Cannae : Investor Presentation – Summer 2026

About this update from Cannae Holdings, Inc.

INVESTOR PRESENTATION AUGUST 202G 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. Cannae is transitioning its portfolio to focus on sports and entertainment-related assets, with the goal of building a more concentrated and synergistic portfolio to generate long-term investment returns (6) (6) Source: Public company filings and market data as of August 10, 202C Cannae was started in 2014 as Fidelity National Financial Ventures (FNFV), a tracking stock of Fidelity National Financial (FNF), and in 2017, FNF spun out FNFV as Cannae Holdings, Inc See page 13 for details. Based on quarterly dividend of :0.15 per eligible share. See page 14 See page 11 Cannae has initiated a strategic alternatives process, including a potential sale, for this business CNNE BY THE NUMBERS 2014 FOUNDED (1) Split off from FNF in 2017 $ 1.0 B Net Asset Value (2) $ 24.27 Net Asset Value ("NAV") Per Share (2) $ 0.60 Annualized dividend per share (3) $ 2.G B Net realized gains since inception (4) $ 1.1 B Share repurchases (5) Since 05/12/21 CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2026 | 3 KEY INVESTMENT HIGHLIGHTS Sports represent a compelling investment opportunity and Cannae is uniquely positioned to be successful Sports and entertainment related assets represent a compelling investment opportunity, and Cannae is uniquely positioned to maximize returns on these investments Investment strategy and operating playbook developed by a proven value creator Investment strategy and playbook developed by William P. Foley, II ("Foley"), a preeminent operator and deal maker with a proven track record of shareholder value creation Led by a best-in-class board of directors and management team Seasoned board and management team with a track record of sourcing, executing, and driving value at portfolio companies Proven playbook to create value and drive investment returns Repeatable investment strategy and operating playbook to grow revenue, improve operations and drive performance Responsible and disciplined capital allocation focused on driving stock price growth Capital allocation strategy focused on growing NAV and narrowing the stock price discount to NAV Attractive portfolio of existing assets with significant embedded upside to provide shareholder returns and capital for new investments G Cannae owns a portfolio of attractive businesses that trade at a discount to NAV and can generate significant capital for shareholder returns or new investments Proven ability to create value for shareholders over the long term 7 Proven ability to generate shareholder returns with ~$2.9B of net realized gains on investments since inception CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2026 | 4 1 SPORTS PRESENT A UNIǪUE INVESTMENT OPPORTUNITY Sports Investments Are a Compelling Asset Class with Structural Tailwinds Sports properties are scarce, highly visible assets that continuously generate new content (e.g., games, highlights, interviews, press conferences, storylines, etc.) which can be monetized in multiple ways As one of the last remaining forms of content that is consumed live (as opposed to on demand), sports accounted for 96 of the 100 most-watched U.S. broadcasts in 2025 (1) In a media ecosystem where live content is scarce, sports media has become must-have content for media companies and advertisers alike - according to Sports Business Media, the value of global sports media rights is expected to reach a new high of $67 billion in 2026, up ~60% from 2020 Durable Demand Supported by Loyal Global Fanbase Sports create a deep emotional connection with fans which results in highly predictable and resilient revenue streams across economic cycles Established brands with multi-generational followers create long-term pricing power and sustained demand Global sports audience exceeds 3.5+ billion fans, with increasing internationalization of major leagues Significant Runway for Monetization Expansion Core revenue streams (media rights, sponsorships, ticketing, hospitality, merchandise) continue to scale alongside growing global audiences Media rights cycles remain robust and growing, supporting long-term revenue visibility as evidenced by recent deal activities and major renewals across the sports industry Incremental upside from new revenue streams: streaming, sports betting, data/technology, and direct-to-consumer fan engagement Aligned with Long-Term Consumer Trends Structural shift toward spending on experiences positions sports assets and revenue streams as long-duration beneficiaries Premiumization trend (hospitality, VIP, experiences) continues to drive per-fan revenue growth Live sports increasingly anchors broader ecosystems spanning content, gaming, betting, and commerce According to Nielsen, 2025 Year-End Television Ratings Report, January 202C CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2026 | 5 1 CANNAE IS UNIǪUELY POSITIONED IN SPORTS INVESTING Compelling Business Strategy Constructed by Proven Value Creators Cannae's investment strategy leverages the valuation creation playbook first developed by its Vice Chairman Bill Foley Foley has a long track record of driving revenue and valuation growth of public and private enterprises, including leading sports franchises Differentiated Sourcing Capability Through Proprietary Network Deep relationships across the global sports and entertainment ecosystems provide access to proprietary, off-market investment opportunities Established reputation as a preferred partner in a highly competitive, supply-constrained asset class given success and visibility of existing sports assets Network includes league and team executives, other sports owners and investors as well as capital providers and dealmakers - creating consistent, high-quality deal flow in a space that is inaccessible for many Proven Operator of Scalable Global Platform Extensive experience owning and operating sports franchises across multiple leagues and geographies (commercial, financial, and on-field performance) A proven playbook to drive best practices across sporting and commercial operations Long-Term Capital with Strategic Flexibility to Maximize Asset Appreciation Cannae's permanent capital structure enables differentiated position versus traditional private equity sponsors / institutional capital Ability to take long-term view to make optimal decisions for asset appreciation Flexible capital approach supports control investments, operational improvements, and opportunistic capital deployment Demonstrated Track Record of Value Creation AFC Bournemouth: ~40% overall revenue growth, 100%+ growth in sponsorship and hospitality revenue, significant player trading profits, and achieved club record points in a Premier League season - was included in the top 50 most valuable football clubs in 2025 for the first time in club history Black Knight Football: aggregated investments and built a multi-club platform with teams including AFC Bournemouth (English Premier League), FC Lorient (French Ligue 1) and Moreirense FC (Portuguese Primeira Liga), along with strategic partnerships with Auckland FC, Orlando City SC, and Kyoto Sanga FC. CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2026 | 6 2 COMPELLING BUSINESS STRATEGY CONSTRUCTED BY A PROVEN VALUE CREATOR William P. Foley II ("Foley"), who developed Cannae's strategy, is a proven value creator, driving significant growth in publicly traded companies and private e   nterprises. Foley developed a playbook that consistently accelerated growth, improved operating margins, and executed strategic MCA With the Golden Knights, Foley has generated top-tier revenue performance $3.0M Public Market Success $12.9B $2.5B $21.9B $1.6B $11.8B (1) $2.9B $12.3B (2) $2.0B $4.1B (3) William P. Foley despite a small market - creating a 4.4x increase in franchise value since inception based on Forbes 2025 NHL valuations 1984 LBO Current Mkt Cap 2006 Spin-off Current Mkt Cap 2015 IPO 9/23 Sale 2018 IPO 2/26 Sale 2019 LBO 8/25 Sale Source: Public company filings and market data as of August 10, 202C ICE acquired BKI in September 2023 at an enterprise value of :11.8B Thoma Bravo acquired DAY in February 202C at an enterprise value of :12.3B Clearlake Capital Group acquired DNB in August 2025 at an enterprise value :4.1B Sports, Hospitality & Entertainment Assets CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2026 | 7 3 LED BY SEASONED MANAGEMENT… Supported by Strong Leadership at Portfolio Companies Ryan Caswell Chief Executive Officer Chief Executive Officer of Cannae since May 2025 President of Cannae from February 2023 - May 2025 SVP of Corporate Finance for Cannae from 2020-2023 Managing Director at BofA Securities Serves or has served as a Board member for AmeriLife, Black Knight Football entities, CorroHealth, JANA Partners, System1, Triple Tree Holdings and Watkins Brett Correia Interim Chief Financial Officer Interim Chief Financial Officer of Cannae since June 2026 Chief Accounting Officer of Cannae from August 2019 - June 2026 CFO of Foley Family Wines C Spirits and Minden Mill Distilling, November 2024 - June 2026 Served in accounting and financial reporting roles at Fidelity National Financial, March 2015 -August 2019 Worked as an auditor with Deloitte from October 2010 - March 2015 Peter Sadowski Chief Legal Officer Chief Legal Officer of Cannae since 2017 Chief Legal Officer of Fidelity National Financial (FNF) from 2008 to present General Counsel of FNF from 1999 to 2008 Trustee of the Folded Flag Foundation Trustee of the Vegas Golden Knights Foundation and the Henderson Silver Knights Foundation Mike Gravelle General Counsel and Corporate Secretary General Counsel of Cannae since 2017 Executive Vice President, General Counsel, and Corporate Secretary of FNF since 2010 Executive Vice President, General Counsel and Corporate Secretary of FCG Annuities C Life since May 2024 Executive Vice President, General Counsel of BKI from 2014-2023 Alex Ciniello VP, Corporate Finance VP of Corporate Finance at Cannae since 2020 Leads Cannae and Black Knight Football Club's MCA and due diligence efforts Previously a Vice President at Citi from 2014-2020 10+ years of sports MCA experience TIAGO PINTO President of Football Operations JIM FREVOLA President of Business Operations BARRY ROSENSTEIN Executive Chairman SCOTT OSTFELD Managing Partner NANCY LANGER Chief Executive Officer ROHIT VERMA Chief Executive Officer TONY ROWE Chief Executive Officer CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2026 | 8 3 SUPPORTED BY BEST-IN-CLASS BOARD OF DIRECTORS Expanded Board Focuses on Delivering Shareholder Returns Board comprised of 12 highly qualified members with 4 new board members added over last 12 months Extensive strategic and financial acumen, coupled with proven ability to source and operate portfolio companies Significant experience across broad range of public company boards Board Focused on Ongoing Governance Evolution The Board remains committed to continuous evaluation and enhancement of Cannae's governance policies and procedures consistent with best practices. Added four (4) new independent directors in 2025 - two (2) in Ǫ2 of 2025 and two (2) in Ǫ4 2025 Appointed new independent Chairman, Doug Ammerman, with Mr. Foley serving as Vice Chairman to support the Board's oversight and strategy functions Recently refreshed membership of our board committees Proposed declassification of the Board which shareholders approved at the 2025 annual meeting, resulting in the annual election of directors, with a phased-in approach beginning with the class up for election at the 2026 annual meeting Board composition and governance structure designed to drive accountability, disciplined capital allocation, and sustained shareholder value creation CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2026 | 9 4 PROVEN PLAYBOOK TO CREATE VALUE AND DRIVE RETURNS AFC Bournemouth (AFCB) - Case Study Investment Thesis Exposure to valuable global football ecosystem: Direct ownership in the Premier League with structurally growing media rights and global fan reach. Undervalued asset with strong brand and clear operational upside : Club under-monetized commercially and competitively, with opportunity to apply a more disciplined, data-driven operating model. Multiple levers for value creation: Ability to drive returns through infrastructure improvements, revenue growth, long-term asset appreciation, and multi-club model (Black Knight Football Club) Operational Turnaround G Competitive Outperformance Acquired in 19th place; improved to 9th (2024/25) with highest-ever Premier League points total, finished in 6 th place in 2025/26 season with 57 points and qualified for European competition (UEFA Europa League) for the first time in the Club's 127-year history Reflects disciplined investment in talent, analytics, and performance infrastructure Aligns with best-in-class EPL operating models (e.g., data-driven recruitment and development) Infrastructure: Completed new performance center and began a 2-phase stadium renovation to increase capacity by ~80% to ~20,000 Scaled Player Investment and Trading Squad value increased from ~€180M following the '21/22 season to ~€659M (2) as of the '25/26 season In the first four seasons under BKFC ownership, AFCB has sold £320M+ of players for £150M+ of profit Ranked #2 in Europe in net player sales (3) Establishes AFCB as a top-tier talent identification, development, and monetization platform Revenue Growth G Commercial Upside Realization Revenue increased ~50% from ~£143M in '22/23 season to ~£220Min the '25/26 season (4) Sponsorship, advertising, hospitality, and events revenue all grew 100%+ Externally Validated Asset Appreciation Highlights institutional recognition of operational execution and financial transformation Named among Sportico's World's 50 Most Valuable Football Clubs for first time in May 2025 We have demonstrated a repeatable, proven playbook for creating value in sports assets-leveraging operational discipline, performance excellence, and commercial optimization to drive outsized revenue growth, profitability and asset appreciation. Sportico valued at ~$630M (~£500M) on 2023/2024 season revenue, implying ~3.1x revenue multiple based on ~$203M (~£161M) of 2023/2024 season revenue. Vegas Golden Knights (VGK) (1) - Case Study Investment Thesis Scarce, expansion-entry into a major U.S. league : Ability to acquire a franchise (one of 32 teams) in the National Hockey League (NHL) with long-term tailwinds. Underserved but high-growth market : Las Vegas presented a unique opportunity to establish a "first major league team" with strong local identity, tourism-driven demand, and premium pricing potential. Build-from-scratch model : Opportunity to shape culture, operations, sporting, and commercial strategy from day one. Elite Performance Driving Immediate Brand G Demand Creation Expansion franchise (2017) that reached the Stanley Cup Final in its inaugural season and won the Championship in year 6 Playoff qualification in 8 of 9 seasons, and 3 Stanely Cup Final appearances, establishing a consistently competitive, premium on-ice product Widely regarded as the most successful expansion franchises in modern sports Best-in-Class Monetization in a Non-Traditional Market Operates in the #40 U.S. media market, yet ranks among NHL leaders in key revenue metrics 5th in NHL in average ticket revenue per game (2024/25), with consistently sold-out games Leveraged Las Vegas' emergence as a global sports and entertainment destination to drive premium pricing, sponsorship demand, and in-game spend Demonstrates ability to create demand through experience, brand, and execution Proven Value Creation G Industry Benchmark $500M expansion fee → $2.2B valuation (Forbes, Dec 2025) ~4.4x gross MOIC based on Forbes 2025 valuation; equity returns higher given leverage Among the fastest value creation profiles in the NHL; frequently cited as a benchmark franchise model Vegas Golden Knights are not a Cannae asset but Foley (Vice Chairman of Cannae) is majority owner. Based on player valuation data from Transfermarkt Ranking based on cumulative net player transfer sales across European football clubs, according to Tifosy (2025/2C transfer window). 2025/2C revenue is estimated / not yet final CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2026 | 10 5 CAPITAL ALLOCATION STRATEGY FOCUSED ON STOCK PRICE AND NAV GROWTH DISCIPLINED SHARE REPURCHASES (1) CAPITAL ALLOCATION Cannae has demonstrated a commitment to share repurchases to opportunistically acquire shares at a discount to NAV $1,102 Cannae analyzes capital allocation on an ongoing basis to determine what maximizes shareholder value between capital returns and investments. (: in mm) 2021 2022 2023 2024 2025 2026 YTD New / follow-on investments 88% 63% 58% 35% 30% 48% Share repurchases 12% 37% 42% 59% 63% 40% Dividends 0% 0% 0% 6% 6% 12% Capital Deployed $1,443.G $614.G $280.5 $386.7 $500.G $112.2 End of Period Discount to NAV 23% 43% 44% 38% 43% 32% 52.1 M shares , or 56.G% (2) of outstanding shares repurchased for $1,102 M $167 $225 $118 $228 $317 $44 In 2Ǫ'26, Cannae sold its interests in Brasada Ranch and Watkins and acquired 100% of Exeter Rugby Group, a leading professional U.K. rugby club. These transactions reflect management's continued focus on recycling capital from legacy investments into new Purchase Avg. 2021 2022 2023 2024 2025 2026 YTD 5+ years opportunities as Cannae transitions its portfolio to focus Discount to NAV(3) 28% 44% 4C% 32% 33% 48% primarily on sports and entertainment assets Source: Company management as of August 10, 202C Values are presented in millions. Value compares to March 31, 2021, outstanding shares. Discount figures represent average percentage discount to NAV of stock purchases over the period. CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2026 | 11 5 CAPITAL ALLOCATION: ACCELERATING THE PORTFOLIO TRANSITION Portfolio Transformation: As part of Cannae's portfolio transformation strategy, Cannae analyzes a large number of potential sports and entertainment acquisition opportunities that could generate investment returns Exeter stood out for numerous reasons: Proven Club with Established Brand Multiple-time PREM Rugby champion across the men's and women's competitions Strong brand, loyal supporters, proven management team and owned stadium Favorable Industry and League Dynamics Global rugby fan base of ~475 million Improving league economics and stronger alignment with key stakeholders Attractive Transaction Structure and Entry Valuation Capital structure pays down debt and preserves capital for future liquidity Attractive entry valuation relative to PREM Rugby and comparable sports transactions Investment Plan with Multiple Paths for Value Creation Drive on-field performance, commercial growth and facility improvements and return club to profitability Additional upside from League-level initiatives Strategic Fit with Cannae's Sports Platform Advances Cannae's transition toward sports and entertainment Located ~80 miles from AFC Bournemouth, enabling the Club to leverage AFCB's operating and commercial expertise Source: Company management as of August 10, 202C EXETER RUGBY OVERVIEW Transaction Overview On June 29 th , 2026, Cannae acquired 100% of Exeter Rugby Group The transaction values Exeter at an enterprise value of ~£32.6M, or ~$43M. - Cannae invested ~£19.6M, or ~$26M into Exeter with ~£7.9M, or ~$10M of cash remaining at Company for future use Exeter Overview: Established Club in a and Growing League Exeter competes in PREM Rugby, the highest level of professional rugby union in England, and has established itself as one of the league's leading clubs The Club reached six consecutive PREM Rugby Finals from 2015/16 through 2020/21, winning two league titles and the 2019/20 Investec Champions Cup as part of a historic domestic and European double Club has strong commercial assets through sponsorship, match day and banqueting and conferencing revenue to drive future growth - operates out of Sandy Park, its owned ~15,000-seat stadium League initiatives are focused on accelerating commercial growth and expanding long-term fan engagement - league also recently eliminated relegation CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2026 | 12 Note: For additional details regarding the acquisition, please refer to the Exeter Rugby Club - Acquisition Overview available on Cannae's website. G ATTRACTIVE PORTFOLIO WITH EMBEDDED UPSIDE Cannae owns a portfolio of high-quality assets with meaningful embedded upside. As part of its portfolio transition strategy, Cannae is monetizing non-core assets to unlock embedded value, including the sales of its interests in The Watkins Company and Brasada Ranch and the Ǫ1 2026 announcement that it is exploring strategic alternatives for its restaurant group. - Since 2025, Cannae has sold approximately $790 million of assets, underscoring its commitment to executing its portfolio transition strategy. The Company is also focused on driving improved operating performance and enhancing transparency to better illustrate underlying value of its portfolio. Source: Company management as of August 10, 2026 See Footnotes to Sum of the Parts (slide 22) for footnote (1-C) and (a-f) footnote details # This report is supplemental and does not represent fair market value. Illustrative net asset value is not liquidation or fair market value. Realization depends on market conditions. Illustrative net asset value per share is not intrinsic value nor a price target. There is no obligation to monetize at these values. * Currently exploring strategic alternatives related to the Restaurant Group and will update value at appropriate time. Significant Upside To Share Price Given Value Within Portfolio CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2026 | 13 7 PROVEN ABILITY TO CREATE VALUE FOR SHAREHOLDERS Cannae Investment Monetization Summary (1) $'s billions ($1.2B) 1.7x invested capital GOING FORWARD Since inception, Cannae has $6.GB of cumulative net realized proceeds representing $2.GB of net realized gains, or 1.7x MOIC $4.0B Investment Cost $4.1B + Investment Gains - Investment = Losses $G.CB Cumulative Proceeds Our track record underscores our ability to identify attractive opportunities, create value, and consistently deliver strong returns for shareholders. With a concentrated portfolio in sports, we believe we can generate superior risk-adjusted returns for shareholders over time. FOCUSED COST REDUCTION Cannae has maintained a strong focus on reducing corporate holding company costs, with an 76% YoY reduction (: in mm) 1H 2025 1H 2026 Corporate Holding Company Expenses $74.4 $17.8 % Reduction 7C.0% - Driven by lower personnel costs following the executive management transition and management fees. Source: Company management as of August 10, 202C (1) Graphic displays only realized monetization events since 2014, including sales, partial sales, dividends, distributions, etc. CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2026 | 14 CANNAE HOLDINGS INVESTOR PRESENTATION FEBRUARY 2021 | 15 APPENDIX 2022 Initial Investment Date ~42 % Current Ownership $ 264 M Total Invested Capital $ 2G5 M Most Recent Mark/Cost (1) COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY Black Knight Football Club ("Black Knight Football", "BKFC" ) is a partnership led by William P. Foley II. Since its formation in 2022, BKFC is 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 player migration across BKFC's network of owned and operated clubs, while driving strong on-field and financial results. Black Knight Football represents an investment in a leading global multi club football operator with significant upside opportunities through operations, infrastructure and macro tailwinds: Large and growing market : Operates within the world's biggest sport and the world's biggest leagues. Global football has a passionate and ever-growing global fan base. Strong brands and scarce assets : Professional football teams represent scarce assets with embedded fan bases, proven brands and strong community connections. Sports presents unique experiences : Sports represent unique viewing experiences which drives growing revenue through live attendance and the value of their media rights. Commercial opportunities : Each team presents an opportunity to better commercialize media and real estate assets (both current and development opportunities). Multi-club model drives returns : A multi club model creates unique synergies on player development and monetization, and commercial operations to enhance on and off field results at each team driving exit value of platform BKFC's multi-club ownership strategy includes: 100% of AFC Bournemouth ("AFCB" or "Bournemouth"): In December 2022, BKFC purchased 100% of AFCB for £120M, marking the first acquisition in BKFC's multi-club strategy. AFCB has improved its position in the English Premier League ("EPL" or "Premier League") each season since BKFC took over - including finishing in 9th place last season. Shortly after acquiring AFCB, BKFC started developing a new state-of-the-art training center for AFCB, which cost ~£42M and opened in April 2025. That same month, BKFC acquired AFCB's stadium for £10M and is currently in the process of redeveloping and expanding AFCB's stadium for an estimated ~£64M which will drive new revenue opportunities. 100% of FC Lorient ("FCL" or "Lorient"): In January 2023, BKFC acquired an initial 33.3% stake of FCL for €30M. In June 2023, BKFC increased its stake in FCL to 40% with an additional €10M investment. In January 2026, BKFC acquired the remaining 60% stake in FCL. FCL is a French Ligue 1 club with established infrastructure and strong player development pathways. 70% of Moreirense FC ("MFC" or "Moreirense") : In June 2025, BKFC acquired a 70% stake in the top-flight Portuguese club. MFC is renowned for youth development and profitability through player trading. Well-positioned for growth in the Primeira Liga, Moreirense also offers strategic value for South American players seeking EU eligibility. See Footnotes to Sum of the Parts (slide 22) for footnote (3) details Adjusted for stock-based compensation, profit / loss on player trading, and other non-cash or non-recurring items SELECTED FINANCIAL INFORMATION As of and for the Twelve Months Ended (In Millions) (Unaudited) March 31, 2026 March 31, 2025 Select Statement of Operations items: Revenue $ 301.3 $ 241.5 Operating loss $ (109.5) $ (104.4) Net income (loss) $ 37.0 $ (100.6) EBITDA $ 207.4 $ 26.1 Adjusted EBITDA (excluding player trading profit) (2) $ 45.6 $ 9.5 Cannae share of net income (loss) $ 17.3 $ (47.2) Select Balance Sheet Items: Cash $ 45.4 $ 58.6 Player transfer fees receivable $ 251.1 $ 60.4 Total assets $ 958.5 $ 572.1 Player transfer fee liabilities $ 280.7 $ 169.8 Notes payable $ 102.0 $ 86.1 Total liabilities $ 581.6 $ 344.0 Total equity $ 376.9 $ 228.1 Cannae ownership of BKFC units 248.9 223.9 BKFC units outstanding 559.7 490.4 CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2026 | 16 COMPANY OVERVIEW Founded in 2001, JANA Partners ("JANA") is a pioneer and long-standing leader in activist investing, with a core belief that constructive shareholder engagement can unlock value in underperforming public companies. Over its 25-year history, JANA has evolved from a traditional long/short hedge fund into a pure-play, longer-duration activist investment manager, focusing primarily on concentrated long-only positions. This evolution reflects a strategic decision to align capital duration with the realities of operational and governance-driven change, which often requires multiple years to realize. Our partnership with JANA provides an attractive investment in the General Partner of a leading activist manager and a unique partnership that provides access to strategic opportunities. Cannae participates in cash flows from JANA's management fees and performance fees which increase with AUM growth Strategy: JANA pursues a high-conviction, operationally driven activist strategy focused on unlocking value in undervalued U.S. mid-cap companies with fixable issues. The approach combines deep fundamental research with collaborative, outcome-oriented engagement, targeting operational inefficiencies, weak capital allocation, governance gaps, and missed strategic opportunities JANA maintains a highly concentrated portfolio, allowing for significant focus and resource deployment per investment. Its key differentiator is the operating partner model: experienced CEOs, CFOs, and operators who co-invest, support diligence, and drive execution at the board and management level-enabling hands-on value creation with greater credibility and less adversarial friction. The firm also leverages innovative partnerships, including: (1) Strategic partnerships to drive MCA, (2) Institutional collaboration with Cannae Holdings, and (3) Influencer partnerships (e.g., Dwyane Wade, Travis Kelce) to enhance brand engagement Overall, JANA deploys patient, flexible capital in concentrated positions, combining activism, operational expertise, and creative partnerships to drive results. See Footnotes to Sum of the Parts (slide 22) for footnote (3) details CANNAE INVESTMENT SUMMARY 2024 Initial Investment Date ~50 % Current Ownership $ 116 M Total Invested Capital $ 116 M (1) Most Recent Mark/Cost SELECTED FINANCIAL INFORMATION As of and for the Twelve Months Ended (In Millions) (Unaudited) March 31, 2026 March 31, 2025 Revenue $ 21.8 $ 42.3 Net income $ 7.6 $ 26.4 Cannae share of net income (1) $ 2.4 $ 4.7 Cannae investment in JANA Partners, net of distributions $ 116.9 $ 50.4 Ownership % (2) 50.0 % 20.0 % Cannae investment in JANA Strategic Benchmark Fund $ 50.0 $ 20.0 JANA Partners Assets Under Management, end of period (Billions) $ 2.0 $ 2.2 CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2026 | 17 Cannae's ownership in JANA increased to 50% on September 30, 2025. For the rest of the twelve months ended March 31, 202C, Cannae held an approximately 20% interest in JANA. COMPANY OVERVIEW 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, hot springs, legendary bars, and restaurants. Minden Mill's facilities include an American Whiskey and white spirits distillery, housed in a 100-year-old creamery, and an American Single Malt Whiskey distillery housed in a 100-year-old flour mill. Both buildings sit on the National Register of Historic Places. The flour mill includes multiple tasting areas and serves as a guest experience center. The state-of-the-art facility has a capacity to produce over 130,000 cases of premium spirits annually and today we have more than 300,000 proof gallons of whiskey, or more than 145,000 case equivalents, currently aging in barrel, which has an estimated ultimate wholesale value after aging and bottling of approximately $31 Million. Minden Mill's spirits products include High Ground Vodka, Evil Bean Coffee Liqueur, and Minden Mill branded Bourbon, Rye and American Single Malt Minden Mill Represents an Attractive Investment Opportunity: Cannae share of net loss $ (3.9) $ (5.8) Large and Growing Market: The U.S. spirits market is a large and established consumer category, generating more than $200 billion of U.S. economic activity annually. Since 2012, U.S. spirits volumes have increased approximately 57%, from 202 million 9-liter cases to approximately 318 million in 2025. Spirits have steadily gained share of the broader U.S. beverage alcohol market, increasing from approximately 29% of supplier revenues in 2000 to ~42% in 2025 (3) CANNAE INVESTMENT SUMMARY May 2023 Initial Investment Date ~88 % Current Ownership $ 65 M Total Invested Capital $ 65 M (1) Most Recent Mark/Cost SELECTED FINANCIAL INFORMATION Case items in Thousands; $ amounts in Millions (unaudited) As of and For the Twelve Months Ended March 31, 2026 March 31, 2025 Net revenue $ 3.1 $ 2.7 EBITDA $ (2.1) $ (5.4) Net loss $ (4.5) $ (7.3) Real Estate Assets Provide Downside Protection : The distillery and underlying real estate assets were developed at a cost of over $100M providing meaningful asset-backed downside protection. Significant Brand Upside: Ownership of fixed assets and production capacity presents opportunity to develop new brands and drive long-term growth. Adjusted EBITDA (2) $ (1.2) $ (3.5) Case sales volume, in 9-Liter case equivalents 16.0 14.0 Partnership with Foley Family Wine G Spirits (FFWS): After founding FFWS in 1996, Foley along with world class management has turned FFWS into one of the largest producers of premium wines and spirits in the United States. FFWS owns 24 wineries on four continents, produces hundreds of 90+ point wines and has a direct route to market through national distribution partners. Foley's success with FFWS has helped hone the strategy and framework for Minden Mill and its plan to produce premium spirits and brands and sell them nationally. See Footnotes to Sum of the Parts (slide 22) for footnote (3) details Adjusted for stock-based compensation and other non-cash or non-recurring items Distilled Spirits Council of the United States (DISCUS), 2012 and 2025 Annual Economic Briefings 9-Liter case equivalents aging in barrel 126.7 124.4 CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2026 | 18 COMPANY OVERVIEW 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. The Alight Worklife platform provides an omnichannel customer experience leveraging AI and analytics layer and transaction engines to drive a personalized approach for customers. Alight has no direct competitor, as most companies specialize in one area of the HR and benefits world as opposed to Alight's all-in-one product. Alight operates across five continents to deliver an unrivaled consumer experience for its clients and their people. The company unlocks enterprise growth for the world's most influential companies with future-ready human capital and business solutions. ALIGHT BY THE NUMBERS (1) ~30M+ Participants covered ~70 % of Fortune 100 are Clients ~G5 % Average Revenue Retention Source: Public company filings and market data as of August 10, 202C See Alight's earnings release at investor.alight.com . See Footnotes to Sum of the Parts (slide 22) for footnote (3) details CANNAE INVESTMENT SUMMARY 2021 Initial Investment Date ~8 % Current Ownership $ 328 M Total Invested Capital $ 30 M (2) Most Recent Mark/Cost SELECTED FINANCIAL INFORMATION CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2026 | 19 COMPANY OVERVIEW Exeter Rugby Group is a professional rugby organization based in Exeter, England, approximately 80 miles west of Bournemouth. The men's team competes in the PREM, while the women's team competes in Premiership Women's Rugby. Exeter is the only club to have won each of the top four tiers of English rugby. Since reaching the PREM, the Club has won two league titles and the Investec Champions Cup, including a domestic and European double in 2019/20. Following a period of rebuilding, Exeter finished third in the 2025/26 PREM season, reached the league final and qualified for the 2026/27 Investec Champions Cup. The Club owns Sandy Park, a purpose-built 15,000-seat stadium with training, hospitality, conference and events facilities, and holds an ~7.3% ownership interest in PREM Rugby. Exeter Rugby Represents an Attractive Investment Opportunity: Proven Club with Established Brand: Multiple-time English champion across both the men's and women's competitions, with a strong brand, loyal supporter base, proven management team and ownership of a 15,000-capacity stadium and conferencing center. Favorable Industry and League Dynamics: Rugby benefits from a global fan base of ~475 million, with improving league dynamics supported by enhanced revenue opportunities, the elimination of promotion and relegation, and partnerships with key UK stakeholders, including the RFU. Attractive Transaction Structure and Entry Valuation: Transaction structure provides capital to pay down debt while also preserving capital at the business for future liquidity, at an attractive entry valuation relative to PREM Rugby transactions and other comparable sports transaction multiples. Investment Plan with Multiple Paths for Value Creation : Operational plan focused on driving on-field performance, improving commercial operations and enhancing facilities, with additional upside opportunities at both the League level and across the broader rugby landscape. Strategic Fit with Cannae's Sports Platform : The acquisition advances Cannae's transition toward sports and entertainment assets and provides an opportunity to apply operating, commercial and investment experience from AFCB and its broader sports portfolio. Source: Public company filings and market data as of August 10, 202C See Footnotes to Sum of the Parts (slide 22) for footnote (3) details CANNAE INVESTMENT SUMMARY 2026 Initial Investment Date 100 % Current Ownership $ 26 M Total Invested Capital $ 26 M (1) Most Recent Mark/Cost TRANSACTION SUMMARY On June 29, 2026, Cannae, through its newly created subsidiary Black Knight Rugby, acquired 100% of Exeter Rugby ("Exeter" or the "Club"), a professional rugby union club that plays in Gallagher PREM (the "PREM"), which is the top division of the English rugby union system. The transaction values Exeter at an enterprise value of £32.6M (approximately $43M USD), with Cannae investing £19.6M (approximately $26M USD) at closing. For additional details regarding the acquisition, please refer to the Exeter Rugby Club -Acquisition Overview available on Cannae's website. CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2026 | 20 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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