Hospira, Abbott Laboratories' Soon-to-Be-Launched Hospital Products Company, Announces Board of Directors -- Board's Diverse Expertise Will Help Build Hospira Into a Successful Independent Company -- ABBOTT PARK, Ill., April 15 /PRNewswire-FirstCall/ -- Hospira, Inc., the global specialty pharmaceutical and medication delivery company that will be spun off from Abbott Laboratories, today announced its future board of directors. Hospira common stock is expected to begin trading on May 3, 2004, on the New York Stock Exchange under the symbol "HSP". Hospira's seven board members together bring decades of in-depth business insight and outstanding leadership qualities to the new company. As previously announced, the board will be led by David A. Jones, 72, co-founder and chairman of Humana Inc., and named chairman of Hospira; and Christopher B. Begley, 52, currently senior vice president, hospital products, Abbott Laboratories, and named Hospira's chief executive officer and a director. Jones' experience in the healthcare industry includes leading Humana, one of the nation's largest publicly traded health benefits companies, from its inception. He has served as chairman of the board of Humana since the company's founding in 1961 and assumed responsibility as Humana's first chief executive officer until his retirement in 1997. Begley's work in the hospital industry spans three decades and includes nearly 20 years at Abbott, most recently serving as president of Abbott's Hospital Products Division. Joining Jones and Begley as part of the Hospira board will be: -- Joel T. Allison, president and chief executive officer of Baylor Health Care System in Dallas, and fellow of the American College of Healthcare Executives. Allison, 56, serves on the board of many healthcare and community organizations, including the American Hospital Association Healthcare Systems Governing Council, Health Careers Foundation, National Committee for Quality Health Care, Healthcare Leadership Council, Texas Hospital Association, Greater Dallas Chamber and the United Way of Metropolitan Dallas. -- Irving W. Bailey, II, managing director of Chrysalis Ventures, a private equity management firm. Bailey, 62, is past chief executive officer of Providian Corporation, a Fortune 200 insurance and diversified financial services company; and past president of Bailey Capital Corporation, a private equity management firm. Bailey also serves as director of Computer Sciences Corporation. -- Connie R. Curran, R.N., Ed. D., executive director of the National Dialogue on Cancer and a director of CardioDynamics International Corp. and IDX Systems Corporation. Dr. Curran, 56, previously was president of Cardinal Health Consulting Services, a consulting company with expertise in surgical services, hospital operations and case management, and home care; vice president of the American Hospital Association; and dean of the Medical College of Wisconsin. -- Jacque J. Sokolov, M.D., chairman and senior partner of Sokolov, Sokolov, Burgess, a national healthcare management consulting, project development and investment firm. Dr. Sokolov, 49, previously served as vice president of healthcare for Southern California Edison Corporation and chairman of the board of directors for Coastal Physician Group, Inc., which later became PhyAmerica Physician Group, Inc. He also serves as a director of MedCath, the National Business Group on Health, and the National Health Foundation. -- John C. Staley, chairman of the board of trustees of DePaul University and trustee of CenterPoint Properties Trust, a real estate investment trust. Staley, 62, also is a director of eLoyalty Corporation, a management consulting firm, and is a retired area managing partner of the Ernst & Young LLP's Lake Michigan Area. Hospira board members will officially assume their responsibilities when the company becomes independent from Abbott. The board will include three committees -- executive, audit and public policy, and nominations and compensation. "The directors on Hospira's board each bring exceptional business insight, a high level of integrity and unique business experiences," said Jones. "I am very pleased to join forces with the new leadership -- and its proven track record of success -- to help launch the company and nurture our shared commitment to achievement and building shareholder value." "Our new board of directors will play an integral role as Hospira builds its future from a strong foundation as one of the largest manufacturers of hospital products in the United States," said Begley. "Our priority is to ensure that the company continues to provide differentiated value and service to our customers while delivering long-term shareholder value through clearly focused business strategies." Hospira Stock Distribution Abbott Laboratories announced on April 12, 2004, that its board of directors declared a special dividend distribution of all of the outstanding shares of common stock of Hospira. For every 10 shares of Abbott common shares held, Abbott shareholders will receive one share of Hospira stock. No fractional shares of Hospira will be issued; shareholders will receive cash in lieu of fractional shares. The special dividend distribution is expected to be paid on April 30, 2004, to Abbott shareholders of record as of the close of business on April 22, 2004. About Hospira Hospira will be a global specialty pharmaceutical and medication delivery company dedicated to Advancing Wellness(TM) by developing, manufacturing and marketing products that help improve the safety and efficacy of patient care. Created from the core global hospital products business of Abbott Laboratories, Hospira will be a company with 70 years of service to the hospital industry. The company's portfolio will include the industry's broadest line of acute-care injectables, integrated solutions for medication management and infusion therapy, and a full-service contract manufacturing business. Having approximately $2.5 billion in annual sales, Hospira will be headquartered in Lake Forest, Ill., north of Chicago, and have more than 14,000 employees and 14 manufacturing facilities worldwide. About Abbott Laboratories Abbott Laboratories (NYSE:ABT) is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs more than 70,000 people and markets its products in more than 130 countries. Abbott's news releases and other information about Hospira can be found at http://www.abbott.com/ . Private Securities Litigation Reform Act of 1995 - A Caution Concerning Forward-Looking Statements Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in the attached questions and answers section and in Exhibit 99.1 of our Securities and Exchange Commission 2003 Form 10-K, and are incorporated by reference. Forward-looking statements in this press release should also be evaluated together with the disclosure regarding Hospira contained in the Risk Factors section of Hospira's Form 10 Registration Statement filed on April 8, 2004. Abbott and Hospira undertake no obligation to release publicly any revisions to forward-looking statements as the result of subsequent events or developments. DATASOURCE: Hospira, Inc. CONTACT: Media, Stacey Eisen, +1-847-935-2828, or Tareta Adams, +1-847-938-4310, or Financial Community, John Thomas, +1-847-938-2655, all of Abbott Laboratories Web site: http://www.abbott.com/ Company News On-Call: http://www.prnewswire.com/comp/110328.html

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