Cannae : Investor Presentation – Spring 2026

Published: 2026-05-11 20:24:08 ET CNNE

Published on 05/11/2026 at 08:24 pm EDT

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.

Cannae is transitioning its portfolio to focus on sports and entertainment-related assets, with the goal of building a more concentrated and synergistic portfolio to generate long-term investment returns

(6) (6)

Source: Public company filings and market data as of May 11, 202C

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.

Excludes Restaurant Group; see page 12.

Based on quarterly dividend of :0.15 per eligible share.

See page 13.

See page 11.

Cannae has initiated a strategic alternatives process, including a potential sale, for this business.

CNNE BY THE NUMBERS

2014

FOUNDED(1)

Split off from FNF in 2017

$1.1B

Net Asset Value(2)

$24.15

Net Asset Value ("NAV") Per Share(2)

$0.60

Annualized dividend per share(3)

$3.0B

Net realized gains since inception(4)

$1.1B

Share repurchases(5)

Since 05/12/21

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2026 | 3

KEY INVESTMENT HIGHLIGHTS

Sports represent a compelling investment opportunity and Cannae is uniquely positioned to be successful

Sports and entertainment related assets represent a compelling investment opportunity, and Cannae is uniquely positioned to maximize returns on these investments

Investment strategy and operating playbook developed by a proven value creator

Investment strategy and playbook developed by William P. Foley, II ("Foley"), a preeminent operator and deal maker with a proven track record of shareholder value creation

Led by a best-in-class board of directors and management team

Seasoned board and management team with a track record of sourcing, executing, and driving value at portfolio companies

Proven playbook to create value and drive investment returns

Repeatable investment strategy and operating playbook to grow revenue, improve operations and drive performance

Responsible and disciplined capital allocation focused on driving stock price growth

Capital allocation strategy focused on growing NAV and narrowing the stock price discount to NAV

Attractive portfolio of existing assets with significant embedded upside to provide shareholder returns and capital for new investments

Cannae owns a portfolio of attractive businesses that trade at a discount to NAV and can generate significant capital for shareholder returns or new investments

Proven ability to create value for shareholders over the long term

Proven ability to generate shareholder returns with ~$3.0B of net realized gains on investments since inception

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2026 | 4

1 SPORTS PRESENT A UNIǪUE INVESTMENT OPPORTUNITY

Sports Investments Are a Compelling Asset Class with Structural Tailwinds

Sports properties are scarce, highly visible assets that continuously generate new content (e.g., games, highlights, interviews, press conferences, storylines, etc.) which can be monetized in multiple ways

As one of the last remaining forms of content that is consumed live (as opposed to on demand), sports accounted for 96 of the 100 most-watched U.S. broadcasts in 2025(1)

In a media ecosystem where live content is scarce, sports media has become must-have content for media companies and advertisers alike - according to Sports Business Media, the value of global sports media rights is expected to reach a new high of $67 billion in 2026, up ~60% from 2020

Durable Demand Supported by Loyal Global Fanbase

Sports create a deep emotional connection with fans which results in highly predictable and resilient revenue streams across economic cycles

Established brands with multi-generational followers creates long-term pricing power and sustained demand

Global sports audience exceeds 3.5+ billion fans, with increasing internationalization of major leagues

Significant Runway for Monetization Expansion

Core revenue streams (media rights, sponsorships, ticketing, hospitality, merchandise) continue to scale alongside growing global audiences

Media rights cycles remain robust and growing, supporting long-term revenue visibility as evidenced by recent deal activities and major renewals across the sports industry

Incremental upside from new revenue streams: streaming, sports betting, data/technology, and direct-to-consumer fan engagement

Aligned with Long-Term Consumer Trends

Structural shift toward spending on experiences positions sports assets and revenue streams as long-duration beneficiaries

Premiumization trend (hospitality, VIP, experiences) continues to drive per-fan revenue growth

Live sports increasingly anchors broader ecosystems spanning content, gaming, betting, and commerce

According to Nielsen, 2025 Year-End Television Ratings Report, January 202C

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2026 | 5

1 CANNAE IS UNIǪUELY POSITIONED IN SPORTS INVESTING

Differentiated Sourcing Capability Through Proprietary Network

Deep relationships across the global sports and entertainment ecosystems provide access to proprietary, off-market investment opportunities

Established reputation as a preferred partner in a highly competitive, supply-constrained asset class given success and visibility of existing sports assets (e.g. Black Knight Football Club, Vegas Golden Knights(1), etc.)

Network includes league and team executives, other sports owners and investors as well as capital providers and dealmakers -- creating consistent, high-quality deal flow in a space that is inaccessible for many

Proven Operator of Scalable Global Platform

Extensive experience owning and operating sports franchises across multiple leagues and geographies (commercial, financial, and on-field performance)

A proven playbook to drive best practices across sporting and commercial operations

Long-Term Capital with Strategic Flexibility to Maximize Asset Appreciation

Cannae's permanent capital structure enables differentiated position versus traditional private equity sponsors / institutional capital

Ability to take long-term view to make optimal decisions for asset appreciation

Flexible capital approach supports control investments, operational improvements, and opportunistic capital deployment

Demonstrated Track Record of Value Creation

AFC Bournemouth: ~40% overall revenue growth, 100%+ growth in sponsorship and hospitality revenue, significant player trading profits, and achieved club record points in a Premier League season - Was included in the top 50 most valuable football clubs in 2025 for the first time in club history

Black Knight Football: aggregated investments and built a multi-club platform with teams including AFC Bournemouth (English Premier League), FC Lorient (French Ligue 1) and Moreirense FC (Portuguese Primeira Liga), along with strategic partnerships with Auckland FC, Orlando City SC, and Kyoto Sanga FC.

Vegas Golden Knights(1): top-tier revenue performance and leading sports performance despite smaller market, 4.4x increase in franchise value since inception based on Forbes 2025 NHL valuations;

Vegas Golden Knights are not a Cannae asset but Foley (Vice Chairman of Cannae) is majority owner.

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2026 | 6

COMPELLING BUSINESS STRATEGY CONSTRUCTED BY A PROVEN VALUE CREATOR

William P. Foley II ("Foley") is a proven value creator as demonstrated by the significant growth in publicly traded companies and private enterprises

Foley developed a playbook that consistently accelerated growth, improved operating margins and executed strategic MCA

Cannae's investment strategy is developed from many of the

$3.0M

Public Market Success

$13.0B

$2.5B

$21.9B

$1.6B

$11.3B(1)

$2.9B

$12.3B(2)

$2.0B

$4.1B(3)

lessons learned from Foley

1984 LBO Current Mkt

Cap

2006 Spin-off Current Mkt

Cap

2015 IPO 9/2 Sale 2018 IPO 8/2 Sale 2019 LBO 8/26 Sale

Sports, Hospitality & Entertainment Assets

William P. Foley

Source: Public company filings and market data as of May 11, 202C

ICE acquired BKI in September 2023 at an enterprise value of :11.8B.

Thoma Bravo acquired DAY in August 2025 at an enterprise value of :12.3B

Clearlake Capital Group acquired DNB in August 2025 at an enterprise value :4.1B

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2026 | 7

3 LED BY SEASONED MANAGEMENT…

Supported by Strong Leadership at Portfolio Companies

Ryan Caswell

Chief Executive Officer

Chief Executive Officer of Cannae since May 2025

President of Cannae from February 2023 - May 2025

SVP of Corporate Finance for Cannae from 2020-2023

Managing Director at BofA Securities

Serves or has served as a Board member for AmeriLife, Black Knight Football entities, CorroHealth, JANA Partners, System1, Triple Tree Holdings and Watkins

Bryan Coy

Chief Financial Officer

Chief Financial Officer of Cannae since 2020

CFO of the NHL's Vegas Golden Knights and related entities from 2017-2021

Chief Accounting Officer of Interblock Gaming, 2015-2017

CFO of Aruze Gaming America, 2010-2015

Served in senior finance positions at Fontainebleau Resorts, Shuffle Master, Sunterra, and eSchool Solutions

Peter Sadowski

Chief Legal Officer

Chief Legal Officer of Cannae since 2017

Chief Legal Officer of Fidelity National Financial (FNF) from 2008 to present

General Counsel of FNF from 1999 to 2008

Trustee of the Folded Flag Foundation

Trustee of the Vegas Golden Knights Foundation and the Henderson Silver Knights Foundation

Mike Gravelle

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 and Corporate Secretary of FCG Annuities C Life since May 2024

Executive Vice President, General Counsel of BKI from 2014-2023

Alex Ciniello

VP, Corporate Finance

VP of Corporate Finance at Cannae since 2020

Leads Cannae and Black Knight Football Club's MCA and due diligence efforts

Previously a Vice President at Citi from 2014-2020

10+ years of sports MCA experience

TIAGO PINTO

President of Football Operations

JIM FREVOLA

President of Business Operations

BARRY ROSENSTEIN

Executive Chairman

SCOTT OSTFELD

Managing Partner

NANCY LANGER

Chief Executive Officer

J.R. RIGLEY

Chief Executive Officer

ROHIT VERMA

Chief Executive Officer

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2026 | 8

3 SUPPORTED BY BEST-IN-CLASS BOARD OF DIRECTORS

Expanded Board Focuses on Delivering Shareholder Returns

Board comprised of 12 highly qualified members with 4 new board members added over last 12 months

Extensive strategic and financial acumen, coupled with proven ability to source and operate portfolio companies

Significant experience across broad range of public company boards

Board Focused on Ongoing Governance Evolution

The Board remains committed to continuous evaluation and enhancement of Cannae's governance policies and procedures consistent with best practices.

Added four (4) new independent directors in 2025 - two (2) in Ǫ2 of 2025 and two (2) in Ǫ4 2025

Appointed new independent Chairman, Doug Ammerman, with Mr. Foley serving as Vice Chairman to support the Board's oversight and strategy functions

Recently refreshed membership of our board committee

Proposed declassification of the Board which shareholders approved at the 2025 annual meeting, resulting in the annual election of directors, with a phased-in approach beginning with the class up for election at the 2026 annual meeting

Board composition and governance structure designed to drive accountability, disciplined capital allocation, and sustained shareholder value creation

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2026 | 9

4 PROVEN PLAYBOOK TO CREATE VALUE AND DRIVE RETURNS

AFC Bournemouth (AFCB) - Case Study

Investment Thesis

Exposure to valuable global football ecosystem: Direct ownership in the Premier League with structurally growing media rights and global fan reach.

Undervalued asset with strong brand and clear operational upside: Club under-monetized commercially and competitively, with opportunity to apply a more disciplined, data-driven operating model.

Multiple levers for value creation: Ability to drive returns through infrastructure improvements, revenue growth (commercial/matchday), long-term asset appreciation, and multi-club model (Black Knight Football Club)

Operational Turnaround G Competitive Outperformance

Acquired in 19th place; improved to 9th (2024/25) with highest-ever Premier League points total, currently in 6th place in 2025/26 season with two matches remaining

Reflects disciplined investment in talent, analytics, and performance infrastructure

Aligns with best-in-class EPL operating models (e.g., data-driven recruitment and development)

Infrastructure: Completed new performance center and began a 2-phase stadium renovation to increase capacity by ~80% to ~20,000

Scaled Player Investment and Trading

Squad value increased from ~£150M to ~£430M(2), through disciplined investment

~£175M of player sales in Summer 2025, generating >£100M profit

Ranked #2 in Europe in net player sales(3)

Establishes AFCB as a top-tier talent identification, development, and monetization platform

Revenue Growth G Commercial Upside Realization

Revenue increased ~40% from ~£143M in 2022/23 to ~£199M(4) post-acquisition

Sponsorship, advertising, hospitality, and events revenue all grew 100%+

Externally Validated Asset Appreciation

Highlights institutional recognition of operational execution and financial transformation

Named among Sportico's World's 50 Most Valuable Football Clubs for first time in May 2025

Valued at ~$630M (~£500M) on 2023/2024 season revenue, implying ~3.1x revenue multiple based on

We have demonstrated a repeatable, proven playbook for creating value in sports assets-leveraging operational discipline, performance excellence, and commercial optimization to drive outsized revenue growth, profitability and asset appreciation.

~$203M (~£161M) of 2023/2024 season revenue

Vegas Golden Knights (VGK)(1) - Case Study

Investment Thesis

Scarce, expansion-entry into a major U.S. league: Ability to acquire a franchise (one of 32 teams) in the National Hockey League (NHL) with long-term tailwinds.

Underserved but high-growth market: Las Vegas presented a unique opportunity to establish a "first major league team" with strong local identity, tourism-driven demand, and premium pricing potential.

Build-from-scratch model: Opportunity to shape culture, operations, sporting, and commercial strategy from day one.

Elite Performance Driving Immediate Brand G Demand Creation

Expansion franchise (2017) that reached the Stanley Cup Final in its inaugural season and won the Championship in year 6

Playoff qualification in 7 of 8 seasons, establishing a consistently competitive, premium on-ice product

Widely regarded as the most successful expansion franchises in modern sports

Best-in-Class Monetization in a Non-Traditional Market

Operates in the #40 U.S. media market, yet ranks among NHL leaders in key revenue metrics

5th in NHL in average ticket revenue per game (2024/25), with consistently sold-out games

Leveraged Las Vegas' emergence as a global sports and entertainment destination to drive premium pricing, sponsorship demand, and in-game spend

Demonstrates ability to create demand through experience, brand, and execution

Proven Value Creation G Industry Benchmark

$500M expansion fee → $2.2B valuation (Forbes, Dec 2025)

~4.4x gross MOIC based on Forbes 2025 valuation; equity returns higher given leverage

Among the fastest value creation profiles in the NHL; frequently cited as a benchmark franchise model

Vegas Golden Knights are not a Cannae asset but Foley (Vice Chairman of Cannae) is majority (3) Ranking based on cumulative net player transfer sales across European football clubs, according to

owner.

Based on player valuation data from Transfermarkt

Tifosy (2025/2C transfer window).

Represents full year revenues as of December 31st

2025

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2026 | 10

5 CAPITAL ALLOCATION STRATEGY FOCUSED ON STOCK PRICE AND NAV GROWTH

DISCIPLINED SHARE REPURCHASES(1)

CAPITAL ALLOCATION

Cannae has demonstrated a commitment to share repurchases to opportunistically acquire shares at a discount to NAV

(: in mm)

2021 2022

2023

2024

2025

2026 YTD

New / follow-on investments

88.4% 63.4%

57.7%

35.0%

30.5%

14.8%

Share repurchases

11.6% 36.6%

42.3%

59.2%

63.4%

73.4%

Dividends

0.0% 0.0%

0.0%

5.8%

6.1%

11.8%

Capital Deployed

$1,443.G $614.G

$280.5

$386.7

$500.G

$5G.1

End of Period Discount to NAV

23% 43%

44%

38%

43%

$1,0GG

Cannae analyzes capital allocation on an ongoing basis to determine what maximizes shareholder value between capital returns and investments.

52.0M shares, or 56.6%(2) of outstanding

shares repurchased for $1,0GGM

$167

$225

$118

$228

$317

$43

Purchase Avg.

2021 2022 2023 2024 2025 2026 YTD

5+ years

Discount to NAV(3)

28% 44%

4C% 32% 33% 48%

Source: Company management as of May 11, 202C

Values are presented in millions.

Value compares to March 31, 2021, outstanding shares.

Discount figures represent average percentage discount to NAV of stock purchases over the period.

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2026 | 11

G ATTRACTIVE PORTFOLIO WITH EMBEDDED UPSIDE

:'s in millions except for values per CNNE share (1)

Illustrative Net Asset Value

(Non-GAAP)#

Company

Current Ownership

Initial Year Invested

Most Recent Mark / Cost(3)

Amount(4)

Per CNNE

Share(1)

~41%

2022

$ 280.0

(a)

$ 265.8

$ 6.12

50%

2024

116.9

(b)

119.7

2.75

~6%

2022

101.5

(c)

88.5

2.04

~5%

2020

89.3

(d)

77.8

1.79

~49%

2024

80.0

(b)

79.7

1.83

<1%

2023

67.9

(e)

55.8

1.28

~88%

2023

63.7

(b)

62.3

1.43

Strategic Benchmark Fund

N/A

2024

44.5

(c)

45.7

1.05

~8%

2021

33.6

(f)

95.1

2.18

(*)

~89% /~ 65%

2012

Other investments and assets, net (5)

Various

97.8

(g)

117.2

2.70

Debt (6)

(47.5)

(1.09)

Holding company cash and short-term

investments

90.1

2.07

TOTAL

$ 1,017.8

$ 1,050.2

$ 24.15

Cannae owns a portfolio of high-quality assets with meaningful embedded upside.

As part of Cannae's portfolio transformation strategy, Cannae is monetizing non-strategic assets such as the restaurant group which was announced in Ǫ1 2026.

Significant unrealized value exists across the portfolio, which Cannae expects to realize through our disciplined asset monetization strategy

- Cannae sold $715M of assets in 2025 and announced the strategic review of restaurant group in Ǫ1 2026

The Company is also focused on driving improved operating performance and enhancing transparency to better illustrate underlying value of its portfolio.

Source: Company management as of May 11, 2026

See Appendix (1-C) and (a-g) for foot note details

# This report is supplemental and does not represent fair market value. Illustrative net asset value is not liquidation or fair market value. Realization depends on market conditions. Illustrative net asset value per share is not intrinsic value nor a price target. There is no obligation to monetize at these values.

* Currently exploring strategic alternatives related to the Restaurant Group and will update value at appropriate time.

Significant Upside To Share Price Given Value Within Portfolio

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2026 | 12

7 PROVEN ABILITY TO CREATE VALUE FOR SHAREHOLDERS

Cannae Investment Monetization Summary(1)

$'s billions

($1.0B)

1.8x

invested capital

GOING FORWARD

Since inception, Cannae has $6.7B of cumulative net realized proceeds representing $3.0B of net realized gains, or 1.8x MOIC

$3.7B

Investment Cost

$4.0B

+ Investment

Gains

Losses

$G.7B

Cumulative Proceeds

Our track record underscores our ability to identify attractive opportunities, create value, and consistently deliver strong returns for shareholders.

With a concentrated portfolio in sports, we believe we can generate superior risk-adjusted returns for shareholders over time.

FOCUSED COST REDUCTION

Cannae has maintained a strong focus on reducing corporate holding company costs, with a 45% YoY reduction

(: in mm)

1Ǫ 2025

1Ǫ 2026

Corporate Holding Company Expenses

$16.2

$8.G

% Reduction

45%

Source: Company management as of May 11, 202C

(1) Graphic displays only realized monetization events since 2014, including sales, partial sales, dividends, distributions, etc.

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2026 | 13

CANNAE

HOLDINGS, INC.

APPENDIX

2022

Initial Investment Date

~41%

Current Ownership

$24GM

Total Invested Capital

$280M

Most Recent Mark/Cost (1)

COMPANY OVERVIEW CANNAE INVESTMENT SUMMARY

Black Knight Football Club ("Black Knight Football", "BKFC" ) is a partnership led by William P. Foley II. Since its formation in 2022, BKFC is 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 player migration across BKFC's network of owned and operated clubs, while driving strong on-field and financial results.

Black Knight Football represents an investment in a leading global multi club football operator with significant upside opportunities through operations, infrastructure and macro tailwinds:

Large and growing market: Operates within the world's biggest sport and the world's biggest leagues. Global football has a passionate and ever-growing global fan base.

Strong brands and scarce assets: Professional football teams represent scarce assets with embedded fan bases, proven brands and strong community connections.

Sports presents unique experiences: Sports represent unique viewing experiences which drives growing revenue through live attendance and the value of their media rights.

Commercial opportunities: Each team presents an opportunity to better commercialize media and real estate assets (both current and development opportunities).

Multi-club model drives returns: A multi club model creates unique synergies on player development and monetization, and commercial operations to enhance on and off field results at each team driving exit value of platform

BKFC's multi-club ownership strategy includes:

100% of AFC Bournemouth ("AFCB" or "Bournemouth"): In December 2022, BKFC purchased 100% of AFCB for £120M, marking the first acquisition in BKFC's multi-club strategy. AFCB has improved its position in the English Premier League ("EPL" or "Premier League") each season since BKFC took over - including finishing in 9th place last season. Shortly after acquiring AFCB, BKFC started developing a new state-of-the-art training center for AFCB, which cost ~£42M and opened in April 2025. That same month, BKFC acquired AFCB's stadium for £10M and is currently in the process of redeveloping and expanding AFCB's stadium for an estimated ~£50M which will drive new revenue opportunities.

100% of FC Lorient ("FCL" or "Lorient"): In January 2023, BKFC acquired an initial 33.3% stake of FCL for

€30M. In June 2023, BKFC increased its stake in FCL to 40% with an additional €10M investment. In January 2025, BKFC acquired the remaining 60% stake in FCL. FCL is a French Ligue 1 club with established infrastructure and strong player development pathways.

70% of Moreirense FC ("MFC" or "Moreirense"): In June 2025, BKFC acquired a 70% stake in the top-flight Portuguese club. MFC is renowned for youth development and profitability through player trading. Well-positioned for growth in the Primeira Liga, Moreirense also offers strategic value for South American players seeking EU eligibility.

See Footnotes to Sum of the Parts (slide 21) for foot note (3) details

Adjusted for stock-based compensation, profit / loss on player trading, and other non-cash or non-recurring items

SELECTED FINANCIAL INFORMATION

As of and for the Twelve Months Ended

(In Millions) (Unaudited) December 31, 2025 December 31, 2024

Select Statement of Operations items:

Revenue

273.9

229.7

Operating loss

(113.2)

(111.9)

Net loss

(15.3)

(112.2)

EBITDA

136.1

12.0

Adjusted EBITDA (excluding player trading profit)(2)

20.5

(4.8)

Cannae share of net loss

(5.5)

(52.8)

Select Balance Sheet Items:

Cash

70.1

20.9

Player transfer fees receivable

187.1

58.0

Total assets

768.1

541.7

Player transfer fee liabilities

256.7

168.6

Notes payable

72.3

Total liabilities

450.2

346.0

Total equity

317.9

195.7

Cannae ownership of BKFC units

248.9

223.9

BKFC units outstanding

586.9

495.4

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2026 | 15

COMPANY OVERVIEW

Founded in 2001, JANA Partners ("JANA") is a pioneer and long-standing leader in activist investing, with a core belief that constructive shareholder engagement can unlock value in underperforming public companies.

Over its 25-year history, JANA has evolved from a traditional long/short hedge fund into a pure-play, longer-duration activist investment manager, focusing primarily on concentrated long-only positions. This evolution reflects a strategic decision to align capital duration with the realities of operational and governance-driven change, which often requires multiple years to realize.

Our partnership with JANA provides an attractive investment in the General Partner of a leading activist manager and a unique partnership that provides access to strategic opportunities.

Cannae participates in cash flows from JANA's management fees and performance fees which increase with AUM growth

Strategy:

JANA pursues a high-conviction, operationally driven activist strategy focused on unlocking value in undervalued U.S. mid-cap companies with fixable issues.

The approach combines deep fundamental research with collaborative, outcome-oriented engagement, targeting operational inefficiencies, weak capital allocation, governance gaps, and missed strategic opportunities

JANA maintains a highly concentrated portfolio, allowing for significant focus and resource deployment per investment.

Its key differentiator is the operating partner model: experienced CEOs, CFOs, and operators who co-invest, support diligence, and drive execution at the board and management level-enabling hands-on value creation with greater credibility and less adversarial friction.

The firm also leverages innovative partnerships, including: (1) Strategic partnerships to drive MCA, (2) Institutional collaboration with Cannae Holdings, and (3) Influencer partnerships (e.g., Dwyane Wade, Travis Kelce) to enhance brand engagement

Overall, JANA deploys patient, flexible capital in concentrated positions, combining activism, operational expertise, and creative partnerships to drive results.

CANNAE INVESTMENT SUMMARY

2024

Initial Investment Date

~50%

Current Ownership

$117M

Total Invested Capital

$117M

(1)

Most Recent Mark/Cost

SELECTED FINANCIAL INFORMATION

As of and for the Twelve Months Ended

(In Millions) (Unaudited)

December 31, 2025

December 31, 2024

Revenue

22.4

$ 45.3

Net income

8.2

$ 29.6

Cannae share of net income(1)

2.4

$ 4.8

Cannae investment in JANA Partners, net of distributions

117.1

$ 52.7

Ownership %(1)

50.0 %

20.0 %

Cannae investment in JANA Strategic Benchmark Fund

50.0

$ 20.0

JANA Partners Assets Under Management, end of period (Billions)

2.2

$ 2.3

(1) See Footnotes to Sum of the Parts (slide 21) for foot note (3) details

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2026 | 16

COMPANY OVERVIEW

The Watkin's 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.

For over 150 years, Watkins and its predecessors have been heralded as purveyors of flavor, with an unwavering commitment to crafting award-winning gourmet flavoring products from high-quality, natural ingredients, without the use of artificial flavors and colors, genetically modified organisms, corn syrup or gluten.

Watkins is a premium brand in the spices, seasonings and extracts category. Watkins is well positioned in the category as the #2 overall extract brand and one of the fastest growing organic spice businesses.

Its portfolio boasts a full line of flavoring products that addresses a diverse set of occasions across extracts, spices, seasonings, decorating, and dry seasoning mixes.

Spices, seasonings and extracts are a rare combination of a durable category that is less impacted by economic cycles, with significant growth trends. The spices, seasonings C extracts category is the fifth highest growth category in the overall U.S. Food Industry, growing volume 15% since 2019 or ~4% per year.

The flavoring products category is highly fragmented, with significant opportunities for consolidation and growth in market share both organically and inorganically

(times)

(In Millions) (Unaudited)

December 31, 2025

Net revenue

$ 70.7

Net income

$ 6.5

of innovation and growth in the durable flavoring products category.

EBITDA

$ 15.8

Adjusted EBITDA(2)

$ 18.1

Steady business with long-term track record: With 150+ years of brand heritage, Watkins has a long history

Seasoned management team: Watkin's seasoned management team led by its CEO JR Rigley were retained

Watkin's Represents an Attractive Investment Opportunity:

CANNAE INVESTMENT SUMMARY

2024

Initial Investment Date

~4G%

Current Ownership

$80M

Total Invested Capital

(includes $20M of 8% Preferred)

$80M

(1)

Most Recent Mark/Cost

SELECTED FINANCIAL INFORMATION

Twelve Months Ended

Cannae share of net income $ 3.2

in the transaction and its prior owner retained a significant equity stake post-transaction, creating continuity and strong alignment with Cannae.

Large addressable market with opportunity to take share: Flavoring products and the spices, seasonings and extracts represent a large, growing market with significant opportunity for Watkin's to grow both organically and inorganically through bolt-on MCA.

Attractive financial profile: Watkin's has a long history of growth on the top and bottom line with strong free cash flow generation creating compelling opportunities to invest in growth or return capital to shareholders.

Watkins net debt (total gross debt and accrued interest, net of cash), at December 31, 2025 $ 38.4

Net leverage ratio, at purchase date October 2024 (Debt / LTM EBITDA)

3.4x

Net leverage ratio, at December 31, 2025 (Debt / LTM EBITDA) 2.1x

(times)

See Footnotes to Sum of the Parts (slide 21) for foot note (3) details

Adjusted for stock-based compensation and other non-cash or non-recurring items.

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2026 | 17

COMPANY OVERVIEW

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, hot springs, legendary bars, and restaurants.

Minden Mill's facilities include an American Whiskey and white spirits distillery, housed in a 100-year-old creamery, and an American Single Malt Whiskey distillery housed in a 100-year-old flour mill. Both buildings sit on the National Register of Historic Places. The flour mill includes multiple tasting areas and serves as a guest experience center.

The state-of-the-art facility has a capacity to produce over 130,000 cases of premium spirits annually and today we have more than 300,000 proof gallons of whiskey, or more than 145,000 case equivalents, currently aging in barrel, which has an estimated ultimate wholesale value after aging and bottling of approximately $31 Million.

Minden Mill's spirits products include High Ground Vodka, Evil Bean Coffee Liqueur, and Minden Mill branded Bourbon, Rye and American Single Malt

Minden Mill Represents an Attractive Investment Opportunity:

Large and Growing Market: The U.S. is the second largest spirits market in the world, generating $200 Billion in U.S. economic activity annually. In the U.S, over the last 11 years, spirits sales have grown 51%, from 204 Million cases sold in 2012 to 309 Million in 2023. Small, craft brands have been a significant driver of this growth.

Real Estate Assets Provide Downside Protection: The distillery and underlying real estate assets were developed at a cost of over $100M providing meaningful asset-backed downside protection.

Significant Brand Upside: Ownership of fixed assets and production capacity presents opportunity to develop new brands and drive long-term growth.

Partnership with Foley Family Wine G Spirits (FFWS): After founding FFWS in 1996, Foley along with world class management has turned FFWS into one of the largest producers of premium wines and spirits in the United States. FFWS now owns 24 wineries on four continents and producing hundreds of 90+ point wines. Foley's success with FFWS has helped hone the strategy and framework for Minden Mill and its plan to produce premium spirits and brands.

CANNAE INVESTMENT SUMMARY

May 2023

Initial Investment Date

~88%

Current Ownership

$64M

Total Invested Capital

$64M

(1)

Most Recent Mark/Cost

SELECTED FINANCIAL INFORMATION

Case items in Thousands; $ amounts in Millions (unaudited) As of and For the Twelve Months Ended

December 31, 2025

December 31, 2024

Net revenue

$ 2.8

$ 2.3

Net loss

$ (4.5)

$ (6.5)

EBITDA

$ (2.2)

$ (4.8)

Adjusted EBITDA(2)

$ (1.3)

$ (3.2)

Cannae share of net loss

$ (3.9)

$ (2.7)

Case sales volume, in 9-Liter case equivalents

13.1

10.7

9-Liter case equivalents aging in barrel

144.6

134.1

See Footnotes to Sum of the Parts (slide 21) for foot note (3) details

Adjusted for stock-based compensation and other non-cash or non-recurring items

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2026 | 18

COMPANY OVERVIEW

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.

The Alight Worklife platform provides an omnichannel customer experience leveraging AI and analytics layer and transaction engines to drive a personalized approach for customers.

Alight has no direct competitor, as most companies specialize in one area of the HR and benefits world as opposed to Alight's all-in-one product.

Alight operates across five continents to deliver an unrivaled consumer experience for its clients and their people. The company unlocks enterprise growth for the world's most influential companies with future-ready human capital and business solutions.

ALIGHT BY THE NUMBERS(1)

~30M+

Participants covered

~70%

of Fortune 100 are Clients

~G5%

Average Revenue Retention

Source: Public company filings and market data as of May 11, 202C

See Alight's earnings release at investor.alight.com.

See Footnotes to Sum of the Parts (slide 21) for foot note (3) details

CANNAE INVESTMENT SUMMARY

2021

Initial Investment Date

~8%

Current Ownership

$328M

Total Invested Capital

$33.GM

(2)

Most Recent Mark/Cost

SELECTED FINANCIAL INFORMATION

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2026 | 19

COMPANY OVERVIEW

Cannae's Restaurant Group, headquartered in Nashville, TN, includes two established casual dining restaurant concepts, O 'Charley's Restaurant + Bar and Ninety Nine Restaurant C Pub

In Ǫ1 2026, Cannae announced that it was exploring strategic alternatives for the Restaurant

business.

Store Counts:

GG has 93 company-owned locations.

O'Charleys has 49 company-owned locations, and 3 franchised locations

Source: Company management. See also https://www.ocharleys.com/ and https://www.SSrestaurants.com/

Adjusted for noncontrolling interest, non-cash impairment, and other non-recurring items

CANNAE INVESTMENT SUMMARY

2012

Initial Investment Date

~8G%

Current Ownership -

~65%

Current Ownership -

SELECT FINANCIAL INFORMATION

As of and For the Twelve Months Ended

(In Millions) (Unaudited)

March 31, 2026

March 31, 2025

Revenue

$ 383.3

$ 412.2

Operating loss

$ (35.3)

$ (9.4)

EBITDA

$ (26.7)

$ 19.3

Adjusted EBITDA(1)

$ (15.6)

$ 0.4

Net (loss) income

$ (42.7)

$ 3.2

Cannae share of net (loss) income

$ (29.6)

$ 9.0

CANNAE HOLDINGS INVESTOR PRESENTATION MAY 2026 | 20

Disclaimer

Cannae Holdings Inc. published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 00:23 UTC.