Re: Fidelity National Financial, Inc. - Beijing Representative Office Application
       Feasibility & Necessity of a Representative Office in China
上海市翻译公司
Dear Sir:
 上海市翻译公司
As [TITLE], I respectfully submit this letter as an explanation of Feasibility and Necessity for the establishment of a representative office in Beijing. This is also intended to supplement our application to your office for the establishment of the representative office.
上海市翻译公司
Fidelity National Financial and its subsidiaries (collectively called “FNF”) have been studying the Chinese insurance market for years. As a result of this evaluation, we have made a long-term strategic decision to focus on entering the Chinese market to provide title insurance, the first policy of which was issued by one of our companies over 130 years ago. FNF has a long history of accomplishment and excellence. Through its subsidiaries, FNF is the largest title insurance company in the U.S. and the world.
 
Now that we have made the commitment to focus on entering the insurance market in China, we feel it necessary to first establish a representative office in Beijing. We believe that the office will:
 
1.                  Demonstrate to the insurance community – regulators, industry and insurance consumers – our commitment to entering the Chinese market;
 
2.                  Further conduct necessary market research and investigation to further our corporate strategies in China;
 
3.                  Establish a channel of good communication with regulators and business partners; and
 
4.                  Discuss with stakeholders the value of title insurance in the Chinese market.
 
 
We have also conducted research into the logistics of establishing the representative office in Beijing – from the lease of office space to the staffing of the office. We will take all necessary steps to establish the Beijing representative office upon approval of our application by your office.
 
Thank you for your time and consideration
 
Sincerely,
 
Fidelity National Financial, Inc.
Feasibility Study Report for the Establishment of Beijing Representative Office
 
According to the Requirements of the Measures on Administration of Chinese Representative Offices of Foreign Insurance Institutions, Fidelity National Financial, Inc. (or “FNF” or “Applicant”) hereby submits the feasibility study report.
 
I. Company Information
Fidelity (NYSE: FNF), currently ranked number 523 on Fortune’s list of America’s largest companies, is the world’s leading provider of title insurance, and also provides specialty insurance and claims management services. With total assets in excess of US$8 billion, annual revenue in excess of US$4 billion, and total net worth of about US$3 billion, Fidelity is the strongest and largest title insurer in the U.S. and globally.
Prior to October 24, 2006, we were known as Fidelity National Title Group, Inc. (“FNT”) and were a majority-owned subsidiary of another publicly traded company, also called Fidelity National Financial, Inc. (“Old FNF”). On October 24, 2006, Old FNF transferred certain assets, including the title insurance operations, to FNT in return for the issuance of 45,265,956 shares of our common stock to Old FNF. FNT (current Fidelity) was then “spun-off” from Old FNF.  This was accomplished by Old FNF distributing to its shareholders all of its shares of FNT common stock, making FNT a standalone public company.  On November 9, 2006, Old FNF was then merged with and into another of its subsidiaries, Fidelity National Information Services, Inc. (“FIS”), after which FNT’s name was changed to Fidelity National Financial, Inc.  On November 10, 2006, Fidelity’s (formerly FNT) common stock began trading on the New York Stock Exchange under the trading symbol “FNF.”
 
Through its subsidiaries, Fidelity National Financial is the world’s largest provider of title insurance. It grew by acquisition of companies and businesses with strong embedded value. The company is mainly comprised of: Fidelity National Title Group, Inc. and the Specialty Insurance Group. Sedgwick CMS and Ceridian are minority-owned subsidiaries of FNF.
Fidelity National Title Group (FNTG) is the largest group of title insurance companies in the U.S and in the world.  This segment of operations provides core title insurance and escrow and other title-related services including collection and trust activities, trustee’s sales guarantees, recordings and reconveyances. 
On December 22, 2008, FNTG completed its most recent acquisition of two principal title insurance underwriters, Commonwealth Land Title Insurance Company (“Commonwealth”) and Lawyers Title Insurance Corporation.  It was the Commonwealth predecessor that issued the first title insurance policy in 1876.  Chicago Title and Trust Company, another Fidelity subsidiary, traces its roots to 1847 through the successors of several firms and corporations engaged in the abstract and title business in Cook County, Illinois.
FNTG’s largest title insurance underwriter, Chicago Title Insurance Company (“Chicago Title”), was incorporated under the laws of the State of Missouri and commenced business in August, 1961. It has continued to write title insurance uninterrupted since that date.  Effective October 1, 2008, Chicago Title redomesticated from Missouri to the State of Nebraska.  It is licensed to write title insurance in 49 states (all but Iowa), the District of Columbia, the Bahamas, Guam, Puerto Rico, U.S. Virgin Islands and Canada.
Today the FNTG title insurance underwriters include: Fidelity National Title Insurance Company, Chicago Title, Ticor Title Insurance Company, Commonwealth, Lawyers Title Insurance Corporation, Security Union Title Insurance Company and Alamo Title Insurance.  In Mexico, title insurance is provided through another Fidelity subsidiary: Fidelity National Title de Mexico, S.A. de C.V. Together, the FNTG family underwrites residential and commercial title insurance policies throughout the United States and a number of foreign countries.
Specialty Insurance Group provides of a broad range of personal insurance products, including homeowners, flood, automobile and umbrella insurance and home warranty coverage. The companies in this group include Fidelity National Property and Casualty Insurance Company, Fidelity National Indemnity Insurance Company, Fidelity National Insurance Company and Fidelity National Home Warranty Company.
Sedgwick CMS is the leading North American provider of claims and productivity management solutions. Sedgwick CMS and its affiliated companies deliver cost-effective claims administration, managed care, program management, risk consulting and related services to clients through the expertise of 6,000 colleagues in more than a hundred offices in the U.S. and Canada. The company specializes in workers’ compensation; disability, FMLA and other employee absence; and general, automobile and professional liability claims services. Sedgwick CMS and its affiliates design and implement customized programs based on proven practices that meet client needs.

Ceridian Corporation, a minority-owned subsidiary of FNF, is a leading information services company in the human resources, retail and transportation markets.
 [INSERT CORPORATE ORG CHART]
 
 
II. Market Opportunity
 
China’s rapid economic growth and ongoing reforms have created an unprecedented wealth buildup and continuing economic expansion. The Chinese economy has become the global economic engine. China is creating a tremendous middle class of citizens and numerous commercial entities that demand suitable insurance products so that their economic activities can be better facilitated and protected.
 
The insurance market of China has made tremendous progress during the past 10 years, and has become one of the most important insurance markets in Asia as well as a very important market in the world. One must be in China in order to be a global player
 
The reforms in the Chinese insurance sector have created a favorable circumstance for global insurance companies such as FNF to make strategic plans to enter the Chinese market. As the leading global title insurance player, FNF believes it must participate in the Chinese market to remain a leading player in the long run.
 
Title insurance is an important financial instrument to provide security and comfort to homeowners and mortgage lenders in their real estate transactions. Title insurance could also facilitate the stability of the mortgage market by shifting risks like fraud from lenders to FNF. Further, title insurance could facilitate creation of a strong secondary market for houses and buildings.
 
The market opportunity significant, particularly since:
 
·         China’s economy has become the #3 in the world with GDP exceeding RMB 30.067 trillion (US$4.4216 trillion);
 
·         China’s insurance market is very vibrant and has tremendous potential. In 2008 China’s total insurance premium reached RMB 978.41 billion (US $143.88 billion).
 
·         China’s Mortgage finance market continues to grow, with 29% growth in 1^st Half 2009, to RMB 3.86 trillion (US$565 billion)
 
In the past years, FNF has spent a large amount of time and resources in learning about and evaluating the Chinese insurance market and has come to the conclusion that a series of more formal steps must be taken to establish itself as a serious candidate in the Chinese insurance market. 
 
III. Objectives of the Representative Office
 
FNF seeks to establish a representative office in order to conduct a more detailed market study to assess the opportunities present (particularly in the real estate market), better understand the regulatory framework, and exchange information and experiences with the stakeholders and participants of the insurance market in China. We understand that the establishment of a representative office is also a prerequisite for joint venture or wholly-owned operations by a foreign insurance entity.
 
Regardless of the ultimate form of participation by FNF in the Chinese insurance market eventually, we would like to establish such an office to demonstrate to our regulators and peers that FNF is taking earnest steps to enter the market in China.
 
FNF intends to seek a long term strategic partnership in China in order to join or establish a Chinese insurance company. Therefore, the Beijing representative office will attempt to facilitate introduction of international standards, experience and skills into China’s insurance market.
 
The Beijing Representative Office intends to provide local assistance to the applicant, provide market study and liaison services, maintain relations and communications with the Chinese insurance regulators, and provide feedback to the U.S. headquarters on a timely basis. 
 
The Beijing Representative Office will actively seek possible partners to advance the long-term strategic corporate goals of participating in the insurance market of China, providing advanced services to our partners and reasonable returns to our shareholders.
 
The Beijing Representative Office will be the chief representative of the applicant in China.
 
IV. Purposes of the Beijing Representative Office
 
FNF plans to establish a Beijing Representative Office with its English name as “Fidelity National Financial Limited Beijing Representative Office” and Chinese name as [TBD]. The purposes of the representative office are:
 
i)                    Seek potential business partners in China;
 
ii)                  Provide liaison services to the Applicant and its partners and potential partners in China;
 
iii)                Conduct market research and study for the Applicant ;
 
iv)                Conduct liaison services between the Applicant and the China Insurance Regulatory Commission;
 
v)                  Study and advice the Applicant regarding the laws and regulations of the CIRC and the Chinese government;
 
vi)                Establish and protect the Applicant’s brand name and reputation;
 
 
This representative office will not conduct profit-seeking insurance business, and will only conduct businesses such as liaison, market study and other functions permitted by the China Insurance Regulatory Commission.

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