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COLONIAL EMPLOYEES MUTUAL FUND, INC. Suite 1001 400 Madison Avenue New York 17, New York Directors: Gitt, Michael A. Harpham, Joseph W. Taylor, Vernon A. Wood, Edson M. October 1954 Dear Fellow Employees, Early last summer a group of the employees of Colonial Airlines conceived the idea of creating a mutual fund for the benefit of all Colonial employees. Last month the Colonial Employees Mutual Fund, Inc., was organized as a New York corporation and it has become a stockholder of Colonial Airlines by making a token purchase of ten shares of Colonial stock. We would like to tell you a little more about this Fund, why it was organized, its purpose, and why we think you, as an employee of Colonial, should be interested in it. DAYS OF DECISION FOR COLONIAL As you well know, Colonial Airlines now faces many important questions concerning its future. Should it continue to operate as a separate airline or should it become part of a larger system? If the latter, which system should it join, under what terms and conditions, and what will be the effect upon the operations of Colonial as we now know them? The decisions which will be made concerning these and other problems may have permanent and far-reaching effects upon the earnings and mode of life of every Colonial employee. But despite our interest and vital concern, as matters now stand, these decisions will be made without our participation.