America's Cup: Letter from GGYC to SNG, 4th January 2010

Contents of the letter from Marcus Young, Commodore, Golden Gate Yacht Club to Fred Meyer, Vice-Commodore and Chairman of the Société Nautique de Genève's America's Cup committee, dated 4th January 2010:

"Thank you for your letter of December 31, 2009 concerning the "constructed in country" requirement of the America's Cup Deed of Gift.

"Our representatives will be available to meet in Singapore on January 12, 2010.

"We would welcome the attendance of David Tillett, chairman of the International Jury, as well as David Kellett representing the International Sailing Federation.

"Our intention is that these talks make real progress on the substantive issues.

"We respectfully remind you that, while the discussions in Sydney last month were positive, GGYC does not consider the process the success you described because it appears that SNG is stalling the implementation of those talks. Specifically the following have been delayed beyond discussed deadlines:

. Issung the amended Notice of Race to take fully into account the decisions and order of the New York Courts, and the changes agreed at our Sydney meeting.

. Indemnifying the International Jury, announced as long ago as December 4, 2009, so it is able to begin to work.

"With regard to the above matters, GGYC has long since, and in a timely manner, met all of its obligations. We ask that SNG fulfill its clear duty as Trustree.

"I am also replying to your letter of December 27, 2009 insisting that BMW ORACLE Racing's yacht be moored in Valencia's Darsena. We view the safety of our crew, our yacht and other users of the Darsena as priority number one, and we will not be pressured into jeopardizing them.

"It remains our sincere hope and desire that all outstanding issues be resolved before the Match, and we ask that you join us in making every effort to do so."

Golden Gate Yacht Club