Independence Holding Company (the ‘Company' or ‘IHC') announced that its Board of Directors has declared a prorated dividend on the Company's shares of common stock, contingent upon the consummation of the merger of Geneve Acquisition Corp., an indirect wholly-owned subsidiary of Geneve Holdings Inc. (‘Geneve'), with and into the Company, resulting in the Company being an indirect wholly-owned subsidiary of Geneve (the ‘Merger'). If the requisite stockholder approvals to consummate the Merger are received at the special meeting of stockholders of the Company to be held on February 15, 2022 (the ‘Special Meeting'), the contingent prorated dividend will be payable in cash to the Company's stockholders of record as of the close of business on February 15, 2022 (the ‘Record Date'), payable on February 22, 2022 (the ‘Payment Date'), contingent upon the consummation of the Merger. If the requisite stockholder approvals to consummate the Merger are not received at the Special Meeting, the Record Date will automatically be changed to be the date of the subsequent special meeting at which the Merger is approved, and the Payment Date will automatically be changed to the date that is five business days after such new Record Date, contingent upon the consummation of the Merger.

The amount of the contingent prorated dividend, on a per share basis, is expected to be $0.06per share, but the actual amount of the dividend will be based on a formula equal to (x) $0.44 multiplied by (y) the number of days between, and including, (i) December 28, 2021, which is the payment date of the last regular dividend paid by the Company and (ii) the date of the closing of the Merger, divided by (z) 365. Because the payment of the dividend is contingent on the closing of the Merger, shareholders must continue to hold their shares of common stock through the closing of the Merger in order to receive the special dividend. As in the definitive proxy statement filed by the Company on January 6, 2022, the Merger requires, among other things, the approval of both the holders of a majority of the issued and outstanding shares of the Company's common stock at the close of business on January 3, 2022, and the holders of a majority of the issued and outstanding shares of the Company's common stock at the close of business on January 3, 2022 other than shares of common stock held by Geneve and its wholly-owned subsidiaries or beneficially owned by any affiliate of Geneve.

There can be no assurance that the Merger will be consummated.