Fidelity National Financial, Inc. Reports Third Quarter 2007 EPS of $0.03; Results Include an $81.5 Million Charge to Strengthen Reserve for Claim Losses; Third Quarter 2007 EPS of $0.28 Before Charge

Fidelity National Financial, Inc. Reports Third Quarter 2007 EPS of $0.03; Results Include an $81.5 Million Charge to Strengthen Reserve for Claim Losses; Third Quarter 2007 EPS of $0.28 Before Charge

Jacksonville, Fla. -- (October 24, 2007) -- Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance, specialty insurance and claims management services, today reported operating results for the three-month and nine-month periods ended September 30, 2007.

*These reported results include the impact of an $81.5 million charge to strengthen the reserve for claim losses.

** The three-month and nine-month periods ended September 30, 2006, include the results of Fidelity National Information Services, Inc. ("FIS"), which was a majority-owned subsidiary of FNF during those periods in 2006.

*** A complete pro forma summary of earnings excluding FIS and the minority interest expense related to Fidelity National Title Group, Inc. ("FNT") for the three-month and nine month periods ended September 30, 2006, is included later in this press release.

The following are summary financial and operational results for the current operating segments of FNF for the three-month and nine-month periods ended September 30, 2007, and 2006:

"This quarter presented challenging operating environments for several of our businesses," said Chairman of the Board William P. Foley, II. "Obviously, the mortgage and real estate markets have impacted volumes in our title insurance business and we have responded with significant staffing reductions, eliminating more than 1,700 positions, or 14% of our field staff, during the third quarter. While personnel costs in the title business have been reduced by more than $36 million versus the prior year quarter, many of those positions were eliminated very late in the third quarter, so we won't see the full impact of those additional cost savings until the fourth quarter and into 2008. We also found it necessary to bolster our reserve for claim losses, as the higher claims activity the entire title industry has experienced continued in the third quarter. Our specialty insurance segment also had some operating challenges during the quarter. The personal lines business suffered through higher losses in the third quarter due to increased fire losses in California, particularly in July and August, while the home warranty business suffered from the significant slowdown in the real estate markets, particularly in the west. In summary, the third quarter was a difficult period as several of our companies, particularly the title business, faced tough market conditions. Despite the very difficult environment, our title business was able to generate a 7.1% pre-tax margin before the reserve charge. We manage all of our businesses with a goal to maximize profitability for our shareholders in all environments and will continue to do so in the fourth quarter and into 2008."

Fidelity National Financial, Inc. (NYSE:FNF), is a leading provider of title insurance, specialty insurance and claims management 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. 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

Notes to Unaudited Pro Forma Summary of Earnings for the Three-Month and Nine-Month Periods Ended September 30, 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, 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 $67.3 million and $170.7 million, respectively, for the three-month and nine-month periods ended September 30, 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 $45.7 million and $112.2 million, respectively, for the three-month and nine-month periods ended September 30, 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 $1.9 million and $8.6 million, respectively, for the three-month and nine-month periods ended September 30, 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 $21.6 million and $58.4 million, respectively, for the three-month and nine-month periods ended September 30, 2006.
7. This represents intercompany interest expense that is a third-party expense subsequent to the reorganization transaction. These expenses amounted to $0.2 million and $0.6 million, respectively, for the three-month and nine-month periods ended September 30, 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 $39.7 million and $88.0 million, respectively, for the three-month and nine-month periods ended September 30, 2006. Minority interest relating to FNT was $19.0 million and $53.2 million, respectively, for the three-month and nine-month periods ended September 30, 2006.
9. Amounts presented approximate the actual number of basic and diluted weighted average shares outstanding subsequent to the reorganization transaction.