Slide 1: Cannae Holdings: Governance Failings Destroying Shareholder Value
Cannae Holdings Governance Failings Destroying Shareholder Value NOVEMBER 2025
Slide 2: Important Disclaimers
IMPORTANT DISCLAIMERS This presentation is for discussion and general informational purposes only, in connection with the Because such forward-looking statements involve risks and uncertainties, actual results may differ solicitation of proxies of Cannae (defined below). This presentation reflects t
Slide 3: Table of Contents
Table of Contents 1. Governance Failings Destroyed Shareholder Value Page 3 2. Correcting Cannae’s Misrepresentation of Facts Page 13 2
Slide 4: Governance Failings Destroyed Shareholder Value
Governance Failings Destroyed Shareholder Value 3
Slide 5: The Board is Unfit to Diagnose Own Underperformance
The Board is Unfit to Diagnose Own Underperformance We believe the current Board has proven itself unable to effectively oversee management and protect shareholder interests, destroying value through its governance failings The Board of Cannae is unwilling to acknowledge that the Status Quo, as over
Slide 6: Shareholders Suffer with Each Management Update
Shareholders Suffer with Each Management Update Despite Cannae claims that they have executed on their strategic plan, shareholders suffer every time Cannae addresses the market, indicating a misdiagnosis of the root cause of underperformance “Our strategic transformation is accelerating long-term v
Slide 7: Shareholders Lose, Management and Directors Prosper
Shareholders Lose, Management and Directors Prosper Shareholders have endured a 60% loss over the past 5 years while Management and Directors have collectively made over $650 million since inception Absolute TSR over the past 5 years Compared to Cumulative Compensation Since Spin 20% $669.3 10% 0% $
Slide 8: Capital Return is Necessary but Insufficient
Capital Return is Necessary but Insufficient The Board has overseen a decline in NAV per share every year of the last 5 totaling -50%, clearly indicating that change is urgent to prevent further damage, and that the current “Transformation” is not working Year End Net Asset Value per Share • If Cann
Slide 9: What Happened to Shareholders' Realized Gains?
What Happened to Shareholders’ Realized Gains? Cannae re-invested nearly all of the Dayforce gains into Foley’s SPACs and Foley-led venture capital: Any “realized gains for shareholders” were almost completely destroyed through affiliate transactions • $240 million • Unique ISIP • $548 million in 20
Slide 10: Governance Failings Destroyed Shareholder Value
Governance Failings Destroyed Shareholder Value Cannae’s materials provide context to the marginal governance improvements and Board failings that are destroying shareholder capital which result in persistent underperformance and impaired confidence • Invested $2.6 billion into Foley- Changes are To
Slide 11: Board Continues to Approve Conflicted Transactions
Board Continues to Approve Conflicted Transactions The Board’s self-styled “Governance Evolution” is a misdirection, as the same practices of giving Directors preferential economics at the expense of Cannae shareholders is on display, real-time, at BKFC • BKFC, now Cannae’s largest investment by val
Slide 12: Cannae's "Strategic Transformation" is the Status Quo
Cannae’s “Strategic Transformation” is the Status Quo Buybacks have provided temporary relief, but each time a buyback is over the discount widens back to worst-in-class, clearly indicating market concern about a durable plan to reverse NAV declines Discount to Net Asset Value over Time (%) 0% SPACs
Slide 13: Carronade Sought to Engage Constructively
Carronade Sought to Engage Constructively Carronade sought to engage privately and constructively to help improve performance at Cannae, and believed that we were negotiating in good faith until Cannae’s actions suggested they had different plans Carronade sends letter to Carronade files preliminary
Slide 14: Correcting Cannae's Misrepresentation of Facts
Correcting Cannae’s Misrepresentation of Facts 13
Slide 15: Cannae Grossly Misstates Candidate Qualifications
Cannae Grossly Misstates Candidate Qualifications Cannae’s ad hominem attacks against our four highly qualified and fit-for-purpose nominees’ substantial experience, is an uncalled for and transparent attempt to deflect its own poor performance Seasoned investment professional with extensive Dee
Slide 16: What if Cannae Used the Same Criteria to Vet its Board?
What if Cannae Used the Same Criteria to Vet its Board? Hypocrisy Abounds: Cannae’s broad and misguided over-generalizations of the Carronade nominees’ experience highlights how entrenched the incumbents are when applying the same standards Cannae’s Objections Carronade’s Perspectives 3 of 12 dire
Slide 17: The Board's Persistent, Worst-in-Class Performance
The Board’s Persistent, Worst-in-Class Performance Attempts to highlight ‘relevant experience’ and ‘value creation’ fails to address the abysmal track record of incumbent directors in stewarding shareholder capital Cumulative Relative TSR vs 2024 Cannae Peer Group over the past 5 years 10% -10% Mein
Slide 18: Cannae's Plan Lacks the Most Critical Element
Cannae’s Plan Lacks the Most Critical Element “What Cannae is already delivering” is more of the same underperformance and poor corporate governance that have plagued shareholders since inception, evidenced by the discount returning to its historical wides Setting the Record Straight Spin criticism
Slide 19: Cannae has Consistently Lost Money for Shareholders
Cannae has Consistently Lost Money for Shareholders Cannae tries to deflect relative underperformance by saying it has no real peers, but one simply has to look at absolute performance over any relevant timeframe to see the reality • Despite underperforming every peer set ever selected by the Compan
Slide 20: Vote GOLD and Restore Shareholder Value
Vote GOLD and Restore Shareholder Value Cannae shareholders can vote their shares to help affect change and reinvigorate a company that has fallen woefully behind on its promise to shareholders. The 2025 Annual Meeting of Cannae Shareholders is scheduled to be held virtually on December 12, 2025. Ca