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IPO Assumptions ($ and shares in millions, except per share amounts) Value Filing range – low $20.00 Filing range – high $22.00 Primary shares issued 5.500 Secondary shares sold 4.500 Underwriting discount (%) 6.0% IPO discount (%) 15.0% Overallotment Overallotment ("Greenshoe") (%) 15.0% Primary allocation (%) 100.0% Exercise shoe? Yes IPO fees & expenses SEC registration fee $0.0 FINRA Filing fee 0.0 Nasdaq listing fees and expenses 0.0 Transfer agent and registrar fees and expenses 0.1 Printing fees and expenses 0.7 Legal fees and expenses 3.0 Accounting fees and expenses 1.5 Miscellaneous 0.1 Issuer Assumptions ($ and shares in millions, except per share amounts) Value Class A common stock 20.300 Class B common stock 26.100 Options strike price $20.00 Options outstanding 2.900 Issuer 2013E earnings $70.0 Issuer 2014E earnings $95.0 Fully Diluted Share Count ("FDSO") Matrix Options strike price $20.00 Options outstanding 2.900 Potential Range of IPO Prices 1 (shares in millions) $18.00 $19.00 $20.00 $21.00 $22.00 2 3 Class A common stock 20.300 20.300 20.300 20.300 20.300 4 Class B common stock 26.100 26.100 26.100 26.100 26.100 5 Total basic shares outstanding 46.400 46.400 46.400 46.400 46.400 6 ( + ) Stock options – – – 0.138 0.264 7 Fully diluted shares outstanding 46.400 46.400 46.400 46.538 46.664 Potential Range of IPO Prices $23.00 $24.00 20.300 20.300 26.100 26.100 46.400 46.400 0.378 0.483 46.778 46.883 IPO Calculations Filing Range ($ and shares in millions, except per share amounts) Low Midpoint High Offering price per share $20.00 $21.00 $22.00 Shares Shares offered Primary shares issued 5.500 5.500 5.500 Secondary shares sold 4.500 4.500 4.500 Base deal shares issued/sold 10.000 10.000 10.000 Overallotment – primary shares 1.500 1.500 1.500 Overallotment – secondary shares – – – Total overallotment 1.500 1.500 1.500 Total shares issued/sold 11.500 11.500 11.500 Pro forma shares Existing Issuer FDSO 46.400 46.538 46.664 ( + ) Primary shares issued 7.000 7.000 7.000 Pro forma Issuer FDSO 53.400 53.538 53.664 Offering Size Base deal $200.0 $210.0 $220.0 ( + ) Overallotment 30.0 31.5 33.0 Total offering size $230.0 $241.5 $253.0 IPO Discount & Fees Underwriting discount IPO price per share $20.00 $21.00 $22.00 ( – ) Underwriting discount (6.0%) (1.20) (1.26) (1.32) Net IPO price per share $18.80 $19.74 $20.68 Offering expenses SEC registration fee $0.0 $0.0 $0.0 FINRA Filing fee 0.0 0.0 0.0 Nasdaq listing fees and expenses 0.0 0.0 0.0 Transfer agent and registrar fees and expenses 0.1 0.1 0.1 Printing fees and expenses 0.7 0.7 0.7 Legal fees and expenses 3.0 3.0 3.0 Accounting fees and expenses 1.5 1.5 1.5 Miscellaneous 0.1 0.1 0.1 Total expenses $5.5 $5.5 $5.5 IPO Proceeds Gross primary proceeds $140.0 $147.0 $154.0 ( – ) Underwriting discount (8.4) (8.8) (9.2) ( – ) Expenses (5.5) (5.5) (5.5) Net primary proceeds $126.1 $132.7 $139.3 Valuation Market capitalization IPO valuation $1,068.0 $1,124.3 $1,180.6 ( + ) IPO discount 160.2 168.6 177.1 Fully distributed ("FD") valuation $1,228.2 $1,292.9 $1,357.7
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