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page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and
estimated offering expenses payable by us.
If the initial public offering price is equal to the midpoint of the estimated offering price range set forth on the cover page of
this prospectus, the 9,700,289 outstanding shares of our Series E convertible preferred stock would convert and be reclassified into
14,999,987 shares of our Class B common stock. These 5,299,698 additional shares represent approximately 1.6% of the total
number of shares of our Class A common stock and Class B common stock to be outstanding after this offering. A $1.00 decrease
in the initial public offering price would increase the number of shares of our Class B common stock issuable upon conversion and
reclassification of our Series E convertible preferred stock by 1,363,637. and a $1.00 increase in the initial public offering price
would decrease the number of shares of our Class B common stock issuable upon conversion and reclassification of our Series E
convertible preferred stock by 1,153,845.
If the underwriters exercise their option to purchase additional shares in full, the pro forma as adjusted net tangible book
value per share of our Class A common stock immediately after the completion of this offering would be $1.48 per share, and the
dilution in pro forma net tangible book value per share to investors purchasing shares of our Class A common stock in this offering
would be $10.52 per share.
The following table presents, on a pro forma basis as of September 30, 2015, after giving effect to (I) the reclassification of
all outstanding shares of our common stock into an equivalent number of shares of our Class B common stock; (ii) the automatic
conversion and reclassification of all outstanding shares of our convertible preferred stock into an aggregate of 140.552.507 shares
of our Class B common stock (including those additional shares issuable upon conversion and reclassification of our Series E
convertible preferred stock), which conversion and reclassification will occur immediately prior to the completion of this offering; and
(iii) the sale by us of shares of our Class A common stock in this offering at the assumed initial public offering price of $12.00 per
share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, the difference
between the existing stockholders and the investors purchasing shares of our Class A common stock in this offering with respect to
the number of shares of our Class A common stock purchased from us, the total consideration paid or to be paid to us, and the
average price per share paid or to be paid to us, before deducting estimated underwriting discounts and commissions and
estimated offering expenses payable by us:
Average
Shares Purchased Total Consideration Price Per
Number Percent Amount Percent Share
Existing stockholders 295,944.713 91.6% $ 764,899,000 70.2% $ 2.58
Investors purchasing shares of our Class A
common stock in this offering 27,000,000 8.4 324,000,000 29.8 12.00
Totals 322,944,713 100% $1,088,899,000 100%
Each $1.00 increase or decrease in the assumed initial public offering price of $12.00 per share, which is the midpoint of the
estimated offering price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, the total
consideration paid by investors purchasing shares of our Class A common stock in this offering and total consideration paid by all
stockholders by approximately $24.3 million, assuming the number of shares of our Class A common stock offered by us. as set
forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and
commissions and estimated offering expenses payable by us.
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Except as otherwise indicated, the above discussion and tables assume no exercise of the underwriters' option to purchase
additional shares. If the underwriters exercise their option to purchase additional shares in full, our existing stockholders would own
90.5% and the investors purchasing shares of our Class A common stock in this offering would own 9.5% of the total number of
shares of our Class A common stock outstanding immediately after completion of this offering.
The number of shares of our Class A and Class B common stock that will be outstanding after this offering is based on no
shares of our Class A common stock and 297,294,713 shares of our Class B common stock (including preferred stock on an as-
converted basis) outstanding as of as of September 30, 2015, and excludes the following:
http://www.sec.gov/A rehi vestedgar/data/1512673AMS1119312515369092/d937622dsI a.htm[ 11/6/2015 7:37:12 AMl
CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0074821
CONFIDENTIAL SDNY_GM_00221005
EFTA01377670
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