FBL Financial Group Special Committee Sends Letter to Shareholders - Seite 2

Rigorous, Public Process; No Path for an Alternative Buyer

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The Special Committee conducted an in-depth three-month process including multiple rounds of rigorous negotiation with FBPCIC, which ultimately secured a 19% increase in FBPCIC’s initial offer price. The Special Committee maintained its right to review offers from other parties. No alternative potential acquirers have come forward, and 60% majority holder IFBF indicated that it has no interest in selling its position in FBL Financial Group or voting in favor of a competing offer.

Secures Compelling, Premium Value Compared to Standalone Value Creation Potential

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The Special Committee evaluated the offer as compared to FBL Financial Group’s standalone prospects based on management’s projections for 2021 and beyond. In addition to the ongoing impact of the COVID-19 pandemic on the business, management expects future results to be pressured by several headwinds, including a challenging low-interest rate environment and annuity account withdrawals. These factors were key elements in the Special Committee’s recommendation to approve the $56.00 per share transaction.

Your Vote is Important! Secure Your Cash Value and Vote for the Proposal on the WHITE Proxy Card Today!

Your vote is important, as a failure to vote will have the same effect as a vote against the transaction. No matter how many shares you own, we urge you to sign and return the enclosed WHITE proxy card and vote FOR the proposal to approve the transaction and secure your certain, immediate and compelling value of $56.00 per share in cash. You should discard any gold proxy cards you may receive from CRM. If you have already cast your vote on another proxy card, you have every right to revoke your prior vote by simply using the WHITE proxy card to vote again, as only your latest-dated proxy will count. Please vote your WHITE proxy card today, either by Internet, phone or mail. If you have questions about how to vote your shares, please immediately contact Okapi Partners, our proxy solicitor, at [phone] or at [e-mail].