A. CLIFTON HODGES                                                                                                                                                                               4 EAST HOLLY STREET
JAMES S. KOSTAS                                                                                                                                                                     SUITE 202
DONALD W. RICKETTS*                                                                                                                                                             PASADENA, CA. 91103
TEL  (626) 564-9797
* OF COUNSEL                                                                                                                                                                             FAX  (626) 564-9111

August 13, 2010

For the urgent attention of the Chief of Staff:
His Royal Highness the Duke of Edinburgh
Buckingham Palace
London SW1A 1AA

Re:          U.S. Dollar Refunding Project

Dear Sirs:

I write to you once more in furtherance of matters raised in my prior correspondence on behalf of my clients Michael C. Cottrell, B.A., M.S., of Erie, Pennsylvania, USA, and his corporations: Pennsylvania Investments, Inc., registered in the Commonwealth of Pennsylvania, and Cottrell Securities Limited, registered in England and Wales.

The events of the past several weeks are both frustrating and aggravating.  The many people involved in bringing the Global World Settlements to fruition have been convinced for some time that distribution of all funds would have been accomplished before now.  I must report that the current U.S. Administration continues to interfere with conclusion of this process at every turn; a detailed summary of recent events, prepared by and attested to by Mr. Cottrell is attached for your information and review.

As you are aware, Mr. Cottrell arranged for the formation of Cottrell Securities Limited, based in London, to handle the necessary fully taxable, on-balance sheet trades; we have been awaiting completion of the funding of the Global World Settlements to initiate this Refunding Project.   In view of the U.S. Administration’s continued interference, and because the U.S. Dollar Refunding Project is such a critical part of the efforts of so many to address the current world financial situation, Mr. Cottrell asked me to contact The Right Honorable George Osborne, MP, Chancellor of the Exchequer, with our request for immediate funding of the Monarchal loan; I have done so by letter of even date.

My purpose in writing to you directly, is not only to keep you advised of the progress of the U.S. Dollar Refunding Project; I am soliciting your assistance in coordinating with the Chancellor in hopes of expediting funding of the Monarchal loan.  We believe that the current U.S. Administration will not relinquish control of the Settlements funds voluntarily; we also believe that urgent action is required.

I would therefore be most grateful for any assistance that you can provide at this time to expedite finalization of all necessary arrangements to allow initiation of the U.S. Dollar Refunding Project.  I look forward to receiving a positive response at your early convenience, so that this matter can be consummated as originally conceived and recommended by Her Majesty.

Sincerely Yours,

Cc:  Michael C. Cottrell
Pennsylvania Investments, Inc.
Cottrell Securities Limited