~ Acquisition of the PREM Rugby Club at an Attractive Entry Valuation Marks Cannae’s Latest Step in Transforming its Portfolio Toward Sports and Entertainment Assets ~

Cannae Holdings, Inc. (NYSE:CNNE) ("Cannae" or the "Company") today announced that through its newly created subsidiary Black Knight Rugby, it has completed the acquisition of Exeter Rugby Group ("Exeter Chiefs", "Exeter" or the "Club"), a leading professional rugby union club based in Exeter, Devon, England and a member of Gallagher PREM Rugby ("PREM Rugby" or the "PREM"), which is the top division of the English rugby union system.

The Club has a proven track record as one of the top-performing rugby union clubs in Europe, with the men’s team winning two PREM Rugby titles and one Investec Champions Cup in a run of six consecutive finals appearances between 2015/16 and 2020/21. The women’s team competes in the Premiership Women’s Rugby League, securing top four finishes in four of the last six seasons and winning the Allianz Cup in the 2021/22 and 2022/23 seasons. Exeter also has a track record of being one of the most financially sustainable rugby union clubs, posting 20 consecutive years of profit prior to the COVID-19 pandemic. The Club has developed a strong brand within the community and a significant base of supporters and members that Cannae is excited to work with going forward.

The transaction values Exeter at an enterprise value of £32.6 million (approximately $43 million USD), with Cannae investing £19.6 million (approximately $26 million USD) at closing of which £11.7 million (approximately $16 million USD) will be used to pay down outstanding debt and other liabilities at close and £7.9 million (approximately $10 million USD) will remain on Black Knight Rugby and Exeter’s balance sheet for growth capital and general corporate purposes. The purchase price represents an attractive entry multiple into a leading professional sports asset.

The acquisition furthers Cannae’s strategy of transforming its portfolio to concentrate on sports and entertainment-related assets, where Cannae has a differentiated competitive advantage and the ability to drive shareholder returns. Exeter represents another sports and entertainment related asset where Cannae can leverage its success and synergies across its portfolio.