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Performance Elite® Plus 15 Annuity

A single premium fixed indexed deferred annuity

A single premium fixed indexed deferred annuity is a long-termretirement savings product that can help protect you from outlivingyour money. It’s a contract between you and an insurance company.In return for your money, or “premium”, the insurance companyagrees 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 alater time, can pay you an income for a period of time, even for alifetime.

And since it’s your money, we’ve made sure our annuities have manyoptions so they can be customized for you, your family and your life.

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 yourfinancial professional.

Page 1 of 18 pages This illustration is not valid without all 18 pages.

5/11/2016 10:10 AM Prepared for Valued Client

Prepared On: May 11, 2016Prepared For: Valued Client

Prepared By: Marco PallaresJoshua D Mellberg (520) 731-9000

This is a hypothetical Illustration. An illustration isnot intended to predict actual performance. Interestrates or values shown in the illustration are notguaranteed, except for those labeled as guaranteed.

Athene Annuity and Life Company7700 Mills Civic ParkwayWest Des Moines, IA 50266-3862Tel: 1-888-266-8489 (888-ANNUITY)www.athene.com

1Premium Bonus annuities include a Premium Bonus Vesting Schedule and may include a lower CapRate, higher Spread Rate or other limitations not included in similar annuities that don’t offer a PremiumBonus.2Current law already provides tax deferral to IRAs, so there is no additional tax benefit obtained byfunding an IRA with an annuity. Consider the other benefits provided by an annuity, such as lifetimeincome and a Death Benefit.3After annuitization, payments will be consistent with the settlement option selected.4One or more of the indices utilized in this illustration has been in existence for less than twenty calendar years so the ten calendar year periods that define the low and high scenarios arechosen from the exact number of years the index has been in existence.

Athene Performance Elite® Series



An Athene Performance Elite fixed indexedannuity may be right for you if you want…Guarantees. You can choose the certainty of a fixed rate of interest that isdeclared each year by the insurance company and subject to minimum guarantees.Your annuity will always have a Minimum Guaranteed Contract Value.

Growth Potential. You can pursue additional growth with interest credits thatare based in part on the performance of an external market index.

A Premium Bonus. Athene Performance Elite annuities include a bonus that’sapplied to the money you use to purchase your annuity.1

Protection. There is no direct downside market risk to your money.

Tax Deferral. Annuities provide the advantage of tax-deferred interestaccumulation. You don’t pay taxes on any growth until you withdraw money.2

Income. At the annuity’s maturity date, you have options to create a regularstream of income — either for a certain period of time or for the rest of your life.

A Death Benefit. Your annuity can offer your loved ones a quick source of fundsto settle matters after your death.3

What does this annuity illustrationtell you?About Annuity Illustrations

The hypothetical contract values are calculated based onhistorical index prices and assume the index will repeat historicalperformance and that the annuity’s current non-guaranteedelements will not change. It is likely that the index will notrepeat historical performance, the non-guaranteed elements willchange, and actual values will be higher or lower than those inthis illustration but will not be less than the minimumguarantees. The values in this illustration are not guarantees oreven estimates of the amounts you can expect to receive.

Illustration Content

To help explain how this product works, this illustration showsannuity contract values under the following scenarios:guaranteed annuity contract values that show minimum values,non-guaranteed annuity contract values based on the historicalindex performance over the Specified Period and non-guaranteed annuity contract values based on the historical indexperformance of the most recent 10 years, all of which applyrates and rider charges that are current as of 05/11/2016.

This illustration also includes hypothetical annuity contract valuesusing the following index return scenarios: the most recent 10-years, the highest 10-year index movement out of the last 20years, and the lowest 10-year index movement out of the last 20years4. See page 11 for specified time periods.

Athene Performance Elite® Series Hypothetical IllustrationAssumed Issue Date: May 11, 2016

Product Details

Athene Performance Elite Plus 15 Annuity with 12.00% Premium BonusAnnual Rider Charge Rate: 0.95%

Strategy Option Allocation Current RateMinimum

GuaranteedRate

CurrentParticipation

Rate

MinimumGuaranteedParticipation

Rate

CurrentAnnual Spread

MaximumGuaranteed

Annual Spread

2-Year Point-to-Point Strategy (BNP Paribas Multi AssetDiversified 5 Index)

100% N/A N/A 160.00% 50.00% 0.00% 10.00%



Performance Elite® Plus 15 Annuity A single premium fixed indexed deferred annuity

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.

Owner/Annuitant: Valued Client

Age/Gender: 62/Male

Issue State: Arizona

Tax Qualification: Non-Qualified

Initial Premium Amount: $1,000,000

Illustration Explanation

1Cash Surrender Value (CSV) does not include applicable Market Value Adjustments (MVA). See possible implications of MVA on your CSV on page 15. The Return of Premium is reflected inthe CSV.2The Return of Premium is reflected in the Death Benefit.

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 PremiumAmount of $1,000,000 and a Premium Bonus of $120,000.

End of Year Guaranteed Annuity Contract Values

Year EndingBeginning of

Year AgeEnd of

Year AgeAccumulated Value

MinimumGuaranteed

Contract ValueCash Surrender Value1 Death Benefit2

05/2017 62 63 $1,109,360 $883,750 $883,750 $1,115,62105/2018 63 64 $1,098,821 $892,587 $892,587 $1,098,82105/2019 64 65 $1,088,382 $901,513 $901,513 $1,094,52505/2020 65 66 $1,078,043 $910,528 $910,528 $1,078,04305/2021 66 67 $1,067,801 $919,633 $1,000,000 $1,073,82805/2022 67 68 $1,057,657 $928,830 $1,000,000 $1,057,65705/2023 68 69 $1,047,609 $938,118 $1,000,000 $1,053,52205/2024 69 70 $1,037,657 $947,499 $1,000,000 $1,037,65705/2025 70 71 $1,027,799 $956,974 $1,000,000 $1,033,60005/2026 71 72 $1,018,035 $966,544 $1,000,000 $1,018,03505/2027 72 73 $1,008,364 $976,209 $1,000,000 $1,014,05505/2028 73 74 $998,784 $985,971 $1,000,000 $1,000,00005/2029 74 75 $989,296 $995,831 $1,000,000 $1,000,00005/2030 75 76 $979,898 $1,005,789 $1,005,789 $1,005,78905/2031 76 77 $970,589 $1,015,847 $1,015,847 $1,015,84705/2032 77 78 $970,589 $1,026,005 $1,026,005 $1,026,00505/2033 78 79 $970,589 $1,036,265 $1,036,265 $1,036,26505/2034 79 80 $970,589 $1,046,628 $1,046,628 $1,046,62805/2035 80 81 $970,589 $1,057,094 $1,057,094 $1,057,09405/2036 81 82 $970,589 $1,067,665 $1,067,665 $1,067,66505/2037 82 83 $970,589 $1,078,342 $1,078,342 $1,078,34205/2038 83 84 $970,589 $1,089,125 $1,089,125 $1,089,12505/2039 84 85 $970,589 $1,100,016 $1,100,016 $1,100,01605/2040 85 86 $970,589 $1,111,016 $1,111,016 $1,111,01605/2041 86 87 $970,589 $1,122,126 $1,122,126 $1,122,12605/2042 87 88 $970,589 $1,133,347 $1,133,347 $1,133,34705/2043 88 89 $970,589 $1,144,681 $1,144,681 $1,144,681




Here’s a view of Guaranteed Annuity Contract ValuesThe 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 PremiumAmount of $1,000,000 and a Premium Bonus of $120,000.

End of Year Guaranteed Annuity Contract Values


Year AgeEnd of

Year AgeAccumulated Value

MinimumGuaranteed

Contract ValueCash Surrender Value1 Death Benefit2

05/2044 89 90 $970,589 $1,156,128 $1,156,128 $1,156,12805/2045 90 91 $970,589 $1,167,689 $1,167,689 $1,167,68905/2046 91 92 $970,589 $1,179,366 $1,179,366 $1,179,36605/2047 92 93 $970,589 $1,191,159 $1,191,159 $1,191,15905/2048 93 94 $970,589 $1,203,071 $1,203,071 $1,203,07105/2049 94 95 $970,589 $1,215,101 $1,215,101 $1,215,101

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 income options availableto meet your needs.

As illustrated, this Contract would annuitize on 05/2049. Below is an example of the guaranteed income stream that you would receive on this Contract based uponthe Guaranteed Annuity Contract Values above. These values are calculated based upon the guaranteed Cash Surrender Value assuming a 10 year certain in lifesettlement option on the life of Valued Client.

Guaranteed Annuitization Factor: 8.89 Guaranteed Monthly Payment: $10,932




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.



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 PremiumAmount of $1,000,000 and a Premium Bonus of $120,000. See page 4 for guaranteed values.

End of Year Non-Guaranteed Annuity Contract Values


Year AgeEnd of

Year AgeAccumulated Value Cash Surrender Value1 Death Benefit2

05/2017 62 63 $1,109,360 $883,750 $1,115,62105/2018 63 64 $1,314,272 $1,050,926 $1,314,27205/2019 64 65 $1,301,786 $1,048,239 $1,309,13305/2020 65 66 $1,542,242 $1,244,661 $1,542,24205/2021 66 67 $1,527,590 $1,240,948 $1,536,21205/2022 67 68 $1,809,754 $1,473,987 $1,809,75405/2023 68 69 $1,792,562 $1,468,973 $1,802,67905/2024 69 70 $2,123,669 $1,761,182 $2,123,66905/2025 70 71 $2,103,494 $1,753,755 $2,115,36605/2026 71 72 $2,492,035 $2,103,659 $2,492,03505/2027 72 73 $2,468,360 $2,093,133 $2,482,29105/2028 73 74 $2,924,296 $2,564,042 $2,924,29605/2029 74 75 $2,896,515 $2,596,553 $2,912,86205/2030 75 76 $3,431,535 $3,181,965 $3,431,53505/2031 76 77 $3,398,936 $3,211,639 $3,418,11905/2032 77 78 $4,059,049 $4,059,049 $4,059,04905/2033 78 79 $4,059,049 $4,059,049 $4,119,93505/2034 79 80 $4,847,365 $4,847,365 $4,847,36505/2035 80 81 $4,847,365 $4,847,365 $4,920,07505/2036 81 82 $5,788,780 $5,788,780 $5,788,78005/2037 82 83 $5,788,780 $5,788,780 $5,875,61205/2038 83 84 $6,913,030 $6,913,030 $6,913,03005/2039 84 85 $6,913,030 $6,913,030 $7,016,72505/2040 85 86 $8,255,622 $8,255,622 $8,255,62205/2041 86 87 $8,255,622 $8,255,622 $8,379,45705/2042 87 88 $9,858,962 $9,858,962 $9,858,96205/2043 88 89 $9,858,962 $9,858,962 $10,006,846




Here’s a view of Non-Guaranteed Annuity Contract ValuesSpecified Period: The Assumed Interest Rate does not reflect charges. However, charges are reflected in the Accumulated Value.






Year AgeEnd of


05/2044 89 90 $11,773,689 $11,773,689 $11,773,68905/2045 90 91 $11,773,689 $11,773,689 $11,950,29405/2046 91 92 $14,060,279 $14,060,279 $14,060,27905/2047 92 93 $14,060,279 $14,060,279 $14,271,18305/2048 93 94 $16,790,951 $16,790,951 $16,790,95105/2049 94 95 $16,790,951 $16,790,951 $17,042,816


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 optionsavailable to meet your needs.

As illustrated, this Contract would annuitize on 05/2049. Below is an example of the non-guaranteed income stream that you would receive on this Contract basedupon the Non-Guaranteed Annuity Contract Values above. These values are calculated based upon the non-guaranteed Cash Surrender Value assuming a 10 yearcertain in life settlement option on the life of Valued Client.

Non-Guaranteed Annuitization Factor: 8.89 Non-Guaranteed Monthly Payment: $151,511




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.






Year AgeEnd of


05/2017 62 63 $1,109,360 $883,750 $1,115,62105/2018 63 64 $1,287,087 $1,030,294 $1,287,08705/2019 64 65 $1,274,859 $1,026,556 $1,282,05505/2020 65 66 $1,479,100 $1,194,928 $1,479,10005/2021 66 67 $1,465,049 $1,190,142 $1,473,31705/2022 67 68 $1,699,759 $1,385,753 $1,699,75905/2023 68 69 $1,683,611 $1,379,690 $1,693,11405/2024 69 70 $1,953,337 $1,621,354 $1,953,33705/2025 70 71 $1,934,780 $1,613,092 $1,945,70005/2026 71 72 $2,244,745 $1,896,409 $2,244,74505/2027 72 73 $2,223,420 $1,885,427 $2,235,96805/2028 73 74 $2,579,626 $2,263,197 $2,579,62605/2029 74 75 $2,555,120 $2,290,512 $2,569,54005/2030 75 76 $2,964,466 $2,749,790 $2,964,46605/2031 76 77 $2,936,304 $2,774,500 $2,952,87605/2032 77 78 $3,434,614 $3,434,614 $3,434,61405/2033 78 79 $3,434,614 $3,434,614 $3,486,13305/2034 79 80 $4,017,491 $4,017,491 $4,017,49105/2035 80 81 $4,017,491 $4,017,491 $4,077,75305/2036 81 82 $4,699,285 $4,699,285 $4,699,28505/2037 82 83 $4,699,285 $4,699,285 $4,769,77405/2038 83 84 $5,496,784 $5,496,784 $5,496,78405/2039 84 85 $5,496,784 $5,496,784 $5,579,23605/2040 85 86 $6,429,625 $6,429,625 $6,429,62505/2041 86 87 $6,429,625 $6,429,625 $6,526,06905/2042 87 88 $7,520,774 $7,520,774 $7,520,77405/2043 88 89 $7,520,774 $7,520,774 $7,633,586




Here’s a view of Non-Guaranteed Annuity Contract ValuesGeometric Mean of the most recent 10 years: The Assumed Interest Rate does not reflect charges. However, charges are reflected in the Accumulated Value.






Year AgeEnd of


05/2044 89 90 $8,797,098 $8,797,098 $8,797,09805/2045 90 91 $8,797,098 $8,797,098 $8,929,05505/2046 91 92 $10,290,024 $10,290,024 $10,290,02405/2047 92 93 $10,290,024 $10,290,024 $10,444,37405/2048 93 94 $12,036,308 $12,036,308 $12,036,30805/2049 94 95 $12,036,308 $12,036,308 $12,216,853


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 optionsavailable to meet your needs.

As illustrated, this Contract would annuitize on 05/2049. Below is an example of the non-guaranteed income stream that you would receive on this Contract basedupon the Non-Guaranteed Annuity Contract Values above. These values are calculated based upon the non-guaranteed Cash Surrender Value assuming a 10 yearcertain in life settlement option on the life of Valued Client.

Non-Guaranteed Annuitization Factor: 8.89 Non-Guaranteed Monthly Payment: $108,608




Here’s a view of Non-Guaranteed Annuity Contract Values (continued)Geometric Mean of the most recent 10 years: The Assumed Interest Rate does not reflect charges. However, charges are reflected in the Accumulated Value.


1One or more of the indices utilized in this illustration has been in existence for less than twenty calendar years so the ten calendar year periods that define the low and high scenarios arechosen from the exact number of years the index has been in existence.* The Assumed Interest Rate does not reflect charges. However, charges are reflected in the Accumulated Value.

Athene Performance Elite® Series Historical Index Movement ComparisonAssumed Issue Date: May 11, 2016

The following comparison chart is intended to reflect the Accumulated Value based upon the historical performance of the index under three different scenarios, asdescribed below. This chart assumes current rider charges, if applicable, and current rates as shown on page 3 of this illustration. This chart assumes no withdrawalsare taken in the first 10 Contract Years. The values shown are not guaranteed; actual results may be higher or lower.

For the Most Recent 10 scenario, theindexed-based interest rate andAccumulated Value are calculated toreflect the historical performance of theindex for the most recent 10 calendar yearperiod.

The Highest index scenario reflects thehistorical performance of the index for acontinuous period of 10 years out of thelast 20 years that would result in the mostindex value growth1.

The Lowest index scenario reflects thehistorical performance of the index for acontinuous period of 10 calendar years outof the last 20 years that would result in theleast index value growth1.

ContractYear

Geometric Mean Assumed Interest Rate* = 8.15% Geometric Mean Assumed Interest Rate* = 9.98% Geometric Mean Assumed Interest Rate* = 8.14%



Historical Index Movement Comparison - Most Recent 10, Highest, and Lowest Periods

AssumedInterest Rate

Accumulated Value AssumedInterest Rate

Accumulated Value AssumedInterest Rate

Accumulated Value

1 N/A $1,109,360 N/A $1,109,360 N/A $1,109,3602 5.76% $1,162,712 11.44% $1,225,730 5.17% $1,156,1733 N/A $1,151,666 N/A $1,214,085 N/A $1,145,1904 10.50% $1,261,673 9.83% $1,321,943 11.38% $1,264,6785 N/A $1,249,687 N/A $1,309,384 N/A $1,252,6636 20.49% $1,493,924 25.64% $1,632,666 19.01% $1,478,9547 N/A $1,479,731 N/A $1,617,156 N/A $1,464,9048 34.25% $1,972,458 28.22% $2,058,173 34.61% $1,957,9199 N/A $1,953,719 N/A $2,038,620 N/A $1,939,319

10 15.83% $2,244,440 31.32% $2,657,685 16.61% $2,243,102

Athene Performance Elite® Series Historical Index Movement ComparisonAssumed Issue Date: May 11, 2016

The following graph is intended to reflect the movement of the Accumulated Value for each of the three scenarios above.

The table below shows the Most Recent 10, Highest, and Lowest time periods of index movement and the corresponding index closing values for each index respectively.

Index Most Recent 10 Highest Lowest

BNP Paribas Multi Asset Diversified 5Index



Historical Index Movement Comparison - Most Recent 10, Highest, and Lowest Periods

12/31/2005 - 12/31/2015126.91 - 210.87

08/07/2005 - 08/07/2015118.10 - 219.22

12/28/2005 - 12/28/2015127.27 - 211.40

Athene Performance Elite® Series Product Information

Athene Performance Elite Interest Crediting OptionsThe Athene Performance Elite Plus 15 Annuity offers multiple interest creditingStrategies. Premium will be allocated to the Strategies based on the AllocationPercentages shown on Page 3. The following is a brief overview of the Strategyoptions.

Fixed Strategy - Premium that is allocated to the Fixed Strategy will be creditedwith a fixed interest rate that is declared by the Company and guaranteed for eachContract Year. This interest rate can change each Contract Year and is guaranteedto never be less than the minimum guaranteed rate shown on page 3. Interest iscredited based on a fixed interest rate that is declared annually and compoundsdaily. This strategy is not linked to the movement of an external market index.

Indexed Strategies - Premium that is allocated to the Index Strategies will receiveinterest that is calculated in reference to the upward movement of an externalmarket index, modified by limitations such as a Cap Rate, Annual Spread, and/orParticipation Rate. You are not purchasing stock or directly investing in the stockmarket. The interest credits for each Index Strategy will be determined inaccordance with the terms of the Endorsement for each strategy and areguaranteed to never be less than zero. The following are the different IndexStrategies, subject to availability as of the Assumed Issue Date of the Contract.

Point-to-Point Index Strategy - This strategy credits interest, if any, to yourannuity on the Index Term End Date based on the percentage change in the indexvalue each Index Term Period modified by any applicable Annual Spread, Cap Rateand/or Participation Rate. The percentage change will be calculated using twodates – the beginning Contract anniversary date and the Contract anniversary dateone term later.

Monthly Cap Index Strategy - This strategy credits interest, if any, to yourannuity on the Index Term End Date based on the sum of the monthly percentagechanges in the index value each Index Term Period modified by any applicableAnnual Spread, Cap Rate and/or Participation Rate. The monthly percentagechange is determined by comparing the index value at the beginning of eachmonthly period during the Index Term Period to the index price one month later.The monthly percentage change can be positive, negative or zero. Although anypositive monthly percentage changes will be limited by a monthly Cap Rate,negative monthly percentage changes will not be limited. However, when addingall the monthly percentage changes each Index Term Period, the result isguaranteed to never be less than zero.

For more information regarding the calculations of the interest crediting strategiesrefer to the Certificate of Disclosure.

Strategy Reset FeatureYour index-linked interest is calculated on each strategy Term End Date bycomparing the index value at the beginning of your Index Term Period with theindex value at the Index Term End Date. Then at each Index Term End Date, anyinterest that is credited to your annuity is automatically locked in and the indexvalue is “reset”. This means that even if the value of the index declines in lateryears, the interest that has already been credited to your Contract is protectedfrom any future downturns.

Free WithdrawalsA Free Withdrawal is a withdrawal not subject to Withdrawal Charges, MarketValue Adjustments or Premium Bonus Vesting Adjustments if applicable. In thefirst Contract Year, the Free Withdrawal amount will be equal to 10% of theAccumulated Value as of the Contract Anniversary on the first day of that ContractYear. After the first Contract Year, if withdrawals were taken in the previouscontract year, the Free Withdrawal amount will be equal to 10% of theAccumulated Value as of the Contract Anniversary on the first day of that ContractYear. After the first Contract Year, if no withdrawals were taken in the previouscontract year, the Free Withdrawal amount will be equal to 20% of theAccumulated Value as of the Contract Anniversary on the first day of that ContractYear. For qualified contracts, required minimum distribution (RMD) withdrawalsare available in all Contract Years and are not subject to Withdrawal Charges,Market Value Adjustments or Premium Bonus Vesting Adjustments if applicable.

Return of Premium BenefitAfter the fourth contract year, the Cash Surrender Value will never be less than thepremium minus premium taxes (if applicable) and prior withdrawals, includingWithdrawal Charges, Premium Bonus Vesting Adjustment, if applicable, andMarket Value Adjustment on those withdrawals

Rider ChargeThe Liquidity Rider included with the Athene Performance Elite Plus 15 Annuity hasa charge that is deducted from your annuity’s Accumulated Value during the RiderCharge Period. A Rider Charge will be assessed when any of the following occur:when you reach the end of a contract year; when you take a withdrawal; on theAnnuity Date; upon surrender; upon the date of proof of death; or if the rider isterminated. The rider may not be terminated during the Withdrawal Chargeperiod.



Athene Performance Elite® Series Product Information(Continued)



Withdrawal Charges & Premium Bonus Vesting Percentages

Contract Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Withdrawal Charge Rate 15.0% 15.0% 14.0% 14.0% 13.0% 13.0% 12.0% 11.0% 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0%

Premium Bonus Vesting Percentage 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 20.00% 40.00% 60.00% 80.00%


Definition of Terms

Accumulated Value – Premium plus Premium Bonus, plus interest credited, minuswithdrawals and any applicable charges.Annual Spread – A preset deduction from the percentage of index growth that’sused to calculate any interest credited to your Contract each Contract Year. TheAnnual Spread is declared by the Company at the beginning of each Index TermPeriod. The Annual Spread is guaranteed never to be greater than the maximumguaranteed Annual Spread rate for the respective strategy on page 3.Annuitization – Converting the Contract into a series of periodic payments on theAnnuity Date. Once the Contract is annuitized, the amount or frequency of theannuity 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’sAccumulated Value. The rate will vary based on different historical scenarios.Assumed Issue Date – The effective date that reflects the Company’s currentrates as of that day.Beginning of Year Age – The beginning of year age(s) is the age(s) at thebeginning of the Contract.Cap Rate – The maximum rate of interest credits that may be applied for aparticular interest crediting period. The Cap Rate, if applicable, for each strategy isdeclared by the Company at the beginning of each Index Term Period. The CapRate is guaranteed never to be less than the minimum guaranteed Cap Rate for therespective strategy on page 3.Cash Surrender Value – The greater of the Accumulated Value adjusted for anywithdrawals, applicable charges and Market Value Adjustment, the Return ofPremium or the Minimum Guaranteed Contract Value.Contract Year – Contract Years are determined from the Assumed Issue Date. (Ex.If the Contract’s Assumed Issue Date is January 10, 2012, the first Contract Yearends January 9, 2013.)The amount paid to the beneficiaries upon death of the annuitant. Equal to thegreater of the Accumulated Value and the Minimum Guaranteed Contract Value.Death Benefit – The amount paid to the beneficiaries upon death of theannuitant. Equal to the greater of the Accumulated Value, the MinimumGuaranteed Contract Value and the Return of Premium.End of Year Age – The end of year age(s) is the age(s) at the beginning of theContract, plus the number of Contract Years.

Initial Premium Amount – The amount paid for the annuity.Minimum Guaranteed Contract Value – The minimum value of the Contract,required by law, while the Contract is in-force.Participation Rate – The Participation Rate determines how much of the netincrease in the index, after applicable Annual Spread, will be used to calculateinterest credits. The Participation Rate is declared by the Company at the beginningof each Index Term Period. The Participation Rate is guaranteed never to be lessthan the minimum guaranteed Participation Rate for the respective strategy onpage 3.Premium Bonus – An amount added to the annuity’s Accumulated Value atContract issue. It’s equal to the Initial Premium Amount multiplied by a percentage.This percentage is shown in the product details section on page 3.Specified Period - The interest crediting rate assumed for the projected, non-guaranteed Accumulated Value column is based on the Contract’s strategy optionsselected, the premium allocation percentages selected, the current rates of thestrategies selected, and the historical movement of any applicable indices includingdividends where applicable, then averaged over the respective period shownbelow.

The BNP Paribas Multi Asset Diversified 5 Index inception date is 01/15/2016. Thisscenario illustrates both pre-inception performance data of the Index, as providedby BNP, based on the hypothetical closing index data from 12/31/2002 through01/14/2016 and actual performance data after the inception date.Term – The length of time, expressed in whole years, between the crediting ofinterest earnings.Year Ending – Each 12-month period of time starting from the Assumed IssueDate.



Strategy Specified Period2-Year Point-to-Point Strategy (BNP Paribas MultiAsset Diversified 5 Index)

12/31/2002 - 12/31/2002

Athene Performance Elite® Series Market Value Adjustment

Market Value Adjustment (MVA)



The Potential Impact of a Market Value Adjustment (MVA) on Cash Surrender Values

Positive Sample Scenario

Shows the effect of a MVA on the hypotheticalCash Surrender Value if the interest rateDECREASES 0.5% each year from the assumedinitial interest rate.

Negative Sample Scenario

Shows the effect of a MVA on the hypotheticalCash Surrender Value if the interest rateINCREASES 0.5% each year from the assumedinitial interest rate.

• When you make a withdrawal in excess of the freeamount during the annuity’s withdrawal chargeperiod, the amount you receive may be increasedor decreased by a Market Value Adjustment(MVA).

• If the market index interest rates are higher thanwhen you purchased your annuity, the MVA isnegative. In other words, an additional amountwill be deducted from your annuity. Conversely, ifmarket index interest rates are lower than whenyou purchased an annuity, the MVA is positive.This means that money will be added to yourannuity, which reduces the withdrawal charge.

• The MVA has no effect on the Death Benefit.

• Withdrawal Charges, Premium Bonus VestingAdjustments and MVA are never applied towithdrawals from an IRA or qualified contracttaken to satisfy the Required MinimumDistribution for that contract.

DB# 3.4.109/SYS# Server v1.0.1315.45759


Additional Information

Illustration OnlyThis is an illustration only and designed to help you better understand how theannuity product you are considering works and might look in the future undervarious conditions. This illustration is not intended to indicate actual performancenor predict future results. The hypothetical, non-guaranteed values shown arecalculated in reference to the historical performance of the applicable index(es) asindicated. This illustration assumes non-guaranteed rates as of the Assumed IssueDate. These rates are subject to change. It is likely that the applicable index(es) will,in fact, not repeat historical performance and that non-guaranteed elements willchange over time. This means that actual non-guaranteed values may be higher orlower than those shown in this illustration.

Not A Stock Market InvestmentFixed indexed annuities are not stock market investments and do not directlyparticipate in any stock or equity investments. Neither a market index nor anymarket-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 Athene Performance Elite Plus 15 Annuity, you are notdirectly investing in a stock market index.

Not FDIC InsuredSubject to the terms, conditions and limitations of the Athene Performance ElitePlus 15 Annuity. Guarantees provided by annuities are subject to the financialstrength of the issuing insurance company; not guaranteed by any bank or theFDIC. The Athene Performance Elite Plus 15 Annuity are issued and backed by thefinancial strength of Athene Annuity and Life Company, West Des Moines, Iowaand are not guaranteed by any bank or the FDIC.

Basic Tax InformationUnder current tax law, annuities provide the benefit of tax deferred accumulation.This means that as the Accumulated Value of your Contract grows, you do nothave to pay income tax on the interest credited to the contract until it iswithdrawn or paid out as a Death Benefit.

It is important that you recognize that the effect of income taxes, or anyapplicable tax penalties, is not reflected in the values shown in thisillustration. Any applicable taxes or penalties would reduce the netamount that you actually receive.

When you surrender your Contract or take a Withdrawal from your Contract youmay be subject to federal and state income taxes on some or all of the amountsreceived. Generally, the tax treatment of your annuity contract will depend on avariety of factors, including whether your contract is comprised of non-qualified orqualified funds. A Death Benefit paid under the Contract is generally subject toincome taxes in the same way that a withdrawal or surrender would be subject toincome taxes during your life.

Please consult your tax advisor regarding the applicability of these rules to yourspecific situation. The information discussed in this and the next section is generalin nature and should not be construed in any way as tax advice. Neither AtheneAnnuity & Life Company nor its agents or employees are authorized to provide taxadvice.

Non-Qualified vs. Qualified ContractsNon-QualifiedFor non-qualified contracts, withdrawals are generally subject to ordinary incometax to the extent of gain in the contract at the time of the withdrawal. This meansthat to the extent that interest has been credited to your Contract, and notpreviously withdrawn, that portion of any distribution from your Contract will besubject to ordinary income tax. In addition, if you have not attained the age of59½ at the time of the withdrawal, a 10% tax penalty is applied to the taxableportion of that withdrawal.

However, if you convert your annuity Contract to a stream of payments on theAnnuity 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



Please refer to the Certificate of Disclosure for the Athene PerformanceElite Plus 15 Annuity that must accompany this illustration for moredetails.

The Liquidity Rider (PEPR (11/14) or state variation), optional rider for which acharge is deducted, and the Athene Performance Elite Annuity Series (GEN10(04/14), TBS10 (09/12), TBS (09/12) SR, TBS15 (09/12) or state variation) areissued by Athene Annuity and Life Company, West Des Moines, IA. Productfeatures, limitations and availability vary by State.

DB# 3.4.109/SYS# Server v1.0.1315.45759


Additional Information (continued)gain in the Contract, and a portion will be treated as a non-taxable recovery ofyour cost basis (generally the Premium paid) in the Contract.

QualifiedA qualified contract means that you are purchasing the annuity within a retirementaccount or plan, such as a traditional IRA or an employer sponsored retirementplan. Generally, the funds in this type of contract have been established with pre-tax dollars money which has not been subjected to income taxes, although theremay 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-taxdollars, the entire amount of any withdrawal or death benefit will be subject toincome taxes. In addition, if you have not attained the age of 59½ at the time ofthe withdrawal, a 10% tax penalty is applied to the taxable portion of thatwithdrawal.

If you have a qualified contract, such as an IRA, the illustration may reflectRequired Minimum Distributions (RMDs). Such distributions generally mustcommence in the year following the year in which you turn age 70½. Thecalculation for any RMD amount indicated on this hypothetical illustration is basedon the previous year’s ending Accumulated Value, and does not take intoconsideration the value of benefits provided by any additional riders. Therefore,keep in mind that the RMD amount shown is a projected amount that could behigher or lower. If the actual RMD amount that you must withdraw is higher thanthe amount illustrated, the remaining Accumulated Value and Death Benefitamounts will be correspondingly lower.

Purchasing an annuity within a retirement plan that provides tax deferral under theInternal Revenue Code results in no additional tax benefit. If you are purchasing anannuity to fund an IRA or Qualified plan, your purchase should be based on theannuity’s features other than tax deferral.

BNP Paribas Multi Asset Diversified 5 IndexThe BNP Paribas Multi Asset Diversified 5 Index (the “BNPP MAD 5 Index”) is theexclusive property of BNP Paribas or one of its affiliates (BNP Paribas and itsaffiliates collectively, are hereinafter called “BNPP”) and is determined, composedand calculated by BNPP. “BNP”, “BNPP”, “BNP Paribas”, “BNPP MAD 5 Index” and“BNP Paribas Multi Asset Diversified 5 Index” (collectively, the “BNPP Marks”) aretrademarks or service marks of BNPP and have been licensed by Athene Annuity

and Life Company (“Company”) for use in a fixed indexed annuity offered by theCompany (the “fixed indexed annuity”). The fixed indexed annuity is not, in wholeor in part, sponsored, structured, priced, endorsed, offered, sold, issued orpromoted by BNPP or any of its affiliates, or by Standard and Poor’s or any of itsaffiliates (collectively, “S&P”) or by any third party licensor of information to BNPP(the “Third Party Licensors”). BNPP’s only relationship to the Company is thelicensing of the BNPP MAD 5 Index and BNPP Marks for certain purposes. S&P®,S&P 500® and , S&P GSCI® are trademarks of Standard & Poor’s Financial ServicesLLC and have been licensed for use by BNPP. None of S&P, BNPP or any Third PartyLicensors has any obligation to take into consideration any of the needs of theCompany or any of the owners, annuitants or beneficiaries of the fixed indexannuity.

BNPP, S&P OR ANY THIRD PARTY LICENSOR DOES NOT GUARANTEE THEACCURACY, ADEQUACY, TIMELINESS, COMPLETENESS OR AVAILABILITY OF THEBNPP MAD 5 INDEX OR ANY COMPONENT THEREOF OR DATA INCLUDEDTHEREIN, OR THAT NO ERROR, OMISSION, DELAY OR INTERRUPTION WILL EXISTTHEREIN. NONE OF BNPP, S&P OR ANY THIRD PARTY LICENSOR MAKES ANYREPRESENTATION OR WARRANTY, AND EACH OF BNPP, S&P AND THE THIRDPARTY LICENSORS EXPRESSLY DISCLAIMS ALL REPRESENTATIONS ANDWARRANTIES, EXPRESS OR IMPLIED, REGARDING THE BNPP MAD 5 INDEX, ANYBNPP MARK, AN S&P INDEX, TRADEMARK (INCLUDING S&P 500® OR THE S&PGSCI®) OR SERVICE MARK OF S&P (COLLECTIVELY, THE “S&P MARKS”) OR THEFIXED INDEXED ANNUITY, INCLUDING, WITHOUT LIMITATION, THOSE REGARDING(I) MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, OR (II)THE ADVISABILITY OF ANY PERSON INVESTING IN THE FIXED INDEXED ANNUITY.

BNPP, S&P or any Third Party Licensor does not have any liability with respect to thefixed indexed annuity in which an interest crediting option is based on the BNPPMAD 5 Index is included, and is not liable for any loss relating to the fixed indexedannuity, whether arising directly or indirectly from the use of the BNPP MAD 5Index, its methodology, any BNPP Mark or S&P Mark or otherwise.

No purchaser, seller or holder of the fixed indexed annuity, or any other person orentity, should use or refer to any BNPP Mark or other BNPP trade name to sponsor,endorse, market or promote the fixed indexed annuity without first contactingBNPP. Under no circumstances may any person or entity claim any affiliation with



DB# 3.4.109/SYS# Server v1.0.1315.45759


Additional Information (continued)BNPP without the prior written permission of BNPP.

In calculating the performance of the BNPP MAD 5 Index, BNPP deducts a servicingcost of 0.50% per annum, calculated on a daily basis. In addition, the BNPP MAD 5Index methodology embeds certain costs which cover among other things,rebalancing and replication costs. Such costs may vary over time with marketconditions. These costs reduce the potential positive change in the BNPP MAD 5Index and thus the amount of interest that will be credited to the fixed indexedannuity that includes the BNPP MAD 5 Index.

The volatility control applied by BNPP may reduce the potential positive or negativechange in the BNPP MAD 5 Index and thus the amount of interest that will becredited to the fixed indexed annuity that includes the BNPP MAD 5 Index.

The BNP Paribas Multi Asset Diversified 5 Index inception date is 01/15/2016. Thisillustration illustrates both pre-inception performance data of the Index, as providedby BNP, based on the hypothetical closing index data prior to the inception dateand actual performance data after the inception date.



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