0001104659-09-027747 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT between INDEPENDENCE CAPITAL MANAGEMENT, INC. and NEUBERGER BERMAN MANAGEMENT LLC relating to
Investment Sub-Advisory Agreement • April 30th, 2009 • Penn Series Funds Inc • Pennsylvania

INVESTMENT SUB-ADVISORY AGREEMENT, made as of May 1, 2009 by and between INDEPENDENCE CAPITAL MANAGEMENT, INC. (“Adviser”), a corporation organized and existing under the laws of the State of Pennsylvania, and NEUBERGER BERMAN MANAGEMENT LLC (“Sub-Adviser”), a limited liability company organized and existing under the laws of the State of New York.

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PENN SERIES FUNDS, INC. EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • April 30th, 2009 • Penn Series Funds Inc

This Agreement, dated as of May 22, 2008, is made and entered into by and among Independence Capital Management, Inc. (the “Adviser”), The Penn Mutual Life Insurance Company (“Penn Mutual”), and Penn Series Funds, Inc. (the “Company”), on behalf of each portfolio of the Company listed on SCHEDULE A attached hereto, as may be amended from time to time (each, a “Fund” and, collectively, the “Funds”).

AMENDMENT TO INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • April 30th, 2009 • Penn Series Funds Inc

Amendment dated as of August 22, 2008 to the Investment Advisory Agreement dated as of May 1, 2000, as amended as of May 1, 2002, between Penn Series Funds, Inc. (“Penn Series”) and Independence Capital Management, Inc. (the “Adviser”).

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