Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 443

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 443
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with its minority stake sale of Good Host Spaces in November 2023; as financial advisor to Kestra Financial, Inc., a portfolio company of Warburg, in connection with its sale of Grove Point Financial in September 2023; as financial advisor to
Warburg in connection with its acquisition of TIAA FSB (Everbank) in August 2023; and as financial advisor to Summit Medical Group, a portfolio company of Warburg, in connection with its sale to VillageMD in January 2023. We also have provided
certain financial advisory and/or underwriting services to WCAS and/or its affiliates and portfolio companies from time to time for which Goldman Sachs Investment Banking has received, and may receive, compensation, including having acted as
bookrunner in connection with bank loans to Asurion, LLC, a portfolio company of WCAS, in October 2024, July 2023 and February 2023; and as financial advisor to Avetta, LLC, a portfolio company of WCAS, in connection with its sale to EQT Private
Equity in July 2024. We may also in the future provide financial advisory and/or underwriting services to the Company, Parent, FTV, ICONIQ, Permira, Warburg and WCAS and their respective affiliates and, as applicable, portfolio companies, for which
Goldman Sachs Investment Banking may receive compensation. Affiliates of Goldman Sachs & Co. LLC also may have co-invested with FTV, ICONIQ, Permira, Warburg and WCAS and their respective affiliates
from time to time and may have invested in limited partnership units of affiliates of FTV, ICONIQ, Permira, Warburg and/or WCAS from time to time and may do so in the future.

In connection with this opinion, we have reviewed, among other things, the Agreement; annual reports to stockholders and Annual Reports on Form 10-K of the Company for the three years ended December 31, 2023, and the registration statement on Form S-1 of the Company, including the prospectus contained
therein, dated October 20, 2021, relating to the initial public offering of the Company’s Class A common stock; annual reports to stockholders and Annual Reports on Form 10-K of Parent for
the three years ended December 31, 2023, and the registration statement on Form S-1 of the Company, including the prospectus contained therein, dated September 21, 2021