Company: TRUE
Filing Date: 2025-11-13
Form Type: PREM14A
Source: 0001104659-25-111498
Chunk: 117

Company: TrueCar, Inc.
Filing Date: 2025-11-13
Form: PREM14A
Chunk 117
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 selected by Morgan Stanley based on TrueCar’s estimated cost of equity (estimated using the capital asset pricing model method and based on Morgan Stanley’s professional judgment and experience). Morgan Stanley’s analysis resulted in the following implied values per share of Common Stock, rounded to the nearest $0.05:

| Benchmark                            | ​ | ​ | Price Per Share Range | ​ |
| AV/YE 2026 NTM Revenue               | ​ | ​ | ​                     | ​ |
| Management Case Projections          | ​ | ​ | $1.95 – $3.00         | ​ |
| TrueCar Street Consensus Projections | ​ | ​ | $1.65 – $2.45         | ​ |
| AV/YE 2026 NTM Adj. EBITDA           | ​ | ​ | ​                     | ​ |
| Management Case Projections          | ​ | ​ | $2.20 – $3.55         | ​ |
| TrueCar Street Consensus Projections | ​ | ​ | $1.25 – $1.65         | ​ |

Discounted Cash Flow Analysis Morgan Stanley performed a discounted cash flow analysis, which is designed to provide an implied value of a company by calculating the present value of the estimated future unlevered free cash flows and terminal value of such company. Morgan Stanley calculated a range of implied equity values per share of Common Stock as of September 30, 2025, based on estimates of future unlevered free cash flows for the last quarter of fiscal year 2025 through fiscal year 2029 contained in the Management Case Projections. For the purposes of this analysis, unlevered free cash flows were calculated as consolidated Adj. EBITDA less taxes and capital expenditures and plus or minus changes in net working capital and certain other adjustments. Morgan Stanley calculated a range of terminal values for TrueCar based on a perpetuity growth rate range of 2.0% to 4.0% which was selected based on Morgan Stanley’s professional judgment and experience. The estimated unlevered free cash flows and the range of terminal values were then discounted to present value as of September 30, 2025 using mid-year discounting convention by applying a discount rate range of 21.0% to 25.0%, which was selected by Morgan Stanley based on TrueCar’s estimated cost of equity

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(estimated using the capital asset pricing model method and