Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 121

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 121
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 such estimates.

Morgan Stanley conducted the analyses described above solely as part of its analysis of the fairness, from a financial point of view, of the exchange ratio pursuant to the merger agreement to Compass, and in connection with

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the delivery of its opinion as of September 21, 2025 to the Compass Board. These analyses do not purport to be appraisals or to reflect the prices at which shares of Compass common stock might actually trade.

The exchange ratio provided for in the merger was determined through arm's-length negotiations between Anywhere and Compass and was unanimously approved by the Compass Board. Morgan Stanley provided advice to the Compass Board during these negotiations but did not, however, recommend any specific exchange ratio to Compass or the Compass Board, or that any specific exchange ratio constituted the only appropriate exchange ratio for the merger. Morgan Stanley was not requested to opine as to, and its opinion does not in any manner address, the underlying business decision of Compass to proceed with or effect the transactions contemplated by the merger agreement, or the likelihood that the merger is consummated. Morgan Stanley’s opinion did not address the relative merits of the merger as compared to any other alternative business transaction, or other alternatives, or whether or not such alternatives could be achieved or are available. Morgan Stanley’s opinion was not intended to, and does not, express an opinion or a recommendation as to how any holder of shares of Anywhere common stock or Compass common stock should vote at the special meeting to be held in connection with the merger, or as to any other action that a holder of shares of Anywhere common stock or Compass common stock should take relating to the merger.

Morgan Stanley’s opinion and presentation to the Compass Board was one of many factors taken into consideration by the Compass Board in deciding to approve the merger and other transactions contemplated by the merger agreement. Consequently, the analyses as described above should not be viewed as determinative of the opinion of the Compass Board with respect to the exchange ratio or of whether the Compass Board would have been willing to agree to a different exchange ratio. Morgan Stanley’s opinion was approved by a committee of Morgan Stanley investment banking and other professionals in accordance with its customary practice. Morgan Stanley is a global financial services firm engaged in the securities, investment management and individual wealth management businesses. Its securities business is engaged in securities underwriting, trading and brokerage activities, foreign exchange, commodities and derivatives trading, prime brokerage, as well as providing investment banking, financing and financial advisory services. Morgan Stanley, its