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LOOMIS, SUFFERN & FERNALD CERTIFIED PUBLIC ACCOUNTANTS 80 BROAD STREET NEW YORK 4 April 7, 1954 TO THE BOARD OF DIRECTORS OF NEW YORK AIRWAYS, INC. We have examined the accompanying Balance Sheet of New York Airways, Inc., as at December 31, 1953 and the related Statements of Capital Surplus, of Earned Surplus and of Profit and Loss for the year then ended. Our examination, which included a review of the adjustments relating to the year ended December 31, 1952 reflected in the Comparative Statement of Profit and Loss (which we had previously examined with respect to the year 1952), was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances; we reviewed and tested available records to satisfy ourselves that the accounts receivable were fairly stated, although it was not practicable to obtain confirmation of the balances. In our opinion, the accompanying Balance Sheet, the Statements of Capital Surplus and of Earned Surplus and the Comparative Statement of Profit and Loss, together with the related notes, present fairly the financial position of New York Airways, Inc., as at December 31, 1953 and the results of its operations for the year ended on that date and for the year ended December 31, 1952, in conformity with generally accepted accounting principles consistently applied, but with significant changes of the 1952 results previously reported because of the final mail rate decision of March, 1954. LOOMIS, SUFFERN & FERNALD Certified Public Accountants.