<PAGE>
<TABLE>
<CAPTION>
Penn Mutual
Olympia
Table 1
1 Year Calculation
beinning ending
fund name begin date unit value value ending date unit value value charges return
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Neuberger Berman Balanced 12/31/1998 10.081748 $ 1,000.00 12/31/1999 13.278503 $ 1,356.33 0.27 35.63%
Emerging Growth Fund 12/31/1998 10.088357 $ 1,000.00 12/31/1999 28.355749 $ 2,891.50 3.56 189.15%
MS Emerging Market International 12/31/1998 9.794884 $ 1,000.00 12/31/1999 18.912609 $ 1,988.24 0.55 97.82%
Fidelity Asset Manager 12/31/1998 10.018084 $ 1,000.00 12/31/1999 10.974554 $ 1,126.97 1.37 12.70%
Fidelity Equity Income 12/31/1998 10.041036 $ 1,000.00 12/31/1999 10.528194 $ 1,075.86 4.11 7.59%
Fidelity Growth 12/31/1998 10.001536 $ 1,000.00 12/31/1999 13.554800 $ 1,392.09 3.84 39.21%
Flexibly Managed Fund 12/31/1998 9.979733 $ 1,000.00 12/31/1999 10.547061 $ 1,086.36 2.19 8.64%
Growth Equity Fund 12/31/1998 10.027515 $ 1,000.00 12/31/1999 13.260044 $ 1,359.30 2.74 35.93%
High Yield Bond Fund 12/31/1998 9.979815 $ 1,000.00 12/31/1999 10.258718 $ 1,057.15 1.64 5.71%
International Equity Fund 12/31/1998 9.798938 $ 1,000.00 12/31/1999 14.078926 $ 1,476.87 3.01 47.69%
Quality Bond Fund 12/31/1998 10.011161 $ 1,000.00 12/31/1999 9.871978 $ 1,013.21 2.47 1.32%
Small Capitalization Fund 12/31/1998 10.017174 $ 1,000.00 12/31/1999 9.746813 $ 1,001.93 0.27 0.19%
Value Equity Fund 12/31/1998 10.037400 $ 1,000.00 12/31/1999 9.818276 $ 1,004.22 3.29 0.42%
Penn Mutual
Olympia
Table 1
5 Year Calculation
beinning ending
fund name begin date unit value value ending date unit value value charges return
Neuberger Berman Balanced 12/31/1994 6.015431 $ 1,000.00 12/31/1999 13.278503 $ 2,271.66 1.35 17.82%
Flexibly Managed Fund 12/31/1994 6.044034 $ 1,000.00 12/31/1999 10.547061 $ 1,784.53 10.95 12.27%
Growth Equity Fund 12/31/1994 3.898888 $ 1,000.00 12/31/1999 13.260044 $ 3,477.79 13.70 28.29%
High Yield Bond Fund 12/31/1994 6.562104 $ 1,000.00 12/31/1999 10.258718 $ 1,600.94 8.20 9.86%
International Equity Fund 12/31/1994 5.938496 $ 1,000.00 12/31/1999 14.078926 $ 2,417.63 15.05 19.30%
Quality Bond Fund 12/31/1994 7.110424 $ 1,000.00 12/31/1999 9.871978 $ 1,416.77 12.35 7.21%
Value Equity Fund 12/31/1994 4.504366 $ 1,000.00 12/31/1999 9.818276 $ 2,225.56 16.45 17.34%
Penn Mutual
Olympia
Table 1
10 Year Calculation
beinning ending
fund name begin date unit value value ending date unit value value charges return
Flexibly Managed Fund 12/31/1989 4.065562 $ 1,000.00 12/31/1999 10.547061 $ 2,636.34 21.90 10.17%
Growth Equity Fund 12/31/1989 3.191547 $ 1,000.00 12/31/1999 13.260044 $ 4,204.27 27.40 15.43%
High Yield Bond Fund 12/31/1989 4.393705 $ 1,000.00 12/31/1999 10.258718 $ 2,380.52 16.40 9.06%
Quality Bond Fund 12/31/1989 5.421365 $ 1,000.00 12/31/1999 9.871978 $ 1,844.21 24.70 6.31%
Value Equity Fund 12/31/1989 3.250116 $ 1,000.00 12/31/1999 9.818276 $ 3,050.16 32.90 11.79%
Penn Mutual
Olympia
Table 1
Since Inception Calculation
beinning ending
fund name begin date unit value value ending date unit value value charges return
Neuberger Berman Balanced 05/03/1993 5.902018 $ 1,000.00 12/31/1999 13.278503 $ 2,314.29 1.89 13.41%
Emerging Growth Fund 05/01/1997 5.466790 $ 1,000.00 12/31/1999 28.355749 $ 5,321.47 10.68 87.10%
MS Emerging Market International 05/01/1997 14.634078 $ 1,000.00 12/31/1999 18.912609 $ 1,328.99 1.65 11.04%
Fidelity Asset Manager 05/01/1995 5.894715 $ 1,000.00 12/31/1999 10.974554 $ 1,909.02 6.85 14.85%
Fidelity Equity Income 05/01/1995 5.380785 $ 1,000.00 12/31/1999 10.528194 $ 1,990.92 20.55 15.88%
Fidelity Growth 05/01/1995 4.276023 $ 1,000.00 12/31/1999 13.554800 $ 3,232.59 19.20 28.55%
Flexibly Managed Fund 07/31/1984 1.646148 $ 1,000.00 12/31/1999 10.547061 $ 6,517.12 35.04 12.92%
Growth Equity Fund 06/01/1983 1.305876 $ 1,000.00 12/31/1999 13.260044 $ 10,270.50 46.58 15.07%
High Yield Bond Fund 08/06/1984 2.936152 $ 1,000.00 12/31/1999 10.258718 $ 3,551.52 26.24 8.57%
International Equity Fund 11/01/1992 4.639052 $ 1,000.00 12/31/1999 14.078926 $ 3,083.03 24.08 17.01%
Quality Bond Fund 03/17/1987 4.616108 $ 1,000.00 12/31/1999 9.871978 $ 2,156.88 32.11 6.19%
Small Capitalization Fund 05/01/1995 6.994909 $ 1,000.00 12/31/1999 9.746813 $ 1,433.87 1.35 8.02%
Value Equity Fund 03/17/1987 2.510649 $ 1,000.00 12/31/1999 9.818276 $ 3,936.88 42.77 11.30%
</TABLE>
<PAGE>
Penn Mutual
Olympia
Table 2
1 Year Calculation
<TABLE>
<CAPTION>
beinning ending
fund name begin date unit value value ending date unit value value charges return
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Neuberger Berman Balanced 12/31/1998 10.081748 $ 1,000.00 12/31/1999 13.278503 $ 1,356.33 0.27 35.63%
Emerging Growth Fund 12/31/1998 10.088357 $ 1,000.00 12/31/1999 28.355749 $ 2,891.50 3.56 189.15%
MS Emerging Market International 12/31/1998 9.794884 $ 1,000.00 12/31/1999 18.817431 $ 1,988.24 0.55 98.82%
Fidelity Asset Manager 12/31/1998 10.018084 $ 1,000.00 12/31/1999 10.974554 $ 1,126.97 1.37 12.70%
Fidelity Equity Income 12/31/1998 10.041036 $ 1,000.00 12/31/1999 10.528194 $ 1,075.86 4.11 7.59%
Fidelity Growth 12/31/1998 10.001536 $ 1,000.00 12/31/1999 13.554800 $ 1,392.09 3.84 39.21%
Flexibly Managed Fund 12/31/1998 9.979733 $ 1,000.00 12/31/1999 10.547061 $ 1,086.36 2.19 8.64%
Growth Equity Fund 12/31/1998 10.027515 $ 1,000.00 12/31/1999 13.260044 $ 1,359.30 2.74 35.93%
High Yield Bond Fund 12/31/1998 9.979815 $ 1,000.00 12/31/1999 10.258718 $ 1,057.15 1.64 5.71%
International Equity Fund 12/31/1998 9.798938 $ 1,000.00 12/31/1999 14.078926 $ 1,476.87 3.01 47.69%
Quality Bond Fund 12/31/1998 10.011161 $ 1,000.00 12/31/1999 9.871978 $ 1,013.21 2.47 1.32%
Small Capitalization Fund 12/31/1998 10.017174 $ 1,000.00 12/31/1999 9.746813 $ 1,001.93 0.27 0.19%
Value Equity Fund 12/31/1998 10.037400 $ 1,000.00 12/31/1999 9.818276 $ 1,004.22 3.29 0.42%
Penn Mutual
Olympia
Table 2
5 Year Calculation
beinning ending
fund name begin date unit value value ending date unit value value charges return
Neuberger Berman Balanced 12/31/1994 6.015431 $ 1,000.00 12/31/1999 13.278503 $ 2,271.66 1.35 17.82%
Fidelity Asset Manager 12/31/1994 5.694715 $ 1,000.00 12/31/1999 10.974554 $ 3,860.49 6.85 14.59%
Fidelity Equity Income 12/31/1994 4.810006 $ 1,000.00 12/31/1999 10.528194 $ 1,466.18 20.55 17.37%
Fidelity Growth 12/31/1994 3.955109 $ 1,000.00 12/31/1999 13.554800 $ 1,976.07 19.20 28.42%
Flexibly Managed Fund 12/31/1994 6.044034 $ 1,000.00 12/31/1999 10.547061 $ 1,784.53 10.95 12.27%
Growth Equity Fund 12/31/1994 3.898888 $ 1,000.00 12/31/1999 13.260044 $ 3,477.79 13.70 28.29%
High Yield Bond Fund 12/31/1994 6.562104 $ 1,000.00 12/31/1999 10.258718 $ 1,600.94 8.20 9.86%
International Equity Fund 12/31/1994 5.938496 $ 1,000.00 12/31/1999 14.078926 $ 2,417.63 15.05 19.30%
Quality Bond Fund 12/31/1994 7.110424 $ 1,000.00 12/31/1999 9.871978 $ 1,416.77 12.35 7.21%
Value Equity Fund 12/31/1994 4.504366 $ 1,000.00 12/31/1999 9.818276 $ 2,225.56 16.45 17.34%
Penn Mutual
Olympia
Table 2
10 Year Calculation
beinning ending
fund name begin date unit value value ending date unit value value charges return
Neuberger Berman Balanced 12/31/1989 4.640710 $ 1,000.00 12/31/1999 13.278503 $ 2,942.01 2.70 11.39%
Fidelity Asset Manager 12/31/1989 3.671683 $ 1,000.00 12/31/1999 10.974554 $ 3,054.63 13.70 11.81%
Fidelity Equity Income 12/31/1989 3.129777 $ 1,000.00 12/31/1999 10.528194 $ 3,379.99 41.10 12.94%
Fidelity Growth 12/31/1989 2.531378 $ 1,000.00 12/31/1999 13.554800 $ 5,399.08 38.40 18.36%
Flexibly Managed Fund 12/31/1989 4.065562 $ 1,000.00 12/31/1999 10.547061 $ 2,636.34 21.90 10.17%
Growth Equity Fund 12/31/1989 3.191547 $ 1,000.00 12/31/1999 13.260044 $ 4,204.27 27.40 15.43%
High Yield Bond Fund 12/31/1989 4.393705 $ 1,000.00 12/31/1999 10.258718 $ 2,380.52 16.40 9.06%
Quality Bond Fund 12/31/1989 5.421365 $ 1,000.00 12/31/1999 9.871978 $ 1,844.21 24.70 6.31%
Value Equity Fund 12/31/1989 3.250116 $ 1,000.00 12/31/1999 9.818276 $ 3,050.16 32.90 11.79%
Penn Mutual
Olympia
Table 2
Since Inception Calculation
beinning ending
fund name begin date unit value value ending date unit value value charges return
Neuberger Berman Balanced 02/28/1989 4.033922 $ 1,000.00 12/31/1999 13.278503 $ 3,384.64 2.97 11.90%
Emerging Growth Fund 05/01/1997 5.466790 $ 1,000.00 12/31/1999 28.355749 $ 5,321.47 10.68 87.10%
MS Emerging Market International 10/01/1996 13.582489 $ 1,000.00 12/31/1999 18.912609 $ 1,430.92 2.20 11.66%
Fidelity Asset Manager 09/06/1989 3.658423 $ 1,000.00 12/31/1999 10.974554 $ 3,063.30 15.07 11.45%
Fidelity Equity Income 10/09/1986 2.295544 $ 1,000.00 12/31/1999 10.528194 $ 4,585.38 57.54 12.19%
Fidelity Growth 10/09/1986 1.675714 $ 1,000.00 12/31/1999 13.554800 $ 8,131.05 53.76 17.16%
Flexibly Managed Fund 07/31/1984 1.646148 $ 1,000.00 12/31/1999 10.547061 $ 6,517.12 35.04 12.92%
Growth Equity Fund 06/01/1983 1.305876 $ 1,000.00 12/31/1999 13.260044 $ 10,270.50 46.58 15.07%
High Yield Bond Fund 08/06/1984 2.936152 $ 1,000.00 12/31/1999 10.258718 $ 3,551.52 26.24 8.57%
International Equity Fund 11/01/1992 4.639052 $ 1,000.00 12/31/1999 14.078926 $ 3,083.03 24.08 17.01%
Quality Bond Fund 03/17/1987 4.616108 $ 1,000.00 12/31/1999 9.871978 $ 2,156.88 32.11 6.19%
Small Capitalization Fund 03/01/1995 7.004289 $ 1,000.00 12/31/1999 9.746813 $ 1,431.90 1.35 7.70%
Value Equity Fund 03/17/1987 2.510649 $ 1,000.00 12/31/1999 9.818276 $ 3,936.88 42.77 11.30%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Penn Mutual
Olympia
Table 3
1 Year Calculation
beinning ending
fund name begin date unit value value ending date unit value value charges return
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Neuberger Berman Balanced 12/31/1998 10.081748 $ 10,000.00 12/31/1999 13.278503 $ 13,565.69 0.27 35.66%
Emerging Growth Fund 12/31/1998 10.088357 $ 10,000.00 12/31/1999 28.355749 $ 28,947.06 3.56 189.47%
MS Emerging Market International 12/31/1998 9.794884 $ 10,000.00 12/31/1999 18.817431 $ 19,887.37 0.55 98.87%
Fidelity Asset Manager 12/31/1998 10.018084 $ 10,000.00 12/31/1999 10.974554 $ 11,282.02 1.37 12.82%
Fidelity Equity Income 12/31/1998 10.041036 $ 10,000.00 12/31/1999 10.528194 $ 10,795.61 4.11 7.96%
Fidelity Growth 12/31/1998 10.001536 $ 10,000.00 12/31/1999 13.554800 $ 13,955.46 3.84 39.55%
Flexibly Managed Fund 12/31/1998 9.979733 $ 10,000.00 12/31/1999 10.547061 $ 10,883.34 2.19 8.83%
Growth Equity Fund 12/31/1998 10.027515 $ 10,000.00 12/31/1999 13.260044 $ 13,617.63 2.74 36.18%
High Yield Bond Fund 12/31/1998 9.979815 $ 10,000.00 12/31/1999 10.258718 $ 10,586.21 1.64 5.86%
International Equity Fund 12/31/1998 9.798938 $ 10,000.00 12/31/1999 14.078926 $ 14,795.83 3.01 47.96%
Quality Bond Fund 12/31/1998 10.011161 $ 10,000.00 12/31/1999 9.871978 $ 10,154.33 2.47 1.54%
Small Capitalization Fund 12/31/1998 10.017174 $ 10,000.00 12/31/1999 9.746813 $ 10,021.74 0.27 0.22%
Value Equity Fund 12/31/1998 10.037400 $ 10,000.00 12/31/1999 9.818276 $ 10,071.85 3.29 0.72%
Penn Mutual
Olympia
Table 3
5 Year Calculation
beinning ending
fund name begin date unit value value ending date unit value value charges return
Neuberger Berman Balanced 12/31/1994 6.015431 $ 10,000.00 12/31/1999 13.278503 $ 22,734.32 1.35 17.84%
Fidelity Asset Manager 12/31/1994 5.694715 $ 10,000.00 12/31/1999 10.974554 $ 19,840.73 6.85 14.68%
Fidelity Equity Income 12/31/1994 4.810006 $ 10,000.00 12/31/1999 10.528194 $ 22,518.84 20.55 17.62%
Fidelity Growth 12/31/1994 3.955109 $ 10,000.00 12/31/1999 13.554800 $ 35,264.99 19.20 28.65%
Flexibly Managed Fund 12/31/1994 6.044034 $ 10,000.00 12/31/1999 10.547061 $ 17,961.02 10.95 12.42%
Growth Equity Fund 12/31/1994 3.898888 $ 10,000.00 12/31/1999 13.260044 $ 35,004.88 13.70 28.46%
High Yield Bond Fund 12/31/1994 6.562104 $ 10,000.00 12/31/1999 10.258718 $ 16,092.98 8.20 9.98%
International Equity Fund 12/31/1994 5.938496 $ 10,000.00 12/31/1999 14.078926 $ 24,394.86 15.05 19.51%
Quality Bond Fund 12/31/1994 7.110424 $ 10,000.00 12/31/1999 9.871978 $ 14,287.06 12.35 7.39%
Value Equity Fund 12/31/1994 4.504366 $ 10,000.00 12/31/1999 9.818276 $ 22,431.60 16.45 17.53%
Penn Mutual
Olympia
Table 3
10 Year Calculation
beinning ending
fund name begin date unit value value ending date unit value value charges return
Neuberger Berman Balanced 12/31/1989 4.640710 $ 10,000.00 12/31/1999 13.278503 $ 29,466.34 2.70 11.41%
Fidelity Asset Manager 12/31/1989 3.671683 $ 10,000.00 12/31/1999 10.974554 $ 30,762.39 13.70 11.89%
Fidelity Equity Income 12/31/1989 3.129777 $ 10,000.00 12/31/1999 10.528194 $ 34,563.16 41.10 13.20%
Fidelity Growth 12/31/1989 2.531378 $ 10,000.00 12/31/1999 13.554800 $ 55,037.26 38.40 18.58%
Flexibly Managed Fund 12/31/1989 4.065562 $ 10,000.00 12/31/1999 10.547061 $ 26,684.98 21.90 10.31%
Growth Equity Fund 12/31/1989 3.191547 $ 10,000.00 12/31/1999 13.260044 $ 42,718.70 27.40 15.62%
High Yield Bond Fund 12/31/1989 4.393705 $ 10,000.00 12/31/1999 10.258718 $ 24,024.74 16.40 9.16%
Quality Bond Fund 12/31/1989 5.421365 $ 10,000.00 12/31/1999 9.871978 $ 18,724.32 24.70 6.47%
Value Equity Fund 12/31/1989 3.250116 $ 10,000.00 12/31/1999 9.818276 $ 31,053.91 32.90 11.99%
Penn Mutual
Olympia
Table 3
Since Inception Calculation
beinning ending
fund name begin date unit value value ending date unit value value charges return
Neuberger Berman Balanced 02/28/1989 4.033922 $ 10,000.00 12/31/1999 13.278503 $ 33,898.79 2.97 11.92%
Emerging Growth Fund 05/01/1997 5.466790 $ 10,000.00 12/31/1999 28.355749 $ 53,404.12 10.68 87.35%
MS Emerging Market International 10/01/1996 13.582489 $ 10,000.00 12/31/1999 18.912609 $ 14,338.71 2.20 11.73%
Fidelity Asset Manager 09/06/1989 3.658423 $ 10,000.00 12/31/1999 10.974554 $ 30,871.49 15.07 11.54%
Fidelity Equity Income 10/09/1986 2.295544 $ 10,000.00 12/31/1999 10.528194 $ 47,100.95 57.54 12.42%
Fidelity Growth 10/09/1986 1.675714 $ 10,000.00 12/31/1999 13.554800 $ 83,115.80 53.76 17.35%
Flexibly Managed Fund 07/31/1984 1.646148 $ 10,000.00 12/31/1999 10.547061 $ 65,911.09 35.04 13.00%
Growth Equity Fund 06/01/1983 1.305876 $ 10,000.00 12/31/1999 13.260044 $104,399.35 46.58 15.18%
High Yield Bond Fund 08/06/1984 2.936152 $ 10,000.00 12/31/1999 10.258718 $ 35,940.28 26.24 8.66%
International Equity Fund 11/01/1992 4.639052 $ 10,000.00 12/31/1999 14.078926 $ 31,216.28 24.08 17.21%
Quality Bond Fund 03/17/1987 4.616108 $ 10,000.00 12/31/1999 9.871978 $ 21,981.64 32.11 6.35%
Small Capitalization Fund 03/01/1995 7.004289 $ 10,000.00 12/31/1999 9.746813 $ 14,331.57 1.35 7.72%
Value Equity Fund 03/17/1987 2.510649 $ 10,000.00 12/31/1999 9.818276 $ 40,188.62 42.77 11.48%
</TABLE>
