Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 111

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 111
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jections 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 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

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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, that, as of that date, and based upon and subject to the assumptions made, procedures followed, matters considered, and qualifications and limitations on the scope of review undertaken by Morgan Stanley as set forth therein, the Merger Consideration to be received by the holders of shares of Common Stock (other than the holders of the Excluded Shares) pursuant to the Merger Agreement was fair from a financial point of view to such holders of shares of Common stock.

The full text of the written opinion of Morgan Stanley, dated October 14, 2025, is attached as Annex B and incorporated by reference into this proxy statement. The opinion sets forth, among other things, the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope