This material is provided by Athene Annuity and Life Company (61689) headquartered in West Des Moines, Iowa, which issues 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, which issues annuities only in New York. Products not available in all states.

83135 (02/12/20)

Shiller Barclays Global Index

Find Value on a Global Scale

Leverage Insights from a Pioneer of Value Investing

This brochure was designed to provide information on the Shiller Barclays Global Index and should be used only in conjunction with the BCA® suite of Fixed Indexed Annuities (FIAs) from Athene Annuity and Life Company, including BCA 2.0 and Athene® Velocity. Barclays is not the issuer or producer of the BCA suite of FIAs. Barclays’ relationship to the products described in this brochure is only licensing the index to Athene in exchange for a fee for use in connection with the products. Fixed indexed annuities are not an investment and do not directly invest in the stock market or any index. It is not possible to directly invest in an index. Please ask your insurance professional and refer to the fixed indexed annuity product brochure and inserts for more information on fees, restrictions and limitations.

A pioneer of value investing, Professor Robert Shiller helped design a systematic way to identify undervalued assets to help investors buy when the price is low and sell when the price is high.

Professor Shiller's Cyclically Adjusted Price to Earnings Ratio (commonly known as the CAPE® ratio) has become a benchmark for finding values among global asset classes.

With global financial services firm Barclays, Professor Shiller applied some of his insights on multi-asset investing to create the Shiller Global Index. This global, multi-asset index is designed to leverage diversification, value investing and momentum to create consistent appreciation through a variety of markets.

1 Source: IDEAS, as of 10/15/18. Based on a statistical analysis of published literature and citations.

Sterling Professor of Economics and Professor of Finance at Yale University

Best-selling author of Irrational Exuberance

One of the world’s most influential economists1

Robert J. Shiller, Ph.D.

2

Individual Stocks as of 12/18. Numbers represent the total pool from which individual stocks are evaluated quarterly, and are subject to change.

The Index is designed to provide global diversifi cation from the world’s three largest developed markets: the United States, Eurozone and Japan. Asset classes in stocks, bonds and commodities offer opportunities for growth in a variety of market conditions.

Finding Global Value

Leverage Diversified Global Asset Classes

Eurozone JapanGlobal United States

400 Stocks, 3 Bonds 140 Stocks 320 Stocks23 Commodities

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Shiller's Process for Finding Global Value

Key Terms and Definitions

CAPE ratio – A statistical tool used to identify potential values, the CAPE® Ratio compares the current price to the average earnings over 10 years, adjusted for inflation.

Momentum – An indicator of a positive or negative trend in an asset’s price movement over time. Momentum is calculated by comparing the asset class’s current price to the price of the asset class six months earlier.

The Index is designed to identify undervalued stocks in three regions — the U.S., Eurozone and Japan — using CAPE ratio and strongest momentum. Professor Shiller designed this monthly process to find stocks that are well-established and relatively forgotten, with a long history of earnings but underpriced in the market.

Identifying Best Values With Strongest Momentum

Approximately 860 global stocks with 20 years or more of history are evaluated by the CAPE ratio to identify potential values2

Diversified stocks in each region with low CAPE ratios indicating good value are evaluated for six-month momentum

The 80 U.S. stocks, 40 Eurozone stocks and 40 Japanese stocks with the strongest momentum are selected and equally weighted within each region

2 Individual Stocks as of 12/18. Number of individual stocks are evaluated quarterly and subject to change.

Evaluate

to identify value

Identify

for strong momentum

Select

and equally weight

GLOBAL STOCKS2860

VALUE STOCKS200

SINGLE STOCKS160

4

Multi-Asset AllocationThe Index evaluates and rebalances stocks, bonds and undervalued commodities monthly with the aim to respond to changing market conditions. Shiller's global stocks are always included in the allocation, with other asset classes included when they show positive momentum.

If volatility falls below the 6% annualized volatility target, the index may increase its allocation to the selected asset classes up to 150%. If daily volatility is greater than 6%, exposure to the allocation may be reduced with the remainder allocated to cash.

Designed to Navigate Global Markets

3 The maximum weight for U.S. and Eurozone stocks is 40% and for Japanese stocks is 20% of the allocation.

When asset class momentum is positive, 20% of the index will be equally allocated to 10 undervalued commodities in short supply

COMMODITIES

When asset class momentum is positive, 20% of the index will be equally allocated to U.S. Government Bonds

BONDS

CASH

Overvalued asset classes or those with negative momentum are replaced with cash

20%

20%U.S., Eurozone and Japanese stocks are weighted toward undervalued regions using Shiller's CAPE Ratio3

SHILLER GLOBAL VALUE STOCKS

60%

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The Benefit of Global Values

** Hypothetical Assumptions: Index Value of the Shiller Barclays Global Index from 8/1/02 to 12/31/19. The Shiller Barclays Global Index was established on 2/1/19. Performance shown before this date is back-tested by applying the index strategy, which was designed with the benefit of hindsight, to historical financial data. Back-tested performance is hypothetical and has been provided for informational purposes only. Past performance is not indicative of nor does it guarantee future performance or results. The foregoing performance information does not include any relevant costs, participation rates and charges associated with the BCA suite of FIAs or any other financial product linked to the Shiller Barclays Global Index. For more information on the BCA suite of FIAs and performance of the Shiller Barclays Global Index, ask your insurance professional for an illustration.

Shiller Barclays Global Index

Strategies developed by Professor Robert Shiller help allocate global asset classes using principles of value investing and momentum to create an opportunity for stable appreciation through a variety of market environments. The graph below shows how the Shiller Barclays Global Index would have performed over the more than 17 years of turbulent global markets.

*The compound annual returns do not represent hypothetical or actual interest credits of any FIA.

5.08%*Compoundannual return

Shiller Barclays CAPE® US Sector Risk Controlled 10% USD Total Return Index

50

100

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250

American Recovery and Reinvestment Act Signed

U.S. Credit Downgraded

Brexit vote

Dow 20,000

Bitcoin Bubble

Oil hits $100 per barrel

Sub-Prime Mortgage Crisis

Interest Rates Hit Historic Low

U.S. Fiscal Cliff

12/1812/19

12/1712/16

12/1512/14

12/1312/12

12/1112/10

12/0912/08

12/0712/06

12/0512/04

12/0312/02

250

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150

100

50

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For more information about BCA Suite of Annuities, please ask your insurance professional For more information on the Shiller Barclays Global Index, please visit http://shiller.barclays.com/global.

Because the Shiller Barclays Global Index is denominated in US dollars, profits and losses generated by underlying equity indices in foreign currencies are converted to dollars on a daily basis. Costs and fees equal to Libor plus 0.55% per annum are deducted from the performance of each Equity Component. Fees equal to 0.55% per annum are deducted from the performance of the Commodity Index.Fees equal to 0.22% per annum are deducted from the performance of the Fixed Income Components. Barclays Capital Inc. and its affiliates (“Barclays”) is not the issuer or producer of the Products referenced herein and Barclays has no responsibilities, obligations or duties to purchasers in these Products. The Shiller Barclays CAPE® US Sector Risk Controlled 10% USD Total Return Index and the Shiller Barclays Global Index (collectively, the “Indices”) are trademarks owned by Barclays Bank PLC and licensed for use by Athene Annuity and Life promoted by Barclays and Barclays makes no representation regarding the advisability of the Product(s) or use of the Indices or any data included therein. Barclays shall not be liable in any way to the issuer or to other third parties in respect of the use or accuracy of the Indices or any data included therein or in connection with the administration, marketing, purchasing or performance of the Product(s).The Shiller Barclays CAPE® US Sector Risk Controlled 10% USD Total Return Index and the Shiller Barclays Global Index (collectively, the “Indices”) have been developed in part by RSBB, LLC, the research principal of which is Robert J. Shiller. RSBB, LLC is not an investment advisor and does not guarantee the accuracy and completeness of the Indices or any data or methodology either included therein or upon which it is based. RSBB, LLC shall have no liability for any errors, omissions or interruptions therein and makes no warranties expressed or implied, as to the performance or results experienced by any party from the use of any information included therein or upon which it is based, and expressly disclaims all warranties of the merchantability or fitness for a particular purpose with respect thereto, and shall not be liable for any claims or losses of any nature in connection with the use of such information, including but not limited to, lost profits or punitive or consequential damages even, if RSBB, LLC is advised of the possibility of same. Company (“Athene”) as the issuer of one or more fixed indexed annuities (the “Product(s)”). Barclays’ only relationship to Athene is the licensing of the Indices which is determined, composed and calculated by Barclays without regard to Athene or the Product(s). While Athene may for itself execute transaction(s) with Barclays in or relating to the Indices in connection with the Product(s), purchasers acquire the Product(s) from Athene and purchasers neither acquire any interest in the Indices nor enter into any relationship of any kind whatsoever with Barclays upon making a purchase of the Product(s). The Product(s) are not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of the Product(s) or use of the Indices or any data included therein. Barclays shall not be liable in any way to the issuer or to other third parties in respect of the use or accuracy of the Indices or any data included therein or in connection with the administration, marketing, purchasing or performance of the Product(s).The Shiller Barclays CAPE® US Sector Risk Controlled 10% USD Total Return Index and the Shiller Barclays Global Index (collectively, the “Indices”) have been developed in part by RSBB, LLC, the research principal of which is Robert J. Shiller. RSBB, LLC is not an investment advisor and does not guarantee the accuracy and completeness of the Indices or any data or methodology either included therein or upon which it is based. RSBB, LLC shall have no liability for any errors, omissions or interruptions therein and makes no warranties expressed or implied, as to the performance or results experienced by any party from the use of any information included therein or upon which it is based, and expressly disclaims all warranties of the merchantability or fitness for a particular purpose with respect thereto, and shall not be liable for any claims or losses of any nature in connection with the use of such information, including but not limited to, lost profits or punitive or consequential damages even, if RSBB, LLC is advised of the possibility of same.The WisdomTree Siegel Strategic Value Index™ (the “Index”) is the exclusive property of Canadian Imperial Bank of Commerce (Canadian Imperial Bank of Commerce, together with its affiliates, “CIBC”). CIBC has engaged Bloomberg Finance L.P. (“Bloomberg”) to maintain and to make certain calculations related to the Index. “Canadian Imperial Bank of Commerce”, “CIBC” and “Index” (collectively, the “CIBC Marks”) are trademarks or service marks of CIBC. CIBC has licensed use of the Index and the CIBC Marks to Athene Annuity and Life Company (“Athene”) for use in one or more fixed indexed annuities offered by Athene (the “Product(s)”). CIBC is not the issuer of the Products and its sole contractual relationship with Athene is to license the Index and the CIBC Marks to Athene. CIBC, Jeremy Siegel (Siegel”), senior research advisor to WisdomTree Investments, Inc. (“WisdomTree”), and WisdomTree each contributed to the development of the index without considering the needs of Athene or any annuitant. Neither CIBC, Siegel nor WisdomTree make any representation or warranty, express or implied, regarding the Index or its development and have no responsibilities, obligations or liabilities with respect to the inception, adjustment, maintenance, operation or calculation. None of CIBC, WisdomTree, Bloomberg or Siegel are affiliated with each other or control

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83135

Athene Annuity and Life Company 7700 Mills Civic Parkway West Des Moines, IA 50266-3862

Athene.com

We are Athene. And we are relentless when it comes to creating an innovative portfolio of fixed annuities to meet your accumulation and retirement income needs.

At Athene, we see every day as a new opportunity to measure ourselves against the best — and then we don’t stop until we’ve set the bar even higher. We stand ready to help you achieve more.

(02/12/20)

or are controlled by each other. “WisdomTree®” is a registered trademark of WisdomTree. WisdomTree and Siegel have licensed certain rights to CIBC to use their names in connection with the Index.None of CIBC, Bloomberg, Siegel and WisdomTree or any other third-party licensor (collectively, the “Index Parties”) to CIBC is acting, or has been authorized to act, as an agent of Athene or has in any way sponsored, promoted, solicited, negotiated, endorsed, offered, sold, issued, supported, structured or priced any Products or provided investment advice to Athene. No Index Party is a fiduciary or agent of any purchaser, seller or holder of any Product, or has made any representation or warranty, express or implied, regarding the advisability of purchasing, selling or holding any Product or the ability of the Index to track corresponding or relative market performance. Purchasers of any Product neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with any of the Index Parties. No Index Party guarantees the timeliness, accurateness, or completeness of the Index or any data or information relating thereto and shall have no liability in connection with the Index or any data or information relating thereto. No Index Party shall have any liability with respect to any Product, nor any liability for any loss relating to any Product, whether arising directly or indirectly from the use of the Index, its methodology, or otherwise. The selection of the Index as a crediting option under any Product does not obligate Athene to invest annuity premiums in the components of the Index. Any obligation to invest annuity premiums received under the Products are determined solely by Athene.BLOOMBERG is a trademark and service mark of Bloomberg. Bloomberg and its affiliates are not affiliated with Athene or CIBC. Bloomberg’s association with CIBC is to act as the administrator and calculation agent of the Index, which is the property of CIBC. Bloomberg does not guarantee the timeliness, accurateness, or completeness of the Index or any data or information relating thereto and shall have no liability in connection with the Index or any data or information relating thereto.In calculating the level of the Index, the index methodology deducts a maintenance fee of 0.20% per year, calculated daily. This fee will reduce the level of the Index and thus the amount of interest, if any, that will be credited to any Product. Furthermore, while the volatility control applied by CIBC as part of the index methodology may result in less fluctuation in rates of return as compared to indices without volatility controls, it may also reduce the overall rate of return for products referencing the Index as compared to other indices not subject to volatility controls. Athene BCA 2.0 [ANN19 (01/19), ANN19CS06 (01/19), ANN19CS08 (01/19), ANN19CS10 (01/19) ANN19CS12 (01/19)], Athene Velocity [ANN19 (01/19), ASP19CS (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. 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, NY, 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. 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. Annuities contain features, exclusions and limitations that vary by state. For a full explanation of an annuity, please refer to the Certificate of Disclosure and contact your Financial Professional or the company for costs and complete details. © 2020 Annexus®BCA® is a registered trademark of Annexus. All rights reserved.Athene is a registered trademark of Athene. All rights reserved.