Document:

<PAGE>

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF NOR ANY
INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE SOLD, ASSIGNED, PLEDGED,
HYPOTHECATED, ENCUMBERED OR IN ANY OTHER MANNER TRANSFERRED OR DISPOSED OF
EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT OF 1933, AS AMENDED AND THE TERMS
AND CONDITIONS HEREOF. THE HOLDER OF THIS WARRANT AND THE SECURITIES ISSUABLE
UPON EXERCISE HEREOF ARE SUBJECT TO THE RESTRICTIONS HEREIN SET FORTH.

VOID AFTER 5:00 P.M. NEW YORK CITY TIME, FEBRUARY 25, 2010.

                    ****************************************

                                    Number 34

                                     WARRANT

                                       to

                              PURCHASE COMMON STOCK

                                       of

                               F.Y.I. INCORPORATED

                    ****************************************

         This certifies that, for good and valuable consideration, F.Y.I.
Incorporated, a Delaware corporation (the "Company"), grants to JOY KARNS or
permitted registered assigns (the "Warrantholder" or "Warrantholders"), the
right to subscribe for and purchase from the Company, at $30.125 per share (the
"Exercise Price"), two thousand (2,000) shares of the Company's Common Stock,
par value $0.01 per share (the "Common Stock"), subject to the provisions and
upon the terms and conditions herein set forth. The Exercise Price and the
number of Warrant Shares are subject to adjustment from time to time as provided
in subsection 1.10.

         1.       DURATION AND EXERCISE OF WARRANT; LIMITATION ON EXERCISE;
                  PAYMENT OF TAXES.

         1.1      DURATION AND EXERCISE OF WARRANT.

                  (a)      This Warrant may be exercised to purchase (i) 20% of
         the underlying shares from and after 9:00 A.M. New York City time on
         February 25, 2001 (the "First Exercise Date"); (ii) 20% of the
         underlying shares on February 25, 2002 (the "Second Exercise Date");
         (iii) 20% of the underlying shares on February 25, 2003 (the "Third
         Exercise Date"); (iv) 20% of the underlying shares on February 25, 2004
         (the "Fourth Exercise Date"); and (v) 20% of the underlying shares on
         February 25, 2005 (the "Fifth

<PAGE>

         Exercise Date") to and including 5:00 P.M. New York City time on
         February 25, 2010 (the "Expiration Date"). Each of the First Exercise
         Date, the Second Exercise Date, the Third Exercise Date, the Fourth
         Exercise Date and the Fifth Exercise Date are hereinafter referred to
         from time to time, as applicable, as the "Exercise Date" and
         collectively from time to time as the "Exercise Date."

                  (b)      The rights represented by this Warrant may be
         exercised by the Warrantholder of record, in whole, or from time to
         time in part, by:

                           (i)      Surrender of this Warrant, accompanied by
                  either the Exercise Form annexed hereto, or if the
                  Warrantholder decides to exercise the Warrant pursuant to the
                  broker-assisted cashless exercise program instituted by the
                  Company, an applicable exercise form provided by the Company
                  (the "Exercise Form") duly executed by the Warrantholder of
                  record and specifying the number of Warrant Shares to be
                  purchased, to the Company at the office of the Company located
                  at 3232 McKinney Avenue, Suite 900, Dallas, Texas 75204 (or
                  such other office or agency of the Company as it may designate
                  by notice to the Warrantholder at the address of such
                  Warrantholder appearing on the books of the Company) during
                  normal business hours on any day (a "Business Day") other than
                  a Saturday, Sunday or a day on which the New York Stock
                  Exchange is authorized to close or on which the Company is
                  otherwise closed for business (a "Nonbusiness Day") on or
                  after 9:00 A.M. New York City time on the Exercise Date but
                  not later than 5:00 P.M. on the Expiration Date (or 5:00 P.M.
                  on the next succeeding Business Day, if the Expiration Date is
                  a Nonbusiness Day),

                           (ii)     Delivery of payment to the Company in cash
                  or by certified or official bank check in New York Clearing
                  House Funds, of the Exercise Price for the number of Warrant
                  Shares specified in the Exercise Form (such payment may be
                  made by the Warrantholder directly or by a designated broker
                  pursuant to the broker-assisted cashless exercise program
                  instituted by the Company, subject to subsection 1.5 herein)
                  and

                           (iii)    Such documentation as to the identity and
                  authority of the Warrantholder as the Company may reasonably
                  request.

                  Such Warrant Shares shall be deemed by the Company to be
         issued to the Warrantholder as the record holder of such Warrant Shares
         as of the close of business on the date on which this Warrant shall
         have been surrendered and payment made for the Warrant Shares as
         aforesaid. Certificates for the Warrant Shares specified in the
         Exercise Form shall be delivered to the Warrantholder (or designated
         broker, as the case may be) as promptly as practicable, and in any
         event within 10 business days, thereafter. The stock certificates so
         delivered shall be in denominations of at least one thousand (1,000)
         shares each or such other denomination as may be specified by the
         Warrantholder and agreed upon by the Company, and shall be issued in
         the name of the Warrantholder or, if permitted by subsection 1.5 and in
         accordance with the provisions thereof, such other name as shall be
         designated in the Exercise Form. If this Warrant shall have been

                                       2
<PAGE>

         exercised only in part, the Company shall, at the time of delivery of
         the certificates for the Warrant Shares, deliver to the Warrantholder
         (or designated broker, as the case may be) a new Warrant evidencing the
         rights to purchase the remaining Warrant Shares, which new Warrant
         shall in all other respects be identical with this Warrant. No
         adjustments or payments shall be made on or in respect of Warrant
         Shares issuable on the exercise of this Warrant for any cash dividends
         paid or payable to holders of record of Common Stock prior to the date
         as of which the Warrantholder shall be deemed to be the record holder
         of such Warrant Shares.

         1.2      LIMITATION ON EXERCISE. If this Warrant is not exercised prior
to 5:00 P.M. on the Expiration Date (or the next succeeding Business Day, if the
Expiration Date is a Nonbusiness Day), this Warrant, or any new Warrant issued
pursuant to subsection 1.1, shall cease to be exercisable and shall become void
and all rights of the Warrantholder hereunder shall cease. This Warrant shall
not be exercisable, and no Warrant Shares shall be issued hereunder, prior to
9:00 A.M. New York City time on the Exercise Date.

         1.3      EXERCISE UPON TERMINATION. Upon termination of Joy Karn's
employment with the Company or Mailing & Marketing Acquisition Corp. (the
"Subsidiary") for any reason (including death or retirement), this Warrant may
be exercised to the extent it has vested as of such date and for three (3)
months thereafter and up to and including the Expiration Date. If Joy Karn's
employment is terminated for any reason prior to the vesting of this Warrant,
this Warrant shall cease to be exercisable and shall become void and all rights
of the Warrantholder hereunder shall cease. Subject to the foregoing, in the
event of Joy Karn's death, this Warrant may be exercised to the extent vested at
the time of death by Ms. Karn's legal representative through the Expiration
Date.

         1.4      PAYMENT OF TAXES. The issuance of certificates for Warrant
Shares shall be made without charge to the Warrantholder for any stock transfer
or other issuance tax in respect thereto; provided, however, that the
Warrantholder shall be required to pay any and all taxes which may be payable in
respect to any transfer involved in the issuance and delivery of any
certificates for Warrant Shares in a name other than that of the then
Warrantholder as reflected upon the books of the Company.

         1.5      TRANSFER RESTRICTION AND LEGEND.

                  (a)      Without limiting the generality of the foregoing,
         neither this Warrant nor any of the Warrant Shares, nor any interest or
         participation in either, may be in any manner transferred or disposed
         of, in whole or in part, except in compliance with applicable United
         States federal and state securities laws.

                  (b)      Each certificate for Warrant Shares and any Warrant
         issued at any time in exchange or substitution for any Warrant bearing
         such a legend shall bear a legend similar in effect to the foregoing
         paragraph unless, in the opinion of counsel for the Company, the
         Warrant and the Warrant Shares need no longer be subject to the
         restriction contained herein. The provisions of this subsection 1.5
         shall be binding upon

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<PAGE>

         all subsequent holders of this Warrant and the Warrant Shares, if any.
         Warrant Shares transferred to the public as expressly permitted by, and
         in accordance with, the provisions of this Warrant shall thereafter
         cease to be deemed to be "Warrant Shares" for purposes hereof.

         1.6      DIVISIBILITY OF WARRANT. This Warrant may be divided into
warrants representing one Warrant Share or multiples thereof, upon surrender at
the principal office of the Company on any Business Day, without charge to any
Warrantholder, except as provided below. The Warrantholder will be charged for
reasonable out-of-pocket costs incurred by the Company in connection with the
division of this Warrant into Warrants representing fewer than one thousand
(1,000) Warrant Shares. Upon any such division, and, if permitted by subsection
1.5(b) and in accordance with the provisions thereof, the Warrants may be
transferred of record to a name other than that of the Warrantholder of record;
provided, however, that the Warrantholder shall be required to pay any and all
transfer taxes with respect thereto.

         1.7      RESERVATION AND LISTING OF SHARES, ETC. All Warrant Shares
which are issued upon the exercise of the rights represented by this Warrant
shall, upon issuance and payment of the Exercise Price, be validly issued, fully
paid and nonassessable and free from all taxes, liens, security interests,
charges and other encumbrances with respect to the issue thereof other than
taxes in respect of any transfer occurring contemporaneously with such issue.
During the period within which this Warrant may be exercised, the Company shall
at all times have authorized and reserved, and keep available free from
preemptive rights, a sufficient number of shares of Common Stock to provide for
the exercise of this Warrant, and shall at its expense use its best efforts to
procure such listing thereof (subject to official notice of issuance) as then
may be required on all stock exchanges on which the Common Stock is then listed
or on the Nasdaq National Market. The Company shall, from time to time, take all
such action as may be required to assure that the par value per share of the
Warrant Shares is at all times equal to or less than the then effective Exercise
Price.

         1.8      EXCHANGE, LOSS OR DESTRUCTION OF WARRANT. If permitted by
subsections 1.5 or 1.6 and in accordance with the provisions thereof, upon
surrender of this Warrant to the Company with a duly executed instrument of
assignment and funds sufficient to pay any transfer tax, the Company shall,
without charge, execute and deliver a new Warrant of like tenor in the name of
the assignee named in such instrument of assignment and this Warrant shall
promptly be canceled. Upon receipt by the Company of evidence satisfactory to it
of the loss, theft, destruction or mutilation of this Warrant, and, in the case
of loss, theft or destruction, of such bond or indemnification as the Company
may reasonably require, and, in the case of such mutilation, upon surrender and
cancellation of this Warrant, the Company will execute and deliver a new Warrant
of like tenor. The term "Warrant" as used herein includes any Warrants issued in
substitution or exchange of this Warrant.

         1.9      OWNERSHIP OF WARRANT. The Company may deem and treat the
person in whose name this Warrant is registered as the holder and owner hereof
(notwithstanding any notations of ownership or writing hereon made by anyone
other than the Company) for all purposes and shall not be affected by any notice
to the contrary, until presentation of this Warrant for registration of transfer
as provided in subsections 1.1 and 1.5 or in Section 3.

                                       4
<PAGE>

         1.10     CERTAIN ADJUSTMENTS. The Exercise Price at which Warrant
Shares may be purchased hereunder, and the number of Warrant Shares to be
purchased upon exercise hereof, are subject to change or adjustment as follows:

         The number of Warrant Shares purchasable upon the exercise of this
Warrant and the Exercise Price shall be subject to adjustment as follows:

                  (a)      In case the Company shall (i) pay a dividend in
         shares of Common Stock or make a distribution in shares of Common Stock
         (ii) subdivide its outstanding shares of Common Stock into a greater
         number of shares of Common Stock, (iii) combine its outstanding shares
         of Common Stock into a smaller number of shares of Common Stock or (iv)
         issue by reclassification of its shares of Common Stock other
         securities of the Company (including any such reclassification in
         connection with a consolidation or merger in which the Company is the
         surviving corporation), the number of Warrant Shares purchasable upon
         exercise of this Warrant shall be adjusted so that the Warrantholder
         shall be entitled to receive the kind and number of Warrant Shares or
         other securities of the Company which he would have owned or have been
         entitled to receive after the happening of any of the events described
         above, had this Warrant been exercised immediately prior to the
         happening of such event or any record date with respect thereto. An
         adjustment made pursuant to this paragraph (a) shall become effective
         immediately after the effective date of such event retroactive to the
         record date, if any, for such event.

                  (b)      In case the Company shall:

                           (i)      Issue rights, options or warrants to all
                  holders of its outstanding Common Stock, without any charge to
                  such holders, entitling them to subscribe for or purchase
                  shares of Common Stock at a price per share which is lower at
                  the record date for the determination of stockholders entitled
                  to receive such rights, options or warrants than the then
                  current market price per share of Common Stock, or

                           (ii)     Distribute to all holders of its shares of
                  Common Stock evidences of its indebtedness or assets
                  (excluding cash dividends or distributions payable out of
                  consolidated earnings or earned surplus and dividends or
                  distributions referred to in paragraph (a) of this subsection
                  1.10) or rights, options or warrants, or convertible or
                  exchangeable securities containing the right to subscribe for
                  or purchase shares of Common Stock, appropriate adjustments
                  shall be made to the number of Warrant Shares purchasable upon
                  the exercise of the Warrant and/or the Exercise Price in order
                  to preserve the relative rights and interests of the
                  Warrantholders, such adjustments to be made by the good faith
                  determination of the Board of Directors of the Company.

                                       5
<PAGE>

         2.       VOLUNTARY ADJUSTMENT BY THE COMPANY. The Company may, at its
option, at any time during the term of the Warrants, reduce the then current
Exercise Price to any amount, consistent with applicable law, deemed appropriate
by the Board of Directors of the Company.

         3.       NOTICE OF ADJUSTMENT. Whenever the number of Warrant Shares or
the Exercise Price of such Warrant Shares is adjusted, as herein provided, the
Company shall promptly mail first class, postage prepaid, to all Warrantholders,
notice of such adjustment.

         4.       NO ADJUSTMENT FOR CASH DIVIDENDS. No adjustment in respect of
any cash dividends shall be made during the term of this Warrant or upon the
exercise of this Warrant.

         5.       PRESERVATION OF PURCHASE RIGHTS UPON MERGER, CONSOLIDATION,
ETC. In case of any consolidation of the Company with or merger of the Company
into another corporation or in case of any sale, transfer or lease to another
corporation of all or substantially all of the property of the Company, the
Company or such successor or purchasing corporation, as the case may be, shall
execute with the Warrantholders an agreement that the Warrantholders shall have
the right thereafter upon this Warrant becoming exercisable in accordance with
subsection 1.1(a) and payment of the Exercise Price in effect immediately prior
to such action to purchase upon exercise of this Warrant the kind and amount of
shares and other securities and property which such holder would have owned or
have been entitled to receive after the happening of such consolidation, merger,
sale, transfer or lease had this Warrant been exercised immediately prior to
such action; provided, however, that no adjustment in respect of cash dividends,
interest or other income on or from such shares or other securities and property
shall be made during the term of this Warrant or upon the exercise of this
Warrant. Such agreement shall provide for adjustments, which shall be as nearly
equivalent as practicable to the adjustments provided for in this Section 5. The
provisions of this Section 5 shall apply similarly to successive consolidations,
mergers, sales, transfers or leases.

         6.       REGISTRATION RIGHTS. Not later than February 28, 2001, the
Company shall file a registration statement covering the Warrant Shares on a
Form S-8, which registration statement shall be effective upon the filing
thereof. The Company shall use its best efforts to keep such Form S-8 current
and effective until the earlier of the Expiration Date or the date this Warrant
has been exercised in full.

         The Company shall have sole control in connection with the preparation,
filing, amending and supplementing of any registration statement, including the
right to withdraw the same or delay the effectiveness thereof when, in the sole
judgment of the Board of Directors of the Company, the pendency of such
registration statement or the effectiveness thereof would impose an undue burden
upon the ability of the Company to proceed with any other material financing for
its own account or any material corporate transaction, including, but not
limited to, a reorganization, recapitalization, merger, consolidation or
material acquisition of the securities or assets of another firm or corporation;
and the Company shall be required to file a new registration statement or to
proceed with such actions as reasonably may be required to cause the
registration statement to become effective within a reasonable time after the
consummation of the event or transaction which required such withdrawal or
delay.

                                       6
<PAGE>

         7.       MISCELLANEOUS.

         7.1      ENTIRE AGREEMENT. This Warrant constitutes the entire
agreement between the Company and the Warrantholder with respect to this Warrant
and the Warrant Shares.

         7.2      BINDING EFFECTS; BENEFITS. This Warrant shall inure to the
benefit of and shall be binding upon the Company, the Warrantholder and holders
of Warrant Shares and their respective heirs, legal representatives, successors
and assigns. Nothing in this Warrant, expressed or implied, is intended to or
shall confer on any person other than the Company, the Warrantholders and
holders of Warrant Shares, or their respective heirs, legal representatives,
successors or assigns, any rights, remedies, obligations or liabilities under or
by reason of this Warrant or the Warrant Shares.

         7.3      AMENDMENTS AND WAIVERS. This Warrant may not be modified or
amended except by an instrument in writing signed by the Company and
Warrantholders that hold Warrants entitling them to purchase at least 50% of the
Warrant Shares. The Company, any Warrantholder or holders of Warrant Shares may,
by an instrument in writing, waive compliance by the other party with any term
or provision of this Warrant on the part of such other party hereto to be
performed or complied with. The waiver by any such party of a breach of any term
or provision of this Warrant shall not be construed as a waiver of any
subsequent breach.

         7.4      SECTION AND OTHER HEADINGS. The section and other headings
contained in this Warrant are for reference purposes only and shall not be
deemed to be a part of this Warrant or to affect the meaning or interpretation
of this Warrant.

         7.5      FURTHER ASSURANCES. Each of the Company, the Warrantholders
and holders of Warrant Shares shall do and perform all such further acts and
things and execute and deliver all such other certificates, instruments and/or
documents (including without limitation, such proxies and/or powers of attorney
as may be necessary or appropriate) as any party hereto may, at any time and
from time to time, reasonably request in connection with the performance of any
of the provisions of this Warrant.

         7.6      NOTICES. All demands, requests, notices and other
communications required or permitted to be given under this Warrant shall be in
writing and shall be deemed to have been duly given if delivered personally or
sent by United States certified or registered first class mail, postage prepaid,
to the parties hereto at the following addresses or at such other address as any
party hereto shall hereafter specify by notice to the other party hereto:

                                       7
<PAGE>

                  (a)      If to the Company, addressed to:

                                    F.Y.I. Incorporated
                                    3232 McKinney Avenue
                                    Suite 900
                                    Dallas, Texas 75204
                                    Facsimile No.: (214) 953-7556
                                    Telephone No.: (214) 953-7555
                                    Attention:  Margot T. Lebenberg, Esq.

                  (b)      If to any Warrantholder or holder of Warrant Shares,
         addressed to the address of such person then appearing on the books of
         the Company.

         Except as otherwise provided herein, all such demands, requests,
notices and other communications shall be deemed to have been received on the
date of personal delivery thereof or on the third Business Day after the mailing
thereof.

         7.7      SEPARABILITY. Any term or provision of this Warrant that is
invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable any other term or provision of this Warrant
or affecting the validity or enforceability of any of the terms or provisions of
this Warrant in any other jurisdiction.

         7.8      FRACTIONAL SHARES. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this Warrant. With
respect to any fraction of a share called for upon any exercise hereof, the
Company shall pay to the Warrantholder an amount in cash equal to such fraction
multiplied by the current market price (as determined as of the date of
exercise) of a share of such stock as of the date of such exercise.

         7.9      RIGHTS OF THE HOLDER. The Warrantholder shall not, solely by
virtue of this Warrant, be entitled to any rights of a stockholder of the
Company, either at law or in equity.

         7.10     GOVERNING LAW. This Warrant shall be deemed to be a contract
made under the laws of the State of Delaware and for all purposes shall be
governed by and construed in accordance with the laws of such State applicable
to contracts made and performed in Delaware.

         7.11     EFFECT OF STOCK SPLITS, ETC. Whenever any rights under this
Agreement are available only when at least a specified minimum number of Warrant
Shares is involved, such number shall be appropriately adjusted to reflect any
stock split, stock dividend, combination of securities into a smaller number of
securities or reclassification of stock.

                                       8
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer.

                                      F.Y.I. INCORPORATED

                                      By:     /s/ Ed H. Bowman, Jr.
                                              -----------------------
                                      Name:   Ed H. Bowman, Jr.
                                      Title:  President and
                                              Chief Executive Officer

Dated: February 25, 2000

                                       9
<PAGE>

                                  EXERCISE FORM

                 (To be executed upon exercise of this Warrant)

         The undersigned, the record holder of this Warrant, hereby irrevocably
elects to exercise the right, represented by this Warrant, to purchase
__________ of the Warrant Shares and herewith tenders payment for such Warrant
Shares to the order of F.Y.I. INCORPORATED, in the amount of $_______ in
accordance with the terms of this Warrant. The undersigned requests that a
certificate for such Warrant Shares be registered in the name of
_________________________________ and that such certificate be delivered to
_________________________ whose address is ____________________________________.

Date _________________                       Signature _________________________

                                       10<PAGE>

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF NOR ANY
INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE SOLD, ASSIGNED, PLEDGED,
HYPOTHECATED, ENCUMBERED OR IN ANY OTHER MANNER TRANSFERRED OR DISPOSED OF
EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT OF 1933, AS AMENDED AND THE TERMS
AND CONDITIONS HEREOF. THE HOLDER OF THIS WARRANT AND THE SECURITIES ISSUABLE
UPON EXERCISE HEREOF ARE SUBJECT TO THE RESTRICTIONS HEREIN SET FORTH.

VOID AFTER 5:00 P.M. NEW YORK CITY TIME, FEBRUARY 25, 2010.

                    ****************************************

                                    Number 35

                                     WARRANT

                                       to

                              PURCHASE COMMON STOCK

                                       of

                               F.Y.I. INCORPORATED

                    ****************************************

                  This certifies that, for good and valuable consideration,
F.Y.I. Incorporated, a Delaware corporation (the "Company"), grants to MARVIN
KARNS or permitted registered assigns (the "Warrantholder" or "Warrantholders"),
the right to subscribe for and purchase from the Company, at $30.125 per share
(the "Exercise Price"), two thousand (2,000) shares of the Company's Common
Stock, par value $0.01 per share (the "Common Stock"), subject to the provisions
and upon the terms and conditions herein set forth. The Exercise Price and the
number of Warrant Shares are subject to adjustment from time to time as provided
in subsection 1.10.

         1.       DURATION AND EXERCISE OF WARRANT; LIMITATION ON EXERCISE;
PAYMENT OF TAXES.

         1.1      DURATION AND EXERCISE OF WARRANT.

                  (a)      This Warrant may be exercised to purchase (i) 20% of
         the underlying shares from and after 9:00 A.M. New York City time on
         February 25, 2001 (the "First Exercise Date"); (ii) 20% of the
         underlying shares on February 25, 2002 (the "Second Exercise Date");
         (iii) 20% of the underlying shares on February 25, 2003 (the "Third
         Exercise Date"); (iv) 20% of the underlying shares on February 25, 2004
         (the "Fourth Exercise Date"); and (v) 20% of the underlying shares on
         February 25, 2005 (the "Fifth

<PAGE>

         Exercise Date") to and including 5:00 P.M. New York City time on
         February 25, 2010 (the "Expiration Date"). Each of the First Exercise
         Date, the Second Exercise Date, the Third Exercise Date, the Fourth
         Exercise Date and the Fifth Exercise Date are hereinafter referred to
         from time to time, as applicable, as the "Exercise Date" and
         collectively from time to time as the "Exercise Date."

                  (b)      The rights represented by this Warrant may be
         exercised by the Warrantholder of record, in whole, or from time to
         time in part, by:

                           (i)      Surrender of this Warrant, accompanied by
                  either the Exercise Form annexed hereto, or if the
                  Warrantholder decides to exercise the Warrant pursuant to the
                  broker-assisted cashless exercise program instituted by the
                  Company, an applicable exercise form provided by the Company
                  (the "Exercise Form") duly executed by the Warrantholder of
                  record and specifying the number of Warrant Shares to be
                  purchased, to the Company at the office of the Company located
                  at 3232 McKinney Avenue, Suite 900, Dallas, Texas 75204 (or
                  such other office or agency of the Company as it may designate
                  by notice to the Warrantholder at the address of such
                  Warrantholder appearing on the books of the Company) during
                  normal business hours on any day (a "Business Day") other than
                  a Saturday, Sunday or a day on which the New York Stock
                  Exchange is authorized to close or on which the Company is
                  otherwise closed for business (a "Nonbusiness Day") on or
                  after 9:00 A.M. New York City time on the Exercise Date but
                  not later than 5:00 P.M. on the Expiration Date (or 5:00 P.M.
                  on the next succeeding Business Day, if the Expiration Date is
                  a Nonbusiness Day),

                           (ii)     Delivery of payment to the Company in cash
                  or by certified or official bank check in New York Clearing
                  House Funds, of the Exercise Price for the number of Warrant
                  Shares specified in the Exercise Form (such payment may be
                  made by the Warrantholder directly or by a designated broker
                  pursuant to the broker-assisted cashless exercise program
                  instituted by the Company, subject to subsection 1.5 herein)
                  and

                           (iii)    Such documentation as to the identity and
                  authority of the Warrantholder as the Company may reasonably
                  request.

                  Such Warrant Shares shall be deemed by the Company to be
         issued to the Warrantholder as the record holder of such Warrant Shares
         as of the close of business on the date on which this Warrant shall
         have been surrendered and payment made for the Warrant Shares as
         aforesaid. Certificates for the Warrant Shares specified in the
         Exercise Form shall be delivered to the Warrantholder (or designated
         broker, as the case may be) as promptly as practicable, and in any
         event within 10 business days, thereafter. The stock certificates so
         delivered shall be in denominations of at least one thousand (1,000)
         shares each or such other denomination as may be specified by the
         Warrantholder and agreed upon by the Company, and shall be issued in
         the name of the Warrantholder or, if permitted by subsection 1.5 and in
         accordance with the provisions thereof, such other name as shall be
         designated in the Exercise Form. If this Warrant shall have been

                                       2
<PAGE>

         exercised only in part, the Company shall, at the time of delivery of
         the certificates for the Warrant Shares, deliver to the Warrantholder
         (or designated broker, as the case may be) a new Warrant evidencing the
         rights to purchase the remaining Warrant Shares, which new Warrant
         shall in all other respects be identical with this Warrant. No
         adjustments or payments shall be made on or in respect of Warrant
         Shares issuable on the exercise of this Warrant for any cash dividends
         paid or payable to holders of record of Common Stock prior to the date
         as of which the Warrantholder shall be deemed to be the record holder
         of such Warrant Shares.

         1.2      LIMITATION ON EXERCISE. If this Warrant is not exercised prior
to 5:00 P.M. on the Expiration Date (or the next succeeding Business Day, if the
Expiration Date is a Nonbusiness Day), this Warrant, or any new Warrant issued
pursuant to subsection 1.1, shall cease to be exercisable and shall become void
and all rights of the Warrantholder hereunder shall cease. This Warrant shall
not be exercisable, and no Warrant Shares shall be issued hereunder, prior to
9:00 A.M. New York City time on the Exercise Date.

         1.3      EXERCISE UPON TERMINATION. Upon termination of Marvin Karn's
employment with the Company or Mailing & Marketing Acquisition Corp. (the
"Subsidiary") for any reason (including death or retirement), this Warrant may
be exercised to the extent it has vested as of such date and for three (3)
months thereafter and up to and including the Expiration Date. If Marvin Karn's
employment is terminated for any reason prior to the vesting of this Warrant,
this Warrant shall cease to be exercisable and shall become void and all rights
of the Warrantholder hereunder shall cease. Subject to the foregoing, in the
event of Marvin Karn's death, this Warrant may be exercised to the extent vested
at the time of death by Mr. Karn's legal representative through the Expiration
Date.

         1.4      PAYMENT OF TAXES. The issuance of certificates for Warrant
Shares shall be made without charge to the Warrantholder for any stock transfer
or other issuance tax in respect thereto; provided, however, that the
Warrantholder shall be required to pay any and all taxes which may be payable in
respect to any transfer involved in the issuance and delivery of any
certificates for Warrant Shares in a name other than that of the then
Warrantholder as reflected upon the books of the Company.

         1.5      TRANSFER RESTRICTION AND LEGEND.

                  (a)      Without limiting the generality of the foregoing,
         neither this Warrant nor any of the Warrant Shares, nor any interest or
         participation in either, may be in any manner transferred or disposed
         of, in whole or in part, except in compliance with applicable United
         States federal and state securities laws.

                  (b)      Each certificate for Warrant Shares and any Warrant
         issued at any time in exchange or substitution for any Warrant bearing
         such a legend shall bear a legend similar in effect to the foregoing
         paragraph unless, in the opinion of counsel for the Company, the
         Warrant and the Warrant Shares need no longer be subject to the
         restriction contained herein. The provisions of this subsection 1.5
         shall be binding upon

                                       3
<PAGE>

         all subsequent holders of this Warrant and the Warrant Shares, if any.
         Warrant Shares transferred to the public as expressly permitted by, and
         in accordance with, the provisions of this Warrant shall thereafter
         cease to be deemed to be "Warrant Shares" for purposes hereof.

         1.6      DIVISIBILITY OF WARRANT. This Warrant may be divided into
warrants representing one Warrant Share or multiples thereof, upon surrender at
the principal office of the Company on any Business Day, without charge to any
Warrantholder, except as provided below. The Warrantholder will be charged for
reasonable out-of-pocket costs incurred by the Company in connection with the
division of this Warrant into Warrants representing fewer than one thousand
(1,000) Warrant Shares. Upon any such division, and, if permitted by subsection
1.5(b) and in accordance with the provisions thereof, the Warrants may be
transferred of record to a name other than that of the Warrantholder of record;
provided, however, that the Warrantholder shall be required to pay any and all
transfer taxes with respect thereto.

         1.7      RESERVATION AND LISTING OF SHARES, ETC. All Warrant Shares
which are issued upon the exercise of the rights represented by this Warrant
shall, upon issuance and payment of the Exercise Price, be validly issued, fully
paid and nonassessable and free from all taxes, liens, security interests,
charges and other encumbrances with respect to the issue thereof other than
taxes in respect of any transfer occurring contemporaneously with such issue.
During the period within which this Warrant may be exercised, the Company shall
at all times have authorized and reserved, and keep available free from
preemptive rights, a sufficient number of shares of Common Stock to provide for
the exercise of this Warrant, and shall at its expense use its best efforts to
procure such listing thereof (subject to official notice of issuance) as then
may be required on all stock exchanges on which the Common Stock is then listed
or on the Nasdaq National Market. The Company shall, from time to time, take all
such action as may be required to assure that the par value per share of the
Warrant Shares is at all times equal to or less than the then effective Exercise
Price.

         1.8      EXCHANGE, LOSS OR DESTRUCTION OF WARRANT. If permitted by
subsections 1.5 or 1.6 and in accordance with the provisions thereof, upon
surrender of this Warrant to the Company with a duly executed instrument of
assignment and funds sufficient to pay any transfer tax, the Company shall,
without charge, execute and deliver a new Warrant of like tenor in the name of
the assignee named in such instrument of assignment and this Warrant shall
promptly be canceled. Upon receipt by the Company of evidence satisfactory to it
of the loss, theft, destruction or mutilation of this Warrant, and, in the case
of loss, theft or destruction, of such bond or indemnification as the Company
may reasonably require, and, in the case of such mutilation, upon surrender and
cancellation of this Warrant, the Company will execute and deliver a new Warrant
of like tenor. The term "Warrant" as used herein includes any Warrants issued in
substitution or exchange of this Warrant.

         1.9      OWNERSHIP OF WARRANT. The Company may deem and treat the
person in whose name this Warrant is registered as the holder and owner hereof
(notwithstanding any notations of ownership or writing hereon made by anyone
other than the Company) for all purposes and shall not be affected by any notice
to the contrary, until presentation of this Warrant for registration of transfer
as provided in subsections 1.1 and 1.5 or in Section 3.

                                       4
<PAGE>

         1.10     CERTAIN ADJUSTMENTS. The Exercise Price at which Warrant
Shares may be purchased hereunder, and the number of Warrant Shares to be
purchased upon exercise hereof, are subject to change or adjustment as follows:

         The number of Warrant Shares purchasable upon the exercise of this
Warrant and the Exercise Price shall be subject to adjustment as follows:

                  (a)      In case the Company shall (i) pay a dividend in
         shares of Common Stock or make a distribution in shares of Common Stock
         (ii) subdivide its outstanding shares of Common Stock into a greater
         number of shares of Common Stock, (iii) combine its outstanding shares
         of Common Stock into a smaller number of shares of Common Stock or (iv)
         issue by reclassification of its shares of Common Stock other
         securities of the Company (including any such reclassification in
         connection with a consolidation or merger in which the Company is the
         surviving corporation), the number of Warrant Shares purchasable upon
         exercise of this Warrant shall be adjusted so that the Warrantholder
         shall be entitled to receive the kind and number of Warrant Shares or
         other securities of the Company which he would have owned or have been
         entitled to receive after the happening of any of the events described
         above, had this Warrant been exercised immediately prior to the
         happening of such event or any record date with respect thereto. An
         adjustment made pursuant to this paragraph (a) shall become effective
         immediately after the effective date of such event retroactive to the
         record date, if any, for such event.

                  (b)      In case the Company shall:

                           (i)      Issue rights, options or warrants to all
                  holders of its outstanding Common Stock, without any charge to
                  such holders, entitling them to subscribe for or purchase
                  shares of Common Stock at a price per share which is lower at
                  the record date for the determination of stockholders entitled
                  to receive such rights, options or warrants than the then
                  current market price per share of Common Stock, or

                           (ii)     Distribute to all holders of its shares of
                  Common Stock evidences of its indebtedness or assets
                  (excluding cash dividends or distributions payable out of
                  consolidated earnings or earned surplus and dividends or
                  distributions referred to in paragraph (a) of this subsection
                  1.10) or rights, options or warrants, or convertible or
                  exchangeable securities containing the right to subscribe for
                  or purchase shares of Common Stock, appropriate adjustments
                  shall be made to the number of Warrant Shares purchasable upon
                  the exercise of the Warrant and/or the Exercise Price in order
                  to preserve the relative rights and interests of the
                  Warrantholders, such adjustments to be made by the good faith
                  determination of the Board of Directors of the Company.

                                       5
<PAGE>

         2.       VOLUNTARY ADJUSTMENT BY THE COMPANY. The Company may, at its
option, at any time during the term of the Warrants, reduce the then current
Exercise Price to any amount, consistent with applicable law, deemed appropriate
by the Board of Directors of the Company.

         3.       NOTICE OF ADJUSTMENT. Whenever the number of Warrant Shares or
the Exercise Price of such Warrant Shares is adjusted, as herein provided, the
Company shall promptly mail first class, postage prepaid, to all Warrantholders,
notice of such adjustment.

         4.       NO ADJUSTMENT FOR CASH DIVIDENDS. No adjustment in respect of
any cash dividends shall be made during the term of this Warrant or upon the
exercise of this Warrant.

         5.       PRESERVATION OF PURCHASE RIGHTS UPON MERGER, CONSOLIDATION,
ETC. In case of any consolidation of the Company with or merger of the Company
into another corporation or in case of any sale, transfer or lease to another
corporation of all or substantially all of the property of the Company, the
Company or such successor or purchasing corporation, as the case may be, shall
execute with the Warrantholders an agreement that the Warrantholders shall have
the right thereafter upon this Warrant becoming exercisable in accordance with
subsection 1.1(a) and payment of the Exercise Price in effect immediately prior
to such action to purchase upon exercise of this Warrant the kind and amount of
shares and other securities and property which such holder would have owned or
have been entitled to receive after the happening of such consolidation, merger,
sale, transfer or lease had this Warrant been exercised immediately prior to
such action; provided, however, that no adjustment in respect of cash dividends,
interest or other income on or from such shares or other securities and property
shall be made during the term of this Warrant or upon the exercise of this
Warrant. Such agreement shall provide for adjustments, which shall be as nearly
equivalent as practicable to the adjustments provided for in this Section 5. The
provisions of this Section 5 shall apply similarly to successive consolidations,
mergers, sales, transfers or leases.

         6.       REGISTRATION RIGHTS. Not later than February 28, 2001, the
Company shall file a registration statement covering the Warrant Shares on a
Form S-8, which registration statement shall be effective upon the filing
thereof. The Company shall use its best efforts to keep such Form S-8 current
and effective until the earlier of the Expiration Date or the date this Warrant
has been exercised in full.

         The Company shall have sole control in connection with the preparation,
filing, amending and supplementing of any registration statement, including the
right to withdraw the same or delay the effectiveness thereof when, in the sole
judgment of the Board of Directors of the Company, the pendency of such
registration statement or the effectiveness thereof would impose an undue burden
upon the ability of the Company to proceed with any other material financing for
its own account or any material corporate transaction, including, but not
limited to, a reorganization, recapitalization, merger, consolidation or
material acquisition of the securities or assets of another firm or corporation;
and the Company shall be required to file a new registration statement or to
proceed with such actions as reasonably may be required to cause the
registration statement to become effective within a reasonable time after the
consummation of the event or transaction which required such withdrawal or
delay.

                                       6
<PAGE>

         7.       MISCELLANEOUS.

         7.1      ENTIRE AGREEMENT. This Warrant constitutes the entire
agreement between the Company and the Warrantholder with respect to this Warrant
and the Warrant Shares.

         7.2      BINDING EFFECTS; BENEFITS. This Warrant shall inure to the
benefit of and shall be binding upon the Company, the Warrantholder and holders
of Warrant Shares and their respective heirs, legal representatives, successors
and assigns. Nothing in this Warrant, expressed or implied, is intended to or
shall confer on any person other than the Company, the Warrantholders and
holders of Warrant Shares, or their respective heirs, legal representatives,
successors or assigns, any rights, remedies, obligations or liabilities under or
by reason of this Warrant or the Warrant Shares.

         7.3      AMENDMENTS AND WAIVERS. This Warrant may not be modified or
amended except by an instrument in writing signed by the Company and
Warrantholders that hold Warrants entitling them to purchase at least 50% of the
Warrant Shares. The Company, any Warrantholder or holders of Warrant Shares may,
by an instrument in writing, waive compliance by the other party with any term
or provision of this Warrant on the part of such other party hereto to be
performed or complied with. The waiver by any such party of a breach of any term
or provision of this Warrant shall not be construed as a waiver of any
subsequent breach.

         7.4      SECTION AND OTHER HEADINGS. The section and other headings
contained in this Warrant are for reference purposes only and shall not be
deemed to be a part of this Warrant or to affect the meaning or interpretation
of this Warrant.

         7.5      FURTHER ASSURANCES. Each of the Company, the Warrantholders
and holders of Warrant Shares shall do and perform all such further acts and
things and execute and deliver all such other certificates, instruments and/or
documents (including without limitation, such proxies and/or powers of attorney
as may be necessary or appropriate) as any party hereto may, at any time and
from time to time, reasonably request in connection with the performance of any
of the provisions of this Warrant.

         7.6      NOTICES. All demands, requests, notices and other
communications required or permitted to be given under this Warrant shall be in
writing and shall be deemed to have been duly given if delivered personally or
sent by United States certified or registered first class mail, postage prepaid,
to the parties hereto at the following addresses or at such other address as any
party hereto shall hereafter specify by notice to the other party hereto:

                                       7
<PAGE>

                  (a)      If to the Company, addressed to:

                                    F.Y.I. Incorporated
                                    3232 McKinney Avenue
                                    Suite 900
                                    Dallas, Texas 75204
                                    Facsimile No.: (214) 953-7556
                                    Telephone No.: (214) 953-7555
                                    Attention:  Margot T. Lebenberg, Esq.

                  (b)      If to any Warrantholder or holder of Warrant Shares,
         addressed to the address of such person then appearing on the books of
         the Company.

         Except as otherwise provided herein, all such demands, requests,
notices and other communications shall be deemed to have been received on the
date of personal delivery thereof or on the third Business Day after the mailing
thereof.

         7.7      SEPARABILITY. Any term or provision of this Warrant that is
invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable any other term or provision of this Warrant
or affecting the validity or enforceability of any of the terms or provisions of
this Warrant in any other jurisdiction.

         7.8      FRACTIONAL SHARES. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this Warrant. With
respect to any fraction of a share called for upon any exercise hereof, the
Company shall pay to the Warrantholder an amount in cash equal to such fraction
multiplied by the current market price (as determined as of the date of
exercise) of a share of such stock as of the date of such exercise.

         7.9      RIGHTS OF THE HOLDER. The Warrantholder shall not, solely by
virtue of this Warrant, be entitled to any rights of a stockholder of the
Company, either at law or in equity.

         7.10     GOVERNING LAW. This Warrant shall be deemed to be a contract
made under the laws of the State of Delaware and for all purposes shall be
governed by and construed in accordance with the laws of such State applicable
to contracts made and performed in Delaware.

         7.11     EFFECT OF STOCK SPLITS, ETC. Whenever any rights under this
Agreement are available only when at least a specified minimum number of Warrant
Shares is involved, such number shall be appropriately adjusted to reflect any
stock split, stock dividend, combination of securities into a smaller number of
securities or reclassification of stock.

                                       8
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer.

                                            F.Y.I. INCORPORATED

                                            By:     /s/ Ed H. Bowman, Jr.
                                                    -----------------------
                                            Name:   Ed H. Bowman, Jr.
                                            Title:  President and
                                                    Chief Executive Officer

Dated: February 25, 2000

                                       9
<PAGE>

                                  EXERCISE FORM

                 (To be executed upon exercise of this Warrant)

                  The undersigned, the record holder of this Warrant, hereby
irrevocably elects to exercise the right, represented by this Warrant, to
purchase __________ of the Warrant Shares and herewith tenders payment for such
Warrant Shares to the order of F.Y.I. INCORPORATED, in the amount of $_______ in
accordance with the terms of this Warrant. The undersigned requests that a
certificate for such Warrant Shares be registered in the name of
_________________________________ and that such certificate be delivered to
_________________________ whose address is ____________________________________
_____________________________________.

Date _________________                      Signature _________________________

                                       10

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