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American Equity Announces Expiration And Final Results Of Exchange Offers For 3.50% Convertible Senior Notes Due 2015 And 5.25% Contingent Convertible Senior Notes Due 2029

American Equity Investment Life Holding Company (NYSE:AEL) (“American Equity” or the “Company”), a leading underwriter of index and fixed rate annuities, announced today the expiration and final results of its previously announced exchange offers to purchase for cash and newly issued shares of its common stock, any and all of its $200,000,000 principal amount of outstanding 3.50% Convertible Senior Notes due 2015 (the “2015 Notes”) and any and all of its $115,839,000 principal amount of outstanding 5.25% Contingent Convertible Senior Notes due 2029 (the “2029 Notes” and, with the 2015 Notes, the “Notes”). These exchange offers (each an “Exchange Offer” and, collectively, the “Exchange Offers”) expired at 12:00 midnight, New York City time, at the end of October 21, 2013 (the “Expiration Date”).

As of the expiration of the Exchange Offers, $72,338,000 in aggregate principal amount of 2015 Notes and $29,616,000 in aggregate principal amount of 2029 Notes were validly tendered and not properly withdrawn. The Company has accepted for exchange all the Notes that were validly tendered and not properly withdrawn. The Notes that were validly tendered and accepted for exchange by the Company constitute 36.17% of the outstanding aggregate principal amount of the 2015 Notes and 25.57% of the outstanding aggregate principal amount of the 2029 Notes.

The Company expects to settle the Exchange Offers on October 24, 2013 and to pay an aggregate of approximately $83,463,194 in cash (including accrued and unpaid interest and cash paid in lieu of fractional shares) and issue 2,079,295 shares of its common stock to purchase all of the 2015 Notes that were validly tendered and not properly withdrawn and to pay an aggregate of approximately $45,020,106 in cash (including accrued and unpaid interest and cash paid in lieu of fractional shares) and issue 1,039,485 shares of its common stock to purchase all of the 2029 Notes that were validly tendered and not properly withdrawn. Immediately following the settlement of the Exchange Offers, approximately $127,662,000 aggregate principal amount of 2015 Notes and approximately $86,223,000 aggregate principal amount of 2029 Notes will remain outstanding.

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