BCA Elevate BalancedChoice Annuity Elevate

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1 BCA Elevate BalancedChoice Annuity Elevate A single premium fixed indexed deferred annuity A single premium fixed indexed deferred annuity is a long-term retirement savings product that can help protect you from outliving your money. It s a contract between you and an insurance company. In return for your money, or premium, the insurance company agrees to provide certain benefits. When you put money into an Athene fixed indexed deferred annuity, you create something that can grow over the years, and then, at a later time, can pay you an income for a period of time, even for a lifetime. And since it s your money, we ve made sure our annuities have many options so they can be customized for you, your family and your life. Prepared On: January 5,208 Prepared For: d Client Prepared By: Stan The Annuity Man P.O. Box 2225 Ponte Vedra Beach, This is a hypothetical Illustration. An illustration is not intended to predict actual performance. Interest rates or values shown in the illustration are not guaranteed, except for those labeled as guaranteed. Athene Annuity and Life Company 7700 Mills Civic Parkway West Des Moines, IA Tel: (888-ANNUITY) A Disclosure Summary and a Buyer s Guide to Fixed Indexed Deferred Annuities must accompany this illustration. If you have not received these documents, please request them from your financial professional. Page of 8 pages

2 BCA Elevate BalancedChoice Annuity Elevate 2 Finding a Balance. More than ever, a significant population of Americans are living to 90 and above. There are opportunities available today that can reduce the guesswork and address these retirement issues more effectively than ever before. The is a single premium indexed deferred annuity that has been developed specifically to be an integral part of a sound, long-term retirement plan and to help turn your vision of retirement into a reality by offering: The guarantees and protection from downside market risk you need for your retirement savings, including a premium protection feature The opportunity for long-term accumulation of your principal Flexibility to access your retirement savings The opportunity to create a guaranteed lifetime income Tax deferral FamilyEndowment Rider Preserve a legacy. The BalancedChoice Annuity Elevate 2 offers a patent-pending FamilyEndowment Rider (FER ) that helps ensure a legacy for your beneficiaries by: Guaranteeing a death benefit to beneficiaries that pays a minimum amount equal to your Initial Premium Amount, accumulated at a specified percent (less any prior withdrawals and strategy rider charges if applicable) Protecting your legacy against market downturns Preserving a value that will be passed to your beneficiaries even if you need to take some withdrawals With the FER, your beneficiary will receive the greater of the Base Death Benefit or the benefit provided by this rider There is a charge for this Rider. The allows you to choose how interest is credited to your annuity by means of the BalancedAllocation Strategy. There may be a charge for this Strategy Rider. Under current tax law, the Internal Revenue Code already provides tax deferral to IRAs, so there is no additional tax benefit obtained by funding an IRA with an annuity; consider the other benefits provided by an annuity, such as lifetime income and a Death Benefit. Page 2 of 8 pages /5/208 0:54 AM Prepared for d Client

3 BCA Elevate Hypothetical Illustration Assumed Issue Date: January 5, 208 A single premium fixed indexed deferred annuity Owner/Annuitant: Age/Gender: d Client 60/Male Issue State: Florida Tax Qualification: Qualified Initial Premium Amount: $00,000 Illustration Explanation Product Details The BalancedAllocation Strategy Option A: S&P 500 (with fee) Index Allocation Percentage : 65% Initial Annual Strategy Rider Charge Rate:.50%* Additional Benefits: FamilyEndowment Rider (FER) Initial Annual EDB Rider Charge Rate: 0.50% FER Benefit Interest Rate: 3.00% What does this annuity illustration tell you? To help explain how this product works, this illustration shows annuity contract values under the following scenarios: guaranteed annuity contract values that show minimum values, non-guaranteed annuity contract values based on the historical index performance over the Specified Period (2/3/986-2/3/206) and non-guaranteed annuity contract values based on the historical index performance of the most recent 0 years, all of which apply rates and rider charges that are current as of 0/5/208. The illustration also includes hypothetical annuity contract values using the following index return scenarios: the most recent 0-years, the highest 0-year index movement out of the last 20 years, and the lowest 0-year index movement out of the last 20 years. See page for specified time periods. The hypothetical contract values are calculated based on historical index prices and assume the index will repeat historical performance and that the annuity's current non-guaranteed elements will not change. It is likely that the index will not repeat historical performance, the non-guaranteed elements will change, and actual values will be higher or lower than those in this illustration. However, the actual values will not be less than the minimum guarantees. The values in this illustration are not guarantees or even estimates of the amounts you can expect to receive. * Rate is guaranteed for the first term only. Athene may declare a new rate at the beginning of each 2-year term. The index element is linked to the performance of the S&P 500 Index. Page 3 of 8 pages

4 Hypothetical Illustration Assumed Issue Date: January 5, 208 Here s a View of Guaranteed Annuity Contract s Annual Assumed Interest Rate: 0.00% This hypothetical illustration is based on the allocation percentages and rates that are current as of the Assumed Issue Date of this illustration. This hypothetical illustration is based on a $00,000 Initial Premium Amount. Year Ending BOY age EOY age RMD Withdrawals Minimum Guaranteed Contract Base Contract s Cash Surrender 2 Accumulation Base Death Benefit 3 Family Endowment Rider Death Benefit 3 (3.00%) Cumulative Withdrawals 0/ $0 $87,872 $87,872 $98,000 $00,000 $03,000 $0 0/ $0 $88,233 $88,233 $96,05 $00,000 $06,090 $0 0/ $0 $88,582 $88,582 $93,564 $00,000 $09,273 $0 0/ $0 $88,99 $88,99 $9,47 $00,000 $2,55 $0 0/ $0 $89,242 $89,242 $88,76 $00,000 $5,927 $0 0/ $0 $89,55 $89,55 $86,406 $00,000 $9,405 $0 0/ $0 $89,847 $89,847 $84,08 $00,000 $22,987 $0 0/ $0 $90,27 $90,27 $8,784 $00,000 $26,676 $0 0/ $0 $90,39 $90,39 $79,55 $00,000 $30,477 $0 0/ $0 $90,639 $90,639 $77,273 $00,000 $34,39 $0 0/ $3,308 $87,562 $87,562 $7,747 $96,692 $34,252 $3,308 0/ $3,304 $84,458 $84,458 $66,337 $93,388 $33,804 $6,62 0/ $3,299 $8,33 $90,089 $6,042 $90,089 $32,976 $9,9 0/ $3,647 $77,828 $86,44 $55,509 $86,44 $30,853 $3,559 0/ $3,632 $74,37 $82,809 $50,2 $82,809 $28,087 $7,9 0/ $3,66 $70,800 $79,93 $44,854 $79,93 $24,559 $20,807 0/ $3,600 $67,282 $75,594 $39,734 $75,594 $20,35 $24,406 0/ $3,566 $63,785 $72,028 $34,773 $72,028 $4,76 $27,972 0/ $3,548 $60,298 $68,480 $29,956 $68,480 $08,076 $3,520 0/ $3,52 $56,846 $64,968 $25,304 $64,968 $00,084 $35,032 0/ $3,474 $53,437 $6,494 $20,824 $6,494 $90,525 $38,506 0/ $3,435 $50,08 $58,058 $6,59 $58,058 $79,49 $4,942 0/ $3,395 $46,789 $54,663 $2,398 $54,663 $65,669 $45,337 0/ $3,354 $43,573 $5,30 $8,468 $5,30 $49,750 $48,69 0/ $3,30 $40,448 $47,999 $4,740 $47,999 $30,999 $52,00 0/ $3,243 $37,609 $44,756 $,402 $44,756 $9,606 $55,244 0/ $,374 $36,62 $43,382 $0 $43,382 $0 $56,68 Please see page 6 for information regarding RMD calculations. 2 Cash Surrender (CSV) does not include applicable Market Adjustments (MVA). See possible implications of MVA on your CSV on page 5. 3 The actual Death Benefit paid out is the greater of the Base Death Benefit and the FamilyEndowment Rider. Page 4 of 8 pages

5 Hypothetical Illustration Assumed Issue Date: January 5, 208 Here s a View of Guaranteed Annuity Contract s (continued) Annual Assumed Interest Rate: 0.00% This hypothetical illustration is based on the allocation percentages and rates that are current as of the Assumed Issue Date of this illustration. This hypothetical illustration is based on a $00,000 Initial Premium Amount. Year Ending BOY age EOY age RMD Withdrawals Minimum Guaranteed Contract Base Contract s Cash Surrender 2 Accumulation Base Death Benefit 3 Family Endowment Rider Death Benefit 3 (3.00%) Cumulative Withdrawals 0/ $0 $36,978 $43,382 $0 $43,382 $0 $56,68 0/ $0 $37,347 $43,382 $0 $43,382 $0 $56,68 0/ $0 $37,72 $43,382 $0 $43,382 $0 $56,68 0/ $0 $38,098 $43,382 $0 $43,382 $0 $56,68 0/ $0 $38,479 $43,382 $0 $43,382 $0 $56,68 0/ $0 $38,864 $43,382 $0 $43,382 $0 $56,68 0/ $0 $39,252 $43,382 $0 $43,382 $0 $56,68 0/ $0 $39,645 $43,382 $0 $43,382 $0 $56,68 What Happens on my Contract s Annuity Date? On the Contract s Annuity Date, you can elect a guaranteed stream of income that will last as long as your retirement. There are a variety of payout options available to meet your needs. As illustrated, this Contract would annuitize on 0/2053. Below is an example of the guaranteed income stream that you would receive on this Contract based upon the Guaranteed Annuity Contract s above. These values are calculated based upon the guaranteed Cash Surrender assuming a 0 year certain in life settlement option on the life of d Client. Guaranteed Annuitization Factor: 8.89 Guaranteed Monthly Payment: $386 Please see page 6 for information regarding RMD calculations. 2 Cash Surrender (CSV) does not include applicable Market Adjustments (MVA). See possible implications of MVA on your CSV on page 5. 3 The actual Death Benefit paid out is the greater of the Base Death Benefit and the FamilyEndowment Rider. Page 5 of 8 pages

6 Here s a View of Non-Guaranteed Annuity Contract s 30-Year Backcast: The Assumed Interest Rate does not reflect charges. However, charges are reflected in the Accumulation. Hypothetical Illustration Assumed Issue Date: January 5, 208 Annual Assumed Interest Rate: 6.8% This hypothetical illustration is based on the allocation percentages and rates that are current as of the Assumed Issue Date of this illustration. This hypothetical illustration is based on a $00,000 Initial Premium Amount. Interest credits, if any, are applied at the end of each two-year Term. Please see page 4 for guaranteed values. Year Ending BOY age EOY age RMD Withdrawals Cash Surrender 2 Base Contract s Accumulation Balanced Allocation Base Death Benefit 3 Please see page 6 for information regarding RMD calculations. 2 Cash Surrender (CSV) does not include applicable Market Adjustments (MVA). See possible implications of MVA on your CSV on page 5. 3 The actual Death Benefit paid out is the greater of the Base Death Benefit and the FamilyEndowment Rider. Family Endowment Rider Death Benefit 3 (3.00%) Cumulative Withdrawals 0/ $0 $87,872 $98,000 $04,674 $04,674 $03,000 $0 0/ $0 $95,574 $09,537 $09,537 $09,537 $06,090 $0 0/ $0 $94,953 $07,364 $4,675 $4,675 $09,273 $0 0/ $0 $05,87 $20,024 $20,024 $20,024 $2,55 $0 0/ $0 $05,656 $7,66 $25,674 $25,674 $5,927 $0 0/ $0 $8,38 $3,558 $3,558 $3,558 $9,405 $0 0/ $0 $8,59 $28,987 $37,77 $37,77 $22,987 $0 0/ $0 $32,424 $44,245 $44,245 $44,245 $26,676 $0 0/ $0 $32,32 $4,448 $5,080 $5,080 $30,477 $0 0/ $0 $48,20 $58,204 $58,204 $58,204 $34,39 $0 0/ $5,774 $4,973 $49,753 $59,95 $59,95 $32,823 $5,774 0/ $5,65 $55,77 $6,873 $6,873 $6,873 $3,375 $,425 0/ $6,323 $53,497 $52,868 $63,278 $63,278 $29,298 $7,748 0/ $6,24 $64,829 $64,829 $64,829 $64,829 $27,333 $23,963 0/ $6,926 $55,846 $55,236 $65,808 $65,808 $24,78 $30,888 0/ $6,805 $66,926 $66,926 $66,926 $66,926 $22,230 $37,694 0/ $7,588 $57,287 $56,707 $67,379 $67,379 $9,054 $45,28 0/ $7,49 $67,997 $67,997 $67,997 $67,997 $6,046 $52,700 0/ $8,276 $57,692 $57,49 $67,85 $67,85 $2,323 $60,976 0/ $8,087 $67,865 $67,865 $67,865 $67,865 $08,792 $69,063 0/ $8,977 $56,896 $56,398 $67,049 $67,049 $04,553 $78,040 0/ $8,765 $66,387 $66,387 $66,387 $66,387 $00,537 $86,805 0/ $9,730 $54,79 $54,279 $64,785 $64,785 $95,806 $96,535 0/ $9,492 $63,329 $63,329 $63,329 $63,329 $9,332 $06,027 0/ $0,537 $50,926 $50,556 $60,809 $60,809 $86,52 $6,564 0/ $0,98 $58,986 $58,986 $58,986 $58,986 $78,89 $26,762 0/ $,276 $46,340 $46,045 $55,990 $55,990 $7,085 $38,038 0/ $0,92 $53,93 $53,93 $53,93 $53,93 $63,973 $48,958 Page 6 of 8 pages

7 Here s a View of Non-Guaranteed Annuity Contract s (continued) 30-Year Backcast: The Assumed Interest Rate does not reflect charges. However, charges are reflected in the Accumulation. Hypothetical Illustration Assumed Issue Date: January 5, 208 Annual Assumed Interest Rate: 6.8% This hypothetical illustration is based on the allocation percentages and rates that are current as of the Assumed Issue Date of this illustration. This hypothetical illustration is based on a $00,000 Initial Premium Amount. Interest credits, if any, are applied at the end of each two-year Term. Please see page 4 for guaranteed values. Year Ending BOY age EOY age RMD Withdrawals Cash Surrender 2 Base Contract s Accumulation Balanced Allocation Base Death Benefit 3 Family Endowment Rider Death Benefit 3 (3.00%) Cumulative Withdrawals 0/ $2,062 $39,80 $39,602 $49,09 $49,09 $56,545 $6,02 0/ $,65 $45,223 $45,223 $45,223 $45,223 $49,798 $72,672 0/ $2,739 $3,232 $3,8 $40,048 $40,048 $42,875 $85,4 0/ $2,5 $35,90 $35,90 $35,90 $35,90 $36,70 $97,562 0/ $3,254 $20,770 $20,753 $28,976 $28,976 $30,48 $20,86 0/ $2,580 $23,3 $23,3 $23,3 $23,3 $25,037 $223,396 0/ $3,529 $08,600 $08,600 $5,996 $5,996 $9,675 $236,925 What Happens on my Contract s Annuity Date? On the Contract s Annuity Date, you can elect a non-guaranteed stream of income that will last as long as your retirement. There are a variety of payout options available to meet your needs. As illustrated, this Contract would annuitize on 0/2053. Below is an example of the non-guaranteed income stream that you would receive on this Contract based upon the Non-Guaranteed Annuity Contract s above. These values are calculated based upon the non-guaranteed Cash Surrender assuming a 0 year certain in life settlement option on the life of d Client. Non-Guaranteed Annuitization Factor: 8.89 Non-Guaranteed Monthly Payment: $965 Please see page 6 for information regarding RMD calculations. 2 Cash Surrender (CSV) does not include applicable Market Adjustments (MVA). See possible implications of MVA on your CSV on page 5. 3 The actual Death Benefit paid out is the greater of the Base Death Benefit and the FamilyEndowment Rider. Page 7 of 8 pages

8 Hypothetical Illustration Assumed Issue Date: January 5, 208 Here s a View of Non-Guaranteed Annuity Contract s Annual Assumed Interest Rate: 6.38% Geometric mean of the most recent 0 years: The Assumed Interest Rate does not reflect charges. However, charges are reflected in the Accumulation. This hypothetical illustration is based on the allocation percentages and rates that are current as of the Assumed Issue Date of this illustration. This hypothetical illustration is based on a $00,000 Initial Premium. Interest credits, if any, are applied at the end of each two-year Term. Please see page 4 for guaranteed values. Year Ending BOY age EOY age RMD Withdrawals Cash Surrender 2 Base Contract s Accumulation Balanced Allocation Base Death Benefit 3 Please see page 6 for information regarding RMD calculations. 2 Cash Surrender (CSV) does not include applicable Market Adjustments (MVA). See possible implications of MVA on your CSV on page 5. 3 The actual Death Benefit paid out is the greater of the Base Death Benefit and the FamilyEndowment Rider. Family Endowment Rider Death Benefit 3 (3.00%) Cumulative Withdrawals 0/ $0 $87,872 $98,000 $04,26 $04,26 $03,000 $0 0/ $0 $94,833 $08,675 $08,675 $08,675 $06,090 $0 0/ $0 $94,67 $06,55 $3,320 $3,320 $09,273 $0 0/ $0 $04,60 $8,33 $8,33 $8,33 $2,55 $0 0/ $0 $03,944 $5,798 $23,96 $23,96 $5,927 $0 0/ $0 $5,590 $28,445 $28,445 $28,445 $9,405 $0 0/ $0 $5,308 $25,92 $33,966 $33,966 $22,987 $0 0/ $0 $28,252 $39,69 $39,69 $39,69 $26,676 $0 0/ $0 $27,895 $36,963 $45,73 $45,73 $30,477 $0 0/ $0 $42,280 $5,959 $5,959 $5,959 $34,39 $0 0/ $5,546 $36,290 $43,794 $52,98 $52,98 $33,006 $5,546 0/ $5,426 $48,327 $54,35 $54,35 $54,35 $3,73 $0,972 0/ $6,02 $46,069 $45,505 $54,80 $54,80 $29,887 $6,993 0/ $5,94 $55,572 $55,572 $55,572 $55,572 $28,43 $22,907 0/ $6,537 $46,995 $46,453 $55,80 $55,80 $25,80 $29,443 0/ $6,49 $56,47 $56,47 $56,47 $56,47 $23,588 $35,862 0/ $7,098 $47,027 $46,56 $55,876 $55,876 $20,742 $42,960 0/ $6,935 $55,729 $55,729 $55,729 $55,729 $8,043 $49,895 0/ $7,67 $46,067 $45,592 $54,894 $54,894 $4,692 $57,567 0/ $7,49 $54,78 $54,78 $54,78 $54,78 $,506 $65,057 0/ $8,245 $43,989 $43,558 $52,730 $52,730 $07,674 $73,302 0/ $8,044 $5,397 $5,397 $5,397 $5,397 $04,030 $8,346 0/ $8,854 $40,66 $40,284 $49,246 $49,246 $99,727 $90,200 0/ $8,630 $47,206 $47,206 $47,206 $47,206 $95,638 $98,829 0/ $9,497 $35,906 $35,593 $44,256 $44,256 $90,890 $08,326 0/ $9,83 $4,987 $4,987 $4,987 $4,987 $83,803 $7,509 0/ $0,070 $30,640 $30,392 $38,723 $38,723 $76,346 $27,579 0/ $9,749 $35,622 $35,622 $35,622 $35,622 $69,445 $37,328 Page 8 of 8 pages

9 Hypothetical Illustration Assumed Issue Date: January 5, 208 Here s a View of Non-Guaranteed Annuity Contract s (continued) Annual Assumed Interest Rate: 6.38% Geometric mean of the most recent 0 years: The Assumed Interest Rate does not reflect charges. However, charges are reflected in the Accumulation. This hypothetical illustration is based on the allocation percentages and rates that are current as of the Assumed Issue Date of this illustration. This hypothetical illustration is based on a $00,000 Initial Premium. Interest credits, if any, are applied at the end of each two-year Term. Please see page 4 for guaranteed values. Year Ending BOY age EOY age RMD Withdrawals Cash Surrender 2 Base Contract s Accumulation Balanced Allocation Base Death Benefit 3 Family Endowment Rider Death Benefit 3 (3.00%) Cumulative Withdrawals 0/ $0,679 $23,723 $23,550 $3,444 $3,444 $62,246 $48,007 0/ $0,30 $27,434 $27,434 $27,434 $27,434 $55,655 $58,38 0/ $,78 $5,09 $5,05 $22,363 $22,363 $48,893 $69,496 0/ $0,658 $7,570 $7,570 $7,570 $7,570 $42,88 $80,54 0/ $,526 $04,986 $04,972 $,678 $,678 $36,665 $9,68 0/ $0,936 $06,095 $06,095 $06,095 $06,095 $3,224 $202,67 0/ $,659 $93,545 $93,545 $99,522 $99,522 $25,840 $24,275 What Happens on my Contract s Annuity Date? On the Contract s Annuity Date, you can elect a non-guaranteed stream of income that will last as long as your retirement. There are a variety of payout options available to meet your needs. As illustrated, this Contract would annuitize on 0/2053. Below is an example of the non-guaranteed income stream that you would receive on this Contract based upon the Non-Guaranteed Annuity Contract s above. These values are calculated based upon the non-guaranteed Cash Surrender assuming a 0 year certain in life settlement option on the life of d Client. Non-Guaranteed Annuitization Factor: 8.89 Non-Guaranteed Monthly Payment: $832 Please see page 6 for information regarding RMD calculations. 2 Cash Surrender (CSV) does not include applicable Market Adjustments (MVA). See possible implications of MVA on your CSV on page 5. 3 The actual Death Benefit paid out is the greater of the Base Death Benefit and the FamilyEndowment Rider. Page 9 of 8 pages

10 Historical Index Movement Comparison Assumed Issue Date: January 5, 208 Historical Index Movement Comparison - Most Recent 0, Highest, and Lowest Periods The following comparison chart is intended to reflect the Accumulation based upon the historical performance of the index under three different scenarios, as described below. This chart assumes current rider charges and current rates as shown on page 3 of this illustration. This chart assumes no withdrawals are taken in the first 0 Contract Years. The values shown are not guaranteed; actual results may be higher or lower. Contract Year For the Most Recent 0 scenario, the indexed-based interest rate and Accumulation are calculated to reflect the historical performance of the index for the most recent 0 calendar year period. Assumed Interest Rate Accumulation The Highest index scenario reflects the historical performance of the index for a continuous period of 0 years out of the last 20 years that would result in the most index value growth. Assumed Interest Rate Accumulation The Lowest index scenario reflects the historical performance of the index for a continuous period of 0 years out of the last 20 years that would result in the least index value growth. Assumed Interest Rate Accumulation N/A $98,000 N/A $98,000 N/A $98, % $96, % $47, % $96,05 3 N/A $94,044 N/A $45,06 N/A $94, % $5, % $42, % $92,087 5 N/A $3,276 N/A $39,64 N/A $90, % $20, % $36, % $4,367 7 N/A $8,259 N/A $34,35 N/A $2, % $49, % $6, % $2,335 9 N/A $46,4 N/A $58,740 N/A $8, % $5, % $79, % $6,446 Geometric Mean Assumed Interest Rate* = 6.38% Geometric Mean Assumed Interest Rate* = 8.2% Geometric Mean Assumed Interest Rate* = 3.66% * The Assumed Interest Rate does not reflect charges. However, charges are reflected in the Accumulation. Page 0 of 8 pages

11 Historical Index Movement Comparison Assumed Issue Date: January 5, 208 Historical Index Movement Comparison - Most Recent 0, Highest, and Lowest Periods The following graph is intended to reflect the movement of the Accumulation for each of the three scenarios above. The table below shows the Most Recent 0, Highest, and Lowest time periods of index movement and the corresponding index closing values for each index respectively. S&P 500 Index Index Most Recent 0 Highest Lowest 2/3/2006-2/3/ /3/997-04/3/ /09/999-03/09/ Page of 8 pages

12 BalancedAllocation Strategy Options The patented BalancedAllocation Strategy allows you to choose from different options. These options determine your interest using a formula combining an index allocation and declared rate allocation. The index element is linked to the performance of a market index or blend of indices. The declared rate is based on an interest rate set by the Company. The appreciation if any, from the declared rate allocation plus the index allocation if any, are added together to determine the amount of Interest Earnings under the strategy. This patented BalancedAllocation Strategy offers you the potential for better long-term accumulation, particularly in periods of low interest rates. It s important to note that that your contract may apply an Annual Strategy Rider Charge, if applicable, by multiplying the Accumulation and a strategy charge rate on every Contract Anniversary. A portion of that charge (/2th) is deducted from the Contract s Accumulation at the beginning of every month. Strategy charge rates are set at contract issue and can change for each renewal Term. BalancedAllocation Strategy The appreciation from a predetermined blend Index Allocation + Declared Rate Allocation Interest Earnings Under the BalancedAllocation Strategy Balanced Allocation Strategy Your Premium + Interest Earned - Charges and Withdrawals = Accumulation Premium Protection With the, the premium protection feature (referred to as the Return of Premium Guarantee Amount in the Contract) ensures that any strategy and/or optional rider charges in your Contract will never result in you getting back less than the Premium paid, plus any applicable Premium Bonus, minus any Withdrawals, provided the contract is not surrendered during the Withdrawal Charge period and no early Withdrawals are taken in excess of your Contract s Free Withdrawal amount. Therefore, if the Product Information Contract is surrendered before the Withdrawal Charge period or if early Withdrawals are taken in excess of the Free Withdrawal amount, you could receive less than your original premium. Free Withdrawals The allows you to access your money should the need arise. You may withdraw 5% of your Accumulation during the first 2 months. Thereafter, you may withdraw up to 0% of your Accumulation each subsequent 2-month period. No Traditional Caps There are no traditional caps placed on the upside earnings potential of the BalancedAllocation Strategy. Although the has no traditional cap on indexed earnings, the Index Allocation Percentages are determined at the beginning of each 2- year term by the Athene Annuity and Life Company. FamilyEndowment Rider The offers an optional rider called the FamilyEndowment Rider (referred to in the Contract as the Enhanced Death Benefit Rider). The FamilyEndowment Rider guarantees that your Beneficiaries will receive the greater of the base contract death benefit or the death benefit provided by this rider. This death benefit is provided upon the Annuitant s death. Interest will accumulate for a specified number of years defined in the Contract or the date the Contract is terminated, whichever occurs first. After the specified number of years defined in the Contract, the FER benefit will not continue to grow, but the benefit will still be part of your Contract. The Rider charges are calculated at the beginning of each Contract Year by multiplying the EDB Crediting Base 2 and the Annual Enhanced Death Benefit Rider Charge Rate. One-twelfth of that calculated charge is deducted from both the Accumulation and the Minimum Guaranteed Contract, in applicable states, every month until the Rider Charge Stop Date. The Annual Enhanced Death Benefit Rider Charge Rate is defined in the contract for two periods of time, the first being the initial years for which the Withdrawal Charges apply, and the second being all years thereafter. Interest earned, if any, is credited on Term End Date. The strategy rider charge, if applicable, is taken out of the Accumulation monthly. Other optional rider charges are taken out of the Accumulation monthly, the EDB Crediting Base if applicable and the Minimum Guaranteed Contract, in applicable states. 2 This can be found in Disclosure Summary or Contract. Page 2 of 8 pages

13 Product Information Withdrawal Charges Contract Year Withdrawal Charge Rate 4.50% 4.00% 3.50% 3.00% 2.00%.00% 0.00% 9.00% 8.00% 7.00% 6.00% 4.00% Page 3 of 8 pages

14 Definition of Terms 30-Year Backcast The interest-crediting rate assumed for the projected, nonguaranteed Accumulation column is based on the Contract s BalancedAllocation Strategy option selected, the current charges for that option and any riders selected as of the Assumed Issue Date of this illustration. The Index Allocation Percentage of the BalancedAllocation Strategy is applied to the historical movement of the index (excluding dividends), then averaged over the most recent 30-year period ending2/3/207. Accumulation Initial Premium Amount plus interest credited, minus withdrawals and any applicable charges Annuitization Converting the Contract into a series of periodic payments on the Annuity Date. Once the Contract is annuitized, the amount or frequency of the annuity payments cannot be stopped or modified. Annuity Date The date annuity payments are to begin Assumed Interest Rate A hypothetical interest rate credited to the annuity s Accumulation. The rate will vary based on different historical scenarios. Assumed Issue Date The effective date that reflects the Company s current rates as of that day Balanced Allocation The greater of the Accumulation plus any interest for the current Term or the Return of Premium Guarantee Amount. Base Death Benefit Equal to the greater of the Cash Surrender or the Balanced Allocation (the actual Death Benefit amount paid to the beneficiaries upon the death of the annuitant is the greater of the FER Death Benefit or the Base Death Benefit). Beginning of Year Age The beginning of year age(s) is the age(s) at the beginning of the Contract Cash Surrender The greater of the Accumulation, adjusted for any withdrawals, applicable charges and Market Adjustments, the Minimum Guaranteed Contract or the Return of Premium Guarantee Amount which is zero until the end of the 2th Contract Year. Contract Year Contract Years are determined from the Assumed Issue Date. (For example, if the Contract s Assumed Issue Date is January 0, 204, the first Contract Year ends January 9, 205.) Cumulative Withdrawals Year over year sum of Free Partial Withdrawals, Required Minimum Distributions, Lifetime Income Withdrawals and Confinement Benefit, if applicable Declared Rate Allocation Percentage The component of the interest crediting calculation that is linked to a set declared rate determined by the Company End of Year Age The end of year age(s) is the age(s) at the beginning of the Contract, plus the number of Contract Years. FamilyEndowment Rider Death Benefit Equal to the Initial Premium Amount plus interest credited until the rider charges no longer apply, less any withdrawals and strategy rider charges if applicable. The actual Death Benefit amount paid to the beneficiaries upon the death of the annuitant is the greater of the FamilyEndowment Rider Death Benefit or the Base Death Benefit. Index Allocation Percentage The component of the interest crediting calculation that is linked to the market index performance Initial Premium Amount The amount paid for the annuity Minimum Guaranteed Contract The minimum value of the Contract, required by law, while the Contract is in-force. Required Minimum Distribution (RMD) Withdrawals The minimum amounts required by the Internal Revenue Code that a tax qualified Contract owner must withdraw annually. Generally these withdrawals must commence in the year following the year he or she reaches 70½ years of age. Term The length of time, expressed in whole years, between the crediting of interest earnings. Year Ending Each 2-month period of time starting from the Assumed Issue Date. Page 4 of 8 pages

15 Market Adjustment The Potential Impact of a Market Adjustment (MVA) on Cash Surrender s Positive Sample Scenario Shows the effect of a MVA on the hypothetical Cash Surrender if the interest rate DECREASES 0.5% each year from the assumed initial interest rate. Negative Sample Scenario Shows the effect of a MVA on the hypothetical Cash Surrender if the interest rate INCREASES 0.5% each year from the assumed initial interest rate. Market Adjustment (MVA) When you make a withdrawal in excess of the free amount during the annuity s withdrawal charge period, the amount you receive may be increased or decreased by a Market Adjustment (MVA). If the 0 Year Point on the A Rated US Bloomberg Fair Curve interest rates are higher than when you purchased your annuity, the MVA is negative. In other words, an additional amount will be deducted from your annuity. Conversely, if 0 Year Point on the A Rated US Bloomberg Fair Curve interest rates are lower than when you purchased an annuity, the MVA is positive. This means that money will be added to your annuity, which reduces the withdrawal charge. The MVA has no effect on the death benefit. Withdrawal Charges, Premium Bonus Vesting Adjustments and MVA are never applied to withdrawals from an IRA or qualified contract taken to satisfy the Required Minimum Distribution for that contract. Page 5 of 8 pages

16 Additional Information BCA Elevate Illustration Only This is an illustration only and designed to help you better understand how the annuity product you are considering works and might look in the future under various conditions. This illustration is not intended to indicate actual performance nor predict future results. The hypothetical, non-guaranteed values shown are calculated in reference to the historical performance of the index as indicated. This illustration assumes current allocation option percentages and other nonguaranteed rates as of the Assumed Issue Date. These rates are subject to change. It is likely that the index will, in fact, not repeat historical performance and that non-guaranteed elements will change over time. This means that actual nonguaranteed values may be higher or lower than those shown in this illustration. Please refer to the Disclosure Summary document for the BalancedChoice Annuity Elevate 2, and for the BalancedAllocation Lifetime Income Rider, if elected, that must accompany this illustration for more details. Also refer to the inserts that describe the features and limitations of any additional riders including the Premium Bonus Rider and FamilyEndowment Rider (referred to in the Contract as the Enhanced Death Benefit Rider.) The BalancedChoice Annuity Elevate [ANN2 (04/5), ANN08 (04/5) and ANN0 (04/5) or state variation] with the BalancedAllocation Strategy (ANNBAS (04/5) or state variation), is a fixed indexed annuity; the FamilyEndowment Rider [DBR (04/5), BDBR (04/5) and SUDBR (04/5) or state variation] and the BalancedAllocation Lifetime Income Rider (ANNIR (04/5) or state variation), are optional riders from which charges are deducted. They are issued by Athene Annuity and Life Company, West Des Moines, IA. Product features, limitations and availability vary by state. Not a Stock Market Investment Fixed indexed annuities are not stock market investments and do not directly participate in any stock or equity investments. Market indices do not include dividends paid on the underlying stocks, and therefore do not reflect the total return of the underlying stocks; neither a market index nor any market-indexed annuity is comparable to a direct investment in the equity markets. Indexed annuities do not directly participate in any stock or equity investments. When you purchase the, you are not directly investing in a stock market index. Not FDIC Insured Subject to the terms, conditions and limitations of the BalancedChoice Annuity Elevate 2 and the BalancedAllocation Lifetime Income Rider (BALIR). Guarantees provided by annuities are subject to the financial strength of the issuing insurance company; not guaranteed by any bank or the FDIC. The BALIR and the are issued and backed by the financial strength of Athene Annuity and Life Company, West Des Moines, IA and are not guaranteed by any bank or the FDIC. Basic Tax Information Under current tax law, annuities provide the benefit of tax deferred accumulation. This means that as the Accumulation of your Contract grows, you do not have to pay income tax on the interest credited to the contract until it is withdrawn or paid out as a death benefit. It is important that you recognize that the effect of income taxes, or any applicable tax penalties, are not reflected in the values shown in this illustration. Any applicable taxes or penalties would reduce the net amount that you actually receive. When you surrender your contract or take a Withdrawal from your contract you may be subject to federal and state income taxes on some or all of the amount received. Generally, the tax treatment of your annuity contract will depend on a variety of factors, including whether your contract is comprised of non-qualified or qualified funds. A Death Benefit paid under the Contract is generally subject to income taxes in the same way that a withdrawal or surrender would be subject to income taxes during your life. Please consult your tax advisor regarding the applicability of these rules to your specific situation. The information discussed in this and the next section is general in nature and should not be construed in any way as tax advice. Neither Athene Annuity & Life Company nor its agents or employees are authorized to provide tax advice. Non-Qualified vs. Qualified Contracts Non-Qualified For non-qualified contracts, withdrawals are generally subject to ordinary income tax to the extent of gain in the contract at the time of the withdrawal. This means DB# /SYS# Server v Page 6 of 8 pages

17 Additional Information (continued) that to the extent that interest has been credited to your contract, and not previously withdrawn, that portion of any distribution from your contract will be subject to ordinary income tax. In addition, if you have not attained the age of 59½ at the time of the withdrawal, a 0% tax penalty is applied to the taxable portion of that withdrawal. However, if you convert your annuity Contract to a stream of payments on the Annuity Date, each payment generally will receive exclusion ratio tax treatment meaning that a portion of each payment will be taxed to the extent it represents gain in the contract, and a portion will be treated as a non-taxable recovery of your cost basis (generally the Premium paid) in your Contract. Qualified A qualified contract means that you are purchasing the annuity within a retirement account or plan, such as a traditional IRA or an employer sponsored retirement plan. Generally, the funds in this type of contract have been established with pretax dollars, money which has not been subjected to income taxes, although there may be a combination of pre-tax and after-tax dollars in such accounts. To the extent that the funds for a qualified contract have been made with pre-tax dollars, the entire amount of any withdrawal or death benefit will be subject to income taxes. In addition, if you have not attained the age of 59½ at the time of the withdrawal, a 0% tax penalty is applied to the taxable portion of that withdrawal. If you have a qualified contract, such as an IRA, the illustration may reflect Required Minimum Distributions (RMDs). Such distributions generally must commence in the year following the year in which you turn age 70½. The calculation for any RMD amount indicated on this hypothetical illustration is based on the previous year s ending Accumulation, and does not take into consideration the value of benefits provided by any additional riders. Therefore, keep in mind that the RMD amount shown is a projected amount that could be higher or lower. If the actual RMD amount that you must withdraw is higher than the amount illustrated, the remaining Accumulation and Death Benefit amounts will be correspondingly lower. Purchasing an annuity within a retirement plan that provides tax deferral under the Internal Revenue Code results in no additional tax benefit. If you are purchasing an annuity to fund an IRA or Qualified plan, your purchase should be based on the annuity s features other than tax deferral. S&P 500 Index The S&P 500 Index (the Index ) is a product of S&P Dow Jones Indices LLC ( SPDJI ), and has been licensed for use by Athene Annuity and Life 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, S&P 500, Standard & Poor s 500 and 500 are trademarks of The McGraw-Hill Companies, Inc.; and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Athene Annuity and Life Company. The Product is 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 Product or any member of the public regarding the advisability of investing in securities generally or in the Product particularly or the ability of the S&P 500 Index 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 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Athene Annuity and Life Company or the Product. S&P Dow Jones Indices have no obligation to take the needs of Athene Annuity and Life Company or the owners of the Product into consideration in determining, composing or calculating the S&P 500 Index. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of the Product or the timing of the issuance or sale of the Product or in the determination or calculation of the equation by which the Product is 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 the Product. There is no assurance that investment products based on the S&P 500 Index 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 DB# /SYS# Server v Page 7 of 8 pages

18 Additional Information (continued) 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, OF 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 PRODUCT, 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 POSSIBLITY 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. DB# /SYS# Server v Page 8 of 8 pages