1. Independent Advisors Forum A Penn Mutual Due Diligence Meeting

2. Penn Mutual Investment Portfolio Keith G. Huckerby Director Investment Product Marketing

3. Consider This… Between 1984 and 2006, the S&P 500 Index 1 grew by 12.98%. During that time, the average investor, however, earned only 3.51% while the average market timer lost 3.29%. 2 1 The S&P 500 Index is an unmanaged index of common stock performance, considered to be representative of the stock market in general. Indexes do not have sales charges and it is not possible to invest directly in an index. Past performance is no guarantee of future results. 2 DALBAR Quantitative Analysis of Investor Behavior, 1984-2006.

4. Why The Difference? One reason is improper asset allocation – looking for the best possible investment instead of spreading risk – and potential return – among a wide range of investments.

5. Proof!Proof! Net inflow into Real Estate Mutual Funds 2006 $9.4 Billion 2007 Return of Real Estate Funds 1 -4.7% 1 As of September 30, 2007 – YTD return for DJ Wilshire REIT Index. Indexes do not have sales charges and it is not possible to invest directly in an index. Past performance is no guarantee of future results.

6. ►The Penn Mutual Investment Story ►Sales Ideas & Support ►On the Horizon Agenda

7. The Penn Mutual Investment Story ►Selection Process ►Monitoring Process ►Tools Available

8. ►Client Volatility Letter ►Educational One-Pagers ►Sales Ideas ►Customized Asset Allocation Sales Ideas & Support

9. Don’t Get Stuck In The Slow Lane ►Client-Approved Flyer ►Easy to understand “everyday” analogy ►Encourages Asset Allocation ►Discourages Chasing Performance

10. Flexibly Managed Fund *S&P 500 Index $162,623 Standard Deviation = 16.85 Flexibly Managed Fund $199,561 Standard Deviation = 11.27 As of December 31, 2006 Growth of a $10,000 Investment ►One of only two insurers to offer this fund ►Conservative Value Strategy ►Down Market Protection ►Great for first-time equity investors ►Highly Regarded Investment Adviser * The S&P 500 Index is an unmanaged index of common stock performance, considered to be representative of the stock market in general. Indexes do not have sales charges and it is not possible to invest directly in an index. Past performance is not indicative of future results. Helping Your Clients Weather The Volatility

11. ►LifeStyle Asset Allocation Funds ►Trust Conversions ►Replacements ►Additions On The Horizon…

12. SummarySummary ►The Penn Mutual Investment Story ►Sales Ideas & Support ►On The Horizon… ►Unique ►Educational ►More Robust Offerings in 2008!

13. Hurry up! The Sunset is Rising!

14. Don’t Get Stuck In The Slow Lane In 2007 & Beyond Help Your Clients Create A Diversified Portfolio With Penn Mutual