ESTADÍSTICA DE CONCENTRACIÓN DE SÓLIDOS.

Year Ended December 31, 2014 Day Ended January 1, 2014 Year Ended December 31, 2013 2012

Cash flows from operating activities . . . $ 19.4 $(51.2) $ 201.0 $ 434.4 Cash flows from investing activities . . . (65.4) — (140.8) (146.3) Cash flows from financing activities . . . 107.9 — 33.2 (129.2) Net increase (decrease) in cash and cash equivalents . . . $ 61.9 $(51.2) $ 93.4 $ 158.9

Operating Activities

Cash flows from operating activities reflect net earnings (loss) adjusted for certain non-cash items and changes in certain assets and liabilities.

Interim Periods

Cash provided by (used in) operating activities was $25.9 million and $(83.3) million for three-month periods ended March 31, 2015 and 2014, respectively. The increase in cash provided by operating activities in the three months ended March 31, 2015 as compared to the 2014 period is primarily related to non-recurring costs paid in the 2014 period relating to the Acquisition; there were no such payments made in the 2015 period.

Annual Periods

Cash provided by (used in) operating activities was $19.4 million, $201.0 million and $434.4 million during 2014, 2013, and 2012, respectively. The decrease in cash provided by operating activities during the 2014 period compared to 2013 is primarily driven by non-recurring transaction costs paid in the 2014 period relating to the Acquisition as well as increased interest paid during the 2014 period. The decline in cash provided by operating activities during 2013 compared to 2012 was primarily due to $196.4 million of payments related to certain legal and regulatory matters, substantially all of which related to the Transaction Services segment of LPS, and a decline in profitability in Transaction Services, partially offset by lower tax and interest payments.

Investing Activities

Investing cash flows consist primarily of capital expenditures and acquisitions and dispositions. Our principal capital expenditures are for computer software (purchased and internally developed) and additions to property and equipment.

Interim Periods

Cash used in investing activities was $32.1 million and $12.6 million for three-month periods ended March 31, 2015 and 2014, respectively. The increase in cash used in investing activities in the three months ended

March 31, 2015 as compared to the 2014 period is primarily related to increased capital expenditures in the 2015 as well as an additional investment in our property records database.

Annual Periods

Cash used in investing activities was $65.4 million, $140.8 million, and $146.3 million during 2014, 2013, and 2012, respectively. The decrease is the result of lower capital expenditures, along with the absence of purchases of investments and acquisition costs for title plants and property records data in 2014. Following the completion of our property records database in 2013, the maintenance costs associated with that database are expensed as incurred. Capital expenditures were approximately $66.9 million, $113.8 million, and $113.3 million during 2014, 2013, and 2012, respectively. The decrease in the 2014 period from the 2013 period is due to heightened investment discipline, project timing and the transfer of our former Transaction Services segment to ServiceLink. Cash used in investing activities in 2013 was less than 2012 as the absence of proceeds from the sale of

businesses was offset by the absence of cash paid for acquisitions, a decrease in the acquisition of title plants and property data and lower net purchases of investments.

In 2012, we acquired LendingSpace for $12.3 million, net of cash acquired.

Financing Activities

Financing cash flows consist primarily of our borrowings, related debt issuance costs and principal payments, proceeds from the sale of shares through our employee equity incentive plans, repurchase of treasury shares and payment of dividends to stockholders.

Cash (used in) provided by financing activities was $(16.1) million and $166.2 million for the three-month periods ended March 31, 2015 and 2014, respectively, and was $107.9 million, $33.2 million and $(129.2) million during 2014, 2013 and 2012. The decrease in cash (used in) provided by financing activities is due to the cash flows associated with the Internal Reorganization in the 2014 period, as the 2015 period contains only debt service payments. Cash provided by financing activities in 2014 was primarily driven by cash flows associated with the Internal Reorganization in January 2014, offset by debt service payments and distributions to members. Cash provided by financing activities in 2013 resulted from proceeds from the exercise of stock options partially offset by dividends paid to LPS common stockholders.

Financing

On January 2, 2014, BKHI issued (i) the Original Mirror Note in the original principal amount of $1,400.0 million and (ii) an Intercompany Note (the “Original Intercompany Note”), in the original principal amount of $1,175.0 million to FNF. BKFS Operating LLC entered into an assumption agreement, dated as of January 3, 2014, among BKFS Operating LLC, BKHI and FNF pursuant to which BKFS Operating LLC assumed $820.0 million of the debt issued under the Original Mirror Note and $688.0 million of the debt issued under the Original Intercompany Note (such amounts, the “BKFS Operating LLC Assumed Amounts”) and FNF released Black Knight of its obligations with respect to the BKFS Operating LLC Assumed Amounts. Subsequently, on

January 6, 2014, BKFS Operating LLC borrowed an additional sum of $63.0 million pursuant to the Second Intercompany Note and on March 31, 2014, BKFS Operating LLC borrowed an incremental sum of $25.0 million pursuant to the Second Intercompany Note. We amended and restated the Second Intercompany Note on May 30, 2014 to remove required amortization payments. The Second Intercompany Note, as amended and restated, is referred to herein as the Amended and Restated Second Intercompany Note. We amended and restated the Original Intercompany Note on May 30, 2014 to remove required amortization payments and to reflect BKFS Operating LLC as the Borrower with respect to the indebtedness assumed thereunder. The Original Intercompany Note, as amended and restated, is referred to herein as the Amended and Restated Original Intercompany Note. We amended and restated each of the Amended and Restated Original Intercompany Note and the Original Mirror Note on March 30, 2015 so that the obligations of each borrower thereunder are evidenced by a separate note. The Amended and Restated Original Intercompany Note and the Original Mirror Note, as amended and restated, are referred to herein as the “Second Amended and Restated Original

Intercompany Note” and “Amended and Restated Original Mirror Note”, respectively. The Amended and Restated Original Mirror Note is also referred to herein as the “Current Mirror Note”. The Second Amended and Restated Original Intercompany Note and the Amended and Restated Second Intercompany Note are collectively referred to herein as the “Current Intercompany Notes”.

The Current Mirror Note is divided into two tranches known as Tranche “T” and Tranche “R” collectively the “Mirror Notes”. The tranche “T” in the original amount of $644.0 million bears interest at the rate or rates of interest charged on borrowings under FNF’s Term Loan Credit Agreement plus 100 basis points. Tranche “R”, in the original amount of $176.0 million, bears interest at the rate or rates of interest charged on borrowings under FNF’s Revolving Credit Agreement plus 100 basis points. As of March 31, 2015, we were paying 2.63% plus LIBOR on Tranche “T” and 2.40% plus LIBOR on Tranche “R”. The interest rates in effect for Tranche “T” and Tranche “R” Loans at March 31, 2015 were 2.80% and 2.58%, respectively.

The Current Mirror Note requires us to repay the outstanding principal amount of Tranche “T” in equal quarterly installments on the last day of each fiscal quarter as follows, with the first such payment to be made on the last day of the fifth full fiscal quarter after January 2, 2014 (the “Funding Date”): (i) 0.0% in the first year after the Funding Date, (ii) 10.0% in the second year after the Funding Date, (iii) 15.0% in the third year after the Funding Date, (iv) 20.0% in the fourth year after the Funding Date and (v) 20.0% in the fifth year after the Funding Date, in each case of the original aggregate principal amount of Tranche “T” made on the Funding Date. The remaining balance of the original amount shall be repaid on January 2, 2019. Tranche “R” has no scheduled principal payments, but will be due and payable in full on July 15, 2018.

The Current Intercompany Notes bear interest at a fixed rate of 10% per annum. Such interest is calculated and payable quarterly on the last day of each March, June, September and December of each fiscal year. The Intercompany Notes agreements originally required us to repay the outstanding principal amounts in equal quarterly installments of 2.5% of the original principal sum on the last day of each March, June, September and December of each fiscal year prior to the maturity date, which is January 2, 2024 in the case of the Original Intercompany Note and January 6, 2024 in the case of the Intercompany Notes dated January 6, 2014 and March 31, 2014. On May 30, 2014, we entered into an amended and restated Intercompany Note agreement to eliminate the requirement to make scheduled principal payments prior to the maturity dates.

We have the right to prepay, at any time and from time to time, all or any portion of the outstanding principal amount of the Current Mirror Note and the Current Intercompany Notes without premium or penalty.

On January 2, 2014, upon consummation of the Acquisition, LPS entered into a supplemental indenture, or the Supplemental Indenture, with FNF, BKLS and U.S. Bank National Association, as trustee, or the Trustee, to an indenture dated as of October 12, 2012, among LPS, the subsidiary guarantors party thereto and the Trustee, as supplemented by the Supplemental Indenture and the Second Supplemental Indenture, the Indenture, relating to the Senior Notes. Pursuant to the terms of the Supplemental Indenture, (i) FNF became a guarantor of LPS’s

Notes and agreed to become a co-obligor of LPS’ obligations under the Indenture and the Senior Notes, on the same terms and subject to the same conditions as LPS, on a joint and several basis. As a result of FNF’s

guarantee of the Senior Notes, the Senior Notes were rated as investment grade, which resulted in the suspension of most of the restrictive covenants in the Indenture.

The Senior Notes are registered under the Securities Act, carry an interest rate of 5.75% and will mature on April 15, 2023. Interest is paid semi-annually on the 15th day of April and October. The Senior Notes are senior unsecured obligations. At any time and from time to time, prior to October 15, 2015, we may redeem up to a maximum of 35% of the original aggregate principal amount of the Senior Notes with the proceeds of one or more equity offerings, at a redemption price equal to 105.75% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the redemption date. Prior to October 15, 2017, we may redeem some or all of the Senior Notes by paying a call premium based on U.S. Treasury rates. On or after October 15, 2017, we may redeem some or all of the Senior Notes at the redemption prices described in the Indenture, plus accrued and unpaid interest. In addition, if a change of control occurs, we are required to offer to purchase all outstanding Senior Notes at a price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the date of purchase.

The Senior Notes contain covenants that, among other things, limit our ability (a) to incur or guarantee additional indebtedness or issue preferred stock, (b) to make certain restricted payments, including dividends or

distributions on equity interests held by persons other than us or certain subsidiaries, in excess of an amount generally equal to 50% of consolidated net earnings generated since July 1, 2008, (c) to create or incur certain liens, (d) to engage in sale and leaseback transactions, (e) to create restrictions that would prevent or limit the ability of certain subsidiaries to (i) pay dividends or other distributions to us or certain other subsidiaries, (ii) repay any debt or make any loans or advances to us or certain other subsidiaries or (iii) transfer any property or assets to us or certain other subsidiaries, (f) to sell or dispose of our assets or any restricted subsidiary or enter into merger or consolidation transactions and (g) to engage in certain transactions with affiliates. As a result of FNF’s guarantee of the Senior Notes on January 2, 2014, and the Senior Notes becoming rated investment grade, certain covenants were suspended. Currently, covenants (a), (b), (e), (f) and (g) outlined above are suspended. These covenants will continue to be suspended as long as the Senior Notes are rated investment grade, as defined in the Indenture. These covenants are subject to a number of exceptions, limitations and qualifications in the Indenture. We have no independent assets or operations and our guarantees are full and unconditional and joint and several. There are no significant restrictions on our ability to obtain funds from any of our subsidiaries. The Senior Notes contain customary events of default, including failure (i) to pay principal and interest when due and payable and breach of certain other covenants and (ii) to accept and pay for the Senior Notes tendered as required by the Indenture. Events of default also include cross defaults, with respect to any other of our debt or debt of certain subsidiaries having an outstanding principal amount of $80.0 million or more in the aggregate for all such debt, arising from (i) failure to make a principal payment when due and such defaulted payment is not made, waived or extended within the applicable grace period or (ii) the occurrence of an event which results in such debt being due and payable prior to its scheduled maturity. Upon the occurrence of an event of default (other than a bankruptcy default), the trustee or holders of at least 25% of the Senior Notes then outstanding may accelerate the Senior Notes by giving us appropriate notice. If, however, a bankruptcy default occurs, then the principal of and accrued interest on the Senior Notes then outstanding will accelerate immediately without any declaration or other act on the part of the trustee or any holder.

On January 16, 2014, we issued an offer to purchase our Senior Notes pursuant to the change of control provisions under the related Indenture at a purchase price of 101% of the principal amount plus accrued interest to the purchase date. The offer expired on February 18, 2014. As a result of the offer, bondholders tendered $5.2 million in principal of the Senior Notes, which were subsequently purchased by us on February 24, 2014. On February 7, 2014, BKIS, BKLS and the Trustee entered into a second Supplemental Indenture to the Indenture, pursuant to which the financial reporting covenant under the Indenture was amended to substitute reporting of FNF for that of BKIS. In connection with the consent to remove the financial reporting covenant, we paid $0.7 million to the holders of the Senior Notes in February 2014.

Immediately following the closing of this offering and the repayment of a portion of the Senior Notes using a portion of the net proceeds received by us therefrom, we intend to refinance BKFS Operating LLC’s remaining indebtedness under its Current Mirror Note and Current Intercompany Notes, accrued interest thereon and related costs and expenses, with new senior secured credit facilities. Assuming we apply the net proceeds to be received by us as described in “Use of Proceeds,” the new senior secured credit facilities will consist of a $800.0

million term A loan facility maturing in five years and amortizing on a basis of 5.0% in the first year after the funding of the term A loan facility, 5.0% in the second year after the funding of the term A loan facility, 10.0% in the third year after the funding of the term A loan facility, 10.0% in the fourth year after the funding of the term A loan facility and 15.0% in the fifth year after the funding of the term A loan facility with a bullet payment due at maturity, a $400.0 million term B loan facility maturing in seven years and amortizing on a basis of 1.0% per year with a bullet payment due at maturity and a $400.0 million revolving credit facility maturing in five years. We expect to incur a charge of up to $11.8 million related to the repayment of certain of BKFS Operating LLC’s indebtedness. Such charge will be included in non-operating expenses for the same quarter as this offering.

Fair Value of Long-Term Debt

The fair value of our Senior Notes as of March 31, 2015 was $630.3 million, or 102% of the carrying value, based on upon established market prices for the security using Level 2 inputs. The fair value of our Current Intercompany Notes and Current Mirror Note (“Related Party Debt”) was estimated at approximately $1,524.1 million, or 101% of the carrying value, using Level 2 and Level 3 inputs. To estimate the fair value of the Related Party Debt, we utilized a discounted cash flow approach using rates derived from comparable debt instruments available from public sources.

Contractual Obligations

Our long-term contractual obligations generally include our debt, data processing and maintenance commitments and operating lease payments on certain of our property and equipment. As of December 31, 2014, our required annual payments relating to these contractual obligations were as follows:

Payments Due by Period

Total 2015 2016-2017 2018-2019 Thereafter (In millions)

Long-term debt . . . $2,113.9 $ 64.4 $225.4 $530.2 $1,293.9 Interest on long-term debt(1) . . . 986.1 127.0 246.6 220.2 392.3 Data processing and maintenance

commitments . . . 14.0 11.7 2.3 — — Operating lease payments . . . 27.7 9.5 11.3 5.4 1.5 Total . . . $3,141.7 $212.6 $485.6 $755.8 $1,687.7 (1) These calculations assume that (a) applicable margins remain constant; (b) the Tranche T variable rate debt

is priced at the one-month LIBOR rate in effect as of December 31, 2014; (c) the Tranche R variable rate debt is priced at the three-month LIBOR rate in effect as of December 31, 2014; (d) only mandatory debt repayments are made; and (e) no refinancing occurs at debt maturity.

Indemnifications and Warranties

We often indemnify our clients against damages and costs resulting from claims of patent, copyright, trademark infringement or breaches of confidentiality associated with use of our software through software licensing

probable and estimable that would require recognition. In addition, we warrant to clients that our software operates substantially in accordance with the software specifications. Historically, no costs have been incurred related to software warranties and none are expected in the future, and as such no accruals for warranty costs have been made.

Off-Balance Sheet Arrangements

We do not have any material off-balance sheet arrangements other than operating leases. Critical Accounting Policies

Our discussion and analysis of our financial condition and results of operations is based upon our financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosures with respect to contingent liabilities and assets at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Certain of our accounting policies require the application of significant judgment by management in selecting the

appropriate assumptions for calculating financial estimates. By their nature, these judgments are subject to an inherent degree of uncertainty. These judgments are based on our historical experience, terms of our existing contracts, our evaluation of trends in the industry, information provided by our clients and information available from outside sources as appropriate. Our actual results may differ from those estimates. The accounting policies described below are the ones that we consider to be the most critical to an understanding of our financial condition and results of operations and that require the most complex and subjective management judgment.

Revenue Recognition

We recognize revenues in accordance with Financial Accounting Standards Board, or FASB, ASC Topic 605,

Revenue Recognition, or ASC 605. Recording revenues requires judgment, including determining whether an

arrangement includes multiple elements, whether any of the elements are essential to the functionality of any