June 1, 2007

CONTACT:
Karen Shakoske
VP - Director, Marketing Communications
215-665-4458
kshakoske@jmsonline.com

JANNEY MONTGOMERY SCOTT LLC NAMES TIMOTHY C. SCHEVE PRESIDENT AND CHIEF EXECUTIVE OFFICER

Philadelphia, PA - June 1, 2007 ----- Janney Montgomery Scott LLC, one of the largest full-service regional securities broker/dealers in the country, today announced that it has named Timothy C. Scheve as its new president and chief executive officer, effective August 1, 2007. Scheve has 23 years of securities industry experience which includes president and chief executive officer of Legg Mason Wood Walker, Inc., Legg Mason’s broker-dealer organization, which was acquired by Citigroup, and most recently as senior executive vice president and chief administrative officer, and head of International Asset Management for Legg Mason.

As announced earlier this year, Janney Montgomery Scott’s current president and chief executive officer, James W. Wolitarsky, will retire this summer after more than six years of successfully leading the firm. Wolitarsky and Robert E. Chappell, chairman and chief executive officer of The Penn Mutual Life Insurance Company, the parent company of Janney Montgomery Scott, led the search process for Wolitarsky’s successor, and were assisted in the search by Howard Fischer Associates.

According to Wolitarsky, “We are delighted to have a person of Tim’s caliber lead Janney Montgomery Scott into the future. His outstanding regional broker/dealer background, as well as his industry leadership, is a very strong fit for Janney. Tim’s ability to grow revenue while delivering value to stakeholders is well demonstrated throughout his career, and is directly aligned with Janney’s well-defined strategy.”

“We believe that the strong foundation built by Jim Wolitarsky and his experienced management team--including building revenues and profitability, and implementing numerous changes that position Janney for continued success as a premier regional broker/dealer--will be continued under Tim Scheve’s leadership,” Chappell asserted.

A graduate of Catholic University (B.A.) and Brown University (M.A.), Scheve will serve on Janney Montgomery Scott’s board of managers and as chairman of its management committee.

Janney Montgomery Scott LLC is one of the largest, full-service regional securities broker/dealers in the country, serving a national client base through a comprehensive network of branch offices in the Eastern United States. In addition to Penn Mutual products, it offers clients a complete range of investment vehicles, from individual securities to mutual funds, insurance, money management and other financial service products. It also provides investment-banking services to corporations, municipalities and institutional clients.

Janney is a member of the New York Stock Exchange, where it holds the second-oldest continuously operated membership, all other major U.S. exchanges, the National Association of Securities Dealers (NASD) and the Securities Investor Protection Corporation (SIPC).

Janney is a wholly owned subsidiary of The Penn Mutual Life Insurance Company, the nation’s second oldest mutual life insurer.