Company Press Release

(PITTSBURGH, Pa., July 19, 2011) — Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment managers, completed the transition of approximately $509 million in equity, fixed income and money market assets from EquiTrust Series Fund, Inc. and EquiTrust Variable Insurance Series Fund. The assets previously had been managed by FBL Financial Group, Inc. (NYSE: FFG) affiliate EquiTrust Investment Management Services, Inc. The assets were transitioned to Federated funds with similar investment objectives through a closing that was completed Monday, July 18, 2011.

"The completion of the transaction allows the EquiTrust funds' shareholders to leverage Federated's broader mutual fund management capabilities, while also providing them with access to our wide variety of investment options and quality customer service," said J. Christopher Donahue, president and chief executive officer of Federated Investors.

Over the past five years, Federated has completed numerous transactions totaling more than $40 billion in assets. Federated continues to seek alliance and acquisition opportunities in the United States and around the world.

Federated Investors, Inc. is one of the largest investment managers in the United States, managing $354.9 billion in assets as of March 31, 2011. With 133 funds, as well as a variety of separately managed account options, Federated provides comprehensive investment management worldwide to approximately 4,900 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. For more information, visit FederatedInvestors.com.

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Certain statements in this press release, such as those related to Federated's efforts to seek alliance and acquisition opportunities, constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company or industry results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Among other risks and uncertainties is the ability of Federated to identify and complete suitable acquisitions, and the risk factors discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission. Many of these factors may be impacted as a result of the ongoing threat of terrorism. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.


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