Letter From the President

Keith Meyer AGDC President

Dear Friends,

The last few months have been a flurry of activity at AGDC. In late December, the technical and regulatory handover to AGDC was completed. Since then AGDC staff held speaking engagements across the state, presented to legislators and legislative committees in Juneau, traveled to Japan to meet with commercial interests, participated in AGDC Community Advisory Committee meetings, presented information in Utqiaġvik and Kenai, traveled to Washington, D.C. to meet with the Federal Energy Regulatory Commission (FERC), finalized collaborative agreements with BP and ConocoPhillips, contracted representatives in Japan and Houston, hosted the Alaska LNG Summit, and continued to engage in-state utilities and potential customers. We are also continuing to work with state agencies to answer their questions and help streamline the state’s responses to FERC comments. AGDC’s current plan is to submit the FERC filing in the second quarter of 2017.

A detailed investor prospectus is being developed to demonstrate the competitiveness of the project to potential major investors and lenders. AGDC is capitalizing on the project’s robust Pre-FEED documents to entice buyers and investors. We are also investigating federal tax exemptions available to the project while still supporting the concept of payment in lieu of taxes.

With all we are doing and seeing, I’m optimistic about the project’s future, and am pleased with our progress so far. As the new project leader, AGDC will continue communications with the people of Alaska and increase our outreach to the global investment community. If we all pull together, we will achieve our goal of Alaska Moving Forward: Delivering Natural Gas to the World.