Investor Presentation

August 2021

Safe Harbor

This presentation contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, 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. 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. 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 which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets and changes in conditions resulting from the outbreak of a pandemic such as the novel coronavirus COVID-19("COVID-19"); the overall impact of the outbreak of COVID-19 and measures to curb its spread, including the effect of governmental or voluntary mitigation measures such as business shutdowns, social distancing, and stay-at-home orders; 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 associated with our Split-Off from FNF, including limitations on our strategic and operating flexibility related to the tax-free nature of the Split- Off and the Investment Company Act of 1940; risks related to our Externalization; the closing of the System 1 transaction by Trebia Acquisition Corp. and the Wynn Interactive transaction by Austerlitz Acquisition Corporation I within the prescribed time frames.

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's Forms 10-Q,10-K and other filings with the Securities and Exchange Commission.

Statements and case studies contained herein relate to (i) Fidelity National Financial, Inc. ("FNF"), (ii) Fidelity National Information Services, Inc. ("FIS"), (iii) Black Knight, Inc. ("BKI"), (iv) Alight ("ALIT" or "FTAC"), (v) Paysafe ("PSFE" or "FTAC II"), (vi) Ceridian ("CDAY"), (vii) Dun and Bradstreet Holdings, Inc. ("DNB"), (viii) Wynn Interactive or Austerlitz Acquisition Corporation ("AUS"), (ix) Tailwind Acquisition Corp. ("TWND" or "QOMPLX") or (x) System1 or Trebia Acquisition Corp. ("TREB"). 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 AUGUST 2021 | 2

Key investment highlights

1

2

3

4

Led by William P. Foley, II

A preeminent operator and deal maker with a long, proven track record of shareholder value creation

Unique investment philosophy & playbook

Utilizes Foley's investment philosophy and value creation playbook built over 30+ years and hundreds of strategic acquisitions

Proven ability to generate strong returns

Cannae has generated an ~14% CAGR since inception in 2014 (1)

Attractive portfolio with significant embedded upside

Significant value creation opportunities within existing portfolio and potential new investment opportunities

Cannae's intrinsic value per share presents 49% upside to its share price of $32.47 as of 8/5/2021

Source: Public company filings and market data as of 8/5/2021.

(1) Cannae return analysis from 7/1/2014 - 8/5/2021. Assumes shares of Remy and J. Alexander's continued to be held after spin-off from Cannae. See page 9 for further details.

CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 | 3

CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 | 4

1 Cannae overview

  • Cannae Holdings Inc. ("Cannae" or the "Company") is a diversified holding company led by William P. Foley, II ("Bill Foley" or "Foley")
  • Cannae was started as Fidelity National Financial Ventures (FNFV), a tracking stock of Fidelity National Financial (FNF), and in 2017, FNF spun out FNFV, renamed Cannae Holdings, Inc.
  • Cannae leverages Foley's 30+ year track record of operating and investing in world class businesses and delivering significant shareholder value
    • Foley has led the creation of ~$146 billion of shareholder value across multiple public company platforms over his career (1)
  • Cannae has built an attractive portfolio of investments in leading companies with significant upside potential
  • Cannae focuses on investing in profitable and growing technology enabled businesses in compelling industries
  • The Company is externally managed by Trasimene Capital Management

Strong Returns Since Inception

+ 143%

(2)

+ 158% (3)

+ 103% (3)

Cannae

S&P 500

Russell 2000

One share of Cannae is up ~143% since inception in 2014 (2)

Source: Public company filings and market data as of 8/5/2021.

  1. See page 15 for further details.
  2. Return analysis from 7/1/2014 - 8/5/2021. Assumes shares of Remy and J. Alexander's continued to be held after spin-off from Cannae. See page 9 for further details.
  3. Bloomberg data, return analysis from 7/1/2014 - 8/5/2021 inclusive of dividends reinvested in the index.

Portfolio Investments as of August 2021

Company

Current

Initial

Cost of

FV Net of

Net

FV per

Year

Fair Value

CNNE

Ownership

Investment

Expense

MOIC

invested

Share

68.1M shares

2019

$659.7M

$1,267.8M

$1,073.5M

1.6x

$12.07

(~16% ownership)

12.0M shares

2007

$72.7M

$1,184.8M

$885.7M

12.1x

$9.96

(~8% ownership)

54.0M shares

(~7.5% ownership)

2021

$496.6M

$576.1M

$550.8M

1.1x

$6.19

+ 8.1M warrants

(4)

50.4M shares

2021

$440.6M

$516.1M

$491.5M

1.1x

$5.52

(~10% ownership)

+ 8.0M warrants

23.7M shares

2019

$80.0M

$235.8M

$180.9M

2.3x

$2.04

(~16% PF ownership)

(6)

~20% ownership

2020

$289.0M

$578.0M

$484.5M

1.7x

$5.45

interest

Various Other Investments (7)

Various equity and

Various

$597.5M

$657.8M

$634.3M

1.1x

$7.13

and Adjusted Net Cash (8)

debt investments

$2,636.1M

$5,016.1M

$4,301.3M

1.6x

$48.36

TOTAL

Cannae's intrinsic value per share presents 49% upside to its share price of $32.47 as of 8/5/2021

Note: Per share amounts based on ~88.9M Cannae shares outstanding. Public values shown are net of allocable taxes and carried interest/ISIP. Public company filings and market data as of 8/5/2021.

(4)

Alight cost basis of common/warrants is based on combined capital committed/cost of private placement warrants as of 8/5/2021. FV of common/warrants is based on shares and warrants expected to be received in

connection with the Company's committed investments/private placement warrants and respective share/warrant prices as of 8/5/2021. Subject to closing.

  1. Includes ~23.7M shares of TWND, post combination. Cost includes pre-combination investments in QOMPLX equity and $12.5M Convertible Note as well as $37.5M committed PIPE investment. FV is based on shares of TWND share price at 8/5/2021. Subject to business combination closing.
  2. Optimal Blue FV presented at 2x cost less applicable taxes and carried interest. FV estimated from multiples for similar businesses, value at BKI call and business outperformance since acquisition.
  3. Primarily represents Austerlitz I, Austerlitz II, and Trebia at market value (less allocable taxes and carried interest / ISIP). Also includes Sightline Payment, Amerilife, Restaurant Group, CorroHealth, TripleTree, Colt and real estate at cost.
  4. Includes net cash less capital committed but not yet funded in connection with ALIT, TREB, ASZ and TWND. Funding to occur concurrently with the closing of the business combinations. Does not reflect amounts for

potential backstop of AUS redemptions which could range from $0 to $690M.

1 Cannae is led by William P. Foley, II

William P. Foley, II

Best-In-Class Manager

  • William P. Foley II ("Bill Foley" or "Foley") is responsible for the growth of ~$146 billion in publicly traded companies to date including Fidelity National Information Services ("FIS"), Fidelity National Financial ("FNF"), Black Knight, Inc. ("BKI"), Ceridian ("CDAY"), Dun & Bradstreet ("D&B" or "DNB"), Paysafe Limited ("Paysafe"), Alight, Inc. ("Alight") and Cannae (1)
    • Through his career, Foley has developed a 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
  • Foley led the ~$9.0B merger of Paysafe with Foley Trasimene Acquisition Corp II and the ~$7.3B merger of Alight with Foley Trasimene Acquisition Corp I as well as the recently announced ~$3.2B merger of Wynn Interactive with Austerlitz Acquisition Corp I and the ~$1.4B merger of System1 with Trebia Acquisition Corp(2)
  • Foley is also the Majority Owner, Chairman, CEO and Governor of the National Hockey League's 31st franchise, the Vegas Golden Knights

Source: Public company filings and market data as of 8/5/2021.

  1. See page 15 for further details
  2. Wynn and System1 transactions subject to close.
  3. Achievement on-going.
  4. Synergy projection and realization data provided by FNF.

Strong Track Record Delivering Value…

$80.0B

$13.4B

$12.7B

$14.8B

$8.0B

$3M

$2.5B

$1.6B

$2.9B

$2.0B

1984 LBO Current Mkt 2006 Spin- Current Mkt

2015 IPO Current Mkt

2018 IPO Current Mkt 2019 LBO Current Mkt

Cap

Off

Cap

Cap

Cap

Cap

…And Overachieving Targeted Savings ($M)

Acquiror

Target

Acquisition date

Forecast savings

$ of synergies

achieved

Cannae

D&B

Feb-2019

$200

$246 (3)

FNF

LPS

Jan-2014

$150

$312

FIS

Metavante

Apr-2009

$260

$300

FNF

Land America

Dec-2008

$150

$265

FIS

eFunds

Sep-2007

$65

$87

FIS

Cartegy

Feb-2006

$50

$50

FNF

Intercept (4)

Dec-2004

$25

$33

FNF

Aurum (4)

Mar-2004

$15

$17

FNF

Chicago Title (4)

Mar-2000

$90

$133

CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 | 5

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Cannae Holdings Inc. published this content on 10 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2021 17:16:02 UTC.