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Explanatory Note |
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| This amendment to Principal Financial Group, Inc.’s proxy statement is filed to correct an |
administrative error in the number of shares disclosed in footnote one to the table entitled, “Security |
Ownership of Certain Beneficial Owners and Management,” on page 51 of the proxy statement filed |
with the Securities and Exchange Commission on April 6, 2011. The number of shares disclosed in |
the footnote is a subset of the number of shares disclosed in the table. The number of shares |
disclosed in the table was accurate at the time of filing, and remains so. |
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| The number of shares disclosed in the footnote as filed inadvertently did not include vested |
options which directors and executive officers had the ability to exercise on or before May 7, 2011, |
or 60 days from the date the proxy statement was filed. A detailed explanation of these options is |
contained in the table entitled, “Outstanding Equity Awards At Fiscal Year End December 31, 2010,” |
on page 38 of the proxy statement. |
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| To view the 2010 annual report to shareholders and the 2011 proxy statement, please go to |
the website www.principal.com/investor/annual/index.htm. The revised footnote one follows. |
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(1) | Includes beneficial ownership of shares which each person named in this table has the right |
| to acquire on or before May 7, 2011 pursuant to previously awarded stock options, RSUs, |
| and performance units that, although scheduled to be paid in shares in more than 60 days, |
| would be paid immediately upon termination of service, as follows: Ms. Bernard, 15,431; |
| Ms. Carter-Miller, 21,152; Dr. Costley, 19,431; Mr. Dan, 9,464; Mr. Ferro, 0; Dr. Gelatt, |
| 23,589; Mr. Griswell, 1,245,390; Ms. Helton, 19,431; Mr. Kerr, 7,820; Mr. Keyser, 23,164; |
| Mr. Mathrani, 18,303; Ms. Tallett, 23,164; Mr. Houston, 327,090; Mr. Lillis, 83,619; |
| Mr. McCaughan, 642,393; Mr. Sorensen, 222,763; Mr. Zimpleman, 882,335; and all other |
| executive officers as a group, 910,875. |