Cannae Holdings, Inc. · NYSE:CNNE
Cannae — Proxy Contest (November 2025)
10 slides from Cannae's proxy contest presentation, Nov 20, 2025
Slide 1: Setting the Record Straight
Setting the Record Straight Vote FOR Cannae’s four Directors on the WHITE proxy card. November 20, 2025
Slide 2: Carronade is attempting to take credit for Cannae's existing strategic plan
Carronade is attempting to take credit for Cannae’s existing strategic plan Carronade offers no original ideas, only a demand that Cannae continue the strategy we announced in February 2024 – long before Carronade purchased its first shares of Cannae – and which has already delivered cost reductions
Slide 3: Carronade's governance arguments are contradicted by their own data
Carronade’s governance arguments are contradicted by their own data Source: Carronade investor presentation Carronade’s false narrative: “No refreshment” Accurate math undermines Carronade’s claims – Contrary to Carronade’s claims, we have added 4 new Claim: Claim: directors in the last 5 years, rep
Slide 4: Carronade ignores our governance evolution
Carronade ignores our governance evolution ü Appoints new Lead Independent Director ü Establishes independent committees: – Audit, ü Establishes Related Person Transaction Committee – Compensation, and ü Formalizes oversight of ESG, ü Appoints Independent Chair and new CEO – Nominating/Governance cy
Slide 5: Carronade's demands would disrupt our progress, putting shareholder value at risk
Carronade’s demands would disrupt our progress, putting shareholder value at risk Carronade jeopardizes shareholders’ future • Carronade’s criticisms are backward-looking and ignore the significant structural and long-tailed initiatives the Board began implementing in February 2024 • Carronade’s dem
Slide 6: Carronade relies on arbitrary upside multiples, incorrect data, and double-counting
Carronade relies on arbitrary upside multiples, factually incorrect data, and double-counting Carronade footnote: “Optimize Tax Loss” is a potential 1. Carronade’s corporate overhead plan ignores the 1 upside of selling ALIT, SST, and PSFE instead of spinning significant progress we’ve already made
Slide 7: Carronade's compensation & fee analysis is misleading
Carronade’s compensation & fee analysis is misleading Carronade’s analysis ignores key facts to reach conclusions Source: Carronade investor presentation – ISIP, MIP, and external management fees have all been terminated and have no impact on our cost structure moving Carronade ignores that ISIP and
Slide 8: Carronade miscalculates mark-to-market returns
Carronade miscalculates mark-to-market returns Source: Carronade investor presentation Miscalculating mark-to-market returns does not make Carronade’s error the new reality – Carronade compares realized returns with unrealized holdings, and deducts ISIP and MIP payments, then excludes over $700 mill
Slide 9: Forward-Looking Statement
FORWARD-LOOKING STATEMENT 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 forw
Slide 10: Important Additional Information and Where to Find It
IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT Cannae has filed a definitive 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