ATHENE Benefit 10 Annuity - Annuity Educator

ATHENE Benefit 10SM Annuity

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: Prepared For:

Prepared By:

January 4, 2016 Valued Client

David Novak CA

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 50266-3862 Tel: 1-888-266-8489 (888-ANNUITY)

A Certificate of Disclosure 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.

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ATHENE Benefit 10SM Annuity

ATHENE Benefit 10 with Enhanced Benefits Rider

Achieving your retirement dreams means being prepared for life's twists and turns - including major life events you can't predict and are difficult to plan for. With its unique Enhanced Benefits Rider*, The ATHENE Benefit 10 fixed indexed annuity can help you get there.

Simply put, ATHENE Benefit 10 with Enhanced Benefits Rider offers you protection from loss due to market downturns and the potential for taxdeferred growth while you save for retirement**, plus two valuable benefits: Lifetime Income Withdrawals to help make sure you won't outlive your money... and a Rider Death Benefit that provides your beneficiaries with options if your money "outlives" you.

Both benefits in the Enhanced Benefits Rider are calculated from a single Benefit Base. The Benefit Base is used to determine rider benefits only. At issue, your Benefit Base will equal your premium. After your rider is issued, your Benefit Base will grow with annual interest credits, and be reduced by Withdrawals.

*The Enhanced Benefits Rider comes included with the ATHENE Benefit 10 product; therefore it must be purchased with the annuity. It is subject to an annual charge. The rider may be cancelled only after the tenth contract anniversary. Once cancelled it cannot be reinstated. Cancellation will result in a loss of features. Rider benefits not available in all states. **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.

What does this annuity illustration tell you?

About Annuity Illustrations

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 but 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.

Illustration Content

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, nonguaranteed annuity contract values based on the historical index performance over the Specified Period and non-guaranteed annuity contract values based on the historical index performance of the most recent 10 years, all of which apply rates and rider charges that are current as of 01/04/2016.

This illustration also includes hypothetical annuity contract values using the following index return scenarios: the most recent 10years, the highest 10-year index movement out of the last 20 years, and the lowest 10-year index movement out of the last 20 years. See page 11 for specified time periods.

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ATHENE Benefit 10SM Annuity

Hypothetical Illustration

Assumed Issue Date: January 4, 2016

ATHENE Benefit 10 Annuity

A single premium fixed indexed deferred annuity

Owner/Annuitant: Age/Gender:

Valued Client 70/Male

Issue State: Tax Qualification: Initial Premium Amount:

California Qualified $100,000

The inputs selected in this hypothetical illustration are listed below. All rates shown below are current as of the Assumed Issue Date of this illustration and are subject to change.

Illustration Explanation

ATHENE Benefit 10 Annuity with 6% initial Premium Bonus

Strategy Option

Allocation Percentage

1-Year Monthly Cap Index Strategy (S&P 500)

100%

Additional Benefits:

Enhanced Benefits Rider

Annual Rider Charge Rate: 1.40% Income Option for Lifetime Income Withdrawals: Level Lifetime Income Withdrawal Type: Single Annuitant's age at first Income Withdrawal: 96 Lifetime Income Withdrawal amount: $4,384.53 (Annual)

Product Details

Current Rate

1.80% cap

Minimum Guaranteed

Rate

0.25% cap

Current Participation

Rate

100.00%

Minimum Guaranteed Participation Rate

100.00%

Current Annual Spread

0.00%

Maximum Guaranteed Annual Spread

0.00%

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ATHENE Benefit 10SM Annuity

Hypothetical Illustration

Assumed Issue Date: January 4, 2016

Here's a view of Guaranteed Annuity Contract Values

The Assumed Interest Rate does not reflect charges. However, charges are reflected in the Accumulated Value.

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 an Initial Premium Amount of $100,000 and a Premium Bonus of $6,000.

Year Ending

Beginning of Year Age

01/2017

70

01/2018

71

01/2019

72

01/2020

73

01/2021

74

01/2022

75

01/2023

76

01/2024

77

01/2025

78

01/2026

79

01/2027

80

01/2028

81

01/2029

82

01/2030

83

01/2031

84

01/2032

85

01/2033

86

01/2034

87

01/2035

88

01/2036

89

01/2037

90

01/2038

91

01/2039

92

01/2040

93

01/2041

94

End of Year Age

71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95

Withdrawals

End of Year Guaranteed Annuity Contract Values

RMD Withdrawals1

$3,869 $3,801 $3,730 $3,655 $3,575 $3,815 $3,726 $3,614 $3,515 $3,394 $3,706 $3,570 $3,429 $3,283 $3,133 $3,526 $3,336 $3,144 $2,949 $2,752 $3,200 $2,951 $2,702 $2,453 $2,177

Lifetime Income Withdrawals

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Cumulative Withdrawals

$3,869 $7,670 $11,400 $15,054 $18,630 $22,445 $26,171 $29,785 $33,300 $36,694 $40,400 $43,970 $47,399 $50,683 $53,815 $57,341 $60,677 $63,821 $66,770 $69,522 $72,721 $75,673 $78,375 $80,828 $83,005

Benefit Base

$103,131 $106,059 $108,793 $111,340 $113,711 $115,591 $117,295 $118,849 $120,248 $121,523 $120,982 $120,392 $119,765 $119,112 $115,979 $112,453 $109,117 $105,973 $103,024 $100,272 $97,073 $94,121 $91,419 $88,966 $86,789

Accumulated Value

$100,731 $95,486 $90,272 $85,094 $87,370 $81,963 $76,619 $71,363 $66,184 $69,306 $63,898 $58,635 $53,520 $48,560 $52,185 $47,035 $42,125 $37,454 $33,021 $36,478 $31,875 $27,564 $23,544 $19,812 $22,995

Minimum Guaranteed

Contract Value

$83,106 $78,692 $74,264 $69,829 $65,393 $60,640 $55,902 $51,205 $46,538 $41,926 $36,937 $32,043 $27,249 $22,561 $17,986 $13,017 $8,237 $3,648

$0 $0 $0 $0 $0 $0 $0

Cash Surrender

Value2

$83,626 $79,481 $75,120 $71,584 $74,285 $70,443 $67,412 $64,248 $60,943 $65,906 $63,898 $58,635 $53,520 $48,560 $52,185 $47,035 $42,125 $37,454 $33,021 $36,478 $31,875 $27,564 $23,544 $19,812 $22,995

Death Benefit

$100,731 $95,486 $90,272 $85,094 $87,370 $81,963 $82,106 $83,194 $84,174 $85,066 $84,688 $84,275 $83,836 $83,378 $81,185 $78,717 $76,382 $74,181 $72,117 $70,191 $67,951 $65,885 $63,993 $62,276 $60,752

1Please see page 16 for information regarding RMD calculations. 2Cash Surrender Value (CSV) does not include applicable Market Value Adjustments (MVA). See possible implications of MVA on your CSV on page 15.

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ATHENE Benefit 10SM Annuity

Hypothetical Illustration

Assumed Issue Date: January 4, 2016

Here's a view of Guaranteed Annuity Contract Values (continued)

The Assumed Interest Rate does not reflect charges. However, charges are reflected in the Accumulated Value.

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 an Initial Premium Amount of $100,000 and a Premium Bonus of $6,000.

Withdrawals

End of Year Guaranteed Annuity Contract Values

Year Ending

Beginning of Year Age

End of Year Age

RMD Withdrawals1

Lifetime Income Withdrawals

01/2042

95

96

$2,674

$0

What Happens on my Contract's Annuity Date?

Cumulative Withdrawals

$85,679

Benefit Base

$84,115

Accumulated Value

$19,106

Minimum Guaranteed

Contract Value

$0

Cash Surrender

Value2

$19,106

Death Benefit

$58,881

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 income options available to meet your needs.

As illustrated, this Contract would annuitize on 01/2042. This illustration includes the Enhanced Benefits Rider, however on the Contract's Annuity Date, Lifetime Income Withdrawals have not been elected. At this time, you have several options available to you in determining which stream of income you would like to elect. Based upon the Guaranteed Annuity Contract Values above, if Lifetime Income Withdrawals are elected as of the Contract's Annuity Date, you would receive the amount shown below:

Guaranteed Annual Lifetime Income Withdrawal: $5,207

1Please see page 16 for information regarding RMD calculations. 2Cash Surrender Value (CSV) does not include applicable Market Value Adjustments (MVA). See possible implications of MVA on your CSV on page 15.

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ATHENE Benefit 10SM Annuity

Hypothetical Illustration

Assumed Issue Date: January 4, 2016

Here's a view of Non-Guaranteed Annuity Contract Values

Specified Period: The Assumed Interest Rate does not reflect charges. However, charges are reflected in the Accumulated Value.

Annual Assumed Interest Rate: 2.81%

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 an Initial Premium Amount of $100,000 and a Premium Bonus of $6,000

Withdrawals

End of Year Non-Guaranteed Annuity Contract Values

Year Ending

01/2017 01/2018 01/2019 01/2020 01/2021 01/2022 01/2023 01/2024 01/2025 01/2026 01/2027 01/2028 01/2029 01/2030 01/2031 01/2032 01/2033 01/2034 01/2035 01/2036 01/2037 01/2038 01/2039 01/2040 01/2041

Beginning of Year Age

70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94

End of Year Age

71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95

RMD Withdrawals1

$3,869 $3,914 $3,956 $3,995 $4,031 $4,063 $4,092 $4,097 $4,118 $4,113 $4,102 $4,085 $4,062 $4,033 $3,998 $3,929 $3,854 $3,774 $3,686 $3,592 $3,458 $3,318 $3,169 $3,012 $2,814

Lifetime Income Withdrawals

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Cumulative Withdrawals

$3,869 $7,782 $11,738 $15,733 $19,764 $23,827 $27,919 $32,016 $36,134 $40,247 $44,349 $48,434 $52,496 $56,529 $60,527 $64,456 $68,311 $72,084 $75,771 $79,362 $82,820 $86,138 $89,307 $92,319 $95,133

Benefit Base

$103,131 $105,947 $108,447 $110,630 $112,498 $114,051 $115,291 $116,239 $116,880 $117,238 $116,124 $114,822 $113,338 $111,680 $107,682 $103,753 $99,898 $96,125 $92,438 $88,847 $85,388 $82,071 $78,902 $75,890 $73,076

Accumulated Value

$103,710 $101,267 $98,673 $95,933 $93,049 $90,026 $86,866 $83,596 $80,200 $76,704 $73,116 $69,460 $65,743 $61,970 $58,150 $54,347 $50,567 $46,816 $43,100 $39,425 $35,831 $32,324 $28,915 $25,610 $22,453

Cash Surrender

Value2

$86,099 $84,287 $82,106 $80,698 $79,120 $77,369 $76,426 $75,261 $73,849 $72,941 $73,116 $69,460 $65,743 $61,970 $58,150 $54,347 $50,567 $46,816 $43,100 $39,425 $35,831 $32,324 $28,915 $25,610 $22,453

Death Benefit

$103,710 $101,267 $98,673 $95,933 $93,049 $90,026 $86,866 $83,596 $81,816 $82,067 $81,287 $80,375 $79,337 $78,176 $75,377 $72,627 $69,929 $67,287 $64,707 $62,193 $59,772 $57,450 $55,231 $53,123 $51,153

1Please see page 16 for information regarding RMD calculations. 2Cash Surrender Value (CSV) does not include applicable Market Value Adjustments (MVA). See possible implications of MVA on your CSV on page 15.

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ATHENE Benefit 10SM Annuity

Hypothetical Illustration

Assumed Issue Date: January 4, 2016

Here's a view of Non-Guaranteed Annuity Contract Values (continued)

Specified Period: The Assumed Interest Rate does not reflect charges. However, charges are reflected in the Accumulated Value.

Annual Assumed Interest Rate: 2.81%

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 an Initial Premium Amount of $100,000 and a Premium Bonus of $6,000

Withdrawals

End of Year Non-Guaranteed Annuity Contract Values

Year Ending

Beginning of Year Age

End of Year Age

RMD Withdrawals1

Lifetime Income Withdrawals

01/2042

95

96

$2,611

$0

What Happens on my Contract's Annuity Date?

Cumulative Withdrawals

$97,744

Benefit Base

$70,465

Accumulated Value

$19,450

Cash Surrender

Value2

$19,450

Death Benefit

$49,325

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 income options available to meet your needs.

As illustrated, this Contract would annuitize on 01/2042. This illustration includes the Enhanced Benefits Rider, however on the Contract's Annuity Date, Lifetime Income Withdrawals have not been elected. At this time, you have several options available to you in determining which stream of income you would like to elect. Based upon the Non-Guaranteed Annuity Contract Values above, if Lifetime Income Withdrawals are elected as of the Contract's Annuity Date, you would receive the amount shown below:

Non-Guaranteed Annual Lifetime Income Withdrawal: $4,385

1Please see page 16 for information regarding RMD calculations. 2Cash Surrender Value (CSV) does not include applicable Market Value Adjustments (MVA). See possible implications of MVA on your CSV on page 15.

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ATHENE Benefit 10SM Annuity

Hypothetical Illustration

Assumed Issue Date: January 4, 2016

Here's a view of Non-Guaranteed Annuity Contract Values

Annual Assumed Interest Rate: 3.07%

Geometric mean of the most recent 10 years: The Assumed Interest Rate does not reflect charges. However, charges are reflected in the Accumulated Value.

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 an Initial Premium Amount of $100,000 and a Premium Bonus of $6,000.

Withdrawals

End of Year Non-Guaranteed Annuity Contract Values

Year Ending

01/2017 01/2018 01/2019 01/2020 01/2021 01/2022 01/2023 01/2024 01/2025 01/2026 01/2027 01/2028 01/2029 01/2030 01/2031 01/2032 01/2033 01/2034 01/2035 01/2036 01/2037 01/2038 01/2039 01/2040 01/2041

Beginning of Year Age

70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94

End of Year Age

71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95

RMD Withdrawals1

$3,869 $3,924 $3,978 $4,028 $4,076 $4,121 $4,163 $4,181 $4,216 $4,224 $4,228 $4,225 $4,217 $4,204 $4,185 $4,130 $4,070 $4,004 $3,932 $3,852 $3,731 $3,603 $3,466 $3,320 $3,129

Lifetime Income Withdrawals

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Cumulative Withdrawals

$3,869 $7,793 $11,770 $15,799 $19,875 $23,996 $28,159 $32,340 $36,556 $40,781 $45,008 $49,234 $53,451 $57,655 $61,840 $65,970 $70,040 $74,045 $77,977 $81,829 $85,560 $89,163 $92,628 $95,948 $99,077

Benefit Base

$103,131 $105,936 $108,413 $110,561 $112,379 $113,867 $115,024 $115,871 $116,392 $116,608 $115,342 $113,866 $112,187 $110,310 $106,126 $101,995 $97,925 $93,921 $89,989 $86,137 $82,405 $78,803 $75,337 $72,018 $68,889

Accumulated Value

$103,993 $101,825 $99,498 $97,014 $94,375 $91,585 $88,646 $85,582 $82,377 $79,058 $75,631 $72,118 $68,526 $64,860 $61,127 $57,392 $53,660 $49,936 $46,226 $42,536 $38,908 $35,349 $31,868 $28,474 $25,213

Cash Surrender

Value2

$86,334 $84,751 $82,791 $81,607 $80,247 $78,709 $77,992 $77,049 $75,854 $75,180 $75,631 $72,118 $68,526 $64,860 $61,127 $57,392 $53,660 $49,936 $46,226 $42,536 $38,908 $35,349 $31,868 $28,474 $25,213

Death Benefit

$103,993 $101,825 $99,498 $97,014 $94,375 $91,585 $88,646 $85,582 $82,377 $81,626 $80,739 $79,706 $78,531 $77,217 $74,288 $71,397 $68,548 $65,744 $62,992 $60,296 $57,684 $55,162 $52,736 $50,412 $48,222

1Please see page 16 for information regarding RMD calculations. 2Cash Surrender Value (CSV) does not include applicable Market Value Adjustments (MVA). See possible implications of MVA on your CSV on page 15.

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