Principal acquisition of Wells Fargo Institutional Retirement and Trust business

Principal agreed to acquire Wells Fargo’s Institutional Retirement and Trust business at a USD 1.2 billion base purchase price, subject to closing adjustments and an earnout of up to USD 150 million tied to revenue retention. The acquisition closed July 1, 2019. Wells Fargo continued recordkeeping, trustee and custody services during transition. Principal announced retirement-business integration in August 2021, while broader trust transition followed a separate timetable. The recorded amount is the announced base price; final adjustments and earnout paid were not confirmed.