Branch net premiums written as a percentage of total net premiums written were 42.2%, 45.2%  and 46.9% in 2000, 1999 and 1998, respectively. Net premiums written from branch operations  decreased 19.8% in 2000 compared with 1999 and decreased 6.9% in 1999 compared with 1998.  Agency net premiums written as a percentage of total net premiums written were 57.8%, 54.8%  and 53.1% in 2000, 1999 and 1998, respectively. Net premiums written from agency operations  decreased 9.2% in 2000 compared with 1999. Net premiums written from agency operations  remained virtually flat in 1999 compared with 1998.  Exchange Services:  Operating revenues from exchange transactions increased 44.5%, 13.7%  and 18.5% in 2000, 1999 and 1998, respectively. The increase in revenue for these exchange  services resulted from ongoing marketing efforts and the increased use of §1031 exchanges by  taxpayers to defer capital gain taxes. On September 15, 2000, the Internal Revenue Service  issued Revenue Procedure 2000-37, which provides a safe harbor for reverse exchanges. The  original safe harbors, which established procedures to follow for standard exchange transactions,  excluded the more complicated reverse transactions. The Company has dedicated a separate  subsidiary to assist clients in structuring this type of exchange.  12 © Investors Title Company  2000 1999 1996 Alabama $ 10: 1,003 $ - Arkansas 5 - 17,711 Florida e - 75,957 Georgia 209,300 499 194 715,560 Indiana 400,488 409 630 158,194 Kentucky - 4,527 252 Maryland 525,177 597 470 515,763 Michigan 6,395,071 6,760 538 9,145,165 Minnesota 851,836 1,693 036 1,044 599 Mississippi 35,509 22 537 37 479 Nebraska 1,103,168 1,135 924 791,121 New York 770,082 542 497 507 324 North Carolina 15,825,323 19,713 637 21,188 663 Ohio 43,810 - - Pennsylvania 962,331 45 682 7 783 South Carolina 3,893,692 5,016,808 3,940 872 Tennessee 1,097 654 607 047 219 649 Virginia 4,772,838 6,143 420 7 020 000 West Virginia 1,127,715 695,745 232 426 Wisconsin 6,923 9 350 - Direct Premiums 38,020,917 44 098 045 45 618,518 Reinsurance Assumed 32,363 46 732 73,805 Reinsurance Ceded (362,528) (325 212) (312,627) Net Premiums Written $ 37,690,752 $ 43,819,565 §$ 45 379 696