Natives of Kodiak, Inc. September 20,2014 Beth Stuart kpmg.com

1 © 2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. NDPPS What is an audit? We are required to follow professional standards. Procedures performed included: ■Evaluating accounting policies ■Reviewing procedures and controls ■Testing transactions ■Agreeing revenues to source documents ■Evaluating expenses for reasonableness ■Assessing reasonableness of estimates and assumptions Based on procedures performed, we express an opinion about whether financial statements are presented fairly and in conformity with U.S. generally accepted accounting principles (GAAP)

2 © 2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. NDPPS Scope and results of our audit Natives of Kodiak, Inc. Our audit covers Natives of Kodiak, Inc. and its subsidiaries. All transactions of subsidiaries are included in NOK’s financial statements and audit. NOK received an unqualified opinion. Natives of Kodiak Shareholder Permanent Fund Trust The Shareholder Permanent Fund is a separate legal entity. Separate financial statements were prepared and a separate audit was conducted over the Trust. The Trust received an unqualified opinion.

3 © 2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. NDPPS Summary of assets (NOK and Trust)

4 © 2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. NDPPS Investment securities (NOK and Trust)

5 © 2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. NDPPS Operating results Corporation Investment securities$1,375,000$701,000$(207,000) Logging3,590,0002,207,0002,361,000 Contractual services(219,000)352,0001,005,000 Investments in affiliates1,143,000122,000558,000 Other297,000300,000369,000 General & administrative costs(2,602,000)(2,510,000)(2,754,000) Income tax (expense) benefit(25,000)7,000(5,000) Comprehensive income$3,559,000$1,179,0001,327,000

6 © 2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. NDPPS Operating results (continued) Shareholder trust Investment securities income$2,530,000$1,450,000$(160,000) Investment management fees(48,000)(61,000)(77,000) General & administrative costs(58,000)(72,000)(55,000) Income taxes(521,000)(130,000)(103,000) Comprehensive income (loss)$1,903,000$1,187,000($395,000) Combined Corporation comprehensive income$3,559,000$1,179,000$1,327,000 Trust comprehensive income (loss)1,903,0001,187,000(395,000) Combined comprehensive income$5,462,000$2,366,000$932,000

7 © 2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. NDPPS Settlement trust inflation proofing

8 © 2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. NDPPS Equity (NOK and Trust) Equity per 100 shares: Trust$ 26,613 Corp30,174 Total$ 56,787

9 © 2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. NDPPS Dividends per 100 shares Cumulative NOK dividends of $49,235 per 100 shares Cumulative Trust distributions of $20,374 per 100 units

10 © 2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. NDPPS Audit communications Management has not adopted any questionable or unreasonable accounting policies. The Company’s accounting staff was stable for the year ending December 31, 2013, which has resulted in a satisfactory internal control environment. We encourage the Company to continue their focus on developing routines and processes. Thank you to staff and shareholders of Natives of Kodiak!

Thank you Beth Stuart

© 2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. NDPPS The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International.