Cannae : First Quarter 2021 Letter to Shareholders

First Quarter 2021

Quarterly

Update

ON THE COVER:

Hannibal crossing the Rhone with elephants. The Battle of Cannae is regarded as one of the greatest tactical feats in military history.

Quarterly Highlights

On January 25, 2021, Cannae announced a $250 Million subscription to a private placement offering associated with Foley Trasimene Acquisition Corp.'s (WPF) business combination with Alight Solutions (Alight). Cannae's total investment in Alight will be approximately $400 Million upon closing of the merger for which we expect to receive

44.6 Million Alight common shares and 8.0 Million warrants to purchase Alight common shares inclusive of Cannae's portion of the Sponsor promote.

On February 4, 2021, our joint venture with Senator Investment Group completed its exit from CoreLogic, Inc. (NYSE: CLGX) stock. With this transaction and the subsequent wind down of the joint venture, Cannae received $481 Million in proceeds on an investment of $292 Million, or a 78% IRR, in a weighted average investment period of less than one year.

On March 1, 2021, Cannae announced that our Board of Directors authorized a three year, 10 Million Share Repurchase Plan.

On March 2, 2021, Cannae announced a $50 Million investment in Tailwind Acquisition Corp. (NYSE: TWND), payable in conjunction with TWND's announced merger (the Combination) with QOMPLX, a Cannae portfolio company. The investment, comprised of a $12.5 Million convertible promissory note (the Note) and a $37.5 Million private investment in public equity (PIPE) investment, is in addition to Cannae's existing $30 Million investment in QOMPLX. Upon completion of the merger, Cannae will receive 23.7 Million TWND shares, including 17.8 Million for our initial investment. The PIPE investment and conversion

WILLIAM P. FOLEY, II

Chairman

To Our Fellow

Shareholders,

Cannae kicked off 2021 with a flurry of transactions including the announcements of Foley Trasimene Acquisition Corp.'s (WPF) merger with Alight, the profitable exit of our investment in CoreLogic, the IPO of QOMPLX via merger with Tailwind Acquisition Corp. (TWND), the launch of two new SPAC vehicles (AUS, AUZ), the closing of the Foley Trasimene Acquisition Corp.

1. (BFT) and PaySafe business combination, and our minority investment in Sightline Payments.

I believe our investments in these business combinations share similar characteristics to Cannae's successful investment portfolio. These characteristics include being industry utilities with strong defensible market positions; the ability to capture significant market share, the potential for enhanced revenue and margin growth; and ultimately, multiple expansion, all of which unlock opportunity for Cannae and its investors to earn a return of multiples on our invested capital.

The recent decline of the SPAC market has created opportuni­ ties for Cannae to pursue a differentiated strategy of investing in high-quality companies and management teams with superior track records of success. Our underlying purpose will remain directing the capital of our investors into high-quality companies with prospects for superior returns.

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On March 2, 2021, we announced the completion of the upsized Initial Public Offering (IPO) of Austerlitz Acquisition Corporation I (NYSE: AUS). Cannae holds an approximate 10% economic interest in the AUS sponsor who invested in private placement warrants and founder shares at the IPO, and agreed to participate as an anchor investor by entering into a forward purchase agreement for Class A shares and warrants at the closing of AUS's initial business combination.

On March 2, 2021, we announced the completion of the upsized Initial Public Offering (IPO) of Austerlitz Acquisition Corporation II (NYSE: ASZ). Cannae holds an approximate 20% economic interest in the founder shares held by the ASZ sponsor, invested directly in private placement warrants of ASZ at the IPO, and agreed to participate as an anchor investor by entering into a forward purchase agreement for Class A shares and warrants at the closing of ASZ's initial business combination.

On March 30, 2021, following Foley Trasimene Acquisition Corp. II (BFT) shareholder approval, we announced the closing of our $500 Million investment in the Paysafe business combination with BFT. Cannae now owns 54.0 Million Paysafe Limited common shares (NYSE: PSFE) and

8.1 Million warrants. Excluding amounts for the warrants, our implied cost per PSFE share is $9.10.

On March 31, 2021, Cannae closed a $32 Million investment in Sightline Payments. Sightline is a fintech company focused on payment solutions in the gaming, entertainment, lottery, sports betting, and hospitality industries. Cannae owns approximately 5% of Sightline as part of a $100 Million funding round.

Total Cannae shareholder equity was $3.5 Billion, or $38.76 per share, as of March 31, 2021, compared to $2.2 Billion, or

We can continue to pursue our strategy via SPACs, direct investment, private equity and hedge fund partnerships, and may use other avenues of accessing the capital markets.

The success of our previous SPAC investments continues

to provide robust investor demand and market opportunities. Cannae believes it is a preferred partner for operating companies and financial sponsors alike as we continue to see healthy deal flow.

We remain committed to pursuing investments in large growing industries where we see the opportunity for transformation, both at the firm level and in the overall industry segment. Our investments in payments, iGaming, Human Capital Management, and cyber security are all great examples of this approach.

SELECT PORTFOLIO UPDATES

Three Months Ended March 31,		2021		2020
Revenue	$	504.5M	$	395.7M
Net (loss) income	$	(25.0M)	$	41.9M
Adjusted EBITDA	$	185.6M	$	135.1M

Dun & Bradstreet (NYSE: DNB) shares ended the first quarter at $23.81, giving Cannae's 76.6 Million shares, 17.7% of D&B's equity, a fair value of $1.8 Billion, maintaining a more than

3x return on our initial investment and a nearly 10% gain on our follow-on IPO investment. In the first quarter 2021, D&B generated revenues and Adjusted EBITDA above consensus estimates, underscoring the resilience of D&B's proprietary data assets. With the addition of Bisnode, revenues grew by nearly $109 Million year-over-year and Adjusted EBITDA increased by more than $50 Million, or 37%, compared to $135.1 Million in the year ago quarter.

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Ceridian (NYSE: CDAY) is Cannae's longest publicly traded holding and one of its most valuable. After Ceridian's April 2018 IPO, Cannae held 37.1 Million shares worth $1.1 Billion at an average cost of approximately $6.00 per share. Since that time, Cannae has sold 23.2 Million shares, or 62% of its holdings. At the close of March 2021, Cannae's remaining 14 Million shares are worth $1.2 Billion and represent approximately 9.4% of Ceridian's equity.

In March, Ceridian completed its acquisition of Ascender, a leading HR and payroll solutions provider in the Asia Pacific region, adding more than 1,200 companies serving 1.3 Million employees. Ascender marked Ceridian's third acquisition in 18 months. Last year's acquisition of Excelity Global and its 300 customers followed Ceridian's acquisition of Australia's RITEQ. In April, Ceridian announced an agreement to acquire Ideal, a leading talent intelligence system that utilizes artificial intelligence technology to analyze data across the employee lifecycle. These acquisitions demonstrate the leverage that Ceridian's Dayforce platform can bring to bear, delivering a high-quality SaaS product at a more efficient cost.

Today, our third largest holding is Paysafe (NYSE: PSFE). We are very pleased the business combination of BFT and PSFE closed on March 30, 2021. In conjunction with the merger, Cannae funded $500 Million of its investment commitments including a $150 Million forward purchase agreement and a $350 Million PIPE agreement announced in December 2020. The investments augment Cannae's founder shares from its approximately 15% economic interest in the BFT sponsor and a $4.7 Million investment in private placement warrants.

Cannae now holds 54 Million common shares and warrants on

8.1 Million common shares, with a net implied cost per share of $9.10, excluding value from the 8.1 Million warrants. As of May 7, 2021, shares of PSFE common and warrants trade at $13.45 and $4.38, respectively, implying a combined gain of nearly $266 Million for Cannae shareholders.

Three Months Ended March 31,		2021		2020
Revenue	$	41.6M	$	33.0M
Net (loss) income	$	(21.5M)	$	2.2M
Adjusted EBITDA	$	21.6M	$	14.0M

Cannae made its investment in Optimal Blue on September 15, 2020. Financial information for the three months ended March 31, 2020, is presented for comparative purposes.

Cannae has a $289 Million investment in Optimal Blue

(20% interest), a leading provider of pricing analytics to the mortgage industry. Optimal Blue continues to outperform our initial expectations and current year plan, growing year-over- year revenues and Adjusted EBITDA at double digit rates and expanding Adjusted EBITDA margin in the first quarter 2021. Optimal Blue continues to develop new and enhanced products for the mortgage origination markets that will build on its industry-leading solution and generate continued growth. An example of this is the near completion of the LoanSifter migration, a 3-year project that enables back office consolidation of content management. Other achievements include next generation integrations with FreddieMac and FannieMae, and the re-launch and integration of the Capture retention product.

Cannae invested $120 Million last March for a 20% stake in AmeriLife, a marketing organization focused on health and retirement planning. AmeriLife continues to make disciplined growth a hallmark since our investment last year. In the first quarter of 2021, AmeriLife continued to grow organically and through the acquisitions of Nashville-based Senior Market Advisors; DFS Marketing, of Monroe, Texas, and Insurance 360, an Austin, Texas agency that serves over 50,000 policyholders.

CANNAE HOLDINGSFIRST QUARTER 2021 QUARTERLY UPDATE  3

SPAC UPDATES

In January, we announced our intent to supplement our prior $150 Million forward purchase commitment in Foley Trasimene Acquisition Corp. (WPF) with a $250 Million PIPE participation in the definitive merger of WPF and Alight Solutions (Alight), that reflects an implied pro forma enterprise value for Alight of approxi­ mately $7.3 Billion. Alight is the leading provider of employee engagement platforms serving half the Fortune 500 companies and over 30 Million covered lives. Alight's platform helps employers and employees navigate health, wealth, and other benefit elections and serves as a gateway into other forms of employee engagement including wellness and continuing education.

When the business combination closes, expected to occur in mid-2021, Cannae's total investment will be approximately $405 Million, for which we will receive 44.6 Million Alight common shares and 8 Million warrants on Alight common shares. Excluding the cost of the warrants, our cost per Alight share is $8.96. As of May 7, 2021, shares of WPF trade at $10.06 per share and warrants trade at $1.66 per warrant, implying a more than $64 Million gain for Cannae.

AUSTERLITZ	AUSTERLITZ
ACQUISITION CORPORATION I	ACQUISITION CORPORATION II

In the first week of March 2021, Austerlitz Acquisition Corporation I (AUS) and Austerlitz Acquisition Corporation II (ASZ) closed on their IPOs. In both cases, the IPOs were upsized and underwriters fully exercised their over-allotment, raising $690 Million and $1.38 Billion in gross proceeds, respectively. In conjunction with the upsized IPOs, Cannae invested $1.6 Million for 1,053,333 AUS private placement warrants and $29.6 Million for 19,733,333 ASZ private placement warrants, and holds an economic interest of approximately 10% and 20%, respectively,

in the sponsors of AUS and ASZ. In conjunction with the March 2, 2021 IPOs, Cannae entered into forward purchase agreements with AUS and ASZ of $50 Million and $125 Million, respectively, in which Cannae will purchase shares of AUS Class A ordinary shares in an aggregate share amount equal to 5,000,000 Class A ordinary shares, plus an aggregate of 1,250,000 redeemable warrants to purchase one Class A ordinary share at $11.50 per share and will purchase shares of ASZ Class A ordinary shares in an aggregate share amount equal

to 12,500,000 Class A ordinary shares, plus an aggregate of 3,125,000 redeemable warrants to purchase one Class A ordinary share at $11.50 per share.

As a member of the founder group, Cannae invested $1.9 Million in Trebia Acquisition Corporation (NYSE: TREB) for founder shares and private placement warrants, in addition to entering into a $75 Million forward purchase agreement for 7.5 Million Class A shares and 2.5 Million warrants on Class A shares.

Following our fourth quarter 2020 earnings release, we were hopeful to have an announced merger agreement shortly thereafter. While unfortunately, we are not currently able to provide an update on an intended target, I do hope to do so in the foreseeable future. Our investment team continues to unearth and screen targets from both organic and external sources that meet our investment strategy and are suitable for TREB. It's important to note, that our process for screening acquisition targets requires the utmost due diligence, a process that has been refined over the course of several decades and one that we will not sacrifice at the expense of closing a deal we believe may not deliver the maximum value to both our shareholders and the shareholders of TREB.

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