Penn Treaty American Corp.

Bruce A. Stahl (48) served as Chief Actuary of Penn Treaty, AINIC, ANIC, and PTNA from July 2001 to September 2006, and also served as Senior Vice President of Penn Treaty, AINIC, ANIC and PTNA from March 2004 to September 2006. Mr. Stahl previously served as Vice President of Penn Treaty, AINIC, ANIC and PTNA from July 2001 to March 2004. From 1994 to 2001, Mr. Stahl owned BAS Actuarial Services, an actuarial consulting services firm. Prior to 1994, Mr. Stahl served as a consulting actuary for KPMG and as Assistant Actuary for American Integrity Insurance Company. Mr. Stahl is a graduate of the Wharton School of the University of Pennsylvania, and is a member of the Society of Actuaries and the American Academy of Actuaries.

Stephen R. La Pierre (49) has served as Senior Vice President, Claims Management & Policyholder Services of AINIC, ANIC and PTNA since January 2005. Mr. LaPierre has over 20 years of healthcare and long-term care insurance risk management experience. From 2002 to January 2005, he served as the President of La Pierre & Associates, LLC, a consulting firm that provided comprehensive claim management and long-term care insurance operations risk audit services to insurance carriers and third party administrators. As an independent consultant, Mr. La Pierre provided consulting services to many top long-term care insurers in the nation, including Penn Treaty. From 1996 to 2002, he held various risk management positions with the long-term care insurance division of Fortis/John Hancock Financial Services, most recently as Vice President Underwriting and Claims from 1999 to 2002, and also held various roles in PPO network development and healthcare administration. Mr. La Pierre holds an M.B.A. from the University of Wisconsin-Milwaukee, and a Bachelor's degree from the University of Wisconsin-Parkside.

James M. Heyer (43) has served as a Senior Vice President of AINIC, ANIC and PTNA since May 2002. Mr. Heyer also served as the Chief Operating Officer of AINIC, ANIC and PTNA from January 1999 to May 2002. Mr. Heyer has served as Director of AINIC since 1997 and of ANIC since 1996. He also served as Director of Penn Treaty from May 2001 to May 2002. From 1993 to 1998, Mr. Heyer served as the companies Vice President of Administration. As Senior Vice President, Mr. Heyer oversees all aspects of underwriting, compliance, risk analysis and product development for AINIC, ANIC and PTNA. Prior to joining Penn Treaty in 1988, Mr. Heyer was employed by The Guardian Life Insurance Company of North America. Mr. Heyer received his B.S. in Business Administration and Marketing from Penn State University. Mr. Heyer has over 16 years experience in the insurance business.

Ms. Bagley has served as General Counsel since May 1991. Ms. Bagley oversees the Legal Department functions, which include SEC compliance, general corporate and business matters, corporate compliance, and litigation. Prior to joining Penn Treaty, Ms. Bagley specialized in the area of insurance defense and as a judicial clerk. She received a Bachelor of Arts degree cum laude from Dickinson College and a Juris Doctorate degree cum laude from the James E. Beasley School of Law at Temple University, where she served as a member of the Temple Law Review. Ms. Bagley is a member of the Pennsylvania Bar Association, the Montgomery County Bar Association and the Association of Corporate Counsel.

Array

Mr. Grebe is senior vice president of The Pennsylvania Trust Company. He administers trust accounts and has responsibilities in financial and estate planning. Mr. Grebe has over 40 years of experience in estate and financial planning with major trust companies in Chicago, Rochester, New York City and Philadelphia. While at Girard Bank (now Mellon), he supervised the estate planning of large family complexes, coordinating tax planning, estate conservation, philanthropy and special investment situations. He has also managed the Personal Trust Division of Philadelphia National Bank and was executive vice president of U.S. Trust Company of Florida. Most recently he was with Davidson Trust Company, a local trust and investment management company. Mr. Grebe is a director of The Athenaeum of Philadelphia, Family Services of Montgomery County, PA, Surrey Services for Seniors, Associated Services for the Blind in Philadelphia and Penn Treaty American Corporation in Allentown. He is also a trustee of The Guthrie Healthcare System in Sayre, PA, the Meshewa Farm Foundation and the Sylvan Foundation. Mr. Grebe is admitted to practice law in Michigan, Illinois and New York and is a member of the New York State Bar Association and its Trusts and Estates Committee.

Array

Peter M. Ross has served as Director of Penn Treaty since December 2003, and as Director of PTNA and ANIC since May 2004. Mr. Ross has over thirty years experience in the development and implementation of public financial policy. He has served as an independent consultant on public policy since November 2004. From 2002 until his retirement in February 2005, Mr. Ross served as a Senior Policy Scientist with the Institute for Public Administration with the University of Delaware, where he was involved in assisting local government with budget management. He held the same position in 2000. Mr. Ross previously served as the State of Delaware Budget Director from 2001 to 2002 and from 1994 to 2000; as Director of Operations, Office of Controller General, State of Delaware; as a Senior Legislative Fiscal Management Analyst, Office of Controller General, State of Delaware; and as Chief Administrative Officer, New Castle County, Delaware. Mr. Ross is a member of the Delaware Economic Forecasting Advisory Committee and serves as Co-Chairman of the Delaware Compensation Commission. He holds a Bachelor of Arts in Political Science and a Master of Arts in Public Administration.