Fidelity National Financial, IRVINE

Nature of Business: Holding company for Fidelity National Title Insurance Company. Total Employees: 2,800 In Orange County: 310 Stock Listing in The Times: On AMEX as “FidlFn” Ticker Symbol: “FNF” Friday’s Close: $23.38 One-Week Change: Up $1 Analyst Review: “This company was cobbled together by William Foley and Frank Willey in a leveraged buyout of several title insurance companies seven years ago. I’m fascinated by Foley and Willey. These guys are part of that small group that has the so-called ‘right stuff’. They have the ability to manage in a way that enhances quality of earnings. They wanted companies that focused on residential properties and that operated through branch offices. Right now they plan to buy the Meridian and American title insurance companies, whose assets are around $100 million--which should almost double Fidelity’s size. What’s so exciting about Fidelity is that they already have their fixed-costs in place because of the branch system. I estimate right now they’re probably doing 40- to 50-cents per share per month in after-tax earnings. This stock is an excellent investment . “ -- Chuck Ronson, securities analyst , Baird, Patrick & Co. Inc., New York

SALES VS. PROFITS

Fiscal year ending Oct. 31 Oct. 31 Oct. 31 3 Qtrs. 3 Qtrs. 1988 1989 1990 1990 1991 Net Revenue $135.0 $163.2 $183.3 $133.9 $150.0 Net Profit (Loss) $2.5 $5.0 $5.2 $3.6 $3.6

Corporate Outlook: “Since 1984, we have had a compounded growth in excess of 24%. It’s hard to maintain that rate by growing internally, so we have chosen to expand geographically. Our analysis revealed that 11 states generate over 75% of the total title insurance premium dollars; of that California does 30%. The other key states are Texas and Florida. We just acquired a title operation in Dallas , and the American-Meridian transaction will give us direct access into Florida. Additionally, American-Meridian’s balance sheet includes about $80 million in cash and short-term investments. This industry is in a state of flux. When everything is said and done, there will probably be five or six major players who will do about 90% of the business. And we’ll be one of them.” --William P. Foley, II, president/CEO

RETURN ON INVESTMENT: 3-YEAR SUMMARY AND YEAR-TO-DATE:

Fiscal year ending Oct. 31 Oct. 31 Oct. 31 3 Qtrs. 1988 1989 1990 1990 52-Week High $5.91 $9.31 $11.14 $11.14 52-Week Low $4.31 $5.45 $7.95 $7.95 Book Value Per Share $6.79 $7.94 $8.97 $8.33 Price Per Share $5.56 $8.30 $9.31 $10.56 Net Earnings Per Share $0.64 $1.42 $1.61 $1.00 Price-to-Earnings Ratio 9:1 6:1 6:1 8:1 Avg. Return on Investor Equity 9% 18% 18% 16%

Fiscal year ending 3 Qtrs. 1991 52-Week High $17.00 52-Week Low $7.39 Book Value Per Share $9.23 Price Per Share $15.50 Net Earnings Per Share $1.06 Price-to-Earnings Ratio 12:1 Avg. Return on Investor Equity 14%

Source: Fidelity National Financial Inc. For more information call or write, Fidelity National Financial Inc.: 2100 S.E. Main St., Suite 400, Irvine, Calif., 92714. (714) 852-9770