Fidelity National Financial to Acquire Financial Services Division of ALLTEL Information Services

January 29, 2003

IRVINE, Calif., /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. (NYSE: FNF - News) today announced that it has entered into a definitive agreement to acquire the financial services division of ALLTEL Information Services ("AIS"), a wholly-owned subsidiary of ALLTEL Corporation (NYSE: AT - News). AIS is one of the world's largest providers of information-based technology solutions and processing services to the mortgage and financial services industries.

AIS' mortgage servicing platform is the leading mortgage loan servicing system in the nation, processing approximately 46 percent of all U.S. residential mortgage loans through processing relationships that include 17 of the top 25 mortgage originators in the country. AIS is also a leader in providing a comprehensive suite of technology applications and services that support the retail and commercial banking activities of medium and large banks, including deposit, consumer lending, commercial lending, mortgage lending and financial management systems. AIS has relationships with 47 of the top 50 U.S. banks and its systems process more than 150 million deposit and loan accounts globally. AIS also provides a complete suite of fully integrated banking platforms for community banks and other smaller financial institutions that seek a single, highly leveraged suite of products that offer a menu of front-end systems, relationship management capabilities and back office processing, support and reporting systems.

AIS had revenue of $820 million and operating income of $151 million in 2002. The purchase price of $1.05 billion, subject to certain adjustments, will be funded through a combination of $775 million in cash and $275 million in FNF stock issued to ALLTEL Corporation, subject to a one-year lock-up agreement. The Company has available cash on hand and bank credit capacity to fund the cash portion of the purchase price. After closing, FNF's debt to total capital ratio will be approximately 22%, well within the Company's target range. The transaction will be accretive in the first year and beyond and is expected to close by the end of the first quarter of 2003.

Source: Fidelity National Financial, Inc.


Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro, based in Raleigh, NC, offers a mature suite of products, designed specifically for the closing and title industry. Our mission is to serve our client base, with best-in-class products and services. Our products are modular so we don't force you to buy anything you don't need. You can always add on as your business grows. Unlike other software companies, we view the sale as the beginning of the relationship rather than the end. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.