Cannae (CNNE) investor relations material

Strategic focus and portfolio transition

• Transitioning to a concentrated portfolio centered on sports and entertainment assets to drive long-term investment returns and synergies.

• Monetized approximately $790M of non-core assets since 2025, including sales of interests in The Watkins Company and Brasada Ranch.

• Exploring strategic alternatives for the restaurant group, including a potential sale.

• Acquired 100% of Exeter Rugby Group in June 2026, advancing the sports-focused strategy.

• Portfolio includes high-quality assets such as Black Knight Football Club, JANA Partners, Minden Mill Distilling, and Alight.

Investment strategy and value creation

• Employs a proven investment playbook developed by William P. Foley II, emphasizing operational improvements and disciplined capital allocation.

• Demonstrated ability to generate shareholder returns, with ~$2.9B in net realized gains since inception.

• Focused on narrowing the stock price discount to NAV through share repurchases and capital returns.

• Permanent capital structure allows for long-term, flexible investments in sports and entertainment.

• Repeatable strategy for growing revenue, improving operations, and driving performance across portfolio companies.

Sports and entertainment platform

• Sports assets offer structural tailwinds, with global sports media rights expected to reach $67B in 2026.

• Black Knight Football Club owns AFC Bournemouth, FC Lorient, and Moreirense FC, leveraging a multi-club model for operational synergies.

• AFC Bournemouth improved from 19th to 6th in the Premier League, qualified for European competition, and increased revenue by ~50% since acquisition.

• Exeter Rugby Group acquisition provides access to a leading UK rugby club with strong brand and commercial assets.

• Sports investments benefit from durable demand, predictable revenue, and opportunities for monetization expansion.