A Phase 2b, Randomized, Double-Blind, Placebo-Controlled Multi-Center Study Evaluating Antiviral Effects, Pharmacokinetics, Safety, and Tolerability of GS-5806 in Hospitalized Adults With Respiratory Syncytial Virus (RSV) Infection
Phase: PHASE2
Conditions: Respiratory Syncytial Virus Infection
Sponsor: Gilead Sciences



*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
7$%/(2)&217(176
7$%/(2)&217(176 
35272&2/6<1236,6 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506 

,1752'8&7,21 

%DFNJURXQG

*6

*HQHUDO,QIRUPDWLRQ

3UHFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\

&OLQLFDO7ULDOVRI*6 

5DWLRQDOHIRU7KLV6WXG\ 

'RVH5DWLRQDOH

&RPSOLDQFH 

2%-(&7,9(6

678'<'(6,*1 

(QGSRLQWV 

6WXG\'HVLJQ

6WXG\7UHDWPHQWV 

'XUDWLRQRI7UHDWPHQW

6RXUFH'DWD

%LRPDUNHU7HVWLQJ

%LRPDUNHU6DPSOHVWR$GGUHVVWKH6WXG\2EMHFWLYHV

%LRPDUNHU6DPSOHVIRU2SWLRQDO)XWXUH5HVHDUFK

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ 

,QFOXVLRQ&ULWHULD 

([FOXVLRQ&ULWHULD 

,19(67,*$7,21$/0(',&,1$/352'8&76 

5DQGRPL]DWLRQ%OLQGLQJDQG7UHDWPHQW&RGHV 

3URFHGXUHVIRU%UHDNLQJ7UHDWPHQW&RGHV

'HVFULSWLRQDQG+DQGOLQJRI*6

)RUPXODWLRQ

3DFNDJLQJDQG/DEHOLQJ 

6WRUDJHDQG+DQGOLQJ

'RVDJHDQG$GPLQLVWUDWLRQRI*6 

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV

$FFRXQWDELOLW\IRU*6

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW5HWXUQRU'LVSRVDO

678'<352&('85(6 

6XEMHFW(QUROOPHQWDQG7UHDWPHQW$VVLJQPHQW

6FUHHQLQJ9LVLW'D\ 

%DVHOLQH$VVHVVPHQWV'D\ 

5DQGRPL]DWLRQDQG7UHDWPHQW$VVHVVPHQWV

'D\VDQG

'D\

'D\DQG'D\ GD\

'D\GD\V

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP6WXG\

$VVHVVPHQWVIRU8QVFKHGXOHG9LVLWV 

6WXG\$VVHVVPHQWV

1DVDO6ZDEVDQG9LURORJ\

3DWLHQW5HSRUWHG2XWFRPHV4XHVWLRQQDLUHV2WKHU$VVHVVPHQWV

9LWDO6LJQV

2[\JHQ6DWXUDWLRQ

(OHFWURFDUGLRJUDP(&* 

6DIHW\/DEV

3ODVPD3.

%LRPDUNHUV

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQVRI$GYHUVH(YHQWV$GYHUVH5HDFWLRQVDQG6HULRXV$GYHUVH(YHQWV

$GYHUVH(YHQWV

6HULRXV$GYHUVH (YHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWV
DV$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV

$VVHVVPHQWRI$GYHUVH(YHQWVDQG6HULRXV$GYHUVH(YHQWV

$VVHVVPHQWRI&DXVDOLW\IRU6WXG\'UXJVDQG3URFHGXUHV

$VVHVVPHQWRI6HYHULW\ 

,QYHVWLJDWRU5HTXLUHPHQWVDQG ,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWVDQG6HULRXV
$GYHUVH(YHQWVWR*LOHDG

*LOHDG5HSRUWLQJ5HTXLUHPHQWV

7R[LFLW\0DQDJHPHQW 

6SHFLDO6LWXDWLRQV5HSRUWV 

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV

3ULPDU\(QGSRLQW 

6HFRQGDU\(QGSRLQWV

([SORUDWRU\(QGSRLQWV 

$QDO\VLV&RQYHQWLRQV 

$QDO\VLV6HWV

'DWD+DQGOLQJ&RQYHQWLRQV

'HPRJUDSKLF'DWDDQG%DVHOLQH&KDUDFWHULVWLFV 

(IILFDF\$QDO\VLV

3ULPDU\$QDO\VLV

6HFRQGDU\$QDO\VHV 

([SORUDWRU\$QDO\VHV

6DIHW\$QDO\VLV 

([WHQWRI([SRVXUH

$GYHUVH(YHQWV

/DERUDWRU\(YDOXDWLRQV 

2WKHU6DIHW\(YDOXDWLRQV

3KDUPDFRNLQHWLF$QDO\VLV

6DPSOH6L]H

,QWHULP$QDO\VLV

'DWD0RQLWRULQJ&RPPLWWHH 

5(63216,%,/,7,(6 

,QYHVWLJDWRU5HVSRQVLELOLWLHV

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

*RRG&OLQLFDO3UDFWLFH 

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH
,(&5HYLHZDQG$SSURYDO

,QIRUPHG&RQVHQW

&RQILGHQWLDOLW\ 

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV

&DVH5HSRUW)RUPV

'DWD4XDOLW\&RQWURODQG4XDOLW\$VVXUDQFH

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW$FFRXQWDELOLW\DQG5HWXUQ 

,QVSHFWLRQV 

3URWRFRO&RPSOLDQFH

6SRQVRU5HVSRQVLELOLWLHV

3URWRFRO0RGLILFDWLRQV

6WXG\5HSRUWDQG3XEOLFDWLRQV 

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV 

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV 

6WXG\'LVFRQWLQXDWLRQ

5()(5(1&(6 

$33(1',&(6 
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG
/DERUDWRU\$EQRUPDOLWLHV 
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ
3RWHQWLDODQG&RQWUDFHSWLYH5HTXLUHPHQWV 

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
35272&2/6<1236,6
*LOHDG6FLHQFHV,QF
(%ODLQH6W
6HDWWOH:$
6WXG\ 7LWOH
$3KDVHE5DQGRPL]HG'RXEOH%OLQG3ODFHER&RQWUROOHG
0XOWL&HQWHU6WXG\(YDOXDWLQJ$QWLYLUDO(IIHFWV
3KDUPDFRNLQHWLFV6DIHW\DQG7ROHUDELOLW\RI*6LQ
+RVSLWDOL]HG$GXOWVZLWK5HVSLUDWRU\6\QF\WLDO9LUXV569
,QIHFWLRQ
,1'1XPEHU
(XGUD&71XPEHU
&OLQLFDO7ULDOVJRY
,GHQWLILHU

7%'
7%'
6WXG\&HQWHUV
3ODQQHG
$SSUR[LPDWHO\ FHQWHUVLQ$XVWUDOLD&DQDGD1HZ=HDODQG
(XURSH 6RXWK.RUHDDQGWKH8QLWHG6WDWHV
2EMHFWLYHV
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LVWRHYDOXDWHWKHHIIHFWVRI
*6RQ569YLUDOORDGLQ569SRVLWLYHDGXOWVKRVSLWDOL]HG
ZLWKDFXWHUHVSLUDWRU\LQIHFWLRXVV\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUHWRHYDOXDWH

7KHHIIHFWRI*6RQFKDQJHLQWKH)/8352VFRUH
IURP%DVHOLQH

7KHHIIHFWRI*6RQ WKHOHQJWKRIKRVSLWDOVWD\

7KHHIIHFWRI*6RQ WKHUDWHRIXQSODQQHGKHDOWKFDUH
HQFRXQWHUVFOLQLFYLVLWVHPHUJHQF\URRPYLVLWVXUJHQWFDUH
YLVLWVDQGUHKRVSLWDOL]DWLRQV UHODWHGWRDUHVSLUDWRU\LOOQHVV
DIWHUGLVFKDUJH

7KHSKDUPDFRNLQHWLFV3.VDIHW\ DQGWROHUDELOLW\RI*6

6WXG\'HVLJQ
5DQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\HYDOXDWLQJWKH
HIIHFWRI*6RQ569YLUDOORDG3.VDIHW\DQGWROHUDELOLW\LQ
KRVSLWDOL]HGDGXOWVZLWK569 LQIHFWLRQ

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYH*6RU
SODFHER
6XEMHFWVZLOOEHVWUDWLILHGE\ WKHIROORZLQJ
 1RFKURQLFDLUZD\VRUOXQJGLVHDVH
 &KURQLFREVWUXFWLYHSXOPRQDU\GLVHDVH&23'
 $VWKPD
 2WKHUFKURQLFDLUZD\VRUOXQJGLVHDVH
1XPEHURI6XEMHFWV
3ODQQHG
$SSUR[LPDWHO\  569SRVLWLYHVXEMHFWV
7DUJHW3RSXODWLRQ
0HQDQGZRPHQ  \HDUV RIDJH ZKRKDYHEHHQ KRVSLWDOL]HG
ZLWKDQDFXWHUHVSLUDWRU\LOOQHVV
'XUDWLRQRI
7UHDWPHQW
GD\
'LDJQRVLVDQG0DLQ
(OLJLELOLW\&ULWHULD
)RUDFRPSOHWHOLVWRIVWXG\LQFOXVLRQDQGH[FOXVLRQFULWHULDSOHDVH
UHIHUWR6HFWLRQV DQG 
0DLQ,QFOXVLRQ&ULWHULD

 \HDUVRIDJHDW 6FUHHQLQJ

:LOOLQJWRDGKHUHWRSURWRFROVSHFLILFUHTXLUHPHQWVIRU
FRQWUDFHSWLRQ

$GPLVVLRQWRWKHKRVSLWDOSULPDULO\IRUDUHVSLUDWRU\UHODWHG
LOOQHVV

1HZRQVHWRUDFXWHZRUVHQLQJRIDWOHDVWUHVSLUDWRU\
LQIHFWLRXVV\PSWRPIURPHDFKFDWHJRU\IRU  GD\VSULRUWR
VFUHHQLQJ
² 8SSHUUHVSLUDWRU\WUDFWV\PSWRPV1DVDOFRQJHVWLRQUXQQ\
QRVHVRUHWKURDWRUHDUDFKH
² /RZHUUHVSLUDWRU\WUDFWV\PSWRPV&RXJKVSXWXP
SURGXFWLRQZKHH]LQJG\VSQHD RU FKHVWWLJKWQHVV

'RFXPHQWHGWREH569SRVLWLYH DWWKHFXUUHQWDGPLVVLRQ
ZLWKLQ KRXUVRI6FUHHQLQJRUDVHYDOXDWHGDW6FUHHQLQJ

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
0DLQ([FOXVLRQ&ULWHULD
5HODWHGWRFRQFRPLWDQWRUSUHYLRXVPHGLFDWLRQXVH

8VHRIDQ\LQYHVWLJDWLRQDOPHGLFLQDOSURGXFWVLQWKH GD\V
SULRUWR9LVLW25XVHRIDQ\LQYHVWLJDWLRQDOPRQRFORQDO
DQWLERG\ZLWKLQPRQWKV RUKDOIOLYHVRI9LVLWZKLFKHYHULV
ORQJHU25XVHRIDQ\LQYHVWLJDWLRQDO569YDFFLQHHYHU

&KURQLFXVH! GD\VRIXVH RI V\VWHPLF
LPPXQRVXSSUHVVLYHDJHQWVVHH6HFWLRQ GXULQJWKH
GD\VSULRUWR6FUHHQLQJRUDQWLFLSDWHGXVHGXULQJWKHGD\V
IROORZLQJ6FUHHQLQJ

&KURQLFXVH!GD\VRIXVHRI RUDOSUHGQLVRQHHTXLYDOHQWWR
!  PJGD\&KURQLFSUHGQLVRQHGRVHVHTXLYDOHQWWR
  PJGD\LVDFFHSWDEOH6KRUWFRXUVHVGD\VSULRUWR
6FUHHQLQJRIRUDOSUHGQLVRQHHTXLYDOHQWWR!PJGD\DUH
DFFHSWDEOHLIXVHG!GD\VSULRUWR6FUHHQLQJ

6XEMHFWVWDNLQJDVWURQJ&<3LQGXFHULQFOXGLQJEXWQRWOLPLWHG
WRULIDPSLQ6W-RKQ¶VZRUWFDUEDPD]HSLQHDQGSKHQ\WRLQ
5HODWHGWRPHGLFDOFRQGLWLRQ

,QIOXHQ]DSRVLWLYHDVGHWHUPLQHGE\DUDSLGLQIOXHQ]DGLDJQRVWLF
WHVWRU3&5EDVHGDVVD\IRULQIOXHQ]D

6XEMHFWVUHTXLULQJ!VXSSOHPHQWDOR[\JHQZKLOHVXEMHFW
LVDZDNHDW6FUHHQLQJ

6XEMHFWVZLWKD&OLQLFDO)UDLOW\6FRUH &)6 !DW%DVHOLQH

1HZRQVHWRIDUUK\WKPLDDWWKHFXUUHQWDGPLVVLRQ

5HTXLUHPHQWIRUPHFKDQLFDOYHQWLODWLRQQRWLQFOXGLQJ
QRQLQYDVLYHYHQWLODWLRQ

3RVLWLYHEDFWHUHPLDRUIXQJHPLDDWWKHFXUUHQWDGPLVVLRQ

,QDGHTXDWHWUHDWPHQWRIFRQILUPHGEDFWHULDOIXQJDORUQRQ
569SQHXPRQLDDVGHWHUPLQHGE\WKHLQYHVWLJDWRU

1HZFHUHEURYDVFXODUDFFLGHQWRUVWURNHGRFXPHQWHGDWWKH
FXUUHQWDGPLVVLRQ

$GPLVVLRQIRUWUDXPDRUHPHUJHQWRUSODQQHGVXUJHULHV

([FHVVLYHQDXVHDYRPLWLQJDWDGPLVVLRQDVGHWHUPLQHGE\
LQYHVWLJDWRUWKDWSUHFOXGHVDGPLQLVWUDWLRQRIDQRUDOO\
DGPLQLVWHUHG,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW,03

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
6WXG\3URFHGXUHV
)UHTXHQF\
)RUDFRPSOHWHRYHUYLHZRIVWXG\SURFHGXUHVDQGYLVLWVSOHDVH
UHIHUWR6HFWLRQ  DQG$SSHQGL[ 
6XEMHFWVDGPLWWHGWRWKHKRVSLWDOZLWKDFXWHUHVSLUDWRU\LQIHFWLRXV
V\PSWRPVZLOOXQGHUJRDSDUWFRQVHQWSURFHVV
3DUW3URVSHFWLYHVXEMHFWVZKRKDYHQRWKDGDQLQIOXHQ]DDQG
569SRVLWLYHUHVSLUDWRU\VDPSOHWHVWHGGXULQJWKLVKRVSLWDOL]DWLRQ
ZLOOEHFRQVHQWHGIRULQIOXHQ]DDQG569WHVWLQJRIQDVDOVDPSOHV
3DUW569SRVLWLYHVXEMHFWVZLOOEHDSSURDFKHGWRFRQVHQWIRU
WKHWUHDWPHQWSKDVHRIWKHVWXG\
9LWDO6LJQV 96 9LWDOVLJQVZLOOEHPHDVXUHGDW6FUHHQLQJ
%DVHOLQH'D\VDQGDQGZLOO LQFOXGH WHPSHUDWXUH
KHDUWUDWHUHVSLUDWRU\UDWH DQGEORRGSUHVVXUH
26DWXUDWLRQ2VDWXUDWLRQZLOOEHUHFRUGHG DW6FUHHQLQJ
%DVHOLQH'D\VDQG ZKLOHEUHDWKLQJURRPDLUHYHQLI
WKHVXEMHFWLVGHSHQGHQWRQ2 VXSSOHPHQWDWLRQ 5HIHUWR
6HFWLRQ  IRUSURFHGXUH
4XHVWLRQQDLUHV4XHVWLRQQDLUHVZLOOEHDGPLQLVWHUHGE\WKHVWXG\
FRRUGLQDWRU DIWHUFRQVHQWDQGSULRUWRDOORWKHUVWXG\SURFHGXUHV
7KH IROORZLQJTXHVWLRQQDLUHV ZLOOEHXWLOL]HGLQWKLVVWXG\

&OLQLFDO)UDLOW\6FRUH&)6%DVHOLQH

)/8352 %DVHOLQH'D\VDQG
+HDOWKFDUH8WLOL]DWLRQ$VVHVVPHQW +HDOWKFDUHXWLOL]DWLRQZLOOEH
HYDOXDWHGRQ'D\VDQG WRLQFOXGHWKH XVHRI,QWHQVLYH
&DUH8QLW,&8LQWHUPHGLDWHFDUHIDFLOLWLHV RUQXUVLQJKRPHV
QXPEHURIGD\VRQVXSSOHPHQWDO2 GXULQJWKHVWXG\ XVHRI
PHFKDQLFDOYHQWLODWLRQ DQGQXPEHURIVXEVHTXHQWXQSODQQHGFOLQLF
YLVLWVHPHUJHQF\URRPYLVLWVXUJHQWFDUHYLVLWVDQG
UHKRVSLWDOL]DWLRQV IRUDQ\ UHVSLUDWRU\LOOQHVV
/DERUDWRU\ WHVWV:KHQDYDLODEOHWKHPRVWUHFHQWODERUDWRU\
YDOXHVIURPWKHFXUUHQWKRVSLWDOL]DWLRQZLOOEHXVHGIRUHOLJLELOLW\
DVVHVVPHQW8ULQHSUHJQDQF\WHVWVZLOOEHSHUIRUPHGE\VWXG\VWDII
RQVLWH DW6FUHHQLQJ DVQHFHVVDU\IROORZHGE\DVHUXPSUHJQDQF\
WHVWIRUDOOIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQ'D\%ORRG
VSHFLPHQVZLOOEHFROOHFWHGDW6FUHHQLQJ LIUHTXLUHG%DVHOLQH
DQG'D\V DQG$W%DVHOLQH SUHGRVH DQG'D\DQ
DGGLWLRQDOEORRGVDPSOHZLOOEHFROOHFWHG IRUELRPDUNHUDQDO\VLV
$GGLWLRQDOEORRGZLOOEHFROOHFWHGDW%DVHOLQHSUHGRVHDQG'D\
IRUVHUXPDQWLERG\WLWHU WR569
(OHFWURFDUGLRJUDP(&*$SUHGRVH(&*ZLOOEHSHUIRUPHGDW
%DVHOLQHXQOHVVDQ(&*LVDYDLODEOHIURPWKHFXUUHQWDGPLVVLRQ

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
UHFRUGV$VHFRQG(&*ZLOODOVREHREWDLQHGDSSUR[LPDWHO\
 KRXUV PLQXWHVSRVWGRVH
3.EORRGGUDZV%ORRGZLOOEHGUDZQIRU3.DW%DVHOLQH 'D\
DSSUR[LPDWHO\KRXUV PLQXWHVDIWHU,03DGPLQLVWUDWLRQ
DQGDWDQ\WLPHRQ'D\VDQG
1DVDOVDPSOLQJ1DVDOVDPSOLQJZLOOEHSHUIRUPHGDW6FUHHQLQJ
SHUORFDOODERUDWRU\PHWKRGV1DVDOVDPSOLQJDW%DVHOLQH'D\V
DQG'D\ZLOOEHSHUIRUPHGDFFRUGLQJWRVSHFLILFDWLRQV
LQWKHVWXG\PDQXDO
569WHVWLQJ569WHVWLQJZLOOEHSHUIRUPHGDW6FUHHQLQJXVLQJ
WKH ORFDOODERUDWRU\VDPSOLQJPHWKRGDQG DVVD\$OOVDPSOHV
FROOHFWHGIURP%DVHOLQHWKURXJK 'D\ZLOOEHDQDO\]HGXVLQJDQ
569VSHFLILFTXDQWLWDWLYHUHDOWLPHSRO\PHUDVHFKDLQUHDFWLRQ
T573&5 DVVD\DWDFHQWUDOODERUDWRU\
6WXG\9LVLWV
6FUHHQLQJ'D\
7KLVLVDUHTXLUHGKRVSLWDO YLVLW7KHIROORZLQJ6FUHHQLQJ
SURFHGXUHVODEVDUHUHTXLUHG

2EWDLQZULWWHQLQIRUPHGFRQVHQW

&ROOHFWLRQRIRUPRUHVSHFLPHQVIRU569 DQGLQIOXHQ]D
WHVWLQJDWWKHORFDOODERUDWRU\XQOHVVUHVXOWVDUHDYDLODEOHIURP
WKHFXUUHQWDGPLVVLRQ

9LWDOVLJQVLQFOXGLQJ2 VDWXUDWLRQ

%ORRGVDPSOHFROOHFWLRQIRUORFDOODERUDWRU\DQDO\VHVXQOHVV
UHVXOWVH[LVWIURPWKHFXUUHQWDGPLVVLRQ

8ULQHSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUPPHQRSDXVH
K\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\

5HYLHZRIDQ\DGYHUVHHYHQWV$(VRFFXUULQJDIWHUVLJQLQJRI
WKHFRQVHQWIRUP
%DVHOLQH5DQGRPL]DWLRQ'D\
7KLVLVDUHTXLUHGKRVSLWDOYLVLW,03PXVWEHDGPLQLVWHUHGLQWKH
KRVSLWDO7KHIROORZLQJDVVHVVPHQWVZLOOEHSHUIRUPHGDW%DVHOLQH

2EWDLQVXEMHFWFRQVHQWIRUVWXG\SDUWLFLSDWLRQ

)/8352DQG&)6

&ROOHFWLRQRIPHGLFDOKLVWRU\DQGGHPRJUDSKLFV

+HLJKWDQGZHLJKW

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

&ROOHFWLRQRIQDVDOVZDEVDPSOH IRUDQDO\VLVDWWKHFHQWUDOODE

&ROOHFWLRQRIQDVDOVZDEIURPWKHRSSRVLWHQDULVIRUYLUDO
FRLQIHFWLRQWHVWLQJ

%ORRGVDPSOHFROOHFWLRQ

3UHGRVH(&*

9LWDOVLJQVLQFOXGLQJ2 VDWXUDWLRQ± PLQXWHVSUHGRVH

5DQGRPL]DWLRQ

,03DGPLQLVWUDWLRQ

9LWDOVLJQVDQGPLQXWHVSRVWGRVH

3.VDPSOLQJKRXUVPLQXWHVSRVWGRVH

3RVWGRVH(&*KRXUV PLQXWHVSRVWGRVH

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV
'D\V WKURXJKZLOORFFXUKRXUV KRXUVDSDUW7KHUHDUH
QRSURFHGXUHVRQ'D\VDQG
'D\VDQG
7KH'D\DQGYLVLWVPD\RFFXULQWKHKRVSLWDO RU FOLQLF7KH
IROORZLQJDVVHVVPHQWVZLOOEHSHUIRUPHG

4XHVWLRQQDLUHDVVHVVPHQW

9LWDOVLJQVLQFOXGLQJ2 VDWXUDWLRQ

&ROOHFWLRQRIQDVDOVZDEVDPSOHIRUDQDO\VLVDWWKHFHQWUDO
ODE

3.GUDZ'D\RQO\

%ORRGVDPSOHFROOHFWLRQ'D\RQO\

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV
'D\
7KH'D\YLVLWPD\RFFXULQWKHKRVSLWDO RU FOLQLF7KHIROORZLQJ
SURFHGXUHVZLOOEHSHUIRUPHG

)/8352

9LWDO6LJQVLQFOXGLQJ2 VDWXUDWLRQ

&ROOHFWLRQRIQDVDOVZDEVDPSOHIRUDQDO\VLVDWWKHFHQWUDOODE

%ORRGVDPSOHFROOHFWLRQ

3.GUDZ

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV
'D\DQG'D\ GD\
7KH'D\DQG'D\YLVLWVPD\RFFXULQWKHKRVSLWDO RU FOLQLF
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHG

)/8352

+HDOWKFDUH8WLOL]DWLRQDVVHVVPHQW

9LWDO6LJQVLQFOXGLQJ2 VDWXUDWLRQ

&ROOHFWLRQRIQDVDOVZDEVDPSOHIRU DQDO\VLVDWWKHFHQWUDOODE

%ORRGVDPSOHFROOHFWLRQ'D\RQO\

6HUXPSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUPPHQRSDXVH
K\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\'D\ RQO\

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV
'D\ GD\V
7KLVYLVLWPD\RFFXUQRHDUOLHUWKDQ'D\DQGQRODWHUWKDQ
'D\ 7KLVYLVLWPD\EHFRQGXFWHGLQWKHKRVSLWDO RU FOLQLF

4XHVWLRQQDLUH DVVHVVPHQW

+HDOWKFDUH8WLOL]DWLRQDVVHVVPHQW

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV
7HVW3URGXFW'RVH
DQG0RGHRI
$GPLQLVWUDWLRQ
*6 PJWDEOHWVDGPLQLVWHUHGRUDOO\

'RVH 'D\*6PJIRXUPJ WDEOHWV
,03 PXVWEHDGPLQLVWHUHGDIWHU WKHVXEMHFWKDVEHHQ IDVWLQJIRUDW
OHDVW KRXUV7KH VXEMHFWZLOOUHPDLQLQDIDVWLQJ FRQGLWLRQ IRU
DSSUR[LPDWHO\KRXUDIWHUGRVLQJ
5HIHUHQFH7KHUDS\
'RVHDQG0RGHRI
$GPLQLVWUDWLRQ
3ODFHERWR0DWFKWDEOHWVDGPLQLVWHUHGRUDOO\
$GPLQLVWUDWLRQ ZLOOEHWKHVDPHDVIRU*6
&ULWHULDIRU
(YDOXDWLRQ
6DIHW\
6DIHW\ZLOOEHDVVHVVHGE\WKHUHSRUWLQJRI$(V DQGVHULRXVDGYHUVH
HYHQWV 6$(VWKURXJKRXWWKHVWXG\FOLQLFDOODERUDWRU\WHVWV9LWDO
6LJQV96DQG(&*VDWYDULRXVWLPHSRLQWVGXULQJWKHVWXG\
(IILFDF\
7KHSULPDU\HQGSRLQWLVWKHGDLO\DYHUDJH FKDQJHLQORJ YLUDOORDG
IURP%DVHOLQH'D\  WR'D\ DVPHDVXUHGE\T573&5
7KHNH\VHFRQGDU\HQGSRLQWVDUH

'DLO\DYHUDJH FKDQJHLQWKH)/8352VFRUHIURP%DVHOLQH WR
'D\ 

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

'XUDWLRQRIKRVSLWDOVWD\IROORZLQJ,03DGPLQLVWUDWLRQ

5DWHRIXQSODQQHGPHGLFDOHQFRXQWHUVFOLQLFYLVLWVHPHUJHQF\
URRPYLVLWVXUJHQWFDUHYLVLWVDQGUHKRVSLWDOL]DWLRQVUHODWHGWR
DUHVSLUDWRU\LOOQHVVDIWHULQLWLDOKRVSLWDOGLVFKDUJHWKURXJK
'D\ 
3KDUPDFRNLQHWLFV

*6 FRQFHQWUDWLRQLQ SODVPD DWKRXUV  PLQXWHV
IROORZLQJ,03DGPLQLVWUDWLRQ

*6 FRQFHQWUDWLRQLQ SODVPD DW'D\VDQG 

7KHIROORZLQJSODVPD3.SDUDPHWHUV ZLOOEHFDOFXODWHGIRU
*6DVDSSURSULDWH&ODVW7ODVWDQG$8&ODVW
6WDWLVWLFDO0HWKRGV
(YDOXDEOHVXEMHFWV IRUHIILFDF\DQDO\VHVZLOOLQFOXGHWKRVHZKR
KDYHDQ569ORJ YLUDOORDGJUHDWHUWKDQWKHORZHUOLPLWRI
TXDQWLILFDWLRQ//24RIWKHT573&5DVVD\LQWKHSUHGRVH
'D\ QDVDOVZDEVDPSOHDVGHWHUPLQHGE\T573&5DWWKHFHQWUDO
ODEKDYHDPLQLPXPRITXDQWLILDEOHQDVDOVZDEVDPSOHV
LQFOXGLQJEDVHOLQHDQGKDYHEHHQGRVHGZLWK,03
7KHSULPDU\HIILFDF\DQDO\VLVRIFKDQJHLQGDLO\DYHUDJHRI569
ORJ YLUDOORDGIURP'D\WKURXJK'D\ZLOOEHSHUIRUPHGRQ
VXEMHFWVLQFOXGHGLQWKHHIILFDF\HYDOXDEOHDQDO\VLVVHW7RWHVWWKH
QXOOK\SRWKHVLVWKDWWKHUHLVQRGLIIHUHQFHEHWZHHQWKH*6
DQGSODFHERWUHDWPHQWJURXSVLQWKHGDLO\DYHUDJHYLUDOORDGD
SDUDPHWULFDQDO\VLVRIFRYDULDQFH$1&29$PRGHOZLWK
FRUUHVSRQGLQJEDVHOLQHYLUDOORDGDVDFRYDULDWHZLOOEHXVHGDWD
VLGHG OHYHO$GMXVWHGPHDQVDQGFRQILGHQFHLQWHUYDOV
&,VZLOODOVREHSUHVHQWHG
7KHHYDOXDEOHDQDO\VLVVHW ZLOOEHXVHG IRUDOOVXPPDULHVDQG
DQDO\VHVRIVHFRQGDU\HQGSRLQWV$OOVHFRQGDU\DQGRWKHU
HQGSRLQWVZLOOEHDQDO\]HGXVLQJVLGHGWHVWVIRUWUHDWPHQW
GLIIHUHQFHV 'DLO\DYHUDJHFKDQJHLQWKH)/8352VFRUHIURP
%DVHOLQHWR'D\ ZLOOEHDQDO\]HGXVLQJDQ$1&29$PRGHOZLWK
EDVHOLQHDVDFRYDULDWH$GMXVWHGPHDQVDQG&,ZLOOEH
SUHVHQWHGIRUWKLVDQDO\VLV'XUDWLRQ RI KRVSLWDOVWD\IROORZLQJ
,03DGPLQLVWUDWLRQZLOOEHDQDO\]HGXVLQJDQDQDO\VLVRIYDULDQFH
$129$PRGHOZLWKWUHDWPHQWDVDIL[HGHIIHFW$GMXVWHGPHDQV
DQG&,VZLOOEHSUHVHQWHGIRUWKLVDQDO\VLV7KHUDWHRI
XQSODQQHGPHGLFDOHQFRXQWHUVUHODWHGWRDUHVSLUDWRU\LOOQHVVDIWHU
LQLWLDOKRVSLWDOGLVFKDUJHWKURXJK'D\ ZLOOEHDQDO\]HGXVLQJD
1HJDWLYHELQRPLDOUHJUHVVLRQPHWKRGZLWKDQRIIVHWSDUDPHWHUWR
DFFRXQWIRUIROORZXSWLPH
PPD

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

$OOHQGSRLQWVZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFV
VDPSOHVL]HPHDQVWDQGDUGGHYLDWLRQ >6'@PHGLDQ44
PLQLPXP DQGPD[LPXPIRUFRQWLQXRXVGDWDDQGE\WKHQXPEHU
DQGSHUFHQWRIVXEMHFWVIRUFDWHJRULFDOGDWD
6DIHW\DQDO\VHVZLOOEHSHUIRUPHGRQDOOVXEMHFWVZKRUHFHLYHG
,036DIHW\GDWDZLOOEHFROOHFWHGDQGVXPPDUL]HGIURPVFUHHQLQJ
WKURXJK'D\6DIHW\GDWDZLOOEHOLVWHGE\VXEMHFWDQG
VXPPDUL]HGE\WUHDWPHQWDFWLYHRUSODFHERXVLQJWKHQXPEHU
SHUFHQWRIVXEMHFWVZLWKHYHQWVDEQRUPDOLWLHVIRUFDWHJRULFDOGDWD
DQGXVLQJGHVFULSWLYHVWDWLVWLFVIRUFRQWLQXRXVGDWD
(YDOXDEOHVXEMHFWVIRU3.DQDO\VLVZLOOLQFOXGHWKRVHZKRDUH
569SRVLWLYH E\ORFDODVVD\ DQGGRVHGZLWK PJRI,03
&RQFHQWUDWLRQVRI*6LQSODVPDZLOOEHGHWHUPLQHGXVLQJD
YDOLGDWHGELRDQDO\WLFDODVVD\V,QGLYLGXDOVXEMHFW*6
FRQFHQWUDWLRQWLPHGDWDZLOOEHGLVSOD\HGXVLQJVFKHGXOHGVDPSOLQJ
WLPHV'D\VDQG'HVFULSWLYHVWDWLVWLFVHJQPHDQ
VWDQGDUGGHYLDWLRQ&9PHGLDQDQGUDQJHZLOOEHFDOFXODWHGIRU
HDFKVDPSOLQJWLPH3ODVPDFRQFHQWUDWLRQVRI*6RYHUWLPH
ZLOOEHSORWWHGLQVHPLORJDULWKPLFDQGOLQHDUIRUPDWVDVPHDQ
6'3ODVPDFRQFHQWUDWLRQWLPHGDWDIRUHDFKVXEMHFWZLOOEH
DQDO\]HGXVLQJVWDQGDUGQRQFRPSDUWPHQWDOPHWKRGV
3KDUPDFRNLQHWLF3KDUPDFRG\QDPLF3.3'UHODWLRQVKLSPD\EH
H[SORUHGDVDSSURSULDWH
6DPSOHVL]HFDOFXODWLRQVDUHEDVHGRQUHVXOWVREVHUYHGLQVXEMHFWV
ZKRUHFHLYHGSODFHERLQWKH*686VWXG\ 7KHVDPSOH
VL]HFDOFXODWLRQDVVXPHVGDLO\DYHUDJH FKDQJHLQORJ YLUDOORDG
IURP%DVHOLQH'D\WR'D\LQWKHSODFHERJURXSZLOOEH
 ORJ FRSLHVPOZLWKDFRUUHVSRQGLQJVWDQGDUGGHYLDWLRQ6'
RI DQGWKDWRIWKHVXEMHFWVZLOOEHHYDOXDEOH%DVHGRQ
WKHVHDVVXPSWLRQVZLWKVXEMHFWVSHUJURXSWKHUHLV
DSSUR[LPDWHO\SRZHUWRGHWHFWDORJ UHGXFWLRQ LQGDLO\
DYHUDJH FKDQJHLQYLUDOORDGXVLQJDVLGHGOHYHOWHVW*LYHQ
DQHYDOXDEOHUDWHRIDWRWDORIVXEMHFWVZLOOQHHGWREH
UDQGRPL]HGLQWRWKHVWXG\
7ZR LQWHULPIXWLOLW\DQDO\VHVRIWKHSULPDU\HQGSRLQWGDLO\
DYHUDJH FKDQJHLQORJ YLUDOORDGIURP'D\WKURXJK'D\PD\
EHFRQGXFWHGDIWHUDSSUR[LPDWHO\QRIaDQGQRI
aRIWKHHQUROOPHQWKDVEHHQDFKLHYHG7KHUHVXOWVIURPWKHVH
LQWHULPDQDO\VHVZLOOEHUHYLHZHGE\WKH'0&ZKRPD\
UHFRPPHQGHDUO\WHUPLQDWLRQIRUIXWLOLW\LIWKHFRQGLWLRQDOSRZHULV
 ,IWKH'0&UHFRPPHQGVHDUO\WHUPLQDWLRQIRUIXWLOLW\
*LOHDGSHUVRQQHOZKRDUHQRWLQYROYHGZLWKWKHVWXG\PD\SHUIRUP
DQXQEOLQGHGUHYLHZRIWKHLQWHULPGDWDDQGWKHGHFLVLRQPD\EH
PPD

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
7KLVVWXG\ZLOOEHFRQGXFWHGLQDFFRUGDQFHZLWKWKHJXLGHOLQHVRI*RRG&OLQLFDO3UDFWLFH
*&3LQFOXGLQJDUFKLYLQJRIHVVHQWLDOGRFXPHQWV
PDGHWRVWRSWKHVWXG\DQGXQEOLQGWUHDWPHQW DVVLJQPHQWV *LOHDG
UHWDLQVILQDOGHFLVLRQPDNLQJDXWKRULW\RQDOODVSHFWVRIWKHVWXG\
)XUWKHUGHWDLOVRIWKHLQWHULPDQDO\VLVDQGDVVHVVPHQWRIIXWLOLW\
ZLOOEHGHVFULEHGLQWKH6$3LQFOXGLQJWKHFRPSXWDWLRQPHWKRGVRI
FRQGLWLRQDOSRZHUVXFKDVWKRVHSURSRVHGE\/DFKLQ ^`

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
*/266$5<2)$%%5(9,$7,216$1''(),1,7,212)7(506
&
GHJUHHV&HOVLXV
)
GHJUHHV)DKUHQKHLW
$'0(
DEVRUSWLRQGLVWULEXWLRQPHWDEROLVPDQGHOLPLQDWLRQ
$(
DGYHUVHHYHQW
$K5
DU\OK\GURFDUERQ
$,'6
DXWRLPPXQHGHILFLHQF\V\QGURPH
$/7
DODQLQHDPLQRWUDQVIHUDVH
$1&
DEVROXWHQHXWURSKLOFRXQW
$1&29$
DQDO\VLVRIFRYDULDQFH
$129$
DQDO\VLVRIYDULDQFH
$67
DVSDUWDWHDPLQRWUDQVIHUDVH
$8&
DUHDXQGHUWKHSODVPDVHUXPSHULSKHUDOEORRGPRQRQXFOHDUFHOOFRQFHQWUDWLRQ
YHUVXVWLPHFXUYH
%,'
WZLFHDGD\
%/4
EHORZWKHOLPLWRITXDQWLILFDWLRQ
%0,
ERG\PDVVLQGH[
%81
EORRGXUHDQLWURJHQ
&%&
FRPSOHWHEORRGFRXQW
&&
F\WRWR[LFFRQFHQWUDWLRQ
&&0
FHOOFXOWXUHPHGLXP
&)6
&OLQLFDO)UDLOW\6FDOH
&,
FRQILGHQFHLQWHUYDO
&/FU
FUHDWLQLQHFOHDUDQFH
&PD[
WKHPD[LPXPREVHUYHGVHUXPSODVPDSHULSKHUDOEORRGPRQRQXFOHDU3%0&
FRQFHQWUDWLRQRIGUXJ
&210('
FRQFRPLWDQWPHGLFDWLRQ
&23'
FKURQLFREVWUXFWLYHSXOPRQDU\GLVHDVH
&5)
FDVHUHSRUWIRUPV
&52
FRQWUDFWRUFOLQLFDOUHVHDUFKRUJDQL]DWLRQ
&7$
FOLQLFDOWULDODSSOLFDWLRQ
&<3[[
F\WRFKURPH3HQ]\PH[[
'0&
'DWD0RQLWRULQJ&RPPLWWHH
'63+
'UXJ6DIHW\DQG3XEOLF+HDOWK
(&
HWKLFVFRPPLWWHH
(&
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQRIYLUXVUHSOLFDWLRQ
(&*
HOHFWURFDUGLRJUDP
H&5)
HOHFWURQLFFDVHUHSRUWIRUPV
(/)
HSLWKHOLDOOLQLQJIOXLG
(05
HOHFWURQLFPHGLFDOUHFRUGV
(26
HQGRIVWXG\
(7
HDUO\WHUPLQDWLRQ
(8
(XURSHDQ8QLRQ

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506&217,18('
(XGUD&7
(XURSHDQFOLQLFDOWULDOVGDWDEDVH
)$6
IXOODQDO\VLVVHW
),+
)LUVWLQKXPDQ
)'$
8QLWHG6WDWHV)RRGDQG'UXJ$GPLQLVWUDWLRQ
*&3
*RRG&OLQLFDO3UDFWLFH*XLGHOLQHV
*'
JHVWDWLRQDOGD\
*,
JDVWURLQWHVWLQDO
*/3
JRRGODERUDWRU\SUDFWLFH
*6,
*LOHDG6FLHQFHV,QF
K
KRXU
+$(
KXPDQDLUZD\HSLWKHOLDOFHOOV
+E
KHPRJORELQ
+&9
KHSDWLWLV&YLUXV
+FW
KHPDWRFULW
+'3(
KLJKGHQVLW\SRO\HWK\OHQH
+('
KXPDQHTXLYDOHQWGRVH
K(5*
KXPDQHWKHUjJRJRUHODWHGJHQH
+,9
KXPDQLPPXQRGHILFLHQF\YLUXV
+/*7
KLJKOHYHOJURXSWHUP
+,9
KXPDQLPPXQRGHILFLHQF\YLUXVW\SH
+/7
KLJKOHYHOWHUP
+30&
K\GUR[\SURS\OPHWK\OFHOOXORVH
+59
KXPDQUKLQRYLUXVVHURW\SH
,%
LQYHVWLJDWRU¶VEURFKXUH
,&
FRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQ
,&)
,QIRUPHG&RQVHQW)RUP
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
,&8
,QWHQVLYH&DUH8QLW
,'
LGHQWLILFDWLRQ
,(&
LQGHSHQGHQWHWKLFVFRPPLWWHH
,03
,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW
,1'
,QYHVWLJDWLRQDO1HZ'UXJ$SSOLFDWLRQ
,3
LQWUDSHULWRQHDO
,4
,QKLELWRU\4XRWLHQWUDWLRFDOFXODWHGDV&PLQ SODVPDFRQFHQWUDWLRQSD(& IRU
*6
,5%
LQVWLWXWLRQDOUHYLHZERDUG
,77
LQWHQWWRWUHDWDQDO\VLVRUVXEVHW
,9
LQWUDYHQRXV
,956
LQWHUDFWLYHYRLFHUHVSRQVHV\VWHP
NJ
NLORJUDP
//1
ORZHUOLPLWRIWKHQRUPDOUDQJH
//7
ORZHUOHYHOWHUP

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506&217,18('
P
PHWHU
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
0)
PDOHDQGIHPDOHFRPELQHGGDWD
PJ
PLOOLJUDP
PLQ
PLQXWH
P/
PLOOLOLWHU
PP+J
PLOOLPHWHUVPHUFXU\
0050
PL[HGHIIHFWPRGHOUHSHDWHGPHDVXUHV
1$
QRWDQDO\]HG
1$'3+
QLFRWLQDPLGHDGHQLQHGLQXFOHRWLGHSKRVSKDWH
1'
QRWGHWHFWDEOH
1'$
1HZ'UXJ$SSOLFDWLRQ
Q0
QDQRPRODU
12$(/
QRREVHUYHGDGYHUVHHIIHFWOHYHO
12(/
QRREVHUYHGHIIHFWOHYHO
2
R[\JHQ
3(*
SRO\HWK\OHQHJO\FRO
3)8H
SODTXHIRUPLQJXQLWHHTXLYDOHQWV
3.
SKDUPDFRNLQHWLF
31'
SRVWQDWDOGD\
32
RUDODGPLQLVWUDWLRQSHURVE\PRXWK
35
SXOVHUDWH
37
SUHIHUUHGWHUP
3;5
SUHJQDQH[UHFHSWRU
4
ILUVWTXDUWLOH
4
VHFRQGTXDUWLOH
4$
TXDOLW\DVVXUDQFH
456
SDUWRIHOHFWURFDUGLRJUDSKLFZDYHUHSUHVHQWLQJYHQWULFXODUGHSRODUL]DWLRQ
T573&5
TXDOLWDWLYHUHDOWLPH SRO\PHUDVHFKDLQUHDFWLRQ
47
LQWHUYDOEHWZHHQWKHVWDUWRIWKH4ZDYHDQGWKHHQGRIWKH7ZDYHRQ(&*
47F
FRUUHFWHG47
47F)
47LQWHUYDOFRUUHFWHGIRUKHDUWUDWHXVLQJWKH)ULGHULFLDIRUPXOD
51$
ULERQXFOHLFDFLG
52
UHYHUVHRVPRVLV
55
LQWHUYDOEHWZHHQWKHSHDNRI5ZDYHVRIFRQVHFXWLYH(&*FRPSOH[HV
569
5HVSLUDWRU\6\QF\WLDO9LUXV
6$'
VLQJOH DVFHQGLQJGRVH
6$(
VHULRXVDGYHUVHHYHQW
6$3
6WDWLVWLFDO$QDO\VLV3ODQ
6'
VWDQGDUGGHYLDWLRQ
6(0
VWDQGDUGHUURURIWKHPHDQ
6,
VHOHFWLYLW\LQGH[

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506&217,18('
62&
V\VWHPRUJDQFODVV
623
VWDQGDUGRSHUDWLQJSURFHGXUH
686$5
6XVSHFWHG8QH[SHFWHG6HULRXV$GYHUVH5HDFWLRQ
7%'
WREHGHWHUPLQHG
WPD[
WKHWLPHREVHUYHGWLPHSRLQWRI&PD[
Wò
DQHVWLPDWHRIWKHWHUPLQDOHOLPLQDWLRQKDOIOLIHRIWKHGUXJLQ
VHUXPSODVPD3%0&FDOFXODWHGE\GLYLGLQJWKHQDWXUDOORJRIE\WKH
WHUPLQDOHOLPLQDWLRQUDWHFRQVWDQWȜ]
8/1
XSSHUOLPLWRIWKHQRUPDOUDQJH
86
8QLWHG6WDWHV
96
YLWDOVLJQV
9VV
DSSDUHQWYROXPHRIGLVWULEXWLRQDWVWHDG\VWDWH
YY
YROXPHYROXPH
:%&
ZKLWHEORRGFHOOFRXQW
ZY
ZHLJKWYROXPH

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

,1752'8&7,21

%DFNJURXQG
5HVSLUDWRU\V\QF\WLDOYLUXV569DPHPEHURIWKHIDPLO\3DUDP\[RYLULGDH LVDQHQYHORSHG
YLUXVZLWKDQHJDWLYHVLQJOHVWUDQGULERQXFOHLFDFLG51$JHQRPH5HVSLUDWRU\V\QF\WLDO
YLUXVHQFRGHVIRUSURWHLQVLQFOXGLQJ VXUIDFHJO\FRSURWHLQV)*DQG6+DQGVHYHUDO
SURWHLQVWKDWFRPSULVHWKHYLUDO51$SRO\PHUDVHFRPSOH[13/DQG07ZR PDMRU
DQWLJHQLFVXEJURXSVRI569DUHNQRZQ569$DQG569%WKDWGLIIHUSULPDULO\LQWKH
JHQHWLFVHTXHQFHRIWKH* JO\FRSURWHLQZKLOHPDLQWDLQLQJDKLJKHUGHJUHHRIKRPRORJ\
DFURVVRWKHUSDUWVRIWKHJHQRPH%RWKVXEJURXSVVKRZFRPSDUDEOHSDWKRJHQLFLW\DQGFDQ
FRFLUFXODWHLQWKHVDPHFRPPXQLW\GXULQJDVHDVRQDOHSLGHPLFEXWWKHLULQGLYLGXDO
SUHYDOHQFHXVXDOO\YDULHVIURPVHDVRQWRVHDVRQ
569LQIHFWLRQLVWKHPRVWFRPPRQFDXVHRIDGPLVVLRQVWRSHGLDWULFJHQHUDOLQSDWLHQWXQLWVLQ
WKH8QLWHG6WDWHV86DQG:HVWHUQ(XURSH^`8QIRUWXQDWHO\WKHUDWHRI
KRVSLWDOL]DWLRQDPRQJ569LQIHFWHGFKLOGUHQKDVUHPDLQHGXQFKDQJHGLQWKH86RYHUWKHODVW
GHFDGH)URPWR569FRGHGKRVSLWDOL]DWLRQVDFFRXQWHGIRURIDQHVWLPDWHG
PLOOLRQORZHUUHVSLUDWRU\ WUDFWLQIHFWLRQKRVSLWDOL]DWLRQVDPRQJFKLOGUHQ  \HDUVRIDJH
'XULQJWKLVSHULRGLWZDVHVWLPDWHGWKDWDSSUR[LPDWHO\KRVSLWDOL]DWLRQVHDFK\HDU
ZHUHFDXVHGE\569LQIHFWLRQDPRQJFKLOGUHQ\HDUVRIDJHDSSUR[LPDWHO\RIWKHVH
KRVSLWDOL]DWLRQVRFFXUDPRQJFKLOGUHQPRQWKVRIDJH^`
569 LQIHFWLRQLVDOVRDFDXVHRIUHVSLUDWRU\GLVHDVH LQWKHDGXOW SRSXODWLRQ$PRQJDGXOWV
WKHSRSXODWLRQVWKDWDUHDWKLJKHUULVNIRU569LQIHFWLRQDUHWKHLPPXQRFRPSURPLVHGDQG
WKHHOGHUO\,PPXQRFRPSURPLVHGSDWLHQWVDUHPRVWFRPPRQO\UHSUHVHQWHGE\WKRVHZKR
KDYHUHFHLYHGHLWKHUDERQHPDUURZWUDQVSODQW%07RUOXQJWUDQVSODQW ^` 569LVD
VLJQLILFDQWFDXVHRIPRUELGLW\ DQGPRUWDOLW\LQWKH%07SRSXODWLRQZLWKDUHSRUWHG
LQFLGHQFHWKDWUDQJHVIURPWR ^`,QIHFWLRQFDQSURFHHGIURPWKHXSSHUWRWKH
ORZHUUHVSLUDWRU\WUDFWLQXSWRRI569LQIHFWHG SDWLHQWVDQGWKHDVVRFLDWHGPRUWDOLW\
UDWHPD\EHDVKLJKDV ^`,Q OXQJWUDQVSODQW SRSXODWLRQV LWLVHVWLPDWHGWKDW
DSSUR[LPDWHO\ aRIWKHVHSDWLHQWVDUHGLDJQRVHGZLWKDQ569LQIHFWLRQHDFK\HDU
^`,QWKLVSRSXODWLRQ569LQIHFWLRQKDVEHHQDVVRFLDWHGZLWKGHYHORSPHQWRIKRVW
YHUVXVJUDIWGLVHDVHDOVRNQRZQDVEURQFKLROLWLVREOLWHUDQVV\QGURPH %26ZKLFKLVWKH
PRVWFRPPRQFDXVHRIGHDWKDIWHUOXQJWUDQVSODQWDWLRQ ^`
5HFHQWO\569LQIHFWLRQLVEHFRPLQJPRUHUHFRJQL]HGLQWKHHOGHUO\SRSXODWLRQ ^`
^`)DOVH\HWDOHVWLPDWHVWKDW569LVUHVSRQVLEOHIRUDSSUR[LPDWHO\
 DGPLVVLRQVHDFK\HDUDPRQJWKHHOGHUO\DFFRXQWLQJ IRUDQG
RIKRVSLWDOL]DWLRQVIRUSQHXPRQLDFKURQLFREVWUXFWLYHSXOPRQDU\GLVHDVH&23'
FRQJHVWLYHKHDUWIDLOXUH&+) DQGDVWKPDUHVSHFWLYHO\ ^`6XEVHTXHQWHSLGHPLRORJLF
GDWDIURPPXOWLSOHVWXGLHVVXJJHVWWKDWDPRQJDOOHOGHUO\WKHSUHYDOHQFHRI569LVOLNHO\
^`^` ^`^` ^`^`^` 7KHPRUWDOLW\UDWHLV
HVWLPDWHGWREH EXWLQFUHDVHVWRWRLQSDWLHQWVUHTXLULQJPHFKDQLFDOYHQWLODWLRQ
^`

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
569 UHSOLFDWHVHIIHFWLYHO\LQWKHXSSHUDQGORZHUUHVSLUDWRU\WUDFWDQGFDQFDXVHUHVSLUDWRU\
V\PSWRPVGLUHFWO\E\GDPDJLQJWKHLQWHJULW\RIWKHVPDOODLUZD\HSLWKHOLXPDQGLQGLUHFWO\
E\LQGXFLQJVWURQJLPPXQHUHVSRQVHVLQOXQJVWKDWOHDGWRDLUZD\REVWUXFWLRQ^`
$OWKRXJKWKHUHODWLRQVKLSEHWZHHQQDVDOYLUDOORDGDQGFOLQLFDOGLVHDVHVHYHULW\KDV QRWEHHQ
IXOO\H[SODLQHGWKHUHLVHYLGHQFHWKDWKLJKHUYLUDOORDGVDUHDVVRFLDWHGZLWKPRUHVHYHUH
FOLQLFDOGLVHDVH LQERWKFKLOGUHQDQGDGXOWV)RULQVWDQFHFKLOGUHQXSWR PRQWKVRIDJH
KDYHQHDUO\IROGKLJKHUYLUDOORDGVLQWKHQDVDOVHFUHWLRQVWKDQDGXOWVZLWK&23'
KRVSLWDOL]HGIRU569UHODWHGH[DFHUEDWLRQV^`+RVSLWDOL]HGFKLOGUHQZLWKORZHU
UHVSLUDWRU\WUDFW569LQIHFWLRQKDYHKLJKHUQDVDOYLUDOORDGVWKDQDJHPDWFKHGFRQWUROVZLWK
OHVVVHYHUHGLVHDVH^`^`^`$PRQJDGXOWVLQSDWLHQWVWHQGWRKDYHKLJKHU
YLUDOORDGVWKDQRXWSDWLHQWVDQGDPRQJLQSDWLHQWVDKLJKHUYLUDOORDGLV DVVRFLDWHGZLWKWKH
GHYHORSPHQWRIUHVSLUDWRU\IDLOXUHUHTXLULQJPHFKDQLFDOYHQWLODWLRQDQGREVHUYHGDPRQJ
LQWHQVLYHFDUHXQLWSDWLHQWV^`^`+LJKHUYLUDOORDGVPD\FRQWULEXWHWRWKHVHYHULW\
RIGLVHDVHE\FDXVLQJGLUHFWGDPDJHWRWKHDLUZD\HSLWKHOLXP$SRVWPRUWHPVWXG\RILQIDQWV
ZKRGLHGRI569LQIHFWLRQUHYHDOHGWKDWZKLOHWKHUHZDVHYLGHQFHRILQIODPPDWRU\LQILOWUDWHV
FHQWHUHGRQEURQFKLDODQGSXOPRQDU\DUWHULROHVLH7FHOOVPRQRF\WHVQHXWURSKLOVWKH
PRVWSURPLQHQWIHDWXUHLQDOORIWKHFDVHVZDVDLUZD\REVWUXFWLRQDWWULEXWHGWRHSLWKHOLDODQG
LQIODPPDWRU\FHOOGHEULVPL[HGZLWKILEULQPXFXVDQGHGHPDVXJJHVWLQJWKDWGLUHFWYLUDO
F\WRSDWKLFHIIHFWLQUHVSLUDWRU\HSLWKHOLXPLQ FRQMXQFWLRQZLWKWKHKRVWLQIODPPDWRU\
UHVSRQVHPD\FRQWULEXWHWRWKHSDWKRJHQHVLVDQGVHYHULW\RI569LQIHFWLRQV^`
&XUUHQWO\WKHUHDUHQRHIIHFWLYHDSSURYHGSURSK\ODFWLFRUWKHUDSHXWLFWUHDWPHQWRSWLRQVIRU
WKHDGXOWSRSXODWLRQ2QFHKRVSLWDOL]HGWUHDWPHQWIRU569LQIHFWLRQLQDGXOWVLVVXSSRUWLYH
ZLWKLQWUDYHQRXVK\GUDWLRQVXSSOHPHQWDOR[\JHQDQG PHFKDQLFDOYHQWLODWLRQ $Q569
YDFFLQHLVQRWDYDLODEOH 7KHRQO\DSSURYHGDQWLYLUDOWUHDWPHQWIRU569 LQSHGLDWULF
SRSXODWLRQ LV9LUD]ROH ULEDYLULQDQLQKDOHGDJHQWWKDWLVQRWXVHGLQJHQHUDOSHGLDWULF
SUDFWLFHEHFDXVHRIFRQFHUQVUHJDUGLQJLWVHIILFDF\DQGWROHUDELOLW\DVZHOODVWKHFRPSOH[LW\
RIWKHVSHFLDOL]HGDHURVROGHOLYHU\V\VWHPWKDWLVUHTXLUHG^`6\QDJLVSDOLYL]XPDED
PRQRFORQDODQWLERG\DJDLQVW569 DSSURYHGIRUSURSK\OD[LVDJDLQVW 569LQIHFWLRQDPRQJ
KLJKULVNLQIDQWVKDVEHHQVKRZQWRUHGXFHWKHULVNRIKRVSLWDOL]DWLRQDQG³PHGLFDOO\
DWWHQGHGORZHUUHVSLUDWRU\WUDFWLQIHFWLRQV´^`+RZHYHUWKLVLQMHFWDEOHWUHDWPHQWKDV
RQO\EHHQVKRZQWREHFRVWHIIHFWLYHIRUWKHSUHYHQWLRQRI569LQIHFWLRQ LQWKHSUHPDWXUH
LQIDQWSRSXODWLRQ ^`

*6

*HQHUDO,QIRUPDWLRQ
*6 LVDQRUDOO\DGPLQLVWHUHG569IXVLRQLQKLELWRUZLWKSRWHQWDQGVHOHFWLYHDQWL569
DFWLYLW\LQYLWUR:KHQWHVWHGLQYLWURDJDLQVW GLYHUVHFOLQLFDOLVRODWHVRI569W\SH$DQG
%WKH(& YDOXHVFRQFHQWUDWLRQRIGUXJWRUHDFKLQKLELWLRQRIYLUXVUHSOLFDWLRQUDQJHG
IURPWRQ0ZLWKDPHDQ(& YDOXHRIQ0,QYLYRHIILFDF\GDWDIURP
FRWWRQUDWVLQIHFWHGZLWKKXPDQ569GHPRQVWUDWHGWKDWDGPLQLVWUDWLRQRI*6DW WR
PJNJUHVXOWHGLQDGRVHGHSHQGHQWUHGXFWLRQLQYLUDOORDGLQERWKWKHXSSHUUHVSLUDWRU\
WUDFWDQGOXQJV7KHVWHDG\VWDWHSKDUPDFRNLQHWLF3.YROXPHRIGLVWULEXWLRQ9VVLQDOO
QRQFOLQLFDOVSHFLHVWHVWHGZDV WRIROGKLJKHUWKDQWKHYROXPHRIWRWDOERG\ZDWHUDQG

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
WKHRUDOELRDYDLODELOLW\ZDVPRGHUDWHWRKLJK7KHH[SRVXUHWR*6LQWKHOXQJDQGOXQJ
HSLWKHOLDOOLQLQJIOXLG(/)ZDVDOVRDVVHVVHGLQ6SUDJXH'DZOH\ UDWVDQG\LHOGHGOXQJ
WLVVXHSODVPDDQG(/)SODVPDUDWLRVRIDSSUR[LPDWHO\DQGUHVSHFWLYHO\&RQFHQWUDWLRQV
LQOXQJWLVVXHDQG(/)GHFOLQHGDSSUR[LPDWHO\LQSDUDOOHOWRWKRVHLQSODVPDLQGLFDWLQJUDSLG
HTXLOLEUDWLRQEHWZHHQWKHOXQJDQGSODVPDFRPSDUWPHQWV
)RXUZHHNWR[LFRORJ\VWXGLHVLQ VSHFLHVUDWDQGGRJZHUHFRQGXFWHG7KH
QRREVHUYHGDGYHUVHHIIHFWOHYHO12$(/RI PJNJGD\LQWKHZHHNUDWVWXG\DQG
 PJNJGD\LQWKHZHHNGRJVWXG\SURYLGHGD[VDIHW\PDUJLQEDVHGRQWKHH[SRVXUH
OHYHOVGHWHUPLQHGLQWKH3KDVHVWXG\*686DWPJ*6$8&LQI
 QJKUP/
)RUIXUWKHULQIRUPDWLRQRQ*6UHIHUWRWKH ,QYHVWLJDWRU¶V%URFKXUH ,% IRU*6

3UHFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\
*6ZDVHYDOXDWHGIRUWKHSRWHQWLDOWRELQGSK\VLRORJLFDOO\UHOHYDQWKXPDQUHFHSWRUV
DQGLRQFKDQQHOVXVLQJDUDGLR OLJDQGELQGLQJDVVD\7KHUHVXOWVVKRZHGWKDWDW
FRQFHQWUDWLRQVXSWR 0*6GLGQRWELQGWRDQ\RIWKHPDPPDOLDQLRQFKDQQHOV
DQGUHFHSWRUVWHVWHG
*6ZDVVWXGLHGLQDEDWWHU\RIVDIHW\SKDUPDFRORJ\VWXGLHV,QDWHVWDVVHVVLQJ
QHXURORJLFDOIXQFWLRQWKHQRREVHUYHGHIIHFWOHYHO12(/LQUDWVZDV PJNJWKH
KLJKHVWGRVHWHVWHGDQGLQDVWXG\RIUHVSLUDWRU\IXQFWLRQWKH12(/LQUDWVZDV PJNJ
WKHKLJKHVWGRVHWHVWHG
7KH,& IRUWKHLQKLELWRU\HIIHFWRI*6RQK(5*SRWDVVLXPFXUUHQWZDV 0
+LOO FRHIILFLHQW 3RWHQWLDOFDUGLRYDVFXODUHIIHFWVRI*6ZHUHHYDOXDWHGLQ
WHOHPHWU\LQVWUXPHQWHGPDOH%HDJOHGRJVDWGRVHOHYHOVRIDQG PJNJ7KH
SULQFLSDOKHPRG\QDPLFILQGLQJVZHUHORZHUKHDUWUDWHYDOXHVDW PJNJDW
 PJNJDQGDW PJNJDQGKLJKHUDUWHULDOSXOVHSUHVVXUHXSWRDQGV\VWROLF
SUHVVXUHYDOXHVXSWRLQGRJVDGPLQLVWHUHGRU PJNJ$OOKHPRG\QDPLFHIIHFWV
GLVVLSDWHGE\KRXUVSRVWGRVH$OOHOHFWURFDUGLRJUDPV(&*VZHUHTXDOLWDWLYHO\ZLWKLQ
QRUPDOOLPLWVDQGQR*6UHODWHGDUUK\WKPLDVRUDEQRUPDOZDYHIRUPVZHUHGHWHFWHG
*6UHODWHGKLJKHU35DQG47FLQWHUYDOYDOXHVDQGUHVSHFWLYHO\LQGRJV
UHFHLYLQJ PJNJZHUHH[SHFWHGSK\VLRORJLFDOUHVSRQVHVVHFRQGDU\WRFRQFRPLWDQW
*6UHODWHGORZHUKHDUWUDWHYDOXHV'XHWRWKHVKRUWGXUDWLRQUHYHUVLELOLW\DQGGRVH
GHSHQGHQWSDWWHUQRIVPDOOPDJQLWXGHWKHVHFKDQJHVZHUHQRWFRQVLGHUHGSK\VLRORJLFDOO\
LPSRUWDQWLQWKHFRQWH[WRIWKLVVWXG\
,QDSUHFOLQLFDOVWXG\ *6ZDVDGPLQLVWHUHGE\RUDOJDYDJHIRUZHHNVWRUDWVRQFH
GDLO\DWGRVHVRI RUPJNJGD\2QHWR[LFRNLQHWLFJURXSPDOHDGPLQLVWHUHG
 PJNJGD\ZDVIRXQGGHDGRQ'D\ RIWKHGRVLQJSKDVHDQGWR[LFLW\JURXSIHPDOH
DGPLQLVWHUHG PJNJGD\ZDVIRXQGGHDGRQ'D\RIWKHGRVLQJSKDVH$OWKRXJKWKH
FDXVHRIGHDWKIRUWKHVHDQLPDOV ZDVXQGHWHUPLQHGDQDVVRFLDWLRQZLWK*6FDQQRWEH
H[FOXGHG*6DGPLQLVWUDWLRQZDVDVVRFLDWHGZLWKPLQRUGHFUHDVHVLQERG\ZHLJKWJDLQ

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
DQGIRRGFRQVXPSWLRQDWGRVHVRI!  PJNJGD\0LQRUQRQDGYHUVHUHYHUVLEOH*6
UHODWHGHIIHFWVRQFOLQLFDOSDWKRORJ\SDUDPHWHUVZHUHJHQHUDOO\OLPLWHGWRDQLPDOV
DGPLQLVWHUHG PJNJGD\DQGGLGQRWLQGLFDWHVSHFLILFWDUJHWRUJDQWR[LFLW\1R*6
UHODWHGFOLQLFDOSDWKRORJ\HIIHFWVZHUHREVHUYHGIROORZLQJWKHZHHNUHFRYHU\SHULRG$WWKH
WHUPLQDOVDFULILFHD*6UHODWHGPLFURVFRSLFILQGLQJRIGRVHGHSHQGHQWPLQLPDOWR
PRGHUDWHLQILOWUDWLRQRIYDFXRODWHGPDFURSKDJHVLQWKHOXQJVRIPDOHVDGPLQLVWHUHG
PJNJGD\DQGIHPDOHVDGPLQLVWHUHG PJNJGD\ZDVREVHUYHG$WWKHUHFRYHU\
VDFULILFHWKLVILQGLQJZDVVHHQLQWKUHHFRQWUROJURXSDQLPDOVEXWZDVQRWREVHUYHGLQ*6
WUHDWHGDQLPDOV%HFDXVHWKHOXQJILQGLQJZDVJHQHUDOO\SUHVHQWDWPLQLPDOWRVOLJKW
VHYHULW\LQ*6WUHDWHGUDWVDWWHUPLQDOVDFULILFHDVZHOODVLQFRQWURODQLPDOVDWWKH
UHFRYHU\QHFURSV\ZLWKQRHYLGHQFHRILQIODPPDWLRQRUILEURVLVLWZDVFRQVLGHUHG
QRQDGYHUVH%DVHGRQWKHUHVXOWVRIWKLVVWXG\WKH12$(/IRU*6LV PJNJGD\
ZKLFKFRUUHVSRQGHGWRPHDQ$8&WDQG&PD[ YDOXHVRQ'D\RIWKHGRVLQJSKDVHRI
QJKP/DQG QJP/UHVSHFWLYHO\PDOHVDQGIHPDOHVFRPELQHG
*6ZDVDGPLQLVWHUHGE\RUDOJDYDJHIRUZHHNVWRGRJVLQD*/3FRPSOLDQWVWXG\
RQFHGDLO\DWGRVHVRIRU PJNJGD\*6UHODWHGHIIHFWVZHUHOLPLWHGWRGRVH
GHSHQGHQWLQFUHDVHGLQFLGHQFHRIHPHVLVGHFUHDVHGERG\ZHLJKWJDLQDQGGHFUHDVHGIRRG
FRQVXPSWLRQ2Q'D\PHDQKHDUWUDWHGHFUHDVHVDQGPHDQ47LQWHUYDO
LQFUHDVHVIRUIHPDOHVDGPLQLVWHUHG PJNJGD\ZHUHREVHUYHGZKHQFRPSDUHGWR
WKHFRQWUROJURXS7KHVLJQLILFDQWFKDQJHVLQWKH47LQWHUYDOZHUHFRQVLGHUHGXQLPSRUWDQW
EHFDXVHPHDQ47FYDOXHVZHUHQRWGLIIHUHQWIURPWKHFRQWUROJURXSDWWKHVDPHWLPH SRLQW
1RWR[LFRORJLFDOO\LPSRUWDQWFKDQJHVZHUHREVHUYHGLQFOLQLFDOSDWKRORJ\SDUDPHWHUVLQ
DQLPDOVDWDQ\GRVHOHYHO$WWHUPLQDOVDFULILFHDQLQFUHDVHGLQFLGHQFHRIPLQLPDOO\
LQFUHDVHGJHUPLQDOFHQWHU WLQJLEOHERG\PDFURSKDJHVZDVQRWHGLQO\PSKQRGHVLQPDOHV
DGPLQLVWHUHG  PJNJGD\DQGLQIHPDOHVDGPLQLVWHUHG PJNJGD\7KLVILQGLQJZDV
FRQVLGHUHGDQH[DFHUEDWLRQRIDFRPPRQEDFNJURXQGILQGLQJDQGQR*6UHODWHG
PLFURVFRSLFREVHUYDWLRQVZHUHQRWHGDWWKHUHFRYHU\VDFULILFH%DVHGRQWKHUHVXOWVRIWKLV
VWXG\WKH12$(/IRU*6DGPLQLVWHUHGRQFHGDLO\E\RUDOJDYDJHIRU ZHHNVWRGRJV
LV PJNJGD\ZKLFKFRUUHVSRQGHGWRPHDQ$8&W DQG&PD[ YDOXHVRQ'D\ RIWKH
GRVLQJSKDVHRIQJKP/DQGQJP/UHVSHFWLYHO\PDOHVDQGIHPDOHV
FRPELQHG
*6ZDVQHJDWLYHLQWKHUDWPLFURQXFOHXVVWXG\DWRUDOGRVHVXSWR PJNJ
$8&W  QJKP/DQGGLGQRWFDXVHPXWDWLRQVLQWKH$PHVDVVD\RULQGXFH
FKURPRVRPDOGDPDJHLQYLWURZLWKRUZLWKRXW6PHWDEROLFDFWLYDWLRQ7KXVWKHSRWHQWLDOIRU
JHQHWLFWR[LFLW\LVFRQVLGHUHGORZ
,QDQRUDOJDYDJHGRVHUDQJHILQGLQJGHYHORSPHQWDOWR[LFLW\VWXG\LQUDWVWLPHPDWHG
IHPDOHVZHUHDGPLQLVWHUHG*6DWGRVHOHYHOVRIRU PJNJGD\IURP
JHVWDWLRQDOGD\*'WKURXJK*'GD\SHULRGZLWKVFKHGXOHGQHFURSV\RFFXUULQJ
RQ*'*6WUHDWPHQWUHVXOWHGLQVLJQLILFDQWUHGXFWLRQVLQPDWHUQDOERG\ZHLJKW
ERG\ZHLJKWJDLQDQGIRRGFRQVXPSWLRQZKHQFRPSDUHGWRWKHFRQWUROJURXSDWGRVHV
  PJNJGD\*6WUHDWPHQWDW PJNJGD\FDXVHGPLOGUHGXFWLRQVLQERG\ZHLJKW
JDLQDQGIRRGFRQVXPSWLRQZLWKRXWVXEVWDQWLDOGHFUHDVHVLQPHDQERG\ZHLJKW7KHUHIRUH
WKH12$(/IRUPDWHUQDOWR[LFLW\ZDV PJNJGD\7KHUH ZHUHQR*6UHODWHGHIIHFWV

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
RQHPEU\RIHWDOYLDELOLW\DQGJURZWKDQGQRIHWDODQRPDOLHV7KH12(/ IRUGHYHORSPHQWDO
WR[LFLW\LQUDWVZDV PJNJGD\
,QDQRUDOJDYDJHGRVHUDQJHILQGLQJGHYHORSPHQWDOWR[LFLW\VWXG\LQUDEELWVWLPHPDWHG
IHPDOHVZHUHDGPLQLVWHUHG*6DWGRVHOHYHOVRIRU PJNJGD\IURP*' 
WKURXJK*'GD\SHULRGZLWKVFKHGXOHGQHFURSV\RFFXUULQJRQ*':KHQ
FRPSDUHGWRFRQWUROV*6WUHDWPHQWUHVXOWHGLQORZHUPDWHUQDOERG\ZHLJKWGXHWR
VLJQLILFDQWUHGXFWLRQVLQERG\ZHLJKWJDLQDQGIRRGFRQVXPSWLRQDWGRVHV PJNJGD\
7KHHDUO\WHUPLQDWLRQPRULEXQGVDFULILFHRIIHPDOHLQWKH PJNJGD\JURXSRQ*' 
ZDVDWWULEXWHGWR*6DGPLQLVWUDWLRQJLYHQWKDWWKLVDQLPDOH[KLELWHGVLJQLILFDQW
UHGXFWLRQVLQERG\ZHLJKWDQGIRRGFRQVXPSWLRQ7KH12(/IRUPDWHUQDOWR[LFLW\ZDV
 PJNJGD\7KHUHZHUHQR*6UHODWHGHIIHFWVRQHPEU\RIHWDOYLDELOLW\DQGJURZWK
DQGQR*6WUHDWPHQWUHODWHGIHWDODQRPDOLHV7KH12(/IRUGHYHORSPHQWDOWR[LFLW\LQ
UDEELWVZDV PJNJGD\

&OLQLFDO7ULDOVRI*6

*686
7KLV 3KDVHSODFHERFRQWUROOHGVLQJOH DQGPXOWLSOHGRVHUDQJLQJILUVWLQKXPDQ),+
VWXG\ZDVFRQGXFWHGWRHYDOXDWHVDIHW\WROHUDELOLW\DQG3.IROORZLQJRUDODGPLQLVWUDWLRQRI
*6WRXSWRXQLTXHVXEMHFWV7KHVWXG\LQFOXGHG VWDJHV3DUWV $ %DQG&ZLWK
 WRWDOVWDJJHUHGFRKRUWVSUHVSHFLILHGDGDSWLYH:LWKLQHDFKFRKRUWRI3DUWV$DQG %
 XQLTXHVXEMHFWVZHUHUDQGRPL]HGWRUHFHLYHEOLQGHG,03HLWKHU*6Q RU
SODFHERQ :LWKLQHDFKFRKRUWRI3DUW&XQLTXHVXEMHFWVZHUHUDQGRPL]HGWRUHFHLYH
EOLQGHG,03HLWKHU*6Q RUSODFHERQ  'HWDLOVRIWKH,03UHJLPHQVIRUHDFK
FRKRUWZHUHDVIROORZV
3DUW$6LQJOHDQG0XOWLSOH'RVLQJ3UHVSHFLILHG&RKRUWV

&RKRUW± PJ*6RUSODFHER'D\IROORZHGE\PJ*6RUSODFHER
%,''D\V*6VXEMHFWVSODFHERVXEMHFWV>'D\IDVWHG'D\ IHG
'D\VIDVWHG@

&RKRUW± PJ*6RUSODFHER'D\IROORZHGE\PJ*6RUSODFHER
RQFHGDLO\'D\V*6VXEMHFWVSODFHERVXEMHFWV>'D\IDVWHG'D\ 
IHG'D\VIDVWHG@

&RKRUW± PJ*6RUSODFHER'D\IROORZHGE\PJ*6RUSODFHER
RQFHGDLO\'D\V*6VXEMHFWVSODFHERVXEMHFWV>'D\IDVWHG'D\ 
IHG'D\VIDVWHG@
3DUW%6LQJOHDQG0XOWLSOH'RVLQJ$GDSWLYHDQG3UHVSHFLILHG&RKRUWV

&RKRUW± PJ*6RUSODFHER'D\IROORZHGE\PJ*6RUSODFHER
RQFHGDLO\'D\V*6VXEMHFWVSODFHERVXEMHFWV>'D\IDVWHG'D\ 
IHG'D\VIDVWHG@

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

&RKRUW± PJ*6RUSODFHER'D\IROORZHGE\PJ*6RUSODFHER
RQFHGDLO\'D\V*6VXEMHFWVSODFHERVXEMHFWV>'D\VIDVWHG@
3DUW&0XOWLSOH'RVLQJ3UHVSHFLILHG&RKRUWV

&RKRUWD± PJ*6RUSODFHER'D\IROORZHGE\PJ*6RUSODFHER
RQFHGDLO\'D\V*6VXEMHFWVSODFHERVXEMHFWV>'D\VIHG@

&RKRUWE± PJ*6RUSODFHERRQFHGDLO\'D\V>IDVWHG@*6
VXEMHFWVSODFHERVXEMHFWV

&RKRUWF± PJ*6RUSODFHERRQFHGDLO\'D\V>IHG@*6VXEMHFWV
 SODFHERVXEMHFWV
1RGHDWKVRUVHULRXVDGYHUVHHYHQWV6$(VZHUHUHSRUWHGDQGWKHUHZHUHQRGRVHOLPLWLQJ
WR[LFLWLHV,QWKH*6WUHDWHGVXEMHFWVWKHUHZHUHQRGLVFRQWLQXDWLRQVGXHWR$(V
$PRQJWKHVXEMHFWVZKRUHFHLYHGVLQJOHGRVHVRI*6 VXEMHFWV
H[SHULHQFHGDWRWDORI $(VZLWKWKHPRVWFRPPRQ$(VEHLQJSUHV\QFRSHDQGGHUPDWLWLV
UHSRUWHGE\VXEMHFWVHDFK%RWKLQFLGHQWVRISUHV\QFRSHDQG RIWKHHYHQWVRI
GHUPDWLWLVZHUHMXGJHGE\WKHLQYHVWLJDWRUWREHUHODWHGWRVWXG\SURFHGXUHV HYHQWRI
GHUPDWLWLVZDVLQIODPPDWLRQRIWKHVNLQRIWKHULJKWDQWHFXELWDODQG HYHQWZDVQRQVSHFLILF
GHUPDWLWLVRQWKHFKHVW$PRQJWKHVXEMHFWVUHFHLYLQJPXOWLSOHGRVHVRI*6
 VXEMHFWVH[SHULHQFHGDWRWDORI$(VZLWKGLDUUKHDDQGQDXVHDUHSRUWHGE\
 VXEMHFWVDQGKHDGDFKHDQGFRQWDFWGHUPDWLWLVUHSRUWHGE\ VXEMHFWV$OORWKHU$(V
H[SHULHQFHGE\VXEMHFWVUHFHLYLQJPXOWLSOHGRVHVRI*6ZHUHUHSRUWHGE\  VXEMHFWV
HDFK
7ZHOYHOHDG(&*VZHUHREWDLQHGDWEDVHOLQHDQG'D\VDQG$QDO\VLVRIWKHVH(&*V
GHPRQVWUDWHGQRFOLQLFDOO\VLJQLILFDQWLQFUHDVHLQWKH3545647DQG47F)LQWHUYDOVDQG
QRFOLQLFDOO\VLJQLILFDQWDUUK\WKPLDVDVVRFLDWHGZLWKDGPLQLVWUDWLRQRI*6
*UDSKVRI SODVPDFRQFHQWUDWLRQWLPHSURILOHVDIWHUDGPLQLVWUDWLRQRIDVLQJOHGRVHRI
*6RU PJWRKHDOWK\DGXOWVXEMHFWVXQGHUIDVWHGFRQGLWLRQVLQ
&RKRUWVWR GHPRQVWUDWHGRYHUDOOWKDWWKHWHUPLQDOSKDVHVIRUDOO GRVHVZHUHSDUDOOHO
7KHSODVPDFRQFHQWUDWLRQVLQFUHDVHGLQDGRVHSURSRUWLRQDOPDQQHUIROORZLQJVLQJOHRUDO
DGPLQLVWUDWLRQVDWGRVHVUDQJLQJIURPWRPJXQGHUIDVWHGFRQGLWLRQV

6WXG\*686
7KLV3KDVHPDVVEDODQFHVWXG\ZDVFRQGXFWHGWRHYDOXDWHWKH3.PHWDEROLVPDQG
H[FUHWLRQRI*67KHSULPDU\REMHFWLYHRIWKLVVWXG\ZDVWRGHWHUPLQHWKHPDVVEDODQFH
RI*6IROORZLQJDGPLQLVWUDWLRQRIDVLQJOHRUDOGRVHRIUDGLRODEHOHG>&@*6
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\ZHUHWRHYDOXDWHWKH3. RI*6DQGPHWDEROLWHV
ZKHUHSRVVLEOHDQGWRGHWHUPLQHWKHPHWDEROLWHSURILOHRI*6LQKXPDQVIROORZLQJ
DGPLQLVWUDWLRQRIDVLQJOHRUDOGRVHRIUDGLRODEHOHG>&@*6

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
(LJKWVXEMHFWVZHUHHQUROOHGDQGDVVHVVHGIRUDSHULRGRIDPLQLPXPRIGD\VDQGD
PD[LPXPRIGD\VZLWKDGD\IROORZXSSHULRG)ROORZLQJDVLQJOHWDUJHWPJ
DSSUR[LPDWHO\&LRUDO GRVHRI>&@*6PD[LPXPPHDQFRQFHQWUDWLRQVRI
GUXJGHULYHGUDGLRDFWLYLW\LQEORRGDQGSODVPDZHUHREVHUYHGDWKRXUVSRVWGRVHIRUERWK
PDWULFHV/HYHOVRIUDGLRDFWLYLW\LQEORRGDQGSODVPDIHOOEHORZWKHOLPLWRITXDQWLWDWLRQIRU
WKHPDMRULW\RI VXEMHFWVQ E\ WR KRXUVSRVWGRVH0HDQEORRGWRSODVPD
FRQFHQWUDWLRQUDWLRVUDQJHGIURPWRWKURXJKKRXUVSRVWGRVHLQGLFDWLQJORZ
DVVRFLDWLRQRIUDGLRDFWLYLW\ZLWKEORRGFHOOV
3URILOLQJRISODVPDVDPSOHVLQGLFDWHGWKDWWKHFLUFXODWLQJUDGLRDFWLYLW\FRQVLVWHGPDLQO\RI
*6DQGORZOHYHOVRIPLQRUPHWDEROLWHVR[\*6JOXFXURQLGH0 
FKORURDPLQR1PHWKDQHVXOIRQ\OEHQ]DPLGH0DQG*6
0% 
7KHPDMRUURXWHRIHOLPLQDWLRQRIUDGLRDFWLYLW\LQKXPDQVZDVYLDIHFHV aZLWKD
PDMRUFRPSRQHQWH[FUHWHG DV XQFKDQJHGSDUHQW*6FRHOXWHGZLWK
GLR[\*6 0DORQJZLWKRWKHUPLQRUPHWDEROLWHVGLR[\*6
0  DQGGLR[\*60
5HQDO HOLPLQDWLRQZDVDPLQRUURXWHLQKXPDQV aRIWKHGRVHXQFKDQJHGSDUHQW
*6a RIWKHGRVH0aRIWKHGRVH
,QVXPPDU\>&@*6ZDVH[WHQVLYHO\PHWDEROL]HGE\KXPDQVDIWHURUDO
DGPLQLVWUDWLRQ0HWDEROLWHVZHUHIRUPHGWKURXJKR[LGDWLRQGHDPLQDWLRQ1GHDON\ODWLRQ
1DFHW\ODWLRQK\GUDWLRQDQGJOXFXURQLGDWLRQ SDWKZD\V 7KHVHUHVXOWVLQGLFDWHWKDW*6
ZDVPHWDEROL]HGYLDPXOWLSOHPHWDEROLF SDWKZD\VDQGHOLPLQDWHGDVDFRPELQDWLRQRI
PHWDEROLWHVDQGXQFKDQJHG SDUHQWGUXJLQ KXPDQV

6WXG\*686
7KLV3KDVH DUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\ZDV FRQGXFWHGWR
HYDOXDWHWKHVDIHW\WROHUDELOLW\DQGHIILFDF\RI*6LQKHDOWK\DGXOWYROXQWHHUVLQIHFWHG
ZLWKDQ569FKDOOHQJHYLUXV569$ 0HPSKLVEVWUDLQ7KH VWXG\LQFOXGHG
 TXDUDQWLQHVHDFKFRPSULVLQJDSSUR[LPDWHO\VXEMHFWV(DFKVXEMHFWZDV DGPLWWHGWRWKH
4XDUDQWLQH8QLWDQGLQRFXODWHGZLWK569RQ6WXG\'D\ 6XEMHFWVZHUH UDQGRPL]HGDQG
WUHDWHGZLWK*6RUSODFHERZKHQLQIHFWLRQZDV GRFXPHQWHGLQWKHQDVDOZDVKRUE\WKH
ILIWKGD\DIWHULQRFXODWLRQZKLFKHYHURFFXUUHG ILUVW
)RU4XDUDQWLQHVWKURXJKSUHVSHFLILHGTXDUDQWLQHVVXEMHFWVZHUHUDQGRPL]HGWR
UHFHLYH*6RUSODFHERDGPLQLVWHUHGDVD PJVLQJOHGRVHRQ'RVH'D\IROORZHG
E\PJRQFHGDLO\RQ'RVH'D\VWKURXJK
)RU4XDUDQWLQHVWKURXJKDGDSWLYHTXDUDQWLQHVVXEMHFWVZHUH UDQGRPL]HGWRUHFHLYH
*6RUSODFHER6XEMHFWVLQ4XDUDQWLQHZHUHDGPLQLVWHUHGD PJVLQJOHGRVHRQ
'RVH'D\IROORZHGE\ PJRQFHGDLO\RQ'RVH'D\VDQG 6XEMHFWVLQ4XDUDQWLQH 
ZHUHDGPLQLVWHUHGDPJVLQJOHGRVH 6XEMHFWVLQ4XDUDQWLQHZHUHDGPLQLVWHUHGD PJ
VLQJOHGRVHRQ'RVH 'D\IROORZHGE\ PJRQFHGDLO\RQ'RVH'D\VWKURXJK

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
$WRWDORIVXEMHFWVZHUHUDQGRPL]HGLQWRWKLVVWXG\$OOVXEMHFWVFRPSOHWHGVWXG\GUXJ
DQGSODFHERVXEMHFWGLVFRQWLQXHGWKHVWXG\GXHWR,QYHVWLJDWRU¶VGLVFUHWLRQ%DVHOLQH
GHPRJUDSKLFVDQGFKDUDFWHULVWLFVZHUHVLPLODUEHWZHHQWUHDWPHQWJURXSVDFURVVDOOGRVH
FRKRUWV6HYHQW\HLJKWVXEMHFWVUHFHLYHGWKHSUHVSHFLILHGGRVHLQTXDUDQWLQHV 
*6Q SODFHERQ 2IWKHVHVXEMHFWVZHUHGRFXPHQWHGWREH569
SRVLWLYHSULRUWRUDQGRPL]DWLRQDQGZHUHLQFOXGHGLQWKHSULPDU\DQGVHFRQGDU\DQDO\VHV
*6Q 3ODFHERQ $WRWDORIVXEMHFWVUHFHLYHG*6DFURVVDOO
TXDUDQWLQHV
7UHDWPHQWZLWK*6UHVXOWHGLQWKHIROORZLQJ
3ULPDU\(QGSRLQW

7UHDWPHQWZLWK*6UHVXOWHGLQORZHUPHDQ$8&YLUDOORDGIURPLQLWLDOGRVH
WKURXJKHQGRITXDUDQWLQH7KHPHDQ$8&RIYLUDOORDGDVPHDVXUHGE\WKHT573&5
DVVD\IURPILUVWYLUDOORDGPHDVXUHPHQWSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJK'D\ 
ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWVǻ 
ORJ 3)8HKRXUPO S
6HFRQGDU\(QGSRLQWV

7UHDWPHQWZLWK*6UHVXOWHGLQORZHUPHDQ$8&YLUDOORDGGXULQJWKHHQWLUH
TXDUDQWLQHSHULRG7KHPHDQ$8&RIYLUDOORDGSRVW FKDOOHQJHWKURXJK6WXG\'D\ DV
PHDVXUHGE\WKHT573&5DVVD\ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWVFRPSDUHG
WRSODFHERVXEMHFWVǻ ORJ3)8HKRXUPO S 

7UHDWPHQWZLWK*6UHVXOWHGLQORZHUPHDQWRWDOPXFXVZHLJKWGXULQJGRVLQJ7KH
PHDQWRWDOZHLJKWRIPXFXVSURGXFHGSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJKWKHGRVH
ZDVVLJQLILFDQWO\ORZHULQWKH*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWVǻ J
S 

7UHDWPHQWZLWK*6UHVXOWHGLQDORZHUPHDQ$8&RIFKDQJHIURPEDVHOLQHLQWRWDO
V\PSWRPVFRUHGXULQJWKHHQWLUHTXDUDQWLQHSHULRG7KHPHDQ$8&RIFKDQJHIURP
EDVHOLQHLQWRWDOV\PSWRPVFRUHSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJK6WXG\'D\ ZDV
VLJQLILFDQWO\ORZHULQWKH*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWVǻ 
VFRUHKRXUS 7KHWRWDOV\PSWRPVVFRUH$8&ZDVDOVRVLJQLILFDQWO\ORZHUIRU
*6WUHDWHGVXEMHFWV
,QHDFKRIWKH DGDSWLYHTXDUDQWLQHV VWDWLVWLFDOO\VLJQLILFDQWUHVXOWVZHUHDOVRDFKLHYHGLQ WKH
SULPDU\HQGSRLQWDQG HDFKRIWKHVHFRQGDU\HQGSRLQWVGHVFULEHGDERYHZLWKWKHH[FHSWLRQRI
DUHGXFWLRQLQPHDQWRWDOPXFXVZHLJKW LQ4XDUDQWLQH ,QDGGLWLRQDQH[SRVXUHUHVSRQVH
HIIHFWZDVQRWHG
1RVDIHW\VLJQDOVZHUHREVHUYHGDFURVVDOOGRVHFRKRUWV,QWKH*6SUHVSHFLILHG
WUHDWPHQWJURXSDVLPLODUSHUFHQWRIVXEMHFWVUHSRUWHGDWOHDVW $( FRPSDUHGWR
SODFHERZLWKQRUHSRUWHG6$(V7KHSHUFHQWRIVXEMHFWVZKRUHSRUWHGDWOHDVW
 GUXJUHODWHG$(ZDVDOVRVLPLODULQWKLV*6WUHDWPHQWJURXS FRPSDUHGWRWKH

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
SODFHERJURXS1RPDUNHGODERUDWRU\DEQRUPDOLWLHVDQGQRFOLQLFDOO\UHOHYDQW(&*
YDOXHVZHUHREVHUYHGLQWKH*6WUHDWPHQWJURXS$FKDQJHLQFUHDWLQLQH
FOHDUDQFHZDVREVHUYHGLQRI *6VXEMHFWVDQGRISODFHERVXEMHFWV

5DWLRQDOH IRU7KLV6WXG\
7KHUHLVDVLJQLILFDQWXQPHWPHGLFDOQHHGIRUDVDIHFRQYHQLHQWDQGHIIHFWLYHWUHDWPHQWIRU
569LQIHFWLRQ 7KHRQO\DSSURYHGDQWLYLUDOWKHUDS\IRU569ULEDYDULQLVDSSURYHGIRUXVH
LQSHGLDWULFSRSXODWLRQVEXWLVUDUHO\XVHGLQFOLQLFDOSUDFWLFH GXHWRLWVOLPLWHGHIILFDF\DQG
FRQFHUQLQJVDIHW\SURILOH7KHUHLVQRDSSURYHGDQWLYLUDOWKHUDS\IRU569LQIHFWLRQDPRQJ
DGXOWVZKHUHWKHFXUUHQWVWDQGDUGRIFDUHLVVXSSRUWLYH
7KLVVWXG\IROORZVD 3KDVH),+VWXG\*686DQG D 3KDVHD569FKDOOHQJH
VWXG\*686ZKLFKHYDOXDWHGWKHVDIHW\WROHUDELOLW\DQG3.RIVLQJOHDQG
PXOWLSOHGRVHVRI*6LQKHDOWK\DGXOWYROXQWHHUV,Q6WXG\*686D
VLQJOHGRVHRI PJZDVVKRZQWREHHIILFDFLRXVLQUHGXFLQJ569YLUDOORDGDQGFOLQLFDO
V\PSWRPVLQKHDOWK\DGXOWVXEMHFWVH[SHULPHQWDOO\LQIHFWHGZLWK569
*LYHQWKHVHUHVXOWVIURPKHDOWK\DGXOWYROXQWHHUV VWXGLHGLQDFRQWUROOHGVHWWLQJWKHFXUUHQW
VWXG\LVGHVLJQHG WRHYDOXDWHWKHVDIHW\WROHUDELOLW\3.DQGDQWLYLUDOHIIHFWRI*6LQ
DGXOWVLQ DQDWXUDOLQIHFWLRQVHWWLQJ(IILFDF\GDWDJHQHUDWHGIURPWKLVVWXG\WDNHQWRJHWKHU
ZLWKFXUUHQWO\DYDLODEOHVDIHW\ DQGHIILFDF\GDWDZLOOEHXVHGWRVXSSRUWIXUWKHUFOLQLFDO
GHYHORSPHQWRI *6LQSHGLDWULFDQGDGXOWSDWLHQWVLQIHFWHGZLWK569

'RVH5DWLRQDOH
7KHGRVHDQGGRVLQJVFKHGXOHVHOHFWHGIRUWKLVVWXG\LVDVLQJOH GRVHRI  PJ*6
DGPLQLVWHUHG RUDOO\ LQWKHIDVWHGVWDWH DW9LVLW7KLVUHJLPHQ ZDVVHOHFWHGEDVHGXSRQ
 PDLQIDFWRUVWKHREVHUYHG3.SURILOHRI*6IURP6WXGLHV*686DQG
*686ORZPRGHVW IRRGHIIHFW QRWHGLQ*686DQGWKHDQWLYLUDOHIIHFW
REVHUYHGZLWKGLIIHUHQWGRVHVUHJLPHQVLQ*686
,Q*686 DGD\WUHDWPHQW UHJLPHQ RI*6 PJVLQJOHGRVHRQ'RVH
'D\ IROORZHGE\PJRQFHGDLO\RQ'RVH'D\VWKURXJKUHVXOWHGLQVLJQLILFDQWYLUDO
ORDGUHGXFWLRQ7KHPHDQ$8&RIYLUDOORDGDVPHDVXUHGE\WKHT573&5DVVD\IURPILUVW
YLUDOORDGPHDVXUHPHQWSRVWLQLWLDOGRVHRIVWXG\GUXJWKURXJKHQGRITXDUDQWLQH'D\ 
ZDVVLJQLILFDQWO\ORZHULQ*6VXEMHFWVFRPSDUHGWRSODFHERVXEMHFWVǻ  ORJ
3)8HKRXUPO S7KLVGD\UHJLPHQZDVDEOHWRDFKLHYH*6FRQFHQWUDWLRQV
aIROGRISD(& DWKRXUVIROORZLQJILUVWGRVHIRUWKH YLUXVXVHGLQWKHFKDOOHQJH
VWXG\WKH 0VWUDLQ RI569
,QVHOHFWLQJWKHGRVHIRUWKHFXUUHQWVWXG\ZHWRRNLQWRFRQVLGHUDWLRQWKDW*6KDVD
KDOIOLIHRIDSSUR[LPDWHO\KRXUVDQGWKHIDFWWKDWWKHSD(&IRUWKHZLOGW\SH569VWUDLQV
LVPXFKORZHUWKDQIRUWKH0VWUDLQLQYLWURYLURORJLFDO VWXGLHVRIFOLQLFDOLVRODWHV
IRXQGWKDWWKHSD(&IRUWKHZLOGW\SH569VWUDLQVLVDSSUR[LPDWHO\QJP/%DVHGRQWKH
3.SURSHUWLHVRI*6DVLQJOHGRVHRIPJZLOODFKLHYHD*6FRQFHQWUDWLRQRI
! WRIROGSD(& IRUZLOGW\SH569VWUDLQVWKURXJK'D\ SRVWGRVHZKLFK WUDQVODWHVWR
DSSUR[LPDWHO\GD\VDIWHUV\PSWRPRQVHWDVVXPLQJPRVWSDWLHQWVSUHVHQWWRWKHKRVSLWDO

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
GD\VDIWHURQVHWRIV\PSWRPV:HH[SHFWWKLVGRVHWRGHPRQVWUDWHVLJQLILFDQWDQWLYLUDO
HIIHFW

&RPSOLDQFH
7KLVVWXG\ZLOOEHFRQGXFWHGLQFRPSOLDQFHZLWKWKLVSURWRFRO*RRG&OLQLFDO 3UDFWLFH*&3
DQGDOODSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

2%-(&7,9(6
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LVWRHYDOXDWHWKHHIIHFWVRI*6RQ569YLUDOORDGLQ
569SRVLWLYHDGXOWVKRVSLWDOL]HGZLWKDFXWHUHVSLUDWRU\LQIHFWLRXVV\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUHWRHYDOXDWH

7KHHIIHFWRI*6RQFKDQJHLQWKH)/8352VFRUHIURP%DVHOLQH

7KHHIIHFWRI*6RQ WKHOHQJWKRIKRVSLWDOVWD\

7KHHIIHFWRI*6RQ WKHUDWHRIXQSODQQHGKHDOWKFDUHHQFRXQWHUVFOLQLFYLVLWV
HPHUJHQF\URRPYLVLWVXUJHQWFDUHYLVLWVDQGUHKRVSLWDOL]DWLRQV UHODWHGWRDUHVSLUDWRU\
LOOQHVV DIWHUGLVFKDUJH

7KH3.VDIHW\ DQGWROHUDELOLW\RI*6

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
SULRUWRDOORWKHUVWXG\SURFHGXUHV1H[WWKH&OLQLFDO)UDLOW\6FDOH&)6ZLOOEHFRPSOHWHG
E\DSSURSULDWHO\TXDOLILHGPHGLFDOVWDIIHJ PHGLFDOGRFWRUGRFWRURIRVWHRSDWK\RUQXUVH
SUDFWLWLRQHUYLDVXEMHFWLQWHUYLHZDQGE\UHYLHZLQJWKHLUPHGLFDOKLVWRU\0HGLFDOKLVWRU\
DQGVXEMHFWGHPRJUDSKLFVZLOOEHHYDOXDWHG1DVDOVZDEVZLOOEHFROOHFWHGDQGVHQWWRWKH
FHQWUDOODERQHIRU569YLUDOORDGDQDO\VLVDQGRQHIURPWKHRSSRVLWHQDULVIRUYLUDO
FRLQIHFWLRQWHVWLQJ 7KHVZDEFROOHFWLRQSURFHVVLQJDQGVWRULQJWHFKQLTXHVIRUERWKQDVDO
VZDEVDPSOHVZLOOEHLGHQWLFDO%DVHOLQHYLWDOVLJQVLQFOXGLQJKHLJKWZHLJKWWHPSHUDWXUH
KHDUWUDWHEORRGSUHVVXUHDQG2 VDWXUDWLRQDQGEORRGVDPSOHVKHPDWRORJ\VHUXP
FKHPLVWU\ELRPDUNHUVDQGVHUXP DQWLERG\WLWHU WR569ZLOOEHFROOHFWHGSUHGRVH$SUH
GRVH(&*ZLOOEHREWDLQHGXQOHVVDQ(&*ZDVSUHYLRXVO\SHUIRUPHGIRUWKHFXUUHQW
DGPLVVLRQ
(OLJLEOHVXEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYHHLWKHU*6RUPDWFKLQJ
SODFHERVWUDWLILHG LQWRRQHRIWKHIROORZLQJFDWHJRULHV
 1RFKURQLFDLUZD\VRUOXQJGLVHDVH
 &23'
 $VWKPD
 2WKHUFKURQLFDLUZD\VRUOXQJGLVHDVH
%DVHGXSRQWKHVHFULWHULDVXEMHFWVZLOOEHVWUDWLILHGDVVSHFLILHGLQWKH6WDWLVWLFDO$QDO\VLV
VHFWLRQ7KHVHVWUDWLILFDWLRQVZLOODXJPHQWWKHSUREDELOLW\RIVLPLODUEDVHOLQH569YLUDOORDGV
DQGGXUDWLRQRI569YLUDOVKHGGLQJLQWKHDFWLYHDQGSODFHERJURXSV
3RVWGRVHYLWDOVLJQVKHDUWUDWHDQGEORRGSUHVVXUHRQO\ZLOOEHREWDLQHGDQGPLQXWH
DIWHUGRVLQJRFFXUV$SSUR[LPDWHO\KRXUV PLQXWHVSRVWGRVHDVHFRQG(&*ZLOOEH
REWDLQHGDQGHYDOXDWHGE\WKHLQYHVWLJDWRU$3.EORRGGUDZIRU&PD[ ZLOOEHFROOHFWHGDW
 KRXUV PLQXWHVSRVWGRVH
'D\%DVHOLQHWKURXJK'D\ ZLOORFFXU HYHU\KRXUV  KRXUV1RSURFHGXUHVZLOO
RFFXURQ'D\VDQG
2Q'D\DQGWKH)/8352TXHVWLRQQDLUH ZLOOEHGLVSHQVHGWRDQGFRPSOHWHGE\VXEMHFWV
SULRUWRDOORWKHUVWXG\SURFHGXUHV$GGLWLRQDOVWXG\SURFHGXUHVZLOOLQFOXGH96 ZLWK2
VDWXUDWLRQDQGQDVDOVDPSOLQJ3.VDPSOHVDQGVHUXPFKHPLVWU\ZLOODOVREHGUDZQRQ'D\

7KH'D\YLVLWPD\RFFXULQWKHKRVSLWDO RUFOLQLF7KH)/8352TXHVWLRQQDLUHZLOOEH
GLVSHQVHGWRDQGFRPSOHWHGE\VXEMHFWVSULRUWRDOORWKHUVWXG\SURFHGXUHV9LWDOVVLJQV
LQFOXGLQJ2 VDWXUDWLRQZLOOEHPHDVXUHGDQGRQHQDVDOVZDEZLOOEHFROOHFWHGIRUDQDO\VLVDW
WKHFHQWUDOODE +HPDWRORJ\VHUXPFKHPLVWU\DQGDILQDOELRPDUNHUVDPSOHVWRLQFOXGH
SURFDOFLWRQLQZLOOEHFROOHFWHG3.VDPSOHVZLOODOVREHFROOHFWHG

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
7KH'D\ YLVLW PD\RFFXULQWKHKRVSLWDO RUFOLQLF7KH )/8352 TXHVWLRQQDLUHZLOOEH
GLVSHQVHGWRDQGFRPSOHWHGE\ SULRUWRDOORWKHUVWXG\SURFHGXUHV7KH+HDOWKFDUH8WLOL]DWLRQ
$VVHVVPHQWZLOODOVREHFRPSOHWHGDWWKLVYLVLW9LWDOVVLJQVLQFOXGLQJ2 VDWXUDWLRQ ZLOOEH
PHDVXUHGDQGQDVDOVZDEZLOOEHFROOHFWHGIRUDQDO\VLVDWWKHFHQWUDOODE $(VDQG
FRQFRPLWDQWPHGLFDWLRQVZLOODOVREHHYDOXDWHG
7KH'D\ GD\YLVLW PD\RFFXULQWKHKRVSLWDO RUFOLQLF 7KH )/8352 TXHVWLRQQDLUH
ZLOOEHGLVSHQVHGWRDQGFRPSOHWHGE\VXEMHFWVSULRUWRDOORWKHUVWXG\SURFHGXUHV7KH
+HDOWKFDUH8WLOL]DWLRQ$VVHVVPHQWZLOODOVREHFRPSOHWHGDWWKLVYLVLW2WKHUYLVLWSURFHGXUHV
ZLOOLQFOXGHYLWDOVLJQVDQG2VDWXUDWLRQQDVDOVDPSOLQJDQGEORRGGUDZVKHPDWRORJ\
VHUXPFKHPLVWU\DQGVHUXP DQWLERG\WLWHU WR569 ,QIHPDOHVRIFKLOGEHDULQJSRWHQWLDOD
VHUXPSUHJQDQF\WHVWZLOOEHSHUIRUPHGYLDFHQWUDOODERUDWRU\DQDO\VLVRQ'D\ ,ID
VXEMHFWZLWKGUDZVHDUO\IURPWKHVWXG\HYHU\DWWHPSWVKRXOGEHPDGHWREULQJWKHVXEMHFW
EDFNWRFRPSOHWHWKH'D\DVVHVVPHQWV
7KH'D\YLVLW ZLOORFFXUQRHDUOLHUWKDQ'D\ DQG QRODWHUWKDQ'D\ 7KLVYLVLWZLOO
RFFXULQWKHKRVSLWDO RU FOLQLF7KH+HDOWKFDUH8WLOL]DWLRQ $VVHVVPHQW ZLOOEHFRPSOHWHGDW
WKLVYLVLW
$VVHVVPHQWRI$(V6$(VDQGFRQFRPLWDQWPHGLFDWLRQVZLOORFFXUFRQWLQXRXVO\WKURXJKRXW
WKHVWXG\IURPWKHWLPH RIVXEMHFWFRQVHQWDW6FUHHQLQJSRVWFRQVHQW WKURXJK'D\ $(V
DQG6$(VUHSRUWLQJDQGIROORZXSZLOORFFXUDVSHU6HFWLRQ $GYHUVH(YHQWVDQG7R[LFLW\
0DQDJHPHQW

6WXG\7UHDWPHQWV
$SSUR[LPDWHO\VXEMHFWVZLOOEHUDQGRPL]HGWRUHFHLYH*6RUSODFHERDVD
VLQJOH PJGRVH IRXUPJ WDEOHWV RQ'D\7KH,03 ZLOOEHDGPLQLVWHUHGDIWHUWKH
VXEMHFWKDVIDVWHGIRUDWOHDVWKRXUV 6XEMHFWVZLOOUHPDLQIDVWLQJIRUDSSUR[LPDWHO\ KRXU
DIWHUGRVLQJ 7DEOHWVDUHQRWWREHFUXVKHGVSOLWGLVVROYHGRUFKHZHG,03VKRXOGEH
KDQGOHGZLWKJORYHV
*6RUSODFHERZLOOEHSURYLGHG DVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWV
FRQWDLQLQJ PJ*6 PJ*6ELVK\GURFKORULGHVDOWGLK\GUDWHIRUPRI
*6
*6 WDEOHWVDQGPDWFKLQJSODFHERZLOOEHSDFNDJHGLQZKLWHKLJKGHQVLW\SRO\HWK\OHQH
+'3(ERWWOHVZLWKGHVLFFDQWDQGSRO\HVWHUILEHUFRLO(DFKERWWOHFRQWDLQV WDEOHWVDQGLV
FDSSHGZLWKDZKLWHFRQWLQXRXVWKUHDGFKLOGUHVLVWDQWSRO\SURS\OHQHVFUHZFDSILWWHGZLWK
DQLQGXFWLRQVHDOHGDOXPLQXPIDFHGOLQHU
7KHH[SHFWHGGXUDWLRQRIVXEMHFWSDUWLFLSDWLRQLVDSSUR[LPDWHO\PRQWKWRLQFOXGH
6FUHHQLQJ WKURXJKWKHILQDOYLVLW RQ'D\

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ
6XEMHFWSRSXODWLRQZLOOFRQVLVWRIDSSUR[LPDWHO\569SRVLWLYHDGXOWVXEMHFWVIURP
DSSUR[LPDWHO\ FHQWHUVLQ$XVWUDOLD1HZ=HDODQG&DQDGD(XURSH6RXWK.RUHDDQGWKH
8QLWHG6WDWHV

,QFOXVLRQ&ULWHULD
6XEMHFWVPXVWPHHWDOO RIWKHIROORZLQJLQFOXVLRQFULWHULDDW%DVHOLQHWREHHOLJLEOHIRU
SDUWLFLSDWLRQLQWKLVVWXG\

$QLQIRUPHGFRQVHQWGRFXPHQWVLJQHGDQGGDWHGE\WKHVXEMHFWRUDOHJDOJXDUGLDQRIWKH
VXEMHFWDQG,QYHVWLJDWRURUKLVKHUGHVLJQHH

0DOH VXEMHFWV DQGIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOZKRHQJDJHLQ KHWHURVH[XDO
LQWHUFRXUVHPXVWDJUHHWRXVHSURWRFRO VSHFLILHG PHWKRGVRIFRQWUDFHSWLRQDVGHVFULEHG
LQ$SSHQGL[ 

0DOHVXEMHFWVPXVWDJUHHWRXVHFRQGRPVGXULQJKHWHURVH[XDOLQWHUFRXUVHDQGDYRLG
VSHUPGRQDWLRQZKLOHHQUROOHGLQWKHVWXG\DQGIRUDWOHDVWGD\VDIWHUDGPLQLVWUDWLRQRI
WKHODVWGRVHRIVWXG\PHGLFDWLRQ

$OOVXEMHFWVPXVWUHIUDLQIURPEORRGGRQDWLRQZKLOHHQUROOHGLQWKHVWXG\DQGIRU GD\V
DIWHUWKHODVWGRVHRI,03

 \HDUVRIDJHDW 6FUHHQLQJ

:LOOLQJWRDGKHUHWRSURWRFROVSHFLILFUHTXLUHPHQWVIRUFRQWUDFHSWLRQ

$GPLVVLRQWRWKHKRVSLWDOSULPDULO\IRUDUHVSLUDWRU\UHODWHGLOOQHVV

1HZRQVHWRU DFXWHZRUVHQLQJRIDWOHDVWUHVSLUDWRU\LQIHFWLRXVV\PSWRPIURPHDFK
FDWHJRU\IRU  GD\VSULRUWRVFUHHQLQJ
² 8SSHUUHVSLUDWRU\WUDFWV\PSWRPV1DVDOFRQJHVWLRQUXQQ\QRVHVRUHWKURDWRU
HDUDFKH
² /RZHUUHVSLUDWRU\WUDFWV\PSWRPV&RXJKVSXWXPSURGXFWLRQZKHH]LQJG\VSQHD RU
FKHVWWLJKWQHVV

:LOOLQJQHVVWRSHUIRUPQHFHVVDU\VWXG\SURFHGXUHVDQGKDYHDYDLODEOHDZRUNLQJ
WHOHSKRQH RUHPDLO

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

'RFXPHQWHGWREH569SRVLWLYHDWWKHFXUUHQWDGPLVVLRQZLWKLQ KRXUVRI6FUHHQLQJ
RUDVHYDOXDWHGDW6FUHHQLQJ

([FOXVLRQ&ULWHULD
6XEMHFWVZKRPHHWDQ\ RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHQRWWREHHQUROOHGLQWKLVVWXG\
5HODWHGWRFRQFRPLWDQWRUSUHYLRXVPHGLFDWLRQXVH

8VHRIDQ\LQYHVWLJDWLRQDOPHGLFLQDO SURGXFWLQWKH GD\V SULRUWRVFUHHQLQJ25 XVHRI
DQ\LQYHVWLJDWLRQDOPRQRFORQDODQWLERG\ZLWKLQPRQWKV RUKDOIOLYHVRIVFUHHQLQJ
ZKLFKHYHULVORQJHU25 XVHRIDQ\LQYHVWLJDWLRQDO569YDFFLQHHYHU

&KURQLFXVH! GD\VRIXVHRIV\VWHPLFLPPXQRVXSSUHVVLYHDJHQWVLHDON\ODWLQJ
DJHQWV FDOFLQHXULQLQKLELWRUVLPPXQRSKLOLQELQGLQJEXWQRWDFDOFLQHXULQLQKLELWRU
DQWLPHWDEROLWHVSRO\FORQDODQWLERGLHVPRQRFORQDODQWLERGLHV GXULQJWKHGD\VSULRUWR
6FUHHQLQJRUDQWLFLSDWHG XVH GXULQJWKHGD\VIROORZLQJ6FUHHQLQJ

&KURQLFXVH! GD\VRIXVHRI RUDOSUHGQLVRQHHTXLYDOHQWWR! PJGD\&KURQLF
SUHGQLVRQHGRVHVHTXLYDOHQWWRPJGD\LVDFFHSWDEOH6KRUWFRXUVHVGD\VSULRU
WR6FUHHQLQJRIRUDOSUHGQLVRQHHTXLYDOHQWWR! PJGD\LVDFFHSWDEOH LIXVHG! 
GD\VSULRUWR6FUHHQLQJ

6XEMHFWVWDNLQJDVWURQJ&<3LQGXFHULQFOXGLQJEXWQRWOLPLWHGWRULIDPSLQ6W -RKQ¶V
ZRUWFDUEDPD]HSLQHDQGSKHQ\WRLQ
5HODWHGWRPHGLFDOKLVWRU\

3UHJQDQW EUHDVWIHHGLQJRUODFWDWLQJIHPDOHV

6XEMHFWVUHTXLULQJ!VXSSOHPHQWDOR[\JHQZKLOHWKHVXEMHFWLVDZDNHDW6FUHHQLQJ

6XEMHFWVZLWKD&)6 !DW%DVHOLQH

$Q\FOLQLFDOO\VLJQLILFDQWKLVWRU\RIDEOHHGLQJGLVRUGHU DVGHWHUPLQHGE\WKH
LQYHVWLJDWRU DWDQ\WLPHLQWKHSDVWRUHSLVWD[LV DVGHWHUPLQHGE\WKHLQYHVWLJDWRU
ZLWKLQGD\VSULRUWRVFUHHQLQJ

.QRZQ VLJQLILFDQWDEQRUPDOLW\DOWHULQJWKHDQDWRP\RIWKHQRVH RUQDVRSKDU\Q[ WKDWLQ
WKHRSLQLRQRIWKHLQYHVWLJDWRUZLOOSUHFOXGHREWDLQLQJDGHTXDWHQDVDOVZDEVDPSOLQJLQ
HLWKHUQDVDOSDVVDJH

:DLWLQJ IRURUUHFHQWO\ ZLWKLQWKHSDVWPRQWKVUHFHLYHGDERQHPDUURZVWHPFHOO RU
VROLGRUJDQWUDQVSODQW RUZKRKDYHUHFHLYHGUDGLDWLRQRUFKHPRWKHUDS\ZLWKLQ PRQWKV
SULRUWRVFUHHQLQJ

.QRZQKLVWRU\RI+,9$,'6KHSDWLWLV%RU&

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

+LVWRU\RIVHYHUHGHPHQWLDRU$O]KHLPHU¶VGLVHDVH

+LVWRU\RIGUXJDQGRUDOFRKRODEXVHWKDWLQWKHRSLQLRQRIWKHLQYHVWLJDWRU PD\SUHYHQW
DGKHUHQFHWRVWXG\DFWLYLWLHV
5HODWHGWRPHGLFDOFRQGLWLRQ

,QIOXHQ]DSRVLWLYHDVGHWHUPLQHGE\ ORFDOGLDJQRVWLFWHVW

1HZRQVHWRIDUUK\WKPLDGXULQJFXUUHQWDGPLVVLRQ

8VHRI PHFKDQLFDOYHQWLODWLRQ GXULQJWKHFXUUHQWDGPLVVLRQQRWLQFOXGLQJQRQLQYDVLYH
YHQWLODWLRQ

3RVLWLYHEDFWHUHPLDRUIXQJHPLDDWWKHFXUUHQWDGPLVVLRQ

,QDGHTXDWHWUHDWPHQWRIFRQILUPHGEDFWHULDOIXQJDORUQRQ569SQHXPRQLDDV
GHWHUPLQHGE\WKHLQYHVWLJDWRU

1HZFHUHEURYDVFXODUDFFLGHQWRUVWURNHGRFXPHQWHGDWWKHFXUUHQW DGPLVVLRQ

$GPLVVLRQIRUWUDXPDRUHPHUJHQWRUSODQQHGVXUJHULHV

([FHVVLYH QDXVHDYRPLWLQJ DWDGPLVVLRQDVGHWHUPLQHGE\WKHLQYHVWLJDWRUWKDWSUHFOXGHV
DGPLQLVWUDWLRQRIDQRUDOO\DGPLQLVWHUHG ,03
5HODWHGWRDOOHUJLHV

.QRZQDOOHUJ\WRFRPSRQHQWVRIWKH,03PLFURFU\VWDOOLQHFHOOXORVHPDQQLWRO
FURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWHSRO\YLQ\ODOFRKROWLWDQLXPGLR[LGH
SRO\HWK\OHQHJO\FRO DQGWDOF

'RFXPHQWHGKLVWRU\RIDFXWHDQDSK\OD[LVRUGHOD\HG6WHYHQV-RKQVRQV\QGURPHRU
HSLGHUPDOQHFURO\VLVDOOHUJ\WRVXOIDGUXJV
5HODWHGWRODERUDWRU\UHVXOWV DW6FUHHQLQJ

6HUXPFUHDWLQLQHFOHDUDQFHPJG/

$67$/7! [8/1

7RWDOELOLUXELQ! [8/1

+HPRJORELQ+E PJG/

:%&FHOOV/

1HXWURSKLOFRXQW FHOOV/

3ODWHOHWFRXQWRI /

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

,19(67,*$7,21$/0(',&,1$/352'8&76

5DQGRPL]DWLRQ%OLQGLQJ DQG7UHDWPHQW&RGHV
7KLVLVD UDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGPXOWLFHQWHU VWXG\ (OLJLEOHVXEMHFWV
ZLOOEHVWUDWLILHGE\WKHIROORZLQJIDFWRUV1RFKURQLFDLUZD\VRUOXQJGLVHDVH&23'
DVWKPDRURWKHUFKURQLFDLUZD\VRUOXQJGLVHDVH 6WUDWLILFDWLRQIDFWRUVLHGLDJQRVLVRI
DVWKPD&23'RURWKHUFKURQLFDLUZD\VRUOXQJGLVHDVHZLOOEHGHWHUPLQHGE\WKH
LQYHVWLJDWRU6XEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYHDVLQJOHGRVHRI*6
RUPDWFKLQJSODFHER
$VVLJQPHQWWRVWXG\WUHDWPHQWZLOOEHEOLQGHGWRWKHVWXG\VXEMHFWVLQYHVWLJDWLRQDOVLWH
SHUVRQQHOVWXG\YHQGRUVDQGWKH6SRQVRUH[FHSWIRUWKHGHOHJDWHGSHUVRQQHOZKRZLOO
UHYLHZDQGFKHFNWKHUDQGRPL]DWLRQDQGGUXJDOORFDWLRQIRUDFFXUDF\

3URFHGXUHVIRU%UHDNLQJ7UHDWPHQW&RGHV
,QWKHHYHQWRIDPHGLFDOHPHUJHQF\ZKHUHEUHDNLQJWKHEOLQGLVUHTXLUHGWRSURYLGHPHGLFDO
FDUHWRWKHVXEMHFWWKHLQYHVWLJDWRUPD\REWDLQ WKH WUHDWPHQWDVVLJQPHQWIRUWKDWVXEMHFW
*LOHDGUHFRPPHQGVEXWGRHVQRWUHTXLUHWKDWWKHLQYHVWLJDWRUFRQWDFWWKH*LOHDGPHGLFDO
PRQLWRUEHIRUHEUHDNLQJWKHEOLQG7UHDWPHQWDVVLJQPHQWVKRXOGUHPDLQEOLQGHGXQOHVVWKDW
NQRZOHGJHLVQHFHVVDU\WRGHWHUPLQHVXEMHFWHPHUJHQF\PHGLFDOFDUH7KHUDWLRQDOHIRU
XQEOLQGLQJPXVWEHFOHDUO\H[SODLQHGLQVRXUFHGRFXPHQWDWLRQDQGRQWKHFDVHUHSRUWIRUP
HOHFWURQLFFDVHUHSRUWIRUP&5)H&5)DORQJZLWKWKHGDWHRQZKLFKWKHWUHDWPHQW
DVVLJQPHQWZDVREWDLQHG7KHLQYHVWLJDWRULVUHTXHVWHGWRFRQWDFWWKH*LOHDGPHGLFDOPRQLWRU
SURPSWO\LQFDVHRIDQ\WUHDWPHQWXQEOLQGLQJ
%OLQGLQJRIVWXG\WUHDWPHQWLVFULWLFDOWRWKHLQWHJULW\RIWKLVFOLQLFDOWULDODQGWKHUHIRUHLID
VXEMHFW¶VWUHDWPHQWDVVLJQPHQWLVGLVFORVHGWRWKHLQYHVWLJDWRUDGHYLDWLRQZLOOEHUHFRUGHG
$OOVXEMHFWVZLOOEHIROORZHGXQWLOVWXG\FRPSOHWLRQXQOHVVFRQVHQWWRGRVRLVVSHFLILFDOO\
ZLWKGUDZQE\WKHVXEMHFW
*LOHDG 'UXJ6DIHW\DQG3XEOLF +HDOWK'63+PD\LQGHSHQGHQWO\XQEOLQGFDVHVIRU
H[SHGLWHGUHSRUWLQJRIVXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V

'HVFULSWLRQDQG+DQGOLQJ RI*6

)RUPXODWLRQ
*6ZLOOEHVXSSOLHGDVZKLWHSODLQIDFHGILOPFRDWHGURXQGWDEOHWVFRQWDLQLQJ PJ
*6 PJ*6ELVK\GURFKORULGHVDOWGLK\GUDWHIRUPRI*6,Q
DGGLWLRQWRWKHDFWLYHLQJUHGLHQW*6WDEOHWVFRQWDLQWKHIROORZLQJLQDFWLYHLQJUHGLHQWV
PLFURFU\VWDOOLQHFHOOXORVHPDQQLWROFURVFDUPHOORVHVRGLXPPDJQHVLXPVWHDUDWHSRO\YLQ\O
DOFRKROWLWDQLXPGLR[LGHSRO\HWK\OHQHJO\FRODQGWDOFZKLFKDUHFRPPRQSKDUPDFHXWLFDO
H[FLSLHQWV

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
7KHVXSSOLHGPDWFKLQJSODFHERWDEOHWVDUHLGHQWLFDOLQSK\VLFDODSSHDUDQFHWRWKH  PJ
*6WDEOHWVDQGFRQWDLQWKHVDPH LQDFWLYHLQJUHGLHQWV

3DFNDJLQJDQG/DEHOLQJ
*6WDEOHWVDQGPDWFKLQJSODFHERDUHSDFNDJHGLQZKLWHKLJKGHQVLW\SRO\HWK\OHQH
+'3(ERWWOHVZLWKGHVLFFDQWDQGSRO\HVWHUILEHUFRLO(DFKERWWOHFRQWDLQV WDEOHWVDQGLV
FDSSHGZLWKDZKLWHFRQWLQXRXV WKUHDGFKLOGUHVLVWDQWSRO\SURS\OHQHVFUHZFDSILWWHGZLWK
DQLQGXFWLRQVHDOHGDOXPLQXPIDFHGOLQHU
$OOODEHOVIRUVWXG\GUXJVGLVWULEXWHGWRLQYHVWLJDWLYHVLWHVLQWKH86$DQGWKHUHVWRIZRUOG
52:ZLOOPHHWDOODSSOLFDEOHUHTXLUHPHQWVRIWKH86)RRGDQG'UXJ$GPLQLVWUDWLRQ
)'$WKH(8$QQH[RI*RRG0DQXIDFWXULQJ3UDFWLFHV0DQXIDFWXUHRILQYHVWLJDWLRQDO
PHGLFLQDOSURGXFWV-XO\DQGRURWKHUORFDOUHJXODWLRQVDVDSSOLFDEOH

6WRUDJHDQG+DQGOLQJ
6XIILFLHQWTXDQWLWLHVRI*6WDEOHWVDQGPDWFKLQJZLOOEHVKLSSHGWRWKH LQYHVWLJDWRURU
TXDOLILHGGHVLJQHHIURP*LOHDG6FLHQFHV0DWHULDOV	/RJLVWLFVRULWV GHVLJQHH
*6WDEOHWVVKRXOGEHVWRUHGDWFRQWUROOHGURRPWHPSHUDWXUHRI&)H[FXUVLRQV
DUHSHUPLWWHGEHWZHHQ&DQG&)DQG) 7KHVWXG\FHQWHUZLOOEHUHTXLUHGWR
PDLQWDLQDORJRIGDLO\WHPSHUDWXUHUHDGLQJVLQWKHVWRUDJHDUHDIRUWKHGXUDWLRQRIWKHVWXG\
7RHQVXUHWKHVWDELOLW\DQG SURSHULGHQWLILFDWLRQWKHGUXJSURGXFWVZLOO EHVWRUHGLQWKH
FRQWDLQHUV LQZKLFKWKH\ZHUHVXSSOLHGXQWLOXQLWGRVHGIRULQGLYLGXDOVXEMHFWVDWWKHVLWH

'RVDJHDQG$GPLQLVWUDWLRQRI *6
(OLJLEOHVXEMHFWVZLOOUHFHLYHDVLQJOHGRVHRI PJ *6RUSODFHER RQ'D\ 'RVHV
ZLOO EHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDVIDVWHGIRUDWOHDVWKRXUV7KHHQWLUH
GRVHPXVWEHWDNHQZLWKLQKRXU6XEMHFWVZLOOUHPDLQ LQD IDVWLQJFRQGLWLRQIRUDWOHDVW
 KRXUDIWHUGRVLQJ,03LVWREHKDQGOHGZLWKJORYHV7DEOHWVDUHQRWWREHFUXVKHGVSOLW
GLVVROYHGRUFKHZHG

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV
6XEMHFWVVKDOO QRWKDYHUHFHLYHGDQ\RIWKHIROORZLQJSULRUPHGLFDWLRQV

$Q\ LQYHVWLJDWLRQDOPHGLFLQDOSURGXFWLQWKH GD\V SULRUWRVFUHHQLQJ

$Q\LQYHVWLJDWLRQDOPRQRFORQDODQWLERG\ ZLWKLQPRQWKV RUKDOIOLYHVRI VFUHHQLQJ
ZKLFKHYHULVORQJHU

$Q\LQYHVWLJDWLRQDO569YDFFLQHVDWDQ\WLPHLQWKHSDVW
7KHIROORZLQJFRQFRPLWDQWPHGLFDWLRQVDUHSURKLELWHG

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

&KURQLFXVH! GD\VRIXVHRIV\VWHPLFLPPXQRVXSSUHVVLYHDJHQWV LHDON\ODWLQJ
DJHQWVFDOFLQHXULQLQKLELWRUVLPPXQRSKLOLQELQGLQJEXWQRWDFDOFLQHXULQLQKLELWRU
DQWLPHWDEROLWHVSRO\FORQDODQWLERGLHVPRQRFORQDODQWLERGLHV GXULQJWKHGD\VSULRUWR
6FUHHQLQJRUXVHLVDQWLFLSDWHGGXULQJWKHGD\VDIWHU6FUHHQLQJ

&KURQLFXVH!GD\VRIXVHRI RUDOSUHGQLVRQHHTXLYDOHQWWR! PJGD\&KURQLF
SUHGQLVRQHGRVHVHTXLYDOHQWWRPJGD\LVDFFHSWDEOH6KRUWFRXUVHVGD\VSULRU
WR6FUHHQLQJRIRUDOSUHGQLVRQHHTXLYDOHQWWR! PJGD\DUHDFFHSWDEOH LIXVHG!
GD\VSULRUWR6FUHHQLQJ

6WURQJ&<3LQGXFHUVLQFOXGLQJEXWQRWOLPLWHGWRULIDPSLQ6W-RKQ¶VZRUW
FDUEDPD]HSLQHDQGSKHQ\WRLQ

$FFRXQWDELOLW\ IRU *6
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJDGHTXDWHDFFRXQWDELOLW\RIDOOXVHGDQGXQXVHG
,03 ERWWOHV7KLVLQFOXGHVDFNQRZOHGJHPHQWRIUHFHLSWRIHDFKVKLSPHQWRI,03 TXDQWLW\
DQGFRQGLWLRQ
*6 DFFRXQWDELOLW\UHFRUGVZLOOEHSURYLGHGWRHDFKVWXG\VLWHWR

5HFRUGWKHGDWHUHFHLYHGDQGTXDQWLW\RI,03 ERWWOHV

5HFRUGWKHGDWHVXEMHFWQXPEHUVXEMHFWLQLWLDOVWKH,03 ERWWOH QXPEHUGLVSHQVHG

5HFRUGWKHGDWHTXDQWLW\RIXVHGDQGXQXVHG,03 UHWXUQHGDORQJZLWKWKHLQLWLDOVRIWKH
SHUVRQUHFRUGLQJWKHLQIRUPDWLRQ

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW 5HWXUQRU'LVSRVDO
$WWKHVLWHLQLWLDWLRQYLVLWRUILUVWPRQLWRULQJYLVLWWKHVWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\
FHQWHU¶V,03GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWHLQVWUXFWLRQIRUUHWXUQRU
GHVWUXFWLRQRIXQXVHG,03VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWH6WDQGDUG2SHUDWLQJ
3URFHGXUH623IRUGUXJGHVWUXFWLRQ DVUHYLHZHGDQGDSSURYHGE\*6,WKHVLWHPD\
GHVWUR\XVHGDQGXQXVHG,03VXSSOLHVSHUIRUPHGLQDFFRUGDQFHZLWKWKHVLWH¶V
KRVSLWDOSKDUPDF\623 DIWHUUHFRQFLOLDWLRQKDVEHHQFRPSOHWHGE\WKHVLWHPRQLWRU,IWKH
VLWHGRHVQRWKDYHDFFHSWDEOHSURFHGXUHVLQSODFHIRUGUXJGHVWUXFWLRQDUUDQJHPHQWVZLOOEH
PDGHEHWZHHQWKHVLWHDQG*6, RU*6, UHSUHVHQWDWLYHIRUUHWXUQRIXQXVHG,03VXSSOLHV$
FRS\RIWKHVLWH¶V623ZLOOEHREWDLQHGIRUFHQWUDOILOHV:KHUHSRVVLEOH,03ZLOOEH
GHVWUR\HGDWWKHVLWH
8SRQVWXG\FRPSOHWLRQDFRS\RIWKH,QYHVWLJDWLRQDO'UXJ$FFRXQWDELOLW\UHFRUGVPXVWEH
ILOHGDWWKHVLWH$QRWKHUFRS\ZLOOEHUHWXUQHGWR*6,,IGUXJLVGHVWUR\HGRQVLWHWKH
,QYHVWLJDWRUPXVWPDLQWDLQDFFXUDWHUHFRUGVIRUDOO,03GHVWUR\HG5HFRUGVPXVWVKRZWKH
LGHQWLILFDWLRQDQGTXDQWLW\RIHDFKXQLWGHVWUR\HGWKHPHWKRGRIGHVWUXFWLRQDQGSHUVRQZKR
GLVSRVHGRIWKHGUXJ$OO,03UHFRUGVPXVWEHPDLQWDLQHGDWWKHVLWHDQGFRSLHVPXVWEH
VXEPLWWHGWR*6,DWWKHHQGRIWKHVWXG\

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

678'<352&('85(6
$OO VWXG\SURFHGXUHVWREHFRPSOHWHG IRUHDFKVXEMHFWHQUROOHGLQWKHVWXG\ZLOOEHSHUIRUPHG
DVVXPPDUL]HGLQWKH6FKHGXOHRI$VVHVVPHQWV $SSHQGL[  DQGGHVFULEHGLQWKHIROORZLQJ
WH[W$GGLWLRQDOLQIRUPDWLRQLVSURYLGHGLQWKHVWXG\SURFHGXUHVPDQXDO
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO,QYHVWLJDWRUVPXVW GRFXPHQW DQ\
GHYLDWLRQRUGHSDUWXUHIURPSURWRFROSURFHGXUHVUHJDUGOHVVRIFDXVDOLW\ DQGQRWLI\WKH
VSRQVRURUFRQWUDFWUHVHDUFKRUJDQL]DWLRQ&52

6XEMHFW(QUROOPHQWDQG7UHDWPHQW$VVLJQPHQW

6FUHHQLQJ9LVLW 'D\
3RWHQWLDOVXEMHFWV ZKRZHUHQRWVFUHHQHGIRU569XSRQKRVSLWDODGPLVVLRQ ZLOOEH
DSSURDFKHGZLWKWKH569WHVWLQJLQIRUPHGFRQVHQW IRUP,&)IROORZHGE\WKHWUHDWPHQW
DUP,&)XSRQUHFHLSWRISRVLWLYH569UHVXOWV7KH3ULQFLSDO,QYHVWLJDWRURUDPHGLFDOO\
TXDOLILHG6XE,QYHVWLJDWRUHJ 0''2RUQXUVHSUDFWLWLRQHUPXVWUHYLHZDQGGLVFXVVWKH
VWXG\ZLWKHDFKVXEMHFWSULRUWRFRQVHQW$OOVFUHHQLQJDVVHVVPHQWVPXVWEHSHUIRUPHGZKLOH
WKHVXEMHFWLVKRVSLWDOL]HGDQGDIWHUREWDLQLQJZULWWHQFRQVHQW6KRXOGWKHIROORZLQJ
SURFHGXUHVEHSHUIRUPHGDVSDUWRIVWDQGDUGRIFDUHGXULQJDGPLVVLRQWRWKHKRVSLWDO DQG
ZLWKLQ KRXUVRIVFUHHQLQJWKHUHVXOWVPD\EHXVHGWRVXSSRUWVXEMHFWHOLJLELOLW\RUEDVHOLQH
VWDWXV

569WHVWLQJ

,QIOXHQ]DWHVWLQJ

(&*

+HPDWRORJ\DQGVHUXPFKHPLVWU\EORRGWHVWVWRLQFOXGH :%&ZLWKGLIIHUHQWLDO+JE
SODWHOHWV %81FUHDWLQLQH$67$/7DQGWRWDOELOLUXELQ

8ULQHSUHJQDQF\WHVWDVDSSOLFDEOH
1RSURFHGXUHVPD\EHSHUIRUPHGSULRUWRREWDLQLQJZULWWHQLQIRUPHGFRQVHQW$OO VFUHHQLQJ
ODEVDQGSURFHGXUHVZLOOEHSHUIRUPHGORFDOO\DQGUHVXOWVZLOOEHUHYLHZHGE\WKHLQYHVWLJDWRU
SULRUWR,03DGPLQLVWUDWLRQ6FUHHQLQJIRUDOOVXEMHFWVPXVWEHJLQQRPRUHWKDQ KRXUV
DIWHULQLWLDOKRVSLWDOL]DWLRQ
'D\ LVDPDQGDWRU\LQSDWLHQW KRVSLWDOYLVLW7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDW
6FUHHQLQJ

2EWDLQZULWWHQLQIRUPHGFRQVHQW0XVWEHSHUIRUPHGE\DVWXG\VWDIIPHPEHUZLWK
DSSURSULDWHPHGLFDOWUDLQLQJDQ0''2RUQXUVHSUDFWLWLRQHU

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

&ROOHFWLRQRIRUPRUHVSHFLPHQVIRU569 DQGLQIOXHQ]DWHVWLQJDWWKHORFDOODERUDWRU\

9LWDOVLJQVLQFOXGLQJ2 VDWXUDWLRQ

%ORRGVDPSOHFROOHFWLRQIRU ORFDO ODERUDWRU\DQDO\VHVXQOHVVUHVXOWVH[LVWIURPKRVSLWDO
DGPLVVLRQ
² +HPDWRORJ\
² 6HUXP&KHPLVWU\

8ULQHSUHJQDQF\WHVWLQZRPHQXQDEOHWRFRQILUPPHQRSDXVH K\VWHUHFWRP\ DQGRU
ELODWHUDORRSKRUHFWRP\

5HYLHZRIDOOFRQFRPLWDQWPHGLFDWLRQVDQGDQ\$(VRFFXUULQJDIWHUVLJQLQJRIWKH
FRQVHQWIRUP
6XEMHFWVPHHWLQJDOORIWKHLQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDZLOOEH
UDQGRPL]HG LQWRWKHVWXG\ 8QGHUWKHIROORZLQJFRQGLWLRQV6FUHHQLQJ DQG%DVHOLQH'D\ 
PD\RFFXURQWKHVDPHGD\

4XDOLWDWLYH569WHVWUHVXOWVDUHDYDLODEOHRQWKHVDPHGD\DVWHVWLQJRUSRVLWLYH569
UHVXOWVDUHDYDLODEOHIURPWKHFXUUHQW DGPLVVLRQ

$OORWKHUUHTXLUHGODEUHVXOWVDQGSURFHGXUHVDUHDYDLODEOHDQGVDWLVI\WKH
LQFOXVLRQH[FOXVLRQFULWHULD
)URPWKHWLPHRIFRQVHQWWKURXJKWKHILUVWDGPLQLVWUDWLRQRI,03UHFRUGDOO6$(VDVZHOODV
DQ\$(VDQGDOOFRQFRPLWDQWPHGLFDWLRQVLQWKHVXEMHFWVRXUFHDQGLQWKHHOHFWURQLFFDVH
UHSRUWIRUPH&5)6HH6HFWLRQ $GYHUVH(YHQWVDQG7R[LFLW\0DQDJHPHQWIRUDGGLWLRQDO
GHWDLOV

%DVHOLQH$VVHVVPHQWV 'D\
%DVHOLQH'D\ ZLOORFFXUZLWKLQKRXUVRIFRPSOHWLRQ RI6FUHHQLQJ7KLVYLVLWLVD
PDQGDWRU\KRVSLWDOYLVLW7KH IROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDQGGRFXPHQWHG RQ
'D\

4XHVWLRQQDLUHDVVHVVPHQWSULRUWR DOORWKHUVWXG\SURFHGXUHV
² )/8352
² &OLQLFDO)UDLOW\6FRUH

&ROOHFWLRQRIPHGLFDOKLVWRU\DQGGHPRJUDSKLFV

+HLJKWDQGZHLJKW

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

&ROOHFWLRQRIQDVDOVZDEVDPSOHIRUYLUDOORDGDQDO\VLV DWWKHFHQWUDOODE

&ROOHFWLRQRIQDVDOVZDERSSRVLWHQDULVIRUYLUDOFRLQIHFWLRQWHVWLQJDWWKHFHQWUDOODE

%ORRGVDPSOHFROOHFWLRQIRUFHQWUDOODERUDWRU\DQDO\VLV
² +HPDWRORJ\
² 6HUXP&KHPLVWU\
² %LRPDUNHU
² 6HUXP DQWLERG\WLWHU WR569

3UHGRVH(&*XQOHVVDUHFHQW(&*LVDYDLODEOHIURPWKHFXUUHQWKRVSLWDODGPLVVLRQ

2[\JHQVDWXUDWLRQ RQURRPDLU SUHGRVHRQO\

9LWDOVLJQV FROOHFWHGWRPLQXWHVSUHGRVH

5DQGRPL]DWLRQDVSHU6HFWLRQ

,03DGPLQLVWUDWLRQ

9LWDOVLJQVKHDUWUDWHDQGEORRGSUHVVXUHRQO\FROOHFWHGDQGPLQXWHVSRVWGRVH

3RVWGRVH(&*WDNHQKRXUV PLQXWHVSRVWGRVH

3.VDPSOLQJKRXUV PLQXWHVSRVWGRVH

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

5DQGRPL]DWLRQ DQG7UHDWPHQW$VVHVVPHQWV
5DQGRPL]DWLRQWR*6RUSODFHERZLOOEHEDVHGRQDUDQGRPL]DWLRQVFKHGXOHSUHSDUHG
E\*LOHDGDQGRUGHVLJQHHEHIRUHWKHVWDUWRIWKHVWXG\(OLJLEOHVXEMHFWVZLOOEHFHQWUDOO\
UDQGRPL]HGDW%DVHOLQH YLD,QWHUDFWLYH9RLFH:HE5HVSRQVH6\VWHP,;563ULRUWR
UDQGRPL]DWLRQHOLJLEOHVXEMHFWV ZLOO EHVWUDWLILHGE\ WKHIROORZLQJ

1RFKURQLFDLUZD\VRUOXQJGLVHDVH

&23'

$VWKPD

2WKHUFKURQLFDLUZD\VRUOXQJGLVHDVH
:LWKLQWKHVHVWUDWDVXEMHFWVZLOOEHUDQGRPL]HGLQDUDWLRWRUHFHLYHEOLQGHG*6RU
SODFHERWUHDWPHQW

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
6XEMHFWVZLOOUHFHLYHDVLQJOHGRVHRI PJIRXUPJ WDEOHWVRI*6RUPDWFKLQJ
SODFHERDW'D\$OO,03ZLOOEHDGPLQLVWHUHGZLWKZDWHUDIWHUWKHVXEMHFWKDVEHHQIDVWLQJ
IRUDPLQLPXPRIKRXUV6XEMHFWVZLOOUHPDLQ LQD IDVWLQJFRQGLWLRQIRUKRXUSRVWGRVH
7DEOHWVDUHQRWWREHFUXVKHGFKHZHGVSOLWRUGLVVROYHGDQGVKRXOGDOZD\VEHKDQGOHGZLWK
JORYHV
'D\%DVHOLQHWKURXJK'D\ZLOORFFXUHYHU\KRXUV KRXUV7KHUHZLOOEHQR
SURFHGXUHVSHUIRUPHGRQ'D\VDQG

'D\V DQG
7KHVHYLVLWVPD\EHFRQGXFWHGLQWKHKRVSLWDO RUFOLQLF
7KHIROORZLQJDVVHVVPHQWVZLOOEHSHUIRUPHGDQGGRFXPHQWHG DWWKHVHYLVLWV

)/83524XHVWLRQQDLUHDVVHVVPHQWSULRUWRDOORWKHUVWXG\SURFHGXUHV

9LWDOVLJQVLQFOXGLQJ2 VDWXUDWLRQ

&ROOHFWLRQRIQDVDOVZDEVDPSOH IRUDQDO\VLVDWWKHFHQWUDOODE

3.GUDZ'D\RQO\

%ORRGVDPSOHFROOHFWLRQIRUFHQWUDOODERUDWRU\DQDO\VLV'D\RQO\
² +HPDWRORJ\
² 6HUXP&KHPLVWU\

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

'D\
7KH'D\YLVLWPD\RFFXUDWWKHKRVSLWDO RUFOLQLF7KHIROORZLQJDVVHVVPHQWVZLOOEH
SHUIRUPHG

)/83524XHVWLRQQDLUHDVVHVVPHQWSULRUWRDOORWKHUVWXG\SURFHGXUHV

9LWDO6LJQVLQFOXGLQJ2 VDWXUDWLRQ

&ROOHFWLRQRIQDVDOVZDEVDPSOHIRU DQDO\VLVDWWKHFHQWUDOODE

%ORRGVDPSOHFROOHFWLRQ
² +HPDWRORJ\
² 6HUXP&KHPLVWU\

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
² %LRPDUNHU

3.GUDZ

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

'D\DQG'D\ GD\
7KH'D\DQG'D\ GD\YLVLWV PD\RFFXUDWWKHKRVSLWDO RUFOLQLF 7KHIROORZLQJ
DVVHVVPHQWVZLOOEHSHUIRUPHG

)/83524XHVWLRQQDLUHDVVHVVPHQWSULRUWRDOORWKHUVWXG\SURFHGXUHV

+HDOWKFDUH8WLOL]DWLRQDVVHVVPHQW

9LWDO6LJQVLQFOXGLQJ2 VDWXUDWLRQ

&ROOHFWLRQRIQDVDOVZDEVDPSOHIRU DQDO\VLVDWWKHFHQWUDOODE

%ORRGVDPSOHFROOHFWLRQ'D\ RQO\
² +HPDWRORJ\
² 6HUXP&KHPLVWU\
² 6HUXPDQWLERG\WLWHU WR569

6HUXPSUHJQDQF\WHVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDO'D\RQO\

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

'D\GD\V
7KLVYLVLWZLOORFFXUQRHDUOLHUWKDQ'D\DQGQRODWHUWKDQ'D\7KLVYLVLWPD\RFFXULQ
WKHKRVSLWDO RUFOLQLF7KHIROORZLQJDVVHVVPHQWVZLOOEHSHUIRUPHGDQGGRFXPHQWHGRQ
'D\ 

+HDOWKFDUH8WLOL]DWLRQ$VVHVVPHQW

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

$VVHVVPHQWVIRU3UHPDWXUH'LVFRQWLQXDWLRQIURP6WXG\
(YHU\DWWHPSWVKRXOGEHPDGHWRNHHSVXEMHFWV LQWKHVWXG\DQGWRSHUIRUPWKHUHTXLUHG
VWXG\UHODWHGDQGSURFHGXUHVIROORZXSVHH6HFWLRQV  WKURXJK,IWKLVLVQRWSRVVLEOH
RUDFFHSWDEOHWRWKHVXEMHFWRULQYHVWLJDWRUWKHVXEMHFWPD\EHZLWKGUDZQIURPWKHVWXG\
,IDVXEMHFWZLWKGUDZVHDUO\IURPWKHVWXG\ IRUDQ\UHDVRQ HYHU\DWWHPSWVKRXOGEHPDGHWR
EULQJWKHVXEMHFWEDFNIRUWKH'D\ DVVHVVPHQWVLIQRWDOUHDG\GRQH

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
5HDVRQVIRUSUHPDWXUHGLVFRQWLQXDWLRQIURPWKHVWXG\LQFOXGH

,QWHUFXUUHQWLOOQHVVWKDWZRXOGLQWKHMXGJPHQWRIWKHLQYHVWLJDWRUDIIHFWDVVHVVPHQWVRI
FOLQLFDOVWDWXVWRDVLJQLILFDQWGHJUHH

6XEMHFWUHTXHVWWRGLVFRQWLQXHIRUDQ\UHDVRQ

6XEMHFWQRQFRPSOLDQFH

3UHJQDQF\GXULQJWKHVWXG\UHIHUWR$SSHQGL[ 

'LVFRQWLQXDWLRQRIWKHVWXG\DWWKHUHTXHVWRI*LOHDGDUHJXODWRU\DJHQF\RUDQ
LQVWLWXWLRQDOUHYLHZERDUGRULQGHSHQGHQWHWKLFVFRPPLWWHH,5%,(&

$VVHVVPHQWVIRU8QVFKHGXOHG9LVLWV
6XEMHFWVZKRDUHUHWXUQWRWKHFOLQLF EHWZHHQVFKHGXOHGVWXG\YLVLWVZLOOKDYHDQXQVFKHGXOHG
YLVLWSHUIRUPHG7KHIROORZLQJSURFHGXUHV ZLOOEHSHUIRUPHGDWWKLVYLVLW
7KHIROORZLQJDVVHVVPHQWVZLOOEHSHUIRUPHGDQGGRFXPHQWHGDWWKHVHYLVLWV

)/83524XHVWLRQQDLUHDVVHVVPHQWSULRU WRDOORWKHUVWXG\SURFHGXUHV

9LWDOVLJQVLQFOXGLQJ2 VDWXUDWLRQ

&ROOHFWLRQRIQDVDOVZDEVDPSOHIRUDQDO\VLVDWWKHFHQWUDOODE

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

6WXG\$VVHVVPHQWV

1DVDO6ZDEVDQG9LURORJ\

6DPSOHV&ROOHFWHG
$W6FUHHQLQJXQOHVVGRFXPHQWDWLRQRIDSRVLWLYH569WHVWDQGDQHJDWLYHLQIOXHQ]DWHVW
H[LVWVZLWKLQWKHVXEMHFW¶VFXUUHQWDGPLVVLRQUHFRUGVVDPSOHVZLOOEH FROOHFWHGSHUORFDO
ODERUDWRU\VDPSOLQJSURFHGXUHVDQGDQDO\]HGIRU569DQGLQIOXHQ]DDVSHUWKHORFDO
ODERUDWRU\WHVWPHWKRGV,IWKHWHVWUHVXOWVDUHDYDLODEOHWKHVDPHGD\DVWKHVDPSOHVDUH
FROOHFWHGDVXEMHFWIRXQGSRVLWLYHIRU569DQGQHJDWLYHIRU IOXPD\SURJUHVVWR%DVHOLQH
'D\IRUVDPHGD\GRVLQJRI,03SURYLGHGWKDWDOOUHTXLUHGODEUHVXOWVDQGSURFHGXUHVDUH
DYDLODEOHDQGVDWLVI\WKHLQFOXVLRQH[FOXVLRQFULWHULD
1DVDOVDPSOHVZLOOEHREWDLQHGDWHDFKRIWKHIROORZLQJYLVLWVIRU569YLUDO ORDGDQDO\VLVDW
WKHFHQWUDOODERUDWRU\%DVHOLQHDQG'D\VDQG$QDGGLWLRQDOVDPSOHZLOOEH
FROOHFWHGIURPWKHRSSRVLWHQDULVDW%DVHOLQHIRUYLUDOFRLQIHFWLRQWHVWLQJDWWKHFHQWUDO
ODERUDWRU\

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
$OOQDVDOVZDEVDPSOHVIRUFHQWUDOODERUDWRU\DQDO\VLVZLOOEHSURFHVVHGSODFHGLQLQGLYLGXDO
WXEHVDQGVWRUHGVKLSSHGWRWKHFHQWUDOODERUDWRU\DVSHULQVWUXFWLRQVRXWOLQHGLQWKH
/DERUDWRU\0DQXDO

9LURORJ\ DQG 5HVLVWDQFH0RQLWRULQJ
7RDVVHVVWKHSRWHQWLDOIRUHPHUJHQFHRIUHVLVWDQFHWR*6SRSXODWLRQVHTXHQFLQJRIWKH
569)JHQHZLOOEHFRQGXFWHGRQ HYDOXDEOH QDVDOVZDE VDPSOHVFROOHFWHGIURP*6DQG
SODFHERWUHDWHG569LQIHFWHGSDWLHQWV DFFRUGLQJWRWKH5HVLVWDQFH$QDO\VLV3ODQ$Q\
PXWDWLRQLQWKH)JHQHLGHQWLILHGE\SRSXODWLRQVHTXHQFLQJLQ*6WUHDWHGVXEMHFWV
UHODWLYHWRWKHSUHWUHDWPHQWEDVHOLQHVHTXHQFHZLOOEHFKDUDFWHUL]HGSKHQRW\SLFDOO\IROORZLQJ
WKHLULQWURGXFWLRQLQWRZLOGW\SH569XVLQJDQHVWDEOLVKHGUHYHUVHJHQHWLFVV\VWHP7KH
VXVFHSWLELOLW\RIWKH)PXWDQWUHFRPELQDQWVWR*6ZLOOEHDVVHVVHGLQFHOOEDVHG
DQWLYLUDOVXVFHSWLELOLW\DVVD\VWRGHWHUPLQHZKHWKHUHDFKWUHDWPHQWHPHUJHQWPXWDWLRQ7(0
FRQIHUVUHGXFHGVXVFHSWLELOLW\WRWKHFRPSRXQG

3DWLHQW5HSRUWHG2XWFRPHV 4XHVWLRQQDLUHV 2WKHU$VVHVVPHQWV
&RSLHVRIWKH)/8352DQG&)6 PD\EHIRXQGLQWKH6WXG\0DQXDO,QIRUPDWLRQDQG
LQYHVWLJDWRULQVWUXFWLRQVUHTXLUHGWRFRPSOHWHWKH+HDOWKFDUH8WLOL]DWLRQ$VVHVVPHQWZLOODOVR
EHLQFOXGHGLQWKH6WXG\0DQXDO

)/8352
7KH)/8352 ZLOOEHDGPLQLVWHUHGDIWHUFRQVHQWDQGSULRUWRDOORWKHUVWXG\SURFHGXUHV7KH
)/8352 LVFXUUHQWO\EHLQJYDOLGDWHGIRUHYDOXDWLRQRIV\PSWRPVLQSDWLHQWVZKRDUH
LQIHFWHGZLWKLQIOXHQ]D7KHUHDUHQRYDOLGDWHGWRROVIRUHYDOXDWLRQRI569V\PSWRPVDQG
WKHUHLVVLJQLILFDQWRYHUODSEHWZHHQ569V\PSWRPVDQGLQIOXHQ]DV\PSWRPVWKLVWRROZLOO
EHXVHGWRDVVHVVFKDQJHLQ569V\PSWRPVLQWKLVVWXG\7KLVTXHVWLRQQDLUHZLOOEH
FRPSOHWHGDW%DVHOLQH'D\'D\VDQG ,WVKRXOGEHFRPSOHWHGEHIRUH
TXHVWLRQQDLUHVDQGDVVHVVPHQWVUHTXLULQJVWXG\SHUVRQQHOWRLQWHUYLHZRUFRQYHUVHZLWK
SDWLHQWVVXFKDVWKH&)6 RU+HDOWKFDUH8WLOL]DWLRQ$VVHVVPHQW

&OLQLFDO)UDLOW\6FRUH&)6
7KH&)6 LVDYDOLGDWHGVFDOHWKDWKDVEHHQGHPRQVWUDWHGWRSUHGLFWPRUWDOLW\LQHOGHUO\
SRSXODWLRQV7KH&)6 LVGHWHUPLQHGE\WKHLQYHVWLJDWRUWKURXJKLQWHUYLHZRIWKHVXEMHFW DQG
UHYLHZRI WKHVXEMHFW¶V PHGLFDOKLVWRU\7KHSULQFLSDOLQYHVWLJDWRU RUPHGLFDOO\TXDOLILHGVXE
LQYHVWLJDWRUHJ PHGLFDOGRFWRUGRFWRURIRVWHRSDWK\RUQXUVHSUDFWLWLRQHUPXVWDVVLJQD
VFRUHWRWKHVXEMHFW DQGUHFRUGWKHVFRUHLQWKHVXEMHFWVRXUFHDQGH&5)7KH&)6 ZLOOEH
HYDOXDWHGDW%DVHOLQHDIWHUVXEMHFWVFRPSOHWHWKH)/8352

+HDOWKFDUH8WLOL]DWLRQ$VVHVVPHQW
+HDOWKFDUHXWLOL]DWLRQSDWWHUQVDIWHUWKHVXEMHFWKDVEHHQHQUROOHGLQWRWKLVVWXG\ZLOOEH
HYDOXDWHGDW'D\VDQG  DIWHUVXEMHFWVFRPSOHWHDQ\ZULWWHQTXHVWLRQQDLUHV
+HDOWKFDUHXWLOL]DWLRQ DVVHVVPHQWVZLOOLQFOXGHWKH XVHRI,&8XVHRILQWHUPHGLDWHFDUH
IDFLOLWLHVRUQXUVLQJKRPHV QXPEHURIGD\VRQVXSSOHPHQWDO2 GXULQJWKHVWXG\ XVHRI

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
PHFKDQLFDOYHQWLODWLRQ DQGQXPEHURIVXEVHTXHQWXQSODQQHGFOLQLFYLVLWVHPHUJHQF\URRP
YLVLWVXUJHQWFDUHYLVLWVDQG UHKRVSLWDOL]DWLRQV IRUDQ\ UHVSLUDWRU\LOOQHVV
7KHVHDVVHVVPHQWVZLOOEHGHWHUPLQHGRQ'D\VDQG E\LQWHUYLHZLQJWKHVXEMHFWDQG
E\DVVHVVLQJLQIRUPDWLRQLQWKHVXEMHFW¶VPHGLFDOUHFRUGV5HVXOWVZLOOEHGRFXPHQWHGLQWKH
VXEMHFWVRXUFHGRFXPHQWVDQGH&5)7KHLQIRUPDWLRQFROOHFWHGIRUDVVHVVPHQWVZLOOEH
HQWHUHGLQWRWKHH&5)V\VWHP6RXUFHDQGH&5)IRUWKHVHDVVHVVPHQWVZLOOEHUHYLHZHGDQG
YHULILHGE\WKHVLWHPRQLWRU2WKHUKHDOWKFDUHXWLOL]DWLRQDVVHVVPHQWVVXFKDVOHQJWKRIVWD\
LQWKHKRVSLWDODQGGHDWKZLOOEHFROOHFWHGDVSDUWRIDGYHUVHHYHQWVDIHW\DVVHVVPHQWV
7KH+HDOWKFDUH8WLOL]DWLRQ$VVHVVPHQWZLOOEHFRPSOHWHGDIWHUVXEMHFWVFRPSOHWHDOORWKHU
TXHVWLRQQDLUHVHJ )/8352 8QSODQQHGYLVLWVIRUWKHSXUSRVHRIWKLVDVVHVVPHQWZLOOEH
GHILQHGDVDQ\YLVLWWRDFOLQLFGXHWRWKHFRQWLQXDWLRQRUZRUVHQLQJRIUHVSLUDWRU\V\PSWRPV
VLPLODUWRWKRVHIRUZKLFKWKHKRVSLWDODGPLVVLRQRFFXUUHG

9LWDO6LJQV
7KLVDVVHVVPHQWZLOO LQFOXGHWHPSHUDWXUHKHDUWUDWHUHVSLUDWRU\UDWH DQGEORRGSUHVVXUH
7KHVXEMHFWLVUHTXLUHGWRVLWTXLHWO\ IRUDSSUR[LPDWHO\PLQXWHVSULRUWRREWDLQLQJ96$W
%DVHOLQH 96ZLOOEHREWDLQHGPLQXWHVSULRUWRGRVLQJ,03DQGDWPLQXWHVDQG
 PLQXWHVSRVWGRVH2 VDWXUDWLRQLVSDUWRI96DQGZLOOEHPHDVXUHGDVVSHFLILHGE\WKH
SURWRFRO 9LWDOVLJQVZLOOEHFROOHFWHGDW6FUHHQLQJ%DVHOLQH'D\DQG'D\V DQG


2[\JHQ6DWXUDWLRQ
2[\JHQ2 VDWXUDWLRQZLOOEHUHFRUGHGZKLOHEUHDWKLQJURRPDLUHYHQLIWKHVXEMHFWLV
GHSHQGHQWRQ2 VXSSOHPHQWDWLRQ,IWKHVXEMHFWLVUHFHLYLQJVXSSOHPHQWDO2WKH2 VRXUFH
ZLOOEHUHPRYHGIRUDSHULRGRIVHFRQGVSULRUWRWKLVDVVHVVPHQW 7KH2VDWXUDWLRQZLOO EH
GRFXPHQWHGLQWKHVRXUFHDWUHJXODULQWHUYDOVDSSUR[LPDWHO\HYHU\VHFRQGVGXULQJWKH
PLQXWHWHVWLQJSHULRG2 VDWXUDWLRQHYDOXDWLRQZLOOEHFRQVLGHUHGFRPSOHWHZKHQWKH
PLQXWHSHULRGKDVHODSVHGRUZKHQWKHVXEMHFWDFKLHYHVDVDWXUDWLRQRIZKLFKHYHULV
DFKLHYHGILUVW7KH ORZHVW2VDWXUDWLRQ UHFRUGHGRYHUWKHPLQXWHLQWHUYDO ZLOO EHFDSWXUHG
LQWKHH&5) 2 VDWXUDWLRQZLOOEHFROOHFWHGDW6FUHHQLQJ%DVHOLQH'D\DQG'D\V 
DQG

(OHFWURFDUGLRJUDP(&*
$W%DVHOLQHDSUHGRVH(&*ZLOOEHSHUIRUPHG RQWKHORFDOKRVSLWDOHTXLSPHQWXQOHVVDQ
(&*LVDYDLODEOHIURPWKHFXUUHQWDGPLVVLRQUHFRUGV $VHFRQG(&*ZLOODOVREHREWDLQHG
DSSUR[LPDWHO\KRXUV PLQXWHVSRVWGRVH

6DIHW\/DEV
:KHQDYDLODEOHWKHPRVWUHFHQWODERUDWRU\YDOXHVIURPWKHFXUUHQWKRVSLWDOL]DWLRQZLOOEH
XVHGIRUHOLJLELOLW\DVVHVVPHQW,IDQH[LVWLQJODERUDWRU\YDOXHLV QRWDYDLODEOHIRUHOLJLELOLW\
DVVHVVPHQWWKHWHVWZLOOEHSHUIRUPHGXVLQJWKHORFDOKRVSLWDOODERUDWRU\$OOWHVWLQJRI

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
VDPSOHVREWDLQHGDIWHUUDQGRPL]DWLRQZLOOEHSHUIRUPHGDWDFHQWUDOODERUDWRU\VHOHFWHGE\
*6,
7HVWLQJRIEORRGVSHFLPHQVZLOOLQFOXGH:%&ZLWKGLIIHUHQWLDO+JESODWHOHWV %81
FUHDWLQLQH $67$/7DQGWRWDOELOLUXELQDW6FUHHQLQJ%DVHOLQH SUHGRVH'D\V DQG

8ULQHSUHJQDQF\WHVWVZLOORFFXUIRUDOOIHPDOHVRIFKLOGEHDULQJSRWHQWLDODW6FUHHQLQJ
IROORZHGE\DVHUXPSUHJQDQF\WHVWRQ'D\

3ODVPD3.
%ORRGZLOOEHGUDZQIRU3.DW%DVHOLQH DSSUR[LPDWHO\KRXUV PLQXWHV7PD[DIWHU
,03DGPLQLVWUDWLRQ$GGLWLRQDO 3.VDPSOHVZLOOEHGUDZQ DQ\WLPHRQ'D\VDQG

%LRPDUNHUV
6HUXPIRUELRPDUNHUVZLOOEHFROOHFWHGIURPDOOVXEMHFWVDW%DVHOLQHSUHGRVHDQG'D\ 
6HUXPZLOOEHFROOHFWHGWRPHDVXUHDQWLERG\WLWHUVWR569 DW%DVHOLQHSUHGRVHDQG'D\
%LRPDUNHUVRILQIODPPDWLRQ SURFDOFLWRQLQDQGKRVWUHVSRQVHHJ ,3&53HWFPD\EH
PHDVXUHG
$OOVZDEVDPSOHVZLOOEHUHWDLQHGIRUELRPDUNHUWHVWLQJ DQGRUDGGLWLRQDOYLUDODQDO\VLV

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQV RI$GYHUVH(YHQWV$GYHUVH5HDFWLRQV DQG6HULRXV$GYHUVH
(YHQWV

$GYHUVH(YHQWV
$QDGYHUVHHYHQW$(LVDQ\XQWRZDUGPHGLFDORFFXUUHQFHLQDFOLQLFDOVWXG\VXEMHFW
DGPLQLVWHUHGDSKDUPDFHXWLFDOSURGXFW ZKLFKGRHVQRWQHFHVVDULO\KDYHDFDXVDOUHODWLRQVKLS
ZLWKWKH WUHDWPHQW$Q$(FDQWKHUHIRUHEHDQ\XQIDYRUDEOHDQGRU XQLQWHQGHGVLJQ
V\PSWRPRUGLVHDVHWHPSRUDOO\DVVRFLDWHGZLWKWKHXVHRIDPHGLFLQDOSURGXFWZKHWKHURU
QRWFRQVLGHUHGUHODWHGWRWKHPHGLFLQDOSURGXFW $(VPD\DOVRLQFOXGHSUH RUSRVWWUHDWPHQW
FRPSOLFDWLRQVWKDWRFFXUDVDUHVXOWRISURWRFROVSHFLILHG SURFHGXUHVODFNRIHIILFDF\
RYHUGRVH GUXJDEXVHPLVXVHUHSRUWVRURFFXSDWLRQDOH[SRVXUH 3UHH[LVWLQJHYHQWVWKDW
LQFUHDVHLQVHYHULW\RUFKDQJHLQQDWXUHGXULQJRUDVDFRQVHTXHQFHRISDUWLFLSDWLRQLQWKH
FOLQLFDOVWXG\ZLOODOVREHFRQVLGHUHG$(V
$Q$(GRHVQRWLQFOXGHWKHIROORZLQJ

0HGLFDORUVXUJLFDOSURFHGXUHVVXFKDV VXUJHU\HQGRVFRS\ WRRWKH[WUDFWLRQ DQG
WUDQVIXVLRQ 7KHFRQGLWLRQWKDWOHG WRWKHSURFHGXUHPD\EHDQ$( DQGPXVWEHUHSRUWHG

3UHH[LVWLQJGLVHDVHV FRQGLWLRQV RUODERUDWRU\DEQRUPDOLWLHVSUHVHQWRUGHWHFWHGEHIRUH
WKHVFUHHQLQJYLVLWWKDW GR QRWZRUVHQ

6LWXDWLRQVZKHUHDQXQWRZDUGPHGLFDORFFXUUHQFHKDVQRWRFFXUUHGHJ KRVSLWDOL]DWLRQ
IRUHOHFWLYHVXUJHU\VRFLDO DQGRUFRQYHQLHQFHDGPLVVLRQV

2YHUGRVHZLWKRXWFOLQLFDOVHTXHODH

$Q\PHGLFDOFRQGLWLRQRUFOLQLFDOO\VLJQLILFDQWODERUDWRU\DEQRUPDOLW\ZLWKDQRQVHWGDWH
EHIRUHWKHFRQVHQWIRUPLVVLJQHGDQGQRWUHODWHGWRDSURWRFRODVVRFLDWHGSURFHGXUHLVQRW
DQ$(,WLVFRQVLGHUHGWREHSUHH[LVWLQJDQGVKRXOGEHGRFXPHQWHGRQWKHPHGLFDO
KLVWRU\&5)

6HULRXV$GYHUVH(YHQWV
$VHULRXVDGYHUVHHYHQW 6$(LVGHILQHGDVDQ HYHQWWKDWDWDQ\GRVHUHVXOWVLQWKH
IROORZLQJ

'HDWK

/LIHWKUHDWHQLQJ 1RWH7KHWHUP³OLIHWKUHDWHQLQJ´LQWKHGHILQLWLRQRI³VHULRXV´UHIHUVWR
DQHYHQWLQZKLFKWKHVXEMHFWZDVDWULVNRIGHDWKDWWKHWLPHRIWKHHYHQWLWGRHVQRWUHIHU
WRDQHYHQWWKDWK\SRWKHWLFDOO\PLJKWKDYHFDXVHGGHDWKLILWZHUHPRUHVHYHUH

,QSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

3HUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\

$FRQJHQLWDODQRPDO\ELUWKGHIHFW

$PHGLFDOO\LPSRUWDQW HYHQW RUUHDFWLRQVXFKHYHQWVPD\QRWEHLPPHGLDWHO\
OLIHWKUHDWHQLQJRUUHVXOWLQGHDWKRUKRVSLWDOL]DWLRQEXWPD\MHRSDUGL]HWKHVXEMHFW RUPD\
UHTXLUHLQWHUYHQWLRQWRSUHYHQWRQHRIWKHRWKHURXWFRPHVFRQVWLWXWLQJ6$(V0HGLFDODQG
VFLHQWLILFMXGJPHQWPXVW EHH[HUFLVHGWRGHWHUPLQH ZKHWKHUVXFKDQHYHQWLVD UHSRUWDEOH
XQGHUH[SHGLWHGUHSRUWLQJUXOHV([DPSOHVRIPHGLFDOO\LPSRUWDQWHYHQWVLQFOXGH
LQWHQVLYHWUHDWPHQWLQDQHPHUJHQF\URRPRUDWKRPHIRUDOOHUJLFEURQFKRVSDVPEORRG
G\VFUDVLDVRUFRQYXOVLRQVWKDWGRQRWUHVXOWLQKRVSLWDOL]DWLRQDQG GHYHORSPHQWRIGUXJ
GHSHQGHQF\RUGUXJDEXVH)RUWKHDYRLGDQFHRIGRXEWLQIHFWLRQVUHVXOWLQJIURP
FRQWDPLQDWHGPHGLFLQDOSURGXFWZLOOEHFRQVLGHUHGDPHGLFDOO\LPSRUWDQWHYHQWDQG
VXEMHFWWRH[SHGLWHGUHSRUWLQJUHTXLUHPHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV
/DERUDWRU\DEQRUPDOLWLHVZLWKRXWFOLQLFDOVLJQLILFDQFHDUHQRWUHFRUGHGDV$(VRU6$(V
+RZHYHUODERUDWRU\DEQRUPDOLWLHVHJ FOLQLFDOFKHPLVWU\KHPDWRORJ\HWFWKDWUHTXLUH
PHGLFDORUVXUJLFDOLQWHUYHQWLRQRUOHDGWR,03LQWHUUXSWLRQPRGLILFDWLRQRUGLVFRQWLQXDWLRQ
PXVWEHUHFRUGHGDVDQ$(DVZHOODVDQ6$(LIDSSOLFDEOH,QDGGLWLRQODERUDWRU\RURWKHU
DEQRUPDODVVHVVPHQWVHJ HOHFWURFDUGLRJUDP[UD\VYLWDOVLJQVHWFWKDWDUHDVVRFLDWHG
ZLWKVLJQVDQGRUV\PSWRPVPXVWEHUHFRUGHGDVDQ$(RU6$( LIWKH\PHHWWKHGHILQLWLRQRI
DQ$(RU6$(DVGHVFULEHGLQ6HFWLRQV  DQG  ,IWKHODERUDWRU\DEQRUPDOLW\LVSDUW
RIDV\QGURPHUHFRUGWKHV\QGURPHRUGLDJQRVLVHJDQHPLDQRWWKHODERUDWRU\UHVXOW
LH GHFUHDVHGKHPRJORELQ
)RUVSHFLILFLQIRUPDWLRQRQKDQGOLQJRIFOLQLFDOODERUDWRU\DEQRUPDOLWLHVLQWKLVVWXG\SOHDVH
UHIHUWR6HFWLRQ

$VVHVVPHQWRI$GYHUVH(YHQWV DQG6HULRXV$GYHUVH(YHQWV
7KHLQYHVWLJDWRURUPHGLFDOO\TXDOLILHGVXELQYHVWLJDWRU LVUHVSRQVLEOHIRUDVVHVVLQJ$(VDQG
6$(VIRUFDXVDOLW\DQGVHYHULW\DQGIRUILQDOUHYLHZDQGFRQILUPDWLRQRIDFFXUDF\RIHYHQW
LQIRUPDWLRQDQGDVVHVVPHQWV

$VVHVVPHQWRI&DXVDOLW\IRU6WXG\'UXJVDQG3URFHGXUHV
7KHLQYHVWLJDWRURUPHGLFDOO\TXDOLILHGVXELQYHVWLJDWRULVUHVSRQVLEOHIRUDVVHVVLQJWKH
UHODWLRQVKLSWR,03 WKHUDS\XVLQJFOLQLFDOMXGJPHQWDQGWKHIROORZLQJFRQVLGHUDWLRQV

1R(YLGHQFHH[LVWVWKDWWKH$( KDVDQHWLRORJ\RWKHUWKDQWKH,03)RU6$(VDQ
DOWHUQDWLYHFDXVDOLW\PXVWEHSURYLGHGHJSUHH[LVWLQJFRQGLWLRQXQGHUO\LQJGLVHDVH
LQWHUFXUUHQWLOOQHVVRUFRQFRPLWDQWPHGLFDWLRQ

<HV 7KHUHLVUHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYHEHHQFDXVHGE\WKH
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
,WVKRXOGEHHPSKDVL]HGWKDWLQHIIHFWLYHWUHDWPHQWVKRXOGQRWEHFRQVLGHUHGDVFDXVDOO\
UHODWHGLQWKHFRQWH[WRI$( UHSRUWLQJ
7KHUHODWLRQVKLSWRVWXG\SURFHGXUHVHJLQYDVLYHSURFHGXUHVVXFKDVYHQLSXQFWXUHRU
ELRSV\VKRXOGEHDVVHVVHGXVLQJWKHIROORZLQJFRQVLGHUDWLRQV

1R(YLGHQFHH[LVWVWKDWWKH$( KDVDQHWLRORJ\RWKHUWKDQWKHVWXG\SURFHGXUH

<HV 7KH$( RFFXUUHGDVDUHVXOWRISURWRFROSURFHGXUHV HJ YHQLSXQFWXUH

$VVHVVPHQWRI6HYHULW\
6HYHULW\VKRXOGEHUHFRUGHGDQGJUDGHGDFFRUGLQJWRWKH*6,*UDGLQJ6FDOHIRU6HYHULW\RI
$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV$SSHQGL[ )RU$(VRU6$(VDVVRFLDWHGZLWK
ODERUDWRU\DEQRUPDOLWLHVWKHHYHQWVKRXOGEHJUDGHGRQWKHEDVLVRIWKHFOLQLFDOVHYHULW\LQ
WKHFRQWH[WRIWKHXQGHUO\LQJFRQGLWLRQVWKLVPD\RUPD\QRWEHLQDJUHHPHQWZLWKWKH
JUDGLQJRIWKHODERUDWRU\DEQRUPDOLW\

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH
(YHQWVDQG6HULRXV$GYHUVH(YHQWVWR*LOHDG
$OO6$(VUHJDUGOHVVRIFDXVHRUUHODWLRQVKLSWKDWRFFXUDIWHUWKHVXEMHFWILUVWFRQVHQWVWR
SDUWLFLSDWHLQWKHVWXG\LHVLJQLQJWKHLQIRUPHGFRQVHQWDQGWKURXJKRXW WKHGXUDWLRQRIWKH
VWXG\LQFOXGLQJWKHSURWRFROUHTXLUHGSRVWWUHDWPHQW IROORZXSSHULRGPXVWEHUHSRUWHGWR
WKH&5)H&5)GDWDEDVHDQG*LOHDG'UXJ6DIHW\DQG3XEOLF+HDOWK'63+DVLQVWUXFWHG
7KLVDOVRLQFOXGHVDQ\6$(VUHVXOWLQJIURPSURWRFRODVVRFLDWHGSURFHGXUHVSHUIRUPHGIURP
VFUHHQLQJRQZDUGV

$OO$(VUHJDUGOHVVRIFDXVHRUUHODWLRQVKLSWKDWRFFXUIURPLQLWLDWLRQRIVWXG\
PHGLFDWLRQXQWLOZHHNVDIWHUODVWDGPLQLVWUDWLRQRIVWXG\,03PXVWEHUHSRUWHGWRWKH
&5)H&5)GDWDEDVHDVLQVWUXFWHG

$Q\6$(VDQGGHDWKVWKDWRFFXUDIWHUWKHSRVWWUHDWPHQW IROORZXSYLVLWEXWZLWKLQ
 GD\VRIWKHGRVHRIVWXG\,03UHJDUGOHVVRIFDXVDOLW\VKRXOGDOVREHUHSRUWHG

$OO$(VVKRXOGEHIROORZHGXSXQWLOUHVROXWLRQLISRVVLEOH,IE\WKHODVWGD\RQVWXG\
LQFOXGLQJWKHRIIVWXG\PHGLFDWLRQIROORZXSSHULRGWKH$(KDVQRWUHVROYHGWKHQWKH
$(ZLOOEHIROORZHGXSXQWLOWKHLQYHVWLJDWRUDQGRU*LOHDG6FLHQFHVGHWHUPLQHWKDWWKH
VXEMHFW
VFRQGLWLRQLVVWDEOH+RZHYHU*LOHDG6FLHQFHVPD\UHTXHVWWKDWFHUWDLQ$(VEH
IROORZHGXQWLOUHVROXWLRQ

,QYHVWLJDWRUVDUHQRWREOLJDWHGWRDFWLYHO\VHHN6$(VDIWHU WKH GD\ SHULRG+RZHYHULI
WKHLQYHVWLJDWRUOHDUQVRIDQ\6$(VWKDWRFFXUDIWHUVWXG\SDUWLFLSDWLRQKDVFRQFOXGHGDQG
WKHHYHQWLVGHHPHGUHOHYDQWWRWKHXVHRI,03KHVKHVKRXOGSURPSWO\GRFXPHQWDQG
UHSRUWWKHHYHQWWR*LOHDG'63+

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

$OO$(VDQG6$(VZLOOEH UHFRUGHGLQWKH&5)H&5)GDWDEDVHZLWKLQWKHWLPHOLQHV
RXWOLQHGLQWKH&5)H&5)FRPSOHWLRQJXLGHOLQH

$WWKHWLPHRIVWXG\VWDUW6$(VZLOOEHUHSRUWHGXVLQJDSDSHU6$( UHSRUWLQJIRUP
'XULQJWKHVWXG\FRQGXFW VLWHVPD\WUDQVLWLRQWRDQHOHFWURQLF6$( H6$(V\VWHP
*LOHDGZLOOQRWLI\VLWHVLQZULWLQJDQGSURYLGHWUDLQLQJDQGDFFRXQWLQIRUPDWLRQSULRUWR
LPSOHPHQWLQJDQH6$(V\VWHP
6HULRXV$GYHUVH(YHQW 3DSHU5HSRUWLQJ3URFHVV

$OO6$(VZLOOEHUHFRUGHGRQWKH6$( UHSRUWIRUPDQG VXEPLWWHGE\ID[LQJWKHUHSRUW
IRUPZLWKLQ KRXUVRIWKHLQYHVWLJDWRU¶VNQRZOHGJHRIWKHHYHQW WRWKHDWWHQWLRQRI
*LOHDG'63+ *LOHDG'63+)RVWHU&LW\FRQWDFWLQIRUPDWLRQLVDVIROORZV(PDLO
6DIHW\B)&#JLOHDGFRP)D[

6LWHSHUVRQQHOUHFRUGDOO6$(GDWDLQWKHH&5)GDWDEDVHDQGIURPWKHUHWUDQVPLWWKH6$(
LQIRUPDWLRQWR*LOHDG'63+ZLWKLQKRXUVRIWKHLQYHVWLJDWRU¶VNQRZOHGJHRIWKH
HYHQW'HWDLOHGLQVWUXFWLRQVFDQEHIRXQGLQWKHH&5)FRPSOHWLRQJXLGHOLQHV

,IIRUDQ\UHDVRQLWLVQRWSRVVLEOHWRUHFRUGWKH6$(LQIRUPDWLRQHOHFWURQLFDOO\LHWKH
H&5)GDWDEDVHLVQRWIXQFWLRQLQJUHFRUGWKH6$(RQWKHSDSHUVHULRXVDGYHUVHHYHQW
UHSRUWLQJIRUPDQGVXEPLWZLWKLQKRXUVDVGHVFULEHGDERYH

$VVRRQDVLWLVSRVVLEOHWRGRVRDQ\6$(UHSRUWHGYLDSDSHUPXVWEHWUDQVFULEHGLQWRWKH
H&5)'DWDEDVHDFFRUGLQJWRLQVWUXFWLRQVLQWKHH&5)FRPSOHWLRQJXLGHOLQHV

,IDQ6$(KDVEHHQUHSRUWHGYLDDSDSHUIRUPEHFDXVHWKHH&5)GDWDEDVHKDVEHHQ
ORFNHGQRIXUWKHUDFWLRQLVQHFHVVDU\

$OO$(VDQG6$(VZLOOEH UHFRUGHGLQWKHH&5)GDWDEDVHZLWKLQWKHWLPHOLQHVRXWOLQHGLQ
WKHH&5)FRPSOHWLRQJXLGHOLQH
(OHFWURQLF6HULRXV$GYHUVH(YHQWH6$(5HSRUWLQJ3URFHVV

6LWHSHUVRQQHOUHFRUGDOO6$(GDWDLQWKHH&5)GDWDEDVHDQGIURPWKHUHWUDQVPLWWKH6$(
LQIRUPDWLRQWR*LOHDG'63+ZLWKLQKRXUVRIWKHLQYHVWLJDWRU¶VNQRZOHGJHRIWKH
HYHQW'HWDLOHGLQVWUXFWLRQVFDQEHIRXQGLQWKHH&5)FRPSOHWLRQJXLGHOLQHV

,IIRUDQ\UHDVRQLWLVQRWSRVVLEOHWRUHFRUGWKH6$(LQIRUPDWLRQHOHFWURQLFDOO\LHWKH
H&5)GDWDEDVHLVQRWIXQFWLRQLQJUHFRUGWKH6$(RQWKHSDSHU6$( UHSRUWLQJIRUPDQG
VXEPLWZLWKLQKRXUVWR (PDLO6DIHW\B)&#JLOHDGFRP)D[ 

$VVRRQDVLWLVSRVVLEOHWRGRVRDQ\6$(UHSRUWHGYLDSDSHUPXVWEHWUDQVFULEHGLQWRWKH
H&5)'DWDEDVHDFFRUGLQJWRLQVWUXFWLRQVLQWKHH&5)FRPSOHWLRQJXLGHOLQHV

,IDQ6$(KDVEHHQUHSRUWHGYLDDSDSHUIRUPEHFDXVHWKHH&5)GDWDEDVHKDVEHHQ
ORFNHGQRIXUWKHUDFWLRQLVQHFHVVDU\

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

$OO$(VDQG6$(VZLOOEH UHFRUGHGLQWKH&5)H&5)GDWDEDVHZLWKLQWKHWLPHOLQHV
RXWOLQHGLQWKH&5)H&5)FRPSOHWLRQJXLGHOLQH

6LWHSHUVRQQHOUHFRUGDOO6$(GDWDLQWKHH&5)GDWDEDVHDQGIURPWKHUHWUDQVPLWWKH6$(
LQIRUPDWLRQWR*LOHDG'63+ZLWKLQKRXUVRIWKHLQYHVWLJDWRU¶VNQRZOHGJHRIWKH
HYHQW'HWDLOHGLQVWUXFWLRQVFDQEHIRXQGLQWKHH&5)FRPSOHWLRQJXLGHOLQHV

,IIRUDQ\UHDVRQLWLVQRWSRVVLEOHWRUHFRUGWKH6$(LQIRUPDWLRQHOHFWURQLFDOO\LHWKH
H&5)GDWDEDVHLVQRWIXQFWLRQLQJUHFRUGWKH6$(RQWKHSDSHU6$(UHSRUWLQJIRUPDQG
VXEPLWZLWKLQKRXUVDVGHVFULEHGDERYH

$VVRRQDVLWLVSRVVLEOHWRGRVRDQ\6$(UHSRUWHGYLDSDSHUPXVWEHWUDQVFULEHGLQWRWKH
H&5)'DWDEDVHDFFRUGLQJWRLQVWUXFWLRQVLQWKHH&5)FRPSOHWLRQJXLGHOLQHV

,IDQ6$(KDVEHHQUHSRUWHGYLDDSDSHUIRUPEHFDXVHWKHH&5)GDWDEDVHKDVEHHQ
ORFNHGQRIXUWKHUDFWLRQLVQHFHVVDU\

)RUIDWDORUOLIHWKUHDWHQLQJHYHQWVFRSLHVRIKRVSLWDOFDVHUHSRUWVDXWRSV\UHSRUWVDQG
RWKHUGRFXPHQWVDUHDOVR WREHVXEPLWWHGE\ HPDLORUID[ZKHQUHTXHVWHGDQGDSSOLFDEOH
7UDQVPLVVLRQRIVXFKGRFXPHQWVVKRXOGRFFXUZLWKRXWSHUVRQDOVXEMHFWLGHQWLILFDWLRQ
PDLQWDLQLQJ WKHWUDFHDELOLW\RIDGRFXPHQWWRWKHVXEMHFWLGHQWLILHUV

$GGLWLRQDOLQIRUPDWLRQPD\EHUHTXHVWHGWRHQVXUHWKHWLPHO\FRPSOHWLRQRIDFFXUDWH
VDIHW\UHSRUWV

$Q\PHGLFDWLRQVQHFHVVDU\IRUWUHDWPHQWRIWKH6$(PXVWEHUHFRUGHGRQWRWKH
FRQFRPLWDQWPHGLFDWLRQVHFWLRQRIWKHVXEMHFW¶V&5)H&5)DQGWKHHYHQWGHVFULSWLRQ
VHFWLRQRIWKH6$(IRUP

*LOHDG5HSRUWLQJ5HTXLUHPHQWV
'HSHQGLQJRQUHOHYDQWORFDOOHJLVODWLRQRUUHJXODWLRQVLQFOXGLQJWKHDSSOLFDEOH86)'$
&RGHRI)HGHUDO5HJXODWLRQVWKH(8 &OLQLFDO7ULDOV'LUHFWLYH(&DQGUHOHYDQW
XSGDWHVDQGRWKHUFRXQWU\VSHFLILFOHJLVODWLRQRUUHJXODWLRQV*LOHDGPD\EH UHTXLUHGWR
H[SHGLWHWRZRUOGZLGHUHJXODWRU\DJHQFLHV UHSRUWVRI6$(VVHULRXVDGYHUVHGUXJUHDFWLRQV
6$'5V RUVXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V ,QDFFRUGDQFHZLWK
WKH(8&OLQLFDO7ULDOV'LUHFWLYH(&*LOHDGRUDVSHFLILHGGHVLJQHHZLOOQRWLI\
ZRUOGZLGHUHJXODWRU\DJHQFLHV DQGWKHUHOHYDQW ,QGHSHQGHQW(WKLFV&RPPLWWHH,(& LQ
FRQFHUQHG0HPEHU6WDWHVRIDSSOLFDEOH686$5V DVRXWOLQHGLQFXUUHQWUHJXODWLRQV
$VVHVVPHQWRIH[SHFWHGQHVVIRU 6$(VZLOOEHGHWHUPLQHGE\*LOHDGXVLQJUHIHUHQFHVDIHW\
LQIRUPDWLRQVSHFLILHGLQWKHLQYHVWLJDWRU¶VEURFKXUH RUUHOHYDQWORFDOODEHODVDSSOLFDEOH
$OOLQYHVWLJDWRUVZLOOUHFHLYHDVDIHW\OHWWHUQRWLI\LQJWKHPRIUHOHYDQW686$5UHSRUWV7KH
LQYHVWLJDWRUVKRXOGQRWLI\WKH,5%RU,(&RI686$5UHSRUWVDVVRRQDVLVSUDFWLFDOZKHUH
WKLVLVUHTXLUHGE\ORFDOUHJXODWRU\DJHQFLHVDQGLQDFFRUGDQFHZLWKWKHORFDOLQVWLWXWLRQDO
SROLF\

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

7R[LFLW\0DQDJHPHQW
$OOFOLQLFDODQGFOLQLFDOO\VLJQLILFDQWODERUDWRU\WR[LFLWLHVZLOOEHPDQDJHGDFFRUGLQJWR
XQLIRUPJXLGHOLQHVGHWDLOHGLQ$SSHQGL[ 
&OLQLFDOHYHQWVDQGFOLQLFDOO\VLJQLILFDQWODERUDWRU\DEQRUPDOLWLHVZLOOEHJUDGHGDFFRUGLQJWR
WKH7DEOHIRU*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\
$EQRUPDOLWLHV $SSHQGL[ 
$Q\TXHVWLRQVUHJDUGLQJWR[LFLW\PDQDJHPHQWVKRXOGEHGLUHFWHGWRWKH*LOHDG 6FLHQFHV
0HGLFDO0RQLWRU

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV
6SHFLDOVLWXDWLRQUHSRUWVLQFOXGHDOOUHSRUWVRIPHGLFDWLRQHUURUDEXVHPLVXVHRYHUGRVH DQG
SUHJQDQF\UHSRUWVUHJDUGOHVVRIDQ DVVRFLDWHG$($OVRLQFOXGHVUHSRUWVRI DGYHUVHUHDFWLRQV
LQLQIDQWVIROORZLQJH[SRVXUHIURPEUHDVWIHHGLQJ DQG UHSRUWVRI DGYHUVHUHDFWLRQVDVVRFLDWHG
ZLWKSURGXFWFRPSODLQWV
$SUHJQDQF\UHSRUWLVXVHGWRUHSRUWDQ\SUHJQDQF\ IROORZLQJPDWHUQDORUSDWHUQDOH[SRVXUH
WRWKH PHGLFLQDO SURGXFW
0HGLFDWLRQHUURULVDQ\XQLQWHQWLRQDOHUURULQWKHSUHVFULELQJGLVSHQVLQJ RUDGPLQLVWUDWLRQ
RIDPHGLFLQDOSURGXFWZKLOHLQWKHFRQWURORIWKHKHDOWKFDUHSURYLGHUVXEMHFW RUFRQVXPHU
$EXVHLVGHILQHGDVSHUVLVWHQWRUVSRUDGLFLQWHQWLRQDOH[FHVVLYHXVHRIDPHGLFLQDOSURGXFWE\
DVXEMHFW
0LVXVHLVGHILQHGDVDQ\LQWHQWLRQDORULQDSSURSULDWHXVH RIDPHGLFLQDOSURGXFWWKDWLVQRWLQ
DFFRUGDQFHZLWKWKHSURWRFROLQVWUXFWLRQVRUWKHORFDOSUHVFULELQJLQIRUPDWLRQ
$QRYHUGRVH LVGHILQHGDV DQDFFLGHQWDORULQWHQWLRQDODGPLQLVWUDWLRQRIDTXDQWLW\RID
PHGLFLQDOSURGXFWJLYHQSHUDGPLQLVWUDWLRQRUFXPXODWLYHO\ZKLFKLVDERYHWKHPD[LPXP
UHFRPPHQGHGGRVHDVSHUSURWRFRORULQWKHSURGXFWODEHOOLQJDVLWDSSOLHVWRWKHGDLO\GRVH
RIWKHVXEMHFWLQTXHVWLRQ ,QFDVHVRIDGLVFUHSDQF\LQGUXJDFFRXQWDELOLW\RYHUGRVHZLOOEH
HVWDEOLVKHGRQO\ZKHQLWLVFOHDUWKDWWKHVXEMHFWKDVWDNHQWKHH[FHVVGRVHV2YHUGRVH
FDQQRWEHHVWDEOLVKHGZKHQWKHVXEMHFWFDQQRWDFFRXQW IRUWKHGLVFUHSDQF\H[FHSWLQFDVHVLQ
ZKLFKWKHLQYHVWLJDWRUKDVUHDVRQWRVXVSHFWWKDWWKHVXEMHFWKDVWDNHQWKHDGGLWLRQDOGRVHV
3URGXFWFRPSODLQWLVGHILQHGDVFRPSODLQWV DULVLQJIURPSRWHQWLDOGHYLDWLRQVLQWKH
PDQXIDFWXUHSDFNDJLQJRUGLVWULEXWLRQRIWKHPHGLFLQDOSURGXFW

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ3UHJQDQFLHV
7KHLQYHVWLJDWRUVKRXOGUHSRUWDOOSUHJQDQFLHVWKDWDUHLGHQWLILHGDIWHUWKHVXEMHFWILUVW
FRQVHQWVWRSDUWLFLSDWHLQWKHVWXG\LHVLJQVWKHLQIRUPHGFRQVHQWDQGWKURXJKRXWWKHVWXG\
LQFOXGLQJWKHSRVWVWXG\GUXJIROORZXSSHULRGWR*LOHDG'63+XVLQJWKHSUHJQDQF\UHSRUW
IRUPZLWKLQKRXUVRIEHFRPLQJDZDUHRIWKHSUHJQDQF\*LOHDG'63+)RVWHU&LW\FRQWDFW
LQIRUPDWLRQLVDVIROORZV(PDLO6DIHW\B)&#JLOHDGFRP)D[
7KHSUHJQDQF\LWVHOILVQRWFRQVLGHUHGDQ$(QRULVDQLQGXFHGHOHFWLYHDERUWLRQWRWHUPLQDWH
DSUHJQDQF\ZLWKRXWPHGLFDOUHDVRQV
$Q\SUHPDWXUHWHUPLQDWLRQRISUHJQDQF\HJ DVSRQWDQHRXVDERUWLRQDQLQGXFHGWKHUDSHXWLF
DERUWLRQGXHWRFRPSOLFDWLRQVRURWKHUPHGLFDOUHDVRQVPXVWEHUHSRUWHGZLWKLQ KRXUVDV
DQ6$(7KHXQGHUO\LQJPHGLFDOUHDVRQIRUWKLVSURFHGXUHVKRXOGEHUHFRUGHGDVWKH$(
WHUP
$VSRQWDQHRXVDERUWLRQLVDOZD\VFRQVLGHUHGWREHDQ6$(DQGZLOOEHUHSRUWHGDVGHVFULEHG
LQ6HFWLRQ  )XUWKHUPRUHDQ\6$(RFFXUULQJDVDQDGYHUVHSUHJQDQF\RXWFRPHSRVWVWXG\
PXVWEHUHSRUWHGWR*LOHDG'63+
7KHVXEMHFWVKRXOGUHFHLYHDSSURSULDWHPRQLWRULQJDQGFDUHXQWLOWKHFRQFOXVLRQRIWKH
SUHJQDQF\7KHRXWFRPHVKRXOGEHUHSRUWHGWR*LOHDG'63+XVLQJWKHSUHJQDQF\RXWFRPH
UHSRUWIRUP,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKHVWXG\KDVEHHQFRPSOHWHGWKH
RXWFRPHVKRXOGEHUHSRUWHGGLUHFWO\WR*LOHDG'63+*LOHDG'63+FRQWDFWLQIRUPDWLRQLVDV
IROORZV(PDLO6DIHW\B)&#JLOHDGFRPDQG)D[
3UHJQDQFLHVRIIHPDOHSDUWQHUVRIPDOHVWXG\VXEMHFWVH[SRVHGWR*LOHDGRURWKHUVWXG\GUXJV
PXVWDOVREHUHSRUWHGDQGUHOHYDQWLQIRUPDWLRQVKRXOGEHVXEPLWWHGWR*LOHDG'63+XVLQJ
WKHSUHJQDQF\DQGSUHJQDQF\RXWFRPHIRUPVZLWKLQKRXUV0RQLWRULQJRIWKHVXEMHFW
VKRXOGFRQWLQXHXQWLOWKHFRQFOXVLRQRIWKHSUHJQDQF\,IWKHHQGRIWKHSUHJQDQF\RFFXUV
DIWHUWKHVWXG\KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOGEH UHSRUWHGGLUHFWO\WR*LOHDG'63+
DVIROORZV (PDLO6DIHW\B)&#JLOHDGFRPDQG)D[
5HIHUWR$SSHQGL[  IRU3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ
3RWHQWLDODQG&RQWUDFHSWLYH5HFRPPHQGDWLRQV

5HSRUWLQJ2WKHU6SHFLDO6LWXDWLRQV
$OORWKHU VSHFLDOVLWXDWLRQUHSRUWVPXVWEHUHSRUWHGRQWKHVSHFLDOVLWXDWLRQVUHSRUWIRUPDQG
IRUZDUGHGWR *LOHDG'63+ZLWKLQKRXUVRIWKHLQYHVWLJDWRUEHFRPLQJDZDUHRIWKH
VLWXDWLRQ7KHVHUHSRUWVPXVWFRQVLVWRIVLWXDWLRQVWKDWLQYROYHVWXG\,03EXWGRQRWDSSO\WR
FRQFRPLWDQWPHGLFDWLRQV([FHSWIRUVLWXDWLRQVWKDWUHVXOWLQ$(VVSHFLDOVLWXDWLRQVLQYROYLQJ
FRQFRPLWDQWPHGLFDWLRQVZLOOQRWEHUHSRUWHG$Q\LQDSSURSULDWHXVHRIPHGLFDWLRQV
SURKLELWHGE\WKLVSURWRFROVKRXOGQRWEHUHSRUWHGDV³PLVXVH´EXWPD\EHPRUH
DSSURSULDWHO\GRFXPHQWHGDVDSURWRFROGHYLDWLRQ $OOFOLQLFDOVHTXHODHLQUHODWLRQWRWKHVH

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
VSHFLDOVLWXDWLRQUHSRUWVZLOOEHUHSRUWHGDV$(VRU6$(VDWWKHVDPHWLPHXVLQJWKH$(
&5)H&5)DQGRUWKH6$(UHSRUWIRUP'HWDLOVRIWKHV\PSWRPVDQGVLJQVFOLQLFDO
PDQDJHPHQWDQGRXWFRPHZLOOEHUHSRUWHGZKHQDYDLODEOH
*LOHDG'63+)RVWHU&LW\FRQWDFWLQIRUPDWLRQLVDVIROORZV
(PDLO
6DIHW\B)&#JLOHDGFRP
)D[


*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LVWRHYDOXDWHWKHHIIHFWVRI*6RQ569YLUDOORDGLQ
569SRVLWLYHDGXOWVKRVSLWDOL]HGZLWKDFXWHUHVSLUDWRU\LQIHFWLRXVV\PSWRPV
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUHWRHYDOXDWH

7KHHIIHFWRI*6RQWKHFKDQJHLQWKH)/8352VFRUHIURP%DVHOLQH

7KHHIIHFWRI*6RQ WKHOHQJWKRIKRVSLWDOVWD\

7KHHIIHFWRI*6RQ WKHUDWHRIXQSODQQHGKHDOWKFDUHHQFRXQWHUVFOLQLFYLVLWV
HPHUJHQF\URRPYLVLWVXUJHQWFDUHYLVLWVDQGUHKRVSLWDOL]DWLRQVUHODWHGWRDUHVSLUDWRU\
LOOQHVVDIWHUKRVSLWDOGLVFKDUJH

7KH3.VDIHW\ DQGWROHUDELOLW\RI*6

3ULPDU\(QGSRLQW
7KHSULPDU\HQGSRLQWLVWKHGDLO\DYHUDJHFKDQJHLQORJ YLUDOORDGIURP'D\ WR'D\
7KHGDLO\DYHUDJHFKDQJHLQORJ YLUDOORDGIURP'D\ WR'D\ LVGHILQHGDV
σ
ሼͲǤͷ ൈሺǤ ൅
ሻൈሺ
െ
ሻሽ
ሺ
െ
ሻ
ZKHUH<L LVWKHFKDQJHLQORJ YLUDOORDGIURPEDVHOLQHDW9LVLWL W LVWKHWLPHDW WKHVSHFLILHG
WLPHSRLQWD LVWKHEDVHOLQHDVVHVVPHQWDW'D\DQGE LVWKHODVWDVVHVVPHQWDWRUSULRUWR'D\


6HFRQGDU\(QGSRLQWV
7KHNH\VHFRQGDU\HQGSRLQWVDUH

'DLO\DYHUDJHRIFKDQJHLQWKH)/8352VFRUHIURP%DVHOLQHWR'D\ 

'XUDWLRQRIKRVSLWDOVWD\IROORZLQJ,03DGPLQLVWUDWLRQ

5DWHRIXQSODQQHGPHGLFDOHQFRXQWHUVFOLQLFYLVLWVHPHUJHQF\URRPYLVLWVXUJHQWFDUH
YLVLWVDQGUHKRVSLWDOL]DWLRQVUHODWHGWRDUHVSLUDWRU\LOOQHVVDIWHULQLWLDOKRVSLWDOGLVFKDUJH
WKURXJK'D\

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
DVVD\ LQWKHSUHGRVH'D\QDVDOVZDEVDPSOHKDYHDPLQLPXPRIQDVDOVZDEVLQFOXGLQJ
EDVHOLQHVZDEVZDEVGRQRWKDYHWREHFRQVHFXWLYH DIWHUHQUROOPHQWQRWLQFOXGLQJWKH
VFUHHQVZDEDQGKDYHFRPSOHWHG,03 DGPLQLVWUDWLRQ
7KHIXOODQDO\VLVVHW )$6ZLOODOVREHXVHGIRUVSHFLILHGHIILFDF\DQDO\VHVDQGLVGHILQHGDV
DOO VXEMHFWVZKRZHUHUDQGRPL]HGLQWRWKHVWXG\DQG UHFHLYHGDWOHDVWDSDUWLDOGRVHRIVWXG\
PHGLFDWLRQ 6XEMHFWVZLOOEHLQFOXGHGLQWKHJURXSDFFRUGLQJWRDFWXDOWUHDWPHQWUHFHLYHG

6DIHW\
7KHSULPDU\DQDO\VLVVHWIRUVDIHW\DQDO\VHVLV GHILQHGDVDOOVXEMHFWVZKRUHFHLYHGD GRVHRI
,03
$OOGDWDFROOHFWHGGXULQJWUHDWPHQW ZLOOEHLQFOXGHGLQWKHVDIHW\VXPPDULHV

3KDUPDFRNLQHWLFV
7KH3. DQDO\VLVVHWZLOOLQFOXGHDOOVXEMHFWVLQWKHVDIHW\DQDO\VLVVHWZKRKDYHHYDOXDEOH3.
GDWDDWWKHWLPHSRLQWV RILQWHUHVW

'DWD+DQGOLQJ&RQYHQWLRQV
0LVVLQJGDWDFDQKDYHDQLPSDFWXSRQWKHLQWHUSUHWDWLRQRIWKHWULDOGDWD$VWKLVVWXG\LVRI
VKRUWGXUDWLRQLWLVDQWLFLSDWHGWKDWPLVVLQJGDWDZLOOEHPLQLPDO,QJHQHUDOYDOXHVIRU
PLVVLQJGDWDZLOOQRWEHLPSXWHG)RUODERUDWRU\GDWDDPLVVLQJEDVHOLQHYDOXHZLOOEH
UHSODFHGZLWKDVFUHHQLQJYDOXHLIDYDLODEOHRWKHUZLVHLWZLOOEHWUHDWHGDVQRUPDO
LH *UDGH QRWR[LFLW\JUDGHIRUWKHVXPPDU\RIJUDGHGODERUDWRU\DEQRUPDOLWLHV$UHWHVW
YDOXHPD\EHXVHGLIWKHILUVWWHVWLVLQYDOLGDWHGHJVSHFLPHQKHPRO\]HG
9DOXHVZLOOQRWEHLPSXWHGIRUPLVVLQJYLWDOVLJQDQGRWKHUVDIHW\GDWDKRZHYHUDPLVVLQJ
EDVHOLQHYDOXHZLOOEHUHSODFHGZLWKD6FUHHQLQJYDOXHLIDYDLODEOH
'HWDLOVIRUWKHKDQGOLQJRIPLVVLQJGDWDGXHWRVXEMHFWGLVFRQWLQXDWLRQRURWKHUUHDVRQV
LQFOXGLQJXQXVDEOHDQGVSXULRXVGDWDDQGUXOHVIRUGHWHUPLQLQJPDMRUDQGPLQRUSURWRFRO
GHYLDWLRQVZLOOEHGHVFULEHGLQWKH6$3
$OODYDLODEOHGDWDIRUVXEMHFWVWKDWGRQRWFRPSOHWHWKHVWXG\ZLOOEHLQFOXGHGLQWKHGDWD
OLVWLQJV
7DEOHVWKDWLQFOXGHERWKLQGLYLGXDOVXEMHFW3.GDWDDQGVXPPDU\VWDWLVWLFVZLOOSUHVHQWDOO
DYDLODEOHGDWDEXWRQO\VXEMHFWVLQWKH3.DQDO\VLVZLOOEHLQFOXGHGLQWKHVXPPDU\VWDWLVWLFV
9LUDOORDGGDWDZLOOEHORJWUDQVIRUPHGSULRUWRDQDO\VHV

'HPRJUDSKLF 'DWDDQG%DVHOLQH&KDUDFWHULVWLFV
'HPRJUDSKLFDQGEDVHOLQHPHDVXUHPHQWVZLOOEHVXPPDUL]HGXVLQJVWDQGDUG GHVFULSWLYH
PHWKRGV
'HPRJUDSKLFVXPPDULHVZLOOLQFOXGHVH[UDFHHWKQLFLW\ H[FOXGLQJ $XVWUDOLDDQGDJH

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
%DVHOLQHGDWDZLOOLQFOXGHDVXPPDU\RIERG\ZHLJKWKHLJKW%0,SUHVHQFHRUDEVHQFHRI
FKURQLFDLUZD\VGLVHDVHDQGW\SHRIFKURQLFDLUZD\VGLVHDVH1RQH&23'DVWKPDRU
RWKHU
)RUFDWHJRULFDOGHPRJUDSKLFDQGEDVHOLQHFKDUDFWHULVWLFVD)LVKHU¶VH[DFWWHVWZLOOEHXVHGWR
FRPSDUHWUHDWPHQWDUPV)RUFRQWLQXRXVGHPRJUDSKLFDQGEDVHOLQHFKDUDFWHULVWLFVD
:LOFR[RQUDQNVXPWHVWZLOOEHXVHGWRFRPSDUHWUHDWPHQWDUPV

(IILFDF\$QDO\VLV

3ULPDU\$QDO\VLV
7KHSULPDU\HQGSRLQWLVGDLO\DYHUDJH FKDQJHLQORJ YLUDOORDGIURP'D\WR'D\7KH
SULPDU\DQDO\VLVZLOOEHSHUIRUPHGRQVXEMHFWVLQFOXGHGLQWKHHIILFDF\HYDOXDEOHSRSXODWLRQ
7RWHVWWKHQXOOK\SRWKHVLVWKDWWKHUHLVQRGLIIHUHQFHEHWZHHQWKH*6DQGSODFHER
WUHDWPHQWJURXSVLQWKHGDLO\DYHUDJH YLUDOORDGDSDUDPHWULFDQDO\VLVRIFRYDULDQFH
$1&29$PRGHOZLWKFRUUHVSRQGLQJEDVHOLQHYLUDOORDGDVDFRYDULDWHZLOOEHXVHG DWD
VLGHG OHYHO $GMXVWHGPHDQVDQGFRQILGHQFHLQWHUYDOV&,VZLOODOVREH
SUHVHQWHG

6HFRQGDU\$QDO\VHV
7KHHYDOXDEOHDQDO\VLVVHWZLOOEHXVHGIRUDOOVXPPDULHVDQGDQDO\VHVRIVHFRQGDU\
HQGSRLQWV$OOVHFRQGDU\HQGSRLQWVZLOOEHDQDO\]HGXVLQJVLGHGWHVWVWRFRPSDUH
WUHDWPHQWGLIIHUHQFHV
'DLO\DYHUDJHFKDQJHLQWKH)/8352VFRUHIURP%DVHOLQHWR'D\  ZLOOEHDQDO\]HGXVLQJ
DQ$1&29$ PRGHOZLWKEDVHOLQHDVDFRYDULDWH$GMXVWHGPHDQVDQG&,VZLOOEH
SUHVHQWHGIRUWKLVDQDO\VLV'XUDWLRQRI KRVSLWDOVWD\IROORZLQJ,03DGPLQLVWUDWLRQZLOOEH
DQDO\]HGXVLQJDQDQDO\VLVRIYDULDQFH$129$PRGHOZLWKWUHDWPHQWDVDIL[HGHIIHFW
$GMXVWHGPHDQVDQG&,VZLOOEHSUHVHQWHGIRUWKLVDQDO\VLV7KHUDWHRIXQSODQQHG
PHGLFDOHQFRXQWHUVUHODWHGWRUHVSLUDWRU\LOOQHVVDIWHULQLWLDOKRVSLWDOL]DWLRQGLVFKDUJHWKURXJK
'D\ ZLOOEHDQDO\]HGXVLQJD 1HJDWLYHELQRPLDOUHJUHVVLRQPHWKRGZLWKDQRIIVHW
SDUDPHWHUWRDFFRXQWIRUIROORZXSWLPH7KHWRWDOQXPEHURIXQSODQQHGPHGLFDOHQFRXQWHUV
DQGWKHDYHUDJHQXPEHURIPHGLFDOHQFRXQWHUVSHUSHUVRQZLOODOVREHSUHVHQWHG
1RQSDUDPHWULFPHWKRGVVXFKDVD:LOFR[RQUDQNVXPWHVWVPD\EHLPSOHPHQWHGLIVWDWLVWLFDO
PRGHODVVXPSWLRQVDUHQRWPHW
,QRUGHUWRDFFRXQWIRUPXOWLSOHK\SRWKHVLVWHVWLQJRIHQGSRLQWVDIDPLO\DOSKDVSHQGLQJUXOH
ZLOOEHXVHGWRFRQWUROWKH7\SHHUURUUDWHRIDFURVVWKHSULPDU\DQGVHFRQGDU\
HQGSRLQWVWHVWLQJIRUGLIIHUHQFHVEHWZHHQWUHDWPHQWJURXSV7KHSULPDU\ HQGSRLQWDQDO\VLV
ZLOOVHUYHDVWKHJDWHNHHSHUIRUWKHVHFRQGDU\DQDO\VHV,IWKHSULPDU\QXOOK\SRWKHVLVLV
UHMHFWHGWKHQWKHIROORZLQJVHFRQGDU\HQGSRLQWVZLOOEHWHVWHGVHTXHQWLDOO\DWĮ  EDVHG
XSRQWKHFORVHGWHVWLQJSURFHGXUH ^`
 'DLO\DYHUDJHFKDQJHLQWKH)/8352VFRUHIURP'D\SUHGRVHWR'D\ 

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

2WKHU6DIHW\(YDOXDWLRQV
9LWDOVLJQV DQG(&*GDWDZLOOEHVXPPDUL]HGE\WKHREVHUYHGGDWDDQGE\WKHFKDQJHIURP
EDVHOLQHDWHDFKWLPHSRLQW,QFRPSDULVRQWRSUHWUHDWPHQWHLWKHUVFUHHQLQJRUSUHGRVHRQ
6WXG\'D\YDOXHVYLWDOVLJQVDQG(&*PHDVXUHPHQWVZLOODGGLWLRQDOO\EHVXPPDUL]HG
XVLQJSUHGHWHUPLQHGFOLQLFDOO\UHOHYDQWWKUHVKROGV

3KDUPDFRNLQHWLF$QDO\VLV
&RQFHQWUDWLRQVRI*6ZLOOEHGHWHUPLQHGLQSODVPDDQGXVLQJDYDOLGDWHGELRDQDO\WLFDO
DVVD\,QGLYLGXDOVXEMHFW*6FRQFHQWUDWLRQWLPHGDWDZLOOEHGLVSOD\HGXVLQJVFKHGXOHG
VDPSOLQJWLPHV'D\VDQG'HVFULSWLYHVWDWLVWLFVHJ QPHDQVWDQGDUGGHYLDWLRQ
&9PHGLDQDQGUDQJHZLOOEHFDOFXODWHGIRUHDFKVDPSOLQJWLPH3ODVPDFRQFHQWUDWLRQVRI
*6RYHUWLPHZLOOEHSORWWHGLQVHPLORJDULWKPLFDQGOLQHDUIRUPDWVDVPHDQ VWDQGDUG
GHYLDWLRQ3ODVPDFRQFHQWUDWLRQWLPHGDWDIRUHDFKVXEMHFWZLOOEHDQDO\]HGXVLQJVWDQGDUG
QRQFRPSDUWPHQWDOPHWKRGV3.3' SKDUPDFRG\QDPLFV UHODWLRQVKLSVLQFOXGLQJELRPDUNHU
GDWD PD\EHH[SORUHGDVDSSURSULDWH

6DPSOH6L]H
6DPSOHVL]HFDOFXODWLRQVDUHEDVHGRQUHVXOWVREVHUYHGLQVXEMHFWVZKRUHFHLYHGSODFHERLQ
WKH*686VWXG\7KHVDPSOHVL]HFDOFXODWLRQDVVXPHVWKHGDLO\DYHUDJH FKDQJH
LQORJ YLUDOORDGIURP'D\WR'D\LQWKHSODFHERJURXSZLOOEH ORJ FRSLHVPOZLWK
DFRUUHVSRQGLQJVWDQGDUGGHYLDWLRQRIDQGWKDWRIWKHVXEMHFWVZLOOEHHYDOXDEOH
%DVHGRQWKHVHDVVXPSWLRQVZLWKVXEMHFWVSHUJURXSWKHUHLVDSSUR[LPDWHO\SRZHUWR
GHWHFWDORJ UHGXFWLRQLQGDLO\DYHUDJHFKDQJHLQYLUDOORDGXVLQJDVLGHGOHYHOWHVW
*LYHQDQHYDOXDEOHUDWHRIDWRWDORI VXEMHFWVZLOOQHHGWREHUDQGRPL]HGLQWRWKH
VWXG\

,QWHULP$QDO\VLV
,QWHULPIXWLOLW\DQDO\VHVRIWKHSULPDU\HQGSRLQWGDLO\DYHUDJH FKDQJHLQORJ YLUDOORDG
IURP'D\WKURXJK'D\PD\EHFRQGXFWHGDIWHUDSSUR[LPDWHO\QRIaDQG
QRIa RIWKHHQUROOPHQWKDVEHHQDFKLHYHG7KHUHVXOWVIURPWKHVH LQWHULPDQDO\VHVZLOO
EHUHYLHZHGE\WKH'0&ZKRPD\UHFRPPHQGHDUO\WHUPLQDWLRQIRUIXWLOLW\LIWKH
FRQGLWLRQDOSRZHULV,IWKH'0&UHFRPPHQGVHDUO\WHUPLQDWLRQIRUIXWLOLW\*LOHDG
SHUVRQQHOZKRDUHQRWLQYROYHGZLWKWKHVWXG\PD\SHUIRUPDQXQEOLQGHGUHYLHZRIWKH
LQWHULPGDWDDQGWKHGHFLVLRQPD\EHPDGHWRVWRSWKHVWXG\DQGXQEOLQGWUHDWPHQW
DVVLJQPHQWV )XUWKHUGHWDLOVRIWKHLQWHULPDQDO\VLVDQGDVVHVVPHQWRIIXWLOLW\ZLOOEH
GHVFULEHGLQWKH6$3LQFOXGLQJWKHFRPSXWDWLRQPHWKRGVRIFRQGLWLRQDOSRZHUVXFKDVWKRVH
SURSRVHGE\/DFKLQ ^`

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

'DWD0RQLWRULQJ&RPPLWWHH
$QLQGHSHQGHQW'0&ZLOOPRQLWRUWKHVDIHW\DQGZHOIDUHRIWKHVWXG\VXEMHFWVDVVSHFLILHG
LQWKH'0&FKDUWHU7KH'0&ZLOOPHHWDWGHVLJQDWHGLQWHUYDOVWRUHYLHZDFFXPXODWHGGDWD
DQGPD\PDNHUHFRPPHQGDWLRQVUHJDUGLQJWKHVWXG\FRQGXFW7KH'0&ZLOODOVREH
UHVSRQVLEOHIRUUHYLHZLQJWKHUHVXOWVRIWKHLQWHULPDQDO\VLV *LOHDGUHWDLQVILQDO
GHFLVLRQPDNLQJDXWKRULW\RQDOODVSHFWVRIWKHVWXG\

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV

*RRG&OLQLFDO3UDFWLFH
7KHLQYHVWLJDWRUZLOOHQVXUHWKDWWKLVVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKHSULQFLSOHVRI
WKH'HFODUDWLRQRI+HOVLQNLDVDPHQGHGLQ(GLQEXUJK7RN\R9HQLFH+RQJ.RQJDQG
6RXWK$IULFD,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+JXLGHOLQHVRUZLWKWKHODZV
DQGUHJXODWLRQVRIWKHFRXQWU\LQZKLFKWKHUHVHDUFKLVFRQGXFWHGZKLFKHYHUDIIRUGVWKH
JUHDWHUSURWHFWLRQWRWKHVWXG\VXEMHFW
7KHLQYHVWLJDWRUZLOOHQVXUHDGKHUHQFHWRWKHEDVLFSULQFLSOHVRI*RRG&OLQLFDO3UDFWLFHDV
RXWOLQHGLQ &)5 VXESDUW '³5HVSRQVLELOLWLHVRI6SRQVRUVDQG,QYHVWLJDWRUV´
 &)5SDUW DQG &)5SDUW 
7KHLQYHVWLJDWRUDQGDOODSSOLFDEOHVXELQYHVWLJDWRUVZLOOFRPSO\ZLWK &)53DUW  
SURYLGLQJGRFXPHQWDWLRQRIWKHLUILQDQFLDOLQWHUHVWRUDUUDQJHPHQWVZLWK*LOHDGRU
SURSULHWDU\LQWHUHVWVLQWKHLQYHVWLJDWLRQDOGUXJXQGHUVWXG\7KLVGRFXPHQWDWLRQPXVWEH
SURYLGHGSULRUWRWKHLQYHVWLJDWRU¶VDQGDQ\VXELQYHVWLJDWRU¶VSDUWLFLSDWLRQLQWKHVWXG\7KH
LQYHVWLJDWRUDQGVXELQYHVWLJDWRUDJUHHWRQRWLI\*LOHDGRIDQ\FKDQJHLQUHSRUWDEOHLQWHUHVWV
GXULQJWKHVWXG\DQGIRU\HDUIROORZLQJFRPSOHWLRQRIWKHVWXG\6WXG\FRPSOHWLRQLV
GHILQHGDVWKHGDWHZKHQWKHODVWVXEMHFWFRPSOHWHVWKHSURWRFROGHILQHGDFWLYLWLHV

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO
7KHLQYHVWLJDWRURUVSRQVRUDVDSSURSULDWHDFFRUGLQJWRORFDOUHJXODWLRQVZLOOVXEPLWWKLV
SURWRFROLQIRUPHGFRQVHQWIRUPDQGDQ\DFFRPSDQ\LQJPDWHULDOWREHSURYLGHGWRWKH
VXEMHFWVXFKDVDGYHUWLVHPHQWVVXEMHFWLQIRUPDWLRQVKHHWVRUGHVFULSWLRQVRIWKHVWXG\XVHG
WRREWDLQLQIRUPHGFRQVHQWWRDQ,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV
&RPPLWWHH,(&7KHLQYHVWLJDWRUZLOOQRWEHJLQDQ\VWXG\VXEMHFWDFWLYLWLHVXQWLODSSURYDO
IURPWKH ,5%,(& KDVEHHQGRFXPHQWHGDQGSURYLGHGLQZULWLQJ WRWKHLQYHVWLJDWRU
%HIRUHLPSOHPHQWDWLRQWKHLQYHVWLJDWRUZLOOVXEPLWWRDQGUHFHLYHGRFXPHQWHGDSSURYDO
IURPWKH,5%,(& DQ\PRGLILFDWLRQVPDGHWRWKHSURWRFRORUDQ\DFFRPSDQ\LQJPDWHULDOWR
EHSURYLGHGWRWKHVXEMHFWDIWHULQLWLDODSSURYDOZLWKWKHH[FHSWLRQRIWKRVH QHFHVVDU\WR
UHGXFH LPPHGLDWHULVNWRVWXG\VXEMHFWV

,QIRUPHG&RQVHQW
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUREWDLQLQJZULWWHQLQIRUPHGFRQVHQWIURPHDFKLQGLYLGXDO
SDUWLFLSDWLQJLQWKLVVWXG\DIWHUDGHTXDWHH[SODQDWLRQRIWKHDLPVPHWKRGVREMHFWLYHVDQG
SRWHQWLDOKD]DUGVRIWKHVWXG\DQGEHIRUHXQGHUWDNLQJDQ\VWXG\UHODWHGSURFHGXUHV7KH
LQYHVWLJDWRUPXVWXVHWKHPRVWFXUUHQW ,5% RU,(&DSSURYHGFRQVHQWIRUPIRUGRFXPHQWLQJ
ZULWWHQLQIRUPHGFRQVHQW(DFKLQIRUPHGFRQVHQWRUDVVHQWDVDSSOLFDEOHZLOOEH

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
DSSURSULDWHO\VLJQHGDQGGDWHGE\WKHVXEMHFWRUWKHVXEMHFW¶VOHJDOO\DXWKRUL]HG
UHSUHVHQWDWLYHDQGWKHSHUVRQFRQGXFWLQJWKHFRQVHQWGLVFXVVLRQDQGDOVRE\DQLPSDUWLDO
ZLWQHVVLIUHTXLUHGE\ ,5%,(&RU ORFDOUHTXLUHPHQWV

&RQILGHQWLDOLW\
7KHLQYHVWLJDWRUPXVWDVVXUHWKDWVXEMHFWV¶DQRQ\PLW\ZLOOEHVWULFWO\PDLQWDLQHGDQGWKDW
WKHLULGHQWLWLHVDUHSURWHFWHGIURPXQDXWKRUL]HGSDUWLHV2QO\VXEMHFWLQLWLDOVGDWHRIELUWK
DQRWKHUXQLTXHLGHQWLILHUDVDOORZHGE\ORFDOODZDQGDQLGHQWLILFDWLRQFRGHZLOOEH
UHFRUGHGRQDQ\IRUPRUELRORJLFDOVDPSOHVXEPLWWHGWRWKH6SRQVRU ,5%,(& RU ODERUDWRU\
/DERUDWRU\VSHFLPHQVPXVWEHODEHOHGLQVXFKDPDQQHU DVWRSURWHFWVXEMHFWLGHQWLW\ZKLOH
DOORZLQJWKHUHVXOWVWREHUHFRUGHGWRWKHSURSHUVXEMHFW5HIHUWRVSHFLILFODERUDWRU\
LQVWUXFWLRQV127( 7KHLQYHVWLJDWRUPXVWNHHSDVFUHHQLQJORJVKRZLQJFRGHVQDPHVDQG
DGGUHVVHVIRUDOOVXEMHFWVVFUHHQHGDQGIRUDOOVXEMHFWVHQUROOHGLQWKHWULDO 6XEMHFWGDWDZLOO
EHSURFHVVHGLQDFFRUGDQFHZLWKDOODSSOLFDEOHUHJXODWLRQV
7KHLQYHVWLJDWRUDJUHHVWKDWDOOLQIRUPDWLRQUHFHLYHGIURP*LOHDGLQFOXGLQJEXWQRWOLPLWHGWR
WKHLQYHVWLJDWRUEURFKXUHWKLVSURWRFRO&5)H&5)WKH,03DQGDQ\RWKHUVWXG\
LQIRUPDWLRQUHPDLQWKHVROHDQGH[FOXVLYHSURSHUW\RI*LOHDGGXULQJWKHFRQGXFWRIWKHVWXG\
DQGWKHUHDIWHU7KLVLQIRUPDWLRQLVQRWWREHGLVFORVHGWRDQ\WKLUGSDUW\H[FHSWHPSOR\HHVRU
DJHQWVGLUHFWO\LQYROYHGLQWKHFRQGXFWRIWKHVWXG\RUDVUHTXLUHGE\ODZZLWKRXWSULRU
ZULWWHQFRQVHQWIURP*LOHDG7KHLQYHVWLJDWRUIXUWKHUDJUHHV WRWDNHDOOUHDVRQDEOH
SUHFDXWLRQVWRSUHYHQWWKHGLVFORVXUHE\DQ\HPSOR\HHRUDJHQWRIWKHVWXG\VLWHWRDQ\WKLUG
SDUW\RURWKHUZLVHLQWRWKHSXEOLFGRPDLQ

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV
7KHLQYHVWLJDWRUPXVWPDLQWDLQDGHTXDWHDQGDFFXUDWHUHFRUGVWRHQDEOHWKHFRQGXFWRIWKH
VWXG\WREHIXOO\GRFXPHQWHGDQGWKHVWXG\GDWDWREHVXEVHTXHQWO\YHULILHG7KHVH
GRFXPHQWVVKRXOGEHFODVVLILHGLQWRDWOHDVWWKHIROORZLQJWZRFDWHJRULHV  LQYHVWLJDWRU¶V
VWXG\ILOHDQG VXEMHFWFOLQLFDOVRXUFHGRFXPHQWV
7KHLQYHVWLJDWRU¶VVWXG\ILOHZLOOFRQWDLQWKHSURWRFRODPHQGPHQWV&5)DQGTXHU\IRUPV
,5%,(& DQGJRYHUQPHQWDODSSURYDOZLWKFRUUHVSRQGHQFHLQIRUPHGFRQVHQWGUXJ UHFRUGV
VWDIIFXUULFXOXPYLWDHDQGDXWKRUL]DWLRQIRUPVDQGRWKHUDSSURSULDWHGRFXPHQWVDQG
FRUUHVSRQGHQFH
7KHUHTXLUHGVRXUFHGDWDVKRXOGLQFOXGHVHTXHQWLDOQRWHVFRQWDLQLQJDWOHDVWWKHIROORZLQJ
LQIRUPDWLRQIRUHDFKVXEMHFW

6XEMHFWLGHQWLILFDWLRQQDPHGDWHRIELUWKJHQGHU

'RFXPHQWDWLRQWKDWVXEMHFWPHHWVHOLJLELOLW\FULWHULDLHKLVWRU\DQGFRQILUPDWLRQRI
GLDJQRVLVWRVXSSRUWLQFOXVLRQDQGH[FOXVLRQFULWHULD

'RFXPHQWDWLRQRIWKHUHDVRQVDFRQVHQWHGVXEMHFWLVQRWHQUROOHG

3DUWLFLSDWLRQLQVWXG\LQFOXGLQJVWXG\QXPEHU

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

6WXG\GLVFXVVHGDQGGDWHRILQIRUPHGFRQVHQW

'DWHVRIDOOYLVLWV

'RFXPHQWDWLRQWKDWSURWRFROVSHFLILFSURFHGXUHVZHUHSHUIRUPHG

5HVXOWVRIHIILFDF\SDUDPHWHUVDVUHTXLUHGE\WKHSURWRFRO

6WDUWDQGHQGGDWHLQFOXGLQJGRVHUHJLPHQRI,03LQFOXGLQJGDWHVRI GLVSHQVLQJDQG
UHWXUQ

5HFRUGRIDOO$(VDQGRWKHUVDIHW\SDUDPHWHUVVWDUWDQGHQGGDWHDQGLQFOXGLQJFDXVDOLW\
DQGVHYHULW\

&RQFRPLWDQWPHGLFDWLRQLQFOXGLQJVWDUWDQGHQGGDWHGRVHLIUHOHYDQWGRVHFKDQJHV

'DWHRIVWXG\FRPSOHWLRQDQGUHDVRQIRUHDUO\GLVFRQWLQXDWLRQLILWRFFXUV
$OOFOLQLFDOVWXG\GRFXPHQWVPXVWEHUHWDLQHGE\WKHLQYHVWLJDWRUXQWLODWOHDVW \HDUVRU
DFFRUGLQJWRORFDOODZVZKLFKHYHULVORQJHUDIWHUWKHODVWDSSURYDORIDPDUNHWLQJ
DSSOLFDWLRQLQDQ,&+UHJLRQLH8QLWHG6WDWHV(XURSHRU-DSDQDQGXQWLOWKHUHDUHQR
SHQGLQJRUSODQQHGPDUNHWLQJDSSOLFDWLRQVLQDQ,&+UHJLRQRULIQRDSSOLFDWLRQLVILOHGRULI
WKHDSSOLFDWLRQLVQRWDSSURYHGIRUVXFKLQGLFDWLRQXQWLO \HDUVDIWHUWKHLQYHVWLJDWLRQLV
GLVFRQWLQXHGDQGUHJXODWRU\DXWKRULWLHVKDYHEHHQQRWLILHG,QYHVWLJDWRUVPD\EHUHTXLUHGWR
UHWDLQGRFXPHQWVORQJHULIVSHFLILHGE\UHJXODWRU\UHTXLUHPHQWVE\ORFDOUHJXODWLRQVRUE\
DQDJUHHPHQWZLWK*LOHDG7KHLQYHVWLJDWRUPXVWQRWLI\*LOHDGEHIRUHGHVWUR\LQJDQ\FOLQLFDO
VWXG\UHFRUGV
6KRXOGWKHLQYHVWLJDWRUZLVKWRDVVLJQWKHVWXG\UHFRUGVWRDQRWKHUSDUW\RUPRYHWKHPWR
DQRWKHUORFDWLRQ*LOHDGPXVWEHQRWLILHGLQDGYDQFH
,IWKHLQYHVWLJDWRUFDQQRWSURYLGHIRUWKLVDUFKLYLQJUHTXLUHPHQWDWWKHVWXG\VLWHIRUDQ\RUDOO
RIWKHGRFXPHQWVVSHFLDODUUDQJHPHQWVPXVWEHPDGHEHWZHHQWKHLQYHVWLJDWRUDQG*LOHDGWR
VWRUHWKHVHUHFRUGVVHFXUHO\DZD\IURP WKHVLWHVRWKDWWKH\FDQEHUHWXUQHGVHDOHGWRWKH
LQYHVWLJDWRULQFDVHRIDQLQVSHFWLRQ:KHQVRXUFHGRFXPHQWVDUHUHTXLUHGIRUWKHFRQWLQXHG
FDUHRIWKH VXEMHFWDSSURSULDWHFRSLHVVKRXOGEHPDGHIRUVWRUDJHDZD\IURP WKHVLWH

&DVH5HSRUW)RUPV
)RUHDFKVXEMHFWFRQVHQWHGDQH&5)V ZLOOEHFRPSOHWHGE\DQDXWKRUL]HGVWXG\VWDII
PHPEHUZKRVHWUDLQLQJIRUWKLVIXQFWLRQLVGRFXPHQWHGDFFRUGLQJWRVWXG\
SURFHGXUHV H&5)V VKRXOGEHFRPSOHWHGRQWKHGD\RIWKHVXEMHFWYLVLWWRHQDEOHWKHVSRQVRU
WRSHUIRUPFHQWUDOPRQLWRULQJRIVDIHW\GDWD6XEVHTXHQWWRGDWDHQWU\DVWXG\PRQLWRUZLOO
SHUIRUPVRXUFHGDWDYHULILFDWLRQZLWKLQWKH('&V\VWHP 2ULJLQDOHQWULHVDVZHOODVDQ\
FKDQJHVWRGDWDILHOGVZLOOEHVWRUHGLQWKHDXGLWWUDLORIWKHV\VWHP3ULRUWRGDWDEDVHORFNRU
DQ\LQWHULPWLPHSRLQWVDVGHVFULEHGLQWKHFOLQLFDOGDWDPDQDJHPHQWSODQWKHLQYHVWLJDWRU
ZLOOXVHKLVKHUORJLQFUHGHQWLDOVWRFRQILUPWKDWWKHIRUPV KDYHEHHQUHYLHZHGDQGWKDWWKH
HQWULHVDFFXUDWHO\UHIOHFWWKHLQIRUPDWLRQLQWKHVRXUFHGRFXPHQWV 7KHH&5)FDSWXUHWKH

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
GDWDUHTXLUHGSHUWKHSURWRFROVFKHGXOHRIHYHQWVDQGSURFHGXUHV 6\VWHPJHQHUDWHGRU
PDQXDOTXHULHVZLOOEHLVVXHGWRWKHLQYHVWLJDWLYHVLWHVWDIIDVGDWDGLVFUHSDQFLHVDUH
LGHQWLILHGE\WKHPRQLWRURULQWHUQDO*LOHDGVWDIIZKRURXWLQHO\UHYLHZWKHGDWDIRU
FRPSOHWHQHVVFRUUHFWQHVVDQGFRQVLVWHQF\ 7KHVLWHFRRUGLQDWRULVUHVSRQVLEOHIRU
UHVSRQGLQJWRWKHTXHULHVLQDWLPHO\PDQQHUZLWKLQWKHV\VWHPHLWKHUE\FRQILUPLQJWKH
GDWDDVFRUUHFWRUXSGDWLQJWKHRULJLQDOHQWU\DQGSURYLGLQJWKHUHDVRQIRUWKHXSGDWHHJ
GDWDHQWU\HUURU $WWKHFRQFOXVLRQRIWKHWULDO*LOHDGZLOOSURYLGHWKHVLWHZLWKDUHDGRQO\
DUFKLYHFRS\RIWKHGDWDHQWHUHGE\WKDWVLWH 7KLVDUFKLYHPXVWEHVWRUHGLQDFFRUGDQFHZLWK
WKHUHFRUGVUHWHQWLRQUHTXLUHPHQWVRXWOLQHGLQ6HFWLRQ

'DWD4XDOLW\&RQWURODQG4XDOLW\$VVXUDQFH
7RLQVXUHDFFXUDWHFRPSOHWHDQGUHOLDEOHGDWDWKH6SRQVRURULWVUHSUHVHQWDWLYHVZLOOGRWKH
IROORZLQJ

3URYLGHLQVWUXFWLRQDOPDWHULDOWRWKHVWXG\VLWHVDVDSSURSULDWH

,QVWUXFWWKHLQYHVWLJDWRUVDQGVWXG\SHUVRQQHORQWKHSURWRFROWKHFRPSOHWLRQRIWKH
&5)VDQGVWXG\SURFHGXUHV

0DNHSHULRGLFYLVLWVWRWKHVWXG\VLWH

%HDYDLODEOHWRFRQVXOWDWLRQDQGVWD\LQFRQWDFWZLWKWKHVWXG\VLWHSHUVRQQHOE\PDLO
HPDLOWHOHSKRQHDQGRUID[

0RQLWRUWKHVXEMHFWGDWDUHFRUGHGLQWKH&5)VDJDLQVWVRXUFHGRFXPHQWVDWWKHVWXG\VLWH

5HYLHZDQGHYDOXDWH&5)GDWDDQGXVHVWDQGDUGFRPSXWHUHGLWVWRGHWHFWHUURUVLQGDWD
FROOHFWLRQ

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW $FFRXQWDELOLW\DQG5HWXUQ
*LOHDGUHFRPPHQGVWKDWXVHGDQGXQXVHG,03VXSSOLHVEHUHWXUQHGWRWKHVKLSSLQJIDFLOLW\
IURPZKLFKLWFDPHIRUHYHQWXDOGHVWUXFWLRQ7KHVWXG\PRQLWRUZLOOSURYLGHLQVWUXFWLRQVIRU
UHWXUQ,IUHWXUQLVQRWSRVVLEOHWKHVWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\FHQWHU¶V,03
GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWHLQVWUXFWLRQIRUGHVWUXFWLRQRIXQXVHG,03
VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWHVWDQGDUGRSHUDWLQJSURFHGXUH623IRUGUXJ
GHVWUXFWLRQ DVGHWHUPLQHGE\*LOHDG4$WKHVLWHPD\GHVWUR\XVHGHPSW\ RUSDUWLDOO\
HPSW\DQGXQXVHG,03 VXSSOLHVLQDFFRUGDQFHZLWKWKDW VLWH¶VDSSURYHG 623$FRS\RIWKH
VLWH¶VDSSURYHG623ZLOOEHREWDLQHGIRUFHQWUDOILOHV
,I,03 LVGHVWUR\HGRQVLWHWKHLQYHVWLJDWRUPXVWPDLQWDLQDFFXUDWHUHFRUGVIRUDOO,03
GHVWUR\HG5HFRUGVPXVWVKRZWKHLGHQWLILFDWLRQDQGTXDQWLW\RIHDFKXQLWGHVWUR\HGWKH
PHWKRGRIGHVWUXFWLRQDQGWKHSHUVRQZKRGLVSRVHGRIWKH,038SRQVWXG\FRPSOHWLRQ
FRSLHV RIWKH,03 DFFRXQWDELOLW\UHFRUGVPXVWEHILOHGDWWKHVLWH$QRWKHUFRS\ZLOOEH
UHWXUQHGWR*LOHDG
7KHVWXG\PRQLWRUZLOOUHYLHZ,03VXSSOLHVDQGDVVRFLDWHGUHFRUGVDWSHULRGLFLQWHUYDOV

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

,QVSHFWLRQV
7KHLQYHVWLJDWRUZLOOPDNHDYDLODEOHDOOVRXUFHGRFXPHQWVH&5)GDWDDQGVWXG\UHODWHG
UHJXODWRU\GRFXPHQWVWRDSSURSULDWHO\TXDOLILHGSHUVRQQHOIURP*6,RULWVUHSUHVHQWDWLYHVWR
,5%VRU,(&VRUWRUHJXODWRU\DXWKRULW\RUKHDOWKDXWKRULW\LQVSHFWRUVHJ)'$0+5$
(0$ HWF

3URWRFRO&RPSOLDQFH
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO

6SRQVRU5HVSRQVLELOLWLHV

3URWRFRO0RGLILFDWLRQV
3URWRFROPRGLILFDWLRQVH[FHSWWKRVHLQWHQGHGWRUHGXFHLPPHGLDWHULVNWRVWXG\VXEMHFWV
PD\EHPDGHRQO\E\*LOHDG7KHLQYHVWLJDWRUPXVWVXEPLWDOOSURWRFROPRGLILFDWLRQVWRWKH
,5%,(& LQDFFRUGDQFHZLWKORFDOUHTXLUHPHQWV DQGUHFHLYHGRFXPHQWHG ,5%,(& DSSURYDO
EHIRUHPRGLILFDWLRQVFDQEHLPSOHPHQWHG

6WXG\5HSRUWDQG3XEOLFDWLRQV
$FOLQLFDOVWXG\UHSRUW&65ZLOOEHSUHSDUHGDQGSURYLGHGWRWKHUHJXODWRU\DJHQF\ *LOHDG
ZLOOHQVXUHWKDWWKHUHSRUWPHHWVWKHVWDQGDUGVVHWRXWLQWKH,&+*XLGHOLQHIRU6WUXFWXUHDQG
&RQWHQWRI&OLQLFDO6WXG\5HSRUWV,&+ (1RWHWKDWDQDEEUHYLDWHGUHSRUWPD\EHSUHSDUHG
LQFHUWDLQFDVHV
,QYHVWLJDWRUVLQWKLVVWXG\PD\FRPPXQLFDWHRUDOO\SUHVHQWRUSXEOLVKLQVFLHQWLILFMRXUQDOV
RURWKHUVFKRODUO\PHGLDRQO\DIWHUWKHIROORZLQJFRQGLWLRQVKDYHEHHQPHW

7KHUHVXOWVRIWKHVWXG\LQWKHLUHQWLUHW\KDYHEHHQSXEOLFO\GLVFORVHGE\RUZLWKWKH
FRQVHQWRI*LOHDGLQDQDEVWUDFWPDQXVFULSWRUSUHVHQWDWLRQIRUPRUWKHVWXG\KDVEHHQ
FRPSOHWHGDWDOOVWXG\VLWHVIRU DWOHDVW\HDUV

7KHLQYHVWLJDWRUZLOOVXEPLWWR*LOHDGDQ\SURSRVHGSXEOLFDWLRQRUSUHVHQWDWLRQDORQJ
ZLWKWKHUHVSHFWLYHVFLHQWLILFMRXUQDORUSUHVHQWDWLRQIRUXPDWOHDVWGD\VEHIRUH
VXEPLVVLRQRIWKHSXEOLFDWLRQRUSUHVHQWDWLRQ

1RVXFKFRPPXQLFDWLRQSUHVHQWDWLRQRUSXEOLFDWLRQZLOOLQFOXGH*LOHDG¶VFRQILGHQWLDO
LQIRUPDWLRQVHH6HFWLRQ

7KHLQYHVWLJDWRUZLOOFRPSO\ZLWK*LOHDG¶VUHTXHVWWRGHOHWHUHIHUHQFHVWRLWVFRQILGHQWLDO
LQIRUPDWLRQRWKHUWKDQWKHVWXG\UHVXOWVLQDQ\SDSHURUSUHVHQWDWLRQDQGDJUHHVWR
ZLWKKROGSXEOLFDWLRQRUSUHVHQWDWLRQIRUDQDGGLWLRQDOGD\VLQRUGHUWRREWDLQSDWHQW
SURWHFWLRQLIGHHPHGQHFHVVDU\

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ
,QDFFRUGDQFHZLWKUHJXODWLRQVDQG JXLGHOLQHVWKHVWXG\PRQLWRUPXVWKDYHGLUHFWDFFHVVWR
WKHLQYHVWLJDWRU¶VVRXUFHGRFXPHQWDWLRQLQRUGHUWRYHULI\WKHDFFXUDF\RIWKHGDWDUHFRUGHG
LQWKH&5)H&5)
7KHPRQLWRULVUHVSRQVLEOHIRUURXWLQHUHYLHZRIWKH&5)H&5) DWUHJXODULQWHUYDOV
WKURXJKRXWWKHVWXG\WRYHULI\DGKHUHQFHWRWKHSURWRFRODQGWKHFRPSOHWHQHVVFRQVLVWHQF\
DQGDFFXUDF\RIWKHGDWDEHLQJHQWHUHGRQWKHP7KHPRQLWRUVKRXOGKDYHDFFHVVWRDQ\
VXEMHFWUHFRUGVQHHGHGWRYHULI\WKHHQWULHVRQWKH&5)H&5)7KHLQYHVWLJDWRUDJUHHVWR
FRRSHUDWHZLWKWKHPRQLWRUWRHQVXUHWKDWDQ\SUREOHPVGHWHFWHGWKURXJKDQ\W\SHRI
PRQLWRULQJFHQWUDORQVLWH DUHUHVROYHG

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV
5HSUHVHQWDWLYHVRIUHJXODWRU\DXWKRULWLHVRURI*LOHDGPD\FRQGXFWLQVSHFWLRQVRUDXGLWVRI
WKHFOLQLFDOVWXG\,IWKHLQYHVWLJDWRULVQRWLILHGRIDQLQVSHFWLRQE\DUHJXODWRU\DXWKRULW\WKH
LQYHVWLJDWRUDJUHHVWRQRWLI\WKH*LOHDGPHGLFDOPRQLWRULPPHGLDWHO\7KHLQYHVWLJDWRUDJUHHV
WRSURYLGHWRUHSUHVHQWDWLYHVRIDUHJXODWRU\DJHQF\RU*LOHDGDFFHVVWRUHFRUGVIDFLOLWLHVDQG
SHUVRQQHOIRUWKHHIIHFWLYHFRQGXFWRIDQ\LQVSHFWLRQRUDXGLW

6WXG\'LVFRQWLQXDWLRQ
%RWKWKHVSRQVRUDQGWKHLQYHVWLJDWRUUHVHUYHWKHULJKWWRWHUPLQDWHWKHVWXG\DWDQ\WLPH
6KRXOGWKLVEHQHFHVVDU\ERWKSDUWLHVZLOODUUDQJHGLVFRQWLQXDWLRQSURFHGXUHVDQGQRWLI\WKH
DSSURSULDWHUHJXODWRU\DXWKRULW\LHV,5%VDQG,(&V,QWHUPLQDWLQJWKHVWXG\*LOHDGDQG
WKHLQYHVWLJDWRUZLOODVVXUHWKDWDGHTXDWHFRQVLGHUDWLRQLVJLYHQWRWKHSURWHFWLRQRIWKH
VXEMHFWV¶LQWHUHVWV

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

5()(5(1&(6

'PLWULHQNR$2IIHQ:::HVWIDOO3+*DWHNHHSLQJVWUDWHJLHVIRUFOLQLFDOWULDOV
WKDWGRQRWUHTXLUHDOOSULPDU\HIIHFWVWREHVLJQLILFDQW6WDWLVW0HG


$PHULFDQ$FDGHP\RI3HGLDWULFV&RPPLWWHHRQ,QIHFWLRXV'LVHDVHV8VHRI
ULEDYLULQLQWKHWUHDWPHQWRIUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQ3HGLDWULFV


5RPHUR-53DOLYL]XPDESURSK\OD[LVRIUHVSLUDWRU\V\QF\WLDOYLUXVGLVHDVHIURP
WRUHVXOWVIURPIRXU\HDUVRISDOLYL]XPDEXVDJH3HGLDWU,QIHFW'LV-
6XSSO6

%RUJ, 5RKGH*/RVHNH6%LWWVFKHLGW-6FKXOW]H:HUQLQJKDXV*6WHSKDQ9HW
DO(YDOXDWLRQRIDTXDQWLWDWLYHUHDOWLPH3&5IRUWKHGHWHFWLRQRIUHVSLUDWRU\
V\QF\WLDOYLUXVLQSXOPRQDU\GLVHDVHV(XU5HVSLU-

'H9LQFHQ]R-3(O6DOHHE\ &0%XVK$-5HVSLUDWRU\V\QF\WLDOYLUXVORDG
SUHGLFWVGLVHDVHVHYHULW\LQSUHYLRXVO\KHDOWK\LQIDQWV-,QIHFW'LV


'H9LQFHQ]R-3:LONLQVRQ79DLVKQDZ$&HKHOVN\-0H\HUV51RFKXU6HWDO
9LUDOORDGGULYHVGLVHDVHLQKXPDQVH[SHULPHQWDOO\LQIHFWHGZLWKUHVSLUDWRU\
V\QF\WLDOYLUXV$P-5HVSLU&ULW&DUH0HG

'XQFDQ&%:DOVK((3HWHUVRQ'5/HH)()DOVH\$55LVNIDFWRUVIRU
UHVSLUDWRU\IDLOXUHDVVRFLDWHGZLWKUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQLQDGXOWV-
,QIHFW'LV

(O6DOHHE\&0%XVK$-+DUULVRQ/0$LWNHQ-$'HYLQFHQ]R-35HVSLUDWRU\
V\QF\WLDOYLUXVORDGYLUDOG\QDPLFVDQGGLVHDVHVHYHULW\LQSUHYLRXVO\KHDOWK\
QDWXUDOO\LQIHFWHGFKLOGUHQ-,QIHFW'LV 

)DOVH\$5)RUPLFD0$+HQQHVVH\3$&ULGGOH006XOOHQGHU:0:DOVK((
'HWHFWLRQRIUHVSLUDWRU\V\QF\WLDOYLUXVLQDGXOWVZLWKFKURQLFREVWUXFWLYH
SXOPRQDU\GLVHDVH$P-5HVSLU&ULW&DUH0HG

)DOVH\$5+HQQHVVH\3$)RUPLFD0$&R[&:DOVK((5HVSLUDWRU\V\QF\WLDO
YLUXVLQIHFWLRQLQHOGHUO\DQGKLJKULVNDGXOWV1(QJO-0HG


-RKQVRQ-(*RQ]DOHV5$2OVRQ6-:ULJKW3)*UDKDP%67KHKLVWRSDWKRORJ\
RIIDWDOXQWUHDWHG KXPDQUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQ0RG3DWKRO


*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

1DLU+1RNHV'-*HVVQHU%''KHUDQL00DGKL6$6LQJOHWRQ5-HWDO*OREDO
EXUGHQRIDFXWHORZHUUHVSLUDWRU\LQIHFWLRQVGXHWRUHVSLUDWRU\V\QF\WLDOYLUXVLQ
\RXQJFKLOGUHQDV\VWHPDWLFUHYLHZDQGPHWDDQDO\VLV/DQFHW


3HHEOHV56-U*UDKDP%63DWKRJHQHVLVRIUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQ
LQWKHPXULQHPRGHO3URF$P7KRUDF6RF

6WRFNPDQ/-&XUQV$7$QGHUVRQ/-)LVFKHU/DQJOH\*5HVSLUDWRU\6\QF\WLDO
9LUXVDVVRFLDWHG+RVSLWDOL]DWLRQV$PRQJ,QIDQWVDQG<RXQJ&KLOGUHQLQWKH
8QLWHG6WDWHV3HGLDWU,QIHFW'LV-

-RIIH65D\*7(VFREDU*-%ODFN6%/LHX7$&RVWHIIHFWLYHQHVVRIUHVSLUDWRU\
V\QF\WLDOYLUXVSURSK\OD[LVDPRQJSUHWHUPLQIDQWV3HGLDWULFV3W


1LFKROV:**RROH\7%RHFNK0&RPPXQLW\DFTXLUHGUHVSLUDWRU\V\QF\WLDO
YLUXVDQGSDUDLQIOXHQ]DYLUXVLQIHFWLRQVDIWHUKHPDWRSRLHWLFVWHPFHOO
WUDQVSODQWDWLRQWKH)UHG+XWFKLQVRQ&DQFHU5HVHDUFK&HQWHUH[SHULHQFH%LRO
%ORRG0DUURZ7UDQVSODQW6XSSO66

'H9LQFHQ]R-/DPENLQ:LOOLDPV5:LONLQVRQ7&HKHOVN\-1RFKXU6:DOVK
(HWDO$UDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\RIDQ51$LEDVHG
WKHUDS\GLUHFWHGDJDLQVWUHVSLUDWRU\V\QF\WLDOYLUXV3URF1DWO$FDG6FL86$


:LGPHU.=KX<:LOOLDPV-9*ULIILQ05(GZDUGV.07DOERW+.5DWHVRI
KRVSLWDOL]DWLRQVIRUUHVSLUDWRU\V\QF\WLDOYLUXVKXPDQPHWDSQHXPRYLUXVDQG
LQIOXHQ]DYLUXVLQROGHUDGXOWV-,QIHFW'LV

:DOVK((3HWHUVRQ'5.DONDQRJOX$(/HH)()DOVH\$59LUDOVKHGGLQJDQG
LPPXQHUHVSRQVHVWRUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQLQROGHUDGXOWV-,QIHFW
'LV

.D\H06NLGPRUH62VPDQ+:HLQEUHQ0:DUUHQ56XUYHLOODQFHRI
UHVSLUDWRU\YLUXVLQIHFWLRQVLQDGXOWKRVSLWDODGPLVVLRQVXVLQJUDSLGPHWKRGV
(SLGHPLRO,QIHFW

/DFKLQ-0$UHYLHZRIPHWKRGVIRUIXWLOLW\VWRSSLQJEDVHGRQFRQGLWLRQDOSRZHU
6WDW0HG

/HH1/XL*&:RQJ.7/L7&7VH(&&KDQ-<HWDO+LJKPRUELGLW\DQG
PRUWDOLW\LQDGXOWVKRVSLWDOL]HGIRUUHVSLUDWRU\V\QF\WLDOYLUXVLQIHFWLRQV&OLQ
,QIHFW'LV 

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

/LHEHUPDQ'6KLPRQL$6KHPHU$YQL<.HUHQ1DRV$6KWDLQEHUJ5
5HVSLUDWRU\YLUXVHVLQDGXOWVZLWKFRPPXQLW\DFTXLUHGSQHXPRQLD&KHVW


/XFKVLQJHU93LHGUD3$5XL]0=XQLQR(0DUWLQH]0$0DFKDGR&HWDO
5ROHRIQHXWUDOL]LQJDQWLERGLHVLQDGXOWVZLWKFRPPXQLW\DFTXLUHGSQHXPRQLDE\
UHVSLUDWRU\V\QF\WLDOYLUXV&OLQ,QIHFW'LV

6KDK-1&KHPDO\5)0DQDJHPHQWRI569LQIHFWLRQVLQDGXOWUHFLSLHQWVRI
KHPDWRSRLHWLFVWHPFHOO WUDQVSODQWDWLRQ%ORRG

7DNDKDVKL.6X]XNL00LQKOH1$QK1++XRQJ/76RQ79HWDO7KH
LQFLGHQFHDQGDHWLRORJ\RIKRVSLWDOLVHGFRPPXQLW\DFTXLUHGSQHXPRQLDDPRQJ
9LHWQDPHVHDGXOWVDSURVSHFWLYHVXUYHLOODQFHLQ&HQWUDO9LHWQDP%0&,QIHFW'LV


*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK

$33(1',&(6
$SSHQGL[ 
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG
/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV 'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ
3RWHQWLDODQG&RQWUDFHSWLYH5HTXLUHPHQWV
$SSHQGL[ 7DEOH  3URWRFRO6SHFLILHG&RQWUDFHSWLYH0HWKRGV

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
$SSHQGL[ 
6WXG\3URFHGXUHV7DEOH
'D\
6FUHHQLQJ D
'D\
%DVHOLQH
'D\V
'D\
'D\
'D\
'D\
 GD\
'D\
  GD\V
:ULWWHQ,QIRUPHG
&RQVHQW
[E F
569DQG,QIOXHQ]D
WHVWLQJ
[G
1DVDO6DPSOLQJIRU569
YLUDOORDGWHVWLQJ
[
[
[
[
[
[
1DVDO6DPSOLQJIRU
$GGLWLRQDO 7HVWLQJ
[H
9LWDO6LJQV2
VDWXUDWLRQ
[
[ I
[
[
[
[
[
0HGLFDO+LVWRU\DQG
'HPRJUDSKLFV
[
OHDG(&*
[J
+HPDWRORJ\
[K
[
[
[
[
6HUXP&KHPLVWU\
[K
[
[
[
[
3.EORRGGUDZ
[L
[
[
569DQWLERG\WLWHUEORRG
GUDZ
[M
[
%LRPDUNHUEORRGGUDZ
[M
[
3UHJQDQF\7HVW
[N
[O
&OLQLFDO)UDLOW\6FRUH
[

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
'D\
6FUHHQLQJ D
'D\
%DVHOLQH
'D\V
'D\
'D\
'D\
'D\
 GD\
'D\
  GD\V
)/8352
[
[
[
[
[
[
+HDOWKFDUH8WLOL]DWLRQ
$VVHVVPHQW
[
[
[
'UXJ'RVLQJ
[
$GYHUVH(YHQWV
[
[
[
[
[
[
[
[
&RQFRPLWDQW
0HGLFDWLRQV
[
[
[
[
[
[
[
[
D
%DVHOLQH'D\YLVLWWRRFFXUZLWKLQKRXUVRIVFUHHQLQJ'D\%DVHOLQHWKURXJK'D\ZLOORFFXUKRXUV KRXUVDSDUWZLWKQRSURFHGXUHVRFFXUULQJ RQ'D\V 
DQG
E
3DWLHQWVDQWLFLSDWHGWREHHOLJLEOHIRUWKLVVWXG\ZLOOEHFRQVHQWHGIRU569WHVWLQJRIQDVDOVDPSOHV
F
3DWLHQWVZKRDUH569SRVLWLYHZLOOEHDSSURDFKHGWRFRQVHQWIRUWKHVFUHHQLQJDQGWUHDWPHQWSKDVHRIWKHVWXG\
G
6DPSOLQJWHFKQLTXHDQGDVVD\GHWHUPLQHGE\ORFDOODERUDWRU\PHWKRGV
H
&RYLUDOWHVWLQJSULRUWRGRVLQJDQDO\]HGDWFHQWUDOODERUDWRU\
I
7RLQFOXGHKHLJKWDQGZHLJKWDW'D\$W'D\ YLWDOVLJQVZLOOEHREWDLQHGPLQXWHVSULRUWRGRVLQJ DQGDWDQGPLQXWHVDIWHUGRVLQJ
J
$W'D\ DQ(&*ZLOOEHREWDLQHGSULRUWRGRVLQJXQOHVVDOUHDG\DYDLODEOHIURPFXUUHQWDGPLVVLRQ$7PD[ (&*ZLOOEHREWDLQHGDSSUR[LPDWHO\KRXUV  PLQXWHVDIWHU
GRVLQJ
K
,IQRUHFHQWODERUDWRU\YDOXHVDUHDYDLODEOHIURPFXUUHQWKRVSLWDOL]DWLRQ
L
7REHGUDZQKRXUV  PLQXWHVDIWHUGRVLQJ
M
7REHGUDZQSULRUWRGRVLQJ
N
8ULQHSUHJQDQF\WHVWZLOOEHSHUIRUPHGDW6FUHHQLQJLQZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\
O
6HUXPSUHJQDQF\WHVWZLOOEHSHUIRUPHGRQ'D\LQZRPHQXQDEOHWRFRQILUPPHQRSDXVHK\VWHUHFWRP\DQGRUELODWHUDORRSKRUHFWRP\

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
$SSHQGL[ 
0DQDJHPHQWRI&OLQLFDODQG/DERUDWRU\$GYHUVH(YHQWV
*UDGH
*UDGH
*UDGH
*UDGH
0D\FRQWLQXH
GRVLQJDWWKH
GLVFUHWLRQRIWKH
LQYHVWLJDWRU
5HSHDWODEWR
FRQILUPWR[LFLW\
JUDGH
5HSHDWODEWR
FRQILUPWR[LFLW\
JUDGH
,IFRQILUPHGDQGSRVVLEO\DQGRUSUREDEO\UHODWHGWR
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFWV

:LWKKROGLQYHVWLJDWLRQDOPHGLFLQDOSURGXFWVXQWLO*UDGH

5HVWDUWDOOLQYHVWLJDWLRQDOPHGLFLQDOSURGXFWVDWIXOOGRVH
,IFRQILUPHGDQGXQUHODWHGWR
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFWV
GRVLQJPD\FRQWLQXHDWWKH
GLVFUHWLRQRIWKHLQYHVWLJDWRU
,IFRQILUPHGDQG
SRVVLEO\RUSUREDEO\
UHODWHGWR
LQYHVWLJDWLRQDO
PHGLFLQDOSURGXFWV
GLVFRQWLQXH
LQYHVWLJDWLRQDO
PHGLFLQDOSURGXFWV
GRVLQJSHUPDQHQWO\
DQGIROORZDWSHULRGLF
LQWHUYDOVDWOHDVW
ZHHNO\XQWLODUHWXUQ
WREDVHOLQHRULV
RWKHUZLVHH[SODLQHG
,I*UDGHRUUHFXUUHQFHWKDWLVFRQILUPHGDQGSRVVLEO\RU
SUREDEO\UHODWHGWRLQYHVWLJDWLRQDOPHGLFLQDOSURGXFWVGLVFRQWLQXH
DOOLQYHVWLJDWLRQDOPHGLFLQDOSURGXFWVGRVLQJSHUPDQHQWO\
,I*UDGHRUUHFXUUHQFHWKDWLVFRQVLGHUHGXQUHODWHGWR
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFWVFRQWLQXHDOOLQYHVWLJDWLRQDO
PHGLFLQDOSURGXFWVDWWKHVDPHGRVHDWWKHGLVFUHWLRQRIWKH
LQYHVWLJDWRU

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
$SSHQGL[ 
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
9HUVLRQ-XQHO
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+HPRJORELQ
+,9326,7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
WR J/
 WR JG/
 WR  J/
WR JG/
WR J/
 JG/
 J/
+,91(*$7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
 WR  J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
 JG/
 J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WRJG/
WRJ/
JG/
J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
 WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
$EVROXWH1HXWURSKLO&RXQW
$1&
$GXOWDQG3HGLDWULF 'D\V
 WR PP
 WR PP
 WR PP
PP
 WR *,/
 WR*,/
 WR *,/
*,/
,QIDQW± 'D\V
WRPP
 WR *,/
WRPP
 WR *,/
WRPP
 WR *,/
PP
*,/
,QIDQW'D\
WRPP
 WR *,/
WRPP
 WR*,/
WRPP
 WR *,/
PP
*,/
$EVROXWH&'&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
!  <HDUV
 WR PP
 WR ȝ/
 WR PP
 WRȝ/
 WR PP
 WR ȝ/
PP
ȝ/
$EVROXWH/\PSKRF\WH&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
 <HDUV
WRPP
WR*,/
WRPP
WR*,/
WRPP
WR*,/
PP
*,/
3ODWHOHWV
WR PP
 WR *,/
WRPP
 WR*,/
WRPP
WR*,/
PP
 *,/
:%&V
PP WRPP
WRPP
WRPP
PP
 *,/ WR *,/
 WR *,/
WR *,/
*,/
+\SRILEULQRJHQHPLD
 WR  PJG/
WR PJG/
 WR PJG/
 PJG/
 WR  J/
 WR J/
WR J/
 J/

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUILEULQRJHQHPLD
8/1WR PJG/
 PJG/
²
²
8/1WR J/
 J/
²
²
)LEULQ6SOLW3URGXFW
WR ȝJP/
 WR ȝJP/
 WR ȝJP/
 ȝJP/
WR PJ/
WR PJ/
WR PJ/
 PJ/
3URWKURPELQ7LPH37
WR 8/1
WR 8/1
WR 8/1
8/1
,QWHUQDWLRQDO1RUPDOL]HG5DWLR
RISURWKURPELQWLPH,15
WR[8/1
!WR[8/1
!WR[8/1
![8/1
$FWLYDWHG3DUWLDO
7KURPERSODVWLQ7LPH$377
 WR 8/1
 WR 8/1
 WR 8/1
8/1
0HWKHPRJORELQ
 WR 
 WR 
 WR 


*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRQDWUHPLD
WR//1P(T/
WR  P(T/
WR  P(T/
P(T/
WR //1PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUQDWUHPLD
WRP(T/
WRP(T/
WRP(T/
P(T/
WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRNDOHPLD
WR P(T/
WR  P(T/
WR  P(T/
P(T/
WR PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUNDOHPLD
WRP(T/
WR P(T/
WR P(T/
P(T/
WRPPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SRJO\FHPLD
$GXOWDQG3HGLDWULF
 0RQWK
WR PJG/
WR  PJG/
WR  PJG/
PJG/
WR PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
,QIDQW  0RQWK
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
PJG/
PPRO/
+\SHUJO\FHPLD1RQIDVWLQJ
 WR PJG/
WR PJG/
WR PJG/
PJG/
WR PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SHUJO\FHPLD)DVWLQJ
WRPJG/
WRPPRO/
!WRPJG/
!WRPPRO/
!WRPJG/
!WRPPRO/
!PJG/
!PPRO/
+\SRFDOFHPLD
FRUUHFWHGIRUDOEXPLQLI
DSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
WRPJG/
WR PJG/
WR  PJG/
 PJG/
WRPPRO/
WR PPRO/
WR PPRO/
 PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
WRPJG/
WR PPRO/
PJG/
PPRO/

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUFDOFHPLDFRUUHFWHG
IRUDOEXPLQLIDSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
!WRPPRO/
WRPJG/
!WRPPRO/
PJG/
!PPRO/
+\SRFDOFHPLDLRQL]HG
PJG/WR //1
WRPJG/
WR PJG/
PJG/
PPRO/WR //1
WR PPRO/
WR PPRO/
PPRO/
+\SHUFDOFHPLDLRQL]HG
8/1WRPJG/
WRPJG/
WRPJG/
PJG/
8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRPDJQHVHPLD
WR//1PJG/
WR//1P(T/
WR PJG/
WRP(T/
WR PJG/
WRP(T/
PJG/
P(T/
WR//1PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SRSKRVSKDWHPLD
$GXOWDQG3HGLDWULF
 <HDUV
WR//1PJG/
WRPJG/
WRPJG/
PJG/
WR//1PPRO/
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDU±<HDUV
WRPJG/
WRPPRO/
WRPJG/
WR  PPRO/
WRPJG/
WR PPRO/
PJG/
 PPRO/
3HGLDWULF <HDU
WRPJG/
WRPPRO/
WR PJG/
WR  PPRO/
WRPJG/
WRPPRO/
PJG/
 PPRO/

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SHUELOLUXELQHPLD
$GXOWDQG3HGLDWULF
!  'D\V
WR8/1
WR8/1
WR8/1
8/1
,QIDQW 'D\V
QRQKHPRO\WLF
1$
WRPJG/
WRȝPRO/
WRPJG/
!WRȝPRO/
PJG/
!ȝPRO/
,QIDQW 'D\V
KHPRO\WLF
1$
1$
WRPJG/
WRȝPRO/
PJG/
!ȝPRO/
%ORRG8UHD1LWURJHQ
WR8/1
WR8/1
WR8/1
8/1
+\SHUXULFHPLD
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
+\SRXULFHPLD
PJG/WR //1
WR PJG/
WR PJG/
PJG/
ȝPRO/WR //1
WR ȝPRO/
WR ȝPRO/
ȝPRO/
&UHDWLQLQH
WRPJG/
WRPJG/
WRPJG/
PJG/
WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
%LFDUERQDWH
P(T/WR //1
WR P(T/
WR P(T/
P(T/
PPRO/WR //1
WR PPRO/
WR PPRO/
PPRO/
7ULJO\FHULGHV
)DVWLQJ
1$
WRPJG/
WRPJG/
PJG/
±PPRO/
±PPRO/
PPRO/

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
/'/
)DVWLQJ
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
3HGLDWULF!WR\HDUV
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
+\SHUFKROHVWHUROHPLD
)DVWLQJ
WRPJG/
WRPJG/
PJG/
1$
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDUV
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/
1$
&UHDWLQH.LQDVH
WR 8/1
WR 8/1
WR 8/1
8/1
&DOFLXPVKRXOGEHFRUUHFWHGIRUDOEXPLQLIDOEXPLQLVJG/

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
(1=<0(6
*UDGH
*UDGH
*UDGH
*UDGH
$676*27
WR8/1
WR8/1
WR8/1
8/1
$/76*37
WR8/1
WR8/1
WR8/1
8/1
**7
WR8/1
WR8/1
WR8/1
8/1
$ONDOLQH3KRVSKDWDVH
WR8/1
WR8/1
WR8/1
8/1
7RWDO$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
3DQFUHDWLF$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
/LSDVH
WR8/1
WR8/1
WR8/1
8/1
$OEXPLQ
JG/WR//1
J/WR//1
WRJG/
WRJ/
JG/
J/
1$

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
85,1$/<6,6
*UDGH
*UDGH
*UDGH
*UDGH
+HPDWXULD'LSVWLFN



1$
+HPDWXULD4XDQWLWDWLYH
6HH1RWHEHORZ
)HPDOHV
!8/1  5%&+3)
 5%&+3)
!5%&+3)
1$
0DOHV
5%&+3)
 5%&+3)
!5%&+3)
1$
3URWHLQXULD'LSVWLFN

±

1$
3URWHLQXULD+RXU&ROOHFWLRQ
$GXOWDQG3HGLDWULF
<HDUV
WR PJ K
!WR PJK
! WR PJK
PJK
3HGLDWULF0RWR
  <HDUV
WR PJP K
! WR PJPK
! WR PJPK
PJPK
*O\FRVXULD'LSVWLFN



1$
1RWHV

7R[LFLW\JUDGHVIRU4XDQWLWDWLYHDQG'LSVWLFN+HPDWXULDZLOOEHDVVLJQHGE\&RYDQFH/DERUDWRU\KRZHYHUIRURWKHUODERUDWRULHVWR[LFLW\JUDGHVZLOORQO\EHDVVLJQHGWR
'LSVWLFN+HPDWXULD

:LWKWKHH[FHSWLRQRIOLSLGWHVWVDQ\JUDGHGODERUDWRU\WHVWZLWKDUHVXOWWKDWLVEHWZHHQWKH//1DQG8/1VKRXOGEHDVVLJQHG*UDGH

,IWKHVHYHULW\RIDFOLQLFDO$(FRXOGIDOOXQGHUHLWKHURQHRIWZRJUDGHVHJWKHVHYHULW\RIDQ$(FRXOGEHHLWKHU*UDGHRU*UDGHVHOHFWWKHKLJKHURIWKHWZRJUDGHV
IRUWKH$(

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
&DUGLDF$UUK\WKPLDJHQHUDO
%\(&*RUSK\VLFDOH[DP
$V\PSWRPDWLF$1'1R
LQWHUYHQWLRQLQGLFDWHG
$V\PSWRPDWLF$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
6\PSWRPDWLFQRQOLIH
WKUHDWHQLQJ$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJDUUK\WKPLD
258UJHQWLQWHUYHQWLRQ
LQGLFDWHG
&DUGLDFLVFKHPLD,QIDUFWLRQ
1$
1$
6\PSWRPDWLFLVFKHPLD
VWDEOHDQJLQD257HVWLQJ
FRQVLVWHQWZLWKLVFKHPLD
8QVWDEOHDQJLQD25$FXWH
P\RFDUGLDOLQIDUFWLRQ
+HPRUUKDJHVLJQLILFDQWDFXWH
EORRGORVV
1$
6\PSWRPDWLF$1'1R
WUDQVIXVLRQLQGLFDWHG
6\PSWRPDWLF$1'
7UDQVIXVLRQRI XQLWV
SDFNHG5%&VIRUFKLOGUHQ
 FFNJLQGLFDWHG
/LIHWKUHDWHQLQJK\SRWHQVLRQ
257UDQVIXVLRQRI XQLWV
SDFNHG5%&VLQGLFDWHGIRU
FKLOGUHQ FFNJLQGLFDWHG
+\SHUWHQVLRQZLWKUHSHDW
WHVWLQJDWVDPHYLVLW
± PP+JV\VWROLF
25
±PP+JGLDVWROLF
±PP+JV\VWROLF
25
±PP+JGLDVWROLF
 PP+JV\VWROLF
25
 PP+JGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQRWKHUWKDQ
(5YLVLWLQGLFDWHG
3HGLDWULF <HDUVZLWK
UHSHDWWHVWLQJDWVDPHYLVLW
1$
VW±WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
 WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQHPHUJHQF\URRP
YLVLW
+\SRWHQVLRQ
1$
6\PSWRPDWLFFRUUHFWHGZLWK
RUDOIOXLGUHSODFHPHQW
6\PSWRPDWLF,9IOXLGV
LQGLFDWHG
6KRFNUHTXLULQJXVHRI
YDVRSUHVVRUVRUPHFKDQLFDO
DVVLVWDQFH WRPDLQWDLQEORRG
SUHVVXUH
3HULFDUGLDO(IIXVLRQ
$V\PSWRPDWLFVPDOO
HIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
$V\PSWRPDWLFPRGHUDWHRU
ODUJHUHIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
(IIXVLRQZLWKQRQOLIH
WKUHDWHQLQJSK\VLRORJLF
FRQVHTXHQFHV25(IIXVLRQ
ZLWKQRQXUJHQWLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWDPSRQDGH258UJHQW
LQWHUYHQWLRQLQGLFDWHG

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
3URORQJHG35,QWHUYDO
35LQWHUYDO
WRVHF
35LQWHUYDO
VHF
7\SH,,QGGHJUHH$9
EORFN259HQWULFXODUSDXVH
VHF
&RPSOHWH$9EORFN
3HGLDWULF<HDUV
VWGHJUHH$9EORFN
35!QRUPDOIRUDJHDQG
UDWH
7\SH,QGGHJUHH$9EORFN
7\SH,,QGGHJUHH$9
EORFN
&RPSOHWH$9EORFN
3URORQJHG47F
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQWHUYDOVHFDERYH
EDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQLQWHUYDOWRVHF
DERYHEDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
 VHF25,QFUHDVHLQ
LQWHUYDO VHFDERYH
EDVHOLQH
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
3HGLDWULF <HDUV
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
VHF
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
7KURPERVLV(PEROLVP
1$
'HHSYHLQWKURPERVLV$1'
1RLQWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
'HHSYHLQWKURPERVLV$1'
,QWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
(PEROLFHYHQWHJSXOPRQDU\
HPEROLVPOLIHWKUHDWHQLQJ
WKURPEXV
9DVRYDJDO(SLVRGHDVVRFLDWHG
ZLWKDSURFHGXUHRIDQ\NLQG
3UHVHQWZLWKRXWORVVRI
FRQVFLRXVQHVV
3UHVHQWZLWKWUDQVLHQWORVVRI
FRQVFLRXVQHVV
1$
1$
9HQWULFXODU'\VIXQFWLRQ
FRQJHVWLYHKHDUWIDLOXUH
&+)
1$
$V\PSWRPDWLFGLDJQRVWLF
ILQGLQJ$1'LQWHUYHQWLRQ
LQGLFDWHG
1HZRQVHWZLWKV\PSWRPV
25:RUVHQLQJV\PSWRPDWLF
&+)
/LIHWKUHDWHQLQJ&+)

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
5(63,5$725<
*UDGH
*UDGH
*UDGH
*UDGH
%URQFKRVSDVPDFXWH
)(9RUSHDNIORZUHGXFHGWR
WR
)(9RUSHDNIORZWR
)(9RUSHDNIORZWR

&\DQRVLV25)(9RUSHDNIORZ
25,QWXEDWLRQ
'\VSQHDRU5HVSLUDWRU\
'LVWUHVV
'\VSQHDRQH[HUWLRQZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDRQH[HUWLRQFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
3HGLDWULF<HDUV
:KHH]LQJ25PLQLPDO
LQFUHDVHLQUHVSLUDWRU\UDWHIRU
DJH
1DVDOIODULQJ25,QWHUFRVWDO
UHWUDFWLRQV253XOVHR[LPHWU\
WR
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
253XOVHR[LPHWU\
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
2&8/$59,68$/
*UDGH
*UDGH
*UDGH
*UDGH
8YHLWLV
$V\PSWRPDWLFEXWGHWHFWDEOH
RQH[DP
6\PSWRPDWLFDQWHULRUXYHLWLV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
3RVWHULRURUSDQXYHLWLV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV
9LVXDO&KDQJHVIURP
EDVHOLQH
9LVXDOFKDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
6.,1
*UDGH
*UDGH
*UDGH
*UDGH
$ORSHFLD
7KLQQLQJGHWHFWDEOHE\
VWXG\SDUWLFLSDQWRU
FDUHJLYHUIRUGLVDEOHG
DGXOWV
7KLQQLQJRUSDWFK\KDLUORVV
GHWHFWDEOHE\KHDOWKFDUH
SURYLGHU
&RPSOHWHKDLUORVV
1$
&XWDQHRXV5HDFWLRQ± 5DVK
/RFDOL]HGPDFXODUUDVK
'LIIXVHPDFXODU
PDFXORSDSXODURU
PRUELOOLIRUPUDVK257DUJHW
OHVLRQV
'LIIXVHPDFXODU
PDFXORSDSXODURUPRUELOOLIRUP
UDVKZLWKYHVLFOHVRUOLPLWHG
QXPEHURIEXOODH25
6XSHUILFLDOXOFHUDWLRQVRI
PXFRXVPHPEUDQHOLPLWHGWR
RQHVLWH
([WHQVLYHRUJHQHUDOL]HG
EXOORXVOHVLRQV25
6WHYHQV-RKQVRQV\QGURPH
258OFHUDWLRQRIPXFRXV
PHPEUDQHLQYROYLQJWZR
RUPRUHGLVWLQFWPXFRVDO
VLWHV257R[LFHSLGHUPDO
QHFURO\VLV7(1
+\SHUSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
+\SRSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
3UXULWLVLWFKLQJ± QRVNLQ
OHVLRQV
6HHDOVR,QMHFWLRQ6LWH
5HDFWLRQV3UXULWLVDVVRFLDWHG
ZLWKLQMHFWLRQ
,WFKLQJFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
$QRUH[LD
/RVVRIDSSHWLWHZLWKRXW
GHFUHDVHGRUDOLQWDNH
/RVVRIDSSHWLWHDVVRFLDWHGZLWK
GHFUHDVHGRUDOLQWDNHZLWKRXW
VLJQLILFDQWZHLJKWORVV
/RVVRIDSSHWLWHDVVRFLDWHG
ZLWKVLJQLILFDQWZHLJKWORVV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
25$JJUHVVLYHLQWHUYHQWLRQ
LQGLFDWHG>HJ WXEHIHHGLQJRU
WRWDOSDUHQWHUDOQXWULWLRQ@
$VFLWHV
$V\PSWRPDWLF
6\PSWRPDWLF$1',QWHUYHQWLRQ
LQGLFDWHGHJGLXUHWLFVRU
WKHUDSHXWLFSDUDFHQWHVLV
6\PSWRPDWLFGHVSLWH
LQWHUYHQWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
&KROHF\VWLWLV
1$
6\PSWRPDWLF$1'0HGLFDO
LQWHUYHQWLRQLQGLFDWHG
5DGLRORJLFHQGRVFRSLFRU
RSHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVRUSHUIRUDWLRQ
&RQVWLSDWLRQ
1$
3HUVLVWHQWFRQVWLSDWLRQUHTXLULQJ
UHJXODUXVHRIGLHWDU\
PRGLILFDWLRQVOD[DWLYHVRU
HQHPDV
2EVWLSDWLRQZLWKPDQXDO
HYDFXDWLRQLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJREVWUXFWLRQ
'LDUUKHD
$GXOWDQG3HGLDWULF
 <HDU
7UDQVLHQWRULQWHUPLWWHQW
HSLVRGHVRIXQIRUPHGVWRROV
25,QFUHDVHRI VWRROV
RYHUEDVHOLQH KU
3HUVLVWHQWHSLVRGHVRIXQIRUPHG
WRZDWHU\VWRROV25,QFUHDVHRI
±VWRROVRYHUEDVHOLQHSHU
 KUV
%ORRG\GLDUUKHD25,QFUHDVH
RI VWRROVSHUKRXU
SHULRG25,9IOXLG
UHSODFHPHQWLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3HGLDWULF <HDU
/LTXLGVWRROVPRUH
XQIRUPHGWKDQXVXDOEXW
XVXDOQXPEHURIVWRROV
/LTXLGVWRROVZLWKLQFUHDVHG
QXPEHURIVWRROV250LOG
GHK\GUDWLRQ
/LTXLGVWRROVZLWKPRGHUDWH
GHK\GUDWLRQ
/LTXLGVWRROVUHVXOWLQJLQ
VHYHUHGHK\GUDWLRQZLWK
DJJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG25+\SRWHQVLYH
VKRFN
'\VSKDJLD2G\QRSKDJLD
6\PSWRPDWLFEXWDEOHWRHDW
XVXDOGLHW
6\PSWRPVFDXVLQJDOWHUHG
GLHWDU\LQWDNHZLWKRXWPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJVHYHUHO\
DOWHUHGGLHWDU\LQWDNHZLWK
PHGLFDOLQWHUYHQWLRQLQGLFDWHG
/LIHWKUHDWHQLQJUHGXFWLRQLQ
RUDOLQWDNH

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
0XFRVLWLV6WRPDWLWLV
FOLQLFDOH[DP
6HHDOVR3URFWLWLV
'\VSKDJLD2G\QRSKDJLD
(U\WKHPDRIWKHPXFRVD
3DWFK\SVHXGRPHPEUDQHVRU
XOFHUDWLRQV
&RQIOXHQWSVHXGRPHPEUDQHV
RUXOFHUDWLRQV250XFRVDO
EOHHGLQJZLWKPLQRUWUDXPD
7LVVXHQHFURVLV25'LIIXVH
VSRQWDQHRXVPXFRVDOEOHHGLQJ
25/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJDVSLUDWLRQ
FKRNLQJ
1DXVHD
7UDQVLHQW KRXUVRU
LQWHUPLWWHQWQDXVHDZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
GHFUHDVHGRUDOLQWDNHIRU±
KRXUV
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
PLQLPDORUDOLQWDNHIRU
KRXUV25$JJUHVVLYH
UHK\GUDWLRQLQGLFDWHGHJ
,9 IOXLGV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3DQFUHDWLWLV
1$
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQQRWLQGLFDWHG
RWKHUWKDQ(5YLVLW
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQ(5YLVLW
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVFLUFXODWRU\IDLOXUH
KHPRUUKDJH
3URFWLWLVIXQFWLRQDO
V\PSWRPDWLF
$OVRVHH 0XFRVLWLV
6WRPDWLWLVIRU&OLQLFDO
([DP
5HFWDOGLVFRPIRUW$1'1R
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO
IXQFWLRQDODFWLYLWLHV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJSHUIRUDWLRQ
9RPLWLQJ
7UDQVLHQWRULQWHUPLWWHQW
YRPLWLQJZLWKQRRU
PLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
)UHTXHQWHSLVRGHVRIYRPLWLQJ
ZLWKQRRUPLOGGHK\GUDWLRQ
3HUVLVWHQWYRPLWLQJUHVXOWLQJ
LQRUWKRVWDWLFK\SRWHQVLRQ25
$JJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
$OWHUDWLRQLQ3HUVRQDOLW\
%HKDYLRURULQ0RRGHJ
DJLWDWLRQDQ[LHW\
GHSUHVVLRQPDQLD
SV\FKRVLV
$OWHUDWLRQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
%HKDYLRUSRWHQWLDOO\KDUPIXO
WRVHOIRURWKHUVHJ
VXLFLGDOKRPLFLGDOLGHDWLRQRU
DWWHPSWDFXWHSV\FKRVLV25
&DXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV
$OWHUHG0HQWDO6WDWXV
)RU'HPHQWLDVHH&RJQLWLYH
DQG%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$''
&KDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0LOGOHWKDUJ\RUVRPQROHQFH
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
&RQIXVLRQPHPRU\
LPSDLUPHQWOHWKDUJ\RU
VRPQROHQFHFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'HOLULXP25REWXQGDWLRQ25
FRPD
$WD[LD
$V\PSWRPDWLFDWD[LD
GHWHFWDEOHRQH[DP25
0LQLPDODWD[LDFDXVLQJQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
&RJQLWLYHDQG
%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$WWHQWLRQ
'HILFLW'LVRUGHU
'LVDELOLW\FDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVQRWLQGLFDWHG
'LVDELOLW\FDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVRQSDUWWLPHEDVLV
LQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
6SHFLDOL]HGUHVRXUFHVRQD
IXOOWLPHEDVLVLQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25
,QVWLWXWLRQDOL]DWLRQLQGLFDWHG
&16,VFKHPLD
DFXWH
1$
1$
7UDQVLHQWLVFKHPLFDWWDFN
&HUHEUDOYDVFXODUDFFLGHQW
&9$VWURNHZLWK
QHXURORJLFDOGHILFLW

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
'HYHORSPHQWDOGHOD\±
3HGLDWULF<HDUV
0LOGGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWH
IRUWKHVHWWLQJ
0RGHUDWHGHYHORSPHQWDO
GHOD\HLWKHUPRWRURU
FRJQLWLYHDVGHWHUPLQHGE\
FRPSDULVRQZLWKD
GHYHORSPHQWDOVFUHHQLQJWRRO
DSSURSULDWHIRUWKHVHWWLQJ
6HYHUHGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
'HYHORSPHQWDOUHJUHVVLRQ
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
+HDGDFKH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25+RVSLWDOL]DWLRQ
LQGLFDWHGRWKHUWKDQ(5YLVLW
25+HDGDFKHZLWKVLJQLILFDQW
LPSDLUPHQWRIDOHUWQHVVRU
RWKHUQHXURORJLFIXQFWLRQ
,QVRPQLD
1$
'LIILFXOW\VOHHSLQJFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDOIXQFWLRQDODFWLYLWLHV
'LIILFXOW\VOHHSLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJLQVRPQLDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
1HXURPXVFXODU:HDNQHVV
LQFOXGLQJP\RSDWK\	
QHXURSDWK\
$V\PSWRPDWLFZLWK
GHFUHDVHGVWUHQJWKRQH[DP
250LQLPDOPXVFOHZHDN
QHVVFDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHZHDNQHVV
FDXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV25
5HVSLUDWRU\PXVFOHZHDNQHVV
LPSDLULQJYHQWLODWLRQ
1HXURVHQVRU\$OWHUDWLRQ
LQFOXGLQJSDUHVWKHVLDDQG
SDLQIXOQHXURSDWK\
$V\PSWRPDWLFZLWKVHQVRU\
DOWHUDWLRQRQH[DPRU
PLQLPDOSDUHVWKHVLDFDXVLQJ
QRRUPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJVHQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
6HL]XUHQHZRQVHW
1$
VHL]XUH
±VHL]XUHV
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUHSUHH[LVWLQJ
)RU:RUVHQLQJRI([LVWLQJ
(SLOHSV\WKH*UDGHV6KRXOG
%H%DVHGRQDQ,QFUHDVH
IURP3UHYLRXV/HYHORI
&RQWUROWR$Q\RI7KHVH
/HYHOV
1$
,QFUHDVHGIUHTXHQF\RISUH
H[LVWLQJVHL]XUHVQRQ
UHSHWLWLYHZLWKRXWFKDQJHLQ
VHL]XUHFKDUDFWHU25
LQIUHTXHQWEUHDNWKURXJK
VHL]XUHVZKLOHRQVWDEOHPHGV
LQDSUHYLRXVO\FRQWUROOHG
VHL]XUHGLVRUGHU
&KDQJHLQVHL]XUHFKDUDFWHU
IURPEDVHOLQHHLWKHULQ
GXUDWLRQRUTXDOLW\HJ
VHYHULW\RUIRFDOLW\
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUH
± 3HGLDWULF<HDUV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
  PLQXWHVZLWK  KRXUV
SRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ±
PLQXWHVZLWK
KRXUVSRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
!PLQXWHV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQUHTXLULQJ
LQWXEDWLRQDQGVHGDWLRQ
6\QFRSHQRWDVVRFLDWHG
ZLWKDSURFHGXUH
1$
3UHVHQW
1$
1$
9HUWLJR
9HUWLJRFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYHUWLJRFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
086&8/26.(/(7$/
*UDGH
*UDGH
*UDGH
*UDGH
$UWKUDOJLD
6HHDOVR$UWKULWLV
-RLQWSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
-RLQWSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
-RLQWSDLQFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJMRLQWSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
$UWKULWLV
6HHDOVR$UWKUDOJLD
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'LVDEOLQJMRLQWVWLIIQHVVRU
VZHOOLQJFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
%RQH0LQHUDO/RVV
%0'WVFRUHRU]VFRUH
±WR±
%0'WVFRUHRU]VFRUH ±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
3HGLDWULF <HDUV
%0']VFRUH
±WR±
%0']VFRUH±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
0\DOJLD
QRQLQMHFWLRQVLWH
0XVFOHSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0XVFOHSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
2VWHRQHFURVLV
1$
$V\PSWRPDWLFZLWKUDGLRJUDSKLF
ILQGLQJV$1'1RRSHUDWLYH
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPDWLFERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJVFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
6<67(0,&
*UDGH
*UDGH
*UDGH
*UDGH
$FXWH6\VWHPLF$OOHUJLF
5HDFWLRQ
/RFDOL]HGXUWLFDULD
ZKHDOVZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
/RFDOL]HGXUWLFDULDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG250LOG
DQJLRHGHPDZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
*HQHUDOL]HGXUWLFDULD25
$QJLRHGHPDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG25
6\PSWRPDWLFPLOG
EURQFKRVSDVP
$FXWHDQDSK\OD[LV25/LIH
WKUHDWHQLQJEURQFKRVSDVP25
ODU\QJHDOHGHPD
&KLOOV
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$
)DWLJXH
0DODLVH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
,QFDSDFLWDWLQJIDWLJXHPDODLVH
V\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
)HYHUQRQD[LOODU\
&WR&
)WR)
&WR&
)WR)
&WR&
)WR)
&
)
3DLQ ,QGLFDWH%RG\6LWH
6HHDOVR,QMHFWLRQ6LWH
3DLQ+HDGDFKH
$UWKUDOJLDDQG0\DOJLD
3DLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
3DLQFDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
3DLQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV25
+RVSLWDOL]DWLRQRWKHUWKDQ(5
YLVLWLQGLFDWHG
8QLQWHQWLRQDO:HLJKW
/RVV
1$
WRORVVLQERG\ZHLJKWIURP
EDVHOLQH
WRORVVLQERG\
ZHLJKWIURPEDVHOLQH
ORVVLQERG\ZHLJKW
IURPEDVHOLQH25$JJUHVVLYH
LQWHUYHQWLRQLQGLFDWHG>HJ
WXEHIHHGLQJRUWRWDOSDUHQWHUDO
QXWULWLRQ@

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
,1-(&7,216,7(5($&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QMHFWLRQ6LWH3DLQSDLQ
ZLWKRXWWRXFKLQJ
2U7HQGHUQHVVSDLQZKHQ
DUHDLVWRXFKHG
3DLQWHQGHUQHVVFDXVLQJQR
RUPLQLPDOOLPLWDWLRQRIXVH
RIOLPE
3DLQWHQGHUQHVVOLPLWLQJXVHRI
OLPE253DLQWHQGHUQHVV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJLQDELOLW\
WRSHUIRUPEDVLFVHOIFDUH
IXQFWLRQ25+RVSLWDOL]DWLRQ
RWKHUWKDQ(5YLVLWLQGLFDWHG
IRUPDQDJHPHQWRI
SDLQWHQGHUQHVV
,QMHFWLRQ6LWH5HDFWLRQ
/RFDOL]HG <HDUV
(U\WKHPD25,QGXUDWLRQ
RI  FPWR  FPRU
FP
(U\WKHPD25,QGXUDWLRQ25
(GHPD FPDQ\GLDPHWHU
RU FP
8OFHUDWLRQ256HFRQGDU\
LQIHFWLRQ253KOHELWLV25
6WHULOHDEVFHVV25'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3HGLDWULF <HDUV
(U\WKHPD25,QGXUDWLRQ
25(GHPDSUHVHQWEXW
 FPGLDPHWHU
(U\WKHPD25,QGXUDWLRQ
25(GHPD!  FP
GLDPHWHUEXW VXUIDFH
DUHDRIWKHH[WUHPLW\
VHJPHQWHJXSSHU
DUPWKLJK
(U\WKHPD25,QGXUDWLRQ
25(GHPDLQYROYLQJ
VXUIDFHDUHDRIWKH
H[WUHPLW\VHJPHQWHJ
XSSHUDUPWKLJK25
8OFHUDWLRQ256HFRQGDU\
LQIHFWLRQ253KOHELWLV25
6WHULOHDEVFHVV25
'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3UXULWLV$VVRFLDWHGZLWK
,QMHFWLRQ
6HHDOVR6NLQ3UXULWLV
LWFKLQJ²QRVNLQOHVLRQV
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWH$1'5HOLHYHG
VSRQWDQHRXVO\RUZLWK
 KWUHDWPHQW
,WFKLQJEH\RQGWKHLQMHFWLRQ
VLWHEXWQRWJHQHUDOL]HG25
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWHUHTXLULQJ KWUHDWPHQW
*HQHUDOL]HGLWFKLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
1$

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
(1'2&5,1(0(7$%2/,&
*UDGH 
*UDGH
*UDGH
*UDGH
/LSRG\VWURSK\HJEDFN
RIQHFNEUHDVWV
DEGRPHQ
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXV
FKDQJHVRQFDVXDOYLVXDO
LQVSHFWLRQ
1$
'LDEHWHV0HOOLWXV
1$
1HZRQVHWZLWKRXWQHHGWRLQLWLDWH
PHGLFDWLRQ250RGLILFDWLRQRI
FXUUHQWPHGVWRUHJDLQJOXFRVH
FRQWURO
1HZRQVHWZLWKLQLWLDWLRQRI
LQGLFDWHGPHG25'LDEHWHV
XQFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJNHWRDFLGRVLV
K\SHURVPRODUQRQNHWRWLF
FRPD
*\QHFRPDVWLD
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$
+\SHUWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGVXSSUHVVLRQWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWK\URLGVWRUP
+\SRWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGUHSODFHPHQWWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJP\[HGHPDFRPD
/LSRDWURSK\HJIDWORVV
IURPWKHIDFHH[WUHPLWLHV
EXWWRFNV
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
*(1,7285,1$5<
*UDGH
*UDGH
*UDGH
*UDGH
,QWHUPHQVWUXDO%OHHGLQJ
,0%
6SRWWLQJREVHUYHGE\SDUWLFLSDQW
250LQLPDOEORRGREVHUYHG
GXULQJFOLQLFDORUFROSRVFRSLF
H[DP
,QWHUPHQVWUXDOEOHHGLQJQRW
JUHDWHULQGXUDWLRQRUDPRXQW
WKDQXVXDOPHQVWUXDOF\FOH
,QWHUPHQVWUXDOEOHHGLQJJUHDWHU
LQGXUDWLRQRUDPRXQWWKDQXVXDO
PHQVWUXDOF\FOH
+HPRUUKDJHZLWKOLIH
WKUHDWHQLQJK\SRWHQVLRQ25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
8ULQDU\7UDFW
REVWUXFWLRQHJVWRQH
1$
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWKRXW
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWK
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
2EVWUXFWLRQFDXVLQJOLIH
WKUHDWHQLQJFRQVHTXHQFHV
,1)(&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QIHFWLRQDQ\RWKHU
WKDQ+,9LQIHFWLRQ
/RFDOL]HGQRV\VWHPLFDQWLȝELDO
WUHDWPHQWLQGLFDWHG$1'
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG256\PSWRPV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG$1'6\PSWRPV
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV252SHUDWLYH
LQWHUYHQWLRQRWKHUWKDQVLPSOH
LQFLVLRQDQGGUDLQDJHLQGLFDWHG
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJVHSWLF
VKRFN
%DVLF6HOIFDUH)XQFWLRQV $FWLYLWLHVVXFKDVEDWKLQJGUHVVLQJWRLOHWLQJWUDQVIHUPRYHPHQWFRQWLQHQFHDQGIHHGLQJ
8VXDO6RFLDO	)XQFWLRQDO$FWLYLWLHV $GDSWLYHWDVNVDQGGHVLUDEOHDFWLYLWLHVVXFKDVJRLQJWRZRUNVKRSSLQJFRRNLQJXVHRIWUDQVSRUWDWLRQSXUVXLQJDKREE\HWF

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
$SSHQGL[ 
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ
3RWHQWLDODQG&RQWUDFHSWLYH5HTXLUHPHQWV
 3UHJQDQF\DQG&RQWUDFHSWLRQ5HTXLUHPHQWVIRU0DOHVDQG)HPDOHVRI
&KLOGEHDULQJ3RWHQWLDO
3UHJQDQF\PXVWEHH[FOXGHGEHIRUHWKHVWDUWRIWUHDWPHQWZLWKVWXG\GUXJDQGSUHYHQWHG
WKHUHDIWHUE\UHOLDEOHFRQWUDFHSWLYHPHWKRGV$SUHJQDQF\WHVWZLOOEHSHUIRUPHGDWWKH
VFUHHQLQJYLVLWWRHQVXUHSUHJQDQWZRPHQDUHQRWLQFOXGHGLQWKHWULDO 3OHDVHUHIHUWRWKH
ODWHVWYHUVLRQRIWKHLQYHVWLJDWRU¶VEURFKXUHIRUDGGLWLRQDOLQIRUPDWLRQ DERXWWKHHIIHFWVRI
*6
 'HILQLWLRQRI)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
)RUWKHSXUSRVHVRIWKLVVWXG\DIHPDOHVXEMHFW RIFKLOGEHDULQJSRWHQWLDOLVDQRQPHQRSDXVDO
IHPDOHZKRKDVQRWKDGDK\VWHUHFWRP\ELODWHUDORRSKRUHFWRP\RUPHGLFDOO\GRFXPHQWHG
RYDULDQIDLOXUH7KLVGHILQLWLRQLQFOXGHVDSXEHUWDOIHPDOHZKRKDVQRW\HWVWDUWHG
PHQVWUXDWLQJ$ZRPDQZKRKDVKDGDWXEDOVWHULOL]DWLRQLVFRQVLGHUHGWREHRIFKLOGEHDULQJ
SRWHQWLDO
$IHPDOHVXEMHFWPD\EHFRQVLGHUHGPHQRSDXVDO LQ HLWKHU RIWKHIROORZLQJFRQGLWLRQV

6XUJLFDOPHQRSDXVH$SSURSULDWHPHGLFDOGRFXPHQWDWLRQRISULRUFRPSOHWHELODWHUDO
RRSKRUHFWRP\LHVXUJLFDOUHPRYDORIWKHRYDULHV DQGRFFXUULQJDWWKHDJHDWZKLFKWKH
SURFHGXUHZDVSHUIRUPHG

6SRQWDQHRXVPHQRSDXVH3HUPDQHQWFHVVDWLRQRISUHYLRXVO\RFFXUULQJPHQVHVDVDUHVXOW
RIRYDULDQIDLOXUHZLWKGRFXPHQWDWLRQRIKRUPRQDOGHILFLHQF\E\DFHUWLILHGKHDOWK FDUH
SURYLGHU7KHZRUOGZLGHPHDQDJHRIVSRQWDQHRXVPHQRSDXVHLV 6' \HDUV

$KRUPRQDOGHILFLHQF\VKRXOGEHSURSHUO\GRFXPHQWHGLQWKHFDVHRIVXVSHFWHG
VSRQWDQHRXVPHQRSDXVHDVIROORZV
² ,IDJH\HDUVDQGZLWKWKHDEVHQFHRIQRUPDOPHQVHVVHUXPIROOLFOHVWLPXODWLQJ
KRUPRQH)6+OHYHO HOHYDWHGWRZLWKLQWKHSRVWPHQRSDXVDOUDQJHEDVHGRQWKH
ODERUDWRU\UHIHUHQFHUDQJHZKHUHWKHKRUPRQDODVVD\LVSHUIRUPHG
² ,IDJH\HDUVDQGZLWKWKHDEVHQFHRIQRUPDOPHQVHVQHJDWLYHVHUXPRUXULQH
KXPDQFKRULRQLFJRQDGRWURSLQK&*ZLWKFRQFXUUHQWO\HOHYDWHGVHUXP)6+OHYHOLQ
WKHSRVWPHQRSDXVDOUDQJHGHSUHVVHGHVWUDGLRO(OHYHOLQWKHSRVWPHQRSDXVDO
UDQJHDQGDEVHQWVHUXPSURJHVWHURQHOHYHOEDVHGRQWKHODERUDWRU\UHIHUHQFHUDQJHV
ZKHUHWKHKRUPRQDODVVD\VDUHSHUIRUPHG
 &RQWUDFHSWLYH5HTXLUHPHQWV
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDODQGPDOHVXEMHFWVZKRHQJDJHLQLQWHUFRXUVHPXVW
DJUHHWRXWLOL]HSURWRFRO VSHFLILHG PHWKRGVRIFRQWUDFHSWLRQIURPWKHVFUHHQLQJHQUROOPHQW
YLVLWWKURXJKRXWWKHVWXG\SHULRGDQGIRU GD\VIROORZLQJWKHODVWGRVHRIVWXG\GUXJ
)HPDOHVWXG\VXEMHFWVZKRDUHQRWKHWHURVH[XDOO\DFWLYHPXVWSURYLGHSHULRGLFFRQILUPDWLRQ

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
RIFRQWLQXHGDEVWLQHQFHIURPKHWHURVH[XDOLQWHUFRXUVHDQGUHJXODUSUHJQDQF\WHVWLQJZKLOH
WDNLQJ*67KHLQYHVWLJDWRUZLOOFRXQVHOVXEMHFWVRQWKHSURWRFROVSHFLILHGPHWKRGV
IRUDYRLGLQJSUHJQDQF\LQFDVHWKHVXEMHFWFKRRVHVWRHQJDJHLQKHWHURVH[XDOLQWHUFRXUVH
3URWRFROVSHFLILHGFRQWUDFHSWLYHPHWKRGVDUHDVIROORZVDFRPELQDWLRQRIRQHKRUPRQDO
PHWKRGDQGRQHEDUULHUPHWKRGWZREDUULHUPHWKRGVZKHUHRQHPHWKRGLVWKHPDOH
FRQGRPRUXVHRIDQLQWUDXWHULQHGHYLFH,8'RUWXEDOVWHULOL]DWLRQVHH
$SSHQGL[ 7DEOH  EHORZ$FFHSWDEOHKRUPRQDOPHWKRGVLQFOXGHLQMHFWDEOHSURJHVWHURQH
SURJHVWHURQHLPSODQWVFRPELQDWLRQRUDOFRQWUDFHSWLYHVWUDQVGHUPDOFRQWUDFHSWLYHSDWFKDQG
YDJLQDOULQJ$FFHSWDEOHEDUULHUPHWKRGVLQFOXGHGLDSKUDJPZLWKVSHUPLFLGHFHUYLFDOFDS
ZLWKVSHUPLFLGHDQGWKHPDOHFRQGRP)HPDOHVXEMHFWVPXVWXVHHLWKHUDKRUPRQDOPHWKRG
RUDEDUULHUPHWKRGLIWKHSDUWQHUKDVDYDVHFWRP\,IDVXEMHFWKDVXQGHUJRQHWXEDO
VWHULOL]DWLRQRUKDVKDGD&RSSHU7$,8'RU/1J,8'LQVHUWHGQRRWKHU
FRQWUDFHSWLRQLVQHHGHG
,IWXEDOVWHULOL]DWLRQLVYLDWKH(VVXUHSURFHGXUHYHULILFDWLRQRIWXEDOEORFNDJHE\
K\VWHURVDOSLQJRJUDP+63PXVWEHSHUIRUPHGDSSUR[LPDWHO\PRQWKVDIWHUPLFURLQVHUWLRQ
3ULRUWRYHULILFDWLRQ(VVXUHLVQRWFRQVLGHUHGDUHOLDEOHIRUPRIFRQWUDFHSWLRQDQGWKH
FRQWUDFHSWLRQPHWKRGVGHVFULEHGEHORZPXVWEHXVHG)HPDOHVXEMHFWV ZKRXWLOL]HKRUPRQDO
FRQWUDFHSWLYHVDVRQHRIWKHLUELUWKFRQWUROPHWKRGVPXVWKDYHXVHGWKHVDPHPHWKRGIRUDW
OHDVW PRQWKVEHIRUHVWXG\GRVLQJ
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWKDYHDQHJDWLYHXULQH SUHJQDQF\WHVWDW
VFUHHQLQJSULRUWRUHFHLYLQJWKHILUVWGRVHRIVWXG\GUXJ$VHUXPSUHJQDQF\WHVW ZLOOEH
SHUIRUPHG RQ'D\ /DFWDWLQJIHPDOHVPXVWGLVFRQWLQXHQXUVLQJEHIRUH,03
DGPLQLVWUDWLRQ
$SSHQGL[ 7DEOH 
3URWRFRO 6SHFLILHG &RQWUDFHSWLYH0HWKRGV
0HWKRGVWR8VHE\
7KHPVHOYHV
&RPELQDWLRQ0HWKRGV
+RUPRQH0HWKRGV
FKRRVHRQHDQGXVHZLWKDEDUULHU
PHWKRG
%DUULHU0HWKRGV
XVHERWK25FKRRVHRQHDQGXVH
ZLWKDKRUPRQHPHWKRG
,QWUDXWHULQH'HYLFHV,8'V

&RSSHU7$,8'

/1J,8'
7XEDO6WHULOL]DWLRQ
(VWURJHQDQG3URJHVWHURQH

2UDOFRQWUDFHSWLYHV

7UDQVGHUPDOSDWFK

9DJLQDOULQJ
3URJHVWHURQH

,QMHFWLRQ

,PSODQW

'LDSKUDJPZLWKVSHUPLFLGH
25

&HUYLFDOFDSZLWKVSHUPLFLGH

0DOHFRQGRPZLWKRUZLWKRXW
VSHUPLFLGH
3DUWQHU¶VYDVHFWRP\PXVWEHXVHGZLWKDKRUPRQHRUEDUULHUPHWKRG
7KHLQYHVWLJDWRUZLOO FRXQVHODOOVXEMHFWVRQWKHPRVWHIIHFWLYHPHWKRGVIRUDYRLGLQJ
SUHJQDQF\GXULQJWKHVWXG\

*LOHDG6FLHQFHV,QF
*6
3URWRFRO*686
$PHQGPHQW
&21),'(17,$/
3DJH 
0DUFK
 $GGLWLRQDO5HTXLUHPHQWVIRU0DOH6XEMHFWV
0DOHVXEMHFWVPXVWDJUHHWRXVHFRQGRPVGXULQJKHWHURVH[XDOLQWHUFRXUVHDQGDYRLGVSHUP
GRQDWLRQZKLOHHQUROOHGLQWKHVWXG\DQGIRUDWOHDVWGD\VDIWHUDGPLQLVWUDWLRQRIWKHODVW
GRVHRIVWXG\PHGLFDWLRQ
8VHRIFRQGRPVZLWKRUZLWKRXWVSHUPLFLGHKDVEHHQSURYHQWRGHFUHDVHWKHULVNRI
WUDQVPLVVLRQRI+,9DQGRWKHUVH[XDOO\WUDQVPLWWHGGLVHDVHV7KHXVHRIVSHUPLFLGHLVQRW
UHFRPPHQGHGLIWKHVXEMHFWRUVXEMHFW¶VSDUWQHULVLQIHFWHGZLWK+,9
 3URFHGXUHVWREH)ROORZHGLQWKH(YHQWRI3UHJQDQF\
6XEMHFWVZLOO EHLQVWUXFWHGWRQRWLI\WKHLQYHVWLJDWRULIWKH\EHFRPH SUHJQDQWDWDQ\WLPH
GXULQJWKHVWXG\RULIWKH\EHFRPHSUHJQDQWZLWKLQGD\VRUZHHNVRIODVWVWXG\GUXJ
GRVH6XEMHFWVZKREHFRPHSUHJQDQWRUZKRVXVSHFWWKDWWKH\DUHSUHJQDQWGXULQJWKHVWXG\
PXVWUHSRUWWKHLQIRUPDWLRQWRWKHLQYHVWLJDWRUDQGGLVFRQWLQXHVWXG\GUXJLPPHGLDWHO\
6XEMHFWVZKRVHSDUWQHUKDVEHFRPHSUHJQDQWRUVXVSHFWVVKHLVSUHJQDQWGXULQJWKHVWXG\
PXVWUHSRUWWKHLQIRUPDWLRQWRWKHLQYHVWLJDWRU
,QVWUXFWLRQVIRUUHSRUWLQJSUHJQDQF\SDUWQHUSUHJQDQF\DQGSUHJQDQF\RXWFRPHDUHRXWOLQHG
LQ6HFWLRQ 