Investors Title Company and Subsidiaries See notes to consolidated financial statements. 7 © Investors Title Company CONSOLIDATED BALANCE SHEETS as of December 31, 2000 and 1999 2000  1999  Assets:  Cash and cash equivalents: ....…………………………….…………………………..   $ 7,850,991  $ 7,554,297  Investments in securities (Notes 2 and 3):  Fixed maturities:  Held-to-maturity, at amortized cost (fair value: 2000: $4,485,969; 1999: $4,446,988) ……………………………………………………...…………  4,375,127  4,565,871  Available-for-sale, at fair value (amortized cost: 2000: $30,960,414;  1999: $26,629,880) ………………………………………………………………  31,710,705  25,931,918  Equity securities, at fair value (cost: 2000: $2,434,367;  1999: $2,510,505 ……………………………………………………………….  4,970,069  5,012,259  Total investments ……………………………………………………..…………..  41,055,901  35,510,048  Premiums receivable (less allowance for doubtful accounts: 2000: $725,000;  1999: $775,000) ……………………………………………………….…………  3,023,304  3,292,001  Accrued interest and dividends …………………………………………………..…….  616,652  521,624  Prepaid expenses and other assets ……………………………………….………..…  1,091,416  930,981  Property acquired in settlement of claims ……………………………….……………  204,117  191,617  Property, net (Note 4) ……………………………………………………..……………  5,496,626  5,836,466  Prepaid federal income taxes ………………………………………………………….  ---  705,437  Deferred income taxes, net (Note 8)…………………………………….…………….  ---  614,093  Total Assets  (Note 13)  $ 59,339,007  $ 55,156,564  Liabilities and Stockholders’ Equity  Liabilities:  Reserves for claims (Note 6) ………………………………………………………......  $ 17,944,665  $ 15,864,665  Accounts payable and accrued liabilities ……………………………………………..  1,918,034  1,560,936  Commissions and reinsurance payables (Note 5) …………………………………..  222,748  208,605  Premium taxes payable ……………….…………………………………….………….  ---  20,618  Current income taxes payable …………………………………………………………  24,069  ---  Deferred income taxes, net (Note 8) ………………………………………………….  39,842  ---  Total liabilities ………………………………………………………………………….  20,149,358  17,654,824  Commitments and Contingencies  (Notes 5, 9 and 11)  Stockholders’ Equity (Notes 2, 3, 7 and 12):  Common stock-no par value (shares authorized 6,000,000; 2,855,744  and 2,855,744 shares issued; and 2,566,859 and 2,736,961 shares  outstanding 2000 and 1999, respectively) ……………………….………………...  1  1  Retained earnings ……………………………………………..………………………...  37,021,270  36,311,613  Accumulated other comprehensive income (net unrealized gain on investments)  (net of deferred taxes; 2000; $1,117,615; 1999; $613,667) (Note 8) ……………  2,168,378  1,190,126  Total stockholders’ equity …………………………………………………………….  39,189,649  37,501,740  Total Liabilities and Stockholders’ Equity ………………………………………………  $ 59,339,007  $ 55,156,564  Consolidated Balance Sheets