Letter from the President, Lucille Mayer

The mission of Olgoonik Corporation (OC) is to engage in profitable business activities enabling the corporation to provide training and employment opportunities for its shareholders, while protecting the land and maintaining the Inupiat culture, traditions and values. To this end, the board has been working on the proposed regulations concerning enrollment of afterborn shareholders. We have encountered a slight delay in finalizing the process, due to some language in Article XV, specifically in regards to the transferability of stock during the lifetime of the new enrollee. Our legal counsel has recommended we bring this back before the shareholders for clarification of the language.

There has been some interest expressed that we provide educational opportunities to shareholders to help understand the important financial decisions we must make as a corporation. Understanding financial reports and investing for a healthy future may be topics we could all benefit from. Our financial advisors will conduct a presentation on our investment portfolio at the next annual meeting.

The Olgoonik Corporation offices in Wainwright were expanded this summer, adding additional office space that was needed. I expect it will increase our productivity and help us all enjoy our working environment more.

I am pleased to announce a Blue Ribbon Panel within Wainwright was formed recently. A lot of interest was shown during the Healthy Communities Forum in October 2006, from NSB Mayer Itta, his staff as well as other community leaders from Barrow. The panel is made up of community leaders and members volunteering to help promote Healthy Communities and reduce the affects of drugs and alcohol in our area. Please watch for upcoming information and meeting notices to get involved.

Olgoonik Corporation moved up the Alaska Business Monthly's list of Top 49 Alaska companies, from 37 in 2005, to 28 in 2006. A heartfelt thank you to all our dedicated employees in our endevours.

Quyanakpak!