#1FIRST AMERICAN FINANCIAL Investor Discussions Fall 2023 ©2018 First American Financial Corporation and/or its affiliates. All rights reserved. NYSE: FAF Leadership Integrity Commitment Teamwork Service FIRST AMERICA NO First American#22 Safe Harbor Statement CERTAIN STATEMENTS MADE IN THIS PRESENTATION AND THE 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 CONDITIONS OF THE REAL ESTATE MARKETS; VOLATILITY IN THE CAPITAL MARKETS; UNFAVORABLE ECONOMIC CONDITIONS; IMPAIRMENTS IN THE COMPANY'S GOODWILL OR OTHER INTANGIBLE ASSETS; FAILURES AT FINANCIAL INSTITUTIONS WHERE THE COMPANY DEPOSITS FUNDS; REGULATORY OVERSIGHT AND CHANGES IN APPLICABLE LAWS AND GOVERNMENT REGULATIONS, INCLUDING 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, TERRORIST ATTACKS, 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 INVESTMENT 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 OR USE OF MODELS; 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; FAILURES TO RECRUIT AND RETAIN QUALIFIED EMPLOYEES; THE COMPANY'S USE OF A GLOBAL WORKFORCE; INABILITY OF THE COMPANY TO FULFILL PARENT COMPANY OBLIGATIONS AND/OR PAY DIVIDENDS; INABILITY TO REALIZE ANTICIPATED SYNERGIES OR PRODUCE RETURNS THAT JUSTIFY INVESTMENT IN ACQUIRED BUSINESSES; A REDUCTION IN THE DEPOSITS AT THE COMPANY'S FEDERAL SAVINGS BANK SUBSIDIARY; CLAIMS OF INFRINGEMENT OR INABILITY TO ADEQUATELY PROTECT THE COMPANY'S INTELLECTUAL PROPERTY; AND OTHER FACTORS DESCRIBED IN THE COMPANY'S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2023, 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. 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA 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 ADJUSTED TITLE SEGMENT INVESTMENT INCOME AND AN ADJUSTED DEBT TO CAPITALIZATION RATIO. THE COMPANY IS PRESENTING THIS NON-GAAP FINANCIAL MEASURE BECAUSE IT PROVIDES 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 THIS NON-GAAP FINANCIAL MEASURE TO BE A SUBSTITUTE FOR ANY GAAP FINANCIAL INFORMATION. IN THIS PRESENTATION, THIS NON-GAAP FINANCIAL MEASURE HAS BEEN PRESENTED WITH, AND RECONCILED TO, THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES. INVESTORS SHOULD USE THIS NON-GAAP FINANCIAL MEASURE ONLY IN CONJUNCTION WITH THE COMPARABLE GAAP FINANCIAL MEASURE. BECAUSE NOT ALL COMPANIES USE IDENTICAL CALCULATIONS, THE PRESENTATION OF THIS NON-GAAP MEASURE 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 Through the Cycle Key Markets at Trough Levels Due to High Interest Rates Consistent Strategy and Capital Management Priorities#5Leader in the Title and Settlement Services Industry $7.6B Total Revenue 21,150 Employees 95% O of Revenue (1) Title Segment 25.1% 0 Title Market Share 900 Offices 5% of Revenue(1) Specialty Insurance Segment (Home Warranty) $15.0B Total Assets 8 Countries S Trusted National Brand Largest Title Plant and Property Record Database Note: Revenue for full year 2022. All other data as of December 31, 2022. (1) Excluding Corporate segment 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Ⓡ 7 Years in a Row (2016 - 2022) AMERICA 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL First American#6Historical Financial Results TOTAL REVENUE $10.0 $9.0 $9.2 $12.00 EARNINGS PER SHARE $11.14 $10.00 $ in Billions $8.0 $7.6 $7.1 $8.00 $7.0 $6.2 $6.22 $6.16 $5.7 $6.00 $6.0 $4.19 $5.0 $4.00 $4.0 7.3% CAGR $2.45 $2.00 $3.0 $0.00 Net investment gain/(loss) Acquisitions related intangible amortization 2018 $(0.06)B 2019 2020 2021 2022 2018 2019 2020 2021 2022 $0.07B $0.11B $0.44B $(0.52)B $(0.39) $0.46 $0.71 $2.98 $(3.64) $(0.11) $(0.11) $(0.21) $(0.24) $(0.29) CASH FROM OPERATIONS 30.0% RETURN ON EQUITY $1,300 $1,220 25.0% 23.2% $1,085 $1,100 $913 $ in Millions $900 $793 20.0% 17.3% $780 14.9% 15.0% 13.1% $700 10.0% $500 $300 5.0% $100 0.0% 2018 2019 2020 2021 2022 2018 2019 2020 2021 6 5.0% 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL 2022 AMERICA First American#7Historical Title Insurance Margin Purchase Originations 7 ($ in Billions) $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 is Source: October 2023 MBA Mortgage Finance Forecast Refinance Originations Pretax Margin 20% 2024E 2023E 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 15% 10% 5% 0% -5% 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#88 AGENDA Strong Track Record of Results Through the Cycle Key Markets at Trough Levels Due to High Interest Rates Consistent Strategy and Capital Management Priorities#96 High Mortgage Rates Cause Refinance to Settle at Trough Levels Daily Open Orders 5,000 4,000 3,000 2,000 1,000 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Refinance 10-Year % AMERICA 10-Year Treasury 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL First American#1010 2,700 2,200 1,700 Purchase Market Appears to Have Stabilized GROWTH RATE vs. PRIOR YEAR 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% 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 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Title Order Closed Average Revenue per Order PURCHASE OPEN ORDERS/DAY 1,200 Jan Feb 2020 2021 Mar Apr May Jun Jul Aug Sep Oct 2019 -2022 2023 Nov Dec Q3'23 Purchase Market Market demand has declined, as high mortgage rates and home prices continue to significantly stress affordability Inventory remains low as homeowners remain in place Limited inventory/supply keeping home prices firm Longer term, demographics and other market demand factors remain favorable 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 Market Expected to Rebound After a Trough Year Commercial Market Sales Volume (1) FAF Direct Revenues $ Millions NCSD ☐ Local $1,000 $1,200 $800 $600 $400 $200 T 155 261 454 379 311 601 573 583 515 494 855 730 432 425 525 $1,000 767 753 $800 695 696 109 112 638 102 $600 108 $400 644 655 594 530 $200 1,026 1,042 142 160 124 884 883 84 668 402 $0 $- 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2017 2018 2019 2020 2021 2022 9M'22 9M'23 Commercial - Current Trend and Outlook FAF's commercial revenue down 39% YTD, but expect solid financial performance for the year Transaction pipeline has declined, including a slowdown in large transactions Multifamily, industrial and development site were the strongest asset classes in 3Q, while office continues to be the weakest Remain optimistic transaction revenue will improve in 4Q consistent with the normal season pattern AMERICA 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL First American (1) Source: Real Capital Analytics ULI Real Estate Economic Forecast October 2022 (includes purchase transactions over $2.5 million only) 11#12Investment Income Expected to Remain Elevated $140 $160 Title Segment -Investment Income (1) Fed Funds Rate $120 $100 Each 25 basis point Fed move impacts investment income by ~$15 - $20 million/year(2) Title Segment Investment Income ($ in Millions) $80 $60 $40 $20 520 in Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 12 (1) Excludes affiliated investments (See reconciliation in Appendix). ลล (2) Company estimate. 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 Q3 '21 Q4'21 Q1'22 Q2'22 Q3 '22 Q4'22 Q1'23 Q2 '23 Q3 '23 6.0% 5.5% 5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% Fed Funds Rate 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#1313 AGENDA Strong Track Record of Results Through the Cycle Key Markets at Trough Levels Due to High Interest Rates 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 Expand Data Advantage to Strengthen the Core and Pursue Growth Opportunities Manage and Actively Invest in Complementary Businesses Where First American has a Strategic Advantage Deploy Our Capital to Maximize Long-Term Shareholder Returns Innovation 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 and Settlement Services Maintain and grow profitable market share Opportunistically expand use of multi-brand marketing Focus on innovation to lead the 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 agents and servicers to improve their risk profile and our returns 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#16Expand Data Advantage to Strengthen the Core and Pursue Growth Opportunities 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 16 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#1717 First American has Strongest Data Foundation in the Industry No. of counties Population (%) Market position Assessor/property ownership 3,142 100 1st Proprietary title plants 1,700 79 1st Deeds, Mortgages, Foreclosures 3,108 99 1st Assignments and releases. 2,710 Parcel Boundaries 3,118 Homeowner associations 2,402 Active real estate listings 650K Assessor Maps 1,040 Document images (8.1B total) 1,915 85 899 89666 99 1st 99 1st 99 1st 85 1st 70 1st 1st 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 33 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. Bank, ServiceMac) 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#2121 Dividends DIVIDENDS PER SHARE $2.25 $2.06 $2.10 $1.94 $2.00 $1.78 $1.75 $1.60 $1.68 $1.50 $1.25 $1.00 $0.75 2018 2019 2020 2021 2022 2023E 100% 80% PAYOUT RATIO 60% 38% 40% 27% 29% 17% 20% 0% 2018 2019 2020 2021 83% Note: 2023E is based on current dividend and EPS consensus of $4.15 51% 2022 2023E 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 always increasing the dividend each year 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#2222 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 Share Repurchases Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Repurchase Summary Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 SHARE REPURCHASE HISTORY ■ Share repurchases will be dependent upon capital levels, market conditions and alternative uses of capital, among other factors ■ A new $400 million share repurchase authorization was approved by board of directors in June 2022, resulting in total authorization remaining of $232 million as of September 30, 2023 Apr-22 Jul-22 Oct-22 Jan-23 2018/2019 2020 Shares purchased Total amount 0.5 million 3.2 million $20.9 million Avg. price per share $44.20 $138.6 million $43.44 2021 1.7 million $99.0 million $58.05 Apr-23 Jul-23 2022 7.5 million $441.0 million $58.65 2023-Q3 1.0 million $55.0 million $55.62 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) Strong balance sheet with ample liquidity and financial flexibility ■ Commitment to return capital to shareholders 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#2424 APPENDIX#25Title Segment Net Investment Income Non-GAAP Reconciliation $ in Millions Net Investment Income Less: Affiliate Investments Adjusted Net Investment Income Q1'20 Q2'20 Q3'20 $59.7 $43.2 $44.7 (0.1) 1.2 2.4 2.2 Q4'20 Q1'21 $51.6 $42.7 1.1 Q4'21 2.4 Q2'21 Q3'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 $47.5 $49.8 $48.4 $52.7 $69.3 $105.2 $131.8 $124.6 $141.9 $141.7 2.5 0.8 3.6 3.1 3.2 1.0 0.5 1.2 2.3 $59.8 $42.0 $42.3 $49.4 $41.6 $45.0 $47.3 $47.5 $49.1 $66.2 $102.0 $130.8 $124.1 $140.6 $139.4 Net Investment Income Less Affiliate Investments Net Investment Income Less: Affiliate Investments Adjusted Net Investment Income Q1'16 Q2 '16 Q3'16 $24.9 $27.5 $29.0 0.9 2.1 2.8 Q4 '16 Q1 '17 Q2 '17 $29.4 $26.6 $34.7 2.4 1.6 1.8 Q3 '17 $37.9 1.1 Q4 '17 Q1 '18 Q2 '18 Q3'18 Q4'18 $38.3 $41.4 $51.7 $60.9 $69.3 (0.8) (0.3) 1.0 1.5 0.5 Q1'19 Q2'19 Q3'19 $70.1 $71 $72 (0.2) 0.3 Q4'19 $69.8 1.6 1.0 $24.0 $25.4 $26.2 $27.0 $25.0 $32.9 $36.8 $39.0 $41.7 $50.7 $59.3 $68.8 $70.2 $70.6 $70.4 $68.8 25 25 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#2626 INSURANCE PORTFOLIO Investment Portfolio CONSOLIDATED PORTFOLIO Municipal 16% Corporate 15% Gov't Agency 0%. US Treasury 4% Gov't Agency 3% US Treasury 2% Foreign 3% Equity 5% $7.6B Bank Loans 2% Avg. Rating: Duration: Book Yield: AA 4.9 yrs. 2.9% Gov't Agency MBS 54% Note: Debt and equity securities as of September 30, 2023 Avg. Rating: Duration: Book Yield: Municipal 16% Corporate 22% $2.9B Equity 14% Gov't Agency Avg. Rating: AA- MBS Duration: 5.6 yrs. 32% Book Yield: 3.9% Foreign 7% Bank Loans. 5% BANK PORTFOLIO Corporate Municipal 12% Gov't Agency 4% 16% AA 4.6 yrs. 2.3% $4.8B Gov't Agency MBS AMERICA 68% 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL First American#2727 Capital Structure As of September 30, 2023 ($ in Millions) Management targets debt-to-capital ratio of 18-20% (excluding secured financings payable) Supports target financial strength ratings 4.6% Senior Notes Due 2024 $300 4.0% Senior Notes Due 2030 $450 2.4% Senior Notes Due 2031 $650 Unamortized Discounts and Debt Issuance Costs ($11) ☐ Trust Deed Notes $1 Other Notes $2 Revolving Credit Facility $0 Notes and Contracts Payable $1,392 ☐ Secured Financings Payable (SFP) $530 Total Debt $1,923 Total Equity $4,542 Debt-to-Total Cap Ratio (GAAP) 29.7% Debt-to-Total Cap Ratio (excluding SFP) 23.5% $900 million revolving credit facility 100% available New, expanded senior credit agreement closed in May 2023 Significant financial flexibility to seize strategic opportunities 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American#28Ultimate Loss Ratios by Policy Year Ultimate Loss Ratios by Policy Year 14.0% 12.0% 9.7% 10.0% 0.3% 8.0% 13.2% 0.5% 11.3% 0.4% 9.8% 0.5% Paid to Date Ultimate Loss Ratio - Policy Year Paid Losses Calendar Year 400 350 300 250 200 12.8% 6.4% 0.4% 6.0% 10.9% 5.3% 0.4% 5.2% 0.5% 5.3% 0.8% 9.4% 9.3% 3.8% 3.9% 4.0% 3.5% 3.7% 3.6% 3.7% 0.5% 0.7% 6.0% 3.2% 0.8% 5.2% 5.1% 150 4.3% 3.8% 100 1.1% 4.2% 1.4% 4.2% 1.8% 2.1% 4.9% 4.7% 3.7% 4.4% 2.0% 3.4% 50 3.3% 3.1% 2.4% 2.4% 2.2% 1.8% 1.6% 1.0% 0.8% 0.6% 0.3% 0.0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 28 Note: Ultimate loss ratios are estimates and calculated as a percentage of title premiums and escrow fees for a given policy year as of August 31, 2023 2018 2019 2020 2021 2022 2023E Paid Losses by Calendar Year ($ in Millions) AMERICA 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL First American#29DIRECT First American Financial Total Revenue 29 $1.1B Other 16% $1.1B Commercial 14% $0.2B FAMS 3% $7.6B $3.5B Agent 46% $1.7B Direct 21% AGENCY $6.5B U.S. Title 86% U.S. TITLE $ in Billions COMMERCIAL MORTGAGE SOLUTIONS Total Revenue Trend $8.0 $7.2 $6.5 $7.0 1.0 $5.6 $6.0 0.4 $4.8 $4.6 12 17 1.1 0.2 0.6 $5.0 0.3 2.1 0.8 1.7 0.8 $4.0 0.2 0.2 1.8 $3.0 1.4 1.3 $2.0 3.7 3.5 2.7 $1.0 2.3 2.4 $0.0 2018 2019 2020 2021 2022 Agent Direct IFA Mortgage Solutions Commercial AMERICA First American#3030 First American Financial Total Revenue Specialty Segment 6% $0.4B $7.6B HOME WARRANTY $ in Millions $450 Total Revenue Trend $400 $350 $300 $250 422 $200 419 394 370 344 $150 $100 $50 $0 2018 2019 2020 2021 2022 Home Warranty AMERICA First American#3131 2022 Revenue Breakdown FIRST AMERICAN FINANCIAL TITLE SEGMENT $8.0 $7.0 $6.0 $5.0 $4.0 $7.5 $3.0 $2.0 $1.0 $0.4 $0.0 -$0.4 -$1.0 Title Segment Specialty Segment | Corporate Segment Other 4% International 6% Data & Analytics 4% Agency 46% $7.5B U.S. Title Direct Mortgage Solutions Commercial 14% 23% 3% 22 SQUARE PEDESTAL 24% SQUARE PEDESTAL 35 SOLARE PEDESTAL AMERICA First American