1. High-Quality Investments � 95.1% of the Bankers portfolio is investment-grade.

2. Highly Liquid Portfolio� 82.0% of our portfolio is invested in public securities that can be sold

easily to allow Bankers to meet our policyholder obligations.

3. Highly Diversified Portfolio� Bankers’ portfolio includes a mix of 722 issuers.

4. Limited Exposure to Troubled Asset Classes� Our investment‐grade corporates are in less cyclical industries, such as

defense, utilities and food & beverage.

5. Diversified Mortgage Exposure� 67.9% of our residential mortgage investments are AAA rated.

� Less than one-quarter of a percent (0.10%) of our entire portfolio issubprime, so exposure is almost non-existent.

� Our portfolio’s mortgage exposure is diversified geographically and by loan size.

6. Corporate Stability� In business for 130 years

� More than 1.3 million policyholders

� Paid $1.2 billion in policy benefits in 2009

Why choose a Bankers policy?

As of April 30, 2010

Let us find a safe harbor for your hard-earned savings.Our investment portfolio is comprised of high-grade, diversified holdings

so you can rest assured that the money you provide us, through annuities,

life insurance, or supplemental health policies, is secure.

BBB40.9%

A30.7%

AA8.1%

AAA15.4%

B or lower1.3%

BB3.6%

Bankers Life and Casualty Company Rating Composition

95.1% Investment-Grade

This information reflects the investment portfolio

of Bankers Life and Casualty Company, which

is a subsidiary of CNO Financial Group, Inc.,

a holding company for a group of insurance

companies operating throughout the United

States. As of March 31, 2010, CNO Financial

Group, Inc. reported total assets of $30.8 billion

and total liabilities of $27.1 billion.

17601 (6/10)

As of April 30, 2010

Portfolio Composition

Investment-Grade Corporates . . . . . . . . . . . . . . . . . . . . . 63.7%High Yield Corporates . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8%Agency & Non-Agency Mortgage Securities . . . . . . . . . . . 8.2%Commercial Mortgage-Backed Securities . . . . . . . . . . . . . 5.8%Asset-Backed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3%Governments & Municipals . . . . . . . . . . . . . . . . . . . . . . . . 7.7%Commercial Mortgage . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2%Cash & Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3%