Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 111

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 111
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 to such information. Neither TrueCar nor any of its affiliates assumes any responsibility to its stockholders for the accuracy of this information. The Projections should be evaluated, if at all, in conjunction with the historical financial statements and other information about TrueCar contained in TrueCar’s public filings with the SEC. For more information, please see the section of this proxy statement captioned “Where You Can Find More Information . ” In light of the foregoing factors, and the uncertainties inherent in the Projections, investors are cautioned not to place undue, if any, reliance on the Projections.

The Projections were not prepared with a view toward public disclosure or with a view toward complying with the published guidelines of the SEC regarding projections or accounting principles generally accepted in the United States (“

#### GAAP
”), or the guidelines established by the American Institute of Certified Public Accountants with respect to prospective financial information. The Projections included in this document have been prepared by, and are the responsibility of, TrueCar’s management. PricewaterhouseCoopers LLP (“

#### PwC
”), TrueCar’s independent auditor, has not audited, reviewed, examined, compiled nor applied agreed-upon procedures with respect to the accompanying Projections and, accordingly, PwC does not express an opinion or any other form of assurance with respect thereto. The PwC report incorporated by reference in this proxy statement relates to TrueCar’s previously issued financial statements. It does not extend to the Projections and should not be read to do so. PwC assumes no responsibility for the information contained in the Projections.

Adjusted EBITDA and Unlevered Free Cash Flow contained in the Projections summarized above are “

### non-GAAP financial measures
,” which are financial performance measures that are not calculated in accordance with GAAP. The non-GAAP financial measures used in the Projections were relied upon by the Board in connection with its evaluation of the Merger and, at the direction of the Board, by Morgan Stanley for purposes of its financial analyses and opinion delivered to the Board. The SEC rules which would otherwise require a reconciliation of a non-GAAP financial measure to a GAAP financial measure do not apply to non-GAAP financial measures included in disclosures relating to a proposed transaction such as the Merger if the disclosure is included in a document such as this proxy statement. In addition, reconciliations of non-GAAP financial measures were not relied upon by the Board in connection with its evaluation of the Merger or by Morgan Stanley for purposes of