S-ILA Table of Contents DILUTION If you invest in our Class A common stock in this offering, your ownership interest in us will be diluted to the extent of the difference between the initial public offering price per share of our Class A common stock and the pro forma as adjusted net tangible book deficit per share of our common stock after this offering. Dilution results from the fact that the per share offering price of the Class A common stock is substantially in excess of the book deficit per share attributable to the shares of common stock held by existing stockholders. Our pro forma net tangible book deficit as of June 30, 2015 and after giving effect to the Reorganization and the 2015 Refinancing was approximately 5(18.8) billion, or $(26.22) per share of our common stock. We calculate pro forma net tangible book deficit per share by taking the amount of our total tangible assets, reduced by the amount of our total liabilities, and then dividing that amount by the total number of shares of common ,lock outstanding. After giving effect to (i) the Reorganization and the 2015 Refinancing, (ii) our sale of the shares in this offering at an assumed initial public offering price of $19.00 per share, the midpoint of the price range described on the cover of this prospectus, and (iii) the application of the net proceeds from this offering, our pro forma as adjusted net tangible book deficit on June 30. 2015 would have been $(16.4) billion. or $(1 8.37) per share of our common stock. This amount represents an immediate decrease in pro forma net tangible book deficit of $7.85 per share to existing stockholders and an immediate and substantial dilution in net tangible book value of $37.37 per share to new investors purchasing shares in this offering at the assumed initial public offering price. The following table illustrates this dilution on a per share basis: Assumed initial public offering price per share of Class A common stock Pro fonna net tangi