Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 145

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 145
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The following is a summary of the material financial analyses presented by Goldman Sachs to the Special Committee in connection with rendering
the opinion described above. The following summary, however, does not purport to be a complete description of the financial analyses performed by Goldman Sachs, nor does the order of analyses described represent relative importance or weight given
to those analyses by Goldman Sachs. Some of the summaries of the financial analyses include information presented in tabular format. The tables must be read together with the full text of each summary and are alone not a complete description of
Goldman Sachs’ financial analyses. Except as otherwise noted, the following quantitative information, to the extent that it is based on market data, is based on market data as it existed on or before January 8, 2025, the second to last
trading day before the date of Goldman Sachs’ opinion, and is not necessarily indicative of current market conditions.

For purposes
of its analysis, Goldman Sachs calculated $11.25 as the implied value 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, by adding $5.85, the cash portion of the aggregate Merger Consideration, to $5.40, the implied value of the stock portion of the aggregate Merger Consideration, which was calculated by multiplying $27.7926 (the
average of $27.9875, the volume weighted average price per share of Clearwater Common Stock for the 10 trading days ending January 6, 2025 (the “”), and $27.5976, the volume weighted average price per share of Clearwater Common Stock for the 10 trading days ending January 7, 2025 (the “”)), by an exchange ratio of 0.1943 (implied by the average of the January 6 10-Day VWAP and the January 7, 10-Day VWAP).

92

Illustrative Discounted Cash Flow Analysis. Using the Forecasts, Goldman Sachs
performed an illustrative discounted cash flow analysis on Enfusion to derive a range of illustrative present values per share of Enfusion Common Stock. Using the mid-year convention for discounting cash flows
and discount rates ranging from 11.0% to 13.0%, reflecting estimates of Enfusion’s weighted average cost of capital, Goldman Sachs discounted to present value as of September 30