Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 114

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 114
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Morgan Stanley’s opinion did not address the relative merits of the transactions contemplated by the Merger Agreement as compared to other business or financial strategies that might be available to TrueCar, nor did it address the underlying business decision of TrueCar to enter into the Merger Agreement or proceed with the transactions contemplated by the Merger Agreement.

### Summary of Financial Analyses of Morgan Stanley
The following is a summary of the material analyses performed by Morgan Stanley in connection with its oral opinion and the preparation of its written opinion letter, dated October 14, 2025. The following summary is not a complete description of the financial analyses performed by Morgan Stanley, nor does the order of analyses described represent relative importance or weight given to those analyses by Morgan Stanley. Except as otherwise noted, the following quantitative information, to the extent that it is based on market data, is based on market data as it existed on or before October 13, 2025, the last trading day before the October 14, 2025 presentation by Morgan Stanley to the Board, and is not necessarily indicative of current market conditions. Some of these summaries of financial analyses include information presented in tabular format. In order to fully understand the financial analyses used by Morgan Stanley, the tables must be read together with the text of each summary. The tables alone do not constitute a complete description of the financial analyses. The analyses listed in the tables and described below must be considered as a whole;

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considering any portion of such analyses and the factors, without considering all analyses and factors reviewed, could create a misleading or incomplete view of the process underlying Morgan Stanley’s opinion. In performing the financial analyses summarized below and in arriving at its opinion, Morgan Stanley utilized, and was directed by the Board to rely upon, certain financial projections prepared by the management of TrueCar, which are referred to in this proxy statement as the “ Management Case Projections ”, and certain financial projections prepared by selected Wall Street brokers, which are referred to in this proxy statement as the “ TrueCar Street Consensus Projections ” and collectively with the Management Case Projections are referred to as the “ Financial Projections ” (each as described in more detail in the section entitled “— Management Projections”). Selected Comparable Company Analysis Morgan Stanley performed a selected public trading comparables analysis, which is designed to provide an implied value of a company by comparing it to similar companies that are publicly traded. Morgan Stanley reviewed and compared the Management Case Projections and the