EXHIBIT 99

[LOGO] First Interstate BancSystem
               Fourth Quarter 2002 (revised)

To our shareholders,

On January 22, 2003 we informed you of our financial results for fourth quarter and full year 2002. Subsequently we discovered the value of our corporate owned aircraft, which is held for sale, had declined at December 31, 2002. The aviation industry is experiencing a recession which has impacted the value of aircraft. Although the amount of the decline is relatively modest to our results, we have decided to record the impairment in the fourth quarter of 2002. The aftertax impact of the impairment of this asset is $300,000. Following are several tables that reflect revised 2002 results as compared to those previously communicated.

/s/ Lyle R. Knight
Lyle R. Knight
President
Chief Operating Officer /s/ Terrill R. Moore
Terrill R. Moore
Chief Financial Officer

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)

	As originally reported				As adjusted
	Three		Twelve		Three		Twelve
	months		months		months		months
	ended		ended		ended		ended
	December 2002				December 2002
Noninterest expense		33,005		133,316		33,505		133,816
Income before taxes		13,685		54,241		13,185		53,741
Income taxes		4,788		19,447		4,587		19,247
Net income		8,897		34,794		8,598		34,494
NET INCOME AS ADJUSTED (1)		8,897		34,794		8,598		34,494
COMMON SHARE DATA:
Diluted EPS		1.14		4.44		1.10		4.41
Diluted EPS, as adjusted (1)		1.14		4.44		1.10		4.41
Book value				31.30				31.26
Tangible book value				26.50				26.47

SELECTED RATIOS (UNAUDITED)	As originally reported						As adjusted
	Three			Twelve			Three			Twelve
	months			months			months			months
	ended			ended			ended			ended
	December 2002						December 2002
PERFORMANCE(1)
Return on avg common equity		14.72	%		14.99	%		14.22	%		14.86	%
Return on avg common equity excl. market adj of securities		14.93	%		15.27	%		14.42	%		15.14	%
Return on avg assets		1.00	%		1.04	%		0.96	%		1.03	%
Efficiency ratio		67.16	%		67.76	%		68.18	%		68.01	%

(1) adjusted for the add back of goodwill amortization net of income tax benefits

Financial Highlights
Three Months ended December 31

	As originally reported					As adjusted
			% Change					% Change
in thousands except per share data	2002		from 2001			2002		from 2001
(unaudited)
OPERATING RESULTS
Net income	$	8,897		15.1	%	$	8,598		11.2	%
Net income as adjusted(1)		8,897		8.6	%		8,598		4.9	%
Diluted earnings per share		1.14		16.3	%		1.10		12.2	%
Diluted earnings per share as adjusted (1)		1.14		9.6	%		1.10		5.8	%
PERIOD END BALANCES
Assets		3,559,268		8.6	%		3,558,968		8.5	%
Common Stockholders’ Equity		244,154		9.9	%		243,854		9.8	%

CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
(In thousands)

		As originally reported		As adjusted
		12/31/2002		12/31/2002
ASSETS
Other Assets			97,349		97,049
	Total Assets		3,559,268		3,558,968
STOCKHOLDERS’ EQUITY
Common Stockholders’ Equity			244,154		243,854
	TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		3,559,268		3,558,968