Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 137

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 137
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, determinations and approvals, where applicable, by the Special Committee and the Enfusion Board were based upon the totality of the information presented to, and considered by, the Special Committee and the Enfusion Board, respectively. This explanation of Enfusion’s reasons for the Transactions and other information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors described under “Cautionary Statement Regarding Forward-Looking Statements.” Certain Financial Projections Utilized by the Special Committee and the Enfusion Board Except for financial outlooks issued in connection with its ordinary course earnings announcements, Enfusion does not, as a matter of course, publicly disclose forecasts or projections as to future performance, earnings or other results due to the inherent uncertainty, unpredictability and subjectivity of the underlying assumptions, estimates and projections, especially over longer-term periods. In connection with the Special Committee’s review of strategic alternatives, however, Enfusion management in September and October 2024 prepared unaudited non-publicprospective financial forecasts for Enfusion, on a standalone basis without giving effect to the Transactions, for the fourth quarter of 2024 through the end of 2034 (the “ Financial Projections” or the “ Projections” and, together with the Tax Receivables Projections and Tax Attribute Projections (each as defined below), the “ Management Projections”). The Management Projections were both reviewed by the Special Committee and certain portions of the Management Projections were made available to potential counterparties to a strategic transaction in October 2024, including Clearwater on October 23, 2024 in connection with its due diligence review of a potential transaction. The Management Projections are summarized below. The Special Committee used these Management Projections to assist in its decision-making process in determining whether to recommend the Merger Agreement and the transactions contemplated thereby (including the Mergers) to the Enfusion Board. The Management Projections were provided to, and approved by the Special Committee for use by, Goldman 86

Sachs for purposes of performing its financial analyses in connection with rendering its opinion to the Special Committee, as described in the section of this Proxy Statement/Prospectus titled “Opinion of the Special Committee’s Financial Advisor,” which is attached as Annex Dto this Proxy Statement/Prospectus and incorporated herein by reference. Although the information in the Management Projections is presented with numerical specificity, it reflects numerous estimates and assumptions made by Enfusion’s management with respect to industry performance, general business, economic