IHC Group

Independence Holding Company

Management

Roy T. K. Thung

Roy T. K. Thung is the Chief Executive Officer, President and Chairman of the Board of Directors of Independence Holding Company (NYSE: IHC), having served IHC in various capacities since its founding in 1980. Mr. Thung also serves as Chief Executive Officer, and as a director, of American Independence Corp. (NASDAQ: AMIC), and as a director of The Aristotle Corporation. Both American Independence Corp. and The Aristotle Corporation are affiliates of IHC.

Mr. Thung holds an M.B.A. from the Stern School of Business at New York University.

Larry R. Graber

Larry R. Graber is Chief Life and Annuity Actuary and Senior Vice President of Independence Holding Company (NYSE: IHC). He is also a director of IHC, and President of Madison National Life Insurance Company, Inc., a wholly owned subsidiary of IHC.

Mr. Graber has more than 30 years of experience in life and annuity acquisitions. He has been involved in more than 130 acquisitions of life and annuity blocks or companies, dealing with state insurance departments, state guaranty associations, NOLGHA, and insurance companies. Prior to joining IHC, Mr. Graber owned an acquisition consulting firm and was President of Hill Country Life Insurance Company.

Mr. Graber attended Weatherford College and the University of Texas at Austin. He also has a MBA from the University of Texas at Austin.

Teresa A. Herbert

Teresa A. Herbert is Chief Financial Officer and Senior Vice President of Independence Holding Company (NYSE: IHC), having served IHC in various capacities since 1988. Ms. Herbert also serves as Chief Financial Officer of American Independence Corp. (NASDQ: AMIC), and as a director of AMIC. AMIC is an affiliate of IHC.

Prior to joining IHC, Ms. Herbert worked for KPMG LLC. She holds an accounting degree from Rutgers University and is licensed as a Certified Public Accountant in the state of New Jersey.

David T. Kettig

David T. Kettig is Executive Vice President and Chief Operating Officer of Independence Holding Company (NYSE: IHC), having served IHC in various capacities since 1992. In addition, Mr. Kettig serves as President of both American Independence Corp. (NASDAQ: AMIC) and Independence American Insurance Company and Chairman and Chief Executive Officer of Standard Security Life Insurance Company of New York. He is also President and Chief Executive Officer of IHC Specialty Benefits.

Mr. Kettig is a frequent contributor to trade publications and is a regular speaker at industry events on trends in the health insurance industry and the future of health care policy in the United States.

Prior to joining IHC, Mr. Kettig practiced law with a large firm based in New York City. He holds a law degree from Cornell Law School and is a graduate of Hamilton College.

Gary J. Balzofiore

Gary J. Balzofiore is Corporate Vice President – Accounting and Finance of Independence Holding Company (NYSE:IHC) and its affiliate, American Independence Corp. (NASDAQ: AMIC). Mr. Balzofiore is also President of Standard Security Life Insurance Company of New York, a wholly owned subsidiary of IHC.

Mr. Balzofiore holds a Bachelor of Science in Accounting from Wagner College. He has over 35 years of professional experience in the insurance industry.