Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 117

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 117
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10.0x. Morgan Stanley applied the selected reference ranges to the estimated Adj. EBITDA for fiscal year 2026, as set forth in the Management Case and the TrueCar Street Consensus Projections. Morgan Stanley’s analysis resulted in the following implied values per share of Common Stock, rounded to the nearest $0.05:

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TABLE OF CONTENTS

| Benchmark                            | ​ | ​ | Reference Range | ​ | ​ | Price Per Share Range | ​ |
| AV/2026E Adj. EBITDA                 | ​ | ​ | ​               | ​ | ​ | ​                     | ​ |
| Management Case Projections          | ​ | ​ | 5.0x – 10.0x    | ​ | ​ | $1.95 – $2.90         | ​ |
| TrueCar Street Consensus Projections | ​ | ​ | 5.0x – 10.0x    | ​ | ​ | $1.25 – $1.45         | ​ |

No company utilized in the selected comparable company analysis is identical to TrueCar. In evaluating comparable companies, Morgan Stanley made judgments and assumptions with regard to industry performance, general business, economic, market and financial conditions and other matters, many of which are beyond the control of TrueCar, such as the impact of competition on the businesses of TrueCar and the industry generally, industry growth and the absence of any adverse material change in the financial condition and prospects of TrueCar or the industry or in the financial markets in general. Mathematical analysis (such as determining the average or median) is not in itself a meaningful method of using comparable company data. Discounted Equity Value Analysis Morgan Stanley performed a discounted equity value analysis, which is designed to provide insight into the potential future equity value of a company as a function of the company’s estimated future earnings. The resulting equity value is subsequently discounted to arrive at an estimate of the implied present value for such company’s potential future equity value. To calculate the discounted equity values for TrueCar, Morgan Stanley utilized the revenue and Adj. EBITDA estimates from the Management Case Projections and the TrueCar Street Consensus Projections for fiscal year 2027. Based upon the application of its professional judgment and experience, Morgan Stanley then applied a range of multiplies of AV to revenue (“ AV/Revenue ”) of 0.5x – 1.0x to