The First American Financial Corporation repurchases 997,756 of its shares


June 29, 1987, SANTA ANA, CALIFORNIA

The First American Financial Corporation announced today that it had repurchased 997,756 of its shares, representing approximately 18% of its outstanding stock, from American Century Corporation in San Antonio, Texas. The shares were purchased for a total consideration consisting of $29.50 cash per share and two real property assets located in California. Concurrently with the closing of the purchase transaction, the company's subsidiary, First American Title Insurance Company, entered into long-term leases of these properties with American Century.

The company's board of directors determined that the purchase was advantageous to the company and its shareholders in that it provided a unique opportunity to acquire a large block of its stock in a single transaction. Pursuant to California law, the shares are retired and, to the extent not reissued, should result in an increase in per share earnings.

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