Disclosure and Disclaimers

Guggenheim TriVysta Fixed Index Annuity Disclosure and Disclaimers

The "S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Guggenheim Life and Annuity Company. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by Guggenheim Life and Annuity Company. TriVysta (trademarked) not trivista or tryvista is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the TriVysta (trademarked) not trivista or tryvista or any member of the public regarding the advisability of investing in securities generally or in TriVysta (trademarked) not trivista or tryvista particularly or the ability of the S&P 500 Index to track general market performance. S&P Dow Jones Indices' only relationship to Guggenheim Life and Annuity Company with respect to the S&P 500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Guggenheim Life and Annuity Company or the TriVysta. S&P Dow Jones Indices have no obligation to take the needs of Guggenheim Life and Annuity Company or the owners of TriVysta (trademarked) not trivista or tryvista into consideration in determining, composing or calculating the S&P 500 Index. S&P Dow Jones Indices is not responsible for and have not participated in the determination of the prices, and amount of TriVysta (trademarked) not trivista or tryvista or the timing of the issuance or sale of TriVysta (trademarked) not trivista or tryvista or in the determination or calculation of the equation by which TriVysta (trademarked) not trivista or tryvista is 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 TriVysta, not trivista or tryvista. There is no assurance that investment products based on the S&P 500 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. Notwithstanding the foregoing, CME Group Inc. and its affiliates may independently issue and/or sponsor financial products unrelated to TriVysta (trademarked) not trivista or tryvista currently being issued by Guggenheim Life and Annuity Company, but which may be similar to and competitive with TriVysta, not trivista or tryvista. In addition, CME Group Inc. and its affiliates may trade financial products which are linked to the performance of the S&P 500 Index.

S&P DOW JONES INDICES DOES NOT GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 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 GUGGENHEIM LIFE AND ANNUITY COMPANY, OWNERS OF THE TriVysta (TriVysta name is trademarked) not trivista or tryvista, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&PDOW 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 GUGGENHEIM LIFE AND ANNUITY COMPANY, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

Disclaimer: The TriVysta (TriVysta name is trademarked) not trivista or tryvista annuity offered by Guggenheim Life and Annuity that is linked to the performance of the Morgan Stanley Diversified Select Index is not sponsored, endorsed, sold or promoted by Morgan Stanley & Co. LLC. or any of its affiliates (collectively, "Morgan Stanley"). Neither Morgan Stanley nor any other party (including without limitation any calculation agents or data providers) makes any representation or warranty, express or implied, regarding the advisability of purchasing this product. The Morgan Stanley Diversified Select Index (the "Index") is the exclusive property of Morgan Stanley. Morgan Stanley and the Index are service marks of Morgan Stanley and have been licensed for use for certain purposes by Guggenheim Life and Annuity Company. Neither Morgan Stanley nor any other party has or will have any obligation or liability to owners of this product in connection with the administration or marketing of this product, and neither Morgan Stanley nor any other party guarantees the accuracy and/or the completeness of the Index or any data included therein. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any Morgan Stanley trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting Morgan Stanley to determine whether Morgan Stanley's permission is required. Under no circumstances may any person or entity claim any affiliation with Morgan Stanley without the prior written permission of Morgan Stanley.

In calculating the performance of the Index, Morgan Stanley deducts on a daily basis a servicing cost of 0.50% per annum. This reduces the potential positive change in the Index and thus the amount of interest that will be credited to a fixed index annuity that is allocated to the Index. The volatility control calculation applied by Morgan Stanley may reduce the potential positive change in the Index and thus the amount of interest that will be credited to a fixed index annuity that is allocated to the Index. In addition, because the volatility control calculation is expected to reduce the overall volatility of the Index, it will also reduce the cost to Guggenheim Life and Annuity Company of hedging its interest crediting risk for fixed index annuities with the Index as a crediting option.

Risk Factors: There are risks associated with this Index, which include but are not limited to, 1) The Index may not increase in value due to a number of factors, 2) The volatility of the Index could be greater than the target volatility, 3) The volatility target may also dampen the performance of the Index in rising markets, 4) It is possible that the Index may be composed of a very small number of ETFs, futures or indices at any time, 5) The Index involves risks associated with foreign and emerging markets equities currency exchange rates, precious metals and other commodities, 6) The Index has a limited performance history and past performance is no indication of future performance, 7) The Index is calculated on an excess return basis and has embedded costs.

Note on Simulated Data: Back-testing and other statistical analyses provided herein use simulated analysis and hypothetical circumstances to estimate how the Index may have performed between April 30, 1999 and March 31, 2015, prior to its actual existence. The results obtained from such "back-testing" should not be considered indicative of the actual results that might be obtained from an investment in the Index. The actual performance of the Index may vary significantly from the results obtained from back-testing. Unlike an actual performance record, simulated results are achieved by means of the retroactive application of a back-tested model itself designed with the benefit of hindsight and knowledge of factors that may have possibly affected its performance. Morgan Stanley provides no assurance or guarantee that any product linked to the Index will operate or would have operated in the past in a manner consistent with these materials. Alternative simulations, techniques, modeling or assumptions might produce significantly different results and prove to be more appropriate. Actual results will vary, perhaps materially, from the simulated returns presented in this document. Because certain ETFs, futures and indices included in the sub-asset classes existed for only a portion of the back-tested period, substitute data has been used for portions of the simulation. Wherever data for one or more ETFs, futures and indices did not exist, the simulation has included the value of each benchmark index less the relevant current expense ratio.

Deutsche Bank CROCI Indices This Product (the "Product") (TriVysta name is trademarked) not trivista or tryvista is not sponsored, endorsed, managed, sold or promoted by Deutsche Bank AG or any subsidiary or affiliate of Deutsche Bank AG. The Deutsche Bank Indices are the exclusive property of Deutsche Bank AG. "Deutsche Bank" and "CROCI" are proprietary marks of Deutsche Bank AG and its affiliates that have been licensed for certain uses and purposes to Guggenheim Life and Annuity Company ("GLAC"). Neither Deutsche Bank AG, CROCI, nor any affiliate of Deutsche Bank AG, nor any other party involved in, or related to, making or compiling the indices: (1) is acting in a fiduciary or product management capacity or providing any endorsement of the Product or investment advice of any kind; (2) has any obligation to take the needs of GLAC, the sponsor of the Product, or its clients into consideration in determining, composing or calculating the Indices; (3) is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Product; (4) WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDICES OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR THE ADMINISTRATION, MARKETING OR TRADING OF THE PRODUCT. Obligations to make payments under the Product are solely the obligation of GLAC and are not the responsibility of Deutsche Bank AG. The selection of one or more of the Indices as a crediting option under the Product does not obligate GLAC or Deutsche Bank AG to invest annuity payments in the components of any of the Indices.

The CROCI Indices have been built on the premise that the CROCI Economic P/E is an effective indicator of inherent value. This premise may not be correct, and prospective investors must form their own view of the CROCI methodology and evaluate whether CROCI is appropriate for them. The CROCI® Investment Strategy and Valuation Group is responsible for devising the CROCI® strategy and calculating the CROCI® Economic P/E Ratios. The CROCI® Investment Strategy and Valuation Group is not responsible for the management of the Product and does not act in a fiduciary capacity in relation to the Product or the investors in the Product.

While volatility controls may result in less fluctuation in rates of return as compared to indices without volatility controls, they may also reduce the overall rate of return as compared to products not subject to volatility controls. Additional information (including index description) about the Indices is available upon request.

NEITHER DEUTSCHE BANK AG, ANY AFFILIATE OF DEUTSCHE BANK AG NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDICES: (1) MAKES ANY WARRANTY, EXPRESS OR IMPLIEDAS TO RESULTS TO BE OBTAINED BY GLAC FROM THE USE OF THE INDICES OR ANY DATA INCLUDED THEREIN. (2) EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY, TITLE, NONINFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDICES OR ANY DATA INCLUDED THEREIN. (3) WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL HAVE ANY LIABILITY FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AG AND GLAC.

Risk Factors: There are risks associated with the CROCI methodology, the CROCI Sectors II Index and the CROCI Sectors II USD 5.5% Volatility Control Index ("DB Volatility Control Index"): (1) no assurance can be given that the CROCI methodology will be successful at identifying undervalued companies; (2) there is no assurance that (i) the three industry sectors chosen will outperform the other industry sectors or (ii) the 30 chosen stocks will outperform the remaining stocks in the component indices; (3) even if the strategy of the CROCI Sectors II Index is successful and it outperforms the component indices, the levels of the CROCI Sectors II Index and the DB Volatility Control Index may decline; (4) because the DB Volatility Control Index is subject to a maximum notional exposure of 100% to the CROCI Sectors II Index and will not adjust its exposure to the CROCI Sectors II Index by more than 10% on any day, the DB Volatility Control Index may not be able to maintain a fixed target volatility level of 5.5%; (5) if the realized volatility of the CROCI Sectors II Index is less than 5.5%, the DB Volatility Control Index may have a 100% exposure to the CROCI Sectors II Index, but a target volatility level that is less than 5.5%; (6) because the DB Volatility Control Index's exposure to the CROCI Sectors II Index on each day is calculated based on the historical realized volatility of the CROCI Sectors II Index, the realized volatility of the DB Volatility Control Index could differ significantly from the target volatility level; (7) the CROCI Sectors II Index and the DB Volatility Control Index are subject to currency exchange rate risk; and (8) Deutsche Bank AG, London Branch, as the sponsor and calculation agent of the CROCI Sectors II Index and the DB Volatility Control Index, may adjust each index and/or its components in a way that affects their respective levels and may have conflicts of interest.