Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 117

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 117
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 analysis indicated an implied per share equity value reference range for Compass of $8.97 to $12.89.

Following this analysis, Morgan Stanley then compared the ranges of implied equity values for each of Compass and Anywhere, without factoring in the value of expected transaction synergies. First, Morgan Stanley compared the lowest implied equity value per share for Anywhere to the highest implied equity value per share for Compass to derive the lowest exchange ratio implied by each pair of estimates. Second, Morgan Stanley compared the highest implied equity value per share for Anywhere to the lowest implied equity value per share for Compass to derive the highest exchange ratio implied by each pair of estimates. The implied exchange ratio range resulting from this analysis, as compared to the Exchange Ratio of 1.436 provided for in the merger, was:

| Implied Exchange                           
 Ratio Range – Excluding Anywhere Synergies |
| 1.495x to 3.482x                           |

Morgan Stanley then compared the ranges of implied equity values for each of Compass and Anywhere, with the value of expected transaction synergies. First, Morgan Stanley compared the lowest implied equity value per share for Anywhere to the highest implied equity value per share for Compass to derive the lowest exchange ratio implied by each pair of estimates. Second, Morgan Stanley compared the highest implied equity value per share for Anywhere to the lowest implied equity value per share for Compass to derive the highest exchange ratio implied by each pair of estimates. The implied exchange ratio range resulting from this analysis, as compared to the Exchange Ratio of 1.436 provided for in the merger, was:

| Implied Exchange                      
 Ratio Range – With Anywhere Synergies |
| 2.490x to 5.406x                      |

Other Information

Morgan Stanley observed certain additional factors that were not considered part of Morgan Stanley’s financial analyses with respect to its opinion but were referenced for informational purposes, including the following:

Premiums Paid Analysis

For reference only, using publicly available information, Morgan Stanley also reviewed the terms of the following selected public company precedent transactions announced between December 2006 and March 2025 in which the targets were residential brokerage companies, companies that provide real estate services or real estate technology transactions and the transaction was greater than $200 million for which sufficient information was available as of the date of the opinion.

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#### Selected Precedent Transactions
| Completed      |     | Target                       |     | Acquiror                              |
| March 2025     |