Statement of Stability

Various industry events, such as the sub-prime mortgage pressures, have affected the financial markets, investors, and certain firms in our industry. It is important to all of us at Janney that our clients know that due to our policies and business practices, we have experienced minimal, if any, negative impact from these industry events. With a strong equity capital base, ownership by The Penn Mutual Life Insurance Company - which carries equally as strong a capital base - and an unbroken string of profitable years, we continue to deliver on our mission of building enduring client relationships based upon integrity, experience and trust by providing objective advice and superior service that leads our clients to the achievement of their financial goals.