Question:
Can I sell my CIRI shares?

Answer:
CIRI stock is restricted by Alaska Native Claims Settlement Act provisions and shares cannot be sold, pledged, subjected to a lien or judgment execution, assigned in present or future, or otherwise alienated, except that it may be transferred to a Native or a descendent of a Native by court decree of separation, divorce, or child support; by a shareholder who is a member of a professional organization, association or board that limits his or her ability to practice his or her profession because he or she holds ANCSA stock; or as an inter vivos gift from a shareholder to his or her child, grandchild, great-grandchild, niece or nephew, or, if the shareholder is at least 18 years old, to his or her brother or sister.

These restrictions continue unless the shareholders of a Native corporation vote to remove the restrictions on their corporation's stock.

Consequences of transferring CIRI stock include:

• No longer being a CIRI shareholder if all stock is transferred.

• The transfer of shares is irrevocable. Voting rights associated with any shares you transfer will belong to the person who receives the shares, and you will no longer be entitled to vote those shares.

• If stock restrictions are lifted in the future, the person who receives the shares will have the right to sell the stock.

• The person receiving the stock has the right to will the stock to anyone he or she chooses. Should that person die without leaving a will, CIRI is required to distribute the shares to that person's heirs in accordance with the Alaska laws of interstate succession.

• Gifting stock away will not decrease any court-ordered obligation in connection with CIRI stock.

• If CIRI dividends are currently subject to attachment pursuant to a court decree of separation, divorce, or child support, you cannot gift any shares until that order is satisfied. If a valid court order of attachment is received before a gifting transfer is fully processed, by law, CIRI will not be able to complete the transfer.

• Once the stock is transferred, dividends and distributions associated with the transferred shares will belong to the person who receives the shares, and that person will be responsible for payment of any and all taxes due in connection with those dividends and distributions.

• You and the recipient may be affected by gift or estate tax consequences. While CIRI cannot advise you on these matters, and will not be responsible for any tax liability resulting from the transfer of your shares, we have pointed out in general terms what the potential tax issues may be so you can seek advice from a lawyer or tax advisor if you believe such advice is warranted in your particular circumstances.

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