Document:

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                                                                  Exhibit 10.25

                                                              EXECUTION VERSION

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                  AMENDED AND RESTATED REINSURANCE AGREEMENT

                                    between

                         LINCOLN BENEFIT LIFE COMPANY

                                      and

                        ALLSTATE LIFE INSURANCE COMPANY

                           Dated as of April 1, 2014

================================================================================

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                               TABLE OF CONTENTS

                                                                           Page
                                                                           ----
Article I.     DEFINITIONS                                                   2

Article II.    COVERAGE                                                     11

Article III.   ADMINISTRATION; GENERAL                                      12

Article IV.    INITIAL REINSURANCE PREMIUM; ADDITIONAL CONSIDERATION;
               NET SETTLEMENT                                               16

Article V.     DURATION AND TERMINATION                                     19

Article VI.    INSOLVENCY                                                   20

Article VII.   LICENSES; SECURITY                                           20

Article VIII.  DAC TAXES                                                    23

Article IX.    ARBITRATION                                                  24

Article X.     INDEMNIFICATION; DISCLAIMER                                  25

Article XI.    GENERAL PROVISIONS                                           27

SCHEDULES

SCHEDULE A  -   CEDED REINSURANCE CONTRACTS

SCHEDULE B  -   SEPARATE ACCOUNTS

SCHEDULE C  -   MONTHLY REPORT

EXHIBITS

EXHIBIT A   -   TRUST AGREEMENT

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                  AMENDED AND RESTATED REINSURANCE AGREEMENT

   This Amended and Restated Reinsurance Agreement, dated as of April 1, 2014
(this "Agreement"), is made and entered into by and between Lincoln Benefit
Life Company, a Nebraska domiciled stock life insurance company (the
"Company"), and Allstate Life Insurance Company, an Illinois domiciled stock
life insurance company (the "Reinsurer", and together with the Company, the
"Parties", and each a "Party").

   WHEREAS, the Reinsurer owns 100% of the issued and outstanding capital stock
of the Company;

   WHEREAS, the Reinsurer, Resolution Life Holdings, Inc., a corporation
organized under the laws of the State of Delaware (the "Buyer"), and Resolution
Life L.P., solely for purposes of Section 5.25 and Article X thereto, a Bermuda
limited partnership, have entered into a Stock Purchase Agreement, dated as of
July 17, 2013, as amended (the "Stock Purchase Agreement"), pursuant to which
the Reinsurer proposes to sell, and the Buyer proposes to purchase, 100% of the
issued and outstanding capital stock of the Company;

   WHEREAS, the Stock Purchase Agreement provides, among other things, for the
Company and the Reinsurer to enter into this Agreement;

   WHEREAS, the Reinsurer provides reinsurance coverage to the Company in
accordance with the terms of the following reinsurance agreements: (i) a
coinsurance agreement between the Parties effective as of December 31, 2001
covering the Company's general account liabilities for all policies and market
value adjustment annuities (the "General Account Reinsurance Agreement"),
(ii) a modified coinsurance agreement between the Parties effective as of
December 31, 2001 covering the Company's separate account liabilities for
variable life insurance policies (the "Variable Life Reinsurance Agreement",
and together with the General Account Reinsurance Agreement, the "Subject
Reinsurance Agreements") and (iii) a modified coinsurance agreement between the
Parties effective as of December 31, 2001 covering the Company's separate
account liabilities for variable annuity policies (the "Variable Annuity
Reinsurance Agreement");

   WHEREAS, the Company is also a party to a Reinsurance Agreement, effective
September 30, 2012 (the "Vermont Captive Reinsurance Agreement"), pursuant to
which the Company cedes to the Vermont Captive one hundred percent (100%) of
the policy benefits under specified universal life insurance policies written
by the Company with issue dates within the range set forth in the Vermont
Captive Reinsurance Agreement;

   WHEREAS, prior to the closing of the transactions contemplated in the Stock
Purchase Agreement, the Company and the Reinsurer entered into a Partial
Commutation Agreement (the "Partial Commutation Agreement") pursuant to which
the Company commuted from the Reinsurer certain of the business that was
previously ceded or retroceded to the Reinsurer under the Subject Reinsurance
Agreements;

   WHEREAS, in connection with the Closing of the transactions contemplated in
the Stock Purchase Agreement, the Company and the Reinsurer desire to amend and
restate, in its entirety,

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the Variable Life Reinsurance Agreement with respect to the business of the
Company that was reinsured under the Variable Life Reinsurance Agreement and
was not commuted by the Company pursuant to the Partial Commutation Agreement;

   WHEREAS, in connection with the Closing of the transactions contemplated in
the Stock Purchase Agreement, the Company and the Reinsurer desire to amend and
restate the General Account Reinsurance Agreement with respect to the portion
of the business of the Company that was reinsured under the General Account
Reinsurance Agreement and was not commuted by the Company pursuant to the
Partial Commutation Agreement, except for the Company's variable annuity
policies reinsured pursuant to the General Account Reinsurance Agreement (which
variable annuity policies will continue to be reinsured by the Reinsurer
pursuant to the General Account Reinsurance Agreement with respect to all
general account liabilities associated with such variable annuity policies);

   WHEREAS, the Variable Annuity Reinsurance Agreement shall remain in full
force and effect without amendment; and

   WHEREAS, the Company wishes to appoint the Reinsurer to provide
administrative and other services with respect to the Reinsured Risks (as
defined below), and the Reinsurer, as Administrator, desires to provide such
administrative services and other services.

   NOW, THEREFORE, the Company and the Reinsurer agree as follows:

                                   ARTICLE I
                                  DEFINITIONS

   Section 1.1 Definitions. Any capitalized term used but not defined herein,
unless otherwise indicated, shall have the meaning set forth in the Stock
Purchase Agreement. As used in this Agreement, the following terms shall have
the following meanings:

       "Administrative Services Agreement" means the Administrative Services
Agreement entered into between the Company and the Reinsurer as of the date
hereof.

       "Administrator" means the Reinsurer in its capacity as administrator
under the Administrative Services Agreement.

       "Agreement" shall have the meaning set forth in the Preamble.

       "ALIC Outward Reinsurance Contracts" means all reinsurance or
coinsurance treaties and agreements to which the Reinsurer is or becomes a
party, as retrocedent, and that relate to the retrocession by the Reinsurer of
risks assumed under this Agreement, including (a) all reinsurance or
coinsurance treaties and agreements in force as of the date of this Agreement
to which the Reinsurer is a ceding party to and that relate to the LBL
Contracts, (b) any such treaty or agreement that is terminated or expired but
under which the Reinsurer may continue to receive benefits with respect to the
LBL Contracts, (c) any other new or replacement reinsurance or coinsurance
treaties or agreements covering the LBL Contracts that are entered into by the
Reinsurer and (d) any Alternative Reinsurance Arrangement.

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       "Alternative Reinsurance Arrangement" shall have the meaning set forth
in Section 3.10(b).

       "ARIAS" shall have the meaning set forth in Section 9.1.

       "Bank Accounts" shall have the meaning set forth in Section 4.4.

       "Captive" means ALIC Reinsurance Company, a South Carolina domiciled
captive insurance company.

       "Captive Change of Control" means the occurrence of one or more of the
following events: any Person other than TAC, one or more Affiliates of TAC or
the Reinsurer (whether or not then an Affiliate of TAC) acquires or assumes
(x) Control of the Captive, whether by merger, consolidation, stock acquisition
or otherwise (including the acquisition or assumption of the power to direct
the Captive's management and policies by means of a management or services
agreement or other contractual arrangement) or (y) all or substantially all of
the assets or Liabilities of the Captive by reinsurance (whether indemnity or
assumption) or otherwise; provided, however, that the acquisition of Control of
TAC by any Person shall not constitute a Change in Control. Notwithstanding the
foregoing, no Captive Change in Control shall be deemed to occur if TAC
provides a guarantee for the benefit of the Company, on terms reasonably
satisfactory to the Company, of all obligations of the Captive to the Reinsurer
that are assigned to the Company in accordance with the terms of the definition
of Required Balance.

       "Ceded Reinsurance Contracts" means (a) all reinsurance or coinsurance
treaties and agreements in force as of the date of this Agreement to which the
Company is a ceding party and that relate to the LBL Contracts, (b) any such
treaty or agreement that is terminated or expired but under which the Company
may continue to receive benefits with respect to the LBL Contracts, and (c) any
other new or replacement reinsurance or coinsurance treaties or agreements
covering the LBL Contracts that are entered into by the Reinsurer on behalf of
the Company as Administrator under the Administrative Services Agreement,
including with respect to subclauses (a), (b) and (c) above, the Vermont
Captive Reinsurance Agreement and those treaties and agreements set forth on
Schedule A.

       "Change in Control" means the occurrence of one or more of the following
events: any Person other than TAC or one or more Affiliates of TAC acquires or
assumes (x) Control of the Reinsurer, whether by merger, consolidation, stock
acquisition or otherwise (including the acquisition or assumption of the power
to direct the Reinsurer's management and policies by means of a management or
services agreement or other contractual arrangement) or (y) all or
substantially all of the assets or Liabilities of the Reinsurer by reinsurance
(whether indemnity or assumption) or otherwise; provided, however, that the
acquisition of Control of TAC by any Person shall not constitute a Change in
Control. Notwithstanding the foregoing, no Change in Control shall be deemed to
occur if TAC provides a guarantee for the benefit of the Company of all
Reinsured Risks and all obligations of the Reinsurer hereunder on terms
reasonably satisfactory to the Company.

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       "Commuted Business" means the business written by the Company that was
reinsured by the Reinsurer pursuant to the Subject Reinsurance Agreement and
was commuted by the Company pursuant to the Partial Commutation Agreement.

       "Company" shall have the meaning set forth in the Preamble.

       "Company Extra Contractual Obligations" means all Extra Contractual
Obligations to the extent arising out of, resulting from or relating to any
alleged or actual act, error or omission after the Inception Date (including
the failure of the Company to perform any Retained Services for such term as
defined in the Administrative Services Agreement to the extent required
thereunder), whether intentional, in bad faith, reckless, grossly negligent,
negligent or otherwise, by the Company or any of its Affiliates, or any service
providers engaged or compensated by the Company or its Affiliates (other than
the Reinsurer, any of its Affiliates or any designee or subcontractor appointed
by Administrator under the Administrative Services Agreement), in each case
unless such action was directed by the Reinsurer in writing.

       "Company Indemnified Persons" shall have the meaning set forth in
Section 10.1.

       "Contractholder" means the holder of any LBL Contract.

       "Control" means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person,
whether through the ownership of voting securities, by contract or otherwise.

       "Designated Company Conversion Policies" shall have the meaning set
forth in the Administrative Services Agreement.

       "Eligible Assets" shall have the meaning set forth in Section 7.4.

       "Exclusive Producer" means any Producer that markets, sells or
administers business of the type written by the Reinsurer or any of its
Affiliates exclusively for or on behalf of the Reinsurer and its Affiliates,
notwithstanding whether such Producer also sells products of the type not
written by the Reinsurer or any of its Affiliates on behalf of third parties.

       "Extra Contractual Obligation" means all Liabilities in respect of the
LBL Contracts (for the avoidance of doubt, other than Liabilities arising under
the express terms and conditions of the LBL Contracts), including Liabilities
for fines, penalties, Taxes, fees, forfeitures, compensatory, punitive,
exemplary, special, treble, bad faith, tort or any other form of damages, and
legal fees and expenses relating thereto, arising out of, resulting from or
relating to any alleged or actual act, error or omission, whether intentional,
in bad faith, reckless, grossly negligent, negligent or otherwise, in
connection with (i) the form, sale, marketing, underwriting, production,
issuance, cancellation or administration of the LBL Contracts, (ii) the
investigation, defense, trial, settlement or handling of claims, benefits,
dividends or payments under or relating to the LBL Contracts, or (iii) the
failure to pay or the delay in payment or errors in calculating or
administering the payment of benefits, claims, dividends or any other amounts
due or alleged to be due under or in connection with the LBL Contracts.

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       "Fair Market Value" means (i) as to cash, the amount thereof; and
(ii) as to an asset other than cash, the amount at which such asset could be
bought or sold in a current transaction between willing parties other than in a
forced or liquidation sale.

       "Fund" means any registered investment company in which a Separate
Account invests.

       "General Account Liabilities" means the following Liabilities of the
Company, whether incurred before, at or after the Inception Date: (a) all
claims, benefits, claim expenses, interest on claims or unearned premiums,
interest on policy funds, withdrawals, amounts payable for returns or refunds
of premium surrender amounts and other amounts payable under the terms of the
LBL Contracts; (b) all Liabilities arising out of changes to the terms and
conditions of the LBL Contracts mandated by Applicable Law or initiated by a
Contractholder pursuant to the terms of the applicable LBL Contracts; (c) all
expense allowances payable under the LBL Contracts and all experience refunds
that relate to the LBL Contracts (including under the Transamerica Reinsurance
Agreement); (d) all premium taxes due or accrued in respect of premiums paid,
deposits made or annuitizations occurring with respect to the LBL Contracts net
of premium tax credits to the extent arising out of assessments or charges
described in clause (e); (e) all assessments and similar charges with respect
to the LBL Contracts in connection with participation by the Company or the
Reinsurer, whether voluntary or involuntary, in any guaranty association
established or governed by any state or other jurisdiction, arising on account
of insolvencies, rehabilitations or similar proceedings occurring before, on or
after the Inception Date; (f) all commissions (including both fronted and trail
commissions), expense allowances, benefit credits, other compensation and other
servicing and administration fees payable with respect to the LBL Contracts to
or for the benefit of Producers; (g) all escheat and unclaimed property
Liabilities arising under the LBL Contracts; (h) all premiums and other amounts
payable under the Ceded Reinsurance Contracts in respect of the LBL Contracts;
and without duplication, (i) all expense reimbursement amounts payable to
Allstate Distributors, LLC by the Company under the Principal Underwriting
Agreement with respect to the LBL Contracts; in each of the cases of subclauses
(a) through (i) above, net of amounts actually collected under the Ceded
Reinsurance Contracts by or on behalf of the Company in respect of the LBL
Contracts. For the avoidance of doubt, General Account Liabilities (A) exclude
the Separate Account Liabilities and the Company Extra Contractual Obligations,
and (B) include any general account fixed options under LBL Contracts.

       "General Account Reinsurance Agreement" shall have the meaning set forth
in the Recitals.

       "General Account Reserves" means the aggregate amount of general account
reserves of the Company with respect to the General Account Liabilities
(without regard to the reinsurance provided hereunder), determined in
accordance with Nebraska SAP; provided, the term "General Account Reserves"
does not include the Separate Account Reserves. For the avoidance of doubt,
such General Account Reserves shall include the amounts for General Account
Liabilities that would be reflected in lines 1 through 4 inclusive, column 1,
in the "Liabilities, Surplus and Other Funds" section of the NAIC statement
blank used to prepare the Company's statutory balance sheet as of December 31,
2012, or if the line numbers are changed pursuant to relevant guidance from the
NAIC, the successor to such line numbers.

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       "Illinois SAP" means the statutory accounting principles prescribed or
permitted by the Commissioner of Insurance of the State of Illinois but
disregarding any permitted practices applicable to the Reinsurer, other than
those of general applicability to life insurers.

       "Inception Date" shall have the meaning set forth in Section 2.1.

       "LBL Contracts" means all Pre-Closing Policies and Post-Closing
Policies, excluding policies issued or coverages otherwise provided as a result
of the exercise by a Contractholder of any conversion right in a Pre-Closing
Policy or a Post-Closing Policy, other than all Designated Company Conversion
Policies.

       "LIBOR Determination Date" means the date as of which One-Month LIBOR is
to be determined, or if such date is not a London Banking Day, the next
immediately succeeding London Banking Day.

       "London Banking Day" means any business day on which dealings in
deposits in U.S. dollars are transacted in the London interbank market.

       "Minimum Balance" shall have the meaning set forth in Section 7.7.

       "Monthly Accounting Period" means each calendar month during the term of
this Agreement or any fraction thereof ending on the date this Agreement is
terminated in accordance with Section 5.2.

       "Monthly Report" shall have the meaning set forth in Section 4.5(a)(ii).

       "Monthly Settlement" shall have the meaning set forth in
Section 4.5(a)(i).

       "Nebraska Commissioner" means the Commissioner of Insurance of the State
of Nebraska.

       "Nebraska SAP" means the statutory accounting principles prescribed or
permitted by the Commissioner of Insurance of the State of Nebraska but
disregarding any permitted practices applicable to the Company, other than
those of general applicability to life insurers.

       "New Conversion Policy Form" shall have the meaning set forth in the
Administrative Services Agreement.

       "New York Court" shall have the meaning set forth in Section 11.5.

       "Non-Guaranteed Elements" means cost of insurance charges, loads and
expense charges, credited interest rates, mortality and expense charges,
administrative expense risk charges, variable premium rates, variable paid-up
amounts, policyholder dividends and other policy features that are subject to
change.

       "One-Month LIBOR" means for each interest period, the London interbank
offered rate for deposits in U.S. dollars having a maturity of one month which
appears on

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Bloomberg: verb "BBAM", 1) "Official BBA Libor Fixings" as of 11:00 a.m.,
London time, on the related LIBOR Determination Date. If this rate does not
appear on Bloomberg: verb "BBAM", 1) "Official BBA Libor Fixings" on that date,
the rate for such interest period will be determined on the basis of the rates
at which deposits in U.S. dollars, having a maturity of one month and in a
principal amount of not less than U.S. $1,000,000, are offered at approximately
11:00 a.m., London time, on the LIBOR Determination Date with respect to that
interest period, to prime banks in the London interbank market.

       "Partial Commutation Agreement" shall have the meaning set forth in the
Recitals.

       "Parties" shall have the meaning set forth in the Preamble.

       "Policy Loan Balance" means, with respect to any date of determination,
the amount of contract loans in respect of the LBL Contracts, as of such date,
as would be reflected in line 6, column 3 in the "Assets" section of the NAIC
statement blank used to prepare the Company's statutory balance sheet as of
December 31, 2012 or if the line number is changed pursuant to relevant
guidance from the NAIC, the successor line number to such line number, net of
any unearned policy loan interest on such loans but including any due and
accrued interest thereon, determined in accordance with Nebraska SAP.

       "Post-Closing Policies" means all of the life insurance and annuity
contracts issued by the Administrator in the name of the Company pursuant to
the Administrative Services Agreement.

       "Post-Underwriting Period Conversion Policies" shall have the meaning
set forth in the Administrative Services Agreement.

       "Pre-Closing Policies" means all of the life insurance and annuity
contracts written or reinsured by the Company prior to the Inception Date and
reinsured pursuant to the Subject Reinsurance Agreements, other than (i) the
Commuted Business and (ii) all variable annuity policies written by the Company
to the extent reinsured by the Reinsurer under the Variable Annuity Reinsurance
Agreement or the General Account Reinsurance Agreement. For the avoidance of
doubt, the Pre-Closing Policies shall be comprised of (i) all life insurance
business written by the Company through Exclusive Producers prior to the
Inception Date, (ii) all immediate annuities written by the Company prior to
the Inception Date, (iii) all Specified Life Business and (iv) the Reinsured
Policies.

       "Premiums" means premiums, considerations, deposits, payments, loan
interest and principal repayments and other amounts received by or on behalf of
the Company in respect of the LBL Contracts.

       "Principal Underwriting Agreement" means the Amended and Restated
Principal Underwriting Agreement entered into between the Company and Allstate
Distributors, LLC as of the date hereof.

       "Producer" means any producer, broker, agent, general agent, managing
general agent, master broker agency, broker general agency, financial
specialist or other Person

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responsible for marketing or producing insurance policies, annuity contracts,
protection and retirement products on behalf of the Company.

       "Recoveries" shall have the meaning set forth in Section 4.2(a).

       "Recoveries Collateral" shall have the meaning set forth in
Section 4.3(a).

       "Reinsurance Receivables" means, as of any date of determination, the
sum of (x) the amounts recoverable from reinsurers under the Ceded Reinsurance
Agreements or the ALIC Outward Reinsurance Contracts, as of such date, as would
be reflected in line 16.1, column 3 in the "Assets" section of the NAIC
statement blank used to prepare the statutory balance sheet of the Company or
the Reinsurer, as applicable, as of December 31, 2012 or if the line number is
changed pursuant to relevant guidance from the NAIC, the successor line number
to such line number, plus (y) the funds held by or deposited with reinsured
companies under the Ceded Reinsurance Agreements or the ALIC Outward
Reinsurance Contracts, as of such date, as would be reflected in line 16.2,
column 3 in the "Assets" section of the NAIC statement blank used to prepare
the statutory balance sheet of the Company or the Reinsurer, as applicable, as
of December 31, 2012 or if the line number is changed pursuant to relevant
guidance from the NAIC, the successor line number to such line number, plus
(z) other amounts receivable under reinsurance contracts from reinsurers under
the Ceded Reinsurance Agreements or the ALIC Outward Reinsurance Contracts, as
of such date, as would be reflected in line 16.3, column 3 in the "Assets"
section of the NAIC statement blank used to prepare the statutory balance sheet
of the Company or the Reinsurer, as applicable, as of December 31, 2012 or if
the line number is changed pursuant to relevant guidance from the NAIC, the
successor line number to such line number, in each case determined in
accordance with SAP or Applicable Law of the Company Domiciliary State.

       "Reinsured Policies" means those term life insurance policies reinsured
by the Company pursuant to the Transamerica Reinsurance Agreement.

       "Reinsured Risks" shall have the meaning set forth in Section 2.1.

       "Reinsurer" shall have the meaning set forth in the Preamble.

       "Reinsurer Extra Contractual Obligations" means all Extra Contractual
Obligations to the extent arising out of, resulting from or relating to any
alleged or actual act, error or omission, whether intentional, in bad faith,
reckless, grossly negligent, negligent or otherwise, by the Reinsurer or any of
its Affiliates, or any service providers engaged or compensated by the
Reinsurer or its Affiliates (other than any Company Extra Contractual
Obligations).

       "Reinsurer Indemnified Persons" shall have the meaning set forth in
Section 10.2.

       "Reinsurer Statutory Book Value" means, with respect to any Eligible
Asset, the amount carried in respect of such asset by the Reinsurer as an
admitted asset determined in accordance with Illinois SAP.

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       "Required Balance" means, as of any date of determination, an amount
equal to (i) the General Account Reserves as of such date, minus (ii) the
Policy Loan Balance as of such date, minus (iii) the Reinsurance Receivables as
of such date, minus (iv) the amount of Uncollected/Deferred Premiums as of such
date, minus (v) reserve credits on the Reinsurer's books and records as of such
date with respect to the ALIC Outward Reinsurance Contracts whereby the
Reinsurer cedes liabilities to an Affiliate of the Reinsurer, provided,
however, that with respect to clause (v), the Required Balance shall only be
reduced, (A) in an amount that in the aggregate does not exceed 40% of the
General Account Reserves as of such date, (B) to the extent of the Value of any
assets held as collateral for the reinsurance under the applicable ALIC Outward
Reinsurance Contract and (C) to the extent the Reinsurer has assigned to the
Company all its rights with respect to such collateral on terms reasonably
satisfactory to the Company. Notwithstanding the foregoing, from and after the
occurrence of both a Change in Control and a Captive Change of Control, the
Required Balance shall be, as of any date of determination, an amount equal to
(i) the General Account Reserves less (ii) the Policy Loan Balance as of such
date.

       "Reserve Credit" means full reserve credit for the reinsurance ceded to
the Reinsurer under this Agreement in the Statutory Financial Statements
required to be filed by the Company with the Commissioner of Insurance of the
State of Nebraska.

       "Separate Account Charges" shall have the meaning set forth in
Section 4.2(a)(iii).

       "Separate Account Liabilities" means those liabilities that are payable
from the assets of the Separate Accounts in respect of the LBL Contracts.

       "Separate Accounts" means the portion of the variable life separate
account(s) of the Company described on Schedule B that relate to the LBL
Contracts.

       "Shared Reinsurance Agreement" shall have the meaning set forth in
Section 3.10(b).

       "Specified Life Business" means, collectively, (i) the term life
insurance policies written by the Company prior to the Inception Date that have
been reinsured to the Reinsurer and retroceded by the Reinsurer to ALIC
Reinsurance Company, (ii) the term life insurance policies of the type
identified on Section 1.1(d) of the Seller Disclosure Schedule to the Stock
Purchase Agreement that were written by the Company and are reinsured by third
party reinsurers and (iii) the life insurance policies (x) written by the
Company through Producers that, at the time of sale of such policies, marketed,
sold or administered on a non-exclusive basis business of the type written by
the Reinsurer or its Affiliates and (y) coded by the Company in its books and
records with a distribution channel code of 601.

       "Statutory Financial Statements" means, with respect to any Party, the
annual and quarterly statutory financial statements of such Party.

       "Stock Purchase Agreement" shall have the meaning set forth in the
Recitals.

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       "Subject Reinsurance Agreements" shall have the meaning set forth in the
Recitals.

       "TAC" means The Allstate Corporation, a Delaware corporation.

       "Transaction Agreements" shall have the meaning set forth in the Stock
Purchase Agreement.

       "Transamerica" means Transamerica International Reinsurance Company.

       "Transamerica Reinsurance Agreement" means that certain retrocessional
agreement, dated as of August 15, 2003 by and between the Company and
Transamerica.

       "Transfer Instruments" shall have the meaning set forth in Section 7.5.

       "Trust Account" means the trust account established by the Reinsurer for
the benefit of the Company under the Trust Agreement.

       "Trust Agreement" means that certain Trust Agreement dated as of the
date hereof by and among the Reinsurer, the Company and the Trustee, as
trustee, substantially in the form of Exhibit A hereof.

       "Trustee" shall have the meaning set forth in Section 7.2.

       "UCC" shall have the meaning set forth in Section 4.3(b)(i).

       "Uncollected/Deferred Premiums" means, as of any date of determination,
the sum of (i) uncollected premiums in the course of collection in respect of
the LBL Contracts, as of such date, as would be reflected in line 15.1, column
3 in the "Assets" section of the NAIC statement blank used to prepare the
Reinsurer's balance sheet in its most recent Statutory Financial Statement or
if the line number is changed pursuant to relevant guidance from the NAIC, the
successor line number to such line number, plus (ii) deferred premiums and
installments booked but deferred and not yet due in respect of the LBL
Contracts, as of such date, as would be reflected in line 15.2, column 3 in the
"Assets" section of the NAIC statement blank used to prepare the Reinsurer's
balance sheet in its most recent Statutory Financial Statement or if the line
number is changed pursuant to relevant guidance from the NAIC, the successor
line number to such line number, in each case determined in accordance with
Nebraska SAP.

       "Value" means, with respect to the assets in the Trust Account, their
Reinsurer Statutory Book Value prior to a Change in Control and following the
occurrence of a Change in Control, their Fair Market Value.

       "Variable Annuity Reinsurance Agreement" shall have the meaning set
forth in the Recitals.

       "Variable Life Reinsurance Agreement" shall have the meaning set forth
in the Recitals.

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<PAGE>

       "Vermont Captive" means Lincoln Benefit Reinsurance Company, a Vermont
domiciled captive insurance company.

       "Vermont Captive Reinsurance Agreement" shall have the meaning set forth
in the Recitals.

                                  ARTICLE II
                                   COVERAGE

   Section 2.1 Coverage. Upon the terms and subject to the conditions and other
provisions of this Agreement, as of 12:01 a.m. Central Time on the 1/st/ day of
the month in which the Closing occurs (the "Inception Date"), the Company
hereby cedes to the Reinsurer, and the Reinsurer hereby agrees to indemnify the
Company (i) on a coinsurance basis, for one hundred percent (100%) of the
General Account Liabilities of the Company; (ii) on a modified coinsurance
basis, for one hundred percent (100%) of the Separate Account Liabilities of
the Company and (iii) for one hundred percent (100%) of the Reinsurer Extra
Contractual Obligations, in each case, payable by the Company on or after the
Inception Date (the "Reinsured Risks").

   Section 2.2 Conditions.

       (a) The Company, on its own initiative, shall not change the terms and
conditions of any LBL Contract, other than for any changes that are required
due to (i) changes in Applicable Law, (ii) the terms of the LBL Contracts or
(iii) the requirements of any Governmental Entity. If the Company's liability
under any of the LBL Contracts is changed because of changes made on or after
the Inception Date in the terms and conditions of the LBL Contracts (including
to any contract riders or endorsements thereto) that are required due to the
reasons identified in clauses (i), (ii) or (iii) above, the Reinsurer will
share in the change proportionately to the coinsurance share hereunder and the
Company and the Reinsurer will make all appropriate adjustments to amounts due
each other under this Agreement. With respect to any change required due to the
reasons identified in clauses (i) or (iii) above, the Company shall, to the
extent practicable, prior to the effectiveness of any such change, promptly
notify the Reinsurer of such proposed change and afford the Reinsurer the
opportunity, to the extent practicable, to object to such change under
applicable administrative procedures (both formal and informal).

       (b) Except as otherwise set forth or contemplated herein, including in
paragraph (a) above, no changes, amendments or modifications made on or after
the Inception Date of the terms and conditions of the LBL Contracts (including
to any contract riders or endorsements thereto) shall be covered hereunder
unless made by the Reinsurer pursuant to the Administrative Services Agreement
or made or consented to by the Company with the prior written approval of the
Reinsurer. In the event that any such changes, amendments or modifications are
made or consented to in any LBL Contract by the Company without the prior
written approval of the Reinsurer, this Agreement will cover Reinsured Risks
incurred by the Company under such LBL Contract as if the non-approved changes,
amendments or modifications had not been made.

                                      11

<PAGE>

   Section 2.3 Indemnity Reinsurance. This Agreement is an indemnity
coinsurance and modified coinsurance agreement solely between the Company and
the Reinsurer, and the performance of the obligations of each Party under this
Agreement shall be rendered solely to the other Party. The Company shall be and
shall remain the only party hereunder that is liable to any insured, cedent,
Contractholder, claimant or beneficiary under any annuity contract or insurance
policy reinsured hereunder.

   Section 2.4 Territory. The territorial limits of this Agreement shall be
identical with those of the LBL Contracts.

                                  ARTICLE III
                            ADMINISTRATION; GENERAL

   Section 3.1 Contract Administration. The Reinsurer shall administer the LBL
Contracts (other than the Post-Underwriting Period Conversion Policies), the
Ceded Reinsurance Contracts with respect to the LBL Contracts (other than with
respect to the Post-Underwriting Period Conversion Policies) and the Separate
Accounts (to the extent provided in the Administrative Services Agreement)
directly on behalf of the Company, in each instance in accordance with the
terms of the Administrative Services Agreement. The Post-Underwriting Period
Conversion Policies shall be administered by the Company. The Company agrees to
administer the Post-Underwriting Period Conversion Policies in accordance with
Applicable Law, the terms of such policies and, subject to the foregoing, using
a degree of skill and attention no less than that which the Company exercises
with respect to the Company Business. As part of the development of the New
Conversion Policy Form in accordance with the provisions of the Administrative
Services Agreement, the Parties will agree on an appropriate expense allowance
to compensate the Company for providing such administration, which expense
allowance shall comply with 210 Nebraska Administrative Code Chapter 57,
Section 004.01(a).

   Section 3.2 Non-Guaranteed Elements. The Reinsurer may, from time to time,
make recommendations to the Company with respect to Non-Guaranteed Elements so
long as the recommendations comply with the written terms of the LBL Contracts,
Applicable Law and Actuarial Standards of Practice promulgated by the Actuarial
Standard Board governing redetermination of non-guaranteed charges. The Company
shall fully consider any such recommendations and act reasonably and in good
faith in determining whether any such recommendations should be accepted and
shall not unreasonably delay implementation of any accepted recommendations
after such recommendations are provided in writing, except to the extent that
an applicable Governmental Entity finally determines that Applicable Law would
require the implementation of such recommendations to apply to any policy or
contract that constitutes Company Business. Notwithstanding anything to the
contrary contained herein, in the event that an applicable Governmental Entity
finally determines that Applicable Law would require the implementation of the
Reinsurer's recommendations with respect to one or more LBL Contracts to apply
to any policy or contract that constitutes Company Business (a) the Parties
shall cooperate in good faith to develop a mutually agreeable plan to set
Non-Guaranteed Elements with respect to such LBL Contracts and such Company
Business, and the Parties shall implement any such plan so agreed and (b) the
Company shall not be liable for any Indemnified Losses incurred by the
Reinsurer as a result of the Company's failure to implement the Reinsurer's
recommendations. In the event that the Company is notified by an applicable

                                      12

<PAGE>

Governmental Entity that it proposes making a determination that Applicable Law
would require the implementation of such recommendations to apply to any policy
or contract that constitute Company Business, the Company shall promptly (but
in any event within two (2) Business Days) notify the Reinsurer of such
notification. The parties will thereafter cooperate in good faith and use their
reasonable best efforts to reach agreements with such Governmental Entity that
will avoid a final determination to such effect.

   Section 3.3 Policy Exchanges, Replacements or Surrenders. Unless otherwise
agreed in writing by the Parties to this Agreement, (i) the Company will not
institute, promote, or encourage any exchange, replacement or surrender program
with respect to the LBL Contracts; and (ii) the Company shall not use any
information regarding the LBL Contracts, including information regarding the
Contractholders, other than for purposes of complying with its obligations
under the Administrative Services Agreement and this Agreement or as otherwise
required by Applicable Law.

   Section 3.4 Errors and Omissions. If any delay, omission, error or failure
to pay amounts due or to perform any other act required by this Agreement is
unintentional and caused by misunderstanding or oversight, the Company and the
Reinsurer will adjust the situation to what it would have been had the
misunderstanding or oversight not occurred. The Party first discovering such
misunderstanding or oversight, or an act resulting from such misunderstanding
or oversight, will notify the other Party in writing promptly upon discovery
thereof, and the Parties shall act to correct such misunderstanding or
oversight within twenty (20) Business Days of such other Party's receipt of
such notice. However, this Section 3.4 shall not be construed as a waiver by
either Party of its right to enforce strictly the terms of this Agreement.

   Section 3.5 Age, Sex and Other Adjustments. If the Company's liability under
any of the LBL Contracts is changed because of a misstatement of age or sex or
any other material fact, the Reinsurer will share in the change proportionately
to the reinsurance share hereunder and the Company and the Reinsurer will make
all appropriate adjustments to amounts due each other under this Agreement.

   Section 3.6 Set-off. Any debts or credits, matured or unmatured, in favor of
or against either the Company or the Reinsurer with respect to this Agreement
are deemed mutual debts or credits, as the case may be, and shall be set off
from any amounts due to the Company or the Reinsurer hereunder, as the case may
be, and only the net balance shall be allowed or paid. For the avoidance of
doubt, no such set-off shall affect the obligations of the Parties or their
respective Affiliates under the terms of the Stock Purchase Agreement or any
other Transaction Agreement. In the event of any insolvency, rehabilitation,
conservatorship or comparable proceeding by or against the Ceding Company or
the Reinsurer, the rights of offset and recoupment set forth in this
Section 3.6 shall apply to the fullest extent permitted by Applicable Law.

   Section 3.7 Defenses. The Reinsurer accepts, reinsures and assumes the
Reinsured Risks subject to any and all defenses, set-offs and counterclaims to
which the Company would be entitled with respect to the Reinsured Risks, it
being expressly understood and agreed to by the Parties hereto that no such
defenses, set-offs, or counterclaims are or shall be waived by the execution
and delivery of this Agreement or the consummation of the transactions
contemplated

                                      13

<PAGE>

hereby and that the Reinsurer is and shall be fully subrogated in and to all
such defenses, set-offs and counterclaims.

   Section 3.8 Guaranty Fund Assessments and Premium Taxes. The Company and the
Reinsurer shall settle amounts due with regard to guaranty fund assessments,
premium taxes and premium tax credits included in the General Account
Liabilities in accordance with the terms of the Administrative Services
Agreement.

   Section 3.9 Conversion. From and after the Inception Date, the Company shall
make policies available for issuance upon the exercise by a Contractholder of
any conversion right in an LBL Contract in accordance with the terms of the
Administrative Services Agreement.

   Section 3.10 Ceded Reinsurance Contracts.

       (a) From and after the Inception Date, pursuant to the terms of the
Administrative Services Agreement, the Reinsurer shall have the exclusive right
to terminate, amend or replace with a new reinsurance agreement between the
Reinsurer and the applicable reinsurer, in whole or in part, any of the Ceded
Reinsurance Contracts to the extent such termination, amendment or replacement
relates to the LBL Contracts; provided such termination, amendment or
replacement does not affect the reinsurance coverage or other reinsurance terms
provided thereunder with respect to the Company Business. The Company agrees to
not terminate, amend or replace any of the Ceded Reinsurance Contracts to the
extent such termination, amendment or replacement relates to or affects the
reinsurance coverage provided thereunder with respect to the LBL Contracts. The
Company shall, upon the Reinsurer's request, cooperate with the Reinsurer and
take all actions reasonably requested by the Reinsurer to cause such
terminations, amendments or replacements of Ceded Reinsurance Contracts or to
cause such replacement Ceded Reinsurance Contracts to be entered into. The
Reinsurer shall reimburse the Company for all reasonable and documented
out-of-pocket costs and expenses incurred by the Company or its Affiliates in
connection with such terminations, amendments or replacements of Ceded
Reinsurance Contracts or the entering into of such new Ceded Reinsurance
Contracts.

       (b) From and after the Inception Date, to the extent not completed prior
to the Inception Date pursuant to Section 5.4 of the Stock Purchase Agreement,
the Reinsurer and the Company shall each use its reasonable best efforts, and
shall cooperate fully with each other, to cause the reinsurer under each Ceded
Reinsurance Contract pursuant to which such reinsurer reinsures both risk
included in the Company Business and risk that is not included in the Company
Business (each, a "Shared Reinsurance Agreement") to (i) enter into (A) a
novation to the Reinsurer or one or more of its Affiliates of the portion of
such Shared Reinsurance Agreement comprising risk that is not included in the
Company Business or (B) an amendment of such Shared Reinsurance Agreement to
exclude the risk that is not included in the Company Business together with a
new reinsurance arrangement with the Reinsurer or one or more of its Affiliates
pursuant to which such risk will be reinsured by such reinsurer on the same
terms as those applicable under the Shared Reinsurance Agreement (each of
(A) and (B), an "Alternative Reinsurance Arrangement") and (ii) waive any right
to terminate such Shared Reinsurance Agreement pursuant to its terms as a
result of the consummation of the transactions contemplated by this Agreement;
provided, that neither Party shall be required to compromise any right, asset

                                      14

<PAGE>

or benefit or expend any amount, incur any liability or provide any other
consideration in connection with obtaining the consent of any reinsurer to any
Alternative Reinsurance Arrangement. For the avoidance of doubt, if the Parties
are unable to effect an Alternative Reinsurance Arrangement with respect to any
Shared Reinsurance Agreement and such Shared Reinsurance Agreement remains in
effect after the Inception Date, all rights to the reinsurance recoveries under
such Shared Reinsurance Agreement that relate to the LBL Contracts shall be
included in the Recoveries, the Company shall have no obligation to seek
collection for any such Recoveries (other than with respect to the
Post-Underwriting Period Conversion Policies or as may be provided in the
Administrative Services Agreement), and the Reinsurer will administer such
Shared Reinsurance Agreement with respect to the LBL Contracts (other than with
respect to the Post-Underwriting Period Conversion Policies) under the
Administrative Services Agreement.

       (c) From and after the Inception Date, to the extent not completed prior
to the Inception Date pursuant to Section 5.4 of the Stock Purchase Agreement,
the Reinsurer shall have the right but not the obligation to continue to use
efforts to cause the reinsurer under each Ceded Reinsurance Contract other than
the Shared Reinsurance Agreements to enter into either (i) a novation of such
Ceded Reinsurance Contract from the Company to the Reinsurer or one of its
Affiliates or (ii) a termination of such Ceded Reinsurance Contract together
with the concurrent entry into a new reinsurance contract with the Reinsurer;
provided, that neither Party shall be required to compromise any right, asset
or benefit or expend any amount, incur any liability or provide any other
consideration in connection with obtaining the consent of any reinsurer to any
such alternative arrangement. For the avoidance of doubt, if the Parties are
unable to effect an alternative arrangement with respect to any such Ceded
Reinsurance Contract and such Ceded Reinsurance Contract remains in effect
after the Inception Date, all rights to the reinsurance recoveries under such
Ceded Reinsurance Contract shall be included in Recoveries, the Company shall
have no obligation to seek collection for any such Recoveries (other than with
respect to the Post-Underwriting Period Conversion Policies or as may be
provided in the Administrative Services Agreement), and the Reinsurer will
administer such Ceded Reinsurance Contract (other than with respect to the
Post-Underwriting Period Conversion Policies) under the Administrative Services
Agreement.

       (d) Subject to the provisions of Section 3.10(a), Liabilities with
respect to the LBL Contracts under any Ceded Reinsurance Contract that is
terminated or recaptured by the Reinsurer shall be ceded hereunder
automatically to the Reinsurer without further action, subject to receipt by
the Reinsurer of any reserve transfer or similar transfers or settlement
amount, if any, received by the Company from the applicable reinsurer and, in
such event, the Reinsurer shall pay any special transfer or recapture fee or
any other amount payable by the Company in respect of the LBL Contracts in
connection therewith as may be required under such Ceded Reinsurance Contract.

       (e) From and after the Inception Date, the Reinsurer shall have the
right but not the obligation to seek Transamerica's consent to (and upon
receipt of such consent to effectuate on behalf of the Company) either (i) a
novation of the Transamerica Reinsurance Agreement (together with any related
servicing agreement) from the Company to the Reinsurer or one of its Affiliates
or (ii) a termination of the Transamerica Reinsurance Agreement (together with
any related servicing agreement) together with the concurrent entry into a new
reinsurance

                                      15

<PAGE>

contract and any related servicing agreement with the Reinsurer; provided, that
neither Party shall be required to compromise any right, asset or benefit or
expend any amount, incur any liability or provide any other consideration in
connection with obtaining the consent of Transamerica to any such alternative
arrangement.

   Section 3.11 Follow the Fortunes. The Reinsurer's Liability under this
Agreement shall attach simultaneously with that of the Company under the LBL
Contracts, and the Reinsurer's Liability under this Agreement shall be subject
in all respects to the same risks, terms, rates, conditions, interpretations,
assessments, waivers, proportion of Premiums paid to the Company.

                                  ARTICLE IV
     INITIAL REINSURANCE PREMIUM; ADDITIONAL CONSIDERATION; NET SETTLEMENT

   Section 4.1 Initial Reinsurance Premium. The Parties agree and acknowledge
that the initial reserve transfer occurred under the Subject Reinsurance
Agreements (or predecessor reinsurance agreements), and there will be no
additional initial reinsurance premium or ceding commission due between the
Parties as a result of entering into this Agreement except as provided in
Section 4.2.

   Section 4.2 Additional Consideration.

       (a) As additional consideration for the Reinsurer entering into this
Agreement, as of the Inception Date, the Company hereby irrevocably sells,
assigns, transfers and delivers to the Reinsurer as premium hereunder all of
its rights, title and interest in one hundred percent (100%) of all of the
following amounts actually received or receivable at or after the Inception
Date by the Company or the Reinsurer, whether in its role as reinsurer
hereunder or as Administrator, with respect to the LBL Contracts
(items (i) through (v) below, collectively, the "Recoveries"):

           (i)Premiums;

          (ii)all amounts actually collected or collectable under the Ceded
              Reinsurance Contracts in respect of the LBL Contracts (including
              all recoveries, returns, amounts in respect of profit sharing and
              all other sums to which the Company may be entitled under the
              Ceded Reinsurance Contracts in respect of the LBL Contracts);

         (iii)all mortality and expense risk charges, administrative expense
              charges, rider charges, contract maintenance charges, back-end
              sales loads and other considerations billed separately for the
              LBL Contracts collected or collectible by the Company, and any
              other charges, fees and similar amounts received or receivable by
              the Company from the Separate Accounts in respect of the LBL
              Contracts (collectively, the "Separate Account Charges"). For the
              avoidance of doubt, the Separate Account Charges shall include
              any revenue sharing fees, service fees and distribution fees
              received or receivable from or in respect of Funds pursuant to a

                                      16

<PAGE>

              plan adopted pursuant to Rule 12b-1 under the Investment Company
              Act of 1940, as amended;

          (iv)all amounts that are transferrable from the Separate Accounts to
              the general account of the Company in respect of the LBL
              Contracts; and

           (v)without duplication, all other payments, collections, releases of
              funds, recoveries and other considerations or payments with
              respect to the LBL Contracts, including all premiums, payments,
              reimbursements, interest or other amounts that the Company
              receives in connection with any reinstatement or reissuance of an
              LBL Contract or any conversion, exchange or replacement policy
              that is reinsured under this Agreement.

       (b) The Company agrees to execute and record all additional documents
and take all other steps reasonably requested by the Reinsurer to effectuate
such transfer to the Reinsurer. Direct receipt by the Reinsurer, including in
its role as Administrator under the Administrative Services Agreement, or any
of its Affiliates of any such amounts shall satisfy the Company's obligations
to transfer any such amount to the Reinsurer hereunder.

       (c) The Company hereby and pursuant to the Administrative Services
Agreement appoints the Reinsurer as its agent to collect all Recoveries in the
Company's name. The Company agrees and acknowledges that the Reinsurer and its
permitted assigns and delegatees are entitled to enforce, in the name of the
Company, all rights at law or in equity or good faith claims of the Company
with respect to such Recoveries. If necessary for such collection, the Company
shall reasonably cooperate, at the Reinsurer's expense, in any litigation or
other dispute resolution mechanism relating to such collection. The Parties
acknowledge and agree that the Reinsurer shall be responsible for and has
hereby assumed the financial risk of any uncollected or uncollectible
Recoveries. To the extent that the Company recovers any Recoveries from any
third party attributable to the LBL Contracts, the Company shall promptly
transfer such amounts to the Reinsurer, together with any pertinent information
that the Company may have relating thereto.

   Section 4.3 Security Interest.

       (a) The Parties intend the Company's assignment pursuant to the first
sentence of Section 4.2(a) to be a present assignment of all of the Company's
rights, title and interest and not an assignment as collateral. However, to the
extent that such assignment is not recognized as a present assignment, is not
valid or is recharacterized as a pledge rather than a lawful conveyance to the
Reinsurer, the Company does hereby grant, bargain, sell, convey, assign and
otherwise pledge to the Reinsurer all of the Company's now owned and hereafter
acquired or arising, whether governed by Article 9 of the UCC or other law,
wherever located, and all proceeds and products thereof, right, title and
interest, if any (legal, equitable or otherwise) to all Recoveries (and any
lockbox or account set up for the receipt of the Recoveries after the Inception
Date) ("Recoveries Collateral") to secure all of the Company's obligations to
remit the Recoveries to the Reinsurer.

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<PAGE>

       (b) Upon the failure of the Company to remit Recoveries to the
Reinsurer, which failure remains uncured ten (10) days after written notice
thereof is received by the Company, the Reinsurer shall have, in addition to
all other rights under this Agreement or under Applicable Law, the following
rights:

           (i)the right to exercise all rights and remedies granted a secured
              party under the Uniform Commercial Code, as said code has been
              enacted in the State of Nebraska, the State of Illinois, or any
              other applicable jurisdiction (the "UCC"), as though all the
              Recoveries Collateral constituted property subject to a security
              interest under Article 9 thereof; and

          (ii)the right to intercept and retain monies and property in any
              lockbox or account set up for the receipt of Recoveries.

       (c) This Section 4.3 is being included in this Agreement to ensure that,
if an insolvency or other court determines that, notwithstanding the provisions
of this Agreement, including Section 4.2(a), and the express intent of the
Parties in entering into this Agreement, the Company retained ownership of or
any rights in the Recoveries Collateral, the Reinsurer's rights to the
Recoveries Collateral are protected with a first priority, perfected security
interest, and it is the intent of the Parties that this Section 4.3 be
interpreted as such.

       (d) Nothing contained herein shall be construed to support the
conclusion that the Company will retain any ownership of or any rights in the
Recoveries Collateral after the Inception Date or to support the conclusion
that the Reinsurer does not acquire full ownership thereof as of the Inception
Date.

       (e) The Company shall execute and deliver and the Reinsurer is
authorized to execute and deliver any and all financing statements reasonably
requested by the Reinsurer to the extent that it may appear appropriate to the
Reinsurer to file such financing statements in order to perfect the Reinsurer's
title under Article 9 of the UCC to any and all Recoveries Collateral and the
Company shall do such further acts and things as the Reinsurer may reasonably
request in order that the security interest granted hereunder may be maintained
as a first perfected security interest. All costs and expenses incurred in
connection with obtaining a first priority, perfected security interest shall
be borne by the Reinsurer.

   Section 4.4 Bank Accounts. During the term of this Agreement, the Reinsurer
may open and maintain one or more accounts with banking institutions with
respect to the LBL Contracts (the "Bank Accounts"). The Reinsurer shall have
the exclusive authority over the Bank Accounts including, without limitation,
the exclusive authority to (a) open the Bank Accounts in the name of the
Company, (b) designate the authorized signatories on the Bank Accounts,
(c) issue drafts on and make deposits in the Bank Accounts in the name of the
Company, (d) make withdrawals from the Bank Accounts and (e) enter into
agreements with respect to the Bank Accounts on behalf of the Company;
provided, that in no event shall the Company be responsible for any fees,
overdraft charges or other payments, liabilities or obligations with respect to
any such Bank Accounts or be obligated to provide funding for the Bank
Accounts. The Company shall do all things necessary at the Reinsurer's expense
to

                                      18

<PAGE>

(x) enable and authorize the Reinsurer to use the Company's existing lockboxes
with respect to the LBL Contracts and (y) to enable the Reinsurer to open and
maintain the Bank Accounts including, without limitation, executing and
delivering such depository resolutions and other documents as may be requested
from time to time by the banking institutions. The Company agrees that without
the Reinsurer's prior written consent it shall not make any changes to the
authorized signatories on the Bank Accounts nor attempt to withdraw any funds
therefrom.

   Section 4.5 Reports and Settlements.

       (a) The Reinsurer shall provide to the Company periodic accounting and
other reports with respect to the LBL Contracts as specified in the
Administrative Services Agreement. Other than with respect to the
Post-Underwriting Conversion Policies, settlement with respect to amounts owed
hereunder by the Reinsurer to the Company and by the Company to the Reinsurer
shall be performed through the direct payment by the Reinsurer of Reinsured
Risks and direct receipt by the Reinsurer of Recoveries on an ongoing basis in
its capacity as Administrator under the Administrative Services Agreement.

           (i)Except as otherwise specifically provided herein, all amounts due
              to be paid to the Company and the Reinsurer under this Agreement
              with regards to the Post-Underwriting Period Conversion Policies
              shall be determined on a net basis, as of the last day of each
              Monthly Accounting Period. Each net amount due with respect to
              each Monthly Accounting Period (the "Monthly Settlement") shall
              be paid by the Reinsurer to the Company, or by the Reinsurer to
              the Company, as applicable, no later than fifteen (15) days after
              delivery of the Monthly Report.

          (ii)Within fifteen (15) days of the end of each Monthly Accounting
              Period, the Company shall supply the Reinsurer with a report in
              the form of Schedule C which shall set forth the Recoveries with
              respect to the Post-Underwriting Period Conversion Policies
              collected during the prior Monthly Accounting Period and the
              General Account Liabilities paid during the prior Monthly
              Accounting Period (the "Monthly Report").

         (iii)If the actual data required for the Monthly Report cannot be
              supplied with the appropriate report, the Company shall produce
              best estimates and shall provide amended reports based on actual
              data no more than ten (10) days after the actual data becomes
              available and the Parties will settle any additional amounts due
              within five (5) days thereafter.

                                   ARTICLE V
                           DURATION AND TERMINATION

   Section 5.1 Duration. Except as otherwise provided herein, this Agreement
shall be unlimited in duration.

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<PAGE>

   Section 5.2 Reinsurer's Liability. The Reinsurer's liability with respect to
the Reinsured Risks will terminate on the earliest of: (i) the date the
Company's liability with respect to the Reinsured Risks is terminated and all
amounts due the Company from the Reinsurer with respect thereto have been paid
by or on behalf of the Reinsurer to or on behalf of the Company; and (ii) the
date this Agreement is terminated upon the written agreement of the Parties.

                                  ARTICLE VI
                                  INSOLVENCY

   Section 6.1 Payments. In the event of the insolvency of the Company, all
reinsurance made, ceded, renewed or otherwise becoming effective under this
Agreement shall be payable by the Reinsurer directly to the contractholders of
the contracts reinsured, without diminution because of the insolvency of the
Company. It is agreed and understood, however, that (i) in the event of the
insolvency of the Company, the domiciliary liquidator, receiver or legal
successor of the insolvent Company shall give written notice of the pendency of
a claim against the insolvent Company on the LBL Contract within a reasonable
time after such claim is filed in the insolvency proceeding and (ii) during the
pendency of such claim the Reinsurer may investigate such claim and interpose,
at its own expense, in the proceeding where such claim is to be adjudicated,
any defenses which it may deem available to the Company or its liquidator,
receiver or statutory successor.

   Section 6.2 Expenses. It is further understood that any expense thus
incurred by the Reinsurer pursuant to Section 6.1 may be filed as a claim
against the insolvent Company as part of the expense of liquidation, to the
extent of a proportionate share of the benefit which may accrue to the Company
solely as a result of the defense undertaken by the Reinsurer. Where two or
more assuming reinsurers are involved in the same claim and a majority in
interest elect to interpose a defense to such claim, the expense shall be
apportioned subject to court approval, in accordance with the terms of this
Agreement as though such expense had been incurred by the Company.

                                  ARTICLE VII
                              LICENSES; SECURITY

   Section 7.1 Licenses. At all times during the term of this Agreement, the
Reinsurer shall (i) hold and maintain all licenses and authorizations required
so that the Company may receive Reserve Credit or (ii) otherwise take such
steps as may be required to provide the Company with Reserve Credit.

   Section 7.2 Security. During the term of this Agreement until such time as a
Trust Account is no longer required pursuant to Section 7.7, as security for
the payment of amounts due the Company under this Agreement, the Reinsurer, as
grantor, shall establish and maintain the Trust Account with a trustee
reasonably acceptable to the Company (the "Trustee") naming the Company as sole
beneficiary thereof. Concurrently with the execution of this Agreement, on the
Inception Date, the Reinsurer shall deposit into the Trust Account Eligible
Assets with a Reinsurer Statutory Book Value (including investment income due
and accrued) equal to the Reinsurer's good faith estimate of the Required
Balance as of the Inception Date. All transfers

                                      20

<PAGE>

to and withdrawals from the Trust Account shall be in accordance with and
subject to the requirements set forth in the Trust Agreement; provided that, in
addition to the requirements set out in the Trust Agreement, the Reinsurer
shall transfer amounts to, and withdraw amounts from, the Trust Account as set
forth in Section 7.6.

   Section 7.3 Trust Account and Settlements. The trustee shall hold assets in
the Trust Account pursuant to the terms of the Trust Agreement.

   Section 7.4 Investment of Trust Assets. The assets held in the Trust Account
shall be valued at their Value (including investment income due and accrued).
The assets that may be held in the Trust Account shall consist of cash and
investments that are permitted to be carried by the Company as admitted assets
determined in accordance with Nebraska SAP; provided, that (i) each such asset
that is a security is issued by an institution that is not the Reinsurer, the
Company or an Affiliate of either Party, and (ii) such assets comply with the
requirements specified by the investment guidelines as set forth on Exhibit C
of the Trust Agreement; provided, further, that such assets shall be managed in
accordance with commercially reasonable investment guidelines agreed by the
Company and the Reinsurer upon the occurrence of a Change in Control (the
assets pursuant to this sentence being the "Eligible Assets").

   Section 7.5 Deposit of Assets. Prior to depositing assets in the Trust
Account, the Reinsurer will execute assignments, endorsements, medallion
guaranteed stock powers, and medallion guaranteed bond powers in blank
(collectively "Transfer Instruments") as appropriate in each instance for the
type of asset, to transfer legal title to the trustee of all shares,
obligations or any other assets requiring assignment, conveyance or transfer,
in order that the Company, or the trustee upon the direction of the Company,
may whenever necessary negotiate the assets, attach the endorsements and record
the assignments without any additional consent or signature from the Reinsurer
or any other entity. The Transfer Instruments shall be accompanied by a
Certificate duly executed by an Assistant Secretary of the Reinsurer evidencing
the due authority of the signatories to execute the Transfer Instruments on
behalf of the Reinsurer.

   Section 7.6 Adjustment of Security and Withdrawals. Subject to Section 7.7,
the amount of security provided by the Reinsurer shall be adjusted following
the end of each Monthly Accounting Period to be equal to the Required Balance
as of the end of such Monthly Accounting Period (such amounts to be calculated
by the Reinsurer and a report thereof to be furnished to the Company no later
than ten (10) Business Days following the end of such Monthly Accounting
Period) as follows:

       (a) If the aggregate Value of the Eligible Assets held in the Trust
Account at the end of any Monthly Accounting Period is less than the Required
Balance, calculated based on the most recent Monthly Accounting Period report,
the Reinsurer shall, no later than ten (10) Business Days following delivery of
the relevant report, transfer additional Eligible Assets to the Trust Account
so that the aggregate Value of the Eligible Assets held in the Trust Account is
not less than the Required Balance as of the end of such Monthly Accounting
Period.

       (b) If the aggregate Value of the Eligible Assets in the Trust Account
at the end of any Monthly Accounting Period exceeds 100% of the Required
Balance, calculated based on the most recent Monthly Accounting Period report,
then the Reinsurer shall have the right to

                                      21

<PAGE>

withdraw the excess from the Trust Account in accordance with the terms of the
Trust Agreement; provided, however, that after a Change in Control the 100%
amount above shall become 102%.

       (c) The report required to be delivered by the Reinsurer as described in
this Section 7.6 shall include a listing of each asset in the Trust Account and
the Reinsurer Statutory Book Value and Fair Market Value of each such asset as
of the end of the relevant Monthly Accounting Period.

       (d) The Company may withdraw the assets held in the Trust Account only
in accordance with the terms of the Trust Agreement to pay to the Company
amounts that are (i) due to the Company from the Reinsurer under this
Agreement, but not yet recovered from the Reinsurer, (ii) not the subject of a
good faith dispute and (iii) not paid by the Reinsurer within ten (10) Business
Days after the Reinsurer has received written notice of such failure to pay
from the Company.

       (e) The amount of any withdrawal from the Trust Account in excess of
amounts permitted under the terms of the Trust Agreement shall be held in trust
by the Company and maintained in a segregated account, separate and apart from
the assets of the Company for the benefit of the Reinsurer and promptly
returned to the Reinsurer, plus interest, compounded monthly, at One-Month
LIBOR plus 150 basis points from and including the date of withdrawal to but
excluding the date on which such excess withdrawal is returned to the Trust
Account.

   Section 7.7 Termination of Trust Account. Notwithstanding anything to the
contrary herein, if, prior to the occurrence of a Change in Control, the
Required Balance as set forth in the report required to be delivered by the
Reinsurer as described in Section 7.6 with respect to any Monthly Accounting
Period is zero (the "Minimum Balance"), then (i) the Reinsurer and the Company
shall promptly deliver a joint written notice to the Trustee to terminate the
Trust Account, and (ii) the Reinsurer shall have no further obligation to
maintain any assets in the Trust Account pursuant to this Agreement or the
Trust Agreement.

   Section 7.8 Certain Reports. The Reinsurer shall provide written notice of
the occurrence of any Change in Control or Captive Change of Control within two
(2) Business Days after its occurrence. In addition, the Reinsurer shall
cooperate fully with the Company and promptly respond to the Company's
reasonable inquiries from time to time concerning the determination of whether
a Change in Control or a Captive Change of Control has occurred.

   Section 7.9 Vermont Captive. To the extent the Vermont Captive proposes to
reinsure any business in addition to the business currently reinsured under the
Vermont Captive Reinsurance Agreement, the parties shall negotiate in good
faith with respect to the treatment of the business currently reinsured under
the Vermont Captive Reinsurance Agreement.

                                      22

<PAGE>

                                 ARTICLE VIII
                                   DAC TAXES

   Section 8.1 DAC Taxes.

       (a) Each of the Company and Reinsurer acknowledges that it is subject to
taxation under Subchapter L of the Code and hereby makes the election
contemplated in section 1.848-2(g)(8) of the Treasury regulations under the
Code with respect to this Agreement. Each of the Company and Reinsurer
(i) agrees that such election shall be effective for the taxable year of each
Party that includes the Inception Date and for all subsequent years during
which this Agreement remains in effect and (ii) warrants that it will take no
action to revoke the election.

       (b) Pursuant to section 1.848-2(g)(8) of the Treasury regulations, each
Party hereby agrees (i) to attach a schedule to its federal income tax return
for its first taxable year ending on or after the Inception Date that
identifies this Agreement as a reinsurance agreement for which the joint
election under section 1.848-2(g)(8) has been made, (ii) that the Party with
net positive consideration (as defined in the Treasury regulations) for this
Agreement for each taxable year will capitalize specified policy acquisition
expenses with respect to the Agreement without regard to the general deductions
limitation of section 848(c)(1) of the Code, and (iii) to exchange information
pertaining to the amount of net consideration (as defined in the Treasury
regulations) under this Agreement to ensure consistency.

       (c) By March 1 of each year, the Reinsurer shall submit a schedule to
the Company of its calculation of the net consideration for the preceding
calendar year. If the Company agrees with the calculation, the Company shall
use this information in determining its net consideration for such prior year.
If the Company disagrees with the calculation, the Parties shall act in good
faith to resolve any differences so that consistency is maintained for tax
return reporting purposes.

       (d) By May 15 of each calendar year, the Reinsurer shall reimburse (or
be reimbursed by, as the facts may provide) the Company for DAC taxes incurred
for the previous tax year with respect to the policies after the Inception
Date. The DAC tax reimbursement shall be computed by multiplying the DAC tax
factor by the sum of (i) 100% of premiums received during the previous tax year
on the Reinsured Contracts after the Inception Date subject to section 848 of
the Code and (ii) the Company's net consideration (as defined in the Treasury
regulations) for the previous tax year under this Agreement for periods
beginning on or after the Inception Date. The "DAC tax factor" shall be 0.215%
for annuity contracts, 0.252% for group life contracts and 0.946% for life
insurance contracts, non-cancellable A&H contracts and guaranteed renewable A&H
contracts. The Company and the Reinsurer mutually agree to prospectively adjust
the DAC tax factor to reflect any changes in the federal income tax rate
applicable to the Company or the Reinsurer, as the case may be, or changes to
section 848 of the Code or the related Treasury regulations.

                                      23

<PAGE>

                                  ARTICLE IX
                                  ARBITRATION

   Section 9.1 Resolution of Damages. As a condition precedent to any right
arising under this Agreement, any dispute between the Company and the Reinsurer
arising out of the provisions of this Agreement, or concerning its
interpretation or validity, whether arising before or after termination of this
Agreement, shall be submitted to arbitration pursuant to the commercial
arbitration rules of AIDA Reinsurance and Insurance Arbitration Society
("ARIAS").

   Section 9.2 Composition of Panel. Unless the Parties agree upon a single
arbitrator within fifteen (15) days after the receipt of notice of intention to
arbitrate, all disputes shall be submitted to an arbitration panel composed of
two arbitrators and an umpire, chosen in accordance with Sections 9.3 and 9.4.

   Section 9.3 Appointment of Arbitrators. The Party requesting arbitration
(hereinafter referred to as the "claimant") shall appoint an arbitrator and
give written notice thereof, by registered mail or a recognized overnight
courier to the other Party (hereinafter referred to as the "respondent")
together with its notice of intention to arbitrate. Unless a single arbitrator
is agreed upon within fifteen (15) days after the receipt of the notice of
intention to arbitrate, the respondent shall, within thirty (30) days after
receiving such notice, also appoint an arbitrator and notify the claimant
thereof in a like manner. Before instituting a hearing, the two arbitrators so
appointed shall choose an impartial umpire. If, within thirty (30) days after
they are both appointed, the arbitrators fail to agree upon the appointment of
an umpire, the umpire shall be selected pursuant to the rules of ARIAS. The
arbitrators shall be present or former executives or officers of life insurance
or reinsurance companies. The arbitrators and umpire shall be disinterested
individuals and not be under the control of either Party, and shall have no
financial interest in the outcome of the arbitration.

   Section 9.4 Failure of a Party to Appoint Arbitrator. If the respondent
fails to appoint an arbitrator within thirty (30) days after receiving a notice
of intention to arbitrate, such arbitrator shall be selected pursuant to the
rules of ARIAS, and shall then, together with the arbitrator appointed by the
claimant, choose an umpire as provided in Section 9.3.

   Section 9.5 Choice of Forum. Any arbitration instituted pursuant to this
Article IX shall be held in New York, New York or such other place as the
Parties may mutually agree.

   Section 9.6 Procedure Governing Arbitration. Each party participating in the
arbitration shall have the obligation to produce those documents and as
witnesses to the arbitration those of its employees as any other participating
party reasonably requests providing always that the same witnesses and
documents be obtainable and relevant to the issues before the arbitration and
not be unduly burdensome or excessive. The parties may mutually agree as to
pre-hearing discovery prior to the arbitration hearing and in the absence of
agreement, upon the request of any party, pre-hearing discovery may be
conducted as the panel shall determine in its sole discretion to be in the
interest of fairness, full disclosure, and a prompt hearing, decision and award
by the panel. The panel shall be the final judge of the procedures of the
panel, the conduct of the arbitration of the rules of evidence, the rules of
privilege and production and of

                                      24

<PAGE>

excessiveness and relevancy of any witnesses and documents upon the petition of
any participating party.

   Section 9.7 Arbitration Award. The arbitration panel shall render its
decision within sixty (60) days after termination of the proceeding unless the
parties consent to an extension, which decision shall be in writing, stating
the reason therefor. The decision of the majority of the panel shall be final
and binding on the parties to the proceeding except to the extent otherwise
provided in the Federal Arbitration Act. Judgment upon the award may be entered
in any court having jurisdiction pursuant to the Federal Arbitration Act.

   Section 9.8 Cost of Arbitration. Unless otherwise allocated by the panel,
each party shall bear the expense of its own arbitrator and its own witnesses
and shall equally bear with the other parties the expense of the umpire and the
arbitration.

   Section 9.9 Limit of Authority. It is agreed that the arbitrators shall have
no authority to impose any punitive, exemplary or consequential damage awards
on either of the Parties hereto.

   Section 9.10 Survival. This Article IX shall survive the termination of this
Agreement.

                                   ARTICLE X
                          INDEMNIFICATION; DISCLAIMER

   Section 10.1 Reinsurer's Obligation to Indemnify. The Reinsurer hereby
agrees to indemnify, defend and hold harmless the Company and its Affiliates
and their respective officers, directors, stockholders, employees,
representatives, successors and assigns (collectively, the "Company Indemnified
Persons") from and against any and all Indemnifiable Losses incurred by the
Company Indemnified Persons to the extent arising from (i) any breach by the
Reinsurer of the covenants and agreements of the Reinsurer contained in this
Agreement, (ii) all Reinsurer Extra Contractual Obligations, (iii) the
Company's acceptance and implementation of the Reinsurer's recommendations in
accordance with Section 3.2, (iv) any determination that the setting of
Non-Guaranteed Elements by the Company in accordance with such recommendations
while setting Non-Guaranteed Elements in a different manner on policies or
contracts that comprise the Company Business constitutes a failure by the
Company to comply with Applicable Law; provided, that Indemnifiable Losses
payable under this clause (iv) shall (A) be limited to Indemnifiable Losses
actually paid to a third party in connection with a Third Party Claim
(including any additional amounts that are required to be credited or paid to
policyholders or beneficiaries) and (B) only be payable if such determination
is made by an applicable Governmental Entity or a court of competent
jurisdiction, and (v) any successful enforcement of this indemnity.

   Section 10.2 Company's Obligation to Indemnify. The Company hereby agrees to
indemnify, defend and hold harmless the Reinsurer and its Affiliates and their
respective officers, directors, stockholders, employees, representatives,
successors and assigns (collectively, the "Reinsurer Indemnified Persons") from
and against any and all Indemnifiable Losses incurred by the Reinsurer
Indemnified Persons to the extent arising from (i) any breach by the Company of
the covenants and agreements of the Company contained in this Agreement,
(ii) all

                                      25

<PAGE>

Company Extra Contractual Obligations, (iii) (A) changes to Non-Guaranteed
Elements that are made by the Company on or after the Inception Date without
the Reinsurer's prior written consent or (B) the failure of the Company to
implement the Reinsurer's recommendations with respect to Non-Guaranteed
Elements that satisfy the requirements of Section 3.2, and (iv) any successful
enforcement of this indemnity.

   Section 10.3 Definitions. As used in this Agreement:

           (a)"Indemnitee" means any Person entitled to indemnification under
              this Agreement;

           (b)"Indemnitor" means any Person required to provide indemnification
              under this Agreement;

           (c)"Indemnifiable Losses" means any and all damages, losses,
              Liabilities, obligations, costs and expenses (including
              reasonable attorneys' fees and expenses); provided, that any
              Indemnity Payment (x) shall in no event include any amounts
              constituting punitive damages relating to the breach or alleged
              breach of this Agreement (except to the extent actually paid to a
              third party in connection with a Third Party Claim) and (y) shall
              be net of any amounts recovered by or recoverable by the
              Indemnitee for the Indemnifiable Losses for which such Indemnity
              Payment is made under any insurance policy, reinsurance
              agreement, warranty or indemnity or otherwise from any Person
              other than a Party hereto, and the Indemnitee shall promptly
              reimburse the Indemnitor for any such amount that is received by
              it from any such other Person with respect to an Indemnifiable
              Losses after any indemnification with respect thereto has
              actually been paid pursuant to this Agreement;

           (d)"Indemnity Payment" means any amount of Indemnifiable Losses
              required to be paid pursuant to this Agreement; and

           (e)"Third Party Claim" means any claim, action, suit, or proceeding
              made or brought by any Person that is not an Indemnitee.

   Section 10.4 Applicability of Stock Purchase Agreement. The procedures set
forth in Section 7.5 of the Stock Purchase Agreement shall apply to
Indemnifiable Losses indemnified under this Article X.

   Section 10.5 No Duplication. If any Indemnifiable Losses are indemnified
under any other Transaction Agreement, the Company Indemnified Person or
Reinsurer Indemnified Person shall not be entitled to indemnification with
respect to such Indemnifiable Losses pursuant to such other Transaction
Agreement and shall instead be entitled to indemnification pursuant to
Section 10.1 or Section 10.2 of this Agreement.

                                      26

<PAGE>

                                  ARTICLE XI
                              GENERAL PROVISIONS

   Section 11.1 Schedules and Exhibits. The Schedules and Exhibits to this
Agreement that are specifically referred to herein are a part of this Agreement
as if fully set forth herein.

   Section 11.2 Notices. All notices, requests, claims, demands and other
communications under this Agreement shall be in writing and shall be delivered
personally or by overnight courier (providing proof of delivery) to the Parties
at the following addresses (or at such other address for a Party as shall be
specified by like notice):

       (a) if to the Company:

   Lincoln Benefit Life Company
   Suite 300
   Columbia Centre I
   5600 North River Road
   Rosemont, IL 60018
   Attention: Simon Packer

   with copies (which shall not constitute notice) to:

   Debevoise & Plimpton LLP
   919 Third Avenue
   New York, New York 10022
   Attention:Nicholas F. Potter
             David Grosgold

       (b) if to the Reinsurer:

   Allstate Life Insurance Company
   3100 Sanders Road
   Northbrook, Illinois 60062
   Attention: Jess Merten

   with copies (which shall not constitute notice) to:

   Willkie Farr & Gallagher LLP
   787 Seventh Avenue
   New York, New York 10019
   Attention:John M. Schwolsky
             Alexander M. Dye

Notice given by personal delivery or overnight courier shall be effective upon
actual receipt.

   Section 11.3 Interpretation. When a reference is made in this Agreement to a
Section, Exhibit or Schedule, such reference shall be to a Section of, or an
Exhibit or Schedule to, this Agreement unless otherwise indicated. All
references herein to any agreement, instrument,

                                      27

<PAGE>

statute, rule or regulation are to the agreement, instrument, statute, rule or
regulation as amended, modified, supplemented or replaced from time to time
(and, in the case of statutes, includes any rules and regulations promulgated
under said statutes) and to any section of any statute, rule or regulation
including any successor to said section. The table of contents and headings
contained in this Agreement are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement. Whenever the
words "include," "includes" or "including" are used in this Agreement, they
shall be deemed to be followed by the words "without limitation." Whenever the
singular is used herein, the same shall include the plural, and whenever the
plural is used herein, the same shall include the singular, where appropriate.
Whenever the word "Dollars" or the "$" sign appear in this Agreement, they
shall be construed to mean United States Dollars, and all transactions under
this Agreement shall be in United States Dollars. This Agreement has been fully
negotiated by the Parties hereto and shall not be construed by any Governmental
Entity against either Party by virtue of the fact that such Party was the
drafting Party.

   Section 11.4 Entire Agreement; Third Party Beneficiaries. This Agreement
(including all exhibits and schedules hereto) and the other Transaction
Agreements constitute the entire agreement, and supersede all prior agreements,
understandings, representations and warranties, both written and oral, among
the Parties with respect to the subject matter of this Agreement. Except as set
forth in Article X with respect to the Reinsurer Indemnified Persons and the
Company Indemnified Persons, this Agreement is not intended to confer upon any
Person other than the Parties hereto and their successors and permitted assigns
any rights or remedies.

   Section 11.5 Governing Law and Jurisdiction.

       (a) This Agreement and any dispute arising hereunder shall be governed
by, and construed in accordance with, the laws of the State of New York,
regardless of the laws that might otherwise govern under applicable principles
of conflicts of laws thereof. While the parties contemplate that all disputes
hereunder will be decided pursuant to Article IX hereof, the parties submit to
the jurisdiction of any court of the United States or any state court, which in
either case is located in the City of New York (each, a "New York Court") with
respect to any legal proceedings to enforce an arbitral award issued in
accordance with Article IX. In any such action, suit or other proceeding, each
of the parties hereto irrevocably and unconditionally waives and agrees not to
assert by way of motion, as a defense or otherwise any claim that it is not
subject to the jurisdiction of any such New York Court, that such action, suit
or other proceeding is not subject to the jurisdiction of any such New York
Court, that such action, suit or other proceeding is brought in an inconvenient
forum or that the venue of such action, suit or other proceeding is improper;
provided, that nothing set forth in this sentence shall prohibit any of the
parties hereto from removing any matter from one New York Court to another New
York Court. Each of the parties hereto also agrees that any final and
unappealable judgment against a party hereto in connection with any action,
suit or other proceeding will be conclusive and binding on such party and that
such award or judgment may be enforced in any court of competent jurisdiction,
either within or outside of the United States. A certified or exemplified copy
of such award or judgment will be conclusive evidence of the fact and amount of
such award or judgment. Any process or other paper to be served in connection
with any action or proceeding under this Agreement shall, if delivered or sent
in accordance with Section 11.2 of this Agreement, constitute good, proper and
sufficient service thereof.

                                      28

<PAGE>

       (b) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATED TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND
ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OR ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) IT
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (III) IT MAKES
SUCH WAIVER VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 11.5(b).

   Section 11.6 Assignment. Neither this Agreement nor any of the rights,
interests or obligations under this Agreement shall be assigned, in whole or in
part, by operation of law or otherwise (other than by operation of law in a
merger), by either Party without the prior written consent of the other Party,
and any such assignment that is not consented to shall be null and void.
Subject to the preceding sentence, this Agreement will be binding upon, inure
to the benefit of, and be enforceable by, the Parties and their respective
successors and assigns. For the avoidance of doubt, the Reinsurer shall be
permitted to retrocede any of the Reinsured Risks at its sole discretion.

   Section 11.7 Severability; Amendment; Modification; Waiver.

       (a) Whenever possible, each provision or portion of any provision of
this Agreement will be interpreted in such manner as to be effective and valid
under Applicable Law, but if any provision or portion of any provision of this
Agreement is held to be invalid, illegal or unenforceable in any respect under
any Applicable Law in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or portion of any
provision in such jurisdiction, and this Agreement will be reformed, construed
and enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision or portion of any provision had never been contained herein.

       (b) This Agreement may be amended or a provision hereof waived only by a
written instrument signed by each of the Reinsurer and the Company.

       (c) No delay on the part of any Party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof, nor shall any waiver on
the part of any Party of any right, power or privilege, nor any single or
partial exercise of any such right, power or privilege, preclude any further
exercise thereof or the exercise of any other such right, power or privilege.

   Section 11.8 Counterparts. This Agreement may be executed in counterparts,
all of which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each of the Parties and
delivered to the other Party. Each Party may deliver its signed counterpart of
this Agreement to the other Party by means of electronic mail or any other
electronic medium utilizing image scan technology, and such delivery will have
the same legal effect as hand delivery of an originally executed counterpart.

                                      29

<PAGE>

   Section 11.9 Cooperation. Each Party hereto shall cooperate fully with the
other in all reasonable respects in order to accomplish the objectives of this
Agreement including making available to each their respective officers and
employees for interviews and meetings with Governmental Entities and furnishing
any additional assistance, information and documents as may be reasonably
requested by a Party from time to time.

   Section 11.10 Survival. Articles VIII, IX, X and XI shall survive the
termination of this Agreement.

                 [Remainder of Page Intentionally Left Blank]

                                      30

<PAGE>

   IN WITNESS WHEREOF, the Company and the Reinsurer have caused this Agreement
to be signed by their respective duly authorized officers, all as of the date
first written above.

                                             LINCOLN BENEFIT LIFE COMPANY

                                             By:  -----------------------------
                                                  Name:
                                                  Title:

                                             ALLSTATE LIFE INSURANCE COMPANY

                                             By:  -----------------------------
                                                  Name:
                                                  Title:

                                             By:  -----------------------------
                                                  Name:
                                                  Title:

         Signature Page to Amended and Restated Reinsurance Agreement

<PAGE>

                                  SCHEDULE A

                          CEDED REINSURANCE CONTRACTS

Ceded Life and Annuity

1. Reinsurance Agreement, effective as of December 31, 1986, by and between the
Company and Seller, replaced and superseded by Coinsurance Agreement, effective
as of December 31, 2001, by and between the Company and Seller.

2. Reinsurance Agreement, effective as of January 1, 1994, by and between the
Company and Seller, replaced and superseded by Modified Coinsurance Agreement
(VA), effective as of December 31, 2001, by and between the Company and Seller.
And Reinsurance Agreement, effective as of January 1, 1994, by and between the
Company and Seller, replaced and superseded by Modified Coinsurance Agreement
(VL), effective as of December 31, 2001, by and between the Company and Seller.

3. Reinsurance Agreement, effective as of September 30, 2012, by and between
the Company and Lincoln Benefit Reinsurance Company.

4. Automatic Coinsurance Agreement, effective as of October 5, 2001, by and
between the Company and American United Life Insurance Company.

5. Automatic Yearly Renewable Term Agreement, effective as of July 2, 2012, by
and between the Company and Arch Reinsurance Ltd.

6. Automatic Coinsurance Reinsurance Agreement, effective as of August 15,
2003, by and between the Company and The Canada Life Assurance Company.

7. Automatic YRT Reinsurance Agreement, effective as of July 29, 2004, by and
between the Company and The Canada Life Assurance Company.

8. Automatic YRT Reinsurance Agreement for Legacy Premier SL, Estate Executor,
and Consultant SL, effective as of January 17, 2005 by and between the Company
and The Canada Life Assurance Company.

9. Automatic YRT Reinsurance Agreement for Consultant Protector VUL and
Consultant Accumulator VUL, effective as of January 17, 2005 by and between the
Company and The Canada Life Assurance Company.

10. Automatic Yearly Renewable Term, effective as of January 15, 1999, by and
between the Company and Employers Reassurance Corporation.

11. Automatic Coinsurance Life Reinsurance Agreement, effective as of
December 1, 2000, by and between the Company and Employers Reassurance
Corporation.

                                  Schedule A

<PAGE>

12. Automatic Yearly Renewable Term, effective as of November 5, 2001, by and
between the Company and Employers Reassurance Corporation.

13. Automatic Yearly Renewable Term Agreements L088-102 and L088-103, effective
as of December 1, 2000, by and between the Company and General and Cologne Life
Re of America (whose name changed to General Re Life Corporation as of
December 24, 2003.)

14. Automatic Coinsurance Agreement L088-100, effective as of December 1, 2000,
by and between the Company and General and Cologne Life Re of America (whose
name changed to General Re Life Corporation as of December 24, 2003.)

15. Automatic Yearly Renewable Term Agreement L088-107, effective as of
January 17, 2005, by and between the Company and General Re Life Corporation.

16. Automatic Umbrella Reinsurance Agreement, effective as of October 5, 2001,
by and between the Company and Business Men's Assurance Company of America
(novated to Generali USA Life Reassurance Company effective October 31, 2003).

17. Automatic Coinsurance Reinsurance Agreement, effective as of September 1,
2006, by and between the Company and Generali USA Life Reassurance Company.

18. Automatic Yearly Renewable Term, effective as of January 23, 2012, by and
between the Company and Hannover Life Reassurance Company of America.

19. Automatic Yearly Renewable Term, effective as of July 2, 2012, by and
between the Company and Hannover Life Reassurance Company of America.

20. Yearly Renewable Term Agreement, effective as of June 1, 1988, by and
between the Company and The Lincoln National Life Insurance Company.

21. Coinsurance Agreement, effective as of May 1, 1989, by and between the
Company and The Lincoln National Life Insurance Company.

22. Yearly Renewable Term Agreement, effective as of June 15, 1991, by and
between the Company and The Lincoln National Life Insurance Company.

23. Coinsurance Agreement, effective as of May 1, 1995, by and between the
Company and The Lincoln National Life Insurance Company.

24. Yearly Renewable Term Agreement, effective as of June 1, 1996, by and
between the Company and The Lincoln National Life Insurance Company.

25. Yearly Renewable Term Agreement, effective as of July 1, 1998, by and
between the Company and The Lincoln National Life Insurance Company.

                                  Schedule A

<PAGE>

26. Yearly Renewable Term Agreement, effective as of May 1, 1999, by and
between the Company and The Lincoln National Life Insurance Company.

27. Coinsurance Agreement, effective as of January 1, 2000, by and between the
Company and The Lincoln National Life Insurance Company.

28. Automatic Reinsurance Agreement on a Coinsurance Basis, effective as of
February 15, 1992, by and between the Company and Munich American Reassurance
Company.

29. Automatic Reinsurance Agreement on a Coinsurance Basis, effective as of
May 1, 1998, by and between the Company and Munich American Reassurance Company.

30. Automatic Reinsurance Agreement on a Coinsurance Basis, effective as of
January 1, 2000, by and between the Company and Munich American Reassurance
Company.

31. Automatic YRT Reinsurance Agreements 3254, 3436, and 3437, effective as of
January 17, 2005, by and between the Company and Munich American Reassurance
Company.

32. Automatic YRT Reinsurance Agreement, effective as of October 12, 2009, by
and between the Company and Munich American Reassurance Company.

33. Automatic Bulk Coinsurance Non-Refund Agreement, effective as of May 1,
1989, by and between the Company and North American Life and Casualty Company
(novated to RGA Reinsurance Company effective July 1, 2004).

34. Automatic Bulk YRT Non-Refund Agreement, effective as of January 1, 1994,
by and between the Company and Allianz Life Insurance Company of North America
(novated to RGA Reinsurance Company effective July 1, 2004).

35. Automatic and Facultative Coinsurance Agreement, effective as of May 1,
1997, by and between the Company and RGA Reinsurance Company.

36. Coinsurance Agreement, effective as of May 1, 1998, by and between the
Company and RGA Reinsurance Company.

37. Automatic Bulk YRT Non-Refund Agreement, effective as of July 1, 1998, by
and between the Company and Allianz Life Insurance Company of North America
(novated to RGA Reinsurance Company effective July 1, 2004).

38. Risk Premium Reinsurance Agreement, effective as of January 15, 1999, by
and between the Company and RGA Reinsurance Company.

39. Automatic Bulk Coinsurance Non-Refund Agreements 9284 and 9286, effective
as of January 1, 2000, by and between the Company and Allianz Life Insurance
Company of North America (novated to RGA Reinsurance Company effective July 1,
2004).

                                  Schedule A

<PAGE>

40. Automatic and Facultative Coinsurance Reinsurance Agreement, effective as
of December 1, 2000, by and between the Company and RGA Reinsurance Company.

41. Automatic and Facultative YRT Reinsurance Agreement, effective as of
February 3, 2003, by and between the Company and RGA Reinsurance Company.

42. Automatic and Facultative YRT Reinsurance Agreement, effective as of
January 17, 2005, by and between the Company and RGA Reinsurance Company.

43. Automatic YRT Reinsurance Agreement, effective as of October 12, 2009, by
and between the Company and SCOR Global Life U.S. Reinsurance Company (whose
name changed to SCOR Global Life Americas Reinsurance Company as of
September 27, 2011).

44. Automatic YRT Reinsurance Agreement, effective as of February 1, 2011, by
and between the Company and SCOR Global Life U.S. Reinsurance Company (whose
name changed to SCOR Global Life Americas Reinsurance Company as of
September 27, 2011).

45. Automatic YRT Agreement, effective as of August 1,1988, by and between the
Company and Frankona America Life Reassurance Company (whose name changed to
ERC Life Reinsurance Corporation as of Febrary 2, 1996 and then novated to
Scottish Re Life Corporation as of October 24, 2005).

46. Automatic Coinsurance Agreements numbered 2487 and 2569, effective as of
May 1, 1997, by and between the Company and Phoenix Home Life Mutual Insurance
Company (novated to ERC Life Reinsurance Corporation as of January 1, 2000 and
then novated to Scottish Re Life Corporation as of October 24, 2005).

47. Monthly Renewable Term Automatic Agreement, effective as of January 1,
1984, by and between the Company and Security Life of Denver Insurance Company.

48. Automatic and Facultative Monthly Renewable Term Agreement, effective as of
June 15, 1991, by and between the Company and Security Life of Denver Insurance
Company.

49. Automatic and Facultative Coinsurance Agreement, effective as of
December 1, 1991, by and between the Company and Security Life of Denver
Insurance Company.

50. Automatic and Facultative Coinsurance Agreement, effective as of May 1,
1995, by and between the Company and Security Life of Denver Insurance Company.

51. Automatic and Facultative Yearly Renewable Term Agreement, effective as of
June 1, 1996, by and between the Company and Security Life of Denver Insurance
Company.

52. Automatic and Facultative Yearly Renewable Term Agreement, effective as of
June 1, 1998, by and between the Company and Security Life of Denver Insurance
Company.

                                  Schedule A

<PAGE>

53. Automatic and Facultative Yearly Renewable Term Agreement, effective as of
January 15, 1999, by and between the Company and Security Life of Denver
Insurance Company.

54. Automatic and Facultative Yearly Renewable Term Agreement, effective as of
May 15, 1999, by and between the Company and Security Life of Denver Insurance
Company.

55. Automatic and Facultative Coinsurance Agreement, effective as of January 1,
2000, by and between the Company and Security Life of Denver Insurance Company.

56. Automatic and Facultative Monthly Renewable Term Reinsurance Agreement,
effective as of October 15, 2002, by and between the Company and Security Life
of Denver Insurance Company.

57. Automatic and Facultative Monthly Renewable Term Reinsurance Agreement,
effective as of December 31, 2002, by and between the Company and Security Life
of Denver Insurance Company.

58. Reinsurance Agreement, effective as of April 1, 1994, by and between the
Company and The Mercantile and General Life Reassurance Company of America
(novated to Swiss Re Life & Health America Inc. effective December 31, 1997).

59. Reinsurance Agreement, effective as of May 1, 1995, by and between the
Company and The Mercantile and General Life Reassurance Company of America
(novated to Swiss Re Life & Health America Inc. effective December 31, 1997).

60. Reinsurance Agreement (YRT), effective as of May 1, 1997, by and between
the Company and The Mercantile and General Life Reassurance Company of America
(novated to Swiss Re Life & Health America Inc. effective December 31, 1997).

61. Reinsurance Agreement #6531-1 (Automatic Coinsurance Bulk), effective as of
May 1, 1997, by and between the Company and Life Reassurance Corporation of
America (Life Reassurance Corporation of America consolidated into
Swiss Re Life & Health America Inc. effective September 30, 2000).

62. Automatic Self Administered YRT Reinsurance Agreement, effective as of
May 1, 1998, by and between the Company and Swiss Re Life & Health America Inc.

63. Automatic Self Administered YRT Reinsurance Agreement, effective as of
June 1, 1998, by and between the Company and Swiss Re Life & Health America Inc.

64. Reinsurance Agreement #6704-1, effective as of January 15, 1999, by and
between the Company and Life Reassurance Corporation of America (Life
Reassurance Corporation of America consolidated to Swiss Re Life & Health
America Inc. effective September 30, 2000).

                                  Schedule A

<PAGE>

65. Reinsurance Agreement #6748-1, effective as of February 15, 1999, by and
between the Company and Life Reassurance Corporation of America (now known as
Swiss Re Life & Health America Inc.).

66. Reinsurance Agreement #6848-1, effective as of November 1, 1999, by and
between the Company and Life Reassurance Corporation of America (Life
Reassurance Corporation of America consolidated to Swiss Re Life & Health
America Inc. effective September 30, 2000).

67. Reinsurance Agreement #6769-1, effective as of January 1, 2000, by and
between the Company and Life Reassurance Corporation of America (Life
Reassurance Corporation of America consolidated to Swiss Re Life & Health
America Inc. effective September 30, 2000).

68. Reinsurance Agreement #0848501, effective as of September 1, 2006, by and
between the Company and Swiss Re Life & Health America Inc.

69. Reinsurance Agreement #I93287US-07, effective as of February 1, 2007, by
and between the Company and Swiss Re Life & Health America Inc.

70. Reinsurance Agreement #I97791US-09, effective as of May 1, 2009, by and
between the Company and Swiss Re Life & Health America Inc.

71. Letter of Intent #05031US12, effective as of January 1, 2013, by and
between the Company and Swiss Re Life & Health America Inc.

72. Life, Disability and Accidental Death Automatic Reinsurance Agreement,
effective as of January 1, 1984, by and between the Company and Transamerica
Occidental Life Insurance Company (novated to Transamerica Life Insurance as of
October 1, 2008).

73. Automatic Reinsurance Agreement, effective as of June 15, 1991, by and
between the Company and Transamerica Occidental Life Insurance Company (novated
to Transamerica Life Insurance as of October 1, 2008).

74. Automatic Reinsurance Agreement, effective as of June 1, 1996, by and
between the Company and Transamerica Occidental Life Insurance Company (novated
to Transamerica Life Insurance as of October 1, 2008).

75. Zero First Year YRT Agreement, effective as of May 1, 1999, by and between
the Company and Transamerica Occidental Life Insurance Company (novated to
Transamerica Life Insurance as of October 1, 2008).

76. Automatic Reinsurance Agreement, effective as of February 15, 1992, by and
between the Company and Transamerica Occidental Life Insurance Company (novated
to Transamerica Life Insurance as of October 1, 2008).

                                  Schedule A

<PAGE>

77. Coinsurance Agreement, effective as of January 1, 2000, by and between the
Company and Transamerica Occidental Life Insurance Company (novated to
Transamerica Life Insurance as of October 1, 2008).

78. Zero First Year YRT Agreement, effective as of August 15, 2003, by and
between the Company and Transamerica Occidental Life Insurance Company (novated
to Transamerica Life Insurance as of October 1, 2008).

79. Retrocessional Agreement, effective as of August 15, 2003, by and between
Transamerica International Re (Bermuda) Ltd. and the Company.

80. Coinsurance Agreement, effective as of September 1, 2006, by and between
the Company and Transamerica Occidental Life Insurance Company (novated to
Transamerica Life Insurance as of October 1, 2008).

                                  Schedule A

<PAGE>

                                  SCHEDULE B

                               SEPARATE ACCOUNTS

Lincoln Benefit Life Variable Life Account 40 Act File No. 811-9154.

                                  Schedule B

<PAGE>

                                  SCHEDULE C

                                MONTHLY REPORT

   From and after the time any form of Post-Underwriting Period Conversion
Policy is developed and commences issue, the Reinsurer will require the Company
to provide to the Reinsurer on a monthly basis information regarding the
Post-Underwriting Period Conversion Policies reinsured by the Reinsurer
hereunder, such as Recoveries collected, Reinsured Risks paid and applicable
reserves. Detailed reporting requirements will be agreed upon by the Parties in
good faith specific to any form of Post-Underwriting Period Conversion Policy
when such policy form is developed and commences issue.

                                  Schedule C

<PAGE>

                                   EXHIBIT A

                                TRUST AGREEMENT

                                   Exhibit A<PAGE>

                                                                  Exhibit 10.26

                         PARTIAL COMMUTATION AGREEMENT

   This PARTIAL COMMUTATION AGREEMENT, dated as of April 1, 2014 (the
"Execution Date"), (this "Agreement") is made and entered into by and between
Allstate Life Insurance Company, an insurance company organized under the laws
of the State of Illinois (the "Reinsurer"), and Lincoln Benefit Life Company,
an insurance company organized under the laws of the State of Nebraska (the
"Company").

   WHEREAS, the Reinsurer owns 100% of the issued and outstanding capital stock
of the Company;

   WHEREAS, the Reinsurer, Resolution Life Holdings, Inc. ("Buyer"), a
corporation organized under the laws of the State of Delaware, and, solely for
purposes of Section 5.25 and Article X thereof, Resolution Life L.P., a Bermuda
limited partnership and the sole owner of Buyer, have entered into a Stock
Purchase Agreement dated as of July 17, 2013, as amended (the "Stock Purchase
Agreement"), pursuant to which the Reinsurer proposes to sell, and Buyer
proposes to purchase, 100% of the issued and outstanding capital stock of the
Company;

   WHEREAS, the Stock Purchase Agreement provides, among other things, for the
Company and the Reinsurer to enter into this Agreement;

   WHEREAS, the Reinsurer provides reinsurance coverage to the Company in
accordance with the terms of the following reinsurance agreements: (i) a
coinsurance agreement between the parties effective as of December 31, 2001
covering the Company's general account liabilities for all policies and market
value adjustment annuities (the "General Account Reinsurance Agreement"),
(ii) a modified coinsurance agreement between the parties effective as of
December 31, 2001 covering the Company's separate account liabilities for
variable life insurance policies (the "Variable Life Reinsurance Agreement, and
together with the General Account Reinsurance Agreement, the "Subject
Reinsurance Agreements") and (iii) a modified coinsurance agreement between the
parties effective as of December 31, 2001 covering the Company's separate
account liabilities for variable annuity insurance policies (the "Variable
Annuity Reinsurance Agreement");

   WHEREAS, the Company and the Reinsurer desire to commute the Commuted
Business (as defined below) currently ceded or retroceded under the Subject
Reinsurance Agreements;

   WHEREAS, the Company and the Reinsurer desire a full and final settlement,
discharge and release of any and all of each of their respective liabilities,
duties and obligations with respect to the Commuted Business except as
expressly set forth below;

   WHEREAS, the business reinsured pursuant to the Subject Reinsurance
Agreements that is not commuted pursuant to this Agreement shall continue to be
reinsured following the Effective Time pursuant to the terms of the Subject
Reinsurance Agreements, as amended from time to time, until such time as such
Subject Reinsurance Agreements are terminated, restated or replaced; and

                                      1

<PAGE>

   WHEREAS, the Variable Annuity Reinsurance Agreement shall remain in full
force and effect in accordance with its terms without amendment.

   NOW, THEREFORE, the Company and the Reinsurer (each a "Party", and together,
the "Parties") agree as follows:

                                  Article I.

                                  DEFINITIONS

   Section 1.2. Definitions. For purposes of this Agreement, the following
terms have the respective meanings set forth below:

"Adjusted Commutation Statement" has the meaning set forth in Section 3.3.

"Adjustment Report" has the meaning set forth in Section 3.3.

"Affiliate" of any Person means another Person that directly or indirectly,
through one or more intermediaries, controls, is controlled by or is under
common control with, such first Person, and the term "Affiliated" shall have a
correlative meaning. For the purposes of this definition, "control," when used
with respect to any Person, means the power to direct the management and
policies of such Person, directly or indirectly through the ownership of voting
securities, by contract, or otherwise, and the terms "controlling" and
"controlled" have the meanings correlative to the foregoing.

"Applicable Law" means any law, statute, ordinance, regulation, order,
injunction, judgment, decree, constitution or treaty enacted, promulgated,
issued, enforced or entered by any Governmental Entity applicable to any Person
or such Person's businesses, properties, assets or rights, as may be amended
from time to time.

"Books and Records" has the meaning given to such term in the Stock Purchase
Agreement.

"Business Day" has the meaning given to such term in the Stock Purchase
Agreement.

"Buyer" has the meaning set forth in the Recitals.

"Closing" has the meaning given to such term in the Stock Purchase Agreement.

"Closing Date" has the meaning given to such term in the Stock Purchase
Agreement.

"Commutation Accounting Principles" means the principles, practices and
methodologies set forth in Commutation Annex A.

"Commutation Amount" has the meaning set forth in Section 3.1.

"Commutation Balance Sheet" has the meaning set forth in Section 3.3.

"Commutation Balances" has the meaning set forth in Section 3.2.

                                      2

<PAGE>

"Commutation Closing Date" means the date of the closing of the transactions
contemplated by this Agreement, which date shall be on or before the Closing
Date.

"Commutation Consideration" has the meaning set forth in Section 3.1.

"Commuted Business" has the meaning set forth in Article II.

"Company" has the meaning set forth in the Preamble.

"Dispute Notice" has the meaning set forth in Section 3.3.

"Effective Time" has the meaning set forth in the Article II.

"Estimated Commutation Amount" has the meaning given to such term in the Stock
Purchase Agreement.

"Estimated Commutation Statement" has the meaning given to such term in the
Stock Purchase Agreement.

"Estimated Settlement Amount" has the meaning set forth in Section 3.3.

"Execution Date" has the meaning set forth in the Preamble.

"Exclusive Producer" means any Producer that markets, sells or administers
business of the type written by the Reinsurer or any of its Affiliates
exclusively for or on behalf of the Reinsurer and its Affiliates,
notwithstanding whether such Producer also sells products of the type not
written by the Reinsurer or any of its Affiliates on behalf of third parties.

"Final Adjustment Statement" has the meaning given to such term in the Stock
Purchase Agreement.

"Final Balance Sheet" has the meaning given to such term in the Stock Purchase
Agreement.

"Final Commutation Balance Sheet" has the meaning set forth in Section 3.3.

"Final Settlement Amount" has the meaning set forth in Section 3.3.

"Governmental Entity" means any domestic or foreign court, arbitral tribunal,
federal, provincial, state or local government or administration, or regulatory
or other governmental authority, commission or agency (including any industry
or other self-regulating body).

"Illinois SAP" shall mean statutory accounting procedures and practices
prescribed or permitted by the Director of Insurance of the State of Illinois.

"Independent Producer" means any Producer that is not an Exclusive Producer.

                                      3

<PAGE>

"Independent Accounting Firm" has the meaning set forth in Section 3.3.

"Net Commutation Balances Amount" has the meaning set forth in Section 3.2.

"Net Statutory General Account Reserves" shall mean the general account
reserves of the Reinsurer in respect of the Commuted Business as would be
reflected in lines 1 through 4 inclusive in the "Liabilities, Surplus and Other
Funds" section of the NAIC statement blank used to prepare the Reinsurer's
statutory balance sheet as of December 31, 2012 (or if the line numbers are
changed pursuant to relevant guidance from the NAIC, the successor to such line
numbers) prepared in accordance with Illinois SAP. For the avoidance of doubt,
Net Statutory General Account Reserves are net of reserve credit taken under
Third Party Reinsurance. Such reserves shall expressly exclude any additional
or voluntary actuarial reserves, if any, established by the Reinsurer under
Illinois Administrative Code Section 1410.

"Parties" has the meaning set forth in the Preamble.

"Person" means an individual, corporation, partnership, joint venture, limited
liability company, association, trust, unincorporated organization,
Governmental Entity or other entity.

"Producer" means any producer, broker, agent, general agent, managing general
agent, master broker agency, broker general agency, financial specialist or
other Person responsible for marketing or producing insurance policies, annuity
contracts, protection and retirement products on behalf of the Company.

"Reinsurer" has the meaning set forth in the Preamble.

"Representative" has the meaning given to such term in the Stock Purchase
Agreement.

"Resolution Period" has the meaning set forth in Section 3.3.

"Review Period" has the meaning set forth in Section 3.3.

"Seller" means the Reinsurer in its capacity as Seller under the Stock Purchase
Agreement.

"Specified Life Business" means, collectively, (i) the term life insurance
policies written by the Company prior to the Execution Date that have been
reinsured to the Reinsurer and retroceded by the Reinsurer to ALIC Reinsurance
Company, (ii) the term life insurance policies of the type identified on
Schedule 1 that were written by the Company and are reinsured by third party
reinsurers and (iii) the life insurance policies (x) written by the Company
through Producers that, at the time of sale of such policies, marketed, sold or
administered on a non-exclusive basis business of the type written by Reinsurer
or its Affiliates and (y) coded by the Company in its books and records with a
distribution channel code of 601.

"Subject Reinsurance Agreements" has the meaning set forth in the Recitals.

"Statutory Book Value" means the amount carried in respect of such asset by the
Reinsurer as an admitted asset determined in accordance with Illinois SAP, but
disregarding any permitted

                                      4

<PAGE>

practices applicable to the Reinsurer, other than those of general
applicability to life insurer in the State of Illinois. The Statutory Book
Value of the assets to be transferred as part of the Commutation Consideration
shall be determined as provided in the Commutation Accounting Principles.

"Stock Purchase Agreement" has the meaning set forth in the Recitals.

"Third Party Reinsurance" means all third-party reinsurance of the Company with
respect to the Commuted Business in effect as of the Effective Time.

"Variable Annuity Reinsurance Agreement" has the meaning set forth in the
Recitals.

                                  Article II.

                                  COMMUTATION

   Effective as of 12:01 a.m. Central time on April 1, 2014 (the "Effective
Time"), the Parties hereby commute one hundred percent (100%) of all
liabilities ceded or retroceded to the Reinsurer under the Subject Reinsurance
Agreements arising under (i) all of the fixed deferred annuity, value adjusted
deferred annuity and indexed deferred annuity business written by the Company,
(ii) all of the life insurance business written by the Company through
Independent Producers, other than the Specified Life Business, and (iii) all of
the net liability of the Company with respect to the accident and health and
long-term care insurance business written by the Company, in each case as more
particularly identified in Schedule 2 ((i), (ii), and (iii) collectively, the
"Commuted Business"). For the avoidance of doubt, this Agreement does not apply
to the Variable Annuity Reinsurance Agreement.

                                 Article III.

                           COMMUTATION CONSIDERATION

   Section 3.1. Commutation Consideration. Notwithstanding anything contained
in the Subject Reinsurance Agreements to the contrary, as consideration for the
Parties' commutation of the Commuted Business, the Reinsurer shall transfer to
the Company the policy loans included in the Commuted Business and outstanding
as of the Effective Time and assets determined in accordance with Schedule 3
(the "Commutation Consideration") with an aggregate Statutory Book Value,
including investment income due, accrued and unearned, as of the Effective Time
equal to the sum of (i) the Net Statutory General Account Reserves as of the
Effective Time attributable to the Commuted Business minus (if positive) or
plus (if negative) the absolute value of (ii) the amount of the final
settlement in respect of the Commuted Business determined in accordance with
Article V of the General Account Reinsurance Agreement and Article IV of the
Variable Life Reinsurance Agreement for the period ending on March 31, 2014
(the "Commutation Amount"). The Commutation Amount shall be determined, and the
Commutation Consideration shall be paid and adjusted, in accordance with
Section 3.3.

   Section 3.2. Interest Maintenance Reserve; Other Commutation Balances.

                                      5

<PAGE>

   (a) As of the Effective Time, the Reinsurer shall transfer to the Company
all liability for the interest maintenance reserve that is attributable to the
Commuted Business at the point in time immediately prior to the consummation of
the transactions contemplated by this Agreement, as well as any liability for
the interest maintenance reserve that is attributable to the Commuted Business
that is created following the Effective Time, in each case determined in
accordance with the Commutation Accounting Principles. The interest maintenance
reserve liability that is so attributable to the Commuted Business as of the
Effective Time shall be determined pursuant to Section 3.3 and shall be
reflected in the Final Commutation Balance Sheet.

   (b) In addition to the Commutation Amount, all account balances (both assets
and liabilities) related to the Commuted Business and ceded by the Company to
the Reinsurer under the Subject Reinsurance Agreements (other than (i) those
that are reflected in Net Statutory General Account Reserves and (ii) the
liability for interest maintenance reserve related to the Commuted Business)
will be transferred from the Reinsurer to the Company (the "Commutation
Balances") as of the Effective Time. The Commutation Balances shall be
determined in accordance with the Commutation Accounting Principles and shall
be paid in accordance with Section 3.3. Such Commutation Balances shall
include, but are not limited to, uncollected premiums and agents' balances,
deferred premiums, policyholder dividends, premiums received in advance,
commissions due and accrued, commissions and expense allowances on reinsurance
assumed, general expenses due or accrued, transfers to separate accounts,
taxes, licenses and fees due and accrued, amounts withheld or retained,
remittances and items not allocated, liability for benefits for employees and
agents, abandoned property, guaranty funds receivable or on deposit, guaranty
funds payable, premium tax receivable, and accounts receivable and payable
related to long-term care third party administration agreements, in each case
to the extent attributable to the Commuted Business. The Commutation Balances
shall also include amounts in respect of the Commuted Business that are paid to
or received by the Reinsurer on behalf of the Company after the Effective Time
but prior to the Commutation Closing Date. Upon transfer of these Commutation
Balances, a net reinsurance recoverable or a reinsurance payable will be
recorded by the Company in respect of the Commutation Balances (the "Net
Commutation Balances Amount"). The Net Commutation Balances Amount shall be
determined, settled and adjusted by the Reinsurer or the Company, as
applicable, pursuant to Section 3.3.

   Section 3.3. Pre-Closing and Post-Closing Payments.

   (a) On the Commutation Closing Date but in any case prior to the Closing,
the Reinsurer shall transfer to the Company all policy loans, investment
assets, cash and other assets selected in accordance with Schedule 3 and
included in the Commutation Consideration having an aggregate Statutory Book
Value, including investment income due, accrued and unearned, as of the
Effective Time equal to the sum of the Estimated Commutation Amount and the
estimated Net Commutation Balances Amount (the "Estimated Settlement Amount")
set forth in the Estimated Commutation Statement prepared by the Reinsurer and
previously delivered to the Company and Buyer pursuant to the terms of
Section 2.4 of the Stock Purchase Agreement. In order to effectuate the
transfer of such investment assets, cash or other assets, the Reinsurer and the
Company shall execute an omnibus assignment agreement substantially in the form
attached as Commutation Annex B.

                                      6

<PAGE>

   (b) The sum of the final Commutation Amount and the final Net Commutation
Balances Amount (the "Final Settlement Amount") shall be determined as set
forth in subsections (c) and (d) of this Section 3.3. If the Final Settlement
Amount is greater than the Estimated Settlement Amount, then the Reinsurer
shall transfer to the Company within five Business Days after the final
determination thereof additional investment assets, cash and other assets
selected in accordance with Schedule 3 and included in the Commutation
Consideration having an aggregate Statutory Book Value as of the Effective Time
equal to the amount by which the Final Settlement Amount exceeds the Estimated
Settlement Amount. If the Estimated Settlement Amount is greater than the Final
Settlement Amount, then the Company shall transfer to the Reinsurer within five
Business Days after the final determination thereof cash and/or investment
assets transferred by the Reinsurer to the Company on the Commutation Closing
Date mutually agreed by the Parties that have an aggregate Statutory Book Value
as of the Effective Time equal to the amount by which the Estimated Settlement
Amount exceeds the Final Settlement Amount.

   (c) No later than 90 days after the Closing Date, the Company shall deliver
to the Reinsurer: (i) a statement (the "Adjusted Commutation Statement")
setting forth a proposed commutation balance sheet as of the Effective Time
prepared in good faith from the Books and Records in accordance with the
Commutation Accounting Principles, consistently applied (a "Commutation Balance
Sheet") and showing the Company's calculations of (A) the Commutation Amount,
including the amount of the Net Statutory General Account Reserves as of the
Effective Time and (B) the Commutation Balances, and (ii) reasonable supporting
documentation with respect to the calculations of the amounts set forth in the
Adjusted Commutation Statement. In addition, the Adjusted Commutation Statement
shall be prepared in a manner consistent with the preparation of the Final
Adjustment Statement delivered to the Reinsurer by Buyer pursuant to
Section 2.5 of the Stock Purchase Agreement. The Reinsurer shall, during such
period of no longer than 90 days after the Closing Date, provide the Company
and its Representatives with reasonable access to the employees of the
Reinsurer to the extent such employees have knowledge about the Commuted
Business and to all documentation, records and other information of the Company
(to the extent in the possession of the Reinsurer) or the Reinsurer, as the
Company or any of its Representatives may reasonably request and that are
necessary to facilitate the preparation of the Adjusted Commutation Statement;
provided, that such access does not unreasonably interfere with the conduct of
the business of the Reinsurer and that such access and cooperation shall not,
in the event of any dispute arising out of this Agreement, serve to prejudice
the Reinsurer or any of its Affiliates.

   (d) (i) The Reinsurer shall have 45 days from the date on which the Adjusted
Commutation Statement is delivered to it to review the Adjusted Commutation
Statement and the calculations of (A) the Commutation Amount, including the
amount of the Net Statutory General Account Reserves as of the Effective Time
and (B) the Commutation Balances (the "Review Period"). In furtherance of such
review, the Company shall (and shall cause Buyer to) provide the Reinsurer and
its Representatives with reasonable access during such 45 day period to the
employees of Buyer and the Company (including to the Chief Financial Officer of
Buyer) and to all documentation, records and other information of Buyer and the
Company as the Reinsurer or any of its Representatives may reasonably request;
provided, that such access does not unreasonably interfere with the conduct of
the business of Buyer or the Company and that such access and cooperation shall
not, in the event of any dispute arising out of this Agreement, serve to
prejudice the Buyer, the Company or any of its Affiliates.

                                      7

<PAGE>

         (ii)If the Reinsurer disagrees with the Adjusted Commutation Statement
             (including any amount or computation set forth therein) in any
             respect and on any basis, the Reinsurer may, on or prior to the
             last day of the Review Period, deliver a notice to the Company
             setting forth, in reasonable detail, each disputed item or amount
             and the basis for the Reinsurer's disagreement therewith (the
             "Dispute Notice"). The Dispute Notice shall set forth, with
             respect to each disputed item, the Reinsurer's position as to the
             correct amount or computation that should have been included in
             the Adjusted Commutation Statement and as to any calculations
             contained therein. Such Dispute Notice shall be included together
             with any Dispute Notice (as such term is defined in the Stock
             Purchase Agreement) delivered by Reinsurer, as Seller, to the
             Buyer under Section 2.5(c)(ii) of the Stock Purchase Agreement.

        (iii)If no Dispute Notice is received by the Company with respect to
             any item in the Adjusted Commutation Statement on or prior to the
             last day of the Review Period, the amount or computation with
             respect to such item as set forth in the Adjusted Commutation
             Statement shall be deemed accepted by the Reinsurer, whereupon the
             amount or computation of such item or items shall be final and
             binding on the Parties subject to paragraph (ix) below.

         (iv)For a period of 10 Business Days beginning on the date that the
             Company receives a Dispute Notice (the "Resolution Period"), if
             any, the Company and the Reinsurer shall endeavor in good faith to
             resolve by mutual agreement all matters identified in the Dispute
             Notice. In the event that the Parties are unable to resolve by
             mutual agreement any matter in the Dispute Notice within such 10
             Business Day period, the Company and the Reinsurer shall jointly
             engage PricewaterhouseCoopers LLP (the "Independent Accounting
             Firm") to make a determination with respect to all matters in
             dispute. If PricewaterhouseCoopers LLP is unwilling or unable to
             serve, the Reinsurer and the Company shall cooperate in good faith
             to appoint, within 30 days after the Reinsurer and the Company
             receive notice from PricewaterhouseCoopers LLP of its refusal or
             inability to act as the Independent Accounting Firm, an
             independent certified public accounting firm of national
             recognition mutually acceptable to the Company and the Reinsurer,
             in which event such firm shall be the "Independent Accounting
             Firm." If the Reinsurer, as the Seller, and the Buyer have an
             unresolved dispute in respect of any Dispute Notice (as such term
             is defined in the Stock Purchase Agreement) delivered by
             Reinsurer, as Seller, to the Buyer under Section 2.5(c)(ii) of the
             Stock Purchase Agreement, then the accounting firm appointed by
             the Reinsurer, as Seller, and the Buyer under the Stock Purchase
             Agreement, shall be appointed by the Reinsurer and the Company
             hereunder as the "Independent Accounting Firm." Such Independent
             Accounting Firm shall review any unresolved disputes submitted
             hereunder and under the Stock Purchase Agreement together and each
             of the Parties shall direct the

                                      8

<PAGE>

             Independent Accounting Firm to render a determination hereunder at
             the same time as it delivers any determination under the Stock
             Purchase Agreement.

         (v) The Reinsurer and the Company shall direct the Independent
             Accounting Firm to render a determination within 30 days after its
             retention (along with its determination of any dispute submitted
             to the Independent Accounting Firm under the Stock Purchase
             Agreement), and the Company, the Reinsurer and their respective
             employees and agents will cooperate with the Independent
             Accounting Firm during its engagement. The Company, on the one
             hand, and the Reinsurer, on the other hand, shall promptly (and in
             any event within 10 Business Days) after the Independent
             Accounting Firm's engagement, each submit to the Independent
             Accounting Firm their respective computations of the disputed
             items identified in the Dispute Notice and information, arguments
             and support for their respective positions, and shall concurrently
             deliver a copy of such materials to the other Party. Each Party
             shall then be given an opportunity to supplement the information,
             arguments and support included in its initial submission with one
             additional submission to respond to any arguments or positions
             taken by the other Party in such other Party's initial submission,
             which supplemental information shall be submitted to the
             Independent Accounting Firm (with a copy thereof to the other
             Party) within five Business Days after the first date on which
             both Parties have submitted their respective initial submissions
             to the Independent Accounting Firm. The Independent Accounting
             Firm shall thereafter be permitted to request additional or
             clarifying information from the Parties, and each of the Parties
             shall cooperate and shall cause their Representatives to cooperate
             with such requests of the Independent Accounting Firm. The
             Independent Accounting Firm shall determine, based solely on the
             materials so presented by the Parties and upon information
             received in response to such requests for additional or clarifying
             information and not by independent review, only those issues in
             dispute specifically set forth in the Dispute Notice and shall
             render a written report to the Company and the Reinsurer (the
             "Adjustment Report") in which the Independent Accounting Firm
             shall, after considering all matters set forth in the Dispute
             Notice, determine what adjustments, if any, should be made to the
             amounts and computations set forth in the Adjusted Commutation
             Statement solely as to the disputed items and shall determine the
             appropriate Commutation Amount and Commutation Balances on that
             basis.

         (vi)The Adjustment Report shall set forth, in reasonable detail, the
             Independent Accounting Firm's determination with respect to each
             of the disputed items or amounts specified in the Dispute Notice,
             and the revisions, if any, to be made to the Adjusted Commutation
             Statement, together with supporting calculations. In resolving any
             disputed item, the Independent Accounting Firm (i) shall be bound
             to the principles of this

                                      9

<PAGE>

             Article III and the terms of this Agreement, (ii) shall limit its
             review to matters specifically set forth in the Dispute Notice and
             (iii) shall not assign a value to any item higher than the highest
             value for such item claimed by either Party or less than the
             lowest value for such item claimed by either Party.

        (vii)All fees and expenses relating to the work of the Independent
             Accounting Firm shall be shared equally by the Company and the
             Reinsurer. Subject to paragraph (ix) below, the Adjustment Report
             shall be final and binding upon the Company and the Reinsurer, and
             shall be deemed a final arbitration award that is binding on each
             of the Company and the Reinsurer, and, absent fraud, no party
             shall seek further recourse to courts, other tribunals or
             otherwise, other than to enforce the Adjustment Report.

       (viii)The final form of the Commutation Balance Sheet as of the
             Effective Time as finally determined pursuant to this Article III
             is referred to herein as the "Final Commutation Balance Sheet".
             Notwithstanding anything to the contrary contained in this
             Agreement but subject to paragraph (ix) below, the provisions of
             this Article III represent the sole and exclusive method for
             determining the Final Commutation Balance Sheet, including the
             Commutation Amount and the Commutation Balances derived therefrom.

         (ix)Notwithstanding anything contained in this Agreement to the
             contrary, any items set forth in any Dispute Notice delivered
             pursuant to this Article III shall be resolved by the Parties or
             by the Independent Accounting Firm consistent with (and in
             conjunction with) the determination of the Final Balance Sheet
             pursuant to Section 2.5 of the Stock Purchase Agreement. In
             addition, if any adjustments to the Final Balance Sheet require
             corresponding adjustments to the Final Commutation Balance Sheet,
             final Commutation Amount or final Commutation Balances, such
             adjustments shall be made, and the Parties shall make any
             corresponding payments, whether or not a Dispute Notice was
             delivered pursuant to this Article III.

   Section 3.4. Company Release of the Reinsurer with respect to the Commuted
Business. In consideration of the receipt of the payments described in
Section 3.1, the transfer of the Commutation Balances described in
Section 3.2(b) and the release provided in Section 3.5, as of the Effective
Time, the Company hereby forever releases and discharges the Reinsurer, and its
predecessors, successors, affiliates, agents, officers, directors, employees
and shareholders, from any and all past, present, and future obligations,
adjustments, liability for payment of interest, offsets, actions, causes of
action, suits, debts, sums of money, accounts, premium payments, reckonings,
bonds, bills, covenants, contracts, controversies, agreements, promises,
damages, judgments, liens, rights, costs and expenses (including attorneys'
fees and costs actually incurred), claims and demands, liabilities and losses
of any nature whatsoever, all whether known or unknown, vested or contingent,
that the Company now has, owns, or holds or claims to have, own, or hold, or at
any time had, owned, or held, or claimed to have had, owned, or held, or may
after the execution of this Agreement have, own, or hold or claim to have, own,
or hold, against the Reinsurer, arising from, based upon, or in any way related
to the Commuted Business, it being

                                      10

<PAGE>

the intention of the Parties that this release operate as a full and final
settlement of the Reinsurer's current and future liabilities to the Company
under and in connection with the Commuted Business, provided, however, that
this release does not discharge obligations of the Reinsurer (i) that have been
undertaken or imposed by the terms of this Agreement or any other agreement
between the Parties other than the Subject Reinsurance Agreements or (ii) that
have been undertaken or imposed by the terms of any other Transaction
Agreements (as such term is defined in the Stock Purchase Agreement).

   Section 3.5. Reinsurer Release of the Company with respect to the Commuted
Business. In consideration of the commutation set forth in Article II, the
transfer of the Commutation Balances described in Section 3.2(b) and the
release provided in Section 3.4, as of the Effective Time, the Reinsurer hereby
forever releases and discharges the Company, and its predecessors, successors,
affiliates, agents, officers, directors, employees and shareholders, from any
and all past, present, and future obligations, adjustments, liability for
payment of interest, offsets, actions, causes of action, suits, debts, sums of
money, accounts, premium payments, reckonings, bonds, bills, covenants,
contracts, controversies, agreements, promises, damages, judgments, liens,
rights, costs and expenses (including attorneys' fees and costs actually
incurred), claims and demands, liabilities and losses of any nature whatsoever,
all whether known or unknown, vested or contingent, that the Reinsurer now has,
owns, or holds or claims to have, own, or hold, or at any time had, owned, or
held, or claimed to have had, owned, or held, or may after the execution of
this Agreement have, own, or hold or claim to have, own, or hold, against the
Company, arising from, based upon, or in any way related to the Commuted
Business, it being the intention of the Parties that this release operate as a
full and final settlement of the Company's current and future liabilities to
the Reinsurer under and in connection with the Commuted Business, provided,
however, that this release does not discharge obligations of the Company
(i) that have been undertaken or imposed by the terms of this Agreement or any
other agreement between the Parties other than the Subject Reinsurance
Agreements or (ii) that have been undertaken or imposed by the terms of any
other Transaction Agreements (as such term is defined in the Stock Purchase
Agreement).

                                  Article IV.
                                 MISCELLANEOUS

   Section 4.1. Notices. All notices, requests, claims, demands and other
communications under this Agreement shall be in writing and shall be delivered
personally or by overnight courier (providing proof of delivery) to the Parties
at the following addresses (or at such other address for a Party as shall be
specified by like notice):

    (a)if to Company:

       Lincoln Benefit Life Company
       3075 Sanders Road
       Northbrook, Illinois 60062
       Attention: Treasurer

                                      11

<PAGE>

    (b)if to the Reinsurer:

       Allstate Life Insurance Company
       3100 Sanders Road
       Northbrook, Illinois 60062
       Attention: Jess Merten
       Email: Jess.Merten@allstate.com

       with copy to:

       Allstate Life Insurance Company
       2775 Sanders Road
       Northbrook, Illinois 60062
       Attention: Beth Lapham
       Email: blapham@allstate.com

       Notice given by personal delivery or overnight courier shall be
effective upon actual receipt.

   Section 4.2. Entire Agreement; Third Party Beneficiaries. This Agreement
(including any annexes and schedules hereto) constitutes the entire agreement,
and supersedes all prior agreements, understandings, representations and
warranties, both written and oral, among the Parties with respect to the
subject matter of this Agreement. Unless the Stock Purchase Agreement is
terminated, the Buyer shall be a third party beneficiary under this Agreement.
Except as provided in the immediately preceding sentence, this Agreement is not
intended to confer upon any Person other than the Parties hereto any rights or
remedies.

   Section 4.3. Governing Law. This Agreement and any dispute arising hereunder
shall be governed by, and construed in accordance with, the laws of the State
of New York, regardless of the laws that might otherwise govern under
applicable principles of conflicts of laws thereof.

   Section 4.4. Assignment. Neither this Agreement nor any of the rights,
interests or obligations under this Agreement shall be assigned, in whole or in
part, by operation of law or otherwise (other than following the Execution Date
by operation of law in a merger or scheme of arrangement), by either Party
without the prior written consent of the other Party, and any such assignment
that is not consented to shall be null and void. Subject to the preceding
sentence, this Agreement will be binding upon, inure to the benefit of, and be
enforceable by, the Parties and their respective successors and assigns.

   Section 4.5. Jurisdiction; Enforcement.

   (a) Each of the Parties hereto hereby irrevocably and unconditionally
submits to the exclusive jurisdiction of any court of the United States or any
state court, which in either case is located in the City and County of New York
(each, a "New York Court") for purposes of enforcing this Agreement or
determining any claim arising from or related to the transactions contemplated
by this Agreement. In any such action, suit or other proceeding, each of the
Parties hereto irrevocably and unconditionally waives and agrees not to assert
by way of motion, as a defense or otherwise any claim that it is not subject to
the jurisdiction of any such New York

                                      12

<PAGE>

Court, that such action, suit or other proceeding is not subject to the
jurisdiction of any such New York Court, that such action, suit or other
proceeding is brought in an inconvenient forum or that the venue of such
action, suit or other proceeding is improper; provided, that nothing set forth
in this sentence shall prohibit any of the Parties hereto from removing any
matter from one New York Court to another New York Court. Each of the Parties
hereto also agrees that any final and unappealable judgment against a Party
hereto in connection with any action, suit or other proceeding will be
conclusive and binding on such Party and that such award or judgment may be
enforced in any court of competent jurisdiction, either within or outside of
the United States. A certified or exemplified copy of such award or judgment
will be conclusive evidence of the fact and amount of such award or judgment.
Any process or other paper to be served in connection with any action or
proceeding under this Agreement shall, if delivered or sent in accordance with
Section 4.1, constitute good, proper and sufficient service thereof.

   (b) The Parties hereto agree that irreparable damage would occur in the
event that any of the provisions of this Agreement were not performed in
accordance with their specific terms or were otherwise breached. It is
accordingly agreed that, without the necessity of posting bond or other
undertaking, the Parties hereto shall be entitled to an injunction or
injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement in accordance with this Agreement,
this being in addition (subject to the terms of this Agreement) to any other
remedy to which such Party is entitled at law or in equity. In the event that
any Action is brought in equity to enforce the provisions of this Agreement, no
Party hereto shall allege, and each Party hereto hereby waives any defense or
counterclaim, that there is an adequate remedy at law.

   (c) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES
THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OR ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) IT UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (III) IT MAKES SUCH WAIVER
VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 4.5(c).

   Section 4.6. Severability.

   (a) Whenever possible, each provision or portion of any provision of this
Agreement will be interpreted in such manner as to be effective and valid under
Applicable Law, but if any provision or portion of any provision of this
Agreement is held to be invalid, illegal or unenforceable in any respect under
any Applicable Law in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or portion of any
provision in such jurisdiction, and this Agreement will be reformed, construed
and enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision or portion of any provision had never been contained herein.

                                      13

<PAGE>

   (b) This Agreement may be amended or a provision hereof waived only by a
written instrument signed by each of the Company and the Reinsurer.

   (c) No delay on the part of any Party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof, nor shall any waiver on
the part of any Party of any right, power or privilege, nor any single or
partial exercise of any such right, power or privilege, preclude any further
exercise thereof or the exercise of any other such right, power or privilege.

   Section 4.7. No Offset. No Party to this Agreement may offset any amount due
to the other Party hereto or any of such other Party's affiliates against any
amount owed or alleged to be owed from such other Party or its affiliates under
this Agreement or any other agreement without the written consent of such other
Party.

   Section 4.8. Counterparts. This Agreement may be executed in counterparts,
all of which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each of the Parties and
delivered to the other Party. Each Party may deliver its signed counterpart of
this Agreement to the other Party by means of electronic mail or any other
electronic medium utilizing image scan technology, and such delivery will have
the same legal effect as hand delivery of an originally executed counterpart.

                 [Remainder of page intentionally left blank]

                                      14

<PAGE>

       IN WITNESS WHEREOF, the Reinsurer and the Company have caused this
Agreement to be signed by their respective duly authorized officers, all as of
the date first written above.

                                             ALLSTATE LIFE INSURANCE COMPANY

                                             By:  -----------------------------
                                                  Name:
                                                  Title:

                                             By:  -----------------------------
                                                  Name:
                                                  Title:

                                             LINCOLN BENEFIT LIFE COMPANY

                                             By:  -----------------------------
                                                  Name:
                                                  Title:

                                      15

<PAGE>

                                  SCHEDULE 1
                Certain Specified Life Business - Term Policies

The Company's Guaranteed Term and 10 year level Best Term business sold from
2000 through 2009 as well as the Company's 2006 era TrueTerm product sold in
2006 through 2009, with a limited number of policies having issue dates in 2010.

                                      16

<PAGE>

                                  SCHEDULE 2
                               Commuted Business

"Commuted Business" includes policies with the following coding in the general
ledger for company code

034. A code key is provided in the Commutation Accounting Principles.

                                           --------SAP Profit Center--------
                                         -------------------------------------
Statutory Balance Sheet Line               Channel Market Center Product Group
Page 3, Line 1                              611         1E            31
                                            611         1E            32
                                            699         1E            32
                                            611         1E            33
                                            611         1E            34
                                            699         1E            34
                                            601         1A            50
                                            611         1E            50
                                            601         1A            51
                                            601         1R            51
                                            611         1E            51
                                            611         1R            51
                                            601         1A            53
                                            611         1E            53
                                            611         1E            63
                                            699         1E            63
                                            601         1A            69
                                            611         1E            69
                                            611         1E            3A
                                            611         1E            3C
                                            611         1E            3D
Page 3, Line 2                              601         1A            42
                                            611         1E            42
Page 3, Line 3                              611         1E            32
                                            699         1E            32
                                            611         1E            63
Page 3, Line 4.1                            611         1E            31
                                            611         1E            32
                                            611         1E            33
                                            611         1E            3A
                                            611         1E            3C
                                            611         1E            3D
                                            611         1E            63
Page 3, Line 4.2                            611         1E            42
Page 3, Line 27                             601         1A            52
                                            601         1A            58

                                      17

<PAGE>

                                           --------SAP Profit Center--------
                                         -------------------------------------
Statutory Balance Sheet Line               Channel Market Center Product Group
                                            601         1A            59
                                            611         1E            52
                                            611         1E            58
                                            611         1E            59

Commuted Business excludes certain Specified Life Business return of premium
riders coded to product group 63.

<PAGE>

                                  SCHEDULE 3
                           Commutation Consideration

The Commutation Consideration (as adjusted pursuant to Section 3.3) shall be
(i) the investment assets set forth on attached electronic Excel file titled
"Commutation Exhibit-LBL Assets 2013 12 31.xlsx", with such additions or
subtractions as agreed by the Parties to reflect the sale or maturity of such
assets, plus (ii) cash in an amount equal to the excess of the Commutation
Amount over the Statutory Book Value of such assets; provided that if the
Statutory Book Value of such assets exceeds the Commutation Amount, assets as
agreed by the Parties shall be subtracted as appropriate.

<PAGE>

                              COMMUTATION ANNEX A

                       Commutation Accounting Principles

This Commutation Annex A sets forth the Commutation Accounting Principles
referenced in the Agreement. Capitalized terms used and not otherwise defined
in this Commutation Annex A have the respective meanings given in the Agreement.

The Commutation Balance Sheet includes the financial statement impacts related
to the Commuted Business resulting from the execution of the Agreement. The
Commuted Business is identified as set forth in Exhibit 1, Business
Identification. The Commutation Balances are determined using the general
ledger coding key as set forth in Exhibit 1.a. The general ledger accounts are
summarized and reported in the Commutation Balance Sheet as set forth in
Exhibit 1.b.

The Commutation Balance Sheet is prepared using Statutory Accounting Principles
("SAP") defined as statutory accounting practices prescribed or permitted by
the Nebraska Department of Insurance (except where noted otherwise) applied in
a manner consistent with its application in the preparation of the Reference
Balance Sheet (as such term is defined in the Stock Purchase Agreement). The
Commutation Classification Method, Assumptions Utilized and Additional Notes
used in the preparation of the Commutation Balance Sheet are set forth in
Exhibit 2. The following columns comprise the Commutation Balance Sheet (Column
9):

Column 1 -  Commutation Consideration equal to Investment Assets and Commuted
            Business as set forth in Exhibit 2 and as described in Section 3.1
            of the Commutation Agreement.
Column 2 -  Mark to Market Impact
Column 3 -  Recognition of Historical IMR
Column 4 -  IMR Transferred to Separate Account
Column 5 -  Establish AVR
Column 6 -  Statutory vs. Tax Reserves
Column 7 -  Establish DTA
Column 8 -  Transfer of Working Capital

The following columns comprise the LBL Balance Sheet after Commutation (Column
12):

Column 9 -  Commutation Balance Sheet
Column 10 - LBL Balance Sheet
Column 11 - Blank
Column 12 - LBL Balance Sheet after Commutation

These Accounting Principles comprise the following Exhibits:

Exhibit 1 - Business Identification
Exhibit 1.a - Statutory Reserve General Ledger Coding Key
Exhibit 1.b - Statutory General Ledger Coding
Exhibit 2 - Assumptions

<PAGE>

                      Exhibit 1 - Business Identification
                           Exhibit 1.a - Coding Key

G/L Accounts                  Account Descriptions
------------    -------------------------------------------------
 M10010100      LONG TERM FEDERAL GOVERNMENT - U.S.
 M10010200      LONG TERM FEDERAL GOVERNMENT - CANADA
 M10011100      STATES, PROVINCIAL & MUNICIPALS - TAXABLE
 M10013100      CORPORATE BONDS
 M10013200      CORPORATE BONDS - PRIVATE PLACEMENTS
 M10020100      PASS THRU MORTGAGE BACKED SECURITIES
 M10020200      COLLATERAL MORTGAGE OBLIGATIONS (CMO'S)
 M10080000      SHORT TERM TIME DEPOSIT INVESTMENTS
 M10080200      SHORT TERM MONEY MARKETS
 M10080400      SHORT TERM TREASURY BILLS
 M10150231      CASH-Harris ABO
 M10150257      CASH-HARRIS ZBA
 M10150375      Cash-Firstier Regular
 M10150376      CASH-US BANK-VA DEPOSITORY
 M10150407      CASH, USBANK #205700310407 FX DEP SWEEP
 M10150574      CASH-WACHOVIA NC - LBL Fixed Systems
 M10150575      CASH-WACHOVIA NC - LBL Fixed Manual
 M10150576      CASH-WACHOVIA NC - LBL Transcend Fixed
 M10150584      CASH-WACHOVIA ANNTY (VA) CDA 11475
 M10150585      CASH-WACHOVIA ANNTY (VA) CDA 11476
 M10150918      CASH-LBL Gen Disb-Dep 4443330998
 M10150919      CASH-LBL Claims Disb 4443330956
 M10150921      CASH-LBL PAC Dep Acct 4443331194
 M10150922      CASH-LBL Money Mkt 12760740
 M10150953      CASH LBL VA Oper UMB 9871645991
 M10150954      CASH LBL VA Disb UMB 9871646009
 M10150955      CASH LBL VA Disb UMB 5008012121
 M10150956      CASH LBL VA Dep UMB 9871645983
 M10151028      LBL Depository Fixed Chase 967384546
 M10151029      LBL Depository Var Chase 967384553
 M10156035      CASH,CITIBANK MMDA/LIQRES
 M10156096      INVESTMENT CASH
 M10160021      Investment in Partnership - EMA
 M10171020      PREMIUM INSTALLMENTS RECEIVABLE - DUE - Life
 M10171026      Reinsurance Premium Receivable
 M10190020      REINSURANCE RECOVERABLE ON PAID LOSS-Non Ledger
 M10191030      REINSURANCE RECEIVABLE/PAYABLE-INTERCOMPANY-ALIC
 M10191412      Reinsurance Receivable/Payable-I/C-LBRe
 M10200000      POLICY LOANS
 M10220100      INCOME RECEIVABLE FIXED INCOME SECURITIES
 M10220500      ACCRUED INTEREST FIXED INCOME SECURITIES
 M10227500      ACCRUED INTEREST SHORT TERM BONDS
 M10229200      POLICY LOAN ACCRUED INTEREST
 M10270004      ACCRUED PREMIUM TAX OFFSET - GFA
 M10270005      PREMIUM TAX DEDUCTIBLE - GFA
 M10300000      Intercompany Receivable
 M10300000      INTERCOMPANY RECEIVABLE
 M10330101      Separate Accounts-Common Stock
 M10340000      A/R, GENERAL
 M10340003      Premium Tax Refund
 M10340070      A/R, FIXED MANAGEMENT FEES
 M10360407      Reinsurance Recoverable - Expense Allowances

<PAGE>

G/L Accounts                  Account Descriptions
------------    -------------------------------------------------
 M19990001      CLEARING ACCOUNT, GENERAL
 M20010000      Life Insurance Policy Benefit Reserves
 M20010010      Reserve for Accident and Health
 M20010030      Policy and Contract Claims - Life
 M20010040      Policy and Contract Claims - A & H
 M20010310      Unearned Premium - A & H
 M20060007      Reinsurance Premium Payable
 M20090400      Commissions On Reinsurance Assumed
 M20090600      AGENT COMMISSION PAYABLE, EMPLOYEE
 M20090601      Agent Commission Payable-Escrow Accrual
 M20110000      PREMIUM RECEIVED IN ADVANCE
 M20110107      Premium Deposit Fund - WOLC
 M20160001      Dividend and Coupon Accumulations
 M20160100      Dividend Due & Unpaid
 M20160210      Dividend - Provision
 M20200200      ACCRUED FIT - FEDERAL INCOME
 M20210104      Accrued Premium Tax
 M20210105      Accrued Premium Taxes
 M20210107      Accrued Muni Tax
 M20210300      ACCRUED STATE INCOME TAXES
 M20210800      ACCRUED TAXES - RETALIATORY
 M20320000      ACCRUED EXPENSE, GENERAL
 M20320064      ACCRUED EXPENSE, DELOITTE & TOUCHE - AUDIT
 M20320902      Unearned Investment Income
 M20400407      TEFRA WITHHOLDING - 1099 20%
 M20400500      FEDERAL TAX WITHHOLDING
 M20400501      FEDERAL TAX WITHHOLDING
 M20400502      FEDERAL BACKUP W/H
 M20400504      STATE W/H
 M20400690      Deferred Compensation-Agents
 M20410081      TPA-Lodger Payable
 M20490000      ABANDONED PROPERTY-CLEARING
 M21000200      CONSUMER'S SALES & USE TAX LIABILITY
 M21010000      A/P, TRADE PAYABLE - VENDOR
 M21010100      A/P, TRADE PAYABLE - EMPLOYEE
 M21020002      ACCRUED GUARANTY FUND ASSESSMENTS
 M29990100      LIFE APPLICATION DEPOSITS
 M29990152      POLICY BILLING SUSPENSE
 M29990154      CASH WITH APPLICATION DEPOSITS
 M29990200      POLICY SUSPENSE
 M29990252      DISBURSEMENT CLEARING
 M29990300      CASH CLEARING
 M29990316      CLEARING/SUSPENSE SEPARATE ACCOUNT
 M29990356      SAP / NE Cyberlife Intra-System
 M29990402      CyberNE Cash W/APP Suspense
 M29990403      CyberNe New Business Cash Suspense
 M29990430      CyberNE Unapplied Cash Suspense
 M29990444      Premium Suspense Credit Card
 M29990447      Intersystem Suspense Credit Card
 M29990456      CyberNE Misc Disburse Clear
 M29990502      Agent Bal Transfer Suspense
 M29990503      Surety Reverse Alliance Suspense

<PAGE>

G/L Accounts                  Account Descriptions
------------    -------------------------------------------------
 M29990524      CyberNE Misc Suspense Control - Var
 M29990528      CyberNE Surrender Clearing - VAR
 M29990606      CyberNE Qual Group Premium Susp
 M29990608      CyberNE Return Check Suspense
 M29990621      CyberNE Premium Refund Suspense
 M29990622      CyberNE Daily Cycle Clearing
 M29990623      CyberNE Cash W/APP Clearing
 M29990624      CyberNE Misc Suspense Control
 M29990625      CyberNE Group Premium Suspense
 M29990626      CyberNE Term Mature Suspense
 M29990627      CyberNE Loan Disburse Clearing
 M29990628      CyberNE Surrender Disburse Clearing
 M29990629      CyberNE Death Claim Clearing
 M29990630      CyberNE Misc Checks Unappld -Terminated Policy
 M29990635      CyberNE Policy Reinstatements
 M29990888      CyberNE Term Conversion Suspense - Fixed
 M29990889      CyberNE Term Conversion Suspense - Var
 M29990990      PruVA Mapping Suspense
 M29990992      PruVA Disbursement Suspense
 M29990993      PruVA Deposit Suspense
 M29990998      Pru VA Outbound Returned Items
 M29999503      CyberNe New Business Cash Suspense - Var
 S10080805      SHORT-TERM BOND-BV CASH EQUIVALENT RECLASS
 S10157500      CASH, TIME DEPOSIT STAT RECL FROM ST INV'S
 S10157501      CASH, EQUIVALENT RECLASS FROM INVESTED ASSETS
 S10160003      LOW INCOME HOUSING STAT BV ADJ
 S10171020      Premium installments receivable - due- Life
 S10171030      Deferred Premium
 S10190020      Reins. Recoverable on Paid Loss-Non Ledger
 S10191030      REINSURANCE RECEIVABLE/PAYABLE-INTERCOMPANY-ALIC
 S10200000      Policy Loans
 S10227601      ACCRUED INTEREST SHORT TERM BONDS CASH EQUIV RECL
 S10229200      MISCELLANEOUS INVESTMENT ACCRUED INTEREST
 S10250220      Deferred Federal Income Tax Asset
 S10300000      Intercompany Receivable
 S10300000      INTERCOMPANY RECEIVABLE
 S20010000      Life Insurance Policy Benefit Reserves
 S20010010      Reserve for Accident and Health
 S20010103      Reserve - MVAA
 S20010104      Separate Accounts Reserves-VA/Variable
 S20010114      Separate Account Liability-CARVM
 S20010310      Unearned Premium - A & H
 S20020300      Interest Maintenance Reserve
 S20050000      Asset Valuation Reserve
 S20060110      Reinsurance in Unauthorized Companies
 S20090700      Agent Commission Payable, Non-Employee
 S20110000      Advance Premium
 S20270000      Intercompany Payable, General
 S20270000      Intercompany Payable, General
 S20420000      SEP ACCT-PAYABLE TO GENL ACCT

<PAGE>

CODES

Distribution Channels     Distribution Channel Description
---------------------     --------------------------------
601                       Allstate Agents
611                       Master Brokerage Agencies (MBA's)
646                       Prudential
649                       Balance Sheet Entries
650                       Capital
699                       Total Market Center

Market Center             Market Center Description
-------------             -------------------------
1A                        Allstate Agents
1E                        Master Brokerage Agencies (MBA's)
1I                        Capital
1P                        Prudential
1R                        Closed Annuities

Product Group             Product Group Description
-------------             -------------------------
                          Life Products
                          -------------
31                        Interest Sensitive Life
32                        Traditional Life
33                        Variable Universal Life
34                        Indexed Life
63                        Coinsured Term & ALIC Re ROP Rider
3A                        SGUL pre 2013
3B                        ISL to LB Re pre 2013
3C                        SGUL post 2012
3D                        ISL post 2012

                          Annuity Products
                          ----------------
50                        Fixed Annuities - 2010
51                        Fixed Annuities
52                        MVA Annuities
53                        Indexed Annuities
55                        Variable Annuity
58                        Tactician Plus
59                        MVA 2009
69                        Equity Indexed Annuities - 2010

00                        Unallocated

Reinsurance Categories    Category Description
----------------------    --------------------
DB                        Direct Business
DR                        Direct Business Retained
AE                        Assumed Business - External
CL                        Ceded Business - External

<PAGE>

Exhibit 1.b - Statutory General Ledger Coding

For purposes of commutation from Allstate Life Insurance Company, queries
obtained from the general ledgers of the Company and Reinsurer were utilized to
support each financial statement line item. For the avoidance of doubt, the
business was identified using Codes (see listing above - Business
Identification). Items noted as "All" would include any component listed in the
Codes. For reference, the account numbers as of March 31, 2013 are included in
the listing. Certain transactions after March 31, 2013 may utilize additional
account numbers associated with the Commuted Business or the Company.

<TABLE>
<CAPTION>
                                     --------SAP Profit Center--------
                                     ---------------------------------     SAP
                            Account              Market     Product    Reinsurance Classification
                            Number   Channel     Center      Group      Category       Method
<S>                        <C>       <C>         <C>        <C>        <C>         <C>
Page 2, Line 1-4           M10010100    All Company 034                                  1
                           M10010200    All Company 034                                  1
                           M10011100    All Company 034                                  1
                           M10013100    All Company 034                                  1
                           M10013200    All Company 034                                  1
                           M10020100    All Company 034                                  1
                           M10020200    All Company 034                                  1
Page 2, Line 5             M10080000    All Company 034                                  1
  (S-T & cash equivalents) M10080200    All Company 034                                  1
                           M10080400    All Company 034                                  1
                           S10080805    All Company 034                                  1
                           S10157501    All Company 034                                  1
Page 2, Line 5             M10150231    All Company 034                                  1
  (Cash & o/s checks)      M10150257    All Company 034                                  1
                           M10150375    All Company 034                                  1
                           M10150376    All Company 034                                  1
                           M10150407    All Company 034                                  1
                           M10150574    All Company 034                                  1
                           M10150575    All Company 034                                  1
                           M10150576    All Company 034                                  1
                           M10150584    All Company 034                                  1
                           M10150585    All Company 034                                  1
                           M10150918    All Company 034                                  1
                           M10150919    All Company 034                                  1
                           M10150921    All Company 034                                  1
                           M10150922    All Company 034                                  1
                           M10150953    All Company 034                                  1
                           M10150954    All Company 034                                  1
                           M10150955    All Company 034                                  1
                           M10150956    All Company 034                                  1
                           M10151028    All Company 034                                  1
                           M10151029    All Company 034                                  1
                           M10156035    All Company 034                                  1
                           M10156096    All Company 034                                  1
                           S10157500    All Company 034                                  1
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                       --------SAP Profit Center--------
                                       ---------------------------------     SAP
                              Account              Market     Product    Reinsurance Classification
                              Number   Channel     Center      Group      Category       Method
<S>                          <C>       <C>         <C>        <C>        <C>         <C>
Page 2, Line 6               M10200000 From detail policy inventory          DB            1
                             S10200000 From detail policy inventory          DB            1
Page 2, Line 8               M10160021          All Company 034                            1
                             S10160003          All Company 034                            1
Page 2, Line 14              M10220100          All Company 034                            1
                             M10220500          All Company 034                            1
                             M10227500          All Company 034                            1
                             M10229200 From detail policy inventory          DB            1
                             S10227601          All Company 034                            1
                             S10229200          All Company 034                            1
Page 2, Line 15.1a           M10171020   611        1E          32           DB            1
                             M10171020   611        1E          42         DB, CL          1
                             M10171020   611        1E          63           DB            1
                             S10171020   611        1E          32           DB            1
                             S10171020   611        1E          63           DB            1
Page 2, Line 15.1b *         M10171026          All Company 034                            1
   (External Reinsurance)    M20060007          All Company 034                            1
Page 2, Line 15.2            S10171030   611        1E          32           DB            1
                             S10171030   611        1E          63           DB            1
Page 2, Line 16.1 *          M10190020          All Company 034                            1
                             S10190020          All Company 034                            1
Page 2, Line 16.3 Ext *      M10360407          All Company 034                            1
Page 2, Line 16.3 (ALIC)     M10191030          All Company 034                            1
                             M10191412          All Company 034                            1
                             S10191030          All Company 034                            1
Page 2, Line 18.2            S10250220          All Company 034                            1
Page 2, Line 19              M10270004   All        All         All          DB            3
                             M10270005   All        All         All          DB            3
Page 2, Line 25              M10340000   611        1E          42           DB            1
                             M10340000   649        1E          00           DB            1
                             M10340000   699        1E          42           DB            1
                             M10340003   649        1E          00           DB            3
                             M10340070   611        1E          33           DB            1
Page 2, Line 27              M10330101          All Company 034                            1
</TABLE>

* Methodology to be refined for novation

<PAGE>

<TABLE>
<CAPTION>
                             --------SAP Profit Center--------
                             ---------------------------------     SAP
                    Account              Market     Product    Reinsurance Classification
                    Number   Channel     Center      Group      Category       Method
 <S>               <C>       <C>         <C>        <C>        <C>         <C>
 Page 3, Line 1 *  M20010000   611         1E         3A           DB            1
                   M20010000   699         1E         63           DB            1
                   S20010000   601         1A         50           DB            1
                   S20010000   601         1A         51           DB            1
                   S20010000   601         1A         53           DB            1
                   S20010000   601         1A         69           DB            1
                   S20010000   601         1R         51           DB            1
                   S20010000   611         1E         31         DB,CL           1
                   S20010000   611         1E         32        DB,AE,CL         1
                   S20010000   611         1E         33         DB,CL           1
                   S20010000   611         1E         34         DB,CL           1
                   S20010000   611         1E         3A         DB,CL           1
                   S20010000   611         1E         3C         DB,CL           1
                   S20010000   611         1E         3D         DB,CL           1
                   S20010000   611         1E         50           DB            1
                   S20010000   611         1E         51         DB,CL           1
                   S20010000   611         1E         53           DB            1
                   S20010000   611         1E         63         DB,CL           1
                   S20010000   611         1E         69           DB            1
                   S20010000   611         1R         51        DB,AE,CL         1
                   S20010000   699         1E         32           DB            1
                   S20010000   699         1E         34           DB            1
                   S20010000   699         1E         63           DB            1
 Page 3, Line 2    M20010010   611         1E         42         DB,CL           1
                   S20010010   611         1E         42         DB,CL           1
                   M20010310   611         1E         42         DB,CL           1
                   S20010310   611         1E         42         DB,CL           1
 Page 3, Line 3    M20110107   611         1E         63           DB            1
                   M20160001   611         1E         32           DB            1
                   M20160001   699         1E         32           DB            1
 Page 3, Line 4.1  M20010030   611         1E         31         DB,CL           1
                   M20010030   611         1E         32         DB,CL           1
                   M20010030   611         1E         33         DB,CL           1
                   M20010030   611         1E         3A         DB,CL           1
                   M20010030   611         1E         3C         DB,CL           1
                   M20010030   611         1E         3D         DB,CL           1
                   M20010030   611         1E         63         DB,CL           1
 Page 3, Line 4.2  M20010040   611         1E         42         DB,CL           1
 Page 3, Line 5    M20160100   611         1E         32           DB            1
 Page 3, Line 6    M20160210   611         1E         32           DB            1
 Page 3, Line 8    M20110000   611         1E         32           DB            1
                   M20110000   611         1E         42         DB, CL          1
                   M20110000   611         1E         63           DB            1
                   S20110000   611         1E         32           DB            1
</TABLE>

* Current coding requires manual exclusion of certain Specified Life Business
  return of premium riders coded to product group 63.

<PAGE>

<TABLE>
<CAPTION>
                              --------SAP Profit Center--------
                              ---------------------------------     SAP
                     Account              Market     Product    Reinsurance Classification
                     Number   Channel     Center      Group      Category       Method
 <S>                <C>       <C>         <C>        <C>        <C>         <C>
 Page 3, Line 9.4   S20020300          All Company 034                            1
 Page 3, Line 10    M20090600          All Company 034                            1
                    M20090601          All Company 034                            1
                    S20090700          All Company 034                            1
 Page 3, Line 11 *  M20090400          All Company 034                            1
 Page 3, Line 12    M20320000 Refer to allocation**                 DB            2
                    M20320064 Refer to allocation**                 DB            2
 Page 3, Line 13    S20420000   611        1E          33           DB            1
 Page 3, Line 14    M20210104   All        All         All          DB            3
                    M20210105   All        All         All          DB            3
                    M20210107   All        All         All          DB            3
                    M20210300   All        All         All        DB, DR          3
                    M20210800   All        All         All          DB            3
                    M21020002   All        All         All          DB            3
 Page 3, Line 15.1  M20200200          All Company 034                            1
 Page 3, Line 16    M20320902 From detail policy inventory          DB            1
 Page 3, Line 17    M20400407   All        All         All          DB            3
                    M20400500   All        All         All          DB            3
                    M20400501   All        All         All          DB            3
                    M20400502   All        All         All          DB            3
                    M20400504   All        All         All          DB            3
</TABLE>

*  Methodology to be refined for novation
** Allocation with further refinement to identify specific company payables.

<PAGE>

<TABLE>
<CAPTION>
                              --------SAP Profit Center--------
                              ---------------------------------     SAP
                     Account              Market     Product    Reinsurance Classification
                     Number   Channel     Center      Group      Category       Method
<S>                 <C>       <C>         <C>        <C>        <C>         <C>
Page 3, Line 19     M19990001          All Company 034                            1
                    M29990100 From detail policy inventory          DB            1
                    M29990152 From detail policy inventory          DB            1
                    M29990154 From detail policy inventory          DB            1
                    M29990200 From detail policy inventory          DB            1
                    M29990252    Combination ***                    DB            2
                    M29990300    Combination ***                    DB            2
                    M29990402    Combination ***                    DB            2
                    M29990403    Combination ***                    DB            2
                    M29990430 From detail policy inventory          DB            1
                    M29990456    Combination ***                    DB            2
                    M29990502    Combination ***                    DB            2
                    M29990524 From detail policy inventory          DB            1
                    M29990528    Combination ***                    DB            2
                    M29990606 From detail policy inventory          DB            1
                    M29990608    Combination ***                    DB            2
                    M29990621    Combination ***                    DB            2
                    M29990622 From detail policy inventory          DB            1
                    M29990623    Combination ***                    DB            2
                    M29990624    Combination ***                    DB            2
                    M29990625    Combination ***                    DB            2
                    M29990626 From detail policy inventory          DB            1
                    M29990627 From detail policy inventory          DB            1
                    M29990628    Combination ***                    DB            2
                    M29990629    Combination ***                    DB            2
                    M29990630 From detail policy inventory          DB            1
                    M29990635    Combination ***                    DB            2
                    M29990888 From detail policy inventory          DB            1
                    M29990889 From detail policy inventory          DB            1
                    M29999503    Combination ***                    DB            2
Page 3, Line 21     M20400690   649        1E          00           DB            1
Page 3, Line 24.01  S20050000          All Company 034                            1
Page 3, Line 24.02  S20060110          All Company 034                            1
Page 3, Line 24.04  M10300000          All Company 034                            1
                    S10300000          All Company 034                            1
                    S20270000          All Company 034                            1
Page 3, Line 25     M20410081   611        1E          42           DB            1
                    M20490000   All        All         All          DB            3
                    M21000200   All        All         All         Blank          3
                    M21010000   All        All         All         Blank          3
                    M21010100   All        All         All         Blank          3
</TABLE>

*** Combination of specific identification and some level of allocation.
    Parties to true up any adjustments related to refined specific
    identification.

<PAGE>

<TABLE>
<CAPTION>
                             --------SAP Profit Center--------
                             ---------------------------------     SAP
                    Account              Market     Product    Reinsurance Classification
                    Number   Channel     Center      Group      Category       Method
  <S>              <C>       <C>         <C>        <C>        <C>         <C>
  Page 3, Line 27  S20010103   601         1A         52           DB            1
                   S20010103   601         1A         58           DB            1
                   S20010103   601         1A         59           DB            1
                   S20010103   611         1E         52           DB            1
                   S20010103   611         1E         58           DB            1
                   S20010103   611         1E         59           DB            1
                   S20010104          All Company 034                            1
                   S20010114          All Company 034                            1
</TABLE>

<PAGE>

                                   Exhibit 2

Exhibit 2 provides the inventory of principal assumptions utilized in preparing
the LBL Balance Sheet after Commutation. As used below, the Company is
sometimes referred to as "LBL" and Reinsurer is sometimes referred to as "ALIC."

Each financial statement line item included in the Commutation Balance Sheet
and LBL Balance Sheet after Commutation is measured according to the following
classification method, as specified in the table below:

    (1)Amount is specifically identifiable to the Commuted Business or the
       amount is calculated as a function of the Commutation and therefore
       specifically identifiable to the Commuted Business.

    (2)Specifically identifiable balances and an allocation for balances not
       specifically identifiable.

    (3)Amount represents the entire obligation of the Company or right to an
       asset of the Company to/from an external party to the Company.

For the Commutation items included in Column 8, the Company and Reinsurer will
settle those amounts in accordance with Article III of the Agreement.

A schedule, included as Exhibit 1a, is provided of product groups, market
centers, channels and reinsurance categories, collectively "Codes", accessed
through queries obtained from the general ledgers of the Company and Reinsurer
in support of each financial statement line item. For the avoidance of doubt,
the business is identified using Codes. For reference, the account numbers as
of March 31, 2013 that relate to those Codes are included in the listing.
Certain transactions after March 31, 2013 may utilize additional account
numbers associated with the product groups, market centers and channels
associated with the Commuted Business or the Company.

<TABLE>
<C>                            <S>
                           Accounting Principles
  LBL Balance Sheet Column 10 is sourced from LBL entity balance prior to
                                Commutation.

                                          Commutation Classification
Financial Statement Line Item  Method, Assumptions Utilized and Additional Notes
-----------------------------  -------------------------------------------------
 Page 2 - Assets

 1 - 4 - Invested assets        1
                                Commutation Balance Sheet Column 1 and Mark to
                                Market Impact column sourced from list of
                                actual assets to be transferred as Commutation
                                Consideration. The Invested Assets to separate
                                account in Commutation Balance Sheet Column 1
                                equals IL basis market value adjusted annuity
                                ("MVAA") book value reserve held on ALIC books
                                as of Commutation date. Mark to market impacts
                                determined utilizing fair value valuation
                                policies consistent with Reinsurer's existing
                                practices as disclosed in the statutory
                                audited financial statement.

 5 - Short-term investments     1
   and cash equivalents         Comprised of: Commutation cash in the amount
                                needed to balance assets transferred (equal to
                                Invested Assets line 1-4 plus Contract Loans
                                plus Investment Income Due and Accrued plus
                                Accrued Policy Loan Interest plus Invested
                                Assets From Separate Account) to reserves
                                (equal to liabilities lines 1-
</TABLE>

<PAGE>

<TABLE>
<C>                            <S>
                            Accounting Principles
   LBL Balance Sheet Column 10 is sourced from LBL entity balance prior to
                                Commutation.

                                          Commutation Classification
Financial Statement Line Item  Method, Assumptions Utilized and Additional Notes
-----------------------------  -------------------------------------------------
                                4 plus unearned investment income plus
                                liabilities from separate account) transferred
                                at the Commutation effective date (Column 1),
                                plus cash of the Company prior to Commutation
                                (Column 10).

                                Includes short term investments and cash
                                equivalents.

5 - Cash and outstanding        1
  checks                        Includes all cash accounts which includes LBL
                                outstanding checks

6 - Contract loans              1
                                Policy loans are calculated at a seriatim
                                level and sourced to the general ledger from
                                the policy administration systems.

8 - Other invested assets       1 Balance attributable to low income housing
                                tax credit investment on LBL entity.

14 - Investment income due      1
  and accrued                   Column 1 sourced from contemplated asset lists
                                shared with the Company reflecting current
                                expectations of assets to be transferred.

14 - Accrued policy loan        1
  interest                      Policy loan interest is calculated at a
                                seriatim level and sourced to the general
                                ledger from the policy administration systems.

15.1 - Uncollected premiums     1
                                Premium is sourced from Cyberlife
                                administration system program that compares
                                paid-to-date to the valuation date, in
                                relation to premium mode.

                                Loading is sourced from a Valuation program
                                interfaced directly to the ledger.
                                Reinsurance premium payable is tracked at a
                                policy/reinsurance treaty level and booked at
                                a product/channel level.

                                Commutation amounts shown in Transfer of
                                Working Capital Column 8.

15.2 - Deferred premiums        1
                                Premium is sourced from the Cyberlife
                                administration system program that reflects
                                premiums from valuation date to next
                                anniversary date that is neither collected or
                                due.

                                Loading is sourced from a Valuation program
                                interfaced directly to the ledger.

                                Commutation amounts shown in Transfer of
                                Working Capital Column 8.

16.1 - Amounts recoverable      1
  from reinsurers               N/A - No balances expected under commutation.

16.3 - Other amounts
  receivable under
  reinsurance contracts -       1
  others                        N/A - No balances expected under commutation.

16.3 - Other amounts            1
  receivable under              Represents expense allowances receivable from
  reinsurance contracts -       ALIC. Transfer of Working Capital Column 8
  ALIC                          amount equals the net of all assets and
                                liabilities in this column such that the net
                                surplus impact from Column 8 equals zero.

                                For amounts in Column 10, a general ledger
                                program that automatically reinsures account
                                activity between LBL and ALIC.

18.2 - Net deferred tax asset   1
                                For purposes of the Commutation, determined as
                                a formula prior to giving effect to tax
                                attribute reductions associated with unified
                                loss rule impacts of any
</TABLE>

<PAGE>

<TABLE>
<C>                            <S>
                          Accounting Principles
 LBL Balance Sheet Column 10 is sourced from LBL entity balance prior to
                               Commutation.

                                          Commutation Classification
Financial Statement Line Item  Method, Assumptions Utilized and Additional Notes
-----------------------------  -------------------------------------------------
                                 potential LBL sale. The admitted DTA in
                                 Column 12 is sourced from the LBL Balance
                                 Sheet in Column 10 plus the admitted DTA in
                                 the Establish DTA, Column 7. The cap is of
                                 admitted DTA in Column 7 is calculated as
                                 15% multiplied by (i) capital and surplus in
                                 Column 12 less (ii) the Admitted DTA in
                                 Column 12; less the Admitted DTA in
                                 Column 10.

19 - Guaranty funds              1
  receivable or on deposit       Represents guaranty fund amounts to be taken
                                 as credits on Company's future premium tax
                                 returns.

                                 The receivable based on paid assessments is
                                 sourced from the Tax Department based on
                                 expected tax offsets that can be taken on
                                 future premium tax returns.

                                 The receivable based on accrued assessments
                                 is calculated from an internally developed
                                 database that tracks the Company's exposure
                                 to current insolvencies.

                                 Commutation amounts shown in Transfer of
                                 Working Capital Column 8.

25 - Aggregate write-ins         a. 1 - Third party administrator ('TPA")
                                    feed - receivable related to Long Term
                                    Care business.

                                 b. 2- Fund manager payments - Variable Life
                                    fund manager fees receivable - balance
                                    averages $200,000 to $250,000 at each
                                    quarter end. The balance is allocated by
                                    channel with 57% being allocated to MBA.
                                    When the VL Separate Account is separated
                                    post Commutation, the fees will be
                                    specifically identifiable.

                                 c. 3 - Premium tax refund receivable.

                                 Commutation amounts shown in Transfer of
                                 Working Capital Column 8.

27 - Separate account assets     1
                                 If Nebraska requires MVAAs to be placed into
                                 the separate account, assets with a market
                                 value equal to the minimum reserve value
                                 held in the separate account for MVAAs or as
                                 otherwise required by the state of Nebraska
                                 will be transferred from the total of
                                 investment assets in lines 1-4.

Page 3 - Liabilities

1 - Aggregate reserve for        1
  life contracts                 Reserves commuted are calculated at a
                                 seriatim level and recorded by plan code in
                                 the general ledger, therefore, the balances
                                 related to commutation are determined on a
                                 specific identification basis.

                                 The Commutation Balance Sheet reflects the
                                 net of the Company's direct, assumed and
                                 ceded reserves.

2 - Aggregate reserve for        1
  accident and health            Reserves are calculated by Third Party
  contracts                      Administrator at a seriatim level and
                                 recorded by plan code in the general ledger,
                                 therefore, the balances related to
                                 commutation are determined on a specific
                                 identification basis.

                                 The Commutation Balance Sheet reflects the
                                 net of the Company's direct and ceded
                                 reserves.

3 - Liability for deposit-       1
  type contracts                 Dividend Deposits & Premium Deposit funds
                                 are calculated at a seriatim level recorded
                                 in the general ledger by product/channel,
                                 therefore, the balances related to
                                 commutation are determined on a specific
                                 identification basis.
</TABLE>

<PAGE>

<TABLE>
<C>                            <S>
                          Accounting Principles
 LBL Balance Sheet Column 10 is sourced from LBL entity balance prior to
                               Commutation.

                                          Commutation Classification
Financial Statement Line Item  Method, Assumptions Utilized and Additional Notes
-----------------------------  -------------------------------------------------
                                 The Commutation Balance Sheet reflects the
                                 net of the Company's direct and ceded
                                 reserves.

4 - Contract claims              1
                                 Pending claim reserves are sourced from the
                                 claims system.

                                 IBNR is calculated by valuation actuaries
                                 and is based on an actuarial experience
                                 study and recorded at a product/channel
                                 level as determined utilizing valuation
                                 procedures consistent with Reinsurer's
                                 practices for Reinsurer's retained business
                                 as updated from time to time.

                                 The Commutation Balance Sheet reflects the
                                 net of the Company's direct, assumed and
                                 ceded claims. Contract claim liabilities
                                 will be transferred to the extent Company is
                                 responsible for paying claims after the
                                 Commutation effective date regardless of
                                 claim incurred date.

5 - Dividends and coupons        1
  due and unpaid                 Policyholder dividend information is booked
                                 manually based on section CKVL52TV of the
                                 VL52NE Cyberlife Detail Value report sourced
                                 from Cyberlife, and is available at a policy
                                 level by plan code.

                                 The Commutation Balance Sheet reflects the
                                 net of the Company's direct and ceded
                                 dividends.

                                 Amounts transferred under the commutation
                                 are shown in Transfer of Working Capital
                                 Column 8.

6.1 - Dividends apportioned      1
  for payment                    Policyholder dividend information is booked
                                 manually based on section CKVL52TV the
                                 VL52NE Cyberlife Detail Value report sourced
                                 from Cyberlife and is available at a policy
                                 level by plan code.

                                 The Commutation Balance Sheet reflects the
                                 net of the Company's direct and ceded
                                 dividends.

                                 Amounts transferred under the commutation
                                 are shown in Transfer of Working Capital
                                 Column 8.

8 - Premiums received in         1
  advance                        Premium is sourced from the Cyberlife
                                 administration system program that compares
                                 paid-to-date to the valuation date, in
                                 relation to premium mode.

                                 The Commutation Balance Sheet reflects the
                                 net of the Company's direct and ceded
                                 premiums received in advance.

                                 Amounts transferred under the commutation
                                 are shown in Transfer of Working Capital
                                 Column 8.

9.4 - or Asset Page if           1
  Negative - Interest            Interest Maintenance Reserve ("IMR") is
  Maintenance Reserve            comprised of:

                                   1. IMR of the Company calculated as per
                                      the statutory statement prior to the
                                      Commutation, Column 10; plus

                                   2. Column 3, historical unamortized IMR
                                      balance related to business Commuted
                                      from Reinsurer calculated as of the
                                      Commutation date and calculated as
                                      the ratio of the average amount of
                                      reserves to be
</TABLE>

<PAGE>

<TABLE>
<C>                            <S>
                          Accounting Principles
 LBL Balance Sheet Column 10 is sourced from LBL entity balance prior to
                               Commutation.

                                          Commutation Classification
Financial Statement Line Item  Method, Assumptions Utilized and Additional Notes
-----------------------------  -------------------------------------------------
                                      Commuted - the average is calculated
                                      using a simple average of
                                      December 31, 2012 amounts and
                                      Commutation date amounts divided by 2
                                      and then divided by the simple
                                      average of the total reserves of
                                      Reinsurer on those same dates as per
                                      the statutory statement of Reinsurer
                                      divided by 2 (reserves exclude MVAAs
                                      since those reserves were held in a
                                      market value separate account not
                                      subject to IMR through most of the
                                      life of the business); plus

                                   3. Column 2, IMR generated by Reinsurer
                                      attributable to specific assets
                                      transferred at the time of
                                      Commutation to be held in the
                                      Company's general account--equal to
                                      (i) 65% of the fair value less
                                      statutory book value of assets
                                      transferred subject to IMR less (ii)
                                      Column 4, IMR associated with assets
                                      transferred to the separate account
                                      if MVAAs are held in the separate
                                      account.

                                 All portions of the IMR are amortized into
                                 income based on their separate amortization
                                 schedules.

 10 - Commissions due and        Not included in Commutation Balance Sheet.
   accrued
                                 Per SSAP 61, this liability remains with the
                                 Company. Callidus and Ralie feed general
                                 ledger. Also includes manual accruals
                                 associated with bonus programs.

 11- Commissions and             Not included in Commutation Balance Sheet.
   expense allowances on
   reinsurance assumed           Amounts are tracked at a policy/reinsurance
                                 treaty level via TAI and booked at a
                                 product/channel level.

 12 - General expenses due       2
   or accrued                    Includes expenses payable by the Company.

                                 Amounts transferred under the commutation
                                 are shown in Transfer of Working Capital
                                 Column 8.

 13 - Transfers to Separate      1
   Accounts                      Ledger balances are recorded at the
                                 appropriate product /channel level. Balances
                                 result from VUL Commissioner's Reserve
                                 Valuation Method ("CRVM") as provided in
                                 Appendix A-820 Minimum Life and Annuity
                                 Reserve Standards, of the NAIC Accounting
                                 Practices and Procedures Manual. The balance
                                 is calculated based on the excess of fair
                                 value of assets over the statutory minimum
                                 reserve required CRVM in the Separate
                                 account.

                                 The Commutation Balance Sheet reflects the
                                 net of the Company's direct and ceded
                                 transfers to separate accounts.

                                 Amounts transferred under the commutation
                                 are shown in Transfer of Working Capital
                                 Column 8.

 14 - Taxes, licenses and        3
   fees due and accrued          Represents a Company obligation; entire
                                 amount transferred to Company as of the
                                 Commutation Effective Date.

                                 The accrual is calculated from an internally
                                 developed database that tracks the Company's
                                 exposure to industry insolvencies based on
                                 the annual insolvency cost report received
                                 from the National Organization of Life and
                                 Health Insurance Guaranty Associations
                                 ("NOLHGA").
</TABLE>

<PAGE>

<TABLE>
<C>                            <S>
                           Accounting Principles
  LBL Balance Sheet Column 10 is sourced from LBL entity balance prior to
                               Commutation.

                                          Commutation Classification
Financial Statement Line Item  Method, Assumptions Utilized and Additional Notes
-----------------------------  -------------------------------------------------

                                 Amounts transferred under the commutation
                                 are shown in Transfer of Working Capital
                                 Column 8.

15.1 - Current federal           1
  income tax payable             Specifically identified - arising from
                                 Commutation. Equal to (i) 35% multiplied by
                                 the statutory gain or loss on reinsurance
                                 Commutation and (ii) 35% multiplied by the
                                 statutory reserves as represented in Annual
                                 Statement Page 3 lines 1-4 and 13 less
                                 associated tax reserves.

16 - Unearned investment         1
  income                         General ledger feed from Cyberlife policy
                                 administration systems at a product/channel
                                 level - sourced from the general ledger.
                                 Amounts relate to Policy Loans or other
                                 investments in the Commutation Balance Sheet.

17 - Amounts withheld            3
                                 Represents a Company obligation; entire
                                 amount transferred to Company as of the
                                 Commutation Effective Date.

                                 Amounts transferred under the commutation
                                 are shown in Transfer of Working Capital
                                 Column 8.

19 - Remittances and items       2
  not allocated                  Comprised of inbound and outbound suspense
                                 accounts. Transactions are initially
                                 recorded to a non-descript product/channel
                                 and later cleared to the appropriate
                                 product/channel level.

                                 To identify the product/channel splits, the
                                 information included in the Excel files
                                 supporting the account reconciliations is
                                 utilized.

                                 The files contain seriatim listings by
                                 policy number of outstanding transactions.
                                 The policy numbers are compared to the
                                 valuation database to extract the
                                 corresponding product/channel.

                                 Amounts transferred under the commutation
                                 are shown in Transfer of Working Capital
                                 Column 8.

21 - Liability for benefits      1
  for employees and agents       Deferred agent compensation plan associated
                                 with the MBA channel. Amounts booked from
                                 reports received from TPA.

                                 Amounts transferred under the commutation
                                 are shown in Transfer of Working Capital
                                 Column 8.

24.01 - Asset Valuation          1
  Reserve                        Asset Valuation Reserve - Column 5

                                   a. AVR worksheet used in the Company's
                                      filed statutory statement utilized to
                                      calculate the ending AVR

                                   b. Asset values less assets transferred
                                      to market value adjusted annuity
                                      separate account added to worksheet
                                      and the AVR recalculated

24.02 - Reinsurance in           Not included in Commutation Balance Sheet.
  unauthorized companies
                                 Reserves ceded to Lincoln Benefit
                                 Reinsurance Company. Reserves are calculated
                                 at a seriatim level and recorded by plan
                                 code.

24.04 - Payable to parent,       1
  subsidiaries and affiliates    Not included in Commutation Balance Sheet.
</TABLE>

<PAGE>

<TABLE>
<C>                            <S>
                          Accounting Principles
 LBL Balance Sheet Column 10 is sourced from LBL entity balance prior to
                               Commutation.

                                          Commutation Classification
Financial Statement Line Item  Method, Assumptions Utilized and Additional Notes
-----------------------------  -------------------------------------------------

25 - Aggregate write-ins for     Abandoned property and Accounts Payable
  liabilities                    represent Company obligations; therefore the
                                 entire amounts were transferred to Company
                                 as of the Commutation Effective Date.

                                 .   3 - Abandoned property - Tracker system

                                 .   1 - Long-term Care payable - TPA

                                 .   3 - Accounts Payable - Accounts payable
                                     invoices reviewed to ensure that amounts
                                     represent Company payable amounts

                                 Amounts transferred under the commutation
                                 are shown in Transfer of Working Capital
                                 Column 8.

27 - Separate account            1
  liabilities                    If MVAAs are transferred to the separate
                                 account, the reserves are specifically
                                 identified. Column 4, minimum reserve set
                                 equal to book value of market value adjusted
                                 annuity reserve determined under Illinois
                                 SAP plus positive or negative IMR
                                 transferred to the separate account as a
                                 result of the Commutation as defined in IMR
                                 paragraph 3 above.

Other                            Include other amounts, whether positive or
                                 negative, not contemplated in Exhibit 2
                                 associated with the Commuted Business as
                                 identified consistent with the business
                                 identification methods outlined for the
                                 Commuted Business herein.
</TABLE>

<PAGE>

                              COMMUTATION ANNEX B

                          Form of Omnibus Assignment

                                  [Attached]

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