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Principal Financial, Elliott Reach Agreement; Announces Review Of Capital Strategy

Principal Financial Group (PFG) said the company will be adding two new independent directors to its Board of Directors, Maliz Beams and a second director to be named at a later date. The company said this follows a constructive dialogue with one of
its largest investors, Elliott Investment Management, LP.

Most recently, Maliz Beams served as a U.S. State Department Counselor. Beams served as CEO of Retirement Solutions of VOYA Financial, President and CEO of Individual and Institutional Services at TIAA-CREF, and Partner of Zurich Scudder Investments.

Principal said it will assess the company's capital strategy, including organic and inorganic investments, and return of capital to shareholders, with the goals of enhancing shareholder value. The company plans to announce the results of the review at its 2021 Investor Day. Principal and Elliott have entered into a customary cooperation agreement, as well as an information sharing agreement.

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