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SPECTRANETICS

2016 ANNUAL REPORT


A N N U A L R E P O R T

The Spectranetics Corporation


9965 Federal Drive
Colorado Springs, CO 80921
Toll Free: 800-633-0960
Web: www.spnc.com

2017 The Spectranetics Corporation. All Rights Reserved.


CORPORATE
INFORMATION

2016: Saving lives and


limbs with clinically BOARD OF DIRECTORS
R. JOHN FLETCHER B. KRISTINE JOHNSON JOSEPH M. RUGGIO, MD
differentiated solutions Chairman of the Board of Directors,
The Spectranetics Corporation
President, Affinity Capital Management
Lead Director and Board Member
Practicing Interventional Cardiologist
Founder, President and Chief Executive Officer,
Chief Executive Officer, Fletcher Spaght, Inc. of Piper Jaffray Companies Pacific Cardiovascular Associates
Managing Director, Fletcher Spaght Ventures Medical Group, Inc.
DANIEL A. PELAK
Board Member of Axcelis Technologies, Inc. President, Via Vitae Inc.
Senior Industry Executive,
Board Member of Monarch Health Care
SCOTT DRAKE Welsh, Carson, Anderson and Stowe
President and Chief Executive Officer, Former President and Chief Executive Officer, MARIA SAINZ
The Spectranetics Corporation Closure Medical Corp. President and Chief Executive Officer,
Board Member of AtriCure, Inc. Chairman of the Board of Directors CardioKinetix, Inc.
of K2M Group Holdings, Inc. Board Member of Orthofix NV,
WILLIAM C. JENNINGS
MRI Interventions, Inc.
Retired Partner, PricewaterhouseCoopers, LLC
and Halyard Health, Inc.

DEAR FELLOW
Board Member of Silgan Holdings Inc.
TODD C. SCHERMERHORN
Retired Chief Financial Officer, C.R. Bard, Inc.

SHAREHOLDERS LEADERSHIP TEAM


Board Member of The Travelers Companies, Inc.

SCOTT DRAKE SCOTT HUTTON


President and Chief Executive Officer Senior Vice President and General Manager,
During 2016, Spectranetics gathered momentum On the Lead Management side, we launched our STACY MCMAHAN Vascular Intervention
in our quest to bring innovative technologies to lifesaving Bridge-to-Surgery device designed to Chief Financial Officer PAUL GARDON
Senior Vice President,
the toughest of cardiovascular conditions. Each improve patient outcomes and mitigate mortality SHAHRIAR (SHAR) MATIN
General Counsel
Chief Operating Officer
quarter, we delivered double digit revenue growth risk in an undertreated patient population. ROBERT FUCHS
DONNA FORD-SERBU
and prepared for acceleration with a strategic focus Senior Vice President,
Senior Vice President,
In addition, we added a new TightRail subclavian Global Human Resources
on our innovation pipeline, compelling clinical data, Sales & Marketing, Lead Management
product to our Lead Management mechanical
and commercial execution.
tools franchise.
INNOVATION PIPELINE HIGHLIGHTS CORPORATE INVESTOR INQUIRIES ANNUAL SHAREHOLDERS
We received regulatory approval in China for both
HEADQUARTERS Please direct inquiries for financial MEETING
We are pleased with the Turbo-Power laser coronary and peripheral atherectomy products information, media releases and any
The Spectranetics Corporation Thursday, June 8, 2017
catheter for treatment of In-Stent Restenosis an important milestone in our global expansion. 9965 Federal Drive information filed with the SEC to 8:00 a.m. CDT
Colorado Springs, CO 80921 Michaella Gallina, Director of Investor Loews Minneapolis Hotel
(ISR), as it has been well received by physicians.
COMPELLING CLINICAL DATA HIGHLIGHTS Telephone: 719-447-2000 Relation, or Zach Stassen, Vice President 601 First Avenue North
Toll Free: 800-633-0960 of Finance, at Corporate Headquarters. Minneapolis, MN 55403
AngioSculptX, the first of its kind drug-coated Telephone: 719-447-2000
Throughout 2016, a cadence of Stellarex data Fax: 719-447-2022

DESIGN: Watermark (www.watermark.agency)


scoring balloon for complex coronary NASDAQ: SPNC
releases showcased top-tier results for this next www.spnc.com
TRANSFER AGENT

DESIGN: Watermark (watermark.agency)


interventions, received CE mark and was www.spectranetics.com As of April 11, 2017, there were
generation drug-coated balloon in common to & REGISTRAR
launched in Europe. Early feedback is positive. 43,764,753 stockholders of record.
complex lesions. PRODUCT Shareholders needing stock transfers, This figure does not reflect beneficial
We began commercializing Stellarex below- INFORMATION replacement certificates or a change ownership of shares held in nominee
We enrolled the first patients in a Stellarex ISR of address, please contact: name. The company has never paid
the-knee in Europe. We see Stellarex as a broad Please contact Customer Service a cash dividend on its common stock
study and submitted our IDE application for our Telephone: 800-231-0978 Wells Fargo Bank, NA
platform with expansive future potential in and does not expect to in the
Stellarex below-the-knee pivotal study. We are Shareowner Services Department
foreseeable future.
other geographies and indications. P.O. Box 64874
excited about the future of the Stellarex platform. St. Paul, MN 55164-0874
Telephone: 800-468-9716
SPNC SHARE PRICE PERFORMANCE 2016
$30

$25

$20

$15

$10

12/31/15 01/29/16 02/29/16 03/31/16 04/29/16 05/31/16 06/30/16 07/29/16 08/31/16 09/30/16 10/31/16 11/30/16 12/30/16

Scott Drake Stacy McMahan Shahriar (Shar) Matin Donna Ford-Serbu Scott Hutton
President & CEO CFO COO SVP, Lead Management SVP, Vascular Intervention

As we lean into 2017 and beyond, we believe we evidence, and commercial muscle to accelerate growth
are well-positioned to capitalize on opportunities well into the future. The fastest growing segment of this
that lie ahead. market is drug-coated balloon technology. With both
AngioSculptX and our Stellarex growth platforms, we
The global lead management market has substantial
are well-positioned with a comprehensive portfolio and
expansion potential. We are the market leader and
compelling clinical data.
are investing in innovations to bring much needed
treatment and enhanced safety to patients. Our goal The aggregate of these endeavors fuels the opportunity
remains to drive safe, mainstream Lead Management to again double our revenue over the next five years
and to unlock this opportunity for the benefit of and deliver attractive levels of profitability in the
patients and shareholders alike. Longer term, we are process. We thoughtfully look to the future with a deep
developing a new product family intended to be another commitment to creating value by making Spectranetics
meaningful step forward for our portfolio of solutions. the best company on the planet to be a part of for
teammates, customers, patients, and shareholders.
Our investments in Vascular Intervention continue
to address clinicians work flow to first cross a lesion, Thanks for coming along with us on this exciting journey.
then prepare the vessel, and finally treat the disease. I am humbled and honored to serve you.
We have taken market share consistently over the
past several years and have the technologies, clinical Scott Drake
President & CEO

SPNCANNUAL REPORT 2016


STELLAREX
DRUG-COATED ANGIOPLASTY BALLOON

CLINICALLY PROVEN, DIFFERENTIATED


DRUG-COATED BALLOON:

Top-tier safety and efficacy with a low drug dose

ONLY DCB proven in complex disease (1)

Uniquely positioned

Commercializing in Europe; PMA submitted


in the U.S.

In the most challenging patient


population studied in a DCB
Investigational Device Exemption
trial, the next-generation Stellarex
DCB achieved remarkable clinical
outcomes. I am very excited these
results could be obtained given
the high proportion of severely
c a l c i f i e d l e s i o n s a n d c o - m o r b i d i t i e s .

Dr. Prakash Krishnan of Mount Sinai in New York,


Co-Principal Investigator of the ILLUMENATE Pivotal Trial

(1) AngioSculptX and Stellarex not approved for sale in the U.S.

PAGE 2
TOP-TIER CLINICAL DATA

(2)
Lyden S. Oral presentation, TCT 2016, Washington DC. Nov 2, 2016 (3) Brodmann M. Oral presentation. AMP Symposium, Chicago, IL, Aug 10, 2016 (4) Laird JR et al. J Am Coll Cardiol 2015; 66:2329-38,
P. Krishnan Oral Presentation. VIVA 2016 (5) Rosenfield K, Jaff MR, White CJ, et al. The New England Journal of Medicine. 2015;373(2):145-153
In.Pact is a registered trademark of Invatec Tech. Ctr. GmbH and Admiral is a registered trademark of Invatec S.P.A.; and Lutonix is a registered trademark of Lutonix, Inc.

STENT-LIKE RESULTS (2-7)


No Implants

Core lab adjudicated (VasCore, Boston, MA) Duplex-derived Primary Patency based on PSVR <2.4 (2) or <2.5 (3), KM survival estimates at 360 (4) or 365 (5) days.

CA++
(2)
Lyden, Oral presentation, TCT 2016;(3)Dake et al. Circ Cardiovasc Interv. 2011;4:495-504; (4) Matsumura et al. J Vasc Surg 2013;58:73-83; (5) EverFlex SE Periphipheral Stent System Summary of Safety
and Effectiveness ;Datawww.accessdata.fda.gov/cdrh_docs/pdf11/P110023b.pdf; (6) Laird et al. Circ Cardiovasc Interv. 2010;3:267-276; (7) Garcia et al. Circ Cardiovasc. Interv. 2015;8e000937
Studies shown are not head-to-head comparisons, and data presented cannot be directly compared. Calcium definitions may vary from study to study, and the rates presented here are based on those used
and reported in each respective study. Complex patients refers to high rates of severe calcium, diabetes and renal insufficiency. Primary patency based on Kaplan-Meier estimates.
Zilver is a registered trademark of Cook Medical Technologires LLC; and EverFlex is a registered trademark of Covidien LP; and LifeStent is a registered trademark of C.R. Bard, Inc.

SPNCANNUAL REPORT 2016


ADVANCED
INTERVENTION

VASCULAR INTERVENTION

Our vision is to save every limb Internationally, we continue to make strides.


a n d r e s t o r e e v e r y v e s s e l s a f e l y, We have garnered over 200 regulatory approvals
p r e d i c t a b l y, a n d r e s p o n s i b l y. in 18 countries and across five continents. In Europe,
our commercialization of Stellarex below-the-knee
is ongoing, and our AngioSculptX launch is underway.
2016 was a year of meaningful progress in our
We are also in the early stages of launching major
Vascular Intervention business. We have expanded our
product families in countries such as China and India,
commercial footprint and product portfolio, and our
and continue to develop our business in Japan.
competitive position is steadily improving.
Our team has deliberately built a portfolio of
For Stellarex, it was an important year. We presented
opportunities to drive future growth in the Vascular
top-tier data on many podiums across the globe, made
Intervention business. In the near-term, we very much
progress climbing the share ladder in Europe, and
look forward to Stellarex approval in the U.S., and are
submitted our PMA in the U.S. Our compendium of data
poised to capitalize. We are also actively enrolling
is evidence of our commitment to leading the way in
our Stellarex ISR study and making progress on our
clinical science, and we are proud to have the only drug-
below-the-knee IDE. In short, we are excited about
coated balloon with level-one evidence in both common
the number, size, and diversity of opportunities that
and complex patients. We look forward to FDA approval
lie ahead.
and bringing the device to the United States.

PAGE 4
LEAD MANAGEMENT

Spectranetics is the recognized Bridge is a first-of-its-kind device designed to provide


leader in cardiac lead management. acceptable hemostasis during transition to surgery in
the rare event of a superior vena cava (SVC) tear during
lead extraction. Early into its launch, Bridge has been
Our lifesaving portfolio is improving the care of our
credited with saving the lives of many patients, and
profoundly undertreated patient population. We
customer feedback has been positive.
continue to innovate alongside deep engagement with
key opinion leaders in our quest to unlock this market. We believe the lead management market is a potential
$700 million opportunity if HRS guidelines were
2016 was an important year for our Lead Management
followed. We reach less than 20 percent of indicated
franchise and our patients. We experienced growing
patients, and we are dedicated to improving the future
adoption of our mechanical devices that complement
of patient care. In 2017, we will continue to raise
our laser lead extraction solutions, and we launched
awareness of Class I and Class II indications for lead
the pioneering Bridge Occlusion Balloon.
extraction, and continue to seek to reduce the risk of
Extensive research had indicated the most important mortalities that result from adverse events. Beyond
need from our customers was to improve the safety of 2017, we are developing a new product family intended
procedures. We answered with the launch of Bridge, to be another meaningful step forward in the lead
which has been called, The most significant innovation management market.
in lead management since the laser, by Dr. Jude Clancy
of the Yale University Group.

SPNCANNUAL REPORT 2016


PERFORMANCE
HIGHLIGHTS

GLOBAL
E X PA N S I O N THEN (2010) NOW (2016) % CHANGE

Vitality Index 6% 23% 275%

Revenue $ 117.9M $ 270.8M 130%

Gross Margin 71% 75% + 360 bps

Global Footprint 40 countries 65 countries + 63%

Teammates 470 960 + 100%

NASDAQ Indices Comparison Chart

PAGE 6
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5FDIOPMPHJDBMDIBOHFNBZBEWFSTFMZBGGFDUTBMFTPGPVSQSPEVDUTBOENBZDBVTFPVSQSPEVDUTUPCFDPNFPCTPMFUF

5IFNFEJDBMEFWJDFNBSLFUJTDIBSBDUFSJ[FECZFYUFOTJWFSFTFBSDIBOEEFWFMPQNFOUBOESBQJEUFDIOPMPHJDBM
DIBOHF5FDIOPMPHJDBMQSPHSFTTPSOFXEFWFMPQNFOUTJOPVSJOEVTUSZDPVMEBEWFSTFMZBGGFDUTBMFTPGPVSQSPEVDUT
0VSQSPEVDUTDPVMECFSFOEFSFEPCTPMFUFCFDBVTFPGGVUVSFJOOPWBUJPOTCZPVSDPNQFUJUPSTPSPUIFSTJOUIFUSFBUNFOU
PGDBSEJPWBTDVMBSEJTFBTF

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0VSBCJMJUZUPDPOUJOVFUPJODSFBTFPVSSFWFOVFJOGVUVSFQFSJPETXJMMEFQFOEPOPVSBCJMJUZUPTVDDFTTGVMMZ
QFOFUSBUFPVSUBSHFUNBSLFUTBOEJODSFBTFTBMFTPGPVS7*QSPEVDUTBOE-.QSPEVDUTBOEHFOFSBUFTJHOJGJDBOUTBMFT
GSPNPVS4UFMMBSFY%$#DBUIFUFSTBOEOFXBOEJNQSPWFEQSPEVDUTXFJOUSPEVDF XIJDIXJMM JOUVSO EFQFOEJOQBSU
POPVSTVDDFTTJOHSPXJOHPVSDVTUPNFSCBTFBOEPCUBJOJOHPSEFSTGSPNUIPTFDVTUPNFST/FXQSPEVDUTXJMMBMTP
OFFEUPCFEFWFMPQFEBOEBQQSPWFEPSDMFBSFECZUIF'%"BOEGPSFJHOSFHVMBUPSZBHFODJFTUPTVTUBJOSFWFOVFHSPXUI
JOPVSNBSLFUT"EEJUJPOBMDMJOJDBMEBUBBOEOFXQSPEVDUTNBZCFOFDFTTBSZUPHSPXSFWFOVF8FNBZOPUCFBCMFUP
HFOFSBUF TVTUBJO PSJODSFBTFSFWFOVFPOBRVBSUFSMZPSBOOVBMCBTJT*GXFDBOOPUBDIJFWFPSTVTUBJOSFWFOVFHSPXUI
GPSBOFYUFOEFEQFSJPE PVSGJOBODJBMSFTVMUTXJMMCFBEWFSTFMZBGGFDUFEBOEPVSTUPDLQSJDFNBZEFDMJOF

0VSQSPEVDUTNBZOPUBDIJFWFPSNBJOUBJONBSLFUBDDFQUBODF

&WFOJGXFPCUBJO'%"BOEGPSFJHOSFHVMBUPSZBQQSPWBMPSDMFBSBODFPGPVSQSPEVDUT PSOFXJOEJDBUJPOTGPS
PVSQSPEVDUT NBSLFUBDDFQUBODFPGPVSQSPEVDUTJOUIFIFBMUIDBSFDPNNVOJUZ JODMVEJOHQIZTJDJBOT QBUJFOUTBOE
UIJSEQBSUZQBZFST EFQFOETPONBOZGBDUPST JODMVEJOH
d PVSBCJMJUZUPQSPWJEFJODSFNFOUBMDMJOJDBMBOEFDPOPNJDEBUBUIBUTIPXTUIFTBGFUZBOEDMJOJDBMFGGJDBDZ
BOEDPTUFGGFDUJWFOFTTPG BOEQBUJFOUCFOFGJUTGSPN PVSQSPEVDUT
d UIFBWBJMBCJMJUZPGBMUFSOBUJWFUSFBUNFOUT
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d UIFXJMMJOHOFTTBOEBCJMJUZPGQBUJFOUTBOEUIFIFBMUIDBSFDPNNVOJUZUPBEPQUOFXUFDIOPMPHJFT
d UIFDPOWFOJFODFBOEFBTFPGVTFPGPVSQSPEVDUTSFMBUJWFUPPUIFSUSFBUNFOUNFUIPET
d UIFQSJDJOHBOESFJNCVSTFNFOUPGPVSQSPEVDUTSFMBUJWFUPPUIFSUSFBUNFOUNFUIPETBOE
d UIFNBSLFUJOHBOEEJTUSJCVUJPOTVQQPSUGPSPVSQSPEVDUT

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BDDFQUBODF BTNBOZQIZTJDJBOTEPOPUSPVUJOFMZTDSFFOGPS1"%XIJMFTDSFFOJOHGPSDPSPOBSZBSUFSZEJTFBTFBOEBSF
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BDIJFWFNBSLFUBDDFQUBODF UIFZNBZOPUNBJOUBJOUIBUNBSLFUBDDFQUBODFPWFSUJNFJGDPNQFUJOHQSPEVDUTPS
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QSPEVDUTBSFVTFE JOQBSU UPSFNPWFBEWJTPSZMFBET XIJDIBSFMFBETGPSXIJDIBQIZTJDJBOBEWJTPSZIBTCFFOJTTVFE
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.BOBHFNFOUQSPEVDUTXJMMCFSFEVDFE'BJMVSFUPBDIJFWFPSNBJOUBJONBSLFUBDDFQUBODFXPVMEMJNJUPVSBCJMJUZUP
HFOFSBUFSFWFOVFBOEXPVMEIBWFBNBUFSJBMBEWFSTFFGGFDUPOPVSCVTJOFTT GJOBODJBMDPOEJUJPO BOESFTVMUTPG
PQFSBUJPOT

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'PSQMBOOJOH XFFTUJNBUFUIFUJNJOHPGUIFBDDPNQMJTINFOUPGWBSJPVTTDJFOUJGJD DMJOJDBM SFHVMBUPSZBOE


PUIFSQSPEVDUEFWFMPQNFOUBOEDPNNFSDJBMJ[BUJPOHPBMT XIJDIXFTPNFUJNFTSFGFSUPBTNJMFTUPOFT5IFTF
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PGSFHVMBUPSZGJMJOHT'SPNUJNFUPUJNF XFQVCMJDMZBOOPVODFUIFFYQFDUFEUJNJOHPGTPNFPGUIFTFNJMFTUPOFT8F
CBTFUIFTFNJMFTUPOFTPOBWBSJFUZPGBTTVNQUJPOT XIJDIBSFTVCKFDUUPOVNFSPVTSJTLTBOEVODFSUBJOUJFT5IFSFJTB
SJTLXFXJMMOPUBDIJFWFUIFTFNJMFTUPOFTPOBUJNFMZCBTJTPSBUBMM&WFOJGXFBDIJFWFUIFTFNJMFTUPOFT UIFBDUVBM
UJNJOHPGUIFBDIJFWFNFOUPGUIFTFNJMFTUPOFTDBOWBSZESBNBUJDBMMZDPNQBSFEUPPVSFTUJNBUFT PGUFOGPSSFBTPOT
CFZPOEPVSDPOUSPM EFQFOEJOHPOOVNFSPVTGBDUPST JODMVEJOH
d UIFSBUFPGQSPHSFTT DPTUTBOESFTVMUTPGPVSDMJOJDBMUSJBMTBOESFTFBSDIBOEEFWFMPQNFOUBDUJWJUJFT
d PVSBCJMJUZUPJEFOUJGZBOEFOSPMMQBUJFOUTXIPNFFUDMJOJDBMUSJBMFMJHJCJMJUZDSJUFSJB
d UIFFYUFOUPGTDIFEVMJOHDPOGMJDUTXJUIQBSUJDJQBUJOHQIZTJDJBOTBOEDMJOJDBMJOTUJUVUJPOT
d BEWFSTFSFBDUJPOTSFQPSUFEEVSJOHDMJOJDBMUSJBMTPSDPNNFSDJBMJ[BUJPO
d UIFBCJMJUZPGPVSQSPEVDUTUPNFFUUIFTUBOEBSETGPSDMFBSBODFPSBQQSPWBM
d UIFSFDFJQUPG*%&T NBSLFUJOHBQQSPWBMTBOEDMFBSBODFTCZPVSDPNQFUJUPSTBOECZVTGSPNUIF'%"
BOEGPSFJHOSFHVMBUPSZBHFODJFTBOE
d PUIFSBDUJPOTCZSFHVMBUPST JODMVEJOHBDUJPOTSFMBUFEUPBDMBTTPGQSPEVDUT

*GXFEPOPUNFFUUIFTFNJMFTUPOFTGPSPVSQSPEVDUTPSJGXFBSFEFMBZFEJOBDIJFWJOHUIFTFNJMFTUPOFT UIF
EFWFMPQNFOUBOEDPNNFSDJBMJ[BUJPOPGOFXQSPEVDUT NPEJGJDBUJPOTPGFYJTUJOHQSPEVDUTPSTBMFTPGFYJTUJOH
QSPEVDUTGPSOFXBQQSPWFEJOEJDBUJPOTNBZCFQSFWFOUFEPSEFMBZFE XIJDIDPVMEEBNBHFPVSSFQVUBUJPOPS
NBUFSJBMMZBEWFSTFMZBGGFDUPVSCVTJOFTT&WFOJGXFBDIJFWFBNJMFTUPOFGPSBQSPEVDU NBSLFUBDDFQUBODFGPSUIF
QSPEVDUJTOPUBTTVSFE

8FIBWFBIJTUPSZPGMPTTFTBOENBZOPUSFUVSOUPQSPGJUBCJMJUZ

8FJODVSSFEOFUMPTTFTGSPNPVSJODFQUJPOJOVOUJM BOEBHBJOJO  GSPNUP


BOEGSPNUP"U%FDFNCFS  XFIBEBDDVNVMBUFENJMMJPOJOOFUMPTTFTTJODFJODFQUJPO8F
NBZOPUCFQSPGJUBCMFJOUIFGVUVSF

8FIBWFNBEFDFSUBJOBTTVNQUJPOTSFMBUJOHUPUIF"OHJP4DPSFBOE4UFMMBSFYBDRVJTJUJPOTUIBUIBWFQSPWFOJOUIF
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8FIBWFNBEFDFSUBJOBTTVNQUJPOTSFMBUJOHUPUIF"OHJP4DPSFBOE4UFMMBSFYBDRVJTJUJPOTUIBUSFMBUFUP
OVNFSPVTNBUUFST JODMVEJOH
d QSPKFDUJPOTPGGVUVSFSFWFOVFBOESFWFOVFHSPXUISBUFT
d UIFBNPVOUPGHPPEXJMMBOEJOUBOHJCMFTSFTVMUJOHGSPNUIFBDRVJTJUJPOT
d DFSUBJOPUIFSQVSDIBTFBDDPVOUJOHBEKVTUNFOUTUIBUBSFCFJOHSFDPSEFEJOPVSGJOBODJBMTUBUFNFOUTJO
DPOOFDUJPOXJUIUIFBDRVJTJUJPOT
d PVSBCJMJUZUPNBJOUBJO EFWFMPQBOEEFFQFOSFMBUJPOTIJQTXJUIDVTUPNFSTBOE
d PUIFSGJOBODJBMBOETUSBUFHJDSJTLTPGUIFBDRVJTJUJPOT


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FYBNQMF GPSBOE UIFGJSTUUXPGVMMGJTDBMZFBSTTVCTFRVFOUUPUIF"OHJP4DPSFBDRVJTJUJPO XFGBJMFEUP
BDIJFWFUIFSFWFOVFHSPXUIUIBUXFQSPKFDUFEBUUIFUJNFPGUIFBDRVJTJUJPO0VSBTTVNQUJPOTSFMBUJOHUPUIF
"OHJP4DPSFBOE4UFMMBSFYBDRVJTJUJPOTNBZCFJOBDDVSBUFJOUIFGVUVSF XIJDINBZSFTVMUJOPVSGBJMVSFUPSFBMJ[FUIF
FYQFDUFECFOFGJUTPGUIFBDRVJTJUJPOT GBJMVSFUPSFBMJ[FFYQFDUFESFWFOVFHSPXUISBUFT GBJMVSFUPSFDFJWFQSPEVDU
DMFBSBODFTPSBQQSPWBMTJOBUJNFMZNBOOFSPSBUBMM IJHIFSUIBOFYQFDUFEPQFSBUJOH USBOTBDUJPOBOEJOUFHSBUJPO
DPTUT GBJMVSFUPJOUFHSBUFBDRVJSFEQFSTPOOFM MPTTPGLFZFNQMPZFFT MPTTPGLFZWFOEPST BTXFMMBTHFOFSBM
FDPOPNJDBOECVTJOFTTDPOEJUJPOTUIBUNBZBEWFSTFMZBGGFDUVTGPMMPXJOHUIFBDRVJTJUJPOT*GPVSBTTVNQUJPOT
SFHBSEJOHUIFTFBDRVJTJUJPOTQSPWFUPCFJOBDDVSBUFBOEXFDBOOPUBDIJFWFPSTVTUBJOSFWFOVFHSPXUIPSXF
FYQFSJFODFIJHIFSDPTUTGPSBOFYUFOEFEQFSJPE PVSGJOBODJBMSFTVMUTXJMMCFBEWFSTFMZBGGFDUFEBOEPVSTUPDLQSJDF
NBZEFDMJOF

*GXFDBOOPUPCUBJOBEEJUJPOBMGVOEJOH XFNBZCFVOBCMFUPNBLFEFTJSBCMFBDRVJTJUJPOTPSGVOEFYQBOEJOH
HSPXUIBOEPQFSBUJPOT

8FNBZSFRVJSFBEEJUJPOBMGVOETUPNBLFBDRVJTJUJPOTPGEFTJSBCMFDPNQBOJFT QSPEVDUTPSUFDIOPMPHJFT PS


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UFSNTBDDFQUBCMFUPVT JGBUBMM5IFJOBCJMJUZUPPCUBJOBEEJUJPOBMDBQJUBMNBZSFTUSJDUPVSBCJMJUZUPHSPXBOENBZ
SFEVDFPVSBCJMJUZUPNBLFEFTJSBCMFBDRVJTJUJPOT"OZFRVJUZPSDPOWFSUJCMFEFCUGJOBODJOHNBZSFTVMUJOTVCTUBOUJBM
EJMVUJPOUPPVSFYJTUJOHTUPDLIPMEFST

*GXFEPOPUNBOBHFPVSHSPXUIPSDPOUSPMDPTUTSFMBUFEUPHSPXUI PVSSFTVMUTPGPQFSBUJPOTXJMMTVGGFS

8FJOUFOEUPHSPXPVSCVTJOFTTCZFYQBOEJOHPVSDVTUPNFSCBTF TBMFTGPSDFBOEQSPEVDUPGGFSJOHT
JODMVEJOHUISPVHIBEEJUJPOBMBDRVJTJUJPOTPSPUIFSCVTJOFTTDPNCJOBUJPOT(SPXUIDPVMEQMBDFTJHOJGJDBOUTUSBJOPO
PVSNBOBHFNFOU FNQMPZFFT PQFSBUJPOT PQFSBUJOHBOEGJOBODJBMTZTUFNT BOEPUIFSSFTPVSDFT5PBDDPNNPEBUF
TJHOJGJDBOUHSPXUI XFDPVMECFSFRVJSFEUPPQFOBEEJUJPOBMGBDJMJUJFT FYQBOEBOEJNQSPWFPVSJOGPSNBUJPOTZTUFNT
BOEQSPDFEVSFTBOEIJSF USBJO NPUJWBUFBOENBOBHFBHSPXJOHXPSLGPSDF BMMPGXIJDIXPVMEJODSFBTFPVSDPTUT
0VSTZTUFNT GBDJMJUJFT QSPDFEVSFTBOEQFSTPOOFMNBZOPUCFBEFRVBUFUPTVQQPSUPVSGVUVSFPQFSBUJPOT'VSUIFS XF
NBZOPUNBJOUBJOPSBDDFMFSBUFPVSDVSSFOUHSPXUI NBOBHFPVSFYQBOEJOHPQFSBUJPOTPSBDIJFWFQMBOOFEHSPXUIPO
BUJNFMZBOEQSPGJUBCMFCBTJT

-JUJHBUJPOBOEPUIFSMFHBMQSPDFFEJOHTNBZBEWFSTFMZBGGFDUPVSCVTJOFTT

'SPNUJNFUPUJNFXFBSFJOWPMWFEJOMFHBMQSPDFFEJOHTSFMBUJOHUPQBUFOUBOEPUIFSJOUFMMFDUVBMQSPQFSUZ
NBUUFST QSPEVDUMJBCJMJUZDMBJNT FNQMPZFFDMBJNT UPSUPSDPOUSBDUDMBJNT GFEFSBMSFHVMBUPSZJOWFTUJHBUJPOT
TFDVSJUJFTDMBTTBDUJPO BOEPUIFSMFHBMQSPDFFEJOHTPSJOWFTUJHBUJPOT XIJDIDPVMEIBWFBOBEWFSTFJNQBDUPOPVS
SFQVUBUJPO CVTJOFTTBOEGJOBODJBMDPOEJUJPOBOEEJWFSUUIFBUUFOUJPOPGPVSNBOBHFNFOUGSPNUIFPQFSBUJPOPGPVS
CVTJOFTT-JUJHBUJPOJTJOIFSFOUMZVOQSFEJDUBCMFBOEDBOSFTVMUJOFYDFTTJWFPSVOBOUJDJQBUFEWFSEJDUTBOEPS
JOKVODUJWFSFMJFGUIBUBGGFDUIPXXFPQFSBUFPVSCVTJOFTT8FDPVMEJODVSKVEHNFOUTPSFOUFSJOUPTFUUMFNFOUTPG
DMBJNTGPSNPOFUBSZEBNBHFTPSGPSBHSFFNFOUTUPDIBOHFUIFXBZXFPQFSBUFPVSCVTJOFTT PSCPUI5IFSFNBZCF
BOJODSFBTFJOUIFTDPQFPGUIFTFNBUUFSTPSUIFSFNBZCFBEEJUJPOBMMBXTVJUT DMBJNT QSPDFFEJOHTPSJOWFTUJHBUJPOTJO
UIFGVUVSF XIJDIDPVMEIBWFBNBUFSJBMBEWFSTFJNQBDUPOVT"EWFSTFQVCMJDJUZBCPVUSFHVMBUPSZPSMFHBMBDUJPO
BHBJOTUVTDPVMEEBNBHFPVSSFQVUBUJPOBOECSBOEJNBHF VOEFSNJOFPVSDVTUPNFST`DPOGJEFODFBOESFEVDFMPOH
UFSNEFNBOEGPSPVSQSPEVDUT FWFOJGUIFSFHVMBUPSZPSMFHBMBDUJPOJTVOGPVOEFEPSOPUNBUFSJBMUPPVSPQFSBUJPOT

8FNVTUJOEFNOJGZPGGJDFSTBOEEJSFDUPST JODMVEJOH JODFSUBJODJSDVNTUBODFT GPSNFSFNQMPZFFTBOE


EJSFDUPST BHBJOTUBMMMPTTFT JODMVEJOHFYQFOTFT JODVSSFECZUIFNJOMFHBMQSPDFFEJOHTBOEBEWBODFUIFJSSFBTPOBCMF
MFHBMEFGFOTFFYQFOTFT VOMFTTDFSUBJODPOEJUJPOTBQQMZ8FBSFJOEFNOJGZJOHBOEBEWBODJOHMFHBMEFGFOTFFYQFOTFT
GPSBOPGGJDFSBOEGPSNFSPGGJDFSJODPOOFDUJPOXJUIUIFTFDVSJUJFTDMBTTBDUJPOMJUJHBUJPOEFTDSJCFECFMPX BOEXFBMTP
IBWFJODVSSFETJHOJGJDBOUBEWBODFNFOUDPTUTJODPOOFDUJPOXJUI"OHJP4DPSF`TMJUJHBUJPOXJUIBGPSNFSEJSFDUPSBT


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OPUCFBEFRVBUFUPDPWFSBMMMFHBMPSPUIFSDPTUTSFMBUFEUPUIFQSPDFFEJOH"QSPMPOHFEVOJOTVSFEFYQFOTFBOE
JOEFNOJGJDBUJPOPCMJHBUJPODPVMEIBWFBNBUFSJBMBEWFSTFJNQBDUPOVT

8FIBWFCFFOOBNFEBTBEFGFOEBOUJOBTFDVSJUJFTDMBTTBDUJPOMBXTVJUUIBUNBZSFTVMUJOTVCTUBOUJBMDPTUTBOE
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BOEPGUIF4FDVSJUJFT
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GBMTFBOENJTMFBEJOH1MBJOUJGGTFFLTVOTQFDJGJFENPOFUBSZEBNBHFTPOCFIBMGPGUIFBMMFHFEDMBTT JOUFSFTU BOE
BUUPSOFZ`TGFFTBOEDPTUTPGMJUJHBUJPO0O.BSDI  UIFQMBJOUJGGTGJMFEBOBNFOEFEDPNQMBJOU JODMVEJOH
BEEJUJPOBMBMMFHBUJPOTDIBMMFOHJOHDFSUBJOTUBUFNFOUTNBEFCZVT5IFDMBTTQFSJPEJOUIFBNFOEFEDPNQMBJOUSVOT
GSPN'FCSVBSZ UP+VMZ 8FGJMFEBNPUJPOUPEJTNJTTUIFBNFOEFEDPNQMBJOUJO+VOF
QMBJOUJGGTGJMFEUIFJSSFTQPOTFJO+VMZ BOEXFGJMFEPVSSFQMZCSJFGJO"VHVTU

8FBSFOPUBCMFUPQSFEJDUUIFVMUJNBUFPVUDPNFPGUIJTBDUJPO*UJTQPTTJCMFJUDPVMECFSFTPMWFEBEWFSTFMZ
UPVT SFTVMUJOTVCTUBOUJBMDPTUT SFTVMUJOEFSJWBUJWFBDUJPOTBOEBEEJUJPOBMDMBJNT BOEEJWFSUNBOBHFNFOU`TBUUFOUJPO
BOESFTPVSDFT XIJDIDPVMEIBSNPVSCVTJOFTT8IJMFXFNBJOUBJOEJSFDUPSBOEPGGJDFSMJBCJMJUZJOTVSBODFBOEIBWF
TVCNJUUFEUIJTDMBJNUPPVSDBSSJFSTXIPIBWFBDLOPXMFEHFEDPWFSBHFBOESFTFSWFEUIFJSSJHIUTVOEFSUIFQPMJDJFT
UIFBNPVOUPGJOTVSBODFDPWFSBHFNBZOPUCFTVGGJDJFOUUPDPWFSBDMBJN BOEUIFDPOUJOVFEBWBJMBCJMJUZPGUIJT
JOTVSBODFDBOOPUCFBTTVSFE1SPUSBDUFEMJUJHBUJPO JODMVEJOHBOZBEWFSTFPVUDPNFT NBZIBWFBOBEWFSTFJNQBDUPO
PVSCVTJOFTT SFTVMUTPGPQFSBUJPOTPSGJOBODJBMDPOEJUJPO DPVMETVCKFDUVTUPBEWFSTFQVCMJDJUZ BOESFRVJSFVTUP
JODVSTJHOJGJDBOUMFHBMGFFT

8FNBZJODVSTVCTUBOUJBMDPTUTCFDBVTFPGMJUJHBUJPOPSPUIFSQSPDFFEJOHTSFMBUJOHUPQBUFOUBOEPUIFSJOUFMMFDUVBM
QSPQFSUZSJHIUT XIJDIDPVMEDBVTFTVCTUBOUJBMDPTUTBOEMJBCJMJUZ

5IFSFNBZCFQBUFOUTBOEQBUFOUBQQMJDBUJPOTPXOFECZPUIFSTSFMBUJOHUPQFSJQIFSBMBOEDPSPOBSZ
BUIFSFDUPNZQSPEVDUT MFBENBOBHFNFOUQSPEVDUT TQFDJBMUZCBMMPPOT ESVHDPBUFECBMMPPOT PSPUIFSUFDIOPMPHJFT
XIJDI JGEFUFSNJOFEUPCFWBMJEBOEFOGPSDFBCMF NBZCFJOGSJOHFECZVT)PMEFSTPGDFSUBJOQBUFOUT JODMVEJOH
IPMEFSTPGQBUFOUTJOWPMWJOHUIFVTFPGMBTFST DBUIFUFST TQFDJBMUZCBMMPPOTPSESVHDPBUFECBMMPPOTJOUIFCPEZ NBZ
DPOUBDUVTBOESFRVFTUXFFOUFSJOUPMJDFOTFBHSFFNFOUTGPSUIFVOEFSMZJOHUFDIOPMPHZBOEQBZUIFNSPZBMUJFT XIJDI
DPVMECFTVCTUBOUJBM

*GXFOFFEUPPCUBJOBMJDFOTFUPVTFBOZJOUFMMFDUVBMQSPQFSUZ XFNBZCFVOBCMFUPPCUBJOTVDIMJDFOTFPO
GBWPSBCMFUFSNTPSBUBMMPSXFNBZCFSFRVJSFEUPNBLFTVCTUBOUJBMSPZBMUZPSPUIFSQBZNFOUTUPVTFUIJTJOUFMMFDUVBM
QSPQFSUZPSXFNBZCFDPNFJOWPMWFEJOMJUJHBUJPOSFHBSEJOHUIFVTFPGUIFSFMFWBOUJOUFMMFDUVBMQSPQFSUZ

-JUJHBUJPODPODFSOJOHQBUFOUTBOEQSPQSJFUBSZSJHIUTJTUJNFDPOTVNJOH FYQFOTJWFBOEVOQSFEJDUBCMF BOE


DPVMEEJWFSUUIFBUUFOUJPOPGPVSNBOBHFNFOUGSPNPVSCVTJOFTTPQFSBUJPOT8FDBOOPUHVBSBOUFFUIBUPUIFSQBUFOU
IPMEFSTXJMMOPUTVFVTBOEQSFWBJM"OBEWFSTFSVMJOHDPVMETVCKFDUVTUPTJHOJGJDBOUMJBCJMJUZ SFRVJSFVTUPTFFL
MJDFOTFT BOESFTUSJDUPVSBCJMJUZUPNBOVGBDUVSFBOETFMMPVSQSPEVDUT8FBSF BOEJOUIFQBTUIBWFCFFO BQBSUZUP
MFHBMQSPDFFEJOHTJOWPMWJOHPVSJOUFMMFDUVBMQSPQFSUZBOENBZCFBQBSUZUPGVUVSFQSPDFFEJOHT'PSBEJTDVTTJPOPG
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QBZNFOUEBUBGPSBDBMFOEBSZFBSCZUIFUIEBZPGUIFTVCTFRVFOUDBMFOEBSZFBS4PNFTUBUFT JODMVEJOH$BMJGPSOJB
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DPNQBOZNBZSVOBGPVMPGPOFPSNPSFSFRVJSFNFOUT*GXFBSFJOWFTUJHBUFEPSGPVOEUPIBWFWJPMBUFEUIFTFMBXT XF
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PGQBUJFOUJEFOUJGJBCMFIFBMUIJOGPSNBUJPO5IFDPTUTPGDPNQMZJOHXJUIQSJWBDZBOETFDVSJUZSFMBUFEMFHBMBOE
SFHVMBUPSZSFRVJSFNFOUTNBZCFCVSEFOTPNF BOEJGXFEPOPUDPNQMZXJUIFYJTUJOHPSOFXGFEFSBMPSTUBUFMBXTBOE
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JODSFBTFJGXFSFDFJWFJU3FHVMBUPSZBQQSPWBMJOPOFDPVOUSZEPFTOPUFOTVSFSFHVMBUPSZBQQSPWBMJOBOPUIFS CVUB
GBJMVSFPSEFMBZJOPCUBJOJOHSFHVMBUPSZBQQSPWBMJOPOFDPVOUSZNBZOFHBUJWFMZJOGMVFODFUIFSFHVMBUPSZQSPDFTTJO
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QSPEVDUTJOBOZGPSFJHODPVOUSZ*GXFGBJMUPDPNQMZXJUIUIFTFSFHVMBUPSZSFRVJSFNFOUTPSGBJMUPPCUBJOBOE
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FYDIBOHFSBUFT GPSFJHOMBXTSFHVMBUJOHUIFBQQSPWBMBOETBMFTPGNFEJDBMEFWJDFT GPSFJHOUBYMBXT FYQPSUJNQPSU
MJDFOTFTPSUBSJGGT PUIFSUSBEFSFHVMBUJPOTPSJOUFMMFDUVBMQSPQFSUZQSPUFDUJPODPVMEBEWFSTFMZBGGFDUPVSBCJMJUZUP
NBSLFUPVSQSPEVDUTPVUTJEFUIF640VSJOUFSOBUJPOBMPQFSBUJPOTTVCKFDUVTUPUIFFYUSBUFSSJUPSJBMFGGFDUTPG64
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FYQFOTFTEFOPNJOBUFEJOGPSFJHODVSSFODJFTUPFYQBOE UIFSFGPSFJODSFBTJOHUIFSJTLGMVDUVBUJPOTJODVSSFODZ
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SFEVDFEDPOTPMJEBUFESFWFOVFPSJODSFBTFEPQFSBUJOHFYQFOTFT


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DPVOUSJFTUIBUDPNQSJTFPVSJOUFSOBUJPOBMPQFSBUJPOT5IFJOUFSOBUJPOBMTBMFTBOENBSLFUJOHFGGPSUTDPVMEGBJMUPBUUBJO
MPOHUFSNTVDDFTT

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SJTLTSFMBUFEUPPVSGPSFJHOEJTUSJCVUPSTDPVMEBEWFSTFMZBGGFDUPVSPQFSBUJPOTBOEGJOBODJBMSFTVMUT

5IFDPOTFRVFODFTPGUIF6,a#SFYJUbWPUFNBZBEWFSTFMZBGGFDUPVSPQFSBUJPOTBOEGJOBODJBMSFTVMUT

0O+VOF  UIF6OJUFE,JOHEPN b6,c


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&6"MUIPVHIJUJTVOLOPXOXIBUUIPTFUFSNTXJMMCF JUJTQPTTJCMFUIBUUIFSFXJMMCFHSFBUFSSFTUSJDUJPOTPOJNQPSUT
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BEWFSTFMZBGGFDUPVSPQFSBUJPOTBOEGJOBODJBMSFTVMUT

*GPVSNBOVGBDUVSJOHPQFSBUJPOTBSFJOUFSSVQUFE PVSSFTVMUTNBZCFBEWFSTFMZBGGFDUFE

0VSBCJMJUZUPNBOVGBDUVSFPVSQSPEVDUTNBZCFBEWFSTFMZBGGFDUFECZGBDUPSTTVDIBTBGBJMVSFUPGPMMPX
TQFDJGJDJOUFSOBMQSPUPDPMTBOEQSPDFEVSFT FRVJQNFOUNBMGVODUJPO FOWJSPONFOUBMGBDUPSTPSEBNBHFUPPOFPSNPSF
PGPVSGBDJMJUJFT*GBOJOUFSSVQUJPOJONBOVGBDUVSJOHPDDVST XFNBZCFVOBCMFUPRVJDLMZNPWFUPBMUFSOBUFNFBOTPG
QSPEVDJOHBGGFDUFEQSPEVDUTPSUPNFFUDVTUPNFSEFNBOE*GUIFJOUFSSVQUJPOSFTVMUTGSPNBGBJMVSFUPGPMMPX
SFHVMBUPSZQSPUPDPMTBOEQSPDFEVSFT XFNBZCFSFRVJSFEUPSFDBMMBGGFDUFEQSPEVDUTBOENBZFYQFSJFODFEFMBZTJO
SFTVNJOHQSPEVDUJPOPGBGGFDUFEQSPEVDUTEVFQSJNBSJMZUPBOFFEUPPCUBJOSFHVMBUPSZBQQSPWBMT8FNBZTVGGFSMPTT
PGNBSLFUTIBSF XIJDIXFNBZCFVOBCMFUPSFDBQUVSF BOEIBSNUPPVSSFQVUBUJPO XIJDIDPVMEBEWFSTFMZBGGFDUPVS
SFTVMUTPGPQFSBUJPOTBOEGJOBODJBMDPOEJUJPO

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PGBDZCFSJODJEFOUPSBEFGJDJFODZJOPVSDZCFSTFDVSJUZ NBZDBVTFBMPTTPGCVTJOFTTPSEBNBHFUPPVSSFQVUBUJPO

8FSFMZPODPNNVOJDBUJPOT JOGPSNBUJPOBOENBOVGBDUVSJOHTZTUFNTUPDPOEVDUPVSCVTJOFTT"OZGBJMVSF
JOUFSSVQUJPO PSDZCFSJODJEFOUUIBUJNQBDUTUIFTFTZTUFNTDPVMEDBVTFGBJMVSFTPSEJTSVQUJPOTJOPVSDVTUPNFS
SFMBUJPOTIJQNBOBHFNFOUPSQSPEVDUNBOVGBDUVSJOH"DZCFSJODJEFOUJTBOJOUFOUJPOBMBUUBDLPSBOVOJOUFOUJPOBM
FWFOUUIBUDBOJODMVEFHBJOJOHVOBVUIPSJ[FEBDDFTTUPJOGPSNBUJPOTZTUFNTUPEJTSVQUPQFSBUJPOT DPSSVQUEBUB PS
TUFBMDPOGJEFOUJBMJOGPSNBUJPO5IFPDDVSSFODFPGBOZGBJMVSFT JOUFSSVQUJPOT PSDZCFSJODJEFOUTDPVMEDBVTFBMPTTPG
DVTUPNFSCVTJOFTTPSSFQVUBUJPOBOEIBWFBNBUFSJBMFGGFDUPOPVSCVTJOFTT GJOBODJBMDPOEJUJPO SFTVMUTPGPQFSBUJPOT
BOEDBTIGMPXT

1SPEVDUMJBCJMJUZBOEPUIFSDMBJNTBHBJOTUVTNBZSFEVDFEFNBOEGPSPVSQSPEVDUTPSSFTVMUJOTVCTUBOUJBM
EBNBHFT

0VSCVTJOFTTFYQPTFTVTUPQPUFOUJBMMJBCJMJUZGPSSJTLTUIBUNBZBSJTFGSPNUIFDMJOJDBMUFTUJOHPGPVS
VOBQQSPWFEPSDMFBSFEOFXQSPEVDUT UIFDMJOJDBMUFTUJOHPGFYQBOEFEJOEJDBUJPOTGPSFYJTUJOHQSPEVDUT UIFVTFPGPVS
QSPEVDUTCZQIZTJDJBOTBOEUIFNBOVGBDUVSFBOETBMFPGBOZBQQSPWFEPSDMFBSFEQSPEVDUT"OJOEJWJEVBMNBZCSJOHB


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IBWFDBVTFE BOJOKVSZ8FNBJOUBJOQSPEVDUMJBCJMJUZJOTVSBODFGPSNJMMJPOQFSPDDVSSFODFXJUIBOBOOVBM
BHHSFHBUFNBYJNVNPGNJMMJPO8FDBOOPUBTTVSF IPXFWFS UIBUQSPEVDUMJBCJMJUZDMBJNTXJMMOPUFYDFFEPVS
JOTVSBODFDPWFSBHFMJNJUTPSUIBUTVDIJOTVSBODFDPWFSBHFMJNJUTXJMMDPOUJOVFUPCFBWBJMBCMFPOBDDFQUBCMFUFSNT PS
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QSPEVDUMJBCJMJUZDMBJN SFDBMM PSPUIFSDMBJNSFHBSEJOHVOJOTVSFEMJBCJMJUJFTPSGPSBNPVOUTPWFSJOTVSFEMJBCJMJUJFT
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CSPVHIUBHBJOTUVT XJUIPSXJUIPVUNFSJU DPVMESFTVMUJO
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PUIFSTPVSDFT JGBWBJMBCMF
d BOJODSFBTFPGPVSQSPEVDUMJBCJMJUZJOTVSBODFSBUFTPSUIFJOBCJMJUZUPSFOFXPSPCUBJOQSPEVDUMJBCJMJUZ
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d XJUIESBXBMPGDMJOJDBMUSJBMWPMVOUFFSTPSTVCKFDUT
d EBNBHFUPPVSSFQVUBUJPOBOEUIFSFQVUBUJPOPGPVSQSPEVDUT
d SFHVMBUPSZJOWFTUJHBUJPOTUIBUDPVMESFRVJSFDPTUMZSFDBMMTPSQSPEVDUNPEJGJDBUJPOT
d MJUJHBUJPODPTUTBOE
d EJWFSTJPOPGNBOBHFNFOU`TBUUFOUJPOGSPNNBOBHJOHPVSCVTJOFTT

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EFGJCSJMMBUPS b*$%c
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JOWPMWJOHUIFVTFPGPVSQSPEVDUT TFSJPVTBEWFSTFFWFOUTNBZPDDVSBOETPNFQBUJFOUTNBZEJF4FSJPVTBEWFSTF
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SFDBMMTPSPUIFSSFHVMBUPSZFOGPSDFNFOUBDUJPOTPSMJNJUPVSBCJMJUZUPHSPXPVSSFWFOVF XIJDIDPVMEIBWFBNBUFSJBM
BEWFSTFJNQBDUPOPVSCVTJOFTT

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QIZTJDJBOT OVSTFTBOEPUIFSBTTPDJBUFENFEJDBMQFSTPOOFMUPQFSGPSNUIFNFEJDBMQSPDFEVSFTBOESFMBUFEQSPDFTTFT
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TVCKFDUVTUPMJBCJMJUZ"OJOKVSZPSEFBUISFTVMUJOHGSPNUIFBDUJWJUJFTPGPVSTVQQMJFSTNBZTFSWFBTBCBTJTGPSB
DMBJNBHBJOTUVT

8FNBJOUBJOQPMJDJFTBOEQSPDFEVSFTBOESFRVJSFUSBJOJOHEFTJHOFEUPFEVDBUFPVSFNQMPZFFTUIBUUIFZ
TIPVMEOPUQSPNPUFPVSQSPEVDUTJOBOPGGMBCFMQSPNPUJPOGBTIJPO)PXFWFS XFDBOOPUQSFWFOUBQIZTJDJBOGSPN
VTJOHPVSQSPEVDUTGPSBOZPGGMBCFMBQQMJDBUJPOT*GJOKVSZUPBQBUJFOUSFTVMUTGSPNTVDIVTF XFNBZCFDPNF
JOWPMWFEJOBQSPEVDUMJBCJMJUZTVJU XIJDINBZCFFYQFOTJWFUPEFGFOE&WFOJGXFEPOPUCFDPNFJOWPMWFEJOBTVJU
RVBMJUZPSTBGFUZJTTVFTDPVMEDBVTFSFQVUBUJPOBMIBSN XBSOJOHMFUUFST QSPEVDUSFDBMMTPSTFJ[VSFT NPOFUBSZ
TBODUJPOT JOKVODUJPOTUPIBMUNBOVGBDUVSFBOEEJTUSJCVUJPOPGEFWJDFT DJWJMPSDSJNJOBMTBODUJPOT PSXJUIESBXBMPG
FYJTUJOHBQQSPWBMTPSDMFBSBODFT

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FYDFFEPVSJOTVSBODFDPWFSBHFBOEIBWFBNBUFSJBMBEWFSTFFGGFDUPOPVSGJOBODJBMDPOEJUJPO8FNBJOUBJOJOTVSBODF
GPSDFSUBJOFOWJSPONFOUBMSJTLT TVCKFDUUPTVCTUBOUJBMEFEVDUJCMFTIPXFWFS XFDBOOPUBTTVSFZPVXFDBODPOUJOVFUP
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TBGFUZMBXTDPVMEDBVTFVTUPJODVSBEEJUJPOBMFYQFOTFTPSSFTUSJDUPVSPQFSBUJPOT

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DPOGJEFOUJBMJUZBOEUSBEFTFDSFUTBHSFFNFOUUIBUQSFDMVEFTUIFN VQPOUFSNJOBUJPOPGUIFJSFNQMPZNFOU GSPN
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BHSFFNFOUTXJUITPNFPGPVSPGGJDFSTUIBUQSPWJEFGPSUIFQBZNFOUPGFJUIFSUXPZFBST`TBMBSZQMVTCPOVTPSPOF
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PGGJDFSGSPNDPNQFUJOHXJUIVTBOETPMJDJUJOHPVSFNQMPZFFTBOEDVTUPNFSTJGUFSNJOBUJPOPGFNQMPZNFOUPDDVST
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CORPORATE
INFORMATION

2016: Saving lives and


limbs with clinically BOARD OF DIRECTORS
R. JOHN FLETCHER B. KRISTINE JOHNSON JOSEPH M. RUGGIO, MD
differentiated solutions Chairman of the Board of Directors,
The Spectranetics Corporation
President, Affinity Capital Management
Lead Director and Board Member
Practicing Interventional Cardiologist
Founder, President and Chief Executive Officer,
Chief Executive Officer, Fletcher Spaght, Inc. of Piper Jaffray Companies Pacific Cardiovascular Associates
Managing Director, Fletcher Spaght Ventures Medical Group, Inc.
DANIEL A. PELAK
Board Member of Axcelis Technologies, Inc. President, Via Vitae Inc.
Senior Industry Executive,
Board Member of Monarch Health Care
SCOTT DRAKE Welsh, Carson, Anderson and Stowe
President and Chief Executive Officer, Former President and Chief Executive Officer, MARIA SAINZ
The Spectranetics Corporation Closure Medical Corp. President and Chief Executive Officer,
Board Member of AtriCure, Inc. Chairman of the Board of Directors CardioKinetix, Inc.
of K2M Group Holdings, Inc. Board Member of Orthofix NV,
WILLIAM C. JENNINGS
MRI Interventions, Inc.
Retired Partner, PricewaterhouseCoopers, LLC
and Halyard Health, Inc.

DEAR FELLOW
Board Member of Silgan Holdings Inc.
TODD C. SCHERMERHORN
Retired Chief Financial Officer, C.R. Bard, Inc.

SHAREHOLDERS LEADERSHIP TEAM


Board Member of The Travelers Companies, Inc.

SCOTT DRAKE SCOTT HUTTON


President and Chief Executive Officer Senior Vice President and General Manager,
During 2016, Spectranetics gathered momentum On the Lead Management side, we launched our STACY MCMAHAN Vascular Intervention
in our quest to bring innovative technologies to lifesaving Bridge-to-Surgery device designed to Chief Financial Officer PAUL GARDON
Senior Vice President,
the toughest of cardiovascular conditions. Each improve patient outcomes and mitigate mortality SHAHRIAR (SHAR) MATIN
General Counsel
Chief Operating Officer
quarter, we delivered double digit revenue growth risk in an undertreated patient population. ROBERT FUCHS
DONNA FORD-SERBU
and prepared for acceleration with a strategic focus Senior Vice President,
Senior Vice President,
In addition, we added a new TightRail subclavian Global Human Resources
on our innovation pipeline, compelling clinical data, Sales & Marketing, Lead Management
product to our Lead Management mechanical
and commercial execution.
tools franchise.
INNOVATION PIPELINE HIGHLIGHTS CORPORATE INVESTOR INQUIRIES ANNUAL SHAREHOLDERS
We received regulatory approval in China for both
HEADQUARTERS Please direct inquiries for financial MEETING
We are pleased with the Turbo-Power laser coronary and peripheral atherectomy products information, media releases and any
The Spectranetics Corporation Thursday, June 8, 2017
catheter for treatment of In-Stent Restenosis an important milestone in our global expansion. 9965 Federal Drive information filed with the SEC to 8:00 a.m. CDT
Colorado Springs, CO 80921 Michaella Gallina, Director of Investor Loews Minneapolis Hotel
(ISR), as it has been well received by physicians.
COMPELLING CLINICAL DATA HIGHLIGHTS Telephone: 719-447-2000 Relation, or Zach Stassen, Vice President 601 First Avenue North
Toll Free: 800-633-0960 of Finance, at Corporate Headquarters. Minneapolis, MN 55403
AngioSculptX, the first of its kind drug-coated Telephone: 719-447-2000
Throughout 2016, a cadence of Stellarex data Fax: 719-447-2022

DESIGN: Watermark (www.watermark.agency)


scoring balloon for complex coronary NASDAQ: SPNC
releases showcased top-tier results for this next www.spnc.com
TRANSFER AGENT

DESIGN: Watermark (watermark.agency)


interventions, received CE mark and was www.spectranetics.com As of April 11, 2017, there were
generation drug-coated balloon in common to & REGISTRAR
launched in Europe. Early feedback is positive. 43,764,753 stockholders of record.
complex lesions. PRODUCT Shareholders needing stock transfers, This figure does not reflect beneficial
We began commercializing Stellarex below- INFORMATION replacement certificates or a change ownership of shares held in nominee
We enrolled the first patients in a Stellarex ISR of address, please contact: name. The company has never paid
the-knee in Europe. We see Stellarex as a broad Please contact Customer Service a cash dividend on its common stock
study and submitted our IDE application for our Telephone: 800-231-0978 Wells Fargo Bank, NA
platform with expansive future potential in and does not expect to in the
Stellarex below-the-knee pivotal study. We are Shareowner Services Department
foreseeable future.
other geographies and indications. P.O. Box 64874
excited about the future of the Stellarex platform. St. Paul, MN 55164-0874
Telephone: 800-468-9716
SPECTRANETICS
2016 ANNUAL REPORT
A N N U A L R E P O R T

The Spectranetics Corporation


9965 Federal Drive
Colorado Springs, CO 80921
Toll Free: 800-633-0960
Web: www.spnc.com

2017 The Spectranetics Corporation. All Rights Reserved.

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