Guaranteed Account - CUNA Mutual Group

The GuaranteedAccountPaving the way to a secureretirement10001754-0213

As Retirement Plan Participants havegotten older…Average 401(k) Asset Allocation By Asset Class1999*2011**Equity Funds-53%Equity Funds-36%Company Stock-19%Company Stock-13%Balanced/ Lifestyle Funds-7%Balanced/ Lifestyle Funds-19%GICs/Stable Value Funds-10%GICs/Stable Value Funds-23%Bonds Funds-5%Bond Funds-6%Money Market Funds-5%Money market Funds-1%Other-1%Other-2%They want more guarantees!!!*1999 EBRI/ICI Participant-Directed Retirement Plan Data** 2011 Aon Hewitt 401(k) Index10001754-02132

Capital Preservation and ConsistentSteady Returns*Volatility of Returns (12/31/88 – 12/31/12)4 . 0 0 %3 . 0 0 %2 . 00 %1 . 0 0 %0 . 0 0 %- 1. 0 0%- 2. 0 0%- 3 . 0 0 %M o d e l S t a b l e V a l u e A c c ou n t i M on e y N e t M F R M on e y F u n d s I nd e x B arc l a y s I n t er m e d i a t e G o v / C r e d i t I n d exSource: Stable Value Investment Association, www.stablevalue.org, 201210001754-02133

Higher Potential Returns than MoneyMarket Accounts*Growth of $1 (12/31/88 – 12/31/12)10001754-0213Source: Stable Value Investment Association, www.stablevalue.org 20124

What is a Stable Value Account?• Option available only to qualified retirement plans• Currently offered in approximately half of the 173,050 defined contributionemployee benefit plans• Designed to preserve principal while pursuing returns similar tointermediate term bond funds with money market liquidity• $540 billion invested in stable value assets10001754-02135

Are all Stable Value Funds the same?No! Three Different Types:1. Insurance Company Separate Account Stable Value Contract2. Wrap Guaranteed Stable Value Fund3. Insurance Company General Account Stable Value Contract10001754-02136

Insurance Company Separate AccountStable ValueTheInvestorThe InsuranceCompanyDebtSecuritiesReal EstateCashBondsSeparateAccountInvestments• Assets are owned and held by the insurance company• Separate account set aside for the benefit of the plan participant• Insurance company declares rate dependent upon how underlying investments perform• Security for the investor is the quality of the underlying investment10001754-02137

Wrap Guaranteed Stable ValueDebtSecuritiesReal EstateCashBondsTheInvestorCollectiveInvestment Trust• Assets owned by 401(k) plan/participants and held by bank or trust company referred toas Collective Investment Trust• Insurance company declares rate dependent upon how underlying investments perform• Insulated from rate volatility by contracts (wraps) from banks and insurance companies• Security for the investor is the quality of the underlying investment10001754-02138

Insurance Company General AccountStable ValueTheInvestorTheInsuranceCompanyDebtSecuritiesReal EstateCashBondsTheCompany’sInvestments• Assets are owned and held by the insurance company• Assets are held within the insurer’s general account• Insurance company declares rate without direct correlation to yieldof underlying investments• Security for the investor is the financial strength of the insurance company and thequality of the general account10001754-02139

Stable Value: General Account Type-Multiple Safety Nets(1) Contractual Obligation(2) Insurance Company Financial Strength(3) Rating Agencies(4) State Regulation(5) Legal Reserve(6) Capital Surplus(7) State Insurance Commissioner(8) NAIC(9) Self Regulation(10) State Guaranty Association}Wrap and Separate Accounts10001754-021310

CMFG Life’s Guaranteed AccountContract• Insurance Company General Account Stable Value Type• CMFG Life Insurance Company guarantees principal and interest 1• CUNA Mutual Group Stable Value Fund launched in 1984• 100% liquidity at participant level with no transfer restrictions or fees 2• Competitive interest rates declared in advance quarterly• Various commission options available from 0 bps to 50 bps• Provides a Guaranteed Lifetime Income solution within a plan1All guarantees are based on the claims paying ability of CMFG Life Insurance Company.2If the plan sponsor cancels the contract, the participant investments in the Guaranteed Account will be subject to a market value adjustment. Thisadjustment is determined by comparing today’s yield to the average yield over the last 60 months of the Merrill Lynch BBB 7- to 10-year U.S.Corporate Index. The adjustment is applied to participant accounts and may be negative. To avoid a negative payback, plan sponsors can chooseequal quarterly installments over five years vs. a lump sum withdrawal.10001754-021311

What enables competitive interest rates andliquidity?• Qualified retirement plans only• Market value adjustment *-Applied only when contract is terminated at the plan level-Waived if quarterly installments paid out over 5 years• Competing funds provision-Not available to plans that offer a similar account option, such as otherstable value accounts, money market funds, short-term bond accounts orself-directed brokerage options* If the plan sponsor cancels the contract, the participant investments in the Guaranteed Account will be subject to a market value adjustment. Thisadjustment is determined by comparing today’s yield to the average yield over the last 60 months of the Merrill Lynch BBB 7- to 10-year U.S.Corporate Index. The adjustment is applied to participant accounts and may be negative. To avoid a negative payback, plan sponsors can chooseequal quarterly installments over five years vs. a lump sum withdrawal.10001754-021312

About CUNA Mutual Group*• Established in 1935; in the retirement plan business since 1959• Fortune 1000 company with assets over $17 billion as of 12/31/2012• A.M. Best rating of A (excellent)**. This rating has been maintained for 30years and re-affirmed December, 2012.• Headquartered in Madison, WI with over 4,300 employees worldwide• Historically served credit union industry only but now offering popularretirement solutions to ALL businesses.* Based on 2012 results. **AM Best rating is third-highest out of 16 and is for CMFG LifeInsurance Company.10001754-021313

CUNA Mutual Group• By multiple measures, CUNA Mutual Group has demonstrated long termfinancial strength:• Statutory surplus at record levels• Low leverage and strong liquidity• CUNA Mutual Group’s franchise delivers a reliable earnings stream:• A highly reliable “sticky” revenue stream is the foundation of a longhistory of consistent operating earnings• Diversified product portfolio with low catastrophe exposure• Earnings trend and outlook is favorable10001754-021314

Appendix10001754-021315

A Strong Balance Sheet• Statutory capital of $1.6BN; GAAP capital $2.2BN at 12/31/12• Strong operating cash flows - $469M in 2011• Liquidity remains robust and closely managed:• Available liquidity exceeds company stressed requirements in allmodeled scenarios• FHLB and syndicated line of credit provide further liquidity10001754-021316

CUNA Mutual Group Financial Strength**as of 12/31/201210001754-021317

CUNA Mutual Group Financial Strength**as of 12/31/201210001754-021318

CUNA Mutual Group Financial Strength**as of 12/31/201210001754-021319

Portfolio Diversification and BondRatings**As of 12-31-12 for CMFG Life Insurance Company and it’sconsolidated subsidiaries.10001754-021320

MEMBERS Capital Advisors (MCA) SeniorLeadershipDavid P. Marks, CFAThomas J. Merfeld,CFA, CPAScott R. Powell, CFAKurt Y. Lin• 2005-present President• 2005-present Executive VicePresident and Chief InvestmentOfficer for CUNA Mutual Group inMadison, Wisconsin and the CUNAMutual Life Insurance Company inWaverly, Iowa• 2002-2005 Chief InvestmentOfficer CIGNA / Citigroup InsuranceInvestments• 2001-2002 Partner, GreenMountain Partners• 1991-2001 President and ChiefInvestment Officer, Allianz ofAmerica• Prior to 1991 Senior VicePresident-Private Placements,Connecticut General• Dartmouth College, Executive MBA• University of Connecticut, BA, MBA• 2009 – present Chief Investment RiskOfficer• 2005 – 2009 Chief Risk Officer,CUNA Mutual Group• 2003 – 2005 Senior Vice President,Credit Union Financial Solutions,CUNA Mutual Group• 1994 – 2003 Senior Vice President,Investment Strategy and AssetLiability Management• 1990 – 1994 Chief Financial Officer,Savers Life Insurance Company• 1987 – 1990 Financial Economist,Franklin Savings Association• 1985 – 1987 Assistant Economist,Federal Reserve Bank of Kansas City• Rockhurst University, MBA• Marquette University, PhD• University of Iowa, BBA, MA• 2009-present Managing DirectorGeneral Account• 2008 - 2009 Managing Director,Common Stock & Managed AccountInvestments• 2006 – 2008 Managing Director,Managed Account Services andKrause LP• 2001-2003 Vice President-Investments, Jacobus WealthManagement, Inc.,• 1999-2000 Sr. Vice President,Heartland Advisors• 1997-1999 Vice President-Investments, CIMCO• 1996-1997 Vice President, T. RowePrice Associates• 1989-1996 Investment Officer,CIMCO and the CUNA Mutual Group• University of Wisconsin-Madison, BA,MBA• 2006 – present Managing Director,Quantitative & Derivatives Group• 2003 – 2006 Senior PortfolioManager, Citigroup AssetManagement• 1997 – 2003 Portfolio Manager,Citigroup Insurance Investments• 1994 – 1997 Vice President, SmithBarney Derivatives Products Group• 1991 – 1993 Bank of Montreal• 1986 – 1991 Trader, CitibankDerivatives Desk• Stern School of Business - (NYU),MBA• New York University, BS10001754-021321

MEMBERS Capital Advisors (MCA) GeneralAccount TeamAllen R. Cantrell, CFAStuart M. Rossmiller, CFAThomas C. Jensen, CCIMThomas Webber, CFA• 2007 – Present Director,Investment & Senior PortfolioManger, Private Placementsand Alternative Investments,CUNA Mutual Group• 2005 – 2007 Vice President,Private Placements, AEGONUSA Investment ManagementCompany• 1986 – 2005 InvestmentOfficer, Citigroup InsuranceInvestments & The TravelersInsurance Companies• University of Chicago BoothSchool of Business, MBA• DePauw University, BA• 2006 – Present Director, FixedIncome Research, CUNA MutualGroup• 1998 – 2006 Managing Director,Corporate Bond Research, MerrillLynch, NYC• 1996 – 1998 Vice President,Corporate Bond Research,Deutsche Bank, NYC• 1992 – 1996 Senior Director, FitchInvestor Service, NYC• 1989 – 1992 Senior Associate,Barclays Bank, NYC• University of Wisconsin-Madison,BA, BS, MBA• Universidade de São Paulo, SãoPaulo Brazil 1982-83• 2006-present Managing Director,MEMBERS Capital Advisors• 1998 – 2006 Senior Portfolio Manager,Allstate Investments, LLC• 1995 – 1998 Portfolio Manager, AllstateInvestments, LLC• 1991 – 1995 Senior Investment Analyst,Allstate Investments, LLC• 1989 – 1991 Investment Analyst,Allstate Investments, LLC• 1988 – 1989 Associate InvestmentAnalyst, Allstate Investments, LLC• 1985 – 1988 Commercial Real EstateRepresentative, Principal FinancialGroup• 1984 – 1985 Commercial Real EstateTrainee, Principal Financial Group• 1998 – Present Managing Director,Fixed Income, CUNA Mutual Group• 1991 – 1998 Vice President, FixedIncome, Lincoln National InvestmentManagement Company• 1985 – 1989 Senior Accountant,Price Waterhouse• Carnegie Mellon University, TepperSchool of Business, MBA• University of Hartford, Barney Schoolof Business, MPPA• Yale University, BA• University of Illinois at Chicago, MBA• University of Wisconsin, BBA10001754-021322

Disciplined Processes with Top Tier Resources• Fundamental and valuationscreening tools• Objective analysis to validatescreens• Subjective analysis• Earnings quality• Competitive position• Peer comparisons• Outlook• Financial forecasts• Macro overlay• Consensus and “what-if”• Quantitative Team• Stress test portfolios• Attribution analysis• Expertise in derivatives10001754-021323

Guaranteed Account: DisclosuresThe Guaranteed Account is a fixed group annuity offered by CMFG Life Insurance Company.Investment and insurance products are not federally insured, involve investment risk, may losevalue, and are not obligations of or guaranteed by any financial institution other than CMFG LifeInsurance Company.Annuities are not insured by the FDIC/NCUSIF, are not obligations or deposits of anybank/credit union, nor guaranteed by any bank/credit union, and involve risk, including thepossible loss of principal invested if the issuing insurance company is unable to meet itsobligations.10001754-021324