A Phase 1 Study Evaluating the Safety, Tolerability, Pharmacokinetics, Pharmacodynamics, and Efficacy of AMG 211 Administered as Continuous Intravenous Infusion in Subjects With Relapsed/Refractory Gastrointestinal Adenocarcinoma
Phase: PHASE1
Conditions: GI Adenocarcinoma
Sponsor: Amgen

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/
7LWOH$3KDVH6WXG\(YDOXDWLQJWKH6DIHW\7ROHUDELOLW\3KDUPDFRNLQHWLFV
3KDUPDFRG\QDPLFVDQG(IILFDF\RI$0*$GPLQLVWHUHGDV&RQWLQXRXV
,QWUDYHQRXV,QIXVLRQLQ6XEMHFWV:LWK5HODSVHG5HIUDFWRU\*DVWURLQWHVWLQDO
$GHQRFDUFLQRPD
$0*
$PJHQ3URWRFRO1XPEHU$0*
(XGUD&71XPEHU
&OLQLFDO6WXG\6SRQVRU
$PJHQ,QF
2QH$PJHQ&HQWHU'ULYH
7KRXVDQG2DNV&$
3KRQH
.H\6SRQVRU&RQWDFWV
3K'
0HGLFDO6FLHQFHV6HQLRU0DQDJHU
3KRQH
(PDLO

&OLQLFDO6WXG\0DQDJHU
3KRQH
(PDLO
'DWH
$PHQGPHQW'DWH
$PHQGPHQW'DWH
$PHQGPHQW'DWH
0DUFK
-XO\
6HSWHPEHU
0D\
&RQILGHQWLDOLW\1RWLFH
7KLVGRFXPHQWFRQWDLQVFRQILGHQWLDOLQIRUPDWLRQRI$PJHQ,QF
7KLVGRFXPHQWPXVWQRWEHGLVFORVHGWRDQ\RQHRWKHUWKDQWKHVLWHVWXG\VWDIIDQG
PHPEHUVRIWKHLQVWLWXWLRQDOUHYLHZERDUGLQGHSHQGHQWHWKLFVFRPPLWWHHLQVWLWXWLRQDO
VFLHQWLILFUHYLHZERDUGRUHTXLYDOHQW
7KHLQIRUPDWLRQLQWKLVGRFXPHQWFDQQRWEHXVHGIRUDQ\SXUSRVHRWKHUWKDQWKH
HYDOXDWLRQRUFRQGXFWRIWKHFOLQLFDOLQYHVWLJDWLRQZLWKRXWWKHSULRUZULWWHQFRQVHQWRI
$PJHQ,QF
,I\RXKDYHTXHVWLRQVUHJDUGLQJKRZWKLVGRFXPHQWPD\EHXVHGRUVKDUHGFDOOWKH
$PJHQ0HGLFDO,QIRUPDWLRQQXPEHU*HUPDQ\1HWKHUODQGV

1&71XPEHU
7KLV1&7QXPEHUKDVEHHQDSSOLHGWRWKHGRFXPHQW
IRUSXUSRVHVRISRVWLQJRQFOLQLFDOWULDOVJRY
PPD
PPD
PPD
PPD

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


,QYHVWLJDWRU¶V$JUHHPHQW
,KDYHUHDGWKHDWWDFKHGSURWRFROHQWLWOHG³$3KDVH6WXG\(YDOXDWLQJWKH6DIHW\
7ROHUDELOLW\3KDUPDFRNLQHWLFV3KDUPDFRG\QDPLFVDQG(IILFDF\RI$0*
$GPLQLVWHUHGDV&RQWLQXRXV,QWUDYHQRXV,QIXVLRQLQ6XEMHFWVZLWK5HODSVHG5HIUDFWRU\
*DVWURLQWHVWLQDO$GHQRFDUFLQRPD´GDWHG0D\DQGDJUHHWRDELGHE\DOO
SURYLVLRQVVHWIRUWKWKHUHLQ
,DJUHHWRFRPSO\ZLWKWKH,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+7ULSDUWLWH
*XLGHOLQHRQ*RRG&OLQLFDO3UDFWLFH*&3DQGDSSOLFDEOHQDWLRQDORUUHJLRQDO
UHJXODWLRQVJXLGHOLQHV
,DJUHHWRHQVXUHWKDWWKHFRQILGHQWLDOLQIRUPDWLRQFRQWDLQHGLQWKLVGRFXPHQWZLOOQRWEH
XVHGIRUDQ\SXUSRVHRWKHUWKDQWKHHYDOXDWLRQRUFRQGXFWRIWKHFOLQLFDOLQYHVWLJDWLRQ
ZLWKRXWWKHSULRUZULWWHQFRQVHQWRI$PJHQ,QF



6LJQDWXUH


1DPHRI,QYHVWLJDWRU

'DWH''0RQWK<<<<

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


3URWRFRO6\QRSVLV
7LWOH$3KDVH6WXG\(YDOXDWLQJWKH6DIHW\7ROHUDELOLW\3KDUPDFRNLQHWLFV
3KDUPDFRG\QDPLFVDQG(IILFDF\RI$0*$GPLQLVWHUHGDV&RQWLQXRXV,QWUDYHQRXV,QIXVLRQ
LQ6XEMHFWVZLWK5HODSVHG5HIUDFWRU\*DVWURLQWHVWLQDO$GHQRFDUFLQRPD
6WXG\3KDVH
,QGLFDWLRQ5HODSVHGUHIUDFWRU\JDVWURLQWHVWLQDO*,DGHQRFDUFLQRPDVNQRZQWRH[SUHVV
FDUFLQRHPEU\RQLFDQWLJHQ&($
3ULPDU\2EMHFWLYHV
x
(YDOXDWHWKHVDIHW\DQGWROHUDELOLW\RI$0*LQDGXOWVXEMHFWVZLWKUHODSVHGUHIUDFWRU\
*,DGHQRFDUFLQRPDV
x
'HWHUPLQHWKHPD[LPXPWROHUDWHGGRVH07'DQGRUELRORJLFDOO\DFWLYHGRVH
HJUHFRPPHQGHGSKDVHGRVH
6HFRQGDU\2EMHFWLYHV
x
'HVFULEHWKHSKDUPDFRNLQHWLFV3.RI$0*
x
'HWHUPLQHWKHIRUPDWLRQRIDQWL$0*DQWLERGLHV
x
(YDOXDWHWLPHWRSURJUHVVLRQDQGWRHYDOXDWHWKHSURSRUWLRQRIVXEMHFWVSURJUHVVLRQIUHHDW
PRQWKV
x
(YDOXDWHWKHDQWLWXPRUDFWLYLW\RI$0*E\HYDOXDWLQJ
í
7KHQXPEHUDQGSURSRUWLRQRIVXEMHFWVZLWKREMHFWLYHUHVSRQVHDFFRUGLQJWRWKHPRGLILHG
,PPXQHUHODWHG5HVSRQVH&ULWHULDLU5&
í
7KHGXUDWLRQRIUHVSRQVHDQGWLPHWRUHVSRQVH
([SORUDWRU\2EMHFWLYHV
x
(YDOXDWHWKHSURWHLQQXFOHLFDFLGDQGFHOOXODUELRPDUNHUVLQEORRGHJF\WRNLQHV
O\PSKRF\WHVXEVHWVEHIRUHDQGIROORZLQJWUHDWPHQWZLWK$0*
x
(YDOXDWHWKHHIIHFWVRIJHQHWLFYDULDWLRQVLQFDQFHUJHQHV
x
(YDOXDWHPXOWLSOHRWKHUDVSHFWVRIWKHWXPRUDQGWXPRUPLFURHQYLURQPHQWEHIRUHDQG
IROORZLQJWUHDWPHQWZLWK$0*ZKLFKPD\LQFOXGH&($H[SUHVVLRQPDUNHUVRIQHFURVLV
RUDSRSWRVLVDQGSRWHQWLDOFKDQJHVLQWKHQDWXUHDQGQXPEHURIWXPRULQILOWUDWLQJ
O\PSKRF\WHV
+\SRWKHVHV2EMHFWLYHUHVSRQVHVDFFRUGLQJWRPRGLILHGLU5&ZLOOEHREVHUYHGDWGRVHOHYHOV
WKDWDFKLHYHDFFHSWDEOHVDIHW\DQGWROHUDELOLW\
3ULPDU\(QGSRLQW
x
6DIHW\VXEMHFWLQFLGHQFHRIWUHDWPHQWHPHUJHQWDGYHUVHHYHQWV7($(VGRVHOLPLWLQJ
WR[LFLWLHV'/7VDQGFOLQLFDOO\VLJQLILFDQWFKDQJHVLQYLWDOVLJQVHOHFWURFDUGLRJUDPVSK\VLFDO
H[DPLQDWLRQILQGLQJVDQGFOLQLFDOODERUDWRU\WHVWV
6HFRQGDU\(QGSRLQWV
x
3.RI$0*DIWHUFRQWLQXRXVLQWUDYHQRXVF,9LQIXVLRQDFURVVF\FOHV
x
,QFLGHQFHRIDQWL$0*DQWLERG\IRUPDWLRQ
x
7LPHWRSURJUHVVLRQ773
x
PRQWKSURJUHVVLRQIUHHUDWH
x
(IILFDF\SDUDPHWHUVRYHUDOOUHVSRQVHUDWH255SHUPRGLILHGLU5&GXUDWLRQRIUHVSRQVH
WLPHWRUHVSRQVH
([SORUDWRU\(QGSRLQWV
x
&KDQJHVLQPHWK\ODWLRQDQGPXWDWLRQVLQFLUFXODWLQJIUHH'1$SUHVHQWLQSODVPD
x
/\PSKRF\WHFRXQWV7FHOODFWLYDWLRQDQGLPPXQHFKHFNSRLQWUHJXODWRUVWDWXV

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


x
&KDQJHVLQVHUXPF\WRNLQHOHYHOV
x
%LRPDUNHUVDQGPXWDWLRQVLQWXPRUFHOOV
x
&KDQJHVLQFLUFXODWLQJWXPRUFHOOV&7&V
x
6ROXEOH&($VHUXPOHYHOV
6WXG\'HVLJQ7KLVLVDPXOWLFHQWHURSHQODEHOVHTXHQWLDOGRVHHVFDODWLRQVWXG\HYDOXDWLQJ
$0*DVF,9LQIXVLRQLQDGXOWVXEMHFWVZKRKDYHUHODSVHGUHIUDFWRU\*,DGHQRFDUFLQRPD7KLV
VWXG\ZLOOEHFRQGXFWHGLQWZRSDUWV
x
'RVHHVFDODWLRQ
7KHGRVHHVFDODWLRQZLOOGHILQHWKH07'VDIHW\WROHUDELOLW\3.DQGSKDUPDFRG\QDPLFV
3'RI$0*
x
'RVHH[SDQVLRQ
7KHGRVHH[SDQVLRQZLOOHQUROODGGLWLRQDOVXEMHFWVWRJDLQIXUWKHUFOLQLFDOH[SHULHQFHZLWK
$0*
'RVHHVFDODWLRQ
,QGRVHHVFDODWLRQFRKRUWVWKHSODQQHGGRVHOHYHOVDUHDVIROORZV
DQGJGD\$OWHUQDWLYHGRVHOHYHOVXSWRJGZLOOEHH[SORUHGLQHLWKHUWKHGD\
RUGD\VFKHGXOHEDVHGRQHPHUJLQJGDWD6HH6HFWLRQIRUFRPSOHWHLQIRUPDWLRQ
'RVHHVFDODWLRQGHFLVLRQVZLOOFRQVLGHUWKHLQFLGHQFHRI'/7VDPRQJ'/7HYDOXDEOHVXEMHFWV
7KH'/57PD\FRQVLGHUWKHPRGHOLQJRIWKHGRVHHVFDODWLRQFRPSOHWHLIRIWKHIROORZLQJUXOHVLV
PHW
x
7KHKLJKHVWSODQQHGGRVHOHYHOLVHYDOXDWHGDQGQR'/7VRFFXUDWDQ\GRVHOHYHO,QWKLV
FDVHWKHPD[LPXPDGPLQLVWUDWHGGRVHZLOOEHXVHGLQDGRVHH[SDQVLRQFRKRUW
x
7KHWR[LFLW\SUREDELOLW\LQWHUYDO73,%D\HVLDQPRGHOUHFRPPHQGVWKHVDPHGRVHWLPHV
QRWQHFHVVDULO\VHTXHQWLDOO\
x
$WRWDORIDSSUR[LPDWHO\'/7HYDOXDEOHVXEMHFWVKDYHEHHQHQUROOHG
'RVH([SDQVLRQ
$SSUR[LPDWHO\VXEMHFWVZLOOEHHQUROOHGLQWKHGRVHH[SDQVLRQFRKRUWWRJDLQIXUWKHUFOLQLFDO
H[SHULHQFHZLWK$0*2IWKRVHDSSUR[LPDWHO\VXEMHFWVZLOOSDUWLFLSDWHLQDSDUDOOHO
LPDJLQJVWXG\VSRQVRUHGE\WKH8QLYHUVLW\0HGLFDO&HQWHU*URQLQJHQDQGFRQGXFWHGLQWKH
1HWKHUODQGVKHUHDIWHUUHIHUUHGWRDVWKH,PDJLQJ6WXG\0XOWLSOHGRVHOHYHOVZLOOEHHYDOXDWHGLQ
WKHGRVHH[SDQVLRQFRKRUW6XEMHFWVQRWSDUWLFLSDWLQJLQWKH,PDJLQJ6WXG\ZLOOVWDUWHQUROOPHQW
LQWRWKHGRVHH[SDQVLRQFRKRUWXSRQFRPSOHWLRQRIWKHGRVHHVFDODWLRQFRKRUWVDQGZLOOEH
WUHDWHGXVLQJWKH07'RUUHFRPPHQGHGSKDVHGRVH6XEMHFWVFRQFXUUHQWO\SDUWLFLSDWLQJLQWKH
,PDJLQJ6WXG\PD\VWDUWHQUROOPHQWLQWRWKHGRVHH[SDQVLRQFRKRUWZKLOHGRVHHVFDODWLRQFRKRUWV
DUHVWLOORSHQIRUHQUROOPHQW7KHVHVXEMHFWVZLOOEHWUHDWHGDWWKH07'RUUHFRPPHQGHGSKDVH
GRVHRUDWDORZHUGRVH
$ILQDOHVWLPDWHRIWKHUHFRPPHQGHGSKDVHGRVHZLOOEHEDVHGRQWKH73,%D\HVLDQPRGHO
XVLQJDOO'/7HYDOXDEOHVXEMHFWVRIWKHGRVHHVFDODWLRQDQGWKHGRVHH[SDQVLRQFRKRUW
6DPSOH6L]H,WLVDQWLFLSDWHGWKDWDSSUR[LPDWHO\VXEMHFWVZLOOEHHQUROOHGLQWKLVVWXG\
$SSUR[LPDWHO\VXEMHFWVZLOOEHHQUROOHGLQWKHGRVHHVFDODWLRQFRKRUWVDQGDSSUR[LPDWHO\
DGGLWLRQDOVXEMHFWVZLOOEHHQUROOHGLQWKHGRVHH[SDQVLRQFRKRUW7KHVDPSOHVL]HRIWKH
GRVHHVFDODWLRQFRKRUWVLVGHWHUPLQHGHPSLULFDOO\DQGLVFRQVLVWHQWZLWKWKLVW\SHRIVWXG\XVLQJD
PRGLILHG73,%D\HVLDQPRGHOGHVLJQ
6XPPDU\RI6XEMHFW(OLJLELOLW\&ULWHULD0DOHRUIHPDOHVXEMHFWV\HDUVRIDJHDWWKHWLPH
RILQIRUPHGFRQVHQWZKRKDYHSDWKRORJLFDOO\GRFXPHQWHG*,DGHQRFDUFLQRPDLQFOXGLQJEXWQRW
OLPLWHGWRHVRSKDJHDOJDVWULFVPDOOLQWHVWLQHFRORUHFWDORUSDQFUHDWLFFDQFHUVWKDWKDVIDLOHG
VWDQGDUGWUHDWPHQWVRUIRUZKLFKVWDQGDUGFXUDWLYHRUSDOOLDWLYHPHDVXUHVGRQRWH[LVWRUDUHQR
ORQJHUHIIHFWLYHDUHHOLJLEOHIRUWKLVVWXG\6XEMHFWVPXVWKDYHDWOHDVWPHDVXUDEOHWXPRUOHVLRQ

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


SHUWKHPRGLILHGLU5&$SSHQGL['DQGDGHTXDWHKHPDWRORJLFDOUHQDODQGOLYHUIXQFWLRQ)RUD
IXOOOLVWRIHOLJLELOLW\FULWHULDSOHDVHUHIHUWR6HFWLRQDQG6HFWLRQ
,QYHVWLJDWLRQDO3URGXFW
$PJHQ,QYHVWLJDWLRQDO3URGXFW'RVDJHDQG$GPLQLVWUDWLRQ$0*ZLOOEHSUHVHQWHGDVD
VWHULOHVLQJOHXVHO\RSKLOL]HGIRUPXODWLRQIRUF,9LQIXVLRQLQDP/JODVVYLDOFRQWDLQLQJPJ
$0*7KHLQWUDYHQRXV,9EDJSURWHFWDQWZLOOEHSUHVHQWHGDVDVWHULOHOLTXLGLQDPP
JODVVYLDOFRQWDLQLQJP/RI,9EDJSURWHFWDQWLQWHQGHGIRUSUHWUHDWPHQWRI,9EDJVSULRUWR
GLOXWLRQRI$0*GUXJSURGXFW$0*LQIXVLRQIRUVROXWLRQZLOOEHSUHSDUHGLQEDJVIRU,9
LQIXVLRQDQGGHOLYHUHGWKURXJKLQIXVLRQOLQHV7KHLQYHVWLJDWLRQDOSURGXFWZLOOEHDGPLQLVWHUHGDV
DF,9LQIXVLRQ6XEMHFWVZLOOEHKRVSLWDOL]HGRQGD\F\FOHIRUDPLQLPXPRIKRXUVDQGDW
DOOVXEVHTXHQWF\FOHVIRUDPLQLPXPRIKRXUV,IUHTXLUHGIRUORJLVWLFDOUHDVRQVHJORQJWUDYHO
WLPHVVXEMHFWVPD\EHKRVSLWDOL]HGWKHGD\EHIRUHGRVLQJGD\RIDQ\F\FOHDQGDWWKHHQGRI
LQIXVLRQIRUF\FOHIRUUHTXLUHG3.VDPSOHV6XEMHFWVLQWKHDQGGD\VFKHGXOHVZLOOUHFHLYH
$0*IRURUGD\VIROORZHGE\GD\VRIIRUGD\VRIIUHVSHFWLYHO\DGD\F\FOH
6XEMHFWVRQDGD\VFKHGXOHZLOOUHFHLYH$0*IRUGD\VIROORZHGE\GD\VRII
DGD\F\FOH
3URFHGXUHV$IWHUSURYLGLQJLQIRUPHGFRQVHQWHOLJLEOHVXEMHFWVZLOOXQGHUJRWKHIROORZLQJ
DVVHVVPHQWVGXULQJWKLVVWXG\FOLQLFDOHYDOXDWLRQSK\VLFDOH[DPLQDWLRQ.DUQRIVN\3HUIRUPDQFH
6WDWXVKHLJKWDQGZHLJKWYLWDOVLJQVSXOVHR[LPHWU\ODERUDWRU\DVVHVVPHQWVFKHPLVWU\
KHPDWRORJ\LQFOXGLQJFRDJXODWLRQXULQDO\VLVKHSDWLWLVVHURORJ\KXPDQLPPXQRGHILFLHQF\YLUXV
+,9WXPRUPDUNHUVDQGDQWL$0*DQWLERG\UDGLRORJLFDODVVHVVPHQWVWRHYDOXDWHGLVHDVH
DQGUHVSRQVHELRPDUNHUDVVHVVPHQWVDQG3.DVVHVVPHQWV)RUDIXOOOLVWRIVWXG\SURFHGXUHV
LQFOXGLQJWKHWLPLQJRIHDFKSURFHGXUHSOHDVHUHIHUWR6HFWLRQDQGWKH6FKHGXOHVRI
$VVHVVPHQWV7DEOH7DEOHDQG7DEOH
6WDWLVWLFDO&RQVLGHUDWLRQV7KHIROORZLQJGDWDDQDO\VHVDUHSODQQHGGRVHGHFLVLRQ
DQDO\VHVLQWKHGRVHHVFDODWLRQFRKRUWVDIWHUHYHU\'/7HYDOXDEOHVXEMHFWVDVDIHW\UHYLHZ
RIGRVHHVFDODWLRQDIWHUDOOVXEMHFWVLQGRVHHVFDODWLRQKDYHKDGWKHRSSRUWXQLW\WRFRPSOHWH
PRQWKVRIWUHDWPHQWWKHSULPDU\DQDO\VLVDIWHUDOOGRVHHVFDODWLRQDQGGRVHH[SDQVLRQ
VXEMHFWVKDYHFRPSOHWHGPRQWKVRIWUHDWPHQWDQGWKHILQDODQDO\VLVDIWHUDOOVXEMHFWVKDYH
HQGHGWKHVWXG\
7KH'/57LVUHVSRQVLEOHIRUDOOGRVHOHYHOGHFLVLRQVGXULQJGRVHHVFDODWLRQ'RVHGHFLVLRQVDUH
SODQQHGDIWHUHYHU\WRVXEMHFWVDUHHQUROOHGWKURXJKRXWWKHGRVHHVFDODWLRQFRKRUWV7KH
'/57FRQVLGHUVWKHUHFRPPHQGDWLRQIRUVXEVHTXHQWGRVHVEDVHGRQWKHIROORZLQJUXOHV
x
%DVHGRQWKHPRGLILHG73,%D\HVLDQPRGHOWKHQH[WGRVHLVWKHRQHZLWKWKHKLJKHVW
SUREDELOLW\RIWKHWDUJHW73,EXWZLWKDOHVVWKDQSUREDELOLW\RIDQH[FHVVLYH
RUXQDFFHSWDEOH73,
x
,IVXEMHFWKDVD'/7DWDGRVHOHYHOWKHQWKHGRVHHVFDODWLRQFDQQRWRFFXUXQOHVVWKHUH
DUHRUPRUH'/7HYDOXDEOHVXEMHFWVDWWKDWGRVHOHYHO+RZHYHULIDWUDQVLHQW
F\WRNLQHUHOHDVHV\QGURPHLVUHSRUWHGDVWKH'/7EXWUHVROYHVZLWKLQKRXUVDQGFDQEH
PDQDJHGZLWKSURSK\ODFWLFFRUWLFRVWHURLGVWKH'/57PD\GHFLGHWRHVFDODWHWKHGRVHZLWK
WKHLQVWLWXWLRQRISURSK\ODFWLFFRUWLFRVWHURLGDGPLQLVWUDWLRQ
x
7KHPD[LPXPDOORZHGGRVHLQFUHDVHZLOOEHGRVHOHYHODERYHWKHPD[LPXPRISUHYLRXV
HYDOXDWHGGRVHV
x
'RVHHVFDODWLRQFDQEHDFKLHYHGE\HYDOXDWLQJDKLJKHUGRVHOHYHOZLWKWKHVDPHLQIXVLRQ
GXUDWLRQHJJGD\IRUGD\VWRJGD\IRUGD\VRUE\HYDOXDWLQJWKHVDPH
GRVHOHYHOZLWKDSURORQJHGLQIXVLRQGXUDWLRQHJIURPJGD\IRUGD\VWRJGD\
IRUGD\V7KH'/57PD\DOVRGHFLGHWRH[SORUHLQSDUDOOHOERWKRSWLRQVPHQWLRQHGDERYH
DIWHUWKHGRVHHVFDODWLRQGHFLVLRQLVPDGHRUWRSULRULWL]HRQHVFKHGXOH,QWKLVFDVH73,
PRGHOVPD\EHUXQLQSDUDOOHOWRREWDLQGRVHUHFRPPHQGDWLRQVIRUWKHVHVFKHGXOHV
VHSDUDWHO\
x
,QWHUPHGLDWHGRVHOHYHOVQRWSUHVSHFLILHGPD\EHFRQVLGHUHGEDVHGRQWKHRSWLPDOGRVH
UHFRPPHQGHGE\WKH73,PRGHO

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


7KH$PJHQ0HGLFDO0RQLWRURU('/DQG$PJHQ*OREDO6DIHW\2IILFHUFDQPDNHGRVHGHFLVLRQV
ZLWKRXWFRQYHQLQJWKH'/57LQWKHIROORZLQJOLPLWHGFLUFXPVWDQFHV
x
,IDFRKRUWKDVDWOHDVW'/7HYDOXDEOHVXEMHFWVDQGVXEMHFWH[SHULHQFHVD'/7WKHQWKH
$PJHQ0HGLFDO0RQLWRUDQG$PJHQ*OREDO6DIHW\2IILFHUPD\GHFLGHWRH[SDQGWKHQXPEHU
RIVXEMHFWVWUHDWHGLQWKLVFRKRUW
x
7KH$PJHQ0HGLFDO0RQLWRURU('/DQG$PJHQ*OREDO6DIHW\2IILFHUPD\GHFLGHWRRSHQ
WKHQH[WFRKRUWXVLQJDGHHVFDODWHGGRVHGHHVFDODWHGIURPWKHGRVHOHYHORIWKHPRVW
UHFHQWFRKRUWLIWKLVGHHVFDODWHGGRVHKDGEHHQSUHYLRXVO\HYDOXDWHGE\WKH'/57
)RUDIXOOGHVFULSWLRQRIVWDWLVWLFDODQDO\VLVPHWKRGVSOHDVHUHIHUWR6HFWLRQ
6SRQVRU$PJHQ,QF

Product:  AMG 211 
Protocol Number:  20130354 
Date:  10 May 2016 
Page 7 of 113 
CONFIDENTIAL 
 
 
Study Design and Treatment Schema* 
Screening (21 days) 
 
 
 
 
6400 µg/d AMG 211 cIV for 28d all cycles 
 
End of Treatment 
 
End of Study (at least 30d after last dose of AMG 211) 
 
 
6400 µg/d AMG 211 cIV for 14d all cycles 
 
 
 
 
 
3200 µg/d AMG 211 cIV for 28d all cycles 
 
 
 
 
 
 
 
 
3200 µg/d AMG 211 cIV for 14d all cycles 
 
 
 
 
1600 µg/d AMG 211 cIV for 28d all cycles 
 
 
 
 
 
 
 
 
1600 µg/d AMG 211 cIV for 14d all cycles 
 
 
 
 
800 µg/d AMG 211 cIV for 28d all cycles 
 
 
 
 
 
 
 
 
 
800 µg/d AMG 211 cIV for 14d all cycles 
 
 
 
 
 
 
 
 
 
 
 
400 µg/d AMG 211 cIV for 14d all cycles 
 
 
 
 
 
 
 
 
 
 
 
200 µg/d AMG 211 cIV for 14d all cycles 
 
Dose Expansion Cohort 
Will begin at the MTD or lower dose 
n = 39 
 
 
 
 
 
 
200 µg/d AMG 211 cIV for 7d cycle 1 
14d cycle 2 and all subsequent cycles 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AMG 211 7-day & 14-day Schedule 
 7 days cIV dosing followed by 21 days off 
treatment (28-day cycle) cohort 1/cycle 1 only 
 14 days of cIV dosing followed by 14 days off 
treatment (28-day cycle) 
 DLT window is 28 days in all cohorts 
 7 nominal dose levels with potential alternative 
doses 
 The TPI Model may propose a new dose after 
occurrence of the first DLT; decision by DLRT 
 n = 3 to 6 
 
AMG 211 28-day Schedule 
 28 days cIV dosing followed by 14 days off treatment (42-day cycle) 
for cycle 1 
 DLT window is 28 days in all cohorts 
 Expansion to the 28-day schedule will be determined by DLRT 
 The TPI Model may propose a new dose with a 14-day infusion and/or 
a new dose for a 28-day infusion; decision by DLRT 
 Cohorts with 28-day and 14-day schedule can run in parallel or one 
schedule can be prioritized 
 n = 3 to 6 
 
 
 
 
 
 
 
* Depending on the safety data from the 6400 µg/day cohorts, a level of 12800 µg/day can be added, if agreed by the DLRT. The longest schedule allowing highest 
dose intensity (14-day or 28-day infusion) found to be tolerated will be selected for the additional cohort. 
cIV = continuous intravenous; d = day; DLRT = dose level review team; DLT = dose-limiting toxicity; MTD = maximum tolerated dose; TPI = toxicity probability interval 

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


6WXG\*ORVVDU\
$EEUHYLDWLRQRU7HUP 'HILQLWLRQ([SODQDWLRQ
$/3
$ONDOLQHSKRVSKDWDVH
$/7
$ODQLQHDPLQRWUDQVIHUDVH
$1&
$EVROXWHQHXWURSKLOFRXQW
$67
$VSDUWDWHDPLQRWUDQVIHUDVH
$8&
$UHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYH
$8&LQI
$UHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYHIURPWLPH]HURWRLQILQLW\
%L7(£
%LVSHFLILF7FHOOHQJDJHU
%/4
%HORZOLPLWRITXDQWLILFDWLRQ
&KU
3ODVPDFRQFHQWUDWLRQREVHUYHGDIWHUKRXUV
&'
&OXVWHURIGLIIHUHQWLDWLRQ
&($
&DUFLQRHPEU\RQLFDQWLJHQ
&($&$0
&($UHODWHGFHOODGKHVLRQPROHFXOH
&,
&RQILGHQFHLQWHUYDO
F,9
&RQWLQXRXVLQWUDYHQRXV
&/
6\VWHPLFFOHDUDQFH
&PD[
0D[LPXPSODVPDFRQFHQWUDWLRQ
&16
&HQWUDOQHUYRXVV\VWHP
&5&
&56
&RORUHFWDOFDQFHU
&\WRNLQH5HOHDVH6\QGURPH
&VV
6WHDG\VWDWHGUXJFRQFHQWUDWLRQLQSODVPDGXULQJFRQVWDQWUDWHLQIXVLRQ
&7
&RPSXWHGWRPRJUDSK\
&7&$(
&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH(YHQWV
&7&V
&LUFXODWLQJWXPRUFHOOV
'H[
'H[DPHWKDVRQH
',/,
'UXJLQGXFHGOLYHULQMXU\
'/50
'RVH/HYHO5HYLHZ0HHWLQJ
'/57
'RVH/HYHO5HYLHZ7HDP
'/7
'RVHOLPLWLQJWR[LFLW\IRUGHILQLWLRQUHIHUWR6HFWLRQ
'1$
'HR[\ULERQXFOHLFDFLG
(&
RIWKHPD[LPDOHIIHFWLYHFRQFHQWUDWLRQOHYHO
(&
RIWKHPD[LPDOHIIHFWLYHFRQFHQWUDWLRQOHYHO
('&
('/
(OHFWURQLFGDWDFDSWXUH
(DUO\'HYHORSPHQW/HDG
(&*
(OHFWURFDUGLRJUDP
H&5)
(OHFWURQLFFDVHUHSRUWIRUP

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


$EEUHYLDWLRQRU7HUP 'HILQLWLRQ([SODQDWLRQ
(QGRI6WXG\
SULPDU\FRPSOHWLRQ
'HILQHGDVZKHQWKHODVWVXEMHFWLVDVVHVVHGRUUHFHLYHVDQLQWHUYHQWLRQ
IRUWKHSXUSRVHVRIILQDOFROOHFWLRQRIGDWDIRUWKHSULPDU\HQGSRLQWV
(QGRI6WXG\IRU
,QGLYLGXDO6XEMHFW
'HILQHGDVWKHODVWGD\WKDWSURWRFROVSHFLILHGSURFHGXUHVDUHFRQGXFWHG
IRUDQLQGLYLGXDOVXEMHFW
(2,
(QGRILQIXVLRQ
(26
(QGRI6WXG\'HILQHGDVZKHQWKHODVWVXEMHFWLVDVVHVVHGRUUHFHLYHV
DQLQWHUYHQWLRQIRUHYDOXDWLRQLQWKHVWXG\LIWKHVWXG\LQFOXGHVPXOWLSOH
SDUWVHJVDIHW\IROORZXSRUVXUYLYDODVVHVVPHQWWKHHQGRIVWXG\
ZRXOGLQFOXGHWKHVHDGGLWLRQDOSDUWV
(2,3
(QGRI,QYHVWLJDWLRQDO3URGXFW'HILQHGDVWKHODVWDVVHVVPHQWIRUWKH
SURWRFROVSHFLILHGWUHDWPHQWSKDVHRIWKHVWXG\IRUDQLQGLYLGXDOVXEMHFW
(S&$0
(SLWKHOLDOFHOODGKHVLRQPROHFXOH
H6$(
(OHFWURQLFVHULRXVDGYHUVHHYHQWIRUP
),+
)LUVWLQKXPDQ
*&3
*RRG&OLQLFDO3UDFWLFH
*,
*DVWURLQWHVWLQDO
+HDUWUDWH
1XPEHURIFDUGLDFF\FOHVSHUXQLWRIWLPH
+HS%V$J
+HSDWLWLV%VXUIDFHDQWLJHQ
+HS&$E
+HSDWLWLV&YLUXVDQWLERG\
+,9
+XPDQLPPXQRGHILFLHQF\YLUXV
,&)
,QIRUPHGFRQVHQWIRUP
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
,(&
,QGHSHQGHQW(WKLFV&RPPLWWHH
,15
,QWHUQDWLRQDOQRUPDOL]HGUDWLR
,3,0
,QYHVWLJDWLRQDO3URGXFW,QVWUXFWLRQ0DQXDO
,45
,QWHUTXDUWLOHUDQJH
,5%
,QVWLWXWLRQDO5HYLHZ%RDUG
LU&5
,PPXQHUHODWHG&RPSOHWH5HVSRQVH
LU3'
,PPXQHUHODWHG3URJUHVVLYH'LVHDVH
LU35
,PPXQHUHODWHG3DUWLDO5HVSRQVH
LU5&
,PPXQHUHODWHG5HVSRQVH&ULWHULD
LU6'
,PPXQHUHODWHG6WDEOH'LVHDVH
,9
,QWUDYHQRXV
05,
0DJQHWLFUHVRQDQFHLPDJLQJ
07'
0D[LPXPWROHUDWHGGRVH
1$
1RWDYDLODEOH
1'
1RWGRQH
1+/
1RQ+RGJNLQ¶VO\PSKRPD

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


$EEUHYLDWLRQRU7HUP 'HILQLWLRQ([SODQDWLRQ
255
2YHUDOOUHVSRQVHUDWH
3&5
3RO\PHUDVHFKDLQUHDFWLRQ
3'
3KDUPDFRG\QDPLFV
3.
3KDUPDFRNLQHWLFV
35LQWHUYDO
35LQWHUYDOLVPHDVXUHGIURPWKHEHJLQQLQJRIWKH3ZDYHWRWKH
EHJLQQLQJRIWKH456FRPSOH[LQWKHKHDUW
VHOHFWULFDOF\FOHDV
PHDVXUHGE\(&*
4&
(YHU\F\FOHV
456LQWHUYDO
456LQWHUYDOWKHLQWHUYDOEHWZHHQWKH4ZDYHDQGWKH6ZDYHLQWKH
KHDUW
VHOHFWULFDOF\FOHDVPHDVXUHGE\(&*UHSUHVHQWVWKHWLPHLWWDNHV
IRUWKHGHSRODUL]DWLRQRIWKHYHQWULFOHV
47LQWHUYDO
47LQWHUYDOLVDPHDVXUHRIWKHWLPHEHWZHHQWKHVWDUWRIWKH4ZDYHDQG
WKHHQGRIWKH7ZDYHLQWKHKHDUW
VHOHFWULFDOF\FOHDVPHDVXUHGE\
(&*
47FLQWHUYDO 
47LQWHUYDOFRUUHFWHGIRUKHDUWUDWHXVLQJDFFHSWHGPHWKRGRORJ\
51$
5LERQXFOHLFDFLG
55LQWHUYDO
7KHWLPHHODSVHGEHWZHHQFRQVHFXWLYH5ZDYHVDVPHDVXUHGE\(&*
V&($
6ROXEOHFDUFLQRHPEU\RQLFDQWLJHQ
6&5
6FUHHQLQJ
6'
6WDQGDUGGHYLDWLRQ
6RXUFH'DWD
,QIRUPDWLRQIURPDQRULJLQDOUHFRUGRUFHUWLILHGFRS\RIWKHRULJLQDOUHFRUG
FRQWDLQLQJLQIRUPDWLRQIRUXVHLQFOLQLFDOUHVHDUFK7KHLQIRUPDWLRQPD\
LQFOXGHEXWLVQRWOLPLWHGWRFOLQLFDOILQGLQJVREVHUYDWLRQVRURWKHU
DFWLYLWLHVLQDFOLQLFDOWULDOQHFHVVDU\IRUWKHUHFRQVWUXFWLRQDQGHYDOXDWLRQ
RIWKHWULDO6RXUFHGDWDDUHFRQWDLQHGLQVRXUFHGRFXPHQWVRULJLQDO
UHFRUGVRUFHUWLILHGFRSLHV,&+*XLGHOLQH>(@([DPSOHVRIVRXUFH
GDWDLQFOXGH6XEMHFWLGHQWLILFDWLRQ5DQGRPL]DWLRQLGHQWLILFDWLRQDQG
6WUDWLILFDWLRQ9DOXH
63'
6XPRIWKHSURGXFWVRIWKHORQJHVWSHUSHQGLFXODUGLDPHWHUV
6WXG\GD\
'HILQHGDVWKHILUVWGD\WKDWSURWRFROVSHFLILHGLQYHVWLJDWLRQDO
SURGXFWVSURWRFROUHTXLUHGWKHUDSLHVLVDUHDGPLQLVWHUHGWRWKHVXEMHFW
W
7HUPLQDOSKDVHHOLPLQDWLRQKDOIOLIH
7%/
7($(V
7RWDOELOLUXELQ
7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV
7K
7KHOSHU
73,
7R[LFLW\SUREDELOLW\LQWHUYDO
7UHJ
773
5HJXODWRU\7FHOOV
7LPHWRSURJUHVVLRQ
8(
8QDEOHWRHYDOXDWH
8/1
8SSHUOLPLWRIQRUPDO
9VV
$SSDUHQWYROXPHRIGLVWULEXWLRQDWVWHDG\VWDWH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


$EEUHYLDWLRQRU7HUP 'HILQLWLRQ([SODQDWLRQ
:%&
:KLWHEORRGFHOO
:+2
:RUOG+HDOWK2UJDQL]DWLRQ

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


7$%/(2)&217(176
3URWRFRO6\QRSVLV 
6WXG\'HVLJQDQG7UHDWPHQW6FKHPD 
6WXG\*ORVVDU\ 
 
2%-(&7,9(6 
 
3ULPDU\ 
 
6HFRQGDU\ 
 
([SORUDWRU\ 
 
%$&.*5281'$1'5$7,21$/( 
 
'LVHDVH 
 
$PJHQ,QYHVWLJDWLRQDO3URGXFW%DFNJURXQG 
 
1RQFOLQLFDO3KDUPDFRORJ\ 
 
1RQFOLQLFDO7R[LFRORJ\ 
 
&OLQLFDO3KDUPDFRNLQHWLFV 
 
&OLQLFDO'DWD)URP)LUVWLQ+XPDQ6WXG\:LWK
0(',$0* 
 
'RVLQJ([SHULHQFH:LWK2WKHU%L7(£$QWLERGLHV 
 
5LVN$VVHVVPHQW 
 
5DWLRQDOH 
 
&OLQLFDO+\SRWKHVHV 
 
(;3(5,0(17$/3/$1 
 
6WXG\'HVLJQ 
 
1XPEHURI6LWHV 
 
1XPEHURI6XEMHFWV 
 
5HSODFHPHQWRI6XEMHFWV 
 
(VWLPDWHG6WXG\'XUDWLRQ 
 
6WXG\'XUDWLRQIRU6XEMHFWV 
 
(QGRI6WXG\ 
 
68%-(&7(/,*,%,/,7< 
 
,QFOXVLRQ&ULWHULD 
 
([FOXVLRQ&ULWHULD 
 
68%-(&7(152//0(17 
 
7UHDWPHQW$VVLJQPHQW 
 
75($70(17352&('85(6 
 
&ODVVLILFDWLRQRI3URGXFWVDQGRU0HGLFDO'HYLFHV 
 
,QYHVWLJDWLRQDO3URGXFW 
 
$PJHQ,QYHVWLJDWLRQDO3URGXFW$0*DQG,9%DJ
3URWHFWDQW 

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


 
'RVDJH$GPLQLVWUDWLRQDQG6FKHGXOH 
 
$0*2XWSDWLHQW'RVLQJ 
 
'RVHFRKRUW6WXG\(VFDODWLRQDQG
6WRSSLQJ5XOHV'RVHOLPLWLQJ7R[LFLWLHV
'/7 
 
'RVDJH$GMXVWPHQWV'HOD\V5XOHVIRU
:LWKKROGLQJRU5HVWDUWLQJ3HUPDQHQW
'LVFRQWLQXDWLRQ 
 
2WKHU3URWRFROUHTXLUHG7KHUDSLHV 
 
+HSDWRWR[LFLW\6WRSSLQJDQG5HFKDOOHQJH5XOHV 
 
&ULWHULDIRU3HUPDQHQW:LWKKROGLQJRI$PJHQ
,QYHVWLJDWLRQDO3URGXFWGXHWR3RWHQWLDO+HSDWRWR[LFLW\ 
 
&ULWHULDIRU&RQGLWLRQDO:LWKKROGLQJRI$PJHQ
,QYHVWLJDWLRQDO3URGXFWGXHWR3RWHQWLDO+HSDWRWR[LFLW\ 
 
&ULWHULDIRU5HFKDOOHQJHRI$PJHQ,QYHVWLJDWLRQDO
3URGXFW$IWHU3RWHQWLDO+HSDWRWR[LFLW\ 
 
&RQFRPLWDQW7KHUDS\ 
 
0HGLFDO'HYLFHV 
 
([FOXGHG7UHDWPHQWVDQGRU3URFHGXUHV'XULQJ6WXG\3HULRG 
 
3URGXFW&RPSODLQWV 
 
678'<352&('85(6 
 
6FKHGXOHRI$VVHVVPHQWV 
 
*HQHUDO6WXG\3URFHGXUHV 
 
6FUHHQLQJ 
 
7UHDWPHQW 
 
(QGRI,QYHVWLJDWLRQDO3URGXFW(2,3 
 
(QGRI6WXG\(269LVLW 
 
'HVFULSWLRQRI6WXG\3URFHGXUHV 
 
,QIRUPHG&RQVHQW 
 
'HPRJUDSKLF'DWD 
 
0HGLFDO+LVWRU\&XUUHQW0DOLJQDQF\DQG3ULRU
7KHUDS\ 
 
&RQFRPLWDQW0HGLFDWLRQV 
 
&OLQLFDO(YDOXDWLRQ 
 
3K\VLFDO([DPLQDWLRQ 
 
.DUQRIVN\3HUIRUPDQFH6WDWXV 
 
+HLJKW0HDVXUHPHQWV 
 
:HLJKW0HDVXUHPHQWV 
 
5DGLRORJLFDO$VVHVVPHQW 
 
$UFKLYHG7XPRU7LVVXH6DPSOHV 
 
7XPRU%LRSV\ 
 
9LWDO6LJQV 
 
3XOVH2[LPHWU\ 
 
(OHFWURFDUGLRJUDP3HUIRUPHGLQ7ULSOLFDWH 

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


 
&OLQLFDO/DERUDWRU\7HVWV 
 
6HUXP3UHJQDQF\7HVW 
 
$GYHUVH(YHQWV 
 
3KDUPDFRNLQHWLF%ORRG6DPSOLQJ 
 
$QWLERG\7HVWLQJ3URFHGXUHV 
 
%LRPDUNHU'HYHORSPHQW 
 
3KDUPDFRJHQHWLF6WXGLHV 
 
6DPSOH6WRUDJHDQG'HVWUXFWLRQ 
 
:,7+'5$:$/)52075($70(17352&('85(6$1'678'< 
 
6XEMHFWV¶'HFLVLRQWR:LWKGUDZ 
 
,QYHVWLJDWRURU6SRQVRU'HFLVLRQWR:LWKGUDZRU7HUPLQDWH
6XEMHFWV¶3DUWLFLSDWLRQ3ULRUWR6WXG\&RPSOHWLRQ 
 
5HDVRQVIRU5HPRYDO)URP7UHDWPHQWRU6WXG\ 
 
5HDVRQVIRU5HPRYDO)URP7UHDWPHQW 
 
5HDVRQVIRU5HPRYDO)URP6WXG\ 
 
6$)(7<'$7$&2//(&7,215(&25',1*$1'5(3257,1* 
 
$GYHUVH(YHQWV 
 
'HILQLWLRQRI$GYHUVH(YHQWV 
 
'HILQLWLRQRI6HULRXV$GYHUVH(YHQWV 
 
5HSRUWLQJRI$GYHUVH(YHQWV 
 
5HSRUWLQJ3URFHGXUHVIRU$GYHUVH(YHQWV7KDWGRQRW
0HHW6HULRXV&ULWHULD 
 
5HSRUWLQJ3URFHGXUHVIRU6HULRXV$GYHUVH(YHQWV 
 
3UHJQDQF\DQG/DFWDWLRQ5HSRUWLQJ 
 
67$7,67,&$/&216,'(5$7,216 
 
6WXG\(QGSRLQWV$QDO\VLV6HWVDQG&RYDULDWHV 
 
6WXG\(QGSRLQWV 
 
$QDO\VLV6HWV 
 
&RYDULDWHVDQG6XEJURXSV 
 
6DPSOH6L]H&RQVLGHUDWLRQV 
 
3ODQQHG$QDO\VHV 
 
,QWHULP$QDO\VHV 
 
'RVH/HYHO5HYLHZ7HDP
 
6DIHW\5HYLHZ 
 
3ULPDU\$QDO\VLV 
 
7KH3ULPDU\$QDO\VLVLV3ODQQHG$IWHUDOO
'RVHHVFDODWLRQDQG'RVHH[SDQVLRQ6XEMHFWV+DYH
KDGWKH2SSRUWXQLW\WR&RPSOHWH0RQWKVRI
7UHDWPHQW)LQDO$QDO\VLV 
 
3ODQQHG0HWKRGVRI$QDO\VLV 
 
*HQHUDO&RQVLGHUDWLRQV 
 
3ULPDU\(QGSRLQW 

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


 
6DIHW\(QGSRLQWV 
 
6HFRQGDU\(QGSRLQWV 
 
3KDUPDFRNLQHWLFV'DWD$QDO\VLV 
 
,PPXQRJHQLFLW\$QDO\VLV 
 
(IILFDF\3DUDPHWHU$QDO\VLV 
 
([SORUDWRU\%LRPDUNHUVDQG3KDUPDFRG\QDPLFV 
 
5(*8/$725<2%/,*$7,216 
 
,QIRUPHG&RQVHQW 
 
,QVWLWXWLRQDO5HYLHZ%RDUG,QGHSHQGHQW(WKLFV&RPPLWWHH 
 
6XEMHFW&RQILGHQWLDOLW\ 
 
,QYHVWLJDWRU6LJQDWRU\2EOLJDWLRQV 
 
$'0,1,675$7,9($1'/(*$/2%/,*$7,216 
 
3URWRFRO$PHQGPHQWVDQG6WXG\7HUPLQDWLRQ 
 
6WXG\'RFXPHQWDWLRQDQG$UFKLYH 
 
6WXG\0RQLWRULQJDQG'DWD&ROOHFWLRQ 
 
,QYHVWLJDWRU5HVSRQVLELOLWLHVIRU'DWD&ROOHFWLRQ 
 
/DQJXDJH 
 
3XEOLFDWLRQ3ROLF\ 
 
&RPSHQVDWLRQ 
 
5()(5(1&(6 
 
$33(1',&(6 

/LVWRI7DEOHV
7DEOH3KDUPDFRNLQHWLF3DUDPHWHUVIRU0(',$0*$IWHU)LUVW
'RVH
 

7DEOH3UHGLFWHG0HDQ([SRVXUHWR$0*$IWHUF,9,QIXVLRQ'RVLQJRI
WRJGD\IRU'D\V8VLQJ$YHUDJH&OHDUDQFHRI
/KU
 

7DEOH6WXG\'HVLJQ2YHUYLHZ
 

7DEOH+HPDWRORJLFDO&ULWHULDIRU'RVH5HGXFWLRQ
 

7DEOH1RQKHPDWRORJLFDO&ULWHULDIRU'RVH5HGXFWLRQ
 

7DEOH6FKHGXOHRI$VVHVVPHQWV&RKRUWGD\,QIXVLRQ&\FOHDQG
GD\,QIXVLRQIRUDOO6XEVHTXHQW&\FOHV
 

7DEOH6FKHGXOHRI$VVHVVPHQWV&RKRUWVWRGD\,QIXVLRQIRUDOO
&\FOHV
7DEOH6FKHGXOHRI$VVHVVPHQWV±GD\,QIXVLRQIRUDOO&\FOHV
 

7DEOH/LVWRI$QDO\WHV
 



3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


/LVWRI)LJXUHV
)LJXUH0HDQ0(',$0*6HUXP&RQFHQWUDWLRQV)ROORZLQJ
5HSHDWHG,QWUDYHQRXV,QIXVLRQVLQ3DWLHQWV:LWK
*DVWURLQWHVWLQDO$GHQRFDUFLQRPDV
 

)LJXUH3UHGLFWHG0HDQ3.3URILOHVRI$0*$IWHUF,9,QIXVLRQ'RVLQJ
RIWRJGD\IRU'D\V8VLQJ2QHFRPSDUWPHQW
0RGHO:LWK$YHUDJH&OHDUDQFHDQG9ROXPHRI'LVWULEXWLRQRI
/KUDQG/5HVSHFWLYHO\
 


/LVWRI$SSHQGLFHV
$SSHQGL[$$GGLWLRQDO6DIHW\$VVHVVPHQW,QIRUPDWLRQ
 

$SSHQGL[%(OHFWURQLF6HULRXV$GYHUVH(YHQW&RQWLQJHQF\)RUP
 

$SSHQGL[&3UHJQDQF\DQG/DFWDWLRQ1RWLILFDWLRQ:RUNVKHHWV
 

$SSHQGL['0RGLILHG,PPXQH5HODWHG5HVSRQVH&ULWHULDLU5&
 

$SSHQGL[(7R[LFLW\3UREDELOLW\,QWHUYDO73,%D\HVLDQ'HVLJQ
 

$SSHQGL[).DUQRIVN\3HUIRUPDQFH6WDWXVDQG'HILQLWLRQV
 

$SSHQGL[*1HZ<RUN+HDUW$VVRFLDWLRQ)XQFWLRQDO&ODVVLILFDWLRQ
 



3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



2%-(&7,9(6

3ULPDU\
7KHSULPDU\REMHFWLYHVRIWKLVVWXG\DUHWR
x
(YDOXDWHWKHVDIHW\DQGWROHUDELOLW\RI$0*LQDGXOWVXEMHFWVZLWK
UHODSVHGUHIUDFWRU\JDVWURLQWHVWLQDO*,DGHQRFDUFLQRPDV
x
'HWHUPLQHWKHPD[LPXPWROHUDWHGGRVH07'DQGRUELRORJLFDOO\DFWLYHGRVH
HJUHFRPPHQGHGSKDVHGRVH

6HFRQGDU\
7KHVHFRQGDU\REMHFWLYHVRIWKLVVWXG\DUHWR
x
'HVFULEHWKHSKDUPDFRNLQHWLFV3.RI$0*
x
'HWHUPLQHWKHIRUPDWLRQRIDQWL$0*DQWLERGLHV
x
(YDOXDWHWLPHWRSURJUHVVLRQ773DQGHYDOXDWHWKHSURSRUWLRQRIVXEMHFWV
SURJUHVVLRQIUHHDWPRQWKV(YDOXDWHWKHDQWLWXPRUDFWLYLW\RI$0*E\
HYDOXDWLQJ
í 7KHQXPEHUDQGSURSRUWLRQRIVXEMHFWVZLWKREMHFWLYHUHVSRQVHDFFRUGLQJWRWKH
PRGLILHG,PPXQHUHODWHG5HVSRQVH&ULWHULDLU5&
í 7KHGXUDWLRQRIUHVSRQVHDQGWLPHWRUHVSRQVH

([SORUDWRU\
7KHH[SORUDWRU\REMHFWLYHVRIWKLVVWXG\DUHWR
x
(YDOXDWHWKHSURWHLQQXFOHLFDFLGDQGFHOOXODUELRPDUNHUVLQEORRGHJF\WRNLQHV
O\PSKRF\WHVXEVHWVEHIRUHDQGIROORZLQJWUHDWPHQWZLWK$0*
x
(YDOXDWHWKHHIIHFWVRIJHQHWLFYDULDWLRQVLQFDQFHUJHQHV
x
(YDOXDWHPXOWLSOHRWKHUDVSHFWVRIWKHWXPRUDQGWXPRUPLFURHQYLURQPHQWEHIRUHDQG
IROORZLQJWUHDWPHQWZLWK$0*ZKLFKPD\LQFOXGHFDUFLQRHPEU\RQLFDQWLJHQ
&($H[SUHVVLRQPDUNHUVRIQHFURVLVRUDSRSWRVLVDQGSRWHQWLDOFKDQJHVLQWKH
QDWXUHDQGQXPEHURIWXPRULQILOWUDWLQJO\PSKRF\WHV

%$&.*5281'$1'5$7,21$/(

'LVHDVH
&($LVDJO\FRV\ODWHGKXPDQRQFRIHWDODQWLJHQWKDWEHORQJVWRWKH&($UHODWHGFHOO
DGKHVLRQPROHFXOH&($&$0IDPLO\RIWKHLPPXQRJOREXOLQJHQHVXSHUIDPLO\:LWKLQ
WKLVVXSHUIDPLO\&($LVGHILQHGDV&($&$0EXW&($LVWKHPRUHFRPPRQO\XVHG
DEEUHYLDWLRQ7KLVJHQHLVDOVRGHVLJQDWHGLQFOXVWHURIGLIIHUHQWLDWLRQ&'
QRPHQFODWXUHDV&'H&($&$0LVFORVHO\UHODWHGWR&($&$0&($&$0
&($&$0&($&$0&($&$0DQG&($&$0&($KDVEHHQVXJJHVWHGWR
PHGLDWHKRPRSKLOLFDQGKHWHURSKLOLFFHOOWRFHOODGKHVLRQIDFLOLWDWHEDFWHULDOFRORQL]DWLRQ
RIWKHLQWHVWLQHDQGSURWHFWWKHFRORQIURPPLFURELDOLQIHFWLRQE\ELQGLQJDQGWUDSSLQJ

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


LQIHFWLRXVPLFURRUJDQLVPV0RUHRYHU&($DWWULEXWHVWRVLJQDOWUDQVGXFWLRQDQG
LQWHUDFWLRQZLWKSURWRRQFRJHQHVLQUHJXODWLRQRISUROLIHUDWLRQDQGFHOOXODUWUDQVIRUPDWLRQ
+DPPDUVWU|P
,QQRUPDODGXOWWLVVXH&($H[SUHVVLRQFDQPDLQO\EHIRXQGRQWKHDSLFDOERUGHURI
FROXPQDUHSLWKHOLDOFHOOVRIWKHFRORQVPDOOLQWHVWLQHVWRPDFKSDQFUHDWLFGXFWV
VHFUHWRU\FHOOVRIVZHDWJODQGVDVZHOODVWKHVTXDPRXVHSLWKHOLDOFHOOVRIWKHXWHULQH
FHUYL[HVRSKDJXVDQGWRQJXHDQGLQWKHXURHSLWKHOLXP&($LVDPHPEUDQH
FRPSRQHQWRIDGHQRFDUFLQRPDRIWKH*,WUDFWDQGZDVRQHRIWKHILUVWLGHQWLILHGWXPRU
DVVRFLDWHGDQWLJHQV*ROGDQG*ROGHQEHUJ,WVH[SUHVVLRQLVXSUHJXODWHGLQ
PDQ\W\SHVRIFDUFLQRPD&($LVH[SUHVVHGLQHSLWKHOLDOFHOOPHPEUDQHVDQGWRVPDOOHU
DPRXQWVLQWKHF\WRSODVPRIWKHFHOOVLQDOPRVWDOOFDVHVRIFRORUHFWDODGHQRFDUFLQRPD
DQGLQDKLJKSURSRUWLRQRIDGHQRFDUFLQRPDVRIWKHVDOLYDU\JODQGVHVRSKDJXV
VWRPDFKELOLDU\WUDFWSDQFUHDVDQGVPDOOLQWHVWLQH=KHQJHWDO
9UDELHHWDO6DQGHUVHWDO
&XUUHQWWUHDWPHQWIRUSDWLHQWVZLWKDGYDQFHGDGHQRFDUFLQRPDVRIWKH*,WUDFWLVUDUHO\
FXUDWLYHDIWHUWKHGLVHDVHKDVDGYDQFHGDQGPHWDVWDVL]HGDQGVXUYLYDOLVXVXDOO\OLPLWHG
WRDIHZPRQWKVRU\HDUV:XDQG6XQJ7KHVHSDWLHQWVKDYHDPDMRUXQPHW
PHGLFDOQHHGDQGXUJHQWO\UHTXLUHQHZWUHDWPHQWRSWLRQV3DQFUHDWLFFDQFHUFRORUHFWDO
FDQFHU&5&JDVWULFDQGJDVWURHVRSKDJHDOFDQFHUFRPSULVHDKLJKSUHYDOHQFHRI
&($H[SUHVVLRQRI!GHVFULEHGLQUHVSHFWLYHWXPRUVDPSOHV3HQJHWDO
DFFRXQWLQJIRUWKHSRSXODWLRQRIWKLVVWXG\,QWHUHVWLQJO\GLIIHUHQFHVLQ7FHOOLQILOWUDWLRQ
KDYHEHHQUHSRUWHGLQWKHVHWXPRUW\SHV3DWLHQWVZLWK&5&KDYHUHODWLYHO\KLJKOHYHOV
RILQILOWUDWLRQZLWKDIDYRUDEOHSURJQRVLVDVVRFLDWHGZLWKWKLVIHDWXUHLQGHSHQGHQWRI
WXPRUVWDJH*DORQHWDOZKHUHDVSDWLHQWVZLWKSDQFUHDWLFFDQFHUGHPRQVWUDWH
UHGXFHGOHYHOVRIFLUFXODWLQJO\PSKRF\WHVFRPSDUHGWRKHDOWK\FRQWUROV
)RJDUHWDODQGORZHUOHYHOVRILQILOWUDWLRQLQDKLJKO\LPPXQRVXSSUHVVLYH
HQYLURQPHQWYRQ%HUQVWRUIIHWDO,QJDVWULFFDQFHU7KHOSHU7KFHOOVDV
ZHOODVUHJXODWRU\7FHOOV7UHJKDYHEHHQUHSRUWHGWRDFFXPXODWHLQWKHWXPRU
PLFURHQYLURQPHQWLQHDUO\VWDJHGLVHDVH7KFHOOLQILOWUDWLRQJUDGXDOO\GHFUHDVHGZLWK
GLVHDVHSURJUHVVLRQZKLOH7UHJVLQFUHDVHG0DUX\DPDHWDO7KLVPD\EH
LPSRUWDQWEHFDXVH7FHOOLQILOWUDWLRQPD\SOD\DUROHLQWKHDFWLYLW\RI$0*UHVXOWLQJ
LQGLVWLQFWDQWLWXPRUDFWLYLW\GHSHQGLQJRQLQGLFDWLRQ

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



$PJHQ,QYHVWLJDWLRQDO3URGXFW%DFNJURXQG
$0*LVDQRYHOELVSHFLILFVLQJOHFKDLQDQWLERG\RIWKHELVSHFLILF7FHOOHQJDJHU
%L7(£FODVVWKDWWDUJHWVKXPDQ&($DQWLJHQ&'HRQWXPRUFHOOVDQGWKH&'
HSVLORQİVXEXQLWRIWKHKXPDQ7FHOOUHFHSWRUFRPSOH[SUHVHQWRQ7FHOOV$0*LV
DOVRUHIHUUHGWRDV0(',DQG077KHSKDUPDFRORJLFDODFWLRQRI%L7(£
DQWLERGLHVLVEDVHGRQWKHLUDELOLW\WRPHGLDWH7FHOOO\VLVRIWDUJHWH[SUHVVLQJFHOOV
7KHELQGLQJRI$0*WR&($DQG&'UHVXOWVLQVSHFLILFDQGVHOHFWLYH
7FHOOPHGLDWHGNLOOLQJRIFDQFHURXVFHOOVH[SUHVVLQJ&($+RZHYHU$0*
HIIHFWLYHO\PHGLDWHVWKHNLOOLQJRIFDQFHUFHOOVRQO\LILWELQGVFRQFXUUHQWO\WR&($RQD
WXPRUFHOODQGWR&'RQD7FHOO

1RQFOLQLFDO3KDUPDFRORJ\
$0*VSHFLILFDOO\DQGVHOHFWLYHO\ELQGVKXPDQ&($DQGFURVVUHDFWVZLWK
FKLPSDQ]HHDQGF\QRPROJXVPRQNH\&($7KH%L7(£DQWLERG\ELQGVZLWKORZHUDIILQLW\
WRKXPDQ&'WKDQWRKXPDQ&($DQGFURVVUHDFWVZLWKFKLPSDQ]HH&'EXWQRWZLWK
F\QRPROJXVPRQNH\DQGPRXVH&'
7KHWKHUDSHXWLFDFWLRQRIWKHDQWL&($%L7(£ DQWLERG\LVPHGLDWHGE\WKHVSHFLILF
UHGLUHFWLRQRIF\WRWR[LF7O\PSKRF\WHVWRNLOO&($SRVLWLYHWXPRUFHOO&RQFRPLWDQW
ELQGLQJRI$0*WR&($DQG&'RYHUDZLGHUDQJHRIHIIHFWRUWRWDUJHWFHOOUDWLRV
OHGWRWKHDFWLYDWLRQRISULPDULO\&'7FHOOVDQGWKHVXEVHTXHQWUHGLUHFWHGO\VLVRI&($
H[SUHVVLQJFHOOV,QYLWURF\WRWR[LFLW\DVVD\VUHYHDOHGWKDWDFWLYDWLRQRI7FHOOVE\
$0*ZDVVSHFLILFDQGVHOHFWLYHDQGUHVXOWHGLQD7FHOOSUROLIHUDWLRQLQFUHDVHGFHOO
VXUIDFHH[SUHVVLRQRIDFWLYDWLRQPDUNHUVDQGUHOHDVHRISURLQIODPPDWRU\F\WRNLQHV
SHUIRULQDQGJUDQ]\PH%,PSRUWDQWO\$0*GLGQRWLQGXFHWKHDFWLYDWLRQ
SUROLIHUDWLRQDQGF\WRNLQHUHOHDVHRI7FHOOVLQWKHSUHVHQFHRIFHOOVODFNLQJH[SUHVVLRQ
RI&($
$0*PRQRWKHUDS\VLJQLILFDQWO\LQKLELWHGWXPRUJURZWKLQDYDULHW\RILQYLYR
[HQRJUDIWPRGHOV7KHDQWLWXPRUHIIHFWRI$0*UHTXLUHVWKHDGGLWLRQRIKXPDQ
7FHOOVWRLPPXQRFRPSURPLVHGPLFHXVHGLQWKHLQYLYRHIILFDF\VWXGLHV)RUWKHWXPRU
IRUPDWLRQPRGHOVKXPDQHIIHFWRUDQGWXPRUFHOOVZHUHPL[HGSULRUWRVXEFXWDQHRXV
LQMHFWLRQ$0*WUHDWPHQWLQKLELWHGWKHWXPRUIRUPDWLRQRIFHOOOLQHVHVWDEOLVKHGIURP
FRORQLFSDQFUHDWLFOXQJDQGVWRPDFKWXPRUV
$0*WUHDWPHQWVWDUWHGLPPHGLDWHO\DQGRUGD\VDIWHUFDQFHUFHOOLQMHFWLRQ
IROORZHGE\DGGLWLRQDOFRQVHFXWLYHGDLO\GRVHV7XPRUJURZWKLQKLELWLRQZDV

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


GHSHQGHQWRQWKHSUHVHQFHRI7FHOOVUHTXLUHGWKHH[SUHVVLRQRI&($RQFDQFHUFHOOV
DQGZDVGHSHQGHQWRQWKHGDLO\UHFDSLWXODWLRQRIWUHDWPHQWDVZHOODVRQLWVGXUDWLRQ
'HWDLOHGLQIRUPDWLRQDERXWWKHQRQFOLQLFDOSKDUPDFRORJ\FDQEHIRXQGLQWKHFXUUHQW
YHUVLRQRIWKH0(',$0*,QYHVWLJDWRU%URFKXUH

1RQFOLQLFDO7R[LFRORJ\
$0*LVKLJKO\VSHFLHVVSHFLILFFURVVUHDFWLQJRQO\ZLWKKXPDQDQGFKLPSDQ]HH
&'&\QRPROJXVPRQNH\DQGPRXVHFURVVUHDFWLYHVXUURJDWHFRQVWUXFWVZHUH
KDPSHUHGE\QRQVSHFLILFDFWLYLW\DQGGLIIHUHQWIXQFWLRQDOFKDUDFWHULVWLFVIURP$0*
UHQGHULQJWKHPQRQLQIRUPDWLYHIRUWKHSHUIRUPDQFHRIQRQFOLQLFDOWR[LFRORJ\VWXGLHV
6LQFHQRSKDUPDFRORJLFDOUHOHYDQWDQLPDOPRGHOH[LVWVIRULQYLYRWR[LFLW\WHVWLQJRI
$0*WKHRQO\UHOHYDQWVDIHW\GDWDDUHWKRVHREWDLQHGE\0HG,PPXQHLQWKH
RQJRLQJ0,&31&7ILUVWLQKXPDQ),+VWXG\6HFWLRQ
'HWDLOHGLQIRUPDWLRQDERXWWKHQRQFOLQLFDOWR[LFRORJ\DQGWKHVDIHW\VWUDWHJ\IRU
$0*FDQEHIRXQGLQWKH,QYHVWLJDWRU%URFKXUH

&OLQLFDO3KDUPDFRNLQHWLFV
7KH3.RI$0*0(',ZDVHYDOXDWHGLQ6WXG\0,&3$0*ZDV
DGPLQLVWHUHGE\LQWUDYHQRXV,9LQIXVLRQRYHUKRXUVSHUGD\IRUFRQVHFXWLYHGD\V
LHGD\VWKURXJKHYHU\GD\VGHILQHGDVF\FOH3.GDWDDQDO\VHVZHUH
FRQGXFWHGIRUDOOFRKRUWV3.IRUFRKRUWVDWWKHPJDQGPJGRVHVZHUHDQDO\]HG
ZLWKDQGZLWKRXWGH[DPHWKDVRQH6HUXP$0*FRQFHQWUDWLRQVYHUVXVWLPHSURILOHV
DUHVKRZQLQ)LJXUH3KDUPDFRNLQHWLFSDUDPHWHUVHVWLPDWHGE\QRQFRPSDUWPHQWDO
PHWKRGVDUHVKRZQLQ7DEOH)ROORZLQJ,9LQIXVLRQWKHSHDNVHUXPFRQFHQWUDWLRQVRI
$0*LQFUHDVHGDSSUR[LPDWHO\GRVHSURSRUWLRQDOO\IURPJP/DWWKHJ
GRVHOHYHOWRQJP/DWWKHPJGRVHOHYHO$0*FRQFHQWUDWLRQVGHFUHDVHG
UDSLGO\DIWHUWKHHQGRILQIXVLRQ(2,ZLWKDVKRUWWHUPLQDOHOLPLQDWLRQSKDVHKDOIOLIHRI
WRKRXUV&OHDUDQFHDIWHUWKHILUVWGRVHUDQJHGIURPWR/GD\YROXPHRI
GLVWULEXWLRQUDQJHGIURPWR/DQGKDOIOLIHUDQJHGIURPWRKRXUV$WWKHKLJKHVW
GRVHWHVWHGPJPHDQPD[LPXPSODVPDFRQFHQWUDWLRQ&PD[DWWKH(2,ZDV
QJP/ZKLFKGHFUHDVHGWRJP/ZLWKLQKRXUV7KHUHZDVQRQRWDEOH
DFFXPXODWLRQEHWZHHQGRVHVZLWKLQDF\FOHDQGWKH3.ZDVVLPLODUDFURVVF\FOHVIRUD
JLYHQGRVH7URXJKFRQFHQWUDWLRQVDWKRXUVSRVWGRVHZHUHEHORZWKHOLPLWRI
TXDQWLILFDWLRQ%/4LQVXEMHFWVUHFHLYLQJGRVHVRIDQGȝJ
VHH7DEOH$0*3.ZDVFRPSDUDEOHDWPJDQGPJGRVHOHYHOZLWKRU

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


ZLWKRXWGH[DPHWKDVRQHFRDGPLQLVWUDWLRQLQGLFDWLQJGH[DPHWKDVRQHKDGQRHIIHFWRQ
$0*3.VHH7DEOH
)LJXUH0HDQ0(',$0*6HUXP&RQFHQWUDWLRQV)ROORZLQJ5HSHDWHG
,QWUDYHQRXV,QIXVLRQVLQ3DWLHQWV:LWK*DVWURLQWHVWLQDO$GHQRFDUFLQRPDV
3KDUPDFRNLQHWLFSURILOHRI$ORZGRVHFRKRUWV0(',J±JDQG%
KLJKGRVHFRKRUWV0(',PJ±PJ
$EEUHYLDWLRQ'(; GH[DPHWKDVRQH
$

%


3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


7DEOH3KDUPDFRNLQHWLF3DUDPHWHUVIRU0(',$0*$IWHU)LUVW'RVH
0(',
'RVH
Q
&PD[
QJP/
6'
&K
QJP/
6'
$8&ODVW
QJGD\
P/6'
$8&LQI
QJGD\
P/6'
&/
/GD\
6'
WKU
6'
9VV/
6'
J

1&
1&

1&
1&
1&
1&
1&
J

1&
1&
1&
1&
1&
1&
1&
J

1&
1&

1&
1&
1&
1&
1&
J

1&
1&
1&
1&
1&
1&
1&
J


1&

1&

1&

1&

1&
J












J












J















PJ














PJ














PJ
'(;














PJ'(;














PJ'(;














PJ
'(;















$EEUHYLDWLRQV1& QRWFDOFXODWHG
$8&LQI DUHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYHIURPWLPH]HURWRLQILQLW\%/4 EHORZOLPLWRI
TXDQWLILFDWLRQQJP/&KU SODVPDFRQFHQWUDWLRQDWKRXUV&PD[ PD[LPXPSODVPD
FRQFHQWUDWLRQ'H[ GH[DPHWKDVRQH1 QXPEHURIVXEMHFWV1$ QRWDYDLODEOH6' VWDQGDUG
GHYLDWLRQ9VV DSSDUHQWYROXPHRIGLVWULEXWLRQDWVWHDG\VWDWH
%DVHGRQOLQHDU3.LWLVSRVVLEOHWRSUHGLFWH[SRVXUHDQG3.SURILOHVRIWKHFRQWLQXRXV
LQWUDYHQRXVF,9LQIXVLRQGRVLQJUHJLPHQ7KHDYHUDJH&/RI/KULH/GD\
DQGWKHDYHUDJH9VVRI/REVHUYHGLQFRKRUWVWRIURPVWXG\0,&3ZHUH
XVHGIRUVLPXODWLRQXVLQJDRQHFRPSDUWPHQW3.PRGHO7KHSUHGLFWHG$8&LQIDQG
VWHDG\VWDWHGUXJFRQFHQWUDWLRQLQSODVPDGXULQJFRQVWDQWUDWHLQIXVLRQ&VVDWDQ\
JLYHQF,9LQIXVLRQGRVHRI$0*FDQEHFDOFXODWHGXVLQJWKHIROORZLQJHTXDWLRQV

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


GDLO\$8&LQI GDLO\GRVH&/&VV 5R&/ZKHUH5RLVWKHGRVLQJUDWHLQJGD\
3UHGLFWHG3.SURILOHVDQGH[SRVXUHDIWHUF,9GRVHUDWHRIWRJGD\DUH
VKRZQEHORZ)LJXUHDQG7DEOH
7KHVWDUWLQJGRVHRIJGD\LQWKHF,9LQIXVLRQVWXG\RQ$0*ZRXOGOHDGWRDQ
DYHUDJHWRWDO$8&LQIDQG&VVSHUGD\F\FOHRIKUQJP/LHGD\QJP/DQG
QJP/UHVSHFWLYHO\ZKLFKLVDERXWIROGDQGIROGOHVVWKDQWRWDO$8&LQI
GD\QJP/DQG&PD[QJP/REVHUYHGSHUGD\F\FOHDWJGD\LQVWXG\
0,&3,QDGGLWLRQWKHH[SHFWHGDSSUR[LPDWHF,9VWHDG\VWDWHGUXJFRQFHQWUDWLRQ
IRUWKLVVWDUWLQJGRVHQJP/ZLOOEHLQWKHUDQJHRIWKHKLJKHVWGUXJFRQFHQWUDWLRQ
REVHUYHGDIWHUKRXUV&KUZLWKDQ\KRXULQIXVLRQQJP/DQGZLOOEHLQWKH
UDQJHRIWKHPHDQRIWKHPD[LPDOHIIHFWLYHFRQFHQWUDWLRQOHYHO(&RIWKHPRVW
VHQVLWLYH*,FDQFHUFHOOOLQHQJP/
7KHF,9LQIXVLRQUHJLPHQZRXOGDYRLGIOXFWXDWLRQLQH[SRVXUHEHWZHHQ&PD[DQGWKH
ORZHVWFRQFHQWUDWLRQDQGZRXOGOHDGWRVWDEOH&VV ZKLFKFDQSURYLGHDGHTXDWHDQG
VXVWDLQHGWDUJHWFRYHUDJHDQGPD\OHDGWROHVV&PD[GULYHQWR[LFLW\
)LJXUH3UHGLFWHG0HDQ3.3URILOHVRI$0*$IWHUF,9,QIXVLRQ'RVLQJRI
WRJGD\IRU'D\V8VLQJ2QHFRPSDUWPHQW0RGHO:LWK$YHUDJH
&OHDUDQFHDQG9ROXPHRI'LVWULEXWLRQRI/KUDQG/5HVSHFWLYHO\


3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


7DEOH3UHGLFWHG0HDQ([SRVXUHWR$0*$IWHUF,9,QIXVLRQ'RVLQJRIWR
JGD\IRU'D\V8VLQJ$YHUDJH&OHDUDQFHRI/KU
3DUDPHWHU
'RVHJGD\







&VVQJP/







7RWDO$8&SHU
GD\F\FOH
KUQJP/D







'DLO\$8&
KUQJP/E







$8& DUHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYH&VV VWHDG\VWDWHGUXJFRQFHQWUDWLRQLQSODVPDGXULQJ
FRQVWDQWUDWHLQIXVLRQ
D7RWDO$8&IURP]HURWRLQILQLW\RYHUGD\VRIGRVLQJ
E&DOFXODWHGIURPWRWDO$8&GLYLGHGE\

&OLQLFDO'DWD)URP)LUVWLQ+XPDQ6WXG\:LWK0(',$0*
$SKDVH),+VWXG\0,&3ZDVFRQGXFWHGE\0HG,PPXQHZLWK0(',
$0*LQWKH8QLWHG6WDWHV7KLVZDV3KDVHPXOWLFHQWUHRSHQODEHOVLQJOHDUP
GRVHHVFDODWLRQDQGRSWLRQDOGRVHH[SDQVLRQVWXG\WRHYDOXDWHWKHVDIHW\WROHUDELOLW\
3.LPPXQRJHQLFLW\DQGDQWLWXPRUDFWLYLW\,Q6WXG\0,&3$0*ZDVJLYHQE\
,9LQIXVLRQRYHUKRXUVSHUGD\IRUFRQVHFXWLYHGD\VRIDGD\F\FOHLHVKRUWWHUP
LQIXVLRQLQDGXOWVXEMHFWVZKRKDGUHIUDFWRU\JDVWURLQWHVWLQDODGHQRFDUFLQRPDVIRUZKLFK
QRVWDQGDUGRUFXUDWLYHWKHUDSLHVDUHDYDLODEOH7KHVWXG\FRQVLVWHGRIDQLQLWLDO
GRVHHVFDODWLRQSKDVHWRGHWHUPLQHWKHPD[LPXPWROHUDWHGGRVH07'RURSWLPXP
ELRORJLFGRVH2%'7KHGRVHHVFDODWLRQSKDVHZDVIROORZHGE\DQRSWLRQDOGRVH
H[SDQVLRQSKDVHDWWKH07'2%'+RZHYHULQ-DQXDU\WKHVSRQVRU
0HG,PPXQHPDGHDGHFLVLRQQRWWRVWDUWWKHGRVHH[SDQVLRQSKDVHRIWKHVWXG\GXH
WRDODFNRIHIILFDF\DVQRREMHFWLYHUHVSRQVHSHUWKH5HVSRQVH(YDOXDWLRQ&ULWHULDLQ
6ROLGWXPRUVZDVREVHUYHG7KHGHFLVLRQWRVWRSWKHVWXG\ZDVQRWUHODWHGWRDQ\VDIHW\
LVVXHV
'RVHHVFDODWLRQSURFHHGHGIURPGDLO\GRVHOHYHOVRIJXSWRPJGD\$WWKH
PJGD\GRVHOHYHOGRVHOLPLWLQJWR[LFLWLHV'/7VJUDGHK\SR[LDZLWKLQKRXUVRI
LQIXVLRQVWDUWRQGD\LQERWKVXEMHFWVZHUHREVHUYHG
7KHVWXG\ZDVDPHQGHGWRLQFOXGHDGPLQLVWUDWLRQRIGH[DPHWKDVRQHEHIRUH
0(',$0*LVDGPLQLVWHUHGVWHURLGSURSK\OD[LVIRUSUHVXPHG
LQIODPPDWRU\F\WRNLQHPHGLDWHGWR[LFLWLHV'RVLQJUHVXPHGLQWKHDPHQGHGVWXG\DW

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


PJGD\ZKLFKZDVGHHPHGWROHUDEOH$FRKRUWRIVXEMHFWVKDVEHHQH[SRVHGDW
PJGD\ZLWKVWHURLGSURSK\OD[LV7KHVHVXEMHFWVDOOWROHUDWHGWKHLQIXVLRQSHULRG
ZLWKRXWD'/7
,QWRWDOIRXUSDWLHQWVDWPJDQGDWPJGH[DPHWKDVRQHH[SHULHQFHG'/7V
K\SR[LDQ GLDUUKHDQ DQGF\WRNLQHUHOHDVHV\QGURPH&56Q 7KH07'
ZDVGHWHUPLQHGWREH0(',PJZLWKGH[DPHWKDVRQHSUHPHGLFDWLRQ7KHPRVW
FRPPRQWUHDWPHQWHPHUJHQWDGYHUVHHYHQWVZHUHQDXVHDDEGRPLQDOSDLQYRPLWLQJ
DQGIDWLJXH*UDGHWUHDWPHQWUHODWHGDGYHUVHHYHQWVZHUHREVHUYHGLQSDWLHQWVDQG
LQFOXGHGGLDUUKHD&56LQFUHDVHGDODQLQHDPLQRWUDQVIHUDVHK\SHUWHQVLRQDOOQ 
DQGK\SR[LDQ 6L[VHULRXVWUHDWPHQWUHODWHGDGYHUVHHYHQWVZHUHUHSRUWHGLQ
SDWLHQWVDQGLQFOXGHGGLDUUKHDYRPLWLQJS\UH[LD&56DOOHYHQWDQGK\SR[LD
HYHQWV)LYHSDWLHQWVZHUHGLVFRQWLQXHGIURPWUHDWPHQWEHFDXVHRIDGYHUVHHYHQWV
LQFOXGLQJGLDUUKHD&56DQGFHQWUDOQHUYRXVV\VWHPPHWDVWDVHVDOOQ DQGK\SR[LD
Q 
1LQHWHHQSDWLHQWVKDG$'$VKDGKLJKWLWHUVZLWKGHFUHDVHG
0(',$0*FRQFHQWUDWLRQV1RREMHFWLYHUHVSRQVHVRFFXUUHGKDG
VWDEOHGLVHDVHDVEHVWUHVSRQVH
6WXG\SKDVHLVWKHRQJRLQJ3KDVHVWXG\HYDOXDWLQJWKHVDIHW\
WROHUDELOLW\SKDUPDFRNLQHWLFVSKDUPDFRG\QDPLFVDQGHIILFDF\RI$0*
DGPLQLVWHUHGDVFRQWLQXRXVLQWUDYHQRXVLQIXVLRQF,9LQVXEMHFWVZLWKUHODSVHG
UHIUDFWRU\JDVWURLQWHVWLQDODGHQRFDUFLQRPD$VRI$SULODSSUR[LPDWHO\VXEMHFWV
UHFHLYHG$0*IRUXSWRJF,9ZLWKRXWDQ\'/7

'RVLQJ([SHULHQFH:LWK2WKHU%L7(£ $QWLERGLHV
%L7(£DQWLERGLHVH[HUWDXQLTXHEXWDOVRXQLIRUPPHFKDQLVPRIDFWLRQLQGHSHQGHQWIURP
WKHLUUHVSHFWLYHWDUJHW&RQVHTXHQWO\H[SHULHQFHVZLWKRWKHU%L7(£DQWLERGLHVDUH
UHJDUGHGDVEHLQJVXSSRUWLYHIRU$0*EHFDXVHRIWKHOLPLWHGQRQFOLQLFDOWR[LFLW\
HYDOXDWLRQSDFNDJHIRU$0*






CCI

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



 


$),+VWXG\07(8'5$&7DQG1&7RIVROLWRPDE
KDVEHHQFRQGXFWHG$Q07'KDVQRW\HWEHHQGHWHUPLQHGKRZHYHU'/7VKDYHEHHQ
REVHUYHGLQVXEMHFWVWKDWLQFOXGHHOHYDWLRQVLQDVSDUWDWHDPLQRWUDQVIHUDVH$67
DODQLQHDPLQRWUDQVIHUDVH$/7JDPPDJOXWDP\OWUDQVSHSWLGDVHDQGELOLUXELQDVZHOO
DVDGGLWLRQDOUHSRUWVRIDEGRPLQDOSDLQGLDUUKHDIHYHUDQGUHSRUWRIVXSUDYHQWULFXODU
WDFK\FDUGLD7KHVDIHW\SURILOHRIVROLWRPDEFRQVLVWVSULPDULO\RIFKDQJHVLQODERUDWRU\
YDOXHVRIOLYHUIXQFWLRQSHULSKHUDOHGHPD*,DQGFRQVWLWXWLRQDOV\PSWRPV'RVHVIURP
WRJGD\ZHUHDGPLQLVWHUHGWRGLIIHUHQWFRKRUWV$W\SLFDOFRKRUWFRQVLVWHGRIWR
F\FOHVRIWUHDWPHQWIRUWRZHHNVHDFKZLWKDORZVWDUWLQJGRVHUXQLQSKDVH
JGD\LQZHHNJGD\LQZHHNRUWRIROORZHGE\DWDUJHWGRVHRQF\FOH
ZHHNVWRRUF\FOH$IWHU,9LQIXVLRQRIVROLWRPDEVWHDG\VWDWHZDVUHDFKHG
TXLFNO\ZLWKLQDERXWGD\DQG&VVYDOXHVPHDQVWDQGDUGGHYLDWLRQ>6'@ZHUH
DQGQJP/DWWKHKLJKHVWGRVHVH[SORUHGDQGJGD\
5HVSHFWLYH&VV YDOXHVDWDGRVH RIȝJGD\FRYHUHGDOUHDG\WKHLQYLWUR(& UDQJH
WRSJPODQGPRUHRYHU&VVDWDGRVHRIJGD\KDVUHDFKHGWKHRIWKH
PD[LPDOHIIHFWLYHFRQFHQWUDWLRQOHYHO(&UDQJHRIWRQJP/WKDWZDVREVHUYHG
LQ&5&FHOOOLQHV6LJQVRIDQWLWXPRUDFWLYLW\KDYHEHHQGHVFULEHGIRUVRPHSDWLHQWV
HJUHGXFWLRQLQDVFLWHVGURSLQFLUFXODWLQJWXPRUFHOOV>&7&V@DOWKRXJKQRREMHFWLYH
UHVSRQVHKDVEHHQUHSRUWHGWRGDWH)LHGOHUHWDO
&OLQLFDOH[SHULHQFHZLWKDUHODWHG%L7(£PROHFXOHFDOOHGEOLQDWXPRPDE$0*
07VSHFLILFLW\IRU&'DQG&'KDVVKRZQWKDWDGPLQLVWUDWLRQRI%L7(£E\F,9
LQIXVLRQFDQEHSHUIRUPHGZLWKDQDFFHSWDEOHVDIHW\SURILOHDQGFDQOHDGWRFOLQLFDO
UHVSRQVHVLQVXEMHFWVZLWKODWHVWDJHKHPDWRORJLFDOPDOLJQDQFLHV
1DJRUVHQHWDO,QWKHDGXOWUHODSVHGUHIUDFWRU\QRQ+RGJNLQ¶VO\PSKRPD1+/
SRSXODWLRQWKHPRVWFRPPRQFOLQLFDODGYHUVHHYHQWVZHUHIOXOLNHV\PSWRPVVXFKDV
IHYHUIDWLJXHZHLJKWFKDQJHVKHDGDFKHVDQGFKLOOV7KHPRVWIUHTXHQWO\UHSRUWHG
DGYHUVHHYHQWVRIJUDGHZHUHIHEULOHQHXWURSHQLDQHXWURSHQLDOHXNRSHQLDDQHPLD
WKURPERF\WRSHQLDDQGSQHXPRQLD6XEMHFWVUHFHLYLQJEOLQDWXPRPDEPD\H[SHULHQFHD
VSHFWUXPRIQHXURORJLFDQGSV\FKLDWULFHYHQWVVXFKDVVHL]XUHHQFHSKDORSDWK\WUHPRU
DSUD[LDVSHHFKGLVRUGHUVDSKDVLDG\VDUWKULDDQGGLVRULHQWDWLRQ7KHLQFLGHQFHRI
CCI

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


VXEMHFWVH[SHULHQFLQJQHXURORJLFDQGSV\FKLDWULFHYHQWVLVJUHDWHVWZLWKLQWKHILUVWIHZ
GD\VRIWUHDWPHQWZLWKEOLQDWXPRPDE
,QSUHFHGLQJVKRUWWHUPLQIXVLRQVWXGLHVEOLQDWXPRPDEZDVWHVWHGDWGRVHVUDQJLQJIURP
WRȝJPðDQGZDVLQDOOFDVHVDGPLQLVWHUHGRQFHWZLFHRUWLPHVZHHNO\DVD
RUKRXU,9LQIXVLRQ7KHPRVWFRPPRQDGYHUVHHYHQWVZHUHS\UH[LDULJRUDQG
IDWLJXH7KHPRVWIUHTXHQWODERUDWRU\DEQRUPDOLWLHVZHUHPLOGWRPRGHUDWHFKDQJHVLQ
KHPDWRORJLFRUFRDJXODWLRQSDUDPHWHUV$OOVKRUWWHUPLQIXVLRQVWXGLHVZHUH
WHUPLQDWHGHDUO\EDVHGRQDVVHVVPHQWVRIWKHRYHUDOOEHQHILWULVNSURILOH1HXURORJLF
DGYHUVHHYHQWVF\WRNLQHUHOHDVHV\QGURPHDQGLQIHFWLRQVZHUHREVHUYHGLQVXEMHFWVLQ
WKHDEVHQFHRIREMHFWLYHFOLQLFDOUHVSRQVHVRUUREXVWVLJQVRIELRORJLFDODFWLYLW\VXFKDVD
VXVWDLQHGUHGXFWLRQRISHULSKHUDO&'%FHOO1DJRUVHQHWDO
&RQVHTXHQWO\LQIROORZLQJVWXGLHVLQ1+/VXEMHFWVEOLQDWXPRPDEZDVDGPLQLVWHUHGDV
DF,9LQIXVLRQRYHUDSHULRGRIRUZHHNVWRJXDUDQWHHDVXVWDLQHGSUHVHQFHRI
EOLQDWXPRPDELQVHUXPDWKLJKO\SUHGLFWDEOHGUXJOHYHOVRYHUWKHHQWLUHLQIXVLRQSHULRG
FRQILUPHGE\3.DQDO\VHVZKLFKDOVRVKRZHGGRVHOLQHDULW\)LUVWFRPSOHWHUHVSRQVHV
WREOLQDWXPRPDEPRQRWKHUDS\DVDVVHVVHGE\&KHVRQFULWHULDZHUHREVHUYHGDWD
GRVHOHYHORIȝJPðSHUGD\%DUJRXHWDO7KLVGRVHOHYHOOHGWRDVXVWDLQHG
VHUXPOHYHORIWRQJP/5HVSRQVHUDWHVRIVXEMHFWVDQG
VXEMHFWVZHUHUHSRUWHGIRUIROOLFXODUO\PSKRPDDQGPDQWOHFHOOO\PSKRPD
UHVSHFWLYHO\DOWKRXJKQRREMHFWLYHUHVSRQVHVKDYHEHHQVHHQLQVXEMHFWVWUHDWHGEHORZ
DGRVHRIȝJPðSHUGD\7KHPLQLPXPUHTXLUHGGRVHRIJPðSHUGD\H[FHHGV
DSSUR[LPDWHO\IROGWKHREVHUYHG(&FRQFHQWUDWLRQRIEOLQDWXPRPDERISJPO
'UHLHUHWDO,QVXPPDU\WKHRYHUDOOULVNEHQHILWDVVHVVPHQWFRPSDULQJVKRUW
WHUPLQWHUPLWWHQW,9GRVLQJRIEOLQDWXPRPDEZLWKF,9DGPLQLVWUDWLRQFOHDUO\IDYRUVWKH
F,9DGPLQLVWUDWLRQEHFDXVHRISURYHQDQGFOLQLFDOO\UHOHYDQWDQWLWXPRUDFWLYLW\
2QWKHEDVLVRIWKHREVHUYDWLRQVDQGH[SHULHQFHVZLWKVROLWRPDEDQGEOLQDWXPRPDEWKH
UDWLRQDOHIRUGRVLQJLQWKLVVWXG\ZDVEXLOW

5LVN$VVHVVPHQW
$WWKLVWLPHWKHUHLVOLPLWHGFOLQLFDOH[SHULHQFHZLWK$0*LQKXPDQVIURPRQH
FRPSOHWHG),+VWXG\VSRQVRUHGE\0HG,PPXQHVWXG\0,&3DQGDSSUR[LPDWHO\
VXEMHFWVHQUROOHGLQWKLVRQJRLQJVWXG\&\WRNLQH5HOHDVH6\QGURPH
&56KDVEHHQGHILQHGDVDQ,PSRUWDQW,GHQWLILHG5LVNVWRGDWH5HIHUWRWKH
0(',$0*,QYHVWLJDWRU¶V%URFKXUH$SSHQGL[$'HYHORSPHQWDO&RUH6DIHW\
,QIRUPDWLRQDQGWR6HFWLRQIRUWKHOLVWRIWKHSRWHQWLDOULVNV

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



5DWLRQDOH
&OLQLFDOH[SHULHQFHZLWKEOLQDWXPRPDED&'WDUJHWLQJ%L7(£LQGLFDWHGWKDWVXVWDLQHG
H[SRVXUHWKURXJKF,9LQIXVLRQIRUDSHULRGRIWRGD\VSURYLGHGFOLQLFDOHIILFDF\DQG
WKHUDSHXWLFEHQHILW%DUJRXHWDOZKHUHDVVKRUWWHUPLQWHUPLWWHQW,9GRVLQJIRU
ZHHNIDLOHGWRHOLFLWHLWKHUDSKDUPDFRG\QDPLF3'UHVSRQVHRUFOLQLFDODFWLYLW\
1DJRUVHQHWDO:KHQWKHVDPHGRVHVDVXVHGLQWKHLQWHUPLWWHQWVKRUWWHUP
LQIXVLRQVWXGLHVZHUHDGPLQLVWHUHGE\F,9LQIXVLRQWDUJHWHQJDJHPHQWZDV
GHPRQVWUDWHGDQGFOLQLFDODFWLYLW\ZDVREVHUYHG7KLVVXJJHVWVWKDWVRPHWR[LFLW\PD\
EHDWWULEXWDEOHWR&PD[EXWWKDWDPRUHFRQVWDQWORZHUSURORQJHGH[SRVXUHPD\EH
QHHGHGIRUDQWLWXPRUHIIHFWV7KHEOLQDWXPRPDEH[SHULHQFHVXJJHVWVWKDWFOLQLFDO
DFWLYLW\LVGHSHQGHQWRQSURYLGLQJDQDGHTXDWH&VVIRUDSURORQJHGSHULRGRIWLPHWR
DFWLYDWH7FHOOHQJDJHPHQWGLUHFWHGDJDLQVWWDUJHWFHOOVDQGWRPDLQWDLQUHSHDWHGF\FOHV
RIWDUJHWFHOOO\VLV
/RZFRQFHQWUDWLRQVRI$0*WRQJP/ZHUHVXIILFLHQWWRPHGLDWHO\VLVRI
PHWDVWDWLF&5&FHOOVIURPSDWLHQWVSUHYLRXVO\WUHDWHGZLWKFKHPRWKHUDS\E\SDWLHQW
GHULYHG7FHOOVLQH[YLYRH[SHULPHQWV0RUHRYHUWKHDXWKRUVGHVFULEHGDYHU\VORZ
RQVHWRIWKHNLOOLQJDQGWKHSHDNRIWXPRUFHOOGHDWKZDVREVHUYHGDIWHUWRGD\VWKDW
LVXQW\SLFDOIRUD%L7(£PHFKDQLVPRIDFWLRQ2VDGDHWDO
7KHILUVWSKDVHVWXG\RI0(',$0*0,&3LQYHVWLJDWHGDKRXULQIXVLRQ
IRUFRQVHFXWLYHGD\VRIDGD\F\FOH:KLOHVXEMHFWVZHUHGRVHGDWOHYHOVDVKLJK
DVPJGD\QRREMHFWLYHUHVSRQVHVZHUHREVHUYHG
7KHRULJLQDODVVXPSWLRQIRUWKLVVWXG\ZDVWKDWWURXJKOHYHOVH[FHHGLQJWKH(&
FRQFHQWUDWLRQRIWKHPRVWVHQVLWLYHFDQFHUFHOOOLQHRIQJP/ZHUHFRQVLGHUHGVXIILFLHQW
WRVXVWDLQDQWLWXPRUDFWLYLW\1RREMHFWLYHUHVSRQVHVZHUHREVHUYHGDOWKRXJK$0*
&PD[ VHUXPOHYHOVRIXSWRQJP/DQGWURXJKOHYHOVRIXSWRQJP/ZHUH
DFKLHYHG,QDGGLWLRQDSSUR[LPDWHO\RIVXEMHFWVVXEMHFWVWUHDWHGZLWKXSWR
DGRVHRIPJGD\GLVFRQWLQXHGWUHDWPHQWDIWHUDPD[LPXPRIF\FOHVEHFDXVHRI
GLVHDVHSURJUHVVLRQ
([SHULHQFHIURPWKHVROLWRPDE),+VWXG\LOOXVWUDWHGWKDWLQVROLGWXPRULQGLFDWLRQVGRVH
OHYHOVDFKLHYLQJH[SRVXUHFRPSDUDEOHWRPHDQRUPHGLDQ(&RUHYHQ(&
FRQFHQWUDWLRQVRIUHOHYDQWFDQFHUFHOOOLQHVPLJKWEHQHHGHGWRREVHUYHVXEVWDQWLDO
DQWLWXPRUDFWLYLW\WUDQVODWLQJLQWRREMHFWLYHUHVSRQVH7KHVDPHVWXG\SURYLGHG
HYLGHQFHWKDWWDUJHWUHODWHGWR[LFLW\FDQDOUHDG\RFFXUDWORZHUGRVHVRUZLWKVKRUWHU

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


GUXJH[SRVXUH0RUHRYHUWKHVKRUWWHUPLQIXVLRQVWXGLHVZLWKEOLQDWXPRPDEUHSRUWHGD
&PD[ GHSHQGHQWWR[LFLW\ZLWKRXWREMHFWLYHUHVSRQVHV1DJRUVHQHWDO
&RQVHTXHQWO\LWLVH[SHFWHGWKDWWKHF,9DGPLQLVWUDWLRQRI$0*ZLOOUHVXOWLQORZHU
&PD[ FRQFHQWUDWLRQVWKDQVHHQZLWKWKHLQWHUPLWWHQWGD\DGPLQLVWUDWLRQRIDKRXU
LQIXVLRQDQGSURYLGHD&VVZLWKSRWHQWLDOHIIHFWLYHH[SRVXUHIRUDPRUHSURORQJHG
GXUDWLRQ7KLVURXWHRIDGPLQLVWUDWLRQLVK\SRWKHVL]HGWRLPSURYHWKHHIILFDF\RI
$0*DVFRQWLQXRXVH[SRVXUHEH\RQGDWKUHVKROGOHYHOUHTXLUHGIRUDQWLWXPRU
DFWLYLW\DQGPD\UHVXOWLQKLJKHUFOLQLFDODFWLYLW\FRPSDUHGZLWKLQWHUPLWWHQWH[SRVXUH
EH\RQGWKHWKUHVKROG7KHWKHUDSHXWLFLQGH[PD\DOVREHLPSURYHGE\WKHHOLPLQDWLRQRI
DGYHUVHHYHQWVDWWULEXWDEOHWRWKHKLJKHU&PD[RIWKHGLVFRQWLQXRXVDGPLQLVWUDWLRQEXW
RWKHUDGYHUVHHYHQWVGXHWRWKHPRUHSURORQJHGH[SRVXUHZLOOQHHGWREHDVVHVVHG

&OLQLFDO+\SRWKHVHV
7KHK\SRWKHVLVIRUWKLVSKDVHVWXG\LVWKDWREMHFWLYHUHVSRQVHVDFFRUGLQJWRPRGLILHG
LU5&ZLOOEHREVHUYHGDWGRVHOHYHOVWKDWDFKLHYHDFFHSWDEOHVDIHW\DQGWROHUDELOLW\

(;3(5,0(17$/3/$1

6WXG\'HVLJQ
7KLVLVDPXOWLFHQWHURSHQODEHOVHTXHQWLDOGRVHHVFDODWLRQVWXG\HYDOXDWLQJ$0*
DVDF,9LQIXVLRQLQDGXOWVXEMHFWVZKRKDYHUHODSVHGUHIUDFWRU\*,DGHQRFDUFLQRPD
7KLVVWXG\ZLOOEHFRQGXFWHGLQWZRSDUWV
x
'RVHHVFDODWLRQ
7KHGRVHHVFDODWLRQZLOOGHILQHWKH07'VDIHW\WROHUDELOLW\3.DQG
SKDUPDFRG\QDPLFV3'RI$0*
x
'RVHH[SDQVLRQ
7KHGRVHH[SDQVLRQZLOOHQUROODGGLWLRQDOVXEMHFWVWRJDLQIXUWKHUFOLQLFDOH[SHULHQFH
ZLWK$0*
'RVHHVFDODWLRQ
,QGRVHHVFDODWLRQFRKRUWVWKHSODQQHGGRVHOHYHOVDUHDVIROORZV
DQGJGD\$OWHUQDWLYHGRVHOHYHOVXSWRJGD\ZLOOEHH[SORUHGLQ
HLWKHUGD\RUGD\VFKHGXOHEDVHGRQHPHUJLQJGDWD6HH6HFWLRQIRU
FRPSOHWHLQIRUPDWLRQ
6XEMHFWVLQFRKRUWRIWKHGRVHHVFDODWLRQFRKRUWVZLOOUHFHLYH$0*IRUGD\V
IROORZHGE\GD\VRIIWUHDWPHQWF\FOH$IWHUFRPSOHWLQJF\FOHLIQR'/7VDUH
REVHUYHGDOOVXEMHFWVLQFRKRUWZLOOEHDOORZHGWRFRQWLQXHWUHDWPHQWZLWKWKHVDPH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


GRVHRI$0*EXWWKHLQIXVLRQGXUDWLRQZLOOEHGD\VIROORZHGE\GD\VRII
WUHDWPHQW
,QWKHVXEVHTXHQWGRVHHVFDODWLRQFRKRUWV$0*ZLOOEHDGPLQLVWHUHGDWHVFDODWLQJ
GRVHVLQDZHHNVRQDQGZHHNVRIIVFKHGXOH%DVHGRQWKHUHVXOWVWKH'RVH/HYHO
5HYLHZ7HDP'/57PD\FKRRVHWRH[WHQGWKHLQIXVLRQGXUDWLRQIURPWRGD\VD
ZHHNVRQDQGZHHNVRIIVFKHGXOHLIWKHGD\DGPLQLVWUDWLRQVFKHGXOHKDVEHHQ
ZHOOWROHUDWHGDQGWKHVDIHW\SURILOHDOORZVIRUDORQJHULQIXVLRQGXUDWLRQDQGQR
DQWLWXPRUUHVSRQVHKDVEHHQREVHUYHGLQDGD\DGPLQLVWUDWLRQVFKHGXOH0RUHRYHU
WKH'/57PD\GHFLGHWRHQUROOLQSDUDOOHOLQWRDFRKRUWZLWKDGD\WUHDWPHQWGXUDWLRQ
RUWRSULRULWL]HRQHLQIXVLRQVFKHGXOH
'RVHHVFDODWLRQGHFLVLRQVZLOOFRQVLGHUWKHLQFLGHQFHRI'/7VDPRQJ'/7HYDOXDEOH
VXEMHFWV
7KH'/57PD\FRQVLGHUWKHGRVHHVFDODWLRQFRPSOHWHLIRIWKHIROORZLQJUXOHVLVPHW
x
7KHKLJKHVWSODQQHGGRVHOHYHOLVHYDOXDWHGDQGQR'/7VRFFXUDWDQ\GRVHOHYHO,Q
WKLVFDVHWKHPD[LPXPDGPLQLVWUDWHGGRVHZLOOEHXVHGLQDGRVHH[SDQVLRQFRKRUW
x
7KHWR[LFLW\SUREDELOLW\LQWHUYDO73,%D\HVLDQPRGHOUHFRPPHQGVWKHVDPHGRVH
WLPHVQRWQHFHVVDULO\VHTXHQWLDOO\
x
$WRWDORIDSSUR[LPDWHO\'/7HYDOXDEOHVXEMHFWVKDYHEHHQHQUROOHG
'RVH([SDQVLRQ
$SSUR[LPDWHO\VXEMHFWVZLOOEHHQUROOHGLQWKHGRVHH[SDQVLRQFRKRUWWRJDLQIXUWKHU
FOLQLFDOH[SHULHQFHZLWK$0*2IWKRVHDSSUR[LPDWHO\VXEMHFWVZLOOFRQFXUUHQWO\
SDUWLFLSDWHLQWKH,PDJLQJ6WXG\0XOWLSOHGRVHOHYHOVZLOOEHHYDOXDWHGLQWKH
GRVHH[SDQVLRQFRKRUW6XEMHFWVQRWSDUWLFLSDWLQJLQWKH,PDJLQJ6WXG\ZLOOVWDUW
HQUROOPHQWLQWRWKHGRVHH[SDQVLRQFRKRUWXSRQFRPSOHWLRQRIWKHGRVHHVFDODWLRQ
FRKRUWVDQGZLOOEHWUHDWHGXVLQJWKH07'RUUHFRPPHQGHGSKDVHGRVH6XEMHFWV
FRQFXUUHQWO\SDUWLFLSDWLQJLQWKH,PDJLQJ6WXG\PD\VWDUWHQUROOPHQWLQWRWKH
GRVHH[SDQVLRQFRKRUWZKLOHGRVHHVFDODWLRQFRKRUWVDUHVWLOORSHQIRUHQUROOPHQWDQG
ZLOOEHWUHDWHGDWWKH07'RUUHFRPPHQGHGSKDVHGRVHRUDWDORZHUGRVH7DEOH
SUHVHQWVDQRYHUYLHZRIWKHVWXG\GHVLJQ

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


7DEOH6WXG\'HVLJQ2YHUYLHZ
3DUW
&RKRUW
'RVH/HYHO
1XPEHURI
6XEMHFWV
'RVH(VFDODWLRQE

JGIRUGD\VLQF\FOH
JGIRUGD\VLQF\FOHDQGDOO
VXEVHTXHQWF\FOHV


JGIRUGD\VLQDOOF\FOHV


JGIRUGD\VLQDOOF\FOHV


JGIRUGD\VLQDOOF\FOHV


JGIRUGD\VLQDOOF\FOHV


JGIRUGD\VLQDOOF\FOHV


JGIRUGD\VLQDOOF\FOHV



JGIRURUGD\VLQDOOF\FOHV

GD\6FKHGXOH
;D
'RVH/HYHORIGD\6FKHGXOHî
GD\V

;D
07'îGD\V

'RVH([SDQVLRQ
$
07'RUORZHUGRVHRUKLJKHVWGRVHWHVWHG
ZLWKRXWUHDFKLQJ07'

G GD\'/7 GRVHOLPLWLQJWR[LFLW\'5/0 GRVHOHYHOUHYLHZPHHWLQJ(& RIWKHPD[LPDO
HIIHFWLYHFRQFHQWUDWLRQOHYHO07' PD[LPXPWROHUDWHGGRVH3' SKDUPDFRG\QDPLF
3. SKDUPDFRNLQHWLF
D$OWHUQDWLYHGRVLQJUHJLPHQVHJGD\LQIXVLRQVPD\EHH[SORUHGDIWHUD'/50GHFLVLRQEDVHGRQ
RFFXUUHQFHRI'/7VRURWKHUHPHUJLQJVDIHW\GDWD3.3'GDWDGHPRQVWUDWLQJGUXJH[SRVXUHWKDWLV
LQWKHUDQJHRUDERYHWKHPHDQ(&FRQFHQWUDWLRQRIQJP/DEVHQFHRIREMHFWLYHUHVSRQVHVLQWKH
GD\LQIXVLRQVFKHGXOH
E$SSUR[LPDWHO\VXEMHFWVIURPWKHGRVHHVFDODWLRQFRKRUWVZLOOFRQFXUUHQWO\SDUWLFLSDWHLQWKH,PDJLQJ
6WXG\DIWHUFRPSOHWLRQRIF\FOHRIF,9$0*WUHDWPHQW
$OWHUQDWLYHGRVHOHYHOXSWRJGD\ZLOOEHH[SORUHGLQHLWKHUGD\RUGD\VFKHGXOH
EDVHGRQHPHUJLQJGDWD
6XEMHFWVZLOOEHWUHDWHGZLWK$0*XQWLOFRQILUPHGGLVHDVHSURJUHVVLRQSHUPRGLILHG
LU5&$SSHQGL['RULQWROHUDQFHRIVWXG\WUHDWPHQWRUFOLQLFDOO\VLJQLILFDQWGHWHULRUDWLRQ
RIKHDOWKVWDWXVUHTXLULQJGLVFRQWLQXDWLRQZKLFKHYHURFFXUVILUVW'XHWRWKHPHFKDQLVP
RIDFWLRQRILPPXQHHQKDQFLQJWKHUDSLHVVXEMHFWVPD\H[SHULHQFHDQDSSDUHQW
HQODUJHPHQWRIH[LVWLQJOHVLRQVRUWKHDSSHDUDQFHRIQHZOHVLRQVSULRUWRPD[LPDO
FOLQLFDOEHQHILWRI$0*
$ILQDOHVWLPDWHRIWKHUHFRPPHQGHGSKDVHGRVHZLOOEHEDVHGRQWKHWR[LFLW\
SUREDELOLW\LQWHUYDO73,%D\HVLDQPRGHOXVLQJDOO'/7HYDOXDEOHVXEMHFWVRIWKH
GRVHHVFDODWLRQDQGWKHGRVHH[SDQVLRQ5HIHUWRVHFWLRQIRUGHWDLOVRIWKH73,
%D\HVLDQPRGHO

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


7KHRYHUDOOVWXG\GHVLJQLVGHVFULEHGE\DVWXG\VFKHPDDWWKHHQGRIWKH
SURWRFROV\QRSVLVVHFWLRQ
7KHVWXG\HQGSRLQWVDUHGHILQHGLQ6HFWLRQ

1XPEHURI6LWHV
7KLVVWXG\ZLOOEHFRQGXFWHGDWDSSUR[LPDWHO\VLWHVLQ*HUPDQ\DQGWKH1HWKHUODQGV
$GGLWLRQDOFRXQWULHVRUVLWHVPD\EHDGGHGLIQHFHVVDU\
6LWHVWKDWGRQRWHQUROOVXEMHFWVLQWRDQRSHQFRKRUWZLWKLQPRQWKVRIVLWHLQLWLDWLRQPD\
EHFORVHGRUUHSODFHG

1XPEHURI6XEMHFWV
3DUWLFLSDQWVLQWKLVFOLQLFDOLQYHVWLJDWLRQVKDOOEHUHIHUUHGWRDV³VXEMHFWV´
$SSUR[LPDWHO\VXEMHFWVDUHSODQQHGIRUHQUROOPHQWLQWRWKLVVWXG\$SSUR[LPDWHO\
VXEMHFWVZLOOEHHQUROOHGLQWKHGRVHHVFDODWLRQFRKRUWVDQGDSSUR[LPDWHO\
VXEMHFWVZLOOEHHQUROOHGLQWKHGRVHH[SDQVLRQFRKRUWRIWKHVWXG\
%DVHGRQHPHUJLQJGDWDDGGLWLRQDOVXEMHFWVPD\EHHQUROOHG
7KHUDWLRQDOHIRUWKHQXPEHURIVXEMHFWVLVSURYLGHGLQ6HFWLRQ

5HSODFHPHQWRI6XEMHFWV
$UHSODFHPHQWVXEMHFWZKRZLOOEHDVVLJQHGWRWKHVDPHGRVHOHYHOPD\EHHQUROOHGLID
VXEMHFWLVQRW'/7HYDOXDEOHLQWKHGRVHHVFDODWLRQFRKRUWV$'/7HYDOXDEOHVXEMHFWLV
GHILQHGDVUHFHLYLQJDWOHDVWRIWKHSODQQHGGRVHVRILQYHVWLJDWLRQDOSURGXFW
6XEMHFWVLQWKHGRVHH[SDQVLRQFRKRUWPD\EHUHSODFHGLIWKH\GLVFRQWLQXHIURPWKH
VWXG\IRUUHDVRQVRWKHUWKDQGLVHDVHSURJUHVVLRQRUWR[LFLW\

(VWLPDWHG6WXG\'XUDWLRQ
7KHGXUDWLRQRIWKLVVWXG\ZLOOODVWDSSUR[LPDWHO\\HDUVZLWKDERXWPRQWKVIRU
HQUROOPHQWDQGPRQWKVSURWRFROWUHDWPHQWSHULRG

6WXG\'XUDWLRQIRU6XEMHFWV
,WLVDQWLFLSDWHGWKDWDQLQGLYLGXDOVXEMHFWZLOOSDUWLFLSDWHLQWKHVWXG\IRUDSSUR[LPDWHO\
PRQWKVLQFOXGLQJDVFUHHQLQJSHULRGODVWLQJGD\VDWUHDWPHQWSHULRGODVWLQJ
DSSUR[LPDWHO\WRPRQWKVDQGDVDIHW\IROORZXSSHULRGODVWLQJDSSUR[LPDWHO\
ZHHNV7KHDFWXDOGXUDWLRQIRULQGLYLGXDOVXEMHFWVZLOOYDU\GHSHQGLQJXSRQWROHUDELOLW\
RI$0*HYLGHQFHRIFOLQLFDOSURJUHVVLRQDQGZLOOLQJQHVVWRSDUWLFLSDWHLQWKHVWXG\
,QWKHHYHQWWKDWDVXEMHFWGHPRQVWUDWHVFOLQLFDOEHQHILWIURPWKHUDS\KHRUVKHPD\
FRQWLQXHWUHDWPHQWZLWK$0*XQWLOKHRUVKHH[SHULHQFHVDQXQDFFHSWDEOHDGYHUVH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


HYHQWFRQILUPHGGLVHDVHSURJUHVVLRQSHUPRGLILHGLU5&$SSHQGL['RUKHRUVKH
ZLVKHVWRZLWKGUDZFRQVHQW'XHWRWKHPHFKDQLVPRIDFWLRQRILPPXQHHQKDQFLQJ
WKHUDSLHVVXEMHFWVPD\H[SHULHQFHLQILOWUDWLRQRI7FHOOVLQH[LVWLQJOHVLRQVOHDGLQJWRDQ
DSSDUHQWHQODUJHPHQWRIH[LVWLQJOHVLRQVRUWKHDSSHDUDQFHRIQHZOHVLRQVSULRUWR
PD[LPDOFOLQLFDOEHQHILWRI$0*7KHGHFLVLRQWRFRQWLQXHRQWKHVWXG\VKRXOGEH
PDGHE\WKHWUHDWLQJSK\VLFLDQDQGWKHVXEMHFW
(QGRIVWXG\(26IRUDQLQGLYLGXDOVXEMHFWLVGHILQHGDVWKHGDWHRIWKHILQDOVWXG\YLVLW
(26YLVLWZKHQVDIHW\DVVHVVPHQWVDQGSURFHGXUHVDUHSHUIRUPHG7KH(26YLVLW
VKRXOGRFFXUDSSUR[LPDWHO\ZHHNVZHHNDIWHUWKHODVWGRVHRI$0*RUDWWKH
LQLWLDWLRQRIRWKHUWKHUDS\6XEMHFWVZKRFRPSOHWHWKH(26YLVLWZLOOEHFRQVLGHUHGWR
KDYHFRPSOHWHGWKHVWXG\

(QGRI6WXG\
3ULPDU\&RPSOHWLRQWKHWLPHZKHQWKHODVWVXEMHFWLVDVVHVVHGRUUHFHLYHVDQ
LQWHUYHQWLRQIRUWKHSXUSRVHVRIILQDOFROOHFWLRQRIGDWDIRUWKHSULPDU\DQDO\VLVWKH
SULPDU\DQDO\VLVIRUWKLVVWXG\ZLOORFFXUDIWHUDOOGRVHHVFDODWLRQFRKRUWVXEMHFWVDQG
GRVHH[SDQVLRQFRKRUWVXEMHFWVKDYHFRPSOHWHGPRQWKVRIWUHDWPHQWRUKDYH
GLVFRQWLQXHGWUHDWPHQWZLWK$0*
(QGRI7ULDO

68%-(&7(/,*,%,/,7<
WKHWLPHZKHQWKHODVWVXEMHFWLVDVVHVVHGRUUHFHLYHVDQLQWHUYHQWLRQIRU
HYDOXDWLRQLQWKHVWXG\WKHILQDODQDO\VLVZLOORFFXUDWWKLVWLPH
,QYHVWLJDWRUVZLOOEHH[SHFWHGWRPDLQWDLQDVFUHHQLQJORJRIDOOSRWHQWLDOVWXG\
FDQGLGDWHVWKDWLQFOXGHVOLPLWHGLQIRUPDWLRQDERXWWKHSRWHQWLDOFDQGLGDWHHJGDWH
RIVFUHHQLQJ%HIRUHDQ\VWXG\VSHFLILFDFWLYLWLHVSURFHGXUHWKHDSSURSULDWHZULWWHQ
LQIRUPHGFRQVHQWPXVWEHREWDLQHGVHH6HFWLRQ

,QFOXVLRQ&ULWHULD

6XEMHFWKDVSURYLGHGLQIRUPHGFRQVHQWSULRUWRLQLWLDWLRQRIDQ\VWXG\VSHFLILF
DFWLYLWLHVSURFHGXUHV

0DOHRU)HPDOH\HDUVRIDJHDWWKHWLPHRILQIRUPHGFRQVHQW

3DWKRORJLFDOO\GRFXPHQWHGGLDJQRVHG*,DGHQRFDUFLQRPDLQFOXGLQJEXWQRW
OLPLWHGWRHVRSKDJHDOJDVWULFVPDOOLQWHVWLQHFRORUHFWDORUSDQFUHDWLF
FDQFHUVWKDWKDVIDLOHGVWDQGDUGWUHDWPHQWVRUIRUZKLFKVWDQGDUGFXUDWLYHRU
SDOOLDWLYHPHDVXUHVGRQRWH[LVWRUDUHQRORQJHUHIIHFWLYH

$WOHDVWPHDVXUDEOHWXPRUOHVLRQSHUPRGLILHGLU5&$SSHQGL['

$UFKLYDOWXPRUWLVVXHDYDLODEOHRULVZLOOLQJWRXQGHUJRELRSV\RIDWXPRU
OHVLRQEHIRUHWKHVWDUWRIWUHDWPHQW

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



$GHTXDWHKHPDWRORJLFDOUHQDODQGOLYHUIXQFWLRQDVIROORZV
x
$EVROXWHQHXWURSKLOFRXQW$1&!PPî/
x
3ODWHOHWFRXQW!PPî/
x
:KLWHEORRGFHOO:%&FRXQW!î/
x
+HPRJORELQ!JG/
x
$67DQG$/7îWKHXSSHUOLPLWRIQRUPDO8/1
x
$ONDOLQHSKRVSKDWDVH$/3î8/1
x
7RWDOELOLUXELQ7%/î8/1XQOHVVVXEMHFWKDVVXVSHFWHG*LOEHUW¶V
V\QGURPHRUH[WUDKHSDWLFFDXVHE\LQFUHDVHGLQGLUHFWELOLUXELQIUDFWLRQ
x
&UHDWLQLQHFOHDUDQFH!P/PLQFDOFXODWHGE\&RFNURIW*DXOW
x
/LSDVHDP\ODVHî8/1
x
3URWKURPELQWLPHSDUWLDOWKURPERSODVWLQWLPHDQGLQWHUQDWLRQDO
QRUPDOL]HGUDWLR,15î8/1

/LIHH[SHFWDQF\PRQWKVLQWKHRSLQLRQRIWKHLQYHVWLJDWRU

.DUQRIVN\3HUIRUPDQFH6WDWXV

%RG\ZHLJKWNJ

([FOXVLRQ&ULWHULD

+LVWRU\RIDOOHUJ\RUUHDFWLRQWRDQ\FRPSRQHQWRIWKH$0*IRUPXODWLRQ

0DOLJQDQF\RWKHUWKDQ*,DGHQRFDUFLQRPDUHTXLULQJFXUUHQWWKHUDS\

(YLGHQFHRIXQFRQWUROOHGV\VWHPLFGLVHDVHRWKHUWKDQ*,DGHQRFDUFLQRPD

$FWLYHLQIHFWLRQRUSULRUXVHRI,9DQWLELRWLFVIRUWUHDWPHQWRILQIHFWLRQZLWKLQ
ZHHNVSULRUWRVWDUWLQJWKHUDS\ZLWK$0*

&RUUHFWHG47LQWHUYDO47FPLOOLVHFRQGVDWVFUHHQLQJ

+HSDWLWLV%DQGRU&EDVHGRQWKHIROORZLQJUHVXOWV
x
3RVLWLYH+HSDWLWLV%6XUIDFH$QWLJHQ+HS%V$JLQGLFDWLYHRIFKURQLF
+HSDWLWLV%RUUHFHQWDFXWH+HSDWLWLV%
x
1HJDWLYH+HS%V$JDQGSRVLWLYH+HSDWLWLV%FRUHDQWLERG\+HSDWLWLV%
YLUXV'1$E\SRO\PHUDVHFKDLQUHDFWLRQ3&5LVQHFHVVDU\'HWHFWDEOH
+HSDWLWLV%YLUXV'1$VXJJHVWVRFFXOW+HSDWLWLV%
x
3RVLWLYH+HSDWLWLV&YLUXVDQWLERG\+HS&$E+HSDWLWLV&YLUXV51$E\
3&5LVQHFHVVDU\'HWHFWDEOH+HSDWLWLV&YLUXV51$VXJJHVWVFKURQLF
+HSDWLWLV&

3RVLWLYHUHVXOWVIRUKXPDQLPPXQRGHILFLHQF\YLUXV+,9

0DMRUVXUJHU\ZLWKLQGD\VRIVWXG\GD\

3URSK\ODFWLFDQWLLQIHFWLRQYDFFLQDWLRQZLWKLQPRQWKSULRUWRVWDUWLQJWKHUDS\
ZLWK$0*7KHUDSHXWLFYDFFLQDWLRQIRUFDQFHURULQIHFWLRQZLWKLQ
PRQWKVSULRUWRVWDUWLQJWKHUDS\ZLWK$0*

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



&XUUHQWO\UHFHLYLQJWUHDWPHQWLQDQRWKHULQYHVWLJDWLRQDOGHYLFHRUGUXJVWXG\
RUOHVVWKDQGD\VVLQFHHQGLQJWUHDWPHQWLQDQRWKHULQYHVWLJDWLRQDOGHYLFH
RUGUXJVWXG\2WKHULQYHVWLJDWLRQDOSURFHGXUHVZKLOHSDUWLFLSDWLQJLQWKLV
VWXG\DUHH[FOXGHG([FHSWLRQWRWKLVFULWHULRQLVWKHSDUWLFLSDWLRQLQWKH
,PDJLQJ6WXG\DQGDOOSURFHGXUHVUHODWHGWRWKLVVWXG\

7UHDWPHQWZLWKDQ\FKHPRWKHUDS\UDGLRWKHUDS\LPPXQRWKHUDS\ELRORJLFRU
KRUPRQDOWKHUDS\IRUFDQFHUZLWKLQGD\VSULRUWRVWXG\HQWU\RUQRW
UHFRYHUHGIURPWUHDWPHQW

8QUHVROYHGWR[LFLWLHVIURPSULRUDQWLWXPRUWKHUDS\GHILQHGDVQRWKDYLQJ
UHVROYHGWR&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH(YHQWV&7&$(
YHUVLRQJUDGHRUWROHYHOVGLFWDWHGLQWKHHOLJLELOLW\FULWHULDZLWKWKH
H[FHSWLRQRIDORSHFLDRUWR[LFLWLHVIURPDQWLWXPRUWKHUDS\WKDWDUHFRQVLGHUHG
LUUHYHUVLEOHGHILQHGDVKDYLQJEHHQSUHVHQWDQGVWDEOHIRU!PRQWKVPD\
EHDOORZHGLIWKH\DUHQRWRWKHUZLVHGHVFULEHGLQWKHH[FOXVLRQFULWHULD$1'
WKHUHLVDJUHHPHQWWRDOORZE\ERWKWKHLQYHVWLJDWRUDQGWKHVSRQVRU

5HFHQWKLVWRU\RIFDUGLDFGLVHDVHLQFOXGLQJP\RFDUGLDOLQIDUFWLRQXQVWDEOH
DQJLQDSHFWRULVRUXQFRQWUROOHGDUUK\WKPLDZLWKLQPRQWKVRUHYLGHQFHRI
VHYHUHFRQJHVWLYHKHDUWIDLOXUHZLWK1HZ<RUN+HDUW$VVRFLDWLRQ
$SSHQGL[*VHYHULW\FODVVLILFDWLRQ!&ODVV,ZLWKLQZHHNVSULRUWR
VFUHHQLQJ

+LVWRU\RUHYLGHQFHRIDQ\RWKHUFOLQLFDOO\VLJQLILFDQWGLVRUGHUFRQGLWLRQRU
GLVHDVHZLWKWKHH[FHSWLRQRIWKRVHRXWOLQHGDERYHWKDWLQWKHRSLQLRQRIWKH
LQYHVWLJDWRURUVSRQVRUZRXOGSRVHDULVNWRVXEMHFW¶VVDIHW\RULQWHUIHUHZLWK
WKHVWXG\HYDOXDWLRQSURFHGXUHVRUFRPSOHWLRQ

&OLQLFDOKLVWRU\RIVLJQLILFDQWFHQWUDOQHUYRXVV\VWHP&16SDWKRORJ\
LQFOXGLQJEXWQRWOLPLWHGWRKLVWRU\RIEUDLQPHWDVWDVLVPXOWLSOHRFFXUUHQFHV
RIFRQIXVLRQGHPHQWLDSUHYLRXV&16LQIDUFWLRQVPLJUDLQHKHDGDFKHV>ZLWKLQ
PRQWKVSULRUWRVWDUWLQJWKHUDS\ZLWK$0*@VHL]XUHGLVRUGHURUPDMRU
EUDLQVXUJHU\

+LVWRU\RIFKURQLFDXWRLPPXQHGLVHDVHHJUKHXPDWRLGDUWKULWLVLQIODPPDWRU\
ERZHOGLVHDVHV\VWHPLFOXSXVHU\WKHPDWRVXVRUPXOWLSOHVFOHURVLVZLWKWKH
H[FHSWLRQRIVWDEOHW\SHGLDEHWHV

0DOHVRU)HPDOHVRIUHSURGXFWLYHSRWHQWLDODQGXQZLOOLQJWRSUDFWLFHDQ
DFFHSWDEOHPHWKRGRIHIIHFWLYHELUWKFRQWUROZKLOHRQVWXG\WKURXJKGD\V
DIWHUUHFHLYLQJWKHODVWGRVHRIVWXG\GUXJ$FFHSWDEOHPHWKRGVRIHIIHFWLYH
ELUWKFRQWUROLQFOXGH
x
VH[XDODEVWLQHQFHPDOHVIHPDOHV
x
XVHRIDFRPELQDWLRQRIDFFHSWDEOHPHWKRGVRIHIIHFWLYHELUWKFRQWURO
LQFOXGLQJELODWHUDOWXEDOOLJDWLRQIHPDOHVYDVHFWRP\PDOHVRUDO
WUDQVGHUPDOLQMHFWHGRULPSODQWHGFRQWUDFHSWLYHVLQWUDXWHULQHGHYLFH
IHPDOHFRQGRPZLWKVSHUPLFLGHGLDSKUDJPZLWKVSHUPLFLGH
FRQWUDFHSWLYHVSRQJHZLWKVSHUPLFLGHFHUYLFDOFDSRUXVHRIDFRQGRP
ZLWKVSHUPLFLGHE\WKHVH[XDOSDUWQHU

)HPDOHVZKRDUHODFWDWLQJEUHDVWIHHGLQJRUZKRSODQWREUHDVWIHHGZKLOHRQ
VWXG\WKURXJKGD\VDIWHUUHFHLYLQJWKHODVWGRVHRIVWXG\GUXJ

)HPDOHVZLWKDSRVLWLYHSUHJQDQF\WHVW

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



)HPDOHVSODQQLQJWREHFRPHSUHJQDQWZKLOHRQVWXG\WKURXJKGD\VDIWHU
UHFHLYLQJWKHODVWGRVHRILQYHVWLJDWLRQDOSURGXFW

6XEMHFWLVOLNHO\WRQRWEHDYDLODEOHWRFRPSOHWHDOOSURWRFROUHTXLUHGVWXG\
YLVLWVRUSURFHGXUHVDQGRUWRFRPSO\ZLWKDOOUHTXLUHGVWXG\SURFHGXUHVWR
WKHEHVWRIWKHVXEMHFWDQGLQYHVWLJDWRU¶VNQRZOHGJH

68%-(&7(152//0(17
%HIRUHVXEMHFWVEHJLQSDUWLFLSDWLRQLQDQ\VWXG\VSHFLILFDFWLYLWLHVSURFHGXUHV$PJHQ
UHTXLUHVDFRS\RIWKHVLWH¶VZULWWHQ,QVWLWXWLRQDO5HYLHZ%RDUG,QGHSHQGHQW(WKLFV
&RPPLWWHH,5%,(&DSSURYDORIWKHSURWRFROLQIRUPHGFRQVHQWIRUP,&)DQGDOORWKHU
VXEMHFWLQIRUPDWLRQDQGRUUHFUXLWPHQWPDWHULDOLIDSSOLFDEOHVHH6HFWLRQ$OO
VXEMHFWVPXVWSHUVRQDOO\VLJQDQGGDWHWKH,&)EHIRUHFRPPHQFHPHQWRIVWXG\VSHFLILF
DFWLYLWLHVSURFHGXUHV$IWHUPHHWLQJDOOHOLJLELOLW\FULWHULDDVXEMHFWLVFRQVLGHUHGHQUROOHG
RQGD\F\FOHGD\ZKHQWKHF,9LQIXVLRQZLWKLQYHVWLJDWLRQDOSURGXFWLVVWDUWHG
7KHLQYHVWLJDWRULVWRGRFXPHQWWKLVGHFLVLRQDQGGDWHLQWKHVXEMHFW¶VPHGLFDOUHFRUG
DQGLQRQWKHHQUROOPHQWHOHFWURQLFFDVHUHSRUWIRUPH&5)$GYHUVHHYHQWVDUHWREH
FROOHFWHGIRUDQHOLJLEOHVXEMHFWRQFHWKH\DUHHQUROOHGLQWKHVWXG\IURPF\FOHGD\
RQZDUGV$GYHUVH(YHQWVRFFXUULQJGXULQJWKHVFUHHQLQJSHULRGDQGZKLFKDUHQRW
UHODWHGWRVWXG\SURFHGXUHVZLOOEHFDSWXUHGDVPHGLFDOKLVWRU\
(DFKVXEMHFWZKRHQWHUVLQWRWKHVFUHHQLQJSHULRGIRUWKHVWXG\GHILQHGDVWKHSRLQWDW
ZKLFKWKHVXEMHFWVLJQVWKHLQIRUPHGFRQVHQWUHFHLYHVDXQLTXHVXEMHFWLGHQWLILFDWLRQ
QXPEHUEHIRUHDQ\VWXG\SURFHGXUHVDUHSHUIRUPHG7KHVXEMHFWLGHQWLILFDWLRQQXPEHU
ZLOOEHDVVLJQHGPDQXDOO\7KLVQXPEHUZLOOEHXVHGWRLGHQWLI\WKHVXEMHFWWKURXJKRXW
WKHFOLQLFDOVWXG\DQGPXVWEHXVHGRQDOOVWXG\GRFXPHQWDWLRQUHODWHGWRWKDWVXEMHFW
7KHVXEMHFWLGHQWLILFDWLRQQXPEHUPXVWUHPDLQFRQVWDQWWKURXJKRXWWKHHQWLUHFOLQLFDO
VWXG\LWPXVWQRWEHFKDQJHGDIWHULQLWLDODVVLJQPHQWLQFOXGLQJLIDVXEMHFWLV
UHVFUHHQHG
$OOVFUHHQLQJWHVWVDQGSURFHGXUHVVKRXOGEHSHUIRUPHGZLWKLQGD\VEHIRUH
HQUROOPHQWXQOHVVRWKHUZLVHQRWHG$OOEORRGDQGXULQHVDPSOHVFROOHFWHGIRUWKH
PPD

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


VFUHHQLQJDVVHVVPHQWH[FHSWIRUELRPDUNHUVDQGVROXEOH&($>V&($@ZLOOEH
VXEPLWWHGDQGDQDO\]HGE\WKHORFDOODERUDWRU\/DERUDWRU\DVVHVVPHQWVXVHGWR
GHWHUPLQHVXEMHFWHOLJLELOLW\PD\EHUHSHDWHGRQFHIRUFRQILUPDWLRQXSWRDWRWDORI
WLPHVGXULQJWKHVFUHHQLQJSHULRGLIQHFHVVDU\EHIRUHWKHVXEMHFWLVFRQVLGHUHGD
VFUHHQIDLOXUH
6XEMHFWVZKRGRQRWPHHWWKHHOLJLELOLW\FULWHULDZLWKLQWKHGD\VFUHHQLQJSHULRGZLOO
QRWEHHOLJLEOHIRUHQUROOPHQW6XEMHFWVPD\EHUHVFUHHQHGXSWRWLPHVDWWKH
GLVFUHWLRQRIWKHLQYHVWLJDWRU7KHVXEMHFWPXVWEHUHFRQVHQWHGLIDUHVFUHHQLQJ
DWWHPSWRFFXUVRXWVLGHWKHVFUHHQLQJSHULRG6XEMHFWVZKRDUHGHHPHGQRWHOLJLEOHZLOO
EHGRFXPHQWHGDVVFUHHQIDLOXUHV
6XEMHFWVPD\EHHOLJLEOHWRHQUROORQFHDOOVFUHHQLQJWHVWVDQGSURFHGXUHVDUHFRPSOHWHG
DQGUHVXOWVLQGLFDWHWKDWDOOHOLJLELOLW\FULWHULDDUHPHW$VLWHUHSUHVHQWDWLYHZLOOFRPSOHWH
DQGVHQGWKHHQUROOPHQWHOLJLELOLW\ZRUNVKHHWWRWKHVSRQVRURUGHVLJQHHDORQJZLWKWKH
ODEUHVXOWVDQGDQ\UHTXHVWHGVXSSRUWLQJGRFXPHQWDWLRQIRUUHYLHZRIHOLJLELOLW\FULWHULD
7KH$PJHQUHSUHVHQWDWLYHZLOODFNQRZOHGJHUHFHLSWRIWKHSDSHUZRUNDQGVHQG
FRQILUPDWLRQRIFRKRUWDQGGRVHOHYHODVVLJQPHQWIRUWKHVXEMHFW

7UHDWPHQW$VVLJQPHQW
$Q$PJHQUHSUHVHQWDWLYHZLOOQRWLI\WKHVLWHVLQZULWLQJZKHQDFRKRUWLVRSHQWRVFUHHQ
QHZVXEMHFWV,QWKHGRVHHVFDODWLRQFRKRUWVVXEMHFWVZLOOEHDVVLJQHGVHTXHQWLDOO\LQWR
FRKRUWVDVWKH\RSHQ7KUHHVXEMHFWVZLOOLQLWLDOO\EHHQUROOHGLQWRHDFKGRVHHVFDODWLRQ
FRKRUWZLWKDWOHDVWDKRXULQWHUYDOEHWZHHQWUHDWPHQWVWDUWRIVXEMHFWDQGVXEMHFW
RIHDFKFRKRUW,QWKHHYHQWWKDWD'/7LVREVHUYHGDGGLWLRQDOVXEMHFWVPD\EH
HQUROOHGIRUDWRWDORIXSWRHYDOXDEOHVXEMHFWV6XEMHFWVDUHFRQVLGHUHGHYDOXDEOHIRU
WKHSXUSRVHVRIWKHGRVHOHYHOUHYLHZRIVDIHW\LQIRUPDWLRQLIWKH\UHFHLYHDWOHDVWRI
WKHSODQQHGGRVHVRILQYHVWLJDWLRQDOSURGXFWRULIWKH\KDYHGLVFRQWLQXHGLQYHVWLJDWLRQDO
SURGXFWGXHWRD'/76XEVHTXHQWFRKRUWVZLOOEHJLQHQUROOPHQWXSRQFRPSOHWLRQRIWKH
SUHYLRXVFRKRUWLILWLVGHHPHGVDIHWRSURFHHGWRWKHQH[WGRVHOHYHO
6XEMHFWVQRWSDUWLFLSDWLQJLQWKH,PDJLQJ6WXG\ZLOOVWDUWHQUROOPHQWLQWRWKH
GRVHH[SDQVLRQFRKRUWXSRQFRPSOHWLRQRIWKHGRVHHVFDODWLRQFRKRUWV6XEMHFWV
FRQFXUUHQWO\SDUWLFLSDWLQJLQWKH,PDJLQJ6WXG\ZLOOVWDUWHQUROOPHQWLQWRWKH
GRVHH[SDQVLRQFRKRUWZKLOHGRVHHVFDODWLRQFRKRUWVDUHVWLOORSHQIRUHQUROOPHQW
7KHWUHDWPHQWVWDUWGDWHLVWREHGRFXPHQWHGLQWKHVXEMHFW¶VPHGLFDOUHFRUGDQGRQWKH
HQUROOPHQWH&5)

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



75($70(17352&('85(6

&ODVVLILFDWLRQRI3URGXFWVDQGRU0HGLFDO'HYLFHV
7KH$PJHQ,QYHVWLJDWLRQDO3URGXFWVXVHGLQWKLVVWXG\LQFOXGHV$0*DQG,9EDJ
SURWHFWDQW
7KH,QYHVWLJDWLRQDO3URGXFW,QVWUXFWLRQ0DQXDO,3,0DGRFXPHQWH[WHUQDOWRWKLV
SURWRFROFRQWDLQVGHWDLOHGLQIRUPDWLRQUHJDUGLQJWKHVWRUDJHSUHSDUDWLRQDQG
DGPLQLVWUDWLRQRI$0*
7KHPHGLFDOGHYLFHVXVHGLQWKLVVWXG\LQFOXGHSRUWDEOHLQIXVLRQSXPS,9EDJDQG
LQIXVLRQOLQHLQFOXGLQJDȝPLQOLQHILOWHU

,QYHVWLJDWLRQDO3URGXFW
$OOLQYHVWLJDWLRQDOSURGXFWVZLOOEHGLVSHQVHGDWWKHUHVHDUFKIDFLOLW\E\DTXDOLILHGVWDII
PHPEHU
$SK\VLFLDQRUQXUVHWUDLQHGLQHPHUJHQF\PHGLFLQHPXVWEHDYDLODEOHZKHQWKHLQIXVLRQ
RILQYHVWLJDWLRQDOSURGXFWLVVWDUWHGIRULPPHGLDWHLQWHUYHQWLRQLQFDVHRIFRPSOLFDWLRQV

$PJHQ,QYHVWLJDWLRQDO3URGXFW$0*DQG,9%DJ3URWHFWDQW
$0*DQGWKH,9EDJSURWHFWDQWZLOOEHPDQXIDFWXUHGE\0HG,PPXQH3KDUPD%9
SDFNDJHGE\$PJHQ,QFDQGGLVWULEXWHGXVLQJ$PJHQFOLQLFDOVWXG\GUXJGLVWULEXWLRQ
SURFHGXUHV$0*ZLOOEHSUHVHQWHGDVDVWHULOHVLQJOHXVHO\RSKLOL]HGIRUPXODWLRQ
IRUF,9LQIXVLRQLQDP/JODVVYLDOFRQWDLQLQJPJ$0*7KHIRUPXODWLRQDIWHU
UHFRQVWLWXWLRQLVPJP/LQ
P0VRGLXPFLWUDWHFLWULFDFLG
P0/O\VLQH
K\GURFKORULGH
P0
ZYWUHKDORVHGLK\GUDWH
ZYSRO\VRUEDWHDW
S+

7KH,9EDJSURWHFWDQWZLOOEHSUHVHQWHGDVDVWHULOHOLTXLGLQDPPJODVVYLDO
FRQWDLQLQJP/RI,9EDJSURWHFWDQWLQWHQGHGIRUSUHWUHDWPHQWRI,9EDJVSULRUWR
GLOXWLRQRI$0*GUXJSURGXFW7KH,9EDJSURWHFWDQWGRHVQRWFRQWDLQDQDFWLYH
SKDUPDFHXWLFDOLQJUHGLHQW

'RVDJH$GPLQLVWUDWLRQDQG6FKHGXOH
$0*ZLOOEHGHOLYHUHGXVLQJSUHSURJUDPPHGLQIXVLRQSXPSVDSSURYHGIRUXVHE\
WKHDSSURSULDWHUHJXODWRU\DXWKRULW\IRUWKHFRXQWU\LQZKLFKWKHVXEMHFWLVXQGHUJRLQJ
WUHDWPHQW
$0*LQIXVLRQIRUVROXWLRQZLOOEHSUHSDUHGLQEDJVIRU,9LQIXVLRQ7KH
LQYHVWLJDWLRQDOSURGXFWZLOOEHDGPLQLVWHUHGDVDF,9LQIXVLRQDWDFRQVWDQWIORZUDWHRYHU
WRZHHNVIROORZHGE\DZHHNFRKRUWLQWKHGRVHHVFDODWLRQFRKRUWVRUZHHN
C
CI
C
CI
CCI
CCI
CC
I
CC
I

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


DOORWKHUFRKRUWVWUHDWPHQWIUHHLQWHUYDOSULRUWRWKHIROORZLQJWUHDWPHQWF\FOH6XEMHFWV
ZLOOEHKRVSLWDOL]HGRQGD\F\FOHIRUDPLQLPXPRIKRXUVDQGDWDOOVXEVHTXHQW
F\FOHVIRUDPLQLPXPRIKRXUV6XEMHFWVFDQEHKRVSLWDOL]HGIRUDORQJHUWLPHSHULRG
DWWKHGLVFUHWLRQRIWKHLQYHVWLJDWRU,IUHTXLUHGIRUORJLVWLFDOUHDVRQVHJORQJWUDYHO
WLPHVVXEMHFWVPD\EHKRVSLWDOL]HGWKHGD\EHIRUHGRVLQJGD\RIDQ\F\FOHDQGDW
WKH(2,IRUF\FOHIRUUHTXLUHG3.VDPSOHV6XEMHFWVLQWKHDQGGD\VFKHGXOHV
ZLOOUHFHLYH$0*IRURUGD\VIROORZHGE\GD\VRIIRUGD\VRIIUHVSHFWLYHO\
DGD\F\FOH6XEMHFWVRQDGD\VFKHGXOHZLOOUHFHLYH$0*IRUGD\V
IROORZHGE\GD\VRIIDGD\F\FOH
7KHSODQQHGGRVHOHYHOVIRUWKHGRVHHVFDODWLRQFRKRUWVDUH
DQGJG$OWHUQDWLYHGRVHOHYHOVXSWRJGD\ZLOOEHH[SORUHGLQHLWKHU
GD\RUGD\VFKHGXOHEDVHGRQHPHUJLQJGDWD7KH07'RUUHFRPPHQGHGSKDVH
GRVHZLOOEHDGPLQLVWHUHGLQWKHGRVHH[SDQVLRQFRKRUW
7KHLQIXVLRQVWDUWWLPHVKRXOGEHFKRVHQFDUHIXOO\WRDYRLGDQ\LQWHUIHUHQFHRU
LQFRQYHQLHQFHZLWKWLPHSRLQWVRIVDIHW\DVVHVVPHQWV3.3'PHDVXUHPHQWVDQG
LQIXVLRQEDJFKDQJHV7KHVLWHVKRXOGUHFRUGDQ\XQVFKHGXOHGLQWHUUXSWLRQRIDQLQIXVLRQ
RQWKHH&5)DQGSURYLGHWKHVWDUWDQGVWRSGDWHWLPHRIWKHLQIXVLRQDQGWKHEDJ
FKDQJH
$0*VKRXOGEHDGPLQLVWHUHGWKURXJKDFHQWUDOYHQRXVDFFHVV,QWKHHYHQWWKDW
DGPLQLVWUDWLRQWKURXJKDFHQWUDOYHQRXVDFFHVVLVQRWSRVVLEOH$0*PD\EH
DGPLQLVWHUHGWHPSRUDULO\WKURXJKDSHULSKHUDOYHQRXVOLQHLIWKHVXEMHFWLVKRVSLWDOL]HG
7KHILQDOVROXWLRQIRULQIXVLRQVKRXOGEHDGPLQLVWHUHGWKURXJKDȝPLQOLQHILOWHU
$GPLQLVWUDWLRQRIWKHSUHPHGLFDWLRQHJGH[DPHWKDVRQHWRPLQLPL]HWKHULVNRI
F\WRNLQHUHOHDVHV\QGURPHV\PSWRPVLVUHFRPPHQGHGIRUDOOWUHDWPHQWVDWDGRVHRI
JGD\RUKLJKHUVHH6HFWLRQ
,QIXVLRQEDJVVKRXOGEHFKDQJHGLQDFFRUGDQFHZLWKORFDOSKDUPDF\VWDQGDUGVIRU
LQIXVLRQRIFRPSRXQGHGVWHULOHSURGXFWVXSWRHYHU\GD\V
$IWHUFRPSOHWLRQRIDILUVWF\FOHZLWKRXWD'/7PD\EHF\FOHVLQFRKRUWDGGLWLRQDO
WUHDWPHQWF\FOHVFDQEHDGPLQLVWHUHGDVORQJDVLQWKHMXGJPHQWRIWKHLQYHVWLJDWRUWKH
VXEMHFWLVGHULYLQJEHQHILW
/RQJHUEUHDNVRIXSWRZHHNVEHWZHHQWUHDWPHQWF\FOHVZLOOEHDOORZHGIRUVXEMHFWV
ZKRUHPDLQRQVWXG\WUHDWPHQWEH\RQGZHHNVIURPVWDUWRIVWXG\WUHDWPHQWRULQWKH
HYHQWRIXUJHQWUHDVRQVRWKHUWKDQDGYHUVHHYHQWVUHODWHGWRVWXG\GUXJ7KHEUHDN

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


PXVWEHDJUHHGXSRQDIWHUFRQVXOWDWLRQZLWKWKHVSRQVRUDQGPD\EHGRQHWRDOORZ
VXIILFLHQWUHFRYHU\IURPDGYHUVHHYHQWVGXHWRWKHVXEMHFW¶VVFKHGXOHHJJRLQJRQ
YDFDWLRQRUIRURWKHUUHDVRQVUHTXLULQJDORQJHUEUHDN
7KHDPRXQWRILQYHVWLJDWLRQDOSURGXFWXVHGLQSUHSDUDWLRQWRWDOYROXPHRISUHSDUDWLRQ
FRQFHQWUDWLRQRISUHSDUDWLRQTXDQWLW\GRVHVWDUWGDWHWLPHVWRSGDWHWLPHDQGORW
QXPEHURILQYHVWLJDWLRQDOSURGXFWDUHWREHUHFRUGHGRQHDFKVXEMHFW¶VH&5)
7KHHIIHFWVRIRYHUGRVHRIWKLVSURGXFWDUHQRWNQRZQ

$0*2XWSDWLHQW'RVLQJ
,IGHHPHGVWDEOHE\WKHLQYHVWLJDWRUDVXEMHFWPD\FRQWLQXH$0*F,9LQIXVLRQDVDQ
RXWSDWLHQW,QWKHRXWSDWLHQWVHWWLQJWKHVXEMHFWZLOOHLWKHUUHWXUQWRWKHVWXG\VLWHIRU
LQIXVLRQEDJFKDQJHVRUWKHVXEMHFWZLOOEHYLVLWHGE\DZHOOWUDLQHGDPEXODQWKRPHFDUH
VHUYLFHSURYLGHUDWVSHFLILFLQWHUYDOVWRFKDQJHWKHLQIXVLRQEDJPHDVXUHYLWDOVLJQV
PRQLWRUDQGGRFXPHQWDGYHUVHHYHQWVDQGRUVHULRXVDGYHUVHHYHQWVDQGGRFXPHQW
DQ\LVVXHVZLWKWKHF,9LQIXVLRQRULQIXVLRQSXPS7KHVXEMHFWDQGDPEXODQWKRPHFDUH
VHUYLFHSURYLGHUZLOOEHWUDLQHGDQGZLOOUHFHLYHZULWWHQLQVWUXFWLRQVIRUVWRUDJHRIWKH
,9EDJV7KHDPEXODQWKRPHFDUHVHUYLFHSURYLGHUZLOOFRPSOHWHVRXUFHGRFXPHQWDWLRQ
EHIRUHDQ\VWXG\UHODWHGWDVNVDUHVWDUWHG
,QDGGLWLRQWRYLVLWVWKHDPEXODQWKRPHFDUHVHUYLFHSURYLGHURUVWXG\VLWHSHUVRQQHO
ZLOODOVRFRQWDFWWKHVXEMHFWE\WHOHSKRQHWRPRQLWRUDQGGRFXPHQWDGYHUVHHYHQWV
DQGRUVHULRXVDGYHUVHHYHQWVDQGWRGRFXPHQWDQ\LVVXHVZLWKWKHF,9LQIXVLRQRU
LQIXVLRQSXPS'XULQJF\FOHWKHDPEXODQWKRPHFDUHVHUYLFHSURYLGHURUVWXG\VLWH
SHUVRQQHOZLOOFRQWDFWWKHVXEMHFWRQHDFKGD\WKDWWKHVXEMHFWLVQRWKRVSLWDOL]HG
6WDUWLQJZLWKF\FOHWKHDPEXODQWKRPHFDUHVHUYLFHSURYLGHURUVWXG\VLWHSHUVRQQHO
ZLOOFRQWDFWWKHVXEMHFWHYHU\GD\VH[FHSWRQWKRVHGD\VWKDWWKHVXEMHFWZLOOEHYLVLWHG
WRFKDQJHWKHLQIXVLRQEDJ
5HIHUWRWKHKRPHKHDOWKFDUHPDQXDOIRUGHWDLOHGLQIRUPDWLRQRQWKHVWRUDJHKDQGOLQJ
DQGDGPLQLVWUDWLRQRI$0*PDQGDWRU\SURFHGXUHVDQGGDWDFROOHFWLRQ
UHTXLUHPHQWV
)ROORZLQJHDFKYLVLWRUWHOHSKRQHFRQWDFWWKHLQIRUPDWLRQFROOHFWHGZLOOEHGRFXPHQWHG
RQWKH$PEXODQW+RPH&DUH6HUYLFHVYLVLWZRUNVKHHWDQGIRUZDUGHGWRWKHLQYHVWLJDWRU
$Q\XQH[SHFWHGRUXQXVXDOHYHQWVDVZHOODVDQ\GHYLDWLRQVZLOOEHFRPPXQLFDWHG
SURPSWO\WRWKHLQYHVWLJDWRU,IDQ\DGYHUVHHYHQWRFFXUVLQWKHRXWSDWLHQWVHWWLQJWKH
DPEXODQWKRPHFDUHVHUYLFHSURYLGHUVKRXOGGLUHFWO\FRQWDFWWKHVLWHIRUIXUWKHU

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


PDQDJHPHQW7KHDPEXODQWKRPHFDUHVHUYLFHSURIHVVLRQDOVSURYLGHKRXU
HPHUJHQF\RQFDOOVHUYLFH,QWKHHYHQWRIDQLQWHUUXSWLRQRIWKH$0*F,9LQIXVLRQ
RI!KRXUVWKHUHVWDUWRIWKHLQIXVLRQVKRXOGEHSHUIRUPHGLQWKHFOLQLFKRVSLWDOXQGHU
WKHVXSHUYLVLRQRIWKHLQYHVWLJDWRURUGHVLJQHH3URSK\ODFWLFWUHDWPHQWZLWKVWHURLGHJ
GH[DPHWKDVRQHLVUHFRPPHQGHGEHIRUHUHVWDUWLQJRI$0*LIFOLQLFDOO\LQGLFDWHG

'RVHFRKRUW6WXG\(VFDODWLRQDQG6WRSSLQJ5XOHV'RVHOLPLWLQJ
7R[LFLWLHV'/7
$'/7ZLOOEHGHILQHGDVDQ\RIWKHIROORZLQJRFFXUULQJLQDVXEMHFWGXULQJWKHILUVW
GD\VRIWUHDWPHQWDQGUHJDUGHGE\WKHLQYHVWLJDWRUVDQGRUVSRQVRUWREHUHODWHGWR
$0*7KH&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH(YHQWV&7&$(
YHUVLRQZLOOEHXVHGWRDVVHVVWR[LFLWLHVDGYHUVHHYHQWV
+HPDWRORJLFDO'/7V
x
$1&î/IRUtGD\V
x
)HEULOHQHXWURSHQLDIHYHURIXQNQRZQRULJLQZLWKRXWFOLQLFDOO\RUPLFURELRORJLFDOO\
GRFXPHQWHGLQIHFWLRQZLWK$1&î/DQGIHYHUt&
x
3ODWHOHWVî/tGD\V
1RQKHPDWRORJLFDO'/7V
$Q\$0*UHODWHGtJUDGHQRQKHPDWRORJLFDOWR[LFLW\
x
1DXVHDDQGYRPLWLQJZKLFKLVQRWUHIUDFWRU\WRDQWLHPHWLFV
H[FOXGLQJ
x
)ODUHXSRISDLQEHFDXVHRISRWHQWLDOLQFUHDVHLQWXPRUYROXPHLVQRWUHJDUGHGDV
D'/7
x
&\WRNLQHUHOHDVHV\QGURPHPDQDJHDEOHZLWKV\PSWRPDWLFWUHDWPHQWDQGRU
LQIXVLRQLQWHUUXSWLRQRIXSWRGD\V
6XEMHFWVDUHHYDOXDEOHIRUD'/7ZKHQWKH\KDYHUHFHLYHGDWOHDVWRIWKHSODQQHG
GRVHVRILQYHVWLJDWLRQDOSURGXFWZLWKLQWKHILUVWWUHDWPHQWF\FOHILUVWGD\VRIDF\FOH
LQGHSHQGHQWRIOHQJWKRIWKHLQIXVLRQZLWKRUZLWKRXWWKHRFFXUUHQFHRID'/7LQWKH
GD\VDIHW\REVHUYDWLRQSHULRG
$Q\DGYHUVHHYHQWRFFXUULQJRXWVLGHWKH'/7ZLQGRZWKDWLVGHWHUPLQHGE\WKH
LQYHVWLJDWRUWREHSRVVLEO\UHODWHGWRWKHLQYHVWLJDWLRQDOSURGXFWZKLFKLVVHHQPRUH
IUHTXHQWO\RUPRUHVHYHUHWKDQH[SHFWHGRULVSHUVLVWHQWGHVSLWHDSSURSULDWH
PDQDJHPHQWFDQEHGHWHUPLQHGWREHD'/7XSRQXQDQLPRXVGHFLVLRQE\WKH'/57
DIWHUUHYLHZRIWKHDGYHUVHHYHQWDQGDOODYDLODEOHVDIHW\GDWD
)RUFHUWDLQWR[LFLWLHVVXFKDVODERUDWRU\DEQRUPDOLWLHVZLWKRXWDFOHDUFOLQLFDOFRUUHODWLRQ
HJLQFUHDVHLQVHUXPOLSDVHOHYHOZLWKRXWVLJQVRUV\PSWRPVRIDFOLQLFDOSDQFUHDWLWLVD

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


GLVFXVVLRQEHWZHHQWKHLQYHVWLJDWRUDQGWKHVSRQVRUPD\WDNHSODFHZKHWKHUWKDW
DGYHUVHHYHQWVKRXOGEHDVVHVVHGDVD'/7

'RVDJH$GMXVWPHQWV'HOD\V5XOHVIRU:LWKKROGLQJRU5HVWDUWLQJ
3HUPDQHQW'LVFRQWLQXDWLRQ

'RVH5HGXFWLRQ
+HPDWRORJLFDOFULWHULDIRUGRVHUHGXFWLRQDUHSUHVHQWHGLQ7DEOHDQG
QRQKHPDWRORJLFDOFULWHULDDUHSUHVHQWHGLQ7DEOH'RVHUHGXFWLRQLVSRVVLEOHZLWK
UHWUHDWPHQWDWGRVHOHYHOORZHU7DEOH
7DEOH+HPDWRORJLFDO&ULWHULDIRU'RVH5HGXFWLRQ
&7&$(*UDGH
$1&/
3ODWHOHWV
'RVH'HOD\D
'RVH5HGXFWLRQ
+HPDWRORJLFDO

!
!
&RQWLQXHLQIXVLRQ
1RFKDQJH

±
±
&RQWLQXHLQIXVLRQXQWLO
,QYHVWLJDWRUDVVHVVHV
WR[LFLW\WRUHTXLUH
LQWHUUXSWLRQ
1RFKDQJH



'HOD\XQWLOJUDGH
5HVWDUWDWGRVH
OHYHOORZHU

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


7DEOH1RQKHPDWRORJLFDO&ULWHULDIRU'RVH5HGXFWLRQ
&7&$(*UDGH
'RVH'HOD\
'RVH5HGXFWLRQ
&RPPHQW
1RQKHPDWRORJLFDO
,QIHFWLRQF\WRNLQHUHOHDVHV\QGURPHWXPRUO\VLVV\QGURPHGLDUUKHDK\SR[LD

'HOD\XQWLO
JUDGH
1RFKDQJH
5HVWDUWLQKRVSLWDO

'HOD\XQWLO
JUDGH
5HVWDUWDWGRVHOHYHO
ORZHU
&RQVLGHUUHHVFDODWLRQLI
FRPSOHWHO\UHFRYHUHGDQGQR
QHZWR[LFLW\RFFXUUHGZLWKLQ
GD\VRILQIXVLRQ
3HUPDQHQWGLVFRQWLQXDWLRQRI
VWXG\WUHDWPHQWLIQRUHFRYHU\
ZLWKLQGD\V
6WDUWDWWKHVDPHGRVHLI
UHVROYHGF\WRNLQHUHOHDVH
V\QGURPHLQIHFWLRQWXPRUO\VLV
V\QGURPHRUK\SR[LD

'LVFRQWLQXH
LQIXVLRQ
3HUPDQHQW
GLVFRQWLQXDWLRQRIVWXG\
WUHDWPHQW

$OORWKHUQRQKHPDWRORJLFDOWR[LFLWLHVDQGFOLQLFDOO\VLJQLILFDQWODERUDWRU\SDUDPHWHUV

&RQWLQXH
LQIXVLRQ
1RFKDQJH
,QWHUUXSWLRQFDQEHFRQVLGHUHG
LIGHHPHGQHFHVVDU\E\WKH
LQYHVWLJDWRU

'HOD\XQWLO
JUDGH
5HVROXWLRQWRJUDGHRU
5HVWDUWDWGRVHOHYHO
ORZHU
5HVROXWLRQWRQRUPDO
ZLWKLQZHHNRUD
UHODWLRQVKLSWRVWXG\GUXJ
FDQEHUXOHGRXW1R
FKDQJH
3HUWKH,QYHVWLJDWRUPHGLFDO
GLVFUHWLRQWRGHFLGHZKHWKHUWR
FRQWLQXHWKHLQIXVLRQIRUXSWR
KRXUVLIWR[LFLW\KDVQRW
RFFXUUHGGXULQJWKH'/7
ZLQGRZDQGLIWKHWR[LFLW\RU
DEQRUPDOODEVDUHUHVSRQGLQJ
WRWUHDWPHQWRUUHSUHVHQWVDQ
DV\PSWRPDWLFODERUDWRU\
FKDQJH
3HUPDQHQWGLVFRQWLQXDWLRQRI
VWXG\WUHDWPHQWLIQRUHFRYHU\
ZLWKLQGD\V

'LVFRQWLQXH
LQIXVLRQ
3HUPDQHQW
GLVFRQWLQXDWLRQRIVWXG\
WUHDWPHQW

$1& DEVROXWHQHXWURSKLOFRXQW&7&$( &RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH(YHQWV
'/7 GRVHOLPLWLQJWR[LFLW\
D $SSOLHVWRDOOKHPDWRORJLFWR[LFLW\WKDWSHUVLVWVIRU! KRXUVGHVSLWHDSSURSULDWHWUHDWPHQW

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



,QIXVLRQ,QWHUUXSWLRQ
6LJQLILFDQWHYHQWVUHTXLULQJDFKDQJHLQWUHDWPHQWZLOOEHPDQDJHGE\LPPHGLDWH
LQIXVLRQLQWHUUXSWLRQRIHTXDORUOHVVWKDQKRXUV%RWKLQIXVLRQLQWHUUXSWLRQVDQG
WUHDWPHQWLQWHUUXSWLRQVJUHDWHUWKDQKRXUVKDYHWREHGRFXPHQWHGLQWKHH&5)
x
7KHVXEMHFWH[SHULHQFHVD'/7DVGHILQHGLQ6HFWLRQ
x
7KHVXEMHFWPHHWVFULWHULDIRUWHPSRUDU\RUSHUPDQHQWGLVFRQWLQXDWLRQRI
LQYHVWLJDWLRQDOSURGXFWDVGHVFULEHGLQ6HFWLRQ
x
7HFKQLFDOSUREOHPZLWKWKHLQIXVLRQSXPS
x
7KHLQYHVWLJDWLRQDOSURGXFWLVLQFRUUHFWO\SUHSDUHGRUDGPLQLVWHUHGHJRYHUGRVH

5HVWDUWLQJWKH,QIXVLRQ
7UHDWPHQWPD\UHVXPHLIWKHLQWHUUXSWLRQLVGD\VDQGLI
x
7KHLQWHUUXSWLRQRFFXUUHGGXHWRRWKHUUHDVRQVWKDQWR[LFLW\WHFKQLFDORUORJLVWLF
UHDVRQVHJGLDJQRVWLFPHDVXUHPHQWV7KHLQIXVLRQFDQEHUHVWDUWHGDWWKHVDPH
GRVHDQGZLWKRXWDGGLWLRQDOPHDVXUHV
x
7KHWR[LFLW\KDVUHVROYHGWRJUDGH7KHLQIXVLRQFDQEHUHVWDUWHGDFFRUGLQJWR
JXLGHOLQHVSUHVHQWHGLQ7DEOHRU7DEOH
x
7KHWR[LFLW\RFFXUUHGGXULQJWKH'/7SHULRGRUKDVUHVROYHGWRJUDGH7KHLQIXVLRQ
FDQRQO\EHUHVWDUWHGLQDQLQGLYLGXDOVXEMHFWZLWKDFOHDUFOLQLFDOEHQHILWIURP
WUHDWPHQWDIWHUFRQVXOWDWLRQZLWKWKHVSRQVRURQDFDVHE\FDVHEDVLV
5HVWDUWLQJWKHLQIXVLRQDIWHUDWUHDWPHQWLQWHUUXSWLRQUHTXLUHVFDUH7KHVWDUWVKRXOGEH
SHUIRUPHGLQWKHKRVSLWDOZLWKDOOLQIXVLRQGD\VSHFLILFPHDVXUHVLIWKHUHDVRQIRUWKH
LQWHUUXSWLRQZDVRWKHUWKDQDWHFKQLFDOLVVXHRUWKHLQWHUUXSWLRQZDV!KRXUV
LQGHSHQGHQWRIUHDVRQ3URSK\ODFWLFWUHDWPHQWZLWKVWHURLGHJGH[DPHWKDVRQHLV
UHFRPPHQGHGEHIRUHUHVWDUWLQJRI$0*LIFOLQLFDOO\LQGLFDWHG
6XEMHFWVWKDWKDYHKDGDWUHDWPHQWLQWHUUXSWLRQGXULQJF\FOHVKRXOGEHJLYHQWKH
RSSRUWXQLW\WRFRPSOHWHDWRWDORIRUGD\VRILQIXVLRQHYHQWKRXJKWKHVHPD\QRW
EH'/7HYDOXDEOHVXEMHFWV
6XEMHFWVWKDWKDYHKDGDWUHDWPHQWLQWHUUXSWLRQODVWLQJKRXUVIURPF\FOHRQZDUGV
VKRXOGUHVWDUWWUHDWPHQWDVDQHZF\FOH

3HUPDQHQW'LVFRQWLQXDWLRQ
$VXEMHFWZLOOSHUPDQHQWO\GLVFRQWLQXHWUHDWPHQWZLWKLQYHVWLJDWLRQDOSURGXFWLQWKHHYHQW
RI
x
'RVHOLPLWLQJRURWKHUXQPDQDJHDEOHWR[LFLW\,ID'/7RFFXUVLQDVXEMHFWZLWKD
FOHDUFOLQLFDOEHQHILWIURPWUHDWPHQWDUHVWDUWDWDORZHUGRVHFDQEHFRQVLGHUHGLIWKH
WR[LFLW\KDVUHVROYHGDQGDIWHUFRQVXOWDWLRQZLWKWKHVSRQVRU

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


x
'LVHDVHSURJUHVVLRQGRFXPHQWHGRQFRQVHFXWLYHLPDJLQJDVVHVVPHQWVVHSDUDWHG
E\DWOHDVWZHHNVDVGHILQHGE\PRGLILHGLU5&$SSHQGL['6XEMHFWVZKRVKRZ
GLVHDVHSURJUHVVLRQRQDVLQJOHLPDJLQJDVVHVVPHQWDQGZKRVKRZJOREDOFOLQLFDO
GHWHULRUDWLRQVXJJHVWLQJWKDWQRIXUWKHUEHQHILWIURPWUHDWPHQWLVOLNHO\VKRXOGEH
GLVFRQWLQXHGIURPVWXG\WUHDWPHQW
x
:LWKGUDZDORIVXEMHFW¶VFRQVHQW
x
6XEMHFWRULQYHVWLJDWRUQRWFRPSOLDQWZLWKWKHVWXG\SURWRFRO
x
2FFXUUHQFHRUSURJUHVVLRQRIDPHGLFDOFRQGLWLRQZKLFKLQWKHRSLQLRQRIWKH
LQYHVWLJDWRUVKRXOGSUHFOXGHIXUWKHUSDUWLFLSDWLRQRIWKHVXEMHFWLQWKHVWXG\
$OOUHDVRQVIRUWUHDWPHQWGLVFRQWLQXDWLRQVKRXOGEHFOHDUO\DQGFRQFLVHO\GRFXPHQWHGLQ
WKHH&5),IDVXEMHFWKDVQRWFRQWLQXHGWRSUHVHQWIRUVWXG\YLVLWVWKHLQYHVWLJDWRU
VKRXOGGHWHUPLQHWKHUHDVRQDQGFLUFXPVWDQFHVDVFRPSOHWHO\DQGDFFXUDWHO\DV
SRVVLEOH
,QDQ\FDVHRISUHPDWXUHWUHDWPHQWGLVFRQWLQXDWLRQWKHLQYHVWLJDWRUVKRXOGPDNHHYHU\
HIIRUWWRSHUIRUPDOOH[DPLQDWLRQVVFKHGXOHGIRUWKH(2,3DQG(26YLVLWV7KHVHGDWD
VKRXOGEHUHFRUGHGDVWKH\FRPSULVHDQHVVHQWLDOHYDOXDWLRQWKDWVKRXOGEHSHUIRUPHG
SULRUWRGLVFKDUJLQJDQ\VXEMHFWIURPWKHVWXG\DQGWRDOORZIRUWKHHYDOXDWLRQRIWKH
VWXG\HQGSRLQWV

2WKHU3URWRFROUHTXLUHG7KHUDSLHV
$OORWKHUSURWRFROUHTXLUHGWKHUDSLHVLQFOXGLQJFRUWLFRVWHURLGVWKDWDUHFRPPHUFLDOO\
DYDLODEOHDUHQRWSURYLGHGRUUHLPEXUVHGE\$PJHQH[FHSWLIUHTXLUHGE\ORFDO
UHJXODWLRQ7KHLQYHVWLJDWRUZLOOEHUHVSRQVLEOHIRUREWDLQLQJVXSSOLHVRIWKHVH
SURWRFROUHTXLUHGWKHUDSLHV3OHDVHDOVRUHIHUWR6HFWLRQ&RQFRPLWDQWWKHUDS\

+HSDWRWR[LFLW\6WRSSLQJDQG5HFKDOOHQJH5XOHV
6XEMHFWVZLWKDEQRUPDOKHSDWLFODERUDWRU\YDOXHVLH$/3$67$/77%/DQGRU,15
DQGRUVLJQVV\PSWRPVRIKHSDWLWLVDVGHVFULEHGEHORZPD\PHHWWKHFULWHULDIRU
ZLWKKROGLQJRUSHUPDQHQWGLVFRQWLQXDWLRQRI$PJHQLQYHVWLJDWLRQDOSURGXFWRURWKHU
SURWRFROUHTXLUHGWKHUDSLHVDVVSHFLILHGLQWKH*XLGDQFHIRU,QGXVWU\'UXJ,QGXFHG/LYHU
,QMXU\3UHPDUNHWLQJ&OLQLFDO(YDOXDWLRQ-XO\

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



&ULWHULDIRU3HUPDQHQW:LWKKROGLQJRI$PJHQ,QYHVWLJDWLRQDO
3URGXFWGXHWR3RWHQWLDO+HSDWRWR[LFLW\
,QYHVWLJDWLRQDOSURGXFWVKRXOGEHGLVFRQWLQXHGSHUPDQHQWO\DQGWKHVXEMHFWVKRXOGEH
IROORZHGDFFRUGLQJWRWKHUHFRPPHQGDWLRQVLQ$SSHQGL[$$GGLWLRQDO6DIHW\
$VVHVVPHQW,QIRUPDWLRQIRUSRVVLEOHGUXJLQGXFHGOLYHULQMXU\',/,LI$//RIWKH
FULWHULDEHORZDUHPHW
x
7%/!î8/1RU,15!
x
$1'LQFUHDVHG$67RU$/7IURPWKHUHOHYDQWEDVHOLQHYDOXHDVVSHFLILHGEHORZ

%DVHOLQH$67RU$/7YDOXH8/1

$67RU$/7HOHYDWLRQ!î8/1
x
$1'QRRWKHUFDXVHIRUWKHFRPELQDWLRQRIWKHDERYHODERUDWRU\DEQRUPDOLWLHVLV
LPPHGLDWHO\DSSDUHQWLPSRUWDQWDOWHUQDWLYHFDXVHVIRUHOHYDWHG$67$/7DQGRU
7%/YDOXHVLQFOXGHEXWDUHQRWOLPLWHGWR

+HSDWRELOLDU\WUDFWGLVHDVH

9LUDOKHSDWLWLVHJ+HSDWLWLV$%&'((SVWHLQ%DUU9LUXVF\WRPHJDORYLUXV
+HUSHV6LPSOH[9LUXV9DULFHOODWR[RSODVPRVLVDQG3DUYRYLUXV

5LJKWVLGHGKHDUWIDLOXUHK\SRWHQVLRQRUDQ\FDXVHRIK\SR[LDWRWKHOLYHU
FDXVLQJLVFKHPLD

([SRVXUHWRKHSDWRWR[LFDJHQWVGUXJVRUKHSDWRWR[LQVLQFOXGLQJKHUEDODQG
GLHWDU\VXSSOHPHQWVSODQWVDQGPXVKURRPV

+HULWDEOHGLVRUGHUVFDXVLQJLPSDLUHGJOXFXURQLGDWLRQHJ*LOEHUW¶V6\QGURPH
&ULJOHU1DMMDUV\QGURPHDQGGUXJVWKDWLQKLELWELOLUXELQJOXFXURQLGDWLRQ
HJLQGLQDYLUDWD]DQDYLU

$OSKDRQHDQWLWU\SVLQGHILFLHQF\

$OFRKROLFKHSDWLWLV

$XWRLPPXQHKHSDWLWLV

:LOVRQ¶VGLVHDVHDQGKHPRFKURPDWRVLV

1RQDOFRKROLF)DWW\/LYHU'LVHDVHLQFOXGLQJVWHDWRKHSDWLWLV1$6+

1RQKHSDWLFFDXVHVHJUKDEGRP\RO\VLVKHPRO\VLV
,IDQDOWHUQDWLYHFDXVHIRUKHSDWRWR[LFLW\LVLGHQWLILHGRUOHVVVWULQJHQWFRQGLWLRQV
GHYHORSHGWKDQZKDWDUHQRWHGDERYHGHWHUPLQHEDVHGRQSDWLHQWSRSXODWLRQ
DQGRUVHYHULW\RIWKHKHSDWRWR[LFLW\RUHYHQWLI$PJHQ,3DQGRWKHU
SURWRFROUHTXLUHGWKHUDSLHVVKRXOGEHZLWKKHOGRUSHUPDQHQWO\GLVFRQWLQXHGDV
GHHPHGDSSURSULDWHIRUWKHVDIHW\RIWKHVXEMHFW

&ULWHULDIRU&RQGLWLRQDO:LWKKROGLQJRI$PJHQ,QYHVWLJDWLRQDO
3URGXFWGXHWR3RWHQWLDO+HSDWRWR[LFLW\
)RUVXEMHFWVZKRGRQRWPHHWWKHFULWHULDIRUSHUPDQHQWGLVFRQWLQXDWLRQRI$PJHQ
LQYHVWLJDWLRQDOSURGXFWRXWOLQHGDERYHDQGKDYHQRXQGHUO\LQJOLYHUGLVHDVHDQG

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


HOLJLELOLW\FULWHULDUHTXLULQJQRUPDOWUDQVDPLQDVHVDQG7%/DWEDVHOLQHRUVXEMHFWVZLWK
XQGHUO\LQJOLYHUGLVHDVHDQGEDVHOLQHDEQRUPDOWUDQVDPLQDVHVWKHIROORZLQJUXOHVDUH
UHFRPPHQGHGIRUZLWKKROGLQJRI$PJHQLQYHVWLJDWLRQDOSURGXFWDQGRWKHUSURWRFRO
UHTXLUHGWKHUDSLHV
x
(OHYDWLRQRIHLWKHU$67RU$/7DFFRUGLQJWRWKHIROORZLQJVFKHGXOH

%DVHOLQH$67RU$/7YDOXH$Q\$67RU$/7HOHYDWLRQ!î8/1DWDQ\WLPH

%DVHOLQH$67RU$/7YDOXH$Q\$67RU$/7HOHYDWLRQ!î8/1EXWî8/1
IRUZHHNV

%DVHOLQH$67RU$/7YDOXH$Q\$67RU$/7HOHYDWLRQ!î8/1EXWî8/1
DQGXQDEOHWRDGKHUHWRHQKDQFHGPRQLWRULQJVFKHGXOH

%DVHOLQH$67RU$/7YDOXH$Q\$67RU$/7HOHYDWLRQ!î8/1ZLWKFOLQLFDO
VLJQVRUV\PSWRPVZKLFKDUHFRQVLVWHQWZLWKKHSDWLWLVVXFKDVULJKWXSSHU
TXDGUDQWSDLQWHQGHUQHVVIHYHUQDXVHDYRPLWLQJRUMDXQGLFH
x
257%/!î8/1DWDQ\WLPH
x
25$/3!î8/1DWDQ\WLPH
$0*VKRXOGEHZLWKKHOGSHQGLQJLQYHVWLJDWLRQLQWRDOWHUQDWLYHFDXVHVRI',/,,IWKH
LQYHVWLJDWLRQDOSURGXFWLVZLWKKHOGWKHVXEMHFWLVWREHIROORZHGDFFRUGLQJWR
UHFRPPHQGDWLRQVLQ$SSHQGL[$IRUSRVVLEOH',/,5HFKDOOHQJHPD\EHFRQVLGHUHGLIDQ
DOWHUQDWLYHFDXVHIRULPSDLUHGOLYHUWHVWV$/7$67$/3DQGRUHOHYDWHG7%/LV
GLVFRYHUHGDQGWKHODERUDWRU\DEQRUPDOLWLHVUHVROYHWRQRUPDORUEDVHOLQH
6HFWLRQ

&ULWHULDIRU5HFKDOOHQJHRI$PJHQ,QYHVWLJDWLRQDO3URGXFW$IWHU
3RWHQWLDO+HSDWRWR[LFLW\
7KHGHFLVLRQWRUHFKDOOHQJHWKHVXEMHFWVKRXOGEHGLVFXVVHGDQGDJUHHGXSRQ
XQDQLPRXVO\E\WKHVXEMHFWLQYHVWLJDWRUDQG$PJHQ
,IVLJQVRUV\PSWRPVUHFXUZLWKUHFKDOOHQJHWKHQWKHLQYHVWLJDWLRQDOSURGXFWVKRXOGEH
SHUPDQHQWO\GLVFRQWLQXHG6XEMHFWVZKRFOHDUO\PHHWWKHFULWHULDIRUSHUPDQHQW
GLVFRQWLQXDWLRQDVGHVFULEHGLQ6HFWLRQVKRXOGQHYHUEHUHFKDOOHQJHG

&RQFRPLWDQW7KHUDS\
7KURXJKRXWWKHVWXG\VXEMHFWVVKRXOGEHHQFRXUDJHGWRUHPDLQZHOOK\GUDWHG
WKURXJKRXWWKHWUHDWPHQWSHULRG
,QYHVWLJDWRUVPD\SUHVFULEHDQ\FRQFRPLWDQWPHGLFDWLRQVRUWUHDWPHQWVGHHPHG
QHFHVVDU\WRSURYLGHDGHTXDWHVXSSRUWLYHFDUHH[FHSWIRUWKRVHOLVWHGLQ6HFWLRQ
&RQFRPLWDQWWKHUDSLHVDUHWREHFROOHFWHGIURPLQIRUPHGFRQVHQWWKURXJKWKH(26)RU

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


DOOFRQFRPLWDQWWKHUDSLHVFROOHFWWKHUDS\QDPHLQGLFDWLRQGRVHXQLWIUHTXHQF\URXWH
VWDUWGDWHDQGVWRSGDWH
2[\JHQDGPLQLVWUDWLRQDVVXSSRUWLYHPHDVXUHLVSHUPLWWHGGXULQJVWXG\WUHDWPHQW
)RUV\PSWRPDWLFWUHDWPHQWRIIHYHU!&PHWDPL]ROHDVLQIXVLRQDQGRU
SDUDFHWDPROLEXSURIHQRUDFHW\OVDOLF\OLFDFLGDUHUHFRPPHQGHG
3DWLHQWVVKRXOGEHFORVHO\PRQLWRUHGIRUDQ\VLJQVDQGV\PSWRPVWKDWPD\EH
DVVRFLDWHGZLWK&56VXFKDVS\UH[LDKHDGDFKHQDXVHDYRPLWLQJDVWKHQLD
K\SRWHQVLRQK\SR[LDDQGWDFK\FDUGLDGXULQJWKHLQLWLDWLRQRI$0*WUHDWPHQW7R
PLWLJDWHWKH&56ULVNSURSK\ODFWLFWUHDWPHQWZLWKVWHURLGVGH[DPHWKDVRQHLV
UHFRPPHQGHGWREHDGPLQLVWHUHGEHIRUHWKHILUVWGRVHLQLWLDOF\FOHRI$0*DQG
EHIRUHVXEVHTXHQWF\FOHVRI$0*LIFOLQLFDOO\LQGLFDWHG,QWKHHYHQWRI&56DQ
XQVFKHGXOHGEORRGVDPSOHVKRXOGEHFROOHFWHGWRPHDVXUHF\WRNLQHOHYHOV
x
7KHVSRQVRUPD\UHFRPPHQGWUHDWLQJVXEMHFWVZLWKSURSK\ODFWLFGH[DPHWKDVRQH
DFFRUGLQJWRWKHIROORZLQJ'H[DPHWKDVRQHDWDGRVHRIPJRUHTXLYDOHQW
FRUWLFRVWHURLGZLOOEHDGPLQLVWHUHG

WRKRXUVSULRUWRWKHVWDUWRIWKHLQIXVLRQRQGD\

KRXUSULRUWRWKHVWDUWRIWKHLQIXVLRQRQGD\

(YHU\WRKRXUVDIWHUVWDUWRILQIXVLRQRQGD\VDQG
x
&RUWLFRVWHURLGWUHDWPHQWFDQEHFRQWLQXHGLIGHHPHGQHFHVVDU\E\WKHLQYHVWLJDWRU
DQGDIWHUFRQVXOWDWLRQZLWKWKHVSRQVRUEXWGRVHVVKRXOGEHWDSHUHGDVTXLFNO\DV
IHDVLEOH)XUWKHUYDULDWLRQVPD\EHQHHGHGWKDWVKRXOGEHGLVFXVVHGDQGDJUHHG
XSRQLQD'RVH/HYHO5HYLHZ0HHWLQJ'/50

0HGLFDO'HYLFHV
7KHLQYHVWLJDWLRQDOSURGXFWPXVWEHDGPLQLVWHUHGXVLQJLQIXVLRQSXPSVDSSURYHGIRUXVH
E\WKHDSSURSULDWHUHJXODWRU\DXWKRULWLHVIRUWKHFRXQWU\LQZKLFKWKHVXEMHFWLV
XQGHUJRLQJWUHDWPHQWLQERWKWKHLQSDWLHQWDQGRXWSDWLHQWVHWWLQJ,QYHVWLJDWLRQDOSURGXFW
LQIXVLRQIRUVROXWLRQZLOOEHSUHSDUHGLQEDJVIRU,9LQIXVLRQDQGGHOLYHUHGWKURXJK
LQIXVLRQOLQHVZLWKDȝPLQOLQHILOWHUWKDWDUHERWKFRPSDWLEOHZLWKWKHLQYHVWLJDWLRQDO
SURGXFWDVGHVFULEHGLQWKH,3,0
$GGLWLRQDOGHWDLOVIRUWKHXVHRIWKHDERYHPHQWLRQHGPHGLFDOGHYLFHVDQGVSHFLILFVHWRI
GHYLFHVSHFLILFDWLRQVDUHSURYLGHGLQWKH,3,0
$GGLWLRQDOPHGLFDOGHYLFHVHJV\ULQJHVVWHULOHQHHGOHVDOFRKROSUHSSDGVWKDWDUH
FRPPHUFLDOO\DYDLODEOHDUHQRWSURYLGHGRUUHLPEXUVHGE\$PJHQH[FHSWLIUHTXLUHGE\
ORFDOUHJXODWLRQ7KHLQYHVWLJDWRURYHUVHHLQJWKHFRQGXFWRIWKHVWXG\DWHDFK
UHVSHFWLYHLQVWLWXWLRQZLOOEHUHVSRQVLEOHIRUREWDLQLQJWKHVHVXSSOLHV

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



([FOXGHG7UHDWPHQWVDQGRU3URFHGXUHV'XULQJ6WXG\3HULRG
$Q\DQWLWXPRUWKHUDS\RWKHUWKDQWKHLQYHVWLJDWLRQDOSURGXFWLQFOXGLQJF\WRWR[LFDQGRU
F\WRVWDWLFGUXJVKRUPRQDOWKHUDS\LPPXQRWKHUDS\RUDQ\ELRORJLFDOUHVSRQVHPRGLILHUV
DQ\RWKHULQYHVWLJDWLRQDODJHQWFKURQLFV\VWHPLFFRUWLFRVWHURLGWKHUDS\RWKHU
LPPXQRVXSSUHVVLYHWKHUDSLHVRUVWHPFHOOWUDQVSODQWDWLRQLVQRWDOORZHG
5DGLRWKHUDS\LVQRWSHUPLWWHGH[FHSWIRUSDOOLDWLRQRIV\PSWRPVDQGVKRXOGEHGLVFXVVHG
ZLWKWKHVSRQVRU¶V0HGLFDO0RQLWRUILUVW,QYHVWLJDWRUVVKRXOGHQVXUHWKDWWKHQHHGIRU
UDGLDWLRQGRHVQRWLQGLFDWHSURJUHVVLYHGLVHDVHDQGWKDWIRUVXEMHFWVZLWKPHDVXUDEOH
GLVHDVHUDGLDWLRQLVQRWWRWKHVROHVLWHRIPHDVXUDEOHGLVHDVH
7KHIROORZLQJSURFHGXUHVVKRXOGDOVRQRWEHXQGHUWDNHQZLWKLQWKHWLPHIUDPHVVSHFLILHG
SULRUWRHQUROOPHQWDQGGXULQJWKHVWXG\
x
3DUWLFLSDWLRQLQDQLQYHVWLJDWLRQDOVWXG\GUXJRUGHYLFHZLWKLQGD\VRIVWXG\
GD\([FHSWLRQWRWKLVFULWHULRQLVWKHSDUWLFLSDWLRQLQWKHRSWLRQDO,PDJLQJ6WXG\DQG
DOOSURFHGXUHVUHODWHGWRWKLVVWXG\
x
0DMRUVXUJHU\ZLWKLQGD\VRIVWXG\GD\
x
(QUROOPHQWLQWRDQRWKHULQYHVWLJDWLRQDOGUXJRUGHYLFHVWXG\ZLWKWKHH[FHSWLRQRI
SDUWLFLSDWLRQLQWKH,PDJLQJ6WXG\

3URGXFW&RPSODLQWV
$SURGXFWFRPSODLQWLVDQ\ZULWWHQHOHFWURQLFRURUDOFRPPXQLFDWLRQWKDWDOOHJHV
GHILFLHQFLHVUHODWHGWRWKHLGHQWLW\TXDOLW\GXUDELOLW\UHOLDELOLW\VDIHW\HIIHFWLYHQHVVRU
SHUIRUPDQFHRIDQ\LQYHVWLJDWLRQDORUQRQLQYHVWLJDWLRQDOSURGXFWVRUGHYLFHV
$Q\SURGXFWFRPSODLQWVDVVRFLDWHGZLWKDQLQYHVWLJDWLRQDOSURGXFWVRU
QRQLQYHVWLJDWLRQDOSURGXFWVRUGHYLFHVVXSSOLHGE\$PJHQDUHWREHUHSRUWHG
DFFRUGLQJWRWKHLQVWUXFWLRQVSURYLGHGLQWKH,3,0

678'<352&('85(6

6FKHGXOHRI$VVHVVPHQWV


3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


7DEOH6FKHGXOHRI$VVHVVPHQWV&RKRUWGD\,QIXVLRQ&\FOHDQGGD\,QIXVLRQIRUDOO6XEVHTXHQW&\FOHV

6&5
7UHDWPHQW3HULRG

&\FOH


DQGDOOVXEVHTXHQWF\FOHVN
4
&
(2,3
(2
6
6WXG\'D\
WR


















+RXUV

3UH
GRV
H
5HODWLYHWRVWDUWRILQIXVLRQ
5HODWLYHWR(2,


3UH
GRV
H
5HODWLYHWRVWDUWRI
LQIXVLRQ



    











(2
,


  


 









*(1(5$/$66(660(176
,QIRUPHGFRQVHQW
;





























+RVSLWDOL]DWLRQ

;F







;F






&RQFRPLWDQWPHGLFDWLRQV
;
;


;
;
$GYHUVHHYHQWV
;
;


;
;
&OLQLFDOHYDOXDWLRQD
;
;









;
;
;




;
;
;
;


;
;
;
;
;

;
;
9LWDOVLJQVSXOVHR[LPHWU\
;
;
;G
; ; ; ; ; ;
;
;
;
;
;




;
;
;
;
 ;
L
;
;
;
;
;

;
;
OHDG(&*WULSOLFDWH
PHDVXUHPHQW
;
;









;

;






;
;H


;H


;H



;
/$%25$725<$66(660(176
6HUXPSUHJQDQF\WHVWK 
;
;


















;









&RDJXODWLRQ
;
;









;
;
;




;
;
;

;
;

;
;

;
;
+HPDWRORJ\&KHPLVWU\
;
;









;
;
;




;
;
;

;
;

;
;

;
;
8ULQDO\VLV
;
;









;
;
;




;
;
;

;
;

;
;

;
;
+HSDWLWLVVHURORJ\+,9
;































$QWL$0*DQWLERG\

;
















;








;

;
;
'26,1*
$0*


;







;




78025$66(660(176
05,RU&7
;J


























;I

;M
7XPRUPDUNHUVHJ&($
;
;











;













;I
;
;
%,20$5.(5$66(660(176
&LUFXODWLQJWXPRUFHOOV
;
;











;













;I
;
;
,PPXQHFHOOV
;
;



 ; 



;
;
;






;H

;H ;H
;H
;H


;
;
6ROXEOH'1$PDUNHUV
;
;

; 
 ; 



;
;
;







;H

;H ;H
;H
;H

;I
;
;
6HUXPPDUNHUV

;



 ; 



;
;
;






;H

;H ;H
;H





$UFKLYDOWXPRUWLVVXH
;





























7XPRUELRSV\E
;





























3.$66(660(176
$0*3.FROOHFWLRQ

;

; 
 ; 



;
;
;
; ; ; ; ;




;H ;H

;H




V&($
;
;

; 
 ; 



;
;
;








;H ;H

;H




)RRWQRWHGHILQHGRQQH[WSDJH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


&7 FRPSXWHGWRPRJUDSK\(2, (QGRI,QIXVLRQ(26 (QGRI6WXG\(2,3 (QGRI,QYHVWLJDWLRQDO3URGXFWLU&5 LPPXQHUHODWHGFRPSOHWHUHVSRQVH
LU3' LPPXQHUHODWHGSURJUHVVLYHGLVHDVHLU35 LPPXQHUHODWHGSDUWLDOUHVSRQVHLU5& LPPXQHUHODWHGUHVSRQVHFULWHULD05, PDJQHWLFUHVRQDQFHLPDJLQJ
4& (YHU\F\FOHV6&5 6FUHHQLQJ
D&OLQLFDOHYDOXDWLRQVZLOOLQFOXGHSK\VLFDOH[DPLQDWLRQ.DUQRIVN\3HUIRUPDQFH6WDWXVDQGZHLJKW6FUHHQLQJRQO\PHGLFDOKLVWRU\DQGKHLJKWZLOODOVREHREWDLQHG
E&RUHELRSV\LVRSWLRQDODWVFUHHQLQJLIDQ$UFKLYHG7XPRU7LVVXHVDPSOHLVDYDLODEOH,IDFRUHELRSV\LVSHUIRUPHGLWPXVWEHFRPSOHWHGEHIRUHWKHVWDUWRI
WUHDWPHQW
F +RVSLWDOL]DWLRQIRUF\FOHZLOOEHIRUDPLQLPXPRIKRXUV+RVSLWDOL]DWLRQIRUDOOVXEVHTXHQWF\FOHVZLOOEHIRUDPLQLPXPRIKRXUV
G9LWDOVLJQVDQGSXOVHR[LPHWU\ZLOOEHWDNHQHYHU\PLQXWHV
H2EWDLQHGDWF\FOHRQO\
I(YHU\F\FOHVWRZHHNVIRUZHHNF\FOHSRVWWKHUDS\LQLWLDWLRQ7KH05,RU&7FDQEHREWDLQHGHDUOLHULIFOLQLFDOGHWHULRUDWLRQQHFHVVLWDWHVDQHDUOLHUVFDQ
8VLQJWKH05,RU&7GLVHDVHZLOOEHDVVHVVHGXVLQJWKHPRGLILHGLU5&%RWKUHVSRQVHLU&5LU35DQGSURJUHVVLRQLU3'UHTXLUHFRQILUPDWLRQE\DUHSHDW
FRQVHFXWLYHDVVHVVPHQWDWOHDVWZHHNVIURPWKHGDWHRIWKHILUVWGRFXPHQWHGDVVHVVPHQWDQGWKHWLPLQJRIWKHVFDQLVDPHGLFDOGHFLVLRQRIWKHPDQDJLQJ
SK\VLFLDQFRQVLGHULQJWKHFOLQLFDOFRQGLWLRQRIWKHVXEMHFWDQGRWKHUODERUDWRU\ILQGLQJV7KHFRQILUPDWRU\VFDQFDQDOVREHSHUIRUPHGDWWKHQH[WVFKHGXOHG
LPDJLQJYLVLWLIFRQILUPLQJUHVSRQVH
J 7XPRUHYDOXDWLRQE\FRQWUDVWHQKDQFHG05,RU&7 RIWKHFKHVWDEGRPHQDQGSHOYLVZLOOEHSHUIRUPHGGXULQJVFUHHQLQJZLWKLQGD\VRIF\FOHGD\ 8VLQJWKH
05,RU&7GLVHDVHZLOOEHDVVHVVHGXVLQJWKHPRGLILHGLU5&
K6HUXPSUHJQDQF\WHVWZLOOEHSHUIRUPHGIRUDOOIHPDOHVXQOHVVVXUJLFDOO\VWHULOHRUt\HDUVSRVWPHQRSDXVDO
L9LWDOVLJQVDQGSXOVHR[LPHWU\ZLOOEHWDNHQHYHU\KRXUV
M5DGLRJUDSKLFDVVHVVPHQWDWWKHHQGRIWKHVWXG\RUGXULQJWKHIROORZXSYLVLWVVKRXOGEHSHUIRUPHGLIWKHODVWLPDJLQJDVVHVVPHQWZDVSHUIRUPHGZHHNVEHIRUH
WKH(26DQGWKHVXEMHFWKDVQRWKDGHYLGHQFHRIFRQILUPHGGLVHDVHSURJUHVVLRQ
N6WDUWRIWUHDWPHQWDWF\FOHDQGDOOVXEVHTXHQWF\FOHVFDQVWDUWGD\LIMXVWLILHGORJLVWLFDOUHDVRQVHJEDQNKROLGD\

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


7DEOH6FKHGXOHRI$VVHVVPHQWV&RKRUWVWRGD\,QIXVLRQIRUDOO&\FOHV

6&5
7UHDWPHQW3HULRG

&\FOH


DQGDOOVXEVHTXHQWF\FOHVN
4&
(2,3
(26
6WXG\'D\
WR

 



 

 

 


+RXUV

3UH
GRVH
5HODWLYHWRVWDUWRILQIXVLRQ
5HODWLYHWR(2,

3UH
GRVH
5HODWLYHWRVWDUWRI
LQIXVLRQ





        

 

(2,     
  

  


*(1(5$/$66(660(176
,QIRUPHGFRQVHQW
;





























+RVSLWDOL]DWLRQ

;F









;F





&RQFRPLWDQWPHGLFDWLRQV
;
;


;
;
$GYHUVHHYHQWV
;
;


;
;
&OLQLFDOHYDOXDWLRQD
;
;









;
;
;
;
;




;
;
;

;
;
;
;
;

;
;
9LWDOVLJQVSXOVHR[LPHWU\
;
;
;G ; ; ; ; ; ;
;
;
;
;
;
;
;




;
;
;
 ;L ;
;
;
;
;

;
;
OHDG(&*WULSOLFDWH
PHDVXUHPHQW
;
;









;



;





;
;H

;H



;H


;
/$%25$725<$66(660(176
6HUXPSUHJQDQF\WHVWK
;
;




















;








&RDJXODWLRQ
;
;









;
;
;
;
;





;
;

;
;
;
;

;
;
+HPDWRORJ\&KHPLVWU\
;
;









;
;
;
;
;





;
;


;
;

;
;

;
;
8ULQDO\VLV
;
;









;
;
;
;
;





;
;

;
;
;
;

;
;
+HSDWLWLVVHURORJ\+,9
;





























$QWL$0*DQWLERG\

;


















;






;

;
;
'26,1*
$0*

;







;




78025$66(660(176
05,RU&7
;J




























;I

;M
7XPRUPDUNHUVHJ&($
;
;


















;

;



;


;
;
%,20$5.(5$66(660(176
&LUFXODWLQJWXPRUFHOOV
;
;













;














;I
;
;
,PPXQHFHOOV
;
;
;
;
;
;
;
;H
;H
;H
;H
;H
;
;
6ROXEOH'1$PDUNHUV
;
;

; 
 ; 



;
;
;

;






;H

;H ;H
;H
;H

;I
;
;
6HUXPPDUNHUV

;



 ; 



;
;
;








;H

;H ;H
;H





$UFKLYDOWXPRUWLVVXH
;





























7XPRUELRSV\E
;











;O












;O





3.$66(660(176
$0*3.FROOHFWLRQ

;

; 
 ; 



;
;
;

;
;
; ; ; ;




;H ;H
;H




V&($
;
;

; 
 ; 



;
;
;

;









;H ;H
;H




)RRWQRWHGHILQHGRQQH[WSDJH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


&($ FDUFLQRHPEU\RQLFDQWLJHQ&7 FRPSXWHGWRPRJUDSK\(&* HOHFWURFDUGLRJUDP(2, (QGRI,QIXVLRQ(26 (QGRI6WXG\(2,3 (QGRI,QYHVWLJDWLRQDO
3URGXFW+,9 KXPDQLPPXQRGHILFLHQF\YLUXVLU&5 LPPXQHUHODWHGFRPSOHWHUHVSRQVHLU3' LPPXQHUHODWHGSURJUHVVLYHGLVHDVHLU35 LPPXQHUHODWHG
SDUWLDOUHVSRQVHLU5& LPPXQHUHODWHGUHVSRQVHFULWHULD05, PDJQHWLFUHVRQDQFHLPDJLQJ3. SKDUPDFRNLQHWLF4& (YHU\F\FOHVV&($ VROXEOH
FDUFLQRHPEU\RQLFDQWLJHQ6&5 6FUHHQLQJ
D&OLQLFDOHYDOXDWLRQVZLOOLQFOXGHSK\VLFDOH[DPLQDWLRQ.DUQRIVN\3HUIRUPDQFH6WDWXVDQGZHLJKW6FUHHQLQJRQO\PHGLFDOKLVWRU\DQGKHLJKWZLOODOVREHREWDLQHG
E&RUHELRSV\LVRSWLRQDODWVFUHHQLQJLIDQ$UFKLYHG7XPRU7LVVXHVDPSOHLVDYDLODEOH,IDFRUHELRSV\LVSHUIRUPHGLWPXVWEHFRPSOHWHGEHIRUHWKHVWDUWRI
WUHDWPHQW6XEMHFWVZKRSURYLGHDVHSDUDWHFRQVHQWPD\XQGHUJRDQRSWLRQDOSDLUHGELRSV\ZHHNVSULRUWRF\FOHGD\DQGF\FOHGD\WRDQGRUDQ
RSWLRQDORQWUHDWPHQWELRSV\DWF\FOHGD\WR
F +RVSLWDOL]DWLRQIRUF\FOHZLOOEHIRUDPLQLPXPRIKRXUV+RVSLWDOL]DWLRQIRUDOOVXEVHTXHQWF\FOHVZLOOEHIRUDPLQLPXPRIKRXUV
G9LWDOVLJQVDQGSXOVHR[LPHWU\ZLOOEHWDNHQHYHU\PLQXWHV
H2EWDLQHGDWF\FOHDQGRQO\
I(YHU\F\FOHVWRZHHNVIRUZHHNF\FOHSRVWWKHUDS\LQLWLDWLRQ7KH05,RU&7FDQEHREWDLQHGHDUOLHULIFOLQLFDOGHWHULRUDWLRQQHFHVVLWDWHVDQHDUOLHUVFDQ
8VLQJWKH05,RU&7GLVHDVHZLOOEHDVVHVVHGXVLQJWKHPRGLILHGLU5&%RWKUHVSRQVHLU&5LU35DQGSURJUHVVLRQLU3'UHTXLUHFRQILUPDWLRQE\DUHSHDW
FRQVHFXWLYHDVVHVVPHQWDWOHDVWZHHNVIURPWKHGDWHRIWKHILUVWGRFXPHQWHGDVVHVVPHQWDQGWKHWLPLQJRIWKHVFDQLVDPHGLFDOGHFLVLRQRIWKHPDQDJLQJ
SK\VLFLDQFRQVLGHULQJWKHFOLQLFDOFRQGLWLRQRIWKHVXEMHFWDQGRWKHUODERUDWRU\ILQGLQJV7KHFRQILUPDWRU\VFDQFDQDOVREHSHUIRUPHGDWWKHQH[WVFKHGXOHG
LPDJLQJYLVLWLIFRQILUPLQJUHVSRQVH
J7XPRUHYDOXDWLRQE\FRQWUDVWHQKDQFHG05,RU&7RIWKHFKHVWDEGRPHQDQGSHOYLVZLOOEHSHUIRUPHGGXULQJVFUHHQLQJZLWKLQGD\VRIF\FOHGD\8VLQJWKH
05,RU&7GLVHDVHZLOOEHDVVHVVHGXVLQJWKHPRGLILHGLU5&
K6HUXPSUHJQDQF\WHVWZLOOEHSHUIRUPHGIRUDOOIHPDOHVXQOHVVVXUJLFDOO\VWHULOHRUt\HDUVSRVWPHQRSDXVDO
L9LWDOVLJQVDQGSXOVHR[LPHWU\ZLOOEHWDNHQHYHU\KRXUV
M 5DGLRJUDSKLFDVVHVVPHQWDWWKHHQGRIWKHVWXG\RUGXULQJWKHIROORZXSYLVLWVVKRXOGEHSHUIRUPHGLIWKHODVWLPDJLQJDVVHVVPHQWZDVSHUIRUPHGZHHNVEHIRUH
WKH(26DQGWKHVXEMHFWKDVQRWKDGHYLGHQFHRIFRQILUPHGGLVHDVHSURJUHVVLRQ
N6WDUWRIWUHDWPHQWDWF\FOHDQGDOOVXEVHTXHQWF\FOHVFDQVWDUWGD\LIMXVWLILHGORJLVWLFDOUHDVRQVHJEDQNKROLGD\
O2QHRSWLRQDOWXPRUELRSV\PD\EHSURYLGHGDWF\FOHDIWHUWKHILUVWRUVHFRQGZHHNRIWUHDWPHQWZLWK$0*DQGDVHSDUDWHRSWLRQDOELRSV\PD\EHSURYLGHGDW
F\FOHRUDVXEVHTXHQWF\FOHDIWHUWKHILUVWRUVHFRQGZHHNRIWUHDWPHQWZLWK$0*

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


7DEOH6FKHGXOHRI$VVHVVPHQWV±GD\,QIXVLRQIRUDOO&\FOHV

6&5
7UHDWPHQW3HULRG
&\FOH


DQGDOOVXEVHTXHQWF\FOHVM
6WXG\'D\
WR

 

    




 

   
+RXUV

3UH
GRVH
5HODWLYHWRVWDUWRILQIXVLRQ
5HODWLYHWR(2,

3UH
GRVH
5HODWLYHWRVWDUWRI
LQIXVLRQ




    
    

 





(2,    

  

  
*(1(5$/$66(660(176
,QIRUPHGFRQVHQW
;



































+RVSLWDOL]DWLRQ

;F













;F





&RQFRPLWDQWPHGLFDWLRQV
;
;

$GYHUVHHYHQWV
;
;

&OLQLFDOHYDOXDWLRQD
;
;









;
;
;
;
;
;
;
;
;




;
;
;


;
;
;
;
;
;
;
9LWDOVLJQVSXOVHR[LPHWU\
;
;
;G ; ; ; ; ; ;
;
;
;
;
;
;
;
;
;
;
;




;
;
;
 ;K ;
;
;
;
;
;
;
OHDG(&*WULSOLFDWH
PHDVXUHPHQW
;
;









;







;





;
;H


;H





;H
/$%25$725<$66(660(176
6HUXPSUHJQDQF\WHVWJ
;
;
























;









&RDJXODWLRQ
;
;









;
;
;
;
;
;
;
;
;





;
;


;
;

;
;
;
;
+HPDWRORJ\&KHPLVWU\
;
;









;
;
;
;
;
;
;
;
;





;
;


;
;

;
;
;
;
8ULQDO\VLV
;
;









;
;
;
;
;
;
;
;
;





;
;


;
;

;
;
;
;
+HSDWLWLVVHURORJ\+,9
;



































$QWL$0*DQWLERG\

;






















;










;
'26,1*
$0*


;







;

78025$66(660(176
05,RU&7
;I



































7XPRUPDUNHUVHJ&($
;
;

















;






;







;

%,20$5.(5$66(660(176
&LUFXODWLQJWXPRUFHOOV
;
;













;



;
















,PPXQHFHOOV
;
;
;
;
;
;
;
;
;
;H
;H
;H
;H
;H
;H
6ROXEOH'1$PDUNHUV
;
;

; 
 ; 



;
;
;

;

;

;






;H


;H ;H
;H
;H



6HUXPPDUNHUV

;



 ; 



;
;
;












;H


;H ;H
;H




$UFKLYDOWXPRUWLVVXH
;



































7XPRUELRSV\E
;












;N

















;N




3.$66(660(176
$0*3.FROOHFWLRQ

;

; 
 ; 



;
;
;

;



;
;
;
;
; ;




;H ;H

;H

;H

V&($
;
;

; 
 ; 



;
;
;

;



;









;H ;H

;H

;H

3DJHRI
)RRWQRWHGHILQHGRQQH[WSDJH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


&($ FDUFLQRHPEU\RQLFDQWLJHQ&7 FRPSXWHGWRPRJUDSK\(&* HOHFWURFDUGLRJUDP(2, (QGRI,QIXVLRQ(26 (QGRI6WXG\(2,3 (QGRI,QYHVWLJDWLRQDO
3URGXFW+,9 KXPDQLPPXQRGHILFLHQF\YLUXVLU&5 LPPXQHUHODWHGFRPSOHWHUHVSRQVHLU3' LPPXQHUHODWHGSURJUHVVLYHGLVHDVHLU35 LPPXQHUHODWHG
SDUWLDOUHVSRQVHLU5& LPPXQHUHODWHGUHVSRQVHFULWHULD05, PDJQHWLFUHVRQDQFHLPDJLQJ3. SKDUPDFRNLQHWLF4& (YHU\F\FOHVV&($ VROXEOH
FDUFLQRHPEU\RQLFDQWLJHQ6&5 6FUHHQLQJ
D&OLQLFDOHYDOXDWLRQVZLOOLQFOXGHSK\VLFDOH[DPLQDWLRQ.DUQRIVN\3HUIRUPDQFH6WDWXVDQGZHLJKW6FUHHQLQJRQO\PHGLFDOKLVWRU\DQGKHLJKWZLOODOVREHREWDLQHG
E&RUHELRSV\LVRSWLRQDODWVFUHHQLQJLIDQ$UFKLYHG7XPRU7LVVXHVDPSOHLVDYDLODEOH,IDFRUHELRSV\LVSHUIRUPHGLWPXVWEHFRPSOHWHGEHIRUHWKHVWDUWRI
WUHDWPHQW6XEMHFWVZKRSURYLGHDVHSDUDWHFRQVHQWPD\XQGHUJRDQRSWLRQDOSDLUHGELRSV\ZHHNVSULRUWRF\FOHGD\DQGF\FOHGD\DQGRUDQRSWLRQDO
RQWUHDWPHQWELRSV\DWF\FOHGD\
F +RVSLWDOL]DWLRQIRUF\FOHZLOOEHIRUDPLQLPXPRIKRXUV+RVSLWDOL]DWLRQIRUDOOVXEVHTXHQWF\FOHVZLOOEHIRUDPLQLPXPRIKRXUV
G9LWDOVLJQVDQGSXOVHR[LPHWU\ZLOOEHWDNHQHYHU\PLQXWHV
H2EWDLQHGDWF\FOHDQGRQO\
I7XPRUHYDOXDWLRQE\FRQWUDVWHQKDQFHG05,RU&7RIWKHFKHVWDEGRPHQDQGSHOYLVZLOOEHSHUIRUPHGGXULQJVFUHHQLQJZLWKLQGD\VRIF\FOHGD\8VLQJWKH
05,RU&7GLVHDVHZLOOEHDVVHVVHGXVLQJWKHPRGLILHGLU5&
J6HUXPSUHJQDQF\WHVWZLOOEHSHUIRUPHGIRUDOOIHPDOHVXQOHVVVXUJLFDOO\VWHULOHRUt\HDUVSRVWPHQRSDXVDO
K9LWDOVLJQVDQGSXOVHR[LPHWU\ZLOOEHWDNHQHYHU\KRXUV
M6WDUWRIWUHDWPHQWLQF\FOHDQGDOOVXEVHTXHQWF\FOHVFDQVWDUWGD\LIMXVWLILHGORJLVWLFDOUHDVRQVHJEDQNKROLGD\
N2QHRSWLRQDOWXPRUELRSV\PD\EHSURYLGHGDWF\FOHDIWHUWKHILUVWRUVHFRQGZHHNRIWUHDWPHQWZLWK$0*DQGDVHSDUDWHRSWLRQDOELRSV\PD\EHSURYLGHGDW
F\FOHRUDVXEVHTXHQWF\FOHDIWHUWKHILUVWRUVHFRQGZHHNRIWUHDWPHQWZLWK$0*

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


7DEOH6FKHGXOHRI$VVHVVPHQWV±GD\,QIXVLRQIRUDOO&\FOHV




























3DJHRI
)RRWQRWHGHILQHGRQQH[WSDJH
7UHDWPHQW3HULRG

&\FOH
4&
(2,3
(26
6WXG\'D\



+RXUV
*(1(5$/$66(660(176
,QIRUPHGFRQVHQW



+RVSLWDOL]DWLRQ



&RQFRPLWDQWPHGLFDWLRQV

;
;
$GYHUVHHYHQWV

;
;
&OLQLFDOHYDOXDWLRQD

;
;
9LWDOVLJQVSXOVHR[LPHWU\
;
;
OHDG(&*WULSOLFDWHPHDVXUHPHQW


;
/$%25$725<$66(660(176
6HUXPSUHJQDQF\WHVWJ



&RDJXODWLRQ

;
;
+HPDWRORJ\&KHPLVWU\

;
;
8ULQDO\VLV

;
;
+HSDWLWLVVHURORJ\+,9



$QWL$0*DQWLERG\

;
;
'26,1*
$0*



78025$66(660(176
05,RU&7
;L

;M
7XPRUPDUNHUVHJ&($

;
;
%,20$5.(5$66(660(176
&LUFXODWLQJWXPRUFHOOV
;L
;
;
,PPXQHFHOOV

;
;
6ROXEOH'1$PDUNHUV
;L
;
;
6HUXPPDUNHUV



$UFKLYDOWXPRUWLVVXH



7XPRUELRSV\E



3.$66(660(176
$0*3.FROOHFWLRQ



V&($




3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


&($ FDUFLQRHPEU\RQLFDQWLJHQ&7 FRPSXWHGWRPRJUDSK\(&* HOHFWURFDUGLRJUDP(2, (QGRI,QIXVLRQ(26 (QGRI6WXG\(2,3 (QGRI,QYHVWLJDWLRQDO
3URGXFW+,9 KXPDQLPPXQRGHILFLHQF\YLUXVLU&5 LPPXQHUHODWHGFRPSOHWHUHVSRQVHLU3' LPPXQHUHODWHGSURJUHVVLYHGLVHDVHLU35 LPPXQHUHODWHG
SDUWLDOUHVSRQVHLU5& LPPXQHUHODWHGUHVSRQVHFULWHULD05, PDJQHWLFUHVRQDQFHLPDJLQJ3. SKDUPDFRNLQHWLF4& (YHU\F\FOHVV&($ VROXEOH
FDUFLQRHPEU\RQLFDQWLJHQ6&5 6FUHHQLQJ
D&OLQLFDOHYDOXDWLRQVZLOOLQFOXGHSK\VLFDOH[DPLQDWLRQ.DUQRIVN\3HUIRUPDQFH6WDWXVDQGZHLJKW6FUHHQLQJRQO\PHGLFDOKLVWRU\DQGKHLJKWZLOODOVREHREWDLQHG
E&RUHELRSV\LVRSWLRQDODWVFUHHQLQJLIDQ$UFKLYHG7XPRU7LVVXHVDPSOHLVDYDLODEOH,IDFRUHELRSV\LVSHUIRUPHGLWPXVWEHFRPSOHWHGEHIRUHWKHVWDUWRI
WUHDWPHQW6XEMHFWVZKRSURYLGHDVHSDUDWHFRQVHQWPD\XQGHUJRDQRSWLRQDOSDLUHGELRSV\ZHHNVSULRUWRF\FOHGD\DQGF\FOHGD\WRDQGRUDQ
RSWLRQDORQWUHDWPHQWELRSV\DWF\FOHGD\WR
J6HUXPSUHJQDQF\WHVWZLOOEHSHUIRUPHGIRUDOOIHPDOHVXQOHVVVXUJLFDOO\VWHULOHRUt\HDUVSRVWPHQRSDXVDO
L (YHU\QG F\FOH WR ZHHNVIRUZHHNF\FOHSRVWWKHUDS\LQLWLDWLRQ 7KH05,RU&7 FDQEHREWDLQHGHDUOLHULIFOLQLFDOGHWHULRUDWLRQQHFHVVLWDWHVDQHDUOLHUVFDQ
8VLQJWKH05,RU&7GLVHDVHZLOOEHDVVHVVHGXVLQJWKHPRGLILHGLU5&%RWKUHVSRQVHLU&5LU35DQGSURJUHVVLRQLU3'UHTXLUHFRQILUPDWLRQE\DUHSHDW
FRQVHFXWLYHDVVHVVPHQWDWOHDVWZHHNVIURPWKHGDWHRIWKHILUVWGRFXPHQWHGDVVHVVPHQWDQGWKHWLPLQJRIWKHVFDQLVDPHGLFDOGHFLVLRQRIWKHPDQDJLQJ
SK\VLFLDQFRQVLGHULQJWKHFOLQLFDOFRQGLWLRQRIWKHVXEMHFWDQGRWKHUODERUDWRU\ILQGLQJV7KHFRQILUPDWRU\VFDQFDQDOVREHSHUIRUPHGDWWKHQH[WVFKHGXOHG
LPDJLQJYLVLWLIFRQILUPLQJUHVSRQVH
M5DGLRJUDSKLFDVVHVVPHQWDWWKHHQGRIWKHVWXG\RUGXULQJWKHIROORZXSYLVLWVVKRXOGEHSHUIRUPHGLIWKHODVWLPDJLQJDVVHVVPHQWZDVSHUIRUPHGZHHNVEHIRUH
WKH(26DQGWKHVXEMHFWKDVQRWKDGHYLGHQFHRIFRQILUPHGGLVHDVHSURJUHVVLRQ

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



*HQHUDO6WXG\3URFHGXUHV
$VLJQHGDQGGDWHG,5%,(&DSSURYHG,&)PXVWEHREWDLQHGSULRUWRSHUIRUPLQJDQ\
VWXG\VSHFLILFSURFHGXUHV$OOVFUHHQLQJSURFHGXUHVPXVWEHSHUIRUPHGZLWKLQGD\V
RIHQUROOPHQWXQOHVVRWKHUZLVHQRWHG6XEMHFWVZKRPHHWWKHLQFOXVLRQDQGH[FOXVLRQ
FULWHULDZLOOEHHOLJLEOHWREHHQUROOHGLQWKHVWXG\$VXEMHFWPD\EHUHVFUHHQHGXSWR
DGGLWLRQDOWLPHVGXULQJWKHVWXG\DWWKHGLVFUHWLRQRIWKHLQYHVWLJDWRU
'XULQJWKHVWXG\HYHU\HIIRUWVKRXOGEHPDGHWRSHUIRUPWKHVWXG\SURFHGXUHVDV
LQGLFDWHGRQWKH6FKHGXOHVRI$VVHVVPHQWV7DEOH7DEOHDQG7DEOH6XEMHFWV
ZLOOEHVHHQLQWKHFOLQLFIRUVWXG\HYDOXDWLRQV:KHQHOHFWURFDUGLRJUDPV(&*VYLWDO
VLJQVEORRGVDPSOHFROOHFWLRQVELRPDUNHUGHYHORSPHQWVDPSOHFROOHFWLRQVDQGELRSV\
VDPSOHFROOHFWLRQVRFFXURQWKHVDPHYLVLW(&*VDQGYLWDOVLJQVVKRXOGEHSHUIRUPHG
EHIRUHVDPSOHVEORRGELRSV\DUHFROOHFWHG%ORRGVDPSOHVPXVWQRWEHWDNHQGUDZQ
IURPWKHSRUWFDWKHWHU7KHWLPHRIEORRGVDPSOHFROOHFWLRQPXVWEHUHFRUGHGZLWKWKH
H[DFWWLPHRIFROOHFWLRQGRQRWXVHWKHWLPHWKDWWKHVDPSOHVZHUHIUR]HQRUDQ\RWKHU
WLPHSRLQW,IEORRGVDPSOHVZLOOEHFROOHFWHGRQWKHVDPHGD\WKDWWKHLQIXVLRQEDJLV
EHLQJFKDQJHGWKHEORRGVDPSOHVPXVWEHFROOHFWHGEHIRUHWKHLQIXVLRQEDJLVFKDQJHG
7KHVWXG\VSHFLILFPDQXDOVDQG,PDJLQJ0DQXDOSURYLGHDGGLWLRQDOGHWDLOVUHJDUGLQJWKH
UHTXLUHPHQWVIRUWKHVHSURFHGXUHV
$FFHSWDEOHGHYLDWLRQZLQGRZVDUHDVIROORZV
x
(&*VELRPDUNHUEORRGGUDZVDQG3.EORRGGUDZVPLQXWHZLQGRZLIFROOHFWHG
ZLWKLQWKHILUVWKRXUVDIWHUWKHVWDUWRIDQLQIXVLRQRUZLWKLQWKHILUVWKRXUVDIWHU
WKH(2,
x
6XEVHTXHQWF\FOHVEHJLQQLQJZLWKF\FOHGD\ZLQGRZ3.VDPSOHVLQF\FOH
VKRXOGEHWDNHQEHWZHHQKRXUVSRVWVWDUWRILQIXVLRQDQGEHIRUH(2,
/RFDOODERUDWRULHVVKRXOGEHXVHGIRUWKHIROORZLQJDVVHVVPHQWVKHPDWRORJ\FOLQLFDO
FKHPLVWU\LQFOXGLQJWXPRUPDUNHUVFRDJXODWLRQXULQDO\VLVKHSDWLWLVVHURORJ\+,9DQG
VHUXPSUHJQDQF\WHVWV7KHIROORZLQJFROOHFWLRQVZLOOEHVKLSSHGWRDFHQWUDOODERUDWRU\
IRUDQDO\VLVEORRGVDPSOHVIRUGHWHUPLQDWLRQRISODVPDFRQFHQWUDWLRQVRI$0*
ELRPDUNHUVDPSOHVELRPDUNHUGHYHORSPHQWVDPSOHVDQGELRSV\VDPSOHV5HIHUWRWKH
ODERUDWRU\PDQXDOIRUGHWDLOHGFROOHFWLRQSURFHVVLQJDQGVKLSSLQJSURFHGXUHV

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



6FUHHQLQJ
$IWHUZULWWHQLQIRUPHGFRQVHQWKDVEHHQREWDLQHGVXEMHFWVZLOOEHVFUHHQHGLQRUGHUWR
DVVHVVHOLJLELOLW\IRUVWXG\SDUWLFLSDWLRQ7KHWRWDOVFUHHQLQJZLQGRZLVXSWRGD\V
XQOHVVRWKHUZLVHQRWHG7KHVFUHHQLQJSHULRGVWDUWVRQWKHGD\WKDWLQIRUPHGFRQVHQWLV
REWDLQHG,IDVXEMHFWKDVQRWPHWDOOHOLJLELOLW\FULWHULDDWWKHHQGRIWKHVFUHHQLQJSHULRG
WKHVXEMHFWZLOOEHUHJLVWHUHGDVDVFUHHQIDLOXUH6XEMHFWVZKRVFUHHQIDLOPD\EH
HOLJLEOHWRUHVFUHHQSHUWKHLQYHVWLJDWRU¶VGLVFUHWLRQ/DERUDWRU\DVVHVVPHQWVXVHGWR
GHWHUPLQHVXEMHFWHOLJLELOLW\PD\EHUHSHDWHGRQFHIRUFRQILUPDWLRQGXULQJHDFK
VFUHHQLQJSHULRGEHIRUHWKHVXEMHFWLVFRQVLGHUHGDVFUHHQIDLOXUH7KHVXEMHFWPXVWEH
UHFRQVHQWHGLIDUHVFUHHQLQJDWWHPSWRFFXUVRXWVLGHWKHVFUHHQLQJSHULRG
7KHIROORZLQJSURFHGXUHVDUHWREHFRPSOHWHGGXULQJWKHVFUHHQLQJSHULRGDWWKHWLPH
SRLQWVGHVLJQDWHGLQWKH6FKHGXOHVRI$VVHVVPHQWV7DEOH7DEOHDQG7DEOH
x
&RQILUPDWLRQWKDWWKH,&)KDVEHHQVLJQHG
x
'HPRJUDSKLFGDWDLQFOXGLQJVH[GDWHRIELUWKUDFHDQGHWKQLFLW\ZLOOEHFROOHFWHGLQ
RUGHUWRVWXG\WKHLUSRVVLEOHDVVRFLDWLRQZLWKVXEMHFWVDIHW\
x
&OLQLFDOHYDOXDWLRQ

3K\VLFDOH[DPLQDWLRQDVSHUVWDQGDUGRIFDUHLQFOXGLQJPHGLFDOVXUJLFDOKLVWRU\
3K\VLFDOH[DPLQDWLRQILQGLQJVVKRXOGEHUHFRUGHGRQWKHDSSURSULDWHH&5)

.DUQRIVN\3HUIRUPDQFH6WDWXV

+HLJKWDQGZHLJKW
x
9LWDOVLJQVLHEORRGSUHVVXUHKHDUWUDWHUHVSLUDWRU\UDWHWHPSHUDWXUH
x
3XOVHR[LPHWU\
x
(&*WULSOLFDWHPHDVXUHPHQW
x
/DERUDWRU\DVVHVVPHQWVKHPDWRORJ\FKHPLVWU\FRDJXODWLRQXULQDO\VLVVHUXP
SUHJQDQF\WHVWIHPDOHVRQO\KHSDWLWLVVHURORJ\+,9DQGWXPRUPDUNHUV
x
%LRPDUNHUDVVHVVPHQWV&7&VLPPXQHFHOOVVROXEOH'1$PDUNHUVDUFKLYDO
WXPRUWLVVXHFRUHELRSV\LIUHTXLUHG
x
V&($VDPSOHFROOHFWLRQ
x
,PDJLQJDVVHVVPHQWVPDJQHWLFUHVRQDQFHLPDJLQJ>05,@RUFRPSXWHG
WRPRJUDSK\>&7@ZLWKLQGD\VSULRUWRVWXG\GD\
x
'LVHDVHDVVHVVPHQWEDVHGRQPRGLILHGLU5&$SSHQGL['
x
6HULRXVDGYHUVHHYHQWUHSRUWLQJ
x
'RFXPHQWDWLRQRIFRQFRPLWDQWDQGUHVFXHPHGLFDWLRQV$OOSULRUFDQFHUWUHDWPHQW
WKHUDSLHVZLOOEHFROOHFWHGDQGRWKHUSULRUWKHUDSLHVWKDWZHUHEHLQJWDNHQZLWKLQ
GD\VSUHFHGLQJVWDUWRIVWXG\WUHDWPHQWVKRXOGEHFROOHFWHG)RUSULRUWKHUDSLHV
FROOHFWWKHUDS\QDPHLQGLFDWLRQGRVHXQLWIUHTXHQF\VWDUWGDWHDQGVWRSGDWH
x
&ROOHFWLRQRIDUFKLYHGWXPRUWLVVXHRUQHZELRSV\LPDJLQJJXLGHGHJXOWUDVRXQG

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



7UHDWPHQW
6XEMHFWVZLOOEHKRVSLWDOL]HGRQGD\RIF\FOHIRUDPLQLPXPRIKRXUVDQGDWDOO
VXEVHTXHQWF\FOHVIRUDPLQLPXPRIKRXUV6XEMHFWVFDQEHKRVSLWDOL]HGIRUDORQJHU
WLPHSHULRGDWWKHGLVFUHWLRQRIWKHLQYHVWLJDWRU,IUHTXLUHGIRUORJLVWLFDOUHDVRQV
HJORQJWUDYHOWLPHVVXEMHFWVPD\EHKRVSLWDOL]HGWKHGD\EHIRUHGRVLQJGD\RI
DQ\F\FOHDQGDWWKH(2,IRUF\FOHIRUUHTXLUHG3.VDPSOHV
6XEMHFWVLQWKHDQGGD\VFKHGXOHVZLOOUHFHLYH$0*IRURUGD\VIROORZHG
E\GD\VRIIRUGD\VRIIUHVSHFWLYHO\DGD\F\FOH6XEMHFWVRQDGD\
VFKHGXOHZLOOUHFHLYH$0*IRUGD\VIROORZHGE\GD\VRIIDGD\F\FOH
7ZRYLVLWVSHUZHHNZLOOEHVFKHGXOHGGXULQJWKHRQJRLQJLQIXVLRQLQF\FOHDQGF\FOH
LQFRKRUWDQGZHHNO\YLVLWVZLOOEHUHTXLUHGIRUWKHUHPDLQGHURIWKHF\FOHIROORZLQJ
FRPSOHWLRQRIWKHLQIXVLRQ,QVXEVHTXHQWWUHDWPHQWF\FOHVZHHNO\YLVLWVZLOOEHUHTXLUHG
GXULQJWUHDWPHQW
7UHDWPHQWEHJLQVRQGD\F\FOHGD\ZKHQWKHILUVWF,9LQIXVLRQRILQYHVWLJDWLRQDO
SURGXFWLVDGPLQLVWHUHGWRDVXEMHFW
7KHIROORZLQJSURFHGXUHVZLOOEHFRPSOHWHGGXULQJWKHWUHDWPHQWSHULRGDWWKHWLPHV
GHVLJQDWHGLQWKH6FKHGXOHVRI$VVHVVPHQWV7DEOH7DEOHDQG7DEOH
,QYHVWLJDWLRQDOSURGXFWLVWREHDGPLQLVWHUHGDIWHUDOORWKHUSURWRFROUHTXLUHGSUHGRVH
DVVHVVPHQWVKDYHEHHQSHUIRUPHGGXULQJHDFKYLVLWWKDWLWLVDGPLQLVWHUHG
x
+RVSLWDOL]DWLRQ
x
&OLQLFDOHYDOXDWLRQ

3K\VLFDOH[DPLQDWLRQDVSHUVWDQGDUGRIFDUH3K\VLFDOH[DPLQDWLRQILQGLQJV
VKRXOGEHUHFRUGHGRQWKHDSSURSULDWHH&5)

.DUQRIVN\3HUIRUPDQFH6WDWXV

:HLJKW
x
9LWDOVLJQVLHEORRGSUHVVXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGWHPSHUDWXUH
x
3XOVHR[LPHWU\
x
(&*WULSOLFDWHPHDVXUHPHQW
x
/DERUDWRU\DVVHVVPHQWVKHPDWRORJ\FKHPLVWU\FRDJXODWLRQXULQDO\VLVDQGVHUXP
SUHJQDQF\WHVWIHPDOHVRQO\DQGWXPRUPDUNHUV
x
%LRPDUNHUDVVHVVPHQWV&7&VLPPXQHFHOOVVROXEOH'1$PDUNHUVVHUXP
PDUNHUVDQGFRUHELRSV\LIVHSDUDWHFRQVHQWSURYLGHG
x
$0*3.DQGV&($VDPSOHFROOHFWLRQ
x
$QWL$0*DQWLERG\VDPSOHFROOHFWLRQ
x
,PDJLQJDVVHVVPHQWV05,RU&7

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


x
6HULRXVDGYHUVHHYHQWUHSRUWLQJ
x
$GYHUVHHYHQWUHSRUWLQJ
x
'RFXPHQWDWLRQRIFRQFRPLWDQWDQGUHVFXHPHGLFDWLRQV
x
5HFHLSWRISURWRFROUHTXLUHGWKHUDSLHV

(QGRI,QYHVWLJDWLRQDO3URGXFW(2,3
7KH(2,3YLVLWZLOORFFXUXSRQGRFXPHQWHGFRQILUPHGFOLQLFDORUUDGLRJUDSKLFGLVHDVH
SURJUHVVLRQLQWROHUDEOHDGYHUVHHYHQWRUZLWKGUDZDORIFRQVHQW)RUVXEMHFWVZKR
FKRRVHWRGLVFRQWLQXHLQYHVWLJDWLRQDOSURGXFWWUHDWPHQWWKH(2,3YLVLWVKRXOGRFFXUDV
VRRQDVSRVVLEOHDIWHUWKHODVWGRVHRILQYHVWLJDWLRQDOSURGXFWLVDGPLQLVWHUHG0HGLFDOO\
VLJQLILFDQWDGYHUVHHYHQWVFRQVLGHUHGUHODWHGWRWKHLQYHVWLJDWLRQDOSURGXFWE\WKH
LQYHVWLJDWRURUWKHVSRQVRUZLOOEHIROORZHGXQWLOUHVROYHGRUFRQVLGHUHGVWDEOH7KH
IROORZLQJSURFHGXUHVZLOOEHFRPSOHWHGGXULQJWKH(2,3YLVLWDVGHVLJQDWHGLQWKH
6FKHGXOHVRI$VVHVVPHQWV7DEOH7DEOHDQG7DEOH
x
&OLQLFDOHYDOXDWLRQ

3K\VLFDOH[DPLQDWLRQDVSHUVWDQGDUGRIFDUH3K\VLFDOH[DPLQDWLRQILQGLQJV
VKRXOGEHUHFRUGHGRQWKHDSSURSULDWHH&5)

.DUQRIVN\3HUIRUPDQFH6WDWXV

:HLJKW
x
9LWDOVLJQVLHEORRGSUHVVXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGWHPSHUDWXUH
x
3XOVHR[LPHWU\
x
/DERUDWRU\DVVHVVPHQWVKHPDWRORJ\FKHPLVWU\FRDJXODWLRQXULQDO\VLV
x
%LRPDUNHUDVVHVVPHQWV&7&VLPPXQHFHOOVDQGVROXEOH'1$PDUNHUV
x
$QWL$0*DQWLERG\VDPSOHFROOHFWLRQ
x
7XPRUPDUNHUV
x
6HULRXVDGYHUVHHYHQWUHSRUWLQJ
x
$GYHUVHHYHQWUHSRUWLQJ
x
'RFXPHQWDWLRQRIFRQFRPLWDQWDQGUHVFXHPHGLFDWLRQV

(QGRI6WXG\(269LVLW
7KH(26YLVLWLVDVDIHW\IROORZXSYLVLWWKDWLVWREHSHUIRUPHGDWOHDVWZHHNVRUXSWR
GD\VWKHUHDIWHUDIWHUWKHODVWGRVHRI$0*$OOHIIRUWVVKRXOGEHPDGHWRFRQGXFW
WKLVYLVLW,ILWLVQRWSRVVLEOHWRFRQGXFWWKH(26YLVLWGRFXPHQWDWLRQRIWKHHIIRUWVWR
FRPSOHWHWKHYLVLWVKRXOGEHSURYLGHGLQWKHVRXUFHGRFXPHQWVDQGQRWHGDVQRWGRQHLQ
WKHH&5)

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


7KHIROORZLQJSURFHGXUHVZLOOEHFRPSOHWHGDWWKH(26YLVLWDVGHVLJQDWHGLQWKH
6FKHGXOHVRI$VVHVVPHQWV7DEOH7DEOHDQG7DEOH
x
&OLQLFDOHYDOXDWLRQ

3K\VLFDOH[DPLQDWLRQDVSHUVWDQGDUGRIFDUH3K\VLFDOH[DPLQDWLRQILQGLQJV
VKRXOGEHUHFRUGHGRQWKHDSSURSULDWHH&5)

.DUQRIVN\3HUIRUPDQFH6WDWXV

:HLJKW
x
9LWDOVLJQVLHEORRGSUHVVXUHKHDUWUDWHUHVSLUDWRU\UDWHDQGWHPSHUDWXUH
x
3XOVHR[LPHWU\
x
(&*WULSOLFDWHPHDVXUHPHQW
x
/DERUDWRU\DVVHVVPHQWVKHPDWRORJ\FKHPLVWU\FRDJXODWLRQXULQDO\VLV
x
%LRPDUNHUDVVHVVPHQWV&7&VLPPXQHFHOOVDQGVROXEOH'1$PDUNHUV
x
$QWL$0*DQWLERG\VDPSOHFROOHFWLRQ
x
7XPRUPDUNHUV
x
,PDJLQJDVVHVVPHQWV05,RU&7LIODVWLPDJLQJDVVHVVPHQWZDVSHUIRUPHG
ZHHNVEHIRUHWKH(26DQGWKHVXEMHFWKDVQRWKDGHYLGHQFHRIFRQILUPHG
GLVHDVHSURJUHVVLRQ
x
6HULRXVDGYHUVHHYHQWUHSRUWLQJ
x
$GYHUVHHYHQWUHSRUWLQJ
x
'RFXPHQWDWLRQRIFRQFRPLWDQWDQGUHVFXHPHGLFDWLRQV

'HVFULSWLRQRI6WXG\3URFHGXUHV
7KHVHFWLRQVEHORZSURYLGHDGHVFULSWLRQRIWKHLQGLYLGXDOVWXG\SURFHGXUHVOLVWHGLQ
6HFWLRQ

,QIRUPHG&RQVHQW
$VLJQHG,&)PXVWEHREWDLQHGIURPHDFKVXEMHFWSULRUWRDQ\VWXG\PDQGDWHG
SURFHGXUHV

'HPRJUDSKLF'DWD
'HPRJUDSKLFGDWDFROOHFWLRQLQFOXGLQJVH[GDWHRIELUWKUDFHDQGHWKQLFLW\ZLOOEH
FROOHFWHGLQRUGHUWRVWXG\WKHLUSRVVLEOHDVVRFLDWLRQZLWKVXEMHFWVDIHW\DQGWUHDWPHQW
HIIHFWLYHQHVV$GGLWLRQDOO\GHPRJUDSKLFGDWDZLOOEHXVHGWRVWXG\WKHLPSDFWRIWKH
SURWRFROUHTXLUHGWKHUDS\RQELRPDUNHUYDULDELOLW\DQG3.

0HGLFDO+LVWRU\&XUUHQW0DOLJQDQF\DQG3ULRU7KHUDS\
7KHLQYHVWLJDWRURUGHVLJQHHZLOOFROOHFWDFRPSOHWHPHGLFDODQGVXUJLFDOKLVWRU\WKDW
VWDUWHG\HDUVSULRUWRVFUHHQLQJWKURXJKWKHWLPHRIFRQVHQW0HGLFDOKLVWRU\ZLOO

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


LQFOXGHLQIRUPDWLRQRQWKHVXEMHFW¶VFRQFXUUHQWPHGLFDOFRQGLWLRQV5HFRUGDOOILQGLQJV
RQWKH0HGLFDO+LVWRU\H&5)RU&XUUHQW0DOLJQDQF\H&5)DVDSSURSULDWH
5HOHYDQWPHGLFDOKLVWRU\LQFOXGLQJSUHYLRXVFKHPRWKHUDS\RUUDGLRWKHUDS\DQWHFHGHQW
KHPDWRORJLFRURQFRORJLFGLVHDVHRWKHUGLVHDVHVV\PSWRPVVXFKDVIDWLJXHEOHHGLQJ
DQGLQIHFWLRQUHVROYHGDQGRQJRLQJZLOOEHFROOHFWHG7KHKLVWRU\RI*,
DGHQRFDUFLQRPDPXVWGDWHEDFNWRWKHLQLWLDOGLDJQRVLVDQGDQ\UHVSRQVHGXUDWLRQ7KH
FXUUHQWWR[LFLW\JUDGHZLOOEHFROOHFWHGIRUHDFKFRQGLWLRQWKDWKDVQRWUHVROYHG

&RQFRPLWDQW0HGLFDWLRQV
&RQFRPLWDQWWKHUDSLHVDUHWREHFROOHFWHGIURPLQIRUPHGFRQVHQWWKURXJKWKH(26
&ROOHFWWKHUDS\QDPHLQGLFDWLRQGRVHXQLWIUHTXHQF\URXWHVWDUWGDWHDQGVWRSGDWH

&OLQLFDO(YDOXDWLRQ

3K\VLFDO([DPLQDWLRQ
$FRPSOHWHSK\VLFDOH[DPLQDWLRQDVSHUVWDQGDUGRIFDUHUHFWDODQGYDJLQDOH[DPLQDWLRQ
QRWUHTXLUHGZLOOEHSHUIRUPHGE\WKHLQYHVWLJDWRURUGHVLJQHHDWVFUHHQLQJDQGDWWKH
WLPHSRLQWVVSHFLILHGLQWKH6FKHGXOHVRI$VVHVVPHQWV7DEOH7DEOHDQG7DEOH
7KHSK\VLFDOH[DPLQDWLRQZLOOLQFOXGHJHQHUDODSSHDUDQFHLQFOXGLQJH[DPLQDWLRQRIWKH
VNLQVSOHHQUHVSLUDWRU\FDUGLRYDVFXODUPXVFXORVNHOHWDODQGQHXURORJLFDOV\VWHPV
7KHLQGLYLGXDOSHUIRUPLQJWKHSK\VLFDOH[DPLQDWLRQZLOOFKDUDFWHUL]HWKHLUILQGLQJVDV
HLWKHUQRUPDORUDEQRUPDO$EQRUPDOSK\VLFDOH[DPLQDWLRQILQGLQJVIRXQGGXULQJ
VFUHHQLQJVKRXOGEHUHSRUWHGRQWKH0HGLFDO+LVWRU\H&5)$EQRUPDOSK\VLFDO
H[DPLQDWLRQILQGLQJVIRXQGDIWHUWKHVXEMHFWKDVUHFHLYHGLQYHVWLJDWLRQDOSURGXFWZLOOEH
UHSRUWHGRQWKH$GYHUVH(YHQWH&5)

.DUQRIVN\3HUIRUPDQFH6WDWXV
6XEMHFWVZLOOEHJUDGHGDFFRUGLQJWRWKH.DUQRIVN\3HUIRUPDQFH6WDWXV
6HH$SSHQGL[)

+HLJKW0HDVXUHPHQWV
+HLJKWLQFHQWLPHWHUVVKRXOGEHPHDVXUHGZLWKRXWVKRHVDWVFUHHQLQJ

:HLJKW0HDVXUHPHQWV
:HLJKWLQNLORJUDPVVKRXOGEHPHDVXUHGZLWKRXWVKRHV

5DGLRORJLFDO$VVHVVPHQW
5DGLRORJLFDOLPDJLQJWRDVVHVVWKHH[WHQWRIGLVHDVHZLOOEHDVVHVVHGE\VWDQGDUGL]HG
FRQWUDVWHQKDQFHG05,RU&7DQGHYDOXDWHGDFFRUGLQJWRPRGLILHGLU5&

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


:ROFKRN-'HWDO$SSHQGL['$FRQWUDVWHQKDQFHG05,VKRXOGEHWKH
SUHIHUUHGLPDJLQJPHWKRGIRUWXPRUVWDJLQJ$&7VKRXOGEHGRQHZKHQ05,LV
QRWSRVVLEOHLVUHODWLYHO\FRQWUDLQGLFDWHGHJDOOHUJ\WRFRQWUDVWRUIRUWKH
HYDOXDWLRQRIERG\VLWHVZKHUH05,LVQRWWKHUHFRPPHQGHGDGHTXDWHVWDJLQJ
PHWKRG,QRUGHUWRUHGXFHUDGLDWLRQH[SRVXUHIRUVXEMHFWVORZGRVH&7
WHFKQLTXHVVKRXOGEHDSSOLHGZKHQHYHUSRVVLEOH2UJDQVSHFLILFLPDJLQJ
SURWRFROVRUH[LVWLQJGLDJQRVWLFJXLGHOLQHVVKRXOGEHIROORZHGZKHQHYHUSRVVLEOH
WRHYDOXDWHWKHH[WHQWRIWKHGLVHDVHDSSURSULDWHO\5DGLRJUDSKLFLPDJLQJRIWKH
FKHVWDEGRPHQDQGSHOYLVDUHUHTXLUHGDWVFUHHQLQJ7XPRUDVVHVVPHQWVPXVWDOVR
LQFOXGHDOORWKHUVLWHVRIGLVHDVH7KHVFUHHQLQJLPDJLQJVWXGLHVPXVWEHSHUIRUPHG
ZLWKLQGD\VSULRUWRVWXG\GD\DQGZLOOEHXVHGDVEDVHOLQH'XULQJWUHDWPHQW
IROORZXSUDGLRJUDSKLFLPDJLQJRIWKHDEGRPHQSHOYLVDQGFKHVWDORQJZLWKWXPRU
DVVHVVPHQWVRIDOORWKHUVLWHVRIGLVHDVHZLOOEHSHUIRUPHGHYHU\WRZHHNV
SRVWWKHUDS\LQLWLDWLRQLQFRKRUWVZLWKRUGD\LQIXVLRQVDQGHYHU\WRZHHNV
SRVWWKHUDS\LQLWLDWLRQLQFRKRUWVZLWKGD\LQIXVLRQXQOHVVFOLQLFDOGHWHULRUDWLRQ
QHFHVVLWDWHVDQHDUOLHUVFDQRUGLVHDVHSURJUHVVLRQKDVEHHQFRQILUPHGDVGHILQHGE\
PRGLILHGLU5&$SSHQGL['5HVSRQVHLPPXQHUHODWHG&RPSOHWH5HVSRQVH>LU&5@
LPPXQHUHODWHG3DUWLDO5HVSRQVH>LU35@DQGSURJUHVVLRQLPPXQHUHODWHG3URJUHVVLYH
'LVHDVH>LU3'@UHTXLUHFRQILUPDWLRQE\DUHSHDWFRQVHFXWLYHDVVHVVPHQWQROHVVWKDQ
ZHHNVIURPWKHGDWHRIWKHILUVWGRFXPHQWHGDVVHVVPHQW
)RUFRQILUPLQJSURJUHVVLRQWKHUHSHDWVFDQPD\EHSHUIRUPHGDQ\WLPHDIWHU
ZHHNVIURPWKHILUVWVXVSHFWHGUDGLRORJLFHYLGHQFHRISURJUHVVLRQDWWKH
GLVFUHWLRQRIWKHPDQDJLQJSK\VLFLDQFRQVLGHULQJWKHFOLQLFDOFRQGLWLRQRIWKH
VXEMHFWDQGRWKHUODERUDWRU\ILQGLQJV
)RUFRQILUPLQJUHVSRQVHWKHUHSHDWVFDQPD\EHSHUIRUPHGDQ\WLPHDIWHU
ZHHNVIURPWKHILUVWVXVSHFWHGUDGLRORJLFHYLGHQFHRIUHVSRQVHDQGPD\EH
GHOD\HGXQWLOWKHQH[WVFKHGXOHGVFDQWRDYRLGXQQHFHVVDU\SURFHGXUHV
6HHDOVRGHVFULSWLRQLQ7DEOH7DEOHDQG7DEOH
5DGLRJUDSKLFDVVHVVPHQWDWWKHHQGRIWKHVWXG\RUGXULQJWKHIROORZXSYLVLWVVKRXOGEH
SHUIRUPHGLIWKHODVWLPDJLQJDVVHVVPHQWZDVSHUIRUPHGZHHNVEHIRUHWKH(26DQG
WKHVXEMHFWKDVQRWKDGHYLGHQFHRIFRQILUPHGGLVHDVHSURJUHVVLRQ
$OOVFDQVIRUWXPRUUHVSRQVHDVVHVVPHQWZLOOEHGRQHXVLQJFULWHULDDVLQGLFDWHGLQWKH
,PDJLQJ0DQXDOSURYLGHGE\WKHFRUHODERUDWRU\$OOVXEVHTXHQWVFDQVZLOOEH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


SHUIRUPHGLQWKHVDPHPDQQHUDVDWVFUHHQLQJSUHIHUDEO\RQWKHVDPHVFDQQHUXQOHVV
DVXEMHFWGHYHORSVK\SHUVHQVLWLYLW\WR05,FRQWUDVWRUWRWKHSURFHGXUHGXULQJWKH
VWXG\LQZKLFKFDVHDVZLWFKWR&7LVDFFHSWDEOHDIWHUFRQVXOWDWLRQZLWK$PJHQDQGWKH
LPDJLQJFRUHODERUDWRU\
'HWHUPLQDWLRQRIGLVHDVHUHVSRQVHIRUFOLQLFDOPDQDJHPHQWRIVXEMHFWVZLOOEHDVVHVVHG
DWWKHFOLQLFDOVLWHVSHUPRGLILHGLU5&6FDQVZLOOEHVXEPLWWHGWRWKHLPDJLQJFRUH
ODERUDWRU\IRUUHVSRQVHDVVHVVPHQWXVLQJPRGLILHGLU5&DQGIRUH[SORUDWRU\DQDO\VLV
VXFKDVYROXPHWULFDQGQRQQHFURWLFWXPRUPHDVXUHPHQWV'HWDLOHGLQIRUPDWLRQ
UHJDUGLQJWKHVXEPLVVLRQRILPDJHVWRWKHFRUHODERUDWRU\LVIRXQGLQWKH,PDJLQJ
0DQXDO

$UFKLYHG7XPRU7LVVXH6DPSOHV
'XULQJVFUHHQLQJDEORFNVRIDUFKLYHGSDUDIILQHPEHGGHGWXPRUWLVVXHFROOHFWHGSULRU
WRWKHVWXG\ZLOOEHVHQWWRWKHFHQWUDOODERUDWRU\DORQJZLWKWKHFRUUHVSRQGLQJSDWKRORJ\
UHSRUW,QOLHXRIDZKROHEORFNDSSUR[LPDWHO\XQVWDLQHGVHFWLRQVRQFKDUJHGVOLGHV
IURPWKHVDPHEORFNREWDLQHGLQWKHPRQWKVEHIRUHVFUHHQLQJFDQEHVXEPLWWHGWRWKH
FHQWUDOODERUDWRU\
,WLVLPSRUWDQWWKDWDGHTXDWHWLVVXHVDPSOHVDUHVHQWWRWKHFHQWUDOODERUDWRU\ZLWKLQ
ZHHNVRIHQUROOPHQWWRDOORZWLPHWRHYDOXDWHWKHVDPSOHVDQGWRDVNIRUDGGLWLRQDO
VDPSOHVLIWKHLQLWLDOVDPSOHVDUHQRWDSSURSULDWH7KHWXPRUEORFNVKRXOGEHFDUHIXOO\
VHOHFWHGE\DSDWKRORJLVWRUDVNLOOHGH[SHULHQFHGKLVWRORJ\DVVRFLDWHDQGVKRXOGLQFOXGH
DGHHSGLDJQRVWLFVHFWLRQFRQWDLQLQJWXPRUWLVVXH
7LVVXHVDPSOHVZLOOEHXVHGWRKHOSLGHQWLI\JHQHVDQGRWKHUPDUNHUVWKDWPD\HQKDQFH
RXUXQGHUVWDQGLQJRIWKHFDQFHUDQGRUGHWHUPLQHKRZVXEMHFWVUHVSRQGSRVLWLYHO\RU
QHJDWLYHO\WRWKHLQYHVWLJDWLRQDOSURGXFW
5HIHUWRWKHODERUDWRU\PDQXDOIRUGHWDLOHGFROOHFWLRQDQGKDQGOLQJSURFHGXUHVIRUDOO
WXPRUWLVVXHVDPSOHV

7XPRU%LRSV\
7RPHHWHOLJLELOLW\UHTXLUHPHQWVDUFKLYHGWXPRUWLVVXHPXVWEHFRQILUPHGDYDLODEOH
GXULQJWKHVFUHHQLQJSHULRGDQGLIQRWDYDLODEOHWKHVXEMHFWPXVWFRQVHQWWRDELRSV\
SURFHGXUHEHIRUHWKHVWDUWRIWUHDWPHQW7KHGHFLVLRQWRELRSV\ZLOOEHPDGHRQFH
VXEMHFWHOLJLELOLW\KDVEHHQGHWHUPLQHGDQGRQWKHEDVLVRIWXPRUDFFHVVLELOLW\DQG
VXEMHFWVDIHW\6XEMHFWVPXVWVLJQDVHSDUDWHFRQVHQWWRXQGHUJRDELRSV\SURFHGXUH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


6XEMHFWVLQWKHGD\RUGD\LQIXVLRQFRKRUWVPD\DOVRSURYLGHDVHSDUDWHFRQVHQW
WRXQGHUJRRQHRUWZRRSWLRQDORQWUHDWPHQWELRSVLHV
x
2QHELRSV\RQF\FOHDIWHUWKHILUVWRUVHFRQGZHHNRIWUHDWPHQWZLWK$0*
x
2QHELRSV\SURYLGHGLQF\FOHRUVXEVHTXHQWF\FOHVDIWHUWKHILUVWRUVHFRQG
ZHHNRIWUHDWPHQWZLWK$0*
6XEMHFWVLQWKHGD\RUGD\LQIXVLRQFRKRUWVZKRSURYLGHDVHSDUDWHFRQVHQWPD\
DOVRXQGHUJRRSWLRQDOWXPRUELRSVLHVSDLUHGELRSV\6XEMHFWVZRXOGXQGHUJRWKHILUVW
ELRSV\SURFHGXUHZLWKLQZHHNVEHIRUHWKHILUVWGRVHRI$0*F\FOHGD\DQG
WKHQWKHVHFRQGELRSV\RQWUHDWPHQWSURFHGXUHZRXOGEHSHUIRUPHGRQF\FOHGD\
RIWKHVWXG\GUXJLQIXVLRQ7KHRQWUHDWPHQWELRSV\VKRXOGSUHIHUHQWLDOO\EHFROOHFWHGRQ
F\FOHGD\RUZLWKLQGD\VEHWZHHQF\FOHGD\DQGF\FOHGD\RUDWWKH
ODWHVWDWWKHHQGRIWKHWUHDWPHQWF\FOH
6XEMHFWVPXVWKDYHPRUHWKDQPHDVXUDEOHOHVLRQUHPDLQLQJIRUWKHRQWUHDWPHQW
ELRSV\WRDOORZIRUDUHVSRQVHDVVHVVPHQWDIWHUWUHDWPHQW
7KHELRSV\PXVWEHREWDLQHGLPDJLQJJXLGHGDWOHDVWXOWUDVRXQGJXLGDQFHVKRXOGEH
XVHG
,IVXEMHFWVXQGHUJRDGLDJQRVWLFRULQYDVLYHLQWHUYHQWLRQRUVXUJHU\GXULQJWKHWULDODVSHU
WKHLQYHVWLJDWRU¶VGLVFUHWLRQVXEMHFWVPD\FRQVHQWWRGRQDWHDSRUWLRQRIWKHLUWXPRUDQG
RUDVVRFLDWHGWLVVXHVHJPDOLJQDQWHIIXVLRQWRWKLVVWXG\
7KHFRUUHVSRQGLQJSDWKRORJ\UHSRUWPXVWEHVXEPLWWHGIRUDQ\ELRSV\SURYLGHGIRUWKH
VWXG\
7KHFRPSDULVRQRISUHDQGRQWUHDWPHQWWXPRUWLVVXHZLOOLQIRUPWXPRU3.WXPRUDQG
7FHOO3'PDUNHUVDQGFDQEHXVHGWRDVVHVVSRWHQWLDOUHVLVWDQFHPHFKDQLVPV
(OLJLEOHVXEMHFWVZKRSURYLGHFRQVHQWIRUDWXPRUELRSV\PXVWKDYHWXPRUWLVVXHWKDWLV
DFFHVVLEOHE\FRUHELRSV\XVLQJPLQLPDOO\LQYDVLYHSURFHGXUHV7KHWXPRUWLVVXH
ELRSVLHGPXVWEHVXEFXWDQHRXVQRGXOHVVXEFXWDQHRXVO\PSKQRGHVRUOHVLRQVWKDWDUH
DFFHVVLEOHE\FRUHELRSV\ZLWKRUZLWKRXW&7RUXOWUDVRXQGJXLGDQFH$GGLWLRQDOO\
VXEMHFWVZLWKWXPRUVLQWKHXSSHU*,WUDFWLHDFFHVVLEOHWXPRUVLQWKHHVRSKDJXVPD\
XQGHUJRDQHQGRVFRSLFELRSV\)LQHQHHGOHDVSLUDWHDQGFRORQRVFRS\FDQDOVREH
SHUIRUPHGDVORQJDVLWLVDFFRPSDQLHGE\DFRUHELRSV\%LRSV\VSHFLPHQVZLOOEH
REWDLQHGXVLQJVWDQGDUGVXUJLFDOWHFKQLTXHVRUE\SHUFXWDQHRXVFRUHQHHGOHV
([FLVLRQDOELRSV\IROORZLQJF\FOHRUODWHUF\FOHVLVSHUPLVVLEOH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



9LWDO6LJQV
7KHIROORZLQJPHDVXUHPHQWVPXVWEHSHUIRUPHGV\VWROLFGLDVWROLFEORRGSUHVVXUHKHDUW
UDWHUHVSLUDWRU\UDWHDQGWHPSHUDWXUH5HFRUGDOOPHDVXUHPHQWVRQWKHYLWDOVLJQV
H&5)
7KHVXEMHFWPXVWEHLQDVXSLQHSRVLWLRQLQDUHVWHGDQGFDOPVWDWHIRUDWOHDVWPLQXWHV
EHIRUHEORRGSUHVVXUHDVVHVVPHQWVDUHFRQGXFWHG,IWKHVXEMHFWLVXQDEOHWREHLQWKH
VXSLQHSRVLWLRQWKHVXEMHFWVKRXOGEHLQPRVWUHFXPEHQWSRVLWLRQDVSRVVLEOH7KH
SRVLWLRQVHOHFWHGIRUDVXEMHFWVKRXOGEHWKHVDPHWKDWLVXVHGWKURXJKRXWWKHVWXG\DQG
GRFXPHQWHGRQWKHYLWDOVLJQVH&5)
7KHWHPSHUDWXUHORFDWLRQVHOHFWHGIRUDVXEMHFWVKRXOGEHWKHVDPHWKDWLVXVHG
WKURXJKRXWWKHVWXG\DQGGRFXPHQWHGRQWKHYLWDOVLJQVH&5)

3XOVH2[LPHWU\
2[\JHQVDWXUDWLRQZLOOEHPHDVXUHGXVLQJDVWDQGDUGSXOVHR[LPHWHU7KHVXEMHFWPXVW
EHLQDUHVWHGDQGFDOPVWDWHIRUDWOHDVWPLQXWHVEHIRUHSXOVHR[LPHWU\DVVHVVPHQWV
DUHFRPSOHWHG

(OHFWURFDUGLRJUDP3HUIRUPHGLQ7ULSOLFDWH
7KHVXEMHFWPXVWEHLQVXSLQHSRVLWLRQLQDUHVWHGDQGFDOPVWDWHIRUDWOHDVWPLQXWHV
EHIRUH(&*DVVHVVPHQWLVFRQGXFWHG,IWKHVXEMHFWLVXQDEOHWREHLQWKHVXSLQH
SRVLWLRQWKHVXEMHFWVKRXOGEHLQPRVWUHFXPEHQWSRVLWLRQDVSRVVLEOH
(OHFWURFDUGLRJUDPVVKRXOGEHSHUIRUPHGLQDVWDQGDUGL]HGPHWKRGLQWULSOLFDWHDQG
DSSUR[LPDWHO\VHFRQGVDSDUWSULRUWREORRGGUDZVRURWKHULQYDVLYHSURFHGXUHV
(DFK(&*PXVWLQFOXGHWKHIROORZLQJPHDVXUHPHQWV4564747F55DQG35
LQWHUYDOV
(OHFWURFDUGLRJUDPVZLOOEHSHUIRUPHGDVIROORZV
x
7KUHHEDVHOLQH(&*VZLOOEHFROOHFWHGPLQXWHVDSDUWZLWKHDFKEDVHOLQH(&*
LQWULSOLFDWHUXQFRQVHFXWLYHO\LHVHFRQGVDSDUWVHWVFROOHFWHGDWVFUHHQLQJ
DQGVHWFROOHFWHGSUHGRVHRQGD\>LHWRWDO(&*V@
x
7ULSOLFDWH(&*VDWWLPHSRLQWVDIWHUGRVLQJ
%DVHOLQHLVGHILQHGDVSUHGRVHDVVHVVPHQWVIURPF\FOHGD\7KHSULQFLSDO
LQYHVWLJDWRURUGHVLJQDWHGVLWHSK\VLFLDQZLOOUHYLHZDOO(&*V(OHFWURFDUGLRJUDPVZLOO
EHWUDQVIHUUHGHOHFWURQLFDOO\WRDQ(&*FHQWUDOUHDGHUIRUDQDO\VLVSHU$PJHQ
LQVWUXFWLRQV2QFHVLJQHGWKHRULJLQDO(&*WUDFLQJZLOOEHUHWDLQHGZLWKWKHVXEMHFW¶V

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


VRXUFHGRFXPHQWV$WWKHUHTXHVWRIWKHVSRQVRUDFRS\RIWKHRULJLQDO(&*ZLOOEH
PDGHDYDLODEOHWR$PJHQ
6WDQGDUG(&*PDFKLQHVVKRXOGEHXVHGIRUDOOVWXG\UHODWHG(&*UHTXLUHPHQWV

&OLQLFDO/DERUDWRU\7HVWV
7KHWHVWVOLVWHGEHORZLQ7DEOHZLOOEHFRQGXFWHGRQVDPSOHVFROOHFWHGDQGDQDO\]HG
E\VWDQGDUGODERUDWRU\SURFHGXUHVDWWKHWLPHSRLQWVVSHFLILHGLQWKH6FKHGXOHRI
$VVHVVPHQWV7DEOH7DEOHDQG7DEOH7KHWHVWUHVXOWVDUHWREHUHFRUGHGRQWKH
H&5)V0LVVHGWHVWVWKDWDUHQRWGRQHPXVWEHUHSRUWHGDVVXFKRQWKHH&5)V

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


7DEOH/LVWRI$QDO\WHV
&KHPLVWU\
+HPDWRORJ\
8ULQDO\VLV
&RDJXODWLRQ
2WKHU/DEV
6RGLXP
3RWDVVLXP
%LFDUERQDWH
&KORULGH
7RWDOSURWHLQ
$OEXPLQ
&DOFLXP
0DJQHVLXP
3KRVSKRUXV
*OXFRVH
&UHDWLQLQH
7RWDOELOLUXELQ
$/3
$67
$/7
$P\ODVH
/LSDVH
&53
/'+
8ULF$FLG
(U\WKURF\WHV
+HPRJORELQ
+HPDWRFULW
0&9
3ODWHOHWV
:%&'LIIHUHQWLDO
x7RWDO1HXWURSKLOV
x/\PSKRF\WHV
x0RQRF\WHV
6SHFLILFJUDYLW\
S+
%ORRG3URWHLQ
*OXFRVH
%LOLUXELQ
.HWRQHV
0LFURVFRSLFH[DP
SHUIRUPHGDWWKH
GLVFUHWLRQRIWKH
LQYHVWLJDWRU

37
377
,15
)LEULQRJHQ
$7,,,


3UHJQDQF\WHVWD
6HURORJ\
+HS%V$J
+HS&$EE
DQWL+%F
+,9
$QWL$0*
DQWLERG\
7XPRUPDUNHUVF

$/3 DONDOLQHSKRVSKDWDVH$/7 DODQLQHDPLQRWUDQVIHUDVHDQWL+%F +HSDWLWLV%FRUHDQWLERG\
$67 DVSDUWDWHDPLQRWUDQVIHUDVH$7,,, $QWLWKURPELQ,,,&53 &UHDFWLYHSURWHLQ
+HS%V$J KHSDWLWLV%VXUIDFHDQWLJHQ+HS&$E KHSDWLWLV&DQWLERG\,15 LQWHUQDWLRQDOQRUPDOL]H
UDWLR/'+ ODFWDWHGHK\GURJHQDVH0&9 PHDQFRUSXVFXODUYROXPH37 SURWKURPELQWLPH
377 SDUWLDOWKURPERSODVWLQWLPHV&($ VROXEOHFDUFLQRHPEU\RQLFDQWLJHQ:%& ZKLWHEORRGFHOO
D6HUXPSUHJQDQF\WHVWZLOOEHSHUIRUPHGIRUDOOIHPDOHVXQOHVVVXUJLFDOO\VWHULOHRUt\HDUV
SRVWPHQRSDXVDO
E3RO\PHUDVHFKDLQUHDFWLRQIRUKHSDWLWLV&51$LI+HS&$ELVSRVLWLYH
&7XPRUPDUNHUVDSSURSULDWHIRUWKHWXPRULQGLFDWLRQHJV&($&$SHUIRUPHG
$GGLWLRQDOSURFHGXUHVHJFROOHFWLRQRIDQXQVFKHGXOHGEORRGVDPSOHWRPHDVXUH
F\WRNLQHOHYHOVGHHPHGQHFHVVDU\DVSDUWRIVWDQGDUGRIFDUHRUDVUHTXLUHGE\ORFDO
ODZVDQGUHJXODWLRQVPD\EHSHUIRUPHGDWWKHLQYHVWLJDWRU¶VGLVFUHWLRQ

6HUXP3UHJQDQF\7HVW
$VHUXPTXDOLWDWLYHSUHJQDQF\WHVWZLOOEHSHUIRUPHGORFDOO\DWHDFKVLWHRQDOOIHPDOHV
XQOHVVWKH\DUHVXUJLFDOO\VWHULOHRUt\HDUVSRVWPHQRSDXVDO2QYLVLWVZKHUHUHTXLUHG
WKHVHUXPSUHJQDQF\WHVWPXVWEHSHUIRUPHGSULRUWRGRVLQJZLWKLQYHVWLJDWLRQDOSURGXFW
,IWKHSUHJQDQF\WHVWLVSRVLWLYHDWGD\RIF\FOHWKHVXEMHFWVKRXOGQRWEHJLYHQ
LQYHVWLJDWLRQDOSURGXFW,IWKHSUHJQDQF\WHVWLVSRVLWLYHDWDQ\RWKHUYLVLWWKHQ
LQYHVWLJDWLRQDOSURGXFWPXVWEHKHOGDQGDFRQILUPDWRU\TXDQWLWDWLYHVHUXPSUHJQDQF\
WHVWPXVWEHGRQH,IWKHFRQILUPDWRU\TXDQWLWDWLYHVHUXPSUHJQDQF\WHVWLVSRVLWLYHWKH
LQYHVWLJDWLRQDOSURGXFW$0*PXVWEHGLVFRQWLQXHG,IWKHTXDQWLWDWLYHSUHJQDQF\
WHVWLVQHJDWLYHWKHVXEMHFWVKRXOGUHVWDUWLQIXVLRQSHUWKHFULWHULDLQVHFWLRQ

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



$GYHUVH(YHQWV
$GYHUVHHYHQWDQGVHULRXVDGYHUVHHYHQWDVVHVVPHQWVZLOOEHPDGHWKURXJKRXWWKH
VWXG\DQGZLOOEHHYDOXDWHGDQGUHFRUGHGLQWKHVRXUFHGRFXPHQWVDQGRQWKHH&5)DV
VSHFLILHGLQ6HFWLRQDQG6HFWLRQUHVSHFWLYHO\'HWHUPLQDWLRQRIWKHVHYHULW\
RIDOODGYHUVHHYHQWVZLOOEHFRQVLVWHQWZLWKWKH&7&$(YHUVLRQ$SSHQGL[$XQOHVV
VSHFLILHGRWKHUZLVH

3KDUPDFRNLQHWLF%ORRG6DPSOLQJ
%ORRGVDPSOHVZLOOEHREWDLQHGIRUGHWHUPLQDWLRQRIVHUXPFRQFHQWUDWLRQVRI$0*DW
WKHWLPHSRLQWVVSHFLILHGLQWKH6FKHGXOHVRI$VVHVVPHQWV7DEOH7DEOHDQG
7DEOH%ORRGPXVWQRWEHGUDZQIURPWKHSRUWFDWKHWHU6DPSOHFROOHFWLRQ
SURFHVVLQJVWRUDJHDQGVKLSSLQJLQVWUXFWLRQVDUHSURYLGHGLQDVHSDUDWHODERUDWRU\
PDQXDO

$QWLERG\7HVWLQJ3URFHGXUHV
%ORRGVDPSOHVIRUDQWLERG\WHVWLQJDUHWREHFROOHFWHGDWWKHWLPHSRLQWVRXWOLQHGLQWKH
6FKHGXOHVRI$VVHVVPHQWV7DEOH7DEOHDQG7DEOHIRUWKHPHDVXUHPHQWRI
DQWL$0*ELQGLQJDQWLERGLHV$QWL$0*DQWLERGLHVLQVHUXPZLOOEHHYDOXDWHG
XVLQJVFUHHQLQJDQGFRQILUPDWRU\DVVD\V6DPSOHVWKDWDUHFRQILUPHGSRVLWLYHIRU
DQWLGUXJDQWLERGLHVZLOOEHWLWWHUHGWRGHWHUPLQHWKHUHODWLYHOHYHOVRIDQWLGUXJDQWLERGLHV
LQWKHVDPSOHV$GGLWLRQDOEORRGVDPSOHVPD\EHREWDLQHGWRHYDOXDWHDQWL$0*
DQWLERGLHV¶LPSDFWRQ$0*H[SRVXUHGXULQJWKHVWXG\
3OHDVHVHHWKHODERUDWRU\PDQXDOIRUGHWDLOHGEORRGVDPSOHFROOHFWLRQDQGKDQGOLQJ
LQVWUXFWLRQV

%LRPDUNHU'HYHORSPHQW
%LRPDUNHUVDUHREMHFWLYHO\PHDVXUHGDQGHYDOXDWHGLQGLFDWRUVRIQRUPDOELRORJLF
SURFHVVHVSDWKRJHQLFSURFHVVHVRUSKDUPDFRORJLFUHVSRQVHVWRDWKHUDSHXWLF
LQWHUYHQWLRQ,QRQFRORJ\WKHUHLVDSDUWLFXODULQWHUHVWLQWKHPROHFXODUFKDQJHV
XQGHUO\LQJWKHRQFRJHQLFSURFHVVHVWKDWPD\LGHQWLI\FDQFHUVXEW\SHVVWDJHRIGLVHDVH
DVVHVVWKHDPRXQWRIWXPRUJURZWKRUSUHGLFWGLVHDVHSURJUHVVLRQPHWDVWDVLVDQG
UHVSRQVHVWR$0*DQGWREHWWHUXQGHUVWDQGFDQFHU
,QDGGLWLRQWRWHVWLQJWKHVDIHW\DQGHIIHFWLYHQHVVRI$0*LQWKLVVWXG\WKHVSRQVRU
ZLOODWWHPSWWRGHYHORSWHVWVIURPEORRGDQGRUWXPRUELRSVLHVLIFRQVHQWHGWKDWZLOO
LGHQWLI\VXEMHFWVWKDWZLOOPRVWOLNHO\EHQHILWIURP$0*

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


%LRPDUNHUGHYHORSPHQWPD\EHSXUVXHGE\XVHRIDGYDQFHGELRFKHPLFDODQDO\VHV
VXFKDVSURWHRPLFPHWKRGVRUULERQXFOHLFDFLGWUDQVFULSWSURILOLQJ
$PJHQPD\DWWHPSWWRGHYHORSWHVWVGHVLJQHGWRLGHQWLI\VXEMHFWVPRVWOLNHO\WR
UHVSRQGSRVLWLYHO\RUQHJDWLYHO\WR$0*
%ORRG6DPSOHV
%ORRGVDPSOHVZLOOEHFROOHFWHGIRUH[SORUDWRU\ELRPDUNHUGHYHORSPHQWDWWKHWLPHSRLQWV
OLVWHGLQWKH6FKHGXOHVRI$VVHVVPHQWV7DEOH7DEOHDQG7DEOH
)RUDOOVXEMHFWVFLUFXODWLQJIUHH'1$ZKLFKLQFOXGHVWXPRU'1$ZLOOEHH[WUDFWHGIURP
ELRPDUNHUGHYHORSPHQWSODVPDVDPSOHVFROOHFWHGDWWKHWLPHSRLQWVOLVWHGLQWKH
6FKHGXOHVRI$VVHVVPHQWV7DEOH7DEOHDQG7DEOH7KHVHVDPSOHVZLOOEHXVHG
WRDVVHVVSRWHQWLDO3'UHVSRQVHWR$0*E\PHDVXULQJFKDQJHVLQOHYHOVRIWKH
HSLJHQHWLF&5&PDUNHUPHWK\ODWHG6HSWLQ
3ODVPDVDPSOHVPD\DOVREHXVHGWRH[SORUHZKHWKHUH[SUHVVLRQRUPXWDWLRQRIVSHFLILF
FRPPRQO\RFFXUULQJPXWDWLRQVIRXQGLQWXPRUVWLVVXHVDQGRWKHUJHQHVEDVHGRQ
HPHUJLQJGDWDFRUUHODWHVZLWKUHVSRQVHWR$0*
,PPXQRSKHQRW\SHDQDO\VLVZLOOEHXVHGWRDVVHVVZKROHEORRGE\IORZF\WRPHWU\IRU
ELRPDUNHUVZKLFKFRUUHODWHZLWK7FHOO3'UHVSRQVHVWR$0*DQGZKLFKPD\EH
XVHGLIFRQVHQWHGWRLGHQWLI\VXEMHFWVWKDWZLOOPRVWOLNHO\EHQHILWIURP$0*
7KHVSRQVRUPD\DVVHVVEORRGSODVPDVHUXPDQGWXPRUVSHFLPHQVIRUELRPDUNHUV
HJFLUFXODWLQJQRUPDOWXPRUFHOOVSURWHLQVDQGWUDQVFULSWVWKDWSUHGLFWUHVSRQVHWR
$0*DQGKHOSWRREWDLQHYLGHQFHIRU7FHOOHQJDJHPHQWDQGDFWLYDWLRQDVVRFLDWHG
ZLWK$0*WUHDWPHQW
6XEMHFWVPXVWKDYHDUFKLYDOWXPRUWLVVXHDYDLODEOHRUEHZLOOLQJWRXQGHUJRELRSV\RID
WXPRUOHVLRQ)RUDOOVXEMHFWVWXPRUELRSV\VSHFLPHQVIURPDUFKLYDOWLVVXHRUDFRUH
ELRSV\PD\DOVREHXVHGIRUDGGLWLRQDOWHVWLQJHJLPPXQHKLVWRFKHPLVWU\DQGWXPRU
PXWDWLRQDODQDO\VHV
7KHVHVDPSOHVZLOOEHXVHGWRKHOSLGHQWLI\JHQHVDQGRWKHUPDUNHUVWKDWPD\HQKDQFH
RXUXQGHUVWDQGLQJRIWKHFDQFHUDQGRUGHWHUPLQHKRZVXEMHFWVUHVSRQGSRVLWLYHO\RU
QHJDWLYHO\WRRQHRUPRUHRIWKHLQYHVWLJDWLRQDOSURGXFWVEHLQJLQYHVWLJDWHG
8QOHVVFRQVHQWIRURSWLRQDOSKDUPDFRJHQHWLFDQDO\VLVKDVEHHQREWDLQHGKHUHGLWDU\
HOHPHQWVZLOOQRWEHDQDO\]HG

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


5HIHUWRWKHODERUDWRU\PDQXDOIRUGHWDLOHGFROOHFWLRQDQGKDQGOLQJSURFHGXUHVIRUDOO
ELRPDUNHUGHYHORSPHQWVDPSOHV

3KDUPDFRJHQHWLF6WXGLHV
,IWKHVXEMHFWFRQVHQWVWRWKHRSWLRQDOSKDUPDFRJHQHWLFSRUWLRQRIWKLVVWXG\'1$
DQDO\VHVPD\EHSHUIRUPHG7KHVHRSWLRQDOSKDUPDFRJHQHWLFDQDO\VHVIRFXVRQ
LQKHULWHGJHQHWLFYDULDWLRQVWRHYDOXDWHWKHLUSRVVLEOHFRUUHODWLRQWRWKHGLVHDVHDQGRU
UHVSRQVLYHQHVVWRWKHWKHUDSLHVXVHGLQWKLVVWXG\7KHJRDOVRIWKHRSWLRQDOVWXGLHV
LQFOXGHWKHXVHRIJHQHWLFPDUNHUVWRKHOSLQWKHLQYHVWLJDWLRQRIVROLGWXPRUVDQGRUWR
LGHQWLI\VXEMHFWVZKRPD\KDYHSRVLWLYHRUQHJDWLYHUHVSRQVHWR$0*1R
DGGLWLRQDOVDPSOHVDUHFROOHFWHGIRUWKLVSDUWRIWKHVWXG\)RUVXEMHFWVZKRFRQVHQWWR
WKLVWKHVHDQDO\VLVDQDO\VHV'1$PD\EHH[WUDFWHG

6DPSOH6WRUDJHDQG'HVWUXFWLRQ
$Q\EORRGEORRGGHULYDWLYHRUWXPRUVDPSOHFROOHFWHGIRUELRPDUNHUDQWL$0*
DQWLERG\RU3.DQDO\VLVDFFRUGLQJWRWKH6FKHGXOHVRI$VVHVVPHQWV7DEOH7DEOH
DQG7DEOHFDQEHDQDO\]HGIRUDQ\RIWKHWHVWVRXWOLQHGLQWKHSURWRFRODQGIRUDQ\WHVW
QHFHVVDU\WRPLQLPL]HULVNVWRVWXG\VXEMHFWV7KLVLQFOXGHVWHVWLQJWRHQVXUHDQDO\WLFDO
PHWKRGVSURGXFHUHOLDEOHDQGYDOLGGDWDWKURXJKRXWWKHFRXUVHRIWKHVWXG\7KLVFDQ
DOVRLQFOXGHEXWLVQRWOLPLWHGWRLQYHVWLJDWLRQRIXQH[SHFWHGUHVXOWVLQFXUUHGVDPSOH
UHDQDO\VLVDQGDQDO\VHVIRUPHWKRGWUDQVIHUDQGFRPSDUDELOLW\
$OOVDPSOHVDQGDVVRFLDWHGUHVXOWVZLOOEHFRGHGSULRUWREHLQJVKLSSHGIURPWKHVLWHIRU
DQDO\VLVRUVWRUDJH6DPSOHVZLOOEHWUDFNHGXVLQJDXQLTXHLGHQWLILHUWKDWLVDVVLJQHGWR
WKHVDPSOHVIRUWKHVWXG\5HVXOWVDUHVWRUHGLQDVHFXUHGDWDEDVHWRHQVXUH
FRQILGHQWLDOLW\
,ILQIRUPHGFRQVHQWLVSURYLGHGE\WKHVXEMHFW$PJHQFDQGRDGGLWLRQDOWHVWLQJRQ
UHPDLQLQJVDPSOHVLHUHVLGXDODQGEDFNXSWRLQYHVWLJDWHDQGEHWWHUXQGHUVWDQGWKH
WXPRUELRORJ\DQGWKHGRVHUHVSRQVHDQGRUSUHGLFWLRQRIUHVSRQVHWR$0*DQG
FKDUDFWHUL]HDVSHFWVRIWKHPROHFXOHHJPHFKDQLVPRIDFWLRQWDUJHWPHWDEROLWHV
5HVXOWVIURPWKLVDQDO\VLVDUHWREHGRFXPHQWHGDQGPDLQWDLQHGEXWDUHQRWQHFHVVDULO\
UHSRUWHGDVSDUWRIWKLVVWXG\6DPSOHVFDQEHUHWDLQHGIRUXSWR\HDUV
6LQFHWKHHYDOXDWLRQVDUHQRWH[SHFWHGWREHQHILWWKHVXEMHFWGLUHFWO\RUWRDOWHUWKH
WUHDWPHQWFRXUVHWKHUHVXOWVRISKDUPDFRJHQHWLFELRPDUNHUGHYHORSPHQWRURWKHU
H[SORUDWRU\VWXGLHVDUHQRWSODFHGLQWKHVXEMHFW¶VPHGLFDOUHFRUGDQGDUHQRWWREH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


PDGHDYDLODEOHWRWKHVXEMHFWPHPEHUVRIWKHIDPLO\WKHSHUVRQDOSK\VLFLDQRURWKHU
WKLUGSDUWLHVH[FHSWDVVSHFLILHGLQWKHLQIRUPHGFRQVHQW
7KHVXEMHFWUHWDLQVWKHULJKWWRUHTXHVWWKDWWKHVDPSOHPDWHULDOEHGHVWUR\HGE\
FRQWDFWLQJWKHLQYHVWLJDWRU)ROORZLQJWKHUHTXHVWIURPWKHVXEMHFWWKHLQYHVWLJDWRULVWR
SURYLGHWKHVSRQVRUZLWKWKHUHTXLUHGVWXG\DQGVXEMHFWQXPEHUVRWKDWDQ\UHPDLQLQJ
VDPSOHVDQGDQ\RWKHUFRPSRQHQWVIURPWKHFHOOVFDQEHORFDWHGDQGGHVWUR\HG
6DPSOHVZLOOEHGHVWUR\HGRQFHDOOSURWRFROGHILQHGSURFHGXUHVDUHFRPSOHWHG
+RZHYHULQIRUPDWLRQFROOHFWHGIURPVDPSOHVSULRUWRWKHUHTXHVWIRUGHVWUXFWLRQZLOOEH
UHWDLQHGE\$PJHQ
7KHVSRQVRULVWKHH[FOXVLYHRZQHURIDQ\GDWDGLVFRYHULHVRUGHULYDWLYHPDWHULDOVIURP
WKHVDPSOHPDWHULDOVDQGLVUHVSRQVLEOHIRUWKHGHVWUXFWLRQRIWKHVDPSOHVDWWKH
UHTXHVWRIWKHVXEMHFWWKURXJKWKHLQYHVWLJDWRUDWWKHHQGRIWKHVWRUDJHSHULRGRUDV
DSSURSULDWHHJWKHVFLHQWLILFUDWLRQDOHIRUH[SHULPHQWDWLRQZLWKDFHUWDLQVDPSOHW\SHQR
ORQJHUMXVWLILHVNHHSLQJWKHVDPSOH,IDFRPPHUFLDOSURGXFWLVGHYHORSHGIURPWKLV
UHVHDUFKSURMHFWWKHVSRQVRURZQVWKHFRPPHUFLDOSURGXFW7KHVXEMHFWKDVQR
FRPPHUFLDOULJKWVWRVXFKSURGXFWDQGKDVQRFRPPHUFLDOULJKWVWRWKHGDWDLQIRUPDWLRQ
GLVFRYHULHVRUGHULYDWLYHPDWHULDOVJDLQHGRUSURGXFHGIURPWKHVDPSOH
6HH6HFWLRQIRUVXEMHFWFRQILGHQWLDOLW\

:,7+'5$:$/)52075($70(17352&('85(6$1'678'<

6XEMHFWV¶'HFLVLRQWR:LWKGUDZ
6XEMHFWVKDYHWKHULJKWWRZLWKGUDZIURPWKHVWXG\DWDQ\WLPHDQGIRUDQ\UHDVRQ
ZLWKRXWSUHMXGLFHWRWKHLUIXWXUHPHGLFDOFDUHE\WKHSK\VLFLDQRUDWWKHLQVWLWXWLRQ
6XEMHFWVRUDOHJDOO\DFFHSWDEOHUHSUHVHQWDWLYHFDQGHFOLQHWRFRQWLQXHUHFHLYLQJ
LQYHVWLJDWLRQDOSURGXFWDQGRURWKHUSURWRFROUHTXLUHGWKHUDSLHVRUSURFHGXUHVDWDQ\
WLPHGXULQJWKHVWXG\EXWFRQWLQXHSDUWLFLSDWLRQLQWKHVWXG\,IWKLVRFFXUVWKH
LQYHVWLJDWRULVWRGLVFXVVZLWKWKHVXEMHFWWKHDSSURSULDWHSURFHVVHVIRUGLVFRQWLQXDWLRQ
IURPLQYHVWLJDWLRQDOSURGXFWRURWKHUSURWRFROUHTXLUHGWKHUDSLHVDQGPXVWGLVFXVVZLWK
WKHVXEMHFWWKHRSWLRQVIRUFRQWLQXDWLRQRIWKH6FKHGXOHVRI$VVHVVPHQWV7DEOH
7DEOHDQG7DEOHDQGFROOHFWLRQRIGDWDLQFOXGLQJHQGSRLQWVDQGDGYHUVHHYHQWV
7KHLQYHVWLJDWRUPXVWGRFXPHQWWKHFKDQJHWRWKH6FKHGXOHVRI$VVHVVPHQWVDQGWKH
OHYHORIIROORZXSWKDWLVDJUHHGWRE\WKHVXEMHFWHJLQSHUVRQE\WHOHSKRQHPDLO
WKURXJKIDPLO\IULHQGVLQFRUUHVSRQGHQFHFRPPXQLFDWLRQZLWKRWKHUSK\VLFLDQVIURP
UHYLHZRIWKHPHGLFDOUHFRUGV

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


:LWKGUDZDORIFRQVHQWIRUDVWXG\PHDQVWKDWWKHVXEMHFWGRHVQRWZLVKWRUHFHLYH
IXUWKHUSURWRFROUHTXLUHGWKHUDSLHVRUSURFHGXUHVDQGWKHVXEMHFWGRHVQRWZLVKWRRULV
XQDEOHWRFRQWLQXHIXUWKHUVWXG\SDUWLFLSDWLRQ6XEMHFWGDWDXSWRZLWKGUDZDORIFRQVHQW
ZLOOEHLQFOXGHGLQWKHDQDO\VLVRIWKHVWXG\DQGZKHUHSHUPLWWHGSXEOLFDOO\DYDLODEOH
GDWDFDQEHLQFOXGHGDIWHUZLWKGUDZDORIFRQVHQW7KHLQYHVWLJDWRULVWRGLVFXVVZLWKWKH
VXEMHFWDSSURSULDWHSURFHGXUHVIRUZLWKGUDZDOIURPWKHVWXG\

,QYHVWLJDWRURU6SRQVRU'HFLVLRQWR:LWKGUDZRU7HUPLQDWH
6XEMHFWV¶3DUWLFLSDWLRQ3ULRUWR6WXG\&RPSOHWLRQ
7KHLQYHVWLJDWRUDQGRUVSRQVRUFDQGHFLGHWRZLWKGUDZDVXEMHFWVIURPLQYHVWLJDWLRQDO
SURGXFWDQGRURWKHUSURWRFROUHTXLUHGWKHUDSLHVSURWRFROSURFHGXUHVRUWKHVWXG\DVD
ZKROHDWDQ\WLPHSULRUWRVWXG\FRPSOHWLRQ
6XEMHFWVPD\EHHOLJLEOHIRUFRQWLQXHGWUHDWPHQWZLWK$PJHQLQYHVWLJDWLRQDOSURGXFW
DQGRURWKHUSURWRFROUHTXLUHGWKHUDSLHVE\DVHSDUDWHSURWRFRORUDVSURYLGHGIRUE\WKH
ORFDOFRXQWU\¶VUHJXODWRU\PHFKDQLVPEDVHGRQSDUDPHWHUVFRQVLVWHQWZLWK
6HFWLRQ
6XEMHFWGDWDDQGWKHUHDVRQVIRU
WHUPLQDWLRQRUZLWKGUDZDOIURPWKHVWXG\PXVWEHGRFXPHQWHGIRUWKHILQDOVWXG\&65
DQGLWPD\EHXVHGIRUWKHDQDO\VLVRIWKHVWXG\


5HDVRQVIRU5HPRYDO)URP7UHDWPHQWRU6WXG\

5HDVRQVIRU5HPRYDO)URP7UHDWPHQW
5HDVRQVIRUUHPRYDOIURPSURWRFROUHTXLUHGLQYHVWLJDWLRQDOSURGXFWVRUSURFHGXUDO
DVVHVVPHQWVLQFOXGHDQ\RIWKHIROORZLQJ
x
6XEMHFWUHTXHVW
x
6DIHW\FRQFHUQHJGXHWRDQDGYHUVHHYHQWQRQFRPSOLDQFHUHTXLUHPHQWIRU
DOWHUQDWLYHWKHUDS\SURWRFROUHTXLUHGWKHUDSLHVRUSUHJQDQF\
x
'HDWK
x
/RVWWRIROORZXS
x
'HFLVLRQE\VSRQVRURWKHUWKDQVXEMHFWUHTXHVWVDIHW\FRQFHUQRUORVWWRIROORZXS
x
&RQILUPHGGLVHDVHSURJUHVVLRQDVGHILQHGE\PRGLILHGLU5&$SSHQGL['RUGLVHDVH
SURJUHVVLRQDFFRPSDQLHGE\ZRUVHQLQJRIV\PSWRPVRUGHWHULRUDWLRQRIWKHVXEMHFW¶V
JHQHUDOFRQGLWLRQ

5HDVRQVIRU5HPRYDO)URP6WXG\
5HDVRQVIRUUHPRYDORIDVXEMHFWIURPWKHVWXG\DUH
x
'HFLVLRQE\VSRQVRU
x
:LWKGUDZDORIFRQVHQWIURPVWXG\

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


x
'HDWK
x
/RVWWRIROORZXS

6$)(7<'$7$&2//(&7,215(&25',1*$1'5(3257,1*

$GYHUVH(YHQWV

'HILQLWLRQRI$GYHUVH(YHQWV
$QDGYHUVHHYHQWLVGHILQHGDVDQ\XQWRZDUGPHGLFDORFFXUUHQFHLQDFOLQLFDOWULDO
VXEMHFW7KHHYHQWGRHVQRWQHFHVVDULO\KDYHDFDXVDOUHODWLRQVKLSZLWKVWXG\WUHDWPHQW
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWDQ\DGYHUVHHYHQWVREVHUYHGE\WKH
LQYHVWLJDWRURUUHSRUWHGE\WKHVXEMHFWDUHUHFRUGHGLQWKHVXEMHFW¶VPHGLFDOUHFRUG
7KHGHILQLWLRQRIDGYHUVHHYHQWVLQFOXGHVZRUVHQLQJRIDSUHH[LVWLQJPHGLFDOFRQGLWLRQ
:RUVHQLQJLQGLFDWHVWKDWWKHSUHH[LVWLQJPHGLFDOFRQGLWLRQHJGLDEHWHVPLJUDLQH
KHDGDFKHVRUJRXWKDVLQFUHDVHGLQVHYHULW\IUHTXHQF\DQGRUGXUDWLRQDQGRUKDVDQ
DVVRFLDWLRQZLWKDVLJQLILFDQWO\ZRUVHRXWFRPH$SUHH[LVWLQJFRQGLWLRQWKDWKDVQRW
ZRUVHQHGGXULQJWKHVWXG\RULQYROYHVDQLQWHUYHQWLRQVXFKDVHOHFWLYHFRVPHWLFVXUJHU\
RUDPHGLFDOSURFHGXUHZKLOHRQVWXG\LVQRWFRQVLGHUHGDQDGYHUVHHYHQW
'LVHDVHSURJUHVVLRQLWVHOILVQRWFRQVLGHUHGDQDGYHUVHHYHQWKRZHYHUVLJQVDQG
V\PSWRPVRIGLVHDVHSURJUHVVLRQVKRXOGEHUHFRUGHGDVDGYHUVHHYHQWVRUVHULRXV
DGYHUVHHYHQWV'HDWKVGXHWRSURJUHVVLYHGLVHDVHGXULQJWUHDWPHQWXQWLOWKH6DIHW\
)ROORZXS9LVLWRUGD\VDIWHUWKHSURWRFROVSHFLILHGWKHUDS\ZKLFKHYHULVODWHUVKRXOG
EHUHFRUGHGDVGXHWRWKHSULPDU\WXPRUHJPHWDVWDWLFSDQFUHDWLFFDQFHU,IDQHZ
SULPDU\PDOLJQDQF\DSSHDUVLWZLOOEHFRQVLGHUHGDQDGYHUVHHYHQW
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUUHYLHZLQJODERUDWRU\WHVWUHVXOWVDQGGHWHUPLQLQJ
ZKHWKHUDQDEQRUPDOYDOXHLQDQLQGLYLGXDOVWXG\VXEMHFWUHSUHVHQWVDFOLQLFDOO\
VLJQLILFDQWFKDQJHIURPWKHVXEMHFW¶VEDVHOLQHYDOXHV,QJHQHUDODEQRUPDOODERUDWRU\
ILQGLQJVZLWKRXWFOLQLFDOVLJQLILFDQFHEDVHGRQWKHLQYHVWLJDWRU
VMXGJPHQWDUHQRWWREH
UHFRUGHGDVDGYHUVHHYHQWV+RZHYHUODERUDWRU\YDOXHFKDQJHVWKDWUHTXLUHWUHDWPHQW
RUDGMXVWPHQWLQFXUUHQWWKHUDS\DUHFRQVLGHUHGDGYHUVHHYHQWV:KHUHDSSOLFDEOH
FOLQLFDOVHTXHODHQRWWKHODERUDWRU\DEQRUPDOLW\DUHWREHUHFRUGHGDVWKHDGYHUVH
HYHQW
$QDGYHUVHGHYLFHHIIHFWLVDQ\DGYHUVHHYHQWUHODWHGWRWKHXVHRIDPHGLFDOGHYLFH
$GYHUVHGHYLFHHIIHFWVLQFOXGHDGYHUVHHYHQWVUHVXOWLQJIURPLQVXIILFLHQWRULQDGHTXDWH
LQVWUXFWLRQVIRUXVHDGYHUVHHYHQWVUHVXOWLQJIURPDQ\PDOIXQFWLRQRIWKHGHYLFHRU
DGYHUVHHYHQWVUHVXOWLQJIURPXVHHUURURUIURPLQWHQWLRQDOPLVXVHRIWKHGHYLFH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


7KHLQYHVWLJDWRU¶VFOLQLFDOMXGJPHQWLVXVHGWRGHWHUPLQHZKHWKHUDVXEMHFWLVWREH
UHPRYHGIURPWUHDWPHQWGXHWRDQDGYHUVHHYHQW,QWKHHYHQWDVXEMHFWRUVXEMHFW¶V
OHJDOO\DFFHSWDEOHUHSUHVHQWDWLYHUHTXHVWVWRZLWKGUDZIURPSURWRFROUHTXLUHGWKHUDSLHV
RUWKHVWXG\GXHWRDQDGYHUVHHYHQWUHIHUWR6HFWLRQIRUDGGLWLRQDOLQVWUXFWLRQVRQ
WKHSURFHGXUHVUHFRPPHQGHGIRUVDIHZLWKGUDZDOIURPSURWRFROUHTXLUHGWKHUDSLHVRU
WKHVWXG\

'HILQLWLRQRI6HULRXV$GYHUVH(YHQWV
$VHULRXVDGYHUVHHYHQWLVGHILQHGDVDQDGYHUVHHYHQWWKDWPHHWVDWOHDVWRIWKH
IROORZLQJVHULRXVFULWHULD
x
)DWDO
x
/LIHWKUHDWHQLQJSODFHVWKHVXEMHFWDWLPPHGLDWHULVNRIGHDWK
x
5HTXLUHVLQSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ
x
5HVXOWVLQSHUVLVWHQWRUVLJQLILFDQWGLVDELOLW\LQFDSDFLW\
x
&RQJHQLWDODQRPDO\ELUWKGHIHFW
x
2WKHUPHGLFDOO\LPSRUWDQWVHULRXVHYHQW
$QDGYHUVHHYHQWZRXOGPHHWWKHFULWHULRQRI³UHTXLUHVKRVSLWDOL]DWLRQ´LIWKHHYHQW
QHFHVVLWDWHGDQDGPLVVLRQWRDKHDOWKFDUHIDFLOLW\HJRYHUQLJKWVWD\
,IDQLQYHVWLJDWRUFRQVLGHUVDQHYHQWWREHFOLQLFDOO\LPSRUWDQWEXWLWGRHVQRWPHHWDQ\
RIWKHVHULRXVFULWHULDWKHHYHQWFRXOGEHFODVVLILHGDVDVHULRXVDGYHUVHHYHQWXQGHUWKH
FULWHULRQRI³RWKHUPHGLFDOO\LPSRUWDQWVHULRXVHYHQW´([DPSOHVRIVXFKHYHQWVFRXOG
LQFOXGHDOOHUJLFEURQFKRVSDVPFRQYXOVLRQVEORRGG\VFUDVLDV',/,VHH$SSHQGL[$IRU
',/,UHSRUWLQJFULWHULDRUHYHQWVWKDWQHFHVVLWDWHDQHPHUJHQF\URRPYLVLWRXWSDWLHQW
VXUJHU\RUXUJHQWLQWHUYHQWLRQ

5HSRUWLQJRI$GYHUVH(YHQWV

5HSRUWLQJ3URFHGXUHVIRU$GYHUVH(YHQWV7KDWGRQRW0HHW6HULRXV
&ULWHULD
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWDOODGYHUVHHYHQWVREVHUYHGE\WKH
LQYHVWLJDWRURUUHSRUWHGE\WKHVXEMHFWWKDWRFFXUDIWHUWKHILUVWGRVHRILQYHVWLJDWLRQDO
SURGXFWWKURXJKWKH(26DUHUHSRUWHGXVLQJWKHDSSOLFDEOHH&5)HJ$GYHUVH(YHQW
6XPPDU\
7KHLQYHVWLJDWRUPXVWDVVLJQWKHIROORZLQJDGYHUVHHYHQWDWWULEXWHV
x
$GYHUVHHYHQWGLDJQRVLVRUV\QGURPHVLINQRZQLIQRWNQRZQVLJQVRUV\PSWRPV
x
'DWHVRIRQVHWDQGUHVROXWLRQLIUHVROYHG

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


x
6HYHULW\DQGRUWR[LFLW\SHUSURWRFRO
x
$VVHVVPHQWRIUHODWHGQHVVWRLQYHVWLJDWLRQDOSURGXFWPHGLFDOGHYLFHVRURWKHU
SURWRFROUHTXLUHGWKHUDS\DQG
x
$FWLRQWDNHQ
,IWKHVHYHULW\RIDQDGYHUVHHYHQWFKDQJHVIURPWKHGDWHRIRQVHWWRWKHGDWHRI
UHVROXWLRQUHFRUGDVDVLQJOHHYHQWZLWKWKHZRUVWVHYHULW\RQWKH$GYHUVH(YHQW
6XPPDU\H&5)
7KHDGYHUVHHYHQWJUDGLQJVFDOHXVHGZLOOEHWKH&7&$(YHUVLRQ7KHJUDGLQJ
VFDOHXVHGLQWKLVVWXG\LVGHVFULEHGLQ$SSHQGL[$7KHLQYHVWLJDWRUPXVWDVVHVV
ZKHWKHUWKHDGYHUVHHYHQWLVSRVVLEO\UHODWHGWRWKHLQYHVWLJDWLRQDOSURGXFWPHGLFDO
GHYLFHVDQGRURWKHUSURWRFROUHTXLUHGWKHUDSLHV7KLVUHODWLRQVKLSLVLQGLFDWHGE\D
³\HV´RU³QR´UHVSRQVHWRWKHTXHVWLRQ,VWKHUHDUHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQW
PD\KDYHEHHQFDXVHGE\WKHLQYHVWLJDWLRQDOSURGXFWPHGLFDOGHYLFHVDQGRURWKHU
SURWRFROUHTXLUHGWKHUDSLHV"
7KHLQYHVWLJDWRUPXVWDVVHVVZKHWKHUWKHDGYHUVHHYHQWLVSRVVLEO\UHODWHGWRDQ\VWXG\
PDQGDWHGDFWLYLW\HJDGPLQLVWUDWLRQRILQYHVWLJDWLRQDOSURGXFWSURWRFROUHTXLUHG
WKHUDSLHVGHYLFHVDQGRUSURFHGXUHLQFOXGLQJDQ\VFUHHQLQJSURFHGXUH>V@7KLV
UHODWLRQVKLSLVLQGLFDWHGE\D³\HV´RU³QR´UHVSRQVHWRWKHTXHVWLRQ,VWKHUHD
UHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYHEHHQFDXVHGE\DVWXG\DFWLYLW\
HJDGPLQLVWUDWLRQRILQYHVWLJDWLRQDOSURGXFW"
7KHLQYHVWLJDWRULVH[SHFWHGWRIROORZUHSRUWHGDGYHUVHHYHQWVXQWLOVWDELOL]DWLRQRU
UHYHUVLELOLW\

5HSRUWLQJ3URFHGXUHVIRU6HULRXV$GYHUVH(YHQWV
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWDOOVHULRXVDGYHUVHHYHQWVREVHUYHGE\
WKHLQYHVWLJDWRURUUHSRUWHGE\WKHVXEMHFWWKDWRFFXUDIWHUVLJQLQJRIWKHLQIRUPHG
FRQVHQWWKURXJKGD\VDIWHUWKHODVWGRVHRILQYHVWLJDWLRQDOSURGXFWRUWKH(26YLVLW
ZKLFKHYHULVODWHUDUHUHFRUGHGLQWKHVXEMHFW¶VPHGLFDOUHFRUGDQGDUHVXEPLWWHGWR
$PJHQ$OOVHULRXVDGYHUVHHYHQWVPXVWEHVXEPLWWHGWR$PJHQZLWKLQKRXUV
IROORZLQJWKHLQYHVWLJDWRU¶VNQRZOHGJHRIWKHHYHQWYLDWKHDSSOLFDEOHH&5)
$IWHUWKHSURWRFROUHTXLUHGUHSRUWLQJSHULRGGHILQHGDERYHWKHLQYHVWLJDWRUGRHVQRW
QHHGWRDFWLYHO\PRQLWRUVXEMHFWVIRUVHULRXVDGYHUVHHYHQWV+RZHYHULIWKH
LQYHVWLJDWRUEHFRPHVDZDUHRIDVHULRXVDGYHUVHHYHQWDIWHUWKLVSURWRFROUHTXLUHG
UHSRUWLQJSHULRGWKHLQYHVWLJDWRUZLOOUHSRUWWKHHYHQWWR$PJHQZLWKLQKRXUVRIWKH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


LQYHVWLJDWRU¶VNQRZOHGJHRIWKHHYHQW6HULRXVDGYHUVHHYHQWVUHSRUWHGRXWVLGHRIWKH
SURWRFROUHTXLUHGUHSRUWLQJSHULRGZLOOEHFDSWXUHGZLWKLQWKHVDIHW\GDWDEDVHDVFOLQLFDO
WULDOFDVHVIRUWKHSXUSRVHVRIH[SHGLWHGUHSRUWLQJ
7KHVHULRXVDGYHUVHHYHQWPXVWEHVXEPLWWHGWR$PJHQZLWKLQKRXUVIROORZLQJWKH
LQYHVWLJDWRU¶VNQRZOHGJHRIWKHHYHQWYLDWKHDSSOLFDEOH&5),IWKHHOHFWURQLFGDWD
FDSWXUH('&V\VWHPLVXQDYDLODEOHWRWKHVLWHVWDIIWRUHSRUWWKHVHULRXVDGYHUVHHYHQW
WKHLQIRUPDWLRQLVWREHUHSRUWHGWR$PJHQYLDDQHOHFWURQLF6HULRXV$GYHUVH(YHQW
H6$(&RQWLQJHQF\5HSRUW)RUPZLWKLQKRXUVRIWKHLQYHVWLJDWRU¶VNQRZOHGJHRIWKH
HYHQW6HH$SSHQGL[%IRUDVDPSOHRIWKHH6$(&RQWLQJHQF\5HSRUWLQJ)RUP)RU
('&VWXGLHVZKHUHWKHILUVWQRWLILFDWLRQRID6HULRXV$GYHUVH(YHQWLVUHSRUWHGWR$PJHQ
YLDWKHH6$(&RQWLQJHQF\5HSRUW)RUPWKHGDWDPXVWEHHQWHUHGLQWRWKH('&V\VWHP
ZKHQWKHV\VWHPLVDJDLQDYDLODEOH
7KHLQYHVWLJDWRUPXVWDVVHVVZKHWKHUWKHVHULRXVDGYHUVHHYHQWLVSRVVLEO\UHODWHGWR
WKHLQYHVWLJDWLRQDOSURGXFW7KLVUHODWLRQVKLSLVLQGLFDWHGE\D³\HV´RU³QR´UHVSRQVHWR
WKHTXHVWLRQ,VWKHUHDUHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYHEHHQFDXVHGE\
WKHLQYHVWLJDWLRQDOSURGXFW"
7KHLQYHVWLJDWRUPXVWDVVHVVZKHWKHUWKHVHULRXVDGYHUVHHYHQWLVSRVVLEO\UHODWHGWR
DQ\VWXG\PDQGDWHGDFWLYLW\RUSURFHGXUH7KLVUHODWLRQVKLSLVLQGLFDWHGE\D³\HV´RU
³QR´UHVSRQVHWRWKHTXHVWLRQ,VWKHUHDUHDVRQDEOHSRVVLELOLW\WKDWWKHHYHQWPD\KDYH
EHHQFDXVHGE\DVWXG\DFWLYLW\SURFHGXUH"
7KHLQYHVWLJDWRULVH[SHFWHGWRIROORZUHSRUWHGVHULRXVDGYHUVHHYHQWVXQWLOVWDELOL]DWLRQ
RUUHYHUVLELOLW\
1HZLQIRUPDWLRQUHODWLQJWRDSUHYLRXVO\UHSRUWHGVHULRXVDGYHUVHHYHQWPXVWEH
VXEPLWWHGWR$PJHQ$OOQHZLQIRUPDWLRQIRUVHULRXVDGYHUVHHYHQWVPXVWEHVHQWWR
$PJHQZLWKLQKRXUVIROORZLQJNQRZOHGJHRIWKHQHZLQIRUPDWLRQ7KHLQYHVWLJDWRU
PD\EHDVNHGWRSURYLGHDGGLWLRQDOIROORZXSLQIRUPDWLRQZKLFKPD\LQFOXGHDGLVFKDUJH
VXPPDU\RUH[WUDFWVIURPWKHPHGLFDOUHFRUG,QIRUPDWLRQSURYLGHGDERXWWKHVHULRXV
DGYHUVHHYHQWPXVWEHFRQVLVWHQWZLWKWKDWUHFRUGHGRQWKHDSSOLFDEOHH&5)
HJ$GYHUVH(YHQW6XPPDU\H&5)
,IDVXEMHFWLVSHUPDQHQWO\ZLWKGUDZQIURPSURWRFROUHTXLUHGWKHUDSLHVEHFDXVHRID
VHULRXVDGYHUVHHYHQWWKLVLQIRUPDWLRQPXVWEHVXEPLWWHGWR$PJHQ
$PJHQZLOOUHSRUWVHULRXVDGYHUVHHYHQWVDQGRUVXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVH
UHDFWLRQVDVUHTXLUHGWRUHJXODWRU\DXWKRULWLHVLQYHVWLJDWRUVLQVWLWXWLRQVDQG,5%V,(&V

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


LQFRPSOLDQFHZLWKDOOUHSRUWLQJUHTXLUHPHQWVDFFRUGLQJWRORFDOUHJXODWLRQVDQGJRRG
FOLQLFDOSUDFWLFH*&3
7KHLQYHVWLJDWRULVWRQRWLI\WKHDSSURSULDWH,5%,(&RIVHULRXVDGYHUVHHYHQWVRFFXUULQJ
DWWKHVLWHDQGRWKHUDGYHUVHHYHQWUHSRUWVUHFHLYHGIURP$PJHQLQDFFRUGDQFHZLWK
ORFDOSURFHGXUHVDQGVWDWXWHV

3UHJQDQF\DQG/DFWDWLRQ5HSRUWLQJ
,IDSUHJQDQF\RFFXUVLQDIHPDOHVXEMHFWRUIHPDOHSDUWQHURIDPDOHVXEMHFWZKLOHWKH
VXEMHFWLVWDNLQJSURWRFROUHTXLUHGWKHUDSLHVUHSRUWWKHSUHJQDQF\WR$PJHQDVVSHFLILHG
EHORZ
,QDGGLWLRQWRUHSRUWLQJDQ\SUHJQDQFLHVRFFXUULQJGXULQJWKHVWXG\LQYHVWLJDWRUVVKRXOG
PRQLWRUIRUSUHJQDQFLHVWKDWRFFXUWKURXJKGD\VDIWHUWKHODVWGRVHRI
SURWRFROUHTXLUHGWKHUDSLHV
7KHSUHJQDQF\VKRXOGEHUHSRUWHGWR$PJHQ*OREDO3DWLHQW6DIHW\ZLWKLQKRXUVRI
WKHLQYHVWLJDWRU¶VNQRZOHGJHRIWKHHYHQWRIDSUHJQDQF\5HSRUWDSUHJQDQF\RQWKH
3UHJQDQF\1RWLILFDWLRQ:RUNVKHHW$SSHQGL[&
,IDODFWDWLRQFDVHRFFXUVZKLOHWKHIHPDOHVXEMHFWLVWDNLQJSURWRFROUHTXLUHGWKHUDSLHV
UHSRUWWKHODFWDWLRQFDVHWR$PJHQDVVSHFLILHGEHORZ
,QDGGLWLRQWRUHSRUWLQJDODFWDWLRQFDVHGXULQJWKHVWXG\LQYHVWLJDWRUVVKRXOGPRQLWRUIRU
ODFWDWLRQFDVHVWKDWRFFXUWKURXJKGD\VDIWHUWKHODVWGRVHRISURWRFROUHTXLUHG
WKHUDSLHV
$Q\ODFWDWLRQFDVHVKRXOGEHUHSRUWHGWR$PJHQ*OREDO3DWLHQW6DIHW\ZLWKLQKRXUV
RIWKH,QYHVWLJDWRU¶VNQRZOHGJHRIHYHQW5HSRUWDODFWDWLRQFDVHRQWKH/DFWDWLRQ
1RWLILFDWLRQ:RUNVKHHW$SSHQGL[&

67$7,67,&$/&216,'(5$7,216

6WXG\(QGSRLQWV$QDO\VLV6HWVDQG&RYDULDWHV

6WXG\(QGSRLQWV
3ULPDU\(QGSRLQWV
x
6DIHW\VXEMHFWLQFLGHQFHRI7($(V'/7VDQGFOLQLFDOO\VLJQLILFDQWFKDQJHVLQYLWDO
VLJQV(&*VSK\VLFDOH[DPLQDWLRQILQGLQJVDQGFOLQLFDOODERUDWRU\WHVWV
6HFRQGDU\(QGSRLQWV
x
3.RI$0*DIWHUFRQWLQXRXVLQWUDYHQRXVF,9LQIXVLRQDFURVVF\FOHV
x
,QFLGHQFHRIDQWL$0*DQWLERG\IRUPDWLRQ
x
7LPHWRSURJUHVVLRQ773

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


x
PRQWKSURJUHVVLRQIUHHUDWH
x
(IILFDF\SDUDPHWHUVRYHUDOOUHVSRQVHUDWH255SHUPRGLILHGLU5&GXUDWLRQRI
UHVSRQVHWLPHWRUHVSRQVH
([SORUDWRU\(QGSRLQWV
x
&KDQJHVLQPHWK\ODWLRQDQGPXWDWLRQVLQFLUFXODWLQJIUHH'1$SUHVHQWLQSODVPD
x
/\PSKRF\WHFRXQWV7FHOODFWLYDWLRQDQGLPPXQHFKHFNSRLQWUHJXODWRUVWDWXV
x
&KDQJHVLQVHUXPF\WRNLQHOHYHOV
x
%LRPDUNHUVDQGPXWDWLRQVLQWXPRUFHOOV
x
&KDQJHVLQFLUFXODWLQJWXPRUFHOOV&7&V
x
6ROXEOH&($VHUXPOHYHOV

$QDO\VLV6HWV
7KHDQDO\VLVRIDOOHQGSRLQWVXQOHVVQRWHGRWKHUZLVHZLOOEHFRQGXFWHGRQWKH6DIHW\
$QDO\VLV6HWGHILQHGDVDOOVXEMHFWVWKDWDUHHQUROOHGDQGUHFHLYHDWOHDVWGRVHRI
$0*
7KHDQDO\VLVRI'/7ZLOOEHUHVWULFWHGWR'/7HYDOXDEOHVXEMHFWV7KH'/7ZLQGRZLV
GD\VIRUDOOFRKRUWVDQGLVLQGHSHQGHQWRIWKHOHQJWKRIWKHLQIXVLRQ$VXEMHFWLVQRW
'/7HYDOXDEOHLIKHVKHGURSVRXWEHIRUHFRPSOHWLRQRIF\FOHIRUUHDVRQVRWKHUWKDQDQ
DGYHUVHHYHQWUHODWHGWRWKHLQYHVWLJDWLRQDOSURGXFW,QHOLJLEOHVXEMHFWVPD\EH
UHSODFHG
7KH3.$QDO\VLV6HWZLOOFRQWDLQDOOVXEMHFWVZKRKDYHUHFHLYHGDWOHDVWGRVHRIWKH
LQYHVWLJDWLRQDOSURGXFWDQGKDYHDWOHDVW3.VDPSOHFROOHFWHG7KHVHVXEMHFWVZLOOEH
HYDOXDWHGIRU3.DQDO\VLVXQOHVVWKHQXPEHURIGDWDSRLQWVUHTXLUHGIRUDQDO\VLVLVQRW
HQRXJKRUVLJQLILFDQWSURWRFROGHYLDWLRQVKDYHDIIHFWHGWKHGDWDRULINH\GRVLQJRU
VDPSOLQJLQIRUPDWLRQLVPLVVLQJ

&RYDULDWHVDQG6XEJURXSV
7KHUHODWLRQVKLSRIWKHIROORZLQJFRYDULDWHVWRHIILFDF\HQGSRLQWVZLOOEHH[SORUHGLI
DSSURSULDWH
x
&KDQJHVLQPHWK\ODWLRQDQGPXWDWLRQVLQFLUFXODWLQJIUHH'1$SUHVHQWLQSODVPD
x
/\PSKRF\WHFRXQWV7FHOODFWLYDWLRQDQGLPPXQHFKHFNSRLQWUHJXODWRUVWDWXV
x
6HUXPF\WRNLQHOHYHOV
x
%LRPDUNHUVDQGPXWDWLRQVLQWXPRUFHOOV
x
&KDQJHLQ&7&V
x
V&($OHYHOV

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



6DPSOH6L]H&RQVLGHUDWLRQV
,WLVDQWLFLSDWHGWKDWDSSUR[LPDWHO\VXEMHFWVZLOOEHHQUROOHGLQWKLVVWXG\
$SSUR[LPDWHO\VXEMHFWVZLOOEHHQUROOHGLQWKHGRVHHVFDODWLRQFRKRUWVDQG
DSSUR[LPDWHO\VXEMHFWVZLOOEHHQUROOHGLQWKHGRVHH[SDQVLRQFRKRUWV
7KHVDPSOHVL]HLQGRVHHVFDODWLRQFRKRUWLVGHWHUPLQHGHPSLULFDOO\DQGLVFRQVLVWHQW
ZLWKWKLVW\SHRIVWXG\XVLQJDPRGLILHG73,%D\HVLDQPRGHOGHVLJQ%DLOH\HWDO
1HXHQVFKZDQGHUHWDO
5HIHUWR$SSHQGL[(IRUGHWDLOVRIWKHPRGLILHG73,%D\HVLDQPRGHOWKHDYHUDJHVDPSOH
VL]HDQGRWKHUGHVLJQRSHUDWLQJFKDUDFWHULVWLFV
,QWKHGRVHHVFDODWLRQFRKRUWVZLWK'/7HYDOXDEOHVXEMHFWVSHUGRVHOHYHOWKHUHLVD
WRSUREDELOLW\RIREVHUYLQJDWOHDVW'/7LIWKHWUXH'/7UDWHLVWR
,QWKHGRVHH[SDQVLRQFRKRUWVZLWKVXEMHFWVWKHUHLVDSUREDELOLW\RIREVHUYLQJ
DWOHDVWRQHDGYHUVHHYHQWZLWKLQFLGHQFHUDWH,QWKHGRVHH[SDQVLRQFRKRUWVDQ
H[DFWELQRPLDOFRQILGHQFHLQWHUYDO&,ZLOOEHSURYLGHGIRUWKH255:LWK
VXEMHFWVDQG255WKHH[SHFWHG&,DQGLWVKDOIZLGWKZRXOGEHWR
DQGUHVSHFWLYHO\

3ODQQHG$QDO\VHV
7KHIROORZLQJGDWDDQDO\VHVDUHSODQQHGGRVHGHFLVLRQDQDO\VHVLQWKH
GRVHHVFDODWLRQFRKRUWVDIWHUHYHU\WR'/7HYDOXDEOHVXEMHFWVDVDIHW\UHYLHZRI
GRVHHVFDODWLRQDIWHUDOOVXEMHFWVLQGRVHHVFDODWLRQKDYHKDGWKHRSSRUWXQLW\WR
FRPSOHWHPRQWKVRIWUHDWPHQWWKHSULPDU\DQDO\VLVDIWHUDOOGRVHHVFDODWLRQDQG
GRVHH[SDQVLRQVXEMHFWVKDYHFRPSOHWHGPRQWKVRIWUHDWPHQWDQGWKHILQDO
DQDO\VLVDIWHUDOOVXEMHFWVKDYHHQGHGWKHVWXG\

,QWHULP$QDO\VHV
7KH'/57VHH6HFWLRQLVUHVSRQVLEOHIRUDOOGRVHOHYHOGHFLVLRQVGXULQJGRVH
HVFDODWLRQ'RVHGHFLVLRQVDUHSODQQHGDIWHUHYHU\WRVXEMHFWVDUHHQUROOHG
WKURXJKRXWWKHGRVHHVFDODWLRQFRKRUWV7KH'/57FRQVLGHUVWKHUHFRPPHQGDWLRQIRU
VXEVHTXHQWGRVHVEDVHGRQWKHIROORZLQJUXOHV
x
%DVHGRQWKHPRGLILHG73,%D\HVLDQPRGHOWKHQH[WGRVHLVWKHRQHZLWKWKHKLJKHVW
SUREDELOLW\RIWKHWDUJHW73,EXWZLWKDOHVVWKDQSUREDELOLW\RIDQ
H[FHVVLYHRUXQDFFHSWDEOH73,
x
,IVXEMHFWKDVD'/7DWDGRVHOHYHOWKHQGRVHHVFDODWLRQFDQQRWRFFXUXQOHVV
WKHUHDUHRUPRUH'/7HYDOXDEOHVXEMHFWVDWWKDWGRVHOHYHO+RZHYHULID
WUDQVLHQWF\WRNLQHUHOHDVHV\QGURPHLVUHSRUWHGDVWKH'/7EXWUHVROYHVZLWKLQ

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


KRXUVDQGFDQEHPDQDJHGZLWKSURSK\ODFWLFFRUWLFRVWHURLGVWKH'/57PD\
GHFLGHWRHVFDODWHWKHGRVHZLWKWKHLQVWLWXWLRQRISURSK\ODFWLFFRUWLFRVWHURLG
DGPLQLVWUDWLRQ
x
7KHPD[LPXPDOORZHGGRVHLQFUHDVHZLOOEHGRVHOHYHODERYHWKHPD[LPXPRI
SUHYLRXVHYDOXDWHGGRVHV
x
'RVHHVFDODWLRQFDQEHDFKLHYHGE\HYDOXDWLQJDKLJKHUGRVHOHYHOZLWKWKHVDPH
LQIXVLRQGXUDWLRQHJJGD\IRUGD\VWRJGD\IRUGD\VRUE\
HYDOXDWLQJWKHVDPHGRVHOHYHOZLWKDSURORQJHGLQIXVLRQGXUDWLRQHJIURP
JGD\IRUGD\VWRJGD\IRUGD\V7KH'/57PD\DOVRGHFLGHWR
H[SORUHLQSDUDOOHOERWKRSWLRQVPHQWLRQHGDERYHDIWHUWKHGRVHHVFDODWLRQGHFLVLRQ
LVPDGHRUWRSULRULWL]HRQHVFKHGXOH,QWKLVFDVH73,PRGHOVPD\EHUXQLQ
SDUDOOHOWRREWDLQGRVHUHFRPPHQGDWLRQVIRUWKHVHVFKHGXOHVVHSDUDWHO\
x
,QWHUPHGLDWHGRVHOHYHOVQRWSUHVSHFLILHGPD\EHFRQVLGHUHGEDVHGRQWKHRSWLPDO
GRVHUHFRPPHQGHGE\WKH73,PRGHO
7KH'/57LVUHVSRQVLEOHIRUPDNLQJWKHGHFLVLRQWRHQGGRVHHVFDODWLRQ*HQHUDOO\WKH
'/57PD\FRQVLGHUWKHGRVHHVFDODWLRQFRPSOHWHLIRIWKHIROORZLQJUXOHVLVPHW
x
7KHKLJKHVWSODQQHGGRVHOHYHOLVHYDOXDWHGDQGQR'/7VRFFXUDWDQ\GRVHOHYHO,Q
WKLVFDVHWKHPD[LPXPDGPLQLVWHUHGGRVHZLOOEHXVHGLQDGRVHH[SDQVLRQFRKRUW
x
7KH73,%D\HVLDQPRGHOUHFRPPHQGVWKHVDPHGRVHWLPHVQRWQHFHVVDULO\
VHTXHQWLDOO\
x
$WRWDORIDSSUR[LPDWHO\'/7HYDOXDEOHVXEMHFWVKDYHEHHQHQUROOHG
7KH$PJHQ0HGLFDO0RQLWRUDQG$PJHQ*OREDO6DIHW\2IILFHUFDQPDNHGRVHGHFLVLRQV
ZLWKRXWFRQYHQLQJWKH'5/7LQWKHIROORZLQJOLPLWHGFLUFXPVWDQFHV
x
,IDFRKRUWKDVDWOHDVW'/7HYDOXDEOHVXEMHFWVDQGVXEMHFWH[SHULHQFHVD'/7
WKHQWKH$PJHQ0HGLFDO0RQLWRUDQG$PJHQ*OREDO6DIHW\2IILFHUPD\GHFLGHWR
H[SDQGWKHQXPEHURIVXEMHFWVWUHDWHGLQWKLVFRKRUW
x
7KH$PJHQ0HGLFDO0RQLWRURU('/DQG$PJHQ*OREDO6DIHW\2IILFHUPD\GHFLGH
WRRSHQWKHQH[WFRKRUWXVLQJDGHHVFDODWHGGRVHGHHVFDODWHGIURPWKHGRVHOHYHO
RIWKHPRVWUHFHQWFRKRUWLIWKLVGHHVFDODWHGGRVHKDGEHHQSUHYLRXVO\HYDOXDWHG
E\WKH'/57
$VDIHW\UHYLHZRIGRVHHVFDODWLRQLVSODQQHGDIWHUDOOVXEMHFWVLQGRVHHVFDODWLRQKDYH
KDGWKHRSSRUWXQLW\WRFRPSOHWHPRQWKVRIWKHWUHDWPHQW

'RVH/HYHO5HYLHZ7HDP
'/50VZLOOEHKHOGWRUHYLHZGDWDPRQLWRUVDIHW\DQGPDNHGRVHHVFDODWLRQFKDQJH
GHFLVLRQV7KHUHYLHZWHDPZLOOEHFRPSRVHGRIWKHLQYHVWLJDWRUV$PJHQ0HGLFDO
0RQLWRU$PJHQ*OREDO6DIHW\2IILFHURUGHVLJQDWHGVDIHW\VFLHQWLVW$PJHQ&OLQLFDO
5HVHDUFK6WXG\0DQDJHU(DUO\'HYHORSPHQW/HDGHUDQG%LRVWDWLVWLFVUHSUHVHQWDWLYH
$GGLWLRQDOPHPEHUVPD\EHDGGHGDVQHHGHGHJ3.6FLHQWLVW$TXRUXPGHILQHGDV
!RIWKHSDUWLFLSDWLQJLQYHVWLJDWRUVRUWKHLUTXDOLILHGGHVLJQHHLHVXELQYHVWLJDWRURU

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


UHVHDUFKQXUVHRUVWXG\FRRUGLQDWRUSRVVHVVLQJKDUGFRS\GRFXPHQWDWLRQ>HJHPDLO@RI
WKHLQYHVWLJDWRU¶VYRWHUHJDUGLQJWKHGRVHOHYHOUHYLHZPXVWEHLQDWWHQGDQFHIRU
'/507KH'/50ZLOOEHUHVFKHGXOHGLIDTXRUXPLVQRWUHDFKHG
7KHIROORZLQJ'/57PHPEHUVDUHUHVSRQVLEOHIRUGRVLQJGHFLVLRQVLQYHVWLJDWRUV
$PJHQ0HGLFDO0RQLWRU(DUO\'HYHORSPHQW/HDGHUDQG$PJHQ*OREDO6DIHW\2IILFHU
'RVLQJGHFLVLRQVPD\LQFOXGHHVFDODWLRQWRWKHQH[WSODQQHGGRVHHVFDODWLRQWRDQ
LQWHUPHGLDWHGRVHDGRVHORZHUWKDQWKHQH[WSODQQHGGRVHGHHVFDODWLRQWRDORZHU
GRVHFRQWLQXDWLRQGHOD\RUWHUPLQDWLRQRIGRVLQJRUUHSHWLWLRQRUH[SDQVLRQRIDFRKRUW
$OODYDLODEOHVWXG\GDWDLQFOXGLQJGHPRJUDSKLFVLQYHVWLJDWLRQDOSURGXFWDGPLQLVWUDWLRQ
PHGLFDOKLVWRU\FRQFRPLWDQWPHGLFDWLRQVSULRUVXUJHU\DQGWKHUDS\DGYHUVHHYHQWV
(&*VYLWDOVLJQVODERUDWRU\UHVXOWV.DUQRIVN\3HUIRUPDQFH6WDWXV*ORPHUXODU
)LOWUDWLRQ5DWH*)5&DQFHU'LDJQRVLVDQG3.3'LQIRUPDWLRQZLOOEHUHYLHZHG,Q
DGGLWLRQWR'/7VDOOJUDGHWR[LFLWLHVQRWPHHWLQJ'/7FULWHULDLQFOXGLQJKHPDWRORJLF
ZLOOEHUHYLHZHGDQGFDQEHFRQVLGHUHGLQWKH'/57¶VGHFLVLRQV

6DIHW\5HYLHZ
7KHVDIHW\UHYLHZLVSODQQHGDIWHUDOOGRVHHVFDODWLRQVXEMHFWVKDYHKDGWKHRSSRUWXQLW\
WRFRPSOHWHPRQWKVRIWUHDWPHQW

3ULPDU\$QDO\VLV

7KH3ULPDU\$QDO\VLVLV3ODQQHG$IWHUDOO'RVHHVFDODWLRQDQG
'RVHH[SDQVLRQ6XEMHFWV+DYHKDGWKH2SSRUWXQLW\WR&RPSOHWH
0RQWKVRI7UHDWPHQW)LQDO$QDO\VLV
$ILQDODQDO\VLVLVSODQQHGDIWHUDOOGRVHHVFDODWLRQFRKRUWVDQGGRVHH[SDQVLRQVXEMHFWV
KDYHHQGHGWKHVWXG\

3ODQQHG0HWKRGVRI$QDO\VLV

*HQHUDO&RQVLGHUDWLRQV
'HVFULSWLYHVWDWLVWLFVZLOOEHSURYLGHGIRUVHOHFWHGGHPRJUDSKLFVDIHW\3.3'DQG
ELRPDUNHUGDWDE\GRVHVFKHGXOHDQGWLPHDVDSSURSULDWH'HVFULSWLYHVWDWLVWLFVRQ
FRQWLQXRXVGDWDZLOOLQFOXGHPHDQVPHGLDQV6'VDQGUDQJHVZKLOHFDWHJRULFDOGDWD
ZLOOEHVXPPDUL]HGXVLQJIUHTXHQF\FRXQWVDQGSHUFHQWDJHV*UDSKLFDOVXPPDULHVRI
WKHGDWDPD\DOVREHSUHVHQWHG:KHQGDWDDUHVXPPDUL]HGE\WLPHWKHYDOXHV
UHFRUGHGDJDLQVWWKHVFKHGXOHGWLPHSRLQWVOLVWHGLQWKHSURWRFROZLOOEHXVHG:KHQ
DVVHVVLQJPLQLPXPPD[LPXPLQFUHDVHVRUGHFUHDVHVRYHUWKHVWXG\DOODVVHVVPHQWV
LQFOXGLQJXQVFKHGXOHGDVVHVVPHQWVZLOOEHXVHG,QJHQHUDOGDWDOLVWLQJVZLOOEHVRUWHG
E\GRVHVXEMHFWDQGWLPH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



3ULPDU\(QGSRLQW
$PRGLILHG73,%D\HVLDQPRGHOZLOOEHXVHGLQWKHGRVHHVFDODWLRQFRKRUWVWRHVWLPDWH
WKH07'EDVHGRQWKHLQFLGHQFHRI'/7VDPRQJ'/7HYDOXDEOHVXEMHFWVWKDWRFFXU
GXULQJWKH'/7ZLQGRZ5HIHUWR$SSHQGL[(IRUGHWDLOVRIWKH73,%D\HVLDQPRGHO7KH
07'WDUJHW73,LVDQG73,VRIDQGDUHGHILQHGDV
H[FHVVLYHDQGXQDFFHSWDEOHUHVSHFWLYHO\$IWHUHDFKFRKRUWWKHPRGHO¶VUHFRPPHQGHG
07'GRVHIRUHYDOXDWLRQLVWKHGRVHZLWKWKHKLJKHVWSUREDELOLW\RIWKHWDUJHW73,EXW
ZLWKDOHVVWKDQSUREDELOLW\RIDQH[FHVVLYHRUXQDFFHSWDEOH73,'RVHH[SDQVLRQ
ZLOOHQUROODGGLWLRQDOVXEMHFWVWRJDLQIXUWKHUFOLQLFDOH[SHULHQFH$ILQDOPRGHOHVWLPDWH
RIWKH07'XVLQJ$0*F,9GRVLQJZLOOEHREWDLQHGXWLOL]LQJDOO'/7HYDOXDEOH
VXEMHFWVIURPWKHGRVHHVFDODWLRQFRKRUW6XEMHFWVZKRDUHQRW$0*QDwYHDWWKH
WLPHRIHQUROOPHQWZLOOQRWEH'/7HYDOXDEOH'RVHH[SDQVLRQFRKRUWVXEMHFWVZKR
SDUWLFLSDWHGLQWKH,PDJLQJ6WXG\DUHQRW'/7HOLJLEOHDQGZLOOEHH[FOXGHGIURPWKLV
DQDO\VLV7KHSUREDELOLW\RIHDFK73,DQGRID'/7ZLOOEHVXPPDUL]HGE\GRVHDORQJ
ZLWKWKHHVWLPDWHGGRVHWR[LFLW\FXUYH,QDGGLWLRQDVHQVLWLYLW\DQDO\VLVZLOOEHGRQH
XVLQJGDWDIURPDOOVXEMHFWVLQERWKGRVHHVFDODWLRQDQGGRVHH[SDQVLRQFRKRUWVZKR
UHFHLYHDWOHDVWRIWKHSODQQHGGRVHVRILQYHVWLJDWLRQDOSURGXFWGXULQJ&\FOH
$GGLWLRQDOVXPPDULHVDQGRUPRGHOVPD\EHLQYHVWLJDWHGLIZDUUDQWHGWRHYDOXDWH'/7V
RURWKHUVDIHW\RXWFRPHVRYHUDOORULQUHODWLRQWRGRVHIRUH[DPSOHDOORUVHOHFWHG
UHODWHGWUHDWPHQWHPHUJHQWDGYHUVHHYHQWVOHDGLQJWRWUHDWPHQWLQWHUUXSWLRQDQGRU
GLVFRQWLQXDWLRQE\F\FOHRIRQVHW

6DIHW\(QGSRLQWV

$GYHUVH(YHQWV
6XEMHFWLQFLGHQFHRIDOOWUHDWPHQWHPHUJHQWDGYHUVHHYHQWV7($(VZLOOEHWDEXODWHGE\
V\VWHPRUJDQFODVV62&DQGSUHIHUUHGWHUP377KHQXPEHUDQGSHUFHQWDJHRI
VXEMHFWVUHSRUWLQJDGYHUVHHYHQWVZLOOEHHYDOXDWHGRYHUDOODQGE\GRVHOHYHODQGZLOO
DOVREHWDEXODWHGE\UHODWLRQVKLSWRVWXG\GUXJ
7DEOHVRIIDWDODGYHUVHHYHQWVVHULRXVDGYHUVHHYHQWVDGYHUVHHYHQWVOHDGLQJWR
ZLWKGUDZDOIURPLQYHVWLJDWLRQDOSURGXFWRURWKHUSURWRFROUHTXLUHGWKHUDSLHVDQG(YHQWV
RI,QWHUHVW(2,ZLOODOVREHSURYLGHG

&OLQLFDO/DERUDWRU\7HVWV
7KHDQDO\VLVRIVDIHW\ODERUDWRU\HQGSRLQWVZLOOLQFOXGHVXPPDU\VWDWLVWLFVRYHUWLPHIRU
HDFKVXEMHFW6KLIWVLQJUDGHRIVDIHW\ODERUDWRU\YDOXHVIURPEDVHOLQHZLOODOVREH
WDEXODWHG

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



9LWDO6LJQV
7KHDQDO\VLVRIYLWDOVLJQVZLOOLQFOXGHVXPPDU\VWDWLVWLFVDWVHOHFWHGWLPHSRLQWVIRUHDFK
VXEMHFW6KLIWVLQYLWDOVLJQYDOXHVIURPEDVHOLQHRYHUWLPHZLOOEHWDEXODWHGIRUHDFK
VXEMHFW

(OHFWURFDUGLRJUDPV
6XPPDULHVRYHUWLPHDQGRUFKDQJHVIURPEDVHOLQHRYHUWLPHZLOOEHSURYLGHGIRUDOO
(&*SDUDPHWHUV
6XEMHFWV¶PD[LPXPFKDQJHIURPEDVHOLQHLQ47LQWHUYDOFRUUHFWHGE\)ULGHULFLD¶VIRUPXOD
ZLOOEHFDWHJRUL]HGDQGWKHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVLQHDFKJURXSZLOOEH
VXPPDUL]HG
6XEMHFWV¶PD[LPXPSRVWEDVHOLQHYDOXHVZLOODOVREHFDWHJRUL]HGDQGWKHQXPEHUDQG
SHUFHQWDJHRIVXEMHFWVLQHDFKJURXSZLOOEHVXPPDUL]HG
$OORQVWXG\(&*GDWDZLOOEHOLVWHGDQGVHOHFWSDUDPHWHUVRILQWHUHVWPD\EHSORWWHG
7KHLQFLGHQFHDQGSHUFHQWDJHRIVXEMHFWVZKRGHYHORSDQWL$0*DQWLERGLHV
ELQGLQJDWDQ\WLPHZLOOEHWDEXODWHGE\WUHDWPHQWJURXS

6HFRQGDU\(QGSRLQWV

3KDUPDFRNLQHWLFV'DWD$QDO\VLV
7KH3.SDUDPHWHUVRI$0*ZLOOEHGHWHUPLQHGXVLQJQRQFRPSDUWPHQWDODQDO\VLV
PHWKRGV7KHIROORZLQJSDUDPHWHUZLOOEHHVWLPDWHG&VVFDOFXODWHGDVDYHUDJH
FRQFHQWUDWLRQEHWZHHQDFKLHYHPHQWRISODWHDXDQG(2,2QO\LQF\FOHWKHIROORZLQJ
SDUDPHWHUVZLOOEHHVWLPDWHGWDQG$8&LQI2WKHUSDUDPHWHUVVXFKDV&/DQG9VVPD\
EHHVWLPDWHG2WKHUW\SHVRIDQDO\VLVVXFKDVFRPSDUWPHQWDOPRGHOLQJPD\EH
SHUIRUPHGLIQHFHVVDU\GHSHQGHQWRQWKHGDWD
3DUDPHWHUVZLOOEHVXPPDUL]HGE\GRVHOHYHODQGHDFKVDPSOLQJWLPHXVLQJPHDQV
VWDQGDUGGHYLDWLRQVPHGLDQVDQGUDQJHV3.3'PRGHOLQJPD\EHSHUIRUPHGLIGDWD
DUHDGHTXDWHWRH[SORUHWKHUHODWLRQVKLSEHWZHHQ$0*H[SRVXUHDQGYDULRXV3'
HQGSRLQWV

,PPXQRJHQLFLW\$QDO\VLV
3RVLWLYHDQWL$0*DQWLERG\GDWDZLOOEHOLVWHGDQGUHYLHZHGIRUHDFKVXEMHFW
6XPPDULHVRISRVLWLYHDQWL$0*DQWLERG\WHVWUHVXOWVRYHUWLPHPD\EHSURYLGHG

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



(IILFDF\3DUDPHWHU$QDO\VLV
/LVWLQJVZLOOEHSURGXFHGIRUDOOVXEMHFWVLQWKHGRVHHVFDODWLRQFRKRUWVDQGWKH
GRVHH[SDQVLRQFRKRUWVLQGLFDWLQJWKHWLPHWRSURJUHVVLRQREMHFWLYHUHVSRQVHWLPHWR
UHVSRQVHDQGGXUDWLRQRIUHVSRQVH7KHSURSRUWLRQRIVXEMHFWVZLWKDQ255ZLWK
FRUUHVSRQGLQJH[DFW&,ZLOOEHFDOFXODWHGXVLQJWKH&ORSSHU3HDUVRQPHWKRG
&ORSSHUDQG3HDUVRQDQGWDEXODWHGIRUVXEMHFWVWUHDWHGDWWKH07'7KH
SURSRUWLRQRIVXEMHFWVWKDWDUHSURJUHVVLRQIUHHDWPRQWKVZLWKFRUUHVSRQGLQJH[DFW
&,ZLOOEHFDOFXODWHGXVLQJWKH&ORSSHU3HDUVRQPHWKRG.DSODQ0HLHUFXUYHZLOO
EHSUHVHQWHGIRUWLPHWRWXPRUSURJUHVVLRQZLWKHVWLPDWHVIRUUDWHVDQG&,DW
VHOHFWHGZHHNV

([SORUDWRU\%LRPDUNHUVDQG3KDUPDFRG\QDPLFV
6XPPDULHVRIFKDQJHVIURPEDVHOLQHRYHUWLPHLQELRPDUNHUOHYHOVPD\EHSURYLGHG
,IIHDVLEOHHYLGHQFHRIDQDVVRFLDWLRQEHWZHHQEDVHOLQHOHYHOVRUSUHVHQFHRIWXPRU
ELRPDUNHUVZLOOEHH[SORUHGIRUREMHFWLYHUHVSRQVHDQG3'HIIHFWV
'HWDLOVRIH[SORUDWRU\DQDO\VHVPD\EHGHVFULEHGLQDVHSDUDWHVWDWLVWLFDODQDO\VLVSODQ

5(*8/$725<2%/,*$7,216

,QIRUPHG&RQVHQW
$QLQLWLDOVDPSOH,&)LVSURYLGHGIRUWKHLQYHVWLJDWRUWRSUHSDUHWKHLQIRUPHGFRQVHQW
GRFXPHQWWREHXVHGDWKLVRUKHUVLWH8SGDWHVWRWKHWHPSODWHDUHWREHFRPPXQLFDWHG
IRUPDOO\LQZULWLQJIURPWKH$PJHQ&OLQLFDO6WXG\0DQDJHUWRWKHLQYHVWLJDWRU7KH
ZULWWHQLQIRUPHGFRQVHQWGRFXPHQWLVWREHSUHSDUHGLQWKHODQJXDJHVRIWKHSRWHQWLDO
VXEMHFWSRSXODWLRQ
%HIRUHDVXEMHFW¶VSDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\WKHLQYHVWLJDWRULVUHVSRQVLEOHIRU
REWDLQLQJZULWWHQLQIRUPHGFRQVHQWIURPWKHVXEMHFWDIWHUDGHTXDWHH[SODQDWLRQRIWKH
DLPVPHWKRGVDQWLFLSDWHGEHQHILWVDQGSRWHQWLDOKD]DUGVRIWKHVWXG\DQGEHIRUHDQ\
SURWRFROVSHFLILFVFUHHQLQJSURFHGXUHVRUDQ\LQYHVWLJDWLRQDOSURGXFWVLVDUH
DGPLQLVWHUHG
7KHLQYHVWLJDWRULVDOVRUHVSRQVLEOHIRUDVNLQJWKHVXEMHFWLIWKHVXEMHFWKDVDSULPDU\
FDUHSK\VLFLDQDQGLIWKHVXEMHFWDJUHHVWRKDYHKLVKHUSULPDU\FDUHSK\VLFLDQLQIRUPHG
RIWKHVXEMHFW¶VSDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\,IWKHVXEMHFWDJUHHVWRVXFK
QRWLILFDWLRQWKHLQYHVWLJDWRULVWRLQIRUPWKHVXEMHFW¶VSULPDU\FDUHSK\VLFLDQRIWKH
VXEMHFW¶VSDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\,IWKHVXEMHFWGRHVQRWKDYHDSULPDU\FDUH
SK\VLFLDQDQGWKHLQYHVWLJDWRUZLOOEHDFWLQJLQWKDWFDSDFLW\WKHLQYHVWLJDWRULVWR

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


GRFXPHQWVXFKLQWKHVXEMHFW¶VPHGLFDOUHFRUG7KHDFTXLVLWLRQRILQIRUPHGFRQVHQWDQG
WKHVXEMHFW¶VDJUHHPHQWRUUHIXVDORIKLVKHUQRWLILFDWLRQRIWKHSULPDU\FDUHSK\VLFLDQLV
WREHGRFXPHQWHGLQWKHVXEMHFW¶VPHGLFDOUHFRUGVDQGWKH,&)LVWREHVLJQHGDQG
SHUVRQDOO\GDWHGE\WKHVXEMHFWDQGE\WKHSHUVRQZKRFRQGXFWHGWKHLQIRUPHGFRQVHQW
GLVFXVVLRQ7KHRULJLQDOVLJQHG,&)LVWREHUHWDLQHGLQDFFRUGDQFHZLWKLQVWLWXWLRQDO
SROLF\DQGDFRS\RIWKHVLJQHG,&)LVWREHSURYLGHGWRWKHVXEMHFW
,IDSRWHQWLDOVXEMHFWLVLOOLWHUDWHRUYLVXDOO\LPSDLUHGDQGGRHVQRWKDYHDOHJDOO\
DFFHSWDEOHUHSUHVHQWDWLYHWKHLQYHVWLJDWRUPXVWSURYLGHDQLPSDUWLDOZLWQHVVWRUHDGWKH
,&)WRWKHVXEMHFWDQGPXVWDOORZIRUTXHVWLRQV7KHUHDIWHUERWKWKHVXEMHFWDQGWKH
ZLWQHVVPXVWVLJQWKH,&)WRDWWHVWWKDWLQIRUPHGFRQVHQWZDVIUHHO\JLYHQDQG
XQGHUVWRRG

,QVWLWXWLRQDO5HYLHZ%RDUG,QGHSHQGHQW(WKLFV&RPPLWWHH
$FRS\RIWKHSURWRFROSURSRVHG,&)RWKHUZULWWHQVXEMHFWLQIRUPDWLRQDQGDQ\
SURSRVHGDGYHUWLVLQJPDWHULDOPXVWEHVXEPLWWHGWRWKH,5%,(&IRUZULWWHQDSSURYDO
$FRS\RIWKHZULWWHQDSSURYDORIWKHSURWRFRODQG,&)PXVWEHUHFHLYHGE\$PJHQ
EHIRUHUHFUXLWPHQWRIVXEMHFWVLQWRWKHVWXG\DQGVKLSPHQWRI$PJHQLQYHVWLJDWLRQDO
SURGXFW
7KHLQYHVWLJDWRUPXVWVXEPLWDQGZKHUHQHFHVVDU\REWDLQDSSURYDOIURPWKH,5%,(&
IRUDOOVXEVHTXHQWSURWRFRODPHQGPHQWVDQGFKDQJHVWRWKHLQIRUPHGFRQVHQW
GRFXPHQW7KHLQYHVWLJDWRULVWRQRWLI\WKH,5%,(&RIGHYLDWLRQVIURPWKHSURWRFRORU
VHULRXVDGYHUVHHYHQWVRFFXUULQJDWWKHVLWHDQGRWKHUDGYHUVHHYHQWUHSRUWVUHFHLYHG
IURP$PJHQLQDFFRUGDQFHZLWKORFDOSURFHGXUHV
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUREWDLQLQJDQQXDO,5%,(&DSSURYDOUHQHZDO
WKURXJKRXWWKHGXUDWLRQRIWKHVWXG\&RSLHVRIWKHLQYHVWLJDWRU¶VUHSRUWVDQGWKH
,5%,(&FRQWLQXDQFHRIDSSURYDOPXVWEHVHQWWR$PJHQ

6XEMHFW&RQILGHQWLDOLW\
7KHLQYHVWLJDWRUPXVWHQVXUHWKDWWKHVXEMHFW¶VFRQILGHQWLDOLW\LVPDLQWDLQHG
x
6XEMHFWVDUHWREHLGHQWLILHGE\DXQLTXHVXEMHFWLGHQWLILFDWLRQQXPEHU
x
:KHUHSHUPLWWHGGDWHRIELUWKLVWREHGRFXPHQWHGDQGIRUPDWWHGLQDFFRUGDQFHZLWK
ORFDOODZVDQGUHJXODWLRQV
x
2QWKHGHPRJUDSKLFVSDJHLQDGGLWLRQWRWKHXQLTXHVXEMHFWLGHQWLILFDWLRQQXPEHU
LQFOXGHWKHDJHDWWKHWLPHRIHQUROOPHQW

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


x
)RUVHULRXVDGYHUVHHYHQWVUHSRUWHGWR$PJHQVXEMHFWVDUHWREHLGHQWLILHGE\WKHLU
XQLTXHVXEMHFWLGHQWLILFDWLRQQXPEHULQLWLDOVIRUID[HGUHSRUWVLQDFFRUGDQFHZLWK
ORFDOODZVDQGUHJXODWLRQVDQGGDWHRIELUWKLQDFFRUGDQFHZLWKORFDOODZVDQG
UHJXODWLRQV
x
'RFXPHQWVWKDWDUHQRWVXEPLWWHGWR$PJHQHJVLJQHG,&)VDUHWREHNHSWLQVWULFW
FRQILGHQFHE\WKHLQYHVWLJDWRUH[FHSWDVGHVFULEHGEHORZ
,QFRPSOLDQFHZLWKUHJXODWLRQV,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ,&+*&3
*XLGHOLQHVLWLVUHTXLUHGWKDWWKHLQYHVWLJDWRUDQGLQVWLWXWLRQSHUPLWDXWKRUL]HG
UHSUHVHQWDWLYHVRIWKHFRPSDQ\RIWKHUHJXODWRU\DJHQF\VDQGWKH,5%,(&GLUHFW
DFFHVVWRUHYLHZWKHVXEMHFW¶VRULJLQDOPHGLFDOUHFRUGVIRUYHULILFDWLRQRIVWXG\UHODWHG
SURFHGXUHVDQGGDWD'LUHFWDFFHVVLQFOXGHVH[DPLQLQJDQDO\]LQJYHULI\LQJDQG
UHSURGXFLQJDQ\UHFRUGVDQGUHSRUWVWKDWDUHLPSRUWDQWWRWKHHYDOXDWLRQRIWKHVWXG\
7KHLQYHVWLJDWRULVREOLJDWHGWRLQIRUPDQGREWDLQWKHFRQVHQWRIWKHVXEMHFWWRSHUPLW
QDPHGVXFKLQGLYLGXDOVWRKDYHDFFHVVWRKLVKHUVWXG\UHODWHGUHFRUGVLQFOXGLQJ
SHUVRQDOLQIRUPDWLRQ

,QYHVWLJDWRU6LJQDWRU\2EOLJDWLRQV
(DFKFOLQLFDOVWXG\UHSRUWLVWREHVLJQHGE\WKHLQYHVWLJDWRURULQWKHFDVHRI
PXOWLFHQWHUVWXGLHVWKHFRRUGLQDWLQJLQYHVWLJDWRU
7KHFRRUGLQDWLQJLQYHVWLJDWRULGHQWLILHGE\$PJHQZLOOEHDQ\RUDOORIWKHIROORZLQJ
x
$UHFRJQL]HGH[SHUWLQWKHWKHUDSHXWLFDUHD
x
$QLQYHVWLJDWRUZKRSURYLGHGVLJQLILFDQWFRQWULEXWLRQVWRHLWKHUWKHGHVLJQRU
LQWHUSUHWDWLRQRIWKHVWXG\
x
$QLQYHVWLJDWRUFRQWULEXWLQJDKLJKQXPEHURIHOLJLEOHVXEMHFWV

$'0,1,675$7,9($1'/(*$/2%/,*$7,216

3URWRFRO$PHQGPHQWVDQG6WXG\7HUPLQDWLRQ
,I$PJHQDPHQGVWKHSURWRFRODJUHHPHQWIURPWKH,QYHVWLJDWRUPXVWEHREWDLQHG7KH
,5%,(&PXVWEHLQIRUPHGRIDOODPHQGPHQWVDQGJLYHDSSURYDO7KHLQYHVWLJDWRUPXVW
VHQGDFRS\RIWKHDSSURYDOOHWWHUIURPWKH,5%,(&WR$PJHQ
$PJHQUHVHUYHVWKHULJKWWRWHUPLQDWHWKHVWXG\DWDQ\WLPH%RWK$PJHQDQGWKH
LQYHVWLJDWRUUHVHUYHWKHULJKWWRWHUPLQDWHWKHLQYHVWLJDWRU¶VSDUWLFLSDWLRQLQWKHVWXG\
DFFRUGLQJWRWKHVWXG\FRQWUDFW7KHLQYHVWLJDWRULVWRQRWLI\WKH,5%,(&LQZULWLQJRIWKH
VWXG\¶VFRPSOHWLRQRUHDUO\WHUPLQDWLRQDQGVHQGDFRS\RIWKHQRWLILFDWLRQWR$PJHQ
6XEMHFWVPD\EHHOLJLEOHIRUFRQWLQXHGWUHDWPHQWZLWK$PJHQLQYHVWLJDWLRQDOSURGXFWE\
DQH[WHQVLRQSURWRFRORUDVSURYLGHGIRUE\WKHORFDOFRXQWU\¶VUHJXODWRU\PHFKDQLVP

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


+RZHYHU$PJHQUHVHUYHVWKHXQLODWHUDOULJKWDWLWVVROHGLVFUHWLRQWRGHWHUPLQH
ZKHWKHUWRVXSSO\$PJHQLQYHVWLJDWLRQDOSURGXFWVDQGE\ZKDWPHFKDQLVPDIWHU
WHUPLQDWLRQRIWKHVWXG\DQGEHIRUHLWLVDYDLODEOHFRPPHUFLDOO\

6WXG\'RFXPHQWDWLRQDQG$UFKLYH
7KHLQYHVWLJDWRULVWRPDLQWDLQDOLVWRIDSSURSULDWHO\TXDOLILHGSHUVRQVWRZKRPKHVKH
KDVGHOHJDWHGVWXG\GXWLHV$OOSHUVRQVDXWKRUL]HGWRPDNHHQWULHVDQGRUFRUUHFWLRQV
RQH&5)VZLOOEHLQFOXGHGRQWKH$PJHQ'HOHJDWLRQRI$XWKRULW\)RUP
6RXUFHGRFXPHQWVDUHRULJLQDOGRFXPHQWVGDWDDQGUHFRUGVIURPZKLFKWKHVXEMHFW¶V
H&5)GDWDDUHREWDLQHG7KHVHLQFOXGHEXWDUHQRWOLPLWHGWRKRVSLWDOUHFRUGVFOLQLFDO
DQGRIILFHFKDUWVODERUDWRU\DQGSKDUPDF\UHFRUGVGLDULHVPLFURILFKHVUDGLRJUDSKV
DQGFRUUHVSRQGHQFH
7KHLQYHVWLJDWRUDQGVWXG\VWDIIDUHUHVSRQVLEOHIRUPDLQWDLQLQJDFRPSUHKHQVLYHDQG
FHQWUDOL]HGILOLQJV\VWHPRIDOOVWXG\UHODWHGHVVHQWLDOGRFXPHQWDWLRQVXLWDEOHIRU
LQVSHFWLRQDWDQ\WLPHE\UHSUHVHQWDWLYHVIURP$PJHQDQGRUDSSOLFDEOHUHJXODWRU\
DXWKRULWLHV
(OHPHQWVWRLQFOXGH
x
6XEMHFWILOHVFRQWDLQLQJFRPSOHWHGH&5)V,&)VDQGVXEMHFWLGHQWLILFDWLRQOLVW
x
6WXG\ILOHVFRQWDLQLQJWKHSURWRFROZLWKDOODPHQGPHQWV,QYHVWLJDWRU¶V%URFKXUH
FRSLHVRISUHVWXG\GRFXPHQWDWLRQDQGDOOFRUUHVSRQGHQFHWRDQGIURPWKH,5%,(&
DQG$PJHQ
x
,QYHVWLJDWLRQDOSURGXFWUHODWHGFRUUHVSRQGHQFHLQFOXGLQJ3URRIRI5HFHLSWV
,QYHVWLJDWLRQDO3URGXFW$FFRXQWDELOLW\5HFRUGV5HWXUQRI,QYHVWLJDWLRQDO3URGXFW
IRU'HVWUXFWLRQ)RUPV)LQDO,QYHVWLJDWLRQDO3URGXFW5HFRQFLOLDWLRQ6WDWHPHQWDV
DSSOLFDEOH
x
1RQLQYHVWLJDWLRQDOSURGXFWVDQGRUPHGLFDOGHYLFHVGRFXPHQWDWLRQDV
DSSOLFDEOH
,QDGGLWLRQDOORULJLQDOVRXUFHGRFXPHQWVVXSSRUWLQJHQWULHVLQWKHH&5)VPXVWEH
PDLQWDLQHGDQGEHUHDGLO\DYDLODEOH
5HWHQWLRQRIVWXG\GRFXPHQWVZLOOEHJRYHUQHGE\WKH&OLQLFDO7ULDO$JUHHPHQW

6WXG\0RQLWRULQJDQG'DWD&ROOHFWLRQ
7KH$PJHQUHSUHVHQWDWLYHVDQGUHJXODWRU\DXWKRULW\LQVSHFWRUVDUHUHVSRQVLEOHIRU
FRQWDFWLQJDQGYLVLWLQJWKHLQYHVWLJDWRUIRUWKHSXUSRVHRILQVSHFWLQJWKHIDFLOLWLHVDQG
XSRQUHTXHVWLQVSHFWLQJWKHYDULRXVUHFRUGVRIWKHFOLQLFDOVWXG\HJH&5)VDQGRWKHU
SHUWLQHQWGDWDSURYLGHGWKDWVXEMHFWFRQILGHQWLDOLW\LVUHVSHFWHG

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


7KH$PJHQFOLQLFDOPRQLWRULVUHVSRQVLEOHIRUYHULI\LQJWKHH&5)VDWUHJXODULQWHUYDOV
WKURXJKRXWWKHVWXG\WRYHULI\DGKHUHQFHWRWKHSURWRFROFRPSOHWHQHVVDFFXUDF\DQG
FRQVLVWHQF\RIWKHGDWDDQGDGKHUHQFHWRORFDOUHJXODWLRQVRQWKHFRQGXFWRIFOLQLFDO
UHVHDUFK7KHFOLQLFDOPRQLWRULVWRKDYHDFFHVVWRVXEMHFWPHGLFDOUHFRUGVDQGRWKHU
VWXG\UHODWHGUHFRUGVQHHGHGWRYHULI\WKHHQWULHVRQWKHH&5)V
7KHLQYHVWLJDWRUDJUHHVWRFRRSHUDWHZLWKWKHFOLQLFDOPRQLWRUWRHQVXUHWKDWDQ\
SUREOHPVGHWHFWHGLQWKHFRXUVHRIWKHVHPRQLWRULQJYLVLWVLQFOXGLQJGHOD\VLQ
FRPSOHWLQJH&5)VDUHUHVROYHG
,QDFFRUGDQFHZLWK,&+*&3DQGWKHVSRQVRU¶VDXGLWSODQVWKLVVWXG\PD\EHVHOHFWHG
IRUDXGLWE\UHSUHVHQWDWLYHVIURP$PJHQ¶V*OREDO&RPSOLDQFH$XGLWLQJIXQFWLRQ
RUGHVLJQHHV,QVSHFWLRQRIVLWHIDFLOLWLHVHJSKDUPDF\SURWRFROUHTXLUHGWKHUDS\
VWRUDJHDUHDVRUODERUDWRULHVDQGUHYLHZRIVWXG\UHODWHGUHFRUGVZLOORFFXUWRHYDOXDWH
WKHVWXG\FRQGXFWDQGFRPSOLDQFHZLWKWKHSURWRFRO,&+*&3DQGDSSOLFDEOHUHJXODWRU\
UHTXLUHPHQWV
'DWDFDSWXUHIRUWKLVVWXG\LVSODQQHGWREHHOHFWURQLF
x
$OOVRXUFHGRFXPHQWDWLRQVXSSRUWLQJHQWULHVLQWRWKHH&5)VPXVWEHPDLQWDLQHGDQG
UHDGLO\DYDLODEOH
x
8SGDWHVWRH&5)VZLOOEHDXWRPDWLFDOO\GRFXPHQWHGWKURXJKWKHVRIWZDUH¶V³DXGLW
WUDLO´
x
7RHQVXUHWKHTXDOLW\RIFOLQLFDOGDWDDFURVVDOOVXEMHFWVDQGVLWHVDFOLQLFDOGDWD
PDQDJHPHQWUHYLHZLVSHUIRUPHGRQVXEMHFWGDWDUHFHLYHGDW$PJHQ'XULQJWKLV
UHYLHZVXEMHFWGDWDDUHFKHFNHGIRUFRQVLVWHQF\RPLVVLRQVDQGDQ\DSSDUHQW
GLVFUHSDQFLHV,QDGGLWLRQWKHGDWDDUHUHYLHZHGIRUDGKHUHQFHWRWKHSURWRFRODQG
*&37RUHVROYHDQ\TXHVWLRQVDULVLQJIURPWKHFOLQLFDOGDWDPDQDJHPHQWUHYLHZ
SURFHVVGDWDTXHULHVDQGRUVLWHQRWLILFDWLRQVDUHFUHDWHGLQWKH('&V\VWHP
GDWDEDVHIRUVLWHUHVROXWLRQDQGVXEVHTXHQWO\FORVHGE\WKH('&V\VWHPRUE\DQ
$PJHQUHYLHZHU
x
7KHLQYHVWLJDWRUVLJQVRQO\WKH,QYHVWLJDWRU9HULILFDWLRQ)RUPIRUWKLVHOHFWURQLFGDWD
FDSWXUHVWXG\7KLVVLJQDWXUHLQGLFDWHVWKDWWKHLQYHVWLJDWRULQVSHFWHGRUUHYLHZHG
WKHGDWDRQWKHH&5)WKHGDWDTXHULHVDQGWKHVLWHQRWLILFDWLRQVDQGDJUHHVZLWKWKH
FRQWHQW
$PJHQRUGHVLJQHHZLOOSHUIRUPVHOIHYLGHQWFRUUHFWLRQVWRREYLRXVGDWDHUURUVLQWKH
FOLQLFDOWULDOGDWDEDVHDVGRFXPHQWHGLQWKH6WXG\6SHFLILF6HOI(YLGHQW&RUUHFWLRQV
3ODQ([DPSOHVRIREYLRXVGDWDHUURUVWKDWPD\EHFRUUHFWHGE\$PJHQRUGHVLJQHH
LQFOXGHGHOHWLRQRIREYLRXVGXSOLFDWHGDWDHJVDPHUHVXOWVVHQWWZLFHZLWKWKHVDPH
GDWHZLWKGLIIHUHQWYLVLWZHHNDQGHDUO\WHUPLQDWLRQDQGFODULI\LQJ³RWKHUVSHFLI\´LI
GDWDDUHSURYLGHGHJUDFHSK\VLFDOH[DPLQDWLRQ(DFKLQYHVWLJDWLYHVLWHZLOOEH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


SURYLGHGDOLVWRIWKHW\SHVRIFRUUHFWLRQVDSSOLHGWRVWXG\GDWDDWWKHLQLWLDWLRQRIWKHWULDO
DQGDWVWXG\FORVHRXW

,QYHVWLJDWRU5HVSRQVLELOLWLHVIRU'DWD&ROOHFWLRQ
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUFRPSO\LQJZLWKWKHUHTXLUHPHQWVIRUDOODVVHVVPHQWV
DQGGDWDFROOHFWLRQLQFOXGLQJVXEMHFWVQRWUHFHLYLQJSURWRFROUHTXLUHGWKHUDSLHVDV
VWLSXODWHGLQWKHSURWRFROIRUHDFKVXEMHFWLQWKHVWXG\)RUVXEMHFWVZKRZLWKGUDZSULRU
WRFRPSOHWLRQRIDOOSURWRFROUHTXLUHGYLVLWVDQGDUHXQDEOHRUXQZLOOLQJWRFRQWLQXHWKH
6FKHGXOHVRI$VVHVVPHQWV7DEOH7DEOHDQG7DEOHWKHLQYHVWLJDWRUFDQVHDUFK
SXEOLFDOO\DYDLODEOHUHFRUGV>ZKHUHSHUPLWWHG@WRDVFHUWDLQVXUYLYDOVWDWXV7KLVHQVXUHV
WKDWWKHGDWDVHWVSURGXFHGDVDQRXWFRPHRIWKHVWXG\LVDUHDVFRPSUHKHQVLYHDV
SRVVLEOH

/DQJXDJH
(OHFWURQLF&5)VPXVWEHFRPSOHWHGLQ(QJOLVK75$'(1$0(6£LIXVHGIRU
FRQFRPLWDQWPHGLFDWLRQVPD\EHHQWHUHGLQWKHORFDOODQJXDJH&RQVXOWWKH
FRXQWU\VSHFLILFODQJXDJHUHTXLUHPHQWV
$OOZULWWHQLQIRUPDWLRQDQGRWKHUPDWHULDOWREHXVHGE\VXEMHFWVDQGLQYHVWLJDWLYHVWDII
PXVWXVHYRFDEXODU\DQGODQJXDJHWKDWDUHFOHDUO\XQGHUVWRRG

3XEOLFDWLRQ3ROLF\
7RFRRUGLQDWHGLVVHPLQDWLRQRIGDWDIURPWKLVVWXG\$PJHQHQFRXUDJHVWKHIRUPDWLRQRI
DSXEOLFDWLRQFRPPLWWHHFRQVLVWLQJRIVHYHUDOLQYHVWLJDWRUVDQGDSSURSULDWH$PJHQVWDII
WKHJRYHUQDQFHDQGUHVSRQVLELOLWLHVRIZKLFKDUHVHWIRUWKLQD3XEOLFDWLRQ&KDUWHU7KH
FRPPLWWHHLVH[SHFWHGWRVROLFLWLQSXWDQGDVVLVWDQFHIURPRWKHULQYHVWLJDWRUVDQGWR
FROODERUDWHZLWKDXWKRUVDQG$PJHQVWDIIDVDSSURSULDWHDVGHILQHGLQWKH3XEOLFDWLRQ
&KDUWHU0HPEHUVKLSRQWKHFRPPLWWHHERWKIRULQYHVWLJDWRUVDQG$PJHQVWDIIGRHV
QRWJXDUDQWHHDXWKRUVKLS7KHFULWHULDGHVFULEHGEHORZDUHWREHPHWIRUHYHU\
SXEOLFDWLRQ
$XWKRUVKLSRIDQ\SXEOLFDWLRQVUHVXOWLQJIURPWKLVVWXG\ZLOOEHGHWHUPLQHGRQWKHEDVLV
RIWKH8QLIRUP5HTXLUHPHQWIRU0DQXVFULSWV6XEPLWWHGWR%LRPHGLFDO-RXUQDOV
,QWHUQDWLRQDO&RPPLWWHHRI0HGLFDO-RXUQDO(GLWRUVZKLFKVWDWHV
x
$XWKRUVKLSFUHGLWVKRXOGEHEDVHGRQVXEVWDQWLDOFRQWULEXWLRQVWRFRQFHSWLRQDQG
GHVLJQDFTXLVLWLRQRIGDWDRUDQDO\VLVDQGLQWHUSUHWDWLRQRIGDWDGUDIWLQJWKH
DUWLFOHRUUHYLVLQJLWFULWLFDOO\IRULPSRUWDQWLQWHOOHFWXDOFRQWHQWILQDODSSURYDORIWKH
YHUVLRQWREHSXEOLVKHG$XWKRUVVKRXOGPHHWFRQGLWLRQVDQG

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


x
:KHQDODUJHPXOWLFHQWHUJURXSKDVFRQGXFWHGWKHZRUNWKHJURXSVKRXOGLGHQWLI\
WKHLQGLYLGXDOVZKRDFFHSWGLUHFWUHVSRQVLELOLW\IRUWKHPDQXVFULSW7KHVHLQGLYLGXDOV
VKRXOGIXOO\PHHWWKHFULWHULDIRUDXWKRUVKLSGHILQHGDERYH
x
$FTXLVLWLRQRIIXQGLQJFROOHFWLRQRIGDWDRUJHQHUDOVXSHUYLVLRQRIWKHUHVHDUFK
JURXSDORQHGRHVQRWMXVWLI\DXWKRUVKLS
x
$OOSHUVRQVGHVLJQDWHGDVDXWKRUVVKRXOGTXDOLI\IRUDXWKRUVKLSDQGDOOWKRVHZKR
TXDOLI\VKRXOGEHOLVWHG
x
(DFKDXWKRUVKRXOGKDYHSDUWLFLSDWHGVXIILFLHQWO\LQWKHZRUNWRWDNHSXEOLF
UHVSRQVLELOLW\IRUDSSURSULDWHSRUWLRQVRIWKHFRQWHQW
$OOSXEOLFDWLRQVHJPDQXVFULSWVDEVWUDFWVRUDOVOLGHSUHVHQWDWLRQVERRNFKDSWHUV
EDVHGRQWKLVVWXG\PXVWEHVXEPLWWHGWR$PJHQIRUFRUSRUDWHUHYLHZ7KH&OLQLFDO7ULDO
$JUHHPHQWDPRQJWKHLQVWLWXWLRQLQYHVWLJDWRUDQG$PJHQZLOOGHWDLOWKHSURFHGXUHVIRU
DQGWLPLQJRI$PJHQ¶VUHYLHZRISXEOLFDWLRQV

&RPSHQVDWLRQ
$Q\DUUDQJHPHQWVIRUFRPSHQVDWLRQWRVXEMHFWVIRULQMXU\RULOOQHVVWKDWDULVHVLQWKH
VWXG\DUHGHVFULEHGLQWKH&RPSHQVDWLRQIRU,QMXU\VHFWLRQRIWKH,QIRUPHG&RQVHQWWKDW
LVDYDLODEOHDVDVHSDUDWHGRFXPHQW

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



5()(5(1&(6
%DEE-5RJDWNR$=DFNV6&DQFHUSKDVH,FOLQLFDOWULDOVHIILFLHQWGRVHHVFDODWLRQ
ZLWKRYHUGRVHFRQWURO6WDW0HG
%DLOH\61HXHQVFKZDQGHU%/DLUG*%UDQVRQ0$%D\HVLDQFDVHVWXG\LQRQFRORJ\
SKDVH,FRPELQDWLRQGRVHILQGLQJXVLQJORJLVWLFUHJUHVVLRQZLWKFRYDULDWHV-%LRSKDUP
6WDW
%DUJRX5/HR(=XJPDLHU*HWDO7XPRUUHJUHVVLRQLQFDQFHUSDWLHQWVE\YHU\ORZ
GRVHVRID7FHOOHQJDJLQJDQWLERG\6FLHQFH
&ORSSHU&-3HUVRQ(67KHXVHRIFRQILGHQFHRUILGXFLDOOLPLWVLOOXVWUDWHGLQWKHFDVHRI
WKHELQRPLDO%LRPHWULND
'UHLHU7/RUHQF]HZVNL*%UDQGO&HWDO([WUHPHO\SRWHQWUDSLGDQGFRVWLPXODWLRQ
LQGHSHQGHQWF\WRWR[LF7FHOOUHVSRQVHDJDLQVWO\PSKRPDFHOOVFDWDO\]HGE\D
VLQJOHFKDLQELVSHFLILFDQWLERG\,QW-&DQFHU
)LHGOHU:0:ROI0.HEHQNR0HWDO$SKDVHVWXG\RI(S&$0&'ELVSHFLILF
DQWLERG\07LQSDWLHQWVZLWKDGYDQFHGVROLGWXPRUV-&OLQ2QFRO
VXSSODEVWU
)RJDU36SHUWL&%DVVR'HWDO'HFUHDVHGWRWDOO\PSKRF\WHFRXQWVLQSDQFUHDWLF
FDQFHUDQLQGH[RIDGYHUVHRXWFRPH3DQFUHDV
*DORQ-&RVWHV$6DQFKH]&DER)HWDO7\SHGHQVLW\DQGORFDWLRQRILPPXQHFHOOV
ZLWKLQKXPDQFRORUHFWDOWXPRUVSUHGLFWFOLQLFDORXWFRPH6FLHQFH

*ROG3*ROGHQEHUJ1$7KHFDUFLQRHPEU\RQLFDQWLJHQ&($SDVWSUHVHQWDQGIXWXUH
0F*LOO-0HG
+DPPDUVWU|P67KHFDUFLQRHPEU\RQLFDQWLJHQ&($IDPLO\VWUXFWXUHVVXJJHVWHG
IXQFWLRQVDQGH[SUHVVLRQLQQRUPDODQGPDOLJQDQWWLVVXHV6HPLQ&DQFHU%LRO

,QWHUQDWLRQDO&RPPLWWHHRI0HGLFDO-RXUQDO(GLWRUV8QLIRUP5HTXLUHPHQWVIRU
0DQXVFULSWV6XEPLWWHGWR%LRPHGLFDO-RXUQDOV:ULWLQJDQG(GLWLQJIRU%LRPHGLFDO
3XEOLFDWLRQKWWSZZZLFPMHRUJ
,QYHVWLJDWRU¶V%URFKXUHYHUVLRQGDWHG0DUFK
.DUQRIVN\'$EHOPDQ:&UDYHU/%XUFKHQDO-7KHXVHRIQLWURJHQPXVWDUGVLQWKH
SDOOLDWLYHWUHDWPHQWRIFDUFLQRPD&DQFHU
0DUX\DPD7.RQR.0L]XNDPL<HWDO'LVWULEXWLRQRI7KFHOOVDQG)R[3
UHJXODWRU\7FHOOVLQWXPRULQILOWUDWLQJO\PSKRF\WHVWXPRUGUDLQLQJO\PSKQRGHVDQG
SHULSKHUDOEORRGO\PSKRF\WHVLQSDWLHQWVZLWKJDVWULFFDQFHU&DQFHU6FL

0LFKDHO-3LVKYDLDQ0LFKDHO0RUVH-HQQLIHU70F'HYLWW6RQJ5HQ*DEULHO5REELH
3DWULFLD&5\DQ6HUJXHL6RXNKDUHY+DLIHQJ%DR&U\VWDO6KHUHHQ'HQOLQJHU3KDVH
GRVHHVFDODWLRQVWXG\RI0(',DELVSHFLILF7FHOOHQJDJHUWKDWWDUJHWVKXPDQ
FDUFLQRHPEU\RQLFDQWLJHQ&($LQSDWLHQWVZLWKDGYDQFHGJDVWURLQWHVWLQDO*,
DGHQRFDUFLQRPDV-&OLQ2QFROVXSSO6DEVWUSRVWHU
1DJRUVHQ'.XIHU3%DHXHUOH3$%DUJRX5%OLQDWXPRPDE$KLVWRULFDOSHUVSHFWLYH
3KDUP7KHU

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


1HXHQVFKZDQGHU%%UDQVRQ0*RVSRQHU7&ULWLFDODVSHFWVRIWKH%D\HVLDQDSSURDFK
WRSKDVH,FDQFHUWULDOV6WDW0HG
2VDGD7+VX'+DPPRQG6HWDO0HWDVWDWLFFRORUHFWDOFDQFHUFHOOVIURPSDWLHQWV
SUHYLRXVO\WUHDWHGZLWKFKHPRWKHUDS\DUHVHQVLWLYHWR7FHOONLOOLQJPHGLDWHGE\
&($&'ELVSHFLILF7FHOOHQJDJLQJ%L7(DQWLERG\%U-&DQFHU
3HQJ/2EHUVW0'+XDQJ-HWDO7KH&($&'ELVSHFLILF0(',07ELQGVD
QRQOLQHDUHSLWRSHLQWKHIXOOOHQJWKEXWQRWDVKRUWVSOLFHYDULDQWRI&($3/R62QH
H
6DQGHUV'6$:LOVRQ&$%U\DQW)-HWDO&ODVVLILFDWLRQDQGORFDOLVDWLRQRI
FDUFLQRHPEU\RQLFDQWLJHQ&($UHODWHGDQWLJHQH[SUHVVLRQLQQRUPDORHVRSKDJHDO
VTXDPRXVPXFRVDDQGVTXDPRXVFDUFLQRPD*XW
8QLWHG6WDWHV'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV)RRGDQG'UXJ
$GPLQLVWUDWLRQ&HQWHUIRU'UXJV(YDOXDWLRQDQG5HVHDUFK&HQWHUIRU%LRORJLFV
(YDOXDWLRQDQG5HVHDUFK*XLGDQFHIRULQGXVWU\'UXJLQGXFHGOLYHULQMXU\SUHPDUNHWLQJ
FOLQLFDOHYDOXDWLRQ-XO\
YRQ%HUQVWRUII:9RVV0)UHLFKHO6HWDO6\VWHPLFDQGORFDOLPPXQRVXSSUHVVLRQLQ
SDQFUHDWLFFDQFHUSDWLHQWV&OLQ&DQFHU5HV6XSSOVV
9UDELH&'&HDXVX03HWUHVFX$:DOO0'LQD,7KHXVHIXOQHVVRI
LPPXQRKLVWRFKHPLVWU\LQVSRUDGLFFRORUHFWDOFDQFHU5RP-0RUSKRO(PUEU\RO

:ROFKRN-'+RRV$2¶'D\6HWDO*XLGHOLQHVIRUWKHHYDOXDWLRQRILPPXQHWKHUDS\
DFWLYLW\LQVROLGWXPRUVLPPXQHUHODWHGUHVSRQVHFULWHULD&OLQ&DQFHU5HV

:X:.6XQJ--)RFXVRQ*DVWURLQWHVWLQDODQGOLYHUFDQFHUV6HPLQ&DQFHU%LRO
'HF3W%
=KHQJ&)HQJ-/X'HWDO$QRYHODQWL&$(&$0PRQRFORQDODQWLERG\&&
VXSSUHVVHVFRORUHFWDOWXPRUJURZWKDQGHQKDQFHV1.FHOOVPHGLDWHGWXPRULPPXQLW\
3/R62QHH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



$33(1',&(6

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


$SSHQGL[$$GGLWLRQDO6DIHW\$VVHVVPHQW,QIRUPDWLRQ
7KH&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH(YHQWV9HUVLRQYHUVLRQ&7&$(9
LVDYDLODEOHDWWKHIROORZLQJOLQNKWWSHYVQFLQLKJRYIWS&7&$(&7&$(BB
B4XLFN5HIHUHQFHB[SGI
$GYHUVH(YHQW*UDGLQJ6FDOH
'UXJLQGXFHG/LYHU,QMXU\5HSRUWLQJ	$GGLWLRQDO$VVHVVPHQWV
7RIDFLOLWDWHDSSURSULDWHPRQLWRULQJIRUVLJQDOVRI',/,FDVHVRIFRQFXUUHQW$67RU$/7
DQG7%/DQGRU,15HOHYDWLRQDFFRUGLQJWRWKHFULWHULDVSHFLILHGLQ6HFWLRQ
5HSRUWLQJ
UHTXLUH
WKHIROORZLQJ
x
7KHHYHQWLVWREHUHSRUWHGWR$PJHQDVDVHULRXVDGYHUVHHYHQWZLWKLQKRXUVRI
GLVFRYHU\RUQRWLILFDWLRQRIWKHHYHQWLHEHIRUHDGGLWLRQDOHWLRORJLFLQYHVWLJDWLRQV
KDYHEHHQFRQFOXGHG
x
7KHDSSURSULDWHH&5)HJ$GYHUVH(YHQWH&5)WKDWFDSWXUHVLQIRUPDWLRQ
QHFHVVDU\WRIDFLOLWDWHWKHHYDOXDWLRQRIWUHDWPHQWHPHUJHQWOLYHUDEQRUPDOLWLHVLVWR
EHFRPSOHWHGDQGVHQWWR$PJHQ
2WKHUHYHQWVRIKHSDWRWR[LFLW\DQGSRWHQWLDO',/,DUHWREHUHSRUWHGDVVHULRXVDGYHUVH
HYHQWVLIWKH\PHHWWKHFULWHULDIRUDVHULRXVDGYHUVHHYHQWGHILQHGLQ6HFWLRQ
$OOVXEMHFWVLQZKRPLQYHVWLJDWLRQDOSURGXFWVRUSURWRFROUHTXLUHGWKHUDSLHVLVDUH
ZLWKKHOGHLWKHUSHUPDQHQWO\RUFRQGLWLRQDOO\GXHWRSRWHQWLDO',/,DVVSHFLILHGLQ
6HFWLRQV
$GGLWLRQDO&OLQLFDO$VVHVVPHQWVDQG2EVHUYDWLRQ
DQGRUZKRH[SHULHQFH$67RU$/7HOHYDWLRQV!î8/1DUHWR
XQGHUJRDSHULRGRI³FORVHREVHUYDWLRQ´XQWLODEQRUPDOLWLHVUHWXUQWRQRUPDORUWRWKH
VXEMHFW¶VEDVHOLQHOHYHOV$VVHVVPHQWVWKDWDUHWREHSHUIRUPHGGXULQJWKLVSHULRG
LQFOXGH
x
5HSHDW$67$/7$/3ELOLUXELQWRWDODQGGLUHFWDQG,15ZLWKLQKRXUV
x
,QFDVHVRI7%/!î8/1RU,15!UHWHVWLQJRIOLYHUWHVWVELOLUXELQWRWDODQG
GLUHFWDQG,15LVWREHSHUIRUPHGHYHU\KRXUVXQWLOODERUDWRU\DEQRUPDOLWLHV
LPSURYH
x
7HVWLQJIUHTXHQF\RIWKHDERYHODERUDWRU\WHVWVPD\GHFUHDVHLIWKHDEQRUPDOLWLHV
VWDELOL]HRUWKHLQYHVWLJDWLRQDOSURGXFWVRUSURWRFROUHTXLUHGWKHUDSLHVKDVKDYH
EHHQGLVFRQWLQXHG$1'WKHVXEMHFWLVDV\PSWRPDWLF

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


x
,QLWLDWHLQYHVWLJDWLRQRIDOWHUQDWLYHFDXVHVIRUHOHYDWHG$67RU$/7DQGRUHOHYDWHG
7%/

2EWDLQFRPSOHWHEORRGFRXQWZLWKGLIIHUHQWLDOWRDVVHVVIRUHRVLQRSKLOLD

2EWDLQVHUXPWRWDOLPPXQRJOREXOLQ,J*$QWLQXFOHDUDQWLERG\$QWL6PRRWK
0XVFOH$QWLERG\DQG/LYHU.LGQH\0LFURVRPDODQWLERG\WRDVVHVVIRU
DXWRLPPXQHKHSDWLWLV

2EWDLQVHUXPDFHWDPLQRSKHQSDUDFHWDPROOHYHOV

2EWDLQDPRUHGHWDLOHGKLVWRU\RI
R 3ULRUDQGRUFRQFXUUHQWGLVHDVHVRULOOQHVV
R ([SRVXUHWRHQYLURQPHQWDODQGRULQGXVWULDOFKHPLFDODJHQWV
R 6\PSWRPVLIDSSOLFDEOHLQFOXGLQJULJKWXSSHUTXDGUDQWSDLQ
K\SHUVHQVLWLYLW\W\SHUHDFWLRQVIDWLJXHQDXVHDYRPLWLQJDQGIHYHU
R 3ULRUDQGRUFRQFXUUHQWXVHRIDOFRKROUHFUHDWLRQDOGUXJVDQGVSHFLDOGLHWV
R &RQFRPLWDQWXVHRIPHGLFDWLRQVLQFOXGLQJQRQSUHVFULSWLRQPHGLFLQHVDQG
KHUEDODQGGLHWDU\VXSSOHPHQWVSODQWVDQGPXVKURRPV

2EWDLQYLUDOVHURORJLHV

2EWDLQFUHDWLQHSKRVSKRNLQDVHKDSWRJORELQODFWDWHGHK\GURJHQDVHDQG
SHULSKHUDOEORRGVPHDU

3HUIRUPDSSURSULDWHOLYHULPDJLQJLIFOLQLFDOO\LQGLFDWHG
x
2EWDLQDSSURSULDWHEORRGVDPSOLQJIRU3.DQDO\VLVLIWKLVKDVQRWDOUHDG\EHHQ
FROOHFWHG
x
2EWDLQKHSDWRORJ\FRQVXOWOLYHUELRSV\PD\EHFRQVLGHUHGLQFRQVXOWDWLRQZLWKDQ
KHSDWRORJLVW
x
)ROORZWKHVXEMHFWDQGWKHODERUDWRU\WHVWV$/7$677%/,15XQWLODOOODERUDWRU\
DEQRUPDOLWLHVUHWXUQWREDVHOLQHRUQRUPDO7KH³FORVHREVHUYDWLRQSHULRG´LVWR
FRQWLQXHIRUDPLQLPXPRIZHHNVDIWHUGLVFRQWLQXDWLRQRIDOOLQYHVWLJDWLRQDO
SURGXFWVDQGSURWRFROUHTXLUHGWKHUDSLHV
7KHSRWHQWLDO',/,HYHQWDQGDGGLWLRQDOLQIRUPDWLRQVXFKDVPHGLFDOKLVWRU\FRQFRPLWDQW
PHGLFDWLRQVDQGODERUDWRU\UHVXOWVPXVWEHFDSWXUHGLQFRUUHVSRQGLQJH&5)V

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


$SSHQGL[%(OHFWURQLF6HULRXV$GYHUVH(YHQW&RQWLQJHQF\)RUP


3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/




3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/





3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/




3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/





3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


$SSHQGL[&3UHJQDQF\DQG/DFWDWLRQ1RWLILFDWLRQ:RUNVKHHWV





3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/





3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


$SSHQGL['0RGLILHG,PPXQH5HODWHG5HVSRQVH&ULWHULDLU5&
7KHLU5&ZHUHGHULYHGIURPWKH:RUOG+HDOWK2UJDQL]DWLRQ:+2FULWHULDWRVHUYHDV
JXLGHOLQHVWRV\VWHPDWLFDOO\FKDUDFWHUL]HDGGLWLRQDOSDWWHUQVRIUHVSRQVHLQSDWLHQWVZLWK
DGYDQFHGPHODQRPDUHFHLYLQJLSLOLPXPDEWKHUDS\:ROFKRN-'HWDODQGWRDOORZ
WKHSRWHQWLDOGHOD\HGFOLQLFDOUHVSRQVHWRLPPXQHHQKDQFLQJWKHUDSLHVWREHFDSWXUHG
PRUHDFFXUDWHO\7KLVVWXG\ZLOOXVHWKHPRGLILHGLU5&DVRXWOLQHGEHORZ
$QWLWXPRUUHVSRQVHEDVHGRQWRWDOPHDVXUDEOHWXPRUEXUGHQ
)RUWKHPRGLILHGLU5&RQO\LQGH[DQGPHDVXUDEOHQHZOHVLRQVDUHWDNHQLQWRDFFRXQW
LQFRQWUDVWWRFRQYHQWLRQDO:+2FULWHULDZKLFKGRQRWUHTXLUHWKHPHDVXUHPHQWRIQHZ
OHVLRQVQRUGRWKH\LQFOXGHQHZOHVLRQPHDVXUHPHQWVLQWKHFKDUDFWHUL]DWLRQRIHYROYLQJ
WXPRUEXUGHQ
7XPRUEXUGHQDVVHVVPHQW
x
$OOPHDVXUDEOHDQGQRQPHDVXUDEOHOHVLRQVVKRXOGEHDVVHVVHGDWVFUHHQLQJDQGDW
WKHGHILQHGWXPRUDVVHVVPHQWWLPHSRLQWV
x
$WEDVHOLQHWXPRUDVVHVVPHQWWXPRUEXUGHQLVWKHVXPRIWKHSURGXFWVRIWKH
ORQJHVWSHUSHQGLFXODUGLDPHWHUV63'RIDOOLQGH[OHVLRQVOHVLRQVSHURUJDQDQG
XSWRWRWDOOHVLRQV
x
$WHDFKVXEVHTXHQWWXPRUDVVHVVPHQWWXPRUEXUGHQLVWKH63'RIWKHLQGH[OHVLRQV
DQGRIQHZPHDVXUDEOHOHVLRQVîPPXSWRQHZOHVLRQVSHURUJDQDQG
WRWDOOHVLRQVDUHDGGHGWRJHWKHU

7XPRUEXUGHQ 63'LQGH[OHVLRQV 63'QHZPHDVXUDEOHOHVLRQV
7LPHSRLQWUHVSRQVHDVVHVVPHQWXVLQJPRGLILHGLU5&
3HUFHQWDJHFKDQJHVLQWXPRUEXUGHQSHUDVVHVVPHQWWLPHSRLQWGHVFULEHWKHVL]HDQG
JURZWKNLQHWLFVRIERWKFRQYHQWLRQDODQGQHZOHVLRQVDVWKH\DSSHDU$WHDFKWXPRU
DVVHVVPHQWWKHUHVSRQVHLQLQGH[DQGQHZPHDVXUDEOHOHVLRQVLVGHILQHGEDVHGRQWKH
FKDQJHLQWXPRUEXUGHQDIWHUUXOLQJRXWLU3''HFUHDVHVLQWXPRUEXUGHQPXVWEH
DVVHVVHGUHODWLYHWREDVHOLQHPHDVXUHPHQWVLHWKH63'RIDOOLQGH[OHVLRQVDW
VFUHHQLQJ7KHPRGLILHGLU5&ZHUHGHULYHGIURP:+2FULWHULDDQGWKHUHIRUHWKH
WKUHVKROGVRIUHVSRQVHUHPDLQWKHVDPH+RZHYHUWKHPRGLILHGLU5&UHVSRQVH
FDWHJRULHVKDYHEHHQPRGLILHGIURPWKRVHRI:+2FULWHULDDVGHWDLOHGRQWKHRYHUDOO
UHVSRQVHFULWHULDWDEOHEHORZ
'HILQLWLRQV
0HWKRGVRIPHDVXUHPHQW
x
7KHVDPHLPDJLQJPRGDOLW\PHWKRGRIDVVHVVPHQWDQGWHFKQLTXHPXVWEHXVHG
WKURXJKRXWWKHVWXG\WRFKDUDFWHUL]HHDFKLGHQWLILHGDQGUHSRUWHGOHVLRQV

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


x
05,RU&7DUHWKHEHVWFXUUHQWO\DYDLODEOHDQGUHSURGXFLEOHPHWKRGVWRPHDVXUH
WXPRUOHVLRQVVHOHFWHGIRUUHVSRQVHDVVHVVPHQW$05,RU&7VFDQVKRXOGEH
SHUIRUPHGZLWKFRQWLJXRXVVOLFHWKLFNQHVVRIPPRUOHVV6XEMHFWVVKRXOGEH
HYDOXDWHGDWVFUHHQLQJIRUWROHUDQFHWR05,&7,9FRQWUDVW6XEMHFWVLQWROHUDQWRI&7
,9FRQWUDVWLHDOOHUJ\RUUHQDOLQVXIILFLHQF\VKRXOGEHLPDJHGXVLQJQRQFRQWUDVW
&7IRUWKHFKHVWDQG05,ZLWKRUZLWKRXWFRQWUDVWIRUWKHDEGRPHQDQGSHOYLVWR
HQDEOHWKHEHVWGHWHFWLRQRIGLVHDVHWKURXJKRXWWKHVWXG\VWDUWLQJDWEDVHOLQH,ID
VXEMHFWGHYHORSVDPHGLFDOFRQWUDGLFWLRQWRWKH05,&7,9FRQWUDVWZKLOHRQVWXG\
SUHDSSURYDORIWKHVSRQVRULVQHHGHGWRVZLWFKIURPFRQWUDVWHQKDQFHG05,WR
QRQFRQWUDVW05,RUWR&7DQGYLFHYHUVD
x
$OOEDVHOLQHHYDOXDWLRQVVKRXOGEHSHUIRUPHGDVFORVHO\DVSRVVLEOHWRWKHEHJLQQLQJ
RIWUHDWPHQWDQGQRWPRUHWKDQGD\VEHIRUHWKHEHJLQQLQJRIWKHWUHDWPHQW
F\FOHGD\
0HDVXUDEOHGLVHDVHWKHSUHVHQFHRIDWOHDVWPHDVXUDEOHOHVLRQ,IWKHPHDVXUDEOH
GLVHDVHLVUHVWULFWHGWRDVROLWDU\OHVLRQLWVQHRSODVWLFQDWXUHVKRXOGEHFRQILUPHGE\
F\WRORJ\KLVWRORJ\
x
0HDVXUDEOHOHVLRQV

/HVLRQVZLWKFOHDUERUGHUVWKDWFDQEHPHDVXUHGDFFXUDWHO\LQWZRGLPHQVLRQV
ORQJHVWSHUSHQGLFXODUGLDPHWHUVîPPZLWK05,&7VFDQVOLFHWKLFNQHVV
QRJUHDWHUWKDQPP

3DWKRORJLFO\PSKQRGHVLVPHDVXUDEOHZKHQWKHORQJHVWGLDPHWHUSHUSHQGLFXODU
WRWKHORQJD[LVVKRUWD[LVPP
x
1RQPHDVXUDEOHOHVLRQV

$OOOHVLRQVQRWFODVVLILHGDVPHDVXUDEOHOHVLRQV$WEDVHOLQHDVVHVVPHQW
QRQPHDVXUDEOHOHVLRQVLQFOXGLQJVPDOOOHVLRQVWKDWDUHVPDOOHUWKDQîPP
ZLWK05,&7VOLFHWKLFNQHVVQRJUHDWHUWKDQPP

7UXO\QRQPHDVXUDEOHOHVLRQVLHERQHOHVLRQVSOHXUDOSHULFDUGLDOHIIXVLRQV
OHSWRPHQLQJHDOGLVHDVHDVFLWHVLQIODPPDWRU\EUHDVWGLVHDVHO\PSKDQJLWLV
FXWLVSXOPRQLVF\VWLFOHVLRQVDQGDEGRPLQDOPDVVHVWKDWDUHQRWFRQILUPHGDQG
IROORZHGE\LPDJLQJWHFKQLTXHV

7XPRUOHVLRQVVLWXDWHGLQDSUHYLRXVO\LUUDGLDWHGDUHD

3DWKRORJLFO\PSKQRGHVZLWKVKRUWD[LVPPEXWPP
x
,QGH[OHVLRQV

$OOPHDVXUDEOHOHVLRQVXSWRDPD[LPXPRIOHVLRQVSHURUJDQDQGOHVLRQVLQ
WRWDOUHSUHVHQWDWLYHRIDOOLQYROYHGRUJDQVDUHWREHLGHQWLILHGDV,QGH[OHVLRQV
DQGUHFRUGHGDQGPHDVXUHG,QGH[OHVLRQVDUHWREHVHOHFWHGRQWKHEDVLVRI
WKHLUVL]HDQGWKHLUVXLWDELOLW\IRUDFFXUDWHUHSHDWHGPHDVXUHPHQWVE\LPDJLQJ
WHFKQLTXHVDQGPRVWUHSUHVHQWDWLYHRIWKHVXEMHFW¶VWXPRUEXUGHQ
x
1RQ,QGH[OHVLRQV

0HDVXUDEOHOHVLRQVRWKHUWKDQLQGH[OHVLRQVDQGDOOVLWHVRIQRQPHDVXUDEOH
GLVHDVHZLOOEHLGHQWLILHGDVQRQLQGH[OHVLRQV1RQLQGH[OHVLRQVZLOOEH
HYDOXDWHGDWWKHVDPHDVVHVVPHQWWLPHSRLQWVDVWKHLQGH[OHVLRQV,Q
VXEVHTXHQWDVVHVVPHQWVFKDQJHVLQQRQLQGH[OHVLRQVZLOOFRQWULEXWHRQO\LQWKH
DVVHVVPHQWRIFRPSOHWHUHVSRQVH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



3DWKRORJLFO\PSKQRGHVZLWKVKRUWD[LVPPEXWPPVKRXOGEH
FRQVLGHUHGDVQRQLQGH[OHVLRQV
x
8QDEOHWRHYDOXDWH8($Q\OHVLRQSUHVHQWDWEDVHOLQHZKLFKZDVQRWDVVHVVHGRU
ZDVXQDEOHWREHHYDOXDWHGOHDGLQJWRDQLQDELOLW\WRGHWHUPLQHWKHVWDWXVRIWKDW
SDUWLFXODUWXPRUIRUWKDWWLPHSRLQW
x
1RWDYDLODEOH1$6FDQQRWDYDLODEOH
x
1RW'RQH1'5DGLRJUDSKLFLPDJHRIFOLQLFDOPHDVXUHPHQWVZHUHQRWSHUIRUPHGDW
WKLVWLPHSRLQWWRHYDOXDWHWKHLQGH[OHVLRQV
x
,QGH[OHVLRQUHVSRQVH

,PPXQHUHODWHG&RPSOHWH5HVSRQVHLU&5±FRPSOHWHGLVDSSHDUDQFHRIDOO
LQGH[OHVLRQVLQWZRFRQVHFXWLYHREVHUYDWLRQVDWOHDVWZHHNVDSDUW

3DWKRORJLFO\PSKQRGHVPXVWKDYHUHGXFWLRQLQVKRUWD[LVWRPP

,PPXQHUHODWHG3DUWLDO5HVSRQVHLU35±GHFUHDVHRIRUJUHDWHULQWXPRU
EXUGHQFRPSDUHGZLWKEDVHOLQHLQWZRFRQVHFXWLYHREVHUYDWLRQVDWOHDVWZHHNV
DSDUW

,PPXQHUHODWHG6WDEOH'LVHDVHLU6'QRWPHHWLQJWKHFULWHULDIRULU&5RULU35
LQWKHDEVHQFHRILPPXQHUHODWHGSURJUHVVLYHGLVHDVH

,PPXQHUHODWHG3URJUHVVLYH'LVHDVHLU3'±DWOHDVWDLQFUHDVHLQWXPRU
EXUGHQFRPSDUHGZLWKQDGLUDWDQ\VLQJOHWLPHSRLQWLQWZRFRQVHFXWLYH
REVHUYDWLRQVDWOHDVWZHHNVDSDUW
R :KHQWKHVL]HRIWKHWXPRUOHVLRQLVFRQVLGHUHGµWRRVPDOOWRPHDVXUH¶
HJOHVVWKDQîPPDGHIDXOWYDOXHRIîPPVKRXOGEHDVVLJQHGIRU
LQGH[OHVLRQV,IWKLVLVQDGLULU3'ZLOOEHMXGJHGIURPWKHWXPRUEXUGHQ
FDOFXODWHGXVLQJWKHGHIDXOWYDOXH
x
1RQ,QGH[/HVLRQ5HVSRQVH

LU&5±FRPSOHWHGLVDSSHDUDQFHRIDOOQRQLQGH[OHVLRQV
R 3DWKRORJLFO\PSKQRGHVPXVWKDYHUHGXFWLRQLQVKRUWD[LVWRPP

LU35±QRQ,QGH[OHVLRQVDUHQRWFRQVLGHUHGLQWKHGHILQLWLRQRILU35

LU6'±QRQ,QGH[OHVLRQVDUHQRWFRQVLGHUHGLQWKHGHILQLWLRQRILU6'

LU3'±LQFUHDVHVLQQXPEHURUVL]HRIQRQLQGH[OHVLRQVGRHVQRWFRQVWLWXWH
SURJUHVVLYHGLVHDVH1HZOHVLRQVWKDWDUHPHDVXUDEOHîPPXSWRQHZ
OHVLRQVSHURUJDQDUHLQFOXGHGLQWKHFDOFXODWLRQRIWXPRUEXUGHQLQUHVSRQVH
DVVHVVPHQWV
x
2YHUDOOUHVSRQVH

LU&5±FRPSOHWHGLVDSSHDUDQFHRIDOOOHVLRQVZKHWKHUPHDVXUDEOHRUQRWDQGQR
QHZOHVLRQV
R &RQILUPDWLRQE\DUHSHDWFRQVHFXWLYHDVVHVVPHQWQROHVVWKDQZHHNVIURP
WKHGDWHRIWKHILUVWGRFXPHQWHGUHVSRQVH

LU35±GHFUHDVHLQWXPRUEXUGHQUHODWLYHWREDVHOLQH
R &RQILUPDWLRQE\DUHSHDWFRQVHFXWLYHDVVHVVPHQWDWOHDVWZHHNVDIWHUWKH
ILUVWGRFXPHQWDWLRQ

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/



LU6'±QRWPHHWLQJFULWHULDIRULU&5RULU35LQWKHDEVHQFHRILU3'

LU3'±LQFUHDVHLQWXPRUEXUGHQUHODWLYHWRQDGLUPLQLPXPUHFRUGHG
WXPRUEXUGHQ
R &RQILUPDWLRQE\DUHSHDWFRQVHFXWLYHDVVHVVPHQWQROHVVWKDQZHHNVIURP
WKHGDWHRIWKHILUVWGRFXPHQWHGDVVHVVPHQW
x
5HVSRQVHFRQILUPDWLRQ

LU&5DQGLU35
R 0XVWEHFRQILUPHGE\FRQVHFXWLYHUHSHDWDVVHVVPHQWVSHUIRUPHGDWOHDVW
ZHHNVDIWHUWKHFULWHULDIRUUHVSRQVHDUHILUVWPHW7KHFRQILUPDWLRQVFDQ
PD\DOVREHSHUIRUPHGDWWKHQH[WLPDJLQJDVVHVVPHQWDVGHILQHGE\WKH
VFKHGXOHRIDVVHVVPHQWDIWHUWKHILUVWREVHUYDWLRQ

LU3'
R 0XVWEHFRQILUPHGE\FRQVHFXWLYHUHSHDWDVVHVVPHQWVSHUIRUPHGDWOHDVW
ZHHNVDSDUWLQWKHDEVHQFHRIUDSLGFOLQLFDOGHWHULRUDWLRQ7KHFRQILUPDWLRQ
VFDQPD\DOVREHSHUIRUPHGDWWKHQH[WLPDJLQJDVVHVVPHQWDVGHILQHGE\
WKHVFKHGXOHRIDVVHVVPHQWDIWHUWKHILUVWREVHUYDWLRQLIWKHVXEMHFWKDV
VWDEOHRULPSURYHGFOLQLFDOVWDWXV,WLVUHFRPPHQGHGWKDWWKLVEHGRQHDWWKH
GLVFUHWLRQRIWKHLQYHVWLJDWRUEHFDXVHIROORZXSZLWKREVHUYDWLRQDORQHPD\
QRWEHDSSURSULDWHIRUVXEMHFWVZLWKDUDSLGGHFOLQHLQSHUIRUPDQFHVWDWXV
R 6XEMHFWVZLWKDJOREDOGHWHULRUDWLRQRIKHDOWKVWDWXVUHTXLULQJGLVFRQWLQXDWLRQ
RIWUHDWPHQWZLWKRXWREMHFWLYHHYLGHQFHRIGLVHDVHSURJUHVVLRQDWWKHWLPH
VKRXOGKDYHWKHUHDVRQIRUWUHDWPHQWGLVFRQWLQXDWLRQFODVVLILHGDV
QRQFRQILUPHGGLVHDVHSURJUHVVLRQ,QWKLVFDVHLU3'FDQQRWEHDVVLJQHGDW
WKHWLPHDVWKHRYHUDOOREMHFWLYHWXPRUUHVSRQVH(YHU\HIIRUWVKRXOGEH
PDGHWRGRFXPHQWWKHREMHFWLYHSURJUHVVLRQHYHQDIWHUGLVFRQWLQXDWLRQRI
WUHDWPHQW

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


0HDVXUHPHQWDQG7XPRU5HVSRQVH$VVHVVPHQW%DVHGRQPRGLILHGLU5&
0HDVXUDEOHOHVLRQV
x
îPP 
x
3DWKRORJLFO\PSKQRGHVVKRUWD[LVPP
0HDVXUHPHQWRIHDFKOHVLRQ
7KHSURGXFWRIWKHORQJHVWSHUSHQGLFXODUGLDPHWHUVFP
7KHVXPRIWKHPHDVXUHPHQWV
63'
x
7KHVXPRIWKHSURGXFWVRIWKHORQJHVWSHUSHQGLFXODU
GLDPHWHUV63'RIDOOLQGH[OHVLRQVDQGQHZPHDVXUDEOH
OHVLRQVLIDQ\
x
8SWROHVLRQVSHURUJDQDQGXSWRWRWDOLQGH[OHVLRQV
5HVSRQVHDVVHVVPHQW
x
LU3'LQFUHDVHIURPQDGLUUHTXLUHFRQILUPDWLRQ
x
LU6'GHFUHDVHIURPEDVHOLQHDQGLQFUHDVH
IURPQDGLU
x
LU35GHFUHDVHIURPEDVHOLQHUHTXLUH
FRQILUPDWLRQ
x
LU&5'LVDSSHDUDQFHRIDOOOHVLRQVUHTXLUHFRQILUPDWLRQ
1HZ/HVLRQV
7KHSUHVHQFHRIQHZOHVLRQVGRHVQRWGHILQHSURJUHVVLRQ
0HDVXUDEOHQHZOHVLRQVîPP7KHPHDVXUHPHQWVRI
WKHQHZOHVLRQVVDUHLQFOXGHGLQWKHVXPRIWKH
PHDVXUHPHQWV
&RQILUPDWLRQ
&RQILUPDWLRQE\FRQVHFXWLYHREVHUYDWLRQVDWOHDVWZHHNV
DSDUWUHTXLUHGIRULU&5LU35DQGLU3'
0RGLILHGLU5&2YHUDOO5HVSRQVH$VVHVVPHQW
0HDVXUDEOH5HVSRQVH
1RQPHDVXUDEOH5HVSRQVH
2YHUDOO5HVSRQVH
,QGH[DQGQHZ
PHDVXUDEOHOHVLRQV
WXPRUEXUGHQD
1RQ,QGH[OHVLRQV
1HZQRQPHDVXUDEOH
OHVLRQV
8VLQJLU5&
Ļ
$EVHQW
$EVHQW
LU&5E
Ļ
6WDEOH1$
$Q\
LU35E
Ļ
8QHTXLYRFDO
SURJUHVVLRQ
$Q\
LU35E
Ļ
$EVHQW6WDEOH1$
$Q\
LU35E
Ļ
8QHTXLYRFDO
SURJUHVVLRQ
$Q\
LU35E
ĻWRĹ
$EVHQW6WDEOH1$
$Q\
LU6'
ĻWRĹ
8QHTXLYRFDO
SURJUHVVLRQ
$Q\
LU6'
Ĺ
$Q\
$Q\
LU3'E
8(
$Q\
$Q\
8(
1'
$Q\
$Q\
8(
1$
$Q\
$Q\
8(
1$ QRWDYDLODEOH1' QRWGRQH8( XQDEOHWRHYDOXDWH
D'HFUHDVHGGLVHDVHUHODWLYHWREDVHOLQHLQFOXGLQJQHZPHDVXUDEOHOHVLRQV îPP
E5HVSRQVHLU&5LU35DQGSURJUHVVLRQLU3'DUHFRQILUPHGE\DVHFRQGFRQVHFXWLYHDVVHVVPHQWDWOHDVW
ZHHNVDSDUW

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


$SSHQGL[(7R[LFLW\3UREDELOLW\,QWHUYDO73,%D\HVLDQ'HVLJQ
7KHGRVHHVFDODWLRQFRKRUWVZLOOXVHD73,%D\HVLDQGHVLJQWRJXLGHGRVHHVFDODWLRQ
7KH07'WDUJHW73,IRU'/7LVDQG73,VRIDQG
DUHGHILQHGDVH[FHVVLYHDQGXQDFFHSWDEOHUHVSHFWLYHO\7KHGHVLJQVHHNVWRLGHQWLI\
DGRVHPRVWOLNHO\WRKDYHD'/7UDWHLQWKHWDUJHW73,EXWZLWKRYHUGRVHFRQWURO
WKDWOLPLWVWKHSRVVLELOLW\WKDWWKHGRVHKDVDQH[FHVVLYHRUXQDFFHSWDEOH'/7UDWH
%DEEHWDO7KHSUREDELOLW\RID'/7DWGRVHOHYHOGLLVDVVXPHGWRIROORZD
%HUQRXOOLGLVWULEXWLRQZLWKSUREDELOLW\SLZKHUHWKHORJLWRISLLQFUHDVHVOLQHDUO\ZLWKWKH
ORJRIWKHVWDQGDUGL]HGGRVHLQWKHIROORZLQJSDUDPHWHUORJLVWLFPRGHO
ORJ>SLSL@ ORJLWSL ORJ>D@H[SORJ>E@ORJGLGPD[
ZKHUHDDQGEDUHUDQGRPYDULDEOHVDQGGPD[LVWKHPD[LPXPSODQQHGGRVH
$PLQLPDOO\LQIRUPDWLYHSULRUGLVWULEXWLRQ1HXHQVFKZDQGHUHWDOZDVVHOHFWHGIRU
WKHWD ORJDORJEZKHUHWKHSUREDELOLW\WKDWWKHWUXH'/7UDWHLV DWWKHORZHVW
GRVHJGD\IRUGD\VLVDQGWKHSUREDELOLW\WKHWUXH'/7UDWHLVDWWKH
PD[LPXPGRVHJGD\IRUGD\VLV0HGLDQYDOXHVIRUSLZHUHLQWHUSRODWHG
SHUWKHORJLVWLFPRGHO)RUHDFKGLTXDQWLOHVIRUSLZHUHVHOHFWHGIURPD%HWD
GLVWULEXWLRQZLWKWKHWDUJHWPHGLDQDQGDSUHFLVLRQ7KLVVHWRITXDQWLOHVIXOO\
VSHFLILHGDWDUJHWSULRUIRUWKHWD$ELYDULDWHQRUPDOGLVWULEXWLRQIRUWKHWDZDVDVVXPHG
ZKHUHORJDKDVDQRUPDOGLVWULEXWLRQZLWKPHDQPDDQGVWDQGDUGGHYLDWLRQVDDQG
ORJEKDVDQRUPDOGLVWULEXWLRQZLWKPHDQPEDQGVWDQGDUGGHYLDWLRQVEDQGULVWKH
FRUUHODWLRQEHWZHHQORJDDQGORJE1XPHULFDOLQWHJUDWLRQZDVXVHGWRFDOFXODWH
3U>SLTGL@ZKHUHTGLLVDTXDQWLOHIRUGRVHGL$QRSWLPDOELYDULDWHQRUPDOGLVWULEXWLRQ
ZDVHVWLPDWHGWKDWDFKLHYHGWKHPLQLPXPVXPRIVTXDUHGGLIIHUHQFHEHWZHHQDFKLHYHG
DQGVSHFLILHGTXDQWLOHVDFURVVDOOGRVHV7KHELYDULDWHQRUPDOGLVWULEXWLRQSULRUVROXWLRQ
KDVPD VD PE VE DQGU 
7KHRSHUDWLQJFKDUDFWHULVWLFVRIWKH73,%D\HVLDQGHVLJQZHUHHYDOXDWHGYLDVLPXODWLRQ
7KHFRKRUWVL]HZDVIL[HGWREHVXEMHFWV$OOVLPXODWHGVWXGLHVVWDUWHGZLWKDQLQLWLDO
GRVHRIJGD\IRUGD\VDQGVXEVHTXHQWGRVHVZHUHVHOHFWHGEDVHGRQWKHUXOHV
VSHFLILHGLQ6HFWLRQ
7KHGHVLJQZDVHYDOXDWHGIRUWZRSRVVLEOHGRVHUHVSRQVHVFHQDULRVFRQVLVWHQWZLWKWKH
GHVLJQ¶VPRGHO³/RZ´DQG³+LJK´07'V7KHWDUJHW07'RIWKHVHVFHQDULRVDUHVHW
WREHDQGWKLVWDUJHWZDVVHWDWDGRVHRIJGD\IRUGD\VDQGJGD\
IRUGD\VIRUWKH/RZ+LJKVFHQDULRVUHVSHFWLYHO\$Q³DFFHSWDEOH´ILQDOGRVHZDV

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


GHILQHGDVRQHZLWKWKHKLJKHVWRUVHFRQGKLJKHVWWDUJHW73,SUREDELOLW\DQGDOHVVWKDQ
H[FHVVLYHRUXQDFFHSWDEOH73,SUREDELOLW\7KHDFFHSWDEOHGRVHVE\VFHQDULRZHUH
IRU/RZDQGIRU+LJK7KHELYDULDWHQRUPDOGLVWULEXWLRQIRUHDFK
VFHQDULRZDVHVWLPDWHGDVSHUWKHSULRU$%HUQRXOOLSUREDELOLW\IRUHDFKVXEMHFWLQWKH
VLPXODWLRQVZDVVHOHFWHGIURPDUDQGRPVDPSOHIRUWKHELYDULDWHQRUPDOGLVWULEXWLRQIRU
DJLYHQVFHQDULRDQGDUDQGRP'/7RXWFRPHIRUWKHVXEMHFWZDVJHQHUDWHGEDVHGRQ
WKLV'/7SUREDELOLW\
7KHVLPXODWLRQUHVXOWVDUHVXPPDUL]HGLQWKHWDEOHEHORZ7KHDYHUDJHVDPSOHVL]H
LQFUHDVHGIURPWRLQ/RZWR+LJK07'VFHQDULRV(DUO\'/7VUHVXOWHGLQFORVH
WRFKDQFHRIVWRSSLQJZLWKQRGRVHVHOHFWLRQLQERWKFDVHVGXHWRWKHRYHUGRVH
FRQWUROFULWHULD7KHDYHUDJH/RZDQG+LJKILQDOGRVHZDVDERXWDQGJG
7KHUDWHRIDFFHSWDEOHGRVHVHOHFWLRQLVKLJKHULQ/RZVFHQDULRFRPSDULQJZLWK
+LJKVFHQDULR7KHDYHUDJHQXPEHURI'/7VDQG'/7UDWHLVKLJKHULQ/RZ
VFHQDULRWKDQ+LJKVFHQDULRGXHWRHDUO\RFFXUUHQFHRI'/7V
6LPXODWLRQ5HVXOWVRI73,0RGHO
/RZ
$FFHSWDEOH'RVH
+LJK
$FFHSWDEOH'RVH
1XPEHURI6XEMHFWV,45


$FFHSWDEOH5DWH&,


1R'RVH5DWH&,


'RVH,45


1XPEHURI'/7V,45


'/75DWH


&, FRQILGHQFHLQWHUYDO'/7 GRVHOLPLWLQJWR[LFLW\,45 LQWHUTXDUWLOHUDQJH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


$SSHQGL[).DUQRIVN\3HUIRUPDQFH6WDWXVDQG'HILQLWLRQV
.DUQRIVN\3HUIRUPDQFH6WDWXV
6FRUH
'HVFULSWLRQ

1RUPDOQRFRPSODLQWVQRHYLGHQFHRIGLVHDVH

$EOHWRFDUU\RQQRUPDODFWLYLW\PLQRUVLJQVRUV\PSWRPVRIGLVHDVH

1RUPDODFWLYLW\ZLWKHIIRUWVRPHVLJQVRIV\PSWRPVRIGLVHDVH

&DUHVIRUVHOIXQDEOHWRFDUU\RQQRUPDODFWLYLW\RUWRGRDFWLYHZRUN

5HTXLUHVRFFDVLRQDODVVLVWDQFHEXWLVDEOHWRFDUHIRUPRVWRIKLVQHHGV

5HTXLUHVFRQVLGHUDEOHDVVLVWDQFHDQGIUHTXHQWPHGLFDOFDUH

'LVDEOHGUHTXLUHVVSHFLDOFDUHDQGDVVLVWDQFH

6HYHUHO\GLVDEOHGKRVSLWDOL]DWLRQLVLQGLFDWHGDOWKRXJKGHDWKQRWLPPLQHQW

9HU\VLFNKRVSLWDOL]DWLRQQHFHVVDU\DFWLYHVXSSRUWWUHDWPHQWQHFHVVDU\

0RULEXQGIDWDOSURFHVVHVSURJUHVVLQJUDSLGO\

'HDG
$GDSWHGIURP.DUQRIVN\HWDO

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


$SSHQGL[*1HZ<RUN+HDUW$VVRFLDWLRQ)XQFWLRQDO&ODVVLILFDWLRQ
&ODVV,
1ROLPLWDWLRQRISK\VLFDODFWLYLW\2UGLQDU\SK\VLFDODFWLYLW\GRHVQRWFDXVH
XQGXHIDWLJXHSDOSLWDWLRQRUG\VSQHD
&ODVV,,
6OLJKWOLPLWDWLRQRISK\VLFDODFWLYLW\&RPIRUWDEOHDWUHVWEXWRUGLQDU\
SK\VLFDODFWLYLW\UHVXOWVLQIDWLJXHSDOSLWDWLRQRUG\VSQHD
&ODVV,,,
0DUNHWOLPLWDWLRQRISK\VLFDODFWLYLW\&RPIRUWDEOHDWUHVWEXWOHVVWKDQ
RUGLQDU\DFWLYLW\FDXVHVIDWLJXHSDOSLWDWLRQRUG\VSQHD
&ODVV,9
8QDEOHWRFDUU\RXWDQ\SK\VLFDODFWLYLW\ZLWKRXWGLVFRPIRUW6\PSWRPVRI
FDUGLDFLQVXIILFLHQF\PD\EHSUHVHQWHYHQDWUHVW,IDQ\SK\VLFDODFWLYLW\LV
XQGHUWDNHQGLVFRPIRUWLVLQFUHDVHG

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


$PHQGPHQW
3URWRFRO7LWOH$3KDVH6WXG\(YDOXDWLQJWKH6DIHW\7ROHUDELOLW\
3KDUPDFRNLQHWLFV3KDUPDFRG\QDPLFVDQG(IILFDF\RI$0*$GPLQLVWHUHGDV
&RQWLQXRXV,QWUDYHQRXV,QIXVLRQLQ6XEMHFWV:LWK5HODSVHG5HIUDFWRU\
*DVWURLQWHVWLQDO$GHQRFDUFLQRPD
$PJHQ3URWRFRO1XPEHU$0*
(XGUD&71XPEHU

$PHQGPHQW'DWH
0D\
5DWLRQDOH
7KHSURWRFROZDVDPHQGHGIRUWKHIROORZLQJUHDVRQV

,QFOXGHWKHSRVVLELOLW\RIH[SORULQJDOWHUQDWLYHGRVHOHYHOVXSWRJGLQHLWKHU
WKHGD\RUWKHGD\VFKHGXOHEDVHGRQHPHUJLQJGDWD
R 7RGDWHQRGRVHOLPLWLQJWR[LFLW\KDVEHHQREVHUYHGLQWKHVWXG\DQG
WROHUDELOLW\RIGRVHVXSWRJGD\LQWKHGD\VFKHGXOHDQG
JGD\LQWKHGD\VFKHGXOHKDVEHHQGHPRQVWUDWHGVXPPDU\GDWD
SUHVHQWLQJH[SRVXUHDQGWUHDWPHQWHPHUJHQWDGYHUVHHYHQWVDUHHQFORVHGLQ
GRFXPHQW³$0*7DEOHV([SRVXUHB$GYHUVH(YHQWVBFXWRII
0D\´

&ROOHFWLRQRIDQDGGLWLRQDORQWUHDWPHQWRSWLRQDOELRSV\DWF\FOHRUVXEVHTXHQW
F\FOHVZDVDGGHGWRDOORZDEHWWHUSKDUPDFRG\QDPLFPDUNHUVUHDGRXW

7KHVFKHGXOHRIDVVHVVPHQWVWDEOHZDVFRUUHFWHGDQGXSGDWHGWRLQFOXGH
R DGGLWLRQDO7XPRU0DUNHUVDVVHVVPHQWFROOHFWLRQDWF\FOHDQGDOO
VXEVHTXHQWF\FOHVDW(QGRI,QYHVWLJDWLRQDO3URGXFWDQG(QGRI6WXG\YLVLWV
R DGGLWLRQDORSWLRQDOELRSV\DWF\FOHRUVXEVHTXHQWF\FOHV
R VSHFLILFDWLRQRIWKH(&*FROOHFWLRQWLPHSRLQWV

5LVNDVVHVVPHQWDQGUHVSHFWLYH6DIHW\ODQJXDJHZHUHXSGDWHGWRDGGUHVV&56DV
,GHQWLILHG5LVNDQGWRFODULI\UHSRUWLQJRIDGYHUVHHYHQWV

,QIRUPDWLRQRQFRPSOHWHG),+VWXG\0,&3ZDVXSGDWHGZLWKILQDOUHVXOWVRQ
&OLQLFDOSKDUPDFRNLQHWLFVDQGFOLQLFDOVWXG\GDWD

$GPLQLVWUDWLYHW\SRJUDSKLFDODQGIRUPDWWLQJFKDQJHVZHUHPDGHWKURXJKRXWWKH
SURWRFRO

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


'HVFULSWLRQRI&KDQJHV
6HFWLRQ*OREDO
&KDQJH
7KHYHUVLRQLVXSGDWHGWR$PHQGPHQWDQGWKHGDWHLVXSGDWHGWR0D\
6HFWLRQ3URWRFRO6\QRSVLV([SORUDWRU\2EMHFWLYHV
5HSODFH
x
(YDOXDWHWKHHIIHFWVRIJHQHWLFYDULDWLRQVLQFDQFHUJHQHVDQGPXOWLSOHRWKHUDVSHFWV
RIWKHWXPRUDQGWXPRUPLFURHQYLURQPHQWEHIRUHDQGIROORZLQJWUHDWPHQWZLWK
$0*ZKLFKPD\LQFOXGH&($H[SUHVVLRQPDUNHUVRIQHFURVLVRUDSRSWRVLVDQG
SRWHQWLDOFKDQJHVLQWKHQDWXUHDQGQXPEHURIWXPRULQILOWUDWLQJO\PSKRF\WHV
:LWK
x
(YDOXDWHWKHHIIHFWVRIJHQHWLFYDULDWLRQVLQFDQFHUJHQHV
x
(YDOXDWHPXOWLSOHRWKHUDVSHFWVRIWKHWXPRUDQGWXPRUPLFURHQYLURQPHQWEHIRUH
DQGIROORZLQJWUHDWPHQWZLWK$0*ZKLFKPD\LQFOXGH&($H[SUHVVLRQPDUNHUV
RIQHFURVLVRUDSRSWRVLVDQGSRWHQWLDOFKDQJHVLQWKHQDWXUHDQGQXPEHURIWXPRU
LQILOWUDWLQJO\PSKRF\WHV
6HFWLRQ3URWRFRO6\QRSVLV3ULPDU\(QGSRLQW
5HSODFH
6DIHW\VXEMHFWLQFLGHQFHRIDGYHUVHHYHQWVGRVHOLPLWLQJWR[LFLWLHV'/7VDQGFOLQLFDOO\
VLJQLILFDQWFKDQJHVLQYLWDOVLJQVHOHFWURFDUGLRJUDPVSK\VLFDOH[DPLQDWLRQILQGLQJVDQG
FOLQLFDOODERUDWRU\WHVWV
:LWK
6DIHW\VXEMHFWLQFLGHQFHRIWUHDWPHQWHPHUJHQWDGYHUVHHYHQWV7($(VGRVHOLPLWLQJ
WR[LFLWLHV'/7VDQGFOLQLFDOO\VLJQLILFDQWFKDQJHVLQYLWDOVLJQVHOHFWURFDUGLRJUDPV
SK\VLFDOH[DPLQDWLRQILQGLQJVDQGFOLQLFDOODERUDWRU\WHVWV
6HFWLRQ3URWRFRO6\QRSVLV6HFRQGDU\(QGSRLQWV
$GGDFURQ\P
773
6HFWLRQ3URWRFRO6\QRSVLV6WXG\'HVLJQ
5HSODFH
x
'RVHH[SDQVLRQ
'RVHH[SDQVLRQZLOOHQUROODGGLWLRQDOVXEMHFWVWRJDLQIXUWKHUFOLQLFDOH[SHULHQFHZLWK
$0*

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


'RVHHVFDODWLRQ
,QGRVHHVFDODWLRQFRKRUWVWKHSODQQHGGRVHOHYHOVDUHDVIROORZV
DQGJGD\$OWHUQDWLYHGRVHOHYHOVXSWRJGZLOOEHH[SORUHGEDVHG
RQHPHUJLQJGDWD
:LWK
x
'RVHH[SDQVLRQ
7KHGRVHH[SDQVLRQZLOOHQUROODGGLWLRQDOVXEMHFWVWRJDLQIXUWKHUFOLQLFDOH[SHULHQFH
ZLWK$0*
'RVHHVFDODWLRQ
,QGRVHHVFDODWLRQFRKRUWVWKHSODQQHGGRVHOHYHOVDUHDVIROORZV
DQGJGD\$OWHUQDWLYHGRVHOHYHOVXSWRJGZLOOEHH[SORUHGLQ
HLWKHUWKHGD\RUGD\VFKHGXOHEDVHGRQHPHUJLQJGDWD
6HFWLRQ3URWRFRO6\QRSVLV6XPPDU\RI6XEMHFW(OLJLELOLW\&ULWHULD
7\SRFRUUHFWLRQ
5HSODFH
6XEMHFWVPXVWKDYHDWOHDVWPHDVXUHDEOHWXPRUOHVLRQSHUWKHPRGLILHGLU5&
$SSHQGL['DQGDGHTXDWHKHPDWRORJLFDOUHQDODQGOLYHUIXQFWLRQ
:LWK
6XEMHFWVPXVWKDYHDWOHDVWPHDVXUDEOHWXPRUOHVLRQSHUWKHPRGLILHGLU5&
$SSHQGL['DQGDGHTXDWHKHPDWRORJLFDOUHQDODQGOLYHUIXQFWLRQ
6HFWLRQ3URWRFRO6\QRSVLV6WDWLVWLFDO&RQVLGHUDWLRQV
5HSODFH
7KH$PJHQ0HGLFDO0RQLWRUDQG$PJHQ*OREDO6DIHW\2IILFHUFDQPDNHGRVHGHFLVLRQV
ZLWKRXWFRQYHQLQJWKH'/57LQWKHIROORZLQJOLPLWHGFLUFXPVWDQFHV
x
,IDFRKRUWKDVDWOHDVW'/7HYDOXDEOHVXEMHFWVDQGVXEMHFWH[SHULHQFHVD
'/7WKHQWKH$PJHQ0HGLFDO0RQLWRUDQG$PJHQ*OREDO6DIHW\2IILFHUPD\
GHFLGHWRH[SDQGWKHQXPEHURIVXEMHFWVWUHDWHGLQWKLVFRKRUW
x
7KH$PJHQ0HGLFDO0RQLWRUDQG$PJHQ*OREDO6DIHW\2IILFHUPD\GHFLGHWR
RSHQWKHQH[WFRKRUWXVLQJDGHHVFDODWHGGRVHGHHVFDODWHGIURPWKHGRVH
OHYHORIWKHPRVWUHFHQWFRKRUWLIWKLVGHHVFDODWHGGRVHKDGEHHQSUHYLRXVO\
HYDOXDWHGE\WKH'/57

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


:LWK
7KH$PJHQ0HGLFDO0RQLWRURU('/DQG$PJHQ*OREDO6DIHW\2IILFHUFDQPDNHGRVH
GHFLVLRQVZLWKRXWFRQYHQLQJWKH'/57LQWKHIROORZLQJOLPLWHGFLUFXPVWDQFHV
x
,IDFRKRUWKDVDWOHDVW'/7HYDOXDEOHVXEMHFWVDQGVXEMHFWH[SHULHQFHVD
'/7WKHQWKH$PJHQ0HGLFDO0RQLWRUDQG$PJHQ*OREDO6DIHW\2IILFHUPD\
GHFLGHWRH[SDQGWKHQXPEHURIVXEMHFWVWUHDWHGLQWKLVFRKRUW
x
7KH$PJHQ0HGLFDO0RQLWRURU('/DQG$PJHQ*OREDO6DIHW\2IILFHUPD\
GHFLGHWRRSHQWKHQH[WFRKRUWXVLQJDGHHVFDODWHGGRVHGHHVFDODWHGIURPWKH
GRVHOHYHORIWKHPRVWUHFHQWFRKRUWLIWKLVGHHVFDODWHGGRVHKDGEHHQ
SUHYLRXVO\HYDOXDWHGE\WKH'/57
6HFWLRQ6WXG\'HVLJQDQG7UHDWPHQW6FKHPD
$GG
'HSHQGLQJRQWKHVDIHW\GDWDIURPWKHJGD\FRKRUWVDOHYHORI
JGD\FDQEHDGGHGLIDJUHHGE\WKH'/577KHORQJHVWVFKHGXOHDOORZLQJ
KLJKHVWGRVHLQWHQVLW\GD\RUGD\LQIXVLRQIRXQGWREHWROHUDWHGZLOOEH
VHOHFWHGIRUWKHDGGLWLRQDOFRKRUW
6HFWLRQ6WXG\*ORVVDU\
$GG
&56

&\WRNLQH5HOHDVH6\QGURPH
('/

(DUO\'HYHORSPHQW/HDG
7($(V
7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV
773

7LPHWRSURJUHVVLRQ
5HSODFH
(27
(QGRI7UHDWPHQW'HILQHGDVWKHODVWDVVHVVPHQWIRUWKHSURWRFRO
VSHFLILHGWUHDWPHQWSKDVHRIWKHVWXG\IRUDQLQGLYLGXDOVXEMHFW
:LWK
(2,3
(QGRI,QYHVWLJDWLRQDO3URGXFW'HILQHGDVWKHODVWDVVHVVPHQWIRUWKH
SURWRFROVSHFLILHGWUHDWPHQWSKDVHRIWKHVWXG\IRUDQLQGLYLGXDOVXEMHFW
6HFWLRQ6HFRQGDU\
5HSODFH
(YDOXDWHWLPHWRSURJUHVVLRQDQGWRHYDOXDWHWKHSURSRUWLRQRIVXEMHFWVSURJUHVVLRQIUHH
DWPRQWKV

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


:LWK
(YDOXDWHWLPHWRSURJUHVVLRQ773DQGHYDOXDWHWKHSURSRUWLRQRIVXEMHFWV
SURJUHVVLRQIUHHDWPRQWKV
6HFWLRQ([SORUDWRU\
5HSODFH
x
(YDOXDWHWKHHIIHFWVRIJHQHWLFYDULDWLRQVLQFDQFHUJHQHVDQGPXOWLSOHRWKHUDVSHFWV
RIWKHWXPRUDQGWXPRUPLFURHQYLURQPHQWEHIRUHDQGIROORZLQJWUHDWPHQWZLWK
$0*ZKLFKPD\LQFOXGHFDUFLQRHPEU\RQLFDQWLJHQ&($H[SUHVVLRQPDUNHUV
RIQHFURVLVRUDSRSWRVLVDQGSRWHQWLDOFKDQJHVLQWKHQDWXUHDQGQXPEHURIWXPRU
LQILOWUDWLQJO\PSKRF\WHV
:LWK
x
(YDOXDWHWKHHIIHFWVRIJHQHWLFYDULDWLRQVLQFDQFHUJHQHV
x
(YDOXDWHPXOWLSOHRWKHUDVSHFWVRIWKHWXPRUDQGWXPRUPLFURHQYLURQPHQWEHIRUH
DQGIROORZLQJWUHDWPHQWZLWK$0*ZKLFKPD\LQFOXGHFDUFLQRHPEU\RQLFDQWLJHQ
&($H[SUHVVLRQPDUNHUVRIQHFURVLVRUDSRSWRVLVDQGSRWHQWLDOFKDQJHVLQWKH
QDWXUHDQGQXPEHURIWXPRULQILOWUDWLQJO\PSKRF\WHV
6HFWLRQ1RQFOLQLFDO3KDUPDFRORJ\
5HSODFH
'HWDLOHGLQIRUPDWLRQDERXWWKHQRQFOLQLFDOSKDUPDFRORJ\FDQEHIRXQGLQWKH0(',
$0*,QYHVWLJDWRU%URFKXUH0HG,PPXQH
:LWK
'HWDLOHGLQIRUPDWLRQDERXWWKHQRQFOLQLFDOSKDUPDFRORJ\FDQEHIRXQGLQWKHFXUUHQW
YHUVLRQRIWKH0(',$0*,QYHVWLJDWRU%URFKXUH
6HFWLRQ&OLQLFDO3KDUPDFRNLQHWLFV
5HSODFH
7KH3.RI$0*0(',ZDVHYDOXDWHGLQ6WXG\0,&3$0*ZDV
DGPLQLVWHUHGE\LQWUDYHQRXV,9LQIXVLRQRYHUKRXUVSHUGD\IRUFRQVHFXWLYHGD\V
LHGD\VWKURXJKHYHU\GD\VGHILQHGDVF\FOH,QWHULP3.GDWDDQDO\VHV
ZHUHFRQGXFWHGIRUWKHILUVWFRKRUWVWKURXJKWKHPJGRVHZLWKRXWGH[DPHWKDVRQH
DQGWKHPJGRVHZLWKGH[DPHWKDVRQH6HUXP$0*FRQFHQWUDWLRQVYHUVXVWLPH
SURILOHVDUHVKRZQLQ)LJXUH3KDUPDFRNLQHWLFSDUDPHWHUVHVWLPDWHGE\
QRQFRPSDUWPHQWDOPHWKRGVDUHVKRZQLQ7DEOH)ROORZLQJ,9LQIXVLRQWKHSHDN
VHUXPFRQFHQWUDWLRQVRI$0*LQFUHDVHGDSSUR[LPDWHO\GRVHSURSRUWLRQDOO\IURP
JP/DWWKHJGRVHOHYHOWRQJP/DWWKHPJGRVHOHYHO$0*
FRQFHQWUDWLRQVGHFUHDVHGUDSLGO\DIWHUWKHHQGRILQIXVLRQ(2,ZLWKDVKRUWWHUPLQDO
HOLPLQDWLRQSKDVHKDOIOLIHRIWRKRXUV&OHDUDQFH&/UDQJHGIURPWR/GD\

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


DYHUDJHYDOXH /GD\ /KUDQGWKHYROXPHRIGLVWULEXWLRQDWVWHDG\VWDWH9VV
UDQJHGIURPWR/DYHUDJHYDOXH /DFURVVWKHGRVHJURXSV$WWKHKLJKHVW
GRVHWHVWHGWRGDWHPJPHDQPD[LPXPSODVPDFRQFHQWUDWLRQ&PD[DWWKH(2,
ZDVQJP/ZKLFKGHFUHDVHGWRJP/ZLWKLQKRXUV7KHUHZDVQRQRWDEOH
DFFXPXODWLRQEHWZHHQGRVHVZLWKLQDF\FOHDQGWKH3.ZDVVLPLODUDFURVVF\FOHVIRUD
JLYHQGRVH7URXJKFRQFHQWUDWLRQVDWKRXUVSRVWGRVHZHUHEHORZWKHOLPLWRI
TXDQWLILFDWLRQ%/4LQVXEMHFWVUHFHLYLQJGRVHVRIDQGȝJ
VHH7DEOH7KHDUHDXQGHUWKHFRQFHQWUDWLRQWLPHFXUYHIURPWLPH]HURWRLQILQLW\
$8&LQILQFUHDVHGLQDGRVHSURSRUWLRQDOPDQQHURYHUWKHUDQJHRIWRJ
$0*3.ZDVFRPSDUDEOHDWWKHPJGRVHOHYHOZLWK&RKRUWRUZLWKRXW
&RKRUWGH[DPHWKDVRQHFRDGPLQLVWUDWLRQLQGLFDWLQJGH[DPHWKDVRQHKDGQRHIIHFW
RQ$0*3.VHH7DEOH
:LWK
7KH3.RI$0*0(',ZDVHYDOXDWHGLQ6WXG\0,&3$0*ZDV
DGPLQLVWHUHGE\LQWUDYHQRXV,9LQIXVLRQRYHUKRXUVSHUGD\IRUFRQVHFXWLYHGD\V
LHGD\VWKURXJKHYHU\GD\VGHILQHGDVF\FOH3.GDWDDQDO\VHVZHUH
FRQGXFWHGIRUDOOFRKRUWV3.IRUFRKRUWVDWPJDQGPJGRVHVZHUHDQDO\]HG
ZLWKDQGZLWKRXWGH[DPHWKDVRQH6HUXP$0*FRQFHQWUDWLRQVYHUVXVWLPHSURILOHV
DUHVKRZQLQ)LJXUH3KDUPDFRNLQHWLFSDUDPHWHUVHVWLPDWHGE\QRQFRPSDUWPHQWDO
PHWKRGVDUHVKRZQLQ7DEOH)ROORZLQJ,9LQIXVLRQWKHSHDNVHUXPFRQFHQWUDWLRQVRI
$0*LQFUHDVHGDSSUR[LPDWHO\GRVHSURSRUWLRQDOO\IURPJP/DWWKHJ
GRVHOHYHOWRQJP/DWWKHPJGRVHOHYHO$0*FRQFHQWUDWLRQVGHFUHDVHG
UDSLGO\DIWHUWKHHQGRILQIXVLRQ(2,ZLWKDVKRUWWHUPLQDOHOLPLQDWLRQSKDVHKDOIOLIHRI
WRKRXUV&OHDUDQFHDIWHUWKHILUVWGRVHUDQJHGIURPWR/GD\YROXPHRI
GLVWULEXWLRQUDQJHGIURPWR/DQGKDOIOLIHUDQJHGIURPWRKRXUV$WWKH
KLJKHVWGRVHWHVWHGPJPHDQPD[LPXPSODVPDFRQFHQWUDWLRQ&PD[DWWKH(2,
ZDVQJP/ZKLFKGHFUHDVHGWRJP/ZLWKLQKRXUV7KHUHZDVQR
QRWDEOHDFFXPXODWLRQEHWZHHQGRVHVZLWKLQDF\FOHDQGWKH3.ZDVVLPLODUDFURVV
F\FOHVIRUDJLYHQGRVH7URXJKFRQFHQWUDWLRQVDWKRXUVSRVWGRVHZHUHEHORZWKH
OLPLWRITXDQWLILFDWLRQ%/4LQVXEMHFWVUHFHLYLQJGRVHVRIDQGȝJ
VHH7DEOH$0*3.ZDVFRPSDUDEOHDWPJDQGPJGRVHOHYHOZLWKRU
ZLWKRXWGH[DPHWKDVRQHFRDGPLQLVWUDWLRQLQGLFDWLQJGH[DPHWKDVRQHKDGQRHIIHFWRQ
$0*3.VHH7DEOH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


6HFWLRQ&OLQLFDO3KDUPDFRNLQHWLFV)LJXUH
5HSODFH
6HUXP0(',$0*&RQFHQWUDWLRQ9HUVXV7LPH3URILOHV)ROORZLQJ,9,QIXVLRQ
1 WRSHU'RVH&RKRUW










   

8*
8*
8*
8*
8*
8*
8*
8*
0*
0*
0*'H[
7LPHGD\
6HUXP0(',&RQFHQWUDWLRQQJP/

:LWK
0HDQ0(',$0*6HUXP&RQFHQWUDWLRQV)ROORZLQJ5HSHDWHG,QWUDYHQRXV
,QIXVLRQVLQ3DWLHQWV:LWK*DVWURLQWHVWLQDO$GHQRFDUFLQRPDV
3KDUPDFRNLQHWLFSURILOHRI$ORZGRVHFRKRUWV0(',J±JDQG
%KLJKGRVHFRKRUWV0(',PJ±PJ
$EEUHYLDWLRQ'(; GH[DPHWKDVRQH
$


3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


%
6HFWLRQ&OLQLFDO3KDUPDFRNLQHWLFV7DEOH
5HSODFH
7DEOH3KDUPDFRNLQHWLF3DUDPHWHUVIRU0(',$0*
'RVH
ȝJ
1
&PD[
QJP/
0HDQ
6'
&KU
QJP/
0HDQ
6'
$8&LQI
QJP/GD\
0HDQ6'
&OHDUDQFH
/GD\
0HDQ6'
9VV/
0HDQ
6'
+DOIOLIH
KRXUV
0HDQ6'


1$
%/41$
1$
1$
1$
1$


1$
%/41$
1$
1$
1$
1$


1$
%/41$
1$
1$
1$
1$


1$
%/41$
1$
1$
1$
1$




%/41$































 









 

















'H[








3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


:LWK
7DEOH3KDUPDFRNLQHWLF3DUDPHWHUVRI0(',$0*$IWHU)LUVW'RVH
0(',
'RVH
Q
&PD[
QJP/
6'
&K
QJP/
6'
$8&ODVW
QJGD\
P/6'
$8&LQI
QJGD\
P/6'
&/
/GD\
6'
WKU
6'
9VV/
6'
J

1&
1&
1&
1&
1&
1&
1&
J

1&
1&
1&
1&
1&
1&
1&
J

1&
1&
1&
1&
1&
1&
1&
J

1&
1&
1&
1&
1&
1&
1&
J


1&

1&

1&
1&

1&
J










J











J













PJ













PJ











PJ
'(;











PJ
'(;











PJ
'(;













PJ
'(;














$EEUHYLDWLRQV1& QRWFDOFXODWHG
5HSODFH
7KHDYHUDJH&/RI/KULH/GD\DQGWKHDYHUDJH9VVRI/IURPVWXG\
0,&3ZHUHXVHGIRUVLPXODWLRQXVLQJDRQHFRPSDUWPHQW3.PRGHO7KHSUHGLFWHG
$8&LQIDQGVWHDG\VWDWHGUXJFRQFHQWUDWLRQLQSODVPDGXULQJFRQVWDQWUDWHLQIXVLRQ
&VVDWDQ\JLYHQF,9LQIXVLRQGRVHRI$0*FDQEHFDOFXODWHGXVLQJWKHIROORZLQJ
HTXDWLRQVGDLO\$8&LQI GDLO\GRVH&/&VV 5R&/ZKHUH5RLVWKHGRVLQJUDWHLQ
JGD\3UHGLFWHG3.SURILOHVDQGH[SRVXUHDIWHUF,9GRVHUDWHRIWRJGD\
DUHVKRZQEHORZ)LJXUHDQG7DEOH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


:LWK
7KHDYHUDJH&/RI/KULH/GD\DQGWKHDYHUDJH9VVRI/REVHUYHGLQ
FRKRUWVWRIURPVWXG\0,&3ZHUHXVHGIRUVLPXODWLRQXVLQJD
RQHFRPSDUWPHQW3.PRGHO7KHSUHGLFWHG$8&LQIDQGVWHDG\VWDWHGUXJFRQFHQWUDWLRQ
LQSODVPDGXULQJFRQVWDQWUDWHLQIXVLRQ&VVDWDQ\JLYHQF,9LQIXVLRQGRVHRI$0*
FDQEHFDOFXODWHGXVLQJWKHIROORZLQJHTXDWLRQVGDLO\$8&LQI GDLO\GRVH&/
&VV 5R&/ZKHUH5RLVWKHGRVLQJUDWHLQJGD\3UHGLFWHG3.SURILOHVDQGH[SRVXUH
DIWHUF,9GRVHUDWHRIWRJGD\DUHVKRZQEHORZ)LJXUHDQG7DEOH
6HFWLRQ&OLQLFDO3KDUPDFRNLQHWLFV7DEOH
5HSODFH
3UHGLFWHG0HDQ([SRVXUHWR$0*$IWHUF,9,QIXVLRQ'RVLQJRIWRJGD\
IRU'D\V8VLQJ$YHUDJH&OHDUDQFHRI/KU
3DUDPHWHU
'RVHJGD\






&VVQJP/






7RWDO$8&SHU
GD\F\FOH
KUQJP/D






'DLO\$8&
KUQJP/E






:LWK
3UHGLFWHG0HDQ([SRVXUHWR$0*$IWHUF,9,QIXVLRQ'RVLQJRIWRJGD\
IRU'D\V8VLQJ$YHUDJH&OHDUDQFHRI/KU
3DUDPHWHU
'RVHJGD\







&VVQJP/







7RWDO$8&SHU
GD\F\FOH
KUQJP/D







'DLO\$8&
KUQJP/E








3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


6HFWLRQ&OLQLFDO'DWDIURP)LUVWLQ+XPDQ6WXG\ZLWK0(',$0*
5HSODFHWLWWOHVHFWLRQ
&OLQLFDO'DWDIURP)LUVWLQ+XPDQ6WXG\ZLWK$0*
:LWK
&OLQLFDO'DWDIURP)LUVWLQ+XPDQ6WXG\ZLWK0(',$0*
5HSODFH
$SKDVH),+VWXG\0,&3LVEHLQJFRQGXFWHGE\0HG,PPXQHZLWK0(',
$0*XVLQJDGDLO\KRXU,9LQIXVLRQIRUFRQVHFXWLYHGD\VLQDGD\F\FOH
'RVHHVFDODWLRQSURFHHGHGIURPGDLO\GRVHOHYHOVRIJXSWRPJGD\$WWKH
PJGD\GRVHOHYHOGRVHOLPLWLQJWR[LFLWLHV'/7VJUDGHK\SR[LDZLWKLQKRXUVRI
LQIXVLRQVWDUWRQGD\LQERWKVXEMHFWVZHUHREVHUYHG7KHVWXG\ZDVDPHQGHGWR
LQFOXGHDGPLQLVWUDWLRQRIGH[DPHWKDVRQHEHIRUH$0*LVDGPLQLVWHUHGVWHURLG
SURSK\OD[LVIRUSUHVXPHGLQIODPPDWRU\F\WRNLQHPHGLDWHGWR[LFLWLHV'RVLQJUHVXPHGLQ
WKHDPHQGHGVWXG\DWPJGD\ZKLFKZDVGHHPHGWROHUDEOH$FRKRUWRIVXEMHFWV
KDVEHHQH[SRVHGDWPJGD\ZLWKVWHURLGSURSK\OD[LV7KHVHVXEMHFWVDOOWROHUDWHGWKH
LQIXVLRQSHULRGZLWKRXWD'/7)XUWKHUGRVHHVFDODWLRQLVRQJRLQJ%\0DUFKD
WRWDORIVXEMHFWVKDYHEHHQH[SRVHGZLWKRXWWKHREVHUYDWLRQRIIXUWKHU'/7
:LWK
$SKDVH),+VWXG\0,&3ZDVFRQGXFWHGE\0HG,PPXQHZLWK0(',
$0*LQWKH8QLWHG6WDWHV7KLVZDVD3KDVHPXOWLFHQWUHRSHQODEHO
VLQJOHDUPGRVHHVFDODWLRQDQGRSWLRQDOGRVHH[SDQVLRQVWXG\WRHYDOXDWHWKH
VDIHW\WROHUDELOLW\3.LPPXQRJHQLFLW\DQGDQWLWXPRUDFWLYLW\,Q6WXG\
0,&3$0*ZDVJLYHQE\,9LQIXVLRQRYHUKRXUVSHUGD\IRU
FRQVHFXWLYHGD\VRIDGD\F\FOHLHVKRUWWHUPLQIXVLRQLQDGXOWVXEMHFWV
ZKRKDGUHIUDFWRU\JDVWURLQWHVWLQDODGHQRFDUFLQRPDVIRUZKLFKQRVWDQGDUGRU
FXUDWLYHWKHUDSLHVDUHDYDLODEOH7KHVWXG\FRQVLVWHGRIDQLQLWLDOGRVHHVFDODWLRQ
SKDVHWRGHWHUPLQHWKHPD[LPXPWROHUDWHGGRVH07'RURSWLPXPELRORJLFGRVH
2%'7KHGRVHHVFDODWLRQSKDVHZDVIROORZHGE\DQRSWLRQDOGRVHH[SDQVLRQ
SKDVHDWWKH07'2%'+RZHYHULQ-DQXDU\WKHVSRQVRU0HG,PPXQH
PDGHDGHFLVLRQQRWWRVWDUWWKHGRVHH[SDQVLRQSKDVHRIWKHVWXG\GXHWRDODFN
RIHIILFDF\DVQRREMHFWLYHUHVSRQVHSHUWKH5HVSRQVH(YDOXDWLRQ&ULWHULDLQ6ROLG
WXPRUVZDVREVHUYHG7KHGHFLVLRQWRVWRSWKHVWXG\ZDVQRWUHODWHGWRDQ\VDIHW\
LVVXHV

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


'RVHHVFDODWLRQSURFHHGHGIURPGDLO\GRVHOHYHOVRIJXSWRPJGD\$WWKH
PJGD\GRVHOHYHOGRVHOLPLWLQJWR[LFLWLHV'/7VJUDGHK\SR[LDZLWKLQKRXUVRI
LQIXVLRQVWDUWRQGD\LQERWKVXEMHFWVZHUHREVHUYHG
7KHVWXG\ZDVDPHQGHGWRLQFOXGHDGPLQLVWUDWLRQRIGH[DPHWKDVRQHEHIRUH
0(',$0*LVDGPLQLVWHUHGVWHURLGSURSK\OD[LVIRUSUHVXPHG
LQIODPPDWRU\F\WRNLQHPHGLDWHGWR[LFLWLHV'RVLQJUHVXPHGLQWKHDPHQGHGVWXG\DW
PJGD\ZKLFKZDVGHHPHGWROHUDEOH$FRKRUWRIVXEMHFWVKDVEHHQH[SRVHGDW
PJGD\ZLWKVWHURLGSURSK\OD[LV7KHVHVXEMHFWVDOOWROHUDWHGWKHLQIXVLRQSHULRG
ZLWKRXWD'/7
,QWRWDOIRXUSDWLHQWVDWPJDQGDWPJGH[DPHWKDVRQHH[SHULHQFHG
'/7VK\SR[LDQ GLDUUKHDQ DQGF\WRNLQHUHOHDVHV\QGURPH&56Q 
7KH07'ZDVGHWHUPLQHGWREH0(',PJZLWKGH[DPHWKDVRQH
SUHPHGLFDWLRQ7KHPRVWFRPPRQWUHDWPHQWHPHUJHQWDGYHUVHHYHQWVZHUH
QDXVHDDEGRPLQDOSDLQYRPLWLQJDQGIDWLJXH7DEOH*UDGHWUHDWPHQWUHODWHG
DGYHUVHHYHQWVZHUHREVHUYHGLQSDWLHQWVDQGLQFOXGHGGLDUUKHD&56LQFUHDVHG
DODQLQHDPLQRWUDQVIHUDVHK\SHUWHQVLRQDOOQ DQGK\SR[LDQ 6L[VHULRXV
WUHDWPHQWUHODWHGDGYHUVHHYHQWVZHUHUHSRUWHGLQSDWLHQWVDQGLQFOXGHG
GLDUUKHDYRPLWLQJS\UH[LD&56DOOHYHQWDQGK\SR[LDHYHQWV
)LYHSDWLHQWVZHUHGLVFRQWLQXHGIURPWUHDWPHQWEHFDXVHRIDGYHUVHHYHQWV
LQFOXGLQJGLDUUKHD&56DQGFHQWUDOQHUYRXVV\VWHPPHWDVWDVHVDOOQ DQG
K\SR[LDQ 
1LQHWHHQSDWLHQWVKDG$'$VKDGKLJKWLWHUVZLWKGHFUHDVHG
0(',$0*FRQFHQWUDWLRQV1RREMHFWLYHUHVSRQVHVRFFXUUHG
KDGVWDEOHGLVHDVHDVEHVWUHVSRQVH
6WXG\SKDVHLVWKHRQJRLQJ3KDVHVWXG\HYDOXDWLQJWKHVDIHW\
WROHUDELOLW\SKDUPDFRNLQHWLFVSKDUPDFRG\QDPLFVDQGHIILFDF\RI$0*
DGPLQLVWHUHGDVFRQWLQXRXVLQWUDYHQRXVLQIXVLRQF,9LQVXEMHFWVZLWKUHODSVHG
UHIUDFWRU\JDVWURLQWHVWLQDODGHQRFDUFLQRPD$VRI$SULODSSUR[LPDWHO\
VXEMHFWVUHFHLYHG$0*IRUXSWRJF,9ZLWKRXWDQ\'/7

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


6HFWLRQ5LVN$VVHVVPHQW
5HSODFH
$WWKLVWLPHWKHUHLVOLPLWHGFOLQLFDOH[SHULHQFHZLWK$0*LQKXPDQV1RLGHQWLILHG
ULVNVKDYHEHHQGHILQHGWRGDWH5HIHUWRWKH0(',$0*,QYHVWLJDWRU¶V
%URFKXUH6HFWLRQIRUWKHOLVWRIWKHSRWHQWLDOULVNV0HG,PPXQH
:LWK
$WWKLVWLPHWKHUHLVOLPLWHGFOLQLFDOH[SHULHQFHZLWK$0*LQKXPDQVIURPRQH
FRPSOHWHG),+VWXG\VSRQVRUHGE\0HG,PPXQHVWXG\0,&3DQG
DSSUR[LPDWHO\VXEMHFWVHQUROOHGLQWKLVRQJRLQJVWXG\&\WRNLQH
5HOHDVH6\QGURPH&56KDVEHHQGHILQHGDVDQ,PSRUWDQW,GHQWLILHG5LVNVWRGDWH
5HIHUWRWKH$0*0(',,QYHVWLJDWRU¶V%URFKXUHDSSHQGL[$'HYHORSPHQWDO
&RUH6DIHW\,QIRUPDWLRQDQGWR6HFWLRQIRUWKHOLVWRIWKHSRWHQWLDOULVNV
6HFWLRQ5DWLRQDOH
5HSODFH
7KHILUVWSKDVHVWXG\RI$0*0,&3KDVLQYHVWLJDWHGDKRXULQIXVLRQIRU
FRQVHFXWLYHGD\VRIDGD\F\FOH:KLOHVXEMHFWVKDYHEHHQGRVHGDWOHYHOVDVKLJK
DVPJGD\QRREMHFWLYHUHVSRQVHVKDYHEHHQREVHUYHG
:LWK
7KHILUVWSKDVHVWXG\RI0(',$0*0,&3LQYHVWLJDWHGDKRXU
LQIXVLRQIRUFRQVHFXWLYHGD\VRIDGD\F\FOH:KLOHVXEMHFWVZHUHGRVHGDWOHYHOV
DVKLJKDVPJGD\QRREMHFWLYHUHVSRQVHVZHUHREVHUYHG
5HSODFH
1RREMHFWLYHUHVSRQVHVKDYHEHHQREVHUYHGWRGDWHDOWKRXJK$0*&PD[VHUXP
OHYHOVRIXSWRQJP/DQGWURXJKOHYHOVRIXSWRQJP/ZHUHDFKLHYHG,Q
DGGLWLRQDSSUR[LPDWHO\RIVXEMHFWVVXEMHFWVGLVFRQWLQXHGWUHDWPHQWDIWHUD
PD[LPXPRIF\FOHVEHFDXVHRIGLVHDVHSURJUHVVLRQ
:LWK
1RREMHFWLYHUHVSRQVHVZHUHREVHUYHGDOWKRXJK$0*&PD[VHUXPOHYHOVRIXSWR
QJP/DQGWURXJKOHYHOVRIXSWRQJP/ZHUHDFKLHYHG,QDGGLWLRQ
DSSUR[LPDWHO\RIVXEMHFWVVXEMHFWVWUHDWHGZLWKXSWRDGRVHRIPJGD\
GLVFRQWLQXHGWUHDWPHQWDIWHUDPD[LPXPRIF\FOHVEHFDXVHRIGLVHDVHSURJUHVVLRQ

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


6HFWLRQ6WXG\'HVLJQ
5HSODFH
'RVHH[SDQVLRQZLOOHQUROODGGLWLRQDOVXEMHFWVWRJDLQIXUWKHUFOLQLFDOH[SHULHQFHZLWK
$0*
:LWK
7KHGRVHH[SDQVLRQZLOOHQUROODGGLWLRQDOVXEMHFWVWRJDLQIXUWKHUFOLQLFDOH[SHULHQFHZLWK
$0*
5HSODFH
$OWHUQDWLYHGRVHOHYHOVPD\EHH[SORUHGEDVHGRQHPHUJLQJGDWD
:LWK
$OWHUQDWLYHGRVHOHYHOVXSWRJGD\ZLOOEHH[SORUHGLQHLWKHUWKHGD\RU
GD\VFKHGXOHEDVHGRQHPHUJLQJGDWD
6HFWLRQ6WXG\'HVLJQ7DEOH6WXG\'HVLJQ2YHUYLHZ
5HSODFH
3DUW
&RKRUWE
'RVH/HYHO
1XPEHURI
6XEMHFWV
'RVH(VFDODWLRQ

JGIRUGD\VLQF\FOH
JGIRUGD\VLQF\FOHDQGDOO
VXEVHTXHQWF\FOHV


JGIRUGD\VLQDOOF\FOHV


JGIRUGD\VLQDOOF\FOHV


JGIRUGD\VLQDOOF\FOHV


JGIRUGD\VLQDOOF\FOHV


JGIRUGD\VLQDOOF\FOHV


JGIRUGD\VLQDOOF\FOHV

GD\6FKHGXOH
;D
'RVH/HYHORIGD\6FKHGXOHîGD\V

;D
07'îGD\V

'RVH([SDQVLRQ
$
07'RUORZHUGRVH


3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


:LWK
3DUW
&RKRUW
'RVH/HYHO
1XPEHURI
6XEMHFWV
'RVH(VFDODWLRQE

JGIRUGD\VLQF\FOH
JGIRUGD\VLQF\FOHDQGDOO
VXEVHTXHQWF\FOHV


JGIRUGD\VLQDOOF\FOHV


JGIRUGD\VLQDOOF\FOHV


JGIRUGD\VLQDOOF\FOHV


JGIRUGD\VLQDOOF\FOHV


JGIRUGD\VLQDOOF\FOHV


JGIRUGD\VLQDOOF\FOHV



JGIRURUGD\VLQDOOF\FOHV

GD\6FKHGXOH
;D
'RVH/HYHORIGD\6FKHGXOHîGD\V

;D
07'îGD\V

'RVH([SDQVLRQ
$
07'RUORZHUGRVHRUKLJKHVWGRVHWHVWHG
ZLWKRXWUHDFKLQJ07'

$GG
$OWHUQDWLYHGRVHOHYHOXSWRJGD\ZLOOEHH[SORUHGLQHLWKHUWKHGD\RU
GD\VFKHGXOHEDVHGRQHPHUJLQJGDWD
6HFWLRQ'RVDJH$GPLQLVWUDWLRQDQG6FKHGXOH
5HSODFH
$OWHUQDWLYHGRVHOHYHOVPD\EHH[SORUHGEDVHGRQHPHUJLQJGDWD
:LWK
$OWHUQDWLYHGRVHOHYHOVXSWRJGD\ZLOOEHH[SORUHGLQHLWKHUWKHGD\RUWKH
GD\VFKHGXOHEDVHGRQHPHUJLQJGDWD
5HSODFH
$GPLQLVWUDWLRQRIWKHSUHPHGLFDWLRQHJGH[DPHWKDVRQHIRUF\WRNLQHUHOHDVH
DVVRFLDWHGV\PSWRPVLVDOORZHGDWKLJKHUGRVHOHYHOVDIWHUFRQVXOWDWLRQZLWKWKHVSRQVRU
VHH6HFWLRQ
:LWK
$GPLQLVWUDWLRQRIWKHSUHPHGLFDWLRQHJGH[DPHWKDVRQHWRPLQLPL]HWKHULVNRI
F\WRNLQHUHOHDVHV\QGURPHV\PSWRPVLVUHFRPPHQGHGIRUDOOWUHDWPHQWVDWDGRVH
RIJGD\RUKLJKHUVHH6HFWLRQ

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


5HSODFH
/RQJHUEUHDNVRIXSWRZHHNVEHWZHHQWUHDWPHQWF\FOHVZLOOEHDOORZHGIRUVXEMHFWV
ZKRUHPDLQRQVWXG\WUHDWPHQWEH\RQGZHHNVIURPVWDUWRIVWXG\WUHDWPHQW
:LWK
/RQJHUEUHDNVRIXSWRZHHNVEHWZHHQWUHDWPHQWF\FOHVZLOOEHDOORZHGIRUVXEMHFWV
ZKRUHPDLQRQVWXG\WUHDWPHQWEH\RQGZHHNVIURPVWDUWRIVWXG\WUHDWPHQWRULQWKH
HYHQWRIXUJHQWUHDVRQVRWKHUWKDQDGYHUVHHYHQWVUHODWHGWRVWXG\GUXJ
6HFWLRQ$0*2XWSDWLHQW'RVLQJ
$GG
3URSK\ODFWLFWUHDWPHQWZLWKVWHURLGHJGH[DPHWKDVRQHLVUHFRPPHQGHGEHIRUH
UHVWDUWLQJRI$0*LIFOLQLFDOO\LQGLFDWHG
6HFWLRQ'RVHFRKRUW6WXG\(VFDODWLRQDQG6WRSSLQJ5XOHV'RVHOLPLWLQJ
7R[LFLWLHV'/7
5HSODFH
7KH&7&$(ZLOOEHXVHGWRDVVHVVWR[LFLWLHVDGYHUVHHYHQWV
:LWK
7KH&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH(YHQWV&7&$(YHUVLRQZLOOEH
XVHGWRDVVHVVWR[LFLWLHVDGYHUVHHYHQWV
$GG
&\WRNLQHUHOHDVHV\QGURPHPDQDJHDEOHZLWKV\PSWRPDWLFWUHDWPHQWDQGRU
LQIXVLRQLQWHUUXSWLRQRIXSWRGD\V
5HSODFH
)RUFHUWDLQWR[LFLWLHVVXFKDVODERUDWRU\DVVHVVPHQWVZLWKRXWDFOHDUFOLQLFDOFRUUHODWLRQ
HJOLSDVHLQFUHDVHZLWKRXWVLJQVRIDFOLQLFDOSDQFUHDWLWLVDGLVFXVVLRQEHWZHHQWKH
LQYHVWLJDWRUDQGWKHVSRQVRUPD\WDNHSODFHLIWKDWDGYHUVHHYHQWVKRXOGEHDVVHVVHG
DVD'/7
:LWK
)RUFHUWDLQWR[LFLWLHVVXFKDVODERUDWRU\DEQRUPDOLWLHVZLWKRXWDFOHDUFOLQLFDOFRUUHODWLRQ
HJLQFUHDVHLQVHUXPOLSDVHOHYHOZLWKRXWVLJQVRUV\PSWRPVRIDFOLQLFDO
SDQFUHDWLWLVDGLVFXVVLRQEHWZHHQWKHLQYHVWLJDWRUDQGWKHVSRQVRUPD\WDNHSODFH
ZKHWKHUWKDWDGYHUVHHYHQWVKRXOGEHDVVHVVHGDVD'/7

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


6HFWLRQ'RVH5HGXFWLRQ7DEOH
5HSODFH
&7&$(*UDGH
'RVH'HOD\
'RVH5HGXFWLRQ
&RPPHQW
1RQKHPDWRORJLFDO
,QIHFWLRQF\WRNLQHUHOHDVHV\QGURPHWXPRUO\VLVV\QGURPHGLDUUKHDK\SR[LD

'HOD\XQWLO
JUDGH
5HVWDUWDWGRVHOHYHO
ORZHU

&RQVLGHUUHHVFDODWLRQLI
FRPSOHWHO\UHFRYHUHGDQGQR
QHZWR[LFLW\RFFXUUHGZLWKLQ
GD\VRILQIXVLRQ
3HUPDQHQWGLVFRQWLQXDWLRQRI
VWXG\WUHDWPHQWLIQRUHFRYHU\
ZLWKLQGD\V
$OORWKHUQRQKHPDWRORJLFDOWR[LFLWLHVDQGFOLQLFDOO\VLJQLILFDQWODERUDWRU\SDUDPHWHUV

'HOD\XQWLO
JUDGH
5HVROXWLRQWRJUDGHRU
5HVWDUWDWGRVHOHYHO
ORZHU
5HVROXWLRQWRQRUPDO
ZLWKLQZHHNRUD
UHODWLRQVKLSWRVWXG\GUXJ
FDQEHUXOHGRXW1R
FKDQJH
,QYHVWLJDWRUPD\GHFLGHWR
FRQWLQXHLQIXVLRQIRUXSWR
KRXUVLIWR[LFLW\KDVQRW
RFFXUUHGGXULQJWKH'/7
ZLQGRZDQGLVUHVSRQGLQJWR
WUHDWPHQWRUUHSUHVHQWVDQ
DV\PSWRPDWLFODERUDWRU\
FKDQJH
3HUPDQHQWGLVFRQWLQXDWLRQRI
VWXG\WUHDWPHQWLIQRUHFRYHU\
ZLWKLQGD\V

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


:LWK
&7&$(*UDGH
'RVH'HOD\
'RVH5HGXFWLRQ
&RPPHQW
1RQKHPDWRORJLFDO
,QIHFWLRQF\WRNLQHUHOHDVHV\QGURPHWXPRUO\VLVV\QGURPHGLDUUKHDK\SR[LD

'HOD\XQWLO
JUDGH
5HVWDUWDWGRVHOHYHO
ORZHU

&RQVLGHUUHHVFDODWLRQLI
FRPSOHWHO\UHFRYHUHGDQGQR
QHZWR[LFLW\RFFXUUHGZLWKLQ
GD\VRILQIXVLRQ
3HUPDQHQWGLVFRQWLQXDWLRQRI
VWXG\WUHDWPHQWLIQRUHFRYHU\
ZLWKLQGD\V
6WDUWDWWKHVDPHGRVHLI
UHVROYHGF\WRNLQHUHOHDVH
V\QGURPHLQIHFWLRQWXPRU
O\VLVV\QGURPHRUK\SR[LD
$OORWKHUQRQKHPDWRORJLFDOWR[LFLWLHVDQGFOLQLFDOO\VLJQLILFDQWODERUDWRU\SDUDPHWHUV

'HOD\XQWLO
JUDGH
5HVROXWLRQWRJUDGHRU
5HVWDUWDWGRVHOHYHO
ORZHU
5HVROXWLRQWRQRUPDO
ZLWKLQZHHNRUD
UHODWLRQVKLSWRVWXG\GUXJ
FDQEHUXOHGRXW1R
FKDQJH
3HUWKH,QYHVWLJDWRUPHGLFDO
GLVFUHWLRQWRGHFLGHZKHWKHU
WRFRQWLQXHWKHLQIXVLRQIRUXS
WRKRXUVLIWR[LFLW\KDVQRW
RFFXUUHGGXULQJWKH'/7
ZLQGRZDQGLIWKHWR[LFLW\RU
DEQRUPDOODEVDUHUHVSRQGLQJ
WRWUHDWPHQWRUUHSUHVHQWVDQ
DV\PSWRPDWLFODERUDWRU\
FKDQJH
3HUPDQHQWGLVFRQWLQXDWLRQRI
VWXG\WUHDWPHQWLIQRUHFRYHU\
ZLWKLQGD\V
6HFWLRQ,QIXVLRQ,QWHUUXSWLRQ
5HSODFH
6LJQLILFDQWHYHQWVUHTXLULQJDFKDQJHLQWUHDWPHQWZLOOEHPDQDJHGE\LPPHGLDWH
LQIXVLRQLQWHUUXSWLRQDQGWKLVLQFOXGLQJWUHDWPHQWLQWHUUXSWLRQPXVWEHGRFXPHQWHGLQ
WKHH&5)
:LWK
6LJQLILFDQWHYHQWVUHTXLULQJDFKDQJHLQWUHDWPHQWZLOOEHPDQDJHGE\DQLPPHGLDWH
LQIXVLRQLQWHUUXSWLRQRIHTXDORUOHVVWKDQKRXUV%RWKLQIXVLRQLQWHUUXSWLRQVDQG
WUHDWPHQWLQWHUUXSWLRQVJUHDWHUWKDQKRXUVKDYHWREHGRFXPHQWHGLQWKHH&5)

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


6HFWLRQ5HVWDUWLQJWKH,QIXVLRQ
'HOHWH
,IWKHVXEMHFWKDVUHFHLYHGSURSK\ODFWLFWUHDWPHQWZLWKFRUWLFRVWHURLGVDWLQIXVLRQVWDUW
FRUWLFRVWHURLGVDOVRQHHGWREHDGPLQLVWHUHGSULRUWRWKHUHVWDUWLIWKHWUHDWPHQWZDV
LQWHUUXSWHGIRUDSHULRG!KRXUV
$GG
3URSK\ODFWLFWUHDWPHQWZLWKVWHURLGHJGH[DPHWKDVRQHLVUHFRPPHQGHGEHIRUH
UHVWDUWLQJRI$0*LIFOLQLFDOO\LQGLFDWHG
6HFWLRQ3HUPDQHQW'LVFRQWLQXDWLRQ
5HSODFH
,QDQ\FDVHRISUHPDWXUHWUHDWPHQWGLVFRQWLQXDWLRQWKHLQYHVWLJDWRUVKRXOGPDNHHYHU\
HIIRUWWRSHUIRUPDOOH[DPLQDWLRQVVFKHGXOHGIRUWKH(QGRI7UHDWPHQW(27DQG(26
YLVLWV
:LWK
,QDQ\FDVHRISUHPDWXUHWUHDWPHQWGLVFRQWLQXDWLRQWKHLQYHVWLJDWRUVKRXOGPDNHHYHU\
HIIRUWWRSHUIRUPDOOH[DPLQDWLRQVVFKHGXOHGIRUWKH(2,3DQG(26YLVLWV
'HOHWH
6XEMHFWVZLWKSURJUHVVLYHGLVHDVHIXOILOODVWXG\HQGSRLQWDQGDUHGLVFRQWLQXHGDVSHU
SURWRFRO
6HFWLRQ&ULWHULDIRU3HUPDQHQW:LWKKROGLQJRI$PJHQ,QYHVWLJDWLRQDO
3URGXFWGXHWR3RWHQWLDO+HSDWRWR[LFLW\
$GG
1RQDOFRKROLF)DWW\/LYHU'LVHDVHLQFOXGLQJVWHDWRKHSDWLWLV1$6+
$GG
,IDQDOWHUQDWLYHFDXVHIRUKHSDWRWR[LFLW\LVLGHQWLILHGRUOHVVVWULQJHQWFRQGLWLRQV
GHYHORSHGWKDQZKDWDUHQRWHGDERYHGHWHUPLQHEDVHGRQSDWLHQWSRSXODWLRQ
DQGRUVHYHULW\RIWKHKHSDWRWR[LFLW\RUHYHQWLI$PJHQ,3DQGRWKHU
SURWRFROUHTXLUHGWKHUDSLHVVKRXOGEHZLWKKHOGRUSHUPDQHQWO\GLVFRQWLQXHGDV
GHHPHGDSSURSULDWHIRUWKHVDIHW\RIWKHVXEMHFW

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


6HFWLRQ&RQFRPLWDQW7KHUDS\
5HSODFH
7KURXJKRXWWKHVWXG\LQYHVWLJDWRUVPD\SUHVFULEHDQ\FRQFRPLWDQWPHGLFDWLRQVRU
WUHDWPHQWVGHHPHGQHFHVVDU\WRSURYLGHDGHTXDWHVXSSRUWLYHFDUHH[FHSWIRUWKRVH
OLVWHGLQ6HFWLRQ
:LWK
7KURXJKRXWWKHVWXG\VXEMHFWVVKRXOGEHHQFRXUDJHGWRUHPDLQZHOOK\GUDWHG
WKURXJKRXWWKHWUHDWPHQWSHULRG
,QYHVWLJDWRUVPD\SUHVFULEHDQ\FRQFRPLWDQWPHGLFDWLRQVRUWUHDWPHQWVGHHPHG
QHFHVVDU\WRSURYLGHDGHTXDWHVXSSRUWLYHFDUHH[FHSWIRUWKRVHOLVWHGLQ6HFWLRQ
5HSODFH
6XEMHFWVH[SHULHQFLQJSHUVLVWHQW!KRXUVRUVHYHUHF\WRNLQHUHOHDVHDVVRFLDWHG
V\PSWRPVPD\EHWUHDWHGZLWK,9SDUDFHWDPRORUPHWDPL]ROHVWHURLGVDQG
DQWLKLVWDPLQHVDWWKHLQYHVWLJDWRU¶VGLVFUHWLRQ,QWKLVFDVHDQXQVFKHGXOHGEORRG
VDPSOHVKRXOGEHFROOHFWHGWRPHDVXUHF\WRNLQHOHYHOV)RUV\PSWRPDWLFWUHDWPHQWRI
IHYHU!&PHWDPL]ROHDVLQIXVLRQDQGRUSDUDFHWDPROLEXSURIHQRUDFHW\OVDOLF\OLF
DFLGDUHUHFRPPHQGHG
,IDQ\VXEMHFWH[SHULHQFHVDQLQLWLDOWR[LFLW\UHVSRQVLYHWRGH[DPHWKDVRQHWUHDWPHQWWKH
VSRQVRUPD\UHFRPPHQGWUHDWLQJDOOVXEVHTXHQWVXEMHFWVZLWKSURSK\ODFWLF
GH[DPHWKDVRQHDFFRUGLQJWRWKHIROORZLQJ
x
'H[DPHWKDVRQHDWDGRVHRIPJRUHTXLYDOHQWFRUWLFRVWHURLGZLOOEHDGPLQLVWHUHG

WRKRXUVSULRUWRWKHVWDUWRIWKHLQIXVLRQRQGD\

KRXUSULRUWRWKHVWDUWRIWKHLQIXVLRQRQGD\

(YHU\WRKRXUVDIWHUVWDUWRILQIXVLRQRQGD\VDQG
x
&RUWLFRVWHURLGWUHDWPHQWFDQEHFRQWLQXHGLIGHHPHGQHFHVVDU\E\WKHLQYHVWLJDWRU
DQGDIWHUFRQVXOWDWLRQZLWKWKHVSRQVRUEXWGRVHVVKRXOGEHWDSHUHGDVTXLFNO\DV
IHDVLEOH
)XUWKHUYDULDWLRQVPD\EHQHHGHGWKDWVKRXOGEHGLVFXVVHGDQGDJUHHGXSRQLQD'RVH
/HYHO5HYLHZ0HHWLQJ'/50
:LWK
)RUV\PSWRPDWLFWUHDWPHQWRIIHYHU!&PHWDPL]ROHDVLQIXVLRQDQGRU
SDUDFHWDPROLEXSURIHQRUDFHW\OVDOLF\OLFDFLGDUHUHFRPPHQGHG
3DWLHQWVVKRXOGEHFORVHO\PRQLWRUHGIRUDQ\VLJQVDQGV\PSWRPVWKDWPD\EH
DVVRFLDWHGZLWK&56VXFKDVS\UH[LDKHDGDFKHQDXVHDYRPLWLQJDVWKHQLD

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


K\SRWHQVLRQK\SR[LDDQGWDFK\FDUGLDGXULQJWKHLQLWLDWLRQRI$0*WUHDWPHQW
7RPLWLJDWHWKH&56ULVNSURSK\ODFWLFWUHDWPHQWZLWKVWHURLGVGH[DPHWKDVRQHLV
UHFRPPHQGHGWREHDGPLQLVWHUHGEHIRUHWKHILUVWGRVHLQLWLDOF\FOHRI$0*
DQGEHIRUHVXEVHTXHQWF\FOHVRI$0*LIFOLQLFDOO\LQGLFDWHG,QWKHHYHQWRI
&56DQXQVFKHGXOHGEORRGVDPSOHVKRXOGEHFROOHFWHGWRPHDVXUHF\WRNLQH
OHYHOV
7KHVSRQVRUPD\UHFRPPHQGWUHDWLQJVXEMHFWVZLWKSURSK\ODFWLFGH[DPHWKDVRQH
DFFRUGLQJWRWKHIROORZLQJ
x
'H[DPHWKDVRQHDWDGRVHRIPJRUHTXLYDOHQWFRUWLFRVWHURLGZLOOEHDGPLQLVWHUHG

WRKRXUVSULRUWRWKHVWDUWRIWKHLQIXVLRQRQGD\

KRXUSULRUWRWKHVWDUWRIWKHLQIXVLRQRQGD\

(YHU\WRKRXUVDIWHUVWDUWRILQIXVLRQRQGD\VDQG
x
&RUWLFRVWHURLGWUHDWPHQWFDQEHFRQWLQXHGLIGHHPHGQHFHVVDU\E\WKHLQYHVWLJDWRU
DQGDIWHUFRQVXOWDWLRQZLWKWKHVSRQVRUEXWGRVHVVKRXOGEHWDSHUHGDVTXLFNO\DV
IHDVLEOH
)XUWKHUYDULDWLRQVPD\EHQHHGHGWKDWVKRXOGEHGLVFXVVHGDQGDJUHHGXSRQLQD'RVH
/HYHO5HYLHZ0HHWLQJ'/50
6HFWLRQ([FOXGHG7UHDWPHQWVDQGRU3URFHGXUHV'XULQJ6WXG\3HULRG
$GG
x
3DUWLFLSDWLRQLQDQLQYHVWLJDWLRQDOVWXG\GUXJRUGHYLFHZLWKLQGD\VRIVWXG\
GD\([FHSWLRQWRWKLVFULWHULRQLVWKHSDUWLFLSDWLRQLQWKHRSWLRQDO,PDJLQJ
6WXG\DQGDOOSURFHGXUHVUHODWHGWRWKLVVWXG\
6HFWLRQ7DEOH)RRWQRWH
5HSODFH
(27 (QGRI7UHDWPHQW
:LWK
(2,3 (QGRI,QYHVWLJDWLRQDO3URGXFW

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/

6HFWLRQ7DEOH
5HSODFH


3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/

:LWK
$GGLWLRQDOWXPRUPDUNHUVDQGWXPRUELRSV\DVVHVVPHQWV


3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/

:LWK
5HSODFH
,QWKHIRRWQRWH
(27 (QGRI7UHDWPHQW
:LWK
(2,3 (QGRI,QYHVWLJDWLRQDO3URGXFW
5HSODFH
E6XEMHFWVZKRSURYLGHDVHSDUDWHFRQVHQWPD\XQGHUJRDQRSWLRQDOSDLUHGELRSV\
ZHHNVSULRUWRF\FOHGD\DQGF\FOHGD\DQGRUDQRSWLRQDORQWUHDWPHQW
ELRSV\DWF\FOHGD\
:LWK
E6XEMHFWVZKRSURYLGHDVHSDUDWHFRQVHQWPD\XQGHUJRDQRSWLRQDOSDLUHGELRSV\
ZHHNVSULRUWRF\FOHGD\DQGF\FOHGD\WRDQGRUDQRSWLRQDO
RQWUHDWPHQWELRSV\DWF\FOHGD\WR
5HSODFH
H2EWDLQHGDWF\FOHDQGRURQO\
:LWK
H2EWDLQHGDWF\FOHDQGRQO\
$GG
,QWKHIRRWQRWH
O2QHRSWLRQDOWXPRUELRSV\PD\EHSURYLGHGDWF\FOHDIWHUWKHILUVWRUVHFRQG
ZHHNRIWUHDWPHQWZLWK$0*DQGDVHSDUDWHRSWLRQDOELRSV\PD\EHSURYLGHG
DWF\FOHRUDVXEVHTXHQWF\FOHDIWHUWKHILUVWRUVHFRQGZHHNRIWUHDWPHQWZLWK
$0*

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/

6HFWLRQ7DEOH
5HSODFH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/

:LWK
$GGLWLRQDOWXPRUPDUNHUVDQGWXPRUELRSV\DVVHVVPHQWV


3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


5HSODFH
,QWKHIRRWQRWH
D(27 (QGRI7UHDWPHQW
:LWK
(2,3 (QGRI,QYHVWLJDWLRQDO3URGXFW
5HSODFH
H2EWDLQHGDWF\FOHDQGRURQO\
:LWK
H2EWDLQHGDWF\FOHDQGRQO\
$GG
,QWKHIRRWQRWH
N2QHRSWLRQDOWXPRUELRSV\PD\EHSURYLGHGDWF\FOHDIWHUWKHILUVWRUVHFRQG
ZHHNRIWUHDWPHQWZLWK$0*DQGDVHSDUDWHRSWLRQDOELRSV\PD\EHSURYLGHG
DWF\FOHRUDVXEVHTXHQWF\FOHDIWHUWKHILUVWRUVHFRQGZHHNRIWUHDWPHQWZLWK
$0*
6HFWLRQ7DEOH
5HSODFH

7UHDWPHQW3HULRG

&\FOH
4&
(27
(26
6WXG\'D\



+RXUV
78025$66(660(176
05,RU&7
;
L

;
M
7XPRUPDUNHUVHJ&($
;
L



3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


:LWK

7UHDWPHQW3HULRG

&\FOH
4&
(2,3
(26
6WXG\'D\



+RXUV
78025$66(660(176
05,RU&7
;
L

;
M
7XPRUPDUNHUVHJ&($

;
;
5HSODFH
,QWKHIRRWQRWH
(27 (QGRI7UHDWPHQW
:LWK
(2,3 (QGRI,QYHVWLJDWLRQDO3URGXFW
5HSODFH
E,IDFRUHELRSV\LVSHUIRUPHGLWPXVWEHFRPSOHWHGEHIRUHWKHVWDUWRIWUHDWPHQW
6XEMHFWVZKRSURYLGHDVHSDUDWHFRQVHQWPD\XQGHUJRDQRSWLRQDOSDLUHGELRSV\
ZHHNVSULRUWRF\FOHGD\DQGF\FOHGD\DQGRUDQRSWLRQDORQWUHDWPHQW
ELRSV\DWF\FOHGD\
:LWK
E,IDFRUHELRSV\LVSHUIRUPHGLWPXVWEHFRPSOHWHGEHIRUHWKHVWDUWRIWUHDWPHQW
6XEMHFWVZKRSURYLGHDVHSDUDWHFRQVHQWPD\XQGHUJRDQRSWLRQDOSDLUHGELRSV\
ZHHNVSULRUWRF\FOHGD\DQGF\FOHGD\WRDQGRUDQRSWLRQDO
RQWUHDWPHQWELRSV\DWF\FOHGD\WR
6HFWLRQ(QGRI,QYHVWLJDWLRQDO3URGXFW(2,3
5HSODFHWLWOHVHFWLRQ
(QGRI7UHDWPHQW
:LWK
(QGRI,QYHVWLJDWLRQDO3URGXFW(2,3
5HSODFH
7KH(27YLVLWZLOORFFXUXSRQGRFXPHQWHGFRQILUPHGFOLQLFDORUUDGLRJUDSKLFGLVHDVH
SURJUHVVLRQLQWROHUDEOHDGYHUVHHYHQWRUZLWKGUDZDORIFRQVHQW)RUVXEMHFWVZKR
FKRRVHWRGLVFRQWLQXHLQYHVWLJDWLRQDOSURGXFWWUHDWPHQWWKH(27YLVLWVKRXOGRFFXUDV
VRRQDVSRVVLEOHDIWHUWKHODVWGRVHRILQYHVWLJDWLRQDOSURGXFWLVDGPLQLVWHUHG0HGLFDOO\

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


VLJQLILFDQWDGYHUVHHYHQWVFRQVLGHUHGUHODWHGWRWKHLQYHVWLJDWLRQDOSURGXFWE\WKH
LQYHVWLJDWRURUWKHVSRQVRUZLOOEHIROORZHGXQWLOUHVROYHGRUFRQVLGHUHGVWDEOH7KH
IROORZLQJSURFHGXUHVZLOOEHFRPSOHWHGGXULQJWKH(27YLVLWDVGHVLJQDWHGLQWKH
6FKHGXOHVRI$VVHVVPHQWV7DEOH7DEOHDQG7DEOH
:LWK
7KH(2,3YLVLWZLOORFFXUXSRQGRFXPHQWHGFRQILUPHGFOLQLFDORUUDGLRJUDSKLFGLVHDVH
SURJUHVVLRQLQWROHUDEOHDGYHUVHHYHQWRUZLWKGUDZDORIFRQVHQW)RUVXEMHFWVZKR
FKRRVHWRGLVFRQWLQXHLQYHVWLJDWLRQDOSURGXFWWUHDWPHQWWKH(2,3YLVLWVKRXOGRFFXUDV
VRRQDVSRVVLEOHDIWHUWKHODVWGRVHRILQYHVWLJDWLRQDOSURGXFWLVDGPLQLVWHUHG0HGLFDOO\
VLJQLILFDQWDGYHUVHHYHQWVFRQVLGHUHGUHODWHGWRWKHLQYHVWLJDWLRQDOSURGXFWE\WKH
LQYHVWLJDWRURUWKHVSRQVRUZLOOEHIROORZHGXQWLOUHVROYHGRUFRQVLGHUHGVWDEOH7KH
IROORZLQJSURFHGXUHVZLOOEHFRPSOHWHGGXULQJWKH(2,3YLVLWDVGHVLJQDWHGLQWKH
6FKHGXOHVRI$VVHVVPHQWV7DEOH7DEOHDQG7DEOH
$GG
x
7XPRUPDUNHUV
6HFWLRQ(QGRI6WXG\(269LVLW
5HSODFHWLWOHVHFWLRQ
(QGRI6WXG\
:LWK
(QGRI6WXG\(269LVLW
$GG
x
7XPRUPDUNHUV
6HFWLRQ7XPRU%LRSV\
5HSODFH
6XEMHFWVLQWKHGD\RUGD\LQIXVLRQFRKRUWVZKRSURYLGHDVHSDUDWHFRQVHQWPD\
DOVRXQGHUJRDQRSWLRQDORQWUHDWPHQWELRSV\F\FOHGD\
:LWK
6XEMHFWVLQWKHGD\RUGD\LQIXVLRQFRKRUWVPD\DOVRSURYLGHDVHSDUDWHFRQVHQW
WRXQGHUJRRQHRUWZRRSWLRQDORQWUHDWPHQWELRSVLHV
x
2QHELRSV\RQF\FOHDIWHUWKHILUVWRUVHFRQGZHHNRIWUHDWPHQWZLWK
$0*
x
2QHELRSV\SURYLGHGLQF\FOHRUVXEVHTXHQWF\FOHVDIWHUWKHILUVWRU
VHFRQGZHHNRIWUHDWPHQWZLWK$0*

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


6HFWLRQ6HUXP3UHJQDQF\7HVW
5HSODFH
$VHUXPSUHJQDQF\WHVWZLOOEHSHUIRUPHGORFDOO\DWHDFKVLWHRQDOOIHPDOHVXQOHVVWKH\
DUHVXUJLFDOO\VWHULOHRUt\HDUVSRVWPHQRSDXVDO2QYLVLWVZKHUHUHTXLUHGWKHVHUXP
SUHJQDQF\WHVWPXVWEHSHUIRUPHGSULRUWRGRVLQJZLWKLQYHVWLJDWLRQDOSURGXFW,IWKH
SUHJQDQF\WHVWLVSRVLWLYHDWGD\RIF\FOHWKHVXEMHFWVKRXOGQRWEHJLYHQ
LQYHVWLJDWLRQDOSURGXFW,IWKHSUHJQDQF\WHVWLVSRVLWLYHDWDQ\RWKHUYLVLWWKHQ
LQYHVWLJDWLRQDOSURGXFWPXVWEHGLVFRQWLQXHGDQGWKHVXEMHFWVKRXOGEHUHPRYHGIURP
WKHVWXG\
:LWK
$VHUXPTXDOLWDWLYHSUHJQDQF\WHVWZLOOEHSHUIRUPHGORFDOO\DWHDFKVLWHRQDOOIHPDOHV
XQOHVVWKH\DUHVXUJLFDOO\VWHULOHRUt\HDUVSRVWPHQRSDXVDO2QYLVLWVZKHUHUHTXLUHG
WKHVHUXPSUHJQDQF\WHVWPXVWEHSHUIRUPHGSULRUWRGRVLQJZLWKLQYHVWLJDWLRQDOSURGXFW
,IWKHSUHJQDQF\WHVWLVSRVLWLYHDWGD\RIF\FOHWKHVXEMHFWVKRXOGQRWEHJLYHQ
LQYHVWLJDWLRQDOSURGXFW,IWKHSUHJQDQF\WHVWLVSRVLWLYHDWDQ\RWKHUYLVLWWKHQ
LQYHVWLJDWLRQDOSURGXFWPXVWEHKHOGDQGDFRQILUPDWRU\TXDQWLWDWLYHVHUXP
SUHJQDQF\WHVWPXVWEHGRQH,IWKHFRQILUPDWRU\TXDQWLWDWLYHVHUXPSUHJQDQF\
WHVWLVSRVLWLYHWKHLQYHVWLJDWLRQDOSURGXFW$0*PXVWEHGLVFRQWLQXHG,IWKH
TXDQWLWDWLYHSUHJQDQF\WHVWLVQHJDWLYHWKHVXEMHFWVKRXOGUHVWDUWLQIXVLRQSHUWKH
FULWHULDLQVHFWLRQ
6HFWLRQ$QWLERG\7HVWLQJ3URFHGXUHV
5HSODFH
$GGLWLRQDOEORRGVDPSOHVPD\EHREWDLQHGWRUXOHRXWDQWL$0*DQWLERGLHVGXULQJ
WKHVWXG\
:LWK
$GGLWLRQDOEORRGVDPSOHVPD\EHREWDLQHGWRHYDOXDWHDQWL$0*DQWLERGLHV¶LPSDFW
RQ$0*H[SRVXUHGXULQJWKHVWXG\

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


6HFWLRQ,QYHVWLJDWRURU6SRQVRU'HFLVLRQWR:LWKGUDZRU7HUPLQDWH6XEMHFWV¶
3DUWLFLSDWLRQ3ULRUWR6WXG\&RPSOHWLRQ
$GG
6XEMHFWGDWDDQGWKHUHDVRQVIRUWHUPLQDWLRQRUZLWKGUDZDOIURPWKHVWXG\PXVW
EHGRFXPHQWHGIRUWKHILQDOVWXG\&65DQGLWPD\EHXVHGIRUWKHDQDO\VLVRIWKH
VWXG\
6HFWLRQ'HILQLWLRQRI$GYHUVH(YHQWV
5HSODFH
)RUVLWXDWLRQVZKHQDQDGYHUVHHYHQWRUVHULRXVDGYHUVHHYHQWLVGXHWRWKHSULPDU\
WXPRUW\SHEHLQJVWXGLHGUHSRUWDOONQRZQVLJQVDQGV\PSWRPV'HDWKGXHWRGLVHDVH
SURJUHVVLRQLQWKHDEVHQFHRIVLJQVDQGV\PSWRPVVKRXOGEHUHSRUWHGDVWKHSULPDU\
WXPRUW\SHHJPHWDVWDWLFSDQFUHDWLFFDQFHU,IDQHZSULPDU\PDOLJQDQF\DSSHDUVLW
ZLOOEHFRQVLGHUHGDQDGYHUVHHYHQW
1RWH7KHWHUP³GLVHDVHSURJUHVVLRQ´VKRXOGQRWEHXVHGWRGHVFULEHWKHDGYHUVH
HYHQW
:LWK
'LVHDVHSURJUHVVLRQLWVHOILVQRWFRQVLGHUHGDQDGYHUVHHYHQWKRZHYHUVLJQV
DQGV\PSWRPVRIGLVHDVHSURJUHVVLRQVKRXOGEHUHFRUGHGDVDGYHUVHHYHQWVRU
VHULRXVDGYHUVHHYHQWV'HDWKVGXHWRSURJUHVVLYHGLVHDVHGXULQJWUHDWPHQWXQWLO
WKH6DIHW\)ROORZXS9LVLWRUGD\VDIWHUWKHSURWRFROVSHFLILHGWKHUDS\
ZKLFKHYHULVODWHUVKRXOGEHUHFRUGHGDVGXHWRWKHSULPDU\WXPRUHJPHWDVWDWLF
SDQFUHDWLFFDQFHU,IDQHZSULPDU\PDOLJQDQF\DSSHDUVLWZLOOEHFRQVLGHUHGDQ
DGYHUVHHYHQW
$GG
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUUHYLHZLQJODERUDWRU\WHVWUHVXOWVDQG
GHWHUPLQLQJZKHWKHUDQDEQRUPDOYDOXHLQDQLQGLYLGXDOVWXG\VXEMHFWUHSUHVHQWV
DFOLQLFDOO\VLJQLILFDQWFKDQJHIURPWKHVXEMHFW¶VEDVHOLQHYDOXHV,QJHQHUDO
DEQRUPDOODERUDWRU\ILQGLQJVZLWKRXWFOLQLFDOVLJQLILFDQFHEDVHGRQWKH
LQYHVWLJDWRU
VMXGJPHQWVKRXOGQRWEHUHFRUGHGDVDGYHUVHHYHQWV+RZHYHU
ODERUDWRU\YDOXHFKDQJHVWKDWUHTXLUHWUHDWPHQWRUDGMXVWPHQWLQFXUUHQWWKHUDS\
DUHFRQVLGHUHGDGYHUVHHYHQWV:KHUHDSSOLFDEOHFOLQLFDOVHTXHODHQRWWKH
ODERUDWRU\DEQRUPDOLW\DUHWREHUHFRUGHGDVWKHDGYHUVHHYHQW

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


6HFWLRQ5HSRUWLQJ3URFHGXUHVIRU$GYHUVH(YHQWV7KDWGRQRW0HHW6HULRXV
&ULWHULD
'HOHWH
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUUHYLHZLQJODERUDWRU\WHVWUHVXOWVDQGGHWHUPLQLQJ
ZKHWKHUDQDEQRUPDOYDOXHLQDQLQGLYLGXDOVWXG\VXEMHFWUHSUHVHQWVDFKDQJHIURP
YDOXHVEHIRUHWKHVWXG\,QJHQHUDODEQRUPDOODERUDWRU\ILQGLQJVZLWKRXWFOLQLFDO
VLJQLILFDQFHEDVHGRQWKHLQYHVWLJDWRU
VMXGJPHQWVKRXOGQRWEHUHFRUGHGDVDGYHUVH
HYHQWVKRZHYHUODERUDWRU\YDOXHFKDQJHVUHTXLULQJWKHUDS\RUDGMXVWPHQWLQSULRU
WKHUDS\DUHFRQVLGHUHGDGYHUVHHYHQWV:KHUHDSSOLFDEOHFOLQLFDOVHTXHODHQRWWKH
ODERUDWRU\DEQRUPDOLW\VKRXOGEHUHFRUGHGDVWKHDGYHUVHHYHQWV
6HFWLRQ6WXG\(QGSRLQWV3ULPDU\(QGSRLQWV
5HSODFH
6DIHW\VXEMHFWLQFLGHQFHRI$(V'/7VDQGFOLQLFDOO\VLJQLILFDQWFKDQJHVLQYLWDOVLJQV
(&*VSK\VLFDOH[DPLQDWLRQILQGLQJVDQGFOLQLFDOODERUDWRU\WHVWV
:LWK
6DIHW\VXEMHFWLQFLGHQFHRI7($(V'/7VDQGFOLQLFDOO\VLJQLILFDQWFKDQJHVLQYLWDO
VLJQV(&*VSK\VLFDOH[DPLQDWLRQILQGLQJVDQGFOLQLFDOODERUDWRU\WHVWV
6HFWLRQ6WXG\(QGSRLQWV6HFRQGDU\(QGSRLQWV
5HSODFH
x
3.RI$0*DIWHUF,9LQIXVLRQDFURVVF\FOHV
x
7LPHWRSURJUHVVLRQ
:LWK
x
3.RI$0*DIWHUFRQWLQXRXVLQWUDYHQRXVF,9LQIXVLRQDFURVVF\FOHV
x
7LPHWRSURJUHVVLRQ773
6HFWLRQ6WXG\(QGSRLQWV([SORUDWRU\(QGSRLQWV
5HSODFH
x
&KDQJHVLQ&7&V
x
V&($VHUXPOHYHOV
:LWK
x
&KDQJHVLQFLUFXODWLQJWXPRUFHOOV&7&V
x
6ROXEOH&($VHUXPOHYHOV

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


6HFWLRQ6DPSOH6L]H&RQVLGHUDWLRQV
5HSODFH
,WLVDQWLFLSDWHGWKDWXSWRVXEMHFWVZLOOEHHQUROOHGLQWKLVVWXG\
:LWK
,WLVDQWLFLSDWHGWKDWDSSUR[LPDWHO\VXEMHFWVZLOOEHHQUROOHGLQWKLVVWXG\
6HFWLRQ3ODQQHG$QDO\VLV
5HSODFH
7KHIROORZLQJGDWDDQDO\VHVDUHSODQQHGGRVHGHFLVLRQDQDO\VHVLQWKH
GRVHHVFDODWLRQFRKRUWVDIWHUHYHU\'/7HYDOXDEOHVXEMHFWVDVDIHW\UHYLHZRI
GRVHHVFDODWLRQDIWHUDOOVXEMHFWVLQGRVHHVFDODWLRQKDYHKDGWKHRSSRUWXQLW\WR
FRPSOHWHPRQWKVRIWUHDWPHQWWKHSULPDU\DQDO\VLVDIWHUDOOGRVHHVFDODWLRQDQG
GRVHH[SDQVLRQVXEMHFWVKDYHFRPSOHWHGPRQWKVRIWUHDWPHQWDQGWKHILQDO
DQDO\VLVDIWHUDOOVXEMHFWVKDYHHQGHGWKHVWXG\
:LWK
7KHIROORZLQJGDWDDQDO\VHVDUHSODQQHGGRVHGHFLVLRQDQDO\VHVLQWKH
GRVHHVFDODWLRQFRKRUWVDIWHUHYHU\WR'/7HYDOXDEOHVXEMHFWVDVDIHW\UHYLHZRI
GRVHHVFDODWLRQDIWHUDOOVXEMHFWVLQGRVHHVFDODWLRQKDYHKDGWKHRSSRUWXQLW\WR
FRPSOHWHPRQWKVRIWUHDWPHQWWKHSULPDU\DQDO\VLVDIWHUDOOGRVHHVFDODWLRQDQG
GRVHH[SDQVLRQVXEMHFWVKDYHFRPSOHWHGPRQWKVRIWUHDWPHQWDQGWKHILQDO
DQDO\VLVDIWHUDOOVXEMHFWVKDYHHQGHGWKHVWXG\
6HFWLRQ,QWHULP$QDO\VLV
5HSODFH
7KH$PJHQ0HGLFDO0RQLWRUDQG$PJHQ*OREDO6DIHW\2IILFHUPD\GHFLGHWRRSHQWKH
QH[WFRKRUWXVLQJDGHHVFDODWHGGRVHGHHVFDODWHGIURPWKHGRVHOHYHORIWKHPRVW
UHFHQWFRKRUWLIWKLVGHHVFDODWHGGRVHKDGEHHQSUHYLRXVO\HYDOXDWHGE\WKH'/57
:LWK
7KH$PJHQ0HGLFDO0RQLWRURU('/DQG$PJHQ*OREDO6DIHW\2IILFHUPD\GHFLGHWR
RSHQWKHQH[WFRKRUWXVLQJDGHHVFDODWHGGRVHGHHVFDODWHGIURPWKHGRVHOHYHORIWKH
PRVWUHFHQWFRKRUWLIWKLVGHHVFDODWHGGRVHKDGEHHQSUHYLRXVO\HYDOXDWHGE\WKH
'/57

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


6HFWLRQ'RVH/HYHO5HYLHZ7HDP
5HSODFH
$OODYDLODEOHVWXG\GDWDLQFOXGLQJGHPRJUDSKLFVLQYHVWLJDWLRQDOSURGXFWDGPLQLVWUDWLRQ
PHGLFDOKLVWRU\FRQFRPLWDQWPHGLFDWLRQVDGYHUVHHYHQWV(&*VYLWDOVLJQVODERUDWRU\
UHVXOWVDQG3.3'LQIRUPDWLRQZLOOEHUHYLHZHG,QDGGLWLRQWR'/7VDOOJUDGH
WR[LFLWLHVQRWPHHWLQJ'/7FULWHULDLQFOXGLQJKHPDWRORJLFZLOOEHUHYLHZHGDQGFDQEH
FRQVLGHUHGLQWKH'/57¶VGHFLVLRQV
:LWK
$OODYDLODEOHVWXG\GDWDLQFOXGLQJGHPRJUDSKLFVLQYHVWLJDWLRQDOSURGXFWDGPLQLVWUDWLRQ
PHGLFDOKLVWRU\FRQFRPLWDQWPHGLFDWLRQVSULRUVXUJHU\DQGWKHUDS\DGYHUVHHYHQWV
(&*VYLWDOVLJQVODERUDWRU\UHVXOWV.DUQRIVN\3HUIRUPDQFH6WDWXV*ORPHUXODU
)LOWUDWLRQ5DWH*)5&DQFHU'LDJQRVLVDQG3.3'LQIRUPDWLRQZLOOEHUHYLHZHG,Q
DGGLWLRQWR'/7VDOOJUDGHWR[LFLWLHVQRWPHHWLQJ'/7FULWHULDLQFOXGLQJKHPDWRORJLF
ZLOOEHUHYLHZHGDQGFDQEHFRQVLGHUHGLQWKH'/57¶VGHFLVLRQV
6HFWLRQ6DIHW\5HYLHZ
$GG6HFWLRQ6DIHW\5HYLHZ
7KHVDIHW\UHYLHZLVSODQQHGDIWHUDOOGRVHHVFDODWLRQVXEMHFWVKDYHKDGWKH
RSSRUWXQLW\WRFRPSOHWHPRQWKVRIWUHDWPHQW
6HFWLRQ3ULPDU\$QDO\VLV
5HSODFH
7KHSULPDU\DQDO\VLVLVSODQQHGDIWHUDOOVXEMHFWVKDYHKDGWKHRSSRUWXQLW\WRFRPSOHWH
PRQWKVRIWUHDWPHQW
:LWK
7KHSULPDU\DQDO\VLVLVSODQQHGDIWHUDOOGRVHHVFDODWLRQDQGGRVHH[SDQVLRQ
VXEMHFWVKDYHKDGWKHRSSRUWXQLW\WRFRPSOHWHPRQWKVRIWUHDWPHQW
6HFWLRQ$GYHUVH(YHQWV
5HSODFH
6XEMHFWLQFLGHQFHRIDOOWUHDWPHQWHPHUJHQWDGYHUVHHYHQWVZLOOEHWDEXODWHGE\V\VWHP
RUJDQFODVVDQGSUHIHUUHGWHUP7KHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVUHSRUWLQJ
DGYHUVHHYHQWVZLOOEHHYDOXDWHGRYHUDOODQGE\GRVHOHYHODQGZLOODOVREHWDEXODWHGE\
UHODWLRQVKLSWRVWXG\GUXJ

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


7DEOHVRIIDWDODGYHUVHHYHQWVVHULRXVDGYHUVHHYHQWVDGYHUVHHYHQWVOHDGLQJWR
ZLWKGUDZDOIURPLQYHVWLJDWLRQDOSURGXFWRURWKHUSURWRFROUHTXLUHGWKHUDSLHVDQG
VLJQLILFDQWWUHDWPHQWHPHUJHQWDGYHUVHHYHQWVZLOODOVREHSURYLGHG
:LWK
6XEMHFWLQFLGHQFHRIDOOWUHDWPHQWHPHUJHQWDGYHUVHHYHQWV7($(VZLOOEHWDEXODWHG
E\V\VWHPRUJDQFODVV62&DQGSUHIHUUHGWHUP377KHQXPEHUDQGSHUFHQWDJHRI
VXEMHFWVUHSRUWLQJDGYHUVHHYHQWVZLOOEHHYDOXDWHGRYHUDOODQGE\GRVHOHYHODQGZLOO
DOVREHWDEXODWHGE\UHODWLRQVKLSWRVWXG\GUXJ
7DEOHVRIIDWDODGYHUVHHYHQWVVHULRXVDGYHUVHHYHQWVDGYHUVHHYHQWVOHDGLQJWR
ZLWKGUDZDOIURPLQYHVWLJDWLRQDOSURGXFWRURWKHUSURWRFROUHTXLUHGWKHUDSLHVDQG(YHQWV
RI,QWHUHVW(2,ZLOODOVREHSURYLGHG
6HFWLRQ&OLQLFDO/DERUDWRU\7HVWV
5HSODFH
7KHDQDO\VLVRIVDIHW\ODERUDWRU\HQGSRLQWVZLOOLQFOXGHVXPPDU\VWDWLVWLFVRYHUWLPHIRU
HDFKVXEMHFW6KLIWVLQJUDGHRIVDIHW\ODERUDWRU\YDOXHVIURPEDVHOLQHZLOOEHWDEXODWHG
IRUHDFKVXEMHFW
:LWK
7KHDQDO\VLVRIVDIHW\ODERUDWRU\HQGSRLQWVZLOOLQFOXGHVXPPDU\VWDWLVWLFVRYHUWLPHIRU
HDFKVXEMHFW6KLIWVLQJUDGHRIVDIHW\ODERUDWRU\YDOXHVIURPEDVHOLQHZLOODOVREH
WDEXODWHG
6HFWLRQ3KDUPDFRNLQHWLFV'DWD$QDO\VLV
5HSODFH
3DUDPHWHUVZLOOEHVXPPDUL]HGE\GRVHOHYHOXVLQJPHDQVVWDQGDUGGHYLDWLRQV
PHGLDQVPLQLPXPVDQGPD[LPXPV3.3'PRGHOLQJPD\EHSHUIRUPHGLIGDWDDUH
DGHTXDWHWRH[SORUHWKHUHODWLRQVKLSEHWZHHQ$0*H[SRVXUHDQGYDULRXV3'
HQGSRLQWV
:LWK
3DUDPHWHUVZLOOEHVXPPDUL]HGE\GRVHOHYHODQGHDFKVDPSOLQJWLPHXVLQJPHDQV
VWDQGDUGGHYLDWLRQVPHGLDQVDQGUDQJHV3.3'PRGHOLQJPD\EHSHUIRUPHGLIGDWD
DUHDGHTXDWHWRH[SORUHWKHUHODWLRQVKLSEHWZHHQ$0*H[SRVXUHDQGYDULRXV3'
HQGSRLQWV

3URGXFW$0*
3URWRFRO1XPEHU
'DWH0D\
3DJHRI
&21),'(17,$/


6HFWLRQ(IILFDF\3DUDPHWHU$QDO\VLV
'HOHWH
6WDWLVWLFDODQDO\VHVRIHIILFDF\HQGSRLQWVZLOOEHFRQVLGHUHGH[SORUDWRU\
6HFWLRQ5()(5(1&(6
'HOHWH
0HG,PPXQH0(',
$GG
,QYHVWLJDWRU¶V%URFKXUHYHUVLRQGDWHG0DUFK
0LFKDHO-3LVKYDLDQ0LFKDHO0RUVH-HQQLIHU70F'HYLWW6RQJ5HQ*DEULHO
5REELH3DWULFLD&5\DQ6HUJXHL6RXNKDUHY+DLIHQJ%DR&U\VWDO6KHUHHQ
'HQOLQJHU3KDVHGRVHHVFDODWLRQVWXG\RI0(',DELVSHFLILF7FHOOHQJDJHU
WKDWWDUJHWVKXPDQFDUFLQRHPEU\RQLFDQWLJHQ&($LQSDWLHQWVZLWKDGYDQFHG
JDVWURLQWHVWLQDO*,DGHQRFDUFLQRPDV-&OLQ2QFROVXSSO6
DEVWUSRVWHU
6HFWLRQ$SSHQGL[&
&KDQJH3UHJQDQF\DQG/DFWDWLRQ1RWLILFDWLRQVZRUNVKHHWVXSGDWHGZLWKODWHVW
$PJHQYHUVLRQV

3URGXFW$0*
3URWRFRO1XPEHU
'DWH6HSWHPEHU
3DJHRI
&21),'(17,$/


$PHQGPHQW
3URWRFRO7LWOH$3KDVH6WXG\(YDOXDWLQJWKH6DIHW\7ROHUDELOLW\
3KDUPDFRNLQHWLFV3KDUPDFRG\QDPLFVDQG(IILFDF\RI$0*$GPLQLVWHUHGDV
&RQWLQXRXV,QWUDYHQRXV,QIXVLRQLQ6XEMHFWV:LWK5HODSVHG5HIUDFWRU\
*DVWURLQWHVWLQDO$GHQRFDUFLQRPD
$PJHQ3URWRFRO1XPEHU$0*
(XGUD&71XPEHU

$PHQGPHQW'DWH
6HSWHPEHU
5DWLRQDOH
7KHSURWRFROZDVDPHQGHGIRUWKHIROORZLQJUHDVRQV

,QFRUSRUDWHODQJXDJHUHJDUGLQJVXEMHFWVEHLQJDOORZHGWRFRQFXUUHQWO\SDUWLFLSDWHLQ
WKHVWXG\DQGWKHVWXG\VSRQVRUHGE\WKH8QLYHUVLW\0HGLFDO&HQWHU
*URQLQJHQDQGFRQGXFWHGLQWKH1HWKHUODQGVUHIHUUHGWRDVWKH,PDJLQJ6WXG\7KH
,PDJLQJ6WXG\ZLOOEHFRQGXFWHGIROORZLQJDVHSDUDWHSURWRFRODQGLWVREMHFWLYHLVWR
HYDOXDWHWKHDFFXPXODWLRQDQGGLVWULEXWLRQRIDUDGLRODEHOOHGYHUVLRQRI$0*
$VVHVVPHQWVDQGWUHDWPHQWLQWKHVWXG\ZLOOEHLQGHSHQGHQWWKH,PDJLQJ
6WXG\

,QFUHDVHVDPSOHVL]HIURPWRVXEMHFWVWRHQVXUHUHFRPPHQGHGSKDVHGRVH
FDQEHHVWDEOLVKHGDQGVXIILFLHQWFOLQLFDODQGVDIHW\GDWDFDQEHREWDLQHG

6FUHHQLQJSHULRGLQFUHDVHGIURPGD\VWRGD\VWRDOORZVXIILFLHQWWLPHIRUDOO
DVVHVVPHQWVWREHFRPSOHWHG

$OORZVWDUWRIWUHDWPHQWDWF\FOHDQGDOOVXEVHTXHQWF\FOHVGD\RXWVLGH
HVWDEOLVKHGZLQGRZLIMXVWLILHGIRUORJLVWLFDOUHDVRQV

7KHVFKHGXOHRIDVVHVVPHQWVWDEOHZDVXSGDWHGWRLQFOXGHLPDJLQJDVVHVVPHQWDW
(26LIQRWGRQHZLWKLQWKHSUHYLRXVZHHNV7KLVLVQRWDQDGGLWLRQDODVVHVVPHQWDV
LWZRXOGEHLQOLQHZLWKWKH4&HYHU\F\FOHVUHTXLUHPHQWVLQWKHSUHYLRXVYHUVLRQ
RIWKHSURWRFRO

7KHVFKHGXOHRIDVVHVVPHQWVWDEOHZDVFRUUHFWHGZLWK3.DQGV&($VDPSOHVWREH
FROOHFWHGRQF\FOHDQGDOOVXEVHTXHQWF\FOHVDW'LQVWHDGRI'7KLVLVLQ
DFFRUGDQFHWRWKHSURWRFROODQJXDJHZKLFKVD\VWKDWWKHVHVDPSOHVVKRXOGEH
FROOHFWHGDWWKHHQGRILQIXVLRQ

&RUUHFWLRQRI$0*YROXPHFRQWDLQHGLQYLDO

&ROOHFWLRQRIWXPRUWLVVXHREWDLQHGDVDUHVXOWRIDQRQVWXG\UHODWHGVXUJHU\RUDQ\
LQYDVLYHSURFHGXUH

$GPLQLVWUDWLYHW\SRJUDSKLFDODQGIRUPDWWLQJFKDQJHVZHUHPDGHWKURXJKRXWWKH
SURWRFRO

3URGXFW$0*
3URWRFRO1XPEHU
'DWH-XO\
3DJH
$PHQGPHQW
3URWRFRO7LWOH$3KDVH6WXG\(YDOXDWLQJWKH6DIHW\7ROHUDELOLW\
3KDUPDFRNLQHWLFV3KDUPDFRG\QDPLFVDQG(IILFDF\RI$0*$GPLQLVWHUHGDV
&RQWLQXRXV,QWUDYHQRXV,QIXVLRQLQ6XEMHFWVZLWK5HODSVHG5HIUDFWRU\
*DVWURLQWHVWLQDO$GHQRFDUFLQRPD
$PJHQ3URWRFRO1XPEHU$0*
(XGUD&71XPEHU

$PHQGPHQW'DWH
-XO\

5DWLRQDOH
7KHIROORZLQJFKDQJHVZHUHPDGHWRSURWRFROGDWHG0DUFKZLWKWKLV
DPHQGPHQW

x
7KHSUHIHUUHGLPDJLQJPHWKRGRORJ\LVEHLQJXSGDWHGWRLQGLFDWHWKDWDFRQWUDVW
HQKDQFHG05,VKRXOGEHWKHSUHIHUUHGLPDJLQJPHWKRGIRUHYDOXDWLRQRIPRVW
WXPRUVLQRUGHUWRUHGXFHUDGLDWLRQH[SRVXUHIRUVXEMHFWVDVUHTXHVWHGE\(WKLFV
&RPPLWWHHV+RZHYHURUJDQVSHFLILFH[LVWLQJLPDJLQJSURWRFROVRUH[LVWLQJ
GLDJQRVWLFJXLGHOLQHVVKRXOGEHIROORZHGZKHQHYHUSRVVLEOHWRHYDOXDWHWKH
H[WHQWRIWKHGLVHDVHDSSURSULDWHO\6SHFLILFDOO\IRUWKHFKHVWDFRQWUDVW
HQKDQFHG05,PD\QRW\LHOGLPDJHTXDOLW\VXIILFLHQWIRUDFRQYLQFLQJHYDOXDWLRQ
ZLWKLQDQDFFHSWDEOHH[DPLQDWLRQWLPHHJHYDOXDWLRQRIWKHOXQJSDUHQFK\PD
IRUVPDOOQRGXOHVEHORZPPQRGXOHVWRGLIIHUHQWLDWHEHWZHHQPDOLJQDQWDQG
EHQLJQQRGXOHVDQGZKHUH05,LVSURQHWRKDYHPRUHPRWLRQDUWLIDFWVDQGLV
WKHUHIRUHFXUUHQWO\QRWUHFRPPHQGHGIRU710&ODVVLILFDWLRQRI0DOLJQDQW
7XPRXUVE\8QLRQIRU,QWHUQDWLRQDO&DQFHU&RQWURO8,&&DQG,QWHUQDWLRQDO
$VVRFLDWLRQIRUWKH6WXG\RI/XQJ&DQFHU,$6/&FULWHULD
7KHUDGLDWLRQH[SRVXUHIRUD&7VFDQRIDVLQJOHERG\DUHDLVORZHULQ
FRPSDULVRQWRDFRPSOHWHWXPRUDVVHVVPHQWE\LPDJLQJZLWK&7HJIRUFKHVW
&7P6YSHUVFDQGHSHQGLQJRQWHFKQLTXHVL]HRIVFDQQHGDUHDDQG

3URGXFW$0*
3URWRFRO1XPEHU
'DWH-XO\
3DJH
VFDQQLQJWLPHYHUVXVDSSUR[LPDWHO\P6YIRU&7VFDQVRIDEGRPHQSHOYLV
DQGFKHVW
$QH[DFWWXPRUHYDOXDWLRQLVRIKLJKLPSRUWDQFHIRUVXEMHFWVZLWKDGYDQFHG
WXPRUVLQFOXGLQJWKRVHSDUWLFLSDWLQJLQHDUO\SKDVHFOLQLFDOWULDOV7KHVHVXEMHFWV
SHUVHKDYHDSRRUSURJQRVLVDQGDUHDWKLJKULVNWRVXIIHUIURPWR[LFLW\
&RQVHTXHQWO\DWKRURXJKDQGDFFXUDWHWXPRUDVVHVVPHQWKDVWRJXLGHWKH
LQYHVWLJDWRULQWKHLUGHFLVLRQWRFRQWLQXHRUWRGLVFRQWLQXHWUHDWPHQWGHSHQGLQJRQ
WKHULVNEHQHILWIRUDQLQGLYLGXDOVXEMHFW
:HDUHSURSRVLQJWKHUHYLVHGODQJXDJHLQWKHVWXG\SURWRFROUHFRJQL]LQJWKH
QHHGWRUHGXFHUDGLDWLRQH[SRVXUHLQVXEMHFWVZKLOHEDODQFLQJWKHDELOLW\WR
DGHTXDWHO\DVVHVVWXPRUEXUGHQDQGVLWHVRIGLVHDVH
x
/DQJXDJHDGGHGWRFODULI\WKHWLPLQJRIWKHFRQILUPDWRU\VFDQVSHUIHHGEDFNIURP
WKH*HUPDQ5HJXODWRU\$XWKRULW\
x
6HFWLRQZDVXSGDWHGWRLQFOXGHDPRUHSUHFLVHGHVFULSWLRQRIWKHVDIHW\
PRQLWRULQJSURFHGXUHVLQWKHRXWSDWLHQWVHWWLQJ6SHFLILFDOO\WKHSRVVLELOLW\IRU
VLWHSHUVRQQHOLQVWHDGRIWKH+RPH+HDOWK&DUH3HUVRQQHOWRFRQWDFWWKHVXEMHFW
E\WHOHSKRQHRQWKHGD\VWKDWWKHVXEMHFWLVQRWKRVSLWDOL]HGZDVDGGHG,Q
DGGLWLRQWKHPHDVXUHPHQWRIWKHVXEMHFW¶VYLWDOVLJQVGXULQJWKHYLVLWVDWWKH
VXEMHFW¶VKRPHE\WKH+RPH+HDOWK&DUH3HUVRQQHO6WXG\3HUVRQQHOZDVDGGHG
IRUVDIHW\SXUSRVHV
x
7KHFROOHFWLRQRIDQXQVFKHGXOHGEORRGVDPSOHZDVDGGHGLQVHFWLRQVDQG
WRPHDVXUHDQGFRQILUPF\WRNLQHOHYHOVLQFDVHRIWKHRFFXUUHQFHRI
F\WRNLQHUHOHDVHDVVRFLDWHGDGYHUVHHYHQWV
x
7KHFROOHFWLRQRIYLWDOVLJQVDQGSXOVHR[LPHWU\HYHU\KRXUVGXULQJGD\RI
F\FOHDQGDOOVXEVHTXHQWF\FOHVZDVDGGHGSHUIHHGEDFNIURPWKH*HUPDQ
5HJXODWRU\$XWKRULW\WRHQVXUHWKDWVXEMHFWVDUHPRQLWRUHGZKLOHKRVSLWDOL]HG
x
7KHFROOHFWLRQRIDVDPSOHIRUVROXEOH'1$PDUNHUVZDVDGGHGWRWKHVFUHHQLQJ
YLVLWDVWZRSUHWUHDWPHQWYDOXHVDUHQHHGHGIRUWKHDQDO\VLVRIWKLVELRPDUNHU
x
([FOXVLRQFULWHULRQZDVXSGDWHGSHUIHHGEDFNIURPWKH*HUPDQ5HJXODWRU\
$XWKRULW\WRGLIIHUHQWLDWHSURSK\ODFWLFDQWLLQIHFWLRQYDFFLQDWLRQDQGWKHUDSHXWLF
YDFFLQDWLRQDQGUHVSHFWLYHWLPHZLQGRZVEHWZHHQWKHVWDUWRIWUHDWPHQWDQGSULRU
YDFFLQDWLRQ
x
([FOXVLRQFULWHULRQZDVFRUUHFWHGDVLWZDVDW\SRJUDSKLFHUURUDQG
UHTXHVWHGE\*HUPDQ(WKLFV&RPPLWWHH

3URGXFW$0*
3URWRFRO1XPEHU
'DWH-XO\
3DJH
x
([FOXVLRQFULWHULRQZDVXSGDWHGSHUIHHGEDFNIURPWKH*HUPDQ
5HJXODWRU\$XWKRULW\WRFODULI\DQGVSHFLILFDOO\H[FOXGHVXEMHFWVZLWKLQIODPPDWRU\
ERZHOGLVHDVH
x
$W\SRJUDSKLFHUURUZDVFRUUHFWHGUHJDUGLQJWKHGHVFULSWLRQRIWKHYLDOVL]HRIWKH
,9%DJ3URWHFWDQWJLYHQLQWKHSURWRFRODVLWZDVZURQJO\GHVFULEHGDVP/
LQVWHDGRIWKHFRUUHFWVL]HRIPP,QDGGLWLRQWKHDPRXQWRI,9EDJSURWHFWDQW
SUHVHQWLQWKHYLDOZDVDGGHG


'HVFULSWLRQRI&KDQJHV
6HFWLRQ*OREDO
5HSODFH7KHYHUVLRQLVXSGDWHGWR$PHQGPHQWDQGWKHGDWHLVXSGDWHGWR-XO\


6HFWLRQ*OREDO
&KDQJH7KHSUHIHUHQFHIRU05,VFDQVZDVUHIOHFWHGWKURXJKRXWWKHFRPSOHWHSURWRFRO
GRFXPHQWE\FKDQJLQJWR³05,RU&7´LQVWHDGRI³&7RU05,´

6HFWLRQ3URWRFRO6\QRSVLV$PJHQ,QYHVWLJDWLRQDO3URGXFW'RVDJHDQG$GPLQLVWUDWLRQ
OLQH
5HSODFH
7KHLQWUDYHQRXV,9EDJSURWHFWDQWZLOOEHSUHVHQWHGDVDVWHULOHOLTXLGLQDP/JODVV
YLDOLQWHQGHGIRUSUHWUHDWPHQWRI,9EDJVSULRUWRGLOXWLRQRI$0*GUXJSURGXFW
:LWK
7KHLQWUDYHQRXV,9EDJSURWHFWDQWZLOOEHSUHVHQWHGDVDVWHULOHOLTXLGLQDPPJODVV
YLDOFRQWDLQLQJP/RI,9EDJSURWHFWDQWLQWHQGHGIRUSUHWUHDWPHQWRI,9EDJVSULRU
WRGLOXWLRQRI$0*GUXJSURGXFW


