Sentinel Asset Management Buys Out Minority Partner

(January 5, 2006) On December 30, 2005, Sentinel Asset Management Inc., a National Life Group company, purchased the minority interest in the partnerships that provide services to the Sentinel Funds that had been owned by HTK of Delaware, Inc., an indirectly owned subsidiary of The Penn Mutual Life Insurance Company.

Penn Mutual’s subsidiary had been a partner since 1995 in the Sentinel companies, which include Sentinel Advisors Company, the investment advisor; Sentinel Financial Services Company, the principal underwriter; and Sentinel Administrative Services Company, the transfer agent and administrator, of the Sentinel Funds. With the purchase of the Penn Mutual interest, Sentinel Asset Management now directly, and through its subsidiaries, wholly owns each of these service providers.

“With this purchase, we are taking another important step in our overall asset management strategy,” said Christian Thwaites, President and CEO of Sentinel Asset Management, Inc. “Assuming full ownership of Sentinel clearly demonstrates and reinforces our long-term commitment to the asset management business.”

Sentinel Asset Management, Inc. is National Life Group company that manages on its own or through its subsidiary, Sentinel Advisors Company, over $17 billion in assets. National Life Group is a growing family of financial service companies, based in Vermont and operating in locations throughout the United States, that offers a broad spectrum of products and services to help businesses and individuals meet their financial goals.

Sentinel Funds (www.sentinelfunds.com) are distributed by Sentinel Financial Services Company, Montpelier, VT 05604 (800 282-3863).