FOR IMMEDIATE RELEASE

CONTACTS:          Lori Zimmerman
                   Investor Relations
                   610-925-2000

                   Lisa Salamon
                   Public Relations
                   610-444-8433

            Genesis Announces $225 Million NeighborCare Bond Offering

KENNETT SQUARE, PA - (October 16, 2003) - Genesis Health Ventures, Inc. (the
"Company") today announced its intention to offer $225 million aggregate
principal amount of Senior Subordinated Notes due 2013 in the name of
NeighborCare, Inc.

As previously announced, the Company will change its name to NeighborCare at the
time it spins-off its eldercare operations into the newly formed eldercare
company, Genesis HealthCare Corporation.

The proceeds from the issuance of the Senior Subordinated Notes will be held in
escrow pending the consummation of the spin-off. Upon consummation of the
spin-off, the proceeds will be used to repay a portion of the Company's existing
debt and for general corporate purposes. The Notes will be unsecured senior
subordinated obligations of NeighborCare and will be subordinated in the right
of payment to all existing and future senior indebtedness of NeighborCare.

The Notes have not been registered under the Securities Act of 1933 (the "Act").
Accordingly, the Notes may not be offered or sold in the United States or to
U.S. persons absent registration or an applicable exemption from registration
under the Act.

About Genesis Health Ventures
Genesis Health Ventures (NASDAQ: GHVI) provides healthcare services to America's
elders through a network of NeighborCare pharmacies and Genesis ElderCare
skilled nursing and assisted living facilities. Other Genesis healthcare
services include rehabilitation and respiratory therapy, group purchasing, and
diagnostics.



Visit our website at http://www.ghv.com

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Statements made in this release and in our other public filings and releases,
which are not historical facts contain "forward-looking" statements (as defined
in the Private Securities Litigation Reform Act of 1995) that involve risks and
uncertainties and are subject to change at any time. These forward-looking
statements may include, but are not limited to, statements containing words such
as "anticipate," "believe," "plan," "estimate," "expect," "intend," "may",
"target" and similar expressions. Such forward looking statements include,
without limitation, statements regarding the proposed sale of GHC Notes or
NeighborCare Notes, the effect and timing of the spin-off of our eldercare
operations, expected changes in reimbursement rates, inflationary increases in
state Medicaid rates, self-insurance retention limits, and earnings guidance for
the fiscal year 2003. Factors that could cause actual results to differ
materially include, but are not limited to, the following: a change in the
record date resulting from a delay in completion of the conditions to the
spin-off, costs, delays and other difficulties related to the spin-off, changes
in the reimbursement rates or methods of payment from Medicare or Medicaid, or
the implementation of other measures to reduce reimbursement for our services;
changes in pharmacy legislation and payment formulas; the expiration of
enactments providing for additional government funding; efforts of third party
payors to control costs; the impact of federal and state regulations; changes in
payor mix and payment methodologies; further consolidation of managed care
organizations and other third party payors; competition in our business; an
increase in




insurance costs and potential liability for losses not covered by, or in excess
of, our insurance; competition for qualified staff in the healthcare industry;
our ability to control operating costs, and generate sufficient cash flow to
meet operational and financial requirements; an economic downturn or changes in
the laws affecting our business in those markets in which we operate; the terms
of any share repurchase; that there can be no assurance that any spin-off
transaction will be completed or completed in the expected timeframe and if
completed will increase shareholder value, that there can be no assurance that
the proposed transactions with ElderTrust and related partnerships will be
completed, will be completed on the expected terms and in the expected timeframe
or will have the expected economic effect, and that there can be no assurance
that the GHC Notes or NeighborCare Notes will be sold.

         The forward-looking statements involve known and unknown risks,
uncertainties and other factors that are, in some cases, beyond our control. We
caution investors that any forward-looking statements made by us are not
guarantees of future performance. We disclaim any obligation to update any such
factors or to announce publicly the results of any revisions to any of the
forward-looking statements to reflect future events or developments.


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