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Fidelity National Financial, Inc.

United States
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported):
January 30, 2008

Fidelity National Financial, Inc.

(Exact name of Registrant as Specified in its Charter)

001-32630
(Commission File Number)


Delaware		16-1725106
(State or Other Jurisdiction of Incorporation or Organization)		(IRS Employer Identification Number)

601 Riverside Avenue
Jacksonville, Florida 32204

(Addresses of Principal Executive Offices)

(904) 854-8100
(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS


	Item 2.02. Results of Operations and Financial Condition
	Item 9.01. Financial Statements and Exhibits
SIGNATURE
EXHIBIT INDEX
EXHIBIT 99.1

Item 2.02. Results of Operations and Financial Condition

On January 30, 2008, Fidelity National Financial, Inc. issued an earnings release announcing its financial results for the three-month and twelve-month periods ended December 31, 2007. The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

A copy of the earnings release is attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits


Exhibit		Description
99.1		Press release announcing Fidelity National Financial, Inc. Reports Fourth Quarter 2007 Results.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	Fidelity National Financial, Inc.
Date: February 1, 2008	By:	/s/ Anthony J. Park
		Name: Anthony J. Park Title: Chief Financial Officer

EXHIBIT INDEX


Exhibit		Description
99.1		Press release announcing Fidelity National Financial, Inc. Reports Fourth Quarter 2007 Results.

Exhibit 99.1

EXHIBIT 99.1

(Fidelity National Financial Press Release)

Fidelity National Financial, Inc. Reports Fourth Quarter 2007 EPS of ($0.21); Results Include a $135.7
Million Charge to Strengthen Reserve for Claim Losses; Fourth Quarter 2007 EPS of $0.28 Before Charge

Jacksonville, Fla. — (January 30, 2008) — Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance, specialty insurance, claims management services and information services, today reported operating results for the three-month and twelve-month periods ended December 31, 2007.


			Pro Forma Three
	Three Months Ended	Three Months Ended	Months Ended
	December 31, 2007	December 31, 2006**	December 31, 2006***
Total revenue	$1.30 billion	$1.80 billion	$1.54 billion
Pre-tax margin	(6.1%)*	7.3%	9.3%
Net earnings (loss)	($44.9 million)*	$71.2 million	$93.4 million
Net earnings (loss) per diluted share	($0.21)*	$0.34	$0.42
Cash flow from operations	$37.4 million	$122.6 million	N/A

*These reported results include the impact of a $135.7 million charge to strengthen the reserve for claim losses.

** The three-month and twelve-month periods ended December 31, 2006, include the results of Fidelity National Information Services, Inc. (“FIS”) through October 23, 2006, as FIS was a majority-owned subsidiary of FNF for that portion of those periods. The three-month and twelve-month periods ended December 31, 2006, also include all transaction costs related to the reorganization completed in the fourth quarter of 2006.

*** A complete pro forma summary of earnings for the three-month and twelve-month periods ended December 31, 2006, excluding the results of FIS, the minority interest expense related to Fidelity National Title Group, Inc. (“FNT”) and all transaction costs related to the reorganization completed in the fourth quarter of 2006, is included later in this press release.


		Three Months Ended
		December 31, 2007
Net loss		($44.9 million)
After-tax impact from charge to strengthen loss reserves		$104.0 million
Net earnings, excluding the charge to strengthen loss reserves		$59.1 million
Net earnings per diluted share, excluding the charge to strengthen loss reserves		$0.28****

**** The net earnings per diluted share figure was calculated using a 26.5% annual tax rate


	Twelve Months	Twelve Months	Pro Forma Twelve
	Ended December 31,	Ended December 31,	Months Ended
	2007	2006**	December 31, 2006***
Total revenue	$5.52 billion	$9.44 billion	$6.33 billion
Pre-tax margin	3.2%*	10.0%	10.6%
Net earnings	$129.8 million*	$437.8 million	$431.4 million
Net earnings per diluted share	$0.59*	$2.39	$1.94
Cash flow from operations	$341.9 million	$721.1 million	N/A

The following are summary financial and operational results for the current operating segments of FNF for the three-month and twelve-month periods ended December 31, 2007, and 2006:

Fidelity National Title Group (“FNT”)


	Three Months Ended	Three Months Ended
	December 31, 2007	December 31, 2006
Total revenue	$1.17 billion	$1.44 billion
Pre-tax earnings (loss)	($65.9 million)*	$155.7 million
Pre-tax margin	(5.6%)*	10.8%
Pre-tax earnings before reserve charge	$69.9 million	N/A
Pre-tax margin before reserve charge	6.0%	N/A

*These reported results include the impact of a $135.7 million charge to strengthen the reserve for claim losses.


	Twelve Months Ended	Twelve Months Ended
	December 31, 2007	December 31, 2006
Total revenue	$5.01 billion	$5.90 billion
Pre-tax earnings	$185.9 million**	$650.3 million
Pre-tax margin	3.7%**	11.0%
Pre-tax earnings before reserve charges	$403.2 million	N/A
Pre-tax margin before reserve charges	8.1%	N/A

**These reported results include the impact of $217.2 million in charges to strengthen the reserve for claim losses.


Month	Direct Orders Opened		Direct Orders Closed		Closing %
October 2007		172,000		105,500		61	%
November 2007		155,700		92,700		60	%
December 2007		134,300		98,400		73	%

Fourth Quarter 2007		462,000		296,600		64	%


Month	Direct Orders Opened		Direct Orders Closed		Closing %
October 2006		226,900		147,100		65	%
November 2006		207,100		136,900		66	%
December 2006		182,800		143,600		79	%

Fourth Quarter 2006		616,800		427,600		69	%


	Open		Closed		Commercial
	Commercial		Commercial		Revenue		Commercial
	Orders		Orders		(In thousands)		Fee Per File
4th Quarter 2007		12,900		8,300	$	98,400	$	11,900
4th Quarter 2006		12,700		8,400	$	89,900	$	10,700

• The preceding table only includes commercial activity from FNF’s commercial offices in the national commercial division and does not attempt to capture commercial activity in our local offices.

Specialty Insurance


	Three Months Ended	Three Months Ended
	December 31, 2007	December 31, 2006
Total revenue	$92.9 million	$94.7 million
Pre-tax earnings	$3.4 million	$5.0 million
Pre-tax margin	3.7%	5.3%


	Twelve Months Ended	Twelve Months Ended
	December 31, 2007	December 31, 2006
Total revenue	$402.7 million	$410.2 million
Pre-tax earnings	$53.0 million	$72.0 million
Pre-tax margin	13.2%	17.6%

“2007 turned out to be a very challenging year for some of our businesses and yet, a positive year for others,” said Chairman of the Board William P. Foley, II. “On the challenging side, our title insurance business clearly faced the most adversity, but we remained true to our operating strategy and continued to focus on operating metrics in our efforts to maximize the profitability of our title insurance operations. While we aspire to produce higher pre-tax margins than we achieved in the second half of the year, those results were commendable given the extremely challenging macroeconomic environment and still make FNF the clear leader in profitability in the title insurance industry. We did find it necessary to strengthen our reserve for claim losses as we continued to experience adverse loss development in the fourth quarter, particularly for policy years 2005-2007, as the expected ultimate loss ratio for those policy years worsened to approximately 7.5% during the fourth quarter.”

“The specialty insurance business achieved solid results as the consistent streams of revenue and earnings from the flood insurance operation were offset by higher losses in the homeowners’ business, primarily due to the southern California wildfires. Despite these loss difficulties, the homeowners’ operation remained profitable throughout 2007 and the entire specialty insurance operation generated greater than a 13% pre-tax margin.”

“Our two minority-owned investments benefited from the long-term, contractual nature of their revenue streams from outside of the mortgage and real estate industries. Sedgwick grew to a more than $660 million annual revenue business, the largest third party administrator in the country, with annual revenue growth of 34%, annual organic revenue growth of 8%, solid EBITDA margins of approximately 15% and client retention rates of greater than 98%. Additionally, we closed our minority investment in Ceridian in November and we are excited

about the implementation of a four point cost reduction plan. The successful execution of this cost reduction plan will lead to material margin improvement and we look forward to Ceridian capitalizing on that opportunity during 2008. While we experienced some difficult operating environments in 2007, we are excited about the long-term prospects of all of our businesses and remain committed to our underlying goal of continually maximizing the value of all of the assets of FNF for the ultimate benefit of our shareholders.”

Fidelity National Financial, Inc. (NYSE:FNF), is a leading provider of title insurance, specialty insurance, claims management services and information services. FNF is one of the nation’s largest title insurance companies through its title insurance underwriters — Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title — that issue approximately 28 percent of all title insurance policies in the United States. FNF also provides flood insurance, personal lines insurance and home warranty insurance through its specialty insurance business. FNF also is a leading provider of outsourced claims management services to large corporate and public sector entities through its minority-owned subsidiary, Sedgwick CMS. FNF is also a leading information services company in the human resource, retail and transportation markets through another minority-owned subsidiary, Ceridian Corporation. More information about FNF can be found at www.fnf.com.

This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets; adverse changes in

the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on operating subsidiaries as a source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.

SOURCE: Fidelity National Financial, Inc.
CONTACT: Daniel Kennedy Murphy, Senior Vice President, Finance and Investor Relations,
904-854-8120, dkmurphy@fnf.com

FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY OF EARNINGS
(In thousands, except per share amounts and order information)


	Three months ended					Twelve months ended
	December 31,					December 31,
	2007			2006		2007			2006
	(Unaudited)					(Unaudited)
Direct title premiums	$	343,602		$	477,649	$	1,601,768		$	1,957,064
Agency title premiums		521,084			651,019		2,198,690			2,649,136

Total title premiums		864,686			1,128,668		3,800,458			4,606,200
Escrow, title-related and other fees		295,935			264,201		1,132,415			1,114,047

Total title and escrow		1,160,621			1,392,869		4,932,873			5,720,247

Transaction processing services		—			261,732		—			3,094,370
Specialty insurance		88,854			90,543		386,427			394,613
Interest and investment income		40,618			54,050		186,252			208,309
Realized gains and losses		6,009			2,817		18,458			18,562

Total revenue		1,296,102			1,802,011		5,524,010			9,436,101

Personnel costs		385,240			592,384		1,700,935			3,225,319
Other operating expenses		294,848			368,964		1,109,438			2,075,101
Agent commissions		399,875			497,934		1,698,215			2,035,423
Depreciation and amortization		37,198			55,980		130,092			460,750
Claim loss expense		240,381			129,124		653,876			486,334
Interest expense		17,747			26,436		54,941			209,972

Total expenses		1,375,289			1,670,822		5,347,497			8,492,899

Earnings before income taxes		(79,187	)		131,189		176,513			943,202
Income tax expense		(34,665	)		48,802		46,776			350,871
Minority interest		415			11,189		(32	)		154,570


Net earnings		($44,937	)		71,198		129,769			437,761


Net earnings per share — basic		($0.21	)	$	0.34	$	0.60		$	2.40

Net earnings per share — diluted		($0.21	)	$	0.34	$	0.59		$	2.39


Weighted average shares — basic		212,363			207,420		216,583			182,031

Weighted average shares — diluted		214,624			210,200		219,989			182,861


Direct operations orders opened		462,000			655,500		2,259,800			3,146,200
Direct operations orders closed		296,600			448,800		1,434,800			2,051,500
Fee per file	$	1,693		$	1,559	$	1,635		$	1,428
Actual title claims paid	$	111,343		$	72,542	$	334,500		$	251,709

FIDELITY NATIONAL FINANCIAL, INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)


Three Months Ended							Specialty			Corporate
December 31, 2007	Consolidated			FNT			Insurance			and Other
Gross operating revenue	$	1,249,475		$	1,129,064			88,854			31,557

Interest and investment income		40,618			40,211			3,979			(3,572	)
Realized gains and losses		6,009			2,934			26			3,049

Total revenue		1,296,102			1,172,209			92,859			31,034

Personnel costs		385,240			358,216			11,252			15,772
Other operating expenses		294,848			242,466			36,484			15,898
Agent commissions		399,875			399,875			—			—
Depreciation and amortization		37,198			33,545			1,623			2,030
Claim loss expense		240,381			200,588			39,792			1
Interest expense		17,747			3,382			281			14,084

Total expenses		1,375,289			1,238,072			89,432			47,785

Pretax earnings		(79,187	)		(65,863	)		3,427			(16,751	)

Pretax margin		(6.1	%)		(5.6	%)		3.7	%		—

Open orders		462,000			462,000			—			—
Closed orders		296,600			296,600			—			—


Twelve Months Ended							Specialty			Corporate
December 31, 2007	Consolidated			FNT			Insurance			and Other
Gross operating revenue	$	5,319,300		$	4,835,032		$	386,427		$	97,841

Interest and investment income		186,252			167,341			16,231			2,680
Realized gains and losses		18,458			5,080			23			13,355

Total revenue		5,524,010			5,007,453			402,681			113,876

Personnel costs		1,700,935			1,594,516			45,499			60,920
Other operating expenses		1,109,438			891,838			144,992			72,608
Agent commissions		1,698,215			1,698,085			—			130
Depreciation and amortization		130,092			120,223			6,046			3,823
Claim loss expense		653,876			502,250			151,626			—
Interest expense		54,941			14,597			1,478			38,866

Total expenses		5,347,497			4,821,509			349,641			176,347

Pretax earnings		176,513			185,944			53,040			(62,471	)

Pretax margin		3.2	%		3.7	%		13.2	%		—

Open orders		2,259,800			2,259,800			—			—
Closed orders		1,434,800			1,434,800			—			—

FIDELITY NATIONAL FINANCIAL, INC.
SEGMENT INFORMATION
(In thousands)
(Unaudited)


Three Months Ended													Specialty			Corporate
December 31, 2006	Consolidated			Eliminations			FNT			FIS			Insurance			and Other
Gross operating revenue	$	1,745,144		$	(15,107	)	$	1,399,808		$	276,840		$	90,543		$	(6,940	)

Interest and investment income		54,050			—			45,001			6,094			4,105			(1,150	)
Realized gains and losses		2,817			—			(1,138	)		(4,151	)		67			8,039

Total revenue		1,802,011			(15,107	)		1,443,671			278,783			94,715			(51	)

Personnel costs		592,384			(1,472	)		435,085			111,452			11,354			35,965
Other operating expenses		368,964			(7,355	)		224,524			103,465			32,317			16,013
Agent commissions		497,934			(6,280	)		511,697			—			—			(7,483	)
Depreciation and amortization		55,980			—			27,174			25,259			1,576			1,971
Claim loss expense		129,124			—			85,134			11			43,979			—
Interest expense		26,436			—			4,320			12,265			464			9,387

Total expenses		1,670,822			(15,107	)		1,287,934			252,452			89,690			55,853

Pretax earnings		131,189			—			155,737			26,331			5,025			(55,904	)

Pretax margin		7.3	%		—			10.8	%		9.4	%		5.3	%		—

Open orders		655,500			—			616,800			38,700			—			—
Closed orders		448,800			—			427,600			21,200			—			—


Twelve Months Ended													Specialty			Corporate
December 31, 2006	Consolidated			Eliminations			FNT			FIS			Insurance			and Other
Gross operating revenue	$	9,209,230		$	(185,760	)	$	5,717,622		$	3,280,373		$	394,613		$	2,382

Interest and investment income		208,309			—			167,007			9,594			15,565			16,143
Realized gains and losses		18,562			—			14,627			(820	)		17			4,738

Total revenue		9,436,101			(185,760	)		5,899,256			3,289,147			410,195			23,263

Personnel costs		3,225,319			(19,267	)		1,789,805			1,357,397			45,145			52,239
Other operating expenses		2,075,101			(101,772	)		891,111			1,115,190			144,702			25,870
Agent commissions		2,035,423			(64,721	)		2,099,244			—			—			900
Depreciation and amortization		460,750			—			110,487			343,563			6,254			446
Claim loss expense		486,334			—			345,578			436			140,625			(305	)
Interest expense		209,972			—			12,755			154,195			1,443			41,579

Total expenses		8,492,899			(185,760	)		5,248,980			2,970,781			338,169			120,729

Pretax earnings		943,202			—			650,276			318,366			72,026			(97,466	)

Pretax margin		10.0	%		—			11.0	%		9.7	%		17.6	%		—

Open orders		3,146,200			—			2,661,300			484,900			—			—
Closed orders		2,051,500			—			1,777,900			273,600			—			—

FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY BALANCE SHEET INFORMATION
(In thousands, except per share amounts)


	December 31,		December 31,
	2007		2006
	(Unaudited)
Cash and investment portfolio	$	4,671,383	$	4,798,195
Goodwill		1,339,705		1,154,298
Title Plant		331,888		324,155
Total assets		7,596,689		7,259,559
Notes payable		1,167,739		491,167
Reserve for claim losses		1,388,471		1,220,636
Secured trust deposits		689,935		905,461
Total stockholders’ equity		3,244,088		3,474,368
Book value per share		15.23		15.75

FIDELITY NATIONAL FINANCIAL, INC.
UNAUDITED PRO FORMA SUMMARY OF EARNINGS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2006
(In thousands except per share amounts)


						FNF Capital
						pro forma			Other Pro
			FIS pro forma			adjustments			Forma						FNF
	Historical FNF		adjustments(1)			(2)			Adjustments			Notes			Pro Forma
Total title and escrow	$	1,381,669		($6,281	)		—		$	6,280			(3	)	$	1,381,668
Transaction processing		261,732		(270,559	)		—			8,827			(3	)		—
Specialty insurance		90,543		—			—			—						90,543
Interest and investments income		54,050		(6,094	)		(9	)		—						47,947
Realized gains and losses		2,817		4,151			—			—						6,968
Other income		11,200		—			(607	)		—						10,593

Total revenue	$	1,802,011		($278,783	)		(616	)	$	15,107					$	1,537,719

Personnel costs		592,384		(111,452	)		(319	)		1,472			(4	)		454,924
										(27,161	)		(5	)

Other operating expenses		368,964		(103,465	)		(41	)		7,355			(4	)		261,253
										(11,560	)		(5	)

Agent commissions		497,934		—			—			6,280			(6	)		504,214
Depreciation and amortization		55,980		(25,259	)		—			—						30,721
Provision for claim losses		129,124		(11	)		—			—						129,113
Interest expense		26,436		(12,265	)		(422	)		89			(7	)		13,838

Total expenses		1,670,822		(252,452	)		(782	)		(23,525	)					1,394,063

Earnings before income taxes		131,189		(26,331	)		166			38,632						143,656
Income tax expense		48,802		(9,727	)		48			11,912						51,035
Minority interest		11,189		(11	)		—			(11,982	)		(8	)		(804	)

Net income	$	71,198		($16,593	)		118		$	38,702					$	93,425


Net income per share-basic															$	0.43

Pro forma weighted average shares-basic																219,000	(9)


Net income per share-diluted															$	0.42

Pro forma weighted average shares-diluted																222,000	(9)

FIDELITY NATIONAL FINANCIAL, INC.
UNAUDITED PRO FORMA SUMMARY OF EARNINGS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2006
(In thousands except per share amounts)


						FNF Capital
						pro forma			Other Pro
			FIS pro forma			adjustments			Forma						FNF
	Historical FNF		adjustments(1)			(2)			Adjustments			Notes			Pro Forma
Total title and escrow	$	5,667,669		($64,964	)		—		$	64,721			(3	)	$	5,667,426
Transaction processing		3,094,370		(3,215,409	)		—			121,039			(3	)		—
Specialty insurance		394,613		—			—			—						394,613
Interest and investments income		208,309		(9,594	)		(98	)		—						198,617
Realized gains and losses		18,562		820			—			—						19,382
Other income		52,578		—			(7,591	)		—						44,987

Total revenue	$	9,436,101		($3,289,147	)		(7,689	)	$	185,760					$	6,325,025

Personnel costs		3,225,319		(1,357,397	)		(2,317	)		19,267			(4	)		1,857,711
										(27,161	)		(5	)

Other operating expenses		2,075,101		(1,115,190	)		(744	)		101,772			(4	)		1,040,764
										(20,175	)		(5	)

Agent commissions		2,035,423		—			—			64,721			(6	)		2,100,144
Depreciation and amortization		460,750		(343,563	)		(20	)		—						117,167
Provision for claim losses		486,334		(436	)		—			—						485,898
Interest expense		209,972		(154,195	)		(3,931	)		689			(7	)		52,535

Total expenses		8,492,899		(2,970,781	)		(7,012	)		139,113						5,654,219

Earnings before income taxes		943,202		(318,366	)		(677	)		46,647						670,806
Income tax expense		350,871		(117,836	)		(248	)		5,386						238,173
Minority interest		154,570		30			(211	)		(153,166	)		(8	)		1,223

Net income	$	437,761		($200,560	)		(218	)	$	194,427					$	431,410


Net income per share-basic															$	1.97

Pro forma weighted average shares-basic																219,000	(9)


Net income per share-diluted															$	1.94

Pro forma weighted average shares-diluted																222,000	(9)

FIDELITY NATIONAL FINANCIAL, INC.
NOTES TO UNAUDITED PRO FORMA SUMMARY OF EARNINGS

Notes to Unaudited Pro Forma Summary of Earnings for the Three-Month and Twelve-Month Periods Ended December 31, 2006

This pro forma summary of earnings includes the historical statements of continuing operations of FNF and removes the results of operations of FIS, FNF Capital and FNF minority interest expense relating to FIS and FNT and all transaction costs related to the reorganization completed in the fourth quarter of 2006, as though the reorganization transaction that occurred on October 24, 2006, had occurred on January 1, 2006.

(1)

This column represents the historical results of operations of FIS as included in FNF’s consolidated results of operations for the periods presented.

(2)

This column represents the historical results of operations of FNF Capital as included in FNF’s consolidated results of operations for the periods presented.

(3)

This represents the intercompany revenues relating to various agreements recorded on FIS’ income statement that had already been eliminated from the consolidated results of operations of FNF. These revenues amounted to $15.1 million and $185.8 million, respectively, for the three-month and twelve-month periods ended December 31, 2006.

(4)

This represents the intercompany expenses related to various agreements that were eliminated in the consolidated results of operations of FNF, but are third-party expenses subsequent to the reorganization transaction. These expenses amounted to $8.8 million and $121.0 million, respectively, for the three-month and twelve-month periods ended December 31, 2006.

(5)

This represents transaction costs related to the reorganization, all of which have been excluded from the pro forma summary of earnings. These costs amounted to $38.7 million and $47.3 million, respectively, for the three-month and twelve-month periods ended December 31, 2006.

(6)

This represents the additional agent commissions paid by FNF to FIS that were previously eliminated in the consolidated results of FNF, but are a third-party expense subsequent to the reorganization transaction. These commissions amounted to $6.3 million and $64.7 million, respectively, for the three-month and twelve-month periods ended December 31, 2006.

(7)

This represents intercompany interest expense that is a third-party expense subsequent to the reorganization transaction. These expenses amounted to $0.1 million and $0.7 million, respectively, for the three-month and twelve-month periods ended December 31, 2006.

(8)

This represents the elimination of the minority interest expense recorded by FNF relating to its earnings in FIS and FNT. Minority interest expense relating to FIS was $8.3 million and $96.2 million, respectively, for the three-month and twelve-month periods ended December 31, 2006. Minority interest relating to FNT was $3.7 million and $56.9 million, respectively, for the three-month and twelve-month periods ended December 31, 2006.

(9)

Amounts presented approximate the actual number of basic and diluted weighted average shares outstanding subsequent to the reorganization transaction.

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