APS Financial Corporation to offer Bank Debt Trading, Clearing, and Settlement.

AUSTIN, Texas -- APS Financial Corporation (APSF), through its affiliated clearing and settlement arm, APS Clearing, Inc., a subsidiary of APS Investment Service, Inc. (APSIS), will now offer trading in bank debt (syndicated loans) and trade claims. To implement its new product line, APS Clearing, Inc. (APSC) has appointed Matthew Hamilton, Esq. as Director of Syndicated Loan Trading. Mr. Hamilton's responsibilities will encompass the entire trading and settlement process. Mr. Hamilton will report to APSIS and APSC President, George Conwill.

Commenting today on the appointment, Mr. Conwill said: "Matt's experience significantly adds to our existing capabilities in the high yield market. His appointment is further affirmation of APSF's commitment to the high yield and distress market, and to our broad base of sophisticated clients."

Mr. Hamilton, a licensed attorney, previously split his time at APSF as a high yield trader and legal analyst responsible for the firm's analysis and interpretation of bankruptcy and litigation scenarios. Prior to Mr. Hamilton's tenure at APSF, he was employed by Tisdale & Associates, a bankruptcy boutique law firm. Mr. Hamilton also previously served as General Counsel for Red Canyon Software, an aerospace engineering firm, and prior to that was a member of the corporate and securities group at Akin Gump, Strauss, Hauer & Feld, a multi-national law firm.

Mr. Hamilton's appointment represents the latest step in support of APSIS' commitment to align the trading operations of APSF with the rapidly changing high yield and distressed market environment. APSF's access to APSC's new capability will allow its client base to actively invest across an entity's capital structure without utilizing disparate trading partners.

APSC intends to leverage its resources and competency in the high yield market to trade large and small blocks of bank debt and trade claims with access to a sizeable base of sophisticated investors. As a boutique firm, APSC understands what is needed to develop a market for sellers and obtain the best prices for buyers. "Our aim is to empower clients -- buyers and creditors -- and maximize their liquidity and opportunity within this large and highly centralized market," says Mr. Conwill. APSF's team of analysts and brokers, combined with its diverse network of contacts and the capability of its affiliate, APSC, enables sellers the ability to turn their private debt instruments into liquid assets and provides buyers with access to a reliable source of supply.

For more information please contact Mr. Hamilton at [e-mail] or toll free at 800-248-0630.

About APS Investment Services, Inc.

APS Investment Services, Inc. (APSIS), a subsidiary of American Physicians Service Group, Inc. (NASDAQ:AMPH), specializes in insurance company fixed income asset management, institutional and retail securities sales, and investment analysis. Its subsidiary, APS Financial Corp. (APSF), established in 1981, provides both institutions and high net worth individual investors with value-added, personalized investment advice and account services. Our staff includes experienced analysts, traders, and portfolio managers who are knowledgeable in all areas of the fixed income market. In addition to offering insurance asset management and reporting services, APSF is also extensively involved in the trading and analysis of high yield corporate bonds. We conduct our own proprietary research and have developed a large client base of high net worth individuals and institutional buyers.