Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 433

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 433
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 the reported price and trading activity for the Shares and the Parent Class A Common Stock; compared certain financial and stock market information for the Company and Parent with similar information for certain other
companies the securities of which are publicly

traded; reviewed the financial terms of certain recent business combinations in the electronic technology
and technology services industry; and performed such other studies and analyses, and considered such other factors, as we deemed appropriate.

D-3

Special Committee of the Board of Directors

Enfusion, Inc.

January 10, 2025

Page
4

For purposes of rendering this opinion, we have, with your consent, relied upon and assumed the accuracy and
completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by, us, without assuming any responsibility for independent verification thereof. In that regard, we have assumed
with your consent that the Forecasts, the Tax Receivables Projections and the Tax Attribute Projections have been reasonably prepared on a basis reflecting the best currently available estimates and judgments of the Special Committee. We have not
made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or other off-balance-sheet assets and liabilities) of the Company or Parent or any of their
respective subsidiaries and we have not been furnished with any such evaluation or appraisal. We have assumed that all governmental, regulatory or other consents and approvals necessary for the consummation of the Transactions will be obtained
without any adverse effect on the Company or Parent or on the expected benefits of the Transactions in any way meaningful to our analysis. We have assumed that the Transactions will be consummated on the terms set forth in the Agreement, without the
waiver or modification of any term or condition the effect of which would be in any way meaningful to our analysis. In rendering our opinion, we have not taken into account any differential voting or other rights between the shares of Parent
Class A Common Stock and the other classes of shares of common stock of Parent.

Our opinion does not address the underlying business decision of the
Company to engage in the Transactions, or the relative merits of the Transactions as compared to any strategic alternatives that may be available to the Company; nor does it address any legal, regulatory, tax or accounting matters. This opinion
addresses only the fairness from a financial point of view to the holders (other than Parent and its affiliates) of Shares, as of the date hereof, of the Aggregate Consideration to