Max Accumulator+ Competitive Positioning

Max Accumulator+ Competitive Positioning
Presented by… Policies issued by American General Life Insurance Company ("AGL“)

AGL’s Life Insurance Portfolio Competitive and flexible products designed to meet your clients’ various needs Death Benefit Protection Cash Value Accumulation Competitive Product Portfolio Competitive cash value accumulation and income distribution potential – top 3 in our target market ages Volatility Control Index that helps stabilize returns Other index options available for your clients with different risk profiles Max Accumulator+ Competitive premiums to carry – top 3 in our target market ages 40-70 Downside protection with lengthy guarantee period, volatility control index and guaranteed persistency bonus Innovative “cash value access” features that allow your clients to access policy cash value – without reducing death benefit Value+ Protector Competitive guarantee premiums – top 3 in our target market of age 55+ Dial-able guarantee duration Competitive premiums especially when guaranteeing to age between Built-in ROP in year 20 and 25 with no additional cost Guaranteed cash value in the policy Secure Lifetime GUL 3 Competitive rates – top 3 in nearly 75% of our target market Unique design that is truly customizable – any duration between years. Great for laddering! Expanded Conversion Period – retroactive to include all inforce policies! AG Select-a-Term® Read Slides. Plus robust and flexible riders for chronic illness and longevity

Max Accumulator+ Competitive cash accumulation IUL – Key Strengths
Competitive in its target market Competitive cash value accumulation and income distribution potential particularly for issue ages 35 to 55 with attractive targets Volatility Control Index An uncapped Blend Index Participation account using a volatility control index that can help stabilize returns through dynamically adjusting exposure among equities, fixed income and cash Multiple index strategy options with attractive caps/participation rates Three other index account options with different caps and participation rates that can help address diverse client market outlooks and risk profiles Offers Protection, Guarantees and Flexibility Downside protection of a guaranteed floor on index accounts plus an Account Value Enhancement starting from year 6. Fixed and Participating loan options to access cash values in the policy. Competitive Accelerated Benefits Rider Accelerated Access Solution® (AAS), an additional cost chronic illness rider with an IRS per diem option and waiver of monthly deduction on entire policy when on claim Optional Income For Life Rider Option to exercise Income For Life Rider to produce a guaranteed stream of lifetime payments with optional annual adjustments to help offset cost of living increases Read Slides. On second bullet point, it is important to note that the volatility control measures may help limit the impact of downturns, however, they can also limit the impact of positive market performance.

Max Accumulator+ Offers one of the highest cap rates and max illustration rates among competitors
as of 2/28/2017 AGL National Life (LSW) Minnesota Life American National Voya North American Allianz Lincoln Financial Global Atlantic John Hancock Nationwide Pacific Life AXA Let’s now take a look at cap rates and max illustrated rates. Due to market volatility earlier this year, several IUL carriers here announced cap rate reductions in the past few months. The max rate on our product looks in today’s competitive landscape. II *Lincoln offers a floor of 1%, and therefore resulting in a higher max illustrated rate. As of 2/28/2017

Guaranteed Income Rider
Max Accumulator+ Designed with features and riders for cash value and income potential Company Product Volatility Control Index Persistency Bonus Participating Loans Guaranteed Income Rider AGL Max Accumulator+ IUL Pacific Life Discovery Xelerator IUL a North American Builder IUL 8 National Life/LSW FlexLife II Minnesota Life Orion IUL Global Atlantic Lifetime Builder John Hancock Accumulation IUL 15 Allianz Life Pro+ American National Signature IUL AXA BrightLife Grow Nationwide YourLife Indexed UL Accumulator Voya Financial IUL-Global Choice Lincoln LifeReserve IUL Accumulator 14 Let’s take a look at other features and riders on Max Accumulator that help it differentiate itself from other IUL products. We will talk about these differentiators at this high level and then move on to some of the features in detail. To begin with, we are one of the 2 carriers now offer a Volatility control index. Only Allianz has a similar volatility control index. We also offer a spread death benefit rider – only two other carriers offer a similar rider now. We also have a Guaranteed Income rider – only two other carriers offer a similar rider now. Growth Stability Access Protection As of 2/28/2017

MLSB Index Strategy Key Talking Points
Volatility Control Index – 3rd generation of Indices used on IULs that provides a systematic, rules-based process of blending equity and fixed income indices. To help manage volatility, the index may also systematically utilize cash allocations. This index is designed to generate equal risk contribution to each asset class. 1st Generation Single Index S&P 500 Eg. S&P 500 cap/par 2nd Generation Multiple Indices S&P 500/ EuroStoxx/ Bond Eg. Global 5-yr 3rd Generation Asset Allocation Volatility Control Eg. MLSB Index Automatic and systematic allocation every six month Uncapped strategy and currently, full (100%) participation in index performance High max illustrated rate & persistency bonus – 7.38% and 0.65%, offering the highest Total Illustrative Rate after year 5 among all four index account options. (We also offer S&P500 high cap, core cap and participating accounts). Read Slides. We also offer S&P500 high cap, core cap and participating accounts. As of 2/28/2017

Max Accumulator+ Offers attractive persistency bonuses as early as year 6, partially guaranteed Company Product Years Available Persistency Bonus AGL QoL Max Accumulator+ IUL 6+ Currently varies between 0.25% % for different index accounts; guaranteed no lower than 0.25% AXA BrightLife Grow Non-guaranteed 0.25% for policy years 6-10, 0.75% for years 11-15, and 1.10% for years 16 and later Global Atlantic Lifetime Builder 11+ Guaranteed 0.60% North American Builder IUL 8 Conditionally guaranteed 0.75% - applied if fixed account rate is higher than the minimum Allianz Life Pro+ Guaranteed Multiplier of 15%; credited bonus as the result of the multiplier is capped at 1% John Hancock Accumulation IUL 15 6+ for Guaranteed Bonus 11+ for Non Guaranteed Bonus Guaranteed Multiplier of 5%; Non-guaranteed 0.65% bonus credited on unloaned Account Values, which are not allocated to indexed strategies. Minnesota Life Orion IUL A multiplier of 10% on one index account National Life/LSW FlexLife II Guaranteed 10% multiplier capped at 0.60% Nationwide YourLife Indexed UL Accumulator 1+ Guaranteed multiplier of 15% for two crediting strategies with lower caps Pacific Life Pacific Discovery Xelerator IUL 3+ Performance Factor varies by issue age and account Voya Financial IUL-Global Choice None Lincoln LifeReserve IUL Accumulator 14 American National Signature IUL (Signature Plus IUL: Yr 11) None (Signature Plus IUL: 1% non-guaranteed) Fixed bonus Variable bonus Read slide As of 2/28/2017

Persistency Bonus using Multiplier How does it work?
IUL S&P 500 Index Account with 10% Cap, 0% Floor Example: 10% Multiplier capped at 0.6% Example: 0.75% bonus Index Performance Credit Rate (a) Bonus From Multiplier (b)=(a)* 10% Capped at 0.6% Total Credit Rate w/ Bonus (c) = (a)+(b) -3% 0% 3% 0.3% 3.3% 5% 0.5% 5.5% 13% 10% 0.6% 10.6% Total Credit Rate w/ 0.75% bonus (d) = (a) +0.75% 0.75% 3.75% 5.75% 10.75% Fixed bonus structure will help reduce exposure to market volatility and smooth returns in an IUL policy Bonus using multiplier structure is still subject to market volatility Fixed bonus can provide more stable returns

Participating Loan Type Fixed participating loans
Max Accumulator+ Offers competitive participating loans Company Product Participating Loan Type Current Loan Rate Guaranteed Loan Rate AGL QoL Max Accumulator+ Fixed Participating 5.00% 8.00% Voya Financial IUL-Global Choice 6.00% Allianz Life Pro+ Pacific Life Pacific Discovery Xelerator IUL 4.80% 7.50% Transamerica Financial Foundation IUL 5.75% Lincoln Financial LifeReserve IUL Accumulator 14 6.00% in years 1-10; 5.00% year 11 to age 100 3% thereafter National Life/LSW FlexLife II Minnesota Life Orion IUL Variable 4.5% 1% greater than the fixed account rate 4.3% 2% greater than the fixed account rate Global Atlantic Lifetime Builder 4.21% 8.68% American National Signature IUL/Signature Plus IUL 4.35% 15% John Hancock Accumulation IUL 15 North American Builder IUL 7 4.00% 6% AXA BrightLife Grow None N/A Nationwide YourLife Indexed UL Accumulator Fixed participating loans 3 of 13 Variable Loans All products offer a fixed loan option – which we call standard loan on our product. It typically becomes a wash loan with 0% cost after year 10. Some carriers also offer participating loan options. QoL Max Accumulator+ IUL offers fixed participating loans with a current charge rate of 5%, guaranteed no more than 8%. Read slide As of 2/28/2017

Max Accumulator+ Income Ranking Top Tier Income Distribution across All Scenarios as of 02/28/2017
Fixed Premium to age 65 (or age 70 for issue age 55), Minimum non-mec DB increase to level at retirement age. Distributions at retirement taken for 20 years, targeting $10,000 CSV at A100. Premiums vary by age-age 30 $10k; age 35 $15k; age 40 $20k; age 45 $25k; age 50 $30k, age 55 $35K Gender Risk Class 30 35 40 45 50 Max rate with Fixed Loans – MLSB Index Male PPNT 1 of 13 2 of 13 PNT SNT 3 of 13 Female Gender Risk Class 30 35 40 45 50 Max rate with Participating Loans – MLSB Index Male PPNT 1 of 13 2 of 13 3 of 13 PNT SNT Female Read slide comparisons. Legend: Top 3 Ranked Not in Top 3 Products ranked are: AGL-Max Accumulator+; North American-Builder IUL 7; Global Atlantic-Lifetime Builder; National Life/LSW-FlexLife; AXA-BrightLife Grow; Pacific Life-Pacific Indexed Performer LT2; Transamerica-TransNavigator IUL; Minnesota Life-Eclipse IUL; John Hancock-Accumulation IUL 15; Nationwide-YourLife Indexed UL Accumulator; Allianz-Life Pro+; Voya Financial-IUL-Global Choice; Lincoln-LifeReserve IUL Accumulator 14; Income as of 02/28/2017

Max Accumulator+ Even greater accumulation and income potential with no change to targets as of 02/28/2017 Male, 45, PNT, Premium 25,000 for 20 years, DB increase to level, distribution using fixed loans after withdrawal starts at age 66-85, max illustrated rate Company Product Income CSV YR5 CSV YR20 Initial DB Target Pacific Life Pacific discovery Xelerator IUL $100,113 $116,097 $1,028585 $525,657 $10,000 American General Life Max Accumulator+ MLSB $95,213 $109,149 $1,006,400 $525,493 $9,727 Allianz Life Pro+ $91,257 $114,145 $1,005,361 $527,035 $8,621 Minnesota Life Orion IUL $90,552 $114,476 $987,886 $536,140 $8,734 North American Builder IUL 8 $89,736 $112,043 $991,411 $521,652 $8,852 Global Atlantic Lifetime Builder $85,686 $118,361 $977,321 $536,141 $9,168 Lincoln Financial LifeReserve IUL Accumulator 14 $85,401 $101,729 $959,019 $494,682 $9,859 Pacific Indexed Performer LT 2 $85,361 $111,105 $949,676 Eclipse Indexed Life $84,748 $113,090 $958,421 $9,238 AXA BrightLife Grow $80,855 $117,076 $912,636 $535,084 $8,802 Voya Financial Voya IUL-Global Choice $78,896 $115,419 $920,699 $538,000 $9,684 Nationwide YourLife Indexed UL Accumulator $74,280 $110,825 $841,850 $543,114 $9,695 Read slide comparisons. Income as of 2/28/2017

Max Accumulator+ Top Tier Accumulation and Income Potential with Attractive Targets as of 02/28/2017
Male, 45, PNT, Premium 25,000 for 20 years, DB increase to level, distribution using participating loans after withdrawal starts at age 66-85, max illustrated rate Company Product Income CSV YR5 CSV YR20 Initial DB Target Pacific Life Pacific Discovery Xelerator IUL $109,028 $114,801 $985,177 $525,657 $10,000 Allianz Life Pro+ $106,362 $114,145 $1,005,361 $527,035 $8,621 American General Life Max Accumulator+ MLSB $106,234 $109,149 $1,006,400 $525,493 $9,727 North American Builder IUL 8 $102,899 $117,730 $1,001,837 $511,833 $9,008 Minnesota Life Orion IUL $100,868 $111,464 $968,743 $521,652 $8,852 Global Atlantic Lifetime Builder $99,408 $118,361 $977,321 $536,141 $9,168 Eclipse Indexed Life $97,425 $112,978 $958,421 $536,140 $9,238 Lincoln Financial LifeReserve IUL Accumulator 14 $92,834 $101,729 $959,019 $494,682 $9,859 Pacific Indexed Performer LT 2 $84,286 $110,108 $907,450 Voya Financial Voya IUL-Global Choice $83,584 $115,419 $920,669 $538,000 $9,684 AXA BrightLife Grow $80,859 $117,076 $912,679 $535,084 $8,802 Nationwide YourLife Indexed UL Accumulator $74,280 $110,825 $841,850 $543,114 $9,695 Read slide comparisons. Income as of 2/28/2017

Max Accumulator+ vs. Allianz Life Pro+ as of 02/28/2017
Crediting Strategy Max Accumulator+ Life Pro+ # of Index Crediting Strategies 4 6 S&P 500 Cap/Illus. rate/Bonus 13%/7.28%/0.25% yr 6+ 12.25%/7.00% % multiplier Yr11+ Cap at 1% S&P 500 Core Cap /Illus. rate/Bonus 10%/6.11%/0.75% yr 6+ N/A Unique Index Illus. rate/Bonus MLSB Volatility Control/ Par 100% par no cap/7.38%/0.65% Barclays UL Dynamic/Par % par no cap/7.00/multiplier Index Floor 0%/0.25% on Core Cap 0% Loan Options Fixed Participating Loans Current 5%/Guaranteed 8% Current 5%/Guaranteed 5% Performance At Max Rate Max Accumulator + has 4.5% higher income at age 30-50, PPNT-PNT class Age 45 Male PNT Class $25K to A Max Distribution /Target $95,213/ $9,727 $91,257 / $8,621 Riders Accelerated Benefit Riders Optional Chronic Illness Rider – Dollar for Dollar Chronic Illness Rider - Discounted Guaranteed Income Rider Income For Life Rider Selling Points Max Accumulator+ offers Both High Cap and Core Cap in one product – ability to switch if needs change Fixed persistency bonus starting from yr 6, and partially guaranteed to reduce volatility vs. Allianz’s capped multiplier that links back to the performance of the equity market Significantly better cash value or income in accumulation focused sales 4.5% higher income than Allianz using MLSB index at Max rate with Fixed Loans in targeted market Read slide comparisons. Optional dollar-for-dollar chronic illness ABR Optional Income For Life Rider Age 45 Male PNT Class Max Distribution use Increasing DB switching to Fixed Annual Premium of $25,000 to A65; 20 year distributions Fixed loans targeting $10,000 As of 2/28/2017

Max Accumulator+ vs. NACOLAH Builder IUL 7 as of 02/28/2017
Crediting Strategy Max Accumulator+ Builder IUL 7 # of Index Crediting Strategies 4 10 S&P 500 Cap/Illus. rate/Bonus 13%/7.28%/0.25% yr 6+ 12.5%/7.09%/ 0.75% yr 11+ S&P 500 Part/Illus. rate/Bonus 65%/7.35%/0.45% yr 6+ 52.5%/ 5.97%/ 0.75% yr 11+ Unique Index Illus. rate/Bonus MLSB Volatility Control/ Par 100% par no cap/7.38%/0.65% Global Index/Cap % cap/6.25%/0.75% yr 11+ Index Floor 0%/0.25% on Core Cap 0% Loan Options Fixed Participating Loans Current 5%/Guaranteed 8% Variable Loans: Current 4%/Guaranteed 6% Performance At Max Rate Max Accumulator + has 7% higher income at all age range, all risk classes Age 45 Male PNT Class $25K to A Max Distribution /Target $95,213/ $9,727 $89,736 / $9,008 Riders Accelerated Benefit Riders Optional Chronic Illness Rider – Dollar for Dollar Chronic/Critical/Terminal Guaranteed Income Rider Income For Life Rider N/A Selling Points Max Accumulator+ offers Higher cap/participation rate on S&P 500 index account options Persistency bonus starting from yr 6 vs. NACOLAH’s bonus starting from yr 11+. MLSB Volatility Control Index that provides cash value accumulation and income potential vs Global Index strategy that uses S&P 500, Russell 2000, and Euro Stoxx 50, indices that still correlate to the equity market • No fund charge or sales charge as NACOLAH does 7% higher income than NACOLAH using MLSB index at Max rate with Fixed Loans in targeted market Read slide comparisons. Optional dollar-for-dollar chronic illness ABR Optional Income For Life Rider Age 45 Male PNT Class Max Distribution use Increasing DB switching to Fixed Annual Premium of $25,000 to A65; 20 year distributions Fixed loans targeting $10,000 As of 2/28/2017

Max Accumulator+ vs. AXA BrightLife Grow as of 02/28/2017
Crediting Strategy Max Accumulator+ BrightLife Grow # of Index Crediting Strategies 4 S&P 500 Cap/Illus. rate/Bonus 13%/7.28%/0.25% yr 6+ BUY UP 11.5%/6.69%/0.25% yr6-10, 0.75% yr11-15, 1.1% yr16+ (1% additional cost) S&P 500 Core Cap /Illus. rate/Bonus 10%/6.11%/0.75% yr 6+ 9.5%/5.79%/ 0.25% yr6-10, 0.75% yr11- 15, 1.1% yr16+ Unique Index Illus. rate/Bonus MLSB Volatility Control/ Par 100% par no cap/7.38%/0.65% N/A Index Floor 0%/0.25% on Core Cap 0% Loan Options Fixed Participating Loans Current 5%/Guaranteed 8% No participating loans Performance At Max Rate Max Accumulator + has 24% higher income at age 20-60, all risk classes Age 45 Male PNT Class $25K to A Max Distribution /Target $95,213/ $9,727 $80,855 / $8,802 Riders Accelerated Benefit Riders Optional Chronic Illness Rider – Dollar for Dollar LTC Rider Guaranteed Income Rider Income For Life Rider Selling Points Max Accumulator+ offers Free of charge High Cap account vs AXA’s for cost high cap account Higher persistency bonus in core cap account at the early years MLSB Volatility Control Index that provides cash value accumulation and income potential Participating Loans option Significantly Better cash value or income 24% higher income than AXA using MLSB index at Max rate, Fixed Loans, at age and all risk classes Read slide comparisons. Optional dollar-for-dollar chronic illness ABR Optional Income For Life Rider Age 45 Male PNT Class Max Distribution use Increasing DB switching to Fixed Annual Premium of $25,000 to A65; 20 year distributions Fixed loans targeting $10,000 As of 2/28/2017

Max Accumulator+ vs. Nationwide YourLife® Indexed UL Accumulator as of 02/28/2017
Crediting Strategy Max Accumulator+ YourLife® IUL Accumulator # of Index Crediting Strategies 4 6 S&P 500 Cap/Illus. rate/Bonus 13%/7.28%/0.25% yr 6 13%/6.48%/no guaranteed bonus S&P 500 Core Cap /Illus. rate/Bonus 10%/6.11%/0.75% yr 6 11%/6.48%/ 15% Multiplier yr 11+ Unique Index Illus. rate/Bonus MLSB Volatility Control/ Par 100% par no cap/7.38%/0.65% MSCI EAFE/ Cap 13% cap/6.48%/0.6% yr 11 Index Floor 0%/0.25% on Core Cap 0% Loan Options Fixed Participating Loans Current 5%/Guaranteed 8% N/A Performance At Max Rate Max Accumulator + has 43% higher income at age 20-60, all risk classes Age 45 Male PNT Class $25K to A Max Distribution /Target $95,213/ $9,727 $74,280/ $9,695 Riders Accelerated Benefit Riders Optional Chronic Illness Rider – Dollar for Dollar LTC Rider Guaranteed Income Rider Income For Life Rider Selling Points Max Accumulator+ offers Free of charge High Cap and Core Cap account in one product – ability to switch if needs change MLSB Volatility Control Index that provides cash value accumulation and income potential Participating loans option Significantly Better cash value or income 50% higher income than PruLife using MLSB index at Max rate, Fixed Loans Read slide comparisons. Optional dollar-for-dollar chronic illness ABR Optional Income For Life Rider Age 45 Male PNT Class Max Distribution use Increasing DB switching to Fixed Annual Premium of $25,000 to A65; 20 year distributions Fixed loans targeting $10,000 As of 2/28/2017

Max Accumulator+ vs. National Life FlexLife II IUL as of 02/28/2017
Crediting Strategy Max Accumulator+ FlexLife II IUL # of Index Crediting Strategies 4 5 S&P 500 Cap/Illus. rate/Bonus 13%/7.28%/0.25% yr 6 12.5%/7.14.%/10% Multiplier capped at 0.6% yr 11+ S&P 500 Part/Illus. rate/Bonus 65%/7.35%/0.45% yr 6 60%/6.85%/10% Multiplier capped at 0.6% yr 11+ Unique Index Illus. rate/Bonus MLSB Volatility Control/ Par 100% par no cap/7.38%/0.65% MSCI Emerging Markets / Cap % cap/6.07%/10% Multiplier yr 11+ Index Floor 0%/0.25% on Core Cap 0% Loan Options Fixed Participating Loans Current 5%/Guaranteed 8% Current 5%/Guaranteed 8% Variable Loans: Current 4.3%/Guaranteed 2% greater than fixed account Performance At Max Rate Max Accumulator + has 25% higher income at age 20-65, PPNT-PNT class Age 45 Male PNT Class $25K to A Max Distribution /Target $95,213/ $9,727 $83,036/ $9,443 Riders Accelerated Benefit Riders Optional Chronic Illness Rider – Dollar for Dollar Chronic/Critical/Terminal - Discounted Guaranteed Income Rider Income For Life Rider Lifetime Income Benefit Rider Selling Points Max Accumulator+ offers Better index performance in both High Cap and Core Cap accounts Persistency bonus starting from yr 6 vs. from year 11+ for National Life MLSB Volatility Control Index that provides cash value accumulation and income potential Index floor Max Accumulator+ has Lower monthly expense/COIs, 15 years vs all years of National Life No fund charge compared to National Life’s product’s 0.03% 25% higher income than National Life using MLSB index at Max rate, Fixed Loans, age range 20-65, Non Tobacco classes Stronger target Read slide comparisons. Optional dollar-for-dollar chronic illness ABR Optional Income For Life Rider Age 45 Male PNT Class Max Distribution use Increasing DB switching to Fixed Annual Premium of $25,000 to A65; 20 year distributions Fixed loans targeting $10,000 As of 2/28/2017

Max Accumulator+ vs. Prudential Indexed Advantage UL as of 02/28/2017
Crediting Strategy Max Accumulator+ Indexed Advantage UL # of Index Crediting Strategies 4 1 S&P 500 Cap/Illus. rate/Bonus 13%/7.28%/0.25% yr 6 10.5%/6.26%/ no bonus S&P 500 Part/Illus. rate/Bonus 65%/7.35%/0.45% yr 6 8.5%/6.1%/15% Multiplier Unique Index Illus. rate/Bonus MLSB Volatility Control/ Par 100% par no cap/7.38%/0.65% N/A Index Floor 0%/0.25% on Core Cap 0% Loan Options Fixed Participating Loans Current 5%/Guaranteed 8% Performance At Max Rate Max Accumulator + has 48% higher income at age 20-65, PPNT-PNT class Age 45 Male PNT Class $25K to A Max Distribution /Target $95,213/ $9,727 $68,904/$9,582 Riders Accelerated Benefit Riders Optional Chronic Illness Rider – Dollar for Dollar Chronic/Terminal Guaranteed Income Rider Income For Life Rider None Selling Points Max Accumulator+ offers Better index performance in both High Cap and Core Cap accounts Persistency bonus starting from yr 6, and partially guaranteed vs. no bonus of Prudential MLSB Volatility Control Index that provides cash value accumulation and income potential Index floor Max Accumulator+ has No fund charge and sales charge compared to Prudential Indexed Advantage UL’s 0.75% fund charge in year 1-9 and 8% sales charge in year 1-2 declining to 4% sales charge in year 10+ 48% higher income than Prudential using MLSB index at Max rate, Fixed Loans, age range 20-50 Read slide comparisons. Optional dollar-for-dollar chronic illness ABR Optional Income For Life Rider Age 45 Male PNT Class Max Distribution use Increasing DB switching to Fixed Annual Premium of $25,000 to A65; 20 year distributions Fixed loans targeting $10,000 As of 2/28/2017

Max Accumulator+ vs. Minnesota Life Orion IUL as of 2/28/2017
Crediting Strategy Max Accumulator+ Orion IUL # of Crediting Strategies 4 5 S&P 500 Cap/Illus. rate/Bonus 13%/7.28%/0.25% yr 6+ 12.5%/7.13%/1% of 120-month index gains yr 11 Unique Index & Strategy Illus. rate/Bonus MLSB Volatility Control/ Par 100% par no cap/7.38%/0.65% yr 6+ S&P 500 Low Volatility / Par % par no cap/ 7.13%/1% of 120-month index gains yr 11+ Index Floor 0%/0.25% on Core Cap 0% Loan Options Part. Loans Current 5%/Guaranteed 8% Variable : Current 4.5%/Guaranteed 1% fixed Index: 5%/5% Performance At Max Rate 6-11%% (MLSB) higher than Orion IUL for ages 30-50 Age 45 Male PNT Class $25K to A Max Distribution /Target $95,213/ $9,727 $90,552/ $8,852 Riders Accelerated Benefit Riders Optional Chronic Illness Rider – Dollar for Dollar Paid CI Rider Guaranteed Income Rider Income For Life Rider Selling Points Max Accumulator + offers Higher Cap and Par rate than Minn Life’s Cap and Par Account (Minn Life offers 14.5% cap rate for a cost of 0.5% on its high cap account) Fixed persistency bonus starting from yr 6 vs Minn Life’s starting from yr 11 and still subject to market volatility MLSB Volatility Control Index that control volatility by blending both equity and fixed income asset vs Minn Life’s S&P500 low volatility index that still directly and solely correlate to the equity market Higher income at target market Read slide comparisons. Max Accumulator + has Optional dollar-for-dollar chronic illness ABR Optional Income For Life Rider Age 45 Male PNT Class Max Distribution use Increasing DB switching to Fixed Annual Premium of $25,000 to A65; 20 year distributions Fixed loans targeting $10,000 As of 2/28/2017

Max Accumulator+ vs. Pacific Life Discovery Xelerator IUL as of 2/28/2017
Crediting Strategy Max Accumulator+ Discovery Xelerator IUL # of Crediting Strategies 4 7 S&P 500 Cap/Illus. rate/Bonus 13%/7.31%/0.25% yr 6+ (No Cost) %/6.17%/Multiplier yr 3+ (Cost 0.8% to Buy) %/7.4%/Multiplier yr 3+ S&P 500 Par/Illus. rate/Bonus 60%/6.82%/0.45% yr 6+ 150% with 8.5% cap/5.6%/Multiplier yr 3+ Unique Index & Strategy Illus. rate/Bonus MLSB Volatility Control/ Par 100% par no cap/7.38%/0.65% yr 6 Global Index/ Cap 11% cap/6.17%/Multiplier yr 3+ Index Floor 0%/0.25% on Core Cap 0% Loan Options Part. Loans Current 5%/Guaranteed 8% Current 4.8%/Guaranteed 7.5% Performance At Max Rate 10%-15% higher for age Age 45 Male PNT Class $25K to A Max Distribution /Target $95,213/ $9,727 $100,113/ $10,000 Riders Accelerated Benefit Riders Optional Chronic Illness Rider – Dollar for Dollar Chronic/Terminal; Paid LTC Rider Guaranteed Income Rider Income For Life Rider None Selling Points Max Accumulator+ offers No Cost high cap account and participation account vs PacLife’s for cost high cap account without a significantly higher cap rate Fixed, stable, partially guaranteed persistency bonus on all strategies vs unguaranteed, unstable, undeclared Performance Factor from PacLife, which significantly boosts illustration results, but provides no guarantee return MLSB Volatility Control Index that blends equity and fixed income asset and provides cash value and income potential vs PacLife’s Global Index that still correlate solely on equity market Max Accumulator+ has Better income in lower age range Read slide comparisons. QoL Max Accumulator+ has Optional dollar-for-dollar chronic illness ABR Optional Income For Life Rider Age 45 Male PNT Class Max Distribution use Increasing DB switching to Fixed Annual Premium of $25,000 to A65; 20 year distributions Fixed loans targeting $10,000 As of 2/28/2017

Important Information
Carriers mentioned in the presentation are peer group competitors of American General Life. Every attempt has been made to verify the accuracy of competitor information included in this presentation. Product information and rates are subject to change at any time. Competitor products and policy forms included in the presentation are: IUL National Life NL FlexLife II (7.14%, Policy Form #ICC (0616)), Global Atlantic Lifetime Builder (6.9%, Policy Form #’s ICC13-IULA-E14, IULA-E14, IULA-E14-CRT), Allianz LifePro+ (7.00%, Policy Form # P54350), Minnesota Life Eclipse Index Life (7.13%, Policy Form #’s ICC ICC SL SL ), Minnesota Life Orion IUL (7.13%, Policy Form #ICC ), AXA BrightLife Grow (5.79%, Policy Form # ICC ), Nationwide YourLife® Indexed UL Accumulator (6.48%, Policy Form # ICC11-NWLA-510), North American Builder IUL8 (7.09%, Policy Form # LS172), Pacific Life Indexed Performer LT 2 (6.48%, Policy Form #P15IUL or ICC15P15PIUL), 40% Perm/60% Term; Pacific Life PacLife Discovery Xelerator (7.4%, Policy Form # ICC16S16PDX), 40% Perm/60% Term; Lincoln LifeReserve® Indexed UL Accumulator (2014) (7.5% Policy FormUL6024/ICC14UL6024); Voya IUL-Global Choice(7.12%, policy form series # /12); Chronic Illness/LTC Riders Prudential Benefit Access, Form #: VL 145B; Protective ExtendCare, Form#: L ; Lincoln LifeEnhance ABR, Form #: ABR-5762; John Hancock LTC Rider, Form #: ICC13 14LTCR; Nationwide LTC Rider, Form #: NWLA ; Pacific Life Premier Living Benefits, Form #: PO8VN1; Global Atlantic Accelerated Access Rider, Form #: ICC13-LCABR-E14; Symetra Chronic Illness Rider Plus Form #: ICC15_LE4; Symetra Accelerated Death Benefit Rider for Cognitive Impairment and Limited Activities of Daily Living, Form #: ICC10_LE4. © AIG All rights reserved

Important Information
Policies issued by: American General Life Insurance Company (AGL), Policy Form Numbers 15646, ICC , 16760, ICC ; 07007, ICC ; 13460, ICC ; Rider Form Numbers 15600, ICC , CA WMDR Rev0914, 13601, ICC , 82001, 82012, 82410, 88390,15990, ICC , Issuing company AGL is responsible for financial obligations of insurance products and is a member of American International Group, Inc. (AIG). AGL does not solicit business in the state of New York. Products may not be available in all states and product features may vary by state. Guarantees are backed by the claims-paying ability of the issuing insurance company. AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. This information is general in nature, may be subject to change, and does not constitute legal, tax or accounting advice from any company, its employees, financial professionals or other representatives. Applicable laws and regulations are complex and subject to change. Any tax statements in this material are not intended to suggest the avoidance of U.S. federal, state or local tax penalties. For advice concerning your individual circumstances, consult a professional attorney, tax advisor or accountant. © AIG All rights reserved

Index Disclosure for the S&P 500
The S&P 500 (the “Index”) is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by American General Life Insurance Company (AGL). Standard & Poor’s®, S&P®, and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”). The trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by AGL. The life insurance products underwritten and issued by AGL are not sponsored, endorsed, sold or promoted by SPDJI, S&P, or any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of AGL’s or any member of the public regarding the advisability of investing in securities generally or in AGL’s products particularly or the ability of the Index to track general market performance. S&P Dow Jones Indices’ only relationship to AGL with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Index is determined, composed and calculated by S&P Dow Jones Indices without regard to AGL or its products. S&P Dow Jones Indices has no obligation to take the needs of AGL or the owners of its products into consideration in determining, composing or calculating the Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of AGL’s products or the timing of the issuance or sale of AGL’s products or in the determination or calculation of the equation by which AGL’s products are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of AGL’s products. There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice. S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE Index OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY AGL, OWNERS OF AGL’S PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE Index OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND AGL, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES LLC.

Index Disclosure for the ML Strategic Balanced Index
The ML Strategic Balanced IndexSM provides systematic, rules-based access to the blended performance of two underlying indices—the S&P 500 (without dividends), which serves to represent equity performance, and the Merrill Lynch 10-year U.S. Treasury Futures Total Return Index, which serves to represent fixed income performance. To help manage overall return volatility, the Index may also systematically utilize Cash performance in addition to the performance of the two underlying indices. Important Note: The ML Strategic Balanced Index embeds an annual index cost in the calculations of the change in Index Value over the Index Term. This “embedded index cost” will reduce any change in Index Value over the Index Term that would otherwise have been used in the calculation of index interest, and it funds certain operational and licensing costs for the index. It is not a fee paid by you or received by the Company. The Company’s licensing relationship with Merrill Lynch, Pierce, Fenner & Smith Incorporated for use of the ML Strategic Balanced Index and for use of certain service marks includes the Company’s purchase of financial instruments for purposes of meeting its interest crediting obligations. Some portion of those instruments will, or may be, purchased from Merrill Lynch, Pierce, Fenner & Smith Incorporated or its Affiliates. Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “BofA Merrill Lynch”, and related trademarks, are intellectual property licensed from BofA Merrill Lynch, and may not be copied, used, or distributed without BofA Merrill Lynch’s prior written approval. The products of licensee American General Life Insurance Company have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by BofA Merrill Lynch. BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO ANY INDEX, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, ITS QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS). The ML Strategic Balanced Index (the “Index”) is the property of Merrill Lynch, Pierce, Fenner & Smith Incorporated, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Index. The Index is not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Index. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Merrill Lynch, Pierce, Fenner & Smith Incorporated.

American International Group, Inc
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries.. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange. Additional information about AIG can be found at | YouTube: | | LinkedIn: AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

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