DES MOINES, Iowa--(BUSINESS WIRE)--Aug. 7, 2006--The Principal Financial Group(R) announces an agreement to be the title sponsor for the annual Champions Tour event played in Des Moines. The tournament, formerly known as The Allianz Championship, will become The Principal Charity Classic beginning in 2007. The event will be hosted by The Greater Des Moines Community Foundation and will be held June 4-10 at Glen Oaks Country Club in West Des Moines, Iowa.

"The theme of the PGA Champion's Tour is 'Giving Back', which makes it an ideal fit for The Principal(R). We have a long standing commitment to give back to the community where our employees live and work," said J. Barry Griswell, chairman and CEO of the Principal Financial Group. "We're proud and excited to be able to keep this preeminent golfing event here in the Des Moines area with a new approach. We hope to increase our giving and focus on charities that have a direct impact on children. It will be a fun event for the whole community, whether you're a golf fan or not."

"The Principal Charity Classic is the only Champions Tour event held in the state of Iowa and gives us the opportunity to showcase our community as a stop on the national tour," said Johnny Danos, president of the Greater Des Moines Community Foundation. "This event not only boosts our local economy, it will provide a lasting impact on the future of our community through financial support for children's charities."

The goal of the tournament is to increase the amount of money raised for charity; specifically non-profit organizations that support children. Contributions will be divided among five major charities - Blank Children's Hospital, BRAVO, Greater Des Moines Community Foundation, United Way of Central Iowa and Variety-The Children's Charity. As a family-friendly event, the entire community is invited to see top notch golfers in action while at the same time providing support to these local organizations.

"We are thrilled things came together so quickly with the Principal Financial Group and that we are able to make this announcement today," said Rick George, president of the Champions Tour. "The Champions Tour has enjoyed coming to Des Moines every year since 1999 and thanks to The Principal, will return with a new tournament. We welcome The Principal to the Champions Tour family and as an addition to an already strong 2007 schedule."

Jeff Starr, who will stay on as Tournament Director of The Principal Charity Classic, added, "I'm excited to work with The Principal to align this tournament with a valuable community partner.
With their help we'll be able to take this charitable event to a new level and increase the involvement of the community and in return what we are able to give back."

The Principal Charity Classic, hosted by the Greater Des Moines Community Foundation, will be held June 4-10, 2007 at the Glen Oaks Country Club in West Des Moines, Iowa. A field of 78 golf professionals will be competing for a $1.6 million purse. The Bruno Event Team, based in Birmingham, Ala. has been hired to manage the tournament. Additional tournament information can be found at www.principal.com/charityclassic.

About the Champions Tour

The Champions Tour is a tax-exempt membership organization of professional golfers age 50 and older. Conceived in 1980 as the Senior PGA Tour, it started with just four events and purses totaling $475,000. The Champions Tour now has 28 official Charles Schwab Cup events (a 29th, Bank of America Championship, was cancelled in June due to rain) offering $50.95 million in prize money in 2006 and its highest average purse ever of $1.82 million. The Champions Tour's primary purpose is to provide significant competitive and earnings opportunities for players age 50 and older; to protect the integrity of the game; and to help grow the reach of the game in the U.S. and around the world. In addition to providing competitive opportunities for its membership, Champions Tour events also generate significant sums of money for charity. On October 30th, 2005 the PGA TOUR, Champions Tour and Nationwide Tour and their tournaments announced they had reached the $1 billion milestone in charitable donations dating back to the first recorded donation in 1938. The commissioner of the PGA TOUR is Tim Finchem. Rick George is president of the Champions Tour. TOUR headquarters is in Ponte Vedra Beach, Florida. Our web site address is PGATOUR.com.

About the Bruno Event Team

Bruno Event Team is a Birmingham-based sports marketing and event management company. It employs a year-round staff of more than 40 people in seven states and has managed a number of professional golf events including the Champions Tour's Regions Charity Classic in Birmingham, AL, several U.S. Senior Opens and the 2006 U.S. Women's Open.

About the Greater Des Moines Community Foundation

The Greater Des Moines Community Foundation is Central Iowa's premiere philanthropic foundation. The Community Foundation works to meet its mission of improving the area's quality of life through thoughtful investment in community activities, programs, and projects. Established by community stakeholders for the purpose of improving quality of life in Greater Des Moines, the foundation initiates programs, coordinates resources and supporting organizations that enhance education, community betterment, arts and culture, health and human services.

About the Principal Financial Group

The Principal Financial Group(R) (The Principal (R))(1) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $206.0 billion in assets under management(2) and serves some 16.3 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.

Copyright Business Wire 2006

Principal Financial Group, Inc.

Principal Financial Group, Inc.

Principal Financial Group^® (Nasdaq: PFG) is a global financial company with 18,500 employees1 passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 51 million customers1 plan, protect, invest, and retire, while working to support the communities where we do business, and build a diverse, inclusive workforce. Principal^® is proud to be recognized as one of America’s 100 Most Sustainable Companies2, a member of the Bloomberg Gender Equality Index, and a Top 10 “Best Places to Work in Money Management3.” Learn more about Principal and our commitment to building a better future at principal.com.

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