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NEW YORK ARTHUR YOUNG & COMPANY PHILADELPHIA CHICAGO ACCOUNTANTS AND AUDITORS PITTSBURGH ATLANTA 165 BROADWAY SAN FRANCISCO BOSTON NEW YORK 6, NY TOLEDO CLEVELAND TULSA DALLAS WICHITA DETROIT - HOUSTON CANADA KANSAS CITY ENGLAND LOS ANGELES FRANCE MILWAUKEE VENEZUELA The Stockholders Colonial Airlines, INC.: We have examined the balance sheet of Colonial Airlines, Inc. at December 31, 1953 and the related statement of income and earned surplus (deficit) for the year then ended. 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. In our opinion, subject to the outcome of pending proceedings and actions resulting from the investigation by the Civil Aeronautics Board (Note 2), the accompanying balance sheet and statement of income and earned surplus (deficit) present fairly the financial position of Colonial Airlines, Inc. at December 31, 1953 and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. [[signature of Arthur Young and Company]] New York, N.Y. March 4, 1954