Annual Meeting recap |

NANA

2025 Board Chair report summary

Presented by Linda Lee at the 2025 Annual Meeting of Shareholders

It is my great honor to deliver the 2024 board report in my hometown of Shungnak. Being here, in the place that raised me, reminds me of the deep connection we all share with our land. It has provided for our people for generations, shaping not only how we live but who we are.

Our land is more than a place – it is the foundation of who we are as Iñupiat. For thousands of years, it has sustained our people, teaching us resilience, resourcefulness, and the importance of community. Through the land, we remain connected – not just to each other, but to the generations who came before us and those who will follow.

At NANA, we recognize that protecting and sustaining our land is essential to carrying forward our culture. The knowledge passed down from our Elders- how to hunt, fish, gather, and respect the land- continues to guide us today. This is

why it is important for us to come together, share, learn, and strengthen the bonds that keep our communities thriving.

Over the past year, the board met six times, held 62 committee meetings, and passed 50 resolutions in support of programs and initiatives to improve the quality of life for our people.

ROLE OF THE BOARD

The NANA Board of Directors is responsible for setting the direction of our company. We guide the corporate vision, drive growth by identifying goals aligned with our mission, and approve strategies to achieve them. We also ensure the accuracy of financial reporting and statements.

BOARD GOALS

NANA’ s 2024 efforts centered on creating long-term value, preserving Iñupiat

traditions, and sustaining community well-being.

Ensuring Long-Term Value: The board approved a groundbreaking $ 403 million contribution to the permanent fund, ensuring stable dividends for future generations. NANA also prioritized expanding resource development, workforce training, and business growth to create lasting employment opportunities for shareholders. A shareholder employment strategy session in May 2024 reinforced company efforts to support career paths both within and beyond NANA.

Preserving Culture and Lands: To uphold the Iñupiat way of life, NANA expanded its year-round trespass patrols and strengthened collaboration with state and federal agencies to protect lands and subsistence resources. Updating subsistence mapping and safeguarding

natural environments remain top priorities.

Enhancing Community Sustainability: NANA has provided $ 7.6 million over three years for fuel subsidies, reducing household energy costs by 20 % and easing financial burdens across the region. An additional $ 11 million allocation to the Village Economic Investment( VEI) program brings the total investment to $ 44 million since 2009, supporting critical infrastructure and community-led projects.

NANA’ s strategic initiatives reflect its unwavering commitment to cultural preservation, sustainable growth, and improving shareholders ' quality of life.

SHAREHOLDER POPULATION

Our shareholder base has grown to over 15,500 members. 45 % live in the NANA region, 41 % in other parts of Alaska, and 13 % outside the state. As we continue to grow, we remain committed to ensuring that all shareholders, regardless of location, have access to valuable benefits.

FINANCIAL HIGHLIGHTS

This past year, we made significant financial contributions that benefit

our shareholders and the long-term This content is provided stability of our corporation: directly to our shareholder audience only. • $ 403 million allocated to the NANA Permanent Fund

Taikuu

• $ 42.6 million in shareholder distributions

• $ 2.8 billion dollars in gross revenue, which includes a record-breaking 2.2 billion in revenue from our federal contracting subsidiary, Akima

• A record-breaking $ 187.4 million in EBITDA, which stands for Earnings Before Interest, Taxes, Depreciation, and Amortization, reflecting the company ' s profitability from core operations before accounting for interest, taxes, and non-cash expenses.

• 1,614 shareholders employed, earning a total of $ 92.3 million in wages

These numbers reflect our strong financial position and our unwavering commitment to creating lasting benefits for our shareholders.

DESCENDANT ENROLLMENT UPDATE

NANA is exploring potential changes to blood quantum requirements for descendant enrollment, a pivotal topic for the future of our corporation. While the original rules required shareholders to have at least one-fourth Alaska Native blood, an amendment in 1991 allowed descendants to receive shares. Today, we are considering additional changes.

Survey Insights:

The 2023 shareholder survey revealed that 36 % support removing the one-fourth blood quantum requirement, 48 % oppose it, and 16 % are unsure. This feedback is vital, though further input will guide any decisions.

Potential Options:

Remove Blood Quantum for Current Shares( Class D): Requires a majority vote from both Class D shareholders and all voting shares, making it a complex process.

Create a New Share Class( Class E): This approach eliminates blood quantum requirements but requires a quorum of 50 % plus 1 of all voting shares and majority approval from those present.

Pros and Cons to Consider:

Pros: Expanding eligibility strengthens Iñupiat identity and inclusion, increases the shareholder base, and fosters future leadership.

Cons: Risks include share value dilution, higher administrative costs, and voting challenges due to larger quorum requirements.

Other factors, such as voting rights, enrollment periods, and share issuances, will also require careful consideration.

Ultimately, any policy change would be decided by shareholder vote.

Now, shifting gears, I wanted to address another topic the board is engaged with- the future of Red Dog Mine.

Board Chair Report Summary Continued on Page 4

The Hunter | 2025 June

The Hunter June 2025 Edition | Page 3