Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 105

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 105
---
 as the “

#### TrueCar Street Consensus Projections
,” and, together with the Management Projections, the “

#### Projections
.”

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TABLE OF CONTENTS

On several occasions prior to the Board’s approval of the Merger Agreement, TrueCar’s management presented such Projections and Morgan Stanley was instructed to use such Projections on a go-forward basis in connection with its ongoing financial analyses, and eventually was instructed to use the October Management Projections (defined below) in connection with its opinion and related financial analysis, as summarized below under the section entitled “— Opinion of Morgan Stanley & Co. LLC.” TrueCar is including the below summary of such Projections in order to provide stockholders with access to information that was made available to the Board in connection with its evaluation of the Merger Agreement and the Merger, and was made available to Parent and other potential buyers in connection with their evaluation of a potential acquisition transaction. Management Projections July 2025 Management Projections TrueCar’s management prepared draft projections as of July 22, 2025 (the “ July Management Projections ”), and provided such draft projections to Morgan Stanley for use in its ongoing financial analysis with respect to the proposed transaction, assuming that TrueCar continued to operate on a standalone basis. The following table presents a summary of the draft of the July Management Projections, which were prepared assuming TrueCar’s business continued to operate on a standalone basis (dollars in millions).

| ​                           | ​ | ​ | 2025E |   |     |   | ​ | ​ | 2026E |   |     |   | ​ | ​ | 2027E |   |     |   | ​ | ​ | 2028E |   |     |   | ​ | ​ | 2029E |   |     |   | ​ |
|:----------------------------|:--|:--|:------|:--|----:|:--|:--|:--|:------|:--|----:|:--|:--|:--|:------|:--|----:|:--|:--|:--|:------|:--|----:|:--|:--|:--|:------|:--|----:|:--|:--|
| Revenue(1)                  | ​ | ​ | ​     | $ | 201 | ​ | ​ | ​ | ​     | $ |