IHC Group

Independence Holding Company

Management

Roy T. K. Thung

Roy T. K. Thung is the Chief Executive Officer 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 The Aristotle Corporation. The Aristotle Corporation are affiliates of IHC.

Mr. Thung’s expertise includes diverse, complex businesses and transactions involving public companies in the insurance industry, as well as executive and management experience. He 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 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, he 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. She is also an Independent Non-Executive Member of the Board of Directors of Avangrid, Inc., a leading sustainable energy services company.

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.

Gary J. Balzofiore

Gary J. Balzofiore is Corporate Vice President – Accounting and Finance of Independence Holding Company (NYSE:IHC). Mr. Balzofiore is also President of Standard Security Life Insurance Company of New York, a wholly owned subsidiary of IHC. In addition, he serves as Chief Financial Officer and Senior Vice President of Independence American Insurance Company, an indirect 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.

Vincent J. Furfaro

Vincent J. Furfaro is Senior Vice President Corporate Development and Chief Information Security Officer (“CISO”) of Independence Holding Company (NYSE:IHC). Mr. Furfaro is also CISO of Standard Security Life, Independence American and Madison National Life Insurance Company, Inc., an indirect wholly owned subsidiary of IHC.

Prior to joining IHC, Mr. Furfaro owned and operated a technology consulting business for 27 years, serving the niche areas of insurance and venture capital, and was a consultant to multiple IHC companies for 20 of those 27 years.