Your 2018 Benefits Overview - Athene

Your 2018 Benefits Overview

Benefits You Can Count On

Athene is committed to providing employees with a benefits program that is both comprehensive and competitive. Our benefits program offers health coverage and financial security to our employees and their families.

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Purpose

The purpose of this overview is to provide highlights of the Athene Benefits Program.

The information contained in this summary should in no way be construed as a guarantee of employment. Athene reserves the right to modify, amend, suspend or terminate any plan or provision at any time for any reason. If there is a conflict between the information contained here and the actual plan documents or policies, the plan documents or policies will always govern. Details, changes and definition of terms used in this overview can be obtained by reviewing current descriptions and/or policies.

It's important you understand the benefits provided to you by Athene. This document is not intended to constitute a Summary Plan Description (SPD) under ERISA. For specific details about your eligibility for benefits, coverage and limitations under the various plans, and your responsibilities please review the SPDs.

The offering of securities under the Athene Holding Ltd. 2017 Employee Stock Purchase Plan will be made solely by means of the prospectus forming part of the registration statement on Form S-8 of Athene Holding Ltd. ("Athene") filed with the Securities and Exchange Commission on July 19, 2017.

Investing in Athene's common shares involves risk, including risk of loss. Please see the prospectus and documents incorporated by reference therein for a description of the risks involved in making such an investment.

Table of Contents

Who's Eligible for Coverage?3 Enrollment3 Core Benefits 3 Optional Benefits3 When Can Benefit Enrollment Changes Be Made?4 Core Benefits 5 Basic Life Insurance5 Basic Accidental Death & Dismemberment5 Holidays5 Short-term Disability 5 Long-term Disability 6 Family Care Leave and Parental Leave6 Employee Assistance Program 6 Optional Benefits 7 Before-tax and After-tax Contributions 7 Medical and Prescription Drug Coverage7 PPO Networks7 Medical Plan Options 7 Prescription Drug Coverage12 Your Safety Matters12 Specialty Rx13 Dental Summary14 Provider Networks14

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Vision Summary15 Additional Vision Information16 Laser Vision Benefit16 Athene LiveWell Program16 Rates 17 Transportation Management Account (TMA) Summary18 Health Savings Account (HSA) Summary18 IRS Definition of Dependent 19 Flexible Spending Account (FSA) Summary 20 How does a FSA Work? 20 There Are Three Types of FSAs 20 Expense Reimbursement 20 Supplemental Life Insurance Coverage 21 Dependent Life Insurance 21 Voluntary Accidental Death & Dismemberment 22 Savings & Retirement 23 Tuition Assistance 24 Employee Stock Purchase Plan (ESPP) 24 Adoption Assistance 25 Athene Policies, Procedures & Resources 25

Introducing the Athene Benefits Program

Welcome to Athene!

Who's Eligible for Coverage?

All regular fulltime employees scheduled to work 30 or more hours per week are eligible for the benefits offered under the Athene Benefits Program as described in this overview.

? If you choose to participate in one of the Athene health plans (medical, dental and/or vision) you must cover yourself in order to cover a qualifying dependent. Eligible dependents for health coverage include your spouse/domestic partner and legally dependent children. Spouse includes opposite and same gender marriage. If your spouse/domestic partner or eligible adult child is also employed with Athene, he/she may not be covered as both an employee and a dependent.

? Domestic Partner Coverage ? Benefit contributions (medical, dental, and vision) for a domestic partner are made with aftertax deductions. Benefit contributions for domestic partner's child(ren) are made with after-tax deductions unless you also cover child(ren) who qualify as IRS tax dependents. The value of the benefit plan (e.g., employer contributions) is deemed taxable to the employee.

? Your dependent children are eligible for medical, dental, vision and supplemental life coverage up to age 26. Beyond age 26, your child can continue coverage if approved due to proven disabilities.

Enrollment

You may elect to carry different levels of coverage under medical, dental and/or visions plans (e.g., you may choose employee only for medical, employee and child(ren) for dental, and waive vision). Coverage you enroll in now is in effect for the remainder of the calendar year (or if enrolling during the annual open enrollment period, coverage is in effect for the following calendar year). You may not add or drop dependents during the year unless a qualifying family status change occurs (refer to the section on family status changes on the following page).

Core Benefits

Provide the basic levels of coverage that everyone needs, such as life and accident insurance, disability and leave programs. ? Basic Life Insurance ? Accidental Death & Dismemberment ? Short-Term Disability ? Long-Term Disability (regular

full-time employees only) ? Employee Assistance Program

Optional Benefits

Action must be taken by you to elect participating in optional benefits. Optional benefits include: ? Medical (includes prescription drug

coverage) ? Dental ? Vision ? Transportation Management

Account ? Health Savings Account (HSA) ? Flexible Spending Accounts ? Supplemental, Spouse/Domestic

Partner and Child(ren) Life Insurance ? Voluntary Accidental Death &

Dismemberment (AD&D) ? Savings & Retirement ? Tuition & Adoption Assistance ? Family Care & Parental Leave ? Employee Stock Purchase Plan (ESPP)

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When Can Benefit Enrollment Changes Be Made?

? You may make benefit changes during the annual benefits open enrollment period generally held each November.

? You may also make changes when a qualifying family status change occurs, which may permit you to elect/ drop benefits, change your coverage level, add or drop a dependent from your benefits, or change from one plan to another under limited circumstances. The request to change benefits due to a family status change is done through our system of record called "Workday" and must be completed within 31 days of the qualifying event. Documentation is required to support the qualifying event.

Examples of qualifying events considered a family status change include (Please refer to the Cafeteria Plan & Medical Plan Summary Plan Descriptions for an all-inclusive list): ? Marriage ? Divorce ? Birth/adoption of a child ? Death of a spouse/domestic partner or dependent ? Loss/gain of your spouse's/domestic partner's coverage ? Loss/gain of a dependent for tax purposes ? Change of employment status by you or your spouse/domestic partner that affects eligibility for coverage

(e.g., part-time to full-time or full-time to part-time).

Note: P roof of good health may be required to add/increase additional life insurance coverage under any of these circumstances.

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Core Benefits

Basic Life Insurance

Holidays

? Provided for all regular full-time employees on the first day of the month, coinciding with or following hire date.

? Coverage is equal to the greater of 100% of an employee's annual base pay rounded up to the next $1,000. Minimum coverage is $50,000; maximum coverage is 5 times your salary not to exceed $500,000. Coverage levels reduce to 65% at age 65 and 50% at age 70.

Note: E mployees eligible to participate in the sales and distribution variable compensation plan will have coverage based on a "benefits salary"; rather than annual base pay.

? Basic life insurance coverage includes a living benefit. If diagnosed with a terminal illness, employees may request up to 80% of their basic life insurance death benefit (maximum limits may apply).

Basic Accidental Death & Dismemberment

In addition to basic life insurance coverage, regular full-time employees are provided with accidental death and dismemberment (AD&D) insurance equal to the greater of 100% of an employee's annual base pay rounded up to the next $1,000, not to exceed $500,000. Minimum coverage is $50,000. In the event of accidental death, loss of a limb, or other types of dismemberment resulting from an accident, you or your beneficiary is entitled to a benefit equal to the basic AD&D coverage or a scheduled portion thereof (based on loss). AD&D coverage is effective the first day of the month, coinciding with or following your hire date. Like basic life insurance, coverage reduces to 65% at age 65 and 50% at age 70.

Note: E mployees eligible to participate in the sales and distribution variable compensation plan will have coverage based on a "benefits salary"; rather than annual base pay.

Athene provides nine fixed holidays* during each calendar year. The dates observed as holidays vary each year based on the day of the week the holiday occurs. If a holiday occurs on Saturday, it will be observed the preceding Friday. If a holiday occurs on a Sunday, the holiday will be observed the following Monday.

* E ach fixed holiday is based on an 8-hour day for full-time employees (pro-rated for part-time employees),and assumes an employee is employed for a full year to qualify for a total of nine holidays.

Short-term Disability

Regular full-time employees are eligible for short-term disability benefits the first of the month following 90 days of employment.

A physician-approved absence of eight or more consecutive calendar days may be considered shortterm disability (STD). If approved, disability benefits will begin on the eighth day after seven consecutive calendar days of sustained illness or injury. You are required to use 40 hours of paid time off (PTO) to receive pay for the benefit waiting period (the seven days preceding STD commencement). See the PTO policy for more information.

If on approved STD leave, you will receive income replacement equal to 60%-100% of your base salary* based on years of service and duration of leave. If you are receiving reduced pay, you also have the option to use PTO to supplement STD benefits to receive a higher level of pay during your leave.

* Income replacement is provided in compliance with state regulations, if applicable.

Note: W ork-related injuries are not covered under short-term disability but rather under workers' compensation, covered later in this booklet.

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Please access the Employee Guide to Leave of Absence on the intranet or contact STDLTD@ to initiate a disability leave claim at least 30 days before your scheduled leave is to begin. If a 30-day advance notice is not possible, please notify both your leader and STDLTD@ the same day or the day following your need for leave of absence.

Note: O nce you meet the FMLA eligibility requirement, approved FMLA will run concurrently with short-term disability and workers' compensation.

Long-term Disability

Regular full-time employees are eligible for long-term disability (LTD) coverage on the first of the month following date of hire. Benefits are effective only after submission and approval of a disability application by the plan insurer and upon exhaustion of short-term disability benefits.

? Benefits may continue to age 65 or later, depending upon age at the time of the disability and its duration

? Provides 60% of annual base pay

? Minimum monthly benefit is $100

? Maximum monthly benefit is $15,000

Note: E mployees eligible to participate in the sales and distribution variable compensation plan will have coverage based on a "benefits salary"; rather than annual base pay.

Total income for this benefit, combined with all other sources, including Social Security disability benefits, cannot exceed 60% of annual base pay. You may elect to pay taxes on the LTD premium now, which exempts future disability income, if applicable, from income tax withholding. You may elect not to pay taxes on the LTD premium now, which will subject any future disability income, if applicable, to income taxes. This election is made at the time of initial benefit enrollment and may be changed during an annual benefits open enrollment period.

Employee Assistance Program

Athene offers a resource called Ability Assist, to provide you with professional support with everyday issues such as job pressures, relationships, retirement planning, etc.

You and your family members have a number of services available to you at no cost. Counseling is available for

personal, family and work-life issues, as well as legal and financial counseling to assist you with debt or bankruptcy, managing a budget, buying a home, to name a few.

Three face-to-face counseling sessions are offered, per occurrence, per year. You and your family members do not have to share visits. Each individual can get counseling help for his/her own unique needs.More information is available at: 1-800-964-3577.

Family Care Leave

Athene Family Care leave provides eligible employees with five consecutive business days of pay (60% of base pay) to care for a family member with a serious health condition.

To be eligible you must be a full-time employee actively working on the date leave begins, continuously employed for 12 consecutive months prior to the start of leave, and have available FMLA which runs concurrently with Family Care Leave. Certification from your family member's physician and approval from Human Resources is required.

Family Care leave can be used one time in a rolling 12-month period and cannot be used intermittently.

Parental Leave

Athene Parental Leave provides eligible employees with five consecutive business days of pay (60% of base pay) to bond with a new child (birth or adoption) under the age of 18 years. Parental leave is available to birth and non-birth parents.

To be eligible you must be a full-time employee actively working on the date leave begins, continuously employed for 12 consecutive months prior to the start of leave, and have available FMLA which runs concurrently with Parental Leave. This leave requires physician certification and approval from Human Resources.

Parental leave can be used one time in a rolling 12-month period and cannot be used intermittently.

Note: If you have questions about either Family Care Leave or

Parental Leave, please contact STDLTD@.

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Optional Benefits

Before-tax and After-tax Contributions

? Most benefit options are paid for with before-tax dollars and contributions/premiums are deducted from your paycheck before taxes are taken out (including Medical, Dental, Vision, FSA and HSA contributions).

? If you elect to purchase additional life insurance, Accidental Death & Dismemberment, or cover a domestic partner for Medical, Dental or Vision coverage, these contributions/premiums will be paid with after-tax dollars.

Medical and Prescription Drug Coverage

The Athene Benefits Program provides regular fulltime employees and their qualifying dependents with two company-sponsored medical plan options.

The medical plans are self-funded; this means Athene assumes the risk for health claims and administrative fees for all enrolled members. UMR, a subsidiary of United Healthcare, is responsible for processing claims, distributing membership cards and contracting with in-network physicians.

The cost of coverage is shared between you and Athene. Specific coverage rates are shown within this overview.

PPO Networks

The United Healthcare Choice Plus PPO network is available nationwide for all employees.

You are encouraged to visit to search the provider directory for physicians and hospitals within your service area.

Medical Plan Options

You have the opportunity to select a medical plan that best fits your unique individual or family needs.

The medical plans available:

? $600 Deductible Plan

? $1,500 High Deductible Health Plan

Additionally, you may enroll in coverage at one of the following levels, or waive coverage altogether, based on your personal needs.

? Employee only

? Employee and spouse/domestic partner

? Employee and dependent child(ren)

? Family

Your UMR health ID card reflects your coverage under the medical, prescription drug and vision plans if enrolled. Your dependents' names will be listed on the card; additional cards can also be ordered from UMR.

The following comparison highlights the medical plans offered to employees, but is not all-inclusive of the provisions or limitations that apply to your Medical and Prescription Drug coverage. For complete coverage details, refer to the Summary Plan Description on the AtheneShare site.

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Medical Expense Coverage

$600 Deductible Health Plan

High Deductible Health Plan

In-network

Out-of-network

In-network

Out-of-network

Lifetime Maximum Payment

Unlimited

Unlimited

Calendar Year Deductible ? Single ? Family

The Deductible applies each calendar year.

$600 Single $1,200 Family

$1,200 Single $2,400 Family

Each member must meet the Single Deductible amount before the Plan begins to pay coinsurance. For satisfaction of the Family Deductible, no more than one single deductible will apply per member.

$1,500 Single $3,000 Family

$3,000 Single $6,000 Family

The Single Deductible applies if "employee only" coverage is elected. If you cover more than yourself, the family Deductible must be satisfied before the plan begins paying coinsurance for any family member.

Out-of-Pocket Maximums (includes Deductible)

? Single

? Family

$2,500 Single $5,000 Family

$5,000 Single $10,000 Family

$3,500 Single $6,550 Family

$7,000 Single $13,100 Family

$600 Plan-Out-of-Pocket: Each family member will pay no more than $2,500 for Covered Expenses (using in-network providers).

HDHP Out-of-Pocket: One Family member can satisfy the family out-of-pocket of $6,550 for Covered Expenses (using in-network providers).

If the amount you pay for Covered Expenses in any one calendar year reaches the Out-of-Pocket Maximum shown under each plan, eligible expenses will be payable at 100%.

Acupuncture/ Acupressure Treatment

Plan pays 80%*

You pay Deductible, then Plan pays 60%

You pay Deductible, then Plan pays 80%

You pay Deductible, then Plan pays 60%

Allergy injections and serum

Plan pays 80%*

Plan pays 60%*

Ambulance Services for Medical Emergency Anesthesia

Birthing Center

Chemotherapy and Radiation Therapy**

You pay Deductible, then Plan pays 80%

You pay Deductible, then Plan pays 80%

You pay Deductible, then Plan pays 60%

You pay Deductible, then Plan pays 80%

You pay Deductible, then Plan pays 60%

You pay Deductible, then Plan pays 80%

You pay Deductible, then Plan pays 60%

You pay Deductible, then Plan pays 80%

You pay Deductible, then Plan pays 60%

You pay Deductible, then Plan pays 80%

You pay Deductible, then Plan pays 80%

You pay Deductible, then Plan pays 60%

You pay Deductible, then Plan pays 80%

You pay Deductible, then Plan pays 60%

You pay Deductible, then Plan pays 80%

You pay Deductible, then Plan pays 60%

*Deductible is waived ** Prior-authorization is required for some chemotherapy and radiology therapy. Please contact UMR at 800-826-9781, prior to services.

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