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Pedro Bay Corporation Conservation Easement Project Description

For:                  PBC Shareholders

October 19, 2015

Contact:          Rayn Aaberg, President and CEO

(907) 277-1599 or This email address is being protected from spambots. You need JavaScript enabled to view it.

Pedro Bay Corporation (PBC) owns and prudently manages approximately 92,000 acres surrounding the East end of Lake Iliamna in Bristol Bay, Alaska.  Through a partnership with Bristol Bay Heritage Land Trust (BBHLT), it is PBC’s concentration to assess and prioritize its lands in regards to balancing in-region development and conservation.  PBC’s current focus is on Porcupine, Flat and Triangle Islands, which encompasses approximately 12,677 acres.  BBHLT is currently pursuing funds through conservation groups to purchase and finalize non-development covenants on these parcels of lands.  Preservation and protection of these lands will ensure shareholder rights for current and future subsistence practices and prevent wildlife and salmon habitat degradation that often results from overdeveloped use of land.  PBC shall retain ownership of the property and all other rights that come with private ownership.  The easement assures the perpetual availability of the property for subsistence use by PBC shareholders.

This region supports intact and high function wetlands necessary to our traditional Dena’ina culture and quality of life. Our subsistence way of life depends on healthy fish and wildlife habitat. This subsistence lifestyle is what connects our people to each other and our traditionally used lands. Through this connection we strongly support pursuits to preserve, steward and sustainably develop our traditional lands, air, water, animals, birds, fish and plants.  Given these special functions and cultural values associated with wetlands, PBC believes a specific plan is needed to maintain wetland productivity and to ensure the preservation and connectivity of wetlands on this landscape.

Pedro Bay Corporation and the Bristol Bay Heritage Land Trust have negotiated the terms of a conservation easement designed to permanently protect the islands that provide critical habitat for the rare freshwater seals of Lake Iliamna.  Pedro Bay retains ownership of the land but has agreed to forego permanent development on Porcupine, Flat, Triangle and associated islands.  The rights retained by Pedro Bay are primarily traditional subsistence access, passive recreation, and low impact guided hunting, fishing and tourism activities. Pedro Bay’s long-term lease to the University of Washington for a research station remains unaffected. The Land Trust has agreed to hold the easement and accept responsibility to monitor and enforce its terms.  The easement covers 12,677 +/- acres.  Bristol Bay Heritage Land Trust is responsible for raising the funds necessary to purchase the conservation easement.  It has partnered with The Conservation Fund, a national organization that helps secure financing for large conservation deals.  The Conservation Fund and The Land Trust have worked together in Southwest Alaska for more than a decade.  Both organizations will be raising the necessary funds from a variety of potential sources.

The Pedro Bay Conservation Easement, if successfully concluded, would be a national and globally significant arrangement as the Lake Iliamna seals are the only freshwater seal population in the United States and one of only five known freshwater seal populations in the world.  The islands, as confirmed by the University of Washington, also provide habitat for sockeye salmon that have specifically adapted to spawning in locations around these islands.

The PBC Conservation Project takes inspiration from current PBC Mission Statement Goals, which is “to serve our shareholders by optimizing profits and providing dividends and benefits, while preserving our heritage and managing our premier lands.”  PBC directors and management is also very mindful of the economic welfare of Pedro Bay Shareholders and this conservation easement will allow PBC to contribute funds to the establishment of our first dividend settlement trust for PBC shareholders.