Credit Agreement



  
 Exhibit 4.5 

 
 EXECUTION COPY 
  
 CREDIT AGREEMENT 
  
 DATED AS OF DECEMBER 18, 2003 
  
 AMONG 
  
 FBL FINANCIAL GROUP, INC., 
 as the Borrower 
  
 THE
FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTIES HERETO, 
 as Lenders, 
  
 and 
  
 LASALLE BANK NATIONAL ASSOCIATION, 
 as Administrative Agent 
  









 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page


	 ARTICLE I
	  	 DEFINITIONS
	  	1
			
	 1.1.
	  	 Certain Defined Terms
	  	1
	 1.2.
	  	 References
	  	17
	 1.3.
	  	 Supplemental Disclosure
	  	17
			
	 ARTICLE II
	  	 THE CREDITS
	  	17
			
	 2.1.
	  	 Description of Facility; Commitment
	  	17
	 2.2.
	  	 Required Payments; Termination Date
	  	17
	 	  	 2.2.1.
	  	Required Payments	  	17
	 	  	 2.2.2.
	  	Termination Date	  	17
	 2.3.
	  	 Ratable Loans
	  	18
	 2.4.
	  	 Types of Advances
	  	18
	 2.5.
	  	 Commitment Fee; Reductions in Aggregate Commitment
	  	18
	 	  	 2.5.1.
	  	Commitment Fee	  	18
	 	  	 2.5.2.
	  	Reductions in Aggregate Commitment	  	18
	 2.6.
	  	 Minimum Amount of Each Advance
	  	18
	 2.7.
	  	 Optional Principal Payments; Mandatory Principal Prepayments
	  	18
	 	  	 2.7.1.
	  	Optional Principal Payments	  	18
	 	  	 2.7.2.
	  	Mandatory Principal Prepayments	  	19
	 2.8.
	  	 Method of Selecting Types and Interest Periods for New Advances
	  	19
	 2.9.
	  	 Conversion and Continuation of Outstanding Advances
	  	19
	 2.10.
	  	 Interest Rates
	  	20
	 2.11.
	  	 Rates Applicable After Default
	  	20
	 2.12.
	  	 Method of Payment
	  	20
	 2.13.
	  	 Noteless Agreement; Evidence of Indebtedness
	  	21
	 2.14.
	  	 Telephonic Notices
	  	21
	 2.15.
	  	 Interest Payment Dates; Interest and Fee Basis
	  	22
	 2.16.
	  	 Notification of Advances, Interest Rates, Prepayments and Commitment Reductions; Availability of Loans
	  	22
	 2.17.
	  	 Lending Offices
	  	22
	 2.18.
	  	 Non-Receipt of Funds by the Administrative Agent
	  	22
	 2.19.
	  	 Replacement of Lender
	  	23
			
	 ARTICLE III
	  	 YIELD PROTECTION; TAXES
	  	24
			
	 3.1.
	  	 Yield Protection
	  	24
	 3.2.
	  	 Changes in Capital Adequacy Regulations
	  	24
	 3.3.
	  	 Availability of Types of Advances
	  	25
	 3.4.
	  	 Funding Indemnification
	  	25
	 3.5.
	  	 Taxes.
	  	25

  

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	 3.6.
	  	 Lender Statements; Survival of Indemnity
	  	27
			
	 ARTICLE IV
	  	 CONDITIONS PRECEDENT
	  	27
			
	 4.1.
	  	 Initial Advance
	  	27
	 4.2.
	  	 Each Advance
	  	28
			
	 ARTICLE V
	  	 REPRESENTATIONS AND WARRANTIES
	  	29
			
	 5.1.
	  	 Existence and Standing
	  	29
	 5.2.
	  	 Authorization and Validity
	  	29
	 5.3.
	  	 No Conflict; Government Consent
	  	29
	 5.4.
	  	 Financial Statements
	  	30
	 5.5.
	  	 Material Adverse Change; No Default
	  	30
	 5.6.
	  	 Taxes
	  	30
	 5.7.
	  	 Litigation and Contingent Obligations
	  	30
	 5.8.
	  	 Subsidiaries
	  	31
	 5.9.
	  	 Accuracy of Information
	  	31
	 5.10.
	  	 Regulation U
	  	31
	 5.11.
	  	 Material Agreements
	  	31
	 5.12.
	  	 Compliance With Laws
	  	31
	 5.13.
	  	 Ownership of Properties
	  	31
	 5.14.
	  	 ERISA
	  	32
	 5.15.
	  	 Plan Assets; Prohibited Transactions
	  	32
	 5.16.
	  	 Environmental Matters
	  	32
	 5.17.
	  	 Investment Company Act: Other Regulation
	  	32
	 5.18.
	  	 Indebtedness
	  	32
	 5.19.
	  	 Insurance
	  	32
	 5.20.
	  	 Solvency
	  	33
	 5.21.
	  	 Permits; Intellectual Property
	  	33
	 5.22.
	  	 Labor Matters
	  	33
	 5.23.
	  	 OFAC
	  	33
			
	 ARTICLE VI
	  	 COVENANTS
	  	33
			
	 6.1.
	  	 Financial Reporting
	  	33
	 6.2.
	  	 Use of Proceeds
	  	37
	 6.3.
	  	 Notice of Default
	  	37
	 6.4.
	  	 Conduct of Business; Charter Amendments; Accounting Changes
	  	37
	 	  	 6.4.1.
	  	 Conduct of Business
	  	37
	 	  	 6.4.2.
	  	 Charter Amendments
	  	37
	 	  	 6.4.3.
	  	 Accounting Changes
	  	37
	 6.5.
	  	 Taxes; Claims, Judgments, Etc
	  	38
	 6.6.
	  	 Insurance
	  	38
	 6.7.
	  	 Compliance with Laws
	  	38
	 6.8.
	  	 Maintenance of Properties
	  	38
	 6.9.
	  	 Further Assurances
	  	39

  

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	 6.10.
	  	 Restricted Payments
	  	39
	 6.11.
	  	 Indebtedness
	  	40
	 6.12.
	  	 Merger
	  	40
	 6.13.
	  	 Sale of Assets
	  	41
	 6.14.
	  	 Investments and Acquisitions
	  	41
	 6.15.
	  	 Liens
	  	41
	 6.16.
	  	 Affiliate Transactions
	  	42
	 6.17.
	  	 ERISA
	  	42
	 6.18.
	  	 Financial Covenants
	  	43
	 	  	 6.18.1.
	  	 Interest Coverage Ratio
	  	43
	 	  	 6.18.2.
	  	 Statutory Capital and Surplus
	  	43
	 	  	 6.18.3.
	  	 Minimum Net Worth
	  	43
	 	  	 6.18.4.
	  	 Insurance Risk Based Capital
	  	43
	 6.19.
	  	 Sale and Leaseback Transactions and other Off-Balance Sheet Liabilities
	  	44
	 6.20.
	  	 Insurance Licenses and Permits
	  	44
	 6.21.
	  	 Senior Indebtedness under Note Agreement
	  	44
			
	 ARTICLE VII
	  	 DEFAULTS
	  	44
			
	 7.1.
	  	 Breach of Representations or Warranties
	  	44
	 7.2.
	  	 Failure to Make Payments When Due
	  	44
	 7.3.
	  	 Breach of Covenants
	  	44
	 7.4.
	  	 Other Breaches
	  	44
	 7.5.
	  	 Default as to Other Indebtedness
	  	45
	 7.6.
	  	 Voluntary Bankruptcy; Appointment of Receiver; Etc
	  	45
	 7.7.
	  	 Involuntary Bankruptcy; Appointment of Receiver; Etc
	  	45
	 7.8.
	  	 Custody or Control of Property
	  	46
	 7.9.
	  	 Judgments
	  	46
	 7.10.
	  	 Unfunded Liabilities
	  	46
	 7.11.
	  	 Other ERISA Liabilities
	  	46
	 7.12.
	  	 Environmental Matters
	  	46
	 7.13.
	  	 Change in Control
	  	46
	 7.14.
	  	 Other Default
	  	46
	 7.15.
	  	 Rate Management Obligation
	  	47
	 7.16.
	  	 Loss of Licenses
	  	47
	 7.17.
	  	 Material Adverse Effect
	  	47
			
	 ARTICLE VIII
	  	 ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
	  	47
			
	 8.1.
	  	 Acceleration
	  	47
	 8.2.
	  	 Amendments
	  	47
	 8.3.
	  	 Preservation of Rights
	  	48
			
	 ARTICLE IX
	  	 GENERAL PROVISIONS
	  	48
			
	 9.1.
	  	 Survival of Representations
	  	48
	 9.2.
	  	 Governmental Regulation
	  	48

  

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	 9.3.
	  	 Headings
	  	48
	 9.4.
	  	 Entire Agreement
	  	49
	 9.5.
	  	 Several Obligations; Benefits of this Agreement
	  	49
	 9.6.
	  	 Expenses; Indemnification
	  	49
	 9.7.
	  	 Numbers of Documents
	  	50
	 9.8.
	  	 Accounting
	  	50
	 9.9.
	  	 Severability of Provisions
	  	50
	 9.10.
	  	 Nonliability of Lenders
	  	50
	 9.11.
	  	 Confidentiality
	  	51
	 9.12.
	  	 Lenders Not Utilizing Plan Assets
	  	51
	 9.13.
	  	 Nonreliance
	  	51
	 9.14.
	  	 Disclosure
	  	51
			
	 ARTICLE X
	  	 THE AGENT
	  	52
			
	 10.1.
	  	 Appointment; Nature of Relationship
	  	52
	 10.2.
	  	 Powers
	  	52
	 10.3.
	  	 General Immunity
	  	52
	 10.4.
	  	 No Responsibility for Loans, Recitals, etc
	  	52
	 10.5.
	  	 Action on Instructions of Lenders
	  	53
	 10.6.
	  	 Employment of the Administrative Agent and Counsel
	  	53
	 10.7.
	  	 Reliance on Documents; Counsel
	  	53
	 10.8.
	  	 Administrative Agent’s Reimbursement and Indemnification
	  	53
	 10.9.
	  	 Notice of Default
	  	54
	 10.10.
	  	 Rights as a Lender
	  	54
	 10.11.
	  	 Lender Credit Decision
	  	54
	 10.12.
	  	 Successor Administrative Agent
	  	54
	 10.13.
	  	 Agent and Arranger Fees
	  	55
	 10.14.
	  	 Delegation to Affiliates
	  	55
			
	 ARTICLE XI
	  	 SETOFF; RATABLE PAYMENTS
	  	56
			
	 11.1.
	  	 Setoff
	  	56
	 11.2.
	  	 Ratable Payments
	  	56
			
	 ARTICLE XII
	  	 BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
	  	56
			
	 12.1.
	  	 Successors and Assigns
	  	56
	 	  	 12.1.1.
	  	 Successors and Assigns
	  	56
	 12.2.
	  	 Participations
	  	57
	 	  	 12.2.1.
	  	 Permitted Participants; Effect
	  	57
	 	  	 12.2.2.
	  	 Voting Rights
	  	57
	 	  	 12.2.3.
	  	 Benefit of Setoff
	  	57
	 12.3.
	  	 Assignments
	  	58
	 	  	 12.3.1.
	  	 Permitted Assignments
	  	58
	 	  	 12.3.2.
	  	 Effect; Effective Date
	  	58
	 	  	 12.3.3.
	  	 The Register
	  	59

  

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	 12.4.
	  	 Dissemination of Information
	  	59
	 12.5.
	  	 Tax Treatment
	  	59
			
	 ARTICLE XIII
	  	 NOTICES
	  	59
			
	 13.1.
	  	 Notices
	  	59
	 13.2.
	  	 Change of Address
	  	60
			
	 ARTICLE XIV
	  	 COUNTERPARTS
	  	60
			
	 ARTICLE XV
	  	 CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL
	  	60
			
	 15.1.
	  	 CHOICE OF LAW
	  	60
	 15.2.
	  	 CONSENT TO JURISDICTION
	  	60
	 15.3.
	  	 WAIVER OF JURY TRIAL
	  	61
			
	 ARTICLE XVI
	  	 USA PATRIOT ACT
	  	61

  

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 EXHIBITS 
  

					
	 Exhibit A
	  	-	  	 Form of Borrower’s Counsel’s Opinion

	 Exhibit B
	  	-	  	 Form of Compliance Certificate

	 Exhibit C
	  	-	  	 Form of Assignment Agreement

	 Exhibit D
	  	-	  	 Form of Promissory Note

	 Exhibit E
	  	-	  	 List of Closing Documents


  
 SCHEDULES

  
 Commitment Schedule 
  
 Schedule 1- Investments 
  
 Schedule 2- Indebtedness 
  
 Schedule 3- Liens 
  
 Schedule 4- Subsidiaries 
  

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 CREDIT AGREEMENT 
  
 This Credit Agreement, dated as of December 18, 2003, is entered into by and among FBL FINANCIAL GROUP, INC., an Iowa
corporation, the financial institutions from time to time parties hereto as Lenders (whether by execution of this Agreement or by an assignment pursuant to Section 12.3), and LASALLE BANK NATIONAL ASSOCIATION, a national banking association, as
Administrative Agent. The parties hereto agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 1.1. Certain Defined Terms. As used in this Agreement: 
  
 “Accounting Changes” is defined in Section 9.8
hereof. 
  
 “Acquisition” means any
transaction, or any series of related transactions, consummated on or after the Closing Date, by which the Borrower or any of its Subsidiaries (i) acquires any going business or all or substantially all of the assets of any firm, corporation or
limited liability company, or division thereof, whether through a purchase of assets, a merger or otherwise or (ii) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a
majority (in number of votes) of the securities of a corporation which have ordinary voting power for the election of directors (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage
of voting power) of the outstanding ownership interests of a partnership or limited liability company. 
  
 “Actuarial Analyses” shall have the meaning set forth in Section 6.1(l). 
  
 “Administrative Agent” means LaSalle Bank in its
capacity as contractual representative for the Lenders pursuant to Article X, and not in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to Article X. 
  
 “Advance” means a borrowing hereunder consisting of
the aggregate amount of several Revolving Loans (i) made by the Lenders on the same Borrowing Date, or (ii) converted or continued by the Lenders on the same date of conversion or continuation, consisting, in either case, of the aggregate amount of
the several Revolving Loans of the same Type and, in the case of LIBOR Loans, for the same Interest Period. 
  
 “Affected Lender” is defined in Section 2.19. 
  
 “Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by
or under common control with such Person. A Person shall be deemed to control another Person if the controlling Person is the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934) of twenty percent (20%)
or more of any class of voting securities (or other voting interests) of the controlled Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through
ownership of voting securities, by contract or otherwise. 
  

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 “Aggregate Commitment” means the aggregate of the Commitments of all the Lenders,
as may be adjusted from time to time pursuant to the terms hereof. The initial Aggregate Commitment is Sixty Million and 00/100 Dollars ($60,000,000). 
  
 “Aggregate Outstanding Credit Exposure” means, at any time, the aggregate of the Outstanding Credit Exposure of all the Lenders.

  
 “Agreement” means this Credit
Agreement, as it may be amended, restated, supplemented or otherwise modified and as in effect from time to time. 
  
 “Agreement Accounting Principles” means generally accepted accounting principles as in effect in the United States from time to
time, applied in a manner consistent with that used in preparing the financial statements of the Borrower referred to in Section 5.4; provided, however, that except as provided in Section 9.8, with respect to the
calculation of financial ratios and other financial tests required by this Agreement, including, without limitation, the calculation of the financial covenants set forth in Section 6.18, “Agreement Accounting Principles” means
generally accepted accounting principles as in effect in the United States as of the Closing Date, applied in a manner consistent with that used in preparing the financial statements of the Borrower referred to in Section 5.4 hereof.

  
 “Alternate Base Rate” means, for any
day, a fluctuating rate of interest per annum equal to the higher of (i) the Prime Rate for such day and (ii) the sum of (a) the Federal Funds Effective Rate for such day and (b) one-half of one percent (0.5%) per annum. 
  
 “A.M. Best” means A.M. Best Company, Inc., together
with its successors and assigns. 
  
 “Applicable
Margin” means, with respect to LIBOR Advances, a per annum rate equal to 1.05%. 
  
 “Arizona Sale-Leaseback” means one or more Sale and Leaseback Transactions between the Borrower or an Affiliate thereof and Arizona Farm Bureau Federation in an aggregate amount not to exceed
$10,000,000 to which certain real property in Phoenix, Arizona shall be subject. 
  
 “Arranger” means LaSalle Bank, together with its successors and assigns. 
  
 “Article” means an article of this Agreement unless another document is specifically referenced. 
  
 “Asset Sale” is defined in Section 6.13.

  
 “Assignment Agreement” is defined in
Section 12.3.1. 
  
 “Authorized
Officer” means any of the chief executive officer, chief financial officer, vice president-finance, vice president-investments or vice president-accounting of the Borrower, acting singly. 
  

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 “Available Aggregate Commitment” means, at any time, the Aggregate Commitment
then in effect minus the Aggregate Outstanding Credit Exposure at such time. 
  
 “Available Dividends” means, on any determination date, and without duplication, with respect to each Insurance Subsidiary, the maximum dividend amount that such Insurance Subsidiary is
permitted to pay to its shareholders during the current calendar year without approval from the insurance regulatory authority of the jurisdiction in which such Insurance Subsidiary is domiciled. Such maximum dividend amount shall not be reduced by
the impact of the dividend of EquiTrust Life Insurance Company by Farm Bureau Life Insurance Company. 
  
 “Bankers Trust” means Bankers Trust Company, N.A., a national banking association, in its individual capacity, and its successors.

  
 “Borrower” means FBL Financial Group,
Inc., an Iowa corporation, and its successors and permitted assigns (including, without limitation, a debtor-in-possession on its behalf). 
  
 “Borrowing Date” means a date on which an Advance is made hereunder. 
  
 “Borrowing Notice” is defined in Section 2.8. 
  
 “Business Day” means (i) with respect to any
borrowing, payment or rate selection of LIBOR Advances, a day (other than a Saturday or Sunday) on which banks generally are open in Chicago, Illinois for the conduct of substantially all of their commercial lending activities, interbank wire
transfers can be made on the Fedwire system and dealings in Dollars are carried on in the London interbank market and (ii) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in Chicago, Illinois for the
conduct of substantially all of their commercial lending activities and interbank wire transfers can be made on the Fedwire system. 
  
 “Capitalized Lease” of a Person means any lease of Property by such Person as lessee which would be capitalized on a balance sheet
of such Person prepared in accordance with Agreement Accounting Principles. 
  
 “Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such Person
prepared in accordance with Agreement Accounting Principles. 
  
 “Cash Equivalent Investments” means, as to any Person, (i) securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full
faith and credit of the United States is pledged in support thereof) having maturities of not more than one year from the date of acquisition, (ii) time deposits and certificates of deposit of any investment grade commercial bank having, or which is
the principal banking subsidiary of an investment grade bank holding company organized under the laws of the United States, any State thereof, the District of Columbia or any foreign jurisdiction having capital, surplus and undivided profits
aggregating in excess of $500,000,000, with maturities of not more than one year from the date of acquisition by such Person, (iii) repurchase obligations with a term of not more than ninety (90) days for underlying securities of the types described
in clause (i) above entered into with any bank meeting the qualifications specified in clause (ii) 

  

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above, provided that such repurchase obligations are secured by a first priority security interest in such underlying securities which have, on the
date of purchase thereof, a fair market value of at least 100% of the amount of the repurchase obligations, (iv) commercial paper issued by any Person incorporated in the United States rated at least A-1 by S&P or P-1 by Moody’s and in each
case maturing not more than one year after the date of acquisition by such Person, (v) investments in money market funds substantially all of the assets of which are comprised of securities of the types described in clauses (i) through
(iv) above, (vi) investment in variable rate demand obligations rated at least A by S&P or A2 by Moody’s and (vii) demand deposit accounts maintained in the ordinary course of business. 
  
 “Change” is defined in Section 3.2.

  
 “Change in Control” means: 

 
 (i) the acquisition by any Person, or two or more Persons acting in
concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934), directly or indirectly, of twenty-five percent (25%) or more of the outstanding shares of voting
stock of the Borrower; provided, however, that this clause (i) shall not apply with respect to Iowa Farm Bureau Federation’s ownership of more than 25% of the Borrower’s outstanding voting stock; 
  
 (ii) with respect to any Insurance Subsidiary, a “change in
control” as defined in any applicable state insurance holding company regulatory act or in similar legislation, regulations, or applicable insurance commission or department orders shall occur; 
  
 (iii) Iowa Farm Bureau Federation shall cease to own more than 50% of the
Borrower’s issued and outstanding voting stock; 
  
 (iv) the
majority of the Board of Directors of the Borrower fails to consist of Continuing Directors; 
  
 (v) except as expressly permitted under the terms of this Agreement, the Borrower consolidates with or merges into another Person or conveys, transfers or leases all or substantially all of its property to any Person,
or any Person consolidates with or merges into the Borrower, in either event pursuant to a transaction in which the outstanding capital stock of the Borrower is reclassified or changed into or exchanged for cash, securities or other property; or

  
 (vi) except as otherwise expressly permitted under the terms
of this Agreement, the Borrower shall cease to own and control, directly or indirectly, free and clear of all Liens and other encumbrances all of the economic and voting rights associated with all of the outstanding capital stock of each of the
Borrower’s Subsidiaries or shall cease to have the power, directly or indirectly, to elect all of the members of the board of directors of each of the Borrower’s Subsidiaries. 
  
 “Closing Date” means December 18, 2003. 
  
 “Code” means the Internal Revenue Code of 1986, as
amended, reformed or otherwise modified from time to time, and any rule or regulation issued thereunder. 
  

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 “Commitment” means, for each Lender, the obligation of such Lender to make Loans
not exceeding the amount set forth on the Commitment Schedule or in an Assignment Agreement executed pursuant to Section 12.3, as it may be modified as a result of any assignment that has become effective pursuant to Section 12.3.2 or
as otherwise modified from time to time pursuant to the terms hereof. 
  
 “Commitment Fee” is defined in Section 2.5.1. 
  
 “Commitment Schedule” means the Schedule identifying each Lender’s Commitment as of the Closing Date, as attached hereto and identified as such. 
  
 “Consolidated Interest Expense” means, for any
period, the total interest expense of the Borrower and its Subsidiaries, whether paid or accrued (including, without duplication, the interest component of Capitalized Leases, net payments (if any) pursuant to agreements evidencing Rate Management
Transactions relating to interest rate protection, and commitment fees), all as determined in conformity with Agreement Accounting Principles; provided, however, that interest that accrues and/or is paid on the Trust Preferred
Securities and the Indebtedness owing under the FBL Subordinated Note Documents, which, for purposes of this definition, shall be determined without duplication on a consolidated basis, shall not constitute “Consolidated Interest Expense”
for purposes of this definition. 
  
 “Consolidated Net
Income” means, with reference to any period, the net after tax income (or loss) of the Borrower and its Subsidiaries calculated on a consolidated basis for such period. 
  
 “Consolidated Net Worth” means at any time the consolidated stockholders’ equity of the
Borrower and its Subsidiaries, excluding unrealized net gains and losses on Property held for sale by the Borrower or any Subsidiary in accordance with FASB 115, calculated on a consolidated basis as of such time in accordance with Agreement
Accounting Principles. 
  
 “Contingent
Obligations” of a Person means any agreement, undertaking or arrangement by which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently
liable upon, the obligation or liability of any other Person, or agrees to maintain the net worth or working capital or other financial condition of any other Person, or otherwise assures any creditor of such other Person against loss, including,
without limitation, any comfort letter, operating agreement, take-or-pay contract or the obligations of any such Person as general partner of a partnership with respect to the liabilities of the partnership. 
  
 “Continuing Director” means, with respect to any
Person as of any date of determination, any member of the board of directors of such Person who (a) was a member of such board of directors on the Closing Date, or (b) was nominated for election or elected to such board of directors with the
approval of the required majority of the Continuing Directors who were members of such board at the time of such nomination or election; provided that any individual who is so elected or nominated in connection with a merger, consolidation,
acquisition or similar transaction shall not be a Continuing Director unless such individual was a Continuing Director prior thereto. 
  

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 “Contractual Obligation”, as applied to any Person, means any provision of any
indenture, mortgage, deed of trust, contract, undertaking, document or other agreement, instrument or securities to which that Person is a party or by which it or any of its properties is bound, or to which it or any of its properties is subject.

  
 “Controlled Group” means all members
of a controlled group of corporations or other business entities and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower or any of its Subsidiaries, are treated as a single employer under
Section 414 of the Code. 
  
 “Conversion/Continuation
Notice” is defined in Section 2.9. 
  
 “Default” means an event described in Article VII. 
  
 “Dollar” and “$” means the lawful currency of the United States of America. 
  
 “Environmental Laws” means any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations,
ordinances, rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements and other governmental restrictions relating to (i) the protection of the environment, (ii) the effect of the
environment on human health, (iii) emissions, discharges or releases of pollutants, contaminants, hazardous substances or wastes into surface water, ground water or land, or (iv) the manufacture, processing, distribution, use, treatment, storage,
disposal, transport or handling of pollutants, contaminants, hazardous substances or wastes or the clean-up or other remediation thereof. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time including (unless the context
otherwise requires) any rules or regulations promulgated thereunder. 
  
 “Excluded Taxes” means, in the case of each Lender or applicable Lending Office and the Administrative Agent, taxes imposed on its overall net income, and franchise taxes imposed on it, by (i) the jurisdiction under
the laws of which such Lender or the Administrative Agent is incorporated or organized or any political combination or subdivision or taxing authority thereof or (ii) the jurisdiction in which the Administrative Agent’s or Lender’s
principal executive office or such Lender’s applicable Lending Office is located or in which, other than as a result of the transaction evidenced by this Agreement, the Administrative Agent or Lender otherwise is, or at any time was, engaged in
business. 
  
 “Exhibit” refers to an
exhibit to this Agreement, unless another document is specifically referenced. 
  
 “FBL Investment Policy” means the investment policy of the Borrower delivered to the Administrative Agent and the Lenders prior to the Closing Date, together with any amendments or supplements
thereto which do not materially alter or change the guidelines or objectives of such policy as exist on the Closing Date. 
  
 “FBL Managed Entity” means any Person for which the Borrower, pursuant to a written agreement between the Borrower and such
Person, manages and oversees such Person’s 

  

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operations and/or Investments. As of the Closing Date, the following are FBL Managed Entities: Farm Bureau Mutual Insurance Company, KFB Insurance Company,
Inc., Western Agricultural Insurance Company, and Western Computer Services, Inc. 
  
 “FBL Sale-Leasebacks” means any Sale and Leaseback Transaction between FBL Leasing Services, Inc., as the lessor of the Property subject to such Sale and Leaseback Transaction, and any of the
following as the lessee of such Property: the Borrower, Iowa Farm Bureau Federation, any Subsidiary of either of the foregoing, or any FBL Managed Entity. 
  
 “FBL Subordinated Note Documents” means the Subordinated Deferrable Interest Note Agreement, dated as of May 30, 1997, by and
between the Borrower and FBL Financial Group Capital Trust, together with any promissory notes issued pursuant thereto and the other agreements, documents, and instruments delivered in connection therewith, in each case as the same may be amended,
restated, supplemented or otherwise modified from time to time. 
  
 “Federal Funds Effective Rate” means, for any day, an interest rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by
Federal funds brokers on such day, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a
Business Day, the average of the quotations at approximately 10:00 a.m. (Chicago time) on such day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent
in its sole discretion. 
  
 “Fiscal
Quarter” means any quarter of a Fiscal Year of the Borrower. 
  
 “Fiscal Year” means the annual fiscal reporting period of the Borrower and its Subsidiaries consisting of a period of 12 consecutive months ending on the last Sunday in December in any calendar
year. 
  
 “Floating Rate” means, for any
day, a rate per annum equal to the Alternate Base Rate for such day, changing when and as the Alternate Base Rate changes. 
  
 “Floating Rate Advance” means an Advance which, except as otherwise provided in Section 2.11, bears interest at the
Floating Rate. 
  
 “Floating Rate Loan”
means a Loan, or portion thereof, which, except as otherwise provided in Section 2.11, bears interest at the Floating Rate. 
  
 “Indebtedness” of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all
obligations of such Person for the deferred purchase price of property or services, including without limitation, earn-outs and other similar forms of contingent purchase prices (except accounts payable arising in the ordinary course of business but
only if and so long as the same are payable on customary terms in trade and in any event no later than one year after the incurrence thereof), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d)
all obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such 

  

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agreement in the event of default are limited to possession or sale of such property), (e) all obligations of such Person constituting Capitalized Lease
Obligations, (f) all obligations, contingent or otherwise, of such Person under acceptance, letter of credit or similar facilities, (g) all obligations of such Person to purchase or redeem Redeemable Preferred Stock valued at book value in
accordance with then applicable Agreement Accounting Principles, (h) all obligations of such Person in respect of Rate Management Transactions (valued in an amount equal to the highest termination payment, if any, that would be payable upon
termination for any reason on the date of determination), (i) all Contingent Obligations of such Person, (j) all Off-Balance Sheet Liabilities of such Person and (k) all Indebtedness referred to in clauses (a) through (j) above secured by (or for
which the holder of such Indebtedness has existing right, contingent or otherwise, to be secured by) any Lien on property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or
become liable for the payment of such Indebtedness; but in each case excluding obligations under operating leases and obligations under employment contracts entered into in the ordinary course of business. The amount of Indebtedness with respect to
earn-outs and other similar forms of contingent purchase prices shall be equal to the present value of the obligation, in the case of known recurring obligations, and, in all other cases, the maximum reasonably anticipated liability in respect of
the obligation assuming such Person is required to perform thereunder. 
  
 “Insurance RBC Model Act” means the NAIC’s Company Organization, Management, Securities Risk-Based Capital (RBC) for Insurers Model Act. 
  
 “Insurance RBC Ratio” means, with respect to any Insurance Subsidiary, the ratio of (x) the Total
Adjusted Capital (as such term is defined in the Insurance RBC Model Act) of such Insurance Subsidiary as of the end of the calendar year just ended to (y) such Insurance Subsidiary’s Authorized Control Level RBC (as such term is defined in the
Insurance RBC Model Act). 
  
 “Insurance
Subsidiaries” means Farm Bureau Life Insurance Company and EquiTrust Life Insurance Company, together with their respective successors and permitted assigns. 
  
 “Interest Period” means, with respect to a LIBOR Advance, a period of one, two, or three months or
such other period agreed to by the Lenders and the Borrower, commencing on a Business Day selected by the Borrower pursuant to this Agreement. Such Interest Period shall end on but exclude the day which corresponds numerically to such date one, two,
or three months or such other agreed upon period thereafter, provided, however, that if there is no such numerically corresponding day in such next, second, or third succeeding month or such other succeeding period, such Interest Period shall
end on the last Business Day of such next, second, or third succeeding month or such other succeeding period. If an Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on the next succeeding
Business Day, provided, however, that if said next succeeding Business Day falls in a new calendar month, such Interest Period shall end on the immediately preceding Business Day. 
  
 “Investment” of a Person means any loan, advance (other than commission, travel and similar advances
to officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business on terms customary in the trade, or stock, securities, membership interests or other
similar property 

  

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received from an account obligor in full or partial settlement of a delinquent account receivable, only so long as such stock, securities, membership
interests or other similar property shall be held for a period of one (1) year or less) or contribution of capital by such Person; stocks, bonds, mutual funds, partnership interests, notes, debentures or other securities owned by such Person; any
deposit accounts and certificates of deposit owned by such Person; and structured notes, derivative financial instruments and other similar instruments or contracts owned by such Person, any other direct or indirect purchase or acquisition by such
Person of any assets other than assets used in the ordinary course of business; and any non-arms length transaction by such Person with another Person or any other transfer of assets by such Person to another Person, with the amount of such
Investment being an amount equal to the net benefit derived by such other Person resulting from any such transactions. 
  
 “KFBF Securities” means those shares of Series C preferred stock in the amount of $45,300,000 that are due in January 2004 and
that were issued by the Borrower to the Kansas Farm Bureau Federation. 
  
 “LaSalle Bank” means LaSalle Bank National Association, a national banking association, in its individual capacity, and its successors. 
  
 “Lenders” means the lending institutions listed on the signature pages of this Agreement or that
become party to this Agreement pursuant to an assignment under Section 12.3, and their respective successors and assigns. 
  
 “Lending Office” means, with respect to a Lender or the Administrative Agent, the office, branch, subsidiary or affiliate of such
Lender or the Administrative Agent listed on the signature pages hereof, or on the administrative information sheets provided to the Administrative Agent in connection herewith, or otherwise selected by such Lender or Agent pursuant to Section
2.17. 
  
 “LIBOR Advance” means an
Advance which, except as otherwise provided in Section 2.11, bears interest at the applicable LIBOR Rate. 
  
 “LIBOR Base Rate” means, with respect to a LIBOR Rate Loan for the relevant Interest Period, the applicable London interbank
offered rate for deposits in Dollars as displayed in the Bloomberg Financial Markets System as of 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period, and having a maturity equal to such Interest Period,
provided that, if the Bloomberg Financial Markets System rate is not available for any reason, the applicable LIBOR Base Rate for the relevant Interest Period shall instead be the applicable British Bankers’ Association Interest
Settlement Rate for deposits in Dollars appearing on Reuters Screen FRBD as of 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period, and having a maturity equal to such Interest Period. Any LIBOR Base Rate
determined on the basis of the rate displayed in the Bloomberg Financial Markets System in accordance with the foregoing provisions of this subparagraph shall be subject to corrections, if any, made in such rate and displayed in the Bloomberg
Financial Markets System within one hour of the time when such rate is first displayed by such service. 
  

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 “LIBOR Loan” means a Loan which, except as otherwise provided in Section
2.11, bears interest at the applicable LIBOR Rate requested by the Borrower pursuant to Sections 2.8 and 2.9. 
  
 “LIBOR Rate” means, with respect to a LIBOR Advance for the relevant Interest Period, the sum of (i) the quotient of (a) the LIBOR
Base Rate applicable to such Interest Period, divided by (b) one minus the Reserve Requirement (expressed as a decimal) applicable to such Interest Period, plus (ii) the Applicable Margin. 
  
 “Lien” means any lien (statutory or other), mortgage,
pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor
under any conditional sale, Capitalized Lease or other title retention agreement, and, in the case of stock, stockholders agreements, voting trust agreements and all similar agreements). 
  
 “Loan” means, with respect to a Lender, any Revolving Loan extended by such Lender. 
  
 “Loan Documents” means this Agreement and all other
documents, instruments, notes (including any Notes issued pursuant to Section 2.13) and agreements executed in connection herewith or therewith or contemplated hereby or thereby, as the same may be amended, restated or otherwise modified and
in effect from time to time. 
  
 “Material Adverse
Change” means a material adverse change in the business, Property, condition (financial or otherwise), operations, performance, results of operations or prospects of the Borrower or any Subsidiary thereof, or the Borrower and its
Subsidiaries taken as a whole, or any event or circumstance or series of events or circumstances, which results in a Material Adverse Effect. 
  
 “Material Adverse Effect” means a material adverse effect on (i) the business, Property, condition (financial or otherwise),
operations, performance, results of operations or prospects of the Borrower, or the Borrower and its Subsidiaries taken as a whole, (ii) the ability of the Borrower to perform its obligations under the Loan Documents, or (iii) the validity or
enforceability of any of the Loan Documents or the rights or remedies of the Administrative Agent or the Lenders thereunder. 
  
 “Material Indebtedness” is defined in Section 7.5(i). 
  
 “Minimum Capital and Surplus Threshold” is defined in Section 6.18.2. 
  
 “Moody’s” means Moody’s Investors Service,
Inc. and any successor thereto. 
  
 “Multiemployer
Plan” means a Plan maintained pursuant to a collective bargaining agreement or any other arrangement to which the Borrower or any member of the Controlled Group is a party to which more than one employer is obligated to make
contributions. 
  
 “NAIC” means the
National Association of Insurance Commissioners. 
  

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 “Net Cash Proceeds” means, with respect to any Asset Sale by any Person, (a) cash
or Cash Equivalent Investments (freely convertible into Dollars) received by such Person or any Subsidiary of such Person from such Asset Sale (including cash received as consideration for the assumption or incurrence of liabilities incurred in
connection with or in anticipation of such Asset Sale), after (i) provision for all income or other taxes measured by or resulting from such Asset Sale, (ii) payment of all brokerage commissions and other fees and expenses and commissions related to
such Asset Sale, and (iii) all amounts used to repay Indebtedness (and any premium or penalty thereon) secured by a Lien on any asset disposed of in such Asset Sale or which is or may be required (by the express terms of the instrument governing
such Indebtedness or by applicable law) to be repaid in connection with such Asset Sale (including payments made to obtain or avoid the need for the consent of any holder of such Indebtedness); and (b) cash or Cash Equivalent Investments payments in
respect of any other consideration received by such Person or any Subsidiary of such Person from such Asset Sale upon receipt of such cash payments by such Person or such Subsidiary. 
  
 “Non-U.S. Lender” is defined in Section 3.5(iv). 
  
 “Note” is defined in Section 2.13. 

 
 “Obligations” means all Loans, Rate Management
Obligations, Advances, debts, liabilities, obligations, covenants and duties owing by the Borrower to any of the Administrative Agent, any Lender, the Arranger, any affiliate of the Administrative Agent or any Lender, the Arranger, or any indemnitee
under the provisions of Section 9.6 or any other provisions of the Loan Documents, in each case of any kind or nature, present or future, arising under this Agreement, any other Loan Document or any agreement evidencing a Rate Management
Transaction between the Borrower and a Lender or an Affiliate thereof, whether or not evidenced by any note, guaranty or other instrument, whether or not for the payment of money, whether arising by reason of an extension of credit, loan, foreign
exchange risk, guaranty, indemnification, or in any other manner, whether direct or indirect (including those acquired by assignment), absolute or contingent, due or to become due, now existing or hereafter arising and however acquired. The term
includes, without limitation, all interest, charges, expenses, fees, attorneys’ fees and disbursements, paralegals’ fees, and any other sum chargeable to the Borrower or any of its Subsidiaries under this Agreement or any other Loan
Document. 
  
 “Off-Balance Sheet
Liability” of a Person means (i) any repurchase obligation or liability of such Person or any of its Subsidiaries with respect to accounts or notes receivable sold by such Person or any of its Subsidiaries (calculated to include the
unrecovered investment of purchasers or transferees of accounts or any other obligation of the Borrower or such transferor to purchasers/transferees of interests in accounts or notes receivable or the agent for such purchasers/transferees), (ii) any
liability under any sale and leaseback transaction which is not a Capitalized Lease, (iii) any liability under any financing lease or so-called “synthetic lease” or “tax ownership operating lease” transaction entered into by such
Person, or (iv) any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the consolidated balance sheets of such Person, but
excluding from this clause (iv) all Operating Leases. 
  

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 “Operating Lease” of a Person means any lease of Property (other than a
Capitalized Lease) by such Person as lessee which has an original term (including any required renewals and any renewals effective at the option of the lessor) of one year or more. 
  
 “Operating Lease Obligations” means, as at any date of determination, the amount obtained by
aggregating the present values, determined in the case of each particular Operating Lease by applying a discount rate (which discount rate shall equal the discount rate which would be applied under Agreement Accounting Principles if such Operating
Lease were a Capitalized Lease) from the date on which each fixed lease payment is due under such Operating Lease to such date of determination, of all fixed lease payments due under all Operating Leases of the Borrower and its Subsidiaries.

  
 “Other Taxes” is defined in Section
3.5(ii). 
  
 “Outstanding Credit
Exposure” means, as to any Lender at any time, the aggregate principal amount of its Loans outstanding at such time. 
  
 “Participants” is defined in Section 12.2.1. 
  
 “Payment Date” means the last day of each calendar month, and the Termination Date. 
  
 “PBGC” means the Pension Benefit Guaranty
Corporation, or any successor thereto. 
  
 “Permitted
Investments” means Investments existing on the Closing Date and described on Schedule 1 hereto and other Investments consisting of: (i) loans or advances in the ordinary course of business to suppliers, officers, directors and employees
incidental to carrying on the business of the Borrower or any Subsidiary (including employee relocation loans); (ii) receivables arising from the sale of goods and services in the ordinary course of business of the Borrower and its Subsidiaries; and
(iii) loans to Subsidiaries and loans by a Subsidiary to the Borrower or another Subsidiary to the extent permitted under Section 6.11, in each case in the ordinary course of business. 
  
 “Permitted Purchase Money Indebtedness” means, with
respect to any Person, any Indebtedness, whether secured or unsecured, including Capitalized Leases, incurred by such Person to finance the acquisition of fixed assets, so long as (1) at the time of such incurrence, no Default or Unmatured Default
has occurred and is continuing or would result from such incurrence, (2) such Indebtedness has a scheduled maturity and is not due on demand and (3) such Indebtedness does not exceed the lower of the fair market value or the cost of the applicable
fixed assets on the date acquired. 
  
 “Person” means any natural person, corporation, firm, joint venture, partnership, limited liability company, association, enterprise, trust or other entity or organization, or any government or political subdivision
or any agency, department or instrumentality thereof. 
  
 “Plan” means an employee benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code as to which the Borrower or any member of the Controlled Group may
have liability. 
  

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 “Prime Rate” means a rate per annum equal to the prime rate of interest announced
from time to time by LaSalle Bank or its parent (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes. 
  
 “Property” of a Person means any and all property, whether real, personal, tangible, intangible, or
mixed, of such Person, or other assets owned, leased or operated by such Person. 
  
 “Pro Rata Share” means, with respect to a Lender, a portion equal to a fraction the numerator of which is such Lender’s Commitment at such time (in each case, as adjusted from time to time
in accordance with the provisions of this Agreement) and the denominator of which is the Aggregate Commitment at such time, or, if the Aggregate Commitment has been terminated, a fraction the numerator of which is such Lender’s Outstanding
Credit Exposure at such time and the denominator of which is the sum of the aggregate outstanding amount of all Loans at such time. 
  
 “Purchasers” is defined in Section 12.3.1. 
  
 “Preferred Stock” means, with respect to any corporation, capital stock issued by such corporation
that is entitled to a preference or priority over any other capital stock issued by such corporation upon any distribution of such corporation’s assets, whether by dividend or upon liquidation. 
  
 “Rate Management Obligations” of a Person means any
and all obligations of such Person, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (i) any and all
Rate Management Transactions, and (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any Rate Management Transactions. 
  
 “Rate Management Transaction” means any transaction (including an agreement with respect thereto) now existing or hereafter
entered into between the Borrower and any Lender or Affiliate thereof which is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest
rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any
option with respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures. 
  
 “Redeemable” means, with respect to any (i) capital
stock, (ii) Indebtedness or (iii) other right or obligation, any such capital stock, Indebtedness or other right or obligation that (a) the issuer has undertaken to redeem at a fixed or determinable date or dates, whether by operation of a sinking
fund or otherwise, or upon the occurrence of a condition not solely within the control of the issuer, or (b) is redeemable at the option of the holder. 
  
 “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any
successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks, non-banks 

  

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and non-broker lenders for the purpose of purchasing or carrying margin stock applicable to member banks of the Federal Reserve System. 
  
 “Regulation X” means Regulation X of the Board of
Governors of the Federal Reserve System as from time to time in effect and any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by foreign lenders for the purpose of purchasing
or carrying margin stock (as defined therein). 
  
 “Reportable Event” means a reportable event, as defined in Section 4043 of ERISA and the regulations issued under such section, with respect to a Plan, excluding, however, such events as to which the PBGC has by
regulation or otherwise waived the requirement of Section 4043(a) of ERISA that it be notified within thirty (30) days of the occurrence of such event, provided, however, that a failure to meet the minimum funding standard of Section 412 of
the Code and of Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such waiver of the notice requirement in accordance with either Section 4043(a) of ERISA or Section 412(d) of the Code. 
  
 “Required Lenders” means (x) at any time there are
two or fewer Lenders that have Commitments and that are party to this Agreement, all of the Lenders, and (y) at any time there are three or more Lenders that have Commitments and that are party to this Agreement, those Lenders in the aggregate
having equal to or greater than sixty-six and two-thirds percent (66- 2/3%) of the Aggregate Commitment or, if
the Aggregate Commitment has been terminated, those Lenders in the aggregate holding equal to or greater than sixty-six and two-thirds percent (66- 2/3%) of the Aggregate Outstanding Credit Exposure. 
  
 “Reserve Requirement” means the maximum aggregate reserve requirement (including all basic supplemental, marginal and other
reserves), stated as a decimal, as prescribed by the Board of Governors of the Federal Reserve System (or any successor) with respect to “Eurocurrency liabilities” or in respect of any other category of liabilities which includes deposits
by reference to which the interest rate on LIBOR Rate Loans is determined or category of extensions of credit or other assets which includes loans by a non-United States office of any Lender to United States residents. 
  
 “Restricted Payments” has the meaning set forth in
Section 6.10. 
  
 “Revolving Loan”
means, with respect to a Lender, such Lender’s loan made pursuant to Article II (and any conversion or continuation thereof). 
  
 “Revolving Loan Termination Date” means October 31, 2005. 
  
 “Risk Based Capital Guidelines” is defined in Section 3.2. 
  
 “S&P” means Standard and Poor’s Ratings
Services, a division of The McGraw-Hill Companies, Inc. and any successor thereto. 
  
 “Sale and Leaseback Transaction” means any sale or other transfer of Property by any Person with the intent to lease such Property as lessee. 
  

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 “SAP” means, with respect to any Insurance Subsidiary, the statutory accounting
practices prescribed or permitted by the insurance regulatory authority of the jurisdiction in which such Insurance Subsidiary is domiciled. 
  
 “Schedule” refers to a specific schedule to this Agreement, unless another document is specifically referenced. 
  
 “Section” means a numbered section of this Agreement,
unless another document is specifically referenced. 
  
 “Single Employer Plan” means a Plan maintained by the Borrower or any member of the Controlled Group for employees of the Borrower or any member of the Controlled Group. 
  
 “Solvent” means, when used with respect to any
Person, that at the time of determination: 
  
 (i) the fair value
of its assets (both at fair valuation and at present fair saleable value) is equal to or in excess of the total amount of its liabilities, including, without limitation, contingent liabilities; 
  
 (ii) it is then able and expects to be able to pay its debts as they mature;
and 
  
 (iii) it has capital sufficient to carry on its business
as conducted or as proposed to be conducted. 
  
 With respect to
contingent liabilities (such as litigation, guarantees and pension plan liabilities), such liabilities shall be computed at the amount which, in light of all the facts and circumstances existing at the time, represent the amount which can be
reasonably be expected to become an actual or matured liability. 
  
 “Subsidiary” of a Person means (i) any corporation more than fifty percent (50%) of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly,
by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, limited liability company, association, joint venture or similar business organization more than fifty percent (50%)
of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of the Borrower. 

 
 “Substantial Portion” means, with respect to the
Property of the Borrower and its Subsidiaries, Property which (i) represents more than ten percent (10%) of the consolidated tangible assets of the Borrower and its Subsidiaries as would be shown in the consolidated financial statements of the
Borrower and its Subsidiaries as at the end of the four fiscal quarter period ending with the fiscal quarter immediately prior to the fiscal quarter in which such determination is made, or (ii) is responsible for more than ten percent (10%) of the
Consolidated Net Income of the Borrower and its Subsidiaries as reflected in the financial statements referred to in clause (i) above. 
  

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 “Taxes” means any and all present or future taxes, duties, levies, imposts,
deductions, charges or withholdings, and any and all liabilities with respect to the foregoing, but excluding Excluded Taxes. 
  
 “Termination Date” means the earlier of (i) the Revolving Loan Termination Date and (ii) the date the Aggregate Commitment is
reduced to zero or otherwise terminated pursuant to the terms hereof, including, without limitation, pursuant to Section 2.2 and 2.5 and Article VIII hereof. 
  
 “Transferee” is defined in Section 12.4. 
  
 “Trust Preferred Securities” means those certain 5%
preferred securities with an aggregate liquidation amount equal to $97,000,000 issued by FBL Financial Group Capital Trust to Iowa Farm Bureau Federation pursuant to a Preferred Securities Purchase Agreement, dated as of May 30, 1997, as such
preferred securities and Preferred Securities Purchase Agreement are in effect as of the Closing Date. 
  
 “Trust Preferred Securities Guaranty” means the Preferred Securities Guarantee Agreement, dated as of May 30, 1997, as in effect
on the Closing Date, made by the Borrower in favor of the holders of the Trust Preferred Securities, pursuant to which the Borrower guaranteed the payment of certain amounts outstanding under or in connection with the Trust Preferred Securities.

  
 “Type” means, with respect to any
Advance, its nature as a Floating Rate Advance or a LIBOR Advance. 
  
 “Unfunded Liabilities” means the amount (if any) by which the present value of all vested and unvested accrued benefits under all Plans exceeds the fair market value of all such Plan assets allocable to such
benefits, all determined as of the then most recent valuation date for such Plans using each Plan’s ongoing actuarial assumptions as appropriate for calculations under FASB 35. 
  
 “Unmatured Default” means an event which but for the lapse of time or the giving of notice, or both,
would constitute a Default. 
  
 “Wholly-Owned
Subsidiary” of a Person means (i) any Subsidiary all of the outstanding voting securities of which shall at the time be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person,
or by such Person and one or more Wholly-Owned Subsidiaries of such Person, or (ii) any partnership, limited liability company, association, joint venture or similar business organization 100% of the ownership interests having ordinary voting power
of which shall at the time be so owned or controlled. 
  
 The
foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms. 
  
 Any accounting terms used in this Agreement which are not specifically defined herein shall have the meanings customarily given them in accordance with
Agreement Accounting Principles. 
  

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 1.2. References. Any references to the Borrower’s Subsidiaries shall not in any way be
construed as consent by the Administrative Agent or any Lender to the establishment, maintenance or acquisition of and Subsidiary, except as may otherwise be permitted hereunder. 
  
 1.3. Supplemental Disclosure. At any time at the request of the Administrative Agent and at such additional times as
the Borrower determines, the Borrower shall supplement each schedule or representation herein or in the other Loan Documents with respect to any matter hereafter arising which, if existing or occurring at the date of this Agreement, would have been
required to be set forth as an exception to such representation or which is necessary to correct any information in such representation which has been rendered inaccurate thereby. Notwithstanding that any such supplement to such representation may
disclose the existence or occurrence of events, facts or circumstances which are either prohibited by the terms of this Agreement or any other Loan Documents or which result in the breach of any representation or warranty, such supplement to such
representation shall not be deemed either an amendment thereof or a waiver of such breach unless expressly consented to in writing by Administrative Agent and the requisite number of Lenders under Section 8.2, and no such amendments, except
as the same may be consented to in a writing which expressly includes a waiver, shall be or be deemed a waiver by the Administrative Agent or any Lender of any Default disclosed therein. Any items disclosed in any such supplemental disclosures shall
be included in the calculation of any limits, baskets or similar restrictions contained in this Agreement or any of the other Loan Documents. 
  
 ARTICLE II 
  
 THE CREDITS 
  
 2.1. Description of Facility; Commitment. From and including the date of this Agreement and prior to the Termination Date, upon the satisfaction of the conditions precedent set forth in Section 4.1 and 4.2, as
applicable, each Lender severally and not jointly agrees, on the terms and conditions set forth in this Agreement, to make Loans to the Borrower from time to time in Dollars in amounts not to exceed in the aggregate at any one time outstanding its
Pro Rata Share of the Available Aggregate Commitment; provided that at no time shall the Aggregate Outstanding Credit Exposure hereunder exceed the Aggregate Commitment. Subject to the terms of this Agreement, the Borrower may borrow, repay
and reborrow Revolving Loans at any time prior to the Termination Date. The Commitments to lend hereunder shall expire automatically on the Termination Date. 
  
 2.2. Required Payments; Termination Date. 
  
 2.2.1. Required Payments. Any outstanding Revolving Loans and all other unpaid Obligations shall be paid in full by the Borrower on the Termination
Date. 
  
 2.2.2. Termination Date. Notwithstanding the
termination of the Commitments on the Termination Date, until all of the Obligations (other than contingent indemnity obligations) shall have been fully paid and satisfied and all financing arrangements among the Borrower and the Lenders hereunder
and under the other Loan Documents shall have been terminated, all of the rights and remedies under this Agreement and the other Loan Documents shall survive. 
  

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 2.3. Ratable Loans. Each Advance hereunder shall consist of Loans made from the several Lenders
ratably in proportion to the ratio that their respective Commitments bear to the Aggregate Commitment. 
  
 2.4. Types of Advances. The Advances may be Loans consisting of Floating Rate Loans or LIBOR Loans, or a combination thereof, selected by the
Borrower in accordance with Sections 2.8 and 2.9. 
  
 2.5.
Commitment Fee; Reductions in Aggregate Commitment. 
  
 2.5.1. Commitment Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Lender with a Commitment a commitment fee (the “Commitment Fee”) at a per annum rate equal to 0.15% times
the daily unused portion of such Lender’s Commitment from and including the Closing Date to and including the Termination Date, payable quarterly in arrears on the last day of each March, June, September and December to occur during such
period, and until all Obligations hereunder have been paid in full. 
  
 2.5.2. Reductions in Aggregate Commitment. The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum amount of $1,000,000 (and in multiples of $1,000,000 if in excess
thereof), upon at least three (3) Business Days’ prior written notice to the Administrative Agent of such reduction, which notice shall specify the amount of any such reduction; provided, however, that the amount of the Aggregate
Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued Commitment Fees shall be payable on the effective date of any termination of all or any part of the obligations of the Lenders to make Revolving Loans
hereunder. 
  
 2.6. Minimum Amount of Each Advance. Each
LIBOR Advance shall be in the minimum amount of $1,000,000 (and in multiples of $1,000,000 if in excess thereof), and each Floating Rate Advance shall be in the minimum amount of $1,000,000 (and in multiples of $1,000,000 if in excess thereof),
provided, however, that any Floating Rate Advance may be in the amount of the Available Aggregate Commitment. The Borrower shall not request a LIBOR Advance if, after giving effect to the requested LIBOR Advance, more than five (5) Interest
Periods would be in effect (unless such limit has been waived by the Administrative Agent in its sole discretion). 
  
 2.7. Optional Principal Payments; Mandatory Principal Prepayments. 
  
 2.7.1. Optional Principal Payments. The Borrower may from time to time pay, without penalty or premium, all
outstanding Floating Rate Advances, or, in a minimum aggregate amount of $500,000 or any integral multiple of $100,000 in excess thereof, any portion of the outstanding Floating Rate Advances, upon not less than two Business Days’ prior notice
to the Administrative Agent. The Borrower may from time to time pay, subject to the payment of any funding indemnification amounts required by Section 3.4 but without penalty or premium, all outstanding LIBOR Advances, or, in a minimum
aggregate amount of $500,000 or any integral multiple of $500,000 in excess thereof, any portion of the outstanding LIBOR Advances upon three Business Days’ prior notice to the Administrative Agent. 
  

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 2.7.2. Mandatory Principal Prepayments. If at any time the Borrower shall, or it shall permit any
Subsidiary to, consummate any Asset Sale in contravention of Section 6.13, the Borrower shall immediately make a mandatory prepayment of the Obligations in an amount equal to the Net Cash Proceeds resulting from such Asset Sale. 
  
 2.8. Method of Selecting Types and Interest Periods for New Advances.
The Borrower shall select the Type of Advance and, in the case of each LIBOR Advance, the Interest Period applicable thereto from time to time. The Borrower shall give the Administrative Agent irrevocable notice (a “Borrowing
Notice”) not later than 12:00 noon (Chicago time) at least one (1) Business Day before the Borrowing Date of each Floating Rate Advance and three (3) Business Days before the Borrowing Date for each LIBOR Advance. A Borrowing Notice shall
specify: 
  

	 	(a)	the Borrowing Date, which shall be a Business Day, of such Advance, 

  

	 	(b)	the aggregate amount of such Advance, 

  

	 	(c)	the Type of Advance selected, and 

  

	 	(d)	in the case of each LIBOR Advance, the Interest Period applicable thereto; provided, however, that no Borrowing Notice shall specify an Interest Period that extends beyond the
Revolving Loan Termination Date. 

  
 2.9.
Conversion and Continuation of Outstanding Advances. Floating Rate Advances shall continue as Floating Rate Advances unless and until such Floating Rate Advances are converted into LIBOR Advances pursuant to this Section 2.9 or are
repaid in accordance with Section 2.7. Each LIBOR Advance shall continue as a LIBOR Advance until the end of the then applicable Interest Period therefor, at which time such LIBOR Advance shall be automatically converted into a Floating Rate
Advance unless (x) such LIBOR Advance is or was repaid in accordance with Section 2.7, (y) the Borrower shall have given the Administrative Agent a Conversion/Continuation Notice (as defined below) requesting that, at the end of such Interest
Period, such LIBOR Advance continue as a LIBOR Advance for the same or another Interest Period or (z) upon the occurrence and during the continuance of any Default, each LIBOR Advance, may, at the Required Lender’s direction, on the last day of
the then existing Interest Period therefor, convert into a Floating Rate Advance and the obligations of the Lenders to make, or to convert Floating Rate Advances into LIBOR Advances shall be suspended. Subject to the terms of Section 2.6, the
Borrower may elect from time to time to convert all or any part of a Floating Rate Advance into a LIBOR Advance. Notwithstanding anything to the contrary contained in this Section 2.9, no Advance may be converted or continued as a LIBOR
Advance (except with the consent of the Required Lenders) when any Default or Unmatured Default has occurred and in continuing. The Borrower shall give the Administrative Agent irrevocable notice (a “Conversion/Continuation Notice”)
of each conversion of a Floating Rate Advance into a LIBOR Advance or continuation of a LIBOR Advance not later than 12:00 noon (Chicago time) at least three (3) Business Days prior to the date of the requested conversion or continuation,
specifying: 
  

	 	(a)	the requested date, which shall be a Business Day, of such conversion or continuation, 

  

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	 	(b)	the aggregate amount and Type of the Advance which is to be converted or continued, and 

  

	 	(c)	the amount of such Advance which is to be converted into or continued as a LIBOR Advance and the duration of the Interest Period applicable thereto. 

  
 2.10. Interest Rates. Each Floating Rate Advance shall bear interest
on the outstanding principal amount thereof, for each day from and including the date such Advance is made or is automatically converted from a LIBOR Advance into a Floating Rate Advance pursuant to Section 2.9, to but excluding the date it
is paid or is converted into a LIBOR Advance pursuant to Section 2.9 hereof, at a rate per annum equal to the Floating Rate for such day. Changes in the rate of interest on that portion of any Advance maintained as a Floating Rate Advance
will take effect simultaneously with each change in the Alternate Base Rate. Each LIBOR Advance shall bear interest on the outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto to (but not
including) the last day of such Interest Period at the LIBOR Rate for such Interest Period. No Interest Period may end after the Revolving Loan Termination Date. 
  
 2.11. Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 or
2.9, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section
8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued as a LIBOR Advance. During the continuance of a Default the Required Lenders may, at their option,
by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) each LIBOR
Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum and (ii) each Floating Rate Advance and all fees and other Obligations hereunder shall bear
interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest rates set forth in clauses
(i) and (ii) above shall be applicable to all Advances and on any accrued and unpaid fees and other Obligations without any election or action on the part of the Administrative Agent or any Lender. 
  
 2.12. Method of Payment. All payments of the Obligations hereunder
shall be made, without setoff, deduction, or counterclaim, in immediately available funds to the Administrative Agent at the Administrative Agent’s address specified pursuant to Article XIII, or at any other Lending Office of the
Administrative Agent specified in writing by the Administrative Agent to the Borrower, by 12:00 noon (Chicago time) on the date when due and shall be applied ratably by the Administrative Agent among the Lenders entitled thereto. Each payment
delivered to the Administrative Agent for the account of any Lender shall be delivered promptly by the Administrative Agent to such Lender in the same type of funds that the Administrative Agent 

  

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received at such Lender’s address specified pursuant to Article XIII or at any Lending Office specified in a notice received by the
Administrative Agent from such Lender. The Administrative Agent is hereby authorized to charge the account of the Borrower maintained with LaSalle Bank or any of its Affiliates for each payment of principal, interest and fees as it becomes due
hereunder. 
  
 2.13. Noteless Agreement; Evidence of
Indebtedness. 
  
 (i) Each Lender shall maintain in accordance
with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender
from time to time hereunder. 
  
 (ii) The Administrative Agent
shall also maintain accounts in which it will record (a) the date and the amount of each Loan made hereunder, the Type thereof and the Interest Period, if any, applicable thereto, (b) the amount of any principal or interest due and payable or to
become due and payable from the Borrower to each Lender hereunder, (c) the effective date and amount of each Assignment Agreement delivered to and accepted by it and the parties thereto pursuant to Section 12.3, (d) the amount of any sum
received by the Administrative Agent hereunder from the Borrower and each Lender’s share thereof, and (e) all other appropriate debits and credits as provided in this Agreement, including, without limitation, all fees, charges, expenses and
interest. 
  
 (iii) The entries maintained in the accounts
maintained pursuant to clauses (i) and (ii) above shall be prima facie evidence of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of the Administrative Agent or any Lender to
maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Obligations in accordance with their terms. 
  
 (iv) Any Lender may request that the Loans made or to be made by it be evidenced by a promissory note in substantially the
form of Exhibit D (each, a “Note”). In such event, the Borrower shall prepare, execute and deliver to such Lender such Note or Notes payable to the order of such Lender. Thereafter, the Loans evidenced by each such Note and
interest thereon shall at all times (including after any assignment pursuant to Section 12.3) be represented by one or more Notes payable to the order of the payee named therein or any assignee pursuant to Section 12.3, except to the
extent that any such Lender or assignee subsequently returns any such Note for cancellation and requests that such Loans once again be evidenced as described in clauses (i) and (ii) above. 
  
 2.14. Telephonic Notices. The Borrower hereby authorizes the Lenders
and the Administrative Agent to extend, convert or continue Advances, effect selections of Types of Advances and transfer funds based on telephonic notices made by any person or persons the Administrative Agent or any Lender in good faith believes
to be acting on behalf of the Borrower, it being understood that the foregoing authorization is specifically intended to allow Borrowing Notices and Conversion/Continuation Notices to be given telephonically. The Borrower agrees to deliver promptly
to the Administrative Agent a written confirmation, signed by an Authorized Officer, of each telephonic notice signed by an Authorized Officer. If the 

  

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written confirmation differs in any material respect from the action taken by the Administrative Agent and the Lenders, the records of the Administrative
Agent and the Lenders shall govern absent manifest error. 
  
 2.15. Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Floating Rate Advance shall be payable in arrears on each Payment Date, commencing with the first such date to occur after the Closing Date on any date on
which the Floating Rate Advance is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Floating Rate Advance converted into a LIBOR Advance on a day other
than a Payment Date shall be payable on the next succeeding Payment Date. Interest accrued on each LIBOR Advance shall be payable on the last day of its applicable Interest Period, on any date on which the LIBOR Advance is prepaid, whether by
acceleration or otherwise, and at maturity. Interest on all Advances and fees shall be calculated for actual days elapsed on the basis of a 360-day year. Interest shall be payable for the day an Advance is made but not for the day of any payment on
the amount paid if payment is received prior to 2:00 p.m. (Chicago time) at the place of payment. If any payment of principal of or interest on an Advance, any fees or any other amounts payable to the Administrative Agent or any Lender hereunder
shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest, fees and commissions in
connection with such payment. 
  
 2.16. Notification of
Advances, Interest Rates, Prepayments and Commitment Reductions; Availability of Loans. Promptly after receipt thereof, the Administrative Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing
Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. The Administrative Agent will notify each Lender of the interest rate applicable to each LIBOR Advance promptly upon determination of such interest rate and will
give each Lender prompt notice of each change in the Alternate Base Rate. Not later than 12:00 noon (Chicago time) on each Borrowing Date, each Lender shall make available its Loans in funds immediately available in Chicago to the Administrative
Agent at its address specified pursuant to Article XIII. Unless the Administrative Agent determines that any applicable condition specified in Article IV has not been satisfied, the Administrative Agent will make the funds so received
from the Lenders available to the Borrower at the Administrative Agent’s aforesaid address. 
  
 2.17. Lending Offices. Each Lender may book its Loans at any Lending Office selected by such Lender and may change its Lending Office from time to
time. All terms of this Agreement shall apply to any such Lending Office and the Loans and any Notes issued hereunder shall be deemed held by each Lender for the benefit of any such Lending Office. Each Lender may, by written notice to the
Administrative Agent and the Borrower in accordance with Article XIII, designate replacement or additional Lending Offices through which Loans will be made by it and for whose account Loan payments are to be made. 
  
 2.18. Non-Receipt of Funds by the Administrative Agent. Unless the
Borrower or a Lender, as the case may be, notifies the Administrative Agent prior to the time on which it is scheduled to make payment to the Administrative Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii) in the case of the
Borrower, a payment of principal, interest or fees to 

  

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the Administrative Agent for the account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment
has been made. The Administrative Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or the Borrower, as the case may be, has not in fact
made such payment to the Administrative Agent, the recipient of such payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together with interest thereon in respect of each day during
the period commencing on the date such amount was so made available by the Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (x) in the case of payment by a Lender, the Federal Funds
Effective Rate for such day for the first three (3) days and, thereafter, the interest rate applicable to the relevant Loan or (y) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan, including the interest rate
applicable pursuant to Section 2.11. 
  
 2.19.
Replacement of Lender. The Borrower shall have the right, in its sole discretion, at any time and from time to time to terminate or replace the Commitment of any Lender (an “Affected Lender”), in whole, upon at least thirty
(30) days’ prior notice to the Administrative Agent and such Lender, (a) if such Lender has failed or refused to make available the full amount of any Loan as required by its Commitment hereunder, (b) if such Lender has been merged or
consolidated with, or transferred all or substantially all of its assets to, or otherwise been acquired by any other Person, or (c) if such Lender has demanded that the Borrower make any additional payment to any Lender pursuant to Section
3.1, 3.2 or 3.5, or if such Lender’s obligation to make or continue, or convert Floating Rate Advances into, LIBOR Advances has been suspended pursuant to Section 3.3, provided, however that no such Commitment
reduction shall reduce the Aggregate Commitment by more than fifteen percent (15%) thereof; provided further, that no Default or Unmatured Default shall have occurred and be continuing at the time of such termination or replacement, and that,
concurrently with such termination or replacement, (i) if the Affected Lender is being replaced, another bank or other entity which is reasonably satisfactory to the Borrower and the Administrative Agent shall agree, as of such date, to purchase for
cash the Advances and other Obligations due to the Affected Lender pursuant to an Assignment Agreement substantially in the form of Exhibit C and to become a Lender for all purposes under this Agreement and to assume all obligations of the
Affected Lender to be terminated as of such date and to comply with the requirements of Section 12.3 applicable to assignments, and (ii) the Borrower shall pay to such Affected Lender in immediately available funds on the day of such
replacement (A) all interest, fees and other amounts then accrued but unpaid to such Affected Lender by the Borrower hereunder to and including the date of termination, including without limitation payments due to such Affected Lender under
Sections 3.1, 3.2 and 3.5, to the extent applicable, and (B) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 3.4 had the LIBOR Advances of such
Affected Lender been prepaid on such date rather than sold to the replacement Lender and (iii) if the Affected Lender is being terminated, the Borrower shall pay to such Affected Lender all of the Obligations due to such Affected Lender (including
amounts described in the immediately preceding clauses (i) and (ii) plus the outstanding principal balance of such Lender’s Loans). 
  

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 ARTICLE III 
  
 YIELD PROTECTION; TAXES 
  
 3.1. Yield Protection. If, on or after the Closing Date, the adoption of any law or any governmental or quasi-governmental rule, regulation,
policy, guideline or directive (whether or not having the force of law), or any change in any such law, rule, regulation, policy, guideline or directive or in the interpretation or administration thereof by any governmental or quasi-governmental
authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender or applicable Lending Office with any request or directive (whether or not having the force of law) of any such
authority, central bank or comparable agency: 
  

	 	(i)	subjects any Lender or any applicable Lending Office to any Taxes, or changes the basis of taxation of payments (other than with respect to Excluded Taxes) to any Lender in respect
of its LIBOR Loans, or 

  

	 	(ii)	imposes or increases or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or
credit extended by, any Lender or any applicable Lending Office (other than reserves and assessments taken into account in determining the interest rate applicable to LIBOR Advances), or 

  

	 	(iii)	imposes any other condition the result of which is to increase the cost to any Lender or any applicable Lending Office of making, funding or maintaining its Commitment or LIBOR
Loans or reduces any amount receivable by any Lender or any applicable Lending Office in connection with its Commitment or LIBOR Loans, or requires any Lender or any applicable Lending Office to make any payment calculated by reference to the amount
of Commitment or LIBOR Loans held or interest received by it, by an amount deemed material by such Lender, 

  
 and the result of any of the foregoing is to increase the cost to such Lender or applicable Lending Office of making or maintaining its LIBOR Loans or Commitment or to
reduce the return received by such Lender or applicable Lending Office in connection with such LIBOR Loans or Commitment, then, within fifteen (15) days of demand by such Lender, the Borrower shall pay such Lender such additional amount or amounts
as will compensate such Lender for such increased cost or reduction in amount received. 
  
 3.2. Changes in Capital Adequacy Regulations. If a Lender determines the amount of capital required or expected to be maintained by such Lender, any Lending Office of such Lender or any corporation controlling
such Lender is increased as a result of a Change, then, within fifteen (15) days of demand by such Lender, the Borrower shall pay such Lender the amount necessary to compensate for any shortfall in the rate of return on the portion of such increased
capital which such Lender determines is attributable to this Agreement, its Loans or its Commitment to make Loans hereunder (after taking into account such Lender’s policies as to capital adequacy). “Change” means (i) any
change after the Closing Date in the Risk-Based Capital Guidelines or (ii) any adoption of, change in, or change in the interpretation or 

  

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administration of any other law, governmental or quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or not having
the force of law) after the Closing Date which affects the amount of capital required or expected to be maintained by any Lender or any Lending Office or any corporation controlling any Lender. “Risk-Based Capital Guidelines” means
(i) the risk-based capital guidelines in effect in the United States on the Closing Date, including transition rules, and (ii) the corresponding capital regulations promulgated by regulatory authorities outside the United States implementing the
July 1988 report of the Basle Committee on Banking Regulation and Supervisory Practices Entitled “International Convergence of Capital Measurements and Capital Standards,” including transition rules, and any amendments to such regulations
adopted prior to the Closing Date. 
  
 3.3. Availability of
Types of Advances. If (x) any Lender determines that maintenance of its LIBOR Loans at a suitable Lending Office would violate any applicable law, rule, regulation or directive, whether or not having the force of law, or if (y) the Required
Lenders determine that (i) deposits of a type and maturity appropriate to match fund LIBOR Advances are not available or (ii) the interest rate applicable to LIBOR Advances does not accurately reflect the cost of making or maintaining LIBOR
Advances, then the Administrative Agent shall suspend the availability of LIBOR Advances and require any affected LIBOR Advances to be repaid or converted to Floating Rate Advances, subject to the payment of any funding indemnification amounts
required by Section 3.4. 
  
 3.4. Funding
Indemnification. If any payment of a LIBOR Advance occurs on a date which is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, or a LIBOR Advance is not made on the date specified by
the Borrower for any reason other than default by the Lenders, or a LIBOR Advance is not prepaid on the date specified by the Borrower for any reason, the Borrower will indemnify each Lender for any actual and verifiable loss or cost incurred by it
resulting therefrom, including, without limitation, any actual and verifiable loss or cost in liquidating or employing deposits acquired to fund or maintain such LIBOR Advance. 
  
 3.5. Taxes. 
  
 (i) All payments by the Borrower to or for the account of any Lender or Administrative Agent hereunder or under any Note shall be made free and clear of
and without deduction for any and all Taxes. If the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Lender or Administrative Agent, (a) the sum payable shall be increased as necessary so
that after making all required deductions (including deductions applicable to additional sums payable under this Section 3.5) such Lender or Administrative Agent (as the case may be) receives an amount equal to the sum it would have received
had no such deductions been made, (b) the Borrower shall make such deductions, (c) the Borrower shall pay the full amount deducted to the relevant authority in accordance with applicable law and (d) the Borrower shall furnish to the Administrative
Agent the original copy of a receipt evidencing payment thereof within thirty (30) days after such payment is made. 
  
 (ii) In addition, the Borrower hereby agrees to pay any present or future stamp or documentary taxes and any other excise or property taxes, charges or
similar levies which arise from any payment made hereunder or under any Note or from the execution or delivery of, or 

  

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otherwise with respect to, this Agreement or any Note other than any of the foregoing which constitute Excluded Taxes (“Other Taxes”).

  
 (iii) The Borrower hereby agrees to indemnify the
Administrative Agent and each Lender for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed on amounts payable under this Section 3.5) paid by the Administrative Agent or such Lender and
any liability (including penalties, interest and expenses) arising therefrom or with respect thereto. Payments due under this indemnification shall be made within thirty (30) days of the date the Administrative Agent or such Lender makes demand
therefor pursuant to Section 3.6. 
  
 (iv) Each Lender that
is not incorporated under the laws of the United States of America or a state thereof (each a “Non-U.S. Lender”) agrees that it will, not more than ten (10) Business Days after the date on which it becomes a party to this Agreement,
(i) deliver to each of the Borrower and the Administrative Agent two (2) duly completed copies of United States Internal Revenue Service Form W-8BEN or W-8ECI, certifying in either case that such Lender is entitled to receive payments under this
Agreement without deduction or withholding of any United States federal income taxes, and (ii) deliver to each of the Borrower and the Administrative Agent a United States Internal Revenue Form W-8 or W-9, as the case may be, and certify that it is
entitled to an exemption from United States backup withholding tax. Each Non-U.S. Lender further undertakes to deliver to each of the Borrower and the Administrative Agent (x) renewals or additional copies of such form (or any successor form) on or
before the date that such form expires or becomes obsolete, and (y) after the occurrence of any event requiring a change in the most recent forms so delivered by it, such additional forms or amendments thereto as may be reasonably requested by the
Borrower or the Administrative Agent. All forms or amendments described in the preceding sentence shall certify that such Lender is entitled to receive payments under this Agreement without deduction or withholding of any United States federal
income taxes, unless an event (including without limitation any change in treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms inapplicable or which
would prevent such Lender from duly completing and delivering any such form or amendment with respect to it and such Lender advises the Borrower and the Administrative Agent that it is not capable of receiving payments without any deduction or
withholding of United States federal income tax. 
  
 (v) For any
period during which a Non-U.S. Lender has failed to provide the Borrower with an appropriate form pursuant to clause (iv), above (unless such failure is due to a change in treaty, law or regulation, or any change in the interpretation or
administration thereof by any governmental authority, occurring subsequent to the date on which a form originally was required to be provided), such Non-U.S. Lender shall not be entitled to indemnification under this Section 3.5 with respect
to Taxes imposed by the United States; provided that, should a Non-U.S. Lender which is otherwise exempt from or subject to a reduced rate of withholding tax become subject to Taxes because of its failure to deliver a form required under
clause (iv), above, the Borrower shall take such steps as such Non-U.S. Lender shall reasonably request to assist such Non-U.S. Lender to recover such Taxes. 
  
 (vi) Any Lender that is entitled to an exemption from or reduction of withholding tax with respect to payments under this
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jurisdiction or any treaty shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such
properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate. 
  
 (vii) If the U.S. Internal Revenue Service or any other governmental authority of the United States or any other country or any political subdivision
thereof asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the appropriate form was not delivered or properly completed, because such Lender failed to notify the
Administrative Agent of a change in circumstances which rendered its exemption from withholding ineffective, or for any other reason), such Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by the
Administrative Agent as tax, withholding therefor, or otherwise, including penalties and interest, and including taxes imposed by any jurisdiction on amounts payable to the Administrative Agent under this subsection, together with all costs and
expenses related thereto (including attorneys’ fees and time charges of attorneys for the Administrative Agent, which attorneys may be employees of the Administrative Agent). The obligations of the Lenders under this Section 3.5(vii)
shall survive the payment of the Obligations and termination of this Agreement. 
  
 3.6. Lender Statements; Survival of Indemnity. To the extent reasonably possible, each Lender shall designate an alternate Lending Office with respect to its Loans to reduce any liability of the Borrower to
such Lender under Sections 3.1, 3.2 and 3.5 or to avoid the unavailability of LIBOR Advances under Section 3.3, so long as such designation is not, in the judgment of such Lender, materially disadvantageous to such
Lender. Each Lender shall deliver a written statement of such Lender to the Borrower (with a copy to the Administrative Agent) as to the amount due, if any, under Section 3.1, 3.2, 3.4 or 3.5. Such written statement shall
set forth in reasonable detail the calculations upon which such Lender determined the actual amount of its loss or additional cost, and such calculation shall be final, conclusive and binding on the Borrower in the absence of manifest error. Unless
otherwise provided herein, the amount specified in the written statement of any Lender shall be payable on demand after receipt by the Borrower of such written statement. The obligations of the Borrower under Sections 3.1, 3.2,
3.4 and 3.5 shall survive payment of the Obligations and termination of this Agreement. 
  
 ARTICLE IV 
  
 CONDITIONS PRECEDENT 
  
 4.1. Initial
Advance. The Lenders shall not be required to make the initial Advance hereunder unless (a) the representations and warranties contained in Article V are true and correct as of such date, (b) the Administrative Agent has received duly
executed originals of this Agreement from the Borrower, the Lenders, and the Administrative Agent, and (c) the Borrower has furnished to the Administrative Agent with sufficient copies for the Lenders: 
  

	 	(i)	Copies of the articles or certificate of incorporation of the Borrower, together with all amendments thereto, and a certificate of due existence, each certified by the appropriate
governmental officer in its jurisdiction of organization. 

  

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	 	(ii)	Copies, certified by the Secretary or Assistant Secretary of the Borrower, of its articles or certificate of incorporation (as also certified by the appropriate governmental officer
referenced in clause (i) above) and its by-laws, in each case together with all amendments thereto, and its Board of Directors’ resolutions authorizing the execution of and its performance under the Loan Documents to which it is a party.


  

	 	(iii)	Incumbency certificates, executed by the Secretary or Assistant Secretary of the Borrower, which shall identify by name and title and bear the signatures of the Authorized Officers
and any other officers or employees of the Borrower authorized to sign the Loan Documents to which it is a party and to request Loans hereunder, upon which certificates the Administrative Agent and the Lenders shall be entitled to rely until
informed of any change in writing by the Borrower. 

  

	 	(iv)	A compliance certificate, in substantially the form of Exhibit B, signed by the chief financial officer, treasurer or vice president of finance of the Borrower, setting forth
the calculations necessary to determine the Borrower’s compliance with certain covenants set forth in this Agreement on the Closing Date and stating that on the Closing Date (a) no Default or Unmatured Default has occurred and is continuing,
(b) all of the representations and warranties in Article V are true and correct as of such date, and (c) no Material Adverse Change has occurred since December 31, 2002. Such certificate shall also demonstrate that the Borrower’s
Consolidated Net Worth equals or exceeds $575,000,000 on the Closing Date. 

  

	 	(v)	A written opinion of the Borrower’s counsel, in form and substance satisfactory to the Administrative Agent and addressed to the Lenders, in substantially the form of
Exhibit A. 

  

	 	(vi)	Any Notes requested by a Lender pursuant to Section 2.13 payable to the order of each such requesting Lender. 

  

	 	(vii)	Such other documents as any Lender or its counsel may have reasonably requested including, without limitation, each other document identified on the list of closing documents
attached hereto as Exhibit E. 

  
 4.2.
Each Advance. The Lenders shall not be required to make any Advance on the applicable Borrowing Date unless: 
  

	 	(i)	There exists no Default or Unmatured Default. 

  

	 	(ii)	The representations and warranties contained in Article V are true and correct as of such Borrowing Date except to the extent any such representation or warranty is stated to
relate solely to an earlier date, in which case such representation or warranty shall have been true and correct on and as of such earlier date. 

  

	 	(iii)	All legal matters incident to the making of such Advance shall be satisfactory to the Lenders and their counsel. 

  

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 Each Borrowing Notice with respect to each such Advance shall constitute a representation and warranty by
the Borrower that the conditions contained in Section 4.2(i) and (ii) have been satisfied. Any Lender may require a duly completed compliance certificate in substantially the form of Exhibit B as a condition to making an Advance.

  
 ARTICLE V 
  
 REPRESENTATIONS AND WARRANTIES 
  
 The Borrower represents and warrants as follows to each Lender and the
Administrative Agent as of the Closing Date, on the date of the initial Revolving Loans hereunder (if different from the Closing Date) and thereafter on each date as required by Section 4.2: 
  
 5.1. Existence and Standing. Each of the Borrower and each of its
Subsidiaries is a corporation, partnership or limited liability company duly and properly incorporated or organized, as the case may be, validly existing and, in jurisdictions where applicable, in good standing, under the laws of its jurisdiction of
incorporation or organization and is properly qualified and has all requisite authority to conduct its business in each jurisdiction in which its business is conducted, except to the extent that the failure to have such authority could not
reasonably be expected to have a Material Adverse Effect. 
  
 5.2.
Authorization and Validity. The Borrower has the power and authority and legal right to execute and deliver the Loan Documents and to perform its obligations thereunder. The execution and delivery by the Borrower of the Loan Documents and the
consummation of the transactions contemplated thereby and the performance of its obligations thereunder have been duly authorized by its Board of Directors and no other corporate proceedings are necessary to consummate such transactions, and the
Loan Documents to which the Borrower is a party constitute legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or
similar laws affecting the enforcement of creditors’ rights generally. 
  
 5.3. No Conflict; Government Consent. Neither the execution, delivery and performance by the Borrower of the Loan Documents, nor the consummation of the transactions therein contemplated, nor compliance with
the provisions thereof will violate (i) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the Borrower or any of its Subsidiaries or (ii) the Borrower’s or any Subsidiary’s articles or certificate of
incorporation, partnership agreement, certificate of partnership, articles or certificate of organization, by-laws, or operating agreement or other management agreement, as the case may be, or (iii) the provisions of any material Contractual
Obligations, to which the Borrower or any of its Subsidiaries is a party or is subject, or by which it, or its Property, is bound, or conflict with, or constitute a default under, or result in, or require, the creation or imposition of any Lien in,
of or on the Property of the Borrower or a Subsidiary pursuant to the terms of, any material Contractual Obligation. The execution, delivery and performance of the Loan Documents and the consummation of the transactions contemplated thereby do not
and will not require any approval of shareholders or any approval or consent of any Person under Contractual Obligations. No order, consent, adjudication, approval, license, authorization, or validation of, or filing, recording or registration with,
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body or authority, or any subdivision thereof, which has not been obtained by the Borrower or any of its Subsidiaries, is required to be obtained by the
Borrower or any of its Subsidiaries in connection with the execution and delivery of the Loan Documents, the borrowings under this Agreement, the payment and performance by the Borrower of the Obligations or the legality, validity, binding effect or
enforceability of any of the Loan Documents. 
  
 5.4. Financial
Statements. The December 31, 2002 consolidated financial statements of the Borrower and its Subsidiaries heretofore delivered to the Administrative Agent and the Lenders, copies of which are included in the Borrower’s 2002 Annual Report on
Form 10-K as filed with the Securities and Exchange Commission, were prepared in accordance with generally accepted accounting principles in effect on the date such statements were prepared and fairly present, the consolidated financial condition
and operations of the Borrower and its Subsidiaries at such date and the consolidated results of their operations and cash flows for the fiscal year then ended. 
  

5.5. Material Adverse Change; No Default. Since December 31, 2002, there has been no Material Adverse Change. Neither the Borrower nor any
Subsidiary is a party to, or is otherwise subject to, any Contractual Obligation or other restriction contained in their respective charters, bylaws or similar governing documents, which has had a Material Adverse Effect. There exists no Default or
Unmatured Default. 
  
 5.6. Taxes. The Borrower and its
Subsidiaries have filed all United States federal tax returns and all other tax returns which are required to be filed and have paid all taxes due pursuant to said returns or pursuant to any assessment received by the Borrower or any of its
Subsidiaries, except such taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided in accordance with Agreement Accounting Principles. Other than with respect to those United States income tax returns
of the Borrower and its Subsidiaries which no longer may be audited by the Internal Revenue Service as a result of the lapse of the applicable audit period under the Code for such returns, the United States income tax returns of the Borrower and its
Subsidiaries have been audited by the Internal Revenue Service through the fiscal year ended December 31, 1999. No tax liens have been filed and no claims are being asserted with respect to any such taxes. The charges, accruals and reserves on the
books of the Borrower and its Subsidiaries in respect of any taxes or other governmental charges are adequate. 
  
 5.7. Litigation and Contingent Obligations. There is no litigation, arbitration, governmental investigation, proceeding or inquiry pending, at law
or in equity, or, to the knowledge of any of their officers, threatened against or affecting the Borrower or any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect or which seeks to prevent, enjoin or delay the
making of any Loans or otherwise question the validity of any Loan Document. Neither the Borrower nor any of its Subsidiaries is subject to or in default with respect to any final judgement, writ, order, injunction, decree, rule or regulation of any
court or Governmental Authority which has had or is reasonably likely to have a Material Adverse Effect. Other than any liability incident to any litigation, arbitration or proceeding which could not reasonably be expected to have a Material Adverse
Effect, neither the Borrower nor any of its Subsidiaries have any contingent obligations not provided for or disclosed in the financial statements referred to in Section 5.4. 
  

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 5.8. Subsidiaries. Schedule 4 (as supplemented from time to time by the Borrower promptly
after the formation or acquisition of any new Subsidiary) contains a complete and accurate list of all Subsidiaries of the Borrower as of the Closing Date, setting forth their correct legal name and respective jurisdictions of organization and the
number of issued and authorized shares of each class of capital stock of each such Subsidiary and the identity of the holders of all shares of each class of capital stock of each Subsidiary and the percentage ownership interests owned by each such
holder. All of the issued and outstanding shares of capital stock or other ownership interests of such Subsidiaries have been duly authorized and issued and are fully paid and non-assessable. No Person other than the Borrower or a Subsidiary holds
or otherwise possesses any warrant, right or option to purchase or otherwise acquire stock or other securities convertible into capital stock of any Subsidiary. 
  

5.9. Accuracy of Information. None of the schedules, certificates and other written statements and materials and information furnished by or on
behalf of the Borrower or any of its Subsidiaries to the Administrative Agent or the Lenders (in each case, unless corrected in writing in this Agreement or in a written statement delivered to the Administrative Agent and the Lenders prior to the
date of the execution hereof by the Borrower) contain any material misstatement of fact or omit to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they were made and taken
as a whole, not misleading. There is no fact relating to the Borrower or any of its Subsidiaries which the Borrower has not disclosed to the Administrative Agent and the Lenders in writing which has had or is reasonably likely to have a Material
Adverse Effect. 
  
 5.10. Regulation U. Neither the
Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate of buying or carrying margin stock (within the meaning
of Regulation U or Regulation X); and after applying the proceeds of each Advance, margin stock (as defined in Regulation U) constitutes less than twenty-five (25%) of the value of those assets of the Borrower and its Subsidiaries which are subject
to any limitation on sale or pledge, or any other restriction hereunder. 
  
 5.11. Material Agreements. Neither the Borrower nor any Subsidiary is in default and no conditions exist which, with the giving of notice or lapse of time, or both, would constitute a default in the
performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement to which it is a party, which default could reasonably be expected to have a Material Adverse Effect. 
  
 5.12. Compliance With Laws. The Borrower and its Subsidiaries have
complied with all applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government or any instrumentality or agency thereof having jurisdiction over the conduct of their respective businesses or the ownership of
their respective Property. 
  
 5.13. Ownership of
Properties. The Borrower and its Subsidiaries have good and marketable title, free of all Liens other than those permitted by Section 6.15, to all of the Property and assets reflected in the Borrower’s most recent consolidated
financial statements provided to the Administrative Agent and the Lenders as owned by the Borrower and its 

  

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Subsidiaries, other than Property and assets sold or otherwise disposed of in the ordinary course of business. 
  
 5.14. ERISA. The sum of the Unfunded Liabilities of all Plans do not
in the aggregate exceed an amount equal to the sum of fifteen percent (15%) of the value (as of any date of determination) of all Plan assets allocable to Plan benefits. Each Plan complies in all material respects with all applicable requirements of
law and regulations, no Reportable Event has occurred with respect to any Plan, neither the Borrower nor any other member of the Controlled Group has withdrawn from any Multiemployer Plan or initiated steps to do so, and no steps have been taken to
terminate any Plan. 
  
 5.15. Plan Assets; Prohibited
Transactions. The Borrower is not an entity deemed to hold “plan assets” within the meaning of 29 C.F.R. § 2510.3-101 of an employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any
plan (within the meaning of Section 4975 of the Code), and, to the knowledge of the Borrower, neither the execution of this Agreement nor the making of Loans hereunder gives rise to a prohibited transaction within the meaning of Section 406 of ERISA
or Section 4975 of the Code. 
  
 5.16. Environmental
Matters. In the ordinary course of its business, the officers of the Borrower consider the effect of Environmental Laws on the business of the Borrower and its Subsidiaries, in the course of which they identify and evaluate potential risks and
liabilities accruing to the Borrower and its Subsidiaries due to Environmental Laws. On the basis of this consideration, the Borrower has concluded that Environmental Laws cannot reasonably be expected to have a Material Adverse Effect. Neither the
Borrower nor any Subsidiary has received any notice to the effect that its operations are not in compliance with any of the requirements of applicable Environmental Laws or are the subject of any federal or state investigation evaluating whether any
remedial action is needed to respond to a release of any toxic or hazardous waste or substance into the environment, which non-compliance or remedial action could reasonably be expected to have a Material Adverse Effect. 
  
 5.17. Investment Company Act: Other Regulation. Neither the Borrower
nor any Subsidiary is (i) an “investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended or (ii) subject to regulation under any other
federal or state regulatory scheme such that its ability to incur Indebtedness is limited or its ability to consummate the transactions contemplated hereby is impaired. 
  
 5.18. Indebtedness. Schedule 2 is a complete and accurate list of all of the Borrower’s and its
Subsidiaries’ Indebtedness existing as of the Closing Date, which list identifies the agreements or instruments evidencing such Indebtedness and the principal amounts thereof. 
  
 5.19. Insurance. The Property of the Borrower and its Subsidiaries is insured with financially sound and reputable
insurance companies not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar business and owning similar properties. 
  

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 5.20. Solvency. After giving effect to the Advances to be made on the Closing Date, or such other
Advances requested hereunder are made, the Borrower and its Subsidiaries taken as a whole are Solvent. 
  
 5.21. Permits; Intellectual Property. The Borrower and each of its Subsidiaries own, are licensed or otherwise have the lawful right to use, or
have all permits and other governmental approvals, patents, trademarks, trade names, copyrights, technology, know-how and processes used in or necessary for the conduct of their businesses as currently conducted which are material to their condition
(financial or otherwise), operations, performance and prospects, taken as a whole. The use of such permits and other governmental approvals, patents, trademarks, trade names, copyrights, technology, know-how and processes by the Borrower and each of
its Subsidiaries does not infringe on the rights of any Person, subject to such claims and infringements as do not, in the aggregate, give rise to any liability on the part of the Borrower or any of its Subsidiaries which has or is reasonably likely
to have a Material Adverse Effect. 
  
 5.22. Labor Matters.
There are no collective bargaining agreements or other labor agreements covering any of the employees of the Borrower or any of its Subsidiaries. No attempt to organize the employees of the Borrower, and no labor disputes, strikes or walkouts
affecting the operations of the Borrower or any of its Subsidiaries, is pending, or, to the Borrower’s knowledge, threatened, planned or contemplated. 
  
 5.23. OFAC. Neither the Borrower nor any of its Subsidiaries or Affiliates is a country, individual, or entity named on the Specifically Designated
National and Blocked Persons (SDN) list issued by the Office of Foreign Asset Control of the Department of the Treasury of the United States of America. 
  
 ARTICLE VI 
  
 COVENANTS 
  
 During the term of this Agreement, unless the Required Lenders shall otherwise consent in writing: 
  
 6.1. Financial Reporting. The Borrower will maintain, for itself and each Subsidiary, a system of accounting established and administered in
accordance with generally accepted accounting principles, and furnish to the Administrative Agent and the Lenders: 
  
 (a) Annual Financials. (i) Agreement Accounting Principles Financials. As soon as available and in any event within 90 days after the close
of each Fiscal Year of the Borrower, copies of (A) consolidated balance sheets of the Borrower and its Subsidiaries as of the close of such Fiscal Year, and (B) consolidated statements of operations, shareholders’ equity and cash flows of the
Borrower and its Subsidiaries for such Fiscal Year, in each case setting forth in a comparative form the consolidated figures for the preceding Fiscal Year. Such consolidated financial statements shall be accompanied by an audit report and
unqualified opinion thereon of Ernst & Young LLP or such other firm of independent auditors of recognized national standing selected by the Borrower that is reasonably satisfactory to the Administrative Agent to the effect that such consolidated
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consolidated financial position of the Borrower and its Subsidiaries as of the end of the Fiscal Year being reported on and the consolidated results of the
operations, shareholders’ equity and cash flows for said year in conformity with Agreement Accounting Principles and that the examination of such auditors in connection with such financial statements has been conducted in accordance with
generally accepted auditing standards and included such tests of the accounting records and such other auditing procedures as said auditors deemed necessary in the circumstances. Such audit reports shall be accompanied by a reliance letter from the
independent auditors permitting the Administrative Agent and the Lenders to rely on the contents thereof as if prepared specifically for use by the Administrative Agent and the Lenders. 
  
 (ii) SAP Financials. As soon as available, and in any event (A) within 90 days of the close of each calendar year, a
copy of each such Insurance Subsidiary’s statutory Annual Statement for such year ended December 31, as filed with the insurance department (or other equivalent insurance regulatory authority) of the state of domicile of such Insurance
Subsidiary, and (B) by June 15th of each year, a copy of each such Insurance Subsidiary’s audited financial statements for such year ended December 31, as filed with the insurance department (or other equivalent insurance regulatory authority)
of the state of domicile of such Insurance Subsidiary. The financial statements referred to in this Section 6.1(a)(ii) shall fairly present in all material respects the statutory financial position of each such Insurance Subsidiary as of the
dates therein specified and the statutory results of operations and cash flow of each such Insurance Subsidiary for the periods therein specified, and shall be prepared in conformity with SAP. The financial statements referred to in sub-clause
(B) of this Section 6.1(a)(ii) shall be accompanied by an audit report and opinion thereon of Ernst & Young LLP or such other firm of independent auditors of recognized national standing selected by the Borrower that is reasonably
satisfactory to the Administrative Agent to the effect that such financial statements present fairly, in all material respects, the financial position of each such Insurance Subsidiary as of the end of the Fiscal Year being reported on in conformity
with SAP and that the examination of such auditors in connection with such financial statements has been conducted in accordance with generally accepted auditing standards and included such tests of the accounting records and such other auditing
procedures as said auditors deemed necessary in the circumstances. Such audit reports shall be accompanied by a reliance letter from the independent auditors permitting the Administrative Agent and the Lenders to rely on the contents thereof as if
prepared specifically for use by the Administrative Agent and the Lenders. 
  
 (b) Quarterly Financials. (i) Agreement Accounting Principles Financials. As soon as available and in any event within 45 days after the end of each of the first three Fiscal Quarters of each Fiscal
Year, copies of (i) unaudited consolidated balance sheets of the Borrower and its Subsidiaries as of the close of such Fiscal Quarter, setting forth in a comparative form the consolidated figures as of the close of the Fiscal Year then most recently
ended, and (ii) unaudited consolidated statements of operations, shareholders’ equity and cash flow of the Borrower and its Subsidiaries for the portion of the Fiscal Year ending with such Fiscal Quarter, in each case setting forth in a
comparative form the unaudited consolidated figures for the corresponding period of the preceding Fiscal Year, in each case certified by an authorized financial officer of the Borrower as presenting fairly the financial position of the Borrower and
its Subsidiaries as of such date and the results of their operations and changes in their cash flows for such period. 
  

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 (ii) SAP Financials. As soon as available and in any event within 45 days after the end of each of
the first three calendar quarters of each calendar year, copies of each such Insurance Subsidiary’s quarterly statutory financial statements as of the close of such calendar quarter, as filed with the insurance department (or other equivalent
insurance regulatory authority) of the state of domicile of such Insurance Subsidiary. The financial statements referred to herein this Section 6.1(b)(ii) shall fairly present in all material respects the statutory financial position of each
such Insurance Subsidiary as of the dates therein specified and the statutory results of operations and cash flow of each such Insurance Subsidiary for the periods therein specified, and shall be prepared in conformity with SAP. 
  
 (c) Compliance Certificate. Together with the financial statements
required under Sections 6.1(a)(i) and (ii) and (b)(i) and (ii), a compliance certificate in substantially the form of Exhibit B signed by its chief financial officer, vice president-finance, or vice president-accounting
showing the calculations necessary to determine compliance with this Agreement as of the applicable date of determination for such covenant, as the case may be, and stating that no Default or Unmatured Default exists, or if any Default or Unmatured
Default exists, stating the nature and status thereof and whether any Subsidiary has been formed or acquired during the Fiscal Quarter ending as of the date of such financial statements. 
  
 (d) Budgets; Business Plans; Financial Projections. As soon as practicable and in any event not later than thirty
(30) days after the beginning of each Fiscal Year commencing with the Fiscal Year beginning January 1, 2004, a copy of the plan and forecast (including a projected balance sheet and income statement) of the Borrower and its Subsidiaries for such
Fiscal Year prepared in such detail as shall be reasonably satisfactory to the Administrative Agent. 
  
 (e) Plan Statements. Within 270 days after the close of each plan year, a statement of the Unfunded Liabilities of each Plan, certified as correct
by an actuary enrolled under ERISA. 
  
 (f) Reportable
Events. As soon as possible and in any event within 10 days after the Borrower knows that any Reportable Event has occurred with respect to any Plan, a statement, signed by the chief executive officer, chief financial officer, vice
president-finance, vice president-investments or vice president-accounting of the Borrower, describing said Reportable Event and the action which the Borrower proposes to take with respect thereto. 
  
 (g) Environmental Notices. As soon as possible and in any event within
10 days after receipt by the Borrower, a copy of (a) any notice or claim to the effect that the Borrower or any of its Subsidiaries is or may be liable to any Person as a result of the release by the Borrower, any of its Subsidiaries, or any other
Person of any toxic or hazardous waste or substance into the environment, and (b) any notice alleging any violation of any federal, state or local environmental, health or safety law or regulation by the Borrower or any of its Subsidiaries.

  
 (h) SEC and Other Reports. Promptly upon their becoming
available, one copy of each (i) financial statement, report, notice or proxy statement sent by the Borrower to its stockholders generally, and each press release made available generally by the Borrower to the public concerning material developments
in the business of the Borrower, and each notification on Schedule 13-D received by the Borrower pursuant to the Securities Exchange Act and the rules promulgated thereunder evidencing an increase in ownership of the Borrower’s capital 

  

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stock of 5% or more, and (ii) regular or periodic report and any registration statement or prospectus filed by the Borrower or any Subsidiary with any
securities exchange or the Securities and Exchange Commission or any successor agency. 
  
 (i) Management Letters. Promptly upon receipt thereof, one copy of each management letter to the Audit Committee of its Board of Directors from its independent auditors. 
  
 (j) Auditors’ Certificates. Within the period provided in
Section 6.1(a), a certificate of the auditors who render an opinion with respect to such financial statements, which certificate shall be addressed to the Borrower, the Administrative Agent and the Lenders, stating that they have reviewed
this Agreement and stating whether, in making their audit, such auditors have become aware of any Default or Event or Default under any of the terms or provisions of this Agreement insofar as any such terms or provisions pertain to or involve
accounting matters or determinations, and if any such condition or event then exists, specifying the nature and period of existence thereof. 
  
 (k) Creditor Reports. Promptly after the furnishing thereof, copies of any notice or any other material statement or report furnished to any holder
of the securities of the Borrower or of any of its Subsidiaries pursuant to the terms of any indenture, loan or credit or similar agreement relating to Indebtedness in excess of $1,000,000 and not otherwise required to be furnished to the
Administrative Agent and the Lenders pursuant to any other clause of this Section 6.1. 
  
 (l) Actuarial Reviews. As soon as available, and in no event later than April 30th of each year, true and complete copies of all actuarial reports regarding each Insurance Subsidiary’s year end benefit
reserves, prepared by the actuaries of such Insurance Subsidiary, and any actuarial reports prepared for such Insurance Subsidiaries by other actuaries, independent or otherwise, regarding each Insurance Subsidiary’s year end benefit reserves,
and all attachments, addenda, supplements and modifications thereto (the “Actuarial Analyses”); provided, however, that the actuary performing such report must be acceptable to the Administrative Agent. The information and data
furnished by each Insurance Subsidiary to its independent actuaries in connection with the preparation of the Actuarial Analyses shall be accurate in all respects, except as would not, individually or in the aggregate, have a Material Adverse
Effect. Such Actuarial Analyses shall be determined in accordance with SAP and generally recognized actuarial methods and standards, consistently applied. 
  
 (m) IRIS Ratios. As soon as available, and in no event later than March 31st of each year, all financial ratios reported pursuant to the
NAIC’s Insurance Regulatory Information System (IRIS) early warning system. 
  
 (n) Insurance RBC Ratio. As soon as available, and in no event later than March 31st of each year, for each Insurance Subsidiary, (a) a report providing the Insurance RBC Ratio of such Insurance Subsidiary, and
(b) a certificate of the chief financial officer, vice president-finance or vice president-accounting of such Insurance Subsidiary attesting to the accuracy of the calculation of such Insurance Subsidiary’s Insurance RBC Ratio. 
  

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 (o) A.M. Best Ratings Change. On any date on which A.M. Best affirms, revises, changes or
otherwise alters its financial strength rating of an Insurance Subsidiary or any Affiliate thereof, the Borrower shall notify the Administrative Agent of such affirmed, revised, changed or altered rating on such date and shall deliver to the
Administrative Agent on such date copies of any written report or other written materials prepared and delivered by A.M. Best to the applicable Insurance Subsidiary or other Affiliate discussing or explaining such affirmed, revised, altered or
changed rating, including, without limitation, the annual report prepared by A.M. Best in connection with its regularly scheduled review of the financial strength of the Insurance Subsidiaries. 
  
 (p) Other Information. Such other information (including non-financial
information) as the Administrative Agent or any Lender may from time to time reasonably request. 
  
 6.2. Use of Proceeds. The Borrower will, and will cause each Subsidiary to, use the proceeds of the Advances for general corporate purposes,
capital contributions to the Insurance Subsidiaries, and redemptions of outstanding KFBF Securities. The Borrower will not, nor will it permit any Subsidiary to, use any of the proceeds of the Advances to purchase or carry any “margin
stock” (as defined in Regulation U). 
  
 6.3. Notice of
Default. The Borrower will, and will cause each Subsidiary to, give prompt notice in writing to the Lenders of the occurrence of any Default or Unmatured Default and of any other development, financial or otherwise, which could reasonably be
expected to have a Material Adverse Effect and specifying what action the Borrower has taken, is taking or proposes to take with respect thereto. 
  
 6.4. Conduct of Business; Charter Amendments; Accounting Changes. 
  
 6.4.1. Conduct of Business. The Borrower will, and will cause each Subsidiary to, carry on and conduct its business
in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted and do all things necessary to remain duly incorporated or organized and validly existing, and, in those jurisdictions where applicable,
in good standing, as a domestic corporation in its jurisdiction of incorporation or organization, as the case may be, and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted and preserve
and keep in full force and effect all licenses, permits, rights and franchise materials to conduct its business as currently conducted, the failure of which to obtain or maintain, would have a Material Adverse Effect. 
  
 6.4.2. Charter Amendments. The Borrower will not adopt and will not
permit any Subsidiary to adopt, any amendment to the certificate of incorporation or bylaws of the Borrower or any of its Subsidiaries, other than any amendment which could not impair the rights or interests of the Administrative Agent and the
Lenders or otherwise result in a Material Adverse Effect. 
  
 6.4.3. Accounting Changes. The Borrower will not make or permit, or permit any of its Subsidiaries to make or permit, any change in accounting policies or reporting practices, except as required or permitted by Agreement Accounting
Principles subject to Section 9.8 hereof. 
  

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 6.5. Taxes; Claims, Judgments, Etc. The Borrower will, and will cause each of its Subsidiaries to
file on a timely basis complete and correct United States federal and applicable foreign, state and local tax returns required by law. The Borrower will promptly pay and discharge, and will cause each of its Subsidiaries promptly to pay and
discharge, all lawful taxes, assessments and governmental charges or levies imposed upon the Borrower or such Subsidiary, respectively, or upon or in respect of all or any part of the property or business of the Borrower or such Subsidiary, all
trade accounts payable in accordance with usual and customary business terms, and all judgments and claims which if unpaid might become a Lien upon any property of the Borrower or such Subsidiary; provided that neither the Borrower nor any such
Subsidiary shall be required to pay any such tax, assessment, charge, levy or account payable, judgment or claim if (i) the validity, applicability or amount thereof is being contested in good faith by appropriate actions or proceedings promptly
instituted and diligently conducted which will prevent the forfeiture or sale of any property of the Borrower or such Subsidiary or any material interference with the use thereof by the Borrower or such Subsidiary in either case, for the duration of
such action or proceeding, and (ii) the Borrower or such Subsidiary shall set aside on its books reserves in conformity with Agreement Accounting Principles deemed by it to be adequate with respect thereto. 
  
 6.6. Insurance. The Borrower will, and will cause each Subsidiary to,
maintain with financially sound and reputable insurance companies insurance on all their Property in such amounts and covering such risks as is consistent with sound business practice, and the Borrower will furnish to any Administrative Agent and
the Lenders upon request full information as to the insurance carried. Upon the request of the Administrative Agent, the Borrower shall deliver to the Administrative Agent and the Lenders, at reasonable intervals, a certificate signed by a
Authorized Officer of the Borrower setting forth the nature and extent of all insurance maintained by the Borrower and each Subsidiary in accordance with this Section 6.6 and attaching thereto a certificate of insurance with respect to all
such insurance. 
  
 6.7. Compliance with Laws. Promptly
comply and cause each of its Subsidiaries to comply, with all laws, ordinances or governmental rules and regulations, orders, writs, judgments, injunctions, decrees and awards to which it is subject including, without limitation, ERISA and all
Environmental Laws in all applicable jurisdictions, the violation of which could reasonably be expected to result in a Material Adverse Effect, or could reasonably be expected to result in the creation of any Lien on any property of the Borrower or
any Subsidiary; provided that neither the Borrower nor any such Subsidiary shall be required to comply with any such law, ordinance, rule or regulation, the applicability of which is being contested in good faith by appropriate actions or
proceedings promptly instituted and diligently conducted which will prevent the forfeiture or sale of any property of the Borrower or such Subsidiary or any material interference with the use thereof by the Borrower or such Subsidiary in either
case, for the duration of such action or proceeding. 
  
 6.8.
Maintenance of Properties. The Borrower will, and will cause each Subsidiary to, keep and cause each of its Subsidiaries to keep proper books of record and account in which full and correct entries will be made of all dealings or transactions
of, or in relation to, the business and affairs of the Borrower or such Subsidiary, in accordance with Agreement Accounting Principles consistently applied (except for changes disclosed in the financial statements furnished pursuant to this
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Section 6.1(j) hereof), and permit the Administrative Agent and any Lender, or their respective representatives and agents, to visit and inspect,
under the Borrower’s guidance, any of the properties of the Borrower or any of its Subsidiaries, to examine all of their books of account, records, reports and other papers, to make copies and extracts therefrom and to discuss their respective
affairs, finances and accounts with their respective officers, employees, and, if there shall have occurred and be continuing a Default, independent auditors (and by this provision the Borrower authorizes said auditors to discuss the finances and
finances and affairs of the Borrower and its Subsidiaries) all at such reasonable times and as often as may be reasonably requested; provided that no such inspection or examination shall unreasonably interfere with the business of the Borrower.
Following the occurrence of any Default, the Borrower shall bear the expense of any such inspection or examination. 
  
 6.9. Further Assurances. At any time and from time to time, the Borrower agrees that the Borrower will cooperate with the Administrative Agent and
the Lenders and will execute and deliver, or cause to be executed and delivered, all such further instruments and documents, and will take all such further actions, as the Administrative Agent or any Lender may reasonably request in order to carry
out the provisions and purposes of this Agreement or any other Loan Document. 
  
 6.10. Restricted Payments. The Borrower will not, nor will it permit any Subsidiary to, declare or pay any dividends or make any distributions on its capital stock (other than dividends payable in its own
capital stock) or redeem, repurchase or otherwise acquire or retire any of its capital stock at any time outstanding (each a “Restricted Payment”), except that: 
  
 (a) the Borrower may pay publicly announced and regularly scheduled dividends on its issued and outstanding (i) common stock
that is traded publicly on a national securities exchange and (ii) Class B common stock; provided, however, that no dividend paid on any share of the Borrower’s Class B common stock shall be permitted hereunder if the amount of
such dividend exceeds the amount of any dividend paid on any share of the Borrower Class A common stock paid during the applicable period of determination; provided, further, that no dividend shall be permitted under this clause
(a) upon the occurrence and during the continuance of a Default or an Unmatured Default or if otherwise prohibited under the terms of the FBL Subordinated Note Documents. 
  
 (b) the Borrower may pay dividends on (i) up to 10,000,000 shares of its Series B preferred stock so long as the dividend on
each such share accrues at a rate not in excess of 5% per annum, and (ii) up to 3,752,100 shares of its Series C preferred stock so long as the dividend on each such share does not exceed the amount of any dividend paid on a share of the
Borrower’s Class A common stock during the applicable period of determination; provided, however, that no dividend shall be permitted under this clause (b) upon the occurrence and during the continuance of a Default or an
Unmatured Default or if otherwise prohibited under the terms of the FBL Subordinated Note Documents. 
  
 (c) FBL Financial Group Capital Trust may pay regularly scheduled quarterly dividends on the Trust Preferred Securities pursuant to the terms of the
agreements, documents and instruments evidencing the Trust Preferred Securities. 
  

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 (d) any Subsidiary may declare and pay dividends or make distributions to the Borrower or to a
Wholly-Owned Subsidiary. 
  
 6.11. Indebtedness. The
Borrower will not, nor will it permit any Subsidiary to, create, incur or suffer to exist any Indebtedness, except: 
  
 (a) The Obligations. 
  
 (b) Indebtedness existing on the Closing Date and described in Schedule 2, and any refinancing, refundings, renewals or extensions thereof, provided that
the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension. 
  
 (c) Indebtedness owing under the FBL Subordinated Note Documents which accrues interest at a per annum rate not in excess of 5% and which does not exceed
$100,000,000 in aggregate outstanding principal at any time and Indebtedness arising under the Trust Preferred Securities Guaranty in an amount not in excess of $97,000,000. 
  
 (d) Indebtedness arising from intercompany loans from the Borrower to any Affiliate thereof or from any such Affiliate to
the Borrower; provided, that in each case such Indebtedness is unsecured and is subordinated upon terms satisfactory to the Administrative Agent to the obligations of the Borrower and its Subsidiaries with respect to the Obligations. 
  
 (e) Indebtedness (including all Permitted Purchase Money Indebtedness)
secured by Liens, in a principal amount outstanding not to exceed $1,000,000 in the aggregate at any time. 
  
 (f) Indebtedness owing to Federal Home Loan Bank of Des Moines in an aggregate outstanding principal amount not to exceed $40,000,000 at any time.

  
 (g) Rate Management Obligations owing by the Borrower or any
Subsidiary thereof to a Lender or an affiliate thereof pursuant to a Rate Management Transaction. 
  
 (h) Indebtedness in the amount of $46,300,000 evidenced by Series C preferred stock issued by the Borrower to the Kansas Farm Bureau Federation that is
due in January 2006. 
  
 (i) The KFBF Securities; provided,
however, that the KFBF Securities shall be fully repaid no later than January 3, 2004. 
  
 (j) Indebtedness not otherwise permitted under this Section 6.11 in a principal amount outstanding not to exceed $10,000,000 in the aggregate at any time. 
  
 6.12. Merger. The Borrower will not, nor will it permit any Subsidiary
to, merge or consolidate with or into any other Person, except a Subsidiary may merge into the Borrower or a Wholly-Owned Subsidiary; provided however in any such case, the Borrower or the applicable Wholly-Owned Subsidiary must be the
surviving entity and after giving effect thereto no Default or Unmatured Default shall exist. 
  

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 6.13. Sale of Assets. The Borrower will not, nor will it permit any Subsidiary to, lease, sell,
transfer, assign or otherwise dispose of its Property to any other Person (each an “Asset Sale”), except that: 
  
 (a) the Borrower and its Subsidiaries may sell, transfer or assign any of their respective Property in the ordinary course of business so long as such
sale, transfer or assignment complies with the terms of the FBL Investment Policy. 
  
 (b) the Borrower and its Subsidiaries may lease, sell, transfer or otherwise dispose of any item of Property that, together with all other Property of the Borrower and its Subsidiaries previously leased, sold or
disposed of (other than inventory in the ordinary course of business) during the twelve-month period ending with the month in which any such lease, sale or other disposition occurs, does not constitute a Substantial Portion of the Property of the
Borrower and its Subsidiaries. 
  
 6.14. Investments and
Acquisitions. The Borrower will not, nor will it permit any Subsidiary to, make or suffer to exist any Investments (including without limitation, loans and advances to, and other Investments in, Subsidiaries), or commitments therefor, or to
create any Subsidiary or to become or remain a partner in any partnership or joint venture, or to make any Acquisition of any Person, except: 
  
 (a) Cash Equivalent Investments. 
  
 (b) Existing Investments in Subsidiaries and other Investments in existence on the Closing Date and described in Schedule 1. 
  
 (c) Permitted Investments. 
  
 (d) Investments in FBL Insurance Brokerage, LLC in an aggregate amount not to
exceed $1,000,000 at any time. 
  
 6.15. Liens. The
Borrower will not, nor will it permit any Subsidiary to, create, incur, or suffer to exist any Lien in, of or on the Property of the Borrower or any of its Subsidiaries, including, without limitation, the capital stock and other equity interests of
the Insurance Subsidiaries, except: 
  
 (a) Liens for taxes,
assessments or governmental charges or levies on its Property if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings and for which adequate
reserves in accordance with Agreement Accounting Principles shall have been set aside on its books. 
  
 (b) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ liens and other similar liens arising in the ordinary course of
business which secure payment of obligations not more than 60 days past due or which are being contested in good faith by appropriate proceedings and for which adequate reserves shall have been set aside on its books. 
  

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 (c) Liens arising out of pledges or deposits under worker’s compensation laws, unemployment
insurance, old age pensions, or other social security or retirement benefits, or similar legislation. 
  
 (d) Utility easements, building restrictions and such other encumbrances or charges against real property as are of a nature generally existing with
respect to properties of a similar character and which do not in any material way affect the marketability of the same or interfere with the use thereof in the business of the Borrower or its Subsidiaries. 
  
 (e) Liens existing on the Closing Date and described in Schedule 3.

  
 (f) Non-consensual Liens arising in connection with court
proceedings if (i) such Liens secure monetary or non-monetary judgments or orders not otherwise constituting an Event of Default under Section 7.9 or (ii) the execution or other enforcement of any such Lien is effectively stayed and the
claims secured thereby are being contested in good faith in such manner that the property subject to any such lien is not subject to forfeiture, and further provided that adequate reserves are established and maintained by the Borrower in accordance
with Agreement Accounting Principles. 
  
 (g) Liens securing
Indebtedness permitted under Section 6.11(e). 
  
 (h) Liens
which secure Indebtedness permitted under Section 6.11(f) that exist upon (i) deposit accounts maintained with Federal Home Loan Bank of Des Moines by Farm Bureau Life Insurance Company, (ii) equity interests in Federal Home Loan Bank of Des
Moines owned by Farm Bureau Life Insurance Company, and (iii) fixed maturity securities owned by Farm Bureau Life Insurance Company and the securities accounts in which such fixed maturity securities may from time to time be deposited;
provided, however, that the aggregate value of the foregoing equities and accounts and amounts and items on deposit therein shall at no time exceed $60,000,000. 
  
 6.16. Affiliate Transactions. The Borrower will not, and will not permit any Subsidiary to, enter into any
transaction (including, without limitation, the purchase or sale of any Property or service) with, or make any payment or transfer to, any Affiliate except in the ordinary course of business and pursuant to the reasonable requirements of the
Borrower’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary than the Borrower or such Subsidiary would obtain in a comparable arms-length transaction. 
  
 6.17. ERISA. Except to the extent that such act, or failure to act
would not result singly, or in the aggregate, after taking into account all other such acts or failures to act, in a liability which might be reasonably expected materially to adversely affect the ability of the Company and the members of the
Controlled Group, taken as a whole, to carry on business substantially as now being or heretofore conducted, or to materially adversely affect the financial condition of the company and the members of the Controlled Group taken as a whole, (i)
engage, or permit any Controlled Group member to engage, in any prohibited transaction described in Sections 406 of ERISA or 4975 of the Code for which a statutory or class exemption is not available or a private exemption has not been previously
obtain from the DOL, (ii) permit to exist any accumulated funding deficiency (as defined in Sections 302 of ERISA and 412 of the 

  

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Code); (iii) fail, or permit any member of its Controlled Group to fail, to pay timely required contributions or annual installments due with respect to any
waived funding deficiency of any Plan; (iv) terminate, or permit any member of its Controlled Group to terminate, any Plan which would result in any liability of the Company or any member of its Controlled Group under Title IV of ERISA; (v) fail to
make any contribution or payment to any Multiemployer Plan which the Company or any member of its Controlled Group may be required to make under any agreement relating to such Multiemployer Plan, or any law pertaining thereto; (vi) fail, or permit
any member of its controlled Group to fail, to pay any required installment or any other payment required under Section 412 of the Code on or before the due date for such installment or other payment, (vii) amend, or permit any member of its
controlled Group to amend, a Plan resulting in an increase in current liability for the plan year such that the Company or any member of its Controlled Group is required to provide security to such Plan under Section 401(a)(29) of the Code.

  
 6.18. Financial Covenants. 
  
 6.18.1. Interest Coverage Ratio. The Borrower shall maintain a ratio
(the “Interest Coverage Ratio”) of (i) the aggregate of the Available Dividends of Farm Bureau Life Insurance Company and EquiTrust Life Insurance Company (or, in the event EquiTrust Life Insurance Company is a Wholly-Owned
Subsidiary of Farm Bureau Life Insurance Company, the aggregate of the Available Dividends solely of Farm Bureau Life Insurance Company) to (ii) the Consolidated Interest Expense for any period of calculation hereunder of at least 3.00 to 1.00. The
Interest Coverage Ratio shall be calculated as of the last day of each Fiscal Quarter for the four Fiscal Quarter period ending on such day. 
  
 6.18.2. Statutory Capital and Surplus. Farm Bureau Life Insurance Company shall maintain a combined statutory capital and surplus (i.e., the
statutory capital and surplus of Farm Bureau Life Insurance Company taking into account Farm Bureau Life Insurance Company’s ownership of EquiTrust Life Insurance Company), as determined in accordance with SAP, equal to or greater than
$400,000,000 (the “Minimum Capital and Surplus Threshold”); provided, however, that the Minimum Capital and Surplus Threshold shall increase each quarter, commencing on December 31, 2003, by 50% of the prior
quarter’s positive statutory net income, determined in accordance with SAP, earned by Farm Bureau Life Insurance Company on a stand-alone basis. In the event that EquiTrust Life Insurance Company ceases to be a subsidiary of Farm Bureau Life
Insurance Company, the calculation of the Minimum Capital and Surplus Threshold shall be based on the sum of (x) the capital and surplus of Farm Bureau Life Insurance Company and (y) the capital and surplus of EquiTrust Life Insurance Company, each
as determined in accordance with SAP. 
  
 6.18.3. Minimum Net
Worth. The Borrower will at all times maintain Consolidated Net Worth of not less than the sum of (i) $575,000,000 plus (ii) 50% of Consolidated Net Income (if positive) earned in each Fiscal Quarter beginning with the Fiscal Quarter ending
December 31, 2003. 
  
 6.18.4. Insurance Risk Based
Capital. The Insurance RBC Ratio of each Insurance Subsidiary shall at no time be less than 350%. 
  

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 6.19. Sale and Leaseback Transactions and other Off-Balance Sheet Liabilities. The Borrower will
not, nor will it permit any Subsidiary to, enter into or suffer to exist (i) any Sale and Leaseback Transaction other than the Arizona Sale-Leaseback and the FBL Sale-Leasebacks; provided, that no Person subject to an FBL Sale-Leaseback shall
cause to exist any Lien upon any Property subject to such FBL Sale-Leaseback other than those Liens granted by the applicable lessee under such FBL Sale-Leaseback to FBL Leasing Services, Inc. as the lessor under such FBL Sale-Leaseback; or (ii) any
other transaction not covered by clause (i) pursuant to which it incurs or has incurred Off-Balance Sheet Liabilities which, when taken together with all of the Borrower’s and its Subsidiaries’ Off-Balance Sheet Liabilities (other than
those incurred in accordance with clause (i)), causes the Borrower’s and its Subsidiaries’ aggregate Off-Balance Sheet Liabilities to exceed $1,000,000. 
  
 6.20. Insurance Licenses and Permits. Each of the Insurance Subsidiaries shall hold and maintain Certificates of
Authority and any other required insurance licenses in each state in which such Insurance Subsidiary conducts an insurance business, except where the failure to hold and maintain a Certificate of Authority and any other required insurance license in
a state in which such Insurance Subsidiary conducts an insurance business shall not result in a Material Adverse Effect. 
  
 6.21. Senior Indebtedness under Note Agreement. The Borrower confirms that the Obligations constitute “Senior Indebtedness” under the FBL
Subordinated Note Documents as in effect on the Closing Date and shall cause the Obligations to continue to constitute “Senior Indebtedness” under the FBL Subordinated Note Documents after the Closing Date until such time as the
Obligations have been fully repaid and the Commitments have been terminated. 
  
 ARTICLE VII 
  
 DEFAULTS 
  
 The occurrence of any one or
more of the following events shall constitute a Default: 
  
 7.1.
Breach of Representations or Warranties. Any representation or warranty made or deemed made by or on behalf of the Borrower or any of its Subsidiaries to the Lenders or the Administrative Agent under or in connection with this Agreement, any
Loan, or any certificate or information delivered in connection with this Agreement or any other Loan Document shall be false on the date as of which it was made. 
  
 7.2. Failure to Make Payments When Due. Nonpayment of (i) principal of any Loan when due, or (ii) interest upon any
Loan or any Commitment Fee or other Obligations under any of the Loan Documents within three days after such interest, fee or other Obligation becomes due and payable. 
  
 7.3. Breach of Covenants. The breach by the Borrower of any of the terms or provisions of Section 6.3 or
Sections 6.10 through 6.19. 
  
 7.4. Other
Breaches. The breach by the Borrower (other than a breach which constitutes a Default under another Section of this Article VII) of any of the terms or provisions of this Agreement or any other Loan Document which is not remedied within
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after the earlier of (i) the date the Borrower or any Subsidiary shall have knowledge of the occurrence thereof and (ii) written notice thereof shall have
been given to the Borrower. 
  
 7.5. Default as to Other
Indebtedness. 
  
 (i) Failure of the Borrower or any of its
Subsidiaries to pay when due and payable (whether at stated maturity, by acceleration or otherwise) any Indebtedness which, individually or in the aggregate exceeds $2,000,000 or the equivalent thereof in currencies other than Dollars) (the
indebtedness described in this clause (i) being referred to as “Material Indebtedness”) and such default continues after the applicable grace period applicable thereto; or 
  
 (ii) Any Material Indebtedness of the Borrower or any of its Subsidiaries
shall be declared to be due and payable or required to be prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof; or 
  
 (iii) The Borrower or any of its Subsidiaries shall fail to pay, or shall admit in writing its inability to pay, its debts
generally as they become due; or 
  
 (iv) The default by the
Borrower or any of its Subsidiaries in the performance (beyond the applicable grace period with respect thereto, if any) of any term, provision or condition contained in any agreement under which any such Material Indebtedness was created or is
governed, or any other event shall occur or condition exist, the effect of which default or event is to cause, or to permit the holder or holders (or trustee on behalf of any such holder) of such Material Indebtedness to cause such Material
Indebtedness to become due prior to its stated maturity. 
  
 7.6.
Voluntary Bankruptcy; Appointment of Receiver; Etc. The Borrower or any of its Subsidiaries shall (i) have an order for relief entered with respect to it under the Federal bankruptcy laws as now or hereafter in effect, (ii) make an assignment
for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any Substantial Portion of its Property, (iv) institute any
proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or
composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (v) take any
corporate or partnership action to authorize or effect any of the foregoing actions set forth in this Section 7.6, or (vi) fail to contest in good faith any appointment or proceeding described in Section 7.7. 
  
 7.7. Involuntary Bankruptcy; Appointment of Receiver; Etc. Without the
application, approval or consent of the Borrower or any of its Subsidiaries, a receiver, trustee, custodian, examiner, liquidator or similar official shall be appointed for the Borrower or any of its Subsidiaries or any Substantial Portion of its
Property, or a proceeding described in Section 7.6(iv) shall be instituted against the Borrower or any of its Subsidiaries and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of sixty
(60) consecutive days. 
  

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 7.8. Custody or Control of Property. Any court, government or governmental agency shall condemn,
seize or otherwise appropriate, or take custody or control of, all or any portion of the Property of the Borrower and its Subsidiaries which, when taken together with all other Property of the Borrower and its Subsidiaries so condemned, seized,
appropriated, or taken custody or control of, during the twelve-month period ending with the month in which any such action occurs, constitutes a Substantial Portion. 
  
 7.9. Judgments. The Borrower or any of its Subsidiaries shall fail within thirty (30) days of the later of the date
of entry or the due date, to pay, bond or otherwise discharge one or more (i) judgments or orders for the payment of money (except to the extent covered by independent third party insurance as to which the insurer has not disclaimed coverage) in
excess of $2,000,000 (or the equivalent thereof in currencies other than Dollars) in the aggregate, or (ii) nonmonetary judgments or orders which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect,
which judgment(s), in any such case, is/are not stayed on appeal or otherwise being appropriately contested in good faith. 
  
 7.10. Unfunded Liabilities. The sum of the Unfunded Liabilities of all Plans exceeds in the aggregate an amount equal to the sum of fifteen percent
(15%) of the value (as of any date of determination) of all Plan assets allocable to Plan benefits, or any Reportable Event shall occur in connection with any Plan, which could reasonably be expected to result in liability of the Borrower or any of
its Subsidiaries, individually or in the aggregate, in excess of $3,000,000. 
  
 7.11. Other ERISA Liabilities. The Borrower or any other member of the Controlled Group shall have been notified by the sponsor of a Multiemployer Plan that it has incurred withdrawal liability or become
obligated to make contributions to a Multiemployer Plan in an amount which, when aggregated with all other amounts required to be paid to Multiemployer Plans by the Borrower or any other member of the Controlled Group as withdrawal liability
(determined as of the date of such notification), exceeds $2,000,000 or requires payments exceeding $2,000,000 per annum. 
  
 7.12. Environmental Matters. The Borrower or any of its Subsidiaries shall (i) be the subject of any proceeding or investigation pertaining to the
release by the Borrower, any of its Subsidiaries or any other Person of any toxic or hazardous waste or substance into the environment, or (ii) violate any Environmental Law, which, in the case of an event described in clause (i) or clause (ii),
could reasonably be expected to have a Material Adverse Effect. 
  
 7.13. Change in Control. Any Change in Control shall occur. 
  
 7.14. Other Default. The occurrence of any “event of default” or “default”, as defined in any Loan Document (other than this Agreement) or the breach of any of the terms or provisions of any
Loan Document (other than this Agreement), which default or breach continues beyond any period of grace therein provided. Any material provision of any Loan Document after delivery thereof pursuant to the terms hereof or of any other Loan Document
shall for any reason cease to be valid and binding on or enforceable against the Borrower or the Borrower shall so state in writing. 
  

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 7.15. Rate Management Obligation. Nonpayment by the Borrower or any Subsidiary of any Rate
Management Obligation when due or the breach by the Borrower or any Subsidiary of any term, provision or condition contained in any Rate Management Transaction, and such default continues after the applicable grace period applicable thereto.

  
 7.16. Loss of Licenses. Any governmental authority
revokes or fails to renew any material license, permit or franchise of the Borrower or any Subsidiary, or the Borrower or any Subsidiary for any reason loses any material license, permit or franchise, or the Borrower or any Subsidiary suffers the
imposition of any restraining order, escrow, suspension or impound of funds in connection with any proceeding (judicial or administrative) with respect to any material license, permit or franchise, which could reasonably be expected to result in
losses or liability of the Borrower or any of its Subsidiaries, individually or in the aggregate, that result in a Material Adverse Effect. 
  
 7.17. Material Adverse Effect. A Material Adverse Effect shall occur. 
  
 ARTICLE VIII 
  
 ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 
  
 8.1. Acceleration. If any Default described in Section 7.6 or 7.7 occurs with respect to the Borrower, the obligations of the Lenders
to make Loans hereunder shall automatically terminate and the Obligations shall immediately become due and payable without any election or action on the part of the Administrative Agent or any Lender. If any other Default occurs or any Material
Adverse Change occurs which, if uncorrected, would in the reasonable good faith judgment of the Required Lenders result in any other Default, the Required Lenders (or the Administrative Agent with the consent of the Required Lenders) may terminate
or suspend the obligations of the Lenders to make Loans hereunder, or declare the Obligations to be due and payable, or both, whereupon the Obligations shall become immediately due and payable, without presentment, demand, protest or notice of any
kind, all of which the Borrower hereby expressly waives. 
  
 8.2.
Amendments. Subject to the provisions of this Article VIII, the Required Lenders (or the Administrative Agent with the consent in writing of the Required Lenders) and the Borrower may enter into agreements supplemental hereto for the
purpose of adding or modifying any provisions to the Loan Documents or changing in any manner the rights of the Lenders or the Borrower hereunder or thereunder or waiving any Default hereunder or thereunder; provided, however, that no
such supplemental agreement shall, without the consent of each Lender affected thereby: 
  

	 	(i)	Extend the final maturity of any Loan or forgive all or any portion of the principal amount thereof, or reduce the rate or extend the time of payment of interest or fees thereon
(other than a waiver of the application of the default rate of interest pursuant to Section 2.11 hereof). 

  

	 	(ii)	 Reduce the percentage specified in the definition of Required Lenders or any other percentage of Lenders specified to be the applicable percentage in this 



  

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Agreement to act on specified matters or amend the definitions of “Required Lenders” or “Pro Rata Share”. 



 

	 	(iii)	Extend the Revolving Loan Termination Date or the Termination Date or increase the amount or otherwise extend the term of the Commitment of any Lender hereunder.


  

	 	(iv)	Permit the Borrower to assign its rights or obligations under this Agreement. 

  


	 	(v)	Except in accordance with the terms of the Loan Documents, release any guarantor of the Obligations or all or substantially all of the collateral, if any, securing the Obligations.


  

	 	(vi)	Amend this Section 8.2. 

  
 No amendment of any provision of this Agreement relating to the Administrative Agent shall be effective without the written consent of the Administrative Agent. The
Administrative Agent may waive payment of the fee required under Section 12.3.2 without obtaining the consent of any other party to this Agreement. 
  
 8.3. Preservation of Rights. No delay or omission of the Lenders or the Administrative Agent to exercise any right under the Loan Documents shall
impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Loan notwithstanding the existence of a Default or Unmatured Default or the inability of the Borrower to satisfy the conditions precedent
to such Loan shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of
the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by, or by the Administrative Agent with the consent of, the requisite number of Lenders required pursuant to Section 8.2, and then
only to the extent in such writing specifically set forth. All remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Administrative Agent and the Lenders until all of the Obligations have
been paid in full. 
  
 ARTICLE IX 
  
 GENERAL PROVISIONS 
  
 9.1. Survival of Representations. All representations and warranties
of the Borrower contained in this Agreement shall survive the making of the Loans herein contemplated. 
  
 9.2. Governmental Regulation. Anything contained in this Agreement to the contrary notwithstanding, no Lender shall be obligated to extend credit
to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation. 
  
 9.3. Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation of any of the
provisions of the Loan Documents. 
  

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 9.4. Entire Agreement. The Loan Documents embody the entire agreement and understanding among the
Borrower, the Administrative Agent and the Lenders and supersede all prior agreements and understandings among the Borrower, the Administrative Agent and the Lenders relating to the subject matter thereof other than the fee letter described in
Section 10.13. 
  
 9.5. Several Obligations; Benefits of
this Agreement. The respective obligations of the Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized to act as such). The
failure of any Lender to perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the
parties to this Agreement and their respective successors and assigns, provided, however, that the parties hereto expressly agree that the Arranger shall enjoy the benefits of the provisions of Sections 9.6, 9.10,
10.11, and 10.13 to the extent specifically set forth therein and shall have the right to enforce such provisions on its own behalf and in its own name to the same extent as if it were a party to this Agreement. 
  
 9.6. Expenses; Indemnification. 
  
 (i) The Borrower shall reimburse the Administrative Agent and the Arranger
for any reasonable costs and out-of-pocket expenses (including reasonable attorneys’ and paralegals’ fees, time charges and expenses of attorneys and paralegals for the Administrative Agent and Arrangers, which attorneys and paralegals may
or may not be employees of the Administrative Agent or the Arranger, and expenses of and fees for other advisors and professionals engaged by the Administrative Agent or the Arranger) paid or incurred by the Administrative Agent or the Arranger in
connection with the investigation, preparation, negotiation, documentation, execution, delivery, syndication, distribution (including, without limitation, via the internet), review, amendment, modification, administration and collection of the Loan
Documents. The Borrower also agrees to reimburse the Administrative Agent, the Arranger and the Lenders for any reasonable costs and out-of-pocket expenses (including attorneys’ and paralegals’ fees, time charges and expenses of attorneys
and paralegals for the Administrative Agent, the Arranger and the Lenders, which attorneys and paralegals may be employees of the Administrative Agent, the Arranger or the Lenders) paid or incurred by the Administrative Agent, the Arranger or any
Lender in connection with the collection and enforcement of the Loan Documents. Expenses being reimbursed by the Borrower under this Section 9.6 include, without limitation, costs and expenses incurred in connection with the Reports described
in the following sentence. The Borrower acknowledges that from time to time LaSalle Bank may prepare and may distribute to the Lenders (but shall have no obligation or duty to prepare or to distribute to the Lenders) certain audit reports (the
“Reports”) pertaining to the Borrower’s assets for internal use by LaSalle Bank from information furnished to it by or on behalf of the Borrower, after LaSalle Bank has exercised its rights of inspection pursuant to this
Agreement. 
  
 (ii) The Borrower hereby further agrees to
indemnify the Administrative Agent, the Arranger, each Lender, their respective affiliates, and each of their directors, officers and employees against all losses, claims, damages, penalties, judgments, liabilities and expenses (including, without
limitation, all reasonable expenses of litigation or preparation therefor whether or not the Administrative Agent, the Arranger, any Lender or any affiliate is a party thereto, and all reasonable attorneys’ and paralegals’ fees, time
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attorneys and paralegals of the party seeking indemnification, which attorneys and paralegals may or may not be employees of such party seeking
indemnification) which any of them may pay or incur arising out of or relating to this Agreement, the other Loan Documents, the transactions contemplated hereby or the direct or indirect application or proposed application of the proceeds of any
Loan hereunder, except to the extent that the same arose or resulted solely from the gross negligence or willful misconduct of the party seeking indemnification. The obligations of the Borrower under this Section 9.6 shall survive the
termination of this Agreement. 
  
 9.7. Numbers of
Documents. All statements, notices, closing documents, and requests hereunder shall be furnished to the Administrative Agent with sufficient counterparts so that the Administrative Agent may furnish one to each of the Lenders, to the extent that
the Administrative Agent deems necessary. 
  
 9.8.
Accounting. Except as provided to the contrary herein, all accounting terms used herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with Agreement Accounting Principles. If any changes in
generally accepted accounting principles are hereafter required or permitted and are adopted by the Borrower or any of its Subsidiaries with the agreement of its independent certified public accountants and such changes result in a change in the
method of calculation of any of the financial covenants, tests, restrictions or standards herein or in the related definitions or terms used therein (“Accounting Changes”), the parties hereto agree, at the Borrower’s request,
to enter into negotiations, in good faith, in order to amend such provisions in a credit neutral manner so as to reflect equitably such changes with the desired result that the criteria for evaluating the Borrower’s and its Subsidiaries’
financial condition shall be the same after such changes as if such changes had not been made; provided, however, until such provisions are amended in a manner reasonably satisfactory to the Administrative Agent and the Required
Lenders, no Accounting Change shall be given effect in such calculations and all financial statements and reports required to be delivered hereunder shall be prepared in accordance with Agreement Accounting Principles without taking into account
such Accounting Changes. In the event such amendment is entered into, all references in this Agreement to Agreement Accounting Principles shall mean generally accepted accounting principles as of the date of such amendment. 
  
 9.9. Severability of Provisions. Any provision in any Loan Document
that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability,
or validity of that provision in any other jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable. 
  
 9.10. Nonliability of Lenders. The relationship between the Borrower on the one hand and the Lenders and the Administrative Agent on the other hand
shall be solely that of borrower and lender. None of the Administrative Agent, the Arranger or any Lender shall have any fiduciary responsibilities to the Borrower. None of the Administrative Agent, the Arranger or any Lender undertakes any
responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the Borrower’s business or operations. The Borrower agrees that none of the Administrative Agent, the Arranger or any Lender shall
have liability to the Borrower (whether sounding in tort, contract or otherwise) for losses suffered by 

  

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the Borrower in connection with, arising out of, or in any way related to, the transactions contemplated and the relationship established by the Loan
Documents, or any act, omission or event occurring in connection therewith, unless it is determined that such losses resulted solely from the gross negligence or willful misconduct of the party from which recovery is sought. None of the
Administrative Agent, the Arranger or any Lender shall have any liability with respect to, and the Borrower hereby waives, releases and agrees not to sue for, any special, indirect, consequential or punitive damages suffered by the Borrower in
connection with, arising out of, or in any way related to the Loan Documents or the transactions contemplated thereby. 
  
 9.11. Confidentiality. Each of the Administrative Agent and each Lender agrees to hold any confidential information which it may receive from the
Borrower pursuant to this Agreement in confidence, except for disclosure (i) to its Affiliates and to other Lenders and their respective Affiliates, (ii) to legal counsel, accountants, and other professional advisors to such Lender or to a
Transferee or prospective Transferee, (iii) to regulatory officials, (iv) to any Person as requested pursuant to or as required by law, regulation, or legal process, (v) to any Person in connection with any legal proceeding to which such Lender is a
party, (vi) to such Lender’s direct or indirect contractual counterparties in swap agreements or to legal counsel, accountants and other professional advisors to such counterparties, and (vii) permitted by Section 12.4. Information made
publicly available by the Borrower or any Subsidiary thereof to non-Affiliate third parties, including, without limitation, information set forth in filings with the U.S. Securities and Exchange Commission or information disseminated in press
releases issued by the Borrower or any Subsidiary thereof, shall not constitute confidential information subject to the terms of this Section 9.11. Notwithstanding anything herein to the contrary, confidential information shall not include,
and each party hereto (and each employee, representative or other agent of any party hereto) may disclose to any and all Persons, without limitation of any kind, the U.S. federal income tax treatment and U.S. federal income structure of the
transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are or have been provided to such party relating to such tax treatment or tax structure, and it is hereby confirmed that each party has
been authorized to make such disclosures since the commencement of discussions regarding the transactions contemplated hereby. 
  
 9.12. Lenders Not Utilizing Plan Assets. None of the consideration used by any of the Lenders to make its Loans constitutes for any purpose of
ERISA or Section 4975 of the Code assets of any “plan” as defined in Section 3(3) of ERISA or Section 4975 of the Code and the rights and interests of each of the Lenders in and under the Loan Documents shall not constitute such “plan
assets” under ERISA. 
  
 9.13. Nonreliance. Each
Lender hereby represents that it is not relying on or looking to any margin stock (as defined in Regulation U) as collateral in the extension or maintenance of the credit provided for herein. 
  
 9.14. Disclosure. The Borrower and each Lender hereby acknowledge and
agree that LaSalle Bank and/or its respective Affiliates and certain of the other Lenders and/or their respective Affiliates from time to time may hold investments in, make other loans to or have other relationships with the Borrower and its
Affiliates. 
  

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 ARTICLE X 
  

THE AGENT 
  
 10.1. Appointment; Nature of Relationship. LaSalle Bank is hereby appointed by each of the Lenders as the Administrative Agent hereunder and under
each other Loan Document, and each of the Lenders irrevocably authorizes the Administrative Agent to act as the contractual representative of such Lender with the rights and duties expressly set forth herein and in the other Loan Documents. The
Administrative Agent agrees to act as such contractual representative upon the express conditions contained in this Article X. Notwithstanding the use of the defined term “Administrative Agent”, it is expressly understood and
agreed that the Administrative Agent shall not have any fiduciary responsibilities to any Lender by reason of this Agreement or any other Loan Document and that the Administrative Agent is merely acting as the contractual representative of the
Lenders with only those duties as are expressly set forth in this Agreement and the other Loan Documents. In its capacity as the Lenders’ contractual representative, the Administrative Agent (i) does not hereby assume any fiduciary duties to
any of the Lenders, (ii) is a “representative” of the Lenders within the meaning of Section 9-102 of the Uniform Commercial Code and (iii) is acting as an independent contractor, the rights and duties of which are limited to those
expressly set forth in this Agreement and the other Loan Documents. Each of the Lenders hereby agrees to assert no claim against the Administrative Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of
which claims each Lender hereby waives. 
  
 10.2. Powers.
The Administrative Agent shall have and may exercise such powers under the Loan Documents as are specifically delegated to the Administrative Agent by the terms of each thereof, together with such powers as are reasonably incidental thereto. The
Administrative Agent shall have no implied duties or fiduciary duties to the Lenders or any obligation to the Lenders to take any action thereunder, except any action specifically provided by the Loan Documents to be taken by the Administrative
Agent. 
  
 10.3. General Immunity. Neither the
Administrative Agent or any of its directors, officers, agents or employees shall be liable to the Borrower, the Lenders or any Lender for any action taken or omitted to be taken by it or them hereunder or under any other Loan Document or in
connection herewith or therewith except to the extent such action or inaction is determined in a final, non-appealable judgment by a court of competent jurisdiction to have arisen from the gross negligence or willful misconduct of such Person.

  
 10.4. No Responsibility for Loans, Recitals, etc.
Neither the Administrative Agent or any of its directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into, or verify (a) any statement, warranty or representation made in connection with any Loan
Document or any borrowing hereunder; (b) the performance or observance of any of the covenants or agreements of any obligor under any Loan Document, including, without limitation, any agreement by an obligor to furnish information directly to each
Lender; (c) the satisfaction of any condition specified in Article IV, except receipt of items required to be delivered solely to the Administrative Agent; (d) the existence or possible existence of any Default or Unmatured Default; (e) the
validity, enforceability, effectiveness, sufficiency or genuineness of any Loan Document or any other instrument or writing furnished in connection 

  

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therewith; (f) the value, sufficiency, creation, perfection or priority of any Lien in any collateral security, if any; or (g) the financial condition of the
Borrower or any guarantor of any of the Obligations or of any of the Borrower’s or any such guarantor’s respective Subsidiaries. The Administrative Agent shall have no duty to disclose to the Lenders information that is not required to be
furnished by the Borrower to the Administrative Agent at such time, but is voluntarily furnished by the Borrower to the Administrative Agent (either in its capacity as an Agent or in its individual capacity). 
  
 10.5. Action on Instructions of Lenders. The Administrative Agent
shall in all cases be fully protected in acting, or in refraining from acting, hereunder and under any other Loan Document in accordance with written instructions signed by the Required Lenders (or all of the Lenders in the event that and to the
extent that this Agreement expressly requires such), and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders. The Lenders hereby acknowledge that the Administrative Agent shall be under no
duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Agreement or any other Loan Document unless they shall be requested in writing to do so by the Required Lenders (or all of the Lenders in the event
that and to the extent that this Agreement expressly requires such). The Administrative Agent shall be fully justified in failing or refusing to take any action hereunder and under any other Loan Document unless it shall first be indemnified to its
satisfaction by the Lenders pro rata against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action. 
  
 10.6. Employment of the Administrative Agent and Counsel. The Administrative Agent may execute any of its respective
duties as the Administrative Agent hereunder and under any other Loan Document by or through employees, agents, and attorneys-in-fact and shall not be answerable to the Lenders, except as to money or securities received by it or its authorized
agents, for the default or misconduct of any such agents or attorneys-in-fact selected by it with reasonable care. The Administrative Agent shall be entitled to advice of counsel concerning the contractual arrangement between the Administrative
Agent and the Lenders and all matters pertaining to the Administrative Agent’s duties hereunder and under any other Loan Document. 
  
 10.7. Reliance on Documents; Counsel. The Administrative Agent shall be entitled to rely upon any Note, notice, consent, certificate, affidavit,
letter, telegram, statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the proper person or persons, and, in respect to legal matters, upon the opinion of counsel selected by the Administrative
Agent, which counsel may be employees of the Administrative Agent. 
  
 10.8. Administrative Agent’s Reimbursement and Indemnification. The Lenders agree to reimburse and indemnify the Administrative Agent ratably in proportion to the Lenders’ Pro Rata Shares of the Aggregate Commitment (or, if
the Aggregate Commitment has been terminated, of the Aggregate Outstanding Credit Exposure) (i) for any amounts not reimbursed by the Borrower for which the Administrative Agent is entitled to reimbursement by the Borrower under the Loan Documents,
(ii) for any other expenses incurred by the Administrative Agent on behalf of the Lenders in connection with the preparation, execution, delivery, administration and enforcement of the Loan Documents (including, but not limited to, for any expenses
incurred by the Administrative Agent in connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders) and (iii) for any 

  

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liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may
be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the transactions contemplated thereby (including, without
limitation, for any such amounts incurred by or asserted against the Administrative Agent in connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders), or the enforcement of any of the terms
of the Loan Documents or of any such other documents, provided that (i) no Lender shall be liable for any of the foregoing to the extent any of the foregoing is found in a final, non-appealable judgment in a court of competent jurisdiction to
have resulted from the gross negligence or willful misconduct of the Administrative Agent and (ii) any indemnification required pursuant to Section 3.5(vii) shall, notwithstanding the provisions of this Section 10.8, be paid by the
relevant Lender in accordance with the provisions thereof. The obligations of the Lenders under this Section 10.8 shall survive payment of the Obligations and termination of this Agreement. 
  
 10.9. Notice of Default. The Administrative Agent shall not be deemed
to have knowledge or notice of the occurrence of any Default or Unmatured Default hereunder unless the Administrative Agent has received written notice from a Lender or the Borrower referring to this Agreement describing such Default or Unmatured
Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice thereof to the Lenders. 
  
 10.10. Rights as a Lender. In the event the Administrative Agent is a
Lender, the Administrative Agent shall have the same rights and powers hereunder and under any other Loan Document with respect to its Commitment and its Loans as any Lender and may exercise the same as though it were not the Administrative Agent,
and the term “Lender” or “Lenders” shall, at any time when the Administrative Agent is a Lender, unless the context otherwise indicates, include the Administrative Agent in its individual capacity. The Administrative Agent and
its Affiliates may accept deposits from, lend money to, and generally engage in any kind of trust, debt, equity or other transaction, in addition to those contemplated by this Agreement or any other Loan Document, with the Borrower or any of its
Subsidiaries in which the Borrower or such Subsidiary is not restricted hereby from engaging with any other Person. 
  
 10.11. Lender Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, the Arranger
or any other Lender and based on the financial statements prepared by the Borrower and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Loan
Documents. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Arranger or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit decisions in taking or not taking action under this Agreement and the other Loan Documents. 
  
 10.12. Successor Administrative Agent. The Administrative Agent may resign at any time by giving written notice thereof to the Lenders and the
Borrower, such resignation to be effective upon the appointment of a successor Administrative Agent or, if no successor 

  

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Administrative Agent has been appointed, forty-five (45) days after the Administrative Agent gives notice of its intention to resign. The Administrative
Agent may be removed at any time with or without cause by written notice received by the Administrative Agent from the Required Lenders, such removal to be effective on the date specified by the Required Lenders. Upon any such resignation or
removal, the Required Lenders shall have the right to appoint, on behalf of the Borrower and the Lenders, a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Required Lenders within thirty (30)
days after the resigning Administrative Agent’s giving notice of its intention to resign, then the resigning Administrative Agent may appoint, on behalf of the Borrower and the Lenders, a successor Administrative Agent. Notwithstanding the
previous sentence, the Administrative Agent may at any time without the consent of the Borrower or any Lender, appoint any of its Affiliates which is a commercial bank as its successor Administrative Agent hereunder. If an Administrative Agent has
resigned or been removed and no successor Administrative Agent has been appointed, the Lenders may perform all the duties of the Administrative Agent hereunder and the Borrower shall make all payments in respect of the Obligations to the applicable
Lender and for all other purposes shall deal directly with the Lenders. No successor Administrative Agent shall be deemed to be appointed hereunder until such successor Administrative Agent has accepted the appointment. Any such successor
Administrative Agent shall be a commercial bank having capital and retained earnings of at least $100,000,000. Upon the acceptance of any appointment as the Administrative Agent hereunder by a successor Administrative Agent, such successor
Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the resigning or removed Administrative Agent. Upon the effectiveness of the resignation or removal of the Administrative Agent,
the resigning or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the Loan Documents. After the effectiveness of the resignation or removal of the Administrative Agent, the provisions of this
Article X shall continue in effect for the benefit of the Administrative Agent in respect of any actions taken or omitted to be taken by it while it was acting as the Administrative Agent hereunder and under the other Loan Documents. In the
event that there is a successor to the Administrative Agent by merger, or the Administrative Agent assigns its duties and obligations to an Affiliate pursuant to this Section 10.12, then (a) the term “Prime Rate” as used in this
Agreement shall mean the prime rate, base rate or other analogous rate of the new Administrative Agent and (b) the references to “LaSalle Bank” in the definitions of “LIBOR Base Rate” and “Prime Rate” and in the last
sentence of Section 2.12 shall be deemed to be a reference to such successor Administrative Agent in its individual capacity. 
  
 10.13. Agent and Arranger Fees. The Borrower agrees to pay to the Administrative Agent and the Arranger, for their respective accounts, the fees
agreed to by the Borrower, the Administrative Agent and the Arranger pursuant to that certain letter agreement dated December 4, 2003, or as otherwise agreed from time to time. 
  
 10.14. Delegation to Affiliates. The Borrower and the Lenders agree that the Administrative Agent may delegate any of
its duties under this Agreement to any of its Affiliates. Any such Affiliate (and such Affiliate’s directors, officers, agents and employees) which performs duties in connection with this Agreement shall be entitled to the same benefits of the
indemnification, waiver and other protective provisions to which the Administrative Agent is entitled under Articles IX and X. 
  

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 ARTICLE XI 
  

SETOFF; RATABLE PAYMENTS 
  
 11.1. Setoff. In addition to, and without limitation of, any rights of the Lenders under applicable law, if the Borrower becomes insolvent, however
evidenced, or any Default occurs, any and all deposits (including all account balances, whether provisional or final and whether or not collected or available) and any other Indebtedness at any time held or owing by any Lender or any Affiliate of
any Lender to or for the credit or account of the Borrower may be offset and applied toward the payment of the Obligations owing to such Lender, whether or not the Obligations, or any part thereof, shall then be due. 
  
 11.2. Ratable Payments. If any Lender, whether by setoff or otherwise,
has payment made to it upon its Loans then due and payable (other than payments received pursuant to Section 3.1, 3.2, 3.4 or 3.5) in a greater proportion than that received by any other Lender, such Lender agrees,
promptly upon demand, to purchase a participation in the Aggregate Outstanding Credit Exposure held by the other Lenders so that after such purchase each Lender will hold its Pro Rata Share of the Aggregate Outstanding Credit Exposure. If any
Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or other protection for its Obligations or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand,
to take such action necessary such that all Lenders share in the benefits of such collateral ratably in proportion to their respective Pro Rata Shares of the Aggregate Outstanding Credit Exposure. In case any such payment is disturbed by legal
process, or otherwise, appropriate further adjustments shall be made. 
  
 ARTICLE XII 
  
 BENEFIT OF AGREEMENT;
ASSIGNMENTS; PARTICIPATIONS 
  
 12.1. Successors and
Assigns. 
  
 12.1.1. Successors and Assigns. The terms
and provisions of the Loan Documents shall be binding upon and inure to the benefit of the Borrower, the Administrative Agent and the Lenders and their respective successors and assigns, except that (i) the Borrower shall not have the right to
assign its rights or obligations under the Loan Documents without the consent of all of the Lenders, and any such assignment in violation of this Section 12.1.1 shall be null and void, and (ii) any assignment by any Lender must be made in
compliance with Section 12.3. The parties to this Agreement acknowledge that clause (ii) of this Section 12.1.1 relates only to absolute assignments and does not prohibit assignments creating security interests, including,
without limitation, (x) any pledge or assignment by any Lender of all or any portion of its rights under this Agreement and any Note to a Federal Reserve Bank or (y) in the case of a Lender which is a fund, any pledge or assignment of all or any
portion of its rights under this Agreement and any Note to its trustee in support of its obligations to its trustee; provided, however, that no such pledge or assignment creating a security interest shall release the transferor Lender
from its obligations hereunder unless and until the parties thereto have complied with the provisions of Section 12.3. The Administrative Agent may treat the Person which made any Loan or which holds any Note as the owner thereof for all
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complies with Section 12.3; provided, however, that the Administrative Agent may in its discretion (but shall not be required to) follow instructions
from the Person which made any Loan or which holds any Note to direct payments relating to such Loan or Note to another Person. Any assignee of the rights to any Loan or any Note agrees by acceptance of such assignment to be bound by all the terms
and provisions of the Loan Documents. Any request, authority or consent of any Person, who at the time of making such request or giving such authority or consent is the owner of the rights to any Loan (whether or not a Note has been issued in
evidence thereof), shall be conclusive and binding on any subsequent holder or assignee of the rights to such Loan. 
  
 12.2. Participations. 
  
 12.2.1. Permitted Participants; Effect. Any Lender may, in the ordinary course of its business and in accordance with applicable law, at any time
sell to one or more banks or other entities (“Participants”) participating interests in any Loan owing to such Lender, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender under the Loan
Documents. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto
for the performance of such obligations, such Lender shall remain the owner of its Loans and the holder of any Note issued to it in evidence thereof for all purposes under the Loan Documents, all amounts payable by the Borrower under this Agreement
shall be determined as if such Lender had not sold such participating interests, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under the Loan Documents. 
  
 12.2.2. Voting Rights. Each
Lender shall retain the sole right to approve, without the consent of any Participant, any amendment, modification or waiver of any provision of the Loan Documents other than any amendment, modification or waiver with respect to any Loan or
Commitment in which such Participant has an interest which (i) extends the final maturity of any Loan or forgives all or a portion of the principal amount thereof or interest or fees thereon, or reduces the rate or extends the time of payment of
interest or fees on any such Loan or the related Commitment, (ii) extends the Revolving Loan Termination Date or the Termination Date, (iii) releases any guarantor of the Obligations or all or substantially all of the collateral, if any, securing
the Obligations, or (iv) increases the amount of the participation of such Participant. 
  
 12.2.3. Benefit of Setoff. The Borrower agrees that each Participant shall be deemed to have the right of setoff provided in Section 11.1 in respect of its participating interest in amounts owing under
the Loan Documents to the same extent as if the amount of its participating interest were owing directly to it as a Lender under the Loan Documents, provided that each Lender shall retain the right of setoff provided in Section 11.1
with respect to the amount of participating interests sold to each Participant. The Lenders agree to share with each Participant, and each Participant, by exercising the right of setoff provided in Section 11.1, agrees to share with each
Lender, any amount received pursuant to the exercise of its right of setoff, such amounts to be shared in accordance with Section 11.2 as if each Participant were a Lender. 
  

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 12.3. Assignments. 
  
 12.3.1. Permitted Assignments. Any Lender may, in the ordinary course of its business and in accordance with
applicable law, at any time assign to one or more banks or other entities (“Purchasers”) all or any part of its rights and obligations under the Loan Documents. Such assignment shall be evidenced by an agreement substantially in the
form of Exhibit C or in such other form as may be agreed to by the parties thereto (each such agreement, an “Assignment Agreement”). The consent of the Borrower and the Administrative Agent shall be required prior to an Assignment
Agreement becoming effective with respect to a Purchaser which is not a Lender or an Affiliate thereof, provided, however, that subsequent to the occurrence of a Default, the consent of the Borrower shall not be required. Neither the Administrative
Agent nor the Borrower shall unreasonably withhold or delay any consent under this Section 12.3.1. Each such assignment with respect to a Purchaser which is not a Lender, an Affiliate thereof shall (unless each of the Borrower and the
Administrative Agent otherwise consents) be in an amount not less than the lesser of (i) $5,000,000 and integral multiples of $1,000,000 in excess thereof or (ii) the remaining amount of the assigning Lender’s Commitment (calculated as at the
date of such assignment), or, if the Termination Date has occurred, the remaining amount of the assigning Lender’s Outstanding Credit Exposure. Notwithstanding the foregoing or anything to the contrary set forth herein, Bankers Trust Company,
N.A., in its capacity as a Lender, may make, without the consent of the Administrative Agent or the Borrower, a one-time assignment to Bankers Trust Company, N.A. Cedar Rapids of $750,000 of its Commitment (or, if the Termination Date has occurred,
$750,000 of its Outstanding Credit Exposure). Bankers Trust Company, N.A. shall provide notice to the Administrative Agent of such an assignment to Bankers Trust Company, N.A. Cedar Rapids on or promptly after the date of such assignment.

  
 12.3.2. Effect; Effective Date. Upon (i) delivery to
the Administrative Agent of an Assignment Agreement, together with any consents required by Section 12.3.1, and (ii) payment by the assigning Lender of a $3,500 fee to the Administrative Agent for processing such assignment (unless such fee
is waived by the Administrative Agent), such assignment shall become effective on the effective date specified in such assignment. The Assignment Agreement shall contain a representation by the Purchaser to the effect that none of the consideration
used to make the purchase of the Commitment and Loans under the applicable Assignment Agreement constitutes “plan assets” as defined under ERISA and that the rights and interests of the Purchaser in and under the Loan Documents will not be
“plan assets” under ERISA. On and after the effective date of such assignment, such Purchaser shall for all purposes be a Lender party to this Agreement and any other Loan Document executed by or on behalf of the Lenders and shall have all
the rights and obligations of a Lender under the Loan Documents, to the same extent as if it were an original party hereto, and no further consent or action by the Borrower, the Lenders or the Administrative Agent shall be required to release the
transferor Lender with respect to the percentage of the Aggregate Commitment and Loans assigned to such Purchaser. Upon the consummation of any assignment to a Purchaser pursuant to this Section 12.3.2, the transferor Lender, the
Administrative Agent and the Borrower shall, if the transferor Lender or the Purchaser desires that its Loans be evidenced by Notes, make appropriate arrangements so that new Notes or, as appropriate, replacement Notes are issued to such transferor
Lender and new Notes or, as appropriate, replacement Notes, are issued to such Purchaser, in each case in principal amounts reflecting their respective Commitments (or, if the Termination Date has occurred, their respective Outstanding Credit
Exposure), as adjusted pursuant to such assignment. 
  

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 12.3.3. The Register. Notwithstanding anything to the contrary in this Agreement, the Borrower
hereby designates the Administrative Agent, and the Administrative Agent, hereby accepts such designation, to serve as the Borrower’s contractual representative solely for purposes of this Section 12.3.3. In this connection, the
Administrative Agent shall maintain at its address referred to in Section 13.1 a copy of each Assignment Agreement delivered to and accepted by it pursuant to this Section 12.3.3 and a register (the “Register”) for the
recordation of the names and addresses of the Lenders and the Commitment of, principal amount of and interest on the Loans owing to, each Lender from time to time and whether such Lender is an original Lender or the assignee of another Lender
pursuant to an assignment under this Section 12.3. The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower and each of its Subsidiaries, the Administrative Agent and the Lenders
may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon
reasonable prior notice. 
  
 12.4. Dissemination of
Information. The Borrower authorizes each Lender to disclose to any Participant or Purchaser or any other Person acquiring an interest in the Loan Documents by operation of law (each a “Transferee”) and any prospective
Transferee any and all information in such Lender’s possession concerning the creditworthiness of the Borrower and its Subsidiaries, including without limitation any information contained in any reports or other information delivered by the
Borrower pursuant to Section 6.1; provided that each Transferee and prospective Transferee agrees to be bound by Section 9.11 of this Agreement. 
  
 12.5. Tax Treatment. If any interest in any Loan Document is transferred to any Transferee which is organized under
the laws of any jurisdiction other than the United States or any State thereof, the transferor Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, to comply with the provisions of Section 3.5(iv).

  
 ARTICLE XIII 
  
 NOTICES 
  
 13.1. Notices. Except as otherwise permitted by Section 2.14
with respect to borrowing notices, all notices, requests and other communications to any party hereunder shall be in writing (including electronic transmission, facsimile transmission or similar writing) and shall be given to such party: (x) in the
case of the Borrower, the Administrative Agent or any Lender party hereto as of the Closing Date, at its respective address or facsimile number set forth on the signature pages hereof, (y) in the case of any Lender that becomes a party hereto
pursuant to Section 12.3, at its address or facsimile number set forth in the applicable Assignment Agreement or, if none is provided therein, in its administrative questionnaire or (z) in the case of any party, at such other address or
facsimile number as such party may hereafter specify for the purpose by notice to the Administrative Agent and the Borrower in accordance with the provisions of this Section 13.1. Each such notice, request or other communication shall be
effective (i) if given by facsimile transmission, when transmitted to the facsimile number specified in this Section and confirmation of receipt is received, or (ii) if given by mail, 72 hours after such communication is deposited in the mails with
first class postage prepaid, addressed as 

  

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aforesaid, provided that notices to the Administrative Agent under Article II shall not be effective until received. 
  
 13.2. Change of Address. The Borrower, the Administrative Agent and
any Lender may each change the address for service of notice upon it by a notice in writing to the other parties hereto. 
  
 ARTICLE XIV 
  
 COUNTERPARTS 
  
 This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart. This
Agreement shall be effective when it has been executed by the Borrower, the Administrative Agent and the Lenders and each party has notified the Administrative Agent by facsimile transmission or telephone that it has taken such action. 

 
 ARTICLE XV 
  
 CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL

  
 15.1. CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN
THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (INCLUDING 735 ILCS SECTION 105/5-1 ET SEQ. BUT OTHERWISE WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS) OF THE
STATE OF ILLINOIS, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 
  
 15.2. CONSENT TO JURISDICTION. THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR ILLINOIS STATE COURT SITTING IN COOK COUNTY, ILLINOIS IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY
NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY LENDER TO BRING PROCEEDINGS
AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE ADMINISTRATIVE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY
MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN COOK COUNTY, ILLINOIS. 
  

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 15.3. WAIVER OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY WAIVE
TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED
THEREUNDER. 
  
 ARTICLE XVI 
  
 USA PATRIOT ACT 
  
 The following notification is provided to the Borrower pursuant to Section
326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318: IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial
institutions to obtain, verify, and record information that identifies each person or entity that opens an account, including any deposit account, treasury management account, loan, other extension of credit, or other financial services product.
WHAT THIS MEANS FOR THE BORROWER: When the Borrower opens an account, if the Borrower is an individual, the Administrative Agent and the Lenders will ask for the Borrower’s name, residential address, tax identification number, date of birth,
and other information that will allow the Administrative Agent and the Lenders to identify the Borrower, and, if the Borrower is not an individual, the Administrative Agent and the Lenders will ask for the Borrower’s name, tax identification
number, business address, and other information that will allow the Administrative Agent and the Lenders to identify the Borrower. The Administrative Agent and the Lenders may also, ask, if the Borrower is an individual, to see the Borrower’s
driver’s license or other identifying documents, and, if the Borrower is not an individual, to see the Borrower’s legal organizational documents or other identifying documents. 
  
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 IN WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent have executed this Agreement
as of the date first above written. 
  

			
	FBL FINANCIAL GROUP, INC., as the Borrower
		
	By:	 	/s/    WILLIAM J. ODDY        
	 	 	

	 Name:
	 	William J. Oddy
	 Title:
	 	Chief Executive Officer



			
		
	Address:	 	 5400 University Avenue
 West Des Moines, IA
50266

	Attention:	 	James Brannen, VP-Finance
	Phone:	 	515 225-5631
	Fax:	 	515 225-5604


  










			
	 LASALLE BANK NATIONAL ASSOCIATION,
 as the Administrative Agent and as a Lender

		
	By:	 	/s/    BRANDON S. ALLISON        
	 	 	

	 Name:
	 	Brandon S. Allison
	 Title:
	 	Commercial Banking Officer



			
		
	Address:	 	135 South LaSalle Street
Chicago, IL 60603
		
	Attention:	 	Brandon S. Allison
	Phone:	 	312-904-6324
	Fax:	 	312-904-6189


  










			
	BANKERS TRUST COMPANY, N.A.,
as a Lender
		
	By:	 	/s/    JON M. DOLL        
	 	 	

	 Name:
	 	Jon M. Doll
	 Title:
	 	Vice President



			
		
	Address:	 	665 Locust Street
Des Moines, IA 50309
		
	Attention:	 	Jon M. Doll
	Phone:	 	515-245-2837
	Fax:	 	515-245-5216


  









 EXHIBIT A 
 TO 
 CREDIT AGREEMENT 
  

FORM OF OPINION 
  
 Attached 
  









 [GRAPHIC] 
  

December 18, 2003 
  
 LaSalle Bank National Association, 
 Administrative Agent 
 135 South LaSalle Street 
 Chicago, Illinois 
  
 Ladies and Gentlemen: 
  
 I am Assistant General Counsel, Securities to FBL Financial Group, Inc., a corporation organized under the laws of Iowa (the
“Company”), and I am delivering this opinion in connection with the execution and delivery by the Company of the Credit Agreement and Notes, dated as of December 18, 2003 (together, the “Transaction Documents”), between the
Company, and LaSalle Bank National Association, as Administrative Agent, and the Lenders named therein. Terms defined in the Transaction Documents are used herein as therein defined. 
  
 In connection with this opinion, I have examined an executed copy of the Transaction Documents and such other documents and
records of the Company, such certificates of public officials and such other matters of fact and law that I have deemed necessary or advisable for the purposes of this opinion. In such opinion, I have assumed the genuineness of all signatures of the
Lenders and the Administrative Agent, the authenticity of all documents submitted to me as originals and the conformity to authentic original documents of all documents submitted to me as certified, conformed, or photostatic copies. I have further
assumed that the Transaction Documents have been duly executed and delivered by the Lenders and the Administrative Agent pursuant to appropriate corporate authority and constitutes their legal, valid and binding obligation, enforceable against the
Lenders and the Administrative Agent in accordance with their terms. 
  
 Based upon the foregoing and subject to the qualifications hereinafter set forth, it is my opinion, as of the date hereof that: 
  
 1. The Borrower has been duly organized and is validly existing under the laws of the State of Iowa and is duly qualified and in good standing as a
foreign corporation in such states where its business and operations would require such qualification. The Borrower has the requisite corporate power and authority to own and encumber its properties and assets and to conduct its business.

  









 2. The Borrower has the requisite corporate power and authority to execute, deliver and perform its
obligations under each of the Transaction Documents to which it is a party. Such execution, delivery and performance: 
  

	 	a)	have been duly authorized by all necessary and proper corporate action of the Borrower; 

  

	 	b)	do not violate any provision of the articles of incorporation or by-laws of the Borrower or require any approval of the Borrower’s shareholders; 

  

	 	c)	will not violate any applicable law of the State of Iowa (including without limitation, any usury laws) or any applicable law of the United States of America (including, without
limitation, Regulations T, U or X) applicable to the Borrower (together, “Applicable Law”); and 

  

	 	d)	will not violate, or require the termination of, or require the approval or consent of any Person under, the terms of any indenture, mortgage, deed of trust, loan agreement, lease
agreement or any other material agreement known to us to which the Borrower is a party or by which the Borrower or any of its properties may be bound (“Material Agreements”), and will not result in or require the creation or
imposition of any lien upon or security interest in any property of the Borrower pursuant to any Material Agreement (other than the liens and security interests created pursuant to the Transaction Documents. 

  
 3. To our knowledge, there is no action, suit, proceeding or arbitration
pending on overtly threatened in writing before any court or any governmental or regulatory authority, against the Borrower or its property which purports to affect the validity or enforceability of the Transaction Documents, seeks to enjoin the
consummation of the transactions contemplated thereby, or would, if adversely determined, result in a Material Adverse Effect. 
  
 4. Each of the Transaction Documents has been duly authorized, executed and delivered by the Borrower. Each of the Transaction Documents constitutes the
valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its respective terms. 
  
 5. The Borrower is not an “investment company” registered or required to be registered under the Investment Company Act of 1940, as amended, or,
to our knowledge, controlled by such a company. 
  
 6. The
Borrower is not a “holding company” or a “subsidiary company” of a “holding company,” or an “affiliate” of a “holding company,” within the meaning of the Public Utility Holding Company Act of 1935,
as amended. 
  
 7. No consent, approval or authorization of, or
registration, filing or declaration with, any federal or Iowa state governmental authority or other regulatory agency is required under Applicable Law for the valid execution or delivery by the Borrower of the Transaction Documents or the
performance by the Borrower of its obligations thereunder, except any such consent, approval, authorization, registration, filing or declaration which has been obtained or made and remains in effect. 
  









 I am qualified to practice law in the State of Iowa and the opinions set forth herein are limited to
matters concerning the laws of the State of Iowa and the Federal laws of the United States and I express no opinion on any other law. For purposes of the opinion, I have assumed, with your permission, that the laws of the State of Illinois are
identical to the laws of the State of Iowa. My opinion is based upon my consideration of only those statutes, rules, and regulations which, in my experience, are normally applicable to similar transactions. I render no opinion with respect to the
applicability thereto, or the effect thereon, of the laws of any other jurisdiction, or as to any matters of municipal law or the laws of any other local agencies within any state. 
  
 This opinion is furnished to you solely in connection with the Transaction Documents and the transactions contemplated by
the Transaction Documents and may not be relied upon by you for any other purpose or by any other person, firm, corporation or entity without my prior written consent, except that you may furnish copies hereof (i) to the Lenders, (ii) to your
independent auditors and attorneys, (iii) to any United States, state or local authority having jurisdiction over you, (iv) pursuant to the order of any legal process of any court of competent jurisdiction or any governmental agency, and (v) in
connection with any legal action arising out of the Transaction Documents. 
  

	
	 Very truly yours,

	
	/s/    ROBERT A. SIMONS        
	

	 Robert A. Simons
 Assistant General Counsel – Securities



  









 EXHIBIT B 
 TO 
 CREDIT AGREEMENT 
  

COMPLIANCE CERTIFICATE 
  

	To:	The Administrative Agent and the Lenders parties to the below-described Credit Agreement 

  
 This Compliance Certificate is furnished pursuant to that certain Credit Agreement, dated as of December 18, 2003 (as the
same may be amended, modified, renewed or extended from time to time, the “Agreement”), among FBL Financial Group, Inc., as the borrower (the “Borrower”), the financial institutions from time to time party thereto as lenders (the
“Lenders”), and LaSalle Bank National Association, as Administrative Agent (the “Administrative Agent”) for the Lenders. Unless otherwise defined herein, capitalized terms used in this Compliance Certificate have the meanings
ascribed thereto in the Agreement. 
  
 THE UNDERSIGNED HEREBY
CERTIFIES THAT: 
  
 1. I am the duly elected Vice President –
Accounting of the Borrower; 
  
 2. I have reviewed the terms of
the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and conditions of the Borrower and its Subsidiaries during the accounting period covered by the attached financial statements;

  
 3. The examinations described in paragraph 2 did not disclose,
and I have no knowledge of, the existence of any condition or event which constitutes a Default or Unmatured Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate,
except as set forth below; and 
  
 4. Schedule I attached hereto
sets forth financial data and computations evidencing the Borrower’s compliance with the financial covenants set forth in Section 6.18 of the Agreement, all of which data and computations are true, complete and correct. 
  
 [5.] **[Schedule II attached hereto sets forth the various reports and
deliveries which are required at this time under the Agreement and the other Loan Documents and the status of compliance in connection therewith.]** 
  









 Described below are the exceptions, if any, to paragraph 3. Included in such description is a detailed
discussion of the nature of the applicable condition or event, the period during which it has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to such condition or event: 
  
 The foregoing certifications, together with the computations set forth in
Schedule I hereto and the financial statements delivered with this Certificate in support hereof, are made and delivered this 18th day of December, 2003 
  

			
	FBL Financial Group, Inc.
		
	By:	 	/s/    DONALD J. SEIBEL        
	 	 	

	 	 	 Donald J. Seibel
 Vice President – Accounting



  

 2 








 SCHEDULE I TO COMPLIANCE CERTIFICATE 
 Compliance as of December 18, 2003 with 
 Section 6.18 of the Credit Agreement

  

				
	Section 6.18.1 – Interest Coverage Ratio	  	 	 
		
	 1.      Required Minimum Interest Coverage Ratio
	  	 	3.0 to 1.0
		
	 2.      Actual Interest Coverage Ratio
	  	 	 
		
	 (a)    Available Dividends of Farm Bureau Life Insurance Company and EquiTrust Life Insurance Company
	  	$	39,176,229
		
	 (b)    Consolidated Interest Expense
	  	$	1,571,500
		
	 (c)    Amount of interest accrued under the FBL Subordinated Note Documents and the Trust Preferred Securities excluded
from the calculation of Consolidated Interest Expense
	  	$	1,212,500
		
	 (d)    Ratio of (a) to (b)
	  	 	24.9 to 1.0
		
	Section 6.18.2 – Statutory Capital and Surplus1	  	 	 
		
	 1.      Required Minimum Combined Statutory Capital and Surplus for Farm Bureau Life Insurance
Company:
	  	 	 
		
	 (a)    $400,000,000
	  	 	 
		
	 (b)    Cumulative positive statutory net income for each fiscal quarter beginning with the fiscal quarter ending December
31, 2003
	  	$	—  
		
	 (c)    .50 times (b)
	  	$	—  
		
	 (d)    (a) plus (c)
	  	$	400,000,000
		
	 2.      Actual Combined Statutory Capital and Surplus for Farm Bureau Life Insurance Company
	  	$	417,542,141



	1	In the event EquiTrust Life Insurance Company ceases to be a subsidiary of Farm Bureau Life Insurance Company, compliance with Section 6.18.2 shall be determined by
taking the sum of the capital and surplus of Farm Bureau Life Insurance Company and the capital and surplus of EquiTrust Life Insurance Company, and this certificate shall be revised accordingly to reflect such additional calculations.


  










					
	Section 6.18.3 – Minimum Net Worth	  	 	 	 
		
	 1.      Minimum Required Consolidated Net Worth:
	  	 	 	 
		
	 (a)    $575,000,000
	  	 	 	 
		
	 (b)    Cumulative positive Consolidated Net Income for each fiscal quarter beginning with the fiscal quarter ending
December 31, 2003
	  	$	—  	 
		
	 (c)    .50 times (b)
	  	$	—  	 
		
	 (d)    (a) plus (c)
	  	$	575,000,000	 
		
	 2.      Actual Consolidated Net Worth (determined without giving effect to unrealized gains or losses related to
FASB No. 115 activities)
	  	$	609,378,000	 
		
	Section 6.18.4 – Insurance Risk Based Capital	  	 	 	 
		
	 1.      Required Minimum Insurance RBC Ratio for Farm Bureau Life Insurance Company
	  	 	350	%
		
	 2.      Actual Minimum Insurance RBC Ratio for Farm Bureau Life Insurance Company
	  	 	 	 
		
	 (a)    Total Adjusted Capital (as defined in the Insurance RBC Model Act) for Farm Bureau Life Insurance
Company
	  	$	430,820,000	 
		
	 (b)    Authorized Control Level RBC (as defined in the Insurance RBC Model Act) for Farm Bureau Life Insurance
Company
	  	$	68,333,575	 
		
	 (c)    Ratio of (a) to (b) (calculated as a percentage)
	  	 	630	%
		
	 3.      Required Minimum Insurance RBC Ratio for EquiTrust Life Insurance Company
	  	 	350	%
		
	 4.      Actual Minimum Insurance RBC Ratio for EquiTrust Life Insurance Company
	  	 	 	 
		
	 (a)    Total Adjusted Capital (as defined in the Insurance RBC Model Act) for EquiTrust Life Insurance
Company
	  	$	80,008,403	 

  










					
	 (b)    Authorized Control Level RBC (as defined in the Insurance RBC Model Act) for EquiTrust Life Insurance
Company
	  	$	  17,632,515	 
		
	 (c)    Ratio of (a) to (b) (calculated as a percentage)
	  	 	454	%

  









 SCHEDULE II TO COMPLIANCE CERTIFICATE 
  
 Compliance as of December 17, 2003 with 
 Section 6.18 of the Credit Agreement 
  
 None.

  









 EXHIBIT C 
 TO 
 CREDIT AGREEMENT 
  

ASSIGNMENT AGREEMENT 
  
 This Assignment Agreement (this “Assignment Agreement”) between
                                        
                     (the “Assignor”) and
                                        
                 (the “Assignee”) is dated as of
                    , 200[_]. The parties hereto agree as follows: 
  
 1. PRELIMINARY STATEMENT. The Assignor is a party to a Credit Agreement (which, as it may be amended, modified,
renewed or extended from time to time is herein called the “Credit Agreement”) described in Item 1 of Schedule 1 attached hereto (“Schedule 1”). Capitalized terms used herein and not otherwise defined herein shall have the
meanings attributed to them in the Credit Agreement. 
  
 2.
ASSIGNMENT AND ASSUMPTION. The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, an interest in and to the Assignor’s rights and obligations under the Credit Agreement and
the other Loan Documents, such that after giving effect to such assignment the Assignee shall have purchased pursuant to this Assignment Agreement the percentage interest specified in Item 3 of Schedule 1 of all outstanding rights and obligations
under the Credit Agreement and the other Loan Documents relating to the facilities listed in Item 3 of Schedule 1. The aggregate Commitment (or Outstanding Credit Exposure if the applicable Commitment has been terminated) purchased by the Assignee
hereunder is set forth in Item 4 of Schedule 1. 
  
 3.
EFFECTIVE DATE. The effective date of this Assignment Agreement (the “Effective Date”) shall be the later of the date specified in Item 5 of Schedule 1 or two Business Days (or such shorter period agreed to by the Administrative
Agent) after this Assignment Agreement, together with any consents required under the Credit Agreement, are delivered to the Administrative Agent. In no event will the Effective Date occur if the payments required to be made by the Assignee to the
Assignor on the Effective Date are not made on the proposed Effective Date. 
  
 4. PAYMENT OBLIGATIONS. In consideration for the sale and assignment of Commitments and/or Outstanding Credit Exposure hereunder, the Assignee shall pay the Assignor, on the Effective Date, the amount agreed to
by the Assignor and the Assignee. On and after the Effective Date, the Assignee shall be entitled to receive from the Administrative Agent all payments of principal, interest, and fees with respect to the interest assigned hereby. The Assignee will
promptly remit to the Assignor any interest on Loans and fees received from the Administrative Agent which relate to the portion of the Commitment or Outstanding Credit Exposure assigned to the Assignee hereunder for periods prior to the Effective
Date and not previously paid by the Assignee to the Assignor. In the event that either party hereto receives any payment to 

  









 
which the other party hereto is entitled under this Assignment Agreement, then the party receiving such amount shall promptly remit it to the other party
hereto. 
  
 5. RECORDATION FEE. The Assignor and Assignee
each agree to pay one-half of the recordation fee required to be paid to the Administrative Agent in connection with this Assignment Agreement unless otherwise specified in Item 6 of Schedule 1. 
  
 6. REPRESENTATIONS OF THE ASSIGNOR; LIMITATIONS ON THE ASSIGNOR’S
LIABILITY. The Assignor represents and warrants that (i) it is the legal and beneficial owner of the interest being assigned by it hereunder, (ii) such interest is free and clear of any adverse claim created by the Assignor and (iii) the
execution and delivery of this Assignment Agreement by the Assignor is duly authorized. It is understood and agreed that the assignment and assumption hereunder are made without recourse to the Assignor and that the Assignor makes no other
representation or warranty of any kind to the Assignee. Neither the Assignor nor any of its officers, directors, employees, agents or attorneys shall be responsible for (i) the due execution, legality, validity, enforceability, genuineness,
sufficiency or collectability of any Loan Document, (ii) any representation, warranty or statement made in or in connection with any of the Loan Documents, (iii) the financial condition or creditworthiness of the Borrower or any guarantor, (iv) the
performance of or compliance with any of the terms or provisions of any of the Loan Documents, (v) inspecting any of the property, books or records of the Borrower, (vi) the validity, enforceability, perfection, priority, condition, value or
sufficiency of any collateral securing or purporting to secure the Loans or (vii) any mistake, error of judgment, or action taken or omitted to be taken in connection with the Loans or the Loan Documents. 
  
 7. REPRESENTATIONS AND UNDERTAKINGS OF THE ASSIGNEE. The Assignee (i)
confirms that it has received a copy of the Credit Agreement, together with copies of the financial statements requested by the Assignee and such other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Assignment Agreement, (ii) agrees that it will, independently and without reliance upon the Administrative Agent, the Assignor or any other Lender and based on such documents and information at it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, (iii) appoints and authorizes the Administrative Agent to take such action as Administrative Agent on its behalf and to exercise such
powers under the Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto, (iv) confirms that the execution and delivery of this Assignment Agreement by the
Assignee is duly authorized, (v) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender, (vi) agrees that its payment instructions and
notice instructions are as set forth in the attachment to Schedule 1, (vii) confirms that none of the funds, monies, assets or other consideration being used to make the purchase and assumption hereunder are “plan assets” as defined under
ERISA and that its rights, benefits and interests in and under the Loan Documents will not be “plan assets” under ERISA, (viii) agrees to indemnify and hold the Assignor 

  

 2 








 
harmless against all losses, costs and expenses (including, without limitation, reasonable attorneys’ fees) and liabilities incurred by the Assignor in
connection with or arising in any manner from the Assignee’s non-performance of the obligations assumed under this Assignment Agreement, and (ix) if applicable, attaches the forms prescribed by the Internal Revenue Service of the United States
certifying that the Assignee is entitled to receive payments under the Loan Documents without deduction or withholding of any United States federal income taxes. 
  
 8. GOVERNING LAW. This Assignment Agreement shall be governed by the internal law, and not the law of conflicts, of
the State of Illinois. 
  
 9. NOTICES. Notices shall be
given under this Assignment Agreement in the manner set forth in the Credit Agreement. For the purpose hereof, the addresses of the parties hereto (until notice of a change is delivered) shall be the address set forth in the attachment to Schedule
1. 
  
 10. COUNTERPARTS; DELIVERY BY FACSIMILE. This
Assignment Agreement may be executed in counterparts. Transmission by facsimile of an executed counterpart of this Assignment Agreement shall be deemed to constitute due and sufficient delivery of such counterpart and such facsimile shall be deemed
to be an original counterpart of this Assignment Agreement. 
  
 IN
WITNESS WHEREOF, the duly authorized officers of the parties hereto have executed this Assignment Agreement by executing Schedule 1 hereto as of the date first above written. 
  

 3 








 SCHEDULE I 
 to Assignment Agreement 
  

			
		
	 1.      Description and Date of Credit Agreement:
	  	 
		
	 2.      Date of Assignment Agreement:
                    , 200_
	  	 
		
	 3.      Commitment (or Outstanding Credit Exposure with respect to terminated Commitments) purchased
hereunder:
	  	$________
		
	 4.      Assignor’s Commitment (or Outstanding Credit Exposure with respect to terminated Commitments) after
giving effect to the assignment evidenced hereby
	  	$________
		
	 5.      Assignee’s Commitment (or Outstanding Credit Exposure with respect to terminated Commitments) after
giving effect to the assignment evidenced hereby
	  	$________
		
	 6.      Proposed Effective Date:
	  	  ________
		
	 7.      Non-standard Recordation Fee Arrangement
	  	 
	 	  	N/A***
[Assignor/Assignee
to pay 100% of fee]
[Fee waived by Administrative Agent]

  










									
	 Accepted and Agreed:
	 	 	 	 
			
	 [NAME OF ASSIGNOR]
	 	 	 	 [NAME OF ASSIGNEE]

			
	 [ACCEPTED AND CONSENTED TO BY]
	 	 	 	 ACCEPTED AND CONSENTED TO BY

			
	 FBL FINANCIAL GROUP, INC.
	 	 	 	LASALLE BANK NATIONAL ASSOCIATION,
as Administrative Agent
					
	By:	 	 	 	 	 	By:	 	 
	 	 	
	 	 	 	 	 	

					
	 Title:
	 	 	 	 	 	 Title:
	 	 
	 	 	
	 	 	 	 	 	


  

	**	Percentage taken to 10 decimal places 

  

	***	If fee is split 50-50, pick N/A as option 

  









 Attachment to SCHEDULE 1 to ASSIGNMENT AGREEMENT  
  
 ADMINISTRATIVE INFORMATION SHEET 
  
 Attach Assignor’s Administrative Information Sheet, which must

 include notice addresses for the Assignor and the Assignee 
 (Sample form shown below) 
  

			
	
	ASSIGNOR INFORMATION 
	Contact:	 	 
		
	 Name:
	 	Telephone No.:
	 Fax No.:
	 	Telex No.:
	 	 	Answerback:
		
	Payment Information:	 	 
		
	 Name & ABA # of Destination Bank:
	 	 
		
	 Account Name & Number for Wire Transfer:
	 	 
		
	 Other Instructions:
	 	 
		
	Address for Notices for Assignor:	 	 
	
	ASSIGNEE INFORMATION
		
	Credit Contact:	 	 
		
	 Name:
	 	Telephone No.:
	 Fax No.:
	 	Telex No.:
	 	 	Answerback:
		
	Key Operations Contacts:	 	 
		
	Booking Installation:	 	Booking Installation:
	Name:	 	Name:
	Telephone No.:	 	Telephone No.:
	Fax No.:	 	Fax No.:
	Telex No.:	 	Telex No.:
	Answerback:	 	Answerback:

  










			
		
	Payment Information:	 	 
		
	 Name & ABA # of Destination Bank:
	 	 
		
	 Account Name & Number for Wire Transfer:
	 	 
		
	 Other Instructions:
	 	 
		
	Address for Notices for Assignee:	 	 

  









 EXHIBIT D 
 TO 
 CREDIT AGREEMENT 
  

FORM OF NOTE 
  

			
	 $15,000,000
	  	December 18, 2003

  
 FBL FINANCIAL GROUP,
INC., an Iowa corporation (the “Borrower”), promises to pay to the order of Bankers Trust Company, N.A. (the “Lender”) the aggregate unpaid principal amount of all Loans made by the Lender to the Borrower pursuant to Article II
of the Agreement (as hereinafter defined), in immediately available funds at the main office of LaSalle Bank National Association in Chicago, Illinois, as Administrative Agent, together with interest on the unpaid principal amount hereof at the
rates and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on the Loans in full on the Termination Date and shall make such mandatory payments as are required to be made under the terms
of Article II of the Agreement. 
  
 The Lender shall, and is
hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance with its usual practice, the date and amount of each Loan and the date and amount of each principal payment hereunder. 
  
 This Note is one of the Notes issued pursuant to, and is entitled to the
benefits of, the Credit Agreement dated as of December 18, 2003 (as the same may be amended, restated, supplemented or otherwise modified from time to time and in effect from time to time, the “Agreement”), among the Borrower, the
Lender and certain other financial institutions as lenders, and LaSalle Bank National Association, as Administrative Agent, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Note, including the
terms and conditions under which this Note may be prepaid or its maturity date accelerated. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement. 
  

			
	FBL FINANCIAL GROUP, INC.
		
	By:	 	/s/    WILLIAM J. ODDY        
	 	 	

	 Name:
	 	William J. Oddy
	 Title:
	 	Chief Executive Officer


  









 EXHIBIT D 
 TO 
 CREDIT AGREEMENT 
  

FORM OF NOTE 
  

			
	 $45,000,000
	 	December 18, 2003

  
 FBL FINANCIAL GROUP,
INC., an Iowa corporation (the “Borrower”), promises to pay to the order of LaSalle Bank National Association (the “Lender”) the aggregate unpaid principal amount of all Loans made by the Lender to the Borrower pursuant to
Article II of the Agreement (as hereinafter defined), in immediately available funds at the main office of LaSalle Bank National Association in Chicago, Illinois, as Administrative Agent, together with interest on the unpaid principal amount hereof
at the rates and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on the Loans in full on the Termination Date and shall make such mandatory payments as are required to be made under
the terms of Article II of the Agreement. 
  
 The Lender shall,
and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance with its usual practice, the date and amount of each Loan and the date and amount of each principal payment hereunder. 
  
 This Note is one of the Notes issued pursuant to, and is entitled to the
benefits of, the Credit Agreement dated as of December 18, 2003 (as the same may be amended, restated, supplemented or otherwise modified from time to time and in effect from time to time, the “Agreement”), among the Borrower, the Lender
and certain other financial institutions as lenders, and LaSalle Bank National Association, as Administrative Agent, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Note, including the terms and
conditions under which this Note may be prepaid or its maturity date accelerated. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement. 
  

			
	FBL FINANCIAL GROUP, INC.
		
	By:	 	/s/    WILLIAM J. ODDY        
	 	 	

	 Name:
	 	William J. Oddy
	 Title:
	 	Chief Executive Officer


  









 SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL 
 TO 
 NOTE OF FBL FINANCIAL GROUP, INC., 
  
 DATED AS OF December 18, 2003 
  

									
	 Date

	 	 Principal
Amount of
Loan

	 	 Maturity
of Interest
Period

	 	 Principal
Amount
Paid

	 	 Unpaid
Balance



  









 EXHIBIT E 
 TO 
 CREDIT AGREEMENT 
  

LIST OF CLOSING DOCUMENTS 
  
 Attached 
  









 $60,000,000 
  
 CREDIT FACILITY 
  
 TO 
  
 FBL FINANCIAL GROUP, INC. 
  
 December 18, 2003 
  
 LIST OF CLOSING DOCUMENTS 
  

	 	A.	LOAN DOCUMENTS 

  
 1. Credit Agreement (the “Credit Agreement”) by and among FBL Financial Group, Inc., an Iowa corporation (the
“Borrower”), the financial institutions from time to time parties thereto as lenders (the “Lenders”) and LaSalle Bank National Association, in its capacity as contractual representative for the Lenders (the
“Administrative Agent”), evidencing a $60,000,000 revolving credit facility extended by the Lenders to the Borrower. 
  

					
	EXHIBITS	 	 	 	 
			
	Exhibit A	 	-	 	   Form of Borrower’s Counsel’s Opinion

	Exhibit B	 	-	 	   Form of Compliance Certificate

	Exhibit C	 	-	 	   Form of Assignment Agreement

	Exhibit D	 	-	 	   Form of Promissory Note

	Exhibit E	 	-	 	   List of Closing Documents

	
	SCHEDULES
	
	Commitment Schedule
	Schedule 1	 	—	 	   Investments

	Schedule 2	 	—	 	   Indebtedness

	Schedule 3	 	—	 	   Liens

	Schedule 4	 	—	 	   Subsidiaries


  
 2. Promissory Notes
made by the Borrower in favor of the Lenders pursuant to the Credit Agreement. 
  










	 	B.	CORPORATE DOCUMENTS 

  
 3. Certificate of the Secretary or Assistant Secretary of the Borrower certifying (i) its Certificate of Incorporation (certified by the appropriate
governmental officer in its jurisdiction of incorporation and attached thereto) as in effect on the date of such certification; (ii) its By-Laws as in effect on the date of such certification, (iii) resolutions of its Board of Directors as in effect
on the date of such certification authorizing, among other things, the execution, delivery and performance of the Credit Agreement and each other agreement, document, and instrument delivered in connection therewith to which the Borrower is a party,
and (iv) the names and true signatures of the incumbent officers of the Borrower authorized to sign the documents to which it is a party and authorized to request advances under the Credit Agreement. 
  

	 	C.	OPINIONS 

  
 4. Opinion letter of counsel to the Borrower: Robert A. Simons, Esq., Assistant General Counsel. 
  

	 	D.	CLOSING CERTIFICATES AND LIEN SEARCH REPORTS 

  
 5. Officer’s Certificate of the Borrower certifying that (i) no “Default” or “Unmatured Default” has occurred and is continuing
under the Credit Agreement, (ii) the representations and warranties of the Borrower set forth in the Credit Agreement are true and correct, and (iii) that no “Material Adverse Change” under the Credit Agreement has occurred since December
31, 2002. 
  
 6. Compliance Certificate. 
  
 7. Tax and judgment lien searches naming the Borrower as debtor. 

 

 2 








 COMMITMENT SCHEDULE 
  

							
	 LENDER

	  	COMMITMENT

	  	PRO RATA SHARE

	 
	 LaSalle Bank National Association
	  	$	45,000,000	  	75	%
	 Bankers Trust Company, N.A.
	  	$	15,000,000	  	25	%
	 AGGREGATE COMMITMENT/ AGGREGATE PRO RATA SHARE
	  	$	60,000,000	  	100	%

  









 SCHEDULE 1 
  

INVESTMENTS 
  









 FFG Consolidated Assets 
 As of November 30, 2003 
  

											
	 Company

	  	 Cusip/Loan #

	  	 Issuer

	  	Par

	 	 	Stat BV

	 
	 FBL Financial
	  	09248U718	  	Blackrock Provident	  	1,655,082	 	 	1,655,082	 
	 FBL Financial
	  	02638JTP9	  	American General	  	2,500,000	 	 	2,500,000	 
	 FBL Financial
	  	1730EKN72	  	Citigroup	  	2,500,000	 	 	2,500,000	 
	 FBL Financial
	  	313588PY5	  	FNMA	  	5,000,000	 	 	5,000,000	 
	 FBL Financial
	  	313588QF5	  	FNMA	  	4,999,017	 	 	4,999,017	 
	 FBL Financial
	  	313588QR9	  	FNMA	  	2,498,818	 	 	2,498,818	 
	 FBL Financial
	  	313588RG2	  	FNMA	  	2,497,643	 	 	2,497,643	 
	 FBL Financial
	  	36965NFN1	  	General Electric	  	2,000,000	 	 	2,000,000	 
	 FBL Financial
	  	N/A	  	Deutsche Bank DDA	  	43,897	 	 	43,897	 
	 FBL Financial
	  	N/A	  	Bank of America DDA	  	(1,095,178	)	 	(1,095,178	)
	 FBL Financial
	  	N/A	  	Chase DDA	  	196,063	 	 	196,063	 
	 FBL RE Ventures
	  	N/A	  	Frank’s Nursery Land	  	534,000	 	 	534,000	 
	 FBL RE Ventures
	  	294938105	  	Equitrust Money Market	  	182,707	 	 	182,707	 
	 FBL RE Ventures
	  	736003	  	Valley Business Center	  	1,764,000	 	 	1,764,000	 
	 FBL RE Ventures
	  	736005	  	Chambers Dist Center	  	808,574	 	 	808,574	 
	 FBL RE Ventures
	  	736006	  	Windfern Dist	  	2,028,600	 	 	2,028,600	 
	 Renner
	  	N/A	  	Undeveloped Land	  	2,673,352	 	 	2,673,352	 
	 Renner
	  	N/A	  	Cash	  	327	 	 	327	 
	 Equitrust
	  	N/A	  	Cash	  	5,706,312	 	 	5,706,312	 
	 Equitrust
	  	N/A	  	Policy Loans	  	22,133,890	 	 	22,133,890	 
	 Equitrust
	  	00077B5S8	  	ABN AMRO MORTGAGE CORP	  	12,000,000	 	 	12,008,786	 
	 Equitrust
	  	000780MN3	  	ABN AMRO MORTGAGE CORP	  	16,689,252	 	 	16,394,155	 
	 Equitrust
	  	003669AC2	  	ABITIBI-CONSOLIDATED INC	  	3,000,000	 	 	2,978,527	 
	 Equitrust
	  	008686AA5	  	AHOLD LEASE USA INC	  	283,719	 	 	283,689	 
	 Equitrust
	  	00915XBY6	  	AIR PRODS	  	500,000	 	 	494,634	 
	 Equitrust
	  	009325AE1	  	AIRCRAFT CERTIFICATE OWNER	  	4,000,000	 	 	3,992,470	 
	 Equitrust
	  	01310QCQ6	  	ALBERTSONS INC	  	1,000,000	 	 	954,752	 
	 Equitrust
	  	020039DB6	  	ALLTEL CORP	  	1,050,000	 	 	1,046,329	 
	 Equitrust
	  	025818BU8	  	AMERICAN EXPRESS CR	  	441,000	 	 	447,558	 
	 Equitrust
	  	026609AE7	  	AMERICAN HOME PRODUCTS	  	1,000,000	 	 	1,014,464	 
	 Equitrust
	  	03015#AA1	  	AMERICAN TAX CR CORP	  	420,938	 	 	418,318	 
	 Equitrust
	  	032166AB6	  	AMSOUTH BANK NA	  	800,570	 	 	831,501	 
	 Equitrust
	  	03235MAA0	  	AMTRAK/PENN STATION	  	944,800	 	 	944,800	 
	 Equitrust
	  	038336A@2	  	APTARGROUP INC	  	1,000,000	 	 	944,049	 
	 Equitrust
	  	044540AH5	  	ASHLAND OIL CO	  	3,000,000	 	 	3,354,823	 
	 Equitrust
	  	053564AA8	  	AVENTURA MALL	  	1,000,000	 	 	989,260	 
	 Equitrust
	  	054303AD4	  	AVON PRODUCTS INC	  	1,000,000	 	 	995,905	 
	 Equitrust
	  	055392AB0	  	BFL FUNDING I LLC	  	4,820,102	 	 	4,820,102	 
	 Equitrust
	  	056559AK3	  	BADGER TOB ASSET SEC CORP Wl	  	1,000,000	 	 	976,775	 
	 Equitrust
	  	057723HJ0	  	BALD KNOB ARK SCH DIST # 001	  	3,805,000	 	 	3,565,742	 
	 Equitrust
	  	05946XDJ9	  	BANC OF AMERICA MORTGAGE SEC	  	17,000,000	 	 	16,180,797	 
	 Equitrust
	  	05948KEM7	  	BANC OF AMERICA ALTERNATIVE	  	16,000,000	 	 	15,054,291	 
	 Equitrust
	  	05948XRM5	  	BANK OF AMERICA MORTGAGE SEC	  	10,000,000	 	 	10,103,371	 
	 Equitrust
	  	05948XVS7	  	MASTR ALTERNATE LOAN TRUST	  	13,800,000	 	 	13,231,824	 
	 Equitrust
	  	06050HCY2	  	BANK OF AMERICA MORTGAGE SEC	  	5,581,488	 	 	5,529,039	 
	 Equitrust
	  	06050HNU8	  	BANK OF AMERICA MORTGAGE SEC	  	2,000,000	 	 	2,020,544	 
	 Equitrust
	  	06050HSU3	  	BANK OF AMERICA MORTGAGE SEC	  	3,839,003	 	 	3,822,582	 
	 Equitrust
	  	06050HWC8	  	BANK OF AMERICA MORTGAGE SEC	  	11,969,512	 	 	11,981,223	 
	 Equitrust
	  	06051GAC3	  	BANC OF AMERICA FUNDING CORP	  	5,792,480	 	 	5,791,357	 
	 Equitrust
	  	060716BR7	  	BANK OF BOSTON	  	1,000,000	 	 	1,000,883	 
	 Equitrust
	  	06422@AA3	  	BANK ONE WEST VA NA-TRUSTEE	  	469,932	 	 	479,977	 
	 Equitrust
	  	066050CH6	  	BANKAMERICA CORP	  	1,500,000	 	 	1,491,477	 
	 Equitrust
	  	079857AG3	  	BELLSOUTH CAP	  	1,000,000	 	 	1,046,829	 
	 Equitrust
	  	08172MDH6	  	BENEFICIAL CORP	  	1,000,000	 	 	1,003,710	 
	 Equitrust
	  	087858AA4	  	BEVERLY FIN CORP	  	1,500,000	 	 	1,516,458	 
	 Equitrust
	  	09248U$M3	  	BLACKROCK PROVIDENT T-FUND	  	19,811,200	 	 	19,811,200	 
	 Equitrust
	  	093662AA2	  	BLOCK FINANCIAL GROUP	  	1,000,000	 	 	998,275	 

  

 1 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	 Cusip/Loan #

	  	 Issuer

	  	Par

	  	Stat BV


	 Equitrust
	  	09658#AB8	  	BD OF TRADE CITY OF CHICAGO	  	571,429	  	555,434
	 Equitrust
	  	10112RAF1	  	BOSTON PROPERTIES LP	  	1,000,000	  	999,155
	 Equitrust
	  	102183AG5	  	BOWATER INC	  	5,000,000	  	5,540,334
	 Equitrust
	  	10462@AJ7	  	WC BRADLEY CO	  	1,000,000	  	954,634
	 Equitrust
	  	109043AB5	  	BRIGGS & STRATTON	  	1,000,000	  	1,009,464
	 Equitrust
	  	118230AB7	  	BUCKEYE PARTNERS	  	5,000,000	  	4,981,571
	 Equitrust
	  	12058*AG1	  	BUNGE NORTH AMERICA	  	727,273	  	717,649
	 Equitrust
	  	121899DH8	  	BURLINGTON NORTHERN SANTA FE	  	710,399	  	687,832
	 Equitrust
	  	122014AE3	  	BURLINGTON RESOURCES INC	  	5,000,000	  	5,701,803
	 Equitrust
	  	125509BA6	  	CIGNA CORPORATION	  	1,000,000	  	1,024,449
	 Equitrust
	  	125567AA5	  	TYCO CAPITAL CORP	  	4,076,158	  	4,149,666
	 Equitrust
	  	12613YAB5	  	CNL FUNDING	  	6,000,000	  	6,693,684
	 Equitrust
	  	12626#AC9	  	CRH AMERICA INC	  	1,000,000	  	999,946
	 Equitrust
	  	126342FM1	  	CSFBMSC PREFERRED MTG ABC	  	119,973	  	119,724
	 Equitrust
	  	126650AF7	  	CVS CORP	  	5,609,156	  	5,653,483
	 Equitrust
	  	12669C3D0	  	COUNTRYWIDE FUNDING	  	9,000,000	  	9,027,144
	 Equitrust
	  	12669CG95	  	COUNTRYWIDE FUNDING	  	17,000,000	  	16,879,996
	 Equitrust
	  	12669CJD3	  	COUNTRYWIDE FUNDING	  	2,625,084	  	2,602,445
	 Equitrust
	  	12669CR69	  	COUNTRYWIDE FUNDING	  	3,000,000	  	3,133,755
	 Equitrust
	  	12669CWQ9	  	COUNTRYWIDE FUNDING	  	12,264,513	  	12,206,350
	 Equitrust
	  	12669CXP0	  	COUNTRYWIDE FUNDING	  	11,608,000	  	11,509,368
	 Equitrust
	  	12669CZW3	  	COUNTRYWIDE FUNDING	  	14,400,000	  	14,241,187
	 Equitrust
	  	12669D2M9	  	COUNTRYWIDE HOME LOANS	  	16,000,000	  	16,071,688
	 Equitrust
	  	12669DAF5	  	COUNTRYWIDE HOME LOANS	  	3,000,000	  	2,994,717
	 Equitrust
	  	12669DBG2	  	COUNTRYWIDE HOME LOANS	  	16,309,202	  	16,352,719
	 Equitrust
	  	12669DSS8	  	COUNTRYWIDE HOME LOANS	  	12,000,000	  	12,052,544
	 Equitrust
	  	12669E7K6	  	CITICORP MORTGAGE SECURITIES	  	15,000,000	  	14,355,623
	 Equitrust
	  	12669EC46	  	COUNTRYWIDE FUNDING	  	6,400,000	  	6,421,314
	 Equitrust
	  	12669EET9	  	COUNTRYWIDE FUNDING	  	3,000,000	  	2,972,718
	 Equitrust
	  	12669ELK0	  	COUNTRYWIDE FUNDING	  	10,000,000	  	9,962,536
	 Equitrust
	  	12669EME3	  	COUNTRYWIDE FUNDING	  	10,278,170	  	10,090,324
	 Equitrust
	  	12669ESA5	  	COUNTRYWIDE FUNDING	  	8,533,700	  	8,533,700
	 Equitrust
	  	12669EZN9	  	COUNTRYWIDE FUNDING	  	10,000,000	  	9,970,044
	 Equitrust
	  	12669FHP1	  	COUNTRYWIDE HOME LOANS	  	16,036,000	  	15,189,365
	 Equitrust
	  	12707PAA3	  	CABOT CORP	  	5,000,000	  	4,971,489
	 Equitrust
	  	134011AA3	  	CAMP PENDLETON QUANTICO	  	5,000,000	  	5,000,000
	 Equitrust
	  	137902B#8	  	CANFOR CORPORATION	  	500,000	  	499,740
	 Equitrust
	  	140281AE6	  	CAPITAL LEASE FUNDING	  	5,528,585	  	5,744,778
	 Equitrust
	  	14149#AA7	  	CARDINAL GLASS INDUSTRIES	  	600,000	  	597,638
	 Equitrust
	  	14149YAA6	  	CARDINAL HEALTH INC.	  	1,000,000	  	1,001,112
	 Equitrust
	  	14178#AE3	  	CARGILL INC	  	753,011	  	773,165
	 Equitrust
	  	141784AU2	  	CARGILL INC	  	1,000,000	  	1,001,605
	 Equitrust
	  	144141CF3	  	CAROLINA POWER & LIGHT	  	1,500,000	  	1,499,424
	 Equitrust
	  	144195AJ3	  	CAROLINA TELEPHONE & TELEGRAPH	  	938,000	  	942,763
	 Equitrust
	  	14428TBG5	  	CARPENTER TECHNOLOGY	  	1,000,000	  	883,894
	 Equitrust
	  	146230AD9	  	CARTER HOLT HARVEY LTD	  	5,240,000	  	5,424,508
	 Equitrust
	  	158525AP0	  	CHAMPION INTERNATIONAL	  	500,000	  	499,918
	 Equitrust
	  	17273KA*0	  	CIRCOR INTL INC	  	600,000	  	605,817
	 Equitrust
	  	1729537Z8	  	CITICORP MORTGAGE SECURITIES	  	422,759	  	420,323
	 Equitrust
	  	172973KK4	  	CITICORP MORTGAGE SECURITIES	  	13,000,000	  	13,013,078
	 Equitrust
	  	172973RS0	  	CITICORP MORTGAGE SECURITIES	  	15,000,000	  	14,807,703
	 Equitrust
	  	172973SP5	  	CITICORP MORTGAGE SECURITIES	  	9,929,000	  	9,546,417
	 Equitrust
	  	173034GU7	  	CITICORP	  	1,000,000	  	1,019,980
	 Equitrust
	  	178777A*9	  	CITYPLACE HOLDING CORP	  	576,837	  	586,036
	 Equitrust
	  	186108BK1	  	CLEVELAND ELECTRIC ILLUM	  	1,500,000	  	1,559,136
	 Equitrust
	  	195869AB8	  	COLONIAL PIPELINE	  	1,000,000	  	1,005,972
	 Equitrust
	  	19623@AF2	  	COLONNADE REALTY	  	627,532	  	628,944

  

 2 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	 Cusip/Loan #

	  	 Issuer

	  	Par

	  	Stat BV


	 Equitrust
	  	20034@AA4	  	 SCOMMERCIA LEASING CORP
	  	373,836	  	375,083
	 Equitrust
	  	201736AA3	  	 COMMERCIAL MORT LEASE BACK CER
	  	919,754	  	928,672
	 Equitrust
	  	201736AH8	  	 COMMERCIAL MORT LEASE BACK CER
	  	1,500,000	  	1,618,107
	 Equitrust
	  	202218AF0	  	 COMMERCIAL NET LEASE
	  	3,000,000	  	2,987,137
	 Equitrust
	  	203902AE1	  	 COMMUNITY FIRST BANKSHARES INC
	  	500,000	  	502,541
	 Equitrust
	  	20763#AL5	  	 CONN NATL BANK
	  	559,882	  	582,135
	 Equitrust
	  	20763#FC0	  	 CONN NATL BANK
	  	357,776	  	357,342
	 Equitrust
	  	20763#FU0	  	 CONN NATL BANK
	  	330,247	  	318,696
	 Equitrust
	  	209759C@6	  	 CONSOLIDATED PAPERS INC
	  	1,000,000	  	949,387
	 Equitrust
	  	209937AB7	  	 CONSOLIDATED RAIL CORP
	  	445,761	  	437,708
	 Equitrust
	  	210805BY2	  	 CONTINENTAL AIRLINES
	  	650,459	  	649,576
	 Equitrust
	  	210805CQ8	  	 CONTINENTAL AIRLINES
	  	260,388	  	260,388
	 Equitrust
	  	210805CZ8	  	 CONTINENTAL AIRLINES
	  	1,000,000	  	1,053,846
	 Equitrust
	  	224044AM9	  	 COX COMMUNICATIONS
	  	1,000,000	  	975,378
	 Equitrust
	  	22540V2V3	  	 CREDIT SUISSE FIRST BOSTON
	  	13,000,000	  	13,000,000
	 Equitrust
	  	22540V6G2	  	 CREDIT SUISSE FIRST BOSTON
	  	10,000,000	  	10,000,000
	 Equitrust
	  	22540VH54	  	 CREDIT SUISSE FIRST BOSTON
	  	15,000,000	  	15,000,000
	 Equitrust
	  	22540VQ21	  	 CREDIT SUISSE FIRST BOSTON
	  	11,000,000	  	11,000,000
	 Equitrust
	  	22540VVM1	  	 CREDIT SUISSE FIRST BOSTON
	  	10,000,000	  	10,007,972
	 Equitrust
	  	22540VY48	  	 CREDIT SUISSE FIRST BOSTON
	  	8,187,295	  	8,110,975
	 Equitrust
	  	22540WER7	  	 CREDIT SUISSE FIRST BOSTON
	  	967,674	  	974,650
	 Equitrust
	  	22541N5Q8	  	 CREDIT SUISSE FIRST BOSTON
	  	10,000,000	  	9,721,084
	 Equitrust
	  	22541NBK4	  	 CREDIT SUISSE FIRST BOSTON
	  	5,000,000	  	5,000,000
	 Equitrust
	  	22541NJV2	  	 CREDIT SUISSE FIRST BOSTON
	  	7,543,616	  	7,506,179
	 Equitrust
	  	22541NLE7	  	 CREDIT SUISSE FIRST BOSTON
	  	7,443,000	  	7,443,000
	 Equitrust
	  	22541QF56	  	 CREDIT SUISSE FIRST BOSTON
	  	6,000,000	  	5,715,351
	 Equitrust
	  	22541QPM8	  	 CREDIT SUISSE FIRST BOSTON
	  	17,876,277	  	17,712,388
	 Equitrust
	  	22541QPX4	  	 CREDIT SUISSE FIRST BOSTON
	  	18,350,000	  	17,323,624
	 Equitrust
	  	22541QVW9	  	 CREDIT SUISSE FIRST BOSTON
	  	11,000,000	  	10,805,496
	 Equitrust
	  	22541QWS7	  	 CREDIT SUISSE FIRST BOSTON
	  	15,760,000	  	15,506,222
	 Equitrust
	  	2254W0FR1	  	 CREDIT SUISSE FIRST BOSTON
	  	12,000,000	  	12,009,972
	 Equitrust
	  	239753CY0	  	 DAYTON HUDSON CO
	  	1,000,000	  	1,032,747
	 Equitrust
	  	244098AA7	  	 DEER PARK REFINING
	  	574,770	  	562,631
	 Equitrust
	  	244199AY1	  	 DEERE & CO
	  	1,000,000	  	1,044,507
	 Equitrust
	  	247367AN5	  	 DELTA AIR LINES
	  	1,413,989	  	1,461,562
	 Equitrust
	  	251510AV5	  	 DEUTSCHE ALT-A SECURITIES INC
	  	11,000,000	  	10,913,582
	 Equitrust
	  	25156PAB9	  	 DEUTSCHE TEL FIN
	  	2,000,000	  	2,021,063
	 Equitrust
	  	25532LAM9	  	 DIVERSIFIED REIT TRUST
	  	2,000,000	  	2,011,836
	 Equitrust
	  	268766BE1	  	 EOP OPERATING LP
	  	1,000,000	  	1,000,046
	 Equitrust
	  	26882PAQ5	  	 ERAC USA FINANCE COMPANY
	  	800,000	  	799,060
	 Equitrust
	  	277826AC7	  	 EASTVIEW CREDIT CORP
	  	1,000,000	  	1,002,052
	 Equitrust
	  	280905AC4	  	 EDPERBRASCAN
	  	300,000	  	299,997
	 Equitrust
	  	291701BT6	  	 EMPIRE HOME LOAN OWNER TRUST
	  	151,758	  	152,193
	 Equitrust
	  	291701CD0	  	 EMPIRE HOME LOAN OWNER TRUST
	  	294,192	  	293,748
	 Equitrust
	  	291701DB3	  	 EMPIRE HOME LOAN OWNER TRUST
	  	234,172	  	233,358
	 Equitrust
	  	29250RAD8	  	 ENBRIDGE ENERGY PARTNERS
	  	3,000,000	  	2,994,934
	 Equitrust
	  	29292*AC0	  	 ENERGYNORTH NATURAL GAS INC
	  	201,667	  	205,083
	 Equitrust
	  	293489AA8	  	 ENOGEX CORP
	  	1,000,000	  	1,030,549
	 Equitrust
	  	29364DAF7	  	 ENTERGY ARKANSAS
	  	5,000,000	  	5,002,144
	 Equitrust
	  	29364LAK8	  	 ENTERGY GULF STATES
	  	5,000,000	  	4,975,122
	 Equitrust
	  	29452PAG1	  	 THE EQUITABLE LIFE ASSURANCE
	  	500,000	  	503,830
	 Equitrust
	  	29921FAA9	  	 EVANS WITHYCOMBE
	  	1,000,000	  	1,003,511
	 Equitrust
	  	299920439	  	 EVERGREEN INST TREAS MMKT-IV
	  	25,031	  	25,031
	 Equitrust
	  	30217VAC1	  	 EXPRESS PIPELINE
	  	1,447,800	  	1,356,795
	 Equitrust
	  	302567AA0	  	 FPL ENERGY AMERICAN WIND
	  	1,500,000	  	1,500,000
	 Equitrust
	  	302568AA8	  	 FPL ENERGY CAITHNESS FUNDING
	  	437,067	  	437,067
	 Equitrust
	  	302668AK4	  	 FURST HOME EQUITY LOAN TRUST
	  	445,528	  	446,169

  

 3 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	 Cusip/Loan #

	  	 Issuer

	  	Par

	  	Stat BV


	 Equitrust
	  	30273@AA3	  	 FPL ENERGY
	  	5,000,000	  	5,000,000
	 Equitrust
	  	303895AA4	  	 FAIRFAX FUNDING TRUST
	  	2,000,000	  	1,995,511
	 Equitrust
	  	305915AC4	  	 FALCONBRIDGE LTD
	  	1,000,000	  	998,875
	 Equitrust
	  	305915AD2	  	 FALCONBRIDGE LTD
	  	4,000,000	  	3,803,293
	 Equitrust
	  	30604VAB4	  	 FALCON FRANCHISE LOAN TR
	  	1,000,000	  	1,023,598
	 Equitrust
	  	31280GVH0	  	 FED HOME LOAN MTG CORP
	  	90,630	  	90,751
	 Equitrust
	  	3128GGT29	  	 FED HOME LOAN MTG CORP
	  	130,469	  	131,789
	 Equitrust
	  	3128X0CW7	  	 FEDERAL HOME LOAN MTG CORP
	  	200,000,000	  	26,244,608
	 Equitrust
	  	3128X0YK9	  	 FEDERAL HOME LOAN MTG CORP
	  	315,000,000	  	42,319,561
	 Equitrust
	  	3128X1HA8	  	 FEDERAL HOME LOAN MTG CORP
	  	136,120,000	  	23,382,529
	 Equitrust
	  	3128X1HD2	  	 FEDERAL HOME LOAN MTG CORP
	  	125,000,000	  	21,472,349
	 Equitrust
	  	312907ER5	  	 FED HOME LOAN MTG CORP
	  	163,655	  	164,777
	 Equitrust
	  	312909KB9	  	 FED HOME LOAN MTG CORP
	  	687,702	  	694,317
	 Equitrust
	  	312911ER7	  	 FED HOME LOAN MTG CORP
	  	253,067	  	250,497
	 Equitrust
	  	312915KD2	  	 FED HOME LOAN MTG CORP
	  	354,522	  	358,250
	 Equitrust
	  	312915P54	  	 FED HOME LOAN MTG CORP
	  	372,115	  	372,865
	 Equitrust
	  	31294JSP4	  	 FED HOME LOAN MTG CORP
	  	180,397	  	177,876
	 Equitrust
	  	31331FAA9	  	 FEDERAL EXPRESS
	  	329,489	  	337,145
	 Equitrust
	  	31331FAC5	  	 FEDERAL EXPRESS
	  	289,688	  	287,797
	 Equitrust
	  	31335HB77	  	 FED HOME LOAN MTG CORP
	  	102,622	  	103,748
	 Equitrust
	  	3133M4JQ7	  	 FEDERAL HOME LOAN BANK
	  	110,000,000	  	21,691,205
	 Equitrust
	  	3133MYD95	  	 FEDERAL HOME LOAN BANK
	  	225,000,000	  	31,487,113
	 Equitrust
	  	3133T23F5	  	 FED HOME LOAN MTG CORP
	  	629,776	  	630,550
	 Equitrust
	  	3133TAZY1	  	 FED HOME LOAN MTG CORP
	  	573,917	  	582,106
	 Equitrust
	  	3133THV79	  	 FED HOME LOAN MTG CORP
	  	6,550,000	  	6,527,744
	 Equitrust
	  	3133X1FY8	  	 FED HOME LOAN BANK
	  	25,000,000	  	25,000,000
	 Equitrust
	  	3133X2DJ1	  	 FEDERAL HOME LOAN BANK
	  	16,000,000	  	16,000,000
	 Equitrust
	  	3134A2QP6	  	 FEDERAL HOME LOAN MTG CORP
	  	200,000,000	  	39,479,923
	 Equitrust
	  	31358JG96	  	 FEDERAL NATIONAL MTG ASSN
	  	168,618	  	169,916
	 Equitrust
	  	31358NJM5	  	 FEDERAL NATIONAL MTG ASSN
	  	312,586	  	315,273
	 Equitrust
	  	31358QJF3	  	 FEDERAL NATIONAL MTG ASSN
	  	65,073	  	65,004
	 Equitrust
	  	31358UCJ3	  	 FEDERAL NATIONAL MTG ASSN
	  	370,816	  	371,504
	 Equitrust
	  	31359BYH4	  	 FEDERAL NATIONAL MTG ASSN
	  	432,428	  	430,397
	 Equitrust
	  	31359GFW1	  	 FEDERAL NATIONAL MTG ASSN
	  	939,703	  	938,845
	 Equitrust
	  	31359UZQ1	  	 FEDERAL NATIONAL MTG ASSN
	  	932,586	  	904,800
	 Equitrust
	  	31374SCW9	  	 FEDERAL NATIONAL MTG ASSN
	  	163,489	  	161,918
	 Equitrust
	  	31374WTP7	  	 FEDERAL NATIONAL MTG ASSN
	  	32,562	  	32,249
	 Equitrust
	  	31385D4U2	  	 FEDERAL NATIONAL MTG ASSN
	  	122,380	  	124,477
	 Equitrust
	  	31392JLN7	  	 FEDERAL NATL MTG ASSN
	  	20,000,000	  	19,840,918
	 Equitrust
	  	31393BD69	  	 FEDERAL NATIONAL MTG ASSN
	  	10,000,000	  	9,892,174
	 Equitrust
	  	31393CPX5	  	 FEDERAL NATIONAL MTG ASSN
	  	15,000,000	  	14,809,963
	 Equitrust
	  	31393PUP7	  	 FED HOME LOAN MTG CORP
	  	16,261,000	  	16,250,089
	 Equitrust
	  	31393PXJ8	  	 FED HOME LOAN MTG CORP
	  	2,000,000	  	1,997,279
	 Equitrust
	  	31393QWG3	  	 FED HOME LOAN MTG CORP
	  	508,820	  	505,190
	 Equitrust
	  	31394JV20	  	 FED HOME LOAN MTG CORP
	  	11,633,103	  	11,521,233
	 Equitrust
	  	315405AJ9	  	 FERRO CORP
	  	800,000	  	792,058
	 Equitrust
	  	32040#AB7	  	 FIRST FIDELITY BANK NA NJ
	  	730,558	  	722,960
	 Equitrust
	  	32051DR61	  	 FIRST HORIZON ASSET SECURITIES
	  	15,000,000	  	14,313,588
	 Equitrust
	  	33735@AB7	  	 FIRST UNION DEVELOPMENT CORP
	  	1,000,000	  	1,000,000
	 Equitrust
	  	340736W37	  	 FLORIDA HOUSING FIN AGY
	  	485,000	  	489,198
	 Equitrust
	  	345397GV9	  	 FORD MOTOR CREDIT COMPANY
	  	500,000	  	499,919
	 Equitrust
	  	359694C#1	  	 FULLER HB CO
	  	1,000,000	  	955,223
	 Equitrust
	  	361268A@4	  	 G & K SERVICES INC
	  	1,000,000	  	1,022,257
	 Equitrust
	  	361849JV5	  	 GMAC COMMERCIAL MORT SEC
	  	364,975	  	364,495
	 Equitrust
	  	36185NTR1	  	 GMAC MTG CORP LOAN TRUST
	  	8,925,694	  	8,892,955
	 Equitrust
	  	36185NWZ9	  	 GMAC MTG CORP LOAN TRUST
	  	10,389,824	  	10,155,834
	 Equitrust
	  	36185NZX1	  	 GMAC MTG CORP LOAN TRUST
	  	15,000,000	  	14,250,181

  

 4 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	 Cusip/Loan #

	  	 Issuer

	  	Par

	  	Stat BV


	 Equitrust
	  	36202C4Q3	  	GOVT NATL MTG ASSN	  	135,722	  	137,776
	 Equitrust
	  	36202C5T6	  	GOVT NATL MTG ASSN	  	188,897	  	188,696
	 Equitrust
	  	36202DAA9	  	GOVT NATL MTG ASSN	  	3,591,624	  	3,604,748
	 Equitrust
	  	36202DLF6	  	GOVT NATL MTG ASSN	  	244,030	  	244,775
	 Equitrust
	  	36202DLV1	  	GOVT NATL MTG ASSN	  	1,510,212	  	1,528,242
	 Equitrust
	  	36202DT50	  	GOVT NATL MTG ASSN	  	174,252	  	171,535
	 Equitrust
	  	36202DVM0	  	GOVT NATL MTG ASSN	  	3,934,758	  	3,936,968
	 Equitrust
	  	36202DX89	  	GOVT NATL MTG ASSN	  	427,914	  	421,242
	 Equitrust
	  	36202DXT3	  	GOVT NATL MTG ASSN	  	1,025,317	  	1,009,330
	 Equitrust
	  	36202DY21	  	GOVT NATL MTG ASSN	  	24,038,008	  	23,663,199
	 Equitrust
	  	36202DZY0	  	GOVT NATL MTG ASSN	  	1,187,888	  	1,169,366
	 Equitrust
	  	36203D$20	  	GOVT NATL MTG ASSN	  	23,000,000	  	23,060,653
	 Equitrust
	  	36207KDT4	  	GOVT NATL MTG ASSN	  	220,487	  	220,722
	 Equitrust
	  	36208VXY6	  	GOVT NATL MTG ASSN	  	266,985	  	267,266
	 Equitrust
	  	36210PWK6	  	GOVT NATL MTG ASSN	  	859,786	  	853,129
	 Equitrust
	  	36225BEG9	  	GOVT NATL MTG ASSN	  	289,287	  	284,641
	 Equitrust
	  	36234*AB8	  	GTE CORP NORTHWEST INC	  	270,000	  	287,747
	 Equitrust
	  	36866UAC4	  	GEMSTONE INVESTOR LTD	  	1,000,000	  	1,000,000
	 Equitrust
	  	368774AA3	  	GENERAL AMERICAN TRANSPORT CO	  	364,019	  	360,366
	 Equitrust
	  	3704248B2	  	GENERAL MOTORS ACCEPTANCE CORP	  	500,000	  	497,404
	 Equitrust
	  	37311*AA4	  	GEORGIA ALLTEL TELECOM INC	  	245,500	  	249,620
	 Equitrust
	  	375766AD4	  	GILLETTE COMPANY	  	500,000	  	497,133
	 Equitrust
	  	378294BR2	  	GLENDALE AZ MUN PPTY CORP	  	5,000,000	  	5,000,000
	 Equitrust
	  	38142EAR9	  	GOLDMAN SACHS GROUP LP	  	1,000,000	  	1,005,348
	 Equitrust
	  	38142ECC0	  	GOLDMAN SACHS GROUP LP	  	500,000	  	507,925
	 Equitrust
	  	38214*CE0	  	GOOD WILL CO (MEIJER)	  	132,484	  	136,436
	 Equitrust
	  	382388AK2	  	BF GOODRICH	  	500,000	  	486,857
	 Equitrust
	  	38373S2Y2	  	GOVT NATL MTG ASSN	  	2,264,738	  	2,256,919
	 Equitrust
	  	38373SWS2	  	GOVT NATL MTG ASSN	  	16,045,000	  	16,040,343
	 Equitrust
	  	38373YTP9	  	GOVT NATL MORT ASSN	  	9,639,842	  	9,727,173
	 Equitrust
	  	38374B4M2	  	GOVT NATL MTG ASSN	  	10,000,000	  	9,187,577
	 Equitrust
	  	38374CQ53	  	GOVT NATL MTG ASSN	  	1,000,000	  	995,019
	 Equitrust
	  	3837H0NR0	  	GOVT NATL MTG ASSN	  	1,000,000	  	981,621
	 Equitrust
	  	39063@AC4	  	GREAT LAKES GAS TRANSMISSION	  	400,000	  	414,700
	 Equitrust
	  	39072KAE6	  	GREAT LAKES POWER	  	300,000	  	299,234
	 Equitrust
	  	403660AA1	  	GWF ENERGY LLC	  	5,000,000	  	5,000,000
	 Equitrust
	  	40426WAP6	  	HRPT PROPERTIES	  	1,750,000	  	1,741,307
	 Equitrust
	  	41051PAD8	  	HANNA CO	  	1,000,000	  	997,700
	 Equitrust
	  	41168*AA0	  	HARDEE POWER PARTNERS LTD	  	628,166	  	620,465
	 Equitrust
	  	421915AD1	  	HEALTH CARE PROPERTY INVEST	  	1,000,000	  	972,976
	 Equitrust
	  	42210*BF4	  	H.E. BUTT GROCERY COMPANY	  	2,000,000	  	2,039,489
	 Equitrust
	  	428040AY5	  	HERTZ CORP	  	1,000,000	  	993,463
	 Equitrust
	  	438506AH0	  	HONEYWELL INC	  	500,000	  	527,431
	 Equitrust
	  	438506AP2	  	HONEYWELL INC	  	500,000	  	515,014
	 Equitrust
	  	438506AR8	  	HONEYWELL INC	  	500,000	  	511,389
	 Equitrust
	  	441812FT6	  	HOUSEHOLD FINANCE CO	  	1,000,000	  	1,018,182
	 Equitrust
	  	44182DJT7	  	HOUSING SECURITIES INC	  	54,458	  	54,448
	 Equitrust
	  	44881HEY6	  	HYDRO-QUEBEC	  	1,000,000	  	1,012,762
	 Equitrust
	  	44923NAA9	  	IBP FINANCE CO	  	1,000,000	  	986,472
	 Equitrust
	  	44943QAB6	  	IDS FINANCIAL CORP	  	1,750,000	  	1,752,022
	 Equitrust
	  	449909AJ9	  	ICI WILMINGTON	  	1,000,000	  	990,710
	 Equitrust
	  	45138LAJ2	  	IDAHO POWER CO	  	2,000,000	  	1,943,471
	 Equitrust
	  	452143DN7	  	ILLINOIS SPORTS FACS AUTH	  	3,000,000	  	3,000,000
	 Equitrust
	  	45254SAE6	  	IMPAC	  	194,838	  	196,621
	 Equitrust
	  	45254TKX1	  	IMPAC SECURED ASSETS CORP	  	15,000,000	  	14,989,041
	 Equitrust
	  	45254TLX0	  	IMPAC SECURED ASSETS CORP	  	12,250,000	  	12,231,845
	 Equitrust
	  	453258AP0	  	INCO LTD	  	2,000,000	  	1,991,094

  

 5 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	 Cusip/Loan #

	  	 Issuer

	  	Par

	  	Stat BV


	 Equitrust
	  	455434AX8	  	INDIANAPOLIS POWER & LIGHT CO	  	1,000,000	  	1,032,611
	 Equitrust
	  	455665AJ8	  	INDIANTOWN COGENERATION	  	1,581,301	  	1,603,028
	 Equitrust
	  	45660NBV6	  	RESIDENTIAL FUNDING CORP	  	15,000,000	  	14,956,449
	 Equitrust
	  	45660NDA0	  	RESIDENTIAL FUNDING CORP	  	10,000,000	  	10,048,899
	 Equitrust
	  	45660NGF6	  	RESIDENTIAL FUNDING CORP	  	6,703,000	  	6,696,223
	 Equitrust
	  	45660NUF0	  	RESIDENTIAL FUNDING CORP	  	10,000,000	  	8,924,170
	 Equitrust
	  	460146AS2	  	INTERNATIONAL PAPER COMPANY	  	3,000,000	  	3,069,113
	 Equitrust
	  	462416AM0	  	IOWA ELEC LIGHT & POWER	  	1,000,000	  	964,045
	 Equitrust
	  	46246LKT6	  	IOWA FIN AUTH SNGL FMLY	  	395,000	  	395,000
	 Equitrust
	  	462622B@9	  	IPSCO INC	  	642,857	  	630,658
	 Equitrust
	  	46626AAA2	  	JP MORGAN H&Q	  	965,708	  	965,708
	 Equitrust
	  	477122AR6	  	JET EQUIPMENT TRUST	  	389,514	  	97,379
	 Equitrust
	  	484168AA7	  	KANEB PIPE LINE	  	2,000,000	  	2,000,000
	 Equitrust
	  	491674AR8	  	KENTUCKY UTILITIES	  	500,000	  	513,249
	 Equitrust
	  	493918CU8	  	KIDDER PEABODY ACCEPTNC CORP I	  	110,995	  	109,903
	 Equitrust
	  	494550AA4	  	KINDER MORGAN ENERGY PARTNERS	  	1,000,000	  	965,383
	 Equitrust
	  	50181QAA6	  	LCOR ALEXANDRIA LLC	  	1,000,000	  	997,610
	 Equitrust
	  	501900AC8	  	LS POWER FUNDING	  	876,200	  	863,593
	 Equitrust
	  	503687LN3	  	LA MIRADA CA REDEV AGY	  	3,000,000	  	3,002,877
	 Equitrust
	  	505862AD4	  	LAFARGE CORP	  	900,000	  	854,504
	 Equitrust
	  	512533AB6	  	LAKEWOOD MALL FINANCE CO	  	750,000	  	752,540
	 Equitrust
	  	512533AC4	  	LAKEWOOD MALL FINANCE CO	  	250,000	  	250,956
	 Equitrust
	  	525177AU5	  	LEHMAN FHA TITLE I LOAN TRUST	  	91,258	  	93,037
	 Equitrust
	  	526026AA7	  	LEND LEASE (U.S.) FINANCE	  	500,000	  	500,000
	 Equitrust
	  	532491AC1	  	LILLY INDUSTRIES INC	  	1,000,000	  	1,013,989
	 Equitrust
	  	539830AJ8	  	LOCKHEED MARTIN CORP	  	1,000,000	  	1,032,998
	 Equitrust
	  	54013*AA0	  	LOCOMOTIVE MGMT SVCS	  	264,706	  	275,800
	 Equitrust
	  	552078AV9	  	LYONDELL CHEMICAL CO	  	1,000,000	  	1,000,000
	 Equitrust
	  	55265KEU9	  	MASTR ASSET SECURITIZATION TR	  	9,335,701	  	9,307,116
	 Equitrust
	  	55265KJB6	  	MASTR ASSET SECURITIZATION TR	  	2,265,418	  	2,252,403
	 Equitrust
	  	55265KMQ9	  	MASTR ASSET SECURITIZATION TR	  	6,336,071	  	6,323,917
	 Equitrust
	  	55265KNZ8	  	MASTR ASSET SECURITIZATION TR	  	7,000,000	  	7,007,036
	 Equitrust
	  	55265KSM2	  	MASTR ASSET SECURITIZATION TR	  	3,000,000	  	2,981,940
	 Equitrust
	  	55265KT82	  	MASTR ASSET SECURITIZATION TR	  	4,000,000	  	3,850,419
	 Equitrust
	  	55265KT90	  	MASTR ASSET SECURITIZATION TR	  	6,415,000	  	6,096,670
	 Equitrust
	  	55265KTR0	  	MASTR ASSET SECURITIZATION TR	  	3,707,000	  	3,646,394
	 Equitrust
	  	55265KZE2	  	MASTR ASSET SECURITIZATION TR	  	11,265,293	  	11,258,331
	 Equitrust
	  	564759MJ4	  	MANUFACTURER & TRADERS BANK	  	1,000,000	  	1,035,143
	 Equitrust
	  	569794AA8	  	MARION MERREL DOW	  	143,510	  	146,685
	 Equitrust
	  	574599AN6	  	MASCO CORP	  	500,000	  	479,306
	 Equitrust
	  	57636@AA8	  	MASTERCARD INTERNATIONAL INC	  	1,000,000	  	956,894
	 Equitrust
	  	576434AD6	  	MASTR ALTERNATE LOAN TRUST	  	10,827,000	  	10,763,196
	 Equitrust
	  	576434BQ6	  	MASTR ALTERNATE LOAN TRUST	  	12,000,000	  	11,953,438
	 Equitrust
	  	576434DZ4	  	MASTR ALTERNATE LOAN TRUST	  	10,690,000	  	.10,680,876
	 Equitrust
	  	576434GH1	  	MASTR ALTERNATE LOAN TRUST	  	14,729,000	  	14,264,756
	 Equitrust
	  	576434HA5	  	MASTR ALTERNATE LOAN TRUST	  	14,522,195	  	14,442,966
	 Equitrust
	  	58017QAG6	  	BOEING CAPITAL SVCS CORP	  	500,000	  	509,414
	 Equitrust
	  	581557AT2	  	MCKESSON CORP	  	1,000,000	  	940,742
	 Equitrust
	  	58528#BV8	  	MEIJER INC	  	146,619	  	144,044
	 Equitrust
	  	58528#BW6	  	MEIJER INC	  	143,466	  	140,946
	 Equitrust
	  	585907AL2	  	MELLON BANK	  	1,000,000	  	1,038,614
	 Equitrust
	  	589497AA4	  	MEREY SWEENY L.P.	  	500,000	  	509,789
	 Equitrust
	  	58983*DY2	  	MERIDIAN TRUST CO-POLARIS	  	689,672	  	714,633
	 Equitrust
	  	589929LA4	  	MERRILL LYNCH MORTGAGE INVESTR	  	1,000,000	  	1,008,067
	 Equitrust
	  	589929ME5	  	MERRILL LYNCH MORTGAGE INVESTR	  	399,794	  	404,531
	 Equitrust
	  	590188EZ7	  	MERRILL LYNCH	  	1,000,000	  	977,865
	 Equitrust
	  	592646HU0	  	METROPOLITAN WASHINGTON DC	  	3,130,000	  	3,130,000

  

 6 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	  	 Issuer

	  	Par

	  	Stat BV


	 Equitrust
	  	59446AAF2	  	MICHIGAN CONSOLIDATED GAS CO	  	500,000	  	505,729
	 Equitrust
	  	59469C3G6	  	MICHIGAN STRATEGIC FUND	  	6,965,000	  	6,965,000
	 Equitrust
	  	59549WAA1	  	MID-STATE TRUST XI	  	1,418,274	  	1,418,232
	 Equitrust
	  	59549WAB9	  	MID-STATE TRUST	  	3,782,062	  	3,781,982
	 Equitrust
	  	59562HAJ7	  	MIDAMERICAN FUNDING LLC	  	4,000,000	  	4,726,822
	 Equitrust
	  	596680B#4	  	MIDDLESEX WATER CO	  	1,000,000	  	940,349
	 Equitrust
	  	617446AZ2	  	MORGAN STANLEY DEAN WITTER	  	1,500,000	  	1,513,544
	 Equitrust
	  	61745MJE4	  	MORGAN STANLEY CAPITAL I	  	665,872	  	662,596
	 Equitrust
	  	61910DBW1	  	MORTGAGE CAPITAL FUNDING INC	  	1,388,440	  	1,449,085
	 Equitrust
	  	62621DAA8	  	MUNICIPAL CORRECTIONS FINANCE	  	1,390,578	  	1,390,578
	 Equitrust
	  	637432CU7	  	NATIONAL RURAL UTILITIES	  	2,000,000	  	1,993,030
	 Equitrust
	  	63861QAT5	  	NATIONWIDE HEALTH PROPERTIES	  	1,500,000	  	1,422,722
	 Equitrust
	  	64038#AB4	  	NELSON INDUSTRIAL STEAM CO	  	500,000	  	506,095
	 Equitrust
	  	64127*AC8	  	NEVADA BELL	  	600,000	  	601,692
	 Equitrust
	  	64408#AB6	  	NEW ENGLAND HYDRO FIN CO	  	240,000	  	244,871
	 Equitrust
	  	645916TV9	  	NEW JERSEY ECONOMIC DEV AUTH	  	5,000,000	  	5,031,944
	 Equitrust
	  	65333NAB6	  	NEXFOR INC	  	3,000,000	  	2,996,408
	 Equitrust
	  	65369@AA4	  	NICHIMEN AMERICA CAPITAL CORP	  	789,706	  	733,625
	 Equitrust
	  	668074AJ6	  	NORTHWESTERN CORP	  	2,000,000	  	1,670,000
	 Equitrust
	  	66939#AF0	  	NORWEST BANK MINNESOTA TRUSTEE	  	885,954	  	907,723
	 Equitrust
	  	670346AA3	  	NUCOR CORP	  	1,000,000	  	936,529
	 Equitrust
	  	677502A*7	  	OHIO SAVINGS FINANCIAL CORP	  	1,000,000	  	951,389
	 Equitrust
	  	677519UM0	  	OHIO ST TAXABLE-DEV ASST	  	5,300,000	  	5,300,000
	 Equitrust
	  	677519WT3	  	OHIO ST TAXABLE-DEV ASST	  	3,500,000	  	3,500,000
	 Equitrust
	  	679574AD5	  	OLD DOMINION ELECTRIC	  	800,000	  	810,103
	 Equitrust
	  	679574AH6	  	OLD DOMINION ELECTRIC	  	4,000,000	  	4,000,000
	 Equitrust
	  	69334WAH4	  	PHH CORP	  	3,000,000	  	3,000,000
	 Equitrust
	  	694032AR4	  	PACIFIC BELL	  	1,000,000	  	1,000,300
	 Equitrust
	  	696429A*0	  	PALL CORP	  	2,000,000	  	2,019,484
	 Equitrust
	  	708792SS6	  	PENNSYLVANIA HOUSING FIN AGY	  	140,000	  	140,409
	 Equitrust
	  	709051BU9	  	PENNSYLVANIA POWER & LIGHT	  	500,000	  	498,424
	 Equitrust
	  	71644EAB8	  	PETRO CANADA	  	1,500,000	  	1,730,734
	 Equitrust
	  	717265AH5	  	PHELPS DODGE CORP	  	1,000,000	  	997,651
	 Equitrust
	  	71884BEN3	  	PHOENIX AZ CIVIC IMPT CORP	  	1,355,000	  	1,337,534
	 Equitrust
	  	723686AA9	  	PIONEER HI-BRED INTERNATIONAL	  	800,000	  	764,496
	 Equitrust
	  	73651HBL4	  	PORTLAND GENERAL ELECTRIC CO	  	1,000,000	  	1,015,617
	 Equitrust
	  	73664#AA8	  	PORTLAND NATURAL GAS	  	989,636	  	989,636
	 Equitrust
	  	737628AC1	  	POTLATCH CORP	  	2,000,000	  	2,374,339
	 Equitrust
	  	73943*AK3	  	PQ CORP	  	571,429	  	573,211
	 Equitrust
	  	74041#AA0	  	PREFCO XLP	  	1,108,508	  	1,209,018
	 Equitrust
	  	74144RAB8	  	PRICE DEVELOPMENT COMPANY	  	500,000	  	502,842
	 Equitrust
	  	74151#AD0	  	PRICE WATERHOUSE COOPERS LLP	  	1,000,000	  	1,001,699
	 Equitrust
	  	746946AA0	  	QLD-WACC LLC	  	2,067,279	  	2,168,524
	 Equitrust
	  	748196AA0	  	QUEBECOR PRINTING CAPITAL CORP	  	1,000,000	  	959,340
	 Equitrust
	  	7481F1AB2	  	QUEBECOR WORLD	  	4,000,000	  	3,970,155
	 Equitrust
	  	74955DAA9	  	RGS (AEGCO) FUNDING CO	  	1,499,022	  	1,704,629
	 Equitrust
	  	74965@AA4	  	RLC INDUSTRIES COMPANY	  	1,000,000	  	998,815
	 Equitrust
	  	750755AA8	  	RAILCAR TRUST	  	54,025	  	54,211
	 Equitrust
	  	756109AF1	  	REALTY INCOME	  	5,000,000	  	4,975,425
	 Equitrust
	  	756202AA5	  	CALPOINT REC STR TR 2001	  	178,882	  	178,903
	 Equitrust
	  	75884RAC7	  	REGENCY CENTERS LP	  	500,000	  	499,678
	 Equitrust
	  	75913Q886	  	REGIONS TREASURY MONEY MARKET	  	22,825	  	22,825
	 Equitrust
	  	759351AA7	  	REINSURANCE GROUP OF AMERICA	  	900,000	  	905,680
	 Equitrust
	  	75953GAC7	  	RELIANT ENERGY	  	1,500,000	  	1,474,433
	 Equitrust
	  	76110GVL2	  	RESIDENTIAL FUNDING CORP	  	15,000,000	  	14,738,731
	 Equitrust
	  	76111JQ49	  	RESIDENTIAL FUNDING MTG SEC	  	14,800,000	  	14,708,067
	 Equitrust
	  	76111JU36	  	RESIDENTIAL FUNDING MTG SEC	  	3,000,000	  	2,954,782

  

 7 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	 	 Issuer

	  	Par

	  	Stat BV


	 Equitrust
	  	76111JXE9	 	RESIDENTIAL FUNDING MTG SEC	  	17,000,000	  	17,100,008
	 Equitrust
	  	76111JYZ1	 	RESIDENTIAL FUNDING MTG SEC	  	17,000,000	  	17,095,003
	 Equitrust
	  	76111XBV4	 	RESIDENTIAL FUNDING MORT SEC	  	14,500,000	  	13,848,948
	 Equitrust
	  	761695AA3	 	REYNOLDS & REYNOLDS CO	  	1,000,000	  	1,013,882
	 Equitrust
	  	768901MH0	 	RIVERSIDE CNTY CA CRFS PARTN	  	2,000,000	  	2,000,000
	 Equitrust
	  	77216*AA6	 	ROCKHILL ASSOCIATES	  	284,101	  	282,072
	 Equitrust
	  	772739AC2	 	ROCK-TENN COMPANY	  	1,000,000	  	1,003,019
	 Equitrust
	  	773903AA7	 	ROCKWELL INTERNATIONAL	  	1,000,000	  	971,511
	 Equitrust
	  	77509NAD5	 	ROGERS CABLE INC	  	1,000,000	  	998,094
	 Equitrust
	  	779273AF8	 	ROUSE COMPANY	  	3,000,000	  	2,996,519
	 Equitrust
	  	779915A@6	 	ROYAL GROUP TECHNOLOGIES LTD	  	1,000,000	  	994,223
	 Equitrust
	  	78412DAH2	 	SEMCO ENERGY INC	  	1,500,000	  	1,500,000
	 Equitrust
	  	784375AD9	 	SKF AB	  	1,000,000	  	971,802
	 Equitrust
	  	786091AD0	 	SACRAMENTO CNTY CA PENSION	  	9,000,000	  	6,653,401
	 Equitrust
	  	786429AK6	 	SAFECO CORP	  	1,000,000	  	967,963
	 Equitrust
	  	786514AR0	 	SAFEWAY INC	  	1,000,000	  	1,015,796
	 Equitrust
	  	789549AA0	 	ST GEORGE FUNDING COMPANY	  	1,500,000	  	1,435,122
	 Equitrust
	  	79286LCG5	 	ST PAUL COS INC	  	500,000	  	500,342
	 Equitrust
	  	79286LDG4	 	ST PAUL COS INC	  	1,000,000	  	1,012,805
	 Equitrust
	  	79548GAU1	 	SALOMON SMITH BARNEY	  	4,000,000	  	3,854,040
	 Equitrust
	  	79548KX29	 	SALOMON BROTHERS MTG SECS	  	423,084	  	424,584
	 Equitrust
	  	808194A@3	 	A SCHULMAN INC	  	1,000,000	  	982,346
	 Equitrust
	  	808626AF2	 	SCIENCE APPLICATIONS INT	  	5,000,000	  	4,932,221
	 Equitrust
	  	81238XBZ3	 	SEARS ROEBUCK & CO	  	1,000,000	  	1,130,690
	 Equitrust
	  	81413TAU1	 	SECURITY CAPITAL GROUP	  	350,000	  	350,000
	 Equitrust
	  	814141AC1	 	SECURITY CAPITAL PACIFIC	  	500,000	  	507,942
	 Equitrust
	  	81441PBD2	 	SECURITY NATIONAL MORTGAGE	  	3,000,000	  	2,995,949
	 Equitrust
	  	81487*AS1	 	SEC PAC EQUIP LEASING INC	  	245,165	  	255,303
	 Equitrust
	  	816391AC0	 	SELKIRK COGEN FUNDING	  	516,983	  	527,579
	 Equitrust
	  	81775#AB5	 	SES GLOBAL-AMERICAS HOLDINGS	  	5,000,000	  	5,000,000
	 Equitrust
	  	82048@AV2	 	SHAWMUT BANK CONN NA-TRUSTEE	  	571,681	  	604,343
	 Equitrust
	  	82567DAB0	 	SHURGARD STORAGE CENTERS INC	  	1,000,000	  	1,001,370
	 Equitrust
	  	82567DAC8	 	SHURGARD STORAGE CENTERS INC	  	1,000,000	  	999,685
	 Equitrust
	  	828783AQ3	 	SIMON DEBARTOLO GROUP INC	  	500,000	  	497,285
	 Equitrust
	  	82894*AR8	 	J.R. SIMPLOT COMPANY	  	2,000,000	  	2,000,000
	 Equitrust
	  	832110AD2	 	SMITH INTL	  	1,000,000	  	1,003,725
	 Equitrust
	  	832696A#5	 	SMUCKER (JM) COMPANY	  	1,000,000	  	1,009,975
	 Equitrust
	  	832696A@7	 	SMUCKER (JM) COMPANY	  	1,000,000	  	957,892
	 Equitrust
	  	832724AB4	 	SMURFIT CAPITAL FNDG PLC	  	5,000,000	  	4,598,794
	 Equitrust
	  	83441*AB9	 	SOLVAY AMERICA INC	  	800,000	  	822,939
	 Equitrust
	  	837004BQ2	 	SOUTH CAROLINA ELECTRIC & GAS	  	2,000,000	  	1,968,376
	 Equitrust
	  	844741AR9	 	SOUTHWEST AIRLINES CO	  	507,147	  	513,564
	 Equitrust
	  	844895AS1	 	SOUTHWEST GAS CORP	  	1,500,000	  	1,495,036
	 Equitrust
	  	847315AA6	 	SPEARS LEEDS & KELLOGG LP	  	1,200,000	  	1,232,057
	 Equitrust
	  	85519*AA3	 	STAR VESSEL CO	  	499,164	  	501,548
	 Equitrust
	  	85746*AR1	 	STATE STREET BANK & TRUST	  	560,123	  	543,098
	 Equitrust
	  	85747KZF4	 	STATE STREET CORPORATION	  	10,000,000	  	9,995,992
	 Equitrust
	  	85846TAA3	 	STEINER PROPERTIES LLC	  	689,556	  	691,066
	 Equitrust
	  	86212*AB9	 	STORAGE TRUST PROPERTIES LP	  	800,000	  	789,756
	 Equitrust
	  	86358RSS7	 	STRUCTURED ASSET SECURITY CORP	  	1,343,298	  	1,332,092
	 Equitrust
	  	86358RTA5	 	STRUCTURED ASSET SECURITY CORP	  	10,000,000	  	9,770,167
	 Equitrust
	  	866930AB6	 	SUNAMERICA INC	  	6,000,000	  	7,311,875
	 Equitrust
	  	86765BAB5	 	SUNOCO LOGISTICS	  	1,000,000	  	994,192
	 Equitrust
	  	872384AA0	 	TEPPCO PARTNERS	  	2,000,000	  	1,992,312
	 Equitrust
	  	87244XAA8	 	TIAA RETAIL COMM MTG TR	  	1,239,137	  	1,258,481
	 Equitrust
	  	87255@AA5	 	TLI LEASING	  	522,598	  	520,167
	 Equitrust
	  	878742AB1	 	TECK COMINCO LIMITED	  	400,000	  	347,969

  

 8 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	 	 Issuer

	  	Par

	  	Stat BV


	 Equitrust
	  	879433AT7	 	TELEPHONE & DATA SYSTEMS INC	  	500,000	  	499,617
	 Equitrust
	  	88033GAY6	 	TENET HEALTHCARE	  	1,000,000	  	979,934
	 Equitrust
	  	881685BF7	 	TEXACO CAPITAL	  	1,000,000	  	1,028,277
	 Equitrust
	  	887367AA8	 	TIMES SQUARE HOTEL TRUST CERTS	  	1,455,113	  	1,455,113
	 Equitrust
	  	893570BR1	 	TRANSCONTINENTAL GAS PIPELINE	  	1,000,000	  	997,859
	 Equitrust
	  	893939AA6	 	TRAVELERS PROPERTY CAS CORP	  	1,000,000	  	1,010,585
	 Equitrust
	  	89566EAB4	 	TRISTATE GENERATION & TRANS	  	5,000,000	  	5,000,000
	 Equitrust
	  	89652PAA6	 	TRINITY INDUSTRIES	  	3,000,000	  	3,000,000
	 Equitrust
	  	903216AA7	 	URC HOLDINGS CORP	  	1,000,000	  	1,021,324
	 Equitrust
	  	904000AA4	 	ULTRAMAR DIAMOND SHAMROCK	  	4,000,000	  	4,380,319
	 Equitrust
	  	906548BM3	 	UNION ELECTRIC COMPANY	  	1,000,000	  	1,005,123
	 Equitrust
	  	906548BN1	 	UNION ELECTRIC COMPANY	  	500,000	  	498,492
	 Equitrust
	  	909317AR0	 	UNITED AIR LINES	  	2,538,953	  	2,231,700
	 Equitrust
	  	91020QAB3	 	UNITED ENERGY DISTRIBUTION	  	2,250,000	  	2,245,703
	 Equitrust
	  	9128275M0	 	U S TREASURY	  	600,000	  	605,351
	 Equitrust
	  	9128275S7	 	U S TREASURY	  	500,000	  	519,558
	 Equitrust
	  	9128276N7	 	U S TREASURY	  	250,000	  	253,978
	 Equitrust
	  	9128276X5	 	U S TREASURY	  	800,000	  	847,366
	 Equitrust
	  	912827V82	 	U S TREASURY	  	300,000	  	306,355
	 Equitrust
	  	913026AQ3	 	UNITED TEL FLORIDA	  	1,500,000	  	1,513,103
	 Equitrust
	  	913538D#8	 	UNIVERSAL FOODS CORP	  	1,000,000	  	968,538
	 Equitrust
	  	91802MAA8	 	UTILITY CONTRACT FUNDING	  	5,000,000	  	4,999,126
	 Equitrust
	  	919138AD9	 	VALERO ENERGY CORP	  	1,000,000	  	1,000,000
	 Equitrust
	  	92203#AE8	 	VANGUARD GROUP	  	1,000,000	  	990,045
	 Equitrust
	  	929039AB1	 	VORDANO FINANCE LLC	  	1,000,000	  	1,037,363
	 Equitrust
	  	929227US3	 	WASHINGTON MUTUAL MSC MORT	  	10,574,416	  	10,548,328
	 Equitrust
	  	92948#AD0	 	WELLS FARGO BANK NA	  	722,241	  	706,222
	 Equitrust
	  	9393354T9	 	WASHINGTON MUTUAL MSC MORT	  	5,748,438	  	5,738,920
	 Equitrust
	  	939335E84	 	WASHINGTON MUTUAL MSC MORT	  	4,789,260	  	4,724,119
	 Equitrust
	  	939336GZ0	 	WASHINGTON MUTUAL MSC MORTGAGE	  	15,000,000	  	14,842,546
	 Equitrust
	  	939336MG5	 	WASHINGTON MUTUAL MSC MORTGAGE	  	12,000,000	  	11,850,688
	 Equitrust
	  	939336TN3	 	WASHINGTON MUTUAL MSC MORTGAGE	  	12,000,000	  	11,893,705
	 Equitrust
	  	939671AB9	 	WASHINGTON REIT	  	500,000	  	500,458
	 Equitrust
	  	947074AD2	 	WEATHERFORD INTERNATIONAL INC	  	4,000,000	  	3,828,370
	 Equitrust
	  	94860*BF8	 	WEGMANS FOOD MARKETS INC	  	1,000,000	  	929,341
	 Equitrust
	  	94874RAV8	 	WEINGARTEN REALTY INV TR	  	1,000,000	  	967,202
	 Equitrust
	  	949760AD4	 	WELLS FARGO MORTGAGE BACKED	  	9,456,560	  	9,421,213
	 Equitrust
	  	94979KAF2	 	WELLS FARGO MORT BACKED SEC	  	12,218,120	  	12,193,882
	 Equitrust
	  	94979MAB7	 	WELLS FARGO MORT BACKED SEC	  	3,000,000	  	3,010,457
	 Equitrust
	  	949912AB5	 	WELLS FARGO ALTERNATIVE LOAN	  	11,276,000	  	10,544,629
	 Equitrust
	  	959421D#2	 	WESTERN RESERVE TELEPHONE CO	  	300,000	  	305,678
	 Equitrust
	  	969133AG2	 	WILLAMETTE INDUSTRIES INC	  	3,000,000	  	3,685,296
	 Equitrust
	  	97180*FB9	 	WILMINGTON TRUST COMPANY	  	300,222	  	315,436
	 Equitrust
	  	97180*FQ6	 	WILMINGTON TRUST COMPANY	  	366,355	  	183,177
	 Equitrust
	  	97180*KW7	 	WILMINGTON TRUST COMPANY	  	119,278	  	122,227
	 Equitrust
	  	97180*YT9	 	WILMINGTON TRUST COMPANY	  	168,887	  	168,626
	 Equitrust
	  	97180*YU6	 	WILMINGTON TRUST COMPANY	  	295,871	  	295,413
	 Equitrust
	  	97180*YV4	 	WILMINGTON TRUST COMPANY	  	275,553	  	275,127
	 Equitrust
	  	97181#DR1	 	WILMINGTON TRUST CO	  	680,348	  	659,510
	 Equitrust
	  	979586AA2	 	WOODLAND FINANCE CORP	  	1,000,000	  	1,008,475
	 Equitrust
	  	981468AA9	 	WORLD FINANCIAL PROP	  	1,173,942	  	1,200,285
	 Equitrust
	  	98267RAA0	 	WYANDOTTE CNTY KANSAS CITY KS	  	2,000,000	  	2,000,000
	 Equitrust
	  	98478*AK3	 	YANKEE GAS SERVICES CO	  	1,000,000	  	916,243
	 Equitrust
	  	G0369@AE6	 	ANGLIAN WATER SERVICES FIN	  	1,000,000	  	1,000,000
	 Equitrust
	  	G3782#AH0	 	GLENCORE FINANCE BERMUDA LTD	  	1,000,000	  	1,010,097
	 Equitrust
	  	G7630#AC6	 	ROLLS-ROYCE PLC	  	5,000,000	  	5,000,000
	 Equitrust
	  	G7734#AC1	 	SSL INTERNATIONAL PLC	  	1,000,000	  	1,006,134

  

 9 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	  	 Issuer

	  	Par

	  	Stat BV


	 Equitrust
	  	U67634AA0	  	OGDEN CORPORATION	  	1,000,000	  	0
	 Equitrust
	  	0151001	  	LA. FITNESS BUILDING	  	3,516,950	  	3,516,950
	 Equitrust
	  	0151003	  	CHAMBERS DISTRIBUTION CENTER	  	2,650,000	  	2,650,000
	 Equitrust
	  	0151004	  	HOLCOMB PLACE OFFICE BUILDING	  	3,191,406	  	3,191,406
	 Equitrust
	  	0155101	  	7-ELEVEN CONVENIENCE STORE	  	2,045,976	  	2,045,976
	 Equitrust
	  	0155827	  	CHECKER SQUARE SHOPPING CENTER	  	141,863	  	138,913
	 Equitrust
	  	0155828	  	J.J. TIPPINS RESTAURANT	  	169,476	  	166,619
	 Equitrust
	  	0155845	  	HOSPITAL FORMS AND SYSTEMS	  	183,331	  	179,982
	 Equitrust
	  	0155901	  	U.S. POSTAL SERVICE - IA	  	111,116	  	109,315
	 Equitrust
	  	0155914	  	17815 DAVENPORT ROAD BUILDING	  	119,197	  	117,412
	 Equitrust
	  	0155916	  	34TH DRIVE BUILDING	  	597,067	  	586,084
	 Equitrust
	  	0155920	  	SNOW LION APARTMENTS	  	838,815	  	818,773
	 Equitrust
	  	0155926	  	TOWERWOOD DRIVE BUILDING	  	322,228	  	314,408
	 Equitrust
	  	0155927	  	SHERWOOD APARTMENTS	  	170,013	  	166,006
	 Equitrust
	  	0155929	  	2901 RANDOL MILL ROAD BUILDING	  	576,290	  	562,266
	 Equitrust
	  	0155930	  	1467 LEMAY DRIVE BUILDING	  	330,787	  	322,748
	 Equitrust
	  	0155934	  	WALGREENS DRUG STORE - PLANO	  	714,104	  	695,212
	 Equitrust
	  	0155935	  	SHERWIN WILLIAMS STORE	  	353,064	  	344,448
	 Equitrust
	  	0155950	  	2301 S FRIEBUS AVE BLDG	  	537,324	  	524,047
	 Equitrust
	  	0155951	  	FRIEBUS BUSINESS CENTER	  	256,267	  	249,926
	 Equitrust
	  	0155952	  	COLLEGE PARK	  	893,055	  	870,957
	 Equitrust
	  	0155954	  	HALF PRICE BOOKS WAREHOUSE	  	497,588	  	486,238
	 Equitrust
	  	0155955	  	6020 CEDAR SPRINGS ROAD BLDG	  	257,373	  	251,502
	 Equitrust
	  	0155957	  	COCHISE OFFICE PARK	  	680,160	  	663,009
	 Equitrust
	  	0155958	  	MONTEREY OFFICE PARK	  	360,085	  	351,005
	 Equitrust
	  	0155960	  	PLAZA SHOPPING CENTER	  	1,692,890	  	1,650,828
	 Equitrust
	  	0155963	  	AHWATUKEE EXECUTIVE PLAZA	  	560,639	  	546,639
	 Equitrust
	  	0155965	  	4404-30 SOUTH 108TH ST BLDG	  	652,156	  	638,156
	 Equitrust
	  	0155968	  	WHEELER BLOCK OFFICE BUILDING	  	842,662	  	821,360
	 Equitrust
	  	0155969	  	1401 CAPITAL AVENUE BUILDING	  	439,249	  	427,674
	 Equitrust
	  	0155970	  	1510 RANDOLPH STREET BUILDING	  	666,545	  	649,695
	 Equitrust
	  	0155971	  	SUN CITY WEST PROF OFF BLDG #2	  	791,783	  	770,365
	 Equitrust
	  	0155975	  	RURAL BOARDWALK	  	506,825	  	493,960
	 Equitrust
	  	0155976	  	CASA VIEW SHOPPING CENTER	  	1,213,750	  	1,184,491
	 Equitrust
	  	0155977	  	SANTA FE DRIVE BUILDING	  	783,401	  	763,309
	 Equitrust
	  	0155978	  	1300 FORUM WAY WAREHOUSE	  	598,819	  	582,810
	 Equitrust
	  	0400003	  	20 &25 INTERNATIONAL DR BLDG	  	3,018,971	  	3,018,971
	 Equitrust
	  	0401070	  	WIMMER MEDICAL OFFICE BUILDING	  	3,772,367	  	3,772,367
	 Equitrust
	  	0401073	  	ONE CROSSTOWN PLAZA	  	1,109,353	  	1,109,353
	 Equitrust
	  	0401074	  	DEER CREEK MARKET PLACE	  	5,479,219	  	5,479,219
	 Equitrust
	  	0401078	  	WESTLAKE SHOPPING CENTER	  	1,817,142	  	1,817,142
	 Equitrust
	  	0401080	  	BURNHAVEN SHOPPING CENTER	  	3,118,987	  	3,118,987
	 Equitrust
	  	0401081	  	KAILUA PROFESSIONAL CENTER	  	3,652,648	  	3,652,648
	 Equitrust
	  	0401084	  	WOODMORE PROFESSIONAL CENTER	  	1,558,643	  	1,558,643
	 Equitrust
	  	0401086	  	DEA BUILDING - VISTA	  	3,531,912	  	3,531,912
	 Equitrust
	  	0401089	  	TIME WARNER	  	2,052,210	  	2,052,210
	 Equitrust
	  	0401090	  	BRIGHTLEAF COMMONS SHP CTR	  	1,166,547	  	1,166,547
	 Equitrust
	  	0401096	  	LINENS ‘N THINGS	  	1,774,266	  	1,774,266
	 Equitrust
	  	0401202	  	CREEKSIDE PROPERTIES	  	899,996	  	899,996
	 Equitrust
	  	0401203	  	SOUTHERN WINE & SPIRITS DIST.	  	3,230,010	  	3,230,010
	 Equitrust
	  	0401204	  	350 ROYAL PALM WAY	  	2,852,000	  	2,852,000
	 Equitrust
	  	0401205	  	340 ROYAL PALM WAY	  	1,708,000	  	1,708,000
	 Equitrust
	  	0401301	  	CYGNET AIRPORT CENTER	  	1,115,045	  	1,115,045
	 Equitrust
	  	0401302	  	CYGNET AIRPORT CENTER	  	235,815	  	235,815
	 Equitrust
	  	0401303	  	LA SALLE BANK	  	1,186,205	  	1,186,205
	 Equitrust
	  	0401304	  	DEERPATH OFFICE BUILDINGS	  	4,174,896	  	4,174,896
	 Equitrust
	  	0401305	  	HOME DEPOT - ILLINOIS	  	4,280,000	  	4,280,000

  

 10 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	  	 Issuer

	  	Par

	  	Stat BV


	 Equitrust
	  	0401369	  	CVS-CHICAGO	  	525,800	  	525,800
	 Equitrust
	  	0401372	  	1251 PLUM GROVE OFFCE BUILDING	  	1,312,458	  	1,312,458
	 Equitrust
	  	0401375	  	JEL SERT	  	2,296,081	  	2,296,081
	 Equitrust
	  	0401401	  	HUNTER PLAZA SHOPPING CENTER	  	1,500,406	  	1,500,406
	 Equitrust
	  	0401402	  	IRVIN AUTOMOTIVE PRODUCTS	  	2,428,000	  	2,428,000
	 Equitrust
	  	0401404	  	130 KERCHEVAL	  	2,080,000	  	2,080,000
	 Equitrust
	  	0401479	  	777 ENTERPRISE DRIVE	  	1,471,846	  	1,471,846
	 Equitrust
	  	0401482	  	MITSUBISHI AUTOMOTIVE ELECTRIC	  	4,359,439	  	4,359,439
	 Equitrust
	  	0401487	  	PONTIAC PLAZA	  	789,861	  	789,861
	 Equitrust
	  	0401501	  	MULCAHY INDUSTRIAL PROPERTIES	  	1,552,018	  	1,552,018
	 Equitrust
	  	0401502	  	AETRIUM OFFICE SHOWROOM	  	558,805	  	558,805
	 Equitrust
	  	0402009	  	ULTIMATE ELECTRONICS	  	1,330,000	  	1,330,000
	 Equitrust
	  	0403008	  	BURLINGTON COAT FACTORY	  	1,624,652	  	1,624,652
	 Equitrust
	  	0403009	  	PREMIER OFFICE COMPLEX	  	2,510,565	  	2,510,565
	 Equitrust
	  	0403010	  	REECE & NICHOLS - LEAWOOD/MISS	  	2,324,222	  	2,324,222
	 Equitrust
	  	0403015	  	UNIVERSAL PLAZA SHOPPING CENTE	  	4,176,817	  	4,176,817
	 Equitrust
	  	0404028	  	ARROW BUSINESS PARK	  	3,398,906	  	3,398,906
	 Equitrust
	  	0405023	  	1775 ST. JAMES PLACE OFF BLDG	  	277,222	  	277,222
	 Equitrust
	  	0405025	  	VETERANS ADMINISTRATION OFFICE	  	3,373,083	  	3,373,083
	 Equitrust
	  	0405121	  	EDWARD D JONES OFFICE BLDG	  	4,952,007	  	4,952,007
	 Equitrust
	  	0405122	  	PLAZA I AND II	  	2,826,800	  	2,826,800
	 Equitrust
	  	0405123	  	NAHAN PRINTING	  	3,569,509	  	3,569,509
	 Equitrust
	  	0406007	  	SONOMA VALLEY CENTER	  	697,483	  	697,483
	 Equitrust
	  	0407006	  	MEDICIA PHARMACEUTICAL	  	3,365,400	  	3,365,400
	 Equitrust
	  	4010100	  	DEA - NORTH HIGHLANDS	  	3,201,231	  	3,201,231
	 Equitrust
	  	4010101	  	NORTHFIELD SHOPPING CENTER	  	3,784,398	  	3,784,398
	 Equitrust
	  	4010102	  	VA - SUNRISE	  	4,600,000	  	4,600,000
	 Equitrust
	  	4010103	  	BROOKLYN CORPORATE CENTER	  	2,672,765	  	2,672,765
	 Equitrust
	  	4010104	  	FEDEX GROUND - CHANTILLY	  	1,800,000	  	1,800,000
	 Equitrust
	  	401088A	  	GRAMMER INDUSTRIES	  	1,663,686	  	1,663,686
	 Equitrust
	  	401088B	  	GRAMMER INDUSTRIES	  	70,294	  	70,294
	 Equitrust
	  	401494A	  	PINELAND STATION SHOPPING CENT	  	2,974,292	  	2,974,292
	 Equitrust
	  	401494B	  	PINELAND STATION SHOPPING CENT	  	192,643	  	192,643
	 Equitrust
	  	401495A	  	PINELAND OFFICE BUILDING	  	634,516	  	634,516
	 Equitrust
	  	401495B	  	PINELAND OFFICE BUILDING	  	33,905	  	33,905
	 Life
	  	N/A	  	Policy Loans	  	155,794,957	  	155,794,957
	 Life
	  	N/A	  	Cash	  	5,249,966	  	5,249,966
	 Life
	  	N/A	  	RE Minnesota Home Office	  	2,365,317	  	2,365,317
	 Life
	  	N/A	  	RE Utah Home Office	  	4,577,980	  	4,577,980
	 Life
	  	N/A	  	RE New Mexico Home Office	  	2,181,676	  	2,181,676
	 Life
	  	N/A	  	RE Arizona Home Office	  	7,684,343	  	7,684,343
	 Life
	  	N/A	  	RE Madison Investment property	  	6,525,756	  	6,525,756
	 Life
	  	N/A	  	RE Foreclosed Hprop	  	1,309,320	  	1,309,320
	 Life
	  	N/A	  	RE Land	  	50,000	  	50,000
	 Life
	  	N/A	  	Apex Lp	  	391,952	  	391,952
	 Life
	  	N/A	  	Bountiful Trust LLC	  	6,930,668	  	6,930,668
	 Life
	  	N/A	  	Hambrecht & Quist Tech Fund	  	79,722	  	79,722
	 Life
	  	N/A	  	Crescendo Ventures	  	457,277	  	457,277
	 Life
	  	N/A	  	Sprout Growth LP	  	43,855	  	43,855
	 Life
	  	N/A	  	Sprout Growth II Lp	  	557,964	  	557,964
	 Life
	  	N/A	  	Murray Income II	  	5,000	  	5,000
	 Life
	  	N/A	  	West Lakes Properties LC	  	11,755,524	  	11,755,524
	 Life
	  	N/A	  	Crown Pacific LP	  	24,970	  	24,970
	 Life
	  	N/A	  	Krupp Insured Plus	  	97,365	  	97,365
	 Life
	  	N/A	  	Remodelers Reserve	  	1,300,000	  	1,300,000
	 Life
	  	N/A	  	Title 1 Loans	  	521	  	521
	 Life
	  	130914AM6	  	CALIF PETRO TRAN	  	7,000,000	  	6,953,787

  

 11 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	 	 Issuer

	  	Par

	  	Stat BV


	 Life
	  	202795EV8	 	COMMONWEALTH ED-UNICOM	  	2,000,000	  	2,082,021
	 Life
	  	235863AB3	 	DANBURY BUILDING TRUST I	  	5,973,753	  	5,973,753
	 Life
	  	262357A*7	 	DRURY FUNDING CORP	  	516,399	  	516,399
	 Life
	  	283677AU6	 	EL PASO ELECTRIC CO	  	8,000,000	  	8,196,247
	 Life
	  	29364DAF7	 	ENTERGY ARKANSAS	  	3,000,000	  	3,017,571
	 Life
	  	29364LAM4	 	ENTERGY GULF STATES	  	7,000,000	  	6,976,993
	 Life
	  	362335AB7	 	GTE HAWAIIAN TELEPHONE	  	3,000,000	  	3,005,321
	 Life
	  	455665AJ8	 	INDIANTOWN COGENERATION	  	7,115,855	  	7,453,789
	 Life
	  	525170AC0	 	LEHMAN ABS CORP MORTGAGE	  	2,039,200	  	1,447,932
	 Life
	  	525170AF3	 	LEHMAN ABS CORP MORTGAGE	  	772,232	  	713,983
	 Life
	  	525170AH9	 	LEHMAN ABS CORP MORTGAGE	  	2,259,494	  	2,089,061
	 Life
	  	525170AK2	 	LEHMAN ABS CORP MORTGAGE	  	750,781	  	694,150
	 Life
	  	525170AM8	 	LEHMAN ABS CORP MORTGAGE	  	471,920	  	436,323
	 Life
	  	525170AP1	 	LEHMAN ABS CORP MORTGAGE	  	686,429	  	634,652
	 Life
	  	525170AR7	 	LEHMAN ABS CORP MORTGAGE	  	900,938	  	832,981
	 Life
	  	525170AT3	 	LEHMAN ABS CORP MORTGAGE	  	357,515	  	330,548
	 Life
	  	525170AV8	 	LEHMAN ABS CORP MORTGAGE	  	1,001,042	  	925,534
	 Life
	  	557497AL8	 	MADISON GAS & ELECTRIC CO	  	130,000	  	134,663
	 Life
	  	56468#AA1	 	MANUCO INC OH	  	6,390,490	  	6,551,155
	 Life
	  	606198LD9	 	MISSOURI PAC RR	  	6,290,000	  	6,077,409
	 Life
	  	679574AD5	 	OLD DOMINION ELECTRIC	  	6,500,000	  	6,582,090
	 Life
	  	744567DU9	 	PUBLIC SERVICE ELECT & GAS	  	2,100,000	  	2,086,350
	 Life
	  	816391AD8	 	SELKIRK COGEN FUNDING	  	7,500,000	  	7,500,000
	 Life
	  	842400DJ9	 	SOUTHERN CALIFORNIA EDISON	  	2,000,000	  	1,979,918
	 Life
	  	84363*AF2	 	SOUTHERN PACIFIC PIPE LINES	  	835,947	  	835,947
	 Life
	  	875127AL6	 	TAMPA ELECTRIC CO	  	5,500,000	  	5,571,445
	 Life
	  	906548BN1	 	UNION ELECTRIC COMPANY	  	2,000,000	  	1,978,310
	 Life
	  	393505CV2	 	GREENTREE FINANCIAL CORP	  	1,558,257	  	1,557,754
	 Life
	  	393505DX7	 	GREENTREE FINANCIAL CORP	  	6,500,000	  	6,493,996
	 Life
	  	59549WAB9	 	MID-STATE TRUST	  	5,673,092	  	5,672,973
	 Life
	  	674135AV0	 	OAKWOOD MORTGAGE INVESTORS	  	9,703,000	  	9,671,405
	 Life
	  	674135BD9	 	OAKWOOD MORTGAGE INVESTORS	  	4,000,000	  	3,988,230
	 Life
	  	126342FM1	 	CSFBMSC PREFERRED MTG ABC	  	3,035,315	  	3,020,304
	 Life
	  	178779AK0	 	CITYSCAPE HOME EQUITY LOAN TR	  	3,444,300	  	3,427,883
	 Life
	  	21075WCV5	 	CONTIMORTGAGE HOME EQUITY	  	4,776,132	  	4,781,506
	 Life
	  	302668AK4	 	FURST HOME EQUITY LOAN TRUST	  	5,925,527	  	5,903,331
	 Life
	  	3133TA5C2	 	FED HOME LOAN MTG CORP	  	4,686,484	  	4,671,299
	 Life
	  	3133TAZY1	 	FED HOME LOAN MTG CORP	  	4,219,975	  	4,229,759
	 Life
	  	59549PAA6	 	MID-STATE TRUST IV	  	2,076,944	  	2,076,773
	 Life
	  	007773AB0	 	AEROFREIGHTER FINANCE TRUST	  	2,865,750	  	557,033
	 Life
	  	291701BT6	 	EMPIRE HOME LOAN OWNER TRUST	  	4,054,981	  	4,041,932
	 Life
	  	291701CD0	 	EMPIRE HOME LOAN OWNER TRUST	  	5,232,591	  	5,213,132
	 Life
	  	291701DB3	 	EMPIRE HOME LOAN OWNER TRUST	  	3,619,026	  	3,606,436
	 Life
	  	45254SAE6	 	IMPAC	  	4,052,634	  	4,039,468
	 Life
	  	525177AU5	 	LEHMAN FHA TITLE I LOAN TRUST	  	1,804,358	  	1,802,160
	 Life
	  	53184NAL0	 	LIFE FINANCIAL	  	4,956,738	  	4,940,915
	 Life
	  	69360QAK7	 	PSB LENDING HOME OWNER LOAN TR	  	2,096,004	  	2,099,818
	 Life
	  	312907DL9	 	FED HOME LOAN MTG CORP	  	106,535	  	106,153
	 Life
	  	312909CA0	 	FED HOME LOAN MTG CORP	  	800,568	  	793,905
	 Life
	  	312911GX2	 	FED HOME LOAN MTG CORP	  	719,344	  	718,903
	 Life
	  	312913R32	 	FED HOME LOAN MTG CORP	  	549,799	  	552,533
	 Life
	  	3133TKUC2	 	FED HOME LOAN MTG CORP	  	6,693,578	  	6,315,421
	 Life
	  	31358EAP7	 	FEDERAL NATIONAL MTG ASSN	  	213,221	  	226,253
	 Life
	  	31358G6J1	 	FEDERAL NATIONAL MTG ASSN	  	116,067	  	112,070
	 Life
	  	31358R6V0	 	FEDERAL NATIONAL MTG ASSN	  	1,930,297	  	1,943,061
	 Life
	  	31358TGU7	 	FEDERAL NATIONAL MTG ASSN	  	3,726,581	  	3,741,219
	 Life
	  	31359B6U6	 	FEDERAL NATIONAL MTG ASSN	  	5,000,000	  	4,981,805

  

 12 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	 	 Issuer

	  	Par

	  	Stat BV


	 Life
	  	31359KF85	 	FEDERAL NATIONAL MTG ASSN	  	4,128,430	  	4,110,943
	 Life
	  	31359TNY0	 	FEDERAL NATIONAL MTG ASSN	  	4,882,770	  	4,709,209
	 Life
	  	31359XGH6	 	FEDERAL NATIONAL MTG ASSN	  	7,024,852	  	6,930,230
	 Life
	  	31392JLN7	 	FEDERAL NATL MTG ASSN	  	15,000,000	  	14,884,091
	 Life
	  	31393B4Z5	 	FEDERAL NATIONAL MTG ASSN	  	5,000,000	  	5,000,000
	 Life
	  	31393B5L5	 	FEDERAL NATIONAL MTG ASSN	  	8,817,106	  	8,807,299
	 Life
	  	31393BGR0	 	FEDERAL NATIONAL MTG ASSN	  	12,982,550	  	13,003,694
	 Life
	  	31393PQD9	 	FED HOME LOAN MTG CORP	  	9,159,330	  	9,154,654
	 Life
	  	31393PXJ8	 	FED HOME LOAN MTG CORP	  	16,264,985	  	16,242,859
	 Life
	  	31393QWG3	 	FED HOME LOAN MTG CORP	  	4,732,027	  	4,698,270
	 Life
	  	31393RF88	 	FED HOME LOAN MTG CORP	  	14,667,647	  	14,669,934
	 Life
	  	361924AJ2	 	GNMA-BACKED TRUST	  	92,654	  	91,426
	 Life
	  	38373Q3A7	 	GOVT NATL MTG ASSN	  	12,713,782	  	12,708,825
	 Life
	  	38373S2Y2	 	GOVT NATL MTG ASSN	  	18,117,905	  	18,055,353
	 Life
	  	38373S3A3	 	GOVT NATL MTG ASSN	  	11,400,000	  	11,428,121
	 Life
	  	38373VJA9	 	GOVT NATL MTG ASSN	  	31,400,000	  	31,637,615
	 Life
	  	38374B4M2	 	GOVT NATL MTG ASSN	  	11,874,315	  	10,909,619
	 Life
	  	38374CQ53	 	GOVT NATL MTG ASSN	  	10,832,000	  	10,778,047
	 Life
	  	3837H0A86	 	GOVT NATL MTG ASSN	  	3,333,502	  	3,378,156
	 Life
	  	3837H0SC8	 	GOVT NATL MTG ASSN	  	5,582,438	  	5,526,042
	 Life
	  	69573RAC6	 	UBS PAINE WEBBER CMO TRUST	  	35,843	  	34,732
	 Life
	  	820922CR1	 	SHEARSON LEHMAN CMO INC	  	58,473	  	58,245
	 Life
	  	1022149Z8	 	BOWATER PULP & PAPER CDA INC	  	2,100,000	  	2,196,115
	 Life
	  	448814EK5	 	HYDRO-QUEBEC	  	2,000,000	  	2,153,811
	 Life
	  	02341XAB7	 	AMCORE CAPITAL TRUST	  	5,000,000	  	5,000,000
	 Life
	  	037388AE5	 	AON CORPORATION	  	13,000,000	  	12,532,932
	 Life
	  	05539CAC6	 	BFC CAPITAL TRUST I	  	5,000,000	  	5,000,000
	 Life
	  	06605WAC9	 	BANK OF BOSTON CORP	  	6,000,000	  	6,000,000
	 Life
	  	125563AC0	 	CIT CAPITAL TRUST I	  	5,000,000	  	4,059,649
	 Life
	  	316779AA5	 	FIFTH THIRD CAP TRUST I	  	5,000,000	  	4,714,850
	 Life
	  	32050QAC8	 	FIRST HAWAIIAN BANK	  	11,000,000	  	11,110,208
	 Life
	  	337160AA3	 	FIRST TENNESSEE CAP I	  	2,200,000	  	1,836,535
	 Life
	  	36867NAA3	 	GENAMERICA CAPITAL I	  	5,000,000	  	4,653,193
	 Life
	  	40427PAA3	 	HSBC AMERICA	  	8,000,000	  	7,914,893
	 Life
	  	452691AC2	 	IMPERIAL CAPITAL TRUST I	  	5,450,000	  	5,568,624
	 Life
	  	493265AC6	 	KEYCORP INSTIT CAPITAL	  	2,000,000	  	1,687,320
	 Life
	  	553038AA8	 	MIC FINANCIAL TRUST I	  	10,000,000	  	9,866,360
	 Life
	  	594962AA0	 	MID AM INC	  	5,000,000	  	5,000,000
	 Life
	  	59560#AC8	 	MIDAMERICAN DAIRYMEN	  	4,000,000	  	4,000,000
	 Life
	  	789549AA0	 	ST GEORGE FUNDING COMPANY	  	9,000,000	  	8,870,244
	 Life
	  	86679PAA1	 	SUN LIFE OF CANADA (US) CAP TR	  	8,000,000	  	8,000,000
	 Life
	  	90329SAC7	 	US BANCORP	  	6,000,000	  	6,000,000
	 Life
	  	989718AC5	 	ZION FIRST NATIONAL	  	10,950,000	  	10,017,622
	 Life
	  	989819AA5	 	ZURICH CAPITAL TRUST	  	5,000,000	  	5,000,000
	 Life
	  	14073MAA2	 	CAPTIVA CBO 97-1	  	6,381,520	  	6,357,226
	 Life
	  	656517AC3	 	NORSE CBO	  	6,052,632	  	6,052,632
	 Life
	  	07383FQT8	 	BEAR STEARNS COMM MTG SEC	  	9,711,868	  	9,759,795
	 Life
	  	124833AP9	 	CBM FUNDING CORPORATION	  	4,000,000	  	4,048,140
	 Life
	  	124833AQ7	 	CBM FUNDING CORPORATION	  	4,000,000	  	4,048,880
	 Life
	  	12613YAB5	 	CNL FUNDING	  	9,000,000	  	10,213,790
	 Life
	  	140281AC0	 	CAPITAL LEASE FUNDING	  	4,500,000	  	4,313,670
	 Life
	  	161582AE1	 	CHASE MANHATTAN BANK-1ST UNION	  	5,000,000	  	5,174,003
	 Life
	  	201736AA3	 	COMMERCIAL MORT LEASE BACK CER	  	6,438,276	  	6,500,708
	 Life
	  	33736LAT2	 	FIRST UNION-LEHMAN BROS COMMER	  	5,000,000	  	5,070,215
	 Life
	  	345538AB8	 	FOREST CITY 144A	  	9,967,000	  	9,946,414
	 Life
	  	361849DJ8	 	GMAC COMMERCIAL MORT SEC	  	5,000,000	  	4,965,089
	 Life
	  	361849EA6	 	GMAC COMMERCIAL MORT SEC	  	3,000,000	  	2,979,256

  

 13 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	  	 Issuer

	  	Par

	  	Stat BV


	 Life
	  	361849JV5	  	GMAC COMMERCIAL MORT SEC	  	2,676,487	  	2,672,961
	 Life
	  	36228CCN1	  	GS MORTGAGE SECURITIES CORP II	  	3,000,000	  	3,041,011
	 Life
	  	36228CDF7	  	GS MORTGAGE SECURITIES CORP II	  	2,000,000	  	1,979,867
	 Life
	  	589929ME5	  	MERRILL LYNCH MORTGAGE INVESTR	  	3,598,146	  	3,601,037
	 Life
	  	589929QC5	  	MERRILL LYNCH MORTGAGE INVESTR	  	3,000,000	  	2,999,832
	 Life
	  	61745MET6	  	MORGAN STANLEY CAPITAL I	  	3,000,000	  	3,018,351
	 Life
	  	61910DBW1	  	MORTGAGE CAPITAL FUNDING INC	  	2,082,659	  	2,173,627
	 Life
	  	655355AD7	  	NOMURA SECURITIES INTL INC	  	4,900,000	  	4,861,316
	 Life
	  	655356BM4	  	NOMURA SECURITIES INTL INC	  	2,052,172	  	2,063,621
	 Life
	  	778139AA3	  	ROSEWOOD CARE CNTR FNDG	  	873,076	  	873,076
	 Life
	  	87244XAA8	  	TIAA RETAIL COMM MTG TR	  	3,097,843	  	3,155,880
	 Life
	  	878742AB1	  	TECK COMINCO LIMITED	  	8,350,000	  	7,291,213
	 Life
	  	U67634AA0	  	OGDEN CORPORATION	  	7,500,000	  	0
	 Life
	  	82873@AA8	  	SIMMONS NANCY J - WAL MART	  	1,073,513	  	1,073,513
	 Life
	  	00077QAC4	  	ABN AMRO BANK NV (CHICAGO)	  	5,000,000	  	4,779,759
	 Life
	  	00103XAC7	  	AES IRONWOOD LLC	  	6,847,339	  	6,847,339
	 Life
	  	001920AE7	  	ARCO CHEMICAL CO	  	1,000,000	  	1,000,000
	 Life
	  	00209TAB1	  	AT&T BROADBAND	  	1,984,000	  	2,201,834
	 Life
	  	003672AA0	  	ABITIBI CONSOLIDATED INC	  	6,000,000	  	5,981,977
	 Life
	  	008117AE3	  	AETNA INC	  	8,890,000	  	8,610,065
	 Life
	  	008686AA5	  	AHOLD LEASE USA INC	  	9,646,441	  	9,645,415
	 Life
	  	009325AE1	  	AIRCRAFT CERTIFICATE OWNER	  	5,000,000	  	4,990,587
	 Life
	  	01741RAB8	  	ALLEGHENY TECHNOLOGIES	  	5,000,000	  	4,932,633
	 Life
	  	01877KAA1	  	ALLIANCE PIPELINE	  	5,699,496	  	5,699,496
	 Life
	  	01958XAQ0	  	ALLIED WASTE NORTH AMERICA	  	1,700,000	  	1,696,543
	 Life
	  	020002AC5	  	ALLSTATE CORP	  	3,000,000	  	3,111,075
	 Life
	  	020039DB6	  	ALLTEL CORP	  	5,250,000	  	5,231,643
	 Life
	  	02635KAX2	  	AMERICAN GENERAL FINANCE	  	3,000,000	  	3,215,404
	 Life
	  	026609AC1	  	AMERICAN HOME PRODUCTS	  	5,000,000	  	4,905,106
	 Life
	  	029712AA4	  	AMERICAN STANDARD INC	  	500,000	  	472,376
	 Life
	  	044540AH5	  	ASHLAND OIL CO	  	5,000,000	  	5,474,914
	 Life
	  	050297AA8	  	AUBURN HILLS TRUST	  	2,000,000	  	2,728,632
	 Life
	  	05379BAC1	  	AVISTA CORPORATION	  	4,000,000	  	3,982,529
	 Life
	  	059438AB7	  	BANC ONE CORP	  	2,000,000	  	2,284,863
	 Life
	  	073902AU2	  	BEAR STEARNS CO INC	  	3,000,000	  	3,010,834
	 Life
	  	084423AD4	  	BERKLEY (WR) CORP	  	5,000,000	  	4,814,533
	 Life
	  	097023AH8	  	BOEING COMPANY	  	5,000,000	  	5,547,804
	 Life
	  	09774QA@6	  	BOMBARDIER CAPITAL INC	  	7,000,000	  	7,000,000
	 Life
	  	10112RAF1	  	BOSTON PROPERTIES LP	  	4,000,000	  	3,996,614
	 Life
	  	102183AC4	  	BOWATER INC	  	1,000,000	  	984,002
	 Life
	  	102183AE0	  	BOWATER INC	  	700,000	  	665,972
	 Life
	  	102183AG5	  	BOWATER INC	  	1,000,000	  	1,014,902
	 Life
	  	102183AK6	  	BOWATER INC	  	5,000,000	  	4,981,363
	 Life
	  	102214AB9	  	BOWATER PULP & PAPER CDA INC	  	4,527,000	  	4,566,968
	 Life
	  	104573AD2	  	BRADLEY OPERATING LP	  	1,775,000	  	1,781,052
	 Life
	  	117043AF6	  	BRUNSWICK CORP	  	5,000,000	  	4,986,909
	 Life
	  	122014AE3	  	BURLINGTON RESOURCES INC	  	1,000,000	  	1,018,155
	 Life
	  	12707PAA3	  	CABOT CORP	  	2,000,000	  	1,988,595
	 Life
	  	128017AF7	  	CAITHNESS COSO FUNDING CORP	  	4,457,919	  	4,457,919
	 Life
	  	152312AA2	  	CENTEX CORP	  	1,000,000	  	993,215
	 Life
	  	152312AF1	  	CENTEX CORP	  	4,550,000	  	4,549,928
	 Life
	  	158525AS4	  	CHAMPION INTERNATIONAL	  	5,000,000	  	4,898,906
	 Life
	  	203902AE1	  	COMMUNITY FIRST BANKSHARES INC	  	3,500,000	  	3,500,000
	 Life
	  	20449CAA8	  	COMPASS BANK	  	3,000,000	  	2,984,974
	 Life
	  	23281PAC0	  	CYPRUS MINERALS CO	  	2,000,000	  	2,043,082
	 Life
	  	244199AR6	  	DEERE & CO	  	3,000,000	  	3,157,856
	 Life
	  	260540AE9	  	DOW CAPITAL BV	  	1,842,000	  	1,890,789

  

 14 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	 	 Issuer

	  	Par

	  	Stat BV


	 Life
	  	26229*AD2	 	DRUMMOND COMPANY INC	  	4,000,000	  	4,000,000
	 Life
	  	264399DK9	 	DUKE ENERGY CORP	  	6,000,000	  	4,954,462
	 Life
	  	26441YAB3	 	DUKE-WEEKS REALTY	  	5,000,000	  	4,984,867
	 Life
	  	26874QAA8	 	ENSCO INTERNATIONAL INC	  	5,000,000	  	4,965,622
	 Life
	  	26882PAQ5	 	ERAC USA FINANCE COMPANY	  	4,200,000	  	4,195,066
	 Life
	  	26884AAE3	 	ERP OPERATING LP	  	5,000,000	  	4,535,878
	 Life
	  	280905AC4	 	EDPERBRASCAN	  	6,700,000	  	6,699,933
	 Life
	  	30217VAA5	 	EXPRESS PIPELINE	  	4,724,000	  	4,690,417
	 Life
	  	30217VAC1	 	EXPRESS PIPELINE	  	5,308,600	  	4,974,916
	 Life
	  	302508AQ9	 	FMR CORP	  	6,000,000	  	6,074,698
	 Life
	  	302567AA0	 	FPL ENERGY AMERICAN WIND	  	2,500,000	  	2,500,000
	 Life
	  	305915AC4	 	FALCONBRIDGE LTD	  	2,000,000	  	1,997,750
	 Life
	  	305915AD2	 	FALCONBRIDGE LTD	  	4,000,000	  	3,996,262
	 Life
	  	30768#AB1	 	FARM BUREAU FIN CO OF IDAHO	  	400,000	  	400,000
	 Life
	  	313747AF4	 	FEDERAL RLTY INVESTMENT TRUST	  	1,675,000	  	1,720,546
	 Life
	  	315405AJ9	 	FERRO CORP	  	3,200,000	  	3,168,233
	 Life
	  	318465A*2	 	FIRST ALBANY COMPANIES INC	  	5,000,000	  	4,590,890
	 Life
	  	31847UAC9	 	FIRST OF AMERICA	  	8,000,000	  	8,000,000
	 Life
	  	33735@AB7	 	FIRST UNION DEVELOPMENT CORP	  	6,000,000	  	6,000,000
	 Life
	  	33738MAC5	 	FIRST UNION NATIONAL BANK	  	3,000,000	  	2,827,956
	 Life
	  	345370BN9	 	FORD MOTOR CO	  	5,000,000	  	4,538,426
	 Life
	  	361446AC1	 	GATX CAP CORP	  	4,100,000	  	3,926,652
	 Life
	  	36866UAC4	 	GEMSTONE INVESTOR LTD	  	10,000,000	  	10,000,000
	 Life
	  	369622CM5	 	GENERAL ELECTRIC CAPITAL CORP	  	4,000,000	  	4,326,280
	 Life
	  	370442AR6	 	GENERAL MOTORS CORPORATION	  	7,000,000	  	6,657,172
	 Life
	  	373298BD9	 	GEORGIA PACIFIC	  	230,000	  	238,560
	 Life
	  	38142EAH1	 	GOLDMAN SACHS GROUP LP	  	4,000,000	  	4,163,647
	 Life
	  	39072KAA4	 	GREAT LAKES POWER	  	6,000,000	  	5,997,308
	 Life
	  	39072KAE6	 	GREAT LAKES POWER	  	4,000,000	  	3,989,787
	 Life
	  	403660AA1	 	GWF ENERGY LLC	  	5,000,000	  	5,000,000
	 Life
	  	40426WAP6	 	HRPT PROPERTIES	  	6,000,000	  	5,970,196
	 Life
	  	432848AU3	 	HILTON HOTELS	  	6,000,000	  	5,952,853
	 Life
	  	44106MAA0	 	HOSPITALITY PROPERTIES	  	7,000,000	  	6,909,502
	 Life
	  	441812FQ2	 	HOUSEHOLD FINANCE CO	  	3,000,000	  	3,022,564
	 Life
	  	448096AG2	 	HUSKY OIL LIMITED	  	7,000,000	  	6,984,797
	 Life
	  	44949RAC6	 	IES UTILITIES	  	5,000,000	  	4,921,939
	 Life
	  	453144AA5	 	IMPERIAL TOBACCO	  	5,000,000	  	4,990,402
	 Life
	  	453258AP0	 	INCO LTD	  	3,000,000	  	2,986,642
	 Life
	  	459745FG5	 	INTL LEASE FINANCE CORP	  	3,000,000	  	2,991,010
	 Life
	  	460146AS2	 	INTERNATIONAL PAPER COMPANY	  	4,000,000	  	4,092,150
	 Life
	  	482439AA4	 	KCT INTERMODAL TRANS CORP	  	6,331,267	  	6,277,420
	 Life
	  	484168AA7	 	KANEB PIPE LINE	  	6,000,000	  	6,000,000
	 Life
	  	488044AC2	 	KELLWOOD INC	  	5,000,000	  	4,980,748
	 Life
	  	524909AW8	 	LEHMAN BROTHERS INC	  	6,000,000	  	5,986,451
	 Life
	  	524909AY4	 	LEHMAN BROTHERS INC	  	3,000,000	  	2,938,290
	 Life
	  	526026AA7	 	LEND LEASE (U.S.) FINANCE	  	6,500,000	  	6,500,000
	 Life
	  	527288AH7	 	LEUCADIA NATIONAL CORP	  	8,150,000	  	8,190,084
	 Life
	  	52736RAF9	 	LEVI STRAUSS	  	9,000,000	  	8,847,683
	 Life
	  	53117EAD0	 	LIBERTY PROPERTIES	  	8,000,000	  	7,988,713
	 Life
	  	532449AA3	 	LILLY DEL MAR	  	3,000,000	  	3,000,000
	 Life
	  	532491AC1	 	LILLY INDUSTRIES INC	  	7,000,000	  	7,097,922
	 Life
	  	552078AV9	 	LYONDELL CHEMICAL CO	  	2,000,000	  	2,000,000
	 Life
	  	55262LAA8	 	MBNA CORP	  	3,000,000	  	2,945,268
	 Life
	  	570362AA1	 	MARITIME & NE PIPELINE	  	1,900,000	  	1,974,822
	 Life
	  	582834AM9	 	MEAD CORP	  	5,000,000	  	4,675,057
	 Life
	  	589497AA4	 	MEREY SWEENY L.P.	  	9,000,000	  	9,087,605
	 Life
	  	590188JN9	 	MERRILL LYNCH	  	5,000,000	  	4,721,009

  

 15 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	 	 Issuer

	  	Par

	  	Stat BV


	 Life
	  	59562HAJ7	 	MIDAMERICAN FUNDING LLC	  	2,210,000	  	2,611,569
	 Life
	  	60686GAA7	 	MMCAPS FUNDING I	  	7,900,757	  	7,900,757
	 Life
	  	617446AS8	 	MORGAN STANLEY DEAN WITTER	  	5,000,000	  	4,974,108
	 Life
	  	628855AN8	 	NCNB CORP	  	2,000,000	  	2,262,461
	 Life
	  	62963#AC5	 	NATURAL RESOURCES PARTNERS LLC	  	3,000,000	  	3,000,000
	 Life
	  	62963$AC5	 	NATURAL RESOURCES PARTNERS LLC	  	1,000,000	  	1,000,000
	 Life
	  	637432BK0	 	NATIONAL RURAL UTILITIES	  	3,000,000	  	2,949,988
	 Life
	  	637432CU7	 	NATIONAL RURAL UTILITIES	  	3,050,000	  	3,039,371
	 Life
	  	638585AN9	 	NATIONSBANK CORP	  	3,000,000	  	3,020,177
	 Life
	  	650094BL8	 	NEW YORK TEL CO (NYNEX CORP)	  	2,000,000	  	2,205,432
	 Life
	  	65333NAB6	 	NEXFOR INC	  	3,000,000	  	2,996,408
	 Life
	  	655422AQ6	 	NORANDA INC	  	4,200,000	  	4,187,703
	 Life
	  	655422AT0	 	NORANDA INC	  	2,000,000	  	1,996,073
	 Life
	  	66586GBF3	 	NORTHERN TRUST CO	  	3,000,000	  	3,065,211
	 Life
	  	668074AJ6	 	NORTHWESTERN CORP	  	6,500,000	  	5,427,500
	 Life
	  	66977TAC0	 	NOVA CHEMICALS LTD	  	3,000,000	  	2,611,331
	 Life
	  	677050AB2	 	OGLETHORPE PR (OPC SCHERER)	  	1,054,000	  	1,054,000
	 Life
	  	677502A*7	 	OHIO SAVINGS FINANCIAL CORP	  	8,000,000	  	7,611,114
	 Life
	  	690368AB1	 	OVERSEAS SHIPHOLDING GROUP INC	  	6,000,000	  	6,054,351
	 Life
	  	69334WAH4	 	PHH CORP	  	7,000,000	  	7,000,000
	 Life
	  	69361LAC5	 	PSEG ENERGY HOLDINGS	  	5,000,000	  	4,956,476
	 Life
	  	700690AH3	 	PARK PLACE ENTERTAINMENT	  	500,000	  	508,871
	 Life
	  	707832AH4	 	PENN TRAFFIC CO	  	95,060	  	38,499
	 Life
	  	708160AH9	 	PENNEY J.C.& CO.	  	1,000,000	  	933,055
	 Life
	  	709631F@9	 	PENTAIR INC	  	2,500,000	  	2,500,000
	 Life
	  	709903BB3	 	PENNZOIL CO	  	1,000,000	  	995,525
	 Life
	  	709903BC1	 	PENNZOIL CO	  	1,000,000	  	998,957
	 Life
	  	71644EAB8	 	PETRO CANADA	  	6,500,000	  	7,499,848
	 Life
	  	73179PAB2	 	POLYONE CORP	  	1,950,000	  	1,934,746
	 Life
	  	73664#AA8	 	PORTLAND NATURAL GAS	  	3,958,545	  	3,958,545
	 Life
	  	737628AC1	 	POTLATCH CORP	  	2,000,000	  	2,374,339
	 Life
	  	73932LAA1	 	POWER RECEIVABLE FINANCE	  	4,000,000	  	3,998,824
	 Life
	  	74144 RAB8	 	PRICE DEVELOPMENT COMPANY	  	7,800,000	  	7,800,000
	 Life
	  	74251UAC8	 	PRINCIPAL FINANCIAL GROUP	  	7,000,000	  	6,985,274
	 Life
	  	743674AA1	 	PROTECTIVE LIFE	  	2,000,000	  	2,013,581
	 Life
	  	7481F1AB2	 	QUEBECOR WORLD	  	4,000,000	  	3,970,155
	 Life
	  	74955DAA9	 	RGS (AEGCO) FUNDING CO	  	5,746,251	  	6,532,904
	 Life
	  	756109AF1	 	REALTY INCOME	  	5,000,000	  	4,975,425
	 Life
	  	756202AA5	 	CALPOINT REC STR TR 2001	  	1,073,295	  	1,073,419
	 Life
	  	75621LA*5	 	RECKSON OPERATING PRTSHP	  	7,000,000	  	6,791,477
	 Life
	  	75884RAC7	 	REGENCY CENTERS LP	  	6,500,000	  	6,495,818
	 Life
	  	75952AAF4	 	RELIANT ENERGY MID-ATLANTIC	  	5,256,627	  	5,256,627
	 Life
	  	772739AC2	 	ROCK-TENN COMPANY	  	7,000,000	  	7,029,912
	 Life
	  	77509NAD5	 	ROGERS CABLE INC	  	3,000,000	  	2,994,281
	 Life
	  	779273AF8	 	ROUSE COMPANY	  	7,500,000	  	7,491,296
	 Life
	  	78412DAH2	 	SEMCO ENERGY INC	  	2,000,000	  	2,000,000
	 Life
	  	78442FAX6	 	SLM CORP	  	8,000,000	  	8,000,000
	 Life
	  	808626AF2	 	SCIENCE APPLICATIONS INT	  	2,000,000	  	1,972,668
	 Life
	  	814141AC1	 	SECURITY CAPITAL PACIFIC	  	7,000,000	  	6,996,340
	 Life
	  	81775#AB5	 	SES GLOBAL-AMERICAS HOLDINGS	  	4,000,000	  	4,000,000
	 Life
	  	828783AQ3	 	SIMON DEBARTOLO GROUP INC	  	4,500,000	  	4,475,568
	 Life
	  	82894*AR8	 	J.R. SIMPLOT COMPANY	  	6,000,000	  	6,000,000
	 Life
	  	832724AB4	 	SMURFIT CAPITAL FNDG PLC	  	5,530,000	  	5,112,369
	 Life
	  	83615TAB5	 	SOURCE ONE MORTGAGE CORP	  	1,000,000	  	997,274
	 Life
	  	844895AS1	 	SOUTHWEST GAS CORP	  	3,500,000	  	3,488,418
	 Life
	  	852060AG7	 	SPRINT CAPITAL CORP	  	6,000,000	  	5,109,880
	 Life
	  	866762AE7	 	SUN INC	  	2,000,000	  	2,086,903

  

 16 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	 	 Issuer

	  	Par

	  	Stat BV


	 Life
	  	866930AB6	 	SUNAMERICA INC	  	3,000,000	  	3,655,937
	 Life
	  	86765BAB5	 	SUNOCO LOGISTICS	  	6,000,000	  	5,965,155
	 Life
	  	870695AA1	 	SOUTHWESTERN ELECTRIC POWER CO	  	5,000,000	  	4,982,023
	 Life
	  	870836AD5	 	SWISS BANK CORP NEW YORK	  	3,000,000	  	2,903,571
	 Life
	  	872384AAO	 	TEPPCO PARTNERS	  	5,500,000	  	5,478,857
	 Life
	  	87425EA*4	 	TALISMAN ENERGY INC	  	7,000,000	  	7,000,000
	 Life
	  	879433AT7	 	TELEPHONE & DATA SYSTEMS INC	  	6,000,000	  	5,995,399
	 Life
	  	88033GAY6	 	TENET HEALTHCARE	  	4,000,000	  	3,919,734
	 Life
	  	882850CM0	 	TEXAS UTILITIES ELECTRIC	  	1,730,249	  	1,746,711
	 Life
	  	88731EAD2	 	TIME WARNER INC	  	3,000,000	  	2,980,469
	 Life
	  	891027AF1	 	TORCHMARK CORP	  	3,000,000	  	2,912,488
	 Life
	  	891027AG9	 	TORCHMARK CORP	  	3,000,000	  	2,921,803
	 Life
	  	89566EAB4	 	TRISTATE GENERATION & TRANS	  	5,000,000	  	5,000,000
	 Life
	  	902494AF0	 	TYSON FOODS INC	  	6,000,000	  	5,389,014
	 Life
	  	902911AC0	 	UST INC	  	5,500,000	  	5,500,028
	 Life
	  	904000AA4	 	ULTRAMAR DIAMOND SHAMROCK	  	1,190,000	  	1,303,145
	 Life
	  	904677AE1	 	UNIFI	  	8,170,000	  	8,123,919
	 Life
	  	905530AH4	 	UNION CAMP CORP	  	1,000,000	  	1,103,598
	 Life
	  	91020QAB3	 	UNITED ENERGY DISTRIBUTION	  	2,250,000	  	2,245,703
	 Life
	  	911363AB5	 	UNITED RENTALS INC	  	500,000	  	420,073
	 Life
	  	91802MAA8	 	UTILITY CONTRACT FUNDING	  	5,000,000	  	4,999,126
	 Life
	  	919138AD9	 	VALERO ENERGY CORP	  	4,000,000	  	4,000,000
	 Life
	  	91914CAC1	 	VALERO LOGISTICS LP	  	2,000,000	  	1,994,860
	 Life
	  	929771AE3	 	WACHOVIA CORP	  	4,000,000	  	4,002,520
	 Life
	  	939671AB9	 	WASHINGTON REIT	  	5,700,000	  	5,700,000
	 Life
	  	947690AA1	 	WEBSTER CAPITAL TRUST II	  	4,000,000	  	4,000,000
	 Life
	  	958468AB6	 	WESTERN INVT REAL ESTATE TRUST	  	6,000,000	  	5,999,510
	 Life
	  	969133AG2	 	WILLAMETTE INDUSTRIES INC	  	5,000,000	  	6,142,160
	 Life
	  	973735AY9	 	WINDSOR PETROLEUM TRANSPORT	  	10,000,000	  	9,960,157
	 Life
	  	981443AC8	 	WORLD COLOR PRESS	  	6,000,000	  	6,096,928
	 Life
	  	981468AA9	 	WORLD FINANCIAL PROP	  	3,913,139	  	4,000,951
	 Life
	  	G0369@AE6	 	ANGLIAN WATER SERVICES FIN	  	7,000,000	  	7,000,000
	 Life
	  	00935T106	 	AIRCRAFT STATUTORY TRUST	  	1,500,000	  	300,000
	 Life
	  	023654AW6	 	AMERICA WEST AIRLINES	  	5,320,428	  	5,320,428
	 Life
	  	023771G85	 	AMERICAN AIRLINES	  	1,018,000	  	641,340
	 Life
	  	023771H5O	 	AMERICAN AIRLINES	  	766,000	  	482,580
	 Life
	  	023771J66	 	AMERICAN AIRLINES	  	374,000	  	235,620
	 Life
	  	023771J74	 	AMERICAN AIRLINES	  	284,000	  	178,920
	 Life
	  	023771Q27	 	AMERICAN AIRLINES	  	4,000,000	  	2,720,000
	 Life
	  	12189PAG7	 	BURLINGTON NORTHERN SANTA FE	  	2,197,338	  	2,197,338
	 Life
	  	125567AA5	 	TYCO CAPITAL CORP	  	4,483,773	  	4,564,633
	 Life
	  	207633*P5	 	CONN NAT BANK	  	529,997	  	529,997
	 Life
	  	207633*Q3	 	CONN NAT BANK	  	529,997	  	529,997
	 Life
	  	207633*R1	 	CONN NAT BANK	  	529,997	  	529,997
	 Life
	  	207633*S9	 	CONN NAT BANK	  	524,250	  	524,250
	 Life
	  	207633@Q2	 	CONN NAT BANK	  	451,300	  	451,300
	 Life
	  	207633@R0	 	CONN NAT BANK	  	578,636	  	578,636
	 Life
	  	210805BD8	 	CONTINENTAL AIRLINES	  	6,235,130	  	6,235,130
	 Life
	  	247361WP9	 	DELTA AIR LINES	  	4,000,000	  	4,000,000
	 Life
	  	247367AC9	 	DELTA AIR LINES	  	887,685	  	887,685
	 Life
	  	247367AJ4	 	DELTA AIR LINES	  	2,075,211	  	2,075,211
	 Life
	  	31331FAJ0	 	FEDERAL EXPRESS	  	3,000,000	  	2,974,790
	 Life
	  	33632*EC7	 	FIRST SECURITY BANK UTAH	  	133,669	  	133,669
	 Life
	  	33632*ED5	 	FIRST SECURITY BANK UTAH	  	133,002	  	133,002
	 Life
	  	33632*EE3	 	FIRST SECURITY BANK UTAH	  	111,910	  	111,910
	 Life
	  	33632*EF0	 	FIRST SECURITY BANK UTAH	  	111,892	  	111,892
	 Life
	  	33632*EG8	 	FIRST SECURITY BANK UTAH	  	111,857	  	111,857

  

 17 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	 	 Issuer

	  	Par

	  	Stat BV


	 Life
	  	33632*EH6	 	FIRST SECURITY BANK UTAH	  	147,683	  	147,683
	 Life
	  	33632*EJ2	 	FIRST SECURITY BANK UTAH	  	18,380	  	18,380
	 Life
	  	33632*EK9	 	FIRST SECURITY BANK UTAH	  	16,261	  	16,261
	 Life
	  	33632*EL7	 	FIRST SECURITY BANK UTAH	  	18,854	  	18,854
	 Life
	  	368774AA3	 	GENERAL AMERICAN TRANSPORT CO	  	3,640,186	  	3,787,573
	 Life
	  	368907AA9	 	GENERAL AMERICAN TRANSPORT	  	4,698,758	  	4,698,758
	 Life
	  	477122AW5	 	JET EQUIPMENT TRUST	  	3,000,000	  	300,000
	 Life
	  	892790N*3	 	TRAILER TRAIN (TTX)	  	73,333	  	73,333
	 Life
	  	892790P#7	 	TRAILER TRAIN (TTX)	  	303,989	  	303,989
	 Life
	  	892790P*1	 	TRAILER TRAIN (TTX)	  	228,753	  	228,753
	 Life
	  	89652PAA6	 	TRINITY INDUSTRIES	  	7,000,000	  	7,000,000
	 Life
	  	90332UAE3	 	US AIR INC	  	4,487,183	  	4,487,183
	 Life
	  	909283AD5	 	UNITED AIR LINES	  	4,000,000	  	800,000
	 Life
	  	90928TAA4	 	UNITED AIR LINES	  	2,000,000	  	400,000
	 Life
	  	911546US6	 	US AIR INC	  	258,151	  	22,993
	 Life
	  	91154GAB3	 	US AIR	  	782,014	  	83,074
	 Life
	  	97180*CD8	 	WILMINGTON TRUST COMPANY	  	99,860	  	99,860
	 Life
	  	97180*CZ9	 	WILMINGTON TRUST COMPANY	  	99,912	  	99,912
	 Life
	  	97180*DM7	 	WILMINGTON TRUST COMPANY	  	99,912	  	99,912
	 Life
	  	97180*FQ6	 	WILMINGTON TRUST COMPANY	  	366,355	  	183,177
	 Life
	  	97180*VJ4	 	WILMINGTON TRUST COMPANY	  	99,912	  	99,912
	 Life
	  	97180*VK1	 	WILMINGTON TRUST COMPANY	  	99,860	  	99,860
	 Life
	  	09738*AA8	 	BOISE CASCADE	  	549,200	  	549,200
	 Life
	  	36232*AB0	 	GTE CORP	  	436,899	  	436,899
	 Life
	  	57778*AB6	 	MAY DEPARTMENT STORES CO	  	2,450,089	  	2,450,089
	 Life
	  	3134012N0	 	FED HOME LOAN MTG CORP	  	4,652	  	4,596
	 Life
	  	313401UL3	 	FED HOME LOAN MTG CORP	  	52,560	  	51,202
	 Life
	  	313401VS7	 	FED HOME LOAN MTG CORP	  	31,768	  	31,089
	 Life
	  	313401WB3	 	FED HOME LOAN MTG CORP	  	123,096	  	124,657
	 Life
	  	313401YE5	 	FED HOME LOAN MTG CORP	  	41,001	  	40,098
	 Life
	  	313401YH8	 	FED HOME LOAN MTG CORP	  	78,751	  	77,448
	 Life
	  	31341KCT3	 	FED HOME LOAN MTG CORP	  	52,270	  	53,281
	 Life
	  	31344LY56	 	FED HOME LOAN MTG CORP	  	30,551	  	30,612
	 Life
	  	31344MHF1	 	FED HOME LOAN MTG CORP	  	3,421	  	3,429
	 Life
	  	31360AKH8	 	FEDERAL NATIONAL MTG ASSN	  	36,622	  	36,325
	 Life
	  	313614TE9	 	FEDERAL NATIONAL MTG ASSN	  	86,061	  	88,758
	 Life
	  	36202BAH8	 	GOVT NATL MTG ASSN	  	36,311	  	38,494
	 Life
	  	36202BHT5	 	GOVT NATL MTG ASSN	  	174,033	  	174,710
	 Life
	  	36202BJ71	 	GOVT NATL MTG ASSN	  	27,626	  	29,418
	 Life
	  	36202BPE9	 	GOVT NATL MTG ASSN	  	694,054	  	692,157
	 Life
	  	36202BSS5	 	GOVT NATL MTG ASSN	  	321,454	  	320,576
	 Life
	  	36202BVD4	 	GOVT NATL MTG ASSN	  	610,244	  	608,579
	 Life
	  	36202C4P5	 	GOVT NATL MTG ASSN	  	2,078,724	  	2,092,291
	 Life
	  	36202C4Q3	 	GOVT NATL MTG ASSN	  	413,951	  	420,216
	 Life
	  	36202C5T6	 	GOVT NATL MTG ASSN	  	2,819,284	  	2,816,283
	 Life
	  	36202DAA9	 	GOVT NATL MTG ASSN	  	2,093,092	  	2,101,264
	 Life
	  	36202DC90	 	GOVT NATL MTG ASSN	  	377,973	  	379,740
	 Life
	  	36202DL82	 	GOVT NATL MTG ASSN	  	217,089	  	217,653
	 Life
	  	36202DLF6	 	GOVT NATL MTG ASSN	  	1,625,241	  	1,630,202
	 Life
	  	36202DLV1	 	GOVT NATL MTG ASSN	  	1,480,972	  	1,486,171
	 Life
	  	36202DMB4	 	GOVT NATL MTG ASSN	  	3,634,249	  	3,646,017
	 Life
	  	36202DPB1	 	GOVT NATL MTG ASSN	  	35,085	  	35,252
	 Life
	  	36202DRE3	 	GOVT NATL MTG ASSN	  	2,846,550	  	2,857,657
	 Life
	  	36202DRU7	 	GOVT NATL MTG ASSN	  	14,379,828	  	14,443,948
	 Life
	  	36202DTD3	 	GOVT NATL MTG ASSN	  	341,495	  	343,126
	 Life
	  	36202DTQ4	 	GOVT NATL MTG ASSN	  	332,345	  	333,209
	 Life
	  	36202DTS0	 	GOVT NATL MTG ASSN	  	6,979,502	  	6,989,211

  

 18 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	  	 Issuer

	  	Par

	  	Stat BV


	 Life
	  	36202DUU3	  	GOVT NATL MTG ASSN	  	872,289	  	874,422
	 Life
	  	36202DV24	  	GOVT NATL MTG ASSN	  	21,233,827	  	20,876,019
	 Life
	  	36202DVM0	  	GOVT NATL MTG ASSN	  	31,056,077	  	31,095,407
	 Life
	  	36202DWF4	  	GOVT NATL MTG ASSN	  	16,966,031	  	17,063,937
	 Life
	  	36202DWV9	  	GOVT NATL MTG ASSN	  	3,181,145	  	3,195,195
	 Life
	  	36202DXC0	  	GOVT NATL MTG ASSN	  	16,209,825	  	16,238,099
	 Life
	  	36202DXT3	  	GOVT NATL MTG ASSN	  	5,643,496	  	5,658,197
	 Life
	  	36202DYZ8	  	GOVT NATL MTG ASSN	  	249,221	  	248,794
	 Life
	  	36202DZX2	  	GOVT NATL MTG ASSN	  	27,879,399	  	27,824,585
	 Life
	  	362034NQ9	  	GOVT NATL MTG ASSN	  	13,751	  	13,718
	 Life
	  	36203D$20	  	GOVT NATL MTG ASSN	  	25,000,000	  	25,065,927
	 Life
	  	3620545K0	  	GOVT NATL MTG ASSN	  	68,539	  	67,781
	 Life
	  	362054GM4	  	GOVT NATL MTG ASSN	  	12,905	  	12,761
	 Life
	  	362054NL8	  	GOVT NATL MTG ASSN	  	39,350	  	38,913
	 Life
	  	362065PD0	  	GOVT NATL MTG ASSN	  	10,977	  	10,945
	 Life
	  	362069U95	  	GOVT NATL MTG ASSN	  	4,872	  	4,750
	 Life
	  	362071VN9	  	GOVT NATL MTG ASSN	  	35,469	  	35,643
	 Life
	  	3620743X2	  	GOVT NATL MTG ASSN	  	12,987	  	13,050
	 Life
	  	362090SZ6	  	GOVT NATL MTG ASSN	  	30,128	  	30,052
	 Life
	  	36214ERR8	  	GOVT NATL MTG ASSN	  	12,801	  	13,108
	 Life
	  	36215JCB7	  	GOVT NATL MTG ASSN	  	72,013	  	77,550
	 Life
	  	36215NWE0	  	GOVT NATL MTG ASSN	  	3,551	  	3,829
	 Life
	  	36215WFT6	  	GOVT NATL MTG ASSN	  	7,300	  	7,870
	 Life
	  	36215XPZ9	  	GOVT NATL MTG ASSN	  	40,398	  	40,286
	 Life
	  	362160D75	  	GOVT NATL MTG ASSN	  	38,084	  	35,567
	 Life
	  	362167SX7	  	GOVT NATL MTG ASSN	  	25,895	  	23,888
	 Life
	  	36216DFJ9	  	GOVT NATL MTG ASSN	  	26,878	  	24,852
	 Life
	  	36216EU35	  	GOVT NATL MTG ASSN	  	940	  	935
	 Life
	  	362175HN4	  	GOVT NATL MTG ASSN	  	103,029	  	89,950
	 Life
	  	3621762E8	  	GOVT NATL MTG ASSN	  	192,090	  	189,759
	 Life
	  	36217GHQ3	  	GOVT NATL MTG ASSN	  	7,854	  	6,857
	 Life
	  	36217RRW5	  	GOVT NATL MTG ASSN	  	168,360	  	167,167
	 Life
	  	36217SBY6	  	GOVT NATL MTG ASSN	  	4,331	  	4,044
	 Life
	  	36217SJN2	  	GOVT NATL MTG ASSN	  	30,580	  	29,228
	 Life
	  	36217WCH3	  	GOVT NATL MTG ASSN	  	11,025	  	10,294
	 Life
	  	36218SYN4	  	GOVT NATL MTG ASSN	  	82,669	  	87,347
	 Life
	  	36218TS58	  	GOVT NATL MTG ASSN	  	11,491	  	10,576
	 Life
	  	36218W6L0	  	GOVT NATL MTG ASSN	  	18,993	  	16,584
	 Life
	  	362192CE4	  	GOVT NATL MTG ASSN	  	60,348	  	60,390
	 Life
	  	36219GWH4	  	GOVT NATL MTG ASSN	  	55,029	  	58,934
	 Life
	  	36219X2B3	  	GOVT NATL MTG ASSN	  	52,333	  	51,707
	 Life
	  	36220BYS6	  	GOVT NATL MTG ASSN	  	33,617	  	35,898
	 Life
	  	36220E4W4	  	GOVT NATL MTG ASSN	  	118,143	  	121,624
	 Life
	  	36220RGB8	  	GOVT NATL MTG ASSN	  	24,035	  	23,949
	 Life
	  	36224PSQ2	  	GOVT NATL MTG ASSN	  	75,127	  	78,505
	 Life
	  	31331MKU9	  	FEDERAL FARM CREDIT BANK	  	1,000,000	  	1,017,097
	 Life
	  	31331MNF9	  	FEDERAL FARM CREDIT BANK	  	1,000,000	  	1,002,862
	 Life
	  	3133X2DJ1	  	FEDERAL HOME LOAN BANK	  	16,000,000	  	16,000,000
	 Life
	  	31359MMK6	  	FEDERAL NATIONAL MTG ASSN	  	10,000,000	  	10,107,251
	 Life
	  	31364AJH6	  	FEDERAL NATIONAL MTG ASSN	  	1,000,000	  	1,005,433
	 Life
	  	317705AA9	  	FINANCING CORPORATION	  	2,000,000	  	2,490,908
	 Life
	  	317705AC5	  	FINANCING CORPORATION	  	1,000,000	  	1,142,612
	 Life
	  	317705AD3	  	FINANCING CORPORATION	  	1,000,000	  	1,092,015
	 Life
	  	317705AE1	  	FINANCING CORPORATION	  	1,000,000	  	1,152,922
	 Life
	  	317705AM3	  	FINANCING CORPORATION	  	2,000,000	  	2,469,727
	 Life
	  	317705AP6	  	FINANCING CORPORATION	  	2,000,000	  	2,119,327
	 Life
	  	50181QAA6	  	LCOR ALEXANDRIA LLC	  	11,000,000	  	10,973,705

  

 19 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	 	 Issuer

	  	Par

	  	Stat BV


	 Life
	  	863871NB1	 	STUDENT LOAN MARKETING ASSOC	  	2,000,000	  	1,992,459
	 Life
	  	86387RAU6	 	STUDENT LOAN MARKETING ASSOC	  	1,000,000	  	1,005,000
	 Life
	  	86387RGT3	 	STUDENT LOAN MARKETING ASSOC	  	2,000,000	  	1,968,302
	 Life
	  	002063P#6	 	AMERICAN TELEPHONE & TELEGRAPH	  	1,000,000	  	1,002,783
	 Life
	  	04420QAH9	 	ASHLAND INC	  	3,000,000	  	3,075,130
	 Life
	  	202218AF0	 	COMMERCIAL NET LEASE	  	7,000,000	  	6,969,987
	 Life
	  	345402YD7	 	FORD MOTOR CREDIT	  	7,000,000	  	7,000,000
	 Life
	  	42217JAK5	 	HEALTH CARE PROPERTY INVEST	  	5,000,000	  	5,000,000
	 Life
	  	49326GAJ7	 	KEYCORP	  	1,500,000	  	1,486,588
	 Life
	  	50185KAF4	 	LG&E CAPITAL CO	  	6,500,000	  	6,668,594
	 Life
	  	58017QAG6	 	BOEING CAPITAL SVCS CORP	  	8,000,000	  	8,150,626
	 Life
	  	58501UAG0	 	MEDITRUST	  	4,500,000	  	4,465,656
	 Life
	  	63861QBQ0	 	NATIONWIDE HEALTH PROPERTIES	  	7,000,000	  	7,000,000
	 Life
	  	669936AA4	 	NOVA CHEMICAL CORPORATION	  	5,000,000	  	4,995,878
	 Life
	  	73763HAR7	 	POTLATCH CORP	  	5,000,000	  	4,874,917
	 Life
	  	74740FDS2	 	QUAKER OATS CO	  	1,000,000	  	1,031,332
	 Life
	  	79548GAU1	 	SALOMON SMITH BARNEY	  	1,000,000	  	963,510
	 Life
	  	81238XBZ3	 	SEARS ROEBUCK & CO	  	1,000,000	  	1,130,690
	 Life
	  	81413TAU1	 	SECURITY CAPITAL GROUP	  	6,650,000	  	6,650,000
	 Life
	  	81413WAA8	 	SECURITY CAPITAL INDUSTRIES	  	3,000,000	  	3,000,000
	 Life
	  	83080P9Z8	 	SKY FINANCIAL	  	5,000,000	  	4,763,252
	 Life
	  	84349CAG2	 	SOUTHERN NEW ENGLAND TEL	  	2,000,000	  	1,851,489
	 Life
	  	91345HAN5	 	UNIVERSAL CORP	  	6,550,000	  	6,550,000
	 Life
	  	650162AT7	 	NEW ZEALAND GOVT	  	2,000,000	  	2,088,395
	 Life
	  	002920AC0	 	ABBEY NATIONAL PLC	  	5,000,000	  	5,277,904
	 Life
	  	02765*AA9	 	AMER MUN PWR-OHIO PROJ 1 REV	  	1,051,235	  	1,051,235
	 Life
	  	02765*AC5	 	AMER MUN PWR-OHIO PROJ 1 REV	  	101,485	  	101,485
	 Life
	  	03235MAA0	 	AMTRAK/PENN STATION	  	6,613,600	  	6,613,600
	 Life
	  	048693AC9	 	ATLANTIC METHANOL CAPITAL CO	  	7,000,000	  	6,999,119
	 Life
	  	055392AB0	 	BFL FUNDING I LLC	  	4,820,102	  	4,820,102
	 Life
	  	126650AF7	 	CVS CORP	  	5,609,156	  	5,609,156
	 Life
	  	12673GAA3	 	CA FM LEASE TRUST	  	6,069,706	  	6,069,706
	 Life
	  	178777A*9	 	CITYPLACE HOLDING CORP	  	4,037,858	  	4,037,858
	 Life
	  	205887AB8	 	CONAGRA FOODS INC	  	1,000,000	  	1,002,173
	 Life
	  	207633*Y6	 	CONN NAT BANK	  	27,974	  	27,974
	 Life
	  	207633@C3	 	CONN NAT BANK	  	15,852	  	15,852
	 Life
	  	207633@D1	 	CONN NAT BANK	  	16	  	16
	 Life
	  	207633@E9	 	CONN NAT BANK	  	16	  	16
	 Life
	  	207633@F6	 	CONN NAT BANK	  	25,989	  	25,989
	 Life
	  	207633@G4	 	CONN NAT BANK	  	11,414	  	11,414
	 Life
	  	207633@N9	 	CONN NAT BANK	  	508,163	  	509,049
	 Life
	  	220027AG1	 	CORPORATE PROPRTY INVESTORS	  	6,000,000	  	5,983,528
	 Life
	  	269077AB9	 	ESI TRACTEBEL	  	1,128,000	  	1,128,000
	 Life
	  	302568AA8	 	FPL ENERGY CAITHNESS FUNDING	  	6,556,000	  	6,556,000
	 Life
	  	32485*AD9	 	FIRST NATIONAL BANK-COMMERCE	  	4,128,882	  	4,128,882
	 Life
	  	33903*CS6	 	FLEET NATL BANK-U HAUL LEASING	  	2,412,557	  	2,403,104
	 Life
	  	37045GAB9	 	GENERAL MOTORS	  	1,011,083	  	1,011,083
	 Life
	  	40423QAF4	 	HMH PROPERTIES	  	500,000	  	481,927
	 Life
	  	44440*AA4	 	HUGHES AIRCRAFT	  	451,136	  	451,136
	 Life
	  	44440*AB2	 	HUGHES AIRCRAFT	  	217,795	  	217,795
	 Life
	  	44440*AC0	 	HUGHES AIRCRAFT	  	988,446	  	988,446
	 Life
	  	44440*AD8	 	HUGHES AIRCRAFT	  	215,447	  	215,447
	 Life
	  	452479AB4	 	IMEXSA EXPORT TRUST NO 96-1	  	555,425	  	357,084
	 Life
	  	46626AAA2	 	JP MORGAN H&Q	  	10,139,938	  	10,139,938
	 Life
	  	47607TAA2	 	JENKINS-EMPIRE ASSOCIATES	  	2,592,285	  	2,596,102
	 Life
	  	494492AA9	 	KINCAID GENERATION	  	4,112,688	  	4,112,688
	 Life
	  	52465#AN5	 	LEGG-MASON LEASE BACK	  	7,371,751	  	7,366,761

  

 20 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	 	 Issuer

	  	Par

	  	Stat BV


	 Life
	  	58983*CC1	 	MERIDIAN TRUST CO-POLARIS	  	616,397	  	616,397
	 Life
	  	64038#AA6	 	NELSON INDUSTRIAL STEAM CO	  	1,030,493	  	1,030,493
	 Life
	  	693300AT2	 	PDVSA FINANCE LTD	  	7,000,000	  	6,716,619
	 Life
	  	69379@AA4	 	PEPCO HOLDINGS INC	  	6,000,000	  	6,000,000
	 Life
	  	72146#AC4	 	PILKINGTON HOLDINGS	  	5,000,000	  	5,000,000
	 Life
	  	729237A@6	 	PLUM CREEK TIMBER CO	  	6,000,000	  	6,000,000
	 Life
	  	74042#AA9	 	PREFCO IX LTD PTNRSHP SEC NT	  	3,395,961	  	3,453,017
	 Life
	  	746946AA0	 	QLD-WACC LLC	  	15,504,594	  	16,263,929
	 Life
	  	74955*AB6	 	RGS FUNDING CORP	  	1,993,269	  	1,993,269
	 Life
	  	74955@AB4	 	RGS FUNDING CORP	  	1,993,269	  	1,993,269
	 Life
	  	781777AB3	 	RUSH & ERIE ASSOCIATES	  	4,240,000	  	4,240,000
	 Life
	  	802898AA4	 	SANTISTA EXPORT SEC I	  	2,687,697	  	2,685,243
	 Life
	  	824911AB7	 	SHOPKO STORES	  	1,000,000	  	680,000
	 Life
	  	832389AC4	 	SMITH’S FOOD & DRUG CENTERS	  	6,000,000	  	5,999,082
	 Life
	  	867651AA9	 	SUNPORT PROPERTY COMPANY	  	5,648,583	  	5,682,064
	 Life
	  	88031JAB2	 	TENASKA GEORGIA PARTNERS	  	6,000,000	  	6,000,000
	 Life
	  	887367AA8	 	TIMES SQUARE HOTEL TRUST CERTS	  	7,275,567	  	7,275,567
	 Life
	  	890544AA7	 	TOPAZ 1997-1	  	4,293,033	  	4,293,033
	 Life
	  	928958AA5	 	WATERFORD 3 NUCLEAR PWR PLANT	  	3,198,376	  	3,198,376
	 Life
	  	97180*SX7	 	WILMINGTON TRUST COMPANY	  	6,283,207	  	6,283,207
	 Life
	  	97180*XZ6	 	WILMINGTON TRUST COMPANY	  	118,647	  	118,647
	 Life
	  	97180*YA0	 	WILMINGTON TRUST COMPANY	  	245,570	  	245,570
	 Life
	  	97180*YB8	 	WILMINGTON TRUST COMPANY	  	457,507	  	457,507
	 Life
	  	97180*YC6	 	WILMINGTON TRUST COMPANY	  	302,600	  	302,600
	 Life
	  	544565AA2	 	LOS ANGELES CA	  	1,734,677	  	1,799,905
	 Life
	  	437410AB9	 	HOMER CITY FUND	  	8,000,000	  	8,000,000
	 Life
	  	50045#AA6	 	KOMATSU FINANCE AMERICA, INC.	  	8,000,000	  	8,000,000
	 Life
	  	729237A*8	 	PLUM CREEK TIMBER CO	  	1,722,727	  	1,722,727
	 Life
	  	88031RAA6	 	TENASKA ALABAMA	  	7,000,000	  	7,018,621
	 Life
	  	88948@AH1	 	TOLL ROAD INVESTORS PTRNSHP II	  	1,178,257	  	471,303
	 Life
	  	88948@AJ7	 	TOLL ROAD INVESTORS PTRNSHP II	  	688,744	  	34,437
	 Life
	  	226602AA8	 	CRIIMI MAE FINANCIAL CORP	  	3,784,874	  	3,764,002
	 Life
	  	31497PKM0	 	FHA 223(F) PROJ LN	  	4,983,475	  	5,015,172
	 Life
	  	36206BDS7	 	GOVT NATL MTG ASSN	  	1,572,628	  	1,636,906
	 Life
	  	36206GHK9	 	GOVT NATL MTG ASSN	  	4,126,781	  	4,157,914
	 Life
	  	36206Y2N0	 	GOVT NATL MTG ASSN	  	2,868,385	  	2,915,281
	 Life
	  	36207FJU6	 	GOVT NATL MTG ASSN	  	6,951,110	  	7,104,007
	 Life
	  	36208HV60	 	GOVT NATL MTG ASSN	  	10,022,284	  	10,137,265
	 Life
	  	36209JZW4	 	GOVT NATL MTG ASSN	  	17,212,472	  	17,132,839
	 Life
	  	36209VDW1	 	GOVT NATL MTG ASSN	  	12,283,104	  	12,230,711
	 Life
	  	36210DZQ7	 	GOVT NATL MTG ASSN	  	14,767,125	  	14,857,574
	 Life
	  	45455CDS4	 	INDIAN WELLS CA REDEV AGY	  	3,700,000	  	3,701,143
	 Life
	  	59469C3G6	 	MICHIGAN STRATEGIC FUND	  	6,575,000	  	6,575,000
	 Life
	  	60374YCV7	 	MINNEAPOLIS MN	  	6,000,000	  	5,825,949
	 Life
	  	786091AD0	 	SACRAMENTO CNTY CA PENSION	  	3,500,000	  	2,608,234
	 Life
	  	895130L75	 	TRENTON NJ SCH DIST	  	4,000,000	  	4,002,873
	 Life
	  	0410815U0	 	ARKANSAS STATE DEV FIN AUTH	  	2,110,000	  	2,110,000
	 Life
	  	34O736W37	 	FLORIDA HOUSING FIN AGY	  	3,865,000	  	3,872,744
	 Life
	  	60535MQE2	 	MISSISSIPPI HOME CORP	  	3,337,569	  	3,337,569
	 Life
	  	6769014J7	 	OHIO HSG FIN AGY MTG REV	  	7,370,000	  	7,447,387
	 Life
	  	708792RG3	 	PENNSYLVANIA HOUSING FIN AGY	  	360,000	  	360,000
	 Life
	  	708792SS6	 	PENNSYLVANIA HOUSING FIN AGY	  	1,780,000	  	1,780,378
	 Life
	  	02913LEV3	 	AMERICAN PUBLIC ENERGY AGENCY	  	5,696,649	  	5,696,649
	 Life
	  	043175AB4	 	ARUBA AIRPORT AUTH NV AIRPORT	  	4,193,000	  	4,183,264
	 Life
	  	378294BR2	 	GLENDALE AZ MUN PPTY CORP	  	5,000,000	  	5,000,000
	 Life
	  	45188R2L2	 	ILLINOIS DEV FIN AUTH REV	  	3,000,000	  	2,962,481
	 Life
	  	485427RS9	 	KANSAS ST DEV FIN AUTH REV	  	1,000,000	  	1,000,839

  

 21 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	  	 Issuer

	  	Par

	  	Stat BV


	 Life
	  	62621DAA8	  	MUNICIPAL CORRECTIONS FINANCE	  	6,952,888	  	6,952,888
	 Life
	  	64468TZN0	  	NEW HAMPSHIRE ST HSG FIN AUTH	  	2,959,000	  	2,983,177
	 Life
	  	88880PAA2	  	TOBACCO SETTLEMENT FING CORP	  	2,563,742	  	2,563,639
	 Life
	  	98267RAA0	  	WYANDOTTE CNTY KANSAS CITY KS	  	2,070,000	  	2,070,000
	 Life
	  	005482G81	  	ADAMS & ARAPAHOE COUNTIES CO	  	2,875,000	  	2,980,015
	 Life
	  	1610344W0	  	CHARLOTTE NORTH CAROLINA	  	4,305,000	  	4,338,129
	 Life
	  	545896YX4	  	LOUDOUN CNTY VA	  	2,000,000	  	1,974,926
	 Life
	  	590485QZ4	  	MESA ARIZONA	  	1,900,000	  	1,879,912
	 Life
	  	056559AK3	  	BADGER TOB ASSET SEC CORP Wl	  	4,950,000	  	4,835,034
	 Life
	  	60636PHM5	  	MISSOURI ST ENVIRNMENTAL IMPT	  	2,000,000	  	2,138,391
	 Life
	  	912810CG1	  	U S TREASURY	  	2,000,000	  	2,005,629
	 Life
	  	912810CK2	  	U S TREASURY	  	1,000,000	  	1,000,000
	 Life
	  	912810CP1	  	U S TREASURY	  	2,000,000	  	2,035,601
	 Life
	  	912810CV8	  	U S TREASURY	  	2,000,000	  	2,296,765
	 Life
	  	912810DB1	  	U S TREASURY	  	1,000,000	  	1,082,241
	 Life
	  	912810DF2	  	U S TREASURY	  	2,000,000	  	2,325,541
	 Life
	  	912810DN5	  	U S TREASURY	  	1,000,000	  	1,182,310
	 Life
	  	912810DS4	  	U S TREASURY	  	1,000,000	  	1,223,570
	 Life
	  	912810DW5	  	U S TREASURY	  	2,000,000	  	2,306,387
	 Life
	  	912810DX3	  	U S TREASURY	  	2,000,000	  	1,919,916
	 Life
	  	912810DY1	  	U S TREASURY	  	2,000,000	  	2,604,469
	 Life
	  	912810ED6	  	U S TREASURY	  	2,000,000	  	2,528,418
	 Life
	  	912810EE4	  	U S TREASURY	  	1,000,000	  	1,308,754
	 Life
	  	912810EH7	  	U S TREASURY	  	1,000,000	  	1,249,211
	 Life
	  	9128275F5	  	U S TREASURY	  	1,200,000	  	1,213,396
	 Life
	  	9128276N7	  	U S TREASURY	  	500,000	  	507,976
	 Life
	  	9128276X5	  	U S TREASURY	  	2,500,000	  	2,661,341
	 Life
	  	912827P89	  	U S TREASURY	  	100,000	  	100,185
	 Life
	  	912827W81	  	U S TREASURY	  	500,000	  	506,928
	 Life
	  	00077B5S8	  	ABN AMRO MORTGAGE CORP	  	14,700,000	  	14,710,763
	 Life
	  	000780AH9	  	ABN AMRO MORTGAGE CORP	  	15,527,000	  	15,625,965
	 Life
	  	000780MN3	  	ABN AMRO MORTGAGE CORP	  	3,447,748	  	3,386,785
	 Life
	  	026711CW9	  	AMERICAN HOUSING TRUST	  	162,790	  	161,739
	 Life
	  	05946XDJ9	  	BANC OF AMERICA MORTGAGE SEC	  	10,000,000	  	9,518,116
	 Life
	  	05948KEM7	  	BANC OF AMERICA ALTERNATIVE	  	7,298,000	  	6,866,638
	 Life
	  	05948PAQ1	  	BANK OF AMERICA MORTGAGE SEC	  	16,200,000	  	16,029,074
	 Life
	  	05948XCU3	  	BANK OF AMERICA MORTGAGE SEC	  	17,000,000	  	16,843,637
	 Life
	  	05948XLL3	  	BANK OF AMERICA MORTGAGE SEC	  	20,100,000	  	20,711,204
	 Life
	  	05948XRM5	  	BANK OF AMERICA MORTGAGE SEC	  	8,946,000	  	9,038,476
	 Life
	  	05948XVS7	  	MASTR ALTERNATE LOAN TRUST	  	15,381,000	  	14,747,730
	 Life
	  	06050HCY2	  	BANK OF AMERICA MORTGAGE SEC	  	3,481,360	  	3,454,754
	 Life
	  	06050HNU8	  	BANK OF AMERICA MORTGAGE SEC	  	13,290,000	  	13,426,514
	 Life
	  	06050HSU3	  	BANK OF AMERICA MORTGAGE SEC	  	3,349,671	  	3,335,344
	 Life
	  	06050HWC8	  	BANK OF AMERICA MORTGAGE SEC	  	13,326,057	  	13,339,095
	 Life
	  	06051GAC3	  	BANC OF AMERICA FUNDING CORP	  	5,627,702	  	5,626,608
	 Life
	  	12669C3D0	  	COUNTRYWIDE FUNDING	  	9,487,074	  	9,515,687
	 Life
	  	12669CG95	  	COUNTRYWIDE FUNDING	  	18,545,000	  	18,414,089
	 Life
	  	12669CJD3	  	COUNTRYWIDE FUNDING	  	583,644	  	578,610
	 Life
	  	12669CR69	  	COUNTRYWIDE FUNDING	  	5,000,000	  	5,222,925
	 Life
	  	12669CR93	  	COUNTRYWIDE FUNDING	  	9,884,000	  	10,254,034
	 Life
	  	12669CZW3	  	COUNTRYWIDE FUNDING	  	16,354,000	  	16,173,637
	 Life
	  	12669D2M9	  	COUNTRYWIDE HOME LOANS	  	17,272,000	  	17,349,387
	 Life
	  	12669DAF5	  	COUNTRYWIDE HOME LOANS	  	17,058,000	  	17,029,505
	 Life
	  	12669DBG2	  	COUNTRYWIDE HOME LOANS	  	20,000,000	  	20,053,365
	 Life
	  	12669DSS8	  	COUNTRYWIDE HOME LOANS	  	14,635,000	  	14,699,082
	 Life
	  	12669EET9	  	COUNTRYWIDE FUNDING	  	17,000,000	  	16,845,400
	 Life
	  	12669ELK0	  	COUNTRYWIDE FUNDING	  	17,663,000	  	17,596,827

  

 22 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	  	 Issuer

	  	Par

	  	Stat BV


	 Life
	  	12669EMA1	  	COUNTRYWIDE FUNDING	  	10,528,015	  	10,527,718
	 Life
	  	12669ESA5	  	COUNTRYWIDE FUNDING	  	14,507,289	  	14,507,289
	 Life
	  	12669EZN9	  	COUNTRYWIDE FUNDING	  	15,000,000	  	14,955,066
	 Life
	  	12669FHN6	  	COUNTRYWIDE HOME LOANS	  	17,710,000	  	17,065,640
	 Life
	  	172973KK4	  	CITICORP MORTGAGE SECURITIES	  	15,200,000	  	15,215,291
	 Life
	  	172973RS0	  	CITICORP MORTGAGE SECURITIES	  	14,497,000	  	14,311,152
	 Life
	  	22540V2V3	  	CREDIT SUISSE FIRST BOSTON	  	13,156,420	  	13,156,420
	 Life
	  	22540V6G2	  	CREDIT SUISSE FIRST BOSTON	  	5,000,000	  	5,000,000
	 Life
	  	22540VH54	  	CREDIT SUISSE FIRST BOSTON	  	14,419,400	  	14,419,400
	 Life
	  	22540VQ21	  	CREDIT SUISSE FIRST BOSTON	  	11,425,364	  	11,425,364
	 Life
	  	22540VVM1	  	CREDIT SUISSE FIRST BOSTON	  	7,131,500	  	7,137,185
	 Life
	  	22540VY48	  	CREDIT SUISSE FIRST BOSTON	  	2,334,225	  	2,312,466
	 Life
	  	22540WER7	  	CREDIT SUISSE FIRST BOSTON	  	3,065,378	  	3,087,475
	 Life
	  	22541N5Q8	  	CREDIT SUISSE FIRST BOSTON	  	16,056,000	  	15,608,172
	 Life
	  	22541NBK4	  	CREDIT SUISSE FIRST BOSTON	  	5,000,000	  	5,000,000
	 Life
	  	22541NJV2	  	CREDIT SUISSE FIRST BOSTON	  	7,543,616	  	7,506,179
	 Life
	  	22541NK24	  	CREDIT SUISSE FIRST BOSTON	  	15,000,000	  	15,083,137
	 Life
	  	22541NLE7	  	CREDIT SUISSE FIRST BOSTON	  	10,000,000	  	10,000,000
	 Life
	  	22541QF56	  	CREDIT SUISSE FIRST BOSTON	  	20,000,000	  	19,051,171
	 Life
	  	22541QPM8	  	CREDIT SUISSE FIRST BOSTON	  	13,247,215	  	13,125,765
	 Life
	  	22541QVW9	  	CREDIT SUISSE FIRST BOSTON	  	10,150,000	  	9,970,526
	 Life
	  	2254W0CG8	  	CREDIT SUISSE FIRST BOSTON	  	20,000,000	  	19,970,801
	 Life
	  	2254W0FR1	  	CREDIT SUISSE FIRST BOSTON	  	16,000,000	  	16,013,296
	 Life
	  	23321P5F1	  	DLJ MORTGAGE	  	4,958,066	  	4,975,747
	 Life
	  	23321PBD9	  	DLJ MORTGAGE ACCEPTANCE CORP	  	92,967	  	92,441
	 Life
	  	251510AV5	  	DEUTSCHE ALT-A SECURITIES INC	  	13,054,000	  	12,951,445
	 Life
	  	251510CF8	  	DEUTSCHE ALT-A SECURITIES INC	  	11,035,000	  	11,030,607
	 Life
	  	32051DR61	  	FIRST HORIZON ASSET SECURITIES	  	12,350,000	  	11,784,854
	 Life
	  	36185NTR1	  	GMAC MTG CORP LOAN TRUST	  	9,907,521	  	9,871,180
	 Life
	  	45254TKX1	  	IMPAC SECURED ASSETS CORP	  	9,244,000	  	9,237,246
	 Life
	  	45254TLX0	  	IMPAC SECURED ASSETS CORP	  	5,500,000	  	5,491,849
	 Life
	  	45660NBV6	  	RESIDENTIAL FUNDING CORP	  	18,000,000	  	17,947,739
	 Life
	  	45660NDA0	  	RESIDENTIAL FUNDING CORP	  	6,000,000	  	6,029,339
	 Life
	  	45660NGF6	  	RESIDENTIAL FUNDING CORP	  	6,000,000	  	5,993,934
	 Life
	  	45660NSD8	  	RESIDENTIAL FUNDING CORP	  	6,343,000	  	6,343,000
	 Life
	  	49390RAE5	  	KIDDER PEABODY MORTGAGE ASSETS	  	51,084	  	51,103
	 Life
	  	55265KJB6	  	MASTR ASSET SECURITIZATION TR	  	2,990,769	  	2,973,587
	 Life
	  	55265KNZ8	  	MASTR ASSET SECURITIZATION TR	  	15,000,000	  	15,015,077
	 Life
	  	55265KSM2	  	MASTR ASSET SECURITIZATION TR	  	16,200,000	  	16,102,475
	 Life
	  	55265KZE2	  	MASTR ASSET SECURITIZATION TR	  	15,035,411	  	15,026,119
	 Life
	  	576434BQ6	  	MASTR ALTERNATE LOAN TRUST	  	15,000,000	  	14,941,798
	 Life
	  	576434HA5	  	MASTR ALTERNATE LOAN TRUST	  	10,578,505	  	10,520,792
	 Life
	  	576434HN7	  	MASTR ALTERNATE LOAN TRUST	  	7,182,000	  	7,143,770
	 Life
	  	743948AE1	  	PRUDENTIAL HOME MORTGAGE SECS	  	1,297,709	  	1,290,736
	 Life
	  	74434TNC7	  	PRUDENTIAL HOME MORTGAGE CORP	  	2,581,186	  	2,566,424
	 Life
	  	74434TRA7	  	PRUDENTIAL HOME MORTGAGE CORP	  	71,428	  	70,497
	 Life
	  	74434UCB8	  	PRUDENTIAL HOME SECURITIES	  	352,133	  	346,415
	 Life
	  	760944T81	  	RESIDENTIAL FUNDING CORP	  	823,482	  	812,672
	 Life
	  	760944TR9	  	RESIDENTIAL FUNDING CORP	  	509,746	  	509,746
	 Life
	  	76110FEB5	  	RESIDENTIAL FUNDING CORP	  	360,427	  	359,923
	 Life
	  	76110GVL2	  	RESIDENTIAL FUNDING CORP	  	9,000,000	  	8,843,239
	 Life
	  	76111JF58	  	RESIDENTIAL FUNDING MORT SEC	  	13,785,000	  	13,755,106
	 Life
	  	76111JQ49	  	RESIDENTIAL FUNDING MTG SEC	  	14,000,000	  	13,913,036
	 Life
	  	76111JU36	  	RESIDENTIAL FUNDING MTG SEC	  	14,715,282	  	14,493,486
	 Life
	  	76111JYZ1	  	RESIDENTIAL FUNDING MTG SEC	  	15,225,000	  	15,310,083
	 Life
	  	81441PBD2	  	SECURITY NATIONAL MORTGAGE	  	3,000,000	  	2,995,949
	 Life
	  	929227US3	  	WASHINGTON MUTUAL MSC MORT	  	10,300,186	  	10,274,775

  

 23 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	 	 Issuer

	  	Par

	  	Stat BV


	 Life
	  	9393354T9	 	WASHINGTON MUTUAL MSC MORT	  	5,748,438	  	5,738,920
	 Life
	  	939336GZ0	 	WASHINGTON MUTUAL MSC MORTGAGE	  	20,000,000	  	19,790,062
	 Life
	  	939336LG6	 	WASHINGTON MUTUAL MSC MORTGAGE	  	15,573,000	  	15,577,642
	 Life
	  	939336MG5	 	WASHINGTON MUTUAL MSC MORTGAGE	  	15,000,000	  	14,813,360
	 Life
	  	939336TN3	 	WASHINGTON MUTUAL MSC MORTGAGE	  	17,000,000	  	16,849,416
	 Life
	  	949760AD4	 	WELLS FARGO MORTGAGE BACKED	  	14,184,841	  	14,131,819
	 Life
	  	94979KAF2	 	WELLS FARGO MORT BACKED SEC	  	14,097,831	  	14,069,863
	 Life
	  	94979MAB7	 	WELLS FARGO MORT BACKED SEC	  	14,000,000	  	14,048,801
	 Life
	  	02567L203	 	AMERICAN EQUITY CAPITAL TRUST	  	75,000	  	2,250,000
	 Life
	  	08584#129	 	BERTHEL FISHER & CO FIN SVCS	  	697	  	50,024
	 Life
	  	0858423*1	 	BERTHEL FISHER & COMPANY	  	3,487,500	  	2,596,278
	 Life
	  	085845204	 	BERTHEL FISHER LEASING COMPANY	  	15,625	  	0
	 Life
	  	19075Q201	 	COBANK	  	60,000	  	3,000,000
	 Life
	  	20450X209	 	COMPASS LOAN HOLDINGS	  	6,400	  	5,431,392
	 Life
	  	22541A$99	 	CREDIT SUISSE FIRST BOSTON	  	70,000	  	6,979,910
	 Life
	  	30766*101	 	FARM BUREAU FIN OF ID	  	4,500	  	433,250
	 Life
	  	336163209	 	FIRST REP PFD CAP CORP	  	5,000	  	5,000,000
	 Life
	  	461070872	 	INTERSTATE P&L CO	  	148,000	  	3,700,000
	 Life
	  	53223G203	 	LIGHTHOUSE COMMUNICATIONS INC	  	500,000	  	250,000
	 Life
	  	648053700	 	NEW PLAN EXCEL REALTY TRUST	  	133,000	  	6,650,000
	 Life
	  	723526208	 	PINTO TOTTA INTERNATL FINANCE	  	8,000	  	8,000,000
	 Life
	  	833606AA4	 	SOCGEN REAL ESTATE	  	70,000	  	7,000,000
	 Life
	  	876851205	 	TAYLOR CAPITAL GROUP INC	  	80,000	  	2,000,000
	 Life
	  	638539AG1	 	NATIONAL WESTMINSTER BANK	  	5,000,000	  	4,920,721
	 Life
	  	848929AB1	 	SPINTAB AB	  	5,000,000	  	4,733,387
	 Life
	  	00435*105	 	ACCESSLINE TECHNOLOGIES, INC	  	3,020	  	1,034
	 Life
	  	025322$99	 	AMERICAN EQUITY INVESTMENT	  	1,779,885	  	7,268,337
	 Life
	  	025676$01	 	AMERICAN EQUITY INVESTMENT	  	0	  	2,489,704
	 Life
	  	025676107	 	AMERICAN EQUITY INVESTMENT	  	2,907,615	  	11,873,537
	 Life
	  	085842102	 	BERTHEL FISHER & COMPANY	  	5,813,030	  	845,477
	 Life
	  	0858452*5	 	BERTHEL FISHER LEASING COMPANY	  	7,500	  	0
	 Life
	  	200334100	 	COMDISCO HOLDING CO	  	12	  	0
	 Life
	  	31340#100	 	FEDERAL HOME LOAN BANK	  	71,307	  	7,130,700
	 Life
	  	48553#106	 	KANSAS VENTURE CAPITAL INC	  	5,000	  	62,800
	 Life
	  	745310102	 	PUGET ENERGY INC	  	21,900	  	503,687
	 Life
	  	95759$A02	 	WESTERN AGRICULTURAL INS CO	  	1	  	2,369
	 Life
	  	95759$B02	 	WESTERN AGRICULTURAL INS CO	  	2,500	  	5,921,700
	 Life
	  	294937404	 	EQUITRUST SERIES FUND, INC	  	75,129	  	718,711
	 Life
	  	294937800	 	EQUITRUST SERIES FUND, INC	  	94,967	  	1,000,000
	 Life
	  	294937883	 	EQUITRUST SERIES FUND, INC	  	95,057	  	1,000,000
	 Life
	  	294939301	 	EQUITRUST VAR INSURANCE SERIES	  	19,006	  	162,085
	 Life
	  	024936874	 	AMERICAN CENTURY VISTA FUND	  	87,515	  	750,000
	 Life
	  	294937206	 	EQUITRUST SERIES FUND, INC	  	1,910,602	  	1,910,602
	 Life
	  	294937867	 	EQUITRUST SERIES FUND, INC	  	500,000	  	500,000
	 Life
	  	294939509	 	EQUITRUST VAR INSURANCE SERIES	  	1,766,286	  	1,766,286
	 Life
	  	3184653#6	 	FIRST ALBANY COMPANIES INC	  	200,000	  	440,369
	 Life
	  	313396QP1	 	FED HOME LOAN MTG CORP	  	5,000,000	  	4,997,852
	 Life
	  	313396SA2	 	FED HOME LOAN MTG CORP	  	10,000,000	  	9,985,206
	 Life
	  	313588PZ2	 	FEDERAL NATIONAL MTG ASSN	  	10,000,000	  	9,999,721
	 Life
	  	313588RG2	 	FEDERAL NATIONAL MTG ASSN	  	15,000,000	  	14,985,856
	 Life
	  	313588RM9	 	FEDERAL NATIONAL MTG ASSN	  	10,000,000	  	9,989,310
	 Life
	  	0263X5VN3	 	AMERICAN GENERAL FINANCE CORP	  	5,000,000	  	5,000,000
	 Life
	  	1667NDJV4	 	CHEVRONTEXACO CORP	  	10,000,000	  	10,000,000
	 Life
	  	1730EKH95	 	CITIGROUP CP	  	10,000,000	  	10,000,000
	 Life
	  	1730EKN72	 	CITIGROUP CP	  	10,000,000	  	10,000,000
	 Life
	  	1730EKQ53	 	CITIGROUP CP	  	10,000,000	  	10,000,000
	 Life
	  	36965MK64	 	GENERAL ELECTRIC CAPITAL CORP	  	10,000,000	  	10,000,000

  

 24 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	  	 Issuer

	  	Par

	  	Stat BV


	 Life
	  	9497F4SF2	  	WELLS FARGO CORPORATION	  	5,000,000	  	5,000,000
	 Life
	  	0924 8U718	  	BLACKROCK PROVIDENT T-FUND	  	28,145,590	  	28,145,590
	 Life
	  	0380380	  	LEA COUNTY FARM & LIVESTOCK	  	13,045	  	13,045
	 Life
	  	0380470	  	WASHINGTON COUNTY F.B. OFFICE	  	5,831	  	5,831
	 Life
	  	0381001	  	PLATTE COUNTY FARM BUREAU	  	24,325	  	24,325
	 Life
	  	0381004	  	JEFFERSON CO. FARM BUREAU OFF.	  	34,070	  	34,070
	 Life
	  	0381006	  	BERNALILLO CO FARM & LIVESTOCK	  	146,559	  	146,559
	 Life
	  	0381008	  	MADISON COUNTY FARM BUREAU	  	5,637	  	5,637
	 Life
	  	0381009	  	CASSIA-MINIDOKA CO FARM BUREAU	  	211,316	  	211,316
	 Life
	  	0381013	  	BONNER COUNTY FARM BUREAU OFF	  	106,398	  	106,398
	 Life
	  	0381014	  	POWER COUNTY FARM BUREAU OFF.	  	101,583	  	101,583
	 Life
	  	0381015	  	FREMONT COUNTY F.B. OFFICE	  	51,578	  	51,578
	 Life
	  	0381016	  	TWIN FALLS COUNTY F.B. OFFICE	  	173,949	  	173,949
	 Life
	  	0381080	  	OFFICE BUILDING	  	27,106	  	27,106
	 Life
	  	0381106	  	CENTENNIAL BLVD OFFICE/WHSE	  	199,348	  	199,348
	 Life
	  	0381147	  	OFFICE BUILDING	  	295,582	  	295,582
	 Life
	  	0381198	  	COMMERCIAL STORAGE BUILDING	  	82,388	  	82,388
	 Life
	  	0381237	  	BLOCKBUSTER VIDEO STORE	  	53,321	  	53,321
	 Life
	  	0381238	  	BLOCKBUSTER VIDEO STORE	  	53,321	  	53,321
	 Life
	  	0381254	  	ORACLE VILLAGE/SAN FRAN. SQUAR	  	718,080	  	718,080
	 Life
	  	0381273	  	EXECUTIVE TOWER OFFICE BLDG.	  	274,359	  	274,359
	 Life
	  	0400001	  	HOMEBASE STORE #10	  	1,443,705	  	1,443,705
	 Life
	  	0400002	  	CAPITAL CENTER 68 OFFICE BULDI	  	3,240,120	  	3,240,120
	 Life
	  	0400003	  	20 &25 INTERNATIONAL DR BLDG	  	4,528,456	  	4,528,456
	 Life
	  	0400039	  	TENCO TRACTOR FACILITY	  	1,483,108	  	1,483,108
	 Life
	  	0400044	  	EDFUND OFFICE BUILDING	  	4,249,006	  	4,249,006
	 Life
	  	0400045	  	AMERICAN CENTER BUILDINGS	  	1,442,014	  	1,442,014
	 Life
	  	0400046	  	SMYTH VOLVO	  	575,110	  	575,110
	 Life
	  	0401002	  	RITE AID DRUG STORE - NJ	  	681,745	  	681,745
	 Life
	  	0401006	  	CENTURY BANK BUILDING	  	601,300	  	601,300
	 Life
	  	0401007	  	BROADWEST SURGICAL CENTER	  	3,018,337	  	3,018,337
	 Life
	  	0401008	  	MC DONALD’S RESTAURANT	  	1,296,579	  	1,296,579
	 Life
	  	0401018	  	BIG BEAR SUPERMARKET - OHIO	  	1,528,648	  	1,528,648
	 Life
	  	0401020	  	CLAY COUNTY FARM BUREAU	  	51,096	  	51,096
	 Life
	  	0401021	  	NATWEST BANK BUILDING	  	531,572	  	531,572
	 Life
	  	0401024	  	9240 NORTH MERIDIAN OFF. BLDG.	  	1,491,749	  	1,491,749
	 Life
	  	0401028	  	KROGER GROCERY STORE - SC	  	889,379	  	889,379
	 Life
	  	0401031	  	WALGREENS DRUG STORE - SPRINGFLD	  	794,211	  	794,211
	 Life
	  	0401032	  	WALGREENS DRUG STORE - DALLAS	  	1,420,133	  	1,420,133
	 Life
	  	0401033	  	50 MONROE PLACE	  	7,417,783	  	7,417,783
	 Life
	  	0401035	  	RITE AID DRUG STORE - Ml	  	1,305,110	  	1,305,110
	 Life
	  	0401036	  	ECKERD DRUG STORE - FL #0046R	  	1,065,159	  	1,065,159
	 Life
	  	0401037	  	ECKERD DRUG STORE - NC #2698	  	1,118,717	  	1,118,717
	 Life
	  	0401042	  	WALGREENS DRUG STORE - NM	  	1,528,827	  	1,528,827
	 Life
	  	0401043	  	WALGREENS DRUG STORE - SAN ANT	  	1,986,018	  	1,986,018
	 Life
	  	0401047	  	WALGREENS DRUG STORE - LUBBOCK	  	1,872,169	  	1,872,169
	 Life
	  	0401048	  	VISIONAIRE PRODUCTION FACILITY	  	682,426	  	682,426
	 Life
	  	0401049	  	WALGREENS DRUG STORE - LAWTON	  	2,146,576	  	2,146,576
	 Life
	  	0401050	  	PINK PLAZA	  	3,232,766	  	3,232,766
	 Life
	  	0401051	  	OHIO SAVINGS BANK	  	1,574,752	  	1,574,752
	 Life
	  	0401052	  	6400 OFFICE SQUARE BUILDING	  	814,542	  	814,542
	 Life
	  	0401053	  	BANK ONE OFFICE BUILDING	  	4,599,704	  	4,599,704
	 Life
	  	0401057	  	DEA WAREHOUSE	  	1,947,397	  	1,947,397
	 Life
	  	0401058	  	BINGHAM COUNTY FARM BUREAU OFF	  	78,052	  	78,052
	 Life
	  	0401059	  	KOOTENAI-SHOSHONE CNTY FB OFF	  	149,347	  	149,347
	 Life
	  	0401061	  	BONNEVILLE COUNTY FB OFFICE	  	283,065	  	283,065
	 Life
	  	0401063	  	FOUR POINTS SHERATON	  	7,750,000	  	4,250,000

  

 25 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	  	 Issuer

	  	Par

	  	Stat BV


	 Life
	  	0401065	  	PAYETTE COUNTY FARM BUREAU OFF	  	163,518	  	163,518
	 Life
	  	0401066	  	ADA COUNTY FARM BUREAU OFFICE	  	237,646	  	237,646
	 Life
	  	0401067	  	CVS DRUG STORE - INDIANA	  	1,966,394	  	1,966,394
	 Life
	  	0401070	  	WIMMER MEDICAL OFFICE BUILDING	  	3,772,367	  	3,772,367
	 Life
	  	0401073	  	ONE CROSSTOWN PLAZA	  	1,664,030	  	1,664,030
	 Life
	  	0401074	  	DEER CREEK MARKET PLACE	  	8,218,829	  	8,218,829
	 Life
	  	0401078	  	WESTLAKE SHOPPING CENTER	  	2,725,713	  	2,725,713
	 Life
	  	0401080	  	BURNHAVEN SHOPPING CENTER	  	4,678,480	  	4,678,480
	 Life
	  	0401081	  	KAILUA PROFESSIONAL CENTER	  	3,652,648	  	3,652,648
	 Life
	  	0401083	  	ARIZONA HOME OFFICE	  	1,690,557	  	1,690,557
	 Life
	  	0401084	  	WOODMORE PROFESSIONAL CENTER	  	2,337,965	  	2,337,965
	 Life
	  	0401086	  	DEA BUILDING - VISTA	  	14,127,649	  	14,127,649
	 Life
	  	0401089	  	TIME WARNER	  	3,078,315	  	3,078,315
	 Life
	  	0401090	  	BRIGHTLEAF COMMONS SHP CTR	  	1,749,821	  	1,749,821
	 Life
	  	0401096	  	LINENS ‘N THINGS	  	1,182,844	  	1,182,844
	 Life
	  	0401201	  	POTTERY BARN	  	3,091,438	  	3,091,438
	 Life
	  	0401202	  	CREEKSIDE PROPERTIES	  	1,349,995	  	1,349,995
	 Life
	  	0401203	  	SOUTHERN WINE & SPIRITS DIST.	  	3,230,010	  	3,230,010
	 Life
	  	0401204	  	350 ROYAL PALM WAY	  	4,278,000	  	4,278,000
	 Life
	  	0401205	  	340 ROYAL PALM WAY	  	2,562,000	  	2,562,000
	 Life
	  	0401241	  	GOODING’S PLAZA	  	5,129,697	  	5,129,697
	 Life
	  	0401254	  	LIVE OAK CENTER	  	1,911,978	  	1,911,978
	 Life
	  	0401301	  	CYGNET AIRPORT CENTER	  	1,672,568	  	1,672,568
	 Life
	  	0401302	  	CYGNET AIRPORT CENTER	  	353,722	  	353,722
	 Life
	  	0401303	  	LA SALLE BANK	  	1,779,308	  	1,779,308
	 Life
	  	0401304	  	DEERPATH OFFICE BUILDINGS	  	6,262,345	  	6,262,345
	 Life
	  	0401305	  	HOME DEPOT - ILLINOIS	  	6,420,000	  	6,420,000
	 Life
	  	0401369	  	CVS-CHICAGO	  	2,979,531	  	2,979,531
	 Life
	  	0401372	  	1251 PLUM GROVE OFFCE BUILDING	  	1,312,458	  	1,312,458
	 Life
	  	0401375	  	JEL SERT	  	3,444,121	  	3,444,121
	 Life
	  	0401401	  	HUNTER PLAZA SHOPPING CENTER	  	2,250,608	  	2,250,608
	 Life
	  	0401402	  	IRVIN AUTOMOTIVE PRODUCTS	  	3,642,000	  	3,642,000
	 Life
	  	0401404	  	130 KERCHEVAL	  	3,120,000	  	3,120,000
	 Life
	  	0401479	  	777 ENTERPRISE DRIVE	  	2,207,770	  	2,207,770
	 Life
	  	0401482	  	MITSUBISHI AUTOMOTIVE ELECTRIC	  	6,539,159	  	6,539,159
	 Life
	  	0401487	  	PONTIAC PLAZA	  	1,184,792	  	1,184,792
	 Life
	  	0401501	  	MULCAHY INDUSTRIAL PROPERTIES	  	2,328,027	  	2,328,027
	 Life
	  	0401502	  	AETRIUM OFFICE SHOWROOM	  	838,208	  	838,208
	 Life
	  	0402002	  	KING SOOPER SHOPPING CENTER	  	3,391,822	  	3,391,822
	 Life
	  	0402003	  	U.S. POSTAL SERVICE - LA	  	1,763,724	  	1,763,724
	 Life
	  	0402009	  	ULTIMATE ELECTRONICS	  	1,995,000	  	1,995,000
	 Life
	  	0403007	  	WALGREENS DRUG STORE - IL	  	1,690,343	  	1,690,343
	 Life
	  	0403008	  	BURLINGTON COAT FACTORY	  	1,624,652	  	1,624,652
	 Life
	  	0403009	  	PREMIER OFFICE COMPLEX	  	5,857,986	  	5,857,986
	 Life
	  	0403010	  	REECE & NICHOLS - LEAWOOD/MISS	  	3,486,333	  	3,486,333
	 Life
	  	0403015	  	UNIVERSAL PLAZA SHOPPING CENTE	  	6,265,225	  	6,265,225
	 Life
	  	0404003	  	CIRCLE CENTER WEST	  	1,850,012	  	1,850,012
	 Life
	  	0404005	  	ONTARIO AIRPORT BUSINESS PARK	  	2,015,375	  	2,015,375
	 Life
	  	0404006	  	FOUR SEASONS OFFICE BUILDING	  	2,890,091	  	2,890,091
	 Life
	  	0404021	  	SAN BERNARDINO COUNTY OFF BLDG	  	1,350,187	  	1,350,187
	 Life
	  	0404022	  	RIVERSIDE COUNTY RECORDER OFF	  	5,356,055	  	5,356,055
	 Life
	  	0404023	  	23 CORPORATE PLAZA	  	8,811,782	  	8,811,782
	 Life
	  	0404024	  	STATE COMPENSATION INS. BLDG.	  	2,287,935	  	2,287,935
	 Life
	  	0404026	  	100 PACIFICA BUILDING	  	7,197,848	  	7,197,848
	 Life
	  	0404027	  	HIGHPOINTE I AND II	  	7,586,648	  	7,586,648
	 Life
	  	0404028	  	ARROW BUSINESS PARK	  	2,265,937	  	2,265,937
	 Life
	  	0405002	  	WALGREENS DRUG STORE-ARIZONA	  	756,801	  	756,801

  

 26 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

									
	 Company

	  	Cusip/Loan #

	  	 Issuer

	  	Par

	  	StatBV


	 Life
	  	0405006	  	WALGREENS DRUG STORE- COLLEYVIL	  	1,669,143	  	1,669,143
	 Life
	  	0405011	  	LOWE’S HOME IMPROVE STORE - LV	  	6,628,726	  	6,628,726
	 Life
	  	0405012	  	LOWES HOME IMPROVE STORE - BUR	  	5,454,031	  	5,454,031
	 Life
	  	0405017	  	EAST MESA MEDICAL BUILDINGS	  	3,810,521	  	3,810,521
	 Life
	  	0405019	  	SUMMERLIN MEDICAL CENTER	  	7,679,647	  	7,679,647
	 Life
	  	0405023	  	1775 ST. JAMES PLACE OFF BLDG	  	2,495,002	  	2,495,002
	 Life
	  	0405025	  	VETERANS ADMINISTRATION OFFICE	  	13,492,332	  	13,492,332
	 Life
	  	0405105	  	KROGER GROCERY STORE - TEXAS	  	1,131,086	  	1,131,086
	 Life
	  	0405113	  	COMPAQ COMPUTER FACILITY	  	8,898,357	  	8,898,357
	 Life
	  	0405114	  	WALGREENS DRUG STORE-CLEAR LAK	  	1,776,454	  	1,776,454
	 Life
	  	0405115	  	HEDWIG PLACE ATRIUM 1	  	3,600,024	  	3,600,024
	 Life
	  	0405120	  	KINGS CROSSING SHOPPING CENTER	  	11,129,869	  	11,129,869
	 Life
	  	0405121	  	EDWARD D JONES OFFICE BLDG	  	7,428,011	  	7,428,011
	 Life
	  	0405122	  	PLAZA I AND II	  	4,240,201	  	4,240,201
	 Life
	  	0405123	  	NAHAN PRINTING	  	5,354,264	  	5,354,264
	 Life
	  	0406001	  	HERNDON OFFICE CENTER	  	1,054,054	  	1,054,054
	 Life
	  	0406002	  	U.S. POSTAL SERVICE - CA	  	3,877,079	  	3,877,079
	 Life
	  	0406003	  	IGNACIO BUSINESS PARK	  	2,561,010	  	2,561,010
	 Life
	  	0406004	  	SUNNYVALE FINANCIAL PLAZA	  	5,420,557	  	5,420,557
	 Life
	  	0406005	  	GEOMAX INDUSTRIAL BUILDING	  	2,260,922	  	2,260,922
	 Life
	  	0406006	  	OB-1 OFFICE BUILDING	  	8,986,897	  	8,986,897
	 Life
	  	0406007	  	SONOMA VALLEY CENTER	  	2,789,932	  	2,789,932
	 Life
	  	0406019	  	EMERYVILLE WAREHOUSE	  	564,104	  	564,104
	 Life
	  	0407001	  	CVS DRUG STORE - CONNECTICUT	  	1,548,529	  	1,548,529
	 Life
	  	0407002	  	SWISS ARMY BRANDS BUILDING	  	1,813,021	  	1,813,021
	 Life
	  	0407003	  	5 MOUNT ROYAL	  	1,961,909	  	1,961,909
	 Life
	  	0407004	  	1040-1050 WALTHAM STREET BLDG	  	2,766,084	  	2,766,084
	 Life
	  	0407005	  	JDS UNIPHASE BUILDING	  	6,032,344	  	6,032,344
	 Life
	  	0407006	  	MEDICIA PHARMACEUTICAL	  	5,048,100	  	5,048,100
	 Life
	  	0407014	  	MOUNT ROYAL	  	2,540,687	  	2,540,687
	 Life
	  	0407022	  	U.S. POSTAL SERVICE - MA	  	948,054	  	948,054
	 Life
	  	0407038	  	65 WALNUT STREET BUILDING	  	2,187,135	  	2,187,135
	 Life
	  	0407040	  	BIG Y WORLD CLASS MARKET	  	5,181,208	  	5,181,208
	 Life
	  	0408004	  	CITYPLACE	  	2,231,879	  	2,231,879
	 Life
	  	0421014	  	DIMENSION CABLE BUILDING	  	65,042	  	65,042
	 Life
	  	0422001	  	K-MART; BRIGHTON	  	2,816,210	  	2,816,210
	 Life
	  	0422003	  	EXABYTE BUILDING	  	2,001,373	  	2,001,373
	 Life
	  	0422004	  	VALLEY COMMERCE CENTER	  	1,757,493	  	1,757,493
	 Life
	  	0431081	  	RANDECKER FARM	  	12,019	  	12,019
	 Life
	  	0431083	  	MILLER FARM	  	188,710	  	188,710
	 Life
	  	0431088	  	BURTON LAND	  	17,028	  	17,028
	 Life
	  	0431098	  	KRAMER FARMSTEAD	  	32,387	  	32,387
	 Life
	  	0466680	  	WAUKESHA COUNTY FARM BUREAU	  	112,820	  	112,820
	 Life
	  	.4010100	  	DEA - NORTH HIGHLANDS	  	4,268,308	  	4,268,308
	 Life
	  	4010101	  	NORTHFIELD SHOPPING CENTER	  	2,522,932	  	2,522,932
	 Life
	  	4010102	  	VA - SUNRISE	  	6,900,000	  	6,900,000
	 Life
	  	4010103	  	BROOKLYN CORPORATE CENTER	  	4,009,148	  	4,009,148
	 Life
	  	4010104	  	FEDEX GROUND - CHANTILLY	  	2,700,000	  	2,700,000
	 Life
	  	401088A	  	GRAMMER INDUSTRIES	  	2,495,529	  	2,495,529
	 Life
	  	401088B	  	GRAMMER INDUSTRIES	  	105,442	  	105,442
	 Life
	  	401494A	  	PINELAND STATION SHOPPING CENT	  	4,461,438	  	4,461,438
	 Life
	  	401494B	  	PINELAND STATION SHOPPING CENT	  	288,965	  	288,965
	 Life
	  	401495A	  	PINELAND OFFICE BUILDING	  	951,774	  	951,774
	 Life
	  	401495B	  	PINELAND OFFICE BUILDING	  	50,858	  	50,858
	 Life
	  	405110A	  	4550 POST OAK PLACE BUILDING	  	6,500,000	  	6,500,000
	 Financial Svcs
	  	294938105	  	Equitrust Money Market	  	2,241	  	2,241
	 Financial Svcs
	  	N/A	  	Bank of America DDA	  	857,072	  	857,072

  

 27 








 FFG Consolidated Assets 
 As of November 30, 2003 
  

											
	 Company

	  	Cusip/Loan #

	  	 Issuer

	  	Par

	 	 	Stat BV

	 
	 Assigned Benefit
	  	N/A	  	Bank of America DDA	  	495,441	 	 	495,441	 
	 Equitrust Mktg
	  	294938105	  	Equitrust Money Market	  	114,887	 	 	114,887	 
	 Equitrust Mktg
	  	09248U718	  	Blackrock Provident	  	1,356,363	 	 	1,356,363	 
	 Equitrust Mgmt
	  	294938105	  	Equitrust Money Market	  	4,104	 	 	4,104	 
	 Equitrust Mgmt
	  	09248U718	  	Blackrock Provident	  	1,625,106	 	 	1,625,106	 
	 Equitrust Mgmt
	  	9128276N7	  	US T-note	  	500,000	 	 	507,956	 
	 Equitrust Mgmt
	  	9128276X5	  	US T-note	  	500,000	 	 	503,498	 
	 Equitrust Mgmt
	  	9128277F3	  	US T-note	  	500,000	 	 	516,746	 
	 Equitrust Mgmt
	  	912827V82	  	US T-note	  	700,000	 	 	715,453	 
	 Equitrust Mgmt
	  	912827W81	  	US T-note	  	500,000	 	 	520,962	 
	 Equitrust Mgmt
	  	294937107	  	Equitrust Value Growth	  	102,295	 	 	1,227,314	 
	 FBL Brokerage
	  	294938105	  	Equitrust Money Market	  	20,594	 	 	20,594	 
	 FBL Brokerage
	  	N/A	  	Bank of America DDA	  	85,576	 	 	85,576	 
	 FBL Leasing
	  	N/A	  	Bank of America DDA	  	(40,251	)	 	(40,251	)
	 FBL Leasing
	  	294938105	  	Equitrust Money Market	  	1,886	 	 	1,886	 
	 West Ag Ins Agency N/A
	  	Bank of America DDA	  	3,964	 	 	3,964	 
	 Total FFG Consolidated
	  	 	  	7,348,954,973	 	 	6,273,304,494	 

  

 28 








 SCHEDULE 2 
  

INDEBTEDNESS 
  

							
	 	  	 Liability at
 September 30,
 2003

	  	Notional
Amount


	 FBL Financial Group (parent company)
	  	 	 	  	 	 
	 Subordinated Note payable to Capital Trust (eliminated in consolidation)
	  	$	100,000,000	  	 	 
	 Series C preferred stock
	  	$	87,724,000	  	 	 
	 FBL Financial Group Capital Trust
	  	 	 	  	 	 
	 Mandatorily redeemable preferred stock
	  	$	97,000,000	  	 	 
	 Farm Bureau Life Insurance Company
	  	 	 	  	 	 
	 Federal Home Loan Bank Note
	  	$	40,000,000	  	 	 
	 Interest rate swap maturing May 2006
	  	$	1,040,000	  	$	50,000,000
	 Interest rate swap maturing July 2008
	  	$	—  	  	$	50,000,000
	 Interest rate swap maturing July 2008
	  	$	—  	  	$	50,000,000
	 FBL Leasing Services, Inc.
	  	 	 	  	 	 
	 Note Payable to Farm Bureau Life Insurance Company (eliminated in consolidation)
	  	$	18,040,526	  	 	 

  









 SCHEDULE 3 
  

LIENS 
  
 Liens of Record (Office of the Iowa Secretary of State) 
  
 UCC filings for FBL Financial Group, Inc.: 
  

	1.	IBM Credit Corporation – June 21, 2002 – Equipment lease 

  

	2.	IOS Capital, LLC – April 23,2003 – Equipment lease 

  

	3.	IOS Capital, LLC – April 23,2003 – Equipment lease 

  

	4.	IOS Capital, LLC – April 23,2003 – Equipment lease 

  
 UCC filings for FBL Leasing Services, Inc.: 
  

	1.	Technology Integration Financial Services, Inc. – May 14,1999 – Equipment lease 

  

	2.	Technology Integration Financial Services, Inc. – October 7,1999 – Equipment lease 

  

	3.	Banc of America Vendor Finance, Inc. – June 26, 2000 – Equipment lease 

  
 Other: 
  

	 	1.	Voting trust agreement expiring December 31, 2007 between Farm Bureau Life Insurance Company and American Equity Investment Life Holding Company. Of the 4,687,500 common shares of
American Equity beneficially owned by Farm Bureau Life, 1,779,885 shares are on deposit in a voting trust which has a term of ten years ending on December 31, 2007. Under the terms of the voting trust, the voting trustees named therein (management
of American Equity) control all voting rights attributable to the shares on deposit. Because the total beneficial interest has fallen below 20% of the outstanding shares, the remaining shares on deposit will be released at the next revaluation date.


  

	 	2.	Federal Home Loan Bank of Des Moines (“FHLB”): liens upon (i) deposit accounts maintained by Farm Bureau Life Insurance Company with FHLB; (ii) equity interests in FHLB
owned by Farm Bureau Life; and (iii) fixed maturity securities owned by Farm Bureau Life and the securities accounts into which such may be deposited from time to time, all in varying amounts but not to exceed a value of $60,000,000 at any time.


  

	 	3.	Ordinary course of business deposits of securities with various state Insurance Departments, aggregating approximately $2,000,000. 

  

	 	4.	Ordinary course of business deposit accounts at banking institutions which may claim rights of set off with respect to operating accounts. 

  









 SCHEDULE 4 
  

SUBSIDIARIES 
  

												
	 	  	 State of
 Domicile

	  	 Shares
 Authorized

	  	 Shares
 Issued

	  	 Owner

	  	 % of
 Ownership

	 
	 FBL Financial Group Capital Trust
	  	Iowa	  	3,000	  	3,000	  	 FBL Financial Group, Inc.
	  	100	%
	 Farm Bureau Life Insurance Company
	  	Iowa	  	994,000	  	50,000	  	 FBL Financial Group, Inc.
	  	100	%
	 EquiTrust Life Insurance Company
	  	Iowa	  	2,500	  	2,000	  	 Farm Bureau Life Insurance Company
	  	100	%
	 FBL Real Estate Ventures, Ltd.
	  	Iowa	  	2,500	  	1,600	  	 Farm Bureau Life Insurance Company
	  	100	%
	 Renner Business Center
	  	Kansas	  	N/A	  	N/A	  	 Farm Bureau Life Insurance Company
	  	90	%
	 FBL Financial Services, Inc.
	  	Iowa	  	1,000	  	1,000	  	 FBL Financial Group, Inc.
	  	100	%
	 EquiTrust Marketing Services, LLC
	  	Delaware	  	N/A	  	N/A	  	 FBL Financial Services, Inc.
	  	87	%
	 	  	 	  	N/A	  	N/A	  	 United Farm Family Life Insurance Company
	  	6	%
	 	  	 	  	N/A	  	N/A	  	 Farm Bureau Life Insurance Company of Missouri
	  	7	%
	 EquiTrust Investment Management Services, Inc.
	  	Iowa	  	10,000	  	8,478	  	 FBL Financial Services, Inc.
	  	100	%
	 FBL Leasing Services, Inc.
	  	Iowa	  	1,000,000	  	1,000	  	 FBL Financial Services, Inc.
	  	100	%
	 EquiTrust Assigned Benefit Company
	  	Iowa	  	1,000,000	  	1,000	  	 FBL Financial Services, Inc.
	  	100	%
	 FBL Insurance Brokerage, Inc. ***
	  	Iowa	  	2,500	  	300	  	 FBL Financial Services, Inc.
	  	100	%
	 Western Ag Insurance Agency, Inc. ***
	  	Arizona	  	100,000	  	500	  	 FBL Financial Services, Inc.
	  	100	%

  

	***	These subsidiaries will be liquidated in the 4th
quarter of 2003.