Cannae : Sum of the Parts – May 2024

SUM OF THE PARTS

May 9, 2024

Cannae's share price of $20.22 as of 05/09/2024 is a 39% discount to the intrinsic value per share

$'s in millions except for values per CNNE share	(1)								FV, Net of Fees	(2)	& Taxes	(3)
Company	Current Ownership	Initial Year		Cost of		Gross Fair			Amount	(5)		Per CNNE
Invested		Investment	Value ("FV")	(4)					Share	(1)
	69.0M shares or ~16%	2019	$	663.6	$	719.5	$	693.1	$		11.04
	52.5M shares or ~10%	2021		440.5		403.5		407.3					6.49
	1.5M shares or ~1%	2007		9.1		88.7			72.6					1.16
	27.0M shares or ~31%	2022		231.9		47.8			86.2					1.37
	3.4M shares or ~5%	2021		150.8		52.8			72.2					1.15
BKFE	~47%	2022		176.4		176.4		165.3					2.63
	~33%	2021		272.0		162.3		170.9					2.72
	~65% & ~88%	2012		133.9		133.9		131.4					2.09
	~6%	2022		61.1		89.5			80.0					1.27
	~5%	2020		34.5		89.3			71.9					1.14
	19.99%	2024		55.5		55.5			55.7					0.89
	~89%	2023		52.1		52.1			52.1					0.83
Other investments and assets, net	Various	Various		61.6		65.3			69.3					1.10
Debt					(59.7)		(59.7)		(59.7)				(0.95)
Holding company cash and short-					26.1		26.1			26.1					0.42
term investments
TOTAL				$	2,309.4	$	2,103.0	$	2,094.4	$		33.35

1. Per share amounts based upon 62.8M Cannae shares outstanding at date of report
2. Excluding Dayforce, "Fees" represents carried interest (CI) on hypothetical disposition at FV. Upon achieving an 8% IRR hurdle, the CI is 15% on the portion that is 1.0x - 2.0x MOIC and 20% on the portion exceeding 2.0x MOIC. DAY ISIP fees are 10% of gain above $29.58 per share
3. Tax rate of 21%
4. DNB, DAY, PSFE, ALIT, SST: public company filings and market data as of date noted above; all others estimated at last marks or at cost
5. Net of estimated carried interest and tax expense of a hypothetical disposition at FV. May result in a tax benefit in the event an investment's cost exceeds FV
6. Cost of DNB investment includes $460M cash investment and $204M imputed value of shares received on 2/15/22 from the Optimal Blue transaction