A Phase I, Randomized, Double-Blind, Parallel-Group, Study to Assess the Pharmacokinetics and Safety of Two Doses of PT010 and a Single Dose of PT003 in Healthy Chinese Adult Subjects Following A Single Administrations and After Chronic Administration for 7 Days
Phase: PHASE1
Conditions: Chronic Obstructive Pulmonary Disease
Sponsor: Pearl Therapeutics, Inc.



5HYLVHG&OLQLFDO6WXG\3URWRFRO
6WXG\&RGH
37
1&7
1&7
9HUVLRQ
9HU$PHQGPHQW
'DWH
0D\












$3KDVH,5DQGRPL]HG'RXEOH%OLQG3DUDOOHO*URXS6WXG\WR$VVHVV
WKH3KDUPDFRNLQHWLFVDQG6DIHW\RI7ZR'RVHVRI37DQGD6LQJOH
'RVHRI37LQ+HDOWK\&KLQHVH$GXOW6XEMHFWV)ROORZLQJ$6LQJOH
$GPLQLVWUDWLRQDQG$IWHU&KURQLF$GPLQLVWUDWLRQIRU'D\V



7KLVVXEPLVVLRQGRFXPHQWFRQWDLQVWUDGHVHFUHWVDQGFRQILGHQWLDOFRPPHUFLDOLQIRUPDWLRQGLVFORVXUHRIZKLFK
LVSURKLELWHGZLWKRXWSURYLGLQJDGYDQFHQRWLFHWR$VWUD=HQHFDDQGRSSRUWXQLW\WRREMHFW
7KHIROORZLQJ$PHQGPHQWVDUHLQFOXGHGLQWKLVUHYLVHGSURWRFRO

$PHQGPHQW1R 
'DWHRI$PHQGPHQW
9HUVLRQ
0D\
9HUVLRQ
2FWREHU
9HUVLRQ
1RYHPEHU
9HUVLRQ
-DQXDU\
9HUVLRQ
0D\




%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO )XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\ 
&RQILGHQWLDODQG3URSULHWDU\
3DJHRI
&OLQLFDO7ULDO3URWRFRO37
7LWOH
$ 3KDVH , 5DQGRPL]HG'RXEOH%OLQG3DUDOOHO*URXS6WXG\ WR
$VVHVVWKH3KDUPDFRNLQHWLFVDQG6DIHW\RI7ZR'RVHVRI37
DQGD6LQJOH'RVHRI37LQ+HDOWK\&KLQHVH$GXOW6XEMHFWV
)ROORZLQJ$6LQJOH$GPLQLVWUDWLRQDQG$IWHU&KURQLF
$GPLQLVWUDWLRQ IRU 'D\V
6WXG\1XPEHU
37$=FRGH'&
6WXG\3KDVH
3KDVH,
3URGXFW1DPH
%XGHVRQLGH*O\FRS\UURQLXPDQG )RUPRWHURO)XPDUDWH 0HWHUHG
'RVH,QKDOHU%*)0',37
*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
37*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH0HWHUHG'RVH
,QKDOHU*)) 0',
,QYHVWLJDWRU
6SRQVRU
3HDUO7KHUDSHXWLFV,QF
6SRQVRU&RQWDFW
9HUVLRQ1XPEHU
'DWH
2ULJLQDO3URWRFRO
9HUVLRQ
 0D\
5HYLVHG3URWRFRO
9HUVLRQ
 2FWREHU
5HYLVHG3URWRFRO
9HUVLRQ
1RYHPEHU
5HYLVHG3URWRFRO
9HUVLRQ
-DQXDU\
5HYLVHG3URWRFRO
9HUVLRQ
0D\
&RQILGHQWLDOLW\6WDWHPHQW
3URSHUW\RI3HDUO7KHUDSHXWLFV
7KLVGRFXPHQWLVFRQILGHQWLDODQGPD\QRWEHXVHGGLYXOJHGSXEOLVKHGRURWKHUZLVH
GLVFORVHGZLWKRXWFRQVHQWRI3HDUO7KHUDSHXWLFV,QF

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
6800$5<2)&+$1*(6,1&/8'(',17+,635272&2/
$0(1'0(179(56,21
'HVFULSWLRQRI&KDQJH
5DWLRQDOH
5HYLVHG(&*DQGYLWDOVLJQVDVVHVVPHQWWLPH
ZLQGRZIURPZLWKLQPLQXWHVSUHGRVHWR
ZLWKLQPLQXWHVSUHGRVHWRDOORZ
DGHTXDWHWLPHWRFRPSOHWHDOOSUHGRVHVWXG\
SURFHGXUHV
0LQRUFKDQJHWR(&*DQGYLWDOVLJQV
DVVHVVPHQWGXHWRRSHUDWLRQDO
FRPSOH[LW\LQWLPLQJUHTXLUHPHQWVIRU
RULJLQDOSURFHGXUHV
Other administrative changes to correct and/or clarify protocol language were also 
addressed.  These changes included edits for consistency, grammar, and typographical 
errors, which are not summarized in this table
6800$5<2)&+$1*(6,1&/8'(',135272&2/$0(1'0(17
9(56,21
'HVFULSWLRQRI&KDQJH
5DWLRQDOH
5HYLVHGWRWDOEORRGYROXPHWKURXJKRXWWKH
SURWRFRO6\QRSVLVDQG6HFWLRQ WR
UHIOHFWQHZWRWDOYROXPHIURPDSSUR[LPDWHO\
WRPOV
0LQRUFKDQJHWRWRWDOEORRGYROXPH
GXHWRORFDOODERUDWRU\UHTXLUHPHQWV
IRUVHURORJ\DQGKHPDWRORJ\
Other administrative changes to correct and/or clarify protocol language were also 
addressed.  These changes included edits for consistency, grammar, and typographical 
errors, which are not summarized in this table
6800$5<2)&+$1*(6,1&/8'(',135272&2/$0(1'0(17
9(56,21
7KH DPHQGHGVWXG\SURWRFRO37 9HUVLRQLQFOXGHVWKHIROORZLQJUHYLVLRQV WR
DOLJQZLWKSURWRFRODQGRWKHUUHTXLUHPHQWV
'HVFULSWLRQRI&KDQJH
5DWLRQDOH
&KDQJHGWLWOHSDJH WRLQFOXGH,QYHVWLJDWRU
LQIRUPDWLRQ
5HYLVHGWRUHIOHFWVLQJOHFHQWHUGHWDLOV
6HFWLRQ UHYLVHGUHIHUHQFHWR([FOXVLRQ
&ULWHULRQ
5HYLVHGIURP([FOXVLRQFULWHULD³´
WR³´
6HFWLRQUHYLVHGWRFODULI\SURFHVVDWWKH
VLWH
5HYLVHGGHOLYHU\VWXG\PHGLFDWLRQ
IURP³LQSDWLHQWFOLQLF´WR´GHOHJDWHG

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
'HVFULSWLRQRI&KDQJH
5DWLRQDOH
VWDII´
6HFWLRQIRU&OLQLFDO/DERUDWRU\7HVWV
VHFWLRQUHYLVHGIRUFRQVLVWHQF\
&ODULILHGYLVLWGHWDLOVIRUUHVSHFWLYH
SURFHGXUHVDQGIDVWLQJUHTXLUHPHQW
DQGUHPRYHGGHWDLOVWKDWQRORQJHU
DSSOLHG
6HFWLRQDQGUHYLVHGWRLQFOXGH
3HDUO3KDUPDFRYLJLODQFHUROH
&ODULILHGWKHVH VHFWLRQVWRUHIOHFW3HDUO
3KDUPDFRYLJLODQFHUROHYHUVXV
0HGLFDOPRQLWRUUROHIRUVDIHW\
UHSRUWLQJDQGLQYHVWLJDWLRQV
6HFWLRQYDULRXVVXEVHFWLRQV7DEOHV
DQGUHYLVHGWRLQFOXGHFRQVLVWHQF\DQG
FODULW\DQGLQFOXGHGSK\VLFDOH[DPDW9LVLW
DQGUHPRYHGIROORZXSWHOHSKRQHFDOOUHYLHZ
RIPHGLFDOKLVWRU\DQGGRFXPHQWDWLRQRIELUWK
FRQWUROFKDQJHV
&ODULILHGYLVLWGHWDLOVLQUHVSHFWLYH
7DEOHVDQGSURFHGXUHVHFWLRQV
LQFOXGLQJWDEOHIRRWQRWHUHIHUHQFHV
DQGODQJXDJHLQDOLJQPHQWZLWKUHODWHG
SURWRFROVHFWLRQVDQGLQFOXGHGDQ
DGGLWLRQDOSK\VLFDOH[DP
Other administrative changes to correct and/or clarify protocol language were also 
addressed.  These changes included edits for consistency, grammar, and typographical 
errors, which are not summarized in this table

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
6800$5<2)&+$1*(6,1&/8'(',17+,635272&2/
$0(1'0(179(56,21
7KH DPHQGHGVWXG\SURWRFRO37 9HUVLRQLQFOXGHVWKHIROORZLQJUHYLVLRQV
'HVFULSWLRQRI&KDQJH
5DWLRQDOH
&KDQJHG6SRQVRU&RQWDFWRQWLWOHDQGVSRQVRU
VLJQDWXUHSDJH
5HYLVHGWRUHIOHFWQDPHG&OLQLFDO
3URJUDP+HDG
7LWOH3DJH$=6WXG\QXPEHULQFOXGHG
$=FRGH'&DGGHGSHU
LQWHUQDOLQSXW
'HOHWHGµ&RKRUWV´DQGUHYLVHGDQWLFLSDWHG
VWXG\UXQWLPH *OREDO&KDQJH
&RKRUWVGRQRWDSSO\WRWKHFXUUHQW
VWXG\GHVLJQDQGUXQWLPHUHPRYHGWR
DOORZIOH[LELOLW\
5HYLVHG6HFRQGDU\2EMHFWLYHLQ6\QRSVLV
DQG6HFWLRQ
5HYLVHGWKLVREMHFWLYHIRUFRQVLVWHQF\
WKURXJKRXW WKHSURWRFRO
3KDUPDFRNLQHWLFDVVHVVPHQWVUHYLVHG LQ WKH
6\QRSVLV DQG%ORRGVDPSOHFROOHFWLRQ
6HFWLRQDQG/DERUDWRU\6DPSOH
&ROOHFWLRQ6WRUDJHDQG6KLSSLQJ6HFWLRQ

3RVWGRVH3.EORRGGUDZYROXPH
UHGXFHG DQGDWLPHSRLQWDWKUV
UHPRYHGWRPLQLPL]HVXEMHFW
GLVFRPIRUWDQGPXOWLSOHEORRGGUDZV
3URGXFWDSSURYDOVUHYLVHGIRU&KLQD LQ
6HFWLRQ
))DSSURYDOLQ&KLQDLVIRU&23'
RQO\
5HYLVHGKHDUWUDWHWRSXOVHUDWHIRUYLWDOVLJQV
LQ6HFRQGDU\(QGSRLQW6HFWLRQ9LWDO
6LJQV6HFWLRQDQG6DIHW\$QDO\VHV
6HFWLRQ
5HYLVHG³KHDUWUDWH´ZLWK³SXOVHUDWH´
WRUHIOHFWSURSHUSURFHGXUHDWWKHVWXG\
VLWH LQ&KLQD
'XUDWLRQUHYLVHGLQ6\QRSVLVDQG6WXG\
'XUDWLRQDQG'DWHVLQ6HFWLRQ
5HYLVHGWKHVWXG\GXUDWLRQWRGD\V
WRUHIOHFWGD\VRI VFUHHQLQJ
WUHDWPHQWGD\VDQGGD\VIRU
IROORZXS
,QFOXVLRQ&ULWHULDIRUJHQGHUUHYLVHG DQG
FULWHULD IRUWKHUHTXLUHPHQWIRUQRUPDOFKHVW
;UD\DQGDEGRPLQDOXOWUDVRXQGDGGHGLQ
6HFWLRQ
$VWKLVVWXG\ZLOOEHFRQGXFWHGLQ
&KLQD RQO\ WKHJHQHUDWLRQGHWDLOVIRU
RULJLQDQGGHVFHQWZDVUHPRYHG DQG
WKHRWKHUGLDJQRVWLFFULWHULDDGGHGWR
HQVXUHWKHVXEMHFW ZDVKHDOWK\
([FOXVLRQ&ULWHULD6HFWLRQ DQG3ULRU
&RQFRPLWDQWDQG3URKLELWHG0HGLFDWLRQV
6HFWLRQ DQG7DEOH/DERUDWRU\7HVWV
UHYLVHG
&KLQDVSHFLILFORFDOUHTXLUHPHQWV
LQFOXGHGIRU%ORRGFROOHFWLRQ
GRQDWLRQDQGWUDQVIXVLRQDIWHU
FRQILUPLQJ+,9SRVLWLYLW\IXUWKHU
&'&WHVWLQJLQFOXGHG6\SKLOLV
H[FOXVLRQDQGFDOFXODWLRQIRU*)5

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
'HVFULSWLRQRI&KDQJH
5DWLRQDOH
DGGHG 7DEOHFULWHULDIRU
JODXFRPDFODULILHG DVDFRPSOHWH
H[FOXVLRQVRDVWRLQFOXGHDKHDOWK\
YROXQWHHUSRSXODWLRQWKDWGRHVQRW
UHTXLUHWKHXVHRIFRQFRPLWDQW
PHGLFDWLRQV6HFWLRQWRWUHDWVXFK
D FRQGLWLRQ
)DVWLQJWLPHSHULRGLQFUHDVHGIURPWRKUV
SULRUWREORRGGUDZ LQ6HFWLRQ6HFWLRQ

5HYLVHGWRPDWFKWKHVWDQGDUG VLWH
UHTXLUHPHQWV
6WXG\&OLQLFDO6XSSOLHV 6HFWLRQ6HFWLRQ
DQG6HFWLRQ
7KLVVHFWLRQUHYLVHGWRLQFOXGH
HQYHORSHEDVHGUDQGRPL]DWLRQ
VFKHPH
6WXG\3URFHGXUHV6HFWLRQWKURXJK6HFWLRQ
DQG6HFWLRQ
6WXG\SURFHGXUHWLPH SRLQWVYLVLW
IUHTXHQF\ORFDOODERUDWRU\WHVWLQJ
FODULILHGDQGDOLJQHGEDVHGRQLQSXW
IURPVWXG\VLWHIRUORFDOUHTXLUHPHQWV
$GYHUVH(YHQWV6HFWLRQ
7KLVVHFWLRQUHYLVHGWRUHIOHFWFXUUHQW
H&5)FROOHFWLRQ UHTXLUHPHQWV
6DPSOH6L]HLQWKH6\QRSVLVDQG6HFWLRQ
7KLVVHFWLRQZDVXSGDWHGWRLQFOXGH
WKHGHVFULSWLRQRILQWHUVXEMHFW
YDULDELOLW\RIJO\FRS\UURQLXPDIWHU
VLQJOHGRVHDGPLQLVWUDWLRQ
Other administrative changes to correct and/or clarify protocol language were also 
addressed.  These changes included edits for consistency, grammar, and typographical 
errors, which are not summarized in this table
*ZKHQFKDQJHDIIHFWVWKH3URWRFROLQPRUHWKDQ6HFWLRQV

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJHRI
6<1236,6
6SRQVRU
3HDUO7KHUDSHXWLFV,QF³3HDUO´



1DPHVRI)LQLVKHG3URGXFWV
%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO37
%*) PHWHUHGGRVHLQKDOHU>0',@
*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO37*))0',
1DPHRI$FWLYH,QJUHGLHQWV
%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH
*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH
6WXG\7LWOH
$ 3KDVH,5DQGRPL]HG'RXEOH%OLQG3DUDOOHO*URXS6WXG\WR$VVHVVWKH
3KDUPDFRNLQHWLFVDQG6DIHW\RI7ZR'RVHVRI37DQGD6LQJOH'RVHRI37LQ
+HDOWK\&KLQHVH$GXOW6XEMHFWV)ROORZLQJ$6LQJOH$GPLQLVWUDWLRQDQG$IWHU&KURQLF
$GPLQLVWUDWLRQIRU'D\V
6WXG\1XPEHU37
6WXG\3KDVH,
3ULPDU\2EMHFWLYH
x
7RDVVHVVWKH 3KDUPDFRNLQHWLF3.SURILOHRIWZRGRVHVRI%*)0',DQGVLQJOHGRVH
RI*))0',LQKHDOWK\&KLQHVHDGXOWVXEMHFWVDIWHUVLQJOH DGPLQLVWUDWLRQDQGDIWHU
FKURQLF DGPLQLVWUDWLRQ IRUGD\V
6HFRQGDU\2EMHFWLYH
x
7RDVVHVVWKHVDIHW\DQGWROHUDELOLW\RIWZRGRVHVRI%*)0',DQGDVLQJOHGRVHRI*))
0',LQKHDOWK\&KLQHVHDGXOWVXEMHFWVDIWHUVLQJOHDGPLQLVWUDWLRQDQGDIWHUFKURQLF
DGPLQLVWUDWLRQIRU GD\V

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
6WXG\'HVLJQ
7KLV LVD 3KDVH , UDQGRPL]HGGRXEOHEOLQG SDUDOOHOJURXSVWXG\ WR DVVHVVWKH
SKDUPDFRNLQHWLFVDQGVDIHW\RI WZRGRVHVRI %*) 0',DQGDVLQJOHGRVHRI*))0', LQ
KHDOWK\ &KLQHVHDGXOWVXEMHFWV3KDUPDFRNLQHWLFVZLOOEH DVVHVVHG IROORZLQJ D VLQJOH
DGPLQLVWUDWLRQ DQGDIWHUFKURQLF DGPLQLVWUDWLRQIRUGD\V6DIHW\ZLOOEHDVVHVVHGGXULQJ
WKHGD\WUHDWPHQWSHULRGDQGWKURXJKRXWWKHHQWLUHVWXG\XQWLOVXEMHFWVDUHUHOHDVHGIURP
SDUWLFLSDWLRQ$OOVWXG\ GUXJVZLOOEHDGPLQLVWHUHG E\ RUDOLQKDODWLRQ,WLVSODQQHGWKDWWKH
VWXG\ ZLOOHQUROODQGUDQGRPL]HDQHVWLPDWHGHOLJLEOHVXEMHFWVWRRQHRIWUHDWPHQWJURXSV
LQDUDWLRWRKDYHDSSUR[LPDWHO\FRPSOHWHGVXEMHFWV6XEMHFWVZLOOUHFHLYHRQHRI
WKHWKUHHIROORZLQJ WUHDWPHQWV
%*) 0',  J
%*) 0',  J
*))0', J
7KLVVWXG\LQFOXGHVD6FUHHQLQJ3HULRGRIXSWR GD\VDQGDVLQJOH7UHDWPHQW3HULRGRI
 GD\V$IROORZXSSKRQHFDOOZLOOEHFRQGXFWHGDWOHDVW GD\VEXWQR ORQJHUWKDQ GD\V
DIWHUFRPSOHWLRQRIWKHODVWGRVH7KHPD[LPXPSDUWLFLSDWLRQLQWKHVWXG\IRUHDFKVXEMHFWLV
QRWH[SHFWHGWRH[FHHG DSSUR[LPDWHO\ GD\V
6WXG\3RSXODWLRQ
7KHSODQQHGVWXG\SRSXODWLRQLQFOXGHVDWRWDORIDSSUR[LPDWHO\ PDOH DQGIHPDOH DGXOW
KHDOWK\ &KLQHVHVXEMHFWV6XEMHFWVZLOOEHHQUROOHGDQGUDQGRPL]HGLQWKH VWXG\ WRSURYLGH
DSSUR[LPDWHO\  VXEMHFW FRPSOHWHUV

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
7HVW3URGXFW'RVHDQG0RGHRI$GPLQLVWUDWLRQ
,QYHVWLJDWLRQDOPDWHULDOVZLOOEHSURYLGHGE\3HDUO7KHUDSHXWLFVDVVXPPDUL]HG
3URGXFW1DPH	'RVH
3URGXFW6WUHQJWK
'RVDJH)RUP
)LOO&RXQW
$GPLQLVWUDWLRQ
%*)0',J
H[DFWXDWRU
 JDFWXDWLRQ
0',
LQKDODWLRQV
7DNHQDV
LQKDODWLRQV%,'
%*)0',J
H[DFWXDWRU
JDFWXDWLRQ
0',
LQKDODWLRQV
7DNHQDV
LQKDODWLRQV%,'
*))0',J
H[DFWXDWRU
JDFWXDWLRQ
0',
LQKDODWLRQV
7DNHQDV
LQKDODWLRQV%,'
3ODFHER
3ODFHER0',D
)RUPXODWLRQGRHVQRWFRQWDLQ
DFWLYHLQJUHGLHQW
0',
LQKDODWLRQV
6XEMHFWVZLOOXVHWKHSODFHER
0',IRUWUDLQLQJSXUSRVH
RQO\WRGHPRQVWUDWHSURSHU
XVHRIWKH0',RQ'D\
'D\DQG'D\DQGRQ
RWKHUWUHDWPHQWGD\VDV
QHHGHG SHUVLWH GLVFUHWLRQ
$EEUHYLDWLRQV%,' WZLFHGDLO\%*)0', EXGHVRQLGHJO\FRS\UURQLXPDQGIRUPRWHUROIXPDUDWH0', PHWHUHGGRVH
LQKDOHU *)) *O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH+)$ K\GURIOXRURDONDQH
D3ODFHER0',ZLOOEHXVHGIRUWUDLQLQJSXUSRVHV$OOSODFHERVDUHFUHDWHGE\3HDUOLQWKHLPDJHRIWKHDFWLYHWHVWSURGXFW
ZLWKQRDFWLYHPRLHWLHV
1RWH $OO VWXG\ GUXJV ZLOO EH DGPLQLVWHUHG E\ RUDO LQKDODWLRQ$VLQJOHGRVHRIVWXG\GUXJZLOOEHDGPLQLVWHUHGRQ'D\
DQG%,'GRVHVZLOOEHDGPLQLVWHUHG'D\WKURXJK'D\ZLWKDILQDOVLQJOHDGPLQLVWUDWLRQRIVWXG\GUXJRFFXUULQJRQWKH
PRUQLQJRI'D\$GPLQLVWUDWLRQ RIVWXG\GUXJVKRXOGRFFXU DW DSSUR[LPDWHO\ WKHVDPH WLPH RI GD\
'XUDWLRQRI7UHDWPHQW
,WLVSODQQHGWKDWHDFKVXEMHFWZLOOUHFHLYHVWXG\WUHDWPHQWIRUGD\V
'XUDWLRQRI6WXG\
7KHHQWLUHVWXG\SHULRGLVVFKHGXOHGWRWDNHDSSUR[LPDWHO\ ZHHNVH[SHFWHGUDQJHEHWZHHQ
WRZHHNVIRUHDFKLQGLYLGXDOVXEMHFW
3KDUPDFRNLQHWLF$VVHVVPHQWV
3KDUPDFRNLQHWLFVRI %*) 0', DQG*))0',ZLOOEH DVVHVVHG DQG FRPSDUHGXVLQJ SODVPD
FRQFHQWUDWLRQVRI EXGHVRQLGH JO\FRS\UURODWHDQG IRUPRWHURO)RUWKH VLQJOH GRVH
DGPLQLVWUDWLRQWLPH SRLQWVIRU SKDUPDFRNLQHWLF3. EORRGVDPSOH FROOHFWLRQZLOOEHSUH
GRVHZLWKLQ PLQXWHVDQGSRVWGRVH DWDQGPLQXWHV DQG DW
DQGKRXUV)ROORZLQJ  GD\V RI FKURQLFGRVLQJ %,' WLPH SRLQWVIRU 3. EORRGVDPSOH
FROOHFWLRQZLOOEH SUHGRVHZLWKLQ PLQXWHVDQGSRVWGRVH DW DQG PLQXWHV DQG
DW DQG  KRXUVVWDUWLQJRQWKHPRUQLQJRIWKHWKGD\
3KDUPDFRNLQHWLF SDUDPHWHUV FDOFXODWHG DIWHUVLQJOHGRVHDGPLQLVWUDWLRQ'D\  DQGFKURQLF
DGPLQLVWUDWLRQ 'D\  ZLOOLQFOXGHPD[LPXPSODVPD FRQFHQWUDWLRQ&PD[DSSDUHQWWRWDO
ERG\ FOHDUDQFH &/) DUHD XQGHU WKH SODVPD FRQFHQWUDWLRQWLPH FXUYH IURPWRKRXUV

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJHRI
$8&DQGWLPH WRPD[LPXPSODVPD FRQFHQWUDWLRQWPD[3KDUPDFRNLQHWLF SDUDPHWHUV
FDOFXODWHGDIWHUVLQJOHGRVHDGPLQLVWUDWLRQ'D\ZLOOLQFOXGHDUHDXQGHUWKHSODVPD
FRQFHQWUDWLRQWLPHFXUYHIURPWRWKHWLPHRIWKHODVWPHDVXUHDEOHSODVPDFRQFHQWUDWLRQ
$8&WDUHDXQGHUWKHSODVPDFRQFHQWUDWLRQWLPHFXUYHIURPH[WUDSRODWHGWRLQILQLW\
$8&HOLPLQDWLRQKDOIOLIHWòDSSDUHQWYROXPHRIGLVWULEXWLRQ9G)DQGWKHWHUPLQDO
HOLPLQDWLRQUDWHFRQVWDQWȜ]7KHDFFXPXODWLRQUDWLRIRU&PD[5$&>&PD[@DFFXPXODWLRQ
UDWLRIRU$8&5$&>$8&@ DQGWKHUDWLR$8&$8&ZLOOEHGHULYHGE\
WDNLQJVXEMHFWOHYHOUDWLRVRI'D\YDOXHVWR'D\YDOXHV
2WKHU3.SDUDPHWHUVPD\EHFDOFXODWHGDVDSSURSULDWH
6DIHW\$VVHVVPHQWV
7KHVDIHW\DQGWROHUDELOLW\SURILOHRIWZRGRVHVRI%*)0',DQGDVLQJOHGRVH*))0',
ZLOOEHDVVHVVHGXVLQJSK\VLFDOH[DPLQDWLRQILQGLQJVDGYHUVHHYHQW$(UHSRUWLQJYLWDO
VLJQYDOXHVFOLQLFDOODERUDWRU\YDOXHVDQGILQGLQJVIURPOHDGHOHFWURFDUGLRJUDPV
(&*V
6WDWLVWLFDO0HWKRGV
7ZRVXEMHFWSRSXODWLRQVZLOOEHXVHGIRUGDWDDQDO\VHVGXULQJWKHVWXG\DQGDUHGHILQHGDV
IROORZV
6DIHW\3RSXODWLRQ$OOVXEMHFWVZKRUHFHLYHDWOHDVWRQHGRVHRIDQ\EOLQGHGVWXG\GUXJ
3.3RSXODWLRQ$OOVXEMHFWVLQWKH6DIHW\3RSXODWLRQZKRKDYHVXIILFLHQWGDWDWRUHOLDEO\
FDOFXODWHDWOHDVWRQH3.SDUDPHWHUDQGGRQRWKDYHPDMRUSURWRFROGHYLDWLRQVWREH
GHWHUPLQHGSULRUWRXQEOLQGLQJ
6DIHW\$QDO\VHV6DIHW\DQGWROHUDELOLW\DQDO\VHVZLOOEHEDVHGRQGHVFULSWLYHVWDWLVWLFVIRU
(&*YLWDOVLJQVDQGODERUDWRU\PHDVXUHPHQWVDVDSSURSULDWHDQGDOVRRQIUHTXHQFLHVRI
$(VDQGWKHQXPEHURIVXEMHFWVZLWK$(V
3.$QDO\VHV 'HVFULSWLYHVWDWLVWLFVZLWKRXWPRGHODGMXVWPHQWZLOOEHXVHGWRGHVFULEHWKH
EXGHVRQLGHJO\FRS\UURODWHDQGIRUPRWHURO3.SDUDPHWHUVDIWHUWUHDWPHQWZLWKWZRGRVHVRI
%*)0',DQGVLQJOHGRVHRI*))0',
6DPSOH6L]H
3UHYLRXVVWXGLHVZLWK%*)0',VXJJHVWWKDWWKHLQWHUVXEMHFWYDULDELOLW\RIJO\FRS\UURQLXP
DIWHUVLQJOHGRVHDGPLQLVWUDWLRQPD\EHDVKLJKD

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
7$%/(2)&217(176
6800$5<2)&+$1*(6,1&/8'(',17+,6 35272&2/$0(1'0(17
9(56,21  
6800$5<2)&+$1*(6,1&/8'(',135272&2/$0(1'0(179(56,21
 
6800$5<2)&+$1*(6,1&/8'(',135272&2/$0(1'0(179(56,21
 
6800$5<2)&+$1*(6,1&/8'(',17+,635272&2/$0(1'0(17
9(56,21  
6<1236,6 
7$%/(2)&217(176 
/,672),17(;77$%/(6  
/,672),17(;7),*85(6 
/,672)$33(1',&(6 
$%%5(9,$7,216$1''(),1,7,216 
75$'(0$5.,1)250$7,21  
 
,1752'8&7,21$1'678'<5$7,21$/(  
 
6WXG\5DWLRQDOH 
 
678'<2%-(&7,9(6 
 
3ULPDU\2EMHFWLYH 
 
6HFRQGDU\ 2EMHFWLYH  
 
678'<(1'32,176 
 
3KDUPDFRNLQHWLF(QGSRLQW 
 
6HFRQGDU\(QGSRLQW 
 
,19(67,*$7,21$/3/$1 
 
2YHUDOO 6WXG\ 'HVLJQ DQG 3ODQ  
 
6WXG\ 'XUDWLRQ 
 
678'< 3238/$7,216(/(&7,21  
 
,QFOXVLRQ&ULWHULD  
 
([FOXVLRQ&ULWHULD  
 
6XEMHFW,GHQWLILFDWLRQ 
 
3ULRU &RQFRPLWDQW DQG 3URKLELWHG 0HGLFDWLRQV  
 
2WKHU 6WXG\5HVWULFWLRQV 
 
6XUJLFDO3URFHGXUH,QWHUYHQWLRQ5HVWULFWLRQV  
 
'LHWDU\5HVWULFWLRQV  
 
,OOLFLW'UXJVDQGRU'UXJVRI$EXVH5HVWULFWLRQ 
 
6PRNLQJ5HVWULFWLRQV 
 
5HPRYDO RI 6XEMHFWV IURP WKH 6WXG\ RU 6WXG\ 'UXJ 

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
 
/$%(/,1*3$&.$*,1*6725$*(',63(16,1*$1'5(78512)
&/,1,&$/6833/,(6 
 
6XEMHFW ,QIRUPDWLRQ  
 
'LVSHQVLQJ6WXG\'UXJ 
 
6WXG\'UXJ3URGXFW'HVFULSWLRQV  
 
6WXG\'UXJ3DFNDJLQJDQG%R[/DEHOLQJ,QIRUPDWLRQ 
 
(PHUJHQF\8QEOLQGLQJRI7UHDWPHQW$VVLJQPHQW  
 
6WRUDJH5HTXLUHPHQWV  
 
,QVWUXFWLRQVIRU3UHSDUDWLRQRI7UHDWPHQWVIRU$GPLQLVWUDWLRQDQG'LVSHQVLQJ 
 
6WXG\'UXJ$FFRXQWDELOLW\5HWXUQRI&OLQLFDO6XSSOLHV  
 
678'<352&('85(6  
 
,QIRUPHG&RQVHQW 
 
(OLJLELOLW\RI6XEMHFWV  
 
3KDUPDFRNLQHWLF$VVHVVPHQWV  
 
%ORRG6DPSOH&ROOHFWLRQ6FKHGXOH  
 
3URFHGXUHIRU6DPSOH&ROOHFWLRQ 
 
3URFHGXUHIRU6KLSSLQJ6DPSOHV 
 
6DIHW\$VVHVVPHQWV 
 
0HGLFDO+LVWRU\  
 
3K\VLFDO([DPLQDWLRQ 
 
9LWDO6LJQV 
 
/HDG(OHFWURFDUGLRJUDP  
 
&OLQLFDO/DERUDWRU\7HVWV 
 
/DERUDWRU\6DPSOH&ROOHFWLRQ6WRUDJHDQG6KLSSLQJ 
 
$GYHUVH(YHQWV  
 
3HUIRUPLQJ$GYHUVH(YHQWV$VVHVVPHQWV 
 
$GYHUVH(YHQW'HILQLWLRQV 
 
3UH5DQGRPL]DWLRQ$GYHUVH(YHQWV  
 
7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV  
 
6HYHULW\  
 
5HODWLRQVKLS  
 
&OLQLFDO/DERUDWRU\$GYHUVH(YHQWV 
 
6HULRXV$GYHUVH(YHQWV  
 
5HSRUWLQJ6HULRXV$GYHUVH(YHQWV  
 
6XSSOHPHQWDO,QYHVWLJDWLRQVRI6$(V 
 
3RVW6WXG\)ROORZ8SRI$GYHUVH(YHQWV 
 
1RWLILFDWLRQRI3RVW6WXG\6HULRXV$GYHUVH(YHQWV 
 
,QYHVWLJDWLRQDO5HVHDUFK%RDUG,QGHSHQGHQW(WKLFV&RPPLWWHH
1RWLILFDWLRQRI6HULRXV$GYHUVH(YHQWV 

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
 
+HDOWK$XWKRULW\6DIHW\5HSRUWV 
 
2YHUGRVH  
 
3UHJQDQF\ 
 
7HUPLQDWLRQRIWKH6WXG\  
 
678'<$&7,9,7,(6  
 
9LVLW6FUHHQLQJ'D\VWR'D\3ULRUWR5DQGRPL]DWLRQ 
 
9LVLW$GPLVVLRQWR&OLQLF'D\ 
 
9LVLW 'D\RI7UHDWPHQW 
 
'D\V±RI7UHDWPHQW 
 
9LVLW'D\  RI 7UHDWPHQW 
 
)ROORZ8S 7HOHSKRQH &DOO 
 
3/$11('67$7,67,&$/ 0(7+2'6  
 
*HQHUDO &RQVLGHUDWLRQV 
 
$QDO\VLV 3RSXODWLRQV 
 
'HPRJUDSKLFV DQG %DVHOLQH &KDUDFWHULVWLFV  
 
$QDO\VLV RI 3KDUPDFRNLQHWLF 9DULDEOHV 
 
6DIHW\ $QDO\VHV 
 
5DQGRPL]DWLRQ 
 
'HWHUPLQDWLRQ RI 6DPSOH 6L]H 
 
$QDO\VLV 3ODQ 
 $'0,1,675$7,9(&216,'(5$7,216 
 
5HJXODWRU\$XWKRULW\$SSURYDO  
 
(WKLFDO&RQGXFWRIWKH6WXG\DQG,QVWLWXWLRQDO5HYLHZ%RDUG,5%
RU ,QGHSHQGHQW(WKLFV&RPPLWWHH,(&$SSURYDO  
 
6XEMHFW,QIRUPDWLRQDQG&RQVHQW 
 
/DERUDWRU\$FFUHGLWDWLRQ 
 
&RQILGHQWLDOLW\  
 
&RQILGHQWLDOLW\RI'DWD  
 
&RQILGHQWLDOLW\RI6XEMHFW3DWLHQW5HFRUGV 
 
4XDOLW\&RQWURODQG$VVXUDQFH 
 
'DWD0DQDJHPHQW  
 
6WXG\0RQLWRULQJ 
 
5HWHQWLRQRI'DWD 
 )LQDQFLDO'LVFORVXUH 
 ,QYHVWLJDWRU
V)LQDO5HSRUW 
 3XEOLFDWLRQ3ROLF\ 
 5()(5(1&(/,67  
 $33(1',&(6  

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
/,672),17(;77$%/(6
7DEOH ²3URGXFW'HVFULSWLRQV 
7DEOH ²'HVFULSWLRQRI%R[HV  
7DEOH ² /DERUDWRU\7HVWV  
7DEOH ² 6FKHGXOHRI(YHQWVIRU6FUHHQLQJ7UHDWPHQWDQG)ROORZXS 
7DEOH ²  
6FKHGXOHRI$VVHVVPHQWVRQ'D\RI,QSDWLHQW7UHDWPHQW
9LVLW  
 
7DEOH ² 
6FKHGXOHRI$VVHVVPHQWVRQ'D\ RI,QSDWLHQW7UHDWPHQW
9LVLW  
 
7DEOH $ 
'RVH'HOLYHU\6SHFLILFDWLRQV 
/,672),17(;7),*85(6
)LJXUH  
6WXG\'HVLJQ 
/,672)$33(1',&(6
$SSHQGL[ 
$GPLQLVWUDWLRQ RI 6WXG\ 'UXJ 
$SSHQGL[ 
6SRQVRU6LJQDWRU\ 
$SSHQGL[ 
,QYHVWLJDWRU¶V6LJQDWXUH  

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
$%%5(9,$7,216$1''(),1,7,216
/,672)$%%5(9,$7,216$1''(),1,7,2162)7(506
$(
$GYHUVH(YHQW
$3,
$FWLYH3KDUPDFHXWLFDO,QJUHGLHQWV
$8&
$UHD8QGHUWKH&XUYH)URPWR+RXUV
$8&W
$UHD8QGHUWKH&XUYH)URPWKH7LPHRIWKH/DVW0HDVXUHDEOH
3ODVPD&RQFHQWUDWLRQ
$8&
$UHD8QGHUWKH&XUYH)URP([WUDSRODWHGWR,QILQLW\
%*)0',
%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO )XPDUDWH0HWHUHG'RVH
,QKDOHU
%,'
%LV,Q'LH7ZLFH'DLO\
%3
%ORRG3UHVVXUH
&%&
&RPSOHWH%ORRG&HOOFRXQW
&)5
&RGHRI)HGHUDO5HJXODWLRQV
&.'(3,
&KURQLF.LGQH\'LVHDVH(SLGHPLRORJ\&ROODERUDWLRQ(TXDWLRQ
DFFRUGLQJWR1DWLRQDO.LGQH\'LVHDVH(GXFDWLRQ3URJUDP
&/)
$SSDUHQW7RWDO%RG\&OHDUDQFH
&PD[
0D[LPXPSODVPDFRQFHQWUDWLRQ
&23'
&KURQLF2EVWUXFWLYH3XOPRQDU\'LVHDVH
'60
'LDJQRVWLF DQG 6WDWLVWLFDO0DQXDORI 0HQWDO'LVRUGHUV
(&*
(OHFWURFDUGLRJUDP
('7$
(WK\OHQHGLDPLQHWHWUDDFHWLF$FLG
HJ
([HPSOL*UDWLD)RU([DPSOH
H&5)
(OHFWURQLF&DVH5HSRUW)RUP
&)'$
&KLQD)RRGDQG'UXJ$GPLQLVWUDWLRQ
))0',
)RUPRWHURO )XPDUDWH0HWHUHG'RVH,QKDOHU
)6+
)ROOLFOH6WLPXODWLQJ+RUPRQH
*&3
*RRG&OLQLFDO3UDFWLFH
*))0',
*O\FRS\UURQLXP DQG)RUPRWHURO )XPDUDWH0HWHUHG'RVH,QKDOHU
*)5
*ORPHUXODU)LOWUDWLRQ5DWH

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
/,672)$%%5(9,$7,216$1''(),1,7,2162)7(506
*2/'
*OREDO,QLWLDWLYHIRU&KURQLF2EVWUXFWLYH/XQJ'LVHDVH
*30',
*O\FRS\UURQLXP0HWHUHG'RVH,QKDOHU
+EV$J
+HSDWLWLV%6XUIDFH$QWLJHQ
K&*
+XPDQ&KRULRQLF*RQDGRWURSLQ
+)$
+\GURIOXRURDONDQH
+,9
+XPDQ,PPXQRGHILFLHQF\9LUXV
,%
,QYHVWLJDWRUV%URFKXUH
,&)
,QIRUPHG&RQVHQW)RUP
,&6
,QKDOHG&RUWLFRVWHURLG
LH
,G(VW 7KDW,V
,(&
,QGHSHQGHQW(WKLFV&RPPLWWHH
,5%
,QVWLWXWLRQDO5HYLHZ%RDUG
,9
,QWUDYHQRXV
/$%$
/RQJDFWLQJȕ $JRQLVW
/$0$
/RQJDFWLQJ0XVFDULQLF$QWDJRQLVW
Ȝ]
7HUPLQDO(OLPLQDWLRQ5DWH&RQVWDQW
0',
0HWHUHG'RVH,QKDOHU
J
0LFURJUDP
P/
0LOOLOLWHU
PP
0LOOLPHWHU
PP+J
0LOOLPHWHURI0HUFXU\
PVHFPV
0LOOLVHFRQG
3.
3KDUPDFRNLQHWLFV
35
3XOVH5DWH
37
*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH ,QKDODWLRQ$HURVRO
37
%XGHVRQLGH *O\FRS\UURQLXP DQG)RUPRWHURO)XPDUDWH,QKDODWLRQ
$HURVRO
47F)
47&RUUHFWHG8VLQJ)ULGHULFLD¶V )RUPXOD
5$&&PD[
$FFXPXODWLRQUDWLRIRU&PD[

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
/,672)$%%5(9,$7,216$1''(),1,7,2162)7(506
5$&$8&
$FFXPXODWLRQUDWLRIRU$8&
6$%$
6KRUWDFWLQJȕDJRQLVWV
6$(
6HULRXV$GYHUVH(YHQW
6$3
6WDWLVWLFDO$QDO\VLV3ODQ
623
6WDQGDUG2SHUDWLQJ3URFHGXUH
Wò
$SSDUHQW7HUPLQDO(OLPLQDWLRQ+DOIOLIH
7($(
7UHDWPHQWHPHUJHQW$GYHUVH(YHQW
WPD[
7LPH7R0D[LPXP3ODVPD&RQFHQWUDWLRQ
9G)
$SSDUHQW9ROXPHRI'LVWULEXWLRQ

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
75$'(0$5.,1)250$7,21
7UDGHPDUNVQRWRZQHGE\3HDUO7KHUDSHXWLFV,QFLQFOXGH
2[LV
3XOPLFRUW
5HVSXOHV
6SLULYD
6\PELFRUW
7XUEXKDOHU
9DFXWDLQHU
=LSORF

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI

,1752'8&7,21$1'678'<5$7,21$/(
&KURQLF REVWUXFWLYH SXOPRQDU\ GLVHDVH &23' LV D FRPPRQSUHYHQWDEOH DQGWUHDWDEOH
GLVHDVH FKDUDFWHUL]HG E\ SHUVLVWHQWDLUIORZOLPLWDWLRQWKDWLVXVXDOO\ SURJUHVVLYH DQG
DVVRFLDWHGZLWKDQ HQKDQFHG FKURQLF LQIODPPDWRU\ UHVSRQVH LQWKH DLUZD\V DQGWKH OXQJ WR
QR[LRXVSDUWLFOHVRU JDVHV ([DFHUEDWLRQVDQG FRPRUELGLWLHV FRQWULEXWH WRWKH RYHUDOO
VHYHULW\ LQLQGLYLGXDOSDWLHQWV&KURQLF REVWUXFWLYH SXOPRQDU\ GLVHDVH LV D OHDGLQJFDXVH RI
PRUELGLW\ DQGPRUWDOLW\ ZRUOGZLGH DQG UHVXOWVLQVLJQLILFDQW HFRQRPLF DQG VRFLDOEXUGHQWKDW
LVERWKVXEVWDQWLDO DQGLQFUHDVLQJ 3KDUPDFRORJLF WKHUDS\ LQ&23'LVXVHGWRUHGXFH
V\PSWRPVUHGXFH WKH IUHTXHQF\ DQGVHYHULW\ RI H[DFHUEDWLRQVDQGLPSURYH KHDOWKVWDWXVDQG
H[HUFLVH WROHUDQFH >*OREDO ,QLWLDWLYH IRU &KURQLF 2EVWUXFWLYH /XQJ'LVHDVH*2/'
-DSDQHVH 5HVSLUDWRU\ 6RFLHW\ -56@
%URQFKRGLODWRU PHGLFDWLRQVDUH FHQWUDOWRWKH V\PSWRPDWLF PDQDJHPHQW RI &23'
7KH SULQFLSDOEURQFKRGLODWRU WUHDWPHQWVDUH ȕDJRQLVWVPXVFDULQLFDQWDJRQLVWV DQG
PHWK\O[DQWKLQHVZKLFKPD\EHXVHG DVPRQRWKHUDS\ RU LQFRPELQDWLRQ7UHDWPHQWZLWK
ORQJDFWLQJ EURQFKRGLODWRUVLVPRUH FRQYHQLHQWDQGPRUH HIIHFWLYH DWSURGXFLQJ PDLQWDLQHG
V\PSWRPUHOLHI WKDQ WUHDWPHQWZLWKVKRUWDFWLQJ EURQFKRGLODWRUV&RPELQLQJ EURQFKRGLODWRUV
IURPGLIIHUHQWSKDUPDFRORJLFDO FODVVHVPD\ LPSURYH HIILFDF\ DQGGHFUHDVH WKH ULVNRI VLGH
HIIHFWVFRPSDUHGZLWKLQFUHDVLQJWKH GRVH RI D VLQJOH EURQFKRGLODWRU >*2/' @
/RQJDFWLQJ ȕDJRQLVWV/$%$V DQGORQJDFWLQJ PXVFDULQLF DQWDJRQLVWV/$0$V UHGXFH
EURQFKRFRQVWULFWLRQWKURXJKGLIIHUHQWPHFKDQLVPVDQGWKHUH LVD ORQJ KLVWRU\ RI FRPELQDWLRQ
WKHUDS\ IRU &23' ZLWKVKRUWDFWLQJDJHQWVLQWKHVH FODVVHV
5HJXODU WUHDWPHQWZLWKLQKDOHG FRUWLFRVWHURLGV,&6 LPSURYHV V\PSWRPVOXQJ IXQFWLRQ
TXDOLW\ RI OLIH DQG UHGXFHVWKH IUHTXHQF\ RI H[DFHUEDWLRQVLQVXEMHFWVZLWK&23'DQGD
IRUFHG H[SLUDWRU\ YROXPH LQVHFRQG )(9 YDOXH RI  RI SUHGLFWHG :LWKGUDZDO IURP
WUHDWPHQWZLWK ,&6 PD\ OHDGWRH[DFHUEDWLRQVLQVRPH SDWLHQWV:KHQ FRPELQHGZLWKD
/$%$ DQ ,&6 LVPRUH HIIHFWLYH WKDQWKH LQGLYLGXDO FRPSRQHQWVLQLPSURYLQJ OXQJ IXQFWLRQ
TXDOLW\ RI OLIH DQG UHGXFLQJ H[DFHUEDWLRQVLQVXEMHFWVZLWKPRGHUDWH WRYHU\ VHYHUH &23'
)XUWKHUPRUHWKH DGGLWLRQRI D /$%$,&6 FRPELQDWLRQWRWKHPXVFDULQLFDQWDJRQLVW
WLRWURSLXPLPSURYHVOXQJ IXQFWLRQDQGTXDOLW\ RI OLIH DQG PD\ IXUWKHU UHGXFH H[DFHUEDWLRQV
EXWPRUH VWXGLHVRI WULSOH WKHUDS\ DUH QHHGHG >*2/'@
3HDUO7KHUDSHXWLFV,QFKHUHLQDIWHUUHIHUUHGWRDV3HDUOLVGHYHORSLQJWKHIL[HGGRVH,&6
ORQJDFWLQJDQWLPXVFDULQLF DJHQW/$0$/$%$WULSOHFRPELQDWLRQSURGXFW%XGHVRQLGH
*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO37KHUHDIWHUUHIHUUHGWR
DVEXGHVRQLGHJO\FRS\UURQLXPDQGIRUPRWHUROIXPDUDWHPHWHUHGGRVHLQKDOHU%*)0',
IRUWKHWUHDWPHQWRI SDWLHQWVZLWK&23'*O\FRS\UURQLXPDQG )RUPRWHURO)XPDUDWH
,QKDODWLRQ$HURVRO37KHUHLQDIWHUUHIHUUHGWRDVJO\FRS\UURQLXPDQGIRUPRWHURO
IXPDUDWH*))0',LVEHLQJGHYHORSHGDVD%,'PDLQWHQDQFHEURQFKRGLODWRUWUHDWPHQWLQ
SDWLHQWVZLWK&23'
*O\FRS\UURQLXPLVDTXDWHUQDU\ DPPRQLXPGHULYDWLYHWKDWZKHQLQKDOHG UHVXOWVLQPLQLPDO
PXFRVDO DEVRUSWLRQDQG V\VWHPLF VLGH HIIHFWV *O\FRS\UURQLXPLVQRWDSSURYHG IRU
UHVSLUDWRU\ LQKDODWLRQLQ &KLQD IRUWKH WUHDWPHQWRI &23'DOWKRXJKLWLVDSSURYHGLQRWKHU

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
FRXQWULHVIRUWUHDWPHQWRI&23',QDGGLWLRQWLRWURSLXPEURPLGH
LVDSSURYHGZRUOGZLGHDVDSRZGHUIRULQKDODWLRQ,W KDV
EHHQVKRZQWRUHGXFHWKH UDWHRI&23' H[DFHUEDWLRQVDQGWRLPSURYHWKHHIIHFWLYHQHVV RI
SXOPRQDU\UHKDELOLWDWLRQ
)RUPRWHUROIXPDUDWH LVDVHOHFWLYH/$%$ DSSURYHGLQ&KLQDDQGZRUOGZLGHHJ2[LV
7XUEXKDOHU
IRUXVHLQ
DVWKPDDQGRU&23')RUPRWHUROIXPDUDWH LVDOVRDSSURYHGLQ&KLQDDQGZRUOGZLGHLQ
FRPELQDWLRQZLWKEXGHVRQLGHHJ6\PELFRUW 7XUEXKDOHU
IRUXVHLQSDWLHQWVZLWKDVWKPDDQGRU&23':KHQLQKDOHGIRUPRWHURO
IXPDUDWH DFWVORFDOO\LQWKHOXQJDVDEURQFKRGLODWRU)RUPRWHUROIXPDUDWH VWLPXODWHVȕ
DGUHQRUHFHSWRUVLQWKHDLUZD\VLQGXFLQJDLUZD\VPRRWKPXVFOH UHOD[DWLRQDQGUHGXFLQJRU
SUHYHQWLQJEURQFKRFRQVWULFWLRQ
$OWKRXJKIRUPRWHUROIXPDUDWH LVFODVVLILHGDVD /$%$LWKDVD UDSLGRQVHWRI DFWLRQVLPLODU
WRVKRUWDFWLQJ ȕDJRQLVWV 6$%$V)RUPRWHUROIXPDUDWH LVKLJKO\SRWHQWGLVSOD\VKLJK
LQWULQVLF DFWLYLW\DQGFDQUHVXOWLQJUHDWHUWKDQUHOD[DWLRQHYHQXQGHULQGXFHGWRQH
>$QGHUVRQ@6WXGLHVLQVXEMHFWVZLWK&23'KDYHGHPRQVWUDWHGWKDWWKHRQVHWRIDFWLRQ
ZLWKIRUPRWHUROIXPDUDWH LVIDVWHUWKDQZLWKDQWLPXVFDULQLFDJHQWVRUVDOPHWHURODQGVLPLODU
WRWKDWRI6$%$VVXFKDV DOEXWHURODQGWKDWWKHGXUDWLRQRIDFWLRQLVKRXUV
>%HUJHU@)LYHODUJHSODFHERFRQWUROOHGFOLQLFDOVWXGLHVRIXSWRPRQWKVLQGXUDWLRQ
LQQHDUO\SDWLHQWVGHPRQVWUDWHGWKDW IRUPRWHUROIXPDUDWH LV HIIHFWLYHDQGZHOOWROHUDWHG
LQSDWLHQWVZLWK&23' >'DKO5RVVL$OEHUV5 &DPSEHOO&DPSEHOO
@
%XGHVRQLGHLVDZHOOHVWDEOLVKHGFRUWLFRVWHURLGDSSURYHGZRUOGZLGHLQPRQRDQG
FRPELQDWLRQWKHUDSLHV IRUWUHDWPHQWRIDVWKPDDQGDOOHUJLFUKLQLWLV,WLVDYDLODEOHLQERWK
LQWUDQDVDO DQGLQKDOHGIRUPXODWLRQV%XGHVRQLGHIRUPXODWLRQVFXUUHQWO\DSSURYHGDQG
PDUNHWHGLQ&KLQDE\
LQFOXGH 3XOPLFRUW
7XUEXKDOHUDQG3XOPLFRUW 5HVSXOHV,QKDOHGEXGHVRQLGHDVDPRQRWKHUDS\3XOPLFRUW
DQGLQFRPELQDWLRQZLWKIRUPRWHUROIXPDUDWH GLK\GUDWHLH6\PELFRUWLVDSSURYHGIRUXVH
LQSDWLHQWVZLWK&23'
3HDUOLVGHYHORSLQJ%*)0',DQG*))0',XVLQJLWVSRURXVSDUWLFOHWHFKQRORJ\SODWIRUP
7KLVWHFKQRORJ\LVEDVHGRQVSUD\GULHGSRURXVSDUWLFOHV FRPSULVHGRI
GLVWHDUR\OSKRVSKDWLG\OFKROLQHDQGFDOFLXPFKORULGH WKDWDUHFRVXVSHQGHGZLWKPLFURQL]HG
DFWLYHSKDUPDFHXWLFDOLQJUHGLHQWV$3,VLQDK\GURIOXRURDONDQH+)$SURSHOODQWWRIRUP
VWDEOHVXVSHQVLRQEDVHG0',V
 6WXG\5DWLRQDOH
%*)0',LVDSURSULHWDU\IL[HGGRVHWULSOHFRPELQDWLRQ0',SURGXFWIRUPXODWHGZLWK
EXGHVRQLGHJO\FRS\UURQLXPDQGIRUPRWHUROIXPDUDWHIRUWUHDWPHQWRIVXEMHFWVZLWK&23'
$VGHVFULEHGLQWKH*2/'&23'JXLGHOLQHVLQVRPHSDWLHQWVWKHDGGLWLRQRID/$%$,&6
WRD/$0$LPSURYHVOXQJIXQFWLRQTXDOLW\RIOLIHDQGPD\IXUWKHUUHGXFHH[DFHUEDWLRQV
)RUSDWLHQWVZLWKPDQ\V\PSWRPVDQGDWKLJKULVNRIH[DFHUEDWLRQV*2/'&DWHJRU\'

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
>*ROG @RQHWUHDWPHQWRSWLRQLVDFRPELQDWLRQRIDOOWKUHHGUXJFODVVHVZKLFKSURYLGHV
VXSSRUWWRWKHXVHRIDWULSOHWKHUDS\,&6/$0/$%$
7KH VDIHW\WROHUDELOLW\ DQGHIILFDF\ RI WKH LQGLYLGXDO FRPSRQHQWVEXGHVRQLGH
JO\FRS\UURQLXPDQG IRUPRWHUROIXPDUDWH DUH ZHOO FKDUDFWHUL]HG
7KHGRVHVRIWKHJO\FRS\UURQLXPDQGIRUPRWHUROIXPDUDWHFRPSRQHQWVRI%*)0',PDWFK
WKHGRVHVXWLOL]HGLQWKH*))0',GHYHORSPHQWSURJUDP 7KH*))0',FOLQLFDOSURJUDP
FRQVLVWHGRIFOLQLFDOVWXGLHVWRVXSSRUWWKHGRVHVHOHFWLRQRIJO\FRS\UURQLXPDQG
IRUPRWHUROIXPDUDWHIRUWKHGXDOFRPELQDWLRQ*))0',DVZHOODVLWVFRPSRQHQWV*30',
DQG))0',LQVXEMHFWVZLWKPRGHUDWHWRYHU\VHYHUH&23' %DVHGRQWKHGDWDREWDLQHG
WKURXJKWKLV3KDVH,,SURJUDPGRVHVRIJO\FRS\UURQLXPDQGIRUPRWHUROIXPDUDWHRIDQG
ȝJ%,'UHVSHFWLYHO\ZHUHVHOHFWHGIRUSURJUHVVLRQLQWR3KDVH,,, 7ZR 3KDVH ,,,SLYRWDO
HIILFDF\DQGVDIHW\VWXGLHVDQGRQHORQJWHUPH[WHQVLRQVWXG\KDYHUHFHQWO\FRPSOHWHG
ZKLFKHYDOXDWHGWKHHIILFDF\DQGVDIHW\RI*))0',*30',DQG))0',DV
EURQFKRGLODWRUWUHDWPHQWVLQVXEMHFWVZLWKPRGHUDWHWRYHU\VHYHUH&23',QDGGLWLRQ D
3KDVH,VWXG\6WXG\37ZDVUHFHQWO\FRPSOHWHGWKDWFKDUDFWHUL]HG WKH
SKDUPDFRNLQHWLF3.DQGVDIHW\SURILOHRI*)) 0',DQG*30',LQDGXOW-DSDQHVHKHDOWK\
VXEMHFWVZKLFKGHPRQVWUDWHGVLPLODUJO\FRS\UURQLXP DQGIRUPRWHUROSODVPDFRQFHQWUDWLRQV
IROORZLQJVLQJOHGRVHDGPLQLVWUDWLRQRI*))0',DQG*30',ZLWKDIDYRUDEOHVDIHW\
SURILOH
,QRUGHUWRVHOHFWWKHDSSURSULDWHEXGHVRQLGHGRVHIRU3KDVH,,,3HDUO KDV FRQGXFWHG WZR
3KDVH ,VLQJOHGRVH 3. DQGVDIHW\ VWXGLHV LQKHDOWK\ DGXOW:HVWHUQVXEMHFWV6WXGLHV
37DQG37 FRPSDULQJ%*) 0', WR *))0',6\PELFRUW 0',RU
6\PELFRUW7XUEXKDOHUDQG6WXG\37ZLWKWZRGRVHVRIWKHWULSOHSURGXFW%*)0',
FRPSDUHGZLWK3ODFHER0',LQDGXOWKHDOWK\-DSDQHVHVXEMHFWV
6WXG\37 GHPRQVWUDWHGWKDW IRUPRWHURODQGJO\FRS\UURQLXPSODVPD FRQFHQWUDWLRQV
IROORZLQJ DGPLQLVWUDWLRQRI DOO %*) 0', GRVHVZHUHVLPLODU WRWKRVH IROORZLQJ *)) 0',
DGPLQLVWUDWLRQ 7KH EXGHVRQLGH SODVPD FRQFHQWUDWLRQVZHUH FRPSDUDEOH EHWZHHQ %*) 0',
DQG 6\PELFRUW 0', $OOWUHDWPHQWV ZHUH ZHOOWROHUDWHGZLWKD ORZIUHTXHQF\ RI DGYHUVH
HYHQWV $(V DQGQRXQWRZDUGVDIHW\ VLJQDOVZHUH REVHUYHG7KH UHVXOWVRI 6WXG\
37 VXSSRUWWKH HYDOXDWLRQRI %*) 0',  ȝJ DQGORZHU GRVHVLQIXUWKHU
FOLQLFDOVWXGLHV DQGVXJJHVW WKDWWKH DGGLWLRQRI EXGHVRQLGH WR*)) 0', GRHVQRWLPSDFW
WKH V\VWHPLF OHYHOVRI HLWKHU FRPSRQHQW
6WXG\37ZDVFRQGXFWHGWRLQYHVWLJDWHWKH3.FRPSDUDELOLW\RI%*)0',DQG%))
0',WR6\PELFRUW7XUEXKDOHU7KHEXGHVRQLGHFRPSRQHQWRI%*)0',ZDVQHDUO\LGHQWLFDO
RQ&PD[ZLWKD*05RIDQG&,RIEXW$8& ZDVDSSUR[LPDWHO\
KLJKHUWKDQ6\PELFRUW7%+6LPLODUUHVXOWVZHUHREWDLQHGIRUWKHFRPSDULVRQRI%))
0',WR6\PELFRUW7%+6WXG\37DOVRLQYHVWLJDWHGWKHSRWHQWLDOIRUD'',E\
FRPSDULQJWKHEXGHVRQLGHDQGIRUPRWHUROKRXU3.SURILOHVIROORZLQJDVLQJOHGRVHRI
%*)0',RU%))0',1R'',ZDVREVHUYHGDVERWKEXGHVRQLGHDQGIRUPRWHURO&PD[ DQG
$8&ZHUHVLPLODUIROORZLQJDGPLQLVWUDWLRQRIHLWKHU%*)0',RU%))0',

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
6WXG\37GHPRQVWUDWHGWKDWDGPLQLVWUDWLRQRIVLQJOHDQGPXOWLSOHGRVHVRI%*)0',
JDQG%*)0', JWR-DSDQHVHVXEMHFWVZHUHVDIHDQGZHOO
WROHUDWHGLQWKLVVWXG\)RUPRWHURODQG JO\FRS\UURQLXPSODVPD FRQFHQWUDWLRQVIROORZLQJ
DGPLQLVWUDWLRQRI %*)0',JDQG%*)0', JZHUHVLPLODU
IROORZLQJVLQJOHDQGFKURQLFDGPLQLVWUDWLRQV7KH EXGHVRQLGH SODVPD FRQFHQWUDWLRQVZHUH
SURSRUWLRQDOO\KLJKHUIURP%*)0',ȝJFRPSDUHGWR%*)0',
ȝJIROORZLQJVLQJOHDQGFKURQLFDGPLQLVWUDWLRQV$OOWUHDWPHQWV ZHUH ZHOOWROHUDWHGZLWKD
ORZIUHTXHQF\ RI DGYHUVH HYHQWV $(V7($(VZHUHPLOGWRPRGHUDWHLQVHYHULW\DQGQR
XQH[SHFWHG VDIHW\ VLJQDOVZHUH REVHUYHG
%DVHGRQWKHVH ILQGLQJVLQ:HVWHUQDQG-DSDQHVHVXEMHFWV6WXG\ 37LVEHLQJ
FRQGXFWHGWRFRQILUPWKH DSSURSULDWH GRVHVIRU HYDOXDWLRQLQWKH &KLQHVH SRSXODWLRQ
7KH SXUSRVH RI WKLVVWXG\ LVWRFKDUDFWHUL]H WKH SKDUPDFRNLQHWLFV 3. DQG VDIHW\ DQG
WROHUDELOLW\SURILOH RI WZRGRVHVRI %*) 0', J DQGJ GRVHV
DQG DVLQJOHGRVHRI*))0',JGRVHLQKHDOWK\ &KLQHVHDGXOWVXEMHFWVDIWHU
VLQJOH DGPLQLVWUDWLRQ DQGDIWHUFKURQLF DGPLQLVWUDWLRQIRU GD\V

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI

678'<2%-(&7,9(6

3ULPDU\2EMHFWLYH
x
7KH SULPDU\ REMHFWLYH RI WKH VWXG\ LVWRDVVHVV WKH 3KDUPDFRNLQHWLF3.SURILOH RI WZR
GRVHVRI %*) 0',DQGDVLQJOHGRVHRI*))0',LQKHDOWK\ &KLQHVHDGXOWVXEMHFWVDIWHU
VLQJOH DGPLQLVWUDWLRQ DQGDIWHUFKURQLF DGPLQLVWUDWLRQIRU GD\V

6HFRQGDU\ 2EMHFWLYH
x
7KH VHFRQGDU\ REMHFWLYH RI WKLVVWXG\ LVWRDVVHVVWKH VDIHW\ DQGWROHUDELOLW\ RI WZRGRVHV
RI %*) 0', DQGDVLQJOHGRVHRI*))0',LQKHDOWK\ &KLQHVHDGXOWVXEMHFWVDIWHU VLQJOH
DGPLQLVWUDWLRQDQGDIWHUFKURQLF DGPLQLVWUDWLRQIRU  GD\V

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI

678'<(1'32,176

3KDUPDFRNLQHWLF(QGSRLQW
3KDUPDFRNLQHWLFVRI %*) 0', DQG*))0',ZLOOEH DVVHVVHG DQG FRPSDUHGXVLQJ SODVPD
FRQFHQWUDWLRQVRI EXGHVRQLGH JO\FRS\UURQLXPDQG IRUPRWHURO)RUWKH VLQJOH GRVH
DGPLQLVWUDWLRQWLPH SRLQWVIRU 3.EORRGVDPSOH FROOHFWLRQZLOOEHSUHGRVHZLWKLQ 
PLQXWHVDQGSRVWGRVH DWDQGPLQXWHV DQG DWDQGKRXUV
)ROORZLQJ  GD\V RI FKURQLFGRVLQJ %,' WLPH SRLQWVIRU 3.EORRGVDPSOH FROOHFWLRQZLOOEH
SUHGRVHZLWKLQ PLQXWHVDQGSRVWGRVH DW DQG PLQXWHV DQG DW 
DQG KRXUV
3KDUPDFRNLQHWLF SDUDPHWHUV FDOFXODWHG DWWKH ILUVWGD\ 'D\ DQGODVWGRVH 'D\  GXULQJ
WKH7UHDWPHQW3HULRGZLOOLQFOXGH WKH IROORZLQJ

0D[LPXPSODVPD FRQFHQWUDWLRQ &PD[

$UHD XQGHU WKH SODVPD FRQFHQWUDWLRQWLPH FXUYH IURPWRKRXUV $8&

7LPH WRPD[LPXPSODVPD FRQFHQWUDWLRQWPD[

$SSDUHQWWRWDOERG\ FOHDUDQFH &/)
7KHIROORZLQJ3.SDUDPHWHUVZLOOEHFDOFXODWHGDW'D\RQO\

$UHD XQGHU WKH SODVPD FRQFHQWUDWLRQWLPH FXUYH IURPWRWKH WLPH RI WKH ODVW
PHDVXUHDEOHSODVPD FRQFHQWUDWLRQ$8&W

$UHD XQGHU WKH SODVPD FRQFHQWUDWLRQWLPH FXUYH IURPH[WUDSRODWHGWRLQILQLW\ $8& 

(OLPLQDWLRQKDOIOLIH Wò

$SSDUHQWWRWDOERG\ FOHDUDQFH &/)

$SSDUHQWYROXPH RI GLVWULEXWLRQ9G)

7HUPLQDO HOLPLQDWLRQUDWH FRQVWDQWȜ]
7KHIROORZLQJZLOOEHGHULYHGE\WDNLQJVXEMHFWOHYHOUDWLRVRI'D\YDOXHVWR'D\YDOXHV

$FFXPXODWLRQUDWLRIRU &PD[ 5$& >&PD[@

$FFXPXODWLRQUDWLRIRU $8& 5$& >$8&@ DQGWKHUDWLR$8&  $8&

6HFRQGDU\(QGSRLQW
7KH VDIHW\ DQGWROHUDELOLW\RI %*) 0', DQG*))0',ZLOOEH DVVHVVHG IURPSK\VLFDO
H[DPLQDWLRQILQGLQJV$( UHSRUWLQJLQFOXGLQJ VHULRXV$( 6$( UHSRUWLQJYLWDOVLJQV EORRG

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
SUHVVXUH >%3@ SXOVH UDWH >35@ UHVSLUDWRU\ UDWH DQGERG\ WHPSHUDWXUH FOLQLFDO ODERUDWRU\
YDOXHV KHPDWRORJ\ FKHPLVWU\ DQGXULQDO\VLV DQG ILQGLQJV IURPOHDG VDIHW\
HOHFWURFDUGLRJUDPV(&*V

,19(67,*$7,21$/3/$1

2YHUDOO 6WXG\ 'HVLJQ DQG 3ODQ
7KLVD 3KDVH ,VLQJOHFHQWHU UDQGRPL]HG GRXEOHEOLQG SDUDOOHOJURXS VWXG\ WR DVVHVVWKH
SKDUPDFRNLQHWLFV DQGVDIHW\DQGWROHUDELOLW\RI WZRGRVHVRI %*) 0',DQGDVLQJOHGRVHRI
*))0', LQKHDOWK\ &KLQHVHDGXOWVXEMHFWV7KH RYHUDOOVWXG\ GHVLJQLVVXPPDUL]HG DQG
LOOXVWUDWHGLQ)LJXUH 
)LJXUH 
6WXG\'HVLJQ
1RWH$OOVWXG\GUXJVDUHDGPLQLVWHUHGE\RUDOLQKDODWLRQ$VLQJOHGRVHRIVWXG\GUXJZLOOEH
DGPLQLVWHUHGRQ'D\DQG%,'GRVHVZLOOEHDGPLQLVWHUHG'D\WKURXJK'D\RIWKH7UHDWPHQW
3HULRG ZLWKDILQDOVLQJOHDGPLQLVWUDWLRQRIVWXG\GUXJRFFXUULQJRQWKHPRUQLQJRI'D\$GPLQLVWUDWLRQ
RIVWXG\GUXJVKRXOGRFFXU DW DSSUR[LPDWHO\ WKHVDPH WLPH RI GD\
6XEMHFWVZKRSURYLGHLQIRUPHGFRQVHQWXQGHUJR6FUHHQLQJSURFHGXUHVDQGTXDOLI\IRUWKH
VWXG\ZLOOEHUDQGRPL]HGLQDUDWLRWRRQHRIWKUHHWUHDWPHQWV%*) 0', 
J%*)0', JDQG*))0', J$SSUR[LPDWHO\ VXEMHFWV
ZLOOEHUDQGRPL]HGWRHDFKWUHDWPHQWDUP
6XEMHFWVZLOOEH DGPLWWHGDVLQSDWLHQWVWR WKH &OLQLFDO 5HVHDUFK 8QLWKHUHLQDIWHU UHIHUUHGWR
DV ³FOLQLF´ GXULQJ WKH 7UHDWPHQW3HULRG)RUWKH 7UHDWPHQW3HULRGVXEMHFWVZLOOEHDGPLWWHG
WRWKH FOLQLF RQ9LVLWWKH GD\SULRU WR GRVLQJ DWZKLFKWLPH FRQWLQXLQJ HOLJLELOLW\ ZLOOEH
DVVHVVHG $WLQFOLQLF9LVLW'D\RI7UHDWPHQWLI WKH VXEMHFW FRQWLQXHVWRPHHW
HOLJLELOLW\ FULWHULDWKH VXEMHFWZLOOEH UDQGRPL]HGLQWRWKHVWXG\ DGPLWWHGLQWRWKH LQSDWLHQW
VWXG\XQLW DQGDGPLQLVWHUHGWKHLUILUVWVLQJOHGRVH RIVWXG\GUXJ

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
'XULQJWKHLQSDWLHQWWUHDWPHQWSHULRGVWXG\VWXG\VSHFLILHGSURFHGXUHVLQFOXGHVDIHW\
DVVHVVPHQWV DQG EDVHOLQHDQGSUHSRVWGRVHVHULDOEORRGGUDZVDVGHILQHGLQ6HFWLRQ DQG
7DEOH ² 7DEOH ² DQG 7DEOH ² $IWHU DOO SURWRFROVSHFLILHG DVVHVVPHQWVDUH
FRPSOHWHG DQGVDIHW\ GDWD KDV EHHQ UHYLHZHG E\ WKH 3ULQFLSDO ,QYHVWLJDWRU ,QYHVWLJDWRU RU
GHVLJQDWHGVWDII WKHVXEMHFWVZLOOEH GLVFKDUJHGIURPWKH FOLQLF RQ'D\$ IROORZXS SKRQH
FDOOZLOOEH FRQGXFWHG DWOHDVW GD\VEXWQRODWHUWKDQ GD\VDIWHU ODVWGRVH RQ'D\

6WXG\ 'XUDWLRQ
7KLVVWXG\ZLOO LQFOXGHD6FUHHQLQJ3HULRGRIXSWR GD\VDQGDVLQJOH7UHDWPHQW3HULRGRI
 GD\V$IROORZXSSKRQHFDOOZLOOEHFRQGXFWHGDWOHDVW GD\VEXWQR ORQJHUWKDQ GD\V
DIWHUFRPSOHWLRQRIWKHODVWGRVHGDWH RQ'D\7KHHQWLUHVWXG\SHULRGLVVFKHGXOHGWRWDNH
DSSUR[LPDWHO\ ZHHNVH[SHFWHGUDQJHEHWZHHQWR ZHHNVIRUHDFKLQGLYLGXDOVXEMHFW

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI

678'< 3238/$7,216(/(&7,21
$SSUR[LPDWHO\ KHDOWK\ PDOH RU IHPDOH VXEMHFWVZLOOEH UDQGRPL]HGLQWKLVVWXG\
6XEMHFWV ZKRZLWKGUDZ IURPWKH VWXG\ DIWHU UHFHLYLQJDWOHDVWRQH GRVH RIEOLQGHG WUHDWPHQW
ZLOO QRWEHUHSODFHG 6XEMHFWVZKRDUH UDQGRPL]HGEXWGLGQRWUHFHLYH WUHDWPHQWZLOOEH
UHSODFHG 6XEMHFWVZKRDUH UHHYDOXDWHGZLOOPDLQWDLQRQH VFUHHQLQJ QXPEHU WKURXJKRXW
WKH VWXG\

,QFOXVLRQ&ULWHULD
+HDOWK\ VXEMHFWVZKRPHHW DOORI WKH IROORZLQJ LQFOXVLRQFULWHULD ZLOOEH HOLJLEOH IRU HQWU\
LQWR WKLVVWXG\
 6LJQHG GDWHGDQ,QGHSHQGHQW(WKLFV&RPPLWWHH,(&DSSURYHG ,QIRUPHG &RQVHQW)RUP
,&) EHIRUH DQ\ SURWRFROVSHFLILF VFUHHQLQJ SURFHGXUHV DUH SHUIRUPHG
 0DOH DQG IHPDOH &KLQHVH VXEMHFWVUDQJLQJLQDJHEHWZHHQWR \HDUV
 6XEMHFWVZKRKDYH D ERG\ ZHLJKWNJ OEV DWWKH 6FUHHQLQJ 9LVLWDQGERG\ PDVV
LQGH[ EHWZHHQDQGNJPLQFOXVLYH
 %H LQ JRRG JHQHUDO KHDOWK DVGHWHUPLQHG E\ D WKRURXJKPHGLFDOKLVWRU\ DQG SK\VLFDO
H[DPLQDWLRQHOHFWURFDUGLRJUDP(&*YLWDO VLJQVDQG FOLQLFDOODERUDWRU\ HYDOXDWLRQ
 :LOOLQJ DQG DEOH WRFRPSOHWH DOOVWXG\ DVVHVVPHQWVDQGSURFHGXUHV
 )HPDOHV RI FKLOGEHDULQJSRWHQWLDOPXVWDJUHH WREH DEVWLQHQWRU HOVH XVH RQH RI
WKH IROORZLQJ PHGLFDOO\ DFFHSWDEOH IRUPVRI FRQWUDFHSWLRQIURPWKH 6FUHHQLQJ 3HULRG
WKURXJKWKH ILQDO WHOHSKRQH IROORZXSKRUPRQDO FRQWUDFHSWLRQFRQGRPZLWKVSHUPLFLGDO
MHOO\GLDSKUDJPRU FHUYLFDO FDS ZLWKVSHUPLFLGDOMHOO\LQMHFWDEOH FRQWUDFHSWLYH RU LQWUD
XWHULQH GHYLFH $ IHPDOH ZKRVH PDOH SDUWQHU KDVKDG DYDVHFWRP\ PXVWDJUHH WRXVH RQH
DGGLWLRQDO IRUP RI PHGLFDOO\ DFFHSWDEOH FRQWUDFHSWLRQ6XEMHFWVPXVWDJUHH WRSUDFWLFH WKH
DERYH ELUWKFRQWUROPHWKRGVWKURXJKWKH ILQDO WHOHSKRQH IROORZXS DV D VDIHW\ SUHFDXWLRQ
 )HPDOHV RI QRQFKLOGEHDULQJ SRWHQWLDO DUHGHILQHG DV VXUJLFDOO\ VWHULOH VWDWXV SRVW
K\VWHUHFWRP\ELODWHUDORRSKRUHFWRP\RU ELODWHUDO WXEDOOLJDWLRQ RU SRVWPHQRSDXVDO IRU
DWOHDVWPRQWKV 3RVWPHQRSDXVDO VWDWXVPXVWEH FRQILUPHG E\ D VHUXP IROOLFOH
VWLPXODWLQJ KRUPRQH )6+ WHVWDW 6FUHHQLQJ
 0DOHVZLWKIHPDOH SDUWQHUVRI FKLOGEHDULQJ SRWHQWLDOPXVWDJUHH WRXVH D KLJKO\ HIIHFWLYH
PHGLFDOO\ DFFHSWDEOH IRUPRI FRQWUDFHSWLRQ VHH,QFOXVLRQFULWHULRQ DERYHIURP WKH
6FUHHQLQJ 3HULRGWKURXJKWKH ILQDOWHOHSKRQH IROORZXS 0DOHVZLWKIHPDOH SDUWQHUVRI
FKLOGEHDULQJ SRWHQWLDOZKRWKHPVHOYHV DUH VXUJLFDOO\ VWHULOH VWDWXVSRVWYDVHFWRP\ PXVW
DJUHH WRXVH FRQGRPVZLWKVSHUPLFLGH RYHU WKH VDPH SHULRGRI WLPH0DOH VXEMHFWVPXVW
DJUHH WRSUDFWLFH WKH DERYHELUWKFRQWUROPHWKRGVWKURXJKWKH )LQDO7HOHSKRQH )ROORZXS
DVD VDIHW\ SUHFDXWLRQ
 5HVXOWVRI FRPSOHWH EORRGFHOO &%& FRXQW LQFOXGLQJ ZKLWH EORRGFHOO FRXQW
KHPDWRFULWKHPRJORELQSODWHOHW FRXQWGLIIHUHQWLDOVHUXPFUHDWLQLQH HOHFWURO\WHV
1D . VHUXP JOXFRVH DVSDUWDWH DPLQRWUDQVIHUDVHDODQLQH DPLQRWUDQVIHUDVH
$67$/7 DQGWRWDOELOLUXELQPXVWEH ZLWKLQQRUPDO UDQJHVRU GHWHUPLQHG WREH QRW
FOLQLFDOO\ VLJQLILFDQWE\ WKH ,QYHVWLJDWRU RUPHGLFDOO\TXDOLILHGGHVLJQHH ,IWKHVXEMHFW¶V

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
+ELVVOLJKWO\DEQRUPDO DVFRPSDUHGWRWKHUHIHUHQFHYDOXHLWZLOOEHWKHMXGJHPHQWRI
WKH,QYHVWLJDWRURUPHGLFDOO\TXDOLILHGGHVLJQHHZKHWKHUWKHVXEMHFWUHPDLQVHOLJLEOHIRU
WKHVWXG\EDVHGRQJRRGFOLQLFDOSUDFWLFHV

([FOXVLRQ&ULWHULD
6XEMHFWVZKRPHHW DQ\ RI WKH IROORZLQJFULWHULD ZLOOQRWEH HOLJLEOH IRU HQWU\ LQWRWKLVVWXG\
 3UHJQDQWRUQXUVLQJ IHPDOHVXEMHFWVRUVXEMHFWVZKRDUHWU\LQJ WRFRQFHLYH
 )RU IHPDOH VXEMHFWV D SRVLWLYH VHUXPKXPDQ FKRULRQLF JRQDGRWURSLQK&* WHVWDW
6FUHHQLQJ RU D SRVLWLYH XULQH K&* DW DGPLVVLRQSULRUWRLQLWLDWLQJWUHDWPHQW
 6XEMHFWVZLWKFOLQLFDOO\ VLJQLILFDQWQHXURORJLF FDUGLRYDVFXODUKHSDWLF UHQDO
HQGRFULQRORJLFSXOPRQDU\ KHPDWRORJLFDOSV\FKLDWULFRU RWKHU PHGLFDOLOOQHVV WKDW
ZRXOGLQWHUIHUH ZLWKSDUWLFLSDWLRQLQWKLVVWXG\
 6XEMHFWVZLWKD KLVWRU\ RI (&* DEQRUPDOLWLHVLQFOXGLQJ 35! PVHF456 FRPSOH[
! PVHF47 &RUUHFWHG8VLQJ)ULGHULFLD¶V )RUPXOD 47F) ! PV LQERWKPDOHVDQG
IHPDOHV RU DQ\VLJQLILFDQWPRUSKRORJLFDO FKDQJHVRWKHU WKDQQRQVSHFLILF 7ZDYH
FKDQJHV

,Q DGGLWLRQVXEMHFWVZKRGHPRQVWUDWH DQ\ RI WKHVH RU DQ\ RWKHU VLJQLILFDQWOHDG
(&* DEQRUPDOLWLHVSULRU WRLQLWLDWLQJWUHDWPHQWLHOHDG(&*VSHUIRUPHG
DW 6FUHHQLQJ 'D\ EDVHOLQH SUHGRVH RQ'D\  >(&*REWDLQHGZLWKLQKRXU SULRU
WRGRVLQJ RQ'D\ @ ZLOOEH H[FOXGHG IURPSDUWLFLSDWLRQLQWKH VWXG\
 $KLVWRU\ RI DGGLWLRQDO ULVNIDFWRUV IRU 7RUVDGHV GH 3RLQWHV HJKHDUW IDLOXUH IDPLO\
KLVWRU\ RI /RQJ 47 6\QGURPH
 6XEMHFWVZKRKDYH FDQFHU WKDWKDVQRWEHHQLQFRPSOHWH UHPLVVLRQIRU DWOHDVW \HDUV
 6XSLQH %3 !PP+J RU UHVWLQJ 35EHDWVSHU PLQXWH DW6FUHHQLQJ'D\DQG
'D\SUHGRVH
 0DOH VXEMHFWVZLWKV\PSWRPDWLF SURVWDWLF K\SHUWURSK\ WKDWLVFOLQLFDOO\ VLJQLILFDQWLQWKH
RSLQLRQRI WKH ,QYHVWLJDWRU RUPHGLFDOO\TXDOLILHGGHVLJQHH
 0DOH VXEMHFWVZLWKD WUDQVXUHWKUDO UHVHFWLRQRI WKH SURVWDWH RU IXOOUHVHFWLRQRI WKH
SURVWDWH ZLWKLQPRQWKVSULRU WR6FUHHQLQJ
 6XEMHFWVZLWKEODGGHU QHFNREVWUXFWLRQRU XULQDU\ UHWHQWLRQWKDWLVFOLQLFDOO\ VLJQLILFDQW
LQ WKH RSLQLRQRI WKH ,QYHVWLJDWRU RUPHGLFDOO\TXDOLILHGGHVLJQHH
 6XEMHFWVZLWKD GLDJQRVLV RI JODXFRPD
 +LVWRU\ RI VXEVWDQFHUHODWHG HJGUXJRUDOFRKRODEXVH GLVRUGHUV ZLWKWKH H[FHSWLRQRI
FDIIHLQHUHODWHG DQGQLFRWLQHUHODWHGGLVRUGHUV
 $QDEQRUPDOFOLQLFDOO\VLJQLILFDQWFKHVW;UD\ GXULQJ6FUHHQLQJ'D\ WR'D\RU
ZLWKLQPRQWKVSULRUWRVFUHHQLQJ,IWKHVXEMHFWLVDEOHWR SURYLGHDUHSRUWRID FKHVW;
UD\RU&7ZLWKLQPRQWKVSULRUWR6FUHHQLQJ WRDVVHVVWKLVFULWHULD DFKHVW;UD\DW
6FUHHQLQJZLOOQRWEHUHTXLUHG
 $QDEQRUPDOFOLQLFDOO\VLJQLILFDQWDEGRPLQDOXOWUDVRXQG H[DPLQDWLRQGXULQJ6FUHHQLQJ
'D\ WR'D\ RUZLWKLQPRQWKVSULRUWRVFUHHQLQJ,IWKHVXEMHFWLVDEOHWRSURYLGH

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
DUHSRUW RIDQDEGRPLQDOXOWUDVRXQGZLWKLQPRQWKVSULRUWR6FUHHQLQJ WR DVVHVVWKLV
FULWHULDWKH DEGRPLQDOXOWUDVRXQG DW6FUHHQLQJ ZLOOQRWEHUHTXLUHG
 +LVWRU\ RI VPRNLQJ RU WKH XVH RI QLFRWLQH FRQWDLQLQJ SURGXFWVRU HOHFWURQLF FLJDUHWWHV
ZLWKLQPRQWKVRI 6FUHHQLQJ E\ VHOIUHSRUWLQJ
 $SRVLWLYH DOFRKROEUHDWKDO\]HU RU XULQH GUXJ VFUHHQ IRU GUXJVRI DEXVH DWWKH 6FUHHQLQJ
9LVLWRU DWWKH EHJLQQLQJRI WKH LQSDWLHQWSHULRG
 7UHDWPHQWZLWKDQLQYHVWLJDWLRQDOGUXJ ZLWKLQ GD\V RU ILYH KDOIOLYHV ZKLFKHYHU LV
ORQJHU SULRU WRVFUHHQLQJ
 7UHDWPHQWZLWKDQ\ SUHVFULSWLRQRU QRQSUHVFULSWLRQGUXJV LQFOXGLQJ YLWDPLQVKHUEDO
DQGGLHWDU\ VXSSOHPHQWV ZLWKLQGD\VRU ILYH KDOIOLYHV ZKLFKHYHU LVORQJHU SULRU WR
9LVLW 'D\ 

$FHWDPLQRSKHQZLOOEH SHUPLWWHG DWGRVHVRI  JUDPVGD\,QIHPDOHVRUDODQGRU
LPSODQWHGFRQWUDFHSWLYHPHGLFDWLRQLVSHUPLWWHG
 6XEMHFWVZLWKD KLVWRU\ RI DQ DOOHUJLF UHDFWLRQRU K\SHUVHQVLWLYLW\ WRDQ\ GUXJ RU ZKR
GHYHORSDOOHUJLFUHDFWLRQRUK\SHUVHQVLWLYLW\WRDQ\ FRPSRQHQWRI WKH IRUPXODWLRQV XVHG
LQWKLVVWXG\
 %ORRGFROOHFWLRQGRQDWLRQWUDQVIXVLRQ

%ORRGGRQDWLRQLQFOXGHHOHPHQWGRQDWLRQRUEORRGORVVJUHDWHU WKDQPOZLWKLQ
GD\VRUJUHDWHU WKDQPOZLWKLQGD\V SULRUWRVFUHHQLQJ

%ORRGWUDQVIXVLRQZLWKLQGD\V SULRUWRVFUHHQLQJ
 3RVLWLYH IRUKXPDQ LPPXQRGHILFLHQF\ YLUXV +,9 DQWLERG\DW6FUHHQLQJ
 3RVLWLYH IRU KHSDWLWLV% VXUIDFH DQWLJHQ +EV$J RU SRVLWLYH KHSDWLWLV& DQWLERG\
DW 6FUHHQLQJ
 3RVLWLYHIRU6\SKLOLV$EXVLQJ75867WRFKHFNIRUWKH6\SKLOLVDQWLERG\ FXUUHQWO\
 6XEMHFWVZLWKD FKURQLF PHGLFDO FRQGLWLRQWKDW UHTXLUHVRQJRLQJ WUHDWPHQW ZLWK
PHGLFDWLRQ
 6XEMHFWVXVLQJDQ\KHUEDOWHDKHUEDOVXSSOHPHQWKHUEDORUDOPHGLFDWLRQV RUKHUEDO
LQKDODWLRQDQGQHEXOL]HUSURGXFWVZLWKLQZHHNVSULRUWR9LVLW 6FUHHQLQJDQGGRQRW
DJUHHWRVWRSXVLQJWKHPGXULQJWKHVWXG\GUXJWUHDWPHQW
 6XEMHFWVZLWKD KLVWRU\ RI PDMRU VXUJHU\ ZLWKLQ ZHHNVRU PLQRU VXUJHU\ ZLWKLQ ZHHNV
RI GUXJ DGPLQLVWUDWLRQ 9LVLW
 6XEMHFWVZLWKDQ\ IOXOLNH V\QGURPH RU RWKHU UHVSLUDWRU\ LQIHFWLRQVZLWKLQZHHNVRI
GUXJDGPLQLVWUDWLRQRU ZKRKDYH EHHQYDFFLQDWHG ZLWKDQ DWWHQXDWHGOLYH YLUXVZLWKLQ
 ZHHNVRI GUXJ DGPLQLVWUDWLRQ 9LVLW
 $Q\ RWKHU FRQGLWLRQDQGRU VLWXDWLRQWKDW FDXVHVWKH ,QYHVWLJDWRU RUPHGLFDOO\TXDOLILHG
GHVLJQHH WRGHHPD VXEMHFWXQVXLWDEOH IRU WKH VWXG\ HJGXH WRH[SHFWHGVWXG\ GUXJ QRQ
FRPSOLDQFHLQDELOLW\ WRPHGLFDOO\ WROHUDWH WKH VWXG\ SURFHGXUHVRU D VXEMHFW¶V
XQZLOOLQJQHVVWRFRPSO\ ZLWKVWXG\UHODWHGSURFHGXUHV
 6XEMHFWVZLWKDEQRUPDOJORPHUXODU ILOWUDWLRQUDWH *)5 HVWLPDWHG *)5  P/PLQ
XVLQJ WKH &0'5' PRGLILHGIRU&KLQHVHHTXDWLRQ LQ6HFWLRQ

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
 3UHYLRXV3DUWLFLSDWLRQ6XEMHFWVZKRZHUHSUHYLRXVO\HQUROOHGLQDQ\37RU37
VWXG\FRQGXFWHGRU VSRQVRUHGE\3HDUO7KHUDSHXWLFV,QF

6XEMHFW,GHQWLILFDWLRQ
$OOVXEMHFWVZKRXQGHUJRVFUHHQLQJ SURFHGXUHV ZLOOEH DVVLJQHG D XQLTXH VFUHHQLQJ
LGHQWLILFDWLRQQXPEHU DW 6FUHHQLQJ2QO\ VXEMHFWV FRQWLQXLQJ WRPHHW HQWU\
LQFOXVLRQH[FOXVLRQFULWHULD RQ'D\ ZLOOEH DVVLJQHG D XQLTXH VXEMHFW UDQGRPL]DWLRQ
QXPEHU

3ULRU &RQFRPLWDQW DQG 3URKLELWHG 0HGLFDWLRQV
,QYHVWLJDWLRQDOWKHUDSLHV DUH QRWSHUPLWWHGZLWKLQ GD\V RU ILYH KDOIOLYHV ZKLFKHYHU LV
ORQJHU SULRU WREHJLQQLQJ WKH 6FUHHQLQJ 3HULRG
7KH XVH RI SUHVFULSWLRQRU RYHUWKH FRXQWHU PHGLFDWLRQV ZLWKLQGD\VRU ILYH KDOIOLYHV
ZKLFKHYHU LVORQJHU SULRU WR9LVLW 'D\  LVQRWSHUPLWWHG
$FHWDPLQRSKHQZLOOEHSHUPLWWHG DWGRVHVRI  JUDPVGD\ DVGHWHUPLQHG WREH QHFHVVDU\ E\
WKH ,QYHVWLJDWRU RUPHGLFDOO\TXDOLILHGGHVLJQHH
:LWKWKH H[FHSWLRQRIFRQWUDFHSWLYHVLQ IHPDOHVXEMHFWVRUQHHGIRUPHGLFDWLRQGXULQJDQ
HPHUJHQF\RQJRLQJ WUHDWPHQWIRU FKURQLFFRQGLWLRQVZLOOQRWEH DOORZHG $Q\ PHGLFDWLRQV
WKDWZHUH EHLQJ WDNHQ SULRU WRVLJQLQJ WKH ,&) ZLOOEH GRFXPHQWHG DVSULRU VWXG\ GUXJV DQG
PXVWEH VWRSSHGSULRU WRHQWU\

2WKHU 6WXG\5HVWULFWLRQV

6XUJLFDO3URFHGXUH,QWHUYHQWLRQ5HVWULFWLRQV
0DMRU VXUJLFDOLQWHUYHQWLRQVDUH QRWSHUPLWWHGZLWKLQ ZHHNVRI VWXG\ GUXJ DGPLQLVWUDWLRQ
9LVLWDQGPLQRU VXUJLFDOLQWHUYHQWLRQVDUH QRWDOORZHG ZLWKLQ ZHHNVRI VWXG\ GUXJ
DGPLQLVWUDWLRQ 9LVLW
 'LHWDU\5HVWULFWLRQV
)DVWLQJDWOHDVWKRXUVLVUHTXLUHGIRU VFKHGXOHGFRPSOHWHFOLQLFDOODERUDWRU\ WHVWLQJ±
FKHPLVWU\DQGKHPDWRORJ\LQFOXGLQJJOXFRVHDQGSRWDVVLXPDW6FUHHQLQJ9LVLW9LVLW
'D\DQGIRUKRXUVSRVWGRVHVDPSOHFROOHFWLRQRQ'D\
)DVWLQJLVQRWUHTXLUHGIRU JOXFRVHDQGSRWDVVLXPRQO\EORRGVDPSOHFROOHFWLRQVRQ9LVLW
'D\DWPLQ DQG DWKRXUVSRVWGRVHDQGRQ9LVLW'D\DWPLQKRXUVDQG
KRXUVSRVWGRVH
6WDQGDUGL]HGPHDOVZLOOEHDGPLQLVWHUHGDWVSHFLILHGWLPHVDIWHUREVHUYDWLRQRIIDVWLQJWLPH
IRUEORRGGUDZV 7KHUH DUH QR UHVWULFWLRQVUHJDUGLQJ FOHDU IOXLGLQWDNH

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
6XEMHFWVDUH QRWDOORZHG WRFRQVXPH JUDSHIUXLWVRU JUDSHIUXLWMXLFH WKURXJKRXWWKH VWXG\
6XEMHFWVPXVWQRWLQJHVW[DQWKLQHFDIIHLQHFRQWDLQLQJ IRRGV EHYHUDJHV RUPHGLFDWLRQV IRU
DWOHDVW KRXUVSULRU WRHDFKVWXG\ YLVLWDQG IRU WKH GXUDWLRQRI HDFKVWXG\ YLVLW([DPSOHVRI
VXFKSURGXFWVLQFOXGHFRIIHHWHD FKRFRODWH DQG FROD'HFDIIHLQDWHG EHYHUDJHV DUH
DFFHSWDEOH
 ,OOLFLW'UXJVDQGRU'UXJVRI$EXVH5HVWULFWLRQ
,OOLFLWGUXJVDQGRU GUXJV RI DEXVH ZLOOQRWEH DOORZHG IURPZLWKLQ \HDU RI 6FUHHQLQJ WR
ZKHQHYHU WKH VXEMHFWGLVFRQWLQXHV RUFRPSOHWHVWKH VWXG\ ,I DQ\ LOOLFLWGUXJV RU GUXJV RI
DEXVH DUH XVHG E\ WKH VXEMHFWGXULQJ WKH VWXG\WKH GDWHVRI XVH DQGWKH DPRXQWZLOOEH
GRFXPHQWHG5HIHUWR([FOXVLRQ&ULWHULRQ LQ6HFWLRQ
 6PRNLQJ5HVWULFWLRQV
6PRNLQJ LVSURKLELWHGWKURXJKRXWWKHGXUDWLRQRIWKHVWXG\DQGPRQWKVSULRUWRVFUHHQLQJ
(OHFWURQLFFLJDUHWWHV DQGQLFRWLQHVXSSOHPHQWV ZLOOEH WUHDWHG WKH VDPH ZD\ DVVPRNLQJLV
FRQVLGHUHGLQWKH SURWRFRO

5HPRYDO RI 6XEMHFWV IURP WKH 6WXG\ RU 6WXG\ 'UXJ
7KH ,QYHVWLJDWRU RUPHGLFDOO\TXDOLILHGGHVLJQHH PD\ ZLWKGUDZD VXEMHFWDWWKHRFFXUUHQFHRI
DQ\RUDOORIWKHIROORZLQJ

3URWRFROGHYLDWLRQ

$(

6XEMHFWEHFRPHVSUHJQDQW

&OLQLFDOO\ VLJQLILFDQWFKDQJHLQDODERUDWRU\ SDUDPHWHUV

7HUPLQDWLRQRIWKHVWXG\E\WKH 6SRQVRU RU ,QYHVWLJDWRU

5HTXHVWE\WKHVXEMHFWWREH GLVFRQWLQXHG IURPWKH VWXG\

,QYHVWLJDWRU¶VGLVFUHWLRQ

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI

/$%(/,1*3$&.$*,1*6725$*(',63(16,1*$1'
5(78512)&/,1,&$/6833/,(6

6XEMHFW ,QIRUPDWLRQ
&OLQLFDOVXSSOLHVZLOOEH SDFNDJHGWRVXSSRUW HQUROOPHQWRI WKH VWXG\$OOWUHDWPHQWJURXSV
ZLOOEH EOLQGHG7KH FKDUDFWHULVWLFVRI %*) 0', DQG*)) 0',WKDWZLOOEHDGPLQLVWHUHG
GXULQJ WKH VWXG\ DUH SUHVHQWHGLQ 7DEOH ²
$QHQYHORSHEDVHGUDQGRPL]DWLRQV\VWHPZLOOEHXVHGWRDVVLJQEOLQGHGVWXG\PHGLFDWLRQWR
VXEMHFWV 7KHVLWHZLOOUHFHLYHD ODUJHSRUWIROLRHQYHORSHFRQWDLQLQJVXEMHFWUDQGRPL]DWLRQ
HQYHORSHVIRUVXEMHFWV (DFKODUJHSRUWIROLRHQYHORSHFRQWDLQVDVHULHVRIVXEMHFW
UDQGRPL]DWLRQHQYHORSHVLGHQWLILHGE\DXQLTXHUDQGRPL]DWLRQQXPEHUDQGRUJDQL]HGLQ
VHTXHQWLDORUGHU 2QO\VXEMHFWVHOLJLEOHIRUUDQGRPL]DWLRQZLOOEHDVVLJQHGWKHQH[WLQ
VHTXHQFHUDQGRPL]DWLRQHQYHORSH (DFKHQYHORSHZLOOFRQWDLQDIRUPZKLFKSURYLGHVWKH
EOLQGHGFRPSRQHQW,'VWREHDVVLJQHGWRWKHVXEMHFW
)RU HDFKVXEMHFWWUHDWPHQWZLOOFRPSULVHRIVLQJOH GRVH DGPLQLVWUDWLRQ'D\%,'GRVLQJ
'D\WKURXJK'D\ DQGVLQJOHPRUQLQJGRVH'D\DGPLQLVWUDWLRQRIVWXG\GUXJIRU
FKURQLF GRVLQJ RIGD\V'RVLQJ VKRXOGRFFXUDWDSSUR[LPDWHO\WKHVDPHWLPHRIGD\

'LVSHQVLQJ6WXG\'UXJ
$OOVXEMHFWVZLOOUHFHLYH %*) 0',  J %*) 0', JRU*))
0',J UDQGRP DVVLJQPHQWWRRQH RI WKUHH SUHGHWHUPLQHGSDUDOOHOWUHDWPHQW
JURXSV5HIHUWR6HFWLRQ$W6FUHHQLQJ 'D\ DQGEHIRUHVWXG\PHGLFDWLRQGRVLQJRQ
'D\ DQG'D\VXEMHFWVZLOOEH LQVWUXFWHGRQWKH SURSHU XVH RI DQ0', XVLQJ DEXON
VXSSOLHG0', SODFHERDQG DWWKDWWLPHPXVWGHPRQVWUDWH WKH DELOLW\ WR FRRUGLQDWH XVHRI
WKH 0',
2Q'D\RIWKH7UHDWPHQW3HULRGSULRUWRWKHILUVW0',DGPLQLVWUDWLRQWKH 0', GHYLFH ZLOO
EH SULPHGLQWKH VWXG\ VLWH SKDUPDF\ E\WKH SKDUPDFLVWDQGGHOLYHUHGWRWKH GHOHJDWHGVWDII
-XVWSULRU WRGRVLQJVXEMHFWVZLOODJDLQEH JLYHQ GHWDLOHGLQVWUXFWLRQUHJDUGLQJ WKH SURSHU XVH
RI WKH 0', GHYLFH WRHQVXUH FRPSUHKHQVLRQRI LWVXVH $WWKH WLPH RI DOOVWXG\GUXJGRVLQJ
D KHDOWKFDUH SURYLGHU ZLOOEH SUHVHQWWRHQVXUH WKDWWKHVXEMHFWSURSHUO\DGPLQLVWHUVWKH
UHTXLUHG QXPEHU RI DFWLYDWLRQVRI WKH 0', GHYLFH

6WXG\'UXJ3URGXFW'HVFULSWLRQV
7KH %*) 0', DQG*))0',DFWLYH GUXJ VXEVWDQFHV DUH EXGHVRQLGH JO\FRS\UURQLXPDQG
IRUPRWHUROIXPDUDWH GLK\GUDWH DQGJO\FRS\UURQLXPDQGIRUPRWHUROIXPDUDWHGLK\GUDWH
UHVSHFWLYHO\ ,QYHVWLJDWLRQDOPDWHULDOVZLOOEH SURYLGHG E\ 3HDUO DVVXPPDUL]HGLQ 7DEOH ²


%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
7DEOH ²3URGXFW'HVFULSWLRQV
3URGXFW1DPH	'RVH
3URGXFW6WUHQJWK
'RVDJH
)RUP
$GPLQLVWUDWLRQ
%*)0',
JH[DFWXDWRU
 JDFWXDWL
RQ
0',

LQKDODWLRQV
7DNHQDV
LQKDODWLRQV%,'
%*)0',
JH[DFWXDWRU

JDFWXDWLRQ
0',

LQKDODWLRQV
7DNHQDV
LQKDODWLRQV%,'
*))0',J
H[DFWXDWRU
JDFWXDWLRQ
0',

LQKDODWLRQV
7DNHQDV
LQKDODWLRQV%,'
3ODFHER
3ODFHER0',D
)RUPXODWLRQGRHVQRW
FRQWDLQDFWLYH
LQJUHGLHQW
0',

LQKDODWLRQV
6XEMHFWVZLOOXVHWKH
SODFHER0',IRUWUDLQLQJ
SXUSRVHRQO\WR
GHPRQVWUDWHSURSHU XVHRI
WKH0',RQ'D\'D\
 DQG'D\DQGRQRWKHU
WUHDWPHQWGD\VDVQHHGHG
SHUVLWHGLVFUHWLRQ
$EEUHYLDWLRQV%,' WZLFHGDLO\%*)0', EXGHVRQLGHJO\FRS\UURODWHDQGIRUPRWHUROIXPDUDWH
LQKDODWLRQDHURVRO0', PHWHUHGGRVHLQKDOHU *)) *O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH
+)$ K\GURIOXRURDONDQH0', PHWHUHGGRVHLQKDOHU
D
3ODFHER0',IRUWUDLQLQJSXUSRVHV$OOSODFHERVDUHFUHDWHGE\3HDUOZLWKWKHLPDJHRIWKHDFWLYHWHVW
SURGXFWZLWKQRDFWLYHPRLHWLHV
1RWH $OO VWXG\ GUXJV ZLOO EH DGPLQLVWHUHG E\ RUDO LQKDODWLRQ$VLQJOHGRVHRIVWXG\GUXJZLOOEH
DGPLQLVWHUHGRQ'D\DQG%,'GRVHVZLOOEHDGPLQLVWHUHG'D\WKURXJK'D\ZLWKDILQDOVLQJOH
DGPLQLVWUDWLRQRIVWXG\GUXJRFFXUULQJRQWKHPRUQLQJRI'D\$GPLQLVWUDWLRQRIVWXG\GUXJVKRXOG
RFFXU DW DSSUR[LPDWHO\ WKH VDPH WLPH RI GD\
)ROORZLQJ 6FUHHQLQJ DQG GHWHUPLQDWLRQRI HOLJLELOLW\GRVLQJZLOOVSDQDVLQJOH7UHDWPHQW
3HULRGLQRQHRIWKUHH WUHDWPHQWJURXSV7KH WUHDWPHQW DQGVWXG\ YLVLWVFKHGXOH LVLOOXVWUDWHG
LQ7DEOH ²

6WXG\'UXJ3DFNDJLQJDQG%R[/DEHOLQJ,QIRUPDWLRQ
%OLQGHGLQYHVWLJDWLRQDOGUXJZLOOEH SDFNDJHGLQLQGLYLGXDOER[HVDVRXWOLQHGLQ 7DEOH ²
%R[ FRQILJXUDWLRQLVVXEMHFWWRFKDQJHDVDUHVXOWRISDFNDJLQJFRQVWUDLQWV

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
7DEOH ² 'HVFULSWLRQRI%R[HV
'UXJ6XSSOLHV
,QGLYLGXDO%R[&RQWHQWV
%OLQGHG
0',
0', PHWHUHGGRVHLQKDOHU
(DFKER[ZLOOEHODEHOHGZLWKDSDUWODEHOSULQWHGZLWKEODFNLQNDQGPD\LQFOXGHWKH
IROORZLQJLWHPV
3DFNDJLQJ/RW,'
6SDFHIRUHQWU\RIVFUHHQLQJ
&RPSRQHQW,'
6SDFHIRUHQWU\RIUDQGRPL]DWLRQ
.LW&RQWHQWV0',
6SDFHIRUHQWU\RI,QWHUYDO,'
5HHYDOXDWLRQ([SLUDWLRQGDWHLIDSSOLFDEOH
'RVLQJ,QVWUXFWLRQVLIDSSOLFDEOH
6WRUDJH&RQGLWLRQV
&RPSRXQG,' 3URWRFRO
&RXQWU\UHJXODWRU\UHTXLUHPHQWV
6SRQVRUDGGUHVVLIDSSOLFDEOH
7UDQVODWLRQ.H\LIDSSOLFDEOH
,' LGHQWLILFDWLRQ QXPEHU

(PHUJHQF\8QEOLQGLQJRI7UHDWPHQW$VVLJQPHQW
7KH 6SRQVRU ZLOOSURYLGH HPHUJHQF\XQEOLQGLQJ HQYHORSHV ZLWKWKH FOLQLFDOVXSSOLHV IRU WKH
SXUSRVH RIVXEMHFWWUHDWPHQWXQEOLQGLQJ (PHUJHQF\XQEOLQGLQJHQYHORSHVEULJKWUHGLQ
FRORU ZKLFKFRQWDLQWKHXQEOLQGHGWUHDWPHQWLQIRUPDWLRQDVVRFLDWHGZLWKHDFK
UDQGRPL]DWLRQQXPEHUDUHDOVRSURYLGHGDQGWREHVWRUHGLQDVHSDUDWHVHFXUHORFDWLRQ
DFFHVVLEOHRQO\E\WKH6LWH,QYHVWLJDWRU
7KH ,QYHVWLJDWRU RU WUHDWLQJ SK\VLFLDQ PD\ XQEOLQGD VXEMHFW¶V WUHDWPHQWDVVLJQPHQWRQO\LQ
WKH FDVH RI DQ HPHUJHQF\ ZKHQNQRZOHGJH RI WKH VWXG\ WUHDWPHQWLVHVVHQWLDO IRU WKH
DSSURSULDWH FOLQLFDOPDQDJHPHQW RU ZHOIDUH RI WKH VXEMHFW
:KHQHYHUSRVVLEOHWKH ,QYHVWLJDWRU PXVWILUVWGLVFXVVRSWLRQVZLWKWKH 0HGLFDO0RQLWRU RU
DSSURSULDWHVWXG\ SHUVRQQHO EHIRUH XQEOLQGLQJ WKH VXEMHFW¶VWUHDWPHQWDVVLJQPHQW ,I WKLV
SURYHVLPSUDFWLFDOWKH ,QYHVWLJDWRU PXVWQRWLI\ WKH 6SRQVRU DVVRRQDVSRVVLEOHEXWZLWKRXW
UHYHDOLQJ WKHWUHDWPHQWDVVLJQPHQWRI WKH XQEOLQGHGVXEMHFWXQOHVVWKDWLQIRUPDWLRQLV
LPSRUWDQWIRU WKHVDIHW\ RI VXEMHFWVFXUUHQWO\ LQWKH VWXG\ 7KH GDWH DQG UHDVRQ IRU WKH
XQEOLQGLQJ PXVWEHUHFRUGHGLQWKH DSSURSULDWH GDWD FROOHFWLRQWRRO

6WRUDJH5HTXLUHPHQWV
%OLQGHG6XSSOLHV VKRXOGEHNHSWLQDVHFXUHGORFDWLRQ%*)0', DQG *))0', VKRXOGEH
VWRUHGEHORZ&)([FXUVLRQVSHUPLWWHGXSWR&)

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
7KHFOLQLFDOVXSSOLHVVWRUDJHDUHDDWWKHVLWHPXVWEHPRQLWRUHGE\WKHVLWHVWDIIIRU
WHPSHUDWXUHFRQVLVWHQF\ZLWKWKHDFFHSWDEOHVWRUDJHWHPSHUDWXUHUDQJHDERYH
'RFXPHQWDWLRQRIWHPSHUDWXUHPRQLWRULQJVKRXOGEHPDLQWDLQHG

,QVWUXFWLRQVIRU3UHSDUDWLRQRI7UHDWPHQWVIRU$GPLQLVWUDWLRQDQG
'LVSHQVLQJ
,QGLYLGXDO%*)0',DQG*))0',ZLOOEHSDFNDJHGLQDIRLOSRXFKDQGFRQWDLQHGLQDQ
LQGLYLGXDOYLVLWWUHDWPHQWER[%RWKWKHYLVLWWUHDWPHQWER[DQGWKHIRLORYHUZUDSZLOOKDYHD
ODEHOZLWKDFRPSRQHQW,'QXPEHU7KHYLVLWWUHDWPHQWER[LVODEHOHGZLWKDSDUWODEHO
:ULWHWKHVXEMHFWQXPEHUDQGWUHDWPHQWYLVLWQXPEHURQHDFKRIWKHSDUWODEHOV
$OO0',VPXVWEHSULPHGEHIRUHWKHILUVWXVH6KDNLQJDQGSULPLQJWKHLQKDOHUILOOVD
FKDPEHULQVLGHWKHFDQLVWHUZLWKWKHFRUUHFWGRVHDQGPL[RIPHGLFDWLRQVRWKDWWKHLQKDOHULV
UHDG\WRXVH3ULPLQJLQYROYHVUHOHDVLQJ VSUD\VLQWRWKHDLUEHIRUHWKHILUVWXVHRIWKH
LQKDOHU
7KH0',PXVWEHSULPHGLQDVHSDUDWHURRPDZD\IURPWKHVXEMHFWWUHDWPHQWDUHD
(DFK GRVHZLOOFRQVLVWRISXIIVIURPWKH0',6XEMHFWVZLOOEHGLVSHQVHGWKH0',DQG
LQVWUXFWHGWRFRQWLQXHWDNLQJVWXG\PHGLFDWLRQWZLFHGDLO\SXIIVLQWKHPRUQLQJDQG SXIIV
LQWKHHYHQLQJDSSUR[LPDWHO\KRXUVDSDUW5HIHUWR$SSHQGL[ IRULQVWUXFWLRQVRQ
DGPLQLVWUDWLRQDQGFOHDQLQJRI%*)0',DQG*))0',

6WXG\'UXJ$FFRXQWDELOLW\5HWXUQRI&OLQLFDO6XSSOLHV
,QYHVWLJDWLRQDOFOLQLFDOVXSSOLHVPXVWEHUHFHLYHGE\DGHVLJQDWHGSHUVRQDWWKHVWXG\VLWH
KDQGOHGDQGVWRUHGVDIHO\DQGSURSHUO\DQGNHSWLQDVHFXUHORFDWLRQWRZKLFKRQO\WKH
,QYHVWLJDWRUDQGGHVLJQDWHGDVVLVWDQWV RUSKDUPDF\ KDYHDFFHVV 6WRUDJHFRQGLWLRQVIRUWKH
FOLQLFDOVXSSOLHVVKRXOGEHREVHUYHGPRQLWRUHGDQGGRFXPHQWHG&OLQLFDOVXSSOLHVDUH WREH
GLVSHQVHGRQO\LQDFFRUGDQFHZLWKWKHSURWRFRO7KH,QYHVWLJDWRURUGHVLJQHHLVUHVSRQVLEOH
IRUNHHSLQJDFFXUDWHUHFRUGVRIWKHFOLQLFDOVXSSOLHVUHFHLYHGIURP3HDUOWKHDPRXQW
GLVSHQVHGWRDQGUHWXUQHGE\WKHVXEMHFWDQGWKHDPRXQWUHPDLQLQJDWWKHFRQFOXVLRQRIWKH
VWXG\6WXG\PHGLFDWLRQVKRXOGEHKDQGOHGLQDFFRUGDQFHZLWKLQVWUXFWLRQVSURYLGHGLQWKLV
VHFWLRQ7KH&OLQLFDO0RQLWRUVKRXOGEHFRQWDFWHGZLWKDQ\TXHVWLRQVFRQFHUQLQJ
LQYHVWLJDWLRQDOSURGXFWVZKHUHVSHFLDORUSURWHFWLYHKDQGOLQJLVLQGLFDWHG$WWKHHQGRIWKH
VWXG\DOOFOLQLFDOVXSSOLHVLQFOXGLQJSDUWLDODQGHPSW\FRQWDLQHUVPXVWEHUHWXUQHGDV
GLUHFWHGE\3HDUO
6LWHVVKRXOGFKHFNZLWKWKH3HDUOUHSUHVHQWDWLYHIRUDSSURSULDWHGRFXPHQWDWLRQ WKDWQHHGVWR
EHFRPSOHWHGIRUGUXJDFFRXQWDELOLW\
7KH,QYHVWLJDWRURUGHVLJQHH VKRXOGQRWRSHQWKHLQGLYLGXDOFOLQLFDOVXSSO\FRQWDLQHUVXQWLO
DOOSUHGRVHDVVHVVPHQWVKDYHEHHQFRPSOHWHGDQGWKHVXEMHFWLVHOLJLEOHWREH
UDQGRPL]HGFRQWLQXHZLWKWKHVWXG\$Q\GHYLDWLRQIURPWKLVPXVWEHGLVFXVVHGZLWKWKH
&OLQLFDO0RQLWRU

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
)RUHDFKVXEMHFWDOOXVHGVWXG\GUXJPDWHULDOVZLOOEHFROOHFWHG8VHGVXEMHFWVXSSOLHVZLOO
EHNHSWDWURRPWHPSHUDWXUHLQDVHFXUHDQGORFNHGFDELQHWXQWLOUHWXUQHGWR3HDUORU
GHVLJQHH
1RWH 8VHGVWXG\GUXJZLOO EHVWRUHGVHSDUDWHO\IURPXQXVHGVWXG\GUXJ
$OOSURGXFWFRPSODLQWVLQFOXGLQJGHYLFHPDOIXQFWLRQVPXVWEHUHSRUWHGWR3HDUOXVLQJWKH
3URGXFW&RPSODLQWV)RUPSURYLGHGLQHDFKVLWH¶VUHJXODWRU\ELQGHU3HDUOZLOOFRQWDFWWKH
VLWHWRHYDOXDWHWKHQDWXUHRIWKHFRPSODLQWDQGGHWHUPLQHZKDWIXUWKHUDFWLRQLVQHHGHG

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI

678'<352&('85(6

,QIRUPHG&RQVHQW
7KH LQIRUPHGFRQVHQWIRUP,&) PXVWEH H[HFXWHG prior WRSHUIRUPLQJ DQ\ DQGDOO
VWXG\UHODWHG DFWLYLWLHV7KH ,&) PXVWEHDSSURYHG E\ WKH,QGHSHQGHQW(WKLFV &RPPLWWHH
,(& WKDW LV UHYLHZLQJWKHVWXG\GRFXPHQWV 7KH,&)ZLOOEH REWDLQHG IRU DOOVXEMHFWV
SDUWLFLSDWLQJ LQWKH VWXG\ 6XEMHFWVPD\ ZLWKGUDZ FRQVHQWDW DQ\WLPH 3DUWLFLSDWLRQLQ
WKH VWXG\ PD\ EH WHUPLQDWHG DW DQ\ WLPH ZLWKRXWWKH VXEMHFW¶V FRQVHQWDVGHWHUPLQHG E\
WKH ,QYHVWLJDWRU

(OLJLELOLW\RI6XEMHFWV
(OLJLELOLW\ VFUHHQLQJ RI KHDOWK\ VXEMHFWVZLOOEH FRPSOHWHGZLWKLQGD\V SULRU WR
DGPLQLVWUDWLRQRI WKH ILUVW GRVHRI VWXG\ GUXJ DQG ZLOOEH GRFXPHQWHGRQWKH H&5)
&RQILUPDWLRQRI HOLJLELOLW\ ZLOOEH SHUIRUPHG DW FOLQLF DGPLVVLRQ9LVLW'D\  DQG9LVLW
'D\  RIWKH7UHDWPHQW3HULRG6XEMHFWVZLOOUHPDLQLQWKHFOLQLFIURPFOLQLFDGPLVVLRQ
9LVLW'D\&OLQLF$GPLVVLRQXQWLO'D\ 6FUHHQ IDLOXUH DQGWKH UHDVRQ IRU VFUHHQ
IDLOXUH ZLOOEHGRFXPHQWHGLQWKH VWXG\ VLWH VRXUFH GRFXPHQWVDQGFDSWXUHGLQWKH&5)

3KDUPDFRNLQHWLF$VVHVVPHQWV
1RWH 3KDUPDFRNLQHWLF VDPSOLQJ ZLOORFFXU LQFRQMXQFWLRQZLWKWKH7UHDWPHQW3HULRG
6DPSOH FROOHFWLRQVZLOOEH VFKHGXOHG IRU WKH QRPLQDOWLPH SRLQWDQG DFWXDO FROOHFWLRQWLPHV
ZLOOEHUHFRUGHGLQWKH VRXUFH GRFXPHQWV5HIHUWR7DEOH ² DQG 7DEOH ²
 %ORRG6DPSOH&ROOHFWLRQ6FKHGXOH
PRE-Dose Administration Sample Collection-On Day 1 AND Day 8:
$SSUR[LPDWHO\  P/ RI ZKROH EORRGZLOOEH FROOHFWHGZLWKLQPLQXWHVprior WR
DGPLQLVWUDWLRQRI VWXG\ GUXJ
POST-Dose Administration Sample Collection –On Day 1 ONLY:
$SSUR[LPDWHO\  P/ RI ZKROH EORRGZLOOEH FROOHFWHG DW DQG PLQXWHV
DQG DW +RXUV DQG 
POST-Dose Administration Sample Collection –On Day 8 ONLY:
$SSUR[LPDWHO\  P/ RI ZKROH EORRGZLOOEH FROOHFWHG DW DQG PLQXWHVDQGDW
+RXUVV  DQG

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
7KHUHFRPPHQGHGWLPHZLQGRZVIRUSRVWGRVH3.DVVHVVPHQWDUHDVIROORZV
7LPHSRLQW 
7LPHZLQGRZV 
PLQ 
PLQ 
PLQ 
PLQ 
PLQ 
PLQ 
PLQ 
PLQ 
KU 
PLQ 
KU 
PLQ 
KU 
PLQ 
KU 
PLQ 
KU 
PLQ 
KU 
PLQ 
KU 
PLQ 
 3URFHGXUHIRU6DPSOH&ROOHFWLRQ
6DPSOHVZLOOEHFROOHFWHGYLDDQLQGZHOOLQJLQWUDYHQRXV,9FDQQXODSHUWKHVWXG\VLWH¶V
6WDQGDUG2SHUDWLQJ 3URFHGXUH>623@RULIQHFHVVDU\E\GLUHFWYHQLSXQFWXUHLQWRYDFXXP
FROOHFWLRQWXEHV IRUH[DPSOH
SODVPDFROOHFWLRQWXEHFRQWDLQLQJHWK\OHQHGLDPLQHWHWUDDFHWLFDFLG('7$
WULSRWDVVLXP$IWHUSURFHVVLQJWKHSODVPDIRUHDFKVDPSOH ZLOOEHKDUYHVWHGGLYLGHGLQWR
WZRDSSUR[LPDWHO\HTXDO DOLTXRWVDQGWUDQVIHUUHGLQWRFU\RWXEHV DSSURSULDWHIRUSODVPD
$OLTXRWVDUHWREHIUR]HQDW&
 3URFHGXUHIRU6KLSSLQJ6DPSOHV
6DPSOHV DUHWREHVKLSSHGIUR]HQE\RYHUQLJKWFRXULHUWRWKHELRDQDO\WLFDOODERUDWRU\ IRU
DQDO\VLV,QVWUXFWLRQVIRUVDPSOHKDQGOLQJVWRUDJHDQGVKLSSLQJZLOOEHSURYLGHGLQWKH
ODERUDWRU\PDQXDO

6DIHW\$VVHVVPHQWV
7KHVWXG\SURFHGXUHVPDQXDOLQFOXGHVDOORZHGWLPHZLQGRZVIRUVDIHW\DVVHVVPHQWV.LQGO\
UHIHUWRWKLVPDQXDOIRUQRPLQDOWLPHZLQGRZGHWDLOV

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI

0HGLFDO+LVWRU\
5HOHYDQWPHGLFDOKLVWRU\EDVHGRQWKH RSLQLRQRI WKH ,QYHVWLJDWRUZLOOEH REWDLQHG IURPWKH
VXEMHFW DW 6FUHHQLQJ DQG UHFRUGHG RQWKH VRXUFH GRFXPHQW 0HGLFDOKLVWRU\ ZLOOFDSWXUH WKH
VXEMHFW¶V IDPLO\ KHDOWKKLVWRU\KLVWRU\ RI KRVSLWDOL]DWLRQDQGKLVWRU\ RI VXUJHULHV
 3K\VLFDO([DPLQDWLRQ
$ FRPSOHWH SK\VLFDO H[DPLQDWLRQLQFOXGLQJ KHLJKW DQGZHLJKWZLOOEH SHUIRUPHG DWWKH
WLPH RI 6FUHHQLQJ DQGRQWKH GD\ RI FOLQLF DGPLVVLRQ9LVLW 'D\  DQG9LVLW'D\
7KH ILQGLQJVZLOOEH UHFRUGHGRQWKH VRXUFH GRFXPHQWVDQG FOLQLFDOO\ VLJQLILFDQW
DEQRUPDOLWLHVZLOOEH UHFRUGHGRQWKH H&5)
7KH SK\VLFDO H[DPLQDWLRQZLOOLQFOXGH

'RFXPHQWDWLRQRI KHLJKW 6FUHHQLQJ RQO\

'RFXPHQWDWLRQRI ZHLJKW 6FUHHQLQJ RQO\

*HQHUDODSSHDUDQFH

+HDG H\HVHDUVQRVH DQGWKURDW

5HVSLUDWRU\

&DUGLRYDVFXODU

0XVFXORVNHOHWDO

$EGRPLQDO

1HXURORJLF

([WUHPLWLHV

'HUPDWRORJLF

/\PSK QRGHV
 9LWDO6LJQV
9LWDOVLJQGHWHUPLQDWLRQVLQFOXGLQJ %3 35 UHVSLUDWRU\ UDWH DQGERG\ WHPSHUDWXUH ZLOO
EH SHUIRUPHG DIWHU WKHVXEMHFWKDVEHHQVXSLQHIRUDPLQXWH SHULRGDWWKH 6FUHHQLQJ 9LVLW
RQWKH GD\ RIFOLQLF DGPLVVLRQ9LVLW'D\  'D\WKURXJK'D\DQG RQ9LVLW'D\ 
DQG9LVLW 'D\ ZLWKLQ KRXUV SULRU WRDGPLQLVWUDWLRQRI VWXG\ GUXJDQGPLQXWHV
 KRXUV KRXUV  KRXUVDQG KRXUV SRVWDGPLQLVWUDWLRQRI VWXG\ GUXJ 5HIHUWR VWXG\
SURFHGXUHVPDQXDO 7DEOH ² 7DEOH ² DQG 7DEOH ²
 /HDG(OHFWURFDUGLRJUDP
7ZHOYHOHDG(&*VZLOOEH UHFRUGHG DW 6FUHHQLQJ DQGRQWKH GD\ RI WKH FOLQLF DGPLVVLRQ9LVLW
 'D\  EDVHOLQH UHSUHVHQWVSUHGRVH RQ 'D\  7ZHOYHOHDG(&*VZLOOEH REWDLQHG 

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI

SUHGRVHZLWKLQ KRXUV SULRU WRGRVLQJ RQ9LVLW'D\ 

ZLWKLQKRXUSULRUWRGRVLQJRQ9LVLW'D\

DWPLQXWHV DQG DQG KRXUVSRVWGRVLQJ 'D\DQG'D\
6XEMHFWVVKRXOGEHVXSLQHDQGUHVWLQJ IRU DWOHDVW PLQXWHV EHIRUH DQGGXULQJWKH (&*
UHFRUGLQJ SURFHGXUH 6XEMHFWVZLWKDQ\ (&* DEQRUPDOLWLHVVKRXOGEH HYDOXDWHG E\WKH
,QYHVWLJDWRU WRGHWHUPLQH LI HDFK DEQRUPDOLW\ LVFOLQLFDOO\ VLJQLILFDQW $OO FOLQLFDOO\
VLJQLILFDQW DEQRUPDOLWLHV DIWHUWKHILUVWGRVLQJWKURXJKWKHWUHDWPHQWSHULRGXQWLOIROORZ
XSWHOHSKRQHZLOOEH UHSRUWHG DV 7($(VDQG IROORZHG FORVHO\ E\ WKH ,QYHVWLJDWRU LQRUGHU
WRDVVXUH WKH VDIHW\ RI WKH VWXG\ VXEMHFW
 &OLQLFDO/DERUDWRU\7HVWV
1RWH 6XEMHFWVPXVWEH IDVWLQJ IRU DWOHDVW KRXUV SULRU WRDQ\ VFKHGXOHG FRPSOHWHFOLQLFDO
ODERUDWRU\ DVVHVVPHQWEORRGGUDZ FKHPLVWU\DQGKHPDWRORJ\±LQFOXGLQJJOXFRVHDQG
SRWDVVLXP)DVWLQJLVQRWUHTXLUHGIRUFOLQLFDOODERUDWRU\DVVHVVPHQWVRIJOXFRVHDQG
SRWDVVLXPRQO\ DW9LVLW 'D\DQG9LVLW 'D\
/DERUDWRU\ WHVWLQJ KHPDWRORJ\ ZLWKGLIIHUHQWLDOFKHPLVWU\ DQG XULQDO\VLV ZLOOEH
SHUIRUPHGXVLQJ VWDQGDUG PHWKRGV%ORRGDQGXULQH VDPSOHV IRU WKH FOLQLFDOODERUDWRU\
WHVWV OLVWHGLQ7DEOH ² ZLOOEH FROOHFWHG DW 6FUHHQLQJ RQWKH GD\ RI FOLQLF DGPLVVLRQ 9LVLW
 'D\  DQG9LVLW'D\ VDPSOH )DVWLQJLVUHTXLUHG DVVKRZQLQ7DEOH ² 7DEOH ²
DQG7DEOH ²
$W PLQXWHV DQGKRXUV postDGPLQLVWUDWLRQRI VWXG\ GUXJ RQ 9LVLW'D\  EORRG
VDPSOHVZLOOEH GUDZQIRU DVVHVVPHQWVIRUJOXFRVH DQGSRWDVVLXP )DVWLQJLVQRWUHTXLUHG
5HIHUWR VWXG\SURFHGXUHVPDQXDO 7DEOH ²
$W SUHGRVHZLWKLQPLQXWHV DQG  PLQXWHVKRXUV DQG KRXUV postDGPLQLVWUDWLRQRI
VWXG\ GUXJ RQ 9LVLW 'D\ EORRGVDPSOHVZLOOEH GUDZQIRU DVVHVVPHQWVIRUJOXFRVH DQG
SRWDVVLXP )DVWLQJLVQRWUHTXLUHG 5HIHUWR 7DEOH ²
6WDQGDUGL]HGPHDOVZLOOEHDGPLQLVWHUHGDWVSHFLILHGWLPHV DIWHUREVHUYLQJ IDVWLQJ WLPHV IRU
EORRGGUDZV
7KHUH DUH QR UHVWULFWLRQVUHJDUGLQJ FOHDU IOXLGLQWDNH

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
7DEOH ²
/DERUDWRU\7HVWV
+HPDWRORJ\
&KHPLVWU\
+HPDWRFULWD
+HPRJORELQ
6HUXP,URQ
)HUULWLQ
3ODWHOHWFRXQW
5HGEORRGFHOO5%&FRXQW
:KLWHEORRGFHOO:%&
FRXQW
:%&GLIIHUHQWLDO
0HDQFRUSXVFXODUYROXPH
0&9
0HDQFHOOKHPRJORELQ
0&+
0&+FRQFHQWUDWLRQ
0&+&
&UHDWLQLQHE
3RWDVVLXP.F
6RGLXP1D
&KORULGH&O
0DJQHVLXP0J
&DOFLXP
,QRUJDQLFSKRVSKDWH
*OXFRVHF
8UHD
%LOLUXELQ7RWDO
%ORRG8UHD1LWURJHQ%81
%LOLUXELQGLUHFW
$ODQLQHDPLQRWUDQVIHUDVH
$/7
$VSDUWDWHDPLQRWUDQVIHUDVH
$67
*DPPDJOXWDP\OWUDQVIHUDVH
**7
$ONDOLQHSKRVSKDWDVH
7RWDO3URWHLQ
$OEXPLQ
8ULQDO\VLV 0DFURVFRSLFH[DPLQDWLRQURXWLQHO\LQFOXGLQJVSHFLILFJUDYLW\S+SURWHLQ
JOXFRVHNHWRQHVEORRGDQGXURELOLQRJHQ$PLFURVFRSLFH[DPLQDWLRQZLOOEHSHUIRUPHG
EDVHGRQPDFURVFRSLFUHVXOWV
8ULQHGUXJVFUHHQ$XULQHVDPSOHZLOOEHFROOHFWHGDQGDQDO\]HGSRVLWLYHRUQHJDWLYH
IRUGUXJVRIDEXVHLQFOXGLQJDPSKHWDPLQHRSLDWHFRFDLQHEDUELWXUDWHVEHQ]RGLD]HSLQHV
DQGPDULMXDQD>WHWUDK\GURFDQQDELQRO@
%UHDWKDO\]HU7HVW$EUHDWKDO\]HUWHVWZLOOEHSHUIRUPHGIRUWKHSUHVHQFHRIDOFRKRO
SRVLWLYHRUQHJDWLYH
6HURORJ\7HVWLQJIRU+EV$J+HSDWLWLV&DQWLERG\V\SKLOLVDQG+,9ZLOOEHSHUIRUPHGDW
6FUHHQLQJRQO\5HVXOWVRIHDFKVHURORJ\WHVWZLOOEHUHSRUWHGDVHLWKHUSRVLWLYHRUQHJDWLYH
)RUIHPDOHVZKRDUHQRWSRVWPHQRSDXVDO$ VHUXP K&*WHVWDW6FUHHQLQJDQGXULQH
K&*WHVWDWDGPLVVLRQ
)RUIHPDOHVRIQRQFKLOGEHDULQJSRWHQWLDO $ VHUXP K&*WHVWDW6FUHHQLQJDQGXULQH
K&*WHVWDWDGPLVVLRQ,QDGGLWLRQDVHUXP)6+WHVWVWDWXVFRQILUPDWLRQLQSRVW
PHQRSDXVDOZRPHQIRUFRQILUPDWLRQRIQRQFKLOGEHDULQJVWDWXVZLOOEHSHUIRUPHGDW
6FUHHQLQJRQO\
$EEUHYLDWLRQVH*)5 HVWLPDWHGJORPHUXODUILOWUDWLRQUDWH+EV$J KHSDWLWLV%VXUIDFHDQWLJHQ
K&* KXPDQFKRULRQLFJRQDGRWURSLQ+,9 KXPDQLPPXQRGHILFLHQF\YLUXV)6+ IROOLFOHVWLPXODWLQJ
KRUPRQH
D
3DFNHG FHOOYROXPH
E
H*)5 ZLOOEHFDOFXODWHG E\WKH 0RGLILFDWLRQRI'LHWLQ5HQDO'LVHDVH0'5'HTXDWLRQ IROORZLQJ 
KWWSZZZFROXPELDPHGLFLQHRUJGLYLVLRQVJKDUDYLFDOFBHJIUSKS

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
&0'5'PRGLILHGIRU&KLQHVHHTXDWLRQ
H*)5 î6HUXP&UHDWLQLQH î$JH îLI)HPDOH
F
$GGLWLRQDOO\ZLWKLQ PLQXWHVSULRUWRGRVLQJDQGDWPLQXWHVKRXUVDQG KRXUV9LVLWRQO\
SRVWGRVHRI7UHDWPHQW

/DERUDWRU\6DPSOH&ROOHFWLRQ6WRUDJHDQG6KLSSLQJ
'HWDLOHGLQVWUXFWLRQVIRU ODERUDWRU\ VDPSOH FROOHFWLRQSURFHVVLQJ DQGVKLSSLQJ LQVWUXFWLRQV
ZLOOEH SURYLGHGLQWKH ODERUDWRU\PDQXDO IRU3.WHVWLQJDQGRWKHUVWDQGDUGWHVWLQJVHWXS ZLOO
EHXVHG IRUORFDOWHVWLQJ
$SSUR[LPDWHO\  P/ RI EORRGZLOOEH FROOHFWHG SHU VXEMHFWGXULQJ WKH VWXG\DVIROORZV
7KHH[DFWEORRGYROXPHLVEDVHGRQORFDOODERUDWRU\UHTXLUHPHQWVDQGPD\FKDQJHVOLJKWO\DV
ORFDOODERUDWRU\SURFHGXUHFKDQJHV

+&*)6+ VDPSOH HDFKDVDSSURSULDWH DW POV POV

6HURORJ\VDPSOHDWPO DQGVDPSOHDWPO PO

&KHPLVWU\  VDPSOHVDWPOVHDFK POV

+HPDWRORJ\VDPSOHVDWPOVHDFK POV

6HULDOJOXFRVHDQGSRWDVVLXP  VDPSOHVDWPOVHDFK POV

6HULDO3.  VDPSOHVDWPOHDFK POV
%LRORJLFDOPDWHULDOZLOO EH VWRUHG DQG VHFXUHGLQD ZD\ WKDW DVVXUHVWKDW XQDXWKRUL]HG DFFHVV
LVSURKLELWHG DQGWKH VDPSOHV DUH QRWORVWGHWHULRUDWHGRU DFFLGHQWDOO\ RU LOOHJDOO\ GHVWUR\HG
'HWDLOVIRU VWRUDJH DQGVKLSSLQJ ZLOOEH SURYLGHG LQWKH ODERUDWRU\ PDQXDO

$GYHUVH(YHQWV
 3HUIRUPLQJ$GYHUVH(YHQWV$VVHVVPHQWV
7KH,QYHVWLJDWRULVUHVSRQVLEOHIRUSURPSWO\GRFXPHQWLQJDQGUHSRUWLQJDOO$(VREVHUYHG
GXULQJWKHVWXG\LQWKHVXEMHFW¶VH&5),IWKH$(LVXQH[SHFWHG WKH,QYHVWLJDWRUPXVWUHSRUW
WKH$(LPPHGLDWHO\WR 3HDUO7KHUDSHXWLFV,QDGGLWLRQFHUWDLQ$(VDVGHVFULEHGLQ6HFWLRQ
DUHFODVVLILHGDVVHULRXVDQGPXVWEHUHSRUWHGQRODWHUWKDQKRXUVDIWHUWKH
,QYHVWLJDWRUUHFRJQL]HVFODVVLILHVWKHHYHQWDVDVHULRXV$(6$(WR3HDUO7KHUDSHXWLFVRULWV
GHVLJQHH
,QWKHFDVHRI6$(VDIWHUGLVFXVVLQJWKHGHWDLOVRIWKH$(WKH,QYHVWLJDWRUDQGWKH0HGLFDO
0RQLWRUPD\GLVFRQWLQXHWKHVXEMHFWSUHPDWXUHO\

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
 $GYHUVH(YHQW'HILQLWLRQV
7KHIROORZLQJGHILQLWLRQVRIWHUPVDUHJXLGHGE\WKH,QWHUQDWLRQDO&RQIHUHQFHRQ
+DUPRQL]DWLRQWKH86&RGHRI)HGHUDO5HJXODWLRQV>&)5@DQG(XURSHDQ8QLRQ
'LUHFWLYH(&DQGDUHLQFOXGHGKHUHLQ
$Q$(LVDQ\XQWRZDUGPHGLFDORFFXUUHQFHDVVRFLDWHGZLWKWKHXVHRIDGUXJLQKXPDQV
ZKHWKHURUQRWFRQVLGHUHGGUXJUHODWHG$Q$(DOVRUHIHUUHGWRDVDQDGYHUVHH[SHULHQFH
FDQEHDQ\XQIDYRUDEOHDQGXQLQWHQGHGVLJQHJDQDEQRUPDOODERUDWRU\ILQGLQJV\PSWRP
RUGLVHDVHWHPSRUDOO\DVVRFLDWHGZLWKWKHXVHRIDGUXJZLWKRXWDQ\MXGJPHQWDERXW
FDXVDOLW\$Q$(FDQDULVHIURPDQ\XVHRIWKHGUXJHJRIIODEHOXVHXVHLQFRPELQDWLRQ
ZLWKDQRWKHUGUXJDQGIURPDQ\URXWHRIDGPLQLVWUDWLRQIRUPXODWLRQRUGRVHLQFOXGLQJDQ
RYHUGRVH
$GYHUVHHYHQWVLQFOXGHEXWDUHQRWOLPLWHGWR

$Q\V\PSWRPRUFRQGLWLRQQRWSUHYLRXVO\UHSRUWHGE\WKHVXEMHFWPHGLFDOKLVWRU\

$QH[DFHUEDWLRQRIDSUHH[LVWLQJV\PSWRPRUFRQGLWLRQ

$VLJQLILFDQWLQFUHDVHLQIUHTXHQF\RULQWHQVLW\RIDSUHH[LVWLQJHSLVRGLFHYHQWRU
FRQGLWLRQ

$GUXJLQWHUDFWLRQ

$FRQGLWLRQILUVWGHWHFWHGRUGLDJQRVHGDIWHUVWXG\GUXJDGPLQLVWUDWLRQHYHQWKRXJKLW
PD\KDYHEHHQSUHVHQWSULRUWRWKHVWDUWRIWKHVWXG\

0HGLFDORUVXUJLFDOSURFHGXUHVHJVXUJHU\HQGRVFRS\WRRWKH[WUDFWLRQEORRG
WUDQVIXVLRQDUHQRWFRQVLGHUHG$(VDQGWKHFRQGLWLRQWKDWUHVXOWVLQWKHSURFHGXUHLV
FRQVLGHUHGDQ$(HJ EOHHGLQJHVRSKDJHDOYDULFHVGHQWDOFDULHV
$Q$(GRHVQRWLQFOXGH

2YHUGRVHRIHLWKHUVWXG\GUXJRUFRQFXUUHQWPHGLFDWLRQZLWKRXWDQ\FOLQLFDOVLJQVRU
V\PSWRPV

1RQFOLQLFDOO\VLJQLILFDQWDEQRUPDOODERUDWRU\YDOXHV,IDFFRPSDQLHGE\
VLJQVV\PSWRPVWKHVLJQVRUV\PSWRPVDUHFRQVLGHUHGDQ$(
 3UH5DQGRPL]DWLRQ$GYHUVH(YHQWV
$GYHUVH HYHQWVWKDWRFFXU EHWZHHQWKH WLPH VXEMHFWVLJQVWKH ,&) IRU WKH VWXG\ DQGWKH WLPH
ZKHQWKDWVXEMHFW UHFHLYHVILUVWGRVHRIVWXG\GUXJ ZLOOEH VXPPDUL]HG DVPHGLFDOKLVWRU\ DQG
QRWDVDQ $( XQOHVV WKH HYHQWPHHWVWKH GHILQLWLRQRI DQ 6$( DVGHILQHGLQ6HFWLRQ

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI

7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV
$OO$(VWKDWRFFXU DWWKH WLPH RI DQG IROORZLQJ WKH ILUVWDGPLQLVWUDWLRQRI VWXG\ GUXJ WKURXJK
WKH )LQDO7HOHSKRQH )ROORZXSZLOOEH FRQVLGHUHG DVEHLQJ7($(V
 6HYHULW\
7KH,QYHVWLJDWRUPXVWFDWHJRUL]HWKH VHYHULW\RIHDFK$(DFFRUGLQJWRWKHIROORZLQJ
JXLGHOLQHV
0LOG $VVRFLDWHGZLWKQROLPLWDWLRQRIXVXDODFWLYLWLHVRURQO\VOLJKWGLVFRPIRUWJHQHUDOO\
QRWUHTXLULQJDOWHUDWLRQRUFHVVDWLRQRIVWXG\GUXJDGPLQLVWUDWLRQDQGRUQRWQHHGLQJ
WKHUDSHXWLFLQWHUYHQWLRQ
0RGHUDWH $VVRFLDWHGZLWKOLPLWDWLRQRIXVXDODFWLYLWLHVRUVLJQLILFDQWGLVFRPIRUWJHQHUDOO\
UHTXLULQJDOWHUDWLRQRUFHVVDWLRQRIVWXG\GUXJDGPLQLVWUDWLRQDQGRUUHTXLULQJWKHUDSHXWLF
LQWHUYHQWLRQ
6HYHUH $VVRFLDWHGZLWKLQDELOLW\RIVXEMHFWWRFDUU\RXWXVXDODFWLYLWLHVRUYHU\
PDUNHGGLVFRPIRUWFRQVLGHUHGWREHOLIHWKUHDWHQLQJUHVXOWLQJLQVLJQLILFDQWGLVDELOLW\
RU LQFDSDFLW\DQGUHTXLULQJWKHUDSHXWLFLQWHUYHQWLRQ
 5HODWLRQVKLS
7KHLQYHVWLJDWRUZLOODVVHVVFDXVDOUHODWLRQVKLSEHWZHHQLQYHVWLJDWLRQDOSURGXFWDQGHDFK$(
DQGDQVZHU\HVQRWRWKHTXHVWLRQµ'R\RXFRQVLGHUWKDWWKHUHLVDUHDVRQDEOHSRVVLELOLW\WKDW
WKHHYHQWPD\KDYHEHHQFDXVHGE\WKHLQYHVWLJDWLRQDOSURGXFW"¶
)RU6$(VFDXVDOUHODWLRQVKLSZLOODOVREHDVVHVVHGIRURWKHUPHGLFDWLRQDQGVWXG\
SURFHGXUHV1RWHWKDWIRU6$(VWKDWFRXOGEHDVVRFLDWHGZLWKDQ\VWXG\SURFHGXUHWKHFDXVDO
UHODWLRQVKLSLVLPSOLHGDVµ\HV¶
 &OLQLFDO/DERUDWRU\$GYHUVH(YHQWV
0DQ\ODERUDWRU\DEQRUPDOLWLHVREVHUYHGGXULQJWKHFRXUVHRIDVWXG\ZLOOEHLQFOXGHGXQGHU
DUHSRUWHG$(GHVFULELQJDFOLQLFDOV\QGURPHHJHOHYDWHG%81DQGFUHDWLQLQHLQWKH
VHWWLQJRIDQ$(RIUHQDOIDLOXUHRUGHFUHDVHGKHPRJORELQLQDFDVHRIEOHHGLQJHVRSKDJHDO
YDULFHV,QVXFKFDVHVWKHODERUDWRU\DEQRUPDOLW\LWVHOIHJHOHYDWHGFUHDWLQLQHLQDVHWWLQJ
RIUHQDOIDLOXUHGRHVQRWQHHGWREHUHFRUGHGDVDQ$(+RZHYHULVRODWHGODERUDWRU\
DEQRUPDOLWLHVVKRXOGEHUHSRUWHGDV$(VLIWKH\DUHFRQVLGHUHGWREHFOLQLFDOO\VLJQLILFDQWE\
WKH,QYHVWLJDWRU
&ULWHULDIRUDFOLQLFDOO\VLJQLILFDQWODERUDWRU\DEQRUPDOLW\DUH

$ODERUDWRU\DEQRUPDOLW\WKDWOHDGVWRDGRVHOLPLWLQJWR[LFLW\HJDQDEQRUPDOLW\WKDW
UHVXOWVLQVWXG\GUXJGRVHUHGXFWLRQVXVSHQVLRQRUGLVFRQWLQXDWLRQ

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI

$ODERUDWRU\DEQRUPDOLW\WKDWUHVXOWVLQDQ\WKHUDSHXWLFLQWHUYHQWLRQHJFRQFRPLWDQW
PHGLFDWLRQRUWKHUDS\

2WKHUODERUDWRU\DEQRUPDOLW\MXGJHGE\WKH,QYHVWLJDWRUWREHRIDQ\SDUWLFXODUFOLQLFDO
FRQFHUQHJVLJQLILFDQWIDOOLQKHPRJORELQQRWUHTXLULQJWUDQVIXVLRQ
)RUODERUDWRU\DEQRUPDOLWLHVWKDWGRQRWPHHWWKHDERYHFULWHULDEXWDUHRXWVLGHRIQRUPDO
UDQJHHJRU!QRUPDOUHIHUHQFHUDQJHWKH,QYHVWLJDWRUVKRXOGLQGLFDWHZKHWKHUWKH
YDOXHLVFOLQLFDOO\VLJQLILFDQWRUQRWFOLQLFDOO\VLJQLILFDQWIRUWKHVXEMHFW
 6HULRXV$GYHUVH(YHQWV
$Q$(LVFRQVLGHUHG³VHULRXV´LILQWKHYLHZRIWKH,QYHVWLJDWRURU6SRQVRULWUHVXOWVLQDQ\
RIWKHIROORZLQJRXWFRPHV

'HDWK

$OLIHWKUHDWHQLQJ$(

,QSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ

$SHUVLVWHQWRUVLJQLILFDQWLQFDSDFLW\RUVXEVWDQWLDOGLVUXSWLRQRIWKHDELOLW\WRFRQGXFW
QRUPDOOLIHIXQFWLRQV

$FRQJHQLWDODQRPDO\ELUWKGHIHFW
,PSRUWDQWPHGLFDOHYHQWVWKDWPD\QRWUHVXOWLQGHDWKEHOLIHWKUHDWHQLQJRUUHTXLUH
KRVSLWDOL]DWLRQPD\EHFRQVLGHUHGVHULRXVZKHQEDVHGXSRQDSSURSULDWHMXGJPHQWWKH\PD\
MHRSDUGL]HWKHVXEMHFWRUVXEMHFWDQGPD\UHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQWRSUHYHQW
RQHRIWKHRXWFRPHVOLVWHGLQWKHGHILQLWLRQ([DPSOHVRIVXFKPHGLFDOHYHQWVLQFOXGH
DOOHUJLFEURQFKRVSDVPUHTXLULQJLQWHQVLYHWUHDWPHQWLQDQHPHUJHQF\URRPRUDWKRPHEORRG
G\VFUDVLDVRUFRQYXOVLRQVWKDWGRQRWUHVXOWLQVXEMHFWKRVSLWDOL]DWLRQRUWKHGHYHORSPHQWRI
GUXJGHSHQGHQF\RUGUXJDEXVH
+RVSLWDOL]DWLRQIRUDSUHH[LVWLQJFRQGLWLRQLQFOXGLQJHOHFWLYHSURFHGXUHVZKLFKKDVQRW
ZRUVHQHGGRHVQRWFRQVWLWXWHDQ6$(
$Q$(LVFRQVLGHUHG³OLIHWKUHDWHQLQJ¶LILQWKHYLHZRIWKH,QYHVWLJDWRURU6SRQVRULWV
RFFXUUHQFHSODFHVWKHVXEMHFWRUVXEMHFWDWLPPHGLDWHULVNRIGHDWK,WGRHVQRWLQFOXGHDQ
DGYHUVHUHDFWLRQRUVXVSHFWHGDGYHUVHUHDFWLRQWKDWKDGLWRFFXUUHGLQDPRUHVHYHUHIRUP
PLJKWKDYHFDXVHGGHDWK
$QXQH[SHFWHG$(PHDQVDQ\$(LQZKLFKWKHVSHFLILFLW\RUVHYHULW\LVQRWFRQVLVWHQW
ZLWK WKHFXUUHQW,QYHVWLJDWRU¶V%URFKXUH,%

5HSRUWLQJ6HULRXV$GYHUVH (YHQWV
,QDJUHHLQJWRWKHSURYLVLRQVRIWKLVSURWRFROWKH,QYHVWLJDWRUDFFHSWVDOOOHJDOUHVSRQVLELOLWLHV
IRU$(LGHQWLILFDWLRQGRFXPHQWDWLRQJUDGLQJDVVLJQPHQWRIFDXVDOLW\DQG SURPSWQRWLILFDWLRQ

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
RI6$(VWR3HDUO3KDUPDFRYLJLODQFHRUGHVLJQHH$OO 6$(V PXVWEHUHSRUWHGWR3HDUO
3KDUPDFRYLJLODQFH QRODWHUWKDQKRXUVDIWHUWKH,QYHVWLJDWRUUHFRJQL]HVFODVVLILHVWKH
HYHQWDVD6$($OO6$(VVKRXOGEHGRFXPHQWHGDQGUHSRUWHGXVLQJWKHH&5) $WD
PLQLPXPDGHVFULSWLRQRIWKH HYHQWDQGWKH,QYHVWLJDWRU¶VMXGJPHQWRIFDXVDOLW\PXVWEH
SURYLGHGDWWKHWLPHRIWKH LQLWLDOUHSRUWXVLQJWKHDSSURSULDWHIRUPHJ6$(5HSRUW)RUP LQ
WKHH&5)$IWHUWKHLQLWLDOUHSRUWDVQHFHVVDU\WKH,QYHVWLJDWRUPXVWSURYLGHDQ\DGGLWLRQDO
LQIRUPDWLRQUHJDUGLQJWKH6$( WRWKH3HDUO3KDUPDFRYLJLODQFH RUGHVLJQHH ZLWKLQWZR
ZRUNLQJGD\VDIWHUUHFHLYLQJ WKH LQIRUPDWLRQ)ROORZXSLQIRUPDWLRQZLOOEHDGHWDLOHG
ZULWWHQUHSRUWWKDWPD\LQFOXGHFRSLHVRIKRVSLWDOUHFRUGVFDVHUHSRUWVDQGDXWRSV\UHSRUWV
DQGRWKHUSHUWLQHQWGRFXPHQWV $GGLWLRQDOO\WKH ,QYHVWLJDWRUZLOOQRWLI\WKHHWKLFVFRPPLWWHH
WKH&)'$DQG6KDQJKDL)'$DVSHUUHSRUWLQJUHTXLUHPHQWV
3RVWVWXG\6$(VIROORZLQJWKHODVWGRVHRIVWXG\GUXJPXVWEHUHSRUWHGWR3HDUO7KHUDSHXWLFV
DVGHVFULEHGLQ6HFWLRQ
7KH,QYHVWLJDWRULVUHVSRQVLEOHIRUFRQWLQXLQJWRUHSRUWWRWKH3HDUO3KDUPDFRYLJLODQFHRU
GHVLJQHH DQ\QHZRUUHOHYDQWIROORZXSLQIRUPDWLRQWKDWKHVKHOHDUQVDERXWWKH6$(

6XSSOHPHQWDO,QYHVWLJDWLRQVRI6$(V
7KH,QYHVWLJDWRUDQGVXSSRUWLQJSHUVRQQHOUHVSRQVLEOHIRUVXEMHFWFDUHVKRXOGGLVFXVV
ZLWK WKH3HDUO3KDUPDFRYLJLODQFHRUGHVLJQHH DQ\QHHGIRUVXSSOHPHQWDOLQYHVWLJDWLRQVRI
6$(V7KHUHVXOWVRI WKHVHDGGLWLRQDODVVHVVPHQWVFRQGXFWHGPXVWEHUHSRUWHGWR3HDUO
7KHUDSHXWLFV
,I D VXEMHFW GLHVGXULQJSDUWLFLSDWLRQLQWKHVWXG\DQGDSRVWPRUWHPH[DPLQDWLRQLV
SHUIRUPHG DFRS\RIWKHDXWRSV\UHSRUWPXVWEHVXEPLWWHGWR3HDUO7KHUDSHXWLFV

3RVW6WXG\)ROORZ8SRI$GYHUVH(YHQWV
$Q\$(VWKDWDUHXQUHVROYHGDWWKHVXEMHFW¶VODVW$(DVVHVVPHQWLQWKHVWXG\DUHWREH
IROORZHGXSE\WKH,QYHVWLJDWRUIRUDVORQJDVPHGLFDOO\LQGLFDWHGEXWZLWKRXWIXUWKHU
UHFRUGLQJLQWKHH&5)3HDUOUHWDLQVWKHULJKWWRUHTXHVWDGGLWLRQDOLQIRUPDWLRQIRUDQ\
VXEMHFWZLWKRQJRLQJ$(V6$(VDWWKHHQGRIWKHVWXG\LIMXGJHGQHFHVVDU\

1RWLILFDWLRQRI3RVW6WXG\6HULRXV$GYHUVH(YHQWV
,QYHVWLJDWRUVDUHQRWREOLJDWHGWRDFWLYHO\IROORZVXEMHFWVDIWHUWKHFRPSOHWLRQRIWKHVWXG\
+RZHYHULIWKH,QYHVWLJDWLRQEHFRPHVDZDUHRIDSRVWVWXG\6$(VRFFXUULQJXSWR GD\V
IROORZLQJWKHODVWGRVHRIVWXG\GUXJDGPLQLVWUDWLRQPXVWEHUHSRUWHGWR3HDUO7KHUDSHXWLFV
ZKHWKHURUQRWWKHHYHQWLVDWWULEXWDEOHWRWKHVWXG\GUXJ$OO6$(VPXVWEHUHSRUWHGWR3HDUO
7KHUDSHXWLFVQRODWHUWKDQ KRXUVDIWHUWKH,QYHVWLJDWRUUHFRJQL]HVFODVVLILHVWKHHYHQWDVDQ
6$(

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI

,QYHVWLJDWLRQDO5HVHDUFK%RDUG,QGHSHQGHQW(WKLFV&RPPLWWHH1RWLILFDWLRQRI
6HULRXV$GYHUVH(YHQWV
7KH,QYHVWLJDWRULVUHVSRQVLEOHIRUSURPSWO\QRWLI\LQJKHUKLV,5%,(&RIDOO6$(VLQFOXGLQJ
DQ\IROORZXSLQIRUPDWLRQRFFXUULQJDWKHUKLVVLWHDQGDQ\6$(UHJXODWRU\UHSRUWLQFOXGLQJ
DQ\IROORZXSUHSRUWVWKDWKHVKHUHFHLYHVIURP3HDUO7KHUDSHXWLFV'RFXPHQWDWLRQRIWKH
VXEPLVVLRQWRWKH,5%,(&PXVWEHUHWDLQHGIRUHDFKVDIHW\UHSRUW7KH,QYHVWLJDWRULVDOVR
UHVSRQVLEOHIRUQRWLI\LQJ3HDUO7KHUDSHXWLFVLIWKHLU,5%,(&UHTXLUHVUHYLVLRQVWRWKH
LQIRUPHGFRQVHQWIRUPRURWKHUPHDVXUHVEDVHGRQLWVUHYLHZRIDQ6$(UHSRUW

+HDOWK$XWKRULW\6DIHW\5HSRUWV
3HDUO7KHUDSHXWLFVRU LWVUHSUHVHQWDWLYHVZLOOVXEPLWDVDIHW\UHSRUWWRWKH&KLQD)RRGDQG
'UXJ$GPLQLVWUDWLRQ&)'$DQGRUDQ\RWKHUDSSURSULDWHUHJXODWRU\DJHQFLHVIRUDQ\
VXVSHFWHGDGYHUVHUHDFWLRQWKDWLVERWKVHULRXVDQGXQH[SHFWHGZLWKLQWKHDSSURSULDWHWLPH
IUDPH
3HDUO7KHUDSHXWLFVRULWVUHSUHVHQWDWLYHVZLOOVHQGFRSLHVRIHDFKVDIHW\UHSRUWVXEPLWWHGWR
WKH&)'$DQGRURWKHUUHJXODWRU\DJHQFLHVWRWKH,QYHVWLJDWRUVZKRDUHDFWLYHO\SDUWLFLSDWLQJ
LQ3HDUO7KHUDSHXWLFVVSRQVRUHGFOLQLFDOVWXGLHV6DIHW\UHSRUWVPXVWEHVXEPLWWHGWRWKH
DSSURSULDWH,5%,(&DVVRRQDVSRVVLEOH'RFXPHQWDWLRQRIWKHVXEPLVVLRQWRWKH,5%,(&
PXVWEHUHWDLQHGIRUHDFKVDIHW\UHSRUW
 2YHUGRVH
$QRYHUGRVHLVGHILQHGDVDGRVHJUHDWHUWKDQWKHKLJKGRVHOHYHOHYDOXDWHGLQWKLVVWXG\DV
GHVFULEHGLQ6HFWLRQ 3URGXFW'HVFULSWLRQVWKDWUHVXOWVLQFOLQLFDOVLJQVDQGV\PSWRPV
,QWKHHYHQWRIDQRYHUGRVHRIVWXG\PHGLFDWLRQWKH,QYHVWLJDWRUVKRXOGXVHFOLQLFDO
MXGJPHQWLQWUHDWLQJWKHRYHUGRVH DQGFRQWDFWWKHVWXG\0HGLFDO0RQLWRU7KH,QYHVWLJDWRU
VKRXOGUHIHUWRWKHUHOHYDQWGRFXPHQWVIRUGHWDLOHGLQIRUPDWLRQUHJDUGLQJZDUQLQJV
SUHFDXWLRQVFRQWUDLQGLFDWLRQV$(VDQGRWKHUVLJQLILFDQWGDWDSHUWDLQLQJWRWKHVWXG\GUXJV
EHLQJXVHGLQWKLVVWXG\6XFKGRFXPHQWPD\LQFOXGHEXWQRWEHOLPLWHGWRWKH,QYHVWLJDWRU¶V
EURFKXUHIRU%*) 0',
 3UHJQDQF\
7RHQVXUHVXEMHFWVDIHW\HDFKSUHJQDQF\LQDIHPDOHVXEMHFWIURP9LVLW6FUHHQLQJ XQWLO
VWXG\FRPSOHWLRQPXVWEHUHSRUWHGWR3HDUO7KHUDSHXWLFVZLWKLQKRXUVRIOHDUQLQJRILWV
RFFXUUHQFH7KHSUHJQDQF\VKRXOGEHIROORZHGXSWRGHWHUPLQHRXWFRPHLQFOXGLQJ
VSRQWDQHRXVRUYROXQWDU\WHUPLQDWLRQGHWDLOVRIWKHELUWKDQGWKHSUHVHQFHRUDEVHQFHRI DQ\
ELUWKGHIHFWVFRQJHQLWDODEQRUPDOLWLHVRU PDWHUQDODQGRUQHZERUQFRPSOLFDWLRQV
3UHJQDQF\VKRXOGEHUHFRUGHGRQD&OLQLFDO7ULDO3UHJQDQF\)RUPDQGUHSRUWHGE\WKH
,QYHVWLJDWRUWR3HDUO7KHUDSHXWLFV6DIHW\'HSDUWPHQW3UHJQDQF\IROORZXSVKRXOGEH
UHFRUGHGRQWKHVDPHIRUPDQGVKRXOGLQFOXGHDQDVVHVVPHQWRIWKHSRVVLEOHUHODWLRQVKLS
WR WKH3HDUO7KHUDSHXWLFVVWXG\GUXJRIDQ\SUHJQDQF\RXWFRPH$Q\6$(H[SHULHQFHG
GXULQJSUHJQDQF\PXVWEHUHSRUWHGRQWKH6$(5HSRUW)RUP

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI

7HUPLQDWLRQRIWKH6WXG\
$Q,QYHVWLJDWRUPD\FKRRVHWRGLVFRQWLQXHVWXG\SDUWLFLSDWLRQDWDQ\WLPHZLWKVXIILFLHQW
QRWLFHE\WKH,QYHVWLJDWRUIRUDQ\UHDVRQDVSHUWKHWHUPVRIWKHFRQWUDFWZLWK3HDUO
7KHUDSHXWLFV
3HDUO7KHUDSHXWLFVUHVHUYHVWKHULJKWWRGLVFRQWLQXHWKHVWXG\DWDQ\WLPHIRUFOLQLFDORU
DGPLQLVWUDWLYHUHDVRQV6XFKDWHUPLQDWLRQPXVWEHLPSOHPHQWHGE\WKH,QYHVWLJDWRULI
LQVWUXFWHGWRGRVRE\3HDUO7KHUDSHXWLFVLQDWLPHIUDPHWKDWLVFRPSDWLEOHZLWKWKH
VXEMHFWV¶ZHOOEHLQJ

678'<$&7,9,7,(6
$VFKHGXOHRIHYHQWVLVSURYLGHGLQ7DEOH ²'HWDLOHGVFKHGXOHVRILQSDWLHQWDVVHVVPHQWV
RQ9LVLW'D\ DQG9LVLW 'D\ DUHSURYLGHGLQ7DEOH ² DQG7DEOH ²
UHVSHFWLYHO\

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
7DEOH ²
6FKHGXOHRI(YHQWVIRU6FUHHQLQJ7UHDWPHQWDQG)ROORZXS
3URFHGXUH
6FUHHQLQJ
,QSDWLHQW7UHDWPHQW
)ROORZXS
9LVLW
9LVLW
&OLQLF
$GPLVVLRQ
9LVLW
$VVHVVPHQWV
9LVLW
7HOHSKRQH)ROORZXS
6WXG\'D\
WR


WR

WRGD\VSRVWODVWGRVH
,QIRUPHG&RQVHQW
;
0HGLFDO+LVWRU\
;
;
'HPRJUDSKLFV
;
3K\VLFDO([DPLQDWLRQ
;
;
;
9LWDO6LJQV%37HPSHUDWXUH355HVSLUDWRU\
5DWH
;
;
;
;
;
(OLJLELOLW\ 5HYLHZ
;D
;D
;
;E
;E
3ODFHER0',8VDJH'HPRQVWUDWLRQ3UDFWLFHF
;G
;
;
;G
;
OHDG(&*
;
;
;
;
&OLQLFDO/DERUDWRU\7HVWLQJH
;
;
;
;
$GYHUVH(YHQWV
;I
;I
;
;
;
;
&RQFRPLWDQW0HGLFDWLRQV
;
;
;
;
;
;
8ULQH'UXJ6FUHHQ
;
;
$OFRKRO%UHDWKDO\]HU
;
;
3UHJQDQF\7HVWZRPHQRQO\J
; K
;
6HURORJ\+,9+%V$J+HS&6\SKLOLV$E
;
3.$VVHVVPHQW
;
;
2EWDLQUDQGRPL]DWLRQQXPEHU
;
'LVSHQVHUDQGRPL]HGVWXG\0',
;
6WXG\'UXJ$GPLQLVWUDWLRQL
;M
;M
;M
,QSDWLHQW$GPLVVLRQ
;
,QSDWLHQW'LVFKDUJH
;N

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
$EEUHYLDWLRQV%3 EORRGSUHVVXUH(&* HOHFWURFDUGLRJUDP+%V$J KHSDWLWLV%VXUIDFHDQWLJHQ+HS & KHSDWLWLV&+,9 KXPDQLPPXQRGHILFLHQF\
YLUXV35 SXOVH UDWH0', PHWHUHGGRVHLQKDOHU3. SKDUPDFRNLQHWLFV
D
&KHVW[UD\DQGDEGRPLQDOXOWUDVRXQGWREHFRPSOHWHGGXULQJVFUHHQLQJRURQ'D\WRGHWHUPLQHHOLJLELOLW\
E
5HYLHZLIVXEMHFWFDQFRQWLQXH
F
,QKDODWLRQPRQLWRULQJWRROVPD\EHXWLOL]HGWRHQVXUHDSSURSULDWHWUDLQLQJRIVXEMHFWVIRUWKHFRUUHFWXVHRIWKHLULQKDOHU
G
6XEMHFWVZLOOXVHWKHSODFHER0',IRUWUDLQLQJSXUSRVHRQO\WRGHPRQVWUDWHSURSHUXVHRIWKH0',RQRWKHUWUHDWPHQWGD\VDVQHHGHG SHUVLWHGLVFUHWLRQ
H
)RU*)5H[FOXVLRQFULWHULDUHIHUWRFDOFXODWLRQLQ6HFWLRQ &RPSOHWH FOLQLFDOODERUDWRU\WHVWLQJ FKHPLVWU\DQGKHPDWRORJ\LQFOXGHVJOXFRVHDQGSRWDVVLXPIRU 9LVLW9LVLW'D\DQG
9LVLWLHRQ'D\ ZKLFKLVKRXUVSRVWGRVHRQ'D\*OXFRVHDQGSRWDVVLXPRQO\DW9LVLW DQG9LVLW 'D\
I
2QO\6$(V ZLOOEHUHFRUGHGSULRUWRILUVWGRVHDVGHILQHGLQ6HFWLRQ $OO$(V SULRUWRILUVWGRVH ZLOOEHUHFRUGHGDV0HGLFDO+LVWRU\
J
)RUDOOZRPHQFKLOGEHDULQJSRWHQWLDODQGQRQFKLOGEHDULQJSRWHQWLDOVHUXPK&*DW6FUHHQLQJDQGXULQHWKHUHDIWHU
K
)ROOLFOHVWLPXODWLQJKRUPRQH )6+ IRUSRVWPHQRSDXVDO WHVWIRUZRPHQRIQRQFKLOGEHDULQJSRWHQWLDODW6FUHHQLQJRQO\
L
6XEMHFWVZLOOZHDUDVXUJLFDOPDVNDSSUR[LPDWHO\PLQXWHVEHIRUHDQGPLQXWHVDIWHUGRVLQJWRSUHYHQWSRVVLEOHFURVVFRQWDPLQDWLRQ
M
6HHWKH6FKHGXOHRI,QSDWLHQW3HULRG$VVHVVPHQWV 7DEOH  DQG 7DEOH²IRUGHWDLOVUHJDUGLQJWLPHVDQGHYHQWVIRUWKH6FUHHQLQJDQGEDVHOLQHOHDG(&*YLWDOVLJQVGUXJ DGPLQLVWUDWLRQ
DQG3.DVVHVVPHQWVGXULQJWKH7UHDWPHQW3HULRG$OOVWXG\GUXJVZLOOEHDGPLQLVWHUHGE\RUDOLQKDODWLRQ$VLQJOHGRVHRIVWXG\GUXJZLOOEHDGPLQLVWHUHGRQ'D\ DQG%,'GRVHVZLOOEH
DGPLQLVWHUHG'D\WKURXJK'D\ZLWKDILQDOVLQJOHGRVHDGPLQLVWUDWLRQRIVWXG\GUXJRFFXUULQJRQWKHPRUQLQJRI'D\ $GPLQLVWUDWLRQRIVWXG\GUXJVKRXOGRFFXU DW DSSUR[LPDWHO\ WKHVDPH
WLPH RI GD\
N
'LVFKDUJHZLOORFFXURQWKHPRUQLQJRI'D\GXHWRKRXU3.VDPSOHFROOHFWLRQDQGRWKHUDVVHVVPHQWV7DEOH

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
7DEOH ²
6FKHGXOHRI$VVHVVPHQWVRQ'D\RI,QSDWLHQW7UHDWPHQW9LVLW  
3URFHGXUH
7LPH5HODWLYHWR'UXJ$GPLQLVWUDWLRQ
3UH
GRVH

KU

PLQ

PLQ

PLQ

PLQ

PLQ

KU

KUV

KUV

KUV

KUV

KUV

KUV
3.%ORRG'UDZ
;D
;
;
;
;
;
;
;
;
;
;
;
3ODFHER0',8VDJH
'HPRQVWUDWLRQ3UDFWL
FH
;
;
$GPLQLVWUDWLRQRI
6WXG\0HGLFDWLRQE
;
OHDG6DIHW\(&*
;F
;
;
;
;
&OLQLFDO/DERUDWRU\
7HVWV
;G
;G
9LWDO6LJQV
;H
;
;
;
;
;
$GYHUVH(YHQWV
;
;
;
;
;
;
;
;
;
;
;
;
;
&RQFRPLWDQW
0HGLFDWLRQ
;
;
;
;
;
;
;
;
;
;
;
;
;
$EEUHYLDWLRQV(&* HOHFWURFDUGLRJUDP3. SKDUPDFRNLQHWLF
D
3.%ORRGGUDZZLOOEHWDNHQZLWKLQPLQXWHV SULRUWR GRVLQJ
E
$OOVWXG\GUXJVZLOOEHDGPLQLVWHUHGE\RUDOLQKDODWLRQ$VLQJOHGRVHRIVWXG\GUXJZLOOEHDGPLQLVWHUHGRQ'D\ 
F
7ZHOYHOHDGVDIHW\(&*VZLOOEHUHFRUGHGZLWKLQ PLQXWHV SULRUWRGRVLQJDQGDVVFKHGXOHGDERYH
G
*OXFRVHDQGSRWDVVLXPRQO\ IDVWLQJQRWUHTXLUHG
H
9LWDOVLJQVZLOOEHUHFRUGHGZLWKLQPLQXWHVSULRUWRGRVLQJDQGDVVFKHGXOHGDERYH

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
7DEOH ² 6FKHGXOHRI$VVHVVPHQWVRQ'D\ RI,QSDWLHQW7UHDWPHQW9LVLW  
3URFHGXUH
7LPH5HODWLYHWR'UXJ$GPLQLVWUDWLRQ

PLQ

KU

PLQ

PLQ

PLQ

PLQ

PLQ

KU

KUV

KUV

KUV

KUV

KUV

KUV
3.%ORRG'UDZ
;D
;
;
;
;
;
;
;
;
;
;
;
3ODFHER0',8VDJH
'HPRQVWUDWLRQ3UDFWLFH
;
;
$GPLQLVWUDWLRQRI6WXG\
0HGLFDWLRQE
;
OHDG6DIHW\(&*F
;D
;
;
;
;
&OLQLFDO/DERUDWRU\
7HVWV
;DH
;H
;H
;H
;G
9LWDO6LJQV
;D
;
;
;
;
;
3K\VLFDO([DPLQDWLRQ
;
$GYHUVH(YHQWV
;
;
;
;
;
;
;
;
;
;
;
;
;
&RQFRPLWDQW
0HGLFDWLRQ
;
;
;
;
;
;
;
;
;
;
;
;
;
$EEUHYLDWLRQV(&* HOHFWURFDUGLRJUDP3. SKDUPDFRNLQHWLF
D
:LWKLQPLQXWHVSULRUWRGRVLQJ
E
$OOVWXG\GUXJVZLOOEHDGPLQLVWHUHGE\RUDOLQKDODWLRQ$ ILQDOVLQJOHGRVHDGPLQLVWUDWLRQRIVWXG\GUXJZLOORFFXU RQWKHPRUQLQJRI'D\
F
7ZHOYHOHDGVDIHW\(&*VZLOOEHUHFRUGHGZLWKLQPLQXWHVSULRUWRGRVLQJDQGDVVFKHGXOHGDERYH
G
&RPSOHWHFOLQLFDOODERUDWRU\WHVWLQJ FKHPLVWU\DQGKHPDWRORJ\ LQFOXGHVJOXFRVHDQGSRWDVVLXP IDVWLQJ UHTXLUHG
H
*OXFRVHDQGSRWDVVLXPRQO\± IDVWLQJQRWUHTXLUHG

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI

9LVLW6FUHHQLQJ'D\VWR'D\3ULRUWR5DQGRPL]DWLRQ
$IWHUREWDLQLQJZULWWHQDQGVLJQHGLQIRUPHGFRQVHQWWKHIROORZLQJSURFHGXUHVDQG
DVVHVVPHQWVZLOOEHSHUIRUPHGGXULQJWKH6FUHHQLQJSHULRGSULRUWRUDQGRPL]DWLRQDQG
UHVXOWVZLOO EH GRFXPHQWHGLQWKH H&5) DQGRUVRXUFHGRFXPHQWV

,QIRUPHGFRQVHQWREWDLQILUVWSULRUWRRWKHUVWXG\SURFHGXUHV

'HPRJUDSKLFVDQGUHOHYDQWPHGLFDOKLVWRU\

3K\VLFDOH[DPLQDWLRQ

9LWDOVLJQV

3ODFHER0',XVDJHGHPRQVWUDWLRQDQGSUDFWLFH DVQHHGHG

OHDG(&*

&OLQLFDOODERUDWRU\HYDOXDWLRQVLQFOXGLQJXULQDO\VLV

'RFXPHQWFRQFRPLWDQWPHGLFDWLRQV

8ULQHGUXJWHVWLQJ

$OFRKROEUHDWKDO\]HUWHVW

6HUXPSUHJQDQF\WHVWZRPHQRQO\IRUDOOZRPHQRIFKLOGEHDULQJSRWHQWLDO
DQG QRQFKLOGEHDULQJSRWHQWLDO

&KHVW[UD\DQGDEGRPLQDOXOWUDVRXQGRUFRQGXFWDW'D\LIQHHGHG SHUH[FOXVLRQ
FULWHULDDQGUHVSHFWLYHO\

)ROOLFOHVWLPXODWLQJKRUPRQHWHVWIRUZRPHQRIQRQFKLOGEHDULQJSRWHQWLDO

6HURORJ\+,9+%V$JDQGKHSDWLWLV&6\SKLOLV$E

5HYLHZRIHOLJLELOLW\FULWHULD

'RFXPHQWDWLRQRI $(V1RWH$(VWKDWRFFXU SULRU WRGRVLQJ ZLOOEH UHFRUGHG DV0HGLFDO
KLVWRU\ XQOHVVWKH HYHQW PHHWVWKH GHILQLWLRQRI DQ 6$(DVGHILQHGLQ6HFWLRQ 

9LVLW$GPLVVLRQWR&OLQLF'D\
$IWHUWKHVXEMHFWLVDGPLWWHGWRWKHVWXG\FHQWHUWKHIROORZLQJSURFHGXUHVZLOOEHREWDLQHG
DQGRUSHUIRUPHG

0HGLFDOKLVWRU\

3K\VLFDOH[DPLQDWLRQ

9LWDOVLJQV

&KHVW [UD\DQGDEGRPLQDOXOWUDVRXQGLIQRWFRQGXFWHG DWVFUHHQLQJDQGFDQ¶WUHPLWWHG
DQG LIQHHGHG SHUH[FOXVLRQFULWHULDDQGUHVSHFWLYHO\

5HYLHZRIHOLJLELOLW\FULWHULD LQFOXGLQJFKHVW[UD\DQGDEGRPLQDOXOWUDVRXQGUHVXOWV

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI

OHDG(&*

&ROOHFWEORRGVDPSOHVIRUFOLQLFDOODERUDWRU\WHVWLQJFKHPLVWU\DQGKHPDWRORJ\LQFOXGLQJ
JOXFRVHDQGSRWDVVLXP LQFOXGLQJXULQDO\VLV

'RFXPHQWDWLRQRI$(V

'RFXPHQWDWLRQRIFRQFRPLWDQWPHGLFDWLRQV

8ULQHGUXJVFUHHQ

$OFRKROEUHDWKDO\]HUWHVW

8ULQHSUHJQDQF\WHVWIRUDOOZRPHQRIFKLOGEHDULQJand QRQFKLOGEHDULQJSRWHQWLDO

$GPLVVLRQ WRFOLQLF

3ODFHER0', XVDJH GHPRQVWUDWLRQDQGSUDFWLFH

9LVLW'D\RI7UHDWPHQW
7KH IROORZLQJ VWXG\ DFWLYLWLHV DQG DVVHVVPHQWVZLOOEH SHUIRUPHGRQ 'D\  DQG UHVXOWVZLOO
EH GRFXPHQWHG LQWKH H&5) DQGRU VRXUFHGRFXPHQWV

3UH ZLWKLQ  PLQXWHVDQGSRVWGRVHPLQXWHVDQG DQGKRXUVYLWDO
VLJQVSHU7DEOH ²

5HYLHZRIHOLJLELOLW\ FULWHULD

3ODFHER0', XVDJH GHPRQVWUDWLRQDQGSUDFWLFH

3HUIRUPOHDG(&*ZLWKLQ PLQXWHVSUHGRVHDQGPLQXWHVDQGDQG
KRXUVSRVWGRVHSHU 7DEOH ²

&ROOHFWEORRGVDPSOHV IRU JOXFRVHDQGSRWDVVLXPFOLQLFDOODERUDWRU\ WHVWLQJ DW PLQXWHV
DQG KRXUVSRVWGRVH SHU 7DEOH ²

'RFXPHQWDWLRQRI $(V1RWH$(VWKDWRFFXU SULRU WRGRVLQJ ZLOOEH UHFRUGHG DV0HGLFDO
KLVWRU\ XQOHVVWKH HYHQW PHHWVWKH GHILQLWLRQRI DQ 6$(DVGHILQHGLQ6HFWLRQ 

'RFXPHQWDWLRQRI FRQFRPLWDQWPHGLFDWLRQV

&ROOHFWSUH ZLWKLQPLQXWHVDQG SRVWGRVH DW DQG PLQXWHV
DQG DW +RXUVDQG 3.VDPSOHVSHU 7DEOH ²

2EWDLQUDQGRPL]DWLRQQXPEHULIHOLJLELOLW\LVPHW

5DQGRPL]DWLRQDQGWUHDWPHQWDVVLJQPHQW

$GPLQLVWUDWLRQRI VWXG\ GUXJDVLQJOHGRVHRIVWXG\GUXJZLOOEHDGPLQLVWHUHGE\RUDO
LQKDODWLRQ5HIHUWR$SSHQGL[ IRU GHWDLOVUHJDUGLQJ VWXG\ GUXJ GLVSHQVLQJ DQG
DGPLQLVWUDWLRQ
o
1RWH 6XEMHFWV ZLOO ZHDU D VXUJLFDO PDVNDSSUR[LPDWHO\  PLQXWHV EHIRUH DQG
 PLQXWHVDIWHU GRVLQJ WR SUHYHQW SRVVLEOH FURVV FRQWDPLQDWLRQ

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
6XEMHFWVZLOOUHPDLQLQWKHFOLQLFXQWLOFRPSOHWLRQRIVWXG\WUHDWPHQW

'D\V±RI7UHDWPHQW

9LWDOVLJQV

'RFXPHQWDWLRQRI$(V

'RFXPHQWDWLRQRI&RQFRPLWDQWPHGLFDWLRQV

3ODFHER0',XVDJHGHPRQVWUDWLRQDQGSUDFWLFHLIQHHGHG

5HYLHZLIVXEMHFWFDQFRQWLQXH DGPLQLVWUDWLRQRI VWXG\ GUXJHYHU\PRUQLQJDQGHYHQLQJ
E\RUDOLQKDODWLRQDSSUR[LPDWHO\KRXUVDSDUW 5HIHUWR$SSHQGL[ IRU GHWDLOV
UHJDUGLQJ VWXG\ GUXJ DGPLQLVWUDWLRQ

1RWH 6XEMHFWV ZLOO ZHDU D VXUJLFDO PDVN DSSUR[LPDWHO\  PLQXWHV EHIRUH DQG
 PLQXWHVDIWHU GRVLQJ WR SUHYHQW SRVVLEOH FURVV FRQWDPLQDWLRQ

9LVLW'D\  RI 7UHDWPHQW
7KH IROORZLQJ VWXG\ DFWLYLWLHV DQG DVVHVVPHQWVZLOOEH SHUIRUPHGRQ 'D\  DQG UHVXOWVZLOO
EH GRFXPHQWHGLQWKH H&5) DQGRU VRXUFHGRFXPHQWV

3UH ZLWKLQPLQXWHVDQGSRVWGRVHPLQXWHVDQG  DQG KRXUVYLWDOVLJQV
SHU7DEOH ²

3K\VLFDOH[DPLQDWLRQ

5HYLHZLIVXEMHFWFDQFRQWLQXH

3ODFHER0', XVDJH GHPRQVWUDWLRQDQGSUDFWLFH

3HUIRUPOHDG(&*ZLWKLQPLQXWHVSUHGRVHDQGPLQXWHV DQG KRXUV
SRVWGRVHSHU 7DEOH ²

&ROOHFWEORRGVDPSOHV IRU *OXFRVHDQG3RWDVVLXPVDPSOHVRQO\ZLWKLQPLQXWHVSUH
GRVHPLQXWHV DQGKRXUVSRVWGRVH DQGKRXUVSRVWGRVH 7DEOH ²

&ROOHFWEORRGVDPSOHV IRU FOLQLFDOODERUDWRU\ WHVWLQJ FKHPLVWU\DQGKHPDWRORJ\LQFOXGLQJ
JOXFRVHDQGSRWDVVLXPLQFOXGLQJXULQDO\VLVKRXUVSRVWGRVH'D\

'RFXPHQWDWLRQRI $(V

'RFXPHQWDWLRQRI FRQFRPLWDQWPHGLFDWLRQV

&ROOHFWSUH ZLWKLQPLQXWHVDQGSRVWGRVH DW DQG PLQXWHV
DQG DW +RXUV  DQG  3.VDPSOHVSHU 7DEOH ²

$GPLQLVWUDWLRQRI VWXG\ GUXJRQO\DVLQJOHPRUQLQJGRVHRIVWXG\GUXJZLOOEH
DGPLQLVWHUHGE\RUDOLQKDODWLRQ 5HIHUWR $SSHQGL[ IRU GHWDLOVUHJDUGLQJ VWXG\ GUXJ
GLVSHQVLQJ DQG DGPLQLVWUDWLRQ

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
1RWH 6XEMHFWV ZLOO ZHDU D VXUJLFDO PDVNDSSUR[LPDWHO\  PLQXWHV EHIRUH
DQG  PLQXWHVDIWHU GRVLQJ WR SUHYHQW SRVVLEOH FURVV FRQWDPLQDWLRQ
$IWHU DOOVFKHGXOHG SURWRFROVSHFLILHGDVVHVVPHQWVDUH FRPSOHWH DQGVDIHW\ GDWD KDVEHHQ
UHYLHZHG E\ WKH ,QYHVWLJDWRUWKHVXEMHFWZLOOEHGLVFKDUJHG IURPWKH FOLQLF

)ROORZ8S 7HOHSKRQH &DOO
8SRQFRPSOHWLRQRI WKH WUHDWPHQWD IROORZXSSKRQH FDOOZLOOEH FRPSOHWHG DW OHDVW GD\V
EXWQRORQJHU WKDQGD\V IURPWKH GDWHRIODVWDGPLQLVWUDWLRQ RQ9LVLW'D\ 6XEMHFWV
ZLOOEH DVNHG DERXW DQ\ QHZRU RXWVWDQGLQJ$(VDQGDQ\ QHZ FRQFRPLWDQWPHGLFDWLRQ7KLV
ZLOOEH GRFXPHQWHG DSSURSULDWHO\ LQWKH VXEMHFWVRXUFH GRFXPHQWVDQG H&5)V

'RFXPHQWDWLRQRI $(V

'RFXPHQWDWLRQRIFRQFRPLWDQWPHGLFDWLRQV

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ 0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI

3/$11('67$7,67,&$/ 0(7+2'6

*HQHUDO &RQVLGHUDWLRQV
$GHWDLOHG 6WDWLVWLFDO$QDO\VLV3ODQ 6$3 ZLOOEH ILQDOL]HGSULRU WRGDWDEDVH ORFN
DQG XQEOLQGLQJ

$QDO\VLV 3RSXODWLRQV
7ZRVXEMHFWSRSXODWLRQVZLOOEH HYDOXDWHGGXULQJ WKLVVWXG\ DQG DUH GHILQHG DV IROORZV

3.3RSXODWLRQ $OOVXEMHFWVLQWKH6DIHW\3RSXODWLRQZKRKDYHVXIILFLHQWGDWDWR
UHOLDEO\FDOFXODWHDWOHDVWRQH3.SDUDPHWHUDQGGRQRWKDYHPDMRUSURWRFROGHYLDWLRQVWR
EHGHWHUPLQHGSULRUWRXQEOLQGLQJ

6DIHW\ 3RSXODWLRQ $OOVXEMHFWVZKRUHFHLYH DW OHDVWRQH GRVH RI DQ\ EOLQGHGVWXG\ GUXJ
6DIHW\DQGWROHUDELOLW\DQDO\VHV ZLOOEH SHUIRUPHGRQGDWD IURPDOOVXEMHFWVLQWKH 6DIHW\
3RSXODWLRQ
3KDUPDFRNLQHWLF DQDO\VLVZLOOEH SHUIRUPHGXVLQJWKH 3.SRSXODWLRQ

'HPRJUDSKLFV DQG %DVHOLQH &KDUDFWHULVWLFV
'HPRJUDSKLF LQIRUPDWLRQZLOOLQFOXGH PRQWK\HDU RI ELUWK JHQGHU HWKQLFLW\ DQG UDFH
'HPRJUDSKLFV DQGEDVHOLQH FKDUDFWHULVWLFVZLOOEH VXPPDUL]HGGHVFULSWLYHO\ IRU
ERWK WKH 6DIHW\ DQG 3. 3RSXODWLRQV+HLJKW DQGZHLJKW ZKLFK DUH FRQVLGHUHG
EDVHOLQH FKDUDFWHULVWLFVDQGGRFXPHQWHG DVSDUW RI WKH SK\VLFDO H[DPLQDWLRQ
SHUIRUPHG DW 6FUHHQLQJ ZLOOEH UHSRUWHGZLWKWKH GHPRJUDSKLF LQIRUPDWLRQ

$QDO\VLV RI 3KDUPDFRNLQHWLF 9DULDEOHV
3KDUPDFRNLQHWLF DQDO\VLVZLOOEH SHUIRUPHGXVLQJWKH 3.SRSXODWLRQ
3KDUPDFRNLQHWLF SDUDPHWHUVZLOOLQFOXGH &PD[WPD[Wò$8&$8&W $8& &/)9G)
Ȝ] 5$& &PD[ DQG 5$& $8&2WKHU 3.SDUDPHWHUVPD\ EH FDOFXODWHG DV
DSSURSULDWH
7KH LQLWLDO FDOFXODWLRQRI 3.SDUDPHWHUVZLOOEH SHUIRUPHGXVLQJ QRQFRPSDUWPHQWDO
DQDO\VLV'HVFULSWLYH VWDWLVWLFVDQGJUDSKVZLOOEH XVHGWRGHVFULEH WKH SODVPD FRQFHQWUDWLRQV
DQG 3. SDUDPHWHUV IRUEXGHVRQLGH JO\FRS\UURQLXPDQG IRUPRWHURODVDSSOLFDEOHIRUHDFK
WUHDWPHQWJURXS$OO3.SDUDPHWHUVZLOOEHSUHVHQWHGE\YLVLW>9LVLW'D\RU9LVLW 'D\
@IRUHDFKWUHDWPHQWZLWKQXPEHURIPHDVXUHPHQWVQXPEHURIVXEMHFWVZLWKQRQPLVVLQJ
GDWDQPHDQVWDQGDUGGHYLDWLRQFRHIILFLHQWRIYDULDWLRQ&9PHGLDQPLQLPXP
PD[LPXPJHRPHWULFPHDQDQGJHRPHWULF&9)RUWPD[ WKHJHRPHWULFPHDQDQG WKH
&9 ZLOOEHRPLWWHGDQGRQO\WKHQXPEHURIREVHUYDWLRQVQPHGLDQPLQLPXPDQG

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ 0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
PD[LPXPZLOOEHSURYLGHG7KHSODVPDFRQFHQWUDWLRQGDWDDWHDFKWLPHSRLQWDQGYLVLWZLOO
EHVXPPDUL]HGIRUHDFKWUHDWPHQWJURXSDQGOLVWHGE\VXEMHFW
 6DIHW\$QDO\VHV
6DIHW\GDWD ZLOOEHVXPPDUL]HGE\WUHDWPHQWDQGOLVWHG7KHVDIHW\RI%*)0',ZLOOEH
DVVHVVHGIURP$( UHSRUWLQJLQFOXGLQJ6$(UHSRUWLQJYLWDOVLJQV%335UHVSLUDWRU\UDWH
DQGERG\WHPSHUDWXUHFOLQLFDOODERUDWRU\YDOXHVKHPDWRORJ\FKHPLVWU\DQGXULQDO\VLV
DQGILQGLQJV IURPOHDG(&*V7KHLQFLGHQFHRI$(VDQG6$(VZLOOEHWDEXODWHGE\
WUHDWPHQW6XPPDU\VWDWLVWLFVRIDVVHVVHGODERUDWRU\YDOXHVZLOOEHWDEXODWHGE\WUHDWPHQW
 5DQGRPL]DWLRQ
)ROORZLQJGHWHUPLQDWLRQRIVWXG\HOLJLELOLW\VXEMHFWVZLOOEH UDQGRPL]HGLQDUDWLRWR
RQHRIWKHWUHDWPHQWJURXSV%*)J%*)JRU*))0',
J
 'HWHUPLQDWLRQRI6DPSOH6L]H
3UHYLRXVVWXGLHVZLWK%*)0',VXJJHVWWKDWWKHLQWHUVXEMHFWYDULDELOLW\RIJO\FRS\UURQLXP
DIWHUVLQJOHGRVHDGPLQLVWUDWLRQPD\EHDVKLJKDV
 $QDO\VLV 3ODQ
$OODQDO\VHVZLOOEH VSHFLILHGLQDGHWDLOHGVWDWLVWLFDODQDO\VLVSODQ6$3 WKDWZLOO
EHDFFRPSDQLHGE\WDEOHDQGGDWDOLVWLQJ VKHOOVZLWKPRFNJUDSKLFDO UHSUHVHQWDWLRQV
7KH6$3 ZLOOEHDSSURYHGE\VLJQDWXUHEHIRUHGDWDEDVHORFNDQGSULRUWRXQEOLQGLQJ

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
 $'0,1,675$7,9(&216,'(5$7,216
 5HJXODWRU\$XWKRULW\$SSURYDO
3HDUO7KHUDSHXWLFVZLOOREWDLQDSSURYDOWRFRQGXFWWKHVWXG\IURPWKHDSSURSULDWHUHJXODWRU\
DJHQF\LQDFFRUGDQFHZLWKDQ\DSSOLFDEOHFRXQWU\VSHFLILFUHJXODWRU\UHTXLUHPHQWVSULRUWRD
VLWHLQLWLDWLQJWKHVWXG\LQWKDWFRXQWU\
 (WKLFDO&RQGXFWRIWKH6WXG\DQG,QVWLWXWLRQDO5HYLHZ%RDUG,5%
RU ,QGHSHQGHQW(WKLFV&RPPLWWHH,(&$SSURYDO
7KHVWXG\ZLOOEHFRQGXFWHGLQDFFRUGDQFHZLWK*RRG&OLQLFDO3UDFWLFH*&3'HFODUDWLRQ
RI+HOVLQNLFRQFHUQLQJPHGLFDOUHVHDUFKLQKXPDQV(WKLFDO3ULQFLSOHVIRU0HGLFDO5HVHDUFK
,QYROYLQJ+XPDQ6XEMHFWVDQGUHJXODWRU\UHTXLUHPHQWLIDSSOLFDEOH¶
7KH,QYHVWLJDWRURU3HDUO7KHUDSHXWLFVZKHUHDSSOLFDEOHLVUHVSRQVLEOHIRUHQVXULQJWKDW
WKLVSURWRFROWKHVLWH¶VLQIRUPHGFRQVHQWIRUP,&)DQGDQ\RWKHULQIRUPDWLRQWKDWZLOO
EH SUHVHQWHGWRSRWHQWLDOVXEMHFWVHJDGYHUWLVHPHQWVRULQIRUPDWLRQWKDWVXSSRUWVRU
VXSSOHPHQWVWKH,&)DUHUHYLHZHGDQGDSSURYHGE\WKHDSSURSULDWH,5%,(&
7KH ,QYHVWLJDWRUDJUHHVWRDOORZWKH,5%,(&GLUHFWDFFHVVWRDOOUHOHYDQWGRFXPHQWV
7KH ,5%,(&PXVWEHFRQVWLWXWHGLQDFFRUGDQFHZLWKDOODSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV
3HDUO7KHUDSHXWLFVZLOOSURYLGHWKH,QYHVWLJDWRUZLWKUHOHYDQWGRFXPHQWVGDWDWKDWDUH
QHHGHGIRU,5%,(&UHYLHZDQGDSSURYDORIWKHVWXG\,IWKHSURWRFROWKH,&)RUDQ\RWKHU
LQIRUPDWLRQWKDWWKH,5%,(&KDVDSSURYHGIRUSUHVHQWDWLRQWRSRWHQWLDO VXEMHFWVLVDPHQGHG
GXULQJWKHVWXG\WKH,QYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKH,5%,(&UHYLHZVDQG
DSSURYHVZKHUHDSSOLFDEOHWKHVHDPHQGHGGRFXPHQWV7KH,QYHVWLJDWRUPXVWIROORZDOO
DSSOLFDEOHUHJXODWRU\UHTXLUHPHQWVSHUWDLQLQJWRWKHXVHRIDQDPHQGHG,&)LQFOXGLQJ
REWDLQLQJ,5%,(&DSSURYDORIWKHDPHQGHGIRUPEHIRUHQHZVXEMHFWVFRQVHQWWRWDNHSDUW
LQ WKHVWXG\XVLQJWKLVYHUVLRQRIWKHIRUP7KH,5%,(&DSSURYDORIWKHDPHQGHG,&)RWKHU
LQIRUPDWLRQDQGWKHDSSURYHGDPHQGHG,&)RWKHULQIRUPDWLRQPXVWEHIRUZDUGHGWR
3HDUO 7KHUDSHXWLFVSURPSWO\
 6XEMHFW,QIRUPDWLRQDQG&RQVHQW
7KHVWXG\ZLOOEHFRQGXFWHGLQDFFRUGDQFHZLWKDSSOLFDEOHVXEMHFWSULYDF\UHTXLUHPHQWV
7KHSURSRVHG,&)ZKLFKPXVWEHLQFRPSOLDQFHZLWKDSSOLFDEOHUHJXODWLRQVPXVWEH
UHYLHZHGDQGDSSURYHGE\WKH,5%,(&DQG3HDUO7KHUDSHXWLFVSULRUWRLQLWLDWLRQRI
WKH VWXG\
7KH,QYHVWLJDWRUZLOOEHUHVSRQVLEOHIRUREWDLQLQJZULWWHQLQIRUPHGFRQVHQWIURP
SRWHQWLDO VXEMHFWVSULRUWRDQ\VWXG\VSHFLILFVFUHHQLQJDQGHQWU\LQWRWKHVWXG\7KHVXEMHFW
ZLOO EHSURYLGHGZLWKWZR RULJLQDO,&)V 2QH RULJLQDOZLOOEHUHWDLQHG E\ WKH VWXG\
,QYHVWLJDWRU DQGWKHVXEMHFWZLOOUHWDLQWKHVHFRQGRULJLQDO

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
 /DERUDWRU\$FFUHGLWDWLRQ
$Q\ODERUDWRU\IDFLOLW\LQWHQGHGWREHXVHGIRUDQDO\VLVRIFOLQLFDOODERUDWRU\VDPSOHV
UHTXLUHGE\WKLVSURWRFROPXVWSURYLGHHYLGHQFHRIDGHTXDWHOLFHQVXUHRUDFFUHGLWDWLRQ
DFFRUGLQJWRWKHSUHYDLOLQJUHJXODWLRQVLQWKDWVWDWHDQGRUFRXQWU\5HIHUHQFHYDOXHV
DQGRU QRUPDOUDQJHVIRUWKHWHVWUHVXOWVPXVWEHSURYLGHGWR3HDUO7KHUDSHXWLFV
3HDUO 7KHUDSHXWLFVPXVWEHQRWLILHGSURPSWO\LQZULWLQJRIDQ\FKDQJHVRFFXUULQJ
LQ UHIHUHQFHYDOXHVGXULQJWKHFRXUVHRIWKHVWXG\
 &RQILGHQWLDOLW\
 &RQILGHQWLDOLW\RI'DWD
%\VLJQLQJWKLVSURWRFROWKH,QYHVWLJDWRUDIILUPVWR3HDUO7KHUDSHXWLFVWKDWLQIRUPDWLRQ
IXUQLVKHGWRWKH,QYHVWLJDWRUE\3HDUO7KHUDSHXWLFVZLOOEHPDLQWDLQHGLQFRQILGHQFHDQG
VXFK LQIRUPDWLRQZLOOEHGLYXOJHGWRWKH,5%,(&RUVLPLODURUH[SHUWFRPPLWWHHDIILOLDWHG
LQVWLWXWLRQDQGHPSOR\HHVRQO\XQGHUDQDSSURSULDWHXQGHUVWDQGLQJRIFRQILGHQWLDOLW\ZLWK
VXFKERDUGRUFRPPLWWHHDIILOLDWHGLQVWLWXWLRQDQGHPSOR\HHV'DWDJHQHUDWHGE\WKLVVWXG\
ZLOOEHFRQVLGHUHGFRQILGHQWLDOE\WKH,QYHVWLJDWRUH[FHSWWRWKHH[WHQWWKDWLWLVLQFOXGHGLQ
D SXEOLFDWLRQ
 &RQILGHQWLDOLW\RI6XEMHFW3DWLHQW5HFRUGV
%\VLJQLQJWKLVSURWRFROWKH,QYHVWLJDWRUDJUHHVWKDW3HDUO7KHUDSHXWLFVRUUHSUHVHQWDWLYH
,5%,(&RU5HJXODWRU\$JHQF\UHSUHVHQWDWLYHVPD\FRQVXOWDQGRUFRS\VWXG\GRFXPHQWV
LQ RUGHUWRYHULI\ZRUNVKHHWFDVHUHSRUWIRUPGDWD%\VLJQLQJWKHFRQVHQWIRUPWKH
VXEMHFWSDWLHQWDJUHHVWRWKLVSURFHVV,IVWXG\GRFXPHQWVZLOOEHSKRWRFRSLHGGXULQJ
WKH SURFHVVRIYHULI\LQJZRUNVKHHWFDVHUHSRUWIRUPLQIRUPDWLRQWKHVXEMHFWSDWLHQWZLOO
EH LGHQWLILHGE\XQLTXHFRGHRQO\IXOOQDPHVLQLWLDOVZLOOEHPDVNHGSULRUWRWUDQVPLVVLRQ
WR 3HDUO7KHUDSHXWLFV,QDGGLWLRQWKH,QYHVWLJDWRUDJUHHVWRWUHDWDOOVXEMHFWGDWDXVHG
DQG GLVFORVHGLQFRQQHFWLRQZLWKWKLVVWXG\LQDFFRUGDQFHZLWKDOODSSOLFDEOHODZV UXOHVDQG
UHJXODWLRQV
 4XDOLW\&RQWURODQG$VVXUDQFH
3HDUO7KHUDSHXWLFV RULWVGHVLJQHH LVUHVSRQVLEOHIRULPSOHPHQWLQJDQGPDLQWDLQLQJTXDOLW\
FRQWURODQGTXDOLW\DVVXUDQFHV\VWHPVZLWKZULWWHQVWDQGDUGRSHUDWLQJSURFHGXUHV623VWR
HQVXUHWKDWWULDOVDUHFRQGXFWHG DQGGDWDDUHJHQHUDWHGGRFXPHQWHGDQGUHSRUWHGLQ
FRPSOLDQFHZLWKWKH SURWRFRODFFHSWHGVWDQGDUGVRI*&3DQGDOODSSOLFDEOHIHGHUDOVWDWH
DQGORFDOODZVUXOHVDQGUHJXODWLRQVUHODWLQJWRWKHFRQGXFWRIWKHFOLQLFDOVWXG\
 'DWD0DQDJHPHQW
'DWDPDQDJHPHQWSURFHGXUHVDQGLQIRUPDWLRQIRUWKLVSURWRFROZLOOEHSURYLGHG
E\ 3HDUO 7KHUDSHXWLFVRUWKHLUGHVLJQHH

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
 6WXG\0RQLWRULQJ
,QDFFRUGDQFHZLWKDSSOLFDEOHUHJXODWLRQV*&3DQG3HDUO7KHUDSHXWLFVSURFHGXUHVFOLQLFDO
PRQLWRUVZLOOFRQWDFWWKHVLWHSULRUWRVXEMHFWHQUROOPHQWWRUHYLHZWKHSURWRFRODQGGDWD
FROOHFWLRQSURFHGXUHVZLWKVLWHVWDII,QDGGLWLRQWKHPRQLWRUZLOOSHULRGLFDOO\FRQWDFWWKH
VLWHLQFOXGLQJFRQGXFWLQJRQVLWHYLVLWV7KHH[WHQWQDWXUHDQGIUHTXHQF\RIRQVLWHYLVLWV
ZLOOEHEDVHGRQVXFKFRQVLGHUDWLRQVDVWKHVWXG\REMHFWLYHDQGRUHQGSRLQWVWKHSXUSRVHRI
WKHVWXG\VWXG\GHVLJQFRPSOH[LW\DQGHQUROOPHQWUDWH
'XULQJWKHVHFRQWDFWVWKHPRQLWRUZLOO

&KHFNWKHSURJUHVVRIWKHVWXG\

5HYLHZVWXG\GDWDFROOHFWHG

&RQGXFWVRXUFH GRFXPHQWYHULILFDWLRQ

,GHQWLI\DQ\LVVXHVDQGDGGUHVVWKHLUUHVROXWLRQ
7KLVZLOOEHGRQHLQRUGHUWRYHULI\WKDWWKH

'DWDDUHDXWKHQWLFDFFXUDWHDQGFRPSOHWH

6DIHW\DQGULJKWVRIVXEMHFWVDUHEHLQJSURWHFWHG

6WXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKHFXUUHQWO\DSSURYHGSURWRFRO
DQG DQ\ DPHQGPHQWV*&3DQGDOODSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV
7KH,QYHVWLJDWRUDJUHHVWRDOORZWKHPRQLWRUGLUHFWDFFHVVWRDOOUHOHYDQWGRFXPHQWVDQGWR
DOORFDWHKLVKHUWLPHDQGWKHWLPHRIKLVKHUVWDIIWRWKHPRQLWRUWRGLVFXVVILQGLQJVDQGDQ\
UHOHYDQWLVVXHV
8SRQFRPSOHWLRQRIWKHVWXG\WKHPRQLWRUZLOOFRQGXFWWKHIROORZLQJDFWLYLWLHVLQ
FRQMXQFWLRQZLWKWKH,QYHVWLJDWRURUVLWHVWDIIDVDSSURSULDWH

5HWXUQRIDOOVWXG\GDWDWR3HDUO7KHUDSHXWLFV

'DWDTXHULHV

$FFRXQWDELOLW\UHFRQFLOLDWLRQDQGDUUDQJHPHQWVIRUXQXVHGLQYHVWLJDWLRQDO
SURGXFWV

5HYLHZRIVLWHVWXG\UHFRUGVIRUFRPSOHWHQHVV
$IWHUWKHILQDOUHYLHZRIWKHVWXG\ILOHVWKHILOHVVKRXOGEHVHFXUHGIRUWKHDSSURSULDWH
WLPH SHULRGDVVSHFLILHGLQ6HFWLRQ 7KH,QYHVWLJDWRUZLOODOVRSHUPLWLQVSHFWLRQ
RI WKH VWXG\ILOHVE\3HDUO7KHUDSHXWLFV¶4XDOLW\$VVXUDQFHDXGLWRUVDQGDXWKRUL]HG
UHSUHVHQWDWLYHVRIWKH&)'$RURWKHUDSSOLFDEOHUHJXODWRU\DJHQFLHV

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
 5HWHQWLRQRI'DWD
'RFXPHQWVWKDWLQGLYLGXDOO\DQGFROOHFWLYHO\SHUPLWHYDOXDWLRQRIWKHFRQGXFWRIWKHVWXG\
DQGWKHTXDOLW\RIWKHGDWDSURGXFHGPXVWEHPDLQWDLQHGIRUUHYLHZE\3HDUO7KHUDSHXWLFV

TXDOLW\DVVXUDQFHDXGLWRUVDQGE\DOODSSOLFDEOHUHJXODWRU\DXWKRULWLHV7KHSHULRGRIWLPH
WKHVHGRFXPHQWVPXVWEHPDLQWDLQHGLVJRYHUQHGE\DSSOLFDEOHUHJXODWLRQV
3HDUO 7KHUDSHXWLFVRULWVGHVLJQHHZLOOLQIRUPWKH,QYHVWLJDWRUZKHQWKHVHGRFXPHQWV
PD\ EH GHVWUR\HG3HDUO7KHUDSHXWLFVRULWVGHVLJQHH VKRXOGFRQWDFWWKH VLWH at least 
6 months prior to the intended date of disposal RIDQ\VWXG\UHFRUGUHODWHGWRWKLVSURWRFRO
WR DOORZ3HDUO7KHUDSHXWLFVWRPDNHDOWHUQDWHVWRUDJHDUUDQJHPHQWV
 )LQDQFLDO'LVFORVXUH
7KH,QYHVWLJDWRURUVXE,QYHVWLJDWRUVQDPHGRQ)'$)RUPZLOOQHHGWRFRPSOHWHD
ILQDQFLDOGLVFORVXUHIRUPSULRUWRVWXG\LQLWLDWLRQDWDQ\WLPHGXULQJWKHVWXG\H[HFXWLRQLI
QHZLQIRUPDWLRQQHHGVWREHGLVFORVHGDQGIRU\HDUDIWHUVWXG\FRPSOHWLRQ,QYHVWLJDWRUV
VKRXOGPDNHWKH ,5%,(&DZDUHRIDQ\ILQDQFLDOLQWHUHVWVWKDWWKH,QYHVWLJDWRUKDVLQWKH
LQYHVWLJDWLRQDOSURGXFW
 ,QYHVWLJDWRU
V)LQDO5HSRUW
6KRUWO\DIWHUFRPSOHWLRQRIWKH,QYHVWLJDWRU
VSDUWLFLSDWLRQLQWKHVWXG\WKH,QYHVWLJDWRUZLOO
VXEPLWDQHQGRIVWXG\VXPPDU\UHSRUWWR3HDUO7KHUDSHXWLFV
 3XEOLFDWLRQ3ROLF\
7KHVWXG\VLWHZLOOKDYHWKHRSSRUWXQLW\WRSXEOLVKWKHUHVXOWVRIWKHVWXG\SURYLGHGWKDW
³7+(6321625´KDVKDGWKHRSSRUWXQLW\WRUHYLHZDQGFRPPHQWRQWKHVWXG\VLWH¶V
SURSRVHGSXEOLFDWLRQSULRUWRLWVEHLQJVXEPLWWHGIRUSXEOLFDWLRQZLWKWKHSULRUDGYLFHRI
³/(*$/´LQWHOOHFWXDOSURSHUW\FRXQFLODQGZLWKSURSHUUHJDUGWRWKHSURWHFWLRQRIVXEMHFWV¶
LGHQWLWLHV

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
 5()(5(1&(/,67
$OEHUV5$\UHV-%DFNHU9HWDO)RUPRWHUROLQSDWLHQWVZLWKFKURQLFREVWUXFWLYH
SXOPRQDU\GLVHDVHDUDQGRPL]HGFRQWUROOHGPRQWKWULDO(XU5HVSLU-
$QGHUVRQ*3)RUPRWHURO3KDUPDFRORJ\PROHFXODUEDVLVRIDJRQLVPDQGPHFKDQLVPRI
ORQJGXUDWLRQRIDKLJKO\SRWHQWDQGVHOHFWLYHȕDGUHQRFHSWRUDJRQLVWEURQFKRGLODWRU/LIH
6FLHQFHV
%HUJHU:(1DGHO-$(IILFDF\DQGVDIHW\RIIRUPRWHUROIRUWKHWUHDWPHQWRIFKURQLF
REVWUXFWLYHSXOPRQDU\GLVHDVH5HVSLU0HG
&DPSEHOO0(OLUD]$-RKDQVVRQ*HWDO)RUPRWHUROIRUPDLQWHQDQFHDQGDVQHHGHG
WUHDWPHQWRIFKURQLFREVWUXFWLYHSXOPRQDU\GLVHDVH5HVSLU0HG
&DPSEHOO6&&ULQHU*-/HYLQH%(HWDO&DUGLDFVDIHW\RIIRUPRWHURO JWZLFHGDLO\LQ
SDWLHQWVZLWKFKURQLFREVWUXFWLYHSXOPRQDU\GLVHDVH3XOP3KDUPDFRO7KHU

&DVDEXUL5.XNDIND'&RRSHU&%HWDO,PSURYHPHQWLQH[HUFLVHWROHUDQFHZLWKWKH
FRPELQDWLRQRIWLRWURSLXPDQGSXOPRQDU\UHKDELOLWDWLRQLQSDWLHQWVZLWK&23'&KHVW

&RQVROLGDWHG6WDQGDUGVRI5HSRUWLQJ7ULDOV&2162576WDWHPHQW$FFHVVHGRQ
 -XO\$YDLODEOHRQOLQHDWKWWSZZZFRQVRUWVWDWHPHQWRUJFRQVRUW
'DKO5*UHHIKRUVW/$1RZDN'HWDO,QKDOHGIRUPRWHUROGU\SRZGHUYHUVXVLSUDWURSLXP
EURPLGHLQFKURQLFREVWUXFWLYHSXOPRQDU\GLVHDVH$P-5HVSLU&ULW&DUH0HG

*OREDO6WUDWHJ\IRUWKH'LDJQRVLV0DQDJHPHQWDQG3UHYHQWLRQRI&23'*OREDO,QLWLDWLYH
IRU&KURQLF2EVWUXFWLYH/XQJ'LVHDVH*2/'KWWSZZZJROGFRSGRUJ$FFHVVHG
0DUFK
-DSDQHVH5HVSLUDWRU\6RFLHW\-56*XLGHOLQHVIRUWKH'LDJQRVLVDQG7UHDWPHQWRI&23'
WK HGLWLRQ
/HYH\$66WHYHQV/$6FKPLG&+HWDO$QHZHTXDWLRQWRHVWLPDWHJORPHUXODUILOWUDWLRQ
UDWH$QQDOVRI,QWHUQDO0HGLFLQH±
1LHZRHKQHU'(5LFH.&RWH&HWDO3UHYHQWLRQRIH[DFHUEDWLRQVRIFKURQLFREVWUXFWLYH
SXOPRQDU\GLVHDVHZLWKWLRWURSLXPDRQFHGDLO\LQKDOHGDQWLFKROLQHUJLFEURQFKRGLODWRUD
UDQGRPL]HGWULDO$QQ,QWHUQ0HG
5RVVL$.ULVWXIHN3/HYLQH%(HWDO&RPSDULVRQRIWKHHIILFDF\WROHUDELOLW\DQGVDIHW\RI
IRUPRWHUROGU\SRZGHUDQGRUDOVORZ UHOHDVHWKHRSK\OOLQHLQWKHWUHDWPHQWRI&23'&KHVW


%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
 $33(1',&(6
$SSHQGL[
$GPLQLVWUDWLRQ RI 6WXG\ 'UXJ
$OOVXEMHFWVZLOOUHFHLYH RQH WUHDWPHQWE\ UDQGRP DVVLJQPHQWWRRQH RI WKUHH SUHGHWHUPLQHG
SDUDOOHOWUHDWPHQWJURXSVDVOLVWHG LQ6HFWLRQ RI WKLVSURWRFRO7KLV LV D GRXEOHEOLQG
VWXG\7KH 3HDUOSURGXFWV %*) 0', DQG*))0', DUH LGHQWLFDO LQ IRUP DQG IXQFWLRQDQG
LQGLVWLQJXLVKDEOH IURP HDFKRWKHU
6XEMHFWVZLOOXVHWKHSODFHER0',IRUWUDLQLQJSXUSRVHRQO\WRGHPRQVWUDWHSURSHU XVHRIWKH
0',E\WZRRUDOLQKDODWLRQV RQ'D\'D\DQG'D\DQGRQRWKHUWUHDWPHQWGD\VDV
QHHGHG XVLQJ D EXONVXSSOLHG 3ODFHER 0', ZLWKDQLQKDODWLRQPRQLWRULIQHHGHG
%*) 0',DQG*))0',$GPLQLVWUDWLRQ )RUVSHFLILFJXLGDQFHIRUWKH+DQGOLQJ
DQG ,QVWUXFWLRQVIRU8VHRI%*)0', DQG*))0',SOHDVHUHIHUWRWKH ,QYHVWLJDWRU
%URFKXUH,%)RU HDFK %*) 0', DQG*))0',DGPLQLVWUDWLRQ WKH0',VPXVWEHSULPHG
EHIRUHWKHILUVWXVH6KDNLQJDQGSULPLQJWKHLQKDOHUILOOVDFKDPEHULQVLGHWKHFDQLVWHUZLWK
WKHFRUUHFWGRVHDQGPL[RIPHGLFDWLRQVRWKDWWKHLQKDOHULVUHDG\WRXVH3ULPLQJLQYROYHV
UHOHDVLQJVSUD\VLQWRWKHDLUEHIRUHWKHILUVWXVHRIWKHLQKDOHU -XVWSULRU WRGRVLQJVXEMHFWV
ZLOO DJDLQEH JLYHQ GHWDLOHGLQVWUXFWLRQUHJDUGLQJ WKH SURSHU XVH RI WKH 0', GHYLFH WRHQVXUH
FRPSUHKHQVLRQRI LWVXVH 6XEMHFWVZLOOZHDUDVXUJLFDOPDVNDSSUR[LPDWHO\PLQXWHV
EHIRUHDQGPLQXWHVDIWHUGRVLQJWRSUHYHQWSRVVLEOHFURVVFRQWDPLQDWLRQ $WWKH WLPH RI
GRVLQJD KHDOWKFDUH SURYLGHU ZLOOEH SUHVHQWWRHQVXUH WKDWWKH WZRDFWLYDWLRQVRI WKH 0',
GHYLFH DUH SURSHUO\ DGPLQLVWHUHG E\ WKH VXEMHFW7KH GRVLQJ WLPHPXVWEH GRFXPHQWHGRQWKH
H&5)7KH WKUHH 0', WUHDWPHQWVDUH

%*) 0', J

%*) 0', J

*))0',J
7KH GRVH GHOLYHU\ VSHFLILFDWLRQVIRU WKH WKUHH WUHDWPHQWVDUH SURYLGHGLQWKHIROORZLQJWDEOH
7DEOH $ 'RVH'HOLYHU\6SHFLILFDWLRQV
3URGXFW1DPH	'RVH
3URGXFW6WUHQJWK
'RVDJH)RUP
$GPLQLVWUDWLRQ
%*)0',J
H[DFWXDWRU
 JDFWXDWLRQ
0',
7DNHQDV
LQKDODWLRQV
%*)0',J
H[DFWXDWRU
JDFWXDWLRQ
0',
7DNHQDV
LQKDODWLRQV
*))0',J
H[DFWXDWRU
JDFWXDWLRQ
0',
7DNHQDV
LQKDODWLRQV
$EEUHYLDWLRQV%*) 0', EXGHVRQLGHJO\FRS\UURQLXPDQGIRUPRWHUROIXPDUDWHLQKDODWLRQDHURVRO
0', PHWHUHGGRVHLQKDOHU *)) *O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH+)$ K\GURIOXRURDONDQH
0', PHWHUHGGRVHLQKDOHU

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
1RWH $OOVWXG\GUXJVDUHDGPLQLVWHUHGE\RUDOLQKDODWLRQ$ VLQJOHGRVHRIVWXG\GUXJZLOOEH
DGPLQLVWHUHGRQ'D\DQG%,'GRVHVZLOOEHDGPLQLVWHUHG'D\ WKURXJK'D\RIHDFK7UHDWPHQW
3HULRGZLWKDILQDOVLQJOHDGPLQLVWUDWLRQRIVWXG\GUXJRFFXUULQJRQWKHPRUQLQJRI'D\ 
$GPLQLVWUDWLRQ RIVWXG\GUXJVKRXOGRFFXU DW DSSUR[LPDWHO\ WKHVDPH WLPH RI GD\

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\ 
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
68%-(&7,16758&7,216 )2586(2) %*) 0',$1'*)) 0',
+RZGR,VWRUHWKH,QKDOHU"
7KHLQKDOHUVKRXOGEHVWRUHGEHORZ&)([FXUVLRQVSHUPLWWHGXSWR&)
7KHFRQWHQWVRIWKHFDQLVWHUDUHXQGHUSUHVVXUH'RQRWSXQFWXUHRUWKURZWKHFDQLVWHULQWRD
ILUHRULQFLQHUDWRU'RQRWXVHRUVWRUHLWQHDUKHDWRURSHQIODPH6WRUDJHDERYH &
) PD\FDXVHWKHFDQLVWHUWREXUVW
.HHSWKHSURGXFWDQGDOOPHGLFLQHVRXWRIWKHUHDFKRIFKLOGUHQ
)RU2UDO,QKDODWLRQ2QO\
3DUWVRIWKH,QKDOHU
7KHSDUWVRI\RXULQKDOHUDUHVHHQLQ)LJXUH
)LJXUH
7KH'RVHLQGLFDWRUOHWV\RXNQRZDERXWKRZPDQ\SXIIVDUHOHIWLQ\RXULQKDOHUDQGLVWKH
SDUWRIWKHLQKDOHUWKDWLVSUHVVHGWRGLVSHQVHDSXIIRI PHGLFDWLRQ6HH)LJXUH
7KH'RVHLQGLFDWRU VKRXOGEHSRLQWLQJMXVWWRWKHULJKWRIZKHQ\RXULQKDOHULVQHZ6HH
)LJXUH
7KH'RVHLQGLFDWRU KDVQXPEHUVIRUHYHU\SXIIV7KH'RVHLQGLFDWRU GLVSOD\ZLOOPRYH
DIWHUHYHU\WHQWKSXII
)RUH[DPSOHLIWKH'RVHLQGLFDWRU LVSRLQWLQJWRVHH)LJXUHDDQG\RXWDNHSXIIV
LWZLOOPRYHEHWZHHQDQG7KLVPHDQVWKDWWKHUHDUHSXIIVRIPHGLFLQHOHIWVHH
&DS
'RVHLQGLFDWRU
&DQLVWHU
$FWXDWRU
6,'(9,(:
0RXWKSLHFH
7239,(:

'RVHLQGLFDWRU
GLVSOD\ZLQGRZ
3UHVVKHUH

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\ 
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
)LJXUHE$IWHUPRUHSXIIVDUHXVHGWKH'RVHLQGLFDWRU SRLQWHUZLOOPRYHWRWKH
QXPEHU7KLVPHDQVWKDWWKHUHDUHSXIIVRIPHGLFLQHOHIWVHH)LJXUHF
7KH'RVHLQGLFDWRU QXPEHUZLOOFRQWLQXHWRFKDQJHDIWHUHYHU\SXIIV
:KHQWKHQXPEHULQWKH'RVHLQGLFDWRU ZLQGRZFKDQJHVWRDQGWKHFRORUEHKLQGWKH
QXPEHU FKDQJHVWRUHGWKLVPHDQVWKDWWKHUHDUHRQO\SXIIVOHIWLQ\RXULQKDOHU 6HH
)LJXUHG
)LJXUHG
3UHSDULQJWKH,QKDOHUIRU8VH
7KHLQKDOHUFRPHVLQDIRLOSRXFKWKDWFRQWDLQVDGU\LQJSDFNHWGHVLFFDQW
7DNHWKHLQKDOHURXWRIWKHIRLOSRXFK
7KURZDZD\WKHSRXFKDQGWKHGU\LQJSDFNHW'RQRWHDWRULQKDOHWKHFRQWHQWVRIWKHGU\LQJ
SDFNHW
5HPRYHWKH&DS IURPWKH0RXWKSLHFHDVVKRZQLQ )LJXUH
Figure 2b
110 puffs
Figure 2a
120 puffs
Figure 2c
100 puffs
LDODQG
QG
QG
QG
QG
QG
QG
QG
QG
QG
QG
QG
QG
QG
QG3URSULHWDWDWDWDWDWDWDWDWDWDWDWDWDWDWDWDWDU\
U\
U\
U\
U\
U\
U\
U\
U\
U\
U\
U\
U\
U\
U\
U\
3DJH R

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\ 
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
)LJXUH

3ULPHWKHLQKDOHUEHIRUH\RXXVHLWIRUWKHILUVWWLPH
3ULPLQJWKH,QKDOHU
&KHFNLQVLGHWKH0RXWKSLHFH IRUREMHFWVEHIRUHXVH
+ROGWKH$FWXDWRU ZLWKWKH0RXWKSLHFH SRLQWLQJDZD\IURP\RXDQGRWKHUVDVVKRZQLQ
)LJXUHD
6KDNHWKHLQKDOHUZHOOEHIRUHHDFKSXII
3XVKGRZQIXOO\RQWKHFHQWHUQRWµRIIFHQWHU¶RIWKH'RVHLQGLFDWRU RQWRSRIWKH&DQLVWHU
VHH)LJXUHXQWLOWKH&DQLVWHU VWRSVPRYLQJLQWKH$FWXDWRUWRUHOHDVHDSXIIIURPWKH
0RXWKSLHFHDVVKRZQLQ)LJXUHE1RWH,WLVQRUPDOWRKHDUDVRIWFOLFNIURPWKHGRVH
LQGLFDWRUDVLWFRXQWVGRZQGXULQJXVH
5HSHDWWKLVSULPLQJVWHSPRUHWLPHVIRUDWRWDORIWLPHVVKDNLQJWKHLQKDOHUHDFKWLPH
EHIRUH\RXSUHVVLW
$IWHUFRPSOHWLQJWKHSULPLQJSXIIV\RXULQKDOHULVQRZSULPHGUHDG\WRXVHIRUWKHILUVW
WLPH
<RXPXVWUHSULPH\RXULQKDOHUDJDLQLI\RXKDYHQRWXVHGLWLQPRUHWKDQ GD\V7DNHWKH
FDSRIIWKHPRXWKSLHFHDQGVKDNHDQGVSUD\WKHLQKDOHUWLPHVLQWRWKHDLUDZD\IURP\RXU
IDFH
8VLQJWKH,QKDOHU
<RXUGRVHRIPHGLFLQHFRPHVIURPSXIIV IURPWKHLQKDOHU
5HIHUWR)LJXUH IRU6WHSWKURXJK6WHS

6WHS  5HPRYHWKH&DS IURPWKH0RXWKSLHFH

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\ 
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI

6WHS 6KDNHWKHLQKDOHUZHOOEHIRUHHDFKSXII

6WHS:KLOHKROGLQJWKHLQKDOHUZLWKWKH0RXWKSLHFH SRLQWLQJWRZDUGV\RXEUHDWKHRXW
WKURXJK\RXUPRXWKWRHPSW\DVPXFKDLUIURP\RXUOXQJVDVSRVVLEOH

6WHS&ORVH\RXUOLSVDURXQGWKH0RXWKSLHFHDQGWLOW\RXUKHDGEDFNVOLJKWO\WRPDNH
VXUH\RXUWRQJXHLVDZD\IURPWKH0RXWKSLHFH

6WHS7DNHDGHHSEUHDWKLQLQKDOHVORZO\WKURXJK\RXUPRXWKZKLOHSUHVVLQJGRZQ
ILUPO\RQWKHFHQWHUQRWµRIIFHQWHU¶RIWKH'RVHLQGLFDWRU XQWLOWKH&DQLVWHU VWRSV
PRYLQJLQWKH$FWXDWRUDQGDSXIIKDVEHHQUHOHDVHG7KHQVWRSSUHVVLQJWKH'RVH
LQGLFDWRU

6WHS:KHQ\RXKDYHILQLVKHGEUHDWKLQJLQUHPRYHWKH0RXWKSLHFH IURP\RXUPRXWK
DQGKROG\RXUEUHDWKIRUVHFRQGVRUDVORQJDVFRPIRUWDEOH

6WHS7KHQEUHDWKHRXWQRUPDOO\7DNH\RXUVHFRQGSXIIRIPHGLFLQHE\UHSHDWLQJ
6WHSWKURXJK6WHS

6WHS 5HSODFHWKH&DS EDFNRQWKH0RXWKSLHFH

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\ 
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
)LJXUH
 +RZWRFOHDQWKH,QKDOHU
,WLVYHU\LPSRUWDQWWRNHHS\RXULQKDOHUFOHDQVRPHGLFLQH ZLOOQRWEXLOGXSDQGEORFNWKH
VSUD\WKURXJKWKH0RXWKSLHFH6HH )LJXUH

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\ 
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
)LJXUH
7KH&DQLVWHU VKRXOGEHJHQWO\SXOOHGIURPWKHWRSRIWKH$FWXDWRU RQFHDZHHNDQGWKH
$FWXDWRUFOHDQHG'RQRWFOHDQWKH&DQLVWHURUOHWLWJHWZHW

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\ 
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
6WHS3XOOWKH&DQLVWHU RXWRIWKH$FWXDWRUDVVKRZQLQ )LJXUH
)LJXUH
6WHS6HWWKH&DQLVWHU DVLGHZKHUHLWZLOOQRWJHWZHW
6WHS7DNHWKH&DS RIIWKH0RXWKSLHFH
6WHS 5LQVHWKH$FWXDWRU WKURXJKWKHWRSZLWKZDUPUXQQLQJZDWHUIRUVHFRQGV7KHQ
ULQVHWKHDFWXDWRUDJDLQWKURXJKWKH0RXWKSLHFHVHH)LJXUH
)LJXUH

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\ 
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
6WHS 6KDNHDOORIWKHZDWHUGURSOHWVRXWRIWKH$FWXDWRU
6WHS/RRNLQWKH $FWXDWRU DQGWKH0RXWKSLHFHWRPDNHVXUHLWLVFOHDQDQGFOHDU
5HSHDW6WHS WKURXJK6WHSXQWLOWKH $FWXDWRUDQGWKH0RXWKSLHFHDUHFOHDQDQGFOHDU
6WHS /HWWKH$FWXDWRU GU\FRPSOHWHO\VXFKDVRYHUQLJKWDVVKRZQLQ)LJXUH
'R1RW SXWWKH&DQLVWHU EDFNLQWRWKH$FWXDWRU LILWLVVWLOOZHW
)LJXUH
5HDVVHPEO\RIWKH,QKDOHUDQG,QVWUXFWLRQVIRU8VHDIWHU&OHDQLQJ
$IWHUWKH$FWXDWRU LVFRPSOHWHO\GU\JHQWO\SUHVVWKH&DQLVWHU GRZQLQWKH$FWXDWRUDV
VKRZQLQ)LJXUH,WLVQRWQHFHVVDU\WRSUHVVGRZQRQWKH&DQLVWHU KDUGHQRXJKWR
FDXVHDSXIIWREHUHOHDVHG

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\ 
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
)LJXUH

5HSULPH\RXULQKDOHUWLPHVDIWHUHDFKFOHDQLQJ

+ROGWKH$FWXDWRU ZLWKWKH0RXWKSLHFH SRLQWLQJDZD\IURP\RXDQGRWKHUVDVVKRZQLQ
)LJXUH

6KDNHWKHLQKDOHUZHOOEHIRUHHDFKSXII

3XVKGRZQIXOO\RQWKHFHQWHUQRWµRIIFHQWHU¶RIWKH'RVHLQGLFDWRU RQWRSRIWKH
&DQLVWHU XQWLOWKH&DQLVWHU VWRSVPRYLQJLQWKH$FWXDWRUWRUHOHDVHDSXIIIURPWKH
0RXWKSLHFH

5HSHDWWKLVUHSULPLQJVWHSPRUHWLPHIRUDWRWDORIWLPHV

$IWHUUHSULPLQJ\RXULQKDOHUWLPHV\RXULQKDOHULVQRZUHDG\WRXVH

%XGHVRQLGH*O\FRS\UURQLXPDQG)RUPRWHURO)XPDUDWH,QKDODWLRQ$HURVRO
3HDUO7KHUDSHXWLFV,QF
&OLQLFDO6WXG\3URWRFRO37
9HUVLRQ0D\ 
&RQILGHQWLDODQG3URSULHWDU\
3DJH RI
$SSHQGL[
,QYHVWLJDWRU¶V6LJQDWXUH
6WXG\7LWOH
$ 3KDVH , 5DQGRPL]HG 'RXEOH%OLQG6WXG\ 3DUDOOHO*URXSWR
$VVHVVWKH 3KDUPDFRNLQHWLFV DQG 6DIHW\ RI 7ZR'RVHVRI 37
DQGD6LQJOH'RVHRI37LQ +HDOWK\ &KLQHVH$GXOW6XEMHFWV
)ROORZLQJ $6LQJOH$GPLQLVWUDWLRQDQG$IWHU&KURQLF
$GPLQLVWUDWLRQ IRU 'D\V
6WXG\1XPEHU
37
)LQDO'DWH
 0D\ 
,DJUHH

7RDVVXPHUHVSRQVLELOLW\IRUWKHSURSHUFRQGXFWRIWKHVWXG\DWWKLVVLWH

7RFRQGXFWWKHVWXG\LQFRPSOLDQFHZLWKWKHSURWRFRODQGZLWKDQ\RWKHUVWXG\FRQGXFW
SURFHGXUHVSURYLGHGE\3HDUO7KHUDSHXWLFV,QFKHUHDIWHUUHIHUUHGWRDV3HDUO

1RWWRLPSOHPHQWDQ\FKDQJHVWRWKHSURWRFROZLWKRXWDJUHHPHQWIURP3HDUODQGSULRU
UHYLHZDQGZULWWHQDSSURYDOIURPWKH,QVWLWXWLRQDO5HYLHZ%RDUG,QGHSHQGHQW(WKLFV
&RPPLWWHHH[FHSWZKHUHQHFHVVDU\WRHOLPLQDWHDQLPPHGLDWHKD]DUGWRWKHVXEMHFWVRU
IRUDGPLQLVWUDWLYHDVSHFWVRIWKHVWXG\ZKHUHSHUPLWWHGE\DOODSSOLFDEOHUHJXODWRU\
UHTXLUHPHQWV

7KDW,DPDZDUHRIDQGZLOOFRPSO\ZLWK*RRG&OLQLFDO3UDFWLFHVDQGDOODSSOLFDEOH
UHJXODWRU\UHTXLUHPHQWV

7KDW,DPWKRURXJKO\IDPLOLDUZLWKWKHDSSURSULDWHXVHRIWKHLQYHVWLJDWLRQDOSURGXFWV
DQGRWKHULQIRUPDWLRQSURYLGHGE\3HDUOLQFOXGLQJEXWQRWOLPLWHGWRWKHIROORZLQJWKH
SURWRFRODQGWKHFXUUHQW,QYHVWLJDWRUV%URFKXUH,%

7RHQVXUHWKDWDOOSHUVRQVDVVLVWLQJPHZLWKWKHVWXG\DUHTXDOLILHGDGHTXDWHO\LQIRUPHG
DERXWWKHLQYHVWLJDWLRQDOSURGXFWVDQGRIWKHLUVWXG\UHODWHGGXWLHVDQGIXQFWLRQV

7RVXSSO\3HDUOZLWKDQ\QHFHVVDU\LQIRUPDWLRQUHJDUGLQJRZQHUVKLSLQWHUHVWDQGILQDQFLDO
WLHVWRSURPSWO\XSGDWHWKLVLQIRUPDWLRQLIDQ\UHOHYDQWFKDQJHVRFFXUGXULQJWKHFRXUVHRI
WKHVWXG\DQGIRU\HDUIROORZLQJFRPSOHWLRQRIWKHVWXG\DQGDJUHHWKDW3HDUOPD\
GLVFORVHDQ\LQIRUPDWLRQLWKDVDERXWVXFKRZQHUVKLSLQWHUHVWVDQGILQDQFLDOWLHVWR
UHJXODWRU\DXWKRULWLHV

,DJUHHWRUHSRUWDOOLQIRUPDWLRQRUGDWDLQDFFRUGDQFHZLWKWKHSURWRFRODQGDQ\RWKHU
VWXG\FRQGXFWSURFHGXUHVSURYLGHGE\3HDUO

7KDWVLQFHWKHLQIRUPDWLRQLQWKLVSURWRFRODQG,%LVFRQILGHQWLDO,XQGHUVWDQGWKDWLWV
GLVFORVXUHWRDQ\WKLUGSDUWLHVRWKHUWKDQWKRVHLQYROYHGLQDSSURYDOVXSHUYLVLRQRU
FRQGXFWRIWKHVWXG\LVSURKLELWHG

7RDFFXUDWHO\WUDQVIHUDOOUHTXLUHGGDWDIURPHDFKVXEMHFW¶VVRXUFH GRFXPHQWWRWKH
HOHFWURQLFFDVHUHSRUWIRUPVH&5)V7KHH&5)VZLOOEHSURYLGHGWR3HDUOLQDWLPHO\
PDQQHUDWWKHFRPSOHWLRQRIWKHVWXG\RUDVRWKHUZLVHVSHFLILHGE\3HDUO

7RDOORZDXWKRUL]HGUHSUHVHQWDWLYHVRI3HDUORUUHJXODWRU\DXWKRULW\UHSUHVHQWDWLYHVWR
FRQGXFWRQVLWHYLVLWVWRUHYLHZDXGLWDQGFRS\VWXG\GRFXPHQWV,ZLOOSHUVRQDOO\PHHW
ZLWKWKHVHUHSUHVHQWDWLYHVWRDQVZHUDQ\VWXG\UHODWHGTXHVWLRQV
6LJQDWXUH
'DWH
1DPH
$IILOLDWLRQ