Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 432

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 432
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AS 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, relating to the initial
public offering of the Parent Class A Common Stock; certain interim reports to stockholders and Quarterly Reports on Form 10-Q of the Company and Parent; certain other communications from the Company
and Parent to their respective stockholders; certain publicly available research analyst reports for the Company and Parent; certain internal financial analyses and forecasts for the Company, as prepared by the management of the Company and as
approved for our use by the Special Committee (collectively, the “Forecasts”); certain tax receivables benefits and payments projections for the Company prepared by its management, as approved for our use by the Special Committee (the
“Tax Receivables Projections”); and certain internal financial analyses and forecasts of the tax assets of the Company prepared by its management, as approved for our use by the Special Committee (the “Tax Attribute
Projections”). We have also held discussions with members of the senior managements of the Company and Parent regarding their assessment of the strategic rationale for, and the potential benefits of, the Transactions and the past and current
business operations, financial condition and future prospects of Parent and with members of the senior management of the Company regarding their assessment of the past and current business operations, financial condition and future prospects of the
Company; reviewed