As we approach this year's annual meeting I would like to thank all shareholders for sending in your proxy, regardless of whom you supported. It is important to the corporation that your voice is heard and by voting in the election of directors your voice is being heard.   Your board-endorsed slate of candidates, and most of the other candidates on the CIRI proxy card, support the positive direction CIRI is heading. Of course, there will always be some who may find fault with what your board and management do, and you probably received a separate proxy mailing from a group like that this year. However, CIRI's record speaks for itself. CIRI has paid more dividends and has provided more non-profit services than any of the other regional corporations, and has done so consistently over the years, while still growing at an impressive rate.   What does it take to maintain a strong and growing CIRI? In my judgment, it takes a stable board of directors, a sound investment policy, and an eye on the future - and right now the future looks brighter than ever. In fact, now that CIRI is doing better than ever it is almost ironic that this small group is still raising their same old complaints. But do they offer anything positive that will improve CIRI's performance? Let me give you an example. The group that sent a separate proxy mailing this year says they would reduce compensation by 40% and base future compensation on that of other regional corporations. That may have a nice ring to it at first, but if you really think it through, what they are saying is we should be like the other regional corporations. Your board has always strived,

however, to do much better than the other corporations. I'm almost certain that as shareholders you would not want someone on your board whose approach would be that we should limit ourselves to the level of the other regional corporations, most of which pay little or no dividends. Each of the other regional corporations pursues it own goals and objectives, and each has a lot to be proud of. But CIRI's objective has been to grow financially, with an eye toward long-term economic success, and I believe we have distinguished ourselves in this respect.   So as you consider your vote, both this year and in the future, I would ask you look at the record of accomplishment of any candidate. Ask yourself, who has had the experience and good judgment to bring CIRI where it is today, one of the largest and most successful corporations in Alaska? Who offers the positive, realistic, thoughtful plans to carry that successful mission into the future? Who makes the best effort to represent the interests of all shareholders, not just a faction?   However you answer these questions for yourself, it is important to have your voice heard. Of course, your board would really appreciate your continued support. If you have not already done so, please vote either by signing and sending in a proxy or by coming to the annual meeting in person on June 3rd. The company is continuing to rotate the annual meeting location so that more people who want to can have the opportunity to attend in person. The Board and I would be very pleased to talk with as many shareholders as possible at the meeting. Thank you and we look forward to seeing you.

Shareholders to Receive June Dividend The CIRI Board of Directors has declared a 2000 second quarter dividend in the amount of $6.28 per share. Shareholders owning 100 shares of stock will receive a check in the amount of $628, which will be mailed on Friday, June 30. Those signed up for direct deposit will receive, by the end of the business day on June 30, electronically transmitted deposits to the designated bank account on record with Shareholder Relations.   Shareholders have until 3 p.m. on Friday, June 2 to sign up for direct deposit for this dividend. To receive an Authorization for Direct Deposit of Dividends form, contact Shareholder Relations or visit the CIRI web site. Shareholders are also reminded to notify the Shareholder Relations department of changes to account information, including a changed account number or account closure.   For shareholders not participating in the direct deposit program, dividend checks are mailed to the address CIRI has on record. All address changes must be submitted in writing with a signature and submitted to the CIRI Shareholder Relations department by 3 p.m. on Thursday, June 22. A change of address form is found on page 5.

CIRI Distributes First Elders Payment Original CIRI enrollees who are 65 years of age and older have been sent their first quarterly payment of $450 from the newly established eldersŐ trust.   The CIRI Board of Directors voted to approve a revocable trust for elders at their February board meeting, after extensive research and consideration. The trust is an alternative to the creation of a fully funded irrevocable trust, which will be presented to shareholders for a vote if changes are made to the current tax laws.   All original CIRI enrollees 65 years of age and older are eligible to receive payments. The remaining quarterly payments for 2000 are scheduled for distribution in August and November, and the first quarterly payment for 2001 will be sent next February.   An original shareholder is a person that was originally enrolled to CIRI under the Alaska Native Claims Settlement Act. If you were holding original shares and have gifted them to your family, you are still eligible to receive an elders trust payment.