Thank you for your continued confidence in American Equity. We appreciate your business.

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1 Dear Valued Contract Owner: At American Equity we believe that our contract owners take an active interest in their retirement planning. That is why, in a rapidly changing world and economy, we pride ourselves on maintaining consistent, quality service while keeping our contract owners apprised of the allocation crediting methods available on our products. Three Additional Crediting Methods Available to You Here are three interest crediting methods available with your contract effective on your next anniversary date: 1. Volatility Control Index (VOL): This index crediting method is designed to provide stable and predictable performance over time by incorporating a control feature that limits potentially large up and down fluctuations (volatility) within the underlying index returns. The index used for this crediting method is the S&P 500 Dividend Aristocrats Daily Risk Control 5% Index, which uses the S&P 500 Dividend Aristocrats Total Return Index as the underlying index and a cash component as the volatility control feature. Allocation between the base index and the volatility control feature is dynamically adjusted to target 5% volatility. Index credits are based on the percentage of the annual increase in the index. If the index value on the current contract anniversary is higher than the index value on the previous contract anniversary, interest will be credited, less an Asset Fee. 2. Performance Triggered (PT): This index crediting method is designed to provide a declared credited rate if the reference index value is the same or has increased between two contract anniversaries. The PT is based on the S&P 500 in which a PT rate is declared annually. On each Contract Anniversary the index price is compared to the previous anniversary s index price. The declared PT rate is credited to the contract if the index price on the current Contract Anniversary is equal or greater than the previous Contract Anniversary index price. 3. Bond Yield with Cap (BYC): This index crediting method is typically intended for those who believe general interest rates will rise over time. It is an interest crediting method based on the 10-Yr. US Treasury Bond that works inversely to the current bond strategy and is most successful when general interest rates rise over time. Each Contract Anniversary the Bond Price is compared to the Bond Price on the previous anniversary. The Index Credit is based on the decrease in the Bond Price. Caps and/or Asset Fees are applied to the BYC Interest Credit Calculation. Enclosed you will find your 11-month summary and Transfer of Values form. This information will assist you with making your allocation changes for the upcoming contract year, if you choose to do so. In the interim, if you have any questions, please contact your American Equity Licensed agent. Thank you for your continued confidence in American Equity. We appreciate your business. Sincerely, Reallocation Department P.O. Box Des Moines, IA (Fax) life.american-equity.com

2 AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY [6000 Westown Parkway] [West Des Moines, Iowa 50266] [(888) ] [ ANNUAL POINT TO POINT VOLATILITY (VOL) INDEXED STRATEGY ENDORSEMENT This Endorsement is part of the Contract. Endorsement(s), rider(s), Contract and attached Application make up the entire Contract. VOL STRATEGY SPECIFICATIONS Contract No.:... [SPECIMEN] VOL Index:... [Standard & Poor s 500 Dividend Aristocrats Daily Risk Control 5% Index] VOL Index Price on Contract Date:... [ ] VOL Initial Premium:... [$5,000.00] VOL Allocated Bonus:... [$350.00] VOL Asset Fee:... [2.00%] VOL Asset Fee Guarantee Period:... [1 Contract Year] VOL Asset Fee Maximum:... [10.00%] Elements used in determining the credited rate from the index are not guaranteed and can be changed by the company, subject to the guarantees in the Contract, and any such changes can affect the return. Although Contract Values may be affected by an external Index, the Contract does not directly participate in any stock or equity investments. ENDORSEMENT BENEFIT This Endorsement provides an Interest Crediting Strategy into which you may direct all or any portion of your Initial Premium, and into or from which you may transfer all, or a portion of, your Contract Value under the Transfer of Values Option as described in the Contract. This Strategy calculates Interest Credits based upon changes in the annual Index Price on each Contract Anniversary. VOL Interest Credits, if any, will be added to your VOL Strategy Value on each Contract Anniversary. If the VOL Index is discontinued, we will substitute a suitable alternative index, approved by the IIPRC, and we will notify you. We may discontinue this Interest Crediting Strategy by notifying you. Terms or provisions used in this Endorsement shall take precedence over any conflicting terms or provisions of the Contract. DEFINITIONS When we use these words, we mean: We,our,us:American Equity Investment Life Insurance Company You, your: The Owner Endorsement: This Endorsement Contract: The Contract to which this Endorsement is attached. Owner: The Owner under the Contract. Allocated Bonus: That portion of your Bonus that is allocated to this Strategy. VOL Asset Fee: The percentage which we use in calculating the VOL Interest Credit as described below. We declare the VOL Asset Fee annually. The declared fee is guaranteed for the VOL Asset Fee Guarantee Period and will never be more than the VOL Asset Fee Maximum shown above. ICC14 E-VOL-B PAGE 51 of 68

3 VOL Index Price: VOL Index Price on the Contract Date is shown above. If the VOL Index Price is not available for any Contract Anniversary, we will use the VOL Index Price on the immediately preceding day for which it is available. VOL STRATEGY PROVISIONS VOL Interest Credit: The VOL Interest Credit is added to the VOL Strategy Value on each Contract Anniversary and is calculated as follows: (1) The VOL Index Price on the current Contract Anniversary; minus (2) The VOL Index Price on the previous Contract Anniversary (Contract Date for first Contract Year); divided by (3) The VOL Index Price on the previous Contract Anniversary (Contract Date for first Contract Year); less (4) The VOL Asset Fee; multiplied by (5) The ending Value in this Strategy on the previous Contract Anniversary (Contract Date for first Contract Year) adjusted for any Transferred Values, and less any Withdrawal Amounts taken since the previous Contract Anniversary. Each VOL Interest Credit will never be less than zero (0). VOL Strategy Value: (1) On the Contract Date: VOL Initial Premium plus Allocated Bonus shown above. (2) At each Contract Anniversary: a. The ending VOL Strategy Value on the previous Contract Anniversary (Contract Date for first Contract Year); less b. Any Withdrawal Amounts since the previous Contract Anniversary (Contract Date for first Contract Year); plus c. The VOL Interest Credit; adjusted for d. Any Transfer of Values into or out of this Strategy. (3) Between Contract Anniversaries: a. The ending VOL Strategy Value on the previous Contract Anniversary (Contract Date for first Contract Year); less b. Any Withdrawal Amounts since the previous Contract Anniversary (Contract Date for first Contract Year). Any Withdrawals from the VOL Strategy between Contract Anniversaries will not be credited with any VOL Interest Credit for that Contract Year. If we pay out Death Benefits or you select a Settlement Option or you Surrender your Contract between Anniversaries you will forfeit the VOL Interest Credit for that Contract Year. TERMINATION This Endorsement terminates upon the termination of the Contract to which it is attached. GENERAL Unless specifically stated otherwise in this Endorsement, all other definitions, provisions, and limitations of the Contract apply to this Endorsement. The "S&P and/or Dow Jones " is a product of S&P Dow Jones Indices LLC ( SPDJI ), and has been licensed for use by American Equity Investment Life Insurance Company. Standard & Poor s and S&P 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 ); Standard & Poor s, S&P and/or Dow Jones are trademarks of the SPDJI; and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by American Equity Investment Life Insurance Company. American Equity Investment Life Insurance Company s fixed indexed annuities are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such products nor do they have any liability for any errors, omissions, or interruptions of the S&P and/or Dow Jones. ICC14 E-VOL-B PAGE 52 of 68

4 [ SIGNED AT AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY WEST DES MOINES, IOWA Debra J. Richardson Secretary Ronald J. Grensteiner] President ICC14 E-VOL-B PAGE 53 of 68

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6 AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY [6000 Westown Parkway] [West Des Moines, Iowa 50266] [(888) ] [ PERFORMANCE TRIGGERED (PT) INDEXED STRATEGY ENDORSEMENT This Endorsement is part of the Contract. Endorsement(s), rider(s), Contract and attached Application make up the entire Contract. PT STRATEGY SPECIFICATIONS Contract No.:... [C-TGP] PT Index:... [Standard & Poor s 500 Composite Stock Price Index] PT Index Price on Contract Date:... [ ] PT Initial Premium:... [$5,000.00] PT Allocated Bonus:... [$350.00] Initial PT Rate:... [3.00%] PT Guarantee Period:... [1ContractYear] PT Guaranteed Minimum Rate:... [1.00%] Elements used in determining the credited rate from the index are not guaranteed and can be changed by the company, subject to the guarantees in the Contract, and any such changes can affect the return. Although Contract Values may be affected by an external Index, the Contract does not directly participate in any stock or equity investments. ENDORSEMENT BENEFIT This Endorsement provides an Interest Crediting Strategy into which you may direct all or any portion of your Initial Premium, and into or from which you may transfer all, or a portion of, your Contract Value under the Transfer of Values Option as described in the Contract. This Strategy calculates Interest Credits based upon changes in the annual Index Price on each Contract Anniversary. PT Interest Credits, if any, will be added to your PT Strategy Value on each Contract Anniversary. We may discontinue this Interest Crediting Strategy by notifying you. Terms or provisions used in this Endorsement shall take precedence over any conflicting terms or provisions of the Contract. DEFINITIONS When we use these words, we mean: We,our,us:American Equity Investment Life Insurance Company You, your: The Owner Endorsement: This Endorsement Contract: The Contract to which this Endorsement is attached. Owner: The Owner under the Contract. Allocated Bonus: That portion of your Bonus that is allocated to this Strategy. PT Index Price: The PT Index Price on the Contract Date is shown above. If the PT Index Price is not available for any Contract Anniversary, we will use the PT Index Price on the immediately preceding day for which it is available. Indices are published in the Wall Street Journal. If listed Index is discontinued, we will substitute a suitable alternative approved by the Interstate Insurance Product Regulation Commission and notify you and or any assignees. ICC13 E-PT-B PAGE 1 of 4

7 PT Rate: The percentage which we will use in calculating the PT Interest Credit as described below. We declare the PT Rate annually, which is guaranteed for the PT Guarantee Period. PT RATE PROVISIONS We will declare, at our discretion, a PT Rate for each subsequent PT Guarantee Period. Subsequent PT Rates may be higher or lower than the Initial PT Rate, but will never be lower than the PT Guaranteed Minimum Rate. Subsequent PT Rates may differ from the PT Rate used for new policies or for other policies issued at different times. We will declare the PT Rates on a basis which does not discriminate unfairly within any class of policies. PT STRATEGY PROVISIONS Allocation to PT Indexed Strategy: The Initial PT Guarantee Period for the PT Strategy begins on the Contract Date. Subsequent PT Guarantee Periods are consecutive and begin on the Contract Anniversary that coincides with the end of the preceding PT Guarantee Period. Allocations into or out of the PT Strategy can only be made on each Contract Anniversary, as described in the Transfer of Values Option in your Contract. PT Interest Credit: The PT Indexed Credit percentage is determined each Contract Anniversary and equals: (1) The PT Rate for the PT Guarantee Period, if the PT Index Price on the current Contract Anniversary is equal to or greater than the PT Index Price on the immediately preceding Contract Anniversary (Contract Date for first Contract Year); or (2) 0.00%, if the PT Index Price on the current Contract Anniversary is less than the PT Index Price on the immediately preceding Contract Anniversary (Contract Date for first Contract Year). Each PT Interest Credit will never be less than zero (0). The PT Interest Credit is calculated and credited to your PT Strategy Value on each Contract Anniversary. The amount of the PT Interest Credit on each Contract Anniversary equals: (1) The PT Interest Credit percentage; multiplied by (2) The ending PT Strategy Value on the previous Contract Anniversary, adjusted for any Transferred Values and less any Withdrawal Amounts taken since the previous Contract Anniversary. PT Strategy Value: (1) On the Contract Date: PT Initial Premium plus Allocated Bonus shown above. (2) At each Contract Anniversary: a. The ending PT Strategy Value on the previous Contract Anniversary (Contract Date for first Contract Year); less b. Any Withdrawal Amounts since the previous Contract Anniversary (Contract Date for first Contract Year); plus c. The PT Interest Credit; adjusted for d. Any Transfer of Values into or out of this Strategy. (3) Between Contract Anniversaries: a. The ending PT Strategy Value on the previous Contract Anniversary (Contract Date for first Contract Year); less b. Any Withdrawal Amounts since the previous Contract Anniversary (Contract Date for first Contract Year). Any Withdrawals from the PT Strategy between Contract Anniversaries will not be credited with any PT Interest Credit for that Contract Year. If we pay out Death Benefits or you select a Settlement Option or you Surrender your Contract between Anniversaries, you will forfeit the PT Interest Credit for that Contract Year. TERMINATION This Endorsement terminates upon the termination of the Contract to which it is attached. GENERAL Unless specifically stated otherwise in this Endorsement, all other definitions, provisions, and limitations of the Contract apply to this Endorsement. ICC13 E-PT-B PAGE 2 of 4

8 Standard & Poor s, S&P, S&P 500, Standard & Poor s 500 and 500 are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by American Equity Investment Life Insurance Company. This Product is not sponsored, endorsed, sold or promoted by Standard & Poor s and Standard & Poor s makes no representation regarding the advisability of purchasing this Product. SIGNED AT AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY WEST DES MOINES, IOWA DebraJ.Richardson Secretary RonaldJ.Grensteiner President ICC13 E-PT-B PAGE 3 of 4

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10 AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY [6000 Westown Parkway] [West Des Moines, Iowa 50266] [(888) ] [ ICC13 E-BYC-B BOND YIELD WITH CAP (BYC) INDEXED STRATEGY ENDORSEMENT This Endorsement is part of the Contract. Endorsement(s), rider(s), Contract and attached Application make up the entire Contract. BYC STRATEGY SPECIFICATIONS Contract No.:... [C-TGP] BYC Index:... [10-Year United States Treasury Bond] Bond CUSIP# on Contract Date:... [912828RR3] Bond Price on Contract Date:... [ ] Bond Maturity Date on Contract Date:... [March 4, 2025] BYC Initial Premium:... [$5,000.00] BYC Allocated Bonus... [$350.00] BYC Asset Fee:... [2.00%] BYC Asset Fee Guarantee Period:... Life Of Contract BYC Initial Index Interest Cap:... [8.00%] BYC Cap Guarantee Period:... [1 Contract Year] BYC Guaranteed Minimum Cap:... [3.00%] Elements used in determining the credited rate from the index are not guaranteed and can be changed by the company, subject to the guarantees in the Contract, and any such changes can affect the return. Although Contract Values may be affected by an external Index, the Contract does not directly participate in any stock or equity investments. ENDORSEMENT BENEFIT This Endorsement provides an Interest Crediting Strategy into which you may direct all or any portion of your Initial Premium, and into or from which you may transfer all, or a portion of, your Contract Value under the Transfer of Values Option as described in the Contract. This Strategy calculates Interest Credits based upon changes in the Index Price on each Contract Anniversary. BYC Interest Credits, if any, will be added to your BYC Strategy Value on each Contract Anniversary. We may discontinue this Interest Crediting Strategy by notifying you. Terms or provisions used in this Endorsement shall take precedence over any conflicting terms or provisions of the Contract. DEFINITIONS When we use these words, we mean: We,our,us:American Equity Investment Life Insurance Company You, your: The Owner Endorsement: This Endorsement Contract: The Contract to which this Endorsement is attached. Owner: The Owner under the Contract. Allocated Bonus: That portion of your Bonus that is allocated to this Strategy. BYC Index: The 10-Year United States Treasury Bond is the applicable security for determining your annual BYC Interest Credits. The specifications for the applicable BYC Index on your Contract Date are listed in the PAGE 1 of 4

11 Indexed Value Specifications section of your Contract, as clarified on page 1 of this Endorsement. Because the United States Treasury issues new 10-year bonds each quarter, the applicable BYC Index for each Contract Year in your Contract will be different. The Bond CUSIP#, Price, and Maturity Date for the applicable BYC Index to be used in determining the BYC Interest Credit for each Contract Year after the first, will be disclosed in the Annual Statement you will receive on or about each Contract Anniversary. If the 10-Year United States Treasury Bond is discontinued, we will substitute a suitable alternative approved by the Interstate Insurance Product Regulation Commission and notify you and or any assignees. Bond Price: The Bond Price on any specified date is the current published price of the applicable BYC Index. The Bond Price on the Contract Date and the Bond Price on the first Contract Anniversary are used to calculate the BYC Interest Credit for the first Contract Year. For each Contract Year thereafter, we use the Bond Price for the most recently issued BYC Index as of the then current Contract Year to calculate the BYC Interest Credit for that Contract Year. If the Bond Price is not available for any specified date, we will use the applicable Bond Price on the immediately preceding business day for which it is available. The Bond Price is published in the Wall Street Journal. BYC Asset Fee: The percentage which we use in calculating the BYC Interest Credit as described below. We declare the BYC Asset Fee at issue and guarantee the BYC Asset Fee for the duration of the BYC Asset Fee Guarantee Period shown above. BYC Index Interest Cap: The percentage which we use in calculating the BYC Interest Credit as described below. The Initial Indexed Interest Cap listed above applies only to the Initial Premium listed above. We declare the BYC Indexed Interest Cap annually, which is guaranteed for the BYC Cap Guarantee Period, and will never be less than the BYC Guaranteed Minimum Cap listed above. Subsequent Indexed Interest Caps may differ from the Indexed Interest Cap used for new policies or for other policies issued at different times. The Company will declare the Indexed Interest Caps on a basis which does not discriminate unfairly within any class of policies. BYC STRATEGY PROVISIONS BYC Interest Credit: The BYC Interest Credit is added to the BYC Strategy Value on each Contract Anniversary and is calculated as follows: (1) The BYC Index Price on the previous Contract Anniversary (Contract Date for first Contract Year); less (2) The BYC Index Price on the current Contract Anniversary; divided by (3) The BYC Index Price on the previous Contract Anniversary (Contract Date for first Contract Year); (4) Result not to exceed the BYC Indexed Interest Cap; less (5) The BYC Asset Fee; multiplied by (6) The ending Value in this Strategy on the previous Contract Anniversary (Contract Date for first Contract Year) adjusted for any Transferred Values, and less any Withdrawal Amounts taken since the previous Contract Anniversary. Each BYC Interest Credit will never be less than zero (0). BYC Strategy Value: (1) On the Contract Date: BYC Initial Premium plus Allocated Bonus shown above. (2) At each Contract Anniversary: a. The ending BYC Strategy Value on the previous Contract Anniversary (Contract Date for first Contract Year); less b. Any Withdrawal Amounts since the previous Contract Anniversary (Contract Date for first Contract Year); plus c. The BYC Interest Credit; adjusted for d. Any Transfer of Values into or out of this Strategy. (3) Between Contract Anniversaries: a. The ending BYC Strategy Value on the previous Contract Anniversary (Contract Date for first Contract Year); less b. Any Withdrawal Amounts since the previous Contract Anniversary (Contract Date for first Contract Year). ICC13 E-BYC-B PAGE 2 of 4

12 Any Withdrawals from the BYC Strategy between Contract Anniversaries will not be credited with any BYC Interest Credit for that Contract Year. If we pay out Death Benefits or you select a Settlement Option or you Surrender your Contract between Contract Anniversaries you will forfeit the BYC Interest Credit for that Contract Year. TERMINATION This Endorsement terminates upon the termination of the Contract to which it is attached. GENERAL Unless specifically stated otherwise in this Endorsement, all other definitions, provisions, and limitations of the Contract apply to this Endorsement. SIGNED AT AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY WEST DES MOINES, IOWA DebraJ.Richardson Secretary RonaldJ.Grensteiner President ICC13 E-BYC-B PAGE 3 of 4

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