February 5, 2007

CONTACT:
Steven Prichard
Executive Vice President
Chief Administrative Officer
215-665-6159
sprichard@jmsonline.com

JANNEY MONTGOMERY SCOTT LLC PRESIDENT AND CHIEF EXECUTIVE OFFICER ANNOUNCES RETIREMENT

PHILADELPHIA, PA -- February 5, 2007______Janney Montgomery Scott LLC announced today that James W. Wolitarsky, president and chief executive officer of Janney Montgomery Scott LLC, will retire from the firm, effective June 30, 2007. Mr. Wolitarsky has made this decision because of his desire to spend more time with his family and engage in personal interests.

Mr. Wolitarsky joined Janney in 1991 as chief financial officer; assumed responsibility as its president and chief operating officer in 2000; and became chief executive officer in 2001. Under his leadership, Janney has grown and prospered, expanding into new markets and providing exceptional support to its financial consultants and their clients. During his tenure as chief executive officer, the firm’s success has included growing revenues by nearly 50 percent, expanding the number of offices by more than 60 percent, increasing assets under management by 71 percent, and implementing a number of changes that have positioned Janney for continued growth as a premier regional broker/dealer.

“Jim has made significant contributions to Janney,” said Robert E. Chappell, chairman and chief executive officer of The Penn Mutual Life Insurance Company. “In addition to growing the firm and building its distribution capabilities, Jim also raised professional standards by building an experienced management team and creating a culture that is focused on delivering increased value to its financial consultants and associates alike.”

Janney has been part of the Penn Mutual family of companies for the past 25 years and has consistently made significant contributions to the overall success of the enterprise. As such, it is an important part of Penn Mutual, which remains committed to Janney’s success and long-term growth.

As one of the largest regional broker-dealers in the country, Janney is the 15th largest firm in the United States in terms of private client financial consultants. With 1,770 employees, including nearly 900 financial consultants located in 100 branch offices in the East and Mid-West, Janney provides financial advice and service to more than 300,000 clients nationwide.

About Janney Montgomery Scott LLC:
Janney Montgomery Scott LLC is a major regional full-service securities broker/dealer headquartered in Philadelphia, serving a national client base through nearly 900 financial consultants located in approximately 100 branch offices along the United States East Coast. Janney traces its roots to 1832 and holds the second oldest membership on the New York Stock Exchange. The company enjoys a strong capital base of over $300 million and continues to successfully execute growth plans for its private client and institutional activities. Janney is a subsidiary of The Penn Mutual Life Insurance Company, one of the 15 largest mutual insurance companies in the nation, with assets of more than $14 billion.

About Penn Mutual Life Insurance Company:
The Penn Mutual Life Insurance Company is the nation’s second oldest mutual life insurer. Founded in 1847, the company provides life insurance and annuity products through a national network of professional agents and financial advisors who help clients meet their financial needs with confidence. The Penn Mutual family of companies includes Janney Montgomery Scott LLC, Hornor, Townsend & Kent, Inc., The Pennsylvania Trust Company, Independence Capital Management, Inc. Visit Penn Mutual on the Internet at http://www.pennmutual.com.