Scar Analysis in Direct Excision Brow Lift: Comparing Octyl-2- Cyanoacrylate (Dermabond) Versus Non-absorbable Sutures
Phase: NA
Conditions: Brow Ptosis, Surgical Wound
Sponsor: Cody Blanchard

Document Coversheet 
 
 Study Title: Scar Analysis in Direct Excision Brow Lift: Comparing Octyl-2- Cyanoacrylate 
(Dermabond) Versus Non-absorbable Sutures 
Institution/Site:  
University of Kentucky 
Document (Approval/Update) Date: 
6/18/2024 
NCT Number: 
NCT05981443 
IRB Number 
88617 
Coversheet created: 
3/31/2025 
 
 

35272&2/7<3(9(56,21
XQUHVROYHG
FRPPHQWV
,03257$17127(<RXZLOOQRWEHDEOHWRFKDQJH\RXUVHOHFWLRQVIRU:KLFK,5%DQG3URWRFRO3URFHVV7\SHDIWHU
KDYLQJFUHDWHG\RXUDSSOLFDWLRQ,I\RXVHOHFWHGWKHZURQJ,5%RU3URWRFRO3URFHVV7\SH\RXPD\QHHGWRFUHDWHDQHZ
DSSOLFDWLRQ3OHDVHFRQWDFWWKH2IILFHRI5HVHDUFK,QWHJULW\25,DW,5%VXEPLVVLRQ#XN\HGXRUUHTXHVWD
FRQVXOWWRUHVROYHDQ\TXHVWLRQVUHJDUGLQJ\RXUVHOHFWLRQV
)RUJXLGDQFHVHH
:KLFK,5%"
:KLFK3URWRFRO3URFHVV7\SH"
*HWWLQJ6WDUWHG
:KLFK,5%
0HGLFDO
1RQ0HGLFDO
3URWRFRO3URFHVV7\SH
([HPSWLRQ
([SHGLWHG
)XOO
0XVWEHULVNOHYHO


7KHUHYLVHG&RPPRQ5XOHH[SDQGHGH[HPSWLRQFHUWLILFDWLRQFDWHJRU\IRUFHUWDLQVHFRQGDU\UHVHDUFKZLWK
LGHQWLILDEOHLQIRUPDWLRQRUELRVSHFLPHQV7KHUHJXODWLRQVQRORQJHUUHTXLUHWKHLQIRUPDWLRQRUELRVSHFLPHQVWREH
H[LVWLQJ)RUPRUHLQIRUPDWLRQVHHWKH([HPSWLRQ&DWHJRULHV7RRO

Section 1 Page 1 of 1
IRB Approval
6/18/2024
IRB # 88617
IRB1
CLOSED

&217,18$7,215(9,(:),1$/5(9,(:
XQUHVROYHG
FRPPHQWV
%DVHGRQ\RXUUHVSRQVHVWRWKH&RQWLQXDWLRQ5HYLHZ)LQDO5HYLHZTXHVWLRQVWREHLQDFFRUGZLWKIHGHUDOSROLF\DILQDO
UHYLHZUHSRUWPXVWEHVXEPLWWHGWRSURSHUO\&/26(287\RXUSURWRFRO
,)<28:,6+72(;7(1'<285,5%$33529$/3(5,2'XSGDWH\RXU
$QWLFLSDWHG(QGLQJ'DWHRI5HVHDUFK3URMHFW
XQGHU
WKH3URMHFW,QIRUPDWLRQVHFWLRQDQGLQFOXGHDQ\RWKHUVXSSRUWLYHGRFXPHQWDWLRQIRUFRQWLQXDWLRQRI\RXUVWXG\>127(,I
\RXZLVKIRU\RXU,5%DSSURYDOWRFRQWLQXHEXW\RXGRQRWUHTXHVWDQH[WHQVLRQDQGFRPSOHWHDQGVXEPLW\RXUPDWHULDOV
LQDWLPHO\PDQQHU,5%DSSURYDOZLOOH[SLUHDWWKHHQGRIWKHFXUUHQWDSSURYDOSHULRG@
7RLQLWLDWH\RXUFRQWLQXDWLRQUHYLHZ&5DQQXDODGPLQLVWUDWLYHUHYLHZ$$5RUSURSHUO\FORVH\RXUVWXG\FRPSOHWHWKLV
VHFWLRQDQGXSGDWHFRUUHFWDOORWKHUVHFWLRQVRI\RXU,5%DSSOLFDWLRQDVDSSOLFDEOH
,03257$17%HIRUHOHDYLQJWKLVSDJHWRXSGDWHRWKHUVHFWLRQVRI\RXUDSSOLFDWLRQEHVXUHWR6$9(WKLVVHFWLRQILUVW
,I\RXKDYHDQ\TXHVWLRQVSOHDVHFRQWDFWWKH2IILFHRI5HVHDUFK,QWHJULW\DWRUHPDLO
,5%VXEPLVVLRQ#XN\HGX
6WDWXVRIWKH5HVHDUFK
&KHFNWKHVWDWHPHQWVWKDWEHVWGHVFULEHVWKHFXUUHQWVWDWXVRI\RXUUHVHDUFK
1RVXEMHFWVKDYHHQUROOHGWRGDWH
5HFUXLWPHQWDQGRUHQUROOPHQWRIQHZVXEMHFWVRUUHYLHZRIUHFRUGVVSHFLPHQVFRQWLQXH
6WXG\LVFORVHGWRHQUROOPHQWEXWVXEMHFWVVWLOOUHFHLYHUHVHDUFKUHODWHGLQWHUYHQWLRQVHJWUHDWPHQWEORRGGUDZV
6WXG\HQUROOPHQWLVSHUPDQHQWO\FORVHGVXEMHFWVKDYHFRPSOHWHGDOOUHVHDUFKUHODWHGLQWHUYHQWLRQVDQGWKHVWXG\UHPDLQVDFWLYH
RQO\IRUORQJWHUPIROORZXSRIVXEMHFWVVHH7RRO7LSDERYHIRULQIRRQORQJWHUPIROORZXSRIVXEMHFWV
5HVHDUFKKDVSURJUHVVHGWRWKHSRLQWWKDWLWLQYROYHV'DWDDQDO\VLVLQFOXGLQJDQDO\VLVRILGHQWLILDEOHSULYDWHLQIRUPDWLRQRU
LGHQWLILDEOHELRVSHFLPHQVDQGRU$FFHVVLQJIROORZXSFOLQLFDOGDWDIURPSURFHGXUHVWKDWVXEMHFWVZRXOGXQGHUJRDVSDUWRIFOLQLFDO
FDUH
7KHUHPDLQLQJUHVHDUFKDFWLYLWLHVDUHOLPLWHGRQO\WRGDWDDQDO\VLV7KHUHLVDFFHVVWRUHFRUGVRUVSHFLPHQVHLWKHUGLUHFWO\RU
WKURXJKFRGHVRUOLQNVWRWKHGDWD
7KHUHPDLQLQJUHVHDUFKDFWLYLWLHVDUHOLPLWHGRQO\WRGDWDDQDO\VLV7KHUHLVQRVXEMHFWUHFRUGVSHFLPHQLGHQWLI\LQJFRGHVRUOLQNVWR
WKHGDWDWKHUHVHDUFKHURUUHVHDUFKWHDPFDQQRWUHDGLO\DVFHUWDLQWKHVXEMHFW
VLGHQWLW\
$OOVWXG\DFWLYLWLHVDUHFRPSOHWH,5%DSSURYDOFDQEHLQDFWLYDWHG
3RVVLELOLW\WKDWUHYLHZZLOOPRYHIURP)XOOWR([SHGLWHG
,IVXEMHFWVKDYHEHHQHQUROOHGZLWKLQWKHODVW\HDUDQGWKH,5%DSSURYHGDFRQVHQWDVVHQWIRUPIRU\RXUVWXG\
3OHDVHDWWDFKDFRPSOHWHVLJQHGFRS\IRUWKHODVWWZRVXEMHFWVHQUROOHGZLWKHDFKFRQVHQWDVVHQWIRUP+,3$$IRUPVLQFHWKHODVW
DQQXDOUHYLHZ
([DPSOH,IGLIIHUHQWDSSURYHGFRQVHQWIRUPVZHUHXVHGVLQFHWKHODVWDQQXDOUHYLHZSOHDVHSURYLGHWKHWZRPRVWUHFHQWVLJQHG
FRSLHVRIHDFKYHUVLRQIRUDWRWDORIVL[
$WWDFKPHQWV
$WWDFK7\SH
)LOH1DPH
(QWLUH6LJQHG&RQVHQW)RUP 3DWLHQWFRQVHQWSGI
(QWLUH6LJQHG&RQVHQW)RUP 3DWLHQW&RQVHQWSGI
,QIRUPHG&RQVHQW
,IWKHVWXG\LVRSHQWRVXEMHFWHQUROOPHQWSOHDVHJRWRWKH,QIRUPHG&RQVHQWVHFWLRQRIWKH(,5%$SSOLFDWLRQDQGYHULI\
DWWDFKPHQWVLQFOXGH
2QHFOHDQFRS\LQ3')ZLWKRXWWKH,5%$SSURYDOVWDPSRIWKHFXUUHQWO\DSSURYHGFRQVHQWDVVHQWGRFXPHQWVRU
,IUHTXHVWLQJFKDQJHVWRWKHFRQVHQWDVVHQWGRFXPHQWVVXEPLWRQHFRS\ZLWKWKHFKDQJHVKLJKOLJKWHGDQGGHVLJQDWH'RFXPHQW
7\SHDV+LJKOLJKWHGDQGRQHFOHDQFRS\LQ3')ZLWKRXWWKHFKDQJHVKLJKOLJKWHG
,IWKHVWXG\LVRSHQWRVXEMHFWHQUROOPHQWDQGWKH,5%KDVZDLYHGWKHUHTXLUHPHQWWRGRFXPHQWLQIRUPHGFRQVHQWSOHDVHJR
Section 2 Page 1 of 8
88617
CLOSED

WRWKH,QIRUPHG&RQVHQWVHFWLRQRIWKH(,5%$SSOLFDWLRQDQGYHULI\DWWDFKPHQWVLQFOXGH
2QHFOHDQFRS\LQ3')RIWKHFXUUHQWO\DSSURYHGGRFXPHQWXVHGIRUWKHLQIRUPHGFRQVHQWSURFHVVHJFRYHUOHWWHUSKRQH
VFULSWRU
,IUHTXHVWLQJFKDQJHVWRWKHFRQVHQWDVVHQWGRFXPHQWVVXEPLWRQHFRS\ZLWKWKHFKDQJHVKLJKOLJKWHGDQGGHVLJQDWH'RFXPHQW
7\SHDV+LJKOLJKWHGDQGRQHFOHDQFRS\LQ3')ZLWKRXWWKHFKDQJHVKLJKOLJKWHG
,IWKHVWXG\LVFORVHGWRVXEMHFWHQUROOPHQWSOHDVHJRWRWKH,QIRUPHG&RQVHQWVHFWLRQRIWKH(,5%$SSOLFDWLRQDQGUHPRYH
,QIRUPHG&RQVHQW'RFXPHQWVGHVLJQDWHGWRJHWDQ,5%DSSURYDOVWDPSWRDYRLGKDYLQJWKHPDSSHDUYDOLGIRUHQUROOPHQW
8QDQWLFLSDWHG3UREOHPV,QYROYLQJ5LVNWR6XEMHFWVRU2WKHUV$GYHUVH(YHQWV6XPPDU\	$VVHVVPHQW
'LGDQ\SUREOHPVDGYHUVHHYHQWVRFFXUGXULQJWKHODVWPRQWKV"
<HV
1R
,QWKHVSDFHEHORZSURYLGHDZULWWHQVXPPDU\RIERWKXQDQWLFLSDWHGSUREOHPVDQGDYDLODEOHLQIRUPDWLRQUHJDUGLQJDGYHUVHHYHQWV
VLQFHWKHODVWUHYLHZHJLQLWLDOUHYLHZRUDQQXDOFRQWLQXLQJUHYLHZ7KHDPRXQWRIGHWDLOSURYLGHGLQVXFKDVXPPDU\ZLOOYDU\
GHSHQGLQJRQWKHW\SHRIUHVHDUFKEHLQJFRQGXFWHGLQPDQ\FDVHVVXFKDVXPPDU\FRXOGEHDEULHIVWDWHPHQWWKDWWKHUHKDYHEHHQ
QRXQDQWLFLSDWHGSUREOHPVDQGWKDWDGYHUVHHYHQWVKDYHRFFXUUHGDWWKHH[SHFWHGIUHTXHQF\DQGOHYHORIVHYHULW\DVGRFXPHQWHGLQWKH
UHVHDUFKSURWRFROWKHLQIRUPHGFRQVHQWGRFXPHQWDQGLQYHVWLJDWRU¶VEURFKXUHLIDSSOLFDEOH7KHVXPPDU\PXVWLQFOXGHWKH3,¶V
DVVHVVPHQWZKHWKHUWKHSUREOHPVDGYHUVHHYHQWVZDUUDQWFKDQJHVWRWKHSURWRFROFRQVHQWSURFHVVRUULVNEHQHILWUDWLR
1RWH,WLVWKH,5%
VH[SHFWDWLRQWKDWDOOXQDQWLFLSDWHGSUREOHPVLQYROYLQJULVNWRVXEMHFWVRURWKHUVRUUHODWHGGHDWKVUHTXLULQJSURPSW
UHSRUWLQJDUHVXEPLWWHGLQWKHDSSURSULDWHWLPHIUDPH6HH3ROLF\>3')@<RXUUHVSRQVHWRWKLV$QQXDO&RQWLQXLQJ5HYLHZLV
FRQVLGHUHGDVVXUDQFHWKDWDOOSURPSWUHSRUWDEOHSUREOHPVDGYHUVHHYHQWVKDYHEHHQVXEPLWWHGIRU,5%UHYLHZ
)RUPXOWLVLWHVWXGLHVWKHZULWWHQVXPPDU\VKRXOGGHVFULEHH[WHUQDOHYHQWVGHWHUPLQHGWREHXQDQWLFLSDWHGSUREOHPVLQYROYLQJULVNWR
VXEMHFWVRURWKHUV
6XEMHFW,QIR7R'DWH
2XUUHFRUGVIRUWKHSUHYLRXVO\DSSURYHG,5%DSSOLFDWLRQLQGLFDWHWKH,5%DSSURYHGHVWLPDWHRIVXEMHFWVWREHHQUROOHGRU
UHFRUGVVSHFLPHQVUHYLHZHGLV

(QWHUWKHQXPEHURIHQUROOHGVXEMHFWVRUUHFRUGVVSHFLPHQVUHYLHZHGWKDWKDYHQRWEHHQSUHYLRXVO\UHSRUWHGWRWKH,5%

2XUUHFRUGVIRUWKHSUHYLRXVO\DSSURYHG,5%DSSOLFDWLRQLQGLFDWHWKHSUHYLRXVWRWDORIVXEMHFWVHQUROOHGRUUHFRUGVVSHFLPHQV
UHYLHZHGVLQFHDFWLYDWLRQRIWKHVWXG\LV

7KHQHZWRWDOQXPEHURIVXEMHFWVHQUROOHGRUUHFRUGVVSHFLPHQVUHYLHZHGVLQFHDFWLYDWLRQRIWKHVWXG\

3OHDVHUHYLHZWKH3URMHFW,QIRVHFWLRQIRUWKH,5%DSSURYHGHVWLPDWHRIVXEMHFWVWREHHQUROOHGRUUHFRUGVVSHFLPHQVUHYLHZHG
,IWKLVQHZWRWDOH[FHHGV\RXUDSSURYHGHVWLPDWHRIVXEMHFWVWREHHQUROOHGRUUHFRUGVVSHFLPHQVUHYLHZHGSOHDVHXSGDWHWKH
QXPEHULQWKHILHOGIRU1XPEHURI+XPDQ6XEMHFWVLQWKH3URMHFW,QIRVHFWLRQ
'DWDDQG6DIHW\0RQLWRULQJ%RDUG'60%3ODQ'603
,I\RXUVWXG\LVPRQLWRUHGE\D'60%RUXQGHUD'603DWWDFKDOOGRFXPHQWDWLRQLHVXPPDU\UHSRUWPHHWLQJPLQXWHVUHSUHVHQWLQJ
'DWDDQG6DIHW\0RQLWRULQJDFWLYLWLHVWKDWKDYHQRWEHHQSUHYLRXVO\UHSRUWHGWRWKH,5%
$WWDFKPHQWV
Section 2 Page 2 of 8
88617
CLOSED

6LQFHWKHPRVWUHFHQW,5%,QLWLDO&RQWLQXDWLRQ5HYLHZ$SSURYDO
+DYHWKHUHEHHQDQ\SDUWLFLSDQWFRPSODLQWVUHJDUGLQJWKHUHVHDUFK"
<HV
1R
,I\HVLQWKHILHOGEHORZSURYLGHDVXPPDU\GHVFULELQJWKHFRPSODLQWV
+DYHDQ\VXEMHFWVZLWKGUDZQIURPWKHUHVHDUFKYROXQWDULO\RUE\\RXDVWKH3,IRUUHDVRQVUHODWHGWRVDIHW\ZHOIDUHRUSUREOHPV
UHODWHGWRWKHFRQGXFWRIWKHUHVHDUFK",IDSDUWLFLSDQWGRHVQRWPHHWWKHVFUHHQLQJFULWHULDIRUDVWXG\HYHQLIWKH\VLJQHGDVFUHHQLQJ
FRQVHQWLWLV127FRQVLGHUHGDZLWKGUDZDO
<HV
1R
,I\HVLQWKHILHOGEHORZSURYLGHDGHWDLOHGH[SODQDWLRQWRWKHZLWKGUDZDOVLQFOXGLQJLISDUWLFLSDQWVZHUHORVWWRFRQWDFW
+DVDQ\QHZDQGUHOHYDQWOLWHUDWXUHEHHQSXEOLVKHGVLQFHWKHODVW,5%UHYLHZHVSHFLDOO\OLWHUDWXUHUHODWLQJWRULVNVDVVRFLDWHGZLWK
WKHUHVHDUFK"
<HV
1R
,I\HVDWWDFKDFRS\RIWKHOLWHUDWXUHDVZHOODVDEULHIVXPPDU\RIWKHOLWHUDWXUHLQFOXGLQJLISHUWLQHQWWKHLPSDFWRIWKHILQGLQJVRQWKH
SURWHFWLRQRIKXPDQVXEMHFWV
$WWDFKPHQWV
+DYHWKHUHEHHQDQ\LQWHULPILQGLQJV"
<HV
1R
,I\HVDWWDFKDFRS\RI,QWHULP)LQGLQJV
$WWDFKPHQWV
+DYHVXEMHFWVH[SHULHQFHGDQ\EHQHILWV"
<HV
1R
,I\HVLQWKHILHOGEHORZSURYLGHDGHVFULSWLRQRIEHQHILWVVXEMHFWVKDYHH[SHULHQFHG
+DYHWKHUHEHHQDQ\LQVSHFWLRQVDXGLWVTXDOLW\LPSURYHPHQWUHYLHZVRI\RXUUHVHDUFKSURWRFROUHVXOWLQJLQWKHQHHGIRU
FRUUHFWLYHDFWLRQLQRUGHUWRSURWHFWWKHVDIHW\DQGZHOIDUHRIVXEMHFWV"
<HV
1R
,I\HVSOHDVHDWWDFKGRFXPHQWDWLRQHYLGHQFLQJWKHRXWFRPHVDQGDQ\FRUUHFWLYHDFWLRQVWDNHQDVDUHVXOW
$WWDFKPHQWV
:DVDQ)'$LVVXHGDVDUHVXOWRIDQ\LQVSHFWLRQVDXGLWV"
<HV
1R
,I\HVVXEPLWGRFXPHQWDWLRQXVLQJDWWDFKPHQWEXWWRQDERYH
5LVN/HYHO
2XUUHFRUGVIRUWKHSUHYLRXVO\DSSURYHG,5%DSSOLFDWLRQVKRZ\RXUUHVHDUFKLV
5LVN
/HYHO 
+DVVRPHWKLQJGXULQJWKHFRXUVHRI\RXUUHVHDUFKFKDQJHGWKHOHYHORIULVN"
<HV
1R
,I\HVJRWRWKH5LVN/HYHOVHFWLRQPDUNWKHDSSURSULDWHULVNOHYHODQGLQWKHILHOGEHORZGHVFULEHZK\WKHULVNOHYHOKDVFKDQJHG
Section 2 Page 3 of 8
88617
CLOSED

)XQGLQJ6XSSRUW
2XUUHFRUGVIRUWKHSUHYLRXVO\DSSURYHG,5%DSSOLFDWLRQLQGLFDWH\RXUUHVHDUFKLVEHLQJVXEPLWWHGWRVXSSRUWHGE\RUFRQGXFWHGLQ
FRRSHUDWLRQZLWKWKHIROORZLQJH[WHUQDORULQWHUQDODJHQF\LHVRUIXQGLQJSURJUDPV
*UDQWDSSOLFDWLRQSHQGLQJ
++6'HSWRI+HDOWK	+XPDQ6HUYLFHV
1,+1DWLRQDO,QVWLWXWHVRI+HDOWK
&'&&HQWHUVIRU'LVHDVH&RQWURO	3UHYHQWLRQ
+56$+HDOWK5HVRXUFHVDQG6HUYLFHV$GPLQLVWUDWLRQ
6$0+6$6XEVWDQFH$EXVHDQG0HQWDO+HDOWK6HUYLFHV$GPLQLVWUDWLRQ
'R-'HSDUWPHQWRI-XVWLFHRU%XUHDXRI3ULVRQV
'R('HSDUWPHQWRI(QHUJ\
(3$(QYLURQPHQWDO3URWHFWLRQ$JHQF\
)HGHUDO$JHQFLHV2WKHU7KDQ7KRVH/LVWHG+HUH
,QGXVWU\2WKHUWKDQ3KDUPDFHXWLFDO&RPSDQLHV
,QWHUQDO*UDQW3URJUDPZSURSRVDO
,QWHUQDO*UDQW3URJUDPZRSURSRVDO
1DWLRQDO6FLHQFH)RXQGDWLRQ
2WKHU,QVWLWXWLRQVRI+LJKHU(GXFDWLRQ
3KDUPDFHXWLFDO&RPSDQ\
3ULYDWH)RXQGDWLRQ$VVRFLDWLRQ
86'HSDUWPHQWRI(GXFDWLRQ
6WDWH
2WKHU
3OHDVHXSGDWHWKH)XQGLQJ6XSSRUWVHFWLRQRI\RXU,5%DSSOLFDWLRQLIQHHGHGLQFOXGLQJWKHIROORZLQJDWWDFKPHQWVLIWKH\FRQWDLQ
FKDQJHVQRWSUHYLRXVO\UHSRUWHGWRWKH,5%
$FXUUHQWFRS\RI\RXUSURWRFROLI\RXDUHFRQGXFWLQJLQGXVWU\SKDUPDFHXWLFDOUHVHDUFK
$FXUUHQW,QYHVWLJDWRU%URFKXUHVXEPLWDFRS\ZLWKDOOFKDQJHVXQGHUOLQHG
$QHZRUUHYLVHGJUDQWDSSOLFDWLRQIRUWKLVSURMHFW
'LG\RXUSURMHFWUHFHLYHH[WUDPXUDOIXQGLQJ"
<HV
1R
,I\HVSOHDVHUHYLHZDQGFRUUHFWLIQHFHVVDU\WKH263$$FFRXQWLQIRUPDWLRQXQGHUWKH)XQGLQJ6XSSRUWVHFWLRQRI\RXU,5%
DSSOLFDWLRQ
,IWKHSURMHFWLVH[WHUQDOO\IXQGHGKDVWKHVSRQVRURIIHUHGDQ\RIWKHUHVHDUFKWHDPHQUROOPHQWLQFHQWLYHVRURWKHUSHUVRQDOEHQHILW
ERQXVHV"HJFDVKFKHFNWUDYHOUHLPEXUVHPHQWVJLIWFKHFNVHWF
<HV
1R
1$
1RWH,WLV8QLYHUVLW\RI.HQWXFN\SROLF\WKDWSHUVRQDOEHQHILWERQXVHVDUHQRWDOORZHG,IWKHVHFRQGLWLRQVFKDQJHGXULQJWKHFRXUVHRI
WKHVWXG\SOHDVHQRWLI\WKH,5%
3URMHFW,QIRUPDWLRQ
2XUUHFRUGVIRUWKHSUHYLRXVO\DSSURYHG,5%DSSOLFDWLRQLQGLFDWH\RXUHVWLPDWHGSURMHFWHQGGDWHLV

,I\RXKDYHDQHZHVWLPDWHGSURMHFWHQGGDWHSOHDVHJRWRWKH3URMHFW,QIRVHFWLRQDQGFKDQJHWKHGDWHLQWKHILHOGIRU$QWLFLSDWHG
(QGLQJ'DWHRI5HVHDUFK3URMHFW
6WXG\3HUVRQQHO
2XUUHFRUGVIRUWKHSUHYLRXVO\DSSURYHG,5%DSSOLFDWLRQLQGLFDWHWKHIROORZLQJLQGLYLGXDOVDUHVWXG\SHUVRQQHORQWKLVSURMHFWLI
DSSOLFDEOH
Section 2 Page 4 of 8
88617
CLOSED

/DVW1DPH
)LUVW1DPH
1RUHFRUGVWRGLVSOD\
3OHDVHUHYLHZWKHLQGLYLGXDOVOLVWHGDERYHDQGXSGDWH\RXUUHFRUGVDVQHHGHGLQWKH6WXG\3HUVRQQHOVHFWLRQRIWKH(,5%DSSOLFDWLRQ
EHLQJVXUHWKDWHDFKLQGLYLGXDOOLVWHGKDVFRPSOHWHGRULVXSWRGDWHRQWKHPDQGDWRU\KXPDQUHVHDUFKSURWHFWLRQWUDLQLQJ>VHHWKH
SROLF\RQ0DQGDWRU\+XPDQ6XEMHFW3URWHFWLRQ7UDLQLQJ)$4VUHTXLUHGHYHU\WKUHH\HDUV@
3URJUHVVRIWKH5HVHDUFK
7RPHHWIHGHUDOUHTXLUHPHQWVWKH,5%LVUHO\LQJRQ\RXU5(6($5&+'(6&5,37,21DVDSURWRFROVXPPDU\DQG
WKHLUH[SHFWDWLRQLVWKDWLWLVXSWRGDWH,IWKHFXUUHQWO\DSSURYHGSURWRFRORUUHVHDUFKGHVFULSWLRQLQ\RXU(,5%
DSSOLFDWLRQLVRXWGDWHGSOHDVHPDNHDSSOLFDEOHFKDQJHVDQGGHVFULEHLQWKHILHOGEHORZDQ\VXEVWDQWLYHFKDQJHVDQG
H[SODLQZK\WKH\DUHHVVHQWLDO,IQRQHLQVHUW1$LQWKHWH[WILHOGEHORZ,I\RXDUHFORVLQJ\RXUVWXG\\RXPD\XVHWKH
VSDFHEHORZWRVXPPDUL]HWKHILQDOVWDWXVRIWKHUHVHDUFK
1$
1RWH1RFKDQJHVLQWKHUHVHDUFKSURFHGXUHVVKRXOGKDYHRFFXUUHGZLWKRXWSUHYLRXV,5%UHYLHZ$SSURYDOIURPWKH,5%PXVW
EHREWDLQHGEHIRUHLPSOHPHQWLQJDQ\FKDQJHV
3URYLGHDEULHIVXPPDU\RIDQ\PRGLILFDWLRQVWKDWDIIHFWVXEMHFWVDIHW\DQGRUZHOIDUHDSSURYHGE\WKH,5%VLQFHWKH
ODVWLQLWLDORUFRQWLQXDWLRQUHYLHZ,IQRQHLQVHUW1$LQWKHWH[WILHOGEHORZ
1$
$WWDFKRQHFRS\RIWKHPRVWUHFHQWSURJUHVVUHSRUWVHQWWRWKH)'$LIDYDLODEOH$OO3,VSRQVRUHG,1','(VWXGLHVDUH
UHTXLUHGWRVXEPLWDFRS\RIWKH)'$SURJUHVVUHSRUW
$WWDFKPHQWV
&RQILGHQWLDOLW\6HFXULW\
5HYLHZ\RXU5HVHDUFK'HVFULSWLRQVHFWLRQDQGXSGDWHWKH&RQILGHQWLDOLW\SRUWLRQLIQHFHVVDU\WRGHVFULEHPHDVXUHVIRUVHFXULW\RI
HOHFWURQLFDQGSK\VLFDOUHVHDUFKUHFRUGVHJLQIRUPHGFRQVHQWGRFXPHQWV+,3$$$XWKRUL]DWLRQIRUPVVHQVLWLYHRUSULYDWHGDWD
6XEMHFW'HPRJUDSKLFV
2XUUHFRUGVIRUWKHSUHYLRXVO\DSSURYHG,5%DSSOLFDWLRQLQGLFDWHWKHIROORZLQJFDWHJRULHVRIVXEMHFWVDQGFRQWUROVDUH
LQFOXGHGLQ\RXUUHVHDUFK
&KLOGUHQLQGLYLGXDOVXQGHUDJH
:DUGVRIWKH6WDWH&KLOGUHQ
(PDQFLSDWHG0LQRUV
6WXGHQWV
&ROOHJHRI0HGLFLQH6WXGHQWV
8.0HGLFDO&HQWHU5HVLGHQWVRU
+RXVH2IILFHUV
,PSDLUHG&RQVHQW&DSDFLW\$GXOWV
3UHJQDQW:RPHQ1HRQDWHV)HWDO
0DWHULDO
3ULVRQHUV
1RQ(QJOLVK6SHDNLQJ
,QWHUQDWLRQDO&LWL]HQV
1RUPDO9ROXQWHHUV
0LOLWDU\3HUVRQQHODQGRU'R'
&LYLOLDQ(PSOR\HHV
3DWLHQWV
$SSDODFKLDQ3RSXODWLRQ
Section 2 Page 5 of 8
88617
CLOSED

3OHDVHUHYLHZWKH6XEMHFW'HPRJUDSKLFVVHFWLRQRI\RXU,5%DSSOLFDWLRQIRUDFFXUDF\DQGQRWHWKHIROORZLQJ
,IGXULQJWKHFRXUVHRI\RXUUHVHDUFKDQ\SULVRQHUVKDYHEHHQHQUROOHG25VXEMHFWVKDYHEHHQHQUROOHGWKDWEHFDPHLQYROXQWDULO\
FRQILQHGGHWDLQHGLQDSHQDOLQVWLWXWLRQWKDWKDYHQRWEHHQSUHYLRXVO\UHSRUWHGWRWKH,5%JRWR6XEMHFW'HPRJUDSKLFVHFWLRQLQ\RXU(
,5%DSSOLFDWLRQDQGPDUN³SULVRQHUV´LQWKHFDWHJRULHVRIVXEMHFWVWREHLQFOXGHGLQWKHVWXG\LILWLVQRWDOUHDG\PDUNHG
1RWH,IHLWKHURUDERYHDSSO\DQG\RXKDYHUHFHLYHGIXQGLQJIURPWKH'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV++6D
&HUWLILFDWLRQ/HWWHUVKRXOGKDYHEHHQVXEPLWWHGWRWKH2IILFHIRU+XPDQ5HVHDUFK3URWHFWLRQV2+53SULVRQHUVDQGLQGLYLGXDOVZKR
KDYHEHFRPHLQYROXQWDULO\FRQILQHGGHWDLQHGLQDSHQDOLQVWLWXWLRQFDQQRWFRQWLQXHSDUWLFLSDWLRQLQWKHUHVHDUFKXQWLO2+53LVVXHV
DSSURYDO,IWKH&HUWLILFDWLRQKDVQRWEHHQVXEPLWWHGFRQWDFWWKH2IILFHRI5HVHDUFK,QWHJULW\
%DVHGRQWKHWRWDORIVXEMHFWVZKRKDYHHQUROOHGFRPSOHWHWKHVXEMHFWGHPRJUDSKLFVHFWLRQEHORZ
3DUWLFLSDQW'HPRJUDSKLFV
&LVJHQGHU0DQ
&LVJHQGHU:RPDQ
7*1%7*(
8QNQRZQ1RW5HSRUWHG
$PHULFDQ
,QGLDQ$ODVNDQ
1DWLYH
$VLDQ
%ODFNRU
$IULFDQ
$PHULFDQ
/DWLQ[
1DWLYH
+DZDLLDQRU
2WKHU3DFLILF
,VODQGHU
:KLWH
$PHULFDQ
$UDE0LGGOH
(DVWHUQ1RUWK
$IULFDQ
,QGLJHQRXV
3HRSOH
$URXQGWKH
:RUOG
0RUHWKDQ
2QH5DFH
8QNQRZQRU
1RW5HSRUWHG

,IXQNQRZQSOHDVHH[SODLQZK\
'LGQRWTXHVWLRQJHQGHULGHQWLILFDWLRQ
5HVHDUFK6LWHV
2XUUHFRUGVIRUWKHSUHYLRXVO\DSSURYHG,5%DSSOLFDWLRQLQGLFDWHWKDW\RXDUHFRQGXFWLQJUHVHDUFKDWWKHIROORZLQJVLWHV
8.6LWHV
8.&ODVVURRPV/DEV
8.&OLQLFVLQ/H[LQJWRQ
8.&OLQLFVRXWVLGHRI/H[LQJWRQ
8.+HDOWKFDUH*RRG6DPDULWDQ+RVSLWDO

Section 2 Page 6 of 8
88617
CLOSED

8.+RVSLWDO
6FKRROV(GXFDWLRQ,QVWLWXWLRQV 6FKRROV(GXFDWLRQ
,QVWLWXWLRQV
)D\HWWH&R6FKRRO6\VWHPV
2WKHU6WDWH5HJLRQDO6FKRRO6\VWHPV
,QVWLWXWLRQVRI+LJKHU(GXFDWLRQRWKHUWKDQ8.
2WKHU0HGLFDO)DFLOLWLHV
%OXHJUDVV5HJLRQDO0HQWDO+HDOWK5HWDUGDWLRQ%RDUG
&DUGLQDO+LOO+RVSLWDO
(DVWHUQ6WDWH+RVSLWDO
1XUVLQJ+RPHV
6KULQHU¶V&KLOGUHQ¶V+RVSLWDO
2WKHU+RVSLWDOVDQG0HG&HQWHUV
&RUUHFWLRQDO)DFLOLWLHV
+RPH+HDOWK$JHQFLHV
,QWHUQDWLRQDO6LWHV
2WKHU
,IWKHDERYHOLVWHGVLWHVDUHQRWDFFXUDWHJRWRWKH5HVHDUFK6LWHVVHFWLRQRIWKH(,5%DSSOLFDWLRQWRXSGDWHWKHIDFLOLWLHVDWZKLFK
UHVHDUFKSURFHGXUHVKDYHEHHQRUZLOOEHFRQGXFWHG
,I\RXDUHDGGLQJDQHZRIIVLWHIDFLOLW\\RXPD\DOVRQHHGWRXSGDWH\RXU(,5%DSSOLFDWLRQ5HVHDUFK'HVFULSWLRQ
5HVHDUFK6LWHV,QIRUPHG&RQVHQWDQGRWKHUDIIHFWHGVHFWLRQVDVZHOODVDQ\GRFXPHQWVZKLFKZLOOOLVWWKHRIIVLWHIDFLOLW\
'RFXPHQWVQHHGLQJXSGDWLQJPD\LQFOXGHEXWQRWOLPLWHGWR
&RQVHQWIRUPVDWWDFKPHQWXQGHU,QIRUPHG&RQVHQWVHFWLRQ
%URFKXUHVDWWDFKPHQWXQGHU$GGLWLRQDO,QIRVHFWLRQ
$GYHUWLVHPHQWVDWWDFKPHQWXQGHU5HVHDUFK'HVFULSWLRQVHFWLRQ
/HWWHURIVXSSRUWDWWDFKPHQWXQGHU5HVHDUFK6LWHVVHFWLRQ
3OHDVHUHYLVHDSSOLFDEOHVHFWLRQVDQGDWWDFKPHQWVDVQHFHVVDU\
'LVFORVXUHRI6LJQLILFDQW)LQDQFLDO,QWHUHVW
'LVFORVXUHRI6LJQLILFDQW)LQDQFLDO,QWHUHVW
2XUUHFRUGVIRUWKHSUHYLRXVO\DSSURYHG,5%DSSOLFDWLRQLQGLFDWHWKDW\RX\RXULQYHVWLJDWRUVDQGRUNH\SHUVRQQHO.3KDYHD
VLJQLILFDQWILQDQFLDOLQWHUHVW6),UHODWHGWR\RXUWKHLUUHVSRQVLELOLWLHVDWWKH8QLYHUVLW\RI.HQWXFN\WKDWUHTXLUHVGLVFORVXUHSHUWKH
8.DGPLQLVWUDWLYHUHJXODWLRQ
<HV
1R
,I\RXQHHGWRXSGDWH\RXUUHFRUGVSOHDVHJRWRWKH3,&RQWDFW,QIRUPDWLRQVHFWLRQDQGRU'HWDLOVIRULQGLYLGXDOVOLVWHGLQWKH6WXG\
3HUVRQQHOVHFWLRQWRFKDQJH\RXUUHVSRQVHWRWKHDSSOLFDEOHTXHVWLRQV
6XSSOHPHQWDOV
7RHQVXUHWKH,5%KDVWKHPRVWDFFXUDWHLQIRUPDWLRQIRU\RXUSURWRFRO\RXDUHH[SHFWHGWRUHYLVLWWKH(,5%DSSOLFDWLRQVHFWLRQVDQG
PDNHFRUUHFWLRQVRUXSGDWHVDVQHHGHG$WDPLQLPXP\RXDUHEHLQJDVNHGWRUHYLHZWKHIROORZLQJVHFWLRQVIRUDFFXUDF\
Section 2 Page 7 of 8
88617
CLOSED

678'<'58*,1)250$7,21²3OHDVHUHYLHZIRUDFFXUDF\
678'<'(9,&(,1)250$7,21²3OHDVHUHYLHZIRUDFFXUDF\
5(6($5&+$775,%87(6²3OHDVHUHYLHZIRUDFFXUDF\
27+(55(9,(:&200,77((63OHDVHUHYLHZIRUDFFXUDF\
Section 2 Page 8 of 8
88617
CLOSED

352-(&7,1)250$7,21
XQUHVROYHG
FRPPHQWV
7LWOHRI3URMHFW8VHWKHH[DFWWLWOHOLVWHGLQWKHJUDQWFRQWUDFWDSSOLFDWLRQLIDSSOLFDEOH
,I\RXUUHVHDUFKLQYHVWLJDWHVDQ\DVSHFWRI&29,'SOHDVHLQFOXGH&29,'DWWKHEHJLQQLQJRI\RXU3URMHFW7LWOHDQG6KRUW7LWOH
6FDUDQDO\VLVLQGLUHFWH[FLVLRQEURZOLIWFRPSDULQJRFW\O
F\DQRDFU\ODWH'HUPDERQGYHUVXVQRQDEVRUEDEOH
VXWXUHV
6KRUW7LWOH'HVFULSWLRQ
3OHDVHXVHDIHZNH\ZRUGVWRHDVLO\LGHQWLI\\RXUVWXG\WKLVWH[WZLOOEHGLVSOD\HGLQWKH'DVKERDUGOLVWLQJIRU\RXUVWXG\
%URZ/LIW6FDU$QDO\VLV
$QWLFLSDWHG(QGLQJ'DWHRI5HVHDUFK3URMHFW
0D[LPXPQXPEHURIKXPDQVXEMHFWVRUUHFRUGVVSHFLPHQVWREHUHYLHZHG

$IWHUDSSURYDOZLOOWKHVWXG\EHRSHQWRHQUROOPHQWRIQHZVXEMHFWVRUQHZGDWDVSHFLPHQFROOHFWLRQ"
<HV
1R
$UH\RXUHTXHVWLQJWKDWWKH8.,5%VHUYHDVWKHOHDG,5%IRUDPXOWLVLWHVWXG\25WKDWWKH8.,5%GHIHUUHYLHZWRDQRWKHU,5%">&OLFN
KHUHIRU,5%5HOLDQFHKHOS@
<HV
1R
,I<HVEHIRUHFRPSOHWLQJ\RXU,5%DSSOLFDWLRQILOORXWWKH5HOLDQFH5HTXHVW)RUPDQGVXEPLWLWWRLUEUHOLDQFH#XN\HGX

Section 3 Page 1 of 1
88617
CLOSED

3,&217$&7,1)250$7,21
XQUHVROYHG
FRPPHQWV
3ULQFLSDO,QYHVWLJDWRU3,UROHIRU(,5%DFFHVV
7KH3,LVWKHLQGLYLGXDOKROGLQJSULPDU\UHVSRQVLELOLW\RQWKHUHVHDUFKSURMHFWZLWKWKHIROORZLQJSHUPLVVLRQVRQWKH(,5%DSSOLFDWLRQ
5HDG
ZULWHHGLW
UHFHLYHFRPPXQLFDWLRQVDQG
VXEPLWWRWKH,5%,5&5052WKHU5HYLHZ
,IUHVHDUFKLVEHLQJVXEPLWWHGWRRUVXSSRUWHGE\DQH[WUDPXUDOIXQGLQJDJHQF\VXFKDV1,+DSULYDWHIRXQGDWLRQRUD
SKDUPDFHXWLFDOPDQXIDFWXULQJFRPSDQ\WKH3,OLVWHGRQWKHJUDQWDSSOLFDWLRQRUWKHGUXJSURWRFROPXVWEHOLVWHGDV3,KHUH
3OHDVHILOOLQDQ\EODQNILHOGVZLWKWKHDSSURSULDWHFRQWDFWLQIRUPDWLRQJUD\VKDGHGILHOGVDUHQRWHGLWDEOH5HTXLUHGILHOGVOHIWEODQNZLOO
EHKLJKOLJKWHGLQSLQNDIWHU\RXFOLFN6DYH
7RFKDQJHKRPHDQGZRUNDGGUHVVHVJRWRP\8.DQGXSGDWHXVLQJWKH(PSOR\HH6HOI6HUYLFH(66SRUWDO,IQDPHKDVFKDQJHG
WKHLQGLYLGXDOZLWKWKHQDPHFKDQJHZLOOQHHGWRVXEPLWD
1DPH&KDQJH)RUP
WRWKH+XPDQ5HVRXUFHV%HQHILWV2IILFHIRUHQWHULQJ
LQWR6$37KHQHZQDPHZLOOQHHGWREHDVVRFLDWHGZLWKWKHLQGLYLGXDO
V/LQN%OXH,'LQ6$3EHIRUHWKHFKDQJHLVUHIOHFWHGLQ(,5%
&RQWDFWWKH+5%HQHILWV2IILFHIRUDGGLWLRQDOLQIRUPDWLRQ
7KH3ULQFLSDO,QYHVWLJDWRU
V3,FRQWDFWLQIRUPDWLRQLVILOOHGLQDXWRPDWLFDOO\EDVHGRQZKRORJJHGLQWRFUHDWHWKHDSSOLFDWLRQ
,I\RXDUHQRWWKH3ULQFLSDO,QYHVWLJDWRUGR127DGG\RXUVHOIDVVWXG\SHUVRQQHO
7RFKDQJHWKH3,FRQWDFWLQIRUPDWLRQRQDQDSSOLFDWLRQLQ5HVHDUFKHUHGLWVWDWXV
FOLFN&KDQJH3ULQFLSDO,QYHVWLJDWRU
VHDUFKIRUWKH3,
VQDPHXVLQJWKHVHDUFKIHDWXUH
FOLFN6HOHFWE\WKHQDPHRIWKH3ULQFLSDO,QYHVWLJDWRUWKHQ6DYH&RQWDFW,QIRUPDWLRQ
<RXZLOODXWRPDWLFDOO\EHDGGHGDVVWXG\SHUVRQQHOZLWKHGLWLQJSHUPLVVLRQVWRFRQWLQXHHGLWLQJWKHDSSOLFDWLRQ
&KDQJH3ULQFLSDO,QYHVWLJDWRU
)LUVW1DPH 3HWHU
5RRP	
%OGJ (.<&/,1,&
/DVW1DPH 7LPRQH\
6SHHG
6RUW

0LGGOH1DPH -RKQ
'HSDUWPHQW
'HSW&RGH +
3,¶V
(PSOR\HH6WXGHQW
,'

5DQN
$VVRFLDWH3URIHVVRU
3,
V7HOHSKRQH 1$
'HJUHH 0'
3,
VHPDLO
DGGUHVV SMWLPR#XN\HGX
3,
V)$;
1XPEHU
3,LV51
<HV
1R
+637UDLQHG <HV
+637UDLQHG
'DWH 
5&57UDLQHG <HV
'R\RXWKH3,KDYHDVLJQLILFDQWILQDQFLDOLQWHUHVWUHODWHGWR\RXUUHVSRQVLELOLWLHVDWWKH8QLYHUVLW\RI.HQWXFN\WKDWUHTXLUHV
GLVFORVXUHSHUWKH8.DGPLQLVWUDWLYHUHJXODWLRQ"
<HV
1R
2SKWKDOPRORJ\	9LVXDO6FLH«
,
Section 4 Page 1 of 2
88617
CLOSED

Section 4 Page 2 of 2
88617
CLOSED

5,6./(9(/
XQUHVROYHG
FRPPHQWV
,QGLFDWHZKLFKRIWKHFDWHJRULHVOLVWHGEHORZDFFXUDWHO\GHVFULEHVWKLVSURWRFRO
5LVN/HYHO1RWJUHDWHUWKDQPLQLPDOULVN
5LVN/HYHO*UHDWHUWKDQPLQLPDOULVNEXWSUHVHQWLQJWKHSURVSHFWRIGLUHFWEHQHILWWRLQGLYLGXDOVXEMHFWV
5LVN/HYHO*UHDWHUWKDQPLQLPDOULVNQRSURVSHFWRIGLUHFWEHQHILWWRLQGLYLGXDOVXEMHFWVEXWOLNHO\WR\LHOGJHQHUDOL]DEOH
NQRZOHGJHDERXWWKHVXEMHFW
VGLVRUGHURUFRQGLWLRQ
5LVN/HYHO5HVHDUFKQRWRWKHUZLVHDSSURYDEOHZKLFKSUHVHQWVDQRSSRUWXQLW\WRXQGHUVWDQGSUHYHQWRUDOOHYLDWHDVHULRXV
SUREOHPDIIHFWLQJWKHKHDOWKRUZHOIDUHRIVXEMHFWV
³0LQLPDOULVN´PHDQVWKDWWKHSUREDELOLW\DQGPDJQLWXGHRIKDUPRUGLVFRPIRUWDQWLFLSDWHGLQWKHUHVHDUFKDUHQRWJUHDWHULQDQGRI
WKHPVHOYHVIURPWKRVHRUGLQDULO\HQFRXQWHUHGLQGDLO\OLIHRUGXULQJWKHSHUIRUPDQFHRIURXWLQHSK\VLFDORUSV\FKRORJLFDO
H[DPLQDWLRQRUWHVWV
5HIHUWR8.
VJXLGDQFHGRFXPHQWRQDVVHVVLQJWKHUHVHDUFKULVNIRUDGGLWLRQDOLQIRUPDWLRQ
Section 5 Page 1 of 1
88617
CLOSED

68%-(&7'(02*5$3+,&6
XQUHVROYHGFRPPHQWV
$JHOHYHORIKXPDQVXEMHFWVLHPWKV\UVHWF  WR 
6WXG\3RSXODWLRQ
'HVFULEHWKHFKDUDFWHULVWLFVRIWKHVXEMHFWSRSXODWLRQLQFOXGLQJDJHUDQJHJHQGHUHWKQLFEDFNJURXQGDQGKHDOWKVWDWXV,GHQWLI\WKHFULWHULDIRULQFOXVLRQDQG
H[FOXVLRQ
3URYLGHWKHIROORZLQJLQIRUPDWLRQ
$GHVFULSWLRQRIWKHVXEMHFWVHOHFWLRQFULWHULDDQGUDWLRQDOHIRUVHOHFWLRQLQWHUPVRIWKHVFLHQWLILFREMHFWLYHVDQGSURSRVHGVWXG\GHVLJQ
$FRPSHOOLQJUDWLRQDOHIRUSURSRVHGH[FOXVLRQRIDQ\VH[JHQGHURUUDFLDOHWKQLFJURXS
-XVWLILFDWLRQIRUWKHLQFOXVLRQRIYXOQHUDEOHJURXSVVXFKDVFKLOGUHQSULVRQHUVDGXOWVZLWKLPSDLUHGFRQVHQWFDSDFLW\RURWKHUVZKRPD\EHYXOQHUDEOHWR
FRHUFLRQRUXQGXHLQIOXHQFH
3OHDVHFRQVLGHUWKHVHUHVRXUFHV
1,+'LYHUVLW\3ROLF\
)'$'LYHUVLW\*XLGDQFH
6XEMHFWVZLOOFRQVLVWRI8.2FXORSODVWLFVSDWLHQWVIRXQGWRKDYHEURZSWRVLVLQQHHGRIVXUJLFDOUHSDLU7KHUHZLOOEHQRYXOQHUDEOHJURXSVLQFOXGHGLQRXUVWXG\
SRSXODWLRQQRUZLOODQ\VSHFLILFJHQGHUUDFLDORUHWKQLFJURXSVEHH[FOXGHG
,QFOXVLRQFULWHULD
3DWLHQWVXQGHUJRLQJELODWHUDOGLUHFWH[FLVLRQEURZOLIWIRUEURZSWRVLVDWWKH8QLYHUVLW\RI.HQWXFN\0HGLFDO&HQWHU
3DWLHQWV!\HDUVRIDJH
3DWLHQWVPXVWEHDEOHWRIROORZXSDWWKHVSHFLILHGLQWHUYDOV
3DWLHQWVZKRDUHDEOHWRJLYHWKHLURZQLQIRUPHGFRQVHQW
+HDOWK6WDWXV9DULDEOHKHDOWKVWDWXVUHIOHFWLYHRIJHQHUDOSRSXODWLRQRI.HQWXFN\3DWLHQWVZLOOEHKHDOWK\HQRXJKWREHVHHQLQDQRIILFHVHWWLQJ
1RSDWLHQWZLOOEHH[FOXGHGRQWKHEDVLVRIJHQGHUHWKQLFLW\RUUHOLJLRXVEDFNJURXQG
$OOSDWLHQWVZLOOQHHGWREHSURILFLHQWLQWKH(QJOLVKODQJXDJHWRXQGHUVWDQGWKHVFDOHXVHGIRUVFDUDVVHVVPHQW
([FOXVLRQ&ULWHULD
3DWLHQWV\HDUVRIDJHRU!
$OOHUJ\WRRFW\OF\DQRDFU\ODWH
$GXOWVZLWKLPSDLUHGFRQVHQWFDSDFLW\
,QFDUFHUDWHGLQGLYLGXDOV
$WWDFKPHQWV
,QGLFDWHWKHWDUJHWHGSODQQHGHQUROOPHQWRIWKHIROORZLQJPHPEHUVRIPLQRULW\JURXSVDQGWKHLUVXESRSXODWLRQV3RVVLEOHGHPRJUDSKLF
VRXUFHV&HQVXV5HJLRQDO$QDO\VW(GLWLRQ.HQWXFN\5DFH(WKQLF7DEOH.HQWXFN\3RSXODWLRQ'DWD
3OHDVHQRWH7KH,5%ZLOOH[SHFWWKLVLQIRUPDWLRQWREHUHSRUWHGDW&RQWLQXDWLRQ5HYLHZWLPHIRU3UH)'$UHJXODWHG
([SHGLWHGUHYLHZDQG)XOOUHYLHZDSSOLFDWLRQV
3DUWLFLSDQW'HPRJUDSKLFV
&LVJHQGHU0DQ
&LVJHQGHU:RPDQ
7*1%7*(
8QNQRZQ1RW5HSRUWHG
$PHULFDQ
,QGLDQ$ODVNDQ
1DWLYH
$VLDQ
%ODFN$IULFDQ
$PHULFDQ
/DWLQ[
1DWLYH
+DZDLLDQ3DFLILF
,VODQGHU
:KLWH
$PHULFDQ
$UDE0LGGOH
(DVWHUQ1RUWK
$IULFDQ
,QGLJHQRXV
3HRSOH$URXQG
WKH:RUOG
0RUHWKDQ2QH
5DFH
8QNQRZQRU1RW
5HSRUWHG
Section 6 Page 1 of 3
88617
CLOSED

,IXQNQRZQSOHDVHH[SODLQZK\
7KLVZLOOYDU\EDVHGRQWKHLGHQWLILFDWLRQRIWKHSDWLHQWSRSXODWLRQWKDWSUHVHQWWRWKH8.2FXORSODVWLFVFOLQLFV:HZLOOQRWUHFUXLWRUGLVFULPLQDWHE\HWKQLFLW\
,QGLFDWHWKHFDWHJRULHVRIVXEMHFWVDQGFRQWUROVWREHLQFOXGHGLQWKHVWXG\<RXPD\EHUHTXLUHGWRFRPSOHWHDGGLWLRQDOIRUPVGHSHQGLQJRQ
WKHVXEMHFWFDWHJRULHVZKLFKDSSO\WR\RXUUHVHDUFK,IWKHVWXG\GRHVQRWLQYROYHGLUHFWLQWHUYHQWLRQRUGLUHFWLQWHUDFWLRQZLWKVXEMHFWVHJ
UHFRUGUHYLHZUHVHDUFKRXWFRPHVUHJLVWULHVGRQRWFKHFNSRSXODWLRQVZKLFKWKHUHVHDUFKGRHVQRWVSHFLILFDOO\WDUJHW)RUH[DPSOHDODUJH
UHFRUGUHYLHZRIDGLYHUVHSRSXODWLRQPD\LQFLGHQWDOO\LQFOXGHDSULVRQHURUDQLQWHUQDWLRQDOFLWL]HQEXW\RXVKRXOGQRWFKHFNWKRVHFDWHJRULHV
LIWKHIRFXVRIWKHVWXG\KDVQRWKLQJWRGRZLWKWKDWVWDWXV
&KHFN$OO7KDW$SSO\DWOHDVWRQHLWHPPXVWEHVHOHFWHG
&KLOGUHQLQGLYLGXDOVXQGHUDJH

:DUGVRIWKH6WDWH&KLOGUHQ
(PDQFLSDWHG0LQRUV
6WXGHQWV
&ROOHJHRI0HGLFLQH6WXGHQWV
8.0HGLFDO&HQWHU5HVLGHQWVRU
+RXVH2IILFHUV
,PSDLUHG&RQVHQW&DSDFLW\
$GXOWV
3UHJQDQW:RPHQ1HRQDWHV)HWDO
0DWHULDO
3ULVRQHUV
1RQ(QJOLVK6SHDNLQJWUDQVODWHG
ORQJRUVKRUWIRUP
,QWHUQDWLRQDO&LWL]HQV
1RUPDO9ROXQWHHUV
0LOLWDU\3HUVRQQHODQGRU'R'
&LYLOLDQ(PSOR\HHV
3DWLHQWV
$SSDODFKLDQ3RSXODWLRQ
$'',7,21$/,1)250$7,21
3OHDVHYLVLWWKH,5%6XUYLYDO+DQGERRNIRU
PRUHLQIRUPDWLRQRQ
&KLOGUHQ(PDQFLSDWHG0LQRUV
6WXGHQWVDV6XEMHFWV
3ULVRQHUV
,PSDLUHG&RQVHQW&DSDFLW\$GXOWV
(FRQRPLFDOO\RU(GXFDWLRQDOO\
'LVDGYDQWDJHG3HUVRQV
2WKHU5HVRXUFHV
8.0&5HVLGHQWVRU+RXVH2IILFHUV
>VHHUHTXLUHPHQWRI*0(@
1RQ(QJOLVK6SHDNLQJ>VHHDOVRWKH
(,5%5HVHDUFK'HVFULSWLRQVHFWLRQ
RQWKLVVDPHWRSLF@
,QWHUQDWLRQDO&LWL]HQV>'R'623PD\
DSSO\@
0LOLWDU\3HUVRQQHODQGRU'R'&LYLOLDQ
(PSOR\HHV
Section 6 Page 2 of 3
88617
CLOSED

7UDXPDWLFEUDLQLQMXU\RUDFTXLUHGEUDLQ
LQMXU\
6HYHUHGHSUHVVLYHGLVRUGHUVRU%LSRODU
GLVRUGHUV
6FKL]RSKUHQLDRURWKHUPHQWDOGLVRUGHUV
WKDW
LQYROYHVHULRXVFRJQLWLYHGLVWXUEDQFHV
6WURNH
'HYHORSPHQWDOGLVDELOLWLHV
'HJHQHUDWLYHGHPHQWLDV
&16FDQFHUVDQGRWKHUFDQFHUVZLWK
SRVVLEOH&16LQYROYHPHQW
/DWHVWDJH3DUNLQVRQ¶V'LVHDVH
/DWHVWDJHSHUVLVWHQWVXEVWDQFH
GHSHQGHQFH
,VFKHPLFKHDUWGLVHDVH
+,9$,'6
&23'
5HQDOLQVXIILFLHQF\
'LDEHWHV
$XWRLPPXQHRULQIODPPDWRU\GLVRUGHUV
&KURQLFQRQPDOLJQDQWSDLQGLVRUGHUV
'UXJHIIHFWV
2WKHUDFXWHPHGLFDOFULVHV
$VVHVVPHQWRIWKHSRWHQWLDOUHFUXLWPHQWRIVXEMHFWVZLWKLPSDLUHGFRQVHQWFDSDFLW\RUOLNHOLKRRG
&KHFNWKLVER[LI\RXUVWXG\GRHV127LQYROYHGLUHFWLQWHUYHQWLRQRUGLUHFWLQWHUDFWLRQZLWKVXEMHFWVHJUHFRUGUHYLHZUHVHDUFKVHFRQGDU\
GDWDDQDO\VLV,IWKHUHLVQRGLUHFWLQWHUYHQWLRQLQWHUDFWLRQ\RXZLOOQRWQHHGWRDQVZHUWKHLPSDLUHGFRQVHQWFDSDFLW\TXHVWLRQV
'RHVWKLVVWXG\IRFXVRQDGXOWVXEMHFWVZLWKDQ\FRQGLWLRQVWKDWSUHVHQWDKLJKOLNHOLKRRGRILPSDLUHGFRQVHQWFDSDFLW\RUIOXFWXDWLRQVLQ
FRQVHQWFDSDFLW\"VHHH[DPSOHVEHORZ
<HV
1R
,I<HVDQG\RXDUHQRWILOLQJIRUH[HPSWLRQFHUWLILFDWLRQJRWR)RUP7FRPSOHWHWKHIRUPDQGDWWDFKLWXVLQJWKHEXWWRQEHORZ
([DPSOHVRIVXFKFRQGLWLRQVLQFOXGH
$WWDFKPHQWV
Section 6 Page 3 of 3
88617
CLOSED

,1)250('&216(17$66(17352&(66:$,9(5
XQUHVROYHG
FRPPHQWV
)RUFUHDWLQJ\RXULQIRUPHGFRQVHQWDWWDFKPHQWVSOHDVHGRZQORDGWKHPRVWXSWRGDWHYHUVLRQOLVWHGLQ$OO7HPSODWHVXQGHUWKH
$33/,&$7,21/,1.6PHQXRQWKHOHIWDQGHGLWWRPDWFK\RXUUHVHDUFKSURMHFW
$GGLWLRQDO5HVRXUFHV
,QIRUPHG&RQVHQW$VVHQW:HEVLWH
:DLYHURI&RQVHQWYV:DLYHURI6LJQDWXUHV
6DPSOH5HSRVLWRU\5HJLVWU\%DQN&RQVHQW7HPSODWH
&RQVHQW$VVHQW7LSV
,I\RXKDYHPXOWLSOHFRQVHQWGRFXPHQWVEHVXUHWRXSORDGHDFKLQGLYLGXDOO\QRWDOOLQDFRPELQHGILOH
,IDQRWKHUVLWHLVVHUYLQJDVWKH,5%IRUWKHSURMHFWDWWDFKWKHIRUPDVD³5HOLDQFH&RQVHQW)RUP´VRWKHGRFXPHQWZLOOQRWUHFHLYH
D8.,5%DSSURYDOVWDPSWKHUHYLHZLQJ,5%ZLOOQHHGWRVWDPSWKHFRQVHQWIRUPV
&KDQJHVWRFRQVHQWGRFXPHQWVHJLQIRUPHGFRQVHQWIRUPDVVHQWIRUPFRYHUOHWWHUHWFVKRXOGEHUHIOHFWHGLQD
WUDFNHG
FKDQJHV
YHUVLRQDQGXSORDGHGVHSDUDWHO\ZLWKWKH'RFXPHQW7\SH+LJKOLJKWHG&KDQJHV
,WLVYHU\LPSRUWDQWWKDWRQO\WKHGRFXPHQWV\RXZLVKWRKDYHDSSURYHGE\WKH,5%DUHDWWDFKHG'(/(7(287'$7('),/(6
SUHYLRXVO\DSSURYHGYHUVLRQVZLOOVWLOOEHDYDLODEOHLQ3URWRFRO+LVWRU\
$WWDFKPHQWVWKDWDUHDVVLJQHGD'RFXPHQW7\SHWRZKLFKDQ,5%DSSURYDOVWDPSDSSOLHVZLOOEHFRQVLGHUHGWKHYHUVLRQVWREH
XVHGIRUHQUROOLQJVXEMHFWVRQFH,5%DSSURYDOKDVEHHQLVVXHG
'RFXPHQW7\SHVWKDWGR127JHWDQ,5%DSSURYDOVWDPSDUH
+LJKOLJKWHG&KDQJHV
3KRQH6FULSWDQG
5HOLDQFH&RQVHQW)RUP
6SRQVRU
V6DPSOH&RQVHQW)RUP
+RZWR*HWWKH6HFWLRQ&KHFN0DUN
 <RXPXVW
DSURYLGHDUHVSRQVHLQWKHWH[WER[EHORZGHVFULELQJKRZLQYHVWLJDWRUVZLOOREWDLQFRQVHQWDVVHQWDQG
EFKHFNWKHER[IRUDWOHDVWRQHRIWKHFRQVHQWLWHPVDQGRUFKHFNPDUNRQHRIWKHZDLYHUV
 ,IDSSOLFDEOHDWWDFKHDFKFRUUHVSRQGLQJGRFXPHQWVDVDUHDGRQO\3')
 ,I\RXQRORQJHUQHHGDFRQVHQWGRFXPHQWDSSURYHGHJFORVHGWRHQUROOPHQWRUWKHFRQVHQWGRFXPHQWVXEPLWWHGGRHVQRW
QHHGDVWDPSIRUHQUROOLQJVXEMHFWVHJXPEUHOODVWXG\RUVXEVWXG\RQO\VHOHFW6WDPSHG&RQVHQW'RFV1RW1HHGHG
 $IWHUPDNLQJ\RXUVHOHFWLRQVEHVXUHWRVFUROOWRWKHERWWRPRIWKLVVHFWLRQDQG6$9(\RXUZRUN
&KHFN$OO7KDW$SSO\
,QIRUPHG&RQVHQW)RUPDQGRU3DUHQWDO3HUPLVVLRQ)RUPDQGRUWUDQVODWHGVKRUWIRUP
$VVHQW)RUP
&RYHU/HWWHUIRUVXUYH\TXHVWLRQQDLUHUHVHDUFK
3KRQH6FULSW
,QIRUPHG&RQVHQW+,3$$&RPELQHG)RUP
'HEULHILQJDQGRU3HUPLVVLRQWR8VH'DWD)RUP
5HOLDQFH&RQVHQW)RUP
6SRQVRU
VVDPSOHFRQVHQWIRUPIRU'HSWRI+HDOWKDQG+XPDQ6HUYLFHV'++6DSSURYHGSURWRFRO
6WDPSHG&RQVHQW'RFV1RW1HHGHG
$WWDFKPHQWV
,QIRUPHG&RQVHQW3URFHVV
8VLQJDFWLYHYRLFHGHVFULEHKRZLQYHVWLJDWRUVZLOOREWDLQFRQVHQWDVVHQW,QFOXGH
WKHFLUFXPVWDQFHVXQGHUZKLFKFRQVHQWZLOOEHVRXJKWDQGREWDLQHG
WKHWLPLQJRIWKHFRQVHQWSURFHVVLQFOXGLQJDQ\ZDLWLQJSHULRGEHWZHHQSURYLGLQJLQIRUPDWLRQDQGREWDLQLQJFRQVHQW
Section 7 Page 1 of 4
88617
CLOSED

ZKRZLOOVHHNFRQVHQW
KRZ\RXZLOOPLQLPL]HWKHSRVVLELOLW\RIFRHUFLRQRUXQGXHLQIOXHQFH
WKHPHWKRGXVHGIRUGRFXPHQWLQJFRQVHQW
LIDSSOLFDEOHZKRLVDXWKRUL]HGWRSURYLGHSHUPLVVLRQRUFRQVHQWRQEHKDOIRIWKHVXEMHFW
LIDSSOLFDEOHVSHFLILFLQVWUXPHQWVRUWHFKQLTXHVWRDVVHVVDQGFRQILUPSRWHQWLDOVXEMHFWV¶XQGHUVWDQGLQJRIWKHLQIRUPDWLRQ
1RWHDOOLQGLYLGXDOVDXWKRUL]HGWRREWDLQLQIRUPHGFRQVHQWVKRXOGEHGHVLJQDWHGDVVXFKLQWKH(,5%6WXG\3HUVRQQHOVHFWLRQRI
WKLVDSSOLFDWLRQ
6SHFLDOFRQVLGHUDWLRQVPD\LQFOXGH
2EWDLQLQJFRQVHQWDVVHQWIRUVSHFLDOSRSXODWLRQVVXFKDVFKLOGUHQSULVRQHUVRUSHRSOHZLWKLPSDLUHGGHFLVLRQDOFDSDFLW\
5HVHDUFK,QYROYLQJ(PDQFLSDWHG,QGLYLGXDOV
,I\RXSODQWRHQUROOVRPHRUDOOSURVSHFWLYHVXEMHFWVDVHPDQFLSDWHGFRQVXOWZLWK8.OHJDOFRXQVHOSULRUWRVXEPLWWLQJWKLV
DSSOLFDWLRQWRWKH,5%,QFOXGHUHVHDUFKOHJDOFRXQVHO¶VUHFRPPHQGDWLRQVLQWKH$GGLWLRQDO,QIRUPDWLRQVHFWLRQDVDVHSDUDWH
GRFXPHQW
5HVHDUFK,QYROYLQJ1RQ(QJOLVK6SHDNLQJ6XEMHFWV
)RULQIRUPDWLRQRQLQFOXVLRQRIQRQ(QJOLVKVSHDNLQJVXEMHFWVRUVXEMHFWVIURPDIRUHLJQFXOWXUHVHH,5%$SSOLFDWLRQ,QVWUXFWLRQV
IRU5HFUXLWLQJ1RQ(QJOLVK6SHDNLQJ3DUWLFLSDQWVRU3DUWLFLSDQWVIURPD)RUHLJQ&XOWXUH
5HVHDUFK5HSRVLWRULHV
,IWKHSXUSRVHRIWKLVVXEPLVVLRQLVWRHVWDEOLVKDUHVHDUFKUHSRVLWRU\GHVFULEHWKHLQIRUPHGFRQVHQWSURFHVV)RUJXLGDQFH
UHJDUGLQJFRQVHQWLVVXHVSURFHVVDSSURDFKHVDQGVDPSOHODQJXDJHVHHWKH6DPSOH5HSRVLWRU\5HJLVWU\%DQN&RQVHQW
7HPSODWH
7KHSDWLHQWVZLOOEHFRQVHQWHGIRUWKHVWXG\RQFHDGHWHUPLQDWLRQKDVEHHQPDGHWKDWWKH\DUHVXUJLFDOFDQGLGDWHV7KLVZLOORFFXULQ
WKHFOLQLFDIWHUGHVFULELQJWKHVWXG\&RQVHQWZLOOEHREWDLQHGSUHIHUDEO\E\UHVHDUFKFRRUGLQDWRUVLQWKH2SKWKDOPRORJ\GHSDUWPHQW
WKDWKDYHQRUROHLQSDWLHQWFDUHEXWLIQHFHVVDU\GXHWRODFNRIVWDIILQJRUDYDLODELOLW\E\UHVLGHQWVIHOORZVRUDWWHQGLQJVLQWKH8.
2FXORSODVWLFVFOLQLF3DWLHQWVZLOOEHDVVXUHGWKDWWKHLUFKRLFHWRSDUWLFLSDWHRUQRWLQWKHVWXG\ZLOOKDYHQREHDULQJRQWKHLUVXUJLFDO
H[SHULHQFHDQGWKH\DUHIUHHWRGHFOLQHWRSDUWLFLSDWHDQGUHFHLYHWKHFXUUHQWVWDQGDUGRIFDUHSURFHGXUHLQYROYLQJVXWXULQJ7KH
FRQVHQWIRUPVZLOOEHVWRUHGXQGHUORFNDQGNH\LQWKH3,
VRIILFHDQGLIHOHFWURQLFFRSLHVDUHPDGHWKH\ZLOOEHVWRUHGLQHQFU\SWHG
VHUYHUVXVLQJDILOHVWRUDJHSURYLGHUFRQWUDFWHGWKURXJKWKH8QLYHUVLW\RI.HQWXFN\
5HTXHVWIRU:DLYHURI,QIRUPHG&RQVHQW3URFHVV
,I\RXDUHUHTXHVWLQJ,5%DSSURYDOWRZDLYHWKHUHTXLUHPHQWIRUWKHLQIRUPHGFRQVHQWSURFHVVRUWRDOWHUVRPHRUDOORIWKH
HOHPHQWVRILQIRUPHGFRQVHQWFRPSOHWH6HFWLRQDQG6HFWLRQEHORZ
1RWH7KH,5%GRHVQRWDSSURYHZDLYHURUDOWHUDWLRQRIWKHFRQVHQWSURFHVVIRUJUHDWHUWKDQPLQLPDOULVNUHVHDUFKH[FHSW
IRUSODQQHGHPHUJHQF\DFXWHFDUHUHVHDUFKDVSURYLGHGXQGHU)'$UHJXODWLRQV&RQWDFW25,IRUUHJXODWLRQVWKDWDSSO\WR
VLQJOHHPHUJHQF\XVHZDLYHURUDFXWHFDUHUHVHDUFKZDLYHU
6(&7,21
&KHFNWKHDSSURSULDWHLWHP
,DPUHTXHVWLQJDZDLYHURIWKHUHTXLUHPHQWIRUWKHLQIRUPHGFRQVHQWSURFHVV
,DPUHTXHVWLQJDQDOWHUDWLRQRIWKHLQIRUPHGFRQVHQWSURFHVV
,I\RXFKHFNHGWKHER[IRUWKLVLWHPGHVFULEHZKLFKHOHPHQWVRIFRQVHQWZLOOEHDOWHUHGDQGRURPLWWHGDQGMXVWLI\WKH
DOWHUDWLRQ
6(&7,21
([SODLQKRZHDFKFRQGLWLRQDSSOLHVWR\RXUUHVHDUFK
D7KHUHVHDUFKLQYROYHVQRPRUHWKDQPLQLPDOULVNWRWKHVXEMHFW
E7KHULJKWVDQGZHOIDUHRIVXEMHFWVZLOOQRWEHDGYHUVHO\DIIHFWHG
F7KHUHVHDUFKFRXOGQRWSUDFWLFDEO\EHFDUULHGRXWZLWKRXWWKHUHTXHVWHGZDLYHURUDOWHUDWLRQ
G:KHQHYHUSRVVLEOHWKHVXEMHFWVRUOHJDOO\DXWKRUL]HGUHSUHVHQWDWLYHVZLOOEHSURYLGHGZLWKDGGLWLRQDOSHUWLQHQWLQIRUPDWLRQ
DIWHUWKH\KDYHSDUWLFLSDWHGLQWKHVWXG\
H,IWKHUHVHDUFKLQYROYHVXVLQJRUDFFHVVLQJLGHQWLILDEOHSULYDWHLQIRUPDWLRQRULGHQWLILDEOHELRVSHFLPHQVWKHUHVHDUFKFRXOG
QRWSUDFWLFDEO\EHFDUULHGRXWZLWKRXWXVLQJVXFKLQIRUPDWLRQRUELRVSHFLPHQVLQDQLGHQWLILDEOHIRUPDW
3ULYDWHLQIRUPDWLRQVSHFLPHQVDUH³LGHQWLILDEOH´LIWKHLQYHVWLJDWRUPD\DVFHUWDLQWKHLGHQWLW\RIWKHVXEMHFWRULILGHQWLILHUV
DUHDVVRFLDWHGZLWKWKHLQIRUPDWLRQHJPHGLFDOUHFRUGV7KLVFRXOGEHDQ\RIWKH+,3$$LGHQWLILHUVLQFOXGLQJGDWHV
RIVHUYLFH
,IQRWXVLQJLGHQWLILDEOHSULYDWHLQIRUPDWLRQRULGHQWLILDEOHELRVSHFLPHQVLQVHUW1$EHORZ
Section 7 Page 2 of 4
88617
CLOSED

Section 7 Page 3 of 4
88617
CLOSED

5HTXHVWIRU:DLYHURI6LJQDWXUHV
,I\RXDUHUHTXHVWLQJ,5%DSSURYDOWRZDLYHWKHUHTXLUHPHQWIRUVLJQDWXUHVRQLQIRUPHGFRQVHQWIRUPV\RXUUHVHDUFK
DFWLYLWLHVPXVWILWLQWRRQHRIWKUHHUHJXODWRU\RSWLRQV
 7KHRQO\UHFRUGOLQNLQJWKHSDUWLFLSDQWDQGWKHUHVHDUFKZRXOGEHWKHFRQVHQWGRFXPHQWDQGWKHSULQFLSDOULVNZRXOGEH
SRWHQWLDOKDUPUHVXOWLQJIURPDEUHDFKRIFRQILGHQWLDOLW\HJDVWXG\WKDWLQYROYHVSDUWLFLSDQWVZKRXVHLOOHJDOGUXJV
 7KHUHVHDUFKSUHVHQWVQRPRUHWKDQPLQLPDOULVNWRWKHSDUWLFLSDQWDQGLQYROYHVQRSURFHGXUHVIRUZKLFKZULWWHQFRQVHQW
LVQRUPDOO\UHTXLUHGRXWVLGHRIWKHUHVHDUFKFRQWH[WHJDFRYHUOHWWHURQDVXUYH\RUDSKRQHVFULSW
 7KHSDUWLFLSDQWRUOHJDOO\DXWKRUL]HGUHSUHVHQWDWLYHLVDPHPEHURIDGLVWLQFWFXOWXUDOJURXSRUFRPPXQLW\LQZKLFK
VLJQLQJIRUPVLVQRWWKHQRUPWKHUHVHDUFKSUHVHQWVQRPRUHWKDQPLQLPDOULVNWRWKHVXEMHFWDQGWKHUHLVDQDSSURSULDWH
DOWHUQDWLYHPHFKDQLVPIRUGRFXPHQWLQJWKDWLQIRUPHGFRQVHQWZDVREWDLQHG
6HOHFWWKHRSWLRQEHORZWKDWEHVWILWV\RXUVWXG\
,IWKH,5%DSSURYHVDZDLYHURIVLJQDWXUHVSDUWLFLSDQWVPXVWVWLOOEHSURYLGHGRUDORUZULWWHQLQIRUPDWLRQDERXWWKHVWXG\
7RHQVXUH\RXLQFOXGHUHTXLUHGHOHPHQWVLQ\RXUFRQVHQWGRFXPHQWXVHWKH&RYHU/HWWHU7HPSODWHDVDJXLGH7KHUHLV
DQ(QJOLVKDQGD6SDQLVKYHUVLRQ
2SWLRQ
'HVFULEHKRZ\RXUVWXG\PHHWVWKHVHFULWHULD
D7KHRQO\UHFRUGOLQNLQJWKHSDUWLFLSDQWDQGWKHUHVHDUFKZRXOGEHWKHFRQVHQWGRFXPHQW
E7KHSULQFLSDOULVNZRXOGEHSRWHQWLDOKDUPUHVXOWLQJIURPDEUHDFKRIFRQILGHQWLDOLW\LHDVWXG\WKDWLQYROYHVVXEMHFWV
ZKRXVHLOOHJDOGUXJV
8QGHUWKLVRSWLRQHDFKSDUWLFLSDQWRUOHJDOO\DXWKRUL]HGUHSUHVHQWDWLYHPXVWEHDVNHGZKHWKHUVKHZDQWVWRVLJQD
FRQVHQWGRFXPHQWLIWKHSDUWLFLSDQWDJUHHVWRVLJQDFRQVHQWGRFXPHQWRQO\DQ,5%DSSURYHGYHUVLRQVKRXOGEH
XVHG
2SWLRQ
'HVFULEHKRZ\RXUVWXG\PHHWVWKHVHFULWHULD
D7KHUHVHDUFKSUHVHQWVQRPRUHWKDQPLQLPDOULVNWRWKHSDUWLFLSDQW
E,QYROYHVQRSURFHGXUHVIRUZKLFKZULWWHQFRQVHQWLVQRUPDOO\UHTXLUHGRXWVLGHRIWKHUHVHDUFKFRQWH[WLHDFRYHU
OHWWHURQDVXUYH\RUDSKRQHVFULSW
2SWLRQ
'HVFULEHKRZ\RXUVWXG\PHHWVWKHVHFULWHULD
D7KHVXEMHFWRUOHJDOO\DXWKRUL]HGUHSUHVHQWDWLYHLVDPHPEHURIDGLVWLQFWFXOWXUDOJURXSRUFRPPXQLW\LQZKLFK
VLJQLQJIRUPVLVQRWWKHQRUP
E7KHUHVHDUFKSUHVHQWVQRPRUHWKDQPLQLPDOULVNWRWKHVXEMHFW
F7KHUHLVDQDSSURSULDWHDOWHUQDWLYHPHFKDQLVPIRUGRFXPHQWLQJWKDWLQIRUPHGFRQVHQWZDVREWDLQHG
Section 7 Page 4 of 4
88617
CLOSED

678'<3(56211(/
XQUHVROYHGFRPPHQWV
'R\RXKDYHVWXG\SHUVRQQHOZKRZLOOEHDVVLVWLQJZLWKWKHUHVHDUFK"
$IWHUVHOHFWLQJ
<HV
RU
1R
\RXPXVWFOLFNWKH
6DYH6WXG\3HUVRQQHO,QIRUPDWLRQ
EXWWRQ
<HV
1R
0DQDJH6WXG\3HUVRQQHO
,GHQWLI\RWKHUVWXG\SHUVRQQHODVVLVWLQJLQUHVHDUFKSURMHFW
7KHLQGLYLGXDOOLVWHGDV3,LQWKH
3,&RQWDFW,QIRUPDWLRQ
VHFWLRQVKRXOG127EHDGGHGWRWKLVVHFWLRQ
,IWKHUHVHDUFKLVUHTXLUHGIRUD8QLYHUVLW\RI.HQWXFN\DFDGHPLFSURJUDPWKHIDFXOW\DGYLVRULVDOVRFRQVLGHUHGVWXG\SHUVRQQHODQGVKRXOGEHOLVWHGEHORZ
5HVLGHQWVDQGVWXGHQWVZKRDUH3,¶VDUHHQFRXUDJHGWRGHVLJQDWHWKHIDFXOW\DGYLVRURUDWOHDVWRQHRWKHULQGLYLGXDODVDFRQWDFWZLWKDQHGLWRUUROH'3
5ROH'3 (GLWRULQGLYLGXDOFDQYLHZQDYLJDWHDQGHGLWWKHDSSOLFDWLRQIRUDQ\UHYLHZSKDVH,5&5)505RU
2WKHU5HYLHZDQGVXEPLW2WKHU5HYLHZVRQ
EHKDOIRIWKH3,
5ROH63 5HDGHULQGLYLGXDOFDQYLHZDQGQDYLJDWHWKURXJKWKHFXUUHQWO\DSSURYHGDSSOLFDWLRQRQO\
7RDGGDQLQGLYLGXDOYLDWKHEHORZIHDWXUH
6HDUFKIRUSHUVRQQHO
&OLFNVHOHFWE\WKHOLVWLQJIRUWKHSHUVRQ\RXZDQWWRDGG
)RUHDFKSHUVRQVSHFLI\UHVSRQVLELOLW\LQWKHSURMHFWZKHWKHUDXWKRUL]HGWRREWDLQLQIRUPHGFRQVHQW$1'GHQRWHZKRVKRXOGUHFHLYH(,5%QRWLILFDWLRQVFRQWDFW
VWDWXV
127(6WXG\SHUVRQQHOPXVWFRPSOHWHKXPDQVXEMHFWSURWHFWLRQ+63DQG5HVSRQVLEOH&RQGXFWRI5HVHDUFK5&5WUDLQLQJEHIRUHLPSOHPHQWLQJDQ\
UHVHDUFKSURFHGXUHV)RULQIRUPDWLRQDERXWWUDLQLQJUHTXLUHPHQWVIRUVWXG\SHUVRQQHOYLVLW8.¶V+63)$4SDJHWKH5&5*HWWLQJ6WDUWHGSDJHRU
FRQWDFW25,DW,I\RXKDYHGRFXPHQWDWLRQRIFXUUHQW+63WUDLQLQJRWKHUWKDQWKDWDFTXLUHGWKURXJK8.&,7,\RXPD\VXEPLWLWWR25,
+637UDLQLQJ6XSSRUW#XN\HGXIRUFUHGLW
6WXG\SHUVRQQHODVVLVWLQJLQUHVHDUFKSURMHFW
/DVW
1DPH
)LUVW
1DPH
5HVSRQVLELOLW\
,Q3URMHFW
5ROH
$
&
&RQWDFW
'HJUHH
6WDWXV)ODJ
+63
+63'DWH
5&5
5HPRYHG"
/DVW
8SGDWHG
6),
$FWLYH
%ODQFKDUG
&RG\
&R
,QYHVWLJDWRU
'3
1
<
0'
3
<

<
1

1
<
'DPSLHU
&RQQLH
6WXG\
&RRUGLQDWRU
'3
<
<
3
<

<
1

1
<
*XSWD
/DOLWD
&R
,QYHVWLJDWRU
'3
<
<
0'
3
<

<
1

1
<
-DPHV
<YRQQH
6WXG\
&RRUGLQDWRU
'3
<
1
3
<

<
1

1
<
.XKO
6DUD
6WXG\
&RRUGLQDWRU
'3
<
<
3
<

<
1

1
<
Section 8 Page 1 of 1
88617
CLOSED

5(6($5&+'(6&5,37,21
XQUHVROYHG
FRPPHQWV
<RXPD\DWWDFKDVSRQVRU¶VSURWRFROSDJHVLQWKH³$GGLWLRQDO,QIRUPDWLRQ´VHFWLRQDQGUHIHUWRWKHPZKHUHQHFHVVDU\LQ
WKH5HVHDUFK'HVFULSWLRQ+RZHYHUHDFKSURPSWWKDWDSSOLHVWR\RXUVWXG\VKRXOGFRQWDLQDWOHDVWDVXPPDU\SDUDJUDSK
3UR7LSV
6DYH\RXUZRUNRIWHQWRDYRLGORVLQJGDWD
8VHRQHRIWKHDWWDFKPHQWEXWWRQVLQWKLVVHFWLRQRUXQGHUWKH$GGLWLRQDO,QIRUPDWLRQVHFWLRQWRLQFOXGHVXSSOHPHQWDO
LQIRUPDWLRQZLWK\RXUDSSOLFDWLRQ'XULQJWKHGRFXPHQWXSORDGSURFHVV\RXZLOOEHDEOHWRSURYLGHDEULHIGHVFULSWLRQ
RIWKHDWWDFKPHQW
%DFNJURXQG
,QFOXGHDEULHIUHYLHZRIH[LVWLQJOLWHUDWXUHLQWKHDUHDRI\RXUUHVHDUFK<RXVKRXOGLGHQWLI\JDSVLQNQRZOHGJHWKDWVKRXOGEHDGGUHVVHG
DQGH[SODLQKRZ\RXUUHVHDUFKZLOODGGUHVVWKRVHJDSVRUFRQWULEXWHWRH[LVWLQJNQRZOHGJHLQWKLVDUHD)RULQWHUYHQWLRQDOUHVHDUFK
VHDUFK3XE0HGDQG&OLQLFDO7ULDOVJRYIRUGXSOLFDWLYHRQJRLQJDQGFRPSOHWHGWULDOVZLWKVDPHFRQGLWLRQDQGLQWHUYHQWLRQV
(\HEURZSWRVLVFRPPRQO\RFFXUVZLWKDJHDQGFDQUHVXOWLQVLJQLILFDQWSDWLHQWGLVWUHVVZLWKGHFUHDVHGYLVXDOILHOGVFRPSURPLVHG
DFWLYLWLHVRIGDLO\OLYLQJDQGDHVWKHWLFFRQFHUQV2SHUDWLRQVWRFRUUHFWWKHSWRWLFEURZGDWHEDFNWRWKHHDUO\¶V3DVVRWGHVFULEHG
H[FLVLRQRIWKHVNLQDQGVRIWWLVVXHGLUHFWO\DERYHWKHODWHUDOEURZLQDQGLWKDVUHPDLQHGDVDSRSXODUWHFKQLTXH$OWHUQDWLYH
SURFHGXUHVLQFOXGHFRURQDOLQFLVLRQZLWKOLIWPLGIRUHKHDGOLIWDQGHQGRVFRSLFEURZOLIWV7KHGLUHFWH[FLVLRQEURZOLIWDOORZVFOHDU
YLVXDOL]DWLRQRIDGMXVWPHQWVPDGHLQEURZSRVLWLRQDQGWKHLPSDFWRQVXUURXQGLQJIDFLDOODQGPDUNV,WLVDOVRUHODWLYHO\TXLFNDQG
VWUDLJKWIRUZDUGEXWLWLVRIWHQFULWLFL]HGIRUDQXQVLJKWO\IDFLDOVFDU+RZHYHUZLWKSURSHUVNLQFORVXUHWHFKQLTXHVVWXGLHVKDYHVKRZQ
DGHTXDWHSDWLHQWVDWLVIDFWLRQZLWKWKHLURXWFRPHV
*LYHQWKHSURPLQHQWORFDWLRQRIWKHVHVFDUVDQGWKHDVVRFLDWHGVRFLDOVWLJPDZHIHHOLWLVLPSRUWDQWWRIRFXVRQWKHVNLQFORVXUH
PHWKRGV6NLQFORVXUHLVDFULWLFDOSRUWLRQRIWKHRSHUDWLRQDQGPD\EHSHUIRUPHGZLWKVXWXUHVVNLQJOXHRUVWDSOHV$WUHQGKDV
HYROYHGXWLOL]LQJVNLQJOXHRFW\OF\DQRDFU\ODWH'HUPDERQGDVLWLVWKRXJKWWREHIDVWHUOHDGLQJWRVKRUWHURSHUDWLQJURRPWLPHV
SRWHQWLDOO\OHVVFRVWOHVVULVNIRUQHHGOHVWLFNLQMXULHVSURYLGHVEDUULHUWRFRQWDPLQDWLRQDQGGRHVQRWUHTXLUHWKHVRPHWLPHVSDLQIXO
VXWXUHUHPRYDO6XWXUHVDUHWKRXJKWWRWDNHPRUHRSHUDWLQJURRPWLPHDQGUHTXLUHUHPRYDOLQRXWSDWLHQWFOLQLF7KHUHLVDOVRPRUH
YDULDELOLW\ZLWKVXUJHRQWHFKQLTXH*UHHQHHWDOSHUIRUPHGDVWXG\ZLWKWKHPXFKWKLQQHUVNLQRIWKHXSSHUH\HOLGVLQ
EOHSKDURSODVWLHVDQGIRXQGHTXLYDOHQWUHVXOWVLQVFDUDSSHDUDQFHFRPSOLFDWLRQVDQGSDWLHQWVDWLVIDFWLRQ+RZHYHUD&RFKUDQHUHYLHZ
WRFRPSDULQJWLVVXHDGKHVLYHVWRVNLQJOXHIRXQGWKHODWWHUDFWXDOO\WRRNPRUHWLPHDQGZDVDVVRFLDWHGZLWKPRUHZRXQGGHKLVFHQFH
1RVWXGLHVORRNHGDWWKHXVHRIWKHVHDGKHVLYHVLQWKHGLUHFWH[FLVLRQEURZOLIW
,QWHUPVRIPRQHWDU\H[SHQGLWXUHVRQHWXEHRIRFW\OF\DQRDFU\ODWHFRVWVDSSUR[LPDWHO\0DFDULRHWDOVLWHWKDWRQHPLQXWHRI
RSHUDWLQJURRPWLPHFRVWVDSSUR[LPDWHO\YDU\LQJLQFDVHFRPSOH[LW\:HZRXOGOLNHWRDVVHVVWKHWRWDOFRVWVEHWZHHQWKHWZR
WHFKQLTXHVZKHQWLPHLQWKH25LVWDNHQLQWRDFFRXQW
:HK\SRWKHVL]HWKDWWKHVFDUVZLOOEHHTXLYDOHQWLQDVVHVVPHQWDQGXOWLPDWHO\EHOHVVFRVWO\ZLWKOHVVSDWLHQWGLVWUHVV:HDOVR
VXVSHFWWKDWWKHVNLQJOXHPD\FUHDWHDQRFFOXVLYHEDUULHUWRLQIHFWLRXVFRQWDPLQDWLRQRIWKHZRXQGVDQGSRWHQWLDOO\DORZHU
FRPSOLFDWLRQUDWH
2EMHFWLYHV
/LVW\RXUUHVHDUFKREMHFWLYHV3OHDVHLQFOXGHDVXPPDU\RILQWHQGHGUHVHDUFKREMHFWLYHVLQWKHER[EHORZ
7RGHWHUPLQHLIRFW\OF\DQRDFU\ODWHSURYLGHVHTXLYDOHQWZRXQGKHDOLQJFRPSDUHGWRFRQYHQWLRQDOQRQDEVRUEDEOHVNLQVXWXUH
WHFKQLTXHV
7RGHWHUPLQHLIRFW\OF\DQRDFU\ODWHSURYLGHVHTXLYDOHQWVFDUDSSHDUDQFHFRPSDUHGWRFRQYHQWLRQDOQRQDEVRUEDEOHVXWXUH
WHFKQLTXHV
7RGHWHUPLQHWKHFRVWHIIHFWLYHQHVVRIWKHXVHRIRFW\OF\DQRDFU\ODWHIRUVNLQFORVXUHFRPSDUHGWRFRQYHQWLRQDOQRQDEVRUEDEOH
VXWXUHWHFKQLTXHV
7RGHWHUPLQHLIRFW\OF\DQRDFU\ODWHUHVXOWVLQHTXLYDOHQWFRPSOLFDWLRQUDWHVFRPSDUHGWRFRQYHQWLRQDOQRQDEVRUEDEOHVXWXUH
WHFKQLTXHV
6WXG\'HVLJQ
'HVFULEHDQGH[SODLQWKHVWXG\GHVLJQHJREVHUYDWLRQDOVHFRQGDU\DQDO\VLVVLQJOHGRXEOHEOLQGSDUDOOHOFURVVRYHUGHFHSWLRQHWF
&OLQLFDO5HVHDUFK,QGLFDWHZKHWKHUVXEMHFWVZLOOEHUDQGRPL]HGDQGZKHWKHUVXEMHFWVZLOOUHFHLYHDQ\SODFHER
&RPPXQLW\%DVHG3DUWLFLSDWRU\5HVHDUFK,I\RXDUHFRQGXFWLQJFRPPXQLW\EDVHGSDUWLFLSDWRU\UHVHDUFK&%35GHVFULEH
VWUDWHJLHVIRULQYROYHPHQWRIFRPPXQLW\PHPEHUVLQWKHGHVLJQDQGLPSOHPHQWDWLRQRIWKHVWXG\DQGGLVVHPLQDWLRQRIUHVXOWVIURP
WKHVWXG\
4XDOLWDWLYHUHVHDUFK,QGLFDWHUDQJHVZKHUHIOH[LELOLW\LVQHHGHGLIDIL[HGLQWHUYLHZWUDQVFULSWLVQRWDYDLODEOHGHVFULEHLQWHUYLHZ
WRSLFVLQFOXGLQJWKHPRVWVHQVLWLYHSRWHQWLDOTXHVWLRQV
Section 9 Page 1 of 7
88617
CLOSED

5HVHDUFK5HSRVLWRULHV,IWKHSXUSRVHRIWKLVVXEPLVVLRQLVWRHVWDEOLVKD5HVHDUFK5HSRVLWRU\EDQNUHJLVWU\DQGWKHPDWHULDO
\RXSODQWRFROOHFWLVDOUHDG\DYDLODEOHIURPDFRPPHUFLDOVXSSOLHUFOLQLFDOODERUHVWDEOLVKHG,5%DSSURYHGUHVHDUFKUHSRVLWRU\
SURYLGHVFLHQWLILFMXVWLILFDWLRQIRUHVWDEOLVKLQJDQDGGLWLRQDOUHSRVLWRU\FROOHFWLQJGXSOLFDWHPDWHULDO'HVFULEHWKHUHSRVLWRU\GHVLJQ
DQGRSHUDWLQJSURFHGXUHV)RUUHOHYDQWLQIRUPDWLRQWRLQFOXGHVHHWKH8.5HVHDUFK%LRVSHFLPHQ%DQN*XLGDQFHRUWKH8.
5HVHDUFK5HJLVWU\*XLGDQFH
7KHSURSRVHGVWXG\LVDWZRVWDJHGSURVSHFWLYHVWXG\FRPSDULQJVNLQFORVXUHZLWKRFW\OF\DQRDFU\ODWH'HUPDERQGZLWK
FRQYHQWLRQDOQRQDEVRUEDEOHVXWXUHVLQWKHGLUHFWH[FLVLRQEURZOLIW
,QVWDJHVXEMHFWVZLOOEHFRQVHQWHGWRUHFHLYHRQHRIWZRVXUJLFDOFORVLQJWHFKQLTXHVRQDELODWHUDOEURZSWRVLVUHSDLUGHHS
GHUPDOVXWXUHVDQGVXSHUILFLDOLQWHUUXSWHGVXWXUHVWKHVWDQGDUGRIFDUHDWWKH8QLYHUVLW\RI.HQWXFN\RUGHHSGHUPDOVXWXUHVDQG
RFW\OF\DQRDFU\ODWHVNLQJOXHDSSOLFDWLRQIRUVXSHUILFLDOFORVLQJ6XEMHFWVZLOOXQGHUJRDVLQJOHFORVLQJWHFKQLTXHRQERWKVLGHV)RXU
VXEMHFWVZLOOFRPSOHWHVXUJHU\LQHDFKDUPQ VXEMHFWVWRWDOQ IRUDUPDQGQ IRUDUP$IWHUWKHIROORZXSSHULRGWKHVFDU
DSSHDUDQFHEHWZHHQJURXSVZLOOEHFRPSDUHG,IWKHUHWKHRFW\OF\DQRDFU\ODWHGHUPDERQGJURXSKDYHZRUVHDSSHDULQJVFDUV
WKHQZHZLOOQRWFRQWLQXHWRVWXG\,IWKHGLIIHUHQFHLQDSSHDUDQFHLVQHJOLJLEOHWKHQZHZLOOUHWXUQWRWKH,5%IRUDSSURYDOWRDGYDQFHWR
VWDJHWZR
6WDJHWZRLVRXWOLQHGEHORZ
(DFKSDWLHQWZLOOVHUYHDVWKHLURZQFRQWUROZLWKRQHEURZXQGHUJRLQJVNLQFORVXUHZLWKLQWHUUXSWHGSUROHQHVXWXUHDQGWKHRWKHU
ZLWKRFW\OF\DQRDFU\ODWHVNLQJOXH'HHSGHUPDOVXWXUHVZLOOSODFHGLQERWKZRXQGVDWFPLQWHUYDOV7KHSDWLHQWVZLOOEHUDQGRPL]HG
DVWRZKLFKVLGHUHFHLYHVZKDWW\SHRIFORVXUHLHWKHULJKWVLGHUHFHLYLQJVNLQJOXHDQGWKHOHIWUHFHLYLQJVNLQVXWXUHVRUYLFHYHUVD
7KLVZLOOSUHYHQWDFTXLUHGELDVGXULQJWKHVFDUDQDO\VLV7KHRSHUDWLRQLVGRQHXQGHUPRQLWRUHGDQHVWKHVLDFDUH:HZLOOUHFRUGWKH
WLPHLWWDNHVWRFORVHERWKZRXQGV:HZLOOGHWHUPLQHWKHSUHFLVHFRVWVRIWKHVNLQJOXHDQGVXWXUHDQGWKHLQFXUUHGFRVWVSHUPLQXWH
RIRSHUDWLQJURRPWLPH:HZLOOPRQLWRUWKHSDWLHQWVDIWHUGLVFKDUJHIRUDQ\FRPSOLFDWLRQVLQIHFWLRQZRXQGGHKLVFHQFHVNLQUHDFWLRQ
HWFZKLFKZLOOEHUHFRUGHG3DWLHQWVZLOOIROORZXSDWGD\VDQGPRQWKV3KRWRVZLOOEHWDNHQDWWKHIROORZXSYLVLWVZLWKSDWLHQW¶V
FRQVHQW7KHVFDUVZLOOEHDHVWKHWLFDOO\DQDO\]HGE\SODVWLFVXUJHRQVLQWHUPVRIZKLFKVFDULVPRUHDHVWKHWLFDOO\SOHDVLQJ,QDGGLWLRQ
WKHSDWLHQWDQGREVHUYHUSK\VLFLDQZLOODQDO\]HWKHVFDUXVLQJWKHZHOOHVWDEOLVKHG3DWLHQWDQG2EVHUYHU6FDU$VVHVVPHQW6FDOH7KH
SK\VLFLDQVFRPSOHWLQJWKHIRUPVDUHWKHUHVHDUFKSHUVRQQHO
$WWDFKPHQWV
6XEMHFW5HFUXLWPHQW0HWKRGV	$GYHUWLVLQJ
'HVFULEHKRZWKHVWXG\WHDPZLOOLGHQWLI\DQGUHFUXLWVXEMHFWV3OHDVHFRQVLGHUWKHIROORZLQJLWHPVDQGSURYLGHDGGLWLRQDOLQIRUPDWLRQDV
QHHGHGVRWKDWWKH,5%FDQIROORZHDFKVWHSRIWKHUHFUXLWPHQWSURFHVV
+RZZLOOWKHVWXG\WHDPLGHQWLI\SRWHQWLDOSDUWLFLSDQWV"
:KRZLOOILUVWFRQWDFWWKHSRWHQWLDOVXEMHFWVDQGKRZ"
:LOO\RXXVHDGYHUWLVHPHQWV",IVRKRZZLOO\RXGLVWULEXWHWKRVH"
+RZDQGZKHUHZLOOWKHUHVHDUFKWHDPPHHWZLWKSRWHQWLDOSDUWLFLSDQWV"
,IDSSOLFDEOHGHVFULEHSURSRVHGRXWUHDFKSURJUDPVIRUUHFUXLWLQJZRPHQPLQRULWLHVRUGLVSDUDWHSRSXODWLRQV
+RZ\RXZLOOPLQLPL]HXQGXHLQIOXHQFHLQUHFUXLWPHQW"
$WWDFKFRSLHVRIDOOUHFUXLWLQJDQGDGYHUWLVLQJPDWHULDOVHPDLOVYHUEDOVFULSWVIO\HUVSRVWVPHVVDJHVHWF
)RUDGGLWLRQDOLQIRUPDWLRQRQUHFUXLWLQJDQGDGYHUWLVLQJ
,5%$SSOLFDWLRQ,QVWUXFWLRQV$GYHUWLVHPHQWV
3,*XLGHWR,GHQWLILFDWLRQDQG5HFUXLWPHQWRI+XPDQ6XEMHFWVIRU5HVHDUFK
3DWLHQWSDUWLFLSDQWVZLOOEHUHFUXLWHGIURP8QLYHUVLW\RI.HQWXFN\2FXORSODVWLFVFOLQLFVHWWLQJ7KH\ZLOOXQGHUJRDWKRURXJKKLVWRU\DQG
SK\VLFDOH[DPLQDWLRQDQGFDUU\DGLDJQRVLVRIELODWHUDOEURZSWRVLV,IWKH\PHHWWKHLQFOXVLRQFULWHULDDQGDUHIRXQGWREHDSSURSULDWH
IRUWKHVWXG\HQUROOPHQWZLOOEHGLVFXVVHG7KHLQYHVWLJDWRUVZLOOREWDLQDIRUPDOLQIRUPHGFRQVHQW
$WWDFKPHQWV
Section 9 Page 2 of 7
88617
CLOSED

%DFNWR7RS
5HVHDUFK3URFHGXUHV
'HVFULEHKRZWKHUHVHDUFKZLOOEHFRQGXFWHG
:KDWH[SHULHQFHZLOOVWXG\SDUWLFLSDQWVKDYH"
:KDWZLOOVWXG\SDUWLFLSDQWVEHH[SHFWHGWRGR"
+RZORQJZLOOWKHVWXG\ODVW"
2XWOLQHWKHVFKHGXOHDQGWLPLQJRIVWXG\SURFHGXUHV
3URYLGHYLVLWE\YLVLWOLVWLQJRIDOOSURFHGXUHVWKDWZLOOWDNHSODFH
,GHQWLI\DOOSURFHGXUHVWKDWZLOOEHFDUULHGRXWZLWKHDFKJURXSRISDUWLFLSDQWV
'HVFULEHGHFHSWLRQDQGGHEULHISURFHGXUHVLIGHFHSWLRQLVLQYROYHG
'LIIHUHQWLDWHEHWZHHQSURFHGXUHVWKDWLQYROYHVWDQGDUGURXWLQHFOLQLFDOFDUHDQGWKRVHWKDWZLOOEHSHUIRUPHGVSHFLILFDOO\IRUWKLV
UHVHDUFKSURMHFW/LVWPHGLFDWLRQVWKDWDUHH[SOLFLWO\IRUELGGHQRUSHUPLWWHGGXULQJVWXG\SDUWLFLSDWLRQ
,QIRUPHGFRQVHQWZLOOEHREWDLQHGSULRUWRHQUROOPHQWLQWKHVWXG\7KHSDWLHQWZLOOXQGHUJRWKRURXJKKLVWRU\DQGSK\VLFDOH[DPLQDWLRQLQ
WKHFOLQLFVHWWLQJ:HZLOOWKHQVFKHGXOHIRUVXUJHU\LIDOOFULWHULDDUHPHW7KHDQHVWKHVLDVWDIIZLOODGPLQLVWHUWKHVWDQGDUGDQG
DSSURSULDWHDQHVWKHWLF/RFDODQHVWKHVLDZLOOEHDGPLQLVWHUHG)RUVWHSRQHRIWKLVUHVHDUFKSURMHFWWKHVXUJLFDOSURFHGXUHZLOOEH
LGHQWLFDOIRUDOOSDWLHQWVH[FHSWWKHILQDOVXSHUILFLDOVNLQFORVXUH:HZLOOGHVLJQWKHDPRXQWRIXSSHUODWHUDOVXSHULRUEURZWLVVXH
UHTXLULQJH[FLVLRQWRFRUUHFWWKHSDWLHQW¶VSWRVLV&DOLSHUVZLOOEHXVHGWRHQVXUHSUHFLVHPHDVXUHPHQWV:HZLOOXVHDEODGHWR
LQFLVHWKURXJKWKHVNLQWRWKHOHYHORIWKHIURQWDOLVPXVFOHDQGIDVFLDRQERWKVLGHV+HPRVWDVLVZLOOEHDFKLHYHGZLWK%RYLH
HOHFWURFDXWHU\RYHUWKHZRXQGV%RWKEURZVZLOOEHFORVHGZLWK9LFU\OLQWKHVXEFXWDQHRXVDQGGHHSGHUPDOOD\HUVVSDFHGDWFP
DSDUW7KHVNLQOD\HUZLOOEHFORVHGXVLQJLQWHUUXSWHGSUROHQHVXWXUHVRUZLWKRFW\OF\DQRDFU\ODWHELODWHUDOO\3DWLHQWVZLOOEH
UDQGRPL]HGLQWRHLWKHUJURXS3KRWRVZLOOEHWDNHQERWKEHIRUHWKHSURFHGXUHDQGDIWHUZDUGVIRUUHVHDUFKSXUSRVHV7KHQDQ
LQGHSHQGHQWJURXSZLOOHYDOXDWHSKRWRVDQGVFDUVXUYH\VIRUDFFHSWDELOLW\RIUHVXOWV7KHJURXSZLOOSUHSDUHDVXPPDU\UHSRUW7KH
SKRWRVDQGWKHVXPPDU\UHSRUWZLOOEHVXEPLWWHGWRWKH,5%,IWKHWKHSUROHQHFORVXUHWHFKQLTXHDQGRFW\OF\DQRDFU\ODWHFORVXUH
WHFKQLTXHDUHGHHPHGWREHHTXLYRFDODUHTXHVWWRPRYHWR3KDVHZLOOEHPDGH
,QSKDVHRIWKHUHVHDUFKSURMHFWDJURXSRISDWLHQWVZLOODOOXQGHUJRWKHVDPHSURFHGXUHEXWHDFKSDWLHQWZLOOEHWKHLURZQFRQWURO
2QHVLGHZLOOEHFORVHGZLWKLQWHUUXSWHGSUROLQHVXWXUHVDQGWKHRWKHUVLGHFORVHGZLWKRFW\OF\DQRDFU\ODWHLWZLOOEHUDQGRPL]HG
ZKDWVLGHZLOOJHWZKLFKVXSHUILFLDOVNLQFORVXUH
$WWDFKPHQWV
'DWD&ROOHFWLRQ	5HVHDUFK0DWHULDOV
,QWKLVVHFWLRQSOHDVHSURYLGHWKHIROORZLQJ
'HVFULEHDOOVRXUFHVRUPHWKRGVIRUREWDLQLQJUHVHDUFKPDWHULDOVDERXWRUIURPOLYLQJLQGLYLGXDOVVXFKDVVSHFLPHQVUHFRUGV
VXUYH\VLQWHUYLHZVSDUWLFLSDQWREVHUYDWLRQHWFDQGH[SODLQZK\WKLVLQIRUPDWLRQLVQHHGHGWRFRQGXFWWKHVWXG\
)RUHDFKVRXUFHRUPHWKRGGHVFULEHGSOHDVHOLVWRUDWWDFKDOOGDWDWREHFROOHFWHGVXFKDVJHQHWLFLQIRUPDWLRQLQWHUYLHZVFULSWV
VXUYH\WRROVGDWDFROOHFWLRQIRUPVIRUH[LVWLQJGDWDHWF
,I\RXZLOOFRQGXFWDUHFRUGRUFKDUWUHYLHZOLVWWKHEHJLQQLQJDQGHQGGDWHVRIWKHUHFRUGV\RXZLOOYLHZ
6HHDWWDFKPHQWVIRUWKH326$6VXUYH\WKDWZLOOEHXVHGWRJUDGHVFDUDSSHDUDQFH
$WWDFKPHQWV
$WWDFK7\SH
)LOH1DPH
'DWD&ROOHFWLRQ
B'DWD&ROOHFWLRQBSGI
'DWD&ROOHFWLRQ
GVVBBBBSDWHOBGVBVGFSGI
5HVRXUFHV
'HVFULEHWKHDYDLODELOLW\RIWKHUHVRXUFHVDQGDGHTXDF\RIWKHIDFLOLWLHVWKDW\RXZLOOXVHWRSHUIRUPWKHUHVHDUFK6XFKUHVRXUFHVPD\
LQFOXGH
6WDIILQJDQGSHUVRQQHOLQWHUPVRIDYDLODELOLW\QXPEHUH[SHUWLVHDQGH[SHULHQFH
&RPSXWHURURWKHUWHFKQRORJLFDOUHVRXUFHVPRELOHRURWKHUZLVHUHTXLUHGRUFUHDWHGGXULQJWKHFRQGXFWRIWKHUHVHDUFK
3V\FKRORJLFDOVRFLDORUPHGLFDOVHUYLFHVLQFOXGLQJHTXLSPHQWQHHGHGWRSURWHFWVXEMHFWVPHGLFDOPRQLWRULQJDQFLOODU\FDUHRU
FRXQVHOLQJRUVRFLDOVXSSRUWVHUYLFHVWKDWPD\EHUHTXLUHGEHFDXVHRIUHVHDUFKSDUWLFLSDWLRQ
5HVRXUFHVIRUFRPPXQLFDWLRQZLWKVXEMHFWVVXFKDVODQJXDJHWUDQVODWLRQLQWHUSUHWDWLRQVHUYLFHV
3DWLHQWKLVWRULHVSK\VLFDOH[DPLQDWLRQVDQGGLVFXVVLRQVUHJDUGLQJFDQGLGDF\IRUWKHVWXG\ZLOORFFXULQWKH8QLYHUVLW\RI.HQWXFN\
2SKWKDOPRORJ\&OLQLFV7KHRSHUDWLRQVZLOOEHSHUIRUPHGDWWKH8QLYHUVLW\RI.HQWXFN\&HQWHUIRU$GYDQFHG6XUJHU\7KHHTXLSPHQW
XVHGWRSHUIRUPWKHSURFHGXUHZLOOEHLQDFFRUGDQFHZLWKWKHXVXDOVWDQGDUGRIFDUHIRUDGLUHFWH[FLVLRQEURZOLIW'U7LPRQH\DQGWKH
HQUROOHGSDWLHQWZLOOILOORXWWKHGHVFULEHGTXHVWLRQQDLUHV:HGRQRWDQWLFLSDWHWKHQHHGIRUSV\FKRORJLFDORUVRFLDOVHUYLFHV:HGRQRW
DQWLFLSDWHWKHQHHGIRUVSHFLDOPHGLFDOPRQLWRULQJDQFLOODU\FDUHHTXLSPHQWQHHGHGWRSURWHFWVXEMHFWRWKHUWKHXVXDOVWDQGDUGVLQ
SHULRSHUDWLYHDQGLQWUDRSHUDWLYHFDUH
Section 9 Page 3 of 7
88617
CLOSED

3RWHQWLDO5LVNV	%HQHILWV
5LVNV
'HVFULEHDQ\SRWHQWLDOULVNV±LQFOXGLQJSK\VLFDOSV\FKRORJLFDOVRFLDOOHJDODELOLW\WRUHLGHQWLI\VXEMHFWVRURWKHUULVNV$VVHVV
WKHVHULRXVQHVVDQGOLNHOLKRRGRIHDFKULVN
:KLFKULVNVPD\DIIHFWDVXEMHFW¶VZLOOLQJQHVVWRSDUWLFLSDWHLQWKHVWXG\"
'HVFULEHOLNHO\DGYHUVHHIIHFWVRIGUXJVELRORJLFVGHYLFHVRUSURFHGXUHVSDUWLFLSDQWVPD\HQFRXQWHUZKLOHLQWKHVWXG\
4XDOLWDWLYHUHVHDUFKGHVFULEHHWKLFDOLVVXHVWKDWFRXOGDULVHZKLOHFRQGXFWLQJUHVHDUFKLQWKHILHOGDQGVWUDWHJLHV\RXPD\XVHWR
KDQGOHWKRVHVLWXDWLRQV
'HVFULEHDQ\VWHSVWRPLWLJDWHWKHVHULVNV
%HQHILWV
'HVFULEHSRWHQWLDOGLUHFWEHQHILWVWRVWXG\SDUWLFLSDQWV±LQFOXGLQJGLDJQRVWLFRUWKHUDSHXWLFSK\VLFDOSV\FKRORJLFDORUHPRWLRQDO
OHDUQLQJEHQHILWV7KLVFDQQRWLQFOXGHLQFHQWLYHVRUSD\PHQWV
6WDWHLIWKHUHDUHQRGLUHFWEHQHILWV
'HVFULEHSRWHQWLDOEHQHILWVWRVRFLHW\DQGRUJHQHUDONQRZOHGJHWREHJDLQHG
'HVFULEHZK\SRWHQWLDOEHQHILWVDUHUHDVRQDEOHLQUHODWLRQWRSRWHQWLDOULVNV,IDSSOLFDEOHMXVWLI\ZK\ULVNVWRYXOQHUDEOHVXEMHFWVDUH
UHDVRQDEOHWRSRWHQWLDOEHQHILWV
3RWHQWLDOVNLQUHDFWLRQVWRRFW\OF\DQRDFU\ODWH'HUPDERQGKDYHEHHQGHVFULEHGEXWDUHUDUH,ISDWLHQWVKDYHDNQRZQDOOHUJ\WKH\
ZLOOEHH[FOXGHGIURPWKHVWXG\7RDYRLGSRWHQWLDOFRPSOLFDWLRQVRIGHKLVFHQFHZHZLOOEHSODFLQJGHHSGHUPDOVXWXUHVLQDGGLWLRQWR
ERWKVXSHUILFLDOVNLQFORVXUHV$QRWKHUULVNLVWKHSRVVLEOHEXWXQOLNHO\EUHDFKRIFRQILGHQWLDOLW\
'LUHFWH[FLVLRQEURZOLIWVLPSURYHSDWLHQWYLVXDOILHOGVDOORZLQJWKHPWKHEHWWHUHQJDJHLQDFWLYLWLHVRIGDLO\OLYLQJ7KHSURPLQHQWORFDWLRQ
RIWKHVFDULVFRQFHUQLQJIRUPDQ\SDWLHQWVDQGFDUULHVDVRFLDOVWLJPD7KHUHIRUHGHWHUPLQLQJWKHPRVWDHVWKHWLFFORVXUHWHFKQLTXH
PD\LPSURYHSDWLHQWV¶TXDOLW\RIOLIH,QDGGLWLRQZHZLOOGHWHUPLQHWKHFRVWEHQHILWRIHDFKWHFKQLTXH1HLWKHUPHWKRGLPSRVHVDQ\
VLJQLILFDQWULVNWKHSDWLHQW7KH\DUHZLGHO\XVHGWHFKQLTXHVEXWKDYHQRWEHHQFRPSDUHGIRUGLUHFWEURZOLIWV
$YDLODEOH$OWHUQDWLYH2SSRUWXQLWLHV7UHDWPHQWV
'HVFULEHDOWHUQDWLYHWUHDWPHQWVRURSSRUWXQLWLHVWKDWPLJKWEHDYDLODEOHWRWKRVHZKRFKRRVHQRWWRSDUWLFLSDWHLQWKHVWXG\DQGZKLFK
RIIHUWKHVXEMHFWHTXDORUJUHDWHUDGYDQWDJHV,IDSSOLFDEOHWKLVVKRXOGLQFOXGHDGLVFXVVLRQRIWKHFXUUHQWVWDQGDUGRIFDUHWUHDWPHQWV
%RWKVNLQFORVXUHPHWKRGVGLVFXVVHGDERYHDUHLQFRPSOLDQFHZLWKWKHFXUUHQWVWDQGDUGRIFDUH,ISDWLHQWVGHFLGHQRWWRHQUROOLQWKH
VWXG\WKH\ZLOOXQGHUJRDWZRWRWKUHHOD\HUVXWXUHFORVXUHZLWKWKHVDPHFORVXUHRQERWKVLGHV,QDGGLWLRQSKRWRVIRUUHVHDUFK
SXUSRVHVZLOOQRWEHWDNHQDQGTXHVWLRQQDLUHVZLOOQRWEHGLVWULEXWHG
%DFNWR7RS
5HFRUGV3ULYDF\DQG&RQILGHQWLDOLW\
6SHFLI\ZKHUHWKHGDWDDQGRUVSHFLPHQVZLOOEHVWRUHGDQGKRZWKHUHVHDUFKHUZLOOHQVXUHWKHSULYDF\DQGFRQILGHQWLDOLW\RIERWK
6SHFLI\ZKRZLOOKDYHDFFHVVWRWKHGDWDVSHFLPHQVDQGZK\WKH\QHHGDFFHVV
'HVFULEHKRZGDWDZLOOEHPDQDJHGDIWHUWKHVWXG\LVFRPSOHWH
,IGDWDVSHFLPHQVZLOOEHPDLQWDLQHGVSHFLI\ZKHWKHULGHQWLILHUVZLOOEHUHPRYHGIURPWKHPDLQWDLQHGLQIRUPDWLRQPDWHULDO
,ILGHQWLILHUVZLOOQRWEHUHPRYHGSURYLGHMXVWLILFDWLRQIRUUHWDLQLQJWKHPDQGGHVFULEHKRZ\RXZLOOSURWHFWFRQILGHQWLDOLW\
,IWKHGDWDVSHFLPHQVZLOOEHGHVWUR\HGYHULI\WKDWWKLVZLOOQRWYLRODWHUHWHQWLRQSROLFLHVDQGZLOODGKHUHWRDSSOLFDEOHIDFLOLW\
UHTXLUHPHQWV
,IWKLVVWXG\ZLOOXVHGHLGHQWLILHGGDWDIURPDQRWKHUVRXUFHGHVFULEHZKDWPHDVXUHVZLOOEHWDNHQWRHQVXUHWKDWVXEMHFWLGHQWLILHUVDUH
QRWJLYHQWRWKHLQYHVWLJDWRU
,IDSSOLFDEOHGHVFULEHSURFHGXUHVIRUVKDULQJGDWDVSHFLPHQVZLWKFROODERUDWRUVQRWDIILOLDWHGZLWK8.
)RUDGGLWLRQDOFRQVLGHUDWLRQV
5HWXUQRI5HVHDUFK5HVXOWVRU,QFLGHQWDO5HVHDUFK)LQGLQJV
+,3$$SROLFLHV
)(53$SROLFLHV
3URFHGXUHVIRU7UDQVIHUDJUHHPHQWV
,QIRUPDWLRQUHJDUGLQJPXOWLVLWHVWXGLHV
1,+*HQRPLF'DWD6KDULQJ*'63ROLF\
'LJLWDO'DWD
7KHREWDLQHGLQIRUPDWLRQZLOOEHGHLGHQWLILHGDQGVWRUHGE\DXQLTXHVXEMHFWQXPEHUHWF,WZLOOEHVWRUHGRQDQ([FHO
VKHHWDQGLQILOHVRQDSDVVZRUGSURWHFWHGFRPSXWHULQWKHORFNHGLQYHVWLJDWRU
VRIILFHDWWKH8QLYHUVLW\RI.HQWXFN\2QO\WKH
Section 9 Page 4 of 7
88617
CLOSED

LQYHVWLJDWRUVOLVWHGRQWKH,5%ZLOOKDYHDFFHVVWRWKLVLQIRUPDWLRQ6L[\HDUVDIWHUWKHVWXGLHVFRQFOXVLRQWKHGDWDZLOOEHGHVWUR\HG
DFFRUGLQJWR8QLYHUVLW\RI.HQWXFN\SROLF\
8.,5%SROLFLHVVWDWHWKDW,5%UHODWHGUHVHDUFKUHFRUGVPXVWEHUHWDLQHGIRUDPLQLPXPRI\HDUVDIWHUVWXG\FORVXUH'R
\RXFRQILUPWKDW\RXZLOOUHWDLQDOO,5%UHODWHGUHFRUGVIRUDPLQLPXPRI\HDUVDIWHUVWXG\FORVXUH"
<HV
1R
3D\PHQW
'HVFULEHWKHLQFHQWLYHVPRQHWDU\RURWKHUEHLQJRIIHUHGWRVXEMHFWVIRUWKHLUSDUWLFLSDWLRQ,IPRQHWDU\FRPSHQVDWLRQLVRIIHUHG
LQGLFDWHWKHDPRXQWDQGGHVFULEHWKHWHUPVDQGVFKHGXOHRISD\PHQW3OHDVHUHYLHZWKLVJXLGDQFHIRUPRUHLQIRUPDWLRQRQSD\PHQWVWR
VXEMHFWVLQFOXGLQJUHVWULFWLRQVDQGH[SHFWDWLRQV
7KHUHZLOOEHQRSD\PHQWRUFRPSHQVDWLRQ
&RVWVWR6XEMHFWV
,QFOXGHDOLVWRIVHUYLFHVDQGRUWHVWVWKDWZLOOQRWEHSDLGIRUE\WKHVSRQVRUDQGRUWKHVWXG\HJ05,+,9.HHSLQPLQGWKDWD
VXEMHFWZLOOQRWNQRZZKDWLV³VWDQGDUG´±DQGWKXVQRWFRYHUHGE\WKHVSRQVRUVWXG\±XQOHVV\RXWHOOWKHP
%RWKVNLQFORVXUHWHFKQLTXHVLQYROYHGLQWKHVWXG\DUHFRQVLVWHQWZLWKWKHFXUUHQWVWDQGDUGRIFDUH:HDUHFRPSDULQJWZRWHFKQLTXHV
FRPPRQO\XVHGE\SUDFWLFLQJVXUJHRQV%HFDXVHWKHVXUJHRQFRXOGVHOHFWHLWKHUFORVXUHWHFKQLTXHLQWKHRSHUDWLRQLQDQRQUHVHDUFK
VHWWLQJWKHVHDUHQRWFRQVLGHUHGDGGLWLRQDOFRVWV
'DWDDQG6DIHW\0RQLWRULQJ
7KH,5%UHTXLUHVUHYLHZDQGDSSURYDORIGDWDDQGVDIHW\PRQLWRULQJSODQVIRUJUHDWHUWKDQPLQLPDOULVNUHVHDUFKRU1,+IXQGHG)'$
UHJXODWHGFOLQLFDOLQYHVWLJDWLRQV
,I\RXDUHFRQGXFWLQJJUHDWHUWKDQPLQLPDOULVNUHVHDUFKRU\RXUFOLQLFDOLQYHVWLJDWLRQLV1,+IXQGHGGHVFULEH\RXU'DWDDQG6DIHW\
0RQLWRULQJ3ODQ'603&OLFNKHUHIRUDGGLWLRQDOJXLGDQFHRQGHYHORSLQJD'DWDDQG6DIHW\0RQLWRULQJ3ODQ
,IWKLVLVDQRQVSRQVRUHGLQYHVWLJDWRULQLWLDWHGSURWRFROFRQVLGHUHGJUHDWHUWKDQPLQLPDOULVNUHVHDUFKDQGLI\RXDUHSODQQLQJRQ
XVLQJD'DWDDQG6DIHW\0RQLWRULQJ%RDUG'60%DVSDUWRI\RXU'603FOLFNKHUHIRUDGGLWLRQDOJXLGDQFHIRULQIRUPDWLRQWR
LQFOXGHZLWK\RXU,5%DSSOLFDWLRQ
:HZLOOLQVWLWXWHDGDWDPRQLWRULQJDQGVDIHW\SODQ7RPLWLJDWHDQGGHWHFWKDUPWKHSDWLHQWZLOOEHVHHQWKHZHHNDIWHUVXUJHU\DQG
DJDLQDWVL[ZHHNV$WWKHVHIROORZXSYLVLWVWKH3,ZLOODVVHVVWKHVXEMHFWVIRUDQ\DGYHUVHHYHQWV7KH3,ZLOODVVHVIRUZRXQG
GHKLVFHQFHVLJQVRILQIHFWLRQDQGQHFURVLV,QDGGLWLRQWKHSDWLHQWVZLOOKDYHDFFHVVWRWKHHPHUJHQF\FRQWDFWLQIRUPDWLRQRI'U
3HWHU7LPRQH\7KH3,ZLOOEHWKHVROHPRQLWRURIWKHFOLQLFDOLQYHVWLJDWLRQ&RQIOLFWRILQWHUHVWZLOOEHPLWLJDWHGE\FRPSDULQJWKH
VXUJHRQ
VVFDUVXUYH\VFRUHWRWKHSDWLHQW
VVFDUVXUYH\VFRUH$QLQGHSHQGHQWJURXSFRPSULVHGRIWZRRUPRUHQRQ6WXG\3HUVRQQHO
ZLOOUHYLHZEHIRUHDIWHUSKRWRJUDSKVDQGVFDUVXUYH\VIRUDFFHSWDELOLW\7KHVHSKRWRVDQGVFDUVXUYH\VZLOOEHVWULSSHGRILGHQWLILHUV
SULRUWRDQ\QRQVWXG\SHUVRQQHOUHYLHZLQJ7KHJURXSZLOOSUHSDUHDVXPPDU\UHSRUWWKDWZLOOEHVXEPLWWHGWRWKH,5%
,IDVLJQLILFDQWGLVFUHSDQF\LVDSSDUHQWZHZLOOQRWSURFHHGRQWRWKHSKDVHWZR7RZDUGWKLVHQGSKDVHRQHRIWKHSURWRFROZLOO
LQYHVWLJDWHWKHVFDUSKHQRW\SHRI'HUPDERQGFORVHGZRXQGVLQDELODWHUDOIDVKLRQVRDVWRDVFHUWDLQLIWKHUHZLOOEHDVLJQLILFDQW
GLIIHUHQFHEHWZHHQ'HUPDERQGDQGVXWXUHFORVHGZRXQGV7KHUHVXOWVRISKDVHZLOOEHUHSRUWHGWRWKH,5%DIWHUHDFKGDWDSRLQWLV
FROOHFWHGDQGWKH,5%ZLOOKHOSGHFLGHLIWKHVWXG\ZLOOSURFHHG:HZLOOQRWUHSRUWHYHQWVWRDQ\RWKHUHQWLWLHVEHVLGHVWKH8QLYHUVLW\RI
.HQWXFN\25,,5%$Q\LQVWDQFHRIZRXQGGHKLVFHQFHQHFURVLVRUVHULRXVLQIHFWLRQLQWKH'HUPDERQGJURXSZLOOEHFULWHULDIRU
WHPSRUDU\VXVSHQVLRQRIWKHVWXG\7KHGHYHORSPHQWRIDQ\RIWKHVHDGYHUVHHIIHFWVLQWKHVXSHUILFLDOVXWXUHJURXSZLOOQRWUHVXOWLQ
VWXG\VXVSHQVLRQ
%DFNWR7RS
)XWXUH8VHDQG6KDULQJRI0DWHULDOHJ'DWD6SHFLPHQV,QIRUPDWLRQ
,IWKHPDWHULDOFROOHFWHGIRUWKLVVWXG\ZLOOEHXVHGE\PHPEHUVRIWKHUHVHDUFKWHDPRUVKDUHGZLWKRWKHUUHVHDUFKHUVIRUIXWXUHVWXGLHV
SOHDVHDGGUHVVWKHIROORZLQJ
OLVWWKHELRORJLFDOVSHFLPHQVDQGRULQIRUPDWLRQWKDWZLOOEHNHSW
EULHIO\GHVFULEHWKHW\SHVFDWHJRULHVDQGRUSXUSRVHVRIWKHIXWXUHUHVHDUFK
GHVFULEHDQ\ULVNVRIWKHDGGLWLRQDOXVH
GHVFULEHSULYDF\FRQILGHQWLDOLW\SURWHFWLRQVWKDWZLOOEHSXWLQWRSODFH
GHVFULEHWKHSHULRGRIWLPHVSHFLPHQVLQIRUPDWLRQPD\EHXVHG
GHVFULEHSURFHGXUHVIRUVKDULQJVSHFLPHQVLQIRUPDWLRQZLWKVHFRQGDU\UHVHDUFKHUV
GHVFULEHWKHSURFHVVIRUDQGOLPLWDWLRQVWRZLWKGUDZDORIVSHFLPHQVGDWD
Section 9 Page 5 of 7
88617
CLOSED

1RQH
$UH\RXUHFUXLWLQJRUH[SHFWWRHQUROO1RQ(QJOLVK6SHDNLQJ6XEMHFWVRU6XEMHFWVIURPD)RUHLJQ&XOWXUH"GRHVQRWLQFOXGHVKRUW
IRUPXVHIRULQFLGHQWDOO\HQFRXQWHUHGQRQ(QJOLVKVXEMHFWV
<HV
1R
1RQ(QJOLVK6SHDNLQJ6XEMHFWVRU6XEMHFWVIURPD)RUHLJQ&XOWXUH
5HFUXLWPHQWDQG&RQVHQW
'HVFULEHKRZLQIRUPDWLRQDERXWWKHVWXG\ZLOOEHFRPPXQLFDWHGWRSRWHQWLDOVXEMHFWVDSSURSULDWHIRUWKHLUFXOWXUHDQGLIQHFHVVDU\
KRZQHZLQIRUPDWLRQDERXWWKHUHVHDUFKPD\EHUHOD\HGWRVXEMHFWVGXULQJWKHVWXG\
:KHQUHFUXLWLQJ1RQ(QJOLVKVSHDNLQJVXEMHFWVSURYLGHDFRQVHQWGRFXPHQWLQWKHVXEMHFW¶VSULPDU\ODQJXDJH$IWHUVDYLQJWKLV
VHFWLRQDWWDFKERWKWKH(QJOLVKDQGWUDQVODWHGFRQVHQWGRFXPHQWVLQWKH³,QIRUPHG&RQVHQWVHFWLRQ
&XOWXUDODQG/DQJXDJH&RQVXOWDQWV
7KH3,LVUHTXLUHGWRLGHQWLI\VRPHRQHZKRLVZLOOLQJWRVHUYHDVWKHFXOWXUDOFRQVXOWDQWWRWKH,5%
7KLVSHUVRQVKRXOGEHIDPLOLDUZLWKWKHFXOWXUHRIWKHVXEMHFWSRSXODWLRQDQGRUEHDEOHWRYHULI\WKDWWUDQVODWHGGRFXPHQWVDUH
WKHHTXLYDOHQWRIWKH(QJOLVKYHUVLRQRIGRFXPHQWVVXEPLWWHG
7KHFRQVXOWDQWVKRXOGQRWEHLQYROYHGZLWKWKHVWXG\RUKDYHDQ\LQWHUHVWLQLWV,5%DSSURYDO
3OHDVHLQFOXGHWKHQDPHDGGUHVVWHOHSKRQHQXPEHUDQGHPDLORIWKHSHUVRQZKRDJUHHVWREHWKHFXOWXUDOFRQVXOWDQWIRU
\RXUVWXG\
25,VWDIIZLOOIDFLOLWDWHWKHUHYLHZSURFHVVZLWK\RXUFRQVXOWDQW3OHDVHGRQRWDVNWKHPWRUHYLHZ\RXUSURWRFROVHSDUDWHO\
)RUPRUHGHWDLOVVHHWKH,5%$SSOLFDWLRQ,QVWUXFWLRQVRQ5HVHDUFK,QYROYLQJ1RQ(QJOLVK6SHDNLQJ6XEMHFWVRU6XEMHFWVIURPD
)RUHLJQ&XOWXUH
/RFDO5HTXLUHPHQWV
,I\RXZLOOFRQGXFWUHVHDUFKDWDQLQWHUQDWLRQDOORFDWLRQLGHQWLI\DQGGHVFULEH
UHOHYDQWORFDOUHJXODWLRQV
GDWDSULYDF\UHJXODWLRQV
DSSOLFDEOHODZV
HWKLFVUHYLHZUHTXLUHPHQWVIRUKXPDQVXEMHFWSURWHFWLRQ
3OHDVHSURYLGHOLQNVRUVRXUFHVZKHUHSRVVLEOH,IWKHSURMHFWKDVEHHQRUZLOOEHUHYLHZHGE\DORFDOHWKLFVUHYLHZERDUGDWWDFKD
FRS\LQWKH³$GGLWLRQDO,QIRUPDWLRQ0DWHULDOV´VHFWLRQ<RXPD\DOVRFRQVXOWWKHFXUUHQWHGLWLRQRIWKH,QWHUQDWLRQDO&RPSLODWLRQRI
+XPDQ5HVHDUFK6WDQGDUGV
Section 9 Page 6 of 7
88617
CLOSED

'RHV\RXUVWXG\LQYROYH+,9$,'6UHVHDUFKDQGRUVFUHHQLQJIRURWKHUUHSRUWDEOHGLVHDVHVHJ+HSDWLWLV&HWF«"
<HV
1R
+,9$,'65HVHDUFK
,I\RXKDYHTXHVWLRQVDERXWZKDWFRQVWLWXWHVDUHSRUWDEOHGLVHDVHDQGRUFRQGLWLRQLQWKHVWDWHRI.HQWXFN\VHH25,¶VVXPPDU\
VKHHW³5HSRUWLQJ5HTXLUHPHQWVIRU'LVHDVHVDQG&RQGLWLRQVLQ.HQWXFN\>3')@
+,9$,'65HVHDUFK7KHUHDUHDGGLWLRQDO,5%UHTXLUHPHQWVIRUGHVLJQLQJDQGLPSOHPHQWLQJWKHUHVHDUFKDQGIRUREWDLQLQJ
LQIRUPHGFRQVHQW'HVFULEHDGGLWLRQDOVDIHJXDUGVWRPLQLPL]HULVNWRVXEMHFWVLQWKHVSDFHSURYLGHGEHORZ
)RUDGGLWLRQDOLQIRUPDWLRQYLVLWWKHRQOLQH,5%6XUYLYDO+DQGERRNWRGRZQORDGDFRS\RIWKH0HGLFDO,5%
VUHTXLUHPHQWVIRU
3URWHFWLRQRI+XPDQ6XEMHFWVLQ5HVHDUFK,QYROYLQJ+,97HVWLQJ>'@>3')@DQGYLVLWWKH2IILFHIRU+XPDQ5HVHDUFK
3URWHFWLRQVZHEVLWHIRUVWDWHPHQWVRQ$,'6UHVHDUFKRUFRQWDFWWKH2IILFHRI5HVHDUFK,QWHJULW\DW
3,6SRQVRUHG)'$5HJXODWHG5HVHDUFK
,VWKLVDQLQYHVWLJDWRULQLWLDWHGVWXG\WKDW
LQYROYHVWHVWLQJD1RQVLJQLILFDQW5LVN165'HYLFHRU
LVEHLQJFRQGXFWHGXQGHUDQLQYHVWLJDWRUKHOG,QYHVWLJDWLRQDO1HZ'UXJ,1'RU,QYHVWLJDWLRQDO'HYLFH([HPSWLRQ,'("
<HV
1R
3,6SRQVRUHG)'$5HJXODWHG5HVHDUFK
,IWKHDQVZHUDERYHLV\HVWKHQWKHLQYHVWLJDWRUDVVXPHVWKHUHJXODWRU\UHVSRQVLELOLWLHVRIERWKWKHLQYHVWLJDWRUDQGVSRQVRU7KH
2IILFHRI5HVHDUFK,QWHJULW\SURYLGHVDVXPPDU\OLVWRIVSRQVRU,1'UHJXODWRU\UHTXLUHPHQWVIRUGUXJWULDOV>3')@,'(UHJXODWRU\
UHTXLUHPHQWVIRU65GHYLFHWULDOV>3')@DQGDEEUHYLDWHGUHJXODWRU\UHTXLUHPHQWVIRU165GHYLFHWULDOV>3')@)RUGHWDLOHG
GHVFULSWLRQVVHH)'$5HVSRQVLELOLWLHVIRU'HYLFH6WXG\6SRQVRUVRU)'$5HVSRQVLELOLWLHVIRU,1''UXJ6WXG\6SRQVRU
,QYHVWLJDWRUV
'HVFULEHWKHH[SHULHQFHNQRZOHGJHWUDLQLQJLIDQ\RIWKHLQYHVWLJDWRUVHUYLQJDVDVSRQVRUHJSUHYLRXVO\KHOGDQ
,1','(DQG
,QGLFDWHLIDQ\VSRQVRUREOLJDWLRQVKDYHEHHQWUDQVIHUUHGWRDFRPPHUFLDOVSRQVRUFRQWUDFWUHVHDUFKRUJDQL]DWLRQ&52
FRQWUDFWPRQLWRURURWKHUHQWLW\SURYLGHGHWDLOVRUDWWDFK)'$
6SRQVRUKDVFRPSOHWHGPXOWLSOHFOLQLFDOWULDOVLQIHOORZVKLSDQGDVDQDWWHQGLQJ
,5%SROLF\UHTXLUHVPDQGDWRU\WUDLQLQJIRUDOOLQYHVWLJDWRUVZKRDUHDOVR)'$UHJXODWHGVSRQVRUVVHH6SRQVRU,QYHVWLJDWRU
)$4V$VSRQVRULQYHVWLJDWRUPXVWFRPSOHWHWKHDSSOLFDEOH2IILFHRI5HVHDUFK,QWHJULW\ZHEEDVHGWUDLQLQJGUXJRUGHYLFH
EHIRUHILQDO,5%DSSURYDOLVJUDQWHG
+DVWKHVSRQVRULQYHVWLJDWRUFRPSOHWHGWKHPDQGDWRU\3,VSRQVRUWUDLQLQJSULRUWRWKLVVXEPLVVLRQ"
<HV
1R
,IWKHVSRQVRULQYHVWLJDWRUKDVFRPSOHWHGHTXLYDOHQWVSRQVRULQYHVWLJDWRUWUDLQLQJVXEPLWGRFXPHQWDWLRQRIWKHFRQWHQWIRUWKH
,5%¶VFRQVLGHUDWLRQ
$WWDFKPHQWV
$WWDFK7\SH
)LOH1DPH
6SRQVRU,QY7UDLQLQJ
7LPRQH\WUDLQLQJSGI
Section 9 Page 7 of 7
88617
CLOSED

+,3$$
XQUHVROYHG
FRPPHQWV
,V+,3$$DSSOLFDEOH"
<HV
1R
9LVLW25,
V+HDOWK,QVXUDQFH3RUWDELOLW\DQG$FFRXQWDELOLW\$FW+,3$$ZHESDJHWRGHWHUPLQHLI\RXUUHVHDUFKIDOOVXQGHUWKH+,3$$
3ULYDF\5HJXODWLRQ
,I\HVFKHFNEHORZDOOWKDWDSSO\DQGDWWDFKWKHDSSOLFDEOHGRFXPHQWV
+,3$$'HLGHQWLILFDWLRQ&HUWLILFDWLRQ)RUP
+,3$$:DLYHURI$XWKRUL]DWLRQ
$WWDFKPHQWV
Section 10 Page 1 of 1
88617
CLOSED

678'<'58*,1)250$7,21
XQUHVROYHG
FRPPHQWV
7KHWHUPGUXJPD\LQFOXGH
)'$DSSURYHGGUXJV
XQDSSURYHGXVHRIDSSURYHGGUXJV
LQYHVWLJDWLRQDOGUXJVRUELRORJLFV
RWKHUFRPSRXQGVRUSURGXFWVLQWHQGHGWRDIIHFWVWUXFWXUHRUIXQFWLRQRIWKHERG\DQGRU
FRPSOHPHQWDU\DQGDOWHUQDWLYHPHGLFLQHSURGXFWVVXFKDVGLHWDU\VXSSOHPHQWVVXEVWDQFHVJHQHUDOO\UHFRJQL]HGDVVDIH*5$6
ZKHQXVHGWRGLDJQRVHFXUHPLWLJDWHWUHDWRUSUHYHQWGLVHDVHRUFOLQLFDOVWXGLHVRIHFLJDUHWWHVH[DPLQLQJDSRWHQWLDOWKHUDSHXWLF
SXUSRVH
'RHVWKLVSURWRFROLQYROYHDGUXJLQFOXGLQJDQ)'$DSSURYHGGUXJXQDSSURYHGXVHRIDQ)'$DSSURYHGGUXJDQGRUDQ
LQYHVWLJDWLRQDOGUXJ"
<HV
1R
,I\HVFRPSOHWHWKHTXHVWLRQVEHORZ$GGLWLRQDOVWXG\GUXJJXLGDQFH
/,67($&+'58*,192/9(',1678'<,17+(63$&(%(/2:
'UXJ1DPH
1RWH,QSDWLHQWVWXGLHVDUHUHTXLUHGE\+RVSLWDO3ROLF\WRXWLOL]H,QYHVWLJDWLRQDO'UXJ6HUYLFH,'6SKDUPDFLHV2QFRORJ\RU
1RQ2QFRORJ\8VHRI,'6LVKLJKO\UHFRPPHQGHGEXWRSWLRQDOIRURXWSDWLHQWVWXGLHV2XWSDWLHQWVWXGLHVQRWXVLQJ,'6
VHUYLFHVDUHVXEMHFWWRSHULRGLFLQVSHFWLRQE\WKH,'6IRUFRPSOLDQFHZLWKGUXJDFFRXQWDELOLW\JRRGFOLQLFDOSUDFWLFHV
,QGLFDWHZKHUHVWXG\GUXJVZLOOEHKRXVHGDQGPDQDJHG
,QYHVWLJDWLRQDO'UXJ6HUYLFH,'68.+RVSLWDO
2WKHU/RFDWLRQ
,VWKHVWXG\EHLQJFRQGXFWHGXQGHUDYDOLG,QYHVWLJDWLRQDO1HZ'UXJ,1'DSSOLFDWLRQ"
<HV
1R
,I<HVOLVW,1'VDQGFRPSOHWHWKHIROORZLQJ
,1'6XEPLWWHG+HOGE\
6SRQVRU
+HOG%\
,QYHVWLJDWRU
+HOG%\
2WKHU
+HOG%\
&KHFNPDUNLIWKHVWXG\LVEHLQJFRQGXFWHGXQGHU)'$¶V([SDQGHG$FFHVV3URJUDPHJ7UHDWPHQW,1'
RULIWKLVLVDQ,QGLYLGXDO3DWLHQW([SDQGHG$FFHVV,1')'$)RUP
)'$
V([SDQGHG$FFHVV3URJUDP,QIRUPDWLRQIRU,QGLYLGXDO3DWLHQW([SDQGHG$FFHVV,1'VDQGDWWDFKWKH
IROORZLQJ
)'$)RUP
)'$H[SDQGHGDFFHVVDSSURYDORUFRUUHVSRQGHQFH
&RQILUPDWLRQRIDJUHHPHQWIURPPDQXIDFWXUHURUHQWLW\DXWKRUL]HGWRSURYLGHDFFHVVWRWKHSURGXFW
)RUJXLGDQFHDQGUHSRUWLQJUHTXLUHPHQWVDWWKHFRQFOXVLRQRIWUHDWPHQWVHHWKH([SDQGHG$FFHVV623
&RPSOHWHDQGDWWDFKWKHUHTXLUHG6WXG\'UXJ)RUPSLFNLQJ6WXG\'UXJ)RUPIRUWKHGRFXPHQWW\SH$Q\
Section 11 Page 1 of 2
88617
CLOSED

DSSOLFDEOHGUXJGRFXPHQWDWLRQHJ,QYHVWLJDWRU%URFKXUHDSSURYHGODEHOLQJSXEOLFDWLRQ)'$FRUUHVSRQGHQFH
HWFVKRXOGEHDWWDFKHGXVLQJ2WKHU'UXJ'RFXPHQWDWLRQIRUWKHGRFXPHQWW\SH
$WWDFKPHQWV
Section 11 Page 2 of 2
88617
CLOSED

678'<'(9,&(,1)250$7,21
XQUHVROYHG
FRPPHQWV
$'(9,&(PD\EHD
FRPSRQHQWSDUWDFFHVVRU\
DVVD\UHDJHQWRULQYLWURGLDJQRVWLFGHYLFH
VRIWZDUHGLJLWDOKHDOWKRUPRELOHPHGLFDODSS
RWKHULQVWUXPHQWLILQWHQGHGWRDIIHFWWKHVWUXFWXUHRUIXQFWLRQRIWKHERG\GLDJQRVHFXUHPLWLJDWHWUHDWRUSUHYHQWGLVHDVHRU
DKRPHPDGHGHYLFHGHYHORSHGE\DQLQYHVWLJDWRURURWKHUQRQFRPPHUFLDOHQWLW\DQGQRWDSSURYHGIRUPDUNHWLQJE\)'$
)RUDGGLWLRQDOLQIRUPDWLRQKHOSIXOUHVRXUFHVDQGGHILQLWLRQVVHH25,
V8VHRI$Q\'HYLFH%HLQJ7HVWHGLQ5HVHDUFKZHESDJH
'RHVWKLVSURWRFROLQYROYHWHVWLQJFROOHFWLQJVDIHW\RUHIILFDF\GDWDRIDPHGLFDOGHYLFHLQFOXGLQJDQ)'$DSSURYHGGHYLFH
XQDSSURYHGXVHRIDQDSSURYHGGHYLFHKXPDQLWDULDQXVHGHYLFHDQGRUDQLQYHVWLJDWLRQDOGHYLFH"
<HV
1R
>1RWH,IDPDUNHWHGGHYLFHVLVRQO\EHLQJXVHGWRHOLFLWRUPHDVXUHDSK\VLRORJLFUHVSRQVHRUFOLQLFDORXWFRPH$1'12GDWDZLOO
EHFROOHFWHGRQRUDERXWWKHGHYLFHLWVHOI\RXPD\DQVZHU³QR´DERYHVDYHDQGH[LWWKLVVHFWLRQ([DPSOHVDFKHPRGUXJVWXG\
XVHVDQ05,WRPHDVXUHWXPRUJURZWKEXWGRHV127DVVHVVKRZHIIHFWLYHWKH05,LVDWPDNLQJWKHPHDVXUHPHQWDQH[HUFLVHVWXG\
XVHVDKHDUWPRQLWRUWRPHDVXUHDWKOHWLFSHUIRUPDQFHEXWQRVDIHW\RUHIILFDF\LQIRUPDWLRQZLOOEHFROOHFWHGDERXWWKHGHYLFHLWVHOIQRU
ZLOOWKHGDWDFROOHFWHGEHXVHGIRUFRPSDUDWLYHSXUSRVHVDJDLQVWDQ\RWKHUVLPLODUGHYLFH@
,I\RXDQVZHUHG\HVDERYHSOHDVHFRPSOHWHWKHIROORZLQJTXHVWLRQV
/,67($&+'(9,&(%(,1*7(67(',1678'<,17+(63$&(%(/2:
'HYLFH1DPH
'HUPDERQGDGKHVLYHVNLQJOXH
,VWKHVWXG\EHLQJFRQGXFWHGXQGHUDYDOLG,QYHVWLJDWLRQDO'HYLFH([HPSWLRQ,'(
+XPDQLWDULDQ'HYLFH([HPSWLRQ+'(RU&RPSDVVLRQDWH8VH"
<HV
1R
,I<HVFRPSOHWHWKHIROORZLQJ
,'(RU+'(V
,'(+'(6XEPLWWHG+HOGE\
6SRQVRU
+HOG%\
,QYHVWLJDWRU
+HOG%\
2WKHU
+HOG%\
&KHFNLIWKLVLVD7UHDWPHQW,'(RU&RPSDVVLRQDWH8VHXQGHUWKH)RRGDQG'UXJ$GPLQLVWUDWLRQ)'$
([SDQGHG$FFHVVSURJUDP
)RU,QGLYLGXDORU6PDOO*URXS([SDQGHG$FFHVVVHH)'$
V(DUO\([SDQGHG$FFHVV3URJUDP,QIRUPDWLRQ
DQGDWWDFKWKHIROORZLQJ
)'$H[SDQGHGDFFHVVDSSURYDORUVSRQVRU¶VDXWKRUL]DWLRQ
$QLQGHSHQGHQWDVVHVVPHQWIURPDQXQLQYROYHGSK\VLFLDQLIDYDLODEOH
&RQILUPDWLRQRIDJUHHPHQWIURPPDQXIDFWXUHURUHQWLW\DXWKRUL]HGWRSURYLGHDFFHVVWRWKHSURGXFW
)RUJXLGDQFHDQGUHSRUWLQJUHTXLUHPHQWVDWWKHFRQFOXVLRQRIWUHDWPHQWVHHWKH0HGLFDO'HYLFH623
Section 12 Page 1 of 2
88617
CLOSED

'RHVWKHLQWHQGHGXVHRIDQ\UHVHDUFKGHYLFHEHLQJWHVWHGQRWFOLQLFDOO\REVHUYHGLQWKLVVWXG\PHHWWKHUHJXODWRU\GHILQLWLRQRI
6LJQLILFDQW5LVN65GHYLFH"
<HV'HYLFHVEHLQJWHVWHGLQWKLVVWXG\SUHVHQWVDSRWHQWLDOIRUVHULRXVULVNWRWKHKHDOWKVDIHW\RUZHOIDUHRIDVXEMHFWDQG
LVLQWHQGHGDVDQLPSODQWRULVXVHGLQVXSSRUWLQJRUVXVWDLQLQJKXPDQOLIHRULVRIVXEVWDQWLDOLPSRUWDQFHLQ
GLDJQRVLQJFXULQJPLWLJDWLQJRUWUHDWLQJGLVHDVHRURWKHUZLVHSUHYHQWVLPSDLUPHQWRIKXPDQKHDOWKRURWKHUZLVHSUHVHQWV
DSRWHQWLDOIRUVHULRXVULVNWRWKHKHDOWKVDIHW\RUZHOIDUHRIDVXEMHFW
1R$OOGHYLFHVEHLQJWHVWHGLQWKLVVWXG\GRQRWSUHVHQWDSRWHQWLDOIRUVHULRXVULVNWRWKHKHDOWKVDIHW\RUZHOIDUHRI
VXEMHFWVSDUWLFLSDQWV
&RPSOHWHDQGDWWDFKWKHUHTXLUHG6WXG\'HYLFH)RUPSLFNLQJWKH6WXG\'HYLFH)RUPIRUWKHGRFXPHQWW\SH$Q\
DSSOLFDEOHGHYLFHGRFXPHQWDWLRQHJ0DQXIDFWXUHULQIRUPDWLRQSDWLHQWLQIRUPDWLRQSDFNHWDSSURYHGODEHOLQJ)'$
FRUUHVSRQGHQFHHWFVKRXOGEHDWWDFKHGXVLQJ2WKHU'HYLFH'RFXPHQWDWLRQIRUWKHGRFXPHQWW\SH
$WWDFKPHQWV
$WWDFK7\SH
)LOH1DPH
6WXG\'HYLFH)RUP
B6WXG\'HYLFHBSGI
Section 12 Page 2 of 2
88617
CLOSED

5(6($5&+6,7(6
XQUHVROYHG
FRPPHQWV
7RFRPSOHWHWKLVVHFWLRQHQVXUHWKHUHVSRQVHVDUHDFFXUDWHWKHQFOLFN6$9(
$&KHFNDOOWKHDSSOLFDEOHVLWHVOLVWHGEHORZDWZKLFKWKHUHVHDUFKZLOOEHFRQGXFWHG,IQRQHDSSO\\RXGRQRWQHHGWRFKHFNDQ\
ER[HV
8.6LWHV
8.&ODVVURRPV/DEV
8.&OLQLFVLQ/H[LQJWRQ
8.&OLQLFVRXWVLGHRI/H[LQJWRQ
8.+HDOWKFDUH*RRG6DPDULWDQ+RVSLWDO
8.+RVSLWDO
6FKRROV(GXFDWLRQ,QVWLWXWLRQV
)D\HWWH&R6FKRRO6\VWHPV
2WKHU6WDWH5HJLRQDO6FKRRO6\VWHPV
,QVWLWXWLRQVRI+LJKHU(GXFDWLRQRWKHUWKDQ8.
)D\HWWH&R6FKRROV\VWHPVDVZHOODVRWKHUQRQ8.
VLWHVKDYHDGGLWLRQDOUHTXLUHPHQWVWKDWPXVWEH
DGGUHVVHG6HH25,
V,5%$SSOLFDWLRQ,QVWUXFWLRQV
2IIVLWH5HVHDUFKZHESDJHIRUGHWDLOV
2WKHU0HGLFDO)DFLOLWLHV
%OXHJUDVV5HJLRQDO0HQWDO+HDOWK5HWDUGDWLRQ%RDUG
&DUGLQDO+LOO+RVSLWDO
(DVWHUQ6WDWH+RVSLWDO
1RUWRQ+HDOWKFDUH
1XUVLQJ+RPHV
6KULQHU¶V&KLOGUHQ¶V+RVSLWDO
9HWHUDQV$IIDLUV0HGLFDO&HQWHU
2WKHU+RVSLWDOVDQG0HG&HQWHUV
&RUUHFWLRQDO)DFLOLWLHV
+RPH+HDOWK$JHQFLHV
,QWHUQDWLRQDO6LWHV
5HVHDUFKDFWLYLWLHVFRQGXFWHGDWSHUIRUPDQFHVLWHVWKDWDUHQRWRZQHGRURSHUDWHGE\WKH8QLYHUVLW\RI.HQWXFN\8.RU
DWVLWHVWKDWGRQRWIDOOXQGHUWKH8.,5%¶VDXWKRULW\DUHVXEMHFWWRVSHFLDOSURFHGXUHVIRUFRRUGLQDWLRQRIUHVHDUFK
UHYLHZ$GGLWLRQDOLQIRUPDWLRQLVUHTXLUHGVHH,5%$SSOLFDWLRQ,QVWUXFWLRQV2II6LWH5HVHDUFKZHESDJHLQFOXGLQJ
$OHWWHURIVXSSRUWDQGORFDOFRQWH[WLVUHTXLUHGIURPQRQ8.VLWHV6HH/HWWHUVRI6XSSRUWDQG/RFDO&RQWH[WRQWKH
,5%$SSOLFDWLRQ,QVWUXFWLRQV2II6LWH5HVHDUFKZHESDJHIRUPRUHLQIRUPDWLRQ
6XSSRUWLYHGRFXPHQWDWLRQLQFOXGLQJOHWWHUVRIVXSSRUWFDQEHDWWDFKHGEHORZ
127(,IWKHQRQ8.VLWHVRUQRQ8.SHUVRQQHODUHHQJDJHGLQWKHUHVHDUFKWKHUHDUHDGGLWLRQDOIHGHUDODQG
XQLYHUVLW\UHTXLUHPHQWVZKLFKQHHGWREHFRPSOHWHGIRUWKHLUSDUWLFLSDWLRQ)RULQVWDQFHWKHRWKHUVLWHVPD\QHHG
WRFRPSOHWHWKHLURZQ,5%UHYLHZRUDFRRSHUDWLYHUHYLHZDUUDQJHPHQWPD\QHHGWREHHVWDEOLVKHGZLWKQRQ8.
VLWHV
Section 13 Page 1 of 2
88617
CLOSED

4XHVWLRQVDERXWWKHSDUWLFLSDWLRQRIQRQ8.VLWHVSHUVRQQHOVKRXOGEHGLVFXVVHGZLWKWKH25,VWDIIDW

/LVWDOORWKHUQRQ8.RZQHGRSHUDWHGORFDWLRQVZKHUHWKHUHVHDUFKZLOOEHFRQGXFWHG
'HVFULEHWKHUROHRIDQ\QRQ8.VLWHVRUQRQ8.SHUVRQQHOZKRZLOOEHSDUWLFLSDWLQJLQ\RXUUHVHDUFK
$WWDFKPHQWV
%,VWKLVDPXOWLVLWHVWXG\IRUZKLFK\RXDUHWKHOHDGLQYHVWLJDWRURU8.LVWKHOHDGVLWH"
<HV
1R
,I<(6GHVFULEHWKHSODQIRUWKHPDQDJHPHQWRIUHSRUWLQJXQDQWLFLSDWHGSUREOHPVQRQFRPSOLDQFHDQGVXEPLVVLRQRISURWRFRO
PRGLILFDWLRQVDQGLQWHULPUHVXOWVIURPWKHQRQ8.VLWHV
&,I\RXUUHVHDUFKLQYROYHVFROODERUDWLRQZLWKDQ\VLWHVDQGRUSHUVRQQHORXWVLGHWKH8QLYHUVLW\RI.HQWXFN\WKHQLWLVFRQVLGHUHG
PXOWLVLWHUHVHDUFKDQG,5%UHOLDQFHLVVXHVZLOOQHHGWREHDGGUHVVHG7KLVPD\LQFOXGHQDWLRQDOPXOWLFHQWHUWULDOVDVZHOOORFDOVWXGLHV
LQYROYLQJVLWHVSHUVRQQHOH[WHUQDOWR8.,I\RXZRXOGOLNHWRUHTXHVWWKDWWKH8QLYHUVLW\RI.HQWXFN\,5%8.,5%VHUYHDVWKHOHDG
,5%IRU\RXUVWXG\RULI\RXZRXOGOLNHWKH8.,5%WRGHIHUUHYLHZWRDQRWKHU,5%SOHDVHFRQWDFWWKH,5%5HOLDQFH#XN\HGX
Section 13 Page 2 of 2
88617
CLOSED

5(6($5&+$775,%87(6
XQUHVROYHG
FRPPHQWV
,QGLFDWHWKHLWHPVEHORZWKDWDSSO\WR\RXUUHVHDUFK'HSHQGLQJRQWKHLWHPVDSSOLFDEOHWR\RXUUHVHDUFK\RXPD\EHUHTXLUHGWR
FRPSOHWHDGGLWLRQDOIRUPVRUPHHWDGGLWLRQDOUHTXLUHPHQWV&RQWDFWWKH25,LI\RXKDYHTXHVWLRQVDERXWDGGLWLRQDO
UHTXLUHPHQWV
1RWDSSOLFDEOH
&KHFN$OO7KDW$SSO\
$FDGHPLF'HJUHH5HTXLUHG5HVHDUFK
$OFRKRO'UXJ6XEVWDQFH$EXVH5HVHDUFK
%LRORJLFDO6SHFLPHQ%DQN&UHDWLRQIRUVKDULQJ
&DQFHU5HVHDUFK
&&76&HQWHUIRU&OLQLFDO	7UDQVODWLRQDO6FLHQFH
&HUWLILFDWHRI&RQILGHQWLDOLW\
&OLQLFDO5HVHDUFK
&OLQLFDO7ULDO3KDVH
&OLQLFDO7ULDO
&ROOHFWLRQRI%LRORJLFDO6SHFLPHQVIRULQWHUQDOEDQNLQJDQGXVH
QRWVKDULQJ
&RPPXQLW\%DVHG3DUWLFLSDWRU\5HVHDUFK
'HFHSWLRQ
(GXFDWLRQDO6WXGHQW5HFRUGVHJ*3$WHVWVFRUHV
(PHUJHQF\8VH6LQJOH3DWLHQW
*HQH7UDQVIHU
*HQHWLF5HVHDUFK
*:$6*HQRPH:LGH$VVRFLDWLRQ6WXG\RU1,+*HQRPLF'DWD
6KDULQJ*'6
+XPDQ&HOOV7LVVXHVDQG&HOOXODUDQG7LVVXH%DVHG3URGXFWV
,QGLYLGXDO([SDQGHG$FFHVVRU&RPSDVVLRQDWH8VH
,QWHUQDWLRQDO5HVHDUFK
3ODQQHG(PHUJHQF\5HVHDUFK,QYROYLQJ([FHSWLRQIURP
,QIRUPHG&RQVHQW
5HFRPELQDQW'1$
5HJLVWU\RUGDWDUHSRVLWRU\FUHDWLRQ
6WHP&HOO5HVHDUFK
6XLFLGH,GHDWLRQRU%HKDYLRU5HVHDUFK
6XUYH\5HVHDUFK
7UDQVSODQWV
8VHVWRUDJHDQGGLVSRVDORIUDGLRDFWLYHPDWHULDODQGUDGLDWLRQ
SURGXFLQJGHYLFHV
9DFFLQH7ULDOV
)RUDGGLWLRQDOUHTXLUHPHQWVDQGLQIRUPDWLRQ
&DQFHU5HVHDUFK0&&350&
&HUWLILFDWHRI&RQILGHQWLDOLW\ORRNXS
&RQILGHQWLDOLW\3ULYDF\
&&76&HQWHUIRU&OLQLFDODQG7UDQVODWLRQDO
6FLHQFH
&OLQLFDO5HVHDUFKORRNXS:KDWLVWKHGHILQLWLRQ
RI
&OLQLFDO7ULDO
&ROOHFWLRQRI%LRORJLFDO6SHFLPHQVIRU%DQNLQJ
ORRNXS6SHFLPHQ7LVVXH&ROOHFWLRQ
&ROOHFWLRQRI%LRORJLFDO6SHFLPHQVORRNXS
6SHFLPHQ7LVVXH&ROOHFWLRQ
&RPPXQLW\%DVHG3DUWLFLSDWRU\5HVHDUFKORRN
XS&RPPXQLW\(QJDJHG
'DWD	6DIHW\0RQLWRULQJ%RDUG'60%
)RU0HGLFDO,5%6HUYLFH5HTXHVW)RUPIRU
&&76'60%
'DWD	6DIHW\0RQLWRULQJ3ODQ
'HFHSWLRQ
)RUGHFHSWLRQUHVHDUFKDOVRJRWRWKH(,5%
$SSOLFDWLRQ,QIRUPHG&RQVHQWVHFWLRQ
FKHFNPDUNDQGFRPSOHWH5HTXHVWIRU:DLYHU
RI,QIRUPHG&RQVHQW3URFHVV
(PHUJHQF\8VH6LQJOH3DWLHQW>DWWDFK
(PHUJHQF\8VH&KHFNOLVW@3')
*HQHWLF5HVHDUFKORRNXS6SHFLPHQ7LVVXH
&ROOHFWLRQ
*HQH7UDQVIHU
+,9$,'65HVHDUFKORRNXS5HSRUWDEOH
'LVHDVHV&RQGLWLRQV
6FUHHQLQJIRU5HSRUWDEOH'LVHDVHV>(@
3')
,QWHUQDWLRQDO5HVHDUFKORRNXS,QWHUQDWLRQDO	
1RQ(QJOLVK6SHDNLQJ
1,+*HQRPLF'DWD6KDULQJ*'63ROLF\3')
3ODQQHG(PHUJHQF\5HVHDUFK,QYROYLQJ:DLYHU
RI,QIRUPHG&RQVHQW
)RU3ODQQHG(PHUJHQF\5HVHDUFK,QYROYLQJ
:DLYHURI,QIRUPHG&RQVHQWDOVRJRWRWKH(
,5%$SSOLFDWLRQ,QIRUPHG&RQVHQWVHFWLRQ
FKHFNPDUNDQGFRPSOHWH5HTXHVWIRU:DLYHU
RI,QIRUPHG&RQVHQW3URFHVV
8VHVWRUDJHDQGGLVSRVDORIUDGLRDFWLYHPDWHULDO
DQGUDGLDWLRQSURGXFLQJGHYLFHV
Section 14 Page 1 of 2
88617
CLOSED

Section 14 Page 2 of 2
88617
CLOSED

)81',1*6833257
XQUHVROYHG
FRPPHQWV
,IWKHUHVHDUFKLVEHLQJVXEPLWWHGWRVXSSRUWHGE\RUFRQGXFWHGLQFRRSHUDWLRQZLWKDQH[WHUQDORULQWHUQDODJHQF\RUIXQGLQJSURJUDPLQGLFDWHEHORZ
DOOWKHFDWHJRULHVWKDWDSSO\
1RWDSSOLFDEOH
&KHFN$OO7KDW$SSO\
*UDQWDSSOLFDWLRQSHQGLQJ
++6'HSWRI+HDOWK	+XPDQ6HUYLFHV
1,+1DWLRQDO,QVWLWXWHVRI+HDOWK
&'&&HQWHUVIRU'LVHDVH&RQWURO	3UHYHQWLRQ
+56$+HDOWK5HVRXUFHVDQG6HUYLFHV
$GPLQLVWUDWLRQ
6$0+6$6XEVWDQFH$EXVHDQG0HQWDO+HDOWK
6HUYLFHV$GPLQLVWUDWLRQ
'R-'HSDUWPHQWRI-XVWLFHRU%XUHDXRI3ULVRQV
'R('HSDUWPHQWRI(QHUJ\
(3$(QYLURQPHQWDO3URWHFWLRQ$JHQF\
)HGHUDO$JHQFLHV2WKHU7KDQ7KRVH/LVWHG+HUH
,QGXVWU\2WKHUWKDQ3KDUPDFHXWLFDO&RPSDQLHV
,QWHUQDO*UDQW3URJUDPZSURSRVDO
,QWHUQDO*UDQW3URJUDPZRSURSRVDO
1DWLRQDO6FLHQFH)RXQGDWLRQ
2WKHU,QVWLWXWLRQVRI+LJKHU(GXFDWLRQ
3KDUPDFHXWLFDO&RPSDQ\
3ULYDWH)RXQGDWLRQ$VVRFLDWLRQ
86'HSDUWPHQWRI(GXFDWLRQ
6WDWH
&OLFNDSSOLFDEOHOLVWLQJVIRUDGGLWLRQDOUHTXLUHPHQWVDQGLQIRUPDWLRQ
++6'HSWRI+HDOWK	+XPDQ6HUYLFHV
1,+1DWLRQDO,QVWLWXWHVRI+HDOWK
&'&&HQWHUVIRU'LVHDVH&RQWURO	3UHYHQWLRQ
+56$+HDOWK5HVRXUFHV	6HUYLFHV$GPLQLVWUDWLRQ
6$0+6$6XEVWDQFH$EXVH	0HQWDO+HDOWK6HUYLFHV$GPLQLVWUDWLRQ
,QGXVWU\2WKHUWKDQ3KDUPDFHXWLFDO&RPSDQLHV>,5%)HH,QIR@
1DWLRQDO6FLHQFH)RXQGDWLRQ
'R(G86'HSDUWPHQWRI(GXFDWLRQ
'R-'HSDUWPHQWRI-XVWLFHRU%XUHDXRI3ULVRQV
'R('HSDUWPHQWRI(QHUJ\6XPPDU\DQG'HSDUWPHQWRI(QHUJ\,GHQWLILDEOH
,QIRUPDWLRQ&RPSOLDQFH&KHFNOLVW
(3$(QYLURQPHQWDO3URWHFWLRQ$JHQF\
2WKHU
6SHFLI\WKHIXQGLQJVRXUFHDQGRUFRRSHUDWLQJRUJDQL]DWLRQVHJ1DWLRQDO&DQFHU,QVWLWXWH)RUG)RXQGDWLRQ(OL/LOO\	&RPSDQ\6RXWK
:HVWHUQ2QFRORJ\*URXS%XUHDXRI3ULVRQVHWF
$GG5HODWHG*UDQWV
,IDSSOLFDEOHSOHDVHVHDUFKIRUDQGVHOHFWWKH263$$FFRXQWQXPEHURU(OHFWURQLF,QWHUQDO$SSURYDO)RUPH,$)QRWLI
DVVRFLDWHGZLWKWKLV,5%DSSOLFDWLRQXVLQJWKH$GG5HODWHG*UDQWVEXWWRQ
,IUHTXLUHGE\\RXUIXQGLQJDJHQF\XSORDG\RXUJUDQWXVLQJWKH*UDQW&RQWUDFW$WWDFKPHQWVEXWWRQ
$GG5HODWHG*UDQWV
*UDQW&RQWUDFW$WWDFKPHQWV
7KHUHVHDUFKLQYROYHVXVHRI'HSDUWPHQWRI'HIHQVH'R'IXQGLQJPLOLWDU\SHUVRQQHO'R'IDFLOLWLHVRURWKHU'R'UHVRXUFHV6HH'R'623
DQG'R'6XPPDU\IRUGHWDLOV
<HV
1R
8VLQJWKH³DWWDFKPHQWV´EXWWRQEHORZDWWDFKDSSOLFDEOHPDWHULDOVDGGUHVVLQJWKHVSHFLILFSURFHVVHVGHVFULEHGLQWKH'R'623
'2'623$WWDFKPHQWV
Section 15 Page 1 of 2
88617
CLOSED

$GGLWLRQDO&HUWLILFDWLRQ,I\RXUSURMHFWLVIHGHUDOO\IXQGHG\RXUIXQGLQJDJHQF\PD\UHTXHVWDQ$VVXUDQFH&HUWLILFDWLRQ'HFODUDWLRQRI([HPSWLRQ
IRUP&KHFNWKHIROORZLQJLIQHHGHG
3URWHFWLRQRI+XPDQ6XEMHFWV$VVXUDQFH&HUWLILFDWLRQ'HFODUDWLRQRI([HPSWLRQ)RUPHUO\2SWLRQDO)RUP±
$VVXUDQFH&HUWLILFDWLRQ$WWDFKPHQWV
Section 15 Page 2 of 2
88617
CLOSED

27+(55(9,(:&200,77((6
XQUHVROYHG
FRPPHQWV
,I\RXFKHFNDQ\RIWKHEHORZFRPPLWWHHVDGGLWLRQDOPDWHULDOVPD\EHUHTXLUHGZLWK\RXUDSSOLFDWLRQVXEPLVVLRQ
'RHV\RXUUHVHDUFKIDOOXQGHUWKHSXUYLHZRIDQ\RIWKHRWKHUUHYLHZFRPPLWWHHVOLVWHGEHORZ">,I\HVFKHFNDOOWKDWDSSO\DQGDWWDFK
DSSOLFDEOHPDWHULDOVXVLQJWKHDWWDFKPHQWEXWWRQDWWKHERWWRPRI\RXUVFUHHQ@
<HV
1R
,QVWLWXWLRQDO%LRVDIHW\&RPPLWWHH
5DGLDWLRQ6DIHW\&RPPLWWHH
5DGLRDFWLYH'UXJ5HVHDUFK&RPPLWWHH
0DUNH\&DQFHU&HQWHU0&&3URWRFRO5HYLHZ
DQG0RQLWRULQJ&RPPLWWHH350&
*UDGXDWH0HGLFDO(GXFDWLRQ&RPPLWWHH*0(
2IILFHRI0HGLFDO(GXFDWLRQ20(
$GGLWLRQDO,QIRUPDWLRQ
,QVWLWXWLRQDO%LRVDIHW\&RPPLWWHH,%&$WWDFKUHTXLUHG,%&
PDWHULDOV
5DGLDWLRQ6DIHW\&RPPLWWHH56&)RUDSSOLFDELOLW\VHH
LQVWUXFWLRQVDQGDWWDFKIRUP
5DGLRDFWLYH'UXJ5HVHDUFK&RPPLWWHH5'5&
0DUNH\&DQFHU&HQWHU0&&3URWRFRO5HYLHZDQG0RQLWRULQJ
&RPPLWWHH350&$WWDFK0&&350&PDWHULDOVLIDQ\SHU
LQVWUXFWLRQV
2IILFHRI0HGLFDO(GXFDWLRQ20(
*UDGXDWH0HGLFDO(GXFDWLRQ&RPPLWWHH*0(
$WWDFKPHQWV
,I\RXUVWXG\LQYROYHVFDQFHUUHVHDUFKEHVXUHWRVHOHFW&DQFHU5HVHDUFKLQWKH5HVHDUFK$WWULEXWHV
VHFWLRQ25,ZLOOVHQG\RXUUHVHDUFKSURWRFROWRWKH0DUNH\&DQFHU&HQWHU0&&3URWRFRO5HYLHZDQG0RQLWRULQJ
&RPPLWWHH350&7KH0&&350&LVUHVSRQVLEOHIRUGHWHUPLQLQJZKHWKHUWKHVWXG\PHHWVWKH1DWLRQDO&DQFHU,QVWLWXWH
1&,GHILQLWLRQRIDFOLQLFDOWULDODQGIRULVVXLQJGRFXPHQWDWLRQWR\RXWKHLQYHVWLJDWRUZKLFKFRQILUPVHLWKHUWKDW350&
DSSURYDOKDVEHHQREWDLQHGRUWKDW350&UHYLHZLVQRWUHTXLUHG<RXU,5%DSSOLFDWLRQZLOOEHSURFHVVHGDQGUHYLHZHG
LQGHSHQGHQWO\IURPWKH350&UHYLHZ
Section 16 Page 1 of 1
88617
CLOSED

$'',7,21$/,1)250$7,210$7(5,$/6
XQUHVROYHG
FRPPHQWV
'R\RXZDQWVSHFLILFLQIRUPDWLRQLQVHUWHGLQWR\RXUDSSURYDOOHWWHU"
<HV
1R
$SSURYDO/HWWHU'HWDLOV
,I\RXZLVKWRKDYHVSHFLILFODQJXDJHLQFOXGHGLQ\RXUDSSURYDOOHWWHUHJVHULDOLQWHUQDOWUDFNLQJLGHQWLILHUHWF«W\SHWKDW
ODQJXDJHLQWKHER[EHORZH[DFWO\DVLWVKRXOGDSSHDULQWKHOHWWHU7KHWH[W\RXHQWHUZLOODXWRPDWLFDOO\DSSHDUDWWKHWRSRIDOO
DSSURYDOOHWWHUVLGHQWLFDOWRKRZ\RXW\SHGLWXQWLO\RXXSGDWHLW'RQ
WLQFOXGHLQVWUXFWLRQVRUTXHVWLRQVWR25,VWDIIDVWKRVHZLOO
DSSHDULQ\RXUDSSURYDOOHWWHU,IWKHVHGHWDLOVQHHGWREHFKDQJHGIRUDQ\UHDVRQ\RXDUHUHVSRQVLEOHIRUXSGDWLQJWKH
FRQWHQWRIWKLVILHOG
$GGLWLRQDO0DWHULDOV
,I\RXKDYHRWKHUPDWHULDOV\RXZRXOGOLNHWRLQFOXGHIRUWKH,5%
VFRQVLGHUDWLRQFKHFNDOOWKDWDSSO\DQGDWWDFKWKHFRUUHVSRQGLQJ
GRFXPHQWVXVLQJWKH$WWDFKPHQWVEXWWRQEHORZ
'HWDLOHGSURWRFRO
'HSWRI+HDOWK	+XPDQ6HUYLFHV'++6DSSURYHGSURWRFROVXFKDV1,+VSRQVRUHG&RRSHUDWLYH*URXS&OLQLFDO7ULDO
2WKHU'RFXPHQWV
3URWRFRO2WKHU$WWDFKPHQWV
$WWDFK7\SH )LOH1DPH
2WKHU
,5%5HTXHVWHG5HYLVLRQVSGI
127(,QVWUXFWLRQVIRU'HSWRI+HDOWK	+XPDQ6HUYLFHV'++6DSSURYHGSURWRFRO@
,I\RXKDYHSDVVZRUGSURWHFWHGGRFXPHQWVWKDWIHDWXUHVKRXOGEHGLVDEOHGSULRUWRXSORDGLQJWRHQVXUHDFFHVVIRU,5%UHYLHZ
7RYLHZWKHPDWHULDOVFXUUHQWO\DWWDFKHGWR\RXUDSSOLFDWLRQFOLFN³$OO$WWDFKPHQWV´RQWKHOHIWPHQXEDU
Section 17 Page 1 of 1
88617
CLOSED

6,*1$785(6$6685$1&(6
XQUHVROYHG
FRPPHQWV
,QWURGXFWLRQ
$OO,5%DSSOLFDWLRQVUHTXLUHDGGLWLRQDODVVXUDQFHVE\D'HSDUWPHQW&KDLUSHUVRQRUHTXLYDOHQW'$DQGZKHQDSSOLFDEOHD)DFXOW\
$GYLVRURUHTXLYDOHQW)$7KLVVLJQLILHVWKHDFFHSWDQFHRIFHUWDLQUHVSRQVLELOLWLHVDQGWKDWWKHVFLHQFHLVPHULWRULRXVDQGGHVHUYLQJRI
FRQGXFWLQKXPDQV7KHSHUVRQDVVLJQHGDV'$VKRXOGQRWDOVREHOLVWHGLQWKH6WXG\3HUVRQQHOVHFWLRQDQGWKHLQGLYLGXDODVVLJQHG
DV)$VKRXOGEHOLVWHGLQWKH6WXG\3HUVRQQHOVHFWLRQ
)RUDOLVWRIUHVSRQVLELOLWLHVUHIOHFWHGE\VLJQLQJWKH$VVXUDQFH6WDWHPHQWUHIHUWR:KDWGRHVWKH'HSDUWPHQW&KDLUSHUVRQ¶V
$VVXUDQFH6WDWHPHQWRQWKH,5%DSSOLFDWLRQPHDQ"
)RUDGHWDLOHGLOOXVWUDWLRQRIKRZWRFRPSOHWHWKLVVHFWLRQSOHDVHUHYLHZWKHVKRUWRQOLQHYLGHRWXWRULDO6LJQDWXUHV
$VVXUDQFH6HFWLRQ+RZWR&RPSOHWH2WKHUZLVHIROORZWKHVWHSVEHORZ
5HTXLUHG6LJQDWXUHV
)LUVW
1DPH
/DVW
1DPH
5ROH
'HSDUWPHQW
'DWH
6LJQHG
3DXO
3HDUVRQ
'HSDUWPHQW
$XWKRUL]DWLRQ
2SKWKDOPRORJ\
	9LVXDO
6FLHQFH

$0
9LHZ6LJQ
3HWHU
7LPRQH\
3ULQFLSDO
,QYHVWLJDWRU
2SKWKDOPRORJ\
	9LVXDO
6FLHQFH

$0
9LHZ6LJQ
'HSDUWPHQW$XWKRUL]DWLRQ
7KLVLVWRFHUWLI\WKDW,KDYHUHYLHZHGWKLVUHVHDUFKSURWRFRODQGWKDW,DWWHVWWRWKHVFLHQWLILFYDOLGLW\DQGLPSRUWDQFHRI
WKLVVWXG\WRWKHTXDOLILFDWLRQVRIWKHLQYHVWLJDWRUVWRFRQGXFWWKHSURMHFWDQGWKHLUWLPHDYDLODEOHIRUWKHSURMHFWWKDW
IDFLOLWLHVHTXLSPHQWDQGSHUVRQQHODUHDGHTXDWHWRFRQGXFWWKHUHVHDUFKDQGWKDWFRQWLQXHGJXLGDQFHZLOOEHSURYLGHG
DVDSSURSULDWH:KHQWKHSULQFLSDOLQYHVWLJDWRUDVVXPHVDVSRQVRUIXQFWLRQWKHLQYHVWLJDWRUKDVEHHQQRWLILHGRIWKH
DGGLWLRQDOUHJXODWRU\UHTXLUHPHQWVRIWKHVSRQVRUDQGE\VLJQLQJWKHSULQFLSDOLQYHVWLJDWRU$VVXUDQFH6WDWHPHQWFRQILUPV
KHVKHFDQFRPSO\ZLWKWKHP
,IWKH3ULQFLSDO,QYHVWLJDWRULVDOVRWKH&KDLUSHUVRQRIWKHGHSDUWPHQWWKH9LFH&KDLUSHUVRQRUHTXLYDOHQWVKRXOGFRPSOHWH
WKH'HSDUWPHQW$XWKRUL]DWLRQ
,)$33/,&$%/()255(/,$1&(,DWWHVWWKDWWKHSULQFLSDOLQYHVWLJDWRUKDVEHHQQRWLILHGRIWKHUHJXODWRU\UHTXLUHPHQWVRI
ERWKWKH5HYLHZLQJDQG5HO\LQJ,5%VDFFRUGLQJWRWKHLQIRUPDWLRQSURYLGHGLQWKH(,5%DSSOLFDWLRQ7KHDWWDFKHG5HOLDQFH
$VVXUDQFH6WDWHPHQWVLJQHGE\WKHSULQFLSDOLQYHVWLJDWRUFRQILUPVWKDWKHVKHFDQFRPSO\ZLWKERWKVHWVRI,5%
UHTXLUHPHQWV
3ULQFLSDO,QYHVWLJDWRU¶V$VVXUDQFH6WDWHPHQW
,XQGHUVWDQGWKH8QLYHUVLW\RI.HQWXFN\
VSROLFLHVFRQFHUQLQJUHVHDUFKLQYROYLQJKXPDQVXEMHFWVDQG,DJUHH
 7RFRPSO\ZLWKDOO,5%SROLFLHVGHFLVLRQVFRQGLWLRQVDQGUHTXLUHPHQWV
 7RDFFHSWUHVSRQVLELOLW\IRUWKHVFLHQWLILFDQGHWKLFDOFRQGXFWRIWKLVUHVHDUFKVWXG\
 7RREWDLQSULRUDSSURYDOIURPWKH,QVWLWXWLRQDO5HYLHZ%RDUGEHIRUHDPHQGLQJRUDOWHULQJWKHUHVHDUFKSURWRFRORU
LPSOHPHQWLQJFKDQJHVLQWKHDSSURYHGFRQVHQWDVVHQWIRUP
 7RUHSRUWWRWKH,5%LQDFFRUGZLWK,5%,%&SROLF\DQ\DGYHUVHHYHQWVDQGRUXQDQWLFLSDWHGSUREOHPVLQYROYLQJULVNVWR
VXEMHFWV
 7RFRPSOHWHRQUHTXHVWE\WKH,5%IRU)XOODQG([SHGLWHGVWXGLHVWKH&RQWLQXDWLRQ)LQDO5HYLHZ)RUPV
 7RQRWLI\WKH2IILFHRI6SRQVRUHG3URMHFWV$GPLQLVWUDWLRQ263$DQGRUWKH,5%ZKHQDSSOLFDEOHRIWKHGHYHORSPHQWRI
DQ\ILQDQFLDOLQWHUHVWQRWDOUHDG\GLVFORVHG
 (DFKLQGLYLGXDOOLVWHGDVVWXG\SHUVRQQHOLQWKLVDSSOLFDWLRQKDVUHFHLYHGWKHPDQGDWRU\KXPDQUHVHDUFKSURWHFWLRQV
Section 18 Page 1 of 2
88617
CLOSED

HGXFDWLRQHJ&,7,
 (DFKLQGLYLGXDOOLVWHGDVVWXG\SHUVRQQHOLQWKLVDSSOLFDWLRQSRVVHVVHVWKHQHFHVVDU\H[SHULHQFHIRUFRQGXFWLQJUHVHDUFK
DFWLYLWLHVLQWKHUROHGHVFULEHGIRUWKLVUHVHDUFKVWXG\
 7RUHFRJQL]HDQGDFFHSWDGGLWLRQDOUHJXODWRU\UHVSRQVLELOLWLHVLIVHUYLQJDVERWKDVSRQVRUDQGLQYHVWLJDWRUIRU)'$
UHJXODWHGUHVHDUFK
)XUWKHUPRUHE\FKHFNLQJWKLVER[,DOVRDWWHVWWKDW
,KDYHDSSURSULDWHIDFLOLWLHVDQGUHVRXUFHVIRUFRQGXFWLQJWKHVWXG\
,DPDZDUHRIDQGWDNHIXOOUHVSRQVLELOLW\IRUWKHDFFXUDF\RIDOOPDWHULDOVVXEPLWWHGWRWKH,5%IRUUHYLHZ
,IDSSO\LQJIRUDQH[HPSWLRQ,DOVRFHUWLI\WKDWWKHRQO\LQYROYHPHQWRIKXPDQVXEMHFWVLQWKLVUHVHDUFKVWXG\ZLOOEHLQWKH
FDWHJRULHVVSHFLILHGLQWKH3URWRFRO7\SH([HPSWLRQ&DWHJRULHVVHFWLRQ
,IDSSO\LQJIRUDQ$EEUHYLDWHG$SSOLFDWLRQ$$WRUHO\RQDQH[WHUQDO,5%,XQGHUVWDQGWKDWFHUWDLQLWHPVDERYH
PD\QRWDSSO\RUPD\EHDOWHUHGGXHWRH[WHUQDOLQVWLWXWLRQDO,5%SROLFLHV,GRFXPHQWP\DJUHHPHQWZLWKWKH3ULQFLSDO
,QYHVWLJDWRU5HOLDQFH$VVXUDQFH6WDWHPHQWE\GLJLWDOO\VLJQLQJWKLVDSSOLFDWLRQ
<RXZLOOEHDEOHWRVLJQ\RXUDVVXUDQFHDIWHU\RXKDYHVHQW\RXUDSSOLFDWLRQIRUVLJQDWXUHVXVH6XEPLVVLRQVHFWLRQ3OHDVHQRWLI\WKH
SHUVRQQHOUHTXLUHGIRUVLJQLQJ\RXU,5%DSSOLFDWLRQDIWHUVHQGLQJIRUVLJQDWXUHV2QFHDOOVLJQDWXUHVKDYHEHHQUHFRUGHG\RXZLOOQHHG
WRUHWXUQWRWKLVVHFWLRQWRVXEPLW\RXUDSSOLFDWLRQWR25,
Section 18 Page 2 of 2
88617
CLOSED

68%0,66,21,1)250$7,21
XQUHVROYHG
FRPPHQWV
,IWKLV&RQWLQXDWLRQ5HYLHZHQWDLOVDFKDQJHLQWKHVFRSHRI\RXUDFWLYLWLHVWRLQFOXGH&29,'UHODWHGUHVHDUFKSOHDVH
LQVHUW³&29,'´DWWKHVWDUWRI\RXU3URMHFWDQG6KRUW7LWOHV
(DFK6HFWLRQ6XEVHFWLRQLQWKHPHQXRQWKHOHIWPXVWKDYHDFKHFNPDUNEHVLGHLWH[FHSWWKLV6XEPLVVLRQVHFWLRQLQGLFDWLQJWKH
6HFWLRQ6XEVHFWLRQKDVEHHQFRPSOHWHG2WKHUZLVH\RXUVXEPLVVLRQIRU,5%UHYLHZDQGDSSURYDOFDQQRWEHVHQWWRWKH2IILFHRI
5HVHDUFK,QWHJULW\,5%
,IDSSOLFDEOHUHPHPEHUWRXSGDWHWKH$SSURYDO/HWWHU'HWDLOVWH[WER[XQGHUWKH$GGLWLRQDO,QIRUPDWLRQVHFWLRQ
,I\RXUPDWHULDOVUHTXLUHUHYLHZDWDFRQYHQHG,5%PHHWLQJZKLFK\RXZLOOEHDVNHGWRDWWHQGLWZLOOEHVFKHGXOHGRQWKHQH[WDYDLODEOH
DJHQGDDQG\RXZLOOUHFHLYHDPHVVDJHWRQRWLI\\RXRIWKHGDWH
,I\RXDUHPDNLQJDFKDQJHWRDQDWWDFKPHQW\RXQHHGWRGHOHWHWKHDWWDFKPHQWXSORDGDKLJKOLJKWHGYHUVLRQWKDWFRQWDLQVWKHFKDQJHV
XVH'RFXPHQW7\SHRI+LJKOLJKWHG&KDQJHVDQGDYHUVLRQWKDWFRQWDLQVWKHFKDQJHVZLWKRXWDQ\KLJKOLJKWVXVHWKHDSSURSULDWH
'RFXPHQW7\SHIRUWKHLWHPV'RQRWGHOHWHDSSURYHGDWWDFKPHQWVWKDWDUHVWLOOLQXVH
3ULQFLSDO,QYHVWLJDWRU¶V$VVXUDQFH6WDWHPHQW
,XQGHUVWDQGWKH8QLYHUVLW\RI.HQWXFN\¶VSROLFLHVFRQFHUQLQJUHVHDUFKLQYROYLQJKXPDQVXEMHFWVDQG,DWWHVWWR
 +DYLQJUHYLHZHGDOOWKHLQYHVWLJDWLRQDOGDWDIURPWKLVVWXG\LQFOXGLQJDFRPSLODWLRQRIDOOLQWHUQDODQGH[WHUQDOXQDQWLFLSDWHG
SUREOHPV
 +DYLQJUHYLHZHGLIDSSOLFDEOHLQIRUPDWLRQIURPWKHVSRQVRULQFOXGLQJXSGDWHGLQYHVWLJDWRUEURFKXUHVDQGGDWDDQGVDIHW\
PRQLWRULQJERDUGUHSRUWV
,DOVRDWWHVWWKDW,KDYHUHYLHZHGSHUWLQHQWPDWHULDOVFRQFHUQLQJWKHUHVHDUFKDQGFRQFOXGHG
7KHKXPDQVXEMHFWULVNEHQHILWUHODWLRQVKLSLVXQDIIHFWHGPLWLJDWHGRUHOLPLQDWHGE\FORVXUHRIWKHVWXG\DQGDOOSHUWLQHQW
PDWHULDOVIRUFORVXUHRIWKHUHVHDUFKDUHEHLQJVXEPLWWHGWRWKH,5%IRUFRQVLGHUDWLRQ
%\FKHFNLQJWKLVER[,DPSURYLGLQJDVVXUDQFHVIRUWKHDSSOLFDEOHLWHPVOLVWHGDERYH
<RXUSURWRFROKDVEHHQVXEPLWWHG
Section 19 Page 1 of 1
88617
CLOSED


'RFXPHQW7\SH
)LOH/RDGHG
'RFXPHQW
'HVFULSWLRQ
)LOH
6L]H
0RGLILHG
%\
0RG'DWH
6WXG\&ORVXUH
6WXG\&ORVXUHSGI


MONHDU

$0
&5B(QWLUH&RQVHQW 3DWLHQW&RQVHQWSGI


FFEO

30
&5B(QWLUH&RQVHQW 3DWLHQWFRQVHQWSGI


FFEO

30
6WXG\'HYLFH
B6WXG\'HYLFHBSGI


FFEO

30
6SRQVRU,QY7UDLQLQJ 7LPRQH\WUDLQLQJSGI


FFEO

30
$GG,QIR3URGXFW
,5%5HTXHVWHG5HYLVLRQVSGI
,5%5HTXHVWHG
5HYLVLRQV

VFEH

30
'DWD&ROOHFWLRQ
GVVBBBBSDWHOBGV
BVGFSGI
326$6REVHUYHUVFDOH 
FFEO

30
'DWD&ROOHFWLRQ
B'DWD&ROOHFWLRQBSGI
6FDU6XUYH\

FFEO

30
'RZQORDGDOO
Section 20 Page 1 of 1
88617
CLOSED

3URWRFRO&KDQJHV
3URWRFRO1XPEHU
&OLFNOLQNWRVRUW&KDQJHG'DWH
6WXG\3HUVRQQHO&KDQJHV
3URMHFW,QIRUPDWLRQ,V5HOLDQFH5HTXHVWHGFKDQJHGE\FFEORQ30
1
Section 21 Page 1 of 1
88617
CLOSED


3URWRFRO7\SH&RPPHQWE\&RG\%ODQFKDUG3,WR3,RQ30
+LWKLVTXHVWLRQGRHVQRWDSSO\WRRXUVWXG\7KHUHZHUHQRUHVXOWVWRFRPPXQLFDWHDVWKHUHZHUHQRWHVWVWKDWZHUHGRQH7KLVZDVSXUHO\DQ
REVHUYDWLRQDOVWXG\ZLWKDVXUYH\WKDWWKHSDWLHQWILOOHGRXWLQWKHLUSRVWRSDSSRLQWPHQW,DPQRWVXUHZKDWWKHYLRODWLRQLVWKDWLVEHLQJDOOHJHG
KHUH
3URWRFRO7\SH&RPPHQWE\-HQQLIHU.HDUQV25,WR,5%3,RQ30
%RWKRIWKHXSORDGHGVLJQHGFRQVHQWVDUHPLVVLQJFKHFNER[HVDQGLQLWLDOVLQWKHSDUDJUDSKUHSHUPLVVLRQWRFRQWDFWSDUWLFLSDQWVIRUUHWXUQRI
UHVXOWVRULQFLGHQWDOILQGLQJVS3OHDVHVXEPLWDYLRODWLRQUHSRUWIRUWKLVLVVXHDQGLQFOXGHWKHIROORZLQJ:DVWKLVPLVVHGRQDOORIWKH
VLJQHGFRQVHQWV"DQG'R\RXDQWLFLSDWHDQ\LVVXHVDULVLQJIURPPLVVLQJWKLVVHOHFWLRQ"LHKRZOLNHO\LVLWWKDWWKHUHZHUHDQ\LQFLGHQWDO
ILQGLQJVRUUHVXOWVWREHUHWXUQHG"/HWPHNQRZLI\RXKDYHTXHVWLRQVDERXWWKLVUHTXHVW
Section 22 Page 1 of 1
88617
CLOSED

-+"

'-# #+, 
		'#*.+(-((%+(0-(,#,
+# 
#-%
''%1,#,( +&('/,(',(+%.-.+,#'$#'%(,.+ (+
+(0-(,#,+(.+,


.+,--#,-#%'%1,#,)%' (+-"#,)#%(-,-.1(',#,-,( .,#'!('%1-!-"+.,#'!-"
,.+/1&#'#,-+-()-#'-,--"#+)(,-()+-#//#,#-,.,-"#,,.+/1'
&(!+)"#--()+ (+&,#,+#)-#/,--#,-#,-(--# -"+0,#  +'
-0'-"+)(+-+-,( )-#'-,-#, -#(''+-#'!,( -"#+,+,



	


	

(!#!"!(""!#'"!&#!
#(	(!(!#!%!"$""!"$#$!"

(0,=0,>6492D:@?:.3::>0B30?30=:=9:??:A:7@9?00=1:=,=0>0,=.3>?@/D,-:@?>.,=,;;0,=,9.0,1?0=-=:B
741?>@=20=D(0,=0,>6492D:@-0.,@>0D:@8,D=0.04A0?34>-=:B741?>@=20=D>::9&34>;,204>?:24A0D:@60D
491:=8,?4:9?:307;D:@/0.4/0B30?30=?:;,=?4.4;,?0(03,A049.7@/0//0?,470/491:=8,?4:9,1?0=?34>;,20>6
?30=0>0,=.3?0,8<@0>?4:9>1D:@3,A0<@0>?4:9>7,?0=?30.:9?,.?491:=8,?4:91:=?30=0>0,=.349A0>?42,?:=49
.3,=20:1?30>?@/D4>-07:B

&#"#"#$($#&&#"#
D/:492?34>>?@/DB03:;0?:70,=9,-:@?>.,=1:=8,?4:9/4110=09.0>-0?B009?B:.:88:97D@>0/>@=24.,7
.7:>492?0.394<@0>&30/0A4.0-04920A,7@,?0/4>0=8,-:9/B34.34>@>0/1:=>649.7:>@=0498,9D/4110=09?
80/4.,7;=:.0/@=0>-@?4>49A0>?42,?4:9,749-=:B;?:>4>A0=>@>?30>?,9/,=/:1.,=0B34.34>9:9,->:=-,-70
>@?@=0> ):@= ;,=?4.4;,?4:9 49 ?34> =0>0,=.3 B477 7,>? ,-:@?  8:9?3> ):@ B477 1477 :@? , >@=A0D ,-:@? ?30
,;;0,=,9.0:1D:@=>.,=	/,D>,9/8:9?3>,1?0=>@=20=D

&#!(!""($#"#%$#!!#""#$(
&:307;@>@9/0=>?,9/?309,?@=0:1>.,=1:=8,?4:9-0?B009?30>0?B:.:88:9>@=24.,780?3:/>1:=.7:>492
>649:=,.:8;70?0/0>.=4;?4:9:1-09014?>=010=?:?300?,470/:9>09?

&#!(!""($#"##%$#!!#""#$(
$0,>:9>?:9:?;,=?4.4;,?049?34>>?@/D4>?3,?4?B4779:?/4=0.?7D-09014?D:@=30,7?3,9/D:@B477-0=,9/:87D
,>>4290/?:,;=:.0/@=02=:@;:=,.:8;70?0/0>.=4;?4:9:1=4>6>=010=?:?300?,470/:9>09?
9,7?0=9,?4A0?:;,=?4.4;,?49249?34>>?@/D4>?:9:?;,=?4.4;,?0:=,.:8;70?0/0>.=4;?4:9:1,7?0=9,?0
?=0,?809?;=:.0/@=0>=010=?:?300?,470/:9>09?

($%##!##"#$(
1D:@/0.4/0?:?,60;,=?49?30>?@/D4?>3:@7/-0-0.,@>0D:@=0,77DB,9??:A:7@9?00=):@B4779:?7:>0,9D
>0=A4.0>-09014?>:==423?>D:@B:@7/9:=8,77D3,A041D:@.3::>09:??:A:7@9?00=
>,>?@/09?41D:@/0.4/09:??:?,60;,=?49?34>>?@/DD:@=.3:4.0B4773,A09:0110.?:9D:@=,.,/084.>?,?@>
:=.7,>>2=,/0>

&#($% $"#""$"#"!!"
1D:@3,A0<@0>?4:9>>@220>?4:9>:=.:9.0=9>=02,=/492?34>>?@/D:=D:@B,9??:B4?3/=,B1=:8?30>?@/D
.:9?,.?#0?0=&48:90D :1?30'94A0=>4?D:109?@.6D0;,=?809?:1";3?3,78:7:2D,?
	

1D:@3,A0,9D.:9.0=9>:=<@0>?4:9>,-:@?D:@==423?>,>,A:7@9?00=49?34>=0>0,=.3.:9?,.?>?,1149?30
'94A0=>4?D:109?@.6D'"114.0:1$0>0,=.39?02=4?D"$-0?B009?30-@>490>>3:@=>:1,8,9/;8
%& :9/,D=4/,D,?

:=?:771=00,?	















&"#$( $%(

&#
	
!$
 '$%$ ")$ 


		

!#!!""&(($&$# $(!#""#$(

1D:@,=0@9/0=?30,20:1	:=:7/0=?30,20:1	D:@B4779:?<@,74?D1:=?34>>?@/D9,//4?4:941D:@,=0:97D
=0.04A492,-=:B741?:9:90>4/0D:@B4779:?<@,741D

&!&#"#$(#&#"###$##%%
&30=0>0,=.3;=:.0/@=0>B477-0.:9/@.?0/,??30'94A0=>4?D:109?@.6D0;,=?809?:1";3?3,78:7:2D7494.>
):@B477900/?:.:80?:?B:>3:=?1:77:B@;A4>4?>/@=492?30>?@/D:90B006,1?0=?30>@=20=D,9/
8:9?3>
,1?0=B,=/>,9/.:8;70?0:90>@=A0D1=:83:80

&#&($"#


7424-70>@-50.?>B477-0,>60/?:@9/0=2::90:1?B:/4110=09?>649.7:>492?0.394<@0>1:=?304=-=:B;?:>4>30,AD
:=/=::;D0D0>=0;,4=%@-50.?>B477-0=,9/:87D,>>4290/?:,?=0,?809?,=8:1=423?-=:BA>701?-=:B@>492,
.:8;@?0=2090=,?:=&30>649.7:>492?0.394<@0>,=0,7749.:88:9@>0,9/.:9>4/0=0/9:=8,7.,=0&3014=>?
?0.394<@04>@>492>@?@=0>?:.7:>0?30:@?0=8:>?;,=?:1D:@=0D074/>649&30>0.:9/?0.394<@0@>0>
0=8,-:9/>649,/30>4A027@0?:.7:>0?30:@?0=8:>?;,=?:1D:@=0D074/>64977:?30=,>;0.?>:1?30
;=:.0/@=0,=0?30>,800=8,-:9/4>9:?=:@?4907D@>0/,?'94A0=>4?D:109?@.6D/@=492-=:B741?;=:.0/@=0>
1:=.7:>@=0:1:@?0=8:>?;,=?:1?300D074/>649-@?0=8,-:9/4>,;;=:A0/1:=.7:>@=0:1B:@9/>1=:8
84948,77D49A,>4A0>@=20=D%@->0<@09?7DD:@B477.:8;70?0,>@=A0D?:2=,/0?30,;;0,=,9.0:10,.3>.,=
01:=0,9/,1?0=;3:?:2=,;3>B477,7>:-0?,6091:==0>0,=.3;@=;:>0>


&#!#""!"""!#"


"90;:>>4-70=4>64>?301:=8,?4:9:1>.,=>(3470?30>@=24.,727@04>.:88:97D@>0/?:.7:>0>8,77B:@9/>7460
?3:>049D:@=;=:.0/@=0?30=04>7484?0/0C;0=409.049@>4924?49?34>;,=?4.@7,=>@=20=D9DB:@9/.7:>@=04>
>@-50.??:4910.?4:9,9/B:@9//034>.09.0B:@9/:;094929:?30==4>6?3,?4>;:>>4-70-@?@974607D4>,7:.,7
>649=0,.?4:9?:?300=8,-:9/

9?30.,>0:1,-=0,.349.:914/09?4,74?DD:@=>:.4,7;>D.3:7:24.,7,9/08:?4:9,730,7?38,D-0;@?,?=4>6
&30=04>,7B,D>,.3,9.0?3,?,9D80/4.,7?=0,?809?.,93,=8D:@&30=0>0,=.3?=0,?809?>;=:.0/@=0>49?34>
>?@/D,=09:/4110=09?9,//4?4:9?:=4>6>/0>.=4-0/49?34>.:9>09?D:@8,D0C;0=409.0,;=0A4:@>7D@969:B9
=4>6:=>4/00110.?

&($#!#!##""#$(
):@B4779:?20?,9D;0=>:9,7-09014?1=:8?,6492;,=?49?34>>?@/D

($B#&###!##"#$(!#!#!"
1D:@/:9:?B,9??:-049?30>?@/D?30=0,=09::?30=.3:4.0>0C.0;?9:??:?,60;,=?49?30>?@/D):@=>?,9/,=/:1
.,=0B4779:?-0,110.?0/-D.3::>4929:??:;,=?4.4;,?0

&#&#"#($#!##
&30=04>9:,//4?4:9,7.:>?1:=;,=?4.4;,?4:949?34>>?@/D
):@,9/:=D:@=49>@=,9.0.:8;,9D 0/4.,=0:= 0/4.,4/B477-0=0>;:9>4-701:=?30.:>?>:1,77.,=0,9/?=0,?809?
?3,?D:@B:@7/9:=8,77D=0.04A01:=,9D.:9/4?4:9>D:@8,D3,A0&30>0,=0.:>?>?3,?,=0.:9>4/0=0/80/4.,77D
90.0>>,=D,9/B477-0;,=?:1?30.,=0D:@=0.04A00A0941D:@/:9:??,60;,=?49?34>>?@/D
&30'94A0=>4?D:109?@.6D8,D9:?-0,77:B0/?:-477D:@=49>@=,9.0.:8;,9D 0/4.,=0:= 0/4.,4/1:=?3080/4.,7

;=:.0/@=0>/:90>?=4.?7D1:==0>0,=.3&30=01:=0?30>0.:>?>B477-0;,4/-D?30>?@/D

&&"#!###($%
(309B0B=4?0,-:@?:=>3,=0?30=0>@7?>1=:8?30>?@/DB0B477B=4?0,-:@??30.:8-490/491:=8,?4:9(0B477
600;D:@=9,80,9/:?30=4/09?41D492491:=8,?4:9;=4A,?0(0B4778,600A0=D011:=??:;=0A09?,9D:90B3:4>9:?
:9?30=0>0,=.3?0,81=:869:B492?3,?D:@2,A0@>491:=8,?4:9:=B3,??3,?491:=8,?4:94>(0B4778,600A0=D
011:=??:;=0A09?,9D:90B3:4>9:?:9?30=0>0,=.3?0,81=:8,..0>>492D:@=491:=8,?4:9:=69:B492D:@=>?,?@>
49?30>?@/D9:=/0=?:;=:?0.??30.:914/09?4,74?D:1:@=/,?,B0B477@?474E0?301:77:B492?,.?4.>=08:A0
4/09?41D492491:=8,?4:9409,801=:880/4.,7491:=8,?4:9>?:=080/4.,7491:=8,?4:949,;,>>B:=/;=:?0.?0/
/,?,-,>0,9/7484?,..0>>?:A40B80/4.,7491:=8,?4:9?:?30=0>0,=.3?0,8B3:>429,7,B-49/492.:9?=,.??:
9:?/4A@720,9D491:=8,?4:9(309?=,9>;:=?492,9D80/4.,7491:=8,?4:9:9,;:=?,-70>?:=,20/0A4.0,9D,9/,77
;:=?,-70>?:=,20/0A4.0>B477-009.=D;?0/,9/=0<@4=0,;,>>B:=/?:,..0>>9D;,;0==0.:=/>@>0/?:=0.:=/
/,?,B477-0>3=0//0/:=/4>;:>0/49,;,?409?491:=8,?4:9;=:?0.?0/8,990=,1?0=?30/,?,4>=0.:=/0/:9,9
070.?=:94.>D>?08

):@>3:@7/69:B?3,?49>:80.,>0>B08,D3,A0?:>3:BD:@=491:=8,?4:9?::?30=;0:;70-0.,@>0
:=0C,8;70?307,B8,D=0<@4=0@>?:>3,=0D:@=491:=8,?4:9B4?3
•
,.:@=?:=,209.40>41D:@3,A0,=0;:=?,-70/4>0,>0.:9/4?4:9 
•
,@?3:=4?40>41D:@=0;:=?491:=8,?4:9,-:@?,.347/-0492,-@>0/:=41D:@;:>0,/,920=?:D:@=>071:=
>:80:9007>0 
$,;4>,>0.@=0B0--,>0/;=:2=,8?:.,;?@=0,9/>?:=0/,?,,??30'94A0=>4?D:109?@.6D(0B4778,60
0A0=D011:=??:>,102@,=/D:@=/,?,49$,;:B0A0=24A09?309,?@=0:1:97490>@=A0D>B0.,99:?
2@,=,9?00?30>0.@=4?D:1/,?,:-?,490/-DB,D:1?309?0=90?

($"#&#!&!#"#$(!(
):@.,9.3::>0?:70,A0?30>?@/D,?,9D?480):@B4779:?-0?=0,?0//4110=09?7D41D:@/0.4/0?:>?:;?,6492;,=?
49?30>?@/D
1D:@.3::>0?:70,A0?30>?@/D0,=7D/,?,.:770.?0/@9?47?3,?;:49?B477=08,4949?30>?@/D/,?,-,>0,9/8,D9:?
-0=08:A0/
&3049A0>?42,?:=>.:9/@.?492?30>?@/D8,D900/?:=08:A0D:@1=:8?30>?@/D):@8,D-0=08:A0/1=:8?30
>?@/D41
•
D:@,=09:?,-70?:1:77:B?30/4=0.?4:9> 
•
B0149/?3,?D:@=;,=?4.4;,?4:949?30>?@/D4>8:=0=4>6?3,9-09014??:D:@:= 

!($!##!($!###!!"!"#$(##"
#"!###"
):@8,D?,60;,=?49?34>>?@/D41D:@,=0.@==09?7D49A:7A0/49,9:?30==0>0,=.3>?@/D?4>48;:=?,9??:70??30
49A0>?42,?:=D:@=/:.?:=69:B41D:@,=049,9:?30==0>0,=.3>?@/D):@>3:@7//4>.@>>?34>B4?3?30
49A0>?42,?:=D:@=/:.?:=-01:=0D:@,2=00?:;,=?4.4;,?049,9:?30==0>0,=.3>?@/DB3470D:@,=049?34>>?@/D

&#"($#$!#!"$!#"#$(
1D:@-0740A0D:@,=03@=?:=41D:@20?>4.6-0.,@>0:1>:80?3492?3,?4>/@0?:?30>?@/DD:@>3:@7/.,77#0?0=
&48:90D ,?
	
4880/4,?07D
=#0?0=&48:90DB477/0?0=8490B3,??D;0:1?=0,?809?41,9D4>-0>?1:=D:@,??3,??480
?4>48;:=?,9?1:=D:@?:@9/0=>?,9/?3,??30'94A0=>4?D:109?@.6D/:0>9:?3,A01@9/>>0?,>4/0?:;,D1:=?30
.:>?:1,9D.,=0:=?=0,?809??3,?8423?-090.0>>,=D-0.,@>0D:@20?3@=?:=>4.6B3470?,6492;,=?49?34>>?@/D
7>:?30'94A0=>4?D:109?@.6DB4779:?;,D1:=,9DB,20>D:@8,D7:>041D:@,=03,=80/-D?34>>?@/D
 0/4.,7.:>?>=07,?0/?:D:@=.,=0,9/?=0,?809?-0.,@>0:1>?@/D=07,?0/3,=8
•
B477-0D:@==0>;:9>4-474?D 

:D:@24A0D:@=;0=84>>4:9?:-0.:9?,.?0/49?301@?@=0-D=&48:90D:=34>>?,11=02,=/492D:@=B47749290>>
?:;,=?4.4;,?0491@?@=0=0>0,=.3>?@/40>
(-;
7
61<1)4;

):@/:9:?24A0@;D:@=702,7=423?>-D>429492?34>1:=8

&($!%(!&!"!#!##""#$(
):@B4779:?=0.04A0,9D=0B,=/>:=;,D809?1:=?,6492;,=?49?30>?@/D

&#&!#"!$!#"#$(####($!"#
!##
(0B477?077D:@41B070,=990B491:=8,?4:9?3,?.:@7/.3,920D:@=849/,-:@?>?,D49249?30>?@/D(08,D,>6
D:@?:>429,90B.:9>09?1:=841?30491:=8,?4:94>;=:A4/0/?:D:@,1?0=D:@3,A05:490/?30>?@/D

&($%%$!"$#"!#!"!#"#"
090=,77D?0>?>/:901:==0>0,=.3;@=;:>0>,=09:?80,9??:;=:A4/0.7494.,7491:=8,?4:9(0B4779:?;=:A4/0
D:@B4?349/4A4/@,7=0>0,=.3=0>@7?>
:D:@24A0;0=84>>4:91:=@>?:.:9?,.?D:@,-:@?=0>0,=.3=0>@7?>:= 49.4/09?,7149/492>?3,?,=0/0?0=8490/?:
-048;:=?,9??:D:@D:@=1,847DH>30,7?39.4/09?,7149/492>,=0@91:=0>009149/492>/4>.:A0=0//@=492?30
.:@=>0:1?30=0>0,=.3?3,?8,D,110.?D:@:=D:@=1,847DH>30,7?3

)0>
 !:

94?4,7>
):@8,D,7>:B4?3/=,BD:@=.:9>09??:-0.:9?,.?0/B4?3491:=8,?4:9,-:@?=0>0,=.3=0>@7?>:=49.4/09?,7
149/492> -D>09/492,B=4??09=0<@0>??:&&!#0?0=&48:90D 		:99&0==,.0%@4?00C492?:9
)

&&##($&#!#$#!##$#$!"#$"
&30=0>0,=.3>?,11B:@7/7460?:.:9?,.?D:@49?301@?@=0B4?3491:=8,?4:9,-:@?;,=?4.4;,?49249,//4?4:9,7>?@/40>
1>:4?B477-07484?0/?:
?480>;0=D0,=


&#"($#&
1D:@A:7@9?00=?:?,60;,=?49?34>>?@/DD:@B477-0:90:1	;0:;70?:/:>:,??30'94A0=>4?D:109?@.6D

&($!!#$"!$#$!!"!
):@=491:=8,?4:9.:770.?0/1:=?34>>?@/DB477!"&-0@>0/:=>3,=0/1:=1@?@=0=0>0,=.3>?@/40>0A0941B0
=08:A0?304/09?414,-70491:=8,?4:97460D:@=9,8080/4.,7=0.:=/9@8-0=:=/,?0:1-4=?3

		 	
 			
 
		
&30;=4A,.D7,B#0,7?39>@=,9.0#:=?,-474?D,9/..:@9?,-474?D.?=0<@4=0>=0>0,=.30=>?:;=:?0.?D:@=
30,7?3491:=8,?4:9&301:77:B492>0.?4:9>:1?301:=8/0>.=4-03:B=0>0,=.30=>8,D@>0D:@=30,7?3491:=8,?4:9
(7=:0-)4<016.7:5)<176<0)<5)@*-)++-;;-,=;-,)6,7::-4-);-,16+4=,-;
•
08:2=,;34.491:=8,?4:9,9/>.,=>@=A0D=0>@7?>08:2=,;34.491:=8,?4:949.7@/0>,20>0C,9/=,.0
#,?409?34>?:=D,9/;3D>4.,70C,8149/492>8,D-0=0;:=?0/49,>.409?414.5:@=9,7,=?4.70 
#0-!-;-):+0-:;5)@=;-)6,;0):-@7=:0-)4<016.7:5)<176?1<0
•
&30'94A0=>4?D:109?@.6DH>9>?4?@?4:9,7$0A40B:,=/"114.0:1$0>0,=.39?02=4?D 
•
,B091:=.0809?,209.40>B309=0<@4=0/-D7,B 
•
'94A0=>4?D:109?@.6D=0;=0>09?,?4A0> 
•
$0/,;>:97490>0.@=0>@=A0D;7,?1:=8 
•
::/,9/=@2/8494>?=,?4:9 
•
'0,7?3%D>?08#?30070.?=:94.80/4.,7=0.:=/ 
•
0,7?3%D>?08>:@?>4/0:1'B4?3B34.3D:@3,A0,;,?409?=07,?4:9>34; 
&30=0>0,=.30=>,2=00?::97D>3,=0D:@=30,7?3491:=8,?4:9B4?3?30;0:;7074>?0/49?34>/:.@809?
%3:@7/D:@=30,7?3491:=8,?4:9-0=070,>0/?:,9D:90?3,?4>9:?=02@7,?0/-D?30;=4A,.D7,BD:@=30,7?3
491:=8,?4:98,D-0>3,=0/B4?3:?30=>B4?3:@?D:@=;0=84>>4:93:B0A0=?30@>0:1D:@=30,7?3491:=8,?4:9B:@7/
>?477-0=02@7,?0/-D,;;74.,-7010/0=,7,9/>?,?07,B>
):@8,D9:?-0,77:B0/?:;,=?4.4;,?049?30=0>0,=.3>?@/D41D:@/:9:?>429?34>1:=81D:@/0.4/09:??:>429
?34>1:=84?B4779:?,110.?D:@=IGF
•
@==09?:=1@?@=030,7?3.,=0,??30'94A0=>4?D:109?@.6D 
•
@==09?:=1@?@=0;,D809?>?:?30'94A0=>4?D:109?@.6D 
•
-474?D?:09=:7749,9D30,7?3;7,9>41,;;74.,-70:= 
•
7424-474?D1:=-09014?>41,;;74.,-70 
.<-:;1/616/<0-.7:5@7=+)6+0)6/-@7=:516,)6,#4-<<0-:-;-):+0-:;+744-+<7::-4-);-@7=:
0-)4<016.7:5)<176:->73-<0-=<07:1A)<176.@7=:->73-<0-)=<07:1A)<176
•
%09/,B=4??0970??0=?:#0?0=&48:90D,?		:99&0==,.0%@4?00C492?:9)?:491:=8
348:1D:@=/0.4>4:9 
•
$0>0,=.30=>8,D@>0,9/=070,>0D:@=30,7?3491:=8,?4:9)4:-),@.:770.?0/1:=?34>=0>0,=.3>?@/D 
•
):@=;=:?0.?0/30,7?3491:=8,?4:98,D>?477-0@>0/,9/=070,>0/>3:@7/D:@3,A0,-,/=0,.?4:9
,/A0=>00A09? 
&30@>0,9/>3,=492:1D:@=491:=8,?4:93,>9:?4807484?
.@7=0)>-67<)4:-),@:-+-1>-,)+78@7.<0-:1>)+@7<1+-@7=5)@:-9=-;<76-.@7=0)>-)6@
9=-;<176;)*7=<@7=:8:1>)+@:1/0<;@7=;07=4,+76<)+<<0-$61>-:;1<@7.-6<=+3@B;:1>)+@..1+-:
*-<?--6<0-*=;16-;;07=:;7.)5)6,85"#76,)@:1,)@)<
	



	  
 	 

		
 		  
   
	 
 
  



"1/6)<=:-7.:-;-):+0;=*2-+<

)<-



:16<-,6)5-7.:-;-):+0;=*2-+<



#=49?0/9,80:1*,@?3:=4E0/+;0=>:9:-?,49492491:=80/.:9>09?,9/
#,@?3:=4E,?4:9
,?0
! "# "#$!"



#01;+76;-6<16+4=,-;<0-.7447?16/
•
-@6.7:5)<176)/- 
•
-<)14-,76;-6< 
•
"+):"=:>-@ 



(7=?144:-+-1>-)+78@7.<01;+76;-6<.7:5).<-:1<0);*--6;1/6-,