#1FIRST AMERICAN FINANCIAL Leadership Integrity Commitment Investor Discussions Teamwork Summer 2021 Service ©2018 First American Financial Corporation and/or its affiliates. All rights reserved. NYSE: FAF FIRST AMERICA NO First American#22 Safe Harbor Statement CERTAIN STATEMENTS MADE IN THIS PRESENTATION AND ANY RELATED MANAGEMENT COMMENTARY CONTAIN, AND RESPONSES TO INVESTOR QUESTIONS MAY CONTAIN, 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 FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE FACT THAT THEY DO NOT RELATE STRICTLY TO HISTORICAL OR CURRENT FACTS AND MAY CONTAIN THE WORDS "BELIEVE," "ANTICIPATE," "EXPECT," "INTEND," "PLAN," "PREDICT," "ESTIMATE," "PROJECT," "WILL BE," "WILL CONTINUE," "WILL LIKELY RESULT," OR OTHER SIMILAR WORDS AND PHRASES OR FUTURE OR CONDITIONAL VERBS SUCH AS "WILL," "MAY," "MIGHT," "SHOULD," "WOULD," OR "COULD." THESE FORWARD-LOOKING STATEMENTS INCLUDE, WITHOUT LIMITATION, STATEMENTS REGARDING FUTURE OPERATIONS, PERFORMANCE, FINANCIAL CONDITION, PROSPECTS, PLANS AND STRATEGIES. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON CURRENT EXPECTATIONS AND ASSUMPTIONS THAT MAY PROVE TO BE INCORRECT. 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, WITHOUT LIMITATION: INTEREST RATE FLUCTUATIONS; CHANGES IN THE PERFORMANCE OF THE REAL ESTATE MARKETS; VOLATILITY IN THE CAPITAL MARKETS; UNFAVORABLE ECONOMIC CONDITIONS; THE CORONAVIRUS PANDEMIC AND RESPONSES THERETO; IMPAIRMENTS IN THE COMPANY'S GOODWILL OR OTHER INTANGIBLE ASSETS; UNCERTAINTY FROM THE EXPECTED DISCONTINUANCE OF LIBOR AND TRANSITION TO ANY OTHER INTEREST RATE BENCHMARK; FAILURES AT FINANCIAL INSTITUTIONS WHERE FIRST AMERICAN FINANCIAL CORPORATION (THE "COMPANY") DEPOSITS FUNDS; REGULATORY OVERSIGHT AND CHANGES IN APPLICABLE LAWS AND GOVERNMENT REGULATIONS, INCLUDING DATA PRIVACY AND DATA PROTECTION LAWS; HEIGHTENED SCRUTINY BY LEGISLATORS AND REGULATORS OF THE COMPANY'S TITLE INSURANCE AND SERVICES SEGMENT AND CERTAIN OTHER OF THE COMPANY'S BUSINESSES; REGULATION OF TITLE INSURANCE RATES; LIMITATIONS ON ACCESS TO PUBLIC RECORDS AND OTHER DATA; CLIMATE CHANGE, HEALTH CRISES, SEVERE WEATHER CONDITIONS AND OTHER CATASTROPHE EVENTS; CHANGES IN RELATIONSHIPS WITH LARGE MORTGAGE LENDERS AND GOVERNMENT- SPONSORED ENTERPRISES; CHANGES IN MEASURES OF THE STRENGTH OF THE COMPANY'S TITLE INSURANCE UNDERWRITERS, INCLUDING RATINGS AND STATUTORY CAPITAL AND SURPLUS; LOSSES IN THE COMPANY'S INVESTMENT PORTFOLIO OR VENTURE CAPITAL PORTFOLIO; MATERIAL VARIANCE BETWEEN ACTUAL AND EXPECTED CLAIMS EXPERIENCE; DEFALCATIONS, INCREASED CLAIMS OR OTHER COSTS AND EXPENSES ATTRIBUTABLE TO THE COMPANY'S USE OF TITLE AGENTS; ANY INADEQUACY IN THE COMPANY'S RISK MANAGEMENT FRAMEWORK; SYSTEMS DAMAGE, FAILURES, INTERRUPTIONS, CYBERATTACKS AND INTRUSIONS OR UNAUTHORIZED DATA DISCLOSURES; INNOVATION EFFORTS OF THE COMPANY AND OTHER INDUSTRY PARTICIPANTS AND ANY RELATED MARKET DISRUPTION; ERRORS AND FRAUD INVOLVING THE TRANSFER OF FUNDS; THE COMPANY'S USE OF A GLOBAL WORKFORCE; INABILITY OF THE COMPANY'S SUBSIDIARIES TO PAY DIVIDENDS OR REPAY FUNDS; AND OTHER FACTORS DESCRIBED IN THE COMPANY'S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2020 AND THE COMPANY'S SUBSEQUENT QUARTERLY REPORTS, EACH 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. AMERICA 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL First American#33 Use of non-GAAP Financial Measures THIS PRESENTATION AND RELATED MANAGEMENT COMMENTARY CONTAIN CERTAIN FINANCIAL MEASURES THAT ARE NOT PRESENTED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP), INCLUDING AN ADJUSTED DEBT TO CAPITALIZATION RATIO, PERSONNEL AND OTHER OPERATING EXPENSE RATIOS; SUCCESS RATIOS; NET OPERATING REVENUES; AND ADJUSTED REVENUES, ADJUSTED INVESTMENT INCOME, ADJUSTED PRETAX INCOME, ADJUSTED EARNINGS PER SHARE, AND ADJUSTED PRETAX MARGINS FOR THE COMPANY, ITS TITLE INSURANCE AND SERVICES SEGMENT AND ITS SPECIALTY INSURANCE SEGMENT. ADJUSTED INVESTMENT INCOME EXCLUDES AFFILIATED INVESTMENTS AND IS PRESENTED BECAUSE IT PROVIDES THE COMPANY'S MANAGEMENT AND INVESTORS WITH A BETTER UNDERSTANDING OF THE IMPACT OF INTEREST RATES ON THE COMPANY'S INVESTMENT INCOME OVER TIME. THE COMPANY IS PRESENTING THESE OTHER NON-GAAP FINANCIAL MEASURES BECAUSE THEY PROVIDE THE COMPANY'S MANAGEMENT AND INVESTORS WITH ADDITIONAL INSIGHT INTO THE FINANCIAL LEVERAGE, OPERATIONAL EFFICIENCY AND PERFORMANCE OF THE COMPANY RELATIVE TO EARLIER PERIODS AND RELATIVE TO THE COMPANY'S COMPETITORS. THE COMPANY DOES NOT INTEND FOR THESE NON- GAAP FINANCIAL MEASURES TO BE A SUBSTITUTE FOR ANY GAAP FINANCIAL INFORMATION. IN THIS PRESENTATION OR IN THE COMPANY'S FORM 8-K FILED ON JULY 22, 2021 WITH THE SECURITIES AND EXCHANGE COMMISSION, THESE NON-GAAP FINANCIAL MEASURES HAVE BEEN PRESENTED WITH, AND RECONCILED TO, THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES. INVESTORS SHOULD USE THESE NON-GAAP FINANCIAL MEASURES ONLY IN CONJUNCTION WITH THE COMPARABLE GAAP FINANCIAL MEASURES. BECAUSE NOT ALL COMPANIES USE IDENTICAL CALCULATIONS, THE PRESENTATION OF THESE NON-GAAP MEASURES MAY NOT BE COMPARABLE TO OTHER SIMILARLY TITLED MEASURES OF OTHER COMPANIES. 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#44 AGENDA Strong Track Record of Results Favorable Market Conditions Consistent Strategy and Capital Management Priorities#5Leader in the Title and Settlement Services Industry $7.1B Total Revenue 19,600 Employees 92% of Revenue, Title Segment 23.3% 0 Title Market Share 760 Offices 8% of Revenue, Specialty Insurance Segment $12.8B Total Assets 8 Countries S Trusted National Brand Largest Title Plant and Property Record Database Note: Revenue and market share data for 2020. All other data as of December 31, 2020. FORTUNE and FORTUNE 100 Best Companies to Work For are registered trademarks of FORTUNE Media IP Limited. FORTUNE and FORTUNE Media IP Limited are not affiliated with, and do not endorse products or services of, First American Financial Corporation. Fortune 100 Best Companies to Work ForⓇ 6 Years in a Row (2016-2021) AMERICA 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL First American#6Past 5 Years: Achieved Strong Financial Results TOTAL REVENUE $ in Billions EARNINGS PER SHARE $7.5 $7.1 $7.00 $7.0 $6.22 $6.16 $6.00 $6.5 $6.2 $6.0 $5.6 $5.8 $5.7 $5.00 $4.19 $5.5 $3.76 $4.00 $5.0 $4.5 62% CAGR $3.09 $3.00 $4.0 $2.00 18,9% CAGR $3.5 $1.00 $3.0 $0.00 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 CASH FROM OPERATIONS $1,300 20.0% RETURN ON EQUITY $1,085 18.0% $1,100 16.0% 17.3% 14.9% $913 14.0% 13.0% 13.1% $ in Millions $900 $793 11.9% 12.0% $700 $632 10.0% $489 $500 22% CAGR 8.0% 6.0% $300 4.0% 2.0% $100 0.0% 2016 2017 2018 2019 6 2020 2016 2017 2018 2019 2020 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#77 Source: August 2021 MBA 2021 Pretax Margin as of Q2'21 YTD ($ in Billions) $4,000 Historical Title Insurance Margin $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 S. 2000 2001 2002 2003 M 2004 2005 2006 2007 2008 2009 2010 Purchase Originations Refinance Originations Pretax Margin 20% 2Q YTD 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E -5% 0% 5% 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American 10% 15%#88 AGENDA Strong Track Record of Results Favorable Market Conditions Consistent Strategy and Capital Management Priorities#96 Daily Open Orders 1,000 Jul-17 2,000 3,000 4,000 5,000 Low Mortgage Rates Support Elevated Refinance Activity Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 ― Refinance Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 10-Year % May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 35 SOLARE PEDESTAL 24% SQUARE PEDESTAL 22 SQUARE PEDESTAL First American 10-Year Treasury#1010 10 Strong Growth in the Purchase Market 50% 40% 30% 20% 10% 0% -10% -20% Q2'17 Q3'17 Q4'17 GROWTH RATE vs. PRIOR YEAR Q1'18 Q2'18 Q3'18 Q4'18 Title Order Closed Average Revenue per Order Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Purchase Market Strong market demand led to a V-shaped recovery in housing last year - Historically low mortgage rates Favorable demographics Pandemic triggered transactions Home price appreciation brisk Inventory improving recently, but remains an issue First American Operations ☐ ☐ ~550 local offices focused on purchase Leading homebuilder business Fee per file 2.5x refinance 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#11Commercial Volumes Accelerating Commercial Market Sales Volume (¹) ($ in Billions) FAF Direct Revenues $ Millions NCSD ☐ Local $800 $900 $800 753 767 696 696 $600 $700 661 109 112 638 96 102 573 598 582 514 494 590 $600 99 550 108 500 $500 $400 454 427 $400 44% 387 379 311 $300 644 655 601 594 562 269 $200 261 530 $200 181 155 $100 72 $0 $- 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2015 2016 2017 2018 2019 2020 6Mo'20 6Mo'21 Commercial - Current Trend and Outlook Sustained revenue growth expected to drive record performance this year Pipeline is strong and large transactions have resumed Broad based strength across markets although continue to see some disparity in health of different asset classes and certain urban markets Capital availability and low interest rates continue to support the market and transaction activity level 11 (1) Source: Real Capital Analytics ULI Real Estate Economic Forecast May 2021 (includes purchase transactions over $2.5 million only) AMERICA 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL First American#1212 $16 $56 Title Segment Investment Income ($ in Millions) Q1 '16 $26 Q2 '16 Q3 '16 $36 Q4 '16 (1) Excludes affiliated investments (See reconciliation in Appendix). 2 (2) Company estimate. $46 Q1 '17 Q2 '17 Q3'17 $66 Investment Income Now at Trough Levels $76 Title Segment -Investment Income (1) Fed Funds Rate Each 25 basis point Fed move impacts investment income by ~$12 $15 million/year(2) Q4 '17 Q1' 18 Q2' 18 Q3' 18 Q4' 18 Q1' 19 Q2' 19 Q3' 19 Q4' 19 Q1' 20 Q2' 20 Q3' 20 Q4'20 Q1'21 20 Q2 '21 0.0% 0.5% 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American 1.0% 1.5% 2.0% Fed Funds Rate 2.5%#1313 AGENDA Strong Track Record of Results Favorable Market Conditions Consistent Strategy and Capital Management Priorities#1414 First American Strategy VISION: To Be the Premier Title Insurance and Settlement Services Company Profitably Grow Our Core Title and Settlement Business Strengthen the Enterprise Through Data and Process Advantage Manage and Actively Invest in Complementary Businesses Where First American has a Strategic Advantage Deploy Our Capital to Maximize Long-Term Shareholder Returns Innovation Compliance and Risk Management People and Culture 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#1515 Profitably Grow our Core Title and Settlement Business - ■ Sustain leadership in Title – focusing on top 10 states ■ Maintain and grow profitable market share Drive digital transformation Develop value-added services that strengthen customer relationships Pillar 1 Strategic priorities ■ Win with emerging customers Be the preferred title company for next-generation real estate companies ■ Grow interest income Provide banking services to our agents to improve their risk profile and our returns 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#1616 Strengthen the Enterprise through Data and Process Advantage Pillar 2 Strategic priorities ■ Further develop data advantage Expand coverage of property data elements and geographies ■ Achieve market-leading title automation Leverage data advantage together with data science capability ■ Find new businesses that can leverage our data Determine innovative and meaningful ways to monetize our data ■ Grow licensing and online data visualization organically Leverage position in market to meet the growing data needs from customers 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#1717 FAF has Strongest Data Foundation in the Industry No. of counties Assessor/property ownership 3,141 Population (%) 100 Market position 1st Proprietary title plants 564 60 1st Deeds, Mortgages, Foreclosures 3,102 99 1st Assignments and releases. 2,304 96 1st Parcel Boundaries 3,056 99 1st Homeowner associations 2,714 99 1st Active real estate listings 880K 85 1st Document images (7B+ total) 1,556 83 1st 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#1818 Manage and Actively Invest in Complementary Businesses where First American has a Strategic Advantage Pillar 3 Strategic priorities ■ Grow Home Warranty Accelerate direct-to-consumer growth while maintaining strong operating margins ■ Grow international business in core geographies Invest for long-term growth in Canada, Europe, and Australia ■ Seek out new opportunities Enter adjacent businesses where First American has a strategic advantage (e.g. Docutech, Service Mac) ■ Wind down of the Property & Casualty (P&C) business progressing on schedule with completion due Q3 2022 Redeploy capital to areas with higher expected returns 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#1919 Capital Management Strategy ☐ Objective: Create long-term shareholder value ■ Capital management priorities: ■ Make value-creating investments in our core business ◉ Acquire or invest in businesses that fit within our strategy ■ Return excess capital to shareholders through dividends and share repurchases ■ Maintain adequate capital levels ■ Manage our capital structure prudently ■ Maintain ample financial flexibility and holding company liquidity AMERICA 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL First American#2020 Disciplined M&A Strategy Drives Growth Focused Strategy ■ Title companies that expand our footprint in key markets ■ Data and information companies that enhance our data capabilities or advance title automation Opportunities complementary to title. Disciplined Process Strategic and cultural fit ■ Risk adjusted return targets Operational integration Pursuing targets that support or leverage our core title and settlement business 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#21Dividends DIVIDENDS PER SHARE $2.00 $1.78 $1.84 $1.75 $1.60 $1.68 $1.44 $1.50 $1.20 $1.25 $1.00 $1.00 $0.75 2015 2016 2017 2018 2019 2020 2021E 60% 40% 20% PAYOUT RATIO 38% 38% 38% 38% 27% 29% 26% IIII 0% 2015 2016 2017 2018 2019 2020 2021E 21 Note: 2021 based on current dividend and EPS consensus of $7.04 Dividend Considerations First American expects to pay a meaningful dividend given the company's cash flow generation and investment opportunities Dividend increases are intended to be sustainable in perpetuity ■ Dividend increases will be dependent upon expected holding company cash flows, market conditions and alternative uses of capital, among other factors ■ The company is not committed to increasing the dividend every year 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#22Feb-13 May-13 Aug-13 Nov-13 Repurchase Summary Share Repurchases SHARE REPURCHASE HISTORY $80 $70 $60 $50 $40 $30 $20 $10 $0 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 2013 2018/2019 2020 Shares purchased Total amount 3.0 million $64.5 million 0.5 million $20.9 million 3.2 million Avg. price per share $21.87 $44.20 (1) IRR 16.8% 18.2% $38.64 37.7% 22 22 (1) As of June 30, 2021; (2) Not annualized Nov-18 Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 ■ Share repurchases will be dependent upon capital levels, market conditions and alternative uses of capital, among other factors ■ New $300 million share repurchase authorization was approved by board of directors on August 24, 2021, resulting in total authorization remaining of $472.3 million $138.6 million 2021 1.2 million $64.8 million $52.86 18.0% (2) AMERICA 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL First American#2323 Investment Considerations ■ Focused strategy as "pure play" in title and settlement markets ■ Attractive industry characteristics Strong competitive position in title and settlement services Opportunity to grow through focus on innovation and by leveraging unique assets (e.g. bank and data) ■ Venture investments creating strategic and financial benefit Strong balance sheet with ample liquidity and financial flexibility ■ Commitment to return capital to shareholders AMERICA 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL First American#2424 APPENDIX#25Title Segment Net Investment Income Non-GAAP Reconciliation Investments $ in Millions Net Investment Income Less: Affiliate Investments Adjusted Net Investment Income 1.0 1.5 Q1 '17 Q2 '17 Q3'17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 $26.6 $34.7 $37.9 $38.3 $41.4 $51.7 $60.9 $69.3 $70.1 $71 $72 $69.8 $59.7 $43.2 $44.7 $51.6 $42.7 $47.5 1.6 1.8 1.1 (0.8) (0.3) 0.5 (0.2) 1.0 (0.1) 1.2 2.4 2.2 1.1 0.3 1.6 2.4 $25.0 $32.9 $36.8 $39.0 $41.7 $50.7 $59.3 $68.8 $70.2 $70.6 $70.4 $68.8 $59.8 $42.0 $42.3 $49.4 $41.6 $45.0 Net Investment Income Less Affiliate Net Investment Income $22.0 $2.7 Less: Affiliate Investments Adjusted Net Investment Income 2.8 $21.8 (17.6) 1.1 $26.0 3.7 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1'15 Q2 '15 Q3 '15 Q4 '15 Q1'16 Q2 '16 Q3 '16 Q4 '16 $15.7 $19.3 $24.9 $27.5 $29.0 $29.4 (2.0) 0.3 2.1 2.8 2.4 $25.4 $24.4 2.8 0.1 0.9 $17.7 $19.0 $19.2 $20.3 $20.6 $22.2 $22.6 $24.3 $24.0 $25.4 $26.2 $27.0 25 25 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#26Uses of Free Cash Flow and Debt Proceeds CUMULATIVE 5 YEAR USES Pension termination Share repurchases 2% Venture Investments 6% 5% Net cash & investments 38% Dividends 27% ■ 38% of cash flow went into the investment portfolio to strengthen the balance sheet Acquisitions 22% $1,400 $1,200 $1,000 $ in Millions $800 $600 $400 $200 $- 2016 2017 2018 2019 2020 $(200) 26 ■ Moving forward, further balance sheet strengthening not necessary as capital levels exceed current targets 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#27Investment Portfolio CONSOLIDATED PORTFOLIO Gov't Agency 3% Municipal 19% Corporate 13% US Treasury Equity 6% 2% Foreign 3% $8.3B Bank Loans 1% Gov't Agency MBS 53% Avg. Rating: Duration: AA 3.7 yrs. Book Yield: 1.9% 27 Note: Debt and equity securities as of June 30, 2021 INSURANCE PORTFOLIO Gov't Agency 1% US Treasury 6% Municipal 18% Corporate 26% $3.2B Equity 15% Gov't Agency MBS Avg. Rating: A+ 24% Foreign Duration: Book Yield: 3.9 yrs. 2.3% 7% Bank Loans 3% BANK PORTFOLIO Municipal 19% Gov't Agency 5% Avg. Rating: Duration: Book Yield: AA+ 3.6 yrs. 1.6% $5.2B Corporate 5% Gov't Agency MBS AMERICA 71% 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL First American#2828 Capital Structure Management targets debt-to-capital ratio of 18-20% (excluding secured financings payable) ■ Supports target financial strength ratings $700 million revolving credit facility 100% undrawn Credit facility term ends in April 2024 ■ Significant financial flexibility to seize strategic opportunities As of June 30, 2021 ($ in Millions) 2.4% Senior Notes Due 2031 4.3% Senior Notes Due 2023 Actual Adjusted $648 $249 $249 ☐ 4.6% Senior Notes Due 2024 $299 $299 4.0% Senior Notes Due 2030 $444 $444 Trust Deed Notes $10 $10 Other Notes $5 $5 Revolving Credit Facility $0 $0 Notes and Contracts Payable $1,008 $1,655 Secured Financings Payable (SFP) $611 $611 Total Debt $1,619 $2,266 Total Equity $5,275 $5,275 Debt-to-Total Capital Ratio 23.5% 30.1% Debt-to-Total Capital Ratio 16.0% 23.9% (excluding SFP) 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#2929 Ultimate Loss Ratios by Policy Year Paid to Date Ultimate Loss Ratio - Policy Year Paid Losses - Calendar Year Ultimate Loss Ratios by Policy Year 14.0% 12.0% 10.0% 8.0% 13.3% 0.8% 11.3% 0.7% 9.8% 9.9% 0.4% 0.7% 400 350 300 250 200 6.5% 12.5% 6.0% 0.6% 5.3% 5.2% 10.6% 4.9% 150 0.6% 0.7% 4.5% 9.3% 9.2% 3.8% 1.2% 3.9% 3.8% 3.8% 3.9% 4.0% 4.0% 3.6% 3.4% 100 0.7% 0.9% 5.9% 1.8% 1.3% 2.0% 4.8% 2.6% 4.5% 3.1% 4.2% 2.0% 3.8% 4.0% 50 2.9% 2.9% 2.1% 2.0% 1.8% 1.2% 0.8% 0.0% 0.3% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E Note: Ultimate loss ratios are estimates and calculated as a percentage of title premiums and escrow fees for a given policy year as of May 31, 2021 Paid Losses by Calendar Year ($ in Millions) AMERICA 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL First American#3030 AGENCY DIRECT First American Financial Total Revenue $2.7B Agent 39% $7.1 $0.6B/ Commercial 9% $1.8B Direct 26% $5.6B U.S. Title 78% $0.3B FAMS 5% U.S. TITLE $ in Billions COMMERCIAL MORTGAGE SOLUTIONS Total Revenue Trend $5.6 $5.6 $4.5 $4.6 $4.6 $4.8 0.6 0.3 $4.6 0.8 0.7 0.7 0.8 0.2 $3.6 0.3 0.3 0.2 $2.6 T T T 1.8 1.3 1.3 1.4 1.3 2.7 2.3 2.3 2.3 2.4 $1.6 $0.6 -$0.4 2016 2017 2018 2019 2020 Agent Direct FA Mortgage Solutions Commercial AMERICA First American#3131 PROPERTY & CASUALTY First American Financial Total Revenue Specialty Segment 8% $0.5B $7.1B SPECIALTY INSURANCE $ in millions HOME WARRANTY Total Revenue Trend $600 $506 $532 $500 $436 $465 $469 138 136 $400 139 125 137 $300 $200 T T 394 370 327 344 299 $100 $0 2016 2017 2018 2019 2020 Home Warranty Property & Casualty AMERICA First American#322020 Revenue Breakdown FIRST AMERICAN FINANCIAL 32 Property & Casualty 26% 8% Specialty Segment 92% $7.1B Title Segment SPECIALTY SEGMENT $0.5B Home Warranty 74% TITLE SEGMENT Agency 44% International 6% Data & Analytics 5% Mortgage Solutions 6% Commercial (Direct). 10% $6.6B Residential (Direct) 29% U.S. Title 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American