Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 332

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 332
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 and their respective affiliates or any other company, or any currency or commodity, that may be involved in the Merger, or any related derivative instrument.

This opinion has been approved by a committee of Morgan Stanley investment banking and other professionals in accordance with our customary practice. This opinion is for the information of the Board of Directors of the Company and may not be used for any other purpose or disclosed without our prior written consent, except that a copy of this opinion may be included in its entirety in any filing the Company is required to make with the Securities and Exchange Commission in connection with this transaction if such inclusion is required by applicable law or regulation. In addition, Morgan Stanley expresses no opinion or recommendation as to how the stockholders of the Company should vote at the stockholders’ meeting to be held in connection with the Merger.

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Based on and subject to the foregoing, we are of the opinion on the date hereof that the Consideration to be received by the holders of shares of the Company Common Stock pursuant to the Merger Agreement is fair from a financial point of view to the holders of shares of the Company Common Stock (other than holders of Excluded Shares).

Very truly yours,

#### MORGAN STANLEY & CO. LLC
By:

/s/ Bart Gasparewicz-Sitarz

Bart Gasparewicz-Sitarz 
 Executive Director

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#### ANNEX C​
EXECUTION VERSION

### VOTING AND SUPPORT AGREEMENT
This Voting and Support Agreement (this “

#### Agreement
”) is entered into as of October 14, 2025, by and among Fair Holdings, Inc., a Delaware corporation (“

#### Parent
”), Rapid Merger Subsidiary, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“

#### Merger Subsidiary
”), Caledonia US, LP, a Delaware limited partnership (“

#### Caledonia US
”), Caledonia (Private) Investments Pty Limited, an Australian proprietary limited company (“

#### Caledonia AUS
,” and together with Caledonia US, the “

#### Stockholder
”), and TrueCar, Inc., a Delaware corporation (the “

#### Company
”).

### RECITALS

#### A.
Stockholder is a holder of record and the “beneficial owner” (within the meaning of Rule 13d-3