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Major Development for Orange Regional Medical Center

July 19, 2006

The Board of Directors of Orange Regional Medical Center has unanimously approved moving forward with plans to construct a new 354-bed hospital with all private rooms. At its meeting on May 24, the Board authorized hospital management to engage HBE Corporation, a design/build firm from St. Louis, Missouri, to initiate the detailed design process for the $255 million project.

Board Chairman Richard Shapiro said, “This is a significant step forward for the hospital and for health care in our region. We look forward to the support of the community as we undertake this exciting project. The new hospital has always been a goal of the Board and was one of the primary factors leading to the merger of Arden Hill and Horton into Orange Regional Medical Center.”

Jeff Hirsch, Orange Regional President & CEO said, “We are all energized and enthusiastic about the project which is the first new hospital to be built in the region in decades. After two years of careful planning, we are confident that a project of this size and scope is achievable from both a design and financing perspective and we believe the results will be nothing short of impressive.”

Vice President of Finance/CFO, Mitch Amado said, “Orange Regional plans to fund the $255 million project (not including financing fees) through conventional tax-exempt bond financing and a substantial hospital equity contribution including the proceeds of a $25 million capital campaign to begin in 2007.”

HBE will initiate the design process and support the Certificate of Need application, which must be filed with New York State. Orange Regional selected HBE after careful review of the firm’s capabilities, track record in the healthcare industry, knowledge of hospital design and expertise with similar projects. HBE has designed and built over 900 healthcare facilities and has vast experience in new hospital projects around the United States.

Orange Regional plans to take the best of both its Arden Hill and Horton campuses and build the most patient-friendly, efficient and technologically advanced hospital possible. The new hospital is slated to be built on a 61-acre site on East Main Street in the Town of Wallkill near the Route 17 interchange at exit 122. As a result of the lengthy design and approval process required, Orange Regional expects to break ground in 2008 and open three years later.

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