Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 445

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 445
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 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 be paid to such holders pursuant to the Agreement. We do not express
any view on, and our opinion does not address, any other term or aspect of the Agreement, the Operating Agreement (as defined in the Agreement) or the Tax Receivable Agreement, dated October 19, 2021, by and among the Company and each of the
other persons from time to time party thereto (the “Tax Receivable Agreement”) or Transactions, or any term or aspect of any other agreement or instrument contemplated by the Agreement, the Operating Agreement or the Tax Receivable
Agreement or entered into or amended in connection with the Transactions, any payments (and any waiver of rights to receive any such payments) pursuant to the Agreement, the Operating Agreement or the Tax Receivable Agreement (other than the payment
of the Aggregate Consideration to be paid to the holders (other than Parent and its affiliates) of Shares pursuant to the Agreement, to the extent contemplated herein), any allocation of the Aggregate Consideration, the fairness of the Transactions
to, or any consideration received in connection therewith by, the holders of shares of Class B common stock, par value $0.001 per share (the “Class B Shares”), of the Company, or any other