Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 124

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 124
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 prepared by the management of Anywhere and approved for Goldman Sachs’ use by Anywhere (the “Forecasts”), including certain operating synergies projected by the management of Anywhere to result from the merger, as approved for Goldman Sachs’ use by Anywhere (the “Synergies”) and certain net operating loss carryforwards of Compass, as prepared by the management of Anywhere and approved for Goldman Sachs’ use by Anywhere (the “NOL Forecasts”).

Goldman Sachs also held discussions with members of the senior management of Anywhere and Compass regarding their assessment of the strategic rationale for, and the potential benefits of, the merger and the past and current business operations, financial condition, and future prospects of Anywhere and Compass; reviewed the reported price and trading activity for the Anywhere common stock and Compass Class A common stock; compared certain financial and stock market information for Anywhere and Compass with similar information for certain other companies the securities of which are publicly traded; reviewed the financial terms of certain recent business

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combinations in the real estate industry and in other industries; and performed such other studies and analyses, and considered such other factors, as it deemed appropriate.

For purposes of rendering this opinion, Goldman Sachs, with the Anywhere Board’s consent, relied upon and assumed the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by, it, without assuming any responsibility for independent verification thereof. In that regard, Goldman Sachs assumed with the Anywhere Board’s consent that the Forecasts, including the Synergies and the NOL Forecasts, were reasonably prepared on a basis reflecting the best currently available estimates and judgments of the management of Anywhere. Goldman Sachs did not take into account any differential voting or other rights among the shares of Compass Class A common stock, the shares of Compass Class B common stock, and the shares of Compass Class C common stock. Goldman Sachs did not make an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or other off-balance-sheet assets and liabilities) of Anywhere or Compass or any of their respective subsidiaries and it was not furnished with any such evaluation or appraisal. Goldman Sachs assumed that all governmental, regulatory or other consents and approvals necessary for the consummation of the merger would be obtained without any adverse effect on Anywhere or Compass or on the expected benefits of the merger in any way meaningful to its analysis. Goldman Sachs also assumed that