Carronade Capital Comments on Preliminary Results of Cannae Annual Meeting at which Two of Carronade's Nominees Were Elected to the Board

Core Viewpoint - The preliminary voting results from Cannae's 2025 Annual Meeting indicate a strong shareholder mandate for change, with the election of two independent directors, Mona Aboelnaga and Chérie Schaible, signaling a shift towards improved corporate governance and value creation [1][2]. Group 1: Election Results - Shareholders elected Carronade Capital's nominees, Mona Aboelnaga and Chérie Schaible, to Cannae's Board of Directors, receiving more votes than the Company's own nominees [1]. - The election results reflect shareholders' desire for meaningful change and a rejection of the Company's "Say on Pay" proposal, indicating dissatisfaction with the current compensation practices for directors and management [2]. Group 2: Future Directions - Cannae has committed to addressing key issues raised by Carronade, including increasing capital returns to shareholders, de-staggering the Board, and reallocating the portfolio [2]. - The newly elected directors are prepared to collaborate with existing board members and management to enhance corporate governance, improve capital allocation, and identify opportunities for value creation [2]. Group 3: Company Background - Carronade Capital Management is a multi-strategy investment firm based in Darien, Connecticut, managing approximately $2.7 billion in assets and focusing on process-driven investments in catalyst-rich situations [3]. - Founded in 2019 by Dan Gropper, Carronade Capital has a team of 17 members and aims to leverage its experience in special situations credit to drive value in its investments [3].