April 16, 2008

CONTACT:
Karen Shakoske
Vice President & Director of Marketing
215-665-4458
kshakoske@jmsonline.com

Janney Continues Growth With Additions To Private Client Group Leadership

Philadelphia, PA__April 16, 2008 -Janney Montgomery Scott LLC (“Janney”), a leading full-service wealth management, financial services and investment banking firm headquartered in Philadelphia, announced today Michael K. Carberry has joined the firm as Private Client Group Regional Manager for the firm’s Southern ’s established team of professionals.

In his role as Regional Manager, Carberry will be responsible for the management and oversight of the firm’s 30 Private Client offices in its Southern Region which includes offices in Southern Pennsylvania and New Jersey and all offices from Delaware to Florida. The firm has 100 Private Client offices total in the eastern United States. His responsibilities include business management coaching, productivity and training support for Financial Consultants and Financial Consultant teams. Within this role, he will assist Financial Consultants with client education and relationship management approaches to help their clients achieve their financial goals. In addition, Carberry will work to recruit experienced Financial Consultants and Private Client Assistants for the offices in his region.

Jerry Lombard, President, Private Client Group, said “We are fortunate to have Mike’s level of professionalism and experience at Janney. He leads by example having a track record of personal success as a Financial Consultant but also success as a branch manager and mentor to many Financial Consultants.”

Of the move to Janney, Carberry stated “As a long-time resident of the Philadelphia area, I’ve known about Janney for quite some time and have always respected the firm. Janney’s stability and unique position for continued growth was extremely attractive to me. I’m proud to be joining a firm with such rich tradition but which also has a forward-looking dedication to their clients and commitment to its employees.”

Prior to joining Janney, Carberry was Senior Vice President, Branch Manager of the Philadelphia office of Wachovia Securities. He began his career at Merrill Lynch.

A United States Marines Corps pilot, Carberry served as a carrier-based fighter pilot with the USMC from 1986-1991. During this time, he was the spokesman for the Secretary of the Navy and received many awards including Squadron “Pilot of the Year” in 1989 and the Navy Commendation Medal.

Carberry received his Bachelor of Arts in economics from Villanova University and his Juris Doctor from The Washington College of Law at American University.

About Janney Montgomery Scott LLC:
Established in 1832, Janney Montgomery Scott LLC provides comprehensive financial advice and superior service to individual, corporate and institutional investors. A full-service, financial services firm, Janney is committed to providing our clients advice through a wealth management approach by focusing on the delivery of strategic financial plans that utilize a variety of financial products and services best suited to help meet their financial goals. Janney is equally committed to providing our corporate and institutional clients objective advice for the successful execution of their unique business plans. Janney provides advice and service to clients through a network of professionals in branch offices located along the entire east coast. Janney is an independently operated subsidiary of The Penn Mutual Life Insurance Company, one of the 15 largest mutual insurance companies in the nation, and is a member of the New York Stock Exchange, Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.