Introducing brokers are available on request NIS MESSAGE 1MIL BE THE ONLY FORM OF CONFIRMATION DESPATCHFD BY IIC_f±l EASF FltFCHTF aan RFTUBILLUILFACItaL.F- IF/Qta5fISH TOMSCHANGE HARD COPY FORMS.PE THIS CONFIRMATION PLEASE CONTACT US Tours faithiully, For and on boller of IglinaRERARLULti By: Nawo: Jon Abela Anti: :wind Signatory Confirrned as of the date first above witten SOUTHERN FINANCIAI By: Name: I ne' Veive Tine: Mom Ominran of M Supoonaory board: Peul ~doemt Management Boent Jargon Engels (Co Chal~. ~Man »b (CO Gisela's-g} &Met Knappe, Siephart Leinner, Stuwt La Reiner Wat Henry Rild10110, ChnsUan Steen Oculatie Bank AG la garthorned unie Goeman %merg Les (competent aulhonly: forensen Control Pent) and. In en Uitled raledC". by aa Prodental Regmation Autnelty. B e futlecl b) shipenOlon by Ina Europeign CSM Bank end by IMF" Gemalied Fedteal Ftiandal Supensay Atltorgy, and is subject in Wreed ragden:n In lbo Ulled Kenden by lbo Piudenlial Renutallon Augionly and FinandalConduelt, GØ asne: Paul Cunce Auteuirized Signentsry By: Name: Tde: Deuken, Bant AG e S. Mrt Modi ~wolk° wit kneed ietitty ineapormed h ae Federal Waken el Gennany. Loot Court or Frankfort om Wan ilal3 No. 30 000:arsnch ~Won h England and Veem 0510003015 and RegletenxiAedregs. ~dame« HCNSe, I Gaat ~ter Street Lonexi EC2N 2D6. D•utsche Bank AG,London enne. to • als of M London Stoelt Entlutrog. (Detela onnut te «WI of es zugiorlegton and regulatie° by M PrudenlIM Regulallon Anthony, and rentlebon by Ce Fnanclai Conext eutoority ~Mag on mime ar trom ~eet conegnicergenVen_eselosem,rnm 4 EFTA01200329