Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 144

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 144
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 the Merger Agreement. Goldman Sachs’ opinion does not express any view on, and does not address, any other term or aspect of the Merger Agreement, the Operating Agreement or the TRA or the Transactions, or any term or aspect of any
other agreement or instrument contemplated by the Merger Agreement, the Operating Agreement or the TRA 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 Merger Agreement, the Operating Agreement or the TRA (other than the payment of the aggregate Merger Consideration to be paid to the holders (other than Clearwater and its affiliates) of shares of Enfusion Common Stock pursuant to the Merger
Agreement, to the extent contemplated in the opinion), any allocation of the aggregate Merger Consideration, the fairness of the Transactions to, or any consideration received in connection therewith by, the holders of Enfusion Class B Common
Stock, or any other class of securities, creditors, or other constituencies of the Company, or the cancellation of Enfusion Class B Common Stock pursuant to the Merger Agreement; nor as to the fairness of the amount or nature of any
compensation to be paid or payable to any of the officers, directors or employees of Enfusion, or any class of such persons, in connection with the Transactions, whether relative to the aggregate Merger Consideration to be paid to the holders (other
than Clearwater and its affiliates) of shares of Enfusion Common Stock pursuant to the Merger Agreement or otherwise. In addition, Goldman Sachs did not express any opinion as to the prices at which shares of Enfusion Common Stock or Clearwater
Common Stock will trade at any time, as to the potential effects of volatility in the credit, financial and stock markets on Enfusion or Clearwater or the Transactions, or as to the impact of the Transactions on the solvency or viability of Enfusion
or Clearwater or the ability of Enfusion or Clearwater to pay their respective obligations when they come due. Goldman Sachs’ opinion is necessarily based on economic, monetary market and other conditions as in effect on, and the information
made available to Goldman Sachs as of, the date of its opinion and Goldman Sachs assumed no responsibility for updating, revising or reaffirming its opinion based on circumstances, developments or events occurring after the date of its opinion.
Goldman Sachs’ opinion was approved by a fairness committee of Goldman Sachs.

Summary of Goldman Sachs’ Financial Analyses