FNF Fidelity National Financial Inc

FNF Announces Receipt of Favorable IRS Ruling on Tax-Free Nature of Intended FIS Spin-Off JACKSONVILLE, Fla., June 15 /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. (NYSE:FNF) today announced that the Internal Revenue Service ("IRS") has provided a favorable private letter ruling on the tax-free nature of FNF's intended distribution of all of its remaining ownership interest in Fidelity National Information Services, Inc. ("FIS") to FNF common stockholders after the successful completion of the intended initial public offering of FIS. This favorable ruling is based solely on the information FNF submitted to the IRS in its request for ruling on certain federal income tax consequences. "This IRS ruling is a very important step in the IPO of FIS and subsequent spin-off of all of FNF's ownership interest in FIS to FNF shareholders and we are pleased to have received this ruling in such a timely manner," said FNF Chairman and Chief Executive Officer William P. Foley II. The contemplated spin-off of all of FNF's remaining ownership interest in FIS to FNF common stockholders is subject to various other conditions and there can be no assurance that the conditions will be satisfied or that FNF will consummate the distribution. These conditions include a requirement that FNF receive a favorable legal opinion regarding certain matters as to which the IRS made assumptions in the ruling. In any event, FNF has no obligation to consummate the distribution, whether or not these conditions are satisfied. This press release contains statements related to future events and expectations that constitute forward-looking statements. These forward- looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual events, results, performance or achievements to be different from those expressed or implied above. FNF expressly disclaims any duty to update or revise forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, the economy, changes in the market for equity offerings, competition, the possibility that conditions to the distribution will not be met, the impact of the offering and the distribution on FNF and FIS and their respective businesses and other risks, including those detailed from time to time in the "Management's Discussion and Analysis" section of FNF's Form 10-K and other reports and filings with the Securities and Exchange Commission. The proposed initial public offering and distribution are subject to a number of conditions and approvals and there can be no assurance as to whether, or when the conditions or approvals will be satisfied. This press release does not constitute an offer of any securities for sale. Once available, copies of the preliminary prospectus may be obtained from Morgan Stanley, 1585 Broadway, New York, NY 10036. A registration statement relating to the common stock of FIS has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. DATASOURCE: Fidelity National Financial, Inc. CONTACT: Daniel Kennedy Murphy, Senior Vice President, Finance and Investor Relations, Fidelity National Financial, Inc., +1-904-854-8120, or Web site: http://www.fnf.com/

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