Common use of VARIABLE INVESTMENT OPTIONS Clause in Contracts

VARIABLE INVESTMENT OPTIONS. Variable Investment Options — The Variable Investment Options consist of Subaccounts of the Separate Account. The available Subaccounts as of the Contract Date are shown in the Contract Specifications. Separate Account — We established and maintain the Separate Account under the laws of the state of Arizona. Any income, gains or losses (whether or not realized) from the assets of each Variable Account are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. We will maintain in each Separate Account assets with a value at least equal to the amounts accumulated in accordance with the applicable agreements with respect to such Separate Account and the reserves for annuities in the course of payment that vary with the investment experience of such Separate Account. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a separate account in excess of the reserves and other liabilities with respect to its Variable Accounts to another separate account or to our General Account. All obligations arising under the Contract are our general corporate obligations. We do not hold ourselves out to be trustees of the Separate Account assets. We reserve the right, subject to compliance with the law then in effect, and after any required regulatory approval, to: • cease offering any Subaccount; • add or change designated investment companies or their portfolios, or other investment vehicles; • add, delete or make substitutions for the securities and other assets that are held or purchased by the Separate Account or any Variable Account; • permit conversion or exchanges between portfolios and/or classes of contracts on the basis of Owners’ requests; • add, remove or combine Variable Accounts; • combine the assets of any Variable Account with any of our other Separate Accounts or of any of our affiliates; • register or deregister Separate Account A or any Variable Account under the 1940 Act; • operate any Variable Account as a managed investment company under the 1940 Act, or any other form permitted by law; • run any Variable Account under the direction of a committee, board, or other group; • restrict or eliminate any voting rights of Owners with respect to any Variable Account or other persons who have voting rights as to any Variable Account; • make any changes required by the 1940 Act or other federal securities laws; • make any changes necessary to maintain the status of the Contracts as annuities under the Code; • make other changes required under federal or state law relating to annuities; • suspend or discontinue sale of the Contracts; and • comply with applicable law. If any of these changes result in a material change in the underlying investments of a Variable Account, we will notify you of such change. We will not change the investment policy of the Separate Account without following the filing and other procedures of the Insurance Superintendent of the State of New York. Unless required by law or regulation, an investment policy may not be changed without our consent. From time to time we may make other Investment Options available to you. Any new Investment Option may invest in portfolios of the designated investment company, other designated investment companies or their portfolios, or in other investment vehicles. New Investment Options will be made available to existing Owners at our discretion. We will provide you with written notice of all material details, including investment objectives and charges. We will comply with the filing or other procedures established by applicable state insurance regulators, to the extent required by applicable law.

VARIABLE INVESTMENT OPTIONS. Variable Investment Options — The Variable Investment Options consist of Subaccounts of the Separate Account. The available Subaccounts as of the Contract Date are shown in the Contract Specifications. Separate Account — We established and maintain the Separate Account under the laws of the state of Arizona. Any income, gains or losses (whether or not realized) from the assets of each Variable Account are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. We will maintain in each Separate Account assets with a value at least equal to the amounts accumulated in accordance with the applicable agreements with respect to such Separate Account and the reserves for annuities in the course of payment that vary with the investment experience of such Separate Account. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a separate account in excess of the reserves and other liabilities with respect to its Variable Accounts to another separate account or to our General Account. We shall not transfer any investment, or asset held for investment, between separate accounts or between separate and other accounts unless approved by the New York State Insurance Department. All obligations arising under the Contract are our general corporate obligations. We do not hold ourselves out to be trustees of the Separate Account assets. We reserve the right, subject to compliance with the law then in effect, and after any required regulatory approval, to: • cease offering any Subaccount; • add or change designated investment companies or their portfolios, or other investment vehicles; • add, delete or make substitutions for the securities and other assets that are held or purchased by the Separate Account or any Variable Account; • permit conversion or exchanges between portfolios and/or classes of contracts on the basis of Owners’ requests; • add, remove or combine Variable Accounts; • combine the assets of any Variable Account with any of our other Separate Accounts or of any of our affiliates; • register or deregister Separate Account A or any Variable Account under the 1940 Act; • operate any Variable Account as a managed investment company under the 1940 Act, or any other form permitted by law; • run any Variable Account under the direction of a committee, board, or other group; • restrict or eliminate any voting rights of Owners with respect to any Variable Account or other persons who have voting rights as to any Variable Account; • make any changes required by the 1940 Act or other federal securities laws; • make any changes necessary to maintain the status of the Contracts as annuities under the Code; • make other changes required under federal or state law relating to annuities; • suspend or discontinue sale of the Contracts; and • comply with applicable law. If any of these changes result in a material change in the underlying investments of a Variable Account, we will notify you of such change. We will not change the investment policy of the Separate Account without following the filing and other procedures of the Insurance Superintendent of the State of New York. Unless required by law or regulation, an investment policy may not be changed without our consent. From time to time we may make other Investment Options available to you. Any new Investment Option may invest in portfolios of the designated investment company, other designated investment companies or their portfolios, or in other investment vehicles. New Investment Options will be made available to existing Owners at our discretion. We will provide you with written notice of all material details, including investment objectives and charges. We will comply with the filing or other procedures established by applicable state insurance regulators, to the extent required by applicable law.

VARIABLE INVESTMENT OPTIONS. Variable Investment Options — - The Variable Investment Options consist of Subaccounts of the Separate Account. The available Subaccounts as of the Contract Date are shown in the Contract Specifications. Separate Account — - We established and maintain the Separate Account under the laws of the state of Arizona. Any income, gains or losses (whether or not realized) from the assets of each Variable Account are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. We will maintain in each Separate Account assets with a value at least equal to the amounts accumulated in accordance with the applicable agreements with respect to such Separate Account and the reserves for annuities in the course of payment that vary with the investment experience of such Separate Account. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a separate account in excess of the reserves and other liabilities with respect to its Variable Accounts to another separate account or to our General Account. We shall not transfer any investment, or asset held for investment, between separate accounts or between separate and other accounts unless approved by the New York State Insurance Department. All obligations arising under the Contract are our general corporate obligations. We do not hold ourselves out to be trustees of the Separate Account assets. We reserve the right, subject to compliance with the law then in effect, and after any required regulatory approval, to: • cease offering any Subaccount; • add or change designated investment companies or their portfolios, or other investment vehicles; • add, delete or make substitutions for the securities and other assets that are held or purchased by the Separate Account or any Variable Account; • permit conversion or exchanges between portfolios and/or classes of contracts on the basis of Owners’ requests; • add, remove or combine Variable Accounts; • combine the assets of any Variable Account with any of our other Separate Accounts or of any of our affiliates; • register or deregister Separate Account A or any Variable Account under the 1940 Act; • operate any Variable Account as a managed investment company under the 1940 Act, or any other form permitted by law; • run any Variable Account under the direction of a committee, board, or other group; • restrict or eliminate any voting rights of Owners with respect to any Variable Account or other persons who have voting rights as to any Variable Account; • make any changes required by the 1940 Act or other federal securities laws; • make any changes necessary to maintain the status of the Contracts as annuities under the Code; • make other changes required under federal or state law relating to annuities; • suspend or discontinue sale of the Contracts; and • comply with applicable law. If any of these changes result in a material change in the underlying investments of a Variable Account, we will notify you of such change. We will not change the investment policy of the Separate Account without following the filing and other procedures of the Insurance Superintendent of the State of New York. Unless required by law or regulation, an investment policy may not be changed without our consent. From time to time we may make other Investment Options available to you. Any new Investment Option may invest in portfolios of the designated investment company, other designated investment companies or their portfolios, or in other investment vehicles. New Investment Options will be made available to existing Owners at our discretion. We will provide you with written notice of all material details, including investment objectives and charges. We will comply with the filing or other procedures established by applicable state insurance regulatorsthe Insurance Superintendent of the State of New York, to the extent required by applicable law.

VARIABLE INVESTMENT OPTIONS. Variable Investment Options — The Variable Investment Options consist of Subaccounts of the Separate Account. The available Subaccounts as of the Contract Date are shown in the Contract Specifications. Separate Account — SEPARATE ACCOUNT - We established and maintain the Separate Account under the laws of the state of ArizonaCalifornia. Any income, gains or losses (whether or not realized) from the assets of each Variable Account are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. We will maintain in each Separate Account assets with a value at least equal to the amounts accumulated in accordance with the applicable agreements with respect to such Separate Account and the reserves for annuities in the course of payment that vary with the investment experience of such Separate Account. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a separate account in excess of the reserves and other liabilities with respect to its Variable Accounts to another separate account or to our General Account. All obligations arising under the Contract are our general corporate obligations. We do not hold ourselves out to be trustees of the Separate Account assets. We reserve the right, subject to compliance with the law then in effect, and after any required regulatory approval, to: • . cease offering any Subaccount; • . add or change designated investment companies or their portfolios, or other investment vehicles; • . add, delete or make substitutions for the securities and other assets that are held or purchased by the Separate Account or any Variable Account; • . permit conversion or exchanges between portfolios and/or classes of contracts on the basis of Owners’ ' requests; • . add, remove or combine Variable Accounts; • . combine the assets of any Variable Account with any of our other Separate Accounts Account of PL or of any of our its affiliates; • . register or deregister Separate Account A or any Variable Account under the 1940 Act; • . operate any Variable Account as a managed investment company under the 1940 Act, or any other form permitted by law; • . run any Variable Account under the direction of a committee, board, or other group; • . restrict or eliminate any voting rights of Owners with respect to any Variable Account or other persons who have voting rights as to any Variable Account; • . make any changes required by the 1940 Act or other federal securities laws; • . make any changes necessary to maintain the status of the Contracts as annuities under the Code; • . make other changes required under federal or state law relating to annuities; • . suspend or discontinue sale of the Contracts; and • . comply with applicable law. If any of these changes result in a material change in the underlying investments of a Variable Account, we will notify you of such change. We will not change the investment policy of the Separate Account without following the filing and other procedures of the Insurance Superintendent of Commissioner in the State of New YorkCalifornia and the filing and other procedures established by insurance regulators of the state of delivery. Unless required by law or regulation, an investment policy may not be changed without our consent. From time to time we may make other Investment Options available to you. Any new Investment Option may invest in portfolios of the designated investment company, other designated investment companies or their portfolios, or in other investment vehicles. New Investment Options will be made available to existing Owners at our discretion. We will provide you with written notice of all material details, including investment objectives and charges. We will comply with the filing or other procedures established by applicable state insurance regulators, to the extent required by applicable law.

VARIABLE INVESTMENT OPTIONS. Variable Investment Options — The Variable Investment Options consist of Subaccounts of the Separate Account. The available Subaccounts as of the Contract Date are shown in the Contract Specifications. Separate Account — We established and maintain the Separate Account under the laws of the state of ArizonaCalifornia. Any income, gains or losses (whether or not realized) from the assets of each Variable Account are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. We will maintain in each Separate Account assets with a value at least equal to the amounts accumulated in accordance with the applicable agreements with respect to such Separate Account and the reserves for annuities in the course of payment that vary with the investment experience of such Separate Account. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a separate account in excess of the reserves and other liabilities with respect to its Variable Accounts to another separate account or to our General Account. All obligations arising under the Contract are our general corporate obligations. We do not hold ourselves out to be trustees of the Separate Account assets. We reserve the right, subject to compliance with the law then in effect, and after any required regulatory approval, to: • cease offering any Subaccount; • add or change designated investment companies or their portfolios, or other investment vehicles; • add, delete or make substitutions for the securities and other assets that are held or purchased by the Separate Account or any Variable Account; • permit conversion or exchanges between portfolios and/or classes of contracts on the basis of Owners’ requests; • add, remove or combine Variable Accounts; • combine the assets of any Variable Account with any of our other Separate Accounts or of any of our affiliates; • register or deregister Separate Account A or any Variable Account under the 1940 Act; • operate any Variable Account as a managed investment company under the 1940 Act, or any other form permitted by law; • run any Variable Account under the direction of a committee, board, or other group; • restrict or eliminate any voting rights of Owners with respect to any Variable Account or other persons who have voting rights as to any Variable Account; • make any changes required by the 1940 Act or other federal securities laws; • make any changes necessary to maintain the status of the Contracts as annuities under the Code; • make other changes required under federal or state law relating to annuities; • suspend or discontinue sale of the Contracts; and • comply with applicable law. If any of these changes result in a material change in the underlying investments of a Variable Account, we will notify you of such change. We will not change the investment policy of the Separate Account without following the filing and other procedures of the Insurance Superintendent of Commissioner in the State of New YorkCalifornia and the filing and other procedures established by insurance regulators of the state of delivery. Unless required by law or regulation, an investment policy may not be changed without our consent. From time to time we may make other Investment Options available to you. Any new Investment Option may invest in portfolios of the designated investment company, other designated investment companies or their portfolios, or in other investment vehicles. New Investment Options will be made available to existing Owners at our discretion. We will provide you with written notice of all material details, including investment objectives and charges. We will comply with the filing or other procedures established by applicable state insurance regulators, to the extent required by applicable law.

VARIABLE INVESTMENT OPTIONS. Variable Investment Options — The Variable Investment Options consist of Subaccounts of the Separate Account. The available Subaccounts as of the Contract Date are shown in the Contract Specifications. Separate Account — We established and maintain the Separate Account under the laws of the state of Arizona. Any income, gains or losses (whether or not realized) from the assets of each Variable Account are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. We will maintain in each Separate Account assets with a value at least equal to the amounts accumulated in accordance with the applicable agreements with respect to such Separate Account and the reserves for annuities in the course of payment that vary with the investment experience of such Separate Account. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a separate account in excess of the reserves and other liabilities with respect to its Variable Accounts to another separate account or to our General Account. We shall not transfer any investment, or asset held for investment, between separate accounts or between separate and other accounts unless approved by the New York State Insurance Department. All obligations arising under the Contract are our general corporate obligations. We do not hold ourselves out to be trustees of the Separate Account assets. We reserve the right, subject to compliance with the law then in effect, and after any required regulatory approval, to: • cease offering any Subaccount; • add or change designated investment companies or their portfolios, or other investment vehicles; • add, delete or make substitutions for the securities and other assets that are held or purchased by the Separate Account or any Variable Account; • permit conversion or exchanges between portfolios and/or classes of contracts on the basis of Owners’ requests; • add, remove or combine Variable Accounts; • combine the assets of any Variable Account with any of our other Separate Accounts or of any of our affiliates; • register or deregister Separate Account A or any Variable Account under the 1940 Act; • operate any Variable Account as a managed investment company under the 1940 Act, or any other form permitted by law; • run any Variable Account under the direction of a committee, board, or other group; • restrict or eliminate any voting rights of Owners with respect to any Variable Account or other persons who have voting rights as to any Variable Account; • make any changes required by the 1940 Act or other federal securities laws; • make any changes necessary to maintain the status of the Contracts as annuities under the Code; • make other changes required under federal or state law relating to annuities; • suspend or discontinue sale of the Contracts; and • comply with applicable law. If any of these changes result in a material change in the underlying investments of a Variable Account, we will notify you of such change. We will not change the investment policy of the Separate Account without following the filing and other procedures of the Insurance Superintendent of the State of New York. Unless required by law or regulation, an investment policy may not be changed without our consent. From time to time we may make other Investment Options available to you. Any new Investment Option may invest in portfolios of the designated investment company, other designated investment companies or their portfolios, or in other investment vehicles. New Investment Options will be made available to existing Owners at our discretion. We will provide you with written notice of all material details, including investment objectives and charges. We will comply with the filing or other procedures established by the Insurance Superintendent of the State of New York, to the extent required by applicable law. applicable state insurance regulators, to the extent required by applicable law.. 10-2169

VARIABLE INVESTMENT OPTIONS. Variable Investment Options — The Variable Investment Options consist of Subaccounts of the Separate Account. The available Subaccounts as of the Contract Date are shown in the Contract Specifications. Separate Account — SEPARATE ACCOUNT -- We established and maintain the Separate Account under the laws of the state of ArizonaCalifornia. Any income, gains or losses (whether or not realized) from the assets of each Variable Account are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. We will maintain in each Separate Account assets with a value at least equal to the amounts accumulated in accordance with the applicable agreements with respect to such Separate Account and the reserves for annuities in the course of payment that vary with the investment experience of such Separate Account. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a separate account in excess of the reserves and other liabilities with respect to its Variable Accounts Account to another separate account or to our General Account. All obligations arising under the Contract are our general corporate obligations. We do not hold ourselves out to be trustees of the Separate Account assets. We reserve the right, subject to compliance with the law then in effect, and after any required regulatory approval, to: • -- cease offering any Subaccount; • -- add or change designated investment companies or their portfolios, or other investment vehicles; • -- add, delete or make substitutions for the securities and other assets that are held or purchased by the Separate Account or any Variable Account; • -- permit conversion or exchanges between portfolios and/or classes of contracts on the basis of Owners’ ' requests; • -- add, remove or combine Variable Accounts; • -- combine the assets of any Variable Account with any of our other Separate Accounts Account of PL or of any of our its affiliates; • -- register or deregister Separate Account A or any Variable Account under the Investment Company Act of 1940 (the "1940 Act"); • -- operate any Variable Account as a managed investment company under the 1940 Act, or any other form permitted by law; • -- run any Variable Account under the direction of a committee, board, or other group; • -- restrict or eliminate any voting rights of Owners with respect to any Variable Account or other persons who have voting rights as to any Variable Account; • -- make any changes required by the 1940 Act or other federal securities laws; • -- make any changes necessary to maintain the status of the Contracts as annuities under the Code; • -- make other changes required under federal or state law relating to annuities; • -- suspend or discontinue sale of the Contracts; and • -- comply with applicable law. If any of these changes result in a material change in the underlying investments of a Variable Account, we will notify you of such change. We will not change the investment policy of the Separate Account without following the filing and other procedures of the Insurance Superintendent of Commissioner in the State of New YorkCalifornia nor without following the filing and other procedures established by insurance regulators of the state of delivery. Unless required by law or regulation, an investment policy may not be changed without our consent. From time to time we may make other Investment Options available to you. Any new Investment Option may invest in portfolios of the designated investment company, other designated investment companies or their portfolios, or in other investment vehicles. New Investment Options will be made available to existing Owners at our discretion. We will provide you with written notice of all material details, including investment objectives and charges. We will comply with the filing or other procedures established by applicable state insurance regulators, to the extent required by applicable law.

VARIABLE INVESTMENT OPTIONS. Variable Investment Options — The Variable Investment Options consist of Subaccounts of the Separate Account. The available Subaccounts as of the Contract Date are shown in the Contract Specifications. Separate Account — We established and maintain the Separate Account under the laws of the state of Arizona. Any income, gains or losses (whether or not realized) from the assets of each Variable Account are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. We will maintain in each Separate Account assets with a value at least equal to the amounts accumulated in accordance with the applicable agreements with respect to such Separate Account and the reserves for annuities in the course of payment that vary with the investment experience of such Separate Account. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a separate account in excess of the reserves and other liabilities with respect to its Variable Accounts to another separate account or to our General Account. All obligations arising under the Contract are our general corporate obligations. We do not hold ourselves out to be trustees of the Separate Account assets. We reserve the right, subject to compliance with the law then in effect, and after any required regulatory approval, to: • cease offering any Subaccount; • add or change designated investment companies or their portfolios, or other investment vehicles; • add, delete or make substitutions for the securities and other assets that are held or purchased by the Separate Account or any Variable Account; • permit conversion or exchanges between portfolios and/or classes of contracts on the basis of Owners’ requests; • add, remove or combine Variable Accounts; • combine the assets of any Variable Account with any of our other Separate Accounts or of any of our affiliates; • register or deregister Separate Account A or any Variable Account under the 1940 Act; • operate any Variable Account as a managed investment company under the 1940 Act, or any other form permitted by law; • run any Variable Account under the direction of a committee, board, or other group; • restrict or eliminate any voting rights of Owners with respect to any Variable Account or other persons who have voting rights as to any Variable Account; • make any changes required by the 1940 Act or other federal securities laws; • make any changes necessary to maintain the status of the Contracts as annuities under the Code; • make other changes required under federal or state law relating to annuities; • suspend or discontinue sale of the Contracts; and • comply with applicable law. If any of these changes result in a material change in the underlying investments of a Variable Account, we will notify you of such change. We will not change the investment policy of the Separate Account without following the filing and other procedures of the Insurance Superintendent of the State of New York. Unless required by law or regulation, an investment policy may not be changed without our consent. From time to time we may make other Investment Options available to you. Any new Investment Option may invest in portfolios of the designated investment company, other designated investment companies or their portfolios, or in other investment vehicles. New Investment Options will be made available to existing Owners at our discretion. We will provide you with written notice of all material details, including investment objectives and charges. We will comply with the filing or other procedures established by applicable state insurance regulators, to the extent required by applicable law.

VARIABLE INVESTMENT OPTIONS. Variable Investment Options — The Variable Investment Options consist of Subaccounts of the Separate Account. The available Subaccounts as of the Contract Date are shown in the Contract Specifications. Separate Account — SEPARATE ACCOUNT - We established and maintain the Separate Account under the laws of the state of ArizonaCalifornia. Any income, gains or losses (whether or not realized) from the assets of each Variable Account are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. We will maintain in each Separate Account assets with a value at least equal to the amounts accumulated in accordance with the applicable agreements with respect to such Separate Account and the reserves for annuities in the course of payment that vary with the investment experience of such Separate Account. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a separate account in excess of the reserves and other liabilities with respect to its Variable Accounts Account to another separate account or to our General Account. All obligations arising under the Contract are our general corporate obligations. We do not hold ourselves out to be trustees of the Separate Account assets. We reserve the right, subject to compliance with the law then in effect, and after any required regulatory approval, to: • . cease offering any Subaccount; • . add or change designated investment companies or their portfolios, or other investment vehicles; • . add, delete or make substitutions for the securities and other assets that are held or purchased by the Separate Account or any Variable Account; • . permit conversion or exchanges between portfolios and/or classes of contracts on the basis of Owners’ ' requests; • . add, remove or combine Variable Accounts; • . combine the assets of any Variable Account with any of our other Separate Accounts Account of PM or of any of our its affiliates; • . register or deregister Separate Account A or any Variable Account under the Investment Company Act of 1940 (the "1940 Act"); • . operate any Variable Account as a managed investment company under the 1940 Act, or any other form permitted by law; • . run any Variable Account under the direction of a committee, board, or other group; • . restrict or eliminate any voting rights of Owners with respect to any Variable Account or other persons who have voting rights as to any Variable Account; • . make any changes required by the 1940 Act or other federal securities laws; • . make any changes necessary to maintain the status of the Contracts as annuities under the Code; • . make other changes required under federal or state law relating to annuities; • . suspend or discontinue sale of the Contracts; and • . comply with applicable law. If any of these changes result in a material change in the underlying investments of a Variable Account, we will notify you of such change. We will not change the investment policy of the Separate Account without following the filing and other procedures of the Insurance Superintendent of Commissioner in the State of New YorkCalifornia nor without following the filing and other procedures established by insurance regulators of the state of issue. Unless required by law or regulation, an investment policy may not be changed without our consent. From time to time we may make other Investment Options available to you. Any new Investment Option may invest in portfolios of the designated investment company, other designated investment companies or their portfolios, or in other investment vehicles. New Investment Options will be made available to existing Owners at our discretion. We will provide you with written notice of all material details, including investment objectives and charges. We will comply with the filing or other procedures established by applicable state insurance regulators, to the extent required by applicable law.

VARIABLE INVESTMENT OPTIONS. Variable Investment Options — The Variable Investment Options consist of Subaccounts of the Separate Account. The available Subaccounts as of the Contract Date are shown in the Contract Specifications. Separate Account — SEPARATE ACCOUNT - We established and maintain the Separate Account under the laws of the state of ArizonaCalifornia. Any income, gains or losses (whether or not realized) from the assets of each Variable Account are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. We will maintain in each Separate Account assets with a value at least equal to the amounts accumulated in accordance with the applicable agreements with respect to such Separate Account and the reserves for annuities in the course of payment that vary with the investment experience of such Separate Account. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a separate account in excess of the reserves and other liabilities with respect to its Variable Accounts Account to another separate account or to our General Account. All obligations arising under the Contract are our general corporate obligations. We do not hold ourselves out to be trustees of the Separate Account assets. We reserve the right, subject to compliance with the law then in effect, and after any required regulatory approval, to: • . cease offering any Subaccount; • . add or change designated investment companies or their portfolios, or other investment vehicles; • . add, delete or make substitutions for the securities and other assets that are held or purchased by the Separate Account or any Variable Account; • . permit conversion or exchanges between portfolios and/or classes of contracts on the basis of Owners’ ' requests; • . add, remove or combine Variable Accounts; • . combine the assets of any Variable Account with any of our other Separate Accounts Account of PL or of any of our its affiliates; • . register or deregister Separate Account A or any Variable Account under the Investment Company Act of 1940 (the "1940 Act"); • . operate any Variable Account as a managed investment company under the 1940 Act, or any other form permitted by law; • . run any Variable Account under the direction of a committee, board, or other group; • . restrict or eliminate any voting rights of Owners with respect to any Variable Account or other persons who have voting rights as to any Variable Account; • . make any changes required by the 1940 Act or other federal securities laws; • . make any changes necessary to maintain the status of the Contracts as annuities under the Code; • . make other changes required under federal or state law relating to annuities; • . suspend or discontinue sale of the Contracts; and • . comply with applicable law. If any of these changes result in a material change in the underlying investments of a Variable Account, we will notify you of such change. We will not change the investment policy of the Separate Account without following the filing and other procedures of the Insurance Superintendent of Commissioner in the State of New YorkCalifornia nor without following the filing and other procedures established by insurance regulators of the state of delivery. Unless required by law or regulation, an investment policy may not be changed without our consent. From time to time we may make other Investment Options available to you. Any new Investment Option may invest in portfolios of the designated investment company, other designated investment companies or their portfolios, or in other investment vehicles. New Investment Options will be made available to existing Owners at our discretion. We will provide you with written notice of all material details, including investment objectives and charges. We will comply with the filing or other procedures established by applicable state insurance regulators, to the extent required by applicable law.. PORTGAZ

VARIABLE INVESTMENT OPTIONS. Variable Investment Options — - The Variable Investment Options consist of Subaccounts of the Separate Account. The available Subaccounts as of the Contract Date are shown in the Contract Specifications. Separate Account — - We established and maintain the Separate Account under the laws of the state of Arizona. Any income, gains or losses (whether or not realized) from the assets of each Variable Account are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. We will maintain in each Separate Account assets with a value at least equal to the amounts accumulated in accordance with the applicable agreements with respect to such Separate Account and the reserves for annuities in the course of payment that vary with the investment experience of such Separate Account. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a separate account in excess of the reserves and other liabilities with respect to its Variable Accounts to another separate account or to our General Account. All obligations arising under the Contract are our general corporate obligations. We do not hold ourselves out to be trustees of the Separate Account assets. We reserve the right, subject to compliance with the law then in effect, and after any required regulatory approval, to: • cease offering any Subaccount; • add or change designated investment companies or their portfolios, or other investment vehicles; • add, delete or make substitutions for the securities and other assets that are held or purchased by the Separate Account or any Variable Account; • permit conversion or exchanges between portfolios and/or classes of contracts on the basis of Owners’ requests; • add, remove or combine Variable Accounts; • combine the assets of any Variable Account with any of our other Separate Accounts or of any of our affiliates; • register or deregister Separate Account A or any Variable Account under the 1940 Act; • operate any Variable Account as a managed investment company under the 1940 Act, or any other form permitted by law; • run any Variable Account under the direction of a committee, board, or other group; • restrict or eliminate any voting rights of Owners with respect to any Variable Account or other persons who have voting rights as to any Variable Account; • make any changes required by the 1940 Act or other federal securities laws; • make any changes necessary to maintain the status of the Contracts as annuities under the Code; • make other changes required under federal or state law relating to annuities; • suspend or discontinue sale of the Contracts; and • comply with applicable law. If any of these changes result in a material change in the underlying investments of a Variable Account, we will notify you of such change. We will not change the investment policy of the Separate Account without following the filing and other procedures of the Insurance Superintendent of the State of New York. Unless required by law or regulation, an investment policy may not be changed without our consent. From time to time we may make other Investment Options available to you. Any new Investment Option may invest in portfolios of the designated investment company, other designated investment companies or their portfolios, or in other investment vehicles. New Investment Options will be made available to existing Owners at our discretion. We will provide you with written notice of all material details, including investment objectives and charges. We will comply with the filing or other procedures established by applicable state insurance regulatorsthe Insurance Superintendent of the State of New York, to the extent required by applicable law.