HC 1009 . company highlights Solid Insurance Ratings Solid Insurance Ratings Standard & Poor’s A.M. Best Company A+ (Strong) for insurer financial strength. This is the fifth highest of Standard & Poor’s 21 ratings assigned. A (Excellent) for financial strength and operating performance. This is the third highest of A.M.

Best’s 15 ratings assigned. Total Members’ Equity Total GAAP Assets A+ $2.7 billion A $19.5 billion The year ended with total members’ equity at a record level of $2.7 billion, an increase of $170.3 million compared to the prior year. Total GAAP assets reached $19.5 billion, an increase of $792.3 million compared to December 31, 2013. Total Assets Under Management Total Revenue $35.9 $2.1 Total assets under management reached $35.9 billion, a $1.8 billion increase over year-end 2013. Total revenue was $2.1 billion, an increase of $88.6 million from the prior year. Policyholder Benefits Number of Customers billion million billion $2.1 Claims payments to policyholders totaled $2.1 billion. These payments consisted of death, disability, dental and vision payments, as well as annuity and other contractual obligations. billion 3.2 Nearly 3.2 million customers have chosen Ameritas and its affiliated companies for their insurance and financial service needs. . contents annual meeting A Message from Our President and Chief Executive Officer . . . .

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. The annual members meeting of Ameritas Mutual Holding Company will be held at the mutual holding company home office in Lincoln, Nebraska, on such day and time as may be determined by the Board of Directors, but in no event later than June 30 of each year. The meeting in 2015 will be held at 9 a.m. central daylight time on Wednesday, May 6. 2-3 Fulfilling Life Stories: Life insurance protection .

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21 we are Ameritas® At Ameritas, fulfilling life is what we do daily. This is our calling. We offer competitive insurance, retirement and investment products. And we service them in a highly welcoming, ethical and professional manner that builds lasting trust and enduring relationships. We’re here to help customers put worry behind and the future ahead. And to help enable a life that’s rich in family, happiness, health and financial security.

When lives are fulfilled, our mission is fulfilled. As a mutual-based organization, we always put our customers first. With our long-standing financial strength, we’ve established a tradition of striving to deliver the very best in products and services generation after generation. Though we’re proud of our ratings from Standard & Poor’s and A.M.

Best Company, we measure our success by how many people we’ve helped. By how many promises we've kept. That’s the true measure of who we are. We are Ameritas: Proud to say we’re in the business of fulfilling life. .

to our valued policyholders and clients It is with great pride that I share with you Ameritas has achieved another year of solid performance in 2014. These results are spun from the core fabric of our mutual-based organization – a commitment to creating value and doing what’s best for the diverse needs of our customers, a focus on long-term financial strength and a dedication to helping our customers put worries behind and the future ahead. While our financial performance is certainly important, the real measure of our success is the positive impact we are making on millions of lives throughout the nation. This fulfilling life commitment is reflected in the personal customer stories highlighted on the following pages and in video on ameritas.com. In each case you will find the relationship between Ameritas, our experienced team of professional field partners and our customers to be a unique combination built on trust and a desire to reduce uncertainty, help grow assets and protect what is most cherished. Delivering Solid Performance Our ability to deliver on the promises we make to our customers over lifetimes is a direct result of our adherence to our long-standing core values, a foundation of financial strength and a tradition of conservative business stewardship.

For the year ended December 31, 2014, total assets under management grew 5.3 percent to a record $35.9 billion. Total revenue in 2014, boosted primarily by increases in premiums and net investment income, climbed $88.6 million to $2.1 billion. These results contributed to a 2014 GAAP pretax operating income of $134.8 million. “These strategic efforts are reflective of our commitment to innovation and our passion to put our customers first, second and third .

. . always.” 2 With a record level of nearly $2.7 billion in total equity, customers can be assured the ever-present financial strength and stability Ameritas has built its reputation on for generations will be there when their needs arise. This level of security, combined with our legacy of financial stewardship and strategic focus for the future, has contributed to the consistently strong ratings earned from Standard & Poor’s and A.M.

Best Company, recognized as two of the nation’s top independent authorities that analyze insurance companies. . Serving Customers Coast to Coast In 2014, our individual division grew to more than $83.2 billion of life insurance in force and added nearly 29,000 new customers who purchased a life or disability income insurance policy or annuity contract. Our group division, which provides industry-leading dental, vision and hearing care insurance programs, surpassed the $1.0 billion milestone in annualized premium and premium equivalents and now serves more than six million people nationwide. Assets under management in our growing retirement plans division increased to nearly $4.7 billion as Ameritas helps businesses and their employees in saving for a fulfilling retirement. Through a nationwide network of financial advisors, Ameritas Investment Corp. grew to more than $4.6 billion in assets under management and launched a series of technological enhancements to better serve the diverse investment needs of individuals and families. Calvert Investments, Inc., a nationally respected leader in responsible investing, grew to $13.4 billion in assets under management and continued to expand its array of investment strategies for clients. Ameritas Investment Partners, Inc., which manages our company’s extensive investment portfolio, also achieved a strong year in 2014, realizing a 3.5 percent increase in assets under management. Poised for a Promising Future The successful completion of several key initiatives this past year positions Ameritas for an even stronger tomorrow.

The merger of affiliates Acacia Life Insurance Company and The Union Central Life Insurance Company into Ameritas Life Insurance Corp. this past July allows us to better meet the insurance and financial services needs of our customers under a single and growing national Ameritas brand. Launched in August, our redesigned website provides a comprehensive array of Ameritas products and services within a single site that’s easier to navigate and is easier to use on mobile devices. Last fall we completed the construction of a new building to replace an existing facility in Cincinnati. This facility provides an up-to-date environment for our associates and has boosted operational efficiency to better meet the needs of our growing number of customers.

We’re also proud to have graduated our inaugural class from the Ameritas Leadership Academy, an intensive 12-month training program that develops associates to be the future leaders of our company. Collectively, these strategic efforts are reflective of our commitment to innovation and our passion to put our customers first, second and third . .

. always. In Recognition All of us at Ameritas extend our sincerest appreciation to two members of our board of directors who retired in 2014. Jim Anderson and Ed Quinn have been visionary leaders whose wise counsel and dedicated service for many years helped Ameritas chart a course for solid growth and financial success. I’d also like to welcome Bryan Slone and Tad Lawrence, who joined our board of directors in December 2014 and January 2015, respectively.

Bryan’s extensive background in law, accounting and tax policy and Tad’s 35 years of experience in the financial services industry will complement our diverse and highly talented board. Our ongoing success is rooted in the spirited dedication of the Ameritas family of associates and professional field partners who tirelessly work to create opportunities for our customers to enjoy life at its very best. We remain sincerely grateful for the continued confidence and loyalty you place in us and will always strive to earn your valued trust every day. JoAnn M. Martin, CPA, FLMI President and Chief Executive Officer 3 .

Being ready with a plan for the uncertainties in life can help keep a family going so they can continue to live a fulfilling life. 4 . protection for life’s uncertainties Life can be precious and fleeting. It can be surprising and heartbreaking. That’s what Ben and Linda Cramer felt when they unexpectedly lost a dear friend in a car accident. During that tragic moment they decided to take stock of their “what if” plan. At that time they had two young boys — Jason, a 3-year-old, and Kevin, a newborn.

A close family friend referred them to Kevin Grunawalt (pictured below), an Ameritas financial professional who had a great reputation among their circle of friends. Not only was Kevin a trusted advisor, but he was also genuine and kind, with an affable nature. Kevin met with Ben and Linda and walked them through their options. They discussed everything: retirement plans, college funds, savings objectives and, of course, life insurance.

They wanted to make sure if the unthinkable happened, the family was covered. A mere four years later the unthinkable did happen. Ben was killed in a car accident. Linda was now the sole caregiver and provider with two young boys to raise. The life insurance policy allowed her to work part time as a labor and delivery nurse.

She was then able to focus on being a mom and a strong and constant figure in the boys’ lives. As the days after the accident turned into months, Kevin continued to be supportive of Linda and her children, helping them through a difficult time. Fast forward more than 20 years later. Linda remarried and Kevin continues to be a trusted friend and financial advisor.

Kevin has played an integral part in planning for the family’s financial future, establishing new policies and securing life insurance policies for the boys. Years later Kevin met with Jason, Linda’s oldest son, to discuss his financial goals. Kevin remembers the meeting as though it was only yesterday. A recent college graduate, Jason walked into Kevin’s office as a grown man with a striking resemblance to his father, Ben.

Kevin couldn’t help but feel a swell of pride and a lump in his throat. Kevin has worked tirelessly to make sure Linda and her family have life insurance policies for the “what ifs” their future may hold. He’s seen firsthand that being ready with a plan for the uncertainties in life can help keep a family going so they can continue to live a fulfilling life. To watch Linda’s fulfilling life story, go to ameritas.com. 5 . “Once we retire, our dream of building a house, the road and anything else needed to transform our land into a home is on track to become reality.” 6 . planning for retirement with Georgia on their mind In a clearing along the Appalachian Mountains in Georgia with a panoramic view, dense trees shading native plants, woodland creatures, lazy creeks and hiking trails is an idyllic spot where Rich and Luann Finke envision their life in retirement. This lush mountain setting is where they plan to build their dream home once they are ready to leave their small business and the Midwest behind. “We fell in love with that part of the country many years ago. We’re looking forward to retiring there. We’ve been saying we’re going to retire in ten years for quite a while now. I think this time we’re actually doing it.

In ten years, of course,” commented Rich. Rich and Luann have owned and operated Finke Gardens and Nursery for the past 30 years, working side by side in building their company and their lives. Being in the nursery and landscape design business isn’t easy work. It requires long, backbreaking days in the summer and patience and preparation in the winter. For this couple it’s a labor of love. They met in school while studying horticulture and they’ve been growing things together ever since, including their retirement account with Ameritas, which they started the day they launched their business. Luann emphasized, “It has been important to provide for the future of the families that help us grow.

It shows we care about them.” It’s easy to understand why Rich and Luann have been Ameritas customers for decades. With their solid, long-term relationship with Laurie Brown, their Ameritas client services representative, the Finkes know their retirement plan is in good hands. Laurie and her team make sure the Finke’s retirement plan aligns with their goals and they are always available to answer their questions and assist in any way. “We know our retirement plan is in good hands with Ameritas,” said Luann.

“Once we retire, our dream of building a house, the road and anything else needed to transform our land into a home is on track to become reality.” And when the time comes, the Finke’s retirement will be just as fulfilling as their professional life. To watch Rich and Luann’s fulfilling life story, go to ameritas.com. 7 . pride and spirit keeps small to Beyond its picturesque town square and family-friendly atmosphere, Broken Bow is a powerhouse of progress and growth, attracting businesses and young families to the area. 8 . pride and spirit keeps small town strong and growing When thinking of a small rural community, the words “quaint,” “quiet” and “laid back” might come to mind. However, when you visit Broken Bow, a community of 3,500 nestled in the Nebraska Sandhills, it’s these and so much more. Beyond its picturesque town square and family-friendly atmosphere, Broken Bow is a powerhouse of progress and growth, attracting businesses and young families to the area. Prosperity is definitely in the air with new construction and community improvements everywhere you turn, thanks to investments in the community that are in the best interest of its residents. With a community on the move comes the need for financing through municipal bonds. Enter Ameritas. Ameritas Investment Corp.’s public finance division has worked with Broken Bow for the past 20 years, underwriting such projects as an airport expansion, town square revitalization, paving, water and sewer projects, park and swimming pool improvements, along with other public building improvements. More recently, Ameritas Investment Corp.

helped the Broken Bow School District by providing financing options for its North Park Elementary School renovation and expansion project. Bursting at the seams, the school needed to accommodate increased enrollment and an at-risk student reading program. The lunchroom doubled as a gymnasium, causing shorter lunch breaks and chaotic transitions. Modular classrooms were set up as a stop-gap measure. The community needed a solution to provide the best education for each child while continuing to maintain small class sizes. Civic leaders were committed to making the North Park Elementary School renovation and expansion happen when Jay Spearman and Marc Munford from the Ameritas Investment Corp.

public finance division called with a great idea. The school was eligible to apply for an allotment of the Qualified School Construction Bonds from the Nebraska Department of Education. With the issuance of these bonds, the federal government, through the American Recovery and Reinvestment Act, would reimburse the district for nearly 100 percent of the interest expense. This is exactly what the district needed.

Consequently, there was overwhelming support to pass the bond issue that authorized the projects. The net proceeds from the bond paid for the renovation and expansion of the facility. Eighteen months after ground was broken, North Park Elementary had its ribbon-cutting ceremony. The newly updated school is bright, cheerful and brimming with community pride. To watch the fulfilling life story of the community of Broken Bow, go to ameritas.com. 9 .

hours project Ipsum lorem pliciti utaque laborrum se lam ea ene voluten aut culles dia conet ipsa hilit enda giving back to our communities Fulfilling life is what the Hours Project is all about, giving back to our communities one hour at a time. The concept behind the Hours Project is simple: It’s about sharing an amazing story of Ameritas associates’ strong commitment to volunteering in the communities where they live and work. In 2014, the results were astounding with associates involved in more than 400 projects and logging over 16,000 hours of community service. With the dedicated Hours Project website, associates create team or individual projects, recruit team 10 members, manage projects, add event photos and videos, and log their volunteer hours. The system tracks hours per project and overall hours in real time. Among the myriad projects, associates gathered to prepare meals for a community kitchen; joined the fight against poverty housing by helping build a home; helped clean a camp for under-served youth and families; served breakfast to homeless shelter residents; supported food banks; mentored young people; sorted gifts for the elderly during the holidays, and so much more. . Our ‘Fulfilling Life’ Response to the Tornados in Northeast Nebraska “I knew I liked my job and had a lot of friends here, but it is so much more... we are a family.” — Jodi Slonecker, Ameritas associate whose family lost their home On June 16, 2014, several destructive tornados raged through northeast Nebraska. In the Wayne community there were no fatalities, however, in the small community of Pilger two individuals lost their lives. Fortunately, all Ameritas associates from the Wayne office were safe, although two associates’ homes were destroyed and other associates were directly impacted.

The next day disaster relief support and encouragement from fellow associates and Ameritas business partners started pouring in. A long-standing business partner of Ameritas also contributed to the family fund. Lincoln associates collected and arranged for delivery of relief supplies for families’ immediate needs. Ameritas associates from across the country sent gift cards, monetary donations and notes of support.

Associates who volunteered in the tornado relief and clean-up effort logged 330 hours to the Hours Project, demonstrating how much they impact lives through their heart-felt actions. The Ameritas Community Involvement Council (CIC) initiated several relief efforts to assist the two families that lost their homes. A ‘family fund’ bank account was established for monetary donations. CIC started the Northeast Nebraska Community Relief T-shirt fundraiser, selling more than 1,000 t-shirts.

Plus, CIC netted over $1,100 from a garage and bake sale, and hosted a fund-raising barbeque, attended by 350 people, where they collected nearly $4,000. 11 . financial strength overview The core financial strength of Ameritas Mutual Holding Company lies within its insurance companies. These include Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. of New York. As a mutual-based organization, our customerfirst priority and protecting what matters most – your family, happiness, health and financial security – are backed by a tradition of integrity, conservative principles and financial stewardship. While we’re proud of our ratings from Standard and Poor’s and A.M.

Best Company, it’s the promises kept to those we’ve helped that define how we measure success. Growing Capital Position A fundamental measure of financial strength is capital. Our growing capital position of $2.7 billion has traditionally been a pillar of strength and provides customers the safety and stability they expect to help protect against the uncertainties of today’s financial markets. Reaching this level of capital strength is a testament to our company’s commitment to a conservative investment and risk management philosophy. And as a mutual-based organization, we are committed to our customers to always be there when they need us most. the importance of financial strength “We are at a point where we are changing the trajectory of our organization.

I can’t imagine there is a company in a better position than we are in to continue to grow and fulfill life.” Bill Lester, CFA, FLMI Executive Vice President Investments/Finance and Corporate Treasurer To watch Bill Lester’s full story about our financial strength, go to ameritas.com. 12 Solid Financial Ratings The ratings* assigned to Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. of New York provide an independent opinion of each insurer’s financial strength and ability to meet ongoing insurance policy and contract obligations. A.M.

Best Company and Standard & Poor’s are recognized among the top authorities in analyzing insurance companies. The Best’s Rating Report and Standard & Poor’s Full Analysis Report are available in the ratings section of ameritas.com. Standard & Poor’s A+ (Strong) for insurer financial strength. This is the fifth highest of Standard & Poor’s 21 ratings assigned. A.M. Best A (Excellent) for financial strength and operating performance.

This is the third highest of A.M. Best’s 15 ratings assigned. *Ameritas Mutual Holding Company’s ratings by Standard & Poor’s include Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp.

of New York. . consolidated statistics Total Assets Under Management GAAP Assets 35.9 2014 2013 32.3 0(In Billions of Dollars) 5 10 15 20 25 30 19.5 2013 18.7 2012 34.1 2012 2014 18.5 35 (In 0 Billions of Dollars) 5 GAAP Equity 10 15 20 GAAP Realized Equity 2014 2.7 2014 2013 2.5 2013 2012 2.5 2.4 2012 (In 0.0 Billions of Dollars) 1.0 0.5 2.0 1.5 2.5 3.0 2.3 2.2 (In 0.0 Billions of Dollars) 0.5 1.5 1.0 2014 2014 2.1 2013 2.0 2012 2.0 134.8 2013 2012 2.0 1.5 1.0 153.0 136.6 (In 0 Millions of Dollars) 50 2.5 100 150 200 Statutory Premiums GAAP Pretax Income 2014 2014 164.8 2013 168.0 2012 100 150 2.4 200 2013 2.3 2012 188.8 (In 0 Millions of Dollars) 50 2.5 GAAP Pretax Operating Income GAAP Revenues (In 0.0 Billions of Dollars) 0.5 2.0 2.3 0.0 Billions of Dollars) 0.5 (In 1.0 1.5 2.5 Life Insurance In Force 2014 83.2 2013 81.9 80.1 2012 (In Dollars) 0 Billions of20 40 60 80 100 13 . business unit overview Individual Business Retirement Plans Business The individual division offers a broad spectrum of life insurance, disability income insurance and annuity products designed to meet the needs of our customers. Offered through a nationwide network of financial professionals, our products help protect against the uncertainties of life while providing the peace of mind to enjoy life at its very best. The retirement plans division provides businesses and their employees affordable products and services to help them work toward a fulfilling life in retirement. In 2014, the division’s new sales exceeded $197.7 million, an 8.9 percent increase compared to the previous year. In 2014, the division provided $83.2 billion in life insurance protection, an increase of $1.4 billion over the prior year, to more than 352,000 policyholders. Safegarding the incomes of 77,000 policyholders, Ameritas disability income insurance provided $287.0 million in monthly disability benefit protection to individuals and small business owners across the country.

We also helped manage $5.1 billion of personal wealth for 79,000 customers through an array of fixed, indexed and variable annuity products. The addition of a flexible paid-up rider on our whole life products and premium adjustments made to our term life and disability income business overhead expense products is indicative of our mission to provide competitive, sustainable products now and into the future. 14 The division completed a successful transition to a new recordkeeping system that offers state-ofart technology and accessibility via mobile devices to its clients. This enhancement positions the division for future growth and profitability within the retirement plan marketplace. The division also introduced a new service that enables plan sponsors to effectively manage their plans while minimizing their fiduciary risk.

This service is offered through a well-known leader in the industry. Group Business A leader in dental, vision and hearing care insurance, the group division covers more than six million people. From employees who sign up for insurance through their employers to individuals who need portable plans, our members value wellness and often provide benefits for the entire family. . In 2014, the division’s in-force premium and premium equivalent hit a record $1.06 billion across all distributions. New sales were up 12.4 percent over last year and captive premium persistency reached a record 94.5 percent. Overall persistency for the group division also achieved a record high of 91.0 percent. The division’s dental network grew 15.5 percent, totaling more than 348,000 access points with nearly 101,000 unique providers. Call center associates earned their eighth Center of Excellence award from BenchmarkPortal and full reaccreditation from URAC for Health Utilization Management. To promote wellness and access to care, the division developed a multi-line rewards product, state-specific defined dental plans, new dental network options and a new benefit offering for pediatric dental.

The division enhanced project management workflows, streamlined its producer licensing process, examined Affordable Care Act opportunities, earned national recognition for work on integrating sales and training metrics, and combined its blog posts, testimonials and videos at ameritasinsight.com. Calvert Investments, Inc. Responsible investment leader Calvert Investments continued to generate strong performance in its equity, fixed income and asset allocation portfolios relative to benchmarks. Revenue of $121.3 million increased 2.6 percent, attributed primarily to strong growth in equity portfolios. With gross sales of $441.0 million, Calvert Short Duration Income Fund benefited from continued investor focus on generating income while managing interest rate risk.

On balance, Calvert Global Water Fund generated gross sales of $394.0 million, reflecting increased investor interest in global equity allocations and the water sustainability theme. Calvert closed 2014 with $13.4 billion in assets under management, up from $12.9 billion at the end of 2013. In response to investor concern over the likelihood of rising interest rates and the ensuing risk of negative bond returns, the company launched Calvert Unconstrained Bond Fund. Designed for strategic flexibility, this new fund’s goal is to deliver positive returns in any type of market, including volatile and rising-rate environments.

Among nontraditional bond mutual funds, the Calvert Fund is the only one that integrates environmental, social and governance research for a broader picture of opportunity and risk. Ameritas Investment Corp. Ameritas Investment Corp. experienced a 22.8 percent increase in investment advisory revenue in 2014 due primarily to a migration of investors to fee-based business. In an effort to further enhance service capabilities, Ameritas Investment Corp. now offers access anytime through multiple mobile devices and launched a new feature allowing customers the ability to deposit checks remotely into their brokerage accounts. Ameritas Investment Corp.’s public finance division underwrote $659.3 million in bonds with more than 200 individual issues in 2014 and remains one of the leading investment banking firms in Nebraska.

The public finance department’s expertise in managing and marketing bond issues helped numerous municipalities, school and utility districts, health care and higher education facilities, and other government and not-for-profit entities to fund public improvements for the betterment of their communities. Ameritas Investment Partners, Inc. Assets under management increased by 6.2 percent to $14.4 billion in 2014 following Ameritas Investment Partners’ strong year of performance. Contributing to this performance was outstanding growth in wealth management wrap fee programs jointly sponsored with Ameritas Investment Corp. Assets in wealth management increased 13.8 percent to $250.3 million and the number of clients increased 16.3 percent. Within the insurance company general account, significant growth also occurred in the commercial mortgage and real estate portfolios and by expanding new investment initiatives primarily in the structured securities areas. 15 . consolidated balance sheets December 31 Ameritas Mutual Holding Company and Subsidiaries (unaudited, in thousands) 2014 2013 Assets Investments: Fixed maturity securities $ 8,343,574 $ 7,752,774 Equity securities 476,457 421,441 Mortgage loans 1,527,752 1,496,550 Loans on insurance policies 362,994 337,221 Other investments 267,926 255,535 $ 10,978,703 $ 10,263,521 Cash and cash equivalents 268,414 279,219 Accrued investment income 92,844 91,900 Deferred acquisition costs and other intangibles 670,813 692,489 Other assets 770,775 768,027 6,707,934 6,602,060 $ 19,489,483 $ 18,697,216 $ 9,342,001 $ 8,965,162 Dividends payable to policyowners 15,289 15,578 Surplus notes payable 49,897 49,888 Deferred income taxes 204,438 147,378 Other liabilities 482,420 399,927 6,707,934 6,602,060 $ 16,801,979 $ 16,179,993 2,436,123 2,326,477 251,381 190,746 $ 2,687,504 $ 2,517,223 $ 19,489,483 $ 18,697,216 Total Investments Separate accounts Total Assets Liabilities and Equity Liabilities: Policy and contract liabilities Separate accounts Total Liabilities Equity: Retained earnings Accumulated other comprehensive income Total Members’ Equity Total Liabilities and Equity 16 . consolidated statements of operations For the Years Ended December 31 Ameritas Mutual Holding Company and Subsidiaries (unaudited, in thousands) 2014 2013 Income Insurance Revenues: Premiums $ 1,039,856 $ 1,007,173 Contract charges 364,793 380,931 Reinsurance (144,802) (131,071) Mutual fund management and related fees 119,357 117,052 Broker dealer revenues 128,093 122,304 Net investment income 525,172 447,579 Realized gains, net 33,086 33,437 Other 54,361 53,908 $ 2,119,916 $ 2,031,313 Total Revenues Benefits and Expenses Policy benefits Sales and operating expenses Interest expense Amortization of deferred acquisition costs and other intangibles Total Benefits and Expenses Income from continuing operations before income taxes Total income tax expense Income from continuing operations, net Income (loss) from discontinued operations, net of taxes Less net losses attributable to non-controlling interest Net Income to Members $ 1,179,326 $ 1,046,896 670,220 669,553 4,100 4,100 101,457 121,960 $ 1,955,103 $ 1,842,509 164,813 188,804 54,716 57,017 110,097 131,787 (451) 4,662 - 31 $ 109,646 $ 136,480 17 . our businesses Individual Business Retirement Plans Group Business Products and Services Products and Services Products and Services Corporate and Not-For-Profit Businesses Dental Plans Vision Plans • Tailored Indemnity • Value Source® • EssentialDental® • Managed Care/ Provider Network • Dental Rewards® • Ameritas Rewards • Orthodontia, Cosmetic • Pediatric Dental • High/Low, Core/Buy-up • Dual Choice • $ensible Choice® • Voluntary • Administrative Services Only • Small Group Portfolio • Individual Plans • Vision Perfect® • Focus® • ViewPointe® • Exam or Materials Only • LASIK Advantage® • High/Low, Core/Buy-up • Dual Choice • Administrative Services Only • Voluntary • EyeChoice® • Universal life insurance • Survivor universal life insurance • Variable universal life insurance • Indexed universal life insurance • Whole life insurance • Term life insurance • Disability income insurance • Business overhead expense insurance • Fixed, variable and indexed annuities Distribution • General agencies • Independent representatives • Disability income centers • Brokerage general agencies Contact Information • Ameritas Life Insurance Corp. 5900 O Street Lincoln, NE 68510 ameritas.com 800-745-1112 • Ameritas Life Insurance Corp. of New York 1350 Broadway, Suite 2201 New York, NY 10018 ameritas.com 877-280-6110 • 401(k) Plans • Safe Harbor 401(k) Plans • Sole Proprietor Plans • Profit Sharing Plans • Money Purchase Pension Plans • New Comparability Plans • Defined Benefit Plans • Cash Balance Plans • Multiple Employer Plans • Ameritas EZ(k) Plan Governmental Employers • 414(h) Governmental Pick-up Plans • 457(b) Governmental Plans Distribution • General agencies • Independent representatives • Strategic alliances • Employee benefit specialists • Independent broker dealers • Third-party administrators Hearing Care Plans • SoundCare® Value-Added Discounts • Prescription Drug Savings • Eyewear Savings Dental and Vision Combined • FUSION: The Ultimate Choice® • Focus® with Dental Distribution Contact Information • Ameritas Life Insurance Corp. Retirement Plans Division 5900 O Street Lincoln, NE 68510 ameritas.com 800-923-2732 • Ameritas Life Insurance Corp. of New York Retirement Plans Division 1350 Broadway, Suite 2201 New York, NY 10018 ameritas.com 800-923-2732 • Group representatives • National accounts • Independent representatives • Brokers/producers • Third-party administrators • Strategic alliances • Special marketing alliances • E-business Contact Information • Ameritas Life Insurance Corp. Group Division 475 Fallbrook Blvd. Lincoln, NE 68521 ameritas.com 800-776-9446 • Ameritas Life Insurance Corp. of New York Group Division 1350 Broadway, Suite 2201 New York, NY 10018 ameritas.com 800-201-8562 Individual life insurance products are offered through Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp.

of New York. Group annuity plans are offered through Ameritas Life Insurance Corp. Group annuity plans in the state of New York are issued by Ameritas Life Insurance Corp. of New York.

Variable life insurance and annuity products are issued by Ameritas Life Insurance Corp. and are underwritten by affiliate Ameritas Investment Corp., member FINRA/SIPC. Each Ameritas company is solely responsible for its own financial condition and contractual obligations. 18 . Investments Mutual Funds Public Finance Products and Services Products and Services Products and Services • Stocks and ETFs • Municipal and corporate bonds • Fixed income securities • Separately managed accounts • Asset management • Variable universal life insurance • Variable annuities • Retirement plan products • Mutual funds • Corporate cash management • Asset allocation services • College savings plans • Financial planning • Commercial mortgage loans • Real estate • Structured products • Unit investment trusts • Investment risk management • Trust services • Retirement income strategies • Donor advised fund • Equity, fixed income and asset allocation mutual funds, separately managed accounts and separate accounts incorporating environmental, social and governance research and analysis • Workplace retirement plan investment options • 529 college savings plan options • Variable insurance trust portfolios • Sub-advisory and institutional services • Financial advisory • General obligation bonds • Revenue bonds • Tax anticipation notes • Bond anticipation notes • Construction notes • Refunding bonds • Lease-purchase obligation • Investment of bond proceeds Distribution • Registered representatives of broker dealers • Registered investment advisors • Financial planners/consultants • Defined contribution plan providers • Pensions • Insurance carriers • Public funds, including 529 plan sponsors • High net worth individuals • Foundations and endowments • Fund supermarkets Distribution • Broker dealers • Registered representatives • Investment advisor representatives • Financial planners/consultants • Bank/financial institution investment representatives Contact Information • Calvert Investments, Inc. 4550 Montgomery Ave. Bethesda, MD 20814 calvert.com 800-368-2748 Distribution • Ameritas Investment Corp. representatives Contact Information • Ameritas Investment Corp., member FINRA/SIPC Public Finance Division 5900 O Street Lincoln, NE 68510 Lincoln – 877-523-6198 440 Regency Parkway Drive, Suite 222 Omaha, NE 68114 Omaha – 800-700-2362 ameritas.com Contact Information • Ameritas Investment Corp., member FINRA/SIPC 5900 O Street Lincoln, NE 68510 ameritas.com 800-335-9858 • Calvert Investments, Inc. 4550 Montgomery Ave. Bethesda, MD 20814 calvert.com 800-327-2109 • Ameritas Investment Partners, Inc. dba Ameritas Investment Partners 390 N. Cotner Blvd. Lincoln, NE 68505 Lincoln – 877-731-3336 1876 Waycross Road Cincinnati, OH 45240 Cincinnati – 877-546-3863 ameritas.com Calvert mutual funds are underwritten and distributed by Calvert Investment Distributors, Inc., member FINRA, a subsidiary of Calvert Investments, Inc. Investment advisory services are offered through Ameritas Investment Partners, Inc.

Municipal bond underwriting, investment advisory services and securities are offered through affiliate Ameritas Investment Corp., member FINRA/SIPC. 19 . Ameritas Mutual Holding Company board of directors sitting, from left to right Bryan Slone Robert M. Willis JoAnn M. Martin Tonn M. Ostergard James R.

Krieger Attorney/Of Counsel Koley Jessen LLC President and Owner McCarran Ferguson Captive Management Company, Inc. President and Chief Executive Officer Ameritas Mutual Holding Company President and Chief Executive Officer Crete Carrier Corporation Vice Chariman and Chief Financial Officer Gallup, Inc. D. Wayne Silby Kim Robak Michael S. Cambron Paul C.

Schorr IV John S. “Sid” Dinsdale Founding Chairman Calvert Funds Senior Partner Mueller Robak, LLC Past Managing Director and Board Member Bartlett and Co. Chairman and Founding Managing Partner Augusta Columbia Capital Group Chairman Pinnacle Bancorp, Inc. John T. “Tad” Lawrence III* James P.

Abel standing, from left to right Senior Vice President and Senior Institutional  Consultant UBS Financial Services, Inc. Chairman and Chief Executive Officer NEBCO, Inc. not pictured Patricia A. McGuire President Trinity Washington University 20 *John T. “Tad” Lawrence was elected to the Ameritas Holding Company Board of Directors as of January 1, 2015.

He was nominated to serve on the Ameritas Mutual Holding Company Board of Directors effective May 1, 2015. . leadership Shared Services JoAnn M. Martin, CPA, FLMI William W. Lester, CFA, FLMI President and Chief Executive Officer Executive Vice President Investments/Finance and Corporate Treasurer Individual Division, Ameritas Investment Corp. and Retirement Plans Robert C. Barth, CPA, FLMI Tim L.

Stonehocker Executive Vice President Individual, AIC and Retirement Plans Bret L. Benham, FLMI, CLU Senior Vice President Retirement Plans J. Thomas Burkhard, CFP, FLMI Senior Vice President, Chief Distribution Officer Individual Division Cheryl L.

Heilman Senior Vice President Individual Operations Senior Vice President and Chief Financial Officer Robert-John H. Sands, CLU, ChFC Senior Vice President, General Counsel and Corporate Secretary Janet L. Schmidt Senior Vice President Director of Human Resources Linda A.

Whitmire, FSA, MAAA Senior Vice President, Chief Actuary Corporate Richard A. Wiedenbeck Senior Vice President and Chief Information Officer Susan K. Wilkinson, CPA, FLMI Senior Vice President Planning and Risk Management Salene M.

Hitchcock-Gear Ameritas Investment Partners President and Chief Executive Officer Ameritas Investment Corp. James Mikus, CFA, FLMI Robert M. Jurgensmeier, FSA, MAAA President and Chief Executive Officer Senior Vice President, Chief Actuary Individual Division Calvert Investments, Inc. Lisa A. Mullen, CPA, FLMI President and Chief Executive Officer Senior Vice President Individual Financial Operations Steven J.

Valerius, FLMI President, Individual Division Paul G. Wesling, CLU John H. Streur Lynne Ford Executive Vice President Sales and Marketing William M.

Tartikoff Senior Vice President and General Counsel Senior Vice President Individual DI Product Management Group Division Kenneth L. VanCleave, LLIF President Group Division Karen M. Gustin, LLIF Senior Vice President Group Distribution Bruce E.

Mieth Senior Vice President Group Operations Kelly J. Wieseler, FSA, MAAA Senior Vice President Group Chief Actuary and Underwriting 21 . Ameritas Mutual Holding Company 5900 O Street Lincoln, Nebraska 68510 402-467-1122 Toll Free: 800-745-1112 This information is provided by Ameritas®, which is a marketing name for subsidiaries of Ameritas Mutual Holding Company, including, but not limited to, Ameritas Life Insurance Corp., Ameritas Life Insurance Corp. of New York and Ameritas Investment Corp., member FINRA/SIPC. Ameritas Life Insurance Corp. is not licensed in New York.

Each company is solely responsible for its own financial condition and contractual obligations. Ameritas® and the bison design are registered service marks of Ameritas Life Insurance Corp. Fulfilling life® is a registered service mark of affiliate Ameritas Holding Company. © 2015 Ameritas Mutual Holding Company For more information about Ameritas®, visit ameritas.com. Approved for client use. .