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December 14, 2012

Addison Gilbert portfolio worth $90M

To the editor:

Earlier this week, I sent in to the Gloucester Daily Times two versions of a letter to the editor with a request that the second, later revised version, not the first, be printed. Unfortunately, the first version was printed. In the revised letter, I had eliminated the statement “AGH investments had enriched Northeast by more than $9 million a year every year since the merger.” That paragraph should have said:

“An independent financial analyst of health care organizations has reviewed the audited financial reports of Northeast since 1996. He concludes that AGH has been a financial boon, not a drain, on Northeast. At least 55 percent of Northeast’s investment portfolio originated at AGH, now worth over $90 million. AGH cumulative investment income has been more than enough to offset operating deficits with lots to spare.”

Peggy O’Malley, RN

Chairwoman, Partners for Addison Gilbert Hospital

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