For Immediate Release

January 22, 2004

Governor announces first action taken by new Illinois Finance Authority Board

IFA to assist in financing Northwestern Memorial's new Prentice Women's Hospital

CHICAGO-Governor Rod R. Blagojevich announced today that the Illinois Finance Authority (IFA) Board will consider a preliminary approval for the issuance of up to $550 million in tax- exempt bonds to Northwestern Memorial Hospital to assist in the financing of the new Prentice Women's Hospital and refinance existing debt. The IFA will consider the proposal during its public meeting this Friday.

Scheduled to open in 2007, Prentice Women's Hospital is a nearly one million square foot facility and will be the country's largest special care infant center. Additionally, it will accommodate 13,500 births annually, ranking it among the nation's top three birthing centers. Beyond obstetrics, the new hospital and its programs and services will deliver innovative and integrated healthcare for women from adolescence to geriatrics. The new 17-story building at 250 E. Superior replaces the current Prentice Women's Hospital at 333 E. Superior.

"The IFA's partnering in this project will allow Northwestern Memorial Hospital to secure the most favorable financing terms," said Ali D. Ata, Executive Director of the Illinois Finance Authority. "Along with donations, grants, and monies from Northwestern Memorial Hospital, the IFA's financing will contribute to a significant community project that is providing a substantial number of new jobs," said IFA Chairman David C.Gustman. The new Prentice Women's Hospital is projected to generate approximately 3,500 jobs during the duration of construction. Once opened, about 600 new permanent jobs will be created.

Illinois First Lady Patti Blagojevich attended the project's groundbreaking ceremony on May 12, 2003, along with other dignitaries and community leaders. "I know from my own personal experience here how important Prentice Women's Hospital is to the women of Illinois," stated Patti Blagojevich. "Having a hospital you can trust means a lot to expectant mothers. The new Prentice Women's Hospital will be a world-class facility."

The new Prentice Women's Hospital will provide a full complement of care for all women, including genetics, infertility, cardiology, osteoporosis, mental health, breast disease, gynecologic oncology and geriatrics.

About the Illinois Finance Authority

The newly created IFA has been charged by Governor Blagojevich to promote economic development throughout the State. "The IFA will be proactive, using its $5 billion in bonding authority to foster economic development in every region, and targets resources to address the specific needs of our local industries and governments," said Governor Blagojevich in announcing the new Authority.

About Northwestern memorial Hospital

Northwestern Memorial Hospital (NMH) is one of the country's premier academic medical centers and is the primary teaching hospital of Northwestern University's Feinberg School of Medicine. Northwestern Memorial and its Prentice Women's Hospital and Stone Institute of Psychiatry have 744 beds and more than 1,200 affiliated physicians and 5,000 employees. Providing state-of-the-art care, the NMH is recognized for its outstanding clinical and surgical advancements in such areas as cardiothoracic and vascular care, gastroenterology, neurology and neurosurgery, oncology, organ and bone marrow transplantation, and women's health.

Northwestern Memorial was ranked as the nation's 5th best hospital by the 2002 Consumer Checkbook survey of the nation's physicians and is listed in the majority of specialties in this year's US News & World Report's issue of "America's Best Hospitals." NMH is also cited as one of the "100 Best Companies for Working Mothers" by Working Mother magazine and has been chosen by Chicagoans year after year as their "most preferred hospital" in National Research Corporation's annual survey.