<SEC-DOCUMENT>0001157523-19-001068.txt : 20190503
<SEC-HEADER>0001157523-19-001068.hdr.sgml : 20190503
<ACCEPTANCE-DATETIME>20190503083120
ACCESSION NUMBER:		0001157523-19-001068
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190503
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190503
DATE AS OF CHANGE:		20190503

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:		19794171

	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>a51978795.htm
<DESCRIPTION>INVESTORS TITLE COMPANY 8-K
<TEXT>
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      <font style="font-size: 16pt"><b>UNITED STATES</b></font><font style="font-size: 16pt"><br style="font-size: 16pt"></font><font style="font-size: 16pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 14pt">Washington,
      D.C. &#160;20549</font><br><br><font style="font-size: 16pt"><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>May
            3, 2019</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: 16pt"><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>
        </td>
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      <br>

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            <b>North Carolina</b>
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          &#160;
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        <td style="padding-right: 0.0px; padding-left: 0.0px; width: 20%; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-11774</b>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
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        <td style="padding-right: 0.0px; padding-left: 0.0px; width: 35%; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>56-1110199</b>
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        <td style="padding-left: 0.0px; width: 35%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or Other Jurisdiction of
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        <td style="padding-left: 0.0px; width: 20%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission
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          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer
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        <td style="padding-left: 0.0px; width: 35%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Incorporation or Organization)
          </p>
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        </td>
        <td style="padding-left: 0.0px; width: 20%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            File Number)
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        <td style="padding-left: 0.0px; width: 35%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
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          <b>121 North Columbia Street</b>
        </td>
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          &#160;
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          <b>Chapel Hill, North Carolina</b>
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          <b>27514</b>
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          (Address of Principal Executive Offices)
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          (Zip Code)
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(919) 968-2200</b>
          </p>
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        <td style="padding-left: 0.0px; width: 40%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Registrant's telephone number, including area code
          </p>
        </td>
        <td style="width: 30%">

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

    </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>
      Emerging growth company&#160;&#160;<font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
    </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;<font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
    </p>
    <p>
      Securities registered pursuant to Section 12(b) of the Act:
    </p>
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        <td style="padding-left: 0.0px; width: 45%; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; border-bottom-style: solid" valign="bottom">
          Title of each class
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 13%; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; border-bottom-style: solid" valign="bottom">
          Trading Symbol(s)
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 40%; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; border-bottom-style: solid" valign="bottom">
          Name of each exchange on which registered
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 45%; text-align: center" valign="bottom">
          Common Stock, no par value
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; width: 13%; text-align: center" valign="bottom">
          ITIC
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; width: 40%; text-align: center" valign="bottom">
          The NASDAQ Stock Market LLC
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 45%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Rights to Purchase Series A Junior Participating Preferred Stock
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 13%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; width: 40%; text-align: center" valign="top">
          The NASDAQ Stock Market LLC
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 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="height: 1.5pt; color: black">

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

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

    </p>
    <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; font-size: 10pt; font-family: Times New Roman">
      Attached as Exhibit 99.1 and incorporated herein by reference is a copy
      of the press release of Investors Title Company, dated May&#160;3, 2019,
      reporting Investors Title Company's financial results for the fiscal
      quarter ended March&#160;31, 2019.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      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.<br><br>
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits</b>
    </p>
<div style="text-align:left">
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          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 10%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (d) Exhibits.
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 1%; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          The following exhibit accompanies this Report:
        </td>
      </tr>
    </table>
    </div>
    <p>
      Exhibit 99.1 - Press Release of Investors Title Company dated May&#160;3,
      2019.
    </p>
    <p>

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 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="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <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">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-family: Times New Roman" cellspacing="0">
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        <td style="width: 5%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            INVESTORS TITLE COMPANY
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

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

        </td>
        <td style="width: 38%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 5%; text-align: left; padding-bottom: 2.0px" valign="top">
          Date:
        </td>
        <td style="padding-left: 0.0px; width: 54%; text-align: left; padding-bottom: 2.0px" valign="top">
          May 3, 2019
        </td>
        <td style="padding-left: 0.0px; width: 3%; text-align: left; padding-bottom: 2.0px" valign="middle">
          By:
        </td>
        <td style="padding-left: 0.0px; width: 38%; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; border-bottom-style: solid" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ James A. Fine, Jr.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

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

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

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

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 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="height: 1.5pt; color: black">

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

        </td>
        <td style="padding-left: 0.0px; width: 82%; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; padding-left: 0.0px; width: 18%; text-align: left; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51978795ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 82%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51978795ex99_1.htm">Press release issued by Investors
            Title Company on May 3, 2019</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51978795ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2019 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <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 First Quarter 2019 Financial Results</b></font>
    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--May 3, 2019--Investors Title Company
      (NASDAQ: ITIC) today announced its results for the quarter ended March
      31, 2019. The Company reported net income attributable to the Company of
      $6.6 million, or $3.49 per diluted share, compared to $4.2 million, or
      $2.20 per diluted share, for the prior year period.
    </p>
    <p>
      Income before income taxes increased 59.1% to $8.3 million for the
      current quarter versus $5.2 million in the prior year period, primarily
      due to the January 1, 2018 implementation of a new accounting standard
      requiring unrealized changes in the market value of equity investments
      to be included in income. The Company recorded a $4.7 million net
      unrealized gain on equity investments for the current quarter versus a
      $642 thousand net unrealized loss in the prior year period. Excluding
      the impact of the unrealized changes in the market value of equity
      investments, income before income taxes (non-GAAP) would have decreased
      37.9% to $3.6 million for the current quarter versus $5.9 million for
      the prior year period (see Appendix A).
    </p>
    <p>
      Revenues for the quarter increased 18.3% to $39.9 million, primarily as
      a result of a $5.3 million increase in net unrealized gains on equity
      investments. Although premiums from agent business increased from the
      prior year period, overall net premiums written decreased slightly
      during the quarter as the mix shifted toward agent business. Revenue
      from ancillary non-title businesses increased 50.0%.
    </p>
    <p>
      Operating expenses increased 10.8% versus the prior year period, mainly
      due to increases in agent commissions commensurate with the increase in
      premium volume, and a prior year benefit for claims resulting from
      favorable loss development in the prior year period. Personnel expenses
      increased slightly, as a result of the effect of normal inflationary
      increases on salaries and benefits. Office and technology expenses
      increased mainly due to ongoing investments in client-facing technology
      applications.
    </p>
    <p>
      Chairman J. Allen Fine commented, &#8220;Although real estate activity was
      slightly softer for the quarter, we were pleased to see growth in our
      agency business versus the prior year. Claims experience continued to
      run favorable by historical standards, despite a difficult comparison as
      a result of the level of favorable loss development in the prior year
      quarter. As we look forward to the balance of 2019, we are optimistic
      that the decline in mortgage interest rates over the past quarter,
      coupled with a recent uptick in the level of mortgage applications, will
      result in another year of solid real estate activity.&#8221;
    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt; margin-right: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <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, wages, 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, 2018, as filed with the
      Securities and Exchange Commission, and in subsequent filings.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 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="height: 1.5pt; color: black">

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="9" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Consolidated Statements of Income</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>For the Three Months Ended March&#160;31, 2019 and 2018</b></i>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(in thousands, except per share amounts)</b></i>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="3" valign="bottom">
          <b>2019</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="3" valign="bottom">
          2018
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Revenues:</b>
        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net premiums written
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>28,795</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          29,559
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Escrow and other title-related fees
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>1,322</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          1,504
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Non-title services
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>2,388</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          1,592
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Interest and dividends
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>1,256</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          1,118
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Other investment income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>410</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          269
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net realized investment gains
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>790</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          153
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net unrealized gain (loss) on equity investments
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>4,670</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          (642
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Other
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          <b>315</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          223
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Total Revenues
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          <b>39,946</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          33,776
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Operating Expenses:</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Commissions to agents
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>15,058</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          14,025
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>226</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          (1,406
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Personnel expenses
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>11,612</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          11,340
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Office and technology expenses
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>2,223</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          2,069
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Other expenses
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          <b>2,514</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          2,523
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Total Operating Expenses
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          <b>31,633</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          28,551
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Income before Income Taxes</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>8,313</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          5,225
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <b>Provision for Income Taxes</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          <b>1,687</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          1,052
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Net Income</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>6,626</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          4,173
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <b>Net Loss Attributable to Noncontrolling Interests</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          3
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <b>Net Income Attributable to the Company</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          <b>6,626</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          4,176
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <b>Basic Earnings per Common Share</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          <b>3.51</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          2.21
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <b>Weighted Average Shares Outstanding &#8211; Basic</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" colspan="2" valign="bottom">
          <b>1,887</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" colspan="2" valign="bottom">
          1,886
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <b>Diluted Earnings per Common Share</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          <b>3.49</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          2.20
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <b>Weighted Average Shares Outstanding &#8211; Diluted</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" colspan="2" valign="bottom">
          <b>1,896</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" colspan="2" valign="bottom">
          1,897
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; width: 100%; 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="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="8" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Consolidated Balance Sheets</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>As of March&#160;31, 2019 and December&#160;31, 2018</b></i>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(in thousands)</b></i>
          </p>
          <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="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="3" valign="bottom">
          <b>March 31,</b><br><b> 2019</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          December 31,<br>2018
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Assets</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>22,052</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          18,694
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Fixed maturity securities, available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>89,232</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          88,957
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Equity securities, at fair value
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>53,959</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          48,489
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Short-term investments
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>29,696</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          32,787
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Other investments
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          <b>11,577</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          12,436
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Total investments
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          <b>184,464</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          182,669
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Premiums and fees receivable
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>10,744</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          12,128
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Accrued interest and dividends
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>1,368</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          946
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Prepaid expenses and other receivables
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>7,216</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          7,288
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Property, net
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>10,092</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          10,304
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Goodwill and other intangible assets, net
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>10,654</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          10,780
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Operating lease right-of-use assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>4,925</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          <b>1,475</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          1,459
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Total Assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          <b>252,990</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          244,268
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Reserve for claims
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>31,384</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          31,729
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Accounts payable and accrued liabilities
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>22,791</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          27,735
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Operating lease liabilities
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>4,927</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>5,840</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          4,981
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          <b>5,319</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          4,184
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          <b>70,261</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          68,629
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Common stock <b>&#8211;</b> no par value (10,000 authorized shares;
          1,889 and 1,887 shares issued and outstanding as of March 31, 2019
          and December 31, 2018, respectively, excluding in each period 292
          shares of common stock held by the Company's subsidiary)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Retained earnings
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          <b>180,637</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="2" valign="bottom">
          174,690
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          <b>2,092</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          949
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          <b>182,729</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          175,639
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Total Liabilities and Stockholders&#8217; Equity
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          <b>252,990</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          244,268
        </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="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 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="height: 1.5pt; color: black">

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

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

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="16">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="21" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Net Premiums Written By Branch and Agency</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>For the Three Months Ended March&#160;31, 2019 and 2018</b></i>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(in thousands)</b></i>
          </p>
          <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="16">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="16" valign="bottom">
          <b>Three Months Ended March 31,</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="3" valign="bottom">
          <b>2019</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="5" valign="bottom">
          2018
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          %
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>7,166</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>24.9</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          8,617
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          29.2
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          <b>21,629</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>75.1</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="3" valign="bottom">
          20,942
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          70.8
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          <b>28,795</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          29,559
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          100.0
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; width: 100%; margin-left: 0; font-family: Times New Roman; margin-right: 0" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Appendix A</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Non-GAAP Measures Reconciliation</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>For the Three Months Ended March 31, 2019 and 2018</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(in thousands)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Management uses various financial and operational measurements,
      including financial information not prepared in accordance with
      generally accepted accounting principles (&quot;GAAP&quot;), to analyze Company
      performance. This includes adjusting revenues to remove the impact of
      unrealized investment gains and losses reported under GAAP. Management
      believes that these measures are useful to evaluate the Company's
      internal operational performance from period to period because they
      eliminate the effects of external market fluctuations. The Company also
      believes users of the financial results would benefit from having access
      to such information, and that certain of the Company&#8217;s peers make
      available similar information. This information should not be used as a
      substitute for, or considered superior to, measures of financial
      performance prepared in accordance with GAAP, and may be different from
      similarly titled non-GAAP financial measures used by other companies.
    </p>
    <p>
      The following tables reconcile non-GAAP financial measurements used by
      Company management to the comparable measurements using GAAP:
    </p>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

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

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="7" valign="bottom">
          <b>Three Months Ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="3" valign="bottom">
          <b>2019</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          2018
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Total revenues (GAAP)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>39,946</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          33,776
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          (Subtract) Add: Net unrealized (gain) loss on equity investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          <b>(4,670</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          642
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Adjusted revenues (non-GAAP)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          <b>35,276</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          34,418
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Income before income taxes (GAAP)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          <b>8,313</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5,225
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          (Subtract) Add: Net unrealized (gain) loss on equity investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          <b>(4,670</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid" colspan="2" valign="bottom">
          642
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Adjusted income before income taxes (non-GAAP)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          <b>3,643</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; white-space: nowrap; border-bottom-style: double" valign="bottom">
          5,867
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Elizabeth B. Lewter<br>(919) 968-2200
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
