Slide 1: Investor Presentation Summer 2025
INVESTOR PRESENTATION SUMMER 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS 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 for
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 (1) FOUNDED Split off from FNF in 2017 2014 (2) $ Net assets 1.5B Net Asset Value (“NA
Slide 6: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Compelling business strategy constructed by a proven value-creator 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 Seasone
Slide 7: Compelling Business Strategy Constructed by a Proven Value-Creator
COMPELLING BUSINESS STRATEGY CONSTRUCTED BY A PROVEN VALUE-CREATOR 1 Foley is responsible for the growth of ~$80B in publicly (1) traded companies to date and created the initial strategy and investment playbook for Cannae. • Throughout his career, Foley developed his value creation framework to ide
Slide 8: Led by Seasoned Management
LED BY SEASONED MANAGEMENT 2 Supported by Strong Leadership at Portfolio Companies DAVE GUILMETTE Chief Executive Officer TIM BEZBATCHENKO President RYAN CASWELL BRYAN COY MIKE GRAVELLE ALEX CINIELLO TIAGO PINTO Chief Executive Officer Chief Financial Officer General Counsel VP, Corporate Finance Pr
Slide 9: And by Best-in-Class Board of Directors
AND BY BEST-IN-CLASS BOARD OF DIRECTORS 2 • Board Members Are Fit-For-Purpose • Strong group of Board members with backgrounds consistent with companies in Cannae’s portfolio • Extensive strategic and financial acumen, coupled with expertise to identify and oversee innovative growth opportunities •
Slide 10: Permanent Capital with a Strategy to Deliver Returns
PERMANENT CAPITAL WITH A STRATEGY TO DELIVER RETURNS 3 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 making proprietary investments in attractiv
Slide 11: Unique Investment Philosophy & Playbook
UNIQUE INVESTMENT PHILOSOPHY & PLAYBOOK 4 Cannae playbook • In 1984, Foley acquired Fidelity National Title for $3M when it was ranked 48th in the country among Identify Value Enhancements (1) created at former title insurance companies and had revenue of $6M . Foley developed a specific playbook to
Slide 12: Playbook Successful Across Numerous Investments
PLAYBOOK SUCCESSFUL ACROSS NUMEROUS INVESTMENTS 4 • 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 13: Allocate Capital Across Recurring Investment Themes
ALLOCATE CAPITAL ACROSS RECURRING INVESTMENT THEMES 4 Large Addressable Markets Essential Utilities Unseen Potential for Growth with Strong Market Share • Execute on opportunities to realize • #1 market leading title insurer in the • Critical infrastructure and (1) United States, covering ~30% of al
Slide 14: Attractive Portfolio with Embedded Upside
ATTRACTIVE PORTFOLIO WITH EMBEDDED UPSIDE 5 (1) Net Asset Value #039;s in millions except for values per CNNE share Initial Year Net Invested Gross Fair Per CNNE (4) CNNE share price is at Company Current Ownership Amount (2) (3) (1) Invested Capital Value Share a 33% discount to NAV 40.5M shares or ~8
Slide 15: D&B Sale Proceeds Create Significant Upside
D&B SALE PROCEEDS CREATE SIGNIFICANT UPSIDE 5 • In March 2025, Cannae announced the sale of Dun & Bradstreet, its largest holding • At the close of March 2025, Dun & Bradstreet represented 35% of Cannae’s Net Asset Value, or $9.98 per Cannae share • Cannae received ~$630 million of cash proceeds fro
Slide 16: Capital Allocation Strategy Focused on Stock Price and NAV Growth
6 CAPITAL ALLOCATION STRATEGY FOCUSED ON STOCK PRICE AND NAV GROWTH (1) SHAREHOLDER DIVIDENDS OPPORTUNISTIC INVESTMENTS DISCIPLINED SHARE REPURCHASES On August 7, 2025, Cannae’s Board of Cannae has implemented a disciplined Cannae is opportunistically investing Directors approved a 25% increase to s
Slide 17: Proven Ability to Create Value for Shareholders
PROVEN ABILITY TO CREATE VALUE FOR SHAREHOLDERS 7 RECENT MONETIZATION EVENTS (1) Cannae Investment Monetization Summary $’s billions Ø Dayforce – In the 12 months ended September 2024, Cannae sold 5M DAY shares for $331M, marking a 2.0x cumulative gain on the initial investment of >5x. invested capi
Slide 18: Appendix
APPENDIX CANNAE HOLDINGS INVESTOR PRESENTATION FEBRUARY 2021 | 18
Slide 19: 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, Investment Date 2021 and data. • The Alight Worklife platform provides an omnich
Slide 20: Company Overview: Paysafe
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Paysafe Limited (NYSE: PSFE) is a specialized payments platform. Its core 2021 Investment Date purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in electronic payment $ 45.8M Total Inves
Slide 21: Company Overview: System1
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • System1 (NYSE: SST) is an omnichannel customer acquisition platform, delivering high- 2022 Investment Date intent customers to advertisers. • System1 operates through its RAMP platform. • Responsive Acquisition Marketing Platform (“RAMP”) drives the busin
Slide 22: 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 2022 Initial Investment Date develo
Slide 23: Company Overview: Restaurant Group
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Cannae’s Restaurant Group, headquartered in Nashville, TN, includes two established casual dining restaurant concepts, O’Charley’s Restaurant + Bar and Ninety Nine Restaurant & Pub and one 2012 Initial Investment Date Underground Chuck’s Restaurant & Bar.
Slide 24: 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 25: Company Overview: Computer Services, Inc.
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 2022 Investment Date worldwide. • CSI helps solve their customers’ needs th
Slide 26: 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 27: 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 May 2023 Investment Date Mountain resort