Independence Bancshares Inc. (fka IEBS)

[illegal_alias]

Proxies and annual meeting materials arrived via email.

Dear Fellow Shareholder:

We cordially invite you to attend the 2016 Annual Meeting of Shareholders of Independence Bancshares, Inc. (the “Company”),
the holding company for Independence National Bank (the “Bank”). At the meeting, we will report on our performance and answer
your questions. We hope that you can attend the meeting and reception and look forward to seeing you there.

This letter serves as your official notice that we will hold the meeting on November 16, 2016, at the office of our corporate
counsel, Nelson Mullins Riley & Scarborough LLP, 104 South Main Street, Suite 900, Greenville, South Carolina at 9:00 a.m. for the
following purposes:

Shareholders of record of our common stock or our convertible preferred stock, Series A at the close of business on September 27,
2016 are entitled to be present and to vote at the annual meeting. A complete list of these shareholders will be available at the
Company’s offices prior to the meeting. If your shares are held in “street name,” you will need to obtain a proxy form from the
institution that holds your shares in order to vote at the meeting.
Please use this opportunity to take part in the affairs of your Company by voting on the business to come before this meeting. Even
if you plan to attend the meeting, we encourage you to complete and return the enclosed proxy to us as promptly as possible.

1. To elect six nominees to serve on our board of directors;
2. To approve the compensation of our named executive officers (this is a non-binding advisory vote) (“say-on-pay”);
3. To ratify the appointment of Elliott Davis Decosimo, LLC as our independent registered public accounting firm for the year
ended December 31, 2016; and
4. To transact any other business that may properly come before the meeting or any adjournment of the meeting.

By order of the board of directors,

Robert B. Willumstad
Chairman of the Board