The following summarizes some of the election procedures for the 1999 Annual Meeting of CIRI Shareholders. A complete copy of CIRI's Proxy Procedures and Rules of Conduct for Shareholder Meetings will be available at the June 5th annual meeting or may be obtained prior to the meeting by contacting CIRI Shareholder Relations.

1. Delivery of Proxies. All proxies must be received before 5 p.m., Alaska time, May 28, 1999. Proxies delivered to CIRI at or before 5 p.m., May 28, 1999 will be forwarded to the Inspector of Election. No proxy received after 5 p.m., May 28, 1999 will be valid for any purpose.

2. Proxy Revocation. After 5 p.m., Alaska time, May 28, 1999, shareholders may revoke proxies by voting in person by ballot at the annual meeting or by delivering to the Inspector of Election, prior to the close of shareholder registration on the meeting day, an express signed and dated written revocation (other than a proxy).

3. Proxy Review. The proxy review period is scheduled for Wednesday, June 2, Thursday, June 3, and Friday, June 4, 1999 from 9 a.m. to 5 p.m. at the accounting firm of Deloitte & Touche, 550 West 7th Avenue, Suite 1500, Anchorage. On Wednesday, June 2, proxy holders may review and obtain lists of shareholders for whom they are holding proxies. Proxy holders who wish to review specific proxies given to them may prepare a list of those proxies and present it to the Inspector of Election. Those proxies the Inspector makes available may be reviewed between 9 a.m. and 5 p.m. on June 3rd and 4th. The Inspector of Election will be present to answer questions.

4. Meeting Registration. Registration for the annual meeting will begin at 9 a.m. on June 5, 1999. The meeting will commence at 10 a.m. and shareholder registration will close at 1 p.m. Each shareholder will be required to bring some form of identification such as a driver's license, Social Security card, or CIRI ID card. All eligible shareholders wishing to vote at the meeting will be given a ballot for that purpose. Acceptance of the ballot will revoke all proxies the shareholder may have previously signed. All shareholders desiring to vote in person at the meeting must register prior to the close of shareholder registration at 1 p.m.

5. Voting. The Inspector of Election will announce the proxy votes held by proxy holders at the meeting and will prepare and distribute ballots to the proxy holders. All ballots must be deposited into the ballot boxes or delivered to the Inspector of Election. Election results will be announced as soon as possible after the voting is completed.

Twelve new members will be selected for the Shareholder Participation Committees after the 1999 CIRI Annual Meeting. The new members will fill terms that expire in 2001.

"The Board formed the Shareholder Participation Committees to provide a means for shareholders to communicate their concerns and suggestions more directly," said Carl Marrs, CIRI president and CEO. "The Shareholder Participation Committees have made some significant contributions to CIRI's efforts to promote shareholder communication and participation."

The Shareholder Participation Committees were formed in 1995. They represent shareholders living in Anchorage, in Alaska outside the Anchorage area and from the Lower 48 states and Hawaii. Each Committee consists of nine members who are chosen by random drawing. Committee members serve staggered, two-year terms, which begin at the time of selection and expire at the Annual Meeting two years later.

Replacement members will be selected from shareholders who submit their names on the Shareholder Participation Committees card mailed in CIRI's first proxy packet. KPMG Peat Marwick, an independent accounting firm, collects the cards and will conduct the drawing. Shareholders who are selected will be contacted following the annual meeting to confirm interest in serving. New and continuing Shareholder Participation Committee members will be announced in a later issue of the Shareholder Update.