Santa Rosa Institute Press Release

FOR IMMEDIATE RELEASE
June 4, 2002

The Santa Rosa Institute Announces Stock Repurchase Plan

The Santa Rosa Institute today announced that its Board of Directors has authorized the repurchase of up to $625 million of its common stock over the next 12 months. Purchases may be made in the open market or in privately negotiated transactions from time to time at management’s discretion. SRI also may engage in transactions in other securities in conjunction with the repurchase program, including derivative securities.

SRI intends to use the repurchased stock to offset dilution caused by the issuance of shares in connection with the company’s employee stock plans. The goals of the company's periodic stock repurchases are to make prudent investments of the company's cash resources as well as to provide an effective mechanism to provide stock for the company's employee stock plans. There are currently no other specific plans for the shares which may be purchased under the program.

As of October 31, 2001, SRI had approximately 527,890,384 shares of common stock outstanding.

The Santa Rosa Institute is a leading biotechnology company that discovers and develops human pharmaceuticals for significant unmet medical needs. The company has its headquarters in Albuquerque, New Mexico.