Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 153

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 153
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 |     | 2-Year |      |     | 1-Year |      |
| Enfusion                             |     |           | N/A   |     |       | 7.1x |     |        | 7.1x |     |        | 5.8x |     |        | 5.3x |
| Selected vertical software companies |     |           | 10.7x |     |       | 8.9x |     |        | 8.5x |     |        | 8.2x |     |        | 8.9x |

The preparation of a fairness opinion is a complex process and is not necessarily susceptible to partial analysis or summary description. Selecting portions of the analyses or of the summary set forth above, without considering the analyses as a whole, could create an incomplete view of the processes underlying Goldman Sachs’ opinion. In arriving at its fairness determination, Goldman Sachs considered the results of all of its analyses and did not attribute any particular weight to any factor or analysis considered by it. Rather, Goldman Sachs made its determination as to fairness on the basis of its experience and professional judgment after considering the results of all of its analyses. No company or transaction used in the above analyses as a comparison is directly comparable to Enfusion or Clearwater or the contemplated transaction. 95

Goldman Sachs prepared these analyses for purposes of Goldman Sachs’ providing its
opinion to the Special Committee as to the fairness from a financial point of view of the aggregate Merger Consideration per share of Enfusion Common Stock to be paid to the holders (other than Clearwater and its affiliates) of shares of Enfusion
Common Stock pursuant to the Merger Agreement. These analyses do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold. Analyses based upon forecasts of future results are not
necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses. Because these analyses are inherently subject to uncertainty, being based upon numerous factors or events beyond the
control of the parties or their respective advisors, none of Enfusion, Clearwater, Goldman Sachs or any other person assumes responsibility if future results are materially different from those forecast.

The aggregate Merger Consideration was determined through arm’s-length negotiations between
Enfusion and Clearwater and was approved by the Enfusion Board. Goldman Sachs provided advice to the Special Committee during these negotiations. Goldman Sachs did not, however