Being Optimistic About CIRI’s Future, By William Prosser

On behalf of the entire Board of Directors, I extend our best wishes for the New Year to all CIRI shareholders. 2005 marks a turning point for CIRI. We have a new president and chief executive officer as well as a new set of rules governing the annual election. As we begin this year, I am filled with optimism for our company.

Why am I optimistic for CIRI? First, CIRI is served by a dedicated Board of Directors, all of whom are committed to working in the best interest of the company and its shareholders. The Board demonstrated this commitment by working in a unified manner to accomplish these changes. We certainly do not always see things in exactly the same manner. In the past, our disagreements have spilled out of our boardroom onto the front pages of the newspaper. However, in the last six months, we have made great progress in working together. We know that in the past it was a united Board of Directors that has served us in building this great company.

Secondly, I am optimistic for CIRI, as we now have the decision of who will be the next CEO behind us. I am confident that we have selected a qualified and talented shareholder with a deep commitment to CIRI and its shareholders.

Finally, I am optimistic because I know that all of us in the CIRI family can embrace change as a vehicle for growth, both within ourselves and within our company. We have instituted changes at the Board level aimed at encouraging greater participation on the part of shareholders and attracting a broader group of candidates for future Board seats. We have recently made a call to shareholders who wish to be considered for the Board on the Board-endorsed slate. But even those not selected to the Board-endorsed slate will notice a change. The Board has agreed to use a new form of proxy that will allow others besides the Board-endorsed slate to be listed on the proxy. All of this is designed to level the playing field and give an opportunity for all shareholders running for the Board to be heard.

While optimistic about CIRI’s future, I am not blind to the challenges that lie ahead. We must deal with capital redeployment and dividend policy. These are difficult issues that affect us both as individual shareholders and as a corporation. I have seen CIRI’s performance for more than 30 years. I know that when the Board and management work as a unit, problems can be solved. This results in benefits for us all. I believe we are at a time of unity at CIRI.