As we deal with these changes and some of the losses in our freedoms, it can and will be a painful process. Many of us are still uncertain what lies ahead. I feel a lot of conflicting emotions as I contemplate how our world has been and continues to be altered by the ongoing threats of terrorism. We need to take stock of our priorities and make sure we live life to the fullest. Some things that were important before September 11th may not be as important today, while others may be even more important than they used to be. I've always known just how important family is to me, but my appreciation for all my family has been greatly strengthened. I also realize that my feeling about what comprises "family" has greatly expanded.

Carl H. Marrs, President & CEO

While it's easy to stay glued to the news and become absorbed in world events, it's important to do what we can to move on. We must go forward with our lives and show our young people how important it is to be strong and focused. We also cannot forget the needs of our own community and those who don't have some of the basic comforts that many of us enjoy.

Now more than ever, we need to work toward balance in our lives and stay grounded in who we are. I feel great pride as I think about the many Alaska Native cultures that are represented in CIRI and I also feel great pride as I think about how much of an economic powerhouse the Alaska Native community has become in our state.

CIRI has had a very fortunate economic run the past few years and, as you will soon learn, 2001 is expected to be a good year, too. We continue to enjoy success in many of our endeavors. I'm pleased to see the effect that our two major dividend payments have had on CIRI shareholders and even the Alaska economy as a whole. We can all be thankful for our strong foundation, the hard work of so many people ­ from the board of directors to the CIRI employees who have made your corporation strong and viable. We will continue to work on ways to strengthen that foundation and to assure continued economic and social benefit to our shareholders. We have a very creative team of managers and our number one priority is and always has been you, the shareholder.

Economically, the events of September 11th continue to take a toll on our nation's financial health. Although the airline industry has perhaps been hardest hit, many other industries have been affected as well. The experts are telling us that we are in a recession that may last six months to three years. I believe that we are indeed in a recession and that we can and will survive it.

It's too soon to tell just what the impact will be on CIRI's ventures. Like others, we at CIRI are doing everything we can to recognize and be prepared to respond proactively to any impacts on our business endeavors. We can expect, for example, that our heavy equipment company could suffer continued pressures and greater losses. We could also see adverse effects on our tourism-related investments. However, we are fortunate that CIRI has positioned itself as a diversified company. And this diversification can be a good insurance policy against the effect of national difficulties on a particular line of business. We will sustain some losses in certain areas, but overall the company remains healthy, strong and in a good position for future investment and growth.

At the individual level, I feel that we engage in the fight against global terrorism best by doing everything we can to support and strengthen our commitment to our country, our troops, our law enforcement, our families and friends. We after all are Americans and the fabric that holds us together in difficult times is our unity.

Thanksgiving is the beginning of the holiday season and it's inspirational to begin the season of giving by focusing on what we have and giving thanks. This year, we will all be thinking about just how we can give more of ourselves, our time and talent to groups and organizations that we believe in, and how we can give of our hearts to make this country a better place for all. I wish each and every one a safe and happy holiday.

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