FOR IMMEDIATE RELEASE
May 16, 2007

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

JANNEY MONTGOMERY SCOTT LLC CONTINUES GROWTH IN NEW YORK

Office Opens in Johnstown, New York

PHILADELPHIA, PA – May 16, 2007 –Janney Montgomery Scott LLC is pleased to
announce the opening of a new office in Johnstown, New York.

“This new Janney office expands our already substantial presence in New York State, building upon our tradition of serving investors through experienced Financial Consultants in convenient locations,” said Robert Wincowski, the office’s Branch Manager. Wincowski also manages Janney’s Albany and Saratoga Springs locations. “And what better time, than in the year of our 175th anniversary! We are delighted to share our Janney community with the community here in Johnstown, and look forward to many great relationships that will develop as a result.”

Jerry Lombard, President of Janney’s Private Client Group, stated that “this is an important addition for Janney, adding to our nearly 100 retail offices already established in the eastern and Midwest regions of the U.S., and becoming our 14th retail office in the state of New York.” He continued, “Bringing our proven client-focused philosophy and significant investor resources to the attractive Johnstown community is an extremely exciting venture.”

The Johnstown Group includes Senior Vice Presidents Richard Armstrong and Douglas Walters and Assistant Vice President Jeffrey Pollard. The members of this group have enjoyed successful and lengthy careers: Armstrong has 49 years of industry experience, while his partner, Walters, has over 20. The Group’s overall industry experience allows them to very successfully meet the needs of their clients, while upholding Janney’s long history of excellence in the financial service industry. The Group is also joined by Administrative Assistant Colleen Garcia.

The Johnstown office is located at 10 North Perry Street, Suite 1 and can be reached at 800-846-1023

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.