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THOMAS F. HANLEY & CO. Certified Public Accountants 57 WILLIAM STREET NEW YORK 5, N. Y. Bowling Green 9-6092-3-4 April 26, 1951 Board of Directors Island Air Ferries, Inc. MacArthur Airport Bohemia, New York Gentlemen: In accordance with your request we have made a limited examination of the books and records of Island Air Ferries, Inc. for the year ended December 31, 1950 and present herewith the following exhibits and schedules: EXHIBIT A - BALANCE SHEET - DECEMBER 31, 1950 EXHIBIT B - STATEMENT OF INCOME AND SURPLUS for the Year Ended December 31, 1950. Schedule B-1 - FLIGHT EXPENSES Schedule B-2 - GROUND AND ADMINISTRATIVE EXPENSES Our examination was limited to tests of the internal accounting records and other supporting evidence, except that we did confirm cash in banks with the respective depositaries. Very truly yours, THOMAS F. HANLEY & CO. Certified Public Accountants.