Nyse TDS 2020

2020 Annual Report
www.tdsinc.com
Dear Shareholders,
The challenges of 2020 underscored the essential services that TDS — and our industry — provide. Our responses to changes caused by
the pandemic showcased the strength of our networks and the resilience of our talented associates, as they navigated the year and continued
to provide outstanding communications services to our customers. The health and safety of our associates and customers was, and still is,
our top priority.
Our long-term strategy of aggressively investing in our businesses showed results in 2020, and we are continuing this investment strategy
throughout the TDS Family of Businesses, to bring our customers even higher-quality wireless and broadband services, which will position the
company for long-term growth and sustainability.
UScellular In 2020, UScellular welcomed new CEO Laurent (“LT”) Therivel, who has seamlessly transitioned to his role with the invaluable
assistance of Ken Meyers, who retired in September. We thank Ken for his significant contributions to the TDS Family of Businesses over many
decades. LT has developed dynamic and innovative strategies to strengthen UScellular’s growth and financial performance. Like our peers in
the wireless industry, UScellular felt the effects of the pandemic with a massive increase in demand for data on our network and significant
declines in store traffic. UScellular successfully kept churn low throughout the year, acquired new subscribers, maintained a strong conversion
rate, and produced good financial results. This provides a solid launch point for UScellular to pivot, in 2021, to a year focused on growth.
In 2021, UScellular continues significant investments in our network to ensure we are providing high-quality connections in all our markets,
especially those underserved by other carriers. We are continuing our network modernization programs to increase capacity and speeds to
deploy 5G. Our primary focus in 5G is to identify use cases that meet the needs of our customers, generate revenue, and reduce costs. We are
pursuing opportunities to grow market share through lifecycle management and personalized sales and retention approaches. UScellular has
adopted a regional model to further enable a community by community go-to-market approach and drive a deeper focus on our customers.
In the B2B space, UScellular is placing an emphasis on new distribution opportunities and ramping up sales efforts.
We are working to ensure our capital investments lead to profitable growth by maintaining expense discipline through operational
efficiency. Despite rapidly increasing data usage, we have kept system operations costs low. Increasing online transactions and self-service
options will help to lower operating expenses as we ramp up our efforts to create outstanding digital experiences for our customers.
TDS Telecom 2020 was transformational for TDS Telecom, resulting in one of the most successful years in our history. The seismic shift to
remote working and learning highlighted the importance of high-speed broadband in the home. Demand for increased home broadband data
speeds and continued popularity of bundled video products, led to higher average revenue per user. TDS Telecom expanded its deployment
of fiber technology into new markets. We significantly grew our Wireline fiber footprint 7% by adding 67,000 fiber service addresses passed.
We significantly grew our Cable segment, including broadband connections from our year-end 2019 acquisition of cable company, Continuum.
TDS Telecom’s strategic imperatives for 2021 are focused on investments to further transform our product offerings and drive growth. TDS
Telecom will continue to increase our fiber footprint outside and inside of our current markets. Our goal is to double our annual fiber growth
from the previous year and to deliver 150,000 marketable new fiber service addresses across out-of-territory, in-territory fiber deeper and rural
state broadband grant supported areas. This includes ramping up our fiber builds in Wisconsin and fast growing areas of the Pacific Northwest.
We carefully analyze and evaluate additional out-of-territory markets, looking for growing communities with good population density, proven
pre-sell demand, and attractive competitive environments. We are also leveraging regional support from our existing service territories.
TDS Telecom is focused on operating lean to raise margins to support significant operational and capital investments. Examples of increased
operational effectiveness include systems enhancements in supply chain management, network data analytics and customer self-service capabilities.
Increasing broadband market share in our cable markets remains a top priority. We are looking for cable acquisitions with little fiber
competition and attractive growth potential.
OneNeck IT Solutions OneNeck IT Solutions enhanced its performance in 2020. Process improvements and customer experience initiatives
helped drive higher customer satisfaction. Growth in strategic services such as ReliaCloud and Professional Services, along with improvements
in cost structure contributed to improvements in operating margin. OneNeck is building upon these accomplishments in 2021 and looking to
drive strong business results and widen its customer base.
Diversity, Equity and Inclusion Events across our nation in 2020 stimulated us to take a closer look at our workforce and culture and to
recognize the need to elevate our efforts to develop a more diverse, equitable and inclusive (D, E and I) workforce. The TDS Family of Businesses
is committed to advancing D, E and I across the organization. Details about our efforts and progress are available on our sustainability site -
tdsinc.com/sustainability.
Creating long-term shareholder value At TDS, we seek to maintain a financially sound foundation for the enterprise so that each of our
businesses can take advantage of growth opportunities to enhance their competitive positions and long-term returns. We continue to return
value to our shareholders, primarily through our cash dividends, which have increased every year for the past 47 years.
Thank you We are profoundly grateful to the associates of the TDS Family of Businesses, for their adaptability, resilience and their hard work
and creativity in managing through one of the most challenging years we have ever experienced. Thank you to our shareholders and our debt
holders for your continuing support of our long-term growth strategies.
Very truly yours,
LeRoy T. Carlson, Jr. Walter C. D. Carlson

President and Chief Executive Officer Chairman of the Board
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RETURN TO
TABLE OF CONTENTS
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RETURN TO
TABLE OF CONTENTS
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RETURN TO
TABLE OF CONTENTS
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RETURN TO
TABLE OF CONTENTS
(&.077@7,=#$%'#"&
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RETURN TO
TABLE OF CONTENTS
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!67B>AK?7@FI;F:@AE;9@;8;53@F6;EDGBF;A@E
/-57>>G>3D;EFD35=;@95GEFA?7DGE3973@63FF:;EF;?747>;7H7E@7FIAD=53B35;FK;EEG88;5;7@FFA355A??A63F77JB75F76

GE397
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5A?B7F;F;H7@7EEA8>A53>4GE;@7EE7E3@6;?BDAH7F:7788;5;7@5KA89AH7D@?7@FAB7D3F;A@E;@F:7?3D=7FE/-57>>G>3DE7DH7E
/-57>>G>3DPEEFD3F79K;EFA3FFD35F3@6D7F3;@5GEFA?7DEF:DAG9:3H3>G7BDABAE;F;A@5A?BD;E;@93:;9:CG3>;FK@7FIAD=AGFEF3@6;@9

5GEFA?7DE7DH;573@65A?B7F;F;H767H;57EB>3@E3@6BD;5;@93>>BDAH;676I;F:35A??G@;FK8A5GE -FD3F79;5788ADFE;@5>G67
/-57>>G>3DA887DE75A@A?;53>3@65A?B7F;F;H7>KBD;576E7DH;57B>3@E3@667H;57EFA;FE5GEFA?7DE3@6;E8A5GE76A@;@5D73E;@9
D7H7@G7E8DA?E3>7EA8D7>3F76BDA6G5FEEG5:3E3557EEAD;7E3@667H;57BDAF75F;A@B>3@E3@68DA?@7IE7DH;57EEG5:3E
:A?7;@F7D@7F #@366;F;A@/-57>>G>3D;E8A5GE76A@7JB3@6;@9;FEEA>GF;A@E3H3;>34>7FA4GE;@7EE3@69AH7D@?7@F5GEFA?7DE
/-57>>G>3D5A@F;@G7EFA67HAF7788ADFEFA7@:3@57;FE@7FIAD=53B34;>;F;7E /-57>>G>3D:3E5A?B>7F76;FE67B>AK?7@FA80A&.
F75:@A>A9K 0A&.F75:@A>A9K3>>AIE5GEFA?7DEFAGF;>;L73!&.@7FIAD=8AD4AF:HA;573@663F3E7DH;57E3@6A887DE
7@:3@576E7DH;57EEG5:3E:;9:678;@;F;A@HA;573@6E;?G>F3@7AGEHA;573@663F3E7EE;A@E
RETURN TO
TABLE OF CONTENTS
!F75:@A>A9K:7>BE366D7EE5GEFA?7DEP9DAI;@967?3@68AD63F3E7DH;57E3@65D73F7EABBADFG@;F;7E8AD@7IE7DH;57E
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'3;@7'3DK>3@6';EEAGD;(74D3E=3(7I"3?BE:;D7(ADF:3DA>;@3)=>3:A?3)D79A@.7@@7EE77.7J3E0;D9;@;3
13E:;@9FA@17EF0;D9;@;33@61;E5A@E;@3@6I;>>5A@F;@G7FA>3G@5:;@366;F;A@3>3D73E;@F:75A?;@9K73DE #@366;F;A@FAF:7
67B>AK?7@FA8!F75:@A>A9K/-57>>G>3D;E3>EA?A67D@;L;@9;FE!&.@7FIAD=FA8GDF:7D7@:3@57!&.EB776E
/-57>>G>3D3EE7EE7E;FE7J;EF;@9I;D7>7EE;@F7D7EFEA@3@A@9A;@943E;EI;F:39A3>A8;?BDAH;@9F:75A?B7F;F;H7@7EEA8;FE
AB7D3F;A@E3@6?3J;?;L;@9;FE>A@9F7D?D7FGD@A@53B;F3> EB3DFA8F:;EEFD3F79K/-57>>G>3D35F;H7>KE77=E3FFD35F;H7
ABBADFG@;F;7EFA35CG;D7I;D7>7EEEB75FDG?;@5>G6;@9BGDEG3@FFA 3G5F;A@EEG5:3EG5F;A@E3@6
RETURN TO
TABLE OF CONTENTS
#;0=,?4:9,7#A0=A40B

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67?3@68AD;@F7D@7FD7>3F76BDA6G5FE9;H7@3@7768ADD7?AF75A@@75F;H;FKD7>3F76FA)0#3@6;;3675D73E7;@F34>7F67875F;A@E
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>7EED7H7@G7F:3@AF:7D5A@@75F7667H;57E3@6E?3DFB:A@7E .:7E7;@5D73E7EI7D7B3DF;3>>KA88E7F4KF:7;?B35FA8I3;H;@9AH7D397
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B3@67?;5
RETURN TO
TABLE OF CONTENTS
49,9.4,7#A0=A40BH(&.077@7,=
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RETURN TO
TABLE OF CONTENTS
Operating Revenues
(Dollars in millions)
$4,080 )-")-%,*&%*"*+&1
$36 $18
$4,060 ,7F3;>-7DH;57N:3D97E8ADHA;5763F33@6H3>G736676
$4,037 E7DH;57E3@6D75AH7DKA8D79G>3FADK5AEFE
$4,040
$4,022 $(22) $(17)
$4,020 #@4AG@6,A3?;@9N:3D97EFAAF:7DI;D7>7EE53DD;7DE
I:AE75GEFA?7DEGE7/-57>>G>3DPEI;D7>7EEEKEF7?EI:7@
$4,000 DA3?;@9
$3,980 )F:7D-7DH;57N?AG@FED757;H768DA?F:7 767D3>/-
FAI7DD7@F3>D7H7@G7E3@6?;E57>>3@7AGEAF:7DE7DH;57
$3,960
D7H7@G7E
$3,940
(,"'$%+)-%,*&%*"*+&
$3,920
-3>7EA8I;D7>7EE67H;57E3@6D7>3F763557EEAD;7EFA@7I
$3,900 3@67J;EF;@95GEFA?7DE397@FE3@6F:;D6B3DFK6;EFD;4GFADE
19 ce ng ce nt 20
20 e rvi a mi e rvi i p me 20
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#@4AG@6DA3?;@9D7H7@G7E675D73E76;@BD;?3D;>K6D;H7@4K>AI7D63F3D7H7@G7EI;F:>AI7DD3F7EB3DF;3>>KA88E7F4K:;9:7DGE397

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CG;B?7@FE3>7ED7H7@G7E675D73E76;@6G7BD;?3D;>KFA3675D73E7;@@7IE?3DFB:A@73@63557EEADKE3>7EB3DF;3>>KA88E7F4K

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:>?:10<@4;809?>:7/
AEFA87CG;B?7@FEA>6675D73E76;@6G7BD;?3D;>KFA3675D73E7;@@7IE?3DFB:A@73@63557EEADKE3>7EB3DF;3>>KA88E7F4K3@

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&0774922090=,7,9/,/8494>?=,?4A00C;09>0>
-7>>;@997@7D3>3@636?;@;EFD3F;H77JB7@E7E675D73E76;@6G7BD;?3D;>KFA675D73E7E;@;436674FE7JB7@E76D;H7@4K87I7D

@A@B3K5GEFA?7DE3E3D7EG>FA847FF7D5D76;F?;J3@6;?BDAH765GEFA?7DB3K?7@F47:3H;AD3@6;;36H7DF;E;@97JB7@E76G7FA
D76G576EBA@EADE:;B7JB7@E78DA?53@57>>767H7@FED7>3F76FA)0#
RETURN TO
TABLE OF CONTENTS
0;=0.4,?4:9,8:=?4E,?4:9,9/,..=0?4:9
7BD75;3F;A@3?ADF;L3F;A@3@6355D7F;A@675D73E76;@6G7FA57DF3;@4;>>;@9EKEF7?3EE7FED735:;@9F:7;D7@6A8>;87B3DF;3>>K

A88E7F4K:;9:7D67BD75;3F;A@6G7FA;@5D73E7653B;F3>7JB7@6;FGD7E3@63557>7D3F7667BD75;3F;A@A857DF3;@3EE7FE6G7FA5:3@97E;@
@7FIAD=F75:@A>A9K
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&AEEA@3EE7F6;EBAE3>E@7F;@5D73E76;@6G7BD;?3D;>KFA:;9:7D6;EBAE3>A8GE767CG;B?7@F
RETURN TO
TABLE OF CONTENTS
'&' #!#$%'#"&
@>490>>#A0=A40B
.-.7>75A?BDAH;67E3I;67D3@97A85A??G@;53F;A@EE7DH;57EFAD7E;67@F;3>3@65A??7D5;3>5GEFA?7DE .-.7>75A?AB7D3F7E;@
FIAE79?7@FE1;D7>;@7I:;5:;@5>G67E38;47DFAF:7:A?7BDA9D3?;@@7I?3D=7FE3@634>7 M
.-.7>75A?:3E35A??A@EFD3F79K35DAEE3>>;FE4GE;@7EE7EFABDAH;67:;9:EB7764DA3643@6E7DH;57E4G@6>76I;F:H;67A3@6HA;57
E7DH;57E -7DH;57E3D7BDAH;676FAD7E;67@F;3>5A??7D5;3>3@6I:A>7E3>75GEFA?7DE;@3?;JA8DGD3>EG4GD43@3@6?7FDABA>;F3@
5A??G@;F;7EI;F:F:7>3D97EF5A@57@FD3F;A@A8;FE5GEFA?7DE;@F:7/BB7D';6I7EF3@6F:7-AGF:73EF .-.7>75A?E77=EFA47F:7
>736;@9BDAH;67DA84DA3643@6E7DH;57E;@F:7?3D=7FE;FE7DH7E4K;@H7EF;@9;@FA:;9:CG3>;FK@7FIAD=E3@6BDAH;6;@97J57>>7@F5GEFA?7D
E7DH;57
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A@F;@GG?;E3534>75A?B3@KF:3FB3EE7E3BBDAJ;?3F7>KE7DH;57366D7EE7E;@(ADF:3DA>;@33@6A887DE5A?B>7?7@F3DK
4DA3643@6H;67A3@6HA;57E7DH;57E
#$%'#"&
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RETURN TO
TABLE OF CONTENTS
#).:9>4/0=,?4:9>
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EFAD7E3@6F7?BAD3D;>K573E766AADFA6AADE7>>;@9 ,7F3;>EFAD7EF:3FD7?3;@AB7@:3H7;?B>7?7@F76EA5;3>6;EF3@5;@93@6
7@:3@5765>73@;@9?73EGD7E #@366;F;A@.-.7>75A?:3E7JB3@676E387FKBDAFA5A>E8AD8DA@F>;@7IAD=7DEEG5:3E8;7>6
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F:;EB7D;A6A85:3@97.-.7>75A?:3E5A@F;@G76E7DH;@9;FE5GEFA?7DE3@67@EGD;@9;FE@7FIAD=D7?3;@E8G>>KAB7D3F;A@3>
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AD93@;L3F;A@EF:3F3D7E7DH;@9F:7@776EA8F:75A??G@;F;7E;@I:;5:;FAB7D3F7E
)887D;@963KEA88D774DA3643@6E7DH;57FA@7I5GEFA?7DEI:A3D7>AI;@5A?73@6AD83?;>;7EI;F:5:;>6D7@AD5A>>797397
EFG67@FEF:DAG9:BD;>I;F:8D77E7DH;57E7@6;@9;@$G@7
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;@5A?7F3J7JB7@E78AD3@6353E:D78G@6A8F3J7EB3;6;@BD;ADK73DE
.D35=;@9;@5D73E765GEFA?7D67?3@68AD4DA3643@6E7DH;57E .:767?3@6?3K8>G5FG3F767B7@6;@9A@F:7E7H7D;FK3@6
6GD3F;A@A8F:7B3@67?;5 FF:;EF;?7.-.7>75A?E@7FIAD=53B35;FK:3E477@EG88;5;7@F8AD;@5D73E76GE397
AADFA6AADE3>7E35F;H;F;7E;@AGFA8F7DD;FADK?3D=7FEI7D7;@;F;3>>K;?B35F764KF:7B3@67?;5>736;@9FA34DA367@76

3BBDA35:F:3FGE7E;@5D73E;@9A@>;@7E3>7E3@6?3D=7F;@935F;H;F;7E E;9@;8;53@FD76G5F;A@;@BD7E3>7E35F;H;FK5AG>6D7EG>F;@3
E>AI;@9A85A@EFDG5F;A@35F;H;FK
'A@;FAD;@9;FEEGBB>K5:3;@FA3EE7EE;?B35FEFA3H3;>34;>;FKA8@7FIAD=7CG;B?7@F FF:;EF;?7.-.7>75A?7JB75FEFA47

34>7FA?77F5GEFA?7D67?3@68ADA@BD7?;E77CG;B?7@F3@6FA?3;@F3;@;FE7JB75F76;@H7EF?7@F>7H7>E;@8;47D3@6AF:7D
4DA3643@667B>AK?7@FE
'A@;FAD;@9F:767B7@67@5KA@F:;D6B3DF;7EFA5A@F;@G7IAD=A@AGFA8F7DD;FADK?3D=7F5A@EFDG5F;A@ 03D;AGEEF3F7?G@;5;B3>

3@6H7@6ADD7EFD;5F;A@ED7>3F76FA)0#5AG>653GE767>3KE;@?G@;5;B3>B7D?;FF;@9BA>73557EE3@6AF:7D5A@FD35FAD
IAD=F:3F5AG>6E>AI6AI@5A@EFDG5F;A@B>3@E
'&'070.:8!4>>4:9,9/&?=,?02D
.-.7>75A?E?;EE;A@;EFABDAH;67AGFEF3@6;@95A??G@;53F;A@EE7DH;57EFA67>;9:F;FE5GEFA?7DE5:3?B;A@75A@A?;567H7>AB?7@F
4K;@H7EF;@9;@;@8D3EFDG5FGD73@6FA9DAID3B;6>K
.-.7>75A?EEFD3F79;5788ADFE;@5>G67
.-.7>75A?EFD;H7EFA47F:7BD787DD764DA3643@6BDAH;67D;@;FE?3D=7FEI;F:F:734;>;FKFABDAH;67H3>G7366764G@6>;@9
E7DH;57EI;F:H;67A3@6HA;57E7DH;57ABF;A@E .-.7>75A?5A@F;@G7EFA8A5GEA@6D;H;@99DAIF:;@;FE4DA3643@6E7DH;57E4K
;@H7EF;@9;@8;47D67B>AK?7@F;@.-@7IAGFA8F7DD;FADK?3D=7FE3@6;@7J;EF;@9?3D=7FE
.-.7>75A??3K3>EAE77=FA9DAI;FEAB7D3F;A@EF:DAG9:F:735CG;E;F;A@A84GE;@7EE7EF:3FEGBBADF3@65A?B>7?7@F;FE
7J;EF;@9?3D=7FEAD5D73F77@F;D7>K@7I5>GEF7DEA8?3D=7FEI:7D7.-.7>75A?53@EG55776 .-.7>75A?;@F7@6EFA3HA;6
?3D=7FEE7DH764KAF:7D8;47DAH7D4G;>67DEAD?G@;5;B3>;F;7EI:;5::3H75A@EFDG5F76F:7;DAI@@7FIAD=EI;F:8;47DFAF:7:A?7
RETURN TO
TABLE OF CONTENTS
49,9.4,7#A0=A40BH'&'070.:8
HE
+0,=9/0/0.08-0=

A>>3DE;@?;>>;A@E F F M
)B7D3F;@9D7H7@G7E F M M
1;D7>;@7 N
34>7
.-.7>75A?AB7D3F;@9D7H7@G7E
)B7D3F;@97JB7@E7E F M M
1;D7>;@7
34>7
.-.7>75A?AB7D3F;@97JB7@E7E
'&'070.:8:;0=,?49249.:80

(7F;@5A?7

6<GEF76)#(A@!*
6<GEF76#.(A@!*

3B;F3>7JB7@6;FGD7E
(G?47DE?3K@AF8AAF6G7FADAG@6;@9

#@5>G67E7>;?;@3F;A@E47FI77@F:71;D7>;@73@634>7E79?7@FE


Operating Revenues
$45 $976
$980
$960
$940 $930 $2
$920 )B7D3F;@9D7H7@G7E;@5D73E76;@6G7BD;?3D;>KFAF:7
35CG;E;F;A@A8A@F;@GG?1;D7>;@73@634>74DA3643@69DAIF:
$900 3@61;D7>;@7H;67A9DAIF:I:;5:I7D7B3DF;3>>KA88E7F4K675>;@7E;@
1;D7>;@7D7E;67@F;3>HA;573@65A??7D5;3>D7H7@G7E
$880
$860
$840
$820
$800
19 e ble 20
20 lin 20
Wi
re Ca
':?,7:;0=,?4920C;09>0>
)B7D3F;@97JB7@E7E;@5D73E76;@6G7BD;?3D;>KFA7JB7@E7ED7>3F76FAF:7366;F;A@A8A@F;@GG?;@5D73E7E;@4G;>6;@93@6
?3;@F7@3@575AEFE:;9:7DH;67ABDA9D3??;@95AEFE3@6393;@A@F:7E3>7A83EE7FE;@B3DF;3>>KA88E7F4K3675D73E7D7>3F76FA
F:75:3@97;@355AG@F;@9FA53B;F3>;L7?A67?E
RETURN TO
TABLE OF CONTENTS
*% "#$%'#"&
#;0=,?4:9,7#A0=A40B
%0>4/09?4,7:990.?4:9> %0>4/09?4,7=:,/-,9/:990.?4:9>-D&;00/>
EA8757?47D EA8757?47D
600,000 100%
63,000
58,500
500,000 33%
40%
75%
400,000 256,900
262,100
300,000 50% 36%

35%
200,000
241,300 262,900 25%

100,000
31%
25%
0
2019 2020 0%
2019 2020
Broadband Voice
Video 0 - 10 Mbps 10 - 100 Mbps
>100 Mbps
.AF3>D7E;67@F;3>5A@@75F;A@E;@5D73E763E9DAIF:;@ ,7E;67@F;3>4DA3643@65GEFA?7DE5A@F;@G7FA5:AAE7:;9:7D
4DA3643@63@6H;67A5A@@75F;A@E9D7I3@6 EB776EI;F:F3=;@9EB776EA8'4BEAD9D73F7D3@6
D7EB75F;H7>KB3DF;3>>KA88E7F4K3675>;@7;@HA;57 5:AAE;@9EB776EA8'4BEAD9D73F7D
5A@@75F;A@E

#@5>G67E#&3@6AGFA8F7DD;FADK
RETURN TO
TABLE OF CONTENTS
Residential Revenue per Connection Commercial Connections
For the year ended December 31, As of December 31,
$51 $50.67 300,000
$50
$49 $48.54 250,000 20,400

21,000
$48
200,000
$47
117,800
$46 106,700
150,000
$45
$44
100,000
$43
121,200 111,400
$42 50,000
$41
$40 0
2019 2020 2019 2020
managedIP Voice
Broadband
,7E;67@F;3>D7H7@G7B7D5A@@75F;A@;@5D73E766G7FA .AF3>5A??7D5;3>5A@@75F;A@E675D73E764K6G7
9DAIF:;@4DA3643@63@6H;67A5A@@75F;A@EI:;5:3D7BD;576 BD;?3D;>KFA675>;@7E;@5A@@75F;A@E;@5A?B7F;F;H7>A53>
:;9:7DF:3@675>;@;@9HA;57E7DH;57E3@6BD;57;@5D73E7E 7J5:3@9753DD;7D&?3D=7FE
0;67A3@64DA3643@6E7DH;57E3>EA:3H7F;7D76BD;5;@9
67B7@6;@9A@F:7B35=397E3@6EB776EF:75GEFA?7DE7>75FE
RETURN TO
TABLE OF CONTENTS
49,9.4,7#A0=A40BH*4=07490
HE
+0,=9/0/0.08-0=

A>>3DE;@?;>>;A@E F F M
,7E;67@F;3>
A??7D5;3>
1:A>7E3>7
-7DH;57D7H7@G7E N
CG;B?7@F3@6BDA6G5FE3>7E
.AF3>AB7D3F;@9D7H7@G7E N
AEFA8E7DH;57E7J5>G6;@97BD75;3F;A@3?ADF;L3F;A@3@6355D7F;A@D7BADF7647>AI

AEFA87CG;B?7@F3@6BDA6G5FE
-7>>;@997@7D3>3@636?;@;EFD3F;H7 N
7BD75;3F;A@3?ADF;L3F;A@3@6355D7F;A@
!3;@>AEEA@3EE7F6;EBAE3>E@7F H ('
#;0=,?49249.:80
#@5A?7478AD7;@5A?7F3J7E

6<GEF76)#(A@!*

6<GEF76#.(A@!*

3B;F3>7JB7@6;FGD7E
('*7D57@F3975:3@97@AF?73@;@98G>


RETURN TO
TABLE OF CONTENTS
Operating Revenues
*"%+"#)-%,*&%*"*+&
$720
DA3643@6E7DH;57E;@5>G6;@98;47D3@65ABB7D43E76
$21 :;9:EB776;@F7D@7FE75GD;FK3@6EGBBADFE7DH;57E
$700 0;67AE7DH;57E;@5>G6;@9#*.03@6E3F7>>;F7A887D;@9E
0A;57E7DH;57E
$683 $685
$(15)
$680 $(4)
&$$)"#)-%,*&%*"*+&
";9:EB7763@6676;53F764GE;@7EE;@F7D@7FE7DH;57E
$660 0;67AE7DH;57E
0A;57E7DH;57E
$640 !&#*#)-%,*&%*"*+&
(7FIAD=3557EEE7DH;57EBD;?3D;>KFA;@F7D7J5:3@97
$620 3@6I;D7>7EE53DD;7DE8AD53DDK;@963F33@6HA;57FD388;5
A@.-.7>75A?PE@7FIAD=
$600 767D3>3@6EF3F7/- EGBBADF;@5>G6;@9'
9 al al le 20
20
1
enti erci lesa 20
sid mm ho
Re Co W
0D.:8;:909?>:1.3,920>49?30>?,?0809?:1:;0=,?4:9>4?08>B0=0,>1:77:B>
':?,7:;0=,?492=0A09@0>
,7E;67@F;3>D7H7@G7E;@5D73E76;@6G7BD;?3D;>KFA9DAIF:;@4DA3643@63@6H;67A5A@@75F;A@E3EI7>>3EBD;57;@5D73E7E
B3DF;3>>KA88E7F4K3675>;@7;@HA;575A@@75F;A@E
A??7D5;3>D7H7@G7E675D73E76;@6G7BD;?3D;>KFA675>;@;@95A@@75F;A@E;@&?3D=7FE
1:A>7E3>7D7H7@G7E675D73E76;@6G7BD;?3D;>KFA675D73E763557EED7H7@G7E
:>?:1>0=A4.0>
AEFA8E7DH;57E;@5D73E76E>;9:F>K;@6G7BD;?3D;>KFA;@5D73E7E;@4G;>6;@93@6?3;@F7@3@575AEFE:;9:7DH;67ABDA9D3??;@9
5AEFEB3DF;3>>KA88E7F4K3675D73E7;@7JB7@E7ED7>3F76FAF:753B;F3>;L3F;A@A8@7I?A67?E 8875F;H7$3@G3DKF:75AEFA8
?A67?E3>A@9I;F:3EEA5;3F76;@EF3>>3F;A@5AEFE;E47;@953B;F3>;L76
&0774922090=,7,9/,/8494>?=,?4A0
-7>>;@997@7D3>3@636?;@;EFD3F;H77JB7@E7ED7?3;@768>3F;@6G7BD;?3D;>KFA>AI7D>793>3@65A@EG>F;@95AEFEA88E7F4K;@5D73E7E

;@36H7DF;E;@95AEFE;@F:7AGFA8F7DD;FADK?3D=7FE
0;=0.4,?4:9,8:=?4E,?4:9,9/,..=0?4:9
7BD75;3F;A@3?ADF;L3F;A@3@6355D7F;A@675D73E76;@6G7BD;?3D;>KFA57DF3;@3EE7FE475A?;@98G>>K67BD75;3F763@67JF7@676
GE78G>>;H7E3EEG?BF;A@EB3DF;3>>KA88E7F4K67BD75;3F;A@A@@7I8;47D3EE7FE
,497:>>:9,>>0?/4>;:>,7>90?
!3;@A@3EE7F6;EBAE3>E675D73E76;@6G7FAF:7E3>7A88;47D3EE7FE;@57DF3;@&?3D=7FE6GD;@9
RETURN TO
TABLE OF CONTENTS
#$%'#"&
#;0=,?4:9,7#A0=A40B
Residential Connections Commercial Connections

As of December 31, As of December 31,
350,000 50,000
1,300 1,900
300,000 53,900
55,300
40,000 14,200 12,900
250,000
81,400
86,400
30,000
200,000
150,000 20,100 19,500

20,000
100,000 196,400
181,100
10,000
50,000 12,500 13,000
0 0
2019 2020 2019 2020
Broadband Video Broadband Video

Voice Voice ManagedIP
.AF3>D7E;67@F;3>5A@@75F;A@E9D7I;@6G7FA3 .AF3>5A??7D5;3>5A@@75F;A@E675D73E76;@6G7FA
;@5D73E7;@4DA3643@65A@@75F;A@EB3DF;3>>KA88E7F4K3 675>;@;@9HA;573@6H;67A5A@@75F;A@EB3DF;3>>KA88E7F4K3@
675>;@7;@H;67A5A@@75F;A@E3@63675>;@7;@HA;57 ;@5D73E7;@4DA3643@63@6?3@3976#*5A@@75F;A@E
5A@@75F;A@E
RETURN TO
TABLE OF CONTENTS
49,9.4,7#A0=A40BH,-70
HE
+0,=9/0/0.08-0=

A>>3DE;@?;>>;A@E F M M
,7E;67@F;3>
A??7D5;3>
AEFA8E7DH;57E7J5>G6;@97BD75;3F;A@3?ADF;L3F;A@3@6355D7F;A@D7BADF7647>AI

-7>>;@997@7D3>3@636?;@;EFD3F;H7
7BD75;3F;A@3?ADF;L3F;A@3@6355D7F;A@
#;0=,?49249.:807:>>
#@5A?7>AEE478AD7;@5A?7F3J7E

6<GEF76)#(A@!*
6<GEF76#.(A@!*

3B;F3>7JB7@6;FGD7E


Operating Revenues
$300 $40 $4 $292
$280
$260 $247
%0>4/09?4,7,9/:880=.4,7=0A09@0>.:9>4>?:1
$240
DA3643@6E7DH;57E;@5>G6;@9:;9:EB776;@F7D@7FE75GD;FK
$220 3@6EGBBADFE7DH;57E
$200 0;67AE7DH;57E;@5>G6;@9#*.03@6FD36;F;A@3>534>7
BDA9D3??;@9
$180 0A;57E7DH;57E
$160
$140
$120
$100
19 al a l 20
20 nti rci 20
sid
e me
Re Com
RETURN TO
TABLE OF CONTENTS
0D.:8;:909?>:1.3,920>49?30>?,?0809?:1:;0=,?4:9>4?08>B0=0,>1:77:B>
':?,7:;0=,?492=0A09@0>
,7E;67@F;3>3@65A??7D5;3>D7H7@G7E;@5D73E76;@6G7BD;?3D;>KFAF:735CG;E;F;A@A8A@F;@GG??;>>;A@3EI7>>3E9DAIF:;@
4DA3643@65A@@75F;A@E3@6BD;57;@5D73E7E
:>?:1>0=A4.0>
AEFA8E7DH;57E;@5D73E76;@6G7BD;?3D;>KFAF:735CG;E;F;A@A8A@F;@GG??;>>;A@3@6;@5D73E7E;@7?B>AK77D7>3F76
7JB7@E7E
&0774922090=,7,9/,/8494>?=,?4A0
-7>>;@997@7D3>3@636?;@;EFD3F;H77JB7@E7E;@5D73E76;@6G7BD;?3D;>KFA;@5D73E7E;@7?B>AK77D7>3F767JB7@E7E3@6F:7

35CG;E;F;A@A8A@F;@GG??;>>;A@
0;=0.4,?4:9,8:=?4E,?4:9,9/,..=0?4:9
7BD75;3F;A@3?ADF;L3F;A@3@6355D7F;A@;@5D73E76;@6G7BD;?3D;>KFAF:735CG;E;F;A@A8A@F;@GG??;>>;A@
RETURN TO
TABLE OF CONTENTS
4<@4/4?D,9/,;4?,7%0>:@=.0>
&:@=.0>:1 4<@4/4?D
.-3@6;FEEG4E;6;3D;7EAB7D3F753B;F3>;@F7@E;H74GE;@7EE7E M#@F:7B3EF.-P7J;EF;@953E:3@6;@H7EF?7@F43>3@57E8G@6E3H3;>34>7

G@67D;FED7HA>H;@95D76;F3@6D757;H34>7EE75GD;F;L3F;A@39D77?7@FE8G@6E8DA?AF:7D8;@3@5;@9EAGD57E;@5>G6;@9F7D?>A3@E3@6AF:7D
>A@9F7D?674F3@653E:8>AIE8DA?AB7D3F;@93@657DF3;@;@H7EF;@93@68;@3@5;@935F;H;F;7E;@5>G6;@9E3>7EA83EE7FEAD4GE;@7EE7E
BDAH;676EG88;5;7@F>;CG;6;FK3@68;@3@5;3>8>7J;4;>;FK8AD.-FA?77F;FE@AD?3>63KFA63KAB7D3F;@9@776E3@6674FE7DH;57D7CG;D7?7@FE
FA8;@3@57F:74G;>6AGF3@67@:3@57?7@FA8?3D=7FE3@6FA8G@635CG;E;F;A@E M.:7D7;E@A3EEGD3@57F:3FF:;EI;>>47F:753E7;@F:7
8GFGD7 -77'3D=7F,;E=8AD366;F;A@3>;@8AD?3F;A@D793D6;@9?3FGD;F;7EA8>A@9F7D?674F
.-:3E;@5GDD76@793F;H78D7753E:8>AI3FF;?7E;@F:7B3EF3@6F:;E5AG>6A55GD;@F:78GFGD7 M"AI7H7D.-47>;7H7EF:3F7J;EF;@9

53E:3@6;@H7EF?7@F43>3@57E8G@6E3H3;>34>7G@67D;FED7HA>H;@95D76;FF7D?>A3@3@6D757;H34>7EE75GD;F;L3F;A@39D77?7@FE
7JB75F768GFGD7F3JD78G@6E3@67JB75F7653E:8>AIE8DA?AB7D3F;@93@6;@H7EF;@935F;H;F;7EI;>>BDAH;67EG88;5;7@F>;CG;6;FK8AD.-FA
?77F;FE@AD?3>63KFA63KAB7D3F;@9@776E3@6674FE7DH;57D7CG;D7?7@FE8ADF:75A?;@9K73DE .-I;>>5A@F;@G7FA?A@;FADF:7
D3B;6>K5:3@9;@94GE;@7EE3@6?3D=7F5A@6;F;A@E3@6B>3@EFAF3=73BBDABD;3F735F;A@E3E@757EE3DKFA?77F;FE>;CG;6;FK@776E
.-?3KD7CG;D7EG4EF3@F;3>366;F;A@3>53B;F3>8AD3?A@9AF:7DGE7E8G@6;@963KFA63KAB7D3F;@9@776E;@5>G6;@9IAD=;@953B;F3>

35CG;E;F;A@EA8BDAH;67DEA8534>7I;D7>7EEADI;D7>;@7F7>75A??G@;53F;A@EE7DH;57E#.E7DH;57EADAF:7D4GE;@7EE7EI;D7>7EEEB75FDG?
>;57@E7ADEKEF7?35CG;E;F;A@E53B;F3>7JB7@6;FGD7E39D77?7@FEFABGD5:3E79AA6EADE7DH;57E>73E7E674FE7DH;57D7CG;D7?7@FEF:7
D7BGD5:3E7A8E:3D7EF:7B3K?7@FA86;H;67@6EAD?3=;@9366;F;A@3>;@H7EF?7@FE;@5>G6;@9@7IF75:@A>A9;7E3@6AGFA8F7DD;FADK8;47D
4G;>6E M#F?3K47@757EE3DK8DA?F;?7FAF;?7FA;@5D73E7F:7E;L7A8F:77J;EF;@9D7HA>H;@95D76;F39D77?7@FEFABGF;@B>357@7I5D76;F
39D77?7@FEADFAA4F3;@AF:7D8AD?EA88;@3@5;@9;@AD67DFA8G@6BAF7@F;3>7JB7@6;FGD7E M
,>3,9/,>3<@4A,709?>
3E:3@653E:7CG;H3>7@FE;@5>G6753E:3@6?A@7K?3D=7F;@H7EF?7@FE M.:7BD;?3DKA4<75F;H7A8.-P3E:3@653E:7CG;H3>7@FE
;@H7EF?7@F35F;H;F;7E;EFABD7E7DH7BD;@5;B3> M.-6A7E@AF:3H76;D75F3557EEFA/-57>>G>3D53E:
Cash and Cash Equivalents

$1,600
$1,429
$1,400
$1,200
.:7?3<AD;FKA8.-P3E:3@653E:7CG;H3>7@FE3D7:7>6;@43@=
$1,000 67BAE;F355AG@FE3@6;@?A@7K?3D=7F8G@6EF:3FBGD5:3E7A@>K
$800 674F;EEG764KF:7/ - .D73EGDKAD/ - 9AH7D@?7@F397@5;7E
$600 $465
$400
$200
$0
2019 2020
TDS Telecom, TDS Corporate & Other

UScellular
RETURN TO
TABLE OF CONTENTS
49,9.492
-&#-"%
)"+ )$%+*
#@'3D5:.-7@F7D76;@FA3@7I?;>>;A@G@E75GD76D7HA>H;@95D76;F39D77?7@FI;F:57DF3;@>7@67DE3@6AF:7DB3DF;7E3@6
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39D77?7@F?3K474ADDAI76D7B3;63@6D74ADDAI768DA?F;?7FAF;?7G@F;>?3FGD;FK;@757?47DI:;5:?3K477JF7@6768DA?
F;?7FAF;?73EEB75;8;76F:7D7;@ M#@757?47D/-57>>G>3DD7B3;6?;>>;A@A8F:7AGFEF3@6;@94ADDAI;@9 EA8757?47D
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?AD7A887D;@9EGBFAF:73?AG@FD79;EF7D76I:;5:;E5GDD7@F>K?;>>;A@ M.:734;>;FKA8.-AD/-57>>G>3DFA5A?B>7F73@A887D;@9
BGDEG3@FFAEG5:E:7>8D79;EFD3F;A@EF3F7?7@FE;EEG4<75FFA?3D=7F5A@6;F;A@E3@6AF:7D835FADE3FF:7F;?7
.-47>;7H7EF:3F;F3@6AD;FEEG4E;6;3D;7EI7D7;@5A?B>;3@573EA8757?47DI;F:3>>5AH7@3@FE3@6AF:7DD7CG;D7?7@FEE7F

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RETURN TO
TABLE OF CONTENTS
.-3@6/-57>>G>3D3FF:7;D6;E5D7F;A@?3K8DA?F;?7FAF;?7E77=FAD7F;D7ADBGD5:3E7F:7;DAGFEF3@6;@9674FF:DAG9:53E:BGD5:3E7E
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D7EFD;5F;A@E3@6AF:7D835FADE M.:73?AG@FE;@HA>H76?3K47?3F7D;3>
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EB7@6;@9;@5GDD76;@BD;ADK73DE8ADF:7E7;F7?E M.:;E6;E5GEE;A@6A7E@AF;@5>G6753E:D7CG;D76FA8G@6@AD?3>AB7D3F;A@E3@6;E@AF3
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RETURN TO
TABLE OF CONTENTS

'"+#/'%"+,)*
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Capital Expenditures
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RETURN TO
TABLE OF CONTENTS
+!)#" +"&%*
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A@EA>;63F76 ;@3@5;3>-F3F7?7@FE8AD366;F;A@3>;@8AD?3F;A@D7>3F76FAF:7E7H3D;34>7;@F7D7EF7@F;F;7E M.-?3K7>75FFA?3=7
366;F;A@3>53B;F3>5A@FD;4GF;A@E3@6AD36H3@57EFAF:7E7H3D;34>7;@F7D7EF7@F;F;7E;@8GFGD7B7D;A6E;@AD67DFA8G@6F:7;DAB7D3F;A@E M
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F:3F.-3@6/-57>>G>3DI;>>?3=73@KE:3D7D7BGD5:3E7E;@F:78GFGD7 M
AD366;F;A@3>;@8AD?3F;A@D7>3F76FAF:75GDD7@F.-3@6/-57>>G>3DD7BGD5:3E73GF:AD;L3F;A@EE77(AF7OA??A@-:3D7:A>67DEP
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5A@6;F;A@D7EG>FEA8AB7D3F;A@E>;CG;6;FK53B;F3>7JB7@6;FGD7EAD53B;F3>D7EAGD57E
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;@F:78;DEFCG3DF7DA8 M.-:3E@A5GDD7@FB>3@EFA5:3@97;FEBA>;5KA8B3K;@96;H;67@6E
RETURN TO
TABLE OF CONTENTS
:9>:74/,?0/,>37:B9,7D>4>
.-AB7D3F7E353B;F3>;@F7@E;H74GE;@7EE M.-?3=7EEG4EF3@F;3>;@H7EF?7@FEFA35CG;D7I;D7>7EEEB75FDG?>;57@E7E3@6BDAB7DF;7E
3@6FA5A@EFDG5F3@6GB9D3675A??G@;53F;A@E@7FIAD=E3@6835;>;F;7E3E343E;E8AD5D73F;@9>A@9F7D?H3>G78ADE:3D7:A>67DE M#@D757@F
K73DED3B;65:3@97E;@F75:@A>A9K3@6@7IABBADFG@;F;7E:3H7D7CG;D76EG4EF3@F;3>M;@H7EF?7@FE;@BAF7@F;3>>KD7H7@G77@:3@5;@93@6
5AEFE3H;@9GB9D367EFA.-P@7FIAD=E 3E:8>AIE?3K8>G5FG3F78DA?CG3DF7DFACG3DF7D3@6K73DFAK73D6G7FAE73EA@3>;FKF:7
F;?;@9A835CG;E;F;A@E3@66;H7EF;FGD7E53B;F3>7JB7@6;FGD7E3@6AF:7D835FADE M.:78A>>AI;@96;E5GEE;A@EG??3D;L7E.-P53E:8>AI
35F;H;F;7E;@3@6

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.-P3E:53E:7CG;H3>7@FE3@6D7EFD;5F7653E:;@5D73E76?;>>;A@ M(7F53E:BDAH;6764KAB7D3F;@935F;H;F;7EI3E?;>>;A@

6G7BD;?3D;>KFA@7F;@5A?7A8?;>>;A@36<GEF768AD@A@53E:;F7?EA8?;>>;A@3@66;EFD;4GF;A@ED757;H768DA?G@5A@EA>;63F76
7@F;F;7EA8?;>>;A@;@5>G6;@9?;>>;A@;@6;EFD;4GF;A@E8DA?F:7&*3DF@7DE:;B
3E:8>AIEGE768AD;@H7EF;@935F;H;F;7EI7D7?;>>;A@ M3E:B3;68AD366;F;A@EFABDAB7DFKB>3@F3@67CG;B?7@FFAF3>76

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3E:8>AIEBDAH;6764K8;@3@5;@935F;H;F;7EI7D7?;>>;A@D78>75F;@9F:7;EEG3@57A8?;>>;A@A8 /-57>>G>3D-7@;AD(AF7E

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?;>>;A@4ADDAI76G@67DF:7.-F7D?>A3@ .:7E7I7D7B3DF;3>>KA88E7F4K3?;>>;A@D7B3K?7@FA@F:7/-57>>G>3DD757;H34>7E
E75GD;F;L3F;A@39D77?7@FF:7B3K?7@FA86;H;67@6EFAF3>;@9?;>>;A@F:7B3K?7@FA8674F;EEG3@575AEFEA8?;>>;A@3@6F:7
D7BGD5:3E7A8.-3@6/-57>>G>3DA??A@-:3D7E

:8809?,=D
.-P3E:53E:7CG;H3>7@FE3@6D7EFD;5F7653E:675D73E76?;>>;A@ (7F53E:BDAH;6764KAB7D3F;@935F;H;F;7EI3E?;>>;A@

6G7FA@7F;@5A?7A8?;>>;A@B>GE@A@53E:;F7?EA8?;>>;A@3@66;EFD;4GF;A@ED757;H768DA?G@5A@EA>;63F767@F;F;7EA8
?;>>;A@;@5>G6;@9?;>>;A@;@6;EFD;4GF;A@E8DA?F:7&*3DF@7DE:;B .:;EI3EA88E7F4K5:3@97E;@IAD=;@953B;F3>;F7?EI:;5:
675D73E76@7F53E:4K?;>>;A@ .:7?AD7E;9@;8;53@FIAD=;@953B;F3>5:3@97EI7D7;@5D73E7E;@355AG@FED757;H34>7E3@6
7CG;B?7@F;@EF3>>?7@FB>3@D757;H34>7E3@63675D73E7;@355AG@FEB3K34>7
3E:8>AIEGE768AD;@H7EF;@935F;H;F;7EI7D7?;>>;A@ 3E:B3;68AD366;F;A@EFABDAB7DFKB>3@F3@67CG;B?7@FFAF3>76

?;>>;A@3@63E:B3;68AD35CG;E;F;A@E3@6>;57@E7EFAF3>76?;>>;A@ .:;EI3EB3DF;3>>KA88E7F4K53E:D757;H768DA?F:7D767?BF;A@
A8E:ADFF7D?.D73EGDK4;>>EA8?;>>;A@3@63E:D757;H768DA?6;H7EF;FGD7E3@67J5:3@97EA8?;>>;A@
3E:8>AIEGE768AD8;@3@5;@935F;H;F;7EI7D7?;>>;A@D78>75F;@93?;>>;A@BD;@5;B3>BD7B3K?7@FA@F:7/-57>>G>3DE7@;ADF7D?
>A3@F:7D7BGD5:3E7A8?;>>;A@A8/-57>>G>3DA??A@-:3D7E3@6AD6;@3DK35F;H;FKEG5:3EF:7B3K?7@FA86;H;67@6E3@6F:7
E5:76G>76D7B3K?7@FEA8674F
RETURN TO
TABLE OF CONTENTS
:9>:74/,?0/,7,9.0&300?9,7D>4>
.:78A>>AI;@96;E5GEE;A@366D7EE7E57DF3;@53BF;A@E;@F:75A@EA>;63F7643>3@57E:77F3@65:3@97EF:7D7;@ M.:;E6;E5GEE;A@;E;@F7@676
FA:;9:>;9:FF:7E;9@;8;53@F5:3@97E3@6;E@AF;@F7@676FA8G>>KD75A@5;>7F:75:3@97E M:3@97E;@8;@3@5;3>5A@6;F;A@6GD;@9I7D7
3E8A>>AIE
9.:80?,C0>=0.04A,-70
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>AEE7E3E3>>AI76G@67DF:7,-5FI:;5:I3E7@35F76;@'3D5: -77(AF7O#@5A?7.3J7E;@F:7(AF7EFAA@EA>;63F76
;@3@5;3>-F3F7?7@FE8AD366;F;A@3>;@8AD?3F;A@
..:@9?>;,D,-70
55AG@FEB3K34>7;@5D73E76M?;>>;A@6G7BD;?3D;>KFAEA8FI3D7>;57@E73@6@7FIAD=7CG;B?7@FEB7@6;@9
..=@0/?,C0>
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787DD76;@5A?7F3J>;34;>;FK@7F;@5D73E76M?;>>;A@6G7BD;?3D;>KFA8G>>676G5F;4;>;FK8ADF3JBGDBAE7EA8CG3>;8;76BDAB7DFKB>3576;@
E7DH;576GD;@9 -77(AF7O#@5A?7.3J7E;@F:7(AF7EFAA@EA>;63F76 ;@3@5;3>-F3F7?7@FE8AD366;F;A@3>;@8AD?3F;A@
:92?0=8/0-?90?
&A@9F7D?674F@7F;@5D73E76M?;>>;A@6G7BD;?3D;>KFA/-57>>G>3DE;EEG3@57A8?;>>;A@A8 -7@;AD(AF7E3@6

?;>>;A@A8 -7@;AD(AF7E3@6?;>>;A@4ADDAI76G@67DF:7.-F7D?>A3@ -77(AF7O74F;@F:7(AF7EFAA@EA>;63F76
;@3@5;3>-F3F7?7@FE8AD366;F;A@3>;@8AD?3F;A@
RETURN TO
TABLE OF CONTENTS
;;74.,?4:9:1=4?4.,7..:@9?492$:74.40>,9/>?48,?0>
.-BD7B3D7E;FE5A@EA>;63F768;@3@5;3>EF3F7?7@FE;@355AD63@57I;F:!* M.-PE;9@;8;53@F355AG@F;@9BA>;5;7E3D76;E5GEE76;@
67F3;>;@(AF7O-G??3DKA8-;9@;8;53@F55AG@F;@9*A>;5;7E3@6,757@F55AG@F;@9*DA@AG@57?7@FE(AF7O,7H7@G7
,75A9@;F;A@3@6(AF7O&73E7E;@F:7(AF7EFAA@EA>;63F76 ;@3@5;3>-F3F7?7@FE
'3@397?7@F47>;7H7EF:73BB>;53F;A@A8F:78A>>AI;@95D;F;53>355AG@F;@9BA>;5;7E3@6F:77EF;?3F7ED7CG;D764KEG5:3BB>;53F;A@D78>75F
;FE?AEFE;9@;8;53@F<G69?7@FE3@67EF;?3F7EGE76;@F:7BD7B3D3F;A@A8.-P5A@EA>;63F768;@3@5;3>EF3F7?7@FE
9?,924-70>>0?8;,4=809?
&;57@E7E3@6!AA6I;>>D7BD7E7@F3E;9@;8;53@F5A?BA@7@FA8.-P5A@EA>;63F763EE7FE M.:7E73EE7FE3D75A@E;67D76FA47;@678;@;F7
>;H763EE7FE3@6F:7D78AD73D7@AF3?ADF;L764GFD3F:7D3D7F7EF763F>73EF3@@G3>>K8AD;?B3;D?7@F M.-B7D8AD?E3@@G3>;?B3;D?7@F
F7EF;@9A8&;57@E7E3@6!AA6I;>>3EA8(AH7?47DA8735:K73DAD?AD78D7CG7@F>K;8FD;997D;@97H7@FEA55GD M-;9@;8;53@F@793F;H7
7H7@FEEG5:3E5:3@97E;@3@KA8F:73EEG?BF;A@E67E5D;47647>AIAD675D73E7E;@8AD753EF7653E:8>AIE5AG>6D7EG>F;@3@
;?B3;D?7@F;@8GFGD7B7D;A6E M&;57@E7E3D7F7EF768AD;?B3;D?7@F3FF:7>7H7>A8D7BADF;@9D787DD76FA3E3G@;FA8355AG@F;@9 M!AA6I;>>;E
F7EF768AD;?B3;D?7@F3FF:7>7H7>A8D7BADF;@9D787DD76FA3E3D7BADF;@9G@;F
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35F;H;FK;@3@6
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E7H7@97A9D3B:;5@A@AB7D3F;@9?3D=7FI;D7>7EEEB75FDG?>;57@E7EG@4G;>FI;D7>7EEEB75FDG?>;57@E7E M/-57>>G>3DB7D8AD?763
CG3>;F3F;H7;?B3;D?7@F3EE7EE?7@F;@3@63CG3@F;F3F;H7;?B3;D?7@F3EE7EE?7@F;@FA67F7D?;@7I:7F:7D3@;?B3;D?7@F
7J;EF76 M
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7H3>G3F;A@I3E5A?B>7F76
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A4E7DH34>7BD;5;@9?G>F;B>7E8DA?I;D7>7EEEB75FDG?>;57@E7BGD5:3E73@63G5F;A@FD3@E35F;A@EFA7EF;?3F783;DH3>G78AD735:BAA>A8
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EB75FDG?>;57@E7E .:7?AEFE;9@;8;53@F3EEG?BF;A@?367;@F:;EBDA57EEI3EF:7BD;5;@9?G>F;B>7EI:;5:3D7G@;FEA8H3>G77JBD7EE76
;@D7>3F;A@FAF:743@6I;6F:3@6BABG>3F;A@5AH7D764K3I;D7>7EEEB75FDG?>;57@E7 3E76A@F:73EE7EE?7@FF:783;DH3>G7EA8F:7
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!AA6I;>>;?B3;D?7@FF7EFE.-.7>75A?:36FIAD7BADF;@9G@;FE1;D7>;@73@634>7 M
3E76A@F:7D7EG>FEA8.-.7>75A?E3@@G3>!AA6I;>>;?B3;D?7@F3EE7EE?7@FB7D8AD?763EA8(AH7?47DF:783;DH3>G7EA8

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D7BADF;@9G@;FE M
.:76;E5AG@F7653E:8>AI3BBDA35:3@69G;67>;@7BG4>;55A?B3@K?7F:A6I7D7GE76FAH3>G7F:71;D7>;@73@634>7D7BADF;@9
G@;FE M.:76;E5AG@F7653E:8>AI3BBDA35:67H7>ABE3@;@6;53F;A@A883;DH3>G7GE;@9H3D;AGE;@BGFE3@65A@E;67DE5GDD7@F75A@A?;5
835FADE3EI7>>3ED;E=EEB75;8;5FAF:7;@6GEFDK3@6F:7D7BADF;@9G@;F M.:7?AEFE;9@;8;53@F3EEG?BF;A@E?367;@F:;EBDA57EEI7D7F:7
D7H7@G79DAIF:D3F7E:AI@3E35A?BAG@63@@G3>9DAIF:D3F7;@F:7F34>747>AIF:7F7D?;@3>9DAIF:D3F73@6F:76;E5AG@FD3F7 M.:7
9G;67>;@7BG4>;55A?B3@K?7F:A667H7>ABE3@;@6;53F;A@A883;DH3>G74K53>5G>3F;@93H7D397?3D=7FBD;5;@9?G>F;B>7E8ADE7>75F76
BG4>;5>KFD36765A?B3@;7E M.:767H7>AB76?G>F;B>7EI7D73BB>;76FA3BB>;534>78;@3@5;3>?73EGD7EA8F:7D7EB75F;H7D7BADF;@9G@;FFA
67F7D?;@73@7EF;?3F7683;DH3>G7 M.:76;E5AG@F7653E:8>AI3BBDA35:3@69G;67>;@7BG4>;55A?B3@K?7F:A6I7D7I7;9:F76FA3DD;H73F
F:7FAF3>83;DH3>G7GE768AD;?B3;D?7@FF7EF;@9 M.:7I7;9:F;@9A8?7F:A6EI3E5A@E;EF7@F>K3BB>;76;@4AF:3@6
RETURN TO
TABLE OF CONTENTS
ADBGDBAE7EA8F:76;E5AG@F7653E:8>AI3BBDA35:F:78A>>AI;@9F34>7D7BD7E7@FE=7K3EEG?BF;A@EGE76;@7EF;?3F;@9F:783;DH3>G7A8
F:71;D7>;@73@634>7D7BADF;@9G@;FE3EA8(AH7?47D MJ57BF8ADF:7D7H7@G79DAIF:D3F73FF:71;D7>;@7D7BADF;@9G@;FF:7
AF:7D=7K3EEG?BF;A@EGE76;@F:73@@G3>;?B3;D?7@F3EE7EE?7@F6;6@AF5:3@97E;9@;8;53@F>K8DA?F:7=7K3EEG?BF;A@EGE76;@
F:73@@G3>;?B3;D?7@F3EE7EE?7@F .:71;D7>;@7D7BADF;@9G@;FED7H7@G79DAIF:D3F7;@5D73E76K73DAH7DK73D6G7BD;?3D;>KFA
F:79DAIF:3@6;@5>GE;A@A8.-.7>75A?E8;47D67B>AK?7@FE;@@7IAGFA8F7DD;FADK?3D=7FE;@F:76;E5AG@F7653E:8>AI?A67> .:7D7
3D7G@57DF3;@F;7E3EEA5;3F76I;F:F:7E7=7K3EEG?BF;A@E3@6BAF7@F;3>7H7@FE3@6AD5;D5G?EF3@57EF:3F5AG>6:3H73@793F;H778875FA@
F:7=7K3EEG?BF;A@E67E5D;47647>AI
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RETURN TO
TABLE OF CONTENTS
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RETURN TO
TABLE OF CONTENTS
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RETURN TO
TABLE OF CONTENTS
49,9.4,7%4>6,.?:=>
.#%24!).49).>&5452%#!3(&,/7!.$,)15)$)49/24(%).!"),)494/!##%33#!0)4!,$%4%2)/2!4)/.).4(%#!0)4!,-!2+%43/4(%2
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4(%2%4/#/5,$!$6%23%,9!&&%#4>"53).%33&).!.#)!,#/.$)4)/./22%35,43/&/0%2!4)/.3
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02/0%249,)4)'!4)/./2-/.%4!290%.!,4)%37()#(#/5,$(!6%!.!$6%23%%&&%#4/.>"53).%33&).!.#)!,#/.$)4)/./22%35,43
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4%#(./,/'93%#52)49/&6!29).'$%'2%%3/.!2%'5,!2"!3)37()#(#/5,$(!6%!.!$6%23%%&&%#4/."53).%33&).!.#)!,
#/.$)4)/./22%35,43/&/0%2!4)/.3
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!-/.'/4(%24().'3)-0%$%>!##%334//2).#2%!3%4(%#/34/&&).!.#).')43/0%2!4).'!.$).6%34-%.4!#4)6)4)%3!.$/2
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/.$52!4)/.!.$3%6%2)49#/5,$(!6%!-!4%2)!,!$6%23%%&&%#4/."53).%33&).!.#)!,#/.$)4)/./22%35,43/&/0%2!4)/.3
RETURN TO
TABLE OF CONTENTS
!,=60?%4>6
:92'0=80-?
EA8757?47DF:7?3<AD;FKA8.-P>A@9F7D?674FI3E;@F:78AD?A88;J76D3F7@AF7EI;F:D7?3;@;@9?3FGD;F;7ED3@9;@9GB

FAK73DE M >G5FG3F;A@E;@?3D=7F;@F7D7EFD3F7E53@>736FAE;9@;8;53@F8>G5FG3F;A@E;@F:783;DH3>G7A8F:7E78;J76D3F7@AF7E
.:78A>>AI;@95:3DFBD7E7@FEF:7E5:76G>76BD;@5;B3>B3K?7@FEA@>A@9F7D?674F4K?3FGD;FK63F7E3F757?47D
.:78A>>AI;@9F34>7BD7E7@FEF:7E5:76G>76BD;@5;B3>B3K?7@FEA@>A@9F7D?674F8;@3@57>73E7A4>;93F;A@E3@6AF:7D;@EF3>>?7@F

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D7EB75F;H7>K M-77(AF7O 3;D03>G7'73EGD7?7@FE;@F:7(AF7EFAA@EA>;63F76 ;@3@5;3>-F3F7?7@FE8AD366;F;A@3>;@8AD?3F;A@
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78875FA@EG5:AF:7D?3D=7FD;E=E7@E;F;H7;@EFDG?7@FE
RETURN TO
TABLE OF CONTENTS
&@;;70809?,791:=8,?4:9%07,?492?:":9$49,9.4,7!0,>@=0>
.-EA?7F;?7EGE7E;@8AD?3F;A@67D;H768DA?5A@EA>;63F768;@3@5;3>;@8AD?3F;A@4GF@AFBD7E7@F76;@;FE8;@3@5;3>EF3F7?7@FEBD7B3D76
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3E3>F7D@3F;H7EFA(7F;@5A?7AD3E:8>AIE8DA?AB7D3F;@935F;H;F;7E3E;@6;53FADEA853E:8>AIEAD3E?73EGD7EA8>;CG;6;FK M.-6A7E
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;@AD67DFA?AD778875F;H7>KE:AIF:7B7D8AD?3@57A8AB7D3F;@935F;H;F;7E7J5>G6;@9;@H7EF?7@F35F;H;F;7E M.:78A>>AI;@9F34>7ED75A@5;>7
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3@6)B7D3F;@9;@5A?7 M#@5A?7F3J7JB7@E7;E@AFBDAH;6763FF:7;@6;H;6G3>E79?7@F>7H7>8AD1;D7>;@73@634>7 M.-53>5G>3F7E
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RETURN TO
TABLE OF CONTENTS
(&.077@7,=

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RETURN TO
TABLE OF CONTENTS
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RETURN TO
TABLE OF CONTENTS
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AEFA8E7DH;57E7J5>G6;@97BD75;3F;A@3?ADF;L3F;A@3@6355D7F;A@D7BADF76
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7BD75;3F;A@3?ADF;L3F;A@3@6355D7F;A@

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,>4.B0423?0/,A0=,20>3,=0>:@?>?,9/492

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47@?0/B0423?0/,A0=,20>3,=0>:@?>?,9/492

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.:7355A?B3@K;@9@AF7E3D73@;@F79D3>B3DFA8F:7E75A@EA>;63F768;@3@5;3>EF3F7?7@FE
RETURN TO
TABLE OF CONTENTS
'070;3:90,9/,?,&D>?08>9.
:9>:74/,?0/&?,?0809?:1:8;=0309>4A09.:80
+0,=9/0/0.08-0=

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?AG@FE;@5>G676;@@7FB7D;A6;547@78;F5AEF8ADF:7B7D;A6
(7F35FG3D;3>93;@E O
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:3@97D7>3F76FAD7F;D7?7@FB>3@@7FA8F3J
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:8;=0309>4A049.:80
:8;=0309>4A049.:80,??=4-@?,-70?:'&>3,=03:7/0=>
RETURN TO
TABLE OF CONTENTS
'070;3:90,9/,?,&D>?08>9.
:9>:74/,?0/&?,?0809?:1,>37:B>
+0,=9/0/0.08-0=

A>>3DE;@?;>>;A@E F M M
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7BD75;3F;A@3?ADF;L3F;A@3@6355D7F;A@

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787DD76;@5A?7F3J7E@7F

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55DG76F3J7E

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,>317:B>1=:849A0>?492,.?4A4?40>
3E:B3;68AD366;F;A@EFABDAB7DFKB>3@F3@67CG;B?7@F
3E:B3;68AD35CG;E;F;A@E3@6>;57@E7E
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79;@@;@9A8B7D;A6
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RETURN TO
TABLE OF CONTENTS
'070;3:90,9/,?,&D>?08>9.
:9>:74/,?0/,7,9.0&300?H>>0?>
0.08-0=

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RETURN TO
TABLE OF CONTENTS
'070;3:90,9/,?,&D>?08>9.
:9>:74/,?0/,7,9.0&300?H 4,-474?40>,9/<@4?D
0.08-0=

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@==09?74,-474?40> F M
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55AG@FEB3K34>7

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55DG76;@F7D7EF
55DG76F3J7E
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-:ADFF7D?AB7D3F;@9>73E7>;34;>;F;7E
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,7F3;@7673D@;@9E

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?;>>;A@3@6?;>>;A@D7EB75F;H7>KI:;5:3D7@AF3H3;>34>7FA47GE76FAE7FF>7F:7A4>;93F;A@EA8.- M.:75A@EA>;63F76FAF3>>;34;>;F;7E3EA8
757?47D3@6;@5>G6757DF3;@>;34;>;F;7EA85A@EA>;63F760#EA8?;>>;A@3@6?;>>;A@D7EB75F;H7>K8ADI:;5:F:75D76;FADEA8
F:70#E:3H7@AD75AGDE7FAF:797@7D3>5D76;FA8.- M-77(AF7O03D;34>7#@F7D7EF@F;F;7E8AD366;F;A@3>;@8AD?3F;A@
RETURN TO
TABLE OF CONTENTS
'070;3:90,9/,?,&D>?08>9.
:9>:74/,?0/&?,?0809?:13,920>49<@4?D
RETURN TO
M '&&3,=03:7/0=> F F
TABLE OF CONTENTS
&0=40>
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0.08-0=

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'070;3:90,9/,?,&D>?08>9.
:9>:74/,?0/&?,?0809?:13,920>49<@4?D
RETURN TO
M '&&3,=03:7/0=> F F
&0=40>
TABLE OF CONTENTS
:88:9 ..@8@7,?0/
,9/ ,;4?,749 :?30= ':?,7'&
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0.08-0=

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0.08-0=

.:7355A?B3@K;@9@AF7E3D73@;@F79D3>B3DFA8F:7E75A@EA>;63F768;@3@5;3>EF3F7?7@FE M
'070;3:90,9/,?,&D>?08>9.
:9>:74/,?0/&?,?0809?:13,920>49<@4?D
RETURN TO
M '&&3,=03:7/0=> F F
&0=40>
TABLE OF CONTENTS
:88:9 ..@8@7,?0/
,9/ ,;4?,749 :?30= ':?,7'&
:88:9 0C.0>>:1 '=0,>@=D .:8;=0309>4A0 %0?,490/ >3,=03:7/0=> ":9.:9?=:77492
M >3,=0> ;,=A,7@0 >3,=0> 49.:807:>> 0,=9492> 0<@4?D 49?0=0>?> ':?,70<@4?D
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0.08-0=

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#@57@F;H73@65A?B7@E3F;A@B>3@E O O O

0.08-0=

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FA5GEFA?7DEI;F: ?;>>;A@I;D7>7EE5A@@75F;A@E3@6 ?;>>;A@I;D7>;@73@6534>75A@@75F;A@E3F757?47D M.-5A@6G5FE
3>>A8;FEI;D7>7EEAB7D3F;A@EF:DAG9:;FEAI@76EG4E;6;3DK/@;F76-F3F7E7>>G>3DADBAD3F;A@/-57>>G>3D .-BDAH;67EI;D7>;@7
3@6534>7E7DH;57EF:DAG9:;FEI:A>>KAI@76EG4E;6;3DK.-.7>75A??G@;53F;A@E&&.-.7>75A? M
.-:3EF:78A>>AI;@9D7BADF34>7E79?7@FE/-57>>G>3D1;D7>;@73@634>7 M.-P@A@D7BADF34>7AF:7D4GE;@7EE35F;H;F;7E3D7

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"'-EG4E;6;3DKI:;5:AB7D3F7EG@67DF:7)@7(75=#.-A>GF;A@E4D3@63@6;FEI:A>>KAI@76BD;@F;@9EG4E;6;3DK-GFF>7-FD3GE#@5
-GFF>7-FD3GE M"'-3@6-GFF>7-FD3GE8;@3@5;3>D7EG>FEI7D7@AFE;9@;8;53@FFA.-AB7D3F;A@E >>A8.-PE79?7@FEAB7D3F7A@>K;@
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8ADF:;@F:7 ;@3@5;3>55AG@F;@9-F3@63D6EA3D6 -55AG@F;@9-F3@63D6EA6;8;53F;A@- M/@>7EEAF:7DI;E7EB75;8;76
D787D7@57EFA355AG@F;@9BDAH;E;A@E3@6!*;@F:7E7@AF7ED787DFAF:7D7CG;D7?7@FEA8F:7 -- M.:75A@EA>;63F768;@3@5;3>
EF3F7?7@FE;@5>G67F:7355AG@FEA8.-3@6EG4E;6;3D;7E;@I:;5:;F:3E35A@FDA>>;@98;@3@5;3>;@F7D7EF;@5>G6;@9/-57>>G>3D3@6.-
.7>75A? M#@366;F;A@F:75A@EA>;63F768;@3@5;3>EF3F7?7@FE;@5>G6757DF3;@7@F;F;7E;@I:;5:.-:3E3H3D;34>7;@F7D7EFF:3FD7CG;D7E
5A@EA>;63F;A@G@67D!* M-77(AF7O03D;34>7#@F7D7EF@F;F;7E8AD366;F;A@3>;@8AD?3F;A@D7>3F;@9FA.-P0#E M#@F7D5A?B3@K
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3EEG?BF;A@EF:3F38875F3F:7D7BADF763?AG@FEA83EE7FE3@6>;34;>;F;7E3@66;E5>AEGD7A85A@F;@97@F3EE7FE3@6>;34;>;F;7E3FF:763F7A8
F:78;@3@5;3>EF3F7?7@FE3@64F:7D7BADF763?AG@FEA8D7H7@G7E3@67JB7@E7E6GD;@9F:7D7BADF76B7D;A6 M5FG3>D7EG>FE5AG>66;887D
8DA?F:AE77EF;?3F7E M-;9@;8;53@F7EF;?3F7E3D7;@HA>H76;@355AG@F;@98AD9AA6I;>>;@678;@;F7>;H76;@F3@9;4>73EE7FE3@6;@5A?7F3J7E
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RETURN TO
TABLE OF CONTENTS
9A09?:=D
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EB75FDG?>;57@E7E4G;>FI;D7>7EEEB75FDG?>;57@E7E3@6E7H7@G@;FEA8355AG@F;@98AD97A9D3B:;5@A@AB7D3F;@9?3D=7FI;D7>7EE
EB75FDG?>;57@E7EG@4G;>FI;D7>7EEEB75FDG?>;57@E7E M
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I:7F:7DF:7I;D7>7EEEB75FDG?>;57@E7EI7D7;?B3;D76 M3E76A@F:7;?B3;D?7@F3EE7EE?7@FEB7D8AD?76/-57>>G>3D6;6@AF:3H73@
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3GF:AD;FK M.-3@F;5;B3F7EF:3F8GFGD7D7@7I3>EA8;FE8D3@5:;E7D;9:FEI;>>479D3@F76 M.-D7H;7IE8D3@5:;E7D;9:FE8AD;?B3;D?7@F
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RETURN TO
TABLE OF CONTENTS
JB7@6;FGD7EF:3F7@:3@57F:7BDA6G5F;H753B35;FKA83EE7FE;@E7DH;57AD7JF7@6F:7;DGE78G>>;H7E3D753B;F3>;L763@667BD75;3F76
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5AEFE>7EE3@3BB>;534>7355DG763EE7FD7F;D7?7@FA4>;93F;A@3@6E3>H397H3>G7D73>;L763E393;@AD>AEE3E3BBDABD;3F7 M7DF3;@
1;D7>;@7E79?7@F3EE7FEGE7F:79DAGB67BD75;3F;A@?7F:A6 M55AD6;@9>KI:7@39DAGB?7F:A63EE7F;ED7F;D76;@F:7AD6;@3DK5AGDE7
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;?B3;D?7@F43E76A@F:7;@F79D3F76@3FGD7A8;FE@7FIAD=3EE7FE3@6AB7D3F;A@E M.:753E:8>AIE97@7D3F764K735:A8F:7E79DAGBE;E
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RETURN TO
TABLE OF CONTENTS
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F:7F7?BAD3DK6;887D7@57E3D77JB75F76FAD7H7DE7 M.7?BAD3DK6;887D7@57E3D7F:76;887D7@57E47FI77@F:7D7BADF763?AG@FEA83EE7FE
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RETURN TO
TABLE OF CONTENTS
.:7E75AEFE3D73?ADF;L76AH7DF:7B7D;A6A8F:7E7DH;575A@FD35FI:;5:;E97@7D3>>KF:D77FA8;H7K73DE ?ADF;L3F;A@A8;?B>7?7@F3F;A@
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RETURN TO
TABLE OF CONTENTS
.-:3E?367<G69?7@FED793D6;@9FD3@E35F;A@BD;57;@5>G6;@94GF@AF>;?;F76FA;EEG7ED7>3F;@9FAH3D;34>75A@E;67D3F;A@F;?7H3>G7A8
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5A@E;67D76;@F:7H3>G3F;A@A8FD3@E35F;A@BD;573F5A@FD35F;@57BF;A@AD?A6;8;53F;A@3E3BBDABD;3F7
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RETURN TO
TABLE OF CONTENTS
M F '&'070.:8 F F
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RETURN TO
TABLE OF CONTENTS
.:78A>>AI;@9F34>7BDAH;67E43>3@57E8AD5A@FD35F3EE7FE8DA?5A@FD35FEI;F:5GEFA?7DEI:;5:3D7D75AD676;@)F:7D5GDD7@F3EE7FE
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&7H7>3EE7FE
RETURN TO
TABLE OF CONTENTS
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RETURN TO
TABLE OF CONTENTS
.:743>3@57A8F:77CG;B?7@F;@EF3>>?7@FB>3@D757;H34>7E3EA8757?47DA@39DAEE43E;E4KK73DA8AD;9;@3F;A@I7D73E
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-F3F7
.AF3>;@5A?7F3J7JB7@E747@78;F
RETURN TO
TABLE OF CONTENTS
D75A@5;>;3F;A@A8.-P;@5A?7F3J7JB7@E75A?BGF763FF:7EF3FGFADKD3F7FAF:7D7BADF76;@5A?7F3J7JB7@E73@6F:7EF3FGFADK
8767D3>;@5A?7F3JD3F7FA.-P78875F;H7;@5A?7F3JD3F7;E3E8A>>AIE
+0,=9/0/0.08-0=

8:@9? %,?0 ?AG@F ,3F7 ?AG@F ,3F7
A>>3DE;@?;>>;A@E F F F F M M
-F3FGFADK8767D3>;@5A?7F3J7JB7@E73@6D3F7

-F3F7;@5A?7F3J7E@7FA88767D3>47@78;F
767D3>;@5A?7F3JD3F75:3@97 H H O O
:3@97;@8767D3>H3>G3F;A@3>>AI3@57 H H

&AEE53DDK435=47@78;FA8,-5F
O O O O
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.:7.3J5FD76G576F:78767D3>;@5A?7F3JD3F78DA?FA8ADK73DE38F7DD7EG>F;@9;@3F3J47@78;F;@6G7BD;?3D;>KFA3@
;@5A?7F3J355AG@F;@9?7F:A65:3@97F:3F3557>7D3F76F3J67BD75;3F;A@A@57DF3;@3EE7FE8ADF:7F3JK73DBGDEG3@FFA -55AG@F;@9
-F3@63D6E/B63F7.#/-%!8%3-%.$-%.434/!2!'2!0(35235!.44/4!&&##/5.4).'5,,%4)./

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3>EA;@5>G67E;@F7D7EF7JB7@E753DDK8ADI3D6E@AF7JB75F76FA47D73>;L76A88E7F4K35:3@97;@<G69?7@FD7>3F76FA@7FAB7D3F;@9>AEE
53DDK8ADI3D6EF:3F4753?7D73>;L34>76G7FA3@;@F7D@3>D7EFDG5FGD;@9

.:7,-5FBDAH;67E3K73D53DDK435=A8@7FAB7D3F;@9>AEE7E97@7D3F76;@K73DE EF:7EF3FGFADK8767D3>F3JD3F73BB>;534>7FA
57DF3;@K73DEI;F:;@F:753DDK435=B7D;A6;E53DDK435=FAF:AE7K73DEBDAH;67E3F3J47@78;F;@7J57EEA8F:75GDD7@F8767D3>EF3FGFADKD3F7A8

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0.08-0=

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F3J3EE7F3H3;>34>7FAA88E7F8GFGD7F3J34>7;@5A?7 M.:7EF3F7()&53DDK8ADI3D6E7JB;D747FI77@3@6 .-3@657DF3;@
EG4E;6;3D;7E:36M?;>>;A@A88767D3>()&53DDK8ADI3D6E97@7D3F;@93?;>>;A@6787DD76F3J3EE7F3H3;>34>7FAA88E7F8GFGD7F3J34>7
;@5A?7 M.:78767D3>()&53DDK8ADI3D6E97@7D3>>K7JB;D747FI77@3@6MI;F:F:77J57BF;A@A88767D3>()&E97@7D3F7638F7D
I:;5:6A@AF7JB;D7 H3>G3F;A@3>>AI3@57I3E7EF34>;E:768AD57DF3;@EF3F7()&53DDK8ADI3D6E3@68767D3>()&53DDK8ADI3D6E
E;@57;F;E?AD7>;=7>KF:3@@AFF:3F3BADF;A@A8EG5:53DDK8ADI3D6EI;>>7JB;D7478AD7F:7K53@47GF;>;L76 M
RETURN TO
TABLE OF CONTENTS
EG??3DKA8.-6787DD76F3J3EE7FH3>G3F;A@3>>AI3@57;E3E8A>>AIE
M

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3>3@573F479;@@;@9A8K73D
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M

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/@D75A9@;L76F3J47@78;FE43>3@573F479;@@;@9A8K73D
66;F;A@E8ADF3JBAE;F;A@EA85GDD7@FK73D
66;F;A@E8ADF3JBAE;F;A@EA8BD;ADK73DE O
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/@D75A9@;L76F3J47@78;FE3D7;@5>G676;@55DG76F3J7E3@6)F:7D6787DD76>;34;>;F;7E3@65D76;FE;@F:7A@EA>;63F763>3@57-:77F M#8
F:7E747@78;FEI7D7D75A9@;L76F:7KIAG>6:3H7D76G576;@5A?7F3J7JB7@E7;@3@64K?;>>;A@?;>>;A@3@6
?;>>;A@D7EB75F;H7>K@7FA8F:78767D3>47@78;F8DA?EF3F7;@5A?7F3J7E M
.-D75A9@;L7E355DG76;@F7D7EF3@6B7@3>F;7ED7>3F76FAG@D75A9@;L76F3J47@78;FE;@#@5A?7F3J7JB7@E747@78;F M.:73?AG@FE
5:3D976FA;@5A?7F3J7JB7@E7D7>3F76FA;@F7D7EF3@6B7@3>F;7ED7EG>F76;@3@7JB7@E7A8?;>>;A@?;>>;A@3@6>7EEF:3@M?;>>;A@
;@3@6D7EB75F;H7>K M(7F355DG76>;34;>;F;7E8AD;@F7D7EF3@6B7@3>F;7EI7D7?;>>;A@3@6?;>>;A@3F757?47D
3@6D7EB75F;H7>K3@63D7;@5>G676;@)F:7D6787DD76>;34;>;F;7E3@65D76;FE;@F:7A@EA>;63F763>3@57-:77F
.-3@6;FEEG4E;6;3D;7E8;>78767D3>3@6EF3F7;@5A?7F3JD7FGD@E M1;F:>;?;F767J57BF;A@E.-;E@A>A@97DEG4<75FFA8767D3>3@6EF3F7

;@5A?7F3J3G6;FE8ADF:7K73DEBD;ADFA
RETURN TO
TABLE OF CONTENTS
":?0,=9492>$0=&3,=0
3E;573D@;@9EB7DE:3D73FFD;4GF34>7FA.-E:3D7:A>67DE;E5A?BGF764K6;H;6;@9(7F;@5A?73FFD;4GF34>7FA.-E:3D7:A>67DE4KF:7
I7;9:F763H7D397@G?47DA8A??A@-:3D7EAGFEF3@6;@96GD;@9F:7B7D;A6 M;>GF7673D@;@9EB7DE:3D73FFD;4GF34>7FA.-
E:3D7:A>67DE;E5A?BGF764K6;H;6;@9(7F;@5A?73FFD;4GF34>7FA.-E:3D7:A>67DE4KF:7I7;9:F763H7D397@G?47DA8A??A@
-:3D7EAGFEF3@6;@96GD;@9F:7B7D;A636<GEF76FA;@5>G67F:778875FEA8BAF7@F;3>>K6;>GF;H7E75GD;F;7E M*AF7@F;3>>K6;>GF;H7E75GD;F;7E
BD;?3D;>K;@5>G67;@5D7?7@F3>E:3D7E;EEG34>7GBA@F:77J7D5;E7A8AGFEF3@6;@9EFA5=ABF;A@E3@6F:7H7EF;@9A8B7D8AD?3@573@6
D7EFD;5F76EFA5=G@;FE
.:73?AG@FEGE76;@5A?BGF;@943E;53@66;>GF7673D@;@9EB7DE:3D73FFD;4GF34>7FA.-E:3D7:A>67DEI7D73E8A>>AIE
+0,=9/0/0.08-0=

A>>3DE3@6E:3D7E;@?;>>;A@E7J57BFB7DE:3D73?AG@FE
(7F;@5A?73FFD;4GF34>7FA.-E:3D7:A>67DEGE76;@43E;573D@;@9EB7DE:3D7
6<GEF?7@FEFA5A?BGF76;>GF7673D@;@9E
(A@5A@FDA>>;@9;@F7D7EF36<GEF?7@F
(7F;@5A?73FFD;4GF34>7FA.-E:3D7:A>67DEGE76;@6;>GF7673D@;@9EB7DE:3D7
17;9:F763H7D397@G?47DA8E:3D7EGE76;@43E;573D@;@9EB7DE:3D7
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17;9:F763H7D397@G?47DA8E:3D7EGE76;@6;>GF7673D@;@9EB7DE:3D7
3E;573D@;@9EB7DE:3D73FFD;4GF34>7FA.-E:3D7:A>67DE
;>GF7673D@;@9EB7DE:3D73FFD;4GF34>7FA.-E:3D7:A>67DE
7DF3;@A??A@-:3D7E;EEG34>7GBA@F:77J7D5;E7A8EFA5=ABF;A@EADH7EF;@9A8B7D8AD?3@573@6D7EFD;5F76EFA5=G@;FEI7D7@AF
;@5>G676;@I7;9:F763H7D3976;>GF76E:3D7EAGFEF3@6;@98ADF:753>5G>3F;A@A8;>GF7673D@;@9EB7DE:3D73FFD;4GF34>7FA.-
E:3D7:A>67DE4753GE7F:7;D78875FEI7D73@F;6;>GF;H7 M.:7@G?47DA8EG5:A??A@-:3D7E7J5>G676I3E?;>>;A@E:3D7E?;>>;A@
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4.09>0>
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6;H7EFAGFD;9:FAD;@5>G67;@7J5:3@97EI;D7>7EEEB75FDG?F:3F;E@AFEFD3F79;5FA;FE>A@9F7D?EG557EE *D;ADFA.-355AG@F768AD
/-57>>G>3DPEE:3D7D7BGD5:3E7E3EEF7B35CG;E;F;A@E3>>A53F;@93BADF;A@A8F:7E:3D7D7BGD5:3E7H3>G7FA.-P&;57@E7E
A@E7CG7@F>K/-57>>G>3DE&;57@E7EA@3EF3@63>A@743E;E6A@AF7CG3>F:7.-5A@EA>;63F76&;57@E7ED7>3F76FA/-57>>G>3D 5F;H;FK
D7>3F76FA.-&;57@E7E;EBD7E7@F7647>AI
M (&.077@7,= *4=07490 ,-70 ':?,7

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3>3@573F757?47D
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3>3@573F757?47D
5CG;E;F;A@E O O
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3B;F3>;L76;@F7D7EF O O
3>3@573F757?47D
RETURN TO
TABLE OF CONTENTS
,+"&%
#@'3D5:F:7 3@@AG@5764KI3KA8BG4>;5@AF;57F:3F/-57>>G>3DI3EF:7BDAH;E;A@3>I;@@;@94;667D8ADI;D7>7EE

EB75FDG?>;57@E7E;@F:73@6!"L43@6EG5F;A@8AD?;>>;A@ #@$G@7F:7I;D7>7EEEB75FDG?>;57@E7E8DA?
G5F;A@I7D79D3@F764KF:7
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5F;H;FKD7>3F76FA.-!AA6I;>>;EBD7E7@F7647>AI
M *4=07490 ,-70 ':?,7
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3>3@573F757?47D
5CG;E;F;A@E O
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5CG;E;F;A@E O O O
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AD?%3EF:7BD7H;AGE>KD7BADF763?AG@FE;@5>G67657DF3;@;@F3@9;4>73EE7FEF:3FI7D78G>>K3?ADF;L763@6:363@7F4AA=H3>G7A8L7DA
?ADF;L3F;A@7JB7@E78AD;@F3@9;4>73EE7FEI3E?;>>;A@?;>>;A@3@6?;>>;A@8ADF:7K73DE7@676757?47D

3@6D7EB75F;H7>K 3E76A@F:75GDD7@F43>3@57A88;@;F7>;H76;@F3@9;4>73EE7FEF:77EF;?3F763?ADF;L3F;A@7JB7@E7;E?;>>;A@
?;>>;A@?;>>;A@?;>>;A@3@6?;>>;A@8ADF:7K73DEF:DAG9:D7EB75F;H7>K
":?09A0>?809?>49(9.:9>:74/,?0/9?4?40>
#@H7EF?7@FE;@G@5A@EA>;63F767@F;F;7E5A@E;EFA83?AG@FE;@H7EF76;@7@F;F;7E;@I:;5:.-:A>6E3@A@5A@FDA>>;@9;@F7D7EF .-
#@H7EF?7@FE;@G@5A@EA>;63F767@F;F;7E3D7355AG@F768ADGE;@97;F:7DF:77CG;FK?7F:A6AD?73EGD7?7@F3>F7D@3F;H7?7F:A63EE:AI@
;@F:7F34>747>AI .:753DDK;@9H3>G7A8?73EGD7?7@F3>F7D@3F;H7?7F:A6;@H7EF?7@FED7BD7E7@FE5AEF?;@GE3@K;?B3;D?7@FEB>GEAD
?;@GE3@KA4E7DH34>7BD;575:3@97E
0.08-0=F

A>>3DE;@?;>>;A@E F F
CG;FK?7F:A6;@H7EF?7@FE M M
3B;F3>5A@FD;4GF;A@E>A3@E36H3@57E3@636<GEF?7@FE
G?G>3F;H7E:3D7A8;@5A?7
G?G>3F;H7E:3D7A86;EFD;4GF;A@E
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'73EGD7?7@F3>F7D@3F;H7?7F:A6;@H7EF?7@FE
.AF3>;@H7EF?7@FE;@G@5A@EA>;63F767@F;F;7E
RETURN TO
TABLE OF CONTENTS
.:78A>>AI;@9F34>7EI:;5:3D743E76A@G@3G6;F76;@8AD?3F;A@BDAH;676;@B3DF4KF:;D6B3DF;7EEG??3D;L7F:75A?4;@763EE7FE
>;34;>;F;7E3@67CG;FK3@6D7EG>FEA8AB7D3F;A@EA8.-P7CG;FK?7F:A6;@H7EF?7@FE
0.08-0=F

A>>3DE;@?;>>;A@E M M
EE7FE M M
GDD7@F
(A@5GDD7@F

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&;34;>;F;7E3@6CG;FK
GDD7@F>;34;>;F;7E
(A@5GDD7@F>;34;>;F;7E
*3DF@7DEP53B;F3>3@6E:3D7:A>67DEP7CG;FK

.AF3>>;34;>;F;7E3@67CG;FK

+0,=9/0/0.08-0=F

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,7EG>FEA8)B7D3F;A@E M M M
,7H7@G7E

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(7F;@5A?7
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.-P*DAB7DFKB>3@F3@67CG;B?7@F;@E7DH;573@6G@67D5A@EFDG5F;A@3@6D7>3F76355G?G>3F7667BD75;3F;A@3@63?ADF;L3F;A@3EA8
757?47D3@6I7D73E8A>>AIE
0.08-0= (>01@7F 4A0>+0,=>

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7>>E;F77CG;B?7@F

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-KEF7?67H7>AB?7@F

1AD=;@BDA57EE (
.AF3>BDAB7DFKB>3@F3@67CG;B?7@F9DAEE M
55G?G>3F7667BD75;3F;A@3@63?ADF;L3F;A@ M
.AF3>BDAB7DFKB>3@F3@67CG;B?7@F@7F M
7BD75;3F;A@3@63?ADF;L3F;A@7JB7@E7FAF3>76?;>>;A@?;>>;A@3@6?;>>;A@;@3@6D7EB75F;H7>K #@

3@6!3;@>AEEA@3EE7F6;EBAE3>E@7F;@5>G6765:3D97EA8?;>>;A@?;>>;A@3@6?;>>;A@D7EB75F;H7>K
D7>3F76FA6;EBAE3>EA83EE7FEFD367;@EA8A>67D3EE7FE8ADD7B>357?7@F3EE7FE3@6AF:7DD7F;D7?7@FEA83EE7FE8DA?E7DH;57;@F:7
@AD?3>5AGDE7A84GE;@7EE
RETURN TO
TABLE OF CONTENTS
":?0
0,>0>
3,92049..:@9?492$:74.D
#@ 74DG3DKF:7 -;EEG7655AG@F;@9-F3@63D6E/B63F7%!3%33@6EG4E7CG7@F>K3?7@676F:7EF3@63D6I;F:

E7H7D3>55AG@F;@9-F3@63D6E/B63F7E5A>>75F;H7>KD787DD76FA3E- .:;EEF3@63D6D7B>357EF:7BD7H;AGE>73E7355AG@F;@9
EF3@63D6G@67D-%!3%33@6D7CG;D7E>7EE77EFAD75AD63D;9:FA8GE7,)/3EE7F3@6>73E7>;34;>;FK8ADF:7?3<AD;FKA8
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RETURN TO
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RETURN TO
TABLE OF CONTENTS
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RETURN TO
TABLE OF CONTENTS
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RETURN TO
TABLE OF CONTENTS
ADDAI;@9EG@67DF:7.-F7D?>A3@473D;@F7D7EF3F3D3F7A8&#),B>GE *D;@5;B3>D76G5F;A@E3D76G73@6B3K34>7;@CG3DF7D>K
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ADDAI;@9EG@67DF:7/-57>>G>3DF7D?>A3@473D;@F7D7EF3F3D3F7A8&#),B>GE *D;@5;B3>D76G5F;A@E3D76G73@6B3K34>7;@

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I;F:F:736?;@;EFD3F;H7397@F8ADF:7>7@67DEG@67D/-57>>G>3DPEF7D?>A3@5D76;F39D77?7@FI:;5:;EEG4EF3@F;3>>KF:7E3?73EF:7
EG4AD6;@3F;A@39D77?7@F8AD/-57>>G>3D3E67E5D;47634AH7G@67DF:7Q,7HA>H;@9D76;F9D77?7@FE RMEA8757?47D
/-57>>G>3D:36@AAGFEF3@6;@95A@EA>;63F768G@676;@674F76@7EEADD78;@3@5;@9;@674F76@7EEF:3FI3EEG4AD6;@3F76FAF:7F7D?>A3@
39D77?7@FBGDEG3@FFAF:;EEG4AD6;@3F;A@39D77?7@F
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5D76;F39D77?7@FE67E5D;47634AH7 M.-3@6/-57>>G>3D47>;7H7F:3FF:7KI7D7;@5A?B>;3@57I;F:3>>A8F:78;@3@5;3>3@6AF:7D
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AGFEF3@6;@94ADDAI;@9E473D;@F7D7EF3F8>A3F;@9D3F7E #@BD;>/-57>>G>3D4ADDAI76M?;>>;A@G@67D;FED757;H34>7E
E75GD;F;L3F;A@39D77?7@F #@)5FA47D/-57>>G>3D3?7@6763@6D7EF3F76;FE39D77?7@FFA;@5D73E7;FEFAF3>4ADDAI;@953B35;FKFA
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EG4E;6;3D;7EFD3@E87DE7>;9;4>77CG;B?7@F;@EF3>>?7@FD757;H34>7EFAF:7.DGEF M.:7.DGEFF:7@GF;>;L7EF:7FD3@E87DD763EE7FE3E5A>>3F7D3>
8AD@AF7EB3K34>7E;EEG76FAF:;D6B3DFK8;@3@5;3>;@EF;FGF;A@E M-;@57/-57>>G>3DD7F3;@E78875F;H75A@FDA>A8F:7FD3@E87DD763EE7FE;@F:7
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5A@F;@G7FAD7BADF7CG;B?7@F;@EF3>>?7@FD757;H34>7E3@63@KD7>3F7643>3@57EA@F:7A@EA>;63F763>3@57-:77F M3E:D757;H768DA?
4ADDAI;@9EG@67DF:7D757;H34>7EE75GD;F;L3F;A@39D77?7@FI;>>47D7BADF763E74F M,787DFA(AF7O03D;34>7#@F7D7EF@F;F;7E8AD
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A8/-57>>G>3DG@67DF:7D757;H34>7EE75GD;F;L3F;A@39D77?7@F M
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5AH7@3@FE?3;@F3;@57DF3;@8;@3@5;3>D3F;AE3@6BDAH;67D7BD7E7@F3F;A@EA@57DF3;@?3FF7DE3FF:7F;?7A8735:4ADDAI;@9 M.:7
5AH7@3@FE;@5>G67F:7E3?78;@3@5;3>5AH7@3@FE8AD/-57>>G>3D3E67E5D;47634AH7G@67DF:7Q,7HA>H;@9D76;F9D77?7@FE RM.-
47>;7H7EF:3F/-57>>G>3DI3E;@5A?B>;3@573EA8757?47DI;F:3>>A8F:78;@3@5;3>5AH7@3@FE3@6D7CG;D7?7@FEE7F8ADF:;@;FE
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RETURN TO
TABLE OF CONTENTS
&A@9F7D?674F3EA8757?47D3@6I3E3E8A>>AIE
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7CG3>FAA8F:7BD;@5;B3>3?AG@FD7677?76B>GE355DG763@6G@B3;6;@F7D7EF M/-57>>G>3D?3KD7677?F:7 -7@;AD(AF7E;@
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;@F:77H7@FA835:3@97;@.-PAD/-57>>G>3DPE5D76;FD3F;@9
RETURN TO
TABLE OF CONTENTS
":?0 8;7:D0009014?$7,9>
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.-EBA@EADE3CG3>;8;76@A@5A@FD;4GFADK678;@765A@FD;4GF;A@B7@E;A@B>3@ M.:7B>3@BDAH;67E47@78;FE8AD57DF3;@7?B>AK77EA8.-
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F:77JF7@FF:3FEG5:5:3@97E3D7@AFD75A9@;L76;@73D@;@9E3E35A?BA@7@FA8@7FB7D;A6;547@78;F5AEF M
.:7BAEFD7F;D7?7@F47@78;F8G@6;@H7EFE?3;@>K;@?GFG3>8G@6EF:3F:A>6/ - 7CG;F;7E;@F7D@3F;A@3>7CG;F;7E3@6674FE75GD;F;7E .:7

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.:7FAF3>B>3@47@78;FA4>;93F;A@EI7D7?;>>;A@3@6?;>>;A@3EA8757?47D3@6D7EB75F;H7>K .:7D78AD7F:7FAF3>
8G@676EF3FGEI3E3@3EE7FA8?;>>;A@3@6?;>>;A@3EA8757?47D3@6D7EB75F;H7>K
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3EE7FE;E43E76GBA@E7H7D3>835FADE;@5>G6;@9F:78G@676EF3FGEA8F:7B>3@?3D=7F5A@6;F;A@E3>F7D@3F;H7;@H7EF?7@FABBADFG@;F;7E
F3J47@78;FE3@6AF:7D5;D5G?EF3@57E #@355AD63@57I;F:3BB>;534>7;@5A?7F3JD79G>3F;A@E3@@G3>5A@FD;4GF;A@EFA8G@6F:75AEFEA8
8GFGD7D7F;D77?76;53>47@78;FE?3K@AF7J577657DF3;@F:D7E:A>6E .-:3E@AF67F7D?;@76I:7F:7D;FI;>>?3=735A@FD;4GF;A@FAF:7
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;@67?@;8;53F;A@EH3DK4K39D77?7@F M.:77H7@FEAD5;D5G?EF3@57EF:3FIAG>6D7CG;D7.-FAB7D8AD?G@67DF:7E7;@67?@;F;7E3D7
FD3@E35F;A@EB75;8;5:AI7H7DF:7E739D77?7@FE?3KD7CG;D7.-FA;@67?@;8KF:75AG@F7DB3DFK8AD5AEFE3@6>AEE7E;@5GDD768DA?
>;F;93F;A@AD5>3;?E3D;E;@98DA?F:7G@67D>K;@9FD3@E35F;A@ M.-;EG@34>7FA7EF;?3F7F:7?3J;?G?BAF7@F;3>>;34;>;FK8ADF:7E7FKB7EA8
;@67?@;8;53F;A@E3EF:73?AG@FE3D767B7@67@FA@F:7AGF5A?7A88GFGD77H7@FEF:7@3FGD73@6>;=7>;:AA6A8I:;5:53@@AF47
67F7D?;@763FF:;EF;?7 M";EFAD;53>>K.-:3E@AF?3673@KE;9@;8;53@F;@67?@;8;53F;A@B3K?7@FEG@67DEG5:39D77?7@FE
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3@3?AG@F;E355DG76;@F:78;@3@5;3>EF3F7?7@FE8ADF:77EF;?3F76>AEE M#8A@>K3D3@97A8>AEE53@4767F7D?;@76F:747EF7EF;?3F7
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7H7@FE M.:7>793>BDA5776;@9E3D7D7H;7I763F>73EFCG3DF7D>KFA67F7D?;@7F:7367CG35KA8355DG3>E3@6D7>3F768;@3@5;3>EF3F7?7@F
6;E5>AEGD7E M.:7G>F;?3F7AGF5A?7EA8>793>BDA5776;@9E5AG>66;887D?3F7D;3>>K8DA?3?AG@FE355DG76;@F:78;@3@5;3>EF3F7?7@FE
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3BB>;534>7>3I3@6 DG>7E FF:;EF;?7.-53@@AFBD76;5FF:7AGF5A?7A83@KBDA5776;@9
RETURN TO
TABLE OF CONTENTS
#?30=:884?809?>
-G4E7CG7@FFA757?47D/-57>>G>3D5A??;FF76FABGD5:3E7I;D7>7EEEB75FDG?>;57@E7E8AD3BBDAJ;?3F7>K?;>>;A@

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47@78;5;3DK M.-D7H;7IEF:75D;F7D;38AD35A@FDA>>;@98;@3@5;3>;@F7D7EF3FF:7F;?7;F7@F7DE;@FA39D77?7@FE3@6EG4E7CG7@F>KI:7@
7H7@FEI3DD3@F;@9D75A@E;67D3F;A@A55GD M.:7E70#E:3H7D;E=EE;?;>3DFAF:AE767E5D;476;@F:7Q,;E= 35FADER;@.-P AD?%8AD
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.D3@E87DAD343@=DGBF5KD7?AF77@F;FKI:;5:EG4E7CG7@F>KE7>>EF:7D757;H34>7EFAF:7.DGEF M.:7.DGEFI:;5:;E43@=DGBF5KD7?AF7
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8;@3@5;3>;@F7D7EF;@F:7-*E3@6F:7D78AD75A@EA>;63F7EF:7? >>FD3@E35F;A@EI;F:F:;D6B3DF;7E7 9 ;EEG3@57A8F:73EE7F435=76
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5A>>3F7D3>E;9@;8;53@F5A@F;@G;@9;@HA>H7?7@F;@F:7FD3@E87DD763EE7FEEG4AD6;@3F76;@F7D7EFEA8F:753E:8>AIE3@65A@F;@G767H;67@57
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B7D8AD?3@57A8F:70#E;@6;53F;@9F:3F.-;EF:7BD;?3DK47@78;5;3DKA8F:70#E .:7D78AD7;@355AD63@57I;F:!*F:7E70#E
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EG4EF3@F;H7=;5=AGFADB3DF;5;B3F;@9D;9:FE3@68GDF:7DEG5:>;?;F76B3DF@7DE6A@AF:3H7F:73GF:AD;FKFAD7?AH7F:797@7D3>B3DF@7D
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RETURN TO
TABLE OF CONTENTS
.:78A>>AI;@9F34>7BD7E7@FEF:75>3EE;8;53F;A@3@643>3@57EA8F:75A@EA>;63F760#EP3EE7FE3@6>;34;>;F;7E;@.-PA@EA>;63F76
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FABDAH;67366;F;A@3>8G@6;@98ADAB7D3F;A@EADF:767H7>AB?7@FA8I;D7>7EEEB75FDG?>;57@E7E9D3@F76;@H3D;AGE3G5F;A@E .-?3K
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B3DF@7D?3KD7CG;D7F:7>;?;F76B3DF@7D3EG4E;6;3DKA8/-57>>G>3DFABGD5:3E7;FE;@F7D7EF;@F:7>;?;F76B3DF@7DE:;B .:797@7D3>
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RETURN TO
TABLE OF CONTENTS
":?0":9.:9?=:774929?0=0>?>
.:78A>>AI;@9E5:76G>76;E5>AE7EF:778875FEA8(7F;@5A?73FFD;4GF34>7FA.-E:3D7:A>67DE3@65:3@97E;@.-PAI@7DE:;B;@F7D7EF;@
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6;EFD;4GF76FAF:7@A@5A@FDA>>;@9;@F7D7EF:A>67DE3@6.-;@355AD63@57I;F:F:7D7EB75F;H7B3DF@7DE:;B39D77?7@FE .:7F7D?;@3F;A@
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RETURN TO
TABLE OF CONTENTS
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RETURN TO
TABLE OF CONTENTS
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RETURN TO
TABLE OF CONTENTS
.-7EF;?3F7EF:783;DH3>G7A8D7EFD;5F76EFA5=G@;FE4KD76G5;@9F:79D3@F63F7BD;57A8.-PE:3D7E4KF:7BD7E7@FH3>G7A8F:7
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'& :=;:=,?0
'070.:8 74849,?4:9>
+0,=09/0/:=,>:10.08-0=

(&.077@7,= *4=07490 ,-70 ':?,7 ,9/#?30= ':?,7
A>>3DE;@?;>>;A@E M M M M M M
#;0=,?492=0A09@0> F F F F F F
-7DH;57
AEFA8E7DH;57E7J5>G6;@97BD75;3F;A@
3?ADF;L3F;A@3@6355D7F;A@7JB7@E7D7BADF76
47>AI
AEFA87CG;B?7@F3@6BDA6G5FE O
-7>>;@997@7D3>3@636?;@;EFD3F;H7
7BD75;3F;A@3?ADF;L3F;A@3@6355D7F;A@
!3;@>AEEA@3EE7F6;EBAE3>E@7F O
!3;@>AEEA@>;57@E7E3>7E3@67J5:3@97E@7F O O O O
#;0=,?49249.:807:>>
CG;FK;@73D@;@9EA8G@5A@EA>;63F767@F;F;7E O O O
#@F7D7EF3@66;H;67@6;@5A?7
!3;@>AEEA@;@H7EF?7@FE O O O O
#@F7D7EF7JB7@E7 O
)F:7D@7F O O O
9.:807:>>-01:=049.:80?,C0>
#@5A?7F3J7JB7@E747@78;F
"0?49.:807:>>
//-,.6
7BD75;3F;A@3?ADF;L3F;A@3@6355D7F;A@
!3;@>AEEA@>;57@E7E3>7E3@67J5:3@97E@7F O O O O
!3;@>AEEA@;@H7EF?7@FE O O O O
#@F7D7EF7JB7@E7 O
#@5A?7F3J7JB7@E747@78;F
/5@>?0/'
#@H7EF?7@FE;@G@5A@EA>;63F767@F;F;7E O

.AF3>3EE7FE
3B;F3>7JB7@6;FGD7E
RETURN TO
TABLE OF CONTENTS
F F '&'070.:8 F F
'& :=;:=,?0
'070.:8 74849,?4:9>
+0,=9/0/:=,>:10.08-0=
(&.077@7,= *4=07490 ,-70 ':?,7 ,9/#?30= ':?,7
A>>3DE;@?;>>;A@E M M M M M M
#;0=,?492=0A09@0> M M M M M M
-7DH;57
47>AI
-7>>;@997@7D3>3@636?;@;EFD3F;H7
7BD75;3F;A@3?ADF;L3F;A@3@6355D7F;A@
!3;@>AEEA@E3>7A84GE;@7EE3@6AF:7D7J;F
5AEFE@7F O O O O
#;0=,?49249.:807:>>
#@F7D7EF3@66;H;67@6;@5A?7 O
#@F7D7EF7JB7@E7 O
9.:807:>>-01:=049.:80?,C0>
#@5A?7F3J7JB7@E747@78;F
"0?49.:807:>>
//-,.6
7BD75;3F;A@3?ADF;L3F;A@3@6355D7F;A@
!3;@>AEEA@E3>7A84GE;@7EE3@6AF:7D7J;F
5AEFE@7F O O O O
#@F7D7EF7JB7@E7 O
#@5A?7F3J7JB7@E747@78;F
/5@>?0/'
#@H7EF?7@FE;@G@5A@EA>;63F767@F;F;7E O

.AF3>3EE7FE
3B;F3>7JB7@6;FGD7E
RETURN TO
TABLE OF CONTENTS
F F '&'070.:8 F F
'& :=;:=,?0
'070.:8 74849,?4:9>
+0,=9/0/:=,>:10.08-0=
(&.077@7,= *4=07490 ,-70 ':?,7 ,9/#?30= ':?,7
A>>3DE;@?;>>;A@E F F F F F F
#;0=,?492=0A09@0> M M M M M M
-7DH;57
47>AI
-7>>;@997@7D3>3@636?;@;EFD3F;H7
7BD75;3F;A@3?ADF;L3F;A@3@6355D7F;A@
!3;@>AEEA@>;57@E7E3>7E3@67J5:3@97E@7F O O O O
#;0=,?49249.:807:>>
#@F7D7EF3@66;H;67@6;@5A?7
#@F7D7EF7JB7@E7 O
)F:7D@7F O
9.:807:>>-01:=049.:80?,C0>
#@5A?7F3J7JB7@E747@78;F
"0?49.:807:>>
//-,.6
7BD75;3F;A@3?ADF;L3F;A@3@6355D7F;A@
!3;@>AEEA@>;57@E7E3>7E3@67J5:3@97E@7F O O O O
#@F7D7EF7JB7@E7 O
#@5A?7F3J7JB7@E747@78;F
/5@>?0/'
#@H7EF?7@FE;@G@5A@EA>;63F767@F;F;7E O

.AF3>3EE7FE
3B;F3>7JB7@6;FGD7E

.-.7>75A?.AF3>;@5>G67E7>;?;@3F;A@E47FI77@F:71;D7>;@73@634>7E79?7@FE

#@5A?7F3J7JB7@E747@78;F;E@AFBDAH;6763FF:7;@6;H;6G3>E79?7@F>7H7>8AD1;D7>;@73@634>7 M.-53>5G>3F7E;@5A?7F3J7JB7@E78ADQ.-
.7>75A?.AF3>R

6<GEF7673D@;@9E478AD7;@F7D7EFF3J7E67BD75;3F;A@3?ADF;L3F;A@3@6355D7F;A@6<GEF76#.;E3E79?7@F?73EGD7D7BADF76FAF:75:;78
AB7D3F;@9675;E;A@?3=7D8ADBGDBAE7EA83EE7EE;@9F:7;DB7D8AD?3@57 M6<GEF76#.;E678;@763E@7F;@5A?736<GEF768ADF:7;F7?EE7F
8ADF:;@F:7D75A@5;>;3F;A@34AH7 M.-47>;7H7E6<GEF76#.;E3GE78G>?73EGD7A8.-PAB7D3F;@9D7EG>FE478AD7E;9@;8;53@FD75GDD;@9@A@
53E:5:3D97E93;@E3@6>AEE7E3@6AF:7D;F7?E3EBD7E7@F7634AH73EF:7KBDAH;67366;F;A@3>D7>7H3@F3@6GE78G>;@8AD?3F;A@FA;@H7EFADE3@6
AF:7DGE7DEA8.-8;@3@5;3>63F3;@7H3>G3F;@9F:778875F;H7@7EEA8;FEAB7D3F;A@E3@6G@67D>K;@94GE;@7EEFD7@6E;@3?3@@7DF:3F;E5A@E;EF7@F
I;F:?3@397?7@FE7H3>G3F;A@A84GE;@7EEB7D8AD?3@57 M

EA8$3@G3DK/-57>>G>3D36ABF76-GE;@93?A6;8;76D7FDAEB75F;H7?7F:A6 /@67DF:;E?7F:A6F:7@7I355AG@F;@9EF3@63D6;E
3BB>;76A@>KFAF:7?AEFD757@FB7D;A6BD7E7@F76 E3D7EG>F;@5>G67EF:7;?B35FEA8-4GFBD;ADB7D;A6ED7?3;@3EBD7H;AGE>K
D7BADF76 -77(AF7O&73E7E8AD366;F;A@3>;@8AD?3F;A@
RETURN TO
TABLE OF CONTENTS
":?0
&@;;70809?,7,>37:B4>.7:>@=0>
A>>AI;@93D7EGBB>7?7@F3>53E:8>AI6;E5>AEGD7ED793D6;@9;@F7D7EFB3;63@6;@5A?7F3J7EB3;6
+0,=9/0/0.08-0=

A>>3DE;@?;>>;A@E F F M
#@F7D7EFB3;6

#@5A?7F3J7EB3;6@7FA8D78G@6ED757;H76
A>>AI;@93D7EGBB>7?7@F3>53E:8>AI6;E5>AEGD7ED793D6;@9FD3@E35F;A@ED7>3F76FAEFA5=43E765A?B7@E3F;A@3I3D6E M#@57DF3;@

E;FG3F;A@E.-3@6/-57>>G>3DI;F::A>6E:3D7EF:3F3D7;EEG34>7GBA@F:77J7D5;E7A8EFA5=ABF;A@EADF:7H7EF;@9A8D7EFD;5F76E:3D7EFA
5AH7D3@6I;F:3H3>G77CG;H3>7@FFAF:77J7D5;E7BD;573@6ADF:73?AG@FA8F3J7ED7CG;D76FA47I;F::7>68DA?F:7EFA5=3I3D6:A>67D
3FF:7F;?7A8F:77J7D5;E7ADH7EF;@9 M.-3@6/-57>>G>3DF:7@B3KF:73?AG@FA8F:7D7CG;D76F3JI;F::A>6;@9EFAF:7F3J;@93GF:AD;F;7E
;@53E:
'& M M M
+0,=9/0/0.08-0=

A>>3DE;@?;>>;A@E F F F
A??A@-:3D7EI;F::7>6

99D793F7H3>G7A8A??A@-:3D7EI;F::7>6
3E:D757;BFEGBA@7J7D5;E7A8EFA5=ABF;A@E H
3E:6;E4GDE7?7@FE8ADB3K?7@FA8F3J7E
(7F53E:D757;BFE6;E4GDE7?7@FE8DA?7J7D5;E7A8EFA5=ABF;A@E3@6H7EF;@9A8
AF:7DEFA5=3I3D6E
(&.077@7,= F F F
+0,=9/0/0.08-0=

A>>3DE;@?;>>;A@E M F F
A??A@-:3D7EI;F::7>6

99D793F7H3>G7A8A??A@-:3D7EI;F::7>6
3E:D757;BFEGBA@7J7D5;E7A8EFA5=ABF;A@E H
3E:6;E4GDE7?7@FE8ADB3K?7@FA8F3J7E
(7F53E:D757;BFE6;E4GDE7?7@FE8DA?7J7D5;E7A8EFA5=ABF;A@E3@6H7EF;@9A8
AF:7DEFA5=3I3D6E
":?00=?,49%07,?4:9>34;>,9/%07,?0/'=,9>,.?4:9>
.:78A>>AI;@9B7DEA@E3D7B3DF@7DEA8-;6>7KGEF;@&&*F:7BD;@5;B3>>3I8;D?A8.-3@6;FEEG4E;6;3D;7E13>F7D 3D>EA@3
FDGEF773@647@78;5;3DKA83HAF;@9FDGEFF:3F5A@FDA>E.-F:7@A@7J75GF;H7:3;D?3@A8F:7A3D63@6?7?47DA8F:7A3D6A8
;D75FADEA8.-3@636;D75FADA8/-57>>G>3D3EG4E;6;3DKA8.-3@657DF3;@EG4E;6;3D;7EA8.-3@6-F7B:7@* ;FL7>>F:7!7@7D3>
AG@E7>3@6AD3@EE;EF3@F-75D7F3DKA8.-3@6/-57>>G>3D3@657DF3;@AF:7DEG4E;6;3D;7EA8.- 13>F7D 3D>EA@6A7E@AF
BDAH;67>793>E7DH;57EFA.-AD;FEEG4E;6;3D;7E .-/-57>>G>3D3@6F:7;DEG4E;6;3D;7E;@5GDD76>793>5AEFE8DA?-;6>7KGEF;@&&*A8
?;>>;A@?;>>;A@3@6?;>>;A@;@3@6D7EB75F;H7>K
.:7G6;FA??;FF77A8F:7A3D6A8;D75FADEA8.-;ED7EBA@E;4>78ADF:7D7H;7I3@67H3>G3F;A@A83>>D7>3F76B3DFKFD3@E35F;A@E3E
EG5:F7D?;E678;@764KF:7DG>7EA8F:7(7I2AD=-FA5=J5:3@97
RETURN TO
TABLE OF CONTENTS
%0;:=?>:1!,9,20809?
!,9,20809?I>%0>;:9>4-474?D1:=49,9.4,7&?,?0809?>
'3@397?7@FA8.7>7B:A@73@63F3-KEF7?E#@5 :3EF:7D7EBA@E;4;>;FK8ADBD7B3D;@9F:7355A?B3@K;@95A@EA>;63F768;@3@5;3>

EF3F7?7@FE3@68ADF:7;D;@F79D;FK3@6A4<75F;H;FK .:7EF3F7?7@FEI7D7BD7B3D76;@355AD63@57I;F:355AG@F;@9BD;@5;B>7E97@7D3>>K
3557BF76;@F:7/@;F76-F3F7EA8?7D;533@6;@?3@397?7@FPEAB;@;A@I7D783;D>KBD7E7@F76 .:78;@3@5;3>EF3F7?7@FE;@5>G676
3?AG@FEF:3FI7D743E76A@?3@397?7@FPE47EF7EF;?3F7E3@6<G69?7@FE '3@397?7@F3>EABD7B3D76F:7AF:7D;@8AD?3F;A@;@F:7
3@@G3>D7BADF3@6;ED7EBA@E;4>78AD;FE355GD35K3@65A@E;EF7@5KI;F:F:78;@3@5;3>EF3F7?7@FE
*D;57I3F7D:AGE7AAB7DEM&&*3@;@67B7@67@FD79;EF7D76BG4>;5355AG@F;@98;D?:3E3G6;F76F:7E75A@EA>;63F768;@3@5;3>EF3F7?7@FE;@

355AD63@57I;F:F:7EF3@63D6EA8F:7*G4>;5A?B3@K55AG@F;@9)H7DE;9:FA3D6/@;F76-F3F7E3@6:3E7JBD7EE76:7D7;@;FE
G@CG3>;8;76AB;@;A@A@F:7E78;@3@5;3>EF3F7?7@FE
E&7,AK. 3D>EA@$D M E*7F7D& -7D763

&7,AK. 3D>EA@$D M *7F7D& -7D763
*D7E;67@F3@6:;78J75GF;H7)88;57D M J75GF;H70;57*D7E;67@F3@6:;78 ;@3@5;3>)88;57D
BD;@5;B3>7J75GF;H7A88;57D M BD;@5;B3>8;@3@5;3>A88;57D
M M M
E@;F3$ %DA>> M M
@;F3$ %DA>> M M
0;57*D7E;67@FA@FDA>>7D3@6:;7855AG@F;@9)88;57D M M
BD;@5;B3>355AG@F;@9A88;57D
RETURN TO
TABLE OF CONTENTS
!,9,20809?I>%0;:=?:99?0=9,7:9?=:7#A0=49,9.4,7%0;:=?492
'3@397?7@F;ED7EBA@E;4>78AD7EF34>;E:;@93@6?3;@F3;@;@9367CG3F7;@F7D@3>5A@FDA>AH7D8;@3@5;3>D7BADF;@93EEG5:F7D?;E678;@76
;@,G>7E383@668G@67DF:7J5:3@975F M.-P;@F7D@3>5A@FDA>AH7D8;@3@5;3>D7BADF;@9;E3BDA57EE67E;9@76FABDAH;67
D73EA@34>73EEGD3@57D793D6;@9F:7D7>;34;>;FKA88;@3@5;3>D7BADF;@93@6F:7BD7B3D3F;A@A88;@3@5;3>EF3F7?7@FE8AD7JF7D@3>BGDBAE7E;@
355AD63@57I;F:355AG@F;@9BD;@5;B>7E97@7D3>>K3557BF76;@F:7/@;F76-F3F7EA8?7D;53!* M.-P;@F7D@3>5A@FDA>AH7D8;@3@5;3>
D7BADF;@9;@5>G67EF:AE7BA>;5;7E3@6BDA576GD7EF:3F;B7DF3;@FAF:7?3;@F7@3@57A8D75AD6EF:3F;@D73EA@34>767F3;>355GD3F7>K3@6
83;D>KD78>75FF:7FD3@E35F;A@E3@66;EBAE;F;A@EA8F:73EE7FEA8F:7;EEG7D;;BDAH;67D73EA@34>73EEGD3@57F:3FFD3@E35F;A@E3D7
D75AD6763E@757EE3DKFAB7D?;FBD7B3D3F;A@A88;@3@5;3>EF3F7?7@FE;@355AD63@57I;F:!*3@6F:3FD757;BFE3@67JB7@6;FGD7EA8
F:7;EEG7D3D747;@9?367A@>K;@355AD63@57I;F:3GF:AD;L3F;A@EA8?3@397?7@F3@6I:7D7D7CG;D76F:7A3D6A8;D75FADEA8F:7
;EEG7D3@6;;;BDAH;67D73EA@34>73EEGD3@57D793D6;@9BD7H7@F;A@ADF;?7>K67F75F;A@A8G@3GF:AD;L7635CG;E;F;A@GE7AD6;EBAE;F;A@A8
F:7;EEG7DPE3EE7FEF:3F5AG>6:3H73?3F7D;3>78875FA@F:7;@F7D;?AD3@@G3>5A@EA>;63F768;@3@5;3>EF3F7?7@FE
753GE7A8;FE;@:7D7@F>;?;F3F;A@E;@F7D@3>5A@FDA>AH7D8;@3@5;3>D7BADF;@9?3K@AFBD7H7@FAD67F75F?;EEF3F7?7@FE M>EABDA<75F;A@EA8

3@K7H3>G3F;A@A878875F;H7@7EEFA8GFGD7B7D;A6E3D7EG4<75FFAF:7D;E=F:3F5A@FDA>E?3K475A?7;@367CG3F74753GE7A85:3@97E;@
5A@6;F;A@EADF:3FF:7679D77A85A?B>;3@57I;F:F:7BA>;5;7EADBDA576GD7E?3K67F7D;AD3F7
/@67DF:7EGB7DH;E;A@3@6I;F:F:7B3DF;5;B3F;A@A8.-P?3@397?7@F;@5>G6;@9;FEBD;@5;B3>7J75GF;H7A88;57D3@6BD;@5;B3>8;@3@5;3>
A88;57D.-5A@6G5F763@7H3>G3F;A@A8F:778875F;H7@7EEA8;FE;@F7D@3>5A@FDA>AH7D8;@3@5;3>D7BADF;@93EA8757?47D43E76
A@F:75D;F7D;37EF34>;E:76;@F:7H7DE;A@A8.4%2.!,/.42/,=.4%'2!4%$2!-%7/2+;EEG764KF:7A??;FF77A8-BA@EAD;@9
)D93@;L3F;A@EA8F:7.D736I3KA??;EE;A@)-) M'3@397?7@F:3E5A@5>G676F:3F.-?3;@F3;@7678875F;H7;@F7D@3>5A@FDA>AH7D
8;@3@5;3>D7BADF;@93EA8757?47D43E76A@5D;F7D;37EF34>;E:76;@F:7H7DE;A@A8.4%2.!,/.42/,=.4%'2!4%$
2!-%7/2+;EEG764KF:7)-)
.:778875F;H7@7EEA8.-P;@F7D@3>5A@FDA>AH7D8;@3@5;3>D7BADF;@93EA8757?47D:3E477@3G6;F764K

*D;57I3F7D:AGE7AAB7DE&&*3@;@67B7@67@FD79;EF7D76BG4>;5355AG@F;@98;D?3EEF3F76;@F:78;D?PED7BADF;@5>G676:7D7;@
E&7,AK. 3D>EA@$D M E*7F7D& -7D763

&7,AK. 3D>EA@$D M *7F7D& -7D763
*D7E;67@F3@6:;78J75GF;H7)88;57D M J75GF;H70;57*D7E;67@F3@6:;78 ;@3@5;3>)88;57D
BD;@5;B3>7J75GF;H7A88;57D M BD;@5;B3>8;@3@5;3>A88;57D
M M M
E@;F3$ %DA>> M M
@;F3$ %DA>> M M
0;57*D7E;67@FA@FDA>>7D3@6:;7855AG@F;@9)88;57D M M
BD;@5;B3>355AG@F;@9A88;57D
RETURN TO
TABLE OF CONTENTS
%0;:=?:19/0;09/09?%024>?0=0/$@-74...:@9?4924=8
M
.AF:7A3D6A8;D75FADE3@6-:3D7:A>67DEA8.7>7B:A@73@63F3-KEF7?E#@5
'"%"&%*&%+! "%%"#++$%+*%%+)%#
&%+)&#&-) "%%"#'&)+"%
17:3H73G6;F76F:7355A?B3@K;@95A@EA>;63F7643>3@57E:77FEA8.7>7B:A@73@63F3-KEF7?E#@5 3@6;FEEG4E;6;3D;7EQF:7

A?B3@KR3EA8757?47D3@63@6F:7D7>3F765A@EA>;63F76EF3F7?7@FEA8AB7D3F;A@E5A?BD7:7@E;H7;@5A?7
5:3@97E;@7CG;FK3@653E:8>AIE8AD735:A8F:7F:D77K73DE;@F:7B7D;A67@676757?47D;@5>G6;@9F:7D7>3F76@AF7E
5A>>75F;H7>KD787DD76FA3EF:7Q5A@EA>;63F768;@3@5;3>EF3F7?7@FER 173>EA:3H73G6;F76F:7A?B3@KE;@F7D@3>5A@FDA>AH7D8;@3@5;3>
D7BADF;@93EA8757?47D43E76A@5D;F7D;37EF34>;E:76;@.4%2.!,/.42/,.4%'2!4%$2!-%7/2+;EEG764KF:7
A??;FF77A8-BA@EAD;@9)D93@;L3F;A@EA8F:7.D736I3KA??;EE;A@)-)
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RETURN TO
TABLE OF CONTENTS

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RETURN TO
TABLE OF CONTENTS
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RETURN TO
TABLE OF CONTENTS
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TABLE OF CONTENTS
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TABLE OF CONTENTS
[This page intentionally left blank]
[This page intentionally left blank]
Bridging the
Digital Divide
UScellular Introduces “Learn with US” Resource Hub

UScellular’s goal is that every child in our network footprint
has access to high-speed broadband, an affordable device
UScellular was built on the foundation of and the resources they need to enable remote education.
bringing connectivity to the underserved. Today UScellular launched “Learn with US” resource hub for students
this means making sure our customers in rural and parents to access helpful tips and resources from
and suburban America can access a high-quality UScellular and its associated business resources.
and affordable network.
Bridging the Digital Divide
The Digital Divide — the gulf between those Three things UScellular is doing:
who have access to connected devices and the 1. Investing in and modernizing our network
internet and those who don’t — is of particular 2. Developing affordable wireless solutions
concern in many of the rural communities that 3. Connecting families in need with
UScellular serves. connectivity and education resources
TDS Telecom’s continuous advocacy for federal support
Under A-CAM, TDS is working to enhance

and improve speeds delivered to about
160,000 service addresses by 2028.
TDS Telecom has advocated for and is leveraging
funding from the Federal Communications Commission’s
(FCC) Alternative Connect America Cost Model (A-CAM)
to enhance and improve the speeds delivered on our
rural broadband networks.
Reaching Rural America with State Grants

We are working with state legislators and regulators to obtain funding to deploy broadband in areas
where it is otherwise not financially viable.
TDS Telecom is a recipient of over $32 million in state grants from 2013-2020 to provide and support
enhanced broadband services to over 22,500 service addresses in five states.
CA MN WI NY TN
Telephone and Data Systems, Inc.
30 N. LaSalle Street, Suite 4000
Chicago, IL 60602
Tel: 312.630.1900
www.tdsinc.com
Thank you to each of our associates, whose

hard work, perseverance, resilience, and creativity
have kept the TDS Family of Businesses strong
throughout this challenging year.

Nyse TDS 2020

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Copyright:

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Nyse TDS 2020

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Copyright:

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2020 Annual Report

Very truly yours,

LeRoy T. Carlson, Jr. Walter C. D. Carlson

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