Bulletin: CO000012

Dear Associates:

It has come to our attention that preliminary reports and commitments are being issued for amounts in excess of the amount allowed under your Underwriting Agreement and for high risk transactions without the requisite Stewart Title Guaranty Company Underwriters Approval. This is in direct violation of the Underwriting Agreement entered into between the title agent and Stewart Title Guaranty Company. More importantly, it prevents the Guaranty Company to assess any high or unusual risks before a report, commitment or guarantee is delivered to the customer. Therefore, please see to it that any reports, commitments or guarantees in which it is known at the time of its issuance that the liability to be imposed is in excess of the amount allowed under your Underwriting Agreement be submitted first to the appropriate Stewart Title Guaranty underwriter before issuance to the client. In addition, if the title in question involves a loss of priority, Indian lands, railroads, wetlands, minerals, zoning, or other high risk transaction, no matter what the potential liability might be, all reports, commitments and guarantees, as applicable, must first be submitted to the appropriate Stewart Title Guaranty underwriter for approval before issuance to the client. The underwriters in Colorado will make every effort to be available either by phone, fax, or e-mail if any last minute requests to issue a report be submitted. The Senior Underwriters for the State of Colorado are Allan Wasserman at (619) 692-1600 or (800) 609-8606, fax: (619) 299-1045, or any other Senior Underwriter in Houston at (800) 729-1902. Further, Bob Adams (719) 540-2317, fax: (719) 540-2318, Arlen Taylor (800) 241-7678, fax: (801) 355-9973 or Mike Cranmer (303) 331-0333, fax: (303) 331-0231 can also be reached to discuss the issuance of the evidence of title before it goes out to the client.

Thank you for your cooperation.