Fidelity National Financial, Inc. to Present at U.S. Bancorp Piper Jaffray Conference

Business Wire, June 10, 1999

MINNEAPOLIS--(BUSINESS WIRE)--June 10, 1999--

Fidelity National Financial, Inc. Issued the Following:

Fidelity National Financial, Inc. (NYSE:FNF) is engaged in the business of issuing title insurance and providing title-related services through its four principal underwriting subsidiaries: Fidelity National Title Insurance Company, Fidelity National Title Insurance Company of New York, Alamo Title Insurance and Nations Title Insurance of New York, Inc. Fidelity is an industry leader and continues to increase revenue and earnings with strategic market share increasing acquisitions and through the addition of diversified real estate related products which expand its ancillary services.

In fiscal 1998 the Company realized the highest earnings and revenues in its history. Revenues for the year ended December 31, 1998 were $1,288,465,000 an increase of 49.3% over 1997 revenues while earnings increased 123.1% from $50,450,000 to $112,530,000 (excluding non-recurring merger related expenses related to the Alamo Title Holding Company and Granite Financial, Inc. acquisitions).

Fidelity continued its stellar performance when it reported record first quarter 1999 earnings and revenues. Earnings for the three-month period ended March 31, 1999 were $20,030,000 or $.60 per diluted share compared to earnings of $17,304,000 or $.53 per diluted share for the first quarter of 1998. Revenue reached $344,274,000 for first quarter 1999. Revenue for the same period in 1998 was $262,213,000.

On August 20, 1998, Fidelity National Financial, Inc. acquired Alamo Title Holding Company and its subsidiaries including Alamo Title Insurance. The merger resulted in Fidelity becoming the second largest underwriter in the state of Texas. Fidelity is a dominant competitor in each of the four largest markets in the nation which comprise almost 50% of the U.S. title market.

On February 26, 1998, Fidelity National Financial, Inc. completed a merger of Granite Financial, Inc. into a wholly-owned subsidiary of Fidelity National Financial, Inc. as part of a long range plan to balance revenue and income through complimentary businesses counter-cyclical to the interest rate sensitivity of the title business. Granite Financial, Inc. is an industry consolidator in the $48 billion small-ticket lease finance market. The Granite Financial companies are engaged in the business of originating, purchasing, funding, selling and servicing small ticket equipment leases for a broad range of businesses.

In the fourth quarter of 1997 Fidelity greatly expanded its ancillary service platform through the acquisition of two credit companies, a flood certification company and a courier service. The Fidelity lender information network provides a broad range of services for loan originations, loan servicing and foreclosure services. Included within this network are title related services including escrow, collection and trust activities, real estate information and technology services, trustee sales guarantees, credit reporting, attorney services, flood certification, real estate tax services, reconveyance and tracking services, recordings, foreclosure publishing and posting services, exchange intermediary services and miscellaneous property record research.