AGENCY DIRECTION LETTER I appoint Deutsche Bank Securities Inc. ("DBSI") as my agent in connection with transactions in over-the-counter options on securities and over-the-counter options, forwards, spot trades, swaps and other transactions in currency (together, "Transactions") between me and DBSI's affiliate, Deutsche Bank AG ("Deutsche"). I direct DBSI to execute, enter into, amend and terminate on my behalf any or all of the following: (i) one or more master agreements, including a schedule, credit support annex and other annexes and supplements, (ii) one or more collateralized trading agreements, including any schedules or annexes thereto, (iii) long or short form confirmations relating to Transactions and (iv) other option, forward or other trading or account agreements relating to Transactions, in all cases, with such terms, conditions and modifications as I direct ("Agreements"). If I have already entered into one or more Agreements with Deutsche, I direct DBSI, as my agent, to enter into, modify and/or terminate Transactions thereunder, in accordance with my direction. I direct DBSI to transfer assets and monies from my account(s) at DBSI or Deutsche Bank Trust Company Americas ("DBTCA") to Deutsche as collateral for my obligations under the Transactions. DBSI is acting as my agent, under my direction and control and not as my trustee, fiduciary or investment adviser. I hereby ratify all actions previously taken by DBSI consistent with this Agency Direction Letter. I consent to DBSI's simultaneously acting as agent for Deutsche on Transactions and acknowledge that DBSI has conflicts of interest, including because of the revenue sharing arrangements in place between DBSI and Deutsche (which may result in payment of compensation to my DBSI or DBTCA Client Representative). As a result of my appointment of DBSI as agent, I understand that Deutsche is entitled to and intends to treat DBSI (and not me) as its "client." Accor