Principal Variable Universal Life Income IISM Performance Update

The investment results shown represent historical returns based upon the assumption VUL Income II was available for the periods shown. Past performance is no guarantee of future results. Since the investment results and unit values of the divisions will fluctuate, the policy's accumulated value may at any time be more or less than the total premiums paid under the contract, including upon surrender of the contract.

Returns shown reflect all investment management charges and any miscellaneous expenses incurred by the underlying accounts of the divisions. Returns do not include premium expense charges and various monthly deductions (administration charges, cost of insurance and mortality and expense risks charges) that vary by contract. In addition, results do not reflect the premium expense charge or the surrender charge levied if the policy is surrendered during the first 10 policy years, or within 10 years after a face amount increase. If these fees and charges had been deducted, the results shown would be significantly lower. These charges are explained fully in the prospectus, and their effect upon cash surrender values is best explained by reviewing several hypothetical illustrations contained in the prospectus. For a personalized illustration of historical performance that reflects the cost of insurance protection, contact your Registered Representative.

Principal Variable Universal Life Income IISM
Performance Update
Quarterly Performance Update
as of 12/31/2016
Average Annual Total Returns %
Division Inception
Date
Total
Expenses
Unit Value
(UV)
as of
02/23/2017
Daily
Change
in UV
YTD 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
SHORT-TERM FIXED INCOME
Fidelity Gov Money Market 07/07/2000 0.35% 10.014379 0.000073 0.10 0.10 0.04 0.04 0.88 1.65
Short-Term Income 01/12/1994 0.49% 13.005638 0.000000 2.14 2.14 1.52 2.13 2.98 3.97
FIXED INCOME
AmCent VP Inflation Pro 12/31/2002 0.72% 12.003185 0.035166 4.39 4.39 1.69 0.66 3.73 3.69
Calvert Investment 03/31/2003 0.46% 10.676521 0.019422 2.59 2.59 2.83 1.87 4.24 3.84
Core Plus Bond 12/18/1987 0.46% 25.206064 0.044771 4.09 4.09 2.92 3.05 3.72 6.20
Fidelity VIP High Income 10/01/1985 0.93% 28.736633 0.054323 14.17 14.17 3.46 5.93 5.65 4.90
Govt & High Quality Bond 05/06/1993 0.51% 13.472446 0.013446 1.80 1.80 2.54 2.09 4.00 4.79
Templeton Global Bond VIP 01/24/1989 0.77% 16.247362 0.038800 2.94 2.94 0.10 3.27 6.43 7.28
BALANCED/ASSET ALLOCATION
LifeTime Strat Income 08/30/2004 0.6% 16.985967 0.014555 4.77 4.77 2.76 4.58 2.91 4.19
LifeTime 2010 08/30/2004 0.64% 18.713447 0.000000 5.25 5.25 2.92 6.20 3.42 4.96
LifeTime 2020 08/30/2004 0.67% 20.837145 0.000000 5.76 5.76 3.41 8.04 3.96 5.81
LifeTime 2030 08/30/2004 0.71% 21.129669 0.000000 5.87 5.87 3.57 8.85 4.07 5.86
LifeTime 2040 08/30/2004 0.73% 22.056463 0.000000 5.45 5.45 3.55 9.68 4.27 6.19
LifeTime 2050 08/30/2004 0.76% 22.280124 - 0.016180 5.58 5.58 3.65 10.04 4.29 6.25
LifeTime 2060 05/01/2013 0.84% 12.981547 - 0.010344 5.52 5.52 3.41 n/a n/a 6.97
Multi Asset Income 07/28/2015 0.82% 10.841328 0.020475 7.96 7.96 n/a n/a n/a 3.43
SAM Balanced Portfolio 06/03/1997 0.93% 17.101127 0.011348 6.82 6.82 4.21 8.48 5.52 7.20
SAM Conservative Balanced 04/23/1998 0.88% 16.695253 0.014041 6.37 6.37 3.88 6.81 5.29 5.45
SAM Conservative Growth 06/03/1997 0.99% 16.905714 0.000000 7.00 7.00 4.37 9.83 5.35 7.41
SAM Flexible Income 09/09/1997 0.78% 16.675743 0.026138 7.04 7.04 3.85 5.96 5.29 6.10
SAM Strategic Growth 06/03/1997 0.98% 16.768143 - 0.008533 6.15 6.15 4.31 10.82 5.25 7.82
TOPS Mngd Risk Growth ETF 04/26/2011 0.86% 12.804856 - 0.011252 5.57 5.57 -0.95 4.04 n/a 2.47
TOPS Mngd Rsk Balancd ETF 06/09/2011 0.87% 12.477713 0.010822 6.22 6.22 1.49 4.11 n/a 3.48
TOPS MngdRskModGrowthETF 06/09/2011 0.86% 12.917884 - 0.011031 6.31 6.31 0.78 4.57 n/a 3.78
LARGE US EQUITY
AmCent VP Income & Growth 10/30/1997 0.95% 25.419916 0.025807 13.20 13.20 6.15 13.15 5.21 6.15
AmCent VP Value 05/01/1996 0.94% 29.741571 0.027412 20.28 20.28 9.23 14.45 6.39 8.88
AFIS Blue Chip Inc & Gr 07/05/2001 0.66% 11.617764 0.016573 18.70 18.70 9.95 15.02 6.39 5.94
AFIS Growth 02/08/1984 0.60% 13.746267 - 0.032542 9.49 9.49 8.28 14.26 6.86 12.09
Calvert S&P 500 Index 12/29/1995 0.42% 13.222512 0.007141 11.58 11.58 8.45 14.21 6.58 7.99
Capital Appreciation 04/28/1998 0.64% 11.459240 0.000000 9.11 9.11 7.83 13.61 7.48 9.53
Equity Income 04/28/1998 0.49% 19.423642 0.000000 15.72 15.72 7.84 12.53 6.31 8.19
Fidelity VIP Contrafund 01/03/1995 0.88% 33.715619 - 0.030284 7.73 7.73 6.50 12.93 6.64 10.57
Fidelity VIP Eqty-Income 11/03/1986 0.87% 24.489750 0.022274 17.71 17.71 6.93 12.84 4.76 8.95
Franklin Risng Divdns VIP 01/27/1992 0.88% 28.117518 0.021704 16.04 16.04 6.72 12.03 6.51 9.17
Invesco American Franchse 09/18/2000 1.13% 17.222784 - 0.054522 2.02 2.02 4.95 12.88 7.26 0.47
Invesco Core Equity 05/02/1994 1.06% 30.737268 0.000000 10.02 10.02 3.70 10.32 5.52 7.75
Janus Aspen Forty 05/01/1997 0.99% 18.532278 - 0.077195 1.94 1.94 7.37 14.94 8.25 10.20
LargeCap Growth 05/02/1994 0.69% 26.364855 - 0.079412 -5.13 -5.13 3.44 11.61 5.73 6.04
LargeCap Growth I 06/01/1994 0.76% 42.100446 - 0.063119 1.26 1.26 5.83 13.43 8.22 9.49
LargeCap S&P 500 Index 05/03/1999 0.25% 23.420040 0.014324 11.59 11.59 8.54 14.29 6.63 4.51
LargeCap Value 05/13/1970 0.61% 33.278248 0.000000 8.17 8.17 5.95 13.03 4.84 10.53
Neuberger Berman LC Port 03/22/1994 1.14% 18.597895 0.011778 27.37 27.37 7.26 13.54 4.62 8.42
Putnam VT Growth Opportun 01/31/2000 1.07% 10.884268 - 0.052016 6.51 6.51 7.02 14.43 7.40 0.44
SMALL/MID US EQUITY
AlBernstn Sm Cap Growth 08/05/1996 1.31% 20.555890 - 0.220557 6.46 6.46 1.06 11.58 8.10 5.66
AlBernstn Sm Md Cap Value 05/02/2001 0.82% 23.058897 - 0.222576 25.09 25.09 8.89 16.18 8.70 10.79
AmCent VP Capital Apprctn 11/20/1987 1.14% 12.098191 - 0.098493 3.08 3.08 4.24 11.40 8.44 8.21
AmCent VP Mid Cap Value 10/29/2004 1.02% 30.592044 - 0.013931 22.72 22.72 11.97 16.21 9.11 10.92
Calvert R2000 SC Index 04/27/2000 0.78% 22.033971 - 0.143096 20.63 20.63 5.85 13.47 6.18 6.68
Calvert S&P MC 400 Index 05/03/1999 0.66% 21.882331 - 0.103393 19.96 19.96 8.28 14.50 8.35 9.04
ClearBridge VarMidCap 11/01/1999 0.85% 11.030533 - 0.049341 9.34 9.34 6.54 14.39 8.08 8.24
Delaware Small Cap Value 05/01/2000 1.05% 24.981108 - 0.078728 31.08 31.08 9.00 14.40 8.06 11.16
Delaware Smid Cap Growth 05/01/2000 1.07% 17.927416 - 0.032255 8.02 8.02 6.04 13.23 10.23 5.91
Dreyfus IP MidCap Stock 12/29/2000 1.1% 12.841840 - 0.093147 15.20 15.20 7.87 15.07 7.69 7.36
DEUTSCHE Small MidCap Val 05/01/1996 1.16% 20.842380 - 0.170839 16.47 16.47 6.18 12.82 6.34 8.53
Fidelity VIP Mid Cap 12/28/1998 0.88% 41.793750 - 0.237465 11.92 11.92 5.30 12.69 7.32 12.42
Franklin Small Cap Value 05/01/1998 0.9% 34.359988 - 0.175665 30.19 30.19 6.64 14.36 7.38 8.16
Invesco American Value 01/02/1997 1.03% 10.539498 - 0.011789 15.49 15.49 4.83 12.65 7.03 9.00
Invesco MidCap CoreEquity 09/10/2001 1.18% 20.189569 - 0.030824 13.16 13.16 4.11 9.90 5.61 7.02
LordAbbettDevlopGrowth 04/30/2010 0.90% 12.064552 - 0.199795 -2.60 -2.60 -2.49 10.25 n/a 10.79
MidCap 12/18/1987 0.53% 78.612821 - 0.200506 10.37 10.37 8.22 15.19 10.18 12.74
MFS BlendResearchSmallCap 04/28/2006 0.79% 12.303488 - 0.055173 20.58 20.58 7.27 15.46 7.16 6.74
MFS Mid Cap Value 03/07/2008 1.07% 11.167680 - 0.013001 15.76 15.76 7.47 14.48 n/a 9.02
MFS New Discovery 05/01/1998 1.19% 27.797004 - 0.210185 8.80 8.80 -0.51 10.95 7.50 7.54
MFS New Discovery Value 10/01/2008 1.13% 12.530327 - 0.045033 26.73 26.73 8.29 14.22 n/a 10.56
Oppnhmr Main St Small Cap 07/16/2001 1.05% 24.358170 - 0.177941 17.67 17.67 7.25 15.34 6.91 8.82
Real Estate Securities 05/01/1998 0.89% 72.803489 0.398196 5.85 5.85 13.57 12.31 5.72 11.04
SmallCap 05/01/1998 0.88% 30.833416 - 0.216720 17.39 17.39 7.15 15.84 7.21 6.02
INTERNATIONAL EQUITY
AlBernstn Internatl Value 05/10/2001 0.85% 7.804481 0.010992 -0.50 -0.50 -1.44 6.31 -2.64 4.69
AFIS International 05/01/1990 0.79% 10.161504 0.005661 3.53 3.53 -1.27 6.65 2.38 7.47
AFIS New World 06/17/1999 1.04% 10.069681 - 0.004784 5.26 5.26 -2.07 4.27 3.61 7.44
Diversified International 05/02/1994 0.88% 26.411368 0.000000 0.36 0.36 -1.08 6.36 0.99 5.68
Franklin Mut Glb DscvyVIP 11/08/1996 1.27% 33.752825 0.032914 12.18 12.18 4.54 10.57 5.89 8.84
Interntl Emerging Markets 10/24/2000 1.37% 36.414176 - 0.116787 9.40 9.40 -3.18 0.88 1.09 7.81
LordAbbettInternatlOppor 09/15/1999 1.20% 10.389451 0.012548 -4.28 -4.28 0.07 9.70 2.00 3.82
Wanger International 05/03/1995 1.11% 9.614393 0.045494 -1.41 -1.41 -1.92 7.02 3.56 11.39
SPECIALTY
Invesco Global HealthCare 05/22/1997 0.97% 26.553165 0.091074 -11.46 -11.46 3.01 13.18 7.56 8.12
MFS Utilities 01/03/1995 1.04% 15.605478 0.044827 11.24 11.24 2.17 7.73 6.34 11.04
VanEck Global Hard Assets 05/01/2006 1.31% 7.204053 - 0.067992 43.41 43.41 -8.43 -2.68 1.33 1.29



Principal Variable Universal Life Income IISM
Performance Update
Monthly Performance Update
as of 01/31/2017
Average Annual Total Returns %
Division Inception
Date
Total
Expenses
Unit Value
(UV)
as of
02/23/2017
Daily
Change
in UV
YTD 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
SHORT-TERM FIXED INCOME
Fidelity Gov Money Market 07/07/2000 0.35% 10.014379 0.000073 0.02 0.13 0.05 0.04 0.84 1.64
Short-Term Income 01/12/1994 0.49% 13.005638 0.000000 0.39 2.14 1.53 1.97 2.98 3.97
FIXED INCOME
AmCent VP Inflation Pro 12/31/2002 0.72% 12.003185 0.035166 0.79 4.48 1.32 0.37 3.80 3.73
Calvert Investment 03/31/2003 0.46% 10.676521 0.019422 0.16 1.45 2.33 1.71 4.22 3.83
Core Plus Bond 12/18/1987 0.46% 25.206064 0.044771 0.45 3.71 2.62 2.82 3.78 6.20
Fidelity VIP High Income 10/01/1985 0.93% 28.736633 0.054323 1.35 17.67 3.74 5.55 5.69 4.93
Govt & High Quality Bond 05/06/1993 0.51% 13.472446 0.013446 0.20 0.33 2.18 1.96 4.02 4.78
Templeton Global Bond VIP 01/24/1989 0.77% 16.247362 0.038800 -0.18 3.60 0.90 2.27 6.47 7.25
BALANCED/ASSET ALLOCATION
LifeTime Strat Income 08/30/2004 0.6% 16.985967 0.014555 1.14 6.83 3.15 4.25 2.92 4.26
LifeTime 2010 08/30/2004 0.64% 18.713447 0.000000 1.52 9.10 3.78 5.75 3.45 5.05
LifeTime 2020 08/30/2004 0.67% 20.837145 0.000000 1.90 11.37 4.67 7.47 4.02 5.92
LifeTime 2030 08/30/2004 0.71% 21.129669 0.000000 2.18 12.91 5.02 8.25 4.14 6.01
LifeTime 2040 08/30/2004 0.73% 22.056463 0.000000 2.44 13.92 5.27 9.04 4.38 6.35
LifeTime 2050 08/30/2004 0.76% 22.280124 - 0.016180 2.60 14.74 5.51 9.41 4.42 6.43
LifeTime 2060 05/01/2013 0.84% 12.981547 - 0.010344 2.69 15.02 5.49 n/a n/a 7.57
Multi Asset Income 07/28/2015 0.82% 10.841328 0.020475 1.76 12.05 n/a n/a n/a 4.43
SAM Balanced Portfolio 06/03/1997 0.93% 17.101127 0.011348 2.01 12.65 5.56 8.09 5.57 7.28
SAM Conservative Balanced 04/23/1998 0.88% 16.695253 0.014041 1.57 10.34 4.73 6.49 5.34 5.51
SAM Conservative Growth 06/03/1997 0.99% 16.905714 0.000000 2.50 14.94 6.20 9.40 5.41 7.51
SAM Flexible Income 09/09/1997 0.78% 16.675743 0.026138 1.12 9.50 4.29 5.62 5.33 6.13
SAM Strategic Growth 06/03/1997 0.98% 16.768143 - 0.008533 2.70 15.17 6.40 10.26 5.30 7.94
TOPS Mngd Risk Growth ETF 04/26/2011 0.86% 12.804856 - 0.011252 2.12 10.33 0.96 3.78 n/a 2.80
TOPS Mngd Rsk Balancd ETF 06/09/2011 0.87% 12.477713 0.010822 1.16 9.51 2.52 3.75 n/a 3.64
TOPS MngdRskModGrowthETF 06/09/2011 0.86% 12.917884 - 0.011031 1.59 10.67 2.20 4.23 n/a 4.01
LARGE US EQUITY
AmCent VP Income & Growth 10/30/1997 0.95% 25.419916 0.025807 1.61 20.36 8.15 12.57 5.21 6.21
AmCent VP Value 05/01/1996 0.94% 29.741571 0.027412 0.48 26.12 10.73 13.78 6.34 8.87
AFIS Blue Chip Inc & Gr 07/05/2001 0.66% 11.617764 0.016573 2.39 25.34 11.89 14.53 6.42 6.06
AFIS Growth 02/08/1984 0.60% 13.746267 - 0.032542 4.39 23.33 10.70 13.65 7.15 12.20
Calvert S&P 500 Index 12/29/1995 0.42% 13.222512 0.007141 1.86 19.64 10.42 13.64 6.62 8.05
Capital Appreciation 04/28/1998 0.64% 11.459240 0.000000 2.13 17.26 10.00 13.03 7.46 9.61
Equity Income 04/28/1998 0.49% 19.423642 0.000000 1.77 22.16 9.85 12.17 6.23 8.25
Fidelity VIP Contrafund 01/03/1995 0.88% 33.715619 - 0.030284 2.77 18.83 8.44 12.40 6.70 10.67
Fidelity VIP Eqty-Income 11/03/1986 0.87% 24.489750 0.022274 0.75 24.55 8.48 12.22 4.70 8.96
Franklin Risng Divdns VIP 01/27/1992 0.88% 28.117518 0.021704 0.96 20.37 8.76 11.69 6.42 9.18
Invesco American Franchse 09/18/2000 1.13% 17.222784 - 0.054522 5.29 18.51 7.82 12.36 7.54 0.78
Invesco Core Equity 05/02/1994 1.06% 30.737268 0.000000 1.70 17.45 5.24 9.52 5.52 7.80
Janus Aspen Forty 05/01/1997 0.99% 18.532278 - 0.077195 5.49 17.01 10.67 14.42 8.54 10.45
LargeCap Growth 05/02/1994 0.69% 26.364855 - 0.079412 5.33 8.50 5.88 11.45 6.07 6.26
LargeCap Growth I 06/01/1994 0.76% 42.100446 - 0.063119 4.68 15.15 8.19 13.06 8.54 9.67
LargeCap S&P 500 Index 05/03/1999 0.25% 23.420040 0.014324 1.88 19.66 10.52 13.73 6.68 4.60
LargeCap Value 05/13/1970 0.61% 33.278248 0.000000 0.13 15.35 7.05 12.12 4.73 10.51
Neuberger Berman LC Port 03/22/1994 1.14% 18.597895 0.011778 0.98 36.92 8.61 12.81 4.58 8.43
Putnam VT Growth Opportun 01/31/2000 1.07% 10.884268 - 0.052016 4.66 19.18 9.39 13.71 7.64 0.71
SMALL/MID US EQUITY
AlBernstn Sm Cap Growth 08/05/1996 1.31% 20.555890 - 0.220557 4.06 28.44 2.04 10.58 8.30 5.84
AlBernstn Sm Md Cap Value 05/02/2001 0.82% 23.058897 - 0.222576 0.94 36.01 10.58 14.67 8.55 10.79
AmCent VP Capital Apprctn 11/20/1987 1.14% 12.098191 - 0.098493 3.23 15.77 6.04 10.53 8.20 8.30
AmCent VP Mid Cap Value 10/29/2004 1.02% 30.592044 - 0.013931 1.28 29.35 13.25 15.43 9.09 10.96
Calvert R2000 SC Index 04/27/2000 0.78% 22.033971 - 0.143096 0.37 32.80 7.01 12.03 6.04 6.67
Calvert S&P MC 400 Index 05/03/1999 0.66% 21.882331 - 0.103393 1.64 29.36 9.68 13.43 8.14 9.10
ClearBridge VarMidCap 11/01/1999 0.85% 11.030533 - 0.049341 2.78 23.34 8.56 13.34 8.21 8.37
Delaware Small Cap Value 05/01/2000 1.05% 24.981108 - 0.078728 0.96 41.80 10.58 13.10 7.93 11.17
Delaware Smid Cap Growth 05/01/2000 1.07% 17.927416 - 0.032255 2.47 19.33 8.80 12.28 10.21 6.03
Dreyfus IP MidCap Stock 12/29/2000 1.1% 12.841840 - 0.093147 1.25 22.75 9.25 13.87 7.44 7.41
DEUTSCHE Small MidCap Val 05/01/1996 1.16% 20.842380 - 0.170839 1.08 26.28 8.01 11.57 6.32 8.55
Fidelity VIP Mid Cap 12/28/1998 0.88% 41.793750 - 0.237465 2.69 24.31 7.40 11.89 7.44 12.53
Franklin Small Cap Value 05/01/1998 0.9% 34.359988 - 0.175665 0.00 36.52 8.60 12.82 7.02 8.12
Invesco American Value 01/02/1997 1.03% 10.539498 - 0.011789 1.64 28.89 6.50 11.87 7.05 9.05
Invesco MidCap CoreEquity 09/10/2001 1.18% 20.189569 - 0.030824 2.06 20.98 5.65 8.98 5.59 7.12
LordAbbettDevlopGrowth 04/30/2010 0.90% 12.064552 - 0.199795 4.06 16.40 -1.68 10.01 n/a 11.30
MidCap 12/18/1987 0.53% 78.612821 - 0.200506 3.20 22.81 10.63 14.94 10.25 12.83
MFS BlendResearchSmallCap 04/28/2006 0.79% 12.303488 - 0.055173 0.77 31.34 8.54 14.08 6.95 6.76
MFS Mid Cap Value 03/07/2008 1.07% 11.167680 - 0.013001 1.46 24.32 9.10 13.85 n/a 9.11
MFS New Discovery 05/01/1998 1.19% 27.797004 - 0.210185 2.86 24.59 2.06 9.64 7.47 7.67
MFS New Discovery Value 10/01/2008 1.13% 12.530327 - 0.045033 0.93 34.82 10.14 13.07 n/a 10.57
Oppnhmr Main St Small Cap 07/16/2001 1.05% 24.358170 - 0.177941 1.18 28.65 8.15 13.96 6.73 8.85
Real Estate Securities 05/01/1998 0.89% 72.803489 0.398196 -0.56 9.65 12.06 10.82 4.73 10.95
SmallCap 05/01/1998 0.88% 30.833416 - 0.216720 0.13 29.28 8.41 14.63 6.95 6.00
INTERNATIONAL EQUITY
AlBernstn Internatl Value 05/10/2001 0.85% 7.804481 0.010992 4.14 9.36 1.36 5.46 -2.25 4.94
AFIS International 05/01/1990 0.79% 10.161504 0.005661 5.13 16.54 1.85 6.45 2.79 7.65
AFIS New World 06/17/1999 1.04% 10.069681 - 0.004784 4.25 16.58 1.21 3.95 3.89 7.66
Diversified International 05/02/1994 0.88% 26.411368 0.000000 4.69 10.65 1.97 6.08 1.40 5.87
Franklin Mut Glb DscvyVIP 11/08/1996 1.27% 33.752825 0.032914 1.42 20.88 6.00 10.24 5.77 8.88
Interntl Emerging Markets 10/24/2000 1.37% 36.414176 - 0.116787 7.17 23.88 1.56 0.14 1.83 8.22
LordAbbettInternatlOppor 09/15/1999 1.20% 10.389451 0.012548 3.98 7.94 2.48 8.94 2.27 4.03
Wanger International 05/03/1995 1.11% 9.614393 0.045494 3.93 8.66 0.59 6.28 3.84 11.54
SPECIALTY
Invesco Global HealthCare 05/22/1997 0.97% 26.553165 0.091074 3.11 4.23 3.28 12.36 7.63 8.25
MFS Utilities 01/03/1995 1.04% 15.605478 0.044827 3.00 15.90 3.24 8.22 6.42 11.15
VanEck Global Hard Assets 05/01/2006 1.31% 7.204053 - 0.067992 3.77 54.89 -5.74 -3.58 1.56 1.63

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