Key Terms and Definitions

Balanced Allocation Value (BAV) – The BAV is calculated daily and is the greater of the sum of the Strategy BAV of all Strategy Options or the Return of Charge amount. Each Strategy BAV accounts for any additional interest from the beginning of the current Strategy Term Period that has not yet been credited to the Strategy Value of that Strategy Option. The BAV is utilized for the Terminal Illness Waiver, Confinement Waiver and Death Benefit. The BAV is not available upon Surrender or at the Annuity Date, nor is it the basis for the Free Withdrawal amount.

Cash Surrender Value (CSV) – If you decide to surrender your contract, you will receive the contract’s Cash Surrender Value. The Cash Surrender Value is equal to the greatest of:

• The Accumulation Value, plus interest on any remaining Free Withdrawal amount, less any applicable Withdrawal Charges, Premium Bonus Vesting Adjustments, Annual Strategy Charges and optional rider charges, if applicable, plus any applicable Market Value Adjustments
• The Minimum Guaranteed Contract Value
• The Return of Charge Amount (available after the Withdrawal Charge period and if no withdrawals are taken that incur
  a withdrawal charge)

If you surrender the contract before the end of the Withdrawal Charge period, you may receive less than your original premium.

Confinement and Terminal Illness Waivers – After the first contract anniversary, you can withdraw up to 100% of your annuity’s value if you, as the Owner, are diagnosed with a Terminal Illness or an illness or serious injury necessitates a stay of 60 consecutive days or more at a Qualified Care Facility. If the Owner is a non-natural entity, then the Confinement and Terminal Illness Waivers will be triggered based on the annuitant. Any applicable Withdrawal Charges, MVA or Premium Bonus Vesting Adjustments will be waived. For more details and state variations, please contact your insurance professional to see the Certificate of Disclosure. In CA, the Terminal Illness Waiver is not available. In CA and MA, the Confinement Waiver is not available.

Death Benefit – Should you, as the Owner, pass away before you begin receiving annuity payments, the full value of the annuity will be payable to your beneficiary or beneficiaries. If the Owner is a non-natural entity, then the death benefit is triggered in the event of the Annuitant passing. The Death Benefit will be the greater of the contract’s Cash Surrender Value or the Balanced Allocation Value. A Withdrawal Charge and any applicable Premium Bonus Vesting Adjustments or MVAs will not be applied to the death benefit paid. Under certain circumstances, spousal beneficiaries may be able to continue the contract. After annuitization, payments will be consistent with the Settlement Option selected. Taxes may apply.

Family Endowment Rider (FER) or Family Endowment Rider Max (FER Max) Enhanced Death Benefit – An Enhanced Death Benefit is available through an optional rider. The FER pays a minimum amount equal to the initial premium accumulated at a guaranteed fixed interest rate (minus withdrawals). The FER Max pays a minimum amount equal to the initial premium accumulated at a specified fixed interest rate plus 100% of Interest Earnings, if any, every two years (minus withdrawals). The Enhanced Death Benefit Crediting Base accumulates until the Enhanced Death Benefit Interest Stop Date, which is the later of 8 years or Contract Owner age 85. At death, your beneficiary will receive the greater of the base contract death benefit or the Enhanced Death Benefit.

The FER and FER Max provide a one-time Premium Bonus, which enhances the Accumulation Value on the Contract Date.

The Enhanced Death Benefit Rider Charge of 0.85% is calculated at the beginning of every contract year based on the Enhanced Death Benefit Crediting Base multiplied by the Enhanced Death Benefit Rider Charge Rate. The charge is deducted at the beginning of each month at a rate of 1/12th of the annual Enhanced Death Benefit Rider Charge from the Accumulation Value and in certain states, the Minimum Guaranteed Contract Value, until the Rider Charge Stop Date, which is the later of 8 years or Contract Owner age 85.

FER and FER Max cannot be terminated once it has been purchased and attached to the contract; the rider will terminate upon the Annuity Date or payment of a death benefit under the provisions of the contract.

Income Base – The Income Base is used to determine the annual Lifetime Income Withdrawals and Annual Income Rider Charge, if applicable. Athene Velocity has a built in Income Rider that grows at 175% of Interest Earnings, if any, minus the Annual Strategy Charge, if applicable. Interest Earnings, if any, are credited to the Income Base through the earlier of beginning Lifetime Income Withdrawals or the 18th contract anniversary. If you begin Lifetime Income Withdrawals before the end of a two-year term, interest, if any, will be credited pro rata to the Income Base. The Income Base is not an amount that has a cash value or surrender value that can be paid out partially or in a lump sum. Withdrawals, prior to commencing Lifetime Income Withdrawals, will reduce the Income Base by the same percentage that the Accumulation Value is reduced for the withdrawal. However, the dollar amount of this reduction will not be less than the deduction from the Accumulation Value. After Lifetime Income Withdrawals have commenced, withdrawals up to the Lifetime Income Withdrawal amount will reduce the Income Base by the dollar amount of the withdrawal, while withdrawals in excess of the Lifetime Income Withdrawal amount will reduce the Income Base and future Lifetime Income Withdrawals by the same percentage that the Accumulation Value is reduced for the withdrawal. Withdrawals may also be subject to Withdrawal Charges, Premium Bonus Vesting Adjustments or MVAs, if applicable. For more information, please contact your insurance professional to see the Certificate of Disclosure.

Index Earnings Strategy (IES) – The IES uses a Participation Rate in the calculation of Interest Earnings. The IES adds Interest Earnings, if any, to your annuity at the end of every two-year term. A percentage, called the Participation Rate, is applied to the growth of the benchmark index or indices to determine the Interest Earnings. The IES may apply an Annual Strategy Charge which is calculated by multiplying the Strategy Value of the associated Strategy Option and an annual Strategy Charge Rate on each contract anniversary. A portion of that charge (1/12th) is deducted from the applicable Strategy Value each month. All rates are set at contract issue and guaranteed for the first two-year term. For current Participation Rates, please contact your insurance professional to see the rate sheet. A specific Strategy Option may not be available for the life of the contract.

Lifetime Income Withdrawals – Lifetime Income Withdrawals are calculated by multiplying the greater of the Income Base or Accumulation Value by the current Lifetime Income Withdrawal Percentage when Lifetime Income Withdrawals begin. The Lifetime Income Withdrawal Percentage depends on the income option elected and is determined by the “Age” Lifetime Income Withdrawals begin. “Age” means your attained age for Single Life or the younger of your attained age or your spouse’s attained age for Joint Life when your spouse is listed as the sole beneficiary or the contract is jointly owned. In general, the longer you wait to take income, the greater the initial Lifetime Income Withdrawal Percentage will be. When you’re ready to begin Lifetime Income Withdrawals, the income rider provides:

Earnings-Indexed Income Option may increase the lifetime income at the end of every 2-year strategy term based on the rate of interest credited, if any, in the Strategy Options elected.

Lifetime Income Withdrawals will continue even if they ultimately reduce the Accumulation Value to zero. Withdrawals in excess of the Lifetime Income Withdrawal may be subject to a Withdrawal Charge, MVA and Premium Bonus Vesting Adjustment and will reduce future Lifetime Income Withdrawals. Withdrawals in some instances could terminate the rider. For more information, please contact your insurance professional to see the Certificate of Disclosure and ask your insurance professional. Withdrawals and surrender may be subject to federal and state income tax and, except under certain circumstances, will be subject to an IRS penalty if taken prior to age 59 ½.

Market Value Adjustment (MVA) – The MVA applies to withdrawals greater than the Free Withdrawal amount and may increase or decrease the amount you receive. For more information, please contact your insurance professional to see the Additional Information insert. MVA not applicable in MO.

Minimum Guaranteed Contract Value – You will receive minimum interest credit rate on a percentage of your premium adjusted for withdrawals and optional rider charges, depending on state, while the contract is in effect, regardless of market conditions, providing a minimum value the contract will not fall below.

Return of Charge (ROC) – If you do not take any withdrawals, including a full surrender, that are subject to a Withdrawal Charge, the Cash Surrender Value of your contract after the Withdrawal Charge period will never be less than the premium paid plus any applicable Premium Bonus, adjusted for withdrawals. This means that your premium and any bonus will be returned to you, even if Annual Strategy Charges and optional rider charges are greater than the interest earnings credited to your account.

¹ The Income Base Bonus is 15% for Athene Velocity and will be lower if the Family Endowment Rider^® or Family Endowment Rider Max is included.

² Interest Earnings, if any, are credited to the Income Base through the earlier of beginning Lifetime Income Withdrawals or the 18th contract anniversary. For more information, please see Key Terms and Definitions and the Earnings-Indexed Income Option Rate Sheet.

³ Lifetime Income Withdrawals are based on the Income Base and Lifetime Income Withdrawal Percentage when you begin Lifetime Income Withdrawals. Interest Earnings are not guaranteed and may be zero at the end of a two-year term. Lifetime Income is not available if the contract is surrendered or Lifetime Income Withdrawals have not begun before the Accumulation Value is zero.

May not be available for use in all states.

Indexed annuities are not stock market investments and do not directly participate in any stock or equity investments. Market indices may not include dividends paid on the underlying stocks, and therefore may not reflect the total return of the underlying stocks; neither an index nor any market-indexed annuity is comparable to a direct investment in the equity markets.

Under current tax law, the Internal Revenue Code already provides tax deferral to qualified money, 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.

Athene Velocity ANN19 (01/19), ASP19CS (01/19) or state variation, Family Endowment Rider PBEDB (01/19), PBEDBRS (01/19) or state variation, Athene Velocity Income Rider ASPIR (01/19), ASPIRRS (01/19) or state variation are issued by Athene Annuity and Life Company, West Des Moines, IA. Product features, limitations and availability vary; see Certificate of Disclosure for full details. Products not available in all states.

Idaho and Oregon: Athene Velocity ICC18 ANN19 (01/19), and ICC18 ASP19CS (01/19), Family Endowment Rider ICC18 PBEDB (01/19), and ICC18 PBEDBRS (01/19), Athene Velocity Income Rider ICC19 ASPIR (01/19), and ICC18 ASPIRRS (01/19); ICC18 ANNIES (01/19), ICC18 ANNIESCS (01/19), ICC18 ANNEIBE (01/19), ICC18 MVA (01/19), ICC18 ASPFWP (01/19), ICC18 ANNTIW (01/19), and ICC18 ANNCW (01/19) are issued by Athene Annuity and Life Company, West Des Moines, IA. Product features, limitations and availability vary; see Certificate of Disclosure for full details. Products not available in all states.

This material is a general description intended for general public use. Athene Annuity and Life Company (61689), headquartered in West Des Moines, Iowa, and issuing annuities in 49 states (excluding NY) and D.C., and Athene Annuity & Life Assurance Company of New York (68039), headquartered in Pearl River, New York, and issuing annuities in New York, are not undertaking to provide investment advice for any individual or in any individual situation, and therefore nothing in this should be read as investment advice. Please reach out to your insurance professional if you have any questions about Athene products or their features. Products not available in all states.

ATHENE ANNUITIES ARE PRODUCTS OF THE INSURANCE INDUSTRY AND NOT GUARANTEED BY ANY BANK NOR INSURED BY FDIC OR NCUA/NCUSIF. MAY LOSE VALUE. NO BANK/CREDIT UNION GUARANTEE. NOT A DEPOSIT. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. MAY ONLY BE OFFERED BY A LICENSED INSURANCE AGENT.

This web page contains highlights only — for a full explanation of these annuities, please contact your insurance professional to see the Certificate of Disclosure which provides more detailed product information including all charges or limitations as well as definitions of capitalized terms.

(04/24)