SHAREHOLDERS WANT TO KNOW...

What happens to a TNCorp shareholder’s stock (shares) when he/she dies?

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TNCorp Bylaws
ARTICLE II. CAPITAL SHARES

"Sec. 2­ II: Upon the death of the shareholder, ownership of shares shall be transferred in accordance with the last will and testament (which may be the testamentary disposition on the reverse of this certificate, under Alaska Law) or under the applicable laws of intestacy; provided, however, that in the event the deceased shareholder fails to dispose of their shares by will and has no heirs under the applicable laws of intestacy, shares will escheat to the corporation and thereafter be held as treasury shares."

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Under Alaska law, deceased shareholders' interests in ANCSA stock do not go through probate. Instead, inheritance of shares are handled by the Alaska Native Corporation that issued the shares. If there is no existing stock will or formal will, Alaska State law will determine the disposition of the deceased shareholder’s stock through intestate succession. The laws of intestate succession dictate that:

• If the deceased shareholder was married but had no surviving issue (children, grandchildren, great-grandchildren), the surviving spouse receives 100% of the shares.

• If the deceased shareholder is married and has surviving issue, the surviving spouse shall receive 50% of the shares, and the remaining 50% will be divided equally between the surviving issue.

• When there is no surviving spouse, the shares of stock are divided equally between the surviving issue, and if there is no surviving spouse OR issue, then the stock is equally divided between the surviving parents of the deceased shareholder.

• If there is no surviving spouse, issue or parents, stock is divided equally between surviving siblings. If there are no surviving siblings, then the stock is equally divided between surviving aunts/uncles or nieces/nephews.