A Phase 2b Trial of the MEK 1/2 Inhibitor (MEKi) PD-0325901 in Adult and Pediatric Patients With Neurofibromatosis Type 1 (NF1)-Associated Inoperable Plexiform Neurofibromas (PNs) That Are Causing Significant Morbidity
Phase: PHASE2
Conditions: Plexiform Neurofibroma, Neurofibromatosis Type 1 (NF1)
Sponsor: SpringWorks Therapeutics, Inc.

MEK-NF-201: A Phase 2b Trial of the MEK 1/2 Inhibitor (MEKi) PD-
0325901 in Adult and Pediatric Patients with Neurofibromatosis Type 1 
(NF1)-Associated Inoperable Plexiform Neurofibromas (PNs) that are 
Causing Significant Morbidity 
Protocol Amendment 4: 17 May 2022 
NCT03962543 
 

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
7LWOH 3DJH
3URWRFRO 7LWOH $ 3KDVH E 7ULDO RI WKH 0(.  ,QKLELWRU 0(.L 3' LQ $GXOW DQG
3HGLDWULF 3DWLHQWV ZLWK 1HXURILEURPDWRVLV 7\SH  1)$VVRFLDWHG ,QRSHUDEOH 3OH[LIRUP
1HXURILEURPDV 31V WKDW DUH &DXVLQJ 6LJQLILFDQW 0RUELGLW\
3URWRFRO 1XPEHU 0(.1)
3URWRFRO 1DPH 5H1HX
$PHQGPHQW 1XPEHU 
&RPSRXQG 1XPEHU 3'
&RPSRXQG 1DPH 0LUGDPHWLQLE
6WXG\ 3KDVH 3KDVH E
6KRUW 7LWOH $ 3KDVH E 7ULDO RI WKH 0(. ,QKLELWRU 3' LQ 3DWLHQWV ZLWK
1HXURILEURPDWRVLV 7\SH  1)$VVRFLDWHG 3OH[LIRUP 1HXURILEURPDV
6SRQVRU 1DPH 6SULQJ:RUNV 7KHUDSHXWLFV
/HJDO 5HJLVWHUHG $GGUHVV
 :DVKLQJWRQ %OYG
6WDPIRUG &7 
8QLWHG 6WDWHV
5HJXODWRU\ $JHQF\ ,GHQWLILHU 1XPEHUV
5HJLVWU\
,'
,1'

$SSURYDO 'DWH  0D\ 
&RQILGHQWLDOLW\ 6WDWHPHQW
7KH LQIRUPDWLRQ LQ WKLV GRFXPHQW LV FRQILGHQWLDO LQIRUPDWLRQ RI 6SULQJ:RUNV 7KHUDSHXWLFV DQG
LV QRW WR EH GLVFORVHG ZLWKRXW WKH SULRU ZULWWHQ FRQVHQW RI 6SULQJ:RUNV <RX DUH DOORZHG WR
GLVFORVH WKH FRQWHQWV RI WKLV GRFXPHQW RQO\ WR \RXU ,QVWLWXWLRQDO 5HYLHZ %RDUG RU ,QGHSHQGHQW
(WKLFV &RPPLWWHH DQG VWXG\ SHUVRQQHO GLUHFWO\ LQYROYHG ZLWK FRQGXFWLQJ WKLV SURWRFRO 3HUVRQV
WR ZKRP WKH LQIRUPDWLRQ LV GLVFORVHG PXVW EH LQIRUPHG WKDW WKH LQIRUPDWLRQ LV FRQILGHQWLDO DQG
SURSULHWDU\ WR 6SULQJ:RUNV DQG WKDW LW PD\ QRW EH IXUWKHU GLVFORVHG WR WKLUG SDUWLHV RU XVHG IRU
DQ\ RWKHU SXUSRVH 7KH GLVFORVXUH DQG XVH RI LQIRUPDWLRQ LQ WKLV GRFXPHQW LV VXEMHFW WR D ZULWWHQ
FRQILGHQWLDOLW\ DJUHHPHQW EHWZHHQ 6SULQJ:RUNV DQG \RXU LQVWLWXWLRQ

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
3URWRFRO +LVWRU\
'2&80(17 +,6725<
'RFXPHQW
'DWH
$PHQGPHQW 
 0D\ 
$PHQGPHQW 
 -XQH 
$PHQGPHQW 
 -XQH 
$PHQGPHQW 
 0D\ 
2ULJLQDO 3URWRFRO
 0DUFK 

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
7DEOH RI &RQWHQWV
 
3URWRFRO 6XPPDU\ 
 
6\QRSVLV 
 
6FKHPD 
 
7UHDWPHQW 3KDVH 6FKHGXOH RI $FWLYLWLHV 6R$  
 
/RQJ7HUP )ROORZXS 3KDVH 6FKHGXOH RI $FWLYLWLHV 6R$ 
 
,QWURGXFWLRQ 
 
6WXG\ 5DWLRQDOH 
 
%DFNJURXQG 
 
%HQHILW5LVN $VVHVVPHQW  
 
2EMHFWLYHV DQG (QGSRLQWV  
 
6WXG\ 'HVLJQ 
 
2YHUDOO 'HVLJQ  
 
6FLHQWLILF 5DWLRQDOH IRU 6WXG\ 'HVLJQ  
 
-XVWLILFDWLRQ IRU 'RVH 
 
(QG RI 6WXG\ 'HILQLWLRQ 
 
6WXG\ 3RSXODWLRQ 
 
,QFOXVLRQ &ULWHULD  
 
([FOXVLRQ &ULWHULD  
 
/LIHVW\OH &RQVLGHUDWLRQV  
 
6FUHHQ )DLOXUHV 
 
6WXG\ 7UHDWPHQW  
 
6WXG\ 7UHDWPHQW $GPLQLVWHUHG 
 
6WXG\ 7UHDWPHQW 'RVLQJ DQG $GPLQLVWUDWLRQ  
 
6WXG\ 7UHDWPHQW (UURUV 
 
3UHSDUDWLRQ+DQGOLQJ6WRUDJH$FFRXQWDELOLW\ 
 
0HDVXUHV WR 0LQLPL]H %LDV 5DQGRPL]DWLRQ DQG %OLQGLQJ 
 
6WXG\ 7UHDWPHQW &RPSOLDQFH  
 
&RQFRPLWDQW 7KHUDS\  
 
3ULRU&RQFRPLWDQW 0HGLFDWLRQV DQGRU 3URFHGXUHV 
 
3URKLELWHG RU 5HVWULFWHG &RQFRPLWDQW 0HGLFDWLRQV7UHDWPHQWV 
 
6XSSRUWLYH &DUH  
 
'RVH 0RGLILFDWLRQ  
 
7UHDWPHQW DIWHU WKH (QG RI WKH 6WXG\ 
 
'LVFRQWLQXDWLRQ RI 6WXG\ 7UHDWPHQW DQG 3DUWLFLSDQW
'LVFRQWLQXDWLRQ:LWKGUDZDO 
 
'LVFRQWLQXDWLRQ RI 6WXG\ 7UHDWPHQW 
 
/LYHU &KHPLVWU\ 6WRSSLQJ &ULWHULD 
 
47F 6WRSSLQJ &ULWHULD 
 
3UHJQDQF\ 
 
3DUWLFLSDQW 'LVFRQWLQXDWLRQ:LWKGUDZDO IURP WKH 6WXG\ 
 
/RVW WR )ROORZ XS 

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
 
6WXG\ $VVHVVPHQWV DQG 3URFHGXUHV 
 
(IILFDF\ $VVHVVPHQWV  
 
7XPRU ,PDJLQJ  
 
3DWLHQW 5HSRUWHG 2XWFRPHV 
 
6WUHQJWK $VVHVVPHQW 
 
3KRWRJUDSK\ RI 7XPRU 
 
5DQJH RI 0RWLRQ $VVHVVPHQW  
 
7DUJHW 7XPRU %LRSV\ 
 
0LQXWH :DON 7HVW  
 
6DIHW\ $VVHVVPHQWV 
 
'HPRJUDSKLFV 'DWD DQG 0HGLFDO +LVWRU\ 
 
3K\VLFDO ([DPLQDWLRQ DQG 3HUIRUPDQFH VWDWXV  
 
9LWDO 6LJQV 
 
(OHFWURFDUGLRJUDPV  
 
&OLQLFDO 6DIHW\ /DERUDWRU\ $VVHVVPHQWV  
 
3UHJQDQF\ 7HVWLQJ 
 
2SKWKDOPLF $VVHVVPHQWV  
 
(FKRFDUGLRJUDP  
 
5DGLRJUDSK\ 
 0RQWKO\ :HOOQHVV &KHFNV  
 
$GYHUVH (YHQWV DQG 6HULRXV $GYHUVH (YHQWV  
 
$GYHUVH (YHQWV RI 6SHFLDO ,QWHUHVW  
 
7LPH 3HULRG DQG )UHTXHQF\ IRU &ROOHFWLQJ $( DQG 6$(
,QIRUPDWLRQ  
 
0HWKRG RI 'HWHFWLQJ $(V DQG 6$(V  
 
)ROORZXS RI $(V DQG 6$(V 
 
5HJXODWRU\ 5HSRUWLQJ 5HTXLUHPHQWV IRU 6$(V 
 
3UHJQDQF\ 
 
7UHDWPHQW RI 2YHUGRVH  
 
3KDUPDFRNLQHWLFV 
 
3KDUPDFRG\QDPLFV  
 
*HQHWLFV  
 
%LRPDUNHUV 
 
0HGLFDO 5HVRXUFH 8WLOL]DWLRQ DQG +HDOWK (FRQRPLFV 
 
6WDWLVWLFDO &RQVLGHUDWLRQV 
 
6WDWLVWLFDO +\SRWKHVHV 
 
6DPSOH 6L]H 'HWHUPLQDWLRQ  
 
3RSXODWLRQV IRU $QDO\VHV  
 
6WDWLVWLFDO $QDO\VHV 
 
(IILFDF\ $QDO\VHV  
 
6DIHW\ $QDO\VHV 
 
2WKHU $QDO\VHV 
 
'DWD 0RQLWRULQJ &RPPLWWHH '0& 
 
6XSSRUWLQJ 'RFXPHQWDWLRQ DQG 2SHUDWLRQDO &RQVLGHUDWLRQV 

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
 
$SSHQGL[  5HJXODWRU\ (WKLFDO DQG 6WXG\ 2YHUVLJKW
&RQVLGHUDWLRQV  
 5HJXODWRU\ DQG (WKLFDO &RQVLGHUDWLRQV 
 )LQDQFLDO 'LVFORVXUH 
 ,QIRUPHG &RQVHQW$VVHQW 3URFHVV  
 'DWD 3URWHFWLRQ 
 'DWD 4XDOLW\ $VVXUDQFH  
 6RXUFH 'RFXPHQWV  
 6WXG\ DQG 6LWH &ORVXUH 
 
$SSHQGL[  &OLQLFDO /DERUDWRU\ 7HVWV 
 
$SSHQGL[  $GYHUVH (YHQWV 'HILQLWLRQV DQG 3URFHGXUHV IRU
5HFRUGLQJ (YDOXDWLQJ )ROORZXS DQG 5HSRUWLQJ 
 'HILQLWLRQ RI $(  
 'HILQLWLRQ RI 6$(  
 5HFRUGLQJ DQG )ROORZ8S RI $( DQGRU 6$( 
 5HSRUWLQJ RI 6$(V 
 'HILQLWLRQ RI $5 6$5 DQG 686$5 
 
$SSHQGL[  &RQWUDFHSWLYH *XLGDQFH DQG &ROOHFWLRQ RI
3UHJQDQF\ ,QIRUPDWLRQ  
 
$SSHQGL[  /LYHU 6DIHW\ 6XJJHVWHG $FWLRQV DQG )ROORZXS
$VVHVVPHQWV 
 
$SSHQGL[  .DUQRIVN\/DQVN\ 3HUIRUPDQFH 6WDWXV &ULWHULD  
 
$SSHQGL[  5HVSRQVH &ULWHULD 
 
$SSHQGL[  3KDUPDFRNLQHWLF DQG 3KDUPDFRG\QDPLF 6DPSOLQJ
6FKHGXOH 
 
$SSHQGL[  $EEUHYLDWLRQV 
 
$SSHQGL[  /LVW RI &RQWDFWV IRU 6WXG\ 
 6SRQVRU  
 &RQWUDFW 5HVHDUFK 2UJDQL]DWLRQ  
 0HGLFDO 0RQLWRULQJ  
 6HULRXV $GYHUVH (YHQW 5HSRUWLQJ 
 %LRORJLFDO 6SHFLPHQV 
 
$SSHQGL[  3HGLDWULF %ORRG 3UHVVXUH &KDUWV 
 
$SSHQGL[  6XSSRUWLYH &DUH  
 
5HIHUHQFHV 

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
/LVW RI )LJXUHV
)LJXUH  
/LYHU &KHPLVWU\ 6WRSSLQJ &ULWHULD DQG ,QFUHDVHG 0RQLWRULQJ $OJRULWKP  
/LVW RI 7DEOHV
7DEOH  
6WXG\ 2EMHFWLYHV DQG (QGSRLQWV   
7DEOH  
6WXG\ 7UHDWPHQW 'RVLQJ  
7DEOH  
6WXG\ 7UHDWPHQW $GPLQLVWUDWLRQ  
7DEOH  
&ULWHULD )RU 'RVH 0RGLILFDWLRQ )RU 6WXG\ 'UXJ 5HODWHG $GYHUVH (YHQWV   
7DEOH  
'RVH 5HGXFWLRQ   
7DEOH  
%XQGOH %UDQFK %ORFN 'LVFRQWLQXDWLRQ &ULWHULD   
7DEOH  
7UHDWPHQW 3KDVH .H\ 6WXG\ 9LVLW 5HPLQGHUV  
7DEOH  
/RQJ7HUP )ROORZXS 3KDVH .H\ 6WXG\ 9LVLW 5HPLQGHUV   
7DEOH  
3DWLHQW 5HSRUWHG 2XWFRPHV 352V DQG $JH 5DQJH 6FDOH  
7DEOH  
$GYHUVH (YHQWV RI 6SHFLDO ,QWHUHVW $(6,  
7DEOH  
3URWRFRO5HTXLUHG 6DIHW\ /DERUDWRU\ $VVHVVPHQWV  
7DEOH  
%ORRG 3UHVVXUH IRU *LUOV $JHG  WR  <HDUV RI $JH  
7DEOH  
%ORRG 3UHVVXUH IRU %R\V $JHG  WR  <HDUV RI $JH  

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
2YHUDOO 'HVLJQ
0(.1) LV D PXOWLFHQWHU RSHQODEHO ORQJLWXGLQDO XQFRQWUROOHG 3KDVH E VWXG\ WR
HYDOXDWH WKH HIILFDF\ VDIHW\ DQG WROHUDELOLW\ RI PLUGDPHWLQLE 3' LQ SDUWLFLSDQWV
  \HDUV RI DJH ZLWK DQ LQRSHUDEOH 1)DVVRFLDWHG 31 WKDW LV FDXVLQJ VLJQLILFDQW PRUELGLW\ $OO
SDUWLFLSDQWV ZLOO KDYH WKHLU SULPDU\ HIILFDF\ PHDVXUH DQDO\VLV FRQGXFWHG E\ D EOLQGHG FHQWUDO
UHYLHZ $ 'DWD 0RQLWRULQJ &RPPLWWHH 6HFWLRQ  ZLOO PRQLWRU WKH SURJUHVV RI WKH VWXG\
3DUWLFLSDQWV ZLOO EH VFUHHQHG XS WR  GD\V SULRU WR WKH ILUVW GRVH RI VWXG\ WUHDWPHQW
3' DQG HOLJLELOLW\ ZLOO EH EDVHG RQ WKH LQFOXVLRQ DQG H[FOXVLRQ FULWHULD 6HFWLRQV 
DQG  (OLJLEOH SDUWLFLSDQWV ZLOO WDNH WKHLU ILUVW GRVH RI VWXG\ WUHDWPHQW IROORZLQJ DOO SUHGRVH
DVVHVVPHQWV DW &\FOH  'D\  $OO SDUWLFLSDQWV ZLOO UHPDLQ LQ WKH 7UHDWPHQW 3KDVH RI WKH VWXG\
XQWLO GLVHDVH SURJUHVVLRQ FRQILUPHG E\ FHQWUDO UHYLHZ WKH\ GLVFRQWLQXH VWXG\ WUHDWPHQW IRU DQ\
RWKHU UHDVRQ WKH VWXG\ LV VWRSSHG E\ WKH 6SRQVRU IRU DQ\ UHDVRQ RU WKH SDUWLFLSDQW KDV FRPSOHWHG
WKH VWXG\ WKURXJK &\FOH  5HIHU WR WKH 7UHDWPHQW 3KDVH VFKHGXOH RI DFWLYLWLHV 6R$
>6HFWLRQ @ IRU WKH UHTXLUHG DVVHVVPHQWV DQG 7DEOH  IRU DGGLWLRQDO GHWDLOV UHJDUGLQJ HDFK
VFKHGXOHG VWXG\ YLVLW
$W WKH FRPSOHWLRQ RI WKH 7UHDWPHQW 3KDVH &\FOH  SDUWLFLSDQWV ZKR GLG QRW PHHW ZLWKGUDZDO
FULWHULD ZLOO KDYH WKH RSWLRQ WR FRQWLQXH VWXG\ WUHDWPHQW LQ WKH /RQJ7HUP )ROORZXS /7)8
3KDVH 5HIHU WR WKH /7)8 3KDVH 6R$ 6HFWLRQ  IRU WKH UHTXLUHG DVVHVVPHQWV DQG IRU
DGGLWLRQDO GHWDLOV UHJDUGLQJ HDFK VFKHGXOHG VWXG\ YLVLW
'LVFORVXUH 6WDWHPHQW 7KLV LV D 3DUDOOHO 7UHDWPHQW VWXG\ ZLWK  $UP  &RKRUWV DQG 1R
PDVNLQJ
1XPEHU RI 3DUWLFLSDQWV
$SSUR[LPDWHO\  SDUWLFLSDQWV ZLOO EH VFUHHQHG DVVHVVHG IRU HOLJLELOLW\ WR DFKLHYH
DSSUR[LPDWHO\  SDUWLFLSDQWV DVVLJQHG WR VWXG\ WUHDWPHQW 2I WKHVH SDUWLFLSDQWV DSSUR[LPDWHO\
 ZLOO EH   \HDUV RI DJH DQG DSSUR[LPDWHO\  ZLOO EH  WR  \HDUV RI DJH
7UHDWPHQW *URXSV DQG 'XUDWLRQ
7UHDWPHQW 3KDVH
3DUWLFLSDQWV ZLOO EH VFUHHQHG IRU XS WR  GD\V SULRU WR WKH ILUVW GRVH RI VWXG\ WUHDWPHQW
3' 6WXG\ WUHDWPHQW ZLOO EH DGPLQLVWHUHG RUDOO\ DW D GRVH RI  PJP WZLFH GDLO\
%,' ZLWK D PD[LPXP GRVH RI  PJ %,' WKURXJKRXW WKH VWXG\ 'RVLQJ ZLOO EH RQ D GD\
&\FOH ZHHN FRXUVH ZLWK D  ZHHN RQ ZHHN RII VFKHGXOH 7KH 7UHDWPHQW 3KDVH ZLOO ODVW IRU
XS WR  &\FOHV IROORZHG E\ D GD\ 6DIHW\ )ROORZ8S SHULRG WKH 6DIHW\ )ROORZ8S YLVLW LV
RQO\ UHTXLUHG DIWHU &\FOH  IRU SDUWLFLSDQWV ZKR DUH QRW FRQWLQXLQJ LQ WKH /7)8 3KDVH
/RQJ7HUP )ROORZ8S /7)8 3KDVH
3DUWLFLSDQWV ZKR FRPSOHWH &\FOH  RI WKH 7UHDWPHQW 3KDVH DQG GLG QRW PHHW ZLWKGUDZDO FULWHULD
6HFWLRQ  DUH HOLJLEOH WR SDUWLFLSDWH LQ WKH /7)8 3KDVH (OLJLEOH SDUWLFLSDQWV ZLOO FRQWLQXH

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
WDNLQJ WKH ODVW GRVH DVVLJQHG LQ WKH 7UHDWPHQW 3KDVH DSSUR[LPDWHO\  PJP %,' >PD[LPXP
GRVH RI  PJ %,'@ RI 3' PLUGDPHWLQLE RSHQODEHO VWXG\ WUHDWPHQW RQ DQ
LQWHUPLWWHQW  ZHHNV RQ ZHHN RII GRVLQJ VFKHGXOH LQ GD\ F\FOHV 3DUWLFLSDQWV ZLOO UHPDLQ
LQ WKH /7)8 3KDVH XQWLO D ZLWKGUDZDO FULWHULRQ LV PHW DV GHVFULEHG LQ 6HFWLRQ  RU PLUGDPHWLQLE
LV FRPPHUFLDOO\ DYDLODEOH
'DWD 0RQLWRULQJ &RPPLWWHH <HV

6FKHPD

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
$(  DGYHUVH HYHQW &  F\FOH G  GD\V (&*  HOHFWURFDUGLRJUDP H352  HOHFWURQLF SDWLHQW UHSRUWHG RXWFRPH (7  HDUO\ WHUPLQDWLRQ ,57  LQWHUDFWLYH UHVSRQVH WHFKQRORJ\ 05,  PDJQHWLF UHVRQDQFH LPDJLQJ
165 SRLQW QXPHULF UDWLQJ VFDOH 3'  SKDUPDFRG\QDPLF 3HGV4/  3HGLDWULF 4XDOLW\ RI /LIH ,QYHQWRU\ 3*,&  SDWLHQW JOREDO LPSUHVVLRQ RI FKDQJH 3*,6  SDWLHQW JOREDO LPSUHVVLRQ RI VHYHULW\ 3,,  SDLQ
LQWHUIHUHQFH LQGH[ 3.  SKDUPDFRNLQHWLF 31  SOH[LIRUP QHXURILEURPD 320$4  3HGLDWULF 2UDO 0HGLFLQHV $FFHSWDELOLW\ 4XHVWLRQQDLUH 352  SDWLHQW UHSRUWHG RXWFRPH 3520,6  3DWLHQW5HSRUWHG 2XWFRPHV
0HDVXUHPHQW ,QIRUPDWLRQ 6\VWHP 6$(  VHULRXV DGYHUVH HYHQW 6)8  VDIHW\ IROORZXS :2&%3  ZRPHQ RI FKLOGEHDULQJ SRWHQWLDO

6FUHHQLQJ YLVLW DVVHVVPHQWV PD\ RFFXU XS WR  GD\V SULRU WR ILUVW GRVH RI VWXG\ WUHDWPHQW ZLWK D PLQLPXP 6FUHHQLQJ SHULRG RI  GD\V WR DOORZ IRU WKH %DVHOLQH 352 DVVHVVPHQWV WR EH GRQH 
GD\V SULRU WR WKH %DVHOLQH YLVLW DQG IRU FHQWUDO LPDJLQJ FRQILUPDWLRQ RI DQ DQDO\]DEOH WDUJHW 31 7KH ILUVW  SDUWLFLSDQWV HQUROOHG LQ WKH SHGLDWULF FRKRUW PXVW EH  WR  \HDUV RI DJH DW WKH WLPH
RI VLJQLQJ LQIRUPHG FRQVHQW (QUROOPHQW PD\ FRPPHQFH LQ \RXQJHU SDUWLFLSDQWV DJHG  WR  \HDUV DIWHU 'DWD 0RQLWRULQJ &RPPLWWHH '0& VDIHW\ UHYLHZ RI WKLV UXQLQ FRKRUW 6HFWLRQ 

,QIRUPHG FRQVHQWDVVHQW SURFHVV 6HFWLRQ  VLJQLQJ RI WKH LQIRUPHG FRQVHQWDVVHQW IRUP PXVW EH FRQGXFWHG SULRU WR DQ\ VWXG\ SURFHGXUHV EHLQJ SHUIRUPHG 7KH GDWH WKH SDUWLFLSDQW VLJQV
WKH ,&) ZLOO EH 'D\  RI WKH 6FUHHQLQJ SHULRG

%DVHOLQH YLVLW DVVHVVPHQWV FDQ EH SHUIRUPHG XS WR  KRXUV SULRU WR ILUVW GRVH RI VWXG\ WUHDWPHQW GHILQHG DV &\FOH  'D\  )RU DGXOW SDUWLFLSDQWV UHTXLULQJ D WXPRU ELRSV\ WKLV DVVHVVPHQW PD\
RFFXU GXULQJ WKH 6FUHHQLQJ SHULRG EXW PXVW EH SHUIRUPHG DIWHU WKH 6FUHHQLQJ 05, YROXPHWULF DVVHVVPHQW KDV EHHQ FRQILUPHG HYDOXDEOH E\ FHQWUDO UDGLRORJLF UHYLHZ $OO %DVHOLQH DVVHVVPHQWV
DUH WR EH FRQGXFWHG SULRU WR ILUVW GRVH RI VWXG\ WUHDWPHQW H[FHSW IRU WKH IROORZLQJ DVVHVVPHQWV SRVW GRVH /HDG (&*V DQG SRVW GRVH EORRG GUDZV IRU 3. VDPSOLQJ

.DUQRIVN\/DQVN\ SHUIRUPDQFH VWDWXV VFDOH FDQ EH IRXQG LQ 6HFWLRQ  3DUWLFLSDQWV   \HDUV RI DJH DW 6FUHHQLQJ ZLOO EH DVVHVVHG XVLQJ WKH .DUQRIVN\ VFDOH DQG SDUWLFLSDQWV   \HDUV RI
DJH DW 6FUHHQLQJ ZLOO EH DVVHVVHG XVLQJ WKH /DQVN\ VFDOH 0XVW EH GRQH SULRU WR ILUVW GRVH RI VWXG\ WUHDWPHQW DW WKH %DVHOLQH YLVLW 3DUWLFLSDQWV ZKR DUH DVVHVVHG ZLWK WKH /DQVN\ VFDOH DW
6FUHHQLQJ ZLOO FRQWLQXH WR EH DVVHVVHG XVLQJ WKLV VFDOH WKURXJKRXW WKH VWXG\ UHJDUGOHVV RI DJH DW WLPH RI DGPLQLVWUDWLRQ

+HLJKWZHLJKW ZLOO EH DVVHVVHG WR PRQLWRU ERG\ VXUIDFH DUHD %6$ DW DSSOLFDEOH VWXG\ YLVLWV WR FRLQFLGH ZLWK VWXG\ WUHDWPHQW GLVSHQVLQJ YLVLWV

3K\VLFDO H[DPLQDWLRQV 6HFWLRQ  PXVW EH GRQH SULRU WR ILUVW GRVH RI VWXG\ WUHDWPHQW DW WKH %DVHOLQH YLVLW

9LWDO VLJQV 6HFWLRQ  DUH WR LQFOXGH EORRG SUHVVXUH UHVSLUDWRU\ UDWH SXOVH UDWH DQG ERG\ WHPSHUDWXUH IROORZLQJ DW OHDVW  PLQXWHV RI UHVW 0XVW EH GRQH SULRU WR ILUVW GRVH RI VWXG\ WUHDWPHQW DW
WKH %DVHOLQH YLVLW 0XVW DOZD\V EH FROOHFWHG SULRU WR WKH PLQXWH ZDON WHVW DV DSSOLFDEOH

6HURORJ\ 6HFWLRQ  LQFOXGHV WHVWLQJ IRU +%9 KHSDWLWLV % VXUIDFH DQWLJHQ >+%V$J@ DQG +&9 KHSDWLWLV & DQWLERG\ >+&9 3&5 LI KHSDWLWLV & DQWLERG\ SRVLWLYH@ 5HIHU WR FHQWUDO ODERUDWRU\
PDQXDO IRU VDPSOH SURFHVVLQJ GHWDLOV

3UHJQDQF\ WHVWLQJ 6HFWLRQ  RQO\ UHTXLUHG IRU ZRPHQ RI FKLOGEHDULQJ SRWHQWLDO :2&%3 ,I DSSOLFDEOH D VHUXP SUHJQDQF\ WHVW ZLOO EH FRQGXFWHG DW 6FUHHQLQJ WR FRQILUP HOLJLELOLW\ 8ULQH
GLSVWLFN SUHJQDQF\ WHVWV ZLOO EH FRQGXFWHG DW WKH %DVHOLQH YLVLW SULRU WR ILUVW GRVH RI VWXG\ WUHDWPHQW WR UHFRQILUP HOLJLELOLW\ DQG PRQWKO\ GXULQJ WKH WUHDWPHQW SHULRG 'XULQJ WKH PRQWK ZKHQ
WKHUH LV QRW D VFKHGXOHG VWXG\ YLVLW SDUWLFLSDQWV ZLOO EH UHTXLUHG WR UHWXUQ WR WKH 6LWH IRU D XULQH SUHJQDQF\ WHVW RU LI PRUH FRQYHQLHQW IRU WKH SDUWLFLSDQW WKH\ PD\ YLVLW D 6SRQVRU DSSURYHG ORFDO
ODERUDWRU\
 +HPDWRORJ\ VHUXP FKHPLVWU\ DQG XULQDO\VLV 5HIHU WR 6HFWLRQ  IRU D FRPSOHWH OLVW RI DQDO\WHV DQG FHQWUDO ODERUDWRU\ PDQXDO IRU VDPSOH SURFHVVLQJ GHWDLOV 0XVW EH GRQH SULRU WR ILUVW GRVH
RI VWXG\ WUHDWPHQW DW WKH %DVHOLQH YLVLW 0LFURVFRS\ LV WR EH SHUIRUPHG RQO\ DV QHHGHG EDVHG RQ SRVLWLYH GLSVWLFN WHVW UHVXOWV
 3. VDPSOLQJ ZLOO EH FROOHFWHG WKURXJKRXW WKH VWXG\ LQ SDUDOOHO DFFRUGLQJ WR WKH VDPSOLQJ VFKHGXOH IRXQG LQ 6HFWLRQ  7KH HYHQLQJ EHIRUH HDFK VWXG\ YLVLW DV GHVFULEHG LQ WKH 6R$
SDUWLFLSDQWV ZLOO UHFRUG WKH H[DFW WLPH VWXG\ WUHDWPHQW ZDV WDNHQ LQ WKH KRPH H352 GHYLFH 5HIHU WR 6HFWLRQ  6HFWLRQ  DQG FHQWUDO ODERUDWRU\ PDQXDO IRU PRUH GHWDLOV
D $W &\FOH  'D\  3. VDPSOLQJ LV UHTXLUHG SULRU WR WKH ILUVW GRVH RI VWXG\ WUHDWPHQW DQG KRXU SRVW GRVH ZLWK DQ DGGLWLRQDO 3. VDPSOH KRXUV SRVW GRVH 5HIHU WR
6HFWLRQ  IRU VDPSOLQJ ZLQGRZ UHTXLUHPHQWV
E $W &\FOH  'D\  VHULDO 3. VDPSOLQJ LV UHTXLUHG DW WKH IROORZLQJ WLPHSRLQWV SUHGRVH DQG     DQG KRXUV SRVW GRVH 5HIHU WR 6HFWLRQ  IRU VDPSOLQJ ZLQGRZ UHTXLUHPHQWV
F 3UHGRVH 3. VDPSOLQJ LV UHTXLUHG DW VHOHFW YLVLWV WKURXJKRXW WKH VWXG\ DV GHVFULEHG LQ WKH 6R$ DQG 6HFWLRQ  7KHVH EORRG GUDZV ZLOO EH FROOHFWHG SULRU WR WKH PRUQLQJ GRVH RI VWXG\
WUHDWPHQW 3DUWLFLSDQWV ZLOO QRW WDNH WKHLU SODQQHG PRUQLQJ GRVH WKH GD\ RI WKH VWXG\ YLVLW 7KH PRUQLQJ GRVH ZLOO EH WDNHQ IROORZLQJ WKH SUHGRVH EORRG GUDZ
 7XPRU YROXPH RI WDUJHW 31 ZLOO EH PHDVXUHG E\ 05, QR FRQWUDVW UHTXLUHG DQG DOO VFDQV ZLOO EH VXEPLWWHG IRU LQGHSHQGHQW EOLQGHG FHQWUDO UDGLRORJLF UHYLHZ WKURXJKRXW WKH
VWXG\ ,I VHGDWLRQ LV XVHG IRU WKH 05, DVVHVVPHQW VHGDWLRQ PXVW EH DGPLQLVWHUHG DIWHU WKH VWUHQJWK UDQJH RI PRWLRQ DQG PLQXWH ZDON DVVHVVPHQWV LI DVVHVVPHQWV DUH WR EH
FRPSOHWHG RQ WKH VDPH GD\

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
D 05, DW 6FUHHQLQJ LV UHTXLUHG IRU DOO SDUWLFLSDQWV WR FRQILUP WKDW 31 LV DQDO\]DEOH WR YROXPHWULFV GHWHUPLQHG E\ FHQWUDO UDGLRORJLF UHYLHZ WR FRQILUP ,QFOXVLRQ &ULWHULRQ  XVLQJ WKH
5(L16 FULWHULD DQG ZLOO VHUYH DV WKH SDUWLFLSDQW¶V %DVHOLQH VFDQ WKURXJKRXW WKH VWXG\ ,I DSSOLFDEOH VFDQV DFTXLUHG SULRU WR WKH SDUWLFLSDQW VLJQLQJ ,&) PD\ EH XVHG DV 6FUHHQLQJ WLPH
SRLQW VFDQV LI WKH\ ZHUH REWDLQHG ZLWKLQ  GD\V RI WKH ILUVW VWXG\ WUHDWPHQW DGPLQLVWUDWLRQ DQG WKH SDUWLFLSDQW PHHWV VWXG\ UHTXLUHPHQWV
E 05, DW HDUO\ WHUPLQDWLRQ (7 YLVLW RQO\ UHTXLUHG LI QRW SHUIRUPHG ZLWKLQ WKH SDVW  PRQWKV
 7XPRU FRUH QHHGOH ELRSV\ 6HFWLRQ  7KLV DVVHVVPHQW PD\ RFFXU GXULQJ WKH 6FUHHQLQJ SHULRG EXW PXVW EH SHUIRUPHG DIWHU WKH 6FUHHQLQJ 05, YROXPHWULF DVVHVVPHQW KDV EHHQ FRQILUPHG
HYDOXDEOH E\ FHQWUDO UDGLRORJLF UHYLHZ DQG SULRU WR ILUVW GRVH RI VWXG\ WUHDWPHQW 7XPRU ELRSV\ ZLOO EH XWLOL]HG IRU 3' WXPRU UHVSRQVH LQ SDUWLFLSDQWV   \HDUV RI DJH 3DUWLFLSDQWV  WR  \HDUV
RI DJH VKRXOG QRW XQGHUJR ELRSV\ XQOHVV WKHUH LV D FOLQLFDO LQGLFDWLRQ WR REWDLQ IUHVK WXPRU WLVVXH ,I D VWXG\ ELRSV\ ZDV FROOHFWHG DQG WKH SDUWLFLSDQW GLG QRW LQLWLDWH VWXG\ WUHDWPHQW WKLV ELRSV\
PD\ EH XWLOL]HG DV WKH EDVHOLQH ELRSV\ LI WKH SDUWLFLSDQW VXEVHTXHQWO\ UHVFUHHQV IRU HQUROOPHQW
 2SKWKDOPLF DVVHVVPHQWV 6HFWLRQ  ZLOO LQFOXGH VOLW ODPS ZLWK ELQRFXODU LQGLUHFW RSKWKDOPRVFRS\ DQG LQWUDRFXODU SUHVVXUH PHDVXUHPHQWV $VVHVVPHQWV PXVW EH SHUIRUPHG E\ DQ
RSKWKDOPRORJLVW 3DUWLFLSDQWV LQ WKH SHGLDWULF FRKRUW PXVW EH HYDOXDWHG E\ D SHGLDWULF RSKWKDOPRORJLVW
 /HDG (OHFWURFDUGLRJUDPV (&*V 6HFWLRQ  VKRXOG EH DGPLQLVWHUHG LQ WULSOLFDWH DSSUR[LPDWHO\  PLQXWHV DSDUW DQG DYHUDJHG DQG UHDG ORFDOO\ DW WKH 6LWH 3DUWLFLSDQWV VKRXOG UHVW LQ
VHPLUHFXPEHQW VXSLQH SRVLWLRQ IRU DW OHDVW  PLQXWHV SULRU WR (&* FROOHFWLRQ
D $W &\FOH  'D\  WULSOLFDWH (&*V DUH UHTXLUHG SULRU WR WKH ILUVW GRVH RI VWXG\ WUHDWPHQW DQG DSSUR[LPDWHO\ KRXU SRVW GRVH
E $W &\FOH  'D\  WULSOLFDWH (&*V DUH UHTXLUHG KRXU SRVW GRVH RI VWXG\ WUHDWPHQW ZLWK D PLQXWH DOORZHG ZLQGRZ
F 7ULSOLFDWH (&* PD\ EH FRQGXFWHG DW DQ\ WLPH GXULQJ WKH YLVLW DIWHU FRPSOHWLRQ RI DSSOLFDEOH 352V
 (FKRFDUGLRJUDP 6HFWLRQ  /HIW YHQWULFXODU HMHFWLRQ IUDFWLRQ /9() ZLOO EH DVVHVVHG YLD HFKRFDUGLRJUDP
D (FKRFDUGLRJUDP UHTXLUHG DW 6FUHHQLQJ WR FRQILUP RU UHFRQILUP ([FOXVLRQ &ULWHULRQ  DQG ZLOO VHUYH DV WKH %DVHOLQH HFKRFDUGLRJUDP WKURXJKRXW WKH VWXG\
E (FKRFDUGLRJUDP DW WKH (7 YLVLW RQO\ UHTXLUHG LI QRW SHUIRUPHG ZLWKLQ WKH SDVW  PRQWK
 6WUHQJWK DVVHVVPHQW 6HFWLRQ  ZLOO EH PHDVXUHG XWLOL]LQJ D G\QDPRPHWHU DQG 0HGLFDO 5HVHDUFK &RXQFLO 05& 0XVFOH 6FDOH IRU SDUWLFLSDQWV ZLWK D WDUJHW SOH[LIRUP
QHXURILEURPD 31 WKDW FDXVHV PRWRU G\VIXQFWLRQ RU ZHDNQHVV 7KH 05& JUDGLQJ DVVHVVPHQW VKRXOG EH FRQGXFWHG SULRU WR WKH G\QDPRPHWHU DVVHVVPHQW 0XVW EH GRQH SULRU WR
ILUVW GRVH RI VWXG\ WUHDWPHQW DW WKH %DVHOLQH YLVLW 6WUHQJWK DVVHVVPHQW DW WKH HDUO\ WHUPLQDWLRQ (7 YLVLW RQO\ UHTXLUHG LI QRW SHUIRUPHG ZLWKLQ WKH SDVW  PRQWK
 5DQJH RI PRWLRQ DVVHVVPHQW 6HFWLRQ  ZLOO EH DVVHVVHG IRU SDUWLFLSDQWV ZLWK D WDUJHW 31 WKDW FDXVHV PRWRU G\VIXQFWLRQ RU ZHDNQHVV 0XVW EH GRQH SULRU WR ILUVW GRVH RI VWXG\
WUHDWPHQW DW WKH %DVHOLQH YLVLW 5DQJH RI PRWLRQ DVVHVVPHQW DW WKH HDUO\ WHUPLQDWLRQ (7 YLVLW RQO\ UHTXLUHG LI QRW SHUIRUPHG ZLWKLQ WKH SDVW  PRQWK
 PLQXWH ZDON WHVW 6HFWLRQ  ZLOO EH FRQGXFWHG LI D WDUJHW 31 FDXVHV DLUZD\ G\VIXQFWLRQ RU ORZHU H[WUHPLW\ PRWRU G\VIXQFWLRQ $ SUDFWLFH PLQXWH ZDON WHVW PXVW EH
FRQGXFWHG GXULQJ 6FUHHQLQJ 0XVW EH GRQH SULRU WR ILUVW GRVH RI VWXG\ WUHDWPHQW DW WKH %DVHOLQH YLVLW 7KH PLQXWH ZDON DVVHVVPHQW DW WKH HDUO\ WHUPLQDWLRQ (7 YLVLW LV RQO\
UHTXLUHG LI QRW SHUIRUPHG ZLWKLQ WKH SDVW  PRQWK +HDUW UDWH DQG EORRG SUHVVXUH ZLOO EH FROOHFWHG DIWHU FRPSOHWLRQ RI WKH PLQXWH ZDON WHVW LQ DFFRUGDQFH ZLWK WKH VWXG\ UHIHUHQFH
PDQXDO
 3KRWRJUDSK\ RI 31 6HFWLRQ  ZLOO EH SHUIRUPHG LI WDUJHW 31 DQGRU LWV HIIHFWV DUH YLVLEOH DQG DPHQDEOH WR SKRWRJUDSK\ %DVHOLQH SKRWRJUDSKV VKRXOG EH SUHVHQW DW WKH WLPH
RI IROORZXS SKRWRJUDSK\ WR DOORZ IRU WKH PRVW DFFXUDWH SRVLWLRQLQJ DQG VHWWLQJ UHSOLFDWLRQ 3KRWRJUDSK\ DVVHVVPHQW DW WKH HDUO\ WHUPLQDWLRQ (7 YLVLW RQO\ UHTXLUHG LI QRW
SHUIRUPHG ZLWKLQ WKH SDVW  PRQWK 5HIHU WR VWXG\ UHIHUHQFH PDQXDO IRU GHWDLOV
 %RQH SODWH UDGLRJUDSKV 6HFWLRQ  )RU DOO SDUWLFLSDQWV  WR  \HDUV RI DJH UDGLRJUDSKV RI WKH GLVWDO IHPXU DQG SUR[LPDO WLELD ZLOO EH REWDLQHG DW %DVHOLQH ,I WKH ,QYHVWLJDWRU
GHWHUPLQHV WKDW WKH SK\VHV DUH RSHQ WKHVH SDUWLFLSDQWV ZLOO XQGHUJR UDGLRJUDSKV DW WKH VFKHGXOH VSHFLILHG LQ WKH 6R$
D %RQH SODWH UDGLRJUDSK DW (7 YLVLW RQO\ UHTXLUHG LI QRW SHUIRUPHG ZLWKLQ WKH SDVW  PRQWKV
 3DWLHQW UHSRUWHG RXWFRPHV 352V 6HFWLRQ  5HIHU WR 7DEOH  IRU WKH 352V DQG $JH 5DQJH 6FDOH 3DUWLFLSDQWV ZLOO FRPSOHWH WKH TXHVWLRQQDLUHV XVLQJ DQ HOHFWURQLF 352
GHYLFH H352 IRU DOO TXHVWLRQQDLUHV H[FHSW IRU WKH 3HGV4/ DQG 320$4 ZKLFK ZLOO EH SDSHU TXHVWLRQQDLUHV 7KH SDSHU 3HGV4/ VKRXOG DOZD\V EH WKH ILUVW 352 DGPLQLVWHUHG DW
WKH YLVLW 'XULQJ VWXG\ YLVLWV WKH 352V VKRXOG EH WKH ILUVW DVVHVVPHQW WR PLQLPL]H SDUWLFLSDQW ELDV
D 3HGLDWULF 2UDO 0HGLFLQHV $FFHSWDELOLW\ 4XHVWLRQQDLUH 320$4 6HFWLRQ  $OO SDUWLFLSDQWV WKDW DUH XWLOL]LQJ WKH GLVSHUVLEOH WDEOHW SHGLDWULF IRUPXODWLRQ
GRVDJH IRUP ZLOO FRPSOHWH WKH 320$4 SDSHU VHOIUHSRUW DQG FDUHJLYHUV ZLOO FRPSOHWH DQ REVHUYHU UHSRUW DV DSSOLFDEOH 7KLV DVVHVVPHQW ZLOO RQO\ EH FRPSOHWHG RQFH
GXULQJ WKH VWXG\

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
 6WXG\ WUHDWPHQW 6HFWLRQ 
D 6WXG\ WUHDWPHQW DVVLJQPHQW DQG ILUVW GRVH $IWHU DOO VWXG\ HQWU\ FULWHULD 6HFWLRQV  DQG  KDYH EHHQ PHW DQG DOO %DVHOLQH SUHGRVH DVVHVVPHQWV KDYH EHHQ
FRQGXFWHG 6R$ IRRWQRWH  VWXG\ WUHDWPHQW ZLOO EH DVVLJQHG XVLQJ WKH LQWHUDFWLYH UHVSRQVH WHFKQRORJ\ ,57 DQG ILUVW GRVH RI VWXG\ WUHDWPHQW ZLOO EH DGPLQLVWHUHG
IROORZHG E\ D KRXU REVHUYDWLRQ SHULRG
E 'LVSHQVLQJ 6WXG\ WUHDWPHQW ZLOO EH GLVSHQVHG WR SDUWLFLSDQWV XVLQJ WKH ,57 HYHU\  &\FOHV DW VFKHGXOHG VWXG\ YLVLWV DV GHVFULEHG LQ WKH 6R$ &\FOH  'D\ 
GLVSHQVLQJ IRU  F\FOHV ZLOO RQO\ RFFXU LI SDUWLFLSDQW LV FRQWLQXLQJ WR /7)8 3KDVH
F $GPLQLVWUDWLRQ )ROORZLQJ WKH ILUVW GRVH &\FOH  'D\  SDUWLFLSDQWV ZLOO VHOIDGPLQLVWHU VWXG\ WUHDWPHQW RUDOO\ RQ D WZLFH GDLO\ %,' GRVLQJ VFKHGXOH RI  PJP GRVH
ZLWK D PD[LPXP GRVH RI  PJ %,' 'RVLQJ ZLOO EH RQ D GD\ &\FOH ZHHN FRXUVH ZLWK D  ZHHN RQ ZHHN RII VFKHGXOH
G 'LDU\$FFRXQWDELOLW\ 3DUWLFLSDQWV ZLOO UHFRUG WKHLU GDLO\ GRVLQJ DGPLQLVWUDWLRQ RI HDFK VWXG\ WUHDWPHQW GRVH LQ WKH KRPH H352 GHYLFH SURYLGHG E\ WKH 6SRQVRU
$FFRXQWDELOLW\ ZLOO EH SHUIRUPHG E\ WKH 6LWH SHUVRQQHO FRLQFLGLQJ ZLWK HDFK GLVSHQVLQJ YLVLW DQG UHFRUGHG LQ WKH HOHFWURQLF FDVH UHSRUW IRUP H&5)
 0RQWKO\ ZHOOQHVV FKHFNLQ 6HFWLRQ  0RQWKO\ WHOHSKRQH RU HPDLO FRQWDFW LV UHTXLUHG WKURXJKRXW WKH VWXG\ PD\ EH UHSODFHG E\ D IDFHWRIDFH LQWHUDFWLRQ ZKHQ VWXG\ YLVLWV
RFFXU DQG WKH LQIRUPDWLRQ FDQ EH REWDLQHG GXULQJ WKH YLVLW
 &RQFRPLWDQW PHGLFDWLRQV ZLOO EH FROOHFWHG VWDUWLQJ DW WKH WLPH RI LQIRUPHG FRQVHQWDVVHQW WR  GD\V DIWHU WKH ODVW GRVH RI VWXG\ WUHDWPHQW 5HIHU WR 6HFWLRQ  IRU SURKLELWHG RU
UHVWULFWHG PHGLFDWLRQV
 $GYHUVH HYHQWV $(V DQG 6HULRXV $GYHUVH (YHQWV 6$(V ZKLFK PD\ LQFOXGH FOLQLFDO ODERUDWRU\ WHVW YDULDEOHV ZLOO EH PRQLWRUHG DQG GRFXPHQWHG IURP WKH WLPH RI LQIRUPHG
FRQVHQWDVVHQW WR  GD\V DIWHU WKH ODVW GRVH RI VWXG\ WUHDWPHQW 5HIHU WR 6HFWLRQ  IRU PRUH GHWDLO
 (DUO\ 7HUPLQDWLRQ (7 YLVLW LV DSSOLFDEOH LI D SDUWLFLSDQW GLVFRQWLQXHV VWXG\ WUHDWPHQW HDUO\ IRU DQ\ UHDVRQ GXULQJ WKH VWXG\ DQG SDUWLFLSDQW VKRXOG EH HQFRXUDJHG WR UHWXUQ WR WKH
6LWH WR FRPSOHWH WKLV YLVLW DV VRRQ DV SRVVLEOH 7KH (7 YLVLW VKRXOG EH FRQGXFWHG DV FORVH WR WKH ODVW GRVH RI VWXG\ WUHDWPHQW DV SRVVLEOH DQG HYHU\ HIIRUW VKRXOG EH PDGH WR FRPSOHWH
DOO SURFHGXUHV
 6DIHW\ )ROORZ8S 6)8 YLVLW LV UHTXLUHG WR EH FRQGXFWHG  GD\V  GD\V DIWHU WKH ODVW GRVH RI VWXG\ WUHDWPHQW 7KLV YLVLW LV QRW UHTXLUHG IRU SDUWLFLSDQWV ZKR DUH FRQWLQXLQJ
VWXG\ WUHDWPHQW LQ WKH /RQJ7HUP )ROORZXS 3KDVH DW &\FOH  (QG RI 7UHDWPHQW 3KDVH

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
IRU HDFK SDUWLFLSDQW DQG FDUHJLYHU GXULQJ WKH VWXG\ ,I WKLV DVVHVVPHQW ZDV FRPSOHWHG GXULQJ WKH 7UHDWPHQW 3KDVH WKH DVVHVVPHQW LV QRW UHTXLUHG WR EH FRPSOHWHG LQ WKH
/7)8 SKDVH

6WXG\ WUHDWPHQW 6HFWLRQ 
D 'LVSHQVLQJ 6WXG\ WUHDWPHQW ZLOO EH GLVSHQVHG WR SDUWLFLSDQWV XVLQJ WKH ,57 HYHU\  &\FOHV DW VFKHGXOHG VWXG\ YLVLWV DV GHVFULEHG LQ WKH 6R$
E $GPLQLVWUDWLRQ 3DUWLFLSDQWV ZLOO VHOIDGPLQLVWHU VWXG\ WUHDWPHQW RUDOO\ RQ D WZLFH GDLO\ %,' GRVLQJ VFKHGXOH RI  PJP GRVH ZLWK D PD[LPXP GRVH RI
 PJ %,' 'RVLQJ ZLOO EH RQ D GD\ &\FOH ZHHN FRXUVH ZLWK D  ZHHN RQ ZHHN RII VFKHGXOH
F $FFRXQWDELOLW\ $FFRXQWDELOLW\ ZLOO EH SHUIRUPHG E\ WKH 6LWH SHUVRQQHO FRLQFLGLQJ ZLWK HDFK GLVSHQVLQJ YLVLW DQG UHFRUGHG LQ WKH HOHFWURQLF FDVH UHSRUW IRUP
H&5)

0RQWKO\ ZHOOQHVV FKHFNLQ 6HFWLRQ  0RQWKO\ WHOHSKRQH RU HPDLO FRQWDFW LV UHTXLUHG WKURXJKRXW WKH VWXG\ PD\ EH UHSODFHG E\ D IDFHWRIDFH LQWHUDFWLRQ ZKHQ
VWXG\ YLVLWV RFFXU DQG WKH LQIRUPDWLRQ FDQ EH REWDLQHG GXULQJ WKH YLVLW

&RQFRPLWDQW PHGLFDWLRQV 5HIHU WR 6HFWLRQ  IRU SURKLELWHG RU UHVWULFWHG PHGLFDWLRQV

$GYHUVH HYHQWV $(V DQG 6HULRXV $GYHUVH (YHQWV 6$(V ZKLFK PD\ LQFOXGH FOLQLFDO ODERUDWRU\ WHVW YDULDEOHV ZLOO EH PRQLWRUHG DQG GRFXPHQWHG IURP WKH WLPH RI
LQIRUPHG FRQVHQWDVVHQW WR  GD\V DIWHU WKH ODVW GRVH RI VWXG\ WUHDWPHQW 5HIHU WR 6HFWLRQ  IRU PRUH GHWDLO

(QG RI 7UHDWPHQW YLVLW ZLOO EH FRQGXFWHG ZKHQ D SDUWLFLSDQW SHUPDQHQWO\ GLVFRQWLQXHV VWXG\ WUHDWPHQW IRU DQ\ UHDVRQ DQG WKH SDUWLFLSDQW VKRXOG EH HQFRXUDJHG WR UHWXUQ
WR WKH 6LWH WR FRPSOHWH WKLV YLVLW DV VRRQ DV SRVVLEOH 7KH (27 YLVLW VKRXOG EH FRQGXFWHG DV FORVH WR WKH ODVW GRVH RI VWXG\ WUHDWPHQW DV SRVVLEOH DQG HYHU\ HIIRUW VKRXOG EH
PDGH WR FRPSOHWH DOO SURFHGXUHV

6DIHW\ )ROORZ8S 6)8 YLVLW LV UHTXLUHG WR EH FRQGXFWHG  GD\V  GD\V DIWHU WKH ODVW GRVH RI VWXG\ WUHDWPHQW +RZHYHU WKLV YLVLW LV QRW UHTXLUHG IRU SDUWLFLSDQWV ZKR
DUH WUDQVLWLRQLQJ GLUHFWO\ WR FRPPHUFLDO PLUGDPHWLQLE DW WLPH RI GLVFRQWLQXDWLRQ (QG RI 7UHDWPHQW YLVLW

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

,QWURGXFWLRQ
0LUGDPHWLQLE 3' LV DQ RUDOO\ GHOLYHUHG KLJKO\ VHOHFWLYH VPDOOPROHFXOH LQKLELWRU RI
WKH GXDO VSHFLILFLW\ NLQDVHV 0(. DQG 0(. PLWRJHQDFWLYDWHG SURWHLQ NLQDVH >0$3.@
H[WUDFHOOXODU VLJQDOUHJXODWHG NLQDVH >(5.@ WKDW LV EHLQJ GHYHORSHG IRU WKH WUHDWPHQW RI
QHXURILEURPDWRVLV W\SH 
1HXURILEURPDWRVLV LV FODVVLILHG LQWR WKUHH PDMRU FOLQLFDOO\ DQG JHQHWLFDOO\ GLVWLQFW IRUPV
QHXURILEURPDWRVLV W\SHV  DQG  1) DQG 1) DQG VFKZDQQRPDWRVLV 1) DOVR NQRZQ DV YRQ
5HFNOLQJKDXVHQ GLVHDVH LV WKH PRVW FRPPRQ IRUP RI QHXURILEURPDWRVLV 1) LV DQ DXWRVRPDO
GRPLQDQW JHQHWLF GLVRUGHU ZLWK DQ LQFLGHQFH RI DSSUR[LPDWHO\  LQ  WR  LQGLYLGXDOV
8XVLWDOR  (YDQV  $SSUR[LPDWHO\ RQHKDOI RI FDVHV DUH LQKHULWHG ZLWK WKH UHPDLQGHU
EHLQJ WKH UHVXOW RI GH QRYR PXWDWLRQV LQ WKH 1) WXPRU VXSSUHVVRU JHQH ORFDWHG DW FKURPRVRPH
T (YDQV  /HGEHWWHU  )HOGNDPS 
1HXURILEURPLQ WKH SURWHLQ SURGXFW HQFRGHG E\ WKH 1) JHQH EHORQJV WR D IDPLO\ RI JXDQRVLQH
WULSKRVSKDWH K\GURODVH *73DVHDFWLYDWLQJ SURWHLQV *$3V WKDW GRZQUHJXODWH WKH FHOOXODU
SURWRRQFRJHQH SUDV  N' UDW VDUFRPD YLUDO RQFRJHQH KRPRORJV 0DUWLQ 
:HLVV  *XWPDQQ  5DV DFWLYDWHV QXPHURXV VLJQDOLQJ SDWKZD\V LQFOXGLQJ WKH 0$3.
SDWKZD\V 5DV KDV EHHQ LPSOLFDWHG LQ WKH FRQWURO RI FHOO JURZWK DQG GLIIHUHQWLDWLRQ DQG WKH
DELOLW\ RI QHXURILEURPLQ WR GRZQUHJXODWH SUDV VXJJHVWV WKDW WKH ORVV RI QHXURILEURPLQ PD\
OHDG WR XQFRQWUROOHG FHOOXODU JURZWK RU WXPRU IRUPDWLRQ
0XWDWLRQV LQ WKH 1) JHQH UHVXOW LQ ORVV RI SURGXFWLRQ RU UHGXFHG IXQFWLRQ RI QHXURILEURPLQ
FDXVLQJ WKH ZLGH VSHFWUXP RI FOLQLFDO ILQGLQJV LQFOXGLQJ 1)DVVRFLDWHG WXPRUV 6KHQ 
3HQHWUDQFH RU WKH OLNHOLKRRG WKDW WKH LQGLYLGXDO FDUU\LQJ WKH PXWDWLRQ ZLOO PDQLIHVW WKH GLVRUGHU
LV FRPSOHWH 7KH ORVV RI QHXURILEURPLQ LQ PDOLJQDQF\ VXSSRUWV WKH QRWLRQ WKDW QHXURILEURPLQ LV D
WXPRUVXSSUHVVRU JHQH SURGXFW
1) LV FKDUDFWHUL]HG E\ GLYHUVH SURJUHVVLYH FXWDQHRXV QHXURORJLFDO VNHOHWDO DQG QHRSODVWLF
PDQLIHVWDWLRQV ZLWK QR VWDQGDUG GUXJ WUHDWPHQW RSWLRQV DYDLODEOH 7KH PDQLIHVWDWLRQ RI WKH 1)
FOLQLFDO GLDJQRVWLF FULWHULD W\SLFDOO\ DSSHDU LQ WKH RUGHU RI FDIpDXODLW PDFXOHV D[LOODU\ DQGRU
LQJXLQDO IUHFNOLQJ /LVFK QRGXOHV LULV KDPDUWRPDV DQG ILQDOO\ QHXURILEURPDV 'H%HOOD 
0RVW LPSRUWDQWO\ SDWLHQWV ZLWK 1) GHYHORS ERWK EHQLJQ DQG PDOLJQDQW WXPRUV DW LQFUHDVHG
IUHTXHQF\ WKURXJKRXW OLIH *XWPDQQ  6HPLQRJ  1HXURILEURPDV DUH WKH PRVW FRPPRQ
W\SH RI EHQLJQ WXPRU WKDW GHYHORSV LQ SDWLHQWV ZLWK 1) DQG RFFXU LQ  RI SDWLHQWV ZLWK
1)
1HXURILEURPDV DUH EHQLJQ SHULSKHUDO QHUYH VKHDWK WXPRUV WKDW DUH FRPSULVHG RI D PL[WXUH RI
6FKZDQQ FHOOV ILEUREODVWV SHULQHXULDO FHOOV DQG PDVW FHOOV 7XFNHU  :KHQ D QHXURILEURPD
H[WHQGV ORQJLWXGLQDOO\ DORQJ D QHUYH DQG LQYROYHV PXOWLSOH IDVFLFOHV LW LV FODVVLILHG DV D
SOH[LIRUP QHXURILEURPD 31 3OH[LIRUP QHXURILEURPDV UDUHO\ UHJUHVV VSRQWDQHRXVO\ DQG LQ
PDQ\ SDWLHQWV WKHLU JURZWK LV UHOHQWOHVV 3OH[LIRUP QHXURILEURPDV UHSUHVHQW D PDMRU FDXVH RI
PRUELGLW\ DQG GLVILJXUHPHQW LQ LQGLYLGXDOV ZLWK 1) DQG ZKHQ V\PSWRPDWLF DUH DVVRFLDWHG

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
ZLWK LQFUHDVHG PRUWDOLW\ 5DVPXVVHQ  3UDGD  $V WXPRU JURZWK SURJUHVVHV VXFK
OHVLRQV SURGXFH G\VIXQFWLRQ SDLQ DQG FRVPHWLF GLVILJXUHPHQW DQG FDQ FRPSUHVV WKH DLUZD\ RU
VSLQDO FRUG )XUWKHUPRUH 31V KDYH WKH SRWHQWLDO WR XQGHUJR PDOLJQDQW WUDQVIRUPDWLRQ SURGXFLQJ
PDOLJQDQW SHULSKHUDO QHUYH VKHDWK WXPRUV 03167V
7KH DSSURDFK WR WUHDWPHQW RI WKH YDULRXV WXPRUV DVVRFLDWHG ZLWK 1) GHSHQGV XSRQ WKH W\SH RI
WXPRU LWV HIIHFW RQ DGMDFHQW WLVVXHV DQG UHODWHG FRPSOLFDWLRQV 3OH[LIRUP QHXURILEURPD XVXDOO\
LQYROYH PXOWLSOH QHUYH IDVFLFOHV ZLWK VHUSLJLQRXV JURZWK DQG VLJQLILFDQW YDVFXODULW\ 7KHVH
OHVLRQV FDQ EH D VLJQLILFDQW FKDOOHQJH LQ VXUJLFDO WUHDWPHQW DQG SDLQ PDQDJHPHQW HVSHFLDOO\ ZLWK
SURJUHVVLYH JURZWK DORQJ WKH VSLQDO FROXPQ WKDW PD\ UHVXOW LQ FRPSUHVVLRQ RI WKH VSLQDO FRUG
*ROG  7KH PDQDJHPHQW RI WKHVH FRPSOH[ OHVLRQV LV XQFOHDU ,Q VHYHUDO VHULHV SDWLHQWV
ZHUH PRUH OLNHO\ WR EHQHILW IURP VXUJHU\ ZKHQ WKH LQGLFDWLRQV ZHUH DLUZD\ FRPSUHVVLRQ RU
GLVILJXUHPHQW &DQDYHVH  +RZHYHU XS WR  RI WXPRUV SURJUHVV DIWHU WKH ILUVW VXUJHU\
PRVW FRPPRQO\ LQ SDWLHQWV \RXQJHU WKDQ WHQ \HDUV RI DJH ZLWK KHDG DQG QHFN WXPRUV WKDW FRXOG
QRW EH FRPSOHWHO\ UHVHFWHG 1HHGOH  6XUJLFDO UHVHFWLRQ RIWHQ LV OLPLWHG WR GHEXONLQJ RI D
VSHFLILF DUHD RI D ODUJH OHVLRQ IRU H[DPSOH ZKHQ D FRPSRQHQW LV LPSLQJLQJ RQ WKH VSLQDO FRUG RU
DLUZD\ RU D ODUJH VRIW WLVVXH FRPSRQHQW LV UHPRYHG WR LPSURYH FRVPHVLV :KLOH QR VSHFLILF
PHGLFDO WUHDWPHQW IRU 31V H[LVWV VHYHUDO WKHUDSLHV KDYH EHHQ HYDOXDWHG
&OLQLFDO WULDOV LQ SDWLHQWV ZLWK 1) DQG DVVRFLDWHG 31V ZLWK WKH IDUQHV\O WUDQVIHUDVH LQKLELWRU
WLSLIDUQLE :LGHPDQQ  WKH PDPPDOLDQ WDUJHW RI UDSDP\FLQ P725 LQKLELWRU VLUROLPXV
:HLVV  :HLVV  DQG WKH ILEUREODVW LQKLELWRU SLUIHQLGRQH :LGHPDQQ E KDYH QRW
GHPRQVWUDWHG VXIILFLHQW EHQHILW WR ZDUUDQW FOLQLFDO XVH +RZHYHU WKH SODFHER FRQWURO DUP RI WKH
WLSLIDUQLE VWXG\ E\ :LGHPDQ HW DO  UHSRUWHG D SOH[LIRUP QHXURILEURPD PHDQ WLPHWR
SURJUHVVLRQ RI  PRQWKV DQG FDQ VHUYH DV KLVWRULFDO FRQWURO JURXS IRU SKDVH  VLQJOHDUP WULDOV
HYDOXDWLQJ WKHUDSLHV LQ WKLV SRSXODWLRQ ,PDWLQLE KDV UHVXOWHG LQ VKULQNDJH RI 31V LQ D OLPLWHG
QXPEHU RI SDWLHQWV ZLWK 1) DQG 31V 5REHUWVRQ  -DNDFNL  -DNDFNL  7KH PRVW
SURPLVLQJ UHVXOWV KDYH EHHQ REWDLQHG ZLWK VHOXPHWLQLE DQ RUDO VHOHFWLYH 0$3. 0(. LQKLELWRU
WKDW ZDV DSSURYHG RQ $SULO   IRU WKH WUHDWPHQW RI SHGLDWULF SDWLHQWV   \HDUV ZLWK
QHXURILEURPDWRVLV W\SH  1) ZKR KDYH V\PSWRPDWLF LQRSHUDEOH 31V .RVHOXJR 
6HOXPHWLQLE ZDV VWXGLHG LQ D 3KDVH  WULDO WKDW HQUROOHG  FKLOGUHQ ZLWK LQRSHUDEOH 31V
'RPEL  &KLOGUHQ ZHUH WUHDWHG IRU XS WR  PRQWKV ZLWK VHOXPHWLQLE  WR  PJP RUDOO\
WZLFH GDLO\ $OO SDWLHQWV VKRZHG D GHFUHDVH IURP EDVHOLQH LQ WKH 31 YROXPH PHGLDQ GHFUHDVH
 DQG QR SDWLHQWV KDG GLVHDVH SURJUHVVLRQ $ SDUWLDO UHVSRQVH GHILQHG DV D   GHFUHDVH
LQ WXPRU YROXPH IURP EDVHOLQH IRU DW OHDVW IRXU ZHHNV ZDV FRQILUPHG LQ  RI  SDWLHQWV DQG
ZDV PDLQWDLQHG IRU WKH GXUDWLRQ RI WKH VWXG\ LQ  RI  SDWLHQWV 'RVHOLPLWLQJ WR[LF HIIHFWV
LQFOXGHG FHOOXOLWLV PXFRVLWLV XUWLFDULD DFQHLIRUP UDVK HOHYDWHG FUHDWLQH NLQDVH DQG GHFUHDVHG
OHIW YHQWULFXODU HMHFWLRQ IUDFWLRQ
$GGLWLRQDOO\ D 3KDVH  VWXG\ 635,17 FRQGXFWHG E\ WKH VDPH JURXS RI LQYHVWLJDWRUV HQUROOHG
 SDWLHQWV DJHG  ZLWK LQRSHUDEOH PRUELG 31V 8VLQJ WKH VDPH YROXPHWULF HQGSRLQW DV WKH
3KDVH  VWXG\ DQ LQGHSHQGHQW FHQWUDOL]HG UHYLHZ RI WKH ILQDO WXPRU UHVSRQVH SHU 5(L16 FULWHULD
UHVXOWHG LQ DQ REMHFWLYH UHVSRQVH UDWH RI   &,   .RVHOXJR  6LPLODU VDIHW\
UHVXOWV ZHUH REVHUYHG FRPSDUHG WR WKH 3KDVH  VWXG\ 7KLV WULDO DOVR LQFOXGHG LQGLYLGXDOL]HG

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
IXQFWLRQDO DVVHVVPHQWV EDVHG RQ 31 ORFDWLRQ %HWZHHQ EDVHOLQH DQG HQG RI \HDU  HYDOXDWLRQV
SDUHQW DQG FKLOGUHSRUWHG SDLQ LQWHQVLW\ DQG SDLQ LQWHUIHUHQFH VFRUHV VLJQLILFDQWO\ LPSURYHG
S   DV GLG VWUHQJWK  VFDOH DQG UDQJH RI PRWLRQ GHJUHHV RI DIIHFWHG PXVFOH
JURXSVMRLQWV S   *URVV  %DVHG RQ WKHVH GDWD VHOXPHWLQLE .RVHOXJR ZDV
)'$DSSURYHG IRU WKH WUHDWPHQW RI SHGLDWULF SDWLHQWV  \HDUV DQG ROGHU ZLWK QHXURILEURPDWRVLV
W\SH  ZKR KDYH V\PSWRPDWLF LQRSHUDEOH SOH[LIRUP QHXURILEURPDV LQ $SULO RI 

6WXG\ 5DWLRQDOH
3URWRFRO 0(.1) LV DQ RSHQODEHO PXOWLFHQWHU 3KDVH E VWXG\ EHLQJ FRQGXFWHG WR
GHWHUPLQH WKH HIILFDF\ DQG VDIHW\ RI PLUGDPHWLQLE 3' LQ SDUWLFLSDQWV   \HDUV ROG
ZLWK V\PSWRPDWLF LQRSHUDEOH 1)DVVRFLDWHG 31V $ 3KDVH  VWXG\ ZLWK 3' ZDV
SUHYLRXVO\ FRQGXFWHG LQ 1)DVVRFLDWHG SOH[LIRUP QHXURILEURPDV :HLVV  7KLV 3KDVH 
RSHQODEHO VWXG\ HYDOXDWHG  SDUWLFLSDQWV UDQJH  WR  \HDUV ZLWK V\PSWRPDWLF RU
SURJUHVVLQJ SOH[LIRUP QHXURILEURPDV 4XDQWLWDWLYH UDGLRJUDSKLF UHVSRQVH LQ D WDUJHW 31 DIWHU
DGPLQLVWUDWLRQ RI 3' DW D GRVH  PJP %,' PD[LPXP GRVH RI  PJ %,' RQ D
 ZHHNV RQ ZHHN RII VFKHGXOH ZDV DVVHVVHG 2YHUDOO 3' ZDV ZHOO WROHUDWHG ILYH
VXEMHFWV  GHYHORSHG *UDGH  WR[LFLWLHV ZLWK IRXU RI WKRVH VXEMHFWV  UHSRUWLQJ D
*UDGH  WR[LFLW\ RI SDLQ 1R VXEMHFWV GHYHORSHG *UDGH  RU KLJKHU WR[LFLWLHV DQG  VXEMHFW
H[SHULHQFHG D 6$( 7KLV VWXG\ GHPRQVWUDWHG DFWLYLW\ RI 3' LQ VXEMHFWV ZLWK D 31 ZLWK
HLJKW SDUWLFLSDQWV   FRQILGHQFH LQWHUYDO >&,@   UHVSRQGLQJ WR 3'
DV GHILQHG E\ D   UHGXFWLRQ RI WKH WDUJHW 31 DIWHU  \HDU RI WKHUDS\

%DFNJURXQG
7R GHWHUPLQH ZKHWKHU VXVWDLQHG 5DV5DI0(.(5. VLJQDOLQJ FRQWULEXWHV WR QHXURILEURPD
JURZWK -HVVHQ HW DO FRQGXFWHG D VWXG\ LQ D QHXURILEURPDWRVLV PRXVH PRGHO 1IIOIO 'KK&UH
ZLWK 3' -HVVHQ  ,Q WKLV VWXG\ WXPRU EHDULQJ PLFH ZHUH UDQGRPO\ DVVLJQHG WR
UHFHLYH  PJNJ  PJNJ RU  PJNJ RI HLWKHU 3' RU YHKLFOH E\ RUDO JDYDJH $OO
GRVHV WHVWHG UHVXOWHG LQ VLJQLILFDQW WXPRU YROXPH UHGXFWLRQV $ VWULNLQJ UHGXFWLRQ LQ
QHXURILEURPD YROXPHV ZDV DFKLHYHG DIWHU  GD\V RI 3' WUHDWPHQW ,Q DOO GRVHV WHVWHG
3' ZDV ZHOOWROHUDWHG ZLWK QR DSSDUHQW WR[LFLW\ 5HGXFHG WXPRU YROXPH LQGLFDWHG WKDW
FHOO SUROLIHUDWLRQ RU FHOO GHDWK PD\ EH DOWHUHG LQ QHXURILEURPDV 7KHUH ZDV GHFUHDVHG FHOO
SUROLIHUDWLRQ REVHUYHG DW WKH HQG RI WUHDWPHQW  GD\V DV PHDVXUHG E\ UHGXFWLRQ LQ WKH
SHUFHQWDJH RI .L FHOOV FRPSDUHG WR FRQWUROV
$ IROORZXS VWXG\ XWLOL]LQJ WKH VDPH 1IIOIO 'KK&UH PRXVH PRGHO E\ -RXVPD DQG FROOHDJXHV
-RXVPD  GHPRQVWUDWHG WKDW 3' DW D GRVH RI  PJNJGD\ UHVXOWHG LQ
QHXURILEURPD VKULQNDJH DQG VXVWDLQHG LQKLELWLRQ RI S(5. HTXLYDOHQW WR WKH  PJNJGD\ GRVH
,Q WKLV VWXG\ PLFH ZHUH H[SRVHG DW WKH DJH RI  PRQWK LQ VRPH H[SHULPHQWV ZLWK QR DSSDUHQW
WR[LFLWLHV 7KH GRVH RI  PJNJGD\ XVHG LQ WKLV PXULQH VWXG\ LV DSSUR[LPDWHO\ HTXLYDOHQW WR D
GRVH RI  PJ WZLFH GDLO\ %,' LQ KXPDQV 7KHVH GDWD DUH VXSSRUWLYH RI WKH XVH RI ORZ GRVH
WUHDWPHQW ZLWK 3' IRU YROXPH UHGXFWLRQ RI QHXURILEURPDV DQG DUH FRQJUXRXV ZLWK WKH

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
FOLQLFDO GRVLQJ VWUDWHJ\ XVHG LQ WKH :HLVV HW DO 6HFWLRQ  VWXG\ DQG WKH SURSRVHG 3KDVH E
VWXG\
$ GHWDLOHG GHVFULSWLRQ RI WKH FKHPLVWU\ SKDUPDFRORJ\ HIILFDF\ DQG VDIHW\ RI PLUGDPHWLQLE
3' LV SURYLGHG LQ WKH ,QYHVWLJDWRU¶V %URFKXUH

%HQHILW5LVN $VVHVVPHQW
7R GDWH WKH VDIHW\ SURILOH RI VLQJOHDJHQW PLUGDPHWLQLE 3' LQ SDWLHQWV ZLWK DGYDQFHG
FDQFHU GRVHV   PJ %,' LQWHUPLWWHQW VFKHGXOH KDV EHHQ FKDUDFWHUL]HG E\ PRVWO\ PDQDJHDEOH
DQG UHYHUVLEOH WR[LFLWLHV 7KH PRVW IUHTXHQWO\ UHSRUWHG DGYHUVH HYHQWV KDYH EHHQ UDVK QDXVHD
YRPLWLQJ GLDUUKHD DQG IDWLJXH 7KH PDMRULW\ RI WKH HYHQWV ZHUH PLOGWRPRGHUDWH LQWHQVLW\
2WKHU HYHQWV WKDW KDYH EHHQ UHSRUWHG LQ OHVVHU IUHTXHQF\ LQFOXGH RFXODU GLVRUGHUV YLVXDO
GLVWXUEDQFHV EOXUUHG YLVLRQ UHWLQDO YHLQ RFFOXVLRQ QHUYRXV V\VWHP GLVRUGHUV LQFOXGLQJ
FRQIXVLRQ VORZHG LGHDWLRQ VOXUUHG VSHHFK DQG KDOOXFLQDWLRQV PXVFXORVNHOHWDO DQG FRQQHFWLYH
WLVVXH GLVRUGHUV JHQHUDO ZHDNQHVV DV ZHOO DV QHFN PXVFOH ZHDNQHVV DVVRFLDWHG ZLWK PLOG DQG
PRGHUDWH HOHYDWLRQV LQ FUHDWLQH NLQDVH >&.@ DQG FDUGLDF GLVRUGHUV GHFUHDVHG OHIW YHQWULFXODU
HMHFWLRQ IUDFWLRQ >/9()@ FRQJHVWLYH KHDUW IDLOXUH 7KHVH HYHQWV SULPDULO\ RFFXUUHG LQ SDWLHQWV
UHFHLYLQJ GRVHV   PJ XS WR  PJ %,'
,Q RUGHU WR PLQLPL]H SRWHQWLDO ULVN GXULQJ VWXG\ SDUWLFLSDWLRQ SDUWLFLSDQWV ZLOO EH FDUHIXOO\
PRQLWRUHG IRU WKH GHYHORSPHQW RI WR[LFLWLHV WKURXJKRXW WKH VWXG\ DQG JXLGHOLQHV IRU GRVH
PRGLILFDWLRQGLVFRQWLQXDWLRQ IRU VHOHFWHG DGYHUVH HYHQWV DUH SURYLGHG
%DVHG RQ WKH DYDLODEOH QRQFOLQLFDO DQG FOLQLFDO WULDO GDWD WKH EHQHILWULVN EDODQFH LV FRQVLGHUHG
IDYRUDEOH IRU IXUWKHU GHYHORSPHQW LQ SDWLHQWV ZLWK 1)
0RUH GHWDLOHG LQIRUPDWLRQ DERXW WKH NQRZQ DQG H[SHFWHG EHQHILWV DQG ULVNV DQG UHDVRQDEO\
H[SHFWHG DGYHUVH HYHQWV RI PLUGDPHWLQLE 3' PD\ EH IRXQG LQ WKH ,QYHVWLJDWRU¶V
%URFKXUH

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

6WXG\ 'HVLJQ

2YHUDOO 'HVLJQ
0(.1) LV D PXOWLFHQWHU RSHQODEHO VLQJOHDUP ORQJLWXGLQDO XQFRQWUROOHG 3KDVH E
VWXG\ WR HYDOXDWH WKH HIILFDF\ VDIHW\ DQG WROHUDELOLW\ RI PLUGDPHWLQLE 3' LQ
SDUWLFLSDQWV   \HDUV RI DJH ZLWK DQ LQRSHUDEOH 1)DVVRFLDWHG 31 WKDW LV FDXVLQJ VLJQLILFDQW
PRUELGLW\ 7KLV VWXG\ ZLOO FRQVLVW RI WZR SKDVHV WKH 7UHDWPHQW 3KDVH DQG WKH RSWLRQDO /RQJ
7HUP )ROORZ8S /7)8 3KDVH $SSUR[LPDWHO\  SDUWLFLSDQWV ZLOO EH HQUROOHG DQG VWUDWLILHG
E\ DJH DSSUR[LPDWHO\  SDUWLFLSDQWV  WR  \HDUV RI DJH DQG  SDUWLFLSDQWV   \HDUV RI DJH
7KH ILUVW  SDUWLFLSDQWV HQUROOHG LQ WKH SHGLDWULF FRKRUW PXVW EH  WR  \HDUV RI DJH DW WKH WLPH RI
VLJQLQJ LQIRUPHG FRQVHQW $IWHU WKH ILUVW  SDUWLFLSDQWV KDYH HQUROOHG LQ WKH SHGLDWULF FRKRUW
HQUROOPHQW LQWR WKLV FRKRUW ZLOO EH SDXVHG DQG RQO\ DIWHU 'DWD 0RQLWRULQJ &RPPLWWHH '0&
HYDOXDWLRQ RI DW OHDVW  F\FOHV RI FXPXODWLYH VDIHW\ GDWD IRU WKHVH  SDUWLFLSDQWV ZLOO WKH SHGLDWULF
FRKRUW EH UHRSHQHG DQG SRWHQWLDOO\ H[SDQG GRZQ WR  \HDUV RI DJH 7KH SULPDU\ HIILFDF\
HQGSRLQW IRU HDFK FRKRUW LV REMHFWLYH UHVSRQVH UDWH 255 ZKLFK LV GHILQHG DV WKH SURSRUWLRQ RI
SDUWLFLSDQWV ZKR KDYH D UHGXFWLRQ RI WDUJHW 31 YROXPH   DV DVVHVVHG E\ 05, $OO
SDUWLFLSDQWV ZLOO KDYH WKHLU SULPDU\ HIILFDF\ PHDVXUH DQDO\VLV FRQGXFWHG E\ DQ LQGHSHQGHQW
EOLQGHG FHQWUDO UDGLRORJLF UHYLHZ .H\ VHFRQGDU\ HQGSRLQWV LQFOXGH GXUDWLRQ RI UHVSRQVH DQG
+HDOWK5HODWHG 4XDOLW\ RI /LIH +542/ TXHVWLRQQDLUHV DQG VDIHW\ DQG WROHUDELOLW\ RI
3' $GGLWLRQDOO\ FKDQJH LQ IXQFWLRQDO RXWFRPH DVVHVVPHQWV HJ VWUHQJWK UDQJH RI
PRWLRQ HQGXUDQFH ZLOO EH FRQGXFWHG WKURXJKRXW WKH FRXUVH RI WKH VWXG\ RSWLPL]HG IRU WXPRU
ORFDWLRQ DQG PRUELGLW\ HIIHFW 3DUWLFLSDQWV ZLOO DOVR EH PRQLWRUHG IRU FKDQJH LQ SDLQ RYHU WKH
FRXUVH RI VWXG\ ZLWK WUDFNLQJ RI FKDQJH LQ FRQFRPLWDQW DQDOJHVLF PHGLFDWLRQV 3DUWLFLSDQWV ZLOO
EH VFUHHQHG IRU XS WR  GD\V SULRU WR WKH ILUVW GRVH RI VWXG\ WUHDWPHQW 3' DQG
HOLJLELOLW\ ZLOO EH EDVHG RQ WKH LQFOXVLRQ DQG H[FOXVLRQ FULWHULD 6HFWLRQV  DQG  6WXG\
WUHDWPHQW ZLOO WKHQ EH DGPLQLVWHUHG RUDOO\ DW D GRVH RI  PJP %,' ZLWK D PD[LPXP GRVH RI
 PJ %,' 'RVLQJ ZLOO EH RQ D GD\ &\FOH ZHHN FRXUVH ZLWK D  ZHHN RQ ZHHN RII
VFKHGXOH IRU XS WR  &\FOHV 5HIHU WR WKH VFKHGXOH RI DFWLYLWLHV >6R$@ 6HFWLRQ  IRU WKH
UHTXLUHG DVVHVVPHQWV IRU WKH 7UHDWPHQW 3KDVH
3DUWLFLSDQWV ZKR FRPSOHWH &\FOH  RI WKH 7UHDWPHQW 3KDVH DQG GLG QRW PHHW ZLWKGUDZDO FULWHULD
6HFWLRQ  DUH HOLJLEOH WR SDUWLFLSDWH LQ WKH /7)8 3KDVH (OLJLEOH SDUWLFLSDQWV ZLOO FRQWLQXH
WDNLQJ WKH ODVW GRVH DVVLJQHG LQ WKH 7UHDWPHQW 3KDVH DSSUR[LPDWHO\  PJP %,' >PD[LPXP
GRVH RI PJ %,'@ RI 3' PLUGDPHWLQLE RSHQODEHO VWXG\ WUHDWPHQW RQ DQ
LQWHUPLWWHQW  ZHHNV RQ ZHHN RII GRVLQJ VFKHGXOH LQ GD\ F\FOHV 3DUWLFLSDQWV ZLOO UHPDLQ
LQ WKH /7)8 3KDVH XQWLO D ZLWKGUDZDO FULWHULRQ LV PHW DV GHVFULEHG LQ 6HFWLRQ  RU PLUGDPHWLQLE
LV FRPPHUFLDOO\ DYDLODEOH 5HIHU WR WKH VFKHGXOH RI DFWLYLWLHV >6R$@ 6HFWLRQ  IRU WKH UHTXLUHG
DVVHVVPHQWV IRU WKH /7)8 3KDVH

6FLHQWLILF 5DWLRQDOH IRU 6WXG\ 'HVLJQ
7KH WXPRU UHVSRQVH FULWHULRQ XVHG IRU HYDOXDWLRQ FDQFHUV DUH EDVHG RQ RQHGLPHQVLRQDO '
DQG WZRGLPHQVLRQDO ' WXPRU PHDVXUHPHQWV -DPHV  7KHUDVVH  (LVHQKDXHU 

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
7KHVH PHWKRGV KDYH OLPLWHG YDOXH LQ WKH DVVHVVPHQW RI WUHDWPHQW RXWFRPH IRU SOH[LIRUP
QHXURILEURPDV ZKLFK DUH IUHTXHQWO\ ODUJH KDYH D FRPSOH[ QRQVSKHULFDO VKDSH DQG KDYH D
VORZ HUUDWLF JURZWK SDWWHUQ 7R HYDOXDWH WKHVH GLIIHUHQW PHWKRGRORJLHV RI PHDVXULQJ FKDQJH LQ
31V :LGHPDQQ HW DO FRPSDUHG WKH XVH RI 5HVSRQVH (YDOXDWLRQ &ULWHULD ,Q 6ROLG 7XPRUV
5(&,67 :RUOG +HDOWK 2UJDQL]DWLRQ :+2 DQG YROXPHWULF 05, WR GHWHUPLQH GLVHDVH
SURJUHVVLRQ LQ D GRXEOHEOLQG SODFHERFRQWUROOHG VWXG\ RI WLSLIDUQLE :LGHPDQQ 
9ROXPHWULF DQDO\VLV GHWHFWHG WXPRU SURJUHVVLRQ 31 YROXPH LQFUHDVH   PXFK HDUOLHU WKDQ
' DQG ' PHDVXUHPHQWV 7KH PHGLDQ REVHUYHG 773 ZDV  YV  PRQWKV XWLOL]LQJ
YROXPHWULF DQDO\VLV DQG :+2 FULWHULD UHVSHFWLYHO\ 7KH PHGLDQ 773 FRXOG QRW EH GHWHUPLQHG
E\ 5(&,67 FULWHULD 7KLV ILQGLQJ DFFHQWXDWHV WKH OLPLWDWLRQV LQ XVLQJ 5(&,67 FULWHULD WR GHVFULEH
ORQJLWXGLQDO FKDQJH LQ 31V $V LQFUHDVLQJ QXPEHUV RI FOLQLFDO WULDOV IRU 1)UHODWHG WXPRU
PDQLIHVWDWLRQV DUH RQJRLQJ WKH QHHG IRU WKH GHYHORSPHQW RI VWDQGDUGL]HG WULDO HQGSRLQWV
VSHFLILFDOO\ IRU 1) KDV HPHUJHG 9ROXPHWULF 05, DQDO\VLV DFFRXQWV IRU HYHU\ SDUW RI WKH WXPRU
DQG WKXV UHIOHFWV WKH DFWXDO VL]H RI WKH OHVLRQ PRUH FORVHO\ WKDQ ' RU ' PHDVXUHPHQWV
&ULWLFDO WR XVH DQG HIIHFWLYHQHVV LQ FOLQLFDO WULDOV YROXPHWULF DQDO\VLV LV OHVV VHQVLWLYH WR
GLIIHUHQFHV LQ ERG\ SRVLWLRQ EHWZHHQ VFDQV DQG FDQ UHSURGXFLEO\ GHWHFW VPDOO FKDQJHV RYHU WLPH
7R DOORZ IRU PHDQLQJIXO FRPSDULVRQV RI WULDO UHVXOWV DQG WR DFFHOHUDWH WKH GHYHORSPHQW RI DFWLYH
DQG EHQHILFLDO DJHQWV WKH 5HVSRQVH (YDOXDWLRQ LQ 1HXURILEURPDWRVLV DQG 6FKZDQQRPDWRVLV
5(L16 ,QWHUQDWLRQDO &ROODERUDWLRQ KDV GHYHORSHG VWDQGDUGL]HG HQGSRLQWV LQ QXPHURXV GRPDLQV
HJ LPDJLQJ 352V IXQFWLRQDO RXWFRPHV IRU 1) FOLQLFDO WULDOV :LGHPDQQ 
:LGHPDQQ  7KH 5(L16 ZRUNLQJ JURXS UHFRPPHQGV 05, DQG YROXPHWULF DQDO\VLV WR
PHDVXUH EHQLJQ 1)UHODWHG WXPRUV LQFOXVLYH RI 31V WR DVVHVV UHVSRQVH LQ FOLQLFDO WULDOV
'RPEL  7KHUHIRUH WKLV VWXG\ ZLOO LQFRUSRUDWH DQG XWLOL]H WKH ILQGLQJV RI WKH 5(L16
ZRUNLQJ JURXS WR LPSOHPHQW 05, YROXPHWULF DQDO\VLV RI SDUWLFLSDQWV SOH[LIRUP QHXURILEURPDV WR
DVVHVV WKH SULPDU\ HQGSRLQW
:KLOH WKLV LV D VLQJOHDUP VWXG\ E\ GHVLJQ WKH VWXG\ ZLOO FRQVLVW RI WZR SRSXODWLRQ FRKRUWV DQ
DGXOW DQG SHGLDWULF FRKRUW $ GLIIHUHQFH LQ VWDWLVWLFDO DVVXPSWLRQV IRU HDFK FRKRUW LV QHHGHG IRU
WKLV VWXG\ VSDQQLQJ WKH DGXOW DQG SHGLDWULF SRSXODWLRQV GXH WR WKH REVHUYHG DJHGHSHQGHQW
GLIIHUHQFHV LQ WXPRU JURZWK UDWH ZKLFK LV IXUWKHU GHVFULEHG EHORZ (DFK FRKRUW ZLOO EH DQDO\]HG
LQGHSHQGHQWO\ IRU HIILFDF\
7KH DVVXPSWLRQV IRU WKH UHVSRQVH UDWH LQ WKH DGXOW SRSXODWLRQ XVHG IRU WKH EDVLV RI VDPSOH VL]H
MXVWLILFDWLRQ DUH EDVHG RQ WKH VWXG\ FRQGXFWHG E\ :HLVV HW DO :HLVV  7KH SUHOLPLQDU\
UHVXOWV IURP WKLV VWXG\ GHVFULEH DQ 255 DV GHILQHG E\ D  UHGXFWLRQ E\ RI WKH WDUJHW OHVLRQ
RI  LQ UHVSRQVH WR RQH \HDU RI PLUGDPHWLQLE 3' WKHUDS\ 7KLV ILQGLQJ LV FRQVLVWHQW
ZLWK WKH SUHOLPLQDU\ GDWD RI FDER]DQWLQLE E\ 6KLK HW DO 255 RI  6KLK  ,Q D VLPLODU
GHVLJQ DQG SRSXODWLRQ WR :HLVV HW DO 6KLK HW DO LQYHVWLJDWHG FDER]DQWLQLE LQ D 3KDVH  VWXG\ RI
SDWLHQWV   \HDUV RI DJH ZLWK D PRUELG RU SURJUHVVLQJ 31 ZLWK  RI  SDWLHQWV DFKLHYLQJ DQ
REMHFWLYH UHVSRQVH 
6DPSOH VL]H DVVXPSWLRQV IRU WKH SHGLDWULF SRSXODWLRQ DUH EDVHG RQ WKH LQWHULP REMHFWLYH UHVSRQVH
UDWH RI  IURP WKH 635,17 VWXG\ FRQGXFWHG E\ *URVV HW DO 7KH 635,17 VWXG\ HQUROOHG
 SDWLHQWV DJHG  \HDUV ZLWK LQRSHUDEOH PRUELG 31V *URVV  7KHVH ILQGLQJV DUH

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
FRQVLVWHQW ZLWK WKH SUHOLPLQDU\ GDWD RI DQRWKHU 31 VWXG\ ZLWK WUDPHWLQLE 7ZHQW\VL[ SDWLHQWV
DJHG  WR  \HDUV RI DJH PHGLDQ  \HDUV ZLWK D PHDVXUDEOH 31 ZHUH WUHDWHG ZLWK WUDPHWLQLE
IRU D PHGLDQ RI  ZHHNV UDQJH  WR  ZHHNV ,Q WKLV VWXG\  SDWLHQWV  DFKLHYHG DQ
REMHFWLYH UHVSRQVH 0RHUWHO 
3UHYLRXV ORQJLWXGLQDO UHWURVSHFWLYH UHYLHZ VWXGLHV KDYH GHPRQVWUDWHG DJH GHSHQGHQW GLIIHUHQFHV
LQ SOH[LIRUP QHXURILEURPDV ZLWK KLJK LQYHUVH FRUUHODWLRQ RI 31 JURZWK WR SDWLHQW DJH
'RPEL  1JX\HQ  7XFNHU  ,Q D UHWURVSHFWLYH UHYLHZ 7XFNHU HW DO DQDO\]HG
VHULDO 05,V RI  SDWLHQWV PHGLDQ  \HDUV RI DJH UDQJH  WR  \HDUV ZLWK D PHDVXUDEOH 31
IRU D PHGLDQ IROORZXS OHQJWK RI  \HDUV UDQJH  WR  \HDUV 7KLV VWXG\ REVHUYHG WKDW WKH
GLIIHUHQFH EHWZHHQ WKH LQLWLDO DQG ILQDO WZRGLPHQVLRQDO HVWLPDWHG WXPRU VL]H ZDV VLJQLILFDQWO\
JUHDWHU LQ \RXQJHU LQGLYLGXDOV FRPSDUHG WR ROGHU LQGLYLGXDOV  FP YV  FP UHVSHFWLYHO\
S   ,Q DGGLWLRQ WKH JURZWK UDWH RI WXPRUV LQ SDWLHQWV   \HDUV RI DJH  FP\HDU
ZDV VLJQLILFDQWO\ JUHDWHU WKDQ WKDW RI WXPRUV LQ SDWLHQWV !  \HDUV RI DJH DW LQLWLDO H[DPLQDWLRQ
 FP\HDU S  
6LPLODUO\ LQ DQ REVHUYDWLRQDO VWXG\ RI  SDWLHQWV DJH  WR  \HDUV RI DJH PHGLDQ  \HDUV
'RPEL HW DO REVHUYHG WKDW 31 YROXPH LQFUHDVHG PRUH UDSLGO\ WKDQ ERG\ ZHLJKW RYHU WLPH
S   )XUWKHUPRUH WKHUH ZDV D WHQGHQF\ IRU SDWLHQWV \RXQJHU WKDQ WKH PHGLDQ DJH RI
 \HDUV WR KDYH D JUHDWHU LQFUHDVH LQ 31 YROXPH SHU \HDU YV ROGHU FKLOGUHQ  YV 
YROXPH FKDQJH SHU \HDU UHVSHFWLYHO\ S   7KLV WUHQG KROGV WUXH ZKHQ 31 JURZWK UDWH LV
H[SUHVVHG UHODWLYH WR WKH UDWH RI LQFUHDVH LQ ERG\ VL]H
%DVHG RQ WKH ILQGLQJV RI 7XFNHU DQG 'RPEL 1JX\HQ HW DO FRQGXFWHG D UHWURVSHFWLYH FRKRUW
VWXG\ RI  SDWLHQWV ZLWK DQ HYDOXDEOH LQWHUQDO 31V IRU D PHGLDQ IROORZXS RI  \HDUV UDQJH
 WR  \HDUV 7KH UDWH RI JURZWK RI WKH LQGLYLGXDO WXPRUV ZDV LQYHUVHO\ FRUUHODWHG ZLWK DJH DW
LQLWLDO H[DPLQDWLRQ 6SHDUPDQ¶V UKR   S   EXW QRW ZLWK WKH WXPRU YROXPH RQ LQLWLDO
05, H[DPLQDWLRQ $OVR WXPRUV WKDW JUHZ PRUH WKDQ  SHU \HDU ZHUH VLJQLILFDQWO\ PRUH
IUHTXHQW DPRQJ FKLOGUHQ WKDQ DPRQJ DGXOWV S   ,Q VXPPDWLRQ ILQGLQJV IURP WKUHH
LQGHSHQGHQW UHWURVSHFWLYH UHYLHZV RI 31 YROXPH FOHDUO\ VKRZ WKDW WKH JURZWK UDWH RI 31V LQ 1)
SDWLHQWV LV LQYHUVHO\ FRUUHODWHG ZLWK DJH LQGLFDWLQJ GLVFUHWH DJH GHSHQGHQW WXPRU GLIIHUHQFHV
,Q DGGLWLRQ WR WXPRU YROXPH FKDQJHV WKLV VWXG\ LV VHHNLQJ WR DVVHVV FKDQJH LQ FOLQLFDO VWDWXV
ZKLOH RQ VWXG\ WUHDWPHQW 1) LV KLJKO\ YDULDEOH LQ LWV H[SUHVVLRQ ZLWK WKH VHYHULW\ DQG
VSHFLILFLW\ RI VSHFLILF PDQLIHVWDWLRQV YDU\LQJ DPRQJ DIIHFWHG LQGLYLGXDOV HYHQ ZLWKLQ WKH VDPH
IDPLO\ (DVWRQ  7KHUHIRUH D EURDG XQGHUVWDQGLQJ RI WKH FRPSOHWH HIIHFW RI WKH GLVHDVH RQ
WKH SDWLHQW¶V OLIH LV FULWLFDO (YHQ 31V FDQ KDYH GUDVWLFDOO\ GLIIHUHQW LPSDFWV RQ PRUELGLW\ DQG
PRUWDOLW\ SULPDULO\ GHSHQGHQW RQ ORFDWLRQ DQG JURZWK UDWH RI WKH 31 3OH[LIRUP QHXURILEURPDV
PD\ EH ORFDWHG VXSHUILFLDOO\ DQG DVVRFLDWHG ZLWK RYHUJURZWK RI VNLQ DQG VRIW WLVVXHV PD\ EH
ORFDWHG GHHS LQVLGH WKH ERG\ RU PD\ KDYH ERWK VXSHUILFLDO DQG GHHS FRPSRQHQWV 31V UHSUHVHQW
D PDMRU FDXVH RI PRUELGLW\ DQG GLVILJXUHPHQW LQ LQGLYLGXDOV ZLWK 1) DQG ZKHQ V\PSWRPDWLF
DUH DVVRFLDWHG ZLWK LQFUHDVHG PRUWDOLW\ 5DVPXVVHQ  3UDGD  $V WXPRU JURZWK
SURJUHVVHV VXFK OHVLRQV SURGXFH G\VIXQFWLRQ SDLQ FRVPHWLF GLVILJXUHPHQW DQG FDQ FRPSUHVV
WKH DLUZD\ RU VSLQDO FRUG 3DUWLFLSDQWV LQ 1) FOLQLFDO VWXGLHV DUH IROORZHG ORQJLWXGLQDOO\ ZLWK

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
SHULRGLF UDGLRJUDSKLF LPDJLQJ +RZHYHU GXH WR WKH LUUHJXODU DQG ILEURWLF QDWXUH RI
QHXURILEURPDV DVVHVVLQJ WXPRU PDVV DFFXUDWHO\ DQG FRQVLVWHQWO\ LV DQ DUGXRXV SURFHVV 6RPH
1) VWXGLHV KDYH DOVR UHSRUWHG LPSURYHPHQW RI FOLQLFDOO\ VLJQLILFDQW V\PSWRPV ZLWKRXW D
FRUUHODWLQJ VLJQLILFDQW GHFUHDVH LQ WXPRU VL]H -DNDNL  3DWLHQWV ZLWK OLWWOH WXPRU VKULQNDJH
KDYH DQHFGRWDOO\ UHSRUWHG ODUJH LPSURYHPHQWV LQ IXQFWLRQLQJ DQG ZHOOEHLQJ WKDW FRXOG EH
PHDVXUHG ZLWK D +542/ LQVWUXPHQW
7KH 3HGV4/  *HQHULF &RUH 6FDOHV DUH PXOWLGLPHQVLRQDO VHOIUHSRUW DQG SDUHQW SUR[\UHSRUW
VFDOHV WR DVVHVV +542/ LQ FKLOGUHQ DGROHVFHQWV \RXQJ DGXOWV DQG DGXOWV ,W LV D EULHI
VWDQGDUGL]HG +542/ VFDOH ZLWK JRRG UHOLDELOLW\ DQG YDOLGLW\ 7KH 3HGV4/ KDV IRXU VXEVFDOHV
SK\VLFDO IXQFWLRQLQJ HPRWLRQDO IXQFWLRQLQJ VRFLDO IXQFWLRQLQJ DQG VFKRROZRUN IXQFWLRQLQJ ,Q
DGGLWLRQ WR WKH 3HGV4/ RWKHU +542/ TXHVWLRQQDLUHV ZLOO EH FULWLFDO LQ FDSWXULQJ FKDQJHV LQ
FOLQLFDO VWDWXV LQFOXGLQJ FKDQJH LQ SDLQ 156 DQG 3,, DQG FKDQJH LQ SK\VLFDO IXQFWLRQ
3520,63K\VLFDO )XQFWLRQ0RELOLW\8SSHU ([WUHPLW\ 7KLV VWXG\ ZLOO XWLOL]H TXHVWLRQQDLUHV
DSSOLFDEOH IRU ERWK DGXOWV DQG SDUWLFLSDQWV  WR  \HDUV 0RVW +542/ ZLOO DOVR KDYH DQ
DVVRFLDWHG SDUHQWSUR[\ TXHVWLRQQDLUH :KLOH PRQLWRULQJ WKH FKDQJH LQ SDWLHQW SHUFHLYHG FKDQJH
LQ FOLQLFDO VWDWXV YLD +542/ TXHVWLRQQDLUHV SDUWLFLSDQWV HQWHULQJ WKH VWXG\ GXH WR D IXQFWLRQDO
LPSDLUPHQW ZLOO DOVR EH HYDOXDWHG IRU ORFDOL]HG VWUHQJWK DQG UDQJH RI PRWLRQ RI WKH LPSDLUHG
SK\VLRORJLFDO ORFDWLRQ 3DUDPRXQW WR WKH PDMRULW\ RI SDWLHQWV ZLWK D KLJKO\ PRUELG 31 SDWLHQW
SHUFHLYHG SDLQ DV ZHOO DV WUDFNLQJ RI DOO FRQFRPLWDQW DQDOJHVLF UHJLPHQV ZLOO DOVR EH PRQLWRUHG
WKURXJKRXW WKH VWXG\
/DVWO\ DQ HSLGHPLRORJLF VWXG\ FRQGXFWHG E\ .DOOLRQSDD HW DO DQDO\]HG WKH HVWLPDWHG SUHYDOHQFH
RI 1) E\ DJH LQ WKH )LQQLVK SRSXODWLRQ .DOOLRQSDD  7KHVH GDWD VKRZ DQ HVWLPDWHG
SUHYDOHQFH RI DSSUR[LPDWHO\  LQ  IRU DJHV  WR  DQG D SUHYDOHQFH GHFUHDVLQJ ZLWK DJH
UDQJLQJ IURP  LQ  WR  LQ  IRU DJH JURXSV  WR  DQG  WR  UHVSHFWLYHO\ %DVHG RQ
WKH LQFOXVLRQ RI SDUWLFLSDQWV   \HDUV LQ WKH SUHYLRXVO\ FRQGXFWHG 3KDVH  VWXG\ E\
:HLVV HW DO WKH MXYHQLOH DJH RI DQLPDOV XVHG LQ SUHYLRXV WR[LFRORJ\ VWXGLHV DQG WKH ODFN RI DQ\
DJH VSHFLILF VDIHW\ VLJQDOV IRU WKH DGROHVFHQW SRSXODWLRQ WKLV VWXG\ ZLOO HQUROO SDUWLFLSDQWV
  \HDUV RI DJH

-XVWLILFDWLRQ IRU 'RVH
7KH UDWLRQDOH IRU H[SORULQJ GRVHV RI PLUGDPHWLQLE 3' DV ORZ DV  PJ LV EDVHG RQ WKH
REVHUYDWLRQ WKDW 3'   PJ %,' FRQVLVWHQWO\ FDXVHG   VXSSUHVVLRQ RI
SKRVSKRU\ODWHG (5. LQ WXPRU ELRSVLHV RI SDWLHQWV ZLWK PHODQRPD GXULQJ WKH )LUVW,Q3DWLHQW
VWXG\ RI 3' ,Q DGGLWLRQ SODVPD FRQFHQWUDWLRQV DFKLHYHG LQ DGXOWV DW WKH GRVHV
SURSRVHG IRU WKLV WULDO ZHUH VLPLODU WR WKH SODVPD FRQFHQWUDWLRQV LQ PLFH ZKLFK UHVXOWHG LQ WXPRU
YROXPH UHGXFWLRQV LQ  RI PLFH )XUWKHU H[SORUDWLRQ RI ORZGRVHV RI 3' LV
VXSSRUWHG E\ WKH 3KDVH  GDWD ZKLFK FRQFOXGHG WKDW DQ LQWHUPLWWHQW GRVH VFKHGXOLQJ EHWZHHQ
 DQG  PJ %,' VKRXOG EH H[SORUHG WR LGHQWLI\ D UHFRPPHQGHG GRVH IRU ORQJWHUP XVH RI
3' /R5XVVR 
$V GHVFULEHG LQ 6HFWLRQ  WKH 3KDVH  VWXG\ FRQGXFWHG E\ :HLVV HW DO XWLOL]HG D GRVH RI
 PJP LQWHUPLWWHQW VFKHGXOH ZKLFK ZDV ZHOO WROHUDWHG DQG UHVXOWHG LQ UHVSRQVH UDWHV !  DW

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
 PRQWKV :HLVV  %DVHG RQ WKLV VWXG\ DQG LQIRUPDWLRQ WKDW GRVHV DV ORZ DV  PJ %,'
FRQVLVWHQWO\ FDXVHG   VXSSUHVVLRQ RI SKRVSKRU\ODWHG (5. WKH IROORZLQJ GRVLQJ QRPRJUDP
ZDV VHOHFWHG IRU WKLV 3KDVH E VWXG\ 1RWDEO\ WKH GLVSHUVLEOH WDEOHW IRUPXODWLRQ SHGLDWULF
IRUPXODWLRQ LV DYDLODEOH LQ  PJ LQFUHPHQWV ZKHUHDV WKH FDSVXOH IRUPXODWLRQ LV RQO\ DYDLODEOH
LQ  PJ LQFUHPHQWV 7KHUHIRUH ZKLOH WKH DSSUR[LPDWH WRWDO GRVH SHU %6$ LV WKH VDPH UHJDUGOHVV
RI IRUPXODWLRQ WKH XQLW GRVH SHU %6$ PD\ YDU\ EHWZHHQ IRUPXODWLRQV

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

6WXG\ 3RSXODWLRQ
7KH HVWLPDWHG QXPEHU RI SDUWLFLSDQWV DVVLJQHG WR VWXG\ WUHDWPHQW LV  SDUWLFLSDQWV EHWZHHQ
WZR FRKRUWV DSSUR[LPDWHO\  SDUWLFLSDQWV   \HDUV RI DJH DQG  SDUWLFLSDQWV  WR  \HDUV RI
DJH 7KH ILUVW  SDUWLFLSDQWV HQUROOHG LQ WKH SHGLDWULF FRKRUW PXVW EH  WR  \HDUV RI DJH DW WKH
WLPH RI VLJQLQJ LQIRUPHG FRQVHQW 2QO\ DIWHU '0& HYDOXDWLRQ RI DW OHDVW  F\FOHV RI FXPXODWLYH
VDIHW\ GDWD IRU WKHVH  SDUWLFLSDQWV ZLOO WKH SHGLDWULF FRKRUW EH H[SDQGHG GRZQ WR  \HDUV RI DJH
3URVSHFWLYH DSSURYDO RI SURWRFRO GHYLDWLRQV WR UHFUXLWPHQW DQG HQUROOPHQW FULWHULD DOVR NQRZQ DV
SURWRFRO ZDLYHUV RU H[HPSWLRQV LV QRW SHUPLWWHG

,QFOXVLRQ &ULWHULD
3DUWLFLSDQWV DUH HOLJLEOH WR EH LQFOXGHG LQ WKH VWXG\ RQO\ LI DOO RI WKH IROORZLQJ FULWHULD DSSO\
$JH
 3DUWLFLSDQW PXVW EH   \HDUV RI DJH LQFOXVLYH DW WKH WLPH RI VLJQLQJ WKH LQIRUPHG
FRQVHQWDVVHQW
7\SH RI 3DUWLFLSDQW DQG 'LVHDVH &KDUDFWHULVWLFV
 3DUWLFLSDQWV PXVW KDYH (,7+(5 WKH FOLQLFDO GLDJQRVLV RI 1) XVLQJ WKH 1DWLRQDO ,QVWLWXWH RI
+HDOWK 1,+ &RQVHQVXV &RQIHUHQFH FULWHULD RI DW OHDVW  RWKHU GLDJQRVWLF FULWHULRQ ,QFOXVLRQ
 ±  VHH EHORZ LQ DGGLWLRQ WR WKH SUHVHQFH RI 31 25 KDYH D FRQVWLWXWLRQDO 1)
PXWDWLRQ GRFXPHQWHG LQ D &OLQLFDO /DERUDWRU\ ,PSURYHPHQW $PHQGPHQWV  &ROOHJH RI
$PHULFDQ 3DWKRORJLVWV FHUWLILHG ODE DGGLWLRQDO FULWHULD DUH DV IROORZV
 6L[ RU PRUH FDIpDXODLW PDFXOHV ZLWK D GLDPHWHU !  PP LQ SUHSXEHUWDO DQG !  PP LQ
SRVWSXEHUWDO LQGLYLGXDOV UHVSHFWLYHO\
 )UHFNOLQJ LQ D[LOOD RU LQJXLQDO UHJLRQV
 2SWLF JOLRPD
 7ZR RU PRUH /LVFK QRGXOHV
 $ GLVWLQFWLYH ERQ\ OHVLRQ G\VSODVLD RI WKH VSKHQRLG ERQH RU G\VSODVLD RI WKLQQLQJ RI
ORQJ ERQH FRUWH[
 $ ILUVW GHJUHH UHODWLYH ZLWK 1)
 3DUWLFLSDQWV PXVW KDYH D WDUJHW 31 WKDW LV FDXVLQJ VLJQLILFDQW PRUELGLW\ VXFK DV EXW QRW
OLPLWHG WR KHDG DQG QHFN OHVLRQV WKDW DUH FRPSURPLVLQJ WKH DLUZD\ RU JUHDW YHVVHOV EUDFKLDO
RU OXPEDU SOH[XV OHVLRQV WKDW DUH FDXVLQJ QHUYH FRPSUHVVLRQ DQG ORVV RI IXQFWLRQ OHVLRQV
FDXVLQJ PDMRU GHIRUPLW\ RU DUH VLJQLILFDQWO\ GLVILJXULQJ ,QFOXVLRQ  OHVLRQV RI WKH
H[WUHPLW\ WKDW FDXVH OLPE K\SHUWURSK\ RU ORVV RI IXQFWLRQ DQG SDLQIXO OHVLRQV 3DUWLFLSDQWV
ZLWK SDUDVSLQDO 31V ZLOO EH HOLJLEOH IRU WKLV VWXG\ +LVWRORJLF FRQILUPDWLRQ RI WXPRU LV QRW
QHFHVVDU\ LQ WKH SUHVHQFH RI FRQVLVWHQW FOLQLFDO DQG UDGLRJUDSKLF ILQGLQJV EXW VKRXOG EH
FRQVLGHUHG LI PDOLJQDQW GHJHQHUDWLRQ RI D 31 LV FOLQLFDOO\ VXVSHFWHG

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
 )RU SDUWLFLSDQWV HQUROOHG H[FOXVLYHO\ IRU D ³PDMRU GHIRUPLW\´ RU ³VLJQLILFDQWO\
GLVILJXULQJ´ WXPRU HOLJLEOH WXPRUV ZLOO EH OLPLWHG WR WXPRUV RI WKH KHDG 	 QHFN RU WKRVH
RQ RWKHU DUHDV RI WKH ERG\ WKDW DUH XQDEOH WR EH FRQFHDOHG E\ VWDQGDUG JDUPHQWV ,Q RUGHU
WR HQUROO D 31 IRU WKHVH LQGLFDWLRQV WKH 0HGLFDO 0RQLWRU PXVW EH FRQWDFWHG WR UHYLHZ
SDUWLFLSDQW HOLJLELOLW\ SULRU WR ILUVW GRVH RI VWXG\ WUHDWPHQW
 3DUWLFLSDQW KDV D WDUJHW 31 WKDW LV GHHPHG LQRSHUDEOH GHILQHG DV D 31 WKDW FDQQRW EH
FRPSOHWHO\ VXUJLFDOO\ UHPRYHG ZLWKRXW ULVN IRU VXEVWDQWLDO PRUELGLW\ GXH WR HQFDVHPHQW RI
RU FORVH SUR[LPLW\ WR YLWDO VWUXFWXUHV LQYDVLYHQHVV RU KLJK YDVFXODULW\ RI WKH 31 RU WKH
SDUWLFLSDQW UHIXVHV VXUJHU\ 3DUWLFLSDQWV ZKR SUHYLRXVO\ XQGHUZHQW VXUJHU\ IRU D 31 ZLOO EH
HOLJLEOH WR HQWHU WKH VWXG\ DIWHU WKH VXUJHU\ SURYLGHG WKH 31 ZDV LQFRPSOHWHO\ UHVHFWHG DQG LV
HYDOXDEOH E\ YROXPHWULF DQDO\VLV
 3DUWLFLSDQWV PXVW KDYH D WDUJHW 31 GHILQHG DV WKH FOLQLFDOO\ PRVW UHOHYDQW 31 DPHQDEOH WR
YROXPHWULF 05, DQDO\VLV )RU WKH SXUSRVH RI WKLV VWXG\ WKH WDUJHW 31 PXVW EH VHHQ RQ DW OHDVW
 FRQVHFXWLYH 05, VOLFHV DQG WKH ILHOG RI YLHZ PXVW FRQWDLQ WKH HQWLUH WXPRU RI LQWHUHVW $V
GHWHUPLQHG E\ FHQWUDO UDGLRORJLF UHYLHZ D WDUJHW 31 PXVW EH DQDO\]DEOH E\ YROXPHWULFV
XVLQJ WKH 5(L16 FULWHULD DW OHDVW  P/ LQ YROXPH DQG ZLOO EH FODVVLILHG DV ³W\SLFDO 31´
³QRGXODU 31´ RU VROLWDU\ QRGXODU 31 SULRU WR ILUVW GRVH RI VWXG\ WUHDWPHQW
 3DUWLFLSDQWV   \HDUV RI DJH PXVW KDYH D 31 DPHQDEOH WR D SHUFXWDQHRXV ELRSV\ DQG PXVW
EH ZLOOLQJ WR XQGHUJR SUH DQG HQG RI WUHDWPHQW WXPRU ELRSVLHV SURYLGLQJ IUHVK WXPRU WLVVXH
WKHUH VKRXOG EH QR FRQWUDLQGLFDWLRQ IRU VHULDO ELRSV\ 3DUWLFLSDQWV  WR  \HDUV RI DJH VKRXOG
QRW XQGHUJR ELRSV\ XQOHVV WKHUH LV D FOLQLFDO LQGLFDWLRQ WR REWDLQ IUHVK WXPRU WLVVXH
 3DUWLFLSDQWV   \HDUV RI DJH PXVW KDYH D .DUQRIVN\ SHUIRUPDQFH OHYHO RI   DQG
SDUWLFLSDQWV   \HDUV PXVW KDYH D /DQVN\ SHUIRUPDQFH RI   1RWH 3DUWLFLSDQWV ZKR
DUH XQDEOH WR ZDON EHFDXVH RI SDUDO\VLV EXW ZKR DUH XSULJKW LQ D ZKHHOFKDLU ZLOO EH
FRQVLGHUHG DPEXODWRU\ IRU WKH SXUSRVH RI DVVHVVLQJ WKH SHUIRUPDQFH VFRUH
 3DUWLFLSDQW KDV DGHTXDWH RUJDQ DQG ERQH PDUURZ IXQFWLRQ DV GHILQHG E\ WKH IROORZLQJ
6FUHHQLQJ ODERUDWRU\ YDOXHV
 $EVROXWH QHXWURSKLO FRXQW   FHOOV/
 3ODWHOHWV   [ /
 +HPRJORELQ   JG/
 6HUXP DOEXPLQ   JG/

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
x
0XVW DJUHH WR XVH D PDOH FRQGRP ZKHQ KDYLQJ VH[XDO LQWHUFRXUVH ZLWK D ZRPDQ
RI FKLOGEHDULQJ SRWHQWLDO :2&%3 $Q DGGLWLRQDO IRUP RI FRQWUDFHSWLRQ DV
GHVFULEHG LQ 6HFWLRQ  VKRXOG DOVR EH XVHG E\ WKH IHPDOH SDUWQHU LI VKH LV RI
FKLOGEHDULQJ SRWHQWLDO 5HIHU WR 6HFWLRQ  IRU GHILQLWLRQ RI D :2&3%
E )HPDOH SDUWLFLSDQWV
)HPDOH SDUWLFLSDQWV DUH HOLJLEOH WR SDUWLFLSDWH LI WKH\ DUH QRW SUHJQDQW RU EUHDVWIHHGLQJ
DQG DW OHDVW RQH RI WKH IROORZLQJ FRQGLWLRQV DSSOLHV
x
,V QRW D ZRPDQ RI FKLOGEHDULQJ SRWHQWLDO UHIHU WR 6HFWLRQ  IRU GHILQLWLRQ RI
:2&%3
25
x
,V D :2&%3 DQG XVLQJ D FRQWUDFHSWLYH PHWKRG WKDW LV KLJKO\ HIIHFWLYH ZLWK D
IDLOXUH UDWH RI   SHU \HDU SUHIHUDEO\ ZLWK ORZ XVHU GHSHQGHQF\ DV
GHVFULEHG LQ 6HFWLRQ  GXULQJ WKH 7UHDWPHQW 3KDVH DQG /7)8 3KDVH DV
DSSOLFDEOH DQG IRU DW OHDVW  GD\V DIWHU WKH ODVW GRVH RI VWXG\ WUHDWPHQW DQG
DJUHHV QRW WR GRQDWH HJJV RYD RRF\WHV IRU WKH SXUSRVH RI UHSURGXFWLRQ GXULQJ
WKH VWXG\ DQG IRU D SHULRG RI  GD\V DIWHU ODVW GRVH RI VWXG\ WUHDWPHQW 7KH
,QYHVWLJDWRU VKRXOG HYDOXDWH WKH HIIHFWLYHQHVV RI WKH FRQWUDFHSWLYH PHWKRG LQ
UHODWLRQVKLS WR WKH ILUVW GRVH RI VWXG\ WUHDWPHQW
R
$ :2&%3 PXVW KDYH D QHJDWLYH VHUXP SUHJQDQF\ WHVW UHVXOW DW 6FUHHQLQJ
DQG D QHJDWLYH XULQH SUHJQDQF\ WHVW UHVXOW DW WKH %DVHOLQH YLVLW SULRU WR WKH
ILUVW GRVH RI VWXG\ WUHDWPHQW
x
7KH ,QYHVWLJDWRU LV UHVSRQVLEOH IRU UHYLHZ RI PHGLFDO KLVWRU\ PHQVWUXDO KLVWRU\
DQG UHFHQW VH[XDO DFWLYLW\ WR GHFUHDVH WKH ULVN IRU LQFOXVLRQ RI D ZRPDQ ZLWK DQ
HDUO\ XQGHWHFWHG SUHJQDQF\
,QIRUPHG &RQVHQW$VVHQW
 7KH ,QYHVWLJDWRU RU D SHUVRQ GHVLJQDWHG E\ WKH ,QYHVWLJDWRU ZLOO REWDLQ ZULWWHQ LQIRUPHG
FRQVHQW IURP HDFK VWXG\ SDUWLFLSDQW RU WKH SDUWLFLSDQW
V OHJDOO\ DFFHSWDEOH UHSUHVHQWDWLYH
SDUHQWV RU OHJDO JXDUGLDQ DQG WKH SDUWLFLSDQW¶V DVVHQW ZKHQ DSSOLFDEOH EHIRUH DQ\ VWXG\
VSHFLILF DFWLYLW\ LV SHUIRUPHG 7KH ,QYHVWLJDWRU ZLOO UHWDLQ WKH RULJLQDO FRS\ RI HDFK
SDUWLFLSDQW
V VLJQHG FRQVHQWDVVHQW GRFXPHQW

([FOXVLRQ &ULWHULD
3DUWLFLSDQWV DUH H[FOXGHG IURP WKH VWXG\ LI DQ\ RI WKH IROORZLQJ FULWHULD DSSO\
0HGLFDO &RQGLWLRQV
 3DUWLFLSDQW KDV D 6FUHHQLQJ DODQLQH WUDQVDPLQDVH $/7 YDOXH RI !  [ XSSHU OLPLW RI
QRUPDO 8/1

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
 3DUWLFLSDQW KDV D 6FUHHQLQJ WRWDO ELOLUXELQ YDOXH RI !  [ 8/1 LVRODWHG ELOLUXELQ !  [
8/1 LV DFFHSWDEOH LI ELOLUXELQ LV IUDFWLRQDWHG DQG GLUHFW ELOLUXELQ  
 3DUWLFLSDQW KDV D KLVWRU\ RI PDOLJQDQF\ DVVRFLDWHG K\SHUFDOFHPLD
 3DUWLFLSDQW KDV DQ DFWLYH SDUDWK\URLG GLVRUGHU K\SHUSKRVSKDWHPLD DW 6FUHHQLQJ VHUXP
SKRVSKRUXV !  [ 8/1 RU VHUXP FDOFLXP PJG/ [ VHUXP SKRVSKRUXV PJG/ SURGXFW !
 DW 6FUHHQLQJ
 $Q\ FOLQLFDOO\ VLJQLILFDQW DFWLYH RU NQRZQ KLVWRU\ RI OLYHU GLVHDVH RU NQRZQ KHSDWLF RU
ELOLDU\ DEQRUPDOLWLHV ZLWK WKH H[FHSWLRQ RI *LOEHUW
V V\QGURPH RU DV\PSWRPDWLF JDOOVWRQHV
 +HSDWLWLV VHURORJ\ DQG YLUDO ORDG ZLOO EH WHVWHG DW 6FUHHQLQJ 3DWLHQWV ZKR DUH KHSDWLWLV %
VXUIDFH DQWLJHQ +%V$J SRVLWLYH RU KHSDWLWLV & YLUXV +&9 DQWLERG\ SRVLWLYH DW
6FUHHQLQJ PXVW QRW EH HQUROOHG XQWLO IXUWKHU GHILQLWH WHVWLQJ ZLWK KHSDWLWLV % YLUXV +%9
GHR[\ULERQXFOHLF DFLG '1$ WLWHUV LV   ,8P/ RU +&9 ULERQXFOHLF DFLG 51$
SRO\PHUDVH FKDLQ UHDFWLRQ WHVW LV QHJDWLYH
 /\PSKRPD OHXNHPLD RU DQ\ PDOLJQDQF\ LQFOXGLQJ PDOLJQDQW JOLRPD RU 03167 ZLWKLQ
WKH SDVW  \HDUV H[FHSW IRU EDVDO FHOO RU VTXDPRXV HSLWKHOLDO FDUFLQRPDV RI WKH VNLQ WKDW KDYH
EHHQ UHVHFWHG ZLWK QR HYLGHQFH RI PHWDVWDWLF GLVHDVH IRU  \HDUV
 %UHDVW FDQFHU ZLWKLQ WKH SDVW  \HDUV
 3DUWLFLSDQWV ZLWK HYLGHQFH RI DQ DFWLYH RSWLF JOLRPD RU RWKHU ORZJUDGH JOLRPD UHTXLULQJ
WUHDWPHQW ZLWK FKHPRWKHUDS\ RU UDGLDWLRQ WKHUDS\ 3DUWLFLSDQWV QRW UHTXLULQJ WUHDWPHQW DUH
HOLJLEOH 2SKWKDOPRORJLFDO ILQGLQJV VHFRQGDU\ WR ORQJVWDQGLQJ RSWLF SDWKZD\ JOLRPD VXFK
DV YLVXDO ORVV RSWLF QHUYH SDOORU RU VWUDELVPXV RU ORQJVWDQGLQJ RUELWRWHPSRUDO 31 VXFK DV
YLVXDO ORVV VWUDELVPXV ZLOO 127 EH FRQVLGHUHG D VLJQLILFDQW DEQRUPDOLW\ IRU WKH SXUSRVHV RI
WKH VWXG\
 3DUWLFLSDQW KDV DEQRUPDO 47 LQWHUYDO FRUUHFWHG E\ )ULGHULFLD¶V IRUPXOD !  PVHF IRU PDOH
SDUWLFLSDQWV !  PVHF IRU IHPDOH SDUWLFLSDQWV RU !  PVHF IRU SDUWLFLSDQWV ZLWK EXQGOH
EUDQFK EORFN WULSOLFDWH (&* UHDGLQJV WDNHQ DSSUR[LPDWHO\  WR  PLQXWHV DSDUW DQG
DYHUDJHG DW 6FUHHQLQJ
 3DUWLFLSDQW KDV H[SHULHQFHG DQ\ RI WKH IROORZLQJ ZLWKLQ  PRQWKV  ZHHNV RI VLJQLQJ
LQIRUPHG FRQVHQWDVVHQW FOLQLFDOO\ VLJQLILFDQW FDUGLDF GLVHDVH P\RFDUGLDO LQIDUFWLRQ
VHYHUHXQVWDEOH DQJLQD FRURQDU\SHULSKHUDO DUWHU\ E\SDVV JUDIW FHUHEURYDVFXODU DFFLGHQW
WUDQVLHQW LVFKHPLF DWWDFN RU V\PSWRPDWLF SXOPRQDU\ HPEROLVP
 3DUWLFLSDQW KDV UHFRUGHG D /9()   DW 6FUHHQLQJ RU ZLWKLQ  \HDUV RI VLJQLQJ LQIRUPHG
FRQVHQWDVVHQW 25 KDV D KLVWRU\ RI FRQJHVWLYH KHDUW IDLOXUH
 3DUWLFLSDQW KDV D KLVWRU\ RI RU HYLGHQFH RI UHWLQDO SDWKRORJ\ RQ RSKWKDOPRORJLF H[DPLQDWLRQ
WKDW LV FRQVLGHUHG D ULVN IDFWRU IRU FHQWUDO VHURXV UHWLQRSDWK\ UHWLQDO YHLQ RFFOXVLRQ 592 RU
QHRYDVFXODU PDFXODU GHJHQHUDWLRQ 3DUWLFLSDQWV ZLOO EH H[FOXGHG IURP VWXG\ SDUWLFLSDWLRQ LI
WKH\ KDYH DQ\ RI WKH IROORZLQJ ULVN IDFWRUV IRU 592 DW 6FUHHQLQJ

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
 ,QWUDRFXODU SUHVVXUH !  PP+J
 6HUXP FKROHVWHURO !  PJG/
 6HUXP WULJO\FHULGHV !  PJG/
 +\SHUJO\FHPLD IDVWLQJ EORRG JOXFRVH !  PJG/ RU UDQGRP EORRG JOXFRVH
!  PJG/
 $JH VSHFLILF K\SHUWHQVLRQ
 3DUWLFLSDQWV   \HDUV RI DJH ZLWK D EORRG SUHVVXUH   PP +J
 3DUWLFLSDQWV   \HDUV RI DJH ZLWK D EORRG SUHVVXUH  WK SHUFHQWLOH IRU DJH
 PP+J 6HFWLRQ 
 3DUWLFLSDQW KDV D KLVWRU\ RI JODXFRPD
 3DUWLFLSDQW KDV D KLVWRU\ RI D SRVLWLYH KXPDQ LPPXQRGHILFLHQF\ YLUXV +,9 DQWLERG\ WHVW
 3DUWLFLSDQW KDV D NQRZQ PDODEVRUSWLRQ V\QGURPH RU SUHH[LVWLQJ JDVWURLQWHVWLQDO FRQGLWLRQV
WKDW PD\ LPSDLU DEVRUSWLRQ RI 3' HJ JDVWULF E\SDVV ODS EDQG RU RWKHU JDVWULF
SURFHGXUHV 'HOLYHU\ RI 3' YLD QDVRJDVWULF WXEH RU JDVWURVWRP\ WXEH LV QRW
DOORZHG
3ULRU&RQFRPLWDQW 7KHUDS\
 3DUWLFLSDQW KDV UHFHLYHG 1) 31WDUJHWHG WKHUDS\ HJ IDUQHV\OWUDQVIHUDVH LQKLELWRUV NLQDVH
LQKLELWRUV HWF ZLWKLQ  GD\V RI ILUVW GRVH RI VWXG\ WUHDWPHQW RU  KDOIOLYHV ZKLFKHYHU LV
ORQJHU $OO WR[LFLWLHV IURP SULRU WKHUDS\ PXVW UHVROYH WR  *UDGH  RU %DVHOLQH
 3DUWLFLSDQW SUHYLRXVO\ UHFHLYHG RU LV FXUUHQWO\ UHFHLYLQJ WKHUDS\ ZLWK 3' RU DQ\
RWKHU 0(. LQKLELWRU HJ VHOXPHWLQLE WUDPHWLQLE FRELPHWLQLE ELQLPHWLQLE HWF
 3DUWLFLSDQW LV UHFHLYLQJ V\VWHPLF LQKDOHG RU RFXODU JOXFRFRUWLFRLG WKHUDS\ ZLWK WKH
H[FHSWLRQ RI SDUWLFLSDQWV ZLWK HQGRFULQH GHILFLHQFLHV ZKR DUH DOORZHG WR UHFHLYH SK\VLRORJLF
RU VWUHVV GRVHV RI VWHURLGV LI QHFHVVDU\ ZLWKLQ  GD\V SULRU WR ILUVW GRVH RI VWXG\ WUHDWPHQW
 3DUWLFLSDQW KDV UHFHLYHG UDGLDWLRQ WKHUDS\ ZLWKLQ WKH  PRQWKV SULRU WR VLJQLQJ RI LQIRUPHG
FRQVHQWDVVHQW 3DUWLFLSDQWV ZKR KDYH UHFHLYHG UDGLDWLRQ WR WKH RUELW DW DQ\ WLPH DUH H[FOXGHG
3ULRU&RQFXUUHQW &OLQLFDO 6WXG\ ([SHULHQFH
 &XUUHQW HQUROOPHQW RU SDVW SDUWLFLSDWLRQ LQ DQ\ RWKHU FOLQLFDO VWXG\ H[FOXGLQJ REVHUYDWLRQDO
VWXGLHV ZLWKLQ  GD\V RI VLJQLQJ RI LQIRUPHG FRQVHQWDVVHQW
2WKHU ([FOXVLRQV
 3DUWLFLSDQW LV XQDEOH WR WROHUDWH 05, RU IRU ZKRP 05, LV FRQWUDLQGLFDWHG
 7XPRU LV QRW DEOH WR EH UHOLDEO\ HYDOXDWHG E\ 05, YROXPHWULF DQDO\VLV

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
 6HQVLWLYLW\ WR WKH VWXG\ WUHDWPHQW RU FRPSRQHQWV WKHUHRI RU GUXJ RU RWKHU DOOHUJ\ WKDW LQ WKH
RSLQLRQ RI WKH ,QYHVWLJDWRU RU 0HGLFDO 0RQLWRU FRQWUDLQGLFDWHV SDUWLFLSDWLRQ LQ WKH VWXG\
 3DUWLFLSDQW ZLWK DFWLYH EDFWHULDO IXQJDO RU YLUDO LQIHFWLRQ LQFOXGLQJ EXW QRW OLPLWHG WR WKH XVH
RI DQWLELRWLFV DQWLIXQJDOV RU DQWLYLUDO DJHQWV DW WKH WLPH RI 6FUHHQLQJ
 8QGHUO\LQJ PHGLFDO FRQGLWLRQV ODERUDWRU\ DEQRUPDOLW\ RU DOFRKRO RU GUXJ DEXVH RU
GHSHQGHQFH WKDW LQ WKH ,QYHVWLJDWRU¶V RSLQLRQ ZLOO EH XQIDYRUDEOH IRU WKH DGPLQLVWUDWLRQ RI
VWXG\ WUHDWPHQW RU DIIHFW WKH H[SODQDWLRQ RI GUXJ WR[LFLW\ RU DGYHUVH HYHQWV RU LQVXIILFLHQW
FRPSOLDQFH GXULQJ WKH VWXG\ DFFRUGLQJ WR ,QYHVWLJDWRU¶V MXGJHPHQW RU
 3DUWLFLSDQW KDV H[SHULHQFHG RWKHU VHYHUH DFXWH RU FKURQLF PHGLFDO RU SV\FKLDWULF FRQGLWLRQV
LQFOXGLQJ UHFHQW ZLWKLQ  \HDU RI VLJQLQJ LQIRUPHG FRQVHQWDVVHQW RU DFWLYH VXLFLGDO LGHDWLRQ
RU EHKDYLRU RU D ODERUDWRU\ DEQRUPDOLW\ WKDW PD\ LQFUHDVH WKH ULVN DVVRFLDWHG ZLWK VWXG\
SDUWLFLSDWLRQ RU VWXG\ WUHDWPHQW DGPLQLVWUDWLRQ RU PD\ LQWHUIHUH ZLWK WKH LQWHUSUHWDWLRQ RI
VWXG\ UHVXOWV DQG LQ WKH MXGJPHQW RI WKH ,QYHVWLJDWRU ZRXOG PDNH WKH SDUWLFLSDQW
LQDSSURSULDWH IRU HQWU\ LQWR WKLV VWXG\

/LIHVW\OH &RQVLGHUDWLRQV
 7KHUH DUH QR OLIHVW\OH UHVWULFWLRQV LQ WKLV VWXG\
 6WXG\ WUHDWPHQW PD\ EH WDNHQ ZLWKRXW UHJDUG WR IRRG
 5HIHU WR 6HFWLRQ  IRU PRUH GHWDLO RQ FRQFRPLWDQW WKHUDS\ LQFOXGLQJ H[FOXVLRQV DQG
UHVWULFWLRQV

6FUHHQ )DLOXUHV
6FUHHQ IDLOXUHV DUH GHILQHG DV SDUWLFLSDQWV ZKR FRQVHQWDVVHQW WR SDUWLFLSDWH LQ WKH FOLQLFDO VWXG\
EXW DUH QRW VXEVHTXHQWO\ DVVLJQHG WR VWXG\ WUHDWPHQW 3' DW &\FOH  'D\  RI WKH
7UHDWPHQW 3KDVH $ PLQLPDO VHW RI VFUHHQ IDLOXUH LQIRUPDWLRQ LV UHTXLUHG WR HQVXUH WUDQVSDUHQW
UHSRUWLQJ RI VFUHHQ IDLOXUH SDUWLFLSDQWV WR PHHW WKH &RQVROLGDWHG 6WDQGDUGV RI 5HSRUWLQJ 7ULDOV
SXEOLVKLQJ UHTXLUHPHQWV DQG WR UHVSRQG WR TXHULHV IURP UHJXODWRU\ DXWKRULWLHV 0LQLPDO
LQIRUPDWLRQ LQFOXGHV GHPRJUDSK\ VFUHHQ IDLOXUH GHWDLOV HOLJLELOLW\ FULWHULD DQG DQ\ VHULRXV
DGYHUVH HYHQW 6$(
,QGLYLGXDOV ZKR GR QRW PHHW WKH FULWHULD IRU SDUWLFLSDWLRQ LQ WKLV VWXG\ VFUHHQ IDLOXUH PD\ EH
UHVFUHHQHG DW DQ\ WLPH DQG GR QRW QHHG WR ZDLW WKH IXOO  GD\V RI WKH 6FUHHQLQJ SHULRG 7KHVH
FDVHV PXVW EH GLVFXVVHG ZLWK WKH 0HGLFDO 0RQLWRU SULRU WR UHVFUHHQLQJ 7KH SDUWLFLSDQW PXVW EH
UHFRQVHQWHGDVVHQWHG LI DSSURYHG IRU UHVFUHHQLQJ ,Q DGGLWLRQ DOO 6FUHHQLQJ DVVHVVPHQWV PXVW EH
UHSHDWHG ZLWK WKH H[FHSWLRQ RI LPDJLQJ HFKRFDUGLRJUDP DQG WKH RSKWKDOPLF DVVHVVPHQW ZKLFK
ZRXOG RQO\ EH UHSHDWHG LI WKH DVVHVVPHQWV ZHUH REWDLQHG !  GD\V SULRU WR WKH ILUVW GRVH RI VWXG\
WUHDWPHQW 7KHUH LV QR VHW OLPLW WR KRZ PDQ\ WLPHV D SDUWLFLSDQW PD\ EH UHVFUHHQHG LI WKH
,QYHVWLJDWRU FRQVLGHUV WKH UHVFUHHQLQJ PHGLFDOO\ DQG VFLHQWLILFDOO\ DSSURSULDWH 5HVFUHHQHG
SDUWLFLSDQWV ZLOO EH DVVLJQHG D QHZ SDUWLFLSDQW QXPEHU DW WKH WLPH RI UHVFUHHQLQJ XVLQJ
LQWHUDFWLYH UHVSRQVH WHFKQRORJ\ ,57

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

6WXG\ 7UHDWPHQW
6WXG\ WUHDWPHQW IRU WKLV VWXG\ LV GHILQHG DV LQYHVWLJDWLRQDO SURGXFW DQG LQWHQGHG WR EH
DGPLQLVWHUHG WR D VWXG\ SDUWLFLSDQW DFFRUGLQJ WR WKH VWXG\ SURWRFRO )RU WKLV SURWRFRO VWXG\
WUHDWPHQW UHIHUV WR FDSVXOHV RU GLVSHUVLEOH WDEOHWV SHGLDWULF IRUPXODWLRQ RI PLUGDPHWLQLE
3'

6WXG\ 7UHDWPHQW $GPLQLVWHUHG
x
3DUWLFLSDQWV XWLOL]LQJ WKH FDSVXOH GRVDJH IRUP RI VWXG\ WUHDWPHQW
R
3DUWLFLSDQWV ZLOO EH LQVWUXFWHG WR VZDOORZ FDSVXOHV ZKROH DQG QRW WR RSHQ RU FKHZ
WKHP SULRU WR VZDOORZLQJ
R
1R FDSVXOH VKRXOG EH LQJHVWHG LI LW LV EURNHQ FUDFNHG RU RWKHUZLVH QRW LQWDFW
x
3DUWLFLSDQWV XWLOL]LQJ WKH GLVSHUVLEOH WDEOHW SHGLDWULF IRUPXODWLRQ GRVDJH IRUP RI VWXG\
WUHDWPHQW
R
$GGLWLRQDO GRVDJH SUHSDUDWLRQ LQVWUXFWLRQV PXVW EH SURYLGHG WR WKH SDUWLFLSDQW
DQGRU SULPDU\ FDUHJLYHU
R
3DUWLFLSDQWV ZLOO EH LQVWUXFWHG WR GLVSHUVH WKH WDEOHWV LQ ZDWHU LQ D SURYLGHG RUDO
GRVLQJ V\ULQJH LPPHGLDWHO\ SULRU WR DGPLQLVWUDWLRQ 7DEOHWV VKRXOG QHYHU EH
FUXVKHG FKHZHG RU VZDOORZHG ZKROH
x
3DUWLFLSDQWV VKRXOG EH HQFRXUDJHG WR WDNH WKHLU GRVH DSSUR[LPDWHO\ HYHU\  KRXUV DQG
FDQ EH WDNHQ ZLWKRXW UHJDUG WR IRRG
x
'HOLYHU\ RI DQ\ GRVDJH IRUP RI PLUGDPHWLQLE 3' YLD QDVRJDVWULF WXEH RU
JDVWURVWRP\ WXEH LV QRW DOORZHG
x
'XULQJ WKH 7UHDWPHQW 3KDVH SDUWLFLSDQWV ZLOO EH LQVWUXFWHG WR UHFRUG GDLO\ DGPLQLVWUDWLRQ
RI VWXG\ WUHDWPHQW GRVH LQ D KRPH HOHFWURQLF SDWLHQW UHSRUWHG RXWFRPH H352 GHYLFH
ZKLFK ZLOO EH SURYLGHG E\ WKH 6SRQVRU 0LVVHG GRVHV ZLOO DOVR EH UHFRUGHG LQ WKH KRPH
H352 GHYLFH )RU SDUWLFLSDQWV   \HDUV RI DJH WKH SULPDU\ FDUHJLYHU ZLOO EH DVNHG WR
FRPSOHWH WKH HOHFWURQLF GRVLQJ GLDU\
x
,I D SDUWLFLSDQW PLVVHV D VFKHGXOHG GRVH RI VWXG\ WUHDWPHQW DQG LW LV ZLWKLQ  KRXUV RI WKH
VFKHGXOHG GRVH WKH SDUWLFLSDQW VKRXOG LPPHGLDWHO\ DGPLQLVWHU WKH PLVVHG GRVH DQG
UHVXPH VWXG\ WUHDWPHQW LQ DFFRUGDQFH ZLWK WKH QRUPDO DGPLQLVWUDWLRQ VFKHGXOH ,I PRUH
WKDQ  KRXUV KDV HODSVHG VLQFH WKH WLPH RI VFKHGXOHG DGPLQLVWUDWLRQ WKH SDUWLFLSDQW ZLOO
QRW EH LQVWUXFWHG WR DGPLQLVWHU WKH PLVVHG GRVH DQG WR UHVXPH VWXG\ WUHDWPHQW DV
SUHVFULEHG
x
3DUWLFLSDQWV VKRXOG QRW WDNH  GRVHV WRJHWKHU WR ³PDNHXS´ IRU D PLVVHG GRVH

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
x
,I D SDUWLFLSDQW YRPLWV DQ\ WLPH DIWHU WDNLQJ D GRVH WKHQ WKH\ PXVW EH LQVWUXFWHG QRW WR
WDNH DQRWKHU GRVH WR ³PDNH XS´ IRU YRPLWLQJ EXW UDWKHU WR UHVXPH VXEVHTXHQW GRVHV DV
SUHVFULEHG
x
,I D SDUWLFLSDQW LQDGYHUWHQWO\ WDNHV  H[WUD GRVH WKHQ WKH SDUWLFLSDQW VKRXOG QRW WDNH WKH
QH[W VFKHGXOHG GRVH RI VWXG\ WUHDWPHQW
x
,I DSSOLFDEOH LQVWUXFWLRQV UHODWHG WR GRVLQJ VKRXOG EH SURYLGHG WR SDUHQWVOHJDO
JXDUGLDQV DV ZHOO DV VWXG\ SDUWLFLSDQWV

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
7DEOH 
6WXG\ 7UHDWPHQW $GPLQLVWUDWLRQ
$50 1DPH
7UHDWPHQW
7UHDWPHQW 1DPH
0LUGDPHWLQLE 3'
7\SH
'UXJ
'RVH )RUPXODWLRQ
&DSVXOH
'LVSHUVLEOH WDEOHWV
8QLW 'RVH 6WUHQJWKV
 PJ DQG  PJ
 PJ DQG  PJ
'UXJ 3URGXFW
&RPSRQHQWV
PLUGDPHWLQLE PLFURFU\VWDOOLQH
FHOOXORVH FURVFDUPHOORVH
VRGLXP PDJQHVLXP VWHDUDWH
KDUG JHODWLQ FDSVXOH VKHOO
PLUGDPHWLQLE PLFURFU\VWDOOLQH
FHOOXORVH FURVFDUPHOORVH
VRGLXP PDJQHVLXP VWHDUDWH
VXFUDORVH JUDSH IODYRU
'RVDJH /HYHOV
 PJP PD[LPXP VLQJOH GRVH RI  PJ %,'
5RXWH RI $GPLQLVWUDWLRQ
2UDO
6RXUFLQJ
6SRQVRU ZLOO SURYLGH 6LWHV ZLWK VWXG\ WUHDWPHQW IRU LQGLYLGXDO
SDUWLFLSDQW GLVWULEXWLRQ 2UDO V\ULQJHV ZLOO DOVR EH SURYLGHG IRU
SDUWLFLSDQWV XWLOL]LQJ WKH GLVSHUVLEOH WDEOHW IRUPXODWLRQ
3DFNDJLQJ DQG /DEHOLQJ
6WXG\ WUHDWPHQW ZLOO EH SURYLGHG LQ  FRXQW ERWWOHV (DFK ERWWOH
ZLOO EH ODEHOHG DV UHTXLUHG SHU FRXQWU\ UHTXLUHPHQW
)RUPHU 1DPHV
3' 3' 3)

6WXG\ 7UHDWPHQW 'RVLQJ DQG $GPLQLVWUDWLRQ
2QFH WKH LQIRUPHG FRQVHQWDVVHQW SURFHVV 6HFWLRQ  KDV EHHQ FRQGXFWHG DQG DOO HQWU\
FULWHULD KDYH EHHQ PHW VWXG\ WUHDWPHQW ZLOO EH DVVLJQHG DQG GLVSHQVHG XVLQJ WKH ,57 7KH GHIDXOW
IRUPXODWLRQ RI VWXG\ WUHDWPHQW ZLOO EH WKH FDSVXOH ,I D SDUWLFLSDQW UHTXLUHV WKH XVH RI WKH
GLVSHUVLEOH WDEOHW SHGLDWULF IRUPXODWLRQ GRVDJH IRUP WKLV PXVW EH VSHFLILFDOO\ UHTXHVWHG LQ WKH
,57 7KH ILUVW GRVH RI VWXG\ WUHDWPHQW ZLOO WKHQ EH DGPLQLVWHUHG RUDOO\ DW WKH 6LWH IROORZHG E\ D
t KRXU REVHUYDWLRQ SHULRG
7KURXJKRXW WKH 7UHDWPHQW 3KDVH SDUWLFLSDQWV ZLOO VHOIDGPLQLVWHU VWXG\ WUHDWPHQW %,' WZLFH
GDLO\ >DSSUR[LPDWHO\ HYHU\  KRXUV ZLWKRXW UHJDUG WR IRRG@ XWLOL]LQJ DQ LQWHUPLWWHQW  ZHHNV
RQ ZHHN RII GRVLQJ VFKHGXOH LQ GD\ &\FOHV ,I WKH SDUWLFLSDQW LV UHFHLYLQJ WKH GLVSHUVLEOH
WDEOHW SHGLDWULF IRUPXODWLRQ GRVDJH IRUP RI VWXG\ WUHDWPHQW GRVLQJ LQVWUXFWLRQV PXVW EH
SURYLGHG WR GHWDLO GRVH SUHSDUDWLRQ DQG DGPLQLVWUDWLRQ XWLOL]LQJ SURYLGHG RUDO GRVLQJ V\ULQJHV

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
3DUWLFLSDQWV ZLOO EH LQVWUXFWHG WR QRW WDNH WKHLU SODQQHG PRUQLQJ GRVH SULRU WR HDFK VWXG\ YLVLW
GXULQJ WKH 7UHDWPHQW 3KDVH ,QVWHDG WKH PRUQLQJ GRVH ZLOO EH WDNHQ IROORZLQJ WKH SUHGRVH 3.
EORRG GUDZ 7R DFFRPPRGDWH VLWH VFKHGXOLQJ PRGLILFDWLRQV WR KROGLQJ WKH PRUQLQJ GRVH IRU WKH
SXUSRVHV RI 3. VDPSOH FROOHFWLRQ PD\ EH PDGH RQ D FDVHE\FDVH EDVLV ZLWK SULRU DSSURYDO IURP
WKH 6SRQVRU
6WXG\ WUHDWPHQW DQG RUDO V\ULQJHV LI WKH GLVSHUVLEOH WDEOHWV >SHGLDWULF IRUPXODWLRQ@ DUH XWLOL]HG
ZLOO EH GLVSHQVHG WR SDUWLFLSDQWV HYHU\  &\FOHV GXULQJ VFKHGXOHG VWXG\ YLVLWV LQ WKH 7UHDWPHQW
3KDVH DQG HYHU\  &\FOHV LQ WKH /7)8 3KDVH DV GHVFULEHG LQ WKH 6R$ 6HFWLRQ  6HFWLRQ 
RU XQVFKHGXOHG YLVLWV LI VWXG\ WUHDWPHQW LV GDPDJHGORVW RU GRVH PRGLILFDWLRQ 6HFWLRQ  LV
QHFHVVDU\
3DUWLFLSDQWV HQUROOHG LQ WKH /7)8 3KDVH RI WKH VWXG\ ZLOO FRQWLQXH WDNLQJ WKH ODVW GRVH DVVLJQHG
LQ WKH 7UHDWPHQW 3KDVH DSSUR[LPDWHO\  PJP %,' >PD[LPXP GRVH RI PJ %,'@ RI 3'
 PLUGDPHWLQLE RSHQODEHO VWXG\ WUHDWPHQW RQ DQ LQWHUPLWWHQW  ZHHNV RQ ZHHN RII
GRVLQJ VFKHGXOH LQ GD\ F\FOHV XQOHVV D GRVH PRGLILFDWLRQ LV UHTXLUHG HJ %6$ FKDQJH

6WXG\ 7UHDWPHQW (UURUV
6WXG\ WUHDWPHQW HUURUV PD\ UHVXOW LQ WKLV VWXG\ IURP WKH DGPLQLVWUDWLRQ RU FRQVXPSWLRQ RI WKH
VWXG\ WUHDWPHQW E\ WKH ZURQJ SDUWLFLSDQW RU DW WKH ZURQJ GRVDJH VWUHQJWK 6XFK VWXG\ WUHDWPHQW
HUURUV RFFXUULQJ WR D VWXG\ SDUWLFLSDQW DUH WR EH FDSWXUHG LQ WKH HOHFWURQLF FDVH UHSRUW IRUP
H&5) ZKHQ DSSURSULDWH 0LVVHG GRVHV DUH QRW FRQVLGHUHG GRVLQJ HUURUV ,Q WKH HYHQW RI D
GRVLQJ HUURU WKH 0HGLFDO 0RQLWRU VKRXOG EH QRWLILHG LPPHGLDWHO\
6WXG\ WUHDWPHQW HUURUV DUH UHSRUWDEOH LUUHVSHFWLYH RI WKH SUHVHQFH RI DQ DVVRFLDWHG $(6$(
LQFOXGLQJ HUURUV LQYROYLQJ SDUWLFLSDQW H[SRVXUH WR WKH SURGXFW
,I WKH VWXG\ WUHDWPHQW HUURU LV DFFRPSDQLHG E\ DQ $( DV GHWHUPLQHG E\ WKH ,QYHVWLJDWRU WKH
VWXG\ WUHDWPHQW HUURU LI DSSOLFDEOH DQG DQ\ $(V PXVW EH FDSWXUHG RQ DQ $( H&5) SDJH

3UHSDUDWLRQ+DQGOLQJ6WRUDJH$FFRXQWDELOLW\
2QO\ SDUWLFLSDQWV HQUROOHG LQ WKH VWXG\ ZKR PHHW VWXG\ HQWU\ FULWHULD 6HFWLRQV  DQG  PD\
UHFHLYH VWXG\ WUHDWPHQW DV DVVLJQHG E\ WKH ,57 2QO\ DXWKRUL]HG 6LWH SHUVRQQHO PD\ VXSSO\ RU
DGPLQLVWHU VWXG\ WUHDWPHQW 3' PLUGDPHWLQLE 2QO\ LQ H[WHQXDWLQJ FLUFXPVWDQFHV DQG
ZLWK ZULWWHQ SHUPLVVLRQ IURP WKH 6SRQVRU GLUHFW WR SDUWLFLSDQW VKLSPHQW RI VWXG\ WUHDWPHQW PD\
EH DFFRPPRGDWHG YLD VLWH UHTXHVW
3UHSDUDWLRQ
x
6WXG\ WUHDWPHQW GRHV QRW UHTXLUH VSHFLDO SUHSDUDWLRQ E\ 6LWH SHUVRQQHO SULRU WR GLVSHQVLQJ
WR SDUWLFLSDQWV ,I WKH GLVSHUVLEOH WDEOHW SHGLDWULF IRUPXODWLRQ LV EHLQJ XWLOL]HG RUDO
GRVLQJ V\ULQJHV ZLOO EH VXSSOLHG ZLWK VWXG\ WUHDWPHQW IRU SDUWLFLSDQWSULPDU\ FDUHJLYHU
SUHSDUDWLRQ DQG DGPLQLVWUDWLRQ

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
x
6WXG\ WUHDWPHQW ZLOO EH VXSSOLHG DV KDUG JHODWLQ FDSVXOHV  DQG PJ RU UDSLGO\
GLVSHUVLEOH WDEOHWV  DQG PJ IRU RUDO DGPLQLVWUDWLRQ
x
6WXG\ WUHDWPHQW ZLOO EH SDFNDJHG LQ KLJKGHQVLW\ SRO\HWK\OHQH ERWWOHV
x
3DUWLFLSDQWV ZLOO EH LQVWUXFWHG WR NHHS WKHLU VWXG\ WUHDWPHQW LQ WKH RULJLQDO ERWWOHV
SURYLGHG E\ WKH 6SRQVRU DQG QRW WUDQVIHU LW WR DQ\ VHFRQGDU\ FRQWDLQHUV
+DQGOLQJ
x
6WXG\ WUHDWPHQW PXVW EH KDQGOHG E\ DXWKRUL]HGGHOHJDWHG 6LWH SHUVRQQHO RQO\
x
1R VSHFLDO KDQGOLQJ RI VWXG\ WUHDWPHQW LV UHTXLUHG
6WRUDJH
x
&DSVXOHV PXVW EH VWRUHG DW & WR & ) WR ) 'LVSHUVLEOH 7DEOHWV PXVW EH
VWRUHG DW & WR & ) WR )
x
7KH ,QYHVWLJDWRU RU GHVLJQHH PXVW FRQILUP DSSURSULDWH WHPSHUDWXUH FRQGLWLRQV KDYH EHHQ
PDLQWDLQHG GXULQJ WUDQVLW IRU DOO VWXG\ WUHDWPHQW UHFHLYHG DQG DQ\ GLVFUHSDQFLHV DUH
UHSRUWHG DQG UHVROYHG EHIRUH XVH RI WKH VWXG\ WUHDWPHQW
x
$OO VWXG\ WUHDWPHQW PXVW EH VWRUHG LQ D VHFXUH HQYLURQPHQWDOO\ FRQWUROOHG DQG PRQLWRUHG
PDQXDO RU DXWRPDWHG DUHD LQ DFFRUGDQFH ZLWK WKH ODEHOHG VWRUDJH FRQGLWLRQV ZLWK DFFHVV
OLPLWHG WR WKH LQYHVWLJDWRU DQG DXWKRUL]HG 6LWH VWDII
$FFRXQWDELOLW\
x
7KH ,QYHVWLJDWRU LQVWLWXWLRQ RU WKH KHDG RI WKH PHGLFDO LQVWLWXWLRQ ZKHUH DSSOLFDEOH LV
UHVSRQVLEOH IRU VWXG\ WUHDWPHQW DFFRXQWDELOLW\ UHFRQFLOLDWLRQ DQG UHFRUG PDLQWHQDQFH
LH UHFHLSW UHFRQFLOLDWLRQ DQG ILQDO GLVSRVLWLRQ UHFRUGV
x
3DUWLFLSDQWV ZLOO EH LQVWUXFWHG QRW WR GLVSRVH RI DQ\ VWXG\ WUHDWPHQW ERWWOHV DQG WR EULQJ
DOO ERWWOHV XVHG DQG XQXVHG EDFN WR WKH 6LWH DW HYHU\ YLVLW
x
$FFRXQWDELOLW\ ZLOO EH SHUIRUPHG E\ 6LWH SHUVRQQHO DW HDFK GLVSHQVLQJ YLVLW DV GHVFULEHG
LQ WKH 6R$ 6HFWLRQ  6HFWLRQ  DQG SDUWLFLSDQWV ZLOO EH UHHGXFDWHG DERXW WKH
LPSRUWDQFH RI IROORZLQJ WKH SUHVFULEHG GRVLQJ UHJLPHQ LI FRPSOLDQFH LV ORZ
x
5HWXUQHG VWXG\ WUHDWPHQW ZLOO QRW EH UHGLVSHQVHG WR WKH SDUWLFLSDQWV
x
)XUWKHU JXLGDQFH DQG LQIRUPDWLRQ IRU WKH ILQDO GLVSRVLWLRQ RI XQXVHG VWXG\ WUHDWPHQWV DUH
SURYLGHG LQ WKH SKDUPDF\ PDQXDO

0HDVXUHV WR 0LQLPL]H %LDV 5DQGRPL]DWLRQ DQG %OLQGLQJ
7KLV VWXG\ LV DQ RSHQODEHO VLQJOH DUPLQWHUYHQWLRQ VWXG\ SRWHQWLDO ELDV ZLOO EH UHGXFHG E\ WKH
XWLOL]DWLRQ RI DQ LQGHSHQGHQW EOLQGHG FHQWUDO UDGLRORJLF UHYLHZ IRU WKH SULPDU\ HQGSRLQW
DGMXGLFDWLRQ DQG DQDO\VLV

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
6WXG\ WUHDWPHQW EOLQGLQJ DQG UDQGRPL]DWLRQ DUH QRW DSSOLFDEOH LQ WKLV VWXG\

6WXG\ 7UHDWPHQW &RPSOLDQFH
3DUWLFLSDQW FRPSOLDQFH ZLWK VWXG\ WUHDWPHQW ZLOO EH DVVHVVHG DW HDFK YLVLW ZKHUH VWXG\ WUHDWPHQW
LV GLVSHQVHG &RPSOLDQFH ZLOO EH DVVHVVHG E\ FRXQWLQJ UHWXUQHG FDSVXOHVGLVSHUVLEOH WDEOHWV LQ
DGGLWLRQ WR UHYLHZLQJ WKH GRVLQJ GLDU\ HQWULHV IURP WKH KRPH H352 GHYLFH XVHG LQ WKH 7UHDWPHQW
3KDVH SDUWLFLSDQWV ZLOO EH WUDLQHG RQ WKH KRPH H352 GHYLFH DW WKH 6FUHHQLQJ YLVLW $W HDFK
VWXG\ YLVLW DQ\ GLVFUHSDQFLHV RU GHYLDWLRQV ZLOO EH GLVFXVVHG ZLWK WKH SDUWLFLSDQW DQG ZLOO EH
UHFRUGHG LQ WKH VRXUFH GRFXPHQWDWLRQ 7KH QXPEHU RI FDSVXOHVGLVSHUVLEOH WDEOHWV GLVSHQVHG DQG
WKH QXPEHU RI FDSVXOHVGLVSHUVLEOH WDEOHWV UHWXUQHG ZLOO EH UHFRUGHG LQ WKH H&5) DV ZHOO DV DQ\
GHYLDWLRQV ,Q WKH FDVH RI DQ RYHUGRVH UHIHU WR 6HFWLRQ  IRU LQVWUXFWLRQV

&RQFRPLWDQW 7KHUDS\

3ULRU&RQFRPLWDQW 0HGLFDWLRQV DQGRU 3URFHGXUHV
$Q\ PHGLFDWLRQ RU YDFFLQH LQFOXGLQJ RYHUWKHFRXQWHU RU SUHVFULSWLRQ PHGLFLQHV YLWDPLQV
DQGRU KHUEDO VXSSOHPHQWV WKDW WKH SDUWLFLSDQW LV UHFHLYLQJ DW WKH WLPH RI VLJQLQJ LQIRUPHG
FRQVHQWDVVHQW RU UHFHLYHV GXULQJ WKH VWXG\ PXVW EH UHFRUGHG DORQJ ZLWK
x
5HDVRQ IRU XVH
x
'DWHV RI DGPLQLVWUDWLRQ LQFOXGLQJ VWDUW DQG HQG GDWHV
x
'RVDJH LQIRUPDWLRQ LQFOXGLQJ GRVH DQG IUHTXHQF\
7KH 0HGLFDO 0RQLWRU VKRXOG EH FRQWDFWHG LI WKHUH DUH DQ\ TXHVWLRQV UHJDUGLQJ FRQFRPLWDQW RU
SULRU WKHUDS\ 5HIHU WR 6HFWLRQ  IRU WKH 0HGLFDO 0RQLWRU FRQWDFW GHWDLOV

3URKLELWHG RU 5HVWULFWHG &RQFRPLWDQW 0HGLFDWLRQV7UHDWPHQWV
x
3ULRU XVH RI PLUGDPHWLQLE 3' RU DQ\ RWKHU 0(. LQKLELWRU LV SURKLELWHG
x
$OWHUQDWLYH WKHUDS\ IRU WKH WUHDWPHQW RI 31V HJ IDUQHV\OWUDQVIHUDVH LQKLELWRUV NLQDVH
LQKLELWRUV HWF ZLWKLQ  GD\V RU  KDOIOLYHV ZKLFKHYHU LV ORQJHU RI ILUVW GRVH RI
VWXG\ WUHDWPHQW DQG WKURXJKRXW WKH 7UHDWPHQW 3KDVH RU /7)8 3KDVH LV SURKLELWHG
x
0HGLFDO WUHDWPHQW HJ FKHPRWKHUDS\ ELRORJLF WKHUDS\ UDGLDWLRQ WKHUDS\ GLUHFWHG
WRZDUGV DQ\ 1)UHODWHG WXPRU VXFK DV RSWLF SDWKZD\ JOLRPD LV SURKLELWHG WKURXJKRXW
WKH 7UHDWPHQW 3KDVH RU /7)8 3KDVH
x
7KH XVH RI FKURQLF V\VWHPLF LQKDOHG RU RFXODU JOXFRFRUWLFRLG WKHUDS\ LV SURKLELWHG
ZLWKLQ WKH  GD\V SULRU WR ILUVW GRVH RI VWXG\ WUHDWPHQW DQG WKURXJKRXW WKH 7UHDWPHQW
3KDVH RU /7)8 3KDVH ZLWK WKH IROORZLQJ H[FHSWLRQV
R
3K\VLRORJLF RU VWUHVV GRVHV RI VWHURLGV ZKHQ LQGLFDWHG LQ SDUWLFLSDQWV ZLWK
HQGRFULQH GHILFLHQFLHV
R
*OXFRFRUWLFRVWHURLGV JLYHQ DV WKH SUHPHGLFDWLRQ IRU EORRG SURGXFW WUDQVIXVLRQV

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
R
*OXFRFRUWLFRVWHURLGV JLYHQ DV WKH SXOVH WUHDWPHQW IRU DQ DFXWH DOOHUJLF UHDFWLRQ RU
EURQFKRVSDVP
R
2UDO RU LQWUDYHQRXV JOXFRFRUWLFRVWHURLGV IRU XS WR  FRQVHFXWLYH GD\V ZKHQ
LQGLFDWHG IRU WKH PDQDJHPHQW RI DQ DGYHUVH HYHQW RQO\ DIWHU FRQVXOWDWLRQ ZLWK WKH
0HGLFDO 0RQLWRU DQGRU RSKWKDOPRORJLVW
R
7RSLFDO VWHURLGV IRU GHUPDWRORJLFDO SXUSRVHV DUH SHUPLWWHG DW WKH GLVFUHWLRQ RI WKH
,QYHVWLJDWRU

6XSSRUWLYH &DUH
5HIHU WR 6HFWLRQ 

'RVH 0RGLILFDWLRQ
(YHU\ HIIRUW VKRXOG EH PDGH WR DGPLQLVWHU VWXG\ WUHDWPHQW DW  PJP %,' KRZHYHU LQ WKH
HYHQW RI VLJQLILFDQW WR[LFLW\ GRVLQJ PXVW EH LQWHUUXSWHG DQGRU GRVH UHGXFHG DV GHVFULEHG LQ
7DEOH  DQG 7DEOH 
,QWHUUXSWLRQ RI VWXG\ WUHDWPHQW VKRXOG FRQWLQXH XQWLO WKH WR[LFLW\ LV UHVROYHG WR  *UDGH  RU
%DVHOLQH $Q LQWHUUXSWLRQ RI VWXG\ WUHDWPHQW IRU PRUH WKDQ  GD\V GXH WR DQ\ WR[LFLW\ PD\
UHTXLUH SHUPDQHQW GLVFRQWLQXDWLRQ $IWHU  GD\V RI LQWHUUXSWLRQ VWXG\ WUHDWPHQW PD\ EH
UHVXPHG RQO\ DIWHU GLVFXVVLRQ ZLWK WKH 0HGLFDO 0RQLWRU DQG DSSURYDO E\ WKH 6SRQVRU 5HIHU WR
6HFWLRQ  IRU WKH 0HGLFDO 0RQLWRU FRQWDFW GHWDLOV
$IWHU LQWHUUXSWLRQ VWXG\ WUHDWPHQW PD\ EH UHVXPHG DW D UHGXFHG GRVH DV GHVFULEHG LQ 7DEOH  DQG
7DEOH  6KRXOG WKH VDPH *UDGH WR[LFLW\ UHFXU DW WKH UHGXFHG GRVH DQG WKH $( LV FRQVLGHUHG
UHODWHG WR WKH VWXG\ WUHDWPHQW WKH SDUWLFLSDQW PD\ EH GLVFRQWLQXHG DW WKH GLVFUHWLRQ RI WKH
,QYHVWLJDWRU SXUVXDQW WR GLVFXVVLRQ ZLWK WKH 0HGLFDO 0RQLWRU DQG 6SRQVRU )ROORZLQJ D GRVH
UHGXFWLRQ DQ LQFUHDVH LQ WKH VWXG\ WUHDWPHQW GRVH GXH WR D %6$ FKDQJH LV SHUPLWWHG DW WKH
GLVFUHWLRQ RI WKH ,QYHVWLJDWRU ZLWK DSSURYDO IURP WKH 0HGLFDO 0RQLWRU DQG 6SRQVRU
$Q XQVFKHGXOHG YLVLW PD\ EH SHUIRUPHG DW DQ\ WLPH GXULQJ WKH VWXG\ $VVHVVPHQWV WR EH
SHUIRUPHG DW WKH YLVLW ZLOO EH GHWHUPLQHG E\ WKH ,QYHVWLJDWRU

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

'LVFRQWLQXDWLRQ RI 6WXG\ 7UHDWPHQW DQG 3DUWLFLSDQW
'LVFRQWLQXDWLRQ:LWKGUDZDO

'LVFRQWLQXDWLRQ RI 6WXG\ 7UHDWPHQW
,W PD\ EH QHFHVVDU\ IRU D SDUWLFLSDQW WR SHUPDQHQWO\ GLVFRQWLQXH VWXG\ WUHDWPHQW SUHPDWXUHO\ RU
IRU WKH 6SRQVRU WR VXVSHQG VWXG\ HQUROOPHQW
3DUWLFLSDQWV ZKR SHUPDQHQWO\ GLVFRQWLQXH IURP WKH 7UHDWPHQW 3KDVH SULRU WR WKH &\FOH  YLVLW
ZLOO EH UHTXLUHG WR UHWXUQ WR WKH FOLQLF IRU DQ HDUO\ WHUPLQDWLRQ (7 YLVLW DV FORVH DV SRVVLEOH WR WKH
ODVW GRVH RI VWXG\ WUHDWPHQW 3' PLUGDPHWLQLE 3DUWLFLSDQW ZLOO DOVR EH UHTXLUHG WR
UHWXUQ IRU D 6DIHW\ )ROORZ8S YLVLW  GD\V > GD\V@ DIWHU WKH ODVW GRVH RI VWXG\ GUXJ UHIHU WR
WKH 6R$ LQ 6HFWLRQ  IRU WLPLQJ DQG D FRPSOHWH OLVW RI UHTXLUHG DVVHVVPHQWV WR EH FRQGXFWHG
&RQGLWLRQV XSRQ ZKLFK WKH 6SRQVRU ZLOO VXVSHQG DGGLWLRQDO HQUROOPHQW LQ WKH VWXG\ DUH GHVFULEHG
LQ WKH VSHFLILHG VWRSSLQJ FULWHULD LQ 6HFWLRQ 
5HDVRQV IRU GLVFRQWLQXDWLRQ RI VWXG\ WUHDWPHQW HDUO\ PD\ LQFOXGH
x 3DUWLFLSDQWV ZKR PHHW WKH GHILQLWLRQ RI SURJUHVVLYH GLVHDVH D   LQFUHDVH LQ WKH YROXPH RI
WKH WDUJHW 31 DV FRPSDUHG WR WKH 7UHDWPHQW 3KDVH %DVHOLQH >6HFWLRQ @ FRQILUPHG E\
FHQWUDO UDGLRORJLF UHYLHZ
x 2FFXUUHQFH RI DQ\ PHGLFDO FRQGLWLRQ RU FLUFXPVWDQFH WKDW H[SRVHV WKH SDUWLFLSDQW WR
VXEVWDQWLDO ULVN DQGRU GRHV QRW DOORZ WKH SDUWLFLSDQW WR DGKHUH WR WKH UHTXLUHPHQWV RI WKH
SURWRFRO
x $Q\ 6$( UHIHU WR 6HFWLRQ  IRU 6$( FULWHULD FOLQLFDOO\ VLJQLILFDQW $( UHIHU WR 47F
VWRSSLQJ FULWHULD EHORZ 6HFWLRQ  VHYHUH ODERUDWRU\ DEQRUPDOLW\ UHIHU WR OLYHU FKHPLVWU\
VWRSSLQJ FULWHULD EHORZ 6HFWLRQ  LQWHUFXUUHQW LOOQHVV 592 RU RWKHU PHGLFDO FRQGLWLRQ
ZKLFK LQGLFDWHV WR WKH ,QYHVWLJDWRU WKDW FRQWLQXHG SDUWLFLSDWLRQ LV QRW LQ WKH EHVW LQWHUHVW RI WKH
SDUWLFLSDQW
x 3UHJQDQF\ UHIHU WR 6HFWLRQV  DQG  IRU DGGLWLRQDO GHWDLOV
x 5HTXLUHPHQW RI SURKLELWHG FRQFRPLWDQW PHGLFDWLRQ 6HFWLRQ 
x 3DUWLFLSDQW IDLOXUH WR FRPSO\ ZLWK SURWRFRO UHTXLUHPHQWV RU VWXG\UHODWHG SURFHGXUHV RU
x 7HUPLQDWLRQ RI WKH VWXG\ E\ WKH 6SRQVRU DV GHVFULEHG LQ 6HFWLRQ  WKH ,5% RU WKH
UHJXODWRU\ DXWKRULW\

/LYHU &KHPLVWU\ 6WRSSLQJ &ULWHULD
'LVFRQWLQXDWLRQ RI VWXG\ WUHDWPHQW IRU DEQRUPDO OLYHU IXQFWLRQ VKRXOG EH FRQVLGHUHG E\ WKH
,QYHVWLJDWRU ZKHQ D SDUWLFLSDQW PHHWV RQH RI WKH FRQGLWLRQV RXWOLQHG LQ )LJXUH  RU LI WKH
,QYHVWLJDWRU EHOLHYHV WKDW LW LV LQ WKH EHVW LQWHUHVW RI WKH SDUWLFLSDQW

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
)LJXUH 
/LYHU &KHPLVWU\ 6WRSSLQJ &ULWHULD DQG ,QFUHDVHG 0RQLWRULQJ $OJRULWKP
$EEUHYLDWLRQV $/7  DODQLQH WUDQVDPLQDVH ,15  LQWHUQDWLRQDO QRUPDOL]HG UDWLR 6$(  VHULRXV DGYHUVH HYHQW 8/1  XSSHU
OLPLW RI QRUPDO

47F 6WRSSLQJ &ULWHULD
,I D FOLQLFDOO\ VLJQLILFDQW ILQGLQJ LV LGHQWLILHG LQFOXGLQJ EXW QRW OLPLWHG WR FKDQJHV IURP
%DVHOLQH LQ 47 LQWHUYDO FRUUHFWHG XVLQJ )ULGHULFLD¶V IRUPXOD >47F)@ DIWHU ILUVW GRVH RI VWXG\
WUHDWPHQW WKH ,QYHVWLJDWRU RU TXDOLILHG GHVLJQHH ZLOO GHWHUPLQH LI WKH SDUWLFLSDQW FDQ FRQWLQXH LQ
WKH VWXG\ DQG LI DQ\ FKDQJH LQ SDUWLFLSDQW PDQDJHPHQW LV QHHGHG 7KLV UHYLHZ RI WKH (&*
SULQWHG DW WKH WLPH RI FROOHFWLRQ PXVW EH GRFXPHQWHG $Q\ QHZ FOLQLFDOO\ UHOHYDQW ILQGLQJ VKRXOG
EH UHSRUWHG DV DQ $(
$ SDUWLFLSDQW ZKR PHHWV HLWKHU EXOOHWHG FULWHULRQ EDVHG RQ WKH DYHUDJH RI WULSOLFDWH (&* UHDGLQJV
ZLOO EH ZLWKGUDZQ IURP VWXG\ WUHDWPHQW
¾
,I SDUWLFLSDQW LV WR EH PRQLWRUHG ZHHNO\ PXVW UHIHU WR /LYHU 6DIHW\ 6XJJHVWHG $FWLRQV DQG
)ROORZXS $VVHVVPHQWV 6HFWLRQ 
¾
0XVW UHIHU WR /LYHU 6DIHW\ 6XJJHVWHG $FWLRQV DQG )ROORZXS $VVHVVPHQWV 6HFWLRQ 
¾
5HSRUW DV DQ 6$( LI SRVVLEOH +\¶V /DZ FDVH $/7  [8/1 DQG %LOLUXELQ  [8/1 ! 
GLUHFW RU ,15 !  LI PHDVXUHG
,15 YDOXH QRW DSSOLFDEOH WR SDUWLFLSDQWV RQ DQWLFRDJXODQWV

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
x
7KH 6LWH PXVW DWWHPSW WR FRQWDFW WKH SDUWLFLSDQW DQG UHVFKHGXOH WKH PLVVHG YLVLW DV VRRQ
DV SRVVLEOH FRXQVHO WKH SDUWLFLSDQW RQ WKH LPSRUWDQFH RI PDLQWDLQLQJ WKH DVVLJQHG YLVLW
VFKHGXOH DQG DVFHUWDLQ ZKHWKHU WKH SDUWLFLSDQW ZLVKHV WR DQGRU VKRXOG FRQWLQXH LQ WKH
VWXG\
x
%HIRUH D SDUWLFLSDQW LV GHHPHG ORVW WR IROORZ XS WKH ,QYHVWLJDWRU RU GHVLJQHH PXVW PDNH
HYHU\ HIIRUW WR UHJDLQ FRQWDFW ZLWK WKH SDUWLFLSDQW ZKHUH SRVVLEOH  WHOHSKRQH FDOOV DQG
LI QHFHVVDU\ D FHUWLILHG OHWWHU WR WKH SDUWLFLSDQW¶V ODVW NQRZQ PDLOLQJ DGGUHVV RU ORFDO
HTXLYDOHQW PHWKRGV 7KHVH FRQWDFW DWWHPSWV VKRXOG EH GRFXPHQWHG LQ WKH SDUWLFLSDQW¶V
PHGLFDO UHFRUG
x
6KRXOG WKH SDUWLFLSDQW FRQWLQXH WR EH XQUHDFKDEOH KHVKH ZLOO EH FRQVLGHUHG WR KDYH
ZLWKGUDZQ IURP WKH VWXG\
'LVFRQWLQXDWLRQ RI VSHFLILF 6LWHV RU RI WKH VWXG\ DV D ZKROH DUH KDQGOHG DV SDUW RI 6HFWLRQ 

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

6WXG\ $VVHVVPHQWV DQG 3URFHGXUHV
x
6WXG\ SURFHGXUHV DQG WKHLU WLPLQJ DUH VXPPDUL]HG LQ WKH 6R$ 6HFWLRQV  DQG 
3URWRFRO ZDLYHUV RU H[HPSWLRQV DUH QRW DOORZHG
x
,PPHGLDWH VDIHW\ FRQFHUQV VKRXOG EH GLVFXVVHG ZLWK WKH 6SRQVRU DQGRU 0HGLFDO
0RQLWRU LPPHGLDWHO\ XSRQ RFFXUUHQFH RU DZDUHQHVV WR GHWHUPLQH LI WKH SDUWLFLSDQW
VKRXOG FRQWLQXH RU GLVFRQWLQXH VWXG\ WUHDWPHQW 3' PLUGDPHWLQLE
x
$GKHUHQFH WR WKH VWXG\ GHVLJQ UHTXLUHPHQWV LQFOXGLQJ WKRVH VSHFLILHG LQ WKH 6R$V LV
HVVHQWLDO DQG UHTXLUHG IRU VWXG\ FRQGXFW
x
$OO 6FUHHQLQJ HYDOXDWLRQV PXVW EH FRPSOHWHG DQG UHYLHZHG WR FRQILUP WKDW SRWHQWLDO
SDUWLFLSDQWV PHHW DOO HOLJLELOLW\ FULWHULD 6HFWLRQV  DQG  7KH HOHFWURQLF GDWD
FDSWXUH ('& ZLOO FDSWXUH DOO SDUWLFLSDQWV ZKR VLJQ WKH LQIRUPHG FRQVHQWDVVHQW
LQFOXGLQJ DOO VFUHHQ IDLOXUHV
x
7KH DPRXQW RI EORRG FROOHFWHG IURP HDFK SDUWLFLSDQW RYHU WKH GXUDWLRQ RI WKH 7UHDWPHQW
3KDVH RI WKH VWXG\  PRQWKV ZLOO EH OHVV WKDQ  P/ 7KH DPRXQW RI EORRG FROOHFWHG
IURP HDFK SDUWLFLSDQW LQ WKH /7)8 3KDVH LV DSSUR[LPDWHO\  P/ SHU \HDU 7KLV GRHV
QRW LQFOXGH DQ\ H[WUD DVVHVVPHQWV WKDW PD\ EH UHTXLUHG IRU XQVFKHGXOHG DVVHVVPHQWV
5HSHDW RU XQVFKHGXOHG VDPSOHV PD\ EH WDNHQ IRU VDIHW\ UHDVRQV RU IRU WHFKQLFDO LVVXHV
ZLWK VDPSOHV
x
,Q WKH HYHQW WKDW D VWXG\ VLWH RU SDUWLFLSDQW LV XQDEOH WR FRPSOHWH D VWXG\ YLVLW RU
SURFHGXUH GXH WR UHVWULFWLRQV FDXVHG E\ D SXEOLF KHDOWK HPHUJHQF\ VXFK DV &29,'
WKH IROORZLQJ DFFRPPRGDWLRQV PD\ EH DOORZHG WHPSRUDULO\ ZLWK SULRU DSSURYDO IURP
WKH 0HGLFDO 0RQLWRU  6SRQVRU $Q\ GHYLDWLRQV IURP WKH VWXG\ SURWRFRO GXH WR D SXEOLF
KHDOWK HPHUJHQF\ VKRXOG EH GRFXPHQWHG LQ WKH VRXUFH GDWD DQG H&5) DQG UHSRUWHG WR
WKH ,5%(& LQ DFFRUGDQFH ZLWK WKHLU UHSRUWLQJ UHTXLUHPHQWV
x
,I D VWXG\ SDUWLFLSDQW FDQQRW DWWHQG D VWXG\ YLVLW RQVLWH GXH WR D SXEOLF KHDOWK
HPHUJHQF\ WKH\ PD\ EH DEOH WR DWWHQG D ORFDO KRVSLWDOFOLQLF RU DUUDQJH IRU D
WHOHKHDOWK RU KRPH KHDOWKFDUH YLVLW
x
&OLQLFDO ODERUDWRU\ DVVHVVPHQWV PD\ EH SHUIRUPHG ORFDOO\ ZLWK UHVXOWV DQG ORFDO
ODERUDWRU\ QRUPDO UDQJHV HQWHUHG LQWR WKH H&5)
x
(OHFWURFDUGLRJUDPV PD\ EH SHUIRUPHG ORFDOO\ ,I (&*V DUH SHUIRUPHG ORFDOO\
(&* WUDFLQJV VKRXOG EH FROOHFWHG DQG WKH ,QYHVWLJDWRU RU GHVLJQHH DVVHVVPHQW
VKRXOG EH GRFXPHQWHG (YHU\ HIIRUW VKRXOG EH PDGH WR SHUIRUP (&*V LQ
WULSOLFDWH KRZHYHU D VLQJOH (&* ZLOO EH DOORZHG LI QHFHVVDU\ GXH WR D SXEOLF
KHDOWK HPHUJHQF\
x
6WXG\ LPDJLQJ 05, VKRXOG EH SHUIRUPHG SHU WKH VFKHGXOH LQ WKH 6R$V DW D
TXDOLILHG LPDJLQJ IDFLOLW\ KRZHYHU ORFDO LPDJLQJ PD\ EH DOORZHG LI DEOH WR
PHHW VWXG\ LPDJLQJ UHTXLUHPHQWV LQFOXVLYH RI UHTXLUHG 67,5 VHTXHQFH DQG

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
EH FRPSOHWHG SULRU WR DOO RWKHU VWXG\ DVVHVVPHQWV WR PLQLPL]H SDUWLFLSDQW ELDV LQ WKH FOLQLF ,I
WKH SDUWLFLSDQW LV XWLOL]LQJ WKH GLVSHUVLEOH WDEOHW SHGLDWULF IRUPXODWLRQ GRVDJH IRUP DQG KDV QRW
\HW FRPSOHWHG WKH 320$4 SDSHU WKH\ VKRXOG FRPSOHWH WKH DVVHVVPHQW DW WKLV YLVLW 7KLV
DVVHVVPHQW VKRXOG RQO\ EH FRPSOHWHG RQFH GXULQJ WKH VWXG\
7XPRU YROXPH ZLOO EH PHDVXUHG E\ 05, QR FRQWUDVW UHTXLUHG DQG VFDQV WR EH VXEPLWWHG IRU
FHQWUDO UDGLRORJLF UHYLHZ 6HFWLRQ  6FDQ PXVW SUHFHGH WKH WDUJHW 31 ELRSV\ ,I VHGDWLRQ LV
XVHG VHGDWLRQ PXVW EH DGPLQLVWHUHG DIWHU WKH VWUHQJWK UDQJH RI PRWLRQ DQG PLQXWH ZDON
DVVHVVPHQWV LI DVVHVVPHQWV DUH WR EH FRPSOHWHG RQ WKH VDPH GD\
7XPRU ELRSV\ ZLOO EH FROOHFWHG IURP WKH WDUJHW 31 6HFWLRQ  LI DSSOLFDEOH
%RQH SODWH UDGLRJUDSKV IRU SDUWLFLSDQWV  WR  \HDUV RI DJH LI DSSOLFDEOH 6HFWLRQ 
$OO SUHYLRXVO\ GLVSHQVHG VWXG\ WUHDWPHQW ZLOO EH FROOHFWHG IRU DFFRXQWDELOLW\
/7)8 3DUWLFLSDQWV 2QO\ 'LVSHQVH  F\FOHV RI VWXG\ WUHDWPHQW
5HIHU WR WKH 6R$ 6HFWLRQ  IRU DOO DGGLWLRQDO SURFHGXUHV UHTXLUHG DW &\FOH  'D\ 

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
7KH LPDJLQJ SURWRFRO RXWOLQHG LQ WKH LPDJLQJ PDQXDO ZLOO EH XVHG HDFK WLPH 05, H[DPLQDWLRQV
DUH SHUIRUPHG WR DVVHVV SURJUHVVLRQ RU UHVSRQVH ,Q SDUWLFLSDQWV ZLWK FOLQLFDO VXVSLFLRQ RI GLVHDVH
SURJUHVVLRQ 05, YROXPHWULF DQDO\VLV VKRXOG EH SHUIRUPHG HDUOLHU WKDQ VSHFLILHG LQ WKH SURWRFRO
,I EHFDXVH RI XQIRUHVHHQ UHDVRQV D 05, WLPH ZLQGRZ LV SDVVHG EXW QRW \HW DW WKH WLPH RI WKH
RSHQLQJ RI WKH VXEVHTXHQW ZLQGRZ WKH 05, VKRXOG EH SHUIRUPHG DQG WKH SURWRFRO GHYLDWLRQ
QRWHG

3DWLHQW 5HSRUWHG 2XWFRPHV
x
352 TXHVWLRQQDLUHV H[FHSW WKH 3HGV4/ DQG 320$4 ZKLFK ZLOO EH DGPLQLVWHUHG RQ
SDSHU ZLOO EH FRPSOHWHG E\ HDFK SDUWLFLSDQW RU SDUHQW SUR[\ DV UHTXLUHG XVLQJ D KRPH
H352 GHYLFH VXSSOLHG E\ WKH 6SRQVRU WKURXJKRXW WKH 7UHDWPHQW 3KDVH RI WKH VWXG\
x
7KH H352 GHYLFHV ZLOO EH SURYLGHG WR WKH 6LWHV SULRU WR VWXG\ LQLWLDWLRQ DQG WR WKH
SDUWLFLSDQW DW WKH 6FUHHQLQJ YLVLW $OO GHYLFHV ZLOO EH FROOHFWHG DW WKH HQG RI WKH 7UHDWPHQW
3KDVH
x
7KH H352 GHYLFHV ZLOO EH SURJUDPPHG WR DOZD\V DGPLQLVWHU WKH 352V LQ D SDUWLFXODU
RUGHU DQG DW VSHFLILF WLPHSRLQWV WKURXJKRXW WKH VWXG\ UHIHU WR 7DEOH  7KH SDSHU
3HGV4/ VKRXOG DOZD\V EH WKH ILUVW 352 DGPLQLVWHUHG DW WKH YLVLW
x
,W LV LPSRUWDQW WKDW GDWD IURP WKH 352V EH FROOHFWHG LQ D XQLIRUP PDQQHU VR WKDW VWXG\
SDUWLFLSDQWV¶ UHVSRQVHV WR LWHPV RQ WKH TXHVWLRQQDLUHV DUH QRW LQIOXHQFHG E\ WKH DFWLRQV RU
ZRUGV RI WKH GDWD FROOHFWRU
x
7KH 6LWH VKRXOG PDNH HYHU\ HIIRUW WR KDYH WKH SDUWLFLSDQW FRPSOHWH DOO 352V SULRU WR DOO
RWKHU VWXG\ DVVHVVPHQWV DW WKH YLVLW WR PLQLPL]H SDUWLFLSDQW ELDV
x
7KH DJH VSHFLILF 352 ZLOO EH GHWHUPLQHG DW 6FUHHQLQJ DQG WKH SDUWLFLSDQW PXVW EH
DGPLQLVWHUHG WKH VDPH DJHVSHFLILF 352 DW HYHU\ YLVLW UHJDUGOHVV RI DJH DW WLPH RI
DGPLQLVWUDWLRQ
x
5HIHU WR WKH VWXG\ UHIHUHQFH PDQXDO IRU PRUH LQIRUPDWLRQ RQ WKH 352V DQG XVHU JXLGHV
IRU DGPLQLVWUDWLRQ
x
7KH RQO\ 352V WKDW ZLOO EH FRPSOHWHG GXULQJ WKH /7)8 3KDVH ZLOO EH WKH SDSHU 3
20$4 LI QRW SUHYLRXVO\ FRPSOHWHG GXULQJ WKH 7UHDWPHQW 3KDVH DQG WKH 3HGV4/ ZLWK
DVVRFLDWHG SUR[\ DV DSSOLFDEOH

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
VHOIUHSRUW 3DUWLFLSDQWV DUH DVNHG WR VHOHFW WKH RQH QXPEHU IURP  WR  WKDW EHVW GHVFULEHV WKHLU
ZRUVW SDLQ RYHU WKH SDVW  KRXUV IRU WDUJHW WXPRU SDLQ ZLWK  UHSUHVHQWLQJ ³QR SDLQ´ DQG 
UHSUHVHQWLQJ ³ZRUVW SDLQ \RX FDQ LPDJLQH´ ,W WDNHV OHVV WKDQ  PLQXWH WR FRPSOHWH 7KH 156
LV UHFRPPHQGHG DV D FRUH RXWFRPH PHDVXUH RI SDLQ LQWHQVLW\ IRU FOLQLFDO WULDOV LQ FKLOGUHQ DQG
DGXOWV ZLWK 1) :ROWHUV 

3520,63K\VLFDO )XQFWLRQ0RELOLW\8SSHU ([WUHPLW\
7KH 3520,6 3K\VLFDO )XQFWLRQ LQVWUXPHQWV PHDVXUH VHOIUHSRUWHG FDSDELOLW\ UDWKHU WKDQ DFWXDO
SHUIRUPDQFH RI SK\VLFDO DFWLYLWLHV 7KLV LQFOXGHV WKH IXQFWLRQLQJ RI RQH¶V XSSHU H[WUHPLWLHV
GH[WHULW\ ORZHU H[WUHPLWLHV ZDONLQJ RU PRELOLW\ DQG FHQWUDO UHJLRQV QHFN EDFN DV ZHOO DV
LQVWUXPHQWDO DFWLYLWLHV RI GDLO\ OLYLQJ VXFK DV UXQQLQJ HUUDQGV $ VLQJOH 3K\VLFDO )XQFWLRQ
FDSDELOLW\ VFRUH LV REWDLQHG IURP HDFK VKRUW IRUP 7KLV 352 LV RQO\ FRPSOHWHG GXULQJ WKH
7UHDWPHQW 3KDVH $OO DGXOW SDUWLFLSDQWV   \HDUV RI DJH ZLWK D WDUJHW 31 FDXVLQJ VLJQLILFDQW
SK\VLFDO IXQFWLRQLQJ LPSDLUPHQW ZLOO FRPSOHWH WKH 3520,6 6KRUW )RUP Y ± 3K\VLFDO
)XQFWLRQ E )RU DOO SDUWLFLSDQWV  WR \HDUV RI DJH WKH TXHVWLRQQDLUH ZLOO EH VSHFLILF WR WKH
ORFDWLRQ RI WKH WDUJHW 31 )RU SDUWLFLSDQWV  WR  \HDUV RI DJH ZLWK XSSHU H[WUHPLW\ PRUELG
WDUJHW 31V SDUWLFLSDQWV   \HDUV RI DJH ZLOO VHOIUHSRUW XWLOL]LQJ WKH 3520,6 3HGLDWULF 6KRUW
)RUP Y ± 8SSHU ([WUHPLW\ D DQG WKH SULPDU\ FDUH JLYHU RI FKLOGUHQ   WR  \HDUV RI DJH
ZLOO FRPSOHWH WKH 3520,6 3DUHQW 3UR[\ 6KRUW )RUP Y ± 8SSHU ([WUHPLW\ D 7KH 8SSHU
([WUHPLW\ VKRUW IRUP ZLOO DVVHVV DFWLYLWLHV WKDW UHTXLUH XVH RI WKH XSSHU H[WUHPLW\ LQFOXGLQJ
VKRXOGHU DUP DQG KDQG DFWLYLWLHV ([DPSOHV LQFOXGH ZULWLQJ XVLQJ EXWWRQV RU RSHQLQJ
FRQWDLQHUV 3DUWLFLSDQWV   DQG   \HDUV RI DJH ZLWK ORZHU H[WUHPLW\ PRUELG WDUJHW 31V ZLOO
VHOIUHSRUW XWLOL]LQJ WKH 3520,6 3HGLDWULF 6KRUW )RUP Y ± 0RELOLW\ D LQ SDUDOOHO ZLWK
FRPSOHWLRQ RI WKH 3520,6 3DUHQW 3UR[\ 6KRUW )RUP Y ± 0RELOLW\ D E\ WKH SULPDU\ FDUH
JLYHU IRU SDUWLFLSDQWV   WR   \HDUV RI DJH 7KH 0RELOLW\ VKRUW IRUP ZLOO DVVHVV DFWLYLWLHV RI
SK\VLFDO PRELOLW\ VXFK DV JHWWLQJ RXW RI EHG RU D FKDLU WR DFWLYLWLHV VXFK DV UXQQLQJ $V
DSSOLFDEOH WKH VDPH SDUHQW RU OHJDO JXDUGLDQ VKRXOG EH DGPLQLVWHUHG WKH 3520,6 VKRUW IRUP
WKURXJKRXW WKH VWXG\ 7KH 3520,6 3K\VLFDO )XQFWLRQLQJ TXHVWLRQQDLUHV DUH UHFRPPHQGHG DV
FRUH RXWFRPH PHDVXUHV RI SK\VLFDO IXQFWLRQLQJ IRU FOLQLFDO WULDOV LQ FKLOGUHQ DQG DGXOWV ZLWK 1)
:ROWHUV 

3HGLDWULF 4XDOLW\ RI /LIH ,QYHQWRU\
7KH 3HGLDWULF 4XDOLW\ RI /LIH ,QYHQWRU\ 3HGV4/  *HQHULF &RUH 6FDOHV DUH PXOWLGLPHQVLRQDO
VHOIUHSRUW DQG SDUHQW SUR[\UHSRUW VFDOHV WR DVVHVV +542/ LQ FKLOGUHQ DGROHVFHQWV \RXQJ
DGXOWV DQG DGXOWV RYHU WKH SDVW  GD\V ,W LV D EULHI VWDQGDUGL]HG +542/ VFDOH ZLWK JRRG
UHOLDELOLW\ DQG YDOLGLW\ ,W FRQVLVWV RI D LWHP FRUH PHDVXUH RI JOREDO 42/ DQG FDQ EH
FRPSOHWHG LQ DSSUR[LPDWHO\  PLQXWHV 7KH 3HGV4/ KDV IRXU VXEVFDOHV SK\VLFDO IXQFWLRQLQJ
HPRWLRQDO IXQFWLRQLQJ VRFLDO IXQFWLRQLQJ DQG VFKRROZRUN IXQFWLRQLQJ ,Q WKLV VWXG\
SDUWLFLSDQWV   \HDUV RI DJH ZLOO FRPSOHWH D VHOIUHSRUW DQG SDUHQWV RU OHJDO JXDUGLDQV RI FKLOGUHQ
IURP  WR  \HDUV RI DJH ZLOO FRPSOHWH WKH SDUHQW SUR[\ PHDVXUHV RI WKH DJH VSHFLILF 3HGV4/
7KH VDPH SDUHQW RU OHJDO JXDUGLDQ VKRXOG EH DGPLQLVWHUHG WKH 3HGV4/ WKURXJKRXW WKH VWXG\ ,I D
SDUWLFLSDQW LV   \HDUV RI DJH EXW LQ WKH RSLQLRQ RI WKH LQYHVWLJDWRU KDV FRJQLWLYH GHILFLHQFLHV

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
WKDW ZRXOG LQKLELW DFFXUDWH FROOHFWLRQ RI 352 GDWD D SDUHQW RU OHJDO JXDUGLDQ PXVW DOVR FRPSOHWH
WKH DSSURSULDWH SDUHQWSUR[\ 3HGV4/ 7KH 3HGV4/ ZLOO EH DGPLQLVWHUHG RQ SDSHU DQG VKRXOG
DOZD\V EH WKH ILUVW 352 DGPLQLVWHUHG DW WKH YLVLW 7KH SDSHU 3HGV4/ DQG DVVRFLDWHG SUR[\ ZLOO
DOVR EH FRPSOHWHG GXULQJ WKH /7)8 3KDVH DV DSSOLFDEOH

3DWLHQW *OREDO ,PSUHVVLRQ RI 6HYHULW\
7KH SDWLHQW JOREDO LPSUHVVLRQ RI VHYHULW\ 3*,6 LV D VLQJOH LWHP VFDOH WKDW HYDOXDWHV WKH
SDUWLFLSDQW¶V SHUFHSWLRQ RI WKH RYHUDOO VHYHULW\ RI WKHLU 1)UHODWHG V\PSWRPV RYHU WKH SDVW ZHHN
RQ D SRLQW VFDOH UDQJLQJ IURP ³QRQH´ WR ³VHYHUH´ 7KH 3*,6 ZLOO KDYH D GD\ UHFDOO SHULRG DQG
ZLOO EH FRPSOHWHG E\ SDUWLFLSDQWV   \HDUV RI DJH GXULQJ WKH 7UHDWPHQW 3KDVH

3DWLHQW *OREDO ,PSUHVVLRQ RI &KDQJH
7KH SDWLHQW JOREDO LPSUHVVLRQ RI FKDQJH 3*,& LV D VLQJOH LWHP VFDOH WKDW HYDOXDWHV WKH
SDUWLFLSDQW¶V SHUFHSWLRQ RI WKH RYHUDOO FKDQJH LQ WKHLU RYHUDOO VWDWXV VLQFH WKH VWDUW RI WKH VWXG\
WUHDWPHQW RQ D SRLQW VFDOH UDQJLQJ IURP ³YHU\ PXFK EHWWHU´ WR ³YHU\ PXFK ZRUVH´ 7KH 3*,&
ZLOO EH FRPSOHWHG E\ SDUWLFLSDQWV   \HDUV RI DJH GXULQJ WKH 7UHDWPHQW 3KDVH

3HGLDWULF 2UDO 0HGLFLQH $FFHSWDELOLW\ 4XHVWLRQQDLUH
7KH 3HGLDWULF 2UDO 0HGLFLQH $FFHSWDELOLW\ 4XHVWLRQQDLUH 320$4 LV WKH ILUVW HPSLULFDOO\
GHULYHG FRQWHQWYDOLG FOLQLFDO RXWFRPH DVVHVVPHQW TXHVWLRQQDLUH GHVLJQHG WR PHDVXUH DQG
TXDQWLI\ DFFHSWDELOLW\ RI WDUJHWHG SHGLDWULF RUDO PHGLFLQHV 7XUQHU%RZNHU  7KH 320$4
LV D FOLQLFDO RXWFRPH DVVHVVPHQW FRQGXFWHG DV D VHOIUHSRUW E\ SHGLDWULF SDUWLFLSDQWV 320$4
3 ZLWK DQ DVVRFLDWHG DGXOW FDUHJLYHU REVHUYHU UHSRUW 320$4& DVVHVVLQJ WKH DFFHSWDELOLW\
RI WKH GLVSHUVLEOH WDEOHW SHGLDWULF GRVDJH IRUPXODWLRQ 7KH SHGLDWULF VHOIUHSRUW 320$43 LV
D LWHP 352 IRU SHGLDWULF UHVSRQGHQWV RI  \HDUV RI DJH 7KH FDUHJLYHU REVHUYHU UHSRUW 3
20$4& LV D LWHP 352 IRU DGXOW FDUHJLYHUV DJHG  \HDUV RYHUVHHLQJ VWXG\ GUXJ GRVLQJ
RI SHGLDWULF SDWLHQWV DJHG  PRQWKV WR  \HDUV (DFK TXHVWLRQQDLUH LV SURYLGHG ZLWK D ³SDVW 
GD\V´ UHFDOO ZLWK DOO LWHPV XVLQJ D SRLQW 1XPHULFDO 5DWH 6FDOH 156 ZLWK KLJKHU LWHPVFRUHV
UHIOHFWLQJ JUHDWHU RUDO WUHDWPHQW DFFHSWDELOLW\

6WUHQJWK $VVHVVPHQW
$OO SDUWLFLSDQWV ZLWK D WDUJHW 31 WKDW FDXVHV PRWRU G\VIXQFWLRQ RU ZHDNQHVV ZLOO XQGHUJR D
IRFXVHG HYDOXDWLRQ RI VWUHQJWK RI WKH DIIHFWHG PXVFOH JURXSV LQ DFFRUGDQFH ZLWK WKH 6R$
6HFWLRQ  GXULQJ WKH 7UHDWPHQW 3KDVH 7KH FRQWUDODWHUDO VLGH ZLOO EH WHVWHG IRU FRPSDULVRQ
7KLV HYDOXDWLRQ VKRXOG EH SHUIRUPHG E\ 5HKDELOLWDWLRQ 0HGLFLQH 3K\VLDWU\ RU 3K\VLFDO 7KHUDS\
LI SRVVLEOH DQG VKRXOG LGHDOO\ EH FRPSOHWHG E\ WKH VDPH H[DPLQHU DW HDFK YLVLW LI IHDVLEOH
6WUHQJWK VKRXOG EH DVVHVVHG XWLOL]LQJ D 6SRQVRU SURYLGHG G\QDPRPHWHU DQG 0HGLFDO 5HVHDUFK
&RXQFLO 05& 0XVFOH 6FDOH 7KH 05& JUDGLQJ DVVHVVPHQW VKRXOG EH FRQGXFWHG SULRU WR WKH
G\QDPRPHWHU DVVHVVPHQW '\QDPRPHWHU DVVHVVPHQW DQG 05& JUDGLQJ  PXVW EH
FRQGXFWHG LQ DFFRUGDQFH ZLWK WKH VWXG\ UHIHUHQFH PDQXDO

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

3KRWRJUDSK\ RI 7XPRU
3KRWRJUDSK\ ZLOO EH SHUIRUPHG LI WDUJHW 31 DQGRU LWV HIIHFWV DUH YLVLEOH DQG DPHQDEOH WR
SKRWRJUDSK\ 3KRWRJUDSK\ ZLOO EH SHUIRUPHG LQ DFFRUGDQFH ZLWK WKH 6R$ 6HFWLRQ 
6HFWLRQ  GXULQJ ERWK WKH 7UHDWPHQW DQG /7)8 3KDVHV $OO SKRWRJUDSKV DW HDFK WLPHSRLQW
VKRXOG EH WDNHQ IURP WKH VDPH GLVWDQFH XVLQJ VLPLODU OLJKWLQJ DQG FDPHUD VHWWLQJV LI SRVVLEOH
%DVHOLQH SKRWRJUDSKV IURP WKH 7UHDWPHQW 3KDVH VKRXOG EH SUHVHQW DW WKH WLPH RI IROORZXS
SKRWRJUDSK\ WR DOORZ IRU WKH PRVW DFFXUDWH SRVLWLRQLQJ DQG VHWWLQJ UHSOLFDWLRQ $OO SKRWRJUDSKV
ZLOO EH VXEPLWWHG DQG DQDO\]HG DW VWXG\ FRPSOHWLRQ E\ DQ LQGHSHQGHQW FHQWUDO UHYLHZ 5HIHU WR
WKH SKRWRJUDSK\ PDQXDO IRU DGGLWLRQDO GHWDLOV DQG SKRWRJUDSK VXEPLVVLRQ JXLGHOLQHV

5DQJH RI 0RWLRQ $VVHVVPHQW
$OO SDUWLFLSDQWV ZLWK D WDUJHW 31 WKDW FDXVHV PRWRU G\VIXQFWLRQ RU ZHDNQHVV ZLOO XQGHUJR D
IRFXVHG HYDOXDWLRQ RI UDQJH RI PRWLRQ RI WKH DIIHFWHG MRLQWV GXULQJ WKH 7UHDWPHQW 3KDVH 7KH
FRQWUDODWHUDO VLGH ZLOO EH WHVWHG IRU FRPSDULVRQ 7KLV HYDOXDWLRQ VKRXOG EH SHUIRUPHG E\
5HKDELOLWDWLRQ 0HGLFLQH 3K\VLDWU\ RU 3K\VLFDO 7KHUDS\ DQG VKRXOG LGHDOO\ EH FRPSOHWHG E\ WKH
VDPH H[DPLQHU DW HDFK YLVLW LI IHDVLEOH 7HVWLQJ ZLOO EH SHUIRUPHG LQ DFFRUGDQFH ZLWK WKH 6R$
6HFWLRQ 
5HIHU WR WKH VWXG\ UHIHUHQFH PDQXDO IRU DGGLWLRQDO LQVWUXFWLRQV

7DUJHW 7XPRU %LRSV\
)RU SDUWLFLSDQWV   \HDUV RI DJH D FRUH QHHGOH RU 7UX&XW QHHGOH ELRSV\ RI WKH WDUJHW WXPRU
ZLOO EH SHUIRUPHG DW %DVHOLQH LQ WKH 7UHDWPHQW 3KDVH SULRU WR UHFHLYLQJ DQ\ VWXG\ WUHDWPHQW DQG
DIWHU WKH 05, YROXPHWULF DVVHVVPHQW KDV EHHQ FRQILUPHG HYDOXDEOH E\ FHQWUDO UDGLRORJLF UHYLHZ
7KLV LV D SHUFXWDQHRXV ELRSV\ PHWKRG XVLQJ D KROORZERUHG QHHGOH WR REWDLQ D YROXPH RI WLVVXH
LQ RUGHU WR DVVHVV ERWK FHOOXODU DQG DUFKLWHFWXUDO LQIRUPDWLRQ $ JDXJH QHHGOH RU ODUJHU PXVW
EH XVHG )LQH QHHGOH DVSLUDWHV DUH QRW DFFHSWDEOH 3DUWLFLSDQWV  WR  \HDUV RI DJH VKRXOG QRW
XQGHUJR ELRSV\ XQOHVV WKHUH LV D FOLQLFDO LQGLFDWLRQ WR REWDLQ IUHVK WXPRU WLVVXH ,I D SHGLDWULF
SDUWLFLSDQW WXUQV  \HDUV ROG GXULQJ VWXG\ SDUWLFLSDWLRQ D ELRSV\ LV QRW UHTXLUHG DW WKH &\FOH
(DUO\ 7HUPLQDWLRQ YLVLW RI WKH 7UHDWPHQW 3KDVH ,I D VWXG\ ELRSV\ ZDV FROOHFWHG DQG WKH
SDUWLFLSDQW GLG QRW LQLWLDWH VWXG\ WUHDWPHQW WKLV ELRSV\ PD\ EH XWLOL]HG DV WKH EDVHOLQH ELRSV\ LI
WKH SDUWLFLSDQW VXEVHTXHQWO\ UHVFUHHQV IRU HQUROOPHQW ,I WKH SDUWLFLSDQW GLG QRW KDYH HYDOXDEOH
ELRSV\ WLVVXH DW %DVHOLQH WKH\ DUH QRW UHTXLUHG WR SURYLGH DQ (QG RI 7UHDWPHQW ELRSV\ RI WKH
WDUJHW WXPRU
5HIHU WR 6HFWLRQ  IRU WKH VDPSOLQJ VFKHGXOH DQG WKH FHQWUDO ODERUDWRU\ PDQXDO IRU
LQVWUXFWLRQV IRU KDQGOLQJ SURFHVVLQJ DQG VKLSPHQW RI WXPRU ELRSVLHV

0LQXWH :DON 7HVW
3DUWLFLSDQWV ZLWK D WDUJHW 31 WKDW FDXVHV DLUZD\ RU ORZHU H[WUHPLW\ PRWRU G\VIXQFWLRQ ZLOO
XQGHUJR D 0LQXWH :DON 7HVW LQ DFFRUGDQFH ZLWK WKH 6R$ 6HFWLRQ  GXULQJ WKH 7UHDWPHQW
3KDVH 7KLV DVVHVVPHQW PXVW DOZD\V EH FRPSOHWHG DIWHU WKH 6WUHQJWK 6HFWLRQ  DQG 5DQJH

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
RI 0RWLRQ 6HFWLRQ  DVVHVVPHQWV 7KLV HYDOXDWLRQ VKRXOG EH SHUIRUPHG E\ 5HKDELOLWDWLRQ
0HGLFLQH 3K\VLDWU\ RU 3K\VLFDO 7KHUDS\ LI SRVVLEOH DQG VKRXOG LGHDOO\ EH FRPSOHWHG E\ WKH
VDPH H[DPLQHU DW HDFK YLVLW LI IHDVLEOH 5HIHU WR WKH VWXG\ UHIHUHQFH PDQXDO IRU DGGLWLRQDO
LQVWUXFWLRQV

6DIHW\ $VVHVVPHQWV
3ODQQHG WLPH SRLQWV IRU DOO VDIHW\ DVVHVVPHQWV DUH SURYLGHG LQ WKH 6R$ 6HFWLRQ  6HFWLRQ 

'HPRJUDSKLFV 'DWD DQG 0HGLFDO +LVWRU\
'HPRJUDSKLF GDWD ZLOO LQFOXGH DJH RU GDWH RI ELUWK VH[ DQG VHOIUHSRUWHG UDFHHWKQLFLW\
0HGLFDO KLVWRU\ LQFOXGHV DQ\ KLVWRU\ RI FOLQLFDOO\ VLJQLILFDQW GLVHDVH VXUJHU\ RU FDQFHU KLVWRU\
UHSURGXFWLYH VWDWXV LH :2&%3 RU QR :2&%3 KLVWRU\ RI DOFRKRO FRQVXPSWLRQ LH SUHVHQFH
RU DEVHQFH DQG UHYLHZ RI FRQFRPLWDQW PHGLFDWLRQV
&DQFHU KLVWRU\ ZLOO LQFOXGH DQ DVVHVVPHQW RI SULRU VXUJHU\ SULRU UDGLRWKHUDS\ SULRU GUXJ WKHUDS\
LQFOXGLQJ VWDUW DQG VWRS GDWHV EHVW UHVSRQVH DQG UHDVRQ IRU GLVFRQWLQXDWLRQ 3DUWLFLSDQW¶V 1)
PXWDWLRQDO VWDWXV ZLOO DOVR EH UHFRUGHG LI NQRZQ 5DGLRJUDSKLF VWXGLHV SHUIRUPHG SULRU WR VWXG\
HQWU\ PD\ EH FROOHFWHG IRU UHYLHZ E\ WKH ,QYHVWLJDWRU

3K\VLFDO ([DPLQDWLRQ DQG 3HUIRUPDQFH VWDWXV
&RPSOHWH SK\VLFDO H[DPLQDWLRQV DV ZHOO DV KHLJKWZHLJKW DQG DVVHVVPHQW RI .DUQRIVN\ RU /DQVN\
SHUIRUPDQFH VWDWXV DV DSSOLFDEOH 6HFWLRQ  ZLOO EH UHTXLUHG WKURXJKRXW WKH VWXG\ DV GHVFULEHG
LQ WKH 6R$ 6HFWLRQ  6HFWLRQ 
$ FRPSOHWH SK\VLFDO H[DPLQDWLRQ ZLOO LQFOXGH DW D PLQLPXP DVVHVVPHQWV RI WKH 6NLQ
&DUGLRYDVFXODU 5HVSLUDWRU\ *DVWURLQWHVWLQDO DQG 1HXURORJLFDO V\VWHPV
,QYHVWLJDWRUV VKRXOG SD\ VSHFLDO DWWHQWLRQ WR FOLQLFDO VLJQV UHODWHG WR SUHYLRXV VHULRXV LOOQHVVHV DQG
FKDQJHV IURP %DVHOLQH RI WKH 7UHDWPHQW 3KDVH ZLOO EH UHFRUGHG LQ WKH VRXUFH GRFXPHQWDWLRQ 1HZ
RU ZRUVHQHG FOLQLFDOO\ VLJQLILFDQW DEQRUPDOLWLHV DUH WR EH UHFRUGHG DV $(V RQ WKH H&5) SDJH
5HIHU WR 6HFWLRQ  UHJDUGLQJ $( GHILQLWLRQV DQG UHSRUWLQJ DQG IROORZXS UHTXLUHPHQWV

9LWDO 6LJQV
%RG\ WHPSHUDWXUH SXOVH UDWH UHVSLUDWRU\ UDWH DQG EORRG SUHVVXUH ZLOO EH DVVHVVHG WKURXJKRXW WKH
VWXG\ DV GHVFULEHG LQ WKH 6R$ 6HFWLRQ  6HFWLRQ 
%ORRG SUHVVXUH DQG SXOVH PHDVXUHPHQWV ZLOO EH DVVHVVHG ZLWK D FRPSOHWHO\ DXWRPDWHG GHYLFH
0DQXDO WHFKQLTXHV ZLOO EH XVHG RQO\ LI DQ DXWRPDWHG GHYLFH LV QRW DYDLODEOH
%ORRG SUHVVXUH DQG SXOVH PHDVXUHPHQWV VKRXOG EH SUHFHGHG E\ DW OHDVW  PLQXWHV RI UHVW IRU WKH
SDUWLFLSDQW LQ D TXLHW VHWWLQJ ZLWKRXW GLVWUDFWLRQV HJ WHOHYLVLRQ FHOO SKRQHV

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

(OHFWURFDUGLRJUDPV
7ULSOLFDWH /HDG (&*V UHDGLQJV GRQH DSSUR[LPDWHO\  PLQXWHV DSDUW DQG DYHUDJHG ZLOO EH
REWDLQHG XVLQJ DQ (&* PDFKLQH WKDW DXWRPDWLFDOO\ FDOFXODWHV WKH KHDUW UDWH DQG PHDVXUHV 55
35 456 47 DQG 47F LQWHUYDOV DW WKH WLPHSRLQWV GHVFULEHG LQ WKH 6R$ 6HFWLRQ 
6HFWLRQ  3ULRU WR WKH (&* DVVHVVPHQWV SDUWLFLSDQWV VKRXOG UHVW LQ D VHPLUHFXPEHQW VXSLQH
SRVLWLRQ IRU DW OHDVW  PLQXWHV
)RU VDIHW\ PRQLWRULQJ SXUSRVHV WKH ,QYHVWLJDWRU PXVW UHYLHZ VLJQ DQG GDWH DOO (&* WUDFLQJV
3DSHU RU HOHFWURQLF FRSLHV RI (&* WUDFLQJV ZLOO EH NHSW DV SDUW RI WKH VRXUFH GRFXPHQWDWLRQ DW
WKH 6LWH
$OO (&*V RI SDUWLFLSDQWV  WR  \HDUV RI DJH DW WKH WLPH RI (&* DFTXLVLWLRQ PXVW EH UHYLHZHG
E\ D SHGLDWULF FDUGLRORJLVW DQG WKLV UHYLHZ PXVW EH GRFXPHQWHG 3DUWLFLSDQWV   \HDUV RI DJH
PXVW KDYH (&*V UHYLHZHG E\ D SK\VLFLDQ RQ WKH GHOHJDWLRQ RI DXWKRULW\ ORJ
5HIHU WR 6HFWLRQ  IRU 47F ZLWKGUDZDO FULWHULD DQG DQ\ DGGLWLRQDO 47F UHDGLQJV WKDW PD\ EH
QHFHVVDU\

&OLQLFDO 6DIHW\ /DERUDWRU\ $VVHVVPHQWV
$OO SURWRFROUHTXLUHG ODERUDWRU\ DVVHVVPHQWV DV GHILQHG LQ 6HFWLRQ  PXVW EH FRQGXFWHG LQ
DFFRUGDQFH ZLWK WKH FHQWUDO ODERUDWRU\ PDQXDO DQG WKH 6R$ 6HFWLRQ  6HFWLRQ  7KH XVH RI
LQWUDYDVFXODU FDWKHWHUV VKRXOG EH FRQVLGHUHG ZKHQ PXOWLSOH EORRG GUDZV ZLOO RFFXU RQ WKH VDPH
YLVLW
7KH ,QYHVWLJDWRU PXVW UHYLHZ WKH ODERUDWRU\ UHSRUW GRFXPHQW WKLV UHYLHZ DQG UHFRUG DQ\
FOLQLFDOO\ UHOHYDQW FKDQJHV RFFXUULQJ GXULQJ WKH VWXG\ RQ WKH $( SDJH RI WKH H&5) 7KH
ODERUDWRU\ UHSRUWV PXVW EH ILOHG ZLWK WKH VRXUFH GRFXPHQWV &OLQLFDOO\ VLJQLILFDQW DEQRUPDO
ODERUDWRU\ ILQGLQJV DUH WKRVH ZKLFK DUH QRW DVVRFLDWHG ZLWK WKH XQGHUO\LQJ GLVHDVH XQOHVV MXGJHG
E\ WKH ,QYHVWLJDWRU WR EH PRUH VHYHUH WKDQ H[SHFWHG IRU WKH SDUWLFLSDQW
V FRQGLWLRQ
$OO ODERUDWRU\ WHVWV ZLWK DEQRUPDO YDOXHV FRQVLGHUHG WR EH FOLQLFDOO\ VLJQLILFDQW GXULQJ
SDUWLFLSDWLRQ LQ WKH VWXG\ RU ZLWKLQ  GD\V DIWHU WKH ODVW GRVH RI VWXG\ WUHDWPHQW VKRXOG EH
UHSHDWHG XQWLO WKH YDOXHV UHWXUQ WR QRUPDO RU %DVHOLQH RI WKH 7UHDWPHQW 3KDVH RU DUH QR ORQJHU
FRQVLGHUHG FOLQLFDOO\ VLJQLILFDQW E\ WKH ,QYHVWLJDWRU RU 0HGLFDO 0RQLWRU ,I VXFK YDOXHV GR QRW
UHWXUQ WR QRUPDO%DVHOLQH RI WKH 7UHDWPHQW 3KDVH ZLWKLQ D SHULRG RI WLPH MXGJHG UHDVRQDEOH E\
WKH ,QYHVWLJDWRU WKH HWLRORJ\ VKRXOG EH LGHQWLILHG DQG WKH 0HGLFDO 0RQLWRU QRWLILHG
,I ODERUDWRU\ YDOXHV IURP QRQSURWRFRO VSHFLILHG ODERUDWRU\ DVVHVVPHQWV SHUIRUPHG DW WKH
LQVWLWXWLRQ¶V ORFDO ODERUDWRU\ UHTXLUH D FKDQJH LQ SDUWLFLSDQW PDQDJHPHQW RU DUH FRQVLGHUHG
FOLQLFDOO\ VLJQLILFDQW E\ WKH ,QYHVWLJDWRU HJ 6$( RU $( RU GRVH PRGLILFDWLRQ WKHQ WKH UHVXOWV
PXVW EH UHFRUGHG LQ WKH H&5) $GGLWLRQDOO\ ORFDO ODERUDWRU\ UHVXOWV DUH RQO\ WR EH XVHG LQ
H[WHQXDWLQJ FLUFXPVWDQFHV WR PDNH D VWXG\ WUHDWPHQW GHFLVLRQ ZLWK DSSURYDO IURP WKH 0HGLFDO
0RQLWRU

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

3UHJQDQF\ 7HVWLQJ
3UHJQDQF\ WHVWLQJ ZLOO RQO\ EH UHTXLUHG IRU ZRPHQ RI FKLOGEHDULQJ SRWHQWLDO :2&%3 UHIHU WR
6HFWLRQ  IRU GHILQLWLRQ RI :2&%3 DQG DGGLWLRQDO GHWDLOV RQ FRQWUDFHSWLYH JXLGHOLQHV DQG
FROOHFWLRQ RI SUHJQDQF\ LQIRUPDWLRQ
$ QHJDWLYH VHUXP SUHJQDQF\ WHVW DW 6FUHHQLQJ DQG D QHJDWLYH XULQH SUHJQDQF\ WHVW DW %DVHOLQH
SULRU WR ILUVW GRVH RI VWXG\ WUHDWPHQW ZLOO EH UHTXLUHG WR PHHW VWXG\ HQWU\ FULWHULD
0RQWKO\ XULQH SUHJQDQF\ WHVWV ZLOO EH UHTXLUHG IRU :2&%3 WKURXJKRXW WKH GXUDWLRQ RI WKH VWXG\
6HUXP SUHJQDQF\ WHVWLQJ LV DOORZHG SHU ORFDO UHJXODWLRQV ,Q EHWZHHQ VWXG\ YLVLWV SDUWLFLSDQWV
ZLOO EH UHTXLUHG WR UHWXUQ WR WKH 6LWH IRU D PRQWKO\ XULQH SUHJQDQF\ WHVW ,I LW LV PRUH FRQYHQLHQW
WR WKH SDUWLFLSDQW WKH\ PD\ YLVLW D 6SRQVRU DSSURYHG ORFDO ODERUDWRU\ IRU WKLV DVVHVVPHQW

2SKWKDOPLF $VVHVVPHQWV
7KHVH DVVHVVPHQWV PXVW EH SHUIRUPHG E\ DQ RSKWKDOPRORJLVW 3DUWLFLSDQWV LQ WKH SHGLDWULF FRKRUW
PXVW EH HYDOXDWHG E\ D SHGLDWULF RSKWKDOPRORJLVW WKURXJKRXW WKH VWXG\ 3DUWLFLSDQWV ZLOO KDYH D
VWDQGDUG RI FDUH RFXODU HYDOXDWLRQ LQFOXVLYH RI D WDUJHWHG UHWLQDO H[DP FRQVLVWLQJ RI VOLW ODPS
H[DPLQDWLRQ ZLWK ELQRFXODU LQGLUHFW RSKWKDOPRVFRS\ LQ DGGLWLRQ WR LQWUDRFXODU SUHVVXUH
PHDVXUHPHQWV LQ DFFRUGDQFH ZLWK WKH 6R$ 6HFWLRQ  6HFWLRQ  ZKLOH RQ VWXG\ WUHDWPHQW
3DUWLFLSDQWV ZLWK HYLGHQFH RI GLVHDVH HJ UHWLQDO YHLQ RFFOXVLRQ ZLOO XQGHUJR D IXOO HYDOXDWLRQ
VXFK DV IOXRUHVFHLQ DQJLRJUDSK\ DQGRU RSWLFDO FRKHUHQFH WRPRJUDSK\ 5HIHU WR WKH VWXG\
UHIHUHQFH PDQXDO IRU DGGLWLRQDO LQIRUPDWLRQ UHJDUGLQJ WKHVH UHTXLUHG DVVHVVPHQWV

(FKRFDUGLRJUDP
/HIW YHQWULFXODU HMHFWLRQ IUDFWLRQ ZLOO EH DVVHVVHG YLD HFKRFDUGLRJUDP LQ DFFRUGDQFH ZLWK WKH
6R$ 6HFWLRQ  6HFWLRQ  (FKRFDUGLRJUDP LV D QRQLQYDVLYH DQG ZHOOHVWDEOLVKHG WHFKQLTXH
IRU DVVHVVPHQW RI /9() $OO PHDVXUHPHQWV ZLOO EH PDGH LQ DFFRUGDQFH ZLWK WKH $PHULFDQ
6RFLHW\ RI (FKRFDUGLRJUDSK\ JXLGHOLQHV 6LWHV VKRXOG XWLOL]H URXWLQH KRVSLWDO SURWRFRO IRU
HFKRFDUGLRJUDP PHWKRGRORJLHV DQG PHDVXUHV

5DGLRJUDSK\
)RU DOO SDUWLFLSDQWV  WR  \HDUV RI DJH UDGLRJUDSKV RI WKH GLVWDO IHPXU DQG SUR[LPDO WLELD ZLOO
EH REWDLQHG DW %DVHOLQH ,I WKH ,QYHVWLJDWRU GHWHUPLQHV WKDW WKH SK\VHV DUH RSHQ WKHVH SDUWLFLSDQWV
ZLOO XQGHUJR D UDGLRJUDSK LQ DFFRUGDQFH ZLWK WKH 7UHDWPHQW 3KDVH 6R$ 6HFWLRQ  WR PRQLWRU
IRU FKDQJHV LQ SK\VHDO JURZWK SODWHV

0RQWKO\ :HOOQHVV &KHFNV
0RQWKO\ WHOHSKRQH RU HPDLO FRQWDFW LV UHTXLUHG WKURXJKRXW WKH VWXG\ DQG PD\ EH UHSODFHG E\ D
IDFHWRIDFH LQWHUDFWLRQ ZKHQ VWXG\ YLVLWV RFFXU LI WKH LQIRUPDWLRQ FDQ EH REWDLQHG GXULQJ WKH
YLVLW
$ FRS\ RI WKH WHOHSKRQH UHSRUW RU HPDLO PXVW EH GRFXPHQWHG LQ WKH VRXUFH GRFXPHQWDWLRQ
(PDLO PXVW QRW UHSODFH GLUHFW IROORZXS E\ SKRQH RU LQ FOLQLF IRU FOLQLFDOO\ VLJQLILFDQW $(V RU

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
VSHFLILHG ,QYHVWLJDWRUVVWXG\ FRRUGLQDWRUVGHVLJQDWHG VLWH SHUVRQQHO DUH UHTXLUHG WR UHFRUG WKHVH
H[SHULHQFHV LQ WKH H&5) DV GHVFULEHG LQ WKH H&5) FRPSOHWLRQ JXLGDQFH GRFXPHQW DQG WR
SURYLGH VXSSOHPHQWDO LQIRUPDWLRQ VXFK DV PHGLFDO KLVWRU\ FRQFRPLWDQW PHGLFDWLRQV
LQYHVWLJDWLRQV HWF DERXW WKH HYHQW 3OHDVH QRWH WKLV WDEOH OLVWV NQRZQ $(6, DQG DGGLWLRQDO
HYHQWV PD\ EH LGHQWLILHG GXULQJ WKH FRXUVH RI WKH VWXG\

7LPH 3HULRG DQG )UHTXHQF\ IRU &ROOHFWLQJ $( DQG 6$( ,QIRUPDWLRQ
$OO 6$(V DQG $(V ZLOO EH FROOHFWHG IURP WKH WLPH RI VLJQLQJ LQIRUPHG FRQVHQWDVVHQW XQWLO
 GD\V DIWHU WKH ODVW GRVH RI VWXG\ WUHDWPHQW DW WKH WLPH SRLQWV VSHFLILHG LQ WKH 6R$ 6HFWLRQ 
6HFWLRQ 
0HGLFDO RFFXUUHQFHV WKDW EHJLQ EHIRUH WKH VWDUW RI VWXG\ WUHDWPHQW EXW DIWHU REWDLQLQJ LQIRUPHG
FRQVHQWDVVHQW ZLOO EH UHFRUGHG DV $(V
$OO 6$(V ZLOO EH UHFRUGHG DQG UHSRUWHG WR WKH 6SRQVRU¶V VDIHW\ JURXS 6DIHW\ LPPHGLDWHO\ DQG
XQGHU QR FLUFXPVWDQFH VKRXOG WKLV H[FHHG  KRXUV DV LQGLFDWHG LQ 6HFWLRQ  DQG
6HFWLRQ  7KH ,QYHVWLJDWRU ZLOO VXEPLW DQ\ XSGDWHG 6$( GDWD WR 6DIHW\ ZLWKLQ  KRXUV RI
LW EHLQJ DYDLODEOH
7R UHSRUW WKH 6$( D SDSHU 6$( IRUP PXVW EH FRPSOHWHG VFDQQHG DQG HPDLOHG 6DIHW\ DW
39#VSULQJZRUNVW[FRP 7KH SDSHU 6$( IRUP FDQ EH IRXQG LQ WKH 6LWH UHIHUHQFH PDQXDO 5HIHU
WR 6HFWLRQ  IRU PRUH GHWDLOV RQ UHSRUWLQJ 6$(V WR 6DIHW\
,QYHVWLJDWRUV DUH QRW REOLJDWHG WR DFWLYHO\ VHHN $(V DQGRU 6$(V DIWHU FRQFOXVLRQ RI WKH VWXG\
SDUWLFLSDWLRQ +RZHYHU LI WKH ,QYHVWLJDWRU OHDUQV RI DQ\ 6$( LQFOXGLQJ D GHDWK DW DQ\ WLPH DIWHU
D SDUWLFLSDQW KDV EHHQ GLVFKDUJHG IURP WKH VWXG\ DQG FRQVLGHUV WKH HYHQW WR EH UHDVRQDEO\ UHODWHG
WR WKH VWXG\ WUHDWPHQW RU VWXG\ SDUWLFLSDWLRQ WKH ,QYHVWLJDWRU PXVW SURPSWO\ QRWLI\ WKH 6SRQVRU

0HWKRG RI 'HWHFWLQJ $(V DQG 6$(V
7KH PHWKRG RI UHFRUGLQJ HYDOXDWLQJ DQG DVVHVVLQJ FDXVDOLW\ RI $(V DQG 6$(V DQG WKH
SURFHGXUHV IRU FRPSOHWLQJ DQG WUDQVPLWWLQJ 6$( UHSRUWV DUH SURYLGHG LQ 6HFWLRQ 
&DUH ZLOO EH WDNHQ QRW WR LQWURGXFH ELDV ZKHQ GHWHFWLQJ $(V DQGRU 6$(V 2SHQHQGHG DQG
QRQOHDGLQJ YHUEDO TXHVWLRQLQJ RI WKH SDUWLFLSDQW LV WKH SUHIHUUHG PHWKRG WR LQTXLUH DERXW
$( RFFXUUHQFHV

)ROORZXS RI $(V DQG 6$(V
$IWHU WKH LQLWLDO $(6$( UHSRUW WKH ,QYHVWLJDWRU LV UHTXLUHG WR SURDFWLYHO\ IROORZ HDFK
SDUWLFLSDQW DW VXEVHTXHQW YLVLWVFRQWDFWV $OO 6$(V ZLOO EH IROORZHG XQWLO UHVROXWLRQ VWDELOL]DWLRQ
WKH HYHQW LV RWKHUZLVH H[SODLQHG RU WKH SDUWLFLSDQW LV ORVW WR IROORZXS DV GHILQHG LQ
6HFWLRQ  :LWKLQ  KRXUV RI UHFHLSW RI IROORZXS LQIRUPDWLRQ WKH ,QYHVWLJDWRU PXVW FRPSOHWH
D SDSHU IROORZXS 6$( IRUP DQG VXEPLW DQ\ VXSSRUWLQJ GRFXPHQWDWLRQ LI UHTXHVWHG WR 6DIHW\
)XUWKHU LQIRUPDWLRQ RQ IROORZXS SURFHGXUHV LV JLYHQ LQ 6HFWLRQ 

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

5HJXODWRU\ 5HSRUWLQJ 5HTXLUHPHQWV IRU 6$(V
3URPSW QRWLILFDWLRQ E\ WKH ,QYHVWLJDWRU WR WKH 6SRQVRU RI DQ 6$( LV HVVHQWLDO VR WKDW OHJDO
REOLJDWLRQV DQG HWKLFDO UHVSRQVLELOLWLHV WRZDUGV WKH VDIHW\ RI SDUWLFLSDQWV DQG WKH VDIHW\ RI D VWXG\
WUHDWPHQW XQGHU FOLQLFDO LQYHVWLJDWLRQ DUH PHW
7KH 6SRQVRU KDV D OHJDO UHVSRQVLELOLW\ WR QRWLI\ ERWK WKH ORFDO UHJXODWRU\ DXWKRULW\ DQG RWKHU
UHJXODWRU\ DJHQFLHV DERXW WKH VDIHW\ RI D VWXG\ WUHDWPHQW XQGHU FOLQLFDO LQYHVWLJDWLRQ 7KH
6SRQVRU ZLOO FRPSO\ ZLWK FRXQWU\VSHFLILF UHJXODWRU\ UHTXLUHPHQWV UHODWLQJ WR VDIHW\ UHSRUWLQJ WR
WKH UHJXODWRU\ DXWKRULW\ ,QVWLWXWLRQDO 5HYLHZ %RDUGV ,5%,QGHSHQGHQW (WKLFV &RPPLWWHHV
,(& DQG LQYHVWLJDWRUV
,QYHVWLJDWRU VDIHW\ UHSRUWV PXVW EH SUHSDUHG IRU 6XVSHFWHG 8QH[SHFWHG 6HULRXV $GYHUVH
5HDFWLRQV DFFRUGLQJ WR ORFDO UHJXODWRU\ UHTXLUHPHQWV DQG 6SRQVRU SROLF\ DQG IRUZDUGHG WR
,QYHVWLJDWRUV DV QHFHVVDU\
$Q ,QYHVWLJDWRU ZKR UHFHLYHV DQ ,QYHVWLJDWRU VDIHW\ UHSRUW GHVFULELQJ DQ 6$( RU RWKHU VSHFLILF
VDIHW\ LQIRUPDWLRQ HJ VXPPDU\ RU OLVWLQJ RI 6$(V IURP WKH 6SRQVRU ZLOO UHYLHZ DQG WKHQ ILOH
LW DORQJ ZLWK WKH ,QYHVWLJDWRU¶V %URFKXUH DQG ZLOO QRWLI\ WKH ,5%,(& LI DSSURSULDWH DFFRUGLQJ WR
ORFDO UHTXLUHPHQWV

3UHJQDQF\
'HWDLOV RI DOO SUHJQDQFLHV LQ IHPDOH SDUWLFLSDQWV DQG IHPDOH SDUWQHUV RI PDOH SDUWLFLSDQWV ZLOO EH
FROOHFWHG DIWHU WKH VWDUW RI VWXG\ WUHDWPHQW DQG XQWLO  GD\V DIWHU WKH ODVW GRVH RI VWXG\ WUHDWPHQW
,I D SUHJQDQF\ LV UHSRUWHG WKH ,QYHVWLJDWRU VKRXOG LQIRUP WKH 6SRQVRU ZLWKLQ  KRXUV RI
OHDUQLQJ RI WKH SUHJQDQF\ E\ FRPSOHWLQJ D SDSHU SUHJQDQF\ IRUP DQG VXEPLWWLQJ WR 6DIHW\ UHIHU
WR 6HFWLRQ  IRU UHSRUWLQJ GHWDLOV
$EQRUPDO SUHJQDQF\ RXWFRPHV HJ VSRQWDQHRXV DERUWLRQ IHWDO GHDWK VWLOOELUWK FRQJHQLWDO
DQRPDOLHV HFWRSLF SUHJQDQF\ DUH FRQVLGHUHG 6$(V

7UHDWPHQW RI 2YHUGRVH
)RU WKLV VWXG\ DQ\ DGPLQLVWUDWLRQ RI VWXG\ WUHDWPHQW JUHDWHU WKDQ  RI WKH %6$ DVVLJQHG
PD[LPXP WRWDO GDLO\ GRVH ZLWKLQ D KRXU SHULRG ZLOO EH FRQVLGHUHG DQ RYHUGRVH
1RQFRPSOLDQFH ZLWK WKH LQWHUPLWWHQW GRVLQJ VFKHGXOH GRHV QRW LQ LWVHOI FRQVWLWXWH D VWXG\
WUHDWPHQW RYHUGRVH
,Q WKH HYHQW RI DQ RYHUGRVH WKH ,QYHVWLJDWRU VKRXOG
 &RQWDFW WKH 0HGLFDO 0RQLWRU LPPHGLDWHO\ UHIHU WR 6HFWLRQ  IRU FRQWDFW
LQIRUPDWLRQ
 &ORVHO\ PRQLWRU WKH SDUWLFLSDQW IRU DQ\ $(6$( DQG ODERUDWRU\ DEQRUPDOLWLHV IRU DW OHDVW
 GD\V

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
 'RFXPHQW WKH TXDQWLW\ RI WKH H[FHVV GRVH DV ZHOO DV WKH GXUDWLRQ RI WKH RYHUGRVH LQ WKH
H&5)
'HFLVLRQV UHJDUGLQJ GRVH LQWHUUXSWLRQV RU PRGLILFDWLRQV ZLOO EH PDGH E\ WKH ,QYHVWLJDWRU LQ
FRQVXOWDWLRQ ZLWK WKH 0HGLFDO 0RQLWRU EDVHG RQ WKH FOLQLFDO HYDOXDWLRQ RI WKH SDUWLFLSDQW

3KDUPDFRNLQHWLFV
6SDUVH 3. VDPSOHV ZLOO EH FROOHFWHG GXULQJ WKH 7UHDWPHQW 3KDVH RI WKH VWXG\ WR LQIRUP
GHYHORSPHQW RI D SRSXODWLRQ 3. PRGHO RI PLUGDPHWLQLE 3' DQG LWV DFWLYH PHWDEROLWH
3' 6HH 6HFWLRQ  IRU WKH VWXG\ VDPSOLQJ VFKHGXOH
x
:KROH EORRG VDPSOHV RI DSSUR[LPDWHO\  P/ ZLOO EH FROOHFWHG IRU PHDVXUHPHQW RI
SODVPD FRQFHQWUDWLRQV RI 3' DQG 3' 5HIHU WR WKH 6R$ 6HFWLRQ 
DQG 6HFWLRQ  IRU GHWDLOV RQ 3. VDPSOLQJ WLPH SRLQWV (DFK SODVPD VDPSOH ZLOO EH
GLYLGHG LQWR  DOLTXRWV  HDFK IRU 3. DQG D EDFNXS 6DPSOHV PD\ EH VWRUHG IRU D
PD[LPXP RI  \HDUV RU DFFRUGLQJ WR ORFDO UHJXODWLRQV IROORZLQJ WKH ODVW SDUWLFLSDQW¶V
ODVW VWXG\ YLVLW DW D IDFLOLW\ VHOHFWHG E\ WKH 6SRQVRU WR HQDEOH IXUWKHU DQDO\VLV RI NLQHWLF
UHVSRQVHV WR 3'
x
$OO HIIRUWV ZLOO EH PDGH WR REWDLQ WKH SKDUPDFRNLQHWLF VDPSOHV DW WKH H[DFW QRPLQDO
WLPH UHODWLYH WR GRVLQJ +RZHYHU VDPSOHV REWDLQHG ZLWKLQ  PLQXWHV RI WKH QRPLQDO
WLPH   PLQXWHV IURP GRVLQJ ZLOO QRW EH FDSWXUHG DV D SURWRFRO GHYLDWLRQ LI WKH H[DFW
WLPH RI WKH VDPSOH FROOHFWLRQ LV QRWHG RQ WKH VRXUFH GRFXPHQW DQG H&5) 7KH DFWXDO
GDWH DQG WLPH KRXU FORFN WLPH RI HDFK VDPSOH ZLOO EH UHFRUGHG
x
,QVWUXFWLRQV IRU WKH FROOHFWLRQ KDQGOLQJ DQG VKLSPHQW RI SKDUPDFRNLQHWLF VDPSOHV ZLOO
EH LQ WKH FHQWUDO ODERUDWRU\ PDQXDO
x
*HQHWLF DQDO\VHV ZLOO QRW EH SHUIRUPHG RQ WKHVH VDPSOHV 3DUWLFLSDQW FRQILGHQWLDOLW\
ZLOO EH PDLQWDLQHG
x
$Q\ FKDQJHV LQ WKH WLPLQJ RU DGGLWLRQ RI WLPH SRLQWV IRU DQ\ SODQQHG VWXG\ DVVHVVPHQWV
PXVW EH GRFXPHQWHG DQG DSSURYHG E\ WKH 6SRQVRU RU 0HGLFDO 0RQLWRU DQG WKHQ
DUFKLYHG LQ WKH 6SRQVRU DQG 6LWH VWXG\ ILOHV EXW ZLOO QRW FRQVWLWXWH D SURWRFRO
DPHQGPHQW

3KDUPDFRG\QDPLFV
$V D PDUNHU RI HIIHFWV RI 3' ELRPDUNHUV LQGLFDWLYH RI LQKLELWLRQ RI GRZQVWUHDP WDUJHWV
RI 0(. HJ (5. SKRVSKRU\ODWLRQ ZLOO EH PHDVXUHG LQ 31V DV GHVFULEHG LQ 6HFWLRQ 
3HUFXWDQHRXV FRUH QHHGOH ELRSVLHV IURP SDUWLFLSDQWV   \HDUV RI DJH ZLOO EH FROOHFWHG DV
GHVFULEHG LQ WKH 7UHDWPHQW 3KDVH 6R$ 6HFWLRQ  DQG 6HFWLRQ  7KHVH VDPSOHV DUH
UHTXLUHG IRU SKDUPDFRG\QDPLF ELRPDUNHU DQDO\VLV EXW WKH\ ZLOO QRW EH SURFHVVHG IRU '1$
WXPRU PXWDJHQHVLV HYDOXDWLRQ

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
,QVWUXFWLRQV RQ WKH FROOHFWLRQ SURFHVVLQJ VWRUDJH DQG VKLSPHQW ZLOO EH SURYLGHG LQ WKH
ODERUDWRU\ PDQXDO
6DPSOHV PD\ EH VWRUHG IRU D PD[LPXP RI  \HDUV RU DFFRUGLQJ WR ORFDO UHJXODWLRQV IROORZLQJ
WKH ODVW SDUWLFLSDQW¶V ODVW VWXG\ YLVLW DW D IDFLOLW\ VHOHFWHG E\ WKH 6SRQVRU WR HQDEOH IXUWKHU DQDO\VLV
RI 3' UHVSRQVHV WR 3'

*HQHWLFV
*HQHWLFV ZLOO QRW EH DVVHVVHG LQ WKLV VWXG\

%LRPDUNHUV
$V GLVFXVVHG LQ 6HFWLRQ  3' ELRPDUNHUV ZLOO EH HYDOXDWHG LQ WKLV VWXG\
7ZR  SHUFXWDQHRXV FRUH QHHGOH ELRSVLHV IURP SDUWLFLSDQWV   \HDUV RI DJH ZLOO EH FROOHFWHG
DV GHVFULEHG LQ WKH 7UHDWPHQW 3KDVH 6R$ 6HFWLRQ  DQG 6HFWLRQ  7KHVH VDPSOHV DUH
UHTXLUHG IRU SKDUPDFRG\QDPLF ELRPDUNHU DQDO\VLV EXW WKH\ ZLOO QRW EH SURFHVVHG IRU '1$
WXPRU PXWDJHQHVLV HYDOXDWLRQ
x
6DPSOHV ZLOO EH WHVWHG IRU ELRPDUNHUV LQGLFDWLYH RI LQKLELWLRQ RI GRZQVWUHDP WDUJHWV RI
0(. HJ (5. SKRVSKRU\ODWLRQ WR HYDOXDWH WKHLU DVVRFLDWLRQ ZLWK WKH REVHUYHG
FOLQLFDO UHVSRQVHV HJ WXPRU YROXPH UHGXFWLRQ WR 3' DQG LWV PHWDEROLWHV
x
'HWDLOV RQ SURFHVVHV IRU FROOHFWLRQ SURFHVVLQJ VKLSPHQW DQG GHVWUXFWLRQ RI WKHVH
VDPSOHV FDQ EH IRXQG LQ ODERUDWRU\ PDQXDO
6DPSOHV PD\ EH VWRUHG IRU D PD[LPXP RI  \HDUV RU DFFRUGLQJ WR ORFDO UHJXODWLRQV IROORZLQJ
WKH ODVW SDUWLFLSDQW¶V ODVW VWXG\ YLVLW DW D IDFLOLW\ VHOHFWHG E\ WKH 6SRQVRU WR HQDEOH IXUWKHU DQDO\VLV
RI ELRPDUNHU UHVSRQVHV WR 3'

0HGLFDO 5HVRXUFH 8WLOL]DWLRQ DQG +HDOWK (FRQRPLFV
+HDOWK (FRQRPLFV0HGLFDO 5HVRXUFH 8WLOL]DWLRQ DQG +HDOWK (FRQRPLFV SDUDPHWHUV DUH QRW
HYDOXDWHG LQ WKLV VWXG\

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

6WDWLVWLFDO &RQVLGHUDWLRQV

6WDWLVWLFDO +\SRWKHVHV
7KH QXOO K\SRWKHVLV IRU WKH SDUWLFLSDQWV   \HDUV RI DJH DW %DVHOLQH WKH DGXOW SRSXODWLRQ LV
WKDW WKH REMHFWLYH UHVSRQVH UDWH 255 LV OHVV WKDQ RU HTXDO WR  7KH DOWHUQDWLYH K\SRWKHVLV LV
WKDW WKH 255 LV JUHDWHU WKDQ  7KH QXOO K\SRWKHVLV IRU SDUWLFLSDQWV  WR  \HDUV RI DJH DW
%DVHOLQH WKH SHGLDWULF SRSXODWLRQ LV WKDW WKH 255 LV OHVV WKDQ RU HTXDO WR  7KH DOWHUQDWLYH
K\SRWKHVLV LV WKDW WKH 255 LV JUHDWHU WKDQ 

6DPSOH 6L]H 'HWHUPLQDWLRQ
0(.1) LV D VLQJOHVWDJH VLQJOHDUP RSHQODEHO SRWHQWLDOO\ UHJLVWUDWLRQDO VWXG\ WR
HYDOXDWH WKH HIILFDF\ VDIHW\ DQG WROHUDELOLW\ RI PLUGDPHWLQLE 3' LQ SDUWLFLSDQWV
  \HDUV RI DJH ZLWK DQ LQRSHUDEOH 1)DVVRFLDWHG 31 WKDW LV FDXVLQJ VLJQLILFDQW PRUELGLW\
$SSUR[LPDWHO\  SDUWLFLSDQWV ZLOO EH VFUHHQHG LQ WKLV VWXG\ WR DVVXUH DSSUR[LPDWHO\ 
SDUWLFLSDQWV DUH DVVLJQHG WR WKH RSHQODEHO WUHDWPHQW ZLWK PLUGDPHWLQLE 7KHVH  SDUWLFLSDQWV
ZLOO EH VWUDWLILHG E\ DJH ZLWK  SDUWLFLSDQWV DJHV  WR  \HDUV IRU WKH SHGLDWULF FRKRUW DQG
 SDUWLFLSDQWV   \HDUV RI DJH IRU WKH DGXOW FRKRUW
6DPSOH VL]H DVVXPSWLRQV IRU WKH SHGLDWULF SRSXODWLRQ DUH EDVHG RQ WKH LQWHULP 255 RI  IURP
WKH 635,17 VWXG\ FRQGXFWHG E\ *URVV HW DO 7KH 635,17 VWXG\ HQUROOHG  SDWLHQWV DJHG
 \HDUV ZLWK LQRSHUDEOH PRUELG 31V *URVV  )RU WKH SHGLDWULF FRKRUW DQ 255 RI DW
OHDVW  DV PHQWLRQHG DERYH ZLOO UHVXOW LQ D ORZHU ERXQG RI  IRU D RQHVLGHG  &,
8QGHU WKHVH DVVXPSWLRQV WKH 7\SH ,, HUURU RI D RQHVLGHG =WHVW LV XQGHU  IRU DQ\ QXOO
K\SRWKHVLV RI 255  
6DPSOH VL]H DVVXPSWLRQV IRU WKH DGXOW SRSXODWLRQ DUH EDVHG RQ DQ 255 RI DW OHDVW  DV
GHWHUPLQHG IURP D SUHYLRXV 6SULQJ:RUNV LQWHULP DQDO\VLV RI SKDVH  PLUGDPHWLQLE VWXG\ LQ DGXOW
SDUWLFLSDQWV :LWK  SDUWLFLSDQWV LQ WKLV FRKRUW WKH UHVSRQVH UDWH RI  ZLOO UHVXOW LQ D ORZHU
ERXQG RI WKH RQHVLGHG  &, WKDW H[FOXGHV  8QGHU WKHVH DVVXPSWLRQV WKH 7\SH ,, HUURU RI
D RQHVLGHG =WHVW XVLQJ QRUPDO DSSUR[LPDWLRQ WR WKH ELQRPLDO GLVWULEXWLRQ DW D  VWDWLVWLFDO
VLJQLILFDQFH OHYHO LV EHORZ  IRU DQ\ QXOO K\SRWKHVLV RI 255  
)RU WKH VDIHW\ DQDO\VLV WKHUH LV D  FKDQFH RI REVHUYLQJ DW OHDVW RQH DGYHUVH HYHQW WKDW RFFXUV
DW DQ XQGHUO\LQJ UDWH RI   LQ D VDPSOH VL]H RI  SDUWLFLSDQWV
7KH SULPDU\ DQG VHFRQGDU\ HQGSRLQWV LQ WKH SHGLDWULF DQG DGXOW FRKRUWV ZLOO EH DQDO\]HG
VHSDUDWHO\ VLQFH HDFK FRKRUW LV DJHGHSHQGHQW DV VKRZQ E\ WKH GLIIHUHQFH LQ WXPRU JURZWK UDWHV
EHWZHHQ SHGLDWULF SDWLHQWV DQG DGXOW SDWLHQWV 'RPEL  1JX\HQ  7XFNHU  2WKHU
VHFRQGDU\ HQGSRLQWV PD\ EH SRROHG LI DSSURSULDWH WR WKH HQGSRLQW

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
PXVFOH VWUHQJWK DQG UDQJHRIPRWLRQ LQ WKH 31 DIIHFWHG DUHDV ZLOO EH
PHDVXUHG 3DUWLFLSDQWV ZLWK D WDUJHW 31 FDXVLQJ DLUZD\ RU ORZHU H[WUHPLW\
PRWRU G\VIXQFWLRQ DW %DVHOLQH ZLOO EH DVVHVVHG IRU FKDQJH LQ PLQXWH ZDON
WHVW GLVWDQFH 3DUWLFLSDQWV DQGRU SDUHQWVOHJDO UHSUHVHQWDWLYHVUHSRUWHG
TXHVWLRQQDLUHV HJ 3520,6 ZLOO EH DVVHVVHG IRU FKDQJH LQ IXQFWLRQDOLW\
DQG PRELOLW\
6HOIUHSRUWHG RYHUDOO VHYHULW\ RI V\PSWRPV DQG VWDWXV HJ 3*,6 3*,& ZLOO
DOVR EH DVVHVVHG
6HOIUHSRUWHG DQG REVHUYHUUHSRUWHG DFFHSWDELOLW\ HJ 320$4 RI WKH
GLVSHUVLEOH WDEOHW SHGLDWULF IRUPXODWLRQ ZLOO EH DVVHVVHG
$GGLWLRQDO H[SORUDWRU\ HQGSRLQWV ZLOO EH GHVFULEHG LQ WKH VWDWLVWLFDO DQDO\VLV
SODQ ILQDOL]HG EHIRUH GDWDEDVH ORFN

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
)ROORZLQJ HDFK GDWD UHYLHZ WKH '0& PD\ UHFRPPHQG  QR FKDQJHV WR WKH VWXG\ DUH QHHGHG
 FKDQJHV WR WKH SURWRFRO RU LQIRUPHG FRQVHQWDVVHQW EDVHG RQ FOLQLFDO VDIHW\ ILQGLQJV RU 
HDUO\ WHUPLQDWLRQ RI WKH VWXG\ EDVHG RQ VDIHW\ DQDO\VHV 7KH UHFRPPHQGDWLRQV PDGH E\ WKH '0&
WR DOWHU WKH FRQGXFW RI WKH VWXG\ ZLOO EH IRUZDUGHG WR WKH 6SRQVRU IRU ILQDO GHFLVLRQ $GGLWLRQDOO\
WKH '0& PD\ EH DVNHG WR DVVLVW WKH 6SRQVRU LQ HYDOXDWLQJ WKH LPSDFW RI GDWD IURP RWKHU
FRPSDQ\VSRQVRUHG VWXGLHV RU RWKHU SXEOLVKHG VWXGLHV
7KH '0& FKDUWHU ZLOO RXWOLQH WKH IUHTXHQF\ RI PHHWLQJV DQG GHWDLO DOO DVSHFWV RI '0&¶V VFRSH
RI UHYLHZ DQG SURFHGXUHV
,Q DGGLWLRQ WR URXWLQH VFKHGXOHG PHHWLQJV DV GHVFULEHG LQ WKH '0& FKDUWHU WKH '0& ZLOO DOVR
FRQYHQH DIWHU WKH ILUVW  SDUWLFLSDQWV DJHG  WR  \HDUV LQ WKH SHGLDWULF FRKRUW KDYH FRPSOHWHG DW
OHDVW  F\FOHV RI VWXG\ WUHDWPHQW 7KH '0& ZLOO HYDOXDWH FXPXODWLYH VDIHW\ GDWD IRU WKHVH
 SDUWLFLSDQWV DQG EDVHG RQ WKHVH GDWD ZLOO GHWHUPLQH IXUWKHU HQUROOPHQW UHTXLUHPHQWV IRU WKH
SHGLDWULF FRKRUW SRWHQWLDOO\ H[SDQGLQJ HQUROOPHQW RI WKH SHGLDWULF FRKRUW WR LQFOXGH SDUWLFLSDQWV
DJHG  WR  \HDUV RI DJH

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

6XSSRUWLQJ 'RFXPHQWDWLRQ DQG 2SHUDWLRQDO &RQVLGHUDWLRQV

$SSHQGL[  5HJXODWRU\ (WKLFDO DQG 6WXG\ 2YHUVLJKW
&RQVLGHUDWLRQV

5HJXODWRU\ DQG (WKLFDO &RQVLGHUDWLRQV
7KLV VWXG\ ZLOO EH FRQGXFWHG LQ DFFRUGDQFH ZLWK WKH SURWRFRO DQG ZLWK WKH IROORZLQJ
x
&RQVHQVXV HWKLFDO SULQFLSOHV GHULYHG IURP LQWHUQDWLRQDO JXLGHOLQHV LQFOXGLQJ WKH
'HFODUDWLRQ RI +HOVLQNL DQG &RXQFLO IRU ,QWHUQDWLRQDO 2UJDQL]DWLRQV RI 0HGLFDO 6FLHQFHV
,QWHUQDWLRQDO (WKLFDO *XLGHOLQHV
x
$SSOLFDEOH ,QWHUQDWLRQDO &RXQFLO IRU +DUPRQLVDWLRQ ,&+ *RRG &OLQLFDO 3UDFWLFH *&3
*XLGHOLQHV DQG
x
$SSOLFDEOH ODZV DQG UHJXODWLRQV
7KH SURWRFRO SURWRFRO DPHQGPHQWV LQIRUPHG FRQVHQWDVVHQW IRUP ,&) ,QYHVWLJDWRU %URFKXUH
DQG RWKHU UHOHYDQW GRFXPHQWV HJ DGYHUWLVHPHQWV PXVW EH VXEPLWWHG WR DQ LQVWLWXWLRQDO UHYLHZ
ERDUGLQGHSHQGHQW HWKLFV FRPPLWWHH ,5%,(& E\ WKH ,QYHVWLJDWRU DQG UHYLHZHG DQG DSSURYHG
E\ WKH ,5%,(& EHIRUH WKH VWXG\ LV LQLWLDWHG
$Q\ DPHQGPHQWV WR WKH SURWRFRO ZLOO UHTXLUH ,5%,(& DSSURYDO EHIRUH LPSOHPHQWDWLRQ RI
FKDQJHV PDGH WR WKH VWXG\ GHVLJQ H[FHSW IRU FKDQJHV QHFHVVDU\ WR HOLPLQDWH DQ LPPHGLDWH
KD]DUG WR VWXG\ SDUWLFLSDQWV
7KH ,QYHVWLJDWRU ZLOO EH UHVSRQVLEOH IRU WKH IROORZLQJ
x
3URYLGLQJ ZULWWHQ VXPPDULHV RI WKH VWDWXV RI WKH VWXG\ WR WKH ,5%,(& DQQXDOO\ RU PRUH
IUHTXHQWO\ LQ DFFRUGDQFH ZLWK WKH UHTXLUHPHQWV SROLFLHV DQG SURFHGXUHV HVWDEOLVKHG E\
WKH ,5%,(&
x
1RWLI\LQJ WKH ,5%,(& RI VHULRXV DGYHUVH HYHQW RU RWKHU VLJQLILFDQW VDIHW\ ILQGLQJV DV
UHTXLUHG E\ ,5%,(& SURFHGXUHV DQG
x
3URYLGLQJ RYHUVLJKW RI WKH FRQGXFW RI WKH VWXG\ DW WKH 6LWH DQG DGKHUHQFH WR UHTXLUHPHQWV
RI  &RGH RI )HGHUDO 5HJXODWLRQV &)5 ,&+ JXLGHOLQHV WKH ,5%,(& (XURSHDQ
UHJXODWLRQ  IRU FOLQLFDO VWXGLHV LI DSSOLFDEOH DQG DOO RWKHU DSSOLFDEOH ORFDO
UHJXODWLRQV
x
7KH ,QYHVWLJDWRU ZLOO EH UHVSRQVLEOH IRU UHSRUWLQJ FDVHV RI VXVSHFWHG FKLOG DEXVH DQGRU
QHJOHFW DFFRUGLQJ WR ORFDO PHGLFDO DVVRFLDWLRQ HJ $$3 RU KHDOWK GHSDUWPHQW
JXLGHOLQHV

)LQDQFLDO 'LVFORVXUH
,QYHVWLJDWRUV DQG VXELQYHVWLJDWRUV ZLOO SURYLGH WKH 6SRQVRU ZLWK VXIILFLHQW DFFXUDWH ILQDQFLDO
LQIRUPDWLRQ DV UHTXHVWHG WR DOORZ WKH 6SRQVRU WR VXEPLW FRPSOHWH DQG DFFXUDWH ILQDQFLDO
FHUWLILFDWLRQ RU GLVFORVXUH VWDWHPHQWV WR WKH DSSURSULDWH UHJXODWRU\ DXWKRULWLHV ,QYHVWLJDWRUV DUH

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
UHVSRQVLEOH IRU SURYLGLQJ LQIRUPDWLRQ RQ ILQDQFLDO LQWHUHVWV GXULQJ WKH FRXUVH RI WKH VWXG\ DQG IRU
 \HDU DIWHU FRPSOHWLRQ RI WKH VWXG\

,QIRUPHG &RQVHQW$VVHQW 3URFHVV
x
7KH ,QYHVWLJDWRU RU WKHLU UHSUHVHQWDWLYH ZLOO H[SODLQ WKH QDWXUH RI WKH VWXG\ WR WKH
SDUWLFLSDQW RU WKHLU OHJDOO\ DXWKRUL]HG UHSUHVHQWDWLYH DQG DQVZHU DOO TXHVWLRQV UHJDUGLQJ
WKH VWXG\
x
3DUWLFLSDQWV PXVW EH LQIRUPHG WKDW WKHLU SDUWLFLSDWLRQ LV YROXQWDU\ 3DUWLFLSDQWV RU WKHLU
OHJDOO\ DXWKRUL]HG UHSUHVHQWDWLYH SDUHQWJXDUGLDQ ZLOO EH UHTXLUHG WR VLJQ D VWDWHPHQW
RI LQIRUPHG FRQVHQWDVVHQW WKDW PHHWV WKH UHTXLUHPHQWV RI  &)5  ORFDO UHJXODWLRQV
,&+ JXLGHOLQHV +HDOWK ,QVXUDQFH 3RUWDELOLW\ DQG $FFRXQWDELOLW\ $FW UHTXLUHPHQWV
ZKHUH DSSOLFDEOH DQG WKH ,5%,(& RU VWXG\ FHQWHU
x
7KH PHGLFDO UHFRUG PXVW LQFOXGH D VWDWHPHQW WKDW OHJDOO\ DXWKRUL]HG UHSUHVHQWDWLYH
SDUHQWJXDUGLDQ FRQVHQW DQG FKLOGDGROHVFHQW DVVHQW LI GHHPHG DSSURSULDWH E\ ORFDO
HWKLFV UHYLHZ ZDV REWDLQHG EHIRUH WKH SDUWLFLSDQW ZDV HQUROOHG LQ WKH VWXG\ DQG WKH GDWH
WKH ZULWWHQ FRQVHQWDVVHQW ZDV REWDLQHG 7KH PHGLFDO UHFRUG VKRXOG DOVR GHVFULEH KRZ
WKH FOLQLFDO ,QYHVWLJDWRU GHWHUPLQHG WKDW WKH SHUVRQ VLJQLQJ WKH ,&) ZDV WKH SDUWLFLSDQW¶V
OHJDOO\ DXWKRUL]HG UHSUHVHQWDWLYH SDUHQWJXDUGLDQ 7KH DXWKRUL]HG SHUVRQ REWDLQLQJ WKH
LQIRUPHG FRQVHQWDVVHQW PXVW DOVR VLJQ WKH ,&)
x
3DUWLFLSDQWV DQG WKHLU OHJDOO\ DXWKRUL]HG UHSUHVHQWDWLYH SDUHQWJXDUGLDQ PXVW EH UH
FRQVHQWHGDVVHQWHG WR WKH PRVW FXUUHQW YHUVLRQ RI WKH ,&)V GXULQJ WKHLU SDUWLFLSDWLRQ LQ
WKH VWXG\
x
0LQRU SDUWLFLSDQWV PXVW EH UHFRQVHQWHG LI WKH\ UHDFK WKH DJH RI PDMRULW\ GXULQJ WKH
FRXUVH RI WKH VWXG\ LQ RUGHU WR FRQWLQXH SDUWLFLSDWLQJ
x
$ FRS\ RI WKH ,&)V PXVW EH SURYLGHG WR WKH SDUWLFLSDQW RU WKH SDUWLFLSDQW¶V OHJDOO\
DXWKRUL]HG UHSUHVHQWDWLYH
x
&RQVLGHUDWLRQ RI UHVFUHHQLQJ RI D SDUWLFLSDQW ZKR GLG QRW PHHW HOLJLELOLW\ FULWHULD PXVW
EH GLVFXVVHG ZLWK WKH 0HGLFDO 0RQLWRU 7KH SDUWLFLSDQW PXVW EH UHFRQVHQWHGDVVHQWHG
LI DSSURYHG IRU UHVFUHHQLQJ ,Q DGGLWLRQ DOO 6FUHHQLQJ DVVHVVPHQWV PXVW EH UHSHDWHG
ZLWK WKH H[FHSWLRQ RI LPDJLQJ ZKLFK ZRXOG RQO\ EH UHSHDWHG LI WKH LPDJLQJ DVVHVVPHQW
ZDV REWDLQHG !  GD\V IURP WKH ILUVW GRVH RI VWXG\ WUHDWPHQW

'DWD 3URWHFWLRQ
x
3DUWLFLSDQWV ZLOO EH DVVLJQHG D XQLTXH LGHQWLILHU E\ WKH 6SRQVRU $Q\ SDUWLFLSDQW UHFRUGV
RU GDWDVHWV WKDW DUH WUDQVIHUUHG WR WKH 6SRQVRU ZLOO FRQWDLQ WKH LGHQWLILHU RQO\ SDUWLFLSDQW
QDPHV RU DQ\ LQIRUPDWLRQ ZKLFK ZRXOG PDNH WKH SDUWLFLSDQW LGHQWLILDEOH ZLOO QRW EH
WUDQVIHUUHG

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
x
7KH SDUWLFLSDQW PXVW EH LQIRUPHG WKDW KLVKHU SHUVRQDO VWXG\UHODWHG GDWD ZLOO EH XVHG
E\ WKH 6SRQVRU LQ DFFRUGDQFH ZLWK ORFDO GDWD SURWHFWLRQ ODZ 7KH OHYHO RI GLVFORVXUH
PXVW DOVR EH H[SODLQHG WR WKH SDUWLFLSDQW
x
7KH SDUWLFLSDQW PXVW EH LQIRUPHG WKDW KLVKHU PHGLFDO UHFRUGV PD\ EH H[DPLQHG E\
&OLQLFDO 4XDOLW\ $VVXUDQFH DXGLWRUV RU RWKHU DXWKRUL]HG SHUVRQQHO DSSRLQWHG E\ WKH
6SRQVRU E\ DSSURSULDWH ,5%,(& PHPEHUV DQG E\ LQVSHFWRUV IURP UHJXODWRU\
DXWKRULWLHV

'DWD 4XDOLW\ $VVXUDQFH
x
$OO SDUWLFLSDQW GDWD UHODWLQJ WR WKH VWXG\ ZLOO EH HQWHUHG LQWR WKH HOHFWURQLF FDVH UHSRUW
IRUPV H&5)V XQOHVV WUDQVPLWWHG WR WKH 6SRQVRU RU GHVLJQHH HOHFWURQLFDOO\ HJ
ODERUDWRU\ GDWD 7KH ,QYHVWLJDWRU LV UHVSRQVLEOH IRU YHULI\LQJ WKDW GDWD HQWULHV DUH
DFFXUDWH DQG FRUUHFW E\ HOHFWURQLFDOO\ VLJQLQJ WKH H&5)
x
7KH ,QYHVWLJDWRU PXVW PDLQWDLQ DFFXUDWH GRFXPHQWDWLRQ VRXUFH GDWD WKDW VXSSRUWV WKH
LQIRUPDWLRQ HQWHUHG LQ WKH H&5)
x
7KH ,QYHVWLJDWRU PXVW SHUPLW VWXG\UHODWHG PRQLWRULQJ DXGLWV ,5%,(& UHYLHZ DQG
UHJXODWRU\ DJHQF\ LQVSHFWLRQV DQG SURYLGH GLUHFW DFFHVV WR VRXUFH GDWD GRFXPHQWV
x
0RQLWRULQJ GHWDLOV GHVFULELQJ VWUDWHJ\ PHWKRGV UHVSRQVLELOLWLHV DQG UHTXLUHPHQWV
LQFOXGLQJ KDQGOLQJ RI QRQFRPSOLDQFH LVVXHV DQG PRQLWRULQJ WHFKQLTXHV FHQWUDO UHPRWH
RU RQVLWH PRQLWRULQJ ZLOO EH LQGLFDWHG LQ WKH PRQLWRULQJ SODQ WR HQVXUH WKH SURWRFRO
DQG *&3 LV IROORZHG
x
7KH 6SRQVRU RU GHVLJQHH LV UHVSRQVLEOH IRU WKH GDWD PDQDJHPHQW RI WKLV VWXG\ LQFOXGLQJ
TXDOLW\ FKHFNLQJ RI WKH GDWD
x
7KH 6SRQVRU DVVXPHV DFFRXQWDELOLW\ IRU DFWLRQV GHOHJDWHG WR RWKHU LQGLYLGXDOV HJ
&RQWUDFW 5HVHDUFK 2UJDQL]DWLRQV
x
6WXG\ PRQLWRUV ZLOO SHUIRUP RQJRLQJ VRXUFH GDWD YHULILFDWLRQ WR FRQILUP WKDW GDWD
HQWHUHG LQWR WKH H&5) E\ DXWKRUL]HG 6LWH SHUVRQQHO DUH DFFXUDWH FRPSOHWH DQG
YHULILDEOH IURP VRXUFH GRFXPHQWV WKDW WKH VDIHW\ DQG ULJKWV RI SDUWLFLSDQWV DUH EHLQJ
SURWHFWHG DQG WKDW WKH VWXG\ LV EHLQJ FRQGXFWHG LQ DFFRUGDQFH ZLWK WKH FXUUHQWO\
DSSURYHG SURWRFRO DQG DQ\ RWKHU VWXG\ DJUHHPHQWV ,&+ *&3 DQG DOO DSSOLFDEOH
UHJXODWRU\ UHTXLUHPHQWV
x
5HFRUGV DQG GRFXPHQWV LQFOXGLQJ VLJQHG ,&)V SHUWDLQLQJ WR WKH FRQGXFW RI WKLV VWXG\
PXVW EH UHWDLQHG E\ WKH ,QYHVWLJDWRU DFFRUGLQJ WR VSHFLILFDWLRQV LQ WKH ,&+ JXLGHOLQHV
ORFDO UHJXODWLRQV RU DV VSHFLILHG LQ WKH FOLQLFDO WULDO DJUHHPHQW ZKLFKHYHU LV ORQJHU 1R
UHFRUGV PD\ EH GHVWUR\HG GXULQJ WKH UHWHQWLRQ SHULRG ZLWKRXW WKH ZULWWHQ DSSURYDO RI WKH
6SRQVRU 1R UHFRUGV PD\ EH WUDQVIHUUHG WR DQRWKHU ORFDWLRQ RU SDUW\ ZLWKRXW ZULWWHQ
QRWLILFDWLRQ WR WKH 6SRQVRU

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

6RXUFH 'RFXPHQWV
x
6RXUFH GRFXPHQWV SURYLGH HYLGHQFH IRU WKH H[LVWHQFH RI WKH SDUWLFLSDQW DQG VXEVWDQWLDWH
WKH LQWHJULW\ RI WKH GDWD FROOHFWHG 6RXUFH GRFXPHQWV DUH ILOHG DW WKH ,QYHVWLJDWRU¶V 6LWH
x
'DWD UHSRUWHG LQ WKH H&5) WKDW DUH WUDQVFULEHG IURP VRXUFH GRFXPHQWV PXVW EH
FRQVLVWHQW ZLWK WKH VRXUFH GRFXPHQWV RU WKH GLVFUHSDQFLHV PXVW EH H[SODLQHG 7KH
,QYHVWLJDWRU PD\ QHHG WR UHTXHVW SUHYLRXV PHGLFDO UHFRUGV RU WUDQVIHU UHFRUGV
GHSHQGLQJ RQ WKH VWXG\ $OVR FXUUHQW PHGLFDO UHFRUGV PXVW EH DYDLODEOH
x
,QYHVWLJDWRUV ZLOO PDLQWDLQ UHFRUGV VHSDUDWH IURP WKH H&5)V LQ WKH IRUP RI FOLQLFDO
FKDUWV PHGLFDO UHFRUGV RULJLQDO ODERUDWRU\ UDGLRORJ\ DQG SDWKRORJ\ UHSRUWV SKDUPDF\
UHFRUGV HWF 7KH ,QYHVWLJDWRU ZLOO GRFXPHQW LQ WKH FOLQLF FKDUW RU PHGLFDO UHFRUG WKH
GDWH RQ ZKLFK WKH SDUWLFLSDQW VLJQHG LQIRUPHG FRQVHQWDVVHQW SULRU WR SDUWLFLSDWLRQ LQ
WKH VWXG\ 6RXUFH GRFXPHQWV PXVW FRPSOHWHO\ UHIOHFW WKH QDWXUH DQG H[WHQW RI WKH
SDUWLFLSDQW¶V PHGLFDO FDUH DQG PXVW EH DYDLODEOH IRU VRXUFH GRFXPHQW YHULILFDWLRQ
DJDLQVW HQWULHV LQ WKH H&5)V ZKHQ WKH 6SRQVRU¶V PRQLWRU YLVLWV WKH 6LWH ,Q RUGHU WR PHHW
GDWD LQWHJULW\ UHTXLUHPHQWV VRXUFH GRFXPHQWDWLRQ VKRXOG EH DWWULEXWDEOH OHJLEOH
FRQWHPSRUDQHRXV DFFXUDWH DYDLODEOHDFFHVVLEOH RULJLQDO FRPSOHWH DQG FUHGLEOH $OO
LQIRUPDWLRQ REWDLQHG IURP WKHVH GRFXPHQWV ZLOO EH NHSW LQ VWULFW FRQILGHQWLDOLW\
'HILQLWLRQ RI ZKDW FRQVWLWXWHV VRXUFH GDWD FDQ EH IRXQG LQ WKH VWXG\ UHIHUHQFH PDQXDO

6WXG\ DQG 6LWH &ORVXUH
7KH 6SRQVRU UHVHUYHV WKH ULJKW WR VXVSHQG RU WHUPLQDWH WKH VWXG\ DW DQ\ WLPH IRU DQ\ UHDVRQ DW WKH
VROH GLVFUHWLRQ RI WKH 6SRQVRU 5HDVRQV ZKLFK ZRXOG FDXVH WKH 6SRQVRU WR VXVSHQGWHUPLQDWH
HQUROOPHQW LQFOXGH EXW DUH QRW OLPLWHG WR WKH RFFXUUHQFH RI DQ\ RI WKH IROORZLQJ
x
2QH *UDGH  $(
x
7ZR *UDGH  $(V
x
2QH RFFXUUHQFH RI DQ\ RI WKH IROORZLQJ RFXODU WR[LFLWLHV UHWLQDO YHLQ RFFOXVLRQ
XQH[SODLQHG *UDGH  2SWLF 1HXURSDWK\ *UDGH  UHWLQDO YHLQ GHWDFKPHQW RU
XQH[SODLQHG *UDGH  UHWLQRSDWK\
x
7ZR DEVROXWH GHFUHDVHV LQ /9() !  IURP %DVHOLQH RI WKH 7UHDWPHQW 3KDVH RU
V\PSWRPDWLF FRQJHVWLYH KHDUW IDLOXUH QRW H[SODLQHG E\ DQ\ RWKHU FDXVH RU
x
2QH SDUWLFLSDQW PHHWLQJ 47F VWRSSLQJ FULWHULD DV GHVFULEHG LQ 6HFWLRQ 
6WXG\ 6LWHV ZLOO EH FORVHG XSRQ VWXG\ FRPSOHWLRQ $ VWXG\ 6LWH LV FRQVLGHUHG FORVHG ZKHQ DOO
UHTXLUHG GRFXPHQWV DQG VWXG\ VXSSOLHV KDYH EHHQ FROOHFWHG D VWXG\ 6LWH FORVXUH YLVLW KDV EHHQ
SHUIRUPHG DQG WKH ,5% KDV EHHQ QRWLILHG RI FORVXUH
6WXG\ 6LWH FORVXUH SULRU WR FRPSOHWLRQ RI WKH VWXG\ VKRXOG EH DYRLGHG 7KH ,QYHVWLJDWRU DQG
6SRQVRU ZLOO DJUHH WR WKH FLUFXPVWDQFHV WKDW FRXOG FDXVH HDUO\ VWXG\ 6LWH FORVXUH

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
7KH 6SRQVRU UHVHUYHV WKH ULJKW WR FORVH WKH VWXG\ 6LWH DW DQ\ WLPH IRU DQ\ UHDVRQ DW WKH VROH
GLVFUHWLRQ RI WKH 6SRQVRU 5HDVRQV IRU WKH HDUO\ FORVXUH RI D VWXG\ 6LWH E\ WKH 6SRQVRU RU
,QYHVWLJDWRU PD\ LQFOXGH EXW DUH QRW OLPLWHG WR
x
)DLOXUH RI WKH ,QYHVWLJDWRU WR FRPSO\ ZLWK WKH SURWRFRO WKH UHTXLUHPHQWV RI WKH ,5%,(&
RU ORFDO KHDOWK DXWKRULWLHV WKH 6SRQVRU
V SURFHGXUHV RU *&3 JXLGHOLQHV
x
,QDGHTXDWH UHFUXLWPHQW RI SDUWLFLSDQWV E\ WKH ,QYHVWLJDWRU RU
x
'LVFRQWLQXDWLRQ RI IXUWKHU VWXG\ WUHDWPHQW GHYHORSPHQW

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

$SSHQGL[  &OLQLFDO /DERUDWRU\ 7HVWV
x
7KH WHVWV GHWDLOHG LQ 7DEOH  ZLOO EH SHUIRUPHG E\ WKH FHQWUDO ODERUDWRU\
x
/RFDO ODERUDWRU\ UHVXOWV DUH RQO\ UHTXLUHG LQ WKH HYHQW WKDW WKH FHQWUDO ODERUDWRU\ UHVXOWV
DUH QRW DYDLODEOH LQ WLPH IRU HLWKHU VWXG\ WUHDWPHQW DGPLQLVWUDWLRQ DQGRU UHVSRQVH
HYDOXDWLRQ ,I D ORFDO VDPSOH LV UHTXLUHG LW LV LPSRUWDQW WKDW WKH VDPSOH IRU FHQWUDO
DQDO\VLV LV REWDLQHG DW WKH VDPH WLPH $GGLWLRQDOO\ ORFDO ODERUDWRU\ UHVXOWV DUH RQO\ WR EH
XVHG LQ H[WHQXDWLQJ FLUFXPVWDQFHV WR PDNH HLWKHU D VWXG\ WUHDWPHQW GHFLVLRQ ZLWK
DSSURYDO IURP WKH 0HGLFDO 0RQLWRU DQG WKH UHVXOWV PXVW EH HQWHUHG LQWR WKH HOHFWURQLF
FDVH UHSRUW IRUP
x
3URWRFROVSHFLILF UHTXLUHPHQWV IRU LQFOXVLRQ DQG H[FOXVLRQ RI SDUWLFLSDQWV DUH GHWDLOHG LQ
6HFWLRQ  RI WKH SURWRFRO
x
$GGLWLRQDO WHVWV DV SDUW RI XQVFKHGXOHG YLVLWV PD\ EH SHUIRUPHG DW DQ\ WLPH GXULQJ WKH
VWXG\ DV GHWHUPLQHG QHFHVVDU\ E\ WKH ,QYHVWLJDWRU RU UHTXLUHG E\ ORFDO UHJXODWLRQV
x
8ULQH SUHJQDQF\ WHVWLQJ ZLOO EH FRQGXFWHG DW PRQWKO\ LQWHUYDOV IRU ZRPHQ RI FKLOG
EHDULQJ SRWHQWLDO :2&%3 5HIHU WR 6HFWLRQ  DQG  IRU PRUH GHWDLOV RQ WKH
PRQWKO\ SUHJQDQF\ WHVWLQJ UHTXLUHPHQWV 5HVXOWV RI SUHJQDQF\ WHVWLQJ VKRXOG EH VKDUHG
ZLWK WKH SDUHQWVOHJDO JXDUGLDQV RI IHPDOH SDUWLFLSDQWV   \HDUV RI DJH
x
8ULQH SUHJQDQF\ WHVWLQJ ZLOO DOVR EH FRQGXFWHG  GD\V DIWHU WKH ODVW GRVH RI VWXG\
WUHDWPHQW WR FRUUHVSRQG ZLWK WKH HQG RI UHOHYDQW V\VWHPLF H[SRVXUH DQG FRUUHVSRQG ZLWK
WKH WLPH IUDPH IRU IHPDOH SDUWLFLSDQW FRQWUDFHSWLRQ GHVFULEHG LQ ,QFOXVLRQ 
x
$GGLWLRQDO VHUXP RU XULQH SUHJQDQF\ WHVWV PD\ EH SHUIRUPHG DV GHWHUPLQHG QHFHVVDU\ E\
WKH ,QYHVWLJDWRU RU UHTXLUHG E\ ORFDO UHJXODWLRQ WR HVWDEOLVK WKH DEVHQFH RI SUHJQDQF\ DW
DQ\ WLPH GXULQJ WKH SDUWLFLSDQW
V SDUWLFLSDWLRQ LQ WKH VWXG\
x
,QYHVWLJDWRUV PXVW GRFXPHQW WKHLU UHYLHZ RI HDFK ODERUDWRU\ UHSRUW

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

'HILQLWLRQ RI $5 6$5 DQG 686$5
$GYHUVH 5HDFWLRQ $5
$Q $5 LV DQ\ QR[LRXV DQG XQLQWHQGHG UHVSRQVH WR D PHGLFDO SURGXFW RU SURFHGXUH IRU ZKLFK D
FDXVDO UHODWLRQVKLS ZLWK WKH SURGXFW RU SURFHGXUH LV DW OHDVW D UHDVRQDEOH SRVVLELOLW\ LH WKH
UHODWLRQVKLS FDQQRW EH UXOHG RXW
6HULRXV $GYHUVH 5HDFWLRQ 6$5
$ 6$5 LV DQ 6$( IRU ZKLFK D FDXVDO UHODWLRQVKLS ZLWK WKH SURGXFW RU SURFHGXUH LV DW OHDVW D
UHDVRQDEOH SRVVLELOLW\ LH WKH UHODWLRQVKLS FDQQRW EH UXOHG RXW
6XVSHFWHG 8QH[SHFWHG 6HULRXV $GYHUVH 5HDFWLRQ 686$5
$ 686$5 LV D 6$5 WKDW LV MXGJHG DV XQH[SHFWHG $Q HYHQW LV FRQVLGHUHG ³XQH[SHFWHG´ LI LW LV
QRW OLVWHG DV H[SHFWHG LQ WKH UHIHUHQFH VDIHW\ LQIRUPDWLRQ 56, VHFWLRQ RI WKH LQYHVWLJDWRU
EURFKXUH ,% RU VXPPDU\ RI SURGXFW FKDUDFWHULVWLFV

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

$SSHQGL[  &RQWUDFHSWLYH *XLGDQFH DQG &ROOHFWLRQ RI 3UHJQDQF\
,QIRUPDWLRQ
'HILQLWLRQV
:RPDQ RI &KLOGEHDULQJ 3RWHQWLDO :2&%3 LV GHILQHG DV D ZRPDQ WKDW LV FRQVLGHUHG
IHUWLOH IROORZLQJ PHQDUFKH DQG XQWLO EHFRPLQJ SRVWPHQRSDXVDO XQOHVV SHUPDQHQWO\ VWHULOH
VHH EHORZ
,I IHUWLOLW\ LV XQFOHDU HJ DPHQRUUKHD LQ DGROHVFHQWV RU DWKOHWHV DQG D PHQVWUXDO F\FOH FDQQRW EH
FRQILUPHG EHIRUH ILUVW GRVH RI VWXG\ WUHDWPHQW DGGLWLRQDO HYDOXDWLRQ VKRXOG EH FRQVLGHUHG
:RPHQ LQ WKH IROORZLQJ FDWHJRULHV DUH QRW FRQVLGHUHG :2&%3
 3UHPHQDUFKDO
 3UHPHQRSDXVDO IHPDOH ZLWK  RI WKH IROORZLQJ
x
'RFXPHQWHG K\VWHUHFWRP\ RU
x
'RFXPHQWHG ELODWHUDO VDOSLQJHFWRP\ RU
x
'RFXPHQWHG ELODWHUDO RRSKRUHFWRP\
)RU LQGLYLGXDOV ZLWK SHUPDQHQW LQIHUWLOLW\ GXH WR DQ DOWHUQDWH PHGLFDO FDXVH RWKHU WKDQ WKH
DERYH HJ 0XOOHULDQ DJHQHVLV DQGURJHQ LQVHQVLWLYLW\ ,QYHVWLJDWRU GLVFUHWLRQ VKRXOG
EH DSSOLHG WR GHWHUPLQLQJ VWXG\ HQWU\ %LODWHUDO WXEDO RFFOXVLRQ LV QRW FRQVLGHUHG WR EH D
SHUPDQHQW IRUP RI LQIHUWLOLW\
1RWH 'RFXPHQWDWLRQ FDQ FRPH IURP WKH 6LWH SHUVRQQHO¶V UHYLHZ RI WKH SDUWLFLSDQW¶V
PHGLFDO UHFRUGV PHGLFDO H[DPLQDWLRQ RU PHGLFDO KLVWRU\ LQWHUYLHZ
 3RVWPHQRSDXVDO IHPDOH
x
$ SRVWPHQRSDXVDO VWDWH LV GHILQHG DV QR PHQVHV IRU  PRQWKV ZLWKRXW DQ DOWHUQDWLYH
PHGLFDO FDXVH
x
$ KLJK IROOLFOH VWLPXODWLQJ KRUPRQH )6+ OHYHO LQ WKH SRVWPHQRSDXVDO UDQJH
PD\ EH XVHG WR FRQILUP D SRVWPHQRSDXVDO VWDWH LQ ZRPHQ QRW XVLQJ KRUPRQDO
FRQWUDFHSWLRQ RU KRUPRQDO UHSODFHPHQW WKHUDS\ +57 +RZHYHU LQ WKH
DEVHQFH RI  PRQWKV RI DPHQRUUKHD FRQILUPDWLRQ ZLWK PRUH WKDQ RQH )6+
PHDVXUHPHQW LV UHTXLUHG
x
)HPDOHV RQ +57 DQG ZKRVH PHQRSDXVDO VWDWXV LV LQ GRXEW ZLOO EH UHTXLUHG WR XVH RQH
RI WKH QRQHVWURJHQ KRUPRQDO KLJKO\ HIIHFWLYH FRQWUDFHSWLRQ PHWKRGV LI WKH\ ZLVK WR
FRQWLQXH WKHLU +57 GXULQJ WKH VWXG\ 2WKHUZLVH WKH\ PXVW GLVFRQWLQXH +57 WR DOORZ
FRQILUPDWLRQ RI SRVWPHQRSDXVDO VWDWXV EHIRUH VWXG\ HQUROOPHQW

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
x
7KH ,QYHVWLJDWRU ZLOO DWWHPSW WR FROOHFW SUHJQDQF\ LQIRUPDWLRQ RQ DQ\ PDOH SDUWLFLSDQW¶V
IHPDOH SDUWQHU ZKR EHFRPHV SUHJQDQW ZKLOH WKH PDOH SDUWLFLSDQW LV LQ WKLV VWXG\ 7KLV
DSSOLHV RQO\ WR PDOH SDUWLFLSDQWV ZKR UHFHLYH VWXG\ WUHDWPHQW
x
$IWHU REWDLQLQJ WKH QHFHVVDU\ VLJQHG LQIRUPHG FRQVHQWDVVHQW IURP WKH SUHJQDQW IHPDOH
SDUWQHU GLUHFWO\ WKH ,QYHVWLJDWRU ZLOO UHFRUG SUHJQDQF\ LQIRUPDWLRQ RQ WKH DSSURSULDWH IRUP
DQG VXEPLW WKH IRUP WR 6DIHW\ E\ HPDLOID[ ZLWKLQ  KRXUV RI OHDUQLQJ RI WKH SDUWQHU¶V
SUHJQDQF\ 7KH IHPDOH SDUWQHU ZLOO DOVR EH IROORZHG WR GHWHUPLQH WKH RXWFRPH RI WKH
SUHJQDQF\ ,QIRUPDWLRQ RQ WKH VWDWXV RI WKH PRWKHU DQG FKLOG ZLOO EH IRUZDUGHG WR WKH
6SRQVRU *HQHUDOO\ WKH IROORZXS ZLOO EH QR ORQJHU WKDQ  WR  ZHHNV IROORZLQJ WKH
HVWLPDWHG GHOLYHU\ GDWH $Q\ WHUPLQDWLRQ RI WKH SUHJQDQF\ ZLOO EH UHSRUWHG UHJDUGOHVV RI
IHWDO VWDWXV SUHVHQFH RU DEVHQFH RI DQRPDOLHV RU LQGLFDWLRQ IRU WKH SURFHGXUH
)HPDOH 3DUWLFLSDQWV ZKR EHFRPH SUHJQDQW
x
7KH ,QYHVWLJDWRU ZLOO FROOHFW SUHJQDQF\ LQIRUPDWLRQ RQ DQ\ IHPDOH SDUWLFLSDQW ZKR EHFRPHV
SUHJQDQW ZKLOH SDUWLFLSDWLQJ LQ WKLV VWXG\ ,QIRUPDWLRQ ZLOO EH UHFRUGHG RQ WKH DSSURSULDWH
IRUP DQG VXEPLWWHG WR 6DIHW\ E\ HPDLOID[ ZLWKLQ  KRXUV RI OHDUQLQJ RI D SDUWLFLSDQW
V
SUHJQDQF\
x
)RU D IHPDOH SDUWLFLSDQW ZKR EHFRPHV SUHJQDQW WKLV LQIRUPDWLRQ ZLOO EH VKDUHG ZLWK WKH
VWXG\ SDUWLFLSDQW¶V SDUHQWJXDUGLDQ LI WKH SDUWLFLSDQW LV   \HDUV RI DJH
x
7KH SDUWLFLSDQW ZLOO EH IROORZHG WR GHWHUPLQH WKH RXWFRPH RI WKH SUHJQDQF\ 7KH
,QYHVWLJDWRU ZLOO FROOHFW IROORZXS LQIRUPDWLRQ RQ WKH SDUWLFLSDQW DQG WKH QHRQDWH DQG WKH
LQIRUPDWLRQ ZLOO EH IRUZDUGHG WR WKH 6SRQVRU *HQHUDOO\ IROORZXS ZLOO QRW EH UHTXLUHG IRU
ORQJHU WKDQ  WR  ZHHNV EH\RQG WKH HVWLPDWHG GHOLYHU\ GDWH $Q\ WHUPLQDWLRQ RI SUHJQDQF\
ZLOO EH UHSRUWHG UHJDUGOHVV RI IHWDO VWDWXV SUHVHQFH RU DEVHQFH RI DQRPDOLHV RU LQGLFDWLRQ
IRU WKH SURFHGXUH
x
:KLOH SUHJQDQF\ LWVHOI LV QRW FRQVLGHUHG WR EH DQ $( RU 6$( DQ\ SUHJQDQF\ FRPSOLFDWLRQ
RU HOHFWLYH WHUPLQDWLRQ RI D SUHJQDQF\ ZLOO EH UHSRUWHG DV DQ $( RU 6$( $ VSRQWDQHRXV
DERUWLRQ LV DOZD\V FRQVLGHUHG WR EH DQ 6$( DQG ZLOO EH UHSRUWHG DV VXFK $Q\ SRVWVWXG\
SUHJQDQF\UHODWHG 6$( FRQVLGHUHG UHDVRQDEO\ UHODWHG WR WKH VWXG\ WUHDWPHQW E\ WKH
,QYHVWLJDWRU ZLOO EH UHSRUWHG WR WKH 6SRQVRU DV GHVFULEHG LQ 6HFWLRQ  :KLOH WKH
,QYHVWLJDWRU LV QRW REOLJDWHG WR DFWLYHO\ VHHN WKLV LQIRUPDWLRQ LQ IRUPHU VWXG\ SDUWLFLSDQWV KH
RU VKH PD\ OHDUQ RI DQ 6$( WKURXJK VSRQWDQHRXV UHSRUWLQJ
x
$Q\ IHPDOH SDUWLFLSDQW ZKR EHFRPHV SUHJQDQW ZKLOH SDUWLFLSDWLQJ LQ WKH VWXG\ ZLOO
GLVFRQWLQXH VWXG\ WUHDWPHQW DQG EH ZLWKGUDZQ IURP WKH VWXG\

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

$SSHQGL[  5HVSRQVH &ULWHULD
)RU WKH SXUSRVH RI GHWHUPLQLQJ WKH OHYHO RI UHVSRQVH FRPSOHWH SDUWLDO HWF PHDVXUHPHQWV IURP
WKH IROORZXS VFDQV DUH FRPSDUHG WR WKH WDUJHW 31 VL]H LQ WKH SUHWUHDWPHQW 05, VFDQ XVLQJ
YROXPHWULF GDWD DQDO\VLV
&RPSOHWH 5HVSRQVH &5
$ FRPSOHWH UHVROXWLRQ RI WKH WDUJHW 31
3DUWLDO 5HVSRQVH 35
$   UHGXFWLRQ LQ WKH YROXPH RI WKH WDUJHW 31
6WDEOH 'LVHDVH 6'
$   LQFUHDVH RU   GHFUHDVH LQ WKH YROXPH RI WKH WDUJHW
31
3URJUHVVLYH 'LVHDVH
$   LQFUHDVH LQ WKH YROXPH RI WKH WDUJHW 31

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

$SSHQGL[  $EEUHYLDWLRQV
$EEUHYLDWLRQ
'HILQLWLRQ
'
RQH GLPHQVLRQDO
'
WZR GLPHQVLRQDO
$'/
DFWLYLWLHV RI GDLO\ OLYLQJ
$(
DGYHUVH HYHQW
$(6,
DGYHUVH HYHQW RI VSHFLDO LQWHUHVW
$/7
DODQLQH WUDQVDPLQDVH
$6&2
$PHULFDQ 6RFLHW\ RI &OLQLFDO 2QFRORJ\
%,'
WZLFH GDLO\
%6$
ERG\ VXUIDFH DUHD
&)5
&RGH RI )HGHUDO 5HJXODWLRQV
&+)
FRQJHVWLYH KHDUW IDLOXUH
&,
FRQILGHQFH LQWHUYDO
&.
FUHDWLQH NLQDVH
&5
FRPSOHWH UHVSRQVH
&7&$(
&RPPRQ 7HUPLQRORJ\ &ULWHULD IRU $GYHUVH (YHQWV
'0&
GDWD PRQLWRULQJ FRPPLWWHH
'1$
GHR[\ULERQXFOHLF DFLG
'25
GXUDWLRQ RI UHVSRQVH
(&*
HOHFWURFDUGLRJUDP
(&2*
(DVWHUQ &RRSHUDWLYH 2QFRORJ\ *URXS
H&5)
HOHFWURQLF FDVH UHSRUW IRUP
('&
HOHFWURQLF GDWD FDSWXUH
H352
HOHFWURQLF SDWLHQW UHSRUWHG RXWFRPH
(5.
H[WUDFHOOXODU VLJQDOUHJXODWHG NLQDVH
(7
HDUO\ WHUPLQDWLRQ
)6+
IROOLFOH VWLPXODWLQJ KRUPRQH
*$3V
*73DVH DFWLYDWLQJ SURWHLQV
*&3
*RRG &OLQLFDO 3UDFWLFH
*73DVH
JXDQRVLQH WULSKRVSKDWH K\GURODVH
+%V$J
KHSDWLWLV % VXUIDFH DQWLJHQ
+%9
KHSDWLWLV % YLUXV
+&9
KHSDWLWLV & YLUXV
+,9
KXPDQ LPPXQRGHILFLHQF\ YLUXV
+542/
+HDOWK5HODWHG 4XDOLW\ RI /LIH
+57
KRUPRQH UHSODFHPHQW WKHUDS\
,%
,QYHVWLJDWRU %URFKXUH
,&)
LQIRUPHG FRQVHQW IRUP
,&+
,QWHUQDWLRQDO &RQIHUHQFH RQ +DUPRQL]DWLRQ
,(&
,QGHSHQGHQW (WKLFV &RPPLWWHH
,15
LQWHUQDWLRQDO QRUPDOL]HG UDWLR
,5%
,QGHSHQGHQW 5HVHDUFK %RDUG,QVWLWXWLRQDO 5HYLHZ %RDUG
,57
LQWHUDFWLYH UHVSRQVH WHFKQRORJ\

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
,77
LQWHQWWRWUHDW
//1
ORZHU OLPLW RI QRUPDO
/7)8
/RQJ7HUP )ROORZ8S
/9()
OHIW YHQWULFXODU HMHFWLRQ IUDFWLRQ
0$3.
PLWRJHQDFWLYDWHG SURWHLQ NLQDVH
05&
0HGLFDO 5HVHDUFK &RXQFLO
03167
PDOLJQDQW SHULSKHUDO QHUYH VKHDWK WXPRU
05,
PDJQHWLF UHVRQDQFH LPDJLQJ
P725
PDPPDOLDQ WDUJHW RI UDSDP\FLQ
1&,
1DWLRQDO &DQFHU ,QVWLWXWH
1)
QHXURILEURPDWRVLV W\SH 
1)
QHXURILEURPDWRVLV W\SH 
1,+
1DWLRQDO ,QVWLWXWH RI +HDOWK
156
1XPHULF 5DWLQJ 6FDOH
255
REMHFWLYH UHVSRQVH UDWH
3'
SKDUPDFRG\QDPLF
3HGV4/
3HGLDWULF 4XDOLW\ RI /LIH ,QYHQWRU\
3)
SK\VLFDO IXQFWLRQLQJ
3)6
SURJUHVVLRQ IUHH VXUYLYDO
3*,&
3DWLHQW *OREDO ,PSUHVVLRQ RI &KDQJH
3*,6
3DWLHQW *OREDO ,PSUHVVLRQ RI 6HYHULW\
3,,
3DLQ ,QWHUIHUHQFH ,QGH[
3.
SKDUPDFRNLQHWLF
31
SOH[LIRUP QHXURILEURPD
320$4
3HGLDWULF 2UDO 0HGLFLQHV $FFHSWDELOLW\ 4XHVWLRQQDLUH
35
SDUWLDO UHVSRQVH
352V
SDWLHQW UHSRUWHG RXWFRPHV
3520,6
3DWLHQW5HSRUWHG 2XWFRPHV 0HDVXUHPHQW ,QIRUPDWLRQ 6\VWHP
4R/
TXDOLW\ RI OLIH
5(&,67
5HVSRQVH (YDOXDWLRQ &ULWHULD ,Q 6ROLG 7XPRUV
5(L1V
5HVSRQVH (YDOXDWLRQ LQ 1HXURILEURPDWRVLV DQG
6FKZDQQRPDWRVLV
51$
ULERQXFOHLF DFLG
592
UHWLQDO YHLQ RFFOXVLRQ
6$(
VHULRXV DGYHUVH HYHQW
6'
VWDEOH GLVHDVH
6)8
6DIHW\ )ROORZ8S
6R$
VFKHGXOH RI DFWLYLWLHV
773
WLPH WR SURJUHVVLRQ
8/1
XSSHU OLPLW RI QRUPDO
Y
YHUVLRQ
YV
YHUVXV
:+2
:RUOG +HDOWK 2UJDQL]DWLRQ
:2&%3
ZRPDQ RI FKLOG EHDULQJ SRWHQWLDO

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
 $SSHQGL[  /LVW RI &RQWDFWV IRU 6WXG\

6SRQVRU
6SULQJ:RUNV 7KHUDSHXWLFV
 :DVKLQJWRQ %OYG
6WDPIRUG &7 
8QLWHG 6WDWHV

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
 $SSHQGL[  3HGLDWULF %ORRG 3UHVVXUH &KDUWV
%3  EORRG SUHVVXUH FP  FHQWLPHWHU '%3  GLDVWROLF EORRG SUHVVXUH 6%3  V\VWROLF EORRG SUHVVXUH \  \HDUV
$JH \ %3 3HUFHQWLOH
+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J






















6%3 PP +J
'%3 PP +J



7DEOH 
%ORRG 3UHVVXUH IRU *LUOV $JHG  WR  <HDUV RI $JH

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
7DEOH 
%ORRG 3UHVVXUH IRU %R\V $JHG  WR  <HDUV RI $JH
%3  EORRG SUHVVXUH FP  FHQWLPHWHU '%3  GLDVWROLF EORRG SUHVVXUH 6%3  V\VWROLF EORRG SUHVVXUH \  \HDUV
$JH \ %3 3HUFHQWLOH
+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J














+HLJKW FP














WK














WK   PP +J






















6%3 PP +J
'%3 PP +J




&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
 $SSHQGL[  6XSSRUWLYH &DUH
$SSURSULDWH DQWLELRWLFV EORRG SURGXFW VXSSRUW DQWLHPHWLFV DQG JHQHUDO VXSSRUWLYH FDUH PD\ EH
XVHG DV LQGLFDWHG DW WKH GLVFUHWLRQ RI WKH FDULQJ SK\VLFLDQKHDOWKFDUH SURYLGHU DQG FRQVLVWHQW ZLWK
ORFDO VWDQGDUG RI FDUH DQG 6HFWLRQ 
'HUPDWRORJLF DGYHUVH HYHQWV
7KH XVH RI PHGLFDWLRQV IRU WKH VXSSRUWLYH FDUH RI UDVK LV SHUPLWWHG SURYLGHG WKDW FRPSOLDQFH
ZLWK 6HFWLRQ  UHJDUGLQJ FRQFRPLWDQW PHGLFDWLRQV LV REVHUYHG (DUO\ LQLWLDWLRQ RI WUHDWPHQW IRU
UDVKHV LV VWURQJO\ UHFRPPHQGHG WR PLQLPL]H WKH GXUDWLRQ DQG VHYHULW\ RI WKH DGYHUVH HYHQW
$FQHLIRUP UDVK ([SHULHQFH ZLWK DFQHLIRUP UDVK VXJJHVWV WKDW WRSLFDO FOLQGDP\FLQ JHO RU ORWLRQ
DSSOLHG %,' UDWKHU WKDQ VWHURLGV LV WKH PRVW KHOSIXO IRU SXVWXODU UDVK ,Q VHYHUH FDVHV
VHPLV\QWKHWLF RUDO WHWUDF\FOLQHV VXFK DV GR[\F\FOLQH RU PLQRF\FOLQH PD\ DOVR EH XVHIXO IRU ROGHU
FKLOGUHQ DGROHVFHQWV DQG DGXOWV EXW VKRXOG EH DYRLGHG LQ FKLOGUHQ \RXQJHU WKDQ  \HDUV ROG
EHFDXVH RI ULVN WR WRRWK GHYHORSPHQW
(F]HPDWRXV UDVK[HURVLV (F]HPDWRXVGU\ VNLQ UDVK DQG RWKHU PDFXODU QRQDFQHLIRUP UDVK
VKRXOG EH WUHDWHG ZLWK D PRLVWXUL]HU VXFK DV &HUD9H RU (XFHULQ RU DQRWKHU HTXLYDOHQW SURGXFW $
ORZ SRWHQF\ WRSLFDO VWHURLG VXFK DV EHWDPHWKDVRQH YDOHUDWH ORWLRQ  GHVRQLGH FUHDP
 IOXRFLQRORQH DFHWRQLGH VROXWLRQ  GH[DPHWKDVRQH VRGLXP SKRVSKDWH FUHDP
 K\GURFRUWLVRQH DFHWDWH FUHDP  PHWK\OSUHGQLVRORQH DFHWDWH FUHDP  RU
HTXLYDOHQW PD\ DOVR EH XVHG LI V\PSWRPDWLF
.HWRFRQD]ROH VKDPSRR VKRXOG EH XVHG IRU DQ\ UDVK LQYROYLQJ WKH VFDOS
3DURQ\FKLD 3DURQ\FKLD LI DFXWH DQG QRQVXUJLFDO LH QR IOXFWXDQFH VXJJHVWLQJ DQ DEVFHVV FDQ
UHVROYH ZLWK ZDUP VRDNV RQO\ DSSOLHG  WR  WLPHV GDLO\ ,I WKHUH LV H[WHQVLYH UHGQHVV VXJJHVWLQJ
FHOOXOLWLV 25 LI WKHUH LV QRQVXUJLFDO SDURQ\FKLD EXW WKH SDUWLFLSDQW LV D GLDEHWLF RU LV LPPXQR
FRPSURPLVHG WKHQ DQ RUDO DQWLELRWLF WKDW FRYHUV VWDSK\ORFRFFXV DXUHXV VKRXOG EH VWDUWHG 7KH
FKRLFH RI DQWLELRWLFV LQFOXGHV D VWDSK\ORFRFFXV DXUHXV FRYHULQJ SHQLFLOOLQFOLQGDP\FLQILUVW
JHQHUDWLRQ FHSKDORVSRULQDXJPHQWLQ
,I DQ DEVFHVV GHYHORSV VXUJLFDO WUHDWPHQW ZLWK LQFLVLRQ DQG GUDLQDJH ZLWK RU ZLWKRXW
GHEULGHPHQW VKRXOG EH GRQH $Q\ LQIHFWLRXV RUJDQLVPV LGHQWLILHG VKRXOG EH WUHDWHG DFFRUGLQJO\
,I WKH SDUWLFLSDQW KDV GLDEHWHV RU LV LPPXQH FRPSURPLVHG RUDO DQWLELRWLFV HQVXULQJ FRYHUDJH IRU
VWDSK\ORFRFFDO DXUHXV VHH DERYH VKRXOG EH VWDUWHG SULRU WR D FXOWXUH DQG VHQVLWLYLW\ UHSRUW 2QFH
FXOWXUH UHSRUW LV REWDLQHG WKH DQWLELRWLF WKHUDS\ VKRXOG EH DGMXVWHG DV DSSURSULDWH
9LVXDO DGYHUVH HYHQWV
$OO SDUWLFLSDQWV ZLOO KDYH D GHWDLOHG RSKWKDOPRORJLF HYDOXDWLRQ DW 6FUHHQLQJ ,Q SDUWLFLSDQWV ZKR
GHYHORS YLVXDO V\PSWRPV D UHSHDW RSKWKDOPRORJLF HYDOXDWLRQ ZLOO EH SHUIRUPHG WR LQFOXGH EHVW
FRUUHFWHG YLVXDO DFXLW\ LQWUDRFXODU SUHVVXUH VOLW ODPS IXQGRVFRS\ SKRWRJUDSK LI DEQRUPDO
,I D GLDJQRVLV RI UHWLQDO SLJPHQW HSLWKHOLDO GHWDFKPHQW RU FHQWUDO VHURXV UHWLQRSDWK\ LV PDGH
WUHDWPHQW ZLWK 3' ZLOO EH KHOG DQG UHSHDW RSKWKDOPRORJLF HYDOXDWLRQV ZLOO EH
SHUIRUPHG XQWLO UHVROXWLRQ 7UHDWPHQW PD\ EH UHVWDUWHG DIWHU FRPSOHWH UHVROXWLRQ RI V\PSWRPV WR
EDVHOLQH

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
,I D GLDJQRVLV RI UHWLQDO YHLQ RFFOXVLRQ 592 LV PDGH 3' ZLOO EH GLVFRQWLQXHG
SHUPDQHQWO\
*DVWURLQWHVWLQDO DGYHUVH HYHQWV
'LDUUKHD 1RQLQIHFWLRXV GLDUUKHD VKRXOG EH WUHDWHG ZLWK ORSHUDPLGH $GGLWLRQDO DJHQWV PD\ EH
XVHG FRQFXUUHQWO\ LI ORSHUDPLGH LV QRW DGHTXDWH WR FRQWURO GLDUUKHD DV D VLQJOH DJHQW ,Q DGGLWLRQ
WKH IROORZLQJ GLHWDU\ DGYLFH VKRXOG EH FRQVLGHUHG %5$7 GLHW EDQDQDV ULFH DSSOH VDXFH WRDVW
SODLQ SDVWD UHDGLO\ GLJHVWLEOH IRRG DYRLGDQFH RI ODFWRVHFRQWDLQLQJ SURGXFWV DQG IULHG IDWW\ RU
VSLF\ IRRGV LQFUHDVHG IOXLG LQWDNH  JODVVHV RI FOHDU IOXLGVGD\ LQFOXGLQJ ZDWHU FOHDU EURWK
IOXLGV FRQWDLQLQJ VDOW DQG VXJDU 3DUWLFLSDQWV VKRXOG EH HQFRXUDJHG WR VHHN DGYLFH HDUO\ IURP
WKHLU SK\VLFLDQ RU VWXG\ QXUVH LI WKH\ KDYH SHUVLVWHQW GLDUUKHD GLDUUKHD FRPSOLFDWHG E\ YRPLWLQJ
RU LQDELOLW\ WR WDNH RUDO OLTXLGV
2UDO PXFRVLWLV 3DUWLFLSDQWV VKRXOG EH HQFRXUDJHG WR IROORZ D GDLO\ RUDO KHDOWK FDUH UHJLPH
GXULQJ WUHDWPHQW ZLWK 3' 8VH RI D PRXWKZDVK LPPHGLDWHO\ DIWHU 3' LQWDNH
LV UHFRPPHQGHG 3DUWLFLSDQWV ZLWK D KHDOWK\ PRXWK PD\ XVH QRQDOFRKROLF PRXWKZDVK  WR
 WLPHV GDLO\ HJ DIWHU HDFK PHDO RU DFFRUGLQJ WR WKH LQVWUXFWLRQV GXULQJ WKH VWXG\
3DUWLFLSDQWV ZLWK RU DW ULVN RI VWRPDWLWLV VKRXOG QRW XVH FRPPHUFLDORYHUWKHFRXQWHU
PRXWKZDVKHV EHFDXVH RI WKH DOFRKRO FRQWHQW DQG DVWULQJHQF\ 6DOLQH PRXWKZDVKHV 6RGLXP
FKORULGH  DUH SUHIHUUHG LQ FDVHV RI VWRPDWLWLV DQG VKRXOG EH XVHG DW D GLIIHUHQW WLPH WKDQ
WRRWKEUXVKLQJ HJ DIWHU WHD &KORUKH[LGLQH PRXWKZDVKHV DUH QRW UHFRPPHQGHG IRU WKH
WUHDWPHQW RI HVWDEOLVKHG VWRPDWLWLV 7HHWK VKRXOG EH EUXVKHG WZLFH GDLO\ ZLWK D IOXRULGH
WRRWKSDVWH DQG VRIW WRRWKEUXVK LQ WKH PRUQLQJ EHIRUH EUHDNIDVW DQG ODVW WKLQJ LQ WKH HYHQLQJ
EHIRUH EHG DERXW  PLQXWHV DIWHU HDWLQJ 7KH WRQJXH FDQ EH JHQWO\ EUXVKHG LI QRW VRUH ZLWK D
VRIW WRRWKEUXVK 7KH WRRWKEUXVK VKRXOG EH UHSODFHG UHJXODUO\ DW OHDVW HYHU\  PRQWKV
3DUWLFLSDQWV ZLWK VWRPDWLWLV VKRXOG FKDQJH WKHLU WRRWKEUXVK HYHU\  WR  ZHHNV
&RQVLGHU WUHDWLQJ VWRPDWLWLV DW DQ HDUO\ VWDJH &7&$( JUDGH  RU DV VRRQ DV WKH SDUWLFLSDQW
FRPSODLQV RI D VRUH PRXWK &RQVLGHU XVLQJ DQ RUDO WRSLFDO DQDOJHVLF ZLWK RU ZLWKRXW WRSLFDO
VWHURLGV GHSHQGLQJ RQ WKH SDUWLFLSDQW¶V FOLQLFDO FRQGLWLRQ DQG WKH ORFDO VWDQGDUG PHGLFDO
SUDFWLFH
7KH PRXWK VKRXOG EH UHJXODUO\ LQVSHFWHG E\ WKH SDUWLFLSDQW DQG KHDOWKFDUH SURIHVVLRQDOV
&RQVLGHU FXOWXUH WR UXOH RXW KHUSHV VLPSOH[

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 

5HIHUHQFHV
&DQDYHVH ) 	 .UDMELFK - ,  5HVHFWLRQ RI 3OH[LIRUP 1HXURILEURPDV LQ &KLOGUHQ :LWK
1HXURILEURPDWRVLV 7\SH  -RXUQDO RI 3HGLDWULF 2UWKRSDHGLFV  
GRLESREHFDG
'HEHOOD . 6]XGHN - 	 )ULHGPDQ - 0  8VH RI WKH 1DWLRQDO ,QVWLWXWHV RI +HDOWK
&ULWHULD IRU 'LDJQRVLV RI 1HXURILEURPDWRVLV  LQ &KLOGUHQ 3HGLDWULFV  
GRLSHGV
'RPEL ( $UGHUQ+ROPHV 6 / %DERYLF9XNVDQRYLF ' %DUNHU ) * &RQQRU 6 (YDQV '
* :LGHPDQQ % &  5HFRPPHQGDWLRQV IRU LPDJLQJ WXPRU UHVSRQVH LQ
QHXURILEURPDWRVLV FOLQLFDO WULDOV 1HXURORJ\ ,VVXH  6XSSOHPHQW 
GRLZQODI
'RPEL ( %DOGZLQ $ 0DUFXV / - )LVKHU 0 - :HLVV % .LP $ :LGHPDQQ % &
 $FWLYLW\ RI 6HOXPHWLQLE LQ 1HXURILEURPDWRVLV 7\SH ±5HODWHG 3OH[LIRUP 1HXURILEURPDV
1HZ (QJODQG -RXUQDO RI 0HGLFLQH  GRLQHMPRD
'RPEL ( 6RORPRQ - *LOOHVSLH $ - )R[ ( %DOLV ) 0 3DWURQDV 1 :LGHPDQQ % &
 1) SOH[LIRUP QHXURILEURPD JURZWK UDWH E\ YROXPHWULF 05, 5HODWLRQVKLS WR DJH DQG
ERG\ ZHLJKW 1HXURORJ\   GRLZQOH
(DVWRQ ' ) 3RQGHU 0 $ +XVRQ 6 0 	 3RQGHU % $  $Q DQDO\VLV RI YDULDWLRQ LQ
H[SUHVVLRQ RI QHXURILEURPDWRVLV 1) W\SH  1) HYLGHQFH IRU PRGLI\LQJ JHQHV $PHULFDQ
-RXUQDO RI +XPDQ *HQHWLFV ±
(LVHQKDXHU ( 7KHUDVVH 3 %RJDHUWV - 6FKZDUW] / 6DUJHQW ' )RUG 5 9HUZHLM - 
1HZ UHVSRQVH HYDOXDWLRQ FULWHULD LQ VROLG WXPRXUV 5HYLVHG 5(&,67 JXLGHOLQH YHUVLRQ 
(XURSHDQ -RXUQDO RI &DQFHU   GRLMHMFD
(YDQV ' +RZDUG ( *LEOLQ & &ODQF\ 7 6SHQFHU + +XVRQ 6 	 /DOORR )  %LUWK
LQFLGHQFH DQG SUHYDOHQFH RI WXPRUSURQH V\QGURPHV (VWLPDWHV IURP D 8. IDPLO\ JHQHWLF
UHJLVWHU VHUYLFH $PHULFDQ -RXUQDO RI 0HGLFDO *HQHWLFV 3DUW $ $ 
GRLDMPJD
)HOGNDPS 0 0 *XWPDQQ ' + 	 *XKD $  1HXURILEURPDWRVLV 7\SH  3LHFLQJ WKH
3X]]OH 7RJHWKHU &DQDGLDQ -RXUQDO RI 1HXURORJLFDO 6FLHQFHV  -RXUQDO &DQDGLHQ 'HV 6FLHQFHV
1HXURORJLTXHV   GRLV
*ROG - - /HY\ 0 / 	 &UDZIRUG - 5  *LDQW SOH[LIRUP QHXURILEURPD FDXVLQJ
DV\PSWRPDWLF FHUYLFDO VSLQDO FRUG FRPSUHVVLRQ LQ D FKLOG ZLWK QHXURILEURPDWRVLV W\SH  &DVH
5HSRUWV $SU  GRLEFU
*URVV $ 0 :ROWHUV 3 %DOGZLQ $ 'RPEL ( )LVKHU 0 - :HLVV % ' :LGHPDQQ % &
 635,17 3KDVH ,, VWXG\ RI WKH 0(.  LQKLELWRU VHOXPHWLQLE $=' $55<
 LQ FKLOGUHQ ZLWK QHXURILEURPDWRVLV W\SH  1) DQG LQRSHUDEOH SOH[LIRUP
QHXURILEURPDV 31 $PHULFDQ 6RFLHW\ RI &OLQLFDO 2QFRORJ\ $6&2 $QQXDO 0HHWLQJ 

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
*XWPDQQ ' +  7KH 'LDJQRVWLF (YDOXDWLRQ DQG 0XOWLGLVFLSOLQDU\ 0DQDJHPHQW RI
1HXURILEURPDWRVLV  DQG 1HXURILEURPDWRVLV  -$0$ 7KH -RXUQDO RI WKH $PHULFDQ 0HGLFDO
$VVRFLDWLRQ   GRLMDPD
*XWPDQQ ' + %ODNHOH\ - 2 .RUI % 5 	 3DFNHU 5 -  2SWLPL]LQJ ELRORJLFDOO\
WDUJHWHG FOLQLFDO WULDOV IRU QHXURILEURPDWRVLV ([SHUW 2SLQLRQ RQ ,QYHVWLJDWLRQDO 'UXJV 
 GRL
-DNDFNL 5 , 'RPEL ( 3RWWHU ' 0 *ROGPDQ 6 $OOHQ - & 3ROODFN , ) 	 :LGHPDQQ
% &  3KDVH , WULDO RI SHJ\ODWHG LQWHUIHURQ E LQ \RXQJ SDWLHQWV ZLWK SOH[LIRUP
QHXURILEURPDV 1HXURORJ\   GRLZQOEHE
-DNDFNL 5 , 'RPEL ( 6WHLQEHUJ 6 0 *ROGPDQ 6 .LHUDQ 0 : 8OOULFK 1 -
:LGHPDQQ % &  3KDVH ,, WULDO RI SHJ\ODWHG LQWHUIHURQ DOIDE LQ \RXQJ SDWLHQWV ZLWK
QHXURILEURPDWRVLV W\SH  DQG XQUHVHFWDEOH SOH[LIRUP QHXURILEURPDV 1HXUR2QFRORJ\
GRLQHXRQFQRZ
-DPHV . (LVHQKDXHU ( &KULVWLDQ 0 7HUHQ]LDQL 0 9HQD ' 0XOGDO $ 	 7KHUDVVH 3
 0HDVXULQJ 5HVSRQVH LQ 6ROLG 7XPRUV 8QLGLPHQVLRQDO 9HUVXV %LGLPHQVLRQDO
0HDVXUHPHQW -1&, -RXUQDO RI WKH 1DWLRQDO &DQFHU ,QVWLWXWH  
GRLMQFL
-HVVHQ : - 0LOOHU 6 - -RXVPD ( :X - 5L]YL 7 $ %UXQGDJH 0 ( 5DWQHU 1 
0(. LQKLELWLRQ H[KLELWV HIILFDF\ LQ KXPDQ DQG PRXVH QHXURILEURPDWRVLV WXPRUV -RXUQDO RI
&OLQLFDO ,QYHVWLJDWLRQ   GRLMFL
-RXVPD ( 5L]YL 7 $ :X - -DQKRIHU ' 'RPEL ( 'XQQ 5 6 5DWQHU 1 
3UHFOLQLFDO DVVHVVPHQWV RI WKH 0(. LQKLELWRU 3' LQ D PRXVH PRGHO RI
QHXURILEURPDWRVLV W\SH  3HGLDWULF %ORRG 	 &DQFHU   GRLSEF
.DOOLRQSDD 5 $ 8XVLWDOR ( /HSSDYLUWD - 3R\KRQHQ 0 3HOWRQHQ 6 3HOWRQHQ - 
3UHYDOHQFH RI QHXURILEURPDWRVLV W\SH  LQ WKH )LQQLVK SRSXODWLRQ *HQHW 0HG
GRLJLP
.RVHOXJR >SDFNDJH LQVHUW@ :LOPLQJWRQ '( $VWUD=HQHFD 3KDUPDFHXWLFDOV / 
/HGEHWWHU ' + 5LFK ' & 2¶FRQQHOO 3 2 /HSSHUW 0 	 &DUH\ - &  3UHFLVH
ORFDOL]DWLRQ RI 1) WR T E\ EDODQFHG WUDQVORFDWLRQ $PHULFDQ -RXUQDO RI 0HGLFDO
*HQHWLFV  ±
/R5XVVR 3 0 .ULVKQDPXUWKL 6 6 5LQHKDUW - - 1DEHOO / 0 0DOEXUJ / &KDSPDQ 3
% 5LFDUW $ '  3KDVH , 3KDUPDFRNLQHWLF DQG 3KDUPDFRG\QDPLF 6WXG\ RI WKH 2UDO
0$3.(5. .LQDVH ,QKLELWRU 3' LQ 3DWLHQWV ZLWK $GYDQFHG &DQFHUV &OLQLFDO &DQFHU
5HVHDUFK   GRLFFU
0DUWLQ * $ 9LVNRRKLO ' %ROODJ * 0FFDEH 3 & &URVLHU : - +DXEUXFN +
0FFRUPLFN )  7KH *$3UHODWHG GRPDLQ RI WKH QHXURILEURPDWRVLV W\SH  JHQH SURGXFW
LQWHUDFWV ZLWK UDV S &HOO   GRLG
0RHUWHO & / 0F&RZDJH * 0XHOOHU 6 3UDWLODV & +DUJUDYH ' :KLWORFN - *HRHUJHU %
 7UDPHWLQLE LQ 3HGLDWULF 3DWLHQWV ZLWK 1HXURILEURPDWRVLV 7\SH $VVRFLDWHG 3OH[LIRUP
1HXURILEURPD $ 3KDVH ,,, 6WXG\ -RLQW *OREDO 1HXURILEURPDWRVLV &RQIHUHQFH

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
1JX\HQ 5 'RPEL ( :LGHPDQQ % & 6RORPRQ - )XHQVWHUHU & .OXZH / 0DXWQHU 9
 *URZWK G\QDPLFV RI SOH[LIRUP QHXURILEURPDV D UHWURVSHFWLYH FRKRUW VWXG\ RI 
SDWLHQWV ZLWK QHXURILEURPDWRVLV  2USKDQHW -RXUQDO RI 5DUH 'LVHDVH  'RL

1HHGOH 0 1 &QDDQ $ 'DWWLOR - &KDWWHQ - 3KLOOLSV 3 & 6KRFKDW 6 0ROOR\ 3 7
 3URJQRVWLF VLJQV LQ WKH VXUJLFDO PDQDJHPHQW RI SOH[LIRUP QHXURILEURPD 7KH &KLOGUHQ¶V
+RVSLWDO RI 3KLODGHOSKLD H[SHULHQFH  7KH -RXUQDO RI 3HGLDWULFV  
GRLV
2¶6XOOLYDQ&R\QH * + *URVV $ 'RPEL ( 'H6DQWR - &DUERQHOO $ 'HUGDN -
:LGHPDQQ % &  3KDVH ,, 7ULDO RI WKH 0(.  ,QKLELWRU 6HOXPHWLQLE $='
$55< +\GURJHQ 6XOIDWH LQ $GXOWV ZLWK 1HXURILEURPDWRVLV 7\SH  1) DQG
,QRSHUDEOH 3OH[LIRUP 1HXURILEURPDV 31  1) &RQIHUHQFH
3DJH 3 = 3DJH * 3 (FRVVH ( .RUI % 5 /HSOHJH $ 	 :RONHQVWHLQ 3  ,PSDFW
RI QHXURILEURPDWRVLV  RQ 4XDOLW\ RI /LIH $ FURVVVHFWLRQDO VWXG\ RI  $PHULFDQ FDVHV
$PHULFDQ -RXUQDO RI 0HGLFDO *HQHWLFV 3DUW $ $  GRLDMPJD
3UDGD & ( 5DQJZDOD ) $ 0DUWLQ / - /RYHOO $ 0 6DDO + 0 6FKRUU\ ( . 	
+RSNLQ 5 -  3HGLDWULF 3OH[LIRUP 1HXURILEURPDV ,PSDFW RQ 0RUELGLW\ DQG 0RUWDOLW\ LQ
1HXURILEURPDWRVLV 7\SH  7KH -RXUQDO RI 3HGLDWULFV  
GRLMMSHGV
5DVPXVVHQ 6 $ <DQJ 4 	 )ULHGPDQ -  0RUWDOLW\ LQ 1HXURILEURPDWRVLV  $Q
$QDO\VLV 8VLQJ 86 'HDWK &HUWLILFDWHV 7KH $PHULFDQ -RXUQDO RI +XPDQ *HQHWLFV  
 GRL
5REHUWVRQ . $ 1DOHSD * <DQJ ) %RZHUV ' & +R & < +XWFKLQV * ' &ODSS ' :
 ,PDWLQLE PHV\ODWH IRU SOH[LIRUP QHXURILEURPDV LQ SDWLHQWV ZLWK QHXURILEURPDWRVLV W\SH 
$ SKDVH  WULDO 7KH /DQFHW 2QFRORJ\   GRLV[
6HPLQRJ 2 2 	 *ROGDFUH 0 -  5LVN RI EHQLJQ WXPRXUV RI QHUYRXV V\VWHP DQG RI
PDOLJQDQW QHRSODVPV LQ SHRSOH ZLWK QHXURILEURPDWRVLV 3RSXODWLRQEDVHG UHFRUGOLQNDJH VWXG\
%ULWLVK -RXUQDO RI &DQFHU   GRLEMF
6KHQ 0 + +DUSHU 3 6 	 8SDGK\D\D 0  0ROHFXODU JHQHWLFV RI QHXURILEURPDWRVLV
W\SH  1) -RXUQDO RI 0HGLFDO *HQHWLFV   GRLMPJ
6KLK & 6 %ODNHOH\ - &ODSS : :ROWHUV 3 'RPEL ( &XWWHU * )LVKHU 0 
1) $ 1HXURILEURPDWRVLV &OLQLFDO 7ULDOV &RQVRUWLXP 1)&7& 3KDVH ,, VWXG\ RI
&DER]DQWLQLE ;/ IRU QHXURILEURPDWRVLV W\SH  1) DVVRFLDWHG SOH[LIRUP QHXURILEURPDV
-RLQW *OREDO 1HXURILEURPDWRVLV &RQIHUHQFH
7KHUDVVH 3 $UEXFN 6 * (LVHQKDXHU ( $ :DQGHUV - .DSODQ 5 6 5XELQVWHLQ /
*Z\WKHU 6 *  1HZ *XLGHOLQHV WR (YDOXDWH WKH 5HVSRQVH WR 7UHDWPHQW LQ 6ROLG 7XPRUV
-1&, -RXUQDO RI WKH 1DWLRQDO &DQFHU ,QVWLWXWH   GRLMQFL
7XFNHU 7 )ULHGPDQ - 0 )ULHGULFK 5 ( :HQ]HO 5 )XQVWHU & 0DXWQHU 9) 
/RQJLWXGLQDO VWXG\ RI QHXURILEURPDWRVLV  DVVRFLDWHG SOH[LIRUP QHXURILEURPDV -RXUQDO RI
0HGLFDO *HQHWLFV   GRLMPJ

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
7XFNHU 7 5LFFDUGL 9 0 6XWFOLIIH 0 9LHONLQG - :HFKVOHU - :RONHQVWHLQ 3 	
)ULHGPDQ - 0  'LIIHUHQW 3DWWHUQV RI 0DVW &HOOV 'LVWLQJXLVK 'LIIXVH IURP (QFDSVXODWHG
1HXURILEURPDV LQ 3DWLHQWV ZLWK 1HXURILEURPDWRVLV  -RXUQDO RI +LVWRFKHPLVWU\ 	
&\WRFKHPLVWU\   GRL
7XUQHU%RZNHU ' 0 +DDN . $ .URKH 0 <DZRUVN\ $ 9LYDV 1 .HOO\ 0 5HDQH\ 0
 'HYHORSPHQW DQG FRQWHQW YDOLGDWLRQ RI WKH 3HGLDWULF 2UDO 0HGLFLQHV $FFHSWDELOLW\
4XHVWLRQQDLUHV 320$4 SDWLHQWUHSRUWHG DQG FDUHJLYHUUHSRUWHG RXWFRPH PHDVXUHV -RXUQDO
RI 3DWLHQW5HSRUWHG 2XWFRPHV  GRL V
8XVLWDOR ( /HSSlYLUWD - .RIIHUW $ 6XRPLQHQ 6 9DKWHUD - 9DKOEHUJ 7 3HOWRQHQ 6
 ,QFLGHQFH DQG 0RUWDOLW\ RI 1HXURILEURPDWRVLV $ 7RWDO 3RSXODWLRQ 6WXG\ LQ )LQODQG
-RXUQDO RI ,QYHVWLJDWLYH 'HUPDWRORJ\   GRLMLG
:DOVK . 6 -DQXV] - :ROWHUV 3/ 0DUWLQ 6 .OHLQ7DVPDQ %3 7ROHGR7DPXOD 0$
8OOULFK 1  1HXURFRJQLWLYH RXWFRPHV LQ QHXURILEURPDWRVLV FOLQLFDO WULDOV
5HFRPPHQGDWLRQV IRU WKH GRPDLQ RI DWWHQWLRQ 1HXURORJ\  6XSSOHPHQW  GRL
:1/
:HLVV % %ROODJ * 	 6KDQQRQ .  +\SHUDFWLYH 5DV DV D WKHUDSHXWLF WDUJHW LQ
QHXURILEURPDWRVLV W\SH  $PHULFDQ -RXUQDO RI 0HGLFDO *HQHWLFV  
GRLVLFLFRZ
:HLVV % :LGHPDQQ % & :ROWHUV 3 'RPEL ( 9LQNV $ $ &DQWRU $ )LVKHU 0 -
 6LUROLPXV IRU QRQSURJUHVVLYH 1)DVVRFLDWHG SOH[LIRUP QHXURILEURPDV $Q 1) FOLQLFDO
WULDOV FRQVRUWLXP SKDVH ,, VWXG\ 3HGLDWULF %ORRG 	 &DQFHU  
GRLSEF
:HLVV % :LGHPDQQ % & :ROWHUV 3 'RPEL ( 9LQNV $ &DQWRU $ )LVKHU 0 - 
6LUROLPXV IRU SURJUHVVLYH QHXURILEURPDWRVLV W\SH DVVRFLDWHG SOH[LIRUP QHXURILEURPDV $
1HXURILEURPDWRVLV &OLQLFDO 7ULDOV &RQVRUWLXP SKDVH ,, VWXG\ 1HXUR2QFRORJ\  
GRLQHXRQFQRX
:HLVV %  1) $ 3KDVH  1) &RQVRUWLXP 7ULDO RI WKH 0(. ,QKLELWRU 3' LQ
$GROHVFHQWV DQG $GXOWV ZLWK 1)5HODWHG 3OH[LIRUP 1HXURILEURPDV
:HOOV * $ 5XVVHOO $ 6 +DUDRXL % %LVVRQQHWWH 5 	 :DUH & )  9DOLGLW\ RI
4XDOLW\ RI /LIH 0HDVXUHPHQW 7RROV  )URP *HQHULF WR 'LVHDVHVSHFLILF 7KH -RXUQDO RI
5KHXPDWRORJ\ 6XSSOHPHQW   GRLMUKHXP
:LGHPDQQ % & %ODNHOH\ - 2 'RPEL ( )LVKHU 0 - +DQHPDQQ & 2 :DOVK . 6
:ROWHUV 3 / 3ORWNLQ 6 5  &RQFOXVLRQV DQG IXWXUH GLUHFWLRQV IRU WKH 5(L16
,QWHUQDWLRQDO &ROODERUDWLRQ 1HXURORJ\  6XSSO  6
GRLZQOF
:LGHPDQQ % & 'RPEL ( *LOOHVSLH $ :ROWHUV 3 / %HODVFR - *ROGPDQ 6 %DOLV ) 0
 3KDVH  UDQGRPL]HG IOH[LEOH FURVVRYHU GRXEOHEOLQGHG SODFHERFRQWUROOHG WULDO RI WKH
IDUQHV\OWUDQVIHUDVH LQKLELWRU WLSLIDUQLE LQ FKLOGUHQ DQG \RXQJ DGXOWV ZLWK QHXURILEURPDWRVLV W\SH
 DQG SURJUHVVLYH SOH[LIRUP QHXURILEURPDV 1HXUR2QFRORJ\  
GRLQHXRQFQRX

&21),'(17,$/
3URWRFRO 0(.1)
$PHQGPHQW  0D\
6SULQJ:RUNV 7KHUDSHXWLFV
&21),'(17,$/
3DJH 
:LGHPDQQ % & %DERYLF9XNVDQRYLF ' 'RPEL ( :ROWHUV 3 / *ROGPDQ 6 0DUWLQ 6
3DFNHU 5 - E 3KDVH ,, WULDO RI SLUIHQLGRQH LQ FKLOGUHQ DQG \RXQJ DGXOWV ZLWK
QHXURILEURPDWRVLV W\SH  DQG SURJUHVVLYH SOH[LIRUP QHXURILEURPDV 3HGLDWULF %ORRG 	 &DQFHU
  GRLSEF
:LGHPDQQ % & 	 3ORWNLQ 6 5  &RQVHQVXV IRU 1) FOLQLFDO WULDOV 1HXURORJ\ 
6XSSOHPHQW  GRLZQO
:ROWHUV 3 / 0DUWLQ 6 0HUNHU 9/ 7RQVJDUG -+ 6RORPRQ 6( %DOGZLQ $ )UDQNOLQ
%  3DWLHQWUHSRUWHG RXWFRPHV RI SDLQ DQG SK\VLFDO IXQFWLRQLQJ LQ QHXURILEURPDWRVLV
FOLQLFDO WULDOV 1HXURORJ\  6XSSOHPHQW  GRL :1/