Marketing of exchange services has been increasingly incorporated into the marketing of our  core title products. In order to better service our commercial clients, we have established a new  Commercial Services Division. By improving coordination between our various division  personnel, we will be able to handle commercial inquiries quicker and improve our customer  service.  Financial highlights of the year included an 11.5% increase in book value per share to $15.27.  Assets increased 7.6% to $59,339,007 and stockholders equity increased 4.5% from $37,501,740  to $39,189,649.  On May 9, 2000, the Board of Directors approved the purchase of an additional 500,000 shares  of the Company’ s stock. In 2000, we purchased 175,175 shares of stock in the open market,  which brought the number of outstanding shares down to 2,566,859.  Our financial condition and the protection afforded to policyholders remains strong. Investors  Title Insurance Company currently holds ratings by Lace Financial Corporation and Demotech,  Inc. of “ A”  and “ A Double Prime,”  respectively. Northeast Investors Title Company currently  holds ratings by Lace and Demotech of “ A”  and “ A Prime” . Lace and Demotech are two rating  companies specializing in the title insurance industry.  Other highlights from the year include several key promotions and additions to our corporate  team. The ability to attract new business relationships and support existing ones is closely tied  with the expertise and dedication of our people. The strengthening of our team will support our  ongoing expansion efforts.  Looking forward, we are excited about building on the progress we have made. There are  numerous opportunities for us to pursue. We have the potential to tap additional new markets and  improve and refine the way we conduct business. Thank you for your continued support.  © Investors Title Company  5