AMERICAN NATIONAL INSURANCE COMPANY Nearly $1.5 Billion in Annuity Premium in ’04 Over $18 Billion in Assets* Over $3 Billion in Capital Surplus** $125 in Assets for every $100 of Liabilities** Thanks you for your business!

American National Value-Lock Equity Indexed Annuities AMERICAN NATIONAL INSURANCE COMPANY GALVESTON, TEXAS

IMG-May-05 For Agent Use Only 3 Equity Index Annuity Terminology Cap Rate Participation Rate High Water Mark Annual Reset Point to Point Averaging Monthly Design S&P 500 ® NASDAQ ® Spread Fee Margin Charge Index Period Vested Benefits Guaranteed Rate Hedging Options "Standard & Poor's ® ", "S&P ® ", "Standard & Poor’s 500" and "500" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by American National. The product is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of purchasing the annuity.

IMG-May-05 For Agent Use Only 4

IMG-May-05 For Agent Use Only 5 What is The Best Design? Volatility of Return (Risk) Return Fixed Annuities Annual Reset High Water Mark End Term Design Replicate the Index

IMG-May-05 For Agent Use Only 6 Fixed Annuities – Low Rate Environment Annual Reset – Caps, Fees, Spreads, Etc. High Water Mark – Complicated Formulas End Term – No Credits Mid-Term Replicate the Index – Risk of Principal Loss What is The Best Design?

IMG-May-05 For Agent Use Only 7 Point to Point / End of Term Design issue for the length of the contract)100% Participation ~ S&P 500 ® issue for the length of the contract) No Cap on Earnings No Spread or Margin Fee Based on the monthly average performance of the S&P 500 ®

IMG-May-05 For Agent Use Only 8 Issue Ages 0-80 Ten Year or Seven Year Chassis Current Premium Bonus on 10-yr of 5%* Potential for 1-5% Premium Enhancement on the 10 Yr * Effective thru 10/31/05 & declared monthly

IMG-May-05 For Agent Use Only 9 End Term EIA Design S&P 500 ® Index

IMG-May-05 For Agent Use Only 10 End Term EIA Design S&P 500 ® Index

IMG-May-05 For Agent Use Only 11 End Term EIA Design S&P 500 ® Index

IMG-May-05 For Agent Use Only 12 End Term EIA Design – Value Lock 7 Buy and Hold for 7-Years Starting Index Value 500 Average of 84 Months 1050 Total Percentage Increase 110% Interest Credit (100% Participation) 110% Effective Annual Rate of Return 11.18% In This Hypothetical Example

IMG-May-05 For Agent Use Only 13 End Term EIA Design – Value Lock 10 By and Hold for 10-Years Starting Index Value 500 Average of 120 Months1021 Total Percentage Increase104% Interest Credit (100%)104% Effective Annual Rate 7.4% In This Hypothetical Example Interest Has Been Earned at an Effective Annual Rate of 7.4%

IMG-May-05 For Agent Use Only 14 Unique Lock-In Feature Locks in Interest Related to Index Gain Prorated Share Credited at Lock-In Remaining Interest Credited Daily Ten Year - Lock at Any Time Seven Year – Lock After Two Years

IMG-May-05 For Agent Use Only 15 Unique Lock-In Feature – Value Lock 10 S&P 500 ® Index 7 th

IMG-May-05 For Agent Use Only 16 Unique Lock-In Feature – Value Lock 10 Starting Index Value 500 Average of 84 Months 1050 Total Percentage Increase 110% Interest Credit (70% at Lock-In)77% Interest Credit After Lock-In 7.98% (Hypothetical Example) In This Hypothetical Example Interest Has Been Earned at an Effective Annual Rate of 8.34% Over Ten Years

IMG-May-05 For Agent Use Only 17 Unique Lock-In Feature – How it works: $ Value of Index Gain is determined at time of lock-in Interest (currently 2%) is compounded on gains for the remaining 3 years of surrender & is added to the gains Total $ Value of Index Gains + Interest is then pro-rated based on time they’ve been in the policy since inception 7 out of 10 yrs = 70%; so 70% of the gains + interest is credited to the AV at lock-in. The remaining 30% of gains + interest is credited over the remaining 3 yrs on policy anniversary

IMG-May-05 For Agent Use Only 18 Guaranteed Minimum Surrender Value Ten Year Chassis 90% of premium at 1.75% or the NAIC index Seven Year Chassis 88.75% of premium at 1.75% or the NAIC index If NAIC Minimum Guarantee Rate is Greater, we follow that…..currently it is 2.85%*

IMG-May-05 For Agent Use Only 19 Surrender Charges Ten Year Chassis 12,12,11,10,9,8,7,6,5,3 (+/- MVA*) Seven Year Chassis 8,8,7,6,5,4,2 (No MVA) *Depending on the issue state.

IMG-May-05 For Agent Use Only 20 Confinement Waiver 60 Days Free Withdrawal 10% (Amounts withdrawn prior to lock-in do not earn any interest related to index gains) Death Benefit ~ Pre Lock-In Greater of Account Value, Full Lock-In Value, Surrender Value.

IMG-May-05 For Agent Use Only 21 Premium Enhancement Ten Year Chassis Currently at 5%* Seven Year Chassis Not Available *May change on a monthly basis.

IMG-May-05 For Agent Use Only 22 Policy Issue Dates Weekly: 1 st, 8 th, 16 th, 24 th (Of each month)

IMG-May-05 For Agent Use Only 23 General Agent Compensation Ten Year Chassis 10% Seven Year Chassis 6%

IMG-May-05 For Agent Use Only 24 Value-Lock State Approvals as of 9/30/05 Value-Lock 10Value-Lock 10 AL, AK, AZ, AR, CA*, CO, DC, FL, GA, HI, ID, KS, KY, LA, ME, MI, MS, MO, MT, NE, NV, NH, NM, OH, OK, RI, SC, SD, TN, TX*,VA, WV, WI, WY Value-Lock 7Value-Lock 7 AL, AK, AZ, AR, CA*, CO, DC, FL, GA, HI, ID, KS, KY, LA, ME, MI, MS, MO, MT, NE, NV, NH, NM, OH, OK, RI, SC, SD, TN, TX*,VA, WV, WI, WY * Effective 9/1/05

IMG-May-05 For Agent Use Only 25 Unlimited up-side potential of a long-term point-to-point No Caps, No Spreads, No Margin CostsNo Caps, No Spreads, No Margin Costs − Vs. Annual or Bi-annual Resets 100% Participation Locked-in at issue100% Participation Locked-in at issue Monthly averaging – ONE TIME at end point (‘simple’)Monthly averaging – ONE TIME at end point (‘simple’) − Vs. 12 mos, then 24 mos, re-averaging the first 12, etc. Built-in Indexing ‘Bail-out’ Option (only one in the industry)Unique Lock-in Feature (only one in the industry) Mitigates the threat of losing previous gains due to a market decline in the later years − Common w/ traditional long-term point-to-points & high water marks... In Review, We Have:

IMG-May-05 For Agent Use Only 26 So how does it compete?

IMG-May-05 For Agent Use Only 27 NEW VALUE-LOCK 10 EIA How strong is American National’s Equity Index Annuity? Consider the S&P 500 Index ® over the last ten years… had the following products been available and been in effect from 3/1/1995 through 3/1/2005, the interest credited on a single premium payment of $100,000 would be as follows: CompanyProductPremiumInterest10 Year Value American NationalValue-Lock 10$100, % $100, % $100, % $100, % 100, % $115,607 $117, , , ,146 $215, , , , ,146 Sun LifeMulti-Point$100,000$113,472$213,472 AllianzMasterDex 5$100,000$101,882$201,882 INGSelectra (2.3% Spread) $100,000$80,806$180,806 Information compiled by American National, Independent Marketing Group as of 5/15/05. Performance listed above should be verified with each issuing company. Please see carrier product reference guide and disclosures for more complete information. Past Performance Does Not Guarantee Future Results. Policy Form PIA 10A-NQ, PQ, or PIA10B-NQ, PQ is issued by American National Insurance Company and is not available in all states. “Standard & Poor’s  ”, “S&P  ”, “Standard & Poor’s 500” and “500” are trademarks of the McGraw-Hill Companies, Inc. and have been licensed for use by American National. This product is not endorsed, sold or promoted by Standard & Poor’s .

IMG-May-05 For Agent Use Only 28 The Value-Lock is easy to explain for you and your client … no moving parts… vs. the “trust me” of annual reset designs!

IMG-May-05 For Agent Use Only 29 Other Products in our Arsenal... Check-out our: MYGs ranging from 4 – 6 yrs MYG 6 at 4.25% is best of class! Citadel 5 & 7 Diamond Series Owner Any Age on NQ Business Full AV on Death & No Chargeback! Principal Guarantee & 10% p/f in yr 1! Palladium SPIA Full Liquidity after 3 years!!! Very Competitive Life/Life Cont’ Payouts

IMG-May-05 For Agent Use Only 30 American National Insurance Company and especially your business!Thanks you for your interest in American National and especially your business! We look forward to a long and profitable relationship with you.