THE PHILADELPHIA STOCK EXCHANGE TO BEGIN TRADING ONE NEW OPTION ON JULY 29

PHILADELPHIA — July 28, 2005- The Philadelphia Stock Exchange (PHLX) announced today that it will begin trading one new option beginning July 29. The option was allocated to LaBranche Structured Products, LLC.

Discovery Holding Company-Class A (UIO/DISCA)(option/stock symbol: DHC) will trade on the January expiration cycle with initial expiration months August, September, October, and January. Position and exercise limits have been set at 200,000 contracts.

The Philadelphia Stock Exchange was founded in 1790. The PHLX trades 2,000 stocks, 1,703 equity options, 26 sectors index options and currency options and futures. For more information about the PHLX and its products, visit www.phlx.com