<SEC-DOCUMENT>0001157523-16-004596.txt : 20160216
<SEC-HEADER>0001157523-16-004596.hdr.sgml : 20160215
<ACCEPTANCE-DATETIME>20160216163523
ACCESSION NUMBER:		0001157523-16-004596
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20160216
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160216
DATE AS OF CHANGE:		20160216

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11774
		FILM NUMBER:		161429294

	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>8-K
<SEQUENCE>1
<FILENAME>a51280544.htm
<DESCRIPTION>INVESTORS TITLE COMPANY 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2016 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>UNITED STATES</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 10pt"><b>Washington,
      D.C. &#160;20549</b></font><br><br>
    </p>
    <hr style="width: 25%; text-align: center; color: #000000; height: 1.0 pt">


    <p style="text-align: center">
      <br>
      <font style="font-size: 12pt"><b>FORM 8-K</b></font><br><br><font style="font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt"><b>Pursuant to
      Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><br><br>
    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 25%">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-color: black; width: 50%; border-bottom-style: solid" valign="top">
          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-size: 12pt; font-family: Times New Roman"><b>February
            16, 2016</b></font><br><br>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 50%" valign="top">
          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-size: 10pt; font-family: Times New Roman">Date
            of Report (Date of earliest event reported)</font>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td style="width: 50%">

        </td>
        <td style="width: 25%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td style="width: 50%">

        </td>
        <td style="width: 25%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-color: black; width: 50%; border-bottom-style: solid" valign="top">
          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-size: 12pt; font-family: Times New Roman"><b>INVESTORS
            TITLE COMPANY</b></font><br><br>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 50%" valign="top">
          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-size: 10pt; font-family: Times New Roman">(Exact
            name of Registrant as specified in its charter)</font>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-color: black; width: 33%; border-bottom-style: solid" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>North Carolina</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom-color: black; width: 34%; border-bottom-style: solid; padding-right: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-11774</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom-color: black; width: 33%; border-bottom-style: solid; padding-right: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>56-1110199</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or Other Jurisdiction of
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 34%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Incorporation or Organization)
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 34%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            File Number)
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>121 North Columbia Street</b>
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%">

        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-color: black; width: 33%; border-bottom-style: solid" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Chapel Hill, North Carolina</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; width: 34%; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom-color: black; width: 33%; border-bottom-style: solid; padding-right: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>27514</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Address of Principal Executive Offices)
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Zip Code)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap; text-align: center">

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 25%">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; border-bottom-color: black; width: 50%; border-bottom-style: solid; padding-right: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(919) 968-2200</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Registrant's telephone number, including area code
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap; text-align: center">

    </p>
    <p style="font-size: 10pt; font-family: Times New Roman">
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p style="font-size: 10pt; font-family: Times New Roman">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font><br>
    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>Item 7.01.&#160;&#160;Regulation FD Disclosure.</b>
    </p>
    <p style="font-size: 10pt; margin-left: 60.0px; font-family: Times New Roman">
      On February 16, 2016, Investors Title Company mailed a letter to its
      shareholders, a copy of which is attached as Exhibit 99.1 and
      incorporated herein by reference.
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p style="white-space: nowrap; margin-left: 60.0px">
      (d) Exhibits.&#160;&#160;
    </p>
    <p>
      Exhibit<br><u>Number</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Description</u>
    </p>
    <p style="white-space: nowrap">
      Exhibit 99.1 &#160;&#160;&#160;&#160;&#160;&#160;&#160;February 16, 2016 Letter to Shareholders
    </p>
    <p>

    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">SIGNATURE</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="4" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            INVESTORS TITLE COMPANY
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="width: 3%">
          &#160;
        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 36%">

        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 3%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 36%">

        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 5%" valign="top">
          Date:
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 43%" valign="top">
          February 16, 2016
        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 3%" valign="middle">
          By:
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 36%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>/s/ James A. Fine, Jr.</u>
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 3%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            James A. Fine, Jr.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 3%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            President, Treasurer and
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 3%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      EXHIBIT INDEX
    </p>
    <p>

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 18%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 82%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 18%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 82%" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; white-space: nowrap; width: 18%; padding-right: 0.0px" valign="top">
          99.1
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 82%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            February 16, 2016 Letter to Shareholders
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
  </body>
</html>
<!--<!DOCTYPE html
     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
<!--<!DOCTYPE html     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51280544ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2016 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p>
      <font style="font-size: 16pt"><b>Investors Title Company - Annual Letter
      to Shareholders</b></font>
    </p>
    <p>
      <b>February 16, 2016</b>
    </p>
    <p>
      <font style="font-size: 14pt"><b>To Our Fellow Shareholders:</b></font>
    </p>
    <p>
      In 2015, Investors Title Company continued its long history of superior
      performance in the industry, and we begin 2016 confident and optimistic
      about the Company&#8217;s future.
    </p>
    <p>
      Since our founding in 1972, our stock has delivered a compounded average
      annual growth rate of 13.2%. The Company&#8217;s stock price has risen from
      $17 per share at the end of 1999 to $100 in 2015 &#8211; and during that same
      time period, the Company has returned 37.3% of net income to
      shareholders through cash dividends and stock repurchases. We are
      pleased to report to you that we extended our long-term record in the
      past year.
    </p>
    <p>
      Buoyed by a strengthening housing market and favorable interest rates,
      our ongoing efforts to expand our presence in key markets led to another
      year with record revenues. In 2015, our net income increased 29.9%
      versus the prior year, with overall expenses remaining unchanged. A
      favorable mix of business led to lower agent commissions, while our
      continued emphasis on strong risk management practices resulted in a
      reduction in claims expense. Our balance sheet remains strong,
      surpassing $200 million of assets for the first time, with continued
      growth in shareholders&#8217; equity and no debt.
    </p>
    <p>
      Investors Title owes its strong performance to the competitive
      advantages that we have cultivated since our inception. We compete
      through our commitment to long-term partnerships with our customers, and
      we have earned a reputation for being relationship-driven,
      results-oriented, and for delivering on our promises. During 2015, we
      led numerous training and support programs to help our agents navigate
      new federally-mandated closing disclosure requirements. Customers and
      agents know that they can rely on our personal touch and attentive
      service as they work through the sometimes complex real estate
      transaction process.
    </p>
    <p>
      With a focus on proactively serving each customer, we have the local
      market knowledge and flexibility to develop solutions tailored to each
      market we serve. This perspective enables us to build mutually
      beneficial relationships that emphasize overall profitability instead of
      top-of-the-market commission rates. In short, our clients count on us to
      deliver customized solutions and a superior level of support that in
      turn enables them to better serve their customers and operate more
      efficiently.
    </p>
    <p>
      The Company&#8217;s strong financial position supports our ability to deliver
      the sophisticated and innovative product offerings that continue to help
      us maintain and grow revenues and profits, including customized services
      and integrated software solutions. Last year, we reached important
      milestone objectives in our multi-year technology program, delivering
      new software to agents in several of our key markets. When complete, we
      believe this new functionality will make our agents more efficient,
      while improving our competitive position.
    </p>
    <p>
      Furthermore, our financial resources have allowed us the flexibility to
      establish underwriting risk policy and reinsurance practices designed to
      optimize the balance between profitable revenue generation and
      protecting policyholders and shareholders during the financial cycles
      that impact our industry. Our agents, as well as our lender and owner
      policyholders, appreciate the Company&#8217;s strong financial position, which
      in part led to Investors Title becoming the first title insurer to
      receive an initial financial strength rating of &#8220;A&#8221; from A.M. Best.
    </p>
    <p style="text-align: center">
      Page <b>1</b> of <b>2</b>
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      As we look to 2016 and beyond, the management of Investors Title intends
      to continue its disciplined approach to maintaining our competitive
      advantages while using our superior capital position to prudently grow
      the business and its returns. Our strategy for capital allocation has
      three elements: first, we intend to continue to provide capital to fund
      organic growth and to support existing businesses; second, as
      appropriate, we intend to provide capital for synergistic acquisitions
      that are compatible with our relationship-focused business and that meet
      our criteria for generating attractive profits and returns for
      shareholders; and third, we intend to deliver a portion of our remaining
      cash to shareholders, consistent with the Company&#8217;s history of cash
      dividends and stock repurchases.
    </p>
    <p>
      Investors Title has been the number one title insurer in North Carolina
      since 1984, and we are continuing to strengthen our positions in other
      attractive regional markets. Throughout the Company&#8217;s history, we have
      maintained an unwavering focus on profitable growth and superior
      financial stability. We have built the Company on relationships with
      like-minded people who share our enthusiasm for entrepreneurial pursuits
      as well as our commitment to conservative operating and investment
      principles. With our legacy of close relationships with customers and
      agents, and with our deep financial resources, we believe that Investors
      Title is in a position to extend our record of service to the real
      estate industry &#8211; and our record of delivering strong returns to our
      fellow shareholders.
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 34%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <img src="signature1.jpg" alt="GRAPHIC">

          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 32%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <img src="signature2.jpg" alt="GRAPHIC">

          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 34%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <img src="signature3.jpg" alt="GRAPHIC">

          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 34%" valign="top">
          <b>J. Allen Fine</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            Chairman, Chief Executive Officer
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 32%" valign="top">
          <b>James A. Fine, Jr.</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            President, Chief Financial Officer, Treasurer
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 34%" valign="top">
          <b>W. Morris Fine</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            Executive Vice President, Secretary
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      Investors Title Company<br>121 N Columbia St, Chapel Hill, NC 27514<br>919.968.2200
      | F 919.968.2227<br>invtitle.com | nititle.com | invtrust.com
    </p>
    <p style="text-align: center">
      <b>Cautionary Information about Forward-Looking Statements</b>
    </p>
    <p>
      <i>Certain statements contained herein may constitute forward-looking
      statements within the meaning of the Private Securities Litigation
      Reform Act of 1995. Such statements include, among others, statements
      about new software making our agents more efficient; management&#8217;s intent
      to continue its disciplined approach toward maintaining our competitive
      advantages while using our superior capital position to prudently grow
      the business and its returns; and our strategy for capital allocation.
      These statements involve a number of risks and uncertainties that could
      cause actual results to differ materially from anticipated and
      historical results. Such risks and uncertainties include, without
      limitation: the cyclical demand for title insurance due to changes in
      the residential and commercial real estate markets; the occurrence of
      fraud, defalcation or misconduct; variances between actual claims
      experience and underwriting and reserving assumptions, including the
      limited predictive power of historical claims experience; declines in
      the performance of the Company&#8217;s investments; government regulation;
      changes in the economy; the possible loss of agency relationships or
      significant reductions in agent-originated business; and other
      considerations set forth under the caption &#8220;Risk Factors&#8221; in the
      Company&#8217;s Annual Report on Form 10-K for the year ended December 31,
      2014, as filed with the Securities and Exchange Commission, and in
      subsequent filings.</i>
    </p>
    <p style="text-align: center">
      Page <b>2</b> of <b>2</b>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>signature1.jpg
<DESCRIPTION>SIGNATURE
<TEXT>
begin 644 signature1.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (" @(" 0(" @(# @(# P8$ P,#
M P<%!00&" <)" @'" @)"@T+"0H,"@@("P\+# T.#@\."0L0$1 .$0T.#@[_
MVP!# 0(# P,# P<$! <."0@)#@X.#@X.#@X.#@X.#@X.#@X.#@X.#@X.#@X.
M#@X.#@X.#@X.#@X.#@X.#@X.#@X.#@[_P  1"  P '<# 2(  A$! Q$!_\0
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/ 4444 %%%% !1110!__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>signature2.jpg
<DESCRIPTION>SIGNATURE
<TEXT>
begin 644 signature2.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (" @(" 0(" @(# @(# P8$ P,#
M P<%!00&" <)" @'" @)"@T+"0H,"@@("P\+# T.#@\."0L0$1 .$0T.#@[_
MVP!# 0(# P,# P<$! <."0@)#@X.#@X.#@X.#@X.#@X.#@X.#@X.#@X.#@X.
M#@X.#@X.#@X.#@X.#@X.#@X.#@X.#@[_P  1"  P ) # 2(  A$! Q$!_\0
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?%#:VL?\ RRM+:-5A@B&-J+N.7=R?:*** "BBB@#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>signature3.jpg
<DESCRIPTION>SIGNATURE
<TEXT>
begin 644 signature3.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (" @(" 0(" @(# @(# P8$ P,#
M P<%!00&" <)" @'" @)"@T+"0H,"@@("P\+# T.#@\."0L0$1 .$0T.#@[_
MVP!# 0(# P,# P<$! <."0@)#@X.#@X.#@X.#@X.#@X.#@X.#@X.#@X.#@X.
M#@X.#@X.#@X.#@X.#@X.#@X.#@X.#@[_P  1"  J ',# 2(  A$! Q$!_\0
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; OF.% +8!QD]\58H **** "BBB@ HHHH __9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
