Cannae : Investor Presentation – February 2023

Investor Presentation

February 2023

Safe Harbor

This presentation contains forward-looking statements that involve several 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, 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; risks associated with the Investment Company Act of 1940; loss of key personnel that could negatively affect our financial results and impair our operating abilities, our potential inability to find suitable acquisition candidates, as well as the risks associated with acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties integrating acquisitions; significant competition that our operating subsidiaries face, and risks related to the externalization of certain of our management functions.

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) Black Knight, Inc. ("BKI"), (iv) Alight, Inc. ("ALIT") (v) Paysafe Limited ("PSFE"), (vi) Ceridian HCM Holding, Inc. ("CDAY"), (vii) Dun & Bradstreet Holdings, Inc. ("DNB"), and/or (viii) 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.

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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 public and private 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, strategy	Pricing, sales force	Executive team,	New products, new	Add-on acquisitions,
shifts, elimination of	efficiency/cross-	alignment of	markets	transformative
siloed organizational	selling, marketing	interests, clear goals		transactions
structures, product	optimization	for management,
expansion		Board of Directors

CNNE BY THE NUMBERS

As of 02/22/2023

2014	Spun off from FNF in 2017
	FOUNDED
$3.0B	Total assets (1)
$393M	Share repurchases (2)
Since 03/31/21
$274M	Holding company cash and
short-term investments
41%	Stock price discount to
intrinsic value (3)

1. Represents gross fair value of assets under management. See pg. 10
2. See pg. 11
3. See sum of the parts table on pg. 10

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Key investment highlights

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3

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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 nearly 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

~$89 Billion of public market value created by Bill Foley-led companies

Source: Public company filings and market data as of 02/22/2023.

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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 $89 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"), F&G Annuities & Life, Inc. ("F&G), Paysafe, Ltd. ("PSFE"), Alight, Inc. ("ALIT"), System1, Inc. ("SST") and Cannae ("CNNE")(1)
• Through his career, Foley has developed a value creation framework to identify and execute investments and drive value for shareholders. (see page 7)
• 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 $11.4B market cap today
  • Foley led the acquisition of LPS in 2014, rebranded as Black Knight, Inc., achieved over $300M of cost savings, and expanded EBITDA margins by ~900bps
  • 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, and is the Chairman of AFC Bournemouth, an English Premiere League football club.

Strong Track Record Delivering Value…

	$40.7B
$11.4B		$9.9B		$11.3B
				$5.3B
$2.5B	$1.6B		$2.9B	$2.0B
$3M

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

Source: Public company filings and market data as of 02/22/2023.

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