Consent of Janney Montgomery Scott LLC
We hereby consent to the use of our opinion letter dated _________, 2000 to the
Board of Directors of Community Independent Bank, Inc. and to the references to
our firm in the Proxy Statement/Prospectus which forms a part of the
Registration Statement on Form S-4 relating to the proposed merger of Community
Independent Bank, Inc. and National Penn Bancshares, Inc.
In giving this consent, we do not admit that we come within the category of
persons whose consent is required under Section 7 of the Securities Act of 1933,
as amended, or the rules and regulations of the Securities and Exchange
Commission promulgated thereunder.
JANNEY MONTGOMERY SCOTT LLC
September 12, 2000
