1 CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group Tax Opportunities April 2010 DRAFT

2 Framework CMGMI JV Deferred Taxes NY Annual Statement Other Idea I III IV V All Amounts Are $ Millions, Unless Noted Tax-Exempt Municipal Bonds II

3 DRAFT Framework I XX

4 DRAFT Background II Tax-Exempt Municipal Bonds P&C Companies Subject To 5.25% On Tax-Exempt Municipal Income –15% Add-Back On Policyholder Share Times 35% Life Companies Tax Depends On Policyholder Share Which Varies –Depends On Required Interest Credited To Policies And Other Factors –Tax Rate Reflects Income Theoretically Credited To Policyholders –CMIS Rate Is ~20%

5 DRAFT MI JV Deferred Tax II Condition Giving Rise Implication Subject To Recoverability Testing