Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 115

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 115
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 TrueCar Street Consensus Projections with comparable publicly available consensus broker research estimates for selected companies that, in Morgan Stanley’s professional judgment, share certain similar business characteristics and have certain comparable operating characteristics including, among other things, product characteristics, similarly sized revenue and/or revenue growth rates, market capitalization, profitability, scale and/or other similar operating characteristics. While a broader reference peer set (“ Reference Peers ”) was also considered and presented in the materials for illustrative purposes, only the core peer set (“ Core Peers ”) was utilized in deriving valuation metrics and forming the basis of Morgan Stanley’s valuation conclusions. We refer to the Core Peers in this section of the proxy statement as the “comparable companies”: Core Peers: • CarGurus, Inc. • Cars.com Inc Reference Peers (for reference only): • Auto Trader Group plc • Booking Holdings Inc. • CAR Group Limited • eBay Inc • Etsy, Inc. • Expedia Group, Inc. • Zillow Group, Inc For purposes of this analysis, Morgan Stanley analyzed the ratio (“ AV/Adj. EBITDA ”) of aggregate value (“ AV ”), defined as fully diluted market capitalization plus net debt to EBITDA unburdened by stock-based compensation, goodwill impairment, severance, transaction costs, lease exit costs, and other non-recurring items (“ Adj. EBITDA ”) for each of the comparable companies. Based on its analysis of the relevant metrics for each of the comparable companies, Morgan Stanley selected a reference range of AV/Adj. EBITDA multiples for estimated fiscal year 2026 of 5.0 x – 10.0x. Morgan Stanley applied the selected reference ranges to the estimated Adj. EBITDA for fiscal year 2026, as set forth in the Management Case and the TrueCar Street Consensus Projections. Morgan Stanley’s analysis resulted in the following implied values per share of Common Stock, rounded to the nearest $0.05:

| Benchmark                            | ​ | ​ | Reference Range | ​ | ​ | Price Per Share Range | ​ |
| AV/2026E Adj. EBITDA                 | ​ | ​ | ​               | ​ | ​ | ​                     | ​ |
| Management Case Projections          | ​ | ​ | 5.0x – 10.0x    | ​ | ​ | $1.95 – $2.90         | ​ |
| TrueCar Street Consensus Projections | ​ | ​