<SEC-DOCUMENT>0001157523-17-000471.txt : 20170214
<SEC-HEADER>0001157523-17-000471.hdr.sgml : 20170214
<ACCEPTANCE-DATETIME>20170214092227
ACCESSION NUMBER:		0001157523-17-000471
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170214
DATE AS OF CHANGE:		20170214

SUBJECT COMPANY:	

	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:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-44857
		FILM NUMBER:		17603002

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FINE JAMES A JR
		CENTRAL INDEX KEY:			0001227272

	FILING VALUES:
		FORM TYPE:		SC 13G/A
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>a51509465.htm
<DESCRIPTION>SCHEDULE 13G/A
<TEXT>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 18pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">UNITED STATES</font></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SCHEDULE 13G</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Amendment No. 11)*</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Under the Securities Exchange Act of 1934</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Investors Title Company</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Name of Issuer)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Stock, no par value</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Title of Class of Securities)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">461804106</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(CUSIP Number)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">December 31, 2016</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Date of Event Which Requires Filing of this Statement)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Check the appropriate box to designate the rule pursuant to which this Schedule</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">is filed:</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">|&#160; | Rule 13d-1(b)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">|_| Rule 13d-1(c)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">|X| Rule 13d-1(d)</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</div>

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<td style="WIDTH: 39%; FONT-FAMILY: times new roman; FONT-SIZE: 10pt" valign="middle">&#160; </td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">CUSIP No.&#160;&#160; <font style="FONT-WEIGHT: bold">461804106</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center">
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<div style="text-align: center; font-family: times new roman; font-size: 10pt;">&#160;</div>

<div style="TEXT-ALIGN: center">&#160;<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.</font></div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div>&#160;</div>

<div>&#160;&#160;&#160;&#160;&#160; </div>
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<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 95.72%; BORDER-TOP: black 2px solid; BORDER-RIGHT: black 2px solid" valign="bottom" colspan="2" align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160; NAME OF REPORTING PERSONS</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;&#160;<font style="FONT-WEIGHT: bold">James A. Fine, Jr.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;</div>
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<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.</font></div>

<div>&#160;</div>

<div>&#160;&#160;&#160;&#160;&#160; </div>
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<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 81.71%" valign="bottom" align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*</div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;&#160;&#160;&#160;&#160; </div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 14.65%; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; BORDER-RIGHT: black 2px solid" valign="bottom" align="left">
<div>&#160;(a) <font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></div>

<div><font face="Wingdings"><font face="Times New Roman">&#160;(b) </font><font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font><font face="Times New Roman"> </font></div>
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<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.</font></div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 95.72%; BORDER-RIGHT: black 2px solid" valign="bottom" colspan="2" align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">SEC USE ONLY</div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
</td>
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<tr>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; WIDTH: 4.28%; BORDER-RIGHT: black 2px solid" valign="bottom">
<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.</font></div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div>&#160;</div>

<div>&#160;&#160;&#160;&#160; </div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 95.72%; BORDER-RIGHT: black 2px solid" valign="bottom" colspan="2" align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;&#160;&#160;&#160; <font style="FONT-WEIGHT: bold">United States of America</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;</div>
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<div style="TEXT-ALIGN: center">
<table style="WIDTH: 100%; FONT-FAMILY: times new roman; FONT-SIZE: 10pt" id="zc5af7f6366dd48b5a3ada607d79f49d4" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 78px">
<td style="TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; WIDTH: 12%; FONT-FAMILY: times new roman; FONT-SIZE: 10pt" valign="bottom">
<div>&#160;</div>

<div>&#160;<font style="TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Number of</font></div>

<div>&#160;</div>

<div style="TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Shares</div>

<div style="TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; WIDTH: 5.35%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal" valign="top">
<div>&#160;</div>

<div>&#160;5.</div>

<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-LEFT: black 2px solid; WIDTH: 82.67%; BORDER-RIGHT: black 2px solid" valign="top" nowrap="nowrap">
<div style="MARGIN-LEFT: 9pt">&#160;</div>

<div style="margin-left: 9pt; text-transform: uppercase; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"><font style="DISPLAY: inline">Sole Voting Power</font> </div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt"><font style="LETTER-SPACING: 9pt" id="TAB2">&#160;&#160;&#160;</font><font style="FONT-WEIGHT: bold">83,963</font></div>
</td>
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<tr>
<td style="TEXT-ALIGN: left; BORDER-LEFT: black 2px solid; WIDTH: 12%" valign="bottom">
<div style="TEXT-ALIGN: center; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">Beneficially</div>

<div style="TEXT-ALIGN: center; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">Owned by </div>

<div style="TEXT-ALIGN: center; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; WIDTH: 5.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;</div>

<div style="TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal">6.</div>

<div style="TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;</div>

<div style="TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;</div>

<div style="TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-LEFT: black 2px solid; WIDTH: 82.67%; VERTICAL-ALIGN: middle; BORDER-RIGHT: black 2px solid" nowrap="nowrap">
<div style="TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Shared Voting Power</div>

<div style="TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;</div>

<div style="font-weight: bold; font-family: times new roman; margin-left: 27pt; font-size: 10pt;">95,515</div>
</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; BORDER-LEFT: black 2px solid; WIDTH: 12%" valign="bottom">
<div style="TEXT-ALIGN: center; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">Each</div>

<div style="TEXT-ALIGN: center; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">Reporting</div>

<div style="TEXT-ALIGN: center; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; WIDTH: 5.35%" valign="bottom">
<div style="TEXT-ALIGN: center; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal">7.</div>

<div style="TEXT-ALIGN: center; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;</div>

<div style="TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;</div>

<div style="TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-LEFT: black 2px solid; WIDTH: 82.67%; BORDER-RIGHT: black 2px solid" valign="bottom" nowrap="nowrap">
<div style="text-transform: uppercase; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; margin-left: 9pt; font-size: 10pt; font-weight: normal;">Sole Dispositive Power</div>

<div style="TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;</div>

<div style="text-transform: uppercase; font-variant: normal; font-style: normal; text-align: left; font-family: 'Times New Roman', Times, serif; margin-left: 27pt; font-size: 10pt; font-weight: bold;">83,963</div>

<div style="TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="LETTER-SPACING: 9pt" id="TAB2">&#160;&#160;&#160;</font>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; WIDTH: 12%" valign="bottom">
<div style="TEXT-ALIGN: center; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">Person</div>

<div style="TEXT-ALIGN: center; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-TRANSFORM: uppercase; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">With</div>

<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; WIDTH: 5.35%" valign="bottom">
<div style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</div>

<div style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8.</div>

<div style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</div>

<div>&#160;</div>

<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-LEFT: black 2px solid; WIDTH: 82.67%; BORDER-RIGHT: black 2px solid" valign="bottom" nowrap="nowrap">
<div style="MARGIN-LEFT: 9pt">&#160;</div>

<div style="margin-left: 9pt; font-family: times new roman; font-size: 10pt;">Shared Dispositive Power</div>

<div style="MARGIN-LEFT: 9pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">95,515</div>

<div style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: center">
<table style="WIDTH: 100%; FONT-FAMILY: times new roman; FONT-SIZE: 10pt" id="z6247d4d5ddc44bf08451e66defad89a6" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; WIDTH: 4%; BORDER-RIGHT: black 2px solid" valign="bottom">
<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> 9<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">.</font></div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div>&#160;</div>

<div>&#160;&#160;&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 81%; BORDER-RIGHT: black 2px solid" valign="bottom" colspan="2" align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">179,478 (1)</div>

&#160;&#160;&#160;&#160; </div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; WIDTH: 4%; BORDER-RIGHT: black 2px solid" valign="bottom">
<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10.</font></div>

<div>&#160;&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 81%; BORDER-RIGHT: black 2px solid" valign="bottom" align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*</div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 15%; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; BORDER-RIGHT: black 2px solid" valign="middle" align="left">&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></td>
</tr>

<tr>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; WIDTH: 4%; BORDER-RIGHT: black 2px solid" valign="bottom">
<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11.</font></div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div>&#160;</div>

<div>&#160;&#160;&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 81%; BORDER-RIGHT: black 2px solid" valign="bottom" colspan="2" align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)</div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;&#160;&#160;&#160;9.52<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">%</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; WIDTH: 4%; BORDER-RIGHT: black 2px solid" valign="bottom">
<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12.</font></div>

<div style="TEXT-ALIGN: center">&#160;</div>

<div>&#160;</div>

<div>&#160;&#160;&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 81%; BORDER-RIGHT: black 2px solid" valign="bottom" colspan="2" align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">TYPE OF REPORTING PERSON*</div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;&#160;&#160;&#160; <font style="FONT-WEIGHT: bold">IN</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">&#160;</div>
</td>
</tr>
</table>
</div>
</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">*SEE INSTRUCTIONS BEFORE FILLING OUT!</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">_____________________________</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(1)</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160; </font>&#160;&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">95,000 of these shares are held by a limited partnership of which Mr. Fine is a general partner and shares joint voting power over such shares with William Morris Fine.&#160; Additionally, this number includes 515 shares that are held by his wife.</font></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1(a). NAME OF ISSUER:</div>
</div>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investors Title Company</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">121 N. Columbia Street</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Chapel Hill, North Carolina&#160; 27514</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 2(a). NAME OF PERSON FILING:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">James A. Fine, Jr.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">121 N. Columbia Street</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Chapel Hill, North Carolina&#160; 27514</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 2(c). CITIZENSHIP:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">United States of America</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 2(d). TITLE OF CLASS OF SECURITIES:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Stock, no par value (the "Common Stock")</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 2(e). CUSIP NUMBER:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">461804106</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 3.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Not Applicable</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 4. OWNERSHIP:</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z089178d8b5544d7c93bcf127f621d9c3" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 47.49%">
<div>(a) AMOUNT BENEFICIALLY OWNED:<font style="FONT-SIZE: 9pt"> </font></div>
</td>
<td style="WIDTH: 52.51%; FONT-WEIGHT: bold">
<div>179,478 (1)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 47.49%">
<div>&#160;</div>
</td>
<td style="WIDTH: 52.51%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 47.49%">
<div>(b) PERCENT OF CLASS:</div>
</td>
<td style="WIDTH: 52.51%; FONT-WEIGHT: bold">
<div>9.52%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 47.49%">
<div>&#160;</div>
</td>
<td style="WIDTH: 52.51%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 47.49%">
<div>(c) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:</div>
</td>
<td style="WIDTH: 52.51%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 47.49%">
<div>&#160;</div>
</td>
<td style="WIDTH: 52.51%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 47.49%">
<div>(i) Sole power to vote or to direct the vote:</div>
</td>
<td style="WIDTH: 52.51%; FONT-WEIGHT: bold">
<div>83,963</div>
</td>
</tr>

<tr>
<td style="WIDTH: 47.49%">
<div>&#160;</div>
</td>
<td style="WIDTH: 52.51%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 47.49%">
<div>(ii) Shared power to vote or to direct the vote:</div>
</td>
<td style="WIDTH: 52.51%; FONT-WEIGHT: bold">
<div>95,515</div>
</td>
</tr>

<tr>
<td style="WIDTH: 47.49%">
<div>&#160;</div>
</td>
<td style="WIDTH: 52.51%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 47.49%">
<div>(iii) Sole power to dispose or to direct the disposition of</div>
</td>
<td style="WIDTH: 52.51%; FONT-WEIGHT: bold">
<div>83,963</div>
</td>
</tr>

<tr>
<td style="WIDTH: 47.49%">
<div>&#160;</div>
</td>
<td style="WIDTH: 52.51%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 47.49%">(iv) Shared power to dispose or to direct the disposition of:</td>
<td style="WIDTH: 52.51%; FONT-WEIGHT: bold">95,515</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1) </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">95,000 of these shares are held by a limited partnership of which Mr. Fine is a general partner and shares joint voting power over such shares with William Morris Fine. Additionally, this number includes 515 shares that are held by his wife.</font></div>

<div>&#160;</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Not Applicable</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Not Applicable</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL PERSON:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Not Applicable</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Not Applicable</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 9. NOTICE OF DISSOLUTION OF THE GROUP:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Not Applicable</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 10. CERTIFICATION:</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Not Applicable</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SIGNATURE</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.<br>
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<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt">Dated: February 14, 2017</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.33%" valign="top" nowrap="nowrap" align="left">/<font style="FONT-STYLE: italic">s/&#160;James A. Fine, Jr.</font></td>
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<div style="MARGIN-LEFT: 27pt">&#160;<font style="FONT-STYLE: normal">Chapel Hill, North Carolina</font></div>
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