In FL, the Product Brochure is required to be used in conjunction with the Additional Information Insert (BCA ).

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1 BCA Elevate TM 12 Elevate Your Legacy The Family Endowment Rider Max is a flexible solution for Individual Retirement Account holders In FL, the Product Brochure is required to be used in conjunction with the Additional Information Insert (BCA ) (08/18)

2 Protect Your Legacy Todayʼs financial landscape looks different from a generation ago. If youʼve set aside a portion of your retirement savings as a legacy for loved ones, you may need a plan to help you address challenges such as: PERSISTENT LOW INTEREST RATES in traditional fixed income REQUIRED MINIMUM DISTRIBUTIONS (RMDs) from your Individual Retirement Accounts (IRAs) 1 The Balanced Choice Annuity Elevate 12 fixed indexed annuity (BCA Elevate 12) can help you take control of your retirement. BCA Elevate 12 offers growth potential based in part on the positive movement of an index while protecting your retirement savings from downside market risk. An Optimized Legacy Plan The Family Endowment Rider Max (FER Max) with Premium Bonus, an optional rider available with BCA Elevate 12 for an additional charge, offers an Enhanced Death Benefit guaranteed to grow daily at a 2% compound annual rate (1% if the Balanced Allocation Lifetime Income Rider Fixed Growth Option (FGO ) or Stacked Growth Option Max (SGO Max) is also elected) plus 100% of any interest earnings every two years. 2 Beneficiaries receive the greatest of the Cash Surrender Value, Balanced Allocation Value or Enhanced Death Benefit value. FER Max also offers two powerful benefits to help protect your legacy: All RMDs associated with this contract can be taken without additional charges, and withdrawals up to 5% of the accumulation value, including RMDs, reduce the Enhanced Death Benefit value on a dollarfor-dollar basis. 3 Products offered by Athene Annuity and Life Company, West Des Moines, IA. 1 Federal tax law generally requires IRA owners to start taking withdrawals upon reaching age 70½. 2 The 2% annual guaranteed growth plus 100% of interest earnings every two years applies for a minimum of 8 years or up to age 85, whichever is longer. After this term, the enhanced death benefit will not grow further but will continue to be in place and will be reduced for withdrawals subject to the terms of the rider. FER Max is available with a Premium Bonus for BCA Elevate 12 and without a Premium Bonus for a reduced charge. 3 If withdrawals exceed 5% of the Accumulation Value at the beginning of the contract year, it is considered an excess withdrawal and any withdrawals above 5% will reduce the Enhanced Death Benefit proportionally. 2

3 Bill and Susan Ages 65 and 62 $1,000,000 premium Objective: Bill and Susan recently retired and want to protect their legacy while planning for RMDs. Solution: Bill allocates $1 million of his retirement savings to BCA Elevate 12 with FER Max. From age 71 to 87, based on a hypothetical, non-guaranteed 5.87% annual interest rate, Bill takes $1,248,626 in RMDs. If Bill passes away at age 87, his beneficiary Susan would receive a death benefit of $1,985,568. This is a hypothetical example to show how BCA Elevate 12 and the Family Endowment Rider Max can work. Your experience will differ. Past performance is no guarantee of future performance. Hypothetical Assumptions: $1 million premium in BCA Elevate 12 with the FER Max with Premium Bonus, 0.00% Strategy Rider Charge, 0.85% annual EDB Rider Charge and no other optional riders elected. Hypothetical 5.87% annual interest earnings based on the average back-tested movement of the Merrill Lynch RPM Index from 12/31/02 to 12/31/17. 3

4 The Benefit of Legacy Optimization Hypothetical Example Based on Guaranteed Values By age 87, Bill took $646,176 in RMDs. If Bill passed away, Susan would receive a death benefit of $649,826. End of Year Age RMD Paid to Client Total Income Cash Surrender Value Accumulation Value Death Benefit $0 $0 $875,204 $1,111,500 $1,120, $0 $0 $875,239 $1,102,830 $1,120, $0 $0 $875,100 $1,093,987 $1,120, $0 $0 $874,782 $1,084,966 $1,120, $0 $0 $874,279 $1,075,766 $1,120, $39,262 $39,262 $834,325 $1,027,119 $1,086, $38,759 $78,021 $799,356 $979,122 $1,069, $38,247 $116,268 $768,259 $931,781 $1,053, $37,724 $153,992 $736,954 $885,106 $1,036, $37,189 $191,181 $705,465 $839,108 $1,019, $36,642 $227,823 $673,819 $793,796 $1,003, $36,082 $263,905 $648,343 $749,183 $987, $35,339 $299,244 $820,756 $705,449 $972, $40,431 $339,675 $780,325 $656,756 $948, $40,017 $379,692 $740,308 $608,674 $924, $39,589 $419,280 $700,720 $561,231 $897, $39,146 $458,427 $661,573 $514,457 $868, $38,689 $497,115 $622,885 $468,385 $837, $38,214 $535,329 $584,671 $423,056 $802, $37,721 $573,050 $546,950 $378,516 $763, $36,956 $610,006 $509,994 $341,559 $707, $36,170 $646,176 $473,824 $305,390 $649, $35,360 $681,536 $438,464 $270,030 $590, $34,525 $716,060 $403,940 $235,505 $529, $33,662 $749,722 $370,278 $201,843 $467, $32,481 $782,202 $337,798 $169,363 $403, $31,278 $813,480 $306,520 $138,085 $339, $30,051 $843,531 $276,469 $108,034 $276, $28,799 $872,330 $247,670 $79,235 $247, $27,217 $899,546 $220,454 $52,019 $220,454 Hypothetical Assumptions: $1 million premium in BCA Elevate 12 with the FER Max with Premium Bonus, 0.00% Strategy Rider Charge, 0.85% annual EDB Rider Charge, no interest credits and no other optional riders elected. 4 3 The actual Death Benefit paid out is the greatest of the Cash Surrender Value, Balanced Allocation Value or the Enhanced Death Benefit value.

5 Hypothetical Example Based on 5.87% Annual Interest Earnings End of Year Age RMD Paid to Client Total Income Cash Surrender Value Accumulation Value Death Benefit $0 $0 $875,204 $1,111,500 $1,176, $0 $0 $974,953 $1,236,102 $1,236, $0 $0 $980,400 $1,226,126 $1,298, $0 $0 $1,086,044 $1,362,893 $1,368, $0 $0 $1,096,850 $1,351,264 $1,474, $49,316 $49,316 $1,171,402 $1,451,949 $1,535, $54,791 $104,107 $1,136,453 $1,387,141 $1,596, $54,185 $158,292 $1,223,373 $1,486,183 $1,653, $60,169 $218,461 $1,182,384 $1,415,292 $1,713, $59,466 $277,927 $1,268,889 $1,511,359 $1,769, $65,998 $343,926 $1,221,165 $1,433,981 $1,826, $65,181 $409,106 $1,318,768 $1,525,527 $1,879, $71,959 $481,065 $1,446,049 $1,441,580 $1,933, $71,234 $552,299 $1,526,974 $1,526,974 $1,983, $78,306 $630,606 $1,440,275 $1,436,151 $2,032, $77,020 $707,626 $1,514,161 $1,514,161 $2,075, $84,590 $792,216 $1,420,323 $1,416,618 $2,117, $83,060 $875,275 $1,485,416 $1,485,416 $2,150, $91,130 $966,405 $1,384,242 $1,381,059 $2,181, $89,306 $1,055,711 $1,438,687 $1,438,687 $2,201, $97,209 $1,152,920 $1,349,455 $1,346,868 $2,092, $95,706 $1,248,626 $1,413,925 $1,413,925 $1,985, $105,517 $1,354,142 $1,316,248 $1,314,259 $1,868, $103,642 $1,457,784 $1,369,440 $1,369,440 $1,753, $114,120 $1,571,904 $1,262,912 $1,261,647 $1,629, $110,782 $1,682,686 $1,303,330 $1,303,330 $1,511, $120,679 $1,803,364 $1,189,877 $1,189,342 $1,385, $116,655 $1,920,019 $1,216,414 $1,216,414 $1,266, $126,710 $2,046,729 $1,096,730 $1,096,730 $1,161, $120,520 $2,167,249 $1,108,745 $1,108,745 $1,108,745 By age 87, Bill took $1,248,626 in RMDs. If Bill passed away, Susan would receive a death benefit of $1,985,568. Hypothetical Assumptions: $1 million premium in BCA Elevate 12 with FER Max with Premium Bonus, 0.00% Strategy Rider Charge, 0.85% Annual EDB Rider Charge and no other optional riders elected. Hypothetical 5.87% annual interest earnings based on the average back-tested movement of the Merrill Lynch RPM Index from 12/31/02 to 12/31/17. The Merrill Lynch RPM Index was established on 3/1/16. Performance shown before this date is back-tested by applying the index strategy, which was designed with the benefit of hindsight, to historical financial data. Back-tested performance is hypothetical and has been provided for informational purposes only. For more information on BCA Elevate 12 and the RPM Index, please ask your insurance professional for more information. Past performance is not a guarantee of future performance. Assumes withdrawals are not subject to a Withdrawal Charge, Premium Bonus Vesting Adjustment or a Market Value Adjustment (MVA). 5

6 Key Terms and Definitions Fixed Indexed Annuities A fixed indexed annuity is a contract issued by an insurance company. In exchange for your premium, the insurance company provides an opportunity for growth based in part on the performance of an underlying index while protecting your money from downside market risk. All guarantees are backed by the claims-paying ability of the issuing carrier. Fixed indexed annuities are not stock market investments and do not directly participate in any stock or equity investments or index. It is not possible to invest directly in an index. This contract has charges and limitations. For costs and complete details, please see the BCA Elevate 12 product brochure and ask your financial professional. Explanation of the Enhanced Death Benefit Rider and Rider Charge The Family Endowment Rider guarantees an enhanced death benefit that pays a minimum amount on death equal to the initial premium plus accumulation at a daily interest rate that is equivalent to 2% annual compound interest plus 100% of any BCA Elevate Interest Earnings every two years. It also provides a one-time bonus which enhances the Accumulation Value. At death, your beneficiary or beneficiaries will receive the greatest of the contract s Cash Surrender Value, Balanced Allocation Value or Enhanced Death Benefit value. The annual rider charge is calculated at the beginning of each contract year and is 0.85% (0.50% if the premium bonus is not elected) multiplied by the EDB Crediting Base. The charge is deducted monthly from the Accumulation Value and (in some states) from the Minimum Guaranteed Contract Value (MGCV), and the strategy rider charge, if applicable will reduce the enhanced death benefit value. The annual rider charge applies until the earlier of the death benefit being payable or the Rider Charge Stop Date. The Rider Charge Stop Date is the later of 8 years or age 85. Accumulation Value The Accumulation Value is your premium plus any Interest Earnings. The Accumulation Value will be reduced by any applicable charges and withdrawals. Strategy and optional rider charges are calculated annually and deducted monthly from the Accumulation Value and, in some states, the MGCV. Charges such as Withdrawal Charges, Premium Bonus Vesting Adjustments and MVAs are deducted when they are calculated. For more information, please see the Certificate of Disclosure. Market Value Adjustment (MVA) The MVA applies to withdrawals greater than the Free Withdrawal Amount and may increase or decrease the amount you receive. For more information, please see the Additional Product Information. MVA does not apply in AK, CA, CT, HI, MN, MO, NJ, OR, PA, UT and WA. Premium Bonus Vesting Adjustment FER Max with Premium Bonus provides, for an annual rider charge, a 12% premium bonus that enhances the Accumulation Value as well as providing an Enhanced Death Benefit. While the premium bonus is added to the Accumulation Value, it is not added to the Enhanced Death Benefit. Withdrawals taken in excess of the Free Withdrawal Amount will incur a Premium Bonus Vesting Adjustment in addition to any applicable Withdrawal Charges and MVA. The Premium Bonus Vesting Adjustment is equal to the portion of the Accumulation Value withdrawn in excess of the Free Withdrawal amount which is attributable to the Premium Bonus, multiplied by (100% minus the Premium Bonus Vesting Percentage). Premium Bonus Vesting Percentages vary by product variation. Tax Considerations FER Max is not life insurance, and any benefit payable under the rider will be taxable. Any withdrawals taken may be subject to federal and state income tax. Withdrawals made before age 59½ may be subject to a 10% federal tax penalty. The information contained herein is based on our understanding of current tax law. The tax and legislative information may be subject to change and different interpretations. We recommend you consult with your tax professional regarding your particular circumstance. Termination FER Max cannot be terminated once it has been purchased and attached to the BCA Elevate contract. The rider will terminate only upon the annuity date or upon payment of a death benefit under the provisions of the contract. Withdrawals Withdrawals of any time will reduce the Enhanced Death Benefit. The first 5% of the Accumulation Value withdrawn in any contract year will reduce the Enhanced Death Benefit on a dollar-for-dollar basis. Withdrawals in excess of 5% in any contract year will reduce the Enhanced Death Benefit proportionally. The Free Withdrawal Amount is 5% of the Accumulation Value in the first year and 10% of the Accumulation Value for all remaining years. Withdrawals in excess of the Free Withdrawal Amount will be subject to any applicable Withdrawal Charges, Premium Bonus Vesting Adjustments and Market Value Adjustments. For more information, please see the Certificate of Disclosure. The Withdrawal Charges are as follows for BCA Elevate 12: Contract Year Withdrawal Charge %

7 Contact your Insurance Professional today for more information on BCA Elevate 12 7

8 The Balanced Choice Annuity Elevate [ANN08 (04/15), ANN10 (04/15), ANN12 (04/15)], or state variation, The Family Endowment Rider [DBR (04/15), BDBR (04/15), SUBDR (04/15)] or state variation, The Balanced Allocation Lifetime Income Rider [ANNIR (04/15)] or state variation, Strategy Rider [ANNBAS (04/15)], or state variation, are issued by Athene Annuity and Life Company, West Des Moines, IA. Product features, limitations and availability vary; see Certificate of Disclosure for full details. Products not available in all states. The Family Endowment Rider Max with Premium Bonus is not approved for sale in Indiana. ATHENE ANNUITIES ARE A PRODUCT OF THE INSURANCE INDUSTRY AND NOT GUARANTEED BY ANY BANK NOR INSURED BY FDIC OR NCUA/ NCUSIF. MAY LOSE VALUE. NO BANK/CREDIT UNION GUARANTEE. NOT A DEPOSIT. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. MAY ONLY BE OFFERED BY A LICENSED INSURANCE AGENT. This material is a general description intended for general public use. Athene Annuity and Life Company is not undertaking to provide investment advice for any individual or in any individual situation, and therefore nothing in this should be read as investment advice. Please reach out to your insurance professional if you have any questions about this product or its features. Athene Annuity and Life Company s Product ( Product ) is not sponsored, endorsed, sold or promoted by Merrill Lynch, Pierce, Fenner & Smith Incorporated or its affiliates ( BofA Merrill Lynch ). BofA Merrill Lynch has not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Product, nor makes any representation or warranty, express or implied, to the owners of Product or any member of the public regarding the Product or the advisability of purchasing the Product, particularly the ability of the Merrill Lynch RPM Index ( Index ) to track performance of any market or strategy. BofA Merrill Lynch s only relationship to Athene Annuity and Life Company ( Licensee ) is the licensing of certain trademarks and trade names and the Index or components thereof. The Index is determined, composed and calculated by BofA Merrill Lynch without regard to the Licensee or the Product or its holders. BofA Merrill Lynch has no obligation to take the needs of the Licensee or the holders of the Product into consideration in determining, composing or calculating the Index. BofA Merrill Lynch is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of the Product to be issued or in the determination or calculation of the equation by which the Product is to be priced, sold, or purchased, or redeemed. BofA Merrill Lynch has no obligation or liability in connection with the administration or marketing of the Product. BOFA MERRILL LYNCH DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND BOFA MERRILL LYNCH SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, UNAVAILABILITY, OR INTERRUPTIONS THEREIN. BOFA MERRILL LYNCH MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, HOLDERS OF THE PRODUCT OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. BOFA MERRILL LYNCH MAKES NO EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL BOFA MERRILL LYNCH HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, INCIDENTAL, CONSEQUENTIAL DAMAGES, OR LOST PROFITS, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. BofA Merrill Lynch and the Merrill Lynch RPM Index are trademarks of Merrill Lynch, Pierce, Fenner & Smith Incorporated or its affiliates and have been licensed for use by Athene Annuity and Life Company. The Merrill Lynch RPM Index is the property of BofA Merrill Lynch, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Index. The Index is not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, S&P Dow Jones Indices ). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Index. Calculated by S&P Dow Jones Indices and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Licensee. The S&P 500 (the Index ) is a product of S&P Dow Jones Indices LLC or its affiliates ( SPDJI ), and has been licensed for use by Athene Annuity and Life Company. Standard & Poor s and S&P 500 are registered trademarks of Standard & Poor s Financial Services LLC ( S&P ); Dow Jones is a registered trademark of Dow Jones trademark Holdings LLC ( Dow Jones ); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Athene Annuity and Life Company. Athene Annuity and Life Company s Products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, S&P Dow Jones Indices ). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Athene Annuity and Life Company s Products particularly or the ability of the S&P 500 to track general market performance. S&P Dow Jones Indices only relationship to Athene Annuity and Life Company with respect to the S&P 500 is the licensing of the S&P 500 and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 is determined, composed and calculated by S&P Dow Jones Indices without regard to Athene Annuity and Life Company or the Athene Annuity and Life Company s Products. S&P Dow Jones Indices have no obligation to take the needs of Athene Annuity and Life Company or the owners of Athene annuity and Life Company s Products into consideration in determining, composing or calculating the S&P 500. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of Athene Annuity and Life Company s products or the timing of the issuance or sale of Athene Annuity and Life Company s Products or in the determination or calculation of the equation by which Athene Annuity and Life Company s products are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of Athene Annuity and Life Company s Products. There is no assurance that investment products based on the S&P 500 will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice. S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OR MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ATHENE ANNUITY AND LIFE COMPANY, OWNERS OF THE ATHENE ANNUITY AND LIFE COMPANY S PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND ATHENE ANNUITY AND LIFE COMPANY, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES. Annuities are not FDIC insured. Guarantees provided by annuities are subject to the financial strength of the issuing insurance company and not guaranteed by any bank or the FDIC. Balanced Allocation Strategy and Family Endowment Rider Max are registered trademarks of Annexus. All rights reserved including all rights to the Balanced Choice Annuity Elevate Annexus This material is provided by Athene Annuity and Life Company, headquartered in West Des Moines, Iowa, which issues the product described herein (08/18)