Evaluation of the Natural History and Management of Pancreatic Lesions Associated With Von Hippel-Lindau
Conditions: Von Hippel-Lindau Disease
Sponsor: National Cancer Institute (NCI)

$PHQGPHQW
3URWRFRO1XPEHU
&1
3ULQFLSDO,QYHVWLJDWRU (OHFWURQ.HEHEHZ0'
1&,
(2%

HOHFWURQNHEHEHZ#QLKJRY
1,+(PSOR\HH1DPH,QVWLWXWH%UDQFK7HOHSKRQHDQGHPDLO
5HIHUHQFH1XPEHU

3URWRFRO7LWOH
(YDOXDWLRQRIWKH1DWXUDO+LVWRU\DQG0DQDJHPHQWRI3DQFUHDWLF/HVLRQV$VVRFLDWHGZLWK9RQ+LSSHO/LQGDX
6,*1$785(6
3ULQFLSDO,QYHVWLJDWRU
(OHFWURQ.HEHEHZ0'DSSOLHGVLJQDWXUHRQ30('7
(OHFWURQ.HEHEHZ0'DSSOLHGVLJQDWXUHRQ$0('7
$FFRXQWDEOH,QYHVWLJDWRU
3,LVWKH$FFRXQWDEOH,QYHVWLJDWRU
%UDQFK&KLHI&&'HSDUWPHQW+HDG
(OHFWURQ.HEHEHZ0'DSSOLHGVLJQDWXUHRQ30('7
0HGLFDO$GYLVRU\,QYHVWLJDWRULIDSSOLFDEOH
1$
/HDG$VVRFLDWH,QYHVWLJDWRUVLJQDWXUH
1$
5HIHUUDO&RQWDFWVLJQDWXUHV
1$
$VVRFLDWH,QYHVWLJDWRUVVLJQDWXUHV
-R\=RXDSSOLHGVLJQDWXUHRQ$0('7
'RXJODV:LVHPDQDSSOLHGVLJQDWXUHRQ$0('7
6K\QL6LPRQDSSOLHGVLJQDWXUHRQ30('7
)RU,QVWLWXWH&HQWHU6FLHQWLILF5HYLHZ&RPPLWWHH
1$
2WKHU,&&OLQLFDO'LUHFWRUVLJQDWXUHV
1$
$33529$/6
,5%&KDLU
0LFKDHO+DPLOWRQDSSOLHGVLJQDWXUHRQ$0('7
&OLQLFDO'LUHFWRU
:LOOLDP'DKXWDSSOLHGVLJQDWXUHRQ$0('7
&21&855(1&(
2363URWRFRO6SHFLDOLVW
6LJQDWXUH
3ULQW1DPH
'DWH
 6LJQDWXUHVLJQLILHVWKDWLQYHVWLJDWRUVRQWKLVSURWRFROKDYHEHHQLQIRUPHGWKDWWKHFROOHFWLRQDQGXVHRISHUVRQDOO\LGHQWLILDEOHLQIRUPDWLRQDW
WKH1,+DUHPDLQWDLQHGLQDV\VWHPRIUHFRUGJRYHUQHGXQGHUSURYLVLRQVRIWKH3ULYDF\$FWRI7KHLQIRUPDWLRQSURYLGHGLVPDQGDWRU\IRU
HPSOR\HHVRIWKH1,+WRSHUIRUPWKHLUDVVLJQHGGXWLHVDVUHODWHGWRWKHDGPLQLVWUDWLRQDQGUHSRUWLQJRILQWUDPXUDOUHVHDUFKSURWRFROVDQG
XVHGVROHO\IRUWKRVHSXUSRVHV4XHVWLRQVPD\EHDGGUHVVHGWRWKH3URWUDN6\VWHP2ZQHU
,KDYHUHYLHZHGWKLVUHVHDUFKSURMHFWDQGFRQVLGHUHGWKH1,+3ROLF\IRU,QFOXVLRQRI:RPHQDQG0LQRULWLHVLQ&OLQLFDO5HVHDUFK7DNLQJLQWR
DFFRXQWWKHRYHUDOOLPSDFWWKDWWKHSURMHFWFRXOGKDYHRQWKHUHVHDUFKILHOGLQYROYHG,IHHOWKHFXUUHQWSODQVDGHTXDWHO\LQFOXGHVERWKVH[
JHQGHUPLQRULWLHVFKLOGUHQDQGVSHFLDOSRSXODWLRQVDVDSSURSULDWH7KHFXUUHQWHQUROOPHQWLVLQOLQHZLWKWKHSODQQHGHQUROOPHQWUHSRUWIRU
LQFOXVLRQRILQGLYLGXDOVRQWKHEDVLVRIWKHLUVH[JHQGHUUDFHDQGHWKQLFLW\DQGLVDSSURSULDWHDQGRIVFLHQWLILFDQGWHFKQLFDOPHULW
5POJDB+PIOTPO
"./


Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:

$EEUHYLDWHG7LWOH3DQFUHDWLF/HVLRQVLQ9+/
&&3URWRFRO&1
9HUVLRQ'DWH
1&71XPEHU1&7
7LWOH(YDOXDWLRQRIWKH1DWXUDO+LVWRU\DQG0DQDJHPHQWRI3DQFUHDWLF/HVLRQV
$VVRFLDWHGZLWK9RQ+LSSHO/LQGDX
3ULQFLSDO,QYHVWLJDWRU
(OHFWURQ.HEHEHZ0'$)
(QGRFULQH2QFRORJ\%UDQFK&&51&,
%OGJ&5&5RRP 
&HQWHU'ULYH
%HWKHVGD0'

NHEHEHZH#PDLOQLKJRY
$VVRFLDWH,QYHVWLJDWRUV
0DUVWRQ/LQHKDQ0'82%&&51&,$)
3HWHU&KR\NH0'0,3&&51&,$)
1DULV1LOXERO0'(2%&&51&,$)
'KDYDO3DWHO0'(2%&&51&,$)
-DVRQ/HYLQH0'2'&&51&,$)
5R[DQQH0HUNHO512&'&&51&,$%&()
-RDQQD6KLK3K'%%1&,()
-DVPLQH6KHOO0'(2%&&51&,$)
3DYHO1RFNHO0'(2%&&51&,$)
0XVWDSKD(O/DNLV0'(2%&&51&,$)
3DWLHQFH*UHHQ0'(2%&&51&,$)
'RXJODV:LVHPDQ0'(2%&&51&,$)
-R\+RQJ;LD=RX512&'&&51&,$&()
6K\QL$QQ6LPRQ&513(2%&&51&,$)
5HIHUUDO&RQWDFW
6WXG\&RRUGLQDWRU
5R[DQQH0HUNHO512&'&&51&,$%&()
&HQWHU'ULYHEOGJ5RRP%
%HWKHVGD0DU\ODQG
2IILFH
(PDLOPHUNHOUH#PDLOQLKJRY
$
2EWDLQLQIRUPDWLRQE\LQWHUYHQLQJRULQWHUDFWLQJZLWKOLYLQJLQGLYLGXDOV
IRUUHVHDUFKSXUSRVHV
%
2EWDLQLQJLGHQWLILDEOHSULYDWHLQIRUPDWLRQDERXWOLYLQJLQGLYLGXDOV
&
2EWDLQLQJWKHYROXQWDU\LQIRUPHGFRQVHQWRILQGLYLGXDOVWREHVXEMHFWV
'
0DNHVGHFLVLRQVDERXWVXEMHFWHOLJLELOLW\
(
6WXG\LQJLQWHUSUHWLQJRUDQDO\]LQJLGHQWLILDEOHSULYDWHLQIRUPDWLRQRU
GDWDVSHFLPHQVIRUUHVHDUFKSXUSRVHV

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


)
6WXG\LQJLQWHUSUHWLQJRUDQDO\]LQJGHLGHQWLILHGGDWDRUVSHFLPHQVIRU
UHVHDUFKSXUSRVHV
*
6RPHDOOUHVHDUFKDFWLYLWLHVSHUIRUPHGRXWVLGH1,+



Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


35e&,6
%DFNJURXQG 
x 3DWLHQWVZLWKWKHIDPLOLDOFDQFHUV\QGURPHYRQ+LSSHO/LQGDX9+/GHPRQVWUDWH
PDQLIHVWDWLRQV LQ D YDULHW\ RI RUJDQV DPRQJ WKHP WKH SDQFUHDV  3DQFUHDWLF
PDQLIHVWDWLRQV FDQ UDQJH IURP EHQLJQ F\VWV DQG PLFUR F\VWLF DGHQRPDV WR
QHXURHQGRFULQHWXPRUVRIWKHSDQFUHDVZKLFKDUHFDSDEOHRIUHJLRQDODQGGLVWDQW
VSUHDG7KHVHQHXURHQGRFULQHWXPRUVFDQUHVXOWLQOLIHWKUHDWHQLQJFRPSOLFDWLRQV
x 7KLVSURWRFROLVGHVLJQHGWRLGHQWLI\9+/SDWLHQWVZLWKSDQFUHDWLFPDQLIHVWDWLRQV
DQGWRIROORZWKHVHSDWLHQWVZLWKVHULDOLPDJLQJVWXGLHVDQGJHUPOLQHDQGWLVVXH
JHQHWLFDQDO\VLV

2EMHFWLYHV

x 7RLGHQWLI\SDWLHQWVZLWK9+/KDYLQJSDQFUHDWLFOHVLRQVGHILQHGE\VLPSOHF\VWV
PLFURF\VWLF DGHQRPDV QHXURHQGRFULQH WXPRUV DQG RWKHU VROLG OHVLRQV RI WKH
SDQFUHDV
x 7RIROORZSDWLHQWVZLWK9+/DQGSDQFUHDWLFPDQLIHVWDWLRQVE\VHULDOH[DPLQDWLRQ
ZLWKQRQLQYDVLYHLPDJLQJVWXGLHV
x )RUSDWLHQWVZLWKVROLGOHVLRQVRIWKHSDQFUHDVWRGHWHUPLQHWKHUDWHRIJURZWKDQG
WRFRUUHODWHWKHJURZWKUDWHZLWKFOLQLFDOPHDVXUHVRIGLVHDVHSURJUHVVLRQ
x 7RYDOLGDWHQRQLQYDVLYHLPDJLQJPHWKRGVIRUGLIIHUHQWLDWLQJEHQLJQVROLGOHVLRQV
IURPOHVLRQVZLWKPDOLJQDQWSRWHQWLDO
x 7RFKDUDFWHUL]HWKHWLPHIURPLQLWLDOSUHVHQWDWLRQZLWKSDQFUHDWLFWXPRUVWRWKHWLPH
WKDWVXUJHU\LVUHFRPPHQGHG

(OLJLELOLW\

x 3DWLHQWV\HDUVRIDJHZKRKDYHEHHQGLDJQRVHGZLWK9+/
x 3DWLHQWVSDUHQWPXVWEHDEOHWRVLJQDQLQIRUPHGFRQVHQWDQGEHZLOOLQJWRUHWXUQWR
1,+IRUIROORZXS

'HVLJQ


x 'HPRJUDSKLFGDWDZLOOEHFROOHFWHGIURPWKHPHGLFDOUHFRUGDQGSDWLHQWLQWHUYLHZ
IRU HDFK SDWLHQW SDUWLFLSDQW 'DWD ZLOO EH VHFXUHO\ VWRUHG LQ D FRPSXWHUL]HG
GDWDEDVH
x 3DWLHQWVZLOOEHHYDOXDWHGE\WKH8URORJLF2QFRORJ\%UDQFKSHUVRQQHODVLQGLFDWHG
WRUXOHRXWRUPDQDJHRWKHUPDQLIHVWDWLRQVRI9+/,PDJLQJVWXGLHVRIUHJLRQVRWKHU
WKDQWKHFKHVWDQGDEGRPHQZLOOEHGLFWDWHGE\EHVWFOLQLFDOSUDFWLFHIRUWKHZRUNXS
DQGPDQDJHPHQWRI9+/PDQLIHVWDWLRQVDVKDVEHHQSUHYLRXVO\SXEOLVKHG
x $OOSDWLHQWVHQUROOHGRQWKLVVWXG\ZLOOEHRIIHUHGJHQHWLFFRXQVHOLQJE\DWUDLQHG
JHQHWLFFRXQVHORU

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


x $IWHUWKHLULQLWLDORQVWXG\HYDOXDWLRQSDWLHQWVZKRDUHQRWIRXQGWRKDYHVROLG
OHVLRQVRIWKHSDQFUHDVEXWUDWKHUKDYHRQO\F\VWLFGLVHDVHRIWKHSDQFUHDVZLOOEH
UHVFUHHQHGHYHU\WZR\HDUVZLWKQRQLQYDVLYHLPDJLQJVWXGLHV
x 6XUJLFDOUHVHFWLRQRIVROLGOHVLRQVRIWKHSDQFUHDVZLOOEHUHFRPPHQGHGEDVHGRQ
SUHYLRXVO\SXEOLVKHGFULWHULD
x %DVHGRQRXUDQDO\VLVRIOLNHOLKRRGRIWXPRUJURZWKRUULVNRIPHWDVWDVLVGDWDZLOO
EHDQDO\]HGHYHU\WZR\HDUVDQGDSSURSULDWHUHYLVLRQVZLOOEHPDGHWRWKHVXUJLFDO
PDQDJHPHQWJXLGHOLQHVLILQGLFDWHGE\GDWDDQDO\VLV
x 3URMHFWHGDFFUXDOZLOOEHSDWLHQWVSHU\HDUIRUDWRWDORI\HDUV7KXVZH
DQWLFLSDWHDFFUXLQJSDWLHQWVRQWKLVSURWRFRO


Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


7$%/(2)&217(176
35e&,6 
7$%/(2)&217(176 
 
,1752'8&7,21 
 
6WXG\2EMHFWLYHV 
 
%DFNJURXQGDQG5DWLRQDOH 
 
(/,*,%,/,7<$66(660(17$1'(152//0(17 
 
(OLJLELOLW\&ULWHULD 
 
5HJLVWUDWLRQ3URFHGXUHV 
 
678'<,03/(0(17$7,21 
 
2Q6WXG\(YDOXDWLRQ 
 
)ROORZXS([DPLQDWLRQV 
 
6XUJLFDO0DQDJHPHQW 
 
7LVVXH&ROOHFWLRQDQG$QDO\VLV 
 
2II6WXG\&ULWHULD 
 
&21&20,7$170(',&$7,2160($685(6 
 
%,263(&,0(1&2//(&7,21 
 
&RUUHODWLYH6WXGLHVIRU5HVHDUFK 
 
6$03/(6725$*(75$&.,1*$1'',6326,7,21 
 
6DPSOHVIRUJHQHWLFJHQRPLFDQDO\VLV 
 
'$7$&2//(&7,21$1'(9$/8$7,21 
 
'DWD&ROOHFWLRQ 
 
'DWD5HSRUWLQJ 
 
7R[LFLW\&ULWHULD 
 
6$)(7<5(3257,1*5(48,5(0(176'$7$$1'6$)(7<021,725,1*
3/$1 
 
'HILQLWLRQV 
 
1&,,5%DQG&OLQLFDO'LUHFWRU5HSRUWLQJ 
 
'DWDDQG6DIHW\0RQLWRULQJ3ODQ 
 
6WDWLVWLFDO&RQVLGHUDWLRQV 
 
+80$168%-(&763527(&7,216 
 
5DWLRQDOHIRUVXEMHFWVHOHFWLRQ 
 
3DUWLFLSDWLRQRI&KLOGUHQ 

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


 
3DUWLFLSDWLRQRI6XEMHFWV8QDEOHWR*LYH&RQVHQW 
 
(YDOXDWLRQRI%HQHILWVDQG5LVNV'LVFRPIRUWV 
 
5LVNV%HQHILWV$QDO\VLV 
 
&RQVHQWDQG$VVHQW3URFHVVDQG'RFXPHQWDWLRQ 
 
5()(5(1&(6 


Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:



,1752'8&7,21

678'<2%-(&7,9(6
 3ULPDU\2EMHFWLYHV
x 7RLGHQWLI\SDWLHQWVZLWK9+/KDYLQJSDQFUHDWLFOHVLRQVGHILQHGE\VLPSOHF\VWV
PLFURF\VWLF DGHQRPDV QHXURHQGRFULQH WXPRUV DQG RWKHU VROLG OHVLRQV RI WKH
SDQFUHDV
x 7RIROORZSDWLHQWVZLWK9+/DQGSDQFUHDWLFPDQLIHVWDWLRQVE\VHULDOH[DPLQDWLRQ
ZLWKQRQLQYDVLYHLPDJLQJVWXGLHVFRQVLVWLQJRI&7VFDQ05,VFDQ3(7&7VFDQ
DQGDVFOLQLFDOO\LQGLFDWHGDEGRPLQDOXOWUDVRXQG
x 7RGHWHUPLQHLI)'*DQG)'23$3(7VFDQVFDQGHWHFWHDUO\WXPRUPHWDVWDVLV
DQGSUHGLFWZKLFKSDWLHQWVZLOOKDYHWXPRUSURJUHVVLRQDQGUHTXLUHDQRSHUDWLRQ
EDVHGRQXSWDNHVWDWXV1RWHWKLVREMHFWLYHKDVEHHQPHWIRU)'23$3(7LPDJLQJ
6HHVHFWLRQ
x )RUSDWLHQWVZLWKVROLGOHVLRQVRIWKHSDQFUHDVWRGHWHUPLQHWKHUDWHRIJURZWKDQG
WRFRUUHODWHWKHJURZWKUDWHZLWKFOLQLFDOPHDVXUHVRIGLVHDVHSURJUHVVLRQVXFKDV
V\PSWRPV
x 7RYDOLGDWHQRQLQYDVLYHLPDJLQJPHWKRGVIRUGLIIHUHQWLDWLQJEHQLJQVROLGOHVLRQV
VXFK DV PLFURF\VWLF DGHQRPDV IURP OHVLRQV ZLWK PDOLJQDQW SRWHQWLDO QDPHO\
SDQFUHDWLFQHXURHQGRFULQHWXPRUV
x 7RFKDUDFWHUL]HWKHWLPHIURPLQLWLDOSUHVHQWDWLRQZLWKSDQFUHDWLFWXPRUVWRWKHWLPH
WKDWVXUJHU\LVUHFRPPHQGHG
 6HFRQGDU\2EMHFWLYHV
x 7R REWDLQ EORRG VDPSOHV IURP SDWLHQWV WR GHWHUPLQH 9+/ PXWDWLRQ VWDWXV DQG
VXEW\SHWKHPXWDWLRQVIRUSRWHQWLDOFRUUHODWLRQZLWKGLVHDVHVHYHULW\
x :KHQ SRVVLEOH WR REWDLQ WLVVXH IURP SDQFUHDWLF OHVLRQV IRU JHQHWLF DQDO\VLV
LQFOXGLQJ&*+WLVVXHSURWHRPLFVDQGF'1$PLFURDUUD\DQDO\VLV

%$&.*5281'$1'5$7,21$/(
3DWLHQWVZLWKYRQ+LSSHO/LQGDX9+/DGRPLQDQWO\LQKHULWHGIDPLOLDOFDQFHUV\QGURPH
>@DUHDWULVNIRUGHYHORSLQJSDQFUHDWLFF\VWVPLFURF\VWLFDGHQRPDVDQGSDQFUHDWLF
QHXURHQGRFULQHWXPRUV31(7V>@31(7VDUHGHWHFWHGLQWRRIWKHSDWLHQWV
ZLWK9+/DQGWKHVHWXPRUVFDQEHKDYHLQDPDOLJQDQWIDVKLRQZLWKXSWRRISDWLHQWV
GHYHORSLQJ PHWDVWDWLF GLVHDVH > @  :KLOH WKHVH QHXURHQGRFULQH WXPRUV UHPDLQ D
UHODWLYHO\ XQFRPPRQ FDXVH RI GHDWK WKHUH LV D JURZLQJ UHFRJQLWLRQ RI WKH SRWHQWLDO
FRQVHTXHQFHVRIWKHVHWXPRUVLIOHIWXQWUHDWHG>@:HKDYHGHVFULEHGSUHYLRXVO\
RXU H[SHULHQFH ZLWK WKH GLDJQRVLV DQG PDQDJHPHQW RI WKHVH OHVLRQV DQG KDYH PDGH
UHFRPPHQGDWLRQVUHJDUGLQJUHVHFWLRQEDVHGRQVL]HDQGORFDWLRQRIWKHSULPDU\WXPRU>@
:KLOHWKLVDSSURDFKDSSHDUVWRKDYHEHHQVXFFHVVIXOWKXVIDULWKDVEHFRPHLQFUHDVLQJO\
HYLGHQW WKDW VRPH SDWLHQWV PDQLIHVWDPRUHDJJUHVVLYHSKHQRW\SH ZLWKUHVSHFW WR WKHLU
SDQFUHDWLFOHVLRQV2XUUHFRPPHQGDWLRQVIRUVXUJHU\ZHUHEDVHGRQDUHWURVSHFWLYHUHYLHZ
RI9+/SDWLHQWVZLWK31(7VZKRZHUHPDQDJHGDWWKH1,+7KHSULPDU\JRDORIWKH
SUHVHQWSURWRFROLVWRIROORZSDWLHQWVGLDJQRVHGZLWK31(7LQDSURVSHFWLYHIDVKLRQDQGWR

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


DSSO\WKHVHPDQDJHPHQWUHFRPPHQGDWLRQVLQRUGHUWRRIIHUVXUJHU\WRSDWLHQWVDWDWLPH
ZKHUHLWPD\LPSDFWRQWKHFRXUVHRIWKHLUGLVHDVH
$GGLWLRQDOO\LWKDVEHFRPHHYLGHQWWKDWVRPHSDWLHQWVPD\PDQLIHVWDPRUHDJJUHVVLYH
SKHQRW\SHZLWKUHVSHFWWRWKHLUSDQFUHDWLFOHVLRQV>@%DVHGRQWKLVREVHUYDWLRQZHKDYH
SUHYLRXVO\FRQGXFWHGDUHWURVSHFWLYHDQDO\VLVRIJHUPOLQHPXWDWLRQVLQSDWLHQWVZLWK9+/
DQG31(7VLQRUGHUWRGHWHUPLQHZKHWKHURUQRWSDUWLFXODUPXWDWLRQVZHUHDVVRFLDWHGZLWK
DPRUHDJJUHVVLYHSKHQRW\SH>@7KLVSUHOLPLQDU\VWXG\UHYHDOHGDSRWHQWLDODVVRFLDWLRQ
EHWZHHQ PXWDWLRQV LQ H[RQ  DQG DQ LQFUHDVHG ULVN RI GHYHORSLQJ PHWDVWDWLF GLVHDVH
+RZHYHUJLYHQWKHVPDOOQXPEHURISDWLHQWVLQWKHVWXG\VWDWLVWLFDOVLJQLILFDQFHZDVQRW
UHDFKHG7KHUHIRUHRQHRIWKHVHFRQGDU\HQGSRLQWVRIWKHSUHVHQWSURWRFROLVWRFRQGXFW
JHUPOLQHPXWDWLRQDQDO\VLVLQSDWLHQWVIRXQGWRKDYH31(7VDQGWRFRUUHODWHGLIIHUHQFHV
LQJHUPOLQHPXWDWLRQVZLWKVHYHULW\RIGLVHDVH
5HFHQWVWXGLHVVXJJHVWWKDWIXQFWLRQDOLPDJLQJZLWK)'*DQG)'23$3(7VFDQVLVKHOSIXO
IRU ORFDOL]LQJ DQG IRU SRVVLEO\ GLVWLQJXLVKLQJ PDOLJQDQW IURP EHQLJQ QHXURHQGRFULQH
SDQFUHDWLF OHVLRQV > @ 7KHUHIRUH ZH ZLOO LQFOXGH IXQFWLRQDO LPDJLQJ RI VROLG
SDQFUHDWLFOHVLRQVLQWKHDGXOWSRSXODWLRQWRGHWHUPLQHLIDQXSWDNHWKUHVKROGFRXOGEHXVHG
WRGLVWLQJXLVKPDOLJQDQWIURPEHQLJQVROLGSDQFUHDWLFOHVLRQV
7KH)'*DQG)'23$3(7VFDQVZLOOEHXVHGLQDGXOWSDWLHQWVIRXQGWRKDYHDVROLG
SDQFUHDWLFOHVLRQ,QWKLVFRKRUWRISDWLHQWVWKHXVHRI)'*DQG)'23$3(7VFDQVPD\
KHOSGHWHFWHDUO\WXPRUPHWDVWDVLVDQGSUHGLFWZKLFKSDWLHQWVZLOOKDYHWXPRUSURJUHVVLRQ
DQGUHTXLUHDQRSHUDWLRQEDVHGRQXSWDNHVWDWXV5HYLHZRIWKHLPDJLQJVWXGLHVRIWKLV
FRKRUWRISDWLHQWVUHYHDOHGWKDWRQO\RIWKHOHVLRQVZHUHSRVLWLYHRQ)'23$
DVFRPSDUHGWR&7VFDQ%DVHGRQWKLVLQWHULPDQDO\VLV)'23$GLGQRWVHHPOLNHO\WR
EHXVHIXOIRUGHWHFWLQJSDQFUHDWLFQHXURHQGRFULQHWXPRUVLQSDWLHQWVZLWK9+/DQGZLWK
DPHQGPHQW+ZDVHOLPLQDWHGIURPWKLVSURWRFRO
3(705,LPDJLQJZDVUHFHQWO\DSSURYHGIRUFOLQLFDOXVHDQGPD\EHPRUHDFFXUDWHIRU
ORFDOL]LQJSDQFUHDWLFWXPRUVLQJHQHUDO>@7KHUHIRUHZHZLOOLQFOXGH3(705,LPDJLQJ
RIVROLGSDQFUHDWLFOHVLRQVLQWKHDGXOWSRSXODWLRQWRGHWHUPLQHLIWKLVPRGDOLW\FRXOGEH
XVHGWRGHWHFWSDQFUHDWLFQHXURHQGRFULQHWXPRUVSUHGLFWJURZWKDQGGLVWLQJXLVKEHWZHHQ
EHQLJQDQGPDOLJQDQW31(7V
 6XUJLFDOUHVHFWLRQ
6XUJLFDOUHVHFWLRQRIVROLGOHVLRQVRIWKHSDQFUHDVZLOOEHUHFRPPHQGHGEDVHGRQ
SUHYLRXVO\SXEOLVKHGFULWHULD7KHVHLQFOXGH
+LJKVXVSLFLRQIRUD31(7ZLWKRQHRIWKHIROORZLQJ

7KHVROLGOHVLRQVXVSLFLRXVIRUD31(7LVFPZKHQORFDWHGLQWKHKHDGRI
WKHSDQFUHDVRUFPZKHQORFDWHGLQWKHERG\RUWDLORIWKHSDQFUHDV

$VROLGOHVLRQRIWKHSDQFUHDVZKLFKDSSHDUVWREHJURZLQJLQVL]HRQVHULDO
LPDJLQJVWXGLHV

6\VWHPLFV\PSWRPVFRQVLVWHQWZLWKDIXQFWLRQDOQHXURHQGRFULQHWXPRU

3DWLHQWVXQGHUJRLQJDEGRPLQDORSHUDWLRQVIRURWKHU9+/PDQLIHVWDWLRQVVXFK
DVNLGQH\WXPRUVRUDGUHQDOWXPRUVZKHUHH[WLUSDWLRQRIWKHSDQFUHDWLFOHVLRQ

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


ZRXOGSRWHQWLDOO\VDYHWKHSDWLHQWDQDGGLWLRQDOVXUJLFDOSURFHGXUHLQWKH
IXWXUH
)RUSDWLHQWVXQGHUJRLQJVXUJLFDOSURFHGXUHVWLVVXHZLOOEHVWRUHGIRUDQDO\VLVDVRXWOLQHG
LQ6HFWLRQ6LQFHWKLVLVDQDWXUDOKLVWRU\VWXG\RXUJRDOZLOOEHWRHQUROODVPDQ\
9+/SDWLHQWVZLWKSDQFUHDWLFPDQLIHVWDWLRQVDVLVSRVVLEOH


(/,*,%,/,7<$66(660(17$1'(152//0(17

(/,*,%,/,7<&5,7(5,$
 ,QFOXVLRQ&ULWHULD
 3DWLHQWVZKRKDYHEHHQGLDJQRVHGZLWK9+/XVLQJWKHIROORZLQJFULWHULDHLWKHU
JHUPOLQHDQDO\VLVRUFOLQLFDOFULWHULDRUDIDPLO\KLVWRU\DQGZKRKDYH
DWOHDVWSDQFUHDWLFPDQLIHVWDWLRQRI9+/DVGRFXPHQWHGRQDQ\QRQLQYDVLYH
LPDJLQJVWXG\7KHVHPDQLIHVWDWLRQVPD\LQFOXGH
x 3DQFUHDWLFF\VWV
x 6ROLGOHVLRQVVXVSLFLRXVIRUPLFURF\VWLFDGHQRPDV
x 6ROLGHQKDQFLQJOHVLRQVVXVSLFLRXVIRU31(7V
x $Q\RWKHUVROLGOHVLRQVRIWKHSDQFUHDV
 $JH\HDUVRIDJH
 3DWLHQWVPXVWEHZLOOLQJWRUHWXUQWR1,+IRUIROORZXS
 3DWLHQWVSDUHQWPXVWEHZLOOLQJDQGDEOHWRVLJQDQLQIRUPHGFRQVHQW
 ([FOXVLRQFULWHULD
 3DWLHQWVXQZLOOLQJWRXQGHUJRVHULDOQRQLQYDVLYHLPDJLQJ
 5HFUXLWPHQW6WUDWHJLHV
7KHVWXG\ZLOOEHSRVWHGRQWKH&&5ZHEVLWHDQGRQFOLQLFDOWULDOVJRY


5(*,675$7,21352&('85(6
$XWKRUL]HGVWDIIPXVWUHJLVWHUDQHOLJLEOHFDQGLGDWHZLWK1&,&HQWUDO5HJLVWUDWLRQ2IILFH
&52ZLWKLQKRXUVRIVLJQLQJFRQVHQW$UHJLVWUDWLRQ(OLJLELOLW\&KHFNOLVWIURPWKH
ZHE VLWH KWWSKRPHFFUFDQFHUJRYLQWUDHOLJLELOLW\ZHOFRPHKWP PXVW EH FRPSOHWHG
DQGVHQWYLDHQFU\SWHGHPDLOWR1&,&HQWUDO5HJLVWUDWLRQ2IILFHQFLFHQWUDOUHJLVWUDWLRQ
O#PDLOQLKJRY9HULILFDWLRQRI5HJLVWUDWLRQZLOOEHIRUZDUGHGHOHFWURQLFDOO\YLDHPDLO
WRWKHUHVHDUFKWHDP$UHFRUGHULVDYDLODEOHGXULQJQRQZRUNLQJKRXUV
1RWH$OOSDWLHQWVZHUHWDNHQRIIVWXG\EHWZHHQ-DQXDU\DQG-XQHRILQDQWLFLSDWLRQ
RISURWRFROWHUPLQDWLRQ,Q-XO\LWZDVGHFLGHGQRWWRWHUPLQDWHWKHSURWRFROEXWWR
DPHQGLWZLWK'U.HEHEHZDVWKHQHZ3,3DWLHQWVZKRZHUHWDNHQRIIVWXG\GXULQJWKDW
WLPHEXWZLVKHGWRFRQWLQXHWREHIROORZHGDWWKH1&,ZHUHUHFRQVHQWHGDQGUHUHJLVWHUHG
LQWRWKHLURULJLQDOVORW

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:



678'<,03/(0(17$7,21

21678'<(9$/8$7,21
 'HWDLOHGGHPRJUDSKLFGDWDZLOOEHFROOHFWHGIURPWKHPHGLFDOUHFRUGDQGSDWLHQW
LQWHUYLHZ IRU HDFK SDWLHQW SDUWLFLSDQW 'DWD ZLOO EH VHFXUHO\ VWRUHG LQ D
FRPSXWHUL]HGGDWDEDVH
 3DWLHQWVZLOOEHHYDOXDWHGE\WKH8URORJLF2QFRORJ\%UDQFK1HXURVXUJLFDO%UDQFK
RU 1HXUR 2QFRORJ\ %UDQFKSHUVRQQHODVLQGLFDWHGWRUXOHRXWRU PDQDJHRWKHU
PDQLIHVWDWLRQV RI 9+/ ,PDJLQJ VWXGLHV RI UHJLRQV RWKHU WKDQ WKH FKHVW DQG
DEGRPHQZLOOEHGLFWDWHGE\EHVWFOLQLFDOSUDFWLFHIRUWKHZRUNXSDQGPDQDJHPHQW
RI9+/PDQLIHVWDWLRQVDVKDVEHHQSUHYLRXVO\SXEOLVKHG3DWLHQWVZKRKDYHQRW
EHHQRIIHUHGJHQHWLFFRXQVHOLQJWKURXJKWKH8URORJLF2QFRORJ\%UDQFKPD\EH
UHIHUUHGIRUJHQHWLFFRXQVHOLQJ
 1RQLQYDVLYHLPDJLQJ
x &7VFDQZLWKFRQWUDVWRIWKHFKHVWDEGRPHQDQGSHOYLV
x 05,RIWKHDEGRPHQZLWKVSHFLDODWWHQWLRQWRWKHSDQFUHDVDVLQGLFDWHG
x $EGRPLQDOXOWUDVRXQGH[DPDVLQGLFDWHGE\WKH&7DQG05,VFDQVWRIXUWKHU
HYDOXDWHF\VWLFOHVLRQV
x )'*3(7VFDQVIRUSDQFUHDWLFOHVLRQVWKDWDUHVROLGRQ&7VFDQRU05,
127('XHWRWKHDPRXQWRIUDGLDWLRQH[SRVXUH3(7LPDJLQJZLOO127EHSHUIRUPHGRQ
FKLOGUHQXQGHUWKHDJHRIRUSUHJQDQWRUQXUVLQJZRPHQ
%LGLPHQVLRQDOWXPRUPHDVXUHPHQWVZLOOEHSHUIRUPHGRQFRQWUDVW&7VFDQVWRHYDOXDWH
UDWHRIWXPRUJURZWKDQGWXPRUGRXEOLQJRQVFDQVREWDLQHGDWEDVHOLQHDQGDWHDFKIROORZ
XSYLVLW
 /DERUDWRU\HYDOXDWLRQV
x &%&ZLWKGLIIHUHQWLDO
x &KHPLVWULHV6RGLXP1D3RWDVVLXP.&KORULGH&O7RWDO&2
ELFDUERQDWH&UHDWLQLQH*OXFRVH8UHDQLWURJHQ%81$OEXPLQ&DOFLXP
WRWDO0DJQHVLXPWRWDO0J,QRUJDQLF3KRVSKRUXV$ONDOLQH3KRVSKDWDVH
$/7*37$67*277RWDO%LOLUXELQ'LUHFW%LOLUXELQ/'7RWDO3URWHLQ7RWDO
&.8ULF$FLG
x $P\ODVH
x 0HWDQHSKULQHVDQGQRUPHWDQHSKULQHV
x *HQHWLFJHUPOLQHPXWDWLRQDODQDO\VLVLIQRWSUHYLRXVO\SHUIRUPHG2UGHUHG
WKURXJKWKH8URORJLF2QFRORJ\%UDQFKDQGSHUIRUPHGDW&KLOGUHQ¶V+RVSLWDORI
3KLODGHOSKLDD&/,$FHUWLILHGODERUDWRU\
x &KURPRJUDQLQ$
x 5HVHDUFKEORRGPD\EHFROOHFWHGIRUFRUUHODWLYHVWXGLHVYDOLGDWLRQRIELRPDUNHUV
RIGLVHDVHLGHQWLILHGIURPWXPRUWLVVXHDQDO\VLV

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


 1,+$GYDQFH'LUHFWLYHV)RUP
$VLQGLFDWHGLQVHFWLRQDOOVXEMHFWVZLOOEHRIIHUHGWKHRSSRUWXQLW\WRFRPSOHWH
DQ1,+DGYDQFHGLUHFWLYHVIRUP7KLVVKRXOGEHGRQHSUHIHUDEO\DWEDVHOLQHEXWFDQEH
GRQHDWDQ\WLPHGXULQJWKHVWXG\DVORQJDVWKHFDSDFLW\WRGRVRLVUHWDLQHG7KH
FRPSOHWLRQRIWKHIRUPLVVWURQJO\UHFRPPHQGHGEXWLVQRWUHTXLUHG

)2//2:83(;$0,1$7,216
6FKHGXOLQJRIIROORZXSHYDOXDWLRQVZLOOEHFRRUGLQDWHGZLWK82%DQGRU12%DV
DSSURSULDWH
 3DWLHQWVZKRDUHIRXQGWRKDYHRQO\F\VWLFGLVHDVHRIWKHSDQFUHDVRUZKRKDYH
KDGVXUJHU\DQGZKRQRORQJHUKDYH31(7VPD\XQGHUJRWKHIROORZLQJ
HYDOXDWLRQV\HDUO\IRU\HDUVDQGWKHQHYHU\WZR\HDUVLIQRHYLGHQFHRI
PDOLJQDQWGLVHDVH
x 05,86DQG&7VFDQRIWKHDEGRPHQZLWKFRQWUDVWDVLQGLFDWHG
x PHWDQHSKULQHVDQGQRUPHWDQHSKULQHV
x &KURPRJUDQLQ$
x 5HVHDUFKEORRGPD\EHFROOHFWHGGXULQJIROORZXSRQFHD\HDUIRUSDWLHQWVZLWK
VROLGOHVLRQVRUHYHU\WZR\HDUVIRUSDWLHQWVZLWKF\VWLFOHVLRQIRUFRUUHODWLYH
VWXGLHVYDOLGDWLRQRIELRPDUNHUVRIGLVHDVHLGHQWLILHGIURPWXPRUWLVVXHDQDO\VLV
1RWH3DWLHQWVPD\EHHYDOXDWHGRQDPRUHIUHTXHQWEDVLVLIWKH\GHYHORSV\PSWRPV
FRQVLVWHQWZLWKWKHLUF\VWLFGLVHDVHRUKDYHHYLGHQFHRIPDOLJQDQWGLVHDVHUHFXUUHQFH
 3DWLHQWVZLWKVROLGOHVLRQVRIWKHSDQFUHDVWKDWDUHVXVSLFLRXVIRU31(7VWKDWKDYH
QRW\HWUHDFKHGVL]HFULWHULDZKHUHVXUJHU\ZLOOEHUHFRPPHQGHGVHHEHORZPD\
XQGHUJRWKHIROORZLQJHYDOXDWLRQV\HDUO\
x &7VFDQVRIWKHDEGRPHQDQGSHOYLVZLWKFRQWUDVWDVZHOODVDQ05,VFDQRIWKH
DEGRPHQ
x )'*3(7DQG3(705,VFDQV±SDWLHQWVZLWKVROLGOHVLRQVZLOOXQGHUJR3(7
LPDJLQJDVIROORZV3DWLHQWVZKRDUHHQUROOHGRQ$PHQGPHQW)ZLOOXQGHUJR3(7
LPDJLQJDWEDVHOLQHDQGDWRQH\HDU3DWLHQWVZKRZHUHHQUROOHGSULRUWR
$PHQGPHQW)ZLOOXQGHUJR3(7LPDJLQJDWWKHLUQH[WLPDJLQJWLPHSRLQWDQG
DJDLQLQRQH\HDU
x 0HWDQHSKULQHVDQGQRUPHWDQHSKULQHV
x &KURPRJUDQLQ$
x 5HVHDUFKEORRGPD\EHFROOHFWHGGXULQJIROORZXSRQFHD\HDUIRUSDWLHQWVZLWK
VROLGOHVLRQVRUHYHU\WZR\HDUVIRUSDWLHQWVZLWKF\VWLFOHVLRQIRUFRUUHODWLYH
VWXGLHVYDOLGDWLRQRIELRPDUNHUVRIGLVHDVHLGHQWLILHGIURPWXPRUWLVVXHDQDO\VLV
1RWH'XHWRWKHDPRXQWRIUDGLDWLRQH[SRVXUH3(7LPDJLQJZLOO127EHSHUIRUPHGRQ
FKLOGUHQXQGHUWKHDJHRIRUSUHJQDQWRUQXUVLQJZRPHQ

685*,&$/0$1$*(0(17
6XUJHU\ZLOOEHUHFRPPHQGHGWRPDQDJHOHVLRQVZLWKLQWKHSDQFUHDVXQGHUWKHIROORZLQJ
FLUFXPVWDQFHV

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


 3DWLHQWVZLWKF\VWLFGLVHDVHZKRGHYHORSV\PSWRPVDWWULEXWDEOHWRWKHLUF\VWV
FRQVLVWLQJRISDLQHDUO\VDWLHW\RULQWHVWLQDOREVWUXFWLRQZLOOXQGHUJRDSSURSULDWH
PDQDJHPHQWRIWKHLUF\VWVE\EHVWFOLQLFDOSUDFWLFHWKLVPD\LQFOXGHF\VWHFWRP\
F\VWGUDLQDJHRULQWHUQDOE\SDVV
 3DWLHQWVZLWKVROLGOHVLRQVRIWKHSDQFUHDVWKDWDUHWKRXJKWWREH31(7VE\QRQ
LQYDVLYHLPDJLQJVWXGLHVZLOOEHFRQVLGHUHGIRUVXUJHU\LI
x 7KHLUVROLGOHVLRQLVHQODUJLQJRQVHULDOLPDJLQJVWXGLHV
x 7KHLUVROLGOHVLRQLVDVVRFLDWHGZLWKV\PSWRPVFRQVLVWHQWZLWKDSDQFUHDWLF
QHXURHQGRFULQHWXPRU
x $VROLGOHVLRQLQWKHKHDGRIWKHSDQFUHDVLVFPLQVL]H
x $VROLGOHVLRQLQWKHERG\RUWDLORIWKHSDQFUHDVLVFPLQVL]H
 3DWLHQWVZKRSUHVHQWZLWKHYLGHQFHRIDSKHRFKURPRF\WRPDRURWKHUFDUGLDFULVN
IDFWRUVZLOOXQGHUJRDFDUGLDFHYDOXDWLRQSULRUWRVXUJLFDOLQWHUYHQWLRQ
 3DWLHQWVZLOOEHRIIHUHGVXUJLFDOPDQDJHPHQWLIWKH\PHHWRQHRIWKHVHFULWHULDDQG
WKHW\SHRIRSHUDWLRQZLOOEHGLFWDWHGE\EHVWFOLQLFDOPDQDJHPHQWWDNLQJLQWR
DFFRXQWWKHGHVLUHWRSUHVHUYHDVPXFKQRUPDOSDQFUHDWLFWLVVXHDVSRVVLEOH
$SSURDFKHVWRWKHPDQDJHPHQWRIVROLGOHVLRQVRIWKHSDQFUHDVFDQUDQJHIURP
VLPSOHHQXFOHDWLRQWRGLVWDOSDQFUHDWHFWRP\DQGVSOHQHFWRP\RUDSDQFUHDWLFR
GXRGHQHFWRP\:KHQHYHUSRVVLEOHOHVLRQVLQWKHSDQFUHDVZLOOEHPDQDJHGE\D
ODSDURVFRSLFDSSURDFK,QDOOFDVHVLQWUDRSHUDWLYHXOWUDVRXQGZLOOEHXWLOL]HG
GXULQJVXUJLFDOSURFHGXUHVLQRUGHUWRLGHQWLI\DQGPDQDJHDGGLWLRQDOOHVLRQVDV
ZHOODVWRPLQLPL]HWKHULVNRILQMXU\WRYHVVHOVRUWKHSDQFUHDWLFGXFW

7,668(&2//(&7,21$1'$1$/<6,6
1RWLVVXHZLOOEHVWRUHGIRURQJRLQJDQGIXWXUHUHVHDUFKRQWKLVSURWRFRO3DWLHQWVZKRDUH
ZLOOLQJWRKDYHWKHLUVDPSOHVXVHGIRURQJRLQJDQGIXWXUHXVHZLOOEHFRQVHQWHGRQSURWRFRO
&3URVSHFWLYH&RPSUHKHQVLYH0ROHFXODU$QDO\VLVRI(QGRFULQH1HRSODVPV

2))678'<&5,7(5,$
x 3DUWLFLSDQWUHTXHVWVWREHZLWKGUDZQIURPWKHVWXG\
x 3DUWLFLSDQWLVFRQVLVWHQWO\QRQFRPSOLDQWZLWKIROORZXSDSSRLQWPHQWV
x 3DUWLFLSDQWLVFRQVLVWHQWO\QRQFRPSOLDQWZLWKLPDJLQJVWXGLHV
x 'HDWK
x /RVVWRIROORZXS
x 3,GHFLVLRQWRFORVHWKHVWXG\
 1RWH6XEVHTXHQWWRWKHDSSURYDORI$PHQGPHQW1PLQRUVDUHWREHUHWDLQHGRQWKH
VWXG\XQWLOWKH\UHDFKWKHDJHRIPDMRULW\LISRVVLEOHDQGFDQEHFRQVHQWHGIRUWKH
IXWXUHXVHRIWKHLUGDWD,IWKLVFRQVHQWLVQRWREWDLQHGVDPSOHVDQGGDWDPD\QRWEH
XVHGLQWKLVRUIXWXUHUHVHDUFKXQOHVVWKHUHDVRQIRUUHPRYDOLVORVVWRIROORZXSIRU
ZKLFKDZDLYHUKDVEHHQUHTXHVWHGLQVHFWLRQRUGHDWKDVWKHVHVDPSOHVZRXOG
QRORQJHUIDOOXQGHUKXPDQVXEMHFWVSURWHFWLRQV

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


 2II6WXG\3URFHGXUH
$XWKRUL]HGVWDIIPXVWQRWLI\&HQWUDO5HJLVWUDWLRQ2IILFH&52ZKHQDVXEMHFWLVWDNHQ
RIIVWXG\$QRIIVWXG\IRUPIURPWKHZHEVLWH
KWWSKRPHFFUFDQFHUJRYLQWUDHOLJLELOLW\ZHOFRPHKWPPDLQSDJHPXVWEHFRPSOHWHG
DQGVHQWYLDHQFU\SWHGHPDLOWR1&,&HQWUDO5HJLVWUDWLRQ2IILFHQFLFHQWUDOUHJLVWUDWLRQ
O#PDLOQLKJRY

&21&20,7$170(',&$7,2160($685(6
6XSSRUWLYHFDUHZLOOEHSURYLGHGWRWKHSDWLHQWVE\WKH(QGRFULQH2QFRORJ\%UDQFKDVLV
LQGLFDWHGE\HLWKHUWKHLUDGPLVVLRQZRUNVXSQHHGVRUE\WKHLUSRVWRSHUDWLYHPDQDJHPHQW
DIWHUDVXUJLFDOSURFHGXUHWRPDQDJHDSDQFUHDWLFOHVLRQ
0HGLFDOPDQDJHPHQWRIWKHV\PSWRPVUHODWHGWRWKHSDWLHQW¶VGLVHDVHPD\EHSURYLGHG
E\WKHSDWLHQW¶VUHIHUULQJSK\VLFLDQ

%,263(&,0(1&2//(&7,21

&255(/$7,9(678',(6)255(6($5&+
$WEDVHOLQHDQGDWWKHWLPHRIDQQXDOFOLQLFYLVLWDSSUR[LPDWHO\PORISHULSKHUDOEORRG
ZLOOEHGUDZQLQUHG\HOORZWRSWXEHV667DQGWUDQVSRUWHGWRWKH(QGRFULQH2QFRORJ\
%UDQFKODERUDWRU\


6$03/(6725$*(75$&.,1*$1'',6326,7,21
x $OOVDPSOHVVHQWWRWKH(QGRFULQH2QFRORJ\%UDQFKZLOOEHEDUFRGHGZLWKGDWD
HQWHUHGDQGVWRUHGLQWKH/DE0DWUL[V\VWHPXWLOL]HGE\WKH&&51&,7KLVLVD
VHFXUHV\VWHPZLWKDFFHVVOLPLWHGWRGHILQHGSHUVRQQHO$OOVXFKSHUVRQQHOZLWK
DFFHVV WR SDWLHQW LQIRUPDWLRQ DQQXDOO\ FRPSOHWH WKH 1,+ RQOLQH 3URWHFWLRQ RI
+XPDQ6XEMHFWVFRXUVH
x /DE0DWUL[FUHDWHVDXQLTXHEDUFRGH,'IRUHYHU\VDPSOHZKLFKFDQQRWEHWUDFHG
EDFN WR SDWLHQWV ZLWKRXW /DE0DWUL[ DFFHVV 7KH GDWD UHFRUGHG IRU HDFK VDPSOH
LQFOXGHVWKHSDWLHQW,'QDPHWULDOQDPHSURWRFROQXPEHUGDWHWLPHGUDZQDVZHOO
DV ER[ DQG IUHH]HU ORFDWLRQ 3DWLHQW GHPRJUDSKLFV DVVRFLDWHG ZLWK WKH &OLQLFDO
&HQWHUSDWLHQWQXPEHUDUHSURYLGHGLQWKHV\VWHP)RUHDFKVDPSOHWKHUHDUHQRWHV
DVVRFLDWHG ZLWK WKH SURFHVVLQJ PHWKRG GHOD\ LQ VDPSOH SURFHVVLQJ VWRUDJH
FRQGLWLRQVRQWKHZDUGHWF
x 8SRQUHFHLSWLQWKHODEVDPSOHVZLOOEHEDUFRGHGDQGORJJHGLQWRWKHVDPSOH
GDWDEDVH 6DPSOHV ZLOO EH VWRUHG LQ R& RU R& IUHH]HUV $OO IUHH]HUV DUH
PRQLWRUHGDQGDUHRQVHSDUDWHHPHUJHQF\JHQHUDWRUOLQHV
x 7KHVHIUHH]HUVDUHORFDWHGRQVLWHDQGDFFHVVWRVWRUHGFOLQLFDOVDPSOHVLVUHVWULFWHG
6DPSOHVZLOOEHVWRUHGXQWLOUHTXHVWHGE\DUHVHDUFKHUQDPHGRQWKHSURWRFRO$OO
UHTXHVWVDUHPRQLWRUHGDQGWUDFNHGLQWKH/DE0DWUL[6\VWHP$OOUHVHDUFKHUVDUH
UHTXLUHGWRVLJQDIRUPVWDWLQJWKDWWKHVDPSOHVDUHRQO\WREHXVHGIRUUHVHDUFK
SXUSRVHVDVVRFLDWHGZLWKWKLVWULDODVSHUWKH,5%DSSURYHGSURWRFRODQGWKDWDQ\
XQXVHGVDPSOHVPXVWEHUHWXUQHGWRWKH1&,,WLVWKHUHVSRQVLELOLW\RIWKH1&,

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


3ULQFLSDO ,QYHVWLJDWRU WR HQVXUH WKDW WKH VDPSOHV UHTXHVWHG DUH EHLQJ XVHG LQ D
PDQQHUFRQVLVWHQWZLWK,5%DSSURYDO
 3URWRFRO&RPSOHWLRQ6DPSOH'HVWUXFWLRQ
7KH3,ZLOOUHSRUWGHVWUR\HGVDPSOHVWRWKH,5%LIVDPSOHVEHFRPHXQVDOYDJHDEOHEHFDXVH
RIHQYLURQPHQWDOIDFWRUVH[EURNHQIUHH]HURUODFNRIGU\LFHLQDVKLSSLQJFRQWDLQHURU
LIDSDWLHQWZLWKGUDZVFRQVHQW6DPSOHVZLOODOVREHUHSRUWHGDVORVWLIWKH\DUHORVWLQ
WUDQVLWEHWZHHQIDFLOLWLHVRUPLVSODFHGE\DUHVHDUFKHU)UHH]HUSUREOHPVORVWVDPSOHVRU
RWKHUSUREOHPVDVVRFLDWHGZLWKVDPSOHVZLOODOVREHUHSRUWHGWRWKH,5%WKH1&,&OLQLFDO
'LUHFWRUDQGWKHRIILFHRIWKH&&51&,

6$03/(6)25*(1(7,&*(120,&$1$/<6,6
7KHEORRGVDPSOHVZLOOKDYHFLUFXODWLQJQXFOHLFDFLGH[WUDFWHGIURPWKHPWRWHVWIRU
PLFUR51$V DQG  JHQH WUDQVFULSWV IRXQG WR EH KLJKO\ H[SUHVVHG LQ SDQFUHDWLF
QHXURHQGRFULQH WXPRUV IURP SDWLHQWV ZLWK 9+/ 7KLV ZLOO EH GRQH LQ  FRQVHFXWLYH
SDWLHQWVXQWLOGLIIHUHQWEORRGVDPSOHVDUHREWDLQHGGXULQJWKHLUFOLQLFYLVLW

'$7$&2//(&7,21$1'(9$/8$7,21

'$7$&2//(&7,21
$OOGDWDZLOOEHNHSWVHFXUH7KH3,ZLOOEHUHVSRQVLEOHIRURYHUVHHLQJHQWU\RIGDWDLQWRDQ
LQKRXVHSDVVZRUGSURWHFWHGHOHFWURQLFV\VWHP/DE0DWUL[DQGHQVXULQJGDWDDFFXUDF\
FRQVLVWHQF\ DQG WLPHOLQHVV 7KH SULQFLSDO LQYHVWLJDWRU DVVRFLDWH LQYHVWLJDWRUVUHVHDUFK
QXUVHVDQGRUDFRQWUDFWHGGDWDPDQDJHUZLOODVVLVWZLWKWKHGDWDPDQDJHPHQWHIIRUWV$OO
KXPDQVXEMHFWVSHUVRQDOO\LGHQWLILDEOHLQIRUPDWLRQ3,,DVGHILQHGLQDFFRUGDQFHWRWKH
+HDOWK,QVXUDQFH3RUWDELOLW\DQG$FFRXQWDELOLW\$FWHOLJLELOLW\DQGFRQVHQWYHULILFDWLRQ
ZLOOEHUHFRUGHG3ULPDU\GDWDREWDLQHGGXULQJWKHFRQGXFWRIWKHSURWRFROZLOOEHNHSWLQ
VHFXUH QHWZRUN GULYHV RU LQ DSSURYHG DOWHUQDWLYH VLWHV WKDW FRPSO\ ZLWK 1,+ VHFXULW\
VWDQGDUGV3ULPDU\DQGILQDODQDO\]HGGDWDZLOOKDYHLGHQWLILHUVVRWKDWUHVHDUFKGDWDFDQ
EHDWWULEXWHGWRDQLQGLYLGXDOKXPDQVXEMHFWSDUWLFLSDQW
'DWDSULRUWRDQGGXULQJWKHFRXUVHRIWKHSDWLHQW
VSDUWLFLSDWLRQZLOOEHFROOHFWHGLQRUGHU
WRPRQLWRUSDWLHQWHOLJLELOLW\QRQLQYDVLYHLPDJLQJUHVXOWVDQGEORRGZRUN,ISDWLHQWV
UHTXLUHVXUJHU\GDWDIURPSUHRSHUDWLYHDQGSRVWRSHUDWLYHFRXUVHDQGWR[LFLWLHVZLOOEH
FROOHFWHG7XPRUVYLVXDOL]HGRQLPDJLQJVWXGLHVZLOOEHPHDVXUHGXVLQJELGLPHQVLRQDO
WXPRUPHDVXUHPHQWVRURWKHUDSSURSULDWHXQLWVRIPHDVXUHDWEDVHOLQHDQGDWHDFKIROORZ
XSYLVLW
(QGRIVWXG\SURFHGXUHV'DWDZLOOEHVWRUHGDFFRUGLQJWR++6DQG)'$UHJXODWLRQVDV
DSSOLFDEOH
/RVVRUGHVWUXFWLRQRIGDWD6KRXOGZHEHFRPHDZDUHWKDWDPDMRUEUHDFKLQRXUSODQWR
SURWHFWVXEMHFWFRQILGHQWLDOLW\DQGWULDOGDWDKDVRFFXUUHGWKH,5%ZLOOEHQRWLILHG

'$7$5(3257,1*
3DWLHQWVZLOOXQGHUJRPRQLWRULQJRIWKHLUGLVHDVHRSHUDWLYHLQWHUYHQWLRQZKHQLQGLFDWHG
DQGIROORZXSDVSHUVWDQGDUGRIFDUH3DWLHQWVZKRPHHWWKHVWDQGDUGRIFDUHFULWHULDIRU
UHVHFWLRQ RI WKHLU GLVHDVH ZLOO XQGHUJR D PDMRU RSHUDWLYH SURFHGXUH DQG PD\ UHFHLYH

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


H[WHQVLYHFDUHLQWKH,&87KHSULQFLSDOLQYHVWLJDWRURUGHVLJQHHZLOOFORVHO\PRQLWRUDQG
GRFXPHQWWKHFOLQLFDOFDUHDQGWUHDWPHQWRIHDFKSDWLHQWDVSHUVWDQGDUGRIFDUHDWWKH1,+
&OLQLFDO &HQWHU $V SHU 1,+ &OLQLFDO &HQWHU VWDQGDUGV RI SUDFWLFH WKH 2FFXUUHQFH
5HSRUWLQJ6\VWHPZLOOEHXVHGWRUHSRUWDQ\FOLQLFDOHYHQWVPHHWLQJWKHVHUHSRUWLQJFULWHULD
 5RXWLQH'DWD5HSRUWLQJ
$OOGHWDLOVRISDWLHQWPDQDJHPHQWDQGWUHDWPHQWZLOOEHGRFXPHQWHGLQWKHSDWLHQW
PHGLFDOUHFRUG2QO\WKHIROORZLQJLQIRUPDWLRQZLOOEHFDSWXUHGRQWKH&5)V
x 'HWDLOHGGHPRJUDSKLFLQIRUPDWLRQLQFOXGLQJIDPLO\KLVWRU\
x /DERUDWRU\PDUNHUV
x ,PDJLQJUHVXOWV&705,DQG3(7
x 2SHUDWLYHLQWHUYHQWLRQVDVLQGLFDWHG

72;,&,7<&5,7(5,$
7KHIROORZLQJDGYHUVHHYHQWPDQDJHPHQWJXLGHOLQHVDUHLQWHQGHGWRHQVXUHWKHVDIHW\RI
HDFKSDWLHQWZKLOHRQWKHVWXG\$VWKLVLVDQDWXUDOKLVWRU\VWXG\QRDGYHUVHHYHQWVDUH
H[SHFWHG+RZHYHULIDQHYHQWGRHVRFFXUWKDWLVUHODWHGWRWKHUHVHDUFKWKHGHVFULSWLRQV
DQGJUDGLQJVFDOHVIRXQGLQWKHUHYLVHG1&,&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH
(YHQWV&7&$(YHUVLRQZLOOEHXWLOL]HGIRU$(UHSRUWLQJ$OODSSURSULDWHWUHDWPHQW
DUHDVVKRXOGKDYHDFFHVVWRDFRS\RIWKH&7&$(YHUVLRQ$FRS\RIWKH&7&$(
YHUVLRQFDQEHGRZQORDGHGIURPWKH&7(3ZHEVLWH
KWWSFWHSFDQFHUJRYSURWRFRO'HYHORSPHQWHOHFWURQLFBDSSOLFDWLRQVFWFKWPFWFB

6$)(7<5(3257,1*5(48,5(0(176'$7$$1'6$)(7<
021,725,1*3/$1

'(),1,7,216
 $GYHUVH(YHQW
$QDGYHUVHHYHQWLVGHILQHGDVDQ\UHDFWLRQVLGHHIIHFWRUXQWRZDUGHYHQWWKDWRFFXUV
GXULQJWKHFRXUVHRIWKHFOLQLFDOWULDODVVRFLDWHGZLWKWKHUHVHDUFKLQKXPDQVZKHWKHURU
QRWWKHHYHQWLVFRQVLGHUHGUHODWHGWRWKHUHVHDUFKRUFOLQLFDOO\VLJQLILFDQW)RUWKLVVWXG\
$(VZLOOLQFOXGHHYHQWVUHSRUWHGE\WKHSDWLHQWDVZHOODVFOLQLFDOO\VLJQLILFDQWDEQRUPDO
ILQGLQJVRQSK\VLFDOH[DPLQDWLRQRUODERUDWRU\HYDOXDWLRQ$QHZLOOQHVVV\PSWRPVLJQ
RUFOLQLFDOO\VLJQLILFDQWODERUDWRU\DEQRUPDOLW\RUZRUVHQLQJRIDSUHH[LVWLQJFRQGLWLRQRU
DEQRUPDOLW\LVFRQVLGHUHGDQ$($OO$(VPXVWEHUHFRUGHGRQWKH$(FDVHUHSRUWIRUP
XQOHVVRWKHUZLVHQRWHGDERYH
$OO $(V LQFOXGLQJ FOLQLFDOO\ VLJQLILFDQW DEQRUPDO ILQGLQJV RQ ODERUDWRU\ HYDOXDWLRQV
UHJDUGOHVVRIVHYHULW\ZLOOEHIROORZHGXQWLOVDWLVIDFWRU\UHVROXWLRQ$(VVKRXOGEHUHSRUWHG
XSWRGD\VIROORZLQJWKHODVWUHVHDUFKLQWHUYHQWLRQ
$QDEQRUPDOODERUDWRU\YDOXHZLOOEHFRQVLGHUHGDQ$(LIWKHODERUDWRU\DEQRUPDOLW\LV
FKDUDFWHUL]HGE\DQ\RIWKHIROORZLQJ
x
5HVXOWVLQGLVFRQWLQXDWLRQIURPWKHVWXG\
x
,VDVVRFLDWHGZLWKFOLQLFDOVLJQVRUV\PSWRPV

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


x
5HTXLUHVWUHDWPHQWRUDQ\RWKHUWKHUDSHXWLFLQWHUYHQWLRQ
x
,VDVVRFLDWHGZLWKGHDWKRUDQRWKHUVHULRXVDGYHUVHHYHQWLQFOXGLQJ
KRVSLWDOL]DWLRQ
x
,VMXGJHGE\WKH,QYHVWLJDWRUWREHRIVLJQLILFDQWFOLQLFDOLPSDFW
x
,IDQ\DEQRUPDOODERUDWRU\UHVXOWLVFRQVLGHUHGFOLQLFDOO\VLJQLILFDQWWKH
LQYHVWLJDWRUZLOOSURYLGHGHWDLOVDERXWWKHDFWLRQWDNHQZLWKUHVSHFWWRWKHWHVW
GUXJDQGDERXWWKHSDWLHQW¶VRXWFRPH
 8QH[SHFWHGDGYHUVHUHDFWLRQ
$QDGYHUVHHYHQWRUVXVSHFWHGDGYHUVHUHDFWLRQLVFRQVLGHUHG³XQH[SHFWHG´LILWLVQRWOLVWHG
LQ WKH LQYHVWLJDWRU EURFKXUH RU LV QRW OLVWHG DWWKH VSHFLILFLW\RUVHYHULW\ WKDWKDVEHHQ
REVHUYHGRULIDQLQYHVWLJDWRUEURFKXUHLVQRWUHTXLUHGRUDYDLODEOHLVQRWFRQVLVWHQWZLWK
WKHULVNLQIRUPDWLRQGHVFULEHGLQWKHJHQHUDOLQYHVWLJDWLRQDOSODQRUHOVHZKHUHLQWKHFXUUHQW
DSSOLFDWLRQ
 6HULRXV
$Q8QDQWLFLSDWHG3UREOHPRU3URWRFRO'HYLDWLRQLVVHULRXVLILWPHHWVWKHGHILQLWLRQRID
6HULRXV$GYHUVH(YHQWRULILWFRPSURPLVHVWKHVDIHW\ZHOIDUHRUULJKWVRIVXEMHFWVRU
RWKHUV
 6HULRXV$GYHUVH(YHQW
$QDGYHUVHHYHQWLVFRQVLGHUHGVHULRXVLILQWKHYLHZRIWKHLQYHVWLJDWRURUWKHVSRQVRULW
UHVXOWVLQDQ\RIWKHIROORZLQJ
x 'HDWK
x $OLIHWKUHDWHQLQJDGYHUVHGUXJH[SHULHQFH
x ,QSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ
x 3HUVLVWHQWRUVLJQLILFDQWLQFDSDFLW\RUVXEVWDQWLDOGLVUXSWLRQRIWKHDELOLW\WR
FRQGXFWQRUPDOOLIHIXQFWLRQV
x $FRQJHQLWDODQRPDO\ELUWKGHIHFW
x ,PSRUWDQWPHGLFDOHYHQWVWKDWPD\QRWUHVXOWLQGHDWKEHOLIHWKUHDWHQLQJRU
UHTXLUHKRVSLWDOL]DWLRQPD\EHFRQVLGHUHGDVHULRXVDGYHUVHGUXJH[SHULHQFH
ZKHQEDVHGXSRQDSSURSULDWHPHGLFDOMXGJPHQWWKH\PD\MHRSDUGL]HWKHSDWLHQW
RUVXEMHFWDQGPD\UHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQWRSUHYHQWRQHRIWKH
RXWFRPHVOLVWHGLQWKLVGHILQLWLRQ
 'LVDELOLW\
$VXEVWDQWLDOGLVUXSWLRQRIDSHUVRQ¶VDELOLW\WRFRQGXFWQRUPDOOLIHIXQFWLRQV
 3URWRFRO'HYLDWLRQ1,+'HILQLWLRQ
$Q\FKDQJHGLYHUJHQFHRUGHSDUWXUHIURPWKH,5%DSSURYHGUHVHDUFKSURWRFRO

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


 1RQFRPSOLDQFH1,+'HILQLWLRQ
7KHIDLOXUHWRFRPSO\ZLWKDSSOLFDEOH1,++XPDQ5HVHDUFK3URWHFWLRQV3URJUDP
+533SROLFLHV,5%UHTXLUHPHQWVRUUHJXODWRU\UHTXLUHPHQWVIRUWKHSURWHFWLRQRI
KXPDQUHVHDUFKVXEMHFWV
 8QDQWLFLSDWHG3UREOHP
$Q\LQFLGHQWH[SHULHQFHRURXWFRPHWKDW
x ,VXQH[SHFWHGLQWHUPVRIQDWXUHVHYHULW\RUIUHTXHQF\LQUHODWLRQWR
D WKHUHVHDUFKULVNVWKDWDUHGHVFULEHGLQWKH,5%DSSURYHGUHVHDUFKSURWRFRO
DQGLQIRUPHGFRQVHQWGRFXPHQW,QYHVWLJDWRU¶V%URFKXUHRURWKHUVWXG\
GRFXPHQWVDQG
E WKHFKDUDFWHULVWLFVRIWKHVXEMHFWSRSXODWLRQEHLQJVWXGLHG$1'
x ,VUHODWHGRUSRVVLEO\UHODWHGWRSDUWLFLSDWLRQLQWKHUHVHDUFK$1'
x 6XJJHVWVWKDWWKHUHVHDUFKSODFHVVXEMHFWVRURWKHUVDWDJUHDWHUULVNRIKDUP
LQFOXGLQJSK\VLFDOSV\FKRORJLFDOHFRQRPLFRUVRFLDOKDUPWKDQZDVSUHYLRXVO\
NQRZQRUUHFRJQL]HG

1&,,5%$1'&/,1,&$/',5(&7255(3257,1*
 1&,,5%DQG1&,&'([SHGLWHG5HSRUWLQJRI8QDQWLFLSDWHG3UREOHPVDQG
'HDWKV
7KH3URWRFRO3,ZLOOUHSRUWLQWKH1,+3UREOHP)RUPWRWKH1&,,5%DQG1&,&OLQLFDO
'LUHFWRU
x $OOGHDWKVH[FHSWGHDWKVGXHWRSURJUHVVLYHGLVHDVH
x $OO3URWRFRO'HYLDWLRQV
x $OO8QDQWLFLSDWHG3UREOHPV
x $OOQRQFRPSOLDQFH
5HSRUWVPXVWEHUHFHLYHGZLWKLQGD\VRI3,DZDUHQHVVYLDL5,6
 1&,,5%5HTXLUHPHQWVIRU3,5HSRUWLQJDW&RQWLQXLQJ5HYLHZ
7KHSURWRFRO3,ZLOOUHSRUWWRWKH1&,,5%
 $VXPPDU\RIDOOSURWRFROGHYLDWLRQVLQDWDEXODUIRUPDWWRLQFOXGHWKHGDWHWKH
GHYLDWLRQRFFXUUHGDEULHIGHVFULSWLRQRIWKHGHYLDWLRQDQGDQ\FRUUHFWLYHDFWLRQ
 $VXPPDU\RIDQ\LQVWDQFHVRIQRQFRPSOLDQFH
 $WDEXODUVXPPDU\RIWKHIROORZLQJDGYHUVHHYHQWV
x $OO*UDGHXQH[SHFWHGHYHQWVWKDWDUHSRVVLEO\SUREDEO\RUGHILQLWHO\UHODWHGWR
WKHUHVHDUFK
x $OO*UDGHDQGHYHQWVWKDWDUHSRVVLEO\SUREDEO\RUGHILQLWHO\UHODWHGWRWKH
UHVHDUFK

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


x $OO*UDGHHYHQWVUHJDUGOHVVRIDWWULEXWLRQ
x $OO6HULRXV(YHQWVUHJDUGOHVVRIDWWULEXWLRQ
127(*UDGHHYHQWVDUHQRWUHTXLUHGWREHUHSRUWHG

'$7$$1'6$)(7<021,725,1*3/$1
 3ULQFLSDO,QYHVWLJDWRU5HVHDUFK7HDP
7KHFOLQLFDOUHVHDUFKWHDPZLOOPHHWRQDUHJXODUEDVLVZKHQSDWLHQWVDUHEHLQJDFWLYHO\
HQUROOHGRQWKHWULDOWRGLVFXVVHDFKSDWLHQW$OOGDWDZLOOEHFROOHFWHGLQDWLPHO\PDQQHU
DQGUHYLHZHGE\WKHSULQFLSDOLQYHVWLJDWRURUDOHDGDVVRFLDWHLQYHVWLJDWRU$GYHUVHHYHQWV
ZLOOEHUHSRUWHGDVUHTXLUHGDERYH$Q\VDIHW\FRQFHUQVQHZLQIRUPDWLRQWKDWPLJKWDIIHFW
HLWKHUWKHHWKLFDODQGRUVFLHQWLILFFRQGXFWRIWKHWULDORUSURWRFROGHYLDWLRQVDQGYLRODWLRQV
ZLOOEHLPPHGLDWHO\UHSRUWHGWRWKH,5%YLDL5,67KHSULQFLSDOLQYHVWLJDWRUZLOOSHUVRQDOO\
FRQGXFW RU VXSHUYLVH WKH LQYHVWLJDWLRQ DQG SURYLGH DSSURSULDWH GHOHJDWLRQ RI
UHVSRQVLELOLWLHVWRRWKHUPHPEHUVRIWKHUHVHDUFKVWDII

67$7,67,&$/&216,'(5$7,216
:HZLOOHVWLPDWHWKHGLVWULEXWLRQRIWLPHIURPLQLWLDOSUHVHQWDWLRQZLWKSDQFUHDWLFWXPRUV
WRWKHWLPHWKDWVXUJHU\LVUHFRPPHQGHGZLWKD.DSODQ0HLHU&XUYH$QDJHDGMXVWHG
FRPSDULVRQ EHWZHHQ WKLV GLVWULEXWLRQ E\ PXWDWLRQDO VWDWXV PLVVHQVH YV QRQPLVVHQVH
PXWDWLRQIRUH[DPSOHZLOOEHGRQHZLWKDSURSRUWLRQDOKD]DUGVPRGHOXVLQJWKHPHWKRG
RI:HLHWDO:HL/-/LQ'<DQG:HLVVIHOG/5HJUHVVLRQDQDO\VLVRIPXOWLYDULDWH
LQFRPSOHWHIDLOXUHWLPHGDWDE\PRGHOLQJPDUJLQDOGLVWULEXWLRQV-RXUQDORIWKH$PHULFDQ
6WDWLVWLFDO$VVRFLDWLRQWRDFFRXQWIRUWKHODFNRILQGHSHQGHQFHGXH
WRIDPLOLDOFRUUHODWLRQ
:HZLOOHVWLPDWHWKHJURZWKUDWHLQVROLGSDQFUHDWLFWXPRUVXVLQJOLQHDUDQGQRQOLQHDU
PL[HG PRGHOV 'DYLGLDQ 0 DQG *LOWLQDQ '0 1RQOLQHDU 0RGHOV IRU 5HSHDWHG
0HDVXUHPHQW'DWD&KDSPDQDQG+DOO1HZ<RUN7KHVHPRGHOVZLOODOORZIRU
WKHYDULRXVVRXUFHVRIFRUUHODWLRQGXHWRPXOWLSOHPHPEHUVLQWKHVDPHIDPLO\DQGPXOWLSOH
WXPRUVRQWKHVDPHSDWLHQW:HZLOOFRPSDUHWKHJURZWKUDWHE\PXWDWLRQDOVWDWXVDVZHOO
DVE\FOLQLFDODQGLPDJLQJFKDUDFWHULVWLFVE\LQFOXGLQJWKHVHIDFWRUVDVFRYDULDWHVLQWKH
PL[HGPRGHOV7KHFKRLFHRIWKHIRUPRIWKHOLQHDURUQRQOLQHDUPRGHOZLOOGHSHQGRQ
WKHREVHUYHGGDWD:HZLOOXVHDOLQHDUPL[HGPRGHORQORJWUDQVIRUPHGYROXPHGDWDLI
WKH YROXPH GDWD DSSHDUV DSSUR[LPDWHO\ OLQHDU RQ WKH ORJVFDOH  2WKHUZLVH ZH ZLOO
LQYHVWLJDWHDOWHUQDWLYHPRGHOVVXFKDVWKH*RPSHUW]PRGHOIRUWXPRUJURZWK
7KHXSWDNHOHYHOVRI)'*RQ3(7LPDJLQJZLOOEHFRPSDUHGEHWZHHQSDWLHQWVZKRUHTXLUH
RSHUDWLYHLQWHUYHQWLRQDQGWKRVHZKRGRQRWLQRUGHUWRGHWHUPLQHWKHSUHGLFWLYHYDOXHRI
3(7 LPDJLQJ LQ WKLV SDWLHQW SRSXODWLRQ  3RZHU LV EDVHG RQ FRPSDULQJ PHDQ XSWDNH
EHWZHHQWKHVHWZRJURXSVRISDWLHQWV%DVHGRQWKH9+/SDWLHQWFKDUDFWHULVWLFVFROOHFWHG
DWWKH8URORJLF2QFRORJ\%UDQFK1&,DVVXPLQJDSSUR[LPDWHO\SDWLHQWVRIWKH
WDUJHWHG9+/SDWLHQWVVFUHHQHGLQWKLVVWXG\ZLOOKDYHVROLGSDQFUHDWLFOHVLRQDQG
SDWLHQWVRIWKHPZLOOUHTXLUHRSHUDWLRQZHZRXOGKDYHSRZHUWRGHWHFWVWDQGDUG
GHYLDWLRQGLIIHUHQFHLQWKHPHDQXSWDNHEHWZHHQWKHWZRJURXSV7KHFRPSDULVRQLVEDVHG
RQWKHWZRVDPSOHWWHVWDWWKHVLJQLILFDQFHOHYHO

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


%DVHGRQRXUDQDO\VLVRIOLNHOLKRRGRIWXPRUJURZWKRUULVNRIPHWDVWDVLVGDWDZLOOEH
DQDO\]HG HYHU\ WZR \HDUV DQG DSSURSULDWH UHYLVLRQV ZLOO EH PDGH WR WKH VXUJLFDO
PDQDJHPHQWJXLGHOLQHVLILQGLFDWHGE\GDWDDQDO\VLV
$V RI )HEUXDU\    SDWLHQWV KDYH EHHQ HQUROOHG ZKR KDYH XQGHUJRQH DOO IRXU
LPDJLQJPRGDOLWLHV&7VFDQ05,)'23$))'*2QO\RIWKHOHVLRQV
ZHUHSRVLWLYHRQ)'23$DVFRPSDUHGWR&7VFDQ%DVHGRQWKLVLQWHULPDQDO\VLV
)'23$LVQRWOLNHO\WREHXVHIXOIRUGHWHFWLQJSDQFUHDWLFQHXURHQGRFULQHWXPRUVLQ
SDWLHQWVZLWK9+/DQGDVRIDPHQGPHQW+WKLVPRGHRILPDJLQJLVQRORQJHULQFOXGHGLQ
SURWRFROHYDOXDWLRQV
$VRI$SULORISDWLHQWVVFUHHQHGLQWKHVWXG\KDGVROLGOHVLRQV2IWKHVH
SDWLHQWVUHTXLUHGRSHUDWLYHLQWHUYHQWLRQ)'*3(7GHWHFWHGPHWDVWDWLFGLVHDVH
LQSDWLHQWVZKLFKZHUHQRWGHWHFWHGE\&7DQGIRXQGQRQQHRSODVWLFGLVHDVHLQSDWLHQWV
+HQFH)'*3(7ZDVDEOHWRILQGRIWKHVXUJLFDOSDWLHQWVZKRHLWKHUKDGPHWDVWDVLV
QRWGHWHFWHGE\&7RUKDGQRQQHRSODVWLFGLVHDVHLQZKLFKRSHUDWLRQFRXOGEHDYRLGHG
8VLQJWKHPHWKRGRI$JUHVWL&RXOOWKHFRUUHVSRQGLQJFRQILGHQFHLQWHUYDOLV
  ZLWK ZLGWK   $VVXPH WKDW WKH WUXH SURSRUWLRQ RI GLDJQRVLV RI
PHWDVWDWLFDVZHOODVQRQQHRSODVWLFGLVHDVHE\)'*3(7ZKLFKLVQRWGHWHFWHGE\&7LV
7RUHGXFHWKHZLGWKRIWKHH[SHFWHGFRQILGHQFHLQWHUYDOWRDWRWDORI
VXUJLFDOSDWLHQWVDUHUHTXLUHG&RUUHVSRQGLQJO\DSSUR[LPDWHO\DWRWDORI9+/SDWLHQWV
QHHGWREHVFUHHQHG
3RZHUFDOFXODWLRQIRUWKHFRPSDULVRQRIWXPRUJURZWKUDWHVEHWZHHQWZRJURXSVLVEDVHG
RQ FRPSDULQJ OLQHDU JURZWK RQ WKH ORJVFDOH $VVXPLQJ WKDW DSSUR[LPDWHO\  
SDWLHQWVRIVFUHHQHG9+/SDWLHQWVZLOOSUHVHQWRUGHYHORSSDQFUHDWLFWXPRUVZKLFKUHTXLUH
RSHUDWLRQ RYHU IROORZXS ZH ZRXOG KDYH SRZHU WR GHWHFWD VWDQGDUGGHYLDWLRQ
FKDQJHLQWKHJURZWKUDWHEHWZHHQWZRJURXSVRIHTXDOQXPEHUVLQHDFKJURXSZLWKD
WZRVLGHG WHVW WKH  VLJQLILFDQFH OHYHO  7KLV FDOFXODWLRQ LV EDVHG RQ FRPSDULQJ
LQGLYLGXDOO\HVWLPDWHGVORSHVXVLQJPXOWLSOHIROORZXSPHDVXUHPHQWVRQHDFKVXEMHFW
ZLWKDWZRVDPSOHWWHVW7KLVFDOFXODWLRQLVRQO\DQDSSUR[LPDWLRQVLQFHSRZHUPD\EH
VOLJKWO\UHGXFHGGXHWRFRUUHODWLRQDFURVVPXOWLSOHLQGLYLGXDOVLQWKHVDPHIDPLO\DQGPD\
EHLQFUHDVHGGXHWRPXOWLSOHWXPRUVIROORZHGRQHDFKSDWLHQW


+80$168%-(&763527(&7,216

5$7,21$/()2568%-(&76(/(&7,21
6LQFHWKLVSURWRFROLVDQDWXUDOKLVWRU\VWXG\RISDWLHQWVZLWK9+/DQGSDQFUHDWLFOHVLRQV
VXEMHFWVZLOOEHVHOHFWHGIRUWKLVSURWRFROEDVHGRQHLWKHUDFOLQLFDOGLDJQRVLVRI9+/RUD
FRQILUPHG 9+/ JHUP OLQH PXWDWLRQ DQG DQ DVVRFLDWHG SDQFUHDWLF PDQLIHVWDWLRQ DV
SUHYLRXVO\GHVFULEHG3DWLHQWVHOHFWLRQIRUWKLVSURWRFROZLOOQRWEHEDVHGRQJHQGHUUDFH
HWKQLFEDFNJURXQGRURWKHU9+/PDQLIHVWDWLRQV

3$57,&,3$7,212)&+,/'5(1
3DWLHQWVRYHUWKHDJHRIZLOOEHHOLJLEOHIRUWKLVVWXG\6LQFHLWLVXQXVXDOIRUSDWLHQWV
XQGHU WKH DJH RI  ZKR KDYH SDQFUHDWLF PDQLIHVWDWLRQV \RXQJHU SDWLHQWV ZLOO QRW EH
HQUROOHG7KHLQYHVWLJDWRUVKDYHH[SHULHQFHZRUNLQJZLWK\RXQJDGROHVFHQWVDQGWKHLU

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


SDUHQWVLQSULRUSURWRFROV'XULQJDGROHVFHQWSDUWLFLSDWLRQWKHVHUYLFHVRIWKHSHGLDWULF
&OLQLFDO 1XUVH 6SHFLDOLVW ZLOO EH FRQVXOWHG WR DVVLVW FDUHJLYHUV LQ DGGUHVVLQJ WKH
DGROHVFHQWV¶GHYHORSPHQWDOQHHGV

3$57,&,3$7,212)68%-(&7681$%/(72*,9(&216(17
$GXOWVXQDEOHWRJLYHFRQVHQWDUHH[FOXGHGIURPHQUROOLQJLQWKHSURWRFRO+RZHYHUUH
FRQVHQWPD\EHQHFHVVDU\DQGWKHUHLVDSRVVLELOLW\WKRXJKXQOLNHO\WKDWVXEMHFWVFRXOG
EHFRPHGHFLVLRQDOO\LPSDLUHG)RUWKLVUHDVRQDQGEHFDXVHWKHUHLVDSURVSHFWRIGLUHFW
EHQHILWIURPUHVHDUFKSDUWLFLSDWLRQVHFWLRQDOOVXEMHFWV!\HDUVROGZLOOEHRIIHUHG
WKHRSSRUWXQLW\WRILOOLQWKHLUZLVKHVIRUUHVHDUFKDQGFDUHDQGDVVLJQDVXEVWLWXWHGHFLVLRQ
PDNHU RQ WKH ³1,+ $GYDQFH 'LUHFWLYH IRU +HDOWK &DUH DQG 0HGLFDO 5HVHDUFK
3DUWLFLSDWLRQ´IRUPVRWKDWDQRWKHUSHUVRQFDQPDNHGHFLVLRQVDERXWWKHLUPHGLFDOFDUHLQ
WKHHYHQWWKDWWKH\EHFRPHLQFDSDFLWDWHGRUFRJQLWLYHO\LPSDLUHGGXULQJWKHFRXUVHRIWKH
VWXG\1RWH7KH3,RU$,ZLOOFRQWDFWWKH1,+$ELOLW\WR&RQVHQW$VVHVVPHQW7HDPIRU
HYDOXDWLRQ)RUWKRVHVXEMHFWVWKDWEHFRPHLQFDSDFLWDWHGDQGGRQRWKDYHSUHGHWHUPLQHG
VXEVWLWXWHGHFLVLRQPDNHUWKHSURFHGXUHVGHVFULEHGLQ1,+0(&3ROLF\IRUDSSRLQWLQJ
DVXUURJDWHGHFLVLRQPDNHUIRUDGXOWVXEMHFWVZKRDUHDGHFLVLRQDOO\LPSDLUHGDQGE
ZKRGRQRWKDYHDOHJDOJXDUGLDQRUGXUDEOHSRZHURIDWWRUQH\ZLOOEHIROORZHG


(9$/8$7,212)%(1(),76$1'5,6.6',6&20)2576
7KHUHLVWKHSRWHQWLDOIRUGLUHFWEHQHILWIRUSDWLHQWVSDUWLFLSDWLQJLQWKLVVWXG\E\HDUO\
GHWHFWLRQRIVROLGOHVLRQVRIWKHSDQFUHDVDVVRFLDWHGZLWK9+/DQGHDUO\PDQDJHPHQWRI
WKHVHOHVLRQVZKLFKPD\KDYHDQLPSDFWRQWKHRYHUDOOFRXUVHRIWKHGLVHDVH7KHULVNV
DVVRFLDWHG ZLWK WKLV VWXG\ ZLWK UHVSHFW WR WKH VHULDO LPDJLQJ ZLOO EH PLQLPDO  5LVNV
DVVRFLDWHGZLWKWKHVXUJLFDOSURFHGXUHVWRPDQDJHOHVLRQVLQWKHSDQFUHDVZLOOYDU\EDVHG
RQWKHW\SHOHVLRQDQGWKHSODQQHGVXUJLFDOSURFHGXUH7KHVHULVNVZLOOEHGLVFXVVHGLQ
GHSWKRQDSDWLHQWE\SDWLHQWEDVLV7KHULVNVDVVRFLDWHGZLWKJHUPOLQHDQDO\VLVDQGWKH
SRWHQWLDOLPSDFWRIWKLVJHQHWLFLQIRUPDWLRQZLOOEHGLVFXVVHGZLWKSDWLHQWVWKURXJKJHQHWLF
FRXQVHOLQJDWWKHLULQLWLDORQVWXG\YLVLWDVZHOODVDWDQ\VXEVHTXHQWGHHPHGDSSURSULDWH

5,6.6%(1(),76$1$/<6,6
)RUSDWLHQWVZKRKDYHVROLGWXPRUVWKDWDUHQRWFXUUHQWO\DPHQDEOHWRVXUJLFDOUHVHFWLRQ
WKHULVNRIEORRGGUDZLQJDQGQRQLQYDVLYHLPDJLQJLVPLQRU7KLVVWXG\DOVRRIIHUVWKH
EHQHILWRIVXUJHU\ZKHQSDWLHQWVPHHWWKHFULWHULDIRUUHVHFWLRQLQDQLQVWLWXWLRQZLWKYDVW
H[SHULHQFHZLWKWKHSDWLHQWZLWK9+/)RUSHGLDWULFSDWLHQWVWKLVSURWRFROIDOOVLQSHGLDWULF
ULVNFDWHJRU\EHFDXVHLWKDVPRUHWKDQPLQLPDOULVNEXWSRVVLEOHGLUHFWEHQHILW

&216(17$1'$66(17352&(66$1''2&80(17$7,21
$OOSDWLHQWVDQGRUWKHSDWLHQW¶VSDUHQWVRUOHJDOJXDUGLDQLIKHVKHLV\HDUVRIDJH
ZKR DUH EHLQJ FRQVLGHUHG IRU WKLV WULDO ZLOO XQGHUJR LQIRUPHG FRQVHQW SULRU WR EHLQJ
HQUROOHGRQWKHWULDO7KH3,RURQHRIKLVGHVLJQHHVZLOOSHUIRUPWKHFRQVHQWLQJSURFHVV
3DWLHQWVZLOOEHDVNHGWRUHDGWKHFRQVHQWDQGZLOOEHHQFRXUDJHGWRDVNTXHVWLRQV,WZLOO
EHVWDWHGFOHDUO\WKDWSDUWLFLSDWLRQLQWKHUHVHDUFKVWXG\LVYROXQWDU\DQGWKDWSDUWLFLSDQWV
FDQZLWKGUDZIURPWKHVWXG\ZLWKRXWORVLQJEHQHILWVWKH\ZRXOGRWKHUZLVHEHHQWLWOHGWR

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


3DWLHQWVZLOOEHHQUROOHGDIWHUWKHFRQVHQWGRFXPHQWKDVEHHQVLJQHG6HSDUDWHFRQVHQWV
ZLOOEHREWDLQHGIRUDQ\VXUJLFDOSURFHGXUHVSHUIRUPHG
 &RQVHQWRI&KLOGUHQ
7KHLQYHVWLJDWRUVDUHUHTXHVWLQJDZDLYHUIURPWKH,5%WRDOORZRQO\RQHSDUHQWWRVLJQWKH
LQIRUPHGFRQVHQWWRHQWHUDFKLOGRQWKHSURWRFRO%HFDXVHPDQ\SDWLHQWVPXVWWUDYHOWRWKH
1,+IURPORQJGLVWDQFHVDWVXEVWDQWLDOH[SHQVHUHTXLULQJERWKSDUHQWVWREHSUHVHQWIRUWKH
FRQVHQWSURFHVVFRXOGEHDILQDQFLDOKDUGVKLSIRUPDQ\IDPLOLHV:KHQJXDUGLDQVKLSVWDWXV
RIWKHFKLOGLVXQFHUWDLQGRFXPHQWDWLRQRIFXVWRG\VWDWXVPXVWEHREWDLQHG
 &RQVHQWRI&KLOGUHQZKHQWKHUHLV-RLQW&XVWRG\
,QVLWXDWLRQVZKHUHWKHUHLVMRLQWFXVWRG\RIDFKLOGERWKSDUHQWVPXVWVLJQFRQVHQW,IRQO\
RQHSDUHQWFDQEHSUHVHQWDW1,+WKHRWKHUSDUHQW¶VFRQVHQWFDQEHREWDLQHGE\WHOHSKRQH
YLDWKHSURFHGXUHGHVFULEHGLQVHFWLRQ
 9HUEDO&RQVHQWRI&KLOGUHQ
:KHUHGHHPHGDSSURSULDWHE\WKHFOLQLFLDQDQGWKHFKLOG¶VSDUHQWVRUJXDUGLDQWKHFKLOG
ZLOODOVREHLQFOXGHGLQDOOGLVFXVVLRQVDERXWWKHWULDODQGDJHDSSURSULDWHODQJXDJHZLOOEH
XVHG WR GHVFULEH WKH SURFHGXUHV DQG WHVWV LQYROYHG LQ WKLV VWXG\ DORQJ ZLWK WKH ULVNV
GLVFRPIRUWVDQGEHQHILWVRISDUWLFLSDWLRQ:ULWWHQDVVHQWZLOOQRWEHREWDLQHGIURPFKLOGUHQ
DVWKHVWXG\KROGVRXWWKHSURVSHFWRIGLUHFWEHQHILWWKDWLVLPSRUWDQWWRWKHKHDOWKDQGZHOO
EHLQJRIWKHFKLOGDQGLVDYDLODEOHRQO\LQWKHFRQWH[WRIWKHUHVHDUFK9HUEDODVVHQWZLOOEH
REWDLQHGDQGWKHSDUHQWRUJXDUGLDQZLOOVLJQWKHGHVLJQDWHGOLQHRQWKHLQIRUPHGFRQVHQW
DWWHVWLQJWRWKHIDFWWKDWWKHFKLOGKDVJLYHQDVVHQW7KHFRQVHQWDVVHQWSURFHVVZLOOEH
GRFXPHQWHGLQWKHFKLOG¶VPHGLFDOUHFRUGLQFOXGLQJWKHDVVHVVPHQWRIWKHFKLOG¶VDELOLW\
WRSURYLGHDVVHQWYHUEDOYHUVXVZULWWHQDVDSSOLFDEOH$OOFKLOGUHQZLOOEHFRQWDFWHGDIWHU
WKH\KDYHUHDFKHGWKHDJHRIWRGHWHUPLQHZKHWKHUWKH\ZLVKWRFRQWLQXHRQWKHWULDODQG
LQIRUPHGFRQVHQWZLOOEHREWDLQHGIURPWKHPDWWKDWWLPH
 &RQVHQWIRUPLQRUVZKHQWKH\UHDFKWKHDJHRIPDMRULW\
:KHQDSHGLDWULFVXEMHFWUHDFKHVDJHFRQWLQXHGSDUWLFLSDWLRQZLOOUHTXLUHFRQVHQWLQJ
RIWKHQRZDGXOWZLWKWKHVWDQGDUGSURWRFROFRQVHQWGRFXPHQWWRHQVXUHOHJDOO\HIIHFWLYH
LQIRUPHGFRQVHQWKDVEHHQREWDLQHG*LYHQWKHOHQJWKRIWLPHWKDWPD\KDYHWUDQVSLUHG
IRUVRPHRIWKHVXEMHFWVVLQFHWKHLUODVWYLVLWIRUWKLVVWXG\ZHUHTXHVWZDLYHURILQIRUPHG
FRQVHQWIRUWKRVHLQGLYLGXDOVZKRKDYHFRPSOHWHGWKHLUSDUWLFLSDWLRQLQWKHUHVHDUFK
VWXG\
5HTXLUHPHQWVIRU:DLYHURI&RQVHQWFRQVLVWHQWZLWK&)5G
7KHUHVHDUFKLQYROYHVQRPRUHWKDQPLQLPDOULVNWRWKHVXEMHFWV
D $QDO\VLVRIVDPSOHVDQGGDWDIURPWKLVVWXG\LQYROYHVQRDGGLWLRQDO
ULVNVWRVXEMHFWV
7KHZDLYHURUDOWHUDWLRQZLOOQRWDGYHUVHO\DIIHFWWKHULJKWVDQGZHOIDUHRIWKH
VXEMHFWV
D 5HWHQWLRQRIWKHVHVDPSOHVRUGDWDGRHVQRWDIIHFWWKHZHOIDUHRI
VXEMHFWV

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


7KHUHVHDUFKFRXOGQRWSUDFWLFDEO\EHFDUULHGRXWZLWKRXWWKHZDLYHURU
DOWHUDWLRQ
D &RQVLGHULQJWKHOHQJWKRIWLPHEHWZHHQDPLQRU¶VHQUROOPHQWDQGWKHLU
DJHRIPDMRULW\LWLVSRVVLEOHWKDWPRUHWKDQDIHZVXEMHFWVPD\EHORVW
WRIROORZXS$VLJQLILFDQWUHGXFWLRQLQWKHQXPEHURIVDPSOHV
DQDO\]HGFRXOGLPSDFWWKHTXDOLW\RIWKHUHVHDUFK
:KHQHYHUDSSURSULDWHWKHVXEMHFWVZLOOEHSURYLGHGZLWKDGGLWLRQDOSHUWLQHQW
LQIRUPDWLRQDIWHUSDUWLFLSDWLRQ
D :HRQO\SODQWRUHTXHVWDZDLYHURIUHFRQVHQWIRUWKRVHVXEMHFWVZKR
KDYHEHHQORVWWRIROORZXSRUZKRSULRUWRWKHDSSURYDORI
$PHQGPHQW1KDYHEHHQWDNHQRIIVWXG\SULRUWRUHDFKLQJWKHDJHRI
PDMRULW\

 7HOHSKRQH5H&RQVHQW3URFHGXUH
7KHLQIRUPHGFRQVHQWGRFXPHQWZLOOEHVHQWWRWKHVXEMHFW$QH[SODQDWLRQRIWKHVWXG\
ZLOOEHSURYLGHGRYHUWKHWHOHSKRQHDIWHUWKHVXEMHFWKDVKDGWKHRSSRUWXQLW\WRUHDGWKH
FRQVHQW IRUP  7KH VXEMHFW ZLOO VLJQ DQG GDWH WKH LQIRUPHG FRQVHQW $ ZLWQHVV WR WKH
VXEMHFW¶VVLJQDWXUHZLOOVLJQDQGGDWHWKHFRQVHQW
7KHRULJLQDOLQIRUPHGFRQVHQWGRFXPHQWZLOOEHVHQWEDFNWRWKHFRQVHQWLQJLQYHVWLJDWRU
ZKR ZLOO VLJQ DQG GDWH WKH FRQVHQW IRUP ZLWK WKH GDWH WKH FRQVHQW ZDV REWDLQHG YLD
WHOHSKRQH
$IXOO\H[HFXWHGFRS\ZLOOEHUHWXUQHGYLDPDLOIRUWKHVXEMHFW¶VUHFRUGV
7KHLQIRUPHGFRQVHQWSURFHVVZLOOEHGRFXPHQWHGRQDSURJUHVVQRWHE\WKHFRQVHQWLQJ
LQYHVWLJDWRUDQGDFRS\RIWKHLQIRUPHGFRQVHQWGRFXPHQWDQGQRWHZLOOEHNHSWLQWKH
VXEMHFW¶VUHVHDUFKUHFRUG
 ,QIRUPHGFRQVHQWRIQRQ(QJOLVK6SHDNLQJ6XEMHFWV
:HDQWLFLSDWHWKHHQUROOPHQWRI6SDQLVKVSHDNLQJUHVHDUFKSDUWLFLSDQWVLQWRRXUVWXG\7KH
,5%DSSURYHGIXOOFRQVHQWGRFXPHQWZLOOEHWUDQVODWHGLQWRWKDWODQJXDJHLQDFFRUGDQFH
ZLWKWKH&OLQLFDO0$63ROLF\0
,I WKHUH LV DQ XQH[SHFWHG HQUROOPHQW RI D UHVHDUFK SDUWLFLSDQW IRU ZKRP WKHUH LV QR
WUDQVODWHGH[WDQW,5%DSSURYHGFRQVHQWGRFXPHQWWKHSULQFLSDOLQYHVWLJDWRUDQGRUWKRVH
DXWKRUL]HGWRREWDLQLQIRUPHGFRQVHQWZLOOXVHWKH6KRUW)RUP2UDO&RQVHQW3URFHVVDV
GHVFULEHG LQ 0$6 3ROLF\ 0 2+653 623  DQG  &)5  E   7KH
VXPPDU\WKDWZLOOEHXVHGLVWKH(QJOLVKYHUVLRQRIWKHH[WDQW ,5% DSSURYHGFRQVHQW
GRFXPHQW6LJQHGFRSLHVRIERWKWKH(QJOLVKYHUVLRQRIWKHFRQVHQWDQGWKHWUDQVODWHGVKRUW
IRUPZLOOEHJLYHQWRWKHVXEMHFWRUWKHLUOHJDOO\DXWKRUL]HGUHSUHVHQWDWLYHDQGWKHVLJQHG
RULJLQDOZLOOEHILOHGLQWKHPHGLFDOUHFRUG
8QOHVVWKH3,LVIOXHQWLQWKHSURVSHFWLYHVXEMHFW¶VODQJXDJHDQLQWHUSUHWHUZLOOEHSUHVHQW
WRIDFLOLWDWH WKH FRQYHUVDWLRQ XVLQJ HLWKHU WKH ORQJ WUDQVODWHG IRUP RUWKH VKRUW IRUP
3UHIHUDEO\VRPHRQHZKRLVLQGHSHQGHQWRIWKHVXEMHFWLHQRWDIDPLO\PHPEHUZLOO
DVVLVWLQSUHVHQWLQJLQIRUPDWLRQDQGREWDLQLQJFRQVHQW:KHQHYHUSRVVLEOHLQWHUSUHWHUVZLOO

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


EHSURYLGHGFRSLHVRIWKHUHOHYDQWFRQVHQWGRFXPHQWVZHOOEHIRUHWKHFRQVHQWFRQYHUVDWLRQ
ZLWKWKHVXEMHFWWRKRXUVLISRVVLEOH
:HUHTXHVWSURVSHFWLYH,5%DSSURYDORIWKHXVHRIWKHVKRUWIRUPSURFHVVIRUQRQ(QJOLVK
VSHDNLQJVXEMHFWVDQGZLOOQRWLI\WKH,5%DWWKHWLPHRIFRQWLQXLQJUHYLHZRIWKHIUHTXHQF\
RIWKHXVHRIWKH6KRUW)RUP



Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:


 5()(5(1&(6

&OLIIRUG6&DQG(50DKHU9RQ+LSSHO/LQGDXGLVHDVHFOLQLFDODQG
PROHFXODUSHUVSHFWLYHV$GY&DQFHU5HVS

*OHQQ*0HWDO9RQ+LSSHO/LQGDX9+/GLVHDVHGLVWLQFWSKHQRW\SHV
VXJJHVWPRUHWKDQRQHPXWDQWDOOHOHDWWKH9+/ORFXV+XP*HQHW
S

*QDUUD-5HWDO0ROHFXODUFORQLQJRIWKHYRQ+LSSHO/LQGDXWXPRUVXSSUHVVRU
JHQHDQGLWVUROHLQUHQDOFDUFLQRPD%LRFKLP%LRSK\V$FWDS


0DKHU(5$5:HEVWHUDQG$70RRUH&OLQLFDOIHDWXUHVDQGPROHFXODU
JHQHWLFVRI9RQ+LSSHO/LQGDXGLVHDVH2SKWKDOPLF*HQHWS

6LPV.%9RQ+LSSHO/LQGDXGLVHDVHJHQHWREHGVLGH&XUU2SLQ1HXURO
S

6LQJK$'&/6KLHOGVDQG-$6KLHOGVYRQ+LSSHO/LQGDXGLVHDVH6XUY
2SKWKDOPROS

&KR\NH3/HWDOYRQ+LSSHO/LQGDXGLVHDVHUDGLRORJLFVFUHHQLQJIRUYLVFHUDO
PDQLIHVWDWLRQV5DGLRORJ\3WS

&KR\NH3/HWDOYRQ+LSSHO/LQGDXGLVHDVHJHQHWLFFOLQLFDODQGLPDJLQJ
IHDWXUHV5DGLRORJ\S

/LEXWWL6.HWDO3DQFUHDWLFQHXURHQGRFULQHWXPRUVDVVRFLDWHGZLWKYRQ
+LSSHO/LQGDXGLVHDVHGLDJQRVWLFDQGPDQDJHPHQWUHFRPPHQGDWLRQV6XUJHU\
S

/LEXWWL6.HWDO&OLQLFDODQGJHQHWLFDQDO\VLVRISDWLHQWVZLWKSDQFUHDWLF
QHXURHQGRFULQHWXPRUVDVVRFLDWHGZLWKYRQ+LSSHO/LQGDXGLVHDVH6XUJHU\
SGLVFXVVLRQ

6WROOH&HWDO,PSURYHGGHWHFWLRQRIJHUPOLQHPXWDWLRQVLQWKHYRQ+LSSHO
/LQGDXGLVHDVHWXPRUVXSSUHVVRUJHQH+XP0XWDWS

7DWVXPL0HWDO))'*3(705,IXVLRQLQFKDUDFWHUL]LQJSDQFUHDWLF
WXPRUVFRPSDULVRQWR3(7&7,QW-&OLQ2QFROS

%HFKHUHU$HWDO,PDJLQJRIDGYDQFHGQHXURHQGRFULQHWXPRUVZLWK)
)'23$3(7-1XFO0HGS

.DXKDQHQ63HWDO$SURVSHFWLYHGLDJQRVWLFDFFXUDF\VWXG\RI)
IOXRURGHR[\JOXFRVHSRVLWURQHPLVVLRQWRPRJUDSK\FRPSXWHGWRPRJUDSK\
PXOWLGHWHFWRUURZFRPSXWHGWRPRJUDSK\DQGPDJQHWLFUHVRQDQFHLPDJLQJLQ
SULPDU\GLDJQRVLVDQGVWDJLQJRISDQFUHDWLFFDQFHU$QQ6XUJS


+DXJ$HWDO,QWUDLQGLYLGXDOFRPSDULVRQRI*D'27$7$7(DQG)
'23$3(7LQSDWLHQWVZLWKZHOOGLIIHUHQWLDWHGPHWDVWDWLFQHXURHQGRFULQH
WXPRXUV(XU-1XFO0HG0RO,PDJLQJS

3UDVDG9HWDO'HWHFWLRQRIXQNQRZQSULPDU\QHXURHQGRFULQHWXPRXUV&83
1(7XVLQJ*D'27$12&UHFHSWRU3(7&7(XU-1XFO0HG0RO,PDJLQJ
S

.RXNRXUDNL6HWDO&RPSDULVRQRIWKHSKDUPDFRNLQHWLFVRI*D'27$72&
DQG>)@)'*LQSDWLHQWVZLWKPHWDVWDWLFQHXURHQGRFULQHWXPRXUVVFKHGXOHGIRU
<'27$72&WKHUDS\(XU-1XFO0HG0RO,PDJLQJS

Abbreviated Title:3DQFUHDWLFOHVLRQVLQ9+/
Version Date:



.D\DQL,HWDO)XQFWLRQDOLPDJLQJRIQHXURHQGRFULQHWXPRUVZLWKFRPELQHG
3(7&7XVLQJ*D'27$7$7('27$'3KH7\URFWUHRWDWHDQG))'*
&DQFHUS

)DOFRQL0HWDO(1(76&RQVHQVXV*XLGHOLQHVIRUWKHPDQDJHPHQWRISDWLHQWV
ZLWKGLJHVWLYHQHXURHQGRFULQHQHRSODVPVRIWKHGLJHVWLYHV\VWHPZHOO
GLIIHUHQWLDWHGSDQFUHDWLFQRQIXQFWLRQLQJWXPRUV1HXURHQGRFULQRORJ\
S

+RIPDQ06HWDO+LJKPDQDJHPHQWLPSDFWRI*D'27$7$7(*D7DWH
3(7&7IRULPDJLQJQHXURHQGRFULQHDQGRWKHUVRPDWRVWDWLQH[SUHVVLQJWXPRXUV
-0HG,PDJLQJ5DGLDW2QFROS

)ULOOLQJ$HWDO7KHLPSDFWRI*D'27$72&SRVLWURQHPLVVLRQ
WRPRJUDSK\FRPSXWHGWRPRJUDSK\RQWKHPXOWLPRGDOPDQDJHPHQWRISDWLHQWV
ZLWKQHXURHQGRFULQHWXPRUV$QQ6XUJS



0(',&$/5(&25'
&216(17723$57,&,3$7(,1$&/,1,&$/5(6($5&+678'<

$GXOW3DWLHQWRU
 3DUHQWIRU0LQRU3DWLHQW
,167,787(
1DWLRQDO&DQFHU,QVWLWXWH
678'<180%(5
&
35,1&,3$/,19(67,*$725
(OHFWURQ.HEHEHZ0'
678'<7,7/(
(YDOXDWLRQRIWKH1DWXUDO+LVWRU\DQG0DQDJHPHQWRI3DQFUHDWLF/HVLRQV
$VVRFLDWHG:LWK9RQ+LSSHO/LQGDX
&RQWLQXLQJ5HYLHZ$SSURYHGE\WKH,5%RQ
$PHQGPHQW$SSURYHGE\WKH,5%RQ1
'DWHSRVWHGWRZHE
6WDQGDUG
3$7,(17,'(17,),&$7,21
&216(17723$57,&,3$7(,1$&/,1,&$/5(6($5&+678'<

$GXOW3DWLHQWRU
 3DUHQWIRU0LQRU3DWLHQW
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW

,1752'8&7,21
:HLQYLWH\RXWRWDNHSDUWLQDUHVHDUFKVWXG\DWWKH1DWLRQDO,QVWLWXWHVRI+HDOWK1,+
)LUVWZHZDQW\RXWRNQRZWKDW
7DNLQJSDUWLQ1,+UHVHDUFKLVHQWLUHO\YROXQWDU\
<RXPD\FKRRVHQRWWRWDNHSDUWRU\RXPD\ZLWKGUDZIURPWKHVWXG\DWDQ\WLPH,Q
HLWKHUFDVH\RXZLOOQRWORVHDQ\EHQHILWVWRZKLFK\RXDUHRWKHUZLVHHQWLWOHG+RZHYHU
WRUHFHLYHFDUHDWWKH1,+\RXPXVWEHWDNLQJSDUWLQDVWXG\RUEHXQGHUHYDOXDWLRQIRU
VWXG\SDUWLFLSDWLRQ
<RXPD\UHFHLYHQREHQHILWIURPWDNLQJSDUW7KHUHVHDUFKPD\JLYHXVNQRZOHGJHWKDW
PD\KHOSSHRSOHLQWKHIXWXUH
6HFRQG VRPH SHRSOH KDYH SHUVRQDO UHOLJLRXV RU HWKLFDO EHOLHIV WKDW PD\ OLPLW WKH NLQGV RI
PHGLFDORUUHVHDUFKWUHDWPHQWVWKH\ZRXOGZDQWWRUHFHLYHVXFKDVEORRGWUDQVIXVLRQV,I\RX
KDYHVXFKEHOLHIVSOHDVHGLVFXVVWKHPZLWK\RXU1,+GRFWRUVRUUHVHDUFKWHDPEHIRUH\RXDJUHH
WRWKHVWXG\
1RZZHZLOOGHVFULEHWKLVUHVHDUFKVWXG\%HIRUH\RXGHFLGHWRWDNHSDUWSOHDVHWDNHDVPXFK
WLPHDV\RXQHHGWRDVNDQ\TXHVWLRQVDQGGLVFXVVWKLVVWXG\ZLWKDQ\RQHDW1,+RUZLWKIDPLO\
IULHQGVRU\RXUSHUVRQDOSK\VLFLDQRURWKHUKHDOWKSURIHVVLRQDO
,I \RX DUH VLJQLQJ IRU D PLQRU FKLOG ³\RX´ UHIHUV WR ³\RXU FKLOG´ WKURXJKRXW WKH FRQVHQW
GRFXPHQW
:K\LVWKLVVWXG\EHLQJGRQH"
7KH SXUSRVH RI WKLV UHVHDUFK SURMHFW LV WR VWXG\ 9RQ+LSSHO /LQGDX LQ SDWLHQWV ZKR KDYH
SDQFUHDWLFOHVLRQV:HKRSHWRLPSURYHRXUXQGHUVWDQGLQJRIKRZWKHVHOHVLRQVDIIHFWSHRSOH
DQGKRZEHVWWRWUHDWWKHP:HDOVRZDQWWRXQGHUVWDQGWKHJHQHWLFFDXVHRIWKHVHFRQGLWLRQV
:HZDQWWROHDUQDERXWWKHFKDQJHVRUDOWHUDWLRQVLQWKHJHQHVWKHJHQHWLFPDWHULDOWKDWFDXVHV
FRQGLWLRQVLQYROYLQJSDQFUHDWLFWXPRUV

0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW



:K\DUH\RXEHLQJDVNHGWRWDNHSDUWLQWKLVVWXG\"
<RXKDYHEHHQUHIHUUHGWRWKH1DWLRQDO,QVWLWXWHVRI+HDOWKEHFDXVH\RXRUDPHPEHURI\RXU
IDPLO\LVNQRZQRUWKRXJKWWRKDYHDQLQKHULWHGFRQGLWLRQFDOOHG9RQ+LSSHO/LQGDXWKDWPD\
LQYROYHGHYHORSPHQWRISDQFUHDWLFWXPRUVRUOHVLRQV
+RZPDQ\SHRSOHZLOOWDNHSDUWLQWKLVVWXG\"
8SWRSHRSOHZLOOWDNHSDUWLQWKLVVWXG\
'HVFULSWLRQRI5HVHDUFK6WXG\
7KHUHDUHIRXUPDLQJRDOVRIWKLVVWXG\
 ,GHQWLI\SDWLHQWVZLWK9RQ+LSSHO/LQGDXZKRKDYHSDQFUHDWLFOHVLRQV
 6WXG\KRZIDVWOHVLRQVJURZDQGWKHLUFKDUDFWHULVWLFV
 7RVWXG\KRZZHOOLPDJLQJVWXGLHVFDQVKRZXVWKHFKDUDFWHULVWLFVRISDQFUHDWLFOHVLRQV
WRKHOSLQGLDJQRVLV
 7RVWXG\KRZEORRGOHYHOVRIVSHFLILFJHQHWLFPDUNHUVFRUUHODWHZLWKWXPRUJURZWK

:KDWZLOOKDSSHQLI\RXWDNHSDUWLQWKLVUHVHDUFKVWXG\"
$VSDUWRI\RXUEHLQJRQWKLVSURMHFW\RXPD\WDONZLWKDQRQFRORJLVWFDQFHUGRFWRUDVXUJHRQ
LI \RXKDYHOHVLRQVZKHUHVXUJHU\LVUHFRPPHQGHGDQGFDQFHUQXUVHV7KHVHSURIHVVLRQDOV
ZLOODVN\RXTXHVWLRQVDERXW\RXUFRQGLWLRQDQG\RXUIDPLO\KLVWRU\,IWKHSURIHVVLRQDOVLQWKH
8URORJLF2QFRORJ\%UDQFKKDYHDOUHDG\DVNHG\RXWKHVHTXHVWLRQVZHZLOOJHWWKHLQIRUPDWLRQ
IURP\RXUUHFRUGLI\RXDJUHHWRSDUWLFLSDWHLQWKLVVWXG\
'XULQJWKHVWXG\
:KLOH\RXDUHRQWKLVVWXG\\RXPD\KDYHWKHIROORZLQJWHVWVSHUIRUPHGHYHU\\HDUVRU
PRUHIUHTXHQWO\LI\RXUFRQGLWLRQFKDQJHV

x &7VFDQRIWKHDEGRPHQFKHVWSHOYLVXVLQJFRQWUDVWDW\SHRIG\H
x 05,RIWKHDEGRPHQ
x 8OWUDVRXQGRIWKHDEGRPHQ
x )'*3(7VFDQ
x %ORRGFKHPLVWU\VWXGLHVLQFOXGLQJWHVWVVSHFLILFWRWKHSDQFUHDV
x KRXUXULQHVWXGLHV
x %ORRGVDPSOHIRUJHQHWLFPDUNHUVLIQRWDOUHDG\SHUIRUPHG
x 5HVHDUFKEORRGWRFRPSDUHZLWKWXPRUJURZWK

0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW



7KHVH VWXGLHV DUH WKRVH GRQH URXWLQHO\ WR GLDJQRVH RU PDQDJH D SHUVRQ ZLWK D OHVLRQ LQ WKH
SDQFUHDV5DUHO\OLJKWDQHVWKHVLDPD\EHUHFRPPHQGHGIRUFKLOGUHQXQGHUJRLQJVRPHRIWKH
VWXGLHV7KLVZRXOGRQO\EHGRQHLQVLWXDWLRQVLQZKLFKDFKLOGZRXOGEHQHILWGLUHFWO\IURPWKH
LQIRUPDWLRQJDLQHGIURPWKHVWXG\$GHVFULSWLRQRIWKHPRVWFRPPRQWHVWVLVOLVWHGEHORZ
%ORRGWHVWV%ORRGZLOOJHQHUDOO\EHGUDZQIURPDQDUPYHLQ7KLVZLOOEHXVHGIRUVWDQGDUGRU
FRPPRQ EORRG WHVWV WKDW GHWHUPLQH ZKHWKHU \RX PHHW WKH UHTXLUHPHQWV IRU SDUWLFLSDWLQJ LQ D
VSHFLILFSURWRFRO7KLVPD\LQFOXGHWDNLQJEORRGWRVHHZKDW\RXU+/$W\SHLVRULI\RXKDYH
KDGDQ\KLVWRU\RIKHSDWLWLV7KHUHZLOODOVREHDERXWWHDVSRRQVRIEORRGGUDZQIRUUHVHDUFK
05,DOVRNQRZQDV0DJQHWLF5HVRQDQFH,PDJLQJLVDVFDQWKDWDOORZVWKHGRFWRUWRYLHZSDUWV
RIWKHERG\LQVPDOOVHFWLRQYLHZVVRWKH\FDQORRNFORVHO\DWHDFKSDUWRIWKHERG\,WGRHVQRW
XVHDQ\UDGLDWLRQDQGLWFDQEHGRQHZLWKRUZLWKRXWFRQWUDVWZKLFKLVDG\HOLNHPDWHULDOWKDW
KHOSVPDNHWKHSLFWXUHFOHDUHU6LQFHWKH05,XVHVODUJHPDJQHWVWRSXWWKHFHOOVLQDSRVLWLRQVR
WKH\FDQEHVHHQPRUHFOHDUO\\RXPXVWUHPRYHDQ\WKLQJWKDWLVPHWDOEHIRUHKDYLQJWKLVWHVW
7KLVWHVWWDNHVEHWZHHQPLQXWHVWRFRPSOHWHDQGLVHQWLUHO\SDLQOHVV
&7 LV DOVR FDOOHG &RPSXWHUL]HG WRPRJUDSK\ RU FRPSXWHUL]HG D[LDO WRPRJUDSK\ &$7 DOVR
DOORZVWKHGRFWRUWRYLHZWKHRUJDQVLQVLGH\RXUERG\LQVPDOOVHFWLRQV,WFDQEHGRQHIURP
GLIIHUHQWDQJOHVDQGDOORZVDWKUHHGLPHQVLRQDOSLFWXUHRIWKHSDUWRIWKHERG\EHLQJVWXGLHG,W
PD\EHGRQHZLWKRUZLWKRXWFRQWUDVWDQGPD\WDNHEHWZHHQPLQXWHV
)'*3(7DOVRFDOOHG3RVLWURQHPLVVLRQWRPRJUDSK\OHWVWKHGRFWRUVHHWKHFHOO¶VDFWLYLW\LQ
VSHFLILFWLVVXHVRIWKHERG\,WUHTXLUHVWKDW\RXEHJLYHQDQLQWUDYHQRXV,9IOXLGVXFKDVD
VXJDUIOXLGRQZKLFKZHKDYHDWWDFKHGDUDGLRDFWLYHSDUWLFOHWKDWDOORZVWKHVXJDUWREHVHHQ
ZLWKDVSHFLDOFDPHUD7KHUDGLRDFWLYHVXJDUJRHVWRFHOOVWKDWDUHPRVWDFWLYHOLNHFDQFHUFHOOV
DQGDOORZVWKHGRFWRUVWRVHHLI\RXKDYHDWXPRU
'XULQJWKH3(7VFDQ\RXZLOOOLHGRZQRQ\RXUEDFNRQWKHSDGGHGVFDQQHUWDEOHZLWKDIRDP
FXVKLRQVXSSRUWLQJ\RXUNQHHV7KHVFDQQHUWDEOHWKHQVOLGHVPRYLQJRQO\\RXUKHDGLQWRWKH
3(7 VFDQQHU ZKLFK UHVHPEOHV D ODUJH GRQXW 7KURXJK WKH HQWLUH SURFHGXUH \RX ZLOO EH
PRQLWRUHGE\DKHDOWKFDUHSURYLGHU,PPHGLDWHO\DIWHUWKH3(7VFDQ\RXZLOOEHDVNHGWRHPSW\
\RXUEODGGHU<RXZLOOEHDVNHGWRFRQWLQXHWRGRWKLVHYHU\WZRKRXUVIRUWKHUHPDLQGHURIWKH
GD\7KLVLVWRUHGXFHWKHOHQJWKRIWLPHWKDW\RXUERG\LVH[SRVHGWRWKHUDGLRDFWLYHDJHQWV
$Q XOWUDVRXQG RI WKH DEGRPHQ LV GRQH ZLWK D VFDQQHU DQG D SUREH RU ³WUDQVGXFHU´ ZKLFK LV
SODFHGRQWKHDEGRPHQ9HU\KLJKIUHTXHQF\VRXQGZDYHVDUHHPLWWHGIURPWKHSUREHZKLOHLWLV
PRYHGRYHUWKHDEGRPHQWRORRNDWOLNHQHGWRDOLJKWVKLQHGIURPDWRUFKDQ\SDUWLFXODUSDUW
RIWKHDEGRPHQ0RYLQJWKHXOWUDVRXQGEHDPVEDFNDQGIRUWKDOORZVLQIRUPDWLRQREWDLQHGIURP
GLIIHUHQWGLUHFWLRQVWREHUHFRPSRVHGLQWRDSLFWXUHZKLFKLVVKRZQRQWKHPRQLWRUVFUHHQD
VRQRJUDPRUXOWUDVRQRJUDP7KLVSURFHGXUHLVHQWLUHO\SDLQOHVV

0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW


<RXZLOOEHHYDOXDWHGLQWKHRXWSDWLHQWFOLQLFRIWKH&OLQLFDO&HQWHUDW1,+7HVWVZLOOEHGRQHLQ
HLWKHURQHGD\RUPD\EHGRQHRYHUGD\V$IWHU\RXUWHVWVDUHGRQH\RXZLOOPHHWZLWKRQH
RIWKHGRFWRUVZKRZLOOGLVFXVVWKHILQGLQJVRIWKHVHWHVWV,I\RXKDYHDOHVLRQLQWKHSDQFUHDV
WKDW PHHWV FHUWDLQ FULWHULD WKH GRFWRU ZLOO GLVFXVV ZLWK \RX WKH RSWLRQ RI KDYLQJ VXUJHU\ WR
UHPRYHDVPXFKWXPRUDVSRVVLEOH7KHVSHFLILFW\SHRIVXUJHU\ZRXOGGHSHQGRQWKHVL]HDQG
ORFDWLRQ RI WKH OHVLRQ RU OHVLRQV  <RXU GRFWRU RU VXUJHRQ ZLOO GLVFXVV ZLWK \RX WKH VSHFLILF
SURFHGXUH DQG WKH ULVNV RI WKDW SURFHGXUH LI WKDW LV DQ RSWLRQ  <RX ZLOO EH DVNHG WR VLJQ D
VHSDUDWHFRQVHQWIRUWKHVXUJHU\<RXPD\PHHWZLWKWKHJHQHWLFFRXQVHORUZKRZLOOVSHQGWLPH
ZLWK\RXWRGLVFXVVWKHHIIHFWVRIWKHLQIRUPDWLRQ\RXUHFHLYHDQGZLOOH[SODLQDQ\WKLQJ\RXGR
QRWXQGHUVWDQG

7KHVSHFLILFFULWHULDWKDWZRXOGPDNH\RXHOLJLEOHIRUVXUJHU\LQFOXGH
x 6FDQVDQG[UD\VVKRZWKHWXPRUVLQWKHSDQFUHDVLVJHWWLQJELJJHU
x ,QDGGLWLRQWRKDYLQJDWXPRULQWKHSDQFUHDV\RXKDYHV\PSWRPVWKDWVKRZWKHWXPRULV
DFHUWDLQNLQGRIWXPRUNQRZQDVDQHXURHQGRFULQHWXPRU
x ,I\RXKDYHDWXPRULQWKHWLSRIWKHSDQFUHDVWKDWLVODUJHUWKDQFPDSSUR[LPDWHO\WKH
VL]HRIDSHQQ\
x ,I\RXKDYHDWXPRULQWKHPDLQERG\RUHQGNQRZQDVWKHWDLORIWKHSDQFUHDVWKDWLV
ODUJHUWKDQFPDSSUR[LPDWHO\WKHVL]HRIDFHQWSLHFH

,I\RXKDYHQRWSUHYLRXVO\KDGEORRGGUDZQIRUJHQHWLFPDUNHUVDVDPSOHRI\RXUEORRGZLOOEH
VHQWWRDFOLQLFDOODERUDWRU\WRORRNIRUWKHDOWHUDWLRQLQWKH'1$WKDWLVUHVSRQVLEOHIRU \RXU
FRQGLWLRQ7KHUHLVDSRVVLELOLW\WKDWWKHJHQHWLFDOWHUDWLRQZLOOQRWEHIRXQG,I\RXZLVKWRKDYH
WKHLQIRUPDWLRQ\RXU'1$UHVXOWVZLOOEHJLYHQWR\RX,I\RXGHVLUHDZULWWHQVXPPDU\ZLOOEH
SURYLGHGWR\RXE\DSURIHVVLRQDOLQYROYHGLQ\RXUFOLQLFYLVLWV,I\RXFKRRVHGRFXPHQWDWLRQ
ZLOO DOVR EH SURYLGHG WR \RXU ORFDO KHDOWK FDUH SURYLGHUV DORQJ ZLWK UHFRPPHQGDWLRQV IRU
DGGLWLRQDOHYDOXDWLRQVRUPDQDJHPHQWRSWLRQV
<RXZLOOEHDVNHGWRUHWXUQWR1,+IRUVFDQVDQG[UD\VHYHU\\HDULI\RXKDYHDOHVLRQLQ\RXU
SDQFUHDVZKLFKGRHVQRWUHTXLUHVXUJHU\DWWKLVWLPH:HZLOOZDWFKIRUJURZWKRI\RXUOHVLRQ
DQGLIDWDODWHUWLPHVXUJHU\PD\EHQHILW\RXZHZLOOGLVFXVVLWDVDQRSWLRQWKHQ,I\RXKDYH
F\VWLFGLVHDVHLQ\RXUSDQFUHDV\RXZLOOEHDVNHGWRUHWXUQWR1,+HYHU\WZR\HDUVIRUVFDQVWR
ZDWFKWKHSURJUHVVLRQ RI WKLV FRQGLWLRQ<RXUORFDOGRFWRUVVKRXOGFRQWLQXHWRPDQDJH \RXU
FDUH   $Q\ RI \RXU WHVW UHVXOWV WKDW PD\ DIIHFW WKH PDQDJHPHQW RI \RXU FRQGLWLRQ DQG DQ\
UHFRPPHQGDWLRQVZHKDYHZLOOEHVKDUHGZLWK\RXUGRFWRUZLWK\RXUNQRZOHGJHDQGSHUPLVVLRQ
6SHFLILFGHWDLOVUHJDUGLQJDQ\UHWXUQYLVLWVZLOOEHUHYLHZHGZLWK\RX



0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW



5LVNVRU'LVFRPIRUWVRI3DUWLFLSDWLRQ
:KDWVLGHHIIHFWVRUULVNVFDQ,H[SHFWIURPEHLQJLQWKLVVWXG\"
$OORIWKHWHVWVDQGSURFHGXUHVLQFOXGHGLQWKLVSURWRFRODUHURXWLQHDQGVWDQGDUGIRUSDWLHQWVZKR
KDYH 9RQ +LSSOH/LQGDX  /LNH PRVW PHGLFDO WHVWV WKHUH DUH VRPH DVVRFLDWHG ULVNV DQG
GLVFRPIRUWV7KHIROORZLQJEULHIVXPPDU\GHVFULEHVWKHPRVWFRPPRQULVNVRIWKHVHWHVWVDQG
SURFHGXUHVEXWWKHGRFWRURUQXUVHZLOOGLVFXVVZLWK\RXLQGHWDLODQ\ULVNVRUGLVFRPIRUWVRIWKH
WHVWV\RXZLOOEHVFKHGXOHGWRXQGHUJR
%ORRGWHVWV7KHEORRGGUDZLQJPD\FDXVHDVKDUSSULFNLQJSDLQIRUMXVWDPRPHQWZKHQWKH
QHHGOHJRHVLQWRWKHYHLQLQ\RXUDUP5DUHO\DEUXLVHPD\IRUPDWWKHQHHGOHSXQFWXUHVLWH
7KLVZLOOJHQHUDOO\JRDZD\RQLWVRZQZLWKRXWDQ\WUHDWPHQW
6FDQV05,&7DQG)'*3(76FDQVDUHFRPPRQVWDQGDUGLPDJLQJWHVWVXVHGLQWKHGLDJQRVLV
RIFDQFHUDQGUHODWHGGLVHDVHV7KHPRVWFRPPRQGLVFRPIRUWLVWKHOHQJWKRIWLPHDSDWLHQWPXVW
OD\VWLOOGXULQJDVFDQ2FFDVLRQDOO\DSDWLHQWPD\EHFRPHXQFRPIRUWDEOHZLWKWKHFORVHGVSDFH
RIWKHPDFKLQHVSDUWLFXODUO\WKH05,,IWKLVRFFXUV\RXUGRFWRUFDQRUGHUDPHGLFLQHWRKHOS
\RXUHOD[GXULQJWKLVVFDQ,IDFRQWUDVWDJHQWWKHVSHFLDOG\HLVJLYHQZLWKWKHVFDQWKHUHLVD
VPDOO ULVN RI KDYLQJ D UHDFWLRQ WR WKH FRQWUDVW  ,Q WKDW VPDOO JURXS RI SDWLHQWV ZKR KDYH D
UHDFWLRQWKHPRVWFRPPRQV\PSWRPVDUHQDXVHDSDLQLQWKHYHLQZKHUHWKHFRQWUDVWZDVJLYHQ
DPHWDOOLFRUELWWHUWDVWHLQWKHPRXWKDQGDZDUPRUIOXVKLQJIHHOLQJWKDWODVWVIURPPLQXWHV
5DUHO\GRWKHVHV\PSWRPVUHTXLUHDQ\WUHDWPHQW,QYHU\UDUHFDVHVSHRSOHKDYHKDGVHYHUH
UHDFWLRQVWKDWDIIHFWWKHLUEUHDWKLQJDQGKHDUWUK\WKP,I\RXKDYHKDGDUHDFWLRQLQWKHSDVWEH
VXUHWRWHOO\RXGRFWRURUQXUVHDERXWLW7KHUDGLDWLRQGRVH\RXUHFHLYHLI\RXUVFDQLQFOXGHVWKH
XVH RI UDGLRLVRWRSHV LV ZHOO ZLWKLQ WKH 1,+ 5DGLDWLRQ 6DIHW\ *XLGHOLQHV DQG LV FRQVLGHUHG
HVVHQWLDOIRU\RXUPHGLFDOFDUH
,I \RX DUH FRQVLGHUHG IRU VXUJHU\ \RXU VXUJHRQ ZLOO GLVFXVV WKH VXUJLFDO SURFHGXUH DQG
DVVRFLDWHGULVNV5HJDUGOHVVRIWKHVSHFLILFQDWXUHRIWKHVXUJHU\DOOJHQHUDOVXUJHU\ FDUULHV
SRWHQWLDOULVNVDQGFRPSOLFDWLRQV7KHUHDUHULVNVRILQIHFWLRQWKHULVNRIDQHVWKHVLDKHDOLQJ
GLIILFXOWLHV DQG GHDWK  ,Q UDUH FLUFXPVWDQFHV PDMRU VXUJHU\ FDQ FDXVH GDPDJH WR WKH YDULRXV
RUJDQV RI WKH ERG\ LQFOXGLQJ EXW QRW OLPLWHG WR FKDQJHV LQ FRQVFLRXVQHVV GDPDJH WR WKH
QHUYRXVV\VWHPKHDUWIDLOXUHOXQJIDLOXUHNLGQH\IDLOXUHRUOLYHUIDLOXUH
2WKHUULVNVWKDWDUHDVVRFLDWHGZLWKWKHVXUJLFDOSURFHGXUHLQFOXGHEOHHGLQJZKLFKPLJKWUHTXLUH
WUDQVIXVLRQVRUDVHFRQGRSHUDWLRQWRFRUUHFWDQGEORRGFORWVWKDWKDYHWKHULVNRIPRYLQJWRWKH
OXQJVFDXVLQJGLIILFXOW\EUHDWKLQJ$VDUHVXOWRIWKHVXUJHU\DQLQIHFWLRQFDQGHYHORSLQWKH
DEGRPHQ ZKHUH WKH LQFLVLRQ ZDV PDGH RU LQ WKH OXQJV SQHXPRQLD  $Q LQIHFWLRQ LQ WKH
DEGRPHQ PD\ QHHG WR EH GUDLQHG  $OO W\SHV RI LQIHFWLRQV ZRXOG EH WUHDWHG ZLWK DQWLELRWLFV
'XULQJVXUJHU\KDQGOLQJWKHRUJDQVLQWKHDEGRPHQPD\FDXVHLUULWDWLRQWRWKHERWWRPOLQLQJ
XQGHUQHDWKWKHOXQJ,QUDUHLQVWDQFHVSDWLHQWVKDYHGHYHORSHGIOXLGXQGHUWKHOXQJNQRZQDVD

0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW


SOHXUDOHIIXVLRQDVDUHVXOWRIWKLV7KLVPD\FDXVH\RXWREHVKRUWRIEUHDWK,QPRVWFDVHVWKH
IOXLG JRHV DZD\ RQ LWV RZQ  2FFDVLRQDOO\ LW PXVW EH UHPRYHG ZLWK D QHHGOH DQG V\ULQJH
%HFDXVHZHZLOOEHGRLQJVXUJHU\RQRUQHDUWKHSDQFUHDVUDUHO\OHVVWKDQRISDWLHQWVDQ
LQIODPPDWLRQ RI WKH SDQFUHDV PD\ RFFXU NQRZQ DV SDQFUHDWLWLV  7KLV PD\ FDXVH SDLQ DQG
LQFUHDVHWKHSDQFUHDVHQ]\PHVLQWKHEORRG,WLVWUHDWHGE\IDVWLQJWRDOORZWKHSDQFUHDVWRUHVW
(PRWLRQDODQG6RFLDO5LVNV*HQHWLFLQIRUPDWLRQDERXW\RXDQG\RXUIDPLO\PD\EHGLVFRYHUHG
GXULQJWKLVUHVHDUFKSURMHFW7KHUHDUHPDQ\DVSHFWVRIOLIHZKLFKFDQEHDIIHFWHGE\NQRZLQJ
WKLVNLQGRILQIRUPDWLRQ6RPHWKLQJVWRFRQVLGHULQWKLQNLQJDERXWZKHWKHURUQRWWRSDUWLFLSDWH
LQJHQHWLFVWXGLHVLQFOXGHWKHSRVVLEOHHIIHFWLWPLJKWKDYHRQ \RXUHPRWLRQDOZHOOEHLQJ,Q
RWKHUZRUGVKRZPLJKW\RXIHHODERXW\RXUVHOIDQG\RXUOLIHLILQIRUPDWLRQLVSURYLGHGDERXW
ULVNVWKDWFRXOGDIIHFW\RXURZQKHDOWKRUWKDWRI\RXUFKLOGUHQ"
5HODWLRQVKLSVZLWKRWKHUIDPLO\PHPEHUVPD\EHDIIHFWHGE\OHDUQLQJDERXWWKHVHULVNVLIWKH\
GLGQRWZDQWWRNQRZWKLVLQIRUPDWLRQ$QH[DPSOHZRXOGEHLI\RXUFKLOGUHQEURWKHUVRUVLVWHUV
ILQGRXWWKH\KDYHULVNVIRUKHDOWKSUREOHPVEHFDXVHRILQIRUPDWLRQIRXQGRXWDERXW\RX6RPH
LQGLYLGXDOVPD\IHHODQ[LRXVGHSUHVVHGRUDGGLWLRQDOO\VWUHVVHGE\OHDUQLQJJHQHWLFRUPHGLFDO
LQIRUPDWLRQDERXWWKHPVHOYHVZKLFKLQVRPHFDVHVPD\QRWKDYHWUHDWPHQWRSWLRQVDYDLODEOH
<RXPD\H[SHULHQFHVLPLODUIHHOLQJVRUPD\KDYHRWKHUUHDFWLRQV,I\RXDUHIHHOLQJDQ[LRXVZH
UHFRPPHQG \RXGLVFXVVWKLVZLWKWKHJHQHWLFFRXQVHORU:HFDQDUUDQJHWKLVIRU \RXLI \RX
ZLVK
,QIRUPDWLRQDERXWWKHSDUHQWVPD\EHGLVFRYHUHGLQWKHFRXUVHRIWKLVUHVHDUFKSURMHFW,QRWKHU
ZRUGVLVVXHVRIDGRSWLRQDQGSDWHUQLW\IDWKHUKRRGPD\EHGLVFRYHUHG,WLVRXUSROLF\WRQRW
GLVFXVVVXFKLQIRUPDWLRQXQOHVVLWKDVGLUHFWPHGLFDORUUHSURGXFWLYHLPSOLFDWLRQVIRU\RXRU\RXU
IDPLO\

5LVNYHU\XQOLNHO\EXWVHULRXV:HZLOOQRWUHOHDVHDQ\LQIRUPDWLRQDERXW\RXRU\RXUIDPLO\WR
DQ\ LQVXUDQFH FRPSDQ\ RU HPSOR\HU XQOHVV \RX UHTXHVW XV WR GR VR +RZHYHU LQVWDQFHV DUH
NQRZQLQZKLFKJHQHWLFLQIRUPDWLRQKDVEHHQREWDLQHGRUUHTXHVWHGZKHQDSHUVRQDSSOLHVIRU
KHDOWKLQVXUDQFHDQGRUDMRE$Q\LQIRUPDWLRQZHFROOHFWRUGLVFRYHUDERXW\RXRU\RXUIDPLO\LV
FRQILGHQWLDO+RZHYHUFRXUWVPD\KDYHWKHDELOLW\WRVXESRHQDPHGLFDOUHFRUGV,I\RXILOHD
FODLP IRU JHQHWLF FRXQVHOLQJ ZLWK \RXU SULYDWH LQVXUDQFH FRPSDQ\ WKH FRPSDQ\ PD\ REWDLQ
VRPHLQIRUPDWLRQDERXW\RXWKDWPD\DIIHFW\RXULQVXUDELOLW\
$Q\ LQIRUPDWLRQ FROOHFWHG RU GLVFRYHUHG DERXW \RX RU \RXU IDPLO\LV FRQVLGHUHG FRQILGHQWLDO
KRZHYHU RXUFRPPLWPHQW WRFRQILGHQWLDOLW\GRHVQRWRYHUULGHWKHFRXUW¶VDELOLW\WRVXESRHQD
PHGLFDOUHFRUGV5HOHDVHRIDQ\LQIRUPDWLRQFRQWDLQHGLQWKHVHILOHVLVFRQWUROOHGE\\RXDQG
DFFHVV E\ RWKHUV LQFOXGLQJ RWKHU IDPLO\ PHPEHUV LV SRVVLEOH RQO\ WKURXJK \RXU H[SUHVVHG
ZULWWHQ DSSURYDO  5HVHDUFK UHVXOWV FRQWDLQLQJ LQIRUPDWLRQ DERXW \RXU JHQHWLF PDNHXS DUH
ORFNHGLQVHFXUHGUHVHDUFKRIILFHVZLWKLQWKH&OLQLFDO&HQWHU0HGLFDOUHFRUGVFRQWDLQLQJWKLV
LQIRUPDWLRQZLOOEHKRXVHGZLWKLQWKH&OLQLFDO&HQWHUDWWKH1DWLRQDO,QVWLWXWHVRI+HDOWK7KLV

0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW


SRWHQWLDOO\ PD\ DOORZ RWKHU UHVHDUFKHUV DW 1,+ DFFHVV WR \RXU LQIRUPDWLRQ ZLWKRXW \RXU
H[SUHVVHGZULWWHQDSSURYDO
3URWHFWLRQV DJDLQVW PLVXVH RI JHQHWLF LQIRUPDWLRQ 6LQFH VRPH JHQHWLF YDULDWLRQV FDQ KHOS WR
SUHGLFWIXWXUHKHDOWKSUREOHPVIRU\RXDQG\RXUUHODWLYHVWKLVLQIRUPDWLRQPLJKWEHRILQWHUHVWWR
KHDOWKFDUHSURYLGHUVOLIHLQVXUDQFHFRPSDQLHVDQGRWKHUV+RZHYHU)HGHUDODQG6WDWHODZV
SURYLGHVRPHSURWHFWLRQVDJDLQVWGLVFULPLQDWLRQEDVHGRQJHQHWLFLQIRUPDWLRQ)RUH[DPSOHWKH
*HQHWLF ,QIRUPDWLRQ 1RQGLVFULPLQDWLRQ $FW *,1$ PDNHV LW LOOHJDO IRU KHDOWK LQVXUDQFH
FRPSDQLHVJURXSKHDOWKSODQVDQGPRVWHPSOR\HUVWRGLVFULPLQDWHDJDLQVW\RXEDVHGRQ\RXU
JHQHWLF LQIRUPDWLRQ  +RZHYHU *,1$ GRHV QRW SUHYHQW FRPSDQLHV WKDW VHOO OLIH LQVXUDQFH
GLVDELOLW\LQVXUDQFHRUORQJWHUPFDUHLQVXUDQFHIURPXVLQJJHQHWLFLQIRUPDWLRQDVDUHDVRQWR
GHQ\ FRYHUDJHRUVHWSUHPLXPV*,1$DOVRGRHVQRWDSSO\WRPHPEHUVRIWKH8QLWHG6WDWHV
PLOLWDU\ LQGLYLGXDOV FRYHUHG E\ WKH ,QGLDQ +HDOWK 6HUYLFH RU YHWHUDQV REWDLQLQJ KHDOWK FDUH
WKURXJK WKH 9HWHUDQ¶V $GPLQLVWUDWLRQ  /DVWO\ *,1$ GRHV QRW IRUELG LQVXUDQFH PHGLFDO
XQGHUZULWLQJ EDVHG RQ \RXU FXUUHQW KHDOWK VWDWXV WKRXJK WKH $IIRUGDEOH &DUH $FW OLPLWV
FRQVLGHUDWLRQRISUHH[LVWLQJFRQGLWLRQVE\LQVXUHUV
3RWHQWLDO%HQHILWVRI3DUWLFLSDWLRQ
$UHWKHUHEHQHILWVWRWDNLQJSDUWLQWKLVVWXG\"
3RWHQWLDOEHQHILWVPD\LQFOXGHHDUO\GHWHFWLRQDQGPDQDJHPHQWRIDEQRUPDOLWLHVLQ\RXUSDQFUHDV
ZKLFKPD\OHDGWRDEHWWHURXWFRPHRI\RXUGLVHDVH<RXZLOOEHRIIHUHGIROORZXSHYDOXDWLRQRI
OHVLRQV\RXPD\KDYHLQ\RXUSDQFUHDVDQGLIDSSURSULDWHZHPD\RIIHU\RXVXUJHU\WRUHPRYH
\RXUSDQFUHDWLFOHVLRQV
$OWHUQDWLYH$SSURDFKHVRU7UHDWPHQWV
:KDWRWKHUFKRLFHVGR,KDYHLI,GRQRWWDNHSDUWLQWKLVVWXG\"
,QVWHDGRIEHLQJLQWKLVVWXG\\RXKDYHWKHVHRSWLRQV
x *HWWLQJWUHDWPHQWRUFDUHIRU\RXUFDQFHUZLWKRXWEHLQJLQDVWXG\
x 7DNLQJSDUWLQDQRWKHUVWXG\
x *HWWLQJFRPIRUWFDUHDOVRFDOOHGSDOOLDWLYHFDUH 7KLVW\SHRI FDUH KHOSV UHGXFHSDLQ
WLUHGQHVVDSSHWLWHSUREOHPVDQGRWKHUSUREOHPVFDXVHGE\WKHFDQFHU,WGRHVQRWWUHDW
WKHFDQFHUGLUHFWO\,QVWHDGLWWULHVWRLPSURYHKRZ\RXIHHO&RPIRUWFDUHWULHVWRNHHS
\RXDVDFWLYHDQGFRPIRUWDEOHDVSRVVLEOH
3OHDVHWDONWR\RXUGRFWRUDERXWWKHVHDQGRWKHURSWLRQV
5HVHDUFK6XEMHFW¶V5LJKWV
:KDWDUHWKHFRVWVRIWDNLQJSDUWLQWKLVVWXG\"
,I\RXFKRRVHWRWDNHSDUWLQWKHVWXG\WKHIROORZLQJZLOODSSO\LQNHHSLQJZLWKWKH1,+SROLF\

0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW


x
<RXZLOOUHFHLYHVWXG\WUHDWPHQWDWQRFKDUJHWR\RX7KLVPD\LQFOXGH
VXUJHU\ PHGLFLQHV ODERUDWRU\ WHVWLQJ [UD\V RU VFDQV GRQH DW WKH
&OLQLFDO&HQWHU1DWLRQDO,QVWLWXWHVRI+HDOWK1,+RUDUUDQJHGIRU\RX
E\WKHUHVHDUFKWHDPWREHGRQHRXWVLGHWKH&OLQLFDO&HQWHU1,+LIWKH
VWXG\UHODWHGWUHDWPHQWLVQRWDYDLODEOHDWWKH1,+
x
7KHUH DUH OLPLWHG IXQGV DYDLODEOH WR FRYHU WKH FRVW RI VRPH WHVWV DQG
SURFHGXUHVSHUIRUPHGRXWVLGHWKH&OLQLFDO&HQWHU1,+<RXPD\KDYH
WRSD\IRUWKHVHFRVWVLIWKH\DUHQRWFRYHUHGE\\RXULQVXUDQFHFRPSDQ\
x
0HGLFLQHVWKDWDUHQRWSDUWRIWKHVWXG\WUHDWPHQWZLOOQRWEHSURYLGHGRU
SDLGIRUE\WKH&OLQLFDO&HQWHU1,+
x
2QFH\RXKDYHFRPSOHWHGWDNLQJSDUWLQWKHVWXG\PHGLFDOFDUHZLOOQR
ORQJHUEHSURYLGHGE\WKH&OLQLFDO&HQWHU1,+
:LOO\RXUPHGLFDOLQIRUPDWLRQEHNHSWSULYDWH"
:HZLOOGRRXUEHVWWRPDNHVXUHWKDWWKHSHUVRQDOLQIRUPDWLRQLQ\RXUPHGLFDOUHFRUGZLOOEH
NHSW SULYDWH  +RZHYHU ZH FDQQRW JXDUDQWHH WRWDO SULYDF\  2UJDQL]DWLRQV WKDW PD\ ORRN DW
DQGRUFRS\\RXUPHGLFDOUHFRUGVIRUUHVHDUFKTXDOLW\DVVXUDQFHDQGGDWDDQDO\VLVLQFOXGH

x 7KH1DWLRQDO&DQFHU,QVWLWXWH1&,DQGRWKHUJRYHUQPHQWDJHQFLHVOLNHWKH)RRGDQG
'UXJ$GPLQLVWUDWLRQ)'$ZKLFKDUHLQYROYHGLQNHHSLQJUHVHDUFKVDIHIRUSHRSOH
x 1DWLRQDO&DQFHU,QVWLWXWH,QVWLWXWLRQDO5HYLHZ%RDUG

6WRSSLQJ6WXG\3DUWLFLSDWLRQ
:HZLOOIROORZ\RXDW1,+XQWLOWKLVVWXG\FORVHVRUXQWLO\RXGHFLGH\RXQRORQJHUZLVKWR
SDUWLFLSDWHLQWKLVQDWXUDOKLVWRU\VWXG\

<RXUGRFWRUPD\DOVRGHFLGHWRWDNH\RXRIIRIWKHVWXG\LIKHVKHEHOLHYHVWKDWLWLVLQ\RXUEHVW
LQWHUHVW,QWKLVFDVH\RXZLOOEHLQIRUPHGRIWKHUHDVRQZK\\RXUVWXG\SDUWLFLSDWLRQLVHQGLQJ
<RXFDQVWRSWDNLQJSDUWLQWKHVWXG\DWDQ\WLPH+RZHYHULI\RXGHFLGHWRVWRSWDNLQJSDUWLQ
WKHVWXG\ZHZRXOGOLNH\RXWRWDONWRWKHVWXG\GRFWRUDQG\RXUUHJXODUGRFWRUILUVW
,I\RXGHFLGHDWDQ\WLPHWRZLWKGUDZ\RXUFRQVHQWWRSDUWLFLSDWHLQWKHWULDOZHZLOOQRWFROOHFW
DQ\DGGLWLRQDOPHGLFDOLQIRUPDWLRQDERXW\RX,I\RXZLWKGUDZ\RXUFRQVHQWDQGOHDYHWKHWULDO
DQ\ VDPSOHV RI \RXUV WKDW KDYH EHHQ REWDLQHG IRU WKH VWXG\ DQG VWRUHG DW WKH 1&,FDQ EH
GHVWUR\HGXSRQUHTXHVW+RZHYHUDQ\VDPSOHVDQGGDWDJHQHUDWHGIURPWKHVDPSOHVWKDWKDYH
DOUHDG\ EHHQ GLVWULEXWHG WR RWKHU UHVHDUFKHUV RU SODFHG LQ WKH UHVHDUFK GDWDEDVHV FDQQRW EH
UHFDOOHGDQGGHVWUR\HG

0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW



&HUWLILFDWHRI&RQILGHQWLDOLW\
7KLV VWXG\ KDV UHFHLYHG D &HUWLILFDWH RI &RQILGHQWLDOLW\ ZKLFK KHOSV WR SURWHFW \RXU UHVHDUFK
LQIRUPDWLRQ7KHUHVHDUFKHUVLQYROYHGLQWKLVVWXG\FDQQRWEHIRUFHGWRGLVFORVHWKHLGHQWLW\RU
DQ\LQIRUPDWLRQ FROOHFWHG LQ WKLV VWXG\ LQ DQ\ OHJDO SURFHHGLQJV DW WKH IHGHUDO VWDWH RUORFDO
OHYHO UHJDUGOHVV RI ZKHWKHU WKH\ DUH FULPLQDO DGPLQLVWUDWLYH RU OHJLVODWLYH SURFHHGLQJV
+RZHYHU \RX RU WKH UHVHDUFKHU PD\ FKRRVH WR YROXQWDULO\ GLVFORVH WKH SURWHFWHG LQIRUPDWLRQ
XQGHUFHUWDLQFLUFXPVWDQFHV)RUH[DPSOHLI\RXUHTXHVWWKHUHOHDVHRILQIRUPDWLRQLQZULWLQJ
WKH&HUWLILFDWHGRHVQRWSURWHFWDJDLQVWWKDWYROXQWDU\GLVFORVXUH)XUWKHUPRUHIHGHUDODJHQFLHV
PD\UHYLHZ\RXUUHFRUGVXQGHUOLPLWHGFLUFXPVWDQFHVVXFKDVD'++6UHTXHVWIRULQIRUPDWLRQ
IRUDQDXGLWRUSURJUDPHYDOXDWLRQRUDQ)'$UHTXHVWXQGHUWKH)RRG'UXJDQG&RVPHWLFV$FW
7KH&HUWLILFDWHRI&RQILGHQWLDOLW\ZLOOQRWSURWHFWDJDLQVWWKHUHTXLUHGUHSRUWLQJE\KRVSLWDOVWDII
RI LQIRUPDWLRQ RQ VXVSHFWHG FKLOG DEXVH UHSRUWDEOH FRPPXQLFDEOH GLVHDVHV DQGRU SRVVLEOH
WKUHDWRIKDUPWRVHOIRURWKHUV
8VH'DWDIRU)XWXUH5HVHDUFK
7R DGYDQFH VFLHQFH LW LV KHOSIXO IRU UHVHDUFKHUV WR VKDUH LQIRUPDWLRQ WKH\ JHW IURP VWXG\LQJ
KXPDQVDPSOHV7KH\ GRWKLVE\SXWWLQJLWLQWRRQHRUPRUHVFLHQWLILFGDWDEDVHVZKHUHLWLV
VWRUHG DORQJ ZLWK LQIRUPDWLRQ IURP RWKHU VWXGLHV $ UHVHDUFKHU ZKR ZDQWV WR VWXG\ WKH
LQIRUPDWLRQ PXVW DSSO\ WR WKH GDWDEDVH DQG EH DSSURYHG  5HVHDUFKHUV XVH GDWD VWRUHG LQ
VFLHQWLILFGDWDEDVHVWRDGYDQFHVFLHQFHDQGOHDUQDERXWKHDOWKDQGGLVHDVH
:HSODQWRNHHSVRPHRI\RXUGDWDWKDWZHFROOHFWDQGXVHWKHPIRUIXWXUHUHVHDUFKDQGVKDUH
WKHP ZLWK RWKHUUHVHDUFKHUV:HZLOOQRWFRQWDFW \RXWRDVN DERXWHDFKRIWKHVHIXWXUH XVHV
7KHVHGDWDZLOOEHVWULSSHGRILGHQWLILHUVVXFKDVQDPHDGGUHVVRUDFFRXQWQXPEHUVRWKDWWKH\
PD\EHXVHGIRUIXWXUHUHVHDUFKRQDQ\WRSLFDQGVKDUHGEURDGO\IRUUHVHDUFKSXUSRVHV<RXUGDWD
ZLOO EH XVHG IRU UHVHDUFK SXUSRVHV RQO\ DQGZLOOQRWEHQHILW \RX ,WLVDOVRSRVVLEOHWKDWWKH
VWRUHGGDWDPD\QHYHUEHXVHG5HVXOWVRIUHVHDUFKGRQHRQ\RXUGDWDZLOOQRWEHDYDLODEOHWR
\RXRU\RXUGRFWRU,WPLJKWKHOSSHRSOHZKRKDYHFDQFHUDQGRWKHUGLVHDVHVLQWKHIXWXUH
,I\RXGRQRWZDQW\RXUVWRUHGGDWDXVHGIRUIXWXUHUHVHDUFKSOHDVHFRQWDFWXVLQZULWLQJDQGOHW
XVNQRZWKDW\RXGRQRWZDQWXVWRXVH\RXUGDWD7KHQ\RXUGDWDZLOOQRWEHXVHGIRUIXWXUH
UHVHDUFK+RZHYHULWPD\QRWEHSRVVLEOHWRZLWKGUDZRUGHOHWHGDWDRQFHWKH\KDYHEHHQVKDUHG
ZLWKRWKHUUHVHDUFKHUV

0(',&$/5(&25'
&216(17723$57,&,3$7(,1$&/,1,&$/5(6($5&+678'<

$GXOW3DWLHQWRU
 3DUHQWIRU0LQRU3DWLHQW
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&216(17723$57,&,3$7(,1$&/,1,&$/5(6($5&+
678'<&RQWLQXDWLRQ6KHHW

$GXOW3DWLHQWRU
 3DUHQWIRU0LQRU3DWLHQW
1,+
3$

)LOHLQ6HFWLRQ3URWRFRO&RQVHQW



27+(53(57,1(17,1)250$7,21

&RQILGHQWLDOLW\:KHQUHVXOWVRIDQ1,+UHVHDUFKVWXG\DUHUHSRUWHGLQPHGLFDOMRXUQDOV
RUDWVFLHQWLILFPHHWLQJVWKHSHRSOHZKRWDNHSDUWDUHQRWQDPHGDQGLGHQWLILHG,QPRVWFDVHV
WKH1,+ZLOOQRWUHOHDVHDQ\LQIRUPDWLRQDERXW\RXUUHVHDUFKLQYROYHPHQWZLWKRXW\RXUZULWWHQ
SHUPLVVLRQ+RZHYHULI\RXVLJQDUHOHDVHRILQIRUPDWLRQIRUPIRUH[DPSOHIRUDQLQVXUDQFH
FRPSDQ\WKH1,+ZLOOJLYHWKHLQVXUDQFHFRPSDQ\LQIRUPDWLRQIURP\RXUPHGLFDOUHFRUG7KLV
LQIRUPDWLRQ PLJKW DIIHFW HLWKHU IDYRUDEO\ RU XQIDYRUDEO\ WKH ZLOOLQJQHVV RI WKH LQVXUDQFH
FRPSDQ\WRVHOO\RXLQVXUDQFH
7KH)HGHUDO3ULYDF\$FWSURWHFWVWKHFRQILGHQWLDOLW\RI\RXU1,+PHGLFDOUHFRUGV+RZHYHU\RX
VKRXOGNQRZWKDWWKH$FWDOORZVUHOHDVHRIVRPHLQIRUPDWLRQIURP\RXUPHGLFDOUHFRUGZLWKRXW
\RXU SHUPLVVLRQ IRU H[DPSOH LI LW LV UHTXLUHG E\ WKH )RRG DQG 'UXJ $GPLQLVWUDWLRQ )'$
PHPEHUV RI &RQJUHVV ODZ HQIRUFHPHQW RIILFLDOV RU DXWKRUL]HG KRVSLWDO DFFUHGLWDWLRQ
RUJDQL]DWLRQV

3ROLF\5HJDUGLQJ5HVHDUFK5HODWHG,QMXULHV7KH&OLQLFDO&HQWHUZLOOSURYLGHVKRUW
WHUPPHGLFDOFDUHIRUDQ\LQMXU\UHVXOWLQJIURP\RXUSDUWLFLSDWLRQLQUHVHDUFKKHUH,QJHQHUDO
QR ORQJWHUP PHGLFDO FDUH RU ILQDQFLDO FRPSHQVDWLRQ IRU UHVHDUFKUHODWHG LQMXULHV ZLOO EH
SURYLGHGE\WKH1DWLRQDO,QVWLWXWHVRI+HDOWKWKH&OLQLFDO&HQWHURUWKH)HGHUDO*RYHUQPHQW
+RZHYHU\RXKDYHWKHULJKWWRSXUVXHOHJDOUHPHG\LI\RXEHOLHYHWKDW\RXULQMXU\MXVWLILHVVXFK
DFWLRQ

3D\PHQWV  7KH DPRXQW RI SD\PHQW WR UHVHDUFK YROXQWHHUV LV JXLGHG E\ WKH 1DWLRQDO
,QVWLWXWHVRI+HDOWKSROLFLHV,QJHQHUDOSDWLHQWVDUHQRWSDLGIRUWDNLQJSDUWLQUHVHDUFKVWXGLHVDW
WKH 1DWLRQDO ,QVWLWXWHV RI +HDOWK  5HLPEXUVHPHQW RI WUDYHO DQG VXEVLVWHQFH ZLOO EH RIIHUHG
FRQVLVWHQWZLWK1,+JXLGHOLQHV

3UREOHPV RU 4XHVWLRQV  ,I \RX KDYH DQ\ SUREOHPV RU TXHVWLRQV DERXW WKLV VWXG\ RU
DERXW \RXU ULJKWV DV D UHVHDUFK SDUWLFLSDQW RU DERXW DQ\ UHVHDUFKUHODWHG LQMXU\ FRQWDFW WKH
3ULQFLSDO,QYHVWLJDWRU(OHFWURQ.HEHEHZ0'%XLOGLQJ5RRP&7HOHSKRQH
<RXPD\DOVRFDOOWKH&OLQLFDO&HQWHU3DWLHQW5HSUHVHQWDWLYHDW,I\RX
KDYHDQ\TXHVWLRQVDERXWWKHXVHRI\RXUGDWDIRUIXWXUHUHVHDUFKVWXGLHV\RXPD\DOVRFRQWDFW
WKH2IILFHRIWKH&OLQLFDO'LUHFWRU7HOHSKRQH

&RQVHQW'RFXPHQW3OHDVHNHHSDFRS\RIWKLVGRFXPHQWLQFDVH\RXZDQWWRUHDGLW
DJDLQ

0(',&$/5(&25'
&216(17723$57,&,3$7(,1$&/,1,&$/5(6($5&+678'<

$GXOW3DWLHQWRU
 3DUHQWIRU0LQRU3DWLHQW
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&216(17723$57,&,3$7(,1$&/,1,&$/5(6($5&+
678'<&RQWLQXDWLRQ6KHHW

$GXOW3DWLHQWRU
 3DUHQWIRU0LQRU3DWLHQW
1,+
3$

)LOHLQ6HFWLRQ3URWRFRO&RQVHQW





&203/(7($335235,$7(,7(06%(/2:
$ $GXOW3DWLHQW¶V&RQVHQW
% 3DUHQW¶V3HUPLVVLRQIRU0LQRU3DWLHQW
,KDYHUHDGWKHH[SODQDWLRQDERXWWKLVVWXG\
DQGKDYHEHHQJLYHQWKHRSSRUWXQLW\WRGLVFXVV
LWDQGWRDVNTXHVWLRQV,KHUHE\FRQVHQWWR
WDNHSDUWLQWKLVVWXG\
,KDYHUHDGWKHH[SODQDWLRQDERXWWKLVVWXG\
DQGKDYHEHHQJLYHQWKHRSSRUWXQLW\WRGLVFXVV
LWDQGWRDVNTXHVWLRQV,KHUHE\JLYH
SHUPLVVLRQIRUP\FKLOGWRWDNHSDUWLQWKLV
VWXG\
$WWDFK1,+0LQRU¶V$VVHQWLI
DSSOLFDEOH

 
 



6LJQDWXUHRI$GXOW3DWLHQW
/HJDO5HSUHVHQWDWLYH
'DWH
6LJQDWXUHRI3DUHQWV*XDUGLDQ 'DWH


3ULQW1DPH


3ULQW1DPH
& &KLOG¶V9HUEDO$VVHQW,I$SSOLFDEOH
7KH LQIRUPDWLRQ LQ WKH DERYH FRQVHQW ZDV GHVFULEHG WR P\ FKLOG DQG P\ FKLOG DJUHHV WR
SDUWLFLSDWHLQWKHVWXG\

 
 

6LJQDWXUHRI3DUHQWV*XDUGLDQ
'DWH
3ULQW1DPH
7+,6&216(17'2&80(17+$6%((1$33529(')2586(
)520129(0%(57+528*+129(0%(5








6LJQDWXUHRI,QYHVWLJDWRU
'DWH
6LJQDWXUHRI:LWQHVV
'DWH


3ULQW1DPH


3ULQW1DPH


0(',&$/5(&25'
&216(17723$57,&,3$7(,1$&/,1,&$/5(6($5&+678'<

$GXOW3DWLHQWRU
 3DUHQWIRU0LQRU3DWLHQW
,167,787(
,QVWLWXWR1DFLRQDOGHO&iQFHU>1DWLRQDO&DQFHU,QVWLWXWH@
678'<180%(5
&
35,1&,3$/,19(67,*$725
(OHFWURQ.HEHEHZ0'
678'<7,7/(
(YDOXDFLyQ GH OD HYROXFLyQ QDWXUDO \ HO WUDWDPLHQWR GH ODV OHVLRQHV
SDQFUHiWLFDVTXHVHDVRFLDQFRQODHQIHUPHGDGGH9RQ+LSSHO/LQGDX
>(YDOXDWLRQ RI WKH 1DWXUDO +LVWRU\ DQG 0DQDJHPHQW RI 3DQFUHDWLF
/HVLRQV$VVRFLDWHG:LWK9RQ+LSSHO/LQGDX@
&RQWLQXLQJ5HYLHZ$SSURYHGE\WKH,5%RQ
$PHQGPHQW $SSURYHGE\WKH,5%RQ1
'DWHSRVWHGWRZHE 
6WDQGDUG6SDQLVK
3$7,(17,'(17,),&$7,21
&216(17723$57,&,3$7(,1$&/,1,&$/5(6($5&+678'<

$GXOW3DWLHQWRU
 3DUHQWIRU0LQRU3DWLHQW
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW

,1752'8&&,Ï1
'HVHDPRVLQYLWDUORDSDUWLFLSDUHQXQHVWXGLRGHLQYHVWLJDFLyQHQORV,QVWLWXWRV1DFLRQDOHVGH
6DOXG1DWLRQDO,QVWLWXWHVRI+HDOWK1,+
(QSULPHUOXJDUTXHUHPRVTXHXVWHGVHSDTXH
/DSDUWLFLSDFLyQHQXQDLQYHVWLJDFLyQGHORV1,+HVWRWDOPHQWHYROXQWDULD
8VWHG SXHGH GHFLGLU QR SDUWLFLSDU R UHWLUDUVH GHO HVWXGLR HQ FXDOTXLHU PRPHQWR (Q
FXDOTXLHUFDVRQRSHUGHUiQLQJXQDSUHVWDFLyQDODTXHSXHGDWHQHUGHUHFKR1RREVWDQWH
SDUDUHFLELUDWHQFLyQPpGLFDHQORV1,+XVWHGGHEHSDUWLFLSDUHQXQHVWXGLRRHVWDUHQ
HYDOXDFLyQSDUDSDUWLFLSDUHQXQR
(V SRVLEOH TXH QR UHFLED QLQJ~Q EHQHILFLR SRU VX SDUWLFLSDFLyQ &RQ OD LQYHVWLJDFLyQ
SRGHPRVDGTXLULUFRQRFLPLHQWRVTXHD\XGHQDRWUDVSHUVRQDVHQHOIXWXUR
(QVHJXQGROXJDUDOJXQDVSHUVRQDVSXHGHQWHQHUFUHHQFLDVSHUVRQDOHVUHOLJLRVDVRpWLFDVTXH
OLPLWHQ ORV WLSRV GH WUDWDPLHQWR PpGLFR R GH LQYHVWLJDFLyQ TXH GHVHHQ UHFLELU SRU HMHPSOR
WUDQVIXVLRQHVGHVDQJUH6LXVWHGHVXQDGHHVDVSHUVRQDVKDEOHDOUHVSHFWRFRQVXVPpGLFRVRFRQ
HOHTXLSRGHLQYHVWLJDFLyQGHORV1,+DQWHVGHDFFHGHUDSDUWLFLSDUHQHOHVWXGLR
(OHVWXGLRVHGHVFULEHHQODVVLJXLHQWHVSiJLQDV$QWHVGHGHFLGLUSDUWLFLSDUWyPHVHWRGRHOWLHPSR
TXHQHFHVLWHSDUDIRUPXODUSUHJXQWDV\KDEODUGHOHVWXGLRFRQFXDOTXLHUSHUVRQDGHORV1,+RFRQ
VXIDPLOLDVXVDPLJRVVXPpGLFRSHUVRQDOXRWURSURIHVLRQDOGHODVDOXG
6LXVWHGYDDILUPDUHVWHIRUPXODULRHQQRPEUHGHXQPHQRUGHHGDGFDGDYH]TXHHQHOGRFXPHQWR
GHFRQVHQWLPLHQWRVHKDEOHGHXVWHGQRVHVWDPRVUHILULHQGRDVXKLMR
¢3RUTXpVHHVWiUHDOL]DQGRHVWHHVWXGLR"
(OSURSyVLWRGHHVWHSUR\HFWRGHLQYHVWLJDFLyQHVHVWXGLDUODHQIHUPHGDGGH9RQ+LSSHO/LQGDXHQ
SDFLHQWHVTXHWLHQHQOHVLRQHVSDQFUHiWLFDV(VSHUDPRVDPSOLDUQXHVWURVFRQRFLPLHQWRVVREUHOD
IRUPDHQTXHHVWDVOHVLRQHVDIHFWDQDODVSHUVRQDV\VREUHODPHMRUPDQHUDGHWUDWDUODV7DPELpQ

0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW


TXHUHPRV DYHULJXDU OD FDXVD JHQpWLFD GH HVWDV DIHFFLRQHV 4XHUHPRV GHVFXEULU ORV FDPELRV R
DOWHUDFLRQHVGHORVJHQHVPDWHULDOJHQpWLFRTXHFDXVDQODVDIHFFLRQHVTXHVHPDQLILHVWDQFRQ
WXPRUHVSDQFUHiWLFRV
¢3RUTXpOHKHPRVSHGLGRTXHSDUWLFLSHHQHVWHHVWXGLR"
/HKDQUHPLWLGRDORV,QVWLWXWRV1DFLRQDOHVGH6DOXGSRUTXHXVWHGRXQSDULHQWHVX\RWLHQHRSRGUtD
WHQHUXQDHQIHUPHGDGKHUHGLWDULDOODPDGDHQIHUPHGDGGH9RQ+LSSHO/LQGDXHQODTXHSXHGHQ
SUHVHQWDUVHWXPRUHVROHVLRQHVGHOSiQFUHDV
¢&XiQWDVSHUVRQDVSDUWLFLSDUiQHQHVWHHVWXGLR"
8QPi[LPRGHSHUVRQDVSDUWLFLSDUiQHQHVWHHVWXGLR
'HVFULSFLyQGHOHVWXGLRGHLQYHVWLJDFLyQ
(VWHHVWXGLRWLHQHFXDWURREMHWLYRVSULQFLSDOHV
 ,GHQWLILFDUDORVSDFLHQWHVFRQHQIHUPHGDGGH9RQ+LSSHO/LQGDXTXHWLHQHQOHVLRQHV
SDQFUHiWLFDV
 'HWHUPLQDUTXpWDQUiSLGDPHQWHFUHFHQODVOHVLRQHV\FXiOHVVRQVXVFDUDFWHUtVWLFDV
 ,QYHVWLJDUTXpWDQELHQSXHGHQODVSUXHEDVGHGLDJQyVWLFRSRULPDJHQPRVWUDUODV
FDUDFWHUtVWLFDVGHODVOHVLRQHVSDQFUHiWLFDVSDUDFRQWULEXLUDOGLDJQyVWLFR
 ,QYHVWLJDUTXpUHODFLyQKD\HQWUHODVFRQFHQWUDFLRQHVVDQJXtQHDVGHFLHUWRVPDUFDGRUHV
JHQpWLFRV\HOFUHFLPLHQWRWXPRUDO

¢4XpSDVDUiVLXVWHGSDUWLFLSDHQHVWHHVWXGLR"
&RPRSDUWHGHVXSDUWLFLSDFLyQHQHVWHSUR\HFWRXVWHGSXHGHKDEODUFRQXQRQFyORJRPpGLFR
HVSHFLDOLVWDHQFiQFHUXQFLUXMDQRVLWLHQHOHVLRQHVSDUDODVTXHVHUHFRPLHQGHXQDRSHUDFLyQ\
HQIHUPHUDV GH RQFRORJtD (VWRV SURIHVLRQDOHV OH KDUiQ SUHJXQWDV VREUH VX HQIHUPHGDG \ VXV
DQWHFHGHQWHVIDPLOLDUHV6LORVSURIHVLRQDOHVGHOD6HFFLyQGH2QFRORJtD8UROyJLFD\DOHKDQKHFKR
HVWDVSUHJXQWDVREWHQGUHPRVODLQIRUPDFLyQGHVXH[SHGLHQWHPpGLFRVLXVWHGDFFHGHDSDUWLFLSDU
HQHOHVWXGLR
'XUDQWHHOHVWXGLR
0LHQWUDVHVWpHQHVWHHVWXGLRVHSXHGHVRPHWHUDODVVLJXLHQWHVSUXHEDVFDGDRDxRVRPiV
IUHFXHQWHPHQWHVLVHSUHVHQWDQFDPELRVHQODHQIHUPHGDG

x 7RPRJUDItDFRPSXWDUL]DGDGHODEGRPHQHOWyUD[RODSHOYLVFRQPHGLRGHFRQWUDVWH
x 5HVRQDQFLDPDJQpWLFDGHODEGRPHQ
x (FRJUDItDGHODEGRPHQ
x 7RPRJUDItDSRUHPLVLyQGHSRVLWURQHVFRQGHVR[LJOXFRVDPDUFDGDFRQIO~RU)'*3(7
SRUVXVVLJODVHQLQJOpV
x $QiOLVLVGHELRTXtPLFDVDQJXtQHDHQWUHHOORVORVDQiOLVLVHVSHFtILFRVSDUDHOSiQFUHDV

0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW


x $QiOLVLVHQRULQDGHKRUDV
x 0XHVWUDGHVDQJUHSDUDGHWHUPLQDFLyQGHPDUFDGRUHVJHQpWLFRVVLQRVHKDUHDOL]DGR
x 0XHVWUDGHVDQJUHSDUDLQYHVWLJDFLyQDILQGHFRPSDUDUHOFUHFLPLHQWRWXPRUDO

(VWDVSUXHEDVVRQODVTXHVHKDFHQKDELWXDOPHQWHGXUDQWHHOGLDJQyVWLFRRHOWUDWDPLHQWRGHXQD
SHUVRQDTXHWLHQHXQDOHVLyQHQHOSiQFUHDV(QUDUDVRFDVLRQHVVHSXHGHUHFRPHQGDUDQHVWHVLD
OLJHUDHQQLxRVTXHVHVRPHWDQDDOJXQRVGHORVHVWXGLRV(VWRVRORVHKDUtDHQVLWXDFLRQHVHQODV
TXH XQ QLxR VH EHQHILFLH GLUHFWDPHQWH GH OD LQIRUPDFLyQ TXH VH REWHQJD HQ HO HVWXGLR $
FRQWLQXDFLyQVHHQFXHQWUDODGHVFULSFLyQGHODVSUXHEDVPiVFRPXQHV

3UXHEDVGHVDQJUH/DVDQJUHVHH[WUDHSRUORJHQHUDOGHXQDYHQDGHOEUD]R(VWDVDQJUHVHXVD
SDUDSUXHEDVFRUULHQWHVGHVDQJUHTXHGHWHUPLQDQVLXVWHGFXPSOHORVUHTXLVLWRVSDUDSDUWLFLSDUHQ
XQ SURWRFROR HVSHFtILFR (VWDV SUXHEDV SXHGHQ FRQVLVWLU HQ WRPDU PXHVWUDV GH VDQJUH SDUD
GHWHUPLQDUHOWLSRGH+/$RVLKDHVWDGRH[SXHVWRDODKHSDWLWLV7DPELpQVHOHH[WUDHUiQFHUFDGH
GRVFXFKDUDGLWDVGHVDQJUHSDUDODLQYHVWLJDFLyQ

5HVRQDQFLDPDJQpWLFD/DUHVRQDQFLDPDJQpWLFDHVXQDSUXHEDTXHOHSHUPLWHDOPpGLFRREVHUYDU
SDUWHVGHOFXHUSRHQVHFFLRQHVSHTXHxDVFRQORFXDOSXHGHYHUGHFHUFDFDGDXQDGHHOODV1R
XWLOL]DQLQJ~QWLSRGHUDGLDFLyQ\VHSXHGHKDFHUFRQRVLQPHGLRGHFRQWUDVWHHOFXDOHVXQPDWHULDO
SDUHFLGR D XQ FRORUDQWH TXH D\XGD D TXH OD LPDJHQ VHD PiV FODUD <D TXH HQ OD UHVRQDQFLD
PDJQpWLFDVHXVDQLPDQHVJUDQGHVSDUDSRQHUODVFpOXODVHQXQDSRVLFLyQHQTXHVHSXHGDQYHUPiV
FODUDPHQWHXVWHGGHEHUiTXLWDUVHWRGRVORVREMHWRVPHWiOLFRVDQWHVGHODSUXHED/DSUXHEDGXUD
HQWUH\PLQXWRV\HVFRPSOHWDPHQWHLQGRORUD

7RPRJUDILD FRPSXWDUL]DGD /D WRPRJUDItD FRPSXWDUL]DGD 7& TXH VH FRQRFH WDPELpQFRPR
WRPRJUDItDD[LDOFRPSXWDUL]DGD7$&OHSHUPLWHDOPpGLFRYHUORVyUJDQRVLQWHUQRVGHOFXHUSR
HQVHFFLRQHVSHTXHxDV6HSXHGHUHDOL]DUGHVGHiQJXORVGLIHUHQWHV\SHUPLWHREWHQHUXQDLPDJHQ
WULGLPHQVLRQDOGHODSDUWHGHOFXHUSRTXHVHHVWiHVWXGLDQGR6HSXHGHUHDOL]DUFRQRVLQPHGLRGH
FRQWUDVWH\ODWpFQLFDGXUDHQWUH\PLQXWRV

7RPRJUDItD SRU HPLVLyQ GH SRVLWURQHV FRQ GHVR[LJOXFRVD PDUFDGD FRQ IO~RU )'*7(3 /D
WRPRJUDItDSRUHPLVLyQGHSRVLWURQHV3(7SRUVXVVLJODVHQLQJOpVOHSHUPLWHDOPpGLFRYHUOD
DFWLYLGDGFHOXODUGHWHMLGRVHVSHFtILFRVGHOFXHUSR3DUDUHDOL]DUODKD\TXHGDUOHDOSDFLHQWHXQ
OtTXLGRLQWUDYHQRVRSRUHMHPSORXQOtTXLGRTXHFRQWHQJDXQD]~FDUDOFXDOVHOHKDILMDGRXQD
SDUWtFXODUDGLRDFWLYDTXHKDFHTXHHOD]~FDUVHSXHGDYHUFRQXQDFiPDUDHVSHFLDO(OD]~FDU

0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW


UDGLRDFWLYRYDDODVFpOXODVPiVDFWLYDVFRPRODVFpOXODVFDQFHURVDV\DVtORVPpGLFRVSXHGHQYHU
VLHOSDFLHQWHWLHQHXQWXPRU

'XUDQWHOD3(7XVWHGHVWDUiDFRVWDGRERFDDUULEDHQXQDFDPLOODDFROFKRQDGDFRQXQFRMtQGH
HVSXPDVRVWHQLpQGROHODVURGLOODV/DFDPLOODVHGHVOL]DGHQWURGHODSDUDWRTXHWLHQHIRUPDGH
W~QHOGHPRGRTXHVRORODFDEH]DTXHGDGHQWURGHpO'XUDQWHWRGDODWpFQLFDXQSURIHVLRQDOGHOD
VDOXGOHYLJLODUi,QPHGLDWDPHQWHDQWHVGHODSULPHUDSUXHEDOHSHGLUHPRVTXHYDFtHODYHMLJD
7HQGUiTXHVHJXLUKDFLHQGRHVWRFDGDGRVKRUDVGXUDQWHHOUHVWRGHOGtD(VWRVHKDFHSDUDUHGXFLU
ODFDQWLGDGGHWLHPSRTXHVXFXHUSRHVWiH[SXHVWRDODVVXVWDQFLDVUDGLRDFWLYDV

(FRJUDItDGHODEGRPHQ(VWDSUXHEDVHUHDOL]DFRQXQHFyJUDIR\FRQXQWUDQVGXFWRUTXHVHOHSDVD
VREUHHODEGRPHQ(OWUDQVGXFWRUHPLWHRQGDVVRQRUDVGHPX\DOWDIUHFXHQFLDDPHGLGDTXHVH
PXHYH VREUH HO DEGRPHQ SDUD ³H[DPLQDU´ XQD ]RQD HVSHFtILFD FRPR VL IXHUD OD OX] GH XQD
DQWRUFKD$OPRYHUORVKDFHVGHXOWUDVRQLGRGHXQODGRDRWURODLQIRUPDFLyQTXHVHREWLHQHGHVGH
GLIHUHQWHVGLUHFFLRQHVVLUYHSDUDFRPSRQHUXQDLPDJHQTXHDSDUHFHHQODSDQWDOOD(VWDLPDJHQHV
ODHFRJUDItD/DWpFQLFDHVFRPSOHWDPHQWHLQGRORUD

/RHYDOXDUHPRVHQODFOtQLFDSDUDSDFLHQWHVDPEXODWRULRVGHO&HQWUR&OtQLFRGHORV1,+/DV
SUXHEDVVHUHDOL]DUiQHQXQVRORGtDRHQHOWUDQVFXUVRGHRGtDV'HVSXpVGHTXHVHUHDOLFHQODV
SUXHEDVVHUHXQLUiFRQXQRGHORVPpGLFRVTXLHQOHH[SOLFDUiORVUHVXOWDGRV6LWLHQHXQDOHVLyQ
GHOSiQFUHDVTXHUH~QDFLHUWRVFULWHULRVHOPpGLFROHKDEODUiGHODDOWHUQDWLYDGHVRPHWHUVHDXQD
RSHUDFLyQSDUDUHWLUDUODPD\RUFDQWLGDGSRVLEOHGHWXPRU(OWLSRHVSHFtILFRGHRSHUDFLyQGHSHQGH
GHOWDPDxR\ODXELFDFLyQGHODOHVLyQRGHODVOHVLRQHV(OPpGLFRRHOFLUXMDQROHKDEODUiQGHOD
LQWHUYHQFLyQHVSHFtILFD\GHORVULHVJRVTXHLPSOLFDVLRSHUDUVHHVXQDDOWHUQDWLYD6HOHSHGLUi
TXHILUPHXQGRFXPHQWRDSDUWHGHFRQVHQWLPLHQWRSDUDODRSHUDFLyQ8VWHGSXHGHUHXQLUVHFRQHO
DVHVRUJHQpWLFRTXLHQGHGLFDUiWLHPSRSDUDKDEODUOHGHODVUHSHUFXVLRQHVGHODLQIRUPDFLyQTXH
UHFLED\OHH[SOLFDUiORTXHQRHQWLHQGD

/RVFULWHULRVHVSHFtILFRVTXHGHWHUPLQDQVLXVWHGSXHGHVRPHWHUVHDODRSHUDFLyQVRQ
x /DVUDGLRJUDItDV\RWUDVSUXHEDVGHGLDJQyVWLFRSRULPDJHQPXHVWUDQTXHHOWXPRURORV
WXPRUHVGHOSiQFUHDVHVWiQDXPHQWDQGRGHWDPDxR
x $GHPiVGHOWXPRUHQHOSiQFUHDVXVWHGWLHQHVtQWRPDVTXHPXHVWUDQTXHHOWXPRU
SHUWHQHFHDXQWLSRHVSHFtILFRGHWXPRUHVTXHVHFRQRFHQFRPRWXPRUHV
QHXURHQGRFULQRV
x 8VWHGWLHQHXQWXPRUGHPiVGHFPHOWDPDxRGHXQDPRQHGDGHXQFHQWDYRHQOD
SXQWDGHOSiQFUHDV

0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW


x 8VWHGWLHQHXQWXPRUGHPiVGHFPHOWDPDxRGHXQDPRQHGDGHFHQWDYRVHQHO
FXHUSRRHQODFRODGHOSiQFUHDV

6LQROHKDQH[WUDtGRVDQJUHDQWHVSDUDDQiOLVLVGHPDUFDGRUHVJHQpWLFRVXQDPXHVWUDGHVXVDQJUH
VH HQYLDUi D XQ ODERUDWRULR FOtQLFR SDUD LQYHVWLJDU OD DOWHUDFLyQ GHO $'1 UHVSRQVDEOH GH VX
HQIHUPHGDG([LVWHODSRVLELOLGDGGHTXHQRVHHQFXHQWUHODDOWHUDFLyQJHQpWLFD6LGHVHDTXHOH
GHPRV ORV UHVXOWDGRV GHO DQiOLVLV GHO $'1 VH ORV HQWUHJDUHPRV 6L OR GHVHD XQR GH ORV
SURIHVLRQDOHVFRQTXLHQHVWHQJDFRQVXOWDVFOtQLFDVOHHQWUHJDUiXQUHVXPHQHVFULWR6LXVWHGOR
VROLFLWDWDPELpQOHVHQWUHJDUHPRVHVWDGRFXPHQWDFLyQDORVSURIHVLRQDOHVPpGLFRVTXHOHDWLHQGHQ
HQ GRQGH YLYH MXQWR FRQ UHFRPHQGDFLRQHV VREUH HYDOXDFLRQHV DGLFLRQDOHV R DOWHUQDWLYDV GH
WUDWDPLHQWR

6HOHSHGLUiTXHUHJUHVHDORV1,+DKDFHUVHUDGLRJUDItDV\RWUDVSUXHEDVGHGLDJQyVWLFRSRULPDJHQ
WRGRVORVDxRVVLWLHQHXQDOHVLyQHQHOSiQFUHDVTXHQRUHTXLHUDRSHUDFLyQHQHVWHPRPHQWR
2EVHUYDUHPRV VL OD OHVLyQ FUHFH \ VL PiV DGHODQWH FRQVLGHUDPRV TXH OD RSHUDFLyQ SRGUtD
EHQHILFLDUOHOHKDEODUHPRVGHHVDRSFLyQFXDQGROOHJXHHOPRPHQWR6LWLHQHILEURVLVTXtVWLFDGHO
SiQFUHDVOHSHGLUHPRVTXHUHJUHVHDORV1,+FDGDGRVDxRVDKDFHUVHSUXHEDVGHGLDJQyVWLFRSRU
LPDJHQSDUDYLJLODUODHYROXFLyQGHHVWDHQIHUPHGDG/RVPpGLFRVTXHOHDWLHQGHQHQGRQGHYLYH
GHEHQVHJXLUHQFDUJiQGRVHGHVXDWHQFLyQ/HFRPXQLFDUHPRVDVXPpGLFR²FRQHOFRQRFLPLHQWR
\SHUPLVRGHXVWHG²WRGRUHVXOWDGRTXHSXHGDDIHFWDUHOWUDWDPLHQWRGHVXHQIHUPHGDG\WRGD
UHFRPHQGDFLyQTXHWHQJDPRV/HH[SOLFDUHPRVORVGHWDOOHVHVSHFtILFRVGHFDGDFRQVXOWDSDUDOD
FXDOWHQJDTXHUHJUHVDU


5LHVJRVRPROHVWLDVUHODFLRQDGRVFRQODSDUWLFLSDFLyQ
¢4XpHIHFWRVVHFXQGDULRVRULHVJRVSXHGRHVSHUDUSRUHOKHFKRGHSDUWLFLSDUHQHVWHHVWXGLR"
7RGDVODVSUXHEDV\ODVWpFQLFDVTXHVHLQFOX\HQHQHVWHSURWRFRORVHUHDOL]DQGHPDQHUDKDELWXDO
\FRUULHQWHHQSDFLHQWHVTXHWLHQHQODHQIHUPHGDGGH9RQ+LSSOH/LQGDX&RPRVXFHGHFRQOD
PD\RUtDGHODVSUXHEDVPpGLFDVHVWDVLPSOLFDQDOJXQRVULHVJRV\PROHVWLDV(OVLJXLHQWHUHVXPHQ
GHVFULEHORVULHVJRVPiVIUHFXHQWHVSHURHOPpGLFRRODHQIHUPHUDOHH[SOLFDUiHQGHWDOOHORV
ULHVJRVRPROHVWLDVGHODVSUXHEDVDODVTXHGHEDVRPHWHUVH

3UXHEDV GH VDQJUH /D H[WUDFFLyQ GH VDQJUH SXHGH FDXVDU XQ GRORU SXQ]DQWH \ DJXGR SRU XQ
PRPHQWRFXDQGRODDJXMDHQWUDHQODYHQDGHOEUD]R(QUDUDVRFDVLRQHVVHSXHGHIRUPDUXQ
PRUHWyQHQHOVLWLRGHSXQFLyQTXHGHVDSDUHFHJHQHUDOPHQWHVLQQHFHVLGDGGHWUDWDPLHQWR


0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW


3UXHEDVGHGLDJQyVWLFRSRULPDJHQ/DUHVRQDQFLDPDJQpWLFDODWRPRJUDItDFRPSXWDUL]DGD\OD
)'*3(7VRQSUXHEDVFRUULHQWHVGHGLDJQyVWLFRSRULPDJHQTXHVHHPSOHDQHQHOGLDJQyVWLFRGHO
FiQFHU\GHODVHQIHUPHGDGHVUHODFLRQDGDVFRQHVWH/DPROHVWLDPiVIUHFXHQWHHVODFDQWLGDGGH
WLHPSRTXHHOSDFLHQWHGHEHSHUPDQHFHUDFRVWDGRHLQPyYLOGXUDQWHODSUXHED$YHFHVHOSDFLHQWH
VH SXHGH VHQWLU LQFyPRGR GHELGR DO HVSDFLR FHUUDGR GH ODV PiTXLQDV HVSHFLDOPHQWH HQ OD
UHVRQDQFLDPDJQpWLFD6LHVWRRFXUUHHOPpGLFRSXHGHIRUPXODUOHXQPHGLFDPHQWRSDUDTXHSXHGD
UHODMDUVHGXUDQWHODSUXHED6LGXUDQWHODSUXHEDVHDGPLQLVWUDXQPHGLRGHFRQWUDVWHXQFRORUDQWH
HVSHFLDOH[LVWHXQULHVJRSHTXHxRGHTXHVHSURGX]FDXQDUHDFFLyQDOPLVPR(QHOSHTXHxRJUXSR
GHSDFLHQWHVTXHSUHVHQWDQXQDUHDFFLyQORVVtQWRPDVPiVIUHFXHQWHVVRQQiXVHDVGRORUHQODYHQD
HQODFXDOVHDSOLFyHOPHGLRGHFRQWUDVWHVDERUPHWiOLFRRDPDUJR\XQDVHQVDFLyQGHFDORURGH
UXERUTXHGXUDHQWUH\PLQXWRV0X\SRFDVYHFHVHVWRVVtQWRPDVUHTXLHUHQWUDWDPLHQWR(Q
FDVRVPX\SRFRIUHFXHQWHVDOJXQDVSHUVRQDVKDQSUHVHQWDGRUHDFFLRQHVJUDYHVTXHDIHFWDQOD
UHVSLUDFLyQ\HOULWPRFDUGtDFR6LXVWHGKDWHQLGRXQDUHDFFLyQHQHOSDVDGRDVHJ~UHVHGHFRQWDUOH
DOPpGLFRRDODHQIHUPHUDDOUHVSHFWR6LHQODSUXHEDVHXVDQLVyWRSRVUDGLRDFWLYRVODGRVLVGH
UDGLDFLyQTXHUHFLELUiVHHQFXHQWUDGHQWURGHODVQRUPDVGHVHJXULGDGGHUDGLDFLyQGHORV1,+\
VHFRQVLGHUDHVHQFLDOSDUDVXDWHQFLyQPpGLFD

6L VH HVWi FRQWHPSODQGR OD SRVLELOLGDG GH KDFHUOH XQD RSHUDFLyQ HO FLUXMDQR OH KDEODUi GH OD
LQWHUYHQFLyQ\GHORVULHVJRVTXHLPSOLFD,QGHSHQGLHQWHPHQWHGHODQDWXUDOH]DHVSHFtILFDGHOD
RSHUDFLyQWRGDVODVLQWHUYHQFLRQHVGHFLUXJtDJHQHUDOLPSOLFDQSRVLEOHVULHVJRV\FRPSOLFDFLRQHV
+D\ULHVJRGHLQIHFFLyQULHVJRVDVRFLDGRVFRQODDQHVWHVLDGLILFXOWDGHVGHFLFDWUL]DFLyQ\ULHVJR
GHPXHUWH(QFLUFXQVWDQFLDVSRFRFRPXQHVODVLQWHUYHQFLRQHVGHFLUXJtDPD\RUSXHGHQFDXVDU
OHVLRQHVHQGLVWLQWRVyUJDQRVGHOFXHUSRHQWUHHOODVDOWHUDFLRQHVGHODFRQVFLHQFLDOHVLRQHVGHO
VLVWHPDQHUYLRVRHLQVXILFLHQFLDFDUGtDFDSXOPRQDUUHQDORKHSiWLFD

2WURVULHVJRVTXHVHUHODFLRQDQFRQODLQWHUYHQFLyQTXLU~UJLFDFRQVLVWHQHQVDQJUDGRTXHSXHGH
UHTXHULUWUDQVIXVLRQHVHQODQHFHVLGDGGHXQDVHJXQGDRSHUDFLyQSDUDFRUUHJLUHOSUREOHPD\HQ
FRiJXORV GH VDQJUH TXH SXHGHQ SDVDUDORVSXOPRQHV \FDXVDUGLILFXOWDG SDUD UHVSLUDU &RPR
UHVXOWDGRGHODRSHUDFLyQSXHGHSUHVHQWDUVHXQDLQIHFFLyQHQHODEGRPHQHQHOOXJDUGHODLQFLVLyQ
RHQORVSXOPRQHVQHXPRQtD6LKD\LQIHFFLyQHQHODEGRPHQSXHGHVHUQHFHVDULRGUHQDUOD
7RGDVODVLQIHFFLRQHVVHWUDWDUiQFRQDQWLELyWLFRV'XUDQWHODLQWHUYHQFLyQODPDQLSXODFLyQGHORV
yUJDQRVGHODEGRPHQSXHGHLUULWDUODPHPEUDQDTXHUHFXEUHODSDUWHSRVWHULRUGHORVSXOPRQHV
(Q UDUDV RFDVLRQHV DOJXQRV SDFLHQWHV KDQ SUHVHQWDGR DFXPXODFLyQ GH OtTXLGR GHEDMR GH ORV
SXOPRQHVGHUUDPHSOHXUDOFRPRUHVXOWDGRGHHVWDVLWXDFLyQ(OGHUUDPHSOHXUDOSXHGHFDXVDU
GLILFXOWDG SDUD UHVSLUDU (Q OD PD\RUtD GH ORV FDVRV HO OtTXLGR GHVDSDUHFH SRU Vt VROR
2FDVLRQDOPHQWHHVQHFHVDULRUHWLUDUORFRQDJXMD\MHULQJD&RPRODRSHUDFLyQVHUHDOL]DUiHQHO
SiQFUHDVRFHUFDGHpOHQUDUDVRFDVLRQHVPHQRVGHOGHORVSDFLHQWHVSXHGHSUHVHQWDUVH
LQIODPDFLyQGHOSiQFUHDVTXHVHFRQRFHFRPRSDQFUHDWLWLV(VWRSXHGHFDXVDUGRORU\DXPHQWDUOD

0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW


FRQFHQWUDFLyQGHODVHQ]LPDVSDQFUHiWLFDVHQODVDQJUH6HWUDWDKDFLHQGRD\XQDUDOSDFLHQWHSDUD
GDUOHDOSiQFUHDVWLHPSRSDUDGHVFDQVDU

5LHVJRV HPRFLRQDOHV \ VRFLDOHV 'XUDQWH HVWD LQYHVWLJDFLyQ VH SXHGH GHVFXEULU LQIRUPDFLyQ
JHQpWLFDVREUHXVWHG\VXIDPLOLD0XFKRVDVSHFWRVGHVXYLGDVHSXHGHQYHUDIHFWDGRVSRUHQWHUDUVH
GHHVWHWLSRGHLQIRUPDFLyQ$OJXQRVIDFWRUHVTXHKD\TXHFRQVLGHUDUSDUDWRPDUODGHFLVLyQGH
SDUWLFLSDURQRSDUWLFLSDUHQHVWRVHVWXGLRVJHQpWLFRVDEDUFDQODVSRVLEOHVUHSHUFXVLRQHVVREUHVX
ELHQHVWDUHPRFLRQDO(QRWUDVSDODEUDV¢VHLPDJLQDFyPRVHVHQWLUtDDFHUFDGHVtPLVPR\GHVX
YLGDVLVHHQWHUDUDGHULHVJRVTXHSRGUtDQDIHFWDUVXVDOXGRODGHVXVKLMRV"

6XUHODFLyQFRQRWURVPLHPEURVGHVXIDPLOLDSXHGHYHUVHDIHFWDGDVLHVWRVDYHULJXDQTXHHVWiQ
FRUULHQGRULHVJRVGHORVTXHQRKXELHUDQTXHULGRHQWHUDUVH3RUHMHPSORLPDJtQHVHVLDWUDYpVGH
ODLQIRUPDFLyQTXHVHREWHQJDVREUHXVWHGVXVKLMRVRVXVKHUPDQRVDYHULJXDQTXHFRUUHQHOULHVJR
GHVXIULUGHWHUPLQDGRVSUREOHPDVGHVDOXG$OJXQDVSHUVRQDVSXHGHQVHQWLUDQVLHGDGGHSUHVLyQR
HVWUpVDOUHFLELULQIRUPDFLyQJHQpWLFDRPpGLFDTXHOHVDIHFWH\SDUDODTXHHQDOJXQRVFDVRVTXL]i
QRKD\DRSFLRQHVGHWUDWDPLHQWR8VWHGSXHGHWHQHUVHQWLPLHQWRVSDUHFLGRVXRWUDVUHDFFLRQHV6L
VHVLHQWHDQJXVWLDGROHUHFRPHQGDPRVTXHKDEOHGHHVWRFRQHODVHVRUJHQpWLFR3RGHPRVKDFHU
ORVDUUHJORVSDUDTXHVHUHDOLFHHVWDFRQYHUVDFLyQVLORGHVHD

'XUDQWHHVWHSUR\HFWRGHLQYHVWLJDFLyQSXHGHGHVFXEULUVHLQIRUPDFLyQVREUHORVSDGUHVGHXQD
SHUVRQD(QRWUDVSDODEUDVVHSXHGHQGHVFXEULUDVXQWRVUHODFLRQDGRVFRQDGRSFLyQ\SDWHUQLGDG
1XHVWUDQRUPDFRQVLVWHHQQRKDEODUGHHVWHWLSRGHLQIRUPDFLyQDPHQRVTXHWHQJDLPSOLFDFLRQHV
PpGLFDVRUHSURGXFWLYDVGLUHFWDVSDUDXVWHGRVXIDPLOLD

5LHVJRVTXHVRQPX\SRFRSUREDEOHVSHURLPSRUWDQWHV1ROHGDUHPRVQLQJ~QWLSRGHLQIRUPDFLyQ
VREUHXVWHGRVXIDPLOLDDFRPSDxtDVGHVHJXURVQLDHPSOHDGRUHVDPHQRVTXHXVWHGQRVSLGDTXH
ORKDJDPRV6LQHPEDUJRVHVDEHGHFDVRVHQORVTXHXQWHUFHURREWLHQHRVROLFLWDLQIRUPDFLyQ
JHQpWLFDVREUHXQDSHUVRQDFXDQGRGLFKDSHUVRQDVHSUHVHQWDDXQHPSOHRRVROLFLWDXQVHJXUR
PpGLFR 7RGD OD LQIRUPDFLyQ TXH VH REWHQJD R VH GHVFXEUD VREUH XVWHG R VX IDPLOLD VHUi
FRQILGHQFLDO6LQHPEDUJRORVWULEXQDOHVSXHGHQRUGHQDUODHQWUHJDGHODFRSLDGHXQH[SHGLHQWH
PpGLFR6LXVWHGSUHVHQWDXQDUHFODPDFLyQHQFRQFHSWRGHDVHVRUtDJHQpWLFDDQWHVXDVHJXUDGRUD
SDUWLFXODUODDVHJXUDGRUDSRGUtDREWHQHULQIRUPDFLyQVX\DTXHSXHGDDIHFWDUVXDVHJXUDELOLGDG

7RGDLQIRUPDFLyQTXHVHREWHQJDRVHGHVFXEUDGHXVWHGRGHVXIDPLOLDVHFRQVLGHUDFRQILGHQFLDO
6LQHPEDUJRQXHVWURFRPSURPLVRFRQODFRQILGHQFLDOLGDGQRLQYDOLGDODFDSDFLGDGGHXQWULEXQDO
GH REWHQHU VX H[SHGLHQWH PpGLFR PHGLDQWH XQ FLWDWRULR 8VWHG FRQWUROD OD HQWUHJD GH WRGD
LQIRUPDFLyQFRQWHQLGDHQHVWRVDUFKLYRVHODFFHVRDHOODSRUSDUWHGHRWUDVSHUVRQDVLQFOXVRGH

0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW


PLHPEURV GH VX IDPLOLD VROR HV SRVLEOH FRQ VX DSUREDFLyQ SRU HVFULWR /RV UHVXOWDGRV GH
LQYHVWLJDFLyQTXHFRQWHQJDQLQIRUPDFLyQVREUHVXFRPSRVLFLyQJHQpWLFDVHFRQVHUYDQFRQOODYH
HQRILFLQDVVHJXUDVGHLQYHVWLJDFLyQGHO&HQWUR&OtQLFR/RVH[SHGLHQWHVPpGLFRVTXHFRQWLHQHQ
HVWDLQIRUPDFLyQVHFRQVHUYDUiQHQHO&HQWUR&OtQLFRGHORV,QVWLWXWRV1DFLRQDOHVGH6DOXG(Q
WHRUtDHVWRSRGUtDSHUPLWLUOHVDRWURVLQYHVWLJDGRUHVGHORV1,+WHQHUDFFHVRDVXLQIRUPDFLyQVLQ
VXDSUREDFLyQH[SUHVDSRUHVFULWR

0HGLGDVGHSURWHFFLyQFRQWUDHOXVRLQDGHFXDGRGHODLQIRUPDFLyQJHQpWLFD'DGRTXHDOJXQDV
YDULDFLRQHVJHQpWLFDVSXHGHQD\XGDUDSURQRVWLFDUSUREOHPDVPpGLFRVHQHOIXWXURSDUDXVWHG\
VXVSDULHQWHVHVWDLQIRUPDFLyQSXHGHVHUGHLQWHUpVSDUDORVSURYHHGRUHVGHDWHQFLyQPpGLFD
FRPSDxtDV GH VHJXURV PpGLFRV \ RWUDV SHUVRQDV 6LQ HPEDUJR ODV OH\HV IHGHUDOHV \ HVWDWDOHV
GLVSRQHQ DOJXQDV PHGLGDV GH SURWHFFLyQ FRQWUD OD GLVFULPLQDFLyQ FRQ EDVH HQ LQIRUPDFLyQ
JHQpWLFD3RUHMHPSOROD/H\$QWLGLVFULPLQDWRULDSRU,QIRUPDFLyQ*HQpWLFD>*HQHWLF,QIRUPDWLRQ
1RQGLVFULPLQDWLRQ $FW *,1$@ GLVSRQH TXH HV LOHJDO TXH ODV FRPSDxtDV GH VHJXURV JUXSRV
FROHFWLYRV GH VDOXG \ OD PD\RUtD GH HPSOHDGRUHV OR GLVFULPLQHQ FRQ EDVH HQ VX LQIRUPDFLyQ
JHQpWLFD 6LQ HPEDUJR *,1$ QR LPSLGH TXH ODV FRPSDxtDV TXH YHQGHQ VHJXURV GH YLGD GH
LQFDSDFLGDGRGHDWHQFLyQDODUJRSOD]RXVHQVXLQIRUPDFLyQJHQpWLFDFRPRMXVWLILFDFLyQSDUDQHJDU
FXEULPLHQWR R GHWHUPLQDU SULPDV *,1$ WDPSRFR DSOLFD SDUD ORV PLHPEURV GH ODV )XHU]DV
$UPDGDVGHORV(VWDGRV8QLGRVSDUDODVSHUVRQDVFXELHUWDVSRUHO6HJXURGH6DOXGSDUD,QGtJHQDV
(VWDGRXQLGHQVHVQLSDUDORVYHWHUDQRVTXHREWHQJDQVHJXURPpGLFRSRUPHGLRGHO'HSDUWDPHQWR
GH$VXQWRVGHORV9HWHUDQRV)LQDOPHQWH*,1$QRSURKtEHODHYDOXDFLyQGHULHVJRGHVHJXURV
PpGLFRVFRQEDVHHQVXHVWDGRGHVDOXGDFWXDODXQTXHOD/H\GH&XLGDGRGH6DOXGD%DMR3UHFLR
>$IIRUGDEOH &DUH $FW@ OLPLWD OD FRQVLGHUDFLyQ GH HQIHUPHGDGHV SUHH[LVWHQWHV SRU SDUWH GH ODV
DVHJXUDGRUDV

3RVLEOHVEHQHILFLRVGHULYDGRVGHODSDUWLFLSDFLyQ
¢+D\EHQHILFLRVDVRFLDGRVFRQODSDUWLFLSDFLyQHQHVWHHVWXGLR"
/RVEHQHILFLRVSUREDEOHVLQFOX\HQODGHWHFFLyQ\HOWUDWDPLHQWRWHPSUDQRGHODVOHVLRQHVTXHWHQJD
HQHOSiQFUHDVORTXHSXGLHUDFRQGXFLUDPHMRUHVUHVXOWDGRVFRQUHVSHFWRDVXFRQGLFLyQ/H
RIUHFHUHPRV OD HYDOXDFLyQ GH VHJXLPLHQWR GH ODV OHVLRQHV TXH WHQJD HQ HO SiQFUHDV \ VL
FRUUHVSRQGHSRGHPRVRIUHFHUOHXQDRSHUDFLyQSDUDH[WLUSDUODV
(VWUDWHJLDVRWUDWDPLHQWRVDOWHUQDWLYRV
¢4XpRWUDVDOWHUQDWLYDVWHQJRVLQRSDUWLFLSRHQHVWHHVWXGLR"

(QYH]GHSDUWLFLSDUHQHVWHHVWXGLRXVWHGWLHQHHVWDVDOWHUQDWLYDV
x 5HFLELUWUDWDPLHQWRRDWHQFLyQSDUDHOFiQFHUVLQSDUWLFLSDUHQXQHVWXGLR
x 3DUWLFLSDUHQRWURHVWXGLR

0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW


x 5HFLELU DWHQFLyQ PpGLFD TXH OH SURSRUFLRQH DOLYLR OR FXDO VH FRQRFH FRPR FXLGDGRV
SDOLDWLYRV(VWHWLSRGHDWHQFLyQD\XGDDGLVPLQXLUHOGRORUHOFDQVDQFLRORVSUREOHPDVGH
DSHWLWR\RWURVSUREOHPDVFDXVDGRVSRUHOFiQFHU1RWUDWDHOFiQFHUGLUHFWDPHQWHVLQRTXH
WUDWD GH PHMRUDU OD IRUPD HQ TXH XVWHG VH VLHQWH /RV FXLGDGRV SDOLDWLYRV WUDWDUiQ GH
PDQWHQHUORORPiVDFWLYR\FyPRGRSRVLEOH

+DEOHFRQVXPpGLFRVREUHHVWDV\RWUDVDOWHUQDWLYDV
'HUHFKRVGHORVSDUWLFLSDQWHVHQODLQYHVWLJDFLyQ
¢&XiOHVHOFRVWRGHSDUWLFLSDUHQHVWHHVWXGLR"
6LGHFLGHSDUWLFLSDUHQHOHVWXGLRVHDSOLFDUiORVLJXLHQWHVHJ~QODVQRUPDVGHORV1,+
x
8VWHG UHFLELUi HO WUDWDPLHQWR GHO HVWXGLR FRPSOHWDPHQWH JUDWLV (O
WUDWDPLHQWRSXHGHFRPSUHQGHUXQDRSHUDFLyQPHGLFDPHQWRVSUXHEDVGH
ODERUDWRULRUDGLRJUDItDV\RWUDVSUXHEDVGHGLDJQyVWLFRSRULPDJHQTXHVH
UHDOLFHQHQHO&HQWUR&OtQLFRGHORV,QVWLWXWRV1DFLRQDOHVGH6DOXGRIXHUD
GHpOVLHQORV1,+QRVHFXHQWDFRQHVHWUDWDPLHQWRUHODFLRQDGRFRQHO
HVWXGLR\HOHTXLSRGHLQYHVWLJDFLyQKDKHFKRDUUHJORVSDUDTXHVHUHDOLFH
HQRWURFHQWUR
x
+D\ IRQGRV OLPLWDGRV SDUD SDJDU HO FRVWR GH DOJXQDV SUXHEDV H
LQWHUYHQFLRQHVTXHVHUHDOLFHQIXHUDGHO&HQWUR&OtQLFRGHORV1,+(V
SRVLEOHTXHWHQJDTXHSDJDUHOFRVWRGHHVWDVSUXHEDVHLQWHUYHQFLRQHVVL
VXFRPSDxtDGHVHJXURVQRORFXEUH
x
(O&HQWUR&OtQLFRGHORV1,+QRSURSRUFLRQDUiORVPHGLFDPHQWRVTXHQR
IRUPHQSDUWHGHOWUDWDPLHQWRGHOHVWXGLRQLSDJDUiSRUHOORV
x
&XDQGRXVWHGKD\DILQDOL]DGRVXSDUWLFLSDFLyQHQHOHVWXGLR\DQRVHOH
SUHVWDUiDWHQFLyQPpGLFDHQHO&HQWUR&OtQLFRGHORV1,+
¢6HPDQWHQGUiHQFRQILGHQFLDOLGDGVXLQIRUPDFLyQPpGLFD"
+DUHPRV WRGR OR SRVLEOH SRU DVHJXUDUQRV GH PDQWHQHU OD FRQILGHQFLDOLGDG GH OD LQIRUPDFLyQ
SHUVRQDOFRQWHQLGDHQVXH[SHGLHQWHPpGLFR6LQHPEDUJRQRSRGHPRVJDUDQWL]DUOHSULYDFLGDG
FRPSOHWD /DV RUJDQL]DFLRQHV TXH SXHGHQ YHU R FRSLDU VX H[SHGLHQWH PpGLFR SDUD HIHFWRV GH
LQYHVWLJDFLyQJDUDQWtDGHFDOLGDG\DQiOLVLVGHGDWRVFRPSUHQGHQ

x (O,QVWLWXWR1DFLRQDOGHO&iQFHU1&,\RWURVRUJDQLVPRVJXEHUQDPHQWDOHV²FRPROD
$GPLQLVWUDFLyQGH$OLPHQWRV\0HGLFDPHQWRV)'$²TXHVHHQFDUJDQGHTXHODV
LQYHVWLJDFLRQHVQRFRQVWLWX\DQXQSHOLJURSDUDODVSHUVRQDV
x (OFRPLWpGHpWLFDHQLQYHVWLJDFLyQ,5%GHO,QVWLWXWR1DFLRQDOGHO&iQFHU

0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW



6XVSHQVLyQGHODSDUWLFLSDFLyQHQHOHVWXGLR
/HKDUHPRVVHJXLPLHQWRHQORV1,+KDVWDTXHHOHVWXGLRFRQFOX\DRKDVWDTXHXVWHGGHFLGDTXH\D
QRGHVHDSDUWLFLSDUHQpO

(OPpGLFRWDPELpQSXHGHGHFLGLUUHWLUDUOHGHOHVWXGLRVLFUHHTXHHVWRHVORTXHPiVOHFRQYLHQHD
XVWHG(QHVHFDVRVHOHLQIRUPDUiODUD]yQSRUODTXHVXSDUWLFLSDFLyQHQHOHVWXGLRVHGDSRU
WHUPLQDGD
8VWHGSXHGHGHMDUGHSDUWLFLSDUHQHOHVWXGLRHQFXDOTXLHUPRPHQWR6LQHPEDUJRVLGHFLGHGHMDU
GHSDUWLFLSDUQRVJXVWDUtDTXHKDEODUDSULPHURFRQHOPpGLFRGHOHVWXGLR\FRQVXPpGLFRSHUVRQDO
6LGHFLGHHQDOJ~QPRPHQWRUHWLUDUVXFRQVHQWLPLHQWRSDUDSDUWLFLSDUHQHOHVWXGLRQRREWHQGUHPRV
QLQJXQDLQIRUPDFLyQPpGLFDDGLFLRQDODFHUFDGHXVWHG6LUHWLUDVXFRQVHQWLPLHQWR\VHYDGHO
HVWXGLRWRGDVODVPXHVWUDVTXHVHKD\DQREWHQLGRGHXVWHGSDUDHOHVWXGLR\TXHVHFRQVHUYHQHQ
HO1&,VHSXHGHQGHVWUXLUFXDQGRXVWHGORVROLFLWH6LQHPEDUJRODVPXHVWUDV\ORVGDWRVREWHQLGRV
DSDUWLUGHHOODVTXH\DVHKD\DQHQWUHJDGRDRWURVLQYHVWLJDGRUHVRTXH\DVHKD\DQLQFOXLGRHQODV
EDVHVGHGDWRVGHLQYHVWLJDFLyQQRVHSRGUiQUHFXSHUDUQLGHVWUXLU

&HUWLILFDGRGHFRQILGHQFLDOLGDG

(VWHHVWXGLRKDUHFLELGRXQ&HUWLILFDGRGH&RQILGHQFLDOLGDGTXHFRQWULEX\HDODSURWHFFLyQGHVXV
GDWRVGHLQYHVWLJDFLyQ/RVLQYHVWLJDGRUHVTXHUHDOL]DQHVWHHVWXGLRQRSXHGHQYHUVHREOLJDGRVD
UHYHODUODLGHQWLGDGGHORVSDUWLFLSDQWHVQLQLQJXQDLQIRUPDFLyQTXHVHUHFROHFWHHQHVWHHVWXGLRD
FDXVDGHQLQJ~QSURFHGLPLHQWROHJDODQLYHOIHGHUDOHVWDWDORORFDOVLQLPSRUWDUTXHVHWUDWHGHXQ
SURFHGLPLHQWRSHQDODGPLQLVWUDWLYRROHJLVODWLYR6LQHPEDUJRXVWHGRHOLQYHVWLJDGRUSXHGHQ
GHFLGLUUHYHODUYROXQWDULDPHQWHODLQIRUPDFLyQSURWHJLGDHQFLHUWDVFLUFXQVWDQFLDV3RUHMHPSORVL
XVWHG VROLFLWD SRU HVFULWR OD HQWUHJD GH OD LQIRUPDFLyQ HO &HUWLILFDGR QR SURWHJH FRQWUD HVD
UHYHODFLyQYROXQWDULD$GHPiVFLHUWRVRUJDQLVPRVIHGHUDOHVSXHGHQH[DPLQDUVXVH[SHGLHQWHVHQ
FLUFXQVWDQFLDVOLPLWDGDVSRUHMHPSORHO'HSDUWDPHQWRGH6DOXG\6HUYLFLRV6RFLDOHV'++6
SRGUtDVROLFLWDULQIRUPDFLyQSDUDHIHFWRVGHDXGLWRUtDRGHHYDOXDFLyQGHXQSURJUDPDROD)'$
SXHGHKDFHUXQDVROLFLWXGGHFRQIRUPLGDGFRQODOH\VREUHDOLPHQWRVPHGLFDPHQWRV\FRVPpWLFRV
>)RRG 'UXJ DQG &RVPHWLFV $FW@ (O &HUWLILFDGR GH &RQILGHQFLDOLGDG QR SURWHJHUi FRQWUD OD
GHQXQFLDREOLJDWRULDTXHGHEHKDFHUHOSHUVRQDOGHXQKRVSLWDOVLVRVSHFKDDEXVRGHPHQRUHVVL
WLHQHFRQRFLPLHQWRDFHUFDGHHQIHUPHGDGHVFRQWDJLRVDVGHQRWLILFDFLyQREOLJDWRULDRVLDOJXLHQ
H[SUHVDXQDSRVLEOHDPHQD]DGHKDFHUVHGDxRRKDFHUOHVGDxRDRWUDVSHUVRQDV
8VRHLQIRUPDFLyQSDUDIXWXUDVLQYHVWLJDFLRQHV
$ILQGHUHDOL]DUDYDQFHVFLHQWtILFRVHV~WLOSDUDORVLQYHVWLJDGRUHVFRPSDUWLUODLQIRUPDFLyQTXH
REWLHQHQDOHVWXGLDUGHVHUHVKXPDQRV(VWRVHKDFHDOUHJLVWUDUHVWDLQIRUPDFLyQHQXQDRPiV
EDVHVGHGDWRVFLHQWtILFDVGRQGHVHDOPDFHQDMXQWRFRQGDWRVGHRWURVHVWXGLRV8QLQYHVWLJDGRU

0(',&$/5(&25'
&217,18$7,216+((7IRUHLWKHU
1,+&RQVHQWWR3DUWLFLSDWHLQ$&OLQLFDO5HVHDUFK6WXG\
1,+0LQRU3DWLHQW¶V$VVHQWWR3DUWLFLSDWH,Q$&OLQLFDO5HVHDUFK6WXG\
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&217,18$7,216+((7IRUHLWKHU
1,+
1,+
3$
)LOHLQ6HFWLRQ3URWRFRO&RQVHQW


TXHGHVHHHVWXGLDUODLQIRUPDFLyQGHEHVROLFLWDUDFFHVRDODEDVHGHGDWRV\UHFLELUDXWRUL]DFLyQ
/RVLQYHVWLJDGRUHVXVDQODLQIRUPDFLyQDOPDFHQDGDVHQEDVHVGHGDWRVFLHQWtILFDVSDUDUHDOL]DU
DYDQFHVHQODFLHQFLD\DSUHQGHUVREUHODVDOXG\ODVHQIHUPHGDGHV
$QWLFLSDPRVPDQWHQHUDOJXQDVGHVXVGDWRVTXHREWHQJDPRVXVDUORVHQIXWXUDVLQYHVWLJDFLRQHV\
FRPSDUWLUORVFRQRWURVLQYHVWLJDGRUHV1RORFRQWDFWDUHPRVSDUDTXHDXWRULFHFDGDXQRGHORVXVRV
IXWXURV$HVWDVGDWRVVHOHVUHWLUDUiQORVLGHQWLILFDGRUHVFRPRQRPEUHGLUHFFLyQRQ~PHURGH
FXHQWD SDUD TXH SXHGDQ XVDUVH HQ IXWXUDV LQYHVWLJDFLRQHV VREUH FXDOTXLHU WHPD \ VH SXHGDQ
FRPSDUWLUDPSOLDPHQWHFRQILQHVLQYHVWLJDWLYRV6XVGDWRVVHXVDUiQVRORFRQILQHVLQYHVWLJDWLYRV
\ QR OR EHQHILFLDUiQ 7DPELpQ HV SRVLEOH TXH QXQFD VH XVHQ QL ORV GDWRV DOPDFHQDGRV /RV
UHVXOWDGRVGHODLQYHVWLJDFLyQTXHVHUHDOLFHFRQVXVGDWRVQRHVWDUiQGLVSRQLEOHVSDUDXVWHGQLSDUD
VXPpGLFRSHURSXHGHQD\XGDUDSHUVRQDVFRQFiQFHU\RWUDVHQIHUPHGDGHVHQHOIXWXUR
6LQRGHVHDTXHVXVGDWRVVHXVHQHQIXWXUDVLQYHVWLJDFLRQHVSRUIDYRUHVFUtEDQRVSDUDDYLVDUQRV
TXHQRGHVHDTXHORKDJDPRV(QWRQFHV\QRVHXVDUiVXLQIRUPDFLyQSDUDIXWXUDVLQYHVWLJDFLRQHV
6LQHPEDUJRHVSRVLEOHTXHQRVHSXHGDQUHWLUDURERUUDURORVGDWRVXQDYH]VHKD\DQFRPSDUWLGR
FRQRWURVLQYHVWLJDGRUHV




0(',&$/5(&25'
&216(17723$57,&,3$7(,1$&/,1,&$/5(6($5&+678'<

$GXOW3DWLHQWRU
 3DUHQWIRU0LQRU3DWLHQW
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&216(17723$57,&,3$7(,1$&/,1,&$/5(6($5&+
678'<&RQWLQXDWLRQ6KHHW

$GXOW3DWLHQWRU
 3DUHQWIRU0LQRU3DWLHQW
1,+
3$

)LOHLQ6HFWLRQ3URWRFRO&RQVHQW



,1)250$&,Ï13(57,1(17($',&,21$/


&RQILGHQFLDOLGDG&XDQGRORVUHVXOWDGRVGHXQHVWXGLRGHLQYHVWLJDFLyQGHORV1,+VHGDQ
D FRQRFHU HQ UHYLVWDV PpGLFDV R UHXQLRQHV FLHQWtILFDV QR VH PHQFLRQD OD LGHQWLGDG GH ORV
SDUWLFLSDQWHV(QODPD\RUtDGHORVFDVRVORV1,+QRGLYXOJDUiQLQJXQDLQIRUPDFLyQVREUHVX
SDUWLFLSDFLyQHQXQDLQYHVWLJDFLyQDPHQRVTXHXVWHGRWRUJXHVXSHUPLVRSRUHVFULWR1RREVWDQWH
VL XVWHG ILUPD XQD DXWRUL]DFLyQ GH GLYXOJDFLyQ GH LQIRUPDFLyQ SRU HMHPSOR D XQD HPSUHVD
DVHJXUDGRUD ORV 1,+ OH SURSRUFLRQDUiQ D HVWD LQIRUPDFLyQ GH VX H[SHGLHQWH PpGLFR (VWD
LQIRUPDFLyQSRGUtDLQIOXLUHQIRUPDIDYRUDEOHRGHVIDYRUDEOHSDUDXVWHGHQODGLVSRVLFLyQGHOD
DVHJXUDGRUDGHYHQGHUOHHOVHJXUR
/D /H\ )HGHUDO GH 3URWHFFLyQ GH OD 9LGD 3ULYDGD >)HGHUDO 3ULYDF\ $FW@ SURWHJH HO FDUiFWHU
FRQILGHQFLDOGHVXVH[SHGLHQWHVPpGLFRVHQORV1,+6LQHPEDUJRHVLPSRUWDQWHTXHVHSDTXHHVWD
OH\SHUPLWHODGLYXOJDFLyQGHFLHUWDLQIRUPDFLyQGHVXH[SHGLHQWHPpGLFRVLQVXDXWRUL]DFLyQSRU
HMHPSORVLORVROLFLWDQOD$GPLQLVWUDFLyQGH$OLPHQWRV\0HGLFDPHQWRV)'$ORVPLHPEURVGHO
&RQJUHVRORVDJHQWHVHQFDUJDGRVGHOFXPSOLPLHQWRGHODOH\RODVRUJDQL]DFLRQHVDXWRUL]DGDVSDUD
HIHFWRVGHDFUHGLWDFLyQKRVSLWDODULD

1RUPDV VREUH OHVLRQHV UHODFLRQDGDV FRQ OD LQYHVWLJDFLyQ (O &HQWUR &OtQLFR OH GDUi
DWHQFLyQ PpGLFD D FRUWR SOD]R SDUD FXDOTXLHU OHVLyQ TXH VH GHED D VX SDUWLFLSDFLyQ HQ XQD
LQYHVWLJDFLyQTXHVHUHDOLFHDOOt(QJHQHUDOQLORV,QVWLWXWRV1DFLRQDOHVGH6DOXGQLHO&HQWUR
&OtQLFRQLHOJRELHUQRIHGHUDOOHGDUiQDWHQFLyQPpGLFDDODUJRSOD]RQLLQGHPQL]DFLyQHFRQyPLFD
SRUOHVLRQHVUHODFLRQDGDVFRQODLQYHVWLJDFLyQ6LQHPEDUJRXVWHGWLHQHGHUHFKRDEXVFDUXQD
FRPSHQVDFLyQOHJDOVLFUHHTXHODOHVLyQMXVWLILFDGLFKDPHGLGD

3DJRV(OPRQWRGHOSDJRTXHVHRIUHFHDORVYROXQWDULRVGHLQYHVWLJDFLyQVHULJHSRUODV
QRUPDV GH ORV ,QVWLWXWRV 1DFLRQDOHV GH 6DOXG (Q JHQHUDO D ORV SDFLHQWHV QR VH OHV SDJD SRU
SDUWLFLSDUHQHVWXGLRVGHLQYHVWLJDFLyQHQORV,QVWLWXWRV1DFLRQDOHVGH6DOXG6HRIUHFHUiUHHPEROVR
GHJDVWRVGHYLDMH\GHYLiWLFRVVHJ~QODVQRUPDVGHORV1,+

3UREOHPDVRSUHJXQWDV6LWLHQHDOJ~QSUREOHPDRXQDSUHJXQWDUHVSHFWRDHVWHHVWXGLRD
VXVGHUHFKRVGHSDUWLFLSDQWHHQXQHVWXGLRGHLQYHVWLJDFLyQFOtQLFDRDDOJXQDOHVLyQUHODFLRQDGD
FRQODLQYHVWLJDFLyQGHEHFRPXQLFDUVHFRQHOLQYHVWLJDGRUSULQFLSDOHOGRFWRU(OHFWURQ.HEHEHZ
%XLOGLQJHGLILFLR5RRPVDOD&WHOpIRQR7DPELpQSXHGHOODPDUDO
UHSUHVHQWDQWHGHORVSDFLHQWHVGHO&HQWUR&OtQLFRDOWHOpIRQR7DPELpQSXHGH
FRPXQLFDUVHFRQOD2ILFLQDGHO'LUHFWRU&OtQLFRDOWHOpIRQRVLWLHQHDOJXQDSUHJXQWD
VREUHHOXVRGHVXVGDWRVHQIXWXURVHVWXGLRVGHLQYHVWLJDFLyQ

'RFXPHQWRGHFRQVHQWLPLHQWR/HVXJHULPRVTXHFRQVHUYHXQDFRSLDGHHVWHGRFXPHQWR
SDUDFRQVXOWDUODSRVWHULRUPHQWH



0(',&$/5(&25'
&216(17723$57,&,3$7(,1$&/,1,&$/5(6($5&+678'<

$GXOW3DWLHQWRU
 3DUHQWIRU0LQRU3DWLHQW
678'<180%(5&
&217,18$7,21SDJHRISDJHV

3$7,(17,'(17,),&$7,21
&216(17723$57,&,3$7(,1$&/,1,&$/5(6($5&+
678'<&RQWLQXDWLRQ6KHHW

$GXOW3DWLHQWRU
 3DUHQWIRU0LQRU3DWLHQW
1,+
3$

)LOHLQ6HFWLRQ3URWRFRO&RQVHQW




&203/(7(/$6&$6,//$6&255(6321',(17(6$&217,18$&,Ï1
$ &RQVHQWLPLHQWRGHXQSDFLHQWHDGXOWR
% 3HUPLVRRWRUJDGRSRUHOORVSDGUHV
GHXQSDFLHQWHPHQRUGHHGDG
+HOHtGRODH[SOLFDFLyQUHODFLRQDGDFRQHVWH
HVWXGLR\KHWHQLGRODRSRUWXQLGDGGH
FRPHQWDUOD\KDFHUSUHJXQWDV3RUHVWHPHGLR
RWRUJRPLFRQVHQWLPLHQWRSDUDSDUWLFLSDUHQ
HVWHHVWXGLR
+HOHtGRODH[SOLFDFLyQUHODFLRQDGDFRQHVWH
HVWXGLR\KHWHQLGRODRSRUWXQLGDGGH
FRPHQWDUOD\KDFHUSUHJXQWDV3RUHVWHPHGLR
RWRUJRSHUPLVRSDUDTXHPLKLMRSDUWLFLSHHQ
HVWHHVWXGLR
$Qp[HVHHOIRUPXODULRGHDVHQWLPLHQWRSDUD
PHQRUHVGHHGDG1,+$VHQWLPLHQWR
GHXQPHQRUGHHGDGVLFRUUHVSRQGH

 
 



)LUPDGHOSDFLHQWHDGXOWRRGH
VXUHSUHVHQWDQWHOHJDO
)HFKD
)LUPDGHOORVSDGUHVRGHO
WXWRUOHJDO
)HFKD


1RPEUHHQOHWUDGHLPSUHQWD


1RPEUHHQOHWUDGHLPSUHQWD
& $VHQWLPLHQWRYHUEDOGHXQQLxRVLFRUUHVSRQGH
6HOHH[SOLFyDPLKLMRODLQIRUPDFLyQFRQWHQLGDHQHOIRUPXODULRGHFRQVHQWLPLHQWRDQWHULRU\
PLKLMRDFFHGHDSDUWLFLSDUHQHOHVWXGLR







)LUPDGHOORVSDGUHVRGHO
WXWRUOHJDO
)HFKD
1RPEUHHQOHWUDGHLPSUHQWD
(/862'((67('2&80(172'(&216(17,0,(172(67È$352%$'2
'(6'((/'(129,(0%5('(+$67$(/'(129,(0%5('(

 


 

)LUPDGHOLQYHVWLJDGRU
)HFKD
)LUPDGHOWHVWLJR
)HFKD


1RPEUHHQOHWUDGHLPSUHQWD


1RPEUHHQOHWUDGHLPSUHQWD
