THE NEW YORK AND PRESBYTERIAN HOSPITAL
VOLUNTARY DISCLOSURE

The following voluntary disclosure contains information regarding the outbreak of coronavirus disease
2019 (COVID-19), the response of The New York and Presbyterian Hospital (“NYPH”) to the outbreak,
and the potential impact of the outbreak on NYPH’s operations and financial condition.
This disclosure is made on a voluntary basis and is in addition to NYPH’s annual and quarterly continuing
disclosure filings. This disclosure reflects events and conditions reasonably believed by management of
NYPH to exist as of the date and time noted on the statement. NYPH undertakes no obligation to
update this voluntary disclosure in the future.

UPDATE REGARDING COVID-19
March 18, 2020: 9:00 A.M. EST

Outbreak in the Tri-State Area
The coronavirus disease 2019 (COVID-19) situation continues to evolve rapidly. Currently there are no
medications to treat or vaccines to prevent COVID-19. The Governors of New York (March 7, 2020),
New Jersey (March 9, 2020) and Connecticut (March 10, 2020) have declared states of emergency, as
has the Mayor of New York City (March 13, 2020). On Friday, March 13, President Trump declared a
national state of emergency over the coronavirus outbreak, allowing for billions of dollars of federal
funding and ordering all states to set up emergency operations centers to combat the pandemic.
Emergency measures including closing schools, restricting gatherings of 50 people or more, closing
theaters, gyms and casinos, closing bars and restaurants, reducing local government workforces, and
restricting travel have been implemented in New York and other states to slow the spread of the
coronavirus. The number of diagnosed cases in New York State is expected to increase substantially.
In its Interim Guidance for Healthcare Facilities, the Centers for Disease Control and Prevention (CDC)
recommends actions included training of staff, exploring of alternatives to face-to-face triage and visits,
optimization of hospital supply of personal protective equipment and preparation to safely triage and
manage patients with respiratory illness, including COVID-19. For inpatient facilities, the CDC
recommends rescheduling elective surgeries as necessary; shifting inpatient diagnostic and surgical
procedures to outpatient settings, when feasible; limiting visitors; and identifying additional space for
caring for patients.
The Guarantor’s Response
The Guarantor continues to see more cases on a daily basis and has admitted patients with COVID-19.
Many people who have tested COVID-19 positive are well enough to go home and the Guarantor
expects that will continue.

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 The Guarantor’s emergency management systems have been activated. These systems are planned and
designed to address health emergencies like the COVID-19 outbreak and have been activated in the past
for health emergencies such as the Ebola virus and Superstorm Sandy. The Guarantor’s health care
professionals are routinely trained for emergencies such as COVID-19 and the emergency management
systems are designed to ensure that the Guarantor’s resources are most appropriately applied to meet
the challenges of the emergency and the needs of the Guarantor’s patients.
The Guarantor is following the guidance of both the World Health Organization and the CDC and is
coordinated with state and local governments as well as other hospitals across the region. COVID-19
specific education and training of Guarantor’s health care workers was initiated weeks ago and is
ongoing. The Guarantor has a COVID-19 hotline and offers virtual urgent care through its website to
facilitate alternatives to in person visits.
Consistent with the guidance of the CDC for hospitals in and around New Rochelle, New York, the
Guarantor postponed elective procedures. Subsequently, on March 16, the Mayor of the City of New
York signed an order requiring hospitals in New York City to cancel elective surgeries within 96 hours.
The Guarantor is also limiting visitors to its facilities, consistent with the CDC guidelines. These steps are
necessary to protect patients and healthcare workers from the spread of the disease and to manage
supplies.
The Guarantor received authorization to perform COVID-19 testing at its Weill Cornell and Columbia labs
in accordance with applicable medical protocols. Over the past two weeks, the daily testing capacity has
increased from 60/day to approximately 300/day, and with the validation of a high throughput testing
platform at the Columbia lab, it is expected that the Columbia lab will have the capacity to run 1,000
tests/day by the end of this week.
The Guarantor has arranged for temporary additional space at New York-Presbyterian/Weill Cornell
Medical Center for expansion of Emergency Department capacity, if needed. The Guarantor is also
working to maximize inpatient capacity at its campuses through management of scheduling and patient
placement. Laboratory staff has been increased so that the Guarantor can run tests 24 hours per day, 7
days a week.
Potential Impact on Guarantor Operations and Financial Performance
The Guarantor continues to ramp up for the anticipated medical demand caused by COVID-19. A sharp
increase in infections requiring hospitalization could stress the resources of hospitals in the Guarantor’s
service area, including the Guarantor.
The temporary suspension of performance of elective procedures has a significant positive effect on the
Guarantor’s preparedness for the anticipated increase in COVID-19 patients but will have a negative
effect on the Guarantor’s 2020 revenue. It is anticipated that the suspension of elective procedures will
continue until it appears that the spread of COVID-19 in the Guarantor’s service area is being sufficiently
managed so that health care resources can be redirected back to their original functions. The duration
of the suspension will depend on the success of individual, government and private sector restrictions
(such as hygiene precautions, remote working arrangements, reduction of large crowd events).

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 Hospitals in the Guarantor’s service area, including the Guarantor, are experiencing supply disruptions
for personal protective equipment (PPE) such as surgical masks and gowns, as global demand for these
items has significantly increased and many of the sources of these products (including factories in the
Hubei province of China) have experienced significant reductions in production. The Guarantor has
aggressively responded to manage demand for these items by limiting their use for only specified
indications while maintaining the safety of its healthcare professionals. Other PPE factories world-wide
have responded by increasing production. The Guarantor’s supply chain organization is actively sourcing
PPE from alternate sources.
It is not possible at this time to reliably project the direct financial impact of the COVID-19 outbreak on
the Guarantor’s operating revenues and expenses. Key factors are the duration and extent of the
outbreak in the Guarantor’s service area, and those variables are very much dependent on the success
of federal, state and city government-imposed emergency measures. The Guarantor expects it will be at
least 2 weeks before the degree of success of the emergency measures can be evaluated.
Based on a number of assumptions1, many of which cannot be validated at this time, and assuming no
federal, state or city relief compensation to the Guarantor and no insurance recoveries, management is
currently estimating that the COVID-19 outbreak could have a negative impact on the Guarantor’s
unconsolidated 2020 statements of operations of between $350 and $700 million. For the calendar year
ended December 31, 2020, the Guarantor had budgeted operating income of $246 million. If the abovedescribed range of negative impact is realized, the Guarantor could have operating losses between $104
million and $454 million. This estimate may materially change, positively or negatively, as additional
facts about the spread of the Coronavirus are determined.
Financial markets have experienced unprecedented turbulence in the last two weeks, attributable to: (i)
the potential impact of COVID-19 on world economies; (ii) oil prices; and (iii) the possibility of an
economic recession in the United States. This may affect the returns on the Guarantor’s investments
and therefore it is possible that the Guarantor will experience lower returns than the returns reflected in
its recent financial statements.
As of February 28, 2020, the Guarantor had $3.7 billion of unrestricted investments that are convertible
to cash within 5 business days. As of January 31, 2020 (the most recent date for which financial
statements are available), the Guarantor had 311 days cash on hand. In light of the uncertainty of the
course of the COVID-19 outbreak, the Guarantor’s management is seeking additional and/or increased
lines of credit beyond its current aggregate of $350 million.

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Assumptions included (i) use of the “China Model” for disease progression; (ii) a 16 week duration of
the crisis; (iii) estimated number of COVID-19 admissions and estimated reduction of elective inpatient
and ambulatory surgeries; and (iv) current market pricing for quarantine and call-out backfill personnel
expenses.
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