April 2, 2008

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

JANNEY HIRES JORDIE MAINE TO LEAD EQUITY CAPITAL MARKETS

PHILADELPHIA, PA ___ APRIL 2, 2008 ---- Janney Montgomery Scott LLC (“Janney”), a leading full-service wealth management, financial services and investment banking firm headquartered in Philadelphia, announced today that JOHN (“JORDIE”) MAINE will join the firm as Senior Vice President and Director of Equity Capital Markets on Monday, April 21, 2008. Jordie will bring 25 years of industry experience to Janney.

Jordie will be responsible for the firm’s Equity Capital Markets business which includes Equity Research, Institutional Sales and Sales Trading, Corporate Syndicate, and Equity Trade Execution. He will develop and execute the strategic plan for Equity Capital Markets to enhance and expand these key business areas.

“We have a strong Capital Markets business from which to build upon as we focus on our overall strategic plan and the opportunities available in this area,” said Timothy C. Scheve, President and Chief Executive Officer. He continued, “Jordie’s experience matched perfectly with our need to develop and execute a focused strategic direction for the Equity Capital Markets business as our industry and our clients’ needs continue to evolve.” Robert W. Kampmeinert, Chairman of Janney’s Board and head of Capital Markets, echoed Scheve’s comments by saying, “Jordie’s experience and leadership will allow us to strengthen our client relationships and continue the growth of all aspects of our Equity Capital Markets businesses.”

"I am excited about the opportunity to assume a leadership position with Janney Montgomery Scott, a firm steeped in tradition yet excited about the future" said Jordie. "Janney is uniquely positioned to respond to the needs of today's client by strategically investing and focusing on adding value to our client's investment process. The current business environment is challenging to say the least and there are many obstacles however, I believe Janney is in a great position to gain share and grow through this difficult period. I look forward to working with a dynamic management team which is dedicated to its core Private Client franchise while committed to growing its Institutional Equity business."

Jordie joins Janney from Citigroup where he served for 13 years as Managing Director and Head of Regional Sales responsible for all equity sales outside of New York and Boston. In addition, his experience includes management and production roles in both retail and institutional sales with, Alex.Brown, Natwest Markets and Smith Barney over his 25 year career.

Jordie is a graduate of Princeton University. He is a former Trustee of Chestnut Hill Academy and Chestnut Hill Hospital. He is current President of the Cape May Beach Club. He lives with his wife Debbie and three children in Wyndmoor, Pennsylvania.

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.