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CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © CUNA Mutual Group

Tax Opportunities

April 2010

DRAFT

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DRAFT

Framework

CMGMI JV Deferred Taxes

NY Annual Statement

Other Idea

I

III

IV

V

All Amounts Are $ Millions, Unless Noted

Tax-Exempt Municipal BondsII

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DRAFTFrameworkI

XX1

XX2

XX3

XX 4

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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%

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DRAFTMI JV Deferred TaxII

Condition Giving Rise

Implication

Subject To Recoverability Testing