Exhibit

“It was a quiet quarter on the monetization front for FNFV, ” said Chairman William P. Foley, II. “However, Ceridian continued its evolution into a cloud-based company, as third quarter cloud revenue of $75 million grew 39% over the third quarter of 2015. We believe that Ceridian will ultimately be a strong investment for FNFV shareholders. Digital Insurance continues to execute its business plan and should exit 2016 approaching $150 million in annual revenue and EBITDA in the low $30 million range. ABRH is managing its operations and making operational improvements in a tough economic environment for family and casual restaurants. We will continue to focus on the growth, financial performance and monetization of our current investments while seeking attractive future investments that will create value for our shareholders.

We will host a call with investors and analysts to discuss third quarter 2016 results of FNFV on Thursday, November 3, 2016, beginning at 12:30 p.m. Eastern Time. A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at www.fnf.com. The conference call replay will be available via webcast through the FNF Investor Relations website at www.fnf.com. The telephone replay will be available from 2:30 p.m. Eastern time on November 3, 2016, through November 10, 2016, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 403310.

Fidelity National Financial, Inc. is organized into two groups, FNF Group (NYSE: FNF) and FNFV Group (NYSE: FNFV). FNF is a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries. FNF is the nation’s largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. FNF also provides industry-leading mortgage technology solutions and transaction services, including MSP®, the leading residential mortgage servicing technology platform in the U.S., through its majority-owned subsidiaries, Black Knight Financial Services, Inc. and ServiceLink Holdings, LLC. FNFV holds majority and minority equity investment stakes in a number of entities, including American Blue Ribbon Holdings, LLC, Ceridian HCM, Inc., Digital Insurance, Inc. and Del Frisco's Restaurant Group, Inc. More information about FNF and FNFV can be found at www.fnf.com.

Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, the Company has provided non-GAAP financial measures, which it believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include earnings before interest, taxes and depreciation and amortization (EBITDA), adjusted earnings before interest, taxes and depreciation and amortization (Adjusted EBITDA), adjusted earnings before interest, taxes and depreciation as a percent of adjusted revenue (Adjusted EBITDA margin), adjusted net earnings, adjusted EPS and free cash flow.

Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP measures to related GAAP measures are provided below.

This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future 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 financial and operating results 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; weakness or 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 distributions from our title insurance underwriters as a main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries.

This press release should be read in conjunction with the press release filed for the results of FNF Group on this same date as well as the risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-Q,10-K and other filings with the Securities and Exchange Commission.



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Three Months Ended
September 30, 2016
Operating revenue	$	319		$	273		$	46
Interest and investment income	1			—			1
Realized gains and losses, net	(1		)	(1		)	—
Total revenue	319			272			47

Personnel costs	42			13			29
Other operating expenses	25			13			12
Cost of restaurant revenue	237			237			—
Depreciation and amortization	15			11			4
Interest expense	4			2			2
Total expenses	323			276			47

Pre-tax loss from continuing operations	$	(4	)	$	(4	)	$	—

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	1			1			—
Purchase price amortization	10			5			5
Other expenses	1			1			—
Total non-GAAP adjustments before taxes	$	12		$	7		$	5

Adjusted pre-tax earnings from continuing operations	$	8		$	3		$	5
Adjusted pre-tax margin from continuing operations	2.5		%	1.1		%	10.6		%

Purchase price amortization	(10		)	(5		)	(5		)
Depreciation and amortization	15			11			4
Interest expense	4			2			2

Adjusted EBITDA	$	17		$	11		$	6
Adjusted EBITDA margin	5.3		%	4.0		%	12.8		%



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Three Months Ended
September 30, 2016
Pre-tax loss from continuing operations	$	(4	)	$	(4	)	$	—

Income tax benefit	(7		)	—			(7		)
Loss from equity investments	(11		)	—			(11		)
Non-controlling interests	(1		)	(1		)	—

Net loss attributable to FNFV common shareholders	$	(7	)	$	(3	)	$	(4	)

EPS attributable to FNFV common shareholders - basic	$	(0.11	)	$	(0.05	)	$	(0.06	)
EPS attributable to FNFV common shareholders - diluted	$	(0.11	)	$	(0.05	)	$	(0.06	)

FNFV weighted average shares - basic	66
FNFV weighted average shares - diluted	69

Net loss attributable to FNFV common shareholders	$	(7	)	$	(3	)	$	(4	)

Total non-GAAP, pre-tax adjustments	$	12		$	7		$	5
Income taxes on non-GAAP adjustments	(3		)	(1		)	(2		)
Noncontrolling interest on non-GAAP adjustments	(3		)	(3		)	—
Total non-GAAP adjustments	$	6		$	3		$	3

Adjusted net loss attributable to FNFV common shareholders	$	(1	)	$	—		$	(1	)

Adjusted EPS attributable to FNFV common shareholders - diluted	$	(0.01	)	$	—		$	(0.01	)

Cash flows provided by operations:	$	12
Non-GAAP adjustments:
Other expenses	1
Total non-GAAP adjustments	1

Adjusted cash flows from operations	13
Capital expenditures	17
Free cash flow	$	(4	)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Three Months Ended
September 30, 2015
Operating revenue	$	378		$	349		$	29
Interest and investment income	1			—			1
Realized gains and losses, net	(10		)	(11		)	1
Total revenue	369			338			31

Personnel costs	39			17			22
Other operating expenses	24			18			6
Cost of restaurant revenue	302			302			—
Depreciation and amortization	17			12			5
Interest expense	3			2			1
Total expenses	385			351			34

Pre-tax loss from continuing operations	$	(16	)	$	(13	)	$	(3	)

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	10			11			(1		)
Purchase price amortization	7			3			4
IPO Costs	4			4			—
Total non-GAAP adjustments before taxes	$	21		$	18		$	3

Adjusted pre-tax earnings from continuing operations	$	5		$	5		$	—
Adjusted pre-tax margin from continuing operations	1.3		%	1.4		%	—		%

Purchase price amortization	(7		)	(3		)	(4		)
Depreciation and amortization	17			12			5
Interest expense	3			2			1

Adjusted EBITDA	$	18		$	16		$	2
Adjusted EBITDA margin	4.7		%	4.6		%	6.7		%



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Three Months Ended
September 30, 2015
Pre-tax loss from continuing operations	$	(16	)	$	(13	)	$	(3	)

Income tax benefit	(14		)	—			(14		)
Loss from equity investments	(21		)	—			(21		)
Non-controlling interests	(5		)	(5		)	—

Net loss attributable to FNFV common shareholders	$	(18	)	$	(8	)	$	(10	)

EPS attributable to FNFV common shareholders - basic	$	(0.24	)	$	(0.11	)	$	(0.13	)
EPS attributable to FNFV common shareholders - diluted	$	(0.24	)	$	(0.11	)	$	(0.13	)

FNFV weighted average shares - basic	76
FNFV weighted average shares - diluted	78

Net loss attributable to FNFV common shareholders	$	(18	)	$	(8	)	$	(10	)

Total non-GAAP, pre-tax adjustments	$	21		$	18		$	3
Income taxes on non-GAAP adjustments	(12		)	(5		)	(7		)
Ceridian Divestiture Loss	15			—			15
Noncontrolling interest on non-GAAP adjustments	(6		)	(6		)	—
Total non-GAAP adjustments	$	18		$	7		$	11

Adjusted net earnings (loss) attributable to FNFV common shareholders	$	—		$	(1	)	$	1

Adjusted EPS attributable to FNFV common shareholders - diluted	$	—		$	(0.01	)	$	0.01

Cash flows provided by operations:	$	4
Non-GAAP adjustments:
IPO Cost	4
Total Non-GAAP adjustments	4

Adjusted cash flows from operations	8
Capital expenditures	21
Free cash flow	$	(13	)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Nine Months Ended
September 30, 2016
Operating revenue	$	982		$	858		$	124
Interest and investment income	3			—			3
Realized gains and losses, net	11			(4		)	15
Total revenue	996			854			142

Personnel costs	120			40			80
Other operating expenses	80			50			30
Cost of restaurant revenue	727			727			—
Depreciation and amortization	45			31			14
Interest expense	8			4			4
Total expenses	980			852			128

Pre-tax earnings from continuing operations	$	16		$	2		$	14

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	(11		)	4			(15		)
Purchase price amortization	25			13			12
Max & Erma's exit/disposal cost	7			7			—
Other expenses	$	1		$	1		$	—
Total non-GAAP adjustments before taxes	$	22		$	25		$	(3	)

Adjusted pre-tax earnings from continuing operations	$	38		$	27		$	11
Adjusted pre-tax margin from continuing operations	3.9		%	3.1		%	8.7		%

Purchase price amortization	(25		)	(13		)	(12		)
Depreciation and amortization	45			31			14
Interest expense	8			4			4

Adjusted EBITDA	$	66		$	49		$	17
Adjusted EBITDA margin	6.7		%	5.7		%	13.4		%



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Nine Months Ended
September 30, 2016
Pre-tax earnings from continuing operations	$	16		$	2		$	14

Income tax expense	(5		)	—			(5		)
Loss from equity investments	(16		)	—			(16		)
Non-controlling interests	1			1			—

Net earnings attributable to FNFV common shareholders	$	4		$	1		$	3

EPS attributable to FNFV common shareholders - basic	$	0.06		$	0.02		$	0.04
EPS attributable to FNFV common shareholders - diluted	$	0.06		$	0.02		$	0.04

FNFV weighted average shares - basic	68
FNFV weighted average shares - diluted	70

Net earnings attributable to FNFV common shareholders	$	4		$	1		$	3

Total non-GAAP, pre-tax adjustments	$	22		$	25		$	(3	)
Income taxes on non-GAAP adjustments	(2		)	(5		)	3
Ceridian divestiture (gain) loss	(4		)	—			(4		)
Noncontrolling interest on non-GAAP adjustments	(11		)	(11		)	—
Total non-GAAP adjustments	$	5		$	9		$	(4	)

Adjusted net earnings (loss) attributable to FNFV common shareholders	$	9		$	10		$	(1	)

Adjusted EPS attributable to FNFV common shareholders - diluted	$	0.13		$	0.14		$	(0.01	)

Cash flows provided by operations:	$	36
Non-GAAP adjustments:
Other expenses	1
Total Non-GAAP adjustments	1

Adjusted cash flows from operations	37
Capital expenditures	44
Free cash flow	$	(7	)



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Nine Months Ended
September 30, 2015
Operating revenue	$	1,256		$	1,084		$	172
Interest and investment income	2			—			2
Realized gains and losses, net	(11		)	(11		)	—
Total revenue	1,247			1,073			174

Personnel costs	115			50			65
Other operating expenses	147			55			92
Cost of restaurant revenue	921			921			—
Depreciation and amortization	51			38			13
Interest expense	6			5			1
Total expenses	1,240			1,069			171

Pre-tax earnings from continuing operations	$	7		$	4		$	3

Non-GAAP adjustments before taxes
Realized (gains) and losses, net	11			11			—
Purchase price amortization	21			11			10
IPO costs	7			7			—
Total non-GAAP adjustments before taxes	$	39		$	29		$	10

Adjusted pre-tax earnings from continuing operations	$	46		$	33		$	13
Adjusted pre-tax margin from continuing operations	3.7		%	3.0		%	7.5		%

Purchase price amortization	(21		)	(11		)	(10		)
Depreciation and amortization	51			38			13
Interest expense	6			5			1

Adjusted EBITDA	$	82		$	65		$	17
Adjusted EBITDA margin	6.5		%	6.0		%	9.8		%



	Total FNFV			Restaurant Group			FNFV Corporate and Other
Nine Months Ended
September 30, 2015
Pre-tax earnings from continuing operations	$	7		$	4		$	3

Income tax benefit	(18		)	—			(18		)
Loss from equity investments	(20		)	—			(20		)
Non-controlling interests	13			1			12

Net (loss) earnings attributable to FNFV common shareholders	$	(8	)	$	3		$	(11	)

EPS attributable to FNFV common shareholders - basic	$	(0.10	)	$	0.04		$	(0.14	)
EPS attributable to FNFV common shareholders - diluted	$	(0.10	)	$	0.04		$	(0.14	)

FNFV weighted average shares - basic	81
FNFV weighted average shares - diluted	84

Net (loss) earnings attributable to FNFV common shareholders	$	(8	)	$	3		$	(11	)

Total non-GAAP, pre-tax adjustments	$	39		$	29		$	10
Income taxes on non-GAAP adjustments	(17		)	(7		)	(10		)
Ceridian divestiture loss	15			—			15
Noncontrolling interest on non-GAAP adjustments	(11		)	(11		)	—
Total non-GAAP adjustments	$	26		$	11		$	15

Adjusted net earnings attributable to FNFV common shareholders	$	18		$	14		$	4

Adjusted EPS attributable to FNFV common shareholders - diluted	$	0.21		$	0.17		$	0.04

Cash flows provided by operations:	$	8
Non-GAAP adjustments:
IPO costs	7
Total Non-GAAP adjustments	7

Adjusted cash flows from operations	15
Capital expenditures	45
Free cash flow	$	(30	)



	FNFV September 30, 2016			FNFV December 31, 2015
	(Unaudited)			(Unaudited)
Cash and investment portfolio		$	657		$	735
Goodwill		196			188
Total assets		1,385			1,429
Notes payable		227			200
Non-controlling interest		117			114
Total equity and redeemable non-controlling interests		1,040			1,083
Total equity attributable to common shareholders		923			969



	FNF Group September 30, 2016				FNFV September 30, 2016		Consolidated September 30, 2016			Consolidated December 31, 2015
	(Unaudited)			(Unaudited)			(Unaudited)
Cash and investment portfolio		$	4,879		$	657		$	5,536		$	5,633
Goodwill		4,851			196			5,047			4,760
Title plant		395			—			395			395
Total assets		13,001			1,385			14,386			13,931
Notes payable		2,527			227			2,754			2,793
Reserve for title claim losses		1,602			—			1,602			1,583
Secured trust deposits		922			—			922			701
Redeemable non-controlling interests		344			—			344			344
Non-redeemable non-controlling interests		772			117			889			834
Total equity and redeemable non-controlling interests		6,068			1,040			7,108			6,932
Total equity attributable to common shareholders		4,952			923			5,875			5,754



Adjusted Book Value Summary	FNFV September 30, 2016			FNFV December 31, 2015
	(Unaudited)			(Unaudited)
Ceridian/Fleetcor		$	432		$	363
American Blue Ribbon Holdings		173			169
Digital Insurance		75			73
Del Frisco's Restaurant Group		42			34
Holding Company Cash		99			245
Other		102			85
FNFV Book Value		$	923		$	969
Outstanding FNFV shares		66.6			72.2
FNFV Book Value per Share		$	13.85		$	13.43



	Three Months Ended									Nine Months Ended
	September 30, 2016									September 30, 2016
	Consolidated			Core			FNFV			Consolidated			Core			FNFV
Direct title premiums	$	556		$	556		$	—		$	1,518		$	1,518		$	—
Agency title premiums	713			713			—			1,934			1,934			—
Total title premiums	1,269			1,269			—			3,452			3,452			—
Escrow, title-related and other fees	950			904			46			2,636			2,512			124
Total title and escrow and other	2,219			2,173			46			6,088			5,964			124

Restaurant revenue	273			—			273			858			—			858
Interest and investment income	29			28			1			96			93			3
Realized gains and losses, net	(4		)	(3		)	(1		)	5			(6		)	11
Total revenue	2,517			2,198			319			7,047			6,051			996

Personnel costs	732			690			42			2,091			1,971			120
Other operating expenses	514			489			25			1,439			1,359			80
Cost of restaurant revenue	237			—			237			727			—			727
Agent commissions	545			545			—			1,473			1,473			—
Depreciation and amortization	113			98			15			315			270			45
Title claim loss expense	70			70			—			190			190			—
Interest expense	35			31			4			102			94			8
Total expenses	2,246			1,923			323			6,337			5,357			980

Earnings (loss) from continuing operations before taxes	271			275			(4		)	710			694			16
Income tax expense (benefit)	95			102			(7		)	245			250			(5		)
Earnings from continuing operations before equity investments	176			173			3			465			444			21
(Loss) earnings from equity investments	(7		)	4			(11		)	(6		)	10			(16		)
Net earnings (loss)	169			177			(8		)	459			454			5
Non-controlling interests	13			14			(1		)	32			31			1
Net earnings (loss) attributable to common shareholders	$	156		$	163		$	(7	)	$	427		$	423		$	4

Cash flows provided by operations	372			360			12			745			709			36



	Three Months Ended								Nine Months Ended
	September 30, 2015								September 30, 2015
	Consolidated			Core		FNFV			Consolidated			Core			FNFV
Direct title premiums	$	524		$	524	$	—		$	1,488		$	1,488		$	—
Agency title premiums	647			647		—			1,685			1,685			—
Total title premiums	1,171			1,171		—			3,173			3,173			—
Escrow, title-related and other fees	852			823		29			2,517			2,345			172
Total title and escrow and other	2,023			1,994		29			5,690			5,518			172

Restaurant revenue	349			—		349			1,084			—			1,084
Interest and investment income	30			29		1			93			91			2
Realized gains and losses, net	(10		)	—		(10		)	(19		)	(8		)	(11		)
Total revenue	2,392			2,023		369			6,848			5,601			1,247

Personnel costs	680			641		39			1,993			1,878			115
Other operating expenses	476			452		24			1,424			1,277			147
Cost of restaurant revenue	302			—		302			921			—			921
Agent commissions	495			495		—			1,279			1,279			—
Depreciation and amortization	102			85		17			306			255			51
Title claim loss expense	65			65		—			185			185			—
Interest expense	34			31		3			97			91			6
Total expenses	2,154			1,769		385			6,205			4,965			1,240

Earnings (loss) from continuing operations before taxes	238			254		(16		)	643			636			7
Income tax expense (benefit)	81			95		(14		)	219			237			(18		)
Earnings (loss) from continuing operations before equity investments	157			159		(2		)	424			399			25
(Loss) earnings from equity investments	(19		)	2		(21		)	(16		)	4			(20		)
Net earnings (loss)	138			161		(23		)	408			403			5
Non-controlling interests	6			11		(5		)	20			7			13
Net earnings (loss) attributable to common shareholders	$	132		$	150	$	(18	)	$	388		$	396		$	(8	)

Cash flows provided by operations	283			279		4			673			665			8


•	Total revenue of $319 million in the third quarter versus $369 million in the third quarter of 2015


•	Third quarter diluted EPS of ($0.11) and adjusted diluted EPS of ($0.01) versus diluted EPS of ($0.24) and adjusted diluted EPS of $0.00 in the third quarter of 2015


•	Pretax loss of $4 million and adjusted EBITDA of $17 million for the third quarter versus pretax loss of $16 million and adjusted EBITDA of $18 million for the third quarter of 2015


•	Third quarter FNFV net cash flow provided by operations of $12 million and free cash flow used of $4 million versus net cash flow provided by operations of $4 million and free cash flow used of $13 million in the third quarter of 2015


•	$99 million in holding company cash on September 30, 2016


•	Repurchased 455,000 shares of common stock for approximately $5.7 million in the third quarter


•	Since the formation of FNFV in July 2014, nearly 26 million shares of FNFV common stock have been repurchased for a total of approximately $350 million; approximately 29% of the shares of FNFV common stock distributed in July 2014 have been repurchased


•	Same store sales decreased approximately 1.9% in the third quarter, as Ninety Nine same stores sales growth of 2.5% was offset by a 2.8% decline at O'Charley's, a 5.3% decline at Village Inn and a 3.8% decline at Bakers Square


•	Third quarter total revenue of approximately $170 million, a 2.4% increase over the third quarter of 2015, pretax loss of $31 million, EBITDA of $6 million and an EBITDA margin of 3%


•	Third quarter total revenue of $37 million, a 23% increase over the third quarter of 2015; pretax earnings of $0.1 million; adjusted EBITDA of more than $7 million, a 10% increase over the third quarter of 2015; third quarter adjusted EBITDA margin of 20%


•	Repurchased 455,000 shares of FNFV common stock for approximately $5.7 million during the third quarter