0001193125-12-162520 Sample Contracts

Schedule I To Sales Support Agreement Effective January 1, 2012 Compensation Payable by The Penn Mutual Life Insurance Company to Hornor Townsend & Kent, Inc. Pursuant to Section 3 of the Sales Support Agreement
Sales Support Agreement • April 13th, 2012 • Penn Mutual Variable Annuity Account Iii

With respect to Individual Annuity Contracts sold by designated Penn Mutual agent who are registered representatives of Hornor Townsend & Kent and contracted through Penn Mutual, shall pay as follows:

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Rider - Guaranteed Lifetime Withdrawal Benefit with Guaranteed Growth and Guaranteed Minimum Death Enhancement
Penn Mutual Variable Annuity Account Iii • April 13th, 2012

This Rider may be cancelled only under certain conditions disclosed below. Termination of the Contract results in termination of this Rider. Termination of the Rider or the Contract will result in termination of guaranteed minimum lifetime withdrawals and the death benefit enhancement under this guarantee.

THE PENN MUTUAL LIFE INSURANCE COMPANY PHILADELPHIA, PA 19172 AGENT’S AGREEMENT—VARIABLE ANNUITY AND VARIABLE LIFE INSURANCE CONTRACT SALES
Agent’s Agreement • April 13th, 2012 • Penn Mutual Variable Annuity Account Iii

THIS AGREEMENT entered into this day of , 20 among The Penn Mutual Life Insurance Company, a Pennsylvania corporation (“Penn Mutual”), Hornor, Townsend and Kent, Inc., a Pennsylvania corporation (the “Broker”) and , a soliciting agent of Penn Mutual (“Agent”).

BROKER-DEALER SELLING AGREEMENT
Broker-Dealer Selling Agreement • April 13th, 2012 • Penn Mutual Variable Annuity Account Iii • Pennsylvania

WHEREAS, Distributor is a wholly owned subsidiary of Penn Mutual, is registered as a broker-dealer under the Securities Exchange Act of 1934, is a member of FINRA, and is assisting Penn Mutual in the distribution of such contracts;

Contract Owner: [William Penn] Contract Number: [9999999] Contract Date: [September 1, 2011] Annuity Date: [September 1, 2061] Annuitant: [William Penn] Age of Annuitant: [45]
Penn Mutual Variable Annuity Account Iii • April 13th, 2012

RIGHT TO REVIEW CONTRACT: The Contract Owner may cancel this contract within ten days after its receipt. If this contract is a Replacement Contract it may be cancelled by returning it within 30 days after it is received by the Contract Owner. In either situation, simply return or mail it to the Company or the representative through whom it was purchased. The Company will refund the Contract Value as of the time notification is received.

Sales Agreement Between Penn Series Funds, Inc. and The Penn Mutual Life Insurance Company for Penn Mutual Variable Annuity Account III August 22, 2008
Sales Agreement • April 13th, 2012 • Penn Mutual Variable Annuity Account Iii

Agreement made as of the 22nd day of August, 2008, between Penn Series Funds, Inc., a Maryland Corporation (“Penn Series”) and The Penn Mutual Life Insurance Company, a Pennsylvania corporation (“Penn Mutual”).

Rider - Guaranteed Minimum Death Benefit Enhancement
Penn Mutual Variable Annuity Account Iii • April 13th, 2012

This Rider may be cancelled only under certain conditions disclosed below. Termination of the Contract results in termination of this Rider. Termination of the Rider or the Contract will result in termination of the death benefit enhancement under this guarantee.

DISTRIBUTION AGREEMENT
Distribution Agreement • April 13th, 2012 • Penn Mutual Variable Annuity Account Iii • Pennsylvania

AGREEMENT made as of the 1st day of December, 1998, between THE PENN MUTUAL LIFE INSURANCE COMPANY (“Penn Mutual”), a Delaware corporation, and HORNOR, TOWNSEND & KENT, INC. (“Distributor”), a Pennsylvania corporation.

Rider - Guaranteed Lifetime Withdrawal Benefit with Guaranteed Growth
Penn Mutual Variable Annuity Account Iii • April 13th, 2012

This Rider may be cancelled only under certain conditions disclosed below. Termination of the Contract results in termination of this Rider. Termination of the Rider or the Contract will result in termination of guaranteed minimum lifetime withdrawals.

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