Greetings shareholders,

While the COVID-19 situation remains dynamic, we have been vigilant in anticipating and overcoming the obstacles it has presented. This is first and foremost a health crisis, and our thoughts go out to those who have been affected, whether directly or indirectly, by the virus in their communities.

We have continued to deliver for our customers, without compromising our employees’ safety. At the onset of the crisis, we took action to enable our employees to work from home. We have surveyed our employees and the feedback we received is that they have the necessary tools and technology to remain connected and productive while working from home offices. At this time, we have partially reopened some of our offices, but are taking a cautious and measured approach to having employees return. We continue to monitor our workplaces and add COVID-19 safety measures based on guidance from the Centers for Disease Control and Prevention (CDC) and other government organizations. Our goal is to collaboratively ensure our employees, shareholders and those we work with feel safe and secure.

There are many uncertainties and we expect to experience unforeseen impacts, but from a financial and operational standpoint Ahtna is on a sound footing, which enables us to face the current circumstances with confidence. Our companies are utilizing the Small Business Administration’s (SBA’s) Paycheck Protection Program and we have withstood this pandemic very well.

Our quick response to rapidly changing client needs has opened new doors for our subsidiaries and produced follow on work with current customers. As our customers shifted their focus to addressing COVID-19 issues and preparations, we were there to support them. You can learn about some of our recent COVID-19 support contracts here.

Ahtna Engineering recently finished the Ogliuga Island Remedial Investigation and Davis Air Force Base (AFB) Cantonment Area Removal Action work for the US Army Corps of Engineers (USACE). COVID-19 risk mitigation plans were developed for these projects to ensure federal and state compliance and the safety of our employees. The client was impressed with our ability to complete the remote field work on schedule.

The Alyeska spring/summer work we do under Ahtna Construction and Primary Products Company has begun without delay after the winter season projects came to a close. All of the June-start projects were approved by the Alyeska executive team and we received several new rivers and flood plains projects. Also approved was the 2020 Mineral and Mining scope that started after weight restrictions were lifted in late May. The additional pipeline work will add to our bottom line and create more work opportunities for our shareholders in the crafts.

A newly developed partnership with Stantec, Inc. continues to grow and create new opportunities. Stantec is an international professional services company with over 22,000 employees world-wide that provides professional consulting services in planning, engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, project management, and project economics for infrastructure and facilities projects. We have been collaborating on COVID-19 contracting opportunities, such as camp construction and support, and we are looking at other government contracts to team together on. Creation of a Mentor/Protégé arrangement with Stantec under the SBA’s 8(a) program is in the works. There are two Ahtna subsidiary companies that have developed relationships with Stantec’s Government Services/Buildings and Infrastructure departments. Stantec has presented their capabilities on cutting edge digital tools to our subsidiaries, including remote sensing, geomatics/laser scanning, remote visualization/communications (virtual reality), and digitizing construction/inspection data.

We have learned many valuable lessons over the past few months, and I am incredibly proud of the resilience and flexibility our employees have shown in meeting our business and client needs during these difficult times. When things get hard, the Ahtna team pulls together, and we couldn’t do it without your support. Stay safe and take care of one another.

Thank you,

Tom Maloney, Chief Executive Officer

Ahtna Netiye’