CIRI Dividend Policy

CIRI’s dividend policy was adopted by the CIRI Board of Directors in February 2007. The current dividend policy calculates dividends such that the total CIRI dividend payment to shareholders in any given year is equal to 3.50 percent of the total shareholders' equity, calculated as of Dec. 31 of the prior year. The policy anticipates that the total annual dividend amount will be paid out in four installments.

Quarterly dividends will continue to be distributed at the end of March, June, and September and in mid-December, dividends for each of the first three quarters of the year will be approximately 24 percent of the total, and the fourth payment will be approximately 28 percent of the total. The higher amount for the fourth quarter dividend reflects CIRI's tradition of paying an additional distribution prior to the holiday season.

Information about shareholder dividends will be announced in the Raven's Circle newsletter, via e-mailed announcements and on this Web site. Shareholders can also receive the most current dividend information by calling the dividend hotline at 263-5100 or toll-free at (800) 764-2435.