Share Exchange Agreement (Investors Heritage & Kentucky Investors, Inc.)

Investors Heritage Life Insurance Company entered into a share exchange agreement with its parent company, Kentucky Investors, Inc., effective December 31, 1999.  Under the agreement Kentucky Investors acquired all of the outstanding shares of Investors Heritage common stock.  Investors Heritage shareholders received 1.24 shares of Kentucky Investors stock for each share of Investors Heritage stock held. 

All Investors Heritage shareholders are now shareholders of Kentucky Investors. 

Under the terms of the Agreement and Plan of Share Exchange, any dividends payable on the Common Stock of Kentucky Investors after the effective date of the Share Exchange will not be paid to the holders of Investors Heritage stock certificates until such certificates are surrendered.  Holders of Investors Heritage stock certificates are urged to surrender their certificates for exchange to: 

Kentucky Investors' Exchange Agent
PO Box 717
Frankfort KY 40602-0717