A 46-week, Double-blind, Placebo-controlled, Phase 3 Study With a 6-week Randomized-withdrawal Period to Evaluate the Safety and Efficacy of Relamorelin in Patients With Diabetic Gastroparesis
Phase: PHASE3
Conditions: Gastroparesis, Diabetes Mellitus
Sponsor: Allergan

NCT03420781 
 
Study ID: Study ID: RLM-MD-03 
 
Title: A 46-week, Double-blind, Placebo-controlled, Phase 3 Study with a 6-week Randomized- 
withdrawal Period to Evaluate the Safety and Efficacy of Relamorelin in Patients with Diabetic 
Gastroparesis 
 
Protocol Amendment 2 Date: 10 March 2021 

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

7LWOH3DJH
7LWOH3DJH
3URWRFRO7LWOH $ZHHN'RXEOHEOLQG3ODFHERFRQWUROOHG3KDVH6WXG\ZLWKDZHHN
5DQGRPL]HGZLWKGUDZDO3HULRGWR(YDOXDWHWKH6DIHW\DQG(IILFDF\RI5HODPRUHOLQLQ
3DWLHQWVZLWK'LDEHWLF*DVWURSDUHVLV
%ULHI3URWRFRO7LWOH 'LDEHWLF *DVWURSDUHVLV6WXG\ ZLWK5DQGRPL]HGZLWKGUDZDO3HULRG
3URWRFRO1XPEHU 5/00'
$PHQGPHQW1XPEHU
3URGXFW 5HODPRUHOLQ
6SRQVRU1DPHDQG/HJDO5HJLVWHUHG$GGUHVV
$OOHUJDQ6DOHV//&*LUDOGD)DUPV0DGLVRQ1HZ-HUVH\ 8QLWHG6WDWHV
$OOHUJDQ/WG0DUORZ,QWHUQDWLRQDO3DUNZD\0DUORZ6/</8QLWHG.LQJGRP
5HJXODWRU\$JHQF\,GHQWLI\LQJ1XPEHUV
,1'
(XGUD&7
(PHUJHQF\7HOHSKRQH1XPEHU5HIHUWRVWXG\FRQWDFWVOLVW
6HULRXV$GYHUVH(YHQW5HSRUWLQJ (PDLO)D[1XPEHU
$OOHUJDQ0HGLFDO6DIHW\3K\VLFLDQ5HIHUWRVWXG\FRQWDFWVOLVW
$OOHUJDQ 6LJQDWRU\
9LFH3UHVLGHQW&OLQLFDO'HYHORSPHQW*,
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

3URWRFRO$PHQGPHQW6XPPDU\RI&KDQJHV
'2&80(17+,6725<
'RFXPHQW
'DWH
$PHQGPHQW
0DU
2ULJLQDO3URWRFRO
'HF 
$PHQGPHQW0DU
2YHUDOO5DWLRQDOHIRU$PHQGPHQW 
7KLVVXPPDU\LQFOXGHVFKDQJHVPDGHWR3URWRFRO5/00' IURP3URWRFRO$PHQGPHQW
'DWHG0DUGHWDLOVSURYLGHGLQ6HFWLRQ7KHSXUSRVHRI3URWRFRO$PHQGPHQW
LV WRFRPPXQLFDWHFKDQJHVPDGHLQUHVSRQVHWRUHFRPPHQGDWLRQIURPKHDOWKDXWKRULWLHV 7KHVH
FKDQJHV ZLOOQRWLPSDFWVDIHW\DVVHVVPHQWRIUHODPRUHOLQRUDOWHUWKHULVNEHQHILWUDWLRIRUVWXG\
SDUWLFLSDQWV
7KHIROORZLQJLVDVXPPDU\RIFRQWHQWRULHQWHGFKDQJHVWKDWZHUHPDGH6WULNHWKURXJKWH[W
GHQRWHVWH[WUHPRYHGDQGEROGHGWH[WGHQRWHVDGGHGWH[W$GGLWLRQDODGPLQLVWUDWLYHHGLWVZHUH
DOVRPDGHEXWQRWVSHFLILFDOO\QRWHGHJFRUUHFWHGVSHOOLQJSXQFWXDWLRQJUDPPDUDEEUHYLDWLRQ
DQGVW\OHHUURUVLQFOXGLQJJOREDOHGLWVUHTXLUHGIRUFRQVLVWHQF\

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

6HFWLRQ1XPEHU
'HVFULSWLRQRI&KDQJH
5DWLRQDOH
6HFWLRQ6\QRSVLVDQG
6HFWLRQ2EMHFWLYHVDQG
(QGSRLQWV
0RGLILHG SULPDU\HQGSRLQWWRVSHFLI\³FKDQJHIURPEDVHOLQHDW:HHN´GHILQHG
9RPLWLQJ:HHN5HVSRQGHUIRUSULPDU\HQGSRLQW'HOHWHG'*666:HHN
5HVSRQGHUDVDVHFRQGDU\HQGSRLQW
6HFWLRQ6\QRSVLV
6HFWLRQ3DUWLFLSDQW
DQG6WXG\&RPSOHWLRQ
6HFWLRQ$SSHQGL[
6WXG\7DEXODU6XPPDU\
,QFUHDVHGWKHQXPEHURIVLWHVIURPDSSUR[LPDWHO\WRDSSUR[LPDWHO\
6HFWLRQ62$
$GGHG(&*DVVHVVPHQWDW9LVLW
6HFWLRQ&OLQLFDO
+\SRWKHVHV
)LUVW FOLQLFDOK\SRWKHVHVPRGLILHG
6HFWLRQ,QFOXVLRQ
&ULWHULD
,QFOXVLRQFULWHULRQ$GGHGDFURVVUHIHUHQFHWR$SSHQGL[
6HFWLRQ 7UHDWPHQWV
$GPLQLVWHUHG
&ODULILHGWKDWWKHILUVWGRVHRIVWXG\WUHDWPHQWLVWREHDGPLQLVWHUHGZLWKLQ
DSSUR[LPDWHO\  PLQXWHVEHIRUH WKHPRUQLQJPHDODQGWKHVHFRQGGDLO\GRVHLVWREH
DGPLQLVWHUHGDSSUR[LPDWHO\ EHIRUH WKHHYHQLQJPHDO
'HOHWHGRSWLRQIRULQYHVWLJDWRUWRFRQWDFWVSRQVRULIWKHSDUWLFLSDQWFRXOGQRWLQMHFW
VWXG\WUHDWPHQWLQWRDEGRPHQ
6HFWLRQ%OLQGLQJ
8QEOLQGLQJSURFHGXUHVPRGLILHGUHTXLUHPHQWRILQYHVWLJDWRUWRQRWLI\VSRQVRUSULRUWR
XQEOLQGLQJPRGLILHGWRHQFRXUDJLQJWKHLQYHVWLJDWRUWRQRWLI\WKHVSRQVRUSULRUWR
XQEOLQGLQJEXWUHTXLULQJQRWLILFDWLRQZLWKLQ KRXUVDIWHUEUHDNLQJWKH EOLQG
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

6HFWLRQ1XPEHU
'HVFULSWLRQRI&KDQJH
5DWLRQDOH
6HFWLRQ7DEOH
3URKLELWHG0HGLFDWLRQV
3URYLGHGPRUHVSHFLILFJXLGHOLQHVIRUSURKLELWLQJDQWLHPHWLFVDGGHG+7DJRQLVWVWR
WDEOHDGGHGWUDPDGRODVDQRSLRLGH[DPSOH
6HFWLRQ5HVFXH
0HGLFLQH
&ODULILFDWLRQVPDGHWRWH[W5HPRYHGDQWLKLVWDPLQHVDVDQH[DPSOHRIDQDQWLHPHWLF
GUXJ
6HFWLRQ
'LVFRQWLQXDWLRQ:LWKGUD
ZDO&ULWHULD
6HFWLRQ $SSHQGL[
6WDQGDUG'LVFRQWLQXDWLRQ
&ULWHULD
5HPRYHG³QRQFRPSOLDQFHZLWKVWXG\WUHDWPHQW´
6HFWLRQ7HPSRUDU\
'LVFRQWLQXDWLRQ
$GGHGUHTXLUHPHQWIRUWKHLQYHVWLJDWRUWRFRQWDFWWKHVSRQVRUXQGHUVSHFLILFFRQGLWLRQV
6HFWLRQ5HJXODWRU\
5HSRUWLQJ5HTXLUHPHQWV
IRU6$(V
'HWDLOVDGGHGWRVHFRQGEXOOHWIRUFODULW\
6HFWLRQ+\¶V/DZ
(GLWRULDOFKDQJHVIRUFODULW\

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

6HFWLRQ1XPEHU
'HVFULSWLRQRI&KDQJH
5DWLRQDOH
6HFWLRQ,QDGHTXDWH
&RQWURORI'LDEHWHV
+\SHUJO\FHPLDDQG
+\SRJO\FHPLD
$GGHGWKHSKUDVH³,QDGHTXDWH &RQWURORI'LDEHWHV´WRVHFWLRQWLWOH
6HFWLRQ0HGLFDWLRQ
(UURUV
6SHFLILHGJ%,'RUJGD\DVPD[LPXPUHFRPPHQGHGGRVH'HOHWHGVWDWHPHQW
UHIHUHQFLQJDGRVHRIJUHDWHUWKDQJ%,'WREHFRQVLGHUHGDQRYHUGRVH
6HFWLRQ.H\
6WDWLVWLFDO0HWKRGRORJ\
7DEOH
&)%0050PHWKRGRORJ\DQGGHVFULSWLRQDGGHGWRWDEOH0050GHILQHGLQIRRWQRWHV
RIWDEOH
6HFWLRQ.H\
(QGSRLQWV7DEOH
8SGDWHG'*666NH\HQGSRLQWDORQJZLWKGHVFULSWLRQWLPLQJDQGPHWKRGRORJ\
'HOHWHG'*666:HHN5HVSRQGHUDVDVHFRQGDU\HQGSRLQW
6HFWLRQ0LVVLQJ
'DWD
8SGDWHGODQJXDJHZLWKUHJDUGVWRWKHNH\HQGSRLQWV
6HFWLRQ,QWHULP
$QDO\VHV
$GGHGDUHTXLUHPHQWIRUD'60%WRUHYLHZLQWHULPVDIHW\GDWDDWGHILQHGLQWHUYDOV
WKURXJKRXWWKHVWXG\
6HFWLRQ$SSHQGL[
&OLQLFDO/DERUDWRU\7HVWV
7DEOH 3URWRFRO
5HTXLUHG6DIHW\
/DERUDWRU\$VVHVVPHQWV
$GGHGIRRWQRWHIRUIDVWLQJEORRGJOXFRVH VSHFLI\LQJWKDWVHUXPZLOOEHDVVHVVHGIRU
9LVLWVDQGRWKHUIRRWQRWHVUHQXPEHUHGDFFRUGLQJO\
6HFWLRQ$SSHQGL[
6WXG\*RYHUQDQFH
&RQVLGHUDWLRQV
0DGHXQQXPEHUHGVXEVHFWLRQVOHYHOKHDGLQJV
5HRUJDQL]HGVXEVHFWLRQVWRDOLJQZLWKUHYLVHG&37
6HFWLRQ$SSHQGL[
,QIRUPHG&RQVHQW
3URFHVV
$GGLWLRQDOFULWHULDDGGHGIRU,&SURFHVVIRUZULWWHQGRFXPHQWDWLRQWREHREWDLQHGLQ
DFFRUGDQFHZLWKUHOHYDQWFRXQWU\DQGORFDOSULYDF\UHTXLUHPHQWV
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

6HFWLRQ1XPEHU
'HVFULSWLRQRI&KDQJH
5DWLRQDOH
6HFWLRQ $SSHQGL[
'DWD4XDOLW\$VVXUDQFH
5HSODFHGUHTXLUHPHQWIRUUHFRUGVDQGGRFXPHQWVWREHUHWDLQHGIRU\HDUVDIWHUVWXG\
FRPSOHWLRQWRUHTXLUHPHQWIRUWKHPWREHUHWDLQHGDVSHUWKHFOLQLFDOWULDODJUHHPHQW
6HFWLRQ3XEOLFDWLRQ
3ROLF\
$GGHGEXOOHWDERXWUHOHYDQWFRXQWU\UHTXLUHPHQWV
6HFWLRQ$SSHQGL[
$GYHUVH(YHQWV
'HILQLWLRQVDQG
3URFHGXUHVIRU5HFRUGLQJ
(YDOXDWLQJ)ROORZXS
DQG5HSRUWLQJ
0DGHXQQXPEHUHGVXEVHFWLRQVOHYHOKHDGLQJV
6HFWLRQ$SSHQGL[
$('HILQLWLRQV
5HYLVHGSURFHGXUHVIRUUHSRUWLQJ$(6,VVSHFLILHGWKDWVSHFLILF'*PDQLIHVWDWLRQVZLOO
EHFDSWXUHGLQWKH'*666DQGQRWLQWKHH&5)
6HFWLRQ'HILQLWLRQ
RI$(
,GHQWLILHGVSHFLILF$(6,V
6HFWLRQ$SSHQGL[
&RQWUDFHSWLYH*XLGDQFH
DQG&ROOHFWLRQRI
3UHJQDQF\,QIRUPDWLRQ
$GGHGPRUHRSWLRQVWR+LJKO\(IIHFWLYH0HWKRGV7KDW$UH8VHU,QGHSHQGHQWDGGHG
H[DPSOHRIELODWHUDOWXEDORFFOXVLRQPRYHGOLVWRI³$FFHSWDEOH0HWKRGV´WRWDEOHIURP
WH[WXSGDWHGIRRWQRWHEWRVSHFLI\WKDWDFFHSWDEOHPHWKRGVRIFRQWUDFHSWLRQVKRXOG
EHXVHGGXULQJWUHDWPHQWDVRSSRVHGWRKLJKO\HIIHFWLYHPHWKRGV
)HPDOH3DUWLFLSDQWV:KR%HFRPH3UHJQDQW± GHOHWHGWH[WWKDWDQHOHFWLYHWHUPLQDWLRQLV
DQ$(RU6$(SURYLGHGH[DPSOHVDQGGHWDLOVIRUDEQRUPDOSUHJQDQF\RXWFRPHV
LQFOXGLQJJHQHWLFDEQRUPDOLWLHV
'HOHWHGIRRWQRWH³E´UHJDUGLQJKRUPRQDOFRQWUDFHSWLRQ¶VVXVFHSWLEOHLQWHUDFWLRQZLWK
VWXG\LQWHUYHQWLRQ
6HFWLRQ$SSHQGL[
6WXG\7DEXODU6XPPDU\
&RUUHFWHGWULDOOHQJWKIURPWRZHHNV
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$GGLWLRQDODGPLQLVWUDWLYHHGLWVZHUHDOVRPDGHEXWQRWVSHFLILFDOO\QRWHGHJFRUUHFWHGVSHOOLQJSXQFWXDWLRQJUDPPDUDEEUHYLDWLRQ
DQGVW\OHHUURUV LQFOXGLQJJOREDOHGLWVUHTXLUHGIRUFRQVLVWHQF\
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

7DEOHRI&RQWHQWV
7LWOH3DJH 
3URWRFRO$PHQGPHQW6XPPDU\RI&KDQJHV
7DEOHRI&RQWHQWV
/LVWRI7DEOHV 
/LVWRI)LJXUHV

6\QRSVLV

6FKHGXOHRI$FWLYLWLHV6R$ 

,QWURGXFWLRQ

6WXG\5DWLRQDOH

%DFNJURXQG

%HQHILW5LVN$VVHVVPHQW 

2EMHFWLYHVDQG(QGSRLQWV 

(QGSRLQW'HILQLWLRQV

&OLQLFDO+\SRWKHVHV 

6WXG\'HVLJQ

2YHUDOO'HVLJQ 

3DUWLFLSDQWDQG6WXG\&RPSOHWLRQ 

(QGRI6WXG\'HILQLWLRQ

6FLHQWLILF5DWLRQDOHIRU6WXG\'HVLJQ 

-XVWLILFDWLRQIRU'RVH

6WXG\3RSXODWLRQ

,QFOXVLRQ&ULWHULD 

([FOXVLRQ&ULWHULD 

5DWLRQDOHIRU,QFOXVLRQDQG([FOXVLRQ&ULWHULD

/LIHVW\OH5HVWULFWLRQV 

6FUHHQ)DLOXUHV

7UHDWPHQWV 

7UHDWPHQWV$GPLQLVWHUHG

6WXG\6XSSOLHV 

'RVH0RGLILFDWLRQ 

0HWKRGRI7UHDWPHQW$VVLJQPHQW 

%OLQGLQJ 

3UHSDUDWLRQ+DQGOLQJ6WRUDJH$FFRXQWDELOLW\

7UHDWPHQW&RPSOLDQFH

&RQFRPLWDQW7KHUDS\ 

3URKLELWHG7UHDWPHQWV

3HUPLWWHG7UHDWPHQWV
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


5HVFXH0HGLFLQH

7UHDWPHQWDIWHUWKH(QGRIWKH6WXG\

'LVFRQWLQXDWLRQ:LWKGUDZDO&ULWHULD

'LVFRQWLQXDWLRQRI6WXG\7UHDWPHQW

7HPSRUDU\'LVFRQWLQXDWLRQ 

:LWKGUDZDOIURPWKH6WXG\

/RVWWR)ROORZXS

6WXG\$VVHVVPHQWVDQG3URFHGXUHV 

(IILFDF\$VVHVVPHQWV 

.H\(IILFDF\$VVHVVPHQW± '*66' 

$GYHUVH(YHQWV 

7LPH3HULRGDQG)UHTXHQF\IRU&ROOHFWLQJ$(DQG6$(
,QIRUPDWLRQ 

0HWKRGRI'HWHFWLQJ$(VDQG6$(V 

)ROORZXSRI$(VDQG6$(V

5HJXODWRU\5HSRUWLQJ5HTXLUHPHQWVIRU6$(V

3UHJQDQF\

0HGLFDO'HYLFH,QFLGHQWV,QFOXGLQJ0DOIXQFWLRQV 

$GYHUVH(YHQWVRI 6SHFLDO,QWHUHVW 

0HGLFDWLRQ(UURUV 

7UHDWPHQWRI2YHUGRVH 

6DIHW\$VVHVVPHQWV

3K\VLFDO([DPLQDWLRQV

9LWDO6LJQV

(OHFWURFDUGLRJUDPV 

&OLQLFDO6DIHW\/DERUDWRU\$VVHVVPHQWV 

6HOIPRQLWRULQJRI%ORRG*OXFRVH

3KDUPDFRNLQHWLFV

3KDUPDFRG\QDPLFV 

*HQHWLFV 

%LRPDUNHUV

6WDWLVWLFDO&RQVLGHUDWLRQV

6DPSOH6L]H'HWHUPLQDWLRQ 

3RSXODWLRQVIRU$QDO\VHV 
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


6WDWLVWLFDO$QDO\VHV 

.H\6WDWLVWLFDO0HWKRGRORJ\

(IILFDF\$QDO\VHV 

6DIHW\$QDO\VHV

,QWHULP$QDO\VHV 

5HIHUHQFHV

$SSHQGLFHV

$SSHQGL[$EEUHYLDWLRQV

$SSHQGL[ &OLQLFDO/DERUDWRU\7HVWV

$SSHQGL[6WXG\*RYHUQDQFH&RQVLGHUDWLRQV

5HJXODWRU\DQG(WKLFDO&RQVLGHUDWLRQV

)LQDQFLDO'LVFORVXUH

,QIRUPHG&RQVHQW3URFHVV 

'DWD3URWHFWLRQ

'DWD4XDOLW\$VVXUDQFH 

6RXUFH'RFXPHQWV 

6WXG\DQG6LWH&ORVXUH

3XEOLFDWLRQ3ROLF\

$SSHQGL[$GYHUVH(YHQWV'HILQLWLRQVDQG3URFHGXUHVIRU
5HFRUGLQJ(YDOXDWLQJ)ROORZXSDQG5HSRUWLQJ

'HILQLWLRQRI$( 

'HILQLWLRQRI6$( 

5HFRUGLQJDQ$(DQGRU6$(

5HSRUWLQJRI6$(V 

$SSHQGL[ &RQWUDFHSWLYH*XLGDQFHDQG&ROOHFWLRQRI
3UHJQDQF\,QIRUPDWLRQ 

$SSHQGL[/LYHU6DIHW\6XJJHVWHG$FWLRQVDQG)ROORZXS
$VVHVVPHQWV

$SSHQGL[ 0HGLFDO'HYLFH,QFLGHQWV'HILQLWLRQDQG
3URFHGXUHVIRU5HFRUGLQJ(YDOXDWLQJ)ROORZXSDQG5HSRUWLQJ

$SSHQGL[6WDQGDUG'LVFRQWLQXDWLRQ&ULWHULD

$SSHQGL[6WXG\7DEXODU6XPPDU\ 
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

/LVWRI7DEOHV
7DEOH
6WXG\7UHDWPHQW'HWDLOV
7DEOH
3URKLELWHG0HGLFDWLRQV
7DEOH
$QDO\VLV3RSXODWLRQV 
7DEOH
6WDWLVWLFDO0HWKRGRORJ\
7DEOH 
.H\(QGSRLQWV 
7DEOH
3URWRFRO5HTXLUHG6DIHW\/DERUDWRU\$VVHVVPHQWV
/LVWRI)LJXUHV
)LJXUH
5/00'6WXG\6FKHPDWLF 
)LJXUH
5/00'6WXG\6FKHPDWLF 
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


6\QRSVLV
3URWRFRO7LWOH $ZHHN'RXEOHEOLQG3ODFHERFRQWUROOHG3KDVH6WXG\ZLWKDZHHN
5DQGRPL]HGZLWKGUDZDO3HULRGWR(YDOXDWHWKH6DIHW\DQG(IILFDF\RI5HODPRUHOLQLQ
3DWLHQWV ZLWK'LDEHWLF*DVWURSDUHVLV
%ULHI 7LWOH 'LDEHWLF*DVWURSDUHVLV6WXG\ ZLWK5DQGRPL]HGZLWKGUDZDO3HULRG
6WXG\3KDVH
6WXG\5DWLRQDOH
3UHYLRXVQRQFOLQLFDODQG3KDVHVWXGLHVKDYHVKRZQUHODPRUHOLQWRKDYHDSRWHQWSURNLQHWLF
HIIHFWRQWKHVWRPDFKDFFHOHUDWLQJJDVWULFHPSW\LQJ*(LQERWKKHDOWK\YROXQWHHUVDQGSDWLHQWV
ZLWKGLDEHWLFJDVWURSDUHVLV'*
*DVWURSDUHVLV*3LVDGLVRUGHUFKDUDFWHUL]HGE\VLJQVDQGV\PSWRPVRIQDXVHDDEGRPLQDOSDLQ
SRVWSUDQGLDOIXOOQHVVEORDWLQJYRPLWLQJDQGHDUO\VDWLHW\DORQJZLWKGHOD\HGJDVWULFHPSW\LQJ
*(VXFKWKDWPRYHPHQWRIIRRGIURPWKHVWRPDFKWRWKHVPDOOLQWHVWLQHWDNHVORQJHUWKDQ
QRUPDODQGRFFXUVZLWKXQSUHGLFWDEOHWLPLQJ'LDEHWHVPHOOLWXVHLWKHUW\SHRU7'0RU
7'0LVFRQVLGHUHGWREHWKHPRVWFRPPRQLGHQWLILDEOHFDXVHRI*37KLVFRPSOLFDWLRQLVD
UHVXOWRIFKURQLFDOO\HOHYDWHGEORRGJOXFRVHOHYHOVZKLFKDUHNQRZQWRGDPDJHQHUYHVWUXFWXUH
DQGIXQFWLRQ'*FRPSOLFDWHVPDQDJHPHQWRIEORRGJOXFRVHIRUERWK7'0DQG7'0SDWLHQWV
GXHWRFDUERK\GUDWHVEHLQJGHOLYHUHGWRDQGWKHUHIRUHDEVRUEHGIURPWKHVPDOOLQWHVWLQHDW
YDULDEOHWLPHVDIWHULQJHVWLRQ$VDUHVXOWGLDEHWLFSDWLHQWVZLWK'*RIWHQKDYHSRRUO\FRQWUROOHG
GLDEHWHVIUHTXHQWO\ZLWKDOWHUQDWLQJK\SR DQGK\SHUJO\FDHPLDHVSHFLDOO\LIWUHDWHGZLWKLQVXOLQ
,Q3KDVHVWXGLHVWKH SKDUPDFRG\QDPLFHIIHFWRIUHODPRUHOLQZDVFRQILUPHGLQODUJHUQXPEHUV
RISDUWLFLSDQWVZLWK'*,QDGGLWLRQEHQHILFLDOHIIHFWVRQWKHV\PSWRPVRI'*ZHUHREVHUYHG
6DIHW\DQGWROHUDELOLW\ZHUHVKRZQDWWKHUDSHXWLFGRVHV LQFOXGLQJWKHȝJWZLFHGDLO\%,'
GRVHWREHVWXGLHGLQ3KDVHVWXGLHVVXSSRUWLQJWKHGHFLVLRQWRREWDLQFRQILUPDWRU\HYLGHQFHRI
VDIHW\DQGHIILFDF\ RIUHODPRUHOLQLQ3KDVHLQFOXGLQJVXSSRUWLQJHYLGHQFHIURP 6WXG\
5/00'
$VLJQLILFDQWXQPHWPHGLFDOQHHGH[LVWVIRUDVDIHDQGHIIHFWLYHWUHDWPHQWRISDWLHQWVZLWK'*
ZKRVHTXDOLW\RIOLIHLVLPSDFWHGE\WKHLUGLVHDVHDQGIRUZKRPWKHFXUUHQWVWDQGDUGRIFDUHLV
VXERSWLPDOWKHUHIRUHWKHVSRQVRULVSHUIRUPLQJWKLVVWXG\WRIXUWKHUWKHGHYHORSPHQWRI
UHODPRUHOLQIRUWKHWUHDWPHQWRI'*
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

2EMHFWLYHVDQG(QGSRLQWV
2EMHFWLYHV
(QGSRLQWV
3ULPDU\
3ULPDU\
!
7RFRPSDUHWKHHIILFDF\RIUHODPRUHOLQZLWKWKDWRI
SODFHERDIWHUZHHNVRIWUHDWPHQWLQWKLVVWXG\
LH DIWHUDWRWDORIZHHNVRIWUHDWPHQW²ZHHNV
IURPOHDGLQVWXG\5/00'RUIURPOHDGLQ
VWXG\5/00'DQG ZHHNVIURPWKHFXUUHQW
VWXG\ LQSDUWLFLSDQWVZLWK'*ZLWKUHVSHFWWRWKH
IROORZLQJFRUHVLJQVDQGV\PSWRPVRI'*
!
1DXVHD
!
$EGRPLQDOSDLQ
!
3RVWSUDQGLDOIXOOQHVV
!
%ORDWLQJ
!
&KDQJHIURP%DVHOLQHWR:HHNRIWKLVVWXG\LQ
WKHZHHNO\'LDEHWLF*DVWURSDUHVLV6\PSWRP
6HYHULW\6FRUH '*666
!
7RFRPSDUHWKHHIILFDF\RIUHODPRUHOLQZLWKWKDWRI
SODFHERDIWHUZHHNVRIWUHDWPHQWLQWKLVVWXG\
LH DIWHUDWRWDORIZHHNVRIWUHDWPHQW²ZHHNV
IURPOHDGLQVWXG\5/00'RUIURPOHDGLQ
VWXG\5/00'DQG ZHHNVIURPWKHFXUUHQW
VWXG\ LQSDUWLFLSDQWVZLWK'*ZLWKUHVSHFWWR
YRPLWLQJIUHTXHQF\
!
9RPLWLQJ:HHN5HVSRQGHUGHILQHGDVD
SDUWLFLSDQWZLWK]HURZHHNO\YRPLWLQJHSLVRGHV
GXULQJHDFKRIWKHODVWZHHNVRIWKHILUVWZHHN
7UHDWPHQW3HULRG
6HFRQGDU\
6HFRQGDU\
!
7RFRPSDUHWKHHIILFDF\RIUHODPRUHOLQZLWKWKDWRI
SODFHERDIWHUZHHNVRIWUHDWPHQWLQWKLVVWXG\
LH DIWHUDWRWDORIZHHNVRIWUHDWPHQW²ZHHNV
IURPOHDGLQVWXG\5/00'RUIURPOHDGLQ
VWXG\5/00'DQG ZHHNVIURPWKHFXUUHQW
VWXG\ LQSDUWLFLSDQWVZLWK'*ZLWKUHVSHFWWRWKH
IROORZLQJLQGLYLGXDO V\PSWRPVRI WKH'*666
! 1DXVHD
! $EGRPLQDOSDLQ
! 3RVWSUDQGLDOIXOOQHVV
! %ORDWLQJ
!
,QGLYLGXDO6\PSWRPLHQDXVHDDEGRPLQDOSDLQ
SRVWSUDQGLDOIXOOQHVVDQGEORDWLQJ:HHN
5HVSRQGHU
!
7RFRPSDUHWKHHIILFDF\RIUHODPRUHOLQZLWK
SODFHERDIWHUZHHNVRIWUHDWPHQWLQWKLVVWXG\
LH DIWHUDWRWDORIZHHNVRIWUHDWPHQW²ZHHNV
IURPWKHOHDGLQVWXG\5/00'RUOHDGLQ
VWXG\5/00'DQG ZHHNVIURPWKHFXUUHQW
VWXG\ LQSDUWLFLSDQWVZLWK'*ZLWKUHVSHFWWRWKH
IROORZLQJ FRUHVLJQVDQG V\PSWRPVRI'*
!
1DXVHD
!
$EGRPLQDOSDLQ
!
3RVWSUDQGLDOIXOOQHVV
!
%ORDWLQJ
!
&KDQJHIURP%DVHOLQH&)%WR:HHNLQWKH
DYHUDJHZHHNO\'*666
!
7RFRPSDUHWKHHIILFDF\RIUHODPRUHOLQZLWKSODFHER
!
9RPLWLQJ)UHTXHQF\DW:HHN
!
&)%WR:HHNLQWKHDYHUDJHZHHNO\QXPEHURI
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

2EMHFWLYHV
(QGSRLQWV
DIWHUZHHNVRIWUHDWPHQW LQWKLVVWXG\LH DIWHUD
WRWDORIZHHNVRIWUHDWPHQW²ZHHNVIURPWKH
OHDGLQVWXG\5/00'RUOHDGLQVWXG\5/0
0'DQG ZHHNVIURPWKHFXUUHQWVWXG\ LQ
SDUWLFLSDQWVZLWK'*ZLWKUHVSHFWWRYRPLWLQJ
IUHTXHQF\
YRPLWLQJHSLVRGHV
!
7RGHPRQVWUDWHPDLQWHQDQFHRIHIILFDF\DIWHU
FRQWLQXDWLRQYHUVXVGLVFRQWLQXDWLRQDIWHUZHHNV
RIUHODPRUHOLQWUHDWPHQW GXULQJWKHZHHN
5DQGRPL]HG:LWKGUDZDO 3HULRG5:3
!
&)%WRHQGRI5:3LQWKHDYHUDJHZHHNO\'*666
!
&)%WRHQGRI5:3LQWKHQXPEHURIYRPLWLQJ
HSLVRGHV
!
7RFRPSDUHWKHVDIHW\RIUHODPRUHOLQZLWKSODFHER
LQSDUWLFLSDQWVZLWK'*
!
$(VFOLQLFDOODERUDWRU\YDOXHVYLWDOVLJQV
HOHFWURFDUGLRJUDPV(&*V+E$FDQGDQWL
UHODPRUHOLQDQWLERGLHV
2YHUDOO6WXG\'HVLJQ
!
*OREDOPXOWLFHQWHUGRXEOHEOLQGSODFHERFRQWUROOHGSDUDOOHOJURXS VWXG\ZLWKD
UDQGRPL]HGZLWKGUDZDOSHULRG5:3
!
7UHDWPHQW*URXSV5HODPRUHOLQȝJRUSODFHERVXEFXWDQHRXVO\6&%,'
!
6WXG\'XUDWLRQZHHNVFRQVLVWLQJRIDZHHN7UHDWPHQW3HULRGIROORZHGE\D
ZHHN5:3
R
ZHHN7UHDWPHQW3HULRG3DUWLFLSDQWVZKRPHHWHQWU\FULWHULDDWWKHHQGRI
HLWKHUOHDGLQVWXG\5/00'RU5/00'ZLOOFRQWLQXHWRUHFHLYHWKH
VDPHEOLQGHGWUHDWPHQWZLWKUHODPRUHOLQJRUSODFHERWKDWWKH\UHFHLYHG
GXULQJWKHOHDGLQVWXG\7UHDWPHQW3HULRG7KH\ZLOOFRQWLQXHWRXVHWKH
HOHFWURQLFKDQGKHOGGHYLFHIRUUHSRUWLQJRI
FRPSOLDQFHDQGUHVFXHPHGLFDWLRQXVH
WKURXJKRXWWKH7UHDWPHQW3HULRGDQGIRUFRPSOHWLRQRIWKH'LDEHWLF
*DVWURSDUHVLV6\PSWRP6HYHULW\'LDU\'*66'GDLO\GXULQJWKHILUVW
 ZHHNVGD\VRIWKH7UHDWPHQW3HULRGXQWLO9LVLWDQGGXULQJHDFK
ZHHNSHULRGEHIRUH9LVLWVDQG
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

R
ZHHN5:3$WWKHHQGRIWKHZHHN7UHDWPHQW3HULRGSDUWLFLSDQWVZKR
ZHUHRQUHODPRUHOLQZLOOEHUDQGRPL]HGHLWKHUWRFRQWLQXHUHODPRUHOLQ
VWXG\WUHDWPHQWRUVZLWFKWRSODFHERVWXG\WUHDWPHQW3DUWLFLSDQWVZKR
UHFHLYHGSODFHERGXULQJWKH7UHDWPHQW3HULRGZLOOEHDOORFDWHGWRUHFHLYH
UHODPRUHOLQJ3DUWLFLSDQWVZLOOFRQWLQXHWRXVHWKHHOHFWURQLFKDQGKHOG
GHYLFHGDLO\IRUUHSRUWLQJRIWKHLUV\PSWRPVYLDWKH'*66'DVZHOODVWKHLU
FRPSOLDQFHDQGXVHRIUHVFXHPHGLFDWLRQ
)LJXUH
5/00'6WXG\6FKHPDWLF
1XPEHURI3DUWLFLSDQWV
$SSUR[LPDWHO\ SDUWLFLSDQWVEDVHGRQDVVXPSWLRQWKDWRISDUWLFLSDQWVZKRHQWHUOHDGLQ
VWXG\5/00'RU OHDGLQVWXG\ 5/00'ZLOOFRPSOHWHWKHVWXG\ DQGHQWHUWKLVVWXG\
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

6WXG\3RSXODWLRQ
.H\,QFOXVLRQ&ULWHULD
 3DUWLFLSDQWPHWDOOLQFOXVLRQH[FOXVLRQFULWHULDRIHLWKHU3URWRFRO5/00'RU3URWRFRO
5/00'DQGVXFFHVVIXOO\FRPSOHWHGWKHVWXG\
 $EOHWRSURYLGHZULWWHQLQIRUPHGFRQVHQW,&SULRUWRDQ\VWXG\SURFHGXUHVDQGZLOOLQJ
DQGDEOHWRFRPSO\ZLWKVWXG\SURFHGXUHV
 ,QWKHRSLQLRQRIWKHLQYHVWLJDWRUWKHSDUWLFLSDQWGHPRQVWUDWHGDGHTXDWHFRPSOLDQFHZLWK
WKHVWXG\SURFHGXUHVLQ5/00'RU5/00'
.H\([FOXVLRQ&ULWHULD
 3DUWLFLSDQWLVQRWZLOOLQJRUDEOHWRDELGHE\WKHUHVWULFWLRQVUHJDUGLQJFRQFRPLWDQW
PHGLFLQHXVH
 3DUWLFLSDQWLVSODQQLQJWRUHFHLYHDQLQYHVWLJDWLRQDOGUXJRWKHUWKDQVWXG\WUHDWPHQWRU
LQYHVWLJDWLRQDOGHYLFHDWDQ\WLPHGXULQJ6WXG\5/00'
 3DUWLFLSDQWKDVDQXQUHVROYHG$(RUDFOLQLFDOO\VLJQLILFDQWILQGLQJRQSK\VLFDO
H[DPLQDWLRQFOLQLFDOODERUDWRU\WHVWRUOHDG(&*WKDWLQWKHLQYHVWLJDWRU¶VRSLQLRQ
ZRXOGOLPLWWKHSDUWLFLSDQW¶VDELOLW\WRSDUWLFLSDWHLQRUFRPSOHWHWKHVWXG\
 $Q\RWKHUUHDVRQWKDWLQWKHLQYHVWLJDWRU¶VRSLQLRQZRXOGFRQIRXQGSURSHULQWHUSUHWDWLRQ
RIWKHVWXG\RUH[SRVHDSDUWLFLSDQWWRXQDFFHSWDEOHULVNLQFOXGLQJUHQDOKHSDWLFRU
FDUGLRSXOPRQDU\GLVHDVH
 3DUWLFLSDQWLVGLUHFWO\RULQGLUHFWO\LQYROYHGLQWKHFRQGXFWDQGDGPLQLVWUDWLRQRIWKLVVWXG\
DVDQLQYHVWLJDWRUVXELQYHVWLJDWRUVWXG\FRRUGLQDWRURWKHUVWXG\VWDIIPHPEHURU
HPSOR\HHRI$OOHUJDQ,QFRUWKHSDUWLFLSDQWLVDILUVWGHJUHHIDPLO\PHPEHUVLJQLILFDQW
RWKHURUUHODWLYHUHVLGLQJZLWKRQHRIWKHDERYHSHUVRQVLQYROYHGGLUHFWO\RULQGLUHFWO\LQ
WKHVWXG\RUWKHSDUWLFLSDQWLVHQUROOHGLQWKLVVWXG\DWDQRWKHUFOLQLFDOVWXG\VLWH
1XPEHURI6LWHV
$SSUR[LPDWHO\VLWHVJOREDOO\ WKHFRPELQHGVLWHVIURPOHDGLQVWXGLHV5/00'DQG
5/00'
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


6FKHGXOHRI$FWLYLWLHV 6R$
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


,QWURGXFWLRQ
5HODPRUHOLQDOVRNQRZQDV50LVDQRYHOSRWHQWDQGVHOHFWLYHV\QWKHWLFSHQWDSHSWLGH
JKUHOLQDQDORJXHZKLFKLVEHLQJGHYHORSHGIRUWUHDWPHQWRIGLDEHWLFJDVWURSDUHVLV'*
*KUHOLQDDPLQRDFLGSHSWLGHLVSURGXFHGSUHGRPLQDQWO\E\VSHFLDOL]HGFHOOVRIWKHVWRPDFK
DQGSDQFUHDVDQGKDVEHHQGHPRQVWUDWHGWREHDFHQWUDOPRGXODWRURIHQHUJ\KRPHRVWDVLV,WLV
WKHQDWXUDOOLJDQGIRUWKH*URZWK+RUPRQH6HFUHWDJRJXHĮ*+6ĮUHFHSWRUDSRWHQWLDOWDUJHW
IRUWUHDWPHQWRIFOLQLFDOFRQGLWLRQVDVVRFLDWHGZLWKLPSDLUHGJDVWULFPRWLOLW\DQGHQHUJ\EDODQFH
$GPLQLVWUDWLRQRIJKUHOLQKDVEHHQVKRZQWRSURPRWHJDVWULFPRWLOLW\LQPLFHUDWVGRJV DQG
KXPDQV'RUQRQYLOOHHWDO7UXGHOHWDODQG0XUUD\HWDO,WFDQLQFUHDVH
ERG\ZHLJKWDWWULEXWHGWRDFRPELQDWLRQRIHQKDQFHGIRRGLQWDNHLQFUHDVHGJDVWULFHPSW\LQJ
*(DQGLQFUHDVHGIRRGDVVLPLODWLRQFRXSOHGZLWKDWUDQVLHQWLQFUHDVHLQJURZWKKRUPRQH
ZKLFKSURPRWHVQXWULHQWLQFRUSRUDWLRQLQWRWLVVXHV
5HODPRUHOLQKDVVLPLODUFKDUDFWHULVWLFVWRQDWLYHJKUHOLQEXWZLWKHQKDQFHGHIILFDF\SODVPD
VWDELOLW\DQGFLUFXODWLQJKDOIOLIH$VDJKUHOLQPLPHWLFLWDFWVDVDSRWHQWSURNLQHWLFDJHQWDV
HYLGHQFHGE\VLJQLILFDQWHIIHFWVRQ*(DVZHOODVHIIHFWVRQRYHUDOOFRORQLFWUDQVLW$FRVWDHW DO
$FRVWDHWDO
*DVWURSDUHVLV*3LVDGLVRUGHUFKDUDFWHUL]HG E\GHOD\HG*(VXFKWKDWPRYHPHQWRIIRRGIURP
WKHVWRPDFKWRWKHVPDOOLQWHVWLQHLVGHOD\HG7KHSDWKRSK\VLRORJ\RI*3KDVQRWEHHQIXOO\
HOXFLGDWHGEXWVHHPVWRLQYROYHDEQRUPDOLWLHVLQWKHDXWRQRPLFQHUYRXVV\VWHPYDJXVQHUYH
VPRRWKPXVFOHFHOOVHQWHULFQHXURQVDQGLQWHUVWLWLDO FHOOVRI&DMDOLQ'*FKDQJHLQWKHW\SHRI
PDFURSKDJHVLQWKHJDVWULFPXVFXODWXUHVXJJHVW DUROHIRULQIODPPDWLRQDVDFDXVHRIGHOD\HG
*(
'LDEHWHVPHOOLWXVHLWKHUW\SHRU7'07'0LVFRQVLGHUHGWREHWKHPRVWFRPPRQ
VSHFLILFDOO\LGHQWLILDEOHFDXVHRI*37KLVFRPSOLFDWLRQLVDUHVXOWRIFKURQLFDOO\HOHYDWHGEORRG
JOXFRVHOHYHOVZKLFKDUHNQRZQWRGDPDJHQHUYHVWUXFWXUHLQJHQHUDO DQGWKHYDJXVQHUYHDQG
QHJDWLYHO\DIIHFWIXQFWLRQ3DUNPDQHWDO
'*LVD FKURQLFFRQGLWLRQWKDWUHTXLUHVSURORQJHGWUHDWPHQW&RUHVLJQVDQGV\PSWRPVRI'*DUH
QDXVHDDEGRPLQDOSDLQSRVWSUDQGLDOIXOOQHVVEORDWLQJ YRPLWLQJDQGHDUO\VDWLHW\DIHHOLQJRI
IXOOQHVVDIWHUHDWLQJMXVWDIHZELWHV&DPLOOHULHWDO7KHVHV\PSWRPVFDQEHGHELOLWDWLQJ
DQGZKHQXQFRQWUROOHGKDYHDVLJQLILFDQWQHJDWLYHLPSDFWRQSDWLHQWTXDOLW\RIOLIHDQG
IXQFWLRQLQJLQFOXGLQJZRUNSURGXFWLYLW\&DPLOOHULHWDO3DUNPDQHWDO6HULRXV
DGYHUVHVHTXHODHRI'*LQFOXGHSRWHQWLDOO\OLIHWKUHDWHQLQJGHK\GUDWLRQGXHWRSHUVLVWHQW
YRPLWLQJJDVWURHVRSKDJHDOUHIOX[GLVHDVH*(5'WKDWFDQDGYDQFHWRHVRSKDJLWLVIRUPDWLRQRI
EH]RDUVGLIILFXOW\PDQDJLQJEORRGJOXFRVHOHYHOVDQGPDOQXWULWLRQGXHWRSRRUDEVRUSWLRQRI
QXWULHQWVRUDORZFDORULHLQWDNH86'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV$VLGH

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

IURPWKHLPSDFWRQSDWLHQWVWKHVHHYHQWVRIWHQOHDGWRKRVSLWDOL]DWLRQ.RFKHWDO
UHVXOWLQJLQDKLJKHFRQRPLFEXUGHQIRUKHDOWKFDUHV\VWHPV
'*FRPSOLFDWHVPDQDJHPHQWRIEORRGJOXFRVHIRUERWK7'0DQG7'0SDWLHQWVGXHWR
FDUERK\GUDWHVEHLQJGHOLYHUHGWRDQGWKHUHIRUHDEVRUEHGIURPWKHVPDOOLQWHVWLQHDWXQSUHGLFWDEOH
WLPHV5D\QHUHWDO$VDUHVXOWGLDEHWLFSDWLHQWVZLWK'*RIWHQKDYHSRRUO\FRQWUROOHG
GLDEHWHVIUHTXHQWO\ZLWKDOWHUQDWLQJK\SR DQGK\SHUJO\FDHPLDHVSHFLDOO\LIWUHDWHG ZLWKLQVXOLQ
/LWWOHGDWDRQWKHLQFLGHQFHDQGSUHYDOHQFHRI*3DUHDYDLODEOHKRZHYHUDQROGHUHSLGHPLRORJ\
VWXG\RIGLDJQRVHG*3GHILQHGDVW\SLFDOV\PSWRPVSOXVFRQILUPHGGHOD\HG*(E\
VFLQWLJUDSK\VKRZHGSUHYDOHQFHRISHULQKDELWDQWVDQGLQFLGHQFHRISHU
SHUVRQVSHU\HDULQ2OPVWHDG&RXQW\01IURPWR-XQJ HWDO 7KLV
VWXG\UHSRUWHGWKDWDJHDGMXVWHGSUHYDOHQFHRI*3ZDVDSSUR[LPDWHO\WLPHVJUHDWHUIRUZRPHQ
WKDQPHQYHUVXVFDVHVSHUSHUVRQV,WKDVEHHQUHSRUWHGWKDW WRRI
GLDEHWLFSDWLHQWVKDYHGHOD\HG*(ZKLOHWKHSUHYDOHQFHRIWKHVSHFLILFV\PSWRPVRI*3QDXVHD
DQGYRPLWLQJLVORZHUZLWKDSSUR[LPDWHO\RISDWLHQWVZLWKGLDEHWHVEHLQJDIIHFWHG
+RSNLQV0HGLFLQH$FFRUGLQJWR%KDUXFKDLQDUHVWULFWHGFRPPXQLW\EDVHG
VWXG\RI*3LQ'0WKHDYHUDJHFXPXODWLYHLQFLGHQFHRIV\PSWRPVDQGGHOD\HG*(RYHU
 \HDUVZDVKLJKHULQ 7'0WKDQLQ7'0DQGFRQWUROV,WLVH[SHFWHGWKDWWKH
LQFLGHQFHRI'*ZLOOLQFUHDVHZRUOGZLGHLQSURSRUWLRQWRWKHLQFUHDVHLQ7'0GXHWR
LQFUHDVLQJREHVLW\

6WXG\5DWLRQDOH
3UHYLRXVQRQFOLQLFDODQG3KDVHVWXGLHVKDYHVKRZQUHODPRUHOLQWRKDYHDSRWHQWSURNLQHWLF
HIIHFWRQWKHVWRPDFKDFFHOHUDWLQJ*(LQERWKKHDOWK\YROXQWHHUVDQGSDUWLFLSDQWV ZLWK'*
*3LVDGLVRUGHUFKDUDFWHUL]HGE\VLJQVDQGV\PSWRPVRIQDXVHDDEGRPLQDOSDLQSRVWSUDQGLDO
IXOOQHVVEORDWLQJYRPLWLQJDQGHDUO\VDWLHW\DORQJZLWKGHOD\HG*(VXFKWKDWPRYHPHQWRI
IRRGIURPWKHVWRPDFKWRWKHVPDOOLQWHVWLQHWDNHVORQJHUWKDQQRUPDODQGRFFXUVZLWK
XQSUHGLFWDEOHWLPLQJ'LDEHWHVPHOOLWXVHLWKHUW\SH RU7'0RU7'0LVFRQVLGHUHGWREH
WKHPRVWFRPPRQLGHQWLILDEOHFDXVHRI*37KLVFRPSOLFDWLRQLVDUHVXOWRIFKURQLFDOO\HOHYDWHG
EORRGJOXFRVHOHYHOVZKLFKDUHNQRZQWRGDPDJHQHUYHVWUXFWXUHDQGIXQFWLRQ'*FRPSOLFDWHV
PDQDJHPHQWRIEORRGJOXFRVHIRUERWK7'0DQG7'0SDWLHQWVGXHWRFDUERK\GUDWHVEHLQJ
GHOLYHUHGWRDQGWKHUHIRUHDEVRUEHGIURPWKHVPDOOLQWHVWLQHDWYDULDEOHWLPHVDIWHULQJHVWLRQ$V
DUHVXOWGLDEHWLFSDWLHQWVZLWK'*RIWHQKDYHSRRUO\FRQWUROOHGGLDEHWHVIUHTXHQWO\ZLWK
DOWHUQDWLQJK\SR DQGK\SHUJO\FDHPLDHVSHFLDOO\LIWUHDWHGZLWKLQVXOLQ
,Q3KDVHVWXGLHVWKH SKDUPDFRG\QDPLFHIIHFWRIUHODPRUHOLQZDVFRQILUPHGLQODUJHUQXPEHUV
RISDUWLFLSDQWVZLWK'*DQGEHQHILFLDOHIIHFWVRQWKHV\PSWRPVRI'*ZHUHDOVRREVHUYHG
6DIHW\DQGWROHUDELOLW\ZHUHVKRZQDWWKHUDSHXWLFGRVHV LQFOXGLQJWKHȝJ%,'GRVHWREH
VWXGLHGLQ3KDVHVWXGLHVVXSSRUWLQJWKHGHFLVLRQWRREWDLQFRQILUPDWRU\HYLGHQFHRIVDIHW\DQG
HIILFDF\ RIUHODPRUHOLQLQ3KDVHLQFOXGLQJVXSSRUWLYHHYLGHQFHIURP VWXG\5/00'
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$VLJQLILFDQWXQPHWPHGLFDOQHHGH[LVWVIRUDVDIHDQGHIIHFWLYHWUHDWPHQWRISDWLHQWVZLWK'*
ZKRVHTXDOLW\RIOLIHLVLPSDFWHGE\WKHLUGLVHDVHDQGIRUZKRPWKHFXUUHQWVWDQGDUGRIFDUHLV
VXERSWLPDOWKHUHIRUHWKHVSRQVRULVSHUIRUPLQJWKLVVWXG\WRIXUWKHUWKHGHYHORSPHQWRI
UHODPRUHOLQIRUWKHWUHDWPHQWRI'*VSHFLILFDOO\WRDVVHVVWKHHIIHFWRIORQJWHUPWUHDWPHQW

%DFNJURXQG
5HODPRUHOLQLVEHLQJGHYHORSHGIRUWKHWUHDWPHQWRISDWLHQWVZLWK'*WRDGGUHVVWKHH[LVWLQJ
XQPHWQHHG IRUDQHIIHFWLYHDQGVDIHWROHUDEOHWUHDWPHQWDWWHVWHGWRE\WKH)'$¶VJUDQWLQJRI
IDVWWUDFNGHVLJQDWLRQWRUHODPRUHOLQIRUWKHWUHDWPHQWRI'*LQDGXOWV,WLVDPHPEHURIDQ
HVWDEOLVKHGFODVVRIFRPSRXQGVJKUHOLQDJRQLVWVEXWLIJUDQWHGUHJXODWRU\DSSURYDOZLOOEHWKH
ILUVWPHPEHURIWKLVFODVVWRDWWDLQPDUNHWLQJDSSURYDO
,Q FOLQLFDOVWXGLHVWRGDWHSDUWLFLSDQWV ZLWK 7'0RU7'0ZLWK'*KDYHEHHQH[SRVHGWR
UHODPRUHOLQDWGRVHVXSWRȝJDGPLQLVWHUHGWZLFHGDLO\%,'E\VXEFXWDQHRXV6&LQMHFWLRQ
IRUZHHNV
,QDUDQGRPL]HGSODFHERFRQWUROOHGPXOWLSOHGRVH3KDVHDVWXG\50SDUWLFLSDQWV
ZLWK7'0 DQG7'0DQG'*UHFHLYHGGD\VRIGRXEOHEOLQGWUHDWPHQWZLWKUHODPRUHOLQ*(
ZDVDFFHOHUDWHGDQGFRPSDUHGWRSODFHERUHODPRUHOLQJ%,'VLJQLILFDQWO\GHFUHDVHGWKH
YRPLWLQJVHYHULW\VFRUHDQGPHDQQXPEHURIZHHNO\YRPLWLQJHSLVRGHVLQSDUWLFLSDQWV ZLWK
YRPLWLQJDWEDVHOLQH DQGSURGXFHGLPSURYHPHQWLQWKHLQGLYLGXDO'*V\PSWRPVRIQDXVHD
DEGRPLQDOSDLQEORDWLQJDQGHDUO\VDWLHW\DVZHOODVVLJQLILFDQWLPSURYHPHQWLQWKHFRPSRVLWH
HQGSRLQWRIWKHV\PSWRPVS  7KHVDIHW\DQGWROHUDELOLW\SURILOHRIUHODPRUHOLQLQ
6WXG\50ZDVJHQHUDOO\JRRG
7KHUHVXOWVLQ6WXG\50KHOSHGWKH VSRQVRUVHOHFWWKHWDUJHWSDWLHQWSRSXODWLRQIRU
HQUROOPHQWLQWKH3KDVHE6WXG\50'*SDUWLFLSDQWV ZLWKYRPLWLQJDWEDVHOLQHDQG
HQFRXUDJHGDVVHVVPHQWRIDZLGHUUDQJHRIUHODPRUHOLQGRVHV
6WXG\50ZDVDUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWUDWLILHGPXOWLSOH
GRVHPXOWLQDWLRQDOVWXG\ZLWKJ%,'J%,'DQGJ%,'GRVHVRIUHODPRUHOLQ$
WRWDORISDUWLFLSDQWV ZLWK7'0RU7'0ZKRKDGERWKGHOD\HG*(DQGPRGHUDWHWRVHYHUH
V\PSWRPVRI*3ZHUHHQUROOHGDQGWUHDWHG7KH3KDVHEVWXG\FRQILUPHGDVWDWLVWLFDOO\
VLJQLILFDQWHIIHFWRIUHODPRUHOLQRYHUSODFHERRQ*(IRUWKH JDQG JGRVHV9RPLWLQJ
HSLVRGHVZHUHUHGXFHGIURPEDVHOLQHWR:HHNE\DSSUR[LPDWHO\LQDOOUHODPRUHOLQGRVH
JURXSVKRZHYHUWKHUHZDVDOVRDVWURQJSUHYLRXVO\XQREVHUYHGSODFHERHIIHFWRQYRPLWLQJ
IUHTXHQF\UHGXFWLRQRIDSSUR[LPDWHO\WKDWSUHFOXGHGVWDWLVWLFDOVLJQLILFDQFHRIWKH
UHODPRUHOLQDGYDQWDJH5HVXOWVIRUWKHNH\VHFRQGDU\HQGSRLQWDFRPSRVLWHVFRUHRI'*
V\PSWRPVQDXVHDDEGRPLQDOSDLQEORDWLQJDQGHDUO\VDWLHW\VKRZHGEHQHILWRIWUHDWPHQWZLWK
UHODPRUHOLQFRPSDUHGWRSODFHERDOWKRXJK WKHGLIIHUHQFHZDVQRWVWDWLVWLFDOO\VLJQLILFDQWWKH
VDPHZDVWUXHIRUDQH[SORUDWRU\HQGSRLQWDFRPSRVLWHVFRUHRI'*V\PSWRPVWKDWLQFOXGHG
SRVWSUDQGLDOIXOOQHVVLQVWHDGRIHDUO\VDWLHW\
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

5HODPRUHOLQZDVJHQHUDOO\VDIHDQGZHOOWROHUDWHG DPRQJSDUWLFLSDQWV ZLWK7'0RU7'0 DQG
'*7KHUHZHUHPRUHUHSRUWVRIGLDUUKHDDQGK\SHUJO\FHPLDUHODWHGHYHQWVRQUHODPRUHOLQ
FRPSDUHGWRSODFHERK\SRJO\FHPLDZDVLQIUHTXHQWO\UHSRUWHGLQFLGHQFHLQWKHSODFHER
DQGUHODPRUHOLQȝJJURXSVRQO\7ZHQW\WKUHHVHULRXVDGYHUVHHYHQWV6$(V ZHUHUHSRUWHG
LQWKHSDUWLFLSDQWV WUHDWHGZLWK WKHGRVHVRI UHODPRUHOLQDQGLQWKHSDUWLFLSDQWV
WUHDWHGZLWKSODFHER7KHQXPEHUDQGFKDUDFWHULVWLFVRIWKHUHSRUWHG6$(VUHIOHFWHGWKH
DGYDQFHGXQGHUO\LQJGLVHDVHVWDWHRIWKLV'*SRSXODWLRQZLWK ORQJVWDQGLQJ7'0RU7'0
DQGRWKHUFRPPRQFRPRUELGLWLHVDQGRQO\ RIWKH6$(V FDUGLDFIDLOXUHFRQJHVWLYHDQG
GLDEHWHVPHOOLWXVLQDGHTXDWHFRQWUROZHUHDVVHVVHGE\WKHLQYHVWLJDWRUDVSRVVLEO\UHODWHGWR
VWXG\WUHDWPHQWERWKLQWKHJWUHDWPHQWJURXS7KUHH DGYHUVH HYHQWV $(V RIGLDEHWLF
NHWRDFLGRVLVZHUHUHSRUWHGRQHHYHQWRQHDFKUHODPRUHOLQGRVH$WRWDORIUHODPRUHOLQWUHDWHG
SDUWLFLSDQWV DQGSODFHERWUHDWHGSDUWLFLSDQWV GLVFRQWLQXHGVWXG\WUHDWPHQWEHFDXVHRID
WUHDWPHQWHPHUJHQW$(RQO\LQWKHUHODPRUHOLQJ%,'JURXS
:LWKUHVSHFWWRODERUDWRU\ILQGLQJVLQVRPHSDUWLFLSDQWVJO\FHPLFFRQWURODSSHDUHGWREH
QHJDWLYHO\DIIHFWHGE\WKHLQWURGXFWLRQRIUHODPRUHOLQ7KHUHZHUHWUHQGVLQLQFUHDVLQJ
KHPRJORELQ$F+E$FYDOXHVDIWHUWKHLQLWLDWLRQRIUHODPRUHOLQZKLFKFKDQJHGOLWWOHDIWHU
DSSUR[LPDWHO\ZHHNVDQGGRVHUHODWHGWUHQGVLQIDVWLQJK\SHUJO\FHPLD2WKHUZLVHQR
FOLQLFDOO\UHOHYDQWDEQRUPDOLWLHVZHUHVHHQIRURWKHUODERUDWRU\WHVWVLQFOXGLQJOLYHUIXQFWLRQ
WHVWVHOHFWURFDUGLRJUDPV(&*VSK\VLFDOH[DPLQDWLRQILQGLQJVDQGLQMHFWLRQVLWHUHDFWLRQV
DQWLGUXJDQWLERGLHVZHUHQRWIRXQG
$GHWDLOHGGHVFULSWLRQRIWKHFKHPLVWU\SKDUPDFRORJ\HIILFDF\DQGVDIHW\RIUHODPRUHOLQLV
SURYLGHGLQWKHLQYHVWLJDWRU¶VEURFKXUH 5HODPRUHOLQ,QYHVWLJDWRU¶V%URFKXUH

%HQHILW5LVN$VVHVVPHQW
%DVHGRQLQIRUPDWLRQDERXWUHODPRUHOLQREWDLQHGWRGDWHWKHEHQHILWVRIVWXG\SDUWLFLSDWLRQDUH
H[SHFWHGWRLQFOXGHDFFHOHUDWHG*( DQGFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWLQWKHV\PSWRPVRI
'*LQFOXGLQJQDXVHDDEGRPLQDOSDLQSRVWSUDQGLDOIXOOQHVVEORDWLQJYRPLWLQJ IUHTXHQF\HDUO\
VDWLHW\DQGYRPLWLQJVHYHULW\$SRWHQWLDOULVNRIWUHDWPHQWLVZRUVHQLQJRIJO\FHPLFFRQWURO
LQFOXGLQJWKHSRVVLELOLW\RIGLDEHWLFNHWRDFLGRVLVRFFXUULQJ+RZHYHUSUHYHQWLYHPHDVXUHV
LQFOXGLQJVSHFLDOODERUDWRU\DVVHVVPHQWVWRDOORZHDUO\UHFRJQLWLRQE\LQYHVWLJDWRUVDQG
SDUWLFLSDQWVRIULVLQJJOXFRVHOHYHOVDUHEHLQJLQFOXGHGLQWKLVSURWRFROVRWKDWHDUO\UHPHGLDO
DFWLRQHJ DGMXVWPHQWRIPHGLFDWLRQDQGGLHWPD\EHWDNHQWRPLQLPL]HLQFUHDVHLQJOXFRVH
OHYHOVWKLVPLJKWLQFUHDVHWKHLQFLGHQFHRIK\SRJO\FHPLFUHDFWLRQVHVSHFLDOO\LQSDUWLFLSDQWV
ZLWK7'06HH6HFWLRQ 6WXG\'HVLJQIRUGHWDLOVRIVWXG\SURFHGXUHVGRVHDQGVWXG\GHVLJQ
MXVWLILFDWLRQ
0RUHGHWDLOHGLQIRUPDWLRQDERXWWKHNQRZQDQGH[SHFWHGEHQHILWVDQGULVNVDQGUHDVRQDEO\
H[SHFWHG$(VDVVRFLDWHGZLWKUHODPRUHOLQDUHSURYLGHG LQWKHLQYHVWLJDWRU¶VEURFKXUH
5HODPRUHOLQ,QYHVWLJDWRU¶V%URFKXUHLQIRUPDWLRQDERXWWKHLQYHVWLJDWLRQDOGLUHFWLRQVIRUXVH
IRUWKHSHQLQMHFWRUWKHGHYLFHWKDWZLOOEHXVHGWRDGPLQLVWHU VWXG\WUHDWPHQW DUHDOVRSURYLGHG

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


2EMHFWLYHVDQG(QGSRLQWV
2EMHFWLYHV
(QGSRLQWV
3ULPDU\
3ULPDU\
!
7RFRPSDUHWKHHIILFDF\RIUHODPRUHOLQZLWKWKDWRI
SODFHERDIWHUZHHNVRIWUHDWPHQWLQWKLVVWXG\
LH DIWHUDWRWDORIZHHNVRIWUHDWPHQW²
 ZHHNVIURPOHDGLQVWXG\5/00'RUIURP
OHDGLQVWXG\5/00'DQG ZHHNVIURPWKH
FXUUHQWVWXG\ LQSDUWLFLSDQWVZLWK'*ZLWKUHVSHFW
WRWKHIROORZLQJFRUHVLJQVDQGV\PSWRPVRI'*
!
1DXVHD
!
$EGRPLQDOSDLQ
!
3RVWSUDQGLDOIXOOQHVV
!
%ORDWLQJ
!
&KDQJHIURP%DVHOLQHWR:HHNRIWKLVVWXG\LQ
WKHZHHNO\'LDEHWLF *DVWURSDUHVLV6\PSWRP
6HYHULW\6FRUH'*666
!
7RFRPSDUHWKHHIILFDF\RIUHODPRUHOLQZLWKWKDWRI
SODFHERDIWHUZHHNVRIWUHDWPHQWLQWKLVVWXG\
LH DIWHUDWRWDORIZHHNVRIWUHDWPHQW²ZHHNV
IURPOHDGLQVWXG\5/00'RUIURPOHDGLQ
VWXG\5/00'DQG ZHHNVIURPWKHFXUUHQW
VWXG\LQSDUWLFLSDQWVZLWK'*ZLWKUHVSHFWWR
YRPLWLQJIUHTXHQF\
!
9RPLWLQJ :HHN5HVSRQGHU GHILQHGDVD
SDUWLFLSDQWZLWK]HURZHHNO\YRPLWLQJHSLVRGHV
GXULQJHDFKRIWKHODVWZHHNVRIWKHILUVWZHHN
7UHDWPHQW3HULRG
6HFRQGDU\
6HFRQGDU\
!
7RFRPSDUHWKHHIILFDF\RIUHODPRUHOLQZLWKSODFHER
DIWHUZHHNVRIWUHDWPHQWLQWKLVVWXG\LHDIWHUD
WRWDORIZHHNVRIWUHDWPHQW²ZHHNVIURP
OHDGLQVWXG\5/00'RUIURPOHDGLQVWXG\
5/00'DQG ZHHNVIURPWKHFXUUHQWVWXG\
LQSDUWLFLSDQWVZLWK'*ZLWKUHVSHFWWRWKH
IROORZLQJLQGLYLGXDO V\PSWRPVRI WKH'*666
! 1DXVHD
! $EGRPLQDOSDLQ
! 3RVWSUDQGLDOIXOOQHVV
! %ORDWLQJ
!
,QGLYLGXDO6\PSWRPLHQDXVHDDEGRPLQDOSDLQ
SRVWSUDQGLDOIXOOQHVVDQGEORDWLQJ:HHN
5HVSRQGHU
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

2EMHFWLYHV
(QGSRLQWV
!
7RFRPSDUHWKHHIILFDF\RIUHODPRUHOLQZLWK
SODFHERDIWHUZHHNVRIWUHDWPHQWLQWKLVVWXG\
LH DIWHUDWRWDORI ZHHNVRIWUHDWPHQW²ZHHNV
IURPWKHOHDGLQVWXG\5/00'RUOHDGLQ
VWXG\5/00'DQG ZHHNVIURPWKHFXUUHQW
VWXG\ LQSDUWLFLSDQWVZLWK'*ZLWKUHVSHFWWRWKH
IROORZLQJ FRUHVLJQVDQG V\PSWRPVRI'*
!
1DXVHD
!
$EGRPLQDOSDLQ
!
3RVWSUDQGLDOIXOOQHVV
!
%ORDWLQJ
!
&KDQJHIURP%DVHOLQH&)%WR:HHNLQWKH
DYHUDJHZHHNO\'*666
!
7RFRPSDUHWKHHIILFDF\RIUHODPRUHOLQZLWKSODFHER
DIWHUZHHNVRIWUHDWPHQWLQWKLVVWXG\LH DIWHUD
WRWDORIZHHNVRIWUHDWPHQW²ZHHNVIURPWKH
OHDGLQVWXG\5/00'RUOHDGLQVWXG\5/0
0'DQG ZHHNVIURPWKHFXUUHQWVWXG\ LQ
SDUWLFLSDQWVZLWK'*ZLWKUHVSHFWWRYRPLWLQJ
IUHTXHQF\
!
9RPLWLQJ:HHN 5HVSRQGHU
!
&)%WR:HHNLQWKHDYHUDJHZHHNO\QXPEHURI
YRPLWLQJHSLVRGHV
!
$WWKHHQGRIWKHZHHNUDQGRPL]HGZLWKGUDZDO
SHULRG5:3WRGHPRQVWUDWHPDLQWHQDQFHRI
HIILFDF\DPRQJSDUWLFLSDQWVZKRZHUHVZLWFKHG
IURPUHODPRUHOLQWRSODFHERYVSDUWLFLSDQWVZKR
FRQWLQXHGUHODPRUHOLQWUHDWPHQW
!
&)%WRHQGRI5:3LQWKHDYHUDJHZHHNO\'*666
!
&)%WRHQGRI5:3LQWKHQXPEHURIYRPLWLQJ
HSLVRGHV
!
7RFRPSDUHWKHVDIHW\RIUHODPRUHOLQZLWKSODFHER
LQSDUWLFLSDQWVZLWK'*
!
$(VFOLQLFDOODERUDWRU\YDOXHVYLWDOVLJQV(&*V
+E$FDQGDQWLUHODPRUHOLQDQWLERGLHV

(QGSRLQW'HILQLWLRQV
(QGSRLQWGHILQLWLRQVDUHSURYLGHGLQ6HFWLRQ

&OLQLFDO+\SRWKHVHV
7KHFOLQLFDOK\SRWKHVHVDUH
 '*SDUWLFLSDQWVUHFHLYLQJUHODPRUHOLQFRPSDUHGZLWK'*SDUWLFLSDQWVUHFHLYLQJSODFHER
ZLOOH[SHULHQFHJUHDWHULPSURYHPHQWLQ'*666
 $JUHDWHUSURSRUWLRQRI'*SDUWLFLSDQWVUHFHLYLQJUHODPRUHOLQWKDQ'*SDUWLFLSDQWV
UHFHLYLQJSODFHERZLOODFKLHYH³9RPLWLQJ:HHN5HVSRQGHU´VWDWXVGHILQHGDVD
SDUWLFLSDQWZLWK]HURZHHNO\YRPLWLQJHSLVRGHVGXULQJHDFKRIWKHODVWZHHNVRIWKH
ZHHN7UHDWPHQW3HULRG
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

 $JUHDWHUSURSRUWLRQRI'*SDUWLFLSDQWVUHFHLYLQJUHODPRUHOLQWKDQ'*SDUWLFLSDQWV
UHFHLYLQJSODFHERZLOODFKLHYH³:HHN5HVSRQGHU´VWDWXVIRUWKHLQGLYLGXDOV\PSWRPV
FRPSULVLQJWKH'*666QDXVHDDEGRPLQDOSDLQEORDWLQJSRVWSUDQGLDOIXOOQHVV
GHILQHGDVH[SHULHQFLQJDFOLQLFDOO\PHDQLQJIXOSRLQWLPSURYHPHQWLQWKHV\PSWRP
VHYHULW\VFRUHGXULQJHDFKRIWKHODVWZHHNVRIWKHILUVWZHHNVRIWKH7UHDWPHQW
3HULRG
 ,PSURYHPHQWVLQ'*666DQGQXPEHURIYRPLWLQJHSLVRGHVZLOOEHVHHQWKURXJK:HHN
LH:HHN>WKHFRPELQDWLRQRIWUHDWPHQWGXUDWLRQRIWKHFXUUHQWVWXG\DQGWKHZHHN
WUHDWPHQWGXUDWLRQIURPHLWKHUOHDGLQVWXG\5/00'RUOHDGLQVWXG\
5/00'@
 3DUWLFLSDQWVZKRDUHWUHDWHGZLWKUHODPRUHOLQGXULQJWKH7UHDWPHQW3HULRGDQG
UDQGRPL]HGWRUHODPRUHOLQGXULQJWKH5:3ZLOOH[SHULHQFHPDLQWHQDQFHRIHIIHFWRI
WUHDWPHQWFRPSDUHGWRSDUWLFLSDQWVZKRDUHUDQGRPL]HGWRSODFHERLQWKH5:3

6WXG\'HVLJQ

2YHUDOO 'HVLJQ
!
*OREDOPXOWLFHQWHUGRXEOHEOLQGSODFHERFRQWUROOHGSDUDOOHOJURXS
!
7UHDWPHQW*URXSV5HODPRUHOLQȝJRUSODFHER %,'6&
!
6WXG\'XUDWLRQZHHNV
!
6WXG\3HULRGV
R
:HHN7UHDWPHQW3HULRG3DUWLFLSDQWVZKRPHHWHQWU\FULWHULDDWWKHHQGRI
HLWKHUOHDGLQVWXG\5/00'RU5/00'ZLOOFRQWLQXHWRUHFHLYHWKH
VDPHEOLQGHGWUHDWPHQWZLWKUHODPRUHOLQJRUSODFHERWKDWWKH\UHFHLYHG
GXULQJWKH7UHDWPHQW3HULRGRIWKHOHDGLQVWXG\DQGFRQWLQXHWRXVHWKH
HOHFWURQLFKDQGKHOGGHYLFHIRUWKHILUVWZHHNVGD\VRIWKH7UHDWPHQW
3HULRGDVWKH\GLGLQWKHOHDGLQVWXG\IRUGDLO\UHSRUWLQJRIWKHLUV\PSWRPV
YLDWKH'LDEHWLF*DVWURSDUHVLV6\PSWRP6HYHULW\'LDU\'*66'DVZHOODV
FRPSOLDQFHDQGXVHRIUHVFXHPHGLFDWLRQ$IWHU'D\9LVLWSDUWLFLSDQWV
ZLOOFRQWLQXHGDLO\UHSRUWLQJRIFRPSOLDQFHDQGXVHRIUHVFXHPHGLFDWLRQEXW
ZLOOUHSRUWWKHLUV\PSWRPVYLDWKH'*66'
RQO\GXULQJWKHZHHNVSUHFHGLQJ
VXEVHTXHQWYLVLWV9LVLWWKURXJK9LVLWRU(DUO\7HUPLQDWLRQ
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

R
:HHN5:3$WWKHHQGRIWKHZHHN7UHDWPHQW3HULRGSDUWLFLSDQWVZKR
ZHUHRQUHODPRUHOLQZLOOEHUDQGRPL]HGHLWKHUWRFRQWLQXHUHODPRUHOLQ
VWXG\WUHDWPHQWRUVZLWFKWRSODFHERVWXG\WUHDWPHQW3DUWLFLSDQWVZKR
UHFHLYHGSODFHERGXULQJWKH7UHDWPHQW3HULRGZLOOEHDOORFDWHGWRUHFHLYH
UHODPRUHOLQJ3DUWLFLSDQWVZLOOFRQWLQXHWRXVHWKHHOHFWURQLFKDQGKHOG
GHYLFHGDLO\IRUUHSRUWLQJRIWKHLUV\PSWRPVYLDWKH'*66'DVZHOODVWKHLU
FRPSOLDQFHDQGXVHRIUHVFXHPHGLFDWLRQ
6HH)LJXUH IRUD6WXG\6FKHPDWLF
)LJXUH
5/00' 6WXG\6FKHPDWLF
6WXG\3RSXODWLRQ
3DUWLFLSDQWVZKR VXFFHVVIXOO\FRPSOHWH OHDGLQVWXG\5/00'RUOHDGLQVWXG\
5/00'DQGPHHWHQUROOPHQWFULWHULDIRUWKLVVWXG\VKDOOFRQVWLWXWHWKHVWXG\SRSXODWLRQ
7KHLUZHHNWUHDWPHQWDVVLJQPHQWZLOOKDYHEHHQGHWHUPLQHGE\ UDQGRPL]DWLRQGXULQJWKH
OHDGLQVWXG\
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

)RUVWXGLHVFRQGXFWHGDW86,1'VLWHVDQGQRQ86QRQ,1'VLWHVGDWDIURP,1'DQG
QRQ,1'VWXG\VLWHVZLOOEHSRROHGWRJHWKHUIRUDQDO\VLV

3DUWLFLSDQW DQG6WXG\&RPSOHWLRQ
$SSUR[LPDWHO\SDUWLFLSDQWVZLOOHQWHUWKLVVWXG\DWDSSUR[LPDWHO\VLWHVJOREDOO\EDVHG
RQWKHDVVXPSWLRQWKDWRISDUWLFLSDQWV ZKRFRPSOHWH5/00'RU 5/00'ZLOO
HOHFWWRFRQWLQXHUHFHLYLQJVWXG\WUHDWPHQWSDUWLFLSDQWVWRUHFHLYHUHODPRUHOLQDQG
 SDUWLFLSDQWVWRUHFHLYHSODFHERIRUDQDGGLWLRQDOZHHNV LQWKH7UHDWPHQW3HULRGDQG
 ZHHNVLQWKHVXEVHTXHQW5:3,QWKH5:3SDUWLFLSDQWV ZKRUHFHLYHGUHODPRUHOLQLQWKH
7UHDWPHQW3HULRG ZLOOEHUHUDQGRPL]HGWRHLWKHUFRQWLQXHUHODPRUHOLQRUVZLWFKWRSODFHER
SDUWLFLSDQWVZKRUHFHLYHGSODFHERLQWKH7UHDWPHQW3HULRG ZLOODOOVZLWFKWRUHODPRUHOLQ $WRWDO
RI SDUWLFLSDQWVDUHH[SHFWHGWRFRPSOHWHWKHVWXG\6HH6HFWLRQ IRUGHWDLOVRQVDPSOH
VL]HGHWHUPLQDWLRQ

(QGRI6WXG\ 'HILQLWLRQ
7KHHQGRIWKHVWXG\LVGHILQHGDVWKHGDWHRIWKHODVWYLVLWRIWKHODVWSDUWLFLSDQWLQWKHVWXG\
$ SDUWLFLSDQWLVFRQVLGHUHGWRKDYHFRPSOHWHGWKHVWXG\LIKHVKHKDVFRPSOHWHGDOOSKDVHVRIWKH
VWXG\LQFOXGLQJDWOHDVW GD\VRIWUHDWPHQWDQGWKHODVWYLVLW 9LVLW,QGHSHQGHQWRIWKHHQG
RIVWXG\GHILQLWLRQDOOODERUDWRU\WHVWVZLWKYDOXHVFRQVLGHUHGFOLQLFDOO\VLJQLILFDQWO\DEQRUPDO
GXULQJSDUWLFLSDWLRQLQWKHVWXG\RUZLWKLQ GD\V DIWHUWKHODVWGRVHRIVWXG\WUHDWPHQWVKRXOGEH
UHSHDWHGXQWLOWKHYDOXHVUHWXUQWRQRUPDORUEDVHOLQH RUDUHQRORQJHUFRQVLGHUHGFOLQLFDOO\
VLJQLILFDQWE\WKHLQYHVWLJDWRURUPHGLFDOVDIHW\SK\VLFLDQ063

6FLHQWLILF5DWLRQDOHIRU 6WXG\'HVLJQ
7KHVSRQVRUKDVGHVLJQHGWKLVUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGSDUDOOHOJURXS
VWXG\WRIROORZUHJXODWRU\UHFRPPHQGDWLRQVIRUFRQGXFWRI3KDVHWKHUDSHXWLFFRQILUPDWRU\
VWXGLHVVSHFLILFDOO\WKH,&++DUPRQL]HG7ULSDUWLWH*XLGHOLQH(*HQHUDO&RQVLGHUDWLRQVIRU
&OLQLFDO7ULDOV&XUUHQW6WHSYHUVLRQGDWHG-XO\DQG*XLGHOLQH(&KRLFHRI&RQWURO
*URXSDQG5HODWHG,VVXHVLQ&OLQLFDO7ULDOV&XUUHQW6WHSYHUVLRQGDWHG-XO\7KH
VWXG\DOVRKDVEHHQGHVLJQHGWRFRPSO\ZLWKUHFRPPHQGDWLRQVPDGHE\WKH86)'$&HQWHUIRU
'UXJ(YDOXDWLRQDQG5HVHDUFK&'(5LQWKH'UDIW*XLGDQFHIRU,QGXVWU\*DVWURSDUHVLV
&OLQLFDO(YDOXDWLRQRI'UXJVIRU7UHDWPHQW-XO\LQFOXGLQJWKRVHIRUWKHPLQLPXPGXUDWLRQ
RIVWXGLHVWRVKRZHIILFDF\DWOHDVWZHHNVDQGIRULQFOXVLRQRIDORQJWHUPSODFHER
FRQWUROOHGVDIHW\VWXG\PRQWKVZLWKDSSURSULDWHSUHVSHFLILHGSURYLVLRQVIRUUHVFXH
PHGLFDWLRQVDVSDUWRIWKHGHYHORSPHQWSODQ
6HYHUDOGHVLJQIHDWXUHVKDYHEHHQLQFRUSRUDWHGLQWKHFXUUHQWVWXG\WR PLQLPL]HELDVLQFOXGLQJ
GRXEOHEOLQGGHVLJQ DQGUDQGRPDVVLJQPHQWRISDUWLFLSDQWV KHOSLQJWR HQVXUHWKDWERWKNQRZQ
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

DQGXQNQRZQULVNIDFWRUVDUHGLVWULEXWHGHYHQO\EHWZHHQWUHDWPHQWJURXSV7KHXVHRIDSODFHER
FRQWUROSHUPLWVSURVSHFWLYHFRPSDULVRQEHWZHHQWKHUHODPRUHOLQ JURXSDQGWKHFRQWUROJURXS
$5:3 KDVEHHQDGGHGWR WKHHQGRIWKH7UHDWPHQW3HULRGWRFRPSO\ZLWK&'(5
UHFRPPHQGDWLRQPDGHLQWKH*3 GUDIWJXLGDQFHWKDWD5:3 IROORZWKHWUHDWPHQWSHULRGWR
DGGUHVVWKHQHHGIRUPDLQWHQDQFHWUHDWPHQWWRSUHYHQW*3 VLJQRUV\PSWRPUHFXUUHQFH

-XVWLILFDWLRQIRU'RVH
6WXG\50ZDVDZHHN3KDVHEUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHG
SDUDOOHOJURXSVWXG\WRHYDOXDWHWKHVDIHW\DQGHIILFDF\RIUHODPRUHOLQ LQGLDEHWLFSDUWLFLSDQWV
ZLWKPRGHUDWHWRVHYHUH'*7KHGRVHVLQFOXGHGZLWKLQWKHVWXG\ZHUHJ%,'J%,'
DQGJ%,' ,QJHQHUDODOOGRVHVWHVWHGZLWKLQ50DSSHDUHGWRGHPRQVWUDWH
PHDQLQJIXOUHGXFWLRQVLQRYHUDOO'*V\PSWRPVFRUHVLQFOXGLQJYRPLWLQJHSLVRGHVZLWK
DFFHSWDEOHVDIHW\DQGWROHUDELOLW\7KHIUHTXHQF\RIYRPLWLQJHSLVRGHVZDVUHGXFHGIURP
EDVHOLQHRYHUWKHZHHNWUHDWPHQWSHULRGWRDVLPLODUH[WHQWIRUSDUWLFLSDQWVZKRUHFHLYHGWKH
 GRVHVRIUHODPRUHOLQWHVWHG DQGSODFHER%DVHGXSRQWKHREVHUYHGGRVHUHVSRQVHRIFKDQJH
IURPEDVHOLQHV\PSWRPVFRUHVFROOHFWHG GDLO\RYHUWKHFRXUVHRIZHHNV XVLQJWKH'*66'WKH
J%,'DQG J%,'GRVHVGHPRQVWUDWHGDSSDUHQWPD[LPDOHIIHFWVZKLOHWKHJ%,'
GRVHDFKLHYHGQHDUPD[LPDOUHGXFWLRQV2IQRWHWKHWZLFHDGD\UHJLPHQRIUHODPRUHOLQDSSHDUV
WREHQHFHVVDU\IRUHIIHFWLYHV\PSWRPUHOLHI WKHJRQFHGDLO\ VWXG\WUHDWPHQW GLGQRW
GHPRQVWUDWHVLJQLILFDQWLPSURYHPHQWLQV\PSWRPUHOLHIFRPSDUHGWRSODFHERDIWHUGD\VRI
GRVLQJLQ6WXG\50
5HYLHZRIWKHVDIHW\ODERUDWRU\GDWDFROOHFWHGLQ50UHYHDOHGDQDSSDUHQWGRVHUHODWHG
LQFUHDVHLQ+E$FYDOXHV$OWKRXJKWKHYDULDELOLW\LQ+E$FUHVSRQVHZDVKLJKDFURVVDOO
WUHDWPHQWVWKHJ%,'DQGJ%,'GRVHVGHPRQVWUDWHGDSSDUHQWPD[LPDOFKDQJHVLQ
+E$FYDOXHVZKLOHWKHJ%,'GRVHUHVXOWHGLQDQDSSUR[LPDWHO\KDOIPD[LPDOLQFUHDVH
DIWHUZHHNVRIVWXG\6KRUWHUGXUDWLRQVRIWUHDWPHQWZHHNVZLWKJ%,'RIUHODPRUHOLQ
DVREVHUYHGLQ6WXG\50GLGQRWGHPRQVWUDWHWKLVDSSDUHQWLQFUHDVHLQ+E$FLQ
GLDEHWLFSDUWLFLSDQWV
%DVHGRQWKHHIILFDF\DQGVDIHW\GDWDWKHUHODPRUHOLQGRVHVHOHFWHGIRUWKLVVWXG\LV J%,'
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


6WXG\3RSXODWLRQ
3URVSHFWLYHDSSURYDORISURWRFROGHYLDWLRQVWRUHFUXLWPHQWDQGHQUROOPHQWFULWHULDDOVRNQRZQDV
SURWRFROZDLYHUVRUH[HPSWLRQVLV QRWSHUPLWWHG

,QFOXVLRQ&ULWHULD
3DUWLFLSDQWVDUHHOLJLEOHWREHLQFOXGHGLQWKHVWXG\RQO\LIDOO WKHIROORZLQJFULWHULDDSSO\
 3DUWLFLSDQWPHWDOOLQFOXVLRQH[FOXVLRQFULWHULDRIHLWKHU3URWRFRO5/00'RU3URWRFRO
5/00'DQGVXFFHVVIXOO\FRPSOHWHGWKHVWXG\
 $EOHWRSURYLGHZULWWHQLQIRUPHGFRQVHQW,&SULRUWRDQ\VWXG\SURFHGXUHVDQGZLOOLQJ
DQGDEOHWRFRPSO\ZLWKVWXG\SURFHGXUHVDVGHILQHGLQ$SSHQGL[
 ,QWKHRSLQLRQRIWKHLQYHVWLJDWRUWKHSDUWLFLSDQWGHPRQVWUDWHGDGHTXDWHFRPSOLDQFHZLWK
WKHVWXG\SURFHGXUHVLQ6WXG\5/00'RU5/00'

([FOXVLRQ&ULWHULD
3DUWLFLSDQWVDUHH[FOXGHGIURPWKHVWXG\LIDQ\RIWKHIROORZLQJFULWHULDDSSO\
 3DUWLFLSDQWLVQRWZLOOLQJRUDEOHWRDELGHE\WKHUHVWULFWLRQVUHJDUGLQJFRQFRPLWDQW
PHGLFLQHXVH
 3DUWLFLSDQWLVSODQQLQJWRUHFHLYHDQLQYHVWLJDWLRQDOGUXJRWKHUWKDQVWXG\WUHDWPHQWRU
LQYHVWLJDWLRQDOGHYLFHDWDQ\WLPHGXULQJ6WXG\5/00'
 3DUWLFLSDQWKDVDQXQUHVROYHG$(RUDFOLQLFDOO\VLJQLILFDQWILQGLQJRQSK\VLFDO
H[DPLQDWLRQFOLQLFDOODERUDWRU\WHVWRUOHDG(&*WKDWLQWKHLQYHVWLJDWRU¶VRSLQLRQ
ZRXOGOLPLWWKHSDUWLFLSDQW¶VDELOLW\WRSDUWLFLSDWHLQRUFRPSOHWHWKHVWXG\
 $Q\RWKHUUHDVRQWKDWLQWKHLQYHVWLJDWRU¶VRSLQLRQZRXOGFRQIRXQGSURSHULQWHUSUHWDWLRQ
RIWKHVWXG\RUH[SRVHDSDUWLFLSDQWWRXQDFFHSWDEOHULVNLQFOXGLQJUHQDOKHSDWLFRU
FDUGLRSXOPRQDU\GLVHDVH

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

 3DUWLFLSDQWLVGLUHFWO\RULQGLUHFWO\LQYROYHGLQWKHFRQGXFWDQGDGPLQLVWUDWLRQRIWKLVVWXG\
DVDQLQYHVWLJDWRUVXELQYHVWLJDWRUVWXG\FRRUGLQDWRURWKHUVWXG\VWDIIPHPEHURU
HPSOR\HHRI$OOHUJDQ,QFRUWKHSDUWLFLSDQWLVDILUVWGHJUHHIDPLO\PHPEHUVLJQLILFDQW
RWKHURUUHODWLYHUHVLGLQJZLWKRQHRIWKHDERYHSHUVRQVLQYROYHGGLUHFWO\RULQGLUHFWO\LQ
WKHVWXG\RUWKHSDUWLFLSDQWLVHQUROOHGLQWKLVVWXG\DWDQRWKHUFOLQLFDOVWXG\VLWH

5DWLRQDOHIRU,QFOXVLRQDQG([FOXVLRQ&ULWHULD
7KH,QFOXVLRQDQG([FOXVLRQ&ULWHULDDUHPHDQWWRFUHDWHDSRSXODWLRQRISDUWLFLSDQWVWKDWLVZHOO
FKDUDFWHUL]HGDVKDYLQJ'* ZLWKV\PSWRPVWKDWUHTXLUH FKURQLFWUHDWPHQW7KLVSRSXODWLRQ
KDYLQJSUHYLRXVO\SDUWLFLSDWHGLQ5/00'RU5/00' ZLOOKDYH UHFHLYHGVWXG\
WUHDWPHQWIRUDWOHDVWZHHNVEHIRUHHQWHULQJWKLVVWXG\GXULQJZKLFKWKHVDIHW\DQGHIILFDF\RI
DQDGGLWLRQDOZHHNVRIWUHDWPHQWZLOOEHDVVHVVHGWKHHIIHFWRIZLWKGUDZDORIUHODPRUHOLQZLOO
DOVREHHYDOXDWHG

/LIHVW\OH5HVWULFWLRQV
7KHUHDUHQRVSHFLILFGLHWDU\UHVWULFWLRQVLQWKHVWXG\,WLVH[SHFWHGWKDWSDUWLFLSDQWVDUHDZDUHRI
WKHLPSRUWDQFHRIPDLQWDLQLQJUHDVRQDEOHFRQVLVWHQF\LQWLPLQJDQGVL]HRIPHDOVDQG
VSHFLILFDOO\FDUERK\GUDWHLQWDNHIRUDFKLHYLQJDGHTXDWHFRQWURORIK\SHUJO\FHPLD EXWDSSUHFLDWH
WKDWWKHSUHVHQFHRI*3PD\PDNHWKLVGLIILFXOW

6FUHHQ)DLOXUHV
6FUHHQIDLOXUHVDUHGHILQHGDVSDUWLFLSDQWVZKRFRQVHQWWRSDUWLFLSDWHLQWKHFOLQLFDOVWXG\EXWDUH
QRWVXEVHTXHQWO\HQUROOHGLQWKHVWXG\7KHGHWHUPLQDWLRQDVWRZKHWKHUDSDUWLFLSDQWPHHWV
LQFOXVLRQH[FOXVLRQFULWHULDRI5/00'LVPDGHDWWKHILQDOYLVLW9LVLWLQOHDGLQVWXG\
5/00'RUOHDGLQVWXG\5/00'
$PLQLPDOVHWRIVFUHHQIDLOXUHLQIRUPDWLRQLVUHTXLUHGWRHQVXUHWUDQVSDUHQWUHSRUWLQJRIVFUHHQ
IDLOXUHSDUWLFLSDQWVWRPHHWWKH&RQVROLGDWHG6WDQGDUGVRI5HSRUWLQJ7ULDOV&216257
SXEOLVKLQJUHTXLUHPHQWVDQGWRUHVSRQGWRTXHULHVIURPUHJXODWRU\DXWKRULWLHV0LQLPDO
LQIRUPDWLRQLQFOXGHVGHPRJUDSK\VFUHHQIDLOXUHGHWDLOVHOLJLELOLW\FULWHULDDQGDQ\6$(
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


7UHDWPHQWV
6WXG\WUHDWPHQWLVGHILQHGDVDQ\LQYHVWLJDWLRQDOWUHDWPHQWVPDUNHWHGSURGXFWSODFHER RU
PHGLFDOGHYLFH LQWHQGHGWREHDGPLQLVWHUHGWRDVWXG\SDUWLFLSDQWSHU WKHVWXG\SURWRFRO

7UHDWPHQWV $GPLQLVWHUHG
3DUWLFLSDQWVDUHWRVHOIDGPLQLVWHUGRXEOHEOLQGVWXG\WUHDWPHQWWZLFHGDLO\
3DUWLFLSDQWV VKRXOGURWDWH LQMHFWLRQVLWHVLQWKHDEGRPHQ
6WXG\WUHDWPHQWZLOOEHGLVSHQVHGDVSHQLQMHFWRUVZLWKSUHILOOHGFDUWULGJHVRIHLWKHUUHODPRUHOLQ
RUSODFHER6WXG\WUHDWPHQWGHWDLOVDUHSURYLGHGLQ 7DEOH
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

7DEOH
6WXG\7UHDWPHQW'HWDLOV
6WXG\7UHDWPHQW
5HODPRUHOLQ
3ODFHER
'RVDJH)RUPXODWLRQ
3UH)LOOHG&DUWULGJHLQ0XOWL
GRVH3HQ,QMHFWRU
3UH)LOOHG&DUWULGJHLQ0XOWLGRVH3HQ
,QMHFWRU
8QLW'RVH6WUHQJWK
JGRVH
1$
5RXWHRI$GPLQLVWUDWLRQ
6XEFXWDQHRXV
6XEFXWDQHRXV
'RVLQJ,QVWUXFWLRQV
$GPLQLVWHUWZLFHGDLO\
$GPLQLVWHUWZLFHGDLO\
3DFNDJLQJDQG/DEHOLQJ
6WXG\WUHDWPHQW ZLOOEHSURYLGHG
LQDVLQJOHXQLWFDUWRQ(DFK
FDUWRQZLOOEHODEHOHGDV
UHTXLUHGSHUFRXQWU\
UHTXLUHPHQW
6WXG\WUHDWPHQW ZLOOEHSURYLGHGLQD
VLQJOHXQLWFDUWRQ(DFKFDUWRQZLOOEH
ODEHOHGDVUHTXLUHGSHUFRXQWU\
UHTXLUHPHQW
0DQXIDFWXUHU
%D[WHU3UHILOOHG&DUWULGJH
$OOHUJDQ$VVHPEOHG3HQ
%D[WHU3UHILOOHG&DUWULGJH
$OOHUJDQ$VVHPEOHG3HQ
,QMHFWLRQ'HYLFH
8WLOL]H0XOWLGRVH3HQ,QMHFWRU
IRUWKHDGPLQLVWUDWLRQRIWKH
VWXG\WUHDWPHQWRUSODFHER
5HIHUWRWKH5HODPRUHOLQ3HQ
,QYHVWLJDWLRQDO'LUHFWLRQVIRU
8VH IRUGHWDLOHGLQVWUXFWLRQVRQ
XVHRIWKHLQMHFWLRQGHYLFH
(DFKSHQLQMHFWRULVWREHXVHG
IRUGD\V
8WLOL]H0XOWLGRVH3HQ,QMHFWRUIRUWKH
DGPLQLVWUDWLRQRIWKHVWXG\WUHDWPHQW
RUSODFHER
5HIHUWRWKH5HODPRUHOLQ3HQ
,QYHVWLJDWLRQDO'LUHFWLRQVIRU8VH IRU
GHWDLOHGLQVWUXFWLRQVRQXVHRIWKH
LQMHFWLRQGHYLFH
(DFKSHQLQMHFWRULVWREHXVHGIRU
 GD\V

6WXG\6XSSOLHV
 7KH$OOHUJDQPDQXIDFWXUHGPHGLFDOGHYLFHVRUGHYLFHVPDQXIDFWXUHGIRU$OOHUJDQE\DWKLUG
SDUW\SURYLGHGIRUXVHLQWKLVVWXG\DUH3UHILOOHG&DUWULGJHDQG0XOWLGRVH3HQ
,QMHFWRU
 ,QVWUXFWLRQVIRUPHGLFDOGHYLFHXVHDUHSURYLGHGLQWKH5HODPRUHOLQ3HQ,QYHVWLJDWLRQDO
'LUHFWLRQVIRU8VH
 0HGLFDOGHYLFHLQFLGHQWVLQFOXGLQJWKRVHUHVXOWLQJIURPPDOIXQFWLRQVRIWKHGHYLFHPXVWEH
GHWHFWHGGRFXPHQWHGDQGUHSRUWHGE\WKHLQYHVWLJDWRUWKURXJKRXWWKHVWXG\VHH
6HFWLRQ 

'RVH0RGLILFDWLRQ
1RWDSSOLFDEOH
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


0HWKRGRI7UHDWPHQW$VVLJQPHQW
$WWKHVWDUWRIOHDGLQVWXGLHV5/00'RU5/00'DOOSDUWLFLSDQWVZLOOKDYHEHHQ
FHQWUDOO\DVVLJQHGWRUDQGRPL]HGVWXG\WUHDWPHQWWREHWDNHQGXULQJWKH7UHDWPHQW3HULRGRIWKLV
VWXG\XVLQJDQLQWHUDFWLYHZHEUHVSRQVHV\VWHP,:56
$W9LVLW:HHNWKHEHJLQQLQJRIWKH5:3SDUWLFLSDQWVWDNLQJUHODPRUHOLQGXULQJWKH
7UHDWPHQW3HULRGZLOOEHUHUDQGRPL]HGWRHLWKHUUHODPRUHOLQRUSODFHERXVLQJ,:56
3DUWLFLSDQWVWDNLQJSODFHERGXULQJWKH7UHDWPHQW3HULRGZLOODOOEHDOORFDWHGWRUHODPRUHOLQ
WUHDWPHQWIRUWKHZHHNVIROORZLQJWKHHQGRIWKH7UHDWPHQW3HULRG%HIRUHWKLV VWXG\LV
LQLWLDWHGWKHORJLQLQIRUPDWLRQDQGGLUHFWLRQVIRUWKH,:56ZLOOEHSURYLGHGWRHDFKVLWH
6WXG\WUHDWPHQWZLOOEHGLVSHQVHGDWWKHVWXG\YLVLWVLQGLFDWHGLQWKH 6FKHGXOHRI$FWLYLWLHV
6R$ 6HFWLRQ
5HWXUQHGVWXG\WUHDWPHQWVKRXOGQRWEHUHGLVSHQVHGWRWKHSDUWLFLSDQWV

%OLQGLQJ
7KHLQYHVWLJDWRULQYHVWLJDWLRQDOVWDIIDQGSDUWLFLSDQWZLOOEHIXOO\EOLQGHGWRVWXG\WUHDWPHQW
GXULQJWKHZHHN7UHDWPHQW3HULRG DQGWKHZHHN5:3 $OOVWXG\WUHDWPHQWZLOOEHSURYLGHG
LQLGHQWLFDOSHQLQMHFWRUVDQGFDUWRQVWRPDLQWDLQEOLQGLQJRIWKHVWXG\

3UHSDUDWLRQ+DQGOLQJ6WRUDJH$FFRXQWDELOLW\
7KHLQYHVWLJDWRURUGHVLJQHH PXVW FRQILUPDSSURSULDWHWHPSHUDWXUHFRQGLWLRQVKDYHEHHQ
PDLQWDLQHGGXULQJWUDQVLWIRUDOOVWXG\WUHDWPHQW UHFHLYHGDQGDQ\GLVFUHSDQFLHVDUHUHSRUWHGDQG
UHVROYHGEHIRUH XVHRIWKHVWXG\WUHDWPHQW
2QO\SDUWLFLSDQWVHQUROOHGLQWKHVWXG\PD\UHFHLYHVWXG\WUHDWPHQW DQGRQO\DXWKRUL]HGVLWH
VWDIIPD\VXSSO\RUDGPLQLVWHUVWXG\WUHDWPHQW $OOVWXG\WUHDWPHQWVPXVWEHVWRUHGLQDVHFXUH
HQYLURQPHQWDOO\FRQWUROOHG DQGPRQLWRUHGPDQXDORUDXWRPDWHGDUHDLQDFFRUGDQFHZLWKWKH
ODEHOOHG VWRUDJHFRQGLWLRQVZLWKDFFHVVOLPLWHGWRWKHLQYHVWLJDWRUDQGDXWKRUL]HGVLWHVWDII
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


7UHDWPHQW&RPSOLDQFH
6WXG\WUHDWPHQWFRPSOLDQFHZLOOEHFORVHO\PRQLWRUHGE\DVVHVVLQJWKHSDUWLFLSDQW¶VGDLO\
UHSRUWLQJRIVHOIDGPLQLVWHUHGVWXG\WUHDWPHQWRQWKHHOHFWURQLFKDQGKHOGGHYLFH%HIRUH
GLVSHQVLQJQHZVWXG\WUHDWPHQWVWXG\VLWHSHUVRQQHOZLOOPDNHHYHU\HIIRUWWRFROOHFWDOOXQXVHG
VWXG\WUHDWPHQW
7KHVWXG\FHQWHUVZLOONHHSDQDFFXUDWHGUXJGLVSRVLWLRQUHFRUGWKDWVSHFLILHVWKHDPRXQWRI
VWXG\WUHDWPHQWGLVSHQVHGWRHDFKSDUWLFLSDQW DQGWKHGDWHRIGLVSHQVLQJ

&RQFRPLWDQW7KHUDS\
$Q\PHGLFDWLRQRUYDFFLQHLQFOXGLQJRYHUWKHFRXQWHURUSUHVFULSWLRQ PHGLFLQHVYLWDPLQV
DQGRUKHUEDOVXSSOHPHQWVWKDWWKHSDUWLFLSDQWLVUHFHLYLQJDWWKHWLPHRIHQUROOPHQWRUUHFHLYHV
GXULQJWKHVWXG\ PXVWEHUHFRUGHGRQWKHHOHFWURQLFFDVHUHSRUWIRUPH&5)DORQJZLWK
!
5HDVRQIRUXVH
!
'DWHVRIDGPLQLVWUDWLRQLQFOXGLQJVWDUWDQGHQGGDWHV
!
'RVDJHLQIRUPDWLRQLQFOXGLQJGRVHDQGIUHTXHQF\
$VPXFKDVSRVVLEOHWKHGRVHDQGIUHTXHQF\RIDOOFRQFRPLWDQWPHGLFDWLRQVWDNHQIRUFKURQLF
FRQGLWLRQVH[FHSWIRUGLDEHWHVPHOOLWXVVHH6HFWLRQ 3HUPLWWHG7UHDWPHQWVVKRXOGEHKHOG
VWDEOHGXULQJWKHVWXG\7KHVSRQVRU VKRXOGEHFRQWDFWHGLIWKHUHDUHDQ\TXHVWLRQVUHJDUGLQJ
FRQFRPLWDQWRUSULRUWKHUDS\

3URKLELWHG7UHDWPHQWV
7KHFODVVHVRI GUXJVSURKLELWHGLQWKHVWXG\DUH WKRVHWKDWDIIHFW*,PRWLOLW\HLWKHUSRVLWLYHO\RU
QHJDWLYHO\DQGWKHUHIRUHFRXOGFRQIRXQGWKHDVVHVVPHQWRIWKHHIILFDF\RIVWXG\WUHDWPHQWRQWKH
VLJQVDQGV\PSWRPVRI'*
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

7DEOH SURYLGHVDOLVWRIGUXJFODVVHVDQGWUHDWPHQWVWKDWDUHSURKLELWHGGXULQJWKHVWXG\
7KHVH'UXJ&ODVVHV7UHDWPHQWVZHUHZDVKHGRXWSULRUWRSDUWLFLSDQWVHQWHULQJ5/00'DQG
5/00'DQGFRQWLQXHWREHSURKLELWHGLQ5/00'
7DEOH
3URKLELWHG0HGLFDWLRQV
'UXJ&ODVV7UHDWPHQW
3URPRWLOLW\DJHQWV0HWRFORSUDPLGHPDFUROLGHDQWLELRWLFVHJ D]LWKURP\FLQFODULWKURP\FLQ
HU\WKURP\FLQGRPSHULGRQHSUXFDORSULGHRURWKHUGUXJVFRQVLGHUHGWREH*,SURPRWLOLW\DJHQWV
$QWLFKROLQHUJLFV'UXJVZLWK DQ DQWLFKROLQHUJLFPHFKDQLVPRI DFWLRQDVWKHEDVLVRI WKHLU WKHUDSHXWLF
EHQHILWQRWWKRVHWKDWKDYHDQWLFKROLQHUJLFDFWLYLW\DVDVLGHHIIHFW
$QWLHPHWLFV8VHGIRUPRUHWKDQ GD\DZHHNRUSDUWLFLSDQWUHTXLUHVDQDQWLHPHWLFGUXJRQFHZHHNO\
UHSHDWHGO\>LHIRUFRQVHFXWLYHZHHNVRUPRUH@WKHLQYHVWLJDWRUVKRXOGFRQWDFWWKHVSRQVRUWRGLVFXVV
WKHVDIHW\RIWKHSDUWLFLSDQWFRQWLQXLQJVWXG\WUHDWPHQW
$P\OLQDQDORJXHSUDPOLQWLGH
+7DJRQLVWVFLVDSULGHWHJDVHURGDQGSUXFDORSULGH
2SLRLGVD LQFOXGLQJ WUDPDGRO
*OXFDJRQOLNHSHSWLGH*/3DJRQLVWV([HQDWLGHOLUDJOXWLGHHWF
%RWXOLQXP WR[LQLQMHFWLRQVHJ%RWR[E\S\ORULFLQMHFWLRQRQO\LQMHFWLRQRI%RWR[LQRWKHUSDUWVRI
WKHERG\LVDOORZHG
D([FHSWLRQWRSURKLELWLRQ $QRSLRLGSUHVFULEHGIRUVHYHUHSDLQIROORZLQJDVXUJLFDORSHUDWLRQGHQWDOSURFHGXUHRU
LQMXU\PD\EHWDNHQDVGLUHFWHGIRUXSWRKRXUVDPD[LPXPRIWZRWLPHVGXULQJWKHVWXG\

3HUPLWWHG7UHDWPHQWV
$Q\PHGLFDWLRQRUYDFFLQHLQFOXGLQJRYHUWKHFRXQWHURUSUHVFULSWLRQPHGLFLQHVYLWDPLQV
DQGRUKHUEDOVXSSOHPHQWVWKDWWKHSDUWLFLSDQWLVUHFHLYLQJDWWKHWLPHRIHQUROOPHQWRUUHFHLYHV
GXULQJWKHVWXG\PXVWEHUHFRUGHGLQWKHH&5)DORQJZLWK
!
,QGLFDWLRQ
!
'DWHVRIDGPLQLVWUDWLRQLQFOXGLQJVWDUWDQGHQGGDWHV
!
'RVDJHLQIRUPDWLRQLQFOXGLQJGRVHDQGIUHTXHQF\
'*SDUWLFLSDQWVHQUROOHGLQWKLVVWXG\ZLOOOLNHO\FRQVLVWPRVWO\RISDUWLFLSDQWVUHFHLYLQJRQHRU
PRUHSUHVFULSWLRQPHGLFDWLRQVIRUEORRGJOXFRVHFRQWURO*RRGFOLQLFDOSUDFWLFHDOORZVIRU
IUHTXHQWDGMXVWPHQWRIPHGLFDWLRQE\SDUWLFLSDQWVDQGWKHLUKHDOWKFDUHSURYLGHUVWRPLQLPL]H
ODUJHIOXFWXDWLRQVLQJO\FHPLDDQGWKLVSUDFWLFHLVHQFRXUDJHGLQWKLVVWXG\,WVKRXOGEH
UHPHPEHUHGWKDWFHUWDLQGLDEHWLFGUXJVVHH7DEOHGHOD\*(DQGDUHSURKLELWHGGXULQJWKLV
VWXG\2WKHUWKHUDS\FRQVLGHUHGQHFHVVDU\IRUWKHSDUWLFLSDQW¶VZHOIDUHPD\EHJLYHQDWWKH
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

GLVFUHWLRQRIWKHLQYHVWLJDWRU,IWKHSHUPLVVLELOLW\RID VSHFLILFPHGLFDWLRQWUHDWPHQWLVLQ
TXHVWLRQSOHDVHFRQWDFWWKHVSRQVRU
7KHVSRQVRURUGHVLJQHHVKRXOGEHFRQWDFWHGLIWKHUHDUHDQ\TXHVWLRQVUHJDUGLQJFRQFRPLWDQWRU
SULRUWKHUDS\

5HVFXH0HGLFLQH
8VHRIPHGLFDWLRQVWKDWPD\LPSDFWHIILFDF\HYDOXDWLRQVLVVWURQJO\GLVFRXUDJHGDWDQ\WLPHDIWHU
9LVLWLQWKHVWXG\+RZHYHUSDUWLFLSDQWVZKRH[SHULHQFHVHYHUHV\PSWRPVRI*3DIWHUHQWHULQJ
WKH7UHDWPHQW3HULRGRU5:3PD\UHFHLYHDVLQJOH GD\ RIWUHDWPHQWSHUZHHNZLWKDQ
DQWLHPHWLFGUXJEXWVKRXOGDYRLGVXFKWUHDWPHQWLISRVVLEOHRQWKHGD\SULRUWRDQGGD\RI
FOLQLFYLVLWV GXULQJWKH7UHDWPHQW3HULRG,IDSDUWLFLSDQWUHTXLUHVDQDQWLHPHWLFGUXJHJ+7
UHFHSWRUDQWDJRQLVWV1.UHFHSWRUDQWDJRQLVWVIRUPRUHWKDQGD\D ZHHNRUUHTXLUHVDQDQWL
HPHWLFGUXJRQFHZHHNO\UHSHDWHGO\ LHIRUFRQVHFXWLYHZHHNVRUPRUHWKHLQYHVWLJDWRU
VKRXOGFRQWDFWWKHVSRQVRUWRGLVFXVVWKHVDIHW\RIWKHSDUWLFLSDQWFRQWLQXLQJ LQWKHVWXG\
7KHGDWHRIUHVFXHPHGLFDWLRQDGPLQLVWUDWLRQDVZHOODVWKHQDPHDQGGRVDJHUHJLPHQRIWKH
UHVFXHPHGLFDWLRQVKRXOGEHUHFRUGHGLQWKHFRQFRPLWDQWPHGLFDWLRQVSDJHRIWKHH&5)

7UHDWPHQWDIWHUWKH(QGRIWKH6WXG\
3DUWLFLSDQWVZKRFRPSOHWH WKHVWXG\VKRXOGIROORZXSZLWKWKHLQYHVWLJDWRUUHJDUGLQJWUHDWPHQW
DWWKHHQGRIWKHVWXG\

'LVFRQWLQXDWLRQ:LWKGUDZDO &ULWHULD
5HDVRQVIRUGLVFRQWLQXDWLRQIURPVWXG\WUHDWPHQW DQGRUWKHVWXG\PD\LQFOXGHWKHIROORZLQJ
!
$GYHUVHHYHQW
!
&RPSOHWHG
!
'HDWK
!
/DFNRIHIILFDF\
!
/RVWWRIROORZXS
!
2WKHU
!
,QYHVWLJDWRU RUSK\VLFLDQ GHFLVLRQ
!
3UHJQDQF\
!
3URWRFROGHYLDWLRQ

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

!
6LWHWHUPLQDWHGE\VSRQVRU
!
6WXG\WHUPLQDWHGE\VSRQVRU
!
:LWKGUDZDOE\SDUWLFLSDQW
7KHUHDVRQIRUGLVFRQWLQXDWLRQVKRXOGEHFOHDUO\GRFXPHQWHGRQWKHDSSURSULDWHH&5)
'LVFRQWLQXDWLRQRIVWXG\WUHDWPHQW DOVRUHTXLUHV GLVFRQWLQXDWLRQIURPWKHVWXG\
6HH $SSHQGL[ IRU6WDQGDUG'LVFRQWLQXDWLRQ&ULWHULD'HILQLWLRQV

'LVFRQWLQXDWLRQRI 6WXG\7UHDWPHQW
'LVFRQWLQXDWLRQRIVWXG\WUHDWPHQWDOVRUHTXLUHVGLVFRQWLQXDWLRQIURPWKHVWXG\

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


7HPSRUDU\'LVFRQWLQXDWLRQ
,QWKHHYHQWRI$(RULQWHUFXUUHQWLOOQHVVGRVLQJRIVWXG\WUHDWPHQWFDQEHVWRSSHGWHPSRUDULO\
IRUDPD[LPXPGXUDWLRQRIGD\V6KRXOGORQJHUFHVVDWLRQRIGRVLQJEHQHFHVVDU\WKH
LQYHVWLJDWRUVKRXOGFRQWDFWWKHVSRQVRU7KHLQYHVWLJDWRUVKRXOGDOVRFRQWDFWWKHVSRQVRUVKRXOG
HLWKHUUHFXUUHQFHRIWKH$(WKDWSURPSWHGGLVFRQWLQXDWLRQRUWKHDSSHDUDQFHRIDQHZ$(WKDW
UHTXLUHVGLVFRQWLQXDWLRQEHH[SHULHQFHGDIWHUUHLQWURGXFWLRQRIWUHDWPHQWWRGLVFXVVWKHVDIHW\RI
WKLVSDUWLFLSDQWFRQWLQXLQJVWXG\

:LWKGUDZDOIURP WKH6WXG\
!
$SDUWLFLSDQW PD\ZLWKGUDZIURPWKHVWXG\DWDQ\WLPHDWKLVKHURZQUHTXHVWRUPD\EH
ZLWKGUDZQDWDQ\WLPHDWWKHGLVFUHWLRQRIWKHLQYHVWLJDWRU IRUVDIHW\EHKDYLRXUDO
FRPSOLDQFHRUDGPLQLVWUDWLYHUHDVRQV $QHDUO\WHUPLQDWLRQYLVLWPXVWEHSHUIRUPHGDV
VRRQDVSRVVLEOHDIWHUWKHGHFLVLRQWRZLWKGUDZKDVEHHQPDGHE\WKHSDUWLFLSDQWRUWKH
GHFLVLRQWRZLWKGUDZWKHSDUWLFLSDQWKDVEHHQPDGHE\WKHLQYHVWLJDWRU
!
,IWKHSDUWLFLSDQW ZLWKGUDZVFRQVHQW IRUGLVFORVXUHRIIXWXUHLQIRUPDWLRQWKHVSRQVRUPD\
UHWDLQDQGFRQWLQXHWRXVHDQ\GDWDFROOHFWHGEHIRUHVXFKDZLWKGUDZDORIFRQVHQW
!
,IDSDUWLFLSDQW ZLWKGUDZVIURPWKHVWXG\KHVKHPD\UHTXHVWGHVWUXFWLRQRIDQ\VDPSOHV
WDNHQDQGQRWWHVWHG DQGWKHLQYHVWLJDWRUPXVWGRFXPHQWWKLVLQWKHVLWHVWXG\UHFRUGV
!
6HH WKH6R$ 6HFWLRQIRUGDWDWREHFROOHFWHGDWWKHWLPHRIVWXG\GLVFRQWLQXDWLRQ

/RVWWR)ROORZXS
$SDUWLFLSDQW ZLOOEHFRQVLGHUHGORVWWRIROORZXSLIKHRUVKHUHSHDWHGO\IDLOVWRUHWXUQIRU
VFKHGXOHGYLVLWVDQGLVXQDEOHWREHFRQWDFWHGE\WKHVWXG\VLWH
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


6WXG\$VVHVVPHQWVDQG3URFHGXUHV
!
6WXG\SURFHGXUHVDQGWKHLUWLPLQJDUHVXPPDUL]HGLQWKH6R$6HFWLRQ
!
3URWRFROZDLYHUVRUH[HPSWLRQVDUHQRWDOORZHG
!
6DIHW\FRQFHUQVVKRXOGEHGLVFXVVHGZLWKWKHVSRQVRULPPHGLDWHO\XSRQRFFXUUHQFHRU
DZDUHQHVVWRGHWHUPLQHLIWKHSDUWLFLSDQWVKRXOGFRQWLQXHRUGLVFRQWLQXHVWXG\WUHDWPHQW
!
$GKHUHQFHWRWKHVWXG\GHVLJQUHTXLUHPHQWVLQFOXGLQJWKRVHVSHFLILHGLQWKH6R$LV
HVVHQWLDODQGUHTXLUHGIRUVWXG\FRQGXFW

(IILFDF\ $VVHVVPHQWV

.H\ (IILFDF\$VVHVVPHQW± '*66'
7KHSULPDU\HIILFDF\DVVHVVPHQWLVWKH'*66'DLWHPSDWLHQWUHSRUWHGGDLO\GLDU\GHVLJQHG
WRDVVHVVWKHVHYHULW\RIFRUHVLJQVDQGV\PSWRPVRI'*²QDXVHDDEGRPLQDOSDLQ
SRVWSUDQGLDOIXOOQHVVEORDWLQJYRPLWLQJDQGHDUO\VDWLHW\$SSHQGL[ DQGWKHIUHTXHQF\RI
YRPLWLQJHSLVRGHV
'*66'HQWULHVDUHWREHPDGHGDLO\DWWKHVDPHWLPHHYHU\HYHQLQJRQWKHHOHFWURQLFKDQGKHOG
GHYLFHGXULQJWKHZHHNSHULRGEHIRUH9LVLWRIWKH7UHDWPHQW3HULRGWKHZHHNSHULRGV
EHIRUH9LVLWV  DQGRIWKH7UHDWPHQW3HULRGDQGWKURXJKRXWWKHZHHNVRIWKH
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

5DQGRPL]HGZLWKGUDZDO 3HULRG 3ODQQHGWLPHSRLQWVIRUDOOHIILFDF\DVVHVVPHQWVDUHSURYLGHGLQ
WKH6R$6HFWLRQ 
7KHVHYHULW\RI'*V\PSWRPVLVDVVHVVHGXVLQJDWRQXPHULFDOUDWLQJVFDOH156RQZKLFK
 ³QR´RU³QRWDWDOOXQFRPIRUWDEOH´LHDEVHQFHRIWKH'*V\PSWRPDQG ³ZRUVW
SRVVLEOH´RU³PRVWXQFRPIRUWDEOH´LHZRUVWH[SHULHQFHRIWKH'*V\PSWRP
$QRYHUDOODVVHVVPHQWRIWKHVHYHULW\RIQRQYRPLWLQJV\PSWRPVLVGHULYHGIURP WKHZHHNO\
'*666ZKLFKLVWKHVXPRIWKHZHHNO\DYHUDJHVRI'*66'LWHPVRIQDXVHDDEGRPLQDOSDLQ
SRVWSUDQGLDOIXOOQHVVDQGEORDWLQJ:HHNO\DVVHVVPHQWVDUHFDOFXODWHGIURPDSDUWLFLSDQW¶VGDLO\
'*66'UHVSRQVHV
7KH'*666UDQJHVIURPWR ZLWKWKHZRUVWSRVVLEOH'*666IRUWKH'*V\PSWRPVEHLQJ
DQGWKHEHVWSRVVLEOH'*666EHLQJ3V\FKRPHWULFDQDO\VHVKDYHVKRZQWKDWDGHFUHDVHLQ
WKH '*666E\SRLQWV DQGDGHFUHDVHLQLQGLYLGXDOV\PSWRPVFRUHVE\SRLQWV LV
UHFRJQL]HGDVDFOLQLFDOO\PHDQLQJIXOLPSURYHPHQWLQ'*V\PSWRPVE\DIIHFWHGSDWLHQWV
3V\FKRPHWULF(YDOXDWLRQ57,+HDOWK
9RPLWLQJIUHTXHQF\ZLOOEH FDSWXUHGGDLO\RQWKHHOHFWURQLFKDQGKHOGGHYLFH3DUWLFLSDQWVZLOO
EHDVNHGWRLQGLFDWHWKHQXPEHURIYRPLWLQJHSLVRGHVH[SHULHQFHGLQWKHGD\VLQFHWKHSUHYLRXV
HQWU\PDGHZLWKLQIRUPDWLRQWREHSURYLGHGDVWRZKDWFRQVWLWXWHVD³YRPLWLQJHSLVRGH´LQRUGHU
WRHQVXUHDFFXUDWHUHSRUWLQJ9RPLWLQJLVGHILQHGDVWKURZLQJXSWKHFRQWHQWVRIWKHVWRPDFK
7KLVGRHVQRWLQFOXGHUHWFKLQJRUGU\KHDYLQJDOVRNQRZQDVGU\YRPLWLQJZKHQQRVWRPDFK
FRQWHQWVDUHWKURZQXS
:HHNO\DVVHVVPHQWRI YRPLWLQJIUHTXHQF\LVGHULYHGDVWKHQRUPDOL]HGWRWDOQXPEHURIYRPLWLQJ
HSLVRGHVGXULQJDZHHN7KLVLVGHILQHGDV
:HHNO\QRUPDOL]HGQXPEHURIYRPLWLQJHSLVRGHV WRWDOQXPEHURIYRPLWLQJHSLVRGHVLQ
WKHZHHNGD\V>QXPEHURIGD\VZLWKQRQPLVVLQJUHVSRQVHVLQWKHZHHN@
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


$GYHUVH(YHQWV
7KHGHILQLWLRQVRIDQ$(RU6$(FDQEHIRXQGLQ$SSHQGL[
$(V ZLOOEHUHSRUWHGE\WKHSDUWLFLSDQW RUQRWHGE\WKHLQYHVWLJDWRU
7KHLQYHVWLJDWRUDQGDQ\GHVLJQHHVDUHUHVSRQVLEOHIRUGHWHFWLQJGRFXPHQWLQJDQGUHFRUGLQJ
HYHQWVWKDWPHHWWKHGHILQLWLRQRIDQ$(RU6$(DQGUHPDLQUHVSRQVLEOHIRUIROORZLQJXS $(V
WKDWDUHVHULRXVFRQVLGHUHGUHODWHGWRWKHVWXG\WUHDWPHQWRUVWXG\ SURFHGXUHVRUWKDWFDXVHGWKH
SDUWLFLSDQWWRGLVFRQWLQXHWKHVWXG\WUHDWPHQWVHH6HFWLRQ 

7LPH3HULRGDQG)UHTXHQF\IRU&ROOHFWLQJ$(DQG6$(,QIRUPDWLRQ
$OO$(VDQG6$(V ZLOOEHFROOHFWHGIURPWKHVLJQLQJRIWKH,QIRUPHG&RQVHQW)RUP,&) XQWLO
GD\VDIWHUWKHILQDOYLVLWLQWKHVWXG\9LVLW RU(DUO\7HUPLQDWLRQ9LVLWDWWKHWLPHSRLQWV
VSHFLILHGLQWKH6R$6HFWLRQ 2QJRLQJ$(VDWWKHHQGRI VWXG\5/00'DQG5/00'
DQGQHZ$(VWKDWRFFXUDIWHUWKHVLJQLQJRIWKH,&)IRU5/00'DUHFRQVLGHUHGWREH
$(VLQ5/00'
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$OO6$(V ZLOOEHUHFRUGHGDQGUHSRUWHGWRWKHVSRQVRURUGHVLJQHHZLWKLQKRXUVDVLQGLFDWHG
LQ$SSHQGL[7KHLQYHVWLJDWRUZLOOVXEPLWDQ\XSGDWHG6$(GDWDWRWKHVSRQVRU ZLWKLQ
 KRXUVRILW EHLQJDYDLODEOH
,QYHVWLJDWRUVDUHQRWREOLJDWHGWRDFWLYHO\VHHN$( RU6$(LQIRUPHUVWXG\SDUWLFLSDQWV+RZHYHU
LIWKHLQYHVWLJDWRUOHDUQVRIDQ\6$(LQFOXGLQJDGHDWKDWDQ\WLPHDIWHUDSDUWLFLSDQWKDVEHHQ
GLVFKDUJHGIURPWKHVWXG\DQGKHVKHFRQVLGHUVWKHHYHQWWREHUHDVRQDEO\UHODWHGWRWKHVWXG\
WUHDWPHQWRUVWXG\SDUWLFLSDWLRQWKHLQYHVWLJDWRUPXVWSURPSWO\QRWLI\WKHVSRQVRU
7KHPHWKRG RIUHFRUGLQJHYDOXDWLQJDQGDVVHVVLQJFDXVDOLW\RI$(V DQG6$(V DQGWKH
SURFHGXUHVIRUFRPSOHWLQJDQGWUDQVPLWWLQJ6$(UHSRUWVDUHSURYLGHGLQ$SSHQGL[

0HWKRGRI'HWHFWLQJ$(V DQG6$(V
&DUHZLOOEHWDNHQQRWWRLQWURGXFHELDVZKHQGHWHFWLQJ$(VDQGRU6$(V2SHQHQGHGDQG
QRQOHDGLQJYHUEDOTXHVWLRQLQJRIWKHSDUWLFLSDQWLVWKHSUHIHUUHGPHWKRGWRLQTXLUHDERXW
$( RFFXUUHQFHV

)ROORZXSRI$(V DQG6$(V
$IWHUWKHLQLWLDO$(6$(UHSRUWWKHLQYHVWLJDWRULVUHTXLUHGWRSURDFWLYHO\IROORZHDFKSDUWLFLSDQW
DWVXEVHTXHQWYLVLWVFRQWDFWV$OO$(V6$(VDQGQRQVHULRXV$(VRIVSHFLDOLQWHUHVW>$(6,@DV
GHILQHGLQ$SSHQGL[ ZLOOEHIROORZHGXQWLOUHVROXWLRQVWDELOL]DWLRQXQWLOWKHHYHQWLV
RWKHUZLVH H[SODLQHGRUWKHSDUWLFLSDQWLVORVWWRIROORZXSDVGHILQHGLQ6HFWLRQ )XUWKHU
LQIRUPDWLRQRQ$(6$(IROORZXSSURFHGXUHVLVJLYHQLQ$SSHQGL[

5HJXODWRU\5HSRUWLQJ5HTXLUHPHQWVIRU6$(V
!
3URPSWQRWLILFDWLRQE\WKHLQYHVWLJDWRUWRWKHVSRQVRURID6$(LVHVVHQWLDOVRWKDWOHJDO
REOLJDWLRQVDQGHWKLFDOUHVSRQVLELOLWLHVWRZDUGVWKHVDIHW\RISDUWLFLSDQWVDQGWKHVDIHW\RI
DVWXG\WUHDWPHQWXQGHUFOLQLFDOLQYHVWLJDWLRQDUHPHW
!
7KHVSRQVRUKDVDOHJDOUHVSRQVLELOLW\WRQRWLI\ERWKWKHORFDOUHJXODWRU\DXWKRULW\DQG
RWKHUUHJXODWRU\DJHQFLHVDERXWWKHVDIHW\RIDVWXG\WUHDWPHQWXQGHUFOLQLFDOLQYHVWLJDWLRQ
7KHVSRQVRUZLOOFRPSO\ZLWKFRXQWU\VSHFLILFUHJXODWRU\UHTXLUHPHQWVUHODWLQJWRVDIHW\
UHSRUWLQJWRWKHUHJXODWRU\DXWKRULW\LQVWLWXWLRQDOUHYLHZERDUGV,5%,QGHSHQGHQW(WKLFV
&RPPLWWHHV,(&DQGLQYHVWLJDWRUVLQFOXGLQJWKHKHDGRIWKHVWXG\FHQWHULIUHTXLUHG
!
,QYHVWLJDWRUVDIHW\UHSRUWVPXVWEHSUHSDUHGIRUVXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVH
UHDFWLRQV686$5DFFRUGLQJWRORFDOUHJXODWRU\UHTXLUHPHQWVDQGVSRQVRUSROLF\DQG
IRUZDUGHGWRLQYHVWLJDWRUVDVQHFHVVDU\
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

!
$QLQYHVWLJDWRUZKRUHFHLYHVDQLQYHVWLJDWRUVDIHW\UHSRUWGHVFULELQJD6$(RURWKHU
VSHFLILFVDIHW\LQIRUPDWLRQHJVXPPDU\RUOLVWLQJRI6$(VIURPWKHVSRQVRUZLOOUHYLHZ
DQGWKHQILOHLWDORQJZLWKWKHLQYHVWLJDWRU¶VEURFKXUHDQGZLOOQRWLI\WKH,5%,(&LI
DSSURSULDWHDFFRUGLQJWRORFDOUHTXLUHPHQWV

3UHJQDQF\
!
'HWDLOVRIDOOSUHJQDQFLHVLQIHPDOHSDUWLFLSDQWVDQGIHPDOHSDUWQHUVRIPDOHSDUWLFLSDQWV
ZLOOEHFROOHFWHGDIWHUWKHVWDUWRIVWXG\WUHDWPHQWDQGXQWLOGD\VDIWHUWKHODVWGRVH
!
,IDSUHJQDQF\LVUHSRUWHGWKHLQYHVWLJDWRUVKRXOGLQIRUPWKHVSRQVRUZLWKLQKRXUVRI
OHDUQLQJRIWKHSUHJQDQF\DQGVKRXOGIROORZWKHSURFHGXUHVRXWOLQHGLQ6HFWLRQ
!
$EQRUPDOSUHJQDQF\RXWFRPHVHJVSRQWDQHRXVDERUWLRQIHWDOGHDWKVWLOOELUWK
FRQJHQLWDODQRPDOLHVHFWRSLFSUHJQDQF\DUHFRQVLGHUHG6$(V

0HGLFDO'HYLFH,QFLGHQWV,QFOXGLQJ0DOIXQFWLRQV
0HGLFDOGHYLFHVDUHEHLQJSURYLGHGIRUXVHLQWKLVVWXG\IRUWKHSXUSRVHRIVWXG\PHGLFDWLRQ
VHOIDGPLQLVWUDWLRQ,QRUGHUWRIXOILOOUHJXODWRU\UHSRUWLQJREOLJDWLRQVZRUOGZLGHWKH
LQYHVWLJDWRU LVUHVSRQVLEOHIRUWKHGHWHFWLRQDQGGRFXPHQWDWLRQRIHYHQWVPHHWLQJWKHGHILQLWLRQV
RILQFLGHQWRUPDOIXQFWLRQWKDWRFFXUGXULQJWKHVWXG\ZLWKVXFKGHYLFHV
7KHGHILQLWLRQRID0HGLFDO'HYLFH,QFLGHQWFDQEHIRXQGLQ$SSHQGL[ 
127(,QFLGHQWVIXOILOOLQJWKHGHILQLWLRQRIDQ$(6$(ZLOODOVRIROORZWKHSURFHVVHVRXWOLQHG
LQ 6HFWLRQ  DQG$SSHQGL[ RIWKHSURWRFRO

7LPH3HULRGIRU'HWHFWLQJ0HGLFDO'HYLFH,QFLGHQWV
!
0HGLFDOGHYLFHLQFLGHQWVRUPDOIXQFWLRQVRIWKHGHYLFHWKDWUHVXOWLQDQLQFLGHQWZLOOEH
GHWHFWHGGRFXPHQWHGDQGUHSRUWHGGXULQJDOOSHULRGVRIWKHVWXG\LQZKLFKWKHPHGLFDO
GHYLFHLVXVHG
!
,IWKHLQYHVWLJDWRUOHDUQVRIDQ\LQFLGHQWDWDQ\WLPHDIWHUDSDUWLFLSDQWKDVEHHQ
GLVFKDUJHG IURPWKHVWXG\DQGVXFKLQFLGHQWLVFRQVLGHUHGUHDVRQDEO\UHODWHGWRDPHGLFDO
GHYLFHSURYLGHGIRUWKHVWXG\WKHLQYHVWLJDWRUZLOOSURPSWO\QRWLI\WKHVSRQVRU
7KHPHWKRGRIGRFXPHQWLQJ0HGLFDO'HYLFH,QFLGHQWVLVSURYLGHGLQ$SSHQGL[ 
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


)ROORZXSRI0HGLFDO'HYLFH,QFLGHQWV
!
$OOPHGLFDOGHYLFHLQFLGHQWVLQYROYLQJDQ$(ZLOOEHIROORZHGDQGUHSRUWHGLQWKHVDPH
PDQQHUDVRWKHU$(VVHH6HFWLRQ7KLVDSSOLHVWRDOOSDUWLFLSDQWVLQFOXGLQJWKRVH
ZKRGLVFRQWLQXHVWXG\WUHDWPHQW
!
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWIROORZXSLQFOXGHVDQ\VXSSOHPHQWDO
LQYHVWLJDWLRQVDVLQGLFDWHGWRHOXFLGDWHWKHQDWXUHDQGRUFDXVDOLW\RIWKHLQFLGHQW
!
1HZRUXSGDWHGLQIRUPDWLRQZLOOEHUHFRUGHGRQWKHRULJLQDOO\FRPSOHWHGIRUPZLWKDOO
FKDQJHVVLJQHGDQGGDWHGE\WKHLQYHVWLJDWRU

3URPSW5HSRUWLQJRI0HGLFDO'HYLFH,QFLGHQWVWR6SRQVRU
!
0HGLFDOGHYLFHLQFLGHQWVZLOOEHUHSRUWHGWRWKHVSRQVRUZLWKLQKRXUVDIWHUWKH
LQYHVWLJDWRUGHWHUPLQHVWKDWWKHHYHQWPHHWVWKHSURWRFROGHILQLWLRQRIDPHGLFDOGHYLFH
LQFLGHQW

5HJXODWRU\5HSRUWLQJ5HTXLUHPHQWVIRU0HGLFDO'HYLFH,QFLGHQWV
!
7KHLQYHVWLJDWRUZLOOSURPSWO\UHSRUWDOOLQFLGHQWVRFFXUULQJZLWKDQ\PHGLFDOGHYLFH
SURYLGHGIRUXVHLQWKHVWXG\LQRUGHUIRUWKHVSRQVRUWRIXOILOOWKHOHJDOUHVSRQVLELOLW\LI
QHHGHGWRQRWLI\DSSURSULDWHUHJXODWRU\DXWKRULWLHVDQGRWKHUHQWLWLHVDERXWFHUWDLQVDIHW\
LQIRUPDWLRQUHODWLQJWRPHGLFDOGHYLFHVEHLQJXVHGLQFOLQLFDOVWXGLHV
!
7KHLQYHVWLJDWRURUUHVSRQVLEOHSHUVRQDFFRUGLQJWRORFDOUHTXLUHPHQWVHJWKHKHDGRI
WKHPHGLFDOLQVWLWXWLRQZLOOFRPSO\ZLWKWKHDSSOLFDEOHORFDOUHJXODWRU\UHTXLUHPHQWV
UHODWLQJWRWKHUHSRUWLQJRILQFLGHQWVWRWKH,5%,(&

$GYHUVH(YHQWVRI6SHFLDO,QWHUHVW

+\¶V/DZ
6WXG\VLWHSHUVRQQHOPXVWUHSRUWHYHU\SDUWLFLSDQWZKRPHHWVSRWHQWLDO+\¶V/DZFULWHULDZKLFK
DUHDVIROORZV
!
$ODQLQHDPLQRWUDQVIHUDVH$/7 RUDVSDUWDWHDPLQRWUDQVIHUDVH$67  îXSSHUOLPLWV
RIQRUPDO8/1$1'
!
7RWDOELOLUXELQî8/1$1'
!
$ONDOLQHSKRVSKDWDVHî8/1
7\SLFDOO\DOODQDO\WHVZLOOEHREWDLQHGIURPWKHVDPHVDPSOHEXWWKH\PD\FRPHIURPPXOWLSOH
VDPSOHVWDNHQZLWKLQDKRXUSHULRG7KLVUHTXLUHPHQWDSSOLHVIURPWKHWLPHWKHSDUWLFLSDQW
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

VLJQVWKH,&)IRUWKHVWXG\XQWLOGD\VDIWHUWKHILQDOSURWRFROGHILQHGVWXG\YLVLWRUWKHODVW
NQRZQGRVHRIVWXG\WUHDWPHQWLIWKHILQDOYLVLWGRHVQRWRFFXU
$ODERUDWRU\DOHUWIRUSRWHQWLDO+\¶VODZVFDVHVZLOOEHLQSODFH,QYHVWLJDWRUVDQGWKHVSRQVRU
PXVWEHLPPHGLDWHO\QRWLILHGZKHQWKHDERYHFULWHULDKDYHEHHQPHW

(YHU\HIIRUWWRGHWHUPLQHWKHFDXVHRIWKHOLYHUHQ]\PHDEQRUPDOLWLHVPXVWEHPDGHDQGFORVH
PRQLWRULQJVKRXOGEHLQLWLDWHGLQFRQMXQFWLRQZLWKWKH063DQGLQDFFRUGDQFHZLWKWKH)'$
*XLGDQFHIRU,QGXVWU\'UXJ,QGXFHG/LYHU,QMXU\3UHPDUNHWLQJ&OLQLFDO(YDOXDWLRQ-XO\
$GGLWLRQDOGHWDLOVUHJDUGLQJOLYHUVDIHW\DVVHVVPHQWVDQGIROORZXSDUHSURYLGHGLQ$SSHQGL[

,QDGHTXDWH&RQWURORI'LDEHWHV+\SHUJO\FHPLDDQG+\SRJO\FHPLD
7KHLUUHJXODUDQGGHOD\HGHPSW\LQJRIWKHVWRPDFKLQ'*KDVDPDMRUHIIHFWRQWKHSUHVHQWDWLRQ
RILQJHVWHGFDUERK\GUDWHWRWKHVPDOOLQWHVWLQHIRUDEVRUSWLRQFRPSOLFDWLQJWKHGRVLQJRI
K\SRJO\FHPLFDJHQWVLQFOXGLQJLQVXOLQXVHGWRPDQDJHJO\FHPLD3DUWLFLSDQWVVKRXOGEHFORVHO\
PRQLWRUHGIRUFKDQJHVWRWKHLUGLDEHWHVFRQWUROZKLOHLQWKHVWXG\DQGHYHQWV UHODWHGWR
K\SHUJO\FHPLDRUK\SRJO\FHPLDWKDWDUHFRQVLGHUHGWREHFOLQLFDOO\VLJQLILFDQWVKRXOGEH
UHSRUWHGDV$(V 6HFWLRQ

0DMRU$GYHUVH&DUGLRYDVFXODU(YHQWV
3DWLHQWVZLWK'* W\SLFDOO\KDYHORQJVWDQGLQJGLDEHWHVPHOOLWXVZKLFKSUHGLVSRVHVWKHPWR
GHYHORSPDFURYDVFXODUDQGPLFURYDVFXODUFRPSOLFDWLRQV7KHVHLQFOXGH0DMRU$GYHUVH
&DUGLRYDVFXODU(YHQWV0$&(FRPPRQO\GHILQHGDVGHDWKIURPFDUGLRYDVFXODUFDXVHVQRQ
IDWDOP\RFDUGLDOLQIDUFWLRQQRQIDWDOVWURNHDQGRIWHQDOVRLQFOXGLQJUHYDVFXODUL]DWLRQFRURQDU\
RUSHULSKHUDOSURFHGXUHVDQGKRVSLWDOL]DWLRQIRUXQVWDEOHDQJLQDSHFWRULV
,QWKLVVWXG\RFFXUUHQFHRIDQ\RIWKHVHHYHQWVVKRXOGEHUHSRUWHG WRWKH063 ZLWKLQKRXUV RI
EHLQJPDGHDZDUHRQWKH6$(IRUPIROORZHGE\DFRPSOHWHUHSRUWLQFOXGLQJQDUUDWLYH
GHVFULSWLRQRIWKHHYHQWWHVWUHVXOWVDQGFRSLHVRIKRVSLWDOUHFRUGVLIDSSOLFDEOH$OOUHSRUWVRI
SRVVLEOH0$&(ZLOOEHDGMXGLFDWHGLQWHUQDOO\LQDEOLQGHGIDVKLRQE\DFRPPLWWHHRITXDOLILHG
SK\VLFLDQV RQDSHULRGLFEDVLVGHSHQGLQJRQWKHIUHTXHQF\RIUHSRUWHGHYHQWV7KHIXQFWLRQLQJRI
WKHFRPPLWWHHZLOOEHJRYHUQHGE\FKDUWHU

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


0HGLFDWLRQ(UURUV
0HGLFDWLRQHUURUUHIHUVWRDQ\XQLQWHQGHGHUURULQWKHGRVLQJDQGRUDGPLQLVWUDWLRQRIWKHVWXG\
WUHDWPHQW DVSHULQVWUXFWLRQVLQWKHSURWRFRO0HGLFDWLRQHUURUVJHQHUDOO\IDOOLQWRFDWHJRULHVDV
IROORZV
!
:URQJVWXG\GUXJGHYLFH
!
:URQJGRVHLQFOXGLQJGRVLQJUHJLPHQVWUHQJWKIRUPFRQFHQWUDWLRQDPRXQW
!
:URQJURXWHRIDGPLQLVWUDWLRQ
!
:URQJSDUWLFLSDQWLHQRWDGPLQLVWHUHGWRWKHLQWHQGHGSDUWLFLSDQW
0HGLFDWLRQHUURUVLQFOXGHRFFXUUHQFHVRIRYHUGRVHDQGXQGHUGRVHRIWKHVWXG\WUHDWPHQW
2YHUGRVH8QLQWHQWLRQDODGPLQLVWUDWLRQRIDTXDQWLW\RIWKHVWXG\WUHDWPHQW JLYHQSHU
DGPLQLVWUDWLRQRUSHUGD\WKDW LVDERYH WKHPD[LPXPUHFRPPHQGHGGRVHJ%,'RU
 JGD\ DFFRUGLQJWRWKHUHIHUHQFHVDIHW\LQIRUPDWLRQRUSURWRFROIRUWKHVWXG\WUHDWPHQW RU
FRPSDUDWRUDVDSSOLFDEOH7KLVDOVRWDNHVLQWRDFFRXQWFXPXODWLYHHIIHFWVGXHWRRYHUGRVH
8QGHUGRVH8QLQWHQWLRQDODGPLQLVWUDWLRQRIDTXDQWLW\RIWKHVWXG\WUHDWPHQW JLYHQSHU
DGPLQLVWUDWLRQRUSHUGD\WKDW LVXQGHUWKHPLQLPXPUHFRPPHQGHGGRVHDFFRUGLQJWRWKH
UHIHUHQFHVDIHW\LQIRUPDWLRQRUSURWRFRO6LQFHWKHUHLVQRFOLQLFDOLQIRUPDWLRQRQ WKHHIILFDF\RI
UHODPRUHOLQDWDGRVHOHVVWKDQJ %,'DGRVHRIJ RQFHGDLO\ VKRXOGEHFRQVLGHUHGDQ
XQGHUGRVH

7UHDWPHQWRI2YHUGRVH
)RUWKLVVWXG\DQ\GRVHRIVWXG\WUHDWPHQW JUHDWHUWKDQJ%,'ZLWKLQDKRXUWLPHSHULRG
ZLOOEHFRQVLGHUHGDQRYHUGRVH
7KHVSRQVRUGRHVQRWUHFRPPHQGVSHFLILFWUHDWPHQWIRUDQRYHUGRVH
,QWKHHYHQWRIDQRYHUGRVH WKH LQYHVWLJDWRU VKRXOG
 &RQWDFWWKH063LPPHGLDWHO\
 &ORVHO\PRQLWRUWKHSDUWLFLSDQWIRUDQ\$(6$(DQGODERUDWRU\DEQRUPDOLWLHVXQWLOVWXG\
WUHDWPHQWFDQQRORQJHUEHGHWHFWHGV\VWHPLFDOO\
 'RFXPHQWWKHTXDQWLW\RIWKHH[FHVVGRVHDVZHOODVWKHGXUDWLRQRIWKHRYHUGRVHLQWKH
VLWH¶VVRXUFHGRFXPHQWVIRUWKHSDUWLFLSDQW
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

'HFLVLRQVUHJDUGLQJGRVHLQWHUUXSWLRQVRUPRGLILFDWLRQVZLOOEHPDGHE\WKHLQYHVWLJDWRULQ
FRQVXOWDWLRQZLWKWKH063 EDVHGRQWKHFOLQLFDOHYDOXDWLRQRIWKHSDUWLFLSDQW

6DIHW\ $VVHVVPHQWV
3ODQQHGWLPHSRLQWVIRUDOOVDIHW\DVVHVVPHQWVDUHSURYLGHG LQWKH6R$6HFWLRQ

3K\VLFDO([DPLQDWLRQV
&RPSOHWHSK\VLFDOH[DPLQDWLRQVH[FOXGLQJSHOYLFH[DPLQZRPHQDQGJHQLWDOH[DPLQPHQDQG
UHFWDOH[DPLQERWKJHQGHUVDUHWREHSHUIRUPHG6\PSWRPGLUHFWHGDEEUHYLDWHGSK\VLFDO
H[DPLQDWLRQVLQFOXGLQJHYDOXDWLRQRIWKHLQMHFWLRQVLWHV IRUFOLQLFDOO\VLJQLILFDQWUHDFWLRQVZLOO
EHFRQGXFWHGDVUHTXLUHGDWRWKHUVWXG\YLVLWV
3DUWLFLSDQWVVKRXOGEHZHLJKHGZLWKQRVKRHVLQOLJKWFORWKLQJZLWKRXWDQ\RXWHUZHDU DWWKH
YLVLWVLQGLFDWHGRQWKH6R$ 6HFWLRQKHLJKWWREHPHDVXUHGRQO\DW9LVLW RIOHDGLQVWXG\
5/00'RU5/00'
$Q\DEQRUPDOLW\QRWHGGXULQJWKHSK\VLFDOH[DPLQDWLRQSHUIRUPHGDW9LVLWRUDQHDUO\
WHUPLQDWLRQYLVLWWKDWRFFXUVSULRUWR9LVLWWKDWZDVQRWSUHVHQWGXULQJWKHSK\VLFDO
H[DPLQDWLRQDW9LVLWVKRXOGEHUHSRUWHGDVDQ$(LIFRQVLGHUHGE\WKHLQYHVWLJDWRUWREH
FOLQLFDOO\VLJQLILFDQW$Q\DEQRUPDOLW\QRWHGGXULQJWKHSK\VLFDO H[DPLQDWLRQSHUIRUPHGDW
9LVLW RUDQHDUO\WHUPLQDWLRQYLVLWWKDWRFFXUVDIWHU9LVLWWKDWZDVQRWSUHVHQW GXULQJWKH
SK\VLFDOH[DPLQDWLRQDW9LVLWVKRXOGEHUHSRUWHGDVDQ$(LIFRQVLGHUHGE\WKHLQYHVWLJDWRUWR
EHFOLQLFDOO\VLJQLILFDQW

9LWDO6LJQV
!
+HDUWUDWH+5UHVSLUDWRU\UDWHV\VWROLFDQGGLDVWROLFEORRGSUHVVXUH%3DQG
WHPSHUDWXUHZLOOEHDVVHVVHGWKHPHWKRGIRUPHDVXULQJWHPSHUDWXUHZLOOEHSHUWKHVLWH¶V
SUHIHUHQFH
!
%3DQG+5PHDVXUHPHQWVZLOOEHDVVHVVHGLQWKHVLWWLQJSRVLWLRQZLWKDFRPSOHWHO\
DXWRPDWHGGHYLFH0DQXDOWHFKQLTXHVZLOOEHXVHGRQO\LIDQDXWRPDWHGGHYLFHLVQRW
DYDLODEOH
!
%3DQG+5PHDVXUHPHQWVVKRXOGEHSUHFHGHGE\DWOHDVWPLQXWHVRIUHVWIRUWKH
SDUWLFLSDQWLQDTXLHWVHWWLQJZLWKRXWGLVWUDFWLRQVHJWHOHYLVLRQFHOOSKRQHV
!
9LWDOVLJQVDUHWREHWDNHQEHIRUHEORRGFROOHFWLRQIRUODERUDWRU\WHVWV
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


(OHFWURFDUGLRJUDPV
!
6LQJOHOHDG(&*ZLOOEHREWDLQHGDVRXWOLQHGLQWKH6R$6HFWLRQXVLQJDQ(&*
PDFKLQHWKDWDXWRPDWLFDOO\FDOFXODWHVWKHKHDUWUDWHDQGPHDVXUHV3545647DQG47F
LQWHUYDOV5HIHUWR6HFWLRQIRU47FZLWKGUDZDOFULWHULDDOVRVHH6HFWLRQ0DMRU
$GYHUVH&DUGLRYDVFXODU(YHQWV

&OLQLFDO6DIHW\/DERUDWRU\$VVHVVPHQWV
!
6HH$SSHQGL[IRUWKHOLVWRIFOLQLFDOODERUDWRU\WHVWVWREHSHUIRUPHGDQGUHIHUWRWKH
6R$6HFWLRQIRUWKHWLPLQJDQGIUHTXHQF\
!
7KHLQYHVWLJDWRUPXVWUHYLHZWKHODERUDWRU\UHSRUWGRFXPHQWWKLVUHYLHZDQGUHFRUGDQ\
FOLQLFDOO\UHOHYDQWFKDQJHVRFFXUULQJGXULQJWKHVWXG\LQWKH$(VHFWLRQRIWKHH&5)7KH
ODERUDWRU\UHSRUWVPXVWEHILOHGZLWKWKHVRXUFHGRFXPHQWV&OLQLFDOO\VLJQLILFDQW
DEQRUPDOODERUDWRU\ILQGLQJVDUHWKRVHWKDWDUHQRWDVVRFLDWHGZLWKWKHXQGHUO\LQJGLVHDVH
XQOHVVMXGJHGE\WKHLQYHVWLJDWRUWREHPRUHVHYHUHWKDQH[SHFWHGIRUWKHSDUWLFLSDQW
V
FRQGLWLRQ
!
$OOODERUDWRU\WHVWVZLWKYDOXHVFRQVLGHUHGFOLQLFDOO\VLJQLILFDQWO\DEQRUPDOGXULQJ
SDUWLFLSDWLRQLQWKHVWXG\RUZLWKLQGD\VDIWHUWKHODVWGRVHRIVWXG\WUHDWPHQWVKRXOGEH
UHSHDWHGXQWLOWKHYDOXHVUHWXUQWRQRUPDORUEDVHOLQHRUDUHQRORQJHUFRQVLGHUHG
FOLQLFDOO\VLJQLILFDQWE\WKHLQYHVWLJDWRURU063
R
,IVXFKYDOXHVGRQRWUHWXUQWRQRUPDOEDVHOLQHZLWKLQDSHULRGRIWLPHMXGJHG
UHDVRQDEOHE\WKHLQYHVWLJDWRUWKHHWLRORJ\VKRXOGEHLGHQWLILHGDQGWKH
VSRQVRUQRWLILHG
R
$OOSURWRFROUHTXLUHGODERUDWRU\DVVHVVPHQWVDVGHILQHGLQ$SSHQGL[PXVW
EHFRQGXFWHGLQDFFRUGDQFHZLWKWKHODERUDWRU\PDQXDODQGWKH6R$
6HFWLRQ 
R
,IODERUDWRU\YDOXHVIURPQRQSURWRFROVSHFLILHGODERUDWRU\DVVHVVPHQWV
SHUIRUPHGDWWKHLQVWLWXWLRQ¶VORFDOODERUDWRU\UHTXLUHDFKDQJHLQSDUWLFLSDQW
PDQDJHPHQWRUDUHFRQVLGHUHGFOLQLFDOO\VLJQLILFDQWE\WKHLQYHVWLJDWRU
HJ 6$(RU$(RUGRVHPRGLILFDWLRQWKHQWKHUHVXOWVPXVWEHUHFRUGHGLQWKH
H&5)
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


6HOIPRQLWRULQJRI%ORRG*OXFRVH
3DUWLFLSDQWVZLOOEHVWURQJO\HQFRXUDJHGWRFDUU\RXWVHOIPRQLWRULQJRIEORRGJOXFRVH60%*
DWKRPHLQRUGHUWRDFKLHYHDQGPDLQWDLQRSWLPXPJOXFRVHFRQWUROGXULQJWKHVWXG\ 7KLVLV
DOPRVWDOZD\VUHTXLUHGE\SDWLHQWVZLWK7'0DQGLVJRRGFOLQLFDOSUDFWLFHLQSDWLHQWVZLWK
7'06SRQVRUZLOOSURYLGHHDFKSDUWLFLSDQWZLWKWHVWVWULSVDQGDOOVXSSOLHVQHFHVVDU\IRU
WHVWLQJILQJHUVWLFNFDSLOODU\EORRGJOXFRVHZLWKWKHJOXFRVHPRQLWRUSUHYLRXVO\SURYLGHGLQOHDG
LQVWXG\5/00'RU5/00',WLVUHFRPPHQGHGWKDWWKLVEHGRQHWZLFHGDLO\SUH
EUHDNIDVWIDVWLQJDQGDSSUR[LPDWHO\KRXUVSRVWOXQFKRUGLQQHUZKLFKHYHULVWKHODUJHUPHDO
,QIRUPDWLRQIURP60%*LQDGGLWLRQWRWKDWSURYLGHGE\YDOXHVRI+E$F DQGIDVWLQJEORRG
JOXFRVHZLOOEHDYDLODEOHWRLQYHVWLJDWRUVIRUGHFLVLRQPDNLQJUHJDUGLQJDGMXVWPHQWRIGLDEHWLF
PHGLFDWLRQVGLHWDQGH[HUFLVHRUDOWHUQDWLYHO\IRUGHFLVLRQPDNLQJUHJDUGLQJUHIHUUDORIWKH
SDWLHQWWRKLVKHUKHDOWKFDUHSURYLGHUIRUWKHVDPHSXUSRVH

3KDUPDFRNLQHWLFV
3KDUPDFRNLQHWLF SDUDPHWHUVDUHQRWHYDOXDWHGLQWKLVVWXG\

3KDUPDFRG\QDPLFV
3KDUPDFRG\QDPLF SDUDPHWHUVDUHQRWHYDOXDWHGLQWKLVVWXG\

*HQHWLFV
*HQHWLFV DUHQRWHYDOXDWHGLQWKLVVWXG\

%LRPDUNHUV
%LRPDUNHUVDUHQRWXVHGLQWKHVWXG\
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


6WDWLVWLFDO&RQVLGHUDWLRQV

6DPSOH6L]H'HWHUPLQDWLRQ
(QUROOPHQWLQWKLVVWXG\LVGHSHQGHQWXSRQWKHGURSRXWUDWHVLQWKHSLYRWDOVWXGLHV5/00'
DQG5/00'$VVXPLQJSDUWLFLSDQWVSHUDUPLQHDFKVWXG\DQGDGURSRXWUDWHRI
LQHDFKRIWKHSLYRWDOVWXGLHVLWLVH[SHFWHGWKDWDSSUR[LPDWHO\ SDUWLFLSDQWVSDUWLFLSDQWV
LQHDFKDUPZLOOHQWHUWKHVWXG\)XUWKHUDVVXPLQJ WKDWWKHGURSRXWUDWHZLOODOVREHE\
:HHNLQWKLVVWXG\LWLVH[SHFWHGWKDWWKHUHZLOOEHSDUWLFLSDQWVSHUWUHDWPHQWJURXSDW
:HHN7KLVVDPSOHVL]HZLOOSURYLGHSRZHUWRGHWHFWDVWDWLVWLFDOO\VLJQLILFDQWGLIIHUHQFH
LQUHVSRQVHUDWHEHWZHHQWUHDWPHQWDQGSODFHERLQERWKWKHV\PSWRPFRPSRVLWH'*666
HQGSRLQWDVVXPLQJDSODFHERUDWHRIDQGDWUHDWPHQWUDWHRIDQGLQWKHYRPLWLQJ
UHVSRQVHHQGSRLQWDVVXPLQJDSODFHERUDWHRIDQGDWUHDWPHQWUDWHRIDW:HHN
7KHDVVXPHGUHVSRQVHUDWHVZHUHWKRVHFDOFXODWHGIURPVWXG\50

3RSXODWLRQVIRU$QDO\VHV
7KHDQDO\VLVSRSXODWLRQVZLOOFRQVLVWRISDUWLFLSDQWVDVGHILQHGLQ7DEOH
7DEOH
$QDO\VLV3RSXODWLRQV
3RSXODWLRQ
'HILQLWLRQ
6FUHHQHG
$OOSDUWLFLSDQWVZKRVLJQWKH,&)
,QWHQWWRWUHDW,77
$OOSDUWLFLSDQWV ZKRHQWHUWKHZHHN7UHDWPHQW3HULRG
0RGLILHGLQWHQWWRWUHDWP,77
$OOSDUWLFLSDQWVLQWKH,773RSXODWLRQZKRKDYH SRVWEDVHOLQH
DVVHVVPHQWRI'*66'
6DIHW\
$OOSDUWLFLSDQWV LQWKH,773RSXODWLRQ ZKRUHFHLYHG
DGPLQLVWUDWLRQRIVWXG\WUHDWPHQW

6WDWLVWLFDO$QDO\VHV
7KHVWDWLVWLFDODQDO\VLVSODQ6$3ZLOOEHGHYHORSHGDQGILQDOL]HGEHIRUHGDWDEDVHORFNDQGZLOO
GHVFULEHWKHSDUWLFLSDQW SRSXODWLRQVWREHLQFOXGHGLQWKHDQDO\VHVDQGSURFHGXUHVIRUDFFRXQWLQJ
IRUPLVVLQJXQXVHGDQGVSXULRXVGDWD7KLVVHFWLRQ LVDVXPPDU\RIWKHSODQQHGVWDWLVWLFDO
DQDO\VHVRIWKHSULPDU\DQGVHFRQGDU\HQGSRLQWV

.H\6WDWLVWLFDO0HWKRGRORJ\
7KHPHWKRGRORJLHVGHILQHGLQ7DEOH DSSO\DVVSHFLILHGWRLQGLYLGXDOHQGSRLQWVGHILQHGLQ
WKLV6$3$OOVWDWLVWLFDOWHVWVZLOOEHVLGHGK\SRWKHVLVWHVWVSHUIRUPHGDWWKHOHYHORI
VLJQLILFDQFHIRUPDLQHIIHFWV ZLWKRXWPXOWLSOLFLW\DGMXVWPHQW$OO FRQILGHQFHLQWHUYDOV ZLOOEH
VLGHG&,VXQOHVVVWDWHGRWKHUZLVH
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

7DEOH
6WDWLVWLFDO0HWKRGRORJ\
0HWKRGRORJ\
'HVFULSWLRQ
&DWHJRULFDOFRXQWV
!
1XPEHURISDUWLFLSDQWVLQLQGLYLGXDOFDWHJRULHV
R
3DUWLFLSDQWVZLWKTXDOLI\LQJHYHQWFRXQWHGRQFHSHULQGLYLGXDOFDWHJRU\
&DWHJRULFDO
GHVFULSWLYHV
!
1XPEHUDQGSHUFHQWDJHRISDUWLFLSDQWVLQLQGLYLGXDOFDWHJRULHV
R
3DUWLFLSDQWVZLWKTXDOLI\LQJHYHQWFRXQWHGRQFHSHULQGLYLGXDOFDWHJRU\
!
1LISHUFHQWDJHGHQRPLQDWRUQXPEHURISDUWLFLSDQWVLQWKHSRSXODWLRQVWDQGDUG
SHUFHQWDJHGHQRPLQDWRU
R
1 SDUWLFLSDQWVZLWKQRQPLVVLQJEDVHOLQHYDOXH
(YHQWGHVFULSWLYHV
!
1XPEHUDQGSHUFHQWDJHRIHYHQWVLQLQGLYLGXDOFDWHJRULHV
R
(YHQWVFRXQWHGLQGLYLGXDOO\IRUHDFKLQVWDQFH
!
3HUFHQWDJHGHQRPLQDWRU WRWDOQXPEHURIHYHQWV
6KLIWDQDO\VLV
!
1XPEHUDQGSHUFHQWDJHRISDUWLFLSDQWVLQLQGLYLGXDOEDVHOLQHDQGSRVWEDVHOLQH
FDWHJRULHV
!
3HUFHQWDJHGHQRPLQDWRU QXPEHURISDUWLFLSDQWVLQLQGLYLGXDOEDVHOLQHFDWHJRULHV
!
1 SDUWLFLSDQWVZLWKQRQPLVVLQJYDOXHVDWERWKEDVHOLQHDQGWKHVSHFLILHG
SRVWEDVHOLQHDQDO\VLVYLVLW
&RQWLQXRXV
GHVFULSWLYHV
!
1PHDQVWDQGDUGGHYLDWLRQPHGLDQPLQLPXPPD[LPXP
!
1 SDUWLFLSDQWVZLWKQRQPLVVLQJYDOXH
&)%GHVFULSWLYHV
!
&RQWLQXRXVGHVFULSWLYHVIRUEDVHOLQHSRVWEDVHOLQHDQGFKDQJHIURPEDVHOLQH&)%
YDOXHV
!
1 SDUWLFLSDQWVZLWKQRQPLVVLQJYDOXHVDWERWKEDVHOLQHDQGWKHVSHFLILHG
SRVWEDVHOLQHDQDO\VLVYLVLW
&)%$1&29$
!
&RQWLQXRXVGHVFULSWLYHVDQGVWDQGDUGHUURU6(IRUEDVHOLQHSRVWEDVHOLQHDQG&)%
YDOXHV
!
(VWLPDWHVGHULYHGIURPPL[HGPRGHOIRU&)%YDOXHFRQWUROOLQJIRUIDFWRUVWUHDWPHQW
JURXSUHJLRQDQGFRYDULDWHVEDVHOLQHYDOXH
R
/HDVWVTXDUHV/6PHDQVDQGVWDQGDUGHUURUV
R
/6PHDQGLIIHUHQFHVVWDQGDUGHUURUV DQG FRQILGHQFHLQWHUYDOVYV SODFHER
R
3YDOXHVIURPFRQWUDVWWWHVWFRPSDULQJWUHDWPHQWJURXSYVSODFHER
!
1 SDUWLFLSDQWVZLWKQRQPLVVLQJYDOXHVDWERWKEDVHOLQHDQGWKHVSHFLILHG
SRVWEDVHOLQHDQDO\VLVYLVLW
&)%0050
!
&RQWLQXRXVGHVFULSWLYHVDQGVWDQGDUGHUURU6(IRUEDVHOLQHSRVWEDVHOLQHDQG&)%
YDOXHV
!
0050PRGHOZLWKJHRJUDSKLFUHJLRQWUHDWPHQWZHHNWUHDWPHQWE\ZHHN
LQWHUDFWLRQDVIDFWRUVEDVHOLQHDQGEDVHOLQHE\ZHHNLQWHUDFWLRQYDOXHVDVFRYDULDWHV
!
(VWLPDWHVGHULYHGIURPPL[HGPRGHOIRU&)%YDOXHFRQWUROOLQJIRUIDFWRUVWUHDWPHQW
JURXSUHJLRQDQGFRYDULDWHVEDVHOLQHYDOXH
R
/HDVWVTXDUHV/6PHDQVDQGVWDQGDUGHUURUV
R
/6PHDQGLIIHUHQFHVVWDQGDUGHUURUVDQGFRQILGHQFHLQWHUYDOVYVSODFHER
R
3YDOXHVIURPFRQWUDVWWWHVWFRPSDULQJWUHDWPHQWJURXSYVSODFHER
!
1 SDUWLFLSDQWVZLWKQRQPLVVLQJ
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

0HWKRGRORJ\
'HVFULSWLRQ
5HVSRQGHU
!
&DWHJRULFDOGHVFULSWLYHVIRUUHVSRQGHUVDQGQRQUHVSRQGHUV
R
1RQUHVSRQGHUVLQFOXGH

3DUWLFLSDQWVZKRGRQRWPHHWUHVSRQGHUFULWHULD

3DUWLFLSDQWVZLWKQRSRVWEDVHOLQHYDOXHV
!
5LVNGLIIHUHQFHVDQG:DOG FRQILGHQFHLQWHUYDOVYV>SODFHERDFWLYHFRPSDUDWRU@
!
(VWLPDWHVGHULYHGIURP&RFKUDQ0DQWHO+DHQV]HO&0+PRGHOFRQWUROOLQJIRU
IDFWRUVWUHDWPHQWJURXSUHJLRQ
R
0DQWHO+DHQV]HO0+RGGVUDWLRV25VDQG FRQILGHQFHLQWHUYDOVYV SODFHER
R
3YDOXHVFRPSDULQJWUHDWPHQWJURXSYVSODFHER
!
1 DOOSDUWLFLSDQWVXQOHVVRWKHUZLVHVSHFLILHG
$1&29$ DQDO\VLVRIFRYDULDQFH&)% FKDQJHIURPEDVHOLQH0050 PL[HGHIIHFWVPRGHOZLWKUHSHDWHG
PHDVXUHV

(IILFDF\$QDO\VHV

.H\ (QGSRLQWV
7DEOH  GLVSOD\VWKHSULPDU\DQGVHFRQGDU\HIILFDF\HQGSRLQWVWKDWZLOOEHDQDO\]HGIRUWKH
P,77SRSXODWLRQ)RUDOODQDO\VHVWKHEDVHOLQHLVWKHEDVHOLQHYDOXHIURPWKHOHDGLQVWXG\
5/00'RU5/00' $OORWKHUHIILFDF\HQGSRLQWVDQGDQDO\VHVZLOOEHGHILQHGLQWKH
6$3
7DEOH 
.H\ (QGSRLQWV
.H\(QGSRLQWV
'HVFULSWLRQ
7LPLQJ
0HWKRGRORJ\
3ULPDU\
&)%WR:HHNLQ
ZHHNO\'*666
&KDQJHIURPEDVHOLQHWRZHHNRIWKLVVWXG\
LQWKHZHHNO\'*666:HHNO\VFRUHDW
:HHN $YHUDJHVFRUHIURP'D\VWR
'D\VWR
&)%
0050
9RPLWLQJ:HHN 
5HVSRQGHU
9RPLWLQJUHVSRQGHUGHILQHGDVDSDUWLFLSDQW
ZLWK]HURZHHNO\YRPLWLQJHSLVRGHVGXULQJHDFK
RIWKHODVWZHHNVRIWKHILUVWZHHNVRIWKH
7UHDWPHQW3HULRG
/DVWZHHNVRIWKHILUVW
ZHHNVRIWKH
ZHHN7UHDWPHQW
3HULRG
5HVSRQGHU
6HFRQGDU\
1DXVHD:HHN
5HVSRQGHU
1DXVHDUHVSRQGHUGHILQHGDVDSDUWLFLSDQWZKR
KDVDSRLQWLPSURYHPHQWLQWKHZHHNO\
V\PSWRPVFRUHDWHDFKRIWKHODVWZHHNVRIWKH
ILUVWZHHNVRIWKHZHHN7UHDWPHQW3HULRG
/DVWZHHNVRIWKHILUVW
ZHHNVRIWKH
ZHHN7UHDWPHQW
3HULRG
5HVSRQGHU
$EGRPLQDO3DLQ
:HHN5HVSRQGHU
$EGRPLQDOSDLQUHVSRQGHUGHILQHGDVD
SDUWLFLSDQWZKRKDVDSRLQWLPSURYHPHQWLQ
WKHZHHNO\V\PSWRPVFRUHDWHDFKRIWKHODVW
ZHHNVRIWKHILUVWZHHNVRIWKHZHHN
7UHDWPHQW3HULRG
/DVWZHHNVRIWKHILUVW
ZHHNVRIWKH
ZHHN7UHDWPHQW
3HULRG
5HVSRQGHU
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

7DEOH 
.H\ (QGSRLQWV
.H\(QGSRLQWV
'HVFULSWLRQ
7LPLQJ
0HWKRGRORJ\
%ORDWLQJ:HHN
5HVSRQGHU
%ORDWLQJUHVSRQGHUGHILQHGDVDSDUWLFLSDQWZKR
KDVDSRLQWLPSURYHPHQWLQWKHZHHNO\
V\PSWRPVFRUHDWHDFKRIWKHODVWZHHNVRIWKH
ILUVWZHHNVRIWKHZHHN7UHDWPHQW3HULRG
/DVWZHHNVRIWKHILUVW
ZHHNVRIWKH
ZHHN7UHDWPHQW
3HULRG
5HVSRQGHU
3RVWSUDQGLDO
)XOOQHVV:HHN
5HVSRQGHU
3RVWSUDQGLDO)XOOQHVVUHVSRQGHUGHILQHGDVD
SDUWLFLSDQWZKRKDVDSRLQWLPSURYHPHQWLQ
WKHZHHNO\V\PSWRPVFRUHDWHDFKRIWKHODVW
ZHHNVRIWKHILUVWZHHNVRIWKHZHHN
7UHDWPHQW3HULRG
/DVWZHHNVRIWKHILUVW
ZHHNVRIWKH
ZHHN7UHDWPHQW
3HULRG
5HVSRQGHU
'*666 DW:HHN
&KDQJHIURPEDVHOLQHWR:HHNLQDYHUDJH
ZHHNO\'*666 $YHUDJHZHHNO\VFRUHVDUH
GHULYHGDVWKHDYHUDJHRIWKHZHHNO\VFRUHV
IURPWKHIRXUZHHNVSULRUWR:HHN9LVLW
LQWKLVVWXG\
:HHN  :HHN
&)%
$1&29$
9RPLWLQJ)UHTXHQF\
DW:HHN 
&KDQJHIURPEDVHOLQHWR:HHN LQDYHUDJH
ZHHNO\QXPEHURIYRPLWLQJHSLVRGHVGHULYHGDV
WKHDYHUDJHRIWKHZHHNO\QXPEHURIYRPLWLQJ
HSLVRGHVGXULQJWKHIRXUZHHNVSULRUWR:HHN
9LVLWLQWKLVVWXG\
:HHN  :HHN
&)%
$1&29$
9RPLWLQJ
:HHN5HVSRQGHU
9RPLWLQJUHVSRQGHUGHILQHGDVDSDUWLFLSDQW
ZLWK]HURZHHNO\YRPLWLQJHSLVRGHVGXULQJHDFK
RIWKHODVWZHHNVRIWKHZHHN7UHDWPHQW
3HULRG
:HHN  :HHN
5HVSRQGHU
'*666DW:HHN
&)%WRHQGRI5:3LQWKHDYHUDJHZHHNO\
'*666$YHUDJHZHHNO\VFRUHVDUHGHULYHGDV
WKHDYHUDJHRIWKHZHHNO\VFRUHVIURPWKHVL[
ZHHNVRIWKH5:3
:HHN  :HHN
&)%
$1&29$
1XPEHURI9RPLWLQJ
(SLVRGHVDW:HHN 
&)%WRHQGRI5:3LQWKHDYHUDJHZHHNO\
QXPEHURIYRPLWLQJHSLVRGHV$YHUDJHZHHNO\
VFRUHVDUHGHULYHGDVWKHDYHUDJHRIWKHZHHNO\
QXPEHURIYRPLWLQJHSLVRGHVIURPWKHVL[
ZHHNVRIWKH5:3
:HHN   :HHN
&)%
$1&29$

0LVVLQJ'DWD
3DUWLFLSDQWVZLWKDPLVVLQJZHHNO\YDOXHIRUHLWKHURIWKHNH\HQGSRLQWVV\PSWRP:HHN
UHVSRQGHUV RUYRPLWLQJIUHTXHQF\GXULQJDQ\RIWKHODVWZHHNVRIWKHILUVWZHHNVRIWKH
ZHHN7UHDWPHQW3HULRGZLOOEHDQDO\]HGDVDQRQUHVSRQGHUIRUWKHSDUWLFXODUHQGSRLQWIRUWKH
:HHNUHVSRQGHUDQDO\VHV
3DUWLFLSDQWVZLWKDPLVVLQJZHHNO\YDOXHIRUHLWKHURIWKHNH\HQGSRLQWVV\PSWRP:HHN
UHVSRQGHUV RUYRPLWLQJIUHTXHQF\GXULQJDQ\RIODVWZHHNVRIWKHZHHN7UHDWPHQW3HULRG
ZLOOEHDQDO\]HGDVDQRQUHVSRQGHUIRUWKHSDUWLFXODUHQGSRLQWIRUWKH:HHNUHVSRQGHU
DQDO\VHV
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


6DIHW\$QDO\VHV
$OOVDIHW\DQDO\VHVZLOOEHSHUIRUPHGRQWKH6DIHW\3RSXODWLRQ
7KHIROORZLQJVDIHW\FDWHJRULHVZLOOEHVXPPDUL]HGDVDSSURSULDWHHJFDWHJRULFDORUFRQWLQXRXV
GHVFULSWLYHVVKLIWWDEOHVIRUWKH VDIHW\ SRSXODWLRQDQGZLOOEHIXOO\GHILQHGLQWKH6$3
!
$(V
R
&OLQLFDOO\VLJQLILFDQWK\SHUJO\FHPLD DQGK\SRJO\FHPLDUHODWHGHYHQWV
!
&OLQLFDOODERUDWRU\DVVHVVPHQWV
R
3RWHQWLDO+\¶VODZFDVHV
!
9LWDOVLJQV
!
(&*V
!
6WXG\VSHFLILFDVVHVVPHQWV
R
+E$F

,QWHULP$QDO\VHV
,QDGGLWLRQWRWKHDERYHPRQLWRULQJRISDUWLFLSDQWVDIHW\GDWDZLOOEHSHUIRUPHGE\DQ
LQGHSHQGHQW'DWDDQG6DIHW\0RQLWRULQJ%RDUG'60%7KH'60%ZLOOUHYLHZLQWHULPVDIHW\
GDWDDWGHILQHGLQWHUYDOVWKURXJKRXWWKHVWXG\7KH'60%ZLOOFRPPXQLFDWHWKHLU
UHFRPPHQGDWLRQVWRWKHVSRQVRUDIWHUHDFKPHHWLQJEXWZLOOVHUYHLQDQDGYLVRU\FDSDFLW\RQO\
WKH%RDUGZLOOQRWEHHPSRZHUHGWRVWRSWKHVWXG\RUUHTXLUHFKDQJHVLQWKHSURWRFRO6WXG\
FRQGXFWPD\EHLQWHUUXSWHGRUWHUPLQDWHGE\WKHVSRQVRUEDVHGRQ'60%UHFRPPHQGDWLRQLI
VDIHW\GDWDEHFRPHDYDLODEOHZKLFKDSSHDUWRUHSUHVHQWDQXQGXHULVNWRWKHVWXG\SDUWLFLSDQWV¶
KHDOWKRUZHOOEHLQJ)XUWKHUGHWDLOVRIWKH'60%FRPSRVLWLRQSROLF\DQGSURFHGXUHVDUH
VSHFLILHGLQDVHSDUDWH'60%&KDUWHU
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


5HIHUHQFHV
$OOUHIHUHQFHVDUHDYDLODEOHXSRQUHTXHVW
$FRVWD$&DPLOOHUL0.RODU*,WXUULQR-6]DUND/$%ROGLQJK$HWDO5HODPRUHOLQUHOLHYHV
FRQVWLSDWLRQDQGDFFHOHUDWHVFRORQLFWUDQVLWLQDSKDVHSODFHERFRQWUROOHGUDQGRPL]HGWULDO
&OLQ*DVWURHQWHURO+HSDWRO H
$FRVWD$&DPLOOHUL0%XVFLJOLR,HWDO6KRUWWHUPHIIHFWVRIUHODPRUHOLQRQGHVFHQGLQJFRORQ
PRWLOLW\LQFKURQLFFRQVWLSDWLRQDUDQGRPL]HGFRQWUROOHGWULDO'LJ'LV6FL
%KDUXFKD$((SLGHPLRORJ\DQGQDWXUDOKLVWRU\RIJDVWURSDUHVLV*DVWURHQWHURO&OLQ1RUWK$P

&DPLOOHUL0%KDUXFKD$()DUUXJLD*(SLGHPLRORJ\PHFKDQLVPVDQGPDQDJHPHQWRI
GLDEHWLFJDVWURSDUHVLV&OLQ*DVWURHQWHURO+HSDWRO
&DPLOOHUL03DUNPDQ+36KDIL0$HWDO&OLQLFDOJXLGHOLQHPDQDJHPHQWRIJDVWURSDUHVLV$P
-*DVWURHQWHURO
&HQWHUVIRU'LVHDVH&RQWURODQG3UHYHQWLRQ0HDVXULQJ+HDOWK\'D\V$WODQWD*HRUJLD&'&
1RYHPEHU
GHOD/RJH&7UXGHDX(0DUTXLV3.DKULODV36WDQJKHOOLQL97DOOH\1-HWDO&URVVFXOWXUDO
GHYHORSPHQWDQGYDOLGDWLRQRIDSDWLHQWVHOIDGPLQLVWHUHGTXHVWLRQQDLUHWRDVVHVVTXDOLW\RIOLIH
LQXSSHUJDVWURLQWHVWLQDOGLVRUGHUVWKH3$*,42/4XDO/LIH5HV
GH/D/RJH&7UXGHDX(0DUTXLV35HYLFNL'$5HQW]$06WDQJKHOOLQL9HWDO
5HVSRQVLYHQHVVDQGLQWHUSUHWDWLRQRIDTXDOLW\RIOLIHTXHVWLRQQDLUHVSHFLILFWRXSSHU
JDVWURLQWHVWLQDOGLVRUGHUV&OLQ*DVWURHQWHURO+HSDWRO
'RUQRQYLOOHGHOD&RXU&/LQGVWU|P(1RUOpQ3HWDO*KUHOLQVWLPXODWHVJDVWULFHPSW\LQJEXW
LVZLWKRXWHIIHFWRQDFLGVHFUHWLRQDQGJDVWULFHQGRFULQHFHOOV5HJXO3HSW
+RSNLQV0HGLFLQH
*DVWURSDUHVLVKWWSZZZKRSNLQVPHGLFLQHRUJJDVWURHQWHURORJ\BKHSDWRORJ\BSGIVHVRSKDJXVBVW
RPDFKJDVWURSDUHVLVSGI$FFHVVHG1RY
-XQJ+.&KRXQJ56/RFNH*5HWDO7KHLQFLGHQFHSUHYDOHQFHDQGVXUYLYDORIJDVWURSDUHVLV
LQ2OPVWHG&RXQW\0LQQHVRWD*DVWURHQWHURORJ\ VXSSO$±$
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

.RFK./+DVOHU:/<DWHV.3HWDO%DVHOLQHIHDWXUHVDQGGLIIHUHQFHVLQZHHNFOLQLFDO
RXWFRPHVLQSDWLHQWVZLWKJDVWURSDUHVLVDQGW\SHYVW\SHGLDEHWHV1HXURJDVWURHQWHURO0RWLO

0XUUD\&'50DUWLQ103DWWHUVRQ0HWDO*KUHOLQHQKDQFHVJDVWULFHPSW\LQJLQGLDEHWLF
JDVWURSDUHVLVDGRXEOHEOLQGSODFHERFRQWUROOHGFURVVRYHUVWXG\*XW ±
3DUNPDQ+3+DVOHU:/)LVKHU56$PHULFDQ*DVWURHQWHURORJLFDO$VVRFLDWLRQWHFKQLFDOUHYLHZ
RQWKHGLDJQRVLVDQGWUHDWPHQWRIJDVWURSDUHVLV*DVWURHQWHURORJ\ 
3DUNPDQ+3<DWHV.+DVOHU:/HWDO1DWLRQDO,QVWLWXWHRI'LDEHWHV'LJHVWLYH.LGQH\
'LVHDVHV*DVWURSDUHVLV&OLQLFDO5HVHDUFK &RQVRUWLXP6LPLODULWLHVDQGGLIIHUHQFHVEHWZHHQ
GLDEHWLFDQGLGLRSDWKLFJDVWURSDUHVLV&OLQ*DVWURHQWHURO+HSDWRO±
5D\QHU&.6DPVRP0-RQHV./HWDO5HODWLRQVKLSVRIXSSHUJDVWURLQWHVWLQDOPRWRUDQG
VHQVRU\IXQFWLRQZLWKJO\FDHPLFFRQWURO'LDEHWHV&DUH ±
57,+HDOWK6ROXWLRQV3V\FKRPHWULF(YDOXDWLRQ RI WKH'LDEHWLF*DVWURSDUHVLV 6\PSWRP6HYHULW\
'LDU\8VLQJ 50'DWD5HSRUWRQILOH$OOHUJDQ-HUVH\&LW\1-
7UXGHO/%RXLQ07RPDVHWWR&HWDO7ZRQHZSHSWLGHVWRLPSURYHSRVWRSHUDWLYHJDVWULFLOHXV
LQGRJ3HSWLGHV ±
86'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV)RRGDQG'UXJ$GPLQLVWUDWLRQ*XLGDQFHIRU
,QGXVWU\'UXJ,QGXFHG/LYHU,QMXU\3UHPDUNHWLQJ&OLQLFDO(YDOXDWLRQ-XO\ 
KWWSVZZZIGDJRYGRZQORDGV*XLGDQFHV8&0SGI $FFHVVHG-DQ
86'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV)RRGDQG'UXJ$GPLQLVWUDWLRQ'UDIW*XLGDQFH
IRU,QGXVWU\*DVWURSDUHVLV&OLQLFDO(YDOXDWLRQRI'UXJVIRU7UHDWPHQW-XO\
KWWSZZZIGDJRYGRZQORDGV'UXJV*XLGDQFH&RPSOLDQFH5HJXODWRU\,QIRUPDWLRQ*XLGDQFHV8
&0SGI$FFHVVHG1RY
86'HSDUWPHQW2I+HDOWK$QG+XPDQ6HUYLFHV1DWLRQDO,QVWLWXWHVRI+HDOWK3XEOLFDWLRQ1R
±-XQHKWWSZZZQLGGNQLKJRYKHDOWKLQIRUPDWLRQKHDOWKWRSLFVGLJHVWLYH
GLVHDVHVJDVWURSDUHVLV'RFXPHQWV*DVWURSDUHVLVBSGI$FFHVVHG1RY
:DUH-(.RVLQVNL0.HOOHU6'$,WHP6KRUW)RUPKHDOWKVXUYH\FRQVWUXFWLRQRIVFDOHV
DQGSUHOLPLQDU\WHVWVRIUHOLDELOLW\DQGYDOLGLW\0HGLFDO&DUH
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


$SSHQGLFHV
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


$SSHQGL[ $EEUHYLDWLRQV
$(
DGYHUVHHYHQW
$(6,
DGYHUVHHYHQWRIVSHFLDOLQWHUHVW
$/7
DODQLQHDPLQRWUDQVIHUDVH
$67
DVSDUWDWHDPLQRWUDQVIHUDVH
%,'
WZLFHGDLO\
%3
EORRGSUHVVXUH
&'(5
&HQWHUIRU'UXJ(YDOXDWLRQDQG5HVHDUFK
&)%
FKDQJHIURPEDVHOLQH
&)5
&RGHRI)HGHUDO5HJXODWLRQV
&,206
&RXQFLOIRU,QWHUQDWLRQDO2UJDQL]DWLRQVRI0HGLFDO6FLHQFHV
&216257
&RQVROLGDWHG6WDQGDUGVRI5HSRUWLQJ
'*
GLDEHWLFJDVWURSDUHVLV
'*66'
'LDEHWLF*DVWURSDUHVLV6\PSWRP6HYHULW\'LDU\
'*666
'LDEHWLF*DVWURSDUHVLV6\PSWRP6HYHULW\6FRUH
',/,
GUXJLQGXFHGOLYHULQMXU\
(&*
HOHFWURFDUGLRJUDP
H&5)
HOHFWURQLFFDVHUHSRUWIRUP
(8
(XURSHDQ8QLRQ
)'$
86)RRGDQG'UXJ$GPLQLVWUDWLRQ
)6+
IROOLFOHVWLPXODWLQJKRUPRQH
*&3
*RRG&OLQLFDO3UDFWLFH
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

*(
JDVWULFHPSW\LQJ
*,
JDVWURLQWHVWLQDO
*3
JDVWURSDUHVLV
+E$F
JO\FRV\ODWHGKHPRJORELQ$F
+(25
KHDOWKHFRQRPLFV RXWFRPHVUHVHDUFK
+,3$$
+HDOWK,QVXUDQFH3RUWDELOLW\DQG$FFRXQWDELOLW\$FW
+5
KHDUWUDWH
+57
KRUPRQDOUHSODFHPHQWWKHUDS\
,&
LQIRUPHGFRQVHQW
,&)
LQIRUPHGFRQVHQWIRUP
,&+
,QWHUQDWLRQDO&RXQFLORQ+DUPRQLVDWLRQ
,(&
,QGHSHQGHQW(WKLFV&RPPLWWHH
,*)
LQVXOLQOLNHJURZWKIDFWRU
,1'
,QYHVWLJDWLRQDO1HZ'UXJ$SSOLFDWLRQ
,15
LQWHUQDWLRQDOQRUPDOL]HGUDWLR
,5%
LQVWLWXWLRQDOUHYLHZERDUG
,:56
LQWHUDFWLYHZHEUHVSRQVHV\VWHP
063
PHGLFDOVDIHW\SK\VLFLDQ
156
QXPHULFDOUDWLQJVFDOH
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

47F%
47LQWHUYDOFRUUHFWHGIRUKHDUWUDWHXVLQJWKH %D]HWWIRUPXOD
47F)
47LQWHUYDOFRUUHFWHGIRUKHDUWUDWHXVLQJ)ULGHULFLDIRUPXOD
5/0
UHODPRUHOLQ
5:3
UDQGRPL]HGZLWKGUDZDOSHULRG
6$(
VHULRXVDGYHUVHHYHQW
6$3
VWDWLVWLFDODQDO\VLVSODQ
6&
VXEFXWDQHRXVO\
60%*
VHOIPRQLWRULQJRIEORRGJOXFRVH
6R$
6FKHGXOHRI$FWLYLWLHV
686$5
VXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVHUHDFWLRQ
7'0
W\SHGLDEHWHVPHOOLWXV
7'0
W\SHGLDEHWHVPHOOLWXV
8/1
XSSHUOLPLWVRIQRUPDO
86
8QLWHG6WDWHVRI$PHULFD
:2&%3
ZRPHQRIFKLOGEHDULQJSRWHQWLDO
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


$SSHQGL[  &OLQLFDO/DERUDWRU\7HVWV
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


$SSHQGL[ 6WXG\*RYHUQDQFH&RQVLGHUDWLRQV

5HJXODWRU\DQG(WKLFDO&RQVLGHUDWLRQV
!
7KLVVWXG\ZLOOEHFRQGXFWHGLQDFFRUGDQFHZLWKWKHSURWRFRODQGZLWK WKHIROORZLQJ
R
&RQVHQVXVHWKLFDO SULQFLSOHVGHULYHGIURPLQWHUQDWLRQDOJXLGHOLQHVLQFOXGLQJWKH
'HFODUDWLRQRI+HOVLQNLDQG&RXQFLOIRU,QWHUQDWLRQDO2UJDQL]DWLRQVRI0HGLFDO
6FLHQFHV&,206,QWHUQDWLRQDO(WKLFDO*XLGHOLQHV
R
$SSOLFDEOH,&+*RRG&OLQLFDO3UDFWLFH *&3JXLGHOLQHV
R
$SSOLFDEOHODZVDQGUHJXODWLRQV
!
7KHSURWRFROSURWRFRODPHQGPHQWV,&)LQYHVWLJDWRU¶V EURFKXUH DQGRWKHUUHOHYDQW
GRFXPHQWVHJ DGYHUWLVHPHQWVPXVWEHVXEPLWWHGWRDQ,5%,(&E\WKHLQYHVWLJDWRUDQG
UHYLHZHGDQGDSSURYHGE\WKH,5%,(&EHIRUHWKHVWXG\LVLQLWLDWHG
!
$Q\DPHQGPHQWVWRWKHSURWRFROZLOOUHTXLUH,5%,(&DSSURYDOEHIRUH LPSOHPHQWDWLRQRI
FKDQJHVPDGHWRWKHVWXG\GHVLJQH[FHSWIRUFKDQJHVQHFHVVDU\WRHOLPLQDWHDQ
LPPHGLDWHKD]DUGWRVWXG\SDUWLFLSDQWV
!
7KHLQYHVWLJDWRUZLOOEH UHVSRQVLEOHIRU WKHIROORZLQJ
R
3URYLGLQJZULWWHQVXPPDULHVRIWKHVWDWXVRIWKHVWXG\WRWKH,5%,(&DQQXDOO\RU
PRUHIUHTXHQWO\LQDFFRUGDQFHZLWKWKHUHTXLUHPHQWVSROLFLHVDQGSURFHGXUHV
HVWDEOLVKHGE\WKH,5%,(&
R
1RWLI\LQJWKH,5%,(&RI6$(V RURWKHUVLJQLILFDQWVDIHW\ILQGLQJVDVUHTXLUHGE\
,5%,(&SURFHGXUHV
R
3URYLGLQJRYHUVLJKWRIWKHRYHUDOOFRQGXFWRIWKHVWXG\DWWKHVLWHDQGDGKHUHQFH WR
UHTXLUHPHQWVRIDSSOLFDEOHORFDOUHJXODWLRQV IRUH[DPSOH&)5,&+JXLGHOLQHV
WKH,5%,(&DQG(XURSHDQUHJXODWLRQIRUFOLQLFDOVWXGLHV LI DSSOLFDEOH

)LQDQFLDO'LVFORVXUH
,QYHVWLJDWRUVDQGVXELQYHVWLJDWRUVZLOOSURYLGHWKHVSRQVRUZLWKVXIILFLHQWDFFXUDWHILQDQFLDO
LQIRUPDWLRQDVUHTXHVWHG WRDOORZWKHVSRQVRUWRVXEPLWFRPSOHWHDQGDFFXUDWHILQDQFLDO
FHUWLILFDWLRQRUGLVFORVXUHVWDWHPHQWVWRWKHDSSURSULDWHUHJXODWRU\ DXWKRULWLHV ,QYHVWLJDWRUVDUH
UHVSRQVLEOHIRUSURYLGLQJLQIRUPDWLRQRQILQDQFLDOLQWHUHVWVGXULQJ WKHVWXG\DQGIRU \HDU DIWHU
FRPSOHWLRQRIWKHVWXG\
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


,QIRUPHG&RQVHQW3URFHVV
!
7KHLQYHVWLJDWRURUKLVKHUUHSUHVHQWDWLYHZLOOH[SODLQWKHQDWXUHRIWKHVWXG\WRWKH
SDUWLFLSDQW DQGDQVZHUDOOTXHVWLRQVUHJDUGLQJWKHVWXG\
!
3DUWLFLSDQWVPXVWEHLQIRUPHGWKDWWKHLUSDUWLFLSDWLRQLVYROXQWDU\3DUWLFLSDQWVZLOOEH
UHTXLUHGWRVLJQDVWDWHPHQWRI ,& WKDWPHHWVWKHUHTXLUHPHQWVRI &)5ORFDO
UHJXODWLRQV,&+JXLGHOLQHV+HDOWK,QVXUDQFH3RUWDELOLW\DQG$FFRXQWDELOLW\$FW
+,3$$ UHTXLUHPHQWVZKHUHDSSOLFDEOHDQGWKH,5%,(&RUVWXG\FHQWHU
!
7KHPHGLFDOUHFRUGPXVWLQFOXGHDVWDWHPHQWWKDWZULWWHQ,& ZDVREWDLQHGEHIRUHWKH
SDUWLFLSDQW ZDVHQUROOHGLQWKHVWXG\DQGWKHGDWHWKHZULWWHQFRQVHQWZDVREWDLQHG7KH
DXWKRUL]HGSHUVRQREWDLQLQJWKH,& PXVWDOVRVLJQWKH,&)
!
:ULWWHQGRFXPHQWDWLRQPXVWEHREWDLQHGLQDFFRUGDQFHZLWKWKHUHOHYDQWFRXQWU\DQG
ORFDOSULYDF\UHTXLUHPHQWVZKHUHDSSOLFDEOHHJ:ULWWHQ$XWKRUL]DWLRQIRU8VHDQG
5HOHDVHRI+HDOWKDQG5HVHDUFK6WXG\,QIRUPDWLRQ>86VLWHV@DQGZULWWHQ'DWD3URWHFWLRQ
&RQVHQW>(XURSHDQVLWHV@
!
3DUWLFLSDQWVPXVWEHUHFRQVHQWHGWRWKHPRVWFXUUHQWYHUVLRQRIWKH,&)V GXULQJWKHLU
SDUWLFLSDWLRQLQWKHVWXG\
!
$FRS\RIWKH,&)V PXVWEHSURYLGHGWRWKHSDUWLFLSDQW
$GGLWLRQDOO\LQDFFRUGDQFHZLWKUHOHYDQWFRXQWU\UHTXLUHPHQWVZULWWHQ,& LVWREHREWDLQHGIURP
HDFKSDUWLFLSDQWSULRUWRHQUROOPHQWLQWRWKHVWXG\7KH,& IRUPLQFOXGHVH[SODQDWLRQRIWKH
IROORZLQJ
 7KDWWKHVWXG\LQYROYHVUHVHDUFK
 7KHREMHFWLYHVRIWKHVWXG\
 7KH VWXG\SURFHGXUHV
 7KHH[SHFWHGGXUDWLRQRIWKHSDUWLFLSDQW¶VSDUWLFLSDWLRQLQWKHVWXG\
 7KHDSSUR[LPDWHQXPEHURISDUWLFLSDQWVLQYROYHGLQWKHVWXG\
 7KHUHDVRQDEO\IRUHVHHDEOHULVNVRULQFRQYHQLHQFHVWRWKHSDUWLFLSDQW
 7KHDOWHUQDWLYHSURFHGXUHVRUFRXUVHV RIWUHDWPHQWVWKDWPD\EHDYDLODEOHWRWKHSDUWLFLSDQW
DQGWKHLULPSRUWDQWSRWHQWLDOEHQHILWVDQGULVNV
 7KHFRPSHQVDWLRQDQGRUWUHDWPHQWDYDLODEOHWRWKHSDUWLFLSDQWLQWKHHYHQWRIVWXG\UHODWHG
LQMXU\
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

 7KDWWKHSDUWLFLSDQW¶VSDUWLFLSDWLRQLQWKHVWXG\LVYROXQWDU\DQGWKDWWKHSDUWLFLSDQWPD\
UHIXVHWRSDUWLFLSDWHRUZLWKGUDZIURPWKHVWXG\DWDQ\WLPHZLWKRXWSHQDOW\RUORVVRI
EHQHILWVWRZKLFKWKHSDUWLFLSDQWLVRWKHUZLVHHQWLWOHG
 7KDWWKHSDUWLFLSDQWZLOOEHLQIRUPHGLQDWLPHO\PDQQHULILQIRUPDWLRQEHFRPHVDYDLODEOH
WKDWPD\EHUHOHYDQWWRWKHSDUWLFLSDQW¶VZLOOLQJQHVVWRFRQWLQXHSDUWLFLSDWLRQLQWKHVWXG\
 7KHIRUHVHHDEOHFLUFXPVWDQFHVDQGRUUHDVRQXQGHUZKLFKWKHSDUWLFLSDQW¶VSDUWLFLSDWLRQLQ
WKHVWXG\PD\EHWHUPLQDWHG
 7KDWWKHPRQLWRUVDXGLWRUVWKH,5%DQGWKHUHJXODWRU\DXWKRULWLHVPD\SURYLGHGLUHFWDFFHVV
WRWKHSDUWLFLSDQW¶VRULJLQDOPHGLFDOUHFRUGV,QVXFKFDVHVWKHFRQILGHQWLDOLW\RIWKH
SDUWLFLSDQWVKRXOGEHSURWHFWHGDQGE\VLJQLQJDQGVHDOLQJDQ,& IRUPWKHSDUWLFLSDQWLV
DXWKRUL]LQJVXFKDFFHVV
 ,IWKHUHVXOWVRIWKHVWXG\DUHSXEOLVKHGWKHSDUWLFLSDQW¶VLGHQWLW\ZLOOUHPDLQFRQILGHQWLDO
 7KHDQWLFLSDWHGH[SHQVHVLIDQ\WRWKHSDUWLFLSDQWIRUSDUWLFLSDWLQJLQWKHVWXG\
 7KHDQWLFLSDWHGSURUDWHGSD\PHQWLIDQ\WRWKHSDUWLFLSDQWIRUSDUWLFLSDWLQJLQWKHVWXG\
 7KHQDPHWLWOHDQGDGGUHVVRIWKHLQYHVWLJDWRUWRFRQWDFW
 7KHSHUVRQVWRFRQWDFWIRUIXUWKHULQIRUPDWLRQUHJDUGLQJWKHFOLQLFDOVWXG\DQGWKHULJKWVRI
SDUWLFLSDQWVDQGZKRPWRFRQWDFWLQWKHHYHQWRIVWXG\UHODWHG LQMXU\
 7KHW\SHRIWKH,5%HQJDJHGLQWKHDVVHVVPHQWDQGGHOLEHUDWLRQDERXWWKHDFFHSWDELOLW\RIWKH
VWXG\LWHPVVXEMHFWWRWKHDVVHVVPHQWRIHDFK,5%DQGRWKHU,5%UHODWHGLWHPVUHODWLQJWR
WKHVWXG\
 7KHSDUWLFLSDQW¶VUHVSRQVLELOLWLHV
3DUWLFLSDQWVZKRDUHUHVFUHHQHGDUHUHTXLUHGWRVLJQDQHZ,&)

'DWD3URWHFWLRQ
!
3DUWLFLSDQWVZLOOEHDVVLJQHGDXQLTXHLGHQWLILHUE\WKHVSRQVRU$Q\SDUWLFLSDQWUHFRUGV
RUGDWDVHWVWKDWDUHWUDQVIHUUHGWRWKHVSRQVRU ZLOOFRQWDLQWKHLGHQWLILHURQO\SDUWLFLSDQW
QDPHVRUDQ\LQIRUPDWLRQZKLFKZRXOGPDNHWKHSDUWLFLSDQWLGHQWLILDEOHZLOOQRWEH
WUDQVIHUUHG
!
7KHSDUWLFLSDQWPXVWEHLQIRUPHGWKDWKLVKHUSHUVRQDOVWXG\UHODWHGGDWDZLOOEHXVHGE\
WKHVSRQVRU LQDFFRUGDQFHZLWKORFDOGDWDSURWHFWLRQODZ7KHOHYHORI GLVFORVXUHPXVW
DOVREHH[SODLQHGWRWKHSDUWLFLSDQW
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

!
7KHSDUWLFLSDQWPXVWEHLQIRUPHGWKDWKLVKHUPHGLFDOUHFRUGVPD\EHH[DPLQHGE\
&OLQLFDO4XDOLW\$VVXUDQFHDXGLWRUVRURWKHUDXWKRUL]HGSHUVRQQHODSSRLQWHGE\WKH
VSRQVRU E\DSSURSULDWH,5%,(&PHPEHUVDQGE\LQVSHFWRUVIURPUHJXODWRU\DXWKRULWLHV

'DWD4XDOLW\$VVXUDQFH
!
$OOSDUWLFLSDQW GDWDUHODWLQJWRWKHVWXG\ZLOOEHUHFRUGHGRQH&5)V XQOHVVWUDQVPLWWHGWR
WKHVSRQVRU RUGHVLJQHHHOHFWURQLFDOO\HJ ODERUDWRU\GDWD7KHLQYHVWLJDWRULV
UHVSRQVLEOHIRUYHULI\LQJWKDWGDWDHQWULHVDUHDFFXUDWHDQGFRUUHFWE\HOHFWURQLFDOO\
VLJQLQJWKHH&5)
!
7KHLQYHVWLJDWRUPXVWPDLQWDLQDFFXUDWHGRFXPHQWDWLRQVRXUFHGDWDWKDWVXSSRUWVWKH
LQIRUPDWLRQHQWHUHGLQ WKHH&5)
!
7KHLQYHVWLJDWRUPXVWSHUPLWVWXG\UHODWHGPRQLWRULQJDXGLWV,5%,(&UHYLHZDQG
UHJXODWRU\DJHQF\LQVSHFWLRQV DQG SURYLGH GLUHFWDFFHVVWRVRXUFHGDWDGRFXPHQWV
!
7KHVSRQVRU RUGHVLJQHHLVUHVSRQVLEOHIRUWKHGDWDPDQDJHPHQWRIWKLVVWXG\LQFOXGLQJ
TXDOLW\FKHFNLQJRIWKHGDWD
!
6WXG\PRQLWRUVZLOOSHUIRUPRQJRLQJVRXUFHGDWDYHULILFDWLRQWRFRQILUPWKDWGDWDHQWHUHG
LQWRWKHH&5)E\DXWKRUL]HGVLWHSHUVRQQHODUHDFFXUDWHFRPSOHWHDQGYHULILDEOHIURP
VRXUFHGRFXPHQWVWKDWWKHVDIHW\DQGULJKWVRISDUWLFLSDQWVDUHEHLQJSURWHFWHGDQGWKDW
WKHVWXG\LVEHLQJFRQGXFWHGLQDFFRUGDQFHZLWKWKHFXUUHQWO\DSSURYHGSURWRFRODQGDQ\
RWKHUVWXG\DJUHHPHQWV,&+ *&3DQGDOODSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV
!
5HFRUGVDQGGRFXPHQWVLQFOXGLQJVLJQHG,&)VSHUWDLQLQJWRWKHFRQGXFWRIWKLVVWXG\
PXVWEHUHWDLQHGE\WKHLQYHVWLJDWRU DVVWDWHGLQWKHFOLQLFDOWULDODJUHHPHQW 1RUHFRUGV
PD\EHGHVWUR\HGGXULQJWKHUHWHQWLRQSHULRGZLWKRXWWKHZULWWHQDSSURYDORIWKHVSRQVRU
1RUHFRUGVPD\EHWUDQVIHUUHGWRDQRWKHUORFDWLRQRUSDUW\ZLWKRXWZULWWHQQRWLILFDWLRQWR
WKHVSRQVRU

6RXUFH'RFXPHQWV
!
6RXUFHGRFXPHQWVSURYLGHHYLGHQFHIRUWKHH[LVWHQFHRIWKHSDUWLFLSDQWDQGVXEVWDQWLDWH
WKHLQWHJULW\RIWKHGDWDFROOHFWHG6RXUFHGRFXPHQWVDUHILOHGDWWKHLQYHVWLJDWRU¶VVLWH
!
'DWDHQWHUHGLQWKHH&5) WKDWDUHWUDQVFULEHGIURPVRXUFHGRFXPHQWVPXVWEHFRQVLVWHQW
ZLWKWKHVRXUFHGRFXPHQWVRUWKHGLVFUHSDQFLHVPXVWEHH[SODLQHG7KHLQYHVWLJDWRUPD\
QHHGWRUHTXHVWSUHYLRXVPHGLFDOUHFRUGVRUWUDQVIHUUHFRUGVGHSHQGLQJ RQWKHVWXG\
$OVR FXUUHQWPHGLFDOUHFRUGVPXVWEHDYDLODEOH
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


6WXG\DQG6LWH&ORVXUH
7KHVSRQVRUGHVLJQHHUHVHUYHVWKHULJKWWRFORVHWKHVWXG\VLWHRUWHUPLQDWHWKHVWXG\DWDQ\WLPH
IRUDQ\UHDVRQDWWKHVROHGLVFUHWLRQRIWKHVSRQVRU6WXG\VLWHVZLOOEHFORVHGXSRQVWXG\
FRPSOHWLRQ$VWXG\VLWHLVFRQVLGHUHGFORVHGZKHQDOOUHTXLUHGGRFXPHQWVDQGVWXG\VXSSOLHV
KDYHEHHQFROOHFWHGDQGDVWXG\VLWHFORVXUHYLVLWKDVEHHQSHUIRUPHG
7KHLQYHVWLJDWRUPD\LQLWLDWHVWXG\VLWHFORVXUHDWDQ\WLPHSURYLGHGWKHUHLVUHDVRQDEOHFDXVH
DQGVXIILFLHQWQRWLFHLVJLYHQLQDGYDQFHRIWKHLQWHQGHGWHUPLQDWLRQ
5HDVRQVIRUWKHHDUO\FORVXUHRIDVWXG\VLWHE\WKHVSRQVRURULQYHVWLJDWRUPD\LQFOXGHEXWDUH
QRWOLPLWHGWR
!
)DLOXUHRIWKHLQYHVWLJDWRUWRFRPSO\ZLWKWKHSURWRFROWKHUHTXLUHPHQWVRIWKH,5%,(&
RUORFDOKHDOWKDXWKRULWLHVWKHVSRQVRU¶VSURFHGXUHVRU*&3JXLGHOLQHV
!
,QDGHTXDWHUHFUXLWPHQWRISDUWLFLSDQWVE\WKHLQYHVWLJDWRU
!
'LVFRQWLQXDWLRQRIIXUWKHUVWXG\WUHDWPHQWGHYHORSPHQW

3XEOLFDWLRQ3ROLF\
!
$OOHUJDQDVWKHVSRQVRUKDVSURSULHWDU\LQWHUHVWLQWKLVVWXG\$XWKRUVKLSDQGPDQXVFULSW
FRPSRVLWLRQZLOOUHIOHFWFRRSHUDWLRQEHWZHHQWKHLQYHVWLJDWRURUPXOWLSOHLQYHVWLJDWRUV
DQGVLWHVDQG$OOHUJDQSHUVRQQHO$XWKRUVKLSZLOOEHHVWDEOLVKHGSULRUWRWKHZULWLQJRI
WKHPDQXVFULSW$VWKLVVWXG\LQYROYHVPXOWLSOHFHQWHUVQRLQGLYLGXDOSXEOLFDWLRQVZLOOEH
DOORZHGSULRUWRFRPSOHWLRQRIWKHILQDOUHSRUWRIWKHPXOWLFHQWHUVWXG\H[FHSW DVDJUHHG
ZLWK$OOHUJDQ
!
7KHUHVXOWVRIWKLVVWXG\PD\EHSXEOLVKHGRUSUHVHQWHGDWVFLHQWLILFPHHWLQJV,IWKLVLV
IRUHVHHQWKHLQYHVWLJDWRUDJUHHVWRVXEPLWDOOPDQXVFULSWVRUDEVWUDFWVWRWKHVSRQVRU
EHIRUHVXEPLVVLRQ7KLVDOORZVWKHVSRQVRUWRSURWHFWSURSULHWDU\LQIRUPDWLRQDQGWR
SURYLGHFRPPHQWV
!
7KHVSRQVRUZLOOFRPSO\ZLWKWKHUHTXLUHPHQWVIRUSXEOLFDWLRQRIVWXG\UHVXOWV,Q
DFFRUGDQFHZLWKVWDQGDUGHGLWRULDODQGHWKLFDOSUDFWLFHWKHVSRQVRUZLOOJHQHUDOO\VXSSRUW
SXEOLFDWLRQRIPXOWLFHQWHUVWXGLHVRQO\LQWKHLUHQWLUHW\DQGQRWDVLQGLYLGXDOVLWHGDWD,Q
WKHFDVHRIDPXOWLFHQWUHVWXG\DFRRUGLQDWLQJLQYHVWLJDWRUZLOOEHGHVLJQDWHGE\PXWXDO
DJUHHPHQW
!
$XWKRUVKLSZLOOEHGHWHUPLQHGE\PXWXDODJUHHPHQWDQGLQOLQHZLWK,QWHUQDWLRQDO
&RPPLWWHHRI0HGLFDO-RXUQDO(GLWRUVDXWKRUVKLSUHTXLUHPHQWV
!
,QDFFRUGDQFHZLWKUHOHYDQWFRXQWU\UHTXLUHPHQWVDUHSRUWRIWKHUHVXOWVRIWKLVVWXG\
PD\EHSXEOLVKHGRUVHQWWRWKHDSSURSULDWHKHDOWKDXWKRULWLHVLQDQ\FRXQWU\LQZKLFKWKH
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

VWXG\LQWHUYHQWLRQPD\ XOWLPDWHO\EHPDUNHWHGEXWWKHSDUWLFLSDQW¶VQDPHZLOOQRWEH
GLVFORVHGLQWKHVHGRFXPHQWV7KHSDUWLFLSDQW¶VQDPHPD\EHGLVFORVHGWRWKHVSRQVRURI
WKHVWXG\$OOHUJDQ-DSDQ..RUWKHJRYHUQLQJKHDOWKDXWKRULWLHVLH30'$LIWKH\
LQVSHFWWKHVWXG\ UHFRUGV$SSURSULDWHSUHFDXWLRQVZLOOEHWDNHQWRPDLQWDLQ
FRQILGHQWLDOLW\RIPHGLFDOUHFRUGVDQGSHUVRQDOLQIRUPDWLRQ
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


$SSHQGL[ $GYHUVH(YHQWV'HILQLWLRQV DQG3URFHGXUHVIRU
5HFRUGLQJ(YDOXDWLQJ)ROORZXS DQG5HSRUWLQJ

'HILQLWLRQRI$(
$( 'HILQLWLRQ
!
$Q$(LVDQ\XQWRZDUGPHGLFDORFFXUUHQFHLQDSDWLHQWRUFOLQLFDOVWXG\
SDUWLFLSDQWWHPSRUDOO\DVVRFLDWHGZLWKWKHXVHRIVWXG\WUHDWPHQWZKHWKHURUQRW
FRQVLGHUHGUHODWHGWRWKHVWXG\WUHDWPHQW
!
127($Q$(FDQWKHUHIRUHEHDQ\XQIDYRUDEOHDQGXQLQWHQGHGVLJQLQFOXGLQJ
DQDEQRUPDOODERUDWRU\ILQGLQJV\PSWRPRUGLVHDVHQHZRUH[DFHUEDWHG
WHPSRUDOO\DVVRFLDWHGZLWKWKHXVHRIVWXG\WUHDWPHQW
$(RI6SHFLDO,QWHUHVW
$QDGYHUVHHYHQWRIVSHFLDOLQWHUHVW$(6,VHULRXVRUQRQVHULRXVLVRQHRIVFLHQWLILF
DQGPHGLFDOFRQFHUQVSHFLILFWRWKHVSRQVRU¶VVWXG\WUHDWPHQWGHYLFHRUSURJUDPZKLFK
ZDUUDQWVRQJRLQJPRQLWRULQJDQGUDSLGFRPPXQLFDWLRQE\WKHLQYHVWLJDWRUWRWKHVSRQVRU
6XFKDQHYHQWPLJKWZDUUDQWIXUWKHULQYHVWLJDWLRQLQRUGHUWRFKDUDFWHUL]HDQGXQGHUVWDQG
LW
7KHIROORZLQJ$(6,VKDYHEHHQLGHQWLILHGIRUWKHVWXG\LQWHUYHQWLRQVLQWKLVSURWRFROVHH
DOVR6HFWLRQ

+\¶VODZFDVHV

,QDGHTXDWHFRQWURORIGLDEHWHVK\SHUJO\FDHPLDDQGK\SRJO\FDHPLD

0$&(
6HULRXV$(6,VVKRXOGEHUHSRUWHGWRWKHVSRQVRUZLWKLQKRXUVYLDWKH6$(IRUP
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

(YHQWV0HHWLQJ WKH$('HILQLWLRQ
!
$Q\DEQRUPDOODERUDWRU\WHVWUHVXOWVKHPDWRORJ\FOLQLFDOFKHPLVWU\RU
XULQDO\VLVRURWKHUVDIHW\DVVHVVPHQWVHJ (&*VUDGLRORJLFDOVFDQVYLWDOVLJQV
PHDVXUHPHQWVLQFOXGLQJWKRVHWKDWZRUVHQIURPEDVHOLQHFRQVLGHUHG FOLQLFDOO\
VLJQLILFDQWLQWKHPHGLFDODQGVFLHQWLILFMXGJPHQW RIWKHLQYHVWLJDWRULH QRW
UHODWHGWRSURJUHVVLRQ RI XQGHUO\LQJGLVHDVH
!
([DFHUEDWLRQRIDFKURQLFRULQWHUPLWWHQWSUHH[LVWLQJFRQGLWLRQLQFOXGLQJHLWKHU
DQLQFUHDVHLQIUHTXHQF\DQGRULQWHQVLW\RIWKHFRQGLWLRQ
!
1HZFRQGLWLRQGHWHFWHGRUGLDJQRVHGDIWHUVWXG\WUHDWPHQWDGPLQLVWUDWLRQHYHQ
WKRXJKLWPD\KDYHEHHQSUHVHQWEHIRUH WKHVWDUWRIWKHVWXG\
!
6LJQVV\PSWRPVRUWKHFOLQLFDOVHTXHODHRIDVXVSHFWHGGUXJGUXJLQWHUDFWLRQ
!
6LJQVV\PSWRPVRUWKHFOLQLFDOVHTXHODHRIDVXVSHFWHGRYHUGRVHRIHLWKHUVWXG\
WUHDWPHQWRUDFRQFRPLWDQWPHGLFDWLRQ 2YHUGRVHSHUVHZLOOQRWEHUHSRUWHGDVDQ
$(6$(XQOHVVLW LVDQLQWHQWLRQDORYHUGRVHWDNHQZLWKSRVVLEOHVXLFLGDOVHOI
KDUPLQJLQWHQW 6XFKRYHUGRVHV VKRXOGEHUHSRUWHGUHJDUGOHVVRIVHTXHODH
!
/DFNRIHIILFDF\ RUIDLOXUHRIH[SHFWHGSKDUPDFRORJLFDODFWLRQSHUVHZLOOQRWEH
UHSRUWHGDVDQ$(RU6$( 6XFKLQVWDQFHVZLOOEHFDSWXUHGLQWKHHIILFDF\
DVVHVVPHQWV +RZHYHUWKHVLJQVV\PSWRPVDQGRUFOLQLFDOVHTXHODHUHVXOWLQJ
IURPODFNRIHIILFDF\ ZLOOEHUHSRUWHGDV$(RU6$( LIWKH\IXOILOO WKHGHILQLWLRQRI
DQ$(RU6$(
(YHQWV127 0HHWLQJWKH$('HILQLWLRQ
!
$Q\FOLQLFDOO\VLJQLILFDQWDEQRUPDOODERUDWRU\ILQGLQJVRURWKHUDEQRUPDOVDIHW\
DVVHVVPHQWVWKDW DUHDVVRFLDWHGZLWKWKHXQGHUO\LQJGLVHDVHXQOHVVMXGJHGE\WKH
LQYHVWLJDWRUWREHPRUHVHYHUHWKDQH[SHFWHGIRUWKHSDUWLFLSDQW¶VFRQGLWLRQ
!
7KHGLVHDVHGLVRUGHUEHLQJVWXGLHGRUH[SHFWHGSURJUHVVLRQVLJQVRUV\PSWRPV
FOHDUO\GHILQHG RIWKHGLVHDVHGLVRUGHUEHLQJVWXGLHGXQOHVVPRUHVHYHUHWKDQ
H[SHFWHGIRUWKHSDUWLFLSDQW¶VFRQGLWLRQ
!
7KHIROORZLQJHYHQWVDUHFRQVLGHUHGWREHPDQLIHVWDWLRQVRIGLDEHWLFJDVWURSDUHVLV
DQGZLOOEHFDSWXUHGLQWKH'*666EXWWKH\ ZLOOQRWEHUHSRUWHGDV$(VRU6$(V
QDXVHDDEGRPLQDOSDLQXSSHUDEGRPLQDOSDLQYRPLWLQJSRVWSUDQGLDOIXOOQHVV
EORDWLQJDQGHDUO\VDWLHW\
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

,IWKHLQYHVWLJDWRUFRQVLGHUVWKHVHPDQLIHVWDWLRQVWRKDYHDUHDVRQDEOHSRVVLELOLW\RI
UHODWLRQVKLSWRWKHVWXG\WUHDWPHQWGHYLFHVWKHQWKH\VKRXOGEH UHSRUWHGDV$(VRU
6$(V
!
0HGLFDORUVXUJLFDOSURFHGXUHHJ HQGRVFRS\DSSHQGHFWRP\WKHFRQGLWLRQWKDW
OHDGVWRWKHSURFHGXUHLVWKH $(
!
6LWXDWLRQVLQZKLFK DQXQWRZDUGPHGLFDORFFXUUHQFHGLGQRWRFFXUVRFLDODQGRU
FRQYHQLHQFHDGPLVVLRQWRDKRVSLWDO
!
$QWLFLSDWHGGD\WRGD\IOXFWXDWLRQVRISUHH[LVWLQJGLVHDVHVRUFRQGLWLRQV
SUHVHQWRUGHWHFWHGDWWKHVWDUWRIWKHVWXG\WKDWGRQRWZRUVHQ

'HILQLWLRQRI6$(
,IDQHYHQWLVQRWDQ$(SHU WKH GHILQLWLRQDERYHWKHQLWFDQQRWEHDQ6$(HYHQLIVHULRXV
FRQGLWLRQVDUHPHWHJ KRVSLWDOL]DWLRQIRUVLJQVV\PSWRPVRIWKHGLVHDVHXQGHUVWXG\GHDWKGXH
WRSURJUHVVLRQRIGLVHDVH
$Q 6$(LVGHILQHGDVDQ\XQWRZDUGPHGLFDORFFXUUHQFHWKDWDWDQ\GRVH
D
5HVXOWVLQGHDWK
E
,VOLIH WKUHDWHQLQJ
7KHWHUPOLIH WKUHDWHQLQJ LQWKHGHILQLWLRQRIVHULRXV UHIHUVWRDQHYHQWLQZKLFKWKHSDUWLFLSDQW
ZDVDWULVNRIGHDWKDWWKHWLPHRIWKHHYHQW ,WGRHVQRWUHIHUWRDQHYHQWZKLFKK\SRWKHWLFDOO\
PLJKWKDYHFDXVHGGHDWKLILWZHUHPRUHVHYHUH
F
5HTXLUHV LQSDWLHQW KRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ
,QJHQHUDOKRVSLWDOL]DWLRQVLJQLILHVWKDWWKHSDUWLFLSDQW KDVEHHQGHWDLQHGXVXDOO\LQYROYLQJDW
OHDVWDQRYHUQLJKWVWD\DWWKHKRVSLWDORUHPHUJHQF\ZDUGIRUREVHUYDWLRQDQGRUWUHDWPHQWWKDW
ZRXOGQRWKDYHEHHQDSSURSULDWHLQWKHSK\VLFLDQ¶VRIILFHRURXWSDWLHQWVHWWLQJ &RPSOLFDWLRQV
WKDWRFFXUGXULQJKRVSLWDOL]DWLRQDUH$(V ,IDFRPSOLFDWLRQSURORQJVKRVSLWDOL]DWLRQRUIXOILOOV
DQ\RWKHUVHULRXVFULWHULDWKHHYHQWLVVHULRXV :KHQLQGRXEWDVWRZKHWKHUKRVSLWDOL]DWLRQ
RFFXUUHG RUZDVQHFHVVDU\WKH$(VKRXOGEHFRQVLGHUHGVHULRXV
+RVSLWDOL]DWLRQIRUHOHFWLYHWUHDWPHQWRIDSUHH[LVWLQJFRQGLWLRQWKDWGLGQRWZRUVHQIURP
EDVHOLQHLVQRW FRQVLGHUHGDQ$(
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

G
5HVXOWVLQSHUVLVWHQW GLVDELOLW\LQFDSDFLW\
!
7KHWHUPGLVDELOLW\PHDQVDVXEVWDQWLDOGLVUXSWLRQRIDSHUVRQ¶VDELOLW\WRFRQGXFWQRUPDO
OLIHIXQFWLRQV
!
7KLVGHILQLWLRQLVQRWLQWHQGHGWRLQFOXGHH[SHULHQFHVRIUHODWLYHO\PLQRUPHGLFDO
VLJQLILFDQFHVXFKDVXQFRPSOLFDWHGKHDGDFKHQDXVHDYRPLWLQJGLDUUKHDLQIOXHQ]DDQG
DFFLGHQWDOWUDXPDHJ VSUDLQHGDQNOHZKLFKPD\LQWHUIHUHZLWKRUSUHYHQWHYHU\GD\OLIH
IXQFWLRQVEXWGRQRWFRQVWLWXWHDVXEVWDQWLDOGLVUXSWLRQ
H
,VDFRQJHQLWDODQRPDO\ELUWKGHIHFW
I
2WKHUVLWXDWLRQV
!
0HGLFDORUVFLHQWLILFMXGJPHQWVKRXOGEHH[HUFLVHGLQGHFLGLQJZKHWKHU6$(UHSRUWLQJLV
DSSURSULDWHLQRWKHUVLWXDWLRQVVXFKDVLPSRUWDQWPHGLFDOHYHQWVWKDWPD\QRWEH
LPPHGLDWHO\OLIH WKUHDWHQLQJRUUHVXOWLQGHDWKRUKRVSLWDOL]DWLRQEXWPD\MHRSDUGL]HWKH
SDUWLFLSDQW RUPD\UHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQWRSUHYHQWRQHRIWKHRWKHU
RXWFRPHVOLVWHGLQWKHDERYHGHILQLWLRQ 7KHVHHYHQWVVKRXOGXVXDOO\ EHFRQVLGHUHG
VHULRXV
([DPSOHVRIVXFKHYHQWVLQFOXGHLQYDVLYHRUPDOLJQDQWFDQFHUVLQWHQVLYHWUHDWPHQWLQDQ
HPHUJHQF\URRPRUDWKRPHIRUDOOHUJLFEURQFKRVSDVPEORRGG\VFUDVLDVRUFRQYXOVLRQVWKDW
GRQRWUHVXOWLQKRVSLWDOL]DWLRQRUGHYHORSPHQWRIGUXJGHSHQGHQF\RUGUXJDEXVH

5HFRUGLQJDQ$(DQGRU 6$(
$(DQG6$(5HFRUGLQJ
!
:KHQDQ$(6$(RFFXUVLWLVWKHUHVSRQVLELOLW\RIWKHLQYHVWLJDWRUWRUHYLHZDOO
GRFXPHQWDWLRQHJ KRVSLWDOSURJUHVVQRWHVODERUDWRU\ UHSRUWVDQGGLDJQRVWLFVUHSRUWV
UHODWHGWRWKHHYHQW
!
7KHLQYHVWLJDWRUZLOOWKHQUHFRUGDOOUHOHYDQW$(6$(LQIRUPDWLRQLQWKHH&5)
!
,WLVQRW DFFHSWDEOHIRUWKHLQYHVWLJDWRUWRVHQGSKRWRFRSLHVRIWKHSDUWLFLSDQW¶VPHGLFDO
UHFRUGVWRWKHVSRQVRU LQOLHXRIFRPSOHWLRQRIWKH$(6$(H&5)SDJH
!
7KHUHPD\EHLQVWDQFHVZKHQFRSLHVRIPHGLFDOUHFRUGVIRUFHUWDLQFDVHVDUHUHTXHVWHGE\
WKHVSRQVRU ,QWKLVFDVHDOOSDUWLFLSDQW LGHQWLILHUVZLWKWKHH[FHSWLRQRIWKHSDUWLFLSDQW
QXPEHUZLOOEHUHGDFWHGRQWKHFRSLHVRIWKHPHGLFDOUHFRUGVEHIRUH VXEPLVVLRQWR WKH
VSRQVRU
!
7KHLQYHVWLJDWRUZLOODWWHPSWWRHVWDEOLVKDGLDJQRVLVRIWKHHYHQWEDVHGRQVLJQV
V\PSWRPVDQGRURWKHUFOLQLFDOLQIRUPDWLRQ :KHQHYHUSRVVLEOHWKHGLDJQRVLVQRWWKH
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

LQGLYLGXDOVLJQVV\PSWRPVZLOOEHGRFXPHQWHGDVWKH$(6$(
$VVHVVPHQWRI,QWHQVLW\
0,/'
$W\SHRIDGYHUVHHYHQWWKDWLVXVXDOO\WUDQVLHQWDQGPD\UHTXLUHRQO\PLQLPDO
WUHDWPHQWRUWKHUDSHXWLFLQWHUYHQWLRQ7KHHYHQWGRHVQRWJHQHUDOO\LQWHUIHUH
ZLWKXVXDODFWLYLWLHVRIGDLO\OLYLQJ
02'(5$7(
$W\SHRIDGYHUVHHYHQWWKDWLVXVXDOO\DOOHYLDWHGZLWKDGGLWLRQDOVSHFLILF
WKHUDSHXWLFLQWHUYHQWLRQ7KHHYHQWLQWHUIHUHVZLWKXVXDODFWLYLWLHVRIGDLO\
OLYLQJFDXVLQJGLVFRPIRUWEXWSRVHVQRVLJQLILFDQWRUSHUPDQHQWULVNRIKDUP
WRWKHUHVHDUFKSDUWLFLSDQW
6(9(5(
$W\SHRIDGYHUVHHYHQWWKDWLQWHUUXSWVXVXDODFWLYLWLHVRIGDLO\OLYLQJRU
VLJQLILFDQWO\DIIHFWVFOLQLFDOVWDWXVRUPD\UHTXLUHLQWHQVLYHWKHUDSHXWLF
LQWHUYHQWLRQ
$QHYHQWLVGHILQHGDVVHULRXV ZKHQLWPHHWVDWOHDVWRQH RIWKHSUHGHILQHGRXWFRPHVDVGHVFULEHG
LQWKHGHILQLWLRQRIDQ6$( 127ZKHQLWLVUDWHGDVVHYHUH
$VVHVVPHQWRI&DXVDOLW\
!
7KHLQYHVWLJDWRULVREOLJDWHGWRDVVHVVWKHUHODWLRQVKLSEHWZHHQVWXG\WUHDWPHQWDQGHDFK
RFFXUUHQFHRIHDFK$(6$(
!
$UHDVRQDEOHSRVVLELOLW\ RIDUHODWLRQVKLSFRQYH\V WKDWWKHUHDUHIDFWVHYLGHQFH DQGRU
DUJXPHQWVWRVXJJHVWDFDXVDOUHODWLRQVKLSUDWKHUWKDQDUHODWLRQVKLSFDQQRWEHUXOHGRXW
!
7KHLQYHVWLJDWRUZLOOXVHFOLQLFDOMXGJPHQWWRGHWHUPLQHWKHUHODWLRQVKLS
!
$OWHUQDWLYHFDXVHVVXFKDVXQGHUO\LQJGLVHDVHVFRQFRPLWDQWWKHUDS\DQGRWKHUULVN
IDFWRUVDVZHOODVWKHWHPSRUDOUHODWLRQVKLSRIWKHHYHQWWRVWXG\WUHDWPHQWDGPLQLVWUDWLRQ
ZLOOEHFRQVLGHUHGDQGLQYHVWLJDWHG
!
7KHLQYHVWLJDWRUZLOODOVRFRQVXOWWKHLQYHVWLJDWRU¶V EURFKXUH,%DQGRUSURGXFW
LQIRUPDWLRQIRUPDUNHWHGSURGXFWVLQKLVKHUDVVHVVPHQW
!
)RUHDFK$(6$( WKHLQYHVWLJDWRUPXVW GRFXPHQWLQWKHPHGLFDOQRWHVWKDWKHVKHKDV
UHYLHZHGWKH$(6$(DQGKDVSURYLGHGDQDVVHVVPHQWRIFDXVDOLW\
!
7KHUHPD\EHVLWXDWLRQVLQZKLFKDQ6$(KDVRFFXUUHGDQGWKHLQYHVWLJDWRUKDVPLQLPDO
LQIRUPDWLRQWRLQFOXGHLQWKHLQLWLDOUHSRUWWRWKHVSRQVRU +RZHYHULWLVYHU\LPSRUWDQW
WKDWWKHLQYHVWLJDWRUDOZD\VPDNHDQDVVHVVPHQWRIFDXVDOLW\IRUHYHU\HYHQWEHIRUH
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

WKHLQLWLDOWUDQVPLVVLRQRIWKH6$(GDWDWRWKHVSRQVRU
!
7KHLQYHVWLJDWRUPD\FKDQJHKLVKHURSLQLRQRIFDXVDOLW\LQOLJKWRIIROORZXS
LQIRUPDWLRQ DQGVHQGDQ6$(IROORZXSUHSRUWZLWKWKHXSGDWHGFDXVDOLW\DVVHVVPHQW
!
7KHFDXVDOLW\DVVHVVPHQWLVRQHRIWKHFULWHULDXVHGZKHQGHWHUPLQLQJUHJXODWRU\
UHSRUWLQJUHTXLUHPHQWV
)ROORZXSRI$(VDQG6$(V
!
7KHLQYHVWLJDWRULVREOLJDWHGWRSHUIRUPRUDUUDQJHIRUWKHFRQGXFWRIVXSSOHPHQWDO
PHDVXUHPHQWVDQGRUHYDOXDWLRQVDVPHGLFDOO\LQGLFDWHGRUDVUHTXHVWHGE\WKH
VSRQVRU WRHOXFLGDWHWKHQDWXUHDQGRUFDXVDOLW\RIWKH$(RU6$(DVIXOO\DV
SRVVLEOH7KLVPD\LQFOXGHDGGLWLRQDOODERUDWRU\WHVWVRULQYHVWLJDWLRQV
KLVWRSDWKRORJLFDOH[DPLQDWLRQVRUFRQVXOWDWLRQZLWKRWKHUKHDOWKFDUHSURIHVVLRQDOV
!
,IDSDUWLFLSDQWGLHVGXULQJSDUWLFLSDWLRQLQWKHVWXG\RUGXULQJDUHFRJQL]HGIROORZ
XSSHULRGWKHLQYHVWLJDWRUZLOOSURYLGHWKHVSRQVRU ZLWKDFRS\RIDQ\SRVWPRUWHP
ILQGLQJVLQFOXGLQJKLVWRSDWKRORJ\
!
1HZRUXSGDWHGLQIRUPDWLRQZLOOEHUHFRUGHGLQWKHRULJLQDOO\FRPSOHWHGH&5)
!
7KHLQYHVWLJDWRUZLOOVXEPLWDQ\XSGDWHG6$(GDWDWRWKHVSRQVRU ZLWKLQKRXUVRI
UHFHLSWRIWKHLQIRUPDWLRQ

5HSRUWLQJRI6$(V
6$(5HSRUWLQJWRWKH6SRQVRUYLDHPDLOID[RUWHOHSKRQH
!
(PDLOLVWKHSUHIHUUHGPHWKRGIRUWUDQVPLVVLRQRI 6$(LQIRUPDWLRQWRWKHVSRQVRU
!
)DFVLPLOHWUDQVPLVVLRQRI 6$(LQIRUPDWLRQLVDOVRDFFHSWDEOH
!
,QUDUHFLUFXPVWDQFHVDQGLQWKHDEVHQFHRIIDFVLPLOHHTXLSPHQWQRWLILFDWLRQE\
WHOHSKRQHLVDFFHSWDEOH ZLWKDFRS\RIWKH6$(IRUPVHQW E\RYHUQLJKWPDLO RUFRXULHU
VHUYLFH
!
,QLWLDOQRWLILFDWLRQYLDWHOHSKRQHGRHVQRWUHSODFHWKHQHHGIRUWKHLQYHVWLJDWRUWR
FRPSOHWHDQGVLJQWKH6$(IRUP ZLWKLQWKHGHVLJQDWHGUHSRUWLQJWLPHIUDPHV
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

!
&RQWDFWVIRU6$(UHSRUWLQJFDQEHIRXQG LQWKH6WXG\5HIHUHQFH0DQXDO
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


$SSHQGL[ &RQWUDFHSWLYH*XLGDQFH DQG&ROOHFWLRQRI3UHJQDQF\
,QIRUPDWLRQ
'HILQLWLRQV
:RPDQRI&KLOGEHDULQJ3RWHQWLDO:2&%3
$ZRPDQLVFRQVLGHUHGIHUWLOHIROORZLQJPHQDUFKHDQGXQWLOEHFRPLQJSRVWPHQRSDXVDOXQOHVV
SHUPDQHQWO\VWHULOH VHHEHORZ
:RPHQLQWKHIROORZLQJFDWHJRULHVDUHQRWFRQVLGHUHG:2&%3
 3UHPHQDUFKDO
 3UHPHQRSDXVDOIHPDOHZLWKRIWKHIROORZLQJ
!
'RFXPHQWHGK\VWHUHFWRP\
!
'RFXPHQWHGELODWHUDOVDOSLQJHFWRP\
!
'RFXPHQWHGELODWHUDORRSKRUHFWRP\
1RWH'RFXPHQWDWLRQFDQFRPHIURPWKHVLWHSHUVRQQHO¶VUHYLHZRIWKHSDUWLFLSDQW¶V
PHGLFDOUHFRUGVPHGLFDOH[DPLQDWLRQRUPHGLFDOKLVWRU\LQWHUYLHZ
 3RVWPHQRSDXVDO IHPDOH
!
$SRVWPHQRSDXVDOVWDWHLVGHILQHGDVQRPHQVHVIRUPRQWKVZLWKRXWDQDOWHUQDWLYH
PHGLFDOFDXVH$KLJKIROOLFOHVWLPXODWLQJKRUPRQH)6+OHYHOLQWKHSRVWPHQRSDXVDO
UDQJHPD\EHXVHGWRFRQILUPDSRVWPHQRSDXVDOVWDWHLQZRPHQQRWXVLQJKRUPRQDO
FRQWUDFHSWLRQRUKRUPRQDOUHSODFHPHQWWKHUDS\+57+RZHYHU LQWKHDEVHQFHRI
 PRQWKVRIDPHQRUUKHDDVLQJOH)6+PHDVXUHPHQWLVLQVXIILFLHQW
!
)HPDOHVRQ+57DQGZKRVHPHQRSDXVDOVWDWXVLVLQGRXEWZLOOEHUHTXLUHGWRXVHRQHRI
WKHQRQKRUPRQDOKLJKO\HIIHFWLYHFRQWUDFHSWLRQPHWKRGVLIWKH\ZLVKWRFRQWLQXHWKHLU
+57GXULQJWKHVWXG\2WKHUZLVHWKH\PXVWGLVFRQWLQXH+57WRDOORZFRQILUPDWLRQRI
SRVWPHQRSDXVDOVWDWXVEHIRUH VWXG\HQUROOPHQW
&RQWUDFHSWLRQ*XLGDQFH
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


$SSHQGL[ /LYHU6DIHW\ 6XJJHVWHG$FWLRQVDQG)ROORZXS
$VVHVVPHQWV
3RWHQWLDO+\
VODZFDVHVDUHFRQVLGHUHG$(6,V3RWHQWLDO+\¶V/DZFULWHULDDUHDVIROORZV
!
$ODQLQHDPLQRWUDQVIHUDVH$/7RUDVSDUWDWHDPLQRWUDQVIHUDVH$67îXSSHUOLPLWVRI
QRUPDO8/1
!
$1'7RWDOELOLUXELQî8/1
!
$1'$ONDOLQHSKRVSKDWDVHî8/1
$OOFDVHVWKDWTXDOLI\DVSRWHQWLDO+\
VODZFDVHV$(6, PXVWEHUHSRUWHGWR$OOHUJDQ
,QYHVWLJDWLRQDOSURGXFWPXVWEHGLVFRQWLQXHGLIDQ\RIWKHIROORZLQJFULWHULDDUHPHW
!
$/7RU$67î 8/1DQGWKHSDUWLFLSDQW LVV\PSWRPDWLFZLWKWKHDSSHDUDQFHRI
IDWLJXHQDXVHDYRPLWLQJULJKWXSSHUTXDGUDQWSDLQRUWHQGHUQHVVIHYHUUDVKRU
HRVLQRSKLOLD! 
!
$/7RU$67î8/1DQGWRWDOELOLUXELQ! î8/1RU,15!
!
$/7RU$67î 8/1IRUPRUHWKDQZHHNV
!
$/7RU $67î 8/1
7KHSDUWLFLSDQW PD\EHUHFKDOOHQJHGZLWKVWXG\WUHDWPHQWRQO\DIWHUFRQVXOWDWLRQZLWKWKH
$OOHUJDQ063)RUSDUWLFLSDQWV ZKRDUHQRWUHFKDOOHQJHGZLWKVWXG\WUHDWPHQWWKHSDUWLFLSDQW
VKRXOGEHGLVFRQWLQXHGIURPWKHVWXG\DQGFRPSOHWHWKH(DUO\7HUPLQDWLRQ9LVLW3DUWLFLSDQWV
VKRXOGUHFHLYHDSSURSULDWHIROORZXSDVSHUVWDQGDUGRIFDUH
3RWHQWLDO+\¶V/DZ&DVHV
6LWHVPXVWUHSRUWHYHU\SDUWLFLSDQW ZKRPHHWVWKHSRWHQWLDO+\¶VODZFULWHULDLIWKLVRFFXUVZLWKLQ
WKHWLPHWKHSDUWLFLSDQW VLJQVWKH,&)XQWLOGD\VDIWHUWKHODVWGRVHRIVWXG\WUHDWPHQW
$ODERUDWRU\DOHUWIRUSRWHQWLDO+\¶VODZVFDVHVZLOOEHLQSODFHDQGWKHLQYHVWLJDWRUVDQG
$OOHUJDQZLOOEHQRWLILHGLPPHGLDWHO\ZKHQWKHDERYHFULWHULDKDYHEHHQPHW$Q\SRWHQWLDO+\¶V
ODZVFDVHVKRXOGEHFRQVLGHUHGDQ6$(DQGDOVRUHSRUWHGDVDQ$(RI6SHFLDO,QWHUHVW
(YHU\ HIIRUWWRGHWHUPLQHWKHFDXVHRIWKHOLYHU
DEQRUPDOLWLHVPXVWEHPDGHDQGFORVHPRQLWRULQJVKRXOGEHLQLWLDWHGLQFRQMXQFWLRQZLWKWKH
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$OOHUJDQ063 DQGLQDFFRUGDQFHZLWKWKH)'$³*XLGDQFHIRU,QGXVWU\'UXJ,QGXFHG/LYHU
,QMXU\ 3UH0DUNHWLQJ&OLQLFDO(YDOXDWLRQ´-XO\ 
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


$SSHQGL[  0HGLFDO'HYLFH,QFLGHQWV'HILQLWLRQDQG3URFHGXUHVIRU
5HFRUGLQJ(YDOXDWLQJ)ROORZXS DQG5HSRUWLQJ
'HILQLWLRQVRID0HGLFDO'HYLFH,QFLGHQW
7KHGHWHFWLRQDQGGRFXPHQWDWLRQSURFHGXUHVGHVFULEHGLQWKLVSURWRFRODSSO\WRDOOVSRQVRU
PHGLFDOGHYLFHVSURYLGHGIRUXVHLQWKHVWXG\VHH6HFWLRQ IRUWKHOLVWRIVSRQVRU PHGLFDO
GHYLFHV
0HGLFDO'HYLFH,QFLGHQW'HILQLWLRQ
!
$PHGLFDOGHYLFHLQFLGHQWLV DQ\PDOIXQFWLRQRUGHWHULRUDWLRQLQWKHFKDUDFWHULVWLFVDQGRU
SHUIRUPDQFHRIDGHYLFHDVZHOODVDQ\LQDGHTXDF\LQWKHODEHOOLQJ RUWKHLQVWUXFWLRQVIRU
XVHZKLFKGLUHFWO\RULQGLUHFWO\PLJKWOHDGWRRUPLJKWKDYHOHGWRWKHGHDWKRID
SDUWLFLSDQWXVHURWKHUSHUVRQRUWRDVHULRXVGHWHULRUDWLRQLQKLVKHU VWDWHRIKHDOWK
!
1RWDOOLQFLGHQWVOHDGWRGHDWKRUVHULRXVGHWHULRUDWLRQLQKHDOWK 7KHQRQRFFXUUHQFH RI
VXFKDUHVXOWPLJKWKDYHEHHQGXHWRRWKHUIRUWXQDWHFLUFXPVWDQFHVRUWRWKHLQWHUYHQWLRQ
RIKHDOWKFDUHSHUVRQQHO
,WLVVXIILFLHQWWKDW
!
$QLQFLGHQW DVVRFLDWHGZLWKDGHYLFHKDSSHQHG
$1'
!
7KHLQFLGHQW ZDVVXFKWKDWLILWRFFXUUHGDJDLQPLJKWOHDGWRGHDWKRUDVHULRXV
GHWHULRUDWLRQLQKHDOWK
$VHULRXVGHWHULRUDWLRQLQVWDWHRIKHDOWKFDQLQFOXGH DQ\RIWKHIROORZLQJ
!
/LIHWKUHDWHQLQJLOOQHVV
!
3HUPDQHQWLPSDLUPHQWRIERG\IXQFWLRQRUSHUPDQHQWGDPDJHWRERG\VWUXFWXUH
!
&RQGLWLRQQHFHVVLWDWLQJPHGLFDORUVXUJLFDOLQWHUYHQWLRQWRSUHYHQWRQHRIWKHDERYH
!
)HWDOGLVWUHVVIHWDOGHDWK RUDQ\FRQJHQLWDODEQRUPDOLW\RUELUWKGHIHFWV
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

([DPSOHVRI ,QFLGHQWV
!
$ SDUWLFLSDQWXVHUFDUHJLYHU RUKHDOWKFDUHSURIHVVLRQDOLVLQMXUHGDVDUHVXOWRIDPHGLFDO
GHYLFHIDLOXUHRULWVPLVXVH
!
$SDUWLFLSDQW¶VVWXG\WUHDWPHQWLVLQWHUUXSWHGRUFRPSURPLVHG E\DPHGLFDOGHYLFH
IDLOXUH
!
$PLVGLDJQRVLVGXHWRPHGLFDOGHYLFHIDLOXUHOHDGVWRLQDSSURSULDWHWUHDWPHQW
!
$ SDUWLFLSDQW¶VKHDOWKGHWHULRUDWHVGXHWRPHGLFDOGHYLFHIDLOXUH
'RFXPHQWLQJ0HGLFDO'HYLFH,QFLGHQWV
0HGLFDO'HYLFH,QFLGHQW'RFXPHQWLQJ
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


$SSHQGL[6WDQGDUG'LVFRQWLQXDWLRQ&ULWHULD
&',6&6XEPLVVLRQ9DOXH
&',6&'HILQLWLRQ
$GYHUVHHYHQW
$Q\XQWRZDUGPHGLFDORFFXUUHQFHLQDSDWLHQWRU
FOLQLFDOLQYHVWLJDWLRQSDUWLFLSDQW DGPLQLVWHUHGD
SKDUPDFHXWLFDOSURGXFWDQGZKLFKGRHVQRW
QHFHVVDULO\KDYHDFDXVDOUHODWLRQVKLSZLWKWKLV
WUHDWPHQW$QDGYHUVHHYHQW$(FDQWKHUHIRUHEH
DQ\XQLQWHQGHGVLJQLQFOXGLQJDQDEQRUPDO
ODERUDWRU\ILQGLQJV\PSWRPRUGLVHDVH
WHPSRUDOO\DVVRFLDWHGZLWKWKHXVHRIDPHGLFLQDO
LQYHVWLJDWLRQDOSURGXFWZKHWKHURUQRWUHODWHG
WRWKHPHGLFLQDOLQYHVWLJDWLRQDOSURGXFW)RU
IXUWKHULQIRUPDWLRQVHHWKH,&+*XLGHOLQHIRU
&OLQLFDO6DIHW\'DWD0DQDJHPHQW'HILQLWLRQV
DQG6WDQGDUGVIRU([SHGLWHG5HSRUWLQJ>0RGLILHG
IURP,&+($@6\QRQ\PVVLGHHIIHFWDGYHUVH
H[SHULHQFH6HHDOVRVHULRXVDGYHUVHHYHQW
VHULRXVDGYHUVHH[SHULHQFH&',6&JORVVDU\
&RPSOHWHG
7RSRVVHVVHYHU\QHFHVVDU\RUQRUPDOSDUWRU
FRPSRQHQWRUVWHSKDYLQJFRPHRUEHHQEURXJKW
WRDFRQFOXVLRQ1&,
'HDWK
7KHDEVHQFHRIOLIHRUVWDWHRIEHLQJGHDG1&,
)DLOXUHWRPHHWUDQGRPL]DWLRQFULWHULD
$QLQGLFDWLRQWKDWWKHSDUWLFLSDQW KDVEHHQXQDEOH
WRIXOILOOVDWLVI\WKHFULWHULDUHTXLUHGIRU
DVVLJQPHQWLQWRDUDQGRPL]HGJURXS
/DFNRI HIILFDF\
7KHODFNRIH[SHFWHGRUGHVLUHGHIIHFWUHODWHGWRD
WKHUDS\1&,
/RVWWRIROORZXS
7KHORVVRUODFNRIFRQWLQXDWLRQRIDSDUWLFLSDQW WR
IROORZXS
2WKHU
'LIIHUHQWWKDQWKHRQHVSUHYLRXVO\VSHFLILHGRU
PHQWLRQHG1&,
,QYHVWLJDWRURUSK\VLFLDQGHFLVLRQ
$SRVLWLRQRSLQLRQRUMXGJPHQWUHDFKHGDIWHU
FRQVLGHUDWLRQE\WKHLQYHVWLJDWRU ZLWKUHIHUHQFHWR
SDUWLFLSDQW 1&,
3UHJQDQF\
3UHJQDQF\LVWKHVWDWHRUFRQGLWLRQRIKDYLQJD
GHYHORSLQJHPEU\RRUIHWXVLQWKHERG\XWHUXV
DIWHUXQLRQRIDQRYXPDQGVSHUPDWR]RRQGXULQJ
WKHSHULRGIURPFRQFHSWLRQWRELUWK1&,
3URWRFROGHYLDWLRQ
$QHYHQWRUGHFLVLRQWKDWVWDQGVLQFRQWUDVWWRWKH
JXLGHOLQHVVHWRXWE\WKHSURWRFRO1&,
6FUHHQIDLOXUH
7KHSRWHQWLDOSDUWLFLSDQW ZKRGRHVQRWPHHWRQH
RUPRUHFULWHULDUHTXLUHGIRUSDUWLFLSDWLRQLQDWULDO

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

&',6&6XEPLVVLRQ9DOXH
&',6&'HILQLWLRQ
6LWHWHUPLQDWHGE\VSRQVRU
$QLQGLFDWLRQWKDWDFOLQLFDOVWXG\ZDVVWRSSHGDW
DSDUWLFXODUVLWHE\LWVVSRQVRU1&,
6WXG\WHUPLQDWHGE\VSRQVRU
$QLQGLFDWLRQWKDWDFOLQLFDOVWXG\ZDVVWRSSHGE\
LWVVSRQVRU 1&,
:LWKGUDZDOE\SDUWLFLSDQW
$QLQGLFDWLRQWKDWDVWXG\SDUWLFLSDQWKDV
UHPRYHGLWVHOIIURPWKHVWXG\1&,
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ


$SSHQGL[6WXG\7DEXODU6XPPDU\
3DUDPHWHU*URXS
3DUDPHWHU
9DOXH
7ULDOLQIRUPDWLRQ
7ULDO7LWOH
$ZHHN'RXEOHEOLQG3ODFHER
FRQWUROOHG3KDVH6WXG\ZLWKDZHHN
5DQGRPL]HGZLWKGUDZDO3HULRGWR
(YDOXDWHWKH6DIHW\DQG(IILFDF\RI
5HODPRUHOLQLQ3DWLHQWVZLWK'LDEHWLF
*DVWURSDUHVLV
&OLQLFDO6WXG\6SRQVRU
$OOHUJDQ6DOHV
7ULDO3KDVH&ODVVLILFDWLRQ
3KDVH7ULDO
7ULDO,QGLFDWLRQ
'LDEHWLF*DVWURSDUHVLV
7ULDO,QGLFDWLRQ7\SH
7UHDWPHQW
7ULDO7\SH
(IILFDF\
6DIHW\
7ULDO/HQJWK
ZHHNV
3ODQQHG&RXQWU\RI,QYHVWLJDWLRQDO6LWHV
*OREDO
3ODQQHG1XPEHURI6XEMHFWV
$SSUR[LPDWHO\EDVHGRQDVVXPSWLRQ
WKDWRISDUWLFLSDQWVZKRHQWHU
5/00'DQG5/00'ZLOO
FRPSOHWHWKHVHVWXGLHVDQGHQWHUWKLV
VWXG\
1XPEHURI6LWHVDSSUR[LPDWHO\VLWHV
JOREDOO\
)'$5HJXODWHG'HYLFH6WXG\,QGLFDWRU
1R
)'$5HJXODWHG'UXJ6WXG\,QGLFDWRU
1R
3HGLDWULF6WXG\,QGLFDWRU
1R
6XEMHFW
LQIRUPDWLRQ
'LDJQRVLV*URXS
'LDEHWHV PHOOLWXV
+HDOWK\6XEMHFW,QGLFDWRU
1R
3ODQQHG0LQLPXP$JHRI6XEMHFWV

3ODQQHG0D[LPXP$JHRI6XEMHFWV
QRQH
6H[RI3DUWLFLSDQWV
%RWK
6WDEOH'LVHDVH0LQLPXP'XUDWLRQ
PRQWKV
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

3DUDPHWHU*URXS
3DUDPHWHU
9DOXH
7UHDWPHQWV
,QYHVWLJDWLRQDO7KHUDS\RU7UHDWPHQW
UHODPRUHOLQ
,QWHUYHQWLRQ7\SH
GUXJ
3KDUPDFRORJLFDO&ODVVRI,QYHVW7KHUDS\
V\QWKHWLF JKUHOLQDQDORJXH
'RVHSHU$GPLQLVWUDWLRQ
J
'RVH8QLWV
3UH)LOOHG&DUWULGJHLQ0XOWL'RVH 3HQ
,QMHFWRU
'RVLQJ)UHTXHQF\
%,'
5RXWHRI$GPLQLVWUDWLRQ
VXEFXWDQHRXVLQMHFWLRQ
&XUUHQW7KHUDS\RU7UHDWPHQW
WUHDWPHQW
$GGHGRQWR([LVWLQJ7UHDWPHQWV
1R
&RQWURO7\SH
3ODFHER
&RPSDUDWLYH7UHDWPHQW1DPH
QRQH
7ULDOGHVLJQ
6WXG\7\SH
,QWHUYHQWLRQDO
,QWHUYHQWLRQ0RGHO
3DUDOOHO
3ODQQHG1XPEHURI$UPV

7ULDOLV5DQGRPL]HG
<HV
5DQGRPL]DWLRQ4XRWLHQW

7ULDO%OLQGLQJ6FKHPD
'RXEOHEOLQG
6WUDWLILFDWLRQ)DFWRU
1RWDSSOLFDEOH
$GDSWLYH'HVLJQ
1R
6WXG\6WRS5XOHV
1RWVWDWHG
$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07

&21),'(17,$/
3URWRFRO5/00'$PHQGPHQW
5HODPRUHOLQ

$SSURYDO'DWH0DU*07