

"We appreciate the comments and questions we have received from shareholders regarding a second special distribution," said CIRI President and CEO Carl Marrs. "It is still the intent of the CIRI board of directors to declare another special distribution once we are able to complete the monetization of our VoiceStream shares. We want to try to get the best value we can for the shares in the circumstances, and therefore the best value for another distribution, and we appreciate the understanding and patience of our shareholders." In mid-December 2000, CIRI exchanged partnership interests with VoiceStream Wireless Corp. for shares of VoiceStream stock. It then took until Feb. 9, 2001, for the shares to become registered with the Securities and Exchange Commission for public sale. Since that date, the stock market has, unfortunately, been quite difficult, both generally and for the telecommunications sector particularly. According to Marrs, the board still intends to make the special distribution after the corporation has completed the sale of its VoiceStream share holdings, but needs to remain flexible about what the timing of these sales will be. As previously explained in Mr. Marrs' letter to shareholders, the amount of the distribution will be based on the average price received for VoiceStream shares, multiplied by 4,071,230 shares of VoiceStream stock, less the $314 million "down payment" distribution the corporation paid last December and transaction costs. "We believe that patience and discipline in the process will help CIRI realize the best value we can in these circumstances. Because of the significant size of the companyšs holdings, and our desire to achieve the best price we can for our shareholders, it can take some time to liquidate the entire position," adds Marrs.
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