Cannae : Investor Presentation November 2021

Investor Presentation

November 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; and the closing of the System 1 transaction by Trebia Acquisition Corp.

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"), or (viii) 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 NOVEMBER 2021 | 2

Key investment highlights

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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 ~12% 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 52% upside to its share price of $29.57 as of 11/30/2021(2)

Source: Public company filings and market data as of 11/30/2021.

(1) Cannae return analysis from 7/1/2014 - 11/30/2021. Assumes shares of Remy and J. Alexander's continued to be held after spin-off from Cannae. See page 9 for further details.

(2) 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 11/30/2021. See page 4 for further details.

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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, as 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 over $100 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

Portfolio Investments as of November 30, 2021

Gross Fair Value (FV)

FV, Net of

Fees and Taxes

Company

Current Ownership

Initial Year

Cost of

Amount

Per CNNE

Amount

(2)

Per CNNE

Net MOIC

invested

Investment

Share

share(3)

68.1M shares (~16%

2019

$659.7M

$1,293.0M

$14.54

$1,080.3M

$12.15

1.6x

ownership)

10.0M shares (~6.5%

2007

$60.6M

$1,094.0M

$12.30

$813.9M

$9.15

13.4x

ownership)

54.0M shares (~7.5%

$496.6M

$201.9M

$2.27

$264.8M

$2.98

0.5x

ownership)

2021

+ 8.1M warrants

50.4M shares (~10%

$440.5M

$546.1M

$6.14

$511.9M

$5.76

1.2x

ownership)

2021

+ 8.0M warrants

~33% ownership interest

2021

$272.0M

$272.0M

$3.06

$272.0M

$3.06

1.0x

(4)

~20% ownership interest

2020

$289.0M

$578.0M

$6.50

$484.8M

$5.45

1.7x

~20% ownership interest

2020

$121.3M

$121.3M

$1.36

$121.3M

$1.36

1.0x

Various Other Investment(5)

Various equity interests

Various

$378.6M

$477.3M

$5.37

$440.1M

$4.95

1.2x

and Adjusted Net Cash (6)

TOTAL

$2,718.3M

$4,583.6M

$51.54

$3,989.1M

$44.86

1.5x

Cannae's intrinsic value per share presents 52% upside to its share price of $29.57 as of 11/30/2021

Source: Public company filings and market data as of 11/30/2021.

1. See page 15 for further details.
2. Net of estimated carried interest and tax expense of a hypothetical disposition at fair value. May result in a tax benefit for investments in which cost is in excess of fair value.

1. Optimal Blue fair value 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.
2. Primarily Restaurant Group, CorroHealth, TripleTree, and QOMPLX at cost, as well as SPAC instruments (TREB, AUS and ASZ shares and warrants).
3. Includes Corporate Cash less net other assets and liabilities. Does not reflect the amount for potential backstop of TREB redemptions which could range from $0 to $200M

1. 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 11/30/2021.

CANNAE HOLDINGS INVESTOR PRESENTATION NOVEMBER 2021 | 4

1	Cannae is led by William P. Foley, II
		Strong Track Record Delivering Value…
	William P. Foley, II
	Best-In-Class Manager				$63.6B
							$16.6B
•	William P. Foley II ("Bill Foley" or "Foley") is responsible for the growth of over $100 billion		$13.9B			$11.1B		$8.2B
	in publicly traded companies to date including Fidelity National Information Services			$2.5B		$1.6B	$2.9B	$2.0B
	("FIS"), Fidelity National Financial ("FNF"), Black Knight, Inc. ("BKI"), Ceridian ("CDAY"),	$3M
	Dun & Bradstreet ("D&B" or "DNB"), Paysafe Limited ("Paysafe"), Alight, Inc. ("Alight")	1984 LBO Current Mkt 2006 Spin- Current Mkt	2015 IPO Current Mkt	2018 IPO Current Mkt 2019 LBO Current Mkt
	and Cannae (1)		Cap	Off	Cap	Cap	Cap	Cap
	…And Overachieving Targeted Savings ($M)
	- Through his career, Foley has developed a value creation framework to identify and
	execute investments and drive value for shareholders	Acquiror	Target		Acquisition date	Forecast savings	$ of synergies
•	Foley has consistently accelerated growth and improved operating margins as well as	Cannae						achieved
	executed strategic M&A and exceeded cost reduction targets on acquisitions	D&B			Feb-2019	$200	$266 (3)
•	Foley led the ~$9.0B merger of Paysafe with Foley Trasimene Acquisition Corp II and the	FNF	LPS			Jan-2014	$150	$312
FIS	Metavante		Apr-2009	$260	$300
	~$7.3B merger of Alight with Foley Trasimene Acquisition Corp I as well as the recently	FNF	Land America		Dec-2008	$150	$265
	announced ~$1.4B merger of System1 with Trebia Acquisition Corp(2)	FIS	eFunds		Sep-2007	$65	$87
•	Foley is the Majority Owner, Chairman, CEO and Governor of the National Hockey	FIS	Cartegy		Feb-2006	$50	$50
FNF	Intercept (4)		Dec-2004	$25	$33
	League's 31st franchise, the Vegas Golden Knights, and the American Hockey League's	FNF	Aurum (4)		Mar-2004	$15	$17
	Henderson Silver Knights
		FNF	Chicago Title (4)	Mar-2000	$90	$133

Source: Public company filings and market data as of 11/30/2021.

1. See page 15 for further details
2. Wynn and System1 transactions subject to close.
3. Achievement on-going.Includes $241 million net annualized run-rate savings as of December 31, 2020, and approximately $25 million in annualized net saving as of November 04,2021

(4) Synergy projection and realization data provided by FNF.

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