Cannae Holdings CEO Ryan Caswell Issues Shareholder Letter; Board Established New Set Of Strategic Priorities

Fellow Shareholders,
Over the last year we have made substantial progress executing our strategic initiatives
outlined in 2024 designed to generate long-term shareholder value. Notable accomplishments in
2025 include further transformation of our portfolio with the sale of Dun & Bradstreet to
Clearlake Capital for total proceeds of $630 Million to Cannae, significant returns of capital to
shareholders through the repurchase of $323 million of stock, representing 28% of shares
outstanding, and an increase in our dividend, and follow-on investments in Black Knight Football
Club and JANA Partners. We have also continued to create significant value in our portfolio
companies, such as at BKFC where we are experiencing success both on and off the pitch.
Despite these accomplishments, the Board and management are not satisfied with our
stock price and believe that it does not reflect the intrinsic value of our assets or the long-term
potential of the platform. As a result, and based on feedback from our shareholders, the Board has
established a new set of strategic priorities designed to provide greater clarity and drive sustained
long-term value creation for shareholders. The key tenets of this strategy are as follows:
1. Portfolio Transformation and Strategic Focus: We are accelerating the transformation
of our portfolio to concentrate primarily on sports and entertainment-related investments, where
Cannae has demonstrated a differentiated competitive advantage. We continue to benefit from
access to proprietary investment opportunities in these sectors and intend to build a more
focused, efficient portfolio of synergistic assets where Cannae can actively drive value creation. As
part of this transformation, we will continue to monetize non-strategic assets in a disciplined
manner to redeploy capital toward higher-return opportunities.
2. Enhanced Operating Performance and Transparency: We are intensifying our focus on
improving the operating performance of our portfolio companies while increasing the level of
disclosure provided to shareholders. Beginning this quarter, we are broadening our reporting to
provide greater visibility into asset-level operating results and value creation initiatives at our
portfolio companies. This can be seen from the information provided later in the letter.
3. Disciplined Capital Return: Returning capital to shareholders remains a priority. We are
committed to maintaining a consistent quarterly dividend and, subject to capital availability, may
pursue selective and opportunistic share repurchases.
4. Ongoing Governance Evolution: The Board remains committed to continuous evaluation
and enhancement of our governance policies and procedures consistent with best practices.
CANNAE HOLDINGS, INC. / FOURTH QUARTER 2025 UPDATE
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We believe executing on these strategic priorities will lead to growth in Cannae NAV and
stock price.
We thank you for your continued support.
Sincerely,
RYAN R. CASWELL
Chief Executive Officer
CANNAE HOLDINGS, INC. / FOURTH QUARTER 2025 UPD