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Financial Strength Presentation – March 2010

Financial Strength Presentation – March 2010. Current Financial Strength Ratings. * S&P currently has Lawyers Title and Commonwealth Title rated BBB+. Current Financial Strength Ratings. Title Underwriters – Comparative Ratings. FNT – Title Insurance Market Share – 2008*.

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Financial Strength Presentation – March 2010

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  1. Financial Strength Presentation – March 2010

  2. Current Financial Strength Ratings * S&P currently has Lawyers Title and Commonwealth Title rated BBB+

  3. Current Financial Strength Ratings

  4. Title Underwriters – Comparative Ratings

  5. FNT – Title Insurance Market Share – 2008* Fidelity National Financial45.8% *Assumes the acquisition took place on January 1, 2008 Others 9.0% Old Republic 5.5% First American 27.9% Stewart 11.8% Source: Demotech Performance of Title Insurance Companies – 2009 Edition 5

  6. FNT – Market Share Scale Advantage States with 45%+ Market Share Washington 54.6% Maine 40% Montana 37.5% North Dakota 35.8% Vermont 23.2% Minnesota 55.0% Oregon 60.5% New Hampshire 38.4% New York 51.5% Idaho 48.8% Massachusetts 36.6% Wisconsin 46.8% South Dakota 32.9% Connecticut 36.6% Michigan 47.3% Wyoming 24.4% Rhode Island 44.6% Pennsylvania 53.7% Iowa 45.7% New Jersey 49.0% Nebraska 42.6% Nevada 50.8% Ohio 42.3% Indiana 46.2% Delaware 61.4% Utah 30.2% Maryland 49.1% Illinois 52.0% West Virginia 37.5% Colorado 25.4% Virginia47.8% Kansas 41.5% California 45.3% Kentucky 42.8% Missouri 48.1% North Carolina 32.9% Tennessee 48.5% Arkansas 48.8% Oklahoma 34.4% Arizona 54.9% South Carolina 55.0% New Mexico 58.2% Mississippi 29.6% Alabama 45.5% Georgia 55.6% Louisiana 43.7% Hawaii 46.7% Texas 52.7% Florida 38.7% Alaska 13.1% Source: Demotech Performance of Title Insurance Companies - 2009 Edition 6

  7. Lawyers/Commonwealth Integration Completed in first half of 2009 Eliminated approximately 2,300 positions, or more than 40% of 5,500 inherited employees Cancelled approximately 3,400 agents, nearly 45% of existing Lawyers/Commonwealth agents– this group represented only 9% of 2008 net premiums and 36% of claims Nearly $265 million in run-rate cost synergies Lawyers/Commonwealth operations now produce similar profitability as legacy FNF underwriters 7

  8. FNF Financial Overview

  9. Pre-Tax Earnings – Title Comparison $370 $152 $ IN MILLIONS, excluding non-recurring loss reserve charges or benefits N/A First American FNF Old Republic Stewart ($42) Full Year 2009

  10. FNF Financial Overview *Debt to total capital ratio of 21%

  11. Balance Sheet – Outstanding Debt at December 31, 2009

  12. Reserve for Claim Losses Comparison $2,541 $1,255 $ IN MILLIONS $503 N/A First American FNF Old Republic Stewart December 31, 2009

  13. Investment Portfolio Comparison $4,888 $3,449 $ IN MILLIONS $606 N/A Old Republic Stewart First American FNF December 31, 2009

  14. Underwriter Surplus – December 2009

  15. Title Underwriters – Statutory Comparison December 2009

  16. Title Underwriters – Statutory Comparison for Full Year 2009

  17. Title Underwriters – Statutory Comparison December 2009

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