Cannae SPAC Presentation Deck
1 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 4View entire presentation