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Loomis, Suffern & Fernald
CERTIFIED PUBLIC ACCOUNTANTS
80 BROAD STREET
NEW YORK 4

April 15, 1957

TO THE BOARD OF DIRECTORS OF
NEW YORK AIRWAYS, INC.

We have examined the Balance Sheet of New York Airways, Inc., as at December 31, 1956 and the related Statement of Profit and Loss and Earned Surplus for the year ended on that date. Our examination 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; although it was not practicable to obtain confirmation of the balances receivable from the United States government, we reviewed and tested available records to satisfy ourselves that such balances were fairly stated. We had previously examined and reported upon the Balance Sheet as at December 31, 1955 and the Statement of Profit and Loss and Earned Surplus for the year ended on that date, which are included for purposes of comparison.

Subject to determination of the amount of Federal subsidy for the year 1956, with regard to which information is presented in Note 2 of Notes Relating to Financial Statements, in our opinion the accompanying Comparative Balance Sheet and Comparative Statement of Profit and Loss and Earned Surplus, together with the related notes, present fairly the financial position of New York Airways, Inc., as at December 31, 1956 and December 31, 1955 and the results of its operations for the years then ended, in conformity with generally accepted accounting principles which have been applied on a consistent basis for the two years.

Loomis, Suffern & Fernald

Certified Public Accountants