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1 Black Knight Financial Services

TM SM ® Trademark(s) of Black Knight IP Holding Company, LLC, or an affiliate. © 2017 Black Knight Financial Technology Solutions, LLC. All Rights Reserved.


Black Knight Financial Services, Inc.

February 2017



Disclaimer

Forward-Looking Statements

This presentation contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including

statements regarding expectations, hopes, intentions or strategies regarding the future are forward -looking statements. Forward-looking statements are based on

Black Knight management's beliefs, as well as assumptions made by, and information currently available to, them. 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. Black Knight

undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or othe rwise. The risks and uncertainties

that forward-looking statements are subject to include, but are not l imited to: our ability to successfully achieve the conditio ns to and consummate the tax-free spin-

off of Black Knight from Fidelity National Financial, Inc.; electronic security breaches against our information systems; our ability to maintain and grow our

relationships with our customers; changes to the laws, rules and regulations that impact our and our customers’ businesses; o ur ability to adapt our services to

changes in technology or the marketplace; the impact of any potential defects, development delays, installation difficulties or system failures on our business and

reputation; changes in general economic, business, regulatory and political conditions, particularly as they affect the mortg age industry; risks associated with the

availability of data; the effects of our substantial leverage on our ability to make acquisitions and invest in our business; risks associated with our structure and

status as a “controlled company;” our ability to successfully integrate strategic acquisitions; and other risks and uncertain ties detailed in the “Statement Regarding

Forward-Looking Information,” “Risk Factors” and other sections of our Annual Report on Form 10 -K and other fi l ings with the Securities and Exchange

Commission.

Non-GAAP Financial Measures

This presentation contains non-GAAP financial information, including Adjusted Revenues, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Earnings, Pro

Forma Adjusted Net Earnings and Adjusted Net Earnings Per Share. These are important financial performance measures for Black Knight, but are not financial

measures as defined by generally accepted accounting principles (“GAAP”). The presentation of this financial information is n ot intended to be considered in

isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP . Black Knight uses these non-GAAP

financial performance measures for financial and operational decision making and as a means to evaluate period -to-period comparisons. Black Knight believes

they provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater

transparency with respect to key metrics used by management in its financial and operational decision making, including determining a portion of executive

compensation. Black Knight also presents these non-GAAP financial performance measures because it believes investors, analysts and rating agencies consider

them useful in measuring Black Knight’s ability to meet its debt service obligations. By disclosing these non -GAAP financial performance measures, Black Knight

believes it creates for investors a greater understanding of, and an enhanced level of transparency into, the means by which the management of Black Knight

operates the company. These non-GAAP financial measures are not measures presented in accordance with GAAP, and Black Knight’s u se of these terms may

vary from that of others in Black Knight’s industry. These non -GAAP financial measures should not be considered as an alternative to net earnings, operating

income, revenues, cash provided by operating activities or any other measures derived in accordance with GAAP as measures of operating performance or

l iquidity. Black Knight has not provided a reconciliation of forward-looking Adjusted Net Earnings Per Share and Adjusted EBITDA growth to the most directly

comparable GAAP financial measures, due primarily to variability and difficulty in making accurate forecasts and projections of non-operating matters that may

arise, as not all of the information necessary for a quantitative reconciliation is available to Black Knight without unreaso nable effort. See the Appendix for further

information.



Company Overview



Our Mission

To be the PREMIER BRAND for technology

in the mortgage industry, known for

PRODUCT EXCELLENCE; and to deliver

INNOVATIVE, SEAMLESSLY INTEGRATED

PRODUCTS with SUPERIOR CAPABILITIES,

FUNCTIONALITY and SUPPORT that enable

our clients to:

Realize greater efficiencies and drive

improved financial performance

Better manage and mitigate risk



Black Knight Financial Services Overview

2016 Adjusted Revenues: $1,033M(2)

Servicing Technology

$689M

Origination Technology

$166M

Data & Analytics

$178M

Specialty

Servicing

Core

Servicing

67%

16%

17%

Percent of all first mortgages

processed using our servicing technology(1)

Significant presence in top 25 U.S.

mortgage servicers and originators

Percent of U.S. population included

in Black Knight data

~61%

TOP 25

99.99%

Top provider of integrated

technology, data and analytics to the U.S. mortgage industry

(1) As of December 31, 2016 (2) See Appendix for non-GAAP reconciliations



KEY MILESTONES FINANCIAL PERFORMANCE

Continued strong business momentum

Delivering on growth initiatives with new wins

Signed 3rd largest mortgage servicer in the U.S. and two of the top

50 lenders

Strengthened product portfolio with new innovative solutions and

two strategic acquisitions

LoanSphere Data Hub, loss mitigation and claims servicing

Acquired eLynx in May; supports full e-mortgage origination

process

Acquired Motivity Solutions in June; expands real-time business

intelligence and analytics capabilities

Significant deleveraging since the IPO (4.8x at IPO vs. 3.1x at

12/31/16)(1)

Adj. Revenue Growth

YoY

Adj. EBITDA Growth

Adj. EBITDA

Margin

Adj. Net Earnings

Growth YoY

2016(2)

10%

12%

16%

+80bps

Significant Momentum Since IPO

(1) Reflects net leverage (2) The period prior to the IPO is on a pro forma basis. See Appendix for non-GAAP reconciliations.



Unique and Compelling Business Model

Hosted SaaS solutions Economies of scale benefits

Long-term contracts Significant and predictable

recurring revenue

Volume-based pricing with minimums; annual COLA

Embedded volume and pricing growth

Mission critical technology solutions and products

Deep, long-term relationships

CHARACTERISTICS BENEFITS



Historically: Fragmented Industry; Multiple Technology Vendors



Black Knight Delivers Technology, Data and Analytics

Across the Loan Lifecycle

Broadest and most complete

product offering versus any

of our competitors



Servicing Technology

BUSINESS OVERVIEW

Proven, reliable and comprehensive technology solutions that

support all aspects of servicing and default – from loan boarding to disposition

Black Knight technologies help servicers improve quality, reduce

cost and help mitigate risk

MSP, the industry’s leading servicing platform, is augmented by

LoanSphere, a workflow and business process automation platform

KEY TRENDS

Heightened regulatory environment is pushing servicers to industry-

standard technology and scalable solutions through workflow and rules-based technology

2016 Adjusted Segment Revenues: $689 million (67% of total)(1)

(1) Adjusted Revenues for the Technology segment are presented in conformity with Accounting Standards Codification 280, Segment Reporting; therefore, it is considered a GAAP financial measure.




BUSINESS OVERVIEW

Loan Origination Systems automate and facilitate the origination or

acquisition of mortgage loans

Empower supports retail and wholesale loan originations

LendingSpace supports correspondent loan originations

Exchange is a large, interconnected platform of real estate parties

that allows lenders and service providers to connect and do business electronically

Closing Insight suite helps meet loan quality and disclosure requirements established by regulators and government sponsored

entities

eLynx is a leading provider of eMortgage and document support technology to the mortgage industry (acquired May 2016)

Lenders looking to replace in-house technologies with scaled 3rd

party providers that help manage increasing costs to originate loans

KEY TRENDS


(1) Adjusted Revenues for the Technology segment are presented in conformity with Accounting Standards Codification 280, Segment Reporting; therefore, it is considered a GAAP financial measure.



Data & Analytics

Data & Analytics (“D&A”) delivers solutions into multiple segments

grouped into 3 primary categories:

Mortgage (Origination, Default & Servicing)

Secondary Market (Capital Market, Investors & Government)

Real Estate Professionals (Associations, Brokers/Agents & Title)

One of the largest public and proprietary data sets in the U.S., including 99.99% of the population and 96% of all mortgage

transactions, enables unique D&A offerings delivered through our core platforms

BUSINESS OVERVIEW

Increasing need for integrated data & analytics to enhance decision

making and minimize risk in response to changing customer dynamics, regulatory demands and risk appetite

KEY TRENDS


(1) Adjusted Revenues for the Data & Analytics segment are presented in conformity with Accounting Standards Codification 280, Segment Reporting; therefore, it is considered a GAAP financial measure.



Large Whitespace Opportunity With Existing Customers

New products signed on by Top 10 clients since 2015 IPO. BKFS logo represents products deployed where revenue is currently be ing recognized

1 Client 1

2 Client 2

3 Client 3

4 Client 4

5 Client 5

6 Client 6

7 Client 7

8 Client 8

9 Client 9

10 Client 10

Clients Other Servicing Technologies Origination Technologies Data & Analytics Products MSP

(1) As of December 31, 2016



Black Knight Growth Strategy

Selectively Pursue Strategic Acquisitions

Powerful Focus and Dedication to Staying Current with Regulatory

Requirements

Continue to Innovate and Introduce New Solutions

Win New Clients in Existing Markets

Further Penetration of Our Solutions with Existing Clients



Enterprise client deals make DEEP relationships DEEPER

Enterprise Client Deals Deliver Significant Revenue Upside

Y1 Y2 Y3 Y4

Enterprise Client Revenue Expansion

2X BASE

3X BASE

Serv icing Technology


Data & Analy tics



Black Knight Financial Services

Powerful sector trends creating

significant growth opportunities

Market leading prov ider of end-to-

end solutions

Broad and deep client relationships with top mortgage

institutions

Large whitespace opportunity with

existing customers

Differentiated data assets and analytics

capabilities

Highly recurring and resilient rev enue

Scalable and cost effectiv e operating

model

World class management team with track record of

success



Financial Overview



Unique and Compelling Business Model

Hosted SaaS solutions Economies of scale benefits High margins

Long-term contracts Significant and predictable

recurring revenue High revenue visibility

Mission critical technology solutions and products

Deep, long-term relationships Long term customers

Volume-based pricing with minimums; annual COLA

Embedded volume and pricing growth

Strong organic growth

CHARACTERISTICS BENEFITS FINANCIAL IMPLICATION



Highly Recurring and Resilient Revenue

$670 $719 $745

$865 $940

$1,033

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$2,200

$2,400

$2,600

$2,800

$0

$200

$400

$600

$800

$1,000

$1,200

2011 2012 2013 2014 2015 2016

Serv icing Origination D&A Total Mortgage Originations

Highly predictable business model through all economic cycles

Black Knight revenues largely independent from mortgage volumes

Stable and predictable revenue base

>99% revenue retention from 2015 to 2016(1)

>80% recurring revenue

Deep, entrenched, long-term customer

relationships

No major client has left (excluding M&A

activity)

Avg. contract 3-5 years; top 10 clients 20+

year tenure

Source: Management, Mortgage Bankers Association (1) Of the customers representing 95% of revenues in 2015, approximately 99% continue to be customers in 2016 (2) Amounts represent Adjusted Revenues for the respective periods. See appendix for non-GAAP reconciliations

$B $M

Highly Resilient Revenues(2)



$745 $865 $940

$1,033

2013 2014 2015 2016

Historical Financial Performance

$97

$67

$96 $80

2013 2014 2015 2016

(1) See appendix for non-GAAP reconciliations (2) 2013 Capex represents former LPS Technology, Data and Analytics segment, plus assumed fifty percent of LPS Corporate and Other Capex

$197 $288

$318 $383

2013 2014 2015 2016

Adjusted

EBITDA &

Margin(1)

Adjusted

Revenues(1)

Adjusted

EBITDA Less

Capex

Capex(2)

($ in millions)

New Management Team

Annual

Technology Data & Analytics

$294 $355

$414 $463

39.5% 41.0%

44.0% 44.8%

2013 2014 2015 2016



Capital Structure and Deleveraging

Significant deleveraging from 4.8x(2) at IPO

($ in millions) As of

12/31/16 Maturity Interest Rate

Cash and Cash Equivalents $ 134

Revolver ($400mm) 50 2020 LIBOR + 200bps

Term A Loan 740 2020 LIBOR + 200bps

Term B Loan 394 2022 LIBOR + 300bps / 75bps floor

Senior Notes 390 2023 5.75%

Total Long-term Debt(1) $1,574

Capital Lease Obligation 5 2017 0.00%

Total Debt $1,579

Net Debt $1,445

LTM 12/31/16 Adjusted EBITDA $ 463

Total Debt / LTM Adjusted EBITDA 3.4x

Net Debt / LTM Adjusted EBITDA 3.1x

(1) Excludes unamortized bond premium, original issue discount and debt issuance costs (2) Reflects total LTM leverage as of 3/31/15 on a pro forma basis factoring in the IPO proceeds and debt refinancing from May 2015



Capital Allocation Framework

Continue to invest in the business

Product development and implementation resources

Critical infrastructure (i.e., hardware for hosting, information security)

Repay debt

Target leverage of approximately 3.0x

Maintain ample liquidity

Pursue targeted acquisitions

Small size product-focused, tuck-in acquisitions Return cash to shareholders

Opportunistic share repurchases



Appendix



Non-GAAP Financial Measures

Adjusted Revenues – We define Adjusted Revenues as Revenues adjusted to include the revenues that were not recorded by Black Knight during the periods presented due to the deferred revenue purchase accounting adjustment recorded in accordance with GAAP. These adjustments are reflected in Corporate and Other.

Adjusted EBITDA – We define Adjusted EBITDA as Net earnings (loss), with adjustments to reflect the addition or elimination of certain income statement items including, but not limited to (i) depreciation and amortization; (ii) interest expense; (iii) income tax expense (benefit); (iv) the deferred revenue purchase accounting adjustment recorded in accordance with GAAP; (v) equity-based compensation; (vi) charges associated with significant legal and regulatory matters; (vii) member management fees paid to FNF and THL Managers, LLC; (viii) exit costs, impairments and other charges; (ix) costs associated with debt and equity offerings; (x) acquisition-related costs; (xi) discontinued operations and (xii) other expenses (income), net. These adjustments are reflected in Corporate and Other.

Adjusted EBITDA Margin – Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Adjusted Revenues.

Adjusted Net Earnings and Pro Forma Adjusted Net Earnings – We define Adjusted Net Earnings as Net earnings with adjustments to reflect the addition or elimination of certain income statement items including, but not limited to, (i) adjustments to calculate Adjusted EBITDA as described above; (ii) adjustment for the net incremental depreciation and amortization adjustments associated with the application of purchase accounting; (iii) non-recurring items in Other expense, net; (iv) adjustment for income tax expense at our estimated effective tax rate, excluding noncontrolling interests; and (v) assuming the exchange of all the outstanding shares of our Class B common stock into shares of our Class A common stock, which eliminates the noncontrolling interests in Black Knight. For periods that include the results of operations prior to the third quarter of 2015, Pro Forma Adjusted Net Earnings would further include pro forma adjustments to present interest expense as if the amount of debt outstanding and applicable interest rates as a result of the debt refinancing were consistent for all periods prior to the debt refinancing.

Adjusted Net Earnings Per Share – We calculate per share amounts assuming the exchange of all shares of Class B common stock into shares of our Class A common stock at the beginning of the respective period, as well as the dilutive effect of any unvested restricted shares of Class A common stock.



Non-GAAP Reconciliations: Adjusted Revenues

Years Ended December 31,

($ in millions) 2016 2015 2014 2013 2012 2011

Revenues $ 1,026.0 $ 930.7 $ 852.1 $ 744.8 $ 718.9 $ 670.4

Deferred revenue adjustment 7.3 9.6 12.8 - - -

Adjusted Revenues $ 1,033.3 $ 940.3 $ 864.9 $ 744.8 $ 718.9 $ 670.4



Non-GAAP Reconciliations: Adjusted EBITDA


($ in millions) 2016 2015 2014 2013

Net earnings from continuing operations $ 133.0 $ 82.4 $ (106.3) $ 85.1

Depreciation and amortization 208.3 194.3 188.8 83.6

Interest expense 67.6 89.8 128.7 53.6

Income tax expense (benefit) 25.8 13.4 (5.3) 45.7

Other expense (income), net 6.4 4.6 12.0 (0.2)

EBITDA 441.1 384.5 217.9 267.8

Deferred revenue adjustment 7.3 9.6 12.8 —

Equity-based compensation 12.4 11.4 6.4 15.6

Transition and integration costs 2.3 3.6 119.3 —

IPO costs — 4.4 — —

Legal and regulatory matters — — (1.5) 2.5

Exit costs, impairment and other charges — — — 8.1

Adjusted EBITDA $ 463.1 $ 413.5 $ 354.9 $ 294.0

Adjusted EBITDA Margin (%) 44.8% 44.0% 41.0% 39.5%



Non-GAAP Reconciliation: Adjusted Net Earnings and Pro Forma Adjusted

Net Earnings


($ in millions, except per share) 2016 2015

Net earnings from continuing operations $ 133.0 $ 82.4

Depreciation and amortization adjustment 90.1 90.3

Deferred revenue adjustment 7.3 9.6

Equity-based compensation 12.4 11.4

Other expense, net adjustment 6.4 4.8

Transition and integration costs 2.3 3.6

Interest expense adjustment — 23.3

IPO costs — 4.4

Income tax expense adjustment (76.1) (78.4)

Adjusted Net Earnings from Continuing Operations/ Pro Forma Adjusted Net Earnings from Continuing Operations

$ 175.4 $ 151.4

Adjusted Net Earnings Per Share from Continuing Operations $ 1.15

Weighted Average Adjusted Shares Outstanding 152.7

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