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Career History

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Fortune 100 Business Unit CFO Roles Distribution -

Public Accounting Insurance Banking Healthcare/Insurance

1981 1991 1998 2000 2001 2004 2009

CFO Corp/ CFO CFO/Interim CEO

Private Invest Citi- of NASDAQ Co./

Bank Bank Capital CFO of start-up

Manager–progressed CFO - Travelers

to partner track Life & Annuity

1981-1991: Left UK in 1981 to join Price Waterhouse-Bermuda; transferred to Hartford,

CT 1985 – progressed to partner track (majority of clients were insurance companies).

1991-1998: Recruited to Travelers in 1991; promoted to CFO of Travelers Life &

Annuity in 1993. Acquired life, health, annuity/retirement savings and P&C exposure.

1999-2004: After Citigroup merger, was asked to move to New York. Assumed

Citibank Private Bank CFO role, then acquired corporate/trading desk and investment

banking exposure. In 2001, relocated to Dallas for CitiCapital CFO role.

2004-2009: Exited “non-core” CitiCapital in 2004. Elected to stay in Dallas; joined an

insurance start-up. Negotiated 2006 merger into a small NASDAQ healthcare

distribution intermediary. Promoted to Interim CEO 2007. Sold company in 2009.

Current: Augmenting job search with short-term consulting projects.

Credentials

Excellent track record of creating value – in a variety of scenarios.

Expertise:

Operational/P&L experience – partnering with business leaders to drive organic revenue growth (distribution channel expansion and adding new products), implementing pricing discipline, and improving cost structures.

Strategic/risk assessment – includes management of pricing, investment (credit, interest rate, liquidity), distribution/retention and expense risks.

M&A transaction execution; sourcing funding – some IPO experience.

Treasury and capital management – includes asset/liability duration analysis, a focus on “free cash flow”, and regulatory capital stress testing.

SEC Reporting – incl. SOX 302/906 certification of Form 10-K/10-Q filings (also have familiarity with operating in “private-equity like” environments).

Board of Director accountability and investor relations experience.

Managing large teams (both domestic and international) – and attracting/retaining/developing top-tier talent.

Strong insurance background; also banking and healthcare.

Strategic; risk-oriented; creative; hard-working; a team-player. 3

Creating Value - at Travelers Life & Annuity

Partnered to become a key team member – contributed to delivering a 10x increase in net income, to $496 million, over a 7-year period.

Compiled complex analysis to drive business decisions – disaggregation of earnings to facilitate comparison to pricing assumptions; channel profitability.

Directed/coordinated actuarial projects – pricing reviews; asset/liability duration analysis; regulatory capital stress testing; implementation of risk based capital.

Developed rating agency and equity analyst relationships.

Implemented a “controllable earnings” concept for each business unit/dept. 4

Directly contributed to these P&L drivers Provided oversight of:

$496M

Distribution

Tightening Channel Reinvestment

Expense of Pricing Expansion of prior year

Control/ Discipline earnings

Leverage Investment (tax penalty

Portfolio triggered if

Performance distributed)

$50M Improvement

1991 1998

Creating Value - at Citibank Private Bank

Partnered with business leaders to:

Improve the cost structure.

Pursue a new strategic direction – included liaison with Smith Barney to share platforms and cross-sell products.

Align compensation with strategic objectives – jointly led enhancement, and global rollout, of new banker/product specialist incentive compensation model.

Enhanced financial reporting and controls:

Improved the transparency of reported Citibank Private Bank results – clearly segregated earnings from client assets and earnings on capital/treasury.

Tightened balance sheet focus – and inter-company reconciliation procedures.

Upgraded the caliber of the Finance team:

Implemented a culture of providing pro-active business support.

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Net Income$319M

$270m

$212M

2000 2001 2002

Net Revenue$1,406M

$1,212M

$1,130M

2000 2001 2002

Customer Account Balances$153B

$140B

$116B

2000 2001 2002

Creating Value – at CitiCapital

Generated $50 million of annualized savings:

Negotiated 50bp cut in Treasury funding costs (compiled duration analysis to demonstrate prepayment activity).

Negotiated 15% reduction in administrative costs.

Partnered with business leaders to change from a volume focused culture to a profit driven business:

Implemented standardized reporting for 20+ asset classes.

Created risk based pricing metrics.

Undertook customer/dealer profitability analysis.

Developed vintage analysis (“good” vs. “bad” bank reporting) to demonstrate impact of strategic change.

Reorganized/upgraded the Finance team.

Strengthened accounting controls:

Created a dynamic loan loss allowance accounting model.

Coordinated SOX implementation, a ledger conversion, and a focus on balance sheet controls/reconciliations.

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Strategic challenges:

High cost structure –

multiple platforms/sites;

inefficient property tax

administration.

Limited cross-selling/

development of core

banking relationships.

Other business units

offering better returns/

utilization of Corporate’s

low-cost funding base.

2002 Pre-Tax Income

$145M

Savings 34%

66%

$1,295 Net Revenue

$27bn Ave. Portfolio

54bps Margin

Creating Value – at Access Plans

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Prior to concluding a turnaround with a 2009 sale transaction - -

4. Resolved complex El Paso TPA litigation matters

1. Averted a Liquidity Crisis

Sourced $6.3M (2007/2008)

Secure new debt $4.5M

restricted

Release deposits* $0.8M

Sell ACP Agency $1.0M

* Driven by new PME platform

Use of the $6.3M proceeds

Fund 2008 El Paso loss $2.0M

Acquire PME $0.9M

Debt repayment** $3.4M

* * Add'n $2.3M repaid from

available cash on hand

2. Grew 2008

Revenue 20%*

$35M

$28M

2007 2008

* Continuing operations only

o AHCP Insurance Agency

grew to #1 independent

distributor of individual

major medical insurance

o Advocay Program awarded

1st place - innovative design

(by Consumer Health Org.)

3. Cut Prior Year

EBITDA Loss by 90%*

2007 2008$(0.17)M

$(1.66)M

* Continuing operations only

o Growth in AHCP Agency

(lead/trip/advance program)

o Stabilize Discount Card

Program - roll-out new

products; lower cost/more

flexible PME platform

o Cut corporate overhead

Creating Value – Access Plans Stock Performance

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Challenged by a) high profile CEO death/disintermediation risk, b) losses

attributable to DOJ investigation, and c) declining cash. Sale transaction: Provided significant value for shareholders, and repayment of all debt.

Ensured all customer obligations met; provided a “home” for all distributors.

Offered most employees the opportunity for continued employment.

AUSA STOCK PRICE $2.35 (2) Today, turnaround has restored 87% of June 2006 stock value - if stock retained after 2Q09 sale

$1.50 (3) $0.87 (5)

$1.00 (1)

$0.21 (4)

6/30/06 3/31/07 8/31/07 3/31/09 9/30/11

Cash on hand $5.9M $3.7M $0.5M

1) During June 2006, public company agreed to merge with Peter Nauert's start-up and appoint him as Chairman and CEO.

June stock price was less than 20% of 2001 "high". Company name changed to Access Plans (NASDAQ symbol: AUSA).

2) Transaction closed January 2007; 235% stock price gain through March 2007 reflected Peter Nauert's prior track record.

3) Ian Stuart appointed Interim CEO (after 8/07 Nauert death and 2Q07 DOJ notification of 2004 market misconduct issue).

4) Stock price when AUSA sold - effective April 1, 2009, shareholders received 0.335 APNC shares for every share held.

5) Split adjusted stock price (APNC stock closed at $2.60 on 9/30/11).

Leadership - Framework For A Top-Tier Finance Team

Philosophical framework:

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Success = the right people, in the right place – and the right chemistry

Compile Timely, "Run the trains on time" - deliver timely/accurate

Accurate and reporting and credible communication of results

Relevant Data {and maintain a robust accounting control structure}

"Provide a superior dashboard" - apply analytical

Translate into acumen to proactively measure business

Meaningful performance, and ensure monthly metrics (KPI's

Information and KRI's etc.) align with strategic objectives

{managers respond to what they are measured on}

"Be a trusted lieutenant" - partner effectively to

Influence/Make provide valuable business insight and drive decision

Decisions making/change; act as a "financial conscience"

{i.e. be both a business unit partner and banker}

Leadership - Strategic and Competitor Perspectives

Strategic and competitor assessments typically include:

a) The external landscape/environment.

b) Internal financial strength/resource capacity.

c) How the organization is able to adapt and change.

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Strategic Options:

Organic growth/stand-alone.

Add-on acquisitions – to

diversify/accelerate growth?

Merger transaction – to

transform (high integration risk).

Sell – all/part of company. Why will the customer buy

from us??

Lowest price – generally a

low cost producer.

Leading product innovator –

with initiatives to sustain this

position.

Provide best customer

service – at a level that the

customer highly values.

Superior brand, or

distribution, or other form of

customer access.

Regulatory fiat – e.g. a

patent/license that cannot be

readily replicated. Strategy = Processes/milestones to get from Point A (today)

to Point B (strategic objective)

EXTERNAL INTERNAL

o Consumer/marketplace value o Capital strength/level of debt

added proposition leverage/capacity to invest

o Competitive landscape - "SWOT" o Amount of sustainable "free

o Pace of industry change cash flow" being generated

CULTURE - LEVEL OF

o Creativity and capacity for change

o Drive for continuous improvement

o Leadership team candor - and collaboration

o Effective communication - all stakeholders

Leadership - Business Drivers & Risk Perspectives

1. Pricing Risk: Adherence to risk adjusted pricing discipline and established underwriting standards; and adequately reserving for future obligations.

2. Liquidity Risk: Ensure sufficient cash resources – to fund operations, strategic investments, and adverse scenarios. Ideally, generate sustainable “free cash flow” {positive cash flow, after essential reinvestment and debt repayments}.

3. Sales/Market Conduct Risk: Appropriate products are sold, in the right manner, to suitable customers – and comply with applicable regulations.

4. Business Retention Risk: Generation of adequate levels of recurring revenue {typically less costly than generating revenue from new customers}.

5. Credit Risk: Investments do not become impaired (and, where applicable, collateral is effective); all receivables are collected in full.

6. Interest Rate Risk: Exposure to changes in fixed/variable interest rates.

7. Expense Risk: Cost structure is efficient – while also dedicating sufficient resource to ensure integrity of systems platforms and to provide for a level of customer service consistent with the company’s strategic objectives.

8. Protection Risk: Assets appropriately safeguarded; adequate levels of insurance protection purchased {and will be effective if/when needed}.

9. Capital Risk: Optimal navigation between regulatory capital requirements/ rating agency guidelines, debt leverage, and maximizing shareholder returns.

10.HR Risk: Attract, develop, retain top-tier talent; employee communication

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What Others Have to Say About Ian Stuart

“Ian possessed the financial leadership skills to successfully guide Access Plans through a liquidity crisis, a very difficult legal matter, and a transition in ownership that greatly benefited our shareholders. In each instance, Ian was patient, armed with the facts, and decisive.”

J. French Hill, Chairman/CEO of Delta Bank & Trust (and former Chairman of Access Plans)

“Based on my personal experience, I am sure you will find Ian to be a talented finance executive with outstanding analytical skills who is capable of addressing complex business issues, communicating effectively with a broad range of audiences, and who consistently adheres to a high level of integrity”

Michael A. Carpenter, CEO of Ally Financial (and former Chairman and CEO of Travelers Life & Annuity)

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The Family – and Recreational Interests

Clockwise from the top:

Kimberley, Torridon, Talisker

and Ian.

Lagavulin (our newest Golden).

Soccer – a ball in our garden.

One of Kimberley’s horses.

Gardening.

Additional information at personal web-site: www.careerhosting.com/ianstuart

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