A Phase 3b, Multicenter, Open-Label Study to Investigate the Efficacy and Safety of Ledipasvir/Sofosbuvir, With or Without Ribavirin, in HCV Infected Subjects Who Have Failed Prior Treatment With Sofosbuvir-based Therapies
Phase: PHASE3
Conditions: Hepatitis C Virus Infection
Sponsor: Gilead Sciences



/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
7$%/(2)&217(176
7$%/(2)&217(176 
/,672),17(;77$%/(6
35272&2/6<1236,6 
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506

,1752'8&7,21 

%DFNJURXQG 

/HGLSDVYLU6RIRVEXYLU)L[HG'RVH&RPELQDWLRQ/'962))'& 

&OLQLFDO7ULDOVRI/'962)5HOHYDQW WRWKH3URSRVHG6WXG\

5LEDYLULQ5%9

5DWLRQDOHIRU7KLV6WXG\ 

5DWLRQDOHIRU/HQJWKDQG&RPSRVLWLRQRI7UHDWPHQW5HJLPHQVLQ6WXG\
'HVLJQ 

&RPSOLDQFH 

2%-(&7,9(6

678'<'(6,*1

7UHDWPHQW3ODQDQG5HJLPHQ 

+&99LURORJLF5HVSRQVH%DVHG7UHDWPHQW6WRSSLQJ&ULWHULD

7UHDWPHQW'LVFRQWLQXDWLRQ&ULWHULD

%LRPDUNHU7HVWLQJ

%LRPDUNHU6DPSOHVIRU2SWLRQDO)XWXUH5HVHDUFK

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ 

,QFOXVLRQ&ULWHULD

([FOXVLRQ&ULWHULD

,19(67,*$7,21$/0(',&,1$/352'8&76 

5DQGRPL]DWLRQDQG%OLQGLQJ

'HVFULSWLRQDQG+DQGOLQJRI/'962))'&

)RUPXODWLRQRI/'962))'& 

3DFNDJLQJDQG/DEHOLQJRI/'962))'&

6WRUDJHDQG+DQGOLQJRI/'962))'&

'RVDJHDQG$GPLQLVWUDWLRQRI/'962))'& 

'HVFULSWLRQDQG+DQGOLQJRI 5%9± $SSOLFDEOHWR6WXG\*URXSV	

)RUPXODWLRQRI5%9

3DFNDJLQJDQG/DEHOLQJRI5%9

6WRUDJHDQG+DQGOLQJRI5%9

'RVDJHDQG$GPLQLVWUDWLRQRI5%9

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV

$FFRXQWDELOLW\RI6WXG\'UXJV

5HWXUQRU'LVSRVDORI6WXG\'UXJV

678'<352&('85(6 

6FUHHQLQJ9LVLW

%DVHOLQH'D\9LVLW 

:HHN	9LVLWVGD\V

:HHNDQGIRU6WXG\*URXSRQO\9LVLWVGD\V

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

:HHNDQGIRU6WXG\*URXSRQO\RU(DUO\7HUPLQDWLRQ9LVLWGD\V

3RVWWUHDWPHQW:HHN	9LVLWVGD\V 

8QVFKHGXOHG9LVLW 

(QGRI6WXG\

3URFHGXUHVDQG6SHFLILFDWLRQV

&OLQLFDO/DERUDWRU\$QDO\WHV 

0HGLFDO+LVWRU\

&RPSOHWH3K\VLFDO([DPLQDWLRQ

9LWDO6LJQV

/HDG(&*V

9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOH

3UHJQDQF\7HVWLQJ

+HDOWK5HODWHG4XDOLW\RI/LIH6XUYH\V 

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQVRI$GYHUVH(YHQWV$GYHUVH5HDFWLRQVDQG6HULRXV$GYHUVH(YHQWV

$GYHUVH(YHQWV

6HULRXV$GYHUVH(YHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV 

$VVHVVPHQWRI$GYHUVH(YHQWVDQG6HULRXV$GYHUVH(YHQWV

$VVHVVPHQWRI&DXVDOLW\IRU6WXG\'UXJVDQG3URFHGXUHV

$VVHVVPHQWRI6HYHULW\ 

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWVDQG6HULRXV
$GYHUVH(YHQWVWR*LOHDG

*LOHDG5HSRUWLQJ5HTXLUHPHQWV

7R[LFLW\0DQDJHPHQW 

5LEDYLULQ'RVH$GMXVWPHQWV± $SSOLFDEOHWR6WXG\*URXSV	

6XEMHFW6WRSSLQJ5XOHV 

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

67$7,67,&$/&216,'(5$7,216

$QDO\VLV2EMHFWLYHVDQG(QGSRLQWV

$QDO\VLV2EMHFWLYHV

3ULPDU\(QGSRLQW 

6HFRQGDU\(QGSRLQW 

2WKHU(QGSRLQWVRI,QWHUHVW 

$QDO\VLV&RQYHQWLRQV

$QDO\VLV6HWV 

'DWD+DQGOLQJ&RQYHQWLRQV 

'HPRJUDSKLF'DWDDQG%DVHOLQH&KDUDFWHULVWLFV 

(IILFDF\$QDO\VLV 

3ULPDU\$QDO\VLV

6HFRQGDU\$QDO\VHV 

6DIHW\$QDO\VLV

([WHQWRI([SRVXUH

$GYHUVH(YHQWV

/DERUDWRU\(YDOXDWLRQV 

2WKHU6DIHW\(YDOXDWLRQV

6DPSOH6L]H

5(63216,%,/,7,(6

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

,QYHVWLJDWRU5HVSRQVLELOLWLHV 

*RRG&OLQLFDO3UDFWLFH

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO

,QIRUPHG&RQVHQW

&RQILGHQWLDOLW\

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV 

&DVH5HSRUW)RUPV

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW$FFRXQWDELOLW\DQG5HWXUQ

,QVSHFWLRQV

3URWRFRO&RPSOLDQFH

6SRQVRU5HVSRQVLELOLWLHV 

3URWRFRO0RGLILFDWLRQV

6WXG\5HSRUWDQG3XEOLFDWLRQV 

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV 

3D\PHQW5HSRUWLQJ

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV 

6WXG\'LVFRQWLQXDWLRQ

5()(5(1&(6 

$33(1',&(6 
$SSHQGL[
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[
6WXG\3URFHGXUHV7DEOH
$SSHQGL[
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV
/,672),17(;77$%/(6
7DEOH 
'LVDOORZHGDQG&RQFRPLWDQW0HGLFDWLRQVWREH8VHGZLWK&DXWLRQ 
7DEOH 
5%9'RVH5HGXFWLRQ*XLGHOLQHV
7DEOH
6XPPDU\RI6955DWHVLQ3KDVH6WXGLHV

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
35272&2/6<1236,6
*LOHDG6FLHQFHV,QF
/DNHVLGH'ULYH
)RVWHU&LW\&$86$
6WXG\ 7LWOH
$3KDVHE0XOWLFHQWHU2SHQ/DEHO6WXG\WR,QYHVWLJDWHWKH
(IILFDF\DQG6DIHW\RI/HGLSDVYLU6RIRVEXYLU:LWKRU:LWKRXW
5LEDYLULQLQ+&9,QIHFWHG6XEMHFWV:KR+DYH)DLOHG3ULRU
7UHDWPHQW:LWK 6RIRVEXYLUEDVHG7KHUDSLHV
,1'1XPEHU
(XGUD&71XPEHU
&OLQLFDO7ULDOVJRY
,GHQWLILHU

--
7%'
6WXG\&HQWHUV
3ODQQHG
$SSUR[LPDWHO\FHQWHUVLQ1RUWK$PHULFDDQG(XURSH
2EMHFWLYHV
7KHSULPDU\REMHFWLYHVRIWKLVVWXG\DUHDVIROORZV

7RHYDOXDWH WKHHIILFDF\RIWUHDWPHQWZLWKOHGLSDVYLUVRIRVEXYLU
IL[HGGRVHFRPELQDWLRQ/'962))'&IRU ZHHNV ZLWKRU
ZLWKRXWULEDYLULQ5%9 LQVXEMHFWVZLWKRXWFLUUKRVLVDQG
/'962))'&IRUZHHNVZLWK5%9RU/'962))'&IRU
ZHHNVZLWKRXW5%9LQVXEMHFWVZLWKFLUUKRVLVDVPHDVXUHGE\WKH
SURSRUWLRQRIVXEMHFWVZLWKVXVWDLQHGYLURORJLFUHVSRQVHZHHNV
DIWHUGLVFRQWLQXDWLRQRIWKHUDS\695

7RHYDOXDWHWKHVDIHW\DQGWROHUDELOLW\RI/'962))'&IRU
 ZHHNVZLWKRUZLWKRXW5%9LQVXEMHFWVZLWKRXWFLUUKRVLVDQG
/'962))'&IRUZHHNVZLWK5%9RU/'962))'&IRU
ZHHNVZLWKRXW5%9LQVXEMHFWVZLWKFLUUKRVLV DVDVVHVVHGE\
UHYLHZRIWKHDFFXPXODWHGVDIHW\GDWD
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUHDVIROORZV

7RGHWHUPLQHWKHSURSRUWLRQRIVXEMHFWVZKRDWWDLQ695DWDQG
ZHHNVDIWHUGLVFRQWLQXDWLRQRIWKHUDS\695 DQG695

7RGHWHUPLQHWKHSURSRUWLRQRIVXEMHFWVZLWKYLURORJLFIDLOXUH

7RHYDOXDWHWKHHPHUJHQFH RIYLUDOUHVLVWDQFHWR62)DQG/'9
GXULQJWUHDWPHQWDQGDIWHUWUHDWPHQWGLVFRQWLQXDWLRQDPRQJ
VXEMHFWVZLWKYLURORJLFIDLOXUH

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
1XPEHURI6XEMHFWV
3ODQQHG
$SSUR[LPDWHO\ VXEMHFWV
7DUJHW3RSXODWLRQ
&KURQLF*7 RU+&9LQIHFWHGDGXOWVZKRKDYHIDLOHGSULRU
WUHDWPHQWZLWK 62) LQFRPELQDWLRQZLWK6095%9RUZLWK5%9
3(*
'XUDWLRQRI
7UHDWPHQW
6XEMHFWVZLOOEHWUHDWHGIRU RUZHHNV
'LDJQRVLVDQG0DLQ
(OLJLELOLW\&ULWHULD
&KURQLF*7 RU+&9LQIHFWHGPDOHDQGQRQSUHJQDQWQRQ
ODFWDWLQJIHPDOHVXEMHFWVDJHV\HDUVRUROGHULQFOXGLQJVXEMHFWV
ZLWKRUZLWKRXWFRPSHQVDWHGFLUUKRVLVZLWKSULRUYLURORJLFIDLOXUH
DIWHUWUHDWPHQWZLWK62)LQFRPELQDWLRQZLWK6095%9RUZLWK
5%93(*PD\EHHOLJLEOHIRUWKHVWXG\3ULRUWKHUDS\ZLWKDQ
16$LQKLELWRUZLOOEHH[FOXVLRQDU\
5HIHUHQFH6HFWLRQ DQG IRUGHWDLOHG,QFOXVLRQDQG([FOXVLRQ
FULWHULD
6WXG\3URFHGXUHV
)UHTXHQF\
6FUHHQLQJDVVHVVPHQWVZLOOEHFRPSOHWHGZLWKLQGD\VRIWKH
%DVHOLQH'D\YLVLW7KHVFUHHQLQJZLQGRZFDQEHH[WHQGHGWR
 GD\VIRUVXEMHFWVUHTXLULQJDGGLWLRQDO+&9JHQRW\SHWHVWLQJ
FLUUKRVLVGHWHUPLQDWLRQRUIRUH[WHQXDWLQJFLUFXPVWDQFHVZLWKVSRQVRU
DSSURYDO
$OOVXEMHFWVZLOOFRPSOHWHWKHIROORZLQJVWXG\YLVLWV6FUHHQLQJ
%DVHOLQH'D\RQWUHDWPHQWYLVLWVDWWKHHQGRI:HHNV
IRUDOOVWXG\JURXSVDQGDWWKHHQGRI:HHNVDQGIRUVWXG\
JURXS DQGSRVWWUHDWPHQWYLVLWVDW:HHNVDQGDIWHUWKHODVWGRVH
RIVWXG\GUXJ 6XEMHFWVZLWK+&951$//24DWWKHSRVWWUHDWPHQW
:HHNYLVLWZLOOFRPSOHWHDSRVWWUHDWPHQW:HHNYLVLWXQOHVV
FRQILUPHGYLUDOUHODSVHRFFXUV
$IWHUFRQVHQWLVREWDLQHGVFUHHQLQJDVVHVVPHQWVZLOOLQFOXGHSK\VLFDO
H[DPLQDWLRQPHGLFDOKLVWRU\KLVWRULFDOUHVLVWDQFHWHVWLQIRUPDWLRQLI
DYDLODEOHKHLJKWZHLJKWYLWDOVLJQVOHDGHOHFWURFDUGLRJUDP
(&*VFUHHQLQJSURFHGXUHUHODWHGDGYHUVHHYHQWV$(V
FRQFRPLWDQWPHGLFDWLRQV&0VDIHW\ODERUDWRU\WHVWVLQFOXGLQJ
KHPDWRORJ\FKHPLVWU\DQGFRDJXODWLRQ+&951$VHURORJ\
KXPDQLPPXQRGHILFLHQF\YLUXV>+,9@+&9KHSDWLWLV%YLUXV
>+%9@+&9JHQRW\SLQJKHPRJORELQ$F+E$FDVVHVVPHQWRI
WKHSUHVHQFHRUDEVHQFHRIFLUUKRVLVVFUHHQLQJIRUKHSDWRFHOOXODU
FDUFLQRPD+&&IRUVXEMHFWVZLWKFLUUKRVLVVHUXPȕK&*IHPDOHV
RIFKLOGEHDULQJSRWHQWLDORQO\WK\URLGVWLPXODWLQJKRUPRQH76+
,/%JHQRW\SLQJXULQDO\VLVDQGXULQHGUXJVFUHHQ

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
2QWUHDWPHQWDVVHVVPHQWVZLOOLQFOXGH$(V&0VVWXG\GUXJ
GRVLQJ DGKHUHQFHLQFOXGLQJSLOOFRXQWSK\VLFDOH[DPLQDWLRQ
%DVHOLQH'D\ DQG:HHN >*URXSV@DQG:HHN>*URXS
@ ZHLJKW %DVHOLQH'D\ YLWDOVLJQVVDIHW\ODERUDWRU\WHVWV+&9
51$XULQHSUHJQDQF\WHVWVIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\
3RVWWUHDWPHQWDVVHVVPHQWVZLOOLQFOXGH$(VDQG&0VFROOHFWHG
WKURXJKGD\VDIWHUWKHODVWGRVHRIVWXG\GUXJ +&951$VDIHW\
ODERUDWRU\WHVWVLQFOXGLQJKHPDWRORJ\DQG FKHPLVWU\DQGXULQH
SUHJQDQF\WHVWVIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\
6DPSOHVIRUYLUDO51$VHTXHQFLQJSKHQRW\SLQJ ZLOOEHFROOHFWHGDW
%DVHOLQH'D\DQGHYHU\YLVLWWKHUHDIWHU
+HDOWK5HODWHG4XDOLW\RI/LIH+54R/6XUYH\VVKRUWIRUP
 >6)@FKURQLFOLYHUGLVHDVHTXHVWLRQQDLUH>&/'4+&9@
IXQFWLRQDODVVHVVPHQWRIFKURQLFLOOQHVVWKHUDS\IDWLJXH>)$&,7)@
DQGZRUNSURGXFWLYLW\DQGDFWLYLW\LPSDLUPHQWTXHVWLRQQDLUH
>:3$,@ZLOOEHFRQGXFWHGDW%DVHOLQH'D\RQWUHDWPHQW:HHNV
DQG IRUDOOVWXG\JURXSVDQG:HHNIRUVWXG\*URXS(DUO\
7HUPLQDWLRQLIDSSOLFDEOHDQGSRVWWUHDWPHQW:HHNVDQG
7HVW3URGXFW'RVH
DQG0RGHRI
$GPLQLVWUDWLRQ
/'962)LVPDQXIDFWXUHGDVD)'&WDEOHWFRQVLVWLQJRIPJRI
/'9DQGPJ62)IRURUDODGPLQLVWUDWLRQ6XEMHFWVZLOOWDNH
 WDEOHWGDLO\ZLWKRUZLWKRXWIRRG
5%9 ZLOOEHVXSSOLHGE\*LOHDG6FLHQFHV6XEMHFWVLQ VWXG\*URXSV 
DQGZLOOWDNH5%9ZLWKIRRGDWDWRWDOGDLO\RUDOGRVHRIRU
PJPJIRUVXEMHFWVZHLJKLQJNJDQG PJIRU
VXEMHFWVZHLJKLQJNJGLYLGHG%,'
5HIHUHQFH7KHUDS\
'RVHDQG0RGHRI
$GPLQLVWUDWLRQ
1RQH
&ULWHULDIRU
(YDOXDWLRQ
6DIHW\
$GYHUVHHYHQWVZLOO EHFROOHFWHGWKURXJKWKHSRVWWUHDWPHQW :HHN
9LVLW&OLQLFDOODERUDWRU\WHVWVZLOOEHSHUIRUPHGGXULQJWUHDWPHQW
WKURXJKWKHSRVWWUHDWPHQW:HHNYLVLW7KHSULPDU\VDIHW\HQGSRLQW
LVDQ\$(OHDGLQJWRSHUPDQHQWGLVFRQWLQXDWLRQRIVWXG\WUHDWPHQW
(IILFDF\
(IILFDF\ZLOOEHHYDOXDWHGXVLQJVFKHGXOHGDVVHVVPHQWVRI+&951$
SHUIRUPHGXVLQJ&2%$6 $PSOLSUHS&2%$6 7DT0DQ +&9
4XDQWLWDWLYH7HVWY

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
6WDWLVWLFDO0HWKRGV
7KHSULPDU\HIILFDF\HQGSRLQWLV695+&951$ ORZHUOLPLWRI
TXDQWLILFDWLRQ>//24@ZHHNVSRVWWUHDWPHQWLQWKH)XOO$QDO\VLV
6HW
7KHHIILFDF\DQDO\VHVZLOOEHSHUIRUPHGVHSDUDWHO\IRUFRKRUWDQG
,Q &RKRUWDQRQLQIHULRULW\WHVWRI695UDWHVZLOOEHSHUIRUPHG
FRPSDULQJ*URXSDQG$QRQLQIHULRULW\PDUJLQRIZLOOEH
DSSOLHG1RQLQIHULRULW\ZLOOEHHVWDEOLVKHGLI WKHORZHUERXQGRIWKH
VLGHGFRQILGHQFHLQWHUYDO&,RIWKHGLIIHUHQFHLQ695
*URXS± *URXSLVJUHDWHUWKDQ7KH&,ZLOOEHFRQVWUXFWHG
XVLQJVWUDWXPDGMXVWHG0DQWHO+DHQV]HO0+SURSRUWLRQVVWUDWLILHG
E\WKHUDQGRPL]DWLRQVWUDWLILFDWLRQIDFWRUVLHJHQRW\SHRUSULRU
62)WKHUDS\LQFRPELQDWLRQZLWK609 RUZLWKRXW609
,Q&RKRUWDQRQLQIHULRULW\WHVWRI695UDWHVZLOOEHSHUIRUPHG
FRPSDULQJ*URXS DQG$QRQLQIHULRULW\PDUJLQRIZLOOEH
DSSOLHG1RQLQIHULRULW\ZLOOEHHVWDEOLVKHGLIWKHORZHUERXQGRIWKH
VLGHGFRQILGHQFHLQWHUYDO&,RIWKHGLIIHUHQFHLQ695
*URXS± *URXSLVJUHDWHUWKDQ7KH&,ZLOOEHFRQVWUXFWHG
XVLQJVWUDWXPDGMXVWHG0DQWHO+DHQV]HO0+SURSRUWLRQVVWUDWLILHG
E\WKHUDQGRPL]DWLRQVWUDWLILFDWLRQIDFWRUVLHJHQRW\SHRUSULRU
62)WKHUDS\LQFRPELQDWLRQZLWK609RUZLWKRXW609 7KH
VLGHGH[DFW&,XVLQJELQRPLDOGLVWULEXWLRQ&ORSSHU3HDUVRQ
PHWKRGZLOOEHFRQVWUXFWHGIRUWKH695UDWHVLQ*URXSDQG
7KHSULPDU\VDIHW\HQGSRLQWLVWKHSURSRUWLRQRIVXEMHFWVZKR
GLVFRQWLQXHGIURPVWXG\WUHDWPHQWIRUDQ$(
6HFRQGDU\HIILFDF\HQGSRLQWVLQFOXGHWKHSURSRUWLRQRIVXEMHFWVZLWK
+&951$//24DWDQGZHHNVSRVWWUHDWPHQWYLURORJLF
IDLOXUHDQGHPHUJLQJUHVLVWDQFH
$GGLWLRQDOHQGSRLQWVWREHVWXGLHGZLOOLQFOXGHSUHYDOHQFHRISUH
H[LVWLQJ16$UHVLVWDQFHDVVRFLDWHGSRO\PRUSKLVPVDQG16$
UHVLVWDQFHDVVRFLDWHGYDULDQWVDWEDVHOLQHDQGFKDQJHLQ16$
5$9VIURPDYDLODEOHKLVWRULFDOUHVLVWDQFHWHVWVWREDVHOLQHDQGWKH
HIIHFWRIWKHUDS\RQKHDOWKUHODWHGTXDOLW\RIOLIH
&RKRUWIRUWKHQRQLQIHULRULW\FRPSDULVRQRI695LQWKH
QRQFLUUKRWLFFRKRUWJURXSYVZLWKDQRQLQIHULRULW\PDUJLQ
DVDPSOHVL]HRIVXEMHFWVSHUWUHDWPHQWJURXSZLOOSURYLGHDWOHDVW
SRZHUWRHVWDEOLVKQRQLQIHULRULW\DWVLGHGOHYHO
DVVXPLQJWKH695UDWHVDUHIRUERWKJURXSV

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
&RKRUWIRUWKHQRQLQIHULRULW\FRPSDULVRQRI695LQWKH
FRPSHQVDWHGFLUUKRWLFFRKRUWJURXSYVZLWKDQRQ
LQIHULRULW\PDUJLQDVDPSOHVL]HRIVXEMHFWVSHUWUHDWPHQWJURXS
ZLOOSURYLGHDWOHDVWSRZHUWRHVWDEOLVKQRQLQIHULRULW\DWVLGHG
OHYHODVVXPLQJWKH695UDWHVDUHIRUERWKJURXSV
7KLVVWXG\ZLOOEHFRQGXFWHGLQDFFRUGDQFHZLWKWKHJXLGHOLQHVRI*RRG&OLQLFDO3UDFWLFH*&3
LQFOXGLQJDUFKLYLQJRIHVVHQWLDOGRFXPHQWV

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
*/266$5<2)$%%5(9,$7,216$1''(),1,7,21 2)7(506
&
GHJUHHV&HOVLXV
)
GHJUHHV)DKUHQKHLW
ȕK&*
ȕKXPDQFKRULRQLFJRQDGRWURSLQ
$$6/'
$PHULFDQ$VVRFLDWLRQIRUWKH6WXG\RI/LYHU'LVHDVHV
$(
DGYHUVHHYHQW
$/7
DODQLQHDPLQRWUDQVIHUDVHDOVR6*37
$1&
$35,
DEVROXWHQHXWURSKLOFRXQW
$67SODWHOHWUDWLRLQGH[
$377
DFWLYDWHGSDUWLDOWKURPERSODVWLQWLPH
$67
DVSDUWDWHDPLQRWUDQVIHUDVHDOVR6*27
$8&
DUHDXQGHUWKHFXUYH
$8&WDX
DUHDXQGHUWKHSODVPDFRQFHQWUDWLRQYHUVXVWLPHFXUYHRYHUWKHGRVLQJLQWHUYDO
WDX
%,'
WZLFHDGD\
%0,
ERG\PDVVLQGH[
%:
&,
ERG\ZHLJKW
FRQILGHQFHLQWHUYDO
&/FU
FUHDWLQLQHFOHDUDQFH
&/'4
FKURQLFOLYHUGLVHDVHTXHVWLRQQDLUH
&0
FRQFRPLWDQWPHGLFDWLRQ
&52
&65
FRQWUDFWRUFOLQLFDOUHVHDUFKRUJDQL]DWLRQ
FOLQLFDOVWXG\UHSRUW
'$$
GLUHFWDFWLQJDQWLYLUDO
G/
'HFLOLWHU
'1$
GHR[\ULERQXFOHLFDFLG
'63+
'UXJ6DIHW\DQG3XEOLF+HDOWK
(&*
(OHFWURFDUGLRJUDP
H&5)
HOHFWURQLFFDVHUHSRUWIRUPV
(6$
HU\WKURSRLHVLVVWLPXODWLQJDJHQW
H6$(
HOHFWURQLFVHULRXVDGYHUVHHYHQW
(PD[
(27
(7
PD[LPDOHIIHFW
(QGRI7UHDWPHQW
(DUO\7HUPLQDWLRQ
(8
(XURSHDQ8QLRQ
)$&,7)
IXQFWLRQDODVVHVVPHQWRIFKURQLFLOOQHVVWKHUDS\IDWLJXH
)$6
IXOODQDO\VLVVHW
)'$
)'&
8QLWHG6WDWHV)RRGDQG'UXJ$GPLQLVWUDWLRQ
IL[HGGRVHFRPELQDWLRQ
)(9
IRUFHGH[SLUDWRU\YROXPHLQRQHVHFRQG

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
*&3
*RRG&OLQLFDO3UDFWLFH*XLGHOLQHV
*&6)
JUDQXORF\WHFRORQ\VWLPXODWLQJIDFWRU
**7
JDPPDJOXWDP\OWUDQVIHUDVH
*6,
*LOHDG6FLHQFHV,QF
*7
JHQRW\SH YLUDO
+E
+HPRJORELQ
+E$F
KHPRJORELQ$F
+%9
+&&
KHSDWLWLV%YLUXV
KHSDWRFHOOXODUFDUFLQRPD
+&9
KHSDWLWLV&YLUXV
+'3(
KLJKGHQVLW\SRO\HWK\OHQH
+,9
KXPDQLPPXQRGHILFLHQF\YLUXV
+/*7
KLJKOHYHOJURXSWHUP
+54R/
KHDOWKUHODWHGTXDOLW\RIOLIH
+/7
,%
KLJKOHYHOWHUP
,QYHVWLJDWRU%URFKXUH
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
,'6$
,QIHFWLRXV'LVHDVH6RFLHW\RI$PHULFD
,(&
LQGHSHQGHQWHWKLFVFRPPLWWHH
,)1
LQWHUIHURQ
,/%
,/%JHQH
,1'
,15
,5%
,QYHVWLJDWLRQDO1HZ'UXJ$SSOLFDWLRQ
,QWHUQDWLRQDO1RUPDOL]HG5DWLRRISURWKURPELQWLPH
LQVWLWXWLRQDOUHYLHZERDUG
,8'
LQWUDXWHULQHGHYLFH
,9
,QWUDYHQRXV
,:56
LQWHUDFWLYHZHEUHVSRQVHV\VWHP
NJ
.LORJUDP
N3D
.LORSDVFDO
/
/LWHU
/'+
/'9
ODFWDWHGHK\GURJHQDVH
OHGLSDVYLU
//1
ORZHUOLPLWRIWKHQRUPDOUDQJH
/2'
ORZHUOLPLW RIGHWHFWLRQ
//24
ORZHUOLPLWRITXDQWLILFDWLRQ
//7
ORZHUOHYHOWHUP
0&9
PHDQFHOOXODUYROXPH
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
PJ
0LOOLJUDP
0+
0DQWHO+DHQV]HO
P/
0LOOLOLWHU

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
0LQ
0LQXWH
PP+J
PLOOLPHWHUVPHUFXU\
1,$,'
1DWLRQDO,QVWLWXWHRI$OOHUJ\DQG,QIHFWLRXV'LVHDVH
1,+
1DWLRQDO,QVWLWXWHVRI+HDOWK
16$$
>+&9@QRQVWUXFWXUDOSURWHLQ
3&5
SRO\PHUDVHFKDLQUHDFWLRQ
3(*
SHJ\ODWHGLQWHUIHURQ
3,
SURWHDVHLQKLELWRU
3.
3KDUPDFRNLQHWLF
37
SUHIHUUHGWHUP
4'
RQFHGDLO\
47F)
47LQWHUYDOFRUUHFWHGXVLQJ)ULGHULFLD¶IRUPXOD
5$9
UHVLVWDQFHDVVRFLDWHGYDULDQWV
5%&
UHGEORRGFHOOFRXQW
5%9
5LEDYLULQ
5'53
51$GHSHQGHQW51$SRO\PHUDVH
51$
ULERQXFOHLFDFLG
6$'5
VHULRXVDGYHUVHGUXJUHDFWLRQ
6$(
VHULRXVDGYHUVHHYHQW
6'
VWDQGDUGGHYLDWLRQ
6)
VKRUWIRUP
609
6LPHSUHYLU
62&
VWDQGDUGRIFDUH
62)
VRIRVEXYLU*6IRUPHUO\36,
623
VWDQGDUGRSHUDWLQJSURFHGXUH
686$5
6XVSHFWHG8QH[SHFWHG6HULRXV$GYHUVH5HDFWLRQ
695
VXVWDLQHGYLURORJLFUHVSRQVH
71'
WDUJHWQRWGHWHFWHG
732
7KURPERSRLHWLQ
76+
WK\URLGVWLPXODWLQJKRUPRQH
8/1
XSSHUOLPLWRIWKHQRUPDOUDQJH
86
8QLWHG6WDWHV
Y595
YHU\UDSLGYLURORJLFUHVSRQVH
:%&
ZKLWHEORRGFHOOFRXQW
:3$,
ZRUNSURGXFWLYLW\DQGDFWLYLW\LPSDLUPHQWTXHVWLRQQDLUH

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

,1752'8&7,21

%DFNJURXQG
+HSDWLWLV&YLUXV+&9LQIHFWLRQLVDJOREDOKHDOWKFKDOOHQJHZLWKDQHVWLPDWHGPLOOLRQ
LQGLYLGXDOVLQIHFWHGZRUOGZLGH^`&XUUHQWO\WKHUHDUHPDMRU+&9JHQRW\SHVUHFRJQL]HG
^`*HQRW\SHVDQGDUHFRPPRQWKURXJKRXW1RUWK$PHULFDDQG(XURSHDQGZKHQ
FRPELQHGDFFRXQWIRUDSSUR[LPDWHO\RIWKHFKURQLF+&9LQIHFWLRQVJOREDOO\*HQRW\SH
ZKLFKLVFRPPRQLQWKH0LGGOH(DVWDQG$IULFDDFFRXQWVIRUDSSUR[LPDWHO\RIWKHJOREDO
+&9SRSXODWLRQ*HQRW\SHVDQGDUHWKHOHDVWSUHYDOHQWDQGDUHJHQHUDOO\IRXQGLQ6RXWK
$IULFDDQG6RXWK(DVW$VLD UHVSHFWLYHO\^`
,QWKH8QLWHG6WDWHV86DSSUR[LPDWHO\PLOOLRQSHRSOHKDYHFKURQLF+&9LQIHFWLRQ^`
DQG+&9LQIHFWLRQFDXVHVRYHUGHDWKVHDFK\HDU^`DOWKRXJKXQGHUUHSRUWLQJRI
+&9LQIHFWLRQRQGHDWKFHUWLILFDWHVPD\FRQWULEXWHWRDVPXFKDVDIROG XQGHUHVWLPDWLRQRIWKH
DFWXDOQXPEHURIGHDWKV^`2IWKH+&9UHODWHGGHDWKVWKDWDUHUHSRUWHGDOPRVWWKUHH
TXDUWHUVRFFXUUHGLQWKHEDE\ERRPHUJHQHUDWLRQZLWKDPHGLDQDJHRIGHDWKRI\HDUVZKLFK
LVDSSUR[LPDWHO\\HDUVOHVVWKDQWKHDYHUDJHOLIHVSDQ^`6XFFHVVIXOWUHDWPHQWRIFKURQLF
+&9LQIHFWLRQUHGXFHVWKHQHHGIRUOLYHUWUDQVSODQWWKHLQFLGHQFHRIKHSDWRFHOOXODUFDUFLQRPD
+&& DQGRYHUDOOPRUWDOLW\^`7KXVWKHSXEOLFKHDOWKEHQHILWRIVDIHDQGHIIHFWLYH+&9
WUHDWPHQWUHJLPHQVLVKLJK
7KHGHYHORSPHQWRI6RYDOGL VRIRVEXYLU62)DQXFOHRWLGHDQDORJ+&916%SRO\PHUDVH
LQKLELWRUUHSUHVHQWVDPDMRUDGYDQFHLQWKHWUHDWPHQWRI+&9DV62)EDVHGUHJLPHQVDUHVKRUWHU
LQGXUDWLRQEHWWHUWROHUDWHGDQGUHVXOWLQKLJKHUVXVWDLQHGYLURORJLFUHVSRQVH695 UDWHVWKDQ
SULRUWKHUDSLHV 62)LQFRPELQDWLRQZLWKULEDYLULQ5%9 SHJ\ODWHGLQWHUIHURQ3(* IRU
YDU\LQJGXUDWLRQVZDVDSSURYHGLQWKH86DQG&DQDGDLQ'HFHPEHUIRUWKHWUHDWPHQWRI
JHQRW\SHDQG+&9LQIHFWLRQDQGZDVJUDQWHGPDUNHWLQJDXWKRUL]DWLRQE\WKH(XURSHDQ
&RPPLVVLRQLQ-DQXDU\IRUWKHWUHDWPHQWRIJHQRW\SHV+&9LQIHFWLRQ^
`7KHDYDLODELOLW\RIWKHVHFRPELQDWLRQVKDVOHGWRWKHWUHDWPHQWRI+&9LQWKRXVDQGVRI
SDWLHQWVLQPDQ\FRXQWULHV)XUWKHUPRUHEDVHGRQWKHUHVXOWVRIDSKDVHVWXG\&26026
ZKLFKHYDOXDWHGWKHVDIHW\DQGHIILFDF\RI62)LQFRPELQDWLRQZLWKWKH16$SURWHDVH
LQKLELWRUVLPHSUHYLU2O\VLR*DOH[RV609PDQ\SDWLHQWVZLWKJHQRW\SHRU+&9
LQIHFWLRQZHUHWUHDWHGZLWKWKLVFRPELQDWLRQZLWKRUZLWKRXW5%9^`6LPLODUO\WKHQH[W
ZDYHRIWKHUDSLHVIRUWKHWUHDWPHQWRI+&9LQFOXGHVFRPELQDWLRQVRIGLUHFWDFWLQJDQWLYLUDOV
'$$VLQFOXGLQJ62)WKDWZLOOREYLDWHWKHQHHGIRUDGPLQLVWUDWLRQRI3(*DQG5%9
+DUYRQL OHGLSDVYLUDQGVRIRVEXYLU/'962)ZDVUHFHQWO\DSSURYHGIRUWUHDWPHQWRI
JHQRW\SH+&9LQIHFWLRQLQWKH86DQG&DQDGDDQGIRUWUHDWPHQWRIJHQRW\SHVDQG+&9
LQIHFWLRQLQWKH(XURSHDQ8QLRQ/'962)LVWKHILUVWLQWHUIHURQ,)1IUHHUHJLPHQZLWKKLJK
695UDWHVIROORZLQJZHHNVRIWUHDWPHQWDFURVVWUHDWPHQWQDwYHDQGWUHDWPHQWH[SHULHQFHG
SDWLHQWVLQFOXGLQJSDWLHQWVZKRIDLOHGWRDFKLHYH695ZLWK3(*5%916$SURWHDVH
LQKLELWRUVLUUHVSHFWLYHRIFLUUKRVLV^`

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
0RVWFXUUHQW+&9GUXJGHYHORSPHQWHIIRUWIRFXVHVRQJHQRW\SH+&9LQIHFWLRQDVWKLVLVWKH
PRVWSUHYDOHQW+&9JHQRW\SHLQGHYHORSHGFRXQWULHV$VPRUH'$$DJHQWVDUHDSSURYHGDQG
DYDLODEOHWKHXQPHWPHGLFDOQHHGIRUHIIHFWLYHWUHDWPHQWRSWLRQVIRUWKHSDWLHQWVZKRIDLO
'$$EDVHG+&9WKHUDS\ZLOOLQFUHDVH7KHUHDUHOLPLWHGGDWDIURP3KDVHWULDOVWKDWKDYH
VKRZQKLJKHIILFDF\RI/'962)EDVHGWKHUDS\ZKHQXVHGIRUWUHDWPHQWRISDWLHQWVZKRGLGQRW
DFKLHYH695ZLWKDSULRU62)UHJLPHQ 7KLVLVVXSSRUWHGE\WKHIDFWWKDWLQ62)3KDVH
VWXGLHVYLURORJLFIDLOXUHZDVQRWDVVRFLDWHGZLWKWKHHPHUJHQFHRIWKH6762)
UHVLVWDQFHDVVRFLDWHGYDULDQFH5$9DQG/'9ZRXOGEHIXOO\DFWLYHDJDLQVWWKH67
^` (PHUJLQJGDWDIURPUHDOZRUOGFRKRUWVVXFKDV+&97$5*(7DQG7ULR+HDOWK
VXJJHVWWKDWDSSUR[LPDWHO\WRRISDWLHQWVZLWK+&9JHQRW\SHLQIHFWLRQWUHDWHGIRU
 ZHHNV ZLWKWKHFRPELQDWLRQRI62)  609KDYHH[SHULHQFHGWUHDWPHQWIDLOXUHZKLFK
DSSHDUVWREHPRUHFRPPRQLQSHUVRQVLQIHFWHGZLWK+&9JHQRW\SHDDQGWKRVHZLWKFLUUKRVLV
^`,QWKH3KDVH&26026VWXG\ YLURORJLFIDLOXUHZLWK609  62) 5%9ZDV
DVVRFLDWHGZLWKHPHUJHQFHRI16$5$9VEXWQRWZLWKWKH67 ^` %RWK62)DQG
/'9DUHIXOO\DFWLYHDJDLQVWVXEVWLWXWLRQVDVVRFLDWHGZLWKUHVLVWDQFHWR16$SURWHDVH
LQKLELWRUV
%DVHGRQHDUO\GDWDVKRZLQJKLJKHIILFDF\ZLWK/'962)DVWUHDWPHQWIRUSDWLHQWVZKRIDLOHGWR
DFKLHYH695ZLWKD62)UHJLPHQDQGODFNRIFURVVUHVLVWDQFHRI/'962)ZLWK609WKH
'HFHPEHUYHUVLRQRIWKH$PHULFDQ$VVRFLDWLRQIRUWKH6WXG\RI/LYHU'LVHDVHV
$$6/',QIHFWLRXV'LVHDVH6RFLHW\RI$PHULFD,'6$+&97UHDWPHQW*XLGDQFH
UHFRPPHQGHGWKHXVHRI/'962) 5%9IRUZHHNVIRUWUHDWPHQWRISDWLHQWVZKRQHHG
XUJHQWWUHDWPHQWDQGLQZKRPDSUHYLRXV62)FRQWDLQLQJUHJLPHQLQFRPELQDWLRQZLWK
5%9 3(*RU609KDVIDLOHG ^`
$GGLWLRQDOVWXGLHVDUHQHHGHGWRHYDOXDWHWKHHIILFDF\VDIHW\DQGWKHRSWLPDOGXUDWLRQRI
/'962)UHJLPHQVIRUWUHDWPHQWRI+&9LQSDWLHQWVZKRIDLOHGWRDFKLHYH695ZLWKSULRU
62)EDVHG+&9WKHUDS\

/HGLSDVYLU6RIRVEXYLU)L[HG'RVH&RPELQDWLRQ/'962))'&
/HGLSDVYLUVRIRVEXYLUIL[HGGRVHFRPELQDWLRQ/'962))'&+DUYRQLFRPELQHVWZR+&9
VSHFLILF'$$DJHQWVLQWRDVLQJOHWDEOHWIRUWKHWUHDWPHQWRIFKURQLF+&9LQIHFWLRQ/HGLSDVYLU
LVD+&916$LQKLELWRUDQGVRIRVEXYLULVDQXFOHRWLGHDQDORJWKDWLVDSRWHQWDQGVHOHFWLYH
LQKLELWRURI16%GLUHFWHG+&9UHSOLFDWLRQLUUHVSHFWLYHRI+&9JHQRW\SH
3OHDVHUHIHUWRWKH,QYHVWLJDWRU¶V%URFKXUH,%IRUDGGLWLRQDOLQIRUPDWLRQRQWKH/'962)
)'&DQGWKHLQGLYLGXDOFRPSRQHQWVLQFOXGLQJ

,Q9LWUR$QWL+HSDWLWLV&9LUXV$FWLYLW\

1RQFOLQLFDO3KDUPDFRNLQHWLFVDQG,Q9LWUR0HWDEROLVP

1RQFOLQLFDO3KDUPDFRORJ\DQG7R[LFRORJ\

&OLQLFDO([SHULHQFH

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

&OLQLFDO7ULDOVRI/'962) 5HOHYDQWWRWKH3URSRVHG6WXG\

6WXG\*686(/(&7521
6WXG\*686LVDQRQJRLQJRSHQODEHO3KDVHVWXG\HYDOXDWLQJ/'962) 5%9LQ
DYDULHW\RISDWLHQWSRSXODWLRQV2ISDUWLFXODULQWHUHVWQRQFLUUKRWLFSDWLHQWVZLWK+&9
JHQRW\SH*7 WKDWUHODSVHGDIWHUWUHDWPHQWZLWKD62)EDVHGUHJLPHQZHUHUHWUHDWHGZLWK
/'962)SOXV5%9IRU ZHHNV7KHPHDQDJHZDV\HDUVUDQJH±VXEMHFWV
ZHUHPDOHDQGVXEMHFWV ZHUHLQIHFWHGZLWK+&9*7D3ULRU62)WUHDWPHQW
LQFOXGHG ZHHNV RI62)  5%9LQWUHDWPHQWQDwYHVXEMHFWVZHHNVRI62)  5%9LQ
 SULRUQXOOUHVSRQGHUV ZHHNVRI/'962)  5%9LQWUHDWPHQWQDwYHVXEMHFWVDQG
 ZHHNVRIWKH16%QRQQXFOHRVLGHSRO\PHUDVHLQKLELWRU*6SOXV62)  5%9LQ
 WUHDWPHQWQDwYHVXEMHFW$OOVXEMHFWVDFKLHYHG695DIWHUWUHDWPHQWZLWKZHHNVRI
/'962)  5%9$GYHUVHHYHQWV$(V RFFXUUHGLQRIVXEMHFWVEXWQRQHRIWKH
VXEMHFWVGLVFRQWLQXHGWUHDWPHQWGXHWRDQ$(7KHPRVWIUHTXHQW$(VZKLFKRFFXUUHGLQ
RIVXEMHFWVZHUHLQVRPQLDIDWLJXHKHDGDFKHUDVKQDXVHDXSSHUUHVSLUDWRU\WUDFWLQIHFWLRQV
FRXJKDQGKHPRO\WLFDQHPLD*UDGHKHPRJORELQGHFOLQHJG/RFFXUUHGLQ 
VXEMHFWV7KHUHZHUHQRJUDGHKHPRJORELQDEQRUPDOLWLHV

6WXG\*686
*686LVDQRQJRLQJ3KDVHPXOWLFHQWHURSHQODEHOVWXG\ LQ DYDULHW\RISDWLHQW
SRSXODWLRQV2ILQWHUHVWVXEMHFWVZKRKDGSUHYLRXVO\SDUWLFLSDWHGLQ*LOHDG+&9VWXGLHVDQG
ZKRGLGQRWDFKLHYH695DIWHUWUHDWPHQWZLWKD62)EDVHGUHJLPHQZHUHHQUROOHG$OOVXEMHFWV
ZHUHDVVLJQHGWRUHFHLYH ZHHNVRI/'962)SOXV5%97KHPHDQDJHZDV\HDUVUDQJH
௅VXEMHFWVZHUHPDOHDQGVXEMHFWVZHUHLQIHFWHGZLWK+&9*7D
&LUUKRVLVZDVLGHQWLILHGLQ RIWKHVXEMHFWV3ULRU62)WUHDWPHQWLQFOXGHG62) 5%9 
3(* LQ62)  5%9LQDQG62)PRQRWKHUDS\LQRIWKHVXEMHFWV
)LYHVXEMHFWVKDGUHFHLYHG62)SODFHER  5%9  3(*RU*6PRQRWKHUDS\LQWKHLU
SDUHQWSURWRFRO2YHUDOORIRIVXEMHFWVDFKLHYHG695ZKHQUHWUHDWHGZLWK
/'962)  5%9IRU ZHHNV)LIW\*7VXEMHFWVLQFOXGLQJZLWKFLUUKRVLVDFKLHYHG695
7KHRQO\VXEMHFWZKRUHODSVHGZDVLQFRUUHFWO\JHQRW\SHGDV*7DDWEDVHOLQHLQWKHSDUHQW
SURWRFROEXWYLUDOVHTXHQFLQJVXEVHTXHQWO\GHWHUPLQHGWKDWWKHVXEMHFWZDVLQIHFWHGZLWK*7D
DWEDVHOLQHDQGDWWLPHRIUHODSVH$(VRFFXUUHGLQVXEMHFWVDQGVXEMHFWGLVFRQWLQXHG
WUHDWPHQWGXHWRDQ$(7KHPRVWIUHTXHQW$(VZKLFKRFFXUUHGLQRIVXEMHFWVZHUH
IDWLJXHDQGKHDGDFKH*UDGHKHPRJORELQGHFOLQHJG/RFFXUUHGLQVXEMHFWV
7KHUHZHUHQRJUDGHKHPRJORELQDEQRUPDOLWLHV

6WXG\&2866<1(5*<
6<1(5*<LVDQRQJRLQJ3KDVHDRSHQODEHOVWXG\LQDYDULHW\RISDWLHQWVFRQGXFWHGDWWKH
1DWLRQDO,QVWLWXWHVRI+HDOWK1,+LQ%HWKHVGD0DU\ODQGDQGDWFRPPXQLW\FOLQLFVWKDWDUHSDUW
RIWKH'LVWULFWRI&ROXPELD3DUWQHUVKLSIRU+,9$,'63URJUHVVLQ:DVKLQJWRQ'&2ILQWHUHVW
VXEMHFWVZKRKDGUHODSVHGDIWHU ZHHNVRIWUHDWPHQWZLWK62) SOXV 5%9LQWKH1DWLRQDO
,QVWLWXWHRI$OOHUJ\DQG,QIHFWLRXV'LVHDVH1,$,' 63$5(VWXG\ZHUHRIIHUHGUHWUHDWPHQWLQ
WKH6<1(5*<VWXG\2IWKHHOLJLEOHVXEMHFWVGLGQRWSDUWLFLSDWHLQWKHVWXG\)RXUWHHQ

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
VXEMHFWVHQUROOHG DQGZHUHWUHDWHGZLWK/'962)DGPLQLVWHUHGGDLO\DVDVLQJOHWDEOHWUHJLPHQ
IRU ZHHNV0RVWVWXG\VXEMHFWVZHUHEODFNPHQZLWK,/%QRQ&&JHQRW\SHDQGKDGD
PHGLDQDJHRI\HDUVUDQJH(LJKWRIWKHVXEMHFWV KDG+&9*7DLQIHFWLRQ
DQG KDGDGYDQFHGOLYHUGLVHDVH.QRGHOO+LVWRORJ\$FWLYLW\,QGH[VFRUHRIRU$OO
 VXEMHFWVWUHDWHGZLWK/'962)IRUZHHNVDFKLHYHG695LQFOXGLQJZLWKDGYDQFHGOLYHU
GLVHDVHDQGZLWKDGHWHFWDEOH16%67PXWDWLRQDIWHUSUHYLRXV62)  5%9WKHUDS\$(V
RFFXUUHGLQIUHTXHQWO\ DQGQRQHRIWKHVXEMHFWVGLVFRQWLQXHGWUHDWPHQWGXHWR$(V1R
VLJQLILFDQWKHPRJORELQDEQRUPDOLWLHVZHUHREVHUYHGGXULQJ/'962)WKHUDS\
$QRWKHUFRKRUWRILQWHUHVWLQWKH6<1(5*<VWXG\LV+&9*7LQIHFWHGWUHDWPHQWQDwYHDQG
H[SHULHQFHGVXEMHFWVZLWKRUZLWKRXWFLUUKRVLV6XEMHFWVLQWKLVFRKRUWZHUHDGPLQLVWHUHG
ZHHNVRI/'962)DVDVLQJOHWDEOHWUHJLPHQ7KHPHDQDJHZDV\HDUVVXEMHFWV
ZHUHWUHDWPHQWH[SHULHQFHGVXEMHFWVKDG)VWDJHRIILEURVLVDQGVXEMHFWVKDG
FLUUKRVLVDWEDVHOLQH2QHVXEMHFWKDGQRWUHDFKHGWKH:HHNSRVWWUHDWPHQWWLPHSRLQWDWWKH
WLPHRIWKHLQWHULPDQDO\VLV1LQHWHHQRIVXEMHFWVDFKLHYHG695DQGRQHVXEMHFW
UHODSVHGDIWHUWUHDWPHQWZLWKZHHNVRI/'962)7KHPRVWIUHTXHQW$(VZKLFKRFFXUUHGLQ
 RIVXEMHFWVZHUHIDWLJXHQDXVHDGLDUUKHDDQGXSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ7KHUH
ZHUHQRWUHDWPHQWGLVFRQWLQXDWLRQVGXHWR$(VQRVHULRXV$(VDQGQRKHPRJORELQ
DEQRUPDOLWLHVGXULQJWUHDWPHQWZLWK/'962)

6WXG\*6866,5,86
6,5,86LVD3KDVHUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\HYDOXDWHG/'962)
5%9IRUZHHNVDQG/'962)IRUZHHNVLQ+&9*7VXEMHFWVZLWKFRPSHQVDWHG
FLUUKRVLVZKRSUHYLRXVO\IDLOHGVHTXHQWLDOWUHDWPHQWVRI3HJ,)15%9DQG+&93,3HJ,)1
5%9UHJLPHQV$PRQJVXEMHFWVHQUROOHGWKHPHDQDJHZDV\HDUVZHUH
PDOHZHUH:KLWHPHDQ%0,ZDVNJPKDGYDULFHVKDG*7D2YHUDOO
695ZDVDFKLHYHGLQRIVXEMHFWVZLWK/'962)5%9DQGRI
VXEMHFWVZLWKZHHNV/'962)2IWKHSDWLHQWVHQUROOHGDQGWUHDWHGILYHKDG
YLURORJLFIDLOXUH7KHHIIHFWRISUHWUHDWPHQW16$UHVLVWDQFHDVVRFLDWHGSRO\PRUSKLVPV
5$3VRQ695LQSDWLHQWVZKRKDYHQRWEHHQSUHYLRXVO\H[SRVHGWRDQ16$LQKLELWRUZDV
DOVRHYDOXDWHG*686)LQDO&OLQLFDO6WXG\5HSRUW'DWHG0DUFK)LIWHHQ
VXEMHFWVLQWKHZHHN/'962)DUPDQGVXEMHFWVLQWKHZHHN/'962)5%9DUP
KDGSUHWUHDWPHQW16$5$3V,QWKHZHHNDUPVXEMHFWVZLWKSUHWUHDWPHQW16$
5$3VDFKLHYHG695ZKHUHDVLQWKHZHHN/'962)5%9DUPDFKLHYHG695
2QH/'962)5%9VXEMHFWGLVFRQWLQXHGWUHDWPHQWGXHWR$(7KHPRVWIUHTXHQW$(VZKLFK
RFFXUUHGLQRIVXEMHFWV ZHUHDVWKHQLDKHDGDFKHSUXULWXVDQGIDWLJXH+HPRJORELQ
GHFOLQHJG/RFFXUUHGLQVXEMHFWV+HPRJORELQGHFOLQHJG/ZDVUHSRUWHG
LQVXEMHFWV

5LEDYLULQ5%9
5LEDYLULQLVDJXDQRVLQHDQDORJXHWKDWLQKLELWVWKHLQYLWURUHSOLFDWLRQRIDZLGHUDQJHRI51$
DQG'1$YLUXVHV^`^`5%9PRQRWKHUDS\KDVOLWWOHRUQRHIIHFWRQWKHUHSOLFDWLRQRI
+&9LQYLYREXWFDQUHVXOWLQQRUPDOL]DWLRQRIVHUXPDODQLQHDPLQRWUDQVIHUDVH$/7 DFWLYLW\

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
DQGLPSURYHPHQWLQOLYHUKLVWRORJ\:KHQFRPELQHGZLWK,)1RU3(*WKHUDS\5%9GHFUHDVHV
VXEVWDQWLDOO\WKHUHODSVHUDWHVHHQDIWHUFHVVDWLRQRI,)1WKHUDS\^`^`
5LEDYLULQLVDNQRZQWHUDWRJHQ)RRGDQG'UXJ$GPLQLVWUDWLRQ>)'$@ FDWHJRU\;)XUWKHUPRUH
5%9LVNQRZQWRDFFXPXODWHLQWUDFHOOXODUO\ZKHUHLWLVFOHDUHGVORZO\DQGLVDOVRH[FUHWHGLQ
VHPHQ7KHUHIRUHH[WUHPHFDUHPXVWEHWDNHQWRDYRLGSUHJQDQF\GXULQJ5%9WKHUDS\DQGIRU
XSWRPRQWKVIROORZLQJFRPSOHWLRQRIWUHDWPHQWPRQWKVIRUPDOHV
$FRPSUHKHQVLYHUHYLHZRI5%9LVFRQWDLQHGLQWKHSDFNDJHLQVHUW6P3&

5DWLRQDOHIRU7KLV6WXG\
7KHUHDUHOLPLWHGGDWDIURPVPDOO3KDVHWULDOVWKDWKDYHHYDOXDWHGWKHHIILFDF\DQGVDIHW\RI
UHWUHDWLQJ*7+&9LQIHFWHGVXEMHFWVZKRGLGQRWDFKLHYH695DIWHUWUHDWPHQWZLWK62)LQ
FRPELQDWLRQZLWKRWKHUDQWLYLUDOV(/(&7521LVD3KDVHRSHQODEHO VWXG\LQZKLFK
 QRQFLUUKRWLFVXEMHFWVZLWK+&9*7 WKDWUHODSVHGDIWHUWUHDWPHQWZLWKD62)EDVHG
UHJLPHQZHUHUHWUHDWHGZLWK/'962) SOXV5%9IRU ZHHNV$OOVXEMHFWVDFKLHYHG695
LQFOXGLQJZKRKDGEHHQSUHYLRXVO\WUHDWHGZLWKZHHNVRI/'962)  5%9DQGZKRKDG
EHHQSUHYLRXVO\WUHDWHGZLWKZHHNVRIWKH16%QRQQXFOHRVLGHSRO\PHUDVHLQKLELWRU
*6  62)  5%9 ^`*686LVDQRWKHU3KDVHPXOWLFHQWHURSHQODEHO
VWXG\WKDWHYDOXDWHGWKHVDIHW\DQGHIILFDF\RI/'962) SOXV5%9IRUZHHNVDVWUHDWPHQWIRU
VXEMHFWVZKRKDGSUHYLRXVO\SDUWLFLSDWHGLQ*LOHDG+&9VWXGLHVDQGZKRGLGQRWDFKLHYH
695DIWHUWUHDWPHQWZLWKD62)EDVHGUHJLPHQ)LIW\*7VXEMHFWVLQFOXGLQJZLWKFLUUKRVLV
DFKLHYHG695ZKHQUHWUHDWHGZLWK/'962)  5%9IRU ZHHNV7KHRQO\VXEMHFWZKR
UHODSVHG ZDVLQFRUUHFWO\JHQRW\SHGDV*7DDWEDVHOLQHLQWKHSDUHQWSURWRFROEXWYLUDO
VHTXHQFLQJVXEVHTXHQWO\GHWHUPLQHGWKDWWKHVXEMHFWZDVLQIHFWHGZLWK*7DDWEDVHOLQHDQGDW
WLPHRIUHODSVH ^`)LQDOO\6<1(5*<ZDVD3KDVHDRSHQODEHOVWXG\LQZKLFK
 VXEMHFWVZLWK+&9*7 WKDWUHODSVHGDIWHUWUHDWPHQWZLWK62) SOXV5%9IRUZHHNVZHUH
UHWUHDWHGZLWK/'962)DGPLQLVWHUHGDVDVLQJOHWDEOHWUHJLPHQ IRU ZHHNV$OOVXEMHFWV
WUHDWHGZLWK/'962)DORQHIRUZHHNVDFKLHYHG695LQFOXGLQJZLWKDGYDQFHGOLYHU
GLVHDVH.QRGHOO+LVWRORJ\$FWLYLW\,QGH[VFRUHRIRUDQGZLWKDGHWHFWDEOH16%67
PXWDWLRQDIWHUSUHYLRXV62)SOXV5%9WKHUDS\ ^`7KHUHVXOWVRIWKHVHVWXGLHVLQGLFDWHWKDW
*7SDWLHQWVZKRIDLOWRDFKLHYH695 ZLWK62)EDVHG+&9WKHUDS\PD\EHVXFFHVVIXOO\FXUHG
ZLWKZHHNVRIWUHDWPHQWZLWK/'962) 5%97KHUHKDYHEHHQQRVWXGLHVWRHYDOXDWH WKH
HIILFDF\DQGVDIHW\RIWUHDWPHQWZLWK/'962) 5%9 LQWKHVHWWLQJRI62)  609IDLOXUH
,QRUGHUWRFRQILUPWKHHIILFDF\GDWDREVHUYHGLQWKHDERYHPHQWLRQHGVWXGLHV DQGWRHYDOXDWHWKH
GXUDWLRQRIWKHUDS\WKLV 3KDVHEPXOWLFHQWHURSHQODEHOVWXG\KDVEHHQGHVLJQHGWRHYDOXDWHWKH
HIILFDF\DQGVDIHW\DQGWKHRSWLPDOGXUDWLRQRIWUHDWPHQWZLWK /'962) ZLWKRUZLWKRXW 5%9
IRURUZHHNVLQ*7RU+&9LQIHFWHGVXEMHFWVZLWKRUZLWKRXWFRPSHQVDWHGFLUUKRVLV
ZKRKDYHQRWDFKLHYHG695DIWHUWUHDWPHQWZLWK62) 609RU62) 5%93(*
$SSUR[LPDWHO\RIVXEMHFWVHQUROOHGPD\KDYHKDGSULRUWUHDWPHQWZLWK62)  609 5%9
DQGDSSUR[LPDWHO\RIVXEMHFWVPD\EHLQIHFWHGZLWK*7 +&93DWLHQWVSUHYLRXVO\WUHDWHG
ZLWKD16$LQKLELWRUZLOOEHH[FOXGHGJLYHQWKDWWKHUHLVYHU\OLPLWHGGDWDRQWKHHIILFDF\ RI
/'962)XWLOL]HGIRUWUHDWPHQWRI+&9LQWKLVSRSXODWLRQ

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

5DWLRQDOHIRU/HQJWKDQG&RPSRVLWLRQRI7UHDWPHQW5HJLPHQVLQ6WXG\
'HVLJQ
,QWKH3KDVH,21VWXG\ZKLFKHYDOXDWHGWKH VDIHW\DQGHIILFDF\RI/'962) 5%9IRU
 DQGZHHNVLQVXEMHFWVZKRKDGIDLOHGWUHDWPHQWZLWK3(*  5%9 D16$SURWHDVH
LQKLELWRUWKHDGGLWLRQRI5%9GLGQRWLPSURYH695DQGOHGWRKLJKHUUDWHVRI$(V ^`
2YHUDOORIVXEMHFWVZKRZHUHWUHDWHGZLWKZHHNVRI/'962)DQG
RIVXEMHFWVZKRZHUHWUHDWHGZLWKZHHNVRI/'962)DFKLHYHG6956XEMHFWV
ZLWKFLUUKRVLVLQWKH,21VWXG\DFKLHYHGD695UDWHZLWKZHHNVRI/'962)
WUHDWPHQWDVFRPSDUHGZLWKDIWHUZHHNVRIWUHDWPHQW KRZHYHUWKHVWXG\ZDVQRW
SRZHUHGWRGHWHFWDVWDWLVWLFDOO\VLJQLILFDQWGLIIHUHQFHLQWKLVSRSXODWLRQ,QDUHWURVSHFWLYH
SRROHGDQDO\VLVRI*7+&9LQIHFWHGWUHDWPHQWH[SHULHQFHGVXEMHFWVZLWKFLUUKRVLVHQUROOHGLQ
/'962)3KDVHDQGVWXGLHV/21(67$5(/(&7521(/(&7521,21
,21DQG6,5,86695UDWHVRI  DQGZHUH
REVHUYHGZLWKZHHNVRI/'962) DORQHZHHNVRI/'962)5%9DQGZHHNVRI
/'962)DORQHUHVSHFWLYHO\ ^`%DVHGRQFRQILGHQFHLQWHUYDOVQRVWDWLVWLFDO
GLIIHUHQFHVZHUHREVHUYHGLQWKLVDQDO\VLVDOWKRXJKQXPHULFDOO\KLJKHU695UDWHVZHUHVHHQZLWK
ZHHNVRI/'962)  5%9DQG ZHHNVRI/'962),QSDUWLFXODU LQWKHGRXEOHEOLQG
SODFHERFRQWUROOHG6,5,86VWXG\695ZDVDFKLHYHGLQDIWHUZHHNVRI
WUHDWPHQWZLWK/'962)5%9YVDIWHUZHHNVRIWUHDWPHQWZLWK/'962)LQ
VXEMHFWVZLWK+&9JHQRW\SHDQGFLUUKRVLVZKRZHUHQRQUHVSRQVLYHWRSUHYLRXVWKHUDS\ZLWK
3(* 5%9DQGSURWHDVHLQKLELWRUV3,3(* 5%9 ^` 7KHHIIHFWRISUHWUHDWPHQW
16$UHVLVWDQFHDVVRFLDWHGSRO\PRUSKLVPV5$3VRQ695LQSDWLHQWVZKRKDYHQRWEHHQ
SUHYLRXVO\H[SRVHGWRDQ16$LQKLELWRUZDVDOVRHYDOXDWHGLQWKH3KDVH6,5,86VWXG\*6
86 )LQDO&OLQLFDO6WXG\5HSRUW'DWHG0DUFK)LIWHHQVXEMHFWVLQWKH
ZHHN/'962)DUPDQGVXEMHFWVLQWKHZHHN/'962)5%9DUPKDGSUHWUHDWPHQW
16$5$3V,QWKHZHHNDUPVXEMHFWVZLWKSUHWUHDWPHQW16$5$3VDFKLHYHG
695ZKHUHDVLQWKHZHHN/'962)5%9DUPDFKLHYHG6957KLVGDWD
VXJJHVWWKDWZHHNVRI/'962)5%9LVDWOHDVWDVHIIHFWLYHLQSDWLHQWVZLWKSUHWUHDWPHQW
16$5$3VDVZHHNVRI/'962)
0RVWUHFHQWO\ +&9*7DQG*7WUHDWPHQWQDwYHDQGWUHDWPHQWH[SHULHQFHGVXEMHFWV
FRLQIHFWHGZLWK+,9DQGZLWKRUZLWKRXWFLUUKRVLVZHUHHQUROOHGLQWKH3KDVHPXOWLFHQWHU
RSHQODEHO,21VWXG\ ^`$OOVXEMHFWVZHUHWUHDWHGZLWKZHHNVRI/'962)2YHUDOO
RIVXEMHFWVDFKLHYHG695695UDWHVZHUHVLPLODUDFURVVVXEJURXSVRIVXEMHFWV
DQGZLWKRXWUHJDUGWRSULRUWUHDWPHQWUHJLPHQRU UHVSRQVHQRUSUHVHQFHRUDEVHQFHRIFLUUKRVLV
)RUW\VL[RIWUHDWPHQWH[SHULHQFHGVXEMHFWV ZLWKFLUUKRVLVDFKLHYHG695DIWHU
UHFHLYLQJ ZHHNVRI/'962)WKHUDS\)XUWKHUPRUHDOOVXEMHFWVZKRIDLOHGDSULRU
62)FRQWDLQLQJUHJLPHQDFKLHYHG695,QDQRWKHU3KDVHVWXG\FRQGXFWHGLQ-DSDQRI
 RI*7WUHDWPHQWH[SHULHQFHGVXEMHFWVZLWKFLUUKRVLVDOVRDFKLHYHG695DIWHU
WUHDWPHQWZLWKMXVW ZHHNV RI/'962) ^` 7KXVGDWDIURPWKHVHWZRSKDVHWULDOV
FRQWUDU\WRWKH,21WULDOVXJJHVWWKDW ZHHNVRIWKHUDS\HYHQZLWKRXW5%9PD\EHHTXDOO\
HIILFDFLRXVWRZHHNVRIWKHUDS\LQWUHDWPHQWH[SHULHQFHGSDWLHQWVLQFOXGLQJWKRVHZLWK
FLUUKRVLV

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
,QVXPPDU\KLJKHIILFDF\ZDVREVHUYHGLQ3KDVHVWXGLHVWKDWHYDOXDWHGZHHNVRI
/'962) 5%9IRUWUHDWPHQWRI+&9*7LQIHFWHGVXEMHFWVZKRGLGQRWDFKLHYH695
DIWHU WUHDWPHQWZLWK62)EDVHGWKHUDS\LQFOXGLQJWKRVHZLWKFLUUKRVLV+RZHYHUJLYHQWKHODFN
RIVWDWLVWLFDOSRZHUIRUVXEJURXSDQDO\VHVLQWKHVHDQGRWKHU3KDVHWULDOVWKHUHUHPDLQVDQHHG
WRIXUWKHUHYDOXDWHWKHRSWLPDOGXUDWLRQRIWUHDWPHQWDQGWKHQHHGIRU5%9 'XUDWLRQRIWKHUDS\
DQGWKHQHHGIRU5%9DUH LPSRUWDQWIDFWRUV IRUSDWLHQWVDQGKHDOWKFDUHSURYLGHUVLQWHUPVRI
DGKHUHQFHDGYHUVHHYHQWVDQGFRVWRIKHDOWKFDUH7KHUHIRUHWKLVVWXG\LVGHVLJQHGDV D
SURVSHFWLYHUDQGRPL]HGPXOWLFHQWHUVWXG\ IRUWUHDWPHQWRI*7DQG*7+&9LQVXEMHFWV
ZKRIDLOHGWRDFKLHYH695DIWHUWUHDWPHQWZLWK62)LQFRPELQDWLRQZLWK5%9 3(*RUZLWK
6095%9 ZLWK&RKRUWEHLQJ VWDWLVWLFDOO\SRZHUHG WRHYDOXDWHWKHQHHGIRU5%9DVSDUWRID
ZHHN/'962)UHJLPHQLQQRQFLUUKRWLFVXEMHFWVDQG&RKRUW EHLQJVWDWLVWLFDOO\SRZHUHGWR
HYDOXDWH WKHHIILFDF\RI/'962)5%9IRUZHHNVFRPSDUHGWR/'962)IRUZHHNV
DPRQJVXEMHFWVZLWKFLUUKRVLV

&RPSOLDQFH
7KLVVWXG\ZLOOEHFRQGXFWHGLQFRPSOLDQFHZLWKWKLVSURWRFRO*RRG&OLQLFDO 3UDFWLFH*&3
DQGDOODSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

678'<'(6,*1

7UHDWPHQW3ODQDQG5HJLPHQ
7KLVLVD3KDVHEPXOWLFHQWHURSHQODEHOVWXG\LQDGXOWPDOHDQGIHPDOHVXEMHFWVZLWKFKURQLF
*7 RU +&9LQIHFWLRQDQGZKRKDYHIDLOHGSULRU62)EDVHG+&9WKHUDS\VSHFLILFDOO\62)
LQFRPELQDWLRQZLWK609 5%9 RUZLWK5%9 3(*
$SSUR[LPDWHO\RIVXEMHFWVHQUROOHGPD\KDYHKDGSULRUWUHDWPHQWZLWK62)  609 5%9
$SSUR[LPDWHO\RIVXEMHFWVPD\ EHLQIHFWHGZLWK*7  +&9
$SSUR[LPDWHO\ VXEMHFWVZLOOEHHQUROOHGLQFRKRUWV

&RKRUWVXEMHFWVZLWKRXW FLUUKRVLV Q ZLOOEHUDQGRPL]HGLQDUDWLRLQWR*URXSV
DQG
*URXS /'962))'&WDEOHW/'9PJ62)PJRQFHGDLO\IRU ZHHNV
*URXS /'962))'&WDEOHW/'9PJ62)PJRQFHGDLO\ DQG 5%9DWDWRWDO
GDLO\RUDOGRVHRIPJGLYLGHGWZLFHDGD\%,' IRU ZHHNV

&RKRUWVXEMHFWVZLWKFRPSHQVDWHGFLUUKRVLV Q ZLOOEHUDQGRPL]HGLQDUDWLR
LQWR*URXSV  DQG
*URXS /'962))'&WDEOHW/'9PJ62)PJRQFHGDLO\DQG 5%9DWDWRWDO
GDLO\RUDOGRVHRIPJGLYLGHG%,'IRUZHHNV
*URXS /'962))'&WDEOHW/'9PJ62)PJRQFHGDLO\IRU ZHHNV
5DQGRPL]DWLRQZLOOEHVWUDWLILHGE\WKHIROORZLQJ
R
*7RU
R
3ULRU62)WKHUDS\LQFRPELQDWLRQZLWK609RUZLWKRXW609

+&99LURORJLF5HVSRQVH%DVHG7UHDWPHQW6WRSSLQJ&ULWHULD
7KHIROORZLQJ+&9YLURORJLFUHVSRQVHEDVHGWUHDWPHQWVWRSSLQJFULWHULDZLOOEHXWLOL]HG

&RQILUPHG+&951$//24DIWHUFRQVHFXWLYH+&951$//24

&RQILUPHG!ORJ LQFUHDVHIURPRQWUHDWPHQWQDGLU

+&951$//24WKURXJKZHHNVRIWUHDWPHQW

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

68%-(&73238/$7,21

1XPEHURI6XEMHFWVDQG6XEMHFW6HOHFWLRQ
$WRWDORI DSSUR[LPDWHO\ VXEMHFWVZLOOEHHQUROOHG LQ&RKRUWV$SSUR[LPDWHO\ VXEMHFWV
ZLWKRXWFLUUKRVLVZLOOEH HQUROOHGLQ&RKRUWSHUWKHDVVLJQPHQWVGHVFULEHGLQ6HFWLRQDQG
DSSUR[LPDWHO\ VXEMHFWVZLWKFRPSHQVDWHGFLUUKRVLVZLOOEHHQUROOHGLQ&RKRUWSHUWKH
DVVLJQPHQWVGHVFULEHGLQ6HFWLRQ
$SSUR[LPDWHO\RIVXEMHFWVHQUROOHGPD\KDYHKDGSULRUWUHDWPHQWZLWK62)  609 5%9
$SSUR[LPDWHO\RIVXEMHFWVPD\EHLQIHFWHGZLWK*7  +&9
,QRUGHUWRPDQDJHWKHWRWDOVWXG\HQUROOPHQW*LOHDG6FLHQFHV,QFDWLWVVROHGLVFUHWLRQPD\
VXVSHQGVFUHHQLQJDQGRUHQUROOPHQWDWDQ\VLWHRUVWXG\ZLGHDWDQ\WLPH

,QFOXVLRQ&ULWHULD
6XEMHFWVPXVWPHHWDOORIWKHIROORZLQJLQFOXVLRQFULWHULDWREHHOLJLEOHIRUSDUWLFLSDWLRQLQWKLV
VWXG\
 :LOOLQJDQGDEOHWRSURYLGHZULWWHQLQIRUPHGFRQVHQW
 0DOHRUIHPDOHDJH\HDUV
 +&951$!,8P/DW6FUHHQLQJ
 +&9JHQRW\SHRUDW6FUHHQLQJE\WKH&HQWUDO/DERUDWRU\
 &KURQLF+&9LQIHFWLRQPRQWKVGRFXPHQWHGE\SULRUPHGLFDOKLVWRU\
 3ULRUYLURORJLFIDLOXUHDIWHUWUHDWPHQWZLWK 62) LQFRPELQDWLRQZLWK609 5%9RUZLWK
5%9 3(*
D
9LURORJLFIDLOXUHLVGHILQHGDVKDYLQJUHODSVHLQ+&951$DIWHUWKHFHVVDWLRQRI
WUHDWPHQWKDYLQJDFKLHYHGXQTXDQWLILDEOHOHYHOV ZKLOHRQWUHDWPHQWSDWLHQWVZKR
H[SHULHQFHGYLURORJLFEUHDNWKURXJKDUHH[FOXGHG
E 6XEMHFWPXVWQRWKDYHGLVFRQWLQXHGWKHSULRU62) UHJLPHQGXHWRDQ$(XQOHVVWKH$(
ZDVFRQVLGHUHGWREHGLUHFWO\UHODWHGWR3(*
F
6XEMHFWVPXVWQRWKDYHIDLOHGWKHSULRU62)UHJLPHQGXHWRWUHDWPHQWQRQDGKHUHQFH
G 7KHPRVWUHFHQWWUHDWPHQWPXVWEHFRPSOHWHGDWOHDVWZHHNVSULRUWR6FUHHQLQJ
H
7KHVXEMHFW¶VPHGLFDOUHFRUGVPXVWLQFOXGHVXIILFLHQWGHWDLOWRFRQILUPHOLJLELOLW\
 &LUUKRVLV'HWHUPLQDWLRQ
D
3UHVHQFHRIFLUUKRVLVLVGHILQHGDVDQ\RQHRIWKHIROORZLQJ
L )LEUR7HVW VFRUH DQG$67SODWHOHWUDWLRLQGH[$35, GXULQJ6FUHHQLQJ
LL /LYHUELRSV\VKRZLQJFLUUKRVLVHJ0HWDYLUVFRUH RU,VKDNVFRUH

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
LLL 7UDQVLHQWHODVWRJUDSK\)LEUR6FDQZLWKDUHVXOWRI!N3D
E $EVHQFHRIFLUUKRVLVLVGHILQHGDVDQ\RQHRIWKHIROORZLQJ
L )LEUR7HVW VFRUH DQG$35, SHUIRUPHGGXULQJ6FUHHQLQJ
LL /LYHUELRSV\ZLWKLQ\HDUVRI6FUHHQLQJVKRZLQJDEVHQFHRIFLUUKRVLV
LLL 7UDQVLHQWHODVWRJUDSK\)LEUR6FDQZLWKDUHVXOWRIN3DZLWKLQPRQWKVRI
%DVHOLQH'D\
,QWKHDEVHQFHRIDGHILQLWLYHGLDJQRVLVRISUHVHQFHRUDEVHQFHRIFLUUKRVLVE\)LEURWHVW DQG
$35, XVLQJWKHDERYHFULWHULDDOLYHUELRSV\RU)LEURVFDQ LVUHTXLUHG3UHVHQFHRIFLUUKRVLV
GHILQHGE\DQ\RIWKHDERYHFULWHULDZLOOVXSHUVHGHDEVHQFHRIFLUUKRVLVGHWHUPLQHGYLDWKH
RWKHUPHWKRGV
 /LYHULPDJLQJZLWKLQPRQWKVSULRUWR%DVHOLQH'D\LVUHTXLUHGLQFLUUKRWLFVXEMHFWVWR
H[FOXGHKHSDWRFHOOXODUFDUFLQRPD+&&>1RWH6WXG\VLWHVLQ*HUPDQ\ZLOOQRWXVH&7DQG
ZLOORQO\XVHXOWUDVRXQGLPDJLQJWRGHWHUPLQHDEVHQFHRI+&&@
 )HPDOHVRIFKLOGEHDULQJSRWHQWLDODVGHILQHGLQ$SSHQGL[PXVWKDYHDQHJDWLYHVHUXP
SUHJQDQF\WHVWDW6FUHHQLQJDQGDQHJDWLYHXULQHSUHJQDQF\WHVWRQ%DVHOLQH'D\SULRUWR
UDQGRPL]DWLRQ
 0DOHVXEMHFWVDQGIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOZKRHQJDJHLQKHWHURVH[XDO
LQWHUFRXUVHPXVWDJUHHWRXVHSURWRFROVSHFLILHGPHWKRGVRIFRQWUDFHSWLRQDVGHVFULEHGLQ
$SSHQGL[
 /DFWDWLQJIHPDOHVPXVWDJUHHWRGLVFRQWLQXHQXUVLQJEHIRUHWKHVWXG\GUXJV DUH
DGPLQLVWHUHG
 6XEMHFWPXVWEHRIJHQHUDOO\JRRGKHDOWKZLWKWKHH[FHSWLRQRIFKURQLF+&9LQIHFWLRQDV
GHWHUPLQHGE\WKH,QYHVWLJDWRU
 6XEMHFWPXVW EHDEOHWRFRPSO\ZLWKWKHGRVLQJLQVWUXFWLRQVIRUVWXG\GUXJDGPLQLVWUDWLRQ
DQGDEOHWRFRPSOHWHWKHVWXG\VFKHGXOHRIDVVHVVPHQWV

([FOXVLRQ&ULWHULD
6XEMHFWVZKRPHHWDQ\ RIWKHIROORZLQJH[FOXVLRQFULWHULDDUHQRWWREHHQUROOHGLQWKLVVWXG\
 3ULRUH[SRVXUHWRDSSURYHGRUH[SHULPHQWDO16$LQKLELWRUV
 3ULRUH[SRVXUHWRQXFOHRVWLGHSRO\PHUDVHLQKLELWRUVRWKHUWKDQ62)
 &XUUHQWRUSULRUKLVWRU\RIDQ\RIWKHIROORZLQJ
D
&OLQLFDOO\VLJQLILFDQWLOOQHVVRWKHUWKDQ+&9RUDQ\RWKHUPDMRUPHGLFDOGLVRUGHUWKDW
PD\LQWHUIHUHZLWKVXEMHFWWUHDWPHQWDVVHVVPHQWRUFRPSOLDQFHZLWKWKHSURWRFRO
VXEMHFWVFXUUHQWO\XQGHUHYDOXDWLRQIRUDSRWHQWLDOO\FOLQLFDOO\VLJQLILFDQWLOOQHVVRWKHU
WKDQ+&9DUHDOVRH[FOXGHG
E *DVWURLQWHVWLQDOGLVRUGHURUSRVWRSHUDWLYHFRQGLWLRQWKDWFRXOGLQWHUIHUHZLWKWKH
DEVRUSWLRQRIWKHVWXG\GUXJ

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
F
'LIILFXOW\ZLWKEORRGFROOHFWLRQDQGRUSRRUYHQRXVDFFHVVIRUWKHSXUSRVHVRI
SKOHERWRP\
G &OLQLFDOKHSDWLFGHFRPSHQVDWLRQHJDVFLWHVHQFHSKDORSDWK\RUYDULFHDOKHPRUUKDJH
7KHSUHVHQFHRIYDULFHVLVDFFHSWDEOH
H
6ROLGRUJDQWUDQVSODQWDWLRQ
I
6LJQLILFDQWSXOPRQDU\GLVHDVHVLJQLILFDQWFDUGLDFGLVHDVH
J 3V\FKLDWULFKRVSLWDOL]DWLRQDQGRUVXLFLGHDWWHPSWZLWKLQWKHODVW\HDUV
K 0DOLJQDQF\ZLWKLQ\HDUVSULRUWR6FUHHQLQJZLWKWKHH[FHSWLRQRIEDVDOFHOOVNLQFDQFHU
RUVTXDPRXVFHOOFDQFHUFDUFLQRPDLQVLWXFXUHGE\VXUJLFDOUHVHFWLRQ6XEMHFWVXQGHU
HYDOXDWLRQIRUSRVVLEOHPDOLJQDQF\DUHQRWHOLJLEOH
L
6LJQLILFDQWGUXJDOOHUJ\HJKHSDWRWR[LFLW\
 3UHJQDQWRUQXUVLQJIHPDOHRUPDOHZLWKSUHJQDQWIHPDOHSDUWQHU
 )HPDOHVZKRPD\ZLVKWREHFRPHSUHJQDQWDQGRUSODQWRXQGHUJRHJJKDUYHVWLQJGXULQJWKH
FRXUVHRIWKHVWXG\DQGXSWRGD\VRIWKHODVWGRVHRIVWXG\GUXJ LIQRWXVLQJ5%9RUXSWR
PRQWKVLIXVLQJ5%9
 6FUHHQLQJ(&*ZLWKFOLQLFDOO\VLJQLILFDQWDEQRUPDOLWLHV
 6XEMHFWVKDVWKHIROORZLQJODERUDWRU\SDUDPHWHUVDW6FUHHQLQJ
D
$/7![WKHXSSHUOLPLWRIQRUPDO8/1
E $67![8/1
F
'LUHFWELOLUXELQ![8/1
G 3ODWHOHWV/
H
+E$F!
I
&UHDWLQLQHFOHDUDQFH&/FUP/PLQDVFDOFXODWHGE\WKH&RFNFURIW*DXOWHTXDWLRQ
J +HPRJORELQ JG/IRUIHPDOHVXEMHFWVJG/IRUPDOHVXEMHFWV
K $OEXPLQJG/
L
,15![8/1XQOHVVVXEMHFWKDVNQRZQKHPRSKLOLDRULVVWDEOHRQDQDQWLFRDJXODQW
UHJLPHQDIIHFWLQJ,15
 &KURQLFOLYHUGLVHDVHRIDQRQ+&9HWLRORJ\HJKHPRFKURPDWRVLV:LOVRQ¶VGLVHDVHDOID
DQWLWU\SVLQGHILFLHQF\FKRODQJLWLV
 ,QIHFWLRQZLWKKHSDWLWLV%YLUXV+%9RUKXPDQLPPXQRGHILFLHQF\YLUXV+,9
 &OLQLFDOO\UHOHYDQWDOFRKRORUGUXJDEXVHZLWKLQPRQWKVRIVFUHHQLQJ$SRVLWLYHGUXJ
VFUHHQZLOOH[FOXGHVXEMHFWVXQOHVVLWFDQEHH[SODLQHGE\DSUHVFULEHGPHGLFDWLRQWKH
GLDJQRVLVDQGSUHVFULSWLRQPXVWEHDSSURYHGE\WKHLQYHVWLJDWRU
 &RQWUDLQGLFDWLRQVWR5%9WKHUDS\LQFOXGLQJVLJQLILFDQWKLVWRU\RIFOLQLFDOO\VLJQLILFDQW
KHPRJORELQRSDWK\HJVLFNOHFHOOGLVHDVHWKDODVVHPLD

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
 8VHRIDQ\SURKLELWHGFRQFRPLWDQWPHGLFDWLRQVDVGHVFULEHGLQ6HFWLRQ
 &KURQLFXVHRIV\VWHPLFDOO\DGPLQLVWHUHGLPPXQRVXSSUHVVLYHDJHQWVHJSUHGQLVRQH
HTXLYDOHQW!PJGD\
 .QRZQK\SHUVHQVLWLYLW\WRULEDYLULQOHGLSDVYLUVRIRVEXYLUPHWDEROLWHVRUIRUPXODWLRQ
H[FLSLHQWV

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

,19(67,*$7,21$/0(',&,1$/352'8&76

5DQGRPL]DWLRQ DQG %OLQGLQJ
$Q,QWHUDFWLYH:HE5HVSRQVH6\VWHP,:56ZLOOEHHPSOR\HGWRPDQDJHVXEMHFW
UDQGRPL]DWLRQDQGWUHDWPHQWDVVLJQPHQW 7KHVWXG\LVRSHQODEHOWKHUHIRUHEOLQGLQJLVQRW
UHTXLUHG
5DQGRPL]DWLRQZLOOEHVWUDWLILHGE\WKHIROORZLQJ

*7RU

3ULRU62)WKHUDS\LQFRPELQDWLRQZLWK609RUZLWKRXW609

'HVFULSWLRQDQG+DQGOLQJRI /'962))'&

)RUPXODWLRQ RI/'962))'&
/'962))'&WDEOHWVDUHRUDQJHGLDPRQGVKDSHGILOPFRDWHGWDEOHWVFRQWDLQLQJPJRI
/'9DQG PJRI62)7KHWDEOHWVDUHGHERVVHGZLWK³*6,´RQRQHVLGHDQG³´RQWKH
RWKHUVLGH 7KH /'962))'&WDEOHWV FRQWDLQWKHIROORZLQJLQDFWLYHLQJUHGLHQWVODFWRVH
PRQRK\GUDWHFRSRYLGRQHPLFURFU\VWDOOLQHFHOOXORVHFURVFDUPHOORVHVRGLXPFROORLGDOVLOLFRQ
GLR[LGHPDJQHVLXPVWHDUDWHSRO\YLQ\ODOFRKROWLWDQLXPGLR[LGHWDOFSRO\HWK\OHQHJO\FRO
)'	&\HOORZ VXQVHW\HOORZ)&)DOXPLQXPODNH

3DFNDJLQJDQG/DEHOLQJ RI/'962))'&
/'962))'&WDEOHWV DUHSDFNDJHGLQZKLWHKLJKGHQVLW\SRO\HWK\OHQH+'3(ERWWOHV(DFK
ERWWOHFRQWDLQVHLWKHU RU WDEOHWVDQGDVLOLFDJHOGHVLFFDQWFDQLVWHUDQGSRO\HVWHUSDFNLQJ
PDWHULDO(DFKERWWOHLVHQFORVHGZLWKDZKLWHFRQWLQXRXVWKUHDGFKLOGUHVLVWDQWVFUHZFDSZLWK
DQLQGXFWLRQVHDOHGDOXPLQXPIDFHGOLQHU
$OO/'962))'&ERWWOHVWREHGLVWULEXWHGWRFHQWHUVVKDOOEHODEHOHGWRPHHWDOODSSOLFDEOH
UHTXLUHPHQWVRIWKH86)RRGDQG'UXJ$GPLQLVWUDWLRQ)'$$QQH[RI*RRG0DQXIDFWXULQJ
3UDFWLFHV0DQXIDFWXUHRILQYHVWLJDWLRQDOPHGLFLQDOSURGXFWV)HE DQGORFDOUHJXODWLRQVDV
DSSOLFDEOH
6XIILFLHQWTXDQWLWLHVRI/'962))'&WDEOHWVWRFRPSOHWHWKHHQWLUHVWXG\ZLOOEHVKLSSHGWRWKH
LQYHVWLJDWRURUTXDOLILHGGHVLJQHHIURP*LOHDG6FLHQFHV&OLQLFDO6XSSO\0DQDJHPHQWRULWV
GHVLJQHH

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

6WRUDJHDQG+DQGOLQJ RI/'962))'&
/'962))'&ERWWOHVVKRXOGEHVWRUHGDWFRQWUROOHGURRPWHPSHUDWXUHXQWLOUHTXLUHGIRU
DGPLQLVWUDWLRQ&RQWUROOHGURRPWHPSHUDWXUHLVGHILQHGDV & )H[FXUVLRQVDUH
SHUPLWWHGEHWZHHQ&DQG&)WR)
$OOGUXJSURGXFWVVKRXOGEHVWRUHGLQDVHFXUHO\ORFNHGDUHDDFFHVVLEOHRQO\WRDXWKRUL]HGVLWH
SHUVRQQHO7RHQVXUHWKHVWDELOLW\RIWKHVWXG\GUXJDQGWRHQVXUHSURSHUSURGXFWLGHQWLILFDWLRQ
WKHGUXJSURGXFWVKRXOGQRWEHVWRUHGLQDFRQWDLQHURWKHUWKDQWKHFRQWDLQHULQZKLFKWKH\DUH
VXSSOLHG&RQVLGHUDWLRQVKRXOGEHJLYHQWRKDQGOLQJSUHSDUDWLRQDQGGLVSRVDOWKURXJKPHDVXUHV
WKDWPLQLPL]HGUXJFRQWDFWZLWKWKHERG\$SSURSULDWHSUHFDXWLRQVVKRXOGEHIROORZHGWRDYRLG
GLUHFWH\HFRQWDFWRUH[SRVXUHWKURXJKLQKDODWLRQZKHQKDQGOLQJ/'962))'&

'RVDJHDQG$GPLQLVWUDWLRQRI /'962))'&
/'962) )'&WDEOHWLVWREHDGPLQLVWHUHGRQFHGDLO\ZLWKRUZLWKRXWIRRG(DFKVXEMHFWPXVW
EHJLYHQLQVWUXFWLRQVWRPDLQWDLQDSSUR[LPDWHO\WKHVDPHGDLO\GRVLQJLQWHUYDOEHWZHHQVWXG\
GUXJGRVHV
)RUDPLVVHGGRVHRI/'962))'&WDEOHWVXEMHFWVVKRXOGEHLQVWUXFWHGWRWDNHWKHPLVVHGGRVH
RIVWXG\GUXJDVVRRQDVSRVVLEOHGXULQJWKHVDPHGD\6XEMHFWVVKRXOGEHFDXWLRQHGQHYHUWR
GRXEOHWKHQH[WGRVHZLWKDPLVVHGGRVHRIVWXG\GUXJXQGHUDQ\FLUFXPVWDQFHV

'HVFULSWLRQDQG+DQGOLQJRI5%9± $SSOLFDEOHWR6WXG\*URXSV	

)RUPXODWLRQRI5%9
5%9 WDEOHWV PJDUHEOXHFDSVXOHVKDSHGILOPFRDWHGWDEOHWVGHERVVHGZLWK³53´RQ
RQH VLGHDQG³´RQWKHRWKHUVLGH ,QDGGLWLRQWRWKHDFWLYHLQJUHGLHQW5%9WDEOHWVFRQWDLQWKH
IROORZLQJLQDFWLYHLQJUHGLHQWVPLFURFU\VWDOOLQHFHOOXORVHODFWRVHPRQRK\GUDWHFURVFDUPHOORVH
VRGLXPSRYLGRQHPDJQHVLXPVWHDUDWHSRO\YLQ\ODOFRKROWLWDQLXPGLR[LGHPDFURJROWDOF
)'	&EOXH 

3DFNDJLQJDQG/DEHOLQJ RI5%9
7KH5%9WDEOHWVDUHSDFNDJHGLQZKLWH+'3(ERWWOHV(DFKERWWOHFRQWDLQV WDEOHWVDQG
UD\RQFRLOSDFNLQJPDWHULDODQGLVHQFORVHGZLWKDZKLWHFRQWLQXRXVWKUHDGFKLOGUHVLVWDQWVFUHZ
FDSZLWKDQLQGXFWLRQVHDOHGDOXPLQXPIDFHGOLQHU
$OO5%9ERWWOHVWREHGLVWULEXWHGWRFHQWHUVVKDOOEHODEHOHGWRPHHWDOODSSOLFDEOHUHTXLUHPHQWV
RIWKH86)RRGDQG'UXJ$GPLQLVWUDWLRQ)'$$QQH[ RI*RRG0DQXIDFWXULQJ3UDFWLFHV
0DQXIDFWXUHRILQYHVWLJDWLRQDOPHGLFLQDOSURGXFWV)HE DQGORFDOUHJXODWLRQVDV
DSSOLFDEOH
5%9 WDEOHWV PJZLOOEHVXSSOLHGE\*LOHDG6FLHQFHVIRUDOOVXEMHFWV

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

6WRUDJHDQG+DQGOLQJ RI5%9
5%9 WDEOHWVVKRXOGEHVWRUHGDW&)H[FXUVLRQVDUHSHUPLWWHGEHWZHHQ&DQG
 &)DQG)
$OOVWXG\GUXJSURGXFWVVKRXOGEHVWRUHGLQDVHFXUHO\ORFNHGDUHDDFFHVVLEOHRQO\WRDXWKRUL]HG
VLWHSHUVRQQHO7RHQVXUHWKHVWDELOLW\RIWKHVWXG\GUXJDQGWRHQVXUHSURSHUSURGXFW
LGHQWLILFDWLRQWKHVWXG\GUXJSURGXFWVKRXOGQRWEHVWRUHGLQDFRQWDLQHURWKHUWKDQWKHFRQWDLQHU
LQZKLFKWKH\DUHVXSSOLHG&RQVLGHUDWLRQVKRXOGEHJLYHQWRKDQGOLQJSUHSDUDWLRQDQGGLVSRVDO
WKURXJKPHDVXUHVWKDWPLQLPL]HGUXJFRQWDFWZLWKWKHERG\$SSURSULDWHSUHFDXWLRQVVKRXOGEH
IROORZHGWRDYRLGGLUHFWH\HFRQWDFWRUH[SRVXUHWKURXJKLQKDODWLRQZKHQKDQGOLQJ5%9

'RVDJHDQG$GPLQLVWUDWLRQRI5%9
5%9ZLOOEHDGPLQLVWHUHGDVPJE\PRXWKGDLO\PJIRUVXEMHFWVZHLJKLQJ
 NJDQGPJIRUVXEMHFWVZHLJKLQJ! NJJLYHQLQDGLYLGHGGDLO\GRVH6XEMHFWVZKR
DUHWRUHFHLYHWRWDOGDLO\GRVHV RIPJVKRXOGEHLQVWUXFWHGWRWDNH WDEOHWVLQWKHPRUQLQJ
DQGWDEOHWVLQWKHHYHQLQJRUWDEOHWVLQWKHPRUQLQJDQGLQWKHHYHQLQJ)RUWKRVHZKRDUH
WRUHFHLYHPJRI5%9VXEMHFWVVKRXOGWDNHWDEOHWVWZLFHGDLO\5%9VKRXOGEHGRVHG
ZLWKIRRG

3ULRUDQG&RQFRPLWDQW0HGLFDWLRQV
&RQFRPLWDQWPHGLFDWLRQVWDNHQZLWKLQGD\VSULRUWRVFUHHQLQJXSWRDQGLQFOXGLQJ GD\V
DIWHUWKHODVWGRVHRIVWXG\GUXJQHHGWREHUHFRUGHGLQWKHVRXUFHGRFXPHQWVDQGHOHFWURQLFFDVH
UHSRUWIRUPVH&5)V
7KHIROORZLQJPHGLFDWLRQVDUHSURKLELWHGGXULQJWKHVFUHHQLQJSHULRGDQGIRUDPLQLPXPRI
 GD\VSULRUWRWKH%DVHOLQH'D\ YLVLWWKURXJKWKHHQGRIWUHDWPHQW

+HPDWRORJLFVWLPXODWLQJDJHQWVHJHU\WKURSRLHVLVVWLPXODWLQJDJHQWV(6$VJUDQXORF\WH
FRORQ\VWLPXODWLQJIDFWRU*&6)WKURPERSRLHWLQ732PLPHWLFV

,QYHVWLJDWLRQDODJHQWVRUGHYLFHVIRUDQ\LQGLFDWLRQ
&RQFRPLWDQWXVHRIFHUWDLQPHGLFDWLRQVRUKHUEDOQDWXUDOVXSSOHPHQWVLQKLELWRUVRULQGXFHUVRI
GUXJWUDQVSRUWHUVLH3JSZLWKVWXG\GUXJVPD\UHVXOWLQSKDUPDFRNLQHWLF3. LQWHUDFWLRQV
UHVXOWLQJLQLQFUHDVHVRUGHFUHDVHVLQH[SRVXUHRIVWXG\GUXJV RUWKHVHPHGLFDWLRQV 7KHXVHRI
WKHIROORZLQJDJHQWVLV SURKLELWHGIURPGD\VSULRUWR%DVHOLQH'D\ WKURXJKWKHHQGRI
WUHDWPHQW7KHXVHRIDPLRGDURQHLVSURKLELWHGIURPGD\VSULRUWR%DVHOLQH'D\ WKURXJK
WKHHQGRIWUHDWPHQW

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
([DPSOHVRIUHSUHVHQWDWLYHPHGLFDWLRQVZKLFKDUHSURKLELWHGRUDUHWREHXVHGZLWKFDXWLRQDUH
OLVWHGEHORZ
7DEOH 
'LVDOORZHGDQG&RQFRPLWDQW0HGLFDWLRQVWREH8VHGZLWK&DXWLRQ
'UXJ&ODVV
$JHQWV'LVDOORZHG
8VHZLWK&DXWLRQ
$FLG5HGXFLQJ$JHQWVD
3URWRQ 3XPS,QKLELWRUV+5HFHSWRU
$QWDJRQLVWV$QWDFLGV
$QWLFRQYXOVDQWVF
3KHQREDUELWDO3KHQ\WRLQ&DUEDPD]HSLQH
2[FDUED]HSLQH
$QWLP\FREDFWHULDOVF
5LIDEXWLQ5LIDSHQWLQH5LIDPSLQ
&DUGLDF0HGLFDWLRQV
$PLRGDURQHH
'LJR[LQ E'DELJDWUDQ HWH[LODWH I
+HUEDO1DWXUDO
6XSSOHPHQWVF
6W-RKQ¶V:RUW(FKLQDFHD0LONWKLVWOH
LHVLO\PDULQ&KLQHVHKHUEVKRVDLNRWR
RU;LDR6KDL+X7DQJ
+0*&R$5HGXFWDVH
,QKLELWRUVG
5RVXYDVWDWLQ
$WRUYDVWDWLQ6LPYDVWDWLQ3UDYDVWDWLQ
3LWDYDVWDWLQ)OXYDVWDWLQ/RYDVWDWLQ
D
,WLVUHFRPPHQGHGWRVHSDUDWHDQWDFLGDQG/'962))'&DGPLQLVWUDWLRQE\KRXUV +UHFHSWRUDQWDJRQLVWVPD\EH
DGPLQLVWHUHGVLPXOWDQHRXVO\ZLWKRUVWDJJHUHGIURP/'962))'&DWDGRVHWKDWGRHVQRWH[FHHGGRVHVFRPSDUDEOHWR
IDPRWLGLQHPJWZLFHGDLO\3URWRQSXPSLQKLELWRUGRVHVFRPSDUDEOHWRRPHSUD]ROHPJFDQEHDGPLQLVWHUHG
VLPXOWDQHRXVO\ZLWK/'962))'&3URWRQSXPSLQKLELWRUVVKRXOGQRWEHWDNHQEHIRUH/'962))'&
E
&RDGPLQLVWUDWLRQRI/'962))'&ZLWKGLJR[LQPD\LQFUHDVHWKHFRQFHQWUDWLRQRIGLJR[LQ&DXWLRQLVZDUUDQWHGDQG
WKHUDSHXWLFFRQFHQWUDWLRQPRQLWRULQJRIGLJR[LQ LVUHFRPPHQGHGZKHQFRDGPLQLVWHUHGZLWK/'962))'&
F
0D\UHVXOWLQDGHFUHDVHLQWKHFRQFHQWUDWLRQVRIVWXG\GUXJ
G
8VHZLWKVWXG\GUXJPD\UHVXOWLQDQLQFUHDVHLQWKHFRQFHQWUDWLRQRIWKH+0*&R$5HGXFWDVH,QKLELWRUV:KHQFR
DGPLQLVWHUHGZLWK/'962)DUHGXFHGGRVHRIVWDWLQVKRXOGEHFRQVLGHUHG0RQLWRUIRUVLJQVDQGV\PSWRPVRIPXVFOH
ZHDNQHVVRUP\RSDWK\LQFOXGLQJUKDEGRP\RO\VLV
H
0D\UHVXOWLQV\PSWRPDWLFEUDG\FDUGLD0HFKDQLVPLVQRWFXUUHQWO\NQRZQ7KHXVHRIDPLRGDURQHLVSURKLELWHGIURP
 GD\VSULRUWR%DVHOLQH'D\WKURXJKWKHHQGRIWUHDWPHQW
I
&RDGPLQLVWUDWLRQRI/'962))'&ZLWKGDELJDWUDQHWH[LODWH PD\LQFUHDVHGDELJDWUDQH[SRVXUH&OLQLFDOPRQLWRULQJ
ORRNLQJIRUVLJQVRIEOHHGLQJDQGDQDHPLDLVUHFRPPHQGHGZKHQGDELJDWUDQHWH[LODWHLVFRDGPLQLVWHUHGZLWK/'962)$
FRDJXODWLRQWHVWKHOSVWRLGHQWLI\SDWLHQWVZLWKDQLQFUHDVHGEOHHGLQJULVNGXHWRLQFUHDVHGGDELJDWUDQH[SRVXUH

$FFRXQWDELOLW\ RI 6WXG\'UXJV
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJDGHTXDWHDFFRXQWDELOLW\RIDOOXVHGDQGXQXVHGVWXG\
GUXJV 7KLVLQFOXGHVDFNQRZOHGJHPHQWRIUHFHLSWRIHDFKVKLSPHQWRIVWXG\GUXJV TXDQWLW\
DQGFRQGLWLRQ$OOXVHGDQGXQXVHGVWXG\GUXJV GLVSHQVHGWRVXEMHFWVPXVWEHUHWXUQHGWRWKH
VLWH
/'962)DQG5%9 DFFRXQWDELOLW\UHFRUGVZLOOEHSURYLGHGWRHDFKVWXG\VLWHWR

5HFRUGWKHGDWHUHFHLYHGDQGTXDQWLW\RIVWXG\GUXJVERWWOHV

5HFRUGWKHGDWHVXEMHFWQXPEHUVXEMHFWLQLWLDOVWKHVWXG\GUXJVERWWOH QXPEHUGLVSHQVHG

5HFRUGWKHGDWHTXDQWLW\RIXVHGDQGXQXVHGVWXG\GUXJV UHWXUQHGDORQJZLWKWKHLQLWLDOVRI
WKHSHUVRQUHFRUGLQJWKHLQIRUPDWLRQ

5HWXUQRU'LVSRVDO RI6WXG\'UXJV
3OHDVHUHIHUWR6HFWLRQ  IRULQIRUPDWLRQSHUWDLQLQJWRVWXG\GUXJ UHWXUQDQGGLVSRVDO

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

678'<352&('85(6
$OOVXEMHFWVZLOOFRPSOHWHWKHIROORZLQJVWXG\YLVLWV6FUHHQLQJ%DVHOLQH'D\RQWUHDWPHQW
YLVLWVDWWKHHQGRI:HHNV DQG  IRUDOOVWXG\JURXSVDQGDWWKHHQGRI :HHNV
DQGIRUVWXG\*URXS$OOVXEMHFWVZLOOFRPSOHWHWKH SRVWWUHDWPHQWYLVLWVDW:HHNVDQG
DIWHUWKHODVWGRVHRIVWXG\GUXJ6XEMHFWVZLWK+&951$//24DWWKHSRVWWUHDWPHQW:HHN
YLVLWZLOOFRPSOHWHDSRVWWUHDWPHQW:HHNYLVLWXQOHVVFRQILUPHGYLUDOUHODSVHRFFXUV
7KHVWXG\SURFHGXUHVWREHFRQGXFWHGIRUHDFKVXEMHFWHQUROOHGLQWKHVWXG\DUHSUHVHQWHGLQ
WDEXODUIRUPLQ$SSHQGL[ DQGGHVFULEHGLQWKHWH[WWKDWIROORZV
7KHLQYHVWLJDWRUPXVWGRFXPHQWDQ\GHYLDWLRQIURPSURWRFROSURFHGXUHVDQGQRWLI\WKHVSRQVRU
RUFRQWUDFWUHVHDUFKRUJDQL]DWLRQ&52

6FUHHQLQJ9LVLW
6XEMHFWVZLOOEHVFUHHQHGZLWKLQGD\VRIWKH%DVHOLQH'D\UDQGRPL]DWLRQYLVLWWRGHWHUPLQH
HOLJLELOLW\IRUSDUWLFLSDWLRQLQWKHVWXG\7KHVFUHHQLQJZLQGRZFDQEHH[WHQGHGWRGD\VIRU
VXEMHFWVUHTXLULQJDGGLWLRQDO+&9JHQRW\SHWHVWLQJFLUUKRVLVGHWHUPLQDWLRQRUIRUH[WHQXDWLQJ
FLUFXPVWDQFHVZLWKVSRQVRUDSSURYDO
7KHIROORZLQJZLOOEHSHUIRUPHGDQGGRFXPHQWHG

2EWDLQZULWWHQLQIRUPHGFRQVHQW

'HWHUPLQHHOLJLELOLW\ 5HIHUHQFH6HFWLRQV  	

2EWDLQPHGLFDOKLVWRU\LQFOXGLQJLQIRUPDWLRQRQSULRU+&9WUHDWPHQWKLVWRU\ DQGDYDLODEOH
KLVWRULFDOUHVLVWDQFHWHVWV

&RPSOHWHSK\VLFDOH[DPLQDWLRQLQFOXGLQJERG\ZHLJKWDQGKHLJKW

2EWDLQYLWDOVLJQVUHVWLQJEORRGSUHVVXUHSXOVHUHVSLUDWRU\UDWHDQGWHPSHUDWXUH

3HUIRUPOHDG(&*

2EWDLQEORRGVDPSOHV5HIHUHQFH6WXG\3URFHGXUHV7DEOH$SSHQGL[

2EWDLQXULQHVDPSOH5HIHUHQFH6WXG\3URFHGXUHV7DEOH$SSHQGL[

2EWDLQEORRGVDPSOHIRUSUHJQDQF\WHVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\

2EWDLQGHWDLOVRIFRQFRPLWDQWPHGLFDWLRQV

5HFRUGDQ\VHULRXVDGYHUVHHYHQWVDQGDOODGYHUVHHYHQWVUHODWHGWRSURWRFROPDQGDWHG
SURFHGXUHVRFFXUULQJDIWHUVLJQLQJRIWKHFRQVHQWIRUP

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

'HWHUPLQHFLUUKRVLVVWDWXV5HIHUHQFH6HFWLRQ,IWKHSUHVHQFHRIFLUUKRVLVLVGHWHUPLQHG
WKHQWKHDSSURSULDWHGLDJQRVWLFLPDJLQJPXVWEHSHUIRUPHGZLWKLQPRQWKVSULRUWR
%DVHOLQH'D\WRH[FOXGHWKHSUHVHQFHRI+&&
$VLQJOHUHWHVWRIVFUHHQLQJODEVLVSHUPLWWHGRQO\LIWKHUHLVUHDVRQWREHOLHYHWKHUHWHVWYDOXHZLOO
EHZLWKLQDFFHSWHGSDUDPHWHUVLIWKHLQLWLDOYDOXHZDVHLWKHUGXHWRDVDPSOHSURFHVVLQJHUURURU
GXHWRDQH[WHQXDWLQJFLUFXPVWDQFH
6XEMHFWVPHHWLQJDOORIWKHLQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULDZLOOUHWXUQWRWKH
FOLQLFIRUWKH%DVHOLQH'D\YLVLWIRUHQUROOPHQWLQWRWKHVWXG\
)URPWKHWLPHRIREWDLQLQJLQIRUPHGFRQVHQWWKURXJKWKHILUVWDGPLQLVWUDWLRQRILQYHVWLJDWLRQDO
PHGLFLQDOSURGXFWUHFRUGDOOVHULRXVDGYHUVHHYHQWV6$(VDVZHOODVDQ\DGYHUVHHYHQWV
UHODWHGWRSURWRFROPDQGDWHGSURFHGXUHVRQ WKHDGYHUVHHYHQWVH&5)$OORWKHUXQWRZDUG
PHGLFDORFFXUUHQFHVREVHUYHGGXULQJWKHVFUHHQLQJSHULRGLQFOXGLQJH[DFHUEDWLRQRUFKDQJHVLQ
PHGLFDOKLVWRU\ DUHWREHFDSWXUHGRQWKHPHGLFDOKLVWRU\H&5)6HH6HFWLRQ $GYHUVH(YHQWV
DQG7R[LFLW\0DQDJHPHQWIRUDGGLWLRQDOGHWDLOV

%DVHOLQH'D\ 9LVLW
%DVHOLQH'D\WHVWVDQGSURFHGXUHVPXVWEHFRPSOHWHGSULRUWRUDQGRPL]DWLRQDQG
GRVLQJGLVSHQVLQJRIVWXG\GUXJ
7KHIROORZLQJZLOOEHSHUIRUPHGDQGGRFXPHQWHG

&RQILUPHOLJLELOLW\ 5HIHUHQFH6HFWLRQV 	

3HUIRUPSK\VLFDOH[DPLQDWLRQLQFOXGLQJERG\ZHLJKW

2EWDLQYLWDOVLJQVUHVWLQJEORRGSUHVVXUH SXOVH UHVSLUDWRU\UDWHDQGWHPSHUDWXUH

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

2EWDLQEORRGVDPSOHV5HIHUHQFH6WXG\3URFHGXUHV7DEOH$SSHQGL[


2EWDLQXULQHVDPSOHIRUSUHJQDQF\WHVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\

&RQGXFWSUHJQDQF\SUHYHQWLRQFRXQVHOLQJ

6XEMHFWFRPSOHWHV+HDOWK5HODWHG4XDOLW\RI/LIH6XUYH\V
PPD

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

5DQGRPL]DWLRQDQG VWXG\GUXJVDGPLQLVWUDWLRQ
R
(QWHUVXEMHFWLQIRUPDWLRQLQWKH,:56WRUHFHLYHVWXG\JURXSDVVLJQPHQW
R
'LVSHQVHVWXG\GUXJV DVGLUHFWHGE\WKH,:56
R
,QVWUXFWWKHVXEMHFWRQWKHSDFNDJLQJVWRUDJHDQGDGPLQLVWUDWLRQRIWKHVWXG\GUXJV
R
$GPLQLVWHUWKHILUVWGRVHRIVWXG\GUXJV

:HHN	 9LVLWV GD\V
7KHIROORZLQJZLOOEHSHUIRUPHGDQGGRFXPHQWHG

2EWDLQYLWDOVLJQVUHVWLQJEORRGSUHVVXUHSXOVHUHVSLUDWRU\UDWHDQGWHPSHUDWXUH

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

2EWDLQEORRGVDPSOHV5HIHUHQFH6WXG\3URFHGXUHV7DEOH$SSHQGL[

&RQGXFWSUHJQDQF\SUHYHQWLRQFRXQVHOLQJ

$VVHVVDGKHUHQFHZLWKVWXG\GUXJVGRVLQJUHJLPHQLQFOXGLQJSLOOFRXQW

:HHN   DQGIRU6WXG\*URXSRQO\9LVLWVGD\V
7KHIROORZLQJZLOOEHSHUIRUPHGDQGGRFXPHQWHG

2EWDLQYLWDOVLJQVUHVWLQJEORRGSUHVVXUHSXOVHUHVSLUDWRU\UDWHDQGWHPSHUDWXUH

$VVHVVPHQWRI$(VDQGFRQFRPLWDQWPHGLFDWLRQV

2EWDLQEORRGVDPSOHV5HIHUHQFH6WXG\3URFHGXUHV7DEOH$SSHQGL[

2EWDLQXULQHVDPSOHIRUSUHJQDQF\WHVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\

&RQGXFWSUHJQDQF\SUHYHQWLRQFRXQVHOLQJ

6XEMHFWFRPSOHWHV+HDOWK5HODWHG4XDOLW\RI/LIH6XUYH\V:HHNRQO\

$VVHVVDGKHUHQFHZLWKVWXG\GUXJVGRVLQJUHJLPHQLQFOXGLQJSLOOFRXQW

'LVSHQVHVWXG\GUXJV DVGLUHFWHGE\WKH,:56

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

6XEMHFWFRPSOHWHV+HDOWK5HODWHG4XDOLW\RI/LIH6XUYH\V

&RQGXFWSUHJQDQF\SUHYHQWLRQFRXQVHOLQJ

)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOLQVWXG\*URXSVDQG ZKRUHFHLYHG5%9
VKRXOGEHSURYLGHGZLWKXULQHSUHJQDQF\WHVWNLWVLQVWUXFWHG RQWKHLUXVHDQGUHTXHVWHGWR
FRQWLQXHWRVHOIPRQLWRUIRUSUHJQDQF\HYHU\ZHHNVIRUPRQWKVDIWHU WKHLU ODVWGRVHRI
5%9,IUHTXLUHGE\UHJXODWLRQVDGGLWLRQDOSUHJQDQF\ WHVWV EH\RQGPRQWKVPD\EHDGGHG
7KHVXEMHFWZLOOEH FRQWDFWHGHYHU\ZHHNVDQGDVNHGWRUHSRUWUHVXOWVRIWKHXULQH
SUHJQDQF\WHVWV,IDSRVLWLYH XULQHSUHJQDQF\WHVWLVUHSRUWHGWKHVXEMHFWZLOOEHDVNHGWR
UHWXUQWRWKHFOLQLFIRUD FRQILUPDWRU\VHUXPSUHJQDQF\WHVW

8QVFKHGXOHG9LVLW
$VXEMHFWVKRXOGDWWHQGDQXQVFKHGXOHGYLVLWLIUHTXHVWHGE\WKHVSRQVRURUWKHLQYHVWLJDWRU7KH
DVVHVVPHQWVDUHDWWKHLQYHVWLJDWRU¶VGLVFUHWLRQDVFOLQLFDOO\LQGLFDWHGEXWWKHLQYHVWLJDWRUVKRXOG
DWDPLQLPXPFROOHFW$(DQGFRQFRPLWDQWPHGLFDWLRQLQIRUPDWLRQ$WDOOXQVFKHGXOHGYLVLWV
LQLWLDWHGIRUWKHSXUSRVHRIFRQILUPLQJYLURORJLFIDLOXUHDYLUDO51$VHTXHQFLQJSKHQRW\SLQJ
VDPSOHPXVWEHFROOHFWHG
:KHQPHGLFDOO\IHDVLEOHWKH0HGLFDO0RQLWRUPXVWEHFRQVXOWHGSULRUWRVXEMHFW
GLVFRQWLQXDWLRQ

(QGRI6WXG\
6XEMHFWVDUHFRQVLGHUHGWRKDYHFRPSOHWHGWKHVWXG\DIWHUWKHSRVWWUHDWPHQW:HHN YLVLW
UHJDUGOHVVRIWUHDWPHQWGXUDWLRQRUHDUO\WHUPLQDWLRQIURPVWXG\GUXJ

3URFHGXUHVDQG6SHFLILFDWLRQV

&OLQLFDO/DERUDWRU\$QDO\WHV
+HPDWRORJ\ +HPDWRFULW+HPRJORELQ+E3ODWHOHWFRXQW5HGEORRGFHOOFRXQW5%&
:KLWH EORRGFHOOFRXQW:%&ZLWKGLIIHUHQWLDODEVROXWHDQGSHUFHQWDJHLQFOXGLQJ
/\PSKRF\WHV0RQRF\WHV1HXWURSKLOV(RVLQRSKLOV%DVRSKLOV5HWLFXORF\WH FRXQWDQGPHDQ
FHOOXODUYROXPH0&9
&RDJXODWLRQ,153URWKURPELQWLPH37$FWLYDWHGSDUWLDOWKURPERSODVWLQWLPH$377
&KHPLVWU\ $ODQLQHDPLQRWUDQVIHUDVH$/76*37$VSDUWDWHDPLQRWUDQVIHUDVH$676*27
$OEXPLQ$ONDOLQHSKRVSKDWDVH&UHDWLQLQH&UHDWLQH.LQDVH7RWDO%LOLUXELQUHIOH[WR'LUHFW
%LOLUXELQLI7RWDO%LOLUXELQLVDEQRUPDO*OXFRVH/LSDVH3RWDVVLXPDQG6RGLXP'LUHFW
%LOLUXELQ$35,	)LEURWHVWD DW6FUHHQLQJRQO\*DPPDJOXWDP\OWUDQVIHUDVH**7DW
%DVHOLQH'D\RQO\
8ULQDO\VLV $SSHDUDQFH%ORRG&RORU*OXFRVH/HXNRF\WHHVWHUDVHS+3URWHLQ8URELOLQRJHQ
5HIOH[WRPLFURVFRSLFXULQDO\VLVLIGLSVWLFNUHVXOWLVDEQRUPDO

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
9LURORJLFDO7HVWV6HURORJLHVIRU+&9 DQG +%96HURORJ\DQGRUDQWLJHQWHVWLQJIRU +,9
LQFOXGLQJUHIOH[WHVWLQJDVQHFHVVDU\+&951$ZLOOEHPHDVXUHGXVLQJWKH&2%$6
$PSOL3UHS&2%$6 7DT0DQ +&94XDQWLWDWLYH7HVWYHUVLRQ+&9JHQRW\SHDQGVXEW\SH
ZLOOEHGHWHUPLQHGXVLQJWKH6LHPHQV9(56$17 +&9*HQRW\SH,112/L3$ $VVD\
*LOHDGUHVHUYHVWKHULJKWWRXVHDOWHUQDWHDVVD\VIRU+&951$DQG+&9JHQRW\SHVKRXOGWKH
DERYHDVVD\VEHFRPHXQDYDLODEOHRULVQRWGHILQLWLYH
,/%JHQRW\SHZLOOEHGHWHUPLQHGE\SRO\PHUDVHFKDLQUHDFWLRQ3&5DPSOLILFDWLRQRIWKH
613UVZLWKVHTXHQFHVSHFLILFIRUZDUGDQGUHYHUVHSULPHUVDQGDOOHOHVSHFLILF
IOXRUHVFHQWO\ODEHOHG7DT0DQ 0*%SUREHV*LOHDGUHVHUYHVWKHULJKWVWRXVHDQDOWHUQDWHDVVD\
IRU,/%GHWHUPLQDWLRQVKRXOGWKHDERYHDVVD\EHFRPHXQDYDLODEOH
3UHJQDQF\7HVWV6HUXPȕKXPDQFKRULRQLFJRQDGRWURSLQ K&* RU8ULQHK&*LISRVLWLYH
UHTXLUHVLPPHGLDWHFRQILUPDWLRQZLWK6HUXPK&*
$GGLWLRQDO7HVWV8ULQH'UXJVFUHHQIRU$PSKHWDPLQHV&RFDLQH0HWKDGRQH2SLDWHV
+HPRJORELQ$F+E$FDQG76+UHIOH[IUHH7

0HGLFDO+LVWRU\
0HGLFDOKLVWRU\LQFOXGLQJGHWDLOVUHJDUGLQJLOOQHVVHVDQGDOOHUJLHVGDWHVRIRQVHWDQGZKHWKHU
FRQGLWLRQVLVFXUUHQWO\RQJRLQJDQGPHGLFDWLRQKLVWRU\ZLOOEHFROOHFWHGRQDOOVXEMHFWVGXULQJ
VFUHHQLQJ
2EWDLQ+&9WUHDWPHQWKLVWRU\LQRUGHUWRFDWHJRUL]HWKHVXEMHFWDVSHULQFOXVLRQFULWHULD 7KH
GDWDUHTXLUHGZLOOLQFOXGH DOOSULRU+&9WUHDWPHQWVLQFOXGLQJ WKH62)FRQWDLQLQJUHJLPHQV
WKHGXUDWLRQVRIWKHSULRUWUHDWPHQWVDQGWKHYLURORJLFRXWFRPHV,QDGGLWLRQREWDLQDQG
UHFRUGDQ\DYDLODEOHKLVWRULFDOUHVLVWDQFHWHVWVGDWD

&RPSOHWH3K\VLFDO([DPLQDWLRQ
$FRPSOHWHSK\VLFDOH[DPLQDWLRQPXVWLQFOXGHVRXUFHGRFXPHQWDWLRQRIJHQHUDODSSHDUDQFHDQG
WKHIROORZLQJERG\V\VWHPV+HDGQHFNDQGWK\URLGH\HVHDUVQRVHWKURDWPRXWKDQGWRQJXH
FKHVWH[FOXGLQJ EUHDVWVUHVSLUDWRU\FDUGLRYDVFXODUO\PSKQRGHVDEGRPHQVNLQKDLUQDLOV
PXVFXORVNHOHWDOQHXURORJLFDO

9LWDO6LJQV
9LWDOVLJQFROOHFWLRQZLOOLQFOXGHPHDVXUHPHQWRIUHVWLQJEORRGSUHVVXUHSXOVHUHVSLUDWRU\UDWH
DQGWHPSHUDWXUH
%ORRGSUHVVXUHZLOOEHPHDVXUHGXVLQJWKHIROORZLQJVWDQGDUGL]HGSURFHVV

6XEMHFWVKRXOGVLWIRUPLQXWHVZLWKIHHWIODWRQWKHIORRUDQGPHDVXUHPHQWDUPVXSSRUWHG
VRWKDWWKHPLGSRLQWRIWKHPDQRPHWHUFXIILVDWKHDUWOHYHO

8VHDPHUFXU\VSK\JPRPDQRPHWHURUDXWRPDWLF EORRGSUHVVXUHGHYLFHZLWKDQDSSURSULDWHO\
VL]HGFXIIZLWKWKHEODGGHUFHQWHUHGRYHUWKHEUDFKLDODUWHU\

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

0HDVXUHDQGUHFRUGWKHEORRGSUHVVXUHWRWKHQHDUHVWPP+JPDUNRQWKHPDQRPHWHURUWR
WKHQHDUHVWZKROHQXPEHURQDQDXWRPDWLFGHYLFH

/HDG(&*V
6XEMHFWVZLOOEHUHTXLUHGWRUHVWLQDVXSLQHSRVLWLRQIRU PLQXWHVSULRUWRPDNLQJDUHFRUGLQJ
7KHLQYHVWLJDWRURUTXDOLILHGGHVLJQHHVKRXOGUHYLHZWKH(&*WUDFHVUHFRUGHGLQUHDOWLPHIRU
FOLQLFDOO\VLJQLILFDQWDEQRUPDOLWLHV

9LUDO51$6HTXHQFLQJ3KHQRW\SLQJ6DPSOH
3ODVPDVDPSOHVZLOOEHFROOHFWHGDW%DVHOLQH'D\DQGHDFKVXEVHTXHQWYLVLWIRU +&9 YLUDO
VHTXHQFHDQDO\VLV$WDQ\XQVFKHGXOHGYLVLWLQLWLDWHGIRUWKHSXUSRVHRIFRQILUPLQJYLURORJLF
EUHDNWKURXJKDYLUDOVHTXHQFHDQDO\VLVSODVPD VDPSOHPXVWEHFROOHFWHG8QXVHGVDPSOHVPD\
EHDUFKLYHG
'HWDLOVUHJDUGLQJWKHFROOHFWLRQSURFHVVLQJDQGVKLSSLQJRIVDPSOHVZLOOEHLQFOXGHGLQWKHODE
PDQXDO

3UHJQDQF\7HVWLQJ
$OOIHPDOHVRIFKLOGEHDULQJSRWHQWLDOZLOOKDYHXULQHSUHJQDQF\WHVWLQJHYHU\ZHHNVGXULQJWKH
GRVLQJSHULRGDQGPRQWKIROORZLQJODVWGRVHRIVWXG\GUXJZLWKRXW5%9RUIRUDPLQLPXPRI
 PRQWKVIROORZLQJWKHODVWGRVHRI5%9,QWKHHYHQWRIDSRVLWLYH XULQHSUHJQDQF\UHVXOW
VXEMHFWVZLOOEHLQVWUXFWHGWRVWRSVWXG\GUXJVLPPHGLDWHO\LI DSSOLFDEOHDQGUHWXUQWRWKHFOLQLF
DVVRRQDVSRVVLEOHIRUDVHUXPSUHJQDQF\WHVW
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOLQVWXG\*URXSVDQG ZKRUHFHLYHG5%9ZLOOEH
GLVSHQVHGXULQHSUHJQDQF\WHVWNLWVDWWKHSRVWWUHDWPHQW:HHN9LVLWWRVHOIPRQLWRUIRU
SUHJQDQF\HYHU\ZHHNVIRUPRQWKVDIWHUWKHLUODVWGRVHRI5%9,IUHTXLUHGE\UHJXODWLRQV
DGGLWLRQDOSUHJQDQF\WHVWVEH\RQG PRQWKVPD\EHDGGHG7KHVXEMHFWZLOOEHFRQWDFWHGHYHU\
 ZHHNVDQGDVNHGWRUHSRUWUHVXOWVRIWKHXULQHSUHJQDQF\WHVWV,IDSRVLWLYHXULQHSUHJQDQF\WHVW
LVUHSRUWHGWKHVXEMHFWZLOOEHDVNHGWRUHWXUQWRWKHFOLQLFIRUDFRQILUPDWRU\VHUXPSUHJQDQF\
WHVW

+HDOWK5HODWHG4XDOLW\RI/LIH6XUYH\V
+HDOWK5HODWHG4XDOLW\RI/LIHVXUYH\V+54R/LQFOXGHGLQWKLVVWXG\DUH6)&KURQLF/LYHU
'LVHDVH4XHVWLRQQDLUH&/'4+&9)DWLJXH,QGH[)$&,7):RUN3URGXFWLYLW\DQG$FWLYLW\
,PSDLUPHQW4XHVWLRQQDLUH+HSDWLWLV&Y:3$,+HSDWLWLV&ZKLFKZLOOEHFRPSOHWHGE\
VXEMHFWV DW%DVHOLQH'D\RQWUHDWPHQW:HHNVDQG IRUDOOVWXG\JURXSVDQG:HHNIRU
VWXG\JURXS(DUO\7HUPLQDWLRQLIDSSOLFDEOHDQGSRVWWUHDWPHQW:HHNVDQG
7KHVXEMHFWVKRXOGUHDGWKH TXHVWLRQQDLUHE\KLPVHOIKHUVHOIDQGUHFRUGWKHDQVZHUVE\
KLPVHOIKHUVHOI

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

$'9(56((9(176$1'72;,&,7<0$1$*(0(17

'HILQLWLRQVRI$GYHUVH(YHQWV$GYHUVH5HDFWLRQVDQG6HULRXV$GYHUVH
(YHQWV

$GYHUVH(YHQWV
$QDGYHUVHHYHQW$(LVDQ\XQWRZDUGPHGLFDORFFXUUHQFHLQDFOLQLFDOVWXG\VXEMHFW
DGPLQLVWHUHGDPHGLFLQDOSURGXFW ZKLFKGRHVQRWQHFHVVDULO\KDYHDFDXVDOUHODWLRQVKLSZLWKWKH
WUHDWPHQW$Q$(FDQWKHUHIRUHEHDQ\XQIDYRUDEOHDQGRU XQLQWHQGHGVLJQV\PSWRPRUGLVHDVH
WHPSRUDOO\DVVRFLDWHGZLWKWKHXVHRIDPHGLFLQDOSURGXFWZKHWKHURUQRWFRQVLGHUHGUHODWHGWR
WKHPHGLFLQDOSURGXFW $(VPD\DOVRLQFOXGHSUH RUSRVWWUHDWPHQW FRPSOLFDWLRQVWKDWRFFXUDVD
UHVXOWRISURWRFROVSHFLILHGSURFHGXUHVRYHUGRVHGUXJDEXVHPLVXVHUHSRUWVRURFFXSDWLRQDO
H[SRVXUH3UHH[LVWLQJHYHQWVWKDWLQFUHDVHLQVHYHULW\RUFKDQJHLQQDWXUHGXULQJRUDVD
FRQVHTXHQFHRISDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\ZLOODOVREHFRQVLGHUHG$(V
$Q$(GRHVQRWLQFOXGHWKHIROORZLQJ

0HGLFDORUVXUJLFDOSURFHGXUHVVXFKDV VXUJHU\HQGRVFRS\WRRWKH[WUDFWLRQ DQG WUDQVIXVLRQ
7KHFRQGLWLRQWKDWOHGWRWKHSURFHGXUHPD\EHDQDGYHUVHHYHQW DQGPXVWEHUHSRUWHG

3UHH[LVWLQJGLVHDVHV FRQGLWLRQV RUODERUDWRU\DEQRUPDOLWLHVSUHVHQWRUGHWHFWHGEHIRUHWKH
VFUHHQLQJYLVLWWKDWGRQRWZRUVHQ

6LWXDWLRQVZKHUHDQXQWRZDUGPHGLFDORFFXUUHQFHKDVQRWRFFXUUHGHJKRVSLWDOL]DWLRQIRU
HOHFWLYHVXUJHU\VRFLDODQGRUFRQYHQLHQFHDGPLVVLRQV

2YHUGRVHZLWKRXWFOLQLFDOVHTXHODHVHH6HFWLRQ 

$Q\PHGLFDOFRQGLWLRQRUFOLQLFDOO\VLJQLILFDQWODERUDWRU\DEQRUPDOLW\ZLWKDQRQVHWGDWH
EHIRUHWKHFRQVHQWIRUPLVVLJQHGDQGQRWUHODWHGWRDSURWRFRODVVRFLDWHGSURFHGXUHLVQRWDQ
$(,WLVFRQVLGHUHGWREHSUHH[LVWLQJDQGVKRXOGEHGRFXPHQWHGRQWKHPHGLFDOKLVWRU\
H&5)

6HULRXV$GYHUVH(YHQWV
$VHULRXVDGYHUVHHYHQW6$(LVGHILQHGDVDQHYHQWWKDWDWDQ\GRVHUHVXOWVLQWKHIROORZLQJ

'HDWK

/LIHWKUHDWHQLQJ1RWH7KHWHUP³OLIHWKUHDWHQLQJ´LQWKHGHILQLWLRQRI³VHULRXV´UHIHUVWRDQ
HYHQWLQZKLFKWKHVXEMHFWZDVDWULVNRIGHDWKDWWKHWLPHRIWKHHYHQWLWGRHVQRWUHIHUWRDQ
HYHQWWKDWK\SRWKHWLFDOO\PLJKWKDYHFDXVHGGHDWKLILWZHUHPRUHVHYHUH

,QSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

3HUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\

$FRQJHQLWDODQRPDO\ELUWKGHIHFW

$PHGLFDOO\LPSRUWDQWHYHQWRUUHDFWLRQVXFKHYHQWVPD\QRWEHLPPHGLDWHO\
OLIHWKUHDWHQLQJRUUHVXOWLQGHDWKRUKRVSLWDOL]DWLRQEXWPD\MHRSDUGL]HWKHVXEMHFWRUPD\
UHTXLUHLQWHUYHQWLRQWRSUHYHQWRQHRIWKHRWKHURXWFRPHVFRQVWLWXWLQJ6$(V0HGLFDODQG
VFLHQWLILFMXGJPHQWPXVWEHH[HUFLVHGWRGHWHUPLQHZKHWKHUVXFKDQHYHQWLVDUHSRUWDEOH
XQGHUH[SHGLWHGUHSRUWLQJUXOHV([DPSOHVRIPHGLFDOO\LPSRUWDQWHYHQWVLQFOXGHLQWHQVLYH
WUHDWPHQWLQDQHPHUJHQF\URRPRUDWKRPHIRUDOOHUJLFEURQFKRVSDVPEORRGG\VFUDVLDVRU
FRQYXOVLRQVWKDWGRQRWUHVXOWLQKRVSLWDOL]DWLRQDQGGHYHORSPHQWRIGUXJGHSHQGHQF\RU
GUXJDEXVH)RUWKHDYRLGDQFHRIGRXEWLQIHFWLRQVUHVXOWLQJIURPFRQWDPLQDWHGPHGLFLQDO
SURGXFWZLOOEHFRQVLGHUHGDPHGLFDOO\LPSRUWDQWHYHQWDQGVXEMHFWWRH[SHGLWHGUHSRUWLQJ
UHTXLUHPHQWV

&OLQLFDO/DERUDWRU\$EQRUPDOLWLHVDQG2WKHU$EQRUPDO$VVHVVPHQWVDV
$GYHUVH(YHQWVRU6HULRXV$GYHUVH(YHQWV
/DERUDWRU\DEQRUPDOLWLHVZLWKRXWFOLQLFDOVLJQLILFDQFHDUHQRWUHFRUGHGDV$(VRU6$(V
+RZHYHUODERUDWRU\DEQRUPDOLWLHVHJFOLQLFDOFKHPLVWU\KHPDWRORJ\DQGXULQDO\VLVWKDW
UHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQRUOHDGWRVWXG\GUXJ LQWHUUXSWLRQPRGLILFDWLRQRU
GLVFRQWLQXDWLRQPXVWEHUHFRUGHGDVDQ$(DVZHOODVDQ6$(LIDSSOLFDEOH,QDGGLWLRQ
ODERUDWRU\RURWKHUDEQRUPDODVVHVVPHQWVHJ HOHFWURFDUGLRJUDP[UD\VYLWDOVLJQVWKDWDUH
DVVRFLDWHGZLWKVLJQVDQGRUV\PSWRPVPXVWEHUHFRUGHGDVDQ$(RU6$(LIWKH\PHHWWKH
GHILQLWLRQRIDQ$(RU6$(DVGHVFULEHGLQ6HFWLRQV  DQG  ,IWKHODERUDWRU\
DEQRUPDOLW\LVSDUWRIDV\QGURPHUHFRUGWKHV\QGURPHRUGLDJQRVLVHJDQHPLDQRWWKH
ODERUDWRU\UHVXOWLHGHFUHDVHGKHPRJORELQ

$VVHVVPHQWRI$GYHUVH(YHQWV DQG6HULRXV$GYHUVH(YHQWV
7KHLQYHVWLJDWRURUTXDOLILHGVXELQYHVWLJDWRULVUHVSRQVLEOHIRUDVVHVVLQJ$(VDQG6$(VIRU
FDXVDOLW\DQGVHYHULW\DQGIRUILQDOUHYLHZDQGFRQILUPDWLRQRIDFFXUDF\RIHYHQWLQIRUPDWLRQ
DQGDVVHVVPHQWV

$VVHVVPHQWRI&DXVDOLW\IRU6WXG\'UXJVDQG3URFHGXUHV
7KHLQYHVWLJDWRURUTXDOLILHGVXELQYHVWLJDWRULVUHVSRQVLEOHIRUDVVHVVLQJWKHUHODWLRQVKLSWRVWXG\
GUXJV XVLQJFOLQLFDOMXGJPHQWDQGWKHIROORZLQJFRQVLGHUDWLRQV

1R(YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\ RWKHUWKDQWKHVWXG\GUXJV)RU
6$(VDQDOWHUQDWLYHFDXVDOLW\PXVWEHSURYLGHGHJSUHH[LVWLQJFRQGLWLRQXQGHUO\LQJ
GLVHDVHLQWHUFXUUHQWLOOQHVVRUFRQFRPLWDQWPHGLFDWLRQ

<HV 7KHUHLVUHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYHEHHQFDXVHGE\WKH
LQYHVWLJDWLRQDOPHGLFLQDOSURGXFW

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
,WVKRXOGEHHPSKDVL]HGWKDWLQHIIHFWLYHWUHDWPHQWVKRXOGQRWEHFRQVLGHUHGDVFDXVDOO\UHODWHGLQ
WKHFRQWH[WRIDGYHUVHHYHQWUHSRUWLQJ
7KHUHODWLRQVKLSWRVWXG\SURFHGXUHVHJLQYDVLYHSURFHGXUHVVXFKDVYHQLSXQFWXUHRUELRSV\
VKRXOGEHDVVHVVHGXVLQJWKHIROORZLQJFRQVLGHUDWLRQV

1R(YLGHQFHH[LVWVWKDWWKHDGYHUVHHYHQWKDVDQHWLRORJ\RWKHUWKDQWKHVWXG\SURFHGXUH

<HV 7KHDGYHUVHHYHQWRFFXUUHGDVDUHVXOWRISURWRFROSURFHGXUHV HJ YHQLSXQFWXUH

$VVHVVPHQWRI6HYHULW\
6HYHULW\VKRXOGEHUHFRUGHGDQGJUDGHGDFFRUGLQJWRWKH*6,*UDGLQJ6FDOHIRU6HYHULW\RI$(V
DQG/DERUDWRU\$EQRUPDOLWLHV$SSHQGL[)RU$(VDVVRFLDWHGZLWKODERUDWRU\DEQRUPDOLWLHV
WKHHYHQWVKRXOGEHJUDGHGRQWKHEDVLVRIWKHFOLQLFDOVHYHULW\LQWKHFRQWH[WRIWKHXQGHUO\LQJ
FRQGLWLRQVWKLVPD\RUPD\QRWEHLQDJUHHPHQWZLWKWKHJUDGLQJRIWKHODERUDWRU\DEQRUPDOLW\

,QYHVWLJDWRU5HTXLUHPHQWVDQG,QVWUXFWLRQVIRU5HSRUWLQJ$GYHUVH(YHQWV
DQG6HULRXV$GYHUVH(YHQWVWR*LOHDG
5HTXLUHPHQWVIRUFROOHFWLRQSULRUWRVWXG\GUXJLQLWLDWLRQ
$IWHULQIRUPHGFRQVHQWEXWSULRUWRLQLWLDWLRQRIVWXG\PHGLFDWLRQWKHIROORZLQJW\SHVRIHYHQWV
VKRXOGEHUHSRUWHGRQWKHH&5)DOO6$(VDQGDGYHUVHHYHQWVUHODWHGWRSURWRFROPDQGDWHG
SURFHGXUHV
$GYHUVH(YHQWV
)ROORZLQJLQLWLDWLRQRIVWXG\GUXJVXQWLOGD\VDIWHUWKHODVWDGPLQLVWUDWLRQRIVWXG\GUXJV
DOO$(VUHJDUGOHVVRIFDXVHRUUHODWLRQVKLSPXVWEHFROOHFWHGDQGUHSRUWHGWRWKHH&5)GDWDEDVH
DVLQVWUXFWHG
$OO$(VVKRXOGEHIROORZHGXSXQWLOUHVROXWLRQRUXQWLOWKHDGYHUVHHYHQWLVVWDEOHLISRVVLEOH
*LOHDG6FLHQFHVPD\UHTXHVWWKDWFHUWDLQ$(VEHIROORZHGEH\RQGWKHSURWRFROGHILQHG IROORZXS
SHULRG
6HULRXV$GYHUVH(YHQWV
$OO6$(VUHJDUGOHVVRIFDXVHRUUHODWLRQVKLSWKDWRFFXUV DIWHUWKHVXEMHFWILUVWFRQVHQWVWR
SDUWLFLSDWHLQWKHVWXG\LHVLJQLQJWKHLQIRUPHGFRQVHQWDQGWKURXJKRXWWKHGXUDWLRQRIWKH
VWXG\LQFOXGLQJWKHSURWRFROUHTXLUHGSRVWWUHDWPHQW IROORZXSSHULRGPXVWEHUHSRUWHGWRWKH
H&5)GDWDEDVHDQG*LOHDG'UXJ6DIHW\DQG3XEOLF+HDOWK'63+DVLQVWUXFWHG7KLVDOVR
LQFOXGHVDQ\6$(VUHVXOWLQJIURPSURWRFRODVVRFLDWHGSURFHGXUHVSHUIRUPHGDIWHULQIRUPHG
FRQVHQWLVVLJQHG

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
,QYHVWLJDWRUVDUHQRWREOLJDWHGWRDFWLYHO\VHHN6$(VDIWHUWKHSURWRFROGHILQHGIROORZXSSHULRG
KRZHYHULIWKHLQYHVWLJDWRUOHDUQVRIDQ\6$(VWKDWRFFXUDIWHUVWXG\SDUWLFLSDWLRQKDVFRQFOXGHG
DQGWKHHYHQWLVGHHPHGUHOHYDQWWRWKHXVHRIVWXG\GUXJVKHVKHVKRXOGSURPSWO\GRFXPHQW
DQGUHSRUWWKHHYHQWWR*LOHDG'63+

$OO$(VDQG6$(VZLOOEHUHFRUGHGLQWKHH&5)GDWDEDVHZLWKLQWKHWLPHOLQHVRXWOLQHGLQWKH
H&5)FRPSOHWLRQJXLGHOLQH
(OHFWURQLF6HULRXV$GYHUVH(YHQWH6$(5HSRUWLQJ3URFHVV

6LWHSHUVRQQHOUHFRUGDOO6$(GDWDLQWKHH&5)GDWDEDVHDQGIURPWKHUHWUDQVPLWWKH6$(
LQIRUPDWLRQWR*LOHDG'63+ZLWKLQKRXUVRIWKHLQYHVWLJDWRU¶VNQRZOHGJHRIWKHHYHQW
'HWDLOHGLQVWUXFWLRQVFDQEHIRXQGLQWKHH&5)FRPSOHWLRQJXLGHOLQHV

,IIRUDQ\UHDVRQLWLVQRWSRVVLEOHWRUHFRUGWKH6$(LQIRUPDWLRQHOHFWURQLFDOO\LH WKHH&5)
GDWDEDVHLVQRWIXQFWLRQLQJUHFRUGWKH6$(RQWKHSDSHUVHULRXVDGYHUVHHYHQWUHSRUWLQJ
IRUPDQGVXEPLWZLWKLQKRXUVWR
*LOHDG'63+
)D[

)D[ (XURSH 
(PDLO
6DIHW\BIF#JLOHDGFRP

$VVRRQDVLWLVSRVVLEOHWRGRVRDQ\6$(UHSRUWHGYLDSDSHUPXVWEHWUDQVFULEHGLQWRWKH
H&5)'DWDEDVHDFFRUGLQJWRLQVWUXFWLRQVLQWKHH&5)FRPSOHWLRQJXLGHOLQHV

,IDQ6$(KDVEHHQUHSRUWHGYLDDSDSHUIRUPEHFDXVHWKHH&5)GDWDEDVHKDVEHHQORFNHGQR
IXUWKHUDFWLRQLVQHFHVVDU\

)RUIDWDORUOLIHWKUHDWHQLQJHYHQWVFRSLHVRIKRVSLWDOFDVHUHSRUWVDXWRSV\UHSRUWVDQGRWKHU
GRFXPHQWVDUHDOVRWREHVXEPLWWHGE\HPDLORUID[ZKHQUHTXHVWHGDQGDSSOLFDEOH
7UDQVPLVVLRQRIVXFKGRFXPHQWVVKRXOGRFFXUZLWKRXWSHUVRQDOVXEMHFWLGHQWLILFDWLRQ
PDLQWDLQLQJWKHWUDFHDELOLW\RIDGRFXPHQWWRWKHVXEMHFWLGHQWLILHUV

$GGLWLRQDOLQIRUPDWLRQPD\EHUHTXHVWHGWRHQVXUHWKHWLPHO\FRPSOHWLRQRIDFFXUDWHVDIHW\
UHSRUWV

$Q\PHGLFDWLRQVQHFHVVDU\IRUWUHDWPHQWRIWKH6$(PXVWEHUHFRUGHGRQWRWKHFRQFRPLWDQW
PHGLFDWLRQVHFWLRQRIWKHVXEMHFW¶VH&5)DQGWKHHYHQWGHVFULSWLRQVHFWLRQRIWKH6$(IRUP

*LOHDG5HSRUWLQJ5HTXLUHPHQWV
'HSHQGLQJRQUHOHYDQWORFDOOHJLVODWLRQRUUHJXODWLRQVLQFOXGLQJWKHDSSOLFDEOH86)'$&RGHRI
)HGHUDO5HJXODWLRQVWKH(XURSHDQ8QLRQ(8 &OLQLFDO7ULDOV'LUHFWLYH(&DQG
UHOHYDQWXSGDWHVDQGRWKHUFRXQWU\VSHFLILFOHJLVODWLRQRUUHJXODWLRQV*LOHDGPD\EHUHTXLUHGWR
H[SHGLWHWRZRUOGZLGHUHJXODWRU\DJHQFLHVUHSRUWVRI6$(VVHULRXVDGYHUVHGUXJUHDFWLRQV
6$'5VRUVXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQV686$5V,QDFFRUGDQFHZLWKWKH

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
(8&OLQLFDO7ULDOV'LUHFWLYH(&*LOHDGRUDVSHFLILHGGHVLJQHHZLOOQRWLI\ZRUOGZLGH
UHJXODWRU\DJHQFLHVDQGWKHUHOHYDQW,(&LQFRQFHUQHG0HPEHU6WDWHVRIDSSOLFDEOH686$5V DV
RXWOLQHGLQFXUUHQWUHJXODWLRQV
$VVHVVPHQWRIH[SHFWHGQHVVIRU6$(VZLOOEHGHWHUPLQHGE\*LOHDGXVLQJUHIHUHQFHVDIHW\
LQIRUPDWLRQVSHFLILHGLQWKHLQYHVWLJDWRU¶VEURFKXUHRUUHOHYDQWORFDOODEHODVDSSOLFDEOH
$OOLQYHVWLJDWRUVZLOOUHFHLYHDVDIHW\OHWWHUQRWLI\LQJWKHPRIUHOHYDQW686$5UHSRUWV DVVRFLDWHG
ZLWKDQ\VWXG\GUXJ7KHLQYHVWLJDWRUVKRXOGQRWLI\WKH,5%RU,(&RI686$5UHSRUWVDVVRRQDV
LVSUDFWLFDOZKHUHWKLVLVUHTXLUHGE\ORFDOUHJXODWRU\DJHQFLHV DQGLQDFFRUGDQFHZLWKWKHORFDO
LQVWLWXWLRQDOSROLF\

7R[LFLW\0DQDJHPHQW

5LEDYLULQ'RVH$GMXVWPHQWV± $SSOLFDEOHWR6WXG\*URXSV	
,QWKHHYHQWDIHPDOHSDUWQHURIDPDOHVXEMHFWEHFRPHVSUHJQDQWWKHPDOHVXEMHFWPXVW
SHUPDQHQWO\GLVFRQWLQXH5%9
'RVHUHGXFWLRQRUGLVFRQWLQXDWLRQRI5%9GXHWRKHPRJORELQWR[LFLW\RUUHODWHGV\PSWRPVLV
DOORZHGDWWKHGLVFUHWLRQRIWKH,QYHVWLJDWRURWKHUZLVHWKH0HGLFDO0RQLWRUPXVWEHFRQVXOWHG
SULRUWRDQ\GRVHUHGXFWLRQRUGLVFRQWLQXDWLRQRI5%9XQOHVVWKH,QYHVWLJDWRUEHOLHYHVWKDW
LPPHGLDWHDFWLRQLVZDUUDQWHGWRHQVXUHWKHFRQWLQXHGVDIHW\RIWKHVXEMHFW
$OOGRVHUHGXFWLRQVIRU5%9VKRXOGEHSHUIRUPHGDFFRUGLQJWRWKHSURGXFWODEHO,QIRUPDWLRQLV
SURYLGHGLQ7DEOH 
5%9PD\EHSHUPDQHQWO\GLVFRQWLQXHGGXHWRODERUDWRU\DEQRUPDOLW\RUFOLQLFDOPDQLIHVWDWLRQ
ZLWKRXWVWRSSLQJ/'962) )'&
7DEOH 
5%9'RVH5HGXFWLRQ*XLGHOLQHV
/DERUDWRU\9DOXHV
5HGXFH5%9'RVHWR PJGD\D LI
'LVFRQWLQXH5%9LI
+HPRJORELQLQVXEMHFWVZLWKQR
FDUGLDFGLVHDVH
JG/
JG/
+HPRJORELQLQVXEMHFWVZLWK
KLVWRU\RIVWDEOHFDUGLDFGLVHDVH
JG/GHFUHDVHLQKHPRJORELQGXULQJ
DQ\ZHHNSHULRGWUHDWPHQW
JG/GHVSLWHZHHNVDW
UHGXFHGGRVH
D
5HFRPPHQGHGWDEOHWLQ$0WDEOHWVLQ30
2QFH5%9KDVEHHQZLWKKHOGGXHWRHLWKHUDODERUDWRU\DEQRUPDOLW\RUFOLQLFDOPDQLIHVWDWLRQDQ
DWWHPSWPD\EHPDGHWRUHVWDUW5%9DW PJGDLO\DQGIXUWKHULQFUHDVHWKHGRVHWR PJ
GDLO\+RZHYHULWLVQRWUHFRPPHQGHGWKDW5%9EHLQFUHDVHGWRWKHRULJLQDODVVLJQHGGRVH

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

6XEMHFW6WRSSLQJ5XOHV
7KH*LOHDG0HGLFDO0RQLWRUPXVWEHFRQVXOWHGSULRUWRGRVHGLVFRQWLQXDWLRQRI/'962))'&
XQOHVVWKHLQYHVWLJDWRUEHOLHYHVWKDWLPPHGLDWHDFWLRQLVZDUUDQWHGWRHQVXUHWKHFRQWLQXHGVDIHW\
RIWKHVXEMHFW
'XHWRDFOLQLFDORUODERUDWRU\HYHQWDGPLQLVWUDWLRQRIDOOVWXG\GUXJVPD\EHGLVFRQWLQXHG
7KHUHLVQRRSWLRQIRU/'962))'&GRVHUHGXFWLRQ,I/'962))'&LVVWRSSHGGXHWR
WR[LFLW\LWPXVWQRWEHUHVWDUWHGLI/'962))'&LVGLVFRQWLQXHG5%9PXVWDOVREH
GLVFRQWLQXHGDQGWKHVXEMHFWPXVWFRPSOHWHDQ(DUO\7HUPLQDWLRQYLVLW7KHSRVWWUHDWPHQW
:HHN DQG:HHNYLVLWVPXVWDOVREHFRPSOHWHG6XEMHFWVZLWK+&951$//24DWWKH
SRVWWUHDWPHQW:HHNYLVLWZLOOFRPSOHWHWKHSRVWWUHDWPHQW:HHNYLVLWXQOHVVYLUDOUHODSVHLV
GHWHUPLQHG
6XEMHFWVUHFHLYLQJ5%9VWXG\*URXSV	WKDWUHTXLUHGLVFRQWLQXDWLRQRIRQO\5%9VKRXOG
FRQWLQXHZLWK/'962))'&IRUWKHUHPDLQGHURIWKHWUHDWPHQWSHULRGDQGFRPSOHWHDOO
VFKHGXOHGVWXG\YLVLWVDVSODQQHG
6XEMHFWVZKRPHHWDQ\RIWKHIROORZLQJODERUDWRU\FULWHULDPXVWVWRSDOOVWXG\GUXJV

(OHYDWLRQRI$/7DQGRU$67! [%DVHOLQH'D\RUQDGLUFRQILUPHGE\LPPHGLDWHUHSHDW
WHVWLQJ

$EQRUPDOHOHYDWLRQRI$/7![%DVHOLQH'D\DQGWRWDOELOLUXELQ! [8/1FRQILUPHG
E\LPPHGLDWHUHSHDWWHVWLQJ

(OHYDWLRQRI$/7![8/1FRQILUPHGE\LPPHGLDWHUHSHDWWHVWLQJ

$Q\*UDGH RUJUHDWHUUDVKDVVRFLDWHGZLWKFRQVWLWXWLRQDOV\PSWRPV

$Q\*UDGH DGYHUVHHYHQWRUODERUDWRU\DEQRUPDOLW\DVVHVVHGDQGFRQILUPHGE\LPPHGLDWH
UHSHDWWHVWLQJDVUHODWHGWR/'962) )'&

6SHFLDO6LWXDWLRQV5HSRUWV

'HILQLWLRQVRI6SHFLDO 6LWXDWLRQV
6SHFLDOVLWXDWLRQUHSRUWVLQFOXGHDOOUHSRUWVRIPHGLFDWLRQHUURUDEXVHPLVXVHRYHUGRVHUHSRUWV
RIDGYHUVHHYHQWVDVVRFLDWHGZLWKSURGXFWFRPSODLQWV DQGSUHJQDQF\UHSRUWVUHJDUGOHVVRIDQ
DVVRFLDWHG$(
0HGLFDWLRQHUURULVDQ\XQLQWHQWLRQDOHUURULQWKHSUHVFULELQJGLVSHQVLQJRUDGPLQLVWUDWLRQRID
PHGLFLQDOSURGXFWZKLOHLQWKHFRQWURORIWKHKHDOWKFDUHSURYLGHUVXEMHFWRUFRQVXPHU
$EXVHLVGHILQHGDVSHUVLVWHQWRUVSRUDGLFLQWHQWLRQDOH[FHVVLYHXVHRIDPHGLFLQDOSURGXFWE\D
VXEMHFW

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
0LVXVHLVGHILQHGDVDQ\LQWHQWLRQDODQG LQDSSURSULDWHXVHRIDPHGLFLQDOSURGXFWWKDWLVQRWLQ
DFFRUGDQFHZLWKWKHSURWRFROLQVWUXFWLRQVRUWKHORFDOSUHVFULELQJLQIRUPDWLRQ
$QRYHUGRVHLVGHILQHGDV DQDFFLGHQWDORULQWHQWLRQDODGPLQLVWUDWLRQRIDTXDQWLW\RIDPHGLFLQDO
SURGXFWJLYHQSHUDGPLQLVWUDWLRQRUFXPXODWLYHO\ZKLFKLVDERYHWKHPD[LPXPUHFRPPHQGHG
GRVHDVSHUSURWRFRORULQWKHSURGXFWODEHOOLQJDVLWDSSOLHVWRWKHGDLO\GRVHRIWKHVXEMHFWLQ
TXHVWLRQ ,QFDVHVRIDGLVFUHSDQF\LQGUXJDFFRXQWDELOLW\RYHUGRVHZLOOEHHVWDEOLVKHGRQO\
ZKHQLWLVFOHDUWKDWWKHVXEMHFWKDVWDNHQWKHH[FHVVGRVHV2YHUGRVHFDQQRWEHHVWDEOLVKHG
ZKHQWKHVXEMHFWFDQQRWDFFRXQWIRUWKHGLVFUHSDQF\H[FHSWLQFDVHVLQZKLFKWKHLQYHVWLJDWRUKDV
UHDVRQWRVXVSHFWWKDWWKHVXEMHFWKDVWDNHQWKHDGGLWLRQDOGRVHV
3URGXFWFRPSODLQWLVGHILQHGDVFRPSODLQWV DULVLQJIURPSRWHQWLDOGHYLDWLRQVLQWKHPDQXIDFWXUH
SDFNDJLQJRUGLVWULEXWLRQRIWKHPHGLFLQDOSURGXFW

,QVWUXFWLRQVIRU5HSRUWLQJ6SHFLDO6LWXDWLRQV

,QVWUXFWLRQVIRU5HSRUWLQJ3UHJQDQFLHV
7KHLQYHVWLJDWRUVKRXOGUHSRUWSUHJQDQFLHVLQIHPDOHVWXG\VXEMHFWVWKDWDUHLGHQWLILHGDIWHU
LQLWLDWLRQ RIVWXG\GUXJV DQGWKURXJKRXWWKHVWXG\LQFOXGLQJWKHSRVWVWXG\ GUXJIROORZXS
SHULRGWR*LOHDG'63+XVLQJ WKHSUHJQDQF\UHSRUWIRUPZLWKLQKRXUVRIEHFRPLQJDZDUHRI
WKHSUHJQDQF\
5HIHUWR6HFWLRQ DQGWKHH&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RISUHJQDQF\UHSRUWLQJ
7KHSUHJQDQF\LWVHOILVQRWFRQVLGHUHGDQ$(QRULVDQLQGXFHGHOHFWLYHDERUWLRQWRWHUPLQDWHD
SUHJQDQF\ZLWKRXWPHGLFDOUHDVRQV
$Q\SUHPDWXUHWHUPLQDWLRQRISUHJQDQF\HJDVSRQWDQHRXVDERUWLRQDQLQGXFHGWKHUDSHXWLF
DERUWLRQGXHWRFRPSOLFDWLRQVRURWKHUPHGLFDOUHDVRQVPXVWEHUHSRUWHGZLWKLQKRXUVDV DQ
6$(7KHXQGHUO\LQJPHGLFDOUHDVRQIRUWKLVSURFHGXUHVKRXOGEHUHFRUGHGDVWKH$(WHUP
$VSRQWDQHRXVDERUWLRQLVDOZD\VFRQVLGHUHGWREHDQ6$(DQGZLOOEHUHSRUWHGDVGHVFULEHGLQ
VHFWLRQV  DQG )XUWKHUPRUHDQ\6$(RFFXUULQJDVDQDGYHUVHSUHJQDQF\RXWFRPHSRVW
VWXG\ PXVWEHUHSRUWHGWR*LOHDG'63+
7KHVXEMHFWVKRXOGUHFHLYHDSSURSULDWHPRQLWRULQJDQGFDUHXQWLOWKHFRQFOXVLRQRIWKH
SUHJQDQF\7KHRXWFRPHVKRXOGEHUHSRUWHGWR*LOHDG'63+XVLQJWKHSUHJQDQF\RXWFRPHUHSRUW
IRUP,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKHVWXG\KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOG
EHUHSRUWHGGLUHFWO\WR*LOHDG'63+*LOHDG'63+FRQWDFWLQIRUPDWLRQLVDVIROORZV(PDLO
6DIHW\B)&#JLOHDGFRPDQG)D[

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
3UHJQDQFLHVRIIHPDOHSDUWQHUVRIPDOHVWXG\VXEMHFWVH[SRVHGWR*LOHDGRURWKHUVWXG\GUXJV
PXVWDOVREHUHSRUWHGDQGUHOHYDQWLQIRUPDWLRQVKRXOGEHVXEPLWWHGWR*LOHDG'63+XVLQJWKH
SUHJQDQF\DQGSUHJQDQF\RXWFRPHIRUPVZLWKLQKRXUV0RQLWRULQJRIWKHVXEMHFWVKRXOG
FRQWLQXHXQWLOWKHFRQFOXVLRQRIWKHSUHJQDQF\,IWKHHQGRIWKHSUHJQDQF\RFFXUVDIWHUWKH
VWXG\ KDVEHHQFRPSOHWHGWKHRXWFRPHVKRXOGEHUHSRUWHGGLUHFWO\WR*LOHDG'63+
ID[ QXPEHU   RUHPDLO6DIHW\B)&#JLOHDGFRP
&OLQLFDOVWDIIVKRXOGDOVRUHSRUWDQ\VWXG\*URXSRUSUHJQDQFLHVWRWKH5LEDYLULQ3UHJQDQF\
5HJLVWU\DWLQDFFRUGDQFHZLWKORFDOUHTXLUHPHQWVVHHDOVR
KWWSZZZULEDYLULQSUHJQDQF\UHJLVWU\FRP
5HIHUWR$SSHQGL[ IRU3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
DQG&RQWUDFHSWLYH5HTXLUHPHQWV

5HSRUWLQJ2WKHU6SHFLDO6LWXDWLRQV
$OORWKHUVSHFLDOVLWXDWLRQUHSRUWVPXVWEHUHSRUWHGRQWKHVSHFLDOVLWXDWLRQVUHSRUWIRUPDQG
IRUZDUGHGWR *LOHDG'63+ZLWKLQKRXUVRIWKHLQYHVWLJDWRUEHFRPLQJDZDUHRIWKHVLWXDWLRQ
7KHVHUHSRUWVPXVWFRQVLVWRIVLWXDWLRQVWKDWLQYROYHVWXG\GUXJ DQGRU*LOHDGFRQFRPLWDQW
PHGLFDWLRQVEXWGRQRWDSSO\WRQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQV
6SHFLDOVLWXDWLRQVLQYROYLQJQRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQVGR QRWQHHGWREHUHSRUWHG RQ
WKHVSHFLDOVLWXDWLRQVUHSRUWIRUPKRZHYHUIRUVSHFLDOVLWXDWLRQVWKDWUHVXOWLQ$(V GXHWRD
QRQ*LOHDGFRQFRPLWDQWPHGLFDWLRQWKH$(VKRXOGEHUHSRUWHGRQWKH$(IRUP
$Q\LQDSSURSULDWHXVHRIFRQFRPLWDQWPHGLFDWLRQVSURKLELWHGE\WKLVSURWRFROVKRXOGQRWEH
UHSRUWHGDV³PLVXVH´EXWPD\EHPRUHDSSURSULDWHO\GRFXPHQWHGDVDSURWRFROGHYLDWLRQ
5HIHUWR6HFWLRQ DQGWKHH&5)FRPSOHWLRQJXLGHOLQHVIRUIXOOLQVWUXFWLRQVRQWKHPHFKDQLVP
RIVSHFLDOVLWXDWLRQVUHSRUWLQJ
$OOFOLQLFDOVHTXHODHLQUHODWLRQWRWKHVHVSHFLDOVLWXDWLRQUHSRUWVZLOOEHUHSRUWHGDV$(VRU6$(V
DWWKHVDPHWLPH XVLQJWKH$(H&5)DQGRUWKH6$(UHSRUWIRUP'HWDLOVRIWKHV\PSWRPVDQG
VLJQVFOLQLFDOPDQDJHPHQWDQGRXWFRPHZLOOEHUHSRUWHGZKHQDYDLODEOH

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

6HFRQGDU\(QGSRLQW
6HFRQGDU\HIILFDF\HQGSRLQWVLQFOXGHWKHSURSRUWLRQRIVXEMHFWVZLWK +&951$//24DW
 DQGZHHNVSRVWWUHDWPHQWYLUDOEUHDNWKURXJKUHODSVHDQGHPHUJLQJUHVLVWDQFH

2WKHU(QGSRLQWVRI,QWHUHVW
$GGLWLRQDOHQGSRLQWVWREHVWXGLHGZLOOLQFOXGHSUHYDOHQFHRISUHH[LVWLQJ16$DQG16$
UHVLVWDQFHDVVRFLDWHGYDULDQWVDWEDVHOLQHDQGFKDQJHLQ16$5$9VIURPDYDLODEOHKLVWRULFDO
UHVLVWDQFHWHVWVWREDVHOLQHDQGWKHHIIHFWRIWKHUDS\RQKHDOWKUHODWHGTXDOLW\RIOLIH

$QDO\VLV&RQYHQWLRQV
$OOLQGLYLGXDOVXEMHFWGDWDZLOOEHOLVWHGDVPHDVXUHG$OOVWDWLVWLFDOVXPPDULHVDQGDQDO\VHVZLOO
EHSHUIRUPHGXVLQJ6$6VRIWZDUH6$6,QVWLWXWH&DU\1RUWK&DUROLQD86$
7KHVWXG\GUXJV LQWKLVVWXG\DUH /'962))'&DQG5%9/DVWGRVHRIVWXG\GUXJUHIHUVWRWKH
ODVWGRVHRI/'962))'&RU5%9DQGZLOOEHXVHG LQWKHGHILQLWLRQRIWUHDWPHQWHPHUJHQW
$(VDQGODERUDWRU\DEQRUPDOLWLHVDVZHOODVWKHHIILFDF\HQGSRLQWVRI695DWYDULRXV
SRVWWUHDWPHQW WLPHSRLQWV

$QDO\VLV6HWV

(IILFDF\
7KHSULPDU\DQDO\VLVVHWIRUHIILFDF\DQDO\VLVLV GHILQHGDVWKH)XOO$QDO\VLV6HW)$6ZKLFK
LQFOXGHVDOOUDQGRPL]HGHQUROOHG VXEMHFWVZKRWRRNDWOHDVWGRVHRIVWXG\GUXJ

6DIHW\
7KHSULPDU\DQDO\VLVVHWIRUVDIHW\DQDO\VHVLQFOXGHVDOOVXEMHFWVZKRWRRNDWOHDVWGRVHRI
VWXG\GUXJ
7UHDWPHQWHPHUJHQWGDWDZLOOEHDQDO\]HGDQGGHILQHGDVGDWDFROOHFWHGIURPWKHILUVWGRVHRI
VWXG\GUXJWKURXJKWKHGDWHRIODVWGRVHRIVWXG\GUXJSOXVGD\V

'DWD+DQGOLQJ&RQYHQWLRQV
0LVVLQJGDWDFDQKDYHDQLPSDFWXSRQWKHLQWHUSUHWDWLRQRIWKHWULDOGDWD2WKHUWKDQWKH
HQGSRLQWVGLVFXVVHGEHORZYDOXHVIRUPLVVLQJGDWDZLOOQRWEHLPSXWHG
)RUDQDO\VHVRIFDWHJRULFDO+&951$GDWDPLVVLQJSRVWWUHDWPHQW+&951$GDWDZLOOKDYHWKH
PLVVLQJGDWDLPSXWHG0LVVLQJRQWUHDWPHQW+&951$ZLOOKDYHWKHPLVVLQJGDWDLPSXWHGXSWR
WKHWLPHRIWKHODVWGRVH

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
,IDGDWDSRLQWLVPLVVLQJDQGLVSUHFHGHGDQGIROORZHGLQWLPHE\YDOXHVWKDWDUH³//24WDUJHW
QRWGHWHFWHG71'´WKHQWKHPLVVLQJGDWDSRLQWZLOOEHVHWWR³//2471'´,IDGDWDSRLQWLV
PLVVLQJDQGSUHFHGHGDQGIROORZHGE\YDOXHVWKDWDUH³//24GHWHFWHG´RUSUHFHGHGE\
³ //24GHWHFWHG´DQGIROORZHGE\³//2471'´RUSUHFHGHGE\³//2471'´DQG
IROORZHGE\³//24GHWHFWHG´WKHQWKHPLVVLQJYDOXHZLOOEHVHWWR³//24GHWHFWHG´,Q
WKHVHVLWXDWLRQVWKHGDWDSRLQWZLOOEHWHUPHGDEUDFNHWHGVXFFHVVRWKHUZLVHWKHGDWDSRLQWZLOO
EHWHUPHGDEUDFNHWHGIDLOXUHLH //24GHWHFWHG,IDGDWDSRLQWLVPLVVLQJDQGLVQRW
EUDFNHWHGWKHPLVVLQJGDWDSRLQWZLOODOVREHWHUPHGDIDLOXUHLH //24GHWHFWHG H[FHSWIRU
695ZKLFKZLOOEHLPSXWHGDFFRUGLQJWR695VWDWXV6XFFHVVIRU695ZKRKDYHQR
IXUWKHU+&951$PHDVXUHPHQWVFROOHFWHGZLOOEHFRXQWHGDVDVXFFHVVIRU695GXHWRWKH
KLJKFRUUHODWLRQEHWZHHQWKHVHHQGSRLQWV
:KHUHDSSURSULDWHVDIHW\GDWDIRUVXEMHFWVWKDWGLGQRWFRPSOHWHWKHVWXG\ZLOOEHLQFOXGHGLQ
VXPPDU\VWDWLVWLFV)RUH[DPSOH

,IDVXEMHFWUHFHLYHGVWXG\GUXJWKHVXEMHFWZLOOEHLQFOXGHGLQDVXPPDU\RI$(VDFFRUGLQJ
WRWKHWUHDWPHQWUHFHLYHGRWKHUZLVHLIWKHVXEMHFWLVQRWGRVHGWKHQWKH\ZLOOEHH[FOXGHG
IURPWKHVXPPDU\

,IVDIHW\ODERUDWRU\UHVXOWVIRUDVXEMHFWDUHPLVVLQJIRUDQ\UHDVRQDWDWLPHSRLQWWKHVXEMHFW
ZLOOEHH[FOXGHGIURPWKHFDOFXODWLRQRIVXPPDU\VWDWLVWLFVIRUWKDWWLPHSRLQW,IWKHVXEMHFW
LVPLVVLQJDSUHGRVHYDOXHWKHQWKHVXEMHFWZLOOEHH[FOXGHGIURPWKHFDOFXODWLRQRI
VXPPDU\VWDWLVWLFVIRUWKHSUHGRVHYDOXHDQGWKHFKDQJHIURPSUHGRVHYDOXHV
9DOXHVIRUPLVVLQJVDIHW\ODERUDWRU\GDWDZLOOQRWEHLPSXWHGKRZHYHUDPLVVLQJ
%DVHOLQH'D\ UHVXOWZLOOEHUHSODFHGZLWKDVFUHHQLQJUHVXOWLIDYDLODEOH,IQRSUHWUHDWPHQW
ODERUDWRU\YDOXHLVDYDLODEOHWKH%DVHOLQH'D\YDOXHZLOOEHDVVXPHGWREHQRUPDOLHQR
JUDGH>*UDGH @IRUWKHVXPPDU\RIJUDGHGODERUDWRU\DEQRUPDOLWLHV
9DOXHVIRUPLVVLQJYLWDOVLJQVGDWDZLOOQRWEHLPSXWHGKRZHYHUDPLVVLQJ%DVHOLQH'D\ UHVXOW
ZLOOEHUHSODFHGZLWKDVFUHHQLQJUHVXOWLIDYDLODEOH
+&951$YDOXHVEHORZWKH//24IRUWKHDVVD\ZLOOEHVHWWRWKHORZHUOLPLWPLQXV IRU
FDOFXODWLRQRIVXPPDU\VWDWLVWLFVIRUWKHDFWXDO+&951$YDOXHVDQGWKHFKDQJHIURP'D\ 
YDOXHVE\VWXG\YLVLW7KHUHSRUWHGYDOXHVZLOOEHSURYLGHGLQWKH+&951$OLVWLQJ
)RUVHOHFWHGDQDO\VHVRIHDUO\WLPHSRLQWGDWD+&951$GDWD,8P/PD\EHWUDQVIRUPHGWR
WKHORJDULWKPLFEDVH VFDOHORJ ,8P/

'HPRJUDSKLF'DWDDQG%DVHOLQH&KDUDFWHULVWLFV
'HPRJUDSKLFDQGEDVHOLQHPHDVXUHPHQWVZLOOEHVXPPDUL]HGXVLQJVWDQGDUGGHVFULSWLYH
PHWKRGV
'HPRJUDSKLFVXPPDULHVZLOOLQFOXGHVH[UDFHHWKQLFLW\UDQGRPL]DWLRQVWUDWLILFDWLRQJURXSDQG
DJH

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
%DVHOLQHFKDUDFWHULVWLFGDWDZLOOLQFOXGHERG\PDVVLQGH[+&951$OHYHO ORJ ,8P/
JHQRW\SH+&9LQIHFWLRQ,/%JHQRW\SHDQGDGGLWLRQDOHQGSRLQWVDVQHFHVVDU\

(IILFDF\$QDO\VLV
7KHHIILFDF\DQDO\VHVZLOOEHSHUIRUPHGVHSDUDWHO\IRUFRKRUWDQG

3ULPDU\$QDO\VLV
7KHSULPDU\HIILFDF\HQGSRLQWLV695+&951$//24ZHHNVDIWHUFHVVDWLRQ
RI WUHDWPHQWLQWKH)$6SRSXODWLRQ7KHSULPDU\DQDO\VLVZLOOEHSHUIRUPHGDIWHUDOO
UDQGRPL]HGHQUROOHG VXEMHFWVKDYHEHHQ IROORZHGWKURXJKZHHNVSRVWWUHDWPHQWRU
GLVFRQWLQXHGIURPVWXG\
,Q&RKRUWDQRQLQIHULRULW\WHVWRI695UDWHVZLOOEHSHUIRUPHGFRPSDULQJ*URXSDQG$
QRQLQIHULRULW\PDUJLQRIZLOOEHDSSOLHG1RQLQIHULRULW\ZLOOEHHVWDEOLVKHGLIWKHORZHU
ERXQGRIWKHVLGHGFRQILGHQFHLQWHUYDO&,RIWKHGLIIHUHQFHLQ695*URXS± *URXS
LVJUHDWHUWKDQ7KH&,ZLOOEHFRQVWUXFWHGXVLQJVWUDWXPDGMXVWHG0DQWHO+DHQV]HO
0+SURSRUWLRQVVWUDWLILHGE\WKHUDQGRPL]DWLRQVWUDWLILFDWLRQIDFWRUVLHJHQRW\SHRUSULRU
62)WKHUDS\LQFRPELQDWLRQZLWK609RUZLWKRXW609
$VLPLODUQRQLQIHULRULW\WHVWVRI695UDWHVZLOOEHSHUIRUPHGFRPSDULQJ*URXSDQGLQ
&RKRUW
7KH1,PDUJLQRILVFKRVHQSULPDULO\EDVHGRQFOLQLFDOMXGJPHQW7KHVWDWLVWLFDO
MXVWLILFDWLRQRID1,PDUJLQLVEDVHGRQDWZRVWHSSURFHVVLQZKLFKZHHVWLPDWHWKHWUHDWPHQW
EHQHILWRIWKHFRQWUROUHJLPHQV /'962)5%9IRU ZHHNV IRUFRKRUW/'962)IRU
ZHHNVIRUFRKRUWDQGWKHKLVWRULFDOFRQWURO0DQGZHGHILQHDPDUJLQZKLFKSUHVHUYH
VRPHIUDFWLRQRIWKHWUHDWPHQWEHQHILWFKDUDFWHUL]HGLQ6WHSDERYH0
7KH0DQG0LQWKHFXUUHQWVWXG\GHVLJQDVIROORZV

0 WKHVPDOOHVWWUHDWPHQWEHQHILWRIWKHFRQWUROUHJLPHQV RYHUWKHKLVWRULFDOFRQWURO

0 RI0
%DVHGRQWKH3KDVH(/(&7521 *686DQG6<1(5*< GDWDWKH695UDWHV
IRU/'962) 5%9IRUZHHNVDUHVXPPDUL]HGEHORZ

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

6DIHW\$QDO\VLV
6DIHW\ZLOOEHHYDOXDWHGE\DVVHVVPHQWRIFOLQLFDOODERUDWRU\WHVWVSK\VLFDOH[DPLQDWLRQVYLWDO
VLJQVPHDVXUHPHQWVDWYDULRXVWLPHSRLQWVGXULQJWKHVWXG\DQGE\WKHGRFXPHQWDWLRQRI$(V
$OOVDIHW\GDWDFROOHFWHGRQRUDIWHUWKHILUVWGRVHRIVWXG\GUXJDGPLQLVWUDWLRQXSWRGD\VDIWHU
WKHODVWGRVHRIVWXG\GUXJZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXSDFFRUGLQJWRWKHVWXG\GUXJ
UHFHLYHG

([WHQWRI([SRVXUH
$VXEMHFW¶VH[WHQWRIH[SRVXUHWRVWXG\GUXJGDWDZLOOEHJHQHUDWHGIURPWKHVWXG\GUXJ
DGPLQLVWUDWLRQGDWD ([SRVXUHGDWDZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS

$GYHUVH(YHQWV
&OLQLFDODQGODERUDWRU\DGYHUVHHYHQWVZLOOEHFRGHGXVLQJWKH0HGLFDO'LFWLRQDU\IRU
5HJXODWRU\$FWLYLWLHV0HG'5$6\VWHP2UJDQ&ODVV62&+LJK/HYHO*URXS7HUP
+/*7+LJK/HYHO7HUP+/73UHIHUUHG7HUP37DQG/RZHU/HYHO7HUP//7ZLOOEH
DWWDFKHGWRWKHFOLQLFDOGDWDEDVH
(YHQWVZLOOEHVXPPDUL]HGRQWKHEDVLVRIWKHGDWHRIRQVHWIRUWKHHYHQW$WUHDWPHQWHPHUJHQW
DGYHUVHHYHQWZLOOEHGHILQHGDVDQ\$(VZLWKDQRQVHWGDWHRQRUDIWHUWKHVWXG\GUXJVWDUWGDWH
DQGQRODWHUWKDQGD\VDIWHUSHUPDQHQWGLVFRQWLQXDWLRQRIVWXG\GUXJRUDQ\$(VOHDGLQJWR
SUHPDWXUHGLVFRQWLQXDWLRQRIVWXG\GUXJ
6XPPDULHVQXPEHUDQGSHUFHQWDJHRIVXEMHFWVRIWUHDWPHQWHPHUJHQWDGYHUVHHYHQWVE\62&
DQG37ZLOOEHSURYLGHGE\WUHDWPHQWJURXS

$OO$(V

$(VRI*UDGHRUDERYH

$(VRI*UDGHRUDERYH

$OOWUHDWPHQWUHODWHG$(V

7UHDWPHQWUHODWHG$(VRI*UDGHRUDERYH

7UHDWPHQWUHODWHG$(VRI*UDGHRUDERYH

$OO6$(V

$OOWUHDWPHQWUHODWHG6$(V

$OO$(VOHDGLQJWRSUHPDWXUHGLVFRQWLQXDWLRQRIDQ\VWXG\GUXJ

$OO$(VOHDGLQJWRSUHPDWXUHGLVFRQWLQXDWLRQRI/'962)
$OO$(VFROOHFWHGGXULQJWKHFRXUVHRIWKHVWXG\ZLOOEHSUHVHQWHGLQGDWDOLVWLQJV

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

/DERUDWRU\(YDOXDWLRQV
6HOHFWHGODERUDWRU\GDWDZLOOEHVXPPDUL]HGQPHDQ6'PHGLDQ44PLQLPXPDQG
PD[LPXPE\WUHDWPHQWJURXSDQGVWXG\YLVLWDORQJZLWKFRUUHVSRQGLQJFKDQJHIURP
%DVHOLQH'D\
*UDGHGODERUDWRU\DEQRUPDOLWLHVZLOOEHGHILQHGXVLQJWKHODERUDWRU\WR[LFLW\JUDGLQJGHILQHGLQ
$SSHQGL[ RIWKLVSURWRFRO7KHLQFLGHQFHRIWUHDWPHQWHPHUJHQWODERUDWRU\DEQRUPDOLWLHV
GHILQHGDVYDOXHVWKDWLQFUHDVHE\DWOHDVWRQHWR[LFLW\JUDGHIURP%DVHOLQH'D\DWDQ\WLPH
SRVW %DVHOLQH'D\XSWRWKHGDWHRIODVWGRVHRIVWXG\GUXJSOXVGD\VZLOOEHVXPPDUL]HGE\
WUHDWPHQWJURXS
9DOXHVIRUPLVVLQJVDIHW\ODERUDWRU\GDWDZLOOQRWEHLPSXWHGKRZHYHUDPLVVLQJ
%DVHOLQH'D\ UHVXOWZLOOEHUHSODFHGZLWKDVFUHHQLQJUHVXOWLIDYDLODEOH,IQRSUHWUHDWPHQW
ODERUDWRU\YDOXHLVDYDLODEOHWKH%DVHOLQH'D\YDOXHZLOOEHDVVXPHGWREHQRUPDOLHQR
JUDGH>*UDGH@IRUWKHVXPPDU\RIJUDGHGODERUDWRU\DEQRUPDOLWLHV
$OOODERUDWRU\DEQRUPDOLWLHVZLOOEHLQFOXGHGLQWKHOLVWLQJVRIODERUDWRU\GDWD

2WKHU6DIHW\(YDOXDWLRQV
,QGLYLGXDOGDWDIRUOHDG(&*YLWDOVLJQVPHDVXUHPHQWVZLOOEHOLVWHGE\VXEMHFWDQG
VXPPDUL]HGIRUHDFKWUHDWPHQWDUPE\LQFLGHQFHRIHYHQWVDEQRUPDOLWLHVRUGHVFULSWLYHVWDWLVWLFDO
VXPPDULHVQPHDQ6'PHGLDQ44PLQLPXPDQGPD[LPXPDVDSSURSULDWH

6DPSOH6L]H
&RKRUWIRUWKHQRQLQIHULRULW\FRPSDULVRQRI695LQWKHQRQFLUUKRWLFFRKRUWJURXSYV
ZLWKDQRQLQIHULRULW\PDUJLQDVDPSOHVL]HRIVXEMHFWVSHUWUHDWPHQWJURXSZLOOSURYLGH
DWOHDVWSRZHUWRHVWDEOLVKQRQLQIHULRULW\DWVLGHGOHYHODVVXPLQJWKH695UDWHV
DUHIRUERWKJURXSV
&RKRUWIRUWKHQRQLQIHULRULW\FRPSDULVRQRI695LQWKHFRPSHQVDWHGFLUUKRWLFFRKRUW
JURXSYVZLWKDQRQLQIHULRULW\PDUJLQDVDPSOHVL]HRIVXEMHFWVSHUWUHDWPHQW
JURXSZLOOSURYLGHDWOHDVWSRZHUWRHVWDEOLVK QRQLQIHULRULW\DWVLGHGOHYHO
DVVXPLQJWKH695UDWHVDUHIRUERWKJURXSV

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

5(63216,%,/,7,(6

,QYHVWLJDWRU5HVSRQVLELOLWLHV

*RRG&OLQLFDO3UDFWLFH
7KHLQYHVWLJDWRUZLOOHQVXUHWKDWWKLVVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKHSULQFLSOHVRIWKH
'HFODUDWLRQRI+HOVLQNLDVDPHQGHGLQ(GLQEXUJK7RN\R9HQLFH+RQJ.RQJDQG
6RXWK $IULFD,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+JXLGHOLQHVRUZLWKWKHODZVDQG
UHJXODWLRQVRIWKHFRXQWU\LQZKLFKWKHUHVHDUFKLVFRQGXFWHGZKLFKHYHUDIIRUGVWKHJUHDWHU
SURWHFWLRQWRWKHVWXG\VXEMHFW7KHVHVWDQGDUGVDUHFRQVLVWHQWZLWKWKH(XURSHDQ8QLRQ&OLQLFDO
7ULDOV'LUHFWLYH(&DQG*RRG&OLQLFDO3UDFWLFH'LUHFWLYH(&
7KHLQYHVWLJDWRUZLOOHQVXUHDGKHUHQFHWRWKHEDVLFSULQFLSOHVRI *RRG&OLQLFDO3UDFWLFHDV
RXWOLQHGLQ &)5 VXESDUW '³5HVSRQVLELOLWLHVRI6SRQVRUVDQG,QYHVWLJDWRUV´ &)5
SDUW DQG &)5SDUW 
7KHLQYHVWLJDWRUDQGDOODSSOLFDEOHVXELQYHVWLJDWRUVZLOOFRPSO\ZLWK &)53DUW  SURYLGLQJ
GRFXPHQWDWLRQRIWKHLUILQDQFLDOLQWHUHVWRUDUUDQJHPHQWVZLWK*LOHDGRUSURSULHWDU\LQWHUHVWVLQ
WKHLQYHVWLJDWLRQDOGUXJXQGHUVWXG\7KLVGRFXPHQWDWLRQPXVWEHSURYLGHGSULRUWRWKH
LQYHVWLJDWRU¶VDQGDQ\VXELQYHVWLJDWRU¶VSDUWLFLSDWLRQLQWKHVWXG\7KHLQYHVWLJDWRUDQG
VXELQYHVWLJDWRUDJUHHWRQRWLI\*LOHDGRIDQ\FKDQJHLQUHSRUWDEOHLQWHUHVWVGXULQJWKHVWXG\DQG
IRU\HDUIROORZLQJFRPSOHWLRQRIWKHVWXG\6WXG\FRPSOHWLRQLVGHILQHGDVWKHGDWHZKHQWKH
ODVWVXEMHFWFRPSOHWHVWKHSURWRFROGHILQHGDFWLYLWLHV

,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
5HYLHZDQG$SSURYDO
7KHLQYHVWLJDWRURUVSRQVRUDVDSSURSULDWHDFFRUGLQJWRORFDOUHJXODWLRQVZLOOVXEPLWWKLV
SURWRFROLQIRUPHGFRQVHQWIRUPDQGDQ\DFFRPSDQ\LQJPDWHULDOWREH SURYLGHGWRWKHVXEMHFW
VXFKDVDGYHUWLVHPHQWVVXEMHFWLQIRUPDWLRQVKHHWVRUGHVFULSWLRQVRIWKHVWXG\XVHGWRREWDLQ
LQIRUPHGFRQVHQWWRDQ ,5%,(&7KHLQYHVWLJDWRUZLOOQRWEHJLQDQ\VWXG\VXEMHFWDFWLYLWLHV
XQWLODSSURYDOIURPWKH ,5%,(& KDVEHHQ GRFXPHQWHGDQGSURYLGHGDVDOHWWHUWRWKH
LQYHVWLJDWRU
%HIRUHLPSOHPHQWDWLRQWKHLQYHVWLJDWRUZLOOVXEPLWWRDQGUHFHLYHGRFXPHQWHGDSSURYDOIURP
WKH ,5%,(& DQ\PRGLILFDWLRQVPDGHWRWKHSURWRFRORUDQ\DFFRPSDQ\LQJPDWHULDOWREH
SURYLGHGWRWKHVXEMHFWDIWHULQLWLDO ,5%,(& DSSURYDOZLWKWKHH[FHSWLRQRIWKRVHQHFHVVDU\WR
UHGXFHLPPHGLDWHULVNWRVWXG\VXEMHFWV

,QIRUPHG&RQVHQW
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUREWDLQLQJZULWWHQLQIRUPHGFRQVHQWIURPHDFKLQGLYLGXDO
SDUWLFLSDWLQJLQWKLVVWXG\DIWHUDGHTXDWHH[SODQDWLRQRIWKHDLPVPHWKRGVREMHFWLYHVDQG
SRWHQWLDOKD]DUGVRIWKHVWXG\DQGEHIRUHXQGHUWDNLQJDQ\VWXG\UHODWHG SURFHGXUHV7KH

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
LQYHVWLJDWRUPXVWXVHWKHPRVWFXUUHQW ,5%,(&DSSURYHGFRQVHQWIRUPIRUGRFXPHQWLQJZULWWHQ
LQIRUPHG FRQVHQW(DFKLQIRUPHGFRQVHQW ZLOOEHDSSURSULDWHO\VLJQHGDQGGDWHGE\WKHVXEMHFW
DQGWKHSHUVRQFRQGXFWLQJWKHFRQVHQWGLVFXVVLRQDQGDOVRE\DQLPSDUWLDOZLWQHVVLIUHTXLUHGE\
,5%,(&RU ORFDOUHTXLUHPHQWV

&RQILGHQWLDOLW\
7KHLQYHVWLJDWRUPXVWDVVXUHWKDWVXEMHFWV¶DQRQ\PLW\ZLOOEHVWULFWO\PDLQWDLQHGDQGWKDWWKHLU
LGHQWLWLHVDUHSURWHFWHGIURPXQDXWKRUL]HGSDUWLHV2QO\VXEMHFWLQLWLDOVGDWHRIELUWKDQRWKHU
XQLTXHLGHQWLILHUDVDOORZHGE\ORFDOODZDQGDQLGHQWLILFDWLRQFRGHZLOOEHUHFRUGHGRQDQ\
IRUPRUELRORJLFDOVDPSOHVXEPLWWHGWRWKH6SRQVRU ,5%,(& RUODERUDWRU\/DERUDWRU\
VSHFLPHQVPXVWEHODEHOHGLQVXFKD ZD\DVWRSURWHFWVXEMHFWLGHQWLW\ZKLOHDOORZLQJWKHUHVXOWV
WREHUHFRUGHGWRWKHSURSHUVXEMHFW5HIHUWRVSHFLILFODERUDWRU\LQVWUXFWLRQV127( 7KH
LQYHVWLJDWRUPXVWNHHSDVFUHHQLQJORJVKRZLQJFRGHVQDPHVDQGDGGUHVVHVIRUDOOVXEMHFWV
VFUHHQHGDQGIRU DOOVXEMHFWVHQUROOHGLQWKHWULDO 6XEMHFWGDWDZLOOEHSURFHVVHGLQDFFRUGDQFH
ZLWKDOODSSOLFDEOHUHJXODWLRQV
7KHLQYHVWLJDWRUDJUHHVWKDWDOOLQIRUPDWLRQUHFHLYHGIURP*LOHDGLQFOXGLQJEXWQRWOLPLWHGWRWKH
LQYHVWLJDWRUEURFKXUHWKLVSURWRFROH&5)WKHVWXG\GUXJDQGDQ\RWKHUVWXG\LQIRUPDWLRQ
UHPDLQWKHVROHDQGH[FOXVLYHSURSHUW\RI*LOHDGGXULQJWKHFRQGXFWRIWKHVWXG\DQGWKHUHDIWHU
7KLVLQIRUPDWLRQLVQRWWREHGLVFORVHGWRDQ\WKLUGSDUW\H[FHSWHPSOR\HHVRUDJHQWVGLUHFWO\
LQYROYHGLQWKHFRQGXFWRIWKHVWXG\RUDVUHTXLUHGE\ODZZLWKRXWSULRUZULWWHQFRQVHQWIURP
*LOHDG7KHLQYHVWLJDWRUIXUWKHUDJUHHVWRWDNHDOOUHDVRQDEOHSUHFDXWLRQVWRSUHYHQWWKH
GLVFORVXUHE\DQ\HPSOR\HHRUDJHQWRIWKHVWXG\VLWHWRDQ\WKLUGSDUW\RURWKHUZLVHLQWRWKH
SXEOLFGRPDLQ

6WXG\)LOHVDQG5HWHQWLRQRI5HFRUGV
7KHLQYHVWLJDWRUPXVWPDLQWDLQDGHTXDWHDQGDFFXUDWHUHFRUGVWRHQDEOHWKHFRQGXFWRIWKHVWXG\
WREHIXOO\GRFXPHQWHGDQGWKHVWXG\GDWDWREHVXEVHTXHQWO\YHULILHG7KHVHGRFXPHQWVVKRXOG
EHFODVVLILHGLQWRDWOHDVWWKHIROORZLQJWZRFDWHJRULHV LQYHVWLJDWRU¶VVWXG\ILOHDQG
 VXEMHFWFOLQLFDOVRXUFHGRFXPHQWV
7KHLQYHVWLJDWRU¶VVWXG\ILOHZLOOFRQWDLQWKHSURWRFRODPHQGPHQWVH&5)DQGTXHU\IRUPV
,5%,(& DQGJRYHUQPHQWDODSSURYDOZLWKFRUUHVSRQGHQFHLQIRUPHGFRQVHQWGUXJUHFRUGVVWDII
FXUULFXOXPYLWDHDQGDXWKRUL]DWLRQIRUPVDQGRWKHUDSSURSULDWHGRFXPHQWVDQGFRUUHVSRQGHQFH
7KHUHTXLUHGVRXUFHGDWDVKRXOGLQFOXGHVHTXHQWLDOQRWHVFRQWDLQLQJDWOHDVWWKHIROORZLQJ
LQIRUPDWLRQIRUHDFKVXEMHFW

6XEMHFWLGHQWLILFDWLRQQDPHGDWHRIELUWKJHQGHU

'RFXPHQWDWLRQWKDWVXEMHFWPHHWVHOLJLELOLW\FULWHULDLHKLVWRU\SK\VLFDOH[DPLQDWLRQDQG
FRQILUPDWLRQRIGLDJQRVLVWRVXSSRUWLQFOXVLRQDQGH[FOXVLRQFULWHULD

'RFXPHQWDWLRQRIWKHUHDVRQVDFRQVHQWHGVXEMHFWLVQRWHQUROOHG

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

3DUWLFLSDWLRQLQVWXG\LQFOXGLQJVWXG\QXPEHU

6WXG\GLVFXVVHGDQGGDWHRILQIRUPHGFRQVHQW

'DWHVRIDOOYLVLWV

'RFXPHQWDWLRQWKDWSURWRFROVSHFLILFSURFHGXUHVZHUHSHUIRUPHG

5HVXOWVRIHIILFDF\SDUDPHWHUVDVUHTXLUHGE\WKHSURWRFRO

6WDUWDQGHQGGDWHLQFOXGLQJGRVHUHJLPHQRIVWXG\GUXJVLQFOXGLQJGDWHVRI GLVSHQVLQJ
DQGUHWXUQ

5HFRUGRIDOODGYHUVHHYHQWVDQGRWKHUVDIHW\SDUDPHWHUVVWDUWDQGHQGGDWHDQGLQFOXGLQJ
FDXVDOLW\DQGVHYHULW\

&RQFRPLWDQWPHGLFDWLRQLQFOXGLQJVWDUWDQGHQGGDWHGRVHLIUHOHYDQWGRVHFKDQJHV

'DWHRIVWXG\FRPSOHWLRQDQGUHDVRQIRUHDUO\GLVFRQWLQXDWLRQLILWRFFXUV
$OOFOLQLFDOVWXG\GRFXPHQWVPXVWEHUHWDLQHGE\WKHLQYHVWLJDWRUXQWLODWOHDVW \HDUVRU
DFFRUGLQJWRORFDOODZVZKLFKHYHULVORQJHUDIWHUWKHODVWDSSURYDORIDPDUNHWLQJDSSOLFDWLRQLQ
DQ,&+UHJLRQLH8QLWHG6WDWHV(XURSHRU-DSDQDQGXQWLOWKHUHDUHQRSHQGLQJRUSODQQHG
PDUNHWLQJDSSOLFDWLRQVLQDQ,&+UHJLRQRULIQRDSSOLFDWLRQLVILOHGRULIWKHDSSOLFDWLRQLVQRW
DSSURYHGIRUVXFKLQGLFDWLRQXQWLO \HDUVDIWHUWKHLQYHVWLJDWLRQLVGLVFRQWLQXHGDQGUHJXODWRU\
DXWKRULWLHVKDYHEHHQQRWLILHG,QYHVWLJDWRUVPD\EHUHTXLUHGWRUHWDLQGRFXPHQWVORQJHULI
VSHFLILHGE\UHJXODWRU\UHTXLUHPHQWVE\ORFDOUHJXODWLRQVRUE\DQDJUHHPHQWZLWK*LOHDG7KH
LQYHVWLJDWRUPXVWQRWLI\*LOHDGEHIRUHGHVWUR\LQJDQ\FOLQLFDOVWXG\UHFRUGV
6KRXOGWKHLQYHVWLJDWRUZLVKWRDVVLJQWKHVWXG\UHFRUGVWRDQRWKHUSDUW\RUPRYHWKHPWRDQRWKHU
ORFDWLRQ*LOHDGPXVWEHQRWLILHGLQDGYDQFH
,IWKHLQYHVWLJDWRUFDQQRWSURYLGHIRUWKLVDUFKLYLQJUHTXLUHPHQWDWWKHVWXG\VLWHIRUDQ\RUDOORI
WKHGRFXPHQWVVSHFLDODUUDQJHPHQWVPXVWEHPDGHEHWZHHQWKHLQYHVWLJDWRUDQG*LOHDGWRVWRUH
WKHVHUHFRUGVVHFXUHO\DZD\IURP WKHVLWHVRWKDWWKH\FDQEHUHWXUQHGVHDOHGWRWKHLQYHVWLJDWRU
LQFDVHRIDQLQVSHFWLRQ:KHQVRXUFHGRFXPHQWVDUHUHTXLUHGIRUWKHFRQWLQXHGFDUHRIWKH
VXEMHFWDSSURSULDWHFRSLHVVKRXOGEHPDGHIRUVWRUDJHDZD\IURP WKHVLWH

&DVH5HSRUW)RUPV
)RUHDFKVXEMHFWFRQVHQWHGDQH&5)ZLOOEHFRPSOHWHGE\DQDXWKRUL]HGVWXG\VWDIIPHPEHU
ZKRVHWUDLQLQJIRUWKLVIXQFWLRQLVGRFXPHQWHGDFFRUGLQJWRVWXG\SURFHGXUHV 7KHH&5) VKRXOG
EHFRPSOHWHGRQWKHGD\RIWKHVXEMHFWYLVLWWRHQDEOHWKHVSRQVRUWRSHUIRUPFHQWUDOPRQLWRULQJ
RIVDIHW\GDWD6XEVHTXHQWWRGDWDHQWU\DVWXG\PRQLWRUZLOOSHUIRUPVRXUFHGDWDYHULILFDWLRQ
ZLWKLQWKH('&V\VWHP 2ULJLQDOHQWULHVDVZHOODVDQ\FKDQJHVWRGDWDILHOGVZLOOEHVWRUHGLQ
WKHDXGLWWUDLORIWKHV\VWHP3ULRUWRGDWDEDVHORFNRUDQ\LQWHULPWLPHSRLQWVDVGHVFULEHGLQWKH

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
FOLQLFDOGDWDPDQDJHPHQWSODQWKHLQYHVWLJDWRUZLOOXVHKLVKHUORJLQFUHGHQWLDOVWRFRQILUPWKDW
WKHIRUPVKDYHEHHQUHYLHZHGDQGWKDWWKHHQWULHVDFFXUDWHO\UHIOHFWWKHLQIRUPDWLRQLQWKH
VRXUFHGRFXPHQWV 7KHH&5)FDSWXUHWKHGDWDUHTXLUHGSHUWKHSURWRFROVFKHGXOHRIHYHQWVDQG
SURFHGXUHV 6\VWHPJHQHUDWHGRUPDQXDOTXHULHVZLOOEHLVVXHGWRWKHLQYHVWLJDWLYHVLWHVWDIIDV
GDWDGLVFUHSDQFLHVDUHLGHQWLILHGE\WKHPRQLWRURULQWHUQDO*LOHDGVWDIIZKRURXWLQHO\UHYLHZWKH
GDWDIRUFRPSOHWHQHVVFRUUHFWQHVVDQGFRQVLVWHQF\ 7KHVLWHFRRUGLQDWRULVUHVSRQVLEOHIRU
UHVSRQGLQJWRWKHTXHULHVLQDWLPHO\PDQQHUZLWKLQWKHV\VWHPHLWKHUE\FRQILUPLQJWKHGDWDDV
FRUUHFWRUXSGDWLQJWKHRULJLQDOHQWU\DQGSURYLGLQJWKHUHDVRQIRUWKHXSGDWHHJGDWDHQWU\
HUURU $WWKHFRQFOXVLRQRIWKHWULDO*LOHDGZLOOSURYLGHWKHVLWHZLWKDUHDGRQO\DUFKLYHFRS\
RIWKHGDWDHQWHUHGE\WKDWVLWH 7KLVDUFKLYHPXVWEHVWRUHGLQDFFRUGDQFHZLWKWKHUHFRUGV
UHWHQWLRQUHTXLUHPHQWVRXWOLQHGLQ6HFWLRQ 

,QYHVWLJDWLRQDO0HGLFLQDO3URGXFW $FFRXQWDELOLW\DQG5HWXUQ
*LOHDGUHFRPPHQGVWKDWXVHGDQGXQXVHGVWXG\GUXJ VXSSOLHVEHUHWXUQHGWRWKHVKLSSLQJIDFLOLW\
IURPZKLFKLWFDPHIRUHYHQWXDOGHVWUXFWLRQ7KHVWXG\PRQLWRUZLOOSURYLGHLQVWUXFWLRQVIRU
UHWXUQ,IUHWXUQLVQRWSRVVLEOHWKHVWXG\PRQLWRUZLOOHYDOXDWHHDFKVWXG\FHQWHU¶VVWXG\GUXJ
GLVSRVDOSURFHGXUHVDQGSURYLGHDSSURSULDWHLQVWUXFWLRQIRUGHVWUXFWLRQRIXQXVHGVWXG\GUXJ
VXSSOLHV,IWKHVLWHKDVDQDSSURSULDWHVWDQGDUGRSHUDWLQJSURFHGXUH623IRUGUXJGHVWUXFWLRQ
DVGHWHUPLQHGE\*LOHDG4$WKHVLWHPD\GHVWUR\XVHGHPSW\RUSDUWLDOO\HPSW\DQG XQXVHG
VWXG\GUXJ VXSSOLHVLQDFFRUGDQFHZLWKWKDWVLWH¶VDSSURYHG623$FRS\RIWKHVLWH¶VDSSURYHG
623ZLOOEHREWDLQHGIRUFHQWUDOILOHV
,IVWXG\GUXJ LVGHVWUR\HGRQVLWHWKHLQYHVWLJDWRUPXVWPDLQWDLQDFFXUDWHUHFRUGVIRUDOOVWXG\
GUXJ GHVWUR\HG5HFRUGVPXVWVKRZWKHLGHQWLILFDWLRQDQGTXDQWLW\RIHDFKXQLWGHVWUR\HGWKH
PHWKRGRIGHVWUXFWLRQDQGWKHSHUVRQZKRGLVSRVHGRIWKHVWXG\GUXJ8SRQVWXG\FRPSOHWLRQ
FRSLHVRIWKHVWXG\GUXJ DFFRXQWDELOLW\UHFRUGVPXVWEHILOHGDWWKHVLWH$QRWKHUFRS\ZLOOEH
UHWXUQHGWR*LOHDG
7KHVWXG\PRQLWRUZLOOUHYLHZVWXG\GUXJ VXSSOLHVDQGDVVRFLDWHGUHFRUGVDWSHULRGLFLQWHUYDOV

,QVSHFWLRQV
7KHLQYHVWLJDWRUZLOOPDNHDYDLODEOHDOO VRXUFHGRFXPHQWVDQGRWKHUUHFRUGVIRUWKLVWULDOWR
*LOHDG¶VDSSRLQWHGVWXG\PRQLWRUVWR ,5%V,(&VRUWRUHJXODWRU\DXWKRULW\RUKHDOWKDXWKRULW\
LQVSHFWRUV

3URWRFRO&RPSOLDQFH
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKHVWXG\LVFRQGXFWHGLQDFFRUGDQFHZLWKWKH
SURFHGXUHVDQGHYDOXDWLRQVGHVFULEHGLQWKLVSURWRFRO

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

6SRQVRU5HVSRQVLELOLWLHV

3URWRFRO0RGLILFDWLRQV
3URWRFROPRGLILFDWLRQVH[FHSWWKRVHLQWHQGHGWRUHGXFHLPPHGLDWHULVNWRVWXG\VXEMHFWVPD\EH
PDGHRQO\E\*LOHDG7KHLQYHVWLJDWRUPXVWVXEPLWDOOSURWRFROPRGLILFDWLRQVWRWKH ,5%,(& LQ
DFFRUGDQFHZLWKORFDOUHTXLUHPHQWV DQGUHFHLYHGRFXPHQWHG ,5%,(&DSSURYDOEHIRUH
PRGLILFDWLRQVFDQEHLPSOHPHQWHG

6WXG\5HSRUWDQG3XEOLFDWLRQV
$FOLQLFDOVWXG\UHSRUW&65ZLOOEHSUHSDUHGDQGSURYLGHGWRWKHUHJXODWRU\DJHQF\LHV*LOHDG
ZLOOHQVXUHWKDWWKHUHSRUWPHHWVWKHVWDQGDUGVVHWRXWLQWKH,&+*XLGHOLQHIRU6WUXFWXUHDQG
&RQWHQWRI&OLQLFDO6WXG\5HSRUWV,&+ (1RWHWKDWDQDEEUHYLDWHGUHSRUWPD\EHSUHSDUHGLQ
FHUWDLQFDVHV
,QYHVWLJDWRUVLQWKLVVWXG\PD\FRPPXQLFDWHRUDOO\SUHVHQWRUSXEOLVKLQVFLHQWLILFMRXUQDOVRU
RWKHUVFKRODUO\PHGLDRQO\DIWHUWKHIROORZLQJFRQGLWLRQVKDYHEHHQPHW WKHUHVXOWVRIWKHVWXG\
LQWKHLUHQWLUHW\KDYHEHHQSXEOLFO\GLVFORVHGE\RUZLWKWKHFRQVHQWRI*LOHDGLQDQDEVWUDFW
PDQXVFULSWRUSUHVHQWDWLRQIRUPRUWKHVWXG\ KDVEHHQFRPSOHWHGDW DOOVWXG\VLWHVIRUDWOHDVW
 \HDUV
7KHLQYHVWLJDWRUZLOOVXEPLWWR*LOHDGDQ\SURSRVHGSXEOLFDWLRQRUSUHVHQWDWLRQDORQJZLWKWKH
UHVSHFWLYHVFLHQWLILFMRXUQDORUSUHVHQWDWLRQIRUXPDWOHDVWGD\VEHIRUHVXEPLVVLRQRIWKH
SXEOLFDWLRQRUSUHVHQWDWLRQ
1RVXFKFRPPXQLFDWLRQSUHVHQWDWLRQRUSXEOLFDWLRQZLOOLQFOXGH*LOHDG¶VFRQILGHQWLDO
LQIRUPDWLRQVHH6HFWLRQ
7KHLQYHVWLJDWRUZLOOFRPSO\ZLWK*LOHDG¶VUHTXHVWWRGHOHWHUHIHUHQFHVWRLWVFRQILGHQWLDO
LQIRUPDWLRQRWKHUWKDQWKHVWXG\UHVXOWVLQDQ\SDSHURUSUHVHQWDWLRQDQGDJUHHVWRZLWKKROG
SXEOLFDWLRQRUSUHVHQWDWLRQIRUDQDGGLWLRQDOGD\VLQRUGHUWRREWDLQSDWHQWSURWHFWLRQLI
GHHPHGQHFHVVDU\

-RLQW,QYHVWLJDWRU6SRQVRU5HVSRQVLELOLWLHV

3D\PHQW5HSRUWLQJ
,QYHVWLJDWRUVDQGWKHLUVWXG\VWDIIPD\EHDVNHGWRSURYLGHVHUYLFHV SHUIRUPHGXQGHUWKLV
SURWRFROHJDWWHQGDQFHDW,QYHVWLJDWRU
V0HHWLQJV,IUHTXLUHGXQGHUWKHDSSOLFDEOHVWDWXWRU\
DQGUHJXODWRU\UHTXLUHPHQWV*LOHDGZLOOFDSWXUHDQGGLVFORVHWR)HGHUDODQG6WDWHDJHQFLHVDQ\
H[SHQVHVSDLGRUUHLPEXUVHGIRUVXFKVHUYLFHVLQFOXGLQJDQ\FOLQLFDOWULDOSD\PHQWVPHDOWUDYHO
H[SHQVHVRUUHLPEXUVHPHQWVFRQVXOWLQJIHHVDQGDQ\RWKHUWUDQVIHURIYDOXH

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

$FFHVVWR,QIRUPDWLRQIRU0RQLWRULQJ
,QDFFRUGDQFHZLWKUHJXODWLRQVDQG JXLGHOLQHVWKHVWXG\PRQLWRUPXVWKDYHGLUHFWDFFHVVWRWKH
LQYHVWLJDWRU¶VVRXUFHGRFXPHQWDWLRQLQRUGHUWRYHULI\WKHDFFXUDF\RIWKHGDWDUHFRUGHGLQWKH
H&5)
7KHPRQLWRULVUHVSRQVLEOHIRUURXWLQHUHYLHZRIWKHH&5) DWUHJXODULQWHUYDOVWKURXJKRXWWKH
VWXG\WRYHULI\DGKHUHQFHWRWKHSURWRFRODQGWKHFRPSOHWHQHVVFRQVLVWHQF\DQGDFFXUDF\RIWKH
GDWDEHLQJHQWHUHGRQWKHP7KHPRQLWRUVKRXOGKDYHDFFHVVWRDQ\VXEMHFWUHFRUGVQHHGHGWR
YHULI\WKHHQWULHVRQWKHH&5)7KHLQYHVWLJDWRUDJUHHVWRFRRSHUDWHZLWKWKHPRQLWRUWRHQVXUH
WKDWDQ\SUREOHPVGHWHFWHGWKURXJKDQ\W\SHRIPRQLWRULQJFHQWUDORQVLWH DUHUHVROYHG

$FFHVVWR,QIRUPDWLRQIRU$XGLWLQJRU,QVSHFWLRQV
5HSUHVHQWDWLYHVRIUHJXODWRU\DXWKRULWLHVRURI*LOHDGPD\FRQGXFWLQVSHFWLRQVRUDXGLWVRIWKH
FOLQLFDOVWXG\,IWKHLQYHVWLJDWRULVQRWLILHGRIDQLQVSHFWLRQE\DUHJXODWRU\DXWKRULW\WKH
LQYHVWLJDWRUDJUHHVWRQRWLI\WKH*LOHDGPHGLFDOPRQLWRULPPHGLDWHO\7KHLQYHVWLJDWRUDJUHHVWR
SURYLGHWRUHSUHVHQWDWLYHVRIDUHJXODWRU\DJHQF\RU*LOHDGDFFHVVWRUHFRUGVIDFLOLWLHVDQG
SHUVRQQHOIRUWKHHIIHFWLYHFRQGXFWRIDQ\LQVSHFWLRQRUDXGLW

6WXG\'LVFRQWLQXDWLRQ
%RWKWKHVSRQVRUDQGWKHLQYHVWLJDWRUUHVHUYHWKHULJKWWRWHUPLQDWHWKHVWXG\DWDQ\WLPH6KRXOG
WKLVEHQHFHVVDU\ERWKSDUWLHVZLOODUUDQJHGLVFRQWLQXDWLRQSURFHGXUHVDQGQRWLI\WKHDSSURSULDWH
UHJXODWRU\DXWKRULW\LHV,5%VDQG,(&V,QWHUPLQDWLQJWKHVWXG\*LOHDGDQGWKHLQYHVWLJDWRU
ZLOODVVXUHWKDWDGHTXDWHFRQVLGHUDWLRQLVJLYHQWRWKHSURWHFWLRQRIWKHVXEMHFWV¶LQWHUHVWV

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

5()(5(1&(6

3R\QDUG70DUFHOOLQ3/HH661LHGHUDX&0LQXN*6,GHR*HWDO
5DQGRPLVHGWULDORILQWHUIHURQDOSKDESOXVULEDYLULQIRUZHHNVRUIRU
ZHHNVYHUVXVLQWHUIHURQDOSKDESOXVSODFHERIRUZHHNVIRUWUHDWPHQWRI
FKURQLFLQIHFWLRQZLWKKHSDWLWLV&YLUXV,QWHUQDWLRQDO+HSDWLWLV,QWHUYHQWLRQDO
7KHUDS\*URXS,+,7/DQFHW

0F+XWFKLVRQ-**RUGRQ6&6FKLII(56KLIIPDQ0//HH:05XVWJL9.HW
DO,QWHUIHURQDOIDEDORQHRULQFRPELQDWLRQZLWKULEDYLULQDVLQLWLDOWUHDWPHQWIRU
FKURQLFKHSDWLWLV&+HSDWLWLV,QWHUYHQWLRQDO7KHUDS\*URXS1(QJO-0HG


&23(*86ULEDYLULQ8637$%/(76863UHVFULELQJ,QIRUPDWLRQ5RFKH
/DERUDWRULHV,QF1XWOH\1-5HYLVHG-DQXDU\

&RSHJXVPJDQGPJ)LOPFRDWHG7DEOHWV6XPPDU\RI3URGXFW
&KDUDFWHULVWLFV5RFKH3URGXFWV/LPLWHG:HOZ\Q*DUGHQ&LW\8QLWHG.LQJGRP
5HYLVHG0DUFK

*D\&/0D\R$-0IDOLOD&.&KX+%DUU\$&.XUXF-'HWDO(IILFDF\RI
1157,EDVHGDQWLUHWURYLUDOWKHUDS\LQLWLDWHGGXULQJDFXWH+,9LQIHFWLRQ$,'6


/DYDQFK\'(YROYLQJHSLGHPLRORJ\RIKHSDWLWLV&YLUXV&OLQ0LFURELRO,QIHFW


/\.1;LQJ-.OHYHQV50-LOHV5%:DUG-:+ROPEHUJ6'7KHLQFUHDVLQJ
EXUGHQRIPRUWDOLW\IURPYLUDOKHSDWLWLVLQWKH8QLWHG6WDWHVEHWZHHQDQG
$QQ,QWHUQ0HG

1DNDQR7/DX*06XJL\DPD00L]RNDPL0$QXSGDWHGDQDO\VLVRIKHSDWLWLV
&YLUXVJHQRW\SHVDQGVXEW\SHVEDVHGRQWKHFRPSOHWHFRGLQJUHJLRQ/LYHU,QW


%DFNXV/,%RRWKUR\G'%3KLOOLSV%5%HOSHULR3+DOORUDQ-0ROH/$$
VXVWDLQHGYLURORJLFUHVSRQVHUHGXFHVULVNRIDOOFDXVHPRUWDOLW\LQSDWLHQWVZLWK
KHSDWLWLV&&OLQ*DVWURHQWHURO+HSDWROH

*LOHDG6FLHQFHV,QF629$/',VRIRVEXYLUWDEOHWVIRURUDOXVH86
3UHVFULELQJ,QIRUPDWLRQ)RVWHU&LW\&$'HFHPEHU

*LOHDG6FLHQFHV&DQDGD,QF629$/',6RIRVEXYLU7DEOHWVPJ3URGXFW
0RQRJUDSK0LVVLVVDXJD21'HFHPEHU

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

*LOHDG6FLHQFHV/LPLWHG629$/',PJILOPFRDWHGWDEOHWV6XPPDU\RI
3URGXFW&KDUDFWHULVWLFV&RXQW\&RUN,UHODQG-DQXDU\

'HQQLVWRQ00-LOHV5%'UREHQLXF-.OHYHQV50:DUG-:0F4XLOODQ*0
HWDO&KURQLF+HSDWLWLV&9LUXV,QIHFWLRQLQWKH8QLWHG6WDWHV1DWLRQDO+HDOWK
DQG1XWULWLRQ([DPLQDWLRQ6XUYH\WR$QQ,QWHUQ0HG


0DKDMDQ5;LQJ-/LX6-/\.10RRUPDQ$&5XSS/HWDO0RUWDOLW\
$PRQJ3HUVRQVLQ&DUH:LWK+HSDWLWLV&9LUXV,QIHFWLRQ7KH&KURQLF+HSDWLWLV
&RKRUW6WXG\&+H&6&OLQ,QIHFW'LV

6PLWK%'0RUJDQ0/%HFNHWW*$)DOFN<WWHU<+ROW]PDQ'7HR&*HWDO
5HFRPPHQGDWLRQVIRUWKH,GHQWLILFDWLRQRI&KURQLF+HSDWLWLV&9LUXV,QIHFWLRQ
$PRQJ3HUVRQV%RUQ'XULQJ±&HQWHUVIRU'LVHDVH&RQWURODQG
3UHYHQWLRQ00:5$XJXVW

$IGKDO15HGG\.51HOVRQ'5/DZLW](*RUGRQ6&6FKLII(HWDO
/HGLSDVYLUDQGVRIRVEXYLUIRUSUHYLRXVO\WUHDWHG+&9JHQRW\SHLQIHFWLRQ1
(QJO-0HG

*DQH(+\ODQG5+$Q'3DQJ366\PRQGV:70F+XWFKLVRQ-*HWDO
/HGLSDVYLU6RIRVEXYLU)L[HG'RVH&RPELQDWLRQ,V6DIHDQG(IIHFWLYHLQ'LIILFXOW
WR7UHDW3RSXODWLRQV,QFOXGLQJ*73DWLHQWV'HFRPSHQVDWHG*73DWLHQWVDQG
*73DWLHQWV:LWK3ULRU6RIRVEXYLU([SHULHQFH>2UDO3UHVHQWDWLRQ@WK
$QQXDO0HHWLQJRI7KH(XURSHDQ$VVRFLDWLRQIRUWKH6WXG\RIWKH/LYHU($6/
$SULO /RQGRQ8.

/DZLW](6XONRZVNL06*KDOLE55RGULJXH]7RUUHV0<RXQRVVL=0
&RUUHJLGRU$HWDO6LPHSUHYLUSOXVVRIRVEXYLUZLWKRUZLWKRXWULEDYLULQWRWUHDW
FKURQLFLQIHFWLRQZLWKKHSDWLWLV&YLUXVJHQRW\SHLQQRQUHVSRQGHUVWRSHJ\ODWHG
LQWHUIHURQDQGULEDYLULQDQGWUHDWPHQWQDLYHSDWLHQWVWKH&26026UDQGRPLVHG
VWXG\/DQFHW

*LOHDG6FLHQFHV,QF+$5921, OHGLSDVYLUDQGVRIRVEXYLUWDEOHWVIRURUDOXVH
863UHVFULELQJ,QIRUPDWLRQ)RVWHU&LW\&$2FWREHU

2VLQXVL$.RKOL$0DUWL001HOVRQ$=KDQJ;0HLVVQHU(*HWDO5H
WUHDWPHQWRI&KURQLF+HSDWLWLV&9LUXV*HQRW\SH,QIHFWLRQ$IWHU5HODSVH$Q
2SHQ/DEHO3LORW6WXG\$QQ,QWHUQ0HG

'LHWHULFK'%DFRQ%5)ODPP6/.RZGOH\.90LOOLJDQ67VDL1HWDO
(YDOXDWLRQRIVRIRVEXYLUDQGVLPHSUHYLUEDVHGUHJLPHQVLQWKH75,2QHWZRUN
$FDGHPLFDQGFRPPXQLW\WUHDWPHQWRIDUHDOZRUOGKHWHURJHQHRXVSRSXODWLRQ
>3UHVHQWDWLRQ@$PHULFDQ$VVRFLDWLRQIRUWKH6WXG\RI/LYHU'LVHDVHV
$$6/'7KH/LYHU0HHWLQJ1RYHPEHU%RVWRQ0$

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

-HQVHQ'02
/HDU\-3RFNURV36KHUPDQ..ZR30DLOOLDUG0HWDO6DIHW\
DQG(IILFDF\RI6RIRVEXYLU&RQWDLQLQJ5HJLPHQVIRU+HSDWLWLV&5HDO:RUOG
([SHULHQFHLQD'LYHUVH/RQJLWXGLQDO2EVHUYDWLRQDO&RKRUW>3UHVHQWDWLRQ@
7KHWK$QQXDO0HHWLQJRIWKH$PHULFDQ$VVRFLDWLRQIRUWKH6WXG\RI/LYHU
'LVHDVHV7KH/LYHU0HHWLQJ$$6/'1RYHPEHU%RVWRQ0$
8QLWHG6WDWHV

6DUUD]LQ&'YRU\6RERO+6YDURVNDLD('RHKOH%0F&DUYLOOH-)3DQJ36HW
DO%DVHOLQHDQG3RVW%DVHOLQH5HVLVWDQFH$QDO\VHVRI3KDVH6WXGLHVRI
/HGLSDVYLU6RIRVEXYLU5%9>3RVWHU@7KHWK$QQXDO0HHWLQJRIWKH
$PHULFDQ$VVRFLDWLRQIRUWKH6WXG\RI/LYHU'LVHDVHV7KH/LYHU0HHWLQJ
$$6/'1RYHPEHU%RVWRQ0$8QLWHG6WDWHV

$PHULFDQ$VVRFLDWLRQIRUWKH6WXG\RI/LYHU'LVHDVHV$$6/',QIHFWLRXV
'LVHDVHV6RFLHW\RI$PHULFD,'6$5HFRPPHQGDWLRQVIRU7HVWLQJ0DQDJLQJ
DQG7UHDWLQJ+HSDWLWLV&$YDLODEOHDWKWWSZZZKFYJXLGHOLQHRUJ'HFHPEHU


1DJJLH6&RRSHU&6DDJ 06WDPP/0<DQJ-&3DQJ36HWDO
/HGLSDVYLU6RIRVEXYLUIRU:HHNVLQ3DWLHQWV&RLQIHFWHG:LWK+&9DQG+,9
,21>$EVWUDFW@&RQIHUHQFHRQ5HWURYLUXVHVDQG2SSRUWXQLVWLF,QIHFWLRQV
&52,)HEUXDU\6HDWWOH:$

%RXUOLHUH0%URQRZLFNL-3'H/HGLQJKHQ9+H]RGH&=RXOLP)0DWKXULQ3
HWDO/HGLSDVYLUVRIRVEXYLUZLWKRUZLWKRXWULEDYLULQWRWUHDWSDWLHQWVZLWK+&9
JHQRW\SHLQIHFWLRQDQGFLUUKRVLVQRQUHVSRQVLYHWRSUHYLRXVSURWHDVHLQKLELWRU
WKHUDS\DUDQGRPLVHGGRXEOHEOLQGSKDVHWULDO6,5,86/DQFHW,QIHFW'LV


5HGG\.5%RXUOLHUH06XONRZVNL02PDWD0=HX]HP6)HOG--HWDO
/HGLSDVYLUDQG6RIRVEXYLULQ3DWLHQWVZLWK*HQRW\SH+&9DQG&RPSHQVDWHG
&LUUKRVLV$Q,QWHJUDWHG6DIHW\DQG(IILFDF\$QDO\VLV >$FFHSWHG$UWLFOH@
+HSDWRORJ\

0L]RNDPL0<RNRVXND27DNHKDUD76DNDPRWR1.RUHQDJD00RFKL]XNL+
HWDO/HGLSDVYLUDQGVRIRVEXYLUIL[HGGRVHFRPELQDWLRQZLWKDQGZLWKRXW
ULEDYLULQIRUZHHNVLQWUHDWPHQWQDLYHDQGSUHYLRXVO\WUHDWHG-DSDQHVHSDWLHQWV
ZLWKJHQRW\SHKHSDWLWLV&DQRSHQODEHOUDQGRPLVHGSKDVHWULDO$YDLODEOHDW
KWWSG[GRLRUJ6;/DQFHW

6DUUD]LQ&'YRU\6RERO+6YDURYVNDLD(6'RHKOH%0DUWLQ5=HX]HP6HW
DO7KH3UHYDOHQFHDQGWKH(IIHFWRI+&916$5HVLVWDQFH$VVRFLDWHG9DULDQWV
LQ3DWLHQWV:LWK&RPSHQVDWHG&LUUKRVLV7UHDWHG:LWK/HGLSDVYLU6RIRVEXYLU
5%9>3RVWHU3@7KH(XURSHDQ$VVRFLDWLRQIRUWKH6WXG\RIWKH/LYHU
($6/WK,QWHUQDWLRQDO/LYHU&RQJUHVV$SULO9LHQQD$XVWULD

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

:\OHV'3RFNURV30RUHOOL*<RXQHV=6YDURYVNDLD(<DQJ-&HWDO
/HGLSDVYLUVRIRVEXYLUSOXVULEDYLULQIRUSDWLHQWVZLWKJHQRW\SHKHSDWLWLV&YLUXV
SUHYLRXVO\WUHDWHGLQFOLQLFDOWULDOVRIVRIRVEXYLU UHJLPHQV+HSDWRORJ\


/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\

$33(1',&(6
$SSHQGL[
,QYHVWLJDWRU6LJQDWXUH3DJH
$SSHQGL[
6WXG\3URFHGXUHV7DEOH
$SSHQGL[
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$SSHQGL[
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ3RWHQWLDODQG
&RQWUDFHSWLYH5HTXLUHPHQWV

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
$SSHQGL[
6WXG\3URFHGXUHV7DEOH
2Q7UHDWPHQW 6WXG\:HHN  'D\V
3RVWWUHDWPHQW6WXG\
:HHN  'D\V
6FUHHQ
%DVHOLQH
'D\ D





 E
 E
 E
(7
F
F

&OLQLFDO$VVHVVPHQWV
,QIRUPHG &RQVHQW
;
'HWHUPLQH (OLJLELOLW\
;
;
0HGLFDO +LVWRU\
;
+LVWRULFDO5HVLVWDQFH7HVW'DWDG
;
3K\VLFDO ([DPLQDWLRQ
;
;
; H
; H
;
+HLJKW
;
:HLJKW
;
;
9LWDO 6LJQV
;
;
;
;
;
;
;
;
;
;
;
;
;
;
/HDG (&*
;
,PDJLQJ IRU +&&I
;
$GYHUVH(YHQWV
;
;
;
;
;
;
;
;
;
;
;
;
&RQFRPLWDQW 0HGLFDWLRQV
;
;
;
;
;
;
;
;
;
;
;
;
3UHJQDQF\3UHYHQWLRQ
&RXQVHOLQJ
;
;
;
;
;
;
;
;
;
;
;
;
;
+HDOWK 5HODWHG 4XDOLW\ RI /LIH
6XUYH\V
;
;
;
;
;
;
;
6WXG\ 'UXJ 'LVSHQVLQJ
;J
;
;
;K
;K
;K
5HYLHZ RI 6WXG\ 0HGLFDWLRQ
$GKHUHQFH 3LOO &RXQW
;
;
;
;
;
;
;
;
;

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
2Q7UHDWPHQW 6WXG\:HHN  'D\V
3RVWWUHDWPHQW6WXG\
:HHN  'D\V
6FUHHQ
%DVHOLQH
'D\ D





 E
 E
 E
(7
F
F

/DERUDWRU\$VVHVVPHQWV
+HPDWRORJ\ &KHPLVWU\
;
;
;
;
;
;
;
;
;
;
;
;
&RDJXODWLRQ 7HVWV
;
;
;
;
;
+&9 51$
;
;
;
;
;
;
;
;
;
;
;
;
;
;
9LUDO 6HTXHQFLQJSKHQRW\SLQJL
;
;
;
;
;
;
;
;
;
;
;
;
;
3UHJQDQF\ 7HVWLQJM
;
;
;
;
;
;
;
;
;
;N
;N
;N
8ULQDO\VLV	8ULQH 'UXJ 6FUHHQ
;
+&9 *HQRW\SLQJ ,/%
;
+&9 +,9 +%9 6HURORJ\
;
76+ +E$F )LEURWHVW$35,
;
)XWXUH5HVHDUFK%ORRG6DPSOHO
;
;
;
;
D
%DVHOLQH'D\DVVHVVPHQWVPXVWEHSHUIRUPHGSULRUWRGRVLQJ
E
2Q7UHDWPHQW9LVLWVDW:HHNVDQGDUHRQO\DSSOLFDEOHWRVXEMHFWVLQVWXG\JURXS
F
$OOVXEMHFWVZLOOFRPSOHWHWKHSRVWWUHDWPHQW:HHNDQG:HHNYLVLWV VXEMHFWVZLWK+&951$//24DWWKHSRVWWUHDWPHQW37 :HHNYLVLWZLOOFRPSOHWHWKH37
:HHN YLVLW
G
&ROOHFWDQGUHFRUGLQIRUPDWLRQUHJDUGLQJKLVWRULFDOUHVLVWDQFHWHVWGDWDLIDYDLODEOH
H
$SK\VLFDOH[DPZLOOEHSHUIRUPHGDWWKHHQGRIWUHDWPHQWYLVLW:HHNIRUVWXG\JURXSVDQG:HHNIRUVWXG\JURXS
I
/LYHULPDJLQJZLWKLQPRQWKVSULRUWR%DVHOLQH'D\LVUHTXLUHGLQVXEMHFWVZLWKFLUUKRVLVWRH[FOXGH+&&
J
7KH,:56ZLOOSURYLGHUDQGRPL]DWLRQWRVWXG\*URXS
K
6WXG\GUXJGLVSHQVLQJDW:HHNDQG LVRQO\DSSOLFDEOHWRVWXG\JURXS
L
3ODVPDVDPSOHVZLOOEHFROOHFWHGDQGVWRUHGIRUSRWHQWLDO+&9VHTXHQFLQJSKHQRW\SLQJDQGRWKHUYLURORJ\VWXGLHV
M
)RUIHPDOHVRIFKLOGEHDULQJSRWHQWLDORQO\VHUXPȕK&*DW6FUHHQLQJXULQHWHVWWKHUHDIWHU,IXULQHLVSRVLWLYHFRQILUPLPPHGLDWHO\ZLWKVHUXPȕK&*

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
N
)HPDOHVRIFKLOGEHDULQJSRWHQWLDOLQVWXG\*URXSV	ZLOOKDYHDGGLWLRQDOXULQHSUHJQDQF\WHVWLQJHYHU\ZHHNVIRUDPLQLPXPRIPRQWKVIROORZLQJODVWGRVHRI5%9
,IUHTXLUHGE\ORFDOUHJXODWLRQVDGGLWLRQDOSUHJQDQF\WHVWVEH\RQGPRQWKVPD\EHDGGHG,QWKHHYHQWRIDSRVLWLYHXULQHSUHJQDQF\UHVXOWVXEMHFWVZLOOEHLQVWUXFWHGWR
UHWXUQWRWKHFOLQLFDVVRRQDVSRVVLEOHIRUDVHUXPSUHJQDQF\WHVW3UHJQDQF\WHVWNLWVZLOOEHGLVSHQVHGWRIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDODWWKHDQG:HHN
SRVWWUHDWPHQWYLVLWVWRVHOIPRQLWRUIRUSUHJQDQF\7KHVXEMHFWZLOOEHFRQWDFWHGE\WHOHSKRQHPRQWKO\WRFRQILUPWKDWXULQHSUHJQDQF\WHVWLQJKDVEHHQSHUIRUPHG
SRVWWUHDWPHQWDQGWRUHFRUGWKHRXWFRPH$OWHUQDWLYHO\LIUHTXLUHGE\ORFDOUHJXODWLRQVRUSUHIHUUHGE\WKHLQYHVWLJDWRURUVXEMHFWWKHVXEMHFWPD\UHWXUQWRWKHFOLQLFIRUXULQH
SUHJQDQF\WHVWV
O
6DPSOHIRURSWLRQDOIXWXUHUHVHDUFKZLOOEHFROOHFWHGDWWKH%DVHOLQH'D\YLVLWDQGDWWKHHQGRIWUHDWPHQW:HHNIRUVWXG\JURXSVDQG:HHNIRUVWXG\JURXS
IRUVXEMHFWVZKRKDYHQRWRSWHGRXW

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
$SSHQGL[
*6,*UDGLQJ6FDOHIRU6HYHULW\RI$GYHUVH(YHQWVDQG/DERUDWRU\$EQRUPDOLWLHV
$QWLYLUDO7R[LFLW\*UDGLQJ6FDOH9HUVLRQ$SULO
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
+HPRJORELQ
+,9326,7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
WR J/
 WR JG/
 WR  J/
WR JG/
WR J/
 JG/
 J/
+,91(*$7,9(
$GXOWDQG3HGLDWULF'D\V
 WR  JG/
 WR  J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
WR JG/
WR J/
WR JG/
WR J/
25
$Q\GHFUHDVHIURP%DVHOLQH
 JG/
 J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WRJG/
WRJ/
JG/
J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/
,QIDQW±'D\V
+,9326,7,9( 25
1(*$7,9(
WR JG/
WR J/
WR JG/
WR J/
WR JG/
WR J/
 JG/
 J/
$EVROXWH1HXWURSKLO&RXQW
$1&
$GXOWDQG3HGLDWULF
0RQWKV
 WR PP
 WR PP
 WR PP
PP
 WR *,/
 WR*,/
 WR *,/
*,/

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
$EVROXWH&'&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
!  <HDUV
 WR PP
 WR ȝ/
 WR PP
 WRȝ/
 WR PP
 WR ȝ/
PP
ȝ/
$EVROXWH/\PSKRF\WH&RXQW
+,91(*$7,9(21/<
$GXOWDQG3HGLDWULF
 <HDUV
WRPP
WR*,/
WRPP
WR*,/
WRPP
WR*,/
PP
*,/
3ODWHOHWV
WR PP
 WR *,/
WRPP
 WR*,/
WRPP
WR*,/
PP
 *,/
:%&V
PP WRPP
WRPP
WRPP
PP
 *,/ WR *,/
 WR *,/
WR *,/
*,/
+\SRILEULQRJHQHPLD
 WR  PJG/
WR PJG/
 WR PJG/
 PJG/
 WR  J/
 WR J/
WR J/
 J/
+\SHUILEULQRJHQHPLD
8/1WR PJG/
 PJG/
²
²
8/1WR J/
 J/
²
²
)LEULQ6SOLW3URGXFW
WR ȝJP/
 WR ȝJP/
 WR ȝJP/
 ȝJP/
WR PJ/
WR PJ/
WR PJ/
 PJ/
3URWKURPELQ7LPH37
WR 8/1
WR 8/1
WR 8/1
8/1
,QWHUQDWLRQDO1RUPDOL]HG5DWLR
RISURWKURPELQWLPH,15
WR[8/1
!WR[8/1
!WR[8/1
![8/1

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
+(0$72/2*<
*UDGH
*UDGH
*UDGH
*UDGH
$FWLYDWHG3DUWLDO
7KURPERSODVWLQ7LPH$377
 WR 8/1
 WR 8/1
 WR 8/1
8/1
0HWKHPRJORELQ
 WR 
 WR 
 WR 


$QRYHUODSEHWZHHQWKH*UDGHVFDOHDQGWKH/DE¶VQRUPDOUDQJHIRUDEVROXWHQHXWURSKLOVPD\UHVXOWIRUSHGLDWULFVXEMHFWV3OHDVHIROORZWKH*LOHDGFRQYHQWLRQRIJUDGLQJ
DQ\UHVXOWZLWKLQWKH//1DQG8/1D

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRQDWUHPLD
WR//1P(T/
WR  P(T/
WR  P(T/
P(T/
WR //1PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
+\SHUQDWUHPLD
!8/1WRP(T/
WRP(T/
WRP(T/
P(T/
!8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRNDOHPLD
$GXOWDQG3HGLDWULF
<HDU
WR//1P(T/
WR  P(T/
WR  P(T/
P(T/
WR//1PPRO/
WR  PPRO/
WR  PPRO/
PPRO/
,QIDQW<HDU
WRP(T/
WRPPRO/
WR  P(T/
WRPPRO/
WR  P(T/
WRPPRO/
P(T/
PPRO/
+\SHUNDOHPLD
$GXOWDQG3HGLDWULF
<HDU
WRP(T/
WRPPRO/
WR P(T/
WR PPRO/
WR P(T/
WR PPRO/
P(T/
PPRO/
,QIDQW<HDU
!8/1WRP(T/
!8/1WRPPRO/
!WRP(T/
!WRPPRO/
WR P(T/
WR PPRO/
P(T/
PPRO/
+\SRJO\FHPLD
$GXOWDQG3HGLDWULF
 0RQWK
WR PJG/
WR PPRO/
WR  PJG/
WR  PPRO/
WR  PJG/
WR  PPRO/
PJG/
PPRO/
,QIDQW  0RQWK
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
WR PJG/
WR PPRO/
PJG/
PPRO/
+\SHUJO\FHPLD1RQIDVWLQJ
 WR PJG/
WR PJG/
WR PJG/
PJG/
WR PPRO/
WR PPRO/
WR PPRO/
PPRO/
+\SHUJO\FHPLD)DVWLQJ
WRPJG/
WRPPRO/
!WRPJG/
!WRPPRO/
!WRPJG/
!WRPPRO/
!PJG/
!PPRO/

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRFDOFHPLD
FRUUHFWHGIRUDOEXPLQLI
DSSURSULDWH
$GXOWDQG3HGLDWULF
<HDUV
//1PJG/
WR//1PPRO/
WR PJG/
WR PPRO/
WR  PJG/
WR PPRO/
 PJG/
 PPRO/
3HGLDWULFGD\V<HDUV
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/
+\SHUFDOFHPLDFRUUHFWHG
IRUDOEXPLQLIDSSURSULDWH
$GXOWDQG3HGLDWULF
 'D\V
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
,QIDQW  'D\V
WRPJG/
WRPPRO/
WRPJG/
!WRPPRO/
WRPJG/
!WRPPRO/
PJG/
!PPRO/
+\SRFDOFHPLDLRQL]HG
PJG/WR //1
WRPJG/
WR PJG/
PJG/
PPRO/WR //1
WR PPRO/
WR PPRO/
PPRO/
+\SHUFDOFHPLDLRQL]HG
8/1WRPJG/
WRPJG/
WRPJG/
PJG/
8/1WRPPRO/
WRPPRO/
WRPPRO/
PPRO/
+\SRPDJQHVHPLD
WR//1PJG/
WR//1P(T/
WR PJG/
WRP(T/
WR PJG/
WRP(T/
PJG/
P(T/
WR//1PPRO/
WR PPRO/
WR PPRO/
PPRO/

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
+\SRSKRVSKDWHPLD
$GXOWDQG3HGLDWULF
 <HDUV
WR//1PJG/
WR//1PPRO/
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/
3HGLDWULF<HDU±<HDUV
WR//1PJG/
WR//1PPRO/
WRPJG/
WR  PPRO/
WRPJG/
WR PPRO/
PJG/
 PPRO/
3HGLDWULF <HDU
WR//1PJG/
WR//1PPRO/
WR PJG/
WR  PPRO/
WRPJG/
WRPPRO/
PJG/
 PPRO/
+\SHUELOLUXELQHPLD
$GXOWDQG3HGLDWULF
!  'D\V
WR8/1
WR8/1
WR8/1
8/1
,QIDQW 'D\V
QRQKHPRO\WLF
1$
WRPJG/
WRȝPRO/
WRPJG/
!WRȝPRO/
PJG/
!ȝPRO/
,QIDQW 'D\V
KHPRO\WLF
1$
1$
WRPJG/
WRȝPRO/
PJG/
!ȝPRO/
%ORRG8UHD1LWURJHQ
WR8/1
WR8/1
WR8/1
8/1
+\SHUXULFHPLD
!8/1WRPJG/
WRPJG/
WRPJG/
PJG/
!8/1WRȝPRO/
WRȝPRO/
WRȝPRO/
ȝPRO/
+\SRXULFHPLD
$GXOWDQG3HGLDWULF
\HDU
,QIDQW<HDU
PJG/WR //1
ȝPRO/WR //1
WR PJG/
WR ȝPRO/
WR PJG/
WR ȝPRO/
PJG/
ȝPRO/
1$
PJGOWR//1
ȝPROWR//1
WR PJG/
WR ȝPRO/
PJG/
ȝPRO/
&UHDWLQLQH
WRPJG/
WRȝPRO/
WRPJG/
WRȝPRO/
WRPJG/
WRȝPRO/
PJG/
ȝPRO/

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
&+(0,675<
*UDGH
*UDGH
*UDGH
*UDGH
%LFDUERQDWH
$GXOWDQG3HGLDWULF
<HDUV
P(T/WR //1
WR P(T/
WR P(T/
P(T/
PPRO/WR //1
WR PPRO/
WR PPRO/
 PPRO/
3HGLDWULF<HDUV
1$
P(T/WR//1
WR P(T/
P(T/
PPRO/WR//1
WR PPRO/
PPRO/
7ULJO\FHULGHV
)DVWLQJ
1$
WRPJG/
±PPRO/
WRPJG/
±PPRO/
PJG/
PPRO/
/'/)DVWLQJ
$GXOW
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
/'/)DVWLQJ
3HGLDWULF!WR\HDUV
WRPJG/
!WRPJG/
!PJG/
1$
WRPPRO/
!WRPPRO/
!PPRO/
+\SHUFKROHVWHUROHPLD
)DVWLQJ
WRPJG/
WRPJG/
PJG/
1$
WRPPRO/
WRPPRO/
PPRO/
3HGLDWULF<HDUV
WRPJG/
WRPPRO/
WRPJG/
WRPPRO/
PJG/
PPRO/
1$
&UHDWLQH.LQDVH
WR 8/1
WR 8/1
WR 8/1
8/1

&DOFLXPVKRXOGEHFRUUHFWHGIRUDOEXPLQLIDOEXPLQLVJG/

$QRYHUODSEHWZHHQWKH*UDGHVFDOHDQGWKH/DE¶VQRUPDOUDQJHIRUFUHDWLQLQHPD\UHVXOWIRU0DOHVXEMHFWV!\UV3OHDVHIROORZWKH*LOHDGFRQYHQWLRQRIJUDGLQJDQ\
UHVXOWZLWKLQWKH//1DQG8/1D

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
(1=<0(6
*UDGH
*UDGH
*UDGH
*UDGH
$676*27
WR8/1
WR8/1
WR8/1
8/1
$/76*37
WR8/1
WR8/1
WR8/1
8/1
**7
WR8/1
WR8/1
WR8/1
8/1
$ONDOLQH3KRVSKDWDVH
WR8/1
WR8/1
WR8/1
8/1
7RWDO$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
3DQFUHDWLF$P\ODVH
WR8/1
WR8/1
WR8/1
8/1
/LSDVH
WR8/1
WR8/1
WR8/1
8/1
$OEXPLQ
3HGLDWULFV\HDUV
\HDUV

WR//1 JG/
WR//1 J/
JG/
J/
1$
JG/WR//1
J/WR//1
WRJG/
WRJ/
JG/
J/
1$

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
85,1$/<6,6
*UDGH
*UDGH
*UDGH
*UDGH
+HPDWXULD'LSVWLFN



1$
+HPDWXULD4XDQWLWDWLYH
6HH1RWHEHORZ
)HPDOHV
!8/1  5%&+3)
 5%&+3)
!5%&+3)
1$
0DOHV
5%&+3)
 5%&+3)
!5%&+3)
1$
3URWHLQXULD'LSVWLFN

±

1$
3URWHLQXULD+RXU&ROOHFWLRQ
$GXOWDQG3HGLDWULF
<HDUV
WR  PJ K
! WR  PJK
! WR PJK
PJK
3HGLDWULF0RWR
  <HDUV
WR  PJP K
! WR  PJPK
! WR PJPK
PJPK
*O\FRVXULD'LSVWLFN



1$
1RWHV

7R[LFLW\JUDGHVIRU4XDQWLWDWLYHDQG'LSVWLFN+HPDWXULDZLOOEHDVVLJQHGE\ &RYDQFH/DERUDWRU\KRZHYHUIRURWKHUODERUDWRULHVWR[LFLW\JUDGHVZLOORQO\EHDVVLJQHGWR
'LSVWLFN+HPDWXULD

:LWKWKHH[FHSWLRQRIOLSLGWHVWVDQ\JUDGHGODERUDWRU\WHVWZLWKDUHVXOWWKDWLVEHWZHHQWKH//1DQG8/1VKRXOGEHDVVLJQHG*UDGH

,IWKH VHYHULW\RIDFOLQLFDO$(FRXOGIDOOXQGHUHLWKHURQHRIWZRJUDGHVHJWKHVHYHULW\RIDQ$(FRXOGEHHLWKHU*UDGHRU*UDGHVHOHFWWKHKLJKHURIWKHWZRJUDGHVIRU
WKH$(

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
&DUGLDF$UUK\WKPLDJHQHUDO
%\(&*RUSK\VLFDOH[DP
$V\PSWRPDWLF$1'1R
LQWHUYHQWLRQLQGLFDWHG
$V\PSWRPDWLF$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
6\PSWRPDWLFQRQOLIH
WKUHDWHQLQJ$1'1RQ
XUJHQWPHGLFDOLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJDUUK\WKPLD
258UJHQW LQWHUYHQWLRQ
LQGLFDWHG
&DUGLDFLVFKHPLD,QIDUFWLRQ
1$
1$
6\PSWRPDWLFLVFKHPLD
VWDEOHDQJLQD257HVWLQJ
FRQVLVWHQWZLWKLVFKHPLD
8QVWDEOHDQJLQD25$FXWH
P\RFDUGLDOLQIDUFWLRQ
+HPRUUKDJHVLJQLILFDQWDFXWH
EORRGORVV
1$
6\PSWRPDWLF$1'1R
WUDQVIXVLRQ LQGLFDWHG
6\PSWRPDWLF$1'
7UDQVIXVLRQRI XQLWV
SDFNHG5%&VIRUFKLOGUHQ
 FFNJLQGLFDWHG
/LIHWKUHDWHQLQJK\SRWHQVLRQ
257UDQVIXVLRQRI XQLWV
SDFNHG5%&VLQGLFDWHGIRU
FKLOGUHQ FFNJLQGLFDWHG
+\SHUWHQVLRQZLWKUHSHDW
WHVWLQJDWVDPHYLVLW
± PP+JV\VWROLF
25
±PP+JGLDVWROLF
±PP+JV\VWROLF
25
±PP+JGLDVWROLF
 PP+JV\VWROLF
25
 PP+JGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQRWKHUWKDQ
(5YLVLW LQGLFDWHG
3HGLDWULF <HDUVZLWK
UHSHDWWHVWLQJDWVDPHYLVLW
1$
VW±WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
 WKSHUFHQWLOHDGMXVWHG
IRUDJHKHLJKWDQGJHQGHU
V\VWROLFDQGRUGLDVWROLF
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJPDOLJQDQWK\SHUWHQVLRQ
25+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQHPHUJHQF\URRP
YLVLW
+\SRWHQVLRQ
1$
6\PSWRPDWLFFRUUHFWHGZLWK
RUDOIOXLGUHSODFHPHQW
6\PSWRPDWLF,9IOXLGV
LQGLFDWHG
6KRFNUHTXLULQJXVHRI
YDVRSUHVVRUVRUPHFKDQLFDO
DVVLVWDQFHWRPDLQWDLQEORRG
SUHVVXUH
3HULFDUGLDO(IIXVLRQ
$V\PSWRPDWLFVPDOO
HIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
$V\PSWRPDWLFPRGHUDWHRU
ODUJHUHIIXVLRQUHTXLULQJQR
LQWHUYHQWLRQ
(IIXVLRQZLWKQRQOLIH
WKUHDWHQLQJSK\VLRORJLF
FRQVHTXHQFHV25(IIXVLRQ
ZLWKQRQXUJHQWLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWDPSRQDGH258UJHQW
LQWHUYHQWLRQLQGLFDWHG

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
&$5',29$6&8/$5
*UDGH
*UDGH
*UDGH
*UDGH
3URORQJHG35,QWHUYDO
35LQWHUYDO
WRVHF
35LQWHUYDO
VHF
7\SH,,QGGHJUHH$9
EORFN259HQWULFXODUSDXVH
VHF
&RPSOHWH$9EORFN
3HGLDWULF<HDUV
VWGHJUHH$9EORFN
35!QRUPDOIRUDJHDQG
UDWH
7\SH,QGGHJUHH$9EORFN
7\SH,,QGGHJUHH$9
EORFN
&RPSOHWH$9EORFN
3URORQJHG47F
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQWHUYDOVHFDERYH
EDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
WRVHF25,QFUHDVH
LQLQWHUYDOWRVHF
DERYHEDVHOLQH
$V\PSWRPDWLF47FLQWHUYDO
 VHF25,QFUHDVHLQ
LQWHUYDO VHFDERYH
EDVHOLQH
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
3HGLDWULF <HDUV
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
WRVHF
$V\PSWRPDWLF47FLQWHUYDO
VHF
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJ7RUVDGHGH
SRLQWHVRURWKHUDVVRFLDWHG
VHULRXVYHQWULFXODU
G\VUK\WKPLD
7KURPERVLV(PEROLVP
1$
'HHSYHLQWKURPERVLV$1'
1RLQWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
'HHSYHLQWKURPERVLV$1'
,QWHUYHQWLRQLQGLFDWHGHJ
DQWLFRDJXODWLRQO\VLVILOWHU
LQYDVLYHSURFHGXUH
(PEROLFHYHQWHJSXOPRQDU\
HPEROLVPOLIHWKUHDWHQLQJ
WKURPEXV
9DVRYDJDO(SLVRGHDVVRFLDWHG
ZLWKDSURFHGXUHRIDQ\NLQG
3UHVHQWZLWKRXWORVVRI
FRQVFLRXVQHVV
3UHVHQWZLWKWUDQVLHQWORVVRI
FRQVFLRXVQHVV
1$
1$
9HQWULFXODU'\VIXQFWLRQ
FRQJHVWLYHKHDUWIDLOXUH
&+)
1$
$V\PSWRPDWLFGLDJQRVWLF
ILQGLQJ$1'LQWHUYHQWLRQ
LQGLFDWHG
1HZRQVHWZLWKV\PSWRPV
25:RUVHQLQJV\PSWRPDWLF
&+)
/LIHWKUHDWHQLQJ&+)

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
5(63,5$725<
*UDGH
*UDGH
*UDGH
*UDGH
%URQFKRVSDVPDFXWH
)(9RUSHDNIORZUHGXFHGWR
WR
)(9RUSHDNIORZWR
)(9RUSHDNIORZWR

&\DQRVLV25)(9RUSHDNIORZ
25,QWXEDWLRQ
'\VSQHDRU5HVSLUDWRU\
'LVWUHVV
'\VSQHDRQH[HUWLRQZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDRQH[HUWLRQFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
3HGLDWULF<HDUV
:KHH]LQJ25PLQLPDO
LQFUHDVHLQUHVSLUDWRU\UDWHIRU
DJH
1DVDOIODULQJ25,QWHUFRVWDO
UHWUDFWLRQV253XOVHR[LPHWU\
WR
'\VSQHDDWUHVWFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
253XOVHR[LPHWU\
5HVSLUDWRU\IDLOXUHZLWK
YHQWLODWRU\VXSSRUWLQGLFDWHG
2&8/$59,68$/
*UDGH
*UDGH
*UDGH
*UDGH
8YHLWLV
$V\PSWRPDWLFEXWGHWHFWDEOH
RQH[DP
6\PSWRPDWLFDQWHULRUXYHLWLV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
3RVWHULRURUSDQXYHLWLV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV
9LVXDO&KDQJHVIURP
EDVHOLQH
9LVXDOFKDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9LVXDOFKDQJHVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYLVXDOORVVLQDIIHFWHG
H\HV

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
6.,1
*UDGH
*UDGH
*UDGH
*UDGH
$ORSHFLD
7KLQQLQJGHWHFWDEOHE\
VWXG\SDUWLFLSDQWRU
FDUHJLYHUIRUGLVDEOHG
DGXOWV
7KLQQLQJRUSDWFK\KDLUORVV
GHWHFWDEOHE\KHDOWKFDUH
SURYLGHU
&RPSOHWHKDLUORVV
1$
&XWDQHRXV5HDFWLRQ± 5DVK
/RFDOL]HGPDFXODUUDVK
'LIIXVHPDFXODU
PDFXORSDSXODURU
PRUELOOLIRUPUDVK257DUJHW
OHVLRQV
'LIIXVHPDFXODU
PDFXORSDSXODURUPRUELOOLIRUP
UDVKZLWKYHVLFOHVRUOLPLWHG
QXPEHURIEXOODH25
6XSHUILFLDOXOFHUDWLRQVRI
PXFRXVPHPEUDQHOLPLWHGWR
RQHVLWH
([WHQVLYHRUJHQHUDOL]HG
EXOORXVOHVLRQV25
6WHYHQV-RKQVRQV\QGURPH
258OFHUDWLRQRIPXFRXV
PHPEUDQHLQYROYLQJWZR
RUPRUHGLVWLQFWPXFRVDO
VLWHV257R[LFHSLGHUPDO
QHFURO\VLV7(1
+\SHUSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
+\SRSLJPHQWDWLRQ
6OLJKWRUORFDOL]HG
0DUNHGRUJHQHUDOL]HG
1$
1$
3UXULWLVLWFKLQJ± QRVNLQ
OHVLRQV
6HHDOVR,QMHFWLRQ6LWH
5HDFWLRQV3UXULWLVDVVRFLDWHG
ZLWKLQMHFWLRQ
,WFKLQJFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
,WFKLQJFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
$QRUH[LD
/RVVRIDSSHWLWHZLWKRXW
GHFUHDVHGRUDOLQWDNH
/RVVRIDSSHWLWHDVVRFLDWHGZLWK
GHFUHDVHGRUDOLQWDNHZLWKRXW
VLJQLILFDQWZHLJKWORVV
/RVVRIDSSHWLWHDVVRFLDWHG
ZLWKVLJQLILFDQWZHLJKWORVV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
25$JJUHVVLYHLQWHUYHQWLRQ
LQGLFDWHG>HJWXEHIHHGLQJRU
WRWDOSDUHQWHUDOQXWULWLRQ@
$VFLWHV
$V\PSWRPDWLF
6\PSWRPDWLF$1',QWHUYHQWLRQ
LQGLFDWHGHJGLXUHWLFVRU
WKHUDSHXWLFSDUDFHQWHVLV
6\PSWRPDWLFGHVSLWH
LQWHUYHQWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
&KROHF\VWLWLV
1$
6\PSWRPDWLF$1' 0HGLFDO
LQWHUYHQWLRQLQGLFDWHG
5DGLRORJLFHQGRVFRSLFRU
RSHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVRUSHUIRUDWLRQ
&RQVWLSDWLRQ
1$
3HUVLVWHQWFRQVWLSDWLRQUHTXLULQJ
UHJXODUXVHRIGLHWDU\
PRGLILFDWLRQVOD[DWLYHVRU
HQHPDV
2EVWLSDWLRQZLWKPDQXDO
HYDFXDWLRQLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJREVWUXFWLRQ
'LDUUKHD
$GXOWDQG3HGLDWULF
 <HDU
7UDQVLHQWRULQWHUPLWWHQW
HSLVRGHVRIXQIRUPHGVWRROV
25,QFUHDVHRI VWRROV
RYHUEDVHOLQH KU
3HUVLVWHQWHSLVRGHVRIXQIRUPHG
WRZDWHU\VWRROV25,QFUHDVHRI
±VWRROVRYHUEDVHOLQHSHU
 KUV
%ORRG\GLDUUKHD25,QFUHDVH
RI VWRROVSHUKRXU
SHULRG25,9IOXLG
UHSODFHPHQWLQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3HGLDWULF <HDU
/LTXLGVWRROVPRUH
XQIRUPHGWKDQXVXDOEXW
XVXDOQXPEHURIVWRROV
/LTXLGVWRROVZLWK LQFUHDVHG
QXPEHURIVWRROV250LOG
GHK\GUDWLRQ
/LTXLGVWRROVZLWKPRGHUDWH
GHK\GUDWLRQ
/LTXLGVWRROVUHVXOWLQJLQ
VHYHUHGHK\GUDWLRQZLWK
DJJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG25+\SRWHQVLYH
VKRFN
'\VSKDJLD2G\QRSKDJLD
6\PSWRPDWLFEXWDEOHWRHDW
XVXDOGLHW
6\PSWRPVFDXVLQJDOWHUHG
GLHWDU\LQWDNHZLWKRXWPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJVHYHUHO\
DOWHUHGGLHWDU\LQWDNHZLWK
PHGLFDOLQWHUYHQWLRQLQGLFDWHG
/LIHWKUHDWHQLQJUHGXFWLRQLQ
RUDOLQWDNH

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
*$6752,17(67,1$/
*UDGH
*UDGH
*UDGH
*UDGH
0XFRVLWLV6WRPDWLWLV
FOLQLFDOH[DP
6HHDOVR3URFWLWLV
'\VSKDJLD2G\QRSKDJLD
(U\WKHPDRIWKHPXFRVD
3DWFK\SVHXGRPHPEUDQHVRU
XOFHUDWLRQV
&RQIOXHQWSVHXGRPHPEUDQHV
RUXOFHUDWLRQV250XFRVDO
EOHHGLQJZLWKPLQRUWUDXPD
7LVVXHQHFURVLV25'LIIXVH
VSRQWDQHRXVPXFRVDOEOHHGLQJ
25/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJDVSLUDWLRQ
FKRNLQJ
1DXVHD
7UDQVLHQW KRXUVRU
LQWHUPLWWHQWQDXVHDZLWKQR
RUPLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
GHFUHDVHGRUDOLQWDNHIRU±
KRXUV
3HUVLVWHQWQDXVHDUHVXOWLQJLQ
PLQLPDORUDOLQWDNHIRU
KRXUV25$JJUHVVLYH
UHK\GUDWLRQLQGLFDWHGHJ
,9 IOXLGV
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN
3DQFUHDWLWLV
1$
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQQRWLQGLFDWHG
RWKHUWKDQ(5YLVLW
6\PSWRPDWLF$1'
+RVSLWDOL]DWLRQLQGLFDWHG
RWKHUWKDQ(5YLVLW
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJVHSVLVFLUFXODWRU\IDLOXUH
KHPRUUKDJH
3URFWLWLVIXQFWLRQDO
V\PSWRPDWLF
$OVRVHH0XFRVLWLV
6WRPDWLWLVIRU&OLQLFDO
([DP
5HFWDOGLVFRPIRUW$1'1R
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
0HGLFDOLQWHUYHQWLRQLQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO
IXQFWLRQDODFWLYLWLHV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJSHUIRUDWLRQ
9RPLWLQJ
7UDQVLHQWRULQWHUPLWWHQW
YRPLWLQJZLWKQRRU
PLQLPDOLQWHUIHUHQFHZLWK
RUDOLQWDNH
)UHTXHQWHSLVRGHVRIYRPLWLQJ
ZLWKQRRUPLOGGHK\GUDWLRQ
3HUVLVWHQWYRPLWLQJUHVXOWLQJ
LQRUWKRVWDWLFK\SRWHQVLRQ25
$JJUHVVLYHUHK\GUDWLRQ
LQGLFDWHG
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJK\SRWHQVLYHVKRFN

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
$OWHUDWLRQLQ3HUVRQDOLW\
%HKDYLRURULQ0RRGHJ
DJLWDWLRQDQ[LHW\
GHSUHVVLRQPDQLD
SV\FKRVLV
$OWHUDWLRQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
$OWHUDWLRQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
%HKDYLRUSRWHQWLDOO\KDUPIXO
WRVHOIRURWKHUVHJ
VXLFLGDOKRPLFLGDOLGHDWLRQRU
DWWHPSWDFXWHSV\FKRVLV25
&DXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV
$OWHUHG0HQWDO6WDWXV
)RU'HPHQWLDVHH&RJQLWLYH
DQG%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$''
&KDQJHVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0LOGOHWKDUJ\RUVRPQROHQFH
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
&RQIXVLRQPHPRU\
LPSDLUPHQWOHWKDUJ\RU
VRPQROHQFHFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'HOLULXP25REWXQGDWLRQ25
FRPD
$WD[LD
$V\PSWRPDWLFDWD[LD
GHWHFWDEOHRQH[DP25
0LQLPDODWD[LDFDXVLQJQR
RUPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\PSWRPDWLFDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJDWD[LDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
&RJQLWLYHDQG
%HKDYLRUDO$WWHQWLRQDO
'LVWXUEDQFHLQFOXGLQJ
GHPHQWLDDQG$WWHQWLRQ
'HILFLW'LVRUGHU
'LVDELOLW\FDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVQRWLQGLFDWHG
'LVDELOLW\FDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV256SHFLDOL]HG
UHVRXUFHVRQSDUWWLPHEDVLV
LQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
6SHFLDOL]HGUHVRXUFHVRQD
IXOOWLPHEDVLVLQGLFDWHG
'LVDELOLW\FDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25
,QVWLWXWLRQDOL]DWLRQLQGLFDWHG
&16,VFKHPLD
DFXWH
1$
1$
7UDQVLHQWLVFKHPLFDWWDFN
&HUHEUDOYDVFXODUDFFLGHQW
&9$VWURNHZLWK
QHXURORJLFDOGHILFLW

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
'HYHORSPHQWDOGHOD\±
3HGLDWULF<HDUV
0LOGGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWH
IRUWKHVHWWLQJ
0RGHUDWHGHYHORSPHQWDO
GHOD\HLWKHUPRWRURU
FRJQLWLYHDVGHWHUPLQHGE\
FRPSDULVRQZLWKD
GHYHORSPHQWDOVFUHHQLQJWRRO
DSSURSULDWHIRUWKHVHWWLQJ
6HYHUHGHYHORSPHQWDOGHOD\
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
'HYHORSPHQWDOUHJUHVVLRQ
HLWKHUPRWRURUFRJQLWLYHDV
GHWHUPLQHGE\FRPSDULVRQ
ZLWKDGHYHORSPHQWDO
VFUHHQLQJWRRODSSURSULDWHIRU
WKHVHWWLQJ
+HDGDFKH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV25+RVSLWDOL]DWLRQ
LQGLFDWHGRWKHUWKDQ(5YLVLW
25+HDGDFKHZLWKVLJQLILFDQW
LPSDLUPHQWRIDOHUWQHVVRU
RWKHUQHXURORJLFIXQFWLRQ
,QVRPQLD
1$
'LIILFXOW\VOHHSLQJFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDOIXQFWLRQDODFWLYLWLHV
'LIILFXOW\VOHHSLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJLQVRPQLDFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
1HXURPXVFXODU:HDNQHVV
LQFOXGLQJP\RSDWK\	
QHXURSDWK\
$V\PSWRPDWLFZLWK
GHFUHDVHGVWUHQJWKRQH[DP
250LQLPDOPXVFOHZHDN
QHVVFDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
JUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
0XVFOHZHDNQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHZHDNQHVV
FDXVLQJLQDELOLW\WRSHUIRUP
EDVLFVHOIFDUHIXQFWLRQV25
5HVSLUDWRU\PXVFOHZHDNQHVV
LPSDLULQJYHQWLODWLRQ
1HXURVHQVRU\$OWHUDWLRQ
LQFOXGLQJSDUHVWKHVLDDQG
SDLQIXOQHXURSDWK\
$V\PSWRPDWLFZLWKVHQVRU\
DOWHUDWLRQRQH[DPRU
PLQLPDOSDUHVWKHVLDFDXVLQJ
QRRUPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJJUHDWHU
WKDQPLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6HQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJVHQVRU\DOWHUDWLRQRU
SDUHVWKHVLDFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
1(852/2*,&$/
*UDGH
*UDGH
*UDGH
*UDGH
6HL]XUHQHZRQVHW
1$
VHL]XUH
±VHL]XUHV
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUHSUHH[LVWLQJ
)RU:RUVHQLQJRI([LVWLQJ
(SLOHSV\WKH*UDGHV6KRXOG
%H%DVHGRQDQ,QFUHDVH
IURP3UHYLRXV/HYHORI
&RQWUROWR$Q\RI7KHVH
/HYHOV
1$
,QFUHDVHGIUHTXHQF\RISUH
H[LVWLQJVHL]XUHVQRQ
UHSHWLWLYHZLWKRXWFKDQJHLQ
VHL]XUHFKDUDFWHU25
LQIUHTXHQWEUHDNWKURXJK
VHL]XUHVZKLOHRQVWDEOHPHGV
LQDSUHYLRXVO\FRQWUROOHG
VHL]XUHGLVRUGHU
&KDQJHLQVHL]XUHFKDUDFWHU
IURPEDVHOLQHHLWKHULQ
GXUDWLRQRUTXDOLW\HJ
VHYHULW\RUIRFDOLW\
6HL]XUHVRIDQ\NLQGWKDWDUH
SURORQJHGUHSHWLWLYHHJ
VWDWXVHSLOHSWLFXVRUGLIILFXOW
WRFRQWUROHJUHIUDFWRU\
HSLOHSV\
6HL]XUH
± 3HGLDWULF<HDUV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
  PLQXWHVZLWK  KRXUV
SRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ±
PLQXWHVZLWK
KRXUVSRVWLFWDOVWDWH
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQODVWLQJ
!PLQXWHV
6HL]XUHJHQHUDOL]HGRQVHW
ZLWKRUZLWKRXWVHFRQGDU\
JHQHUDOL]DWLRQUHTXLULQJ
LQWXEDWLRQDQGVHGDWLRQ
6\QFRSHQRWDVVRFLDWHG
ZLWKDSURFHGXUH
1$
3UHVHQW
1$
1$
9HUWLJR
9HUWLJRFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
9HUWLJRFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJYHUWLJRFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
086&8/26.(/(7$/
*UDGH
*UDGH
*UDGH
*UDGH
$UWKUDOJLD
6HHDOVR$UWKULWLV
-RLQWSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
-RLQWSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
-RLQWSDLQFDXVLQJLQDELOLW\
WRSHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJMRLQWSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
$UWKULWLV
6HHDOVR$UWKUDOJLD
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJQRRUPLQLPDO
LQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJFDXVLQJ
JUHDWHUWKDQPLQLPDOLQWHUIHUHQFH
ZLWKXVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6WLIIQHVVRUMRLQWVZHOOLQJ
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
'LVDEOLQJMRLQWVWLIIQHVVRU
VZHOOLQJFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
%RQH0LQHUDO/RVV
%0'WVFRUHRU]VFRUH
±WR±
%0'WVFRUHRU]VFRUH ±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
3HGLDWULF <HDUV
%0']VFRUH
±WR±
%0']VFRUH±
3DWKRORJLFDOIUDFWXUH
LQFOXGLQJORVVRIYHUWHEUDO
KHLJKW
3DWKRORJLFIUDFWXUHFDXVLQJ
OLIHWKUHDWHQLQJFRQVHTXHQFHV
0\DOJLD
QRQLQMHFWLRQVLWH
0XVFOHSDLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
0XVFOHSDLQFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
0XVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
'LVDEOLQJPXVFOHSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV
2VWHRQHFURVLV
1$
$V\PSWRPDWLFZLWKUDGLRJUDSKLF
ILQGLQJV$1'1RRSHUDWLYH
LQWHUYHQWLRQLQGLFDWHG
6\PSWRPDWLFERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJV25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
'LVDEOLQJERQHSDLQZLWK
UDGLRJUDSKLFILQGLQJVFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
6<67(0,&
*UDGH
*UDGH
*UDGH
*UDGH
$FXWH6\VWHPLF$OOHUJLF
5HDFWLRQ
/RFDOL]HGXUWLFDULD
ZKHDOVZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
/RFDOL]HGXUWLFDULDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG250LOG
DQJLRHGHPDZLWKQRPHGLFDO
LQWHUYHQWLRQLQGLFDWHG
*HQHUDOL]HGXUWLFDULD25
$QJLRHGHPDZLWKPHGLFDO
LQWHUYHQWLRQLQGLFDWHG25
6\PSWRPDWLFPLOG
EURQFKRVSDVP
$FXWHDQDSK\OD[LV25/LIH
WKUHDWHQLQJEURQFKRVSDVP25
ODU\QJHDOHGHPD
&KLOOV
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
1$
)DWLJXH
0DODLVH
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
6\PSWRPVFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
,QFDSDFLWDWLQJIDWLJXHPDODLVH
V\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPEDVLFVHOIFDUH
IXQFWLRQV
)HYHUQRQD[LOODU\
&WR&
)WR)
&WR&
)WR)
&WR&
)WR)
&
)
3DLQ ,QGLFDWH%RG\6LWH
6HHDOVR,QMHFWLRQ6LWH
3DLQ+HDGDFKH
$UWKUDOJLDDQG0\DOJLD
3DLQFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWK
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV
3DLQFDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
3DLQFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV
'LVDEOLQJSDLQFDXVLQJ
LQDELOLW\WRSHUIRUPEDVLFVHOI
FDUHIXQFWLRQV25
+RVSLWDOL]DWLRQRWKHUWKDQ(5
YLVLWLQGLFDWHG
8QLQWHQWLRQDO:HLJKW
/RVV
1$
WRORVVLQERG\ZHLJKWIURP
EDVHOLQH
WRORVVLQERG\
ZHLJKWIURPEDVHOLQH
ORVVLQERG\ZHLJKW
IURPEDVHOLQH25$JJUHVVLYH
LQWHUYHQWLRQLQGLFDWHG>HJ
WXEHIHHGLQJRUWRWDOSDUHQWHUDO
QXWULWLRQ@

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
,1-(&7,216,7(5($&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QMHFWLRQ6LWH3DLQSDLQ
ZLWKRXWWRXFKLQJ
2U7HQGHUQHVVSDLQZKHQ
DUHDLVWRXFKHG
3DLQWHQGHUQHVVFDXVLQJQR
RUPLQLPDOOLPLWDWLRQRIXVH
RIOLPE
3DLQWHQGHUQHVVOLPLWLQJXVHRI
OLPE253DLQWHQGHUQHVV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
3DLQWHQGHUQHVVFDXVLQJLQDELOLW\
WRSHUIRUPEDVLFVHOIFDUH
IXQFWLRQ25+RVSLWDOL]DWLRQ
RWKHUWKDQ(5YLVLWLQGLFDWHG
IRUPDQDJHPHQWRI
SDLQWHQGHUQHVV
,QMHFWLRQ6LWH5HDFWLRQ
/RFDOL]HG <HDUV
(U\WKHPD25,QGXUDWLRQ
RI  FPWR  FPRU
 FP
(U\WKHPD25,QGXUDWLRQ25
(GHPD FPDQ\GLDPHWHU
RU FP
8OFHUDWLRQ256HFRQGDU\
LQIHFWLRQ253KOHELWLV25
6WHULOHDEVFHVV25'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3HGLDWULF <HDUV
(U\WKHPD25,QGXUDWLRQ
25(GHPDSUHVHQWEXW
 FPGLDPHWHU
(U\WKHPD25,QGXUDWLRQ
25(GHPD!  FP
GLDPHWHUEXW VXUIDFH
DUHDRIWKHH[WUHPLW\
VHJPHQWHJXSSHU
DUPWKLJK
(U\WKHPD25,QGXUDWLRQ
25(GHPDLQYROYLQJ
VXUIDFHDUHDRIWKH
H[WUHPLW\VHJPHQWHJ
XSSHUDUPWKLJK25
8OFHUDWLRQ256HFRQGDU\
LQIHFWLRQ253KOHELWLV25
6WHULOHDEVFHVV25
'UDLQDJH
1HFURVLVLQYROYLQJGHUPLVDQG
GHHSHUWLVVXH
3UXULWLV$VVRFLDWHGZLWK
,QMHFWLRQ
6HHDOVR6NLQ3UXULWLV
LWFKLQJ²QRVNLQOHVLRQV
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWH$1'5HOLHYHG
VSRQWDQHRXVO\RUZLWK
 KWUHDWPHQW
,WFKLQJEH\RQGWKHLQMHFWLRQ
VLWHEXWQRWJHQHUDOL]HG25
,WFKLQJORFDOL]HGWRLQMHFWLRQ
VLWHUHTXLULQJ KWUHDWPHQW
*HQHUDOL]HGLWFKLQJFDXVLQJ
LQDELOLW\WRSHUIRUPXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
1$

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
(1'2&5,1(0(7$%2/,&
*UDGH
*UDGH
*UDGH
*UDGH
/LSRG\VWURSK\HJEDFN
RIQHFNEUHDVWV
DEGRPHQ
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXV
FKDQJHVRQFDVXDO YLVXDO
LQVSHFWLRQ
1$
'LDEHWHV0HOOLWXV
1$
1HZRQVHWZLWKRXWQHHGWRLQLWLDWH
PHGLFDWLRQ250RGLILFDWLRQRI
FXUUHQWPHGVWRUHJDLQJOXFRVH
FRQWURO
1HZRQVHWZLWKLQLWLDWLRQRI
LQGLFDWHGPHG25'LDEHWHV
XQFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJNHWRDFLGRVLV
K\SHURVPRODUQRQNHWRWLF
FRPD
*\QHFRPDVWLD
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$
+\SHUWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGVXSSUHVVLRQWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJWK\URLGVWRUP
+\SRWK\URLGLVP
$V\PSWRPDWLF
6\PSWRPDWLFFDXVLQJJUHDWHUWKDQ
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV25
7K\URLGUHSODFHPHQWWKHUDS\
LQGLFDWHG
6\PSWRPVFDXVLQJLQDELOLW\WR
SHUIRUPXVXDOVRFLDO	
IXQFWLRQDODFWLYLWLHV25
8QFRQWUROOHGGHVSLWHWUHDWPHQW
PRGLILFDWLRQ
/LIHWKUHDWHQLQJFRQVHTXHQFHV
HJP\[HGHPDFRPD
/LSRDWURSK\HJIDWORVV
IURPWKHIDFHH[WUHPLWLHV
EXWWRFNV
'HWHFWDEOHE\VWXG\
SDUWLFLSDQWRUFDUHJLYHU
IRU\RXQJFKLOGUHQDQG
GLVDEOHGDGXOWV
'HWHFWDEOHRQSK\VLFDOH[DPE\
KHDOWKFDUHSURYLGHU
'LVILJXULQJ252EYLRXVRQ
FDVXDOYLVXDOLQVSHFWLRQ
1$

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
*(1,7285,1$5<
*UDGH
*UDGH
*UDGH
*UDGH
,QWHUPHQVWUXDO%OHHGLQJ
,0%
6SRWWLQJREVHUYHGE\SDUWLFLSDQW
250LQLPDOEORRGREVHUYHG
GXULQJFOLQLFDORUFROSRVFRSLF
H[DP
,QWHUPHQVWUXDOEOHHGLQJQRW
JUHDWHULQGXUDWLRQRUDPRXQW
WKDQXVXDOPHQVWUXDOF\FOH
,QWHUPHQVWUXDOEOHHGLQJJUHDWHU
LQGXUDWLRQRUDPRXQWWKDQXVXDO
PHQVWUXDOF\FOH
+HPRUUKDJHZLWKOLIH
WKUHDWHQLQJK\SRWHQVLRQ25
2SHUDWLYHLQWHUYHQWLRQ
LQGLFDWHG
8ULQDU\7UDFW
REVWUXFWLRQHJVWRQH
1$
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWKRXW
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
6LJQVRUV\PSWRPVRIXULQDU\
WUDFWREVWUXFWLRQZLWK
K\GURQHSKURVLVRUUHQDO
G\VIXQFWLRQ
2EVWUXFWLRQFDXVLQJOLIH
WKUHDWHQLQJFRQVHTXHQFHV
,1)(&7,21
*UDGH
*UDGH
*UDGH
*UDGH
,QIHFWLRQDQ\RWKHU
WKDQ+,9LQIHFWLRQ
/RFDOL]HGQRV\VWHPLFDQWLȝELDO
WUHDWPHQWLQGLFDWHG$1'
6\PSWRPVFDXVLQJQRRU
PLQLPDOLQWHUIHUHQFHZLWKXVXDO
VRFLDO	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG256\PSWRPV
FDXVLQJJUHDWHUWKDQPLQLPDO
LQWHUIHUHQFHZLWKXVXDOVRFLDO
	IXQFWLRQDODFWLYLWLHV
6\VWHPLFDQWLȝELDOWUHDWPHQW
LQGLFDWHG$1'6\PSWRPV
FDXVLQJLQDELOLW\WRSHUIRUP
XVXDOVRFLDO	IXQFWLRQDO
DFWLYLWLHV252SHUDWLYH
LQWHUYHQWLRQRWKHUWKDQVLPSOH
LQFLVLRQDQGGUDLQDJHLQGLFDWHG
/LIHWKUHDWHQLQJ
FRQVHTXHQFHVHJVHSWLF
VKRFN
%DVLF6HOIFDUH)XQFWLRQV $FWLYLWLHVVXFKDVEDWKLQJGUHVVLQJWRLOHWLQJWUDQVIHUPRYHPHQWFRQWLQHQFHDQGIHHGLQJ
8VXDO6RFLDO	)XQFWLRQDO$FWLYLWLHV $GDSWLYHWDVNVDQGGHVLUDEOHDFWLYLWLHVVXFKDVJRLQJWRZRUNVKRSSLQJFRRNLQJXVHRIWUDQVSRUWDWLRQSXUVXLQJDKREE\HWF

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
$SSHQGL[
3UHJQDQF\3UHFDXWLRQV'HILQLWLRQIRU)HPDOHRI&KLOGEHDULQJ
3RWHQWLDODQG&RQWUDFHSWLYH5HTXLUHPHQWV
 3UHJQDQF\DQG&RQWUDFHSWLRQ5HTXLUHPHQWVIRU0DOHVDQG)HPDOHVRI&KLOGEHDULQJ
3RWHQWLDO
1RQFOLQLFDOWR[LFLW\VWXGLHVRI62)/'9)'&GHPRQVWUDWHGQRDGYHUVHHIIHFWRQHPEU\RIHWDO
GHYHORSPHQW+RZHYHUWKHUHDUHQRFOLQLFDOVWXGLHVRI62)/'9)'&LQSUHJQDQWZRPHQ
3OHDVHUHIHUWRWKHODWHVWYHUVLRQRIWKH,QYHVWLJDWRU¶V%URFKXUHDQGRUSURGXFWLQVHUWIRU
DGGLWLRQDOLQIRUPDWLRQ
5LEDYLULQLVFRQWUDLQGLFDWHGLQSUHJQDQF\DVVLJQLILFDQWWHUDWRJHQLFDQGHPEU\RFLGDOHIIHFWV
KDYHEHHQGHPRQVWUDWHGLQDOODQLPDOVSHFLHVWHVWHG3UHJQDQF\PXVWEHH[FOXGHGEHIRUHWKH
VWDUWRIWUHDWPHQWZLWKVWXG\GUXJVDQGSUHYHQWHGWKHUHDIWHUE\UHOLDEOHFRQWUDFHSWLYHPHWKRGV
3UHJQDQF\WHVWVZLOOEHSHUIRUPHGUHJXODUO\WKURXJKRXWWKLVVWXG\ )XUWKHUPRUH5%9LVNQRZQ
WRDFFXPXODWHLQWUDFHOOXODUO\ZKHUHLWLVFOHDUHGVORZO\DQGLVDOVRH[FUHWHGLQVHPHQ7KHUHIRUH
H[WUHPHFDUHPXVWEHWDNHQWRDYRLGSUHJQDQF\GXULQJ5%9WKHUDS\DQGIRUXSWRPRQWKV
IROORZLQJFRPSOHWLRQRIWUHDWPHQWPRQWKVIRUPDOHV3OHDVHUHIHUWRWKHODWHVWYHUVLRQRIWKH
SURGXFWLQVHUWIRUDGGLWLRQDOLQIRUPDWLRQ
 'HILQLWLRQRI)HPDOHRI&KLOGEHDULQJ3RWHQWLDO
:RPHQ \HDUVRIDJHZLWKFHVVDWLRQIRUPRQWKVRISUHYLRXVO\RFFXUULQJPHQVHVRU
ZRPHQRIDQ\DJHZKRKDYHKDGDK\VWHUHFWRP\KDYHKDGERWKRYDULHVUHPRYHGRU KDYHKDG
PHGLFDOO\GRFXPHQWHGRYDULDQIDLOXUHZLOOEHFRQVLGHUHGWREHRI QRQFKLOGEHDULQJSRWHQWLDO
:RPHQZKR DUH  \HDUVRIDJH LQFOXGLQJWKRVHZLWKDPHQRUUKHDRIDQ\GXUDWLRQZKRKDYH
QRW KDGDK\VWHUHFWRP\KDYHQRWKDGERWKRYDULHVUHPRYHGDQG KDYHQRWKDGPHGLFDOO\
GRFXPHQWHGRYDULDQIDLOXUHZLOOEHFRQVLGHUHGWREHRI FKLOGEHDULQJSRWHQWLDO
:RPHQRIFKLOGEHDULQJSRWHQWLDOPXVWKDYHDQHJDWLYHVHUXPSUHJQDQF\WHVWDW6FUHHQLQJDQGD
QHJDWLYHXULQHSUHJQDQF\WHVWRQWKH%DVHOLQH'D\YLVLWSULRUWRUDQGRPL]DWLRQ7KH\PXVWDOVR
DJUHHWRRQHRIWKHIROORZLQJIURP ZHHNVSULRUWR%DVHOLQH'D\ XQWLO GD\VDIWHUODVWGRVH
RI/'962) LQWKHDEVHQFHRI5%9RU PRQWKVDIWHUODVWGRVHRI5%9LIDSSOLFDEOH
 &RPSOHWHDEVWLQHQFHIURPLQWHUFRXUVH$EVWLQHQFHLVDQDFFHSWDEOHPHWKRGRIFRQWUDFHSWLRQ
RQO\ZKHQLWLVLQOLQHZLWKWKHVXEMHFW¶VSUHIHUUHGDQGXVXDOOLIHVW\OH3HULRGLFDEVWLQHQFH
HJFDOHQGDURYXODWLRQV\PSWRWKHUPDOSRVWRYXODWLRQPHWKRGVDQGZLWKGUDZDODUHQRW
DFFHSWDEOHPHWKRGVRIFRQWUDFHSWLRQ
2U
 &RQVLVWHQWDQGFRUUHFWXVHRIRIWKHIROORZLQJPHWKRGVRIELUWKFRQWUROOLVWHGEHORZLQ
DGGLWLRQWRDPDOHSDUWQHUZKRFRUUHFWO\XVHVDFRQGRPIURPWKHGDWHRI6FUHHQLQJXQWLO
 GD\VDIWHUODVWGRVHRI/'962) LQWKHDEVHQFHRI5%9RUPRQWKVDIWHUWKHODVWGRVHRI
5%9LIDSSOLFDEOH
D LQWUDXWHULQHGHYLFH,8'ZLWKDIDLOXUHUDWHRI SHU\HDU
E IHPDOHEDUULHUPHWKRGFHUYLFDOFDSRUGLDSKUDJPZLWKVSHUPLFLGDODJHQWLIORFDOO\
DYDLODEOH

/'962)
3URWRFRO*686
)LQDO
*LOHDG6FLHQFHV,QF
$PHQGPHQW
&21),'(17,$/
3DJH 
-XO\
F WXEDOVWHULOL]DWLRQ
G YDVHFWRP\LQPDOHSDUWQHU
H KRUPRQHFRQWDLQLQJFRQWUDFHSWLYH
L
LPSODQWVRIOHYRQRUJHVWUHO
LL LQMHFWDEOHSURJHVWHURQH
LLL RUDOFRQWUDFHSWLYHVHLWKHUFRPELQHGRUSURJHVWHURQHRQO\
LY FRQWUDFHSWLYHYDJLQDOULQJ
Y WUDQVGHUPDOFRQWUDFHSWLYHSDWFK
 &RQWUDFHSWLYH5HTXLUHPHQWV IRU0DOH6XEMHFWVDQGWKHLUIHPDOHSDUWQHUV
$OOPDOHVWXG\SDUWLFLSDQWVPXVWDJUHHWRFRQVLVWHQWO\DQGFRUUHFWO\XVHDFRQGRPZKLOHWKHLU
IHPDOHSDUWQHUDJUHHVWRXVHRIWKHPHWKRGVRIELUWKFRQWUROOLVWHGDERYHIURPWKHGDWHRI
6FUHHQLQJXQWLOGD\VDIWHUDGPLQLVWUDWLRQRIWKHODVWGRVHRI/'962) LQWKHDEVHQFHRI5%9
RUPRQWKVDIWHUWKHODVWGRVHRI5%9LIDSSOLFDEOH
0DOHVXEMHFWVPXVWDJUHHWRUHIUDLQIURPVSHUPGRQDWLRQIRUDWOHDVWGD\VDIWHUWKHODVWGRVHRI
/'962) LQWKHDEVHQFHRI5%9RU PRQWKVDIWHUWKHODVWGRVHRI5%9LI DSSOLFDEOH
 3URFHGXUHVWREH)ROORZHGLQWKH(YHQWRI3UHJQDQF\
6XEMHFWVZLOOEHLQVWUXFWHGWRQRWLI\WKH,QYHVWLJDWRULIWKH\EHFRPHSUHJQDQWDWDQ\WLPHGXULQJ
WKHVWXG\RULIWKH\EHFRPHSUHJQDQWZLWKLQGD\VGD\VIRU SDUWQHUVRIPDOHVXEMHFWV RI
ODVW/'962))'&GRVHRUPRQWKVPRQWKVIRUSDUWQHUVRIPDOHVXEMHFWVRIODVW5%9GRVH
LIDSSOLFDEOH 6XEMHFWVZKREHFRPHSUHJQDQWRUZKRVXVSHFWWKDWWKH\DUHSUHJQDQWPXVWUHSRUW
WKHLQIRUPDWLRQWRWKH,QYHVWLJDWRUDQGGLVFRQWLQXHVWXG\GUXJLPPHGLDWHO\6XEMHFWVZKRVH
SDUWQHUKDVEHFRPHSUHJQDQWRUVXVSHFWVVKHLVSUHJQDQWPXVWUHSRUWWKHLQIRUPDWLRQWRWKH
,QYHVWLJDWRU
,QVWUXFWLRQVIRUUHSRUWLQJSUHJQDQF\SDUWQHUSUHJQDQF\DQGSUHJQDQF\RXWFRPHDUHRXWOLQHGLQ
6HFWLRQ