Cannae : Investor Presentation December 2020

INVESTOR PRESENTATION

December 2020

SAFE HARBOR

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 ultimate outcome of any possible transaction between us and CoreLogic, including uncertainties as to whether CoreLogic will cooperate with us regarding a proposed acquisition of CoreLogic; the ultimate result of the proxy contest initiated by Senator and Cannae for election of directors to CoreLogic's board of directors; our ability to consummate a proposed acquisition of CoreLogic; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of our Annual Report on Form 10-K for the year ended December 31, 2019 and other filings with the SEC.

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 Company's Form 10-Q,10-K and other filings with the Securities and Exchange Commission.

Many statements and case studies contained herein relate to (i) Fidelity National Financial, Inc. ("FNF"), (ii) Fidelity National Information Services, Inc. ("FIS"), or (iii) Black Knight, Inc. ("BKI"). An investment in Cannae is not an investment in FNF, FIS or BKI. The historical stock price performance of FNF, FIS, or BKI are 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.

Investor Presentation Fall 2020

2

CANNAE IS AN ATTRACTIVE INVESTMENT OPPORTUNITY

Cannae Overview

• Cannae Holdings Inc. ("Cannae" or the "Company") is an externally managed diversified holding company led by William P. Foley, II ("Bill Foley" or "Foley")
• 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 ~$148B of shareholder value across multiple public company platforms over his career (1)
• Cannae follows Foley's investment philosophy and established playbook to maximize returns on investments
• 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

Select Current Investments (2)

COMPANY	INITIAL YEAR	OWNERSHIP	BOOK VALUE
INVESTED	AS OF 9/30/2020	AS OF 9/30/20
	2007	~16M shares (3)	$1,096M
	2019	~76M shares	$681M
	2019	~6M shares	$391M (4)
	2020	~20% ownership interest	$285M
	2020	~20% equity ownership	$118M

Strong Returns Since Inception

+ 196% (5)

+ 112% (6)

+ 71% (6)

Cannae

S&P 500

Russell 2000

One share of Cannae is up ~196% since inception in 2014 (5)

Source: Public company filings and market data as of 12/07/20.

1. See page 6 for further details.
2. See page 18 for further details.
3. As of 9/30/2020 Cannae owned ~16.1M shares of CDAY. On 11/9/2020 Cannae sold ~2.1M shares of CDAY. Following the sale, Cannae now owns ~14M shares of CDAY.
4. Consists of Cannae's direct holdings of CLGX and indirect holdings through venture with Senator Investment Group

(5)	Return analysis from 7/1/2014 - 12/7/2020. Assumes shares of Remy and J. Alexander's continued to be held after spin-off from Cannae. See page 12 for further details.	Investor Presentation Fall 2020	3
(6)	Bloomberg data, return analysis from 7/1/2014 - 11/6/2020 inclusive of dividends reinvested in the index.

KEY INVESTMENT HIGHLIGHTS

1	Led by William P. Foley, II
	A preeminent operator and deal maker with a long proven track record of shareholder value creation

2	Unique Investment Philosophy & Playbook
	Utilizes Foley's investment philosophy and value creation playbook built over 30+ years and hundreds of strategic acquisitions
3	Differentiated Access to Proprietary Investments
Leverages differentiated sourcing capabilities and long-term relationships to identify and execute proprietary transactions
4	Proven Ability to Generate Excess Returns
	Cannae has generated an ~18% CAGR since inception in 2014 (1) versus ~13% for the S&P 500 and ~9% for the Russell 2000 (2)
5	Attractive Portfolio with Significant Embedded Upside
Significant value creation opportunities within existing portfolio and potential new investment opportunities

Source: Public company filings and market data as of 12/07/20.

(1) Cannae return analysis from 7/1/2014 - 12/7/2020. Assumes shares of Remy and J. Alexander's continued to be held after spin-off from Cannae. See page 12 for further details.Investor Presentation Fall 2020 4

(2) S&P and Russell returns from Bloomberg data, return analysis from 7/1/2014 - 12/7/2020 inclusive of dividends reinvested in the index.

CANNAE IS LED BY WILLIAM P. FOLEY, II

William P. Foley, II

Best-In-Class Manager

• Bill Foley is responsible for the growth of ~$148B 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") 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 recently led the acquisition of Dun & Bradstreet in February 2019 as well as the subsequent IPO of Dun & Bradstreet in June 2020; Foley is the Chairman of the board of directors for Dun & Bradstreet
• 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 12/07/20.

1. See page 6 for further details
2. Achievement on-going.
3. Synergy projection and realization data provided by FNF.

Strong Track Record Delivering Value…

	$93.4B
		$13.8	$14.3
$10.7B			$11.4
$2.5B	$1.6B	$2.9B	$2.1B
$3M

1984 LBO Current Mkt 2006 Spin- Current Mkt 2015 IPO Current Mkt 2018 IPO Current Mkt 2019 LBO Current Mkt

Cap Off CapCapCapCap

…And Overachieving Targeted Savings

Acquiror	Target	Acquisition date	Forecast savings	% of target achieved
Cannae	D&B	Feb-2019	$200M		113% (2)
FNF	LPS	Jan-2014	$150M		208%
FIS	Metavante	Apr-2009	$260M		115%
FNF	Land America	Dec-2008	$150M		177%
FIS	eFunds	Sep-2007	$65M		134%
FIS	Cartegy	Feb-2006	$50M		100%
	Intercept (3)	Dec-2004	$25M		131%
FNF
FNF	Aurum (3)	Mar-2004	$15M		115%
FNF	Chicago Title (3)	Mar-2000	$90M		147%
Average:					137%
			Investor Presentation Fall 2020	5

DECADES OF VALUE CREATION IN PUBLIC MARKETS

5-year Market Cap Growth of Companies Led by William P. Foley, II

Combined Market Cap ($B)

12/7/20

$160

7/31/19

06/30/20

$148B

11/20/17

04/26/18

FIS completed Worldpay

Cannae completed

FNF completed the

Cannae completed

merger for ~$43B in a

Dun & Bradstreet IPO

90%/10% stock/cash

$140

split-off of FNFV

Ceridian IPO

transaction

(now CNNE)

$120

10/2/17

FNF distributed its

83.3M shares of BKFS to

$100

FNF shareholders

$80

$60

$40

$33B

$20

$--

Nov-2015May-2016Dec-2016Jul-2017Jan-2018Aug-2018Mar-2019Sep-2019Apr-2020Nov-2020

(1)	(2)

Source:	Public company filings and market data as of 12/07/20.
Note:	Market cap based on quarterly weighted average diluted shares outstanding for each company. Does not include dividends.	Investor Presentation Fall 2020	6
(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.

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

• 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 managementto 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 marginsover 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 acquisitionssuch as:
• Diversified investmentsincluding:
• FNF is now the nation's largesttitle insurance and settlement services company
• • #1 market sharein the residential purchase, refinance, and commercial markets (2)
  • FNF average pre-taxtitle margins of ~14% over the last decadecompared to competitor average margins of ~8%during the same period (2)

Foley Playbook

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-onacquisitions
• Transformative transactions

Foley's value creation playbook was created and first implemented at FNF, where it has been driving consistent outperformance for 30+ years

Source: Public company filings and market data as of 12/7/20.

(1)	Revenue and ranking as of 1981. From Fidelity National Title Insurance Company website.	Investor Presentation Fall 2020	7
(2)	FNF margins and rankings data from the FNF Fall 2020 Investor Update Presentation. Title margin averages include every year from 2010 - 2020 YTD.

PLAYBOOK SUCCESSFUL ACROSS NUMEROUS INVESTMENTS

		•	Global human capital management ("HCM") software	•	Global provider of business decision data, analytics, and	•	A premier provider of high-performance software, data
			provider with $14.3B of market capitalization		insights		and analytics for mortgage and home equity lending and
		•	Continues to expand internationally with launch of	•	Expanding analytical applications with strategic		servicing
Company			global payroll for UK, Australia, and Ireland in 2019		acquisitions - 3 tuck-ins in the last 12 months	•	Expanded and scaled with selective M&A
Overview
		•	Acquired Dayforce, a SaaS cloud software company in	•	Brought in strategic and capital partners to execute the	•	Re-acquired Lender Processing Services ("LPS") in 2014
			2012		~$7B Enterprise Value / ~$2B Equity Value acquisition of D&B		for $4.2B
		•	Sold Comdata to FleetCor Technologies in 2014 for total	•	Led strategic direction in Executive Chairman role	•	Branded the technology, data, and analytics business as BKI
Bill Foley			pre-tax gains of ~$500M	•	Executed IPO above the expected range in June 2020 at a	•	Replaced the entire senior leadership team and brought in
	•	Executed IPO in 2018 at a ~$3B equity valuation		~$9B equity valuation		Thomas H. Lee
Playbook		•	Successfully monetized in both follow-on and block	•	In its first day of trading following the IPO, DNB stock closed	•	Took the company public in 2015
			trades post-IPO		up ~15%
		•	Streamlined the management, which was critical to	•	Recruited a new management team to accelerate strategic	•	Reorganized the company and refocused management on
			business model shift from a service bureau model to a		transformation		growth
			SaaS model	•	Helped identify efficiencies and optimization measures -	•	Drove $300M of cost savings through optimization
		•	Expanded EBITDA margins by ~800 bps since		achieved ~$225M in cost savings so far	•	Expanded EBITDA margins by over 1,000 bps
Transformation and		acquisition (1)	•	Realigned organization to increase effectiveness and	•	Equity value has increased substantially from ~$2B at 2015
•	Revenue growth accelerated from ~2% to 11%+		accountability		IPO to current market cap of ~$13.8B
Achievement of
•	Equity value has increased substantially from ~$3B at	•	Optimized go-to market strategy to incentivize cross-selling
Synergies
		2018 IPO to current market cap of ~$14.3B		and long-term contracts
				•	Equity value has increased substantially from ~$2B at 2018
					LBO to current market cap of ~$11.4B
Source: Public company filings and market data as of 12/07/20.				Investor Presentation Fall 2020	8
(1)	Includes only the Human Resources Solutions segment at the time of acquisition.

TRACK RECORD OF SUCCESSFUL INVESTMENT IN TIMES OF DISRUPTION

Date	Acquirer	Target	Commentary

January 2014

October 2009

December 2008

November 2007

September 2007

August 2007

• Took advantage of misdirected strategy and fallout from robo-signing litigation to acquire LPS
• Carved out the MSP business into what became Black Knight
• Has delivered a greater than 7x return for investors
• Created world's largest provider of banking and payments technology
• ~$4.5 billion transaction
• Created the largest title insurer in the United States
• ~$235 million acquisition
• Entered into human resources outsourcing industry
• ~$5.3 billion acquisition with THL / 33% ownership stake for FNF
• Strengthened FIS' competitive position in electronic processing and risk management services
• ~$1.8 billion acquisition
• Provided FNF with complete ownership and control of vital assets
• ~$100 million acquisition

Represents Foley investments in previous economic disruptions or investments in companies under severe stress

Source: Company press releases, filings, and other publicly available information as of 12/07/2020.

Investor Presentation Fall 2020

9

FOLEY FOCUSES ON RECURRING INVESTMENT THEMES

Compellingindustry

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

• Global provider of business decision

data and analytics

• Leading human capital management

company

Sustainablegrowth

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

High recurringcash flow with

long-term contracts

Unseen Potential for Growth

• Bill Foley focuses on long-term revenue growth and profitability opportunities
• Has achieved industry leading title

margins over multi-decade economic cycles

• Improved adjusted operating

margins by 1,000 bps and re-ignited revenue growth

Investor Presentation Fall 2020 10

DIFFERENTIATED RELATIONSHIPS WITH CAPITAL PARTNERS AND BUSINESS LEADERS DRIVE INVESTMENT SOURCING

	Family Offices	Sovereign Wealth Funds
	Sovereign Wealth Funds
Capital	Public markets
Partners
Leading Institutional Investors

	 Randy Quirk (CEO)	 Gary Norcross: current	 Anthony Jabbour / Kirk	 Current CEO Chris Blunt	 Recruited leaders from BKI	 Recruited David Ossip as
	 Roger Jewkes (COO): via	CEO, from ALLTEL	Larsen /	(recruited from NY Life)	management - Jabbour,	part of Dayforce acquisition
	acquisition	Bryan Hipsher:		Hipsher, Coop to lead D&B	to lead turn-around &
		acquisition of Western Title
		 Frank Martire: Former	re-recruited from FIS		 Recruited Steve Daffron	replace former CEO
		in 1988
Business		Mike Nolan (President):	CEO from Metavante			from Motive Partners
Leaders	acquisition			(founded by former FIS
	via acquisition of Chicago
Developed		 Kirk Larsen: former			executives)
	Title in 2000
			treasurer (via Metavante
			acquisition)
			 Anthony Jabbour
			(recruited into FIS)

William P. Foley II has a long and successful track record of partnering with different capital pools and bringing in and developing successful business leaders

Investor Presentation Fall 2020 11

CANNAE STOCK IS OUTPERFORMING MARKET BENCHMARKS

Growth of One Share of Cannae Since Inception

Cannae shareholders have realized an ~18% CAGR since 7/1/2014 accounting for all spin-offs and distributions (1)

$16.54

JUL 2014

December 31, 2014

Cannae completes the spin-off of Remy. Cannae shareholders received 0.17879 shares of Remy per share of Cannae

Cannae vs. S&P 500 vs. Russell 2000

07/01/2014 - 12/07/2020

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)

CNNE:

+ 196%

S&P 500:

+ 112% (4)

Russell 2000:

+ 71% (4)

12/7/20

$48.95

+196% Growth

~18% CAGR

DEC 2020

STOCK PRICE

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 12/7/2020. 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 $45.79 on 12/7/20.
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.
4. S&P and Russell returns from Bloomberg data, return analysis from 7/1/2014 - 12/7/2020 inclusive of dividends reinvested in the index.

Investor Presentation Fall 2020 12

PRO FORMA ILLUSTRATIVE VALUE PER CANNAE SHARE BY INVESTMENT

= Cost Basis in Investments

= Mark to Public Market Value Adjustments (9)

D&B, CDAY, BFT, CLGX, WPF & TREB are Public - shown at Market Value (inclusive of promote shares and warrants where applicable)

less taxes & incentive payments		$4.32			$0.91
		$1.42
$7.29	$1.90
$2.90

	$12.96	$5.39
	$11.89
$17.31
$9.39	$1.07

$7.92

			$2.12		$49.35
	$1.29			~17% Discount
$3.15
					$42.37

Optimal Blue and AmeriLife are private - shown at cost

DNB (1)	CDAY (2)	BFT (3)	CLGX/SFS (4)	WPF/TREB (5)	Optimal Blue (6)	AmeriLife (7)	Other Investments / Net	Intrinsic Value Per	Current Share Price
							Cash (8)	Share	(12/7/20)

Significant value embedded in existing portfolio…without any upside from existing private investments or new proprietary investments

Note: Based on Cannae's holdings as of 9/30/2020. Per share amounts based on ~91.7M Cannae shares outstanding as of 9/30/2020. Amounts shown are net of allocable taxes.

1. Based on the Company's ~76.6M shares of DNB held as of 9/30/2020.
2. Based on the Company's ~16.1M shares of CDAY as of 9/30/2020 net of ISIP liability. Does not reflect the sale of ~2.1M shares on 11/9/2020.
3. Based on the Company's shares and warrants held.
4. Based on the Company's ~5.8M shares of CLGX held indirectly as of 9/30/2020. Does not reflect any sales of shares subsequent to 09/30/2020.
5. Represents combined net investment gain as of 12/7/2020.
6. Based on cost of investment made mid-September 2020.
7. Based on cost of investment.
8. Primarily represents CorooHealth, Real Estate Development, Triple Tree, Colt and QOMPLX all at cost.
9. Public fair value marks based on market prices as of 12/07/2020.

Investor Presentation Fall 2020 13

CANNAE'S SPAC INVESTMENT OPPORTUNITY

Overview of Cannae's SPAC Investments

• Cannae investors have the unique opportunity to participate in SPACs led by Bill Foley and receive both shares of the SPAC as well as shares of the sponsor promote
• Cannae has committed $375M for SPAC investments via three Forward
  Purchase Agreements ("FPAs")
• In addition to the FPAs, Cannae also received direct economic interest - ranging from ~15% to ~20% - in the sponsor promote for each SPAC
• Participation in the sponsor promote effectively lowers Cannae's implied per share cost basis below the IPO share price of $10 (2)

	STOCK	EFFECTIVE	ECONOMIC	FORWARD	SIZE OF
SPAC	INTEREST IN	PURCHASE	TARGET
TICKER	DATE
	SPONSORS	COMMITMENT	RANGE
Trebia	TREB	06/16/2020	~15%	$75M	$1.5B - $2.5B
FTAC	WPF	05/26/2020	~20%	$150M	$3.5B - $8.0B
FTAC II	BFT	08/18/2020	~15%	$150M	$6.5B - $11.0B
			Total:	$375M

BFT Upside from Founder Shares

Excludes additional potential upside from redeemable warrants received

	Cost Basis (2)	Illustrative Upside at Various Hypothetical Share Prices (3)
		~120%
	$10.00	~100%
Includes PIPE	$9.11
	~65%

$7.77		~50%
Promote & FPA only
~10%
	0%
Cost Basis	@ $10 Per Share	@ $15 Per Share	@ $20 Per Share
	Cannae	SPAC IPO

Source: Public company filings and market data as of 12/07/20.

1. Number of shares and warrants received is pursuant to the terms of each agreement.

(2)	Cannae's FTAC II per share cost basis is implied based on total capital committed divided by number of shares received. Includes Promote, FPA, and PIPE commitments.	Investor Presentation Fall 2020	14
(3)	For illustrative purposes only.

CANNAE PROVIDES ACCESS TO FUTURE FOLEY OPPORTUNITIES

Opportunity to Invest in the Next Dun & Bradstreet

• In February 2019, Cannae and Bill Foley led an investor group in the $7.2B Enterprise Value / $2.1B Equity Value take-private of Dun & Bradstreet (1)
• Cannae initially invested $505.6M in DNB for ~20% fully diluted ownership and Foley became the Chairman of the Board and led the strategy around the investment
• • Cannae has since made two additional investments in DNB, one for M&A and another at time of DNB's IPO in June 2020
  • Currently, Cannae's total investment in DNB is $726.1M (2)
• Upon making the investment, Foley employed his value creation strategy to leverage DNB's best-in- class assets, improve margins through costs saving initiatives, execute accretive M&A, and increase revenue growth through reorganizing the management structure

DNB Investment Returns to Date

Illustrative Cannae investment returns to date based on DNB stock price of $27.00 as of 12/07/2020 (4)

Cost of Invested		Current FMV of		Implied MOIC		Implied Return
Capital (2)		Investment
$726.1M		~$2.1B		~3.5x		~245%

Cannae Participation in the LBO Results in Significant Outperformance versus IPO Investors (4)

$27.00

• To date, Foley has accelerated revenue growth, realized $225M in synergies and improved EBITDA

$22.00

margins by ~700bps since the take-private(3)

• On June 30, 2020, DNB announced the pricing of its initial public offering of 78,302,272 shares of	$9.48 (2)
common stock at an initial public offering price of $22.00 per share (the "IPO")
- On July 6, 2020, DNB closed its IPO of 90,047,612 shares of common stock, which includes the	$7.81 (5)

full exercise of the overallotment option of 11,745,340 shares of common stock

- On its first day of trading on the New York Stock Exchange, DNB stock closed at a price of	Cannae's DNB Cost Basis	DNB IPO Price	Current DNB Share Price
$25.35 per share, ~15% above the IPO price of $22.00 per share		June 2020	December 2020
Source: Public company filings and market data as of 12/07/20.	+ 245%	+ 23%

1. Enterprise Value inclusive of transaction fees and expenses. Equity Value represents sponsor equity.
2. Represents Cannae's Cost of Invested Capital / Tax Basis.
3. Achievement of synergies ongoing. Margin expansion based on comparing LTM annual EBITDA margins as of Q1 2020 and Q1 2019.

(4)	Returns are hypothetical / for illustrative purposes. Based on Cannae's total current cost of invested capital in DNB as of 9/30/2020.	Investor Presentation Fall 2020	15
(5)	Represents Cannae's average price paid per share on DNB shares held prior to the IPO.

Appendix

MANAGEMENT OVERVIEW

WILLIAM P. FOLEY II

Chairman

• Over 32 years of experience as a director and executive officer of FNF
• Served as a director of FIS from 2006 to 2016
• Served as Executive Chairman of BKI since 2014 and as Chairman since 2019
• Blank-checkcompany co- founder of CF Corp. (acquired Fidelity & Guaranty Life in 2017) and Trebia Acquisition Corp. and founder of Foley Trasimene Acquisition Corp. and Foley Trasimene Acquisition Corp. II

RICHARD N. MASSEY

Chief Executive Officer

• Most recently partner of Westrock Capital Partners and Bear State Advisors
• Served as Chief Strategy Officer of Alltel Corporation from 2006-2009
• Served as investment banking managing director of Stephens Inc. from 2000-2006
• Serves as director of Dun & Bradstreet, FNF, and Foley Trasimene Acquisition Corp.
• Chief Executive Officer of Foley Trasimene Acquisition Corp II

BRYAN D. COY

Chief Financial Officer

• CFO of Black Knight Sports and Entertainment - the Vegas Golden Knights, the Henderson Silver Knights, and the related arenas - since 2017
• CFO of Foley Trasimene Acquisition Corp. and Foley Trasimene Acquisition Corp. II
• Served as Chief Accounting Officer at Interblock Gaming from 2015-2017
• Served as 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
• Previously served as Manager at Deloitte from 1993-2000

DAVID W. DUCOMMUN

Executive Vice President,

Corporate Finance

• Executive VP, Corporate Finance for Foley Trasimene Acquisition Corp. and Foley Trasimene Acquisition Corp. II
• Served as Senior VP, Mergers & Acquisitions of FNF from 2011 - 2019
• Served as a Director in the investment banking division of Bank of America prior to joining FNF

MICHAEL L. GRAVELLE

EVP, General Counsel &

Corporate Secretary

• Executive VP, General Counsel and Corporate Secretary of FNF since 2010
• Executive VP, General Counsel of BKI since 2014
• Executive VP, General Counsel and Corporate Secretary for Foley Trasimene Acquisition Corp. and Foley Trasimene Acquisition Corp. II

Investor Presentation Fall 2020 17

BOOK VALUE OF CURRENT PORTFOLIO COMPANY INVESTMENTS AS OF SEPTEMBER 30, 2020

INVESTMENT	COMPANY OVERVIEW	INVESTMENT SUMMARY	INITIAL YEAR	BOOK VALUE (1)
INVESTED
	Provides global human capital management and payroll software to	Cannae owns ~16.1M shares, representing an ownership stake	2007	$1,096M
	organizations of all sizes	of approximately 11% (2)
	Leading provider of commercial data, analytics and insight on businesses	Cannae owns ~76.6M shares, representing an ownership stake	2019	$681M
	worldwide	of approximately 18%
	Leading global property information, analytics and data-enabled solutions	Consists of Cannae's direct holdings of CLGX and indirect	2019	$391M
	provider to the real estate industry	holdings through venture with Senator Investment Group
		Cannae has a 20% ownership interest in the newly formed
	Leading provider of secondary market solutions and actionable data services	combined entity, which consists of Optimal Blue and Black	2020	$285M
		Knight's Compass Analytics business
	AmeriLife is a national leader in the development, marketing and distribution of	Cannae has approximately 20% equity ownership	2020	$118M
	life and health insurance, annuities and retirement-planning solutions.
	Consists of four family and casual dining brands including O'Charley's, Ninety	Cannae has approximately 88.5% ownership in Ninety Nine,
Restaurant Group	Nine Restaurant & Pub, Village Inn and Bakers Square; also includes Legendary	2009	$103M
65.4% ownership in the other brands
	Baking, a provider of pies and premium desserts
Other	Includes: CorroHealth (f/k/a Coding Solutions), TripleTree, Colt, QOMPLX, real	Various equity and debt investments	Various	$235M
estate and other investments
Holding Company Cash				$351M
Holding Company Debt				$0
			Total:	$3,260M
Source: Public company filings and company management as of 12/07/2020.
(1)	Book values of the company's investments adjusted for tax allocations, AOCI, and stock compensation as of 9/30/2020.		Investor Presentation Fall 2020	18
(2)	As of 9/30/2020 Cannae owned ~16.1M shares of CDAY. On 11/9/2020 Cannae sold ~2.1M shares of CDAY. Following the sale, Cannae now owns ~14M shares of CDAY.

CERIDIAN

Company Overview

• Ceridian provides human capital management ("HCM") software to companies around the world
• Dayforce is the company's flagship cloud HCM platform, which provides human resources, payroll, benefits, workforce management, and talent management functionality to 4,704 live customer accounts (1)

Investment Overview (1)

• Ceridian's value proposition and the flexibility of cloud-based solutions is more relevant than ever in the COVID environment, as evidenced the growth of Dayforce products, which ended the quarter with another double- digit increase in customer live on the platform
• • That customer growth translated to a nearly 10% rise in Dayforce revenue (1)

• Powerpay is the company's cloud HCM solution designed primarily for small market Canadian customers with fewer than 20 employees

CDAY Stock Price Performance Since IPO

• On 11/9/2020 Cannae sold ~2.1M shares of Ceridian at a price of $93.00 per share
• • Following the sale, Cannae now owns ~14M shares of CDAY, representing approximately 9.5% of Ceridian (2)

$100										12/7/20:		Three Months Ended, September 30,
										$96.53
$80											($ in millions) (3)	2019	2020
$60											Total Revenue	$202.3	$204.4
	$22.00									Net Income / (Loss) (4)	$62.7	($0.8)
$40								December		Adj. EBITDA	$46.4	$33.2
										% Margin
$20		April 2018						2020		22.9%	16.2%
			Source: Public company filings and market data as of 12/07/20.
4/26/18	8/26/18	4/26/20	8/26/20
12/26/18	4/26/19	8/26/19	12/26/19
				(1) According to Ceridian quarterly earnings report for the period ended 9/30/2020.
				(2) As of 9/30/2020 Cannae owned ~16.1M shares of CDAY. On 11/9/2020 Cannae sold ~2.1M shares of CDAY. Following the sale, Cannae now owns ~14M shares of CDAY.	Investor Presentation Fall 2020	19
				(3) See page 29 for Reg G reconciliation.

1. Net income for 3Q 2019 included a one-time tax benefit of $65.8M related to the release of our valuation allowance.

DUN & BRADSTREET

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 Stock Price Performance Since IPO

$30
		10/07/20
$28		Announcement of Bisnode
	Acquisition
		12/7/20:
$26			$27.00
	$22.00
$24	July		December
$22	2020		2020

7/1/20

7/15/20

Source: Public company filings and company management as of 12/07/2020.

1. Cannae Q3 2020 Quarterly Update.
2. See page 30 for Reg G reconciliation.

Investment Overview (1)

• On July 6, 2020, D&B closed its initial public offering of 90,047,612 shares of common stock, which includes the full exercise of the overallotment option of 11,745,340 shares of common stock
• • D&B's shares of common stock began trading on the New York Stock Exchange under the ticket symbol "DNB" on July 1, 2020
• In the third quarter, D&B's management team produced results exceeding analysts' estimates of top line, profitability and earnings per share, and accomplished an additional $5M of annual cost savings, bringing the program-to-date total to $225M
• On October 7, 2020, D&B announced it signed a purchase agreement to acquire long-time partner Bisnode, which will significantly expand their presence in several key European regions

	Three Months Ended, September 30,
($ in millions) (2)	2019	2020
Adj. Revenue	$408.2	$442.1
Net Income / (Loss)	($88.8)	($17.0)
Adj. EBITDA	$155.0	$197.0
% Margin	38.0%	44.6%
	Investor Presentation Fall 2020	20

OPTIMAL BLUE

Company Overview

• Optimal Blue ("OB") is a leading SaaS mortgage marketplace supporting the industry's largest network of residential mortgage originators and investors
• Optimal Blue 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

Source: Public company filings and company management as of 12/07/2020.

1. Cannae Q3 2020 Quarterly Update.
2. See page 31 for Reg G reconciliation.

Investment Overview (1)

• On September 15, 2020, Cannae successfully completed an approximately $289M minority investment in Optimal Blue alongside our partners Black Knight and THL
• • In connection with the acquisition, Black Knight is combining its Compass Analytics business with Optimal Blue in a newly formed entity
  • Cannae has a 20% ownership interest in the new entity
• We believe Optimal Blue's products will continue to benefit from strong underlying trends in the mortgage market, including the digitization of mortgages, further diversification of loan originators, and low interest rates driving large volumes
• • Furthermore, this investment will benefit from the leading management and oversight of its majority owner, Black Knight

		Three Months Ended,		Period from
		September 30,		Sept. 15 to Sept.30
($ in millions) (2)
2019	2020		2020
Revenue	$28.6	$37.2	$6.7
% Growth	N/A	30%		N/A
Net Income / (Loss)	($0.3)	($4.3)	($25.1)
Adj. EBITDA	$8.8	$16.3	$3.6
% Margin	30.8%	43.8%	53.7%
		Investor Presentation Fall 2020	21

AMERILIFE

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 12/07/2020.

1. Cannae Q3 2020 Quarterly Update.
2. Amerilife company website.

Investment Overview (1)

• Our investment in AmeriLife continues to look promising as COVID specifically and aging demographic patterns more broadly, continue to drive demand for retirement services
• 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

2020 M&A Update (2)

Acquisition:	Strategy:	Announced:
The Achievement Group	Expands retirement planning services	9/23/2020
Senior Healthcare Direct	Enhances direct-to-consumer platform	9/29/2020
Secure Administrative Solutions	Expands third-party administration capabilities	10/6/2020
The Equita Group	Expands final expense platform and call	10/15/2020
	center capabilities
Forward Strategies Insurance	Strengthens growing need for agent support	11/5/2020
Brokerage
American Benefits Exchange	Expands distribution capabilities	11/18/2020
	Investor Presentation Fall 2020	22

WILLIAM P. FOLEY II TRACK RECORD: FNFV/CANNAE - 2014-

PRESENT

CDAY completes secondary

CDAY completes secondary

public offerings of $284M,

public offerings of $101M,

$116M, and $122M in Feb'20,

FNFV sells One Digital for

Ceridian completes IPO

$112M, and $264M in

and May'20, respectively

raising $531M

May'19, in Sep'19, and in

Market Cap

$560M in an all-cash transaction

D&B closes its IPO in July'20

(NYSE: CDAY)

Nov'19, respectively

($ in B)

Remy acquired by Berg

FNFV acquires T-system

(NYSE: DNB)

FNFV is created as a

Warner

tracking stock for FNF's

FNFV makes additional

$4.0

FNF splits out FNFV - renamed

portfolio investments

FNFV completes spin-off

$3.9

~$56M investment in Ceridian

Cannae Holdings

FNFV completes

of J. Alexanders (NYSE:

(NYSE: CNNE)

JAX)

spin-off of Remy

$3.0

(NASDAQ: REMY)

$2.9

		$2.3	$2.3
$2.1	$2.0	$2.0

$2.0

$1.0

$0.0

2014	2015	2016	2017	2018	2019	Current
Source: Public company filings and management. Factset as of 12/7/2020.					Investor Presentation Fall 2020	23

BILL FOLEY TRACK RECORD: FNF - 1984-2000

Bill Foley acquired FNF in 1984 and led the transformation of FNF into the world's largest title insurer within 16 years

Market Cap

($ in M)

$5,000

$4,500

$4,000

FNF begins industry consolidation with acquisition of Western Title, SafeCo, and North Counties Title

Bill recruits Roger Jewkes who would

eventually become COO of FNF

FNF makes 17 acquisitions for	FNF acquires Chicago Title for
~$65M; largest of which is Nation's	$1.1B combining #4 and #2 to
Title	create largest title insurer
FNF is now the 4th largest title	Bill Foley recruits Mike Nolan
insurer
	who would eventually become

President of FNF

$3,500

$3,000

$2,500

$2,000

$1,500

$1,000

$500

$0

Bill Foley

FNF completes 15 more

title/escrow deals for total

becomes

consideration of $116M;

President & CEO

FNF acquires

largest of which is Alamo

in $21M LBO

FNF public listing on

FNF acquires

with $3M in

American Stock

Meridian Title

Security Title &

Title

equity

Exchange

Guarantee

$2,500

Bill recruits Randy Quirk -

FNF changes listing to

Randy would eventually

NYSE & acquires

become CEO of FNF

Continental Lawyers Title

$380

$410

$3

$3

1984

1985

1987

1987-1988

1991

1992

1993

1994-1996

1997-1999

2000

Source: Public company filings and management.

Investor Presentation Fall 2020

24

BILL FOLEY TRACK RECORD: FNF - 2000-PRESENT

Bill Foley continued to grow FNF to current ~$10B market cap, while diversifying into other portfolio investments

Market Cap

($ in B)

$20.0

FNF acquires the

financial services

division of ALLTEL

Information Services

for $1B and moves

HQ to Jacksonville,

FL

FNF acquires

Acquisition of

Lawyers Title

and

Commonwealth

Land Title

Company

Acquisition of Lender Processing Services (NYSE: LPS) for $4.2B

FNF acquires Digital Insurance and

J. Alexander's (NASDAQ: JAX)

FNF announces majority stake in Remy (distressed debt acquisition)

FNF becomes a pure play title company

after spin-offs of FNFV (becomes

Cannae Holdings, NYSE: CNNE) and remaining interest in BKFS (becomes Black Knight, NYSE: BKI)

Acquisition of Title Guaranty of Hawaii

$16.0

$12.0

$8.0

$4.0

$0.0

			outsourced claims
			management firm
			Sedgwick CMS
FNF acquires
	Acquisition of
Pioneer Title
		ServiceLink	Acquisition of Property
			Insights and
			33% investment in
			Ceridian - JV with THL
			FNF acquires minority
$7.9			stake in Remy
		$7.1	International out of
		bankruptcy

$5.7	$5.2
	$3.2

		IPO of Black Knight Financial
2009-2012:
Acquisition of		Services (NYSE: BKFS) - formerly
restaurant		LPS	Acquisition of FGL
companies out of		Creation of Fidelity National	Holdings for $2.7B
bankruptcy and
creation of American		Financial Ventures (FNFV) tracking
Blue Ribbon		stock for portfolio investments
Holdings (ABRH)
	$10.7	$10.7
	$9.5
	$8.1

$3.6

2003	2004	2005	2006	2007	2008	2012-2013	2014-2015	2017	2020
Source: Public company filings and management as of 12/7/2020.						Investor Presentation Fall 2020	25

BILL FOLEY TRACK RECORD: FIS - 2003-PRESENT(1)

After completely separating from FNF in 2006, FIS has grown to become a leading, international payment services provider with ~$93B market cap

Market Cap

($ in B)

$100.0

$80.0

$60.0

$40.0

$20.0

$0.0

FNF makes initial acquisition of ALLTEL

Information Services for $1B

From 2003 - 2006, FIS completed multiple

technology roll-up acquisitions for total

consideration of over $2B

FIS completed a $3.2B leveraged recap in	FIS acquires eFunds
March 2005 and paid a $1.9B special	for $1.8B
dividend to FNF shareholders	in cash

Bill begins to develop Gary Norcross as a future

leader of FIS

FIS completes stock-for-stock merger with

Certegy

FNF completes distribution of FIS shares to FNF

shareholders

$7.6$8.1

$2.5

	FIS completes merger with WorldPay in a 90%
	stock / 10% cash transaction that leaves the
FIS acquires Metavante Technologies in	combined company with a market cap in excess
of $85B
a stock-for-stock transaction worth
~$4.5B

$93.4

Develops Frank Martire as a future

leader

FIS acquires SunGard at an enterprise valuation of $9.1B with a 45%/55% cash/stock mix

FIS completes spin-off of

LPS

$17.1

$8.7

$3.1

2003-2006

2006

2007

2008

2009

2015

Current

Source: Public company filings, management, and FactSet as of 12/07/19.	Investor Presentation Fall 2020	26
(1) Bill Foley served as a director of FIS from 20016-2016.

FOLEY PLAYBOOK IN ACTION: CERIDIAN CASE STUDY

Company Overview

Ceridian Transformation

• Ceridian provides human capital management software to companies around the world
  - As of 12/7/2020 Ceridian had a market value of ~$14.2B and enterprise value of ~$14.7B
• Dayforce is the company's flagship cloud HCM platform, which provides human resources, payroll, benefits, workforce management, and talent management functionality to 4,704 live customer accounts (1)
• Powerpay is the company's cloud HCM solution designed primarily for small market Canadian customers with fewer than 20 employees
• The company also delivers HCM solutions via a service-bureau model, which it stopped actively selling after acquiring Dayforce in 2012

• Foley and THL recapped Ceridian in 2007, and again in 2011
• • In the 2011 recapitalization, all shares of cumulative preferred stock were exchanged for participating convertible preferred stock
• Ceridian acquired Dayforce, a SaaS cloud software company in 2012
• • Foley demonstrated superior capital allocation acumen and consummated the Dayforce transaction despite a highly levered capital structure
• Ceridian added David Ossip as CEO in 2013
• • Foley used acquisition as means of elevating David Ossip to CEO role, which was critical to changing strategy from a service bureau model to a SaaS based business

Strong Stock Price Performance Since IPO

• Sold Comdata sub to FleetCor in November 2014 for total pre-tax gains of $503m
• In April 2018, CDAY completed the IPO of its common stock, raising $462M by offering 21M shares

$110								$96.53	- After pricing at $22 a share - above its expected range of $19.00 - $21.00 per share - the stock
$100									surged 42% on its first trading day, closing above $31 a share
				+339% Growth				• Expanded EBITDA margins ~800 bps since acquisition (2)
$90					4.4x MOIC				• Revenue growth accelerated from ~2% to 11%+
				~71% CAGR
$80									• Ceridian's value proposition and the flexibility of cloud-based solutions is more relevant than ever in
$70									the COVID environment, as evidenced the growth of Dayforce products, which ended the quarter
$60									with another double-digit increase in customer live on the platform
								- That customer growth translated to a nearly 10% rise in Dayforce revenue (1)
$50	$22.00
							• On 11/9/2020 Cannae sold ~2.1M shares of Ceridian at a price of $93.00 per share
$40
								- Following the sale, Cannae now owns ~14M shares of CDAY, representing approximately 9.5%
	April							December
$30							of Ceridian (3)
$20	2018							2020
4/26/18	8/26/18	12/26/18	4/26/19	8/26/19	12/26/19	4/26/20	8/26/20

Source: Public company filings and market data as of 12/07/20.

1. According to Ceridian quarterly earnings report for the period ended 9/30/2020.

(2)	Includes only the Human Resources Solutions segment at the time of acquisition.	Investor Presentation Fall 2020	27
(3)	As of 9/30/2020 Cannae owned ~16.1M shares of CDAY. On 11/9/2020 Cannae sold ~2.1M shares of CDAY. Following the sale, Cannae now owns ~14M shares of CDAY.

FOLEY PLAYBOOK IN ACTION: BKI / LPS CASE STUDY

Company Overview

• Black Knight provides software, data and analytics solutions to mortgage & consumer loan, real estate and capital market verticals
• Operates through two business segments:
• • Software Solutions: Offers software and hosting solutions that support loan servicing, loan origination and settlement services
  • Data & Analytics: Offers data and analytics solutions including property ownership data, lien data, servicing data, automated valuation models, collateral risk scores, prepayment and default models, lead generation, multiple listing service solutions and other data solutions
• Key Management: Bill Foley (Executive Chairman (1) ), Anthony Jabbour (CEO & Director), Kirk Larsen (EVP & CFO)

Strong Stock Performance: 3 Year Stock Price Chart

										$88.09
$95
					+91% Growth
$85					1.9x MOIC
				~24% CAGR
$75
$65
$55	$46.15
$45	November								December
$35	2017									2020
11/6/17	3/6/18	7/6/18	11/6/18	3/6/19	7/6/19	11/6/19	3/6/20	7/6/20	11/6/20

Bill Foley Playbook

• Lender Processing Services spun out of FIS in 2008
• Bill Foley and FNF re-acquired Lender Processing Services in January 2014 for $4.2B
• • Upon closing the acquisition, Foley renamed the technology, data, and analytics business Black Knight, replaced the entire senior leadership team and brought in Thomas H. Lee Partners as a minority equity investor
  • Old LPS Transaction Services businesses remained part of FNF under ServiceLink
• Foley took Black Knight public in 2015
• Equity value has increased substantially from ~$2B at 2015 IPO to current market cap of $14.7B

Black Knight Transformation

• Bill Foley reorganized LPS and added and refocused management on growth
• • Leveraged position as market leader
  • Drove improved pricing and contract terms
  • Elimination of siloed organization chart
• Improved salesforce organization and streamlined corporate organization
• Drove over $300M of cost reductions through optimization across FNF, BKI, and ServiceLink
• EBITDA margins have expanded by over 1,000 bps
• Revenue grew from ~$750M at purchase to $1,196.5M as of 9/30/20
• Returns exceed ~6x MOIC

Source: Public company filings, management, and FactSet as of 12/7/20.	Investor Presentation Fall 2020
(1) Bill Foley became Chairman of Black Knight effective on 12/1/19.	28

CERIDIAN ADJUSTED EBITDA RECONCILIATION

(In millions) (Unaudited)
Three Months Ended September 30,		2019		2020
Net (loss) income	$	62.7	$	(0.8)
Interest expense, net		7.8		5.9
Income tax benefit		(65.6)		(5.5)
Depreciation and amortization		14.9		13.0
EBITDA		19.8		12.6
Intercompany foreign exchange (gain) loss		0.3		(1.2)
Share-based compensation		11.4		19.3
Severance charges		0.8		2.2
Restructuring consulting fees		1.5		0.3
Other non-recurring charges		12.6		-
Adjusted EBITDA	$	46.4	$	33.2
Adjusted EBITDA margin		22.9%		16.2%

See Ceridian's Q3 2020 Earnings Release for full description of non-GAAP adjustments

Investor Presentation Fall 2020 29

D&B ADJUSTED EBITDA RECONCILIATION

Three Months Ended September 30,		2019		2020
Net loss attributable to D&B	$	(88.8)	$	(17.0)
Interest expense, net		85.1		60.6
Income tax benefit		(24.0)		(9.3)
Depreciation and amortization		123.3		134.1
EBITDA		95.6		168.4
Dividends allocated to preferred stockholders		32.1		-
Other (income) expense, net		(6.3)		9.5
Equity in net income of affiliates		(0.5)		(0.7)
Net income attributable to non-controlling interest		1.4		2.1
Equity-based compensation		3.6		9.7
Merger and acquisition costs		5.9		2.2
Restructuring and transition costs		28.5		10.0
Nonrecurring charges including asset impairments and legal contingencies		-		0.3
Other reduced expenses due to purchase accounting		(5.3)		(4.5)
Adjusted EBITDA	$	155.0	$	197.0

See Cannae's Q3 2020 Shareholder Letter for full description of non-GAAP adjustments

Investor Presentation Fall 2020 30

OPTIMAL BLUE ADJUSTED EBITDA RECONCILIATION

(In millions) (Unaudited)
						Period from
						September 15 to
	Three Months Ended September 30,		September 30
		2019		2020		2020
Net loss	$	(0.3)	$	(4.3)	$	(25.1)
Interest expense		3.7		5.1		1.4
Income tax expense		0.4		2.3		3.4
Depreciation and amortization		4.4		10.1		5.6
EBITDA		8.2		13.2		(14.7)
Transaction and integration costs		-		-		18.3
Equity-based compensation		0.5		3.0		-
Management fees		0.1		0.1		-
Adjusted EBITDA	$	8.8	$	16.3	$	3.6

See Cannae's Q3 2020 Shareholder Letter for full description of non-GAAP adjustments

Investor Presentation Fall 2020 31