Part of your company's annual report is a letter to shareholders that provides a CEO's perspective on the current state of your business. Now that you have formalized your strategy and become a more seasoned Airline management team, it is time to convince current and potential shareholders that an investment in your company has positive potential returns. Your goal is to provide a persuasive, yet honest, appraisal of your company and its future prospects.

Your letter to shareholders should consist of an update on your strategy, including target markets, management structure, key accomplishments and challenges, and future performance objectives. In addition, please discuss your most direct competitor and how and why you are positioned to outperform them in the future.

The letter itself should be only one or two pages, but up to five supporting exhibits are permitted on additional pages. You may want to search online for sample letters to shareholders to better understand the possible content.

Please explain all parts briefly.