[August 14, 2014]

Parrett Joins the Principal Financial Group as VP of Consulting

The Principal Financial Group^® today announced the hiring of Mike Parrett as vice president of consulting, effective August 18, 2014. Parrett will provide advanced consulting to employee stock ownership plans (ESOPs), including financial analysis and transaction structuring. He will be based in Indianapolis.

"We are pleased to welcome Mike to The Principal^® team," said Jerry Ripperger, vice president of consulting at The Principal. "His extensive experience in finance and ESOPs will be instrumental in strengthening our consulting practice to better serve our clients."

Parrett has nearly 30 years of experience in finance, treasury and operations management. Most recently, he served as senior vice president and chief financial officer of Herff Jones, Inc., where he was responsible for overseeing the company's merger and acquisition, finance, treasury, insurance and risk-managment functions.

Parrett earned bachelor's degrees in accounting and business administration from the University of Indianapolis and is a Certified Public Accountant and Certified Treasury Professional. He previously represented Herff Jones, Inc., on the Employee-Owned S Corporation of America (ESCA) board and is a current member of the Association for Financial Professionals (AFP).

About the Principal Financial Group
The Principal Financial Group^® (The Principal^®)¹ is a global investment management leader offering retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500^®, the Principal Financial Group has $517.9 billion in assets under management² and serves some 19.4 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.

¹ "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
² As of June 30, 2014.

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