CORRECT: Fitch Rates Dartmouth College $110.4MM VRDBs 'AAA/F1+'.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 6, 2003

(In the press release published yesterday, the series 1993 bonds were omitted. The amended press release follows.)

Fitch Ratings-NY-March 5, 2003: The $110,400,000 New Hampshire Health and Education Facilities Authority variable-rate revenue bonds, Dartmouth College, series 2003 are assigned a rating of 'AAA/F1+' by Fitch. In addition, Fitch affirms the 'AAA' rating on Dartmouth's outstanding $343,710,000 parity debt for series 1999, 1998, 1997, 1997A, 1993 and the 'AAA/F1+' rating on the series 2002 variable-rate demand bonds (VRDB). The Rating Outlook is Stable. Bond proceeds will be used to refund all or a portion of the outstanding series 1993 bonds and to pay costs of issuance.

The series 2003 VRDBs are expected to be sold the week of March 10 through negotiation by Lehman Brothers and will initially be sold in the weekly mode. The 'F1+' short-term rating for the series 2003 VRDBs is based both on Dartmouth's internal liquidity and a 364-day standby bond purchase agreement (SBPA) provided by JPMorgan Chase Bank. The SBPA is sized to cover the full principal amount of the 2003 VRDBs and an amount equal to 35 days of interest at a rate of 15% per annum based on a 365-day year. The remarketing agent is Lehman Brothers.

While the 2003 VRDBs bear interest in the weekly rate mode, holders may tender their bonds with prior notice. The 2003 VRDBs may bear interest at a daily, monthly, quarterly, semiannual, term, fixed, money market municipal or auction rate. Upon conversion to a different interest rate mode, the 2003 VRDBs are subject to mandatory tender.

The short-term 'F1+' rating is supported by the college's significant level of liquidity and the SBPA. Dartmouth's own liquidity serves as a source of repayment for any failed remarketing of the outstanding $101 million, series 2002 VRDB's that were issued in May 2002 in a weekly mode. Dartmouth chose not to use it's own liquidity for the series 2003 VRDB's but rather to execute a SBPA, however, Fitch considers the liquidity levels sufficient to cover both series of VRDBs.

As of Dec. 31, 2002, Dartmouth had $164 million of cash and short-term funds that could be liquidated immediately with little, if any, loss in market value. The college also had various fixed income securities with longer maturities but the potential for a loss exists if an immediate sale were necessary for the payment of tendered VRDBs. These securities include U.S. treasury and agency securities due within five years of $16.5 million and $45.2 million with maturities beyond five years. In addition, other fixed income securities, including corporate bonds, of $32.7 million, are available. However, these securities are subject to credit risk in addition to interest rate risk. Fitch's review of the total overall liquidity for the past year reflects a low balance of $258 million and a high balance of $311 million reflecting a significant level of balances with modest fluctuation.

The long-term 'AAA' rating and stable outlook reflects Dartmouth's consistently strong student demand, excellent academic reputation, substantial liquidity, diverse revenue sources and large permanent endowment. Dartmouth, one of the eight Ivy League schools, is located in Hanover, NH. For fall 2002, the college had 5,644 full-time students and admitted less than 21% of its freshmen applicants. An outstanding 51.3% of accepted students enrolled.