Cannae : Investor Presentation – Fourth Quarter 2023

Investor Presentation

February 2024

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: the intended commencement of the tender offer; 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.

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"), and/or (vii) System1, Inc. ("SST"). 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.

Additional Information Regarding the Tender Offer:

This communication is for informational purposes only, is not a recommendation to buy or sell any securities of the Company and does not constitute an offer to buy or the solicitation of an offer to sell any securities of the Company. The tender offer described in this communication is being made only pursuant to an offer to purchase and related materials that were previously distributed to the Company's shareholders and filed with the SEC. Shareholders should read carefully the offer to purchase and related materials because they contain important information, including the various terms of, and conditions to, the tender offer. Shareholders and investors are able to obtain a free copy of the tender offer statement on Schedule TO, the offer to purchase and other documents that the Company filed with the SEC at the SEC's website at www.sec.govor by calling the information agent for the contemplated tender offer identified in the offer to purchase.

CANNAE HOLDINGS INVESTOR PRESENTATION FEBRUARY 2024 | 2

Cannae Overview

Cannae Holdings, Inc. (NYSE:CNNE) is a diversified holding company led by

William P. Foley, II ("Foley") that offers shareholders a unique opportunity

to own significant investments in a diverse group of companies.

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. Cannae leverages Foley's nearly 40-year track record of operating and investing in world class businesses and delivering shareholder value.

FOLEY VALUE CREATION PLAYBOOK

Identify Value	Utilize Full	World Class	Invest for	Acquisitions
Enhancements	Operating Toolkit	Talent	Growth
Cost savings,	Pricing, sales force	Executive team,	New products and	Add-on acquisitions,
strategy shifts,	efficiency/cross-	alignment of	new markets with	transformative
elimination of siloed	selling, marketing	interests, clear	overlooked growth	transactions and
organizational	optimization	goals for	potential	strategic partnerships
structures, product		management,
expansion		Board of Directors

CNNE BY THE NUMBERS

As of 02/21/2024

2014	Split off from FNF in 2017
	FOUNDED
$2.4B	Net assets (1)
$511M	Share repurchases (2)
Since 05/12/21
$148M	Holding company cash and
short-term investments
40%	Stock price discount to Net
Asset Value ("NAV")(1)

1. See pg. 9
2. See pg. 10

CANNAE HOLDINGS INVESTOR PRESENTATION FEBRUARY 2024 | 3

Key investment highlights

1

2

3

4

5

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 for 40 years and hundreds of strategic acquisitions

Attractive portfolio with significant embedded upside

Significant value creation opportunities within existing portfolio

Strategic capital allocation strategy to drive shareholder value

Capital allocation focused on share repurchases and potential new investment opportunities

Proven ability to create value for shareholders over the long term

~$88B of public market value created by Bill Foley affiliated companies

Source: Public company filings and market data as of 02/21/2024

CANNAE HOLDINGS INVESTOR PRESENTATION FEBRUARY 2024 | 4

1 Cannae is led by William P. Foley, II

• William P. Foley II ("Bill Foley" or "Foley") is responsible for the growth of ~$88B in publicly traded companies to date including Fidelity National Information Services
  ("FIS"), Fidelity National Financial ("FNF"), Black Knight, Inc. ("BKI")(1), Dayforce ("DAY"), Dun & Bradstreet ("D&B" or "DNB"), F&G Annuities & Life, Inc. ("F&G), Paysafe, Ltd. ("PSFE"), Alight, Inc. ("ALIT"), System1 ("SST) and Cannae ("CNNE")
• Throughout his career, Foley has developed a value creation framework to identify and execute investments and drive value for shareholders. (see page 6)
• Foley has consistently accelerated growth and improved operating margins as well as executed strategic M&A and exceeded cost reduction targets on acquisitions
• • As the CEO and Chairman, Foley led the growth of FNF from a $3M LBO in 1984 to the largest title insurance company in the nation with a $14.4B market cap today
  • Foley led the acquisition of LPS in 2014, rebranded as Black Knight, Inc., achieved over $300M of cost savings, and was instrumental in expanding operating margins.
  • Foley led the 2019 acquisition of DNB and achieved $241M in cost savings initiatives in the first year after acquisition
• Foley is 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, the Indoor Football League's 18th member, the Vegas Knight Hawks, Chairman of AFC Bournemouth, an English Premiere League football club and owner of new expansion football club in Auckland, New Zealand

Strong track record delivering value…

		$37.6B
	$14.4B		(1)
			$11.9B		$10.9B
	$2.5B	$1.6B		$2.9B	$4.6B
$3M		$2.0B

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

…And Overachieving Targeted Savings ($M)

Acquiror	Target	Acquisition date	Forecast savings	$ of synergies
				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

Source: Public company filings and market data as of 02/21/2024.
1) ICE acquired BKI in September 2023 at an enterprise value of $11.9B	CANNAE HOLDINGS INVESTOR PRESENTATION FEBRUARY 2024 | 5

2 Foley's established value creation playbook

Foley Playbook was created 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 managementto 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 marginsover multi-decade economic cycles

• Mr. Foley recruited and mentored future industry leaders and all executive officers	Foley
- Includes FNF's current Vice Chairman Raymond Quirk and Chief Executive Officer Mike Nolan	Playbook

• Continued growth with additional strategic acquisitionssuch as:
• Diversified investmentsincluding:
• FNF is now the nation's largesttitle insurance and settlement services company
• • #1 market sharein the residential purchase, refinance, and commercial markets (2)
  • FNF average pre-taxtitle margins of ~16% over the last decadecompared to competitor average margins of ~10%during the same period (2)

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

• Executive team
• Alignment of interests
• Clear goals for management
• Board of Directors

Invest for Growth

• New products
• New markets

Acquisitions

• Strategic acquisitions
• Transformative transactions

Foley's value creation playbook was created 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 FALL 2023 Investor Update Presentation. Title margin averages include every year from 2013 - 2023.	CANNAE HOLDINGS INVESTOR PRESENTATION FEBRUARY 2024 | 6

2 Foley playbook successful across numerous investments

Company

Overview

Bill Foley

Playbook

Transformation and

Achievement of Synergies

•	Global human capital management software	•	Global provider of business decision data, analytics, and	•	A premier provider of high-performance
	provider that helps manage the entire employee		insights		software, data and analytics for
	lifecycle.	•	D&B's global commercial database contains over 500M		mortgage and home equity lending and
•	The company's core product, Dayforce Wallet, has		total businesses in data cloud		servicing
	delivered more than $2 Billion in earned wages to	•	Expanding analytical applications with strategic	•	Businesses leverage their robust,
	userssince launching in 2020.		acquisitions - numerous tuck-ins since 2020.		integrated solutions across the entire
•	In Q3 2023, Ceridian re-branded to Dayforce, which	•	Leveraging the latest generative AI to solve new use		homeownership life cycle to help retain
	is a true reflection of their product, an enterprise-		cases for clients		existing customers, gain new customers,
	grade, full-suite human capital management				mitigate risk and operate more
	company				effectively
•	Acquired Dayforce, a SaaS cloud software company	•	Brought in strategic and capital partners to execute the	•	Re-acquired Lender Processing Services
	in 2012		~$7B enterprise value / ~$2B equity value acquisition of		("LPS") in 2014 for $4.2B
•	Sold Comdata to FleetCor Technologies in 2014 for		D&B	•	Branded the technology, data, and
	total pre-tax gains of ~$500M	•	Led strategic direction in Executive Chairman role		analytics business as BKI
•	Executed IPO in 2018 at a ~$3B equity valuation	•	Replaced the entire senior leadership
	Executed IPO above the expected range in June 2020.
•	Successfully monetized in both follow-on and block	•		team and brought in Thomas H. Lee
	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		strategic transformation		management on growth
	a 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 1279 bps since acquisition	•	Realigned organization to increase effectiveness and	•	BKI was acquired by ICE at an enterprise
•	Equity value has increased substantially from ~$3B		accountability		value of $11.9B in September 2023, a
	at 2018 IPO to current market cap of ~$10.9B	•	Optimized go-to market strategy to incentivize cross-		market value increase of almost $10B or
•	Since their 2018 IPO, the Dayforce customer counts		selling and long-term contracts		~6x since the 2015 IPO
	have doubled from 3,154 to 6,393	•	Equity value has increased substantially from ~$2B at
			2019 LBO to current market cap of ~$4.6B

Source: Public company filings and market data as of 02/21/2024.

CANNAE HOLDINGS INVESTOR PRESENTATION FEBRUARY 2024 | 7

2 Foley focuses on recurring investment themes

Compelling industry

dynamics

Significant Market Share

• Largest title insurer in the

United States

• Leading provider of software, data and analytics

• Major provider of technology solutions in financial markets

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

Sustainable growth

opportunities

Essential Utilities

• Critical infrastructure and mission-critical solutions

• Deeply embedded into clients' systems

• Provides connecting tissue in their ecosystems

• Strong software and proprietary data

• High barriers to entry

High recurring cash flow with

long-term contracts

Unseen Potential for Growth

• Bill Foley focuses on long-term, sustainable revenue growth and profitability opportunities
• Has achieved industry leading title

margins over multi-decade economic cycles and grew from the 4th largest title insurer to the largest in the nation

• Strong public market growth, going from ~$2.5B market cap in 2006 to ~$37.6B 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 ~126% to ~$1.5B from 2017 to 2023

CANNAE HOLDINGS INVESTOR PRESENTATION FEBRUARY 2024 | 8

3 Attractive portfolio with significant embedded upside

$'s in millions except for values per CNNE share	(1)				FV, Net of Fees	(2)	& Taxes	(3)
Company	Current Ownership	Initial Year	Cost of	Gross Fair Value	Amount	(5)	Per CNNE Share	(1)
Invested	Investment	(4)
		("FV")

	79.0M shares or ~18%	2019	$	862.8	$	831.6	$	822.8	$	11.39
	52.5M shares or ~10%	2021		440.5		488.0		472.3		6.54
	2.0M shares or ~1%	2007		12.1		139.8		110.6		1.53
	27.0M shares or ~31%	2022		231.9		49.6		87.6		1.21
	3.4M shares or ~5%	2021		150.8		44.6		66.2		0.92
	~32%	2021		272.0		162.3		170.9		2.37
BKFE	~48%	2022		162.1		162.1		151.0		2.09
	~65% & ~88%	2012		131.6		131.6		128.6		1.78
	~6%	2022		61.0		89.5		80.0		1.11
	~5%	2020		34.5		89.3		71.9		0.99
	minority	2024		56.0		56.0		56.0		0.78
	~89%	2023		52.1		52.1		52.1		0.72
Other investments and assets, net	Various	Various		63.9		64.2		69.5		0.96
Debt				(59.7)		(59.7)		(59.7)		(0.83)
Holding company cash and short-term				147.9		147.9		147.9		2.05
investments
TOTAL			$	2,619.5	$	2,448.9	$	2,427.7	$	33.61

Cannae's share price of $20.08 as of

02/21/24 is a 40% discount to the

Net Asset Value per share

Source: Company management as of 02/21/2024

1. Per share amounts based upon 72.2M Cannae shares outstanding at date of report

2)	Excluding Dayforce, "Fees" represents carried interest (CI) on hypothetical disposition at FV. 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

1. Tax rate of 21%
2. Cost of DNB investment includes $459.7M cash investment and $403.1M imputed value of shares received on 2/15/22 from the Optimal Blue transaction
3. 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

6)	Net of estimated carried interest and tax expense of a hypothetical disposition at FV. May result in a tax benefit in the event an investment's cost exceeds FV	CANNAE HOLDINGS INVESTOR PRESENTATION FEBRUARY 2024 | 9
7)	Based on third-party valuation

4 Strategic capital allocation - share repurchases

Cannae's three-year history of repurchases at a significant discountto NAV…

21.7M shares

repurchased for $511Mat a 40% discount

New Developments - Tender Offer

• On March 1 2024, we launched a tender offer to repurchase $200M of the Company's common stock through a modified "Dutch Auction" tender offer at a price per share between $20.75 and $23.75

Why Tender Offer?

$339

44%

discount

28%

discount

$176

$2.4

• 1. Accelerate the reduction to outstanding shares - The offer will bolster our already strong repurchase program in which we repurchased 24% of shares outstanding(3) over the last 3 years
  2. Speed of execution - The entire process can be completed in ~one month(4), reducing the exposure to black out limitations
  3. Value to shareholders - The offer will be open to all CNNE holders, including small retail investors, and allows Cannae to repurchase up to an additional ~13%(5) of its outstanding shares as of February 28, 2024
• Management continues to see significant value in not only the CNNE share price, but also in its underlying portfolio subsidiaries

$65	8	$511
	$98
$167	$225
	$119

Cannae's dedication to reducing outstanding shares…

Estimated Tender Offer repurchases of ~9M(5) would represent ~10% of outstanding shares(3)

2021	2022	2023	3 year
			aggregate
.	Repurchases(1)	NAV in excess of cost(2)

Source: Company management as of 02/21/2024

21.7M shares repurchased

represents

24% of outstanding shares(3)

CNNE

Outstanding

Shares

from early 2021

1. Values are presented in millions
2. Net asset values ("NAV) derived from the per share sum of the parts value
3. Percentage repurchased based on outstanding shares as of 03/31/21
4. Offer must be open for minimum of 20 business days
5. Assumes completion of full $200M offer at the minimum price of the tender offer of $20.75 per share

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