May 23, 2008

CONTACT:
Karen Shakoske
Vice President & Director of Marketing
215-665-4458
kshakoske@jmsonline.com

Janney Broadens Expertise with Expansion of Investment Strategy Group

PHILADELPHIA, PA ___ May 23, 2008 ---- Janney Montgomery Scott LLC (“Janney”), a leading full-service wealth management, financial services and investment banking firm headquartered in Philadelphia, announces the appointment of Mark D. Luschini as the Firm’s Chief Investment Strategist, leading the Firm’s Investment Strategy Group.

Janney has been educating investors and providing advice to individuals and institutions for over 175 years. The Investment Strategy Group serves two important roles in support of the firm’s mission to educate investors and help clients achieve their goals. These roles include providing advice and support to the Firm’s Financial Consultants and their clients on asset allocation strategies and sector level portfolio recommendations and providing Janney’s perspective on the economy and market commentary to the public and media resources.

Mr. Luschini joined Janney as a result of the 2005 merger with Parker/Hunter Incorporated where he served as Managing Director of Parker/Hunter Asset Management (PHAM). He continues in his role of Managing Director of PHAM, now part of Janney’s comprehensive wealth management platform, in addition to his responsibilities as the Firm’s Chief Investment Strategist.

“Since Mark’s arrival at Janney, he has consistently delivered value and opportunity to the firm,” said Timothy C. Scheve, President and Chief Executive Officer. “His experience in investment management will help to broaden our advice, service and expertise in this area and provide value to our Financial Consultants, our clients and the investing public.”

“Education and advice about prudent portfolio management, the importance of long-term investing – especially in volatile times - and understanding comprehensive financial planning are critical to today’s investors. I’m pleased to be addressing these issues for Janney’s many clients and helping to educate investors at large.” said Luschini.

Prior to joining Parker/Hunter, Mr. Luschini was Chief Investment Strategist and Portfolio Manager for a financial consulting and investment management firm. Both experienced and accomplished in the industry, he has spoken at numerous seminars and conferences on topics related to investment planning and asset management, has been published in several industry publications and hosted a weekly television show discussing various financial topics. He earned a Bachelor of Arts and Masters of Business Administration from Gannon University.

Joining Mr. Luschini in the Investment Strategy Group is Joseph G. Witthohn, CFA. Mr. Witthohn joins the Investment Strategy Group from Janney’s Equity Research Department, where he has been a research analyst for four years, most recently as the closed-end fund and exchange traded funds (ETF) analyst. Prior to that role, he served as senior mutual fund analyst in Janney’s Wealth Management Department for six years. Joe’s responsibilities within the Investment Strategy Group include education, commentary and investment strategy on ETFs. Mr. Witthohn has a Master of Finance Degree from Boston College Carroll School of Management and an MBA from University of New Hampshire Whittemore School of Business and Economics. He received his CFA designation in 2001 and is a member of the New York Society of Security Analysts.

Both Mr. Luschini and Mr. Witthohn are available for commentary.

Mark D. Luschini
Chief Investment Strategist
215.665.6189
mluschini@jmsonline.com

Joseph G. Witthohn, CFA
Exchange Traded Funds Analyst
215.665.6383
jwitthohn@jmsonline.com

About Janney Montgomery Scott LLC:
Established in 1832, Janney Montgomery Scott LLC provides comprehensive financial advice and superior service to individual, corporate and institutional investors. A full-service, financial services firm, Janney is committed to providing our clients advice through a wealth management approach by focusing on the delivery of strategic financial plans that utilize a variety of financial products and services best suited to help meet their financial goals. Janney is equally committed to providing our corporate and institutional clients objective advice for the successful execution of their unique business plans. Janney provides advice and service to clients through a network of professionals in branch offices located along the entire east coast. Janney is an independently operated subsidiary of The Penn Mutual Life Insurance Company, one of the 15 largest mutual insurance companies in the nation, and is a member of the New York Stock Exchange, Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.

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