March 2000 - Page 1

CIRI President & CEO Carl Marrs announced that CIRI's net income for 1999 increased for the eighth consecutive year. The corporation's net income was $57.4 million for 1999, on revenues of $297 million. This is a 14.3 percent increase over 1998 net income of $50.2 million, on revenues of $251 million.

The company's total assets grew to $989 million at the end of 1999 from $673 million at the end of 1998, and shareholders' equity grew by $312 million to $839 million. The primary driver behind this increase in assets was growth in value of the company's investments in the wireless telephone business. A number of CIRI controlled joint ventures with VoiceStream Wireless Holding Corp. own wireless telecommunications licenses in a number of markets, including Chicago, Detroit,

Dallas, Miami, Omaha, Philadelphia, Phoenix, Seattle, St. Louis, Tulsa, and Washington D.C./Baltimore. CIRI also owns interests in BellSouth Carolinas PCS and Alaska Communications Systems, Inc.

"This year saw some significant changes in CIRI. We divested a large portion of our real estate assets at the top end of their markets, and we substantially increased our position in the wireless communications business. VoiceStream and its management have created one of the largest wireless companies in the U.S. and are great partners to be aligned with," said Marrs.

During the February 25 meeting, the CIRI Board of Directors increased shareholder dividends by declaring a 2000 first quarter dividend of $6.28 per

At its February meeting, the CIRI Board of Directors voted to establish an Elders' Trust that will begin paying quarterly distributions in mid-May. Original CIRI enrollees who are 65 years of age and older at the time the payment is made will receive the first distribution of $450. The remaining quarterly distributions for 2000 are scheduled for

August and November. The first quarterly payment for 2001 will be sent next February.

"The Board of Directors has been carefully researching the legal issues, tax consequences, and other factors affecting a variety of potential elders' programs, and we are very pleased to be able to start