A 12-Month, Randomized, Active-controlled, Open-label Study of the Efficacy and Safety of Oral Testosterone Undecanoate in Hypogonadal Men (RE-TUne)
Phase: PHASE3
Conditions: Hypogonadism, Male
Sponsor: Marius Pharmaceuticals

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678
3DJHRI
&21),'(17,$/
&/,1,&$/678'<
35272&2/
A 12-Month, Randomized, Active-controlled, Open-label Study of the Efficacy 
and Safety of Oral Testosterone Undecanoate 
in Hypogonadal Men 
3URWRFRO1XPEHU
05678
(XGUD&71XPEHU
1RW$SSOLFDEOH
,1&5HVHDUFK//&D6\QHRV
+HDOWK&RPSDQ\ +HDOWK
6WXG\1XPEHU

,QYHVWLJDWLRQDO3URGXFW
629)
3KDVH
3KDVH
6SRQVRU
0DULXV3KDUPDFHXWLFDOV
6L[)RUNV5RDG6XLWH
5DOHLJK1&
8QLWHG6WDWHV
&RQWUDFW5HVHDUFK
2UJDQL]DWLRQ
,1&5HVHDUFK//&D6\QHRV+HDOWK&RPSDQ\
%HHFKOHDI&RXUW6XLWH
5DOHLJK1&
8QLWHG6WDWHV
3URWRFRO'DWH
)HEUXDU\
3URWRFRO9HUVLRQ
9HUVLRQ
&21),'(17,$/
7KLVSURWRFROPD\QRWEHUHSURGXFHGRUFRPPXQLFDWHGWRDWKLUGSDUW\
ZLWKRXWWKH ZULWWHQSHUPLVVLRQRI0DULXV3KDUPDFHXWLFDOV

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
35272&2/+,6725<
9HUVLRQ
%ULHI'HVFULSWLRQRIFKDQJHV
'DWH
1HZ9HUVLRQ

2ULJLQDOVXEPLWWHGWR)'$
0DU
$PHQGPHQW
9HUVLRQ
)LUVWYHUVLRQVXEPLWWHGWR,5% 7KHWLPHZLQGRZIRUWKH
VLQJOHWLPHSRLQWEORRGGUDZZDVFKDQJHGIURPWR
KRXUVWRµWREHGHWHUPLQHGIURPWKHHIILFDF\GDWD¶
2WKHUFKDQJHVDGGHGWRFODULI\VWXG\SURFHGXUHV$GGHG
XVHRI$6$WRFROOHFW GLHWLQIRUPDWLRQ$GGHG
H[FOXVLRQFULWHULRQUHODWHG WRJ\QHFRPDVWLDZLWKLQODVW
 PRQWKV $GGHG LQVWUXFWLRQWRWDNH629)
PHGLFDWLRQPLQXWHVDIWHUVWDUWRIPHDO
0D\
$PHQGPHQW
9HUVLRQ
3HU)'$IHHGEDFNWKHWLWUDWLRQVFKHPHFKDQJHGIURP
XVLQJKRXU3.SDUDPHWHUV&DYJDQG&PD[WRXVLQJ
VLQJOHWLPHSRLQWWHVWRVWHURQHOHYHOVREWDLQHGWR KRXUV
SRVWPRUQLQJGRVH 7LWUDWLRQGHFLVLRQVZLOOEH EDVHGRQ
DQDOJRULWKPGHULYHGIURP3KDVHEGDWD
7KUHVKROGVIRUWLWUDWLRQVHWWRQJG/ DQGQJG/
7KLVDOJRULWKPLVDSSOLHGGXULQJWKHKRXU3. VDPSOLQJ
RQ'D\VDQGDQGGXULQJVDIHW\SHULRG6FUHHQLQJ
WHVWRVWHURQHOHYHOWRQJG/IURP QJG/WRDOLJQ
ZLWKUHIHUHQFHUDQJHIRU7VFUHHQLQJ DVVD\$GGHG
$&7+VWLPXODWLRQVXEVWXG\'HILQHG)XOO $QDO\VLV6HW
SRSXODWLRQDVDQ\VXEMHFWUHFHLYLQJDW OHDVWRQHGRVHRI
629)$GGHGODQJXDJHWRFODULI\WKDWHIILFDF\
PHDVXUHPHQWZLOOEHEDVHGRQQRUPDOUDQJHIRUSODVPD7
ELRDQDO\WLFDOPHWKRG /& 0606$GGHGDGGLWLRQDO
3.HQGSRLQWVDVUHTXHVWHGE\)'$'HWDLOVRIWLWUDWLRQ
DOJRULWKP GHULYDWLRQDGGHGDV$SSHQGL[
-XQH
$PHQGPHQW
9HUVLRQ
3HU)'$IHHGEDFNDQGLQWHULPUHVXOWVIURPQRUPDO
WHVWRVWHURQHUDQJHVWXG\XVLQJWKHSODVPDELRDQDO\WLFDO
PHWKRGWKHGRZQWLWUDWLRQWKUHVKROGZDVGHFUHDVHG IURP
WRQJG/([FOXVLRQFULWHULRQPRGLILHGWR
VSHFLI\VPDOOERZHOUHVHFWLRQDVH[FOXVLRQDU\
([FOXVLRQFULWHULRQPRGLILHGWRDOORZLQFUHDVHG
KHPDWRFULWIRUSDWLHQWVSUHYLRXVO\RQWHVWRVWHURQH
UHSODFHPHQWWKHUDS\ZLWKOHVVWKDQGD\VZDVKRXW
$XJXVW

&ODULILHGLQV\QRSVLVWKDW+E$FLQFOXVLRQFULWHULRQLVOHVV
WKDQ


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
9HUVLRQ
%ULHI'HVFULSWLRQRIFKDQJHV
'DWH

&ODULILHG%3PHDVXUHPHQWSURWRFRODWVWXG\YLVLWV±
GXSOLFDWHPHDVXUHPHQWVDWDOOVWXG\YLVLWVRWKHU WKDQ WKRVH
ZKHQKRXUKRXU3.VDPSOLQJLVSHUIRUPHG
0DGH 6FKHGXOH RI $VVHVVPHQWV WDEOH  FRQVLVWHQW
ZLWK6HFWLRQ7LPLQJRI6WXG\ 3URFHGXUHV
6SHFLILHGWKDWVXEMHFWVVKRXOGUHPDLQZHOOK\GUDWHG GXULQJ
IDVWLQJSHULRGSULRUWRVWXG\YLVLWVWKDWLQYROYHODERUDWRU\
WHVWLQJ
6SHFLILHGWKDWFRV\QWURSLQDGPLQLVWUDWLRQLQ$&7+
VXEVWXG\RFFXUVRYHUPLQXWHSHULRGUHFRQVWLWXWHGLQ 
WRPORIVDOLQH
&ODULILHGWLPHRIGRVHDGPLQLVWUDWLRQIRU629 ) LV
PLQXWHVDIWHUVWDUWRIPHDO
5HYLVHG$SSHQGL[RQGHULYDWLRQIRU 629) RI
VLQJOHWLPHSRLQWZLQGRZDQGWLWUDWLRQWKUHVKROGVWR
UHIOHFWLQWHULPQRUPDOUDQJH GDWDIRUSODVPDDVVD\

$PHQGPHQW
9HUVLRQ
$QDUWHIDFWRILQFUHDVHGKHPDWRFULWYDOXHVKDVEHHQ
LGHQWLILHGUHVXOWLQJLQLQDFFXUDWHKHPDWRFULWYDOXHV
REWDLQHGE\WKHFHQWUDOODERUDWRU\7KLVDUWHIDFWUHVXOWV
IURPDNQRZQSKHQRPHQRQRIUHGEORRGFHOOVVZHOOLQJLQ
EORRGVDPSOHVDVWKHWLPHDIWHUFROOHFWLRQLQFUHDVHV 7KH
DPHQGPHQWUHPRYHV KHPDWRFULWDVDQH[FOXVLRQFULWHULRQ
DQGPRGLILHV WKHKHPRJORELQFULWHULRQWREHDUDQJHVR
WKDWLW VHUYHVWKHVDPHSXUSRVHDVWKHSUHYLRXVKHPDWRFULW
H[FOXVLRQFULWHULRQ $QDSSHQGL[LVDGGHGWRSURYLGHWKH
UDWLRQDOHIRUXVHRIKHPRJORELQLQSODFH RI KHPDWRFULWLQ
WKHH[FOXVLRQFULWHULD
$XJXVW
$PHQGPHQW

9HUVLRQ
7KHWRWDOQXPEHURISDWLHQWVDQWLFLSDWHGWREHVFUHHQHG
ZLOOEHLQFUHDVHGIURPaWRaIRUWKHVDPHJRDO
RIUDQGRPL]HGSDWLHQWV
$SSUR[LPDWHO\RIVFUHHQIDLOHGSDWLHQWVWRGDWHIDLOHG
DWVFUHHQLQJYLVLW 7KHVWXG\KDVH[SHULHQFHGWZRLVVXHV
ZKLFKKDYHOHGWRDORZHUWKDQDQWLFLSDWHG UDQGRPL]DWLRQ
UDWH7KHUHTXLUHPHQWWRGHFUHDVHWKHHQWU\WRWDOVHUXP
7HVWRVWHURQHFRQFHQWUDWLRQWR LQVWHDGRIQJG/
KDVLPSDFWHGDSSUR[LPDWHO\ RIWKRVHVXEMHFWVIDLOLQJ
VFUHHQLQJ
-DQXDU\

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
9HUVLRQ
%ULHI'HVFULSWLRQRIFKDQJHV
'DWH

1HZVDIHW\PHDVXUHVKDYHEHHQLPSOHPHQWHG UHJDUGLQJ
KHPRJORELQOHYHOVJUHDWHUWKDQJG/ 7KHVHPHDVXUHV
FDOOIRUUHGXFLQJWKHGRVHRI629)VXEMHFWVZLWK
KHPRJORELQJUHDWHU WKDQJG/DIWHUDUHWHVWRUVXEMHFW
ZLWKGUDZDOLI DOUHDG\DWWKHORZHVWGRVHPJGDLO\
GRVH)RUVXEMHFWVDVVLJQHGWRWKH$QGUR*HODUP UHGXFH
WKH GRVHE\RQHDFWXDWLRQSHUGD\H[FHSWIRUVXEMHFWVDW
WKHORZHVWGRVHRIPJSHUGD\RQHSXPSDFWXDWLRQ
ZKRZLOOEHZLWKGUDZQ
)RUDQ\VXEMHFWVZKRKDYHKDGGRVHUHGXFWLRQVGXHWR
KHPRJORELQJUHDWHUWKDQJG/WKHKHPRJORELQ
PHDVXUHPHQWVKRXOGEHUHSHDWHG GD\VDIWHUWKHGRVH
UHGXFWLRQSOXVPLQXVVHYHQGD\V
$QHZVDIHW\PHDVXUHIRUSURVWDWHVSHFLILFDQWLJHQ 36$
KDVEHHQLPSOHPHQWHG)RUDQ\RQVWXG\ LQFUHDVHLQ36$
QJP/IURPWKH9LVLWEDVHOLQHUHVXOWUHWHVWWKH
36$ZLWKLQZHHNVRI WKHWHVWUHYHDOLQJWKHLQFUHDVHG
UHVXOW,IWKHUHSHDWPHDVXUHPHQWFRQILUPVDQLQFUHDVHLQ
36$ QJP/FRQVXOWWKHVXEMHFW¶VXURORJLVWDQG
SULPDU\FDUHSURYLGHUUHJDUGLQJKLVWRULFDO36$YDOXHVDQG
KLVWRU\RISURVWDWHKHDOWKLQRUGHUWRGHWHUPLQHLIWKH
VXEMHFWFDQVDIHO\FRQWLQXHLQWKHVWXG\ :LWKGUDZQ
VXEMHFWVVKRXOGEHVFKHGXOHGIRUIROORZXSE\WKHLU
SULPDU\FDUHSURYLGHUDQGRUXURORJLVW
7H[WKDVEHHQDGGHGWRGHVFULEHWKHSURFHVVXVHGIRU
GHWHUPLQLQJORZGHQVLW\OLSRSURWHLQ/'/ YDOXHVIRU
FRPSDULVRQWRLQFOXVLRQFULWHULRQF,I WKHWULJO\FHULGH
UHVXOWIDOOVRXWVLGHWKHYDOLGUDQJHIRUWKH FHQWUDOODE
FDOFXODWLRQRI/'/WKHQDQDGGLWLRQDOVDPSOHLVREWDLQHG
IRUGLUHFW PHDVXUHPHQWRI/'/ 7KLVUHTXLUHVDQ
DGGLWLRQDO VDPSOHWREHWDNHQEHIRUH 9LVLW
7KHDOORZDEOHZLQGRZVIRU9LVLWVFUHHQLQJ 9LVLW
VFUHHQLQJDQG9LVLWUDQGRPL]DWLRQKDYH EHHQ
DGMXVWHGVRWKDW9LVLWDOZD\VWDNHVSODFHZLWKLQGD\V
RI9LVLW $GGLWLRQDOO\WKHGHVFULSWLRQRIWLPLQJRI
9LVLWVWKURXJK(QGRI6WXG\KDYHEHHQFODULILHGWRPDWFK
DFWXDOSUDFWLFH


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
9HUVLRQ
%ULHI'HVFULSWLRQRIFKDQJHV
'DWH

)RUSUHGRVHEORRGSUHVVXUHPHDVXUHPHQWVDW9LVLWV 
DQGIRUKRXU3.PHDVXUHPHQWDPLQXWHZLQGRZ
SULRUWRGRVLQJLVGHILQHGIRUREWDLQLQJWKHLQLWLDO%3
PHDVXUHPHQW7KLVDOORZVWKH%3WREHWDNHQEHIRUH
HDWLQJ


0LQRUIRUPDWWLQJFKDQJHVKDYHEHHQPDGHZLWKRXWFKDQJH
WRFRQWHQWRUPHDQLQJ

$PHQGPHQW

9HUVLRQ
$Q H[WHQVLRQ VWXG\05678(;7 KDV EHHQ
DGGHGDV$SSHQGL[,WVSXUSRVHLVWRIXUWKHU
H[DPLQHWKH%3HIIHFWVRI629)XVLQJ
KRXUDPEXODWRU\EORRGSUHVVXUHPRQLWRULQJ $%30
$VHFRQGDU\REMHFWLYHZLOOEHWRGHPRQVWUDWH WKH
IHDVLELOLW\RIXVLQJDORZHUVWDUWLQJ GRVHRI629)
GDLO\GRVHRIPJ
>PJZLWKEUHDNIDVWPHDODQGPJZLWKGLQQHU
PHDO@WRPLQLPL]HWKHQXPEHURIVXEMHFWVH[SRVHGWRD
KLJKHUVWDUWLQJGRVHWKDQLVQHHGHG$QRWKHUVHFRQGDU\
REMHFWLYHLVWRFROOHFWDVLQJOHVHWRIVDPSOHVWRHYDOXDWH
ELRDQDO\WLFDOHIIHFWVRI VHUXPYHUVXVSODVPDVDPSOHV
$SSUR[LPDWHO\PHQZKRFRPSOHWHWKHZHHN
VWXG\05678 DQGDUHZLOOLQJWRFRQVHQWWR
SDUWLFLSDWHLQWKHH[WHQVLRQVWXG\ZLOOEHHOLJLEOHWR
SDUWLFLSDWH
6WXG\3URFHGXUHVDQG6FKHGXOHRI$VVHVVPHQWVIRU'
ZLOOEHUHYLVHGWRLQFOXGHWKHDVVHVVPHQWVUHTXLUHGIRU
05678(;7DVZHOODV LQIRUPDWLRQIRU'ZLOO
EHDGGHGIRUWKRVHVXEMHFWVFRQWLQXLQJLQ WKHH[WHQVLRQ
VWXG\
$GGLQJLQIRUPDWLRQIRUWKHPJDQGPJ
629)VWUHQJWKVWR6HFWLRQ,GHQWLW\RI
,QYHVWLJDWLRQDODQG&RPSDUDWRU3URGXFWV
$GGLQJDQDO\VLVRI+E$FDW'IRU05678 
VXEMHFWVIURPDQDOUHDG\SODQQHGDQGFROOHFWHG
KHPDWRORJ\VDPSOHDW'
$GGLWLRQRIVDPSOHFROOHFWLRQIRUELRDQDO\WLFDO VDPSOH
VWDELOLW\IURPRUPRUH629) VXEMHFWVLQ056
78DW9LVLW'D\RU9LVLW'D\ 
-XQH

&KDQJLQJ,1&5HVHDUFKWR,1&5HVHDUFK//&D6\QHRV
+HDOWK&RPSDQ\GXHWRDPHUJHUZLWKLQ9HQWLY


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
9HUVLRQ
%ULHI'HVFULSWLRQRIFKDQJHV
'DWH
$PHQGPHQW

9HUVLRQ
)RU%LRDYDLODELOLW\VDPSOH6WDELOLW\6XEVWXG\%666 DQ
XQVFKHGXOHGRSWLRQZDVJLYHQIRUWKHVDPSOLQJ YLVLW
ZLWKLQRQHZHHNRIHLWKHU9LVLWIRU9LVLW 7KLVZDV
GRQHWRDFFRPPRGDWHVRPHVXEMHFWVZKR H[SHULHQFHG
GRVHOHYHOFKDQJHVPDNLQJWKHPHOLJLEOH RQWKHPRUQLQJ
RIWKHDVVRFLDWHGYLVLWDQGFRXOGQRWH[WHQGWKHYLVLW
ZLWKRXWQRWLFH
(OLJLELOLW\&ULWHULDIRU%666VDPSOLQJVWXG\ZDVUHYLVHGWR
+JE!JG/IURP!JG/
3HU)'$IHHGEDFNWKH$%3005678(;7 VWXG\
KDVEHHQH[WHQGHGWRSURYLGH$%30GDWDFROOHFWLRQDIWHU
PRQWKVRIWUHDWPHQWDWDVXEMHFW¶VILQDOGRVH6XEMHFWVDUH
H[SHFWHGWRUHDFKWKHLUILQDO GRVHE\'D\(RU'D\(
DQGUHPDLQRQWKDWGRVHWKURXJKRXWWKHUHPDLQGHURIWKH
WUHDWPHQW7KHRYHUDOO WUHDWPHQWSHULRGZDVH[WHQGHGWR
PRQWKVWRWDOWRSURYLGHDPLQLPXPPRQWKWUHDWPHQW
SHULRGDWILQDOGRVHIRUDOOVXEMHFWV7KHYLVLWVFKHGXOHDQG
REMHFWLYHVKDYHEHHQUHYLVHGWRDOLJQZLWKWKHH[WHQGHG
PRQWK WUHDWPHQWSHULRG
3HU)'$IHHGEDFNWKHHQUROOPHQWWDUJHWIRUWKH05678
(;7ZDVLQFUHDVHGIURPHQUROOHGWRXSWR
DSSUR[LPDWHO\HQUROOHGZLWKDWDUJHW FRPSOHWLRQRI
HYDOXDEOHVXEMHFWVDWPRQWKVRIWUHDWPHQW 6LWH
SDUWLFLSDWLRQQXPEHUVZHUHDOVRLQFUHDVHGLQDQHIIRUWWR
HQUROOODUJHUVXEMHFWQXPEHUV$SDWKZD\IRUHQUROOPHQW
LQWR05678(;7 $%30H[WHQVLRQVWXG\ZDV
DGGHGIRUVXEMHFWVKDYLQJ DOUHDG\FRPSOHWHG05678
E\WKHVWDUWRI05678(;7ZKHUHE\VXEMHFWV
FRXOGHQUROO E\SDVVLQJWKH'UHTXLUHPHQWVDQG
EHJLQQLQJ SDUWLFLSDWLRQDWWKHUHTXLUHGZHHNZDVKRXW
YLVLWV
$QRSWLRQKDVDOVREHHQDGGHGWRHQUROOQRQ05678
VXEMHFWVIURPDIHZVHOHFWVLWHVWRWKH$%30
H[WHQVLRQVWXG\LQRUGHUWRLQFUHDVHWKHOLNHOLKRRGRI
UHDFKLQJWKHGHVLUHGWRWDOQXPEHURISDUWLFLSDWLQJVXEMHFWV
LQ05678(;7
7KHUHDUHUHYLVLRQVWRZKLFK05678(;7 $%30
H[WHQVLRQVWXG\YLVLWVUHTXLUHIDVWLQJWRDVVXUH LQFOLQLF%3
LVPHDVXUHLQDIDVWHGVWDWHDFURVVDOOYLVLWVZKLFKLQFOXGH
YLWDOVLJQV$QDGGLWLRQRID³QR
2FW

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
9HUVLRQ
%ULHI'HVFULSWLRQRIFKDQJHV
'DWH

VPRNLQJZLWKLQPLQRIWKHVWDUWRIWKHVWXG\YLVLW´ZDV
DGGHGWRDYRLGLPSDFWRIVPRNLQJRQLQFOLQLF%3
DVVHVVPHQWV
7KHSULRUUHTXLUHPHQWRID³SDVVLQJ´$%30 DVVHVVPHQWDW
'D\9LVLW((27PDLQ05678 VWXG\ZDV
UHPRYHG 7KHUHTXLUHPHQWIRU³SDVVLQJ´$%30
DVVHVVPHQWZDVDGGHGWR9LVLW( 'D\(RIWUHDWPHQWLQ
WKHH[WHQVLRQVWXG\EHFDXVH WKLVWLPHSRLQWLVFRQVLGHUHG
QHFHVVDU\DVWKHEDVHOLQH IURPZKLFKWRPHDVXUHFKDQJHV
GXULQJWKH$%30H[WHQVLRQVWXG\
3HU)'$UHTXHVWIRU05678(;7$%30
([WHQVLRQ6WXG\RQO\DGGHG(OLJLELOLW\,QFOXVLRQ
OLPLWDWLRQIRU05678(;7IRUQHZO\HQUROOHG
VXEMHFWVRI%3DQGUHTXLUHPHQWIRUDOOVXEMHFWV
WRKDYH%3LQRUGHUWRFRQWLQXHSDVW9LVLW(WR
GRVLQJ
&ODULILHG([FOXVLRQ&ULWHULDIRU$%30([WHQVLRQ6WXG\
2QO\1HZO\(QUROOHG6XEMHFWVPDLQVWXG\H[FOXVLRQ
FULWHULDSDWLHQWVPXVWQRWKDYHUHFHLYHGSULRU
WHVWRVWHURQHUHSODFHPHQWWKHUDS\ZLWKLQZHHNVRIWKH
VWDUWRIWKHVWXG\ZLWKWKHH[FHSWLRQRI7LPSODQWDEOH
SHOOHWVZKLFKDUHH[FOXGHGIRUPRQWKV
)RU$%30([WHQVLRQ6WXG\2QO\1HZO\
(QUROOHG6XEMHFWVWR05678(;7$%30
([WHQVLRQ6WXG\SDWLHQWVPXVWQRWKDYHUHFHLYHG
SULRUWHVWRVWHURQHUHSODFHPHQWWKHUDS\ZLWKLQZHHNV
RIWKHVWDUWRIWKHVWXG\ZLWKWKHH[FHSWLRQRI7
LPSODQWDEOHSHOOHWVZKLFKDUHH[FOXGHGIRUPRQWKV


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
9HUVLRQ
%ULHI'HVFULSWLRQRIFKDQJHV
'DWH
$PHQGPHQW

9HUVLRQ
5HPRYHG&%*DQDO\VLVIURPWKH$&7+VXEVWXG\WLPH
]HURVDPSOHRQ'D\
5HSODFHGWKH)7=PHWKRGRI)UHH7FDOFXODWLRQZLWKWKH
)79PHWKRG
&ODULILHGWKDWDGGHG(OLJLELOLW\,QFOXVLRQOLPLWDWLRQIRU
05678(;7IRUQHZO\HQUROOHGVXEMHFWVRI
%3DQGUHTXLUHPHQWIRUDOOVXEMHFWVWRKDYH%3
DW9(LQRUGHUWRFRQWLQXHWR9(GRVLQJLV
EDVHGRQLQFOLQLF%3DVVHVVPHQWDYHUDJHRIWKRVH
DVVHVVPHQWVUHTXLUHGIRUWKHYLVLW
&ODULILHGWKDWLIQHZHQUROOPHQWVXEMHFWVKDYHDQRUPDO
SK\VLFDOH[DPDW6FUHHQLQJ9(;7WKH\DUHQRW
UHTXLUHGWRKDYHDUHSHDWSK\VLFDOH[DPDW9(
$GGHGWKHFODULILFDWLRQVVWDWHGLQWKH2FWREHU
3URWRFRO9&ODULILFDWLRQ/HWWHU
$WVHOHFWHGQHZHQUROOPHQWFHQWHUVVXEMHFWVZKR
FRPSOHWHGWKHPDLQ05678VWXG\!ZHHNVSULRU
DQGKDGQRW\HWHQWHUHGLQWR05678(;7PD\EH
HQUROOHGDVDQHZHQUROOPHQWVXEMHFWSURYLGLQJWKH\PHHW
DOOHOLJLELOLW\FULWHULDVSHFLILHGIRUQHZHQUROOPHQW
VXEMHFWV7KLVUHPRYHVWKHUHTXLUHPHQWRIDQDGGLWLRQDO
ZHHNZDVKRXWSHULRGIRUSULRUVXEMHFWVRIIRIWUHDWPHQW
IRURUPRUHZHHNVDOUHDG\
&ODULILHGDGGLWLRQDOLQIRUPDWLRQEHLQJFROOHFWHGLQWKH
&5)DWWLPHRIKU$%30UHDGLQJVLHWKHH&5)ZLOO
FROOHFWEDVLFLQIRUPDWLRQDERXWDQ\XQXVXDOHYHQWVWKDW
PD\LPSDFW%3DVIROORZV
'LGWKHVXEMHFWH[SHULHQFHDQ\RIWKHIROORZLQJGXULQJ
WKLVKRXUKRPH%3PRQLWRULQJSHULRG"
x 8QXVXDODFWLYLW\"
x 8QXVXDOGLHW"
x 8QXVXDOVWUHVVIXOHYHQW"
)HE

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
9HUVLRQ
%ULHI'HVFULSWLRQRIFKDQJHV
'DWH

8QXVXDOHYHQWVDUHGHVFULEHGDVWKRVHHYHQWVWKDWDUH
XQXVXDOWRWKHLQGLYLGXDOVXEMHFW¶VDFWLYLWLHVRU
H[SHULHQFHVRIGDLO\OLYLQJ
$GGHGDKU6HUXP7'+7VXEVWXG\IRUVHOHFWFHQWHUV
LQ$%30([WHQVLRQ6WXG\05678(;7
DSSUR[LPDWHO\VXEMHFWVWRLQFOXGHDGGHG6HUXP7
FROOHFWLRQDWDOOKU3.WLPHSRLQWVDW9('(IRUXS
WRDSSUR[LPDWHO\VXEMHFWV
$GGHGGHILQLWLRQVRIDQDO\VLVSRSXODWLRQVIRU05678
(;7
$GGHGHIILFDF\&DYJDQG&PD[DQDO\VHVWRSULPDU\DQG
VHFRQGDU\REMHFWLYHVRI05678(;7
5HPRYHG/L+HSDULQWXEHVIURPVDPSOHFROOHFWLRQIRU
ELRDQDO\WLFDODQDO\VLV
$GGHGH[SORUDWRU\DQDO\VLVRIVHUXP7DQG'+7YDOXHV
REWDLQHGDW9('(LQWKHVHUXPVXEVWXG\
$GGHGH[SORUDWRU\DQDO\VLVRIWLWUDWLRQGHFLVLRQV
FRPSDULQJDOOVDPSOHW\SHV


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/

35272&2/$33529$/6,*1$785(6

3URWRFRO7LWOH
$0RQWK5DQGRPL]HG$FWLYHFRQWUROOHG2SHQODEHO6WXG\
RI WKH(IILFDF\DQG6DIHW\RI2UDO7HVWRVWHURQH8QGHFDQRDWHLQ
+\SRJRQDGDO 0HQ


3URWRFRO1XPEHU
05678

7KLVVWXG\ZLOOEHFRQGXFWHGLQFRPSOLDQFHZLWKWKHFOLQLFDOVWXG\SURWRFRODQG
DPHQGPHQWV,QWHUQDWLRQDO&RXQFLOIRU+DUPRQLVDWLRQRI7HFKQLFDO5HTXLUHPHQWVIRU
+XPDQ8VH,&+JXLGHOLQHVIRUFXUUHQW*RRG&OLQLFDO3UDFWLFH*&3DQGDSSOLFDEOH
UHJXODWRU\UHTXLUHPHQWV

6SRQVRU6LJQDWRU\

&KLHI([HFXWLYH
2IILFHU6L[
)RUNV5RDG6XLWH
5DOHLJK1&





6LJQDWXUH
'DWH

0HGLFDO0RQLWRU

0%&K%6HQLRU
0HGLFDO'LUHFWRU
,1&5HVHDUFK//&D6\QHRV
+HDOWK&RPSDQ\%HHFKOHDI
&RXUW
6XLWH
5DOHLJK1&




6LJQDWXUH
'DWH










0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/

6<1236,6$1'7$%/(2)&+$1*(6
3URWRFRO1XPEHU
05678
7LWOH$0RQWK5DQGRPL]HG$FWLYHFRQWUROOHG2SHQODEHO6WXG\RIWKH(IILFDF\DQG
6DIHW\RI2UDO7HVWRVWHURQH8QGHFDQRDWHLQ+\SRJRQDGDO0HQ
,QYHVWLJDWLRQDO3URGXFW
629)DQRYHORUDOSUHSDUDWLRQRIWHVWRVWHURQHXQGHFDQRDWH78
6WXG\&HQWHUV8QLWHG6WDWHV
3KDVH3KDVH
2EMHFWLYHV
3ULPDU\2EMHFWLYH
x
7RGHWHUPLQHWKHHIILFDF\RIRUDO629)DVPHDVXUHGE\WKHSHUFHQWDJHRI
PDOHK\SRJRQDGDOVXEMHFWVZLWKDYHUDJHSODVPDWRWDOWHVWRVWHURQH7&DYJZLWKLQ
WKH
QRUPDOUDQJHDIWHUGD\VRIWUHDWPHQW
6HFRQGDU\2EMHFWLYH
x
7R GHWHUPLQH WKH SHUFHQWDJH RI 629)±WUHDWHG VXEMHFWV ZLWK PD[LPXP
SODVPD WHVWRVWHURQHFRQFHQWUDWLRQ7&PD[YDOXHVDQJG/EWR
QJG/ DQGF!QJG/DIWHUGD\VRIWUHDWPHQW
([SORUDWRU\2EMHFWLYHV
x
7RGHWHUPLQHFKDQJHIURPEDVHOLQHLQWKHIROORZLQJVXEMHFWUHSRUWHGRXWFRPHVE\
629)±WUHDWHGDQG$QGUR*HOWHVWRVWHURQHJHO±WUHDWHGVXEMHFWV
DIWHU  ZHHNVRIWUHDWPHQW,QWHUQDWLRQDO3URVWDWH6\PSWRP6FRUH,366
3V\FKRVH[XDO 'DLO\4XHVWLRQQDLUH3'46KRUW)RUP6XUYH\6)DQG
,QWHUQDWLRQDO,QGH[RI (UHFWLOH )XQFWLRQ,,()
x
7RGHWHUPLQHFKDQJHIURPEDVHOLQHLQIDVWLQJVHUXPJOXFRVHDQGIDVWLQJLQVXOLQ
FRQFHQWUDWLRQVLQ629)±WUHDWHGDQG$QGUR*HO±WUHDWHGVXEMHFWV
DIWHU  ZHHNVRIWUHDWPHQW
x
7RGHWHUPLQHWKHVWDELOLW\RIEORRGVDPSOHVWRVXSSRUWLGHQWLILFDWLRQRIVDPSOH
W\SHV DQGKDQGOLQJQHFHVVDU\IRUDFFXUDWHWHVWRVWHURQHPHDVXUHPHQWVZLWKRUDO
78 DGPLQLVWUDWLRQ
6DIHW\2EMHFWLYHV
x
7RGHWHUPLQHWKHLQFLGHQFHRIDGYHUVHHYHQWV$(VVHULRXVDGYHUVHHYHQWV6$(V
DQG $(VOHDGLQJWRVWXG\ZLWKGUDZDOLQ629)±WUHDWHGVXEMHFWVFRPSDUHG
ZLWK $QGUR*HO±WUHDWHGVXEMHFWVDIWHUZHHNVRIWUHDWPHQW

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
x
7RDVVHVVFKDQJHIURPEDVHOLQHLQEORRGSUHVVXUH%3OLYHUIXQFWLRQWHVWV
KHPDWRORJ\SDUDPHWHUVKRUPRQHOHYHOVOLSLGSURILOHVDQGVHUXPSURVWDWHVSHFLILF
DQWLJHQ36$LQ629)±WUHDWHGDQG$QGUR*HO±WUHDWHGVXEMHFWVDIWHU
 ZHHNVRI WUHDWPHQW
x
7RGHWHUPLQHWKHHIIHFWRI629)RQDGUHQDOFRUWLFDOIXQFWLRQDVDVVHVVHG
E\ PHDVXULQJWKHFRUWLVROUHVSRQVHWRV\QWKHWLF$&7+DWEDVHOLQHDQGDIWHU
ZHHNVRI WUHDWPHQWLQDVXEVHWRI629)VXEMHFWVDQG$QGUR*HO
VXEMHFWV

6WXG\'HVLJQ
05678ZLOOEHDUDQGRPL]HGPXOWLFHQWHURSHQODEHODFWLYHFRQWUROOHGHIILFDF\
EDVHGRQ7&DYJDQG7&PD[DQGVDIHW\VWXG\LQDGXOWK\SRJRQDGDOPHQ7KHVWXG\GXUDWLRQ
LVPRQWKV GD\VLQFOXGLQJDGD\RSHQODEHOHIILFDF\SHULRGDQGDPRQWK
 GD\VDIHW\HYDOXDWLRQSHULRG$OOVWXG\GD\VVKRXOGEHXQGHUVWRRGWREHGD\VIRU
9LVLWV DQGHJ9LVLW'D\PD\RFFXUIURP'D\RIWKHVWXG\SHULRGWR
'D\LQWKH WLWUDWLRQSHULRGDQG GD\VEHJLQQLQJZLWK9LVLW'D\WRWKH)ROORZ
XS9LVLW 7KHVH GD\UDQJHVIRUHDFKYLVLWDUHGHVLJQDWHGLQWKH6FKHGXOHRI$VVHVVPHQWV
7DEOH2YHUDOO 6WXG\'HVLJQILJXUHV )LJXUHDQG)LJXUHDQG7LPLQJRI
6WXG\3URFHGXUHV6HFWLRQ EXWDUHJHQHUDOO\QRWGHVLJQDWHGWKURXJKRXWWKHWH[WRIWKLV
SURWRFRO
6WXG\05678(;7LVDQH[WHQVLRQWRVWXG\05678GHWDLOHGLQ$SSHQGL[
 ,WVSXUSRVHLVWRIXUWKHUH[DPLQHWKH%3HIIHFWVRI629)XVLQJKRXU
DPEXODWRU\ EORRG SUHVVXUHPRQLWRULQJ$%307KHGXUDWLRQRIWKH([WHQVLRQ6WXG\
05678 (;7LV DSSUR[LPDWHO\PRQWKVGD\V7KLVLQFOXGHVDQZHHN
ZDVKRXWSHULRG DQDVVHVVPHQWRIDPEXODWRU\%3EHIRUHWUHDWPHQWVWDUWDWPRQWKVDQG
PRQWKGD\V WUHDWPHQWSHULRGDQGDRQHZHHNVDIHW\IROORZXS7KHPRQWK$%30
YLVLWZLOOSURYLGHGDWD RQVWDELOL]DWLRQRIDPEXODWRU\%3IROORZLQJWKHPRQWKGDWDIRUWKH
DPEXODWRU\%3SULPDU\ HQGSRLQW )RUGHWDLOVRIWKHH[WHQVLRQVWXG\GHVLJQDQGSURFHGXUDO
UHTXLUHPHQWVSOHDVHUHIHU WR$SSHQGL[ 
056786WXG\
(QUROOPHQWLQWRWKH05678VWXG\ZLOOEHEDVHGRQVHOHFWLRQFULWHULDGHVLJQHGWR
UHIOHFW WKHJHQHUDO SRSXODWLRQRIK\SRJRQDGDOPHQ6XEMHFWVPXVWEHQDwYHWRDQGURJHQ
UHSODFHPHQW WKHUDS\RUZDVKHGRXWDGHTXDWHO\RISULRUDQGURJHQUHSODFHPHQWWKHUDSLHV
6XEMHFWVZLOOXQGHUJRVFUHHQLQJYLVLWV6FUHHQLQJ9LVLWDQG6FUHHQLQJ9LVLWGXULQJWKH
VWXG\VFUHHQLQJSHULRGWRYHULI\LQFOXVLRQDQGH[FOXVLRQFULWHULD6XEMHFWVPXVWKDYH
FRQVHFXWLYHVHUXPWRWDOWHVWRVWHURQH7OHYHOVQJG/EDVHGRQDEORRGVDPSOH
REWDLQHG IURPDPWRDPGUDZQRQVHSDUDWHGD\VDWOHDVWGD\VDSDUW)XUWKHUPRUH
VXEMHFWV PXVW KDYHDWOHDVWFOLQLFDOIHDWXUHFRQVLVWHQWZLWKPDOHK\SRJRQDGLVP7KRVH
VXEMHFWVWDNLQJFRPPHUFLDOWHVWRVWHURQHUHSODFHPHQWWKHUDS\757FXUUHQWO\PXVWKDYHD
KLVWRU\RI DWOHDVWFOLQLFDOIHDWXUHFRQVLVWHQWZLWKPDOHK\SRJRQDGLVP
+HPDWRFULWZKHQDQDO\]HGE\DFHQWUDOODERUDWRU\ZLWKFRQVHTXHQWGHOD\EHWZHHQVDPSOH
FROOHFWLRQDQGHYDOXDWLRQKDVEHHQVKRZQWREHXQUHOLDEOHDQGWRUHVXOWLQKLJKHUWKDQWUXH
YDOXHV$UDQJHRIKHPRJORELQ+JEYDOXHVLVXVHGWRH[FOXGHVXEMHFWVZLWKDEQRUPDO

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
KHPRJORELQRUZLWKDEQRUPDOKHPDWRFULWE\XVLQJKHPRJORELQDVDVXUURJDWHIRU
KHPDWRFULW
(OLJLEOHVXEMHFWVZLOOEHUDQGRPL]HGDSSUR[LPDWHO\629)±WUHDWHGVXEMHFWV
WR $QGUR*HOWUHDWHGVXEMHFWVUHVSHFWLYHO\DQGVWUDWLILHGE\VWXG\FHQWHUWRUHFHLYH
629)RU$QGUR*HODFRPPRQO\SUHVFULEHGWRSLFDO7UHSODFHPHQWSURGXFW
KHUHDIWHU UHIHUUHGWRDV$QGUR*HO%RWKWUHDWPHQWVZLOOEHFRQWLQXHGIRUWKHPRQWK
VWXG\ GXUDWLRQDQGWKHFRPSDUDWRU$QGUR*HOZLOOEHXVHGRQO\IRUDVVHVVPHQWRIVDIHW\
7HVWRVWHURQHPHDVXUHPHQWVLQVXEMHFWVUHFHLYLQJ629)ZKLFKFRQWDLQV78D7
SURGUXJZLOOEHPDGHXVLQJSODVPDVDPSOHV7KHVDPSOLQJWXEHVFRQWDLQDQHQ]\PH
LQKLELWRUWRSUHYHQWSRVWEORRGFROOHFWLRQFRQYHUVLRQRI78WR70HDVXUHPHQWVRI7IRU
$QGUR*HOZLOO EHPDGHXVLQJVHUXPVDPSOHVDVSHUSURGXFWLQIRUPDWLRQ
629)ZLOOEHVWDUWHGDWDWRWDOGDLO\GRVHRIPJPJZLWKWKHPRUQLQJ
PHDO DQGPJZLWKWKHHYHQLQJPHDO7KHSODVPD7FRQFHQWUDWLRQEHWZHHQWR
KRXUVDW 9LVLW 'D\DQG9LVLW'D\ZLOOGHWHUPLQHWKHQHHGLIDQ\WRDGMXVW
WKHGRVHXSRU GRZQE\ PJDW9LVLW'D\DQG9LVLW'D\UHVSHFWLYHO\7KH
PLQLPXPGRVHRI 629)ZLOOEHPJZLWKWKHPRUQLQJPHDODQGQRHYHQLQJ
GRVH7KHPD[LPXP GRVHRI629)ZLOOEHPJDVPJZLWKWKHPRUQLQJ
PHDODQGPJZLWKWKHHYHQLQJ PHDO
7KHVWXG\RIELRDQDO\WLFDOVDPSOHVWDELOLW\ZLOOEHPDGHXVLQJVDPSOHVIURPDWOHDVW
VXEMHFWV LQWKH629)DUPRI05678 6DPSOHVZLOOEHFROOHFWHG
GHSHQGLQJ RQGDWHRIVXEMHFWFRQVHQWDWHLWKHU9LVLW'D\RU9LVLW'D\
RUDWDQ XQVFKHGXOHGYLVLWZLWKLQRQHZHHNRIHLWKHUYLVLW 6XEMHFWVZLOOEHIHGDKLJKIDW
LQFOLQLF EUHDNIDVWRIDWOHDVWNFDOPLQSULRUWRGRVLQJ7KHSXUSRVHRIWKLVVXEVWXG\
LVWRDVVHVV WKHVWDELOLW\RIVDPSOHVFRQWDLQLQJ78ZKLFKPD\EHK\GURO\]HGWR7H[YLYR
$QGUR*HOZLOOEHDSSOLHGDWDVWDUWLQJGRVHRIPJRQFHGDLO\4'7KHVHUXP7
SUHGRVH FRQFHQWUDWLRQ7&SUHGRVHIURPDVLQJOHEORRGGUDZDW'D\DQG'D\ZLOO
GHWHUPLQHWKH QHHGLIDQ\WRWLWUDWHSHUWKHSURGXFWLQIRUPDWLRQ>6HFWLRQ@DW'D\
DQG'D\ UHVSHFWLYHO\
7KHILQDOGRVHVHVWDEOLVKHGLQWKHHIILFDF\SHULRGIRU629)DQG$QGUR*HOZLOOEH
XVHG DW WKHVWDUWRIWKHPRQWKVDIHW\HYDOXDWLRQSHULRG7KHGRVHRI629)PD\EH
XSRU GRZQWLWUDWHGRQ'D\DQG'D\EDVHGRQWKHSODVPD7FRQFHQWUDWLRQIURPD
VLQJOHEORRG GUDZZLWKLQWRKRXUVDIWHUWKHPRUQLQJGRVH'D\DQG'D\
6XEMHFWVRQ $QGUR*HOPD\EHXSRUGRZQWLWUDWHGRQ'D\DQG'D\EDVHGRQ
VLQJOHGUDZVHUXP 7&SUHGRVHOHYHOVDW'D\DQG'D\SHUSURGXFWLQIRUPDWLRQ
,IDQDO\VLVRIWKH'D\KRXU3.GDWDUHYHDOVWKDWDVXEMHFWLVRQDQLQFRUUHFWGRVH
GLVFRQWLQXDWLRQRIWKHVXEMHFWPD\EHDSSURSULDWHLQWKHIROORZLQJLQVWDQFHV
x
$629)±WUHDWHGVXEMHFWKDVEHHQSUHYLRXVO\GRZQWLWUDWHGWRPJLQ
WKH PRUQLQJRQO\DQG7&PD[LV!QJG/RQ'D\WKHVXEMHFWZLOOEH
GLVFRQWLQXHGDVFRQWLQXDWLRQLQWKHVWXG\ZLOOH[SRVHWKHVXEMHFWWRUHSHDWHG7
&PD[ YDOXHV! QJG/

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
x
$629)±WUHDWHGVXEMHFWKDVEHHQXSWLWUDWHGWRPJDQG7&DYJLV
EHORZ WKH QRUPDOUDQJHSHUFHQWLOHRQ'D\WKHVXEMHFWPD\EH
GLVFRQWLQXHGLILQWKH RSLQLRQRIWKHLQYHVWLJDWRUFRQWLQXDWLRQLQWKHVWXG\ZRXOG
H[SRVHWKHVXEMHFWWR DQ LQYHVWLJDWLRQDOWUHDWPHQWZLWKRXWSUREDELOLW\RI
VXFFHVVIXOWUHDWPHQW
,ID629)±WUHDWHGVXEMHFWKDV7&DYJEHORZWKHQRUPDOUDQJHSHUFHQWLOHRQ
'D\ WKHVXEMHFWPD\EHGRVHWLWUDWHGDWDQXQVFKHGXOHGYLVLWLIWKHHIILFDF\SHULRGGDWD
VXJJHVWV EHQHILWWRWKHVXEMHFWDQGDQDFFHSWDEOHVDIHW\SURILOH
7LWUDWLRQGHFLVLRQVZLOOEHFRPPXQLFDWHGWKURXJK,QWHUDFWLYH:HE5HVSRQVH7HFKQRORJ\
,:57
$6FKHGXOHRI$VVHVVPHQWVLVSURYLGHGLQ7DEOH0RUHLQIRUPDWLRQDERXWGRVHWLWUDWLRQ
LV SURYLGHGLQ6HFWLRQ)LJXUHDQG)LJXUH
'LHW
)RUKRXU3.FROOHFWLRQYLVLWVVXEMHFWVZLOOEHGRVHGDQGIHGLQWKHFOLQLFDQGZLOOUHPDLQ
XQWLODIWHUWKHILQDO3.RUVDIHW\DVVHVVPHQW629)±WUHDWHGVXEMHFWVZLOOEHFRQILQHGWR
WKHFOLQLFRQ'D\WR'D\'D\WR'D\DQG'D\WR'D\IRU9LVLW9LVLW
DQG9LVLWUHVSHFWLYHO\$QGUR*HOWUHDWHGVXEMHFWVZLOOEHFRQILQHGWRWKHFOLQLFRQO\IURP
'D\ WR'D\IRU9LVLW6XEMHFWVZLOOEHSURYLGHGZLWKEUHDNIDVWDWDOOYLVLWVWKDWUHTXLUH
IDVWHGEORRGGUDZVDQGEUHDNIDVWOXQFKDQGGLQQHUGXULQJKRXU3.FROOHFWLRQYLVLWV
0HDOV SURYLGHGZLOOEHFRQVLVWHQWZLWKWKHLUVWDQGDUGHDWLQJKDELWVDVGRFXPHQWHGE\WKH
$XWRPDWHG6HOI$GPLQLVWHUHG+RXU5HFDOO$6$V\VWHPGHYHORSHGE\WKH1DWLRQDO
,QVWLWXWHVRI +HDOWK>@ )RUWKH629)VWXG\DUPVXEMHFWVVKRXOGLQJHVWWKH
PHGLFDWLRQ PLQXWHVDIWHUWKHVWDUWRIWKHPHDO
$W6FUHHQLQJ9LVLWDOOVXEMHFWVZLOOUHFHLYHDPHDOGLDU\WRUHFRUGWKUHHGD\VRIEUHDNIDVWV
DQGGLQQHUVSULRUWRYLVLW7KHVWXG\FRRUGLQDWRUDWHDFKVLWHZLOOHQWHUWKHGLDU\UHFRUGHG
PHDOVLQ WRWKH$6$V\VWHPLQWKHSUHVHQFHRIWKHVXEMHFWIRUDVVHVVLQJWRWDOFDORULHDQGIDW
LQWDNHIRU HDFKPHDOW\SH%DVHGRQWKHUHVXOWV629)VXEMHFWVZLOOEHDVVLJQHGWRRI
WKH IROORZLQJPHDOFDWHJRULHVDWYLVLWIRUEUHDNIDVWDQGGLQQHUDVWKHGUXJPXVWEHWDNHQ
ZLWKWKH PRUQLQJPHDODQGWKHHYHQLQJPHDO
x
ORZIDWPHDOVFDORULHVIURPIDW
x
QRUPDOIDWPHDOV!WRFDORULHVIURPIDW
x
KLJKIDWPHDOV!FDORULHVIURPIDW
6XEMHFWVLQWKH629)VWXG\DUPZLOOUHFHLYHEUHDNIDVWDQGGLQQHURQ'D\V
DQG LQWKHFOLQLFDFFRUGLQJWRWKHPHDOFDWHJRULHVEDVHGRQWKH$6$V\VWHPUHSRUWDOO
OXQFKHVZLOOEHQRUPDOIDW,IWKHDYHUDJHUHSRUWHGIDWFRQWHQWIRUDJLYHQPHDOEUHDNIDVWRU
GLQQHULV VXEMHFWVZLOOUHFHLYHORZIDWPHDOVLI!WRVXEMHFWVZLOO
UHFHLYHQRUPDOIDW PHDOVDQGLI!VXEMHFWVZLOOUHFHLYHKLJKIDWPHDOV$VVLJQPHQWV
DUH SHUPHDOW\SHHJD VXEMHFWPD\UHFHLYHDEUHDNIDVWZLWKGLIIHUHQWIDWFRQWHQWWKDQ
GLQQHU GHSHQGLQJRQKLVUHFRUGHGHDWLQJSDWWHUQV $OOOXQFKHVZLOOEHQRUPDOIDWWR
FDORULHVIURPIDWDVQRGRVLQJRFFXUVZLWKWKHOXQFKPHDO629)OXQFK
FRPSOLDQFH ZLOOQRWEHUHFRUGHGLQWKHH&5) 6XEMHFWVZLOOEHSURYLGHGOLJKWVQDFNVXSRQ
WKHLUUHTXHVWLQ WKHDIWHUQRRQDQGDIWHUGLQQHUDVORQJDVLWLVKRXUVEHIRUHRUDIWHUGRVLQJ

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
PHDOVLQRUGHUWR PLQLPL]HWKHHIIHFWRQVXEMHFWVFRPSOHWLQJWKHLUPHDOVIXOO\DWUHOHYDQW
GRVLQJPHDOV
6XEMHFWVZLOOUHFHLYHEUHDNIDVWDWIDVWHG9LVLWKRZHYHUEHFDXVHWKHUHLVQR3.
PHDVXUHPHQWDIWHUWKHILUVWGRVHVXEMHFWVPD\FKRRVHIURPDQ\QRUPDOIDWEUHDNIDVWRIIHUHG
E\WKHVLWH
629)WUHDWHGVXEMHFWVFRPLQJWRWKHFOLQLFDIWHU9IRUIDVWHGDQG3.DVVHVVPHQWV
VLQJOHYLVLWGD\VRUFRQILQHPHQWGD\VZLOOUHFHLYHEUHDNIDVWDQGGLQQHUPHDOFKRLFHVDV
DVVLJQHGE\$6$UHFRUGV7KHVXEMHFW¶VPHDOFKRLFHPHDOIDWW\SHDQGWKHSHUFHQWDJH
RI PHDOFRQVXPHGZLOOEHUHFRUGHGLQWKHVXEMHFW¶VHOHFWURQLF
FDVH UHSRUWIRUPH&5)
$QGUR*HOWUHDWHGVXEMHFWVZKRVXEVHTXHQWO\YLVLWWKHFOLQLFDIWHU9IRUIDVWHGGD\VRU
IRU WKHLUFRQILQHGFOLQLFGD\IRUKRXU3.VDPSOLQJ'D\WR'D\ZLOOUHFHLYH
PHDOV RI FKRLFH VHOHFWHG IRUP WKHQRUPDO IDW PHQXV DFFRUGLQJ WR WKH $6$ V\VWHP
UHSRUW
$OO6XEMHFWVPD\EHRIIHUHGQRUPDOIDWEUHDNIDVWDWWKHHQGRIKRXU3.GD\VSURYLGLQJLW
LV DIWHUDOOUHOHYDQWIDVWLQJ3.GUDZVDQGWKDWGD\¶VGRVLQJLVPLQDIWHUPHDOVWDUW
$GGLWLRQDOPHDODQGIRRGLQWDNHSURFHGXUHVDUHGHVFULEHGLQWKH6FKHGXOHRI$VVHVVPHQWV
7DEOHDQG6HFWLRQ7LPLQJRI6WXG\3URFHGXUHV
1XPEHURI6XEMHFWV
$SSUR[LPDWHO\VXEMHFWVDUHSODQQHGWREHVFUHHQHGDQGVXEMHFWVDUHSODQQHGWR
EH UDQGRPL]HGWRUHFHLYHRSHQODEHOWUHDWPHQWLQDUDWLRVWUDWLILHGE\VWXG\FHQWHU
$SSUR[LPDWHO\VXEMHFWVZLOOEHUDQGRPO\DVVLJQHGWRUHFHLYH629)
DQG DSSUR[LPDWHO\VXEMHFWVZLOOEHUDQGRPO\DVVLJQHGWRUHFHLYH$QGUR*HO
$WOHDVW  629)VXEMHFWVIURP05678ZLOOEHHQUROOHGLQWKH
%LRDQDO\WLFDO 6DPSOH 6WDELOLW\6XEVWXG\
7UHDWPHQWV
x
629)ZLOOEHVWDUWHGDWDWRWDOGDLO\GRVHRIPJPJZLWKWKH
PRUQLQJPHDODQGPJZLWKWKHHYHQLQJPHDODQGWLWUDWHGLIQHHGHG
DFFRUGLQJ WRWKH
GRVHWLWUDWLRQDOJRULWKPHVWDEOLVKHGLQWKLVSURWRFRO
x
$QGUR*HOZLOOEHDSSOLHGDWDVWDUWLQJGRVHRIPJLQWKHPRUQLQJDQG
WLWUDWHGLI QHHGHGDFFRUGLQJWRGRVHWLWUDWLRQDOJRULWKPLQWKHDSSURYHGSURGXFW
LQIRUPDWLRQ
6WXG\'XUDWLRQ
7KHVWXG\GXUDWLRQLVPRQWKVGD\VLQFOXGLQJDGD\RSHQODEHOHIILFDF\SHULRG
DQGDPRQWKGD\VDIHW\HYDOXDWLRQSHULRG
6WXG\3RSXODWLRQ
.H\,QFOXVLRQ&ULWHULD

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
 0DOHDJHGWR\HDUVLQFOXVLYHDWWKHWLPHRISURYLGLQJLQIRUPHG
FRQVHQW WR SDUWLFLSDWHLQWKHVWXG\
 +\SRJRQDGLVPGHILQHGDVKDYLQJFRQVHFXWLYHVHUXPWRWDO7OHYHOVQJG/ EDVHG
RQDEORRGVDPSOHGUDZQDWOHDVWGD\VDSDUWEHWZHHQDPDQGDP
 $WOHDVWFOLQLFDOIHDWXUHFRQVLVWHQWZLWKPDOHK\SRJRQDGLVP,IDVXEMHFWLVUHFHLYLQJ
FRPPHUFLDO757SULRUWR6FUHHQLQJ9LVLWKHPXVWKDYHDKLVWRU\RIDWOHDVW FOLQLFDO
IHDWXUHFRQVLVWHQWZLWKPDOHK\SRJRQDGLVP
 0XVWEHQDwYHWRDQGURJHQUHSODFHPHQWWKHUDS\RUZDVKHGRXWDGHTXDWHO\RISULRU
DQGURJHQUHSODFHPHQWWKHUDSLHVZLOOLQJWRFHDVHFXUUHQW7WUHDWPHQWRUFXUUHQWO\ QRW
WDNLQJDQ\7WUHDWPHQW6XEMHFWVPXVWUHPDLQRIIDOOIRUPVRI7H[FHSWIRU GLVSHQVHG
VWXG\GUXJWKURXJKRXWWKHHQWLUHVWXG\
 1RXQVWDEOHRQJRLQJFRQFRPLWDQWPHGLFDOFRQGLWLRQV7UHDWHGDQGZHOOFRQWUROOHG
FRQGLWLRQVVXFKDVW\SHGLDEHWHVK\SHUWHQVLRQRUG\VOLSLGHPLDDUHDFFHSWDEOH ZLWK
VWDEOHPHGLFDWLRQLQSODFHIRUDWOHDVWPRQWKVSULRUWRVWXG\HQWU\
D +HPRJORELQ$F
E %3PP+J
 IRU05678(;7$%30([WHQVLRQ6WXG\WKHLQFOLQLF
DYHUDJH%3PXVWEHIRULQFOXVLRQLQWRWKH05678
(;7VWXG\
F /RZGHQVLW\OLSRSURWHLQFKROHVWHUROPJG/
 6XEMHFWVZLWKDQHQGRFULQHGLVRUGHUUHTXLULQJWUHDWPHQWRWKHUWKDQK\SRJRQDGLVP PXVW
EHRQDVWDEOHGRVHRIUHSODFHPHQWPHGLFDWLRQIRUDWOHDVWPRQWKVSULRUWR VWXG\HQWU\
 $GHTXDWHYHQRXVDFFHVVWRDOORZFROOHFWLRQRIDQXPEHURIEORRGVDPSOHVYLDD YHQRXV
FDQQXOD
 :ULWWHQLQIRUPHGFRQVHQWWRSDUWLFLSDWHLQWKHVWXG\DQGDELOLW\WRFRPSO\ZLWKDOO VWXG\
UHTXLUHPHQWV
 )RU%LRDQDO\WLFDO6DPSOH6WDELOLW\6XEVWXG\RQO\0XVWEHRQ629)GRVH RI
DWOHDVWPJLQ$0RUPJWRWDOGDLO\GRVHDWGDWHRIFRQVHQW

.H\([FOXVLRQ&ULWHULD

 6HUXP36$!QJPODQGRUDEQRUPDOSURVWDWHJODQGRQSDOSDWLRQ
HJSDOSDEOH QRGHVDW6FUHHQLQJ9LVLW
 5HFHLYHGRUDOWRSLFDOLQWUDQDVDORUEXFFDO7WKHUDS\ZLWKLQWKHSUHYLRXV
ZHHNV LQWUDPXVFXODU7LQMHFWLRQRIVKRUWDFWLQJGXUDWLRQZLWKLQWKHSUHYLRXV
ZHHNV LQWUDPXVFXODU7LQMHFWLRQRIORQJDFWLQJGXUDWLRQZLWKLQWKHSUHYLRXV
ZHHNVRU 7 LPSODQWDEOHSHOOHWVZLWKLQWKHSUHYLRXVPRQWKV
)RU$%30([WHQVLRQ6WXG\2QO\1HZO\(QUROOHG6XEMHFWVWR05678
(;7$%30([WHQVLRQ6WXG\SDWLHQWVPXVWQRWKDYHUHFHLYHGSULRU
WHVWRVWHURQHUHSODFHPHQWWKHUDS\ZLWKLQZHHNVRIWKHVWDUWRIWKHVWXG\ZLWK
WKHH[FHSWLRQRI7LPSODQWDEOHSHOOHWVZKLFKDUHH[FOXGHGIRUPRQWKV

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
 8VHRIDQ\GUXJWKDWFRXOGLQWHUIHUHZLWKPHDVXUHPHQWRUDVVHVVPHQWRIVHUXP
DQGURJHQ OHYHOVLQFOXGLQJDOSKDUHGXFWDVHLQKLELWRUVDQDEROLFVWHURLGVDQG
GUXJV ZLWKDQWLDQGURJHQLFSURSHUWLHVHJVSLURQRODFWRQHFLPHWLGLQHIOXWDPLGH
ELFDOXWDPLGHDQGNHWRFRQD]ROH7KHVHGUXJVPXVWEHVWRSSHGIRUDWOHDVW
PRQWK SULRU WRVWXG\HQWU\PRQWKVLQWKHFDVHRIGXWDVWHULGH3DWLHQWVWDNLQJ
SRWHQWORQJ DFWLQJRSLDWHWKHUDS\RQDGDLO\EDVLVDUHQRWHOLJLEOHIRUWKHVWXG\
&RQYHUVHO\DGKRF XVHRI SRWHQWVKRUWDFWLQJRSLDWHVIRUDSHULRGRIOHVVWKDQ
GD\VPD\EHSHUPLWWHG DIWHU GLVFXVVLRQZLWKWKH0DULXV3KDUPDFHXWLFDOV
PHGLFDOPRQLWRU
 8VHRIRYHUWKHFRXQWHUSURGXFWVLQFOXGLQJQDWXUDOKHDOWKSURGXFWVHJIRRG
VXSSOHPHQWVDQGKHUEDOVXSSOHPHQWVVXFKDVVDZSDOPHWWRRUSK\WRHVWURJHQV
WKDW PD\ DIIHFWWRWDO7OHYHOVZLWKLQGD\VSULRUWRVWXG\HQWU\
 +LVWRU\RIGUXJRUDOFRKRODEXVHZLWKLQWKHSDVW\HDUVWKDWLQWKHRSLQLRQRIWKH
LQYHVWLJDWRUFRXOGLQWHUIHUHZLWKVWXG\SDUWLFLSDWLRQDQGRULQIOXHQFHVWXG\
HIILFDF\ DQGVDIHW\HQGSRLQWVDVVHVVPHQWV
 8QVWDEOHRUFKURQLFGLVHDVHWKDWFRXOGLQWHUIHUHZLWKSDUWLFLSDWLRQLQWKHVWXG\
RU SDWLHQWVDIHW\LQFOXGLQJSV\FKLDWULFGLVRUGHUV
 0\RFDUGLDOLQIDUFWLRQFRURQDU\DUWHU\VXUJHU\KHDUWIDLOXUHVWURNHXQVWDEOH
DQJLQD RURWKHUXQVWDEOHFDUGLRYDVFXODUGLVHDVHZLWKLQWKHSDVWPRQWKV
 $EQRUPDO(&*FRQVLGHUHGFOLQLFDOO\VLJQLILFDQWE\LQYHVWLJDWRUDW6FUHHQLQJ
 'LDJQRVLVRIDQ\FDQFHUZLWKLQWKHSUHYLRXV\HDUVRWKHUWKDQEDVDORU
VTXDPRXV FHOO VNLQFDQFHUZLWKFOHDUPDUJLQV
$Q\VXUJLFDORUPHGLFDOFRQGLWLRQWKDWPLJKWDOWHUDGPLQLVWUDWLRQRIWKHVWXG\GUXJ
RUFRPSDUDWRULQFOXGLQJKLVWRU\RIJDVWULFVXUJHU\FKROHF\VWHFWRP\YDJRWRP\
VPDOO ERZHOUHVHFWLRQRUDQ\VXUJLFDOSURFHGXUHRUPHGLFDWLRQVHJ*/3
DJRQLVWVDQGPRWLOLW\DJHQWVVXFKDVGRPSHULGRQHPHWRFORSUDPLGHHWFWKDW
PLJKW LQWHUIHUHZLWKJDVWURLQWHVWLQDOPRWLOLW\S+RUDEVRUSWLRQRI78
'XRGHQDORUJDVWULFXOFHUVRUJDVWURLQWHVWLQDOUHFWDOEOHHGLQJGXULQJWKH
PRQWKV SULRU WRVFUHHQLQJ
&KURQLFVNLQFRQGLWLRQVRQWKHFKHVWRUXSSHUDUPVWKDWZRXOGSUHYHQW
DGPLQLVWUDWLRQ RI $QGUR*HOLQDPDQQHUGHVLJQHGWRHQVXUHUHOLDEOHDQGFRQVLVWHQW
DEVRUSWLRQ WKHUHRI
+XPDQLPPXQRGHILFLHQF\YLUXV+,9LQIHFWLRQ
&KURQLFKHSDWLWLV%YLUXVDQGRUKHSDWLWLV&YLUXV+&9LQIHFWLRQDVGHWHUPLQHG
E\ SRVLWLYHWHVWLQJIRUKHSDWLWLV%YLUXVVXUIDFHDQWLJHQRU+&9DQWLERG\ZLWK
FRQILUPDWRU\ WHVWLQJLHGHWHFWDEOHVHUXP+&9ULERQXFOHLFDFLG>51$@
&OLQLFDOO\VLJQLILFDQWDEQRUPDOODERUDWRU\YDOXHVDWVFUHHQLQJLQFOXGLQJEXW
QRWOLPLWHG WR
D (OHYDWHGOLYHUHQ]\PHVDVSDUWDWHDPLQRWUDQVIHUDVH>$67@
DODQLQH DPLQRWUDQVIHUDVH>$/7@!;XSSHUOLPLWRIQRUPDO

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
E (VWLPDWHGJORPHUXODUILOWUDWLRQUDWHPOPLQPDVFDOFXODWHGE\
WKH 0RGLILFDWLRQRI'LHWLQ5HQDO'LVHDVHIRUPXOD
F +HPRJORELQJG/RU!JG/)RUDVXEMHFWSUHYLRXVO\RQ
WHVWRVWHURQHUHSODFHPHQWWKHUDS\ZLWKOHVVWKDQGD\VZDVKRXWSULRU
WR VFUHHQLQJ9LVLWKHPRJORELQJG/RU!JG/
+HPDWRFULW!)RUVXEMHFWVSUHYLRXVO\RQWHVWRVWHURQHUHSODFHPHQW
WKHUDS\ ZLWKOHVVWKDQGD\VZDVKRXWSULRUWRVFUHHQLQJ9LVLWKHPDWRFULW
!
127( ([FOXVLRQFULWHULDUHPRYHGZLWK9HUVLRQRI3URWRFRO 1XPEHULQJ
UHWDLQHGIRUFODULW\RIUHFRUGV
6HYHUHRUXQWUHDWHGREVWUXFWLYHVOHHSDSQHDV\QGURPH
6HYHUHORZHUXULQDU\WUDFWV\PSWRPV$PHULFDQ8URORJLFDO$VVRFLDWLRQ,366
+LVWRU\RIDQ\FOLQLFDOO\VLJQLILFDQWLOOQHVVLQIHFWLRQRUVXUJLFDOSURFHGXUH
ZLWKLQ  PRQWKSULRUWRVWXG\HQWU\
3DVWFXUUHQWRUVXVSHFWHGSURVWDWHRUEUHDVWFDQFHU
+LVWRU\RIORQJ47V\QGURPHRUXQH[SODLQHGVXGGHQGHDWKLQDILUVW
GHJUHH UHODWLYH SDUHQWVLEOLQJRUFKLOG
&RQFXUUHQWWUHDWPHQWZLWKPHGLFDWLRQVWKDWPD\LPSDFWWKHDEVRUSWLRQ
GLVWULEXWLRQ PHWDEROLVPRUH[FUHWLRQRI78RUSODFHWKHVXEMHFWDWULVN
IRU WUHDWPHQWZLWK7
6XEMHFWKDVDSDUWQHUZKRLVFXUUHQWO\SUHJQDQWRUSODQQLQJSUHJQDQF\GXULQJ
WKH FRXUVHRIWKHVWXG\
7UHDWPHQWZLWKDQ\RWKHULQYHVWLJDWLRQDOGUXJZLWKLQGD\VRIVWXG\HQWU\RU
! KDOI OLYHVZKLFKHYHULVORQJHUDQGDWDQ\WLPHGXULQJWKHVWXG\
+LVWRU\RIQRQFRPSOLDQFHWRPHGLFDOUHJLPHQVRUSRWHQWLDOXQUHOLDELOLW\LQ
WKH RSLQLRQ RIWKHLQYHVWLJDWRU
8QZLOOLQJRUXQDEOHWRFRPSO\WRWKHGLHWDU\UHTXLUHPHQWVIRUWKLVVWXG\
+LVWRU\RISRO\F\WKHPLDHLWKHULGLRSDWKLFRUDVVRFLDWHGZLWK757
'RQDWHGEORRGP/ZLWKLQWKHZHHNSHULRGSULRUWRVWXG\HQWU\
+LVWRU\RIDQDEQRUPDOEOHHGLQJWHQGHQF\RUWKURPERSKOHELWLVZLWKLQWKH
SUHYLRXV  \HDUVWKDWLVQRWOLQNHGWRYHQLSXQFWXUHRULQWUDYHQRXVFDQQXODWLRQ
2QVHWRIJ\QHFRPDVWLDZLWKLQWKHSUHYLRXVPRQWKV
)RU$&7+6WLPXODWLRQ6XEVWXG\RQO\3ULPDU\RUVHFRQGDU\DGUHQDOLQVXIILFLHQF\
)RU%LRDQDO\WLFDO6DPSOH6WDELOLW\6XEVWXG\RQO\VXEMHFWVZLWKDKHPRJORELQ
OHVVWKDQ JG/DWPRVWUHFHQWDVVHVVPHQW>VKRXOGEHH[FOXGHG@

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
3ULPDU\(QGSRLQW
3HUFHQWDJHRI629)±WUHDWHGVXEMHFWVZLWKDSODVPD7&DYJZLWKLQWKHQRUPDOUDQJH
DIWHU GD\VRIWUHDWPHQW
6HFRQGDU\(QGSRLQWV
3HUFHQWDJHRI629)±WUHDWHGVXEMHFWVZLWKSODVPD7&PD[YDOXHVWKDWDUHD
 QJG/EWRQJG/DQGF!QJG/DIWHUGD\VRIWUHDWPHQW
([SORUDWRU\(QGSRLQWV
x
&KDQJHIURPEDVHOLQHLQWKHIROORZLQJSDWLHQWUHSRUWHGRXWFRPHVE\629
)± WUHDWHGDQG$QGUR*HOWUHDWHGVXEMHFWVDIWHUZHHNVRIWUHDWPHQW,366
3'46)  DQG,,()
x
&KDQJHIURPEDVHOLQHLQIDVWLQJJOXFRVHDQGIDVWLQJLQVXOLQFRQFHQWUDWLRQVLQ
629)±WUHDWHGDQG$QGUR*HOWUHDWHGVXEMHFWVDIWHUZHHNVRI
WUHDWPHQW
x
6WDELOLW\RIVHUXPDQGSODVPDVDPSOHVVXEMHFWHGWRGLIIHUHQWSURFHVVLQJ
WLPHV SURFHVVLQJWHPSHUDWXUHVDQGVDPSOHFROOHFWLRQWXEHVW\SHV
6DIHW\(QGSRLQWV
x
,QFLGHQFHRI$(V6$(VDQG$(VOHDGLQJWRVWXG\ZLWKGUDZDOLQ629
)± WUHDWHGFRPSDUHGZLWK$QGUR*HOWUHDWHGVXEMHFWVDIWHUZHHNVRI
WUHDWPHQW
x
6HUXPFRUWLVROUHVSRQVHWRLQWUDYHQRXVDGPLQLVWUDWLRQRIV\QWKHWLF$&7+
x
&KDQJHIURPEDVHOLQHLQ%3DQGWKHIROORZLQJODERUDWRU\SDUDPHWHUVLQ
629 )±WUHDWHGFRPSDUHGZLWK$QGUR*HOWUHDWHGVXEMHFWVDIWHUZHHNV
RIWUHDWPHQW
o /LYHUIXQFWLRQWHVWV$/7$67WRWDOELOLUXELQDONDOLQHSKRVSKDWDVH
o +HPDWRORJ\SDUDPHWHUVKHPRJORELQ
o +RUPRQHOHYHOVOXWHLQL]LQJKRUPRQH>/+@IROOLFOHVWLPXODWLQJKRUPRQH
>)6+@ GLK\GURWHVWRVWHURQH>'+7@VH[KRUPRQH±ELQGLQJJOREXOLQ>6+%*@
DQG76+
o /LSLGSURILOHVKLJKGHQVLW\OLSRSURWHLQVORZGHQVLW\OLSRSURWHLQV
WRWDO FKROHVWHURODQGWULJO\FHULGHV
o 6HUXP36$
(IILFDF\
(IILFDF\DVVHVVPHQWVLQFOXGH7&DYJDQG7&PD[

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
3KDUPDFRNLQHWLFV
3.DVVHVVPHQWVLQFOXGHWKHFDOFXODWLRQRIWKHVHSDUDPHWHUVPD[LPXPFRQFHQWUDWLRQ
&PD[WLPHWRPD[LPXPFRQFHQWUDWLRQ7PD[DUHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYH
IURPWLPH $8&$8&$8&DQG&DYJIRUSODVPDWRWDO7'+778
GLK\GURWHVWRVWHURQHXQGHFDQRDWH'+78DQG(7KH'+77UDWLRZLOOEHFDOFXODWHG
IRU &DYJ$8&DQG$8& $GGLWLRQDOSDUDPHWHUVPD\EHFDOFXODWHGDVGHHPHG
QHFHVVDU\&DOFXODWHGIUHHWHVWRVWHURQHIUHH7ZLOOEHUHSRUWHGIRU'D\
6DIHW\
6DIHW\DVVHVVPHQWVLQFOXGH
x $GYHUVHHYHQWPRQLWRULQJ
x 3K\VLFDOH[DPLQDWLRQVLQFOXGLQJ,366
x 9LWDOVLJQV
x /DERUDWRU\UHVXOWV
x 6HUXPFRUWLVROUHVSRQVHWRLQWUDYHQRXVDGPLQLVWUDWLRQRIV\QWKHWLF$&7+
6DIHW\UHWHVWLQJSDUDPHWHUVLQFOXGH
x )RUDQ\RQVWXG\+HPRJORELQOHYHOWKDWLV!JG/WKHKHPRJORELQVKRXOGEH UH
WHVWHGZLWKLQWZRZHHNVRIWKHRULJLQDOWHVW,IWKHVHFRQGYDOXHLV!JG/ WKH
GRVHLVUHGXFHGRUWKHVXEMHFWZLWKGUDZQLIDWORZHVWGRVHIRUHLWKHUVWXG\
PHGLFDWLRQ
x )RUDQ\RQVWXG\LQFUHDVHLQ36$QJP/IURPWKHEDVHOLQH9LVLWUHVXOW
WKH36$VKRXOGEHUHWHVWHGZLWKLQWZRZHHNVRIWKHWHVWUHYHDOLQJWKHLQFUHDVHG
UHVXOW,IDQLQFUHDVHRIQJP/ LVFRQILUPHGWKHVXEMHFW¶VSULPDU\ SK\VLFLDQ
DQGRU XURORJLVW ZLOO EH FRQVXOWHG WR GHWHUPLQH ZKHWKHU WKH VXEMHFW FDQVDIHO\
FRQWLQXHLQ WKHVWXG\RUVKRXOGEHZLWKGUDZQ
6WDWLVWLFDO$QDO\VLV
6WDWLVWLFDODQDO\VHVZLOOEHSHUIRUPHGRQWKHIROORZLQJSRSXODWLRQV
x )XOO$QDO\VLV6HW)$67KLVSRSXODWLRQFRQVLVWVRIDOOVXEMHFWVUDQGRPL]HGLQWR WKH
VWXG\DQGUHFHLYLQJDWOHDVWRQHGRVHRIFRUUHFWO\DVVLJQHGVWXG\PHGLFDWLRQ
x 3.3RSXODWLRQ7KH3.SRSXODWLRQFRQVLVWVRIDOOVXEMHFWVLQWKHVWXG\ZKRKDYHDW
OHDVW HYDOXDEOH3.SURILOHFDOFXODEOH&PD[DQG&DYJDQGQRVLJQLILFDQWSURWRFRO
GHYLDWLRQV
x (IILFDF\&RPSOHWHUV3RSXODWLRQ7KLVSRSXODWLRQFRQVLVWVRIDOOVXEMHFWVLQWKH3.
SRSXODWLRQZKRKDYHHYDOXDEOH&DYJDQG&PD[IURPWKHKRXU3.DVVHVVPHQW
REWDLQHG DW9LVLW'D\DQGQRVLJQLILFDQWSURWRFROGHYLDWLRQV
x 6DIHW\SRSXODWLRQ7KHVDIHW\SRSXODWLRQFRQVLVWVRIDOOVXEMHFWVZKRWRRNDWOHDVW
x GRVHRIVWXG\GUXJ629)RU$QGUR*HO

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
x $&7+$QDO\VLV6HWFRQVLVWVRIDOOVXEMHFWVUDQGRPL]HGLQWRWKH$&7+VXEVWXG\
6WDWLVWLFDORXWSXWVZLOOLQFOXGHGHVFULSWLYHWDEXODUDQGRUJUDSKLFDOVXPPDUL]DWLRQVE\
UDQGRPL]HGWUHDWPHQWJURXSDQGGRVHUHFHLYHGDWWKHWLPHRIDVVHVVPHQWLIDSSOLFDEOH,Q
JHQHUDOFRQWLQXRXVYDULDEOHVZLOOEHSUHVHQWHGXVLQJGHVFULSWLYHVWDWLVWLFVQXPEHURI
REVHUYDWLRQV>Q@PHDQVWDQGDUGGHYLDWLRQVWDQGDUGHUURURIPHDQPHGLDQDQGPLQLPXP DQG
PD[LPXPYDOXHVDQGFDWHJRULFDOYDOXHVZLOOEHVXPPDUL]HGZLWKFRXQWVDQG SHUFHQWDJHV
$OOFROOHFWHGGDWDZLOOEHSUHVHQWHGLQOLVWLQJV
7KHSULPDU\HIILFDF\HQGSRLQWLVWKHSHUFHQWDJHRI629)±WUHDWHGVXEMHFWVZLWKD
SODVPD 7&DYJZLWKLQWKHQRUPDOUDQJHDIWHUGD\VRIWUHDWPHQW
7KHKRXU7&DYJZLOOEHFDOFXODWHGDVWKHKRXUDUHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYH
$8&GLYLGHGE\WKHDFWXDOQXPEHURIKRXUVEHWZHHQGRVLQJDQGWKHKRXUVDPSOH
FROOHFWLRQ WLPH7KH$8&ZLOOEHFDOFXODWHGXVLQJQRQFRPSDUWPHQWDOPHWKRGV7KH
SHUFHQWDJHRIVXEMHFWVUDQGRPO\DVVLJQHGWR629)ZKRVHKRXU&DYJLVZLWKLQWKH
GHILQHGQRUPDOUDQJHIRUWRWDO7ZLOOEHFDOFXODWHG0LVVLQJ&DYJYDOXHVZLOOEHLPSXWHGXVLQJ
PXOWLSOHLPSXWDWLRQSURFHGXUHV
$VLGHGELQRPLDOFRQILGHQFHLQWHUYDO&,VXUURXQGLQJWKHSRLQWHVWLPDWHZLOOEH
FDOFXODWHG7KHVWXG\ZLOOKDYHVKRZQHIIHFWLYHQHVVRI629)LIRIWKH)XOO
$QDO\VLV6HWSRSXODWLRQKDVSODVPD7&DYJLQWKHQRUPDOUDQJHDIWHUGD\VRIWUHDWPHQWZLWK
WKHORZHUERXQGRIWKH&,
$V D VHFRQGDU\ HQGSRLQW 3. VDIHW\ ZLOO EH HYDOXDWHG E\ HVWLPDWLQJ WKH SHUFHQWDJH RI
629)±WUHDWHGVXEMHFWV DW 9LVLW 'D\ ZLWKD 7 &PD[d QJG/ E7 &PD[
! WR d QJG/ DQG F 7 &PD[ !  QJG/ 7KH )'$ WDUJHWV IRU WKH 3. VDIHW\
SDUDPHWHUVDUHIRUDWREHRIVXEMHFWVIRUEWREHRIVXEMHFWVDQGIRUFWR EH
QR VXEMHFWV $QDO\VHV ZLOO EH SHUIRUPHG XVLQJ WKH )XOO $QDO\VLV 6HW SRSXODWLRQ 6LPLODU
DQDO\VHVZLOOEHFRPSOHWHGIRUWKH$QGUR*HOWUHDWPHQWJURXS
3KDUPDFRNLQHWLFV
7KHSODVPDFRQFHQWUDWLRQV78'+78WRWDO7IUHH7'+7DQG(DQGWKHGHULYHG3.
SDUDPHWHUV&PD[7PD[&DYJDQG$8&$8&$8&HWFZLOOEHOLVWHGE\VXEMHFWE\
YLVLWGD\DQGXVLQJWKH3.3RSXODWLRQVXPPDUL]HGZLWKGHVFULSWLYHVWDWLVWLFV7KH&DYJ $8&
DQG$8&UDWLRVRI'+77DQG(7ZLOOEHFDOFXODWHGDQGVXPPDUL]HGZLWK GHVFULSWLYH
VWDWLVWLFV
6DIHW\
8VLQJWKH6DIHW\3RSXODWLRQ7($(VZLOOEHVXPPDUL]HGDQGWDEXODWHGE\V\VWHPRUJDQFODVV
62&DQGSUHIHUUHGWHUP
3K\VLFDOH[DPLQDWLRQUHVXOWVZLOOEHVXPPDUL]HGDWHDFKVFKHGXOHGYLVLWE\WUHDWPHQWDQG GRVH
UHFHLYHGDWWKHYLVLW
2EVHUYHGYDOXHVLQYLWDOVLJQPHDVXUHPHQWVLQFOXGLQJV\VWROLFEORRGSUHVVXUHV%3 GLDVWROLF
EORRGSUHVVXUHG%3KHDUWUDWHDQGZHLJKWDQGFKDQJHVIURPEDVHOLQHLQV%3
G%3DQGKHDUW UDWHZLOOEHVXPPDUL]HGDWHDFKVFKHGXOHGYLVLWE\WUHDWPHQWDQGGRVHZLWKLQ
WUHDWPHQW UHFHLYHGDWHDFKVFKHGXOHGFROOHFWLRQYLVLW

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
2EVHUYHGYDOXHVDQGFKDQJHVIURPEDVHOLQHLQODERUDWRU\WHVWUHVXOWVZLOOEHVXPPDUL]HG
E\ WUHDWPHQWDQGGRVHZLWKLQWUHDWPHQWDWHDFKVFKHGXOHGYLVLW6KLIWWDEOHVZLOOEHXVHGWR
HYDOXDWHFKDQJHVLQODERUDWRU\WHVWYDOXHVZLWKUHVSHFWWRQRUPDOUHIHUHQFHUDQJHV
/DERUDWRU\WHVWVZLOOEHSHUIRUPHGDWVFUHHQLQJDQGSHULRGLFDOO\WKURXJKRXWWKHVWXG\
7DEOHRI&KDQJHVIURP9HUVLRQ6HYHQWK$PHQGPHQWWR9HUVLRQ(LJKWK
$PHQGPHQW
/RFDWLRQ
&KDQJHV
6HFWLRQ
5HPRYH&%*FRUWLVROELQGLQJJOREXOLQDQDO\VLVIURPWKH$&7+VXEVWXG\WLPH
]HURVDPSOH
6HFWLRQ
5HSODFHG)7=PHWKRGZLWK)79PHWKRGIRUFDOFXODWLRQRI)UHH7
$SSHQGL[05678
(;7$%30([WHQVLRQ
6XEVWXG\
6HFWLRQV&*
)RU$%30([WHQVLRQ6WXG\
&ODULILHGWKDWDGGHG(OLJLELOLW\,QFOXVLRQOLPLWDWLRQIRU05678(;7IRU
QHZO\HQUROOHGVXEMHFWVRI%3DQGUHTXLUHPHQWIRUDOOVXEMHFWVWRKDYH
%3DW9(LQRUGHUWRFRQWLQXHWR9(GRVLQJLVEDVHGRQLQFOLQLF%3
DVVHVVPHQWDYHUDJHRIWKRVHDVVHVVPHQWVUHTXLUHGIRUWKHYLVLW
&ODULILHG WKDW LI QHZ HQUROOPHQW VXEMHFWV KDYH D QRUPDO SK\VLFDO H[DP DW
6FUHHQLQJ 9(;7 WKH\ DUH QRW UHTXLUHG WR KDYH D UHSHDW SK\VLFDO H[DP DW
9(
$GGHGWKHFODULILFDWLRQVVWDWHGLQWKH 3URWRFRO&ODULILFDWLRQ/HWWHU 2FWREHU
3URWRFRO9
x
$WVHOHFWHGQHZHQUROOPHQWFHQWHUVVXEMHFWVZKRFRPSOHWHGWKHPDLQ
05678VWXG\!ZHHNVSULRUDQGKDGQRW\HWHQWHUHGLQWR056
78(;7PD\EHHQUROOHGDVDQHZHQUROOPHQWVXEMHFWSURYLGHG
WKH\PHHWDOOHOLJLELOLW\FULWHULDVSHFLILHGIRUQHZHQUROOPHQWVXEMHFWV
7KLVUHPRYHVWKHUHTXLUHPHQWRIDQDGGLWLRQDOZHHNZDVKRXWSHULRGIRU
SULRUVXEMHFWVRIIRIWUHDWPHQWIRURUPRUHZHHNVDOUHDG\
x
7RFODULI\DGGLWLRQDOLQIRUPDWLRQEHLQJFROOHFWHGLQWKH&5)DWWLPHRI
KU$%30UHDGLQJVLHWKHH&5)ZLOOFROOHFWEDVLFLQIRUPDWLRQDERXW
DQ\XQXVXDOHYHQWVWKDWPD\LPSDFW%3DVIROORZV
'LGWKHVXEMHFWH[SHULHQFHDQ\RIWKHIROORZLQJGXULQJWKLVKRXUKRPH
%3PRQLWRULQJSHULRG"
x 8QXVXDODFWLYLW\"
x 8QXVXDOGLHW"
x 8QXVXDOVWUHVVIXOHYHQW"
8QXVXDO HYHQWV DUH GHVFULEHG DV WKRVH HYHQWV WKDW DUH XQXVXDO WR WKH
LQGLYLGXDOVXEMHFW¶VDFWLYLWLHVRUH[SHULHQFHVRIGDLO\OLYLQJ
$SSHQGL[05678
(;76HFWLRQ(7LPLQJ
RI6WXG\3URFHGXUHV
7UHDWPHQW3HULRG$OO
6XEMHFWV9(
)RUQHZO\HQUROOHGVXEMHFWVZKRKDYHDQRUPDOIXOOSK\VLFDOH[DPDW9(;7
VFUHHQLQJLWLVQRWUHTXLUHGWRUHSHDWWKHIXOOSK\VLFDOH[DPDW9(XQOHVVWKHUH
LVFOLQLFDOUHDVRQWRGRVR

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
$SSHQGL[05678
(;76HFWLRQ$
2YHUYLHZDQG6HFWLRQ(
7LPLQJRI6WXG\3URFHGXUHV
9(
$GGHGDKU6HUXP7'+76XEVWXG\IRUVHOHFWFHQWHUVXSWRDSSUR[LPDWHO\
VXEMHFWVWRLQFOXGHDGGHG6HUXP7'+7VDPSOHFROOHFWLRQDWDOOKU3.
WLPHSRLQWVDW9('(
$SSHQGL[05678
(;76HFWLRQ(
&ODULILHG WKDW +E$& ZLOO QRW EH DQDO\]HG LQ (DUO\ :LWKGUDZDO KHPDWRORJ\
VDPSOHV
$SSHQGL[05678
(;76HFWLRQ+
6WDWLVWLFDO$QDO\VLV
$GGHGGHILQLWLRQVRIDQDO\VLVSRSXODWLRQVIRU05678(;7
$GGHGHIILFDF\&DYJDQG&PD[DQDO\VHVWRSULPDU\DQGVHFRQGDU\REMHFWLYHVRI
05678(;7
5HPRYHG/L+HSDULQWXEHVIURPVDPSOHFROOHFWLRQIRUELRDQDO\WLFDODQDO\VLV
$GGHGH[SORUDWRU\DQDO\VLVRIVHUXP7DQG'+7YDOXHVREWDLQHGDW9('(
LQWKHVHUXPVXEVWXG\
$GGHGH[SORUDWRU\DQDO\VLVRIWLWUDWLRQGHFLVLRQVFRPSDULQJDOOVDPSOHW\SHV
$SSHQGL[05678
(;76HFWLRQV%
2EMHFWLYHV*6WXG\'HVLJQ
DQG+6WDWLVWLFDO$QDO\VLV
5HPRYHGWKHVFDOLQJIDFWRUȖIURPWKHVHFRQGDU\HQGSRLQWV

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/

7$%/(2)&217(176
35272&2/+,6725< 
 
35272&2/$33529$/6,*1$785(6 
 
6<1236,6$1'7$%/(2)&+$1*(6 
 
7$%/(2)&217(176 
 
/LVWRI7DEOHV 
 
/LVWRI)LJXUHV 
 
/,672)$%%5(9,$7,216$1''(),1,7,212)7(506 
 
,1752'8&7,21 
 
%DFNJURXQG 
 
6WXG\5DWLRQDOH 
 
678'<2%-(&7,9(6 
 
3ULPDU\2EMHFWLYH 
 
6HFRQGDU\2EMHFWLYH 
 
([SORUDWRU\2EMHFWLYHV 
 
6DIHW\2EMHFWLYHV 
 
,19(67,*$7,21$/3/$1 
 
2YHUDOO6WXG\'HVLJQDQG3ODQ'HVFULSWLRQ 
 
'LHW 
 
6WXG\'HVLJQ 
 
056786FKHGXOHRI$VVHVVPHQWV 
 
'LVFXVVLRQRI6WXG\'HVLJQ 
 
6HOHFWLRQRI6WXG\3RSXODWLRQ 
 
1XPEHURI3ODQQHG6XEMHFWV 
 
,QFOXVLRQ&ULWHULD 
 
([FOXVLRQ&ULWHULD 
 
,QYHVWLJDWLRQDO3URGXFWV 
 
,QYHVWLJDWLRQDO3URGXFWV$GPLQLVWHUHG 
 
,GHQWLW\RI,QYHVWLJDWLRQDODQG&RPSDUDWRU3URGXFWV 
 
3DFNDJLQJDQG/DEHOLQJ 
 
0HWKRGRI$VVLJQLQJ6XEMHFWVWR7UHDWPHQW*URXSV 

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
 
6WDUWLQJ'RVHVLQWKH6WXG\ 
 
$GPLQLVWUDWLRQRI629)'UXJ 
 
'RVH7LWUDWLRQ 
 
%OLQGLQJ 
 
3ULRUDQG&RQFRPLWDQW7KHUDS\ 
 
7UHDWPHQW&RPSOLDQFH 
 
$&7+6WLPXODWLRQZLWK6\QWKHWLF$&7+&RV\QWURSLQ 
 
5HPRYDORI6XEMHFWVIURP7KHUDS\RU$VVHVVPHQWV 
 
7,0,1*2)678'<352&('85(6 
 
3UHWUHDWPHQW6FUHHQLQJ9LVLWV 
 
6FUHHQLQJ9LVLW'D\WR'D\ 
 
6FUHHQLQJ9LVLW'D\WR'D\ 
 
6WXG\9LVLWV 
 
9LVLW'D\%DVHOLQH 
 
7UHDWPHQW3HULRG 
 
9LVLW'D\ 
 
9LVLW'D\ 
 
9LVLW'D\ 
 
9LVLW'D\ 
 
9LVLW'D\ 
 
9LVLW'D\ 
 
9LVLW'D\ 
 
9LVLW'D\ 
 
9LVLW'D\ 
 
(QGRI7UHDWPHQW'D\ 
 
)ROORZ8S9LVLW'D\$IWHU/DVW'RVHRI6WXG\0HGLFDWLRQLQ056
78 
 
'XUDWLRQRI7UHDWPHQWLQ05678 
 
()),&$&<3+$50$&2.,1(7,&6$1'6$)(7<9$5,$%/(6 
 
(IILFDF\3KDUPDFRNLQHWLFVDQG6DIHW\0HDVXUHPHQWV$VVHVVHG 
 
(IILFDF\9DULDEOHV 
 
3KDUPDFRNLQHWLF9DULDEOHV 
 
6DIHW\$VVHVVPHQWV 

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
 
'DWD6DIHW\0RQLWRULQJ%RDUG 
 
$SSURSULDWHQHVVRI0HDVXUHPHQWV 
 
67$7,67,&$/0(7+2'6 
 
6WDWLVWLFDODQG$QDO\WLFDO3ODQV 
 
'DWDVHWVRU3RSXODWLRQV$QDO\]HG 
 
'HPRJUDSKLFDQG2WKHU%DVHOLQH&KDUDFWHULVWLFV 
 
(IILFDF\9DULDEOHV 
 
3ULPDU\(IILFDF\(QGSRLQW 
 
6HFRQGDU\(IILFDF\(QGSRLQWV 
 
6DIHW\(QGSRLQWV 
 
$&7+ 
 
([SORUDWRU\9DULDEOHV 
 
,3663'46)DQG,,() 
 
6WXG\'UXJ([SRVXUHDQG&RPSOLDQFH 
 
0HGLFDODQG0HGLFDWLRQ+LVWRU\ 
 
3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV 
 
,QWHULP$QDO\VHV 
 
+DQGOLQJRI0LVVLQJ'DWD 
 
'HWHUPLQDWLRQRI6DPSOH6L]H 
 
6DPSOH6L]H-XVWLILFDWLRQ 
 
3URWRFRO'HYLDWLRQV 
 
48$/,7<$6685$1&($1'48$/,7<&21752/ 
 
$XGLWDQG,QVSHFWLRQ 
 
0RQLWRULQJ 
 
'DWD0DQDJHPHQWDQG&RGLQJ 
 
5(&25'6$1'6833/,(6 
 
'UXJ$FFRXQWDELOLW\ 
 
)LQDQFLQJDQG,QVXUDQFH 
 
(7+,&6 
 
,QGHSHQGHQW(WKLFV&RPPLWWHHRU,QVWLWXWLRQDO5HYLHZ%RDUG 
 
5HJXODWRU\$XWKRULWLHV 
 
(WKLFDO&RQGXFWRIWKH6WXG\ 
 
,QIRUPHG&RQVHQW 

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
 
6XEMHFW&RQILGHQWLDOLW\ 
 
5(3257,1*$1'38%/,&$7,21,1&/8',1*$5&+,9,1* 
 
5()(5(1&(6 
 
$33(1',&(6 
 
,QYHVWLJDWRU6LJQDWXUH3DJH 
 
6\PSWRPVDQG6LJQV6XJJHVWLYHRI$QGURJHQ'HILFLHQF\LQ0HQ 
 
'HULYDWLRQRI7LWUDWLRQ$OJRULWKPIRU629)7HVWRVWHURQH
8QGHFDQRDWHPJ 
 
$QGUR*HO3UHVFULELQJ,QIRUPDWLRQ 
 
,QWHUQDWLRQDO3URVWDWH6\PSWRP6FRUH 
 
3V\FKRVH[XDO'DLO\4XHVWLRQQDLUH 
 
6KRUW)RUP6XUYH\ 
 
,QWHUQDWLRQDO,QGH[RI(UHFWLOH)XQFWLRQ4XHVWLRQQDLUH 
 
$PRXQWRI%ORRG'UDZQSHU6WXG\'D\629)*URXS 
 
$PRXQWRI%ORRG'UDZQSHU6WXG\'D\$QGUR*HO*URXS 
 
/DFNRIVWDELOLW\RIKHPDWRFULWPHDVXUHPHQWDVDIXQFWLRQRIDJHRIVDPSOH 
 
05678(;7$%30([WHQVLRQ6\QRSVLV 
 
(270$,1678'<$1'$%30(;7(16,2135(75($70(17
3(5,2'IRU05678&RQWLQXLQJDQG/DWH(QWU\6XEMHFWVZKRGR
QRWTXDOLI\DVDQHZHQUROOPHQWVXEMHFW 
 
$%30([WHQVLRQ6WXG\3UH7UHDWPHQW3HULRG)RU1HZO\(QUROOHG
6XEMHFWV05678QDwYHRU/DWH(QWU\VXEMHFWVZKRTXDOLI\IRUQHZ
HQUROOPHQWW 
 
$%30([WHQVLRQ6WXG\7UHDWPHQW3HULRGIRU$OO6XEMHFWV 


/LVWRI7DEOHV
7DEOH
6FKHGXOHRI$VVHVVPHQWV
7DEOH
6FKHGXOHG1RPLQDO7LPHSRLQWVIRU629)3KDUPDFRNLQHWLF%ORRG
6DPSOHV
7DEOH
6FKHGXOHG1RPLQDO7LPHSRLQWVIRU$QGUR*HO3KDUPDFRNLQHWLF%ORRG
6DPSOHV
7DEOH
+\SHUWHQVLRQ&ODVVLILFDWLRQV
7DEOH
6DPSOH6L]H(VWLPDWHV

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
7DEOH
3RWHQWLDOO\,QFRUUHFW'RVH'HFLVLRQVE\7LPHRI$QDO\VLVRI3ODVPD6DPSOH
'D\DQG
7DEOH
3RWHQWLDOO\,QFRUUHFW'RVH'HFLVLRQVE\7LPHRI$QDO\VLVRI3ODVPD6DPSOH
'D\DQGGDWDIURP3KDVHEVWXG\
7DEOH
3RWHQWLDOO\&RUUHFWDQG,QFRUUHFW'HFLVLRQVRQ&DYJRU&PD['D\
7DEOH
/DERUDWRU\9DOXH&KDQJHVZLWK6DPSOH$JHDW5RRP7HPSHUDWXUH


/LVWRI)LJXUHV
)LJXUH
056782YHUDOO6WXG\'HVLJQ629)*URXS
)LJXUH
056782YHUDOO6WXG\'HVLJQ$QGUR*HO*URXS
)LJXUH
7KHRUHWLFDORXWFRPHVRI7LWUDWLRQ'HFLVLRQV
)LJXUH
3HUFHQWDJHRIVXEMHFWVDWHDFKWLPHSRLQWZKHUHXVHRIWKHEORRGGUDZ
ZRXOGOHDGWRDFRUUHFWWLWUDWLRQGHFLVLRQ'D\DQGEDVHGRQKRXU
7&DYJ
)LJXUH
3HUFHQWDJHRI,QFRUUHFW7LWUDWLRQ'HFLVLRQVEDVHGRQD6LQJOH%ORRG'UDZ
'D\DQG
)LJXUH
3HUFHQWDJHRIVXEMHFWVDWHDFKWLPHSRLQWZKHUHXVHRIWKHEORRGGUDZZRXOG
OHDGWRDFRUUHFWWLWUDWLRQGHFLVLRQ'D\DQGEDVHGRQ&PD[
)LJXUH
6FDWWHUSORWRI&DYJYV&[7RS5RZDQG&PD[YV&[%RWWRP5RZDW
DQGKUUHVSHFWLYHO\IRUVXEMHFWVLQ'D\
)LJXUH
3HUFHQWDJHRIVXEMHFWVDWHDFKWLPHSRLQWZLWKFRUUHFWDQGLQFRUUHFWWLWUDWLRQ
GHFLVLRQV'D\EDVHGRQ&DYJDQG&PD[&XWRIIQJG/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/

/,672)$%%5(9,$7,216$1''(),1,7,212)7(506
/,672)$%%5(9,$7,216

$%30$(
DPEXODWRU\EORRGSUHVVXUHPRQLWRULQJDGYHUVHHYHQW
$&7+
$+$
DGUHQRFRUWLFRWURSLFKRUPRQH$PHULFDQ+HDUW$VVRFLDWLRQ
$/7
DODQLQHDPLQRWUDQVIHUDVH
$6$
$XWRPDWHG6HOI$GPLQLVWHUHG+RXU5HFDOO
$67
DVSDUWDWHDPLQRWUDQVIHUDVH
$8&
DUHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYH
$8&
DUHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYHIURPWLPHWRKRXUV
$8&
DUHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYHIURPWLPHWRKRXUV
$8&
DUHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYHIURPWLPHWRKRXUV
%,'
WZLFHGDLO\
%3
EORRGSUHVVXUH
&DYJ
DYHUDJHFRQFHQWUDWLRQ
&DYJ>@
DYHUDJHFRQFHQWUDWLRQIURPWLPHWRKRXUV
&DYJ>@
DYHUDJHFRQFHQWUDWLRQIURPWLPHWRKRXUV
&%*
FRUWLVROELQGLQJJOREXOLQ
&,
FRQILGHQFHLQWHUYDO
&PD[
PD[LPXPFRQFHQWUDWLRQ
G%3
GLDVWROLFEORRGSUHVVXUH
'+7
GLK\GURWHVWRVWHURQH
'+78
GLK\GURWHVWRVWHURQHXQGHFDQRDWH
(
HVWUDGLRO
(&*
(OHFWURFDUGLRJUDP
H&5)
HOHFWURQLFFDVHUHSRUWIRUP
('&
HOHFWURQLFGDWDFDSWXUH
(27
(QGRI7UHDWPHQW
)$6
)XOO$QDO\VLV6HW
)'$
)RRGDQG'UXJ$GPLQLVWUDWLRQ
)UHH7
FDOFXODWHGIUHHWHVWRVWHURQH
)6+
IROOLFOHVWLPXODWLQJKRUPRQH
*&3
+E$F
*RRG&OLQLFDO3UDFWLFHJO\FRV\ODWHGKHPRJORELQ
+&9
KHSDWLWLV&YLUXV
+,9+5
KXPDQLPPXQRGHILFLHQF\YLUXVKHDUWUDWH
,&)
LQIRUPHGFRQVHQWIRUP
,&+
,QWHUQDWLRQDO&RXQFLOIRU+DUPRQLVDWLRQRI7HFKQLFDO
5HTXLUHPHQWVIRU +XPDQ8VH,&+
,,()
,QWHUQDWLRQDO,QGH[RI(UHFWLOH)XQFWLRQ4XHVWLRQQDLUH
,366
,QWHUQDWLRQDO3URVWDWH6\PSWRP6FRUH
,5%
LQVWLWXWLRQDOUHYLHZERDUG
,:56
,QWHUDFWLYH:HE5HVSRQVH6\VWHP
,77
LQWHQWWRWUHDW
/+
OXWHLQL]LQJKRUPRQH
0HG'5$
RSW
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\
$FWLYLWLHVRSWLRQDO


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
3'4
3V\FKRVH[XDO'DLO\4XHVWLRQQDLUH
3.
SKDUPDFRNLQHWLF
36$
SURVWDWHVSHFLILFDQWLJHQ
4'
UHT
RQFHGDLO\UHTXLUHG
51$
ULERQXFOHLFDFLG
6$(
VHULRXVDGYHUVHHYHQW
6$3
VWDWLVWLFDODQDO\VLVSODQ
V%36'
V\VWROLFEORRGSUHVVXUHV\PSWRPGLUHFWHG
6)
6KRUW)RUP6XUYH\
6+%*
VH[KRUPRQH±ELQGLQJJOREXOLQ
62&
V\VWHPRUJDQFODVV
623
VWDQGDUGRSHUDWLQJSURFHGXUH
686$5
VXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQ
7
WHVWRVWHURQH
7&DYJ
DYHUDJHSODVPDWRWDOWHVWRVWHURQH
7&PD[
PD[LPXPSODVPDWHVWRVWHURQHFRQFHQWUDWLRQ
7&SUHGRVH
VHUXPWHVWRVWHURQHSUHGRVHFRQFHQWUDWLRQ
7($(
WUHDWPHQWHPHUJHQWDGYHUVHHYHQW
7PD[
WLPHWRPD[LPXPFRQFHQWUDWLRQ
757
WHVWRVWHURQHUHSODFHPHQWWKHUDS\
76+
WK\URLGVWLPXODWLQJKRUPRQH
78
WHVWRVWHURQHXQGHFDQRDWH



0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/

,1752'8&7,21

%DFNJURXQG
0DOHK\SRJRQDGLVPLVDFRQGLWLRQLQZKLFKWHVWHVIDLOWRSURGXFHSK\VLRORJLFDOOHYHOVRI
WHVWRVWHURQH73ULPDU\K\SRJRQDGLVPPD\UHVXOWIURPFKURPRVRPHDEQRUPDOLW\HJ
.OLQHIHOWHUV\QGURPHORFDOWHVWLFXODUVXUJHU\GLVHDVHLQIHFWLRQPXPSVRUFKLWLV
UDGLDWLRQ DQGUHQDOIDLOXUH&HQWUDORUVHFRQGDU\K\SRJRQDGLVPLQYROYHVGLVUXSWLRQRI
WKH K\SRWKDODPLFSLWXLWDU\WHVWLFXODUD[LVDQGPD\UHVXOWIURPK\SRSLWXLWDULVPVHOHFWLYH
JRQDGDWURSKLFGHILFLHQF\VHYHUHV\VWHPLFLOOQHVVRUWKHSDWLHQWEHLQJVHYHUHO\
XQGHUZHLJKW >@
+\SRJRQDGLVPLVFKDUDFWHUL]HGE\VHUXP7OHYHOVQJG/LQFRPELQDWLRQZLWKDW OHDVW
 FOLQLFDOVLJQRUV\PSWRPFRQVLVWHQWZLWKGLDJQRVLV6LJQVRIK\SRJRQDGLVPLQFOXGH
DEVHQFH RUUHJUHVVLRQRIVHFRQGDU\VH[FKDUDFWHULVWLFVDQHPLDPXVFOHZDVWLQJUHGXFHG
ERQHPDVV
RUERQHPLQHUDOGHQVLW\ROLJRVSHUPLDDQGDEGRPLQDODGLSRVLW\
6\PSWRPVRISRVWSXEHVFHQWK\SRJRQDGLVPLQFOXGHVH[XDOG\VIXQFWLRQHUHFWLOH
G\VIXQFWLRQ UHGXFHGOLELGRGLPLQLVKHGSHQLOHVHQVDWLRQGLIILFXOW\DWWDLQLQJRUJDVP DQG
UHGXFHG HMDFXODWHUHGXFHGHQHUJ\DQGVWDPLQDGHSUHVVHGPRRGLQFUHDVHGLUULWDELOLW\
GLIILFXOW\ FRQFHQWUDWLQJFKDQJHVLQFKROHVWHUROOHYHOVDQHPLDRVWHRSRURVLVDQGKRW
IODVKHV>@
7HVWRVWHURQHGHILFLHQF\LQPHQLVLPSOLFDWHGDVDULVNIDFWRUIRUPHWDEROLFV\QGURPHDQG
W\SHGLDEHWHVDQGLQGHSHQGHQWO\DVVRFLDWHGZLWKLQGLYLGXDOFRPSRQHQWVRIWKHPHWDEROLF
V\QGURPH²YLVFHUDOREHVLW\LQVXOLQUHVLVWDQFHK\SHUJO\FHPLDK\SHUWHQVLRQDQG
G\VOLSLGHPLD>@(SLGHPLRORJLFDOVWXGLHVUHSRUWLQFUHDVHGPRUWDOLW\LQPHQZLWKORZ7
>@
7KHSUHYDOHQFHRISULPDU\K\SRJRQDGLVPLQPHQLVEHVWHVWLPDWHGE\WKHSUHYDOHQFHRI
.OLQHIHOWHUV\QGURPHWKHOHDGLQJFRQJHQLWDOFDXVHRIK\SRJRQDGLVP3UHYDOHQFHRI
.OLQHIHOWHUV\QGURPHLVUHSRUWHGWREHEHWZHHQDQG>@5HSRUWHGSUHYDOHQFH
UDWHVDUHPRVWOLNHO\WREHDQXQGHUHVWLPDWHDVLWKDVEHHQUHFHQWO\VXJJHVWHGWKDWWR
RIPHQZLWK.OLQHIHOWHUV\QGURPHDUHQHYHUGLDJQRVHGGXULQJWKHLUOLIHWLPHV>@
)XUWKHUPRUHPDQ\FDVHVRIK\SRJRQDGLVPDSSHDUWREHDV\PSWRPDWLFZKLOHRWKHUVPD\EH
PDVNHGDV³ODWHEORRPLQJ´SXEHUW\1RHVWLPDWHVKDYHEHHQIRXQGRQWKHSUHYDOHQFHRI
VHFRQGDU\K\SRJRQDGLVPKRZHYHUWKH+\SRJRQDGLVPLQ0DOHVVWXG\HVWLPDWHGWKH
RYHUDOO SULPDU\DQGVHFRQGDU\SUHYDOHQFHRIK\SRJRQDGLVPWRWDO7QJG/LQ
PHQ DJHG\HDUVDQGROGHUWREH>@
7KHJRDORIWHVWRVWHURQHUHSODFHPHQWWKHUDS\757LVWRDFKLHYHQRUPDOSK\VLRORJLFDO
WHVWRVWHURQHOHYHOVZKLOHPLQLPL]LQJDGYHUVHHIIHFWVDQGXVLQJWKHPRVWFRQYHQLHQWURXWH
RI DGPLQLVWUDWLRQSRVVLEOHIRUWKHSDWLHQW>@&XUUHQWWUHDWPHQWVIRUK\SRJRQDGLVPLQWKH
8QLWHG6WDWHVKDYHVLJQLILFDQWGLVDGYDQWDJHVGXHWRWKHLUURXWHRIDGPLQLVWUDWLRQWKDWPD\
UHGXFHWKHQXPEHURILQGLYLGXDOVUHFHLYLQJWUHDWPHQWIDLOXUHWR DFKLHYHSK\VLRORJLFDOO\
QRUPDOSDWWHUQVRIFLUFXODWLQJ7RUSRVVLEO\UHVXOWLQWKHDFFLGHQWDOH[SRVXUHRIRWKHU
LQGLYLGXDOVWR7>@5HJXODULQWUDPXVFXODULQMHFWLRQVDUHXQDWWUDFWLYHIRUVRPHSDWLHQWV
GXH WRLQMHFWLRQVLWHSDLQDQGWKHQHFHVVLW\RIUHJXODU YLVLWVWRSK\VLFLDQRIILFHV7RSLFDO7

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
IRUPXODWLRQVKDYHEHHQWKHUHFHQWVXEMHFWRID )RRGDQG'UXJ$GPLQLVWUDWLRQ)'$
UHTXLUHPHQWIRUD³EODFNER[´ZDUQLQJLQWKH867KHZDUQLQJFDPHLQUHVSRQVHWR
DFFLGHQWDOFRQWDFWRIFKLOGUHQZLWKPDOHDGXOWV W\SLFDOO\IDPLO\ZKRKDGDSSOLHGWKH
IRUPXODWLRQVUHVXOWLQJLQHOHYDWHG7OHYHOVLQWKHFKLOGUHQDQGDEQRUPDOJURZWKRI
JHQLWDOLD >@
7RRYHUFRPHWKHVHWUHDWPHQWGLVDGYDQWDJHV0DULXV3KDUPDFHXWLFDOVLVGHYHORSLQJD QRYHO
RUDOIRUPXODWLRQRIWHVWRVWHURQHXQGHFDQRDWH78629)IRUWKHWUHDWPHQWRI
SULPDU\DQGVHFRQGDU\K\SRJRQDGLVP$7SURGUXJ78LVDYDLODEOHLQ(XURSHDQG
&DQDGD IRURUDO757LQDGXOWPHQIRUFRQGLWLRQVDVVRFLDWHGZLWKD GHILFLHQF\RUDEVHQFH
RI HQGRJHQRXV7>@%UDQGQDPHVDVVRFLDWHGZLWKWKLV IRUPXODWLRQLQFOXGH$QGULRO
DQG $QGULRO7HVWRFDSVGHSHQGLQJRQWKHPDUNHW +RZHYHUWKLVSURGXFWLVUHSRUWHGWR
KDYHDQ XQSUHGLFWDEOHDEVRUSWLRQSDWWHUQUHVXOWLQJLQVKRUWOLYHGSHDNVLQ7OHYHOVDIWHU
LQJHVWLRQ >@
7KH0DULXV3KDUPDFHXWLFDOVIRUPXODWLRQVHOHFWHGIURPIRUPXODWLRQVVWXGLHGFRQWDLQV
78FRPPRQSKDUPDFHXWLFDOH[FLSLHQWVDQGSK\WRVWHUROHVWHUVLQVRIWJHODWLQFDSVXOHV,Q
WKH86SK\WRVWHUROVSK\WRVWDQROVDQGWKHLUHVWHUVKDYHUHFHLYHG*HQHUDOO\5HFRJQL]HGDV
6DIHVWDWXV3K\WRVWHUROVDUHK\SRWKHVL]HGWRLPSURYHO\PSKDWLFDEVRUSWLRQRI787KH
DGGLWLRQRISK\WRVWHUROHVWHUVWROLSLGEDVHGIRUPXODWLRQVHQKDQFHVWKHVROXELOLW\RI78LQ
WKLVIRUPXODWLRQ7KHVH7HVWHUVPXFKPRUHVRWKDQ7DORQHDUHUHFRJQL]HGE\WKHVPDOO
LQWHVWLQHDVIDW7KXVPRVWRIWKHRUDO78GRVHLV DEVRUEHGYLDLQWHVWLQDOO\PSKDWLFV
SRWHQWLDOO\DYRLGLQJILUVWSDVVKHSDWLFPHWDEROLVP $EVRUSWLRQYLDWKHO\PSKDWLFV\VWHPLV
HQKDQFHGE\WKHFRQVXPSWLRQRIDPHDOEHIRUHGRVLQJ,QGRJSKDUPDFRNLQHWLF3.
VWXGLHV FRGRVLQJRISK\WRVWHUROVHQKDQFHG7H[SRVXUHUHODWLYHWRDUHIHUHQFHIRUPXODWLRQ
KDYLQJWKH VDPHFRPSRVLWLRQDV$QGULRO7HVWRFDSV>@$GGLWLRQDOQRQFOLQLFDOVWXGLHV
FRQGXFWHGE\ 0DULXV3KDUPDFHXWLFDOVIROORZLQJD6HSWHPEHUSUH,QYHVWLJDWLRQDO
1HZ'UXJ $SSOLFDWLRQPHHWLQJVXSSRUWWKHVDIHW\RI78ZKHQDGPLQLVWHUHGDV629
)7KHQRQFOLQLFDOVWXGLHVLQFOXGHGLQYLWURELQGLQJVWXGLHVWRWKHKXPDQDQGURJHQDQG
HVWURJHQ UHFHSWRUVLQYLYRDEVRUSWLRQGLVWULEXWLRQPHWDEROLVPDQGH[FUHWLRQ3.VWXG\LQ
UDWVUDW PDOHIHUWLOLW\VWXG\DQGDGD\GRJUHSHDWGRVHWR[LFRORJ\VWXG\
6LGHHIIHFWVDVVRFLDWHGZLWKYDULRXV7IRUPXODWLRQVLQFOLQLFDOWULDOVLQFOXGHDSSOLFDWLRQVLWH
UHDFWLRQVXSWRZLWKWUDQVGHUPDOIRUPXODWLRQVDFQHWRGHSUHVVLRQWR
SURVWDWHDEQRUPDOLWLHVWRJ\QHFRPDVWLDWRDQG KHDGDFKHWR
$GYHUVHHYHQWV$(VZLWK757KDYHEHHQGLVFXVVHGLQWKH OLWHUDWXUHDQGLQFOXGH
FDUGLRYDVFXODUGLVHDVHOLSLGDOWHUDWLRQVHU\WKURF\WRVLVSRO\F\WKHPLDEHQLJQSURVWDWLF
K\SHUWURSK\SURVWDWHFDQFHUKHSDWRWR[LFLW\DVVRFLDWHG ZLWKRUDODON\ODWHGDJHQWVDQG
SHULSKHUDOHGHPD$OOFXUUHQW7SUHSDUDWLRQVKDYHWKHSRWHQWLDORIVWLPXODWLQJSURVWDWH
JODQG JURZWKDQGSRVVLEO\SURVWDWHFDQFHU>@
)LYH3.VWXGLHVLQK\SRJRQDGDOPHQGHPRQVWUDWHWKDWVLQJOHDQGUHSHDWGRVHVRI78XSWR
PJWZLFHGDLO\PJ7HTXLYDOHQWVDUHZHOOWROHUDWHGZLWKPLQLPDO$(V>@,Q
DGGLWLRQVHYHUDOKXPDQVWXGLHVKDYHEHHQSXEOLVKHGRQWKHXVHRIRUDO78DV757
>@,QWKHVHVWXGLHVVLQJOHGRVHVXSWRPJDQGUHSHDWGRVHVRIPJDQG
PJ78WLPHVDQGWLPHVDGD\UHVSHFWLYHO\ZHUHZHOOWROHUDWHGZLWKPLQLPDO VLGH
HIIHFWV

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
7KH3KDVHEFOLQLFDOVWXG\6WXG\629783.>@ZDVGHVLJQHGWRVHOHFWD
VWDUWLQJGRVHIRU3KDVHDQGGHYHORSDQDOJRULWKPIRUDGMXVWLQJ629)GRVHV
WKDW PD[LPL]HGWKHSHUFHQWDJHRIVXEMHFWVZLWKPD[LPXPFRQFHQWUDWLRQ&PD[DQG
KRXU7 OHYHOVZLWKLQ)'$JXLGHOLQHV>@$GGLWLRQDODVVHVVPHQWVLQFOXGHGWKH
HIIHFWRIWKHFRPSRVLWLRQRIIRRGRQWKH3.RI7GLK\GURWHVWRVWHURQH'+778DQG
GLK\GURWHVWRVWHURQHXQGHFDQRDWH'+78DQGDFRPSDULVRQRIGLIIHUHQWDVSHFWVRI
WKH ELRDQDO\WLFDOVDPSOHFROOHFWLRQPHWKRGV&RQVXPSWLRQRIPHDOVRI
DQGFDORULHVIURPIDWSURJUHVVLYHO\LQFUHDVHGWKHH[SRVXUHRI7DQG'+7
FRQVLVWHQWZLWK SXEOLVKHGVWXGLHVVKRZLQJWKHLPSRUWDQFHRIIDWWRWKHDEVRUSWLRQRI
78>@
5HVXOWVRIWKHQRQFOLQLFDOVWXGLHVLQFRPELQDWLRQZLWKWKH3KDVHEGDWDVXSSRUW
SURJUHVVLRQ WRWKHSURSRVHG3KDVHVWXG\LQDSSUR[LPDWHO\K\SRJRQDGDOPHQ7KLV
UDQGRPL]HG GD\RSHQODEHODFWLYHFRQWUROOHGVWXG\ZLOOLQFOXGHDGD\HIILFDF\
SHULRGIROORZHG E\DPRQWKVDIHW\HYDOXDWLRQSHULRGFRPSDULQJ629)WDNHQ
ZLWKIRRGZLWK $QGUR*HODSSOLHGRQFHGDLO\4'%RWKWUHDWPHQWVZLOOEH
FRQWLQXHGIRUWKH PRQWKGXUDWLRQRIWKHVWXG\DQGWKHFRPSDUDWRUZLOOEHXVHGRQO\
IRUDVVHVVPHQWRIVDIHW\'RVHVRIERWK629)DQG$QGUR*HOZLOOEHWLWUDWHG
DFFRUGLQJWRWKHDOJRULWKPV GRFXPHQWHGLQWKLVSURWRFRO6XEMHFWVZLOOQRWEHDVNHGWR
FKDQJHWKHLUHDWLQJKDELWV,QDUDUHDXWRVRPDOUHFHVVLYHFRQGLWLRQSK\WRVWHUROHPLDFDXVHG
E\DGHIHFWLQDJXW SURWHLQ WKDWWUDQVSRUWVSK\WRVWHUROVLQWRWKHLQWHVWLQDOOXPHQSODQW
GHULYHGVWHUROVDFFXPXODWHWR KLJKOHYHOVLQEORRGDQGWLVVXHV7KHVHSDWLHQWVFDQGHYHORS
DGUHQDOLQVXIILFLHQF\ 5HIHUHQFH0XVKWDT7HWDO$GUHQDOLQVXIILFLHQF\LQ
SK\WRVWHURODHPLD(XU-(QGRFULQRO 67RUXOHRXWDQ\HIIHFWRIWKH
SK\WRVWHUROVLQ629)RQDGUHQDO IXQFWLRQ$&7+VWLPXODWLRQWHVWLQJZLOOEHGRQH
LQDVXEVHWRI VXEMHFWVDWEDVHOLQHDQGDWWKHHQGRIWKHVWXG\

6WXG\5DWLRQDOH
629)LVDQRYHORUDOSUHSDUDWLRQRI78DQGKDVGHPRQVWUDWHGDIDYRUDEOH3.DQG
WROHUDELOLW\SURILOHLQVWXGLHVWRGDWH7KLV3KDVHVWXG\LVLQWHQGHGWRSURYLGHVXIILFLHQW
GDWD WRGHPRQVWUDWHHIILFDF\DQGVDIHW\DQGWRIRUPWKHEDVLVIRUDUHYLHZDEOH1HZ'UXJ
$SSOLFDWLRQIRUWKHPDOHK\SRJRQDGLVPLQGLFDWLRQ
7KLV3KDVHVWXG\ZLWKDGD\HIILFDF\SHULRGDQGPRQWKVDIHW\HYDOXDWLRQSHULRGLV
GHVLJQHGWRGHWHUPLQHWKHHIILFDF\RIRUDO629)DVPHDVXUHGE\WKH SHUFHQWDJHRI
VXEMHFWVZLWKPDOHK\SRJRQDGLVPZLWKDYHUDJHSODVPDWRWDOWHVWRVWHURQH7&DYJZLWKLQ
WKH QRUPDOUDQJHDIWHUGD\VRIWUHDWPHQW7KHVWXG\ZLOOKDYHVKRZQ HIIHFWLYHQHVVRI
629)LIRIWKH)XOO$QDO\VLV6HWSRSXODWLRQKDVSODVPD7&DYJZLWKLQWKH
QRUPDOUDQJHDIWHUGD\VZLWKWKHORZHUERXQGRIWKH FRQILGHQFHLQWHUYDO&,

7KHVHFRQGDU\REMHFWLYHRIWKHVWXG\LVWRGHWHUPLQHWKHSHUFHQWDJHRI629)±
WUHDWHG VXEMHFWVZKRKDYHDPD[LPXPSODVPDWHVWRVWHURQHFRQFHQWUDWLRQ7&PD[ZLWKLQ
)'$ GHILQHGOLPLWVDIWHUGD\VRIWUHDWPHQW
7HVWRVWHURQHPHDVXUHPHQWVLQVXEMHFWVUHFHLYLQJ629)ZKLFKFRQWDLQV78D
SURGUXJRI7ZLOOEHPDGHXVLQJSODVPDVDPSOHV7KHVDPSOLQJWXEHVFRQWDLQDQHQ]\PH

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678
3DJHRI
&21),'(17,$/
LQKLELWRUWRSUHYHQWSRVWEORRGFROOHFWLRQFRQYHUVLRQRI78WR70HDVXUHPHQWVRI7IRU
$QGUR*HODUHPDGHXVLQJVHUXPVDPSOHVDVSHUSURGXFWLQIRUPDWLRQ
>6HFWLRQ@
([SORUDWRU\REMHFWLYHVDUHWRGHWHUPLQHFKDQJHIURPEDVHOLQHLQRXWFRPHVUHSRUWHG
E\ 629)±WUHDWHGDQG$QGUR*HOWUHDWHGVXEMHFWVLQ,QWHUQDWLRQDO3URVWDWH
6\PSWRP 6FRUH,3666HFWLRQ3V\FKRVH[XDO'DLO\4XHVWLRQQDLUH3'46HFWLRQ
6KRUW )RUP6XUYH\6)6HFWLRQDQG,QWHUQDWLRQDO,QGH[RI(UHFWLOH
)XQFWLRQ,,() 6HFWLRQDIWHUZHHNVRIWUHDWPHQWDQGWRGHWHUPLQHFKDQJH
IURPEDVHOLQHLQ IDVWLQJVHUXPJOXFRVHDQGIDVWLQJLQVXOLQFRQFHQWUDWLRQVLQ629
)±WUHDWHGDQG$QGUR*HOWUHDWHGVXEMHFWVDIWHUZHHNVRIWUHDWPHQW7KHVHFRQG
H[SORUDWRU\REMHFWLYHLV EDVHGRQUHVHDUFKVKRZLQJWKDWDPRQJROGHUPHQ KLJKHUOHYHOV
RI'+7DUHLQYHUVHO\ DVVRFLDWHGZLWKLQVXOLQUHVLVWDQFHDQGULVNRIKDYLQJGHYHORSLQJ
GLDEHWHVPHOOLWXV>@ $Q DGGLWLRQDOH[SORUDWRU\REMHFWLYHLVWKH DVVHVVPHQWRI
ELRDQDO\WLFDOVDPSOHVWDELOLW\IRU VXEMHFWVRQ629)RUDO78
6DIHW\REMHFWLYHVDUH
WRGHWHUPLQHWKHLQFLGHQFHRI$(VVHULRXVDGYHUVHHYHQWV6$(VDQG
$(V OHDGLQJWRVWXG\ZLWKGUDZDOLQ629)±WUHDWHGVXEMHFWVFRPSDUHG
ZLWK $QGUR*HOWUHDWHGVXEMHFWVDIWHUZHHNVRIWUHDWPHQW
WRDVVHVVFKDQJHIURPEDVHOLQHLQEORRGSUHVVXUH%3OLYHUIXQFWLRQWHVWV
KHPDWRORJ\SDUDPHWHUVKRUPRQHOHYHOVOLSLGSURILOHVDQGVHUXPSURVWDWH VSHFLILF
DQWLJHQ36$LQ629)±WUHDWHGDQG$QGUR*HOWUHDWHGVXEMHFWVDIWHU
ZHHNV RIWUHDWPHQW%ORRGSUHVVXUHPHDVXUHPHQWVZLOOEHWDNHQDW VFUHHQLQJDQG
HDFKVWXG\ YLVLWLQFOXGLQJDWKRXULQWHUYDOVRYHUWKHKRXUSHULRGRI3.
FROOHFWLRQYLVLWV %ORRGSUHVVXUHPHDVXUHPHQWVRQDOOVWXG\YLVLWGD\VZLOOEH
GXSOLFDWHGZLWKLQ PLQXWHV,IWKHGLIIHUHQFHLQV\VWROLFEORRGSUHVVXUHV%3DQG
GLDVWROLFEORRG
SUHVVXUHG%3PHDVXUHPHQWVLV!PP+J DQG!PP+JUHVSHFWLYHO\D
WKLUG %3PHDVXUHPHQWZLOOEHWDNHQDQGUHVXOWV DYHUDJHG
WRGHWHUPLQHWKHHIIHFWRI629)RQDGUHQDOFRUWLFDOIXQFWLRQWKH FRUWLVRO
UHVSRQVHWRV\QWKHWLF$&7+ZLOOEHPHDVXUHGDWEDVHOLQHDQGDIWHUZHHNVRI
WUHDWPHQWLQDVXEVHWRIVXEMHFWV$WUDQGRPL]DWLRQSDWLHQWVUDWLRRI
629)WR$QGUR*HOVXEMHFWVZLOOEHHQUROOHGWRHQVXUHVXEMHFWVDUH
DYDLODEOH IRUDVVHVVPHQWDWWKH(QGRI7UHDWPHQW'D\
$QDUWHIDFWLQKHPDWRFULWPHDVXUHPHQWGXHWRWKHXVHRIDFHQWUDOODERUDWRU\DQGWKH
FRQVHTXHQWGHOD\LQVDPSOHHYDOXDWLRQKDVOHGWRWKHXVHRIKHPRJORELQ+JELQVWHDG RI
KHPDWRFULWDVDQH[FOXVLRQFULWHULRQDQGIRUKHPDWRORJ\UHODWHGVDIHW\HQGSRLQWV
7KHDEVRUSWLRQRI78GHSHQGVXSRQPHDOLQJHVWLRQ$EVRUSWLRQLVDOVRSURSRUWLRQDOWRWKH
IDW FRQWHQWRIDPHDO6XEMHFWVLQWKHVWXG\DUHH[SHFWHGWRPDLQWDLQWKHLUQRUPDO GLHW$
VWXG\RI RSWLPXPGRVHWLPLQJGHPRQVWUDWHGWKDWLQJHVWLRQRIWKH629) IRUPXODWLRQ
DIWHUD PHDOUHVXOWHGLQLQFUHDVHGDEVRUSWLRQKHQFHLQWKLVVWXG\VXEMHFWVLQWKH629
)VWXG\ DUPVKRXOGWDNHWKHLUPRUQLQJDQGHYHQLQJGRVHVPLQXWHV DIWHUWKHEHJLQQLQJ
RIEUHDNIDVW DQGGLQQHUUHVSHFWLYHO\7KLVGRVHWLPLQJKDVEHHQ XVHGLQSUHYLRXVFOLQLFDO
VWXGLHVRIWKH 629)IRUPXODWLRQ

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
1DWLRQDOGLHWDU\GDWDVKRZDYHUDJHKRXUHQHUJ\LQWDNHIRUPDOHVDJHG\HDUVRU PRUH
LV NFDOGD\ZLWKPHQLQWKHWKSHUFHQWLOHFRQVXPLQJFDORULHVGDLO\ >@
5HVHDUFKHUVXVLQJGLHWDU\LQWDNHGDWDIURPWKH1DWLRQDO+HDOWKDQG1XWULWLRQ ([DPLQDWLRQ
6XUYH\VIRXQGWKHDYHUDJHKRXUHQHUJ\NFDOVGLVWULEXWLRQE\ PHDOIRUDGXOWPHQ
LV NFDOVDWEUHDNIDVWNFDOVDWOXQFKNFDOVDWGLQQHU
DQGNFDOVDVVQDFNV>@7KHVHGDWDVXJJHVW$PHULFDQPHQFRQVXPH
DSSUR[LPDWHO\WKHVDPHQXPEHURIFDORULHVDWEUHDNIDVWDQG OXQFKZKLOHFRQVXPLQJ
FRQVLGHUDEO\PRUHFDORULHVGXULQJWKHGLQQHUPHDO7KHVH DPRXQWVDQGGLVWULEXWLRQVRI
FDORULFLQWDNHYHUVXVPHDOKDYHEHHQXVHGLQGHVLJQLQJPHQXVIRUXVHRQWKHKRXU3.
GD\V9LVLWVDQG 7KHFDORULFDPRXQWVRIPHDOVDQGDYHUDJHIDWFRQWHQWRIPHDOV
SURYLGHGIRUHDFKVXEMHFWRQWKH3.GD\VZLOOEHVHW XVLQJWKHGDWDREWDLQHGIURPWKH
$6$ GLHWUHFDOOV\VWHPIRUHDFKVXEMHFW

678'<2%-(&7,9(6

3ULPDU\2EMHFWLYH
7KHSULPDU\REMHFWLYHRIWKHVWXG\LVWRGHWHUPLQHWKHHIILFDF\RIRUDO629)DV
PHDVXUHGE\WKHSHUFHQWDJHRIPDOHK\SRJRQDGDOVXEMHFWVZLWKSODVPD7&DYJZLWKLQWKH
QRUPDOUDQJHDIWHUGD\VRIWUHDWPHQW

6HFRQGDU\2EMHFWLYH
7KHVHFRQGDU\REMHFWLYHRIWKHVWXG\LVWRGHWHUPLQHWKHSHUFHQWDJHRI
629)±WUHDWHGVXEMHFWVZLWKSODVPD7&PD[YDOXHVDQJG/EWR
 QJG/DQGF!QJG/DIWHUGD\VRIWUHDWPHQW

([SORUDWRU\2EMHFWLYHV
7KHH[SORUDWRU\REMHFWLYHVRIWKHVWXG\DUH
x 7RGHWHUPLQHWKHFKDQJHIURPEDVHOLQHLQWKHIROORZLQJVXEMHFWUHSRUWHG
RXWFRPHVE\629)±WUHDWHGDQG$QGUR*HOWUHDWHGVXEMHFWVLQ,
366 3'46)DQG,,()DIWHUZHHNVRIWUHDWPHQW
x 7R GHWHUPLQH FKDQJH IURP EDVHOLQH LQ IDVWLQJ VHUXP JOXFRVH DQG IDVWLQJ
LQVXOLQ FRQFHQWUDWLRQVLQ629)±WUHDWHGDQG$QGUR*HOWUHDWHGVXEMHFWVDIWHU
 ZHHNV RIWUHDWPHQW
x $VVHVVPHQWRIELRDQDO\WLFDOVDPSOHVWDELOLW\IRUPHDVXUHPHQWRI7DQG'+7LQ
VHUXPDQGSODVPDVDPSOHVIURPVXEMHFWVUHFHLYLQJ78RUDOO\LQFOXGLQJWKUHH
W\SHVRISODVPDWXEHV('7$1D)('7$DQGOLWKLXPKHSDULQ

6DIHW\2EMHFWLYHV
x 7RGHWHUPLQHWKHLQFLGHQFHRI$(V6$(VDQG$(VOHDGLQJWRVWXG\ZLWKGUDZDO
LQ629)±WUHDWHGVXEMHFWVFRPSDUHGZLWK$QGUR*HOWUHDWHGVXEMHFWVDIWHU 
ZHHNV RIWUHDWPHQW

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
x 7RDVVHVVFKDQJHIURPEDVHOLQHLQ%3OLYHUIXQFWLRQWHVWVKHPDWRORJ\
SDUDPHWHUV KRUPRQHOHYHOVOLSLGSURILOHVDQGVHUXPSURVWDWHVSHFLILFDQWLJHQ
36$LQ 629)±WUHDWHGDQG$QGUR*HOWUHDWHGVXEMHFWVDIWHUZHHNVRI
WUHDWPHQW
x 7RGHWHUPLQHWKHHIIHFWRI629)RQDGUHQDOFRUWLFDOIXQFWLRQDVDVVHVVHG
E\ PHDVXULQJWKHFRUWLVROUHVSRQVHWRV\QWKHWLF$&7+DWEDVHOLQHDQGDIWHU
ZHHNVRI WUHDWPHQWLQDVXEVHWRI629)VXEMHFWVDQG$QGUR*HO
VXEMHFWV

,19(67,*$7,21$/3/$1

2YHUDOO6WXG\'HVLJQDQG3ODQ'HVFULSWLRQ
7KLVZLOOEHDUDQGRPL]HGPXOWLFHQWHURSHQODEHODFWLYHFRQWUROOHGHIILFDF\EDVHGRQ 7
&DYJ DQG 7 &PD[ DQG VDIHW\ VWXG\ LQ DGXOW K\SRJRQDGDO PHQ 7KH VWXG\ GXUDWLRQ LV
PRQWKV GD\VLQFOXGLQJDGD\RSHQODEHOHIILFDF\SHULRGDQGDPRQWK
GD\VDIHW\HYDOXDWLRQSHULRG$OOVWXG\YLVLWGD\VVKRXOGEHXQGHUVWRRGWREH GD\V
LH9LVLW'D\PD\RFFXUIURP'D\RIWKHVWXG\SHULRGWR'D\XSWKURXJK
9LVLW DQGGD\VIRU9LVLWGD\WKURXJK(QGRI6WXG\GD\
$FFHSWDEOHUDQJHVIRUHDFKYLVLWDUHGHVLJQDWHGLQWKH6FKHGXOHRI$VVHVVPHQWV 
7DEOH2YHUDOO6WXG\'HVLJQILJXUHV)LJXUHDQG)LJXUHDQG7LPLQJRI
6WXG\ 3URFHGXUHV6HFWLRQEXWJHQHUDOO\QRWGHVLJQDWHGWKURXJKRXWWKHWH[WRIWKLV
SURWRFRO
(QUROOPHQWLQWRWKHVWXG\ZLOOEHEDVHGRQVHOHFWLRQFULWHULDGHVLJQHGWRUHIOHFWWKHJHQHUDO
SRSXODWLRQRIK\SRJRQDGDOPHQ6XEMHFWVPXVWEHQDwYHWRDQGURJHQUHSODFHPHQWWKHUDS\
RU ZDVKHGRXWDGHTXDWHO\RISULRUDQGURJHQUHSODFHPHQWWKHUDSLHV
6XEMHFWVZLOOXQGHUJRVFUHHQLQJYLVLWV6FUHHQLQJ9LVLWDQG6FUHHQLQJ9LVLWGXULQJ
WKH VWXG\VFUHHQLQJSHULRGWRYHULI\LQFOXVLRQDQGH[FOXVLRQFULWHULD6XEMHFWV PXVWKDYH
FRQVHFXWLYHVHUXPWRWDO7OHYHOVQJG/EDVHGRQDEORRGVDPSOH GUDZQDWOHDVW
GD\VDSDUWDQGREWDLQHGIURPDPWRDP)XUWKHUPRUHVXEMHFWVPXVWKDYHDWOHDVW
FOLQLFDO IHDWXUHFRQVLVWHQWZLWKPDOHK\SRJRQDGLVP $GHVFULSWLRQRIV\PSWRPVDQGVLJQV
FRQVLVWHQW ZLWKPDOHK\SRJRQDGLVPLVSURYLGHGLQ6HFWLRQ
(OLJLEOHVXEMHFWVZLOOEHUDQGRPL]HGDSSUR[LPDWHO\629)±WUHDWHGVXEMHFWV
WR $QGUR*HOWUHDWHGVXEMHFWVUHVSHFWLYHO\DQGVWUDWLILHGE\VWXG\FHQWHUWRUHFHLYH
629)ZLWKPRUQLQJDQGHYHQLQJPHDOVRU$QGUR*HODFRPPRQO\SUHVFULEHGWRSLFDO
7UHSODFHPHQWSURGXFW%RWKWUHDWPHQWVZLOOEHFRQWLQXHGIRUWKH
PRQWKVWXG\GXUDWLRQDQGWKHFRPSDUDWRU$QGUR*HOZLOOEHXVHGRQO\
IRU DVVHVVPHQWRIVDIHW\
7HVWRVWHURQHPHDVXUHPHQWVLQVXEMHFWVUHFHLYLQJ629)ZKLFKFRQWDLQV78D7
SURGUXJZLOOEHPDGHXVLQJSODVPDVDPSOHV7KHVDPSOLQJWXEHVFRQWDLQDQHQ]\PH
LQKLELWRUWRSUHYHQWSRVWEORRGFROOHFWLRQFRQYHUVLRQRI78WR70HDVXUHPHQWVRI7IRU
$QGUR*HOZLOOEHPDGHXVLQJVHUXPVDPSOHVDVSHUSURGXFWLQIRUPDWLRQ

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
629)ZLOOEHVWDUWHGDWDWRWDOGDLO\GRVHRIPJPJZLWKWKHPRUQLQJPHDO
DQGPJZLWKWKHHYHQLQJPHDO7KHSODVPD7FRQFHQWUDWLRQEHWZHHQWR KRXUVDW
9LVLW 'D\DQG9LVLW'D\ZLOOGHWHUPLQHWKHQHHGLIDQ\WRDGMXVWWKHGRVHXSRU
GRZQ E\PJDW9LVLW'D\DQG9LVLW'D\UHVSHFWLYHO\7KHPLQLPXPGRVH
RI 629)ZLOOEHPJZLWKWKHPRUQLQJPHDODQGQRHYHQLQJGRVH7KH
PD[LPXP GRVHRI629)ZLOOEHPJPJZLWKWKHPRUQLQJPHDODQG
PJZLWKWKH HYHQLQJPHDO
$QGUR*HOZLOOEHDSSOLHGDWDVWDUWLQJGRVHRIPJ4'7KHVHUXP7SUHGRVH
FRQFHQWUDWLRQ7&SUHGRVHIURPDVLQJOHEORRGGUDZDW'D\DQG'D\ZLOOGHWHUPLQH
WKH QHHGLIDQ\WRWLWUDWHSHUWKHSURGXFWLQIRUPDWLRQ>6HFWLRQ@DW'D\DQG 'D\
 UHVSHFWLYHO\
7KHILQDOGRVHVHVWDEOLVKHGLQWKHHIILFDF\SHULRGIRU629)DQG$QGUR*HOZLOOEH
XVHGDWWKHVWDUWRIWKHPRQWKVDIHW\HYDOXDWLRQSHULRG7KHGRVHRI629) PD\EH
XSRUGRZQWLWUDWHGRQ'D\DQG'D\EDVHGRQWKHSODVPD7FRQFHQWUDWLRQIURPD
VLQJOHEORRGGUDZZLWKLQWRKRXUVDIWHUWKHPRUQLQJGRVH'D\ DQG'D\
6LQJOH EORRGGUDZVHUXP7FRQFHQWUDWLRQVSUHGRVHDW'D\DQG'D\ZLOOEHXVHG
IRU $QGUR*HOGRVHWLWUDWLRQDW'D\DQG'D\UHVSHFWLYHO\ SHUSURGXFW
LQIRUPDWLRQ
,IDQDO\VLVRIWKH'D\KRXU3.GDWDUHYHDOVWKDWDVXEMHFWLVRQDQLQFRUUHFWGRVH
GLVFRQWLQXDWLRQRIWKHVXEMHFWPD\EHDSSURSULDWHLQWKHIROORZLQJLQVWDQFHV
x $629)±WUHDWHGVXEMHFWKDVEHHQSUHYLRXVO\GRZQWLWUDWHGWRPJLQ
WKH PRUQLQJRQO\DQG7&PD[LV!QJG/RQ'D\WKHVXEMHFWZLOOEH
GLVFRQWLQXHGDVFRQWLQXDWLRQLQWKHVWXG\ZLOOH[SRVHWKHVXEMHFWWRUHSHDWHG
7&PD[YDOXHV!QJG/
x $629)±WUHDWHGVXEMHFWKDVEHHQXSWLWUDWHGWRPJDQG
7&DYJLVEHORZWKHQRUPDOUDQJHRQ'D\WKHVXEMHFWPD\EHGLVFRQWLQXHGLILQ
WKH RSLQLRQRIWKHLQYHVWLJDWRUFRQWLQXDWLRQLQWKHVWXG\ZRXOGH[SRVHWKH VXEMHFW
WRDQ LQYHVWLJDWLRQDOWUHDWPHQWZLWKRXWSUREDELOLW\RIVXFFHVVIXOWUHDWPHQW
x
,ID629)±WUHDWHGVXEMHFWKDV7&DYJEHORZWKHQRUPDOUDQJH
SHUFHQWLOH RQ'D\WKHVXEMHFWPD\EHGRVHWLWUDWHGDWDQXQVFKHGXOHGYLVLWLI
WKHHIILFDF\SHULRG GDWDVXJJHVWVEHQHILWWRWKHVXEMHFWDQGDQDFFHSWDEOHVDIHW\
SURILOH
'LVFRQWLQXHGVXEMHFWVZLOOEHDVNHGWRFRPSOHWHWKHSURFHGXUHVRIDQ(QGRI7UHDWPHQW
9LVLW VHH6HFWLRQ
7LWUDWLRQGHFLVLRQVZLOOEHFRPPXQLFDWHGWKURXJK,QWHUDFWLYH:HE5HVSRQVH7HFKQRORJ\
,:57
)RUPRUHLQIRUPDWLRQRQWKHGRVHWLWUDWLRQDOJRULWKPVWREHXVHGLQWKLVVWXG\VHH
6HFWLRQ)LJXUHDQG)LJXUH
%LRDQDO\WLFDO6DPSOH6WDELOLW\6XEVWXG\,QYHVWLJDWLRQDO3ODQ
7KH%LRDQDO\WLFDO6DPSOH6WDELOLW\VXEVWXG\LVGHVLJQHGWRDVVHVVWKHVWDELOLW\RI7 OHYHOV
LQ VDPSOHVREWDLQHGIURPVXEMHFWVRQRUDO78GRVLQJ7KHSURGUXJ78FRQYHUWVWR7LQ
EORRG VDPSOHVH[YLYRGXHWRWKHDFWLRQRIHVWHUDVHV 7KLVVXEVWXG\DVVHVVHVWKH VWDELOLW\

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
RIWKH VDPSOHDVDIXQFWLRQRIVDPSOHW\SHVHUXPRUSODVPDSODVPDWXEHW\SH ('7$
1D)('7$OLWKLXPKHSDULQSURFHVVLQJWLPHDQGSURFHVVLQJWHPSHUDWXUH 7RPD[LPL]H
WKH78FRQFHQWUDWLRQWKHVDPSOHVZLOOEHREWDLQHGQHDU787PD[EHJLQQLQJ WR
KRXUVDIWHUGRVLQJ 'RVLQJZLOORFFXUPLQXWHVDIWHUEHJLQQLQJDKLJKIDWEUHDNIDVW
RIDWOHDVW NFDOV 6XEMHFWVHQUROOHGLQWKHELRDQDO\WLFDOVXEVWXG\PD\SDUWLFLSDWHDW
HLWKHU9'D\RU9'D\RUDWDQXQVFKHGXOHGYLVLWZLWKLQDZHHNRIHLWKHU
YLVLWDQGZLOOEH EDVHGRQWKHGDWHRIVXEMHFWLQIRUPHGFRQVHQW

'LHW
7KHVWXG\PHDOVGHVLJQHGIRUWKLVUHVHDUFKUHIOHFWDYHUDJHFDORULFDQGGLHWDU\IDWLQWDNH
SDWWHUQVRIDGXOW$PHULFDQPDOHV6LQFHPDQ\RIWKHFOLQLFDOVLWHVIRUWKLVVWXG\ODFN
IRRG SUHSDUDWLRQIDFLOLWLHVWKHVWXG\PHDOVDUHFRPPHUFLDOO\DYDLODEOHUHDG\WRHDW
PLFURZDYDEOHPHDOV0HDOVZHUHVHOHFWHGWRGHOLYHUFDORULHDQGIDWORDGVWKDWPLPLFWKH
VXEMHFW¶VQRUPDO HDWLQJSDWWHUQVHVWDEOLVKHGDVGHVFULEHGLQWKHIROORZLQJSDUDJUDSKV
7KHVWXG\PHQXVSURYLGHIRRGFKRLFHVIRUEUHDNIDVWOXQFKDQGGLQQHUGXULQJWKHKRXU
FOLQLFVWD\7KHEUHDNIDVWDQGGLQQHUPHDOVDUHGHVLJQHGWRGHOLYHUYDU\LQJ SHUFHQWDJHVRI
FDORULHVIURPIDWORZIDWPHDOVPRGHUDWHIDWPHDOVDQGKLJKIDW
PHDOV$OOOXQFKHVDUHQRUPDOIDWDVQRGUXJLV DGPLQLVWHUHGZLWKOXQFK
)RUKRXU3.FROOHFWLRQYLVLWVVXEMHFWVZLOOEHGRVHGDQGIHGLQWKHFOLQLFDQGZLOO
UHPDLQ XQWLODIWHUWKHILQDO3.RUVDIHW\DVVHVVPHQW629)±WUHDWHGVXEMHFWVZLOO
EHFRQILQHGWR WKHFOLQLFRQ'D\WR'D\'D\WR'D\DQG'D\WR'D\
IRU9LVLW9LVLW DQG9LVLWUHVSHFWLYHO\$QGUR*HOWUHDWHGVXEMHFWVZLOOEHFRQILQHG
WRWKHFOLQLFRQO\IURP 'D\WR'D\9LVLW6XEMHFWVZLOOEHSURYLGHGZLWK
EUHDNIDVWDWDOOYLVLWVWKDWUHTXLUH IDVWHGEORRGGUDZVDQGEUHDNIDVWOXQFKDQGGLQQHU
GXULQJKRXU3.FROOHFWLRQYLVLWV
6XEMHFWVPD\EHRIIHUHGEUHDNIDVWDWWKHHQGRIWKHKRXU3.YLVLWVDIWHUILQDO3.RU
VDIHW\DVVHVVPHQW6XEMHFWVRQ629)ZLOOWDNHWKHLUPRUQLQJGRVHPLQXWHV
DIWHUVWDUWLQJWKHEUHDNIDVW%UHDNIDVWDQGGLQQHUPHDOVSURYLGHGZLWKGRVLQJZLOOEH
FRQVLVWHQWZLWKWKHLUVWDQGDUGHDWLQJKDELWV
6XEMHFWVPD\EHRIIHUHGEUHDNIDVWDWWKHHQGRIWKHKRXU3.YLVLWVDIWHUILQDO3.RU
VDIHW\DVVHVVPHQW6XEMHFWVRQ629)ZLOOWDNHWKHLUPRUQLQJGRVH
PLQXWHVDIWHUVWDUWLQJWKHEUHDNIDVWDVUHTXLUHGE\SURWRFRO
7KH$XWRPDWHG6HOI$GPLQLVWHUHG+RXU5HFDOO$6$V\VWHPGHYHORSHGE\WKH
1DWLRQDO,QVWLWXWHVRI+HDOWKKDVEHHQIRXQGWREHDQHIIHFWLYHDQGUHOLDEOHWRROIRU
JDWKHULQJ KLJKTXDOLW\GLHWDU\LQWDNHLQIRUPDWLRQ>@
$W6FUHHQLQJ9LVLWDOOVXEMHFWVZLOOUHFHLYHDPHDOGLDU\WRUHFRUGWKUHHGD\VRI
EUHDNIDVWV DQGGLQQHUVSULRUWR9LVLW$W9LVLWWKHVWXG\FRRUGLQDWRUDWHDFKVLWHZLOO
HQWHUWKHGLDU\ UHFRUGHGPHDOVLQWRWKH$6$V\VWHPLQWKHSUHVHQFHRIWKHVXEMHFWIRU
GHWHUPLQLQJWRWDO FDORULHDQGIDWLQWDNHIRUHDFKPHDOW\SH%DVHGRQWKHUHVXOWVVXEMHFWV
ZLOOEHDVVLJQHGDW YLVLWWRRIPHDOFDWHJRULHVIRUEUHDNIDVWDQGGLQQHU
x ORZIDWPHDOVFDORULHVIURPIDW
x QRUPDOIDWPHDOV!WRFDORULHVIURPIDW

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678


3DJHRI
&21),'(17,$/
x KLJKIDWPHDOV!FDORULHVIURPIDW
7KH629)VWXG\PHGLFDWLRQVKRXOGEHWDNHQPLQXWHVDIWHUWKHEHJLQQLQJ RI
WKHEUHDNIDVWDQGHYHQLQJPHDOV 0HDOWLPHVKRXOGODVWDSSUR[LPDWHO\PLQXWHVDQG
WKHQFRPSOLDQFHDVVHVVHG6XEMHFWVLQWKH629)VWXG\DUPZLOOUHFHLYHEUHDNIDVWDQG
GLQQHURQ'D\VDQGLQWKHFOLQLFDFFRUGLQJWRWKHPHDOFDWHJRULHVEDVHGRQWKH
$6$V\VWHPUHSRUW,IWKHDYHUDJHUHSRUWHGIDWFRQWHQWIRUD JLYHQPHDOLV
VXEMHFWV ZLOOUHFHLYHORZIDWPHDOVLI!WRVXEMHFWVZLOOUHFHLYHQRUPDOIDW
PHDOVDQGLI! VXEMHFWVZLOOUHFHLYHKLJKIDWPHDOV $VVLJQPHQWVDUHSHUPHDOW\SH
HJDVXEMHFWPD\ UHFHLYHDEUHDNIDVWZLWKGLIIHUHQWIDWFRQWHQWWKDQGLQQHUGHSHQGLQJRQ
KLVUHFRUGHGHDWLQJ SDWWHUQV$OOOXQFKHVZLOOEH QRUPDOIDW0HDOVSURYLGHGWR
629)VXEMHFWVZLOO FRQWDLQHQRXJKYROXPHWR PLPLFWKHLUWRWDODYHUDJH.FDOV
UHFRUGHGLQWKHLUIRRGGLDU\IRU EUHDNIDVWDQGIRUGLQQHU6XEMHFWVZLOOEHSURYLGHGOLJKW
VQDFNVXSRQWKHLUUHTXHVWLQWKH DIWHUQRRQDQGDIWHUGLQQHUDVORQJDVLWLVKRXUVEHIRUH
RUDIWHUWKHGRVLQJPHDOLQRUGHUWRPLQLPL]HWKH HIIHFWRQVXEMHFWVFRPSOHWLQJWKHLUPHDOV
IXOO\DWWKHUHOHYDQWGRVLQJPHDOV )RU WKH 629)DUPVXEMHFW¶VPHDOVPHDOIDW
FRQWHQWDQGWKHSHUFHQWDJHRIPHDO FRQVXPHGZLOOEHUHFRUGHG
LQWKHVXEMHFW¶VHOHFWURQLFFDVHUHSRUW IRUPH&5)
$OOVXEMHFWVZLOOUHFHLYHEUHDNIDVWDW9LVLW'D\%HFDXVHWKHUHLVQR3. PHDVXUHPHQW
DIWHUWKHILUVWGRVHVXEMHFWVPD\FKRRVHIURPDQ\EUHDNIDVWRIIHUHGE\WKHVLWH6XEMHFWV
ZLOO UHFHLYHDVVLJQHGEUHDNIDVWRQDOORWKHUGD\VWKH\YLVLWWKHFOLQLFIDVWHGIRUDEORRG
GUDZ
$QGUR*HOWUHDWHGVXEMHFWVZKRDWWHQGDFOLQLFYLVLWLQDIDVWHGVWDWHRUDWWKHFRQILQHG'D\
 WR'D\YLVLWIRUKRXU3.VDPSOLQJPD\UHFHLYHDQ\QRUPDOIDWPHQXVHOHFWLRQIRU
WKHLU PHDOV
$GGLWLRQDOPHDODQGIRRGLQWDNHSURFHGXUHVDUHGHVFULEHGLQ6HFWLRQ6FKHGXOHRI
$VVHVVPHQWVDQG6HFWLRQ7LPLQJRI6WXG\3URFHGXUHV
)RU%LRDQDO\WLFDO6DPSOH6WDELOLW\6XEVWXG\2QO\629)VXEMHFWVSDUWLFLSDWLQJ
LQWKHELRDQDO\WLFDOVDPSOHVWDELOLW\VXEVWXG\ZLOOUHFHLYHDKLJKIDWEUHDNIDVWRIDWOHDVW
NFDOVRQWKHGD\RIVDPSOLQJHLWKHU'D\RU'D\RUDWDQXQVFKHGXOHGYLVLW
ZLWKLQDZHHNRIHLWKHUYLVLW+LJKIDWEUHDNIDVWVHOHFWLRQVVKRXOGEHPDGHIURPWKH
05678VWXG\PHQXDQGDPLQLPXPRINFDOSURYLGHG

6WXG\'HVLJQ
7KHRYHUDOOVWXG\GHVLJQIRUWKH629)JURXSLVSUHVHQWHGLQ)LJXUH7KHRYHUDOO
VWXG\GHVLJQIRUWKH$QGUR*HOJURXSLVSUHVHQWHGLQ)LJXUH


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
)LJXUH
056782YHUDOO6WXG\'HVLJQ629)*URXS0DLQ6WXG\

$EEUHYLDWLRQVD P PRUQLQJ1 QXPEHURIVXEMHFWVS P HYHQLQJ7 SODVPDWHVWRVWHURQH FRQFHQWUDWLRQPHDVXUHGEHWZHHQDQGKRXUV
PLQSRVWPRUQLQJGRVH
D7KHLQYHVWLJDWRUDQGWKHVSRQVRUZLOOUHYLHZWKHGDWDIRUHDFKLQGLYLGXDODQGWKHUHDVRQIRUQRWUHVSRQGLQJ WRWUHDWPHQWZLOOEHLQYHVWLJDWHG
$VVXPLQJFRUUHFWFRPSOLDQFHZLWKVWXG\GUXJ629)PD\EH LQFUHDVHGWRPJD PPJS PDWWKHLQYHVWLJDWRU¶VGLVFUHWLRQWDNLQJ
VDIHW\LQWRFRQVLGHUDWLRQRU
VXEMHFWVPD\EHGLVFRQWLQXHGIURPWKHVWXG\DVQRQUHVSRQGHUV'DWDZLOOEHUHSRUWHGLQWKHFOLQLFDOVWXG\ UHSRUW

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
)LJXUH
056782YHUDOO6WXG\'HVLJQ$QGUR*HO*URXS

$EEUHYLDWLRQV'& GLVFRQWLQXHG1 QXPEHURIVXEMHFWV7 WHVWRVWHURQH7&SUHGRVH VHUXP WHVWRVWHURQHSUHGRVHFRQFHQWUDWLRQ


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

056786FKHGXOHRI$VVHVVPHQWV
$6FKHGXOHRI$VVHVVPHQWVIRU05678LVVKRZQLQ7DEOHDQGVWXG\
SURFHGXUHV DUHSUHVHQWHGE\VWXG\YLVLWLQ6HFWLRQ
)RU05678(;7([WHQVLRQ6WXG\6FKHGXOHRI$VVHVVPHQWVVHH $SSHQGL[


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
7DEOH
056786FKHGXOHRI$VVHVVPHQWV
$VVHVVPHQW
3UH
WUHDWPHQW
7UHDWPHQW3HULRG
3RVW
WUHDWPHQW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW
9LVLW 9LVLW
(QGRI
)ROORZ8S
'D\ 'D\
'D\
'D\
'D\
'D\
'D\
'D\
'D\ 'D\
'D\ 
7UHDWPHQW
GD\V
7R
WR
%DVHOLQH
E

E

D

D h

'D\
'D\
>@
'D\
'D\
ZLWKLQ

D
$IWHU/DVW
GD\V

(DUO\
'RVH
RI9LVLW
h
:LWKGUDZDO
D
,QIRUPHGFRQVHQW
;
;h
;h
,QFOXVLRQH[FOXVLRQFULWHULD
;
;
;
;h
;h 
5DQGRPL]DWLRQ
;
'HPRJUDSKLFGDWD
;
0HGLFDOKLVWRU\
;
&RQFRPLWDQWPHGLFDWLRQV
;
;
;
;
;
;
;
;
;
;
;
;
;
;
3K\VLFDOH[DPLQDWLRQF
;
;
;
;
;
;
;
;
;
;
;
;
+HLJKW
;
9LWDOVLJQVG
;
;
;
;
;
;
;
;
;
;
;
;
(&*
;
8ULQDO\VLVH
;
8ULQHGUXJVFUHHQI
;
+,9KHSDWLWLVVFUHHQV
;
%LRFKHPLVWU\J
;
;
;
;
;
;
;
(QGRFULQRORJ\K
;
;
;
+HPDWRORJ\L
;
;
;
;
;
7RWDOWHVWRVWHURQH
VHUXP VFUHHQLQJDOO
;M
;M

)DVWLQJLQVXOLQ
;
;
;
;
;
;
;[
/LSLGSDQHO7&
/'/ +'/7*V
;]
;
;
;
;
;
;
36$
;
;
;
;
;
$&7+VWLPXODWLRQWHVWLQJ\
;\
;\
7DEOHFRQWLQXHVRQQH[WSDJH


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
$VVHVVPHQW
3UHWUHDWPHQW
6FUHHQLQJ
7UHDWPHQW3HULRG
3RVW
WUHDWPHQW
9LVLW
'D\
WR
'D\
9LVLW
'D\
WR
'D\
9LVLW
9LVLW
'D\
E
9LVLW
'D\

9LVLW
'D\
E
9LVLW
'D\

9LVLW
'D\
D
9LVLW
'D\

9LVLW
'D\
Dh

9LVLW

'D\

9LVLW
(QGRI
)ROORZ8S
GD\V
>@
DIWHU/DVW
'D\
%DVHOLQH
ZLWKLQ
GD\V
'D\

D
h
7UHDWPHQW
'D\
RU
(DUO\
RI9LVLW

:LWKGUDZDO
'RVH
D
KRXU3.VDPSOLQJ
629)JURXS
SODVPD7'+7
;N
;N
;N

KRXU3.VDPSOLQJ
629)JURXS
SODVPD78'+78
;O

6LQJOHGUDZ3.
629)JURXS
SODVPD7'+7
;
;P

;P
;P
KRXU3.VDPSOLQJ
$QGUR*HOVHUXP7'+7
;Q

6LQJOHGUDZ3.$QGUR*HO
JURXSVHUXP7'+7
;
;
;
;R
;R
;R
%ORRGGUDZIRU
ELRDQDO\WLFDOVWDELOLW\
;h

;h
(6LQJOHRUKRXU3.
629)DQG
$QGUR*HOJURXSVS
;
;

'RVHDGMXVWPHQWVT
;
;
;

;
,366
;
;

;
3'4GLVSHQVH
;
;
;
;
;
3'4FROOHFW
;
;
;

;
;
,,()
;
;
;
;
;
6)
;
;

;
$6$WUDLQLQJU
;

3URYLGH3DWLHQW)RRG'LDU\
;

&ROOHFW)RRG'LDU\DQG
HQWHULQWR$6$
;

7DEOHFRQWLQXHVRQQH[WSDJH


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/



%UHDNIDVWVHUYHG
;
;V

;V



;h

;h
;

$OOPHDOVVHUYHG
629)JURXSW
;
;
;
$OOPHDOVVHUYHG
$QGUR*HOJURXSX
;
$GYHUVHHYHQWUHSRUWLQJ
;
;
;
;
;
;
;
;
;
;
;
;
;
'LVSHQVHVWXG\PHGLFDWLRQV
;Y
;
;
;
;
;
3HUIRUPDFFRXQWDELOLW\
FKHFNZ
;
;
;
;
;
;
$EEUHYLDWLRQV$&7+ DGUHQRFRUWLFRWURSLFKRUPRQH$/7 DODQLQHDPLQRWUDQVIHUDVH$6$ $XWRPDWHG6HOI$GPLQLVWHUHG+RXU5HFDOO$67 DVSDUWDWH
DPLQRWUDQVIHUDVH
$/3 DONDOLQHSKRVSKDWDVH%3 EORRGSUHVVXUH%81 EORRGXUHDQLWURJHQ'+7 GLK\GURWHVWRVWHURQH'+78 GLK\GURWHVWRVWHURQHXQGHFDQRDWHG%3 GLDVWROLFEORRG
SUHVVXUH( HVWUDGLRO(&* HOHFWURFDUGLRJUDP)6+ IROOLFOHVWLPXODWLQJKRUPRQH+E$F JO\FRV\ODWHGKHPRJORELQ+'/ KLJKGHQVLW\OLSRSURWHLQV+,9  KXPDQ
LPPXQRGHILFLHQF\YLUXV,,() ,QWHUQDWLRQDO,QGH[RI(UHFWLOH)XQFWLRQ,366 ,QWHUQDWLRQDO3URVWDWH6\PSWRP6FRUH/&06 OLTXLGFKURPDWRJUDSK\PDVV
VSHFWURPHWU\
/'+ ODFWDWH GHK\GURJHQDVH/'/ ORZGHQVLW\OLSRSURWHLQV/+ OXWHLQL]LQJKRUPRQH3'4 3V\FKRVH[XDO'DLO\4XHVWLRQQDLUH3. 
SKDUPDFRNLQHWLF36$ SURVWDWHVSHFLILFDQWLJHQV%3 V\VWROLFEORRGSUHVVXUH6) 6KRUW)RUP6XUYH\6+%* VH[KRUPRQHELQGLQJJOREXOLQ7 WHVWRVWHURQH7&
 WRWDOFKROHVWHURO7*V WULJO\FHULGHV76+ WK\URLGVWLPXODWLQJKRUPRQH:%& ZKLWHEORRGFHOOV
1RWH6XEMHFWVFRPHWRWKHFOLQLFIRUVWXG\SURFHGXUHVIURPD PWRD PH[FHSWIRU629)±WUHDWHGVXEMHFWVRQ'D\DQG'D\ZKHQWKH\ZLOODUULYHDWWKH
FOLQLFLQ WLPHIRUDVLQJOHEORRGGUDZZLWKLQWRKRXUVDIWHUWKHPRUQLQJGRVH
D$OOVXEMHFWVFRPHWRWKHFOLQLFKDYLQJIDVWHGIRUDWOHDVWKRXUV6XEMHFWVVKRXOGUHPDLQZHOOK\GUDWHGGXULQJIDVWLQJDQGGULQNDWOHDVWRQHJODVVRIZDWHUP/RUR]
SULRUWRYLVLW 6XEMHFWVVKRXOGKDYHFRPSOHWHGGD\3'4TXHVWLRQQDLUHDQGDOOODEUHVXOWVVKRXOGEHDYDLODEOH
E629)±WUHDWHGVXEMHFWVFRPHWRWKHFOLQLFKDYLQJIDVWHGIRUDWOHDVWKRXUV6XEMHFWVVKRXOGUHPDLQZHOOK\GUDWHGGXULQJIDVWLQJDQGGULQNDWOHDVWRQHJODVVRIZDWHU
P/RU R]SULRUWRYLVLW
F)XOOSK\VLFDOH[DPLQDWLRQPXVWLQFOXGHDGPLQLVWHULQJDQ,366TXHVWLRQQDLUHDVVHVVPHQWIRUWKHSUHVHQFHRIJ\QHFRPDVWLDDQGGLJLWDOUHFWDOH[DPLQDWLRQDW6FUHHQLQJ9LVLW

9LVLW
'D\DQG(QGRI7UHDWPHQW'D\$WDOORWKHUYLVLWVVXEMHFWVVKRXOGXQGHUJRDV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
G9LWDOVLJQVLQFOXGH%3KHDUWUDWHWHPSHUDWXUHDQGZHLJKW%ORRGSUHVVXUHZLOOEHPHDVXUHGXVLQJDFXIIDSSURSULDWHWRWKHVXEMHFW¶VDUPVL]HLQDVWDQGDUGL]HGPDQQHULH
DIWHUWKH VXEMHFWKDVUHVWHGLQWKHVLWWLQJSRVLWLRQIRUDWOHDVWPLQXWHV2QDOOVWXG\YLVLWGD\VZKHUH%3LVPHDVXUHGRQO\RQFH9RUSUHGRVH99999(QG RI
WUHDWPHQWIRUERWK629)DQG$QGUR*HO9DQG9IRU$QGUR*HO%3PHDVXUHPHQWZLOOEHGXSOLFDWHGZLWKLQPLQXWHV,IWKHGLIIHUHQFHLQV%3DQGG%3
PHDVXUHPHQWVLV!PP+JDQG! PP+JUHVSHFWLYHO\DWKLUG%3PHDVXUHPHQWZLOOEHWDNHQDQGUHVXOWVDYHUDJHG%3ZLOOEHPRQLWRUHGDWKRXULQWHUYDOV
DQGKRXUVRYHUWKHKRXU3.FROOHFWLRQSHULRGRQ99DQG9IRU629)±WUHDWHGVXEMHFWVDQGRQ9IRU$QGUR*HOWUHDWHGVXEMHFWVPLQXWHVIRUDOO
WLPHSRLQWV2WKHUYLWDOVLJQVZLOOEHDVVHVVHGDW7LPH
RQO\7KHWLPH]HURPHDVXUHPHQWRI%3DW99DQG9PD\EHWDNHQXSWRPLQXWHVSULRUWRGRVLQJ
H8ULQDO\VLVLQFOXGHVS+JOXFRVHNHWRQHVEORRGSURWHLQPLFURVFRS\DQGVSHFLILFJUDYLW\
I8ULQHGUXJVFUHHQZLOOLQFOXGHFRFDLQHQDUFRWLFVEHQ]RGLD]HSLQHVWHWUDK\GURFDQQDELQROEDUELWXUDWHVDQGDPSKHWDPLQHV
J%LRFKHPLVWU\LQFOXGHV$67$/3$/7WRWDOELOLUXELQFUHDWLQLQH%81H*)5/'+JOXFRVHWRWDOSURWHLQDOEXPLQVRGLXPSRWDVVLXPFDOFLXPDQG
SKRVSKRUXVK
(QGRFULQRORJ\FRQVLVWVRI/+)6+6+%*DQG76+
L+HPDWRORJ\LQFOXGHVKHPRJORELQKHPDWRFULW:%&DQGSODWHOHWV
M6XEMHFWVPXVWKDYHFRQVHFXWLYHVHUXPWRWDOWHVWRVWHURQH7OHYHOVQJG/EDVHGRQDEORRGVDPSOHREWDLQHGIURPD PWRD PGUDZQRQVHSDUDWHGD\VDWOHDVW
GD\VDSDUW)XUWKHUPRUHVXEMHFWVPXVWKDYHDWOHDVWFOLQLFDOIHDWXUHFRQVLVWHQWZLWKPDOHK\SRJRQDGLVP$W9LVLWDVDPSOHIRUWHVWRVWHURQHLVFROOHFWHG $W9LVLWWKH
ELRFKHPLVWU\VDPSOLQJLQFOXGHVVDPSOHIRUWHVWRVWHURQH
N3.VDPSOHVDUHFROOHFWHGSUHPRUQLQJGRVHDQGDQGKRXUVDIWHUD PGRVHIRU629)±WUHDWHGVXEMHFWVPLQXWHVIRU DOO
WLPHSRLQWV3.VDPSOHVLQFOXGHSODVPD7DQG'+7 7KHLQLWLDODQGKUGRVHVDUHDGPLQLVWHUHGPLQXWHVDIWHUWKHVWDUWRIEUHDNIDVWDQGHYHQLQJPHDOV

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
O3.VDPSOHVDUHFROOHFWHGSUHPRUQLQJGRVHDQGDQGKRXUVDIWHUDPGRVHIRU629)±WUHDWHGVXEMHFWVPLQXWHV
IRU DOOWLPHSRLQWV3.VDPSOHVLQFOXGHSODVPD78DQG'+787KHLQLWLDODQGKUGRVHVDUHDGPLQLVWHUHGPLQXWHVDIWHUWKHVWDUWRIEUHDNIDVWDQGHYHQLQJPHDOV
P3.VDPSOHVRQWKHVHGD\VVKRXOGEHGUDZQDIWHUWKHPRUQLQJGRVHIRU629)±WUHDWHGVXEMHFWVZLWKLQKRXUVPLQ3.VDPSOHVLQFOXGHSODVPD7DQG'+7
)RU
HDUO\ZLWKGUDZDOVXEMHFWVQR3.VDPSOHLVFROOHFWHG
Q2Q'D\EORRGVDPSOHVIRUVHUXP7DQG'+7ZLOOEHFROOHFWHGDWSUHGRVHDQGDQGKRXUVSRVWGRVHIRU$QGUR*HOWUHDWHGVXEMHFWV
R2QYLVLWGD\VDIWHU'D\EORRGVDPSOHVIRU$QGUR*HOWUHDWHGVXEMHFWVZLOOEHFROOHFWHGSUHGRVHIRUVHUXP7DQG'+7)RUHDUO\ZLWKGUDZDOVXEMHFWVQR3.VDPSOHLV
FROOHFWHGS(VDPSOHVDUHFROOHFWHGRQ'D\VLQJOHGUDZSUHGRVHRQO\DQGRQ'D\SUHPRUQLQJGRVHDQGDQGKRXUV
DIWHU
D PGRVHIRU
629)JURXSPLQXWHVIRUDOOWLPHSRLQWV)RUWKH$QGUR*HOJURXS(VDPSOHVDUHFROOHFWHGRQ'D\VLQJOHGUDZSUHGRVHRQO\DQGRQ'D\SUHGRVHDQG
 DQGKRXUVSRVWGRVH
T'RVHDGMXVWPHQWVLIQHHGHGZLOOEHPDGHRQWKHVHGD\V
U6WXG\FRRUGLQDWRUVZLOOUHFHLYHLQVWUXFWLRQVIRUXVLQJWKH$6$RQOLQHDVVHVVPHQWIRUUHFRUGLQJIRRGLQWDNHDQGSDUWLFLSDWHLQDSUDFWLFHVHVVLRQ6XEMHFWVZLOOEH
LQVWUXFWHG
WRFRPSOHWHGD\VRIEUHDNIDVWDQGGLQQHUHQWULHVLQWRDPHDOGLDU\EHWZHHQYLVLWDQGYLVLW$WYLVLWVWXG\FRRUGLQDWRUVZLOOHQWHUPHDOGDWDLQWR$6$
V\VWHPLQWKH SUHVHQFHRIWKHVXEMHFW
V6XEMHFWVZLOOEHSURYLGHGZLWKDVWDQGDUGL]HGEUHDNIDVWDIWHUWHVWLQJDQGODEVDPSOHFROOHFWLRQLVFRPSOHWH2Q'D\DQG'D\WKH$QGUR*HOJURXSZLOOUHFHLYH
EUHDNIDVW DWFOLQLFYLVLWZKLOHWKH629)JURXSZLOOUHFHLYHDOOPHDOVDWFRQILQHPHQWYLVLW
W3URYLGHPHDOVEDVHGRQ629)±WUHDWHGVXEMHFWV¶$6$UHFRUGVDOOOXQFKHVDUHQRUPDOIDWDQGUHFRUGPHDOVPHDOIDWFRQWHQWDQGWKHSHUFHQWDJHRIPHDO
FRQVXPHG 
X7KUHHPHDOVZLOOEHSURYLGHGWR$QGUR*HOWUHDWHGVXEMHFWVRQ'D\RQO\DOOQRUPDOIDWEXWPHDOFRQVXPSWLRQZLOOQRWEHUHFRUGHG
Y629)±WUHDWHGVXEMHFWVZLOOEHREVHUYHGWDNLQJWKHLUILUVWGRVHPJPLQXWHVDIWHUVWDUWLQJWKHLUPHDODWWKHFOLQLF$QGUR*HOWUHDWHGVXEMHFWVZLOOEH
LQVWUXFWHGDW9LVLW'D\WRDSSO\WKHJHOWRSLFDOO\LQWKHPRUQLQJWRWKHVKRXOGHUVDQGXSSHUDUPVVWDUWLQJDWSXPSDFWXDWLRQVPJDQGREVHUYHGDSSO\LQJWKHLU
ILUVW GRVH
Z3HUIRUPDQDFFRXQWDELOLW\FKHFNRQDQ\UHPDLQLQJVWXG\GUXJDQGHPSW\VWXG\GUXJFRQWDLQHUV
[)RUHDUO\ZLWKGUDZDOVXEMHFWVIDVWLQJ,QVXOLQLVQRWFROOHFWHG 
\$&7+VWLPXODWLRQWHVWLQJLVSHUIRUPHGDVDVXEVWXG\VXEMHFWVHQUROOHGIRUFRPSOHWHUVUDWLREHWZHHQ629)DQG$QGUR*HO
],I/'/FDQQRWEHFDOFXODWHGLWVKRXOGEHPHDVXUHGGLUHFWO\WRGHWHUPLQHZKHWKHUWKHVXEMHFWVDWLVILHVLQFOXVLRQFULWHULRQF6HH6HFWLRQIRUIXUWKHUGHWDLOV
h%LRDQDO\WLFDO6DPSOH6WDELOLW\6XEVWXG\2QHLWKHU9'D\RU9'D\VXEMHFWVSURYLGHFRQVHQW 6XEMHFWVPD\DOVRSHUIRUP%666VDPSOLQJDWDQ
XQVFKHGXOHGYLVLWZLWKLQRQHZHHNRI9RU96XEMHFWVDUHSURYLGHGZLWKKLJKIDWEUHDNIDVWPLQLPXPNFDOIROORZLQJIDVWLQJODEGUDZ 6XEMHFWVWDNHWKHLUPJ
629)GRVHPLQXWHVDIWHUEHJLQQLQJWKHPHDO 7KHEORRGVDPSOHVIRUWKHVWDELOLW\VWXG\DUHREWDLQHGEHJLQQLQJWRKRXUVPLQXWHVDIWHUGRVLQJ
VDPSOHVZLOOEHGUDZQRYHUDPLQSHULRGFROOHFWLRQGHWDLOVSURYLGHGLQWKHFHQWUDO/DERUDWRU\0DQXDO
05678(;7$%30([WHQVLRQ6XEVWXG\3OHDVHUHIHUWR$SSHQGL[IRU6FKHGXOHRI$VVHVVPHQWVIRUVXEMHFWVSDUWLFLSDWLQJLQWKH05678(;7VWXG\


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

'LVFXVVLRQRI6WXG\'HVLJQ
7KLVUDQGRPL]HGPXOWLFHQWHURSHQODEHODFWLYHFRQWUROOHGHIILFDF\DQGVDIHW\VWXG\LQ
DGXOWK\SRJRQDGDOPHQLVLQWHQGHGWRVXSSRUWD1HZ'UXJ$SSOLFDWLRQIRUWKHPDOH
K\SRJRQDGLVPLQGLFDWLRQVHH6HFWLRQ7KHRSHQODEHOGHVLJQLVDSSURSULDWHEHFDXVH
WKHHQGSRLQWVDUHEDVHGRQODERUDWRU\PHDVXUHPHQWV7KLVGHVLJQKDVEHFRPHVWDQGDUG
SUDFWLFHLQ 3KDVH757VWXGLHV 7KHUHTXLUHPHQWIRULQJHVWLRQRIRUDO78PHGLFDWLRQV
ZLWKPHDOVLV QHFHVVDU\IRUJRRGGUXJDEVRUSWLRQ
$VFUHHQLQJSHULRGRIXSWRGD\VLVIROORZHGE\DGD\VWXG\SHULRGLQFOXGLQJD
GD\RSHQODEHOHIILFDF\SHULRGDQGDPRQWKGD\VDIHW\HYDOXDWLRQSHULRGWKDWZLOO
DOORZIRU DIXOODVVHVVPHQWRIWKHVDIHW\DQGWROHUDELOLW\RI629)DQG$QGUR*HO
'XULQJWKH HIILFDF\SHULRGSODVPD7&DYJDQG7&PD[ZLOOEHDVVHVVHGWRGHWHUPLQHLIWKH
SULPDU\DQG VHFRQGDU\HIILFDF\RI629)LVFRQVLVWHQWZLWK)'$ WDUJHWVIRU
UHJXODWRU\DSSURYDORI 757SURGXFWVDVRXWOLQHGLQDQ$GYLVRU\&RPPLWWHH,QGXVWU\
%ULHILQJ'RFXPHQW>@
7KHVWXG\UHTXLUHVWKUHHKRXU3.FROOHFWLRQVIRU629)±WUHDWHGVXEMHFWVDQGRQH
IRU $QGUR*HOWUHDWHGVXEMHFWVWKDWZLOOUHTXLUHRYHUQLJKWVWD\VDWWKHFOLQLFGXULQJWKHILUVW
GD\V 6HFWLRQ'RVHWLWUDWLRQDOJRULWKPVGRFXPHQWHGLQWKLVSURWRFROZLOOSURYLGHIRU
GRVH DGMXVWPHQWV6HFWLRQGXULQJWKHHIILFDF\DQGVDIHW\SHULRGV
$GRVHWLWUDWLRQDOJRULWKPIRUDGMXVWPHQWRI629)GRVLQJXVLQJVLQJOHEORRGGUDZ
VDPSOHVZDVGHYHORSHGEDVHGRQWKHKRXU3.SURILOHVREWDLQHGGXULQJWKHGD\3KDVH
EFOLQLFDOVWXG\7KLVVLQJOHGRVHWLWUDWLRQDOJRULWKPZLOOEHXVHGGXULQJWKH 3KDVH
HIILFDF\ DQGVDIHW\SHULRGV
)RU$QGUR*HOGRVHWLWUDWLRQGXULQJWKHHIILFDF\DQGVDIHW\SHULRGVZLOOEHSHUSURGXFW
LQIRUPDWLRQ>6HFWLRQ@
%LRDQDO\WLFDO6DPSOH6WDELOLW\6XEVWXG\
7KHEORRGVDPSOHVIRUWKHVDPSOHVWDELOLW\VWXG\ZLOOEHREWDLQHGDIWHULQWDNHRIDKLJK
IDWEUHDNIDVWFRQWDLQLQJDWOHDVWNFDOIROORZHGLQPLQE\PRUQLQJGRVH6DPSOLQJ
ZLOOEHJLQWRKRXUVPLQXWHVDIWHUGRVLQJVDPSOHVZLOOEHGUDZQRYHUD
PLQSHULRGFROOHFWLRQGHWDLOVDUHSURYLGHGLQWKHFHQWUDO/DERUDWRU\0DQXDO
(OLJLEOHVXEMHFWVDUHRQO\WKRVHRQDGRVHOHYHOWKDWLQFOXGHVDPJ629)GRVHZLWK
WKHPRUQLQJPHDO±WKLVLQFOXGHVWKHPJDQGPJGDLO\GRVHOHYHOV7KHELRDQDO\WLFDO
VXEVWXG\VDPSOHV ZLOOEHREWDLQHGDWDSSUR[LPDWHO\HLWKHU'D\9LVLWRU'D\
9LVLW SOXVRUPLQXVRQHZHHNEDVHGRQWKHGDWHRI VLJQHGLQIRUPHGFRQVHQWLQDWOHDVW
VXEMHFWV
7KHSURFHVVLQJWLPHSRLQWVDQGFRQGLWLRQVDUHSURYLGHGEHORZDQGZLOOEHGHWDLOHGLQWKH
ODERUDWRU\PDQXDO

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
7XEH
3URFHVVLQJ7LPHSRLQWV
7HPSHUDWXUHV
4XDQWLWDWLRQ
6HUXP

]HURWLPHGRHVQRWDSSO\
5RRPWHPSHUDWXUH
FORWWLQJWKHQVWRUHGDW
q&RUORZHU
/&0606
3ODVPD
('7$

5RRPWHPSHUDWXUHDQG
LFHq&WKHQVWRUHGDW
q&RUORZHU
3ODVPD
1D)('7$
3ODVPD/L
+HSDULQ
WLPHSRLQWIRU3ODVPD1D)('7$ZLOODOVREHSURFHVVHGIRU78


6HOHFWLRQRI6WXG\3RSXODWLRQ

1XPEHURI3ODQQHG6XEMHFWV
$SSUR[LPDWHO\VXEMHFWVDUHSODQQHGWREHVFUHHQHGWRHQUROODSSUR[LPDWHO\
VXEMHFWVDWVLWHVLQWKH8QLWHG6WDWHV,WLVH[SHFWHGWKDWWKHUHZLOOEHDSSUR[LPDWHO\
 629)±WUHDWHGVXEMHFWVZKRFRPSOHWHWKHILUVWGD\VRIWKHVWXG\DQGPRUH
WKDQ ZKRZLOOFRPSOHWHDOOGD\V5HIHUWRWKHVWDWLVWLFDOFRQVLGHUDWLRQVRQ
ZKLFKWKH QXPEHUVDUHEDVHGLQ6HFWLRQ
%LRDQDO\WLFDO6DPSOH6WDELOLW\6XEVWXG\
$WOHDVWVXEMHFWVDVVLJQHGWR629)LQ05678RQDPLQLPXP$0
GRVH RIPJPJRUPJWRWDOGDLO\GRVHZLOOEHHQUROOHGLQWKH
ELRDQDO\WLFDO VDPSOH VWDELOLW\VXEVWXG\8SWRVXEMHFWVZLOOEHHQUROOHGLQWKH
VXEVWXG\7KLV SURYLGHV VXIILFLHQWGDWDIRUDVVHVVPHQWRIWKHLPSDFWRQVDPSOHVWDELOLW\
RIVDPSOHW\SHFROOHFWLRQ WXEHSURFHVVLQJWLPHDQGWHPSHUDWXUH

,QFOXVLRQ&ULWHULD
7REHHOLJLEOHIRUVWXG\HQWU\VXEMHFWVPXVWVDWLVI\DOORIWKHIROORZLQJFULWHULD
 0DOHDJHGWR\HDUVLQFOXVLYHDWWKHWLPHRISURYLGLQJLQIRUPHGFRQVHQW
WR SDUWLFLSDWHLQWKHVWXG\
 +\SRJRQDGLVPGHILQHGDVKDYLQJFRQVHFXWLYHVHUXPWRWDO7OHYHOVHTXDOWRRU
OHVV WKDQ  QJG/ EDVHG RQ D EORRG VDPSOH GUDZQ DW OHDVW  GD\V DSDUW
EHWZHHQDP DQGDP
 $WOHDVWFOLQLFDOIHDWXUHFRQVLVWHQWZLWKPDOHK\SRJRQDGLVP,IDVXEMHFWLV
UHFHLYLQJFRPPHUFLDO757SULRUWR6FUHHQLQJ9LVLWKHPXVWKDYHDKLVWRU\RI
DW OHDVWFOLQLFDOIHDWXUHFRQVLVWHQWZLWKPDOHK\SRJRQDGLVP $SSHQGL[
 0XVWEHQDwYHWRDQGURJHQUHSODFHPHQWWKHUDS\RUZDVKHGRXWDGHTXDWHO\RI
SULRU DQGURJHQUHSODFHPHQWWKHUDSLHVZLOOLQJWRFHDVHFXUUHQW7WUHDWPHQWRU

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
FXUUHQWO\QRWWDNLQJDQ\7WUHDWPHQW6XEMHFWVPXVWUHPDLQRIIDOOIRUPVRI7
H[FHSWIRU GLVSHQVHGVWXG\GUXJWKURXJKRXWWKHHQWLUHVWXG\
 1RXQVWDEOHRQJRLQJFRQFRPLWDQWPHGLFDOFRQGLWLRQV7UHDWHGDQG
ZHOOFRQWUROOHGFRQGLWLRQVVXFKDVW\SHGLDEHWHVK\SHUWHQVLRQRUG\VOLSLGHPLD
DUH DFFHSWDEOHZLWKVWDEOHPHGLFDWLRQLQSODFHIRUDWOHDVWPRQWKVSULRUWRVWXG\
HQWU\
D +HPRJORELQ$F
E %3PP+J
IRUQHZO\HQUROOHGVXEMHFWVLQWR05678(;7$%30([WHQVLRQ
6WXG\LQFOLQLFDYHUDJH%3PXVWEHDWVFUHHQLQJIRULQFOXVLRQ
LQWRWKH05678(;7VWXG\
F /RZGHQVLW\OLSRSURWHLQFKROHVWHUROPJG/
 6XEMHFWVZLWKDQHQGRFULQHGLVRUGHURWKHUWKDQK\SRJRQDGLVP
UHTXLULQJWUHDWPHQWPXVWEHRQDVWDEOHGRVHRIUHSODFHPHQW
PHGLFDWLRQIRUDWOHDVW  PRQWKVSULRUWRVWXG\HQWU\
 $GHTXDWHYHQRXVDFFHVVWRDOORZFROOHFWLRQRIDQXPEHURIEORRGVDPSOHV
YLDD YHQRXVFDQQXOD
 :ULWWHQLQIRUPHGFRQVHQWWRSDUWLFLSDWHLQWKHVWXG\DQGDELOLW\WRFRPSO\ZLWK
DOO VWXG\UHTXLUHPHQWV
 )RU%LRDQDO\WLFDO6DPSOH6WDELOLW\6XEVWXG\RQO\0XVWEHRQ629)
GRVH RIDWOHDVWPJLQ$0RUPJWRWDOGDLO\GRVHDWWLPHRIFRQVHQW

([FOXVLRQ&ULWHULD
6XEMHFWVZLOOEHH[FOXGHGIURPWKHVWXG\LIRUPRUHRIWKHIROORZLQJFULWHULDDUHDSSOLFDEOH
 6HUXP36$!QJPODQGRUDEQRUPDOSURVWDWHJODQGRQSDOSDWLRQ
HJ SDOSDEOHQRGHVDW6FUHHQLQJ9LVLW
 5HFHLYHGRUDOWRSLFDOLQWUDQDVDORUEXFFDO7WKHUDS\ZLWKLQWKHSUHYLRXV
 ZHHNV LQWUDPXVFXODU7LQMHFWLRQRIVKRUWDFWLQJGXUDWLRQZLWKLQWKHSUHYLRXV
ZHHNV LQWUDPXVFXODU7LQMHFWLRQRIORQJDFWLQJGXUDWLRQZLWKLQWKHSUHYLRXV
 ZHHNVRU7 LPSODQWDEOHSHOOHWVZLWKLQWKHSUHYLRXVPRQWKV
)RU$%30([WHQVLRQ6WXG\2QO\1HZO\(QUROOHG6XEMHFWVWR
05678(;7$%30([WHQVLRQ6WXG\SDWLHQWVPXVWQRWKDYH
UHFHLYHGSULRUWHVWRVWHURQHUHSODFHPHQWWKHUDS\ZLWKLQZHHNVRIWKH
VWDUWRIWKHVWXG\ZLWKWKHH[FHSWLRQRI7LPSODQWDEOHSHOOHWVZKLFK
DUHH[FOXGHGIRUPRQWKV
 8VHRIDQ\GUXJWKDWFRXOGLQWHUIHUHZLWKPHDVXUHPHQWRUDVVHVVPHQWRIVHUXP
DQGURJHQOHYHOVLQFOXGLQJDOSKDUHGXFWDVHLQKLELWRUVDQDEROLFVWHURLGVDQG
GUXJV ZLWKDQWLDQGURJHQLFSURSHUWLHVHJVSLURQRODFWRQHFLPHWLGLQHIOXWDPLGH
ELFDOXWDPLGHDQGNHWRFRQD]ROH7KHVHGUXJVPXVWEHVWRSSHGIRUDWOHDVW
PRQWK SULRUWRVWXG\HQWU\PRQWKVLQWKHFDVHRIGXWDVWHULGH3DWLHQWVWDNLQJ
SRWHQW ORQJDFWLQJRSLDWHWKHUDS\RQDGDLO\EDVLVDUHQRWHOLJLEOHIRUWKHVWXG\

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
&RQYHUVHO\DGKRFXVHRISRWHQWVKRUWDFWLQJRSLDWHVIRUDSHULRGRIOHVVWKDQ
 GD\VPD\EHSHUPLWWHGDIWHUGLVFXVVLRQZLWKWKH0DULXV3KDUPDFHXWLFDOV
PHGLFDO PRQLWRU
 8VH RI RYHUWKHFRXQWHU SURGXFWV LQFOXGLQJ QDWXUDO KHDOWK SURGXFWV HJ IRRG
VXSSOHPHQWV DQG KHUEDO VXSSOHPHQWV VXFK DV VDZ SDOPHWWR RU SK\WRHVWURJHQV
WKDW PD\DIIHFWWRWDO7OHYHOVZLWKLQGD\VSULRUWRVWXG\HQWU\
 +LVWRU\RIGUXJRUDOFRKRODEXVHZLWKLQWKHSDVW\HDUVWKDWLQWKHRSLQLRQRIWKH
LQYHVWLJDWRUFRXOGLQWHUIHUHZLWKVWXG\SDUWLFLSDWLRQDQGRULQIOXHQFHVWXG\
HIILFDF\ DQGVDIHW\HQGSRLQWVDVVHVVPHQWV
 8QVWDEOHRUFKURQLFGLVHDVHWKDWFRXOGLQWHUIHUHZLWKSDUWLFLSDWLRQLQWKHVWXG\
RUSDWLHQWVDIHW\LQFOXGLQJSV\FKLDWULFGLVRUGHUV
 0\RFDUGLDOLQIDUFWLRQFRURQDU\DUWHU\VXUJHU\KHDUWIDLOXUHVWURNH
XQVWDEOH DQJLQDRURWKHUXQVWDEOHFDUGLRYDVFXODUGLVHDVHZLWKLQWKHSDVW
PRQWKV
 $EQRUPDO(&*FRQVLGHUHGFOLQLFDOO\VLJQLILFDQWE\LQYHVWLJDWRUDW6FUHHQLQJ
 'LDJQRVLVRIDQ\FDQFHUZLWKLQWKHSUHYLRXV\HDUVRWKHUWKDQEDVDO
RU VTXDPRXVFHOOVNLQFDQFHUZLWKFOHDUPDUJLQV
$Q\VXUJLFDORUPHGLFDOFRQGLWLRQWKDWPLJKWDOWHUDGPLQLVWUDWLRQRIWKHVWXG\GUXJ
RU FRPSDUDWRULQFOXGLQJKLVWRU\RIJDVWULFVXUJHU\FKROHF\VWHFWRP\YDJRWRP\
VPDOO ERZHOUHVHFWLRQRUDQ\VXUJLFDOSURFHGXUHRUPHGLFDWLRQVHJ*/3
DJRQLVWVDQG PRWLOLW\DJHQWVVXFKDVGRPSHULGRQHPHWRFORSUDPLGHHWF WKDW
PLJKWLQWHUIHUHZLWK JDVWURLQWHVWLQDOPRWLOLW\S+RUDEVRUSWLRQRI78
'XRGHQDORUJDVWULFXOFHUVRUJDVWURLQWHVWLQDOUHFWDOEOHHGLQJGXULQJWKH
 PRQWKVSULRUWRVFUHHQLQJ
&KURQLFVNLQFRQGLWLRQVRQWKHFKHVWRUXSSHUDUPVWKDWZRXOG
SUHYHQW DGPLQLVWUDWLRQRI$QGUR*HOLQDPDQQHUGHVLJQHGWRHQVXUH
UHOLDEOHDQG FRQVLVWHQWDEVRUSWLRQWKHUHRI
+XPDQLPPXQRGHILFLHQF\YLUXV+,9LQIHFWLRQ
&KURQLFKHSDWLWLV%DQGRUKHSDWLWLV&YLUXVLQIHFWLRQDVGHWHUPLQHGE\SRVLWLYH
WHVWLQJIRUKHSDWLWLV%YLUXVVXUIDFHDQWLJHQRUDQWLERG\WRKHSDWLWLV&YLUXV
>+&9@ ZLWKFRQILUPDWRU\WHVWLQJLHGHWHFWDEOHVHUXP+&9ULERQXFOHLFDFLG
>51$@
&OLQLFDOO\VLJQLILFDQWDEQRUPDOODERUDWRU\YDOXHVDWVFUHHQLQJLQFOXGLQJEXW
QRWOLPLWHGWR
D (OHYDWHGOLYHUHQ]\PHVDVSDUWDWHDPLQRWUDQVIHUDVH>$67@
DVSDUWDWH DPLQRWUDQVIHUDVH>$/7@!;XSSHUOLPLWRIQRUPDO
E (VWLPDWHGJORPHUXODUILOWUDWLRQUDWHPOPLQPDVFDOFXODWHGE\
WKH 0RGLILFDWLRQRI'LHWLQ5HQDO'LVHDVHIRUPXOD
F +HPRJORELQJG/RU!JG/)RUDVXEMHFWSUHYLRXVO\RQ
WHVWRVWHURQHUHSODFHPHQWWKHUDS\ZLWKOHVVWKDQGD\VZDVKRXWSULRU
WR VFUHHQLQJ9LVLWKHPRJORELQJG/RU!JG/

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

+HPDWRFULW!)RUVXEMHFWVSUHYLRXVO\RQWHVWRVWHURQHUHSODFHPHQWWKHUDS\
ZLWK OHVVWKDQGD\VZDVKRXWSULRUWRVFUHHQLQJYLVLWKHPDWRFULW!
127( ([FOXVLRQFULWHULDUHPRYHGZLWK9HUVLRQRI3URWRFRO
1XPEHULQJUHWDLQHGIRUFODULW\RIUHFRUGV
6HYHUHRUXQWUHDWHGREVWUXFWLYHVOHHSDSQHDV\QGURPH
6HYHUHORZHUXULQDU\WUDFWV\PSWRPV$PHULFDQ8URORJLFDO$VVRFLDWLRQ
, 366
+LVWRU\RIDQ\FOLQLFDOO\VLJQLILFDQWLOOQHVVLQIHFWLRQRUVXUJLFDO
SURFHGXUH ZLWKLQPRQWKSULRUWRVWXG\HQWU\
3DVWFXUUHQWRUVXVSHFWHGSURVWDWHRUEUHDVWFDQFHU
+LVWRU\RIORQJ47V\QGURPHRUXQH[SODLQHGVXGGHQGHDWKLQDILUVW
GHJUHH UHODWLYHSDUHQWVLEOLQJRUFKLOG
&RQFXUUHQWWUHDWPHQWZLWKPHGLFDWLRQVWKDWPD\LPSDFWWKHDEVRUSWLRQ
GLVWULEXWLRQPHWDEROLVPRUH[FUHWLRQRI78RUSODFHWKHVXEMHFWDWULVN
IRU WUHDWPHQWZLWK7
6XEMHFWKDVDSDUWQHUZKRLVFXUUHQWO\SUHJQDQWRUSODQQLQJSUHJQDQF\GXULQJ
WKH VWXG\
7UHDWPHQWZLWKDQ\RWKHULQYHVWLJDWLRQDOGUXJZLWKLQGD\VRIVWXG\HQWU\RU!
KDOI OLYHVZKLFKHYHULVORQJHUDQGDWDQ\WLPHGXULQJWKHVWXG\
+LVWRU\RIQRQFRPSOLDQFHWRPHGLFDOUHJLPHQVRUSRWHQWLDOXQUHOLDELOLW\LQWKH RSLQLRQ
RIWKHLQYHVWLJDWRU
8QZLOOLQJRUXQDEOHWRFRPSO\WRWKHGLHWDU\UHTXLUHPHQWVIRUWKLVVWXG\
+LVWRU\RISRO\F\WKHPLDHLWKHULGLRSDWKLFRUDVVRFLDWHGZLWK757XVH
'RQDWHGEORRGP/ZLWKLQWKHZHHNSHULRGSULRUWRVWXG\HQWU\
+LVWRU\RIDQDEQRUPDOEOHHGLQJWHQGHQF\RUWKURPERSKOHELWLVZLWKLQWKH
SUHYLRXV\HDUVWKDWLVQRWOLQNHGWRYHQLSXQFWXUHRULQWUDYHQRXVFDQQXODWLRQ
2QVHWRIJ\QHFRPDVWLDZLWKLQWKHSUHYLRXVPRQWKV
)RU$&7+6WLPXODWLRQ6XEVWXG\RQO\3ULPDU\RUVHFRQGDU\
DGUHQDO LQVXIILFLHQF\
)RU%LRDQDO\WLFDO6DPSOH6WDELOLW\6XEVWXG\RQO\KHPRJORELQOHVVWKDQ
JG/ DWPRVWUHFHQWFHQWUDOODERUDWRU\DVVHVVPHQW

,QYHVWLJDWLRQDO3URGXFWV

,QYHVWLJDWLRQDO3URGXFWV$GPLQLVWHUHG
(OLJLEOHVXEMHFWV ZLOO EH UDQGRPL]HG  DQGVWUDWLILHG E\VWXG\FHQWHUWR UHFHLYHRUDO
78 629)RU$QGUR*HO %RWKWUHDWPHQWV ZLOO EHFRQWLQXHG IRUWKHPRQWK
VWXG\ GXUDWLRQ

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
629)ZLOOEHSURYLGHGLQPJFDSVXOHVZLWKDVWDUWLQJWRWDOGDLO\GRVHLQWKH
VWXG\RIPJPJZLWKPRUQLQJPHDOPJZLWKHYHQLQJPHDO6XEMHFWVZLOO
EHLQVWUXFWHGWRWDNHWKH629)FDSVXOHVZLWKZDWHUPLQXWHVDIWHUWKH VWDUW
RIWKHLU PHDO
6XEMHFWVUDQGRPL]HGWR$QGUR*HOZLOOEHLQVWUXFWHGDW9LVLW'D\WRDSSO\WKHJHO
WRSLFDOO\LQWKHPRUQLQJWRWKHVKRXOGHUVDQGXSSHUDUPVVWDUWLQJDWSXPSDFWXDWLRQV
PJ
$QGUR*HOLVWREHDSSOLHGWRFOHDQGU\LQWDFWVNLQRIWKHVKRXOGHUVDQGXSSHUDUPV,W
VKRXOG QRWEHDSSOLHGWRDQ\RWKHUSDUWVRIWKHERG\LQFOXGLQJWKHDEGRPHQJHQLWDOVFKHVW
DUPSLWV D[LOODHRUNQHHV6HH:DUQLQJVDQG3UHFDXWLRQV6HFWLRQ

,GHQWLW\RI,QYHVWLJDWLRQDODQG&RPSDUDWRU3URGXFWV
629)FRQWDLQV78D6HOI(PXOVLI\LQJ'UXJ'HOLYHU\6\VWHPVIRUPXODWLRQ ZLWKLQ
D VRIWJHODWLQFDSVXOH629)LVDYDLODEOHLQWKUHHVWUHQJWKVPJ78 PJ
78 DQGPJ78SHUFDSVXOH%DVHGRQWKHPROHFXODUZHLJKWVRI78DQG7 PJ
PJ DQGPJ78DUHHTXLYDOHQWWRDSSUR[LPDWHO\DQGPJRI
WHVWRVWHURQH UHVSHFWLYHO\629)LVWREHVWRUHGDWFRQWUROOHGURRPWHPSHUDWXUH
WR& WR)ZLWKH[FXUVLRQVSHUPLWWHGWRWR&7KHGUXJSURGXFW ZLOO
EHPDQXIDFWXUHG E\3URFDSV%DUUDQTXLOOD&RORPELDDQGLVSDFNDJHGLQ+'3( ERWWOHV
ZLWKLQGXFWLRQVHDOHG FORVXUHVDQGFDSV
$QGUR*HOLVDFOHDUFRORUOHVVJHOFRQWDLQLQJ7ZKLFKLVLWVDFWLYHSKDUPDFRORJLF
LQJUHGLHQW$QGUR*HOLVWREHVWRUHGDWFRQWUROOHGURRPWHPSHUDWXUHWR&WR
)H[FXUVLRQVSHUPLWWHGWRWR&7KHSURGXFWLVPDQXIDFWXUHGE\$EE9LH
1RUWK &KLFDJR,OOLQRLV
$OOVWXG\GUXJVZLOOEHPDQXIDFWXUHGDQGLPSRUWHGDFFRUGLQJWRWKHUHOHYDQWUHJXODWRU\
UHTXLUHPHQWV$OOSDFNDJLQJDQGODEHOOLQJRSHUDWLRQVZLOOEHSHUIRUPHGDFFRUGLQJWR *RRG
0DQXIDFWXULQJ3UDFWLFHIRU0HGLFLQDO3URGXFWVDQGWKHUHOHYDQWUHJXODWRU\ UHTXLUHPHQWV

3DFNDJLQJDQG/DEHOLQJ
7KHSDFNDJLQJDQGODEHOOLQJRI629)ZLOOEHSHUIRUPHGE\3URFDSV
%DUUDQTXLOOD&RORPELD$OOSDFNDJLQJDQGODEHOLQJRSHUDWLRQVZLOOEHSHUIRUPHG
DFFRUGLQJWR*RRG 0DQXIDFWXULQJ3UDFWLFHIRU0HGLFLQDO3URGXFWVDQGWKHUHOHYDQW
UHJXODWRU\UHTXLUHPHQWV 629)FDSVXOHVZLOOEHSDFNDJHGLQDKLJKGHQVLW\
SRO\HWK\OHQHVDIHW\ERWWOH
,QLWV7IRUPXODWLRQ$QGUR*HOZLOOEHVXSSOLHGLQQRQDHURVROPHWHUHGGRVHSXPSV
WKDWGHOLYHUPJRI7SHUFRPSOHWHSXPSDFWXDWLRQ7KHSXPSVDUH FRPSRVHGRI
SODVWLF DQGVWDLQOHVVVWHHODQGDORZGHQVLW\SRO\HWK\OHQHDOXPLQXPIRLOLQQHUOLQHUHQFDVHG
LQULJLG SODVWLFZLWKDSRO\SURS\OHQHFDS(DFKJPHWHUHGGRVHSXPSLVFDSDEOHRI
GLVSHQVLQJ JRIJHORUPHWHUHGSXPSDFWXDWLRQVHDFKSXPSDFWXDWLRQGLVSHQVHV
JRIJHO

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

0HWKRGRI$VVLJQLQJ6XEMHFWVWR7UHDWPHQW*URXSV
(OLJLEOHVXEMHFWVZLOOEHUDQGRPL]HGDSSUR[LPDWHO\629)±WUHDWHG
VXEMHFWV WR$QGUR*HOWUHDWHGVXEMHFWVUHVSHFWLYHO\XVLQJDQLQWHUDFWLYHZHE
UDQGRPL]DWLRQ V\VWHPDQGVWUDWLILHGE\VWXG\FHQWHUWRUHFHLYH629)RU
$QGUR*HO

6WDUWLQJ'RVHVLQWKH6WXG\
%DVHGRQWKHUHVXOWVIURPWKHFRPSOHWHG3KDVHEVWXG\6WXG\629783.>@
0DULXV3KDUPDFHXWLFDOVKDVVHOHFWHGPJDVWKHVWDUWLQJGRVHPJZLWKPRUQLQJ
PHDO PJZLWKHYHQLQJPHDO7KHGRVHZLOOEHDGMXVWHGXSRUGRZQLIQHHGHGEDVHG
RQWKHGRVHWLWUDWLRQSURFHGXUHVGHVFULEHGLQ6HFWLRQ
$QGUR*HOZLOOEHDSSOLHGDWDVWDUWLQJGRVHRIPJ4'LQWKHPRUQLQJDQGWLWUDWHG SHU
SURGXFWLQIRUPDWLRQ>6HFWLRQ@

$GPLQLVWUDWLRQRI629)'UXJ
7KH629)GUXJSURGXFWLVWREHWDNHQZLWKZDWHUZLWKPHDOV7KHGRVHVKRXOG
EH WDNHQDERXWPLQXWHVDIWHUVWDUWRIWKHPHDO,WVKRXOGQRWEHWDNHQEHIRUHRUDW
WKHVWDUWRIDPHDO

'RVH7LWUDWLRQ
7KHGRVHRIVWXG\GUXJZLOOEHWLWUDWHGGXULQJWKHHIILFDF\SHULRGXVLQJDQDOJRULWKPWKDW
ZDV GHYHORSHGXVLQJKU3.GDWDREWDLQHGIURPWKHGD\3KDVHEVWXG\RI
629)LQ VXEMHFWVDQGVHUXP7&SUHGRVHIRU$QGUR*HOSHUSURGXFWLQIRUPDWLRQ
7KHILQDOGRVH HVWDEOLVKHGLQWKHGD\HIILFDF\SHULRGIRU629)ZLOOEHXVHGDW
WKHVWDUWRI WKHPRQWKVDIHW\HYDOXDWLRQSHULRGDQGWKHGRVHPD\EHXSRUGRZQWLWUDWHG
RQ'D\V DQGEDVHGRQWKHSODVPD7FRQFHQWUDWLRQIURPD VLQJOHEORRGGUDZ
ZLWKLQWRKRXUV DIWHUGRVLQJ'D\DQG'D\6XEMHFWVRQ $QGUR*HOPD\EH
XSRUGRZQWLWUDWHGRQ 'D\DQG'D\EDVHGRQVLQJOHGUDZ VHUXP7&SUHGRVH
OHYHOVDW'D\DQG'D\ SHUSURGXFWLQIRUPDWLRQ
'RVHUHGXFWLRQZLOODOVRRFFXU IRUVDIHW\EDVHGRQKHPRJORELQOHYHOV!JG/
QRPLQDOO\ PHDVXUHGDW 9LVLWVDQG GXULQJ WKH VWXG\ 6HH 6HFWLRQ
+HPDWRORJ\IRU WKHGRVHWLWUDWLRQVFKHGXOHGXHWRKHPRJORELQOHYHOV!JG/

629)*URXS
'RVHWLWUDWLRQIRUHDFKVXEMHFWZLOOEHEDVHGRQWKHSODVPD7PHDVXUHGEHWZHHQWR
KRXUV PLQDIWHUWKHPRUQLQJGRVHDW'D\DQG'D\ 'RVHWLWUDWLRQVZLOO
RFFXUDW'D\ DQG'D\LIQHHGHGEDVHGRQWKHIROORZLQJDOJRULWKP
x )RUVXEMHFWVZKRPD\QHHGGRVHWLWUDWLRQDW'D\EDVHGRQWKHSODVPD7
OHYHOREWDLQHGEHWZHHQWRKRXUVRQ'D\
o 7QJG/GRVHLQFUHDVHGWRPJPJDPPJSP
o 7WRQJG/QRGRVHFKDQJH
o 7!QJG/GRVHGHFUHDVHGWRPJPJDPPJSP

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
x )RUVXEMHFWVZKRPD\QHHGGRVHWLWUDWLRQDW'D\EDVHGRQWKHSODVPD7
OHYHO REWDLQHGEHWZHHQWRKRXUVRQ'D\
o )RUVXEMHFWVZKRVHGRVHZDVQRWWLWUDWHGSUHYLRXVO\LHUHPDLQHGDW
 PJDPPJSPDQGWKHUHVXOWLQJSODVPD7DW'D\DUH
 7QJG/GRVHLQFUHDVHGWRPJPJDP
PJSP

7WRQJG/QRGRVHFKDQJH

7!QJG/GRVHGHFUHDVHGWRPJPJDP
PJSP
o )RUVXEMHFWVZKRVHGRVHZDVSUHYLRXVO\GHFUHDVHGWRPJPJ
DPPJSPDQGWKHUHVXOWLQJSODVPD7DW'D\DUH
 7QJG/GRVHLQFUHDVHGWRPJPJDP
PJSP
 7WRQJG/QRGRVHFKDQJH
 7!QJG/GRVHPD\EHIXUWKHUGHFUHDVHGWRPJDP
o )RUVXEMHFWVZKRVHGRVHZDVSUHYLRXVO\LQFUHDVHGWRPJPJDP
PJSPDQGWKHUHVXOWLQJSODVPD7DW'D\DUH
 7QJG/7KHLQYHVWLJDWRUDQGVSRQVRUZLOOUHYLHZWKH GDWD
IRUHDFKLQGLYLGXDODQGWKHUHDVRQIRUQRWUHVSRQGLQJWRWKH
WUHDWPHQW ZLOOEHIXUWKHULQYHVWLJDWHG$VVXPLQJFRUUHFW
FRPSOLDQFHZLWKWKH VWXG\GUXJWKHGRVHPD\EHLQFUHDVHGWR
PJPJDPPJSPDWWKHLQYHVWLJDWRU¶V
GLVFUHWLRQWDNLQJVDIHW\LQWRFRQVLGHUDWLRQRUVXEMHFWVPD\EH
GLVFRQWLQXHGIURPWKHVWXG\DVQRQ UHVSRQGHUV'DWDZLOOEH
UHSRUWHGLQWKHFOLQLFDOVWXG\UHSRUW
 7WRQJG/QRGRVHFKDQJH
 7!QJG/GRVHGHFUHDVHGWRPJPJDP
PJSP
,IDQDO\VLVRIWKH'D\KRXU3.GDWDUHYHDOVWKDWDVXEMHFWLVRQDQLQFRUUHFWGRVH
GLVFRQWLQXDWLRQRIWKHVXEMHFWPD\EHDSSURSULDWHDVGHWDLOHGLQ6HFWLRQ
'XULQJWKHPRQWKVDIHW\HYDOXDWLRQSHULRGWKHGRVHPD\EHXSRUGRZQWLWUDWHGRQ
'D\V DQGXVLQJDVLQJOHWLPHSRLQW7PHDVXUHPHQWREWDLQHGWRKRXUVDIWHU WKH
PRUQLQJ GRVHRQ'D\VDQGUHVSHFWLYHO\
$JUDSKLFUHSUHVHQWDWLRQRI629)GRVHWLWUDWLRQLQWKHVWXG\LVSURYLGHG
LQ)LJXUH

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

$QGUR*HO*URXS
7KHQHHGIRUGRVHWLWUDWLRQIRUHDFKVXEMHFWZLOOEHEDVHGRQWKHVHUXP7FRQFHQWUDWLRQ
IURPD VLQJOHSUHGRVHEORRGGUDZ7&SUHGRVHDW'D\DQG'D\'RVHWLWUDWLRQVZLOO
RFFXURQ 'D\DQG'D\LIQHHGHGEDVHGRQWKHIROORZLQJDOJRULWKP
x 7&SUHGRVHQJG/LQFUHDVHGDLO\GRVHE\PJDGGLWLRQDO
SXPS DFWXDWLRQ
x 7&SUHGRVHDQGQJG/QRGRVHFKDQJH
x 7&SUHGRVH!QJG/GHFUHDVHGDLO\GRVHE\PJOHVVSXPSDFWXDWLRQ
$QGUR*HOWUHDWHGVXEMHFWVZKRVHGRVHZDVUHGXFHGWRPJDW'D\DQGKDYHD7
&SUHGRVHRI!QJG/DW'D\ZLOOEHGLVFRQWLQXHGIURPWKHVWXG\
'XULQJWKHPRQWKVDIHW\HYDOXDWLRQSHULRG'D\DQG'D\VLQJOHGUDZVHUXP7
&SUHGRVHOHYHOVZLOOEHXVHGIRUGRVHWLWUDWLRQRQ'D\DQG'D\UHVSHFWLYHO\ SHU
SURGXFWLQIRUPDWLRQ
$JUDSKLFUHSUHVHQWDWLRQRI$QGUR*HOGRVHWLWUDWLRQLQWKHVWXG\LVSUHVHQWHGLQ
)LJXUH 

%OLQGLQJ
1RWDSSOLFDEOH7KLVLVDQRSHQODEHOVWXG\

3ULRUDQG&RQFRPLWDQW7KHUDS\
,IDQ\PHGLFDWLRQRUQXWULWLRQDOVXSSOHPHQWLVWDNHQSULRUWRVFUHHQLQJRUGXULQJWKHVFUHHQLQJ
SKDVHWKHQDPHGRVHURXWHIUHTXHQF\RIGRVLQJVWDUWDQGVWRSGDWHVDQGUHDVRQIRUXVHZLOO
EHUHFRUGHGRQWKHFRQFRPLWDQWPHGLFDWLRQSDJHLQWKHH&5)6XEMHFWVZLOOEHDVNHGDERXW
WKHLUWUHDWPHQWKLVWRU\IRUK\SRJRQDGLVPDQGWKHVWDUWDQGVWRSGDWHVIRUWKHLUPRVWUHFHQW
757DW6FUHHQLQJ9LVLW&RQFRPLWDQWPHGLFDWLRQVZLOOEHUHFRUGHGDWHDFKVWXG\YLVLW$Q\
FRQFRPLWDQWSURFHGXUHRULQWHUYHQWLRQVKRXOGEHUHFRUGHGRQWKHH&5)FRQFRPLWDQW
PHGLFDWLRQSDJHDVZHOO

3URKLELWHG0HGLFDWLRQ7KHUDS\
6XEMHFWVPXVWEHZDVKHGRXWRIDQGQRWXVHDQ\IRUPVRI7H[FHSWIRUVWXG\GUXJ
WKURXJKRXW WKHHQWLUHVWXG\7KLVLQFOXGHVRUDOWRSLFDOLQWUDQDVDORUEXFFDO7WKHUDS\
ZLWKLQWKH SUHYLRXVZHHNVLQWUDPXVFXODU7LQMHFWLRQRIVKRUWDFWLQJGXUDWLRQZLWKLQ WKH
SUHYLRXV ZHHNVLQWUDPXVFXODU7LQMHFWLRQRIORQJDFWLQJGXUDWLRQZLWKLQWKHSUHYLRXV
ZHHNVRU7 LPSODQWDEOHSHOOHWVZLWKLQWKHSUHYLRXVPRQWKV
,QDGGLWLRQWKHXVHRIDQ\GUXJWKDWFRXOGLQWHUIHUHZLWKPHDVXUHPHQWRUDVVHVVPHQWRI
VHUXPDQGURJHQOHYHOVLVSURKLELWHGLQFOXGLQJDOSKDUHGXFWDVHLQKLELWRUVDQDEROLF
VWHURLGVDQGGUXJVZLWKDQWLDQGURJHQLFSURSHUWLHVHJVSLURQRODFWRQHFLPHWLGLQH
IOXWDPLGHELFDOXWDPLGHDQGNHWRFRQD]ROH7KHVHGUXJVPXVWEHVWRSSHGIRUDWOHDVW
PRQWKSULRUWRVWXG\HQWU\PRQWKVLQWKHFDVHRIGXWDVWHULGH
7KHXVHRIRYHUWKHFRXQWHUSURGXFWVLQFOXGLQJQDWXUDOKHDOWKSURGXFWVHJIRRG
VXSSOHPHQWVDQGKHUEDOVXSSOHPHQWVVXFKDVVDZSDOPHWWRRUSK\WRHVWURJHQVWKDWPD\

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
DIIHFWWRWDO7OHYHOVZLWKLQGD\VSULRUWRWKHILUVWGRVLQJDQGGXULQJWKHFRXUVHRIWKH
VWXG\ LVSURKLELWHG

7UHDWPHQW&RPSOLDQFH
6XEMHFWFRPSOLDQFHZLWKWKHGRVLQJUHJLPHQZLOOEHDVVHVVHGDW'D\V DQG
ZKHQVWXG\GUXJLVGLVSHQVHGDQGDW'D\(QGRI7UHDWPHQWYLVLWRUDW (DUO\(QGRI
7UHDWPHQW9LVLW6XEMHFWVZLOOEHLQVWUXFWHGWREULQJDQ\XQXVHGDQGXVHGERWWOHVWRHDFKYLVLW
&RPSOLDQFHZLWK629)ZLOOEHDVVHVVHGE\FDSVXOHFRXQWVDQG$QGUR*HOFRPSOLDQFH
ZLOOEHDVVHVVHGE\ZHLJKLQJWKHUHWXUQHGSXPSV
6XEMHFWVZKRDUHIRXQGWREHVLJQLILFDQWO\QRQFRPSOLDQWRU!FRPSOLDQW
EDVHGRQWKHLULQGLYLGXDODFFRXQWDELOLW\ORJVZLOOEHWUHDWHGDVIROORZV
x 5HHGXFDWHGFRXQVHOOHGUHJDUGLQJFRUUHFWGRVLQJUHJLPHQ
x $OORZHGWRFRQWLQXHXQWLOQH[WVFKHGXOHGYLVLW
,IQRQFRPSOLDQFHFRQWLQXHVDWWKHQH[WVFKHGXOHGYLVLWVXEMHFWPD\EHGLVFRQWLQXHG IURP
WKH VWXG\DWWKHLQYHVWLJDWRU¶VDQGVSRQVRU¶VGLVFUHWLRQ
0RUHLQIRUPDWLRQDERXWGUXJDFFRXQWDELOLW\IRUWKHVWXG\LVSURYLGHGLQ6HFWLRQ

$&7+6WLPXODWLRQZLWK6\QWKHWLF$&7+&RV\QWURSLQ
$&7+VWLPXODWLRQWHVWLQJZLOOEHSHUIRUPHGLQDVXEVHWRIVXEMHFWVUDQGRPL]HGWR
629)DQGUDQGRPL]HGWR$QGURJHODW%DVHOLQH9LVLWDQG(QGRI7UHDWPHQW
YLVLW 6\QWKHWLF$&7+FRV\QWURSLQZLOOEHDGPLQLVWHUHGLQWUDYHQRXVO\RYHUWZR
PLQXWHVUHFRQVWLWXWHGLQPORIVDOLQHDW7LPHDQGEORRGIRUVHUXP FRUWLVROZLOOEH
REWDLQHGEHIRUHWKHDGPLQLVWUDWLRQDQGDWDQGPLQXWHVDIWHUFRV\QWURSLQDGPLQLVWUDWLRQ

5HPRYDORI6XEMHFWVIURP7KHUDS\RU$VVHVVPHQWV
6XEMHFWVPD\EHGLVFRQWLQXHGIURPWKHVWXG\IRUDQ\RIWKHIROORZLQJUHDVRQV
x 6XEMHFWUHTXHVW
x 8VHRIQRQSHUPLWWHGFRQFXUUHQWWKHUDS\
x 1RQFRPSOLDQFHZLWKWKHVWXG\GUXJRUVWXG\VFKHGXOH
x /RVWWRIROORZXS
x 2FFXUUHQFHRI$(VQRWFRPSDWLEOHZLWKWKHFRQWLQXDWLRQRIVXEMHFWSDUWLFLSDWLRQ
LQ WKHVWXG\LQWKHLQYHVWLJDWRU¶VRSLQLRQRUXQDFFHSWDEOHWRWKHVXEMHFWWR
FRQWLQXH
x ([FHHGLQJVDIHW\UHWHVWSDUDPHWHUVIRUKHPRJORELQRUSURVWDWHVSHFLILFDQWLJHQ
36$WKDWUHTXLUHZLWKGUDZDOIURPVWXG\VHH6HFWLRQ+HPDWRORJ\
DQG 36$
6XEMHFWVZKRGRQRWFRPSO\ZLWKWKHSURWRFRORUZKRZLWKGUDZFRQVHQWZLOOEH
GLVFRQWLQXHG6XEMHFWVDUHIUHHWRZLWKGUDZIURPWKHVWXG\DWDQ\WLPHZLWKRXWSURYLGLQJ
UHDVRQVIRUZLWKGUDZDODQGZLWKRXWSUHMXGLFHWRIXUWKHUWUHDWPHQW7KHUHDVRQVIRU
ZLWKGUDZDOZLOOEHGRFXPHQWHGLQWKHH&5)

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
6XEMHFWVZLWKGUDZLQJIURPWKHVWXG\ZLOOEHHQFRXUDJHGWRFRPSOHWHWKHVDPHILQDO
HYDOXDWLRQVDWDQ(DUO\:LWKGUDZDO9LVLWDVVXEMHFWVFRPSOHWLQJWKHVWXG\DFFRUGLQJWR
WKLV SURWRFROSDUWLFXODUO\VDIHW\HYDOXDWLRQV7KHDLPLVWRUHFRUGGDWDLQWKHVDPHZD\DV
IRU VXEMHFWVZKRFRPSOHWHGWKHVWXG\
5HDVRQDEOHHIIRUWVZLOOEHPDGHWRFRQWDFWVXEMHFWVZKRDUHORVWWRIROORZXS7KHVH
HIIRUWV PXVWEHGRFXPHQWHGLQWKHVXEMHFW¶VILOH
7KHVSRQVRUKDVWKHULJKWWRWHUPLQDWHWKHVWXG\DWDQ\WLPHLQFDVHRI6$(VRULIVSHFLDO
FLUFXPVWDQFHVFRQFHUQLQJWKHLQYHVWLJDWLRQDOSURGXFWVWXG\GUXJRUWKHFRPSDQ\LWVHOI
RFFXU PDNLQJIXUWKHUWUHDWPHQWRIVXEMHFWVLPSRVVLEOH,QWKLVHYHQWWKHLQYHVWLJDWRUV
ZLOOEHLQIRUPHGRIWKHUHDVRQIRUVWXG\WHUPLQDWLRQ

7,0,1*2)678'<352&('85(6
6XEMHFWVZLOOSURYLGHZULWWHQLQIRUPHGFRQVHQWIRUPEHIRUHDQ\VWXG\UHODWHGSURFHGXUHV
DUH SHUIRUPHG 6XEMHFWVPD\VLJQLQIRUPHGFRQVHQWSULRUWR9LVLWWKLVDOORZVIRU
VXEMHFWVWR FRPSOHWHZDVKRXWEHIRUHWKHILUVWVFUHHQLQJYLVLW
7KHSODQQHGVWXG\DVVHVVPHQWVDUHSUHVHQWHGLQ6HFWLRQ

3UHWUHDWPHQW6FUHHQLQJ9LVLWV

6FUHHQLQJ9LVLW'D\WR'D\
6FUHHQLQJ9LVLWVKRXOGRFFXUEHWZHHQDPDQGDPDQGQRWPRUHWKDQGD\V
EHIRUH LQLWLDOVWXG\PHGLFDWLRQXVH
$IWHUWKHVXEMHFWSURYLGHVWKHVLJQHGLQIRUPHGFRQVHQWIRUPYLVLWSURFHGXUHVLQFOXGH
x $VVHVVIRUHOLJLELOLW\DJDLQVWWKHLQFOXVLRQDQGH[FOXVLRQFULWHULD
x &ROOHFWIXOOPHGLFDOKLVWRU\DQGUHYLHZFRQFRPLWDQWPHGLFDWLRQV
x 5HFRUGGHPRJUDSKLFGDWDVXFKDVUDFHHWKQLFRULJLQDQGGDWHRIELUWK
x 'UDZDEORRGVDPSOHWRWHVWWRWDOVHUXP7OHYHO
$IWHUWKHSURFHGXUHVVXEMHFWVZLOOEHJLYHQDPHDOGLDU\WRUHFRUGWKUHHGD\VRI EUHDNIDVWV
DQGGLQQHUVEHIRUHWKHQH[WYLVLW
6XEMHFWVZLOOEHRIIHUHGWKHRSSRUWXQLW\WRSDUWLFLSDWHLQWKH$&7+VWLPXODWLRQ VXEVWXG\
,QIRUPHGFRQVHQWIRUPDGGHQGXPIRUWKHVXEVWXG\PXVWEHVLJQHGE\9LVLW

6FUHHQLQJ9LVLW'D\WR'D\
9LVLWZLOOWDNHSODFHDPLQLPXPRIDQGQRWPRUHWKDQGD\VDIWHU6FUHHQLQJ9LVLW
6XEMHFWVVKRXOGDUULYHDWWKHFOLQLFEHWZHHQDPDQGDPKDYLQJIDVWHGIRUDWOHDVW
 KRXUV6XEMHFWVVKRXOGUHPDLQZHOOK\GUDWHGGXULQJIDVWLQJDQGGULQNDWOHDVWRQHJODVVRI
ZDWHUP/RUR]SULRUWRYLVLW $WWKHLQYHVWLJDWRU¶VGLVFUHWLRQVXEMHFWVPD\EHUH
VFUHHQHGXVLQJWKH9LVLWSURFHGXUHVRULQGLYLGXDOODERUDWRU\WHVWVPD\EHUHSHDWHG

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
6XEMHFWV ZLOOEHFRQWDFWHGWKHSUHYLRXVGD\WRUHPLQGWKHPWRIDVW EHIRUH9LVLWQRIRRGRU
GULQN H[FHSWZDWHUIRUKUV9LVLWSURFHGXUHVLQFOXGH
x 5HDVVHVVHOLJLELOLW\DJDLQVWWKHLQFOXVLRQDQGH[FOXVLRQFULWHULD
x 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ
x 5HFRUGYLWDOVLJQV%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH$WDOOYLVLWV%3ZLOOEH
PHDVXUHGXVLQJDFXIIDSSURSULDWHWRWKHVXEMHFW¶VDUPVL]HLQDVWDQGDUGL]HG
PDQQHU LHDIWHUWKHVXEMHFWKDVUHVWHGLQWKHVLWWLQJSRVLWLRQIRUPLQXWHV7KH
FXIIXVHGIRU HDFKVXEMHFWVKRXOGEHQRWHGDORQJZLWKLWVVL]HDQGWKHVDPHFXII
XVHGWKURXJKRXW WKHVWXG\IRUWKDWVXEMHFW%ORRGSUHVVXUHPHDVXUHPHQWVZLOOEH
GXSOLFDWHGZLWKLQ PLQXWHV,IWKHGLIIHUHQFHLQV%3DQGG%3PHDVXUHPHQWVLV
!PP+JDQG!PP +JUHVSHFWLYHO\DWKLUG%3PHDVXUHPHQWZLOOEHWDNHQ
DQGUHVXOWVDYHUDJHG
x 3HUIRUPDQ(&*
x 5HFRUGKHLJKW
x &ROOHFWVDPSOHVIRUELRFKHPLVWU\LQFOXGHV7VDPSOHHQGRFULQRORJ\
KHPDWRORJ\LQFOXGLQJJO\FRV\ODWHGKHPRJORELQ>+E$F@XULQDO\VLV
OLSLG SDQHODQG36$
x 1RWH,IWKH/'/YDOXHFDQQRWEHFDOFXODWHGGXHWRWULJO\FHULGHVIDOOLQJ
RXWVLGHWKHYDOLGUDQJHIRUWKHFHQWUDOODE¶VFDOFXODWLRQIRUREWDLQLQJ
/'/WKH/'/YDOXHVKRXOGEHPHDVXUHGGLUHFWO\7KLVLVGRQHIURPD
VHFRQGVDPSOHDQGUHTXLUHVDQDGGLWLRQDOYLVLWE\WKHVXEMHFWRQFHWKH
OLSLGSDQHO UHVXOWVDUHUHFHLYHG
x &ROOHFW VDPSOHVIRU KHSDWLWLV% VXUIDFH DQWLJHQDQGKHSDWLWLV& DQWLERG\ZLWK
FRQILUPDWRU\WHVWLQJLHGHWHFWDEOHVHUXP+&951$FROOHFW+,9DQWLERG\
WHVWV
x &ROOHFWXULQHVDPSOHIRUGUXJVFUHHQLQJLQFOXGHVFRFDLQHQDUFRWLFV EHQ]RGLD]HSLQHV
WHWUDK\GURFDQQDELQROEDUELWXUDWHVDQGDPSKHWDPLQHV
x 3HUIRUPD IXOOSK\VLFDOH[DPLQDWLRQWKDWPXVW LQFOXGH DGPLQLVWHULQJ DQ,366
TXHVWLRQQDLUH DVVHVVPHQW IRU WKH SUHVHQFH RI J\QHFRPDVWLD DQG GLJLWDO UHFWDO
H[DPLQDWLRQ
x &ROOHFWVXEMHFWPHDOGLDU\DQGHQWHULQIRUPDWLRQLQWR$6$V\VWHPLQ
WKH SUHVHQFHRIWKHVXEMHFW
x &ROOHFWLQIRUPHGFRQVHQWIRUPDGGHQGXPIRUWKH$&7+VWLPXODWLRQVXEVWXG\LI
WKH VXEMHFWLVDVXEVWXG\SDUWLFLSDQW
x 'LVSHQVH3V\FKRVH[XDO'DLO\4XHVWLRQQDLUH3'46XEMHFWVZLOOEHJLYHQWKH
3'4GDLO\GLDU\ERRNOHWWRFRPSOHWHIRUVHYHQFRQVHFXWLYHGD\VMXVWEHIRUHWKH
QH[WYLVLW

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

6WXG\9LVLWV
9LVLWV    DQG  UHTXLUHVXEMHFWV WR DUULYH IDVWHG IRUWKH SXUSRVH RI FROOHFWLQJ
IDVWHG LQVXOLQ 6XEMHFWVZKRDUULYHXQIDVWHGVKRXOGEHDOORZHGWRFRQWLQXHWKHVHYLVLWV
SURYLGHG WKH\KDYHQRWDOVRGRVHG1RLQVXOLQVDPSOHVKRXOGEHFROOHFWHGIRUXQIDVWHG
VXEMHFWV$OO RWKHUVDPSOHVVKRXOGEHFROOHFWHG
9LVLWVDQGUHTXLUH629)VXEMHFWVWRDUULYHIDVWHGIRUWKHKRXU3.
DVVHVVPHQWVDQGIDVWHGLQVXOLQ6XEMHFWVZKRDUULYHXQIDVWHGVKRXOGEHUHVFKHGXOHG
9LVLWV DQGDOVRUHTXLUH$QGUR*HOVXEMHFWVWRDUULYHIDVWHGEXWWKHYLVLWPD\
FRQWLQXHH[FHSW WKDWIDVWHGLQVXOLQVDPSOHLVQRWFROOHFWHG$OORWKHUVDPSOHVDUH
FROOHFWHG
7KURXJKRXWWKHVWXG\VXEMHFWVVKRXOGEHUHPLQGHGWKDWLIDSDUWQHUEHFRPHVSUHJQDQW
VXEMHFWVKRXOGLQIRUPWKHFOLQLF

9LVLW'D\%DVHOLQH
9LVLWRFFXUVRQ'D\DQGZLOOWDNHSODFHZLWKLQGD\VRI9LVLW $OO
LQFOXVLRQDU\H[FOXVLRQDU\ODEUHVXOWVPXVWEHDYDLODEOHDQGVXEMHFWVVKRXOGKDYHFRPSOHWHG
WKHGD\3'44XHVWLRQQDLUH7KHIROORZLQJSURFHGXUHVIRUDOOVXEMHFWVZLOOEHSHUIRUPHG
DW 9LVLW6XEMHFWVVKRXOGDUULYHDWWKHFOLQLFEHWZHHQDPDQGDPKDYLQJIDVWHGIRU
DW OHDVWKRXUV 6XEMHFWVZLOOEHFRQWDFWHGWKHSUHYLRXVGD\WRUHPLQG WKHPWRIDVWEHIRUH
9LVLW QRIRRGRUGULQNH[FHSWZDWHUIRUKUV 6XEMHFWVVKRXOGUHPDLQZHOOK\GUDWHG
GXULQJ IDVWLQJDQGGULQNDWOHDVWRQHJODVVRIZDWHUP/RU R]SULRUWRYLVLW
x 5HDVVHVVIRUVWXG\HOLJLELOLW\DJDLQVWWKHLQFOXVLRQDQGH[FOXVLRQFULWHULD
x 1RWH,IWKHFHQWUDOODEFDQQRWGHWHUPLQH/'/IURPWKHLQLWLDO9LVLW
VDPSOHWKHQGLUHFWPHDVXUHPHQWRI/'/IURPDVDPSOHLVUHTXLUHGWR
REWDLQDQ/'/ YDOXHIRUFRPSDULVRQWRLQFOXVLRQFULWHULRQF 7KLV
VLWXDWLRQRFFXUVLIWKHWULJO\FHULGHVIDOORXWVLGHRIWKHYDOLGUDQJHVIRUWKH
FDOFXODWLRQDSSURDFKIRU GHWHUPLQLQJ/'/
x 5HPLQGWKHVXEMHFWWKDWLIDSDUWQHUEHFRPHVSUHJQDQWVXEMHFWVKRXOGLQIRUP
WKH FOLQLF
x 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ
x 5HFRUGYLWDOVLJQV%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH$WDOOYLVLWV%3ZLOO
EH PHDVXUHGXVLQJDFXIIDSSURSULDWHWRWKHVXEMHFW¶VDUPVL]HLQDVWDQGDUGL]HG
PDQQHULHDIWHUWKHVXEMHFWKDVUHVWHGLQWKHVLWWLQJSRVLWLRQIRUPLQXWHV7KH
FXIIXVHGIRUHDFKVXEMHFWVKRXOGEHQRWHGDORQJZLWKLWVVL]HDQGWKHVDPHFXII
XVHGWKURXJKRXWWKHVWXG\IRUWKDWVXEMHFW%ORRGSUHVVXUHPHDVXUHPHQWVZLOOEH
GXSOLFDWHGZLWKLQPLQXWHV,IWKHGLIIHUHQFHLQV%3DQGG%3PHDVXUHPHQWVLV
! PP+JDQG!PP+JUHVSHFWLYHO\DWKLUG%3PHDVXUHPHQWZLOOEHWDNHQ
DQGWKH UHVXOWVDYHUDJHG
x 5DQGRPL]HHOLJLEOHVXEMHFWVDQGSURYLGHHDFKZLWKDVXEMHFWQXPEHU
x &ROOHFWVDPSOHVIRUIDVWLQJLQVXOLQDQGHVWUDGLRO()RUVXEMHFWVDVVLJQHGWR
629)FROOHFWEORRGVDPSOHIRU7DQG'+7LQSODVPDWXEHDQGIRU

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
VXEMHFWV DVVLJQHGWR$QGUR*HOFROOHFWEORRGVDPSOHIRU7DQG'+7LQVHUXP
WXEH
x 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
x 'LVSHQVHDQGFROOHFW6)DQG,,()&ROOHFWWKH3'4WKDWZDVGLVSHQVHGDW
WKH SULRUYLVLW
x 'LVSHQVHVWXG\PHGLFDWLRQV
x 6XEMHFWVZLOOEHSURYLGHGZLWKDVWDQGDUGL]HGEUHDNIDVWDIWHUWHVWLQJDQG
ODE VDPSOHFROOHFWLRQLVFRPSOHWH
x 6XEMHFWVUDQGRPL]HGWR629)ZLOOEHREVHUYHGWDNLQJWKHLUILUVWGRVH
 PJZLWKEUHDNIDVWSURYLGHGDWWKHFOLQLF6XEMHFWVVKRXOGWDNHWKHGRVH
 PLQXWHVDIWHUWKHVWDUWRIWKHPHDO
x 6XEMHFWVUDQGRPL]HGWR$QGUR*HOZLOOEHLQVWUXFWHGWRDSSO\WKHJHOWRSLFDOO\LQ
WKH PRUQLQJWRWKHVKRXOGHUVDQGXSSHUDUPVVWDUWLQJDWSXPSDFWXDWLRQV
PJ 3ULPLQJRIWKHSXPSZLOOEHGHPRQVWUDWHG 7KHILUVWGRVH
DGPLQLVWUDWLRQZLOOEH REVHUYHGLQWKHFOLQLF$EUHDNIDVWZLOOEHRIIHUHG
x 629)VXEMHFWVZLOOEHJLYHQPHDOPHQXVWRVHOHFWEUHDNIDVWDQGGLQQHUIRU
IXWXUH3.YLVLWVEDVHGRQ$6$RXWSXWRIWKHLUHDWLQJKDELWVORZIDWRU QRUPDO
IDW RUKLJKIDWEUHDNIDVWDQGGLQQHUZLWKDSSURSULDWH.FDOV
x $QGUR*HOVXEMHFWVZLOOEHJLYHQWKHQRUPDOIDWPHQXIRUDOOVHOHFWLRQV
x 6XEMHFWVSDUWLFLSDWLQJLQWKH$&7+VWLPXODWLRQVXEVWXG\ZLOOXQGHUJRWKH$&7+
VWLPXODWLRQWHVW 6\QWKHWLF$&7+FRV\QWURSLQZLOOEHUHFRQVWLWXWHG LQPO
RI VDOLQHDQGDGPLQLVWHUHGLQWUDYHQRXVO\RYHUPLQXWHVDW7LPHDQGEORRGIRU
VHUXP FRUWLVROZLOOEHREWDLQHGEHIRUHDGPLQLVWUDWLRQDQGDWDQGPLQXWHV
DIWHUFRV\QWURSLQDGPLQLVWUDWLRQ7KHWHVWVKRXOGEHSHUIRUPHGDWWKH VDPHWLPH
RQ'D\ DQG'D\2Q'WKH]HURWLPHSRLQWVDPSOHVKRXOGEHVXEPLWWHG
IRUFRUWLVROELQGLQJJOREXOLQDQGWKHPLQDQGPLQVDPSOHVVXEPLWWHGIRU
VHUXPFRUWLVRO
:KHQDOOWKHEDVHOLQHSURFHGXUHVKDYHEHHQSHUIRUPHGWKHQH[WYLVLWZLOOEHVFKHGXOHG

7UHDWPHQW3HULRG

9LVLW'D\
9LVLWZLOOWDNHSODFHRQ'D\GD\V6XEMHFWVVKRXOGDUULYHDWWKHFOLQLFEHWZHHQ DQG
DPKDYLQJIDVWHGIRUDWOHDVWKRXUV6XEMHFWVZLOOEHFRQWDFWHGWKHSUHYLRXV GD\WR
UHPLQGWKHPWR
x )DVWEHIRUH9LVLWQRIRRGRUGULQNH[FHSWZDWHUIRUKUV 6XEMHFWVVKRXOG
UHPDLQZHOOK\GUDWHGGXULQJIDVWLQJDQGGULQNDWOHDVWRQHJODVVRIZDWHU
 P/ RUR]SULRUWRYLVLW
x %ULQJWKHLUVWXG\PHGLFDWLRQV
x 1RWLQJHVWRUDSSO\WKHLUVWXG\PHGLFDWLRQLQWKHPRUQLQJEHIRUHFRPLQJWR
WKH FOLQLF

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
6XEMHFWVVKRXOGKDYHWDNHQDQ\FRQFRPLWDQWPHGLFDWLRQVEHIRUHDUULYLQJDWWKHFOLQLF 7KH
IROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDW9LVLW
629)*URXS2YHUQLJKW6WD\
x 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ
x 5HFRUGYLWDOVLJQVLQFOXGLQJDVLQJOH%3ZLWKLQPLQXWHVSULRUWRGRVLQJDQG
WKHQ DVLQJOH%3DWKRXULQWHUYDOVDQGKRXUV
x &ROOHFWVDPSOHVWRDVVHVVELRFKHPLVWU\IDVWLQJLQVXOLQDQGOLSLGSDQHO
x
&ROOHFWEORRGVDPSOHVSUHGRVHDQGDW 
DQGKRXUVDIWHUDPGRVHPLQXWHVIRUDOOWLPHSRLQWVIRUKRXU3.
DQDO\VLV RISODVPD7DQG'+7'LQQHUVKRXOGEHJLQDWKRXUVPLQXWHV
DIWHUWKH PRUQLQJGRVHDQGWKHKRXUVDPSOHLVWDNHQLPPHGLDWHO\EHIRUHWKH
HYHQLQJGRVH 6XEMHFWVVKRXOGWDNHWKHPRUQLQJDQGHYHQLQJGRVHV
PLQXWHVDIWHUWKHVWDUWRIEUHDNIDVWDQGWKHHYHQLQJPHDOUHVSHFWLYHO\
x 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
x 3URYLGHPHDOVEDVHGRQVXEMHFWV¶$6$UHFRUGVDQGUHFRUGPHDOVPHDOIDW
W\SH DQGWKHSHUFHQWDJHRIPHDOFRQVXPHG
$QGUR*HO*URXS6LQJOH'D\9LVLW
x 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ
x 5HFRUGYLWDOVLJQV%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH$WDOOYLVLWV%3ZLOOEH
PHDVXUHGXVLQJDFXIIDSSURSULDWHWRWKHVXEMHFW¶VDUPVL]HLQDVWDQGDUGL]HGPDQQHU
LHDIWHUWKHVXEMHFWKDVUHVWHGLQWKHVLWWLQJSRVLWLRQIRUPLQXWHV7KHFXIIXVHGIRU
HDFKVXEMHFWVKRXOGEHQRWHGDORQJZLWKLWVVL]HDQGWKHVDPHFXIIXVHGWKURXJKRXWWKH
VWXG\IRUWKDWVXEMHFW%ORRGSUHVVXUHPHDVXUHPHQWVZLOOEHGXSOLFDWHGZLWKLQ
PLQXWHV,IWKHGLIIHUHQFHLQV%3DQGG%3PHDVXUHPHQWVLV!PP+JDQG
!PP+JUHVSHFWLYHO\DWKLUG%3PHDVXUHPHQWZLOOEHWDNHQDQGUHVXOWVDYHUDJHG
x &ROOHFWVDPSOHVWRDVVHVVELRFKHPLVWU\IDVWLQJLQVXOLQDQGOLSLGSDQHO
x &ROOHFWVLQJOHGUDZSUHGRVH3.EORRGVDPSOHIRUVHUXP7DQG'+7
x 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
x 3URYLGHEUHDNIDVWRIFKRLFHEDVHGRQQRUPDOIDWPHQXVHOHFWLRQV
:KHQ DOOSURFHGXUHVKDYHEHHQSHUIRUPHGWKHQH[WYLVLWZLOOEHVFKHGXOHG

9LVLW'D\
9LVLWZLOOWDNHSODFHEHWZHHQDPDQGDPRQ'D\GD\V6XEMHFWVZLOOEH
FRQWDFWHGWKHSUHYLRXVGD\WRUHPLQGWKHPWR
x 7DNHDQ\FRQFRPLWDQWPHGLFDWLRQVEHIRUHDUULYLQJDWWKHFOLQLFZLWKDIHZVLSV
RI ZDWHU

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
x ,QJHVWRUDSSO\WKHLUVWXG\PHGLFDWLRQWKDWPRUQLQJEHIRUHDUULYLQJDW
WKH FOLQLF
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGIRUDOOVXEMHFWVDW9LVLW
x 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ
x 5HFRUGYLWDOVLJQV%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH$WDOOYLVLWV%3ZLOOEH
PHDVXUHGXVLQJDFXIIDSSURSULDWHWRWKHVXEMHFW¶VDUPVL]HLQDVWDQGDUGL]HG
PDQQHU LHDIWHUWKHVXEMHFWKDVUHVWHGLQWKHVLWWLQJSRVLWLRQIRUPLQXWHV7KH
FXIIXVHGIRU HDFKVXEMHFWVKRXOGEHQRWHGDORQJZLWKLWVVL]HDQGWKHVDPHFXII
XVHGWKURXJKRXW WKHVWXG\IRUWKDWVXEMHFW%ORRGSUHVVXUHPHDVXUHPHQWVZLOOEH
GXSOLFDWHGZLWKLQ PLQXWHV,IWKHGLIIHUHQFHLQV%3DQGG%3PHDVXUHPHQWVLV
!PP+JDQG!PP +JUHVSHFWLYHO\DWKLUG%3PHDVXUHPHQWZLOOEHWDNHQ
DQGUHVXOWVDYHUDJHG
x 5HPLQGWKHVXEMHFWWKDWLIDSDUWQHUEHFRPHVSUHJQDQWVXEMHFWVKRXOGLQIRUPWKH FOLQLF
x 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
x %DVHGRQWKHGRVHWLWUDWLRQDOJRULWKPVDQGWKHUHVXOWVIURP9LVLWDGMXVWGRVH
LI QHHGHG7KHGRVHUHJLPHQZLOOEHFRPPXQLFDWHGWRWKHVLWHYLDWKH,:56
x ,QTXLUHLIVXEMHFWPLVVHGDQ\GRVHV
x 'LVSHQVHGUXJEDVHGRQGRVHIRUWKHQH[WVWXG\LQWHUYDOLQFOXGLQJDQ\
GRVHDGMXVWPHQW
x 629)±WUHDWHGVXEMHFWVZLOOEHJLQWKHLUQHZGRVHUHJLPHQZLWK
WKH HYHQLQJGRVH
x $QGUR*HOWUHDWHGVXEMHFWVZLOOEHJLQWKHLUQHZGRVHUHJLPHQZLWKWKH
QH[W GD\¶VGRVH
:KHQDOORIWKHDERYHDQGDFFRXQWDELOLW\FKHFNSURFHGXUHVKDYHEHHQSHUIRUPHGWKH QH[W
YLVLWZLOOEHVFKHGXOHG

9LVLW'D\
9LVLWZLOOWDNHSODFHRQ'D\GD\V6XEMHFWVVKRXOGDUULYHDWWKHFOLQLFEHWZHHQ DQG
DPKDYLQJIDVWHGIRUDWOHDVWKRXUV6XEMHFWVZLOOEHFRQWDFWHGWKH SUHYLRXV GD\WR
UHPLQGWKHPWR
x )DVWEHIRUH9LVLWQRIRRGRUGULQNH[FHSWZDWHUIRUKUV6XEMHFWVVKRXOG
UHPDLQZHOOK\GUDWHGGXULQJIDVWLQJDQGGULQNDWOHDVWRQHJODVVRIZDWHU
P/ RUR]SULRUWRYLVLW
x %ULQJWKHLUVWXG\PHGLFDWLRQV
x 1RWLQJHVWRUDSSO\WKHLUVWXG\PHGLFDWLRQLQWKHPRUQLQJEHIRUHFRPLQJWR
WKH FOLQLF
6XEMHFWVVKRXOGKDYHWDNHQDQ\FRQFRPLWDQWPHGLFDWLRQVEHIRUHDUULYLQJDWWKHFOLQLF 7KH
IROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDW9LVLW

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
629)*URXS2YHUQLJKW6WD\
x 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ
x 5HFRUGYLWDOVLJQVLQFOXGLQJDVLQJOH%3ZLWKLQPLQXWHVSULRUWRGRVLQJDQG
WKHQ DVLQJOH%3DWKRXULQWHUYDOVDQGKRXUV
x &ROOHFWVDPSOHVWRDVVHVVELRFKHPLVWU\IDVWLQJLQVXOLQDQGOLSLGSDQHO
x
&ROOHFWEORRGVDPSOHVSUHGRVHDQGDW
DQGKRXUVDIWHUDPGRVHPLQXWHVIRUDOOWLPHSRLQWVIRUKRXU3.
DQDO\VLV RISODVPD7DQG'+7'LQQHUVKRXOGEHJLQDWKRXUV PLQXWHV
DIWHUWKH PRUQLQJGRVHDQGWKHKRXUVDPSOHLVWDNHQLPPHGLDWHO\EHIRUHWKH
HYHQLQJGRVH 6XEMHFWVVKRXOGWDNHWKHPRUQLQJDQGHYHQLQJGRVHV 
PLQXWHVDIWHUWKHVWDUWRI EUHDNIDVWDQGWKHHYHQLQJPHDOUHVSHFWLYHO\
x 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
x 3URYLGHPHDOVEDVHGRQVXEMHFWV¶$6$UHFRUGVDQGUHFRUGPHDOVPHDOIDW
W\SH DQGWKHSHUFHQWDJHRIPHDOFRQVXPHGIRU
EUHDNIDVW DQGGLQQHU
$QGUR*HO*URXS6LQJOH'D\9LVLW
x 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ
x 5HFRUGYLWDOVLJQV%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH$WDOOYLVLWV%3ZLOO EH
PHDVXUHGXVLQJDFXIIDSSURSULDWHWRWKHVXEMHFW¶VDUPVL]HLQDVWDQGDUGL]HG
PDQQHULHDIWHUWKHVXEMHFWKDVUHVWHGLQWKHVLWWLQJSRVLWLRQIRUPLQXWHV7KH
FXIIXVHGIRU HDFKVXEMHFWVKRXOGEHQRWHGDORQJZLWKLWVVL]HDQGWKHVDPHFXII
XVHGWKURXJKRXW WKHVWXG\IRUWKDWVXEMHFW%ORRGSUHVVXUHPHDVXUHPHQWVZLOOEH
GXSOLFDWHGZLWKLQ PLQXWHV,IWKHGLIIHUHQFHLQV%3DQGG%3PHDVXUHPHQWVLV
!PP+JDQG!PP +JUHVSHFWLYHO\DWKLUG%3PHDVXUHPHQWZLOOEHWDNHQ
DQGUHVXOWVDYHUDJHG
x 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
x &ROOHFWVDPSOHVWRDVVHVVELRFKHPLVWU\IDVWLQJLQVXOLQDQGOLSLGSDQHO
x &ROOHFWVLQJOHGUDZ3.SUHGRVHEORRGVDPSOHIRUVHUXP7DQG'+7
x
3URYLGHEUHDNIDVWRIFKRLFHEDVHGRQQRUPDOIDWPHQXVHOHFWLRQV :KHQ DOO
SURFHGXUHVKDYHEHHQSHUIRUPHGWKHQH[WYLVLWZLOOEHVFKHGXOHG

9LVLW'D\
9LVLWZLOOWDNHSODFHEHWZHHQDPDQGDPRQ'D\GD\V6XEMHFWVZLOOEH
FRQWDFWHGWKHSUHYLRXVGD\WRUHPLQGWKHPWR
x 7DNHDQ\FRQFRPLWDQWPHGLFDWLRQVEHIRUHDUULYLQJDWWKHFOLQLF
x ,QJHVWRUDSSO\WKHLUVWXG\PHGLFDWLRQPLQXWHVDIWHUVWDUWRIPHDO
IRU 629)±WUHDWHGVXEMHFWVWKDWPRUQLQJEHIRUHDUULYLQJDWWKH
FOLQLF

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
x %ULQJWKHLUVWXG\PHGLFDWLRQWRWKHFOLQLF
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGIRUDOOVXEMHFWVDW9LVLW
x 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ
x 5HFRUGYLWDOVLJQV%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH$WDOOYLVLWV%3ZLOOEH
PHDVXUHGXVLQJDFXIIDSSURSULDWHWRWKHVXEMHFW¶VDUPVL]HLQDVWDQGDUGL]HG
PDQQHU LHDIWHUWKHVXEMHFWKDVUHVWHGLQWKHVLWWLQJSRVLWLRQIRUPLQXWHV7KH
FXIIXVHGIRU HDFKVXEMHFWVKRXOGEHQRWHGDORQJZLWKLWVVL]HDQGWKHVDPHFXII
XVHGWKURXJKRXW WKHVWXG\IRUWKDWVXEMHFW%ORRGSUHVVXUHPHDVXUHPHQWVZLOOEH
GXSOLFDWHGZLWKLQ PLQXWHV,IWKHGLIIHUHQFHLQV%3DQGG%3PHDVXUHPHQWVLV
!PP+JDQG!PP +JUHVSHFWLYHO\DWKLUG%3PHDVXUHPHQWZLOOEHWDNHQ
DQGUHVXOWVDYHUDJHG
x 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
x %DVHGRQWKHGRVHWLWUDWLRQDOJRULWKPVDQGWKHUHVXOWVIURP9LVLWDGMXVWGRVH
LI QHHGHG7KHGRVHUHJLPHQZLOOEHFRPPXQLFDWHGWRWKHVLWHYLDWKH,:56
x ,QTXLUHLIVXEMHFWPLVVHGDQ\GRVHV
x 'LVSHQVHGUXJEDVHGRQGRVHIRUWKHQH[WVWXG\LQWHUYDOLQFOXGLQJDQ\GRVH
DGMXVWPHQW629)±WUHDWHGVXEMHFWVZLOOEHJLQWKHLUQHZGRVHUHJLPHQ
ZLWK WKHHYHQLQJGRVH$QGUR*HOWUHDWHGVXEMHFWVZLOOEHJLQWKHLUQHZGRVH
UHJLPHQ ZLWKWKHQH[WGD\¶VGRVH
x 'LVSHQVH3V\FKRVH[XDO'DLO\4XHVWLRQQDLUH3'4 6XEMHFWVZLOOEHJLYHQD
GDLO\ GLDU\ERRNOHWWRFRPSOHWHIRUVHYHQFRQVHFXWLYHGD\VMXVWEHIRUHWKHQH[W
YLVLW
:KHQDOORIWKHDERYHDQGDFFRXQWDELOLW\FKHFNSURFHGXUHVKDYHEHHQSHUIRUPHGWKH QH[W
YLVLWLVVFKHGXOHG

9LVLW'D\
9LVLWZLOOWDNHSODFHRQ'D\GD\V6XEMHFWVVKRXOGDUULYHDWWKHFOLQLFEHWZHHQ DQG
DPKDYLQJIDVWHGIRUDWOHDVWKRXUV6XEMHFWVZLOOEHFRQWDFWHGWKH SUHYLRXV GD\WR
UHPLQGWKHPWR
x )DVWEHIRUH9LVLWQRIRRGRUGULQNH[FHSWZDWHUIRUKUV6XEMHFWVVKRXOG
UHPDLQZHOOK\GUDWHGGXULQJIDVWLQJDQGGULQNDWOHDVWRQHJODVVRIZDWHU
 P/ RUR]SULRUWRYLVLW
x %ULQJWKHLUVWXG\PHGLFDWLRQVZLWKWKHP
x 1RWLQJHVWRUDSSO\WKHLUVWXG\PHGLFDWLRQLQWKHPRUQLQJEHIRUHFRPLQJWR
WKH FOLQLF
x %ULQJFRPSOHWHG3'4
6XEMHFWVVKRXOGKDYHWDNHQDQ\FRQFRPLWDQWPHGLFDWLRQVEHIRUHDUULYLQJDWWKHFOLQLF 7KH
IROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDW9LVLW

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
629)*URXS2YHUQLJKW6WD\
x 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ
x 5HFRUGYLWDOVLJQVLQFOXGLQJDVLQJOH%3ZLWKLQPLQXWHVSULRUWRGRVLQJDQG
WKHQ DVLQJOH%3DWKRXULQWHUYDOVDQGKRXUV
x &ROOHFWVDPSOHVWRDVVHVVELRFKHPLVWU\HQGRFULQRORJ\KHPDWRORJ\
IDVWLQJ LQVXOLQ36$DQGOLSLGSDQHO
x
&ROOHFWEORRGVDPSOHVSUHGRVHDQGDW
DQGKRXUVDIWHUDPGRVHPLQXWHVIRUDOOWLPHSRLQWVIRUKRXU3.
DQDO\VLV RISODVPD7DQG'+7SODVPD78DQG'+78DQG('LQQHUVKRXOG
EHJLQDW KRXUVPLQXWHVDIWHUWKHPRUQLQJGRVHDQGWKHKRXUVDPSOH
LVWDNHQ LPPHGLDWHO\EHIRUHWKHHYHQLQJGRVH6XEMHFWVVKRXOGWDNHWKH PRUQLQJ
DQGHYHQLQJ GRVHVPLQXWHVDIWHUWKHVWDUWRIEUHDNIDVWDQGWKH HYHQLQJ
PHDOUHVSHFWLYHO\
x 3HUIRUPD IXOO SK\VLFDOH[DPLQDWLRQWKDWPXVW LQFOXGH DGPLQLVWHULQJ DQ,366
TXHVWLRQQDLUH DVVHVVPHQW IRU WKH SUHVHQFH RI J\QHFRPDVWLD DQG GLJLWDO UHFWDO
H[DPLQDWLRQ
x ,QTXLUHLIVXEMHFWPLVVHGDQ\GRVHV
x 'LVSHQVHDQGFROOHFW6)DQG,,()&ROOHFWWKH3'4WKDWZDVGLVSHQVHGDW
WKH SULRUYLVLW
x 3URYLGHPHDOVEDVHGRQVXEMHFWV¶$6$UHFRUGVDQGUHFRUGPHDOVPHDOIDW
W\SH DQGWKHSHUFHQWDJHRIPHDOFRQVXPHGIRU
EUHDNIDVW DQGGLQQHU
x 'LVSHQVHGUXJEDVHGRQGRVHIRUWKHQH[WVWXG\
LQWHUYDO $QGUR*HO*URXS2YHUQLJKW6WD\
x 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ
x 5HFRUGYLWDOVLJQVLQFOXGLQJDVLQJOH%3ZLWKLQPLQXWHVSULRUWRGRVLQJDQG
WKHQ DVLQJOH%3DWKRXULQWHUYDOVDQGKRXUV
x &ROOHFWVDPSOHVWRDVVHVVELRFKHPLVWU\HQGRFULQRORJ\KHPDWRORJ\
IDVWLQJ LQVXOLQ36$DQGOLSLGSDQHO
x &ROOHFWSUHGRVHEORRGVDPSOHVDQGDWDQGKRXUVSRVWGRVH
IRU KRXU3.DQDO\VLVRI7DQG'+7LQVHUXPDQG(LQSODVPDIRU $QGUR*HO
WUHDWHG VXEMHFWV
x 3HUIRUPD IXOO SK\VLFDOH[DPLQDWLRQWKDWPXVW LQFOXGH DGPLQLVWHULQJ DQ,366
TXHVWLRQQDLUH DVVHVVPHQW IRU WKH SUHVHQFH RI J\QHFRPDVWLD DQG GLJLWDO UHFWDO
H[DPLQDWLRQ
x 'LVSHQVHDQGFROOHFW6)DQG,,()&ROOHFWWKH3'4WKDWZDVGLVSHQVHGDW
WKH SULRUYLVLW

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
x 3URYLGHEUHDNIDVWRIFKRLFHEDVHGRQQRUPDOIDWPHQX
VHOHFWLRQV ,QTXLUHLIVXEMHFWPLVVHGDQ\GRVHV
x 'LVSHQVHGUXJEDVHGRQGRVHIRUWKHQH[WVWXG\LQWHUYDO
:KHQDOORIWKHDERYHDQGDFFRXQWDELOLW\FKHFNSURFHGXUHVKDYHEHHQSHUIRUPHGWKH QH[W
YLVLWZLOOEHVFKHGXOHG
,IDQDO\VLVRIWKH'D\KRXU3.GDWDUHYHDOVWKDWDVXEMHFWLVRQDQLQFRUUHFWGRVH
GLVFRQWLQXDWLRQRIWKHVXEMHFWPD\EHDSSURSULDWHDVGHWDLOHGLQ6HFWLRQ,ID
629 )±WUHDWHGVXEMHFWKDV7&DYJEHORZWKHQRUPDOUDQJHSHUFHQWLOHRQ
'D\WKH VXEMHFWPD\EHGRVHWLWUDWHGDWDQXQVFKHGXOHGYLVLWLIWKHHIILFDF\SHULRG GDWD
VXJJHVWV EHQHILWWRWKHVXEMHFWDQGDQDFFHSWDEOHVDIHW\SURILOH

9LVLW'D\
9LVLWZLOOWDNHSODFHRQ'D\GD\V6XEMHFWVZLOOEHFRQWDFWHGWKHSUHYLRXVGD\
WR UHPLQGWKHPWR
x 7DNHDQ\FRQFRPLWDQWPHGLFDWLRQVEHIRUHDUULYLQJDWWKHFOLQLF
x )RU$QGUR*HOWUHDWHGVXEMHFWVDUULYHDWWKHFOLQLFIURPDPWRDPDQG
QRW DSSO\WKHLUPRUQLQJGRVHEHIRUHDUULYLQJ
x )RU629)±WUHDWHGVXEMHFWVHDWDQRUPDOEUHDNIDVWDQGWDNHWKHLUPRUQLQJ
GRVH PLQXWHVDIWHUEHJLQQLQJWKDWPHDO7KH\DUHWKHQWRDUULYHDWWKH FOLQLF
LQWLPH IRUDVLQJOHEORRGGUDZDIWHUWDNLQJWKHLUPRUQLQJGRVHZLWKLQWRKRXUV
6XEMHFWV VKRXOGUHFRUGWKHWLPHRIWKHPRUQLQJGRVH
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDW9LVLW
629)*URXS
x 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ
x 5HFRUGYLWDOVLJQV%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH$WDOOYLVLWV%3ZLOO EH
PHDVXUHGXVLQJDFXIIDSSURSULDWHWRWKHVXEMHFW¶VDUPVL]HLQDVWDQGDUGL]HG
PDQQHU LHDIWHUWKHVXEMHFWKDVUHVWHGLQWKHVLWWLQJSRVLWLRQIRUPLQXWHV7KH
FXIIXVHGIRU HDFKVXEMHFWVKRXOGEHQRWHGDORQJZLWKLWVVL]HDQGWKHVDPHFXII
XVHGWKURXJKRXW WKHVWXG\IRUWKDWVXEMHFW%ORRGSUHVVXUHPHDVXUHPHQWVZLOOEH
GXSOLFDWHGZLWKLQ PLQXWHV,IWKHGLIIHUHQFHLQV%3DQGG%3PHDVXUHPHQWVLV
!PP+JDQG!PP +JUHVSHFWLYHO\DWKLUG%3PHDVXUHPHQWZLOOEHWDNHQ
DQGUHVXOWVDYHUDJHG
x 2EWDLQDVLQJOH3.EORRGVDPSOHIRUSODVPD7DQG'+7ZLWKLQWRKRXUVDIWHU
WKH PRUQLQJGRVH
x 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
x 'LVSHQVHDQGFROOHFW,,()'LVSHQVH3'4 6XEMHFWVZLOOEHJLYHQWKH3'4
GDLO\ GLDU\ERRNOHWWRFRPSOHWHIRUVHYHQFRQVHFXWLYHGD\VMXVWEHIRUHWKHQH[W
YLVLW

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
$QGUR*HO*URXS
x 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ
x 5HFRUGYLWDOVLJQV%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH$WDOOYLVLWV%3ZLOOEH
PHDVXUHGXVLQJDFXIIDSSURSULDWHWRWKHVXEMHFW¶VDUPVL]HLQDVWDQGDUGL]HG
PDQQHU LHDIWHUWKHVXEMHFWKDVUHVWHGLQWKHVLWWLQJSRVLWLRQIRUPLQXWHV7KH
FXIIXVHGIRU HDFKVXEMHFWVKRXOGEHQRWHGDORQJZLWKLWVVL]HDQGWKHVDPHFXII
XVHGWKURXJKRXW WKHVWXG\IRUWKDWVXEMHFW%ORRGSUHVVXUHPHDVXUHPHQWVZLOOEH
GXSOLFDWHGZLWKLQ PLQXWHV,IWKHGLIIHUHQFHLQV%3DQGG%3PHDVXUHPHQWVLV
!PP+JDQG!PP +JUHVSHFWLYHO\DWKLUG%3PHDVXUHPHQWZLOOEHWDNHQ
DQGUHVXOWVDYHUDJHG
x &ROOHFWVLQJOHSUHGRVH3.EORRGVDPSOHIRU$QGUR*HOIRUVHUXP7DQG'+7
x 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
x 'LVSHQVHDQGFROOHFW,,() 'LVSHQVH3'46XEMHFWVZLOOEHJLYHQWKH3'4
GDLO\ GLDU\ERRNOHWWRFRPSOHWHIRUVHYHQFRQVHFXWLYHGD\VMXVWEHIRUHWKHQH[W
YLVLW
x 6XEMHFWPD\FKRRVHWRDSSO\WKH$QGUR*HOGRVHDWWKHFOLQLF
:KHQDOOSURFHGXUHVKDYHEHHQSHUIRUPHGWKHQH[WYLVLWZLOOEHVFKHGXOHG

9LVLW'D\
9LVLWZLOOWDNHSODFHEHWZHHQDPDQGDPRQ'D\GD\V 6XEMHFWVZLOO
EH FRQWDFWHGSUHYLRXVGD\WRUHPLQGWKHPWR
x 7DNHDQ\FRQFRPLWDQWPHGLFDWLRQVEHIRUHDUULYLQJDWWKHFOLQLF
x )DVWIRUKRXUVEHIRUHDUULYLQJDWWKHFOLQLFQRIRRGRUGULQNH[FHSWZDWHU
6XEMHFWV VKRXOGUHPDLQZHOOK\GUDWHGGXULQJIDVWLQJDQGGULQNDWOHDVWRQHJODVV
RIZDWHU P/RUR]SULRUWRYLVLW
x %ULQJWKHLUVWXG\PHGLFDWLRQWRWKHFOLQLF
x %ULQJFRPSOHWHG3'4
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGIRUDOOVXEMHFWVDW9LVLW
x 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ
x 5HFRUGYLWDOVLJQV%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH$WDOOYLVLWV%3ZLOOEH
PHDVXUHGXVLQJDFXIIDSSURSULDWHWRWKHVXEMHFW¶VDUPVL]HLQDVWDQGDUGL]HG
PDQQHU LHDIWHUWKHVXEMHFWKDVUHVWHGLQWKHVLWWLQJSRVLWLRQIRUPLQXWHV7KH
FXIIXVHGIRU HDFKVXEMHFWVKRXOGEHQRWHGDORQJZLWKLWVVL]HDQGWKHVDPHFXII
XVHGWKURXJKRXW WKHVWXG\IRUWKDWVXEMHFW%ORRGSUHVVXUHPHDVXUHPHQWVZLOOEH
GXSOLFDWHGZLWKLQ PLQXWHV,IWKHGLIIHUHQFHLQV%3DQGG%3PHDVXUHPHQWVLV
!PP+JDQG!PP +JUHVSHFWLYHO\DWKLUG%3PHDVXUHPHQWZLOOEHWDNHQ
DQGUHVXOWVDYHUDJHG

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
x &ROOHFWVDPSOHVWRDVVHVVELRFKHPLVWU\KHPDWRORJ\IDVWLQJLQVXOLQ36$DQG
OLSLG SDQHO
x 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
x %DVHGRQWKHGRVHWLWUDWLRQDOJRULWKPVDQGWKHUHVXOWVIURP9LVLWDGMXVWGRVH
LI QHHGHG7KHGRVHUHJLPHQZLOOEHFRPPXQLFDWHGWRWKHVLWHYLDWKH,:56
x ,QTXLUHLIVXEMHFWPLVVHGDQ\GRVHV
x 'LVSHQVHGUXJEDVHGRQGRVHIRUWKHQH[WVWXG\LQWHUYDOLQFOXGLQJDQ\
GRVH DGMXVWPHQW
x 5HWDLQWKHVWXG\PHGLFDWLRQFRQWDLQHUERWWOHRUSXPSIURP9LVLW
x &ROOHFW3'4GLVSHQVHGDWWKHSULRUYLVLW
x 3URYLGHEUHDNIDVWWRDOOVXEMHFWV
o 629)±WUHDWHG VXEMHFWV VKRXOG WDNH WKHLU PRUQLQJ GRVH ZLWK
EUHDNIDVW EDVHGRQWKH$6$GDWDIRUWKHVXEMHFWPLQXWHVDIWHU
EHJLQQLQJWKH PHDO
o %LRDQDO\WLFDO6DPSOH6WDELOLW\6XEVWXG\2QO\629)VXEMHFWV
HQUROOHGLQWKH%LRDQDO\WLFDO6DPSOH6WDELOLW\6XEVWXG\VKRXOGUHFHLYHD
KLJKIDWEUHDNIDVWRIDWOHDVWNFDOUHJDUGOHVVRI$6$GDWDDQG
WDNH WKHLUPRUQLQJGRVHPLQXWHVDIWHUEHJLQQLQJWKHPHDO
o $QGUR*HOVXEMHFWVPD\EHJLYHQDQ\QRUPDOIDWEUHDNIDVWRIWKHLUFKRLFH
x $QGUR*HOWUHDWHGVXEMHFWVPD\FKRRVHWRDSSO\WKHLUPRUQLQJGRVHDWWKHFOLQLF
x %LRDQDO\WLFDO6DPSOH6WDELOLW\6XEVWXG\2QO\6XEMHFWVPD\SDUWLFLSDWHRQ
HLWKHU9'D\RU9'D\RUDWDQXQVFKHGXOHGYLVLWZLWKLQDZHHN
RI HLWKHUEXWZLOOQRWSDUWLFLSDWHDWERWKYLVLWWLPHSRLQWV 6DPSOHVZLOOEH
FROOHFWHG EHJLQQLQJWRKRXUVDIWHUVXEMHFWVWDNHWKH PRUQLQJGRVH
PLQXWHVDIWHU EHJLQQLQJWKHKLJKIDWEUHDNIDVW6DPSOHVZLOOEHFROOHFWHGRYHU
DSSUR[LPDWHO\D PLQXWHSHULRGDQGDFFRUGLQJWR GHWDLOVSURYLGHGLQWKH
/DERUDWRU\0DQXDO
:KHQDOOWKHDERYHDQGDFFRXQWDELOLW\FKHFNSURFHGXUHVKDYHEHHQSHUIRUPHGWKHQH[W
YLVLW LVVFKHGXOHG

9LVLW'D\
9LVLWZLOOWDNHSODFHRQ'D\GD\V 6XEMHFWVZLOOEHFRQWDFWHGWKHSUHYLRXV GD\
WR UHPLQGWKHPWR
x 7DNHDQ\FRQFRPLWDQWPHGLFDWLRQVEHIRUHDUULYLQJDWWKHFOLQLF
x )RU$QGUR*HOWUHDWHGVXEMHFWVWRDUULYHDWWKHFOLQLFIURPDPWRDPDQG
QRW DSSO\WKHLUPRUQLQJGRVHEHIRUHDUULYLQJ
x )RU629)±WUHDWHGVXEMHFWVWRHDWDQRUPDOEUHDNIDVWDQGWRWDNHWKHLU
PRUQLQJGRVHPLQXWHVDIWHUEHJLQQLQJWKDWPHDO7KH\DUHWKHQWRDUULYH DW

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
WKHFOLQLFIRUDVLQJOHEORRGGUDZZLWKLQWRKRXUVDIWHUWDNLQJWKHLU PRUQLQJ
GRVH 6XEMHFWVVKRXOGUHFRUGWKHWLPHRIWKHPRUQLQJGRVH
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDW9LVLW 
629)*URXS
x 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ
x 5HFRUGYLWDOVLJQV%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH$WDOOYLVLWV%3ZLOOEH
PHDVXUHGXVLQJDFXIIDSSURSULDWHWRWKHVXEMHFW¶VDUPVL]HLQDVWDQGDUGL]HG
PDQQHU LHDIWHUWKHVXEMHFWKDVUHVWHGLQWKHVLWWLQJSRVLWLRQIRUPLQXWHV7KH
FXIIXVHGIRU HDFKVXEMHFWVKRXOGEHQRWHGDORQJZLWKLWVVL]HDQGWKHVDPHFXII
XVHGWKURXJKRXW WKHVWXG\IRUWKDWVXEMHFW%ORRGSUHVVXUHPHDVXUHPHQWVZLOOEH
GXSOLFDWHGZLWKLQ PLQXWHV,IWKHGLIIHUHQFHLQV%3DQGG%3PHDVXUHPHQWVLV
!PP+JDQG!PP +JUHVSHFWLYHO\DWKLUG%3PHDVXUHPHQWZLOOEHWDNHQ
DQGUHVXOWVDYHUDJHG
x 2EWDLQDVLQJOH3.EORRGVDPSOHIRUSODVPD7DQG'+7ZLWKLQWRKRXUVDIWHU
WKH PRUQLQJGRVH
x 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
x 'LVSHQVHDQGFROOHFW,,()'LVSHQVH3V\FKRVH[XDO'DLO\4XHVWLRQQDLUH3'4
6XEMHFWVZLOOEHJLYHQDGDLO\GLDU\ERRNOHWWRFRPSOHWHIRUVHYHQFRQVHFXWLYH
GD\V MXVWEHIRUHWKHQH[WYLVLW
$QGUR*HO*URXS
x 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQFRQFRPLWDQWPHGLFDWLRQ
x 5HFRUGYLWDOVLJQV%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH$WDOOYLVLWV%3ZLOOEH
PHDVXUHGXVLQJDFXIIDSSURSULDWHWRWKHVXEMHFW¶VDUPVL]HLQDVWDQGDUGL]HG
PDQQHU LHDIWHUWKHVXEMHFWKDVUHVWHGLQWKHVLWWLQJSRVLWLRQIRUPLQXWHV7KH
FXIIXVHGIRU HDFKVXEMHFWVKRXOGEHQRWHGDORQJZLWKLWVVL]HDQGWKHVDPHFXII
XVHGWKURXJKRXW WKHVWXG\IRUWKDWVXEMHFW%ORRGSUHVVXUHPHDVXUHPHQWVZLOOEH
GXSOLFDWHGZLWKLQPLQXWHV,IWKHGLIIHUHQFHLQV%3DQGG%3PHDVXUHPHQWVLV
!PP+JDQG!PP +JUHVSHFWLYHO\DWKLUG%3PHDVXUHPHQWZLOOEHWDNHQ
DQGUHVXOWVDYHUDJHG
x &ROOHFWVLQJOHGUDZSUHGRVH3.EORRGVDPSOHIRUVHUXP7DQG'+7
x 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
x 'LVSHQVHDQGFROOHFW,,()'LVSHQVH3V\FKRVH[XDO'DLO\4XHVWLRQQDLUH3'4
6XEMHFWVZLOOEHJLYHQDGDLO\GLDU\ERRNOHWWRFRPSOHWHIRUVHYHQFRQVHFXWLYH
GD\V MXVW EHIRUHWKHQH[WYLVLW
x 6XEMHFWPD\FKRRVHWRDSSO\WKH$QGUR*HOGRVHDWWKHFOLQLF
:KHQDOORIWKHVHSURFHGXUHVKDYHEHHQSHUIRUPHGWKHQH[WYLVLWZLOOEHVFKHGXOHG

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

9LVLW'D\
9LVLWZLOOWDNHSODFHEHWZHHQDPDQGDPRQ'D\GD\V6XEMHFWV
VKRXOG EHFRQWDFWHGWKHSUHYLRXVGD\WRUHPLQGWKHPWR
x 7DNHDQ\FRQFRPLWDQWPHGLFDWLRQVEHIRUHDUULYLQJDWWKHFOLQLF
x )DVW IRU  KRXUV EHIRUH DUULYLQJ DW WKH FOLQLF QR IRRG RU GULQN H[FHSW ZDWHU
6XEMHFWV VKRXOGUHPDLQZHOOK\GUDWHGGXULQJIDVWLQJDQGGULQNDWOHDVWRQHJODVV RI
ZDWHU P/RUR]SULRUWRYLVLW
x %ULQJWKHLUVWXG\PHGLFDWLRQWRWKHFOLQLF
x %ULQJFRPSOHWHG3'4
7KHIROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGIRUDOOVXEMHFWVDW9LVLW
x 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ
x 5HFRUGYLWDOVLJQV%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH$WDOOYLVLWV%3ZLOOEH
PHDVXUHGXVLQJDFXIIDSSURSULDWHWRWKHVXEMHFW¶VDUPVL]HLQDVWDQGDUGL]HG
PDQQHU LHDIWHUWKHVXEMHFWKDVUHVWHGLQWKHVLWWLQJSRVLWLRQIRUPLQXWHV7KH
FXIIXVHGIRU HDFKVXEMHFWVKRXOGEHQRWHGDORQJZLWKLWVVL]HDQGWKHVDPHFXII
XVHGWKURXJKRXW WKHVWXG\IRUWKDWVXEMHFW%ORRGSUHVVXUHPHDVXUHPHQWVZLOOEH
GXSOLFDWHGZLWKLQ PLQXWHV,IWKHGLIIHUHQFHLQV%3DQGG%3PHDVXUHPHQWVLV
!PP+JDQG!PP +JUHVSHFWLYHO\DWKLUG%3PHDVXUHPHQWZLOOEHWDNHQ
DQGUHVXOWVDYHUDJHG
x &ROOHFWVDPSOHVWRDVVHVVELRFKHPLVWU\KHPDWRORJ\IDVWLQJLQVXOLQ36$DQG
OLSLG SDQHO
x 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
x %DVHGRQWKHGRVHWLWUDWLRQDOJRULWKPVDQGWKHUHVXOWVIURP9LVLWDGMXVWGRVH
LI QHHGHG7KHGRVHUHJLPHQZLOOEHFRPPXQLFDWHGWRWKHVLWHYLDWKH,:56
x ,QTXLUHLIVXEMHFWPLVVHGDQ\GRVHV
x 'LVSHQVHGUXJEDVHGRQGRVHIRUWKHQH[WVWXG\LQWHUYDOLQFOXGLQJDQ\
GRVHDGMXVWPHQW
x 5HWDLQWKHVWXG\PHGLFDWLRQFRQWDLQHUERWWOHRUSXPSIURP9LVLW
x &ROOHFW3'4GLVSHQVHGDWWKHSULRUYLVLW
x 'LVSHQVH3'4 6XEMHFWVZLOOEHJLYHQWKH3'4GDLO\GLDU\ERRNOHWWR
FRPSOHWHIRU VHYHQFRQVHFXWLYHGD\VMXVWEHIRUHWKHQH[WYLVLW
x 3URYLGHEUHDNIDVWWRDOOVXEMHFWV
o 629)±WUHDWHG VXEMHFWV VKRXOG WDNH WKHLU PRUQLQJ GRVH ZLWK
EUHDNIDVW EDVHGRQWKH$6$GDWDIRUWKHVXEMHFWPLQXWHVDIWHU
EHJLQQLQJWKH PHDO
o %LRDQDO\WLFDO6DPSOH6WDELOLW\6XEVWXG\2QO\629)VXEMHFWV
HQUROOHGLQWKH%LRDQDO\WLFDO6DPSOH6WDELOLW\6XEVWXG\VKRXOGUHFHLYHD

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678
3DJHRI
&21),'(17,$/
KLJKIDWEUHDNIDVWRIDWOHDVWNFDOUHJDUGOHVVRI$6$GDWDDQG
WDNH WKHLUPRUQLQJGRVHPLQXWHVDIWHUEHJLQQLQJWKHPHDO
o
$QGUR*HOVXEMHFWVPD\EHJLYHQDQ\QRUPDOIDWEUHDNIDVWRIWKHLUFKRLFH
x
$QGUR*HOWUHDWHGVXEMHFWVPD\FKRRVHWRDSSO\WKHLUPRUQLQJGRVHDWWKHFOLQLF
x
%LRDQDO\WLFDO6DPSOH6WDELOLW\6XEVWXG\2QO\6XEMHFWVPD\SDUWLFLSDWHRQ
HLWKHU9'D\RU9'D\RUDWDQXQVFKHGXOHGYLVLWZLWKLQD
ZHHN RIHLWKHUEXWZLOOQRWSDUWLFLSDWHDWERWKYLVLWWLPHSRLQWV6DPSOHVZLOOEH
FROOHFWHG EHJLQQLQJWRKRXUVDIWHUVXEMHFWVWDNHWKHPRUQLQJGRVH
PLQXWHVDIWHU EHJLQQLQJWKHKLJKIDWEUHDNIDVW6DPSOHVZLOOEHFROOHFWHGRYHU
DSSUR[LPDWHO\D
PLQXWHSHULRGDQGDFFRUGLQJWR GHWDLOVSURYLGHGLQWKH/DERUDWRU\0DQXDO
05678(;76XEVWXG\3OHDVHUHIHUWR$SSHQGL[IRU6FKHGXOHRI $VVHVVPHQWV
ZKLFKEHJLQVDW'D\IRUVXEMHFWVSDUWLFLSDWLQJLQWKH05678(;7$%30([WHQVLRQ
VWXG\

(QGRI7UHDWPHQW'D\
(QGRI7UHDWPHQWYLVLWZLOOWDNHSODFHIRUDOOVXEMHFWVLQFOXGLQJHDUO\ZLWKGUDZDO VXEMHFWV
DQGWKRVHFRPSOHWLQJWKHWUHDWPHQWSHULRG)RUVXEMHFWVFRPSOHWLQJWKH WUHDWPHQWSHULRG
(QGRI7UHDWPHQWYLVLWWDNHVSODFHRQ'D\ 6XEMHFWVVKRXOG DUULYHDWWKHFOLQLF
EHWZHHQDPDQGDPKDYLQJIDVWHGIRUDWOHDVWKRXUV7KHSUHYLRXVGD\DOO
VXEMHFWV ZLOOEHFRQWDFWHGWRUHPLQGWKHPWR
x
6XEMHFWVVKRXOGDUULYHLQDIDVWHGVWDWHIRU(QGRI7UHDWPHQWYLVLWQRIRRG
RU GULQNIRUDWOHDVWKRXUVH[FHSWZDWHUGRHVQRW DSSO\WRHDUO\ZLWKGUDZDO
VXEMHFWV 6XEMHFWVVKRXOGUHPDLQZHOOK\GUDWHG GXULQJIDVWLQJDQGGULQNDW
OHDVW RQHJODVVRIZDWHUP/RUR]SULRUWR YLVLW
x
6XEMHFWVKRXOGQRWVPRNHZLWKLQPLQRIWKHVWDUWRIWKHYLVLWEHFDXVH
LQ FOLQLF%3DQG+HDUW5DWHDUHEHLQJDVVHVVHG
x
%ULQJWKHLUVWXG\PHGLFDWLRQWRWKHFOLQLF
x
%ULQJFRPSOHWHG3'4
x
1RWLQJHVWRUDSSO\WKHLUVWXG\PHGLFDWLRQLQWKHPRUQLQJEHIRUHFRPLQJWR
WKH FOLQLF
x
7DNHDQ\FRQFRPLWDQWPHGLFDWLRQVEHIRUHDUULYLQJDWWKHFOLQLF
7KH IROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGDW(QGRI7UHDWPHQWYLVLW )RUDOOVXEMHFWV
x 6XEMHFWVSDUWLFLSDWLQJLQ05678(;7$%30([WHQVLRQ6WXG\PXVW
KDYH $%30GRZQORDGVFRPSOHWHGSDVVRUIDLOSULRUWRRWKHUYLVLW
DVVHVVPHQWV3OHDVH UHIHUWR$SSHQGL[IRUGHWDLOV
x
5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
x 5HFRUGYLWDOVLJQV%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH$WDOOYLVLWV%3ZLOO EH
PHDVXUHGXVLQJDFXIIDSSURSULDWHWRWKHVXEMHFW¶VDUPVL]HLQDVWDQGDUGL]HG
PDQQHU LHDIWHUWKHVXEMHFWKDVUHVWHGLQWKHVLWWLQJSRVLWLRQIRUPLQXWHV7KH
FXIIXVHGIRU HDFKVXEMHFWVKRXOGEHQRWHGDORQJZLWKLWVVL]HDQGWKHVDPHFXII
XVHGWKURXJKRXW WKHVWXG\IRUWKDWVXEMHFW%ORRGSUHVVXUHPHDVXUHPHQWVZLOOEH
GXSOLFDWHGZLWKLQ PLQXWHV,IWKHGLIIHUHQFHLQV%3DQGG%3PHDVXUHPHQWVLV
!PP+JDQG!PP +JUHVSHFWLYHO\DWKLUG%3PHDVXUHPHQWZLOOEHWDNHQ
DQGUHVXOWVDYHUDJHG
x &ROOHFWVDPSOHVWRDVVHVVELRFKHPLVWU\HQGRFULQRORJ\KHPDWRORJ\WRLQFOXGH
JO\FRV\ODWHGKHPRJORELQRU+E$FIDVWLQJLQVXOLQ36$DQGOLSLGSDQHO
IDVWLQJ LQVXOLQGRHVQRWDSSO\IRUHDUO\ZLWKGUDZDOVXEMHFWV
x 3HUIRUPD IXOO SK\VLFDOH[DPLQDWLRQWKDWPXVW LQFOXGH DGPLQLVWHULQJ DQ,366
TXHVWLRQQDLUH DVVHVVPHQW IRU WKH SUHVHQFH RI J\QHFRPDVWLD DQG GLJLWDO UHFWDO
H[DPLQDWLRQ
x 'LVSHQVHDQGFROOHFW6)DQG,,() &ROOHFW3'4GLVSHQVHGDWWKHSULRUYLVLW
x 'UXJ FRQWDLQHUV ERWWOHV DQG SXPSV IURP WKH FRPSOHWHG GRVLQJ SHULRG ZLOO
EH UHWDLQHGIRUDFFRXQWDELOLW\
x )RUVXEMHFWVSDUWLFLSDWLQJLQWKH$&7+VWLPXODWLRQVXEVWXG\V\QWKHWLF
$&7+ FRV\QWURSLQZLOOEHDGPLQLVWHUHGLQWUDYHQRXVO\RYHUPLQXWHV
UHFRQVWLWXWHGLQP/RIVDOLQHDW7LPHDQGEORRGIRUVHUXPFRUWLVROZLOOEH
REWDLQHGEHIRUHDQGDQGPLQXWHVDIWHUFRV\QWURSLQDGPLQLVWUDWLRQ 7KLVGRHV
QRWDSSO\WRHDUO\ZLWKGUDZDOVXEMHFWV7KH$&7+WHVWVKRXOGEH SHUIRUPHGDW
WKH VDPHWLPHRIWKHGD\DVSHUIRUPHGRQ'D\
x $VNVXEMHFWVLIDSDUWQHUKDVEHFRPHSUHJQDQWDWDQ\WLPHGXULQJWKHVWXG\ 
629)*URXSGRHVQRWDSSO\WRHDUO\ZLWKGUDZDOVXEMHFWV
x 3URYLGHEUHDNIDVWWR629)±WUHDWHGVXEMHFWVZKRVKRXOGWDNHWKHLU
PRUQLQJ GRVHPLQXWHVDIWHUEHJLQQLQJEUHDNIDVW6XEMHFWVWRUHFRUGWKH
WLPHRIGRVH
x 6XEMHFWVVKRXOGEHSUHVHQWDWWKHFOLQLFZLWKLQKRXUVPLQDIWHU
WKH PRUQLQJGRVHIRUDVLQJOHEORRGGUDZWRPHDVXUHSODVPD7DQG'+7
$QGUR*HO*URXSGRHVQRWDSSO\WRHDUO\ZLWKGUDZDOVXEMHFWV
x &ROOHFWVLQJOHGUDZSUHGRVH3.EORRGVDPSOHIRUVHUXP7DQG'+7SULRUWR
IXOO SK\VLFDOH[DPLQDWLRQ
x 2IIHUEUHDNIDVW
MRS-TU-2019EXT Substudy:3OHDVHUHIHUWR$SSHQGL[IRUSchedule of
Assessments ZKLFKEHJLQVDW'D\IRUVXEMHFWVFRQWLQXLQJIURP05678PDLQ
VWXG\$PRGLILHGVFKHGXOHRIDVVHVVPHQWVLVDOVRDYDLODEOHLQIRU
VXEMHFWVKDYLQJFRPSOHWHG05678PDLQVWXG\SULRUWRWKHVWDUWRI05678
(;7DQGIRUQHZHQUROOPHQWVXEMHFWVQDwYHWR05678ZLVKLQJWRHQUROOLQ
05678(;7

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678
3DJHRI
&21),'(17,$/

)ROORZ8S9LVLW'D\$IWHU/DVW'RVHRI6WXG\0HGLFDWLRQLQ05678

7KH)ROORZXS9LVLWZLOOWDNHSODFHGD\VDIWHUWKHODVWGRVHRIVWXG\PHGLFDWLRQ
7KH IROORZLQJSURFHGXUHVZLOOEHSHUIRUPHGIRUDOOVXEMHFWVE\WHOHSKRQHDWWKH)ROORZ XS
9LVLW
x
5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ

'XUDWLRQRI7UHDWPHQWLQ05678
7KHGXUDWLRQRIWUHDWPHQWZLOOEHDSSUR[LPDWHO\GD\VSOXVXSWRGD\VIRU
VFUHHQLQJ DQGGD\VIRUWKH)ROORZXS9LVLW

()),&$&<3+$50$&2.,1(7,&6$1'6$)(7<9$5,$%/(6
7KHSODQQHG6FKHGXOHRI$VVHVVPHQWVLVLQ6HFWLRQ

(IILFDF\3KDUPDFRNLQHWLFVDQG6DIHW\0HDVXUHPHQWV$VVHVVHG

(IILFDF\9DULDEOHV

$YHUDJH3ODVPD7RWDO7HVWRVWHURQH
7KHSULPDU\HIILFDF\YDULDEOHLQWKLVVWXG\RI629)LVSODVPD7&DYJDVPHDVXUHG
E\ PDVVVSHFWURPHWU\(IILFDF\ZLOOEHGHWHUPLQHGE\WKHSHUFHQWDJHRI VXEMHFWVZLWK
PDOH K\SRJRQDGLVPZLWK7&DYJZLWKLQWKHQRUPDOUDQJHDIWHUGD\VRIWUHDWPHQW
$W'D\'D\DQG'D\KRXUVHULDOEORRGVDPSOHVZLOOEHFROOHFWHGIRUDOO
VXEMHFWVSUHGRVHDQGDQGKRXUVDIWHUDP
GRVLQJPLQXWHVIRUHDFKWLPHSRLQW
7KHVHVDPSOHVZLOOEHXVHGWRGHWHUPLQHWKHWRWDO7&DYJYDOXHVFULWLFDOIRUDVVHVVLQJWKH
SULPDU\HQGSRLQW

0D[LPXP3ODVPD7HVWRVWHURQH&RQFHQWUDWLRQ
7KHVHFRQGDU\HIILFDF\YDULDEOHLQWKLVVWXG\LVSODVPD7&PD[DVPHDVXUHGE\PDVV
VSHFWURPHWU\(IILFDF\ZLOOEHGHWHUPLQHGE\WKHSHUFHQWDJHRI629)±WUHDWHG
VXEMHFWVZLWK7&PD[YDOXHVDQJG/EWRQJG/DQGF
! QJG/ DIWHUGD\VRIWUHDWPHQW
$W'D\'D\DQG'D\KRXUVHULDOEORRGVDPSOHVZLOOEHFROOHFWHGIRUDOO
VXEMHFWVSUHGRVHDQGDQGKRXUVDIWHU
DPGRVHPLQXWHVIRUHDFKWLPHSRLQW
7KHVHVDPSOHVZLOOEHXVHGWRGHWHUPLQHWKHWRWDO7&PD[YDOXHVFULWLFDOIRUDVVHVVLQJWKH
VHFRQGDU\HQGSRLQW

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

3KDUPDFRNLQHWLF9DULDEOHV

629)JURXS
)RUWKH629)JURXSDEORRGVDPSOHSODVPDIRUGHWHUPLQDWLRQRI7'+7DQG
( ZLOOEHFROOHFWHGSUHPRUQLQJGRVHDW'D\,QDGGLWLRQKRXULQWHQVLYHEORRG
VDPSOHV SODVPDZLOOEHFROOHFWHGDW'D\'D\DQG'D\IRUDOOVXEMHFWVSUH
GRVHDQG DQGKRXUVDIWHUDPGRVH
PLQXWHVIRUHDFK WLPHSRLQWIRU7DQG'+7%ORRGVDPSOHVSODVPDIRU78'+78
DQG(GHWHUPLQDWLRQ ZLOOEHDOVRFROOHFWHGRQ'D\IRUDOOVXEMHFWVSUHGRVHDQG
DQGKRXUVDIWHUDPGRVLQJPLQXWHVIRU
HDFKWLPHSRLQW$VLQJOH EORRGGUDZ3.VDPSOHSODVPDIRUPHDVXULQJ7DQG'+7
ZLOOEHFROOHFWHGIRUDOOVXEMHFWV WRKRXUVDIWHUDPGRVHDW'D\'D\DQG
'D\
7KHFRQFHQWUDWLRQVRIFDOFXODWHGIUHHWHVWRVWHURQHIUHH7ZLOOEHFDOFXODWHGXVLQJWKH
)7= PHWKRG>@
7KHWLPHRIGRVLQJDQGHDFKEORRGVDPSOLQJZLOOEHUHFRUGHGWRWKHPLQXWHDFFRUGLQJ
WR QRPLQDOVFKHGXOHGWLPHSRLQWVOLVWHGLQ7DEOH
7DEOH
6FKHGXOHG1RPLQDO7LPHSRLQWVIRU629)3KDUPDFRNLQHWLF%ORRG
6DPSOHV

6WXG\9LVLW'D\
$QDO\WHV
%ORRG6DPSOHV$VVD\7LPH3RLQWV
9LVLW'D\
7'+7(
3UHPRUQLQJGRVH
9LVLW'D\
7'+7
3UHPRUQLQJGRVHDQG
DQG
KRXUVDIWHUD PGRVH
9LVLW'D\
7'+7
3UHPRUQLQJGRVH
DQG
KRXUVDIWHUD PGRVH
9LVLW'D\DP
78'+787'+7(
3UHPRUQLQJGRVH
DQG
KRXUVDIWHUD PGRVH
9LVLW'D\
7'+7
KRXUVDIWHUD PGRVH
9LVLW'D\
7'+7
KRXUVDIWHUD PGRVH
9LVLW'D\
7'+7
KRXUVDIWHUD PGRVH


$QGUR*HOJURXS
)RUWKH$QGUR*HOJURXSDSUHPRUQLQJGRVHEORRGVDPSOHIRUGHWHUPLQDWLRQRI7 DQG
'+7VHUXPDQG(SODVPDZLOOEHFROOHFWHGDW'D\,QDGGLWLRQKRXU
LQWHQVLYHEORRGVDPSOHVZLOOEHFROOHFWHGDW'D\IRUGHWHUPLQDWLRQRI7DQG'+7 LQ
VHUXPDQG(LQSODVPDLQDOOVXEMHFWVSUHPRUQLQJGRVHDQG DQG
KRXUVDIWHUGRVLQJPLQXWHVIRUHDFKWLPHSRLQW)XUWKHUPRUHDSUHPRUQLQJGRVH
EORRGVDPSOHIRUGHWHUPLQDWLRQRI7DQG'+7VHUXPZLOOEH FROOHFWHGDW'D\'D\
'D\'D\DQG'D\
7KHWLPHRIGRVLQJDQGHDFKEORRGVDPSOLQJZLOOEHUHFRUGHGWRWKHPLQXWH DFFRUGLQJWR
QRPLQDOVFKHGXOHGWLPHSRLQWVOLVWHGLQ7DEOH

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
7DEOH
6FKHGXOHG1RPLQDO7LPHSRLQWVIRU$QGUR*HO3KDUPDFRNLQHWLF%ORRG
6DPSOHV
6WXG\9LVLW'D\
$QDO\WHV
%ORRG6DPSOHV$VVD\7LPH
3RLQWV
9LVLW'D\
7'+7(
3UHPRUQLQJGRVH
9LVLW'D\
7'+7
3UHPRUQLQJGRVH
9LVLW'D\
7'+7
3UHPRUQLQJGRVH
9LVLW'D\
7'+7(
3UHPRUQLQJGRVH
DQGKRXUV
9LVLW'D\
7'+7
3UHPRUQLQJGRVH
9LVLW'D\
7'+7
3UHPRUQLQJGRVH
9LVLW'D\
7'+7
3UHPRUQLQJGRVH
$EEUHYLDWLRQV'+7 GLK\GURWHVWRVWHURQH( HVWUDGLRO7 WHVWRVWHURQH


6DIHW\$VVHVVPHQWV

$GYHUVH(YHQWV$GYHUVH(YHQW'HILQLWLRQ
$Q$(LVGHILQHGDVDQ\XQWRZDUGPHGLFDORFFXUUHQFHLQDFOLQLFDOVWXG\VXEMHFW
DGPLQLVWHUHGDPHGLFLQDOSURGXFWZKLFKGRHVQRWQHFHVVDULO\KDYHDFDXVDOUHODWLRQVKLS
ZLWKWKLVWUHDWPHQW$Q$(FDQWKHUHIRUHEHDQ\XQIDYRUDEOHDQGXQLQWHQGHGVLJQ
LQFOXGLQJDQDEQRUPDOODERUDWRU\ILQGLQJV\PSWRPRUGLVHDVHWHPSRUDOO\DVVRFLDWHG
ZLWKWKHXVHRIDPHGLFLQDOLQYHVWLJDWLRQDOSURGXFWZKHWKHULWLVUHODWHGWRWKH
PHGLFLQDO LQYHVWLJDWLRQDOSURGXFW7KLVLQFOXGHVDQH[DFHUEDWLRQRISUHH[LVWLQJ
FRQGLWLRQVRUHYHQWVLQWHUFXUUHQWLOOQHVVHVGUXJLQWHUDFWLRQRUWKHVLJQLILFDQWZRUVHQLQJ
RIWKHLQGLFDWLRQ XQGHULQYHVWLJDWLRQWKDWLVQRWUHFRUGHGHOVHZKHUHLQWKHH&5)XQGHU
VSHFLILFHIILFDF\ DVVHVVPHQWV$QWLFLSDWHGIOXFWXDWLRQVRISUHH[LVWLQJFRQGLWLRQV
LQFOXGLQJWKHGLVHDVH XQGHUVWXG\WKDWGRQRWUHSUHVHQWDFOLQLFDOO\VLJQLILFDQW
H[DFHUEDWLRQRUZRUVHQLQJQHHGQRWEHFRQVLGHUHG$(V
,WLVWKHUHVSRQVLELOLW\RIWKHLQYHVWLJDWRUWRGRFXPHQWDOO$(VWKDWRFFXUGXULQJWKH
VWXG\ EHJLQQLQJRQFHWKH,QIRUPHG&RQVHQWLVVLJQHG$(VZLOOEHHOLFLWHGE\DVNLQJ
WKHVXEMHFW DQRQOHDGLQJTXHVWLRQIRUH[DPSOH³+DYH\RXH[SHULHQFHGDQ\QHZRU
FKDQJHG V\PSWRPVVLQFHZHODVWDVNHGVLQFH\RXUODVWYLVLW"´$(VVKRXOGEHUHFRUGHG
RQWKH DSSURSULDWHSDJHRIWKHH&5)
$VVHVVPHQWRI6HYHULW\
(DFK$(ZLOOEHDVVLJQHGDFDWHJRU\E\WKHLQYHVWLJDWRUDVIROORZV

0LOG
$Q$(WKDWLVHDVLO\WROHUDWHGE\WKHVXEMHFWFDXVHVPLQLPDOGLVFRPIRUW
DQGGRHVQRWLQWHUIHUHZLWKHYHU\GD\DFWLYLWLHV
0RGHUDWH
$Q$(WKDWLVVXIILFLHQWO\GLVFRPIRUWLQJWRLQWHUIHUHZLWKQRUPDO
HYHU\GD\DFWLYLWLHVLQWHUYHQWLRQPD\EHQHHGHG

6HYHUH
$Q$(WKDWSUHYHQWVQRUPDOHYHU\GD\DFWLYLWLHVWUHDWPHQWRU
RWKHU LQWHUYHQWLRQXVXDOO\QHHGHG
,IWKHUHLVDFKDQJHLQVHYHULW\RIDQ$(LWPXVWEHUHFRUGHGDVDVHSDUDWHHYHQW

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
$VVHVVPHQWRI&DXVDOLW\
(YHU\HIIRUWZLOOEHPDGHE\WKHLQYHVWLJDWRUWRDVVHVVWKHUHODWLRQVKLSRIWKH$(LIDQ\
WR WKHVWXG\GUXJ&DXVDOLW\VKRXOGEHDVVHVVHGXVLQJWKHFDWHJRULHVSUHVHQWHGLQWKH
IROORZLQJ WDEOH

8QUHODWHG
&OLQLFDOHYHQWZLWKDQLQFRPSDWLEOHWLPHUHODWLRQVKLSWRVWXG\GUXJ
DGPLQLVWUDWLRQDQGWKDWFRXOGEHH[SODLQHGE\XQGHUO\LQJGLVHDVHRU
RWKHUGUXJVRUFKHPLFDOVRULVLQFRQWURYHUWLEO\QRWUHODWHGWRWKH
VWXG\GUXJ
3RVVLEOH
&OLQLFDOHYHQWZLWKDUHDVRQDEOHWLPHUHODWLRQVKLSWRVWXG\GUXJ
DGPLQLVWUDWLRQEXWWKDWFRXOGDOVREHH[SODLQHGE\FRQFXUUHQWGLVHDVH
RURWKHUGUXJVRUFKHPLFDOV
3UREDEOH
&OLQLFDOHYHQWZLWKDUHDVRQDEOHWLPHUHODWLRQVKLSWRVWXG\GUXJ
DGPLQLVWUDWLRQDQGLVXQOLNHO\WREHDWWULEXWHGWRFRQFXUUHQWGLVHDVH
RURWKHUGUXJVRUFKHPLFDOV
$FWLRQ7DNHQ
7KHLQYHVWLJDWRUZLOOGHVFULEHWKHDFWLRQWDNHQLQWKHDSSURSULDWHVHFWLRQRIWKHH&5)DV
IROORZV
x 1RQH
x 6WXG\GUXJVWRSSHG
x 6WXG\GUXJWHPSRUDULO\LQWHUUXSWHG
x &RQFRPLWDQWPHGLFDWLRQ
x 2WKHUVSHFLI\
)ROORZXSRI$GYHUVH(YHQWV
$OOLQYHVWLJDWRUVVKRXOGIROORZXSVXEMHFWVZLWK$(VXQWLOWKHHYHQWLVUHVROYHGRUXQWLO
LQ WKHRSLQLRQRIWKHLQYHVWLJDWRUWKHHYHQWLVVWDELOL]HGRUGHWHUPLQHGWREHFKURQLF
'HWDLOVRI$(UHVROXWLRQPXVWEHGRFXPHQWHGLQWKHH&5)
6XEMHFWVVKRXOGEHIROORZHGXSIRUGD\VDIWHUUHFHLYLQJWKHODVWGRVHRIVWXG\GUXJ
DQG DQ\$(VWKDWRFFXUGXULQJWKLVWLPHVKRXOGEHUHFRUGHGDFFRUGLQJWRWKHSURFHGXUHV
RXWOLQHGDERYH
'RFXPHQWDWLRQDQG5HSRUWLQJRI$GYHUVH(YHQWV
$GYHUVHHYHQWVVKRXOGEHUHFRUGHGGRFXPHQWHGLQDFFRUGDQFHZLWKWKHSURFHGXUHV
RXWOLQHGEHORZ$OO$(VRFFXUULQJGXULQJWKHVWXG\PXVWEHGRFXPHQWHGRQWKHUHOHYDQW
H&5)SDJHV7KHIROORZLQJGDWDVKRXOGEHGRFXPHQWHGIRUHDFK$(
x 'HVFULSWLRQRIWKHV\PSWRPHYHQW
x &ODVVLILFDWLRQRIµVHULRXV¶RUµQRWVHULRXV¶
x 6HYHULW\

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
x 'DWHRIILUVWRFFXUUHQFHDQGGDWHRIUHVROXWLRQLIDSSOLFDEOH
x $FWLRQWDNHQ
x &DXVDOUHODWLRQVKLSLIDQ\ZLWKVWXG\GUXJ
x 2XWFRPHRIHYHQWXQNQRZQUHFRYHUHGQRW\HWUHFRYHUHGUHFRYHUHGZLWK
VHTXHODH GHDWK>ZLWKGDWHDQGFDXVHUHSRUWHG@

 6HULRXV$GYHUVH(YHQWV 6$('HILQLWLRQ
$Q6$(LVDQ\XQWRZDUGPHGLFDORFFXUUHQFHRUHIIHFWWKDWDWDQ\GRVH
x 5HVXOWVLQGHDWK
x ,VOLIHWKUHDWHQLQJDQ$(LVOLIHWKUHDWHQLQJLIWKHVXEMHFWZDVDWLPPHGLDWHULVNRI
GHDWKIURPWKHHYHQWDVLWRFFXUUHGLHLWGRHVQRWLQFOXGHDUHDFWLRQWKDWPLJKW
KDYH FDXVHGGHDWKLILWKDGRFFXUUHGLQDPRUHVHULRXVIRUP
x 5HTXLUHVRUSURORQJVLQSDWLHQWKRVSLWDOL]DWLRQ&RPSOLFDWLRQVRFFXUULQJ
GXULQJ KRVSLWDOL]DWLRQDUH$(VDQG6$(VLIWKH\FDXVHSURORQJDWLRQRIWKH
FXUUHQW KRVSLWDOL]DWLRQ+RVSLWDOL]DWLRQIRUHOHFWLYHWUHDWPHQWRIDSUH
H[LVWLQJ
QRQZRUVHQLQJFRQGLWLRQLVQRWKRZHYHUFRQVLGHUHGDQ$(7KHGHWDLOVRIVXFK
KRVSLWDOL]DWLRQVPXVWEHUHFRUGHGRQWKHPHGLFDOKLVWRU\RUSK\VLFDOH[DPLQDWLRQ
SDJH RIWKHH&5)
x 5HVXOWVLQSHUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\$Q$(LVLQFDSDFLWDWLQJ
RU GLVDEOLQJLILWUHVXOWVLQDVXEVWDQWLDODQGRUSHUPDQHQWGLVUXSWLRQRIWKH
VXEMHFW¶V DELOLW\WRFDUU\RXWQRUPDOOLIHIXQFWLRQV
x 5HVXOWVLQDFRQJHQLWDODQRPDO\ELUWKGHIHFW
,QDGGLWLRQPHGLFDODQGVFLHQWLILFMXGJPHQWLVUHTXLUHGWRGHFLGHLISURPSWQRWLILFDWLRQLV
UHTXLUHGLQVLWXDWLRQVRWKHUWKDQWKRVHGHILQHGIRU6$(VDERYH7KLVPD\LQFOXGHDQ\
HYHQW WKDWWKHLQYHVWLJDWRUUHJDUGVDVVHULRXVWKDWGLGQRWVWULFWO\PHHWWKHFULWHULDDERYH
EXWPD\ KDYHMHRSDUGL]HGWKHVXEMHFWRUUHTXLUHGLQWHUYHQWLRQWRSUHYHQWRIWKH
RXWFRPHVOLVWHG DERYHRUWKDWZRXOGVXJJHVWDQ\VLJQLILFDQWKD]DUGFRQWUDLQGLFDWLRQ
VLGHHIIHFWRUSUHFDXWLRQWKDWPD\EHDVVRFLDWHGZLWKWKHXVHRIWKHLQYHVWLJDWLRQDO
SURGXFW
5HSRUWLQJRI6HULRXV$GYHUVH(YHQWV
$Q\6$(PXVWEHUHFRUGHGE\WKHLQYHVWLJDWRULILWRFFXUVGXULQJWKHFOLQLFDOVWXG\RU
ZLWKLQ GD\VRIUHFHLYLQJWKHVWXG\GUXJZKHWKHURUQRWWKH6$(LVFRQVLGHUHGWREH
UHODWHGWRWKH LQYHVWLJDWLRQDOSURGXFW$Q6$(UHSRUWFRQVLVWVRIWKH6$(IRUPWKH$(
IRUPDQGWKH FRQFRPLWDQWPHGLFDWLRQIRUP$FRS\RIWKHVHIRUPVPXVWEHID[HGZLWKLQ
KRXUVIRUWKH DWWHQWLRQRIWKHSURGXFWVDIHW\VFLHQWLVWDW
,1&5HVHDUFK//&D6\QHRV+HDOWK&RPSDQ\6DIHW\DQG3KDUPDFRYLJLODQFH)D[
QXPEHU

(PDLO


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678
3DJHRI
&21),'(17,$/
7KHLQYHVWLJDWRUVKRXOGQRWZDLWWRUHFHLYHDGGLWLRQDOLQIRUPDWLRQWRIXOO\GRFXPHQWWKH
HYHQW EHIRUHQRWLILFDWLRQRIDQ6$(WKRXJKDGGLWLRQDOLQIRUPDWLRQPD\EHUHTXHVWHG
:KHUHDSSOLFDEOHLQIRUPDWLRQIURPUHOHYDQWODERUDWRU\UHVXOWVKRVSLWDOFDVHUHFRUGVDQG
DXWRSV\UHSRUWVVKRXOGEHREWDLQHG
,QVWDQFHVRIGHDWKFRQJHQLWDODEQRUPDOLW\RUDQHYHQWWKDWLVRIVXFKFOLQLFDOFRQFHUQDVWR
LQIOXHQFHWKHRYHUDOODVVHVVPHQWRIVDIHW\LIEURXJKWWRWKHDWWHQWLRQRIWKH LQYHVWLJDWRUDW
DQ\ WLPHDIWHUFHVVDWLRQRIVWXG\GUXJDGPLQLVWUDWLRQDQGOLQNHGE\WKHLQYHVWLJDWRUWRWKLV
VWXG\ VKRXOGEHUHSRUWHGWRWKHVWXG\PRQLWRU
7KHVSRQVRUDQGRU,1&5HVHDUFK//&D6\QHRV+HDOWK&RPSDQ\ZLOOSURPSWO\QRWLI\ DOO
UHOHYDQWLQYHVWLJDWRUVDQGWKHUHJXODWRU\DXWKRULWLHVRIILQGLQJVWKDWFRXOGDGYHUVHO\ DIIHFW
WKH VDIHW\RIVXEMHFWVLPSDFWRQWKHFRQGXFWRIWKHVWXG\RUDOWHUWKHLQVWLWXWLRQDO UHYLHZ
ERDUG ,5%DSSURYDOIDYRUDEOHRSLQLRQRIWKHVWXG\,QDGGLWLRQ,1&5HVHDUFK//&D
6\QHRV+HDOWK&RPSDQ\RQEHKDOIRI0DULXV3KDUPDFHXWLFDOVZLOOH[SHGLWHWKH UHSRUWLQJ
WRDOO FRQFHUQHGLQYHVWLJDWRUVWRWKH,5%ZKHUHUHTXLUHGDQGWRWKH UHJXODWRU\DXWKRULWLHV
RIDOO DGYHUVHUHDFWLRQVWKDWDUHERWKVHULRXVDQGXQH[SHFWHG
8QH[SHFWHG$GYHUVH5HDFWLRQV8QH[SHFWHG$GYHUVH5HDFWLRQ'HILQLWLRQ
$QXQH[SHFWHGDGYHUVHUHDFWLRQLVDQ\XQWRZDUGDQGXQLQWHQGHGUHVSRQVHWKDWLVUHODWHGWR
WKHDGPLQLVWUDWLRQRIWKHVWXG\GUXJDWDQ\GRVHWKDWLVQRWFRQVLVWHQWZLWKWKH DSSOLFDEOH
SURGXFWLQIRUPDWLRQHJLQYHVWLJDWRUVEURFKXUHIRUDQXQDXWKRUL]HGLQYHVWLJDWLRQDO
PHGLFLQDOSURGXFWRUVXPPDU\RISURGXFWFKDUDFWHULVWLFVIRUDQDXWKRUL]HGSURGXFW
$OOVXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5VZLOOEHWKHVXEMHFWRI
H[SHGLWHGUHSRUWLQJ7KHVSRQVRUDQGRU,1&5HVHDUFK//&D6\QHRV+HDOWK&RPSDQ\
VKDOOHQVXUHWKDWDOOUHOHYDQWLQIRUPDWLRQDERXWD686$5WKDWLVIDWDORUOLIHWKUHDWHQLQJ LV
UHSRUWHGWRWKHUHOHYDQWFRPSHWHQWDXWKRULWLHVDQG,5%ZLWKLQGD\VDIWHUNQRZOHGJHE\
WKH VSRQVRURIVXFKDFDVHDQGWKDWUHOHYDQWIROORZXSLQIRUPDWLRQLVFRPPXQLFDWHG
ZLWKLQDQ DGGLWLRQDOGD\V$OORWKHU686$5VZLOOEHUHSRUWHGWRWKHUHOHYDQW FRPSHWHQW
DXWKRULWLHV DQG,5%ZLWKLQGD\VDIWHUNQRZOHGJHE\WKHVSRQVRURIVXFKDFDVH$OO
LQYHVWLJDWRUV VKRXOGIROORZXS686$5VXQWLOWKHHYHQWLVUHVROYHGRUXQWLOLQWKHRSLQLRQ
RIWKH LQYHVWLJDWRUWKHHYHQWLVVWDELOL]HGRUGHWHUPLQHGWREHFKURQLF3RVWVWXG\
686$5VWKDWRFFXUDIWHUWKHVXEMHFWKDVFRPSOHWHGWKHFOLQLFDOVWXG\PXVWEHUHSRUWHGE\
WKHLQYHVWLJDWRUWR WKHVSRQVRU
:DUQLQJVDQG3UHFDXWLRQV
9LULOL]DWLRQKDVEHHQUHSRUWHGLQFKLOGUHQZKRZHUHVHFRQGDULO\H[SRVHGWRWHVWRVWHURQHJHO
$QGUR*HOVXEMHFWVZLOOEHFDXWLRQHGWKDWFKLOGUHQVKRXOGDYRLGFRQWDFWZLWK XQZDVKHGRU
XQFORWKHGDSSOLFDWLRQVLWHV7KH\ZLOOEHLQVWUXFWHGWKDWPHQVKRXOGDSSO\$QGUR*HOWR
FOHDQGU\LQWDFWVNLQRIWKHVKRXOGHUVDQGXSSHUDUPVDQGQRWDSSO\LWWR DQ\RWKHUSDUWV
RIWKH ERG\LQFOXGLQJWKHDEGRPHQJHQLWDOVFKHVWDUPSLWVD[LOODHRU NQHHV+HDOWKFDUH
SURYLGHUV VKRXOGDGYLVHSDWLHQWVWRVWULFWO\DGKHUHWRUHFRPPHQGHGLQVWUXFWLRQVIRUXVH
6HFWLRQV DQGRISURGXFWLQIRUPDWLRQ>@6HFWLRQ
3HU SURGXFW LQIRUPDWLRQ H[SRVXUH RI ZRPHQ RU FKLOGUHQ WR $QGUR*HO VKRXOG EH
DYRLGHG &RQWUDLQGLFDWLRQVIRU$QGUR*HOLQFOXGHDQ\XVHE\SUHJQDQWRUEUHDVWIHHGLQJ
ZRPHQDV WHVWRVWHURQHPD\FDXVHIHWDOKDUP

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
3DUWQHU3UHJQDQF\7UDFNLQJ
'XHWRWKHIHWDOULVNGHVFULEHGLQWKH$QGUR*HOODEHOVXEMHFWVZLOOEHUHPLQGHGWKDW
SDUWQHU¶VSUHJQDQF\VKRXOGEHDYRLGHGWKURXJKRXWWKHGXUDWLRQRIVWXG\SDUWLFLSDWLRQ
6XEMHFWVERWK629)DQG$QGUR*HOZLOOEHLQVWUXFWHGWKDWLIDSDUWQHU
SUHJQDQF\ RFFXUVLWVKRXOGEHUHSRUWHGWRWKHFOLQLFDOVWXG\VLWHDQGSULQFLSDO
LQYHVWLJDWRU7KH SULQFLSDOLQYHVWLJDWRUPXVWQRWLI\,1&¶V3KDUPDFRYLJLODQFH+RWOLQH
DW
RU (PDLODW
ZLWKLQKRXUVRI
OHDUQLQJDERXWWKH SUHJQDQF\DQGPXVWFRPSOHWHWKH3UHJQDQF\5HSRUWLQJ)RUP
)ROORZLQJWKHQRWLILFDWLRQRIDSDUWQHUSUHJQDQF\0DULXV3KDUPDFHXWLFDOVZLOOIROORZWKH
SUHJQDQF\WKURXJKGHOLYHU\RUWHUPLQDWLRQRIWKHSUHJQDQF\E\ZD\RID3DUWQHU
3UHJQDQF\ &RQVHQW
 &OLQLFDO/DERUDWRU\(YDOXDWLRQ
$FHQWUDOODERUDWRU\ZLOOSHUIRUPDOOFOLQLFDOODERUDWRU\DQDO\VHV5HIHUHQFHUDQJHVZLOOEH
VXSSOLHGE\WKHFHQWUDOODERUDWRU\DQGXVHGE\WKHLQYHVWLJDWRUWRDVVHVVWKH ODERUDWRU\
GDWD IRUFOLQLFDOVLJQLILFDQFHDQGSDWKRORJLFDOFKDQJHV6DIHW\UHWHVWLQJSDUDPHWHUVDUH
SURYLGHGIRUKHPRJORELQVHH+HPDWRORJ\DQGSURVWDWHVSHFLILFDQWLJHQVHH36$
7KHWRWDODPRXQWRIEORRGWREHGUDZQSHUVWXG\GD\LVSURYLGHGLQ6HFWLRQDQG
6HFWLRQ 
7KHIROORZLQJODERUDWRU\VDIHW\WHVWVZLOOEHSHUIRUPHGDWYDULRXVSRLQWVWKURXJKRXWWKH
VWXG\DVGHWDLOHGLQWKH6FKHGXOHRI$VVHVVPHQWV7DEOH
+HPDWRORJ\
+HPRJORELQ+*%:%&DQGSODWHOHWV
)RUDQ\RQVWXG\KHPRJORELQOHYHOWKDWLV!JG/UHWHVWWKHKHPRJORELQZLWKLQ ZHHNV
RI WKHRULJLQDOWHVW,IWKHUHSHDWHGKHPRJORELQLVVWLOO!JG/IROORZWKH EHORZ
JXLGHOLQHV
IRUVDIHW\PDQDJHPHQW
)RUDVXEMHFWFXUUHQWO\WDNLQJ629)DWWKHIROORZLQJWRWDOGDLO\GRVHV
x PJGDLO\GRVHRI629 ZLWKGUDZWKHSDWLHQWIURPWKHVWXG\
x PJGDLO\GRVHRI629UHGXFHWKHGDLO\GRVHWRPJGD\
x PJGDLO\GRVHRI629UHGXFHWKHGDLO\GRVHWRPJGD\
x PJGDLO\GRVHRI629UHGXFHWKHGDLO\GRVHWR
PJGD\)RUDVXEMHFWFXUUHQWO\WDNLQJ$QGURJHODWWKH
IROORZLQJGRVHV
x SXPSGDLO\GRVHPJRI$QGURJHOZLWKGUDZWKHSDWLHQWIURPWKHVWXG\
x !SXPSGDLO\GRVHRI$QGURJHOUHGXFHE\SXPSGD\)RUH[UHGXFH
SXPSV GDLO\WRUHGXFHSXPSVGDLO\WR

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
5HSHDW+*%DIWHU'RVH5HGXFWLRQV)RUDQ\VXEMHFWZKRKDVEHHQGRVHUHGXFHGGXHWR +*%
!JG/UHSHDW+*%ZLWKLQGD\VIURPWLPHRIWKHGRVHUHGXFWLRQ,I WKH+*%
KDV QRW IDOOHQEHORZ JG/WKH GRVH VKRXOGEH IXUWKHUUHGXFHG DQG WKH+*% DJDLQ
WHVWHGDIWHU GD\V
%LRFKHPLVWU\
$67$/7WRWDOELOLUXELQDQGDONDOLQHSKRVSKDWDVHFUHDWLQLQHEORRGXUHDQLWURJHQ
HVWLPDWHGJORPHUXODUILOWUDWLRQUDWHH*)5ODFWDWHGHK\GURJHQDVHJOXFRVHWRWDOSURWHLQ
DOEXPLQVRGLXPSRWDVVLXPFDOFLXPDQGSKRVSKRURXV
/LSLG3DQHO
7RWDOFKROHVWHUROORZGHQVLW\OLSRSURWHLQV/'/KLJKGHQVLW\OLSRSURWHLQVDQG
WULJO\FHULGHV$W9LVLW/'/LVQRUPDOO\FDOFXODWHGIURPWRWDOFKROHVWHURO+'/DQG
WULJO\FHULGHV,IWULJO\FHULGHOHYHOVIDOORXWVLGHWKHUDQJHIRUYDOLGXVHRIWKH/'/
FDOFXODWLRQ HPSOR\HGE\WKHFHQWUDOODEWKHQ/'/OHYHOVDUHREWDLQHGE\DGLUHFW
PHDVXUHPHQWRQD VHFRQGVDPSOH
(QGRFULQRORJ\
/XWHLQL]LQJKRUPRQH/+IROOLFOHVWLPXODWLQJKRUPRQH)6+VH[KRUPRQH±ELQGLQJ
JOREXOLQ6+%*DQGWK\URLGVWLPXODWLQJKRUPRQH76+
8ULQDO\VLV
S+JOXFRVHNHWRQHVEORRGSURWHLQPLFURVFRS\DQGVSHFLILFJUDYLW\
3URVWDWHVSHFLILFDQWLJHQ36$
)RUDQ\RQVWXG\LQFUHDVHLQ36$QJP/IURPWKH9LVLWEDVHOLQHYDOXHUHWHVWWKH
36$ ZLWKLQZHHNVRIWKHRULJLQDOWHVW
,IWKHLQFUHDVHIRUWKHUHSHDW36$WHVWLVQJP/RYHUWKH9LVLWEDVHOLQHYDOXH
FRQVXOW WKHVXEMHFW¶VSULPDU\FDUHSK\VLFLDQDQGRUXURORJLVWUHJDUGLQJKLVWRULFDO36$
YDOXHVDQG KLVWRU\RISURVWDWHKHDOWKLQRUGHUWRGHWHUPLQHZKHWKHUWKHSDWLHQWFDQVDIHO\
FRQWLQXHLQ WKHVWXG\,IDSDWLHQWLVZLWKGUDZQKHVKRXOGEHVFKHGXOHGIRU DGHTXDWH
IROORZXSE\KLV SULPDU\SK\VLFLDQ
 2WKHU/DERUDWRU\9DULDEOHV
8ULQHGUXJVFUHHQWHVWLQJIRUFRFDLQHQDUFRWLFVEHQ]RGLD]HSLQHVWHWUDK\GURFDQQDELQRO
EDUELWXUDWHVDQGDPSKHWDPLQHVZLOOEHSHUIRUPHGDW6FUHHQLQJ9LVLWRQO\
6FUHHQLQJIRUKHSDWLWLV%YLUXVVXUIDFHDQWLJHQ+&9DQWLERG\DQG+,9DQWLERG\ZLOOEH
SHUIRUPHGDW6FUHHQLQJ9LVLWRQO\
 9LWDO6LJQV
9LWDOVLJQVLQFOXGLQJ%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUHZLOOEHDVVHVVHGDWHDFKVWXG\ YLVLW
$WDOOYLVLWV%3ZLOOEHPHDVXUHGXVLQJDFXIIDSSURSULDWHWRWKHVXEMHFW¶V DUPVL]HLQD
VWDQGDUGL]HGPDQQHULHDIWHUWKHVXEMHFWKDVUHVWHGLQWKHVLWWLQJSRVLWLRQIRUPLQXWHV7KH
FXIIXVHGIRUHDFKVXEMHFWVKRXOGEHQRWHGDORQJZLWKLWVVL]HDQGWKHVDPHFXIIXVHG WKURXJKRXW
WKHVWXG\IRUWKDWVXEMHFW%ORRGSUHVVXUHPHDVXUHPHQWVRQ DOOVWXG\YLVLWGD\VZLOOEHGXSOLFDWHG

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
ZLWKLQPLQXWHV,IWKHGLIIHUHQFHLQV%3DQGG%3 PHDVXUHPHQWVLV! PP+JDQG!PP
+JUHVSHFWLYHO\DWKLUG%3PHDVXUHPHQW ZLOOEHWDNHQDQGUHVXOWV DYHUDJHG
 3K\VLFDO([DPLQDWLRQ
)XOOSK\VLFDOH[DPLQDWLRQVDW6FUHHQLQJ9LVLW9LVLWDQG(QGRI7UHDWPHQWPXVW LQFOXGH
DGPLQLVWUDWLRQRIWKH,366TXHVWLRQQDLUHDVVHVVPHQWIRUWKHSUHVHQFHRIJ\QHFRPDVWLDDQG
GLJLWDOUHFWDOH[DPLQDWLRQ$WDOORWKHUYLVLWVVXEMHFWVZLOOXQGHUJRDV\PSWRPGLUHFWHG SK\VLFDO
H[DPLQDWLRQIRFXVLQJRQWKRVHSDUWVRIWKHSK\VLFDOH[DPLQDWLRQUHODWLQJWRDQ\DGYHUVH
V\PSWRPVWKHSDWLHQWPD\EHH[SHULHQFLQJRUKDVH[SHULHQFHGGXULQJWKHLQWHUYDO VLQFHWKHODVW
YLVLW
7KH,366DYDOLGDWHGTXHVWLRQQDLUHXVHGWRDVVHVVWKHVHYHULW\DQGLPSDFWRIXULQDU\ V\PSWRPV
ZLOOEHXVHGWRH[FOXGHVXEMHFWVZLWKVHYHUHORZHUXULQDU\WUDFWV\PSWRPV
 2WKHU6DIHW\$VVHVVPHQWV
$Q(&*ZLOOEHSHUIRUPHGDW6FUHHQLQJ9LVLWRQO\(LWKHUWKH3,RUDTXDOLILHG SK\VLFLDQ
SUHIHUDEO\DFDUGLRORJLVWDWWKHVWXG\VLWHORFDOUHDGHUZLOOLQWHUSUHWDOO(&*VDWWKDWVLWH 7KH
3,RUORFDOSK\VLFLDQZLOOZULWHRQWKH(&*WUDFLQJKLVKHUJOREDO LQWHUSUHWDWLRQDVHLWKHU
QRUPDO(&*DEQRUPDO(&*QRWFOLQLFDOO\VLJQLILFDQWRUDEQRUPDO(&*FOLQLFDOO\
VLJQLILFDQWWKHQVLJQDQGGDWHWKH(&*2QO\WKHORFDOUHDGHU
VLQWHUSUHWDWLRQRIWKH(&* ZLOO
EHFROOHFWHG,IWKHORFDOUHDGHULVQRWWKHSULQFLSDOLQYHVWLJDWRUWKHSULQFLSDOLQYHVWLJDWRU ZLOO
FRXQWHUVLJQDQGGDWHWKH(&* UHSRUW 7KH(&*ZLOOEHUHSHDWHGRQO\LILQWKHRSLQLRQ RIWKH
LQYHVWLJDWRUFOLQLFDOO\VLJQLILFDQW$(VGHYHORSGXULQJWKHVWXG\WKDWZDUUDQWVDUHSHDW 7KH
RULJLQDO(&*WUDFLQJZLOOEHUHWDLQHGLQWKHVXEMHFW
VUHFRUGVDWWKHVWXG\VLWH

'DWD6DIHW\0RQLWRULQJ%RDUG
1R'DWD6DIHW\0RQLWRULQJ%RDUGLVSODQQHGIRUWKLVVWXG\

$SSURSULDWHQHVVRI0HDVXUHPHQWV
7KHHIILFDF\DQGVDIHW\DVVHVVPHQWVSODQQHGIRUWKLVVWXG\DUHZLGHO\XVHGDQG JHQHUDOO\
UHFRJQL]HGDVUHOLDEOHDFFXUDWHDQGUHOHYDQWWRWKHGLVHDVHFRQGLWLRQ

67$7,67,&$/0(7+2'6

6WDWLVWLFDODQG$QDO\WLFDO3ODQV
7KHSULPDU\HIILFDF\3.DQGVDIHW\YDULDEOHVDQGDVVRFLDWHGDQDO\VHVDUHGHVFULEHGLQWKLV
VHFWLRQ$GGLWLRQDOGHWDLOVZLOOEHGHVFULEHGLQDVWDWLVWLFDODQDO\VLVSODQ6$3DQG3. DQDO\VLV
SODQWKDWZLOOEHSUHSDUHGDQGILQDOL]HGEHIRUHGDWDEDVHORFN6KRXOGWKH DQDO\VHV VSHFLILHGLQ
WKH6$3GLIIHUIURPWKRVHGHVFULEHGLQWKHSURWRFROWKH PHWKRGRORJ\LQWKH 6$3ZLOOSUHYDLO
*HQHUDOPHWKRGRORJ\ZLOOLQFOXGHGHVFULSWLYHWDEXODUDQGRUJUDSKLFDOVXPPDUL]DWLRQVE\
UDQGRPL]HGWUHDWPHQWJURXSDQGGRVHUHFHLYHGDWWKHWLPHRIDVVHVVPHQWLI DSSOLFDEOH

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
&RQWLQXRXVYDULDEOHVZLOOEHSUHVHQWHGXVLQJGHVFULSWLYHVWDWLVWLFVQXPEHURIREVHUYDWLRQV Q
PHDQVWDQGDUGGHYLDWLRQVWDQGDUGHUURURIWKHPHDQPHGLDQPLQLPXPDQGPD[LPXP YDOXHV
&DWHJRULFDOYDOXHVZLOOEHVXPPDUL]HGZLWKFRXQWV DQGSHUFHQWDJHV
$OOFROOHFWHGGDWDZLOOEHSUHVHQWHGLQOLVWLQJV

'DWDVHWVRU3RSXODWLRQV$QDO\]HG
6WDWLVWLFDODQDO\VHVZLOOEHSHUIRUPHGRQWKHIROORZLQJSRSXODWLRQV
x )XOO$QDO\VLV6HW7KLVSRSXODWLRQFRQVLVWVRIDOOVXEMHFWVUDQGRPL]HGLQWRWKH VWXG\
DQGUHFHLYLQJDWOHDVWRQHGRVHRIFRUUHFWO\DVVLJQHGVWXG\PHGLFDWLRQ
x 3.3RSXODWLRQ7KH3.SRSXODWLRQFRQVLVWVRIDOOVXEMHFWVLQWKHVWXG\ZKRKDYH DW
OHDVWHYDOXDEOH3.SURILOHFDOFXODEOH&PD[DQG&DYJDQGQRVLJQLILFDQW SURWRFRO
GHYLDWLRQV
x (IILFDF\&RPSOHWHUV3RSXODWLRQ7KLVSRSXODWLRQFRQVLVWVRIDOOVXEMHFWVLQWKH 3.
SRSXODWLRQZKRKDYHHYDOXDEOH&DYJDQG&PD[IURPWKHKRXU3. DVVHVVPHQW
REWDLQHGDW9LVLW'D\DQGQRVLJQLILFDQWSURWRFROGHYLDWLRQV
x 6DIHW\SRSXODWLRQ7KHVDIHW\SRSXODWLRQFRQVLVWVRIDOOVXEMHFWVZKRWRRNDWOHDVW 
GRVHRIVWXG\GUXJ629)RU$QGUR*HO
x $&7+$QDO\VLV6HWFRQVLVWVRIDOOVXEMHFWVUDQGRPL]HGLQWRWKH$&7+ VXEVWXG\

'HPRJUDSKLFDQG2WKHU%DVHOLQH&KDUDFWHULVWLFV
'HVFULSWLYHVWDWLVWLFDOPHWKRGVZLOOEHXVHGWRWDEXODWHDQGVXPPDUL]HGHPRJUDSKLFVDQG
EDVHOLQHFKDUDFWHULVWLFV

(IILFDF\9DULDEOHV

3ULPDU\(IILFDF\(QGSRLQW
7KHSULPDU\HIILFDF\HQGSRLQWLVWKHSHUFHQWDJHRI629)±WUHDWHGVXEMHFWVZLWKD KRXU
WRWDO7&DYJZLWKLQWKHQRUPDOUDQJHDIWHUGD\VRIWUHDWPHQW7KH)XOO$QDO\VLV6HW SRSXODWLRQ
ZLOOEHWKHSULPDU\DQDO\VLVSRSXODWLRQ
7KH&DYJZLOOEHFDOFXODWHGDVDUHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYHIURPWLPHWR
KRXUV$8&GLYLGHGE\WKHDFWXDOQXPEHURIKRXUVEHWZHHQGRVLQJDQGWKHKRXU
VDPSOHFROOHFWLRQWLPH$8&$8&DQG$8&ZLOOEHFDOFXODWHGXVLQJ
QRQFRPSDUWPHQWDOPHWKRGV7KHSHUFHQWDJHRIVXEMHFWVUDQGRPL]HGWR629)ZKRVH
KRXU&DYJLVZLWKLQWKHQRUPDOUDQJHIRUWRWDO7ZLOOEHFDOFXODWHGXVLQJWKH 3ULPDU\ (IILFDF\
SRSXODWLRQ0LVVLQJ&DYJYDOXHVZLOOEHLPSXWHGXVLQJPXOWLSOH LPSXWDWLRQ SURFHGXUHV7KH6$3
ZLOOGHVFULEHWKHPHWKRGRORJ\IRUPXOWLSOHLPSXWDWLRQ LQGHWDLO
$VLGHGELQRPLDO&,VXUURXQGLQJWKHSRLQWHVWLPDWHZLOOEHFDOFXODWHG7KH VWXG\ ZLOO
KDYHVKRZQHIIHFWLYHQHVVRI629)LIDWOHDVWRIWKH)XOO$QDO\VLV6HW SRSXODWLRQKDV
WRWDO7LQWKHQRUPDOUDQJHDQGLIWKHORZHUERXQGRIWKHVLGHG &,IRU WKDWSURSRUWLRQLV


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
$VHQVLWLYLW\DQDO\VLVZLOOEHSHUIRUPHGXVLQJWKH(IILFDF\&RPSOHWHUVSRSXODWLRQ
6LPLODUDQDO\VHVRIWKHSULPDU\HQGSRLQWVZLOOEHFRPSOHWHGIRUWKRVHVXEMHFWVUDQGRPO\
DVVLJQHGWRUHFHLYH$QGUR*HO

6HFRQGDU\(IILFDF\(QGSRLQWV

7&PD[DW9LVLW'D\
7KHNH\VHFRQGDU\HQGSRLQWLVWKH7&PD[DIWHUGD\VRIWUHDWPHQW7KH)XOO$QDO\VLV 6HW
SRSXODWLRQDQDO\VLVZLOOEHWKHSULPDU\DQDO\VLVSRSXODWLRQ6HQVLWLYLW\DQDO\VHVZLOO XVHWKH
&RPSOHWHUVSRSXODWLRQ
7KHVHFRQGDU\HQGSRLQWZLOOEHHYDOXDWHGE\HVWLPDWLQJWKHSURSRUWLRQRI629) WUHDWHG
VXEMHFWVDW9LVLW'D\ZLWK
D 7&PD[dQJG/
E 7&PD[!DQGdQJG/
F 7&PD[!QJG/
7KH)'$WDUJHWVIRUWKHVH3.VDIHW\SDUDPHWHUVDUHIRUDWREHRIVXEMHFWVEWREH 
RIVXEMHFWVDQGIRUFWREHQRVXEMHFWV
6LPLODUDQDO\VHVRIWKHVHFRQGDU\HQGSRLQWVZLOOEHFRPSOHWHGIRUWKRVHVXEMHFWVUDQGRPO\
DVVLJQHGWRUHFHLYH$QGUR*HO
7KH7OHYHOVGHWHUPLQHGIURPWKHSODVPD7DVVD\VSURFHVVHGDWLQ9HQWLY+HDOWK&OLQLF,QF
'&ROOHJHURDG(DVW3ULQFHWRQ1-86$ZLOOEHFRQVLGHUHGWKHUHOHYDQW7
FRQFHQWUDWLRQ,QDFDVHZKHUHD3.YLVLWLVUHSHDWHGGXHWRORVVRIVDPSOH GXHWRHLWKHU KXPDQ
HUURURUGXULQJWUDQVLWWKHSODVPD7DVVD\RQWKHUHSHDW3.VDPSOHV ZLOOEH FRQVLGHUHGWKH
UHOHYDQW7FRQFHQWUDWLRQ

3KDUPDFRNLQHWLF$VVHVVPHQWV
 KRXU3.$QDO\VLV629)*URXS
7KHSODVPDFRQFHQWUDWLRQVRI7DQG'+7PHDVXUHGGXULQJWKHKRXU3.FROOHFWLRQ GD\V
'D\VDQGRIVWXG\FRQILQHPHQWZLOOEHOLVWHGE\VXEMHFWE\WUHDWPHQW XVLQJWKH 3.
3RSXODWLRQDQGVXPPDUL]HGZLWKGHVFULSWLYHVWDWLVWLFV7KHVHKRUPRQHFRQFHQWUDWLRQV ZLOOEH
XVHGWRGHULYH3.SDUDPHWHUVLQFOXGLQJ&PD[WLPHWRPD[LPXP FRQFHQWUDWLRQ7PD[&DYJDQG
$8&IRUHDFKKRXU3.FROOHFWLRQGD\DQGHDFKVXEMHFWWKURXJK QRQFRPSDUWPHQWDO
DQDO\VLV$GGLWLRQDOSDUDPHWHUVHJDUHDXQGHUWKHFRQFHQWUDWLRQWLPH FXUYHIURPWLPHWR
KRXUV>$8&@DUHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYHIURPWLPH WRKRXUV>$8&
@DYHUDJHFRQFHQWUDWLRQIURPWLPHWRKRXUV>&DYJ@DQG DYHUDJHFRQFHQWUDWLRQIURP
WLPHWRKRXUV >&DYJ@HWFZLOOEHFDOFXODWHG$FWXDO WLPHVZLOOEHXVHGWRGHULYH3.
SDUDPHWHUV
2Q'D\78DQG'+78ZLOODOVREHPHDVXUHGGXULQJWKHKRXU3.FROOHFWLRQ7KHVH
SODVPDSURKRUPRQH78DQGSURKRUPRQHPHWDEROLWH'+78FRQFHQWUDWLRQVZLOOEHXVHG WR
GHULYH3.SDUDPHWHUVLQFOXGLQJ&PD[7PD[&DYJDQG$8&IRUHDFKKRXU3.GD\ DQGHDFK

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
VXEMHFWWKURXJKQRQFRPSDUWPHQWDODQDO\VLV$GGLWLRQDO SDUDPHWHUVHJ$8& $8&
&DYJDQG&DYJHWFPD\EHFDOFXODWHGLIGHHPHGQHFHVVDU\DQGXVHIXOIRU GDWD
LQWHUSUHWDWLRQ$FWXDOWLPHVZLOOEHXVHGWRGHULYH3.SDUDPHWHUV
2Q'D\(ZLOODOVREHPHDVXUHGGXULQJWKHKRXU3.FROOHFWLRQ7KHVHSODVPD (
FRQFHQWUDWLRQVZLOOEHXVHGWRGHULYH3.SDUDPHWHUVLQFOXGLQJ&PD[7PD[&DYJDQG$8& IRU
HDFKVXEMHFWWKURXJKQRQFRPSDUWPHQWDODQDO\VLV$GGLWLRQDOSDUDPHWHUVHJ$8& $8&
&DYJDQG&DYJHWFPD\EHFDOFXODWHGLIGHHPHGQHFHVVDU\DQGXVHIXOIRU GDWD
LQWHUSUHWDWLRQ$FWXDOWLPHVZLOOEHXVHGWRGHULYH3. SDUDPHWHUV
7KH&DYJDQG$8&$8&DQG$8&UDWLRVRI'+7WR7DQG(WR7 QRUPDOL]HGE\
PROHFXODUZHLJKWZLOOEHFDOFXODWHGDQGFRPSDUHGEHWZHHQWUHDWPHQWVXVLQJWKH3. 3RSXODWLRQ
(DFKGRVHWLWUDWLRQDQGFKDQJHVUHVXOWLQJIURPGRVH DGMXVWPHQWV LQFUHDVHGHFUHDVHZLOOEH
OLVWHGDQGVXPPDUL]HG
)UHH7FRQFHQWUDWLRQVDWEDVHOLQHDQGIRU'D\KRXU3.WLPHSRLQWVZLOOEHFDOFXODWHGXVLQJ
WRWDO76+%*DQGDOEXPLQFRQFHQWUDWLRQVIRUHDFKVXEMHFWDFFRUGLQJWRDYDOLGDWHG)79
PHWKRG>@ZLWKWKHIROORZLQJHTXDWLRQ
)79 7±1)79.W6±71
)79
:KHUH
x
)79 IUHH7FRQFHQWUDWLRQ
x
7 WRWDO7FRQFHQWUDWLRQ
x
6 6+%*FRQFHQWUDWLRQ
x
.W DVVRFLDWLRQFRQVWDQWRI6+%*IRU7 /0RO
x
1 .D&D
:KHUH
o .D /0RO
o &D DOEXPLQPRODUFRQFHQWUDWLRQXQLWLQ0RO/
)RU$OEXPLQPRODUFRQFHQWUDWLRQFRQYHUVLRQZLOOEHDOEXPLQFRQF
J/GLYLGHGE\JPRO [[PRO/

7KHXQLWVIRU7DQG6DUHQPRO/ZKLOHWKHFDOFXODWHG)7=ZLOOEHLQQPRO/XQLWDIWHUVROYLQJ
WKHVHFRQGDU\HTXDWLRQ
5HFHQWUHVHDUFKE\)ULHUVHWDO>@UHDVVHVVHGIUHH7FDOFXODWLRQXVLQJ/&7DQGHP06
VSHFWURPHWU\ZLWKGLUHFWHTXLOLEULXPGLDO\VLVPHWKRG7KH\IRXQG)79PHWKRGDOWKRXJK
RYHUHVWLPDWLQJIUHH7OHYHODSSHDUVWKHPRVWUREXVWDSSUR[LPDWLRQODUJHO\LQGHSHQGHQWRI
6+%*DOEXPLQDQG7OHYHOV7KHUHIRUHZHDUHFKDQJLQJSUHYLRXVO\SURSRVHG)7=PHWKRGWR
)79PHWKRG
 $QGUR*HO*URXS
7KHVHUXPFRQFHQWUDWLRQVRI7DQG'+7DQGWKHSODVPDFRQFHQWUDWLRQVRI(PHDVXUHGDW 'D\
RIVWXG\FRQILQHPHQWIRU$QGUR*HOWUHDWHGVXEMHFWVZLOOEHOLVWHGE\VXEMHFWE\ WUHDWPHQW
DQGVXPPDUL]HGZLWKGHVFULSWLYHVWDWLVWLFVXVLQJWKH3.3RSXODWLRQ7KHVH KRUPRQH
FRQFHQWUDWLRQVZLOOEHXVHGWRGHULYH3.SDUDPHWHUVLQFOXGLQJ&PD[7PD[&DYJDQG $8&IRU
KRXU3.DVVHVVPHQWRIHDFKVXEMHFWWKURXJKQRQFRPSDUWPHQWDO DQDO\VLV

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
$GGLWLRQDOSDUDPHWHUVHJ$8&$8&&DYJ>@DQG&DYJ>@HWFZLOOEH FDOFXODWHGLI
GHHPHGQHFHVVDU\DQGXVHIXOIRUGDWDLQWHUSUHWDWLRQ$FWXDOWLPHVZLOOEHXVHGWR GHULYH3.
SDUDPHWHUV
7KH&DYJ$8&DQG$8&UDWLRVRI'+7WR7DQG(WR7QRUPDOL]HGE\ PROHFXODU
ZHLJKWZLOOEHDOVRFDOFXODWHGDQGFRPSDUHGEHWZHHQWUHDWPHQWVXVLQJWKH3.3RSXODWLRQ (DFK
GRVHWLWUDWLRQDQGFKDQJHVUHVXOWLQJIURPGRVHDGMXVWPHQWVLQFUHDVHGHFUHDVHZLOOEH OLVWHGDQG
VXPPDUL]HG)UHH7FRQFHQWUDWLRQVIRU$QGUR*HOWUHDWHGVXEMHFWVDW'D\ZLOO EHFDOFXODWHG
XVLQJWKHVDPH)7=PHWKRGGHVFULEHGLQ 6HFWLRQ

6LQJOH3.7LPHSRLQW&RUUHODWLRQ
6LQFHPXOWLSOHEORRGGUDZVRYHUDKRXUSHULRGDUHQRWDOZD\VFOLQLFDOO\IHDVLEOHLWLV
DGYDQWDJHRXVWREDVHGRVHWLWUDWLRQVRQDVLQJOHEORRGGUDZ7KHFRUUHODWLRQEHWZHHQVLQJOH 3.
WLPHSRLQWVDQGWKHPHDQKRXU&DYJRU&PD[ZLOOEHH[SORUHG
8VLQJWKH3.3RSXODWLRQDQH[SORUDWRU\DQDO\VLVZLOOEHSHUIRUPHGWRFRUUHODWHKRXU 3. GDWD
ZLWKDVLQJOHSODVPD7FRQFHQWUDWLRQPHDVXUHPHQWDQGWRFRQILUPDVXLWDEOHWLPHSRLQWV HJ
WRKRXUVZKHQWKHWLWUDWLRQRXWFRPHEDVHGRQWKHVLQJOHSODVPDFRQFHQWUDWLRQ PHDVXUHPHQW
DJUHHVZLWKWKHWLWUDWLRQRXWFRPHEDVHGRQKRXU3.GDWDWKHPDMRULW\RIWKH WLPH7KH
DQDO\VLVDWWHPSWVWRIXUWKHUUHFRQILUPWLWUDWLRQFULWHULDGHYHORSHGXVLQJ3KDVH,,E GDWDRQ
VXEMHFWVIRUWKHFOLQLFDOODEHOEDVHGRQWKHVH3KDVH VWXG\UHVXOWV
'HWDLOHG3.DVVHVVPHQWVDQGDQDO\VLVPHWKRGVZLOOEHGHVFULEHGLQWKH6$3

6DIHW\(QGSRLQWV
6DIHW\HQGSRLQWVDUH
x ,QFLGHQFHRI$(V6$(VDQG$(VOHDGLQJWRVWXG\ZLWKGUDZDOLQ629)±
WUHDWHG VXEMHFWVFRPSDUHGZLWK$QGUR*HOWUHDWHGVXEMHFWVDIWHUZHHNVRI
WUHDWPHQW
x 6HUXPFRUWLVRODIWHULQWUDYHQRXVDGPLQLVWUDWLRQRIV\QWKHWLF$&7+
x &KDQJHIURPEDVHOLQHLQ%3DQGWKHIROORZLQJODERUDWRU\SDUDPHWHUVLQ
629 )±WUHDWHGVXEMHFWVFRPSDUHGZLWK$QGUR*HOWUHDWHGVXEMHFWVDIWHU
 ZHHNVRI WUHDWPHQW
o /LYHUIXQFWLRQWHVWV$/7$67WRWDOELOLUXELQDONDOLQHSKRVSKDWDVH
o +HPDWRORJ\SDUDPHWHUVKHPRJORELQ
o +RUPRQHOHYHOV/+)6+'+76+%*DQG76+
o /LSLGSURILOHVKLJKGHQVLW\OLSRSURWHLQVORZGHQVLW\OLSRSURWHLQV
WRWDO FKROHVWHURODQGWULJO\FHULGHV
o 6HUXP36$
2EVHUYHGYDOXHVLQYLWDOVLJQPHDVXUHPHQWVLQFOXGLQJV%3G%3KHDUWUDWHDQGZHLJKW DQG
FKDQJHVIURPEDVHOLQHLQV%3G%3DQGKHDUWUDWHZLOOEHVXPPDUL]HGDWHDFK VFKHGXOHG YLVLW
E\WUHDWPHQWJURXSDQGE\GRVHZLWKLQWUHDWPHQWUHFHLYHGDWHDFKVFKHGXOHGFROOHFWLRQ YLVLW)RU
V%3G%3DQGKHDUWUDWHVKLIWWDEOHVIRUFDWHJRULFDOK\SHUWHQVLRQFODVVLILFDWLRQV EHWZHHQ

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678
3DJHRI
&21),'(17,$/
EDVHOLQHDQGPD[LPXPSRVWEDVHOLQHYDOXHVZLOOEHSUHVHQWHG7KHK\SHUWHQVLRQ FODVVLILFDWLRQV
DUHGHILQHGDFFRUGLQJWRWKH6HYHQWK5HSRUWRIWKH-RLQW1DWLRQDO&RPPLWWHH RQ3UHYHQWLRQ
'HWHFWLRQ(YDOXDWLRQDQG7UHDWPHQWRI+LJK%ORRG3UHVVXUH>@DVIROORZV LQ7DEOH
7DEOH
+\SHUWHQVLRQ&ODVVLILFDWLRQV
%ORRG3UHVVXUH
&ODVVLILFDWLRQ
V%3PP+J
G%3PP+J
1RUPDO


3UHK\SHUWHQVLYH

RU
6WDJHK\SHUWHQVLRQ

RU
6WDJHK\SHUWHQVLRQ

RU
$EEUHYLDWLRQVG%3 GLDVWROLFEORRGSUHVVXUHV%3 V\VWROLFEORRGSUHVVXUH
2FFXUUHQFHVRIRXWO\LQJYDOXHVRI%3DQGKHDUWUDWHDQGWKHLUWHPSRUDOUHODWLRQVKLSWRWKH
PD[LPXPGRVHOHYHORIVWXG\GUXJZLOOEHH[SORUHG
$OOVDIHW\HQGSRLQWVZLOOEHDQDO\]HGXVLQJWKH6DIHW\3RSXODWLRQH[FHSWLIRWKHUZLVHGHILQHG
$GYHUVHHYHQWVZLOOEHFRGHGXVLQJWKH0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
0HG'5$$Q$(LVFRQVLGHUHGWUHDWPHQWHPHUJHQWLILWEHJLQVRUZRUVHQVLQVHYHULW\DIWHU WKH
ILUVWGRVHRIUDQGRPL]HGVWXG\GUXJ)RUHDFKWUHDWPHQWJURXSWKHQXPEHUDQGSHUFHQWDJHRI
VXEMHFWVZLWKWUHDWPHQWHPHUJHQWDGYHUVHHYHQWV7($(VZLOOEH WDEXODWHGE\ V\VWHPRUJDQ
FODVV62&DQGSUHIHUUHGWHUP$VXPPDU\RIWKHQXPEHURIVXEMHFWVZLWK 7($(VZLOOEH
SURYLGHGE\PD[LPXPVHYHULW\DVZHOODVE\VWURQJHVW UHODWLRQVKLSWRVWXG\ GUXJ6XEMHFWV
UHSRUWLQJPRUHWKDQ$(IRUDJLYHQ0HG'5$SUHIHUUHGWHUPZLOOEH FRXQWHGRQO\RQFHIRUWKDW
WHUPXVLQJWKHPRVWVHYHUHLQFLGHQWVWURQJHVWUHODWLRQVKLS
,QFLGHQFHRI7($(VVHULRXV7($(V7($(VUHVXOWLQJLQGLVFRQWLQXDWLRQIURPVWXG\GUXJ DQG
7($(VUHVXOWLQJLQGHDWKZLOOEHVXPPDUL]HGE\WUHDWPHQWDQGGRVHJURXS/LVWLQJVZLOO EH
SURYLGHGIRUDOO$(V6$(VDQG$(VUHVXOWLQJLQWUHDWPHQWGLVFRQWLQXDWLRQ
3K\VLFDOH[DPLQDWLRQUHVXOWVZLOOEHVXPPDUL]HGDWHDFKVFKHGXOHGYLVLWE\WUHDWPHQWDQG GRVH
UHFHLYHGDWWKHYLVLW
2EVHUYHGYDOXHVDQGFKDQJHVIURPEDVHOLQHLQODERUDWRU\WHVWUHVXOWVZLOOEHVXPPDUL]HGE\
WUHDWPHQWDQGGRVHZLWKLQWUHDWPHQWDWHDFKVFKHGXOHGYLVLW6WDQGDUGLQWHUQDWLRQDOXQLWVZLOO EH
XVHGIRUDOOVXPPDULHV6KLIWWDEOHVZLOOEHXVHGWRHYDOXDWHFKDQJHVLQODERUDWRU\WHVW YDOXHVZLWK
UHVSHFWWRQRUPDOUHIHUHQFHUDQJHV/DERUDWRU\WHVWVZLOOEHSHUIRUPHGDW VFUHHQLQJDQG
SHULRGLFDOO\WKURXJKRXWWKHVWXG\DQGZLOOEHVXPPDUL]HG
$FWXDOREVHUYHGYDOXHVDQGFKDQJHVIURPEDVHOLQHLQFRQWLQXRXVELRFKHPLVWU\KHPDWRORJ\ DQG
XULQDO\VLVODESDUDPHWHUVZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXSDQGYLVLW7KHQXPEHU DQG
SHUFHQWDJHRIVXEMHFWVZLWKODERUDWRU\PHDVXUHPHQWVRXWVLGHRIWKHQRUPDOUDQJHZLOO DOVREH
VXPPDUL]HGE\WUHDWPHQWJURXSDQGYLVLW

$&7+
$&7+DQDO\VLVZLOOEHSHUIRUPHGXVLQJWKH$&7+$QDO\VLV6HW8VLQJWKHPD[LPXP LQFUHDVH
IURPSUHFRV\QWURSLQDGPLQLVWUDWLRQIRUHDFKRIWKHDVVHVVPHQWYLVLWVDPL[HG HIIHFWVPRGHO
ZLWKIL[HGHIIHFWVIRUYLVLWEDVHOLQHDVDFRQWLQXRXVFRYDULDWHDQGVXEMHFWDVD UDQGRPHIIHFWZLOO

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678
3DJHRI
&21),'(17,$/
EHXVHGWRDQDO\]HWKHPD[LPXPLQFUHDVHIURPSUHFRV\QWURSLQ DGPLQLVWUDWLRQ'LIIHUHQFHVLQ
OHDVWVTXDUHVPHDQVRIWKHFRPSDULVRQVEHWZHHQYLVLWV'D\ DQG'D\ZLOOEHSURYLGHG
DORQJZLWKWKH&,¶V

([SORUDWRU\9DULDEOHV

,3663'46)DQG,,()
7KHREVHUYHGYDOXHVDQGFKDQJHVIURPEDVHOLQHLQ3'4,,()6)DQG,366ZLOOEH
VXPPDUL]HGE\WUHDWPHQWJURXSDQGYLVLW6XPPDULHVZLOOEHFRPSOHWHGVHSDUDWHO\IRUWKRVH ZKR
FRPSOHWHG(QGRI7UHDWPHQWDQGWKRVHZKRVHDVVHVVPHQWZDVFRPSOHWHGDW WKHWLPHRI (DUO\
:LWKGUDZDO
)RU3'46)DQG,,()WKHREVHUYHGYDOXHVDQGWKHFKDQJHIURPEDVHOLQHYDOXHVZLOOEH
VXPPDUL]HGE\WUHDWPHQWJURXSDQGYLVLWIRUHDFKVXEVFDOHRUGRPDLQVFRUH
,3663'46)DQG,,()VXPPDULHVZLOOEHSUHVHQWHGIRUWKHVDIHW\SRSXODWLRQ$OO
TXHVWLRQQDLUHGDWDZLOODOVREHOLVWHG
7KH3'4ZLOOEHXVHGWRDVVHVVWKHVXEMHFW¶VVH[XDOIXQFWLRQDQGPRRGFKDQJHV,366 LVD
YDOLGDWHGTXHVWLRQQDLUHXVHGWRDVVHVVWKHVHYHULW\DQGLPSDFWRIXULQDU\V\PSWRPV 7KH,,() LV
DZLGHO\XVHGPXOWLGLPHQVLRQDOVHOIDGPLQLVWHUHGLQYHVWLJDWLRQWKDWKDVEHHQIRXQG XVHIXOLQ
WKHFOLQLFDODVVHVVPHQWRIHUHFWLOHG\VIXQFWLRQDQGWUHDWPHQWRXWFRPHVLQFOLQLFDO WULDOV6)LV
DVHWRIJHQHULFFRKHUHQWDQGHDVLO\DGPLQLVWHUHGTXDOLW\RIOLIHPHDVXUHV
7KHVHPHDVXUHVUHO\XSRQSDWLHQWVHOIUHSRUWLQJDQGDUHQRZZLGHO\XWLOL]HGE\PDQDJHG FDUH
RUJDQL]DWLRQVDQGE\0HGLFDUHIRUURXWLQHPRQLWRULQJDQGDVVHVVPHQWRIFDUHRXWFRPHVLQDGXOW
SDWLHQWV

6WXG\'UXJ([SRVXUHDQG&RPSOLDQFH
,QLWLDOVWXG\GUXJGRVHWLWUDWLRQRFFXUUHQFHVZLWKUHVXOWDQWGRVHDWVFKHGXOHGGRVH DGMXVWPHQW
YLVLWVDQGILQDOVWXG\GUXJGRVDJHZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS 'XUDWLRQRIWUHDWPHQW
LQGD\VDQGFXPXODWLYHGRVDJHUHFHLYHGZLOOEHVXPPDUL]HGE\ WUHDWPHQWJURXS7KHQXPEHURI
VXEMHFWVZKRUHTXLUHGLQWHUUXSWLRQRUWHUPLQDWLRQRIVWXG\ GUXJWUHDWPHQWZLOOEHVXPPDUL]HG
&RPSOLDQFHZLOOEHFDOFXODWHGDVWKHDFWXDOQXPEHUGLYLGHGE\WKHH[SHFWHGQXPEHURI GRVHV
7KHVHQXPEHUVZLOOEHGHWHUPLQHGE\WDEOHWFRXQWVIRUWKH629)JURXSDQG WKHZHLJKWRI
UHWXUQHGERWWOHVIRUWKH$QGUR*HOJURXS

0HGLFDODQG0HGLFDWLRQ+LVWRU\
0HGLFDWLRQVDQGDFRPSOHWHPHGLFDOKLVWRU\ZLOOEHREWDLQHGDWVFUHHQLQJ7KHVHZLOOVHUYH DV
WKHEDVHOLQHIRUIXWXUHFOLQLFDODVVHVVPHQWV

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV
3ULRUDQGFRQFRPLWDQWPHGLFDWLRQVZLOOEHFRGHGXVLQJWKH6HSWHPEHU:RUOG +HDOWK
2UJDQL]DWLRQ'UXJ'LFWLRQDU\3ULRUPHGLFDWLRQVZLOOEHGHILQHGDVPHGLFDWLRQV GRFXPHQWHG RQ
WKH3ULRUDQG&RQFRPLWDQW0HGLFDWLRQVH&5)DVKDYLQJVWDUWHGDQGVWRSSHGEHIRUHWKH ILUVWGRVH
RIDQ\VWXG\GUXJ&RQFRPLWDQWPHGLFDWLRQVZLOOEHGHILQHGDVPHGLFDWLRQV GRFXPHQWHGRQWKH

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678
3DJHRI
&21),'(17,$/
3ULRUDQG&RQFRPLWDQW0HGLFDWLRQVH&5)DVKDYLQJVWDUWHGDIWHUWKHVWDUW RIVWXG\GUXJRU
KDYLQJVWDUWHGEHIRUHWKHVWDUWRIVWXG\GUXJDQGFRQWLQXHGRQRUDIWHUWKH ILUVWGRVHRIDQ\VWXG\
GUXJ3ULRUDQGFRQFRPLWDQW PHGLFDWLRQVZLOOEHVXPPDUL]HGLQ VHSDUDWHWDEOHV
$OOFRQFRPLWDQWPHGLFDWLRQVDGPLQLVWHUHGZLOOEHWDEXODWHGLQDGDWDOLVWLQJ

,QWHULP$QDO\VHV
,QWHULPDQDO\VLVRIWKHHIILFDF\GDWDLVSODQQHGIRUWKH'D\HIILFDF\SHULRGRIWKH VWXG\

+DQGOLQJRI0LVVLQJ'DWD
0LVVLQJGDWDIRUWKHSULPDU\HQGSRLQWDQGNH\VHFRQGDU\HQGSRLQWVZLOOEHLPSXWHGXVLQJ
PXOWLSOHLPSXWDWLRQ7KH6$3ZLOOSURYLGHGHWDLOVRIWKHLPSXWDWLRQPHWKRGV
0LVVLQJ 3. FRQFHQWUDWLRQV ZLOO JHQHUDOO\ EH FRQVLGHUHG QRQLQIRUPDWLYH WKHUHIRUH 3.
DQDO\VLV ZLOO QRW LPSXWH PLVVLQJGDWD 0LVVLQJ DFWXDO WLPH SRLQWV PD\EH UHSODFHG ZLWK
QRPLQDOVFKHGXOHGVDPSOHFROOHFWLRQWLPHVEDVHGRQFDVHE\FDVHUHYLHZ

'HWHUPLQDWLRQRI6DPSOH6L]H

6DPSOH6L]H-XVWLILFDWLRQ
7RPHHWWKHFULWHULRQRIWKHSULPDU\HQGSRLQWWKHSURSRUWLRQRIVXEMHFWVZLWK7&DYJZLWKLQ WKH
QRUPDOUDQJHDW'D\PXVWEHZLWKWKHORZHUERXQGRIWKH&,
%DVHGRQWKHUHVXOWVRIWKH3KDVHEVWXG\DSSUR[LPDWHO\RIVXEMHFWVPD\ EHH[SHFWHG WR
KDYHD7&DYJZLWKLQWKHQRUPDOUDQJHDW'D\7KH&,DVVRFLDWHGZLWKGLIIHUHQW SRLQW
HVWLPDWHDVVXPSWLRQVDUHVKRZQLQ7DEOHEHORZ7R\LHOGD FRQVHUYDWLYHHVWLPDWH RIWKH
UHTXLUHGVDPSOHVL]HWKHWUXHSURSRUWLRQRIVXEMHFWVZLWK&DYJZLWKLQWKHQRUPDOUDQJH LV
HVWLPDWHGDW
7DEOH
6DPSOH6L]H(VWLPDWHV
(VWLPDWHGRI6XEMHFWV
ZLWK7&DYJLQWKH
(XJRQDGDO5DQJH
&,
Q












$EEUHYLDWLRQV&, FRQILGHQFHLQWHUYDOQ QXPEHURIVXEMHFWV7&DYJ DYHUDJHSODVPDWRWDOWHVWRVWHURQH
:LWKVXEMHFWVWKHPLQLPDOORZHUOLPLWRI([DFW&ORSSHU3HDUVRQ&,LV 7R
DFFRXQWIRUDSRWHQWLDOXQHYDOXDEOHUDWHGXULQJWKHILUVWGD\VDWRWDO RI ZRXOGKDYH
WREHUDQGRPL]HGLQWRWKH629)JURXS
$GGLWLRQDO)'$JXLGDQFHUHTXLUHVWKDWDWOHDVWVXEMHFWVLQWKHRUDO78WUHDWPHQWDUPUHDFK
PRQWKVRIVWXG\GUXJH[SRVXUH>@$VVXPLQJDGURSRXWUDWHRIRYHUWKHFRXUVHRIWKH
PRQWKWUHDWPHQWSHULRGVXEMHFWVZRXOGEHUHTXLUHGWREH UDQGRPL]HG WRWKH629
)JURXS

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678
3DJHRI
&21),'(17,$/

48$/,7<$6685$1&($1'48$/,7<&21752/

$XGLWDQG,QVSHFWLRQ
6WXG\FHQWHUVDQGVWXG\GRFXPHQWDWLRQPD\EHVXEMHFWWR4XDOLW\$VVXUDQFHDXGLWGXULQJ WKH
FRXUVHRIWKHVWXG\E\WKHVSRQVRURULWVQRPLQDWHGUHSUHVHQWDWLYH,Q DGGLWLRQ LQVSHFWLRQVPD\
EHFRQGXFWHGE\UHJXODWRU\DXWKRULWLHVDWWKHLUGLVFUHWLRQ

0RQLWRULQJ
'DWDIRUHDFKVXEMHFWZLOOEHUHFRUGHGRQDQH&5)'DWDFROOHFWLRQPXVWEHFRPSOHWHGIRU HDFK
VXEMHFWZKRVLJQVDQ,&)DQGLVDGPLQLVWHUHGVWXG\GUXJ
,QDFFRUGDQFHZLWK*RRG&OLQLFDO3UDFWLFH*&3DQG,QWHUQDWLRQDO&RXQFLORI +DUPRQLVDWLRQIRU
7HFKQLFDO5HTXLUHPHQWVIRU3KDUPDFHXWLFDOVIRU+XPDQ8VH,&+ JXLGHOLQHVWKHVWXG\PRQLWRU
ZLOOFDUU\RXWVRXUFHGRFXPHQWYHULILFDWLRQDWUHJXODULQWHUYDOV WRHQVXUHWKDWWKHGDWDFROOHFWHGLQ
WKHH&5)DUHDFFXUDWHDQGUHOLDEOH
7KH LQYHVWLJDWRU PXVW SHUPLW WKH PRQLWRU WKH ,5% WKH VSRQVRU¶V LQWHUQDO DXGLWRUV DQG
UHSUHVHQWDWLYHVIURPUHJXODWRU\DXWKRULWLHV¶GLUHFWDFFHVVWRDOOVWXG\UHODWHGGRFXPHQWV DQG
SHUWLQHQWKRVSLWDORUPHGLFDOUHFRUGVIRUFRQILUPDWLRQRIGDWDFRQWDLQHGZLWKLQWKHH&5)V

'DWD0DQDJHPHQWDQG&RGLQJ
,1&5HVHDUFK//&D6\QHRV+HDOWK&RPSDQ\ZLOOEHUHVSRQVLEOHIRUDFWLYLWLHV DVVRFLDWHG ZLWK
WKHGDWDPDQDJHPHQWRIWKLVVWXG\7KLVZLOOLQFOXGHVHWWLQJXSDUHOHYDQWGDWDEDVHDQG GDWD
WUDQVIHUPHFKDQLVPVDORQJZLWKDSSURSULDWHYDOLGDWLRQRIGDWDDQGUHVROXWLRQRI TXHULHV'DWD
JHQHUDWHGZLWKLQWKLVFOLQLFDOVWXG\ZLOOEHKDQGOHGDFFRUGLQJWRWKHUHOHYDQW VWDQGDUGRSHUDWLQJ
SURFHGXUHV623VRIWKHGDWDPDQDJHPHQWDQGELRVWDWLVWLFVGHSDUWPHQWV RI,1&5HVHDUFK//&
D6\QHRV+HDOWK&RPSDQ\
6WXG\FHQWHUVZLOOHQWHUGDWDGLUHFWO\LQWRDQHOHFWURQLFGDWDFDSWXUH('&V\VWHPE\ FRPSOHWLQJ
WKHH&5)YLDDVHFXUHLQWHUQHWFRQQHFWLRQ'DWDHQWHUHGLQWRWKHH&5)PXVWEH YHULILDEOHDJDLQVW
VRXUFHGRFXPHQWVDWWKHVWXG\FHQWHU'DWDWREHUHFRUGHGGLUHFWO\ RQWKH H&5)ZLOOEH
LGHQWLILHGDQGWKHH&5)ZLOOEHFRQVLGHUHGWKHVRXUFHGRFXPHQW
$Q\FKDQJHVWRWKHGDWDHQWHUHGLQWRWKH('&V\VWHPZLOOEHUHFRUGHGLQWKHDXGLWWUDLO DQGZLOO
EHFRPSOLDQWZLWK)'$&RGHRI)HGHUDO5HJXODWLRQV&)53DUW
0HGLFDOFRGLQJZLOOXVH0HG'5$IRUFRQFRPLWDQWGLVHDVHVDQG$(VDQG:RUOG+HDOWK
2UJDQL]DWLRQ'UXJ'LFWLRQDU\IRUPHGLFDWLRQV
0LVVLQJRULQFRQVLVWHQWGDWDZLOOEHTXHULHGLQZULWLQJWRWKHLQYHVWLJDWRUIRUFODULILFDWLRQ
6XEVHTXHQWPRGLILFDWLRQVWRWKHGDWDEDVHZLOOEHGRFXPHQWHG

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678
3DJHRI
&21),'(17,$/

5(&25'6$1'6833/,(6

'UXJ$FFRXQWDELOLW\
2QUHFHLSWRIWKHVWXG\GUXJLQFOXGLQJUHVFXHPHGLFDWLRQLIUHOHYDQWWKHLQYHVWLJDWRURU
GHSXW\ZLOOFRQGXFWDQLQYHQWRU\RIWKHVXSSOLHVDQGYHULI\WKDWVWXG\GUXJVXSSOLHV DUH
UHFHLYHGLQWDFWDQGLQWKHFRUUHFWDPRXQWVEHIRUHFRPSOHWLQJDVXSSOLHVUHFHLSW7KH LQYHVWLJDWRU
ZLOOUHWDLQDFRS\RIWKLVUHFHLSWDWWKHVWXG\FHQWHUDQGUHWXUQWKHRULJLQDO UHFHLSWWRWKHVWXG\
PRQLWRU7KHPRQLWRUPD\FKHFNWKHVWXG\VXSSOLHVDWHDFKVWXG\FHQWHU DWDQ\WLPHGXULQJWKH
VWXG\
,WLVWKHUHVSRQVLELOLW\RIWKHVWXG\PRQLWRUWRHQVXUHWKDWWKHLQYHVWLJDWRURUGHSXW\KDV
FRUUHFWO\GRFXPHQWHGWKHDPRXQWRIWKHVWXG\GUXJUHFHLYHGGLVSHQVHGDQG UHWXUQHGRQWKH
GLVSHQVLQJORJWKDWZLOOEHSURYLGHG$IXOOGUXJDFFRXQWDELOLW\ORJZLOOEHPDLQWDLQHGDWWKH
VWXG\FHQWHUDWDOOWLPHV7KHVWXG\PRQLWRUZLOODUUDQJHFROOHFWLRQ RIXQXVHGVWXG\GUXJ
UHWXUQHGE\WKHVXEMHFW7KHVWXG\PRQLWRUZLOODOVRSHUIRUPDQLQYHQWRU\RIVWXG\GUXJDWWKH
FORVHRXWYLVLWWRWKHVWXG\FHQWHU$OOGLVFUHSDQFLHVPXVWEHDFFRXQWHGIRUDQGGRFXPHQWHG

)LQDQFLQJDQG,QVXUDQFH
)LQDQFLQJDQGLQVXUDQFHRIWKLVVWXG\ZLOOEHRXWOLQHGLQDVHSDUDWHDJUHHPHQWEHWZHHQ ,1&
5HVHDUFK//&D6\QHRV+HDOWK&RPSDQ\DQG0DULXV3KDUPDFHXWLFDOV

(7+,&6

,QGHSHQGHQW(WKLFV&RPPLWWHHRU,QVWLWXWLRQDO5HYLHZ%RDUG
%HIRUHLQLWLDWLRQRIWKHVWXG\DWHDFKVWXG\FHQWHUWKHSURWRFROWKH,&)RWKHUZULWWHQ PDWHULDO
JLYHQWRWKHVXEMHFWVDQGDQ\RWKHUUHOHYDQWVWXG\GRFXPHQWDWLRQZLOOEHVXEPLWWHG WRWKH
DSSURSULDWH,5%:ULWWHQDSSURYDORIWKHVWXG\DQGDOOUHOHYDQWVWXG\LQIRUPDWLRQ PXVWEH
REWDLQHGEHIRUHWKHVWXG\FHQWHUFDQEHLQLWLDWHGRUWKHVWXG\GUXJLVUHOHDVHGWRWKH LQYHVWLJDWRU
$Q\QHFHVVDU\H[WHQVLRQVRUUHQHZDOVRI,5%DSSURYDO PXVWEHREWDLQHGIRU FKDQJHVWRWKH
VWXG\VXFKDVDPHQGPHQWVWRWKHSURWRFROWKH,&) RURWKHUVWXG\ GRFXPHQWDWLRQ7KHZULWWHQ
DSSURYDORIWKH,5%WRJHWKHUZLWKWKH DSSURYHG,&)PXVWEH ILOHGLQWKHVWXG\ILOHV
7KHLQYHVWLJDWRUZLOOUHSRUWSURPSWO\WRWKH,5%DQ\QHZLQIRUPDWLRQWKDWPD\DGYHUVHO\ DIIHFW
WKHVDIHW\RIWKHVXEMHFWVRUWKHFRQGXFWRIWKHVWXG\7KHLQYHVWLJDWRUZLOOVXEPLW ZULWWHQ
VXPPDULHVRIWKHVWXG\VWDWXVWRWKH,5%DVUHTXLUHG2QFRPSOHWLRQ RIWKHVWXG\WKH ,5%ZLOO
EHQRWLILHGWKDWWKHVWXG\KDVHQGHG

5HJXODWRU\$XWKRULWLHV
5HOHYDQWVWXG\GRFXPHQWDWLRQZLOOEHVXEPLWWHGWRWKH)'$IRUUHYLHZDQGDSSURYDOEHIRUH WKH
EHJLQQLQJRIWKHVWXG\ 2Q FRPSOHWLRQ RI WKH VWXG\ UHJXODWRU\DXWKRULWLHV ZLOO EH QRWLILHG
WKDWWKHVWXG\KDVHQGHG

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678
3DJHRI
&21),'(17,$/

(WKLFDO&RQGXFWRIWKH6WXG\
7KHLQYHVWLJDWRUVDQGDOOSDUWLHVLQYROYHGLQWKLVVWXG\VKRXOGFRQGXFWWKHVWXG\LQ DGKHUHQFHWR
WKHHWKLFDOSULQFLSOHVEDVHGRQWKH'HFODUDWLRQRI+HOVLQNL*&3,&+ JXLGHOLQHVDQGWKH
DSSOLFDEOHQDWLRQDODQGORFDOODZVDQGUHJXODWRU\UHTXLUHPHQWV

,QIRUPHG&RQVHQW
7KHSURFHVVRIREWDLQLQJLQIRUPHGFRQVHQWPXVWEHLQDFFRUGDQFHZLWKDSSOLFDEOH UHJXODWRU\
UHTXLUHPHQWVDQGPXVWDGKHUHWR*&3
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWQRVXEMHFWXQGHUJRHVDQ\VWXG\UHODWHG
H[DPLQDWLRQRUDFWLYLW\EHIRUHWKDWVXEMHFWKDVJLYHQZULWWHQLQIRUPHGFRQVHQWWRSDUWLFLSDWH LQ
WKHVWXG\
7KHLQYHVWLJDWRURUGHVLJQDWHGSHUVRQQHOZLOOLQIRUPWKHVXEMHFWRIWKHREMHFWLYHVPHWKRGV
DQWLFLSDWHGEHQHILWVDQGSRWHQWLDOULVNVDQGLQFRQYHQLHQFHVRIWKHVWXG\7KHVXEMHFWVKRXOG EH
JLYHQHYHU\RSSRUWXQLW\WRDVNIRUFODULILFDWLRQRIDQ\SRLQWVKHGRHV QRWXQGHUVWDQGDQG LI
QHFHVVDU\DVNIRUPRUHLQIRUPDWLRQ$WWKHHQGRIWKHLQWHUYLHZWKHVXEMHFWZLOOEHJLYHQ DPSOH
WLPHWRFRQVLGHUWKHVWXG\6XEMHFWVZLOOEHUHTXLUHGWR VLJQDQGGDWHWKH,&)$IWHU VLJQDWXUHV
DUHREWDLQHGWKH,&)ZLOOEHNHSWDQGDUFKLYHG E\WKHLQYHVWLJDWRULQWKH LQYHVWLJDWRU¶VVWXG\
ILOH$VLJQHGDQGGDWHGFRS\RIWKHVXEMHFW,&)ZLOOEHSURYLGHGWRWKH VXEMHFWRUKLVDXWKRUL]HG
UHSUHVHQWDWLYH
,WVKRXOGEHHPSKDVL]HGWKDWWKHVXEMHFWPD\UHIXVHWRHQWHUWKHVWXG\RUWRZLWKGUDZ IURPWKH
VWXG\DWDQ\WLPHZLWKRXWFRQVHTXHQFHVIRUKLVIXUWKHUFDUHRUSHQDOW\RUORVVRIEHQHILWVWR
ZKLFKKHLVRWKHUZLVHHQWLWOHG6XEMHFWVZKRUHIXVHWRJLYHRUZKRZLWKGUDZZULWWHQ LQIRUPHG
FRQVHQWVKRXOGQRWEHLQFOXGHGRUFRQWLQXHLQWKHVWXG\
,IQHZLQIRUPDWLRQEHFRPHVDYDLODEOHWKDWPD\EHUHOHYDQWWRWKHVXEMHFW¶VZLOOLQJQHVVWR
FRQWLQXHSDUWLFLSDWLRQLQWKHVWXG\DQHZ,&)ZLOOEHDSSURYHGE\WKH,5%DQG UHJXODWRU\
DXWKRULWLHVLIUHTXLUHG7KHVWXG\VXEMHFWVZLOOEHLQIRUPHGDERXWWKLVQHZ LQIRUPDWLRQDQG
UHFRQVHQWZLOOEHREWDLQHG

6XEMHFW&RQILGHQWLDOLW\
0RQLWRUVDXGLWRUVDQGRWKHUDXWKRUL]HGDJHQWVRIWKHVSRQVRUDQGRULWVGHVLJQHHWKH,5%
DSSURYLQJWKLVUHVHDUFKDQGWKH)'$DVZHOODVWKRVHRIDQ\RWKHUDSSOLFDEOH DJHQF\LHVZLOO
EHJUDQWHGGLUHFWDFFHVVWRWKHVWXG\VXEMHFWV¶RULJLQDOPHGLFDOUHFRUGVIRUYHULILFDWLRQRI
FOLQLFDOVWXG\SURFHGXUHVDQGRUGDWDZLWKRXWYLRODWLQJWKHFRQILGHQWLDOLW\RIWKHVXEMHFWVWR WKH
H[WHQWSHUPLWWHGE\WKHODZDQGUHJXODWLRQV,QDQ\ SUHVHQWDWLRQVRIWKHUHVXOWVRIWKLV VWXG\RULQ
SXEOLFDWLRQVWKHVXEMHFWV¶LGHQWLW\ZLOOUHPDLQFRQILGHQWLDO
$OOSHUVRQDOGDWDFROOHFWHGDQGSURFHVVHGIRUWKHSXUSRVHVRIWKLVVWXG\VKRXOGEHPDQDJHG E\
WKHLQYHVWLJDWRUDQGKLVKHUVWDIIZLWKDGHTXDWHSUHFDXWLRQVWRHQVXUH FRQILGHQWLDOLW\RI WKRVH
GDWDDQGLQDFFRUGDQFHZLWKWKH+HDOWK,QVXUDQFH3RUWDELOLW\DQG$FFRXQWDELOLW\$FW DSSOLFDEOH
WRQDWLRQDODQGRUORFDOODZVDQGUHJXODWLRQVRQ SHUVRQDOGDWDSURWHFWLRQ

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678
3DJHRI
&21),'(17,$/

5(3257,1*$1'38%/,&$7,21,1&/8',1*$5&+,9,1*
(VVHQWLDOGRFXPHQWVDUHWKRVHGRFXPHQWVWKDWLQGLYLGXDOO\DQGFROOHFWLYHO\SHUPLW HYDOXDWLRQRI
WKHVWXG\DQGTXDOLW\RIWKHGDWDSURGXFHG$IWHUFRPSOHWLRQRIWKHVWXG\
GHILQHGDVWKHGDWHRIWKHODVWYLVLWRIWKHODVWVXEMHFWDOOGRFXPHQWVDQGGDWDUHODWLQJWRWKH
VWXG\ZLOOEHNHSWLQDQRUGHUO\PDQQHUE\WKHLQYHVWLJDWRULQDVHFXUHVWXG\ILOH 7KLVILOH ZLOO
EHDYDLODEOHIRULQVSHFWLRQE\WKHVSRQVRU0DULXV3KDUPDFHXWLFDOVRULWV UHSUHVHQWDWLYHV
(VVHQWLDOGRFXPHQWVVKRXOGEHUHWDLQHGIRU\HDUVDIWHUWKHILQDOPDUNHWLQJ DSSURYDOLQDQ,&+
UHJLRQRUIRUDWOHDVW\HDUVVLQFHWKHGLVFRQWLQXDWLRQRI FOLQLFDO GHYHORSPHQWRIWKH
LQYHVWLJDWLRQDOSURGXFW,WLVWKHUHVSRQVLELOLW\RIWKH VSRQVRUWRLQIRUP WKHVWXG\FHQWHUZKHQ
WKHVHGRFXPHQWVQRORQJHUQHHGWREHUHWDLQHG 7KHLQYHVWLJDWRUPXVW FRQWDFWWKHVSRQVRUEHIRUH
GHVWUR\LQJDQ\VWXG\UHODWHGGRFXPHQWDWLRQ,QDGGLWLRQDOO VXEMHFWPHGLFDOUHFRUGVDQGRWKHU
VRXUFHGRFXPHQWDWLRQZLOOEHNHSWIRUWKHPD[LPXPWLPH SHUPLWWHGE\WKHKRVSLWDOLQVWLWXWLRQ
RUPHGLFDO SUDFWLFH
7KHVSRQVRULQWHQGVWRZRUNZLWKLQYHVWLJDWRUVWRFROOHFWLYHO\SXEOLVKUHVXOWVRIWKH VWXG\LQD
SHHUUHYLHZHGPHGLFDOMRXUQDOZKHUHDXWKRUVKLSJHQHUDOO\ZLOOIROORZOHYHORI SDUWLFLSDWLRQLQ
WKHVWXG\7KHVSRQVRUPXVWUHYLHZDQGDSSURYHDQ\UHVXOWVRIWKHVWXG\RUDEVWUDFWVIRU
SURIHVVLRQDOPHHWLQJVSUHSDUHGE\WKHLQYHVWLJDWRUV3XEOLVKHGGDWDPXVWQRWFRPSURPLVH WKH
REMHFWLYHVRIWKHVWXG\'DWDIURPLQGLYLGXDOVWXG\FHQWHUVLQ PXOWLFHQWHUVWXGLHVPXVWQRW EH
SXEOLVKHGVHSDUDWHO\

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

$33(1',&(6

,QYHVWLJDWRU6LJQDWXUH3DJH
3URWRFRO7LWOH
$0RQWK5DQGRPL]HG$FWLYHFRQWUROOHG2SHQODEHO6WXG\
RIWKH (IILFDF\DQG6DIHW\RI2UDO7HVWRVWHURQH8QGHFDQRDWHLQ
+\SRJRQDGDO 0HQ
3URWRFRO1XPEHU
05678

&RQILGHQWLDOLW\DQG*&3&RPSOLDQFH6WDWHPHQW

,WKHXQGHUVLJQHGKDYHUHYLHZHGWKLVSURWRFRODQGDPHQGPHQWVLQFOXGLQJ
DSSHQGLFHV DQG,ZLOOFRQGXFWWKHVWXG\DVGHVFULEHGLQFRPSOLDQFHZLWKWKLVSURWRFRO
DQG DPHQGPHQWV*&3DQGUHOHYDQW,&+JXLGHOLQHV

2QFHWKHSURWRFROKDVEHHQDSSURYHGE\WKH,5%,ZLOOQRWPRGLI\WKLVSURWRFROZLWKRXW
REWDLQLQJSULRUDSSURYDORI0DULXV3KDUPDFHXWLFDOVDQGRIWKH,5%,ZLOOVXEPLWWKH
SURWRFRODPHQGPHQWVDQGRUDQ\,&)PRGLILFDWLRQVWR0DULXV3KDUPDFHXWLFDOVDQG
,(&,5%DQGDSSURYDOZLOOEHREWDLQHGEHIRUHDQ\DPHQGPHQWVDUHLPSOHPHQWHG

,XQGHUVWDQGWKDWDOOLQIRUPDWLRQREWDLQHGGXULQJWKHFRQGXFWRIWKHVWXG\ZLWKUHJDUGWR
WKHVXEMHFWV¶VWDWHRIKHDOWKZLOOEHUHJDUGHGDVFRQILGHQWLDO1RVXEMHFWV¶QDPHVZLOOEH
GLVFORVHG$OOVXEMHFWVZLOOEHLGHQWLILHGE\DVVLJQHGQXPEHUVRQDOOH&5)VODERUDWRU\
VDPSOHVRUVRXUFHGRFXPHQWVIRUZDUGHGWRWKHVSRQVRU&OLQLFDOLQIRUPDWLRQPD\EH
UHYLHZHGE\WKHVSRQVRURULWVDJHQWVRUUHJXODWRU\DJHQFLHV$JUHHPHQWPXVWEH
REWDLQHG IURPWKHVXEMHFWEHIRUHGLVFORVXUHRIVXEMHFWLQIRUPDWLRQWRDWKLUGSDUW\

,QIRUPDWLRQGHYHORSHGLQWKLVFOLQLFDOVWXG\PD\EHGLVFORVHGE\0DULXV
3KDUPDFHXWLFDOVWRRWKHUFOLQLFDOLQYHVWLJDWRUVUHJXODWRU\DJHQFLHVRURWKHUKHDOWK
DXWKRULW\RUJRYHUQPHQWDJHQFLHVDVUHTXLUHG



,QYHVWLJDWRU6LJQDWXUH
'DWH
3ULQWHG1DPH

,QVWLWXWLRQ

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

6\PSWRPVDQG6LJQV6XJJHVWLYHRI$QGURJHQ'HILFLHQF\LQ0HQ
)URP(QGRFULQH6RFLHW\
KWWSVDFDGHPLFRXSFRPMFHPDUWLFOH ORRNXSGRLMF


6\PSWRPVDQGVLJQVVXJJHVWLYHRIDQGURJHQGHILFLHQF\LQPHQ

$0RUHVSHFLILFV\PSWRPVDQGVLJQV

x ,QFRPSOHWHRUGHOD\HGVH[XDOGHYHORSPHQWHXQXFKRLGLVP
x 5HGXFHGVH[XDOGHVLUHOLELGRDQGDFWLYLW\
x 'HFUHDVHGVSRQWDQHRXVHUHFWLRQV
x %UHDVWGLVFRPIRUWJ\QHFRPDVWLD
x /RVVRIERG\D[LOODU\DQGSXELFKDLUUHGXFHGVKDYLQJ
x 9HU\VPDOOHVSHFLDOO\PORUVKULQNLQJWHVWHV
x ,QDELOLW\WRIDWKHUFKLOGUHQORZRU]HURVSHUPFRXQW
x +HLJKWORVVORZWUDXPDIUDFWXUHORZERQHPLQHUDOGHQVLW\
x +RWIOXVKHVVZHDWV
%2WKHUOHVVVSHFLILFV\PSWRPVDQGVLJQV

x 'HFUHDVHGHQHUJ\PRWLYDWLRQLQLWLDWLYHDQGVHOIFRQILGHQFH
x )HHOLQJVDGRUEOXHGHSUHVVHGPRRGG\VWK\PLD
x 3RRUFRQFHQWUDWLRQDQGPHPRU\
x 6OHHSGLVWXUEDQFHLQFUHDVHGVOHHSLQHVV
x 0LOGDQHPLDQRUPRFKURPLFQRUPRF\WLFLQWKHIHPDOHUDQJH
x 5HGXFHGPXVFOHEXONDQGVWUHQJWK
x ,QFUHDVHGERG\IDWERG\PDVVLQGH[
x 'LPLQLVKHGSK\VLFDORUZRUNSHUIRUPDQFH


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
7KHSHUFHQWDJHRIVXEMHFWVZLWKLQ$%DQG&UHJLRQVUHSUHVHQWWKHFRUUHFWWLWUDWLRQGHFLVLRQV
PDGHIURPVLQJOHEORRGGUDZSODVPD7OHYHOVZKLOHSHUFHQWDJHRIVXEMHFWVZLWKLQ UHJLRQV,9,
UHSUHVHQWLQFRUUHFWGHFLVLRQVDVGHVFULEHGDVIROORZLQJ
,3ODVPD7OHYHOOHVVWKDQQJG/EXWWKH&DYJJUHDWHUWKDQQJG/,,
3ODVPD7OHYHOLQWKHQRUPDOUDQJHEXWWKH&DYJJUHDWHUWKDQQJG/ ,,,
3ODVPD7OHYHOOHVVWKDQQJG/EXWWKH&DYJLQWKHQRUPDOUDQJH,9
3ODVPD 7OHYHOLQWKHQRUPDOUDQJHEXWWKH&DYJOHVVWKDQQJG/
93ODVPD7OHYHOJUHDWHUWKDQQJG/EXWWKH&DYJLQWKHQRUPDOUDQJH 9,
3ODVPD7OHYHOJUHDWHUWKDQQJG/EXWWKH&DYJOHVVWKDQQJG/"
,QVLWXDWLRQVGHVFULEHGLQ,,,DQG,,,WKHVLQJOHEORRGGUDZEDVHGWLWUDWLRQ
UHFRPPHQGDWLRQ ZLOOUHVXOWLQDGRVHKLJKHUWKDQQHFHVVDU\ZKLOHLQVLWXDWLRQVGHVFULEHG LQ
,99DQG9,WKH VLQJOHEORRGGUDZEDVHGWLWUDWLRQUHFRPPHQGDWLRQVZLOOUHVXOWLQDGRVH
ORZHUWKDQQHFHVVDU\
7KHVDPHIUDPHZRUNDSSOLHVWR&PD[YV&[FRPSDULVRQ
5HVXOWV
&DYJEDVHGGHFLVLRQV

%DVHGRQFRPSDULVRQVRIKRXU7&DYJEDVHGWLWUDWLRQRU&PD[EDVHGWLWUDWLRQ
GHFLVLRQVIURP'D\VRIWKH3KDVHEVWXG\FRPELQHGPJDPPJ
SPUHJLPHQRQO\ZHIRXQGDQGKRXUVDUHQRWVXLWDEOHIRUPDNLQJ
WLWUDWLRQ GHFLVLRQVZKLOHKUSRVWPRUQLQJGRVHVHHPVWREHDSSURSULDWHUDQJH
IRUVLQJOH EORRGGUDZ

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678
3DJHRI
&21),'(17,$/
)LJXUH
3HUFHQWDJHRIVXEMHFWVDWHDFKWLPHSRLQWZKHUHXVHRIWKHEORRGGUDZZRXOG
OHDGWRDFRUUHFWWLWUDWLRQGHFLVLRQ'D\DQGEDVHGRQKRXU7&DYJ
)LJXUHVXJJHVWVWKDWGRVHWLWUDWLRQVEDVHGRQVLQJOHEORRGGUDZVKUDIWHU PRUQLQJGRVLQJ
JLYHVWKHEHVWPDWFKZLWKKRXU7&DYJEDVHGGRVHWLWUDWLRQ UHFRPPHQGDWLRQV
FRUUHFWWLWUDWLRQGHFLVLRQV
7DEOHVXPPDUL]HVWKHRFFXUUHQFHRIHDFKXQQHFHVVDU\WLWUDWLRQ
7DEOH
3RWHQWLDOO\,QFRUUHFW'RVH'HFLVLRQVE\7LPHRI$QDO\VLVRI3ODVPD6DPSOH
'D\DQG
7LPHKU





&[&DYJ8QQHFHVVDU\XSWLWUDWLRQ





&[!&DYJ8QQHFHVVDU\GRZQWLWUDWLRQ


  

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
)LJXUH
3HUFHQWDJHRI,QFRUUHFW7LWUDWLRQ'HFLVLRQVEDVHGRQD6LQJOH%ORRG'UDZ
'D\DQG


)LJXUHLOOXVWUDWHVWKHSHUFHQWDJHRILQFRUUHFWWLWUDWLRQGHFLVLRQVEDVHGRQD VLQJOHEORRGGUDZ
UHVXOWLQJLQGRVHVWKDWZHUHKLJKHURUORZHUWKDQQHFHVVDU\ $V)LJXUHVXJJHVWVLWLVUHDVRQDEOH
WRVXJJHVWWKDWVXEMHFWVVKRXOGEHWLWUDWHG EDVHGRQ EORRGGUDZVWDNHQEHWZHHQDQGKUDIWHU
PRUQLQJGRVHRIWKHGUXJ
&PD[EDVHGGHFLVLRQVLQFRPELQDWLRQZLWK&DYJ
:HDOVRFRPSDUHG&PD[EDVHGGHFLVLRQVIRUWKHLPSDFWRIGLIIHUHQWWKUHVKROGVIRU GRZQWLWUDWLRQ
GHFLVLRQV,QFRUSRUDWLRQRI&PD[LQWRWKHWLWUDWLRQDOJRULWKPDGGUHVVHV WKHVDIHW\ULVNRI7OHYHOV
JUHDWHUWKDQQJG/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
)LJXUH
3HUFHQWDJHRIVXEMHFWVDWHDFKWLPHSRLQWZKHUHXVHRIWKHEORRGGUDZZRXOG
OHDGWRDFRUUHFWWLWUDWLRQGHFLVLRQ'D\DQGEDVHGRQ&PD[


)LJXUHVXJJHVWVWKDWGRVHWLWUDWLRQVEDVHGRQVLQJOHEORRGGUDZVEHWZHHQ DQGKUDIWHU
PRUQLQJGRVLQJJLYHVWKHEHVWPDWFKZLWK&PD[EDVHG GRVHWLWUDWLRQUHFRPPHQGDWLRQVXVLQJ
WKHWKUHVKROGVRIDQGQJG/ 7YDOXHV&[EHORZWKHORZHUOLPLWRI
QJG/UHVXOWVLQXSWLWUDWLRQWRDFKLHYH&DYJZLWKLQWKHQRUPDOUDQJH7YDOXHV&[DERYHWKH
XSSHUOLPLWRIQJG/UHVXOWLQGRZQWLWUDWLRQWRPDLQWDLQ&PD[YDOXHV OHVVWKDQQJG/
$SSOLFDWLRQRIWKHUDQJHQJG/UHVXOWHGLQ ORZHUFRUUHFWWLWUDWLRQSHUFHQWDJHV
$GGLWLRQDOO\KUVSRVWPRUQLQJGRVLQJ JLYHVDORZHU SHUFHQWDJHRIFRUUHFWWLWUDWLRQGHFLVLRQV
DQGWKXVLVQRW UHFRPPHQGHG)RUKU SRVWPRUQLQJGRVLQJZHREVHUYHGVXEMHFWVLQWKH
3KDVHEVWXG\KDYLQJ&PD[ RYHUQJG/EXWQRWPHHWLQJGRZQWLWUDWLRQ GHFLVLRQVEDVHGRQ
SODVPD7 OHYHO7KHUHIRUHZHSURSRVHWRXVHWKHZLQGRZRIKUIRURXU3KDVHWULDO

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
7DEOH
3RWHQWLDOO\,QFRUUHFW'RVH'HFLVLRQVE\7LPHRI$QDO\VLVRI3ODVPD6DPSOH
'D\DQGGDWDIURP3KDVHEVWXG\
&XWRIIQJG/

7LPHKU





&[&DYJ8QQHFHVVDU\XSWLWUDWLRQ





&[!&DYJ8QQHFHVVDU\GRZQWLWUDWLRQ






&XWRIIQJG/

7LPHKU





&[!&DYJ8QQHFHVVDU\XSWLWUDWLRQ



 
&[!&DYJ8QQHFHVVDU\GRZQWLWUDWLRQ






7DEOHFRQILUPHGWKDWDQGKUDUHQRWDSSURSULDWHIRUVLQJOHEORRGGUDZDQGWKH ZLQGRZ
RIQJG/SURYLGHGORZHULQFRUUHFWSHUFHQWDJHVIRUERWKFDVHV
7KHUHIRUHZHSURSRVHWRXVHKUSRVWPRUQLQJGRVHDVWKHVLQJOHEORRGGUDZWLPHZLQGRZ
7KHXSDQGGRZQWLWUDWLRQWKUHVKROGVDUHVHWDWQJG/DQGQJG/ UHVSHFWLYHO\WR
DFKLHYHDKLJKSHUFHQWDJHRIFRUUHFWGHFLVLRQZKLOHPLQLPL]LQJWKH SHUFHQWDJHRILQFRUUHFW
GHFLVLRQV
%RWK'D\VDQGLQWKH3KDVH,,EWULDOKDYHKRXU3.GDWD :HHYDOXDWHG GDWD IRUWKHVH
WZRGD\VRQVXEMHFWVZKRUHFHLYHGPJ$0PJ30GRVH UHJLPHQ ZKLFKLVWKH
VWDUWLQJGRVHLQWKH3KDVHWULDO7KHSURSRVHGWLWUDWLRQZLQGRZ RIKUVLQJOH EORRGGUDZ
DQGQJG/WKUHVKROGYDOXHVZHUHYDOLGDWHGE\WKLV DSSURDFK
1HZFXWRIIIRUGRZQWLWUDWLRQGHFLVLRQV
2Q-XO\WK0DULXVREWDLQHGLQWHULPUHVXOWVIRU3URWRFRO629715 LQ9HQWLYH
3URWRFROWRGHWHUPLQHWKHQRUPDOUDQJHRIWHVWRVWHURQHDQGGLK\GURWHVWRVWHURQH'+7
LQKHDOWK\HXJRQDGDOPDOHVXVLQJRXUSODVPDDVVD\7KH LQWHULPUHVXOWVDUHIRUVXEMHFWVZLWK
DWRWDOUHFUXLWPHQWRISODQQHG IRUWKH VWXG\,QWKLVQRUPDOUDQJHVWXG\HQGRJHQRXV7LV
GHWHUPLQHGE\YDOLGDWHGDVVD\VXVLQJSODVPDDQGVHUXPVDPSOHVREWDLQHGIURPVXEMHFWV
0HWKRGYDOLGDWLRQIRUWKHSODVPDPHWKRGZDVLQFOXGHGLQ61IRU,1'  8VHRI
SODVPDEDVHGVDPSOHVZLWKDQHQ]\PHLQKLELWRULVQHFHVVDU\IRU UHOLDEOH PHDVXUHPHQWRI7
ZKHQDQHVWHUEDVHGSURGUXJVXFKDVWHVWRVWHURQH XQGHFDQRDWHLV XVHGIRUWHVWRVWHURQH
UHSODFHPHQWWKHUDS\
7KHLQWHULPQRUPDOUDQJHVWXG\UHVXOWVLQGLFDWHWKDWDVVD\YDOXHVIRU7REWDLQHG E\ WKHSODVPD
PHWKRGDUHRQDYHUDJHRIWKHYDOXHRIDVHUXPVDPSOHREWDLQHG IURPWKHVDPHVXEMHFWDW
WKHVDPHWLPH%RWKPHWKRGVXVHTXDQWLWDWLRQE\/& 0606DQGWKHGLIIHUHQFHEHWZHHQ
PHWKRGVDSSHDUVFRQVLVWHQWDFURVVVHUXP WHVWRVWHURQHYDOXHVIURPWRQJG/UHJUHVVLRQ
DQDO\VLV\LHOGVDQ5RI

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
8VLQJWKHVHLQWHULPUHVXOWVLWDSSHDUVWKHQRUPDOWHVWRVWHURQHUDQJHDVPHDVXUHG XVLQJVHUXP
VDPSOHVZRXOGEHIURPDERXWWRDERXWQJG/ DQGWKHQRUPDO UDQJHDVPHDVXUHGE\WKH
SODVPDPHWKRGIURPDERXWWR DERXWQJG/ $OWKRXJKWKHVHDUHLQWHULPUHVXOWVZHGR
QRWH[SHFWWKH QRUPDOUDQJHVRUWKH UHODWLRQVKLSEHWZHHQSODVPDDQGVHUXPUHVXOWVWRFKDQJH
PDWHULDOO\
&RQVLGHULQJWKHLQWHULPGDWDIURPWKHQRUPDOUDQJHVWXG\ZHKDYHUHH[DPLQHGWKH XSDQG
GRZQWLWUDWLRQWKUHVKROGV)RUWKHXSWLWUDWLRQWKUHVKROGRI QJG/ SODVPDPHWKRGZH
REVHUYHWKLVWKUHVKROGGRHVDSSUR[LPDWHO\ FRUUHVSRQGWRWKHORZHUOLPLWRIQRUPDOUDQJHRI7
FRQFHQWUDWLRQVIRUWKHSODVPD PHWKRGHVWLPDWHGDW QJG/EDVHGRQWKHLQWHULPUHVXOWVRIWKH
QRUPDOUDQJH VWXG\ 5HYLHZLQJWKH 3KDVHEGDWDLQYLHZRIWKHHPHUJLQJQRUPDOUDQJH UHVXOWV
QRQHRIWKHVXEMHFWVRQWKHPJ78GRVHZRXOGKDYHUHTXLUHG XSWLWUDWLRQWRDFKLHYH
&DYJLQWKH QRUPDOUDQJHDVGHWHUPLQHGE\WKHSODVPDPHWKRG
:LWKUHVSHFWWRWKHQJG/WKUHVKROGIRUWULJJHULQJGRZQWLWUDWLRQWKH REVHUYHG UDWLRRI
SODVPDWRVHUXPUHVXOWVOHDGVXVWRORZHUWKLVGRZQWLWUDWLRQWKUHVKROGWR EHWWHUUHIOHFWWKHQRUPDO
UDQJHDVPHDVXUHGE\WKHSODVPDPHWKRG 7KHSUHYLRXV WKUHVKROGRIZLOOEHORZHUHGWR
QJG/RI
:HUHHYDOXDWHGGDWDIRUERWK'D\VDQGLQWKH3KDVH,,ERQDOOVXEMHFWV KDYLQJKRXU
3.GDWD7KHSURSRVHGWLWUDWLRQZLQGRZRIKUVLQJOHEORRGGUDZ DQGQJG/
WKUHVKROGYDOXHVDUHYDOLGDWHG

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
7DEOHLOOXVWUDWHVWKHSHUFHQWDJHRIFRUUHFWWLWUDWLRQGHFLVLRQVEDVHGRQDVLQJOH EORRGGUDZ
DQGLQFRUUHFWWLWUDWLRQGHFLVLRQVUHVXOWLQJLQGRVHVWKDWZHUHKLJKHURU ORZHUWKDQQHFHVVDU\,WLV
UHDVRQDEOHWRVXJJHVWWKDWVXEMHFWVVKRXOGEHWLWUDWHGEDVHG RQEORRGGUDZVWDNHQEHWZHHQDQG
KUDIWHUPRUQLQJGRVHRIWKHGUXJ'D\6LPLODUUHVXOWVZHUHDOVRREWDLQHGIRU'D\
7LWUDWLRQVFKHPH
,QFRQFOXVLRQZHSURSRVHWKDWWKHVLQJOHEORRGGUDZXVHGIRUWLWUDWLRQGHFLVLRQV EH REWDLQHG
KUSRVWPRUQLQJGRVH 6XEMHFWVKDYLQJVLQJOHEORRGGUDZYDOXHVRIWRWDO SODVPD7OHVVWKDQRU
HTXDOWRQJG/ZLOOEHXSWLWUDWHG 6XEMHFWV KDYLQJVLQJOH EORRGGUDZYDOXHVRIWRWDOSODVPD
7JUHDWHUWKDQQJG/ZLOOEHGRZQWLWUDWHG
7KHDERYHUDWLRQDOHLVLQFRUSRUDWHGLQWRWKHSURWRFROIRUWKH3KDVHVWXG\9 &KDQJHVDUHLQ
WKH6\QRSVLVDQG6HFWLRQ,QYHVWLJDWLRQDO3ODQDQG6HFWLRQ 7LPLQJRI6WXG\3URFHGXUHV


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678
3DJHRI
&21),'(17,$/

$QGUR*HO3UHVFULELQJ,QIRUPDWLRQ

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/



0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/




0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/



0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/



0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/



0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/



0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/



0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/



0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/



0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

,QWHUQDWLRQDO3URVWDWH6\PSWRP6FRUH





0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/



9HUVLRQGRZQORDGHGIURPZZZXURVSHFFRPXUR)RUPVLSVVSGI$SULO


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

3V\FKRVH[XDO'DLO\4XHVWLRQQDLUH






0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

6KRUW)RUP6XUYH\






0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/




0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/




0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/




0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/




0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/



0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

,QWHUQDWLRQDO,QGH[RI(UHFWLOH)XQFWLRQ4XHVWLRQQDLUH





0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/




0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

$PRXQWRI%ORRG'UDZQSHU6WXG\'D\629)*URXS
%ORRGYROXPHVVKRZQLQWKHIROORZLQJWDEOHDUHDSSUR[LPDWH$GGLWLRQDOEORRGVDPSOHV PD\
EHWDNHQLIQHHGHGWRIROORZXSRQLQGLYLGXDOVXEMHFWVDIHW\
)RUVXEMHFWVSDUWLFLSDWLQJLQWKH$&7+VWLPXODWLRQVXEVWXG\DQDGGLWLRQDOP/RI
EORRGYROXPHZLOOEHFROOHFWHGDW'D\DQG'D\


7LPH
3.

&KHP

+HP

(QGR
/LSLGV
DQG36$

2WKHUV

7VHUXP
(
SODVPD
78	
'+78
SODVPD

KU
P/
P/
P/
P/
P/
P/
P/
P/
6FUHHQLQJ
±

±
±
±
±
±
±
±
6FUHHQLQJ
±
,QFOXGHG
LQ&KHP
±
±




±

7UHDWPHQW

3ODVPD3.





7	'+7
(
78	
'+78

'D\
3UHPRUQLQJ
GRVH





±











'D\
3UHPRUQLQJ
GRVH



±

±



±

±







±
±
±
±
±
±
±



±
±
±
±
±
±
±



±
±
±
±
±
±
±



±
±
±
±
±
±
±



±
±
±
±
±
±
±



±
±
±
±
±
±
±

SUH
HYHQLQJ GRVH



±

±

±

±

±

±

±



±
±
±
±
±
±
±



±
±
±
±
±
±
±



±
±
±
±
±
±
±



±
±
±
±
±
±
±



±
±
±
±
±
±
±



±
±
±
±
±
±
±



±
±
±
±
±
±
±

'D\
3UHPRUQLQJ
GRVH



±

±



±

±







±
±
±
±
±
±
±



±
±
±
±
±
±
±



±
±
±
±
±
±
±



±
±
±
±
±
±
±



±
±
±
±
±
±
±



±
±
±
±
±
±
±

SUH
HYHQLQJ GRVH



±

±

±

±

±

±

±



±
±
±
±
±
±
±



±
±
±
±
±
±
±



±
±
±
±
±
±
±



±
±
±
±
±
±
±



±
±
±
±
±
±
±



±
±
±
±
±
±
±

'D\
3UHPRUQLQJ
GRVH





















±
±
±
±
±





±
±
±
±
±

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/





±
±
±
±
±





±
±
±
±
±





±
±
±
±
±





±
±
±
±
±

SUH
HYHQLQJ GRVH







±

±

±

±

±





±
±
±
±
±





±
±
±
±
±





±
±
±
±
±





±
±
±
±
±





±
±
±
±
±





±
±
±
±
±





±
±
±
±
±

'D\
6LQJOHEORRG
GUDZSRVWGRVH



±

±

±

±

±

±

±

'D\
3UHPRUQLQJ
GRVH

±

±

±





±





'D\
6LQJOHEORRG
GUDZSRVWGRVH



±

±

±

±

±

±

±

'D\
3UHPRUQLQJ
GRVH

±

±

±





±





'D\
3UHPRUQLQJ
GRVH

±

±

±











6LQJOHEORRG
GUDZSRVWGRVH



±

±

±

±

±

±

±










6XEWRWDOP/









7RWDOP/









'D\RU
'D\DW
OHDVW
VXEMHFWV
%LR
DQDO\WLFDO
6WDELOLW\
6WXG\









9(WKURXJK
9(
([WHQVLRQ
05678
(;7
$%30
([WHQVLRQ








6HUXP7
6XEVWXG\DW
9('(
05678
(;7








$EEUHYLDWLRQV&KHP FKHPLVWU\(QGR HQGRFULQRORJ\+HP KHPDWRORJ\KU KRXU,G LGHQWLILFDWLRQ2WKHUV 
IDVWLQJLQVXOLQDQGIDVWLQJSODVPDJOXFRVH3. SKDUPDFRNLQHWLF36$ SURVWDWHVSHFLILFDQWLJHQ
7RWDOVWXG\YROXPHIRU%LRDQDO\WLFDO6DPSOH6WDELOLW\6XEVWXG\ZLOOEH P/
7RWDOVWXG\YROXPHIRURQJRLQJ6XEMHFWVLQ05678(;7QRWRWKHUZLVHSDUWLFLSDWLQJLQWKH%LRDQDO\WLFDO6XEVWXG\WKH
WRWDOEORRGYROXPHZLOOEH P/
7RWDOVWXG\YROXPHIRURQJRLQJ6XEMHFWVLQ05678(;7QRWRWKHUZLVHKDYLQJSDUWLFLSDWHGLQWKH%LRDQDO\WLFDO
6XEVWXG\EXWSDUWLFLSDWLQJLQWKH9('(6HUXP7VXEVWXG\WKHWRWDOEORRGYROXPHZLOOEHP/ P/


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

$PRXQWRI%ORRG'UDZQSHU6WXG\'D\$QGUR*HO*URXS
%ORRGYROXPHVVKRZQLQWKHIROORZLQJWDEOHDUHDSSUR[LPDWH$GGLWLRQDOEORRGVDPSOHV PD\
EHWDNHQLIQHHGHGWRIROORZXSRQLQGLYLGXDOVXEMHFWVDIHW\


7LPH
3.



/LSLGDQG
36$

2WKHUV
7
(
&KHP
+HP
(QGR
VHUXP
SODVPD

KU
P/
P/
P/
P/
P/
P/
P/
6FUHHQLQJ
±

±
±
±
±
±
±

6FUHHQLQJ

±
,QFOXGHG
LQ&KHP

±









±
7UHDWPHQW
7 	'+7
VHUXP
(
SODVPD




'D\
3UHPRUQLQJGRVH















'D\
3UHPRUQLQJGRVH



±



±

±





'D\
3UHPRUQLQJGRVH



±



±

±





'D\
3UHPRUQLQJGRVH


















±
±
±
±
±




±
±
±
±
±




±
±
±
±
±




±
±
±
±
±




±
±
±
±
±




±
±
±
±
±




±
±
±
±
±

'D\
3UHPRUQLQJGRVH



±

±

±

±

±

±

'D\
3UHPRUQLQJGRVH

±

±





±





'D\
3UHPRUQLQJGRVH



±

±

±

±

±

±

'D\
3UHPRUQLQJGRVH

±

±





±





'D\
3UHPRUQLQJGRVH



±










6XEWRWDO
P/








7RWDOP/








$EEUHYLDWLRQV&KHP FKHPLVWU\(QGR HQGRFULQRORJ\+HP KHPDWRORJ\KU KRXU,G LGHQWLILFDWLRQ2WKHUV  IDVWLQJ
LQVXOLQDQGIDVWLQJSODVPDJOXFRVH3. SKDUPDFRNLQHWLF36$ SURVWDWHVSHFLILFDQWLJHQ


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

/DFNRIVWDELOLW\RIKHPDWRFULWPHDVXUHPHQWDVDIXQFWLRQRIDJHRI
VDPSOH
'XULQJWKHILUVWPRQWKRIVFUHHQLQJSDWLHQWVIRUWKHVWXG\RIRUDOWHVWRVWHURQHXQGHFDQRDWHLQ
K\SRJRQDGDOSDWLHQWV3URWRFRO056780DULXVKDVREVHUYHGDQ HOHYDWHGUDWLRRI
KHPDWRFULW+&7WRKHPRJORELQ+*% :KHUHDW\SLFDO+&7+*%UDWLRLVDURXQGWKH
PHDQUDWLRLQWKHSDWLHQWVVFUHHQHGWRGDWHLVZLWK RIVXEMHFWVVFUHHQHGRI
PHQH[FHHGLQJWKHPD[LPXPDOORZDEOH+&72I WKHVHPHQZLWKKLJKKHPDWRFULW
YDOXHVRQO\IRXUKDG+*%FRQFHQWUDWLRQVJUHDWHUWKDQ JG/
,QGLVFXVVLQJWKLVLVVXHZLWK%$5&/DERUDWRULHVLWEHFDPHFOHDUWKDWWKLVSUREOHPLV GXHWR
WKHNQRZQLQFUHDVHLQPHDQFRUSXVFXODUYROXPHDQGKHPDWRFULWGXULQJVWRUDJH7KLV SUREOHP
GRHVQRWH[LVWZLWK+*%UHVXOWV7KHIROORZLQJWDEOHLOOXVWUDWHVGDWDJHQHUDWHGE\ %$5&
7DEOH
/DERUDWRU\9DOXH&KDQJHVZLWK6DPSOH$JHDW5RRP7HPSHUDWXUH


%HFDXVHWKHODERUDWRU\HYDOXDWLRQVLQWKHVWXG\DUHGRQHFHQWUDOO\WKHPHDVXUHPHQWVDUH QRW
SHUIRUPHG XQWLO DW OHDVW KRXUV DIWHU DEORRG VDPSOHLV GUDZQ :KROH EORRG VDPSOHV DUH
VKLSSHGDWDPELHQWWHPSHUDWXUH
%HFDXVHRIWKLVDUWHIDFWXDOLQFUHDVHLQ+&7UHVXOWRQHWKDWLQFUHDVHVZLWKVWRUDJHWLPH 0DULXV
KDVHOHFWHGWRUHYLVHLWVLQFOXVLRQDQGH[FOXVLRQFULWHULDWRVROHO\UHIOHFW+*%YDOXHV 0HQ
HQWHULQJWKHWULDOPXVWKDYHD+*%FRQFHQWUDWLRQEHWZHHQDQGJG/LIWKH\ KDYHQRW
UHFHLYHGWHVWRVWHURQHVXSSOHPHQWDWLRQLQWKHSUHYLRXVGD\VRU EHWZHHQDQGJG/
LISULRUWHVWRVWHURQHWKHUDS\ZDVVWRSSHGLQWKHSUHYLRXVGD\VEHFDXVHRIWKH NQRZQHIIHFW
RIWHVWRVWHURQHWRLQFUHDVH+&7 %HFDXVHRIYDULDELOLW\LQVDPSOH VWRUDJHVKLSSLQJWLPH
EHWZHHQFROOHFWLRQDQGPHDVXUHPHQW+&7UHVXOWVZLOOQRORQJHUEH UHSRUWHGEXWHVWLPDWHGDV
WLPHVWKH+*%YDOXH 7KLVDSSURDFKWRWKHPHDVXUHPHQWRI EORRGFRXQWVLVFRQVLVWHQWZLWK
ZKDWZDVGRQHLQWKH 1,+VSRQVRUHG7HVWRVWHURQH7ULDOV 77ULDOV&OLQLFDO7ULDOVJRY
LGHQWLILHU 1&7
&RKOH6'6DOHHP$0DNNDRXL'((IIHFWVRIVWRUDJHRIEORRGRQVWDELOLW\RIKHPDWRORJLF
SDUDPHWHUV$P-&OLQ3DWKRO

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

05678(;7$%30([WHQVLRQ6\QRSVLV
$
29(59,(:
3URWRFRO7LWOH
05678(;7$PEXODWRU\%ORRG3UHVVXUH0RQLWRULQJ$%30([WHQVLRQ6WXG\
6WXG\&HQWHUV
8SWRRIWKH05678VLWHVLQ8QLWHG6WDWHV
,QWURGXFWLRQ
6WXG\05678(;7LVDQH[WHQVLRQWRVWXG\056782QHSXUSRVHLVWRIXUWKHU
H[DPLQHWKHEORRGSUHVVXUH%3HIIHFWVRI0DULXV¶VRUDOWHVWRVWHURQHXQGHFDQRDWHIRUPXODWLRQ
629)XVLQJKRXUDPEXODWRU\EORRGSUHVVXUHPRQLWRULQJ$%30$QRWKHUSULPDU\
REMHFWLYHZLOOEHWRGHPRQVWUDWHWKHIHDVLELOLW\RIXVLQJDORZHUVWDUWLQJGRVHRI629)
GDLO\GRVHRIPJ>PJZLWKEUHDNIDVWPHDODQGPJZLWKGLQQHUPHDO@WRWLWUDWH
LQGLYLGXDOGRVHVLQRUGHUWRIXUWKHUHQKDQFHGUXJDGPLQLVWUDWLRQ
(OLJLEOHVXEMHFWVZLOOLQFOXGHXSWRDSSUR[LPDWHO\PHQZKRFRPSOHWHWKHZHHN056
78VWXG\DQGDUHZLOOLQJWRFRQVHQWWRSDUWLFLSDWHLQWKHH[WHQVLRQVWXG\(OLJLEOHPHQZKR
KDYHFRQVHQWHGWRWKLVH[WHQVLRQVWXG\ZLOOEHZLWKGUDZQIURPWHVWRVWHURQHUHSODFHPHQWWKHUDS\
IRUDPLQLPXPRIZHHNVIROORZLQJWKHLUFRQFOXVLRQRI05678
/DWH(QWU\6XEMHFWVIURP05678
6XEMHFWVZKRFRPSOHWHG'D\LQ05678SULRUWRWKHVWDUWRI05678(;7
PD\HQUROOLQ05678(;7E\SDVVLQJWKH'D\$%30H[WHQVLRQVWXG\
UHTXLUHPHQW7KHVHODWHHQWU\VXEMHFWVZLOOVWLOOEHUHTXLUHGWRKDYHDQZHHNZDVKRXWSHULRG
EHJLQQLQJDWWLPHRIFRQVHQW $Q\LQWHULPWHVWRVWHURQHWKHUDS\EHWZHHQWLPHRIFRPSOHWLRQRI
05678DQGFRQVHQWIRU05678(;7PXVWEHUHFRUGHGLQWKHHOHFWURQLFFDVH
UHSRUWIRUP$VZLWKRWKHUSDUWLFLSDWLQJVXEMHFWVWKH\PXVWSDVVWKH$%30HYDOXDWLRQDW9(
'D\(WRFRQWLQXHLQWKH$%30H[WHQVLRQVWXG\
New Subject Enrollment into Extension Study(QUROOPHQWRISDWLHQWVQDwYHWR05678
RUVXEMHFWVZKRKDYHFRPSOHWHGWKHPDLQVWXG\05678!ZHHNVDJRZLOOEHSHUPLWWHG
DWDIHZVLWHVLQRUGHUWRPD[LPL]HHQUROOPHQWIRU05678(;7SURYLGHGWKRVHSDWLHQWV
PHHWERWKWKHPDLQVWXG\DQG H[WHQVLRQVWXG\HOLJLELOLW\FULWHULD7KHVHVXEMHFWVwould be 
required to consent and then complete screening assessments of the Screening Visit 1(EXT) 
and Screening Visit 2 (EXT), IRUDVVHVVPHQWVFRQVLVWHQWZLWKWKHPDLQSURWRFROSULRUWREHLQJ
HQUROOHGLQWR05678(;7 See 16.12.2 Schedule of Assessments, ABPM Extension 
Study Pre-Treatment Period: For Newly Enrolled Subjects (MRS-TU-2019 naïve or Late 
Entry subjects who qualify for new enrollment due to extended time off study).

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
6XEMHFWVFRPSOHWLQJWKHPDLQVWXG\05678DQGJRLQJGLUHFWO\LQWR05678
(;7FRPSOHWHWKHH[WHQVLRQVWXG\GHILQHGZHHNZDVKRXWDQGEHJLQDWRWDORIGD\V
RIWUHDWPHQW RQ629)/DWH(QWU\6XEMHFWVVXEMHFWVKDYLQJDJDSEHWZHHQFRPSOHWLRQ
RIPDLQVWXG\DQGHQWU\LQWRWKH05678(;7VWXG\ZLOOFRPSOHWHZHHNVRI
DGGLWLRQDOZDVKRXWIURPWLPHRIFRQVHQWDQGWKHQEHJLQGD\VRIWUHDWPHQWRQ
629))RUQHZO\HQUROOHGVXEMHFWVLQ05678(;7VHHPRGLILHG6FKHGXOHRI
$VVHVVPHQWVLQ6HFWLRQIRUZDVKRXWDQGSUHWUHDWPHQWVFUHHQLQJUHTXLUHPHQWV
'XULQJWKHGD\WUHDWPHQWSHULRGVXEMHFWVZLOOEHWLWUDWHGXSRUGRZQLIQHFHVVDU\RYHUWKH
ILUVWWRZHHNV WRGD\VRI WUHDWPHQWSHULRGXVLQJDUHILQHGGRVHWLWUDWLRQDOJRULWKP
6XEMHFWVZLOO VWD\RQWKHLUILQDOGRVHIURP'D\RU'D\WKURXJK'D\WKH
FRPSOHWLRQRIWKH $%30VWXG\$%30ZLOOEHFRQGXFWHGWLPHVGXULQJWKH05678
(;7VWXG\ GHSHQGLQJRQZKHWKHUWKHVXEMHFWUROOVRQWRWKHH[WHQVLRQVWXG\GLUHFWO\IURP
05678 RULVD05678(;7/DWH(QWU\6XEMHFWRUD1HZ6XEMHFW(QUROOPHQW
SDUWLFLSDQWDW(27PDLQVWXG\DIWHUZHHNVZDVKRXWDW PRQWKDQGDWPRQWKRI
WUHDWPHQW7KHPRQWKYLVLWZLOOSURYLGHGDWDRQVWDELOL]DWLRQRI DPEXODWRU\%3IROORZLQJWKH
PRQWKGDWDIRUDPEXODWRU\%3SULPDU\HQGSRLQW
7KHGHVLJQSURYLGHVWKHDGYDQWDJHRIEHLQJDEOHWRHYDOXDWHWKHGXUDELOLW\RIREVHUYHG%3
FKDQJHVE\REWDLQLQJ$%30GDWDIURPWKH629)DQG$QGURJHOVWXG\VXEMHFWVDIWHU
ORQJWHUPLHGD\VWUHDWPHQW,QWKH05678VWXG\WKHLQFUHDVHLQLQFOLQLF%3
DSSHDUVWREHPD[LPDOZLWKLQZHHNVRIVWDUWLQJDQGURJHQUHSODFHPHQWWKHUDS\ZLWK
629 ),Q05678(;7DQZHHNZDVKRXWRIDQGURJHQUHSODFHPHQW WKHUDS\
ZDVFKRVHQWRFRQVHUYDWLYHO\UHHVWDEOLVKDWUHDWPHQWIUHHEDVHOLQH%3 7RFRQILUP WKDWD
VWHDG\VWDWHRI%3LVUHDFKHGE\ZHHNVDIWHUDQGURJHQZLWKGUDZDOLQFOLQLFEORRG SUHVVXUH
ZLOOEHPHDVXUHGDIWHUDQGZHHNVRIDQGURJHQZLWKGUDZDO 7KH DFKLHYHPHQWRI
VWHDG\VWDWHZLOOEHGHWHUPLQHGE\UHSHDWHGPHDVXUHVDQDO\VLVWKDWZLOOORRNDWWKHVORSHRIWKH
OLQHUHODWLYHWRGD\VDQGDQGSURYLGHFRQILGHQFH LQWHUYDOV&,VDURXQGWKHVORSH
KU6HUXP7'+76XEVWXG\
$WVHOHFWFHQWHUVDSSUR[LPDWHO\VXEMHFWVZLOOSDUWLFLSDWHLQDKU6HUXP7VDPSOH
FROOHFWLRQVXEVWXG\6XEMHFWVHQUROOHGLQWKH6HUXP7VXEVWXG\VKRXOGKDYH6HUXP7VDPSOHV
GUDZQDWDOO3.WLPHSRLQWVSUHPRUQLQJGRVHDQG 
DQGKRXUVDIWHU$0GRVH7KHVHVDPSOHVZLOOEHVWRUHGDWWKHFHQWUDOODERUDWRU\IRU
H[SORUDWRU\DQDO\VLVUHODWHGWRWKHGLVHDVHDQGWKHLQYHVWLJDWLRQDOSURGXFWXQGHUVWXG\

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
%
2%-(&7,9(6

3ULPDU\2EMHFWLYH

o 7RDVVHVVFKDQJHIURPEDVHOLQHLQKRXUPHDQV\VWROLFEORRGSUHVVXUHV%3
PHDVXUHGE\$%30DIWHUDSSUR[LPDWHO\GD\VRIWUHDWPHQWLQ629)±
WUHDWHGVXEMHFWV
o 7RGHWHUPLQHWKHUHVSRQVHWRDORZHUVWDUWLQJGRVHRIRUDO629)ZLWKXS DQG
GRZQWLWUDWLRQDVDSSURSULDWHDVPHDVXUHGE\

o
7KHSHUFHQWDJHRI629)±WUHDWHGVXEMHFWVZLWKDYHUDJHSODVPDWRWDO
WHVWRVWHURQH7&DYJZLWKLQWKHQRUPDOUDQJHDIWHUGD\VRIWUHDWPHQW

6HFRQGDU\2EMHFWLYHV

o 7RGHWHUPLQHWKHUHVSRQVHWRDORZHUVWDUWLQJGRVHRIRUDO629)ZLWKXSDQG
GRZQWLWUDWLRQDVDSSURSULDWHDVPHDVXUHGE\

7KHSHUFHQWDJHRI629)±WUHDWHGVXEMHFWVDIWHUGD\VRIWUHDWPHQWZLWK
PD[LPXPSODVPDWHVWRVWHURQHFRQFHQWUDWLRQ7&PD[YDOXHV

QJG/

!WRQJG/

!QJG/

o 7RDVVHVVFKDQJHIURPEDVHOLQHLQKRXUPHDQV\VWROLFEORRGSUHVVXUHV%3
PHDVXUHGE\$%30DIWHUDSSUR[LPDWHO\GD\VRIWUHDWPHQWLQ629)±
WUHDWHGVXEMHFWV
o 7RDVVHVVFKDQJHIURPEDVHOLQHLQKRXUPHDQGLDVWROLFEORRGSUHVVXUHG%3
PHDVXUHGE\$%30DIWHUGD\VDQGGD\VRIWUHDWPHQWLQ629
)±WUHDWHGVXEMHFWV7RDVVHVVFKDQJHIURPEDVHOLQHLQKRXUKHDUWUDWH+5
PHDVXUHGE\$%30DIWHU GD\VDQGGD\VRIWUHDWPHQWLQ629
)±WUHDWHGVXEMHFWV
o 7RDVVHVVFKDQJHIURPEDVHOLQHLQ%3DQG+5PHDVXUHGLQFOLQLFDIWHUDQG
GD\VRIWUHDWPHQWLQ629)±WUHDWHGVXEMHFWV
o 7RFROOHFWVDPSOHVIRUELRDQDO\VLVWRFRUUHODWHHQGRJHQRXV7OHYHOVIROORZLQJ
PHGLFDWLRQZDVKRXWREWDLQHGLQVHUXPDQGSODVPDWXEHV('7$DQG 1D)('7$

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
6DIHW\2EMHFWLYHV
o 7RDVVHVVKHPDWRORJ\SDUDPHWHUVKRUPRQHOHYHOVOLSLGSURILOHVDQGVHUXP SURVWDWH
VSHFLILFDQWLJHQ36$LQ629)±WUHDWHGVXEMHFWVDIWHUGD\VRIWUHDWPHQW
o 7RGHWHUPLQHWKHLQFLGHQFHRIDGYHUVHHYHQWV$(VVHULRXVDGYHUVHHYHQWV6$(V
DQG$(VOHDGLQJWRVWXG\ZLWKGUDZDOLQ629)WUHDWHGVXEMHFWVDIWHU GD\VRI
WUHDWPHQW
&
$0%8/$725<%/22'35(6685(021,725,1*$%30
(;7(16,21(678'<'(6,*1
7KH05678$%30([WHQVLRQ6WXG\05678(;7ZLOOH[WHQGWKH
SDUWLFLSDWLRQIRUXSWR05678VXEMHFWVWRHQUROOLQWRWKH05678(;7IRU D
WDUJHWRIHYDOXDEOHVXEMHFWVUHDFKLQJWKHPRQWK$%30DVVHVVPHQW
05678&RQWLQXDWLRQ6XEMHFWV
)RUVXEMHFWVQRWKDYLQJ\HWFRPSOHWHG05678WKHILUVWKU $%30DVVHVVPHQW LVDW
'D\(27DQGZLOOVHUYH DVDKLVWRULFDOFRQWURORI%3OHYHOVIROORZLQJORQJWHUP WUHDWPHQW
ZLWK05678
)RUWKLVJURXSWKHVHFRQGKU$%30VHVVLRQZLOORFFXUDW9('D\(IROORZLQJDQ 
ZHHNZDVKRXWRIWKH (27VWXG\PHGLFDWLRQIRU05678RUZDVKRXWRIDQ\ LQWHULPXVH
RIWHVWRVWHURQHUHSODFHPHQWPHGLFDWLRQ 7KLVVHFRQG³ZDVKHGRXW´KU $%30DVVHVVPHQW
VHVVLRQZLOOVHUYHDVWKHEDVHOLQHIRU$%30YDOXHVPRYLQJIRUZDUG 6XEMHFWVDUHUHTXLUHGWR
SDVVWKH9LVLW('D\($%30DVVHVVPHQWVHVVLRQZLWK VXFFHVVIXOFROOHFWLRQRIKUGDWDLQ
RUGHUWRFRQWLQXHLQWKH05678(;7VWXG\
)RUWKLVJURXSWKHWKLUGDQGIRXUWKKU$%30DVVHVVPHQWVHVVLRQVZLOORFFXUDW'D\ 
GD\VDQG'D\RI WUHDWPHQWZLWK629)7KHVHDVVHVVPHQWVZLOOEH SULPDULO\
HYDOXDWHGLQ FRPSDULVRQWRWKHEDVHOLQHREWDLQHGDWWKH9LVLW('D\( VHVVLRQDQG
VHFRQGDULO\ WRWKHILUVWKUVHVVLRQSHUIRUPHGDWWKH(27LQ05678 
/DWH(QWU\6XEMHFWVWR05678(;7
)RUVXEMHFWVDOUHDG\KDYLQJFRPSOHWHG'RI05678SULRUWRWKHVWDUWRI056 78
(;7WKHUHLVDODWHHQWU\SDWKZD\IRUWKHPWRHQUROOLQWRWKH$%30(;7VWXG\ 6XEMHFWV
LQWKLVJURXSZLOOE\SDVVWKH'$%30YLVLWUHTXLUHPHQWDQGKDYHWKHLU ILUVW$%30
YLVLWDW9LVLW('(IROORZLQJWKHLUFRQVHQWDQGWKHVXEVHTXHQWZHHN ZDVKRXW$Q\LQWHULP
WHVWRVWHURQHWKHUDS\EHWZHHQWLPHRIFRPSOHWLRQRI05678 DQGFRQVHQWIRU05678
(;7PXVWEHUHFRUGHGLQWKHHOHFWURQLFFDVHUHSRUWIRUP

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
New Subject Enrollment into MRS-TU-2019EXT
(QUROOPHQWRISDWLHQWVQDwYHWR05678ZLOOEHSHUPLWWHGDWDIHZVLWHVLQRUGHUWR
PD[LPL]HHQUROOPHQWIRU05678(;7SURYLGHGWKRVHSDWLHQWVPHHWERWKWKHPDLQVWXG\
DQG H[WHQVLRQVWXG\HOLJLELOLW\FULWHULD7KHVHVXEMHFWVwould be required to consent and then 
complete screening assessments of the Screening Visit 1 (EXT) and Screening Visit 2 (EXT), 
consistent with the main protocol, prior to being enrolled into MRS-TU-2019EXT
Subjects who would otherwise be considered Late Entry Subjects from the main study MRS-
TU-2019 and who completed the main study >8 weeks before the start of MRS-TU-
2019EXT, may be considered for new subject screening DQGHQWHUWKH05678(;7E\
ZD\RIWKHQHZHQUROOPHQWVXEMHFWSDWKZD\WKHUHE\DYRLGLQJDQDGGLWLRQDOZHHNZDVKRXW
SHULRG
%HIRUHVHOHFWLQJSDWLHQWVIRUQHZHQUROOPHQWVFUHHQLQJDVVXUHWKDWDWPLQLPXPWKH\PHHWWKH
05678(;7FULWHULDEHIRUHEULQJLQJWKHSDWLHQWLQIRUODEWHVWVFUHHQLQJ
See 16.12.2 Schedule of Assessments Pre-Treatment Period, $%30([WHQVLRQ6WXG\3UH
7UHDWPHQW3HULRG)RU1HZO\(QUROOHG6XEMHFWV05678QDwYHRU/DWH(QWU\6XEMHFWV
ZKRTXDOLI\IRU1HZ(QUROOPHQW
$VZLWKRWKHUSDUWLFLSDWLQJVXEMHFWVWKH\PXVWSDVVWKH$%30HYDOXDWLRQDW9('(WR
FRQWLQXHLQWKH$%30H[WHQVLRQVWXG\
(DFK$%30VHVVLRQUHTXLUHVDYLVLWIRUKRRNXSRIWKHDPEXODWRU\%3UHFRUGHUZLWK SDWLHQW
HGXFDWLRQRUUHIUHVKHUDQGDYLVLWKRXUVODWHUIRUUHPRYDORIWKH UHFRUGHUDQG GDWD
GRZQORDG 6HH6HFWLRQ)6FKHGXOHRI$VVHVVPHQWV$%30 ([WHQVLRQ6WXG\
7KHIROORZLQJGLDJUDPLOOXVWUDWHVWKHGHVLJQIRUVXEMHFWVPRYLQJIURP05678GLUHFWO\
WR05678(;7

)RU/DWH(QWU\6XEMHFWVDQG1HZ6XEMHFW(QUROOHHVDPRGLILHGVWXG\HQWU\VFKHGXOHLV
SURYLGHG6HH6FKHGXOHRI$VVHVVPHQWVWR

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

2QFHFRPSOHWLQJWKHKRXU$%30GDWDGRZQORDGVXFFHVVIXOO\DWWKHHQGRIWKH
ZDVKRXWSHULRGH[WHQVLRQVWXG\VXEMHFWVZLOOEHJLQGD\VRIRSHQODEHOWUHDWPHQW
ZLWK629)DWWKHVWDUWLQJGDLO\GRVHRIPJPJ$0DQGPJ
30 6HH6HFWLRQ)6FKHGXOHRI$VVHVVPHQWV$%30([WHQVLRQ6WXG\IRUWLPLQJ
RIYLVLWV DQGUHOHYDQWYLVLWZLQGRZV

'XULQJWKHGD\WUHDWPHQWSHULRGRIWKHH[WHQVLRQVWXG\WKHSODVPD7FRQFHQWUDWLRQ
EHWZHHQWRKRXUVRQ'D\(DQG'D\(ZLOOGHWHUPLQHWKHQHHGLIDQ\WRDGMXVW
WKHGRVHXSRUGRZQDW'D\(DQG'D\(UHVSHFWLYHO\7KHPLQLPXPGRVHRI
629 )ZLOOEHPJRQFHDGD\ZLWKEUHDNIDVW 7KHPD[LPXPGRVHRI
629)ZLOOEH PJDVPJ%,'ZLWKEUHDNIDVWDQGZLWKGLQQHU%\'D\
RU'D\ (WKHVXEMHFW ZLOOUHDFKDVWDEOHGRVHIRUWKHUHPDLQGHURIWKHGD\
WUHDWPHQWSHULRG
7LWUDWLRQGHFLVLRQVZLOOEHFRPPXQLFDWHGWKURXJKWKHVDPH,QWHUDFWLYH:HE5HVSRQVH
7HFKQRORJ\,:57V\VWHPXVHGLQ05678

&OLQLFDO%ORRG3UHVVXUH%3DQG+HDUW5DWH+5$VVHVVPHQW3URFHGXUH
,QRUGHUWRVWDQGDUGL]HLQFOLQLF%3DVVHVVPHQWV+5DQG%3ZLOOEHPHDVXUHGEHWZHHQ
$0 DQG$0DQGVKRXOGEHDVVHVVHGDWDSSUR[LPDWHO\WKHVDPHWLPHDWHDFKYLVLWIRU
LQGLYLGXDO VXEMHFWVZLWKLQPLQV 7KH%3PHDVXUHPHQWVGXULQJWKHH[WHQVLRQ VWXG\
ZLOOEH REWDLQHGXVLQJDQDXWRPDWHGGLJLWDO%3GHYLFHDWHDFKFOLQLFYLVLWXVLQJDFXIIDQG
EODGGHU DVVHPEO\DSSURSULDWHWRWKHVL]HRIWKHVXEMHFW¶VDUPDFFRUGLQJWR $PHULFDQ+HDUW
$VVRFLDWLRQ$+$JXLGHOLQHV+\SHUWHQVLRQ
%HJLQQLQJZLWK9LVLW('D\%3DWDOOYLVLWVGXULQJWKH05678(;7VWXG\
VKRXOGEHFROOHFWHGXVLQJWKHVXEMHFW¶VQRQGRPLQDQWDUP7KHVXEMHFWVKRXOGEHVLWWLQJIRU
DW OHDVWPLQVSULRUWRPHDVXULQJ%3DQG WKHDUPVKRXOGEHH[WHQGHGDQGVXSSRUWHGDWWKH
OHYHO RIWKHKHDUWPLGFKHVWKHLJKW
%ORRG3UHVVXUHVKRXOGEHREWDLQHGLQWULSOLFDWHPLQPLQDSDUWZKLOHVXEMHFWLVVHDWHG
DQGDUPLVH[WHQGHGDQGVXSSRUWHGDWWKHOHYHORIWKHKHDUWPLGFKHVWKHLJKW
7KHVDPH%3FXIIVKRXOGEHXVHGDFURVVDOOVXEVHTXHQWYLVLWV /LNHZLVHWKHQRQGRPLQDQW
DUPVKRXOGEHXVHGIRU$%30PRQLWRULQJDQGWKHVXEMHFWVKRXOGEHDGYLVHGDFFRUGLQJO\
7KHVXEMHFWVKRXOGQRWVPRNHZLWKLQPLQRIWKHVWDUWRIWKHVWXG\YLVLWZKHQREWDLQLQJ
YLWDO VLJQV

$%303URFHGXUH
,QDGGLWLRQWRWKHLQFOLQLF%3PRQLWRULQJLQWKH05678VWXG\DQGWKH05678
(;7VWXG\DPEXODWRU\EORRGSUHVVXUHZLOOEHFROOHFWHGLQWKLVH[WHQVLRQVWXG\IRU
WKH SXUSRVHRIHYDOXDWLQJSKDUPDFRG\QDPLFFKDQJHVLQ%3DQGKHDUWUDWHRYHUKRXUV

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
8VHRI $%30LVH[SHFWHGWRSURYLGHDGGLWLRQDOGDWDRQKRZ%3FKDQJHVIURPSUH
WUHDWPHQWLQWKH W\SLFDOGDLO\VXEMHFWHQYLURQPHQW7KH$%30SURFHGXUHLVRXWOLQHGDV
IROORZV

o $SRUWDEOHDXWRPDWHG%3PRQLWRULQJGHYLFHZLWKLQIODWDEOHFXIIVXSSRUWHGE\D
VKRXOGHUVWUDSRUEHOWZLOOEHKRRNHGXSRQWKHVXEMHFWDWWKHRUGHVLJQDWHG
YLVLWV
o 7KHVXEMHFWZLOOEHWUDLQHGRQWKHSUDFWLFDOXVHRIWKH$%30GHYLFHEHIRUHWKH
VXEMHFW OHDYHVWKHFOLQLFZLWKLQVWUXFWLRQVWRUHWXUQWKHQH[WGD\
o 7KHHOHFWURQLFDOO\SUHSURJUDPPHG $%30 UHFRUGHU ZLOO EH VHW XS WR LQIODWH LQ
 PLQ LQFUHPHQWV WKURXJKRXW WKH GD\WLPH KRXUV  $0 WR  30 DQG LQ
PLQLQFUHPHQWVGXULQJWKHQLJKWWLPHKRXUV30WR$0
$W 9LVLW ( 'D\ ( LI WKH KU $%30 DVVHVVPHQW LV FRQVLGHUHG WR ³IDLO´
EDVHG RQSUHVSHFLILHGTXDOLW\FRQWUROUHTXLUHPHQWVWKHVXEMHFWZLOOEHUHTXHVWHG
WRUHSHDW WKHKU$%30VHVVLRQZLWKLQGD\VRIWKHLQLWLDOO\IDLOHG$%30
VHVVLRQ
,IWKHUHSHDW KU$%30VHVVLRQIDLOVWRPHHWWKHWHFKQLFDOUHTXLUHPHQWVIRUD
VXFFHVVIXO VHVVLRQDW9LVLW('D\(WKHVXEMHFWZLOOEHZLWKGUDZQIURPWKH
05678(;7 VWXG\
o $SUHOLPLQDU\GRZQORDGRI$%30VHVVLRQGDWDZLOOEHLPPHGLDWHO\DYDLODEOHWR WKH
VLWHVWXG\FRRUGLQDWRUXSRQWKHVXEMHFWUHWXUQLQJWRWKHFOLQLFZLWKWKH UHFRUGHU
7KLVSUHOLPLQDU\GDWDZLOOEHXVHGWRGHWHUPLQHWKHTXDOLW\RIWKHKU$%30
DVVHVVPHQW VHVVLRQDQGZKHWKHUDUHSHDWRIWKHKU$%30SURFHVV LVUHTXLUHG
IRUWKHVXEMHFW &ULWHULDFRQVWLWXWLQJDIDLOHGVHWRI$%30KUGDWDLVGHILQHGDV
DQ\RIWKH IROORZLQJ
o 0RUHWKDQRIWKHUHTXLUHGWLPHSRLQWVRYHUKRXUV
DUH PLVVLQJXQUHDGDEOH!
o !FRQVHFXWLYHKRXUVRIGDWDPLVVLQJRUPRUHFRQVHFXWLYH
 PLQGDWDSRLQWVPLVVLQJ
o /HVVWKDQKRXUVRIUHFRUGLQJWLPH
'
%,2$1$/<7,&$/6$03/(&2//(&7,21
%ORRGVDPSOHVIRUWKHELRDQDO\WLFDOREMHFWLYHZLOOEHFROOHFWHGIROORZLQJZHHNVRIVWXG\
PHGLFDWLRQZDVKRXWDWYLVLW(RQ'D\(SULRUWRGRVLQJ &ROOHFWLRQWXEHVZLOO EH
VXSSOLHGE\WKHFHQWUDOODERUDWRU\ZLWKSURFHVVLQJLQVWUXFWLRQVLQDODERUDWRU\ PDQXDO
7KH WXEHW\SHVDUHVHUXP('7$SODVPDDQG1D)('7$SODVPD 'HWDLOVRIVDPSOH
FROOHFWLRQZLOOEHSURYLGHGLQWKH&HQWUDO/DERUDWRU\0DQXDO

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/

(
7,0,1*2)678'<352&('85(6
6XEMHFWVZLOOSURYLGHZULWWHQLQIRUPHGFRQVHQWEHIRUHDQ\VWXG\UHODWHGSURFHGXUHVDUH
SHUIRUPHG6XEMHFWVZLOOVLJQLQIRUPHGFRQVHQWRQ9LVLW('D\LIWKH\KDYHQRW\HW
FRPSOHWHGWKHPDLQVWXG\05678

7KHSODQQHGVWXG\DVVHVVPHQWVDUHSUHVHQWHGLQ6HFWLRQ)6FKHGXOHRI$VVHVVPHQWV
$%30 ([WHQVLRQ6WXG\

9LVLW('D\GD\VDQGGD\SULRUWRSODQQHG9LVLW(
o 7KHVXEMHFWVKRXOGDUULYHLQDIDVWHGVWDWHIRUWKHYLVLWEHWZHHQ$0DQG$0
DQG DOOVXEVHTXHQWYLVLWVVKRXOGEHDWDSSUR[LPDWHO\WKHVDPHWLPHPLQV
o ,QDGGLWLRQDIWHUWKHVXEMHFWSURYLGHVWKHVLJQHGLQIRUPHGFRQVHQWIRUPRQ9LVLW
( YLVLWSURFHGXUHVLQFOXGHDVVHVVPHQWIRUHOLJLELOLW\DJDLQVWWKHLQFOXVLRQDQG
H[FOXVLRQ FULWHULD
o $(VZLOOEHHYDOXDWHGDQGUHFRUGHGXVLQJQRQOHDGLQJTXHVWLRQVDQG
DQ\ FKDQJHVLQFRQFRPLWDQWPHGLFDWLRQZLOOEHGRFXPHQWHG
o 7KHVXEMHFWZLOOXQGHUJR$%30WUDLQLQJDQGWKH$%30UHFRUGHUZLOOEHDSSOLHG
WR WKHVXEMHFW
o $XWRPDWHG6HOI$GPLQLVWHUHGKU5HFDOO$6$V\VWHPDVVLJQHG
EUHDNIDVW PHDOVKRXOGEHJLYHQDSSUR[LPDWHO\PLQVPLQVDIWHU
$%30FXIIKDV EHHQLQSODFH
o 'RVHRIVWXG\PHGLFDWLRQVKRXOGEHJLYHQDSSUR[LPDWHO\PLQVPLQV
DIWHUVWDUWRIEUHDNIDVW
(QGRI7UHDWPHQW'9LVLW(RQ'D\GD\V05678WRGD\V
GD\V IRU 05678(;7
9LVLW(ZLOOWDNHSODFHRQ'D\GD\VRIFRPSOHWLRQRIDVXEMHFW¶VSDUWLFLSDWLRQLQ
WKH05678KRZHYHUIRUVXEMHFWVFRQWLQXLQJLQ05678(;7WKH³´
ZLQGRZ PD\EHH[WHQGHGWRGD\VLIWKHKU$%30VHVVLRQUHTXLUHVUHSHDWLQJSHU
6HFWLRQ& $%303URFHGXUH
6WXG\SURFHGXUHVIRU05678 (27'D\YLVLWDUHXQFKDQJHGIURP
6HFWLRQ H[FHSWIRUWKRVHVXEMHFWVSDUWLFLSDWLQJLQWKH05678(;7VWXG\
ZKRZLOO KDYHWKH IROORZLQJDGGLWLRQDODVVHVVPHQWRI$%30GDWDDQGDGMXVWPHQWWRWKH
YLWDOVLJQV SURFHGXUH

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
o 6XEMHFWVKRXOGDUULYHLQDIDVWHGVWDWHIRUWKHYLVLW EHWZHHQ$0DQG
$0 DQGDOOVXEVHTXHQWYLVLWV VKRXOGEHDWDSSUR[LPDWHO\WKHVDPHWLPH
PLQV
o 6XEMHFWVKRXOGQRWVPRNHZLWKLQPLQRIWKHVWDUWRIWKHVWXG\YLVLWEHFDXVH
LQFOLQLF%3DQG+HDUW5DWHDUHEHLQJDVVHVVHG
o 7KHVXEMHFWZLOOUHWXUQIRU$%30GRZQORDGDQGUHYLHZ
o ,IWKHKU$%30VHVVLRQGRZQORDGPHHWV³SDVV´FULWHULD GRHVQRW
³IDLO´ SURFHHGZLWKDOO'9LVLW(SURFHGXUHVLQFOXGLQJIDVWLQJODEV
o ,IWKHKU$%30VHVVLRQGRZQORDGPHHWV³IDLO´FULWHULDWKHVXEMHFWZLOO
EH UHTXHVWHGWRUHSHDWWKH$%30VHVVLRQZLWKLQGD\V

,QRUGHUWRSHUIRUPDUHSHDWKU$%30DVVHVVPHQWVHVVLRQWKH
' 9(YLVLWZLOOQHHGWREHGHOD\HGWRGD\VODWHUWKDQ
SODQQHG

7R SHUIRUP D UHSHDW KU DVVHVVPHQW VHVVLRQ WKH DSSOLFDWLRQ RI
$%30 UHFRUGHUPHDOWLPHDQGGRVLQJWLPHVKRXOGEHWKHVDPHDV
WKRVHIRUWKHRULJLQDO$%30VHVVLRQPLQV

,IWKHUHSHDWKU$%30DVVHVVPHQW³IDLOV´WKHUHPDLQGHURIWKH
YLVLW DVVHVVPHQWVVKRXOGSURFHHGDQGWKHYLVLWEHFRPSOHWHG7KH
VXEMHFWPD\ FRQWLQXHLQWKHVWXG\
o &ROOHFWLQIRUPDWLRQDERXWDQ\XQXVXDOO\VWUHVVIXODFWLYLW\RUOLIH
HYHQWVIRUWKHVXEMHFWGXULQJWKHKU$%30FROOHFWLRQSHULRG
VXFKDV

'LGWKHVXEMHFWH[SHULHQFHDQ\RIWKHIROORZLQJGXULQJWKLVKRXUKRPH%3
PRQLWRULQJSHULRG"
x
8QXVXDODFWLYLW\"
x
8QXVXDOGLHW"
x
8QXVXDOVWUHVVIXOHYHQW"
8QXVXDOHYHQWVDUHGHVFULEHGDVWKRVHHYHQWVWKDWDUHXQXVXDOWRWKH
LQGLYLGXDOVXEMHFW¶VDFWLYLWLHVRUH[SHULHQFHVRIGDLO\OLYLQJ

o 9LWDOVLJQV%3KHDUWUDWHZHLJKWDQG WHPSHUDWXUHZLOOEHPHDVXUHG7KHFOLQLF
%3ZLOOEHPHDVXUHGLQWKHQRQ GRPLQDQW DUPXVLQJDFXIIDQGEODGGHU
DSSURSULDWHWRWKHVXEMHFW¶VPLGDUP FLUFXPIHUHQFH DFFRUGLQJWR$+$JXLGHOLQHV
+\SHUWHQVLRQ7KHVXEMHFWVKRXOG EHLQWKHVLWWLQJSRVLWLRQ
IRUDWOHDVWPLQVSULRUWRWKHPHDVXUHPHQWDQGWKHDUPVKRXOGEHVXSSRUWHGDW WKH
KHDUWOHYHOPLGFKHVWKHLJKW 7KH%3VKRXOGEHREWDLQHG LQWULSOLFDWHDWOHDVW
PLQPLQDSDUWLQWKHVLWWLQJSRVLWLRQ

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
o 3URYLGLQJ$6$DVVLJQHGEUHDNIDVWLVRSWLRQDODWWKLVYLVLWXSRQFRPSOHWLRQ
RI IDVWLQJODEVDQGYLWDOVLJQV
o $(VZLOOEHHYDOXDWHGDQGUHFRUGHGXVLQJQRQOHDGLQJTXHVWLRQVDQG
DQ\ FKDQJHVLQFRQFRPLWDQWPHGLFDWLRQZLOOEHGRFXPHQWHG
([WHQVLRQ6WXG\3UH7UHDWPHQW3HULRG'UXJ:DVKRXW3HULRG)RU
&RQWLQXLQJDQG/DWH(QWU\056786XEMHFWV
/DWH(QWU\6XEMHFWWR05678(;7
6XEMHFWVZKRDOUHDG\FRPSOHWHG'D\RIWKHPDLQVWXG\05678SULRUWR
WKHVWDUWRI05678(;7PD\SURYLGHLQIRUPHGFRQVHQWDWDQXQVFKHGXOHG
YLVLWDQGHQUROOLQWKH(;7VWXG\E\SDVVLQJWKH$%30H[WHQVLRQVWXG\'D\
 YLVLWUHTXLUHPHQWV 
x,QJHQHUDOWKHVHVXEMHFWVDUHVWLOOUHTXLUHGWREHJLQWKH DGGLWLRQDOZHHNVRI
ZDVKRXWYLVLWVUHTXLUHGLQ05678(;7FRQVHQWYLVLWWR9(ZHHNV
ODWHUDQGWR9(ZHHNVODWHUSULRUWRPRYLQJ LQWRWKHWUHDWPHQWSKDVH 
+RZHYHUH[FHSWLRQPD\EHPDGHWRWKHDGGLWLRQDOZHHNZDVKRXW
UHTXLUHPHQWIRU/DWH(QWU\6XEMHFWVXQGHUWKHIROORZLQJFLUFXPVWDQFH
o $WVHOHFWHGQHZHQUROOPHQWFHQWHUVVXEMHFWVZKRFRPSOHWHGWKHPDLQ
05678VWXG\!ZHHNVSULRUDQGKDGQRW\HWHQWHUHGLQWR056
78(;7PD\EHHQUROOHGDVDQHZHQUROOPHQWVXEMHFWSURYLGLQJ
WKH\PHHWDOOHOLJLELOLW\FULWHULDVSHFLILHGIRUQHZHQUROOPHQWVXEMHFWV

x$Q\LQWHULPWHVWRVWHURQHWKHUDS\EHWZHHQWLPHRIFRPSOHWLRQRI 05678
DQGFRQVHQWIRU05678(;7PXVWEHUHFRUGHGLQWKHHOHFWURQLF FDVH
UHSRUWIRUP$VZLWKRWKHUSDUWLFLSDWLQJVXEMHFWVWKH\PXVWSDVVWKH$%30
HYDOXDWLRQDW9('(WRFRQWLQXHLQWKH$%30H[WHQVLRQVWXG\

$//68%-(&76&RQWLQXLQJDQG/DWH(QWU\VXEMHFWVZKRGRQRWTXDOLI\DVD
QHZHQUROOPHQWVXEMHFW
9LVLW(ZLOOWDNHSODFHGD\VaZHHNV9LVLW(ZLOOWDNHSODFHGD\V
aZHHNVDQG9LVLW(ZLOO WDNHSODFHGD\V aZHHNVDIWHUWKHODVWGRVHRI
05678 RUDIWHU GDWHRIFRQVHQWIRUDODWHHQWU\H[WHQVLRQVWXG\VXEMHFW7KHVH
YLVLWVDOOKDYHDGD\VZLQGRZ
x 6XEMHFWVVKRXOGDUULYH LQDIDVWHGVWDWHDWFOLQLFEHWZHHQ $0DQG$0
DQGWKHYLVLW VKRXOGEHDWDSSUR[LPDWHO\WKHVDPHWLPH PLQVDFURVVDOO
VXEVHTXHQWYLVLWV
x 6XEMHFWVKRXOGQRWVPRNHZLWKLQPLQRIWKHVWDUWRIWKHVWXG\YLVLW
EHFDXVHLQFOLQLF%3DQG+HDUW5DWHDUHEHLQJDVVHVVHG

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
x 9LWDOVLJQVZLOOEHUHFRUGHG%3KHDUWUDWHZHLJKWDQG WHPSHUDWXUH 7KHFOLQLF%3
ZLOOEHPHDVXUHGLQWKHQRQGRPLQDQWDUPXVLQJDFXIIDQGEODGGHUDSSURSULDWHWR WKH
VXEMHFW¶VPLGDUPFLUFXPIHUHQFHDFFRUGLQJ WR$+$JXLGHOLQHV+\SHUWHQVLRQ 
 7KH%3VKRXOGEHREWDLQHGLQWULSOLFDWHDWOHDVWPLQPLQDSDUWLQ
WKHVLWWLQJSRVLWLRQIRUDWOHDVWPLQVSULRU WRWKHPHDVXUHPHQWDQGWKHDUP VKRXOGEH
VXSSRUWHGDWWKHKHDUWOHYHOPLGFKHVWKHLJKW
x $(VZLOOEHHYDOXDWHGDQGUHFRUGHGXVLQJQRQOHDGLQJTXHVWLRQVDQGDQ\
FKDQJHVLQFRQFRPLWDQWPHGLFDWLRQZLOOEHGRFXPHQWHG
9LVLW(ZLOOWDNHSODFHGD\VGDIWHUODVWGRVHRI05678RUDIWHUWKHGDWH
RI FRQVHQWIRUDODWHHQWU\H[WHQVLRQVWXG\VXEMHFWZLWKLQGD\SULRUWR9LVLW('D\
(
o 7KHVXEMHFWVKRXOGDUULYHLQDIDVWHGVWDWHIRUWKHYLVLWEHWZHHQ$0DQG
$0 DQGDOOVXEVHTXHQWYLVLWVVKRXOGEHDWDSSUR[LPDWHO\WKHVDPHWLPH
PLQV
o 6XEMHFWVKRXOGQRWVPRNHZLWKLQPLQRIWKHVWDUWRIWKHVWXG\YLVLW
EHFDXVHLQFOLQLF%3DQG+HDUW5DWHDUHEHLQJDVVHVVHG
o 9LWDOVLJQVZLOOEHUHFRUGHG%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH7KH
FOLQLF%3ZLOOEHPHDVXUHGLQWKHQRQGRPLQDQWDUPXVLQJDFXIIDQGEODGGHU
DSSURSULDWHWRWKHVXEMHFW¶VPLGDUPFLUFXPIHUHQFHDFFRUGLQJWR$+$
JXLGHOLQHV+\SHUWHQVLRQ7KH%3VKRXOGEHREWDLQHGLQ
WULSOLFDWHDWOHDVWPLQPLQDSDUW7KHVXEMHFWVKRXOGEHLQWKHVLWWLQJ
SRVLWLRQIRUDWOHDVWPLQVSULRU
o $Q\VXEMHFWZLWKDQLQFOLQLFDYHUDJH%3!DW9LVLW(PXVWEH
ZLWKGUDZQIURPIXUWKHUSDUWLFLSDWLRQLQ05678(;7$%30
([WHQVLRQ6WXG\
o $6$DVVLJQHGEUHDNIDVWPHDOVKRXOGEHJLYHQDSSUR[LPDWHO\PLQV
DIWHUDUULYDODWFOLQLFPLQV
o $(VZLOOEHHYDOXDWHGDQGUHFRUGHGXVLQJQRQOHDGLQJTXHVWLRQVDQGDQ\
FKDQJHVLQFRQFRPLWDQWPHGLFDWLRQZLOOEHGRFXPHQWHG
o 7KH$%30UHFRUGHUZLOOEHDSSOLHGIRUWKHQH[WKRXUV

1HZ6XEMHFW(QUROOPHQW3UHWUHDWPHQW9LVLW3URFHGXUHV
)RUQHZVXEMHFWHQUROOPHQWDWVHOHFWFHQWHUVVHH$%30([WHQVLRQ6WXG\3UH7UHDWPHQW
3HULRG)RU1HZO\(QUROOHG6XEMHFWV05678QDwYH


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
6FUHHQLQJ9LVLW(;7'D\WR'D\IURP9LVLW(
6FUHHQLQJ9LVLW(;7VKRXOGRFFXUEHWZHHQDPDQGDPDQGQRWPRUHWKDQGD\V
EHIRUH9LVLW(
$IWHUWKHVXEMHFWSURYLGHVWKHVLJQHGLQIRUPHGFRQVHQWIRUPYLVLWSURFHGXUHVLQFOXGH
o $VVHVVIRUHOLJLELOLW\DJDLQVWWKHLQFOXVLRQDQGH[FOXVLRQFULWHULD
o &ROOHFWIXOOPHGLFDOKLVWRU\DQGUHYLHZFRQFRPLWDQWPHGLFDWLRQV
o 5HFRUGGHPRJUDSKLFGDWDVXFKDVUDFHHWKQLFRULJLQDQGGDWHRIELUWK
o 'UDZDEORRGVDPSOHWRWHVWWRWDOVHUXP7OHYHO
$IWHUWKHSURFHGXUHVVXEMHFWVZLOOEHJLYHQDPHDOGLDU\WRWDNHKRPHWRUHFRUGWKUHHGD\V
RI EUHDNIDVWV DQGGLQQHUVEHIRUHWKHQH[WYLVLW
6FUHHQLQJ9LVLW(;7'D\WR'D\
9LVLW(;7ZLOOWDNHSODFHDPLQLPXPRIGD\VDQGQRWPRUHWKDQGD\VDIWHU6FUHHQLQJ
9LVLW(;7 
x
6XEMHFWVVKRXOGDUULYHDWWKHFOLQLFEHWZHHQDPDQGDPKDYLQJIDVWHGIRUDW
OHDVW KRXUV6XEMHFWVVKRXOGUHPDLQZHOOK\GUDWHGGXULQJIDVWLQJDQGGULQNDWOHDVW
RQHJODVVRI ZDWHUP/RUR]SULRUWRYLVLW 6XEMHFWV ZLOOEHFRQWDFWHGWKH
SUHYLRXVGD\WRUHPLQGWKHPWRIDVW EHIRUH9LVLW(;7QRIRRGRUGULQN H[FHSW
ZDWHUIRUKUV
x
$WWKHLQYHVWLJDWRU¶VGLVFUHWLRQVXEMHFWVPD\EHUHVFUHHQHGXVLQJWKH9LVLW(;7
SURFHGXUHVRULQGLYLGXDOODERUDWRU\WHVWVPD\EHUHSHDWHG
9LVLWSURFHGXUHVLQFOXGH
o 5HDVVHVVHOLJLELOLW\DJDLQVWWKHLQFOXVLRQDQGH[FOXVLRQFULWHULD
o 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ
o 5HFRUGYLWDOVLJQV%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH
o %3ZLOOEH PHDVXUHGXVLQJDFXIIDSSURSULDWHWRWKHVXEMHFW¶VDUPVL]HLQD
VWDQGDUGL]HG PDQQHU LHDIWHUWKHVXEMHFWKDVUHVWHGLQWKHVLWWLQJSRVLWLRQIRU
PLQXWHV7KH FXIIXVHGIRU HDFKVXEMHFWVKRXOGEHQRWHGDORQJZLWKLWVVL]H
DQGWKHVDPHFXII XVHGWKURXJKRXW WKHVWXG\IRUWKDWVXEMHFW%ORRGSUHVVXUH
PHDVXUHPHQWVZLOOEHPHDVXUHGLQWKHQRQGRPLQDQWDUPZLWKWKHDUP
H[WHQGHGDQGVXSSRUWHGDWPLGFKHVWKHLJKW
o %3VKRXOGEHGXSOLFDWHGZLWKLQ PLQXWHV,IWKHGLIIHUHQFHLQV%3DQGG%3
PHDVXUHPHQWVLV!PP+JDQG!PP +JUHVSHFWLYHO\DWKLUG%3
PHDVXUHPHQWZLOOEHWDNHQ DQGUHVXOWVDYHUDJHG
o 3DWLHQWVZLWKDQLQFOLQLFDYHUDJH%3!DW6FUHHQLQJ9LVLW(;7
DUHSURKLELWHGIURPHQUROOLQJLQ05678(;7DQGIXUWKHUVFUHHQLQJ
DFWLYLWLHVVKRXOGEHGLVFRQWLQXHG
o 3HUIRUPDQ(&*

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
o 5HFRUGKHLJKW
o &ROOHFWVDPSOHVIRUELRFKHPLVWU\LQFOXGHV7VDPSOHHQGRFULQRORJ\
KHPDWRORJ\LQFOXGLQJJO\FRV\ODWHGKHPRJORELQ>+E$F@XULQDO\VLV
OLSLG SDQHODQG36$
o &ROOHFW VDPSOHVIRU KHSDWLWLV% VXUIDFH DQWLJHQDQGKHSDWLWLV& DQWLERG\ZLWK
FRQILUPDWRU\WHVWLQJLHGHWHFWDEOHVHUXP+&951$FROOHFW+,9DQWLERG\
WHVWV
o &ROOHFWXULQHVDPSOHIRUGUXJVFUHHQLQJLQFOXGHVFRFDLQHQDUFRWLFV
EHQ]RGLD]HSLQHVWHWUDK\GURFDQQDELQROEDUELWXUDWHVDQG
DPSKHWDPLQHV
o 3HUIRUPD IXOOSK\VLFDOH[DPLQDWLRQWKDWPXVW LQFOXGH DGPLQLVWHULQJ DQ,366
TXHVWLRQQDLUH DVVHVVPHQW IRU WKH SUHVHQFH RI J\QHFRPDVWLD DQG GLJLWDO UHFWDO
H[DPLQDWLRQ
o &ROOHFWVXEMHFWPHDOGLDU\DQGHQWHULQIRUPDWLRQLQWR$6$V\VWHPLQ
WKH SUHVHQFHRIWKHVXEMHFW
Following confirmation of eligibility at Screening Visit 1(EXT) and Screening Visit 
2(EXT), newly enrolled subjects may proceed to Visit 6EIRU$%30WUDLQLQJDQG
FXIIDSSOLFDWLRQYLVLWRQHGD\SULRUWR9LVLW('(
6HH$SSHQGL[6HFWLRQ$%30([WHQVLRQ6WXG\3UH7UHDWPHQW3HULRG)RU1HZO\
(QUROOHG6XEMHFWV05678QDwYH

9LVLW(IRUQHZO\HQUROOHGVXEMHFWVZLOOWDNHSODFHZLWKLQZHHNGD\VRI9LVLW
(;7FRQILUPLQJHOLJLELOLW\ZLWKLQGD\SULRUWR9LVLW('D\(
o 7KHVXEMHFWVKRXOGDUULYHLQDIDVWHGVWDWHIRUWKHYLVLWEHWZHHQ$0
DQG$0DQGDOOVXEVHTXHQWYLVLWVVKRXOGEHDWDSSUR[LPDWHO\WKHVDPH
WLPHPLQV
o 6XEMHFWVKRXOGQRWVPRNHZLWKLQPLQRIWKHVWDUWRIWKHVWXG\YLVLW
EHFDXVHLQFOLQLF%3DQG+HDUW5DWHDUHEHLQJDVVHVVHG
o 9LWDOVLJQVZLOOEHUHFRUGHG%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH
7KHFOLQLF%3ZLOOEHPHDVXUHGLQWKHQRQGRPLQDQWDUPXVLQJDFXIIDQG
EODGGHUDSSURSULDWHWRWKHVXEMHFW¶VPLGDUPFLUFXPIHUHQFHDFFRUGLQJWR
$+$JXLGHOLQHV+\SHUWHQVLRQ7KH%3VKRXOGEH
REWDLQHGLQWULSOLFDWHDWOHDVWPLQPLQDSDUW7KHVXEMHFWVKRXOGEH
LQWKHVLWWLQJSRVLWLRQIRUDWOHDVWPLQVSULRU
o $Q\VXEMHFWZLWKDQLQFOLQLFDYHUDJH%3!DW9LVLW(
PXVWEHZLWKGUDZQIURPIXUWKHUSDUWLFLSDWLRQLQ05678
(;7$%30([WHQVLRQ6WXG\
o $6$DVVLJQHGEUHDNIDVWPHDOVKRXOGEHJLYHQDSSUR[LPDWHO\PLQV
DIWHUDUULYDODWFOLQLFPLQV

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
o $(VZLOOEHHYDOXDWHGDQGUHFRUGHGXVLQJQRQOHDGLQJTXHVWLRQVDQG
DQ\ FKDQJHVLQFRQFRPLWDQWPHGLFDWLRQZLOOEHGRFXPHQWHG
o 7KH$%30UHFRUGHUZLOOEHDSSOLHGIRUWKHQH[WKRXUV
75($70(173(5,2'$OO6XEMHFWV
9LVLW('D\(ZLOOWDNHSODFHGD\VWRGD\VDIWHUODVWGRVHRI05678
RU DIWHUWKHGDWHRIFRQVHQWIRUDODWHHQWU\H[WHQVLRQVWXG\VXEMHFWRUZLWKLQGD\V
WRGD\VDIWHU6FUHHQLQJ9LVLW(;7IRUDQHZO\HQUROOHGVXEMHFW
7KHYLVLWZLQGRZVKRXOGEHZLWKLQGD\VXQOHVVWKHKU$%30VHVVLRQLQ9LVLW(
QHHGVWREHUHSHDWHGSHU6HFWLRQ&$%303URFHGXUHLQZKLFKFDVHWKH³´ZLQGRZ PD\
EHH[WHQGHGWRGD\V
o 6XEMHFWVVKRXOGDUULYHLQDIDVWHGVWDWHDWWKHFOLQLFEHWZHHQ$0DQG$0DQG
WKH YLVLW VKRXOGEHDWDSSUR[LPDWHO\WKHVDPHWLPH PLQVDFURVVDOOVXEVHTXHQW
YLVLWV
o 7KHVXEMHFWZLOOUHWXUQIRU$%30GRZQORDGDQGUHYLHZ
o ,IWKHKU$%30VHVVLRQGRZQORDGPHHWV³SDVV´FULWHULDQRW³IDLO´
SURFHHG ZLWKDOO9LVLW('D\(SURFHGXUHVLQFOXGLQJIDVWLQJODEV
o ,IWKHKU$%30VHVVLRQGRZQORDGPHHWV³IDLO´FULWHULDWKHVXEMHFWZLOO
EH UHTXHVWHGWRUHSHDWWKHKU$%30VHVVLRQZLWKLQGD\V

,QRUGHUWRSHUIRUPDUHSHDWKU$%30DVVHVVPHQWVHVVLRQWKHQWKH
9LVLW ('D\(YLVLWZLOOQHHGWREHGHOD\HGWRGD\VODWHUWKDQ
SODQQHG

7RSHUIRUPDUHSHDWKUDVVHVVPHQWVHVVLRQDSSOLFDWLRQRI$%30
UHFRUGHUPHDOWLPHDQGGRVLQJWLPHVKRXOGEHWKHVDPHDVWKRVHIRU
WKHRULJLQDO$%30VHVVLRQPLQV

,IERWKWKHRULJLQDODQGUHSHDWDVVHVVPHQWVPHHW³IDLO´FULWHULDDW
9('(WKHVXEMHFWPXVWEHZLWKGUDZQIURPIXUWKHUSDUWLFLSDWLRQ
LQWKHH[WHQVLRQVWXG\
o &ROOHFWLQIRUPDWLRQDERXWDQ\XQXVXDOO\VWUHVVIXODFWLYLW\RUOLIH
HYHQWVIRUWKHVXEMHFWGXULQJWKHKU$%30FROOHFWLRQSHULRGVXFK
DV
'LGWKHVXEMHFWH[SHULHQFHDQ\RIWKHIROORZLQJGXULQJWKLVKRXUKRPH%3
PRQLWRULQJSHULRG"
o 8QXVXDODFWLYLW\"
o 8QXVXDOGLHW"
o 8QXVXDOVWUHVVIXOHYHQW"
8QXVXDOHYHQWVDUHGHVFULEHGDVWKRVHHYHQWVWKDWDUHXQXVXDOWRWKHLQGLYLGXDO
VXEMHFW¶VDFWLYLWLHVRUH[SHULHQFHVRIGDLO\OLYLQJ


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
o $(VZLOOEHHYDOXDWHGDQGUHFRUGHGXVLQJQRQOHDGLQJTXHVWLRQVDQG
DQ\ FKDQJHVLQFRQFRPLWDQWPHGLFDWLRQZLOOEHGRFXPHQWHG
o $IXOOSK\VLFDOH[DPLQDWLRQZLOOEHSHUIRUPHGWKDWPXVWLQFOXGHDQDVVHVVPHQW
IRU WKHSUHVHQFHRIJ\QHFRPDVWLDDQGGLJLWDOUHFWDOH[DPLQDWLRQ
)RUQHZO\HQUROOHGVXEMHFWVKDYLQJKDGD normalIXOOSK\VLFDOH[DPDW
9(;7WKHIXOOH[DPLVQRWUHTXLUHGWREHUHSHDWHGDJDLQDW9(
XQOHVVWKHUHLVFOLQLFDOUHDVRQWRGRVR
o &ROOHFWSUHGRVHVDPSOHVLQDIDVWLQJVWDWHIRUELRFKHPLVWU\
HQGRFULQRORJ\ KHPDWRORJ\WRLQFOXGH+E$FOLSLGSDQHODQG36$
o &ROOHFWSUHGRVHEORRGVDPSOHVIRUVHUXP7DQGGLK\GURWHVWRVWHURQH'+7
HVWUDGLRO(SODVPD7DQG'+71D)('7$WXEHSODVPD7DQG'+7
('7$ WXEH
o %UHDNIDVW3URYLGLQJ$6$DVVLJQHGEUHDNIDVWis optional DIWHUIDVWLQJODEV
o 'LVSHQVHVWXG\PHGLFDWLRQ629)
o ,IRSWLRQDOEUHDNIDVWPHDOZDVSURYLGHGGRVHLQFOLQLFPLQDIWHUVWDUWRIPHDO
o ,IRSWLRQDOEUHDNIDVWZDVQRWSURYLGHGLQVWUXFWVXEMHFWWRGRVHPLQDIWHUWKH
VWDUW RIKLVPRUQLQJPHDO

9LVLW('D\(GD\V
o 6XEMHFWVVKRXOGDUULYHLQDIDVWHGVWDWHDWWKHFOLQLFEHWZHHQ$0DQG
$0DQGWKHYLVLW VKRXOGEHDWDSSUR[LPDWHO\WKHVDPHWLPH PLQV
DFURVVDOOVXEVHTXHQWYLVLWV
o 6XEMHFWVKRXOGQRWVPRNHZLWKLQPLQRIWKHVWDUWRIWKHVWXG\YLVLW
EHFDXVHLQFOLQLF%3DQG+HDUW5DWHDUHEHLQJDVVHVVHG
9LWDOVLJQVZLOOEHUHFRUGHG%3KHDUWUDWHZHLJKWDQG WHPSHUDWXUH7KHFOLQLF%3
ZLOOEHPHDVXUHGLQWKHQRQGRPLQDQWDUPXVLQJD FXIIDQGEODGGHUDSSURSULDWHWR WKH
VXEMHFW¶VPLGDUPFLUFXPIHUHQFHDFFRUGLQJ WR$+$JXLGHOLQHV+\SHUWHQVLRQ 
7KH%3VKRXOGEH REWDLQHGLQWULSOLFDWHDWOHDVWPLQPLQDSDUW7KH
VXEMHFWVKRXOGEHLQWKHVLWWLQJSRVLWLRQIRUDWOHDVWPLQVSULRUWRWKHPHDVXUHPHQWDQG
WKHDUPVKRXOGEHVXSSRUWHGDWWKHKHDUWOHYHOPLGFKHVWKHLJKW
o $(VZLOOEHHYDOXDWHGDQGUHFRUGHGXVLQJQRQOHDGLQJTXHVWLRQVDQG
DQ\ FKDQJHVLQFRQFRPLWDQWPHGLFDWLRQZLOOEHGRFXPHQWHG
o 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
o 3KDUPDFRNLQHWLF3.VDPSOHVDUHFROOHFWHGSUHPRUQLQJGRVHDQG DQG
KRXUVDIWHU$0GRVHRI629)PLQVIRUDOOWLPHSRLQWV 3. VDPSOHV
LQFOXGHSODVPD7DQG'+7

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
o 6HUXP7DQG'+7VDPSOHFROOHFWHGSUHPRUQLQJGRVHDQGDQG
KRXUVDIWHU$0GRVHRI629)PLQVIRUDOOWLPHSRLQWV
o 'RVLQJDQGPHDOV6HH056783URWRFRO6HFWLRQ'LHW
o %UHDNIDVWPHDOPXVWEHEDVHGRQVXEMHFWV¶$6$UHFRUGV
o $6$%UHDNIDVWVKRXOGEHJLYHQDIWHUSUHGRVHODELVGUDZQ5HFRUG
PHDOV PHDOIDWW\SHORZQRUPDORUKLJKIDWDQGWKHSHUFHQWDJHRI PHDO
FRQVXPHG 
o 6WXG\PHGLFDWLRQZLOOEHDGPLQLVWHUHGPLQVDIWHUWKHVWDUWRI
EUHDNIDVWPHDO
o 3URYLGHQRUPDOIDWOXQFKPHDORIFKRLFHRUSDWLHQWPD\EULQJLQOXQFK
RI FKRLFHKRXUVDIWHUPRUQLQJGRVH

9LVLW('D\(GD\V
o 6XEMHFWVVKRXOGDUULYHDWWKHFOLQLFEHWZHHQ$0DQG$0DQGWKH
YLVLWVKRXOGEHDWDSSUR[LPDWHO\WKHVDPHWLPHDFURVVDOOVXEVHTXHQW
YLVLWV PLQV
o $(VZLOOEHHYDOXDWHGDQGUHFRUGHGXVLQJQRQOHDGLQJTXHVWLRQVYLVLWDQGDQ\
FKDQJHV LQFRQFRPLWDQWPHGLFDWLRQZLOOEHGRFXPHQWHG
o 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
o 3HUIRUPDVWXG\PHGLFDWLRQDFFRXQWDELOLW\FKHFNIRUUHPDLQLQJVWXG\GUXJ
o 'RVHDGMXVWPHQWVLIQHHGHGZLOOEHPDGH
o 'LVSHQVHVWXG\PHGLFDWLRQEDVHGRQGRVH IRUWKHQH[WVWXG\LQWHUYDOLQFOXGLQJ
DQ\GRVHDGMXVWPHQW
9LVLW('D\(
GD\V
o 6XEMHFWVVKRXOGDUULYHLQDIDVWHGVWDWHGDWWKHFOLQLFEHWZHHQ$0DQG
$0DQGWKHYLVLW VKRXOGEHDWDSSUR[LPDWHO\WKHVDPHWLPHDFURVVDOO
VXEVHTXHQWYLVLWVPLQV
o 6XEMHFWVKRXOGQRWVPRNHZLWKLQPLQRIWKHVWDUWRIWKHVWXG\YLVLW
EHFDXVHLQFOLQLF%3DQG+HDUW5DWHDUHEHLQJDVVHVVHG
o 7KHYLWDOVLJQVZLOOEHUHFRUGHG%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH
7KH FOLQLF%3ZLOOEHPHDVXUHGLQWKHQRQGRPLQDQWDUPXVLQJDFXIIDQG
EODGGHU DSSURSULDWHWRWKHVXEMHFW¶VPLGDUPFLUFXPIHUHQFHDFFRUGLQJWR
$+$ JXLGHOLQHV+\SHUWHQVLRQ7KHVXEMHFWVKRXOGEH
VLWWLQJIRU DWOHDVWPLQVSULRUWRPHDVXULQJ%3DQG WKHDUPVKRXOGEH
H[WHQGHGDQGVXSSRUWHGDWWKHOHYHORIWKHKHDUWPLGFKHVWKHLJKW7KH%3

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
VKRXOGEHREWDLQHG LQ WULSOLFDWHPLQPLQDSDUWLQWKHVLWWLQJSRVLWLRQ
ZLWKWKHDUPVXSSRUWHG DWWKHKHDUWOHYHOPLGFKHVW KHLJKW
o $(VZLOOEHHYDOXDWHGDQGUHFRUGHGXVLQJQRQOHDGLQJTXHVWLRQVDQG
DQ\ FKDQJHVLQFRQFRPLWDQWPHGLFDWLRQZLOOEHGRFXPHQWHG
o 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
o 3.VDPSOHVDUHFROOHFWHGSUHPRUQLQJGRVHDQGDQGKRXUVDIWHU
$0 GRVHRI629)PLQIRUDOOWLPHSRLQWV 3.VDPSOHVLQFOXGH
SODVPD7 DQG'+7
o 6HUXP7DQG'+7VDPSOHFROOHFWHGSUHPRUQLQJGRVHDQGDQG
KRXUVDIWHU$0GRVHRI629)PLQVIRUDOOWLPHSRLQWV

o 'RVLQJDQGPHDOVUHIHUWR056783URWRFRO6HFWLRQIRU
GLHWDU\ GHWDLOVZKLFKDUHXQFKDQJHG
o %UHDNIDVWPHDOPXVWEHEDVHGRQVXEMHFWV¶$6$UHFRUGV
o $6$%UHDNIDVWVKRXOGEHJLYHQDIWHUSUHGRVHODELVGUDZQ5HFRUG
PHDOV PHDOIDWW\SHORZQRUPDORUKLJKIDWDQGWKHSHUFHQWDJHRI PHDO
FRQVXPHG 
o 6WXG\PHGLFDWLRQZLOOEHDGPLQLVWHUHGPLQVDIWHUWKHVWDUWRI
EUHDNIDVWPHDO
o
3URYLGHQRUPDOIDWOXQFKPHDORIFKRLFHRUSDWLHQWPD\EULQJLQOXQFKRI
FKRLFHKRXUVDIWHUPRUQLQJGRVH

9LVLW('D\(GD\V
o 6XEMHFWVVKRXOGDUULYHDWWKHFOLQLFEHWZHHQ$0DQG$0DQGWKH
YLVLWVKRXOGEHDWDSSUR[LPDWHO\WKHVDPHWLPHDFURVVDOOVXEVHTXHQW
YLVLWV PLQV
o $(VZLOOEHHYDOXDWHGDQGUHFRUGHGXVLQJQRQOHDGLQJTXHVWLRQVDQG DQ\
FKDQJHVLQFRQFRPLWDQWPHGLFDWLRQZLOOEHGRFXPHQWHG
o 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
o 3HUIRUPDVWXG\PHGLFDWLRQDFFRXQWDELOLW\FKHFNIRUDQ\UHPDLQLQJVWXG\GUXJ
o 'RVHDGMXVWPHQWVLIQHHGHGZLOOEHPDGH
o 'LVSHQVHVWXG\PHGLFDWLRQEDVHGRQGRVHIRUWKHQH[WVWXG\LQWHUYDOLQFOXGLQJ
DQ\ GRVHDGMXVWPHQW

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
9LVLW('D\(GD\V
o 6XEMHFWVVKRXOGDUULYHLQDIDVWHGVWDWHDWWKHFOLQLFEHWZHHQ$0DQG
$0DQGWKHYLVLW VKRXOGEHDWDSSUR[LPDWHO\WKHVDPHWLPHDFURVVDOO
VXEVHTXHQW YLVLWVPLQV
o 6XEMHFWVKRXOGQRWVPRNHZLWKLQPLQRIWKHVWDUWRIWKHVWXG\YLVLW
EHFDXVHLQFOLQLF%3DQG+HDUW5DWHDUHEHLQJDVVHVVHG
o 7KHYLVLWZLOOEHDKRXUFRQILQHPHQWYLVLW
o 7KHYLWDOVLJQVZLOOEHUHFRUGHG%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH 7KHFOLQLF
%3ZLOOEHPHDVXUHGLQWKHQRQGRPLQDQWDUPXVLQJDFXIIDQGEODGGHU DSSURSULDWH
WR WKHVXEMHFW¶VPLGDUPFLUFXPIHUHQFHDFFRUGLQJWR$+$ JXLGHOLQHV
+\SHUWHQVLRQ 7KHVXEMHFWVKRXOGEHVLWWLQJIRUDWOHDVWPLQV
SULRUWRPHDVXULQJ %3DQG WKHDUPVKRXOGEHH[WHQGHGDQGVXSSRUWHGDWWKHOHYHO
RIWKHKHDUWPLGFKHVW KHLJKW7KH%3VKRXOGEHREWDLQHGLQ WULSOLFDWHPLQ
PLQDSDUWLQWKHVLWWLQJ SRVLWLRQZLWKWKHDUPVXSSRUWHGDWWKHKHDUWOHYHOPLG
FKHVW KHLJKW
o $(VZLOOEHHYDOXDWHGDQGUHFRUGHGXVLQJQRQOHDGLQJTXHVWLRQVDQG
DQ\ FKDQJHVLQFRQFRPLWDQWPHGLFDWLRQZLOOEHGRFXPHQWHG
o 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
o &ROOHFWSUHGRVHVDPSOHVIRUELRFKHPLVWU\HQGRFULQRORJ\KHPDWRORJ\
WR LQFOXGH+E$FOLSLGSDQHODQG36$
o &ROOHFW3.VDPSOHVSUHPRUQLQJGRVHDQG
 DQGKRXUVDIWHU$0GRVHRI629
)PLQVIRUDOO WLPHSRLQWV 3. SODVPDVDPSOHVLQFOXGH(
WHVWRVWHURQHXQGHFDQRDWH78DQGGLK\GURWHVWRVWHURQH XQGHFDQRDWH
'+787DQG'+7
o KU6HUXP76XEVWXG\3DUWLFLSDQWV6XEMHFWVHQUROOHGLQWKH
6HUXP7VXEVWXG\VKRXOGKDYH6HUXP7VDPSOHVGUDZQDWDOO3.
WLPHSRLQWVSUHPRUQLQJGRVHDQG
 DQGKRXUVDIWHU$0GRVH
o 'RVLQJDQGPHDOV6HH056783URWRFRO6HFWLRQ'LHW
IRU DGGLWLRQDOGHWDLOZKLFKLVXQFKDQJHG
o 3URYLGHEUHDNIDVWDQGGLQQHUPHDOVEDVHGRQVXEMHFWV¶$6$UHFRUGV
o $6$%UHDNIDVWLVSURYLGHGDIWHUIDVWLQJDQGSUHGRVHODEV6WXG\0HGLFDWLRQ
$0GRVHLVSURYLGHGPLQVDIWHUVWDUWRI$0PHDO
o 3URYLGHQRUPDOIDWOXQFKPHDOVHOHFWLRQRIFKRLFHRUVXEMHFWPD\EULQJLQ
RZQ OXQFKWREHHDWHQKRXUVDIWHU$0GRVLQJ


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
o $6$'LQQHULVSURYLGHGKRXUVDIWHU$0PHDO6WXG\PHGLFDWLRQ30GRVHLV
DGPLQLVWHUHGPLQVDIWHUWKHVWDUWRIWKHGLQQHUPHDOV
o )RUERWK$6$EUHDNIDVWDQGGLQQHUPHDOVUHFRUGPHDOVPHDOIDWW\SHORZ
QRUPDO RUKLJKIDWDQGWKHSHUFHQWDJHRI PHDOFRQVXPHG

o 3HUIRUPDVWXG\PHGLFDWLRQDFFRXQWDELOLW\FKHFNIRUDQ\UHPDLQLQJVWXG\GUXJ
o 'LVSHQVHVWXG\PHGLFDWLRQ

9LVLW('D\(GD\VEXWZLWKLQGD\RI9(
o 7KHVXEMHFWVKRXOGDUULYHLQDIDVWHGVWDWHIRUWKHYLVLWEHWZHHQ$0DQG
$0 DQG DOOVXEVHTXHQWYLVLWVVKRXOGEHDWDSSUR[LPDWHO\WKHVDPHWLPH
PLQV
o 6XEMHFWVKRXOGQRWVPRNHZLWKLQPLQRIWKHVWDUWRIWKHVWXG\YLVLW
EHFDXVHLQFOLQLF%3DQG+HDUW5DWHDUHEHLQJDVVHVVHG
o 7KHYLWDOVLJQVZLOOEHUHFRUGHG%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH
7KH FOLQLF%3ZLOOEHPHDVXUHGLQWKHQRQGRPLQDQWDUPXVLQJDFXIIDQG
EODGGHU DSSURSULDWHWRWKHVXEMHFW¶VPLGDUPFLUFXPIHUHQFHDFFRUGLQJWR
$+$ JXLGHOLQHV+\SHUWHQVLRQ7KHVXEMHFWVKRXOGEH
VLWWLQJIRU DWOHDVWPLQVSULRUWRPHDVXULQJ%3DQG WKHDUPVKRXOGEH
H[WHQGHGDQGVXSSRUWHGDWWKHOHYHORIWKHKHDUWPLGFKHVWKHLJKW7KH%3
VKRXOGEHREWDLQHG LQ WULSOLFDWHPLQPLQDSDUWLQWKHVLWWLQJSRVLWLRQ
ZLWKWKHDUPVXSSRUWHG DWWKHKHDUWOHYHOPLGFKHVW KHLJKW
o $(VZLOOEHHYDOXDWHGDQGUHFRUGHGXVLQJQRQOHDGLQJTXHVWLRQVDQG
DQ\ FKDQJHVLQFRQFRPLWDQWPHGLFDWLRQZLOOEHGRFXPHQWHG
o 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
o 7KH$%3UHFRUGHUZLOOEHDSSOLHGRQWKHVXEMHFWIRUWKHQH[WKRXUV
o $6$DVVLJQHGEUHDNIDVWPHDOVKRXOGEHJLYHQDSSUR[LPDWHO\PLQDIWHU
DUULYDODWFOLQLFPLQ
o 'RVHRIVWXG\PHGLFDWLRQVKRXOGEHJLYHQDSSUR[LPDWHO\PLQVDIWHUVWDUW
RI EUHDNIDVW>PLQV@DIWHUVWDUWRI$%30
9LVLW('D\(GD\V
o 6XEMHFWVVKRXOGDUULYHLQDIDVWHGVWDWHDWWKHFOLQLFEHWZHHQ$0DQG$0
DQGWKHYLVLW VKRXOGEHDWDSSUR[LPDWHO\WKHVDPHWLPHPLQVDFURVVDOO
VXEVHTXHQWYLVLWV
o 7KHVXEMHFWZLOOUHWXUQIRU$%30GRZQORDGDQGUHYLHZ

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
o ,IWKHGRZQORDGLVVXFFHVVIXOGRHVQRWPHHWWKHVSHFLILHGIDLOFULWHULDWKH
UHVW RIWKHYLVLWSURFHGXUHVPD\SURFHHG
o ,IWKHKU$%30VHVVLRQGRZQORDGPHHWV³IDLO´FULWHULDWKHVXEMHFWZLOO
EH UHTXHVWHGWRUHSHDWWKHKU$%30VHVVLRQZLWKLQGD\V
o 7RSHUIRUPDUHSHDWKUDVVHVVPHQWVHVVLRQDSSOLFDWLRQRI$%30
UHFRUGHUPHDOWLPHDQGGRVLQJWLPHVKRXOGEHWKHVDPHDVWKRVHIRU
WKHRULJLQDO$%30VHVVLRQPLQV

$UHSHDWKUDVVHVVPHQWPD\EHDWWHPSWHGDVHFRQGWLPHDW
WKH GLVFUHWLRQRIWKH,QYHVWLJDWRU$VDUHPLQGHULIDVHFRQG
UHSHDWLV VFKHGXOHGWKHVXEMHFWPXVWIDVWWKHQLJKWEHIRUH
o ,IERWKWKHRULJLQDO$%30GDWDGRZQORDGDQGWKHUHSHDW$%30GDWD
GRZQORDGPHHW³IDLO´FULWHULDWKHUHVWRIWKHYLVLWSURFHGXUHVVKRXOG
EH FRPSOHWHG7KHVXEMHFWPD\FRQWLQXHLQWKHH[WHQVLRQVWXG\
o &ROOHFWLQIRUPDWLRQDERXWDQ\XQXVXDOO\VWUHVVIXODFWLYLW\RUOLIH
HYHQWVIRUWKHVXEMHFWGXULQJWKHKU$%30FROOHFWLRQSHULRGVXFK
DV
'LGWKHVXEMHFWH[SHULHQFHDQ\RIWKHIROORZLQJGXULQJWKLVKRXUKRPH%3
PRQLWRULQJSHULRG"
o 8QXVXDODFWLYLW\"
o 8QXVXDOGLHW"
o 8QXVXDOVWUHVVIXOHYHQW"
8QXVXDOHYHQWVDUHGHVFULEHGDVWKRVHHYHQWVWKDWDUHXQXVXDOWRWKHLQGLYLGXDO
VXEMHFW¶VDFWLYLWLHVRUH[SHULHQFHVRIGDLO\OLYLQJ
o $(VZLOOEHHYDOXDWHGDQGUHFRUGHGXVLQJQRQOHDGLQJTXHVWLRQVDQG
DQ\ FKDQJHVLQFRQFRPLWDQWPHGLFDWLRQZLOOEHGRFXPHQWHG
o 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
o 3HUIRUPDVWXG\PHGLFDWLRQDFFRXQWDELOLW\FKHFNIRUDQ\UHPDLQLQJVWXG\GUXJ
o 'LVSHQVHVWXG\PHGLFDWLRQ

9LVLW('D\(GD\VEXWZLWKLQGD\RI9(
o 7KHVXEMHFWVKRXOGDUULYHLQDIDVWHGVWDWHIRUWKHYLVLWEHWZHHQ$0DQG
$0 DQGDOOVXEVHTXHQWYLVLWVVKRXOGEHDWDSSUR[LPDWHO\WKHVDPHWLPH
PLQV
o 6XEMHFWVKRXOGQRWVPRNHZLWKLQPLQRIWKHVWDUWRIWKHVWXG\YLVLW
EHFDXVHLQFOLQLF%3DQG+HDUW5DWHDUHEHLQJDVVHVVHG
o 7KHYLWDOVLJQVZLOOEHUHFRUGHG%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH
7KH FOLQLF%3ZLOOEHPHDVXUHGLQWKHQRQGRPLQDQWDUPXVLQJDFXIIDQG
EODGGHU DSSURSULDWHWRWKHVXEMHFW¶VPLGDUPFLUFXPIHUHQFHDFFRUGLQJWR

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
$+$ JXLGHOLQHV+\SHUWHQVLRQ7KHVXEMHFWVKRXOGEH
VLWWLQJIRU DWOHDVWPLQVSULRUWRPHDVXULQJ%3DQG WKHDUPVKRXOGEH
H[WHQGHGDQGVXSSRUWHGDWWKHOHYHORIWKHKHDUWPLGFKHVWKHLJKW7KH%3
VKRXOGEHREWDLQHG LQ WULSOLFDWHPLQPLQDSDUWLQWKHVLWWLQJSRVLWLRQ
ZLWKWKHDUPVXSSRUWHG DWWKHKHDUWOHYHOPLGFKHVW KHLJKW
o $(VZLOOEHHYDOXDWHGDQGUHFRUGHGXVLQJQRQOHDGLQJTXHVWLRQVDQG
DQ\ FKDQJHVLQFRQFRPLWDQWPHGLFDWLRQZLOOEHGRFXPHQWHG
o 5HFRUGV\PSWRPGLUHFWHGSK\VLFDOH[DPLQDWLRQ
o 7KH$%3UHFRUGHUZLOOEHDSSOLHGRQWKHVXEMHFWIRUWKHQH[WKRXUV
o $6$DVVLJQHGEUHDNIDVWPHDOVKRXOGEHJLYHQDSSUR[LPDWHO\PLQ
DIWHU DUULYDODWFOLQLFPLQ
o 'RVHRIVWXG\PHGLFDWLRQVKRXOGEHJLYHQDSSUR[LPDWHO\PLQVDIWHUVWDUW
RI EUHDNIDVW>PLQV@DIWHUVWDUWRI$%30
9LVLW((27'D\(GD\V
o 6XEMHFWVVKRXOGDUULYHLQDIDVWHGVWDWHDWWKHFOLQLFEHWZHHQ$0DQG$0
DQG WKHYLVLW VKRXOGEHDWDSSUR[LPDWHO\WKHVDPHWLPHPLQVDFURVVDOO
VXEVHTXHQWYLVLWV
o 7KHVXEMHFWZLOOUHWXUQIRU$%30GRZQORDGDQGUHYLHZ
o ,IWKHGRZQORDGPHHWV³SDVV´FULWHULDGRHVQRWPHHWIDLOFULWHULDWKHUHVW RI
WKH YLVLWSURFHGXUHVPD\SURFHHG
o ,IWKHKU$%30VHVVLRQGRZQORDGPHHWV³IDLO´FULWHULDWKHVXEMHFWZLOO
EH UHTXHVWHGWRUHSHDWWKHKU$%30VHVVLRQZLWKLQGD\V
o 7RSHUIRUPDUHSHDWKUDVVHVVPHQWVHVVLRQDSSOLFDWLRQRI$%30
UHFRUGHUPHDOWLPHDQGGRVLQJWLPHVKRXOGEHWKHVDPHDVWKRVHIRU
WKHRULJLQDO$%30VHVVLRQPLQV

$UHSHDWKUDVVHVVPHQWPD\EHDWWHPSWHGDVHFRQGWLPHDW
WKH GLVFUHWLRQRIWKH,QYHVWLJDWRU$VDUHPLQGHULIDVHFRQG
UHSHDWLV VFKHGXOHGWKHVXEMHFWPXVWIDVWWKHQLJKWEHIRUH
o ,IERWKWKHRULJLQDO$%30GDWDGRZQORDGDQGWKHUHSHDW$%30GDWD
GRZQORDGPHHW³IDLO´FULWHULDWKHUHVWRIWKHYLVLWSURFHGXUHVVKRXOG
EH FRPSOHWHG

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
o &ROOHFWLQIRUPDWLRQDERXWDQ\XQXVXDOO\VWUHVVIXODFWLYLW\RUOLIH
HYHQWVIRUWKHVXEMHFWGXULQJWKHKU$%30FROOHFWLRQSHULRG
VXFKDV
'LGWKHVXEMHFWH[SHULHQFHDQ\RIWKHIROORZLQJGXULQJWKLVKRXUKRPH%3
PRQLWRULQJSHULRG"
o8QXVXDODFWLYLW\"
o8QXVXDOGLHW"
o8QXVXDOVWUHVVIXOHYHQW"
8QXVXDOHYHQWVDUHGHVFULEHGDVWKRVHHYHQWVWKDWDUHXQXVXDOWRWKH
LQGLYLGXDOVXEMHFW¶VDFWLYLWLHVRUH[SHULHQFHVRIGDLO\OLYLQJ
o $(VZLOOEHHYDOXDWHGDQGUHFRUGHGXVLQJQRQOHDGLQJTXHVWLRQVDQGDQ\ FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQZLOOEHGRFXPHQWHG
o 3HUIRUPDIXOOSK\VLFDOH[DPLQDWLRQWKDWPXVWLQFOXGHDQDVVHVVPHQWIRU
WKH SUHVHQFHRIJ\QHFRPDVWLDDQGGLJLWDOUHFWDOH[DPLQDWLRQ
o &ROOHFWSUHGRVHVDPSOHVIRUELRFKHPLVWU\HQGRFULQRORJ\KHPDWRORJ\
WR LQFOXGH+E$FOLSLGSDQHODQG36$

(DUO\:LWKGUDZDO9LVLW(
o 6XEMHFWVVKRXOGDUULYHLQDIDVWHGVWDWHDWWKHFOLQLFEHWZHHQ$0DQG
$0DQGWKHYLVLWVKRXOGEHDWDSSUR[LPDWHO\WKHVDPHWLPHDFURVVDOO
VXEVHTXHQWYLVLWVPLQV
o 6XEMHFWVKRXOGQRWVPRNHZLWKLQPLQRIWKHVWDUWRIWKHVWXG\YLVLW
EHFDXVHLQFOLQLF%3DQG+HDUW5DWHDUHEHLQJDVVHVVHG
o 7KHYLWDOVLJQVZLOOEHUHFRUGHG%3KHDUWUDWHZHLJKWDQGWHPSHUDWXUH7KH
FOLQLF %3ZLOOEHPHDVXUHGLQWKHQRQGRPLQDQWDUPXVLQJDFXIIDQGEODGGHU
DSSURSULDWHWR WKHVXEMHFW¶VPLGDUPFLUFXPIHUHQFHDFFRUGLQJWR$+$ JXLGHOLQHV
+\SHUWHQVLRQ 7KHVXEMHFWVKRXOGEHVLWWLQJIRUDWOHDVWPLQV
SULRUWRPHDVXULQJ%3DQG WKHDUPVKRXOGEHH[WHQGHGDQGVXSSRUWHGDWWKHOHYHORI
WKHKHDUWPLGFKHVW KHLJKW7KH%3VKRXOGEHREWDLQHGLQ WULSOLFDWHPLQPLQ
DSDUWLQWKHVLWWLQJ SRVLWLRQZLWKWKHDUPVXSSRUWHGDWWKHKHDUWOHYHOPLGFKHVW
KHLJKW
o 5HFRUGIXOOSK\VLFDOH[DPLQDWLRQ
o $(VZLOOEHHYDOXDWHGDQGUHFRUGHGXVLQJQRQOHDGLQJTXHVWLRQVVLQFHWKH
SUHYLRXV YLVLWDQGDQ\FKDQJHVLQFRQFRPLWDQWPHGLFDWLRQZLOOEHGRFXPHQWHG
o &ROOHFWIDVWHGVDPSOHVIRUELRFKHPLVWU\HQGRFULQRORJ\KHPDWRORJ\H[FOXGLQJ
+E$FDQG36$
o 3HUIRUPDQDFFRXQWDELOLW\FKHFNIRUDQ\UHPDLQLQJVWXG\GUXJ

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
3RVW7UHDWPHQW3HULRG
)ROORZXS6DIHW\3KRQH&DOOGD\VGD\VDIWHUODVWGRVHRI629)
LQ 05678(;7
o 5HFRUGDQ\$(VWKDWKDYHRFFXUUHGVLQFHWKHSUHYLRXVYLVLWDQGDQ\FKDQJHV
LQ FRQFRPLWDQWPHGLFDWLRQ


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
6KRUW)RUP6XUYH\6+%* VH[KRUPRQHELQGLQJJOREXOLQ7 WHVWRVWHURQH
7& WRWDOFKROHVWHURO7*V WULJO\FHULGHV76+ WK\URLGVWLPXODWLQJKRUPRQH78
 WHVWRVWHURQHXQGHFDQRDWH:%& ZKLWHEORRGFHOOV:' ZLWKGUDZDO
D
9LVLWDSSOLHVWRWKH05678(;7$%30([WHQVLRQVXEMHFWVRQO\
E
$OOVXEMHFWVFRPHWRWKHFOLQLFKDYLQJIDVWHGIRUDWOHDVWKRXUV 6XEMHFWVVKRXOGUHPDLQZHOOK\GUDWHGGXULQJIDVWLQJDQGGULQNDWOHDVWRQHJODVVRIZDWHU
P/ RUR]SULRUWRYLVLW 6XEMHFWVVKRXOGKDYHFRPSOHWHGGD\3'4TXHVWLRQQDLUHDQGDOOODEUHVXOWVVKRXOGEHDYDLODEOH
F
)XOOSK\VLFDOH[DPLQDWLRQPXVWLQFOXGHDVVHVVPHQWIRUWKHSUHVHQFHRIJ\QHFRPDVWLDDQGGLJLWDOUHFWDOH[DPLQDWLRQDW(QGRI7UHDWPHQWLQPDLQVWXG\(27'D\
 9LVLW('D\(DQG9('D\DQGDWHDUO\ZLWKGUDZDOYLVLW$WDOORWKHUYLVLWVVXEMHFWVVKRXOGXQGHUJRDV\PSWRPGLUHFWHG6'SK\VLFDO
H[DPLQDWLRQ
G
9LWDOVLJQVLQFOXGH%3KHDUWUDWHWHPSHUDWXUHDQGZHLJKW%ORRGSUHVVXUHZLOOEHPHDVXUHGXVLQJDFXIIDSSURSULDWHWRWKHVXEMHFW¶VDUPVL]HLQDVWDQGDUGL]HG
PDQQHU LHDIWHUWKHVXEMHFWKDVUHVWHGLQWKHVLWWLQJSRVLWLRQIRUDWOHDVWPLQXWHV %HJLQQLQJZLWK9LVLW'D\9(%3DWDOOYLVLWVGXULQJWKH05678
(;7%3VKRXOG EHREWDLQHGDIWHUWKHVXEMHFWLVVHDWHGIRUDWOHDVWPLQVSULRUWRPHDVXULQJ%3DQGWKHDUPVKRXOGEHH[WHQGHGDQGVXSSRUWHGDWWKHOHYHORI
WKHKHDUWPLGFKHVWKHLJKW 7KH%3VKRXOGEHREWDLQHGLQWULSOLFDWHPLQPLQDSDUWLQWKHVLWWLQJSRVLWLRQZLWKWKHDUPVXSSRUWHGDWWKHKHDUWOHYHOPLGFKHVW
KHLJKW $WWKH'D\9(%3 VKRXOGEHPHDVXUHGLQWKHGRPLQDQWDUPDWDOOYLVLWV$Q\VXEMHFWZLWKDQLQFOLQLFDYHUDJH%3!DW9LVLW(VKRXOG
EHZLWKGUDZQIURPIXUWKHU05678(;7SDUWLFLSDWLRQ
H
%LRFKHPLVWU\LQFOXGHV$67$/3$/7WRWDOELOLUXELQFUHDWLQLQH%81H*)5/'+JOXFRVHWRWDOSURWHLQDOEXPLQVRGLXPSRWDVVLXPFDOFLXPDQGSKRVSKRUXV
$W 9LVLW'D\(WKHODEVZLOOEHREWDLQHGSUHGRVHDQGIDVWHG
I
(QGRFULQRORJ\FRQVLVWVRI/+)6+6+%*DQG76+
J
+HPDWRORJ\LQFOXGHVKHPRJORELQKHPDWRFULW:%&SODWHOHWVDQG+E$FH[FHSWDW(DUO\:LWKGUDZZKHQQR+E$FZLOOEHDQDO\]HG
K
)RUHDUO\ZLWKGUDZDOVXEMHFWVIDVWLQJLQVXOLQLVQRWFROOHFWHG
L
$&7+VWLPXODWLRQWHVWLQJLVSHUIRUPHGDVDVXEVWXG\LQ05678PDLQVWXG\RQO\VXEMHFWVHQUROOHGIRUFRPSOHWHUVUDWLREHWZHHQ629)
DQG $QGUR*HO
M
9LVLW('D\(DQG('D\(FROOHFW3.RQO\DWWKHVHWLPHSRLQWVDVLWLVQRWDQRYHUQLJKWYLVLWLQWKLVH[WHQVLRQ3.VDPSOHVDUHFROOHFWHGSUHPRUQLQJGRVH
DQG DQGKRXUVDIWHU$0GRVHRI629)PLQVIRUDOOWLPHSRLQWV3.VDPSOHVLQFOXGHSODVPD7DQG'+7DQGVHUXP7DQG'+77KHLQLWLDO
GRVHLVDGPLQLVWHUHG PLQVDIWHUWKHVWDUWRIEUHDNIDVWPHDO
N
9LVLW('D\(LVDKUFRQILQHPHQWDQGZLOOLQFOXGHWKHVDPHWLPHSRLQWVDV629)FRQILQHPHQWYLVLWDWGD\VLQ056783.VDPSOHVDUH
FROOHFWHGSUHPRUQLQJGRVHDQG DQGKRXUVDIWHU$0GRVHRI629)PLQVIRUDOOWLPHSRLQWV 3.
VDPSOHV LQFOXGHSODVPD7DQG'+7SODVPD78DQG'+787KHLQLWLDODQGKUGRVHV DUHDGPLQLVWHUHGPLQVDIWHUWKHVWDUWRIEUHDNIDVWDQGGLQQHU
PHDOV
O
3.VDPSOHVRQWKHVHGD\VVKRXOGEHGUDZQDIWHUWKHPRUQLQJGRVHRI629)EHWZHHQKRXUVPLQSRVWPRUQLQJGRVH3.VDPSOHVLQFOXGH
SODVPD7DQG'+7)RUHDUO\ ZLWKGUDZDOVXEMHFWVQR3.VDPSOHLVFROOHFWHG
P 'RVHDGMXVWPHQWVLIQHHGHGZLOOEHPDGHRQWKHVHGD\V
Q
3URYLGLQJEUHDNIDVWLVRSWLRQDODIWHUIDVWLQJODEVDW(27'D\9LVLW(DQGRQ9LVLW('D\(
%UHDNIDVW05678$6$DVVLJQHGPHDOW\SHLVUHTXLUHGRQ9LVLW(((DQG(DIWHUDSSO\LQJ$%30FXII
%UHDNIDVW$6$DVVLJQHGDQGOXQFKQRUPDOIDWRUOXQFKRIFKRLFHDUHWREHSURYLGHGRQ9LVLW(DQG9LVLW(/XQFKVKRXOGEHJLYHQDSSUR[LPDWHO\KRXUV
DIWHU PRUQLQJGRVH
R
3URYLGHDOOPHDOV%UHDNIDVWDQGGLQQHUVKRXOGEHEDVHGRQVXEMHFWV¶$6$UHFRUGVDOOOXQFKHVDUHWREHFKRVHQIURPQRUPDOIDWPHQXRUVXEMHFWPD\KDYH
VHOHFWLRQ RIFKRLFH DQGUHFRUGPHDOVPHDOIDWW\SHDQGWKHSHUFHQWDJHRIPHDOFRQVXPHG/XQFKVKRXOGEHJLYHQDSSUR[LPDWHO\
KRXUVDIWHU GRVH
S
3HUIRUPDQDFFRXQWDELOLW\FKHFNIRUDQ\UHPDLQLQJVWXG\GUXJ
T
,IERWKWKHLQLWLDODQGUHSHDWKU$%30DVVHVVPHQWVHVVLRQDW9('D\(WKHVXEMHFWVKRXOGEHZLWKGUDZQIURP05678(;7VWXG\
U
,I$%30GDWDGRZQORDGTXDOLW\HTXDOV³IDLO´VWDWXVVXEMHFWPD\UHSHDWWKH$%30HYDOXDWLRQZLWKLQGD\V7KHVXEMHFWFDQEHVHQWKRPHZLWKWKH$%30FXIIIRU
DQRWKHUKUSHULRGRI FROOHFWLRQDQGUHWXUQDWWKHFRPSOHWLRQRIWKHUHSHDWKUUHFRUGLQJVHVVLRQLQZKLFKFDVHWKH9('RU9('(YLVLWZLOOEHGHOD\HG
WRRFFXUXSWRGD\VODWHUWKDQSODQQHGXVLQJWKHORQJHU³´ZLQGRZ $W9LVLW(GD\DQG9LVLW('D\DUHSHDWKUDVVHVVPHQWPD\EHDWWHPSWHG
D VHFRQGWLPHDWWKHGLVFUHWLRQRIWKH,QYHVWLJDWRU$VDUHPLQGHULIDVHFRQGUHSHDWLVVFKHGXOHGWKHVXEMHFWPXVWIDVWWKHQLJKWEHIRUH

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
V/$7((175<05678(;768%-(&76ZKRGRQRWTXDOLI\IRUQHZHQUROOPHQW6XEMHFWVZKRDOUHDG\FRPSOHWHG'RIWKHPDLQVWXG\05678SULRU
WRWKHVWDUWRI05678(;7PD\SURYLGHLQIRUPHGFRQVHQWDQGHQWHUWKH(;7VWXG\DIWHUWKH'UHTXLUHPHQWV7KHVHVXEMHFWVZLOOVWLOOEHUHTXLUHGWREHJLQDQ
DGGLWLRQDOZHHNZDVKRXWSHULRGIURPWKHWLPHRIFRQVHQWLQJ9LVLW(VKRXOGRFFXUGD\VZHHNVIURPWLPHRIFRQVHQW$%3068%-(&775$,1,1*6+28/'
2&&85,17+,6,167$1&(219(
W1HZ6XEMHFW(QUROOPHQWIRU(;7QDwYHWR05678$6$)RRG'LDU\VKRXOGEHSURYLGHGWRQHZVXEMHFWVDW6FUHHQLQJ9LVLW(;7'LDU\FRPSOHWLRQIRU
GD\VRIW\SLFDOEUHDNIDVWDQGGLQQHUPHDOVVKRXOGEHFRPSOHWHGE\6FUHHQLQJ9LVLW(;7DQGHQWHUHGLQWRWKH$6$KUV\VWHPLQRUGHUWRHQWHUGLHWGDWDLQWRH&5)
WRREWDLQGLHWDVVLJQPHQWLQIRUPDWLRQQHHGHGIRUPHDODW9(Subjects who would otherwise be considered Late Entry Subjects from the main study MRS-TU-2019 
and completed the main study >8 weeks before start of MRS-TU-2019EXT, may be considered for new subject screening DQGHQWHUWKH05678(;7E\ZD\RIWKH
QHZHQUROOPHQWVXEMHFWSDWKZD\
XKU6HUXP76XEVWXG\VXEMHFWVVKRXOGKDYHVHUXP7GUDZQDWDOOKU3.WLPHSRLQWVDW9('(SUHPRUQLQJGRVHDQG
DQGKRXUVDIWHU$0GRVH


0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
*
29(5$//'(6,*1
1XPEHURI6XEMHFWV

8SWRDSSUR[LPDWHO\FRPSOHWHG05678VXEMHFWVZLOOEHFRQVHQWHGWRWKH
056 78 (;76WXG\WRXQGHUJRZHHNVRUPRUHRIVWXG\PHGLFDWLRQRULQWHULP
WHVWRVWHURQHUHSODFHPHQWZDVKRXWIROORZHGE\DWRWDORIGD\VRIWUHDWPHQWZLWK
629)6XEMHFWVZLOOGRVHWLWUDWHWRWKHLUILQDOGRVHRYHUWKHILUVWGD\VRIWKH
WUHDWPHQWSHULRG7KH05678 (;7([WHQVLRQ6WXG\ZLOOLQFOXGHWKUHHWRIRXU
KRXU$%30DVVHVVPHQWVHVVLRQVGHSHQGLQJRQDWZKLFKWLPHSRLQWWKHVXEMHFWHQWHUVWKH
VWXG\GLUHFWO\IURP05678RUDVD/DWH(QWU\6XEMHFWWR05678(;7RU
DVDQHZO\HQUROOHG056B78QDwYHVXEMHFW
$SSUR[LPDWHO\RIWKHDSSUR[LPDWHO\FRQVHQWHGVXEMHFWVDUHWDUJHWHGWR
FRPSOHWH GD\VRIWKHGD\WUHDWPHQWSHULRGLQFOXGLQJDWPLQLPXPWKHEDVHOLQH
9('D\(DQGWKHPRQWK9LVLW('D\(UHTXLUHGKU$%30DVVHVVPHQW
VHVVLRQVLQ05678(;7

,QFOXVLRQ([FOXVLRQ&ULWHULD

,QFOXVLRQFULWHULD

 &RPSOHWLRQRI05678'D\(QGRI7UHDWPHQW 
([FOXVLRQ FULWHULD
 8SSHUDUPFLUFXPIHUHQFH!FP
 /RQJGLVWDQFHGULYLQJRUSODQQHGGULYLQJWULS!PLQVGXUDWLRQZKHUHWKH
VXEMHFWLVGRLQJWKHGULYLQJGXULQJSHULRGRIZHDULQJ$%30FXII
 ([SHFWHGNQRZQIRUWKFRPLQJFKDQJHWRDQWLK\SHUWHQVLYHPHGLFDWLRQVGXULQJ
WKH 05678(;7H[WHQVLRQVWXG\
 &DUGLDFDUUK\WKPLDVWKDWLQWKHRSLQLRQRIWKHLQYHVWLJDWRULQWHUIHUHZLWK
WKH DELOLW\RIWKH$%30UHFRUGHUWRREWDLQUHOLDEOHPHDVXUHPHQWV
 8VHRI7LPSODQWDEOHSHOOHWVVLQFHFRPSOHWLRQRI'D\(27YLVLWLQ056
78 

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
([FHSWLRQWRWKLV05678EXTHOLJLELOLW\FULWHULD
New Subject Enrollment into MRS-TU-2019EXT(QUROOPHQWRISDWLHQWVQDwYHWR05678
ZLOOEHSHUPLWWHGDWDIHZVLWHVLQRUGHUWRPD[LPL]HHQUROOPHQWIRU05678(;7
SURYLGHGWKDWWKRVHSDWLHQWVPHHWERWKWKHPDLQVWXG\DQG H[WHQVLRQVWXG\HOLJLELOLW\FULWHULD
7KHVHVXEMHFWVwould be required to consent and then complete screening assessments of the 
Screening Visit 1(EXT) and Screening Visit 2(EXT), consistent with the main protocol, prior to 
being enrolled into MRS-TU-2019EXT.  See 16.12.2 Schedule of Assessments- $%30
([WHQVLRQ6WXG\3UH7UHDWPHQW3HULRG)RU1HZO\(QUROOHG6XEMHFWV05678QDwYHRU
PDLQVWXG\/DWH(QWU\VXEMHFWVZKRKDYHEHHQRIIVWXG\IRUDQH[WHQGHGSHULRGRIZHHNVRU
PRUHDQGTXDOLI\IRUQHZHQUROOPHQW
7UHDWPHQW'XULQJ([WHQVLRQ6WXG\05678(;7
'XULQJWKH05678(;7VWXG\SHULRGDOOVXEMHFWVZLOOEHZDVKHGRXWIURPWKHLU
RULJLQDOO\DVVLJQHG05678VWXG\PHGLFDWLRQRUDQ\LQWHULPWHVWRVWHURQH
UHSODFHPHQW IRUDQZHHNSHULRG $WWKHFRPSOHWLRQRIWKDWZDVKRXWDOOVXEMHFWVZLOO
UHFHLYH629 )VWDUWLQJDWDWRWDOGDLO\ GRVHRIPJPJZLWKWKHEUHDNIDVW
PHDODQGPJZLWK WKHGLQQHUPHDODQGWLWUDWHGLIQHHGHGDFFRUGLQJWRWKHGRVH
WLWUDWLRQDOJRULWKPHVWDEOLVKHG IRUWKH05678(;7([WHQVLRQ6WXG\SURWRFRO
'LHWDU\JXLGDQFHDQGPHDOFRQWHQWDUHXQFKDQJHGIURP6HFWLRQRI05678
SURWRFRO

([WHQVLRQ6WXG\'XUDWLRQ
7KHGXUDWLRQRIWKH([WHQVLRQ6WXG\05678(;7LVDSSUR[LPDWHO\PRQWKV
 GD\VLQFOXGLQJDPLQLPXPZHHNVWXG\PHGLFDWLRQRUSULRUWHVWRVWHURQH
UHSODFHPHQW ZDVKRXWIROORZHGE\DWRWDORIGD\VRIORZHUVWDUWLQJGRVHRUDO
629)WUHDWPHQW DQGDZHHNVDIHW\HYDOXDWLRQSHULRGDWWKH FRQFOXVLRQRI056
78(;7WUHDWPHQW

3ULPDU\(QGSRLQW
x &KDQJHIURPEDVHOLQHLQKRXUDYHUDJHDPEXODWRU\V\VWROLFEORRGSUHVVXUH
DIWHU DSSUR[LPDWHO\GD\VRIWUHDWPHQW

x 7Rdetermine WKHUHVSRQVHWRDlower VWDUWLQJGRVHRIoral 629)ZLWKXSand 
GRZQtitration as appropriate, as measured by: 
 
o
3HUFHQWDJHRI629)±WUHDWHGVXEMHFWVZLWKDSODVPD7&DYJZLWKLQWKH
QRUPDOUDQJHDIWHUGD\VRIWUHDWPHQW
6HFRQGDU\(QGSRLQWV
x &KDQJHIURPEDVHOLQHLQKRXUDYHUDJHDPEXODWRU\V\VWROLFEORRGSUHVVXUH
DIWHU DSSUR[LPDWHO\GD\VRIWUHDWPHQW

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
x &KDQJHIURPEDVHOLQHLQ$0WR30KRXUDYHUDJHDPEXODWRU\V\VWROLF
EORRG SUHVVXUHGD\WLPHDIWHUDSSUR[LPDWHO\GD\VDQGGD\VRI
WUHDWPHQW
x &KDQJHIURPEDVHOLQHLQ30WR$0KRXUDYHUDJHDPEXODWRU\V\VWROLF
EORRG SUHVVXUHQLJKWWLPHDIWHUDSSUR[LPDWHO\GD\VDQGGD\VRI
WUHDWPHQW
x 0D[LPXPKRXUV\VWROLFEORRGSUHVVXUHDIWHUDSSUR[LPDWHO\GD\VDQG
GD\VRIWUHDWPHQW
x &KDQJHIURPEDVHOLQHLQ$0WR30KRXUDYHUDJHDPEXODWRU\GLDVWROLF
EORRG SUHVVXUHGD\WLPHDIWHUDSSUR[LPDWHO\GD\VDQGGD\VRI
WUHDWPHQW
x &KDQJHIURPEDVHOLQHLQ30WR$0KRXUDYHUDJHDPEXODWRU\GLDVWROLF
EORRG SUHVVXUHQLJKWWLPHDIWHUDSSUR[LPDWHO\GD\VDQGGD\VRI
WUHDWPHQW
x &KDQJHIURPEDVHOLQHLQKRXUPHDQGLDVWROLFEORRGSUHVVXUHG%3PHDVXUHGE\
$%30
DIWHUGD\VDQGGD\VRIWUHDWPHQWLQ629)±WUHDWHG VXEMHFWV
x 0D[LPXPKRXUGLDVWROLFEORRGSUHVVXUHDIWHUDSSUR[LPDWHO\GD\VDQG
 GD\VRIWUHDWPHQW
x &KDQJHIURPEDVHOLQHLQKRXUDYHUDJHDPEXODWRU\KHDUWUDWHDIWHUDSSUR[LPDWHO\
 GD\VDQGGD\VRIWUHDWPHQW
x &KDQJHIURPEDVHOLQHLQ$0WR30KRXUDYHUDJHDPEXODWRU\
KHDUWUDWH GD\WLPHDIWHUDSSUR[LPDWHO\GD\VDQGGD\VRI
WUHDWPHQW
x &KDQJHIURPEDVHOLQHLQ30WR$0KRXUDYHUDJHDPEXODWRU\
KHDUWUDWH QLJKWWLPHDIWHUDSSUR[LPDWHO\GD\VDQGGD\VRI
WUHDWPHQW
x 2EVHUYHGDQGFKDQJHIURPEDVHOLQHLQKDOIKRXUO\V\VWROLFEORRGSUHVVXUHGLDVWROLF
EORRGSUHVVXUHDQGKHDUWUDWHDIWHUDSSUR[LPDWHO\GD\VDQGGD\V
RI WUHDWPHQW
x 7KHSHUFHQWDJHRI629)±WUHDWHGVXEMHFWVZLWKPD[LPXPSODVPD
WHVWRVWHURQH FRQFHQWUDWLRQ7&PD[YDOXHVDIWHUGD\VRIWUHDWPHQW
o
QJG/
o
!WRQJG/

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
o
!QJG/

6DIHW\(QGSRLQWV
x 7RGHWHUPLQHWKHLQFLGHQFHRI$(V6$(VDQG$(VOHDGLQJWR05678
(;7 VWXG\ZLWKGUDZDOLQ629)WUHDWHGVXEMHFWV
x 2EVHUYHGDQGFKDQJHIURPEDVHOLQHLQ%3DQG+5REWDLQHGLQFOLQLFGXULQJ
WKH WUHDWPHQWSHULRG
x 2EVHUYHGDQGFKDQJHIURPEDVHOLQHLQWKHIROORZLQJODERUDWRU\SDUDPHWHUV
LQ 629)±WUHDWHGVXEMHFWVGXULQJWKHWUHDWPHQWSHULRG
o /LYHUIXQFWLRQWHVWVDODQLQHDPLQRWUDQVIHUDVH>$/7@
DVSDUWDWH DPLQRWUDQVIHUDVH>$67@WRWDOELOLUXELQDONDOLQH
SKRVSKDWDVH
o +HPDWRORJ\SDUDPHWHUVKHPRJORELQ
o +RUPRQHOHYHOVOXWHLQL]LQJKRUPRQH>/+@IROOLFOHVWLPXODWLQJ
KRUPRQH >)6+@'+7VH[KRUPRQH±ELQGLQJJOREXOLQ>6+%*@DQG
WK\URLG VWLPXODWLQJKRUPRQH>76+@
o /LSLGSURILOHVKLJKGHQVLW\OLSRSURWHLQVORZGHQVLW\OLSRSURWHLQV
WRWDO FKROHVWHURODQGWULJO\FHULGHV
o 6HUXP36$
629)'RVH
7LWUDWLRQ
7KHGRVHRIVWXG\GUXJZLOOEHWLWUDWHGGXULQJWKHHIILFDF\SHULRGXVLQJDQDOJRULWKPWKDW
ZDVGHYHORSHGXVLQJGD\KU3.GDWDREWDLQHGIURPRQJRLQJ05678
VXEMHFWVLQWKH629)WUHDWPHQWJURXS'RVHWLWUDWLRQIRUHDFKVXEMHFWZLOOEH
EDVHG
RQWKHSODVPD7PHDVXUHGEHWZHHQWRKRXUVPLQDIWHUWKHPRUQLQJGRVH DW9LVLW
( 'D\(DQG9LVLW('D\('RVHWLWUDWLRQVZLOORFFXUDW9LVLW( 'D\(
DQG 9LVLW('D\(LIQHHGHGEDVHGRQWKHIROORZLQJDOJRULWKP
x )RUVXEMHFWVZKRPD\QHHGGRVHWLWUDWLRQDW9LVLW('D\(EDVHGRQ
WKH SODVPD7OHYHOREWDLQHGEHWZHHQWRKRXUVRQ9LVLW('D\(
o 7QJG/GRVHLQFUHDVHGWRPJPJ$0PJ30
o 7WRQJG/QRGRVHFKDQJH
o 7!QJG/GRVHGHFUHDVHGWRPJPJ$0PJ30
x )RUVXEMHFWVZKRPD\QHHGGRVHWLWUDWLRQDW9LVLW('D\(EDVHGRQ
WKH SODVPD7OHYHOREWDLQHGEHWZHHQWRKRXUVRQ9LVLW('D\(

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
o )RUVXEMHFWVZKRVHGRVHZDVQRWWLWUDWHGSUHYLRXVO\LHUHPDLQHGDW
PJ$0PJ30DQGWKHUHVXOWLQJSODVPD7DW9LVLW('D\
( DUH

7QJG/GRVHLQFUHDVHGWRPJPJ$0PJ30

7WRQJG/QRGRVHFKDQJH

7!QJG/GRVHGHFUHDVHGWRPJPJ$0PJ30
o )RUVXEMHFWVZKRVHGRVHZDVSUHYLRXVO\GHFUHDVHGWRPJPJ
$0 PJSPDQGWKHUHVXOWLQJSODVPD7DW9LVLW('D\(
DUH

7QJG/GRVHLQFUHDVHGWRPJPJ$0PJ30

7WRQJG/QRGRVHFKDQJH

7!QJG/GRVHGHFUHDVHGWRPJ$0RQO\
o )RUVXEMHFWVZKRVHGRVHZDVSUHYLRXVO\LQFUHDVHGWRPJPJ
$0 PJ30DQGWKHUHVXOWLQJSODVPD7DW9LVLW('D\(
DUH

7QJG/GRVHLQFUHDVHGWRPJPJ$0PJ30

7WRQJG/QRGRVHFKDQJH

7!QJG/GRVHGHFUHDVHGWRPJPJ$0PJ30

(IILFDF\3KDUPDFRNLQHWLFV6DIHW\

3OHDVHUHIHUWR05678PDLQVWXG\SURWRFRO6HFWLRQIRULQIRUPDWLRQUHJDUGLQJ WKHVH
VHFWLRQV

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
+
67$7,67,&$/$1$/<6,6
6DPSOH6L]HDQG3RZHU
%ORRGSUHVVXUH
7KHHVWLPDWHGVWDQGDUGGHYLDWLRQRIWKHGLIIHUHQFHVLQWKHKRXUPHDQV\VWROLF%3
REWDLQHGDW GD\VSRVWWUHDWPHQWDQGDIWHUZHHNVRIGUXJZDVKRXWLVPP+J
VWDQGDUGGHYLDWLRQ HVWLPDWHREWDLQHGIURP&ODUXV%ULHILQJ'RFXPHQWS-DQXDU\WK
0HHWLQJRIWKH %RQH5HSURGXFWLYHDQG8ULQDU\'UXJV$GYLVRU\&RPPLWWHH
$VVXPLQJWKDWZHZLOOKDYHDSSUR[LPDWHO\HYDOXDEOHVXEMHFWVWKLVVDPSOHVL]HRI
FDQ SURGXFHDWZRVLGHG&,ZLWKDGLVWDQFHIURPWKHGLIIHUHQFHLQPHDQVWR WKH
OLPLWVWKDWLV HTXDOWRPP+JZKHQWKHHVWLPDWHGVWDQGDUGGHYLDWLRQLVPP +J
(IILFDF\
:LWKUHVSHFWWRVDPSOHVL]HMXVWLILFDWLRQRI&DYJSOHDVHUHIHUWR6HFWLRQ6LQFHWKH
LQWHQGHGQXPEHURIHYDOXDEOHVXEMHFWVIRUWKHH[WHQVLRQVWXG\LVJUHDWHUWKDQ WDUJHWHGLQ
WKH0567XVWXG\WKHH[WHQVLRQVWXG\VKRXOGKDYHDGHTXDWHQXPEHURI VXEMHFWVWR
DFKLHYHWKHREMHFWLYHVUHJDUGLQJWKHHQGSRLQWVRI&DYJDQG&PD[
6HUXP7'+76XEVWXG\
6HUXPVDPSOHVZLOOEHFROOHFWHGIURPDSSUR[LPDWHO\VXEMHFWVZLWKUHVSHFWWR'D\(
ZLWKLQWKHH[WHQVLRQSKDVH7KLVZLOOEHGRQHXVLQJDOOFRQVHQWLQJVXEMHFWVZLWKLQDVXEVHW
RIVLWHVVLWHVWREHFKRVHQE\WKHVSRQVRU
$QDO\VLV3RSXODWLRQV
6WDWLVWLFDODQDO\VHVZLOOEHSHUIRUPHGRQWKHIROORZLQJSRSXODWLRQV

x 6DIHW\3RSXODWLRQDVGHILQHGSUHYLRXVO\LQVHFWLRQ 1RWHWKDWVDIHW\
DQDO\VHVZLOOEHRYHUERWKVWXG\SKDVHVDQGEURNHQRXWE\WKHH[WHQVLRQSKDVH
DQGDOVRVHSDUDWHO\IRUWKHZDVKRXWDQGWKHWUHDWHGSHULRGVZLWKLQWKHH[WHQVLRQ
SKDVH
x ([WHQVLRQ7UHDWHG6HW(;767KLVFRQVLVWVRIDQ\RQHWKDW WRRNDWOHDVWGRVHRI
629)ZLWKLQWKHH[WHQVLRQSKDVH7KLVZLOOEHXVHG IRUDOODQDO\VHVUHODWHGWR
WKHDPEXODWRU\EORRGSUHVVXUHDQGKHDUWUDWH7KLVZLOODOVREHXVHGIRUWKHSULPDU\
DQDO\VLVRI&DYJ
x ([WHQVLRQ(IILFDF\&RPSOHWHUV6HW(;&67KLVSRSXODWLRQFRQVLVWVRIDOO
VXEMHFWVZKRKDYHHYDOXDEOH&DYJDQG&PD[IURPWKHKRXU3. DVVHVVPHQW
REWDLQHGDW9LVLW('D\(DQGQRVLJQLILFDQWSURWRFROGHYLDWLRQV
x ([WHQVLRQ3.6HW(;3.7KH(;3.SRSXODWLRQFRQVLVWVRIDOOVXEMHFWVLQWKH
VWXG\ZKRKDYHDWOHDVWHYDOXDEOHKU3.SURILOHZLWKLQWKHH[WHQVLRQSKDVH
FDOFXODEOH&PD[RU&DYJDQGQRVLJQLILFDQWSURWRFRO GHYLDWLRQV

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
x ([WHQVLRQ6HUXP6HW(;6(7KH(;6(SRSXODWLRQFRQVLVWVRIDOOVXEMHFWVLQ
WKHVWXG\ZKRKDYHDWOHDVWHYDOXDEOH3.SURILOHZLWKLQWKHH[WHQVLRQSKDVH
FDOFXODEOH&PD[RU&DYJQRVLJQLILFDQWSURWRFROGHYLDWLRQVDQGVDPSOHV
FROOHFWHGIRUVHUXP7'+7TXDQWLILFDWLRQ
*HQHUDO6WDWLVWLFDO&RQVLGHUDWLRQV
,QJHQHUDOFRQWLQXRXVYDULDEOHVZLOOEHSUHVHQWHGXVLQJGHVFULSWLYHVWDWLVWLFVQXPEHURI
REVHUYDWLRQV>Q@PHDQVWDQGDUGGHYLDWLRQVWDQGDUGHUURURIPHDQPHGLDQDQGPLQLPXP
DQG PD[LPXPYDOXHVDQGFDWHJRULFDOYDOXHVZLOOEHVXPPDUL]HGZLWKFRXQWV DQG
SHUFHQWDJHV
$OOFROOHFWHGGDWDZLOOEHSUHVHQWHGLQOLVWLQJV
%DVHOLQHIRUWKHH[WHQVLRQSKDVHDUHWKHDVVHVVPHQWVWDNHQMXVWSULRUWRGRVLQJDW9LVLW (
'D\(XQOHVVRWKHUZLVHVSHFLILHG%DVHOLQHIRUDYHUDJHVZLOODOVREHWKHKRXU
DYHUDJH %DVHOLQHIRUKRXUO\RUKDOIKRXUO\DVVHVVPHQWVZLOOEHWLPHPDWFKHG
3ULPDU\$QDO\VHV
(IILFDF\&DYJ
7KHSULPDU\HIILFDF\HQGSRLQWLVWKHSHUFHQWDJHRI629)±WUHDWHGVXEMHFWVZLWK
D KRXUWRWDO7&DYJZLWKLQWKHQRUPDOUDQJHDIWHUGD\VRIWUHDWPHQWZLWKLQWKH
H[WHQVLRQ7KH(;76 ZLOOEHWKHSULPDU\DQDO\VLVSRSXODWLRQIRUHIILFDF\
7KH&DYJZLOOEHFDOFXODWHGDVDUHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYHIURPWLPHWR
KRXUV$8&GLYLGHGE\WKHDFWXDOQXPEHURIKRXUVEHWZHHQGRVLQJDQGWKHKRXU
VDPSOHFROOHFWLRQWLPH$8&$8&DQG$8&ZLOOEHFDOFXODWHGXVLQJ
QRQFRPSDUWPHQWDOPHWKRGV7KHSHUFHQWDJHRIVXEMHFWVUDQGRPL]HGWR629)ZKRVH
KRXU&DYJLVZLWKLQWKHQRUPDOUDQJHIRUWRWDO7ZLOOEHFDOFXODWHG0LVVLQJ&DYJYDOXHV
ZLOOEHLPSXWHGXVLQJPXOWLSOH LPSXWDWLRQ SURFHGXUHV7KH6$3ZLOOGHVFULEHWKH
PHWKRGRORJ\IRUPXOWLSOHLPSXWDWLRQ LQGHWDLO
$VLGHGELQRPLDO&,VXUURXQGLQJWKHSRLQWHVWLPDWHZLOOEHFDOFXODWHG7KH
VWXG\ ZLOOKDYHVKRZQHIIHFWLYHQHVVRI629)LIDWOHDVWRIWKH(;76
SRSXODWLRQKDVWRWDO7LQWKHQRUPDOUDQJHDQGLIWKHORZHUERXQGRIWKHVLGHG 
&,IRU WKDWSURSRUWLRQLV
$VHQVLWLYLW\DQDO\VLVZLOOEHSHUIRUPHGXVLQJWKH(;&6,QDGGLWLRQXVLQJWKH(;76
ZRUVWFDVHVFHQDULRDQDO\VLVZLOOEHSURYLGHG
6DIHW\
$PEXODWRU\6\VWROLF%ORRG3UHVVXUHV%3
7KHFKDQJHIURPEDVHOLQHLQWKHKRXUDYHUDJHV%3ZLOOEHDQDO\]HGDVWKHSULPDU\
EORRGSUHVVXUHHQGSRLQW .H\ VHFRQGDU\DQDO\VHVZLOOEHGHULYHGIURPWKHFKDQJHVIURP
EDVHOLQHLQWKHGD\WLPHDQG QLJKW WLPHV%38VLQJWKH(;76RQO\VXEMHFWVZLWKERWKD
EDVHOLQH9LVLW(9LVLW( DQGWKHIRXUPRQWKSRVW EDVHOLQHDVVHVVPHQW9LVLW(
9LVLW(ZLOOEHHYDOXDWHG 1RLPSXWDWLRQPHWKRGV ZLOOEHHPSOR\HG

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
7KHDYHUDJHYDOXHVZLOOEHVXPPDUL]HGE\YLVLWXVLQJVXPPDU\VWDWLVWLFVIRUFRQWLQXRXV
YDULDEOHV &KDQJHVIURPEDVHOLQHZLOODOVREHVXPPDUL]HGLQWKHVDPHZD\LQFOXGLQJ
&,V IRUWKHPHDQFKDQJHIURPEDVHOLQH
7KHHIIHFWRQV%3ZLOOEHGHVFULSWLYHO\DQGYLVXDOO\HYDOXDWHGXVLQJ ER[SORWV
FXPXODWLYHGLVWULEXWLRQFXUYHVRIKRXUDYHUDJHVDQGIRUHVWSORWVRIGD\WLPHDYHUDJH
QLJKWWLPHDYHUDJHDQG KRXUDYHUDJHFKDQJHIURPEDVHOLQHZLWKFRQILGHQFH
LQWHUYDOV
0D[LPXPV%3DQGWLPHPDWFKHGFKDQJHVZLOOEHVXPPDUL]HGIRUEDVHOLQHDQGHDFKYLVLW
6KLIWWDEOHVXVLQJSUHGHILQHGUDQJHVZLOOEHXVHGLQHYDOXDWLQJWKHPD[LPXPV%3ZLWKLQD
KRXU SHULRGDQGDOVRGD\WLPHDQGQLJKWWLPHVHSDUDWHO\ 0D[LPXPWLPHPDWFKHG
FKDQJHVZLOOEH HYDOXDWHGLQDVLPLODUIDVKLRQ
,QDGGLWLRQDPL[HGPRGHO DQDO\VLVZLWKVXEMHFWDVDUDQGRPHIIHFWDQGYLVLW(;76
EDVHOLQHDVUHIHUHQFHDQGWKHIRXUPRQWKSRVWEDVHOLQHDVWHVWSULRUUDQGRPL]HG
WUHDWPHQWLQ056 78DQG KLVWRU\RIK\SHUWHQVLRQDQGZKHWKHUWUHDWHGRUQRW
WUHDWHGDVIL[HGHIIHFWV
$GGLWLRQDOHIIHFWVVXFKDVWKHSUHVHQFHRIGLDEHWHVPHOOLWXVZLOOEHFRQVLGHUHGIRULQFOXVLRQ
$VL[PRQWK9LVLW(9LVLW(HYDOXDWLRQRIDPEXODWRU\EORRGSUHVVXUHZLOODOVREH
SHUIRUPHG)XUWKHUGHWDLOVZLOOEHSURYLGHGLQWKH6$3
7KHGLIIHUHQFHLQOHDVWVTXDUHVPHDQVDQGDVVRFLDWHG&,ZLOOEHSURYLGHG*RRGQHVV
RIILWZLOOEHHYDOXDWHG

6HFRQGDU\$QDO\VHV
$PEXODWRU\'LDVWROLFEORRGSUHVVXUHG%3DQG$PEXODWRU\KHDUWUDWH+5
7KHVHZLOOEHHYDOXDWHGLQDVLPLODUIDVKLRQWRWKHV%3H[FHSWIRUWKHPD[LPXPKHDUWUDWH
+RXUO\DQGKDOIKRXUO\REVHUYHGDQGWLPHPDWFKHGFKDQJHIURPEDVHOLQHZLOOEH
GHVFULSWLYHO\ VXPPDUL]HG
*UDSKLFDOGLVSOD\RYHUOD\VRIKDOIKRXUDQGKRXUO\$%30DYHUDJHVWKDWLQFOXGH
VWDQGDUG GHYLDWLRQEDUVIRUV%3G%3DQGKHDUWUDWHZLOOEHJHQHUDWHG
&PD[
7&PD[DIWHUGD\VRIWUHDWPHQWZLWKLQWKHH[WHQVLRQSKDVHZLOOEHHYDOXDWHG(;76
ZLOOEHWKHSULPDU\DQDO\VLVSRSXODWLRQ
7KHVHFRQGDU\HQGSRLQWZLOOEHHYDOXDWHGE\HVWLPDWLQJWKHSURSRUWLRQRI629
) WUHDWHGVXEMHFWVDW9LVLW('D\(ZLWK
D 7&PD[dQJG/
E 7&PD[!DQGdQJG/
F 7&PD[!QJG/

0DULXV3KDUPDFHXWLFDOV
9HUVLRQ
)HEUXDU\
05678

3DJHRI
&21),'(17,$/
6XEJURXS$QDO\VLV
$VGDWDSHUPLWVVXEJURXSDQDO\VHVRIV%3DQGG%3ZLOOEHSHUIRUPHGIRFXVLQJRQ
K\SHUWHQVLRQ WUHDWHGZLWKK\SHUWHQVLRQXQWUHDWHGZLWKRXWK\SHUWHQVLRQDQGZLWKDQG
ZLWKRXWGLDEHWHV PHOOLWXV

3KDUPDFRNLQHWLF$QDO\VLV
8VLQJWKH(;3.WKHIROORZLQJHYDOXDWLRQVZLOOEHSHUIRUPHG

x 7KHSHUFHQWDJHRIPDOHK\SRJRQDGDOVXEMHFWVZLWK7&DYJZLWKLQWKHQRUPDO
UDQJHDIWHUGD\VRIWUHDWPHQW
x 7KHSHUFHQWDJHRI629)±WUHDWHGVXEMHFWVZLWKPD[LPXPSODVPD
WHVWRVWHURQHFRQFHQWUDWLRQ7&PD[YDOXHV
o
QJG/
o
!WRQJG/
o
!QJG/

%LRDQDO\WLFDO$QDO\VLV
8VLQJWKH(;3.WKH7DQG'+7YDOXHVREWDLQHGIURPSODVPD1D)('7$WXEH
VDPSOHVZLOOEHHYDOXDWHGXVLQJUHJUHVVLRQDQDO\VLVWRGHWHUPLQHWKHUHODWLRQVKLS
EHWZHHQ7DQG'+7YDOXHV
6DIHW\$QDO\VLV
8VLQJWKH6DIHW\3RSXODWLRQWUHDWPHQWHPHUJHQWDGYHUVHHYHQWV7($(VZLOOEH
VXPPDUL]HGIRUWKHHQWLUHVWXG\FRPELQHGDQGDOVRIRUWKHH[WHQVLRQRQO\E\ SHULRG
ZDVKRXWDQGWUHDWPHQWDQGWDEXODWHGE\V\VWHPRUJDQFODVV62&DQGSUHIHUUHGWHUP
2EVHUYHGYDOXHVFROOHFWHGLQFOLQLFYLWDOVLJQPHDVXUHPHQWVLQFOXGLQJV%3G%3+5
DQG ERG\ZHLJKWDQGFKDQJHVIURPH[WHQVLRQEDVHOLQHLQV%3G%3+5DQGERG\
ZHLJKWZLOOEH VXPPDUL]HGE\H[WHQVLRQSKDVHYLVLWDQGWUHDWPHQW
2EVHUYHGYDOXHVDQGFKDQJHVIURPH[WHQVLRQEDVHOLQHLQODERUDWRU\WHVWUHVXOWVZLOOEH
VXPPDUL]HGE\H[WHQVLRQYLVLW6KLIWWDEOHVZLOOEHXVHGWRHYDOXDWHFKDQJHVLQODERUDWRU\
WHVWYDOXHVZLWKUHVSHFWWRQRUPDOUHIHUHQFHUDQJH
6HUXP7'+7
8VLQJWKH(;6(H[SORUDWRU\DQDO\VHVPD\EHSHUIRUPHGWKDWZRXOGHYDOXDWHIXUWKHUWKH
UHODWLRQVKLSRIWKHDVVD\PHWKRGVLQWHUPVRIWLWUDWLRQFRQFRUGDQFHDQGSULPDU\DQG
VHFRQGDU\HQGSRLQWV
7LWUDWLRQ'HFLVLRQV
8VLQJWKH7FRQFHQWUDWLRQVREWDLQHGDWWKHWLWUDWLRQWLPHSRLQWVZLWK('7$DQGVHUXP
WXEHVH[SORUDWRU\DQDO\VLVPD\EHSHUIRUPHGWRFRPSDUHWKHSUHGLFWHGWLWUDWLRQGHFLVLRQV
ZLWKWKRVHZKLFKZHUHPDGHXVLQJ1D)('7$VDPSOHV