# EDGAR Filing Document

**Accession Number:** 0001704720
**File Stem:** 0001193125-25-197974
**Filing Date:** 2025-9
**Character Count:** 52877
**Document Hash:** f49cd45e5d6b8ccfe772ce4429235a48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-197974.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001193125-25-197974

**CONFORMED SUBMISSION TYPE**: DEFA14A

**PUBLIC DOCUMENT COUNT**: 28

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cannae Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001704720
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING & DRINKING PLACES [5810]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 821273460
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEFA14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38300
- **FILM NUMBER:** 251299024

**BUSINESS ADDRESS:**
- **STREET 1:** C/O CANNAE HOLDINGS, INC.
- **STREET 2:** 1701 VILLAGE CENTER CIRCLE
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89134
- **BUSINESS PHONE:** 702-323-7334

**MAIL ADDRESS:**
- **STREET 1:** C/O CANNAE HOLDINGS, INC.
- **STREET 2:** 1701 VILLAGE CENTER CIRCLE
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89134

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE 14A**

**Proxy Statement Pursuant to Section 14(a) of the** 

**Securities Exchange Act of 1934** 

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ **Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))**

☐ Definitive Proxy Statement

☐ Definitive Additional Materials

☒ Soliciting Material under §240.14a-12

**Cannae Holdings, Inc.**

**(Name of Registrant as Specified In Its Charter)** 

**(Name of Person(s) Filing Proxy Statement, if other than the Registrant)** 

Payment of Filing Fee (Check all boxes that apply):

☒ No fee required

☐ Fee paid previously with preliminary materials

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

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INVESTOR PRESENTATION SUMMER 2025

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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 forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management, including statements about our buyback program, the impact of our actions on shareholder value and net asset value, and our ability to implement our plans. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Except as required by applicable law, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties that forward-looking statements are subject to include, but are not limited to: risks associated with our capital allocation strategy; risks associated with the use of proceeds received as a result of the D&B transaction; risks associated with our ability to successfully operate businesses outside our traditional areas of focus; changes in general economic, business and political conditions, including among others, consumer spending, business investment, government spending, the volatility and strength of the capital markets, investor and consumer confidence, foreign currency exchange rates, commodity prices, inflation levels, changes in trade policy, tariffs on goods, and supply chain disruptions; risks associated with the Investment Company Act of 1940; risks associated with our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; significant competition that our operating subsidiaries face; risks related to the externalization of certain of our management functions to an external manager, and risks associated with being the subject of a proxy contest. This presentation should be read in conjunction with the risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Cannae Holdings, Inc.'s ("Cannae") Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission (the "SEC"). Statements and case studies contained herein relate to (i) Fidelity National Financial, Inc. ("FNF"), (ii) Fidelity National Information Services, Inc. ("FIS"), (iii) Alight, Inc. ("ALIT") (iv) Paysafe Limited ("PSFE"), (v) Dayforce, Inc. ("DAY"), (vi) Dun & Bradstreet Holdings, Inc. ("DNB"), (vii) System1, Inc. ("SST"), (viii) F&G Annuities & Life, Inc. ("F&G" or "FG"), and/or (ix) Black Knight Football Club US, LP ("BKFC", or "Black Knight Football"), and/or (x) the historical performance of certain securities noted throughout this document as some of these securities are no longer available for purchase. An investment in Cannae is not an investment in any of these securities. The historical stock price performance of these securities is not necessarily indicative of future performance of Cannae. Past stock price performance and rate of return of common stock of Cannae may not be indicative of future performance. CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 2

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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 shareholders. CANNAE'S SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ CANNAE'S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD, AND ANY OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the definitive proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the proxy statement, and other documents that Cannae files with the SEC at no charge from the SEC's website at www.sec.gov. Copies will also be available at no charge by clicking the "SEC Filings" link in the "Financials" section of Cannae's website at https://www.cannaeholdings.com/financial-information/sec-filings. CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 3

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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 Frank P. Willey) and certain of its executive officers (Ryan R. Caswell, Chief Executive Officer; Bryan D. Coy, Chief Financial Officer; Peter T. Sadowski, Executive Vice President and Chief Legal Officer; and Michael L. Gravelle, Executive Vice President, General Counsel, and Corporate Secretary) and other employees may be deemed "participants" (as defined in Schedule 14A under the Exchange Act of 1934, as amended) in the solicitation of proxies from Cannae's shareholders in connection with the matters to be considered at Cannae's 2025 annual meeting of shareholders. Information regarding the names of Cannae's directors and executive officers and certain other individuals and their respective interests in Cannae, by security holdings or otherwise, is set forth in the sections entitled "Compensation Discussion and Analysis and Executive and Director Compensation," "Security Ownership of Certain Beneficial Owners, Directors and Executive Officers," and "Executive Compensation" of Cannae's Proxy Statement on Schedule 14A in connection with the 2024 annual meeting of shareholders, filed with the SEC on April 26, 2024 (available here), Cannae's Form 10-K/A, filed with the SEC on April 30, 2025 (available here), and Cannae's Annual Report on Form 10-K, filed with the SEC on February 27, 2025 (available here). Supplemental information regarding the participants' holdings of Cannae's securities can be found at no charge in SEC filings on Statements of Change in Ownership on Form 3 or Form 4 filed with the SEC on July 2, 2025 for Douglas K. Ammerman (available here); May 14, 2025 for William P. Foley, II (available here); July 2, 2025 for Hugh R. Harris (available here); July 2, 2025 for Erika Meinhardt (available here); June 2, 2025 and June 3, 2025 for William T. Royan (available here and here); June 2, 2025, June 3, 2025 and July 2, 2025 for Woodrow Tyler (available here, here and here); September 3, 2025 for Frank R. Martire (available here); and August 15, 2025 for Ryan R. Caswell (available here) Such filings are also available at no charge by clicking the "SEC Filings" link in the "Financials" section of Cannae's website at https://www.cannaeholdings.com/financial- information/sec-filings Any subsequent updates following the date hereof to the information regarding the identity of potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in Cannae's proxy statement on Schedule 14A and other materials to be filed with the SEC in connection with the 2025 annual meeting of shareholders, if and when they become available. These documents will be available free of charge as described above. CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 4

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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 ("NAV") $27.72 Per Share (4) $ Annualized dividend per share 0.60 Net realized gains since $(5) inception 3.3B (3) Share repurchases $ Since 05/12/21 921M Source: Public company filings and market data as of August 29, 2025 (1) 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. (2) See page 14. (3) See page 16. (4) Based on quarterly dividend of $0.15 per eligible share. (5) See page 17. CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 5

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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 Seasoned leadership team with a track record of sourcing high-potential investments and driving value at portfolio companies Permanent capital vehicle with a strategy to deliver maximum returns 3 Ability to leverage permanent capital and duration to maximize investment returns across the portfolio Unique investment philosophy to allocate capital & proven playbook to drive returns 4 Proven investment philosophy and playbook that creates value for shareholders Attractive portfolio of assets with significant embedded upside 5 Owns a portfolio of attractive businesses that trade at a discount to NAV despite significant value creation opportunities Capital allocation strategy focused on growing NAV and increasing share price 6 Strategy focused on growing NAV and share price through share repurchases, dividends, and new opportunistic investments Proven ability to create value for shareholders over the long term 7 Has generated ~3.3B of net realized gains on investments since inception CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 6

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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 identify and execute investments and drive value for shareholders. • Foley has consistently accelerated growth and improved operating margins as well as executed strategic M&A and exceeded cost reduction targets on acquisitions. • Cannae utilizes many of the lessons learned from Foley throughout its investment portfolio Source: Public company filings and market data as of August 29, 2025 (1) Companies include FNF, FIS, BKI, DAY, DNB, FG, PSFE, ALIT, SST and CNNE. (2) ICE acquired BKI in September 2023 at an enterprise value of $11.8B. CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 7

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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 President of Football and Corporate Secretary Operations • Chief Executive Officer of • Chief Financial Officer of • General Counsel of Cannae • VP of Corporate Finance at Cannae since May 2025 Cannae since 2020 since 2017 Cannae since 2020 BARRY ROSENSTEIN • President of Cannae from • CFO of the NHL's Vegas Golden • Executive Vice President, • Leads Cannae and Black Knight Executive Chairman February 2023 – May 2025 Knights and related entities General Counsel, and Football Club's M&A and due from 2017-2021 Corporate Secretary of FNF • SVP of Corporate Finance for diligence efforts SCOTT OSTFELD since 2010 Cannae from 2020-2023 • Chief Accounting Officer of • Previously a Vice President at Managing Partner Interblock Gaming, 2015-2017 • Executive Vice President, • Managing Director at BofA Citi from 2014-2020 General Counsel and Corporate Securities • CFO of Aruze Gaming America, • 10+ years of sports M&A Secretary of F&G Annuities & 2010-2015 BRUCE LOWTHERS • Serves or has served as a Board experience Life since May 2024 CEO & Executive Director member for Amerilife, • Served in senior finance • Executive Vice President, CorroHealth, Black Knight positions at Fontainebleau General Counsel of BKI from Football entities, JANA Resorts, Shuffle Master, J.R. RIGLEY 2014-2023 Partners, System1 and Triple Sunterra, and eSchool Chief Executive Officer Tree Holdings Solutions CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 8

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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 • Significant experience on other public company boards • Proven ability to source proprietary investments for Cannae • Recent Changes to Further Enhance Governance • Added two new independent directors in Q2 of 2025, both of which managed multi-billion dollar portfolios and having extensive governance experience • Board refreshment has resulted in 25% of directors appointed since 2024 and average tenure of 5 years • Appointed new independent Chairman, Doug Ammerman, with Mr. Foley serving as Vice Chairman to support the Board's oversight and strategy functions • Proposed declassification of the Board, contingent upon approval at the 2025 annual meeting, which, if approved, will result in the annual election of directors beginning with the class up for election at the 2026 annual meeting CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 9

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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 attractive companies which we believe will deliver outsized returns • Since 2024, Cannae has raised over $1.1 billion of capital through the sales of public company investments, including the recent $630 million from the sale of DNB • Cannae invested ~$135 million of this capital in a 20% stake in JANA Partners, an engaged investing asset management platform, and in a 49.3% stake in The Watkins Company, a consumer flavoring products business • After the DNB transaction, ~80% of our portfolio is in private company investments that public investors wouldn't otherwise have access to, compared to ~37% in February 2024 • Returning capital to shareholders (1) • Since 2024 , Cannae has repurchased $410 million of Cannae stock, representing 19.4 million shares, bringing total repurchases since May 2021 to $921 million, representing 41.1 million shares, or 45% of total Cannae shares outstanding • In June 2024, Cannae instituted a dividend to provide long term shareholders a consistent return of capital • In August 2025, Cannae approved a 25% increase in its quarterly dividend to $0.15 per share • Cannae continues to work with its portfolio companies to institute significant strategic and operational changes to grow the value of the underlying businesses Cannae will leverage the benefits of permanent capital to make and manage investments • Cannae's permanent capital base allows it to make investments and leverage the benefits of duration as a competitive advantage to deliver shareholder returns • Cannae's view of long-term ownership, coupled with strategic and management involvement, enables Cannae to deliver maximum returns for its shareholders Cannae's believes this strategy will grow NAV, increase the stock price and close the discount to NAV gap (1) 2025 repurchases through August 29, 2025 CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 10

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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 lifecycle. and home equity lending and servicing. • D&B's proprietary global commercial database contains • Their all-in-one platform equips customers to unlock over 500M businesses. • Businesses leverage their robust, their full workforce potential by accessing real-time integrated solutions across the entire • D&B offers sales, marketing, finance, and risk data. homeownership life cycle to help retain management solutions, all of which are driven by D&B's existing customers, gain new customers, • Dayforce platform is designed to serve organizations proprietary data. Company mitigate risk and operate more effectively. with 100 to over 100,000 employees and now serves • Leveraging the latest generative AI to solve new use Overview 7.62M employees across 6,984 different organizations. cases for clients. • Acquired Dayforce, a SaaS cloud software company • Brought in strategic and capital partners to execute the • Re-acquired Lender Processing Services in 2012. ~$7B EV / ~$2B equity value acquisition of D&B. in 2014 for $4.2B. • Sold Comdata, a segment of Dayforce, to FleetCor • Branded the technology, data, and • Led strategic direction of the business. Technologies in 2014 for total pre-tax gains of $500M. analytics business as Black Knight. • Executed IPO in 2018 at a ~$3B equity valuation. • Executed IPO above the expected range in June 2020. • Replaced the entire senior leadership team. • Successfully monetized in both follow-on and block Playbook • Announced sale to Clearlake Capital in March 2025. trades post-IPO. • Took the company public in 2015. • Streamlined the management, which was critical to • Recruited a new management team to accelerate • Reorganized the company and refocused business model shift from a service bureau model to a strategic transformation. management on growth. SaaS model. • Helped identify efficiencies and optimization measures • Drove ~$300M of cost savings through • Expanded adjusted EBITDA margins by – achieved ~$241M in annual cost savings. optimization. approximately 1,579 bps since acquisition. • Realigned organization to increase effectiveness and • Acquired by ICE in September 2023 at an • Equity value has increased substantially from ~$3B at accountability. enterprise value of $11.8B, a market value Transformation and 2018 IPO to current market cap of ~$8.2B. increase of almost $10.2B or ~5x the 2015 • Optimized go-to market strategy to incentivize cross- Achievement of IPO price. • Since 2017, the company transformed from a legacy selling and long-term contracts. Synergies paper-based payroll company, to cloud-based SaaS, • Equity value has increased substantially from ~$2B at (1) with total revenues increasing ~127% to ~$1.8B. 2019 LBO to current market cap of ~$4.1B. (1) Figure represents Dayforce's 2025 total revenue outlook. CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 12

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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 all real mission-critical solutions. long-term growth potential of estate transactions which provides immense undervalued assets in industries with scale advantage. • Deeply embedded into clients' systems. compelling growth characteristics. • Leading provider of software, data and • Strong software and proprietary data. • Achieved and maintains industry analytics that is heavily relied upon by the th leading margins and grew from the 48 top 25 mortgage loan institutions. • Proprietary data and analytics that flow largest title insurer to the largest in the through their ecosystem of high-performance nation. • Major provider of technology solutions in mortgage lending and servicing software financial markets. solutions. • One of the leading independent marketing organization and registered • Global provider of business decision data • Vital industry utility providing key products and and analytics. services critical to the functioning of the U.S. investment advisors in the U.S., with residential and commercial real estate markets. 29 new organizations having joined in (2) • Leading cloud-based provider of integrated the past year alone . digital human capital and business solutions. • Grew from $1.6B enterprise value at • Leading flavoring products company with 2015 IPO to $11.8B in recent buyout. leadership in extracts category. • A legacy paper-based payroll company, transformed to cloud-based SaaS, with total revenues increasing ~127% to (3) ~$1.8B from 2017 to 2025. t (1) See FNF's 2025 2nd Quarter Earnings Release. (2) See https://amerilife.com. (3) Figure represents Dayforce's 2025 total revenue outlook. CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 13

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ATTRACTIVE PORTFOLIO WITH EMBEDDED UPSIDE 5 (1) Net Asset Value $'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% 2021 328.1 157.1 194.0 3.58 2.5M shares or ~4% 2021 45.8 34.7 37.1 0.68 2.7M shares or ~27% 2022 231.9 19.2 63.9 1.18 ~43% 2022 223.9 223.9 214.9 3.97 ~65% & ~88% 2012 149.1 149.1 145.8 2.69 ~6% 2022 49.3 103.9 94.7 1.75 $27.72 ~5% 2020 34.5 89.3 76.1 1.40 ~49% 2024 80.0 80.0 79.8 1.47 $18.70 ~89% 2023 60.1 60.1 57.5 1.06 ~20% 2024 51.4 51.4 54.3 1.00 (5) CNNE NAV per Other investments and assets, net Various Various 324.6 92.8 129.1 2.38 share price share (6) Debt (47.5) (47.5) (47.5) (0.88) Holding company cash and short- 403.1 403.1 403.1 7.44 term investments Recently announced transaction to TOTAL $1,934.3 $1,417.1 $1,502.8 $27.72 acquire an additional 30% for $67.5M Source: Company management as of August 29, 2025 1) Per share amounts based upon 54.2M Cannae shares outstanding at date of report. 2) Net Invested Capital represents capital invested less distributions. 3) PSFE, ALIT, SST: public company filings and market data as of date noted above; all others estimated at last marks or at cost. 4) Net Asset Value represents Gross fair value less taxes (21% corporate rate). This methodology may result in a tax benefit in the event an investment's invested capital exceeds gross fair value. 5) Includes investments in Sightline Payments, Brasada Resorts, JANA Partners Benchmark Funds, SpaceX, TripleTree Holdings and TripleTree funds, and others. 6) Comprises $47.5M outstanding on the 5.0% FNF note maturing 11/30. Cannae also has a $50M capacity margin loan, $0 balance (interest at 3-month adjusted SOFR + 2.75%) maturing 08/28. CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 14

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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 from the sale • Cannae sold 10 million shares of D&B ahead of the close, for proceeds of $90 million • The transaction closed in August 2025, with Cannae receiving $540 million for its remaining 59 million shares of DNB • Cannae will utilize $500 million of the proceeds to repurchase common stock, pay quarterly dividends and repay existing debt: (1) • $300 million in share repurchases (of which Cannae has already repurchased $182 million); • $141 million to retire its existing margin loan; and • $60 million for future dividends Cannae believes these actions will help increase the Cannae stock price and close the discount to NAV (1) 2025 repurchases through August 29, 2025 CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 15

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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 share repurchase strategy in companies that it believes can the quarterly dividend of $(4) 0.15 per common share of CNNE which is deliver outsized returns $0.60 per share annualized (2) 41.1M shares, or 45% of Ø Black Knight Football Providing Direct Returns to outstanding shares • (2022-2025, $224M) Our Shareholders repurchased for $921M Ø The Watkins Co. • (2024, $80M) $921 Ø Jana Partners • (2024, $51M stock and cash; $2025 3Q expected $68M) $228 $225 $167 $182 $118 Ø Computer Services, Inc. • (2022, $86M) 2021 2022 2023 2024 2025 4+ years 27% 28% 44% 45% 26% Shareholders discount discount discount discount discount 3) (Capital allocation split between share repurchases, dividends, and opportunistic new investments with a focus on NAV and stock price appreciation Source: Company management as of August 29, 2025 (1) Values are presented in millions. (2) Value compares to May 31, 2021, outstanding shares. (3) Discount figures represent percentage discount to NAV. (4) The dividend is payable on September 30, 2025, to shareholders of record on September 16, 2025. CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 16

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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 capital Ø Alight - In December 2024, Cannae sold 12M shares for $0.7B $89M in proceeds. Ø CSI - In December 2023, Cannae received a $37M distribution from the CSI limited partnership investment vehicle. Now, remaining investment is worth 120% of $4.0B (2) Cannae's original investment . Ø Dun & Bradstreet - Cannae sold 10M shares of DNB for $101M in proceeds in Q1 2024 and 69M shares for $630M in Q2 & Q3 2025. Cannae also collected $14M in dividends $6.7B in the 12 months prior to sale announcement. Ø WineDirect – In January 2025, Cannae received $14M for selling a portion of the business. $3.4B Since inception, Cannae has $6.7B of cumulative realized proceeds representing $3.3B of net realized Investment Investment Investment Cumulative + - = gains, or 2.0x MOIC Cost Gains Losses Proceeds Source: Company management as of August 29, 2025 (1) Graphic displays only realized monetization events since 2014, including sales, partial sales, dividends, distributions, etc. (2) See also page 26. CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 17

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APPENDIX CANNAE HOLDINGS INVESTOR PRESENTATION FEBRUARY 2021 \| 18

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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 omnichannel customer experience leveraging AI $ Total Invested Capital and analytics layer and transaction engines to drive a personalized approach for 328M customers. • Alight has no direct competitor, as most companies specialize in one area of the HR and Current Ownership 40.5M shares or ~8% benefits world as opposed to Alight's all-in-one product. • Alight operates across five continents to deliver an unrivaled consumer experience for its $ Current Value 157M clients and their people. The company unlocks enterprise growth for the world's most influential companies with future-ready human capital and business solutions. (1) $ ALIGHT BY THE NUMBERS Current Unrealized Loss (171)M Participants covered (1) ~35M+ 2Q25 HIGHLIGHTS "Our underlying business operations continued to strengthen during the second quarter. We are making important strategic progress to accelerate our client of Fortune 100 are Clients management and delivery capabilities through automation, artificial intelligence, ~70% innovation and partnerships. These initiatives are helping our clients realize improved return on investment from their benefits solutions and driving continued strength in client retention." Average Revenue Retention - DAVE GUILMET ~95% ALIGHT CHIEF EXECUTIVE TEOFFICER Source: Public company filings and market data as of August 29, 2025 (1) See Alight's earnings release at investor.alight.com. CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 19

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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 Invested Capital processing, digital wallet, card issuing, and online cash solutions. • Delivered through an integrated platform, Paysafe solutions are geared 2.5M Shares or ~4% Current Ownership toward mobile-initiated transactions, real-time analytics, and the convergence between brick-and-mortar and online payments. $34.7M Current Value • Paysafe operates in 12+ countries, connecting businesses and consumers across 260 payment types in over 48 currencies around the world. $(11.1)M Current Unrealized Loss PAYSAFE BY THE NUMBERS (1) 2Q25 HIGHLIGHTS VS 2Q24 • Revenue of $428.2m, a decrease of 3%; organic revenue grew 5%. 2024 transaction volume ~$152B • Net loss of $50.1m or ($0.85) per diluted share; Adjusted net income of $27.6m or $0.46 per diluted share. • Adjusted EBITDA of $105.0m, inclusive of a $25.4m headwind related to the disposal of the direct marketing business line. Payment types in over 48 different • Repurchased 1.5m shares for $20.0m. ~260 currencies accepted Bruce Lowthers, CEO of Paysafe, commented: A very solid quarter with revenue, adjusted EBITDA, and adjusted EPS all in line with our expectations. We delivered 5% organic revenue growth and strong adjusted EBITDA growth of 12%, when excluding the divested direct marketing business, reflecting continued execution on our strategic priorities and growth across all major product lines. In Europe, for the first time in years, we had double-digit growth led by our consumer business, coupled with overall strong performance from existing customers, a higher Of online payment experience ~29 years contribution from new customer wins, and the launch of innovative products. Collectively, we remain on track to drive stronger growth and margin improvement in the second half of the year. Source: Public company filings and market data as of August 29, 2025 (1) See Paysafe's earnings release at www.Paysafe.com. CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 20

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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 business and $232M Total Invested Capital provides a sustainable competitive advantage. • RAMP dynamically adjusts bid pricing for each advertising campaign to maximize profit and limit financial risk as market conditions shift. 27.0M shares or ~30% Current Ownership • RAMP manages 108M+ monthly web site visitors generating 490M+ monthly sessions and drives 94M+ daily creative bidding optimizations. • RAMP efficiently identifies, acquires, and serves ads to consumers across any $ advertising vertical. 19M Current Value (1)(2) 2Q25 HIGHLIGHTS $(213)M Current Unrealized Loss • Products segment revenue grew 34% year-over-year to $24.0 million, and Products adjusted gross profit grew 32% year-over-year to $22.7 million. • CouponFollow.com saw continued strong performance in Q2, posting a 44% year-over-year increase in organic sessions. "We are pleased with our second quarter financial results, specifically our 6% and • System1 launched 1.org, a free charitable-focused search engine that allows users to support nonprofit organizations simply by searching the web. 18% year-over-year increase in adjusted gross profit and adjusted EBITDA, respectively. These results underscore the resilience of our business model, our • Startpage.com continues to build on its positive momentum, with more than a 25% increase in daily active users in June 2025 versus the prior year. ability to innovate in changing marketing conditions and our continued focus on long-term value creation." • In collaboration with Startpage, Mapquest created and launched a white-label consumer mapping solution for integration into third party websites and search engines. - TRIDIVESH KIDAMBI SYSTEM1 CHIEF FINANCIAL OFFICER Source: Public company filings and market data as of August 29, 2025 (1) See System1's earnings release at ir.system1.com. (2) System1 results are included in Cannae's on a one-quarter lag. CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 21

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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 development and enable efficient player migration across BKFC's network of owned and operated clubs, while driving both strong on-field performance and financial results with a multi-club network: • AFC Bournemouth (the Cherries), a professional football club founded in 1899 that competes in the English Premier $224M Total Invested Capital League, the top football league in the world. BKFC has 100% ownership interest of AFCB. • FC Lorient, a professional football club founded in 1926 that was crowned 2024/25 champions of Ligue 2, the second-tier football league in France, and next season will compete in Ligue 1, the highest tier football league in France. BKFC has a ~43% Current Ownership 40% ownership interest in FC Lorient, with a path to 100%. • Moreirense FC, a professional football club founded in 1939 and based in Moreira de Cónegos, Portugal, that competes in the Portuguese Primeira Liga (first division) football club. BKFC has a 70% ownership interest in Moreirense. $(1) 224M Current Value • Hibernian FC, a professional football club founded in 1875 that competes in the Scottish Premiership, the top football league in Scotland. BKFC is the first multi-club ownership group approved by the Scottish FA. BKFC has a 23% ownership interest in Hibernian FC. Source: Company management; (1) Valued at cost. CLUB & GROUP UPDATES • AFC Bournemouth finished the 2024/25 season in 9th place with 56 points, a new club record which surpassed a club record set • In April 2025, BKFC announced a Strategic Affiliation Agreement with Orlando City FC of Major League in the previous campaign. From a business perspective, the club finished the 2024/25 season with growth across all revenue Soccer giving BKFC its first direct connection to a professional soccer team in North America areas, including significant increases in Sponsorship, Hospitality and Events (up 30%+ year-over-year) and Merchandise (up • FC Lorient In April 2025, FC Lorient achieved its primary objective this season by earning promotion back to 20%+ year-over-year). Looking forward to the start of the 2025/26 season, the club is pleased to have all major partnership Ligue 1 and ended the season in 1st place with 71 points, 2 points ahead of Paris FC in the Ligue 2 table. assets (Front of Shirt, Sleeve and Naming Rights) already under contract. The team's top scorer is Elie Junior Kroupi who has 20 goals this campaign, which leads all of Ligue 2 • In April 2025, BKFC announced it had entered into an agreement to acquire Vitality Stadium, which has been the home of AFCB (despite missing all of November due to injury). Kroupi is on loan from AFC Bournemouth after a deal to since 1910. This represents the first step in BKFC's plans to renovate and expand the stadium to accommodate the Cherries' acquire the player was completed in January. FC Lorient is beginning the preparation for its return to Ligue growing fanbase. Additionally, after two years of construction, the club moved into its world-class Performance Centre in April. 1 in the 2025/26 season. The Performance Centre is a testament to BKFC's commitment to providing its clubs with the infrastructure to succeed in all • Hibernian FC Hibs finished the 2024/25 season in 3rd place with 58 points, which was Hibs' best Scottish competitions. Premiership finish since the 2020/21 season and they will compete in the Europa League qualifying rounds. • In May 2025, Sportico released its annual list of the World's 50 Most Valuable Football Clubs. AFC Bournemouth made the list From mid-December through, the club lost only once in 18 matches across all competitions, having gone for the first time in its history, coming in at number 48 with a valuation of $630 Million based on the club's 2023/24 revenue of unbeaten in 17 of them (12 wins, 5 draws), matching a club record that dates to 1948. $203 Million or 40% above BKFC total capital (when valuing all of BKFC's other non-AFCB investments at cost). Additionally, • Moreirense FC In June 2025, BKFC announced a majority ownership interest. By adding Moreirense FC, AFCB revenues grew double digits in the 2024/25 season. BKFC enters Portugal, which is the 7th best league in Europe based on 2024/25 UEFA coefficient rankings • In June 2025, AFC Bournemouth sold Dean Huijsen to Real Madrid and Milos Kerkez to Liverpool for combined transfer fees of and is known for its elite domestic talent and strong track record of developing world-class players. nearly $120 Million, representing an aggregate profit before fees of $81 Million on their initial purchase. In August, the club sold Moreirense FC is a competitive presence in the Primeira Liga, Portugal's top football league. Moreirense Ilya Zabarnyi and Dango Ouatarra for combined transfer fees of $121 Million, representing an aggregate profit before fees of ~$64 finished the 2023/24 season in 6th place and finished the 2024/25 season in 10th place (out of 18 teams). Million. The Club plays its home games at Parque de Jogos Comendador Joaquim de Almeida. • During the first half of this year, BKFC completed a $132 Million capital raise in which Cannae participated for $50 Million. CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 22

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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. ~88% Current Ownership 2012 Initial Investment Date ~65% Current Ownership Store Counts: • 99 has 93 company-owned locations. RESTAURANT GROUP • O'Charleys has 51 company-owned locations, (1) and 3 franchised locations $ Total Invested Capital 148M • Underground Chuck's has 1 location Source: Company management. See also https://www.ocharleys.com/ and https://www.99restaurants.com/ (1) Valued at cost. CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 23

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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 structure. • Carveouts • Proven track record of finding undervalued • Take-privates • Ability to invest across all capital structures, public companies with catalysts to unlock • Recapitalizations public or private. value. • Proven acquirer, owner and operator of • Campaigns create proprietary deal flow but portfolio companies. limited by mandate to only invest in public Cross-equity alignment, bringing equities. • Ideal partner for potential control enhanced returns to both Cannae acquisitions. and JANA investors Partnership Overview • In February 2024, we entered a strategic partnership with JANA Partners ("JANA"), an investment firm focused on creating value through shareholder engagement. Cannae invested $56M, which consisted of $18.3M cash and 1.85M shares of CNNE common stock, for a 19.99% ownership stake in JANA. • Cannae also committed to invest an additional $50M in JANA funds on a fee-free basis. To date, Cannae has invested $20M in JANA Partners Strategic Investments Benchmark Series A-1. • For the period from February 2024 through March 2025, we received $5.1M in distributions on our 19.99% ownership. • The cross-equity ownership and future fund investments by Cannae aligns both parties with mutual interest in the other's success. The strategic partnership will help Cannae drive shareholder value through proprietary deal flow for potential new control acquisitions and similar strategic opportunities. • On May 12, 2025, Cannae announced an agreement to acquire an additional 30% stake in JANA, and post-closing will have total ownership of 50%, in exchange for an upfront payment of $67.5 million and potential further payments aggregating $26 million upon certain future period Assets Under Management thresholds. This is expected to close in 3Q 2025. Source: Company management as of August 29 , 2025 CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 24

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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 through open and agile technologies. In addition to $ its nearly 60-year reputation for personalized service, CSI is shaping the future of banking by 49M Total Invested Capital swiftly deploying advanced solutions that help its customers outperform their competition. • CSI's software and services include, but are not limited to, enterprise banking, regulatory compliance, cybersecurity, IT management, and document distribution. ~6% Current Ownership • CSI has long and sticky service contracts in place with core banking customers that are typically seven to ten years in length with high retention rates and cover 48 states. $104M Current Value CSI'S LEADING SOFTWARE & ADVISORY SERVICES $ Regulatory 55M Current Unrealized Gain Enterprise Compliance Banking ST (1) FISCAL 1 HALF 2026 HIGHLIGHTS • At the quarter close, CSI announced record-setting revenue growth in the first half of its Revenue 2025 fiscal year and strategic acquisitions like Hawthorn River, a modern loan origination Drivers system. This momentum is expected to continue in the latter half of the year. The company secured 18 new core deals and launched multiple partnerships that expanded its comprehensive financial services software suite. • CSI's NuPoint® core banking system recently secured the "XCelent Breadth of IT Document Functionality" award in Celent's "Retail Banking Core Banking Systems: North American Cybersecurity Management Distribution Community Bank Edition" report and was recognized as a "Functionality Standout." CSI was also recently recognized in the 2024 IDC FinTech Rankings as one of the Top 50 fintechs. See also https://www.csiweb.com/ (1) Fiscal Year End is February 28, 2026 CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 25

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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 predecessors have been heralded as purveyors of flavor, with an unwavering commitment to crafting award-winning gourmet flavoring products from high-quality, natural ingredients, without the use of artificial flavors and colors, genetically modified organisms, corn syrup or $ Total Invested Capital 80.0M gluten. (includes $20M of 8% Preferred) • Watkins is a premium brand in the spices, seasonings and extracts category. Watkins is well positioned in the category as the #2 overall extract brand and the fastest growing organic spice line segment. ~49.3% Current Ownership • Its portfolio boasts a full line of flavoring products that addresses a diverse set of occasions across extracts, spices, seasonings, decorating, and dry seasoning mixes. $(1) 80.0M Current Value WATKINS PLAYBOOK WHY FLAVORING PRODUCTS? 1. Attractive category with secular tailwinds: Spices, seasonings and 1. Steady business with long-term track record: With 150+ years of brand heritage, Watkins extracts are a rare combination of a durable category less impacted by has a long history of innovation and growth in the durable flavoring products category. economic cycles, but that also exhibits significant growth trends. The 2. Seasoned management team: Watkin's seasoned management team led by its CEO JR spices, seasonings & extracts category is the fifth highest growth category in Rigley were retained in the transaction and its prior owner retained a significant equity the overall U.S. Food Industry, growing volume 15% since 2019 or ~4% per stake post-transaction, creating continuity and strong alignment with Cannae. year. 3. Large addressable market with opportunity to take share: Flavoring products and the 2. Premium product in growing segment: Watkins is well positioned with spices, seasonings and extracts represent a large, growing market with significant premium but affordable products and as a leader in the increasingly opportunity for Watkin's to grow both organically and inorganically attractive and growing natural and organic segment of the spices, 4. Attractive financial profile: Watkin's has a long history of growth on the top and bottom seasonings and extracts category. line with strong free cash flow generation creating compelling opportunities to invest in 3. Fragmented industry: The flavoring products category is highly fragmented, growth or return capital to shareholders with significant opportunities for consolidation and growth in market share both organically and inorganically Source: Company management (1) Valued at cost. CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 26

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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 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 $60M Total Invested Capital sit on the National Register of Historic Places. The flour mill includes multiple tasting areas and serves as a guest experience center. • Minden Mill's spirits products include High Ground Vodka, Evil Bean Coffee Liqueur, and Minden Mill branded ~88% Current Ownership Bourbon, Rye and American Single Malt • Since launch of its various products over the course of 2024, Minden's products have received numerous awards and 90+ point ratings from various publications and spirit's competitions $(1) 60M Current Value MINDEN MILL PLAYBOOK WHY DISTILLING? 1. Large and growing market: The U.S. is the second largest spirits market in the world, 1. Value enhancements: Acquired at a deep discount to the cost of the facilities and to peer comps, we generating $200 Billion in U.S. economic activity annually. In the U.S, over the last 11 believe our ownership of Minden Mill, represents an attractive value investment with significant years, spirits sales have grown 51%, from 204 Million cases sold in 2012 to 309 Million opportunity for growth. in 2023. Small, craft brands have been a significant driver of this growth. 2. Focus on world class talent: Minden Mill is operated by the seasoned management team of Foley 2. Fixed Assets to Drive Margins: Ownership of fixed assets with underutilized Family Wines & Spirits ("FFWS"). FFWS's management team has consistently grown its sales volume production capacity is expected to lower marginal costs to develop new brands and through economic and industry cycles, outpacing competition growing market share. drive long-term margin growth. 3. Invest for growth: Following the successful launch of its slate of whiskeys, vodka and coffee liqueur, 3. Foley's spirits track record: After founding FFWS in 1996, Foley along with world class Minden Mill is position to leverage FFWS's distribution relationships to drive sales growth and create management has turned FFWS into one of the largest producers of premium wines in economies of scale in production at its owned facilities. the United States. FFWS has grown from its initial location in Sta. Rita Hills region of 4. Implement best practices from FFWs: By implementing best practices that propelled FFWS from a Santa Barbara county to owning 24 wineries on four continents and producing collection of disparate winery and vineyard assets to one of the largest producers of premium wines and hundreds of 90+ point wines. Foley's success with FFWS has helped hone the strategy operator of several wine-related hospitality venues in the United States, Minden Mill intends to create and framework for Minden Mill and its plan to produce premium spirits and brands. premium spirits and a hospitality venue to transform Minden Mill into a leading producer of craft spirits brands. Source: Company management (1) Valued at cost. CANNAE HOLDINGS INVESTOR PRESENTATION SUMMER 2025 \| 27