Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 120

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 120
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 forward targets reflected each broker’s estimate of the 12-month future public market trading price of shares of Common Stock. The range of undiscounted broker price targets was $2.00 to $3.25 per share of Common Stock. Morgan Stanley then discounted the range of broker price targets at a discount rate of 23.0%, which was 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), to arrive at a range of implied equity values per share of Common Stock of $1.63 to $2.64.

The public market trading price targets published by equity research analysts do not necessarily reflect current market trading prices for shares of Common Stock, and these estimates are subject to uncertainties, including the future financial performance of TrueCar and future financial market conditions.

Precedent Premiums Paid Analysis

For reference only, Morgan Stanley considered, based on publicly available information, premiums paid in all-cash acquisition transactions from January 2001 to the date of its opinion, involving U.S. public company targets having an aggregate value of $100 million or more. Morgan Stanley reviewed the premium paid to the target company’s closing stock price four weeks prior to the public announcement. Based on this analysis, Morgan Stanley applied a premium range of 20% to 51%, representing the 25 th and 75 th percentile, respectively, of premiums paid, to the closing stock price for a share of Common Stock as of October 13, 2025 of $1.43. The analysis indicated an implied per share reference range of $1.70 to $2.15.

No company or transaction utilized in the premiums paid analysis is identical to the Company or to the Merger. In evaluating the precedent transactions, Morgan Stanley made judgments and assumptions with regard to industry performance, general business, market and financial conditions and other matters,

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which are beyond the control of the Company, such as the impact of competition on the business of the Company or the industry generally, industry growth and the absence of any adverse material change in the financial condition of the Company or the industry or in the financial markets in general, which could affect the public trading value of the companies and the Aggregate Value and equity value of the transactions to which they are being compared. Mathematical analysis (such as determining the mean or median) is not in itself a meaningful method of using precedent transactions or premiums paid data.

General