THE PHILADELPHIA STOCK EXCHANGE TO BEGIN TRADING THREE NEW OPTIONS ON MAY 24

For more information, contact Barbara Sorid at 215-496-5200 or by e-mail

PHILADELPHIA – May 23, 2005 - The Philadelphia Stock Exchange (PHLX) announced today that it will begin trading two new options on Tuesday, May 24. Both options have been allocated to LaBranche Structured Products, LLC.

Renovis, Inc. (Nasdaq symbol: JHU/RNVS) will trade on the February expiration cycle with initial expiration dates of June, July October and January. Position and Exercise limits have been set at 75,000 contracts.

Lazard, Ltd. (NYSE symbol: LAZ) will trade on the March expiration cycle with initial expiration dates of June, July, September and December. Position and Exercise limits have been set at 75,000 contracts.

Morningstar, Inc. (Nasdaq symbol: QMR/MORN) was allocated to McGowan Investors, LP. It will trade on the March expiration cycle. Position and Exercise limits have been set at 25,000 contracts.

The Philadelphia Stock Exchange was founded in 1790. The PHLX trades 2,000 stocks, 1,654 equity options, 21 sectors index options and currency options and futures. For more information about the PHLX and its products, visit www.phlx.com.

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