Acap Corp.

Frank H. Freund, C.P.A. has been executive vice president, treasurer and chief financial officer of the Company since July 2000. Mr. Freund joined the Company as chief financial officer of American Physicians in September 1997. Mr. Freund's previous employment includes working with the Michigan practice of Deloitte & Touche LLP from October 1994 to September 1997, serving as an audit senior manager in that firm's insurance and health care business assurance services group.

Ms. Lawter heads up the company's risk management department. Prior to joining American Physicians in 2008, she served as Corporate Director of Claims and Litigation Management at St. John Health in Detroit, Michigan. Ms. Lawter is a former trial attorney with more than 11 years of experience handling cases involving medical malpractice, personal injury and general civil litigation. Prior to her law practice, she worked as a registered nurse for eight years in the areas of ER and Oncology. Ms. Lawter has a Bachelor of Science Degree in Nursing from Capital University in Columbus, Ohio, and a law degree from Capital University Law and Graduate Center.

Laura A. Kline has been vice president of marketing of American Physicians since January 2002. Ms. Kline joined the Company in 1987, and has held various sales, marketing and management positions. Ms. Kline has also served as president of APConsulting, LLC, the alternative risk transfer subsidiary of the Company, since November 2001.

Billy B. Baumann, M.D. is a retired pathologist and former chief of staff at North Oakland Medical Centers, in Pontiac, Michigan. He served as president and treasurer of the Michigan State Medical Society and was a member of their board from 1982 to 2002. Dr. Baumann served as a member of the Board of Directors of American Physicians from 1988 to 2002, and has been a director of APCapital since July 2000.

AppaRao Mukkamala, M.D. is a board-certified radiologist and has been in private practice in Flint, Michigan for over 30 years. He was a member of the American Physicians Assurance Corporation, or American Physicians, our principal operating subsidiary, Board of Directors from 1993 to 2002. Since July 2000, he has served as a director of APCapital, and in May 2007 was appointed Chairman of APCapital's Board. He is currently the president of the Michigan State Medical Society and has served on its Board of Directors since 1997.

Joseph D. Stilwell is a private money manager with Stilwell Value Partners III, an equity firm based in New York. He received his bachelor's degree in economics from The Wharton School, University of Pennsylvania. He currently serves as a director on the board of American Physicians Capital, Inc., a medical malpractice liability insurer based in Michigan.