#1CH TM CANNAE HOLDINGS, INC. Investor Presentation August 2021 71- www#2Safe Harbor CH CANNAE HOLDINGS, INC. 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; the closing of the System 1 transaction by Trebia Acquisition Corp. and the Wynn Interactive transaction by Austerlitz Acquisition Corporation I within the prescribed time frames. 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"), (viii) Wynn Interactive or Austerlitz Acquisition Corporation ("AUS"), (ix) Tailwind Acquisition Corp. ("TWND" or "QOMPLX") or (x) 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 AUGUST 2021 2#3Key investment highlights CANNAE HOLDINGS, INC. 1 2 3 4 Led by William P. Foley, Il 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 ~14% CAGR since inception in 2014 (1¹) 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 49% upside to its share price of $32.47 as of 8/5/2021 Source: Public company filings and market data as of 8/5/2021. (1) Cannae return analysis from 7/1/2014- 8/5/2021. Assumes shares of Remy and J. Alexander's continued to be held after spin-off from Cannae. See page 9 for further details. CH CANNAE HOLDINGS, INC. CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 3#41 Cannae overview Cannae Holdings Inc. ("Cannae" or the "Company") is a diversified holding company led by William P. Foley, Il ("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, renamed 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 ~$146 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 Strong Returns Since Inception + 143% (2) Cannae + 158% (3) S&P 500 + 103% (3) Russell 2000 One share of Cannae is up ~143% since inception in 2014 (²) Source: Public company filings and market data as of 8/5/2021. (1) See page 15 for further details. (2) Return analysis from 7/1/2014 - 8/5/2021. Assumes shares of Remy and J. Alexander's continued to be held after spin-off from Cannae. See page 9 for further details. (3) Bloomberg data, return analysis from 7/1/2014 - 8/5/2021 inclusive of dividends reinvested in the index. Portfolio Investments as of August 2021 Current Ownership Company dun & bradstreet CERIDIAN Paysafe: alight." QOMPLX: TAILWIND ACQUISITION optimalblue (6) Various Other Investments (7) and Adjusted Net Cash (8) TOTAL 68.1M shares (~16% ownership) 12.0M shares (-8% ownership) 54.0M shares (~7.5% ownership) + 8.1M warrants 50.4M shares (-10% ownership) + 8.0M warrants 23.7M shares (~16% PF ownership) -20% ownership interest Various equity and debt investments Initial Year invested 2019 2007 2021 2021 2019 2020 Various Cost of Investment $659.7M $72.7M $496.6M $440.6M $80.0M $289.0M $597.5M $2,636.1M Fair Value $1,267.8M $1,184.8M $576.1M $516.1M $235.8M $578.0M $657.8M $5,016.1M FV Net of Expense $1,073.5M $885.7M $550.8M $491.5M $180.9M $484.5M $634.3M $4,301.3M CH CANNAE HOLDINGS, INC. Net MOIC 1.6x 12.1x 1.1x 1.1x 2.3x 1.7x 1.1x 1.6x Cannae's intrinsic value per share presents 49% upside to its share price of $32.47 as of 8/5/2021 FV per CNNE Share $12.07 $9.96 $6.19 $5.52 $2.04 $5.45 $7.13 $48.36 Note: 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 8/5/2021. (4) Alight cost basis of common/warrants is based on combined capital committed/cost of private placement warrants as of 8/5/2021. FV of common/warrants is based on shares and warrants expected to be received in connection with the Company's committed investments/private placement warrants and respective share/warrant prices as of 8/5/2021. Subject to closing. (5) Includes -23.7M shares of TWND, post combination. Cost includes pre-combination investments in QOMPLX equity and $12.5M Convertible Note as well as $37.5M committed PIPE investment. FV is based on shares of TWND share price at 8/5/2021. Subject to business combination closing. (6) Optimal Blue FV 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. (7) Primarily represents Austerlitz I, Austerlitz II, and Trebia at market value (less allocable taxes and carried interest / ISIP). Also includes Sightline Payment, Amerilife, Restaurant Group, CorroHealth, Triple Tree, Colt and real estate at cost. (8) Includes net cash less capital committed but not yet funded in connection with ALIT, TREB, ASZ and TWND. Funding to occur concurrently with the closing of the business combinations. Does not reflect amounts for potential backstop of AUS redemptions which could range from $0 to $690M. CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 4#51 Cannae is led by William P. Foley, Il ● ● William P. Foley, Il Best-In-Class Manager William P. Foley II ("Bill Foley" or "Foley") is responsible for the growth of ~$146 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"), Paysafe Limited ("Paysafe”), Alight, Inc. (“Alight") and Cannae (1) Through his career, Foley has developed a value creation framework to identify and execute investments and drive value for shareholders Foley has consistently accelerated growth and improved operating margins as well as executed strategic M&A and exceeded cost reduction targets on acquisitions Foley led the $9.0B merger of Paysafe with Foley Trasimene Acquisition Corp II and the ~$7.3B merger of Alight with Foley Trasimene Acquisition Corp I as well as the recently announced -$3.2B merger of Wynn Interactive with Austerlitz Acquisition Corp I and the ~$1.4B merger of System1 with Trebia Acquisition Corp(2) Foley is also the Majority Owner, Chairman, CEO and Governor of the National Hockey League's 31st franchise, the Vegas Golden Knights Source: Public company filings and market data as of 8/5/2021. (1) See page 15 for further details (2) Wynn and System1 transactions subject to close. (3) Achievement on-going. (4) Synergy projection and realization data provided by FNF. Strong Track Record Delivering Value... FIDELITY NATIONAL FINANCIAL" $13.4B Cannae FNF FIS FNF FIS FIS FNF FNF FNF FIS BLACK $2.5B D&B LPS $80.0B $1.6B Metavante Land America eFunds Cartegy Intercept (4) Aurum (4) Chicago Title (4) $12.7B ...And Overachieving Targeted Savings ($M) Acquiror Target Acquisition date KNIGHT CERIDIAN dun & bradstreet $2.9B Feb-2019 Jan-2014 Apr-2009 Dec-2008 $3M 1984 LBO Current Mkt 2006 Spin- Current Mkt 2015 IPO Current Mkt 2018 IPO Current Mkt 2019 LBO Current Mkt Cap Off Cap Cap Cap Cap Sep-2007 Feb-2006 Dec-2004 Mar-2004 Mar-2000 $14.8B CH Forecast savings CANNAE HOLDINGS, INC. $200 $150 $260 $150 $65 $50 $25 $15 $90 $2.0B $8.0B $ of synergies achieved $246 (3) $312 $300 $265 $87 $50 $33 $17 $133 CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 5#62 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 M.FIDELITY NATIONAL FINANCIAL In 1984, Foley acquired FNF 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 management to 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 Hundreds of acquisitions since initial acquisition Industry leading title margins over multi-decade economic cycles Mr. Foley recruited and mentored future industry leaders and all executive officers Includes FNF's current Chief Executive Officer Raymond Quirk and Chief Operating Officer Roger Jewkes Continued growth with additional strategic acquisitions such as: SERVICELINK Diversified investments including: C CERIDIAN - Commonwealth LAND TITLE INSURANCE COMPANY sedgwick. V AMERICAN BLUE RIBBON HOLDINGS BLACK KNIGHT Remy INTERNATIONAL, INC. Lawyers Title INSURANCE CORPORATION J.ALEXANDER'S HOLDINGS, INC. G FOL HOLDINGSs FNF is now the nation's largest title insurance and settlement services company #1 market share in the residential purchase, refinance, and commercial markets (2) FNF average pre-tax title margins of ~15% over the last decade compared to competitor average margins of ~10% during the same period (2) Foley Playbook Source: Public company filings and market data as of 8/5/2021. (1) Revenue and ranking as of 1984. From Fidelity National Title Insurance Company website. (2) FNF margins and rankings data from the FNF Spring 2021 Investor Update Presentation. Title margin averages include every year from 2012-Q1 2021. ● ● · CH CANNAE HOLDINGS, INC. 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 Add-on acquisitions Transformative transactions Foley's value creation playbook was created and first implemented at FNF, where it has been driving consistent outperformance for 30+ years CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 6#72 Playbook successful across numerous investments Company Overview 2 Bill Foley Playbook Transformation and Achievement of Synergies ● • ● ● ● CERIDIAN Global human capital management ("HCM") software provider with $14.8B of market capitalization Ⓡ Continues to expand internationally with launch of global payroll for Australia, New Zealand, Singapore, and African Regions in 2020 Acquired Dayforce, a SaaS cloud software company in 2012 Sold Comdata to FleetCor Technologies in 2014 for total pre-tax gains of ~$500M Executed IPO in 2018 at a ~$3B equity valuation • Streamlined the management, which was critical to business model shift from a service bureau model to a SaaS model Successfully monetized in both follow-on and block trades post-IPO Expanded EBITDA margins by ~450 bps since acquisition (1) Equity value has increased substantially from -$3B at 2018 IPO to current market cap of -$14.8B Source: Public company filings and market data as of 8/5/2021. Includes only the Human Resources Solutions segment at the time of acquisition. ● ● dun & bradstreet Global provider of business decision data, analytics, and insights • Led strategic direction in Executive Chairman role ● Expanding analytical applications with strategic acquisitions - 3 tuck-ins since 2020 ● Brought in strategic and capital partners to execute the ~$7B Enterprise Value / ~$2B Equity Value acquisition of D&B ● In its first day of trading following the IPO, DNB stock closed up -15% ● • Recruited a new management team to accelerate strategic transformation Helped identify efficiencies and optimization measures - achieved -$246M in cost savings so far Executed IPO above the expected range in June 2020 at a $9B equity valuation Realigned organization to increase effectiveness and accountability Optimized go-to market strategy to incentivize cross-selling and long-term contracts Equity value has increased substantially from ~$2B at 2018 LBO to current market cap of ~$8.0B ● ● ● BLACK • A premier provider of high-performance software, data and analytics for mortgage and home equity lending and servicing Expanded and scaled with selective M&A ● CH KNIGHT CANNAE HOLDINGS, INC. Re-acquired Lender Processing Services ("LPS") in 2014 for $4.2B Branded the technology, data, and analytics business as BKI Replaced the entire senior leadership team and brought in Thomas H. Lee Took the company public in 2015 Reorganized the company and refocused management on growth Drove $300M of cost savings through optimization Expanded EBITDA margins by ~1,050 bps Equity value has increased substantially from ~$2B at 2015 IPO to current market cap of $12.7B CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 7#82 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 $ FIDELITY INATIONAL FINANCIAL BLACK Leading provider of integrated digital human capital, cloud-based solutions KNIGHT Fis Global provider of business decision data and dun & bradstreet analytics + Leading human capital management company CERIDIAN Market leader with over 20 years experience in online payments and iGaming Paysafe: alight ● ● Sustainable growth opportunities Essential Utilities Critical infrastructure and mission-critical solutions Deeply embedded into clients' systems Provides connecting tissue in their ecosystems Strong software, intellectual property and trade secrets Market leaders C + CH High recurring cash flow with long-term contracts Bill Foley focuses on long-term revenue growth and profitability opportunities Unseen Potential for Growth Has achieved industry leading title margins over multi-decade economic cycles CANNAE HOLDINGS, INC. Improved adjusted operating margins by ~1,050 bps and re-ignited revenue growth M.FIDELITY NATIONAL FINANCIAL BLACK KNIGHT CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 8#93 Cannae returns since inception $16.54 Growth of one share of Cannae since inception Cannae shareholders have realized a -14% CAGR since 7/1/2014 accounting for all spin-offs and distributions (1) JUL 2014 December 31, 2014 Cannae completes the spin-off of Remy. Cannae shareholders received 0.17879 shares of Remy per share of Cannae September 29, 2015 Cannae completes the spin-off of J. Alexander's. Cannae shareholders received 0.17272 shares of JAX per share of Cannae (2) November 10, 2015 Remy acquired by BorgWarner for $29.50 per share in cash (3) CANNAE HOLDINGS, INC. Remy INTERNATIONAL, INC. STOCK PRICE Remy INTERNATIONAL, INC. PROCEEDS FROM SALE Note: Assumes shares of Remy and J. Alexander's continued to be held after spin-off from Cannae. Market data as of 8/5/2021. Past stock performance may not be indicative of future stock performance. (1) Calculated using a starting price of $16.54 on 7/1/14 for FNFV tracking stock and an ending price of $40.13 on 8/5/2021. (2) Proceeds from the 9/29/15 spin-off of J. Alexander's are calculated by taking the 0.17272 JAX shares received by Cannae shareholders per share of Cannae, multiplied by the JAX share price. (3) Proceeds from the 11/10/15 sale of of Remy to Borg Warner are held constant at $5.27 per Cannae share. The $5.27 value represents the per share purchase price of $29.50 multiplied by 0.17879, which represents the Remy shares received by Cannae shareholders per Cannae share in connection with the spinoff of Remy. CH J. ALEXANDER'S® CANNAE HOLDINGS, INC. 8/5/2021 $40.13 -14% CAGR August 2021 CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 9#104 Pro forma illustrative value per Cannae share by investment $12.07 $4.65 $7.42 DNB (1) Public investments-shown at Market Value less applicable taxes and incentive payments $9.96 $9.14 $0.82 CDAY (2) $6.19 $0.61 $5.58 PSFE (3) $5.52 $4.95 Significant value embedded in existing portfolio... $0.57 ALIT (4) $2.34 $1.78 $0.56 TREB/AUS / ASZ (5) = Cost Basis in Investments { $2.04 $0.90 $1.14 Private investments - Amerilife and net cash shown at cost $5.45 $2.20 $3.25 Optimal Blue (7) $1.36 TWND (QOMPLX) (6) = Mark to Public Market Value Adjustments AmeriLife (7) $3.43 Other Investments / Net Cash (8) $48.36 Intrinsic Value Per Share -49% Upside $32.47 Current Share Price (8/05/21) Note: 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 8/5/2021. 1) Based on the Company's ~68.1M shares of DNB. 2) Based on the Company's ~12M shares of CDAY. 3) Based on the Company's -54M shares of PSFE and ~8.1M warrants. 4) Based on the Company's ~50.4M shares of ALIT and ~8.0M warrants. 5) SPACS: Cost basis of common/warrants is based on combined capital committed/cost of private placement warrants across the SPACs as of 8/5/2021 (i.e. -$2M for Trebia, -$2M for Austerlitz I, and -$155M for Austerlitz II). FV of common/warrants is based on shares and warrants expected to be received in connection with the Company's committed investments/private placement warrants and respective share/warrant prices as of 8/5/2021 (i.e. Trebia: TREB/TREB-W, Austerlitz I: AUS/AUS-W; Austerlitz II: ASZ/ASZ-W). Subject to closing. Does not reflect cost or resultant shares amounts for potential backstop of AUS redemptions which could range from $0 to $690M, nor for potential backstop of TREB redemptions which could range from $0 to $200M. 6) Includes -23.6M shares of TWND, post combination. Cost includes pre-combination investments in QOMPLX equity and $12.5M Convertible Note as well as $37.5M committed PIPE investment. FV is based on TWND share price at 8/5/2021. Subject to business combination closing. 7) Optimal Blue FV 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. Amerilife shown at cost. 8) Includes Restaurant Group, CorroHealth, Sightline, Triple Tree and real estate all at cost. Includes net cash less capital committed but not yet funded in connection with TREB, ASZ and TWND, which would occur concurrently with the closing of the business combinations. Does not reflect amounts for potential backstop of AUS redemptions which could range from $0 to $690M nor TREB redemptions which could range from $0 to $200M. CH CANNAE HOLDINGS, INC. CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 10#11Corporate Liquidity and Debt ($ in millions) Liquidity Holding company cash and short-term investments Available under RBC Margin Loan Available under FNF Revolver Total Gross Liquidity Forward Commitments (¹) Tailwind Acquisition Corp. (QOMPLX) PIPE subscription Austerlitz I / Wynn Interactive backstop Trebia/System1 backstop Total Forward Commitments Net Available Corporate Debt Outstanding RBC margin loan FNF revolver Total Corporate Debt Outstanding 1) 3) 4) (4) Size $500.0 $100.0 Corporate Liquidity Position and Forward Commitments August 5, 2021 Interest Rate 3 Mo. LIBOR + 2.75% 3 Mo. LIBOR + 4.50% Due Date Nov-23 Nov-22 $ $135.5 500.0 100.0 $735.5 37.5 - (2) -- - (3) -- $37.5 $698.0 June 30, 2021 $214.6 500.0 100.0 $814.6 $-- $ December 31, 2020 $666.0 500.0 100.0 $1,266.0 $-- Cannae has a $125M forward purchase agreement with Austerlitz Acquisition Corporation II that is contingent on terms of a future business combination. Net available is this were effectuated would be $573M. The previous $50M forward purchase agreement with Austerlitz Acquisition Corporation was extinguished and replaced with a backstop of redemptions up to 69M shares, or $690M. The previous $75M forward purchase agreement with Trebia Acquisition Corp. was extinguished and replaced with a redemption backstop agreement of up to $200M. Margin loan base capacity is $100M with accordion feature to $500M CH CANNAE HOLDINGS, INC. CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 11#12Cannae stock repurchase programs Cannae has two active stock repurchase programs with 11,583,416 authorization remaining: 2019 Repurchase Program ● Note: 2021 purchases through July 13, 2021. ● ● 2021 Repurchase Program ● ● Approved on September 19, 2019 Covers up to 5 Million shares of Cannae (CNNE) common stock Authorization runs to September 30, 2022 Cannae purchased 3.4M shares of the 5M through July 13, 2021 178k in 2019 510k in 2020 2.7M in 2021 1,583,416 share authorization remaining ● ● CH Approved on March 1, 2021 Covers up to 10M shares of Cannae (CNNE) common stock Full authorization remaining through February 26, 2024 CANNAE HOLDINGS, INC. CANNAE HOLDINGS INVESTOR PRESENTATION FEBRUARY 2021 | 12#13WILLIAM P. FOLEY II Chairman • ● Foley Supported by Seasoned Management Team RICHARD N. MASSEY Chief Executive Officer CEO of Cannae Holdings, Austerlitz Acquisition Corp I and Austerlitz Acquisition Corp II Senior Managing Director of Trasimene Capital Also serves as a Director of Cannae Holdings, Dun & Bradstreet and Alight Most recently partner of Westrock Capital Partners and Bear State Advisors Chief Strategy Officer of Alltel Corporation from 2006-2009 Investment banking Managing Director of Stephens Inc. from 2000-2006 DAVID W. DUCOMMUN President President of Cannae Holdings, Austerlitz Acquisition Corp I and Austerlitz Acquisition Corp II Senior VP, Mergers & Acquisitions of FNF from 2011 - 2019 Director in the investment banking division of Bank of America prior to joining FNF ● ● BRYAN D. COY Chief Financial Officer CFO of Cannae Holdings, Austerlitz Acquisition Corp I and Austerlitz Acquisition Corp II CFO of Black Knight Sports and Entertainment - the Vegas Golden Knights, the Henderson Silver Knights, and the related arenas from 2017-2021 Chief Accounting Officer at Interblock Gaming from 2015-2017 CFO of Aruze Gaming America from 2010- 2015 Served in various senior finance positions at Fontainebleau Resorts, Shuffle Master, Sunterra, and eSchool Solutions from 2000- 2010 Manager at Deloitte from 1993-2000 ● MICHAEL L. GRAVELLE EVP, General Counsel & Corporate Secretary General Counsel and Corporate Secretary for Cannae Holdings, Austerlitz Acquisition Corp I and Austerlitz Acquisition Corp II Executive VP, General Counsel and Corporate Secretary of FNF since 2010 Executive VP, General Counsel of BKI since 2014 ● CH CANNAE HOLDINGS, INC. RYAN CASWELL SVP, Finance SVP, Corporate Finance of Cannae Holdings, Austerlitz Acquisition Corp I and Austerlitz Acquisition Corp II Managing Director of Trasimene Capital Previously served as a Managing Director at BofA Securities where he executed advisory and capital raising transactions Before BofA Securities, Mr. Caswell was an investment banker at Bear Stearns Serves on the Board of Directors of CorroHealth CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 | 13#14CH TM CANNAE HOLDINGS, INC. Appendix CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 14#15Decades of value creation in public markets 5-year market cap growth of companies led by William P. Foley, Il Combined Market Cap ($B) $180 $160 $140 $120 $100 $80 $60 $41B $40 $20 $-- August 2016 10/2/17 FNF distributed its 83.3M shares of BKFS to FNF shareholders 11/20/17 FNF completed the split-off of FNFV (now CNNE) M.FIDELITY NATIONAL FINANCIAL 4/26/18 Cannae completed Ceridian IPO BLACK (1) KNIGHT (2) GCANNAE HOLDINGS, INC. 7/31/19 FIS completed Worldpay merger for ~$43B in a 90%/10% stock/cash Fis Source: Public company filings and market data as of 8/5/2021. Market cap based on quarterly weighted average diluted shares outstanding for each company. Does not include dividends. (1) Market cap excludes value of shares held by FNF prior to spin-off from FNF on 10/2/17. (2) Includes Remy and J. Alexander's. Remy was acquired by Borg Warner for $29.50 per share in November 2015, implying an equity value of over $900 million. transaction C CERIDIAN 6/30/20 Dun & Bradstreet IPO & dun & bradstreet 12/7/20 Foley Trasimene II Announces Paysafe Merger Paysafe: CH CANNAE HOLDINGS, INC. 1/24/21 Foley Trasimene I Announces Alight Merger $146B August 2021 alight CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 | 15#16FNFV / Cannae - 2014 to Present Market Cap ($ in B) $4.0 $3.0 $2.0 $1.0 $0.0 FNFV is created as a tracking stock for FNF's portfolio investments FNFV completes spin-off of Remy (NASDAQ: REMY) $2.1 2014 Remy acquired by Berg Warner FNFV completes spin-off of J. Alexanders (NYSE: JAX) $2.0 2015 Source: Public company filings and management. Factset as of 8/5/2021 FNFV makes additional -$56M investment in Ceridian $2.0 2016 FNFV sells One Digital for $560M in an all-cash transaction FNFV acquires T-system FNF splits out FNFV - renamed Cannae Holdings (NYSE: CNNE) $2.3 2017 Ceridian completes IPO raising $531M (NYSE: CDAY) $2.3 2018 Cannae and Bill Foley led take private of D&B in February of 2019 Cannae initial investment of $30M QOMPLX CDAY completes 5 follow- on offerings in 2019 $2.9 2019 D&B closes its IPO in July 20 (NYSE: DNB) CDAY completes 1 follow-on offering in 2020 FTAC II agrees to merge with Paysafe in a ~$9.0B deal $4.0 2020 CH CANNAE HOLDINGS, INC. FTAC agrees to merge with Alight in a $7.3B deal AUS I agrees to merge with Wynn Interactive in a -$3.2B deal TREB agrees to merge with System1 in $1.4B deal $2.9 Current - August 2021 CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 | 16#17dun & bradstreet On 6/28/21 Cannae sold 8.5M DNB shares at $21.88 for gross proceeds of $186M-a 2.8x return on investment Company Overview Dun & Bradstreet is a leading provider of commercial data, analytics and insight on businesses worldwide D&B operates through two customer solution sets: Risk Management Solutions, which provides solutions that help customers mitigate credit, operational, and regulatory risks ● - ● Sales & Marketing Solutions, which help clients increase revenue from new and existing customers by identifying target customers, updating data on current and potential customers, and allocating advertising budgets to reach target audiences Global commercial database contains over 300 million business records DNB investment returns to date Cost of Invested Capital (2) -$659.7M Current Gross FMV of Investment ~$1.27B $9.69 (2) $7.81 (3) Cannae's DNB Cost Basis Implied Gross MOIC $22.00 -1.9x Cannae Participation in the LBO Results in Significant Outperformance versus IPO Investors (1) DNB IPO Price Implied Gross Return -93% $18.63 Current DNB Share Price Current DNB share price of $18.63 is +93% above Cannae's cost basis and -15% below the IPO price Source: Public company filings and market data as of 8/5/2021. (1) Returns are hypothetical/ for illustrative purposes. Based on Cannae's total current cost of invested capital in DNB as of 8/5/2021 Cannae Investment Summary Investment Date Total Invested Capital Current Ownership Current Value Current Gain $22.00 July 2020 2019 $659.7M / $9.69 per share $1.27B $608.1M / 1.9x (2) Represents Cannae's Cost of Invested Capital / Tax Basis. (3) Represents Cannae's cost basis in DNB at the time of DNB's IPO. ● 0 In February 2019, Cannae and Bill Foley led an investor group in the take-private of Dun & Bradstreet • CH CANNAE HOLDINGS, INC. Initially invested $505M for ~20% ownership Subsequently invested $21M for M&A (Lattice Engines net investment less sale of shares) and $200M at time of DNB's IPO in June 2020 • Cannae's total current cost basis is $660M / average cost basis of $9.69 ● • In June 2021 Cannae sold 8.5M shares for gross proceeds of $186M DNB Stock Price Performance Since IPO $30 $28 $26 $24 $22 $20 $18 68.1M shares / 16% ownership stake Gross market value of Cannae's investment is $1.27B based on DNB stock price of 18.63 as of 8/5/2021 Mark-to-market gain on investment is $608.1B or 1.9x before taxes and fees wwwwwww dun & bradstreet August 2021 8/5/2021 $18.63 CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 | 17#18CERIDIAN On 5/21/21 Cannae sold 2.0M CDAY shares at $87.50 for gross proceeds of $175M-a 15x+ return on investment Company Overview Ceridian provides human capital management ("HCM") software to companies around the world $120 $100 $80 $60 $40 ● Cannae currently owns 12.0M shares valued at $1.2bn CDAY Stock Price Performance Since IPO $20 ● ● Dayforce is the company's flagship cloud HCM platform, which provides human resources, payroll, benefits, workforce management, and talent management functionality to 5,000+ live customer accounts ● 5,164 Dayforce customers were live on the Dayforce platform as of June 30, 2021, a net increase of 125 customers compared to March 31, 2021 Powerpay is the company's cloud HCM solution designed primarily for small market Canadian customers with fewer than 20 employees $22.00 April 2018 CERIDIAN Source: Public company filings and market data as of 8/5/2021. August 2021 8/5/2021 $98.74 Cannae Investment Summary Investment Date Total Invested Capital Current Ownership Current Value Current Gain 2007 $72.7M / $6.06 per share 12.0M shares / 8.0% ownership stake $1.18B $1.1B / 16.3x ● ● ● • In the 2011 recapitalization, all shares of cumulative preferred stock were exchanged for participating convertible preferred stock ● CH • CANNAE HOLDINGS, INC. Foley and THL recapped Ceridian in 2007, and then again in 2011 In April 2018, CDAY completed the IPO of its common stock, raising $462M by offering 21M shares at $22.00 per share Cannae's investment at the time of IPO was -$225M Cannae has monetized a portion of its CDAY stake over time - we currently hold just over 30% of the shares we held at the time of IPO Cannae's cost basis following the most recent sale of 2.0M shares on 5/21/21 is ~$73M In May 2021, Cannae sold 2.0M CDAY shares at an average price of $87.50 for gross proceeds of $175M Following the sale, Cannae currently owns 12.0M shares of CDAY (~8% ownership stake) Gross market value of Cannae's investment is ~$1.18B based on CDAY stock price of $98.74 as of 8/5/2021 Mark-to-market gain on investment is $1.1B or 16.3x before taxes and fees CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 | 18#19Paysafe: Transaction Overview Paysafe/FTAC II closed its merger on 3/30/21 and Paysafe now trades under the ticker PSFE 0 Eight research firms have launched coverage on PSFE to date, all with Buy/Outperform ratings and average 12-month price target of $16.72 Financial Overview (In Millions) (Unaudited) Revenue Gross Profit (excluding depreciation and amortization) Net loss attributable to the Company Adjusted EBITDA $ December 2020 $ 2020 359.7 (2) Integrated payments peers: Shift4, Repay and Paya. (3) Traditional payments peers: Global Payments, FIS and Fiserv. 230.3 $ 112.8 $ (51.1) $ $ 2021 377.4 226.4 (49.1) Paysafe stock performance relative to S&P 500 and public peers since 12/4/20 12/7/20 Announcement of Foley Trasimene / Paysafe deal 113.2 August 2021 Source: Public company filings and market data as of 8/5/2021. See page 26 for EBITDA reconciliation. (1) eCommerce peers: PayPal and Nuvei. eCommerce¹: 34.1% S&P 500: 20.8% Integrated Payments²: 7.4% Paysafe stock down -3.1% 1 since 12/4/20 to $10.29 Traditional Payments³: -11.3% Cannae Investment Summary Investment Date Total Invested Capital Current Ownership Current Value Current Gain 2020 $496.6M total / including $491.9M (or $9.10 per share) and $4.7M (or $0.58 per warrant) $576.1M CH $79.5M / 1.2x CANNAE HOLDINGS, INC. The business combination successfully closed on 3/30/2021 Cannae invested $150M via a Forward Purchase Agreement and an additional $350M in connection with the PIPE Cannae also purchased $4.7M of private placement warrants 54.0M shares (~7.5% ownership) and 8.1M warrants Subscription fee to Cannae is netted out to arrive at cost basis of $496.6M Gross market value of Cannae's investment is -$576.1M based on PSFE stock price of $10.29 and warrant price of $2.46 as of 8/5/2021 Mark-to-market gain on investment is currently $79.5M or 1.2x before taxes and fees CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 | 19#20J alight On 7/1/21 Cannae purchased 4.2M redeemed ALIT shares for $42M. As a result, Cannae received an additional 1.5M founder shares from other Sponsors. The business combination successfully closed on 7/2/21. Transaction Update(¹) On June 30, 2021, Foley Trasimene announced that stockholders voted to adopt the Business Combination Agreement for Foley Trasimene's proposed business combination with Alight and approved all other proposals In connection with the vote, 19.9M Foley Trasimene public SPAC shares (~19% of cash in trust) were redeemed The Sponsors collectively agreed to purchase 5.2M of redeemed shares (4.2M of which were bought by Cannae for $42M) ● The business combination successfully closed on July 2, 2021 Alight's Class A common stock and warrants began trading on the New York Stock Exchange on July 6, 2021, under the ticker symbols "ALIT" and "ALITW," respectively D.A. Davidson has launched coverage of Alight with a "Buy" rating and $16.00 price target as of 7/27/2021 Alight (ALIT) stock performance vs S&P 500 and public peers Since day before news of a potential merger between WPF and Alight first broke Alight (WPF) I closed at I AN $11.05 on 12/18/20 (day 12/18/20 before news of a potential deal broke) I Source: Public company filings and market data as of 8/5/2021. (1) On July 2nd, 2021, the business combination closed and WPF ticker changed to ALIT (2) Peers include: Broadridge, ADP, Paychex, Ceridian and HealthEquity. 8/5/2021 S&P 500: 20% Peers (2): 13.9% Alight (ALIT) stock closed at $9.91 as of 8/5/2021 Cannae Investment Summary Investment Date Total Invested Capital Current Ownership Current Value Current Gain 2021 $440.6M total / including $436.1M (or $8.65 per share) and $4.5M (or $0.58 per warrant) $516.1M • $75.4M / 1.2x 0 CH CANNAE HOLDINGS, INC. The business combination successfully closed on 7/2/21 Cannae committed to invest $150M via a Forward Purchase Agreement and an additional $250M in connection with the PIPE Cannae also purchased $4.5M of private placement warrants 50.4M shares (~10% ownership) and 8.0M warrants On 7/1/21 Cannae purchased 4.2M redeemed ALIT shares for $42M and as a result received 1.5M founder shares from Trasimene/Bilcar Total invested capital of $440.6M Gross market value of Cannae's investment is $516.1M based on ALIT stock price of $9.91 and warrant price of $2.08 as of 8/5/2021 Mark-to-market gain on investment is currently $75.4M or 1.2x before taxes and fees CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 20#212. 3. 4. SYSTEM 5. TREBIA ACQUISITION CORPORATION Transaction Highlights On June 29, 2021, Trebia Acquisition Corp. announced a definitive agreement for a business combination with System1, a leading omnichannel customer acquisition platform Transaction represents $1.4B Enterprise Value, or 11.9x and 9.1x 2021E and 2022E EV/Pro-Forma Billings Adjusted EBITDA, respectively As part of the transaction, System1 will also merge with Protected.net As part of the transaction, Cannae removed its $75M FPA and instead has a $200M equity backstop for redemptions Cannae's backstop will be hit pro rata with debt for the first $200M of redemptions and then Cannae's backstop will hit for the next $100M of redemptions (i.e., between redemption dollars $200-$300M) Cannae maintains its previously agreed upon amount of sponsor promote (Cannae has a -26% in Trasimene Trebia, LP, which results in a 15% indirect ownership interest in the sponsor promote) Furthermore, if backstop is hit above $75M, Cannae can earn additional promote shares Transaction was structured to provide 100% backstop of proceeds in Trebia SPAC Trust, comprised of a debt commitment of up to $400M, a $200M equity backstop from Cannae and the potential for System1 management to roll additional equity The transaction is expected to close in Q4 2021 Pro Forma Ownership (M)4 No Redemptions Shares % Own. 1.5 1.2% 1.5 1.2% 0.0 0.0% 8.5 6.6% 51.8 40.3% 66.8 51.9% 128.5 100.0% $300M Redemptions Shares % Own. 22.6 19.1% 2.6 2.2% 16.9% 20.0 7.4 6.2% 21.8 18.4% 66.8 56.4% 118.5 100.0% In both scenarios Cannae will also own 1.2M warrants at close Sources and Uses Assuming No Redemptions ($M)¹ Cannae Total Shares CNNE Founder Shares 5 CNNE Backstop Shares Founder Shares (Excl. Cannae) SPAC Investors S1/Protected Management Total Note: Assumes no redemptions; The transaction provides for 100% backstop in the case of Trebia shareholder redemptions. The $518m of cash held in Trebia's trust account is backstopped by the $200m equity commitment from Cannae, together with $218m of the BofA Securities debt commitment, which will be utilized as a backstop for potential future redemptions by Trebia public stockholders. This in conjunction with the potential for management to roll additional equity creates a 100% backstop for potential future redemptions. 1. Sources and uses represent the merger of both Protected and System1 into Trebia Acquisition Corp. $400m of total committed debt Represents debt of $325m less cash of $175m Excludes impact of warrants, excludes 1.45m sponsor shares and 1.45m sponsor shares which are transferred to management (both are restructured as an earnout at a $12.50 threshold). Includes 66.75m existing shareholders rollover shares, 10.00m SPAC sponsor shares, and 51.75m SPAC investors shares Includes the portion of founder shares Cannae owns indirectly through its ~26% interest in Trasimene Trebia, LP. Sources SPAC Cash S1 / Protected Equity Rollover Term Loan Debt² Cash on Balance Sheet Total Sources Uses Cash to Court Square Cash to S1 Protected Management Cash to Balance Sheet S1 / Protected Management Rollover Paydown Existing Debt Fees & Expenses Total Uses Amount PF Shares Outstanding Share Price PF Equity Value (+) PF Net Debt³ PF Enterprise Value PF EV/2021E PF Billings Adj. EBITDA PF Net Debt / 2021E PF Billings Adj. EBITDA 2021E PF Billings Adj. EBITDA $518 668 325 28 $1,538 Amount Pro Forma Valuation Assuming No Redemptions ($M) Valuation $250 213 175 668 178 55 $1,538 CH % CANNAE HOLDINGS, INC. 34% 43% 21% 2% 100% % 16% 14% 11% 43% 12% 4% 100% Amount 128.5 $10.00 $1,285 150 $1,435 11.9x 1.2x $120 CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 21#22optimalblue Company Overview Optimal Blue ("OB") is a leading SaaS mortgage marketplace supporting the industry's largest network of residential mortgage originators and investors - The company is a critical utility sitting in the center of mortgage originators, mortgage investors, and mortgage servicers, and provides mission critical pricing data required to close a loan Ⓡ - The company's platform connects mortgage originators with secondary investors through its repository of searchable and actionable loan programs and loan-level price data, enabling them to enhance workflow efficiencies and stay competitive and confidently execute profitable lending strategies Optimal Blue has a broad reach across commercial banks, mortgage banks, and credit unions and mortgage brokerage companies, serving more than 77,000 active users at more than 3,000 institutions - The company facilitates over $1 trillion of mortgage transactions annually, touching -35% of all locked mortgages nationwide Cannae Investment Summary Investment Date Total Invested Capital Current Ownership Sept 2020 $289M ~20% ownership • In 2020 Cannae invested $289M for a 20% ownership interest in the newly formed combined entity, which consists of Optimal Blue and Black Knight's Compass Analytics business Optimal Blue is a leading provider of secondary market solutions and actionable data services Source: Public company filings and market data as of 8/5/2021. See page 27 for EBITDA reconciliation. ● Investment Overview On September 15, 2020, Black Knight announced the closing of its acquisition of Optimal Blue, a leading provider of secondary market solutions and actionable data services Optimal Blue was purchased for an enterprise value of $1.8 billion funded with cash on hand, debt financing, and investments from Cannae and THL In connection with the acquisition, Black Knight combined its Compass Analytics business with Optimal Blue in a newly formed entity with minority co-investors Cannae and THL Cannae and THL each have a 20% ownership interest in the new entity Black Knight owns the remaining 60% Three Months Ended June 30, Three years after the closing of the Transaction, BKI will have call rights on Cannae's interests in Optimal Blue at a call price equal to the greater of (i) the fair market value and (ii) an amount that would result in a 2.0x multiple of Cannae's investment Financial Overview Revenue $ $ 2020 $ 35.3M $ Net (loss) income Adjusted EBITDA Cannae made its investment in Optimal Blue on September 15, 2020. Financial information for the three months ended June 30, 2020 is presented for comparative purposes. 5.5M 17.6M $ 2021 $ CH 44.3M CANNAE HOLDINGS, INC. (18.7M) 24.8M CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 22#23изпит INTERACTIVE ● AUSTERLITZ Transaction Summary On May 10, 2021, Austerlitz Acquisition Corp I (NYSE: AUS, AUS WS) ("Austerlitz") and Wynn Interactive, Ltd. announced that they entered into a merger agreement at a pro forma enterprise value of $3.2 billion(¹) ACQUISITION CORPORATION I Austerlitz is a publicly listed special purpose acquisition company sponsored by William P. Foley II Wynn Interactive is Wynn Resorts' online sports betting ("OSB") and interactive gaming ("iGaming") focused subsidiary, which consists of three key interactive assets: Wynn Bet (U.S.-focused OSB & iGaming business), BetBull (U.K. focused OSB & iGaming business), and Wynn Slots (social casino business) Transaction represents an attractive entry multiple of 4.5x 2023E revenue; projected annual revenue growth of 171% from 2021E-2023E as states legalize and launch sports betting and iGaming (shares in millions) Cannae Shares(³) ‒‒‒‒‒‒ – – – I Cannae's original $50 million forward purchase agreement ("FPA") is being terminated; in lieu of the FPA, Cannae has committed to backstop in full all SPAC redemptions (up to a maximum of $690 million) at $10 per redeemed share (representing up to 69.0 million shares) Existing Wynn Interactive shareholders are rolling 100% of their equity After giving effect to the transaction, irrespective of redemptions, the Company will have ~$640 million of unrestricted cash with public equity currency to ensure access to future capital to fuel growth Founder Shares (excl. Cannae) SPAC Shares Seller Rollover Shares Total Pro Forma Ownership at Close(²) Shares % Own Sources SPAC Cash in Trust Seller Rollover Equity Founder Shares Total Sources Uses Cash to Balance Sheet Seller Rollover Equity Founder Shares Estimated Transaction Fees Total Uses 0.3% 2.6% 18.2% 78.9% 100.0% Sources and Uses ($ in millions) Pro Forma Valuation ($ in millions) 1.1 10.0 69.0 300.0 380.1 Note: Represents transaction values at $10.00 per share price assuming no redemptions. Excluding dilution from 27.8 million public and private placement warrants struck at $11.50. Also excludes 11.1 million class C shares held by the sponsor which convert to class A shares at the following performance levels: (A) $15.25 within three years, (B) $23.00 within six years, (C) $35.00 within nine years. Wynn Resorts to provide incremental funding required to capitalize Wynn Interactive's operations through transaction close via intercompany loans, and Wynn Interactive to repay all intercompany loans to Wynn Resorts from balance sheet cash at close, resulting in pro forma debt-free balance sheet. (1) Assumes a pro forma equity value of $3,801 million at $10.00 per share less $640 million of cash. (2) Assumes 0% redemptions, consists of 300 million rollover shares, 69 million public Austerlitz shares and 11.1 million Austerlitz founder shares. (3) Assumes 0% redemptions. Cannae's total investment amount / number of pro forma shares/pro forma ownership at the time of closing will depend on the amount of redemptions / utilization of the backstop. Share Price Pro Forma Shares Outstanding (M) Pro Forma Equity Value Net Debt / (Cash) Pro Forma Enterprise Value TEV/2023E Net Revenue ($708M) CH CANNAE HOLDINGS, INC. $690 3,000 111 $3,801 $640 3,000 111 50 $3,801 $10.00 380.1 $3,801 (640) $3,161 4.5x CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 23#24QOMPLX: Transaction Highlights ● On 03/01/2020, QOMPLX reached an agreement to go public via a SPAC sponsored by Tailwind Acquisition Corp. (TWND) Pro Forma Enterprise Value of $1.2B based on 5.6x 2022E Pro Forma Revenue of $210M Up to $200M of the cash proceeds from the PIPE financing and Tailwind trust account will be used to fund Sentar and Tyche acquisitions . Existing QOMPLX equity holders will roll 100% of their equity and will own 59% of the pro forma company on a non-fully diluted basis(1) TAILWIND ACQUISITION Cannae has committed to an "anchor" investment of $50M of the PIPE financing to support its pre-existing -20% investment stake in QOMPLX (Cannae will own ~16% of the pro forma company at close and ~15% on a fully diluted basis) Additionally, 10% of the pro forma outstanding common stock immediately after closing will be reserved for issuance as part of an Equity Incentive Plan for management and employees Pro Forma Valuation ($M) QOMPLX Illustrative Share Price Pro Forma Shares Outstanding (M) (5) Equity Value Net Debt (6) Enterprise Value TEV / 2021E Revenue ($141M) TEV / 2022E Revenue ($210M) Source: QOMPLX financial materials. Transaction subject to closing. (1) Includes Sentar and Tyche equity consideration and Tailwind options issued in respect of vested QOMPLX options (valued based on treasury method). (2) Assumes no shareholder redemptions. (3) (4) Includes $12.5M from Cannae and $7.5M from other PIPE investors funded at signing in respect of convertible debt securities that will convert into Tailwind shares at the closing. Maximum cash consideration to be paid at closing, excluding contingent and equity consideration. (5) (6) (7) $10 144.8 $1,448 (274) $1,173 8.3x 5.6x Cash Held in Trust(2) Issuance of Tailwind Equity Cannae PIPE (3) PIPE Investors(3) Total Sources QOMPLX Equityholder Consideration (1) Est. Transaction Fees & Expenses Acquisition of Sentar & Tyche(4) Cash to Balance Sheet Total Uses Investments made by Cannae Rollover Equity PIPE Investment(7) Founder Shares Total Sources of Funds ($M) Uses of Funds ($M) Cannae Pro Forma Ownership @ $10.00 / Share $ Invested by CNNE Value @ $10/ Share $30.0M $50.0M $80.0M Shares Received 17.8M 5.0M 0.8M 23.7M CH Based on a Pro Forma share count of 144.777M which includes 85.0M rollover equity shares, 33.422M Tailwind public shares, 18M shares from PIPE investors, and 7.52M Tailwind founder shares. Tailwind sponsor agreed to forfeit 0.836M founder shares, which will be issued to Cannae for serving as the "anchor" investor. Pro forma shares and ownership figures do not reflect impact from the Tailwind warrants and the post-closing Incentive Equity Plan (including any existing unvested equity awards that may form part of such plan) and assumes no redemptions. Existing cash and debt on the pro forma balance sheet assumed net zero. Includes $12.5M convertible preferred note that will convert into Tailwind shares at the closing. $178.3M $50.0M $8.4M $236.7M CANNAE HOLDINGS, INC. $334 850 50 130 $1,364 $850 40 200 274 $1,364 Value @ $15/ Share $267.5M $75.0M $12.5M $355.0M CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 24#25AMERILIFE Company Overview AmeriLife Group was established as an independent agency with a nationwide presence comprising over 140,000 independent insurance agents and advisors, over 700 skilled career agents and over 400 registered investment advisors ● ● ● Ⓡ - The Company maintains a broad network, providing a highly scaled platform for the company to distribute life, health and retirement products AmeriLife operates across six key segments - Life & Health Brokerage, Annuity Brokerage, Retirement Solutions, Career Agency (captive distribution), Product Development/Third Party Administration Services and Worksite Solutions The Company currently partners with over 100 leading carriers across its various business segments AmeriLife maintains a diversified panel of blue-chip insurers, with no single carrier representing more than 14% of revenue Source: Public company filings and company management as of 8/5/2021. Investment Overview Our investment in AmeriLife continues to look promising as COVID specifically and aging demographic patterns more broadly, continue to drive demand for retirement services AMERILIFE® Cannae Investment Summary Investment Date Cannae has ~20% equity ownership in AmeriLife AmeriLife has exceeded its internal growth and profitability targets and continued to actively acquire smaller firms to expand its sales footprint and capture synergies from industry consolidation Total Invested Capital Current Ownership March 2020 CH $121M CANNAE HOLDINGS, INC. -20% ownership • In 2020 Cannae invested $121M for approximately 20% equity ownership • AmeriLife is a national leader in the development, marketing and distribution of life and health insurance, annuities and retirement- planning solutions CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 | 25#26Sightline Company Overview Sightline Payments ("Sightline" or the "Company"), is a dynamic Financial Technology (FinTech) company that is enabling the next generation of cashless, mobile and omni-channel payment solutions for the gaming, lottery, sports betting, entertainment and hospitality ecosystems The Company has more than 1.5 million enrolled Play+ accounts across its current portfolio of more than 70 programs in 39 States, and is poised to build on this presence, commensurate with the expansion visible in the underlying markets it serves - One of the key segments the Company serves is online gaming (both sports betting and iGaming), which is expected to build from $3 billion in total revenue to $22 billion over the next five years ▪ In addition, the Company's digital payment solutions directly address the wider gaming industry's opportunity to transform traditional gaming floors into cashless ecosystems, a $90 billion revenue market serving over 100 million customers annually Sightline is based in Las Vegas, Nevada - Play+ is Sightline's flagship solution for seamless and secure pay-and-play with more than 1.5 million enrolled accounts ■ Play+ is the leading cashless mechanism for users to safely and easily store money and fund their entertainment online, on the gaming floor, and on sports betting platforms with instant access to their money ▪ The Play+ solution has proven valuable to operators and customers given the accelerating demand for digital payments and cashless integration The safety, security, and convenience of use within digital gaming channels has triggered a massive increase in consumer interest and casino operator demand for cashless digital payment technologies, generating tremendous sales growth for Sightline Payments solutions Source: Public company filings and company management as of 8/5/2021. - Investment Overview On April 1st, 2021, Cannae announced a $32 million investment in Sightline Payments as part of a completed $100 million funding round Sightline Cannae Investment Summary Investment Date In addition to Cannae, strategic investors in Sightline Payments include Searchlight Capital Partners, Point Break Capital, Shift4 Ventures, Genting Group, and Vectr Ventures Total Invested Capital 2021 $32M ● CH Invested March 31, 2021 CANNAE HOLDINGS, INC. Cannae invested $32M CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 26#27Paysafe EBITDA Reconciliation Paysafe Limited Adjusted EBITDA Reconciliation (In Millions) (Unaudited) Three Months Ended March 31, Net loss Income tax benefit Interest expense, net Depreciation and amortization EBITDA Share-based compensation expense Impairment expense on intangible assets Restructuring and other costs Loss on disposal of subsidiaries and other assets, net Other (income) expense, net Adjusted EBITDA $ 2020 (51.0) $ (17.9) 38.2 69.5 38.8 53.0 5.6 0.3 15.1 112.8 $ 2021 (49.0) (5.1) 58.5 65.5 69.9 72.3 0.6 3.0 (32.6) 113.2 CH CANNAE HOLDINGS, INC. CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 27#28Optimal Blue EBITDA Reconciliation Optimal Blue Adjusted EBITDA Reconciliation (In Millions) (Unaudited) Three Months Ended June 30, Net (loss) income Interest expense Income tax (benefit) expense Depreciation and amortization EBITDA Transaction and integration costs Equity-based compensation Expense reduction initiatives Management fees Adjusted EBITDA SA 2020 5.5 $ 3.2 0.2 6.4 15.3 1.6 0.5 - 0.2 17.6 $ 2021 (18.7) 7.8 (3.0) 34.4 20.5 1.7 2.3 0.3 24.8 CH CANNAE HOLDINGS, INC. CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 28