Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 133

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 133
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BITDA Multiples 
 2026E            |
| Anywhere                   |     | 8.6x             |
| Compass                    |     | 15.6x            |
| Zillow Group, Inc.         |     | 28.4x            |
| Opendoor Technologies Inc. |     | >50.0x           |
| eXp World Holdings, Inc.   |     | 29.9x            |
| The Real Brokerage Inc.    |     | 14.9x            |
| RE/MAX Holdings, Inc.      |     | 7.6x             |
| Douglas Elliman Inc.       |     | N/A              |

#### General
The preparation of a fairness opinion is a complex process and is not necessarily susceptible to partial analysis or summary description. Selecting portions of the analyses or of the summary set forth above, without considering the analyses as a whole, could create an incomplete view of the processes underlying Goldman Sachs’ opinion. In arriving at its fairness determination, Goldman Sachs considered the results of all of its analyses and did not attribute any particular weight to any factor or analysis considered by it. Rather, Goldman Sachs made its determination as to fairness on the basis of its experience and professional judgment after considering the results of all of its analyses. No company or transaction used in the above analyses as a comparison is directly comparable to Anywhere or Compass or the contemplated transaction.

Goldman Sachs prepared these analyses for purposes of Goldman Sachs providing its opinion to the Anywhere Board as to the fairness from a financial point of view to the holders (other than Compass and its affiliates) of Anywhere common stock, as of the date of the opinion, of the exchange ratio of 1.436 shares of Compass Class A common stock per share of Anywhere common stock pursuant to the merger agreement. These analyses do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses. Because these analyses are inherently subject to uncertainty, being based upon numerous factors or events beyond the control of the parties or their respective advisors, none of Anywhere, Compass, Goldman Sachs or any other person assumes responsibility if future results are materially different from those forecast.

The exchange ratio of 1.436 shares of Compass Class A common stock per share of Anywhere common stock was determined through arm