Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 329

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 329
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 HOLDINGS, INC.
By:

/s/ Scott Painter

Name:

Scott Painter

Title:

President

#### RAPID MERGER SUBSIDIARY, INC.
By:

/s/ Scott Painter

Name:

Scott Painter

Title:

President

TABLE OF CONTENTS

#### ANNEX B​

#### October 14, 2025​
Board of Directors 
 TrueCar, Inc. 
 225 Santa Monica Blvd, 12th Floor 
 Santa Monica, CA 90401

Members of the Board:

We understand that TrueCar, Inc. (“Trinity” or the “Company”), Fair Holdings, Inc. (“Parent”) and Rapid Merger Subsidiary, Inc., a wholly owned subsidiary of Parent (“Merger Subsidiary”), propose to enter into an Agreement and Plan of Merger, substantially in the form of the draft dated October 13, 2025 (the “Merger Agreement”), which provides, among other things, for the merger (the “Merger”) of Merger Subsidiary with and into the Company. Pursuant to the Merger, the Company will become a wholly owned subsidiary of Parent, and each outstanding share of common stock, par value $0.0001 per share, of the Company (the “Company Common Stock”), other than (i) shares held by the Company as treasury stock, (ii) shares held by Parent, (iii) shares held by any subsidiary of Parent or the Company, (iv) Rollover Shares (as defined in the Merger Agreement) or (v) Dissenting Shares (as defined in the Merger Agreement) (collectively, (i)-(v), “Excluded Shares”), will be converted into the right to receive $2.55 per share in cash (the “Consideration”). The terms and conditions of the Merger are more fully set forth in the Merger Agreement.

You have asked for our opinion as to whether 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).

For purposes of the opinion set forth herein, we have:

1)

Reviewed certain publicly available financial statements and other business and financial information of the Company;

2)

Reviewed certain internal financial statements and other financial and operating data concerning the Company;

3)

Reviewed certain financial projections prepared by the management of the Company (collectively, the “Financial Pro