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               THE WACO AIRCRAFT COMPANY
                   TROY, OHIO, U.S.A.

                               
                                         April 30, 1930.

TO THE SHAREHOLDERS OF THE WACO AIRCRAFT COMPANY:

    In passing the dividend for May of this year, the Directors not only felt that to do so was in line with sound business judgement but believed as well a few words in a statement should be passed along for the stockholder.

    In view of the rapid development of the aircraft industry during the past year, and a similar outlook for the near future, it was deemed advisable by the Directors to retain a sufficient cash balance in the treasury to meet current needs and future developments in order to securely maintain in production our unchallenged position.

    The present financial condition of your company is most favorable, and it is the intention of your Directors to keep it so. The new Model "F", recently put in production, is meeting with much favor and many orders have already been booked for immediate delivery, A Glider has been developed by our engineers, and is now in our factory output. Much interest is being shown in this craft, and we have every reason to anticipate a good business from this new member of the WACO fleet.

    The outlook for 1930 is promising.
                                     
                     Respectfully,
                          CLAYTON J. BRUKNER, President.