Cannae Holdings, Inc. · NYSE:CNNE
Cannae — Investor Presentation (May 2025)
29 slides from Cannae's investor presentation, May 2025
Slide 1: Investor Presentation Spring 2025
INVESTOR PRESENTATION SPRING 2025
Slide 2: Disclaimer
DISCLAIMER This communication contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, beliefs, plans, intentions, or strategies regarding the future are forward-looking sta
Slide 3: Important Additional Information and Where to Find It
IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT Cannae intends to file a proxy statement on Schedule 14A, an accompanying WHITE proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from Cannae’s shareholders for Cannae’s 2025 annual meeting of sh
Slide 4: Certain Information Regarding Participants in the Solicitation
CERTAIN INFORMATION REGARDING PARTICIPANTS IN THE SOLICITATION Cannae, its directors (Douglas K. Ammerman; William P. Foley, II; Hugh R. Harris; C. Malcolm Holland; Mark D. Linehan; Frank R. Martire; Erika Meinhardt; Barry B. Moullet; William T. Royan; James B. Stallings, Jr.; Woodrow Tyler; and Fra
Slide 5: Cannae Overview
CANNAE OVERVIEW Cannae (NYSE:CNNE) is a diversified holding company that offers shareholders a unique opportunity to generate returns through owning a diverse portfolio of operating businesses. CNNE BY THE NUMBERS 2014 FOUNDED(1) Split off from FNF in 2017 $1.8B Net assets(2) $28.49 Net Asset Value
Slide 6: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Founded and strategy constructed by William P. Foley, II 1 William P. Foley, II (“Foley”) is a preeminent operator and deal maker with a long, proven track record of shareholder value creation Led by a best-in-class board of directors and management team 2 Seasoned board an
Slide 7: Cannae Is Founded by William P. Foley, II
1 CANNAE IS FOUNDED BY WILLIAM P. FOLEY, II Foley is responsible for the growth of ~$87B in publicly traded companies(1) to date and created the initial strategy and investment playbook for Cannae. • Throughout his career, Foley developed his value creation framework to identify and execute investme
Slide 8: Led by Seasoned Management
2 LED BY SEASONED MANAGEMENT Supported by Strong Leadership at Portfolio Companies DAVE GUILMETTE Chief Executive Officer TIM BEZBATCHENKO President RYAN CASWELL BRYAN D. COY MICHAEL L. GRAVELLE ALEXANDER CINIELLO TIAGO PINTO Chief Executive Officer Chief Financial Officer General Counsel VP, Corpor
Slide 9: Permanent Capital with a Strategy to Deliver Returns
3 PERMANENT CAPITAL WITH A STRATEGY TO DELIVER RETURNS Cannae is focused on a strategy of long-term value creation through the execution of three key priorities: • Rebalancing the portfolio away from current public company investments and opportunistically investing in attractive companies with posi
Slide 10: Unique Investment Philosophy & Playbook
4 UNIQUE INVESTMENT PHILOSOPHY & PLAYBOOK Cannae playbook • In 1984, Foley acquired Fidelity National Title for $3M when it was ranked 48th in the country among Identify Value Enhancements created at former title insurance companies and had revenue of $6M (1). Foley developed a specific playbook to
Slide 11: Playbook Successful Across Numerous Investments
4 PLAYBOOK SUCCESSFUL ACROSS NUMEROUS INVESTMENTS • Global human capital management software • Global provider of business decision data, analytics, • A premier provider of high-performance provider that helps manage the entire employee and insights. software, data and analytics for mortgage lifecyc
Slide 12: Allocate Capital Across Recurring Investment Themes
4 ALLOCATE CAPITAL ACROSS RECURRING INVESTMENT THEMES Large Addressable Markets Essential Utilities Unseen Potential for Growth with Strong Market Share • #1 market leading title insurer in the • Critical infrastructure and • Execute on opportunities to realize United States, covering ~31%(1) all re
Slide 13: Attractive Portfolio with Embedded Upside
5 ATTRACTIVE PORTFOLIO WITH EMBEDDED UPSIDE $'s in millions except for values per CNNE share (1) Net Asset Value Recently announced Initial Year Invested Gross Fair Per CNNE sale of largest asset Company Current Ownership Amount(4) Invested Capital(2) Value(3) Share(1) 60.0M shares or ~14% 2019 $ 48
Slide 14: D&B Sale Proceeds Create Significant Upside
5 D&B SALE PROCEEDS CREATE SIGNIFICANT UPSIDE In March, Cannae announced the sale of Dun & Bradstreet, its largest holding • Dun & Bradstreet represents 29% of Net Asset Value, or $8.38 per Cannae share(1) Cannae will generate ~$630 million of cash proceeds from the sale • Cannae has already sold 9
Slide 15: Capital Allocation Strategy Focused on Stock Price and NAV Growth
6 CAPITAL ALLOCATION STRATEGY FOCUSED ON STOCK PRICE AND NAV GROWTH (1) DISCIPLINED SHARE REPURCHASES SHAREHOLDER DIVIDENDS OPPORTUNISTIC INVESTMENTS On May 9, 2025, Cannae’s Board of Directors Cannae has implemented a disciplined Cannae is looking for opportunistic approved a quarterly dividend of
Slide 16: Proven Ability to Create Value for Shareholders
7 PROVEN ABILITY TO CREATE VALUE FOR SHAREHOLDERS RECENT MONETIZATION EVENTS Cannae Investment Monetization Summary(1) $’s billions ➢ Dayforce - Since September 2023, Cannae has sold 2.1x remaining 5M DAY shares for $331M or >5x gain on invested capital. invested capital $0.7B ➢ Alight - In December
Slide 17: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS 1 Founded and strategy constructed by William P. Foley, II 2 Led by a best-in-class board of directors and management team 3 Permanent capital vehicle with a strategy to deliver maximum returns 4 Unique investment philosophy to allocate capital & playbook to drive returns 5
Slide 18: Appendix
APPENDIX CANNAE HOLDINGS INVESTOR PRESENTATION FEBRUARY 2021 | 18
Slide 19: Holding Company Liquidity and Debt
HOLDING COMPANY LIQUIDITY AND DEBT Corporate Debt Outstanding Size Interest Rate Maturity May 9, 2025 December 31, 2024 (1) Margin loan $500.0 3 Mo. Adj SOFR + 3.10% Mar-27 $ 101.0 $ 101.0 (2) FNF revolver $47.5 5.00% Nov-30 47.5 59.7 Total Corporate Debt Outstanding $148.5 $160.7 (3) Holding compan
Slide 20: Company Overview: Dun & Bradstreet
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY 2019 • Dun & Bradstreet (NYSE: DNB) is a leading global provider of business decisioning data and analytics that delivers insights to empower customers to accelerate revenue, lower costs, and Initial Investment Date mitigate risk. • Dun & Bradstreet operate
Slide 21: Company Overview: Alight
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Alight (NYSE: ALIT) is a provider of benefits administration and cloud-based HR and financial solutions, that enhance work and life through the company’s service, technology, and data. 2021 Investment Date • The Alight Worklife platform provides an omnich
Slide 22: Company Overview: Paysafe
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Paysafe Limited (NYSE: PSFE) is a specialized payments platform. Its core purpose is to enable businesses and consumers to connect and transact 2021 Investment Date seamlessly through industry-leading capabilities in electronic payment processing, digital
Slide 23: Company Overview: System1
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • System1 (NYSE: SST) is an omnichannel customer acquisition platform, delivering high- intent customers to advertisers. 2022 Investment Date • System1 operates through its RAMP platform. • Responsive Acquisition Marketing Platform (“RAMP”) drives the busin
Slide 24: Company Overview: Black Knight Football
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Black Knight Football (“BKFC”), a partnership led by Foley, is focused on building a global network of world-class football clubs, players, and real estate assets that will produce operational synergies, accelerate player development and enable efficient
Slide 25: Company Overview: Restaurant Group
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Cannae’s Restaurant Group, headquartered in Nashville, TN, consists of two casual dining restaurant concepts, O’Charley’s Restaurant + Bar and Ninety Nine Restaurant & Pub. 2012 Initial Investment Date ~88% Current Ownership 2012 Initial Investment Date ~
Slide 26: Strategic Partnership with JANA to Accelerate Shareholder Value Creation
Strategic Partnership with JANA to Accelerate Shareholder Value Creation Mutually beneficial Leading Private Investor with Leading Engaged Public Investor opportunities with public Flexible Mandate targets, including potential… • Industry-leading returns in engaged investing. • Permanent capital str
Slide 27: Company Overview: Computer Services
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Computer Services (“CSI”) is a leading fintech and regtech provider, offering end-to-end financial software and technology to community and regional banks as well as organizations worldwide. 2022 Investment Date • CSI helps solve their customers’ needs th
Slide 28: Company Overview: The Watkins Company
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • The Watkins Company, a leading producer of high-quality flavoring products, was founded in 1868 and has grown to be a leading domestic producer of spices, seasonings and extracts. October 2024 Investment Date • For over 150 years, Watkins and its predeces
Slide 29: Company Overview: Minden Mill Distilling
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Minden Mill Distilling (Minden Mill), is an estate distillery in Minden, Nevada. Minden is located in the heart of Carson Valley close to the Nevada-California border. Visitors enjoy easy access to South Lake Tahoe Mountain resorts, hiking trails, casinos