First Title Moves to Capitalise on Turkish Growth as European Expansion Continues
November 26, 2007, LONDON
First Title plc, today signalled its continuing European expansion with its subsidiary, First Title Istanbul Danışmanlık ve Tıcaret A.Ş. opening new offices in Beşiktaş, in the heart of Istanbul’s financial district.
The move, which follows last month’s Hungarian expansion, is the latest in a series of new office openings across Europe. In Turkey, First Title will conduct business through local insurance companies, which will offer its products to the market. It will continue to provide title insurance services across a broad range of residential and commercial property transactions.
In conjunction with the move, First Title has appointed Mustafa Özdemir to the role of managing director for the Turkish office. Özdemir’s wealth of investment banking and property development experience, as well as local market knowledge, will be an integral part of First Title’s success in Turkey.
“Turkey is experiencing a time of innovation and strong economic growth, not the least of which is its pending application to join the European Union, and the ever-increasing influx of European property investors to the region,” said Özdemir. “First Title has entered the Turkish market at the right time. The increase in property development naturally means an increased need for title insurance. I am extremely excited to have been given the opportunity to be involved with the enterprise from the start, and very much look forward to managing the sustained growth that First Title will no doubt experience in Turkey.”
Michael Schuh, managing director of First Title in Europe, comments: “The Turkish opening heralds another exciting chapter in an extremely successful year for the company. With UK investors, in particular, increasingly spreading their investment presence eastwards, Turkey is becoming a hive of property development activity. This, coupled with the recent introduction of a new mortgage law in the country, is expected to increase the lending capabilities of financial institutions which, in turn, will lead to the development of money and capital markets in Turkey.
“Set against such favourable economic conditions, and with the appointment of the vastly experienced and talented Mustafa Özdemir, the future certainly looks very bright for First Title as we continue our foray into central eastern and south eastern Europe.”
About First Title plc
First Title plc has nine offices throughout Europe — five offices in the United Kingdom and elsewhere in Germany, Poland, Hungary and Turkey — with more than 600 employees. It provides a wide range of innovative products that enable lawyers, mortgage lenders and estate agents to deliver more efficient and advanced service to their property clients. More information about the company can be found at www.firsttitle.eu.
First Title is a wholly owned subsidiary of The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889. First American is America’s largest provider of business information, supplying businesses and consumers with valuable information products to support the major economic events of people’s lives. Additional information about The First American Family of Companies can be found at www.firstam.com.
Certain statements made in this news release, including those relating to the growth of Turkey’s financial institutions and capital markets, and the growth and success of the company in Turkey, are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These and other forward-looking statements may contain the words “believe,” “anticipate,” “expect,” “predict,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” and other similar words and phrases. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include: interest rate fluctuations; changes in the performance of the real estate markets; limitations on access to public records and other data; general volatility in the capital markets; changes in applicable government regulations; heightened scrutiny by legislators and regulators of the company’s title insurance and services segment and certain other of the company’s businesses; consolidation among the company’s significant customers and competitors; changes in the company’s ability to integrate businesses which it acquires; systems interruptions and intrusions; the company’s inability to realise the benefits of its offshore strategy; product migration; and other factors described in Part I, Item 1A of the company’s annual report on Form 10-K for the year ended December 31, 2006, as filed with the Securities and Exchange Commission. The forward-looking statements speak only as of the date they are made. The company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.