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2. ENDORSEMENTS

ENDORSEMENT - CHARITABLE REMAINDER TRUST

The Definitions Section of this policy is amended by replacing Annuitant with
the following:

      ANNUITANT - The person during whose life annuity payments are made. The
      Contract Owner may name one or more persons as contingent annuitant(s). If
      a contingent annuitant has been named and the named annuitant dies before
      the Annuity Date, the surviving contingent annuitant shall be the
      Annuitant. If two or more contingent annuitants have been named, the
      surviving contingent annuitant, oldest in age, shall be the annuitant upon
      death of the named or succeeding annuitant before the Annuity Date.

The Withdrawal Section of this policy is amended by replacing the Contingent
Deferred Sales Charge provision with the following:

      CONTINGENT DEFERRED SALES CHARGE - The Contingent Deferred Sales Charge
      will be imposed upon withdrawals.

      For purposes of calculating the Contingent Deferred Sales Charge, the
      difference, if any, between the Contract Value at the time of a withdrawal
      and the purchase payments to which the Contract Value is attributable
      (available earnings) shall be treated as withdrawn prior to the withdrawal
      of any purchase payment. If there are no available earnings at the time of
      the withdrawal, purchase payments will be allocated to the amount
      withdrawn. The Company will allocate the purchase payment with the
      earliest effective date first, then the next earliest purchase payment
      until the allocation is equal to the withdrawal amount. There will be no
      Contingent Deferred Sales Charge on amounts withdrawn that exceed the
      total purchase payments of the contract. Subject to the provisions of the
      contract, a free withdrawal amount will be applied to the purchase
      payments that have been in the contract for the longest length of time.
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      The percentage charge will vary depending upon the number of full contract
      years since the purchase payments were made to the time of the withdrawal
      in accordance with the table shown on Page 3.

      The Contingent Deferred Sales Charge will be equal to the sum of charges
      applied to the purchase payments associated with the withdrawal. The
      charge applied to each purchase payment is equal to the product of (a)
      multiplied by (b) for each purchase payment associated with the
      withdrawal, where:

      (a) is the amount of the purchase payment associated with the withdrawal,
          and
      (b) is the percentage that corresponds to the number of full contract
          years since the purchase payment.

The terms of this Endorsement shall override any inconsistent or conflicting
provisions in the contract and is made a part of the contract upon attachment.
The Effective Date of this Endorsement is the Contract Date.

Philadelphia, Pennsylvania                The Penn Mutual Life Insurance Company
(Included at Issue)

                                          ROBERT E. CHAPPELL
                                          --------------------------------------
                                          Chairman and
                                          Chief Executive Officer

Endorsement No. 1718-01