Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 444

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 444
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, 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 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