Penn Mutual Asset Management,

Penn Mutual Asset Management, LLC, a registered investment adviser and wholly owned subsidiary of The Penn Mutual Life Insurance Company (Penn Mutual), is focused on risk-based institutional asset management, advisory and fund operating services. We are dedicated to creating value through a prudent, thoughtful, and rigorous investment decision-making process. We tailor our proven approach to help generate solid risk-adjusted returns that result in consistent earnings, while balancing the need for capital preservation to achieve each client's strategy and goals. We are asset, liability and risk specialists committed to applying our diverse expertise, delivering tailored investment strategies and solutions, and balancing our repeatable, value-driven approach with seasoned investment judgment to drive performance and create value. With over $30 billion in assets under management, Penn Mutual Asset Management is dedicated to delivering exceptional client service, exceeding client expectations and earning trusted relationships by executing on our core asset management competencies, which include total return-based investing, advisory services and expertise in alternative asset investing. For more information, visit our website at: http://www.pennmutualam.com For timely perspectives on the economy, markets and investing, visit and sign-up for our blog at: http://www.pennmutualam.com For important information, visit: https://www.pennmutualam.com/misc/social-media-disclaimer This material is not intended to be relied upon as a forecast, research or investment advice, and it is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.