Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 119

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 119
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 Morgan Stanley considered, based on publicly available information, premiums paid in all-cash acquisition transactions from January 2001 to the date of its opinion, involving U.S. public company targets having an aggregate value of $100 million or more. Morgan Stanley reviewed the premium paid to the target company’s closing stock price four weeks prior to the public announcement. Based on this analysis, Morgan Stanley applied a premium range of 20% to 51%, representing the 25 th and 75 th percentile, respectively, of premiums paid, to the closing stock price for a share of Common Stock as of October 13, 2025 of $1.43. The analysis indicated an implied per share reference range of $1.70 to $2.15.

No company or transaction utilized in the premiums paid analysis is identical to the Company or to the Merger. In evaluating the precedent transactions, Morgan Stanley made judgments and assumptions with regard to industry performance, general business, market and financial conditions and other matters, which are beyond the control of the Company, such as the impact of competition on the business of the Company or the industry generally, industry growth and the absence of any adverse material change in the financial condition of the Company or the industry or in the financial markets in general, which could affect the public trading value of the companies and the Aggregate Value and equity value of the transactions

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to which they are being compared. Mathematical analysis (such as determining the mean or median) is not in itself a meaningful method of using precedent transactions or premiums paid data.

General

In connection with the review of the Merger by the Board, Morgan Stanley performed a variety of financial and comparative analyses for purposes of rendering its opinion. The preparation of a financial opinion is a complex process and is not necessarily susceptible to a partial analysis or summary description. In arriving at its opinion, Morgan Stanley considered the results of all of its analyses as a whole and did not attribute any particular weight to any analysis or factor it considered. Morgan Stanley believes that selecting any portion of its analyses, without considering all analyses as a whole, would create an incomplete view of the process underlying its analyses and opinion. In addition, Morgan Stanley may have given various analyses and factors more or less weight than other analyses and factors, and may have deemed various assumptions more or less probable than other assumptions. As a result, the ranges of valuations resulting from any particular analysis described above should not be taken to be Morgan Stanley’s view of the actual