Janney Montgomery Scott Acquires Parker/Hunter

Philadelphia, PA – March 22, 2005 – Philadelphia-based Janney Montgomery Scott LLC (“Janney”), one of the country’s largest regional full-service investment firms, announced today that it has acquired Parker/Hunter Incorporated (“Parker/Hunter”), a leading regional investment and investment banking firm headquartered in Pittsburgh, PA.  Parker/Hunter will operate as a wholly-owned subsidiary of Janney until the operations of the two firms are merged later in the year.

With Parker/Hunter’s 21 branch offices in Pennsylvania, Ohio and West Virginia and more than 130 financial advisors, this combination stands to significantly increase the scope of Janney’s presence within the Middle-Atlantic states and expands its branch office system to over 100 offices from Massachusetts to Florida, serving 350,000 clients through over 1,000 financial consultants.

“We enthusiastically welcome all the professionals from Parker/Hunter into the Janney family, knowing that the combined resources and dedication of both organizations will serve clients with ever increasing value,” said James W. Wolitarsky, Janney Chairman, President & CEO. He added, “Janney and Parker/Hunter share common values, visions and long histories dating back to 1832 and 1902, respectively. Both firms focus on the client relationships as fundamental in all they do, offering professional advice, guidance and service to individual investors, corporations, institutions and municipal governments.”

Robert W. Kampmeinert, Chairman, President & CEO of Parker/Hunter, stated, “Parker/Hunter is delighted to unite with Janney, knowing that we share the same core values, visions and strengths that support our mutual goals of serving the needs of our clients and the growth of our employees. Janney’s significant resources, common platform of values, and “client-first” operating philosophy, will indeed support the continued success of all, especially our clients.”

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 80 branch offices along the United States East Coast. Janney traces its roots to 1832 and is the second oldest member of 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 $13 billion. About Parker/Hunter Incorporated

About Parker/Hunter Incorporated

Parker/Hunter, based in Pittsburgh, is the largest independently-owned full service investment and investment banking firm headquartered in Pennsylvania with 21 offices throughout Pennsylvania, Ohio and West Virginia. Parker/Hunter is a member of the New York Stock Exchange, Inc., the National Association of Securities Dealers, and the Securities Investor Protection Corporation.