The Penn Mutual Life Insurance Company Client Review November 6, 2007 Turner Midcap Growth Equity clients first Putting our clients first ® Christopher K. McHugh Vice President/Senior Portfolio Manager/Security Analyst

1 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 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

2 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

3 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

4 Domestic Equity Market Performance Source: Russell Past 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, 2007 QTD 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 Midcaps: An Important Component of Asset Allocation As of Source: Mellon Analytical Solutions Past 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.

6 Strategic vision Essence of Growth Stock Investing - Lifecycle of Company Coach Inc. Diversify Revenues Increase Distribution Depth of Management Destination Leveraging Business Model New Products Expanding Into New Markets Revenues Earnings Solid execution Sound financial results Small cap Midcap Large cap Stock Price 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. Potential leaders Apple Inc. Starbucks Corp. Google Inc. Gilead Sciences Inc. Charles Schwab & Co. Inc. Cisco Systems Inc. Chicago Mercantile Exchange Holdings Inc. Success stories

7 Relative Strength Source: FactSet Information is as of 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 line Russell Midcap Growth/Russell Midcap Value % Ratio

8 Midcap Growth Performance Russell Midcap Growth Index Performance by Quartile - Estimated EPS Growth (3-5 Yr.) Year-to-date ending September 30, 2007 Portfolio Allocation vs. Index EPS 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 1 st Quartile Average Weighting 2 nd Quartile Average Weighting 3 rd Quartile Average Weighting 4 th Quartile Average Weighting Turner Midcap Growth Equity 50.8%28.0%13.0%8.2% Russell Midcap Growth Index 29.0% 22.2%19.8% Portfolio Over/Under Weighting +21.8%-1.0%-9.2%-11.6% Highest EPS Growth Lowest EPS Growth Russell Midcap Growth Index Return 13.4%

9 Portfolio Performance Penn Series Midcap Growth Fund Turner MidCap Growth Equity Period ending September 30, 2007 Total portfolio assets: $106,842,326 *Client inception date: Returns 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.