First American Financial announces exchange offers


May 28, 1998, SANTA ANA, CALIFORNIA

The First American Financial Corporation (NYSE: FAF) announced today that it has increased its ownership interest in First American Home Buyers Protection Corporation from 79.7 percent to 90.4 percent. The additional shares, which equaled 10.7 percent of the common stock, were exchanged for 110,080 First American Financial shares. Home Buyers issues one-year home warranties which protect homeowners against defects in household systems and appliances. Its policies are available in Arizona, California, Nevada, North Carolina, South Carolina, Texas, Utah and Washington.

First American also announced today that it has offered to purchase the remaining 20 percent of the common stock of First American Title Guaranty Holding Company which it does not currently own for 148,617 First American Financial shares. First American expects to complete this purchase in the next few days. The principal asset of First American Title Guaranty Holding Company is First American Title Guaranty Company, which operates in four Northern California counties.

"Both of these companies are doing extremely well and we are pleased to increase First American’s ownership in these entities," said President Parker S. Kennedy. In the opinion of management, the transactions will be accretive to earnings.

The First American Financial Corporation, based in Santa Ana, California, is the nation’s leading provider of real estate-related financial and information services. The corporation’s subsidiaries include First American Title Insurance Company, a national and international title insurer; First American Real Estate Information Services, Inc., which offers tax monitoring, credit reporting, property data services, flood certification, field inspection services, appraisal services, mortgage loan origination and servicing systems, and mortgage document preparation nationally; First American Home Buyers Protection Corporation, a home warranty company; and First American Capital Management, Inc., an investment advisory firm. The Corporation also operates First American Trust Company and First Security Thrift Company in Southern California. First American Financial has 15,000 employees in over 400 branch offices in the United States and abroad. Information about the company’s subsidiaries and an archive of its press releases can be found at http://www.firstam.com on the Internet.

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