Cannae : Investor Presentation – First Quarter 2024

MAY 2024

INVESTOR PRESENTATION

SAFE HARBOR

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, 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 macroeconomic conditions resulting from the outbreak of a pandemic or escalation of the current conflicts in Ukraine and the Middle East; risks associated with the Investment Company Act of 1940; 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 other risks.

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.

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 & Entertainment ("BKFE" or "Black Knight Football"). 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 MAY 2024 | 2

CANNAE OVERVIEW

Cannae (NYSE:CNNE) is a diversified holding company led by William P. Foley, II ("Foley") that offers shareholders a unique opportunity to generate returns through owning a diverse portfolio of operating businesses.

CANNAE VALUE CREATION PLAYBOOK

Cannae leverages Foley's and managements' value creation playbook that was developed over a nearly 40-year track record of operating and investing in world class businesses and delivering shareholder value.

Identify Value

Utilize Full

World Class

Invest for

Acquisitions

Enhancements

Operating Toolkit

Talent

Growth

•

Cost savings

•

Pricing

•

Seasoned

• New products and

•

Add-on &

•

Strategy shifts

•

Sales force

executive team

new markets with

Synergistic

•

overlooked growth

acquisitions

•

Elimination

efficiency/cross-

Alignment of

potential

•

selling

interests and clear

Transformative

of siloed

•

Marketing

goals for

transactions

organizational

management &

•

structures

optimization

Strategic

Board of Directors

•

Product expansion

partnerships

CNNE BY THE NUMBERS*

2014	Split off from FNF in 2017
	FOUNDED (1)
$2.1B
Net assets (2)
$733M
Share repurchases (3)
Since 05/12/21
$0.48
Annualized dividend per share(4)
39%
Stock price discount to Net
Asset Value ("NAV")(2)
$3.2B
Realized Value in Excess of Cost
Since Inception(5)

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.	*as of 05/09/2024
2)	See pg. 10
3)	Through April '24, see pg. 12
4)	Based on quarterly dividend of $0.12 per eligible share at 05/09/2024	CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2024 | 3
5)	See pg. 13

KEY INVESTMENT HIGHLIGHTS

1 Cannae is led by William P. Foley, II

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

2 Supported by best-in-class management team

Seasoned management teams at both Cannae and underlying operating businesses

3 Unique investment philosophy & playbook

Utilizes Foley's investment philosophy and value creation playbook built for 40 years and hundreds of strategic acquisitions

4 Attractive portfolio with significant embedded upside

Portfolio trades at significant discount to Net Asset Value despite significant value creation opportunities

			Diversified capital allocation strategy to drive shareholder value
		5
		Capital allocation split between share repurchases, dividends, and new investment opportunities
			Unique vehicle with significant, permanent capital structure allowing for competitive advantage of a long-term ownership strategy
			Proven ability to create value for shareholders over the long term
		6
		Returned $733M to shareholders through share repurchases over the last ~4 years(1)
(1)	See pg. 12	~$3.2B of realized value in excess of cost since inception(2)
(2)	See pg. 13		CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2024 | 4
Source: Public company filings and market data as of 05/09/2024

1 CANNAE IS LED BY OUR CEO, WILLIAM P. FOLEY, II

William P. Foley II ("Bill Foley" or "Foley") is responsible for the growth of ~$89B in publicly traded companies(2) to date.

• Throughout his career, Foley developed his value creation framework(3) 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 is also the Majority Owner, Chairman, CEO and Governor of the National Hockey League's 31st franchise, the Vegas Golden Knights, the American Hockey League's Henderson Silver Knights, and other companies.

Source: Public company filings and market data as of 05/09/2024

1. ICE acquired BKI in September 2023 at an enterprise value of $11.9B.
2. Companies include FIS, FNF, BKI, DAY, DNB, FG, PSFE, ALIT, SST and CNNE
3. See pg. 7

Strong track record delivering value…

		$41.0B
	$14.4B		(1)
			$11.9B	$9.3B
				$4.6B
$3M	$2.5B	$1.6B	$2.9B	$2.0B

1984 LBO Current	2006 Spin-	Current 2015 IPO	Current 2018 IPO	Current 2019 LBO	Current
Mkt Cap	Off	Mkt Cap	Mkt Cap	Mkt Cap	Mkt Cap

…and overachieving targeted savings ($M)

Acquiror	Target	Acquisition date	Forecast	$ of synergies
			savings	achieved
Cannae	D&B	Feb-2019	$200	$241
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
FNF	Intercept	Dec-2004	$25	$33
FNF	Aurum	Mar-2004	$15	$17
FNF	Chicago Title	Mar-2000	$90	$133

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2024 | 5

2 SUPPORTED BY SEASONED MANAGEMENT

RYAN CASWELL

President

• President of Cannae since February 2023
• SVP of Corporate Finance for Cannae from 2020-2023
• Managing Director at BofA Securities, from 2008 - 2020
• Before BofA Securities, Mr. Caswell was an investment banker at Bear Stearns
• Serves or has served as a Board member or advisor for Amerilife, CorroHealth, Black Knight Football entities, System1 and Triple Tree Holdings

BRYAN D. COY

Chief Financial Officer

• CFO of Cannae since 2020
• CFO of the Vegas Golden Knights, the Henderson Silver Knights, and the related arenas from 2017-2021
• Chief Accounting Officer at Interblock Gaming from 2015- 2017
• CFO of Aruze Gaming America, 2010-2015
• Served in senior finance positions at Fontainebleau Resorts, Shuffle Master, Sunterra, and eSchool Solutions, 2000-2010

MICHAEL L. GRAVELLE

EVP, 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 of BKI from 2014-2023
• Executive Vice President, General Counsel of FIS from 2010-2013

ALEXANDER CINIELLO

VP, Corporate Finance

• VP of Corporate Finance at Cannae since 2020
• Leads Cannae and Black Knight Football Club's M&A and due diligence efforts
• Currently serves as a Board Member for WineDirect
• Previously a Vice President at Citi from 2014-2020
• 10 years of sports M&A experience

Strong Leadership at Portfolio Companies

ANTHONY JABBOUR

Chief Executive Officer

STEPHAN SCHOLL

Chief Executive Officer

BRUCE LOWTHERS

CEO & Executive Director

MICHAEL BLEND

CEO & Co-Founder

DAVID OSSIP

Chairman and CEO

NEILL BLAKE

Chief Executive Officer

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2024 | 6

3 VALUE CREATION PLAYBOOK ESTABLISHED AT FNF

Foley Created

Playbook at FNF

Metric driven management

Industry consolidation and enhancing execution

Recruitment of

C-Suite talent

Diversification, streamlining, and continued growth

Proven results

• In 1984, Foley acquired Fidelity National Title for $3M when it was ranked 48th in the country among title insurance companies and had revenue of $6M (1)
• First to bring performance metric driven management to the title insurance industry
• Focused on operating profit optimization across economic cycles
• A track record of consolidation, while also creating highly efficient, market leading companies
• • Acquired Chicago Title Insurance Company, creating the nation's largest title insurer
  • Led hundreds of acquisitions since initial acquisition
• Industry leading title margins over multi-decade economic cycles
• Mr. Foley recruited and mentored future industry leaders and all executive officers
• Includes FNF's current Vice Chairman Raymond Quirk and Chief Executive Officer Mike Nolan
• Continued growth with additional strategic acquisitions such as:
• Diversified investments including:
• FNF is now the nation's largest title insurance and settlement services company
• • #1 market share in the residential purchase, refinance, and commercial markets (2)
  • FNF average pre-tax title margins of ~16% over the last decade compared to competitor average margins of ~10% during the same period (2)

Playbook

Identify Value Enhancements

• Cost savings
• Strategy shifts
• Elimination of siloed organizational structures
• Product expansion

Exploit Full Operating Tool Kit

• Pricing
• Sales force efficiency / cross-selling
• Marketing optimization

World Class Talent

• Seasoned executive team
• Alignment of interests
• Clear goals for management & Board of Directors

Invest for Growth

• New products
• New markets

Acquisitions

• Strategic & synergistic acquisitions
• Transformative transactions

Cannae's value creation playbook was created by Foley and first implemented at FNF,

where it has been driving consistent outperformance for nearly 40 years

1. Revenue and ranking as of 1984. From FNF Company website.
2. FNF margins and rankings data from the FNF WINTER 2023 Investor Update Presentation. Title margin averages include every year from 2013 - 2023.

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2024 | 7

3 PLAYBOOK SUCCESSFUL ACROSS NUMEROUS INVESTMENTS

	•	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
		lifecycle	•	D&B's proprietary global commercial database contains		mortgage and home equity lending and
	•	Their all-in-one platform equips customers to unlock		over 500M businesses	•	servicing
		their full workforce potential by accessing real-time	•	D&B offers sales, marketing, finance, and risk	Businesses leverage their robust,
		data		management solutions, all of which are driven by D&B's		integrated solutions across the entire
Company	•	Dayforce platform is designed to serve organizations		proprietary data		homeownership life cycle to help retain
	with 100 to over 100,000 employees and now serves	•	Leveraging the latest generative AI to solve new use cases		existing customers, gain new customers,
Overview			mitigate risk and operate more effectively
	6.84M employees across 6,575 different organizations		for clients
	•	Acquired Dayforce, a SaaS cloud software company	•	Brought in strategic and capital partners to execute the	•	Re-acquired Lender Processing
		in 2012		~$7B enterprise value / ~$2B equity value acquisition of		Services in 2014 for $4.2B
	•	Sold Comdata, a segment of Dayforce, to FleetCor		D&B	•	Branded the technology, data, and
		Technologies in 2014 for total pre-taxgains of $500M	•	Led strategic direction in Executive Chairman role		analytics business as Black Knight
	•	Executed IPO in 2018 at a ~$3B equity valuation	•	Replaced the entire senior leadership
Bill Foley	•
•	Successfully monetized in both follow-on and block	Executed IPO above the expected range in June 2020		team
Playbook		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
		business model shift from a service bureau model to a		strategic transformation		refocused 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
Transformation and	Equity value has increased substantially from ~$3B at		accountability		enterprise value of $11.9B, a market value
	2018 IPO to current market cap of ~$9.3B	•	Optimized go-to market strategy to incentivize cross-		increase of almost $10B or ~6x since the
Achievement of	•	Since 2017, the company transformed from a legacy		selling and long-term contracts		2015 IPO
Synergies		paper-based payroll company, to cloud-based SaaS,	•	Equity value has increased substantially from ~$2B at 2019
		with total revenues increasing ~159% to ~$1.7B(1)		LBO to current market cap of ~$4.6B
				CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2024 | 8
1) Figure represents Dayforce's 2024 total revenue outlook.

3 CANNAE FOCUSES ON RECURRING INVESTMENT THEMES

Large Addressable Market with Significant Market Share

Essential Utilities

Unseen Potential for Growth

• #1 market leading title insurer in the

United States, covering ~31%(1) all real estate transactions which provides immense scale advantage

• Leading provider of software, data and

analytics that is heavily relied upon by the top 25 mortgage loan institutions

• Major provider of technology solutions in financial markets

• Global provider of business decision data and analytics
• Leading cloud-based provider of integrated digital human capital and business solutions

• Critical infrastructure and

mission-critical solutions

• Deeply embedded into clients' systems

• Strong software and proprietary data

• Proprietary data and analytics that flow

through their ecosystem of high-performance mortgage lending and servicing software solutions

• Vital industry utility providing key products and

services critical to the functioning of the U.S. residential and commercial real estate markets

• Execute on opportunities to realize long-term growth potential of undervalued assets in industries with compelling growth characteristics
• Achieved and maintains industry

leading margins and grew from the 48th largest title insurer to the largest in the nation

• Strong public market growth, going from ~$2.5B market cap in 2006 to ~$41.0B today
• Grew from $2.5B enterprise value at

2015 IPO to $11.9B in recent buyout

• A legacy paper-based payroll company, transformed to cloud-based SaaS, with total revenues increasing ~159% to ~$1.7B(2) from 2017 to 2024

1. See FNF's Spring Investor Presentation
2. Figure represents Dayforce's 2024 total revenue outlook.

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2024 | 9

4 TRADING AT SIGNIFICANT DISCOUNT TO NET ASSET VALUE…

CNNE share price is a 39% discount to NAV

$33.36

$20.22

CNNE	NAV per
share price	share

Source: Company management as of 05/09/2024

1. Per share amounts based upon 62.8M Cannae shares outstanding at date of report
2. DNB, DAY, PSFE, ALIT, SST: public company filings and market data as of date noted above; all others estimated at last marks or at cost
3. Net Asset Value represents Gross fair value less taxes (21% corporate rate) and Fees. Excluding Dayforce, "Fees" represents carried interest (CI) on hypothetical disposition. Upon achieving an 8% IRR hurdle, the CI is 15% on the portion that is 1.0x - 2.0x MOIC and 20% on the portion exceeding 2.0x MOIC. DAY ISIP fees are 10% of gain above $29.58 per share. May result in a tax benefit in the event an investment's cost exceeds gross fair value

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2024 | 10