We would like to share this message from our Interim President regarding Janney’s strength and stability, and our continuing perspective on the Silicon Valley Bank financial collapse: A Message from Tony Miller, Interim President on Janney’s Strength and Stability The news of the financial collapse of Silicon Valley Bank, and the subsequent effect this is having in the marketplace, can be concerning. When financial distress surfaces at one institution, this can call into question the stability and soundness of our banking system and financial markets and this no doubt challenges our confidence. We will continue to monitor and see in the coming days how the banking system, the FDIC, and Fed work to minimize the impact.There are a few important things to share regarding Janney’s financial stability in light of this news:Our business model, by design, is focused on serving clients while ensuring long-term financial strength and stability.We are very well capitalized. We maintain an excess net capital position which is 10 times the regulatory requirement. Additionally, our parent company, The Penn Mutual Life Insurance Company, carries over $3 billion in excess capital.Penn Mutual carries the following agency ratings:A.M. Best, A+ (Superior) Reaffirmed March 2022Kroll Bond Rating Agency, AA (Very High Quality) Reaffirmed November 2022Moody’s Investors Service, Aa3 (High Quality) Reaffirmed April 2022Standard & Poor’s, A+ (Strong) Reaffirmed December 2022Fitch Ratings, AA- (Very Strong) Affirmed November 2022We do not maintain any public debt, allowing the Firm to operate completely unleveraged.We have steady and stable earnings with two recent record years in both revenues and profits, and a record of quarterly profitability that goes back nearly 140 quarters.Our Janney Insured Sweep Cash Management program has not been impacted. We consistently monitor all banks associated with this program and will continue to do so in light of this news. Read more about Account Protection at Janney at https://www.janney.com/wealth-management/education/all-education/detail/education/2022/03/21/your-assets-are-in-good-hands-resources-and-account-protection-at-janney Our equity research and investment strategy teams will continue to provide commentary and perspectives as news progresses. Visit www.Janney.com or our secure client portal, Online Access, at MyJanney.com for the latest insights. Market turmoil, while challenging, reinforces Janney’s position of stability today and the value we seek to bring to each client relationship.Thank you for choosing Janney and the trust you’ve put in your Advisor and our Firm.  If you would like to discuss this, please call or email us at 724.934.3418 or pontiswealth@janney.com.

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