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INDEPENDENCE HOLDING COMPANY A N N U A L R E P O R T 2003 To Our Shareholders Independence Holding Company (IOC) enjoyed another record year of operations in 2003. As evidenced by our 2004 RST quarter

Our combined earnings totaled over 1 billion in 2003, and we continue to look forward to more of what will hopefully be many more years with you in our company. With that, we're pleased to share our first quarter 2003 report, and welcome your comments. For our first quarter, for the fiscal year-end, we posted financial results with net income of 50 cent, up 1.3 cent from last quarter. Gross profit was 15 million for the quarter, an increase of 1.2%. Net income was 14.7 million, up 1%. Operating expenses for the quarter were 7.9 million, an increase of 4.2%. While operating expenses are on the rise, our expense ratios were down 6.2% from the last quarter to 53% and 53% of our assets are in the Bank, meaning our costs are significantly lower. Our return on assets for the quarter was 8.7%, and we remain, as we promised, very healthy financially. During the quarter, we were able to maintain our strong relationship with shareholders, despite the increased scrutiny we've experienced. Our first quarter report, the first quarter of 2004, ended October 31, 2003. We'll begin with our fourth quarter 2003 report. For the period ended September 30, 2003, the company generated net income of 38.3 million, up 4.9%, a good return on assets for the period that we'll soon talk about in detail. We're expecting another solid quarter from our shareholders this year and the first quarter of 2004 is the quarter of first quarter. We'll take your comments and discuss them and share with our shareholders during our January 24, 2004, quarterly conference call. Thank you. [Operator Instructions] NATIONAL INDEPENDENCE HOLDING COMPANY ANNUAL REPORT 2004 SECOND QUARTER 2004 Q3 REPORT To Our Shareholders We would begin with the third quarter, 2004 report. For the quarter ended September 30, 2004, we generated net income of 33.9 million, up 4.1% from the same period in 2003. Non-GAAP net income was up 502% to 17.2 million, and non-GAAP earnings per share were up 45 pct to 4.47. Non-GAAP net income and diluted earnings per share exclude the impact of dilute securities, which were 6% and 0.2%, respectively. The company saw a 1.9% increase in its average daily net volume of assets.

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