Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 446

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 446
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 class of securities, creditors, or
other constituencies of the Company, or the cancellation of the Class B Shares pursuant to the Agreement; nor as to the fairness of the amount or nature of any compensation to be paid or payable to any of the officers, directors or employees of
the Company, or class of such persons, in connection with the Transactions, whether relative to the Aggregate Consideration to be paid to the holders (other than Parent and its affiliates) of Shares pursuant to the Agreement or otherwise. We are not
expressing any opinion as to the prices at which the Shares or Parent Class A Common Stock will trade at any time or as to the potential effects of volatility in the credit, financial and stock markets on the Company or Parent, or the
Transactions, or as to the impact of the Transactions on the solvency or viability of the Company or Parent or the ability of the Company or Parent to pay their respective obligations when they come due. Our opinion is necessarily based on economic,
monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof and we assume no responsibility for updating, revising or reaffirming this opinion based on circumstances, developments or events
occurring after the date hereof. Our advisory services and the opinion expressed herein are provided for the information and assistance of the Special Committee and, with respect to the opinion, the Board of Directors of the Company in connection
with its consideration of the Transactions and such opinion does not constitute a recommendation as to how any holder of Shares should vote or make any election with respect to such Transactions or any other matter. This opinion has been approved by
a fairness committee of Goldman Sachs & Co. LLC.

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Special Committee of the Board of Directors Enfusion, Inc. January 10, 2025 Page 5 Based upon and subject to the foregoing, it is our opinion that, as of the date hereof, the Aggregate Consideration to be paid to the holders (other than Parent and its affiliates) of Shares pursuant to the Agreement is fair from a financial point of view to such holders of Shares.

| Very truly yours,           |
| /s/ GOLDMAN SACHS & CO. LLC |
| (GOLDMAN SACHS & CO. LLC)   |

D-5

Annex E General Corporation Law of the State of Delaware, Section 262 § 262 Appraisal rights

| (a) | Any stockholder of a corporation of this