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].

Core Insights - Carronade Capital emphasizes the urgent need for change at Cannae Holdings to restore investor confidence and improve governance [1][2][3] - The company has proposed the election of four independent directors to enhance accountability and drive value creation [1][2][3] Summary by Sections Company Performance - Cannae has experienced chronic underperformance with total annualized shareholder returns of only 0.15% since inception, significantly lagging behind peers [2] - The company is trading at a persistent discount to its intrinsic value, attributed to poor strategic decisions and governance practices [2] Proposed Changes - Carronade Capital believes that electing its four nominees—Mona Aboelnaga, Benjamin Duster, Dennis Prieto, and Cherie Schaible—will provide the best opportunity for meaningful change [2][3] - The nominees are described as highly qualified and independent, possessing the expertise necessary to improve corporate governance and capital allocation [3] Shareholder Engagement - Shareholders are urged to vote "FOR" Carronade's nominees using the GOLD proxy card by December 11, 2025, to ensure their votes are counted [3] - The presentation highlights the need for shareholders to send a clear message that the current status quo is unacceptable [1][3] About Carronade Capital - Carronade Capital Management is a multi-strategy investment firm with approximately $2.7 billion in assets under management, focusing on process-driven investments [4] - Founded in 2019, Carronade is led by industry veteran Dan Gropper, who has extensive experience in special situations credit [4]

Core Viewpoint - Elliott Investment Management argues that Phillips 66 has consistently underperformed compared to its industry peers, with shares lagging behind Valero Energy and Marathon Petroleum by -138% and -188% over the past decade, respectively [1][10]. Group 1: Streamline 66 Plan - Elliott proposes a three-part "Streamline 66" plan aimed at increasing Phillips' stock price to over $200 per share, which includes simplifying the portfolio, reviewing refinery operations, and enhancing Board oversight [2][12]. - The plan emphasizes the need to divest non-core assets, such as the midstream business, which could be valued at over $40 billion, to focus on improving refining operations [21]. Group 2: Board Accountability and Governance - Elliott advocates for all directors to commit to a one-year term and stand for election at each Annual Meeting, enhancing accountability and governance [3][31]. - The current staggered Board structure limits accountability, and past proposals to address this have failed due to the high voting threshold required [32][34]. Group 3: Director Nominees - Elliott has nominated four highly qualified director candidates to bring necessary experience and perspectives to the Board, including individuals with significant backgrounds in refining and energy sectors [6][29]. - The nominees are expected to enhance Board independence and oversight, which is crucial for restoring investor trust and improving company performance [30]. Group 4: Historical Context and Comparisons - Elliott draws parallels with Marathon Petroleum, which successfully implemented changes after Elliott's engagement, resulting in a ~150% relative outperformance in share price [11]. - The letter highlights that Phillips 66's management has resisted necessary changes and has not prioritized shareholder value, leading to ongoing underperformance [9][25].