Vote Outcome Demonstrates Shareholder Mandate for Meaningful Change and for New, Truly Independent Perspectives on Cannae’s Board; Shareholders Also Reject "Say on Pay" Nominees are Ready to Work Constructively in the Cannae Boardroom to Help Drive Value Creation DARIEN, Conn., Dec. 12, 2025 (GLOBE NEWSWIRE) -- Carronade Capital Master, LP (together with its affiliates, “Carronade Capital”, “our” or “we”), which beneficially owns approximately 3.2 million shares of Common Stock of Cannae Holdings, Inc. (NYS ...

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].