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BRIEFLY

September 23, 1987

Calmat Co. said its board has authorized Calmat management and its advisers to examine new initiatives to provide increased value to its shareholders. The board also adopted a common stock purchase rights plan for Calmat shareholders whereby shareholders would receive one common stock purchase right for each outstanding share of Calmat common stock. Each right will entitle the holder to buy one newly issued share of the company's common stock at an exercise price of $90. The rights will be exercisable only if a person or group acquires 25% or more of Calmat's common stock or announces a tender offer for 30% or more of the common stock.

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