PrinceWilliamSoundAquacultureCorporation RegularMeetingoftheExecutiveCommittee May23,2012 PWSACCordovaConferenceRoom MeetingSummary MeetingBegan:9:03a.m.

.m. Members Present: George Covel, Kory Blake, Guido Casciano, Mike Glasen, John Platt, (via teleconference)SteveAberleandTimMoore. MembersAbsent:None. OtherBoardMembersPresent:None AlaskaDepartmentofFishandGame(ADF&G)ExOfficio,BertLewis(viateleconference) StaffPresent:GeneralManager,DaveReggiani;ExecutiveSecretary,KateJager,Sr. Accountant/Controller,MargieUdaniCalaustro,(viateleconference)RayCesarini. PublicPresent:TommySheridan,ADF&G. ApprovalofAgenda:May23,2012Approved ApprovalofMinutes:April20,2012Approved ManagementReports: ChairmansReport(GeorgeCovel) Google Alerts PWSAC uses this as a monitoring tool. Recently, over 30 news media stories have been posted on the internet about research conducted regarding the interactionsofhatcheryandwildsalmon.SeveralofthesearepublicationsfromADF&G staff. Covel reported that ADF&G will put into place new tools to prevent this from happeningagaininthefuture.ItisimportantforDepartmenttoclearthisup.PWSACis monitoringthisalongwithTracyFoster,FosterCommunicationStrategies. GeneralManagersReport(DaveReggiani) CCH Assistant Hatchery Manager, Lance Uselman has been promoted to the CCH HatcheryManagerrecentlyvacatedbyNeilWright. CraigParry,AFKHatcheryManager,hassubmittedhisresignation,effectiveearlyJune. Wehaveseveralapplicantsinterestedintheposition. Tracy Foster, Foster Communication Strategies has arranged photographer, Brian Adams, to visit some of the hatcheries to shoot some outmigration/rearing and aerial shots. Christine Mitchell will be accompanyinghim around to the sites. He will be in

CordovaonFriday,May25togetpicturesofthePWSACstaffaswellasanyoftheboard memberswhoareintown. RearingAFK,CCH,andWNHhavereleasedaportionoralloftheirpinksalmoninto the zooplankton bloom (see attached). Notably, the zooplankton abundance in Wells Passage was remarkable this year with one sample literally off the chart. The WNH chum salmon will be released later this week. The PC chum salmon were releasedyesterday. TheGHSummitandPaxsonLakessockeyesalmonstockinghavebeencompleted.The CrosswindsLakestockingiscurrentlyonholdwaitingforthesurfaceicetobreakup. TheCordovaFlemingSpitWNHcohosalmonstockingoccurredyesterday.TheWhittier andChenegastockingwillbecompletedbytheendoftheweek.Theonsitereleasewill occuraroundJune1. Wilson Construction has mobilized to WNH and AFK. The WNH construction on the approachwalljustaboutcomplete.Adozerandexcavatorhavebeenworkingthrough fivefeetofsnowtogettothedamatAFK.AdvancedBlastingServicesoutofWasilla will mobilize next week to begin drilling holes for the anchor bolts and suspension bridge. AlaskanChallenger(AC)Updatethelandingcrafttransportedthecohosalmonforthe FlemingSpitstocking.AlaskaMarineLineshelpeduswiththeirjockeytrucktodeliver the transfer trailer to and from the pond. The AC is on the way to Whittier today to dropoffthenetpenpieces.TheywillreturnonFridaytoWhittierwiththecohosalmon to place in the net pen. Over the past six weeks, the AC has transported over 500,000lbsoffishfoodfromCordovatothehatcherysites.

SalesManagersReport(RayCesarini) Thechumsalmonfishsalesbidingwentextremelywell.11seafoodprocessors participatedintheprocess.CopperRiverSeafoodsandInletFishwereselected andwillbebeforeyouforconsiderationshortlyontheagendaastheybothhave representativesonourBoard. 11 seafood processors also participated in the pink salmon fish sales bidding process.TridentSeafoodswasselectedandwilltakeallofPWSACspinksalmon costrecovery.

NewBusiness: a)RelatedPartTransactionsFishSales BryanKimball,CopperRiverSeafoodsApproved VinceGoddard,InletFishProducersApproved b)ADCED,CorporateResolutionAFKCapitalProjectLoanApproved UnfinishedBusiness:None NextMeetingDate:Wednesday,June13at9:00a.m. MeetingAdjourned:9:48a.m. Summaryisacourtesytothecommunityandinnowayshouldbeconstruedastheapproved meetingminutes.

2012 AFK Plankton Watch

16
Average of S2 PHYTO R.D.

<= 75M EF Pinks

<= 75M LF Pinks

14

Average of S2 ZOO R.D. Average of S2 1M TEMP

12 Relative Density / Temperature

10

0 4/2 4/5 4/9 4/12 4/16 4/19 4/23 4/26 4/30 5/3 5/7 5/10 5/14 5/17 5/21 5/24 5/26 5/31 6/4 Sample Date 6/7 6/11 6/14 6/18 6/21 6/25

2012 CCH Plankton Watch

16

Average of S2 PHYTO R.D.

14

<= 16M EF <= 19M EF <= 20M EF <= 19M MF <= 19M MF <= 29M MF

Average of S2 ZOO R.D. Average of S2 1M TEMP

12 Relative Density / Temperature

10

0 4/2 4/5 4/9 4/12 4/16 4/19 4/23 4/26 4/30 5/3 5/7 5/10 5/14 5/17 5/21 5/24 5/26 5/31 6/4 Sample Date 6/7 6/11 6/14 6/18 6/21 6/25

2012 WNH Plankton Watch

16
Average of S2 PHYTO R.D.

<= 65M EF Pinks

<= 71M LF Pinks

14

Average of S2 ZOO R.D. Average of S2 1M TEMP

12 Relative Density / Temperature

10

0 4/2 4/5 4/9 4/12 4/16 4/19 4/23 4/26 4/30 5/3 5/7 5/10 5/14 5/17 5/21 5/24 5/26 5/31 6/4 Sample Date 6/7 6/11 6/14 6/18 6/21 6/25