FOR IMMEDIATE RELEASE
April 20, 2006

CONTACT:
JACK HUGHES
Senior Vice President
Director of Equity Capital Markets
215-665-6408

RICHARD JACOBS
Senior Research Editor
Supervisory Analyst
215-665-6290

JANNEY RESEARCH JUMPS ONE STEP AHEAD

Janney Montgomery Scott LLC announced a new initiative from their Research Department last week with the release of their compendium research report addressing emerging trends within the financial, technology, healthcare, utilities and basic goods sectors. This innovative and forward-thinking approach by Janney’s Analysts allows them to remain committed to helping both institutional and Private Client Group investors stay “One Step Ahead” of the market by identifying those dynamics that will shape these industries in the future.   

Jack Hughes, Senior Vice President, Director of Capital Markets and Acting Director of Equity Research expressed that “This report signifies our new directives and showcases the talents of our research analysts who are truly One Step Ahead.”

“The depth of experience within our Research Department allows us to be more proactive than our competitors, by identifying unique transformational trends that shape major segments of our economy,” expressed Rich Sherman, Managing Director of Institutional Sales.  Hughes continued “We will continue to provide outstanding bottoms-up analysis underneath the umbrella of the predictions established by our analysts in this superior body of work.”

The compendium report is the first of an ongoing series that will be distributed from Janney’s Research Department.  Committed to staying One Step Ahead, Janney Analysts will continue to focus attention on critical themes pivotal to their coverage over the next several years.

Established in 1832, Janney is a full-service investment firm headquartered in Philadelphia, which serves a nationwide client base through nearly 1,000 Financial Consultants in almost 100 offices located in the eastern United States.  The specialists and associates at Janney’s headquarters in Philadelphia are composed of dedicated and experienced professionals who offer clients expert guidance and access to the latest information in research, wealth management, corporate and municipal finance, and financial planning.  Janney is a member of the New York Stock Exchange, National Association of Securities Dealers and Securities Investors Protection Council.

In 1982, Janney was acquired by The Penn Mutual Life Insurance Company, which has allowedthe firm to access a much larger capital base, while management remains independent. Today,with nearly 175 years of experience and approximately $300 million in equity capital, Janneyremains an established and respected regional firm with a solid foundation and dedicated personnel.