<SEC-DOCUMENT>0001157523-18-000232.txt : 20180207
<SEC-HEADER>0001157523-18-000232.hdr.sgml : 20180207
<ACCEPTANCE-DATETIME>20180207083128
ACCESSION NUMBER:		0001157523-18-000232
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180207
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180207
DATE AS OF CHANGE:		20180207

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:		18579335

	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>a51754571.htm
<DESCRIPTION>INVESTORS TITLE COMPANY 8-K
<TEXT>
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      <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: 12pt">Washington,
      D.C. &#160;20549</font><br>
    </p>
    <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><br>
    </p>
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          &#160;
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          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-family: Times New Roman; font-size: 12pt"><b>February
            7, 2018</b></font>
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            <font style="font-family: Times New Roman; font-size: 10pt">Date
            of Report (Date of earliest event reported)</font>
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          &#160;
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          &#160;
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          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-size: 14pt"><b>Investors Title Company</b></font>
          </p>
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          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-family: Times New Roman; font-size: 10pt">(Exact
            name of registrant as specified in its charter)</font>
          </p>
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      <br>

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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>North Carolina</b>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; width: 30%; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-11774</b>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; width: 30%; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>56-1110199</b>
          </p>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or Other Jurisdiction of
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          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission
          </p>
        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer
          </p>
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        <td style="text-align: center; padding-left: 0.0px; width: 30%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Incorporation or Organization)
          </p>
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        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 30%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            File Number)
          </p>
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        <td style="text-align: center; padding-left: 0.0px; width: 30%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
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          &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>121 North Columbia Street</b>
          </p>
        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Chapel Hill, North Carolina</b>
          </p>
        </td>
        <td style="width: 5%">

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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>27514</b>
          </p>
        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            (Address of Principal Executive Offices)
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          <p style="margin-bottom: 0px; margin-top: 0px">
            (Zip Code)
          </p>
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    <div style="text-align:center">
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          &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(919) 968-2200</b>
          </p>
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        <td style="text-align: center; padding-left: 0.0px; 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%">

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

    </p>
    <p style="font-size: 10pt; font-family: Times New Roman">
      <font style="font-family: Times New Roman; font-size: 10pt">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-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font><br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font><br><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
      of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter).
    </p>
    <p style="white-space: nowrap">
      Emerging growth company&#160;&#160;[&#160;&#160;]
    </p>
    <p>
      If an emerging growth company, indicate by check mark if the registrant
      has elected not to use the extended transition period for complying with
      any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act.&#160;&#160;[&#160;&#160;]
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; text-indent: 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 style="white-space: nowrap">
      <b>Item 2.02.&#160;&#160;Results of Operations and Financial Condition</b>
    </p>
    <p style="text-indent: 30.0px">
      Attached as Exhibit 99.1 and incorporated herein by reference is a copy
      of the press release of Investors Title Company, dated February&#160;7, 2018,
      reporting Investors Title Company's financial results for the fiscal
      quarter ended December&#160;31, 2017.
    </p>
    <p style="text-indent: 30.0px">
      The information in this Current Report is being furnished and shall not
      be deemed &quot;filed&quot; for the purposes of Section 18 of the Securities
      Exchange Act of 1934 (the &quot;Exchange Act&quot;), or otherwise subject to the
      liabilities of that Section, nor shall it be deemed to be incorporated
      by reference in any filing under the Securities Act of 1933 or the
      Exchange Act, regardless of any general incorporation language in such
      filing.
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p style="text-indent: 30.0px; white-space: nowrap">
      (d) Exhibits.&#160;&#160;The following exhibit accompanies this Report:
    </p>
    <p>
      Exhibit 99.1 - Press Release of Investors Title Company dated
      February&#160;7, 2018.
    </p>
    <p>

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

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

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          <hr style="color: black; height: 1.5pt">

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

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

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">SIGNATURE</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">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><br><br><br><br>
    </p>
    <div style="text-align:center">
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        </td>
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        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            INVESTORS TITLE COMPANY
          </p>
        </td>
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        <td style="width: 5%">

        </td>
        <td style="width: 54%">

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

        </td>
        <td style="width: 38%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 5%" valign="top">
          Date:
        </td>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 54%" valign="top">
          February 7, 2018
        </td>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 3%" valign="middle">
          By:
        </td>
        <td style="border-bottom-color: black; text-align: left; padding-left: 0.0px; width: 38%; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ James A. Fine, Jr.
          </p>
        </td>
      </tr>
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        <td style="width: 5%">

        </td>
        <td style="width: 54%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 3%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 38%" 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: 54%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 3%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 38%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            President, Principal Financial Officer and
          </p>
        </td>
      </tr>
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        <td style="width: 5%">

        </td>
        <td style="width: 54%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 3%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 38%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Principal Accounting Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; text-indent: 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="font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 15%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 85%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 85%" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; width: 15%; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51754571ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 85%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51754571ex99_1.htm">Press release issued by Investors
            Title Company on February 7, 2018</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51754571ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Investors
      Title Company Announces Record Fourth Quarter and Fiscal Year 2017
      Results</b></font>
    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--February 7, 2018--Investors Title
      Company (NASDAQ: ITIC) today announced its results for the fourth
      quarter and year ended December 31, 2017.
    </p>
    <p>
      For the year, net income attributable to the Company increased 31.7% to
      an all-time record high of $25.7 million, or $13.56 per diluted share,
      versus $19.5 million, or $10.19 per diluted share, for the prior year.
      For the quarter, net income attributable to the Company increased 90.6%
      to an all-time record high of $9.6 million, or $5.08 per diluted share,
      versus $5.1 million, or $2.67 per diluted share, for the prior year
      period.
    </p>
    <p>
      Revenues for the year increased 16.7% to a record $161.6 million,
      compared with $138.5 million in the prior year. The majority of the
      revenue increase is attributable to higher premiums. Even though
      refinance activity dropped from the prior year, net premiums written
      increased 14.9% to $138.6 million as a result of higher levels of home
      sales in our core markets, a continuation of the multi-year trend of
      increases in the underlying values of real estate, and business from
      newly-signed agents. Other income sources, including revenue from
      ancillary services coincident with providing title insurance as well as
      premiums written for other title companies, increased 40.9% to $17.6
      million.
    </p>
    <p>
      Operating expenses increased 19.0% to $131.4 million, compared with
      $110.4 million in the prior year. Expenses which fluctuate directly with
      revenues, including agent commissions and claims expense, were up
      commensurate with the increases in associated revenues. Although claims
      expense for the year was low by historical standards, it increased over
      the prior year due to lower levels of favorable loss development. In
      addition to normal inflationary increases, the primary factor
      contributing to the increase in other categories of operating expenses
      is the inclusion of expenses for a title insurance agency acquired in
      the fourth quarter of 2016.
    </p>
    <p>
      The quarter was shaped predominantly by the same factors that affected
      the year, with the exception of claims expense, which was slightly more
      favorable in the current quarter. Revenues increased 4.6% to a fourth
      quarter record, while operating expenses increased 9.1%.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; text-indent: 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>
      On December 22, 2017, the Tax Cuts and Jobs Act was enacted into law,
      reducing the federal corporate income tax rate from 35% to 21%,
      effective January 1, 2018. Accordingly, the Company&#8217;s deferred tax
      assets and liabilities were revalued at the new tax rate, and the impact
      was recognized in the provision for income taxes in the fourth quarter.
      The revaluation resulted in a benefit to the year and the quarter of
      approximately $5.3 million, or $2.82 per diluted share.
    </p>
    <p>
      Chairman J. Allen Fine commented, &#8220;We are pleased to report the third
      consecutive year with record levels of revenues, reflecting a growing
      national economy, a strong real estate market, and the success of our
      long-term business model, which is centered on building mutually
      successful relationships with like-minded business partners. In addition
      to consistently strong revenue growth, 2017 marks a new Company record
      for net income, and the third consecutive year of net income growth.
    </p>
    <p>
      &#8220;Aided by macroeconomic factors such as historically low foreclosure
      rates, the Company continues to be successful in maintaining a
      relatively low level of claims through a combination of a proactive
      approach to risk management and investments in education programs
      designed to improve the Company&#8217;s risk profile as well as that of our
      business partners.
    </p>
    <p>
      &#8220;As we head into 2018, we are optimistic about the prospects for another
      strong year of real estate activity, and remain focused on expanding our
      presence in the marketplace.&#8221;
    </p>
    <p>
      Investors Title Company&#8217;s subsidiaries issue and underwrite title
      insurance policies. The Company also provides investment management
      services and services in connection with tax-deferred exchanges of
      like-kind property.
    </p>
    <p>
      Certain statements contained herein constitute forward-looking
      statements within the meaning of the Private Securities Litigation
      Reform Act of 1995. Such statements include, among others, any
      statements regarding the Company&#8217;s expected performance for this year,
      future home price fluctuations, changes in home purchase or refinance
      activity and the mix thereof, interest rate changes, expansion of the
      Company&#8217;s market presence, enhancing competitive strengths, positive
      development in housing affordability, unemployment or overall economic
      conditions or statements regarding our actuarial assumptions and the
      application of recent historical claims experience to future periods.
      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; loss of agency relationships, or significant
      reductions in agent-originated business; difficulties managing growth,
      whether organic or through acquisitions 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, 2016, as filed with the
      Securities and Exchange Commission, and in subsequent filings.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="16" valign="top">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="16" valign="top">
          <b>Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="16" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>For the Three and Twelve Months Ended December 31, 2017 and
            2016</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="16" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(Unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="6">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="7" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Three Months Ended</b><br><b> December 31,</b>
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="6" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Twelve Months Ended</b><br><b> December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          <b>2017</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          2016
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          <b>2017</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          2016
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Net premiums written
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>35,180,588</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          33,211,179
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>138,588,877</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          120,569,151
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Investment income <b>&#8211;</b> interest and dividends
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>1,146,813</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          1,205,490
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>4,444,447</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          4,684,489
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Net realized gain on investments
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>50,783</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          194,108
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>1,040,901</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          768,436
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="bottom">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>4,200,736</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          4,190,199
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>17,575,071</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          12,470,338
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px" valign="bottom">
          Total Revenues
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>40,578,920</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          38,800,976
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>161,649,296</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          138,492,414
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Operating Expenses:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Commissions to agents
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>18,073,248</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          17,696,942
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>68,643,220</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          63,643,321
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Provision for claims
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>596,363</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          646,935
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>3,311,080</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          242,953
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Salaries, employee benefits and payroll taxes
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>9,547,530</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          8,426,127
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>39,012,354</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          31,372,099
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Office occupancy and operations
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>2,520,743</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          1,739,198
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>8,966,623</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          6,265,908
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Business development
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>1,177,702</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          816,519
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>3,164,730</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          2,511,699
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Filing fees, franchise and local taxes
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>283,176</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          218,494
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>1,198,013</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          907,225
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Premium and retaliatory taxes
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>732,444</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          642,964
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>2,672,034</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          2,202,595
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Professional and contract labor fees
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>450,307</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          516,151
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>1,825,598</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          2,115,754
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="bottom">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>640,655</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          469,869
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>2,585,074</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          1,099,408
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px" valign="bottom">
          Total Operating Expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>34,022,168</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          31,173,199
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>131,378,726</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          110,360,962
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Income before Income Taxes</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>6,556,752</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          7,627,777
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>30,270,570</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          28,131,452
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="bottom">
          <b>(Benefit) Provision for Income Taxes</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>(3,077,000</b>
        </td>
        <td style="border-bottom-color: black; text-align: left; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          2,576,000
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>4,570,000</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          8,616,000
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net Income</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>9,633,752</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          5,051,777
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>25,700,570</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          19,515,452
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Net (Gain) Loss Attributable to Noncontrolling Interests</b>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>(4,954</b>
        </td>
        <td style="border-bottom-color: black; text-align: left; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          982
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>5,932</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          7,666
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="bottom">
          <b>Net Income Attributable to the Company</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>9,628,798</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          5,052,759
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>25,706,502</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          19,523,118
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="bottom">
          <b>Basic Earnings per Common Share</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>5.11</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          2.68
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>13.63</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          10.23
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="bottom">
          <b>Weighted Average Shares Outstanding &#8211; Basic</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>1,885,992</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" colspan="2" valign="bottom">
          1,884,283
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>1,886,354</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" colspan="2" valign="bottom">
          1,907,675
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="bottom">
          <b>Diluted Earnings per Common Share</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>5.08</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          2.67
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>13.56</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          10.19
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="bottom">
          <b>Weighted Average Shares Outstanding &#8211; Diluted</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>1,895,390</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" colspan="2" valign="bottom">
          1,893,252
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>1,895,871</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" colspan="2" valign="bottom">
          1,915,057
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="8" valign="top">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="8" valign="top">
          <b>Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="8" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>As of December 31, 2017 and 2016</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="8" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(Unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          <b>December 31,</b><br><b> 2017</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          December 31,<br>2016
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Assets:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Investments in securities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Fixed maturities, available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>103,341,083</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          101,934,077
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Equity securities, available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>47,366,826</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          41,179,259
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Short-term investments
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>23,779,672</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          6,558,840
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px; padding-bottom: 2.0px" valign="bottom">
          Other investments
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>12,032,426</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          11,181,531
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px; padding-bottom: 2.0px" valign="bottom">
          Total investments
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>186,520,007</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          160,853,707
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>20,214,468</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          27,928,472
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Premium and fees receivable
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>10,159,519</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          8,654,161
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Accrued interest and dividends
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>1,099,879</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          1,035,152
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Prepaid expenses and other assets
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>9,003,683</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          9,456,523
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Property, net
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>10,172,904</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          8,753,466
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Goodwill and other intangible assets, net
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>11,357,290</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          12,256,641
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px" valign="bottom">
          Current income taxes receivable
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>385,109</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="bottom">
          <b>Total Assets</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>248,912,859</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          228,938,122
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Liabilities and Stockholders&#8217; Equity</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Liabilities:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Reserves for claims
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>34,801,000</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          35,305,000
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Accounts payable and accrued liabilities
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>27,565,660</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          26,146,480
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Current income taxes payable
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          1,232,432
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px" valign="bottom">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>8,625,759</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          11,118,256
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px" valign="bottom">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>70,992,419</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          73,802,168
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Stockholders&#8217; Equity:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Common stock <b>&#8211;</b> no par value (10,000,000 authorized
          shares; 1,885,993 and 1,884,283 shares issued and outstanding as of
          December 31, 2017 and 2016, respectively, excluding in each period
          291,676 shares of common stock held by the Company's subsidiary)
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>1</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          1
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Retained earnings
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>161,890,660</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          143,283,621
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px" valign="bottom">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>15,944,826</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          11,761,447
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Total stockholders&#8217; equity attributable to the Company
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>177,835,487</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          155,045,069
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px" valign="bottom">
          Noncontrolling interests
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>84,953</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          90,885
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px; padding-bottom: 2.0px" valign="bottom">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>177,920,440</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          155,135,954
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="bottom">
          <b>Total Liabilities and Stockholders&#8217; Equity</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>248,912,859</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          228,938,122
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="28" valign="top">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="28" valign="top">
          <b>Net Premiums Written By Branch and Agency</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="28" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>For the Three and Twelve Months Ended December 31, 2017 and
            2016</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" colspan="28" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(Unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="11" valign="bottom">
          <b>Three Months Ended December 31,</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="11" valign="bottom">
          <b>Twelve Months Ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          <b>2017</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          2016
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          <b>2017</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          2016
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Branch</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>9,457,862</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>26.9</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          9,179,050
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          27.6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>40,244,394</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <b>29.0</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          33,482,154
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          27.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="bottom">
          <b>Agency</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>25,722,726</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>73.1</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          24,032,129
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          72.4
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          <b>98,344,483</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          <b>71.0</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          87,086,997
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap" valign="bottom">
          72.2
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="bottom">
          <b>Total</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>35,180,588</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          33,211,179
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          100.0
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>138,588,877</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          120,569,151
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap" valign="bottom">
          100.0
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p>
      CONTACT:<br>Investors Title Company<br>Elizabeth B. Lewter, 919-968-2200
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
