Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 112

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 112
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 its opinion delivered to the Board. Accordingly, TrueCar has not provided a reconciliation of the financial measures included in the Projections to the relevant GAAP financial measures. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-GAAP financial measures as used by TrueCar may not be comparable to similarly titled amounts used by other companies. Furthermore, there are limitations inherent in non-GAAP financial measures because they exclude charges and credits that are required to be included in a GAAP presentation. Accordingly, these non-GAAP financial measures should be considered together with, and not as an alternative to, financial measures prepared in accordance with GAAP.

The summary of the Projections above is included herein solely to give TrueCar’s stockholders access to the information that was made available to the Board and Morgan Stanley, in connection with the Merger

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and is not included in this proxy statement in order to influence any TrueCar stockholders to make any investment decision with respect to the Merger. In addition, the Projections have not been updated or revised to reflect information or results after the date they were prepared, including the transactions contemplated by the Merger Agreement or the announcement thereof, or as of the date of this proxy statement, and except as required by applicable securities laws, TrueCar does not intend to update or otherwise revise the Projections or the specific portions presented to reflect circumstances existing after the date when made or to reflect the occurrence of future events, even in the event that any or all of the underlying assumptions are shown to be in error.

In light of the foregoing factors and the uncertainties inherent in the Projections, readers of this proxy statement are cautioned not to place undue, if any, reliance on the Projections.**

#### Opinion of Morgan Stanley & Co. LLC
TrueCar retained Morgan Stanley to provide it with financial advisory services in connection with a possible sale, merger or similar business combination, and, if requested by TrueCar, a financial opinion with respect thereto. TrueCar selected Morgan Stanley to act as its financial advisor based on Morgan Stanley’s qualifications, expertise and reputation and its knowledge of the automotive and automotive retail industry, market and regulatory environment and business and affairs of TrueCar. On October 14, 2025, Morgan Stanley rendered to the Board its oral opinion, which was subsequently confirmed by delivery of a written opinion, dated October 14, 2025,