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LandAmerica Acquires Large Southern California Title Agency

COSTA MESA, Calif. - November 19, 2003 - LandAmerica Financial Group, Inc. (NYSE:LFG), a leading provider of real estate transaction services, today announced the purchase of Gateway Title Company and its sister companies GT Service Corporation and Escrow Support Network, all California corporations (collectively "Gateway").

RSM EquiCo served as the exclusive financial advisor to Gateway, initiating, negotiating and structuring the transaction.

Headquartered in Burbank, California, Gateway was formed in 1967 and its present shareholders have owned it since 1981. The company operates in six counties in southern California (Los Angeles, Orange, Riverside, San Bernardino, Ventura, and San Diego) with 33 title and escrow offices and approximately 450 employees. In 2002, Gateway's gross revenue totaled $50 million and as of September 30, it has already eclipsed this total for 2003. Gateway's senior management team will remain in place and continue to run the new operation.

"We are excited and pleased that Gateway is now a part of the LandAmerica family. Gateway selected LandAmerica because its management, technology, and expanded services will directly benefit our customers," says Martin S. Evans, Chairman and CEO of Gateway. "LandAmerica will provide a great home for our employees and our customers. We are now ready to meet the challenges of the 21st century."

Janet Alpert, President of LandAmerica, is equally enthusiastic about the acquisition. "LandAmerica is extremely pleased with the purchase of Gateway. Gateway provides LandAmerica with the opportunity to expand in Southern California through our underwriter, Transnation Title Insurance Company. In addition, Gateway shares the LandAmerica commitment to offering customers consistently outstanding service."

About LandAmerica Financial Group, Inc.

LandAmerica Financial Group, Inc., headquartered in Richmond, Virginia, is a leading provider of title insurance and a broad range of real estate-related products and services. LandAmerica, through its subsidiaries Commonwealth Land Title Insurance Company, Lawyers Title Insurance Corporation and Transnation Title Insurance Company, services its residential and commercial customers with more than 700 offices and a network of 10,000 agents throughout the United States, Canada, Mexico, the Caribbean, Central and South America. More information about the company and an archive of its press releases can be found at www.landam.com

About RSM EquiCo, Inc.

RSM EquiCo is a leading global investment banking firm serving private middle-market companies throughout North America. With more than 400 professionals and support personnel, we specialize in mergers, acquisitions and divestitures for non-public companies with up to $500 million in annual revenues. Based in Costa Mesa, California, with additional offices in Chicago and London, RSM EquiCo is part of RSM McGladrey Business Services, a business segment of H&R Block Inc.

 

 

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