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2. Career History
Fortune 100 Business Unit CFO Roles Distribution -
Public Accounting Insurance Banking Healthcare/Insurance
Manager–progressed CFO - Travelers CFO Corp/ CFO CFO/Interim CEO
to partner track Life & Annuity Private Invest Citi- of NASDAQ Co./
Bank Bank Capital CFO of start-up
1981 1991 1998 2000 2001 2004 2009
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.
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3. 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.
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4. 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.
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
 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.
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5. Creating Value - at Citibank Private Bank
Net Income Partnered with business leaders to:
$319M  Improve the cost structure.
$270m
$212M
 Pursue a new strategic direction – included liaison
with Smith Barney to share platforms and cross-sell
products.
2000 2001 2002
 Align compensation with strategic objectives –
Net Revenue jointly led enhancement, and global rollout, of new
$1,406M banker/product specialist incentive compensation
$1,212M model.
$1,130M
Enhanced financial reporting and controls:
 Improved the transparency of reported Citibank
2000 2001 2002
Private Bank results – clearly segregated earnings
Customer Account Balances from client assets and earnings on capital/treasury.
$153B
 Tightened balance sheet focus – and inter-company
$140B
reconciliation procedures.
$116B
Upgraded the caliber of the Finance team:
 Implemented a culture of providing pro-active
2000 2001 2002 business support.
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6. Creating Value – at CitiCapital
2002 Pre-Tax Income
Generated $50 million of annualized savings:
$145M
 Negotiated 50bp cut in Treasury funding costs (compiled
Savings 34% duration analysis to demonstrate prepayment activity).
 Negotiated 15% reduction in administrative costs.
66%
Partnered with business leaders to change from a
$1,295 Net Revenue volume focused culture to a profit driven business:
$27bn Ave. Portfolio  Implemented standardized reporting for 20+ asset
54bps Margin
classes.
Strategic challenges:  Created risk based pricing metrics.
 High cost structure –  Undertook customer/dealer profitability analysis.
multiple platforms/sites;  Developed vintage analysis (“good” vs. “bad” bank
inefficient property tax reporting) to demonstrate impact of strategic change.
administration.
 Limited cross-selling/ Reorganized/upgraded the Finance team.
development of core
banking relationships. Strengthened accounting controls:
 Other business units  Created a dynamic loan loss allowance accounting
offering better returns/ model.
utilization of Corporate’s  Coordinated SOX implementation, a ledger conversion,
low-cost funding base. and a focus on balance sheet controls/reconciliations.
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7. Creating Value – at Access Plans
Prior to concluding a turnaround with a 2009 sale transaction - -
1. Averted a Liquidity Crisis 2. Grew 2008 3. Cut Prior Year
Revenue 20%* EBITDA Loss by 90%*
Sourced $6.3M (2007/2008)
2007 2008
Secure new debt $4.5M $35M $(0.17)M
$(1.66)M
restricted
$28M
Release deposits* $0.8M
Sell ACP Agency $1.0M
* Driven by new PME platform 2007 2008
Use of the $6.3M proceeds * Continuing operations only * Continuing operations only
o AHCP Insurance Agency o Growth in AHCP Agency
Fund 2008 El Paso loss $2.0M grew to #1 independent (lead/trip/advance program)
distributor of individual o Stabilize Discount Card
Acquire PME $0.9M major medical insurance Program - roll-out new
o Advocay Program awarded products; lower cost/more
Debt repayment** $3.4M flexible PME platform
1st place - innovative design
(by Consumer Health Org.) o Cut corporate overhead
* * Add'n $2.3M repaid from
available cash on hand 4. Resolved complex El Paso TPA litigation matters
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8. Creating Value – Access Plans Stock Performance
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).
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9. Leadership - Framework For A Top-Tier Finance Team
Philosophical framework:
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}
Success = the right people, in the right place – and the right chemistry
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10. Leadership - Strategic and Competitor Perspectives
Strategic and competitor assessments typically include: Strategic Options:
a) The external landscape/environment.  Organic growth/stand-alone.
 Add-on acquisitions – to
b) Internal financial strength/resource capacity. diversify/accelerate growth?
c) How the organization is able to adapt and change.  Merger transaction – to
transform (high integration risk).
 Sell – all/part of company.
EXTERNAL INTERNAL
o Consumer/marketplace value o Capital strength/level of debt Why will the customer buy
added proposition leverage/capacity to invest from us??
 Lowest price – generally a
o Competitive landscape - "SWOT" o Amount of sustainable "free low cost producer.
o Pace of industry change cash flow" being generated  Leading product innovator –
with initiatives to sustain this
position.
CULTURE - LEVEL OF  Provide best customer
o Creativity and capacity for change service – at a level that the
o Drive for continuous improvement customer highly values.
o Leadership team candor - and collaboration  Superior brand, or
o Effective communication - all stakeholders distribution, or other form of
customer access.
 Regulatory fiat – e.g. a
Strategy = Processes/milestones to get from Point A (today) patent/license that cannot be
to Point B (strategic objective) readily replicated.
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11. 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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12. 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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13. 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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