Press Release - Foresters Acquisition - First Investors

NEWS RELEASEFor Immediate ReleaseForesters completes acquisition of New York-basedFirst Investors Consolidated CorporationToronto ON, January 20, 2011 – Foresters TM , a life insurance provider committed to thewell-being of families, and First Investors Consolidated Corporation today announcedcompletion of the agreement under which Foresters has acquired a 100% ownershipinterest in First Investors and its U.S. asset management and life insurance operations. Thetransaction, which closed January 19, 2011, has successfully met a number of conditions,including regulatory approvals in the United States and Canada, and First Investors fundshareholder approval.First Investors is a privately held, diversified, financial services organization founded in1930. With headquarters in New York City, First Investors has approximately 400 homeoffice employees and assets under management of US$7.0 billion. The acquisition includesFirst Investors’ holding company and its family of companies including: a registered brokerdealer,a registered investment advisor, a transfer agent and a life insurance company.Foresters President and CEO George Mohacsi said: “Today’s announcement represents amajor development for Foresters. First Investors is a successful investment management andlife insurance organization with a significant national distribution network that targets thesame demographic market as Foresters.“The acquisition of First Investors further strengthens Foresters market position in theUnited States and provides us with access to the U.S. asset management market currentlyestimated at US$18 trillion. As a result, Foresters will be able to offer a broader range offinancial products in the U.S., grow our membership, and place us in a stronger position tofulfill our purpose of enriching the lives of our members, their families and theircommunities,” he continued.Kathryn S. Head, Chairman and CEO of First Investors, said: “We are delighted to haveconcluded this transaction and look forward to working together with such a sound andcompatible business partner. Foresters is an excellent match for First Investors in terms ofoperating philosophy, target markets, products and capabilities and has the capital structureand financial resources to position First Investors for future growth and success.”The First Investors organization includes more than 700 sales professionals operating out of46 sales offices in 26 states. Through its registered representatives, First Investors providesinvestment management and life insurance services to the middle market. It offers 27 retailmutual funds, as well as 12 funds that serve as sub-accounts for its portfolio of variableproducts.

First Investors will continue to operate as a standalone entity within Foresters U.S. Division.Chris Pinkerton, President of Foresters U.S. Division, is relocating to lead First Investors as itsPresident and CEO, in addition to his current responsibilities.Mr. Pinkerton indicated that First Investors registered representatives who are life licensedwill now have the opportunity to market Foresters life insurance products, in addition tothe current range of First Investors financial products.About ForestersFounded in 1874 as a fraternal benefit society, Foresters TM champions the well-being offamilies through quality life insurance, unique member benefits and inspiring communityactivities. Foresters has assets of $6.2 billion with liabilities of $4.8 billion resulting in asurplus of $1.4 billion (all figures in Canadian dollars as of December 31, 2009) andmaintains an "A" (Excellent) rating by A.M. Best*. Foresters shares its financial strength withmore than 765,000 members in Canada, the United States and the United Kingdom.Foresters Equity Services, Inc. † , a wholly owned subsidiary of Foresters, offers investmentproducts in the U.S. Unity Life of Canada ‡ , a wholly owned subsidiary of Foresters,represents Foresters in Canada. For more information, please visit www.foresters.com.About First Investors Consolidated CorporationFirst Investors Consolidated Corporation, together with its subsidiaries, is a privately-helddiversified financial services organization that provides investment management services tothe broad middle market as the investment advisor to, and the distributor for, the FirstInvestors family of mutual funds and life insurance products. The First Investors family ofcompanies includes: First Investors Corporation (FIC) a registered broker-dealer; FirstInvestors Management Company, Inc. (FIMCO), a registered investment advisor responsiblefor portfolio management of the FI funds; Administrative Data Management Corporation(ADM), a transfer agent and First Investors Life Insurance Company (FIL). FIL maintains an"A-" (Excellent) rating by A.M. Best*.Since its founding in 1930, First Investors has followed the guiding principle of personalservice to connect “Main Street to Wall Street” by helping middle market investors reachtheir financial goals. With corporate headquarters in New York City and administrativeoffices and a data center in Edison, New Jersey, the company has assets under management(AUM) of US $7.0 billion on behalf of 500,000 accounts. The company’s web address iswww.firstinvestors.com.Foresters TM is a trademark of The Independent Order of Foresters, a fraternal benefit society, Toronto, Canada M3C 1T9.*An "A" (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations topolicyholders and have, on balance, excellent balance sheet strength, operating performance and business profile whencompared to the standards established by A.M. Best Company. In assigning Foresters rating, A.M. Best stated that Forestersrating outlook is "stable", which means it is unlikely to change in the near future, assuming Foresters financial strength ismaintained and operations grow. A.M. Best assigns ratings from A++ to F, A++ being superior ratings and A and A- beingexcellent ratings.†Investments offered through Foresters Equity Services, Inc. Member FINRA, SIPC, 6640 Lusk Blvd., Suite A-202, SanDiego, CA 92121 T. 858 550 4844.‡Unity Life of Canada, a Foresters company, is a wholly owned subsidiary of The Independent Order of Foresters.Media Contacts:Foresters-30-First Investors Consolidated Corporation2

Irene ShimodaGordon G. Andrew / Highlander Consulting(416) 467-2544 (908) 975-32121-877-664-6602 (toll free) Cell: (609) 987-0200ishimoda@foresters.comGordon@highlanderconsulting.com3