THE PHILADELPHIA STOCK EXCHANGE TO BEGIN TRADING ONE NEW OPTION ON JULY 21

PHILADELPHIA — July 20, 2005- The Philadelphia Stock Exchange (PHLX) announced today that it will begin trading one new option beginning July 21. The option was allocated to Market Street Securities.

Beverly Enterprises, Inc. (option/stock symbol: BEV) will trade on the January expiration cycle with initial expiration months August, October, September, and January. Position and exercise limits have been set at 250,000 contracts.

The Philadelphia Stock Exchange was founded in 1790. The PHLX trades 2,000 stocks, 1,703 equity options, 22 sectors index options and currency options and futures. For more information about the PHLX and its products, visit www.phlx.com