Authorization

Cannae Holdings, Inc. Announces Investment in Austerlitz Acquisition Corporation IIa??s Recently Priced $1.2 Billion Initial Public Offering

Cannae Holdings, Inc. (NYSE:CNNE) ("Cannaea?? or the "Companya??) today announced that it has entered into a forward purchase agreement with Austerlitz Acquisition Corporation II ("ASZa??) in which Cannae intends to purchase ASZa??s Class A ordinary shares in an aggregate share amount equal to 12,500,000 Class A ordinary shares, plus an aggregate of 3,125,000 redeemable warrants to purchase one Class A ordinary share at $11.50 per share, for an aggregate purchase price of $125.0 million, or $10.00 per Class A ordinary share, in a private placement to occur concurrently with the closing of an initial business combination by ASZ. Additionally, Cannae will invest $26.0 million in ASZ for 17.3 million private placement warrants at the initial public offering. ASZ recently priced its initial public offering of 120,000,000 units at a price of $10.00 per unit. ASZ has granted the underwriters of the offering a 45-day option to purchase up to an additional 18,000,000 units at the public offering price. The units are listed on the New York Stock Exchange (the "NYSE") and trade under the ticker symbol "ASZ.Ua??. Each unit consists of one of ASZa??s Class A ordinary shares and one-fourth of one warrant. Each whole warrant entitles the holder to one of ASZa??s Class A ordinary shares at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols "ASZa?? and "ASZ WS,a?? respectively.

The Sponsor of ASZ is Austerlitz Acquisition Sponsor, LP II, an affiliate of Trasimene Capital Management, LLC, led by William P. Foley, II. Cannae has an approximately 20% limited partnership interest in Austerlitz Acquisition Sponsor, LP II and an indirect economic interest in 20% of the founder shares, which equates to an indirect economic interest in 2.7% of the outstanding ordinary shares after this offering.

William P. Foley, II, commented, "Cannae looks forward to working with ASZ and intend to initially focus our search on identifying a prospective target in financial technology or information and business services, which acts as an essential utility to industries that are core to the economy.a??

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and BofA Securities are acting as joint book-running managers for the offering.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained, for free by visiting EDGAR on the SECa??s website at www.sec.gov. Alternatively, copies of the prospectus, when available, may be obtained for free from the offices of Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, telephone: (800)-221-1037 or by emailing: usa.prospectus@credit-suisse.com; J.P. Morgan Securities LLC c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or by emailing: prospectus-eq_fi@jpmchase.com; or BofA Securities. Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001 or by emailing: dg.prospectus_request@bofa.com. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed.
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