Fidelity & Guaranty Life Announces Expiration and Final Results of Consent Solicitation to Amend Senior Notes of Fidelity & Guaranty Life Holdings, Inc.

DES MOINES, Iowa, Nov. 15, 2017

FGLH intends to execute an amended and restated indenture amending and restating the Indenture (the "A&R Indenture") with the trustee and the guarantors party thereto that contains the Proposed Amendments. The A&R Indenture will be effective upon execution and will constitute a binding agreement among FGLH, the guarantors party thereto and the trustee; however, the A&R Indenture will not become operative until immediately prior to the consummation of the previously announced acquisition of Fidelity & Guaranty Life (the "Acquisition") pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), by and among Fidelity & Guaranty Life, CF Corporation ("CF Corp") and the other parties thereto, which Acquisition is expected to occur by the end of the fourth calendar quarter of 2017. The Proposed Amendments and the new guarantees referred to below will cease to be operative if the Acquisition is not consummated or FGLH does not pay the Consent Consideration to the paying agent for the benefit of the Holders.

As further described in the Consent Solicitation Statement (as defined below), guarantees of the Notes by certain new guarantors will be effected gratuitously and will be provided in respect of the Notes upon consummation of the Acquisition to the extent that the Notes are then outstanding and have not been defeased or satisfied and discharged.

The Consent Solicitation was made pursuant to the terms and subject to the conditions set forth in the Consent Solicitation Statement dated November 8, 2017 (the "Consent Solicitation Statement") and the accompanying consent form (the "Consent Form"). FGLH may, in its sole discretion, abandon or withdraw the Consent Solicitation at any time as described in the Consent Solicitation Statement. If the Consent Solicitation is abandoned or withdrawn, the Proposed Amendments will have no effect on the Original Indenture, the Notes or the Holders of the Notes.

FGLH has engaged RBC Capital Markets, LLC to act as solicitation agent ("Solicitation Agent") in connection with the Consent Solicitation. Questions regarding the Consent Solicitation may be directed to the Solicitation Agent at (212) 618-7843 (toll-free) or (877) 381-2099 (collect). FGLH has engaged D.F. King & Co., Inc. to act as information agent and tabulation agent ("Information and Tabulation Agent") and paying agent for the Consent Solicitation. Requests for documents relating to the Consent Solicitation may be obtained from D.F. King & Co., Inc. at (800) 735-3591 (toll-free), (212) 269-5550 or by e-mail at fgl@dfking.com.

The guarantees provided by the new guarantors under the A&R Indenture will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws.