0000950152-07-004643 Sample Contracts

Participation Agreement as of May 1, 2007 Franklin Templeton Variable Insurance Products Trust Franklin/Templeton Distributors, Inc. Annuity Investors Life Insurance Company Great American Advisors, Inc. CONTENTS
Participation Agreement • May 22nd, 2007 • Annuity Investors Variable Account B • California

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FUND PARTICIPATION AGREEMENT
Fund Participation Agreement • May 22nd, 2007 • Annuity Investors Variable Account B • Delaware

This agreement is made as of this 1st day of May, 2007 by and among WILSHIRE VARIABLE INSURANCE TRUST, a Delaware Statutory Trust (the “Trust”), on its own behalf and on behalf of each of the series of portfolios set forth on Schedule A, as may be amended from time to time (each a “Fund” and collectively, the “Funds”), PFPC DISTRIBUTORS, INC., a Massachusetts corporation (“Distributor”), and ANNUITY INVESTORS LIFE INSURANCE COMPANY, a life insurance company organized under the laws of the state of Ohio (“Company”), on its own behalf and on behalf of each separate account of the Company set forth on Schedule B, as may be amended from time to time (each an “Account” and collectively the “Accounts”).

PARTICIPATION AGREEMENT Among DAVIS VARIABLE ACCOUNT FUND, INC. DAVIS DISTRIBUTORS, LLC. and ANNUITY INVESTORS LIFE INSURANCE COMPANY
Participation Agreement • May 22nd, 2007 • Annuity Investors Variable Account B • Maryland

THIS AGREEMENT, made and entered into this 25 day of April , 2006, by and among ANNUITY INVESTORS LIFE INSURANCE COMPANY (hereinafter the “Insurance Company”), an Ohio corporation, on its own behalf and on behalf of each segregated asset account of the Insurance Company set forth on Schedule A hereto as may be amended from time to time (each such account hereinafter referred to as the “Account”), DAVIS VARIABLE ACCOUNT FUND, INC., a Maryland Corporation (the “Company”) and Davis Distributors, LLC., a Delaware Limited Liability Company (“Davis Distributors”).

FUND PARTICIPATION AGREEMENT
Fund Participation Agreement • May 22nd, 2007 • Annuity Investors Variable Account B • Colorado

THIS AGREEMENT, made and entered into as of this 1st day of May, 2007 (the “Agreement”) by and among Annuity Investors Life Insurance Company organized under the laws of the State of Ohio (the “Company”), on behalf of itself and each separate account of the Company named in Schedule A to this Agreement, as may be amended from time to time (each account referred to as the “Account” and collectively as the “Accounts”); Financial Investors Variable Insurance Trust, an open-end management investment company organized under the laws of the State of Delaware (the “Fund”); ALPS Advisers, Inc., a corporation organized under the laws of the State of Colorado and investment adviser to the Fund (the “Adviser”); and ALPS Distributors, Inc., a corporation organized under the laws of the State of Colorado and principal underwriter/distributor of the Fund (the “Distributor”).

THIRD AMENDMENT TO FUND PARTICIPATION AGREEMENT
Fund Participation Agreement • May 22nd, 2007 • Annuity Investors Variable Account B

The Fund Participation Agreement dated November 21, 1995, as amended July 1, 2002 and December 1, 2004 by and among ANNUITY INVESTORS LIFE INSURANCE COMPANY and DREYFUS VARIABLE INVESTMENT FUND is hereby amended as follows:

THIRD AMENDMENT TO AGREEMENT BY AND BETWEEN THE DREYFUS CORPORATION AND ANNUITY INVESTORS LIFE INSURANCE COMPANY
Annuity Investors Variable Account B • May 22nd, 2007

The Amended and Restated Agreement dated April 24, 1997, as amended July 1, 2002 and December 1, 2004, by and between THE DREYFUS CORPORATION and ANNUITY INVESTORS LIFE INSURANCE COMPANY is hereby amended, as follows:

PARTICIPATION AGREEMENT AMONG CALAMOS® ADVISORS TRUST CALAMOS® ADVISORS LLC CALAMOS® FINANCIAL SERVICES LLC and Annuity Investors Life Insurance Company
Participation Agreement • May 22nd, 2007 • Annuity Investors Variable Account B • Massachusetts

THIS AGREEMENT, made and entered into as of this 1st day of May, 2007 by and among Annuity Investors Life Insurance Company (hereinafter, the “Company”), a life insurance company, on its own behalf and on behalf of each separate account of the Company set forth on Schedule A hereto as may be amended from time to time (each account hereinafter referred to as an “Account” and collectively as the “Accounts”), Calamos Advisors Trust, a business trust organized under the laws of the Commonwealth of Massachusetts (hereinafter the “Fund”), Calamos Advisors LLC (hereinafter the “Adviser”), a Delaware limited liability company, and Calamos Financial Services LLC (hereinafter the “Underwriter”), Delaware limited liability company.

May 1,2007 Annuity Investors Life Insurance Company 525 Vine Street Cincinnati, OH 45202 Re: Administrative Services Dear Sir/Madam:
Annuity Investors Variable Account B • May 22nd, 2007

As you know, we have entered into a participation agreement (the “Participation Agreement”) among The Universal Institutional Funds, Inc. (the “Fund,” formerly Morgan Stanley Universal Funds, Inc.), Morgan Stanley Investment Management Inc. (the “Adviser,” formerly Morgan Stanley Asset Management Inc.), Morgan Stanley Investments LP (the “MSI,” formerly Miller Anderson & Sherrerd, LLP)1 and Annuity Investors Life Insurance Company (the “Company”), dated May 1, 1997, as may be amended from time to time, providing for the purchase by the Company of shares of certain series of the Fund (“Portfolios”) on behalf of its separate account(s) to fund the variable life and annuity contracts specified in the Participation Agreement (“Contracts”).

AMENDMENT TO PARTICIPATION AGREEMENT
Participation Agreement • May 22nd, 2007 • Annuity Investors Variable Account B

This AMENDMENT TO PARTICIPATION AGREEMENT (the “Amendment”) is made and entered into as of the 1st day of May, 2007, by and among ANNUITY INVESTORS LIFE INSURANCE COMPANY (the “Company”), on its own behalf and on behalf of each separate account of the Company identified in the Participation Agreement (as defined below), THE UNIVERSAL INSTITUTIONAL FUNDS, INC. (the “Fund,” formerly Morgan Stanley Universal Funds, Inc.) and MORGAN STANLEY INVESTMENT MANAGEMENT INC. (the “Adviser,” formerly Morgan Stanley Asset Management Inc.).

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