MANAGING FORTHE LONG RUN

Business Update November 2005

Safe Harbor Statement

2

Historical data pertaining to the operating performance, liquidity, and other performance indicators applicable to an insurance enterprise such as Old Republic are not necessarily indicative of results to be achieved in succeeding years. In addition to the factors cited below, the long-term nature of the insurance business, seasonal and annual patterns in premium production and incidence of claims, changes in yields obtained on invested assets, changes in government policies and free markets affecting inflation rates and general economic conditions, and changes in legal precedents or the application of law affecting the settlement of disputed and other claims can have a bearing on period-to-period comparisons and future operating results.

Some of the statements made in this presentation, as well as oral statements or commentaries made by the Company’s management, can constitute “forward-looking statements” within the meaning of the Private SecuritiesLitigation Reform Act of 1995. Of necessity, any such forward-looking statements, commentaries, or inferences, involve assumptions, uncertainties, and risks that may affect the Company’s future performance. With regard to Old Republic’s General Insurance segment, its results can be affected in particular by the level of market competition, which is typically a function of available capital and expected returns on such capital among competitors, the levels of interest and inflation rates, and periodic changes in claim frequency and severity patterns caused by natural disasters, weather conditions, accidents, illnesses, work-related injuries, and unanticipated external events. Mortgage Guaranty and Title insurance results can be impacted by similar factors and, most particularly, by changes in national and regional housing demand and values, the availability and cost of mortgage loans, employment trends, and default rates on mortgage loans. Additionally, mortgage guaranty results, may also be affected by various risk-sharing arrangements with business producers as well as the riskmanagement and pricing policies of government sponsored enterprises. Life and health insurance earnings can be affected by the levels of employment and consumer spending, variations in mortality and health trends, and changes in policy lapsation rates. At the parent company level, operating earnings or losses are generally reflective of the amount of debt outstanding and its cost, interest income on temporary holdings of short-term investments, and period-to-period variations in the costs of administering the Company’s widespread operations.

Any forward-looking statements or commentaries speak only as of their dates. Old Republic undertakes no obligation to publicly update or revise all such comments, whether as a result of new information, future events or otherwise, and accordingly they may not be unduly relied upon.

3

Old Republic’s Long Term Performance Book and Market Total Return vs. S&P 500

0

2,500

5,000

7,500

10,000

12,500

15,000

17,500

20,000

22,500

1967

1969

1971

1973

1975

1977

1979

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

Sept. 2

005

Uni

t Val

ue

ORI Book Value Unit Value

ORI Market Value Unit Value

S & P 500 Unit Value

4

Old RepublicBusiness Objectives & Strengths

Underwriting Strengths

Balanced Book =Earnings Sustainability

Focus On CoreIndustries

Price Discipline

Cost Control

Balance Sheet Strengths

Quality Asset Base

Strong ReservePosition

Ample Capital

Financial Ratings

5

Key Insurance SubsidiariesFinancial Strength

General Insurance:– Bituminous Casualty– Great West Casualty– International Business & Mercantile

REassurance Company– Old Republic Insurance Company– Old Republic Surety

Republic Mortgage Insurance Company

Old Republic National Title

Old Republic International

Rating History: Uniquely Stable for Past 25 Years!

Most Current Ratings Assigned by:

N/R: No rating sought

A.M. StandardBest Fitch & Poor's Moody's

A+ AA AA Aa2A+ AA AA Aa2

A N/R AA N/RA+ AA AA Aa2A N/R AA N/R

N/R AA AA Aa3

A+ AA- AA A1

N/R A+ A+ Aa3

6

Old RepublicMix of Business by Economic Sector

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

1980 1990 2004

Gro

ss P

rem

ium

Writ

ten

and

Fees

($ in

Mill

ions

)

AmericanTransportation

AmericanBusinesses &Institutions

AmericanHousing

Other

7

Old Republic’s Business BalanceSegmented Operating Revenue Trends

Consolidated

General

Mortgage Guaranty

Title

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

2000 2001 2002 2003 2004 2005 Fiscal$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

($ in Millions)Fiscal

Years Ended December 31, Year Ended % ChangeOperating Revenues: 2000 2001 2002 2003 2004 9/30/2005 2000 - 2005

General $1,057.1 $1,195.0 $1,376.6 $1,572.7 $1,822.5 $1,987.3 88.0%Mortgage Guaranty 395.3 436.0 467.1 498.6 489.9 509.8 29.0%Title 518.7 648.9 836.5 1,128.0 1,051.8 1,067.4 105.8%Other 62.0 58.4 57.0 58.4 71.4 87.4 41.0%

Consolidated $2,036.9 $2,343.7 $2,742.4 $3,266.5 $3,443.7 $3,652.0 79.3%

8

Old Republic’s Business BalanceSegmented Pretax Operating Income Trends

($ in Millions)Fiscal

Years Ended December 31, Year Ended % ChangePretax Operating Income (Loss): 2000 2001 2002 2003 2004 9/30/2005 2000 - 2005

General $117.6 $141.5 $182.1 $258.9 $333.0 $346.9 195.0%Mortgage Guaranty 240.1 261.9 267.7 276.4 224.5 242.3 0.9%Title 40.2 75.0 97.6 129.6 62.5 63.5 58.0%Other 5.3 4.9 6.4 4.3 (5.1) (13.5) N/A

Consolidated $394.9 $476.9 $546.7 $660.4 $602.9 $639.3 61.9%

GeneralMortgage Guaranty

Title

Consolidated

$0

$100

$200

$300

$400

$500

$600

$700

2000 2001 2002 2003 2004 2005 Fiscal$0

$100

$200

$300

$400

$500

$600

$700

9

Old RepublicPretax Operating Margin Trends*

Years Ended December 31, General Guaranty Title Consolidated

2000 11.1% 60.7% 7.8% 19.4%2001 11.8% 60.1% 11.6% 20.3%2002 13.2% 57.3% 11.7% 19.9%2003 16.5% 55.4% 11.5% 20.2%2004 18.3% 45.8% 5.9% 17.5%

Nine Months Ended September 30,

2004 18.3% 46.6% 8.4% 18.6%2005 17.2% 48.8% 8.4% 18.6%

Latest 5 Years' Average 14.2% 55.9% 9.7% 19.5%

Mortgage

* Percent of operating revenues

10

Old RepublicCapital Allocation

Latest 3 Years' AverageCurrent Pretax

As of Long Term Operating OperatingSept. 30, 2005 Objective Revenues Income

General Insurance 54.8% 50.0% - 55.0% 50.6% 42.1%

Housing Mortgage Guaranty 33.1% 30.0% - 35.0% 15.4% 41.8% Title 10.0% 7.0% - 8.0% 32.0% 15.8%

Life & Health 2.1% 2.0% - 3.0% 2.0% 0.3%100.0% 100.0% 100.0% 100.0%

11

Old Republic InvestmentsFunding Liabilities & Protecting Capital(As of September 30, 2005)

Credit Quality Distribution of Fixed-Maturity Securities Investment Portfolio Composition

Aaa(37.2%)

Baa(16.8%)

A(27.2%)

Aa(17.8%)

All Other(1.0%) Taxable

Bonds(64.3%)

Short-Term Investments

(6.3%)

Equity Securities

(5.9%)

Tax-Exempt Bonds(23.5%)

Average Quality Rating: AA

Old RepublicInvestment and Cash Flow Trends

12

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

$60

2000 2001 2002 2003 2004 2005 Fiscal

Cas

h &

Inve

sted

Ass

ets

Per

Shar

e

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

$5.50

$6.00 Operating C

ash Flow/N

et Investment Incom

e P

er Share

Cash & Invested Assets

Operating Cash Flow

Pretax Net Investment Income

13

Old RepublicInvestments, Cash Flow, and Shareholders’ Equity

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005Fiscal

Cas

h &

Inve

sted

Ass

ets

and

Sha

reho

lder

s' E

quity

($ in

Mill

ions

)

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

Operating C

ash Flow ($ in M

illions)

Cash & Invested Assets Shareholders' Equity Operating Cash Flow

General Insurance

Old Republic General Insurance

15

What we do – Provide property and liability insurance mostly to niche commercial

markets– Distribute products through 10 operating subsidiaries – Underwriting focused

General Insurance Drivers– Strong US economy– Specialization– Rate adequate environment– Well positioned market share

16

General Insurance - Gross Revenues by Major Coverage

September 2005

34.5%

22.9%

24.2%

9.8%

8.6%

December 1999

47.1%

14.9%

17.8%

8.1%

12.1%

Commercial Auto Workers’ Compensation

Other Specialty Coverages General Liability Property

17

General InsuranceUnderwriting Performance*

75%

85%

95%

105%

115%

125%

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Sept.2005

75%

85%

95%

105%

115%

125%

Insurance IndustryComposite Ratio**

Old RepublicComposite

Ratio***

* The lower the composite ratio, the better the underwriting performance.

** Source: A.M. Best (Sept. 2005 results represent the 2005 industry estimate as published by AM Best in January 2005)

*** GAAP basis

18

General InsuranceUnderwriting Performance

60%

70%

80%

90%

100%

110%

120%

130%

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q60%

70%

80%

90%

100%

110%

120%

130%

Loss Ratio

Composite Ratio

2000 | 2001 | 2002 | 2003 | 2004 | 2005

19

General InsuranceIssues and Opportunities

Issues –– Modest rate softening– TRIA– Growth sustainability

Opportunities –– Relatively stable competition– Capacity to grow certain coverages– Geographic and distribution opportunities

Mortgage Guaranty

Old Republic Mortgage Guaranty

21

Supports US residential real estate market– Substitute for homebuyers down payment– Protects investors from default costs– Provides capital relief and supports capital markets

executions

11.6% national market share*Strong history of earnings growthWell positioned for the future

* Traditional primary – six months ended June 30, 2005

22

Mortgage GuarantyUnderwriting Performance

Expense Ratio

Composite Ratio

Loss Ratio

0%

10%

20%

30%

40%

50%

60%

70%

2000 2001 2002 2003 2004 Sept. 20050%

10%

20%

30%

40%

50%

60%

70%

23

Mortgage GuarantyNew Insurance Written

New Insurance Written ($ in Billions)

$0

$5

$10

$15

$20

$25

$30

$35

$40

2001 2002 2003 2004 2005 Fiscal

Traditional Primary Bulk Other

24

Mortgage GuarantyNet Risk In Force

Total Net Risk In Force ($ in Billions)

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

$18.0

2001 2002 2003 2004 Sept. 2005

Total Traditional Primary Bulk Other

25

Mortgage GuarantyIssues and Opportunities

DCWV

AK

WA

OR

NDMTMN

ID

NV

CA

AZ

UT

HI

TX

COKS MO

NE

WYSD

IA

LA

NM

MS

FL

AL

TN

AROK

MD

VA

NC

GA

WI

KY

MI

IN OH

MI NHVT

PA

RIMANY

SC

ME

WV

CT

DE

IL

NJ

Total Direct Risk in Force

15.6%44.1%17.3%23.0%

0.0% to 5.0% Growth5.1% to 10.0% Growth10.1% to 20.0% Growth20.1 % + GrowthSource: OFHEO HPI 2Q 2005

Housing bubble debate: Annual home price growth and total risk in force

26

Mortgage GuarantyIssues and Opportunities

Housing demographics– Positive long term trends

Subordinate financing– Improved regulatory guidance

Increasing premium rates– Ratable vs. difficult to rate risks

GSE legislation and MI tax deductibility

27

Mortgage GuarantyIssues and Opportunities

2006 mortgage market outlook– Trends and volume

2006 RMIC focus– Profitably improving share in bulk and traditional primary

markets

Title Insurance

Old Republic Title Insurance

29

What we do – Title insurance required for virtually every real estate transaction– Loss prevention– Operates in 49 states– Ranks 5th nationally with approximately 6% market share

Title Insurance Drivers– Housing trends

• Transaction driven, interest rate sensitive business• One time up-front premiums and fees

– Distribution• Volume approximately 60% independent agents/40% direct

30

Title InsuranceHousing Trends/Premiums & Fees Production

0

2

4

6

8

10

12

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

Natio

nwid

e Ho

usin

g Sa

les

(in M

illio

ns)

$0

$200

$400

$600

$800

$1,000

$1,200

Net Prem

iums and Fees ($ in M

illions)

Nationwide Housing Sales Net Premiums and Fees

31

Title InsuranceProduction Sources

$0

$200

$400

$600

$800

$1,000

$1,200

2000 2001 2002 2003 2004 2005Fiscal

($ in Millions)

Direct Premiums & Fees Agency Premiums

32

Title InsuranceUnderwriting Performance

Expense Ratio

Composite Ratio

Loss Ratio

0%

20%

40%

60%

80%

100%

120%

2000 2001 2002 2003 2004 Sept. 20050%

20%

40%

60%

80%

100%

120%

33

Title InsuranceIssues and Opportunities

Issues– Housing trends

• New originations, refinancing volume, price appreciation

– Increased regulatory environment• Captive reinsurance/affiliated business arrangements• RESPA reform

Opportunities– Continued agency emphasis– Expand cross selling efforts– Continue technology initiatives

To Summarize

34

Retain our focus on the strengths that have enabled our success to date:

Retain focus on long term values:– Balanced book = Earnings sustainability– Book value growth: Based on balance sheet integrity– Dividend growth: Based on real earnings growth

UnderwritingStrengths

Balanced Book =Earnings Sustainability

Focus on CoreIndustries

Price Discipline

Cost Control

Balance Sheet Strengths

Quality Asset Base

Strong ReservePosition

Ample Capital

Financial Ratings

35

Old Republic’s Long Term Performance Book and Market Total Return vs. S&P 500

0

2,500

5,000

7,500

10,000

12,500

15,000

17,500

20,000

22,500

1967

1969

1971

1973

1975

1977

1979

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

Sept. 2

005

Uni

t Val

ue

ORI Book Value Unit Value

ORI Market Value Unit Value

S & P 500 Unit Value

Supplemental Schedules

37

Old RepublicSummary of Consolidated Results

($ in Millions, Except Per Share Data)

Nine Months Ended September 30, Fiscal Years Ended September 30,

Operating Revenues 2005 2004 % Change 2005 2004 % ChangeNet Premiums and Fees $2,500.4 $2,303.7 8.5% $3,312.8 $3,080.8 7.5%Net Investment Income 229.3 214.6 6.9% 305.5 285.2 7.1%Other Income 25.6 28.6 33.6 37.9 Operating Revenues 2,755.4 2,547.0 8.2% 3,652.0 3,404.0 7.3%Total Expenses 2,244.0 2,072.0 8.3% 3,012.6 2,769.0 8.8%

Pretax Operating Income 511.3 474.9 7.7% 639.3 634.9 0.7%Realized Investment Gains 24.5 22.7 49.7 31.4 Revenues, Net of Expenses 535.8 497.7 7.7% 689.1 666.4 3.4%Income Taxes 127.6 (*) 163.1 -21.8% 180.3 (*) 217.9 -17.2%Net Income $408.2 $334.5 22.0% $508.7 $448.4 13.4%

Operating Cash Flow $655.8 $605.0 8.4% $879.0 $801.1 9.7%

Income Tax Rate 23.8% (*) 32.8% 26.2% (*) 32.7% Diluted Earnings Per Share: Operating Income $2.12 (*) $1.73 22.5% $2.57 (*) $2.32 10.8% Realized Gains 0.08 0.08 0.17 0.11 Net Income $2.20 $1.81 21.5% $2.74 $2.43 12.8%

(*) Includes non-recurring tax credit of $45.9 million or $0.25 per share in 2005 periods.

38

Old RepublicBusiness Model: Industry Focus

Actual / Longer TermCurrent (*) Objective

Trucking 20.0% 20.0%General Industry (**) 10.9% 10.0%Contractors 8.2% 9.5%Financial Indemnities 6.4% 7.5%General Aviation 3.9% 4.0%Energy 2.2% 2.5%Home & Auto Warranties 3.2% 3.5%Forestry & Timber 1.7% 2.0%Miscellaneous 2.1% 1.0% Total General Insurance 58.6% 60.0%Mortgage Guaranty 12.4% 15.0%Title Insurance 26.6% 22.5%Other 2.4% 2.5% Total 100.0% 100.0%

(*) Based on gross premiums and fees production for the year ended December 31, 2004.(**) Mostly Alternative Market Risk Management Business.

39

Old Republic General InsuranceFinancial Performance

Nine Months Ended

September 30,2000 2001 2002 2003 2004 2004 2005

Net Premiums Earned $857.8 $1,000.2 $1,184.1 $1,379.5 $1,623.0 $1,194.2 $1,349.9Pretax Operating Income $117.6 $141.5 $182.1 $258.9 $333.0 $244.9 $258.8Operating Cash Flow $74.3 $161.8 $309.8 $375.7 $495.2 $368.1 $428.5

Loss Ratio 77.5% 74.8% 72.0% 67.6% 65.9% 66.0% 67.1%Expense Ratio 28.8% 27.8% 27.1% 26.2% 24.8% 24.7% 24.3%Composite Ratio: ORI * 106.3% 102.6% 99.1% 93.8% 90.7% 90.7% 91.4%

Industry Average ** 110.0% 116.0% 107.2% 100.1% 97.6% N/A 97.3%

* Old Republic's Composite Ratio (GAAP basis) has bested the Industry's in nine of the past ten years.

** Source: A.M. Best (Sept. 2005 results represent the 2005 industry estimate as published by AM Best in January 2005)

Years Ended December 31,

($ in Millions)

Old Republic General Insurance Gross Revenue Contributions by Major Coverage

40

2000 2001 2002 2003 2004 2004 2005

Commercial Auto (Trucking) 41.4% 37.9% 35.1% 33.4% 32.7% 33.3% 34.5%

Workers' Compensation 17.7% 19.4% 20.6% 22.6% 24.0% 24.0% 22.9%Property 12.0% 11.3% 10.9% 9.7% 8.9% 8.9% 8.6% Commercial Multi-Peril, Inland Marine, Fire

Financial Indemnities 7.1% 6.9% 9.7% 11.4% 10.3% 9.8% 10.0% Mostly: E&O / D&O, Consumer Credit Indemnity, Fidelity & Surety

General Liability 8.2% 9.3% 9.0% 9.9% 10.5% 10.1% 9.8%

Home & Auto Warranties 4.7% 5.8% 5.6% 5.2% 5.5% 5.4% 6.1%

General Aviation 6.4% 6.3% 6.5% 5.8% 5.8% 5.9% 5.7%

Other Specialty Coverages 2.5% 3.1% 2.6% 2.0% 2.3% 2.6% 2.4% Travel & Other Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Years Ended December 31,Nine Months Ended

September 30,

41

Old Republic General Insurance - GrossRevenue Contributions by Major Industry Served

Years Ended December 31,2000 2001 2002 2003 2004

Transportation (Trucking) 41.6% 36.9% 35.4% 34.5% 34.1%

General Industry (*) 12.6% 16.5% 15.6% 16.1% 18.6%

Contractors 13.4% 14.5% 15.9% 15.3% 14.1%

Energy 5.8% 5.7% 4.5% 3.9% 3.7%

Financial Indemnities 7.7% 7.6% 10.4% 12.1% 10.9%

Home & Auto Warranties 4.7% 5.8% 5.6% 5.2% 5.5%

Forestry & Timber 3.8% 3.2% 3.1% 3.1% 2.9%

General Aviation 6.9% 6.9% 7.4% 6.8% 6.6%

Wholesale/Retail Trade 1.0% 0.9% 1.1% 2.2% 2.6%

Other 2.5% 2.0% 1.0% 0.8% 1.0%100.0% 100.0% 100.0% 100.0% 100.0%

(*) Represents mostly business written in a risk management/ alternative market basis.

42

Old Republic General InsuranceUnderwriting Performance**

Years Ended December 31, September 30, 2000 2001 2002 2003 2004 2004 2005

All Lines CombinedNet Premiums Earned $859.8 $1,000.7 $1,182.3 $1,382.7 $1,626.0 $1,197.7 $1,352.6Composite Ratio 106.0% 102.0% 98.4% 93.3% 90.7% 90.5% 91.1%

Commercial Auto (Trucking)Net Premiums Earned $427.5 $457.7 $508.0 $545.6 $616.3 $454.2 $521.6Composite Ratio 115.6% 105.1% 100.0% 92.3% 88.5% 89.0% 91.4%

Workers' CompensationNet Premiums Earned $142.4 $173.8 $226.2 $277.2 $353.9 $262.3 $294.0Composite Ratio 116.4% 114.2% 117.6% 105.8% 97.1% 95.1% 95.3%

Financial Indemnity Coverages (a)Net Premiums Earned $68.0 $72.3 $104.1 $161.8 $191.4 $142.1 $152.0Composite Ratio 84.0% 88.6% 79.6% 79.0% 74.5% 75.3% 77.5%

Property (b)Net Premiums Earned $118.0 $128.1 $151.9 $169.0 $184.5 $135.4 $147.3Composite Ratio 84.5% 89.1% 83.0% 90.2% 84.6% 85.5% 80.4%

General LiabilityNet Premiums Earned $44.1 $53.7 $55.3 $72.6 $94.4 $66.7 $70.9Composite Ratio 106.1% 103.8% 97.8% 118.1% 133.6% 142.1% 133.1%

Other Coverages (c)Net Premiums Earned $59.5 $114.8 $136.6 $156.4 $185.2 $136.8 $166.6Composite Ratio 82.3% 93.9% 91.9% 81.5% 86.1% 83.0% 86.9%

(a) Includes Executive Indemnity (E&O/D&O), Consumer Credit Indemnity, Fidelity and Surety.(b) Includes Fire, Allied Lines, Commercial Multi-Peril and Inland Marine.(c) Includes Home and Auto Warranty, Aviation and Travel Accident.** All amounts and ratios are presented on a statutory basis.

Nine Months Ended($ in Millions)

43

Old Republic Mortgage GuarantyFinancial Performance

($ in Millions)Nine Months Ended

September 30,2000 2001 2002 2003 2004 2004 2005

Operating Revenues $395.4 $436.1 $467.1 $498.6 $489.9 $366.6 $386.6Pretax Operating Income $240.1 $261.9 $267.7 $276.4 $224.5 $170.7 $188.5

Loss Ratio 15.0% 16.1% 14.1% 22.7% 35.5% 34.4% 35.4%Expense Ratio 29.6% 27.5% 32.3% 24.8% 25.6% 25.7% 22.2%Composite Ratio 44.6% 43.6% 46.4% 47.5% 61.1% 60.1% 57.6%

Paid Loss Ratios 15.1% 13.4% 16.1% 23.9% 30.7% 30.0% 33.2%

Traditional Primary National Market Share 9.9% 10.0% 10.9% 11.3% 11.4% 11.5% 11.6% (1)

Delinquency Ratios: Traditional Primary 2.51% 2.84% 3.43% 3.95% 4.11% 3.90% 4.14% Bulk - 0.33% 3.28% 4.76% 4.59% 4.84% 3.41%

(1) Market Share for the Six Months Ended June 30, 2005.

Years Ended December 31,

44

Old Republic Mortgage Guaranty Operating Statistics

($ in Millions)Nine Months Ended

September 30,2000 2001 2002 2003 2004 2004 2005

New Insurance Written: Traditional Primary $14,929.7 $25,085.4 $30,809.6 $37,255.8 $24,749.4 $19,080.7 $15,585.5 Bulk 35.3 2,614.4 5,130.0 6,806.6 4,487.8 3,136.1 7,465.9 Other 1,594.7 3,675.3 7,555.5 5,802.8 7,324.7 6,801.1 63.2 Total $16,559.8 $31,375.1 $43,495.1 $49,865.2 $36,562.0 $29,018.0 $23,114.7

Net Risk In Force: Traditional Primary $14,840.7 $15,043.5 $15,367.6 $15,329.5 $15,452.2 $15,474.4 $14,882.4 Bulk 8.7 167.0 513.0 802.2 834.8 813.9 1,482.2 Other 271.5 336.9 450.7 493.4 580.9 576.1 575.8 Total $15,120.9 $15,547.4 $16,331.3 $16,625.1 $16,868.0 $16,864.4 $16,940.5

Bulk as a % of Total Risk In Force 0.1% 1.1% 3.1% 4.8% 4.9% 4.8% 8.7%

Persistency Traditional Primary 82.1% 65.3% 59.1% 46.0% 64.5% 62.8% 65.2%

Years Ended December 31,

45

Old Republic Title InsuranceFinancial Performance

Nine Months EndedSeptember 30,

2000 2001 2002 2003 2004 2004 2005Net Premiums and Fees Earned $494.0 $625.3 $813.4 $1,103.8 $1,025.2 $759.8 $775.5Pretax Operating Income $40.2 $75.0 $97.6 $129.6 $62.5 $65.4 $66.4Operating Cash Flow $43.0 $73.4 $96.3 $129.5 $74.6 $44.7 $35.8

Loss Ratio 3.6% 4.0% 5.0% 5.8% 5.8% 5.8% 5.9%Expense Ratio 92.4% 87.2% 85.6% 84.6% 90.5% 88.1% 87.9%Composite Ratio 96.0% 91.2% 90.6% 90.4% 96.3% 93.9% 93.8%

Pretax Operating Margin: Old Republic 7.8% 11.6% 11.7% 11.5% 5.9% 8.4% 8.4% Composite of Public Peers: - Stewart & LandAmerica -4.6% 5.1% 8.9% 8.9% 6.4% 6.6% 6.1% - 4 National Companies 2.4% 8.8% 11.9% 13.5% 10.7% 10.1% 10.1%

Years Ended December 31,

($ in Millions)