February 25, 2008

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

JANNEY BROADENS PUBLIC FINANCE EXPERTISE WITH HIRE OF STEVE GENYK

PHILADELPHIA, PA ___ FEBRUARY 25, 2008 ---- Janney Montgomery Scott LLC (“Janney”), a leading full-service wealth management, financial services and investment banking firm headquartered in Philadelphia, announced today Steve Genyk will join the firm, bringing over 18 years of investment banking experience in public finance to Janney’s established team of professionals.

In the role of Senior Vice President and Managing Director, Genyk will lead the strategic direction, business development and financing activities of the Public Finance Department for governments, municipalities, and non-profits including health systems/hospitals, senior living providers, colleges, universities, independent, private schools, and cultural institutions.  In addition, Genyk will serve as Co-Head of Municipal Fixed Income with Alan Schankel, Senior Vice President and Director of Fixed Income.  Schankel has been with Janney over 20 years.

“Our communities grow and prosper with appropriate guidance on financing, and the leadership and experience Steve brings to Janney is exceptional” said Robert W. Kampmeinert, Chairman of Janney’s Board and head of Capital Markets.  He continued, “The greater Philadelphia and Pittsburgh markets especially will benefit from Steve’s addition and, as he builds this effort, the opportunities for assisting communities in the rest of Janney’s footprint will be realized.”

“The municipal marketplace is changing,” said Genyk.  “Janney is in a unique position as one of the few strong and growing regional investment firms to be able to quickly adapt to those changes and provide the right advice and strategies to our clients.  For public, government, municipal and non-profit work, this is especially true right now.” 

Genyk’s decision to join Janney was also due to the appointment of Tim Scheve as President and CEO in July of 2007.  They previously worked together at Legg Mason Wood Walker, Incorporated.  “I welcomed the opportunity to work with Tim again.  His mission to deliver on a steadfast commitment to client service and grow Janney’s presence in their existing footprint was very attractive to me.  We share a similar passion for community involvement, corporate citizenship and leaving an impact – professionally and personally.  I also look forward to working with Alan Schankel who I have known for many years.”

Genyk will join Janney from the Philadelphia Industrial Development Corporation (PIDC) where as Senior Vice President, Financing Services Group, he is responsible for the activities of the Philadelphia Authority for Industrial Development (PAID) and manages a staff responsible for all financing activities including loan, grant and bond financings.

Genyk’s experience includes Legg Mason Wood Walker, Incorporated from 1997 to 2005 in the Public Finance Department in various capacities including Managing Director and Co-Head of the Department.  Prior to joining Legg Mason, he spent almost five years with A.H. Williams & Co., Inc., in Philadelphia.  Additionally, Genyk was a Managing Director in Public Finance with Bear, Stearns & Co. Inc.

Throughout his career, Genyk has completed over $4 billion in tax-exempt and taxable financings.  These include financings for quasi-governmental entities, cities, states and counties, school districts, water and sewer authorities, cultural institutions, colleges and universities, hospitals, continuing care retirement communities, nursing homes and assisted living facilities.  He has implemented two statewide financing programs for community colleges and school districts in Pennsylvania and has also served as financial advisor to two State Treasurers of Pennsylvania.

Genyk began his career as a corporate finance analyst with Lehman Brothers in New York.  His corporate finance experience includes mergers and acquisitions, common and preferred stock offerings, interest rate swaps, and taxable fixed income financings.

A native of Ann Arbor, Michigan, Genyk is a graduate of Wesleyan University and holds a Masters in Government Administration from the Fels Institute of Government, University of Pennsylvania.  He is in his seventh year as an adjunct professor for a graduate level public finance course at the University of Pennsylvania and is a Board Member of Pennswood Village in Newtown, Pennsylvania.  He has two children and lives in Center City Philadelphia.

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.