Bulletin: NY000081

Dear Associates:

This bulletin is intended to set forth the policy of Stewart Title Insurance Company (the Company) with respect to the performance of title services by examining counsel in real estate transactions in the State of New York. In order for an attorney to act as an examining counsel for Stewart, he or she is required to comply with the terms and conditions of the examining counsel agreement entered into with the Company, as well as statutes and regulations which are applicable to real estate transactions.

All examining counsel are required to perform the following title services:

1. an evaluation of the title "search" to determine the insurability of the title;

2. the clearance of exceptions to title set forth in the title commitment;

3. the preparation of the policy or policies on behalf of the Company, subject to authorization by the Company;

4. where customary, the performance of the title search, the issuance of the title commitment and the conducting of the closing.

In addition, the examining counsel must assume responsibility for the above-mentioned services.

The entire area of title services is in a transition period and is under scrutiny, not only from governmental regulatory agencies but, by the Title Industry itself. The degree of compensation to an attorney for title services must be commensurate with services actually rendered. Although the Company believes that the current statutes and regulations need to be clarified to take into consideration customary industry business practices which are critical to effective management and which vary from jurisdiction to jurisdiction, the existing law must be complied with.

Accordingly, all examining counsel must follow the above-mentioned guidelines when acting on behalf of the Company.

Should there by any questions regarding this bulletin, please contact Company counsel.