Cannae Holdings, Inc. · NYSE:CNNE
Cannae — Investor Presentation (2025)
27 slides from Cannae's investor presentation, 2025
Slide 1: Investor Presentation Summer 2025
INVESTOR PRESENTATION SUMMER 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS 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, beliefs, plans, intentions, or strategies regarding the future are for
Slide 3: Important Additional Information and Where to Find It
IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT Cannae intends to file a proxy statement on Schedule 14A, an accompanying WHITE proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from Cannae’s shareholders for Cannae’s 2025 annual meeting of sh
Slide 4: Certain Information Regarding Participants in the Solicitation
CERTAIN INFORMATION REGARDING PARTICIPANTS IN THE SOLICITATION Cannae, its directors (Douglas K. Ammerman; William P. Foley, II; Hugh R. Harris; C. Malcolm Holland; Mark D. Linehan; Frank R. Martire; Erika Meinhardt; Barry B. Moullet; William T. Royan; James B. Stallings, Jr.; Woodrow Tyler; and Fra
Slide 5: Cannae Overview
CANNAE OVERVIEW Cannae (NYSE:CNNE) is a diversified holding company that offers shareholders a unique opportunity to generate returns through owning a diverse portfolio of operating businesses. CNNE BY THE NUMBERS 2014 FOUNDED(1) Split off from FNF in 2017 $1.5B Net assets(2) $27.72 Net Asset Value
Slide 6: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Compelling business strategy constructed by a proven value-creator 1 William P. Foley, II (“Foley”) is a preeminent operator and deal maker with a long, proven track record of shareholder value creation Led by a best-in-class board of directors and management team 2 Seasone
Slide 7: Compelling Business Strategy Constructed by a Proven Value-Creator
1 COMPELLING BUSINESS STRATEGY CONSTRUCTED BY A PROVEN VALUE-CREATOR Foley is responsible for the growth of ~$80B in publicly traded companies(1) to date and created the initial strategy and investment playbook for Cannae. • Throughout his career, Foley developed his value creation framework to iden
Slide 8: Led by Seasoned Management
2 LED BY SEASONED MANAGEMENT Supported by Strong Leadership at Portfolio Companies DAVE GUILMETTE Chief Executive Officer TIM BEZBATCHENKO President RYAN CASWELL BRYAN COY MIKE GRAVELLE ALEX CINIELLO Chief Executive Officer Chief Financial Officer General Counsel TIAGO PINTO VP, Corporate Finance an
Slide 9: And by Best-in-Class Board of Directors
2 AND BY BEST-IN-CLASS BOARD OF DIRECTORS • Board Members Are Fit-For-Purpose • Strong group of Board members with backgrounds consistent with companies in Cannae’s portfolio • Extensive strategic and financial acumen, coupled with expertise to identify and oversee innovative growth opportunities •
Slide 10: Permanent Capital with a Strategy to Deliver Returns
3 PERMANENT CAPITAL WITH A STRATEGY TO DELIVER RETURNS Cannae is focused on a strategy of long-term value creation through the execution of three key priorities: • Rebalancing the portfolio away from current public company investments and opportunistically making proprietary investments in attractiv
Slide 11: Unique Investment Philosophy & Playbook
4 UNIQUE INVESTMENT PHILOSOPHY & PLAYBOOK Cannae playbook • In 1984, Foley acquired Fidelity National Title for $3M when it was ranked 48th in the country among Identify Value Enhancements created at former title insurance companies and had revenue of $6M (1). Foley developed a specific playbook to
Slide 12: Playbook Successful Across Numerous Investments
4 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 mortgage lifecyc
Slide 13: Allocate Capital Across Recurring Investment Themes
4 ALLOCATE CAPITAL ACROSS RECURRING INVESTMENT THEMES Large Addressable Markets Essential Utilities Unseen Potential for Growth with Strong Market Share • #1 market leading title insurer in the • Critical infrastructure and • Execute on opportunities to realize United States, covering ~30%(1) of all
Slide 14: Attractive Portfolio with Embedded Upside
5 ATTRACTIVE PORTFOLIO WITH EMBEDDED UPSIDE $'s in millions except for values per CNNE share (1) Net Asset Value Initial Year Net Invested Gross Fair Per CNNE CNNE share price is at Company Current Ownership Invested Capital(2) Value(3) Amount(4) Share(1) a 33% discount to NAV 40.5M shares or ~8% 20
Slide 15: D&B Sale Proceeds Create Significant Upside
5 D&B SALE PROCEEDS CREATE SIGNIFICANT UPSIDE • In March 2025, Cannae announced the sale of Dun & Bradstreet, its largest holding • At the close of March 2025, Dun & Bradstreet represented 35% of Cannae’s Net Asset Value, or $9.98 per Cannae share • Cannae received ~$630 million of cash proceeds fro
Slide 16: Capital Allocation Strategy Focused on Stock Price and NAV Growth
6 CAPITAL ALLOCATION STRATEGY FOCUSED ON STOCK PRICE AND NAV GROWTH (1) DISCIPLINED SHARE REPURCHASES SHAREHOLDER DIVIDENDS OPPORTUNISTIC INVESTMENTS On August 7, 2025, Cannae’s Board of Cannae has implemented a disciplined Directors approved a 25% increase to Cannae is opportunistically investing s
Slide 17: Proven Ability to Create Value for Shareholders
7 PROVEN ABILITY TO CREATE VALUE FOR SHAREHOLDERS RECENT MONETIZATION EVENTS Cannae Investment Monetization Summary(1) $’s billions Dayforce – In the 12 months ended September 2024, 2.0x Cannae sold 5M DAY shares for $331M, marking a cumulative gain on the initial investment of >5x. invested capit
Slide 18: Appendix
APPENDIX CANNAE HOLDINGS INVESTOR PRESENTATION FEBRUARY 2021 | 18
Slide 19: Alight Investment Summary
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Alight (NYSE: ALIT) is a provider of benefits administration and cloud-based HR and financial solutions, that enhance work and life through the company’s service, technology, and data. 2021 Investment Date • The Alight Worklife platform provides an omnich
Slide 20: Paysafe Investment Summary
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Paysafe Limited (NYSE: PSFE) is a specialized payments platform. Its core purpose is to enable businesses and consumers to connect and transact 2021 Investment Date seamlessly through industry-leading capabilities in electronic payment processing, digital
Slide 21: System1 Investment Summary
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY 2022 • System1 (NYSE: SST) is an omnichannel customer acquisition platform, delivering high- intent customers to advertisers. Investment Date • System1 operates through its RAMP platform. • Responsive Acquisition Marketing Platform (“RAMP”) drives the busin
Slide 22: Black Knight Football Investment Summary
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY Black Knight Football (“BKFC”), a partnership led by Foley, is focused on building a global network of world-class football clubs, players, and real estate assets that will produce operational synergies, accelerate player development and enable efficient pl
Slide 23: Restaurant Group Investment Summary
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Cannae’s Restaurant Group, headquartered in Nashville, TN, includes two established casual dining restaurant concepts, O’Charley’s Restaurant + Bar and Ninety Nine Restaurant & Pub and one Underground Chuck’s Restaurant & Bar. 2012 Initial Investment Date
Slide 24: Strategic Partnership with JANA to Accelerate Shareholder Value Creation
Strategic Partnership with JANA to Accelerate Shareholder Value Creation Mutually beneficial Leading Private Investor with Leading Engaged Public Investor opportunities with public Flexible Mandate targets, including potential… • Industry-leading returns in engaged investing. • Permanent capital str
Slide 25: Computer Services Investment Summary
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Computer Services (“CSI”) is a leading fintech and regtech provider, offering end-to-end financial software and technology to community and regional banks as well as organizations worldwide. 2022 Investment Date • CSI helps solve their customers’ needs th
Slide 26: The Watkins Company Investment Summary
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • The Watkins Company, a leading producer of high-quality flavoring products, was founded in 1868 and has grown to be a leading domestic producer of spices, seasonings and extracts. October 2024 Investment Date • For over 150 years, Watkins and its predeces
Slide 27: Minden Mill Distilling Investment Summary
COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY • Minden Mill Distilling (Minden Mill), is an estate distillery in Minden, Nevada. Minden is located in the heart of Carson Valley close to the Nevada-California border. Visitors enjoy easy access to South Lake Tahoe Mountain resorts, hiking trails, casinos