Janney Montgomery Scott CEO and leadership

Timothy C. Scheve is President and Chief Executive Officer of Janney Montgomery Scott LLC. Janney is a full-service financial services firm, providing comprehensive financial advice to individual, corporate and institutional clients. Mr. Scheve became the President and CEO in August 2007 and has over 25 years of experience in the securities industry. Since his arrival at Janney, Mr. Scheve has assembled a leadership team that has a tremendous ability to adapt to rapidly evolving client needs and economic changes. These top professionals lead two core businesses—the Private Client Group and Capital Markets—and ensure efficient operations and administration. The Firm’s financial expertise includes Private Client Financial Advisors, experts in wealth management, and professionals in equity capital markets, research, fixed income and corporate finance. Mr. Scheve has steered Janney’s tremendous growth and leadership by ensuring that the Firm’s professionals provide clients with an exceptional level of service and knowledgeable advice so that they may achieve their personal and business goals. Under his tenure, Janney has grown its client base, successfully expanded existing relationships, opened several new regional offices and become more actively engaged in its communities. All of these accomplishments have helped to solidify Janney as one of the strongest, leading and growing financial services firms in the industry today. Before becoming the President and CEO of Janney, Mr. Scheve served in a variety of leadership roles at Legg Mason where he helped to define the firm’s client focus as well as their overall professional direction. He was appointed Executive Vice President of Legg Mason in 1998 and Senior Executive Vice President in 2000. In 2003, he was named President and CEO of Legg Mason’s broker-dealer, the former Legg Mason Wood Walker, Inc. (LMWW). In this role he managed a division comprised of 1,200 Financial Consultants and 120 offices with approximately $1 billion in revenue. He also managed the Firm’s Capital Markets business, consisting of institutional equity, institutional fixed income and investment banking. After Legg Mason sold LMWW, Mr. Scheve was responsible for the integration of Citigroup’s Asset Management division into Legg Mason’s Asset Management business. During this time, he served as Chief Administrative Officer, culminating a long and distinguished career with the firm in a crucial management position responsible for a diverse spectrum of functional areas, including Finance, Corporate Technology, Operations, Mutual Fund Administration and Accounting, Legal and Compliance, Facilities and Human Resources. He was also responsible for Legg Mason’s International Asset Management business. Prior to joining Legg Mason, Mr. Scheve served as a Senior Consultant for the Management Information Consulting Group of Price Waterhouse & Company. In this position, he conducted comprehensive financial, operational and management reviews for a variety of businesses, both in the United States and abroad.

I currently serve as the Chief Investment Strategist for Janney Montgomery Scott LLC. In this capacity I am responsible for establishing the firm’s broad outlook relating to conditions in the capital markets and the economy and to develop investment strategies best suited to satisfy the goals and objectives of individual and institutional clients. I also establish the firm’s asset allocation models used for portfolio construction and financial planning. Additionally, I direct Janney Capital Management, the firm’s discretionary investment management division.

Eliot Duhan is a Chief Compliance Officer at JANNEY MONTGOMERY SCOTT LLC and VP, Capital Markets Compliance at JANNEY MONTGOMERY SCOTT LLC and is based in Philadelphia, Pennsylvania. He has worked as VP, Compliance at Santander Bank, N. A.; Manager of Investigations at Philadelphia Stock Exchange; and Regulatory Counsel at Susquehanna Investment Group. Eliot studied at University of Chicago between 1982 and 1984, St. John's College between 1986 and 1990, and Temple University between 2000 and 2004.