PENN MUTUAL VARIABLE ANNUITY ACCOUNT III - Schedule I to the Sales Support Agreement between The Penn Mutual Life Insurance Company and Hornor, Townsend & Kent, LLC, a wholly-owned subsidiary of Penn Mutual. Previously filed as Exhibit 3(a)(2) to Pre-Effective Amendment No. 3 to Registrants Registration Statement on April 13, 2012 (File No. 333-177543 and Accession No. 0001193125-12-162520) and incorporated herein by reference.

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EX-99.3A2 2 d291374dex993a2.htm SCHEDULE I TO THE SALES SUPPORT AGREEMENT PENN MUTUAL VARIABLE ANNUITY ACCOUNT III - Schedule I to the Sales Support Agreement between The Penn Mutual Life Insurance Company and Hornor, Townsend & Kent, LLC, a wholly-owned subsidiary of Penn Mutual. Previously filed as Exhibit 3(a)(2) to Pre-Effective Amendment No. 3 to Registrants Registration Statement on April 13, 2012 (File No. 333-177543 and Accession No. 0001193125-12-162520) and incorporated herein by reference.

Schedule I

Sales Support Agreement

Effective January 1, 2012

Compensation Payable by The Penn Mutual Life Insurance Company

Hornor Townsend & Kent, Inc.

Pursuant to Section 3 of the Sales Support Agreement

Compensation paid on Individual Variable Annuity Contracts

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:


First Year Purchase Payments
Fee per Contract	$	20
Premium Percentage		0.325	%

Subsequent Purchase Payments
Fee per Contract	$	1.50
Premium Percentage		0.30	%

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the day and year written above.

The Penn Mutual Insurance Company

/s/ Timothy Demetres

Timothy Demetres

Vice President & Chief Accounting Officer

Hornor Townsend & Kent, Inc.

/s/ Michelle Barry

Michelle Barry

President & CEO