Alfred E. Smith, IV Selected as New Chair of Saint Vincent Catholic Medical Centers' Board.

Will Help Lay Foundations for Revitalized System

NEW YORK -- The Board of Saint Vincent Catholic Medical Centers announced today that it has selected Alfred E. Smith, IV as the new chairman of the healthcare system's Board. Mr. Smith indicated that among his priorities will be working with fellow board members, physicians, donors, elected officials and community leaders to lay the foundation for a revitalized Saint Vincent's.

"It is an honor and a distinct pleasure to lead the Board of Saint Vincent Catholic Medical Centers," said Mr. Alfred E. Smith, IV, Chair, Saint Vincent Catholic Medical Centers Board. "Saint Vincent's future is extremely promising and our revitalized system is taking shape every day, on both financial and operational levels. We are a key resource to the many communities we serve, and I look forward to working with an expanded Board, our physicians and employees to bring Saint Vincent's to new heights as a premier healthcare provider in the New York metropolitan area."

Mr. Smith serves as Managing Director of Bear Wagner Specialists LLC, a specialist and member firm of the New York Stock Exchange. Prior to joining Bear Wagner, he was Partner of CMJ Partners in New York, and previously, Vice President of Mitchel-Hutchins in Chicago. Mr. Smith began his Wall Street career as an independent floor broker at the New York Stock Exchange.

Mr. Smith, together with his family, has a long history of commitment to Saint Vincent's. He has been a member of Saint Vincent Catholic Medical Centers' Board since its inception in 2000; he serves as the chair of the Saint Vincent Catholic Medical Centers Foundation Board and was on the board of St. Vincent's Hospital Manhattan from 1986 to 2000.

He is the great-grandson of the late Alfred E. Smith, the legendary Governor of New York, and serves as the Director, Secretary, and Dinner Chairman for the Alfred E. Smith Memorial Foundation. Mr. Smith also serves as the Master of Ceremonies at the annual Alfred E. Smith Foundation Dinner, which takes place tonight at the Waldorf=Astoria. St. Vincent's Hospital Manhattan has historically been one of the beneficiaries of this fundraising dinner.

Mr. Smith replaces Richard Boyle, who is retiring as Board Chair but will now chair a special committee of the Board - the Restructuring Committee - to oversee the completion of the bankruptcy reorganization.

"The Board is in the midst of an important transition period where we must complete the restructuring and file a plan of reorganization while also keeping an eye on our future as a revitalized Saint Vincent's post-emergence," said Sister Jane Iannucelli, Board Vice-Chair and one of the sponsor representatives for the Sisters of Charity on the Board. "We are very grateful to Dick Boyle for his dedication and leadership of the Board through the challenging times of the past couple of years and appreciate his continued service as Chair of the Restructuring Committee. We also welcome Al Smith, who will help us build strong new relationships with donors, elected officials and our community - relationships that will benefit Saint Vincent's patients, physicians, and employees."

In addition to his membership on the Saint Vincent's Board and his leadership of the Alfred E. Smith Foundation, Mr. Smith is active in several other organizations. He is a Knight of Malta, Chairman of the Government Relations Committee for the New York Stock Exchange, and Chairman of the Wall Street Division of the Cardinal's Committee of the Laity. In addition, he is a Trustee of Calvary Hospital, a member of the President's Council at Memorial Sloan-Kettering Cancer Center, Chairman of the Irish Chamber of Commerce of the USA, and a Director of the Center for Hope and the National Coalition for Cancer Survivorship. Mr. Smith is also a founder and Chairman of Hackers for Hope, a foundation dedicated to raising funds for cancer research and cancer care in New York and Connecticut.

Over the years, he has received numerous honors and awards including: the Angelus Award, Saint Vincent Catholic Medical Centers; Honoree, United Hospital Fund; Medal of Honor, Calvary Hospital; Man of the Year, Irish Chamber of Commerce of the USA; Ellis Island Medal of Honor; National Brotherhood Award, National Conference of Christians and Jews; and American Cancer Society's Gold Sword of Hope Award.

About Saint Vincent's

Saint Vincent Catholic Medical Centers is one of the New York metropolitan area's most comprehensive health care organizations, serving nearly 600,000 people annually. Sponsored by the Roman Catholic Bishop of Brooklyn and the president of the Sisters of Charity of New York, Saint Vincent's serves as the academic medical center of New York Medical College in New York City.

The system includes six hospitals, four skilled nursing facilities, a system-wide home care service, a hospice and over 20 ambulatory care sites which provide a broad array of medical, psychiatric and substance abuse services. In 2005, Saint Vincent's recorded over 82,000 inpatient discharges, more than 1,000,000 outpatient visits, and nearly 650,000 home care visits. Its emergency rooms, which include three Level 1 trauma centers, received 240,000 visits in that same year, while Saint Vincent's is the largest private provider of EMS services in the New York City Fire Department's 9-1-1 service. In 2003, St. Vincent's Midtown (formerly St. Clare's Hospital) became affiliated with the healthcare system.