June 13, 2007

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

JANNEY MONTGOMERY SCOTT LLC CONTINUES TO GROW

The Firm Announces Key Additions to Wealth Management and Operations Divisions

Philadelphia, PA - June 13, 2007 ----- Janney Montgomery Scott LLC, one of the nation’s largest fullservice regional securities broker/dealers and one of the oldest in the nation, has announced the addition of Edward Walters as Director of Investments in the Firm’s Wealth Management division and David Mullan as Director of Performance Reporting in the Operations division. Both will be based out of the Philadelphia, PA, headquarters.

Randall Carbone, Director of Wealth Management, said, “Edward and David both bring a tremendous amount of experience that will be of benefit to not only our Financial Consultants as resources but also to our clients as well. Having these experts readily available increases the effectiveness of our comprehensive financial planning process and wealth management focus.”

Scott Aschoff, Chief Operations Officer, continued, “These additions support our continued investment and commitment to the growth of Wealth Management and to providing superior operational support to our Financial Consultants. We look forward to the experience, expertise and insight these gentlemen will bring to our community.”

Mr. Walters holds his undergraduate degree in economics from Morgan State University in Baltimore, Maryland. Joining Janney from Ferris, Baker Watts, Inc., he served as Vice President, Director of Wealth Management Services and was responsible for supervising the Firm’s investment advisory service offerings, including fee-based accounts, financial planning and consulting services. With 15 years of industry experience, Mr. Walters has held senior level positions with companies such as KPMG LLC, Legg Mason Wood Walker, Inc. and Bank of America. Mr. Walters brings additional leadership experience to Janney, having served as the Chairman of the Board for the Eubie Blake National Jazz Institute in Baltimore and as the current treasurer for the Pi Omega Foundation.

In his role at Janney, Mr. Walters will oversee the development of advisory products.

Mr. Mullan joins Janney from Morgan Stanley & Co., where he worked for over eleven years, most recently serving as Vice President and Manager of Performance Reporting. In this role, he was responsible for performance reporting across Morgan Stanley’s Global Wealth Management Division, managing people, processes and projects. Mr. Mullan received his undergraduate degree in international politics from Pennsylvania State University. He also holds a Certificate in Investment Performance Measurement (CIPM) and is a member of the CIPM Association.

Mr. Mullan’s role at Janney will be to develop a robust performance reporting service that serves the needs of Janney’s clients and Financial Consultants.

About Janney Montgomery Scott LLC
Founded in 1832, Janney is an integral part of the nation’s financial history, holding the second oldest continuously operated membership in the New York Stock Exchange. The Firm ranks as a major, full service securities broker/dealer, providing individual, corporate and institutional investors with comprehensive financial services and investment banking expertise. With headquarters in Philadelphia, PA, Janney operates through a network of nearly 100 branches with 900 Financial Consultants. Janney is an independently operated subsidiary of The Penn Mutual Life Insurance Company. Penn Mutual ranks as one of the 15 largest mutual insurance companies in the nation, with more than $14 billion in assets. Janney Montgomery Scott LLC is a member of the New York Stock Exchange, National Association of Securities Dealer and the Securities Investor Protection Corporation.

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