NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the parties hereto agree as follows:ġ. (Perkins or the Sub-Sub-Adviser), and Adviser acknowledges such delegation. WHEREAS, the Sub-Adviser, pursuant to this Agreement, intends toĭelegate the day-to-day portfolio management of certain series of Penn Series, specified in Exhibit A, to its affiliate, Perkins Investment Management LLC

Sub-advisory services to Penn Series in the manner and on the terms and conditions hereinafter set forth and the Sub-Adviser desires to render such services, in such WHEREAS, the Adviser desires the Sub-Adviser to render investment Sub-advisory agreement with a sub-adviser for the rendering of investment advisory services to Penn Series and WHEREAS, the Adviser is authorized to render investment advisory services to Penn Series and to enter into a Investment advisory services and are registered as investment advisers under the Investment Advisers Act of 1940, as amended (the ∺dvisers Act) and WHEREAS, the Adviser and the Sub-Adviser are engaged principally in the business of rendering ∺ct), and is authorized to issue shares in separate series with each series representing interests in a separate fund of securities and other assets and (Penn Series) is a Maryland corporation and an open-end management investment company registered as such under the Investment Company Act of 1940, as amended (the

Sub-Adviser), a limited liability company organized and existing under the laws of the State of Delaware (the ∺greement).

INVESTMENT SUB-ADVISORY AGREEMENT, made as of May 1, 2020 by and between PENN MUTUALĪSSET MANAGEMENT, LLC (the ∺dviser), a limited liability company organized and existing under the laws of the Commonwealth of Pennsylvania, and JANUS CAPITAL MANAGEMENT LLC (the Investment Sub-Advisory Agreement dated between Penn Mutual

Penn mutual assets under management