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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001169232-05-002225.txt : 20050421
<SEC-HEADER>0001169232-05-002225.hdr.sgml : 20050421
<ACCEPTANCE-DATETIME>20050421120342
ACCESSION NUMBER:		0001169232-05-002225
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20050518
FILED AS OF DATE:		20050421
DATE AS OF CHANGE:		20050421
EFFECTIVENESS DATE:		20050421

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INVESTORS TITLE CO
		CENTRAL INDEX KEY:			0000720858
		STANDARD INDUSTRIAL CLASSIFICATION:	TITLE INSURANCE [6361]
		IRS NUMBER:				561110199
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11774
		FILM NUMBER:		05763770

	BUSINESS ADDRESS:	
		STREET 1:		121 N COLUMBIA ST
		STREET 2:		P O DRAWER 2687
		CITY:			CHAPEL HILL
		STATE:			NC
		ZIP:			27514
		BUSINESS PHONE:		9199682200

	MAIL ADDRESS:	
		STREET 1:		121 NORTH COLUMBIA STREET
		CITY:			CHAPEL HILL
		STATE:			NC
		ZIP:			27514
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>d63454_def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>



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<H1 ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>SCHEDULE 14A</FONT></H1>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(Rule 14a-101) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>INFORMATION REQUIRED IN
PROXY STATEMENT </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>SCHEDULE 14A INFORMATION</FONT></H1>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Proxy Statement Pursuant to Section 14(a) of the <BR>Securities
Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;)</FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Filed by the Registrant [_]<BR>Filed by a Party other than the Registrant [_] </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Check the appropriate box: </FONT></P>
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</TD>
</TR>
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<BR>

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<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=50%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>[_]&nbsp;&nbsp;Preliminary Proxy Statement</FONT></TD>
<TD ALIGN=LEFT WIDTH=50%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>[_]&nbsp;&nbsp;Soliciting Material Under Rule 14a-12</FONT></TD>
</TR>
</TABLE>

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<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=50%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>[_]&nbsp;&nbsp;Confidential, For Use of the<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission Only (as permitted by <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule 14a-6(e)(2))</FONT></TD>
</TR>
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<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=50%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>[X]&nbsp;&nbsp;Definitive Proxy Statement</FONT></TD>
<TD ALIGN=LEFT WIDTH=50%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp; </FONT></TD>
</TR>
</TABLE>

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<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=80%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>[_]&nbsp;&nbsp;Definitive Additional Materials</FONT></TD>
<TD ALIGN=LEFT WIDTH=20%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD>


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<P ALIGN=CENTER><FONT SIZE="2"><B>Investors Title Company</B><BR>(Name of Registrant as Specified
In Its Charter)</FONT> </P>


<!-- MARKER FORMAT-SHEET="Para Center 10" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>(Name of Person(s) Filing Proxy Statement, if other than the
Registrant) </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Payment of Filing Fee (Check the appropriate box): </FONT></P>
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</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>[_] </FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>No
fee required.</FONT></TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>[_] </FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Fee
computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</FONT></TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(1) </FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=91%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Title
of each class of securities to which transaction applies:<BR><BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(2) </FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=91%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Aggregate
number of securities to which transaction applies:<BR><BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></TD>
</TR>
</TABLE>



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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(3) </FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=91%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Per
unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it
was determined):<BR><BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></TD>
</TR>
</TABLE>



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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(4) </FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=91%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Proposed
maximum aggregate value of transaction:<BR><BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></TD>
</TR>
</TABLE>



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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(5) </FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=91%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Total
fee paid:<BR><BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>[_] </FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Fee
paid previously with preliminary materials:</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>[_] </FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Check
box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and
identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and the date of
its filing.</FONT></TD>
</TR>
</TABLE>
<BR>


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<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(1) </FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=91%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Amount
Previously Paid:<BR><BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(2) </FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=91%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Form,
Schedule or Registration Statement No.:<BR><BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(3) </FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=91%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Filing
Party:<BR><BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(4) </FONT></TD>
<TD WIDTH=3%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2></FONT></TD>
<TD WIDTH=91%><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Date
Filed:<BR><BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></TD>
</TR>
</TABLE>

<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2></FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><page><BR>

<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD>
<P align=center><font face="Times New Roman, Times, Serif" size=2><img height=134 src="image001.gif" width=384></font></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>121 North Columbia Street, Chapel Hill, North Carolina 27514<br>
(919) 968-2200</FONT></P>
</TD></TR>
<TR>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;</FONT></TD>
</TR></TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><hr size=1 noshade></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td><P><FONT face="Times New Roman, Times, Serif" size=2>April 20, 2005</FONT></P>
      <P><FONT face="Times New Roman, Times, Serif" size=2>Dear Shareholders:</FONT></P>
      <P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>You are cordially invited to attend the Annual Meeting of Shareholders of Investors Title Company to be held at the Siena Hotel, 1505 East Franklin Street, Chapel Hill, North Carolina on Wednesday, May 18, 2005 at 11:00 A.M. E.D.T.</FONT></P>
      <P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>The Annual Meeting will begin with a review of the activities of the Company for the past year and a report on current operations during the first quarter of 2005, followed by discussion and voting on the matters set forth in the accompanying Notice of Annual Meeting and Proxy Statement.</FONT></P>
      <P><B><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Company unanimously recommends that you vote FOR the election of the directors nominated to serve until the Annual Meeting of Shareholders in 2008. </FONT></B></P>
    <P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>Shareholders may have a choice of voting by telephone, on the Internet, or by mail using the enclosed proxy card. I urge you to review the Proxy Statement and promptly vote using one of the methods available to you.</FONT></P></td>
  </tr>
</table>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD valign=top width=384><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD valign=top><FONT face="Times New Roman, Times, serif" size=2>Cordially,</FONT></TD></TR>
<TR>
<TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD></TR>
<TR>
<TD valign=top width=384><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD valign=top><FONT face="Times New Roman, Times, serif" size=2><IMG height=36 src="image002.gif" width=230></FONT></TD></TR>
<TR>
<TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD></TR>
<TR>
<TD valign=top width=384><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD valign=top><FONT face="Times New Roman, Times, serif" size=2>J. Allen Fine</FONT></TD></TR>
<TR>
<TD valign=top width=384><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD valign=top><FONT face="Times New Roman, Times, serif" size=2>Chief Executive Officer</FONT></TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2></FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><page><BR>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><IMG height=134 src="image001.gif" width=384></FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>121 North Columbia Street, Chapel Hill, North Carolina 27514<br>
(919) 968-2200</FONT></P>
</TD></TR>
<TR>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR></TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><hr size=1 noshade></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td align="center"><FONT face="Times New Roman, Times, serif" size=2><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS<br>
    TO BE HELD ON MAY 18, 2005</B></FONT></td>
</tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><hr size=1 noshade></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Annual Meeting of the Shareholders of Investors Title Company will be held at the Siena Hotel, 1505 East Franklin Street, Chapel Hill, North Carolina, on Wednesday, May 18, 2005 at 11:00 A.M. E.D.T., for the following purposes:</FONT></td>
  </tr>
</table>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
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<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To elect three directors for three-year terms or until their successors are elected and qualified; and</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;To
  consider any other business that may properly come before the meeting.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
of record of Common Stock of the Company at the close of business on April 4, 2005 are entitled to
notice of and to vote at the meeting and any adjournments thereof.</FONT></P>
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    <TD valign=top width=384><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>By Order of the Board of Directors:</FONT></TD>
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    <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
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    <TD valign=top width=384><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign=top><FONT face="Times New Roman, Times, Serif" size=2><IMG height=37 src="image003.gif" width=255></FONT></TD>
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    <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
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    <TD valign=top width=384><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>W. Morris Fine</FONT></TD>
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    <TD valign=top width=384><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>Secretary</FONT></TD>
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    <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
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    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
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    <td><FONT face="Times New Roman, Times, serif" size=2><B>IMPORTANT - Your proxy card is enclosed. You can vote your shares by completing and returning your proxy card in the enclosed postage-paid envelope. Shareholders may have the choice of voting by telephone or on the Internet.</B> &nbsp;If the telephone or Internet options are available to you, voting instructions have been included with your proxy materials. Whether or not you expect to be present at the meeting, please review the Proxy Statement and promptly vote in order to assist the Company in keeping down the expenses of the meeting. You can revoke your proxy at any time prior to its exercise at the meeting by following the instructions in the accompanying Proxy Statement.</FONT></td>
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<HR color=gray noshade size=5>
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<P align=center><FONT face="Times New Roman, Times, serif" size=2><B>TABLE OF CONTENTS</B><FONT style="DISPLAY: none">&nbsp;</FONT></FONT></P>
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  <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></TD>
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    <TH colspan=2><FONT face="Times New Roman, Times, serif" size=2></FONT></TH>
    <TH><FONT face="Times New Roman, Times, Serif" size=1>Page</FONT>        </TH>
    <TH>&nbsp;</TH>
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  <TR valign=Bottom>
    <TD width=93% align=LEFT><FONT size="2" face="Times New Roman, Times, serif"><b><A href="#a01">PROXY STATEMENT</A></b></FONT></TD>
    <TD width=2% align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD width=1% align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>1</FONT></TD>
    <TD width=2% align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
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  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a02">Proxy Solicitation by the Board of Directors</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>1</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
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  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a03">Revocability of Proxy</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>1</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a04">Voting Securities</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>1</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
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  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a05">Annual Report to Shareholders</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>1</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
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  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a06">Other Matters To Come Before the Meeting</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>1</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
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  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a07">Electronic Delivery of Proxy Materials</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>1</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
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  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a08">Section 16(a) Beneficial Ownership Reporting Compliance</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>2</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
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  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a09">General Information</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>2</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
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  <TR valign=Bottom>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif"><b><A href="#a10">CORPORATE GOVERNANCE</A></b></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>2</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a11">Code of Business Conduct and Ethics</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>2</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a12">Executive Sessions</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>2</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
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  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a13">Communication with Directors</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>2</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a14">Director Qualification Standards</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>3</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a15">Independent Directors</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>3</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a16">Compensation Committee Interlocks and Insider Participation</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>3</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a17">Board of Directors and Committees</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>3</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a18">Compensation of Directors</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>5</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a19">Stock Ownership of Executive Officers and Certain Beneficial Owners</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>5</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif"><b><A href="#a20">PROPOSALS REQUIRING YOUR VOTE</A></b></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>7</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><b><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a21">Election of Directors</A></FONT></b></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>7</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a22">Information Regarding Nominees for Election as Directors</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>7</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a23">Information Regarding Directors Continuing in Office</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>8</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif"><b><A href="#a24">INDEPENDENT AUDITOR</A></b></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>9</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a25">Audit and Non-Audit Fees</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>10</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a26">Audit and Non-Audit Services Pre-Approval Policy</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>10</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a27">Audit Committee Report</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>11</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif"><b><A href="#a28">EXECUTIVE COMPENSATION</A></b></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>12</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a29">Summary Compensation Table</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>12</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a30">Executive Employment Agreements</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>12</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a31">Stock Option Grants in 2004</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>14</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a32">Aggregated Option Exercises in 2004 and Year-End Option Values</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>15</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif"><b><A href="#a33">COMPENSATION COMMITTEE REPORT</A></b></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>15</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a34">Overview of Compensation Program</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>15</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a35">Evaluation of Executive Performance</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>15</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a36">Total Compensation</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>15</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a37">Salaries and Bonuses</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>16</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a38">Stock Options</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>16</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a39">Non-Qualified Supplemental Retirement Benefit Plan</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>16</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a40">Non-Qualified Deferred Compensation Plan</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>16</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A href="#a41">Compensation for the Chairman and Chief Executive Officer</A></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>16</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif"><b><A href="#a42">PERFORMANCE GRAPH</A></b></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>17</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif"><b><A href="#a43">SHAREHOLDER PROPOSALS FOR 2006 ANNUAL MEETING</A></b></FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, Serif" size=2>18</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>
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<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2></FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
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<TR>
<TD>
<P align=center><FONT face="Times New Roman, Times, serif" size=2><B><A name="a01"></A>PROXY STATEMENT</B></FONT></P>
</TD></TR>
<TR>
  <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></TD>
</TR>
</TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
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    <td><hr size=1 noshade></td>
  </tr>
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<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td align="center"><FONT face="Times New Roman, Times, serif" size=2><B>Annual Meeting of Shareholders<br>
    To Be Held on May 18, 2005</B></FONT></td>
  </tr>
  <tr>
    <td align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
  </tr>
</table>
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  <tr>
    <td><hr size=1 noshade></td>
  </tr>
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  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td><P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement is furnished in connection with the solicitation by the Board of Directors of Investors Title Company of proxies to be voted at the Annual Shareholders&#146; Meeting to be held at the Siena Hotel, 1505 East Franklin Street, Chapel Hill, North Carolina, on May 18, 2005 at 11:00 A.M. E.D.T., and at all adjournments thereof. Shareholders of record at the close of business on April 4, 2005 are entitled to notice of and to vote at the meeting and any adjournments thereof.</FONT></P>
      <P><FONT face="Times New Roman, Times, Serif" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A name="a02"></A>Proxy Solicitation by the Board of Directors</B>. The solicitation of proxies is made on behalf of the Company&#146;s Board of Directors and will be made either by mail or, as described below, by electronic delivery. The cost of solicitation of proxies will be borne by the Company. Copies of proxy materials and the Annual Report for 2004 will be provided to brokers, dealers, banks and voting trustees or their nominees for the purpose of soliciting proxies from the beneficial owners, and the Company will reimburse these record holders for their out-of-pocket expenses.</FONT></P>
      <P><FONT face="Times New Roman, Times, Serif" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A name="a03"></A>Revocability of Proxy</B>. Each proxy executed and returned by a shareholder may be revoked at any time thereafter except as to any matter or matters upon which, prior to such revocation, a vote shall have been cast pursuant to the authority conferred by such proxy. Shareholders with shares registered directly in their names may do this by sending written notice of revocation to the Corporate Secretary, P.O. Box 2687, Chapel Hill, North Carolina 27515-2687 and submitting a subsequent proxy or voting in person at the meeting. Attendance at the meeting will not by itself revoke a proxy. A shareholder wishing to change his or her vote who holds shares through a bank, brokerage firm or other nominee must contact the record holder.</FONT></P>
      <P><FONT face="Times New Roman, Times, Serif" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A name="a04"></A>Voting Securities</B>. On March 11, 2005, the Company had a total of 2,855,744 shares of Common Stock outstanding, its only class of issued and outstanding capital stock. Of these shares, 2,566,733 shares are entitled to one vote per share and 289,011 shares are held by a subsidiary of the Company and, pursuant to North Carolina law, are not entitled to vote. A majority of the shares entitled to vote at the meeting, represented at the meeting in person or by proxy, will constitute a quorum.</FONT></P>
      <P><FONT face="Times New Roman, Times, Serif" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A name="a05"></A>Annual Report to Shareholders</B>. An Annual Report of the Company for the calendar year 2004 including financial statements and auditors&#146; opinion, along with the Notice of Annual Meeting, Proxy Statement and proxy card, are being first mailed to the Company&#146;s shareholders on or about April 20, 2005.</FONT></P>
      <P><FONT face="Times New Roman, Times, Serif" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A name="a06"></A>Other Matters To Come Before the Meeting</B>. Management is not aware of any other matters that may come before the meeting. However, if any other matters do properly come before the meeting, it is the intention of the persons named as proxies to vote upon them in accordance with their best judgment.</FONT></P>
    <P><FONT face="Times New Roman, Times, Serif" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A name="a07"></A>Electronic Delivery of Proxy Materials</B>. The Notice of Annual Meeting and Proxy Statement and the Company&#146;s 2004 Annual Report (the &#147;Proxy Materials&#148;) are available online to certain shareholders that have arranged through their broker to receive the Proxy Materials electronically. Shareholders that hold their shares in a brokerage account may have the opportunity to receive future Proxy Materials electronically. Please contact your broker for information regarding the availability of this service.</FONT></P></td>
  </tr>
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<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1</FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
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<TD>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A name="a08"></A>Section 16(a) Beneficial Ownership
Reporting Compliance</B>. Section 16(a) of the Securities Exchange Act of 1934 requires directors, certain officers and all
persons who beneficially own more than 10% of the Company&#146;s securities to file reports with
the Securities and Exchange Commission with respect to beneficial ownership of Company securities.
Based solely upon a review of copies of the filings that the Company received with respect to the
fiscal year ended December 31, 2004, or written representations from certain reporting persons, the
Company believes that all reporting persons filed all reports required by Section 16(a) in a timely
manner.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A name="a09"></A>General Information</B>. A copy of the Company&#146;s 2004 Annual Report and Form 10-K filed with the Securities and Exchange
Commission, excluding exhibits, can be obtained without charge by contacting Investor Relations at
    investorrelations@invtitle.com or P.O. Box 2687, Chapel Hill, North Carolina 27515-2687.</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a10" id="a10"></A>CORPORATE GOVERNANCE</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a11"></A>Code of Business Conduct and Ethics </B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has a Code of Business
Conduct and Ethics that is applicable to all of the Company&#146;s employees, officers and directors,
including its Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer. This
Code addresses a variety of issues, including conflicts of interest, the protection of confidential
information, insider trading, and employment practices. It also requires strict compliance with all
laws, rules and regulations governing the conduct of the Company&#146;s business.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Code of Business Conduct
and Ethics is posted in the Corporate Governance area of the Investor Relations section of the Company&#146;s
website at www.invtitle.com. The Company intends to disclose future amendments to or waivers from
the Code of Business Conduct and Ethics on its website within two business days after such amendment
or waiver.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a12"></A>Executive Sessions</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive sessions that include
only the independent members of the Board of Directors are held regularly.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a13"></A>Communication with Directors</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders can communicate
with members of the Company&#146;s Board of Directors in one of two ways. Shareholders may mail correspondence
to the attention of the Corporate Secretary, P.O. Box 2687, Chapel Hill, North Carolina 27515-2687.
Any correspondence sent via mail should clearly indicate that it is a communication intended for
the Board of Directors. Shareholders may also use electronic mail to contact the Board of Directors
at boardofdirectors@invtitle.com. The Corporate Secretary regularly monitors this email account.
Any communication that is intended for a particular Board member or committee should clearly state
the intended recipient.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporate Secretary will
review all communications sent to the Board of Directors via mail and email and will forward all
communications concerning Company or Board matters to the Board members within five business days
of receipt. If a communication is directed to a particular Board member or committee, it will be
passed on only to that member or the members of that committee; otherwise, relevant communications
will be forwarded to all Board members.</FONT></P></TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>2</FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
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<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a14"></A>Director Qualification Standards</B></FONT>
  <P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating Committee considers
a variety of factors before recommending potential new Board members or the continued service of
existing Board members. At a minimum, the Nominating </FONT><FONT face="Times New Roman, Times, Serif" size=2>Committee believes that a director nominee must demonstrate character and integrity, have an inquiring
mind, possess substantial experience at a strategy or policy setting level, demonstrate an ability
to work </FONT><FONT face="Times New Roman, Times, Serif" size=2>effectively with others, possess either high-level managerial experience in a relatively complex organization
or experience dealing with complex problems, have sufficient time to devote to the affairs of the
Company and be free from conflicts of interest with the Company and its subsidiaries.</FONT></P>
</TD></TR>
<TR>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
  <TD colspan="2" valign=top><font face="Times New Roman, Times, serif">&nbsp;</font><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other factors the Nominating Committee considers when evaluating a director nominee are:</FONT></TD>
</TR>
<TR>
  <TD valign=top><font face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD valign=top><font face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
  <TD valign=top><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT></TD>
  <TD valign=top><FONT face="Times New Roman, Times, serif" size=2>Whether the nominee assists in achieving a diverse mix of Board members;</FONT></TD>
</TR>
<TR>
  <TD valign=top><font face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD valign=top><font face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD valign=top width=72><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, serif" size=2>The extent of the nominee&#146;s business experience, technical expertise, and specialized skills or
experience;</FONT></TD></TR>
<TR>
<TD valign=top><font face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD valign=top><font face="Times New Roman, Times, serif">&nbsp;</font></TD></TR>
<TR>
<TD valign=top width=72><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, serif" size=2>3.</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, serif" size=2>Whether the nominee, by virtue of particular experience relevant to the Company&#146;s current or future
business, will add specific value as a Board member; and</FONT></TD></TR>
<TR>
<TD valign=top><font face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD valign=top><font face="Times New Roman, Times, serif">&nbsp;</font></TD></TR>
<TR>
<TD valign=top width=72><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, serif" size=2>Any factors related to the ability and willingness of a new nominee to serve, or an existing nominee
to continue his or her service to, the Company. </FONT></TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD valign=top>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating Committee believes
that a majority of the directors should be independent as defined by applicable NASDAQ listing standards
and, as a result, it also considers whether a director nominee is independent under the Company&#146;s
Board of Director Independence Standards. The Committee also requires that all members of the Audit
Committee be &#147;financially literate&#148; pursuant to applicable NASDAQ listing standards and
that at least one member of the Audit Committee be an &#147;audit committee </FONT><FONT face="Times New Roman, Times, Serif" size=2>financial expert&#148; as defined by Securities and Exchange Commission rules and regulations. Therefore,
the Nominating Committee considers whether a director nominee meets these criteria when evaluating
his or her qualifications.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is the policy of the Nominating
Committee to consider all director candidates recommended by shareholders, provided that such recommendations
are made in accordance with the procedures outlined in the section entitled &#147;The Nominating
Committee.&#148; The Nominating Committee evaluates such candidates in accordance with the same criteria
it uses to evaluate all other director candidates.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a15"></A>Independent Directors</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has
determined that, under the Company&#146;s Board of Director Independence Standards, Mr. Francis,
Mr. Harrell, Mr. Kennedy, Mr. King, Mr. Morton and Mr. Parker are independent directors. The Board
of Director Independence Standards can be found on the Investor Relations section of the Company&#146;s
website at www.invtitle.com under the heading &#147;Corporate Governance.&#148;&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a16"></A>Compensation Committee Interlocks and Insider Participation</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2004, James R. Morton, Loren
B. Harrell, Jr. and A. Scott Parker III served as the members of the Compensation Committee. None
of these directors are officers, former officers, or employees of the Company or any of its subsidiaries.
</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a17"></A>Board of Directors and Committees</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December
31, 2004, the Board of Directors held four meetings. All incumbent directors and nominees, with the
exception of William J. Kennedy III, attended 75% or more of the aggregate number of meetings of
the Board of Directors and committees of the Board on which they served. The Company expects each
of its directors to attend the Annual Meeting of Shareholders unless an emergency prevents them from
attending. All of the Board members were present at the 2004 Annual Meeting.</FONT></P></TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>3</FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
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<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Board of
Directors has a standing Audit Committee, Compensation Committee, and Nominating Committee.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Audit Committee</B>: In 2004, the Audit Committee was composed of David L. Francis, William J. Kennedy III and H. Joe
King, Jr, all independent directors. Loren B. Harrell, Jr., also an independent </FONT><FONT face="Times New Roman, Times, Serif" size=2>director, was a member of the Audit Committee from January 1, 2004 to May 19, 2004. The Audit Committee
met eleven times in 2004.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee is directly
responsible for hiring, dismissing, compensating and overseeing the Company&#146;s independent auditor
and reviewing the scope of the annual audit proposed by the independent auditor. In addition, the
Committee reviews internal audit procedures on various aspects of corporate operations, reviews and
approves all related party transactions and periodically consults with the independent auditor on
matters relating to internal financial controls and procedures. Finally, the Committee is responsible
for establishing and administering complaint procedures related to accounting and auditing matters.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors adopted
a written charter for the Audit Committee that can be found under the Committee heading of the Corporate
Governance area of the Investor Relations section of the Company&#146;s website at www.invtitle.com.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has
determined that all of the current Audit Committee members&#151;Mr. Francis, Mr. Kennedy and Mr.
King&#151;are audit committee financial experts and satisfy the definition of &#147;financially literate&#148;
under NASDAQ Rule 4350(d).</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors also
has determined that each current member of the Company&#146;s Audit Committee is independent as such
term is defined by applicable federal securities laws and by NASDAQ&#146;s independent director and
audit committee listing standards.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Compensation Committee</B>: In 2004, the Compensation Committee was composed of James R. Morton, Loren B. Harrell, Jr. and A.
Scott Parker III, all independent directors. The Compensation Committee met three times in 2004.
This Committee, which also serves as the Option Committee reviewing, approving and administering
the Company&#146;s stock option plans, determines, or recommends to the independent directors for
determination, salaries, bonuses and other compensation of all executive officers of the Company.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee
has a written charter that can be found under the Committee heading of the Corporate Governance area
of the Investor Relations section of the Company&#146;s website at www.invtitle.com.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has
determined that in 2004 each member of the Company&#146;s Compensation Committee was independent
as such term is defined by applicable NASDAQ&#146;s independent director and audit committee listing
standards.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Nominating Committee</B>: In 2004, the Nominating Committee was composed of Loren B. Harrell, Jr., H. Joe King, Jr. and James
R. Morton, all independent directors. The Nominating Committee met once in 2004.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating Committee has
a written charter that can be found under the Committee heading of the Corporate Governance area
of the Investor Relations section of the Company&#146;s website at www.invtitle.com.</FONT></P></TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>4</FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
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<TR>
<TD>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has
determined that in 2004 each member of the Company&#146;s Nominating Committee was independent as
such term is defined by applicable NASDAQ&#146;s independent director and audit committee listing
standards.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A slate of nominees for director
to present to the shareholders is recommended by the Nominating Committee and determined by at least
a majority vote of those directors whose terms do not expire during the year in which the election
of directors will occur. The Committee considers nominees recommended by the shareholders and such
nominees will be evaluated in the same manner as other nominees.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any shareholder that wishes
to nominate a director should send his or her recommendation to the attention of the Corporate Secretary,
Investors Title Company, P.O. Box 2687, Chapel Hill, North Carolina 27515-2687, no later than March
4, 2006. The nominee&#146;s name, age, business address, residential address, principal occupation,
qualifications and the number of shares of common stock beneficially owned by the nominee must be
provided with the nomination. The nominating shareholder must also provide a signed consent of the
nominee to serve, if elected, as a director of the Company, and shall </FONT><FONT face="Times New Roman, Times, Serif" size=2>include all other information that would be required under the rules of the Securities and Exchange
Commission in the Proxy Statement soliciting proxies for election of the nominee for director.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a18"></A>Compensation of Directors</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors who are not employees
of the Company receive an annual retainer for Board services of $3,000 and an attendance fee of $1,500
for each meeting of the Board of Directors attended, in addition to actual travel expenses related
to the meetings. Directors receive a $500 fee for participating in a committee meeting provided that
the committee meeting is held on a day other than the regularly scheduled board meeting date. The
Audit Committee Chairperson receives an additional annual retainer of $500 upon election to that
position. Directors who are employees of the Company are paid no fees or other remuneration for service
on the Board or on any Board committee.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each non-employee director
of the Company was granted a Nonqualified Stock Option, exercisable for 500 shares at $27.21 per
share, on May 19, 2004. These options were immediately exercisable and will expire on May 19, 2014.
</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a19"></A>Stock Ownership of Executive Officers and Certain Beneficial Owners&nbsp;</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table indicates
the persons known to the Company to be the beneficial owners of more than five percent (5%) of the
Company&#146;s Common Stock as of March 11, 2005.</FONT></P>
</TD></TR>
<TR>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE cellpadding=0 cellspacing=0 border=0 width=600>
  <TR valign=Bottom>
    <TH align="left" nowrap><FONT face="Times New Roman, Times, Serif" size=1>Name and Address of<BR>
      Beneficial Owner</FONT></TH>
    <TH colspan=2 nowrap><FONT face="Times New Roman, Times, Serif" size=1>Amount and Nature<BR>
      of Beneficial Ownership</FONT></TH>
    <TH nowrap>&nbsp;</TH>
    <TH colspan=2 nowrap><FONT face="Times New Roman, Times, Serif" size=1>Percent<BR>
      of Class</FONT></TH>
    <TH nowrap>&nbsp;</TH>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>Markel Corporation</FONT></TD>
    <TD width=1% align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD width=7% align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>236,250</FONT></TD>
    <TD width=5% align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(1)</FONT></TD>
    <TD width=1% align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD width=4% align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>9.20</FONT></TD>
    <TD width=2% align=LEFT><FONT face="Times New Roman, Times, serif" size=2>%</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>4521 Highwoods Parkway, Glen Allen, Virginia 23060</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>J. Allen Fine</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>192,075</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(2)</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>7.48</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>%</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>121 N. Columbia Street, Chapel Hill, North Carolina 27514</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>W. Morris Fine</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>174,501</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(3)</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>6.80</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>%</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>121 N. Columbia Street, Chapel Hill, North Carolina 27514</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>James A. Fine, Jr.</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>174,048</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(4)</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>6.78</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>%</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>121 N. Columbia Street, Chapel Hill, North Carolina 27514</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
  </TR>
</TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
  <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD valign=top width=24><FONT face="Times New Roman, Times, serif" size=2>(1)</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, serif" size=2>The information included in the above table is based solely on Schedule 13G filed with the SEC on February
10, 2004. This amount includes 22,950 shares over which Markel Corporation has shared dispositive
power.</FONT></TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>5</FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><page><BR>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD valign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(2)</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>This includes 3,000 shares of Common Stock that Mr. Fine has the right to purchase under stock options

that are presently exercisable or are exercisable within 60 days of March 11, 2005. Additionally,

this includes 151,099 shares held by a limited liability company of which Mr. Fine is the manager

and possesses sole voting and investment power with respect to such shares.</FONT></TD></TR>
<TR>
<TD valign=top></TD>
<TD valign=top>&nbsp;</TD></TR>
<TR>
<TD valign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(3)</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>This total includes shares beneficially owned as follows: 95,000 shares held by a limited partnership

of which Mr. Fine is a general partner and shares joint voting power over such shares with James

A. Fine, Jr., such shares also being reflected in James A. Fine, Jr.&#146;s beneficially owned
shares;
and 4,052 shares held by family members.</FONT></TD></TR>
<TR>
<TD valign=top></TD>
<TD valign=top>&nbsp;</TD></TR>
<TR>
<TD valign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(4)</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>This total includes shares beneficially owned as follows: 95,000 shares held by a limited partnership

of which Mr. Fine is a general partner and shares joint voting power over such shares with W. Morris

Fine, such shares also being reflected in W. Morris Fine&#146;s beneficially owned shares; and
1,961
shares held by family members.</FONT></TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD valign=top>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth
the shares of the Company&#146;s Common Stock beneficially owned by each director, nominee for director,
the executive officers named in the Summary Compensation Table, and by all directors and executive
officers as a group.</FONT></P>
</TD></TR>
<TR>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE cellpadding=0 cellspacing=0 border=0 width=600>
  <TR valign=Bottom>
    <TH align="left" nowrap><FONT face="Times New Roman, Times, Serif" size=1>Name of<BR>
      Beneficial Owner</FONT></TH>
    <TH nowrap><FONT face="Times New Roman, Times, Serif" size=1>Amount and Nature<BR>
      of Beneficial Ownership</FONT></TH>
    <TH nowrap>&nbsp;</TH>
    <TH nowrap><FONT face="Times New Roman, Times, Serif" size=1>Percent<BR>
      of Class</FONT></TH>
    <TH nowrap>&nbsp;</TH>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>J. Allen Fine</FONT></TD>
    <TD width=11% align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>192,075</FONT></TD>
    <TD width=15% align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(1)</FONT></TD>
    <TD width=7% align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>7.48</FONT></TD>
    <TD width=5% align=LEFT><FONT face="Times New Roman, Times, serif" size=2>%</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>W. Morris Fine</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>174,501</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(2)</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>6.80</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>%</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>James A. Fine, Jr.</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>174,048</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(3)</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>6.78</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>%</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>A. Scott Parker III</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>80,371</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(4)</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>3.13</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>%</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>David L. Francis</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>49,166</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(5)</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>1.91</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>%</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>James R. Morton</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>21,665</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(6)</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>*</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>H. Joe King, Jr.</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>21,776</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(7)</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>*</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>William J. Kennedy III</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>6,000</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(6)</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>*</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>Loren B. Harrell, Jr.</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>4,000</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(6)</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>*</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>R. Horace Johnson</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>100</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>*</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>All Directors, Nominee for Director</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>and Executive Officers as a Group</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
    <TD align=LEFT><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(10 persons)</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>723,702</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(8)</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>27.91</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>%</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD colspan=2></TD>
    <TD colspan=2></TD>
  </TR>
</TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td><FONT face="Times New Roman, Times, serif" size=2>*Represents less than 1%</FONT></td>
  </tr>
</table>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
  <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD valign=top width=24><FONT face="Times New Roman, Times, serif" size=2>(1)</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, serif" size=2>This includes 3,000 shares of Common Stock that Mr. Fine has the right to purchase under stock options

that are presently exercisable or are exercisable within 60 days of March 11, 2005. Additionally,

this includes 151,099 shares held by a limited liability company of which Mr. Fine is the manager

and possesses sole voting and investment power with respect to such shares.</FONT></TD></TR>
<TR>
<TD valign=top></TD>
<TD valign=top>&nbsp;</TD></TR>
<TR>
<TD valign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(2)</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>This total includes shares beneficially owned as follows: 95,000 shares held by a limited partnership

of which Mr. Fine is a general partner and shares joint voting power over such shares with James

A. Fine, Jr., such shares also being reflected in James A. Fine, Jr.&#146;s beneficially owned
shares;
and 4,052 shares held by family members.</FONT></TD></TR>
<TR>
<TD valign=top></TD>
<TD valign=top>&nbsp;</TD></TR>
<TR>
<TD valign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(3)</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>This total includes shares beneficially owned as follows: 95,000 shares held by a limited partnership

of which Mr. Fine is a general partner and shares joint voting power over such shares with W. Morris

Fine, such shares also being reflected in W. Morris Fine&#146;s beneficially owned shares; and
1,961
shares held by family members.</FONT></TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>6</FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><page><BR>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD valign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(4)</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>This total includes 3,500 shares of Common Stock that Mr. Parker has the right to purchase under stock
options that are presently exercisable or are exercisable within 60 days of March 11, 2005. Additionally,
this total includes shares beneficially owned as follows: 3,266 shares held by his wife. </FONT></TD></TR>
<TR>
<TD valign=top></TD>
<TD valign=top>&nbsp;</TD></TR>
<TR>
<TD valign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(5)</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>This total includes 4,000 shares of Common Stock that Mr. Francis has the right to purchase under stock
options that are presently exercisable or are exercisable within 60 days of March 11, 2005. This
total also includes shares beneficially owned as follows: 1,000 shares held by his wife.</FONT></TD></TR>
<TR>
<TD valign=top></TD>
<TD valign=top>&nbsp;</TD></TR>
<TR>
<TD valign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(6)</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>This total includes 4,000 shares of Common Stock available for purchase under stock options that are
presently exercisable or are exercisable within 60 days of March 11, 2005.</FONT></TD></TR>
<TR>
<TD valign=top></TD>
<TD valign=top>&nbsp;</TD></TR>
<TR>
<TD valign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(7)</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>This total includes 4,000 shares of Common Stock that Mr. King has the right to purchase under stock
options that are presently exercisable or are exercisable within 60 days of March 11, 2005. This
total also includes shares beneficially owned as follows: 700 shares held by his wife. </FONT></TD></TR>
<TR>
<TD valign=top></TD>
<TD valign=top>&nbsp;</TD></TR>
<TR>
<TD valign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;(8)</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>This total includes 26,500 shares of Common Stock that all officers and directors, as a group, have
the right to purchase under stock options that are presently exercisable or are exercisable within
60 days of March 11, 2005.</FONT></TD></TR></TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td><P align=center><FONT face="Times New Roman, Times, serif" size=2><B><A name="a20"></A>PROPOSALS REQUIRING YOUR VOTE</B></FONT></P>
      <P><FONT face="Times New Roman, Times, serif" size=2><B><U><A name="a21"></A>Election of Directors</U></B></FONT></P>
      <P><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Board of Directors is composed of 9 members divided into three classes with staggered terms of three years for each class. Based on the recommendations of the Nominating Committee, the Board of Directors has nominated W. Morris Fine and Loren B. Harrell, Jr. for re-election to serve for a three-year period or until their respective successors have been elected and qualified. On February 16, 2005, William J. Kennedy III, an independent director of the Company, member of the 2005 class, and Chair of the Audit Committee, notified the Company that he did not plan to stand for re-election to the Company&#146;s Board of Directors after 18 years of service as an independent director. In place of Mr. Kennedy, R. Horace Johnson is nominated for election to serve for a three-year period or until his successor has been elected and qualified.</FONT></P>
      <P><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nominees will be elected if they receive a plurality of the votes cast for their election. Votes that are withheld, broker nonvotes and abstentions will not affect the election results if a quorum is present. If any of the nominees should withdraw or otherwise become unavailable for reasons not presently known, shares represented by proxies may be voted for other persons in their place in accordance with the best judgment of the persons named in the Proxy.</FONT></P>
      <P><FONT face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Board unanimously recommends that you vote &#147;FOR&#148; the election of the directors nominated to serve until the Annual Meeting of Shareholders in 2008.</B></FONT></P>
    <P><FONT face="Times New Roman, Times, serif" size=2><B><A name="a22"></A>Information Regarding Nominees for Election as Directors</B></FONT></P></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
  </tr>
</table>
<TABLE cellpadding=0 cellspacing=0 border=0 width=600>
  <TR valign=Bottom>
    <TH align="left" nowrap><FONT face="Times New Roman, Times, Serif" size=1>Name</FONT></TH>
    <TH nowrap><FONT face="Times New Roman, Times, Serif" size=1>Age</FONT></TH>
    <TH nowrap>&nbsp;</TH>
    <TH nowrap><FONT face="Times New Roman, Times, Serif" size=1>Served as<BR>
      Director<BR>
      Since</FONT></TH>
    <TH nowrap>&nbsp;</TH>
    <TH nowrap><FONT face="Times New Roman, Times, Serif" size=1>Term<BR>
      to<BR>
      Expire</FONT></TH>
    <TH nowrap>&nbsp;</TH>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><hr align="left" width="25" size=1 noshade></TD>
    <TD align=RIGHT><hr size=1 noshade></TD>
    <TD align=LEFT>&nbsp;</TD>
    <TD align=RIGHT><hr size=1 noshade></TD>
    <TD align=LEFT>&nbsp;</TD>
    <TD align=RIGHT><hr size=1 noshade></TD>
    <TD align=LEFT>&nbsp;</TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>W. Morris Fine</FONT></TD>
    <TD width=4% align=center><FONT face="Times New Roman, Times, Serif" size=2>38</FONT></TD>
    <TD width=7% align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD width=9% align=center><FONT face="Times New Roman, Times, Serif" size=2>1999</FONT></TD>
    <TD width=7% align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD width=9% align=center><FONT face="Times New Roman, Times, Serif" size=2>2008</FONT></TD>
    <TD width=2% align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>Loren B. Harrell, Jr.</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>56</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>1996</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>2008</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>R. Horace Johnson</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>60</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>&#151;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>2008</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD colspan=2></TD>
    <TD colspan=2></TD>
    <TD colspan=2></TD>
  </TR>
</TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>7</FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><page><BR>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD><FONT face="Times New Roman, Times, Serif" size=2><B>W. Morris Fine</B> &nbsp;is Executive Vice President and Secretary of the Company, President and Chief Operating Officer
of Investors Title Insurance Company and Northeast Investors Title Insurance Company, President and
Chairman of the Board of Investors Title Management Services, Inc., Vice President of Investors Title
Exchange Corporation and Investors Title Accommodation Corporation, and Chief Financial Officer and
Treasurer of Investors Trust Company and Investors Capital Management Company. Investors Title Insurance
Company, Northeast Investors Title Insurance Company, Investors Title Management Services, Inc.,
Investors Title Exchange Corporation, Investors Title Accommodation Corporation, Investors Capital
Management Company and Investors Trust Company are all wholly owned subsidiaries of the Company.
Mr. Fine is the son of J. Allen Fine, Chief Executive Officer and Chairman of the Board of the Company,
and brother of James A. Fine, Jr., President, Chief Financial Officer and Treasurer of the Company.</FONT>
  <P><FONT face="Times New Roman, Times, Serif" size=2><B>Loren B. Harrell, Jr.</B> &nbsp;organized SoftPro Corporation in 1984 and served as President and CEO from 1984 until his retirement
in 2003. SoftPro Corporation is now a wholly owned subsidiary of Fidelity National Financial, Inc.
SoftPro specializes in the research and development of software utilized by law firms, title companies,
title insurance agents and lending institutions in the title insurance industry.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>R. Horace Johnson </B>retired in 2004 as managing partner of the Raleigh, North Carolina office of Ernst and Young, a public
accounting firm, where he had been employed since 1967. During this period, Mr. Johnson served in
many firm leadership roles including serving as the managing partner for the North Carolina practice
for three years and on the operating committee of the Carolinas practice for five years. He also
maintained an active client service role during the 25 years he served as partner. Mr. Johnson serves
on the Board of Directors of Wilmington Pharmaceuticals, LLC, a pharmaceutical development company,
and he also serves on the Board of the following non-profit corporations: North Carolina Citizens
for Business and Industry, NC Museum of History Associates,&nbsp;Wake Education Partnership, Council
for Entrepreneurial Development, Carolina Country Club.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Mr. Johnson was recommended for election to the Board of Directors of the Company by an executive officer,
other than the Chief Executive Officer, of the Company.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a23"></A>Information Regarding Directors Continuing in Office</B></FONT></P>
</TD></TR>
<TR>
  <TD><FONT size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 border=0 width=600>
  <TR valign=Bottom>
    <TH align="left" nowrap><FONT face="Times New Roman, Times, Serif" size=1>Name</FONT></TH>
    <TH nowrap><FONT face="Times New Roman, Times, Serif" size=1>Age</FONT></TH>
    <TH nowrap>&nbsp;</TH>
    <TH nowrap><FONT face="Times New Roman, Times, Serif" size=1>Served as<BR>
      Director<BR>
      Since</FONT></TH>
    <TH nowrap>&nbsp;</TH>
    <TH nowrap><FONT face="Times New Roman, Times, Serif" size=1>Term<BR>
      to<BR>
      Expire</FONT></TH>
    <TH nowrap>&nbsp;</TH>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><hr align="left" width="12%" size=1 noshade></TD>
    <TD align=RIGHT><hr size=1 noshade></TD>
    <TD align=LEFT>&nbsp;</TD>
    <TD align=RIGHT><hr size=1 noshade></TD>
    <TD align=LEFT>&nbsp;</TD>
    <TD align=RIGHT><hr size=1 noshade></TD>
    <TD align=LEFT>&nbsp;</TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>James A. Fine, Jr.</FONT></TD>
    <TD width=4% align=center><FONT face="Times New Roman, Times, Serif" size=2>43</FONT></TD>
    <TD width=7% align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD width=9% align=center><FONT face="Times New Roman, Times, Serif" size=2>1997</FONT></TD>
    <TD width=7% align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD width=9% align=center><FONT face="Times New Roman, Times, Serif" size=2>2006</FONT></TD>
    <TD width=2% align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>H. Joe King, Jr.</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>72</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>1983</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>2006</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>James R. Morton</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>67</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>1985</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>2006</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>J. Allen Fine</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>70</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>1973</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>2007</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>David L. Francis</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>72</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>1982</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>2007</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>A. Scott Parker III</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>61</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>1998</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>2007</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td><FONT face="Times New Roman, Times, Serif" size=2><B>James A. Fine, Jr.</B> &nbsp;is President, Chief Financial Officer and Treasurer of Investors Title Company, Executive Vice President, Chief Financial Officer and Treasurer of Investors Title Insurance Company,
        Executive Vice President and Chief Financial Officer of Northeast Investors Title Insurance Company, Executive Vice President of
        Investors Title Management Services, Inc., President of Investors Title Exchange Corporation and Investors Title Accommodation Corporation, and Chief Executive Officer of
        Investors Trust Company and Investors Capital Management Company. Additionally, Mr. Fine serves as
Chairman of the Board of Investors Title Accommodation Corporation. Investors Title Insurance Company,
Northeast Investors Title Insurance Company, Investors Title Management Services, Inc., </FONT></td>
  </tr>
</table>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>8</FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><page><BR>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD><P><FONT face="Times New Roman, Times, Serif" size=2>Investors Title Exchange Corporation, Investors Title Accommodation Corporation, Investors Capital
Management Company and Investors Trust Company are all wholly owned subsidiaries of the Company.
Mr. Fine is the son of J. Allen Fine, Chief Executive Officer and Chairman of the Board of the Company,
and brother of W. Morris Fine, Executive Vice President and Secretary of the Company.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>H. Joe King, Jr.</B> &nbsp;retired as President and Chairman of the Board of Home Federal Savings &amp; Loan Association
in Charlotte, North Carolina and its parent company, HFNC Financial Corporation, in 1998, where he
had been employed since 1962.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>James R. Morton</B> &nbsp;was President of J. R. Morton Associates from 1968 until he retired in 1988. He is currently
President of TransCarolina Corporation.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>J. Allen Fine</B> &nbsp;was the principal organizer of Investors Title Insurance Company and has been Chairman of the
Board of the Company, Investors Title Insurance Company, and Northeast Investors Title Insurance
Company since their incorporation. Mr. Fine served as President of Investors Title Insurance Company
until February 1997, when he was named Chief Executive Officer. Additionally, Mr. Fine serves as
Chief Executive Officer of the Company and Northeast Investors Title Insurance Company, and Chairman
of the Board of Investors Title Exchange Corporation, Investors Capital Management Company and Investors
Trust Company. Investors Title Insurance Company, Northeast Investors Title Insurance Company, Investors
Title Exchange Corporation, Investors Title Accommodation Corporation, Investors Capital Management
Company and Investors Trust Company are all wholly owned subsidiaries of the Company. Mr. Fine is
the father of James A. Fine, Jr., President, Chief Financial Officer and Treasurer of the Company,
and W. Morris Fine, Executive Vice President and Secretary of the Company.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>David L. Francis</B> &nbsp;retired in 1997 as the President of Marsh Mortgage Company, a mortgage banking firm, and Marsh
Associates, Inc., a property management company, where he had been employed since 1963. He serves
on the Board of Directors of First Landmark, a Charlotte real estate and property management firm,
and is General Partner of the Francis Family Limited Partnership.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>A. Scott Parker III</B> &nbsp;founded Today&#146;s Home, Inc. in 1975 and has been President of that company since its incorporation.
Today&#146;s Home, Inc. manufactures lamps and wall decor for the lodging, hospitality and healthcare
industries. He is also managing member of Parker-Jones-Kemp LLC and Greenham Investments, LLC, developers
of furniture showroom properties to the trade.</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a24"></A>INDEPENDENT AUDITOR</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September 24, 2004, the Audit Committee of the Board of Directors appointed Dixon Hughes PLLC as
the Company&#146;s independent accountants to audit the consolidated financial statements for 2004
and 2005 and approved the terms of its engagement. Dixon Hughes PLLC replaced Deloitte &amp; Touche
LLP. Also, effective September 24, 2004 the Committee dismissed Deloitte &amp; Touche LLP.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with Deloitte &amp; Touche LLP&#146;s audits during the two years ended December 31, 2002
and 2003, and through the date of the Audit Committee&#146;s action dismissing Deloitte &amp; Touche
LLP, there were no disagreements with Deloitte &amp; Touche LLP on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved
to Deloitte &amp; Touche LLP&#146;s satisfaction, would have caused it to make reference to the subject
matter of the disagreement in connection with its reports on the Company&#146;s financial statements.
During 2002 and 2003, and through</FONT></P></TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>9</FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><page><BR>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD>
<P><FONT face="Times New Roman, Times, Serif" size=2>the date of the Audit Committee&#146;s action dismissing Deloitte &amp; Touche LLP, there were no &#147;reportable
events&#148; requiring disclosure pursuant to Item 304(a)(1)(v) of Regulation S-K.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deloitte
&amp; Touche LLP&#146;s audit reports on the Company&#146;s consolidated financial statements as
of and for the years ended December 31, 2002 and 2003 did not contain an adverse opinion or a disclaimer
of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the Company&#146;s two most recent fiscal years ended December 31, 2002 and December 31, 2003, and
the subsequent interim period through the date of the Company&#146;s appointment of Dixon Hughes
PLLC on September 24, 2004, neither the Company nor anyone on its behalf consulted with Dixon Hughes
PLLC regarding any of the matters or events set forth in Item 304 (a)(2)(i) and (ii) of Regulation S-K.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee selected
Dixon Hughes PLLC as the Company&#146;s independent auditor for the </FONT><FONT face="Times New Roman, Times, Serif" size=2>fiscal year ended December 31, 2005. Dixon Hughes PLLC served as the Company&#146;s independent auditor
for the fiscal year ended December 31, 2004 and its representatives are expected to attend the 2005
Annual Meeting of Shareholders and to be available to respond to appropriate questions. They will
have the opportunity to make a statement if they wish to do so.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a25"></A>Audit and Non-Audit Fees</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate fees for professional
services rendered by the Company&#146;s principal accounting firm, Dixon Hughes PLLC, for the year
ended December 31, 2004 and by the Company&#146;s prior principal accounting firm for the year ended
December 31, 2003, are set forth below.</FONT></P>
</TD></TR>
<TR>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE cellpadding=0 cellspacing=0 border=0 width=600>
  <TR valign=Bottom>
    <TH><FONT face="Times New Roman, Times, serif" size=1></FONT></TH>
    <TH>&nbsp;</TH>
<TH>&nbsp;</TH>
<TH colspan=2 align="center"><FONT face="Times New Roman, Times, serif" size=1>2004</FONT></TH>
    <TH align="center"><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH colspan=2 align="center"><FONT face="Times New Roman, Times, serif" size=1>2003</FONT></TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
  </TR>
  <TR valign=Bottom>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH>&nbsp;</TH>
<TH>&nbsp;</TH>
<TH colspan=2><hr size=1 noshade></TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH colspan=2><hr size=1 noshade></TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD width=10% align=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>Audit Fees (1)</FONT></TD>
    <TD width=2% align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD width=1% align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>$</FONT></TD>
    <TD width=15% align=RIGHT><FONT face="Times New Roman, Times, serif" size=2> 152,250</FONT></TD>
    <TD width=10% align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD width=1% align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>$</FONT></TD>
    <TD width=16% align=RIGHT><FONT face="Times New Roman, Times, serif" size=2> 125,850</FONT></TD>
    <TD width=2% align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width=10% align=LEFT bgcolor="#FFFFFF"><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>Audit-Related Fees</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>0</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>0</FONT></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT bgcolor="#FFFFFF"><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>Tax Fees (2)</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>28,200</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>35,400</FONT></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT bgcolor="#FFFFFF"><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>All Other Fees (3)</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>0</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>0</FONT></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT bgcolor="#FFFFFF"><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <td bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td colspan=2><hr size=1 noshade></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan=2><hr size=1 noshade></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>Total Fees (4)</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>$</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2> 180,450</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>$</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2> 161,250</FONT></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT bgcolor="#FFFFFF"><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <td colspan=3><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan=2><hr size=2 noshade></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan=2><hr size=2 noshade></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </TR>
</TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD valign=top>
<P><FONT face="Times New Roman, Times, Serif" size=2>(1)&nbsp;Audit fees consisted of the audit of the Company&#146;s financial statements, reviews of the
Company&#146;s quarterly financial statements and services rendered in connection with statutory
and regulatory filings.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>(2)&nbsp;Tax fees consisted primarily of tax compliance services. For the year ended December 31, 2004,
Dixon Hughes PLLC rendered services in connection with tax compliance fees.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>(3)&nbsp;The Company generally does not engage the principal accounting firm to perform &#147;other&#148;
services.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>(4)&nbsp;All of the above services either were approved by the Audit Committee, or the Audit Committee
Chair or Vice-Chair under the authority of the Audit Committee, prior to entering into the engagement
or the engagement to render such services was pre-approved pursuant to the Company&#146;s Audit and
Non-Audit Services Pre-Approval Policy.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a26"></A>Audit and Non-Audit Services Pre-Approval Policy</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has adopted
an Audit and Non-Audit Services Pre-Approval Policy for pre-approving all audit and permissible non-audit
services provided by the Company&#146;s independent auditor.</FONT></P></TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>10</FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><page><BR>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each year prior to engaging
the independent auditor for the following year&#146;s audit, the Audit Committee pre-approves independent
auditor services and associated fees within the categories of Audit Services, Audit-Related Services,
Tax Services, and Other Services.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Throughout the year, circumstances
may arise that require the engagement of the independent auditor for additional services that were
not contemplated by the existing pre-approval categories. In that case, the Audit and Non-Audit Services
Pre-Approval Policy requires specific approval of such services before engaging the independent auditor.
To ensure the prompt handling of such matters, the Audit Committee has granted pre-approval authority
to both its Chair and its Vice-Chair. The Chair or Vice-Chair reports any pre-approval decisions
made at the next Audit Committee meeting.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a27"></A>Audit Committee Report</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee is directly responsible for appointing, compensating and overseeing the work of the
Company&#146;s independent auditor. In order to effectively carry out its duties, the Audit Committee
has established procedures for pre-approving all audit and permissible non-audit services provided
by the independent auditor. Management is responsible for the financial reporting process, </FONT><FONT face="Times New Roman, Times, Serif" size=2>including the system of internal controls, for the preparation of consolidated financial statements
in accordance with generally accepted accounting principles. The Company&#146;s independent auditors
are responsible for auditing those financial statements and expressing an opinion as to their conformity
with accounting principles generally accepted in the United States of America.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s independent
auditors provided the Audit Committee with the written disclosures and the letter required by Independence
Standards Board Standard No. 1, &#147;Independence Discussions with Audit Committees,&#148; that
describes all relationships between the Company and its independent auditors that might bear on the
auditors&#146; independence. The Audit Committee discussed with the independent auditors any relationships
that may have an impact on the auditors&#146; objectivity and independence. Finally, the Audit Committee
considered whether the independent auditors&#146; performance of services, other than audit services,
is compatible with maintaining the independence of the auditors.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee discussed
and reviewed with management and the independent auditors the audited financial statements of the
Company as of and for the year ended December 31, 2004.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee discussed
with the independent auditors those matters required to be discussed by Statement on Auditing Standards
No. 61, as amended. The Audit Committee discussed and reviewed the audited financial statements for
2004 with management and the independent auditors. The Audit Committee reviewed with the independent
auditors their audit plans, audit scope and identification of audit risks.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the reviews and discussion
referenced above, the Audit Committee recommended to the Board of Directors that the Company&#146;s
audited financial statements be included in its Annual Report on Form 10-K for the year ended December
31, 2004, for filing with the Securities and Exchange Commission.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Submitted by the Audit Committee of the Board of Directors:</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>William J. Kennedy III, Chairman<br>
</FONT><FONT face="Times New Roman, Times, Serif" size=2>David L. Francis<br>
</FONT><FONT face="Times New Roman, Times, Serif" size=2>H. Joe King, Jr.</FONT></P>
</TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>11</FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><page><BR>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD>
  <P align="center"><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a28"></A>EXECUTIVE COMPENSATION</B></FONT>
</P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a29"></A>Summary Compensation Table</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shown below is information
concerning the annual compensation for services in all capacities to the Company for the fiscal years
ended December 31, 2004, 2003, and 2002, of those persons who were, at December 31, 2004 (i) the
Chief Executive Officer and (ii) the senior executive officers, other than the CEO, who earned more
than $100,000 in salary and bonus during 2004.</FONT></P>
</TD></TR>
<TR>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE cellpadding=0 cellspacing=0 border=0 width=600>
  <TR valign=Bottom>
    <TH><FONT face="Times New Roman, Times, serif" size=1></FONT></TH>
    <TH colspan=5><FONT face="Times New Roman, Times, serif" size=1>Annual Compensation</FONT> </TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH colspan=2><FONT face="Times New Roman, Times, serif" size=1></FONT></TH>
  </TR>
  <TR valign=Bottom>
    <TH align="left"><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH colspan=5><hr size=1 noshade></TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
  </TR>
  <TR valign=Bottom>
    <TH align="left" nowrap><FONT face="Times New Roman, Times, serif" size=1>Name and<BR>
      Principal<BR>
      Position</FONT></TH>
    <TH nowrap><FONT face="Times New Roman, Times, serif" size=1>Year</FONT></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH nowrap><FONT face="Times New Roman, Times, serif" size=1>Salary<BR>
      ($)</FONT></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH nowrap><FONT face="Times New Roman, Times, serif" size=1>Bonus<BR>
      ($)</FONT></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH nowrap><FONT face="Times New Roman, Times, serif" size=1>All Other<BR>
      Compensation<BR>
      ($)</FONT></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
  </TR>
  <TR valign=Bottom>
    <TD colspan="8" align=LEFT><hr size=1 noshade></TD>
    <TD align=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>J. Allen Fine</FONT></TD>
    <TD width=5% align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>2004</FONT></TD>
    <TD width=5% align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD width=10% align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>258,250</FONT></TD>
    <TD width=5% align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD width=10% align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>250,000</FONT></TD>
    <TD width=5% align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD width=10% align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>164,702</FONT></TD>
    <TD width=3% align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(1)</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>Chief Executive</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>2003</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>250,834</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>200,000</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>17,675</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>Officer</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>2002</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>244,138</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>125,000</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>17,275</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>James A. Fine, Jr.</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>2004</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>207,000</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>250,000</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>151,425</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(2)</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>President and Chief</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>2003</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>200,000</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>200,000</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>23,079</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>Financial Officer</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>2002</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>194,167</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>50,000</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>32,783</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>W. Morris Fine</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>2004</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>207,000</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>250,000</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>152,518</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>(3)</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>Executive Vice</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>2003</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>200,000</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>200,000</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>23,079</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>President</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>2002</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>194,167</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>50,000</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>23,372</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
</TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><hr size=1 noshade></td>
  </tr>
</table>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
  <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD valign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(1)</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>Total represents $16,000 Company contribution to Simplified Employee Pension Plan, $720 Company-paid
life insurance premiums, $2,238 Company automobile allowance, $125,675 credited by the Company to
Mr. Fine&#146;s account under the Non-Qualified Supplemental Retirement Benefit Plan and $20,069
credited by the Company to Mr. Fine&#146;s account under the Non-Qualified Deferred Compensation
Plan.</FONT></TD></TR>
<TR>
<TD valign=top></TD>
<TD valign=top>&nbsp;</TD></TR>
<TR>
<TD valign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(2)</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>Total represents $16,000 Company contribution to Simplified Employee Pension Plan, $1,192 Company-paid
life insurance premiums, $5,791 Company-paid health insurance premiums, $1,067 Company automobile
allowance, $111,375 credited by the Company to Mr. Fine&#146;s account under the Non-Qualified Supplemental
Retirement Benefit Plan and $16,000 credited by the Company to Mr. Fine&#146;s account under the
Non-Qualified Deferred Compensation Plan.</FONT></TD></TR>
<TR>
<TD valign=top></TD>
<TD valign=top>&nbsp;</TD></TR>
<TR>
<TD valign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(3)</FONT></TD>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>Total represents $16,000 Company contribution to Simplified Employee Pension Plan, $1,192 Company-paid
life insurance premiums, $5,791 Company-paid health insurance premiums, $2,160 Company automobile
allowance, $111,375 credited by the Company to Mr. Fine&#146;s account under the Non-Qualified Supplemental
Retirement Benefit Plan and $16,000 credited by the Company to Mr. Fine&#146;s account under the
Non-Qualified Deferred Compensation Plan.</FONT></TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD valign=top>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a30"></A>Executive Employment Agreements</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors Title Insurance Company
(&#147;ITIC&#148;), a wholly owned subsidiary of the Company, entered into an employment agreement
with J. Allen Fine effective November 2003, as amended June 2004. The initial term of this agreement
is five years and, on the first day of each calendar month, the term is extended one additional month
so that at all times the term is five years, unless terminated sooner pursuant to the agreement.
Under the agreement, Mr. Fine is entitled to a base salary of not less than $259,500 per</FONT></P></TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>12</FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><page><BR>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD>
<P><FONT face="Times New Roman, Times, Serif" size=2>year, subject to increase (as determined by the compensation committee of ITIC&#146;s Board of Directors,
subject to the approval of the Compensation Committee of the Company&#146;s Board of Directors) and
may </FONT><FONT face="Times New Roman, Times, Serif" size=2>also receive discretionary cash bonuses (subject to the approval of the Compensation Committee of the
Company&#146;s Board of Directors). In the event of a change in control of ITIC or the Company (as
defined in the agreement), Mr. Fine&#146;s base salary in effect at such time will double. Under
the agreement, ITIC also agrees to make quarterly contributions on Mr. Fine&#146;s behalf to a Non-Qualified
Supplemental Retirement Benefit Plan in an amount equal to 22% of his base salary and bonus for the
quarter for a minimum of 20 calendar quarters. In the event Mr. Fine&#146;s employment terminates
before ITIC makes such contributions for 20 quarters, the agreement provides that ITIC will make
a lump sum payment to Mr. Fine equal to the deficiency. The agreement also contains provisions relating
to protection of the confidential information of ITIC and its parent, subsidiaries and affiliates
and prohibits Mr. Fine from competing with any such party in the State of North Carolina, or soliciting
the employees of any such party, while employed by ITIC and for a period of two years following termination
of his employment.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Mr. Fine&#146;s
employment agreement, he receives certain payments and benefits, described generally below, in the
event of the termination of his employment. If Mr. Fine&#146;s employment is terminated due to his
death, disability or retirement (following his 70<SUP>th</SUP> birthday), he is entitled to receive, among other things, his then current base salary for three years,
three times his average bonus compensation during the preceding three years, accrued benefits under
the Non-Qualified Supplemental Retirement Benefit Plan and Non-Qualified Deferred Compensation Plan,
accelerated vesting in full of all his stock options, and continued participation in the Company&#146;s
health insurance plans at no expense until his death.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If ITIC terminates Mr. Fine&#146;s
employment other than for &#147;cause&#148; (as defined in the agreement) or if ITIC materially breaches
the agreement and Mr. Fine terminates his employment as a result thereof, Mr. Fine is entitled to
receive, among other things, his then current base salary for a period of five years, five times
his average bonus compensation during the preceding three years, accrued benefits under the Non-Qualified
Supplemental Retirement Benefit Plan and Non-Qualified Deferred Compensation Plan, accelerated vesting
in full of all his stock options and the continued health insurance coverage as described above.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Mr. Fine terminates his employment because of a &#147;change in control&#148; (as defined in the
agreement) of the Company or ITIC, he is entitled to receive, among other things, payments equal
to 2.99 times his then base salary, 2.99 times his average bonus compensation during the preceding
three years, and accrued benefits under the Non-Qualified Supplemental Retirement Benefit Plan and
Non-Qualified Deferred Compensation Plan, as well as accelerated vesting in full of all his stock
options and the continued health insurance coverage as described above. If any portion of these payments
and benefits, or payments and benefits under any other plan, agreement or arrangement, would constitute
an &#147;excess parachute payment&#148; for purposes of the Internal Revenue Code, such payments
and benefits payable under the agreement will be reduced until no portion thereof would fail to be
deductible by reason of being &#147;an excess parachute payment.&#148;&nbsp;</FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITIC
entered into substantially identical employment agreements with James A. Fine, Jr. and W. Morris
Fine also effective November 2003 and amended June 2004; except that the current base salary for
each James A. Fine, Jr. and W. Morris Fine as provided in each of their employment agreements is
$207,000 per year, and their agreements also provide for continued health insurance coverage, following
certain employment terminations, for their spouses and dependent children at no expense until death.</FONT></P></TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>13</FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><page><BR>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD><P><FONT face="Times New Roman, Times, Serif" size=2><B>Non-Qualified Supplemental Retirement Benefit Plan</B></FONT>
  </P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>The Company&#146;s Compensation Committee adopted a Non-Qualified Supplemental Retirement Benefit Plan
of the Company&#146;s wholly owned subsidiary, Investors Title Insurance Company, in November 2003.
This plan is an unfunded defined contribution plan designed to provide additional retirement benefits
on a tax deferred basis for select management or highly compensated employees. Participants in the
plan are determined by the Compensation Committee and currently only the named executive officers
participate. The rights of the participants are those of general, unsecured creditors.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>Under the Non-Qualified Supplemental Retirement Benefit Plan, beginning in January 2004, ITIC makes
quarterly hypothetical contributions to each participant&#146;s account under the plan equal to 22%
of the participant&#146;s salary and bonus compensation during the quarter. Once ITIC has contributed
this amount for 20 quarters, additional contributions to a participant&#146;s account will be discretionary.
If a participant terminates employment before ITIC has made contributions for 20 quarters, then a
lump sum hypothetical contribution to the terminated participant&#146;s account equal to the number
of quarters less than 20 will be made. The hypothetical rate of return on amounts credited to a participants
account will be determined by the Compensation Committee from time to time&nbsp;</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>Amounts in a participant&#146;s account (reflecting the hypothetical contributions and any deemed returns)
are paid at the participant&#146;s termination of employment or death during employment in a lump
sum, equal annual installments payable over five, 10 or 15 years or life annuity payments, as the
participant elects.</FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>The amounts credited to the Non-Qualified Supplemental Retirement Benefit Plan&nbsp;accounts of the
named executive officers reflecting the hypothetical contributions for 2004 are included in the &#147;All
Other Compensation&#148; figure shown in the Summary Compensation Table above.</FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2><B>Non-Qualified Deferred Compensation Plan</B></FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>The Company&#146;s Compensation Committee adopted a Non-Qualified Deferred Compensation Plan of the
Company&#146;s wholly owned subsidiary, Investors Title Insurance Company, in June 2004. The plan
is an unfunded defined contribution plan designed to permit select management or highly compensated
employees to set aside additional retirement benefits on a pre-tax basis. Participants in the plan
are determined by the Compensation Committee and currently only the named executive officers participate.
The rights of the participants are those of general, unsecured creditors.</FONT></P>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>The Deferred Compensation Plan permits, for 2005 and subsequent calendar years, each participant to
annually defer any portion of his salary or bonus and have the amount deferred credited to the participant&#146;s
account under the plan. The plan also provides that on or before December 31<SUP>st</SUP> of each year, beginning in 2004, ITIC will make a hypothetical contribution to a participant&#146;s
account under the plan equal to the amount that ITIC would have contributed to the participant&#146;s
Simplified Employee Pension Plan if ITIC&#146;s contributions to this plan were not limited under
the federal tax laws. Amounts credited to a participant&#146;s account under the plan will be deemed
invested as the participant shall from time to time determine in various investment funds approved
by ITIC. Amounts in a participant&#146;s account (reflecting compensation deferred, ITIC&#146;s hypothetical
contributions and any deemed returns)&nbsp;are paid at the participant&#146;s termination of employment
in a lump sum.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>The amounts credited to the Deferred Contribution&nbsp;accounts of the named executive officers for
2004 are included in the &#147;All Other Compensation&#148; figure shown in the Summary Compensation
Table above.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a31"></A>Stock Option Grants in 2004</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no options granted
to the named executive officers during the fiscal year ended December 31, 2004.</FONT></P></TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>14</FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><page><BR>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD><P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a32"></A>Aggregated Option Exercises in 2004 and Year-End Option Values </B></FONT>
  </P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows stock
options exercised by the executive officers named in the Summary Compensation Table during 2004,
including the aggregate value of gains on the date of exercise (the &#147;Value Realized&#148;).
In addition, this table shows the number of shares covered by both exercisable and unexercisable
stock options outstanding as of December 31, 2004. Also reported are the values for &#147;in-the-money&#148;
options that represent the positive spread between the exercise price of any such existing stock
options and the year-end price of the Common Stock.</FONT></P>
</TD></TR>
<TR>
  <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 border=0 width=600>
  <TR valign=Bottom>
    <TH colspan=2 nowrap><FONT face="Times New Roman, Times, serif" size=1>Name</FONT></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH colspan=2 nowrap><FONT face="Times New Roman, Times, serif" size=1>Shares<BR>
      Acquired on<BR>
      Exercise (#)</FONT></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH colspan=2 nowrap><FONT face="Times New Roman, Times, serif" size=1>Value<BR>
      Realized<BR>
      ($)</FONT></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH colspan=2 nowrap><FONT face="Times New Roman, Times, serif" size=1>Number of Securities<BR>
      Underlying Unexercised<BR>
      Options at Year-End (#)</FONT></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH colspan=2 nowrap><FONT face="Times New Roman, Times, serif" size=1>Value of Unexercised<BR>
      In-the-Money Options<BR>
      at Year-End ($)(1)</FONT></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
  </TR>
  <TR valign=Bottom>
    <TH colspan=2 nowrap><hr size=1 noshade></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH colspan=2 nowrap><hr size=1 noshade></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH colspan=2 nowrap><hr size=1 noshade></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH colspan=2 nowrap><hr size=1 noshade></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH colspan=2 nowrap><hr size=1 noshade></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=CENTER><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=CENTER><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=CENTER><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=CENTER><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=center><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>J. Allen Fine</FONT></TD>
    <TD width=1% align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD width=3% align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD width=1% align=CENTER><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width=1% align=CENTER><FONT face="Times New Roman, Times, serif" size=2>&#151;</FONT></TD>
    <TD width=3% align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD width=1% align=CENTER><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width=1% align=CENTER><FONT face="Times New Roman, Times, serif" size=2>&#151;</FONT></TD>
    <TD width=3% align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD width=1% align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD width=18% align=center><FONT face="Times New Roman, Times, serif" size=2>37,600&nbsp;/&nbsp;7,400</FONT></TD>
    <TD width=4% align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD width=1% align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>$</FONT></TD>
    <TD width=28% align=RIGHT><FONT face="Times New Roman, Times, serif" size=2> 815,844 / 144,646</FONT></TD>
    <TD width=2% align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>James A. Fine, Jr.</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=CENTER><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=CENTER><FONT face="Times New Roman, Times, serif" size=2>&#151;</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=CENTER><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=CENTER><FONT face="Times New Roman, Times, serif" size=2>&#151;</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, serif" size=2>53,000&nbsp;/&nbsp;5,000</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>1,182,440 /&nbsp; 71,380</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>W. Morris Fine</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=CENTER><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=CENTER><FONT face="Times New Roman, Times, serif" size=2>&#151;</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=CENTER><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=CENTER><FONT face="Times New Roman, Times, serif" size=2>&#151;</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, serif" size=2>53,000&nbsp;/&nbsp;5,000</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
    <TD align=RIGHT><FONT face="Times New Roman, Times, serif" size=2>1,182,440 / &nbsp;71,380</FONT></TD>
    <TD align=LEFT><FONT face="Times New Roman, Times, serif" size=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td><P><FONT face="Times New Roman, Times, Serif" size=2>(1)&nbsp;The closing price of the Common Stock on December 31, 2004, the last day of 2004 on which the Company&#146;s Common Stock traded, was $36.99.</FONT></P>
      <P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a33"></A>COMPENSATION COMMITTEE REPORT</B></FONT></P>
      <P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All members of the Company&#146;s Compensation Committee are independent directors as determined by the Company&#146;s Board of Directors. The Company&#146;s Board of Director Independence Standards can be found in the Corporate Governance area of the Investor Relations section of the Company&#146;s website at www.invtitle.com.</FONT></P>
      <P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a34"></A>Overview of Compensation Philosophy</B></FONT></P>
      <P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company strives to provide an overall competitive compensation package that allows it to both attract and retain qualified and experienced corporate officers and key employees while motivating its employees to perform to their fullest extent. To ensure this environment, the Company considers factors such as job performance, experience and contribution to the growth of the Company in determining an employee&#146;s annual compensation. Investors Title Company&#146;s compensation package remains competitive with compensation packages offered by other employers of comparable size engaged in similar lines of business. All annual salaries and cash bonuses are paid by a subsidiary of the Company as the Company functions as a holding company and has no payroll.</FONT></P>
      <P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a35"></A>Evaluation of Executive Performance</B></FONT></P>
      <P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In evaluating the performance and establishing the incentive compensation of the Chief Executive Officer and other executive officers, the Compensation Committee has reviewed and taken into account the efforts of those employees to expand the Company&#146;s agent base, to grow income from non-title sources, and various financial profitability measures including the Company&#146;s profit margin and return on equity.</FONT></P>
      <P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a36"></A>Total Compensation</B></FONT></P>
    <P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The major elements of compensation for each of the Company&#146;s executive officers, including the Chief Executive Officer, consists of an annual base salary and cash bonus, stock options, and contributions under a Simplified Employee Pension Plan, a Non-Qualified Supplemental Retirement Benefit Plan and a Non-Qualified Deferred Compensation Plan. In determining the amount of each such element of the compensation package for these executive officers, the Compensation Committee takes into consideration the value of each executive&#146;s total compensation. Each element of the Chief Executive</FONT></P></td>
  </tr>
</table>
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<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>15</FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
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<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

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<TD>
<P><FONT face="Times New Roman, Times, Serif" size=2>Officer&#146;s compensation is set forth below under &#147;Compensation for the Chairman and Chief
Executive Officer&#148;.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a37"></A>Salaries and Bonuses</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The annual salary is paid in
recognition of ongoing performance throughout the year. Additionally, the executive officers named
in the Summary Compensation Table and other senior executives of the Company may receive stock and/or
cash bonuses based upon their job performance throughout the year. Each March, the approved bonus
is paid to reward performance in the prior year. The salary, bonus and other compensation of our
Named Executive Officers are shown in the Summary Compensation Table.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a38"></A>Stock Options</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee
periodically considers issuing stock options to its employees in order to link the interests and
concerns of the Company&#146;s executives with those of its shareholders. Stock option grants provide
an incentive for executives to focus on managing the Company from the perspective of an owner with
an equity stake in the Company. In the Committee&#146;s opinion, past stock option grants were successful
in focusing senior management on building profitability and shareholder value. The Chief Executive
Officer is eligible to participate in the same executive compensation plans, including stock option
plans, which are available to the other senior executives.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="Times New Roman, Times, Serif" size=2>All stock option grants are made under the Investors Title Company 1997 and 2001 Stock Option and Restricted
Stock Plans, which shareholders approved on May 13, 1997 and May 16, 2001, respectively. Stock option
grants generally become exercisable in ten equal annual installments beginning on grant date, and
no more than 50,000 options may be granted to one individual under each Plan. No new stock option
grants were made to the Named Executive Officers in 2004.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a39"></A>Non-Qualified Supplemental Retirement Benefit Plan</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B> The Committee approved a Non-Qualified Supplemental Retirement Benefit Plan effective November 1,
2003. The purpose of this Plan is to provide additional retirement benefits to eligible employees
on a non-qualified, tax-deferred basis, for the purpose of providing deferred compensation for a
select group of management or highly compensation employees. Benefits under this Plan are paid upon
termination of employment. Currently, only executive officers participate in this plan. For a more
detailed description of the plan and the benefits to the participants there under, see &#147;Executive
Compensation &#150; Non-Qualified Supplemental Retirement Benefit Plan&#148; above.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a40"></A>Non-Qualified Deferred Compensation Plan</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B> The Committee approved a Non-Qualified Deferred Compensation Plan effective June 1, 2004. The purpose
of this Plan is to permit selected members of management and/or highly compensated employees to set
aside additional retirement benefits on a pre-tax basis. All benefits under this Plan are paid to
the participant upon termination of employment. Currently, only executive officers participate in
this plan. For a more detailed description of the plan and the benefits to the participants there
under, see &#147;Executive Compensation &#150; Non-Qualified Deferred Compensation Plan&#148; above.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a41"></A>Compensation for the Chairman and Chief Executive Officer</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee increased J.
Allen Fine&#146;s annual salary from $259,500 to $267,200 effective March 1, 2005, and approved a
discretionary cash bonus payable on March 15, 2005 of $250,000. This annual salary increase of 3%
remains consistent with the majority of management salary adjustments for this time</FONT></P></TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>16</FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><page><BR>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR>
<TD>
<P><FONT face="Times New Roman, Times, Serif" size=2>period, and the cash bonus remains the same amount as granted in 2004. The cash bonus awarded for 2004
was given in recognition of his leadership efforts in the Company improving its profitability, the
formation of Investors Trust Company, and the overall performance of the Company. The Company also
credited amounts to Mr. Fine&#146;s accounts under the Non-Qualified Supplemental Retirement Benefit
Plan and the Non-Qualified Deferred Compensation Plan, in accordance with the terms of each plan.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Submitted by the Compensation Committee of the Board of Directors:</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Loren B. Harrell, Jr.<br>
</FONT><FONT face="Times New Roman, Times, Serif" size=2>James R. Morton<br>
</FONT><FONT face="Times New Roman, Times, Serif" size=2>A. Scott Parker III</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a42"></A>PERFORMANCE GRAPH</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>INVESTORS TITLE COMPANY</B></FONT></P></TD></TR>
<TR>
<TD valign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><img src="image005.gif" width="590" height="425"></td>
  </tr>
  <tr>
    <td>&nbsp;&nbsp;&nbsp;</td>
  </tr>
</table>
<TABLE cellpadding=0 cellspacing=0 border=0 width=600>
<TR valign=Bottom>
  <TD colspan=2>&nbsp;</TD>
  <TD colspan=17 align="left"><B><i><FONT face="Times New Roman, Times, Serif" size=1>Period<br>
Ending</FONT></i></B></TD>
  <TD>&nbsp;</TD>
  </TR>
  <TR valign=Bottom>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=17><hr size=1 noshade></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign=Bottom>
    <TD align="left"><B><FONT face="Times New Roman, Times, Serif" size=1><i>Index</i></FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2 align="center"><B><FONT face="Times New Roman, Times, Serif" size=1>12/31/99</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=2 align="center"><B><FONT face="Times New Roman, Times, Serif" size=1>12/31/00</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=2 align="center"><B><FONT face="Times New Roman, Times, Serif" size=1>12/31/01</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=2 align="center"><B><FONT face="Times New Roman, Times, Serif" size=1>12/31/02</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=2 align="center"><B><FONT face="Times New Roman, Times, Serif" size=1>12/31/03</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=2 align="center"><B><FONT face="Times New Roman, Times, Serif" size=1>12/31/04</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR valign=Bottom>
    <TD colspan="19" align=LEFT><hr size=1 noshade></TD>
    <TD align=LEFT>&nbsp;</TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD width=38% align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>Investors Title Company</FONT></TD>
    <TD width=2% align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD width=1% align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD width=6% align=right><FONT face="Times New Roman, Times, Serif" size=2>100.00</FONT></TD>
    <TD width=3% align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD width=1% align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD width=6% align=right><FONT face="Times New Roman, Times, Serif" size=2>92.23</FONT></TD>
    <TD width=3% align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD width=1% align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD width=6% align=right><FONT face="Times New Roman, Times, Serif" size=2>91.15</FONT></TD>
    <TD width=3% align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD width=1% align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD width=6% align=right><FONT face="Times New Roman, Times, Serif" size=2>135.68</FONT></TD>
    <TD width=3% align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD width=1% align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD width=6% align=right><FONT face="Times New Roman, Times, Serif" size=2>185.00</FONT></TD>
    <TD width=3% align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD width=1% align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD width=6% align=right><FONT face="Times New Roman, Times, Serif" size=2>221.75</FONT></TD>
    <TD width=2% align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom>
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>Custom Peer Group*</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>100.00</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>255.74</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>177.44</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>236.83</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>355.03</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>442.35</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR valign=Bottom bgcolor="#eaf9e8">
    <TD align=LEFT><FONT face="Times New Roman, Times, Serif" size=2>NASDAQ Composite</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>100.00</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>60.82</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>48.16</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>33.11</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>49.93</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>54.49</FONT></TD>
    <TD align=right><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2"><FONT face="Times New Roman, Times, serif" size=2><I>*The Custom Peer Group consists of Fidelity National Financial, Inc., First American Corporation, LandAmerica Financial Group, Inc., and Stewart Information Services Corporation.</I></FONT></td>
  </tr>
  <tr>
    <td align="left"><FONT face="Times New Roman, Times, serif" size=2><B>SNL Financial LC</B></FONT></td>
    <td align="right"><FONT face="Times New Roman, Times, serif" size=2><B>&nbsp;(434) 977-1600</B></FONT></td>
  </tr>
  <tr>
    <td align="left"><FONT face="Times New Roman, Times, serif" size=2><B>&#169; 2005</B></FONT></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
</table>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>17</FONT></P>
<HR color=gray noshade size=5>
</TD></TR></TABLE>

  <p style="PAGE-BREAK-AFTER: always"></p><page><BR>

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<TD>
  <P align="center"><FONT face="Times New Roman, Times, Serif" size=2><B><A name="a43"></A>SHAREHOLDER PROPOSALS FOR 2006 ANNUAL MEETING</B></FONT>
</P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder proposals to be
presented at the 2006 Annual Meeting of Shareholders must be received by the Company on or before
December 19, 2005 to be considered for inclusion in the Company&#146;s proxy materials relating to
that meeting. If a shareholder notifies the Company after March 4, 2006 of an intent to present a
proposal at the Company&#146;s 2006 Annual Meeting of Shareholders, the request will be considered
untimely and the Company will have the right to exercise its discretionary voting authority with
respect to such proposal without including information regarding the proposal in its proxy materials.</FONT></P>
</TD></TR></TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">
  <TR>
    <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD valign=top width=50%><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign=top><FONT face="Times New Roman, Times, serif" size=2>BY ORDER OF THE BOARD OF DIRECTORS:</FONT></TD>
  </TR>
  <TR>
    <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD valign=top width=384><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign=top><FONT face="Times New Roman, Times, serif" size=2><IMG height=37 src="image003.gif" width=255></FONT></TD>
  </TR>
  <TR>
    <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD valign=top width=384><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign=top><FONT face="Times New Roman, Times, serif" size=2>W. Morris Fine</FONT></TD>
  </TR>
  <TR>
    <TD valign=top width=384><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign=top><FONT face="Times New Roman, Times, serif" size=2>Secretary</FONT></TD>
  </TR>
  <TR>
    <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD valign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign=top><FONT face="Times New Roman, Times, serif" size=2>April 20, 2005</FONT></TD>
  </TR>
</TABLE>
<TABLE cellspacing="0" cellpadding="0" width="600" border="0">

<TR valign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>18</FONT></P>
<HR color=gray noshade size=5>
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<TD>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>Investors Title Company<br>
</B></FONT><FONT face="Times New Roman, Times, Serif" size=2>121 North Columbia Street, Chapel Hill, North Carolina 27514</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>PROXY</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>PLEASE SIGN ON REVERSE SIDE AND RETURN IN THE ENCLOSED POSTAGE-PAID ENVELOPE.</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>This Proxy is Solicited on Behalf of the Board of Directors for the Annual Meeting of Shareholders
on May 18, 2005</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>The undersigned hereby appoints J. Allen Fine and W. Morris Fine, and each of them, each with power
of substitution, as lawful proxies, to vote all shares of common stock of Investors Title Company
that the undersigned would be entitled to vote if personally present at the Annual Shareholders&#146;
Meeting of Investors Title Company to be held at The Siena Hotel located at 1505 East Franklin Street,
Chapel Hill, North Carolina on Wednesday, May 18, 2005 at 11:00 A.M. E.D.T., and at any adjournment
thereof, upon such business as may properly come before the meeting. Please sign on reverse exactly
as name appears. When shares are held by joint tenants, both should sign. When signing as attorney,
executor, administrator, trustee or guardian, please give full title as such. If a corporation, please
sign in full corporate name by President or other authorized officer. If a partnership, please sign
in partnership name by authorized person. Please sign and date on reverse side and return in the
enclosed postage-paid envelope.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>SHAREHOLDER __________________________ NUMBER OF SHARES __________________________</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>DIRECTORS RECOMMEND A VOTE FOR ELECTION OF THE DIRECTOR NOMINEES LISTED BELOW.</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>Mark &#147;X&#148; for only one box. If no direction is indicated, shares will be voted &#147;<B>FOR</B>&#148; the following director nominees:</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>1 &#150; <B>W. MORRIS FINE</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 &#150; <B>LOREN B. HARRELL, JR.</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 &#150; <B>R. HORACE JOHNSON<br>
</B></FONT><FONT face="Times New Roman, Times, Serif" size=2>(&nbsp;&nbsp;) <B>FOR</B> all nominees&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(&nbsp;) <B>WITHHOLD</B> all nominees&nbsp;<br>
</FONT><FONT face="Times New Roman, Times, Serif" size=2>(&nbsp;&nbsp;) Withhold authority to vote for any individual nominee.<br>
</FONT><FONT face="Times New Roman, Times, Serif" size=2>Write number(s) of nominee(s) below.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><B>In their discretion, the proxies are authorized to vote in their best judgment with respect to any
other business that may properly come before the meeting.</B></FONT></P>
</TD></TR></TABLE>
<TABLE width="600" border="0" cellspacing="0" cellpadding="0">
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
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<TR>
<TD colspan="4"><FONT face="Times New Roman, Times, Serif" size=2>Dated ________________, 2005</FONT></TD>
</TR>
<TR>
<TD width="12%"><FONT face="Times New Roman, Times, Serif" size=2>(Signature)</FONT></TD>
<TD width="11%" style="border-bottom:1px solid black ">&nbsp;</TD>
<TD width="35%" style="border-bottom:1px solid black ">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD colspan="2"><FONT face="Times New Roman, Times, Serif" size=2>(Signature if held jointly)</FONT></TD>
<TD style="border-bottom:1px solid black ">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
