DES MOINES, Iowa –Principal Financial Group ® (Nasdaq: PFG) announced today (Wednesday), that it has received notice of an unsolicited mini-tender offer by Baker Mills LLC (“Baker Mills”) to purchase up to 60,000 shares of Principal Financial Group, Inc. common stock (“PFG”) from Principal ® shareholders. The offer represents approximately 0.021 percent of Principal’s shares of common stock outstanding as of the April 16, 2018 offer date.

Baker Mills’ offer price of $49.00 per share is approximately 19.75 percent lower than the $61.06 closing price of PFG common stock on Nasdaq on April 16, 2018. This offer follows a recent similar offer by Baker Mills to purchase from certain PFG holders up to 50,000 shares of PFG. That previous offer, which terminated on March 2, 2018, resulted in the purchase by Baker Mills of 11,163 PFG shares.

As with the prior offer by Baker Mills, Principal does not endorse Baker Mills’ unsolicited mini-tender offer and recommends that shareholders do not tender their shares in response to Baker Mills’ offer because the offer is, as was the case with the previous offer, at a price that is significantly below the current market value of PFG.

As with the prior offer by Baker Mills for PFG, Principal urges investors to obtain current market quotations for their shares, consult with their broker or financial advisor, and exercise caution with respect to Baker Mills’ offer. Principal urges shareholders who have not responded to Baker Mills’ offer take no action.

Shareholders who have already tendered their shares may withdraw them at any time by providing written notice as described in the Baker Mills mini-tender offer documents prior to the expiration of the offer, currently scheduled for 5:00 p.m., Eastern time, on May 18, 2018. Principal encourages shareholders to review carefully the “Withdrawal Rights” section of the offer documents.

To find out more, visit principal.com.