Presidential Stockholders Approve Merger Agreement With Athene Annuity

Presidential Life Corporation (“Presidential”) (NASDAQ: PLFE) announced that Presidential’s stockholders, at a special meeting of stockholders held earlier today, approved the proposal to adopt the previously announced agreement and plan of merger (the “Merger Agreement”), dated July 12, 2012, as amended from time to time, among Athene Annuity & Life Assurance Company (“Athene”), Eagle Acquisition Corp., a wholly-owned subsidiary of Athene, and Presidential. Of the shares voted at the special meeting, approximately 98.61% were voted in favor of the adoption of the Merger Agreement, which represented approximately 60.2% of the total outstanding shares of common stock of Presidential as of the November 8, 2012 record date. A quorum of approximately 61.05% of Presidential’s total outstanding shares of common stock as of the record date were voted by proxy or in person.

The consummation of the merger remains subject to the satisfaction or waiver of the closing conditions set forth in the Merger Agreement, including obtaining governmental and regulatory approvals. It is currently expected that the merger will close on December 28, 2012.

About Presidential Life Corporation

Presidential, through its wholly owned subsidiary, Presidential Life Insurance Company, markets and sells a variety of fixed annuity, life insurance and accident and health insurance products. Through Presidential Life Insurance Company, Presidential is licensed to market its products in all 50 states and the District of Columbia. Further information about Presidential is available on the Internet at www.presidentiallife.com.

Forward-Looking Statements

This press release, as well as certain other statements made by Presidential, may constitute or contain forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 that reflect, when made, Presidential’s current views with respect to current events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to risks and uncertainties, as well as assumptions that, if they do not materialize or prove correct, could cause results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including statements of: (a) Presidential’s plans; (b) the outcome of contingencies; (c) beliefs or expectations; and (d) assumptions underlying any of the foregoing.

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