Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 105

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 105
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 access to information that was made available to the Board in connection with its evaluation of the Merger Agreement and the Merger, and was made available to Parent and other potential buyers in connection with their evaluation of a potential acquisition transaction. Management Projections July 2025 Management Projections TrueCar’s management prepared draft projections as of July 22, 2025 (the “ July Management Projections ”), and provided such draft projections to Morgan Stanley for use in its ongoing financial analysis with respect to the proposed transaction, assuming that TrueCar continued to operate on a standalone basis. The following table presents a summary of the draft of the July Management Projections, which were prepared assuming TrueCar’s business continued to operate on a standalone basis (dollars in millions).

| ​                           | ​ | ​ | 2025E |   |     |   | ​ | ​ | 2026E |   |     |   | ​ | ​ | 2027E |   |     |   | ​ | ​ | 2028E |   |     |   | ​ | ​ | 2029E |   |     |   | ​ |
|:----------------------------|:--|:--|:------|:--|----:|:--|:--|:--|:------|:--|----:|:--|:--|:--|:------|:--|----:|:--|:--|:--|:------|:--|----:|:--|:--|:--|:------|:--|----:|:--|:--|
| Revenue(1)                  | ​ | ​ | ​     | $ | 201 | ​ | ​ | ​ | ​     | $ | 261 | ​ | ​ | ​ | ​     | $ | 321 | ​ | ​ | ​ | ​     | $ | 422 | ​ | ​ | ​ | ​     | $ | 514 | ​ | ​ |
| Adjusted EBITDA(2)          | ​ | ​ | ​     | $ |   1 | ​ | ​ | ​ | ​     | $ |  24 | ​ | ​ | ​ | ​     | $ |  39 | ​ | ​ | ​ | ​     | $ |  75 | ​ | ​ | ​ | ​     | $ | 105 | ​ | ​ |
| Capital Expenditures        | ​ | ​ | ​     | $ |