2026 Chugach Electric Annual Meeting

I'll call it. I now call this meeting to order. Good afternoon. Good afternoon. My name is Mark Wiggan.

I'm chair of the Chugach Electric Board of Directors. I want to welcome you all and thank you all for joining us here today. On behalf of the board and staff, I want to welcome you to the 2026 annual membership meeting. Of your membership— member-owned cooperative. Before I go on, let me introduce the other members of the board.

Myself, Mark Wiggins, Katherine Björnström, outgoing C.C. Cooper, candidate Rachel Morse, Dan Rogers, and Suzanne Fleet Green. And Director Jim Nordlund is here but not in his chair. Thank you. He'll be here.

Daria's back there.

I do have a script. We will begin with presentation of the colors. The Alaska Military Youth Academy Color Guard will present the colors, followed by the singing of the National Anthem by Kiri Daat Tuttle, who just completed her freshman year at the Mountain City Christian Academy. Please stand. [FOREIGN LANGUAGE] Early lies what so proudly we hailed at the twilight's last gleaming, whose broad stripes and bright stars through the perilous fight O'er the ramparts we watched were so gallantly streaming.

Please remain standing, please, and join me in the Pledge of Allegiance.

I pledge allegiance I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all. Thank you. Thank you, color guard members, and thank you very much, Kiri. Kiri Dodd, really appreciate it.

As we begin today, we want to acknowledge that we gather on the traditional lands of the Dena'ina Athabascans. For thousands of years— you may be seated, thank you very much. For thousands of years, the Dena'ina have been and continue to be the stewards of this land. It is with gratitude and respect that we recognize the contributions innovations, and contemporary perspectives of the Upper Cook Inlet Dena'ina. Thank you very much.

On behalf of the Chugach board and management team, thank you again for being here. But let me tell you a little bit about Chugach Electric, of which we're all— the 7 of us are on the board. Chugach is the largest electric utility in Alaska, serving nearly 89,000 member owners. At more than 113,000 metered locations. This area extends from Anchorage in the northern— from Anchorage to the northern Kenai Peninsula, from Whittier to Tyonek on the west side of Cook Inlet.

But not only do we serve our members in this area, Chugach also provides power up and down the rail belt from Golden Valley at times to Homer. As board chair, I'm pleased and proud to say that Choogach does way more than just provide power. We're a critical link and a partner in the communities we serve, and we know that affordable and renewable power is absolutely key to sustaining robust communities up and down the rail belt and in our area that we serve. As you will hear and see in the coming video presentation, and from our CEO Arthur Miller. Shugash.

We are working on a whole bunch of fronts to provide that affordable and reliable power today while also preparing to meet the significant challenges of the future. Let me give you a full bullet— a few bullets of what we do. Shugash is not only the largest electric utility, but it's also a diversified energy company with a broad portfolio of projects and initiatives that I and the rest of the board and staff I'm very excited and proud to be part of. We're rebuilding and modernizing critical transmission infrastructure, which what that means is all those cool pole, uh, power line towers on Seward Highway. That's the— they're quite amazing.

I'm sure you've noticed those. We're integrating additional renewable energies like community solar, our first of which was oversubscribed. We had too many people wanting to participate, and that's been Fabulous. And I want to thank all who are here who subscribed or are participating in supporting that program. We're evaluating potential hydroelectric projects.

We're investing in technologies to build system reliability and resilience. But you know, there is all— there's one thing more that people don't really think about. Chugach and our working interest partner in the Beluga River field are drilling gas wells and provo— pro— producing gas for power generation fuel. We own two-thirds of the Beluga River gas field, the largest producing field in Cook Inlet for the last few years. Really quite amazing.

The gas we're producing, the gas our partners are producing, is what's keeping the lights on in here and for our members. Now, operating Chugach Such a complex energy utility requires balancing a bunch of things: reliability, affordability, sustainability, fuels, technologies, all the while keeping our eye on the future. That forward-looking approach remains a key focus to Chugach staff and those who serve on the board and who will serve on the board. Well, that closes my remarks about Chugach. But before we move on to the rest of the presentations, I wanted to ask everybody here, how many of you enjoyed the bucket rides and the celebration out there today?

Did many of you do that?

Thank you. And I apologize for all those who couldn't wait in line long enough to get up in the bucket, as one of my fellow Directors. It was a fabulous day to have such an event, and we appreciate your attendance. We appreciate your participation and engagement. Now for the rest of the meeting, our emcee today is going to be Julie Haskett, and she's going to come up.

Thank you. Thank you, Director Wiggins. Welcome, everybody. Very excited to be back here again this year. This is probably my favorite event of the year at Chugach.

A couple of announcements as we get started, a couple safety items. We do have an AED and a first aid kit and a wheelchair behind there, and if there was any kind of an emergency where we had to exit, everybody please leave the way you came in, out that way. But we don't have any emergencies planned. So just like you to know the exit plan if we did. If you have not voted, you can still vote until the close of the break, which will be in a few minutes.

The voting is in a new location this year. We put it over there by the balloons and the big signs that say "Vote Here." So please vote if you have not. Also something new this year, we have a family area over there. If you have children that get a little restless and bored, please feel free to take them in there and stay with them. [FOREIGN LANGUAGE] The audio from this meeting is being piped in there, so you'll still be able to hear us from the family room.

And I think they have some colors in there.

Colors. Colors, crayons, things to play with. Couple of items I want to make sure you know about. At the table in the back, we had the agenda. We also have the agenda on those sideboards next to the restrooms.

There's also a copy of last year's minutes. Which we will vote to approve here in a little bit. Most of you got your meal ticket, and very important, your voting card when you will vote on the minutes. And please keep the coupon that says "keep this coupon" and put the one that doesn't say "keep this coupon" in the jars back there. And we have some really great door prizes that we draw at the very end, so you'll stay till the very end.

And you must be present to win those door prizes. And also this year, we have a newly designed annual report. It's really beautiful. And there's some hard copies here. There's also, it's online on our website.

And if you wondered, we had a drone that flew over these gentlemen, our linemen who were replacing some insulators between Girdwood and Portage, and got these outstanding photos. So we're very excited and put it on the COVID of our annual report. Thank you.

What else do I have for you? Oh, if you want to write down any questions for later because you don't want to come to the microphone, you can write questions and put them in the box and we'll read a few. We don't go through a ton of questions tonight because we are sort of limited on our time here, but we will have a top time when you can come up to the microphone and ask some questions. And that's toward the end of the meeting after Arthur Miller's report.

Also, I told you that you can win a door prize. Oh, and when you came in, the first 300 registered members got a gift certificate to either Bell's or Diamond Greenhouse, and those gift certificates are part of our commitment to Treeline USA. We've been a Treeline USA member since 1994, something like that. Whether you plant a tree, a shrub, or anything, please don't plant under our power lines.

And call before you dig.

Okay. And then the last thing, everyone who votes in the election is entered to win one free year of electricity, up to 10,000 kilowatt hours. And at the end of the meeting, I will announce the two people who won one year of electricity. And that's for everybody who votes, no matter when you voted, whether you voted four weeks ago or today. Everybody's name goes in the pool, if you will, and we do draw 2 winners of 1 free year of electricity.

Director Wiegand introduced the entire board. I would like to introduce our entire executive team. If you would either wave or stand up when I say your name. Our Chief Executive Officer, Arthur Miller, is here tonight. You can save your applause to the end and then just go crazy.

Chief Operating Officer Andrew Laughlin is here, our Chief Financial Officer Sherry Hires, our Chief Legal Officer Matt Clarkson, our Chief Strategic Officer Al Rudek, and our Vice President of Human Resources Katie Millen. So all the entire executive team is here tonight. Let's clap. Woo! I'd also like to ask anybody who works for Choogatch, any staff to stand up wave just to let folks know that there's a big team.

Come on, folks, stand up. And we have all sorts of employees who work to make this night, this afternoon, happen. And I'd also like to introduce Sarah Gilstrom, who is our parliamentarian. Sarah is the person who makes sure that we're following all the rules and stay on track. At this point, our Director Wiegand, please come back to the podium where we will establish a quorum and approve the minutes from last year.

I'm going to sit back down for a few minutes.

Will Master Election Judge Lawrence Kamp please come forward?

The bylaws state 7.5% of all members of the association voting, including at least 50 members present in person, shall constitute a quorum for a regular or special meeting of the members. The 7.5% was— has already been established through electronic and mail voting. Therefore, we need 50 members in attendance at the annual meeting to vote on issues that may come before us this evening.

Uh, we have registered tonight 291 members.

We do have a quorum at this time.

Per the, per the bylaws, not less than 30 or more than 60 days before the meeting on April 13th, 2026, the official notice for the 2026 Annual Meeting was mailed to all members of record. Next on the agenda is approval of the minutes of the 2025 Annual Meeting. Copies of the 2025 Annual Meeting were on the table by the door when you came in this afternoon. Thank you. Is there a motion to waive the reading of the annual meeting minutes?

Move. We have a motion. Is there a second? Second. We have a second.

It has been moved and seconded that we waive a reading of the minutes of the 2025 annual meeting. We will vote by using the blue card you were provided with when you were registered. All in favor of your Raise your voting cards, please.

Thank you. Any opposed or all opposed? Seeing none, the motion passes. Thank you very much. Is there a motion to approve the minutes of the 2025 Annual Meeting?

We have a motion. Thank you. And is there a second? We have a second. It has been moved and seconded that we approve the minutes of the 2025 Annual Meeting.

All in favor, vote by raising your blue cords, please. And we see a lot. Thank you. Any opposed? We have one in opposition.

I believe the motion passes. Thank you. There is no unfinished business before us. Today. There is no new business before us today, and Julie will now return to the stage for the next part of the meeting.

Thank you.

For those of you who may not know, Chugach has 3 volunteer member committees: the Nominating, Bylaws, and Election. These committees are involved in the planning and execution of our annual election. We also have a Member Advisory Council made up of volunteer members. The Member Advisory Council meets 4 times a year to advise the board on various issues as an ad hoc committee. This afternoon, we're gonna have a brief summary from each of those.

I'm gonna have each, um, leader of those committees come up one after the other. They will introduce each other. So first, would Bryce Mann please come forward and give a report from the Nominating Committee? Thank you. Brice will be followed by the representatives of the other committees as well.

Thank you, Julie. Good afternoon, ladies and gentlemen. My name is Brice Mahon, and it has been my pleasure to serve as the chair of the Association's 2026 Nominating Committee. The Nominating Committee is responsible for seeking qualified candidates for service on the Board of Directors and for reviewing and screening potential nominees. From November 2025 through January 2026, Chugach published notices in Anchorage Daily News, the Chugach Outlet newsletter, on Chugach's website, and through various social media accounts or channels, announcing 2 open seats on the board of directors.

Interested members were required to submit applications to the nominating committee by by January 26th or qualify for the ballot by petition. The committee interviewed 4 candidates: Penny Gage, Todd Lindley, Michael McMahon, and Director Rachel Morse, who's seeking reelection.

Two additional members submitted applications but later withdrew prior to the interview process. Following its review, the committee voted to recommend all 4 candidates for placement on the ballot, and the nominations were posted in accordance with the bylaws. No member ran by petition this year. Accordingly, there are 4 candidates on the ballot for the 2 open positions in this year's board elections. In closing, I would like to thank my fellow members on the 2026 Nominating Committee for their service and thoughtful participation.

They are Patty Bogan, Heidi Hansen, Ashley Johnson, Jessica Kolofsky, Louise Lazear, and Alex Trexler. I'd also like to thank Director Dan Rogers for serving as the board liaison for the nominating committee, and Whitney Wilkson, Chugach Associate General Counsel, for serving as staff liaison. [NON-ENGLISH SPEECH] Thank you. All right. Would Michael Powell please come up and read the report on the work of the Bylaws Committee?

Thank you, Bryce. Good afternoon on this sunny day. My name is Michael Powell, and I was— I have been— it's been a pleasure to serve as the chair of the Association's 2026 Bylaws Committee. Members were invited to submit proposed amendments to the association's bylaws for the committee's consideration. Notice of this opportunity was published in the Anchorage Daily News, Chugach Outlet newsletter, and chugachelectric.com.

From November 2025 through January of this year, members were asked to submit proposed amendments by January 26th. This year, the committee reviewed two proposed amendments. After careful consideration, the committee voted to recommend that the board place both proposals on the ballot. The board of directors reviewed the proposed amendments recommended by the committee and approved both measures to move forward for a vote by the membership. The proposals appear on the ballot as "Amend the Articles of Incorporation and Bylaws to—" To amend.

Authorize the board of directors to set the membership fee and grammar formatting, removing previously repealed sections and other non-substantive, substantive edits. Because of the proposal authorizing the board to set the membership fee would amend both the bylaws and the articles of incorporation, that proposal requires approval by two-thirds of the voting members. The proposal addressing grammar, formatting, and other non-substantive edits to the bylaws requires approval by a majority of the voting members. In closing, I would like to thank my fellow members on the Bylaws Committee for their service and thoughtful participation. They are Dee Berlein Newman, Frank Gortney, Jim Henderson, Jessica Kalowski, Bernie Smith, and Jim Strandberg.

Thank you. I would also like to thank Director Jim Nordlund for serving as the board liaison to the committee and Whitney Wilkson, Chugach Associates General Counsel, for serving as staff liaison. Thank you. And I would like— Would Bernie Smith please come forward for the report on the Member Advisory Council?

Good afternoon, all. My name is Bernie Smith. It's my pleasure to serve as the chair of the Chugach Electric Association 2026 Member Advisory Committee. The MAC makes up 10 members, Chugach members, and we meet 4 times a year in the Chugach's boardroom. Our meeting and agendas are posted on the Chugach website and are open to all, to the public, and I hope you all will try to attend our meetings in person or online.

Our next meeting is July 22nd at 5 PM at the boardroom. Thank you. We receive updates on key Choogatch issues and programs so we have a better understanding and communicate with other members of our co-op doing on behalf of all of us. The Choogatch staff always does great presentations, and also our CEO Arthur Miller attends to listen to our concerns and answer our questions. We work in various— also, we work in various roles as members of other organizations to spread the word about Chugach's election, the membership appreciation event, and at this annual meeting.

I would like to thank Director Kathleen Jorgstrom, who is our board liaison this year, and of course Julie Haskett, who is a staff liaison who keeps us straight and narrow. Also, I would like to give a— I would like to give retiring board member CeCe Cooper a big shout out for her years of service. She is one of the fairest board members, and she will be missed. So thank you very much. Thank you.

Thank you to all those committee chairs. And if you're interested in serving on any of our volunteer committees, such as the ones you just heard about, we advertise starting in the fall in our outlet, which I know you all read every month because it's written by my department, and we also do some digital advertising on various news sites. So keep an eye out if you're interested in serving on any of our volunteer committees. Now I would like to introduce the 4 candidates who ran for the board this year. And if you would just stand and wave when I say your name in alphabetical order.

The candidates are Penny Gage, stand and wave, okay. Todd Lindley. Todd, are you here? I think I saw you earlier. There's Todd.

Michael McManaman is there as well. And Rachel Morse.

And before we take our quick recess, I wanted to say earlier tonight it was brought to my attention that there were folks standing outside handing out political literature. I was unaware of that. We did not condone that. We would not condone political activity at our Chugach events. So when I found out about it, I asked them to leave.

So that's what happened in case you saw them out there. That had nothing to do with Chugach. They just showed up and started handing stuff out. So I wanted you guys to know we were not a part of that. So now we're gonna take a 10-minute recess.

It's 4:30, so we're gonna come back at 4:40, and this is your last opportunity to vote. So if you haven't voted, please go vote now. And then following the break, we will have the update from the treasurer, from the CEO, from the board, and then we get to the election results. So take 10 minutes, stretch your legs, and vote if you haven't voted. Thank you.

And we'll be back in 10 minutes.

Thank you very much. Again, I'm Mark Wigan. As has been mentioned, Chugach is governed by a 7-member board of directors elected by the membership. It is for me, and I'm sure for my fellow directors, it's been a privilege to serve you, and it's very fun and very, frankly, interesting in contributing to our community in this manner. This past year has been a busy one as we dealt with several very important issues, including gas supply, which I'm sure many, if not all of you, have heard about, and gas storage, launching a study of various hydroelectric power projects.

We renegotiated our labor contracts, which was a very heavy and productive lift, and we completed the One Campus Plan and more. Plan alludes to the fact that we acquired ML&P and we merged the assets of the two entities. As a way to summarize some of our progress on those issues and initiatives, we've put a— we put together a video highlighting the board members' thoughts on the work that has been done and the work that is still yet to come. Tonight, we'd like to share that video with you. [FOREIGN LANGUAGE] It is no surprise that the biggest topic was the uncertainty around gas supply that affects reliability, cost, and planning.

We had countless meetings and sessions and presentations on strategies and solutions to solve the gas issue that's confronting us. We have worked really hard on this challenge. We have agreements in place for gas storage. We're working through short-term importation. So we have to figure out, you know, where the gas is gonna get imported to, which terminal, and then who we're gonna buy the gas from.

And the timing of it is such that we have to move very quickly on this. So that our members do not have to worry about whether their lights are gonna turn on and to ensure that their power bills remain low and that, you know, their power supply remains reliable. And once we can put that to bed, we can move on to what really excites me, and that is diversifying our generation portfolio, which is gonna mean hydroelectric, wind, solar, and other means of generating power instead of having to import gas. What we look at for generation for the next 30, 50, 100 years, and there's, There's still a lot of opportunities up in Alaska to find that answer, and I look forward to working with the board on that and staff and doing that. At the end of every discussion we have, we're constantly thinking about a handful of things.

Are we serving our members? Are we keeping the lights on as affordably as possible? Are we meeting them where their priorities are at? Are we keeping our employees safe and challenged? And are we being a good community?

Are we being innovative and growing? The milestones, or at least the accomplishments that I see for this year, one is just kind of completion of the merger or the acquisition of MLNP. We've got the buildings and we've moved everybody onto one campus. That's been fantastic. The other one that I believe that's, I observed, and that is the renegotiation of all the union contracts, the labor contracts.

It had been, I think, nearly a couple of decades since renegotiation of those contracts. In order to have reliable power, we have to have reliable staff. I'm very proud of the staff that we do have, but it's important that we continue to compensate our staff adequately, to provide good working conditions, and to make sure that they're treated as the professionals that they are. A handful of projects, we moved to remote operations of our Beluga Power Plant, which saved us money and brought our employees back on site. We also were able to combine our North Campus and South campus, freeing up space and land that we can now utilize more smartly, and bringing our team all together.

The milestone that felt like an accomplishment to me was the adoption of our own Integrated Resource Plan. That's a really important tool for how we put together the long-term strategy for generation to ensure that we are sustainable, affordable, and reliable for generations to come. I think Getting the contractor, Elet, to finish the Bird to Gird line extension, 115 kV line extension coming up from the Kenai. Really important project for a bunch of reliability reasons. And I think staff did a really good job getting that kind of moved forward and going.

For me, the community solar stood out. It gives members a new way to interact and support causes they believe in. And I think it's an important step toward a more flexible member-driven system. The reason why it's such a milestone stone is because staff thought creatively about how to get it done. And even when they hit a potential roadblock, they really thought creatively about how to get it done.

As a board member, I appreciate that. I know it's something that a large number of our members wanted to see, and now more creative thinking is occurring to how we expand on that project. Our employees are getting more tools to be safe and enjoy their jobs, um, and our utility, Chugach, is able to be innovative in the services we offer and grow to meet the demand in our community. The character trait that I bring to the board that's a little unique is probably my operational experience because I was at Chugach for 9 years in operations and then have worked in the rail belt for another 30 years. I have a strong focus on long-term strategy and what every decision we make and discuss in the boardroom today, what impact that will have on us in 10 or 20, 30 years.

The character that I bring is I'm incredibly curious and I'm really comfortable asking difficult questions. So I'm a really thorough conversationalist on the board. I really want to know all of the aspects of the issues and how our members are gonna be impacted. I've always been an advocate for renewables. I think that's the future.

I think there's a realistic limitation to how many renewables we can put onto the grid, but I guess my tenacity in promoting that future for renewable energy is probably the biggest asset I bring to the board.

I have a broad perspective on the community. Our members are this community, whether it's the municipality of Anchorage, Cooper Landing, out to Beluga. I really try and think expansively about where our members live, what their neighborhood community feels like, and how our operations affect them.

By the way, I've been asked to note that the registration and voting are now closed. Great. Thank you for your attention. That was an extraordinary video, and the The display this year is, I think, better than ever. So thank you to staff or whoever helped with that.

As you can see, there's a lot of happening in Chugach and in the industry as a whole. Our board is committed to seeing a number of projects, initiatives through on behalf of you, our members. Next, I'd like— And next, I wanted to take this time to recognize, as Mr. Smith did, our board member Cece Cooper, who is leaving. Cece is and has been a valued member of the Chugach Board of Directors. She was elected in 2022 and previously served in a prior time from 2012 to 2018.

Cece has served the Chugach Electric, the members, for 10 total years. She's been the board's vice chair with me, and that's been fantastic, and has served previously as board treasurer and chair of the audit and finance committees. So I personally want to thank Cece for all she's done for the Chugach and for the board, and I'm sure all my fellow directors would agree. We're very—. Thank you.

That's it. Thank you very much.

Thank you, Director Wiggins. And yes, we are all going to miss Cece. She said not to make a fuss, but there's just a little fuss coming here and there. We cannot let you go without a little fuss. So now I'd like to invite our Board Treasurer Rachel Morse up, and she will give you the Treasurer's Report.

Good afternoon. Thank you for being here, and I am very pleased to serve as Treasurer of the Chugach Board of Directors yet again and to share the Treasurer's Report. The 2025 financials are included in the 2025 Annual Report referenced earlier., and we encourage you to take that home or to read it online at your convenience. And the annual report is also posted on the Chugach website. Also tonight, in order to summarize the financial highlights from 2025, we will share a brief presentation from the full report that is posted online.

Tonight I'm going to highlight some of Chugach's financial information for 2025, including net utility plant and long-term debt, sales, revenue and cost of electric service, margins and key financial ratios, as well as other financial matters. Chugach's net utility plant asset base at the end of 2025 comprised of 34% generation, 3% battery energy storage, 14% transmission, 30% distribution, 8% BRU, which is the Beluga River Unit gas field, and 11% general plant and other, which is largely structures, transportation, and office and communication equipment. We finance the majority of our plant with long-term debt. As you can see, a large portion of our long-term debt was issued in 2020 with the acquisition of Municipal Light and Power. The rates on our long-term debt are fixed, and at the end of 2025 carried a weighted average interest rate of 3.51%.

Additionally, we made approximately $61 million in principal payments in 2025. Our sales are divided into 4 primary categories. Retail sales include residential, commercial, and street lighting. Wholesale sales are made to the City of Seward. Economy sales are the sales of available generation in excess of our own needs to Golden Valley Electric Association.

[FOREIGN LANGUAGE] Power pool sales are sales made to Matanuska Electric Association under our power pool arrangement. Power pool refers to the economic dispatch of our combined generation to serve both loads. Our sales in 2025 totaled 2.3 billion kilowatt hours, with the majority of sales providing service to our retail members. This was consistent with sales in 2024. As a result of our sales, our retail members provided approximately 93% of the $380.5 million of operating revenue and other income in 2025.

Our cost of electric service of $368.1 million comprised of fuel and operations and maintenance, which made up 59%, while the depreciation of our assets and interest on the debt to fund those assets made up 33%. We also purchased power in 2025, which accounted for 8% of our total cost, primarily from the Bradley Lake Hydroelectric Project, Fire Island, the Municipality of Anchorage's ownership in the Eklutna Hydroelectric Project, and Matanuska Electric Association through power pooling. Our revenue less expenses generated a margin of 12%. $7.4 Million in 2025, which compared with margins of $6.2 million in 2024. As a not-for-profit member-owned cooperative, these margins will ultimately be returned to our members.

Our financial ratios, margin for interest over interest and times interest earned ratio, which are measures of our ability to service our short and long-term interest, came in at 1.24 and 1.29%, respectively, while our equity ratio increased to 17.2% from 15.7%. Our credit ratings remain unchanged at A from S&P Global Ratings and A- from Fitch Ratings, supporting continued access to capital at competitive rates for the benefit of our members. And lastly, we received an unqualified opinion, also known as a clean audit, from our independent auditors for 2025.

Thank you.

Now I would like to introduce Beth Stewart from KPMG. Beth is the audit partner for the Chugach Electric audit, and Beth is joined by Melissa Beadle, who is the audit managing director. Beth and Melissa, please stand and be recognized.

If anybody has any questions about the financial report, please hold your questions until the Q&A portion at the end of this meeting. Thank you.

All right. What's left? So we're going to have the report from the CEO, Arthur Miller. Then we will have a Q&A, then election results, and then the door prizes. So without further ado, please come up, Arthur Miller, our CEO, and present your report.

Well, good afternoon, everyone, and thank you very much for joining Chugach Electric Association's 2026 Annual Membership Meeting. My name is Arthur Miller. I'm the CEO of Chugach. I am very pleased to be here this afternoon to provide an update on key initiatives and progress that we have made over the past year. However, I want to begin by thanking you to— for being engaged members of this organization.

As an electric cooperative, you are more than our customers. You are owners, and that makes gatherings like this especially important. It gives us the opportunity to share how your cooperative is performing and where we are headed together. I would also like to recognize and thank the Chugach Electric Association Board of Directors for truly their outstanding dedication and the service to all our entire membership. Their leadership and their vision on a strategic basis continue to guide Chugach through a very and increasingly complex organization and business environment, always with an eye towards sustainability and competitive rates for our membership.

Thank you, Chugach Board of Directors.

Today I will highlight some of our key priority areas as an organization, several of our recent accomplishments, and the actions that we're taking to strengthen our long-term resiliency as an, as an electric utility, as well as position Chugach for continued long-term success. From managing wildfire risk and addressing gas supply challenges to maintaining strong financial position and investing in critical infrastructure, our focus remains on delivering safe, reliable, and affordable service for our membership. Some background information on our generation portfolio. Our generation portfolio— resources are strategically located throughout Southcentral Alaska, helping improve reliability and reduce operational risk. Today, about 80% of our generation comes from natural gas and about 20% from renewable generation.

Including wind, hydro, and solar, providing a balanced mix of reliability, affordability, and operational flexibility. Importantly, the Sullivan Power Plant and the South Central Power Project right here in Anchorage are the most efficient thermal generation facilities in the entire rail belt. These units serve as the backbone of our entire electric system. Importantly— [SPEAKING NATIVE LANGUAGE] hydrogeneration from the Bradley Lake Hydroelectric Project, where all railbelt utilities participate under long-term agreements, as well as Chugach's 100% ownership of the Cooper Lake Hydroelectric Project, and the joint ownership that we have with the Eklutna Project with the Municipality of Anchorage and Matanuska Electric Association really provides a very strong baseload generation on a renewable energy front. [SPEAKING NATIVE LANGUAGE] Importantly, these generation assets from the hydro side are long-lived assets, 100+ years.

Bradley Lake is only about 35 years old. There are many, many years left remaining on that project. Also, I think it gets missed a lot, but the cost of these generation facilities on hydro are substantially lower than all of our other generation resources. While diversification is essential to our long-term energy supply, natural gas, however, will become critical and remain critical in ensuring reliable and affordable power to our membership. It's well known that gas supply is a challenge in Southcentral Alaska at this time.

Tugetch is uniquely positioned as an electric utility about 60% of our gas requirements originates from our two-thirds working interest in the Beluga River Unit gas field. This field was a top-producing field in, on the entire Cook Inlet Basin for both 2024 and 2025, and in 2026 we are surpassing our projections on the production levels coming from the field. In fact, since 2016 since we acquired a 10% ownership back then, we have saved our members over $149 million in fuel costs resulting from direct ownership in this facility. These savings are passed on to you in the form of electric rates that are lower than what they otherwise would have been. The current economic life of the Bluegill River Unit extends to 2035.

Conversely, about 40% of our natural gas requirements are met through our contract with Hilcorp Alaska, which expires at the end of first quarter of 2028. Together with expected economic end of production in the Bluegill River Unit gas field in 2035, and combined with the expiration of our contract with Hilcorp Alaska, we need to look for alternative sources of gas as we look to the future. We support in-state gas development, But if no in-state supply options exist or are available, then we will pursue importing liquefied natural gas. Not having gas available in 2028, 2029 is not an option for Chugach. Our objective is very clear: maintain reliable, affordable gas supplies that support our long-term reliability for all of our membership in Southcentral Alaska.

[SPEAKING CHUGACH LANGUAGE] Regardless of which direction our supply option takes us, we know and we remain committed and recognize that storage will remain a critical component of our fuel strategy, and additional storage capability is needed to support long-term reliability. The strong performance of the Beluga River Unit gas field has allowed us to extend the timeline for securing additional gas supplies from first quarter 2028 to first quarter 2029. Today, there are only two commercial gas storage facilities that are available in the Cook Inlet Basin, provided by— one provided by Hilcorp Alaska and the second by Cook Inlet Natural Gas Storage Alaska, or CINGSA. Chuukets was very successful in entering into agreements with Marathon Petroleum Company and Hilcorp on banking arrangements resulting from our direct ownership in the successful production of that facility on natural gas that allowed us to put additional gas in storage and also establish banking arrangements with other entities. As a result of these efforts, about 75% of a year's worth of natural gas supply is stored or either banked for future use which improves fuel stability as we move forward.

We're also investigating storage on the west side of Cook Inlet, which is an important component of our long-term strategy to ensure continued long-term reliability. Ensuring a secure and reliable fuel supply is only one part of our long-term strategy. At the same time, we are advancing initiatives that reduce carbon emissions while maintaining the affordability and reliability that you all depend on. Our goal is to reduce our carbon intensity by at least 35% by 2030 and by at least 50% by 2040, with two important caveats: one, without a negative material impact on electric rates, and no negative impact on reliability. Thank you.

Our renewable energy and decarbonization program extends even to our own facilities. We installed solar at two of our generation power plants, the Sullivan Power Plant and the South Central Power Project. And earlier this year, we placed in commercial operation the largest rooftop solar installation in the state of Alaska at this time on our new operations building. These installations reduce our reliance on natural gas and allow us to utilize alternative generation, really helping spread a little bit of the risk out as we move forward. In 2025, we commissioned Alaska's first community solar project, a very exciting milestone that diversifies our energy portfolio while providing members with additional energy options.

The project allows members who cannot choose or choose— cannot or either choose not to install rooftop solar at their location, residence or business, to still participate in renewable generation. The response from our membership on this program has been tremendous. Demand exceeded available supply of panels that were available from day one, requiring that a lottery be held to determine who is eligible to participate in the program. We continue to maintain a waitlist, and that strong interest has prompted us to evaluate a second community solar project that we hope to advance in the not-so-distant future. Continuing our diversification efforts, earlier this year, we had announced the continuation of expanding our solar program to include Beluga Solar.

This is a 10— up to a 10-megawatt solar project facility that is located adjacent to our power plant across Cook Inlet. By locating the project with existing infrastructure, we can efficiently integrate additional renewable energy into our portfolio while maximizing the value of our existing assets. Construction for this project is already underway. And we expect the facility to begin commercial operation in 2027.

Earlier this year, we announced that we are moving forward with studying 4 potential hydroelectric projects— Boulder Creek, Caribou Creek, Canyon Creek, and Godwin Creek— that collectively have a nameplate capacity of about 52 megawatts. We submitted preliminary permit applications with the Federal Energy Regulatory Commission and water right applications with the Alaska State Department of Natural Resources. We are working and evaluating opportunities to potentially partner with other utilities on several of these projects. If the study shows that one or more of these projects is viable, we would expect that construction would begin in 2033 with commercial operation several years later. I would be remiss if I did not mention The Dixon Diversion Project.

This is an effort that is being advanced by the Alaska Energy Authority. It's also known as the Bradley Lake Expansion Project. This project diverts meltwater from the Dixon Glacier and puts it into the reservoir at Bradley Lake. And if this project does materialize, it will result in a 50% increase in the energy output of the Bradley Lake Hydroelectric Project. Which would be really outstanding to have that project come to fruition.

Importantly, it benefits every railbelt utility from Homer to Seward to Anchorage to the Mat-Su Valley all the way to Fairbanks.

This map shows the location of the 4 hydro projects that were have under evaluation. Importantly, the establishment of the rail belt transmission organization by the state legislature, it enables utilities and independent power producers to install generation anywhere along the rail belt transmission corridor to transport power without incurring additional cost. This allows the most efficient generation to be placed in service at any location along the transmission rail belt. Again, we are only studying these projects and no decision has been made whether or not we're going to move forward. We hope to make a formal determination on these projects later this year.

In the area of growth on our system is electric vehicle usage and charging, with charging demand in Anchorage increasing by about 25% in— from 2024 to 2025. To support that growth, we are expanding public charging infrastructure in Anchorage, Girdwood, Cooper Landing, Moose Pass, and most likely Seward. These investments help improve our charging infrastructure, support transportation electrification, and reduce range anxiety for drivers traveling throughout Southcentral Alaska. We're also moving forward with shore power interconnection in Whittier that will allow cruise ships to connect directly with the Chugach System while they're in port, reducing the need to operate onboard diesel generation. This collaborative effort between Chugach, Holland America, and the Alaska Energy Authority will help reduce emissions, improve air quality in Whittier, and create additional electric load that benefits the broader electric system.

To support the project, Chugach is upgrading the distribution line between Portage and Whittier and with grant funding helping to reduce the overall cost to our membership. The interconnection of these facilities will benefit all of us through greater utilization of our assets. We expect this project will be in commercial operation next year.

A critical element of operating a successful electric utility is maintaining strong financial health. Tugetch continues to demonstrate financial strength and stability reflected in our A credit rating with S&P Global and A- credit rating with Fitch. These strong credit ratings allow Chugach to finance critical infrastructure and investments at lower cost, helping us maintain reliable service while maintaining long-term affordability for our membership. Closely tied to financial stability is our ongoing focus and commitment on managing cost to ensure all areas of the organization are operating in the most efficient way possible. We have responsibility to continually look for efficiencies and cost-saving opportunities rather than simply passing increased cost on to you in the form of higher electric rates.

One example last year is the transition to the remote operation of the Bluegill Power Plant, which improves— has improved efficiency while maintaining reliability throughout the system and saving hundreds of thousands of dollars a year. We also pursue strategic partnerships that reduce cost and create value for our members. This includes our power pooling agreement with Matanuska Electric Association, where we take the generation resources of both utilities and combine them, and Chugach Dispatch determines which generation units are needed to meet the combined load of Chugach and Matanuska Electric Association allowing us to operate the system, combined system, on a more efficient basis. We're also working to maximize the utilization of our assets and facilities. We have parcels that we're leasing out on our North Campus that were formerly part of the ML&P headquarters complex.

We also are engaged in commercial telecommunications activities where we lease telecommunications bandwidth on our system. To third parties, and we have shared operations at Beluga with Hilcorp Alaska for— to assist in the operation of both the Beluga River unit operations, and then as necessary, we have maintenance work out there as well. The benefits from these initiatives go directly to offset electric rates. We continuously look for opportunities to improve efficiency and effectiveness across every part of the organization. [SPEAKING NATIVE LANGUAGE] from transmission to generation to distribution to customer service and administrative overhead.

Reducing wildfire risk remains a major focus of Chugach. We have been aggressively clearing vegetation along our transmission and distribution corridors to improve safety, reliability, and wildfire prevention. With fires already occurring in dry areas in Anchorage this spring, this work is more important than ever. We also partnered with the Anchorage Fire Department and other agencies to develop the Community Wildfire Protection Plan to strengthen regional wildfire preparedness.

A concept that is new to Alaska but is very common, especially in the western part of the lower 48, is public safety power shutoff programs. [FOREIGN LANGUAGE] Under programs that are structured in this way, utilities may proactively shut power off in— when we face extreme weather events or weather conditions and create a greater risk to the association and any other utility for that matter due to high winds, low humidity, and very dry vegetation. We adopted a program earlier this year and been working on it for several years. We hope we have never have to use this program on a more— on a formal basis. But it's critical to know that this is a key tool that we keep in our back pocket if we need to use it to protect lives, property, and the communities that we serve during severe wildfire conditions.

If we did have to activate this program, this would be communicated extensively through multiple channels to keep impacted members fully informed.

A resilient electric system depends on strong tele— transmission networks, and portions of the rail belt transmission system are capacity constrained and at the end of their useful life. Chugach is rebuilding and upgrading the transmission line between Anchorage and Cordes Creek from 115 kV to 230 kV, increasing both capacity and reliability on that line. The project is about halfway complete and remains on track for completion by 2032. At the same time, the Alaska Energy Authority and Railbelt Utilities are upgrading the transmission system between Quartz Creek and Soldotna, further strengthening the railbelt grid. It's also important to recognize that maintaining interconnection between the utilities is critical.

This line upgrade And rebuild of the transmission line between Anchorage and the Kenai Peninsula ensures we have access to Bradley Lake hydroelectric power, including the expansion of the Dixon— with the Dixon Diversion Project. But also from a daily operational basis, it allows utilities to rely on each other for optimal dispatch or transactions if they need to happen at any time during the year. [SPEAKING NATIVE LANGUAGE] Resiliency is also about improving reliability, emergency preparedness, and response capabilities. To support that effort, we're constructing a new operations center in Cooper Landing that will reduce outage response times and improve operational efficiency for the areas around not only Cooper Landing, but Moose Pass and Hope. The facility will support generation, transmission, and distribution operations, and it will also provide a staging and support location during storms and other critical major events.

The dispatch center is the nerve center of the electric system, really of any electric system. Last July, QGAS completed a full upgrade of our primary control center, and we modernized and relocated our backup dispatch center to a secure, separate location. This allows us to continue dispatching the system if our main site is unavailable due to an earthquake or other major events. Our employees periodically work from both locations to ensure they are fully prepared to operate from either location on a moment's notice.

Reliability is only one aspect of delivering value to our membership. We also are investigating in programs that encourage beneficial electrification, and we support the trans— transition to a more efficient energy use. We have two programs in this regard. We have a heat pump incentive program, both for residential and commercial customers, and we also have an electric vehicle charging program where we make a financial contribution for residential and commercial customers who desire to put in electric vehicle charging infrastructure at their residence or at the location of business. We also have and encourage you to utilize our resources that we have available.

I will mention a couple of these resources here. Number one is our My Account member portal. This portal allows you to monitor your electric usage, billing information, capital credit allocations, and you can also sign up for outage notifications and usage alerts You can also stay informed through the outlet that's put out every month, as well as our website where we routinely provide news information and other information on our initiatives as an organization, important— really important updates about Chugach.

Before we close, I want to recognize our incredible workforce and the role that they play in the communities that we serve. Our employees work tirelessly to deliver safe, reliable power across our entire service area, often in some of Alaska's most challenging conditions. Beyond their work, they contribute countless hours supporting local organizations, schools, nonprofits, and community events throughout Southcentral Alaska. And finally, following with earlier comments, I would like to recognize Director CeCe Cooper, as you know, is not seeking reelection. But I do want to mention that CeCe has dedicated many years of service to Chugach and as well as our overall membership, providing thoughtful leadership, steady guidance, and a deep commitment to cooperative values.

On behalf of all of us, the management team, the board, employees, and members of the community, Thank you, CeCe, for your years of service, your dedication, and your leadership. Thank you all for being a part of Chugach, and really wish you all the best. And thank you for being— thank you for all your support as members of this organization. I'll be happy to answer any questions at this juncture. So, we're going to take a few minutes here.

We have two microphones if folks want to get in the aisle. While you're thinking about that, I read through the box where there was a bunch of pieces of paper, but they were all suggestions for next year's annual meeting. So— and there were some really good ones in there, but none of them were questions. So, I'm just letting you know that I didn't forego any. They were just all— somebody wants herbal tea next year.

I think that's fine. We'll talk about that. But there literally was like 9 things in there and they were all suggestions. So with that, does anybody want to hop up and ask any questions while Arthur's here? Oh, oh, you can't walk.

You got to come all the way up. Yeah, so we can hear you. We're also recording, so we want to have you on the record. Right there. Thank you.

Yes. Thank you. Thank you, Mr. Miller. A question about opting in for renewable intermittent electricity projects. Or opting out of them.

Some of these projects, Fire Island, for example, have higher rates or costs than baseline power generation. Are we allowed through the RCA or through other regulatory processes to allow people who wish to support that to opt in and allow people who do not wish to support that higher cost to opt out? Thank you. Okay, very good question. So, Fire Island, no, that is not an opt-out program.

I will say this, I would say this, that as a customer of Chugach myself, I would not, if the option were available, I would not opt out. Our gas prices are expected to increase significantly. Fire Island Wind is going to become very competitive, if not cheaper than, will become cheaper than natural gas generation. Our community solar project that we have, that is an opt-in program that is available for all membership. That does have a higher cost structure today.

Thank you, Mr. Chair. Our other solar projects and our other initiatives that we're doing with respect to hydro as well as solar projects, when we do the economic analysis on those projects, as I indicated earlier, that we have criteria that we use to evaluate those, and those projects are in our economic interest to do those projects over the long term. There may be an initial Like any project, new generation project coming online, whether it's hydro, whether it's thermal generation, the first several years of any big project like that are the most expensive. And then in real terms, that price goes down through time.

Thank you, Arthur. Go ahead, young man. Thank you. What about encouraging people to investigate and use solar shingles to produce solar power? People need to have a roof over their heads.

And if they have a shingle asphalt roof now, they can replace it when time comes with a solar shingle that will produce power. And it has an additional benefit of not being a series— in series electrically, so that it's parallel, so that if you have damage to one section of the roof, the whole system doesn't go down. The question is about solar shingles on a roof. Is that something we are aware of or could ever implement? Yes, we are absolutely aware of that.

I think the economics are greater on larger-scale solar projects. We certainly— I really want to make it clear, we, CHUGACH, support solar. We want members, when it's economic, to put in solar. It's a fantastic technology. That technology is only getting better.

We support those types of installations, and— but the economics on that really are determined for rooftop solar on shingles, really determined because it's part of the infrastructure of a house. We have chosen to go a different route, and that is the community solar program. The economics and the economies of scale that we can get through a utility-size installation are much greater and more beneficial under that type of a structure than individual rooftop solar on a shingle basis. We do have a lot of condominium projects in town that would benefit from this kind of a process. Thank you.

I'm going to go ahead and take your question, and then if there aren't any others after that, we'll get to the election results. Oh, someone's coming forward, so go ahead. Oh, thank you. I was reading in the 2025 report, and One of the things that supported what I felt happened was we saw an increase in power outages of 141%, like, per hours for— well, plus 41, like. But I saw that we're clearing lines and we're burying lines.

What else are we doing to decrease that? Basically, the 5-year average went up, the 2024 to 2025 hours went up, and it was a very cold winter. Thank you. I'm honestly looking at putting in a heat burning just to stay warm. Well, very good question.

Thank you for that. So we are well aware of when outages occur, and the outages can really originate from a variety of factors. Trees are really our primary cause of outages. We are being extremely aggressive in our line clearing activities, both at the transmission level and the distribution level. In addition, I think it's important to note that because we are interconnected with other utilities, if there's a disturbance on another utility's transmission line or they have a generation trip, that has a direct impact on Chugach and other utilities, the other rail belt utilities that are interconnected.

We are working hard to beef up our operating standards, to make sure that also in line clearing activities, And also, it's important to note, about a year and a half ago, we installed a battery energy storage system at our headquarters complex. We own 75%, Maduska Electric owns 25% of that battery. That battery also allows us to increase reliability by mean— allowing us to respond to transmission trips or generation trips to try to arrest outages. So we are working diligently in that area. We have had significant storms, especially in early 2025, and we've been very aggressive to address that through line clearing activities.

And that line clearing effort will continue. On top of that, we do look for danger areas where to overhead, underground our distribution system. Those remain ongoing. I think you're aware of the 2% Municipality of Anchorage underground surcharge. Mm-hmm.

And we target areas that are higher risk associated with those. There are a lot of areas in the lower 48 that are now doing more aggressive work to try underground distribution systems for wildfire prevention. That's also another factor. We're continuing to do that. Even though about two-thirds of our distribution system is underlined— underground, we still have a little ways to go to get where we, where we really want to be.

But we are well aware of it. We're taking very proactive action to address those on a multitude of fronts. Working with other utilities, but being aggressive on line clearing. And we're also working especially at our— looking at our distribution system and where do we have exposure in those areas, and do we need to do additional infrastructure investments that if there is an outage, we can get power restored on a more facilitated basis. A really good example of that would be down in Cooper Landing.

Thank you. Go ahead. I was wondering if there are feasible ways of removing snow from the community solar project panels during the winter. Very good question. So that's something that in the original plan for our community solar project, we did have assumed that we were going to clear the snow during the spring.

And we did have a significant snowfall this past year, which impacted the production from the facility. So we are looking at that right now. That's being looked at, and what are some of the other options that we can do to have that snow removed. I don't have a direct answer to you on that right at this time, but I do want you to know we are well aware of that, and it's something that we are investigating. All right, I think that's it for now.

Can we give Arthur a round of applause? Thank you very much.

All right, before I invite Lawrence Camp to come up here to announce the election results, we will announce the two winners of the free year of electricity. I don't know if they're here, but everyone who voted was entered, and Survey and Ballot drew the names just a few minutes ago after everything was wrapped up. Samuel Williams and Richard Walter Owens are the two winners of free electricity. So, lucky them. And with that, I'll ask Lawrence to come up to give us the election results.

Where are you? Oh, okay. I thought you left.

Good afternoon. My name is Lawrence Kemp. It is my privilege to serve as master election judge for this year's election. The election committee is made up of member volunteers appointed by the board and are responsible for ensuring a fair and impartial election process. Chuuk hired Survey and Ballot Systems to serve as election administrator and to conduct the mechanics of the election.

The board of directors set April 16th, 2026 as the date date of record for this year's election. On April 29th, election materials were sent electronically and mailed to members. Members had to choose to vote by mail, online, or in person today. Mail-in paper ballot voting ended on Thursday, yesterday, May 28th, and online voting ended at 1:00 PM today. In-person voting as part of the annual meeting opened at 2:30 PM today.

Earlier today, received ballots were tallied, and this afternoon, in-person ballots were counted and added to the total vote count. Election materials were posted online, and members were notified of election milestones throughout mailings, and through election communications. In addition to mailings and email, members were kept informed of the election process through regular updates in the outlet, on the CHUAC website, and social media. Please join me in recognition of the service provided by my fellow election committee members working on your behalf for the past few months to ensure a fair for a fair and impartial election process. They are Tunde Akindele— mispronounced that, sorry.

Patty Bogert, Thomas Evans, Louise LaSueur, Jim Libes, Don Dick, Kevin Pardon, Suwani Carroll, Chad Kohlander, and Bill Simpson. I'd like to also—. Thank you. I'd like also to thank Director Suzanne Flick-Green, who served as the board liaison to the Elections Committee, as well as Britt Fiersen, Member Services Manager, for serving as CHUAC liaison. Thank you.

Here are the election results. Out of 89,310 eligible members, 9,951 ballots were cast in the 2026 election. Of that, 9,852 were cast before today's meeting. And 99 in-person ballots cast at today's meeting. Again, a total of 9,951 ballots were cast in this year's election, representing 11.14% of the members of record.

I'll first announce the results of voting on bylaw changes, then follow the results of the elections Director's election. Here are the results of the proposed bylaws. The proposed bylaw amendment making grammar, format, punctuation, and other small changes to the bylaws. 8,618 Yes votes and 1,004 no votes. Again, that was 8,618 yes votes and 1,004 No votes.

Therefore, the bylaw amendment passed. The second proposed bylaw amendment amending the Articles of Incorporation and the bylaws to authorize the board of directors to set the membership fee. This bylaw requires two-thirds majority in order to pass because it changes the bylaws and the Articles of Incorporation. Second. The proposed bylaw amendment amending the articles of incorporation and bylaws to authorize the board of directors to set the membership fee.

5,649 Yes votes. 3,912 No votes. Again, that was 5,649 yes votes and 3,912 no votes. Thank you. Therefore, the bylaw amendment failed.

Now I will announce the results of the election of directors. The two candidates who receive the most votes will be elected to a 4-year term. I will give the results of each candidate and read their vote totals twice. Penny Gage received 6,440— 6,345 votes. Again, that was 6,345 votes.

Todd Lindley received 3,240— excuse me, 3,234 votes. Again, that was 3,234 votes. Michael McMillan received 2,207 votes. Again, that was 2,207. Rachel Morris received 6,587 votes.

Again, that was 6,587. Therefore, Penny Gage and Rachel Morris are elected to a 4-year term on the CHIAC Board of Directors. That concludes my election report.

Thank you, Lawrence. Can we have the slide about the survey? Okay, before I read the door prizes, we do have a survey about this year's annual meeting. You can either zoom in on your phone and scan our QR code, or they're on the back. If you do have some thoughts about the annual meeting, we would appreciate it if you filled out the survey.

Well, that's really big. Let's just go back to that other graphic now. So now we're gonna, I don't know if Arthur wants to come up. Do you wanna draw door prizes with me? Yes.

All right. Actually, maybe we should put the QR code back up in case folks actually want to do it from their chair. Okay. We have 12 gift cards. And the folks in the back, you've got the envelopes.

So if you have— if we have your number, they will come to you. The first one is a $100 Visa gift card. And the number is 458572. Thank you.

458572. Back there? Oh, right here? All right, stand up. She's right here.

Come grab her ticket. Okay. I try to go slow 'cause Brett has to run around the room, but he's just walking fast. Now we have a $100 gift card to Cars Safeway, and that number is 458— 458572.

458808. 458808. Right over there. Woo, on the other side of the room, Brett. Go, go, go.

Okay. Now we have a $50 gift card to REI, and that is 458555. 458555. $50 Gift card to REI. Is there a winner?

Yes. Did the person leave? 458555? No hands? Does anyone see a hand?

I don't see a hand. Okay, I guess we're gonna draw again. Draw again. Draw again. 4— 458695.

458695. It's in the way back in front of the production curtain. That's the $50 REI gift card. Now we have $50 to Wild Scoops Ice Cream, 'cause summer is finally here. And that number is 458672.

458672?

Thank you. Oh, over there, someone's going to Wild Scoops. Who's got the envelope? Brett, it's over to, oh. Thank you for running.

Now we have a $75 gift card to the bike shop, which is also good at Paramount Cycles, and that's 458-823. 458-823 To the bike shop. Over there, all right. Grab one. It's funny how they're all on the opposite sides of the room.

I guess it's not funny if you're the runner.

$100 Fred Meyer gift card. 458748. 458748. $100 To go grocery shopping, over here. All right.

$100 To Lowe's. $100 Lowe's gift card. 458632.

458632. I can't tell sometimes if hands are— anyone hand up? No? Did someone say yeah? Okay.

Was that a no? I think that was a no. Okay. Lowe's gift card still up for grabs here. 458109.

458109. Is that over you? All right. Over here. All right, Brett's right behind you.

$100 MasterCard gift card, 458773. 458773. Right here.

Yay! Yay! He says yay with a smile on his face. We have one more $50 Wild Scoops Ice Cream gift card, and that's 458644. 458644.

Right here in the middle. Right there in the middle.

Okay, 2 more. $100 To the conglomeration of either South Snow City Crush or Spinard Roadhouse. This gift card is good at any of those 4 restaurants. And that is 458622. Oh, right here, lady in the green, 458 right here, Brett, oh.

And then the final one is, right there, raise your hand. $100 To Club Paris for a nice steak dinner, 458615. 458 Right here, whoa, look, he's so happy. That's real glee right there, okay. Right here.

So that is— thank you, Arthur. That is the end of our door prizes. And now if Director Wiegand can come up and ask for a motion to adjourn.

Welcome back. Do I have a motion to adjourn this fabulous annual meeting? So moved. How about a second? Second.

Who would like to adjourn? Raise your hand. I think it's the majority. We are adjourned. Thank you very much for your participation and your interest.

We really appreciate it.