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JOHN EGAN | VICE PRESIDENT

INVESTOR RELATIONS

THE PRINCIPAL FINANCIAL GROUP

John Egan is vice president, Investor Relations with the Principal Financial Group®. Egan acts as the

liaison between the company and its institutional and retail shareholder base.

Egan joined The Principal® in 2010. Prior to joining the company, he served as vice president, Investor

Relations with Assurant Inc., and vice president and financial analyst with Assurant Asset Management.

Egan earned his bachelor’s degree in accounting from Manhattan College and his M.B.A. in finance from

St. John’s University. He serves as a board member of the Holy Family School and is a member of the

National Investor Relations Institute (NIRI).

LARRY D. ZIMPLEMAN | CHAIRMAN, PRESIDENT & CHIEF EXECUTIVE OFFICER


Larry D. Zimpleman is chairman, president and chief executive officer of the Principal Financial Group®. He is responsible for overall management of the company.

Zimpleman joined the company in 1971 in the actuarial department. He served in various management and leadership positions in the pension department and went on to lead Retirement and Investor Services. He was named president and chief operating officer in 2006, president and chief executive officer in 2008 and to his current position in 2009.

Zimpleman serves on the board of the American Council of Life Insurers (ACLI). He also serves as vice chair, Executive Committee and board member of the Financial Services Roundtable, and is a member of the Business Roundtable. He is past president of the American Academy of Actuaries and a past member of the Board of Governors of the Society of Actuaries.

Zimpleman is a member of the Iowa Partnership for Economic Progress (IPEP) board, appointed by Gov. Terry Branstad. He currently serves as chair of the Board of Trustees for Drake University, vice chair of the Iowa Business Council, and is a member of the Business-Higher Education Forum.

Zimpleman was elected to serve as a delegate to the National SAVER Summit held in Washington, D.C. in both 2002 and 2006. In 2012, PLANSPONSOR magazine presented him with the “Lifetime Achievement Award” for his contributions to the retirement plan industry. Zimpleman was also

selected by the Employee Benefits and Research Institute (EBRI) as the 2013 winner of their prestigious Lillywhite Award for his long-time commitment to economic security.

Zimpleman earned his bachelor’s and master’s degrees in business administration from Drake University in Des Moines, Iowa.

JIM McCAUGHAN | CHIEF EXECUTIVE OFFICER

PRINCIPAL GLOBAL INVESTORS


Jim McCaughan is chief executive officer of Principal Global Investors, the asset management arm of

the Principal Financial Group®. With 30 years of experience in the investment business, McCaughan

is responsible for all global asset management operations, including developing global strategies and

identifying and analyzing market opportunities.

McCaughan joined The Principal® in 2002. Prior to that, he served as chief executive officer of the

Americas division of Credit Suisse Asset Management in New York. Prior to Credit Suisse, he was

president and chief operating officer of Oppenheimer Capital in New York.

McCaughan earned a degree in mathematics from the University of Cambridge in England. He is a

Fellow of the Institute of Actuaries.

RAFAËL BIOSSE DUPLAN

PARTNER, FINISTERRE CAPITAL LLP

Rafaël Biosse Duplan is partner of Finisterre Capital, LLP.

Prior to joining Finisterre Capital LLP, Duplan was a managing director and head of the Emerging Markets Group for Lehman Brothers in London, responsible for managing the risk and developing the sales and trading franchise in the region. He joined Lehman Brothers in 2003, after 12 years with Salomon Brothers (subsequently Citigroup Global Markets). Between 2000 and 2003, as co-head of Emerging Markets origination in London, Duplan developed the Russia capital market franchise and implemented key sovereign liability management transactions across the region. Previously, he traded Emerging Market debt at Salomon Brothers/Citigroup for nine years, holding by 1999 a global risk management supervisory function for emerging market distressed debt and concentrating on credit intensive situations in Russia and Asia.

Duplan holds a law degree from the Panthéon-Sorbonne University in Paris, and is a graduate from the ESCP Europe Grande École and the Harvard Kennedy School of Government.

DANIEL J. HOUSTON | PRESIDENT

RETIREMENT, INSURANCE AND FINANCIAL SERVICES


Daniel J. Houston is president, Retirement, Insurance and Financial Services with the Principal Financial

Group®. He is responsible for the company’s U.S. asset accumulation businesses, including full service

accumulation, Principal Bank, mutual funds and the annuity lines of business. He’s also responsible for

the company’s U.S. Insurance Solutions businesses, including Individual Life and Specialty Benefits, as

well as distribution channels supporting all units.

Houston joined the company in 1984 as a group representative in the Dallas group and pension office.

Since then he has served in many capacities in sales, distribution and management in the retirement

division. He was named president of Retirement and Investor Services in 2008 and promoted to his

current role in 2009.

Houston is a member of several boards, including United Way of Central Iowa, Mercy Medical Center,

Employee Benefits Research Institute (EBRI), America’s Health Insurance Plans (AHIP), Iowa State

University Business School Dean’s Advisory Council, Morley Financial Services, Principal Financial

Advisors, Principal Trust Company (Asia) Limited, Principal International, BrasilPrev, Principal Bank and

Principal Global Services Private Limited.

Houston has appeared before the U.S. Senate Special Committee on Aging to discuss the importance of

educating the workforce about the financial needs in retirement. Houston also joined the joint forum

of U.S. Senate Committees on Finance and Health, Education, Labor and Pensions to discuss “Private-

Sector Retirement Savings Plans: What Does the Future Hold?”

Houston received his bachelor’s degree from Iowa State University in 1984.

NORA M. EVERETT | PRESIDENT & CHIEF EXECUTIVE OFFICER

PRINCIPAL FUNDS


Nora Everett is president and CEO, Principal Funds and senior vice president, Retirement and Investor Services (RIS), the Principal Financial Group®. She is responsible for Principal Funds, Principal Bank®and Principal Trust as well as the Compliance and Investment Services divisions of RIS.

Everett joined The Principal® in 1991 as an attorney and was promoted to senior vice president and deputy general counsel in 2004. She was promoted to her current position in 2008. Prior to joining The Principal, Nora practiced law in Washingon, DC.

Everett earned her bachelor's degree and Phi Beta Kappa honors from Iowa State University and her J.D. degree from William & Mary Law School.

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Everett holds FINRA Series 7 and 24 licenses and is a member of the Iowa State Bar Association. She serves on several boards, including Principal Funds, Principal Bank, Principal Trust, Principal International, Origin Asset Management, Finisterre Capital, and the Community Foundation of Greater Des Moines. She also serves on the Investment Company Institute's Board of Governors.

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LUIS VALDÉS | PRESIDENT & CHIEF EXECUTIVE OFFICER

PRINCIPAL INTERNATIONAL


Luis Valdés is president and chief executive officer, Principal International at The Principal Financial

Group®. He is responsible for overall management of the international companies in Latin American and

Asia.

Past roles include senior vice president, Principal Financial Group Latin America, supervising operations

in Brazil, Chile and Mexico. Valdés also served as regional vice president Latin America, Principal

International, from1998 through March 2010. Prior to joining The Principal®, Valdés served in several

positions as a public servant for the Chilean Government from 1980 through 1991, including his

appointment as Insurance Commissioner for Chile (1989 – 1991).

Valdés has been associated with The Principal since 1991 when he was managing director of BanRenta

Compania de Seguros de Vida, which later was purchased by Principal International.

Valdés has been an insurance market consultant for the World Bank. He serves on the boards of

BrasilPrev Seguros & Previdencia (Brazil), Principal International (Chile) and Principal AFORE and

Principal Life (Mexico) and several boards in Asia. He has been a professor of Business Policy and

Finance since 1988 at several universities. Valdés also served as a professor in a postgraduate program

in Business at the ESE School Business of Universidad Los Andes.

Valdés received his bachelor’s degree in physics and math and his degree in industrial engineering from

the Universidad de Chile in Santiago. He received his master’s degree from the IESE – Universidad de

Navarra in Barcelona, Spain.

NED A. BURMEISTER | SENIOR VICE PRESIDENT & CHIEF OPERATING OFFICER

PRINCIPAL INTERNATIONAL


Ned Burmeister is senior vice president with the Principal Financial Group® and chief operating officer for Principal International. As COO of Principal International, he is responsible for finance, planning, operations and risk management for businesses of The Principal® outside the U.S.

Burmeister joined The Principal as an actuarial student in 1979. He served in numerous capacities and in management roles in Retirement and Investor Services, Principal Trust and most recently as chief financial officer for Principal International. He was promoted to his current position in 2010. Burmeister participated in a management exchange program with Toho Mutual Life in Tokyo, Japan from 1987 to 1988.

He is a member of the Society of Actuaries and the American Academy of Actuaries. Burmeister earned his bachelor’s degree from Drake University in Des Moines, Iowa.

TIMOTHY M. DUNBAR | SENIOR VICE PRESIDENT & CHIEF INVESTMENT OFFICER


Timothy M. Dunbar is senior vice president and chief investment officer of the Principal Financial

Group®. In this capacity, he oversees the business management and strategic direction of the Capital

Markets area, as well as the investment policies and performance of the general account for the

Principal Life Insurance Company.

Dunbar joined the company in 1986 as an asset manager representative. He was elected an officer and

named assistant director, Commercial Real Estate Equities in 1994. In 1997, he was appointed director

for Principal International, where he oversaw the pension and investment operations in Monterrey,

Mexico. In 2003, he was elected second vice president, Mergers and Acquisitions, and in 2004 he was

appointed executive director and head of equities for Principal Global Investors. Dunbar was named

senior vice president of Strategy & Finance in 2011 and assumed his current position in 2013.

Dunbar earned his bachelor’s degree from Iowa State University in Ames, Iowa.

TERRANCE J. LILLIS | SENIOR VICE PRESIDENT & CHIEF FINANCIAL OFFICER


Terrance (Terry) J. Lillis is senior vice president and chief financial officer of the Principal Financial Group®. He is responsible for all financial reporting, investor relations and tax functions.

Lillis joined The Principal® in 1982 in the actuarial department. Since then he has served in numerous actuarial capacities and as chief financial officer of Retirement and Investor Services. He was named to his present position in 2008.

Lillis is a member of the American Academy of Actuaries and a member of the Society of Actuaries. He also serves on the Mercy Medical Center Finance Board Committee, the Simpson College Board of Trustees, the Henry B. Tippie College of Business Advisory Board and the Diocese of Des Moines Catholic Charities Finance Council.

Lillis received his bachelor’s degree from Simpson College in Indianola, Iowa and his master’s degree from the University of Iowa.

TRACY W. BOLLIN | CHIEF FINANCIAL OFFICER

PRINCIPAL FUNDS


Tracy Bolin is chief financial officer, Principal Funds with the Principal Financial Group®. Bollin is

responsible for the financial integrity of Principal Funds and aligning the business strategy with the long-

term financial forecast.

He joined Principal Management Corporation (PMC), a member company of The Principal®, in 1994.

Tracy was elected officer of Capital Markets in 2003, named assistant financial controller for PMC in

2006 and chief financial officer of Principal Funds in 2010.

Tracy earned his bachelor’s degree in accounting from the University of Northern Iowa.

GREGORY J. BURROWS | SENIOR VICE PRESIDENT

RETIREMENT AND INVESTOR SERVICES


Gregory J. Burrows is senior vice president, Retirement and Investor Services with the Principal Financial Group®. He is responsible for overall management of the full-service accumulation line of business.

Burrows joined the company in 1986 as a senior group and pension representative. In 1991, he was named regional director of group and pension sales and elected an officer. From 1994-1996, he was president and CEO of AHP, a former company subsidiary. Burrows served as the managing director of the Argentina operation of Principal International from 1996-1999 and Japan operation from 1999-2001. He returned to Des Moines, Iowa, in 2001 and was named senior vice president, Retirement and Investor Services in 2008.

Burrows serves as a board member on Nippon Life Insurance Company of America, Grand View University, LIMRA/LOMA Retirement Advisory Board, Principal Global Services, Morley Financial Services, Edge Asset Management, Post Advisory Group and Principal Bank. Burrows received his bachelor’s degree from the University of South Florida.

TERESA M. BUTTON | VICE PRESIDENT & TREASURER


Teresa M. Button is vice president and treasurer with the Principal Financial Group®.

Button joined the company in 1991. She was named assistant financial controller in 1997, financial

controller in 2001, Chief Accounting Officer in 2004, and elected to her current position in April 2011.

Prior to joining the company she was an auditor with KPMG LLP.

A native of Council Bluffs, Iowa, Button earned her bachelor’s degree from the University of Iowa in

Iowa City. Button is a member of the American Institute of Certified Public Accountants and the Iowa

Society of CPA’s.

JILL CUNIFF | PRESIDENT, EDGE ASSET MANAGEMENT

PRINCIPAL GLOBAL INVESTORS, PRINCIPAL FUNDS


Jill Cuniff is the president of Edge Asset Management, Inc., an affiliate of Principal Global Investors and sub-advisor for Principal Funds. She is responsible for the firm’s overall activities including investment management, sales, marketing, compliance and operations. Additionally, she is a co-portfolio manager for the Strategic Asset Management portfolios, a suite of asset allocation funds. She serves as the chairwoman for the firm’s Investment & Risk Committee.

Cuniff has more than 25 years of experience as both a business leader and investment professional. She started her career as a trader and held various investment roles until becoming chief investment officer of Morley Financial, another affiliate of Principal Global Investors, in 1999. She was named president of Morley Financial and their affiliated trust company in 2001 and oversaw all of the firm’s investment, sales, marketing and operations functions. During her tenure, she led the business side of Morley’s acquisition by Principal Global Investors in 2007.

Cuniff is a director of Edge Asset Management and a past board member of Morley Financial Services, Union Bond & Trust Company, the Stable Value Investment Association and the Portland Youth Philharmonic. She is regularly seen on Bloomberg and CNBC and received a bachelor’s degree in business finance from Montana State University.

NIGEL DUTSON | MANAGING PARTNER & FOUNDING PARTNER, ORIGIN ASSET MANAGEMENT LLP


Nigel Dutson is managing partner and a founding partner of Origin Asset Management LLP (Origin).

Origin is partly owned by Principal Global Investors, the asset management arm of The Principal

Financial Group®. Dutson is responsible for overall management of Origin, which manages global equity

portfolios for institutional clients around the world.

From January 2000 to July 2004, Dutson was a senior investment manager at Investec Asset

Management where he was an architect for the company’s investment process and was a member

of the UK and Global Equity teams. Prior to joining Investec, he worked for Schroder Investment

Management where he managed institutional UK equity funds valued at £2 billion. Before joining

Schroders, Nigel managed European equity portfolios for Hill Samuel Investment Management from

1988 to 1996.

Nigel is a graduate of Surrey University with a BSc Joint Honours Degree in mathematics and economics.

TODD E. EVERETT | MANAGING DIRECTOR & HEAD OF FIXED INCOME

PRINCIPAL REAL ESTATE INVESTORS


Todd E. Everett is managing director and head of Fixed Income for Principal Real Estate Investors. He directs a portfolio management team that has responsibility for portfolio strategy and investment management covering all affiliated and non-affiliated commercial mortgage and commercial mortgage

backed securities (CMBS) clients.

Everett joined The Principal® in 1985 as a commercial mortgage trainee. He was appointed mortgage representative in 1986, regional administrator in 1989 and mortgage manager in 1992. He was elected an officer and named assistant director in 1994.

Everett is past chair of the Counselors of Real Estate Finance Council's Portfolio Lenders Forum. Everett earned his bachelor's degree in 1985 from the University of Nebraska.

GEORGE JAMGOCHIAN | EXECUTIVE DIRECTOR



George Jamgochian is executive director, U.S. Distribution at Principal Global Investors. Jamgochian is

responsible for sales, relationship management and marketing in the U.S.

Based in New York, Jamgochian has more than 35 years of experience in the investment management

industry, including his most recent position as head of sales, marketing and relationship management at

Financial Risk Management. Jamgochian’s background also includes senior roles with Credit Suisse Asset

Management and UBS. He joined The Principal® in 2008.

Jamgochian received an MBA from Boston University and his bachelor’s degree in finance from the

University of Massachusetts. He sits on the boards of Principal Global Investors boutiques Spectrum

Asset Management, Post Advisory Group and Principal Global Investors Equities.

TIMOTHY J. MINARD | SENIOR VICE PRESIDENT

U.S. DISTRIBUTION


Timothy Minard is senior vice president, U.S. Distribution at the Principal Financial Group®. In this role, Minard manages sales and service initiatives for all U.S. retirement and insurance-related product lines of The Principal®.

Minard leads a nationwide network of 90 sales and service offices. He is also responsible for the development of deeper and broader advisor relationships across business lines through more than 70 strategic alliances.

Minard began his career with The Principal in 1986 as a retirement sales representative and has served in numerous distribution and management capacities during his tenure. In March of 2005, he was promoted to senior vice president, Retirement Distribution. His current position was expanded in 2011 to also include leadership of the U.S. Insurance Solutions distribution areas.

He is past-president of Big Brothers Big Sisters of Central Iowa and is a board member for The Principal Charity Classic. Minard received his bachelor’s degree in finance from the University of Iowa.

MARY A. O’KEEFE | SENIOR VICE PRESIDENT & CHIEF MARKETING OFFICER


Mary A. O’Keefe is senior vice president and chief marketing officer with the Principal Financial Group.

She is responsible for corporate marketing, branding, communications and corporate giving.

Prior to joining The Principal in 1990, she worked in various economic development, marketing and job

training roles for the State of Iowa.

O’Keefe serves on several boards including: Greater Des Moines Partnership Board of Directors and

Executive Committee; Community Foundation of Greater Des Moines, Kum & Go, UnityPoint Health-Des

Moines, Maddie’s Circle, Capital Crossroads, Iowa Jobs for America’s Graduates (iJAG) Vision Council,

Drake University International Advisory Council; and the Homeless Coordinating Council. She is the

president of the Riverfront Development Authority and the Principal Financial Group Foundation, Inc.,

and chairs the Principal Charity Classic and Downtown Community Alliance. She has been recognized

as a Woman of Influence and Best Female Business Leader by the Des Moines Business Record, was

named a “Woman to Watch” in Ad Age Magazine in 2007, featured in the book Women Who Mean

Business: Success Stories of Women Over Forty by A. Mikaelian and honored with induction into the

Iowa Volunteer Hall of Fame in 2012. She was a 2012 finalist for the Des Moines Register’s Iowa Star

Award, which honors individuals who promote unity, self-empowerment and self-sufficiency for all.

A native of Chicago, Illinois, O’Keefe earned her bachelor’s degree from Northern Illinois University in

DeKalb, Illinois.

MICHAEL D. ROUGHTON | VICE PRESIDENT & ASSOCIATE GENERAL COUNSEL


Michael D. Roughton is vice president and associate general counsel with the Principal Financial Group®. Roughton is responsible for the company’s legal services related to federal and state regulation of securities.

Roughton joined The Principal® as an attorney in 1985. He was elected an officer, assistant counsel in 1987, named vice president in 1999 and obtained his current position in 2000.

Roughton received his bachelor’s degree from Boston University and his J.D. degree from Drake University.

MUSTAFA SAGUN | CHIEF INVESTMENT OFFICER



Mustafa Sagun is the chief investment officer – equities for Principal Global Investors, the asset

management arm of the Principal Financial Group®. In this role, he is responsible for overseeing

portfolio management and research for all international, domestic and global equities strategies.

Sagun joined The Principal® in 2000 and has over two decades of investment and risk management

experience. He was promoted to his current role in 2006 and has been the lead portfolio manager for

global equity portfolios since 2002. Sagun has also served as a member of the asset allocation strategy

team. Sagun began his career in 1991 and has held several portfolio management, research and risk

management roles. Previously, he was a vice president and analyst for PNC Financial Services Group and

an equity derivatives specialist for Salomon Brothers.

Sagun holds the Chartered Financial Analyst designation. He is a member of the CFA Institute and the

CFA Society of Iowa. Sagun received a Ph.D. in finance and a master’s degree in international economics

from the University of South Florida. He received a bachelor’s degree in electronics and engineering

from Bogazici University of Turkey.

KAREN E. SHAFF | EXECUTIVE VICE PRESIDENT & GENERAL COUNSEL


Karen Shaff is the executive vice president and general counsel for the Principal Financial Group®. She is responsible for the Law and Government Relations departments.

She joined The Principal® in 1982 as an attorney in the law department and has served in numerous legal and management roles. She was appointed to her current position in 2004. Prior to working at The Principal, Shaff was an associate with the law firm of Austin and Gaudineer.

Shaff is past president of the Association of Life Insurance Counsel and a member of the American, Iowa State and Polk County Bar Associations, and the Association of Corporate Counsel. She is a past member of the Iowa State Bar Association Committee on Professional Ethics and Conduct, and the Iowa State Bar Association Board of Governors. She is a director of GuideOne Mutual Insurance Company, GuideOne Specialty Mutual Insurance Company and Sargasso Mutual Insurance Company, Ltd. Shaff is also Chair of the Animal Rescue League of Iowa Advisory Council and a trustee of Grinnell College.

She holds a law degree from Drake University Law School. Shaff earned her bachelor’s degree in political science from Northwestern University.

ELLEN W. SHUMWAY | EXECUTIVE DIRECTOR



Ellen W. Shumway is executive director – Strategy and Boutique Operations with Principal Global

Investors, the asset management organization of the Principal Financial Group®. In this role, Shumway

leads the development of the firm’s affiliate businesses and oversees their operations, marketing

and governance. She also advises on the sales collaboration between the firm’s institutional advisory

services group and the affiliates.

Shumway joined The Principal® in 2005 as vice president of Corporate Strategic Development. Prior to

that, she spent 15 years at McKinsey & Company in the Chicago office. She was a partner and leader in

the firm’s North American Insurance practice, heading up the North American Claims Operations and

Strategy practice. Prior to joining McKinsey, she was an assistant treasurer at J.P. Morgan & Company,

Inc. in the bank’s Financial Advisory Department.

Shumway received her M.B.A. from the University of Chicago in 1990, where she was elected to Beta

Gamma Sigma. She received her bachelor’s degree with honors from Johns Hopkins University.

DEANNA D. STRABLE | SENIOR VICE PRESIDENT

U.S. INSURANCE SOLUTIONS


Deanna Strable is senior vice president, U.S. Insurance Solutions with the Principal Financial Group®. Strable is responsible for all products within the Individual Life and Specialty Benefits Divisions of the U.S. Insurance Solutions segment and has overall accountability for the individual life, individual disability, group disability, group life, group dental and group vision businesses.

Strable joined the company in 1990 as an actuarial assistant. She has served in numerous actuarial and management roles until being promoted to her current position in 2005.

She is a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries. Strable received her bachelor’s degree from Northwestern University in Evanston, Illinois.

TIMOTHY R. WARRICK | PORTFOLIO MANAGER



Tim R. Warrick is a portfolio manager at Principal Global Investors, the asset management arm of the

Principal Financial Group®. Warrick is responsible for the corporate and U.S. multi-sector portfolios.

He also serves as portfolio management team leader with responsibility for overseeing portfolio

management functions for all total return fixed income products.

Prior to his portfolio management role, Warrick was a fixed income credit analyst and extensively

involved in product development. He joined the firm in 1990. Warrick also spent two years with

ReliaStar Investment Research, Inc. where he was responsible for multiple sectors, including asset-

backed securities, corporate bonds, mezzanine debt and leveraged bank loans.

He holds the Chartered Financial Analyst designation and is a member of the CFA Institute. Warrick

received an MBA in finance from Drake University and a bachelor’s degree in accounting and economics

from Simpson College.

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