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## Investors Title Company and Subsidiaries 

## CONSOLIDATED STATEMENTS OF CASH FLOWS 

<img src='content_image/20692.jpg'>

## Noncash Financing Activities: 

Bonuses and fees totaling $126,850, $191,623 and $144,594 were paid for the twelve months ended December 31, 2000, 1999 and 1994 respectively, by issuance of the Company's common stock. 

See notes to consolidated financial statements. 

