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<SEC-DOCUMENT>0001157523-08-000442.txt : 20080321
<SEC-HEADER>0001157523-08-000442.hdr.sgml : 20080321
<ACCEPTANCE-DATETIME>20080122163813
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001157523-08-000442
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20080122

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>

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    <div style="TEXT-ALIGN: left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">January
        21, 2008</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">VIA
        EDGAR CORRESPONDENCE
        FILING, FACSIMILE AND FEDERAL EXPRESS</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Mail
        Stop
        6010</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">United
        States Securities and Exchange Commission</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">100
        F
        Street NE</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Washington,
        D.C. 20549</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Attention:</font></div>
              </td>
              <td align="left" valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Mr.
                  Jim B. Rosenberg</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Senior
                  Assistant Chief Accountant</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Re:</font></div>
              </td>
              <td align="left" valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Investors
                  Title Company (the &#8220;Company&#8221;)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Form
                  10-K for the Fiscal Year Ended December 31, 2006</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Filed
                  March 9, 2007</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">File
                  No. 0-11774</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Dear
        Mr.
        Rosenberg:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">This
        letter is in response to the follow-up comments received from Ibolya Ignat
        of
        the Securities and Exchange Commission Staff delivered to us over the telephone
        on January 8, 2008, to the Company&#8217;s responses on our above referenced filing to
        your letter dated November 21, 2007.&#160;&#160;This letter responds to your
        most recent comments.&#160;&#160;A courtesy copy of this letter is being
        submitted to the Staff by facsimile delivery. The Company&#8217;s responses are
        numbered to correspond to the numbered comments from the Staff&#8217;s
        comments.&#160;&#160;For ease of reference, we have transcribed your verbal
        comments below, followed by the Company&#8217;s response.&#160;&#160;To the extent
        that text from the original response filed on December 6, 2007 is still
        applicable, it is included within this letter.&#160;&#160;Additions to the
        Company&#8217;s original responses that address the verbal comments of January 8, 2008
        are <font style="DISPLAY: inline; TEXT-DECORATION: underline">underlined.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">The
        Company intends to provide the additional disclosures noted below in its
        Form
        10-K for the year ended December 31, 2007.&#160;&#160;The Company believes the
        additional disclosures provided below would not materially alter the information
        provided in the 2006 Form 10-K as originally filed.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Exhibit
        13</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Management&#8217;s
        Discussion and Analysis of Financial Condition and Results of Operations,
        page
        1</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Critical
        Accounting Estimates and Policies, page 2</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Reserve
        for Claim Losses, page 2</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 96px">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Comment
                    1:</font></font></div>
                </div>
              </td>
              <td width="890">
                <div align="left"><font size="2" style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Please
                  refer to response to comment 1. We do not believe that
                  deleting reference to &#8220;independent&#8221; or &#8220;external&#8221; when referring to your
                  independent actuary addresses our comment.&#160;&#160;Please either name
                  the actuary or specifically clarify that you are using an internal
                  actuary, if such is the case.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="TEXT-ALIGN: left" align="center">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="TEXT-ALIGN: left" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Letter
        to Jim B.
        Rosenberg</font></div>
      <div style="TEXT-ALIGN: left" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">January
        21,
        2008</font></div>
      <div style="TEXT-ALIGN: left" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Page
        2</font></div>
      <div style="TEXT-ALIGN: left" align="center">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Response:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">This
                  item responds to
                  comments received during a discussion with Mary Mast and Ibolya
                  Ignat of
                  the SEC Staff on January 9, 2008 regarding the Company&#8217;s reference to an
                  actuary.&#160;&#160;The Company is ultimately responsible for its reserve
                  for claim losses.&#160;&#160;Accordingly, commencing with its Form 10-K
                  for the fiscal year ended December 31, 2007 and in future 10-K
                  and other
                  SEC filings, the Company will revise its disclosure of Critical
                  Accounting
                  Estimates related to reserve for claim losses to delete reference
                  to use
                  of an actuary without deleting the discussion of the actuarial
                  methods
                  utilized</font>. </font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top">
                <td style="WIDTH: 72pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Comment
                      2:</font></font></div>
                  </div>
                </td>
                <td>
                  <div align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="TEXT-DECORATION: none"><font style="TEXT-DECORATION: none">Please
                      refer to response to comment 2.</font>&#160;</font>&#160;Revise your
                      disclosure to explain why use of a relatively constant loss
                      provision rate
                      for the years December 31, 2006 and 2005 and 2004 was considered
                      appropriate in light of the material prior period movements
                      disclosed.&#160;&#160;We noted material redundancies in 2006 and
                      2005.&#160;&#160;This disclosure was requested in the last sentence of our
                      original comment 2.</font></div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Response:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">As
                  disclosed in the Company&#8217;s Management&#8217;s Discussion and Analysis included
                  in Form 10-K for the year ended December 31, 2006, management considers
                  factors such as historical claims experience, case reserve estimates
                  on
                  reported claims, large claims, <font style="DISPLAY: inline; TEXT-DECORATION: underline">actuarial
                  projections</font> and other relevant factors in determining its loss
                  provision rates and the expected liability for claims.
                  </font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">The
        Company proposes to add
        the following disclosure in its Management&#8217;s Discussion and Analysis commencing
        with its Form 10-K for the year ended December 31, 2007.&#160;&#160;Please note
        that some of the following information is not new and was disclosed in the
        Company&#8217;s 2006 Form 10-K, and is included for the purpose of setting forth text
        of the proposed disclosure</font>.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">The
        Company initially reserves for each known claim based upon an assessment
        of
        specific facts and updates the reserve amount as necessary over the course
        of
        administering each file.&#160;&#160;In determining its incurred but not reported
        claims (&#8220;IBNR&#8221;), the Company assumes future losses will be consistent with
        historical data, unless factors become known which indicate
        otherwise.&#160;&#160;Loss ratios for earlier years tend to be more reliable
        than recent policy years as they are more fully developed. Management also
        relies on historical loss emergence and premium volume in estimating loss
        ratios.&#160;&#160;In making estimates, the Company determines a loss provision
        rate, which it then applies to net premiums written in calculating its loss
        provision.&#160;&#160;Provisions for title losses, as a percentage of net
        premiums written, were 10.5%, 10.7% and 11.1% for the years ended December
        31,
        2006, 2005 and 2004, respectively.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">The Company reduced
        its loss
        provision rate slightly in 2005 and 2006 relative to 2004 in recognition
        of
        favorable claims experience during 2005 and 2006.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">In
        2006, the favorable
        experience was primarily because of a reduction in large claim activity for
        policy year 2005.&#160;&#160;The Company defines a large claim as one where
        incurred losses exceed $250,000.&#160;&#160;The reduction in the loss provision
        in 2005 and 2006 from the 2004 level resulted in approximately $716,000 (387,000
        for 2006 and $329,000 for 2005) less in reserves than would have been recorded
        at the higher 2004 level.&#160;&#160;The primary reason that the loss rate was
        not reduced more in 2006 is because a higher loss rate was estimated for
        policy
        year 2006 due to an increase in claims activity late in the calendar
        year.&#160;&#160;In 2005, management lowered the loss rate to
        10.7%.&#160;&#160;Even though there was favorable experience for policy year
        2003, a higher</font><font style="DISPLAY: inline; COLOR: #000080; TEXT-DECORATION: underline">&#160;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">loss
        ratio was expected for
        policy year 2005 because trending market conditions indicated policy year
        2005
        to be worse than policy year 2004.&#160;&#160;Management considers the loss
        provision ratios for 2006 and 2005 to be appropriate given the long-tail
        nature
        of title insurance claims and the inherent uncertainty in title insurance
        claims
        emergence patterns</font><font style="DISPLAY: inline; COLOR: #000080">.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          </div>
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            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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          </div>
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      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div style="TEXT-ALIGN: left" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Letter
          to Jim B.
          Rosenberg</font></div>
        <div style="TEXT-ALIGN: left" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">January
          21,
          2008</font></div>
        <div style="TEXT-ALIGN: left" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Page
          3</font><br></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">The
        key
        assumptions that materially affect the reserve estimates follow<font color="#ff0000" style="FONT-SIZE: 8pt; COLOR: black; FONT-FAMILY: Times New Roman">:</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">The
        Company assumes the aggregate reported liability for known claims and IBNR,
        in
        the aggregate, will be comparable to its historical claims experience unless
        factors, such as loss experience, change significantly.&#160;&#160;The factors
        the Company considered did not cause any of its key assumptions to change
        from
        assumptions used in the immediately preceding period, as its loss ratio as
        a
        percentage of net premiums written remained relatively constant <font style="DISPLAY: inline; TEXT-DECORATION: underline">with the exception
        of slight
        reductions due to favorable claims experience in 2006 and
        2005</font>.&#160;&#160;Also affecting the Company&#8217;s assumptions are large
        losses related to fraud and defalcation, as these can cause significant
        variances in loss emergence patterns which could significantly impact the
        claims
        provision.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Management
        considers
        actuarial analyses in evaluating</font><font style="DISPLAY: inline; COLOR: #000080; TEXT-DECORATION: underline">&#160;</font>claims
        reserves.&#160;&#160;The <font style="DISPLAY: inline; TEXT-DECORATION: underline">actuarial</font> methods
        used to&#160;<font style="TEXT-DECORATION: underline">evaluate</font> reserves
        are loss development methods, expected loss methods, and Cape Cod methods,
        all
        of which are accepted actuarial methods used to estimate ultimate losses
        and,
        therefore, loss reserves.&#160;&#160;In the loss development method, each policy
        year&#8217;s paid or incurred losses are projected to an &#8220;ultimate&#8221; level using loss
        development factors.&#160;&#160;In the Cape Cod method, expected losses for one
        policy year are estimated based on the loss results for the other policy
        years,
        trended to the level of the policy year being estimated.&#160;&#160;Expected
        loss methods produce more stable ultimate loss estimates than do loss
        development methods, which are more responsive to the current loss
        data.&#160;&#160;The Cape Cod method, a special case of the
        Bornhuetter-Ferguson, blends the results of the loss development and expected
        loss methods.&#160;&#160;For the more recent policy years, more weight is given
        to the results of the expected loss methods.&#160;&#160;For the older policy
        years, more weight is given to the loss development method results.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">The
        key
        actuarial assumptions are principally loss development factors and expected
        loss
        ratios.&#160;&#160;The selected loss development factors are based on a
        combination of the Company&#8217;s historical loss experience and title industry loss
        experience.&#160;&#160;Expected loss ratios are estimated for each policy year
        based on the Company&#8217;s own experience and title industry loss
        ratios.&#160;&#160;When updated data is incorporated into the actuarial models,
        the resulting loss development factors and expected loss ratios will likely
        change from the prior values.&#160;&#160;Changes in these values from <font style="TEXT-DECORATION: underline">2004 through</font> 2006 have been the result
        of actual Company and industry experience during the calendar year and not
        to
        any explicit changes in assumptions.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Movements
        in the reserves related to prior periods were primarily the result of changes
        to
        estimates to better reflect the latest reported loss data, rather than a
        result
        of material changes to underlying key actuarial assumptions or
        methodologies.&#160;&#160;In calendar year 2006, the Company incurred lower than
        expected <font style="DISPLAY: inline; TEXT-DECORATION: underline">large</font>
        claims payments for policy year 2005.&#160;&#160;&#160;In calendar year 2005,
        the Company incurred lower than expected <font style="DISPLAY: inline; TEXT-DECORATION: underline">large</font> claims
        payments
        for policy year 2003 <font style="TEXT-DECORATION: underline">and additionally,
        overall claim payments indicated that policy year 2003 was trending more
        favorably than originally anticipated.</font>&#160;&#160;Since the favorable
        variances for policy years 2005 and 2003 relate to recent policy years and
        are
        therefore not fully developed, there will be further development that could
        be
        favorable or unfavorable.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div style="TEXT-ALIGN: left" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Letter
          to Jim B.
          Rosenberg</font></div>
        <div style="TEXT-ALIGN: left" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">January
          21,
          2008</font></div>
        <div style="TEXT-ALIGN: left" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Page
          4</font><br></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">In
        recent
        years, the Company has generally followed the same methodology for estimating
        loss reserves.&#160;&#160;The loss provision rate is set to provide for losses
        on current year policies and to provide for estimated positive or negative
        development on prior year loss estimates.&#160;&#160;The Company continually
        updates and refines its reserve estimates as current experience develops
        and
        credible data emerges.&#160;&#160;Changes in the expected liability for claims
        for prior periods reflect the uncertainty of the claim environment, as well
        as
        the limited predicting power of historical data.&#160;&#160;Adjustments may be
        required as new information develops which varies from past
        experience.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
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            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Comment
                    3.</font></font></div>
                </div>
              </td>
              <td>
                <div align="left">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Refer
                    to your response to comments 3 and 4. Revise your proposed disclosures
                    in
                    the critical accounting section of the MD&amp;A and Footnote 6 to
                    consolidated financial statements to better explain the reason
                    for the
                    change in reserve estimates for all periods presented.&#160;&#160;Your
                    current disclosure appropriately identifies the policy years
                    the changes
                    relate to, however, it does not explain the actual reason for
                    the lower
                    than expected payments experienced for policy years 2005 and
                    2003.</font></div>
                </div>
              </td>
            </tr>

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            <tr valign="top">
              <td style="WIDTH: 72pt">
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                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Response
                      3:</font></div>
                  </div>
                </div>
              </td>
              <td>
                <div align="left">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">The
                    Company proposes
                    to add the following disclosure in its Management&#8217;s Discussion and
                    Analysis commencing with its Form 10-K for the year ended December
                    31,
                    2007</font>.&#160;&#160;Movements in the reserves related to prior periods
                    were primarily the result of changes to estimates to better reflect
                    the
                    latest reported data, rather than as a result of material changes
                    to
                    underlying key actuarial assumptions or methodologies.&#160;&#160;Such
                    changes include payments on claims closing during the year, new
                    details
                    that emerge on still-open cases that cause claims adjusters to
                    increase or
                    decrease the case reserve and the impact that these types of
                    changes have
                    on the Company&#8217;s total loss provision or IBNR.&#160;&#160;The change in
                    estimate for calendar year 2006 resulted primarily from lower
                    than
                    expected <font style="DISPLAY: inline; TEXT-DECORATION: underline">large</font>
                    claims
                    payments for policy year 2005 and the change for calendar year
                    2005
                    resulted primarily from lower than expected <font style="TEXT-DECORATION: underline">overall</font>&#160;claim payments,
                    <font style="TEXT-DECORATION: underline">including </font><font style="TEXT-DECORATION: underline">large
                    claims,</font>&#160;for policy
                    year 2003.<font style="DISPLAY: inline; COLOR: #000080">&#160;<font style="FONT-SIZE: 8pt; COLOR: black; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">A</font></font><font style="DISPLAY: inline; TEXT-DECORATION: underline">
                    large claim is
                    defined as a claim with incurred losses exceeding $250,000.&#160;&#160;Due
                    to the small volume of large claims, the long-tail nature of
                    title
                    insurance claims and the inherent uncertainty in loss emergence
                    patterns,
                    large claim activity can vary significantly between policy
                    years.&#160;&#160;The estimated development of large claims by policy year
                    is therefore subject to significant changes as experience
                    develops</font><font style="DISPLAY: inline; COLOR: #000080">.</font></font></div>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div align="center">
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">As
        the
        latest available claims experience develops and new information becomes
        available, the loss reserve estimate related to prior periods will change
        to
        more accurately reflect updated and improved emerging data.&#160;&#160;By their
        nature, title claims can often be complex, vary greatly in dollar amounts,
        vary
        in number due to economic and market conditions, such as an increase in mortgage
        foreclosures, and involve uncertainties as to ultimate exposure.&#160;&#160;The
        payment experience may extend for more than twenty years after the issuance
        of a
        policy.&#160;&#160;In addition, some claims may require a number of years to
        settle and determine the final liability for indemnity and loss adjustment
        expense.&#160;&#160;Therefore, title insurance reserve estimates are subject to
        a significant degree of inherent variability. Although the Company believes
        that
        the reserve for policy and contract claims is reasonable, it is possible
        that
        its actual incurred policy and contract claims will not conform to the
        assumptions inherent in the determination of these
        reserves.&#160;&#160;Accordingly, the ultimate settlement of policy and contract
        claims may vary from the reserve estimates included in the Company&#8217;s financial
        statements. The Company reflects any adjustments to reserves in the results
        of
        operations in the period in which new information (principally claims
        experience) becomes available.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
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          </div>
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        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div style="TEXT-ALIGN: left" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Letter
          to Jim B.
          Rosenberg</font></div>
        <div style="TEXT-ALIGN: left" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">January
          21,
          2008</font></div>
        <div style="TEXT-ALIGN: left" align="center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Page
          5</font></div>
        <div style="TEXT-ALIGN: left" align="center">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Consolidated
        Financial Statements</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Notes
        to
        Consolidated Financial Statements, page 16, Note 6</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Reserves
        for Claims, page 22</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-DECORATION: none">Response
                        4:</font></div>
                    </div>
                  </div>
                </div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">The
                  Company proposes
                  to add the following disclosure in its Reserves for Claims Note
                  commencing
                  with its Form 10-K for the year ended December 31,
                  2007</font>.&#160;&#160;The Company continually refines its reserve
                  estimates as current loss experience develops and credible data
                  emerges.&#160;&#160;Movements in the reserves related to prior periods
                  were primarily the result of changes to estimates to better reflect
                  the
                  latest reported loss data.&#160;&#160;Lower than expected loss payment
                  experience was the primary reason for decreases in the Company&#8217;s loss
                  provision in prior years.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">The
        change
        in estimate for calendar year 2006 resulted primarily from lower than expected
        <font style="TEXT-DECORATION: underline">large</font> claims payments for policy
        year 2005 and the change in estimate for calendar year 2005 resulted primarily
        from lower than expected <font style="TEXT-DECORATION: underline">overall</font>
        claim payments, <font style="TEXT-DECORATION: underline">including large
        claims,</font>&#160;for policy year 2003.&#160;&#160;Due to variances between
        actual and expected loss payments, loss development is subject to significant
        variability.&#160;<font style="TEXT-DECORATION: underline">A</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">
        large claim is defined as a
        claim with incurred losses exceeding $250,000.&#160;&#160;Due to the small
        volume of large claims, the long-tail nature of title insurance claims and
        the
        inherent uncertainty in loss emergence patterns, large claim activity can
        vary
        significantly between policy years.&#160;&#160;The estimated development of
        large claims by policy year is therefore subject to significant changes as
        experience develops</font><font style="DISPLAY: inline; COLOR: #000080; TEXT-DECORATION: underline">.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">We
        acknowledge that:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div>&#160;</div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">The
                  Company is responsible for the adequacy and accuracy of the disclosure
                  in
                  the filing; </font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div>&#160;</div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Staff
                  comments or changes to disclosure in response to Staff comments
                  do not
                  foreclose the Commission from taking any action with respect to
                  the
                  filing; and </font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div>&#160;</div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">The
                  Company may not assert Staff comments as a defense in any proceeding
                  initiated by the Commission or any person under the federal securities
                  laws of the United States. </font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Thank
        you
        for your comments.&#160;&#160;Please contact me at 919-968-2200 if you have
        further questions or comments.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div align="center">
          <table cellpadding="0" cellspacing="0" width="25%">

              <tr>
                <td align="left" valign="top" width="100%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Sincerely,</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="100%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">/s/
                    James A. Fine, Jr.</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="100%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">James
                    A. Fine Jr.</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="100%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">President
                    and CFO</font></div>
                </td>
              </tr>

          </table>
        </div><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
        <div align="left">
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                <td align="left" valign="top" width="5%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">cc:</font></div>
                </td>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Ibolya
                    Ignat, Staff Accountant (via facsimile)</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="95%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Securities
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                    Commission</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
