The Penn Mutual Life Insurance CompanyClient Review

November 6, 2007 Turner Midcap Growth Equity

clients firstPutting our

clients first®

Christopher K. McHughVice President/Senior Portfolio Manager/Security Analyst

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clients firstPutting our clients first®

• Focus on equity investing continues

• Total equity assets under management $27.6 billion as of September 30, 2007

Organization Update

Asset information is preliminary as of 9.30.07. Assets under management totals include a limited number of non-discretionary relationships where Turner provides a model portfolio.

Strategy Client Type

• Filed Form S-1 with SEC• Recent developments on the growth equity investment team

• Theresa Hoang joins as a security analyst covering the healthcare sector• Pablo Echavarria joins as a security analyst covering the financial services sector• Mike Lozano joins as a security analyst covering the technology and producer durables sectors• Scott Swickard joins as a security analyst covering the cyclical sector

• Recent developments in sales/client service• Christopher Reece joins as a director in client service• A UK subsidiary was established to market Turner’s investment advisory services to institutions in Europe and the Middle East

• Additional investment strategies available• Global/International Growth Equity• Quantitative Equity• 130/30 Equity• Long/Short Equity

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clients firstPutting our clients first®Investment Philosophy

“Earnings expectations drive stock prices. We

seek to buy companies with improving earnings dynamics

and avoid those with deteriorating fundamentals.”

Turner Investment Partners, Inc.

• Perform rigorous fundamental research

to identify what we believe are the most

attractive pure growth companies

• Team approach with specific sector research

focus should help lead to strong performance

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clients firstPutting our clients first®

Technical Analysis

• Price/volume patterns• Relative strength

Quantitative Analysis

• Proprietary ranking system• Custom screens

Investment Process

• Strong sector focus and expertise• Identify drivers of revenue and earnings growth• Thorough knowledge of company’s business model• Understand industry dynamics and product cycles• Numerous company/management visits• Extensive use of independent research consultants

Fundamental Analysis

Portfolio Construction

Client portfolio

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clients firstPutting our clients first®Domestic Equity Market Performance

Source: RussellPast performance is no guarantee of future results.The Russell indexes mentioned are unmanaged and a theoretical measure of stock-market performance rather than an actual available investment. You can not invest directly in an index.

YTD ending September 30, 2007QTD ending September 30, 2007

• Clear style bias during the quarter and the year with the market favoring Growth over Value.

• Within the Growth and Value styles, Large Cap stocks outperformed their Small Cap counterparts.

• Financials dragging down the value indexes in 2007

5.2%

4.2%

2.2%

1.0%

0.0%

-0.2%

-3.6%

-6.3%

-8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0%

Russell Top 200 Growth

Russell 1000 Growth

Russell Midcap Growth

Russell 2000 Growth

Russell Top 200 Value

Russell 1000 Value

Russell Midcap Value

Russell 2000 Value

13.4%

12.7%

12.5%

9.4%

6.4%

6.0%

4.8%

-2.7%

-6.0% -1.0% 4.0% 9.0% 14.0% 19.0%

Russell Midcap Growth

Russell 1000 Growth

Russell Top 200 Growth

Russell 2000 Growth

Russell Top 200 Value

Russell 1000 Value

Russell Midcap Value

Russell 2000 Value

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clients firstPutting our clients first®Midcaps: An Important Component of Asset Allocation

Russell Index Data As of 9.30.07Data Frequency: Monthly

Performance Statistics9.30.07

Return Sharpe Ratio Stand Deviation Return Sharpe Ratio Stand Deviation Return Sharpe Ratio Stand DeviationRussell 1000 10.75 0.42 14.60 6.86 0.22 14.83 15.98 1.37 9.58Russell Midcap 12.48 0.50 15.67 10.43 0.43 15.77 20.90 1.67 10.82Russell 2000 9.70 0.27 18.92 7.22 0.18 19.66 18.75 1.10 14.52

Russell 1000 Growth 9.23 0.26 17.34 4.06 0.02 18.60 13.84 1.08 10.24Russell Midcap Growth 10.68 0.29 21.00 7.47 0.16 23.74 20.39 1.43 12.29Russell 2000 Growth 6.93 0.10 23.21 3.65 0.00 25.23 18.70 0.99 15.97

Russell 1000 Value 11.77 0.52 13.64 8.80 0.37 13.85 18.07 1.58 9.65Russell Midcap Value 13.05 0.59 14.27 11.31 0.54 14.06 21.02 1.78 10.24Russell 2000 Value 11.94 0.46 15.88 10.07 0.41 15.66 18.70 1.17 13.58

S&P 500 Index 10.59 0.41 14.57 6.57 0.20 14.69 15.45 1.31 9.62

Source: FactSet

Characteristics9.30.07

P/E Ratio EPS1 Year Forecast 1 Year Forecast Price/Sales PEG Ratio

Russell 1000 15.4 12.9 1.6 1.2Russell Midcap 16.6 14.8 1.5 1.1Russell 2000 17.3 15.4 1.5 1.1

Russell 1000 Growth 18.1 18.2 1.9 1.0Russell Midcap Growth 18.5 19.7 1.8 0.9Russell 2000 Growth 20.1 22.0 1.9 0.9

Russell 1000 Value 13.2 7.3 1.4 1.8Russell Midcap Value 14.5 8.2 1.2 1.8Russell 2000 Value 14.9 8.8 1.1 1.7

S&P 500 Index 15.1 12.3 1.7 1.2

Source: Mellon Analytical Solutions

10 Years(Annualized)(Annualized)

20 Years 5 Years(Annualized)

As of 9.30.07Source: Mellon Analytical SolutionsPast performance is no guarantee of future results.The Russell indexes mentioned are unmanaged and a theoretical measure of stock-market performance rather than an actual available investment. You can not invest directly in an index.

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clients firstPutting our clients first®

Strategic vision

Essence of Growth Stock Investing - Lifecycle of Company

CoachInc.

Diversify Revenues

Increase Distribution

Depth of Management

Destination

LeveragingBusiness

Model

NewProducts

ExpandingInto NewMarkets

Revenues

Ear

ning

sSolid execution

Sound financial results

Small cap

Midcap

Large capS

tock

Pric

e

Sweet Spot

F5

Networks

Inc.

Omniture,

Inc.

Salesforce.

com Inc.

Under

Armour

Verifone

Holdings

Varian

Semi-

conductor

Equipment

Intuitive

Surgical,

Inc.

Companies shown are believed to be representative growth companies, but are not investment recommendations. Views and individual securities mentioned may change, and there can be no guarantee that Turner will select and hold any particular security for its client portfolios. They are not intended as a forecast, a guarantee of future results, investment recommendations, or an offer to buy or sell any securities. Past performance is no guarantee of future results. As of September 30, 2007, Turner held in client accounts 4,205,123 shares of F5 Networks, 1,608,079 shares of Omniture, Inc., 2,940,074 shares of Salesforce.com Inc., 1,588,652 shares of Under Armour, 32,367,210 shares of Verifone Holdings, 1,792,096 shares of Varian Semi-conductor Equipment, 771,955 shares of Intuitive Surgical, Inc., 2,766,938 shares of Apple Inc., -480 shares of Starbucks Corp., 915,791 shares of Google Inc., 8,005,530 shares of Gilead Sciences Inc., 4,572,602 shares of Charles Schwab & Co. Inc., 19,543,513 shares of Cisco Systems Inc., and 648,184 shares on Chicago Mercantile Exchange Holdings Inc.

Potentialleaders

Apple Inc.

Starbucks

Corp.

Google Inc.

Gilead

Sciences

Inc.

Charles

Schwab &

Co. Inc.

Cisco

Systems

Inc.

Chicago

Mercantile

Exchange

Holdings

Inc.

Successstories

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clients firstPutting our clients first®

0.7

0.8

0.9

1.0

1.1

1.2

2000 2001 2002 2003 2004 2005 2006 2007

Relative Strength

Source: FactSetInformation is as of 9.30.07. Past performance is no guarantee of future results.The views expressed represent the opinions of Turner Investment Partners and are not intended as a forecast, a guarantee of future results, investment recommendations, or an offer to buy or sell any securities. There can be no guarantee that Turner will select and hold any particular security for its client portfolios. Earnings growth may not result in an increase in share price. Past performance is no guarantee of future results.

Russell Midcap Growth Index vs. Russell Midcap Value Index

Relative Strength

Trend lineRussell Midcap Growth/Russell Midcap Value

% R

atio

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clients firstPutting our clients first®Midcap Growth Performance

Russell Midcap Growth IndexPerformance by Quartile - Estimated EPS Growth (3-5 Yr.)

Year-to-date ending September 30, 2007

Portfolio Allocation vs. IndexEPS Growth Quartiles

Forward earnings projections are not predictors of stock price or investment performance, and do not represent past performance. There is no guarantee that the forward earnings projections will accurately predict the actual earnings experience of any of the companies involved, and no guarantee that owning securities of companies with relatively higher price-to-earnings ratios will cause the portfolio to outperform its benchmark or index. Analysis excludes securities that have no long term growth estimates available from FirstCall. Opinions regarding individual securities mentioned may changes and there can be no guarantee that Turner will select and hold any particular security for its client portfolios.Past performance is no guarantee of future results. Please see Important Performance Information about the performance presented herein on page A1.Source: FactSet

1st Quartile Average Weighting

2nd Quartile Average Weighting

3rd Quartile Average Weighting

4th Quartile Average Weighting

Turner Midcap Growth Equity 50.8% 28.0% 13.0% 8.2%

Russell Midcap Growth Index 29.0% 29.0% 22.2% 19.8%

Portfolio Over/Under Weighting +21.8% -1.0% -9.2% -11.6%

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

1st Quartile 2nd Quartile 3rd Quartile 4th Quartile

Re

turn

(%

)

Highest EPS Growth Lowest EPS Growth

Russell Midcap Growth IndexReturn 13.4%

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clients firstPutting our clients first®Portfolio Performance

Penn Series Midcap Growth Fund Turner MidCap Growth EquityPeriod ending September 30, 2007

Total portfolio assets: $106,842,326

*Client inception date: 5.1.00Returns shown are gross of fees. Deduction of fees will lower actual returns. Past performance is no guarantee of future results.All returns are calculated and expressed in U.S. Dollars and reflect the reinvestment of dividends and other earnings.

1.1%1.1%

22.0%

7.7%

20.5%

30.8%

20.4%

17.0%

21.2%

2.2%

3QTR 1 year 3 years (annualized)

5 years (annualized)

Since inception* (annualized)

Ra

te o

f Re

turn

(%

)

Penn Series Midcap Growth Fund Russell Midcap Growth Index