...A. First, the value of the Class B shares had increased significantly from approximately $8 billion at the time of the IPO to approximately $96 billion based on the August 31 closing Class A stock price of $245.68. B. Second, since the IPO, we have made significant progress in the U.S. Covered Litigation with 1 matter remaining. C. And for that 1 matter, we have settled claims representing approximately 90% of the payments volume and interchange at issue. D. The more recent settlements have ranged from approximately 3% to 8% of the merchant's applicable interchange. E. If you apply that range to all of the unresolved claims, it would be $1.4 billion to $4 billion. F. For those who fully participate in the initial potential exchange offer, half of the Class B-1 value would be exchanged for Class B-2 shares and the other half for Class C shares. G. As deposits are made to the escrow account, the conversion rate applicable to Class B-2 shares will be adjusted downward at twice the rate as...
