A Phase 3 Japanese Randomized, Double-blind, Placebo-controlled Study to Evaluate the Efficacy and Safety of Erenumab in Migraine Prevention
Phase: PHASE3
Conditions: Migraine
Sponsor: Amgen

3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


7LWOH3DJH
3URWRFRO7LWOH
$3KDVH-DSDQHVH5DQGRPL]HG'RXEOHEOLQG
3ODFHERFRQWUROOHG6WXG\WR(YDOXDWHWKH
(IILFDF\DQG6DIHW\RI(UHQXPDELQ0LJUDLQH
3UHYHQWLRQ
6KRUW3URWRFRO7LWOH
$3KDVH-DSDQHVH5DQGRPL]HG&RQWUROOHG
7ULDORI(UHQXPDELQ0LJUDLQH3UHYHQWLRQ
3URWRFRO1XPEHU

,QYHVWLJDWLRQDO3URGXFW
$0*HUHQXPDE
6SRQVRU
1DPHRI6SRQVRU
$PJHQ,QF
$GGUHVV
2QH$PJHQ&HQWHU'ULYH
7KRXVDQG2DNV&$86$
7HOHSKRQH1XPEHU

.H\
6SRQVRU
&RQWDFW
1DPH

$GGUHVV
2QH$PJHQ&HQWHU'ULYH
7KRXVDQG2DNV&$86$
7HOHSKRQH1XPEHU

(PDLO$GGUHVV

(XGUD&71XPEHU
1RWDSSOLFDEOH
1&71XPEHU
1&7
3URWRFRO'DWH
'RFXPHQW9HUVLRQ
'DWH
2ULJLQDO
6HSWHPEHU
$PHQGPHQW
'HFHPEHU
$PHQGPHQW
'HFHPEHU
9HUVLRQ'DWH
'DWD(OHPHQW6WDQGDUGV9HUVLRQ

$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


&RQILGHQWLDOLW\1RWLFH
7KLVGRFXPHQWFRQWDLQVFRQILGHQWLDOLQIRUPDWLRQRI$PJHQ,QF
7KLVGRFXPHQWPXVWQRWEHGLVFORVHGWRDQ\RQHRWKHUWKDQWKHVLWHVWXG\VWDIIDQG
PHPEHUVRIWKHLQVWLWXWLRQDOUHYLHZERDUGLQGHSHQGHQWHWKLFVFRPPLWWHHLQVWLWXWLRQDO
VFLHQWLILFUHYLHZERDUGRUHTXLYDOHQW
7KHLQIRUPDWLRQLQWKLVGRFXPHQWFDQQRWEHXVHGIRUDQ\SXUSRVHRWKHUWKDQWKH
HYDOXDWLRQRUFRQGXFWRIWKHFOLQLFDOLQYHVWLJDWLRQZLWKRXWWKHSULRUZULWWHQFRQVHQWRI
$PJHQ,QF
,I\RXKDYHTXHVWLRQVUHJDUGLQJKRZWKLVGRFXPHQWPD\EHXVHGRUVKDUHGFDOOWKH
$PJHQ0HGLFDO,QIRUPDWLRQQXPEHU86VLWHV$0*(1&DQDGLDQVLWHV
$0*(1IRUDOORWKHUFRXQWULHV$PJHQ¶VJHQHUDOQXPEHU
LQWKH86
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


,QYHVWLJDWRU¶V$JUHHPHQW
,KDYHUHDGWKHDWWDFKHGSURWRFROHQWLWOHG$3KDVH-DSDQHVH5DQGRPL]HG
'RXEOHEOLQG3ODFHERFRQWUROOHG6WXG\WR(YDOXDWHWKH(IILFDF\DQG6DIHW\RI(UHQXPDE
LQ0LJUDLQH3UHYHQWLRQGDWHG'HFHPEHUDQGDJUHHWRDELGHE\DOOSURYLVLRQV
VHWIRUWKWKHUHLQ
,DJUHHWRFRPSO\ZLWKWKH,QWHUQDWLRQDO&RXQFLOIRU+DUPRQLVDWLRQ,&+7ULSDUWLWH
*XLGHOLQHRQ*RRG&OLQLFDO3UDFWLFH*&3'HFODUDWLRQRI+HOVLQNLDQGDSSOLFDEOH
QDWLRQDORUUHJLRQDOUHJXODWLRQVJXLGHOLQHV
,DJUHHWRHQVXUHWKDW)LQDQFLDO'LVFORVXUH6WDWHPHQWVZLOOEHFRPSOHWHGE\PH
LQFOXGLQJLIDSSOLFDEOHP\VSRXVH>RUOHJDOSDUWQHU@DQGGHSHQGHQWFKLOGUHQDQGP\
VXELQYHVWLJDWRUVLQFOXGLQJLIDSSOLFDEOHWKHLUVSRXVHV>RUOHJDOSDUWQHUV@DQGGHSHQGHQW
FKLOGUHQDWWKHVWDUWRIWKHVWXG\DQGIRUXSWR\HDUDIWHUWKHVWXG\LVFRPSOHWHGLI
WKHUHDUHFKDQJHVWKDWDIIHFWP\ILQDQFLDOGLVFORVXUHVWDWXV
,DJUHHWRHQVXUHWKDWWKHFRQILGHQWLDOLQIRUPDWLRQFRQWDLQHGLQWKLVGRFXPHQWZLOOQRWEH
XVHGIRUDQ\SXUSRVHRWKHUWKDQWKHHYDOXDWLRQRUFRQGXFWRIWKHFOLQLFDOLQYHVWLJDWLRQ
ZLWKRXWWKHSULRUZULWWHQFRQVHQWRI$PJHQ,QF

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6LJQDWXUH

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBB
1DPHRI,QYHVWLJDWRU
'DWH''0RQWK<<<<
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


7DEOHRI&RQWHQWV
7DEOHRI&RQWHQWV 
 
3URWRFRO6\QRSVLV 
 
6WXG\6FKHPDDQG6FKHGXOHRI$FWLYLWLHV 
 
6WXG\6FKHPD 
 
6FKHGXOHRI$FWLYLWLHV 
 
,QWURGXFWLRQ 
 
6WXG\5DWLRQDOH 
 
%DFNJURXQG 
 
'LVHDVH 
 
$PJHQ,QYHVWLJDWLRQDO3URGXFW%DFNJURXQG
(UHQXPDE 
 
%HQHILW5LVN$VVHVVPHQW 
 
7KHUDSHXWLF&RQWH[W 
 
.H\%HQHILWV 
 
.H\5LVNV 
 
5LVNV 
 
2EMHFWLYHV(QGSRLQWVDQG+\SRWKHVHV 
 
2EMHFWLYHVDQG(QGSRLQWV 
 
+\SRWKHVHV 
 
6WXG\'HVLJQ 
 
2YHUDOO'HVLJQ 
 
1XPEHURI6XEMHFWV 
 
5HSODFHPHQWRI6XEMHFWV 
 
1XPEHURI6LWHV 
 
(QGRI6WXG\ 
 
(QGRI6WXG\'HILQLWLRQ 
 
6WXG\'XUDWLRQIRU6XEMHFWV 
 
-XVWLILFDWLRQIRU,QYHVWLJDWLRQDO3URGXFW'RVH 
 
3DWLHQW,QSXWRQ6WXG\'HVLJQ 
 
'HILQLWLRQVRI7HUPV,QFOXGHGLQ(QGSRLQWV 
 
6WXG\3RSXODWLRQ 
 
,QFOXVLRQ&ULWHULD3DUW 
 
([FOXVLRQ&ULWHULD3DUW 
 
,QFOXVLRQ&ULWHULD3DUW 
 
([FOXVLRQ&ULWHULD3DUW 
 
6XEMHFW(QUROOPHQW 
 
6FUHHQ)DLOXUHV 
 
7UHDWPHQWV 
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


 
7UHDWPHQW3URFHGXUHV 
 
,QYHVWLJDWLRQDO3URGXFWV 
 
1RQLQYHVWLJDWLRQDO3URGXFWV 
 
0HGLFDO'HYLFHV 
 
2WKHU3URWRFROUHTXLUHG7KHUDSLHV 
 
2WKHU7UHDWPHQW3URFHGXUHV 
 
3URGXFW&RPSODLQWV 
 
([FOXGHG7UHDWPHQWV0HGLFDO'HYLFHVDQGRU
3URFHGXUHV'XULQJ6WXG\3HULRG 
 
0HWKRGRI7UHDWPHQW$VVLJQPHQW 
 
%OLQGLQJ 
 
6LWH3HUVRQQHO$FFHVVWR,QGLYLGXDO7UHDWPHQW
$VVLJQPHQWV 
 
$FFHVVWR,QGLYLGXDO6XEMHFW7UHDWPHQW$VVLJQPHQWV
E\$PJHQRU'HVLJQHHV 
 
'RVH0RGLILFDWLRQ 
 
'RVDJH$GMXVWPHQWV'HOD\V5XOHVIRU:LWKKROGLQJRU
5HVWDUWLQJ3HUPDQHQW'LVFRQWLQXDWLRQ 
 
+HSDWRWR[LFLW\6WRSSLQJDQG5HFKDOOHQJH5XOHV 
 
3UHSDUDWLRQ+DQGOLQJ6WRUDJH$FFRXQWDELOLW\ 
 
7UHDWPHQW&RPSOLDQFH 
 
7UHDWPHQWRI2YHUGRVH 
 
3ULRUDQG&RQFRPLWDQW7UHDWPHQW 
 
3ULRU7UHDWPHQW 
 
&RQFRPLWDQW7UHDWPHQW 
 
'LVFRQWLQXDWLRQ&ULWHULD 
 
'LVFRQWLQXDWLRQRI6WXG\7UHDWPHQW 
 
'LVFRQWLQXDWLRQ)URPWKH6WXG\ 
 
5HDVRQVIRU5HPRYDO)URP:DVKRXW5XQLQRU
,QYDVLYH3URFHGXUHV 
 
5HDVRQVIRU5HPRYDO)URP6WXG\ 
 
/RVWWR)ROORZXS 
 
6WXG\$VVHVVPHQWVDQG3URFHGXUHV 
 
*HQHUDO6WXG\3HULRGV 
 
6FUHHQLQJ(QUROOPHQWDQGRU5DQGRPL]DWLRQ 
 
6FUHHQLQJ3HULRGDQG%DVHOLQH3HULRG 
 
5DQGRPL]DWLRQ 
 
7UHDWPHQW3HULRG 
 
(DUO\7HUPLQDWLRQ 
 
6DIHW\)ROORZXS 
 
(QGRI6WXG\ 
 
'HVFULSWLRQRI*HQHUDO6WXG\$VVHVVPHQWVDQG3URFHGXUHV 
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


 
*HQHUDO$VVHVVPHQWV 
 
,QIRUPHG&RQVHQW 
 
&DOOVWR,QWHUDFWLYH5HVSRQVH7HFKQRORJ\
,576\VWHP 
 
'HPRJUDSKLFV 
 
0HGLFDO+LVWRU\ 
 
3K\VLFDO([DPLQDWLRQ 
 
3K\VLFDO0HDVXUHPHQWV 
 
+HSDWLWLV7HVWLQJ 
 
8ULQH'UXJ6FUHHQLQJ 
 
(IILFDF\$VVHVVPHQWV 
 
&OLQLFDO2XWFRPH$VVHVVPHQWV 
 
%HFN'HSUHVVLRQ,QYHQWRU\ 
 
6DIHW\$VVHVVPHQWV 
 
$GYHUVH(YHQWV 
 
9LWDO6LJQV 
 
(OHFWURFDUGLRJUDPV 
 
6XLFLGDO5LVN0RQLWRULQJ 
 
2WKHU6DIHW\ 
 
&OLQLFDO/DERUDWRU\$VVHVVPHQWV 
 
3UHJQDQF\7HVWLQJ 
 
3UHVSHFLILHG%LRPDUNHU$VVHVVPHQWV 
 
3KDUPDFRNLQHWLF$VVHVVPHQWV 
 
$QWLERG\7HVWLQJ3URFHGXUHV 
 
&OLQLFDO2XWFRPH$VVHVVPHQWV 
 
2SWLRQDO6XEVWXGLHV 
 
2WKHU$VVHVVPHQWV 
 
6WDWLVWLFDO&RQVLGHUDWLRQV 
 
6DPSOH6L]H'HWHUPLQDWLRQ 
 
$QDO\VLV6HWV6XEJURXSVDQG&RYDULDWHV 
 
$QDO\VLV6HWV 
 
&RYDULDWHV 
 
6XEJURXSV 
 
+DQGOLQJRI0LVVLQJDQG,QFRPSOHWH'DWD 
 
6WDWLVWLFDO$QDO\VHV 
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


 
3ODQQHG$QDO\VHV 
 
3ULPDU\$QDO\VLV 
 
)LQDO$QDO\VLV 
 
0HWKRGVRI$QDO\VHV 
 
*HQHUDO&RQVLGHUDWLRQV 
 
(IILFDF\$QDO\VHV 
 
6DIHW\$QDO\VHV 
 
5HIHUHQFHV 
 
$SSHQGLFHV 
 
$SSHQGL[/LVWRI$EEUHYLDWLRQVDQG'HILQLWLRQVRI7HUPV 
 
$SSHQGL[&OLQLFDO/DERUDWRU\7HVWV 
 
$SSHQGL[6WXG\*RYHUQDQFH&RQVLGHUDWLRQV 
,QGHSHQGHQW5HYLHZ&RPPLWWHH 
5HJXODWRU\DQG(WKLFDO&RQVLGHUDWLRQV 
,QIRUPHG&RQVHQW3URFHVV 
'DWD3URWHFWLRQ6XEMHFW&RQILGHQWLDOLW\ 
3XEOLFDWLRQ3ROLF\ 
,QYHVWLJDWRU6LJQDWRU\2EOLJDWLRQV 
'DWD4XDOLW\$VVXUDQFH 
6RXUFH'RFXPHQWV 
6WXG\DQG6LWH&ORVXUH 
&RPSHQVDWLRQ 
 
$SSHQGL[6DIHW\(YHQWV'HILQLWLRQVDQG3URFHGXUHVIRU
5HFRUGLQJ(YDOXDWLQJ)ROORZXSDQG5HSRUWLQJ 
'HILQLWLRQRI$GYHUVH(YHQW 
'HILQLWLRQRI6HULRXV$GYHUVH(YHQW 
'HILQLWLRQRI$GYHUVH'HYLFH(IIHFW 
5HFRUGLQJ$GYHUVH(YHQWV'LVHDVHUHODWHG(YHQWV
LIDSSOLFDEOHDQG6HULRXV$GYHUVH(YHQWV 
(YDOXDWLQJ$GYHUVH(YHQWVDQG6HULRXV$GYHUVH(YHQWV 
5HSRUWLQJRI6HULRXV$GYHUVH(YHQW 
 
$SSHQGL[&RQWUDFHSWLYH*XLGDQFHDQG&ROOHFWLRQRI
3UHJQDQF\DQG/DFWDWLRQ,QIRUPDWLRQ 
'HILQLWLRQRI)HPDOHVRI&KLOGEHDULQJ3RWHQWLDO 
&ROOHFWLRQRI3UHJQDQF\,QIRUPDWLRQ 
&ROOHFWLRQRI/DFWDWLRQ,QIRUPDWLRQ 
 
$SSHQGL[6DPSOH6WRUDJHDQG'HVWUXFWLRQ 
 
$SSHQGL[+HSDWRWR[LFLW\6WRSSLQJ5XOHV6XJJHVWHG$FWLRQV
DQG)ROORZXS$VVHVVPHQWVDQG6WXG\7UHDWPHQW5HFKDOOHQJH
*XLGHOLQHV 
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


&ULWHULDIRU:LWKKROGLQJDQGRU3HUPDQHQW'LVFRQWLQXDWLRQRI
$PJHQ,QYHVWLJDWLRQDO3URGXFWDQG2WKHU
3URWRFROUHTXLUHG7KHUDSLHV'XHWR3RWHQWLDO
+HSDWRWR[LFLW\ 
&ULWHULDIRU5HFKDOOHQJHRI$PJHQ,QYHVWLJDWLRQDO3URGXFWDQG
2WKHU3URWRFROUHTXLUHG7KHUDSLHV$IWHU3RWHQWLDO
+HSDWRWR[LFLW\ 
'UXJLQGXFHG/LYHU,QMXU\5HSRUWLQJDQG$GGLWLRQDO
$VVHVVPHQWV 
 
$SSHQGL[6XEVWXG\4XDOLWDWLYH,QWHUYLHZ6XEVWXG\WR
³$3KDVH-DSDQHVH5DQGRPL]HG'RXEOH%OLQG
3ODFHERFRQWUROOHG6WXG\WR(YDOXDWHWKH(IILFDF\DQG6DIHW\RI
(UHQXPDELQ0LJUDLQH3UHYHQWLRQ´ 
6XEVWXG\%DFNJURXQGDQG5DWLRQDOH 
5HVHDUFK4XHVWLRQDQG2EMHFWLYHVRIWKH4XDOLWDWLYH,QWHUYLHZ
6XEVWXG\ 
6XEVWXG\'HVLJQ 
6XPPDU\RI6XEVWXG\6XEMHFW3DUWLFLSDWLRQ&ULWHULD 
6XEVWXG\'XUDWLRQDQG6XEVWXG\3URFHGXUHV 
9DULDEOHV 
6XEVWXG\6DPSOH6L]H 
6XEVWXG\'DWD$QDO\VLV 
&ROOHFWLRQRI6DIHW\,QIRUPDWLRQDQG3URGXFW&RPSODLQWV
/LVWRI7DEOHV
7DEOH6FKHGXOHRI$FWLYLWLHV±6WXG\9LVLWV7KURXJK'RXEOHEOLQG
7UHDWPHQW3HULRG 
7DEOH6FKHGXOHRI$FWLYLWLHV6WXG\9LVLWV7KURXJK2SHQODEHO
7UHDWPHQW3HULRGDQG6DIHW\)ROORZXS 
7DEOH6FKHGXOHRI$FWLYLWLHV±2SWLRQDO,QWHUYLHZEDVHG6XEVWXG\ 
7DEOH$GYHUVH5HDFWLRQV:LWK(UHQXPDE 
7DEOH7UHDWPHQWHPHUJHQW$GYHUVH(YHQWV2FFXUULQJLQtRI
6XEMHFWVLQWKH$OO(UHQXPDE*URXSLQWKH'RXEOHEOLQG
7UHDWPHQW3HULRGE\3UHIHUUHG7HUP6DIHW\$QDO\VLV6HW 
7DEOH7UHDWPHQWHPHUJHQW$GYHUVH(YHQWV2FFXUULQJLQtRI
6XEMHFWVLQWKH$OO(UHQXPDE*URXS3UHIHUUHG7HUP6DIHW\
$QDO\VLV6HW 
7DEOH6WXG\7UHDWPHQWV 
7DEOH/LNHOLKRRGRI2EVHUYLQJ*UHDWHU00'5HGXFWLRQLQ(UHQXPDE
PJ&RPSDUHGWR3ODFHERLQWKH(0&06XEJURXS 
7DEOH$QDO\WH/LVWLQJ 
7DEOH&RQGLWLRQVIRU:LWKKROGLQJDQGRU3HUPDQHQW'LVFRQWLQXDWLRQRI
$PJHQ,QYHVWLJDWLRQDO3URGXFWDQG2WKHU3URWRFROUHTXLUHG
7KHUDSLHVGXHWR3RWHQWLDO+HSDWRWR[LFLW\ 
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


/LVWRI)LJXUHV
)LJXUH6WXG\6FKHPD 
)LJXUH6DPSOH(OHFWURQLF6HULRXV$GYHUVH(YHQW&RQWLQJHQF\)RUP 
)LJXUH3UHJQDQF\DQG/DFWDWLRQ1RWLILFDWLRQ:RUNVKHHWV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



3URWRFRO6\QRSVLV
3URWRFRO7LWOH$3KDVH-DSDQHVH5DQGRPL]HG'RXEOHEOLQG3ODFHERFRQWUROOHG
6WXG\WR(YDOXDWHWKH(IILFDF\DQG6DIHW\RI(UHQXPDELQ0LJUDLQH3UHYHQWLRQ
6KRUW3URWRFRO7LWOH$3KDVH-DSDQHVH5DQGRPL]HG&RQWUROOHG7ULDORI(UHQXPDE
LQ0LJUDLQH3UHYHQWLRQ
6WXG\3KDVH
,QGLFDWLRQ3UHYHQWLRQRI0LJUDLQH
5DWLRQDOH
0LJUDLQHSUHYHQWLRQLVDQDUHDRIDODUJHXQPHWPHGLFDOQHHGZLWKH[LVWLQJWKHUDSLHV
RIWHQKDYLQJPRGHVWHIILFDF\DQGSRRUWROHUDELOLW\&DOFLWRQLQJHQHUHODWHGSHSWLGH
&*53UHFHSWRUDQWDJRQLVPLVDQRYHODSSURDFKWRPLJUDLQHSUHYHQWLYHWKHUDS\
(UHQXPDELVDKXPDQPRQRFORQDODQWLERG\DJDLQVWFDQRQLFDO&*53UHFHSWRU7KH
SUHVHQWVWXG\LVDSKDVHFRQILUPDWRU\WULDOLQWHQGHGWRDVVHVVWKHHIILFDF\DQGVDIHW\
RIHUHQXPDEIRUSUHYHQWLRQRIPLJUDLQHLQ-DSDQHVHVXEMHFWVZLWKHSLVRGLFPLJUDLQH
(0DQGFKURQLFPLJUDLQH&0
2EMHFWLYHV(QGSRLQWV

2EMHFWLYHV
(QGSRLQWV
3ULPDU\
x
7RHYDOXDWHWKHHIIHFWRIHUHQXPDE
FRPSDUHGWRSODFHERRQWKHFKDQJHIURP
EDVHOLQHLQPHDQPRQWKO\PLJUDLQHGD\V
00'
x
&KDQJHIURPEDVHOLQHLQPHDQ00'
RYHUPRQWKVDQGRIWKH
GRXEOHEOLQGWUHDWPHQWSHULRG'%73
3ULPDU\(VWLPDQG
7KHSULPDU\HVWLPDQGFRQVLVWVRI
x
7KHWDUJHWSRSXODWLRQZKLFKLV-DSDQHVHVXEMHFWVGLDJQRVHGZLWKPLJUDLQHZKRZHUH
UDQGRPL]HGUHFHLYHGDWOHDVWRQHGRVHRILQYHVWLJDWLRQDOSURGXFWDQGKDGDWOHDVW
FKDQJHIURPEDVHOLQHPHDVXUHPHQWLQ00'GXULQJWKH'%73
x
7KHSULPDU\HQGSRLQWZKLFKLVWKHFKDQJHIURPEDVHOLQHLQPHDQ00'RYHUPRQWKV
DQGRIWKH'%73
x
7KHVXPPDU\PHDVXUHZKLFKLVWKHPHDQGLIIHUHQFHRIWKHSULPDU\HQGSRLQWEHWZHHQ
$0*PJDQGSODFHERJURXSV
x
7KHLQWHUFXUUHQWHYHQWDGKHUHQFHWRWUHDWPHQWZLOOEHLJQRUHGDQGWKHSULPDU\HQGSRLQW
ZLOOEHDVVHVVHGIRUDOOVXEMHFWVLQWKHWDUJHWSRSXODWLRQUHJDUGOHVVRIDGKHUHQFHWR
WUHDWPHQW
6HFRQGDU\
x
7RHYDOXDWHWKHHIIHFWRIHUHQXPDE
FRPSDUHGWRSODFHERRQWKHSURSRUWLRQRI
VXEMHFWVZLWKDWOHDVWDUHGXFWLRQIURP
EDVHOLQHLQPHDQ00'
x
$FKLHYHPHQWRIDWOHDVWD
UHGXFWLRQIURPEDVHOLQHLQPHDQ
00'RYHUPRQWKVDQGRIWKH
'%73
x
7RHYDOXDWHWKHHIIHFWRIHUHQXPDE
FRPSDUHGWRSODFHERRQWKHFKDQJHIURP
EDVHOLQHLQPHDQPRQWKO\DFXWH
PLJUDLQHVSHFLILFPHGLFDWLRQWUHDWPHQWGD\V
x
&KDQJHIURPEDVHOLQHLQPHDQPRQWKO\
DFXWHPLJUDLQHVSHFLILFPHGLFDWLRQ
WUHDWPHQWGD\VRYHUPRQWKVDQG
RIWKH'%73
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


2EMHFWLYHV
(QGSRLQWV
6DIHW\
x
7RHYDOXDWHWKHVDIHW\DQGWROHUDELOLW\RI
HUHQXPDE
x
6XEMHFWLQFLGHQFHRI
WUHDWPHQWHPHUJHQWDGYHUVHHYHQWV
x
&OLQLFDOODERUDWRU\YDOXHVDQGYLWDOVLJQV
x
6XEMHFWLQFLGHQFHRIDQWLHUHQXPDE
DQWLERGLHV
+\SRWKHVHV
,QVXEMHFWVZLWKPLJUDLQHHUHQXPDEWUHDWPHQWUHVXOWVLQDJUHDWHUUHGXFWLRQIURP
EDVHOLQHLQPHDQPRQWKO\PLJUDLQHGD\V00'FRPSDUHGWRSODFHER
2YHUDOO'HVLJQ
7KLVLVDSKDVHUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\RIVXEMHFWVZLWK
(0RU&07KHSODQQHGOHQJWKRISDUWLFLSDWLRQLQWKHVWXG\IRUDQLQGLYLGXDOLVXSWR
ZHHNVZKLFKLQFOXGHVWKHIROORZLQJ
x
$QLQLWLDOVFUHHQLQJSHULRGXSWRZHHNV
x
ZHHNEDVHOLQHSHULRG
x
ZHHN'%73
x
ZHHNRSHQODEHOWUHDWPHQWSHULRG2/73
x
ZHHNVDIHW\IROORZXSSHULRGZHHNVDIWHUWKHODVWGRVHRILQYHVWLJDWLRQDO
SURGXFW
6XEMHFWVZLOOEHUDQGRPL]HGLQDOORFDWLRQUDWLRWRHUHQXPDERUSODFHERUHVSHFWLYHO\
7KHUDQGRPL]DWLRQZLOOEHSHUIRUPHGE\,57DQGVXEMHFWVZLOOEHVWUDWLILHGE\(0&0
DQGPLJUDLQHSUHYHQWLYHWUHDWPHQWVWDWXVHYHUXVHG>SULRUDQGRUFXUUHQW@RUQHYHU
XVHG
1XPEHURI6XEMHFWV
$SSUR[LPDWHO\VXEMHFWVLQFOXGLQJDSSUR[LPDWHO\(0DQG&0VXEMHFWVZLOO
EHHQUROOHGLQWKHVWXG\ZLWKDSSUR[LPDWHO\VXEMHFWVUDQGRPL]HGWRHUHQXPDE
PJDQGVXEMHFWVUDQGRPL]HGWRSODFHERLQHDFKDUPDSSUR[LPDWHO\VXEMHFWV
ZLWK(0DQGVXEMHFWVZLWK&0
6XPPDU\RI6XEMHFW(OLJLELOLW\&ULWHULD
-DSDQHVHVXEMHFWVtWRd\HDUVRIDJHZLWKDKLVWRU\RIPLJUDLQHZLWKRUZLWKRXW
DXUDIRUtPRQWKVEHIRUHVFUHHQLQJDQGZKRH[SHULHQFH&0RU(0RYHUWKH
PRQWKVEHIRUHVFUHHQLQJ
)RUDIXOOOLVWRIHOLJLELOLW\FULWHULDSOHDVHUHIHUWR6HFWLRQWR6HFWLRQ
7UHDWPHQWV
,QYHVWLJDWLRQDOSURGXFWLHHUHQXPDEDQGRUSODFHERZLOOEHGRVHGHYHU\ZHHNV
4:VXEFXWDQHRXVO\6&'RXEOHEOLQGHUHQXPDEPJRUSODFHERZLOOEH
DGPLQLVWHUHGGXULQJWKHZHHN'%73LHDWGD\DQGZHHNVDQGDQG
HUHQXPDEPJZLOOEHDGPLQLVWHUHGGXULQJWKHZHHN2/73LHDWZHHNV
DQG(UHQXPDEZLOOEHSDFNDJHGDVPJLQP/SUHILOOHGV\ULQJHV
3ODFHERSUHILOOHGV\ULQJHVZLOOEHSDFNDJHGWRPDWFKHUHQXPDEEXWZLOOQRWFRQWDLQ
HUHQXPDE
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


,QYHVWLJDWLRQDOSURGXFWGRVHVDUHIL[HGDQGZLOOQRWEHDGMXVWHGIRULQGLYLGXDOVXEMHFWV
GXULQJWKHVWXG\7KHDQDWRPLFDOVLWHVIRUDGPLQLVWUDWLRQRILQYHVWLJDWLRQDOSURGXFWDUH
WKHXSSHUDUPXSSHUWKLJKRUDEGRPHQ
3URFHGXUHV
$IWHUVLJQLQJLQIRUPHGFRQVHQWVXEMHFWVZLOOHQWHUWKHVFUHHQLQJSHULRG7KHVFUHHQLQJ
SHULRGLVFRPSRVHGRIDQLQLWLDOVFUHHQLQJSHULRGXSWRZHHNVIROORZHGE\DZHHN
EDVHOLQHSHULRG$WWKHGD\YLVLWIROORZLQJWKHEDVHOLQHSHULRGHOLJLEOHVXEMHFWVZLOOEH
UDQGRPL]HGLQWRWKHZHHN'%73DQGZLOOEHJLQWRUHFHLYHGRXEOHEOLQGLQYHVWLJDWLRQDO
SURGXFW4:6&$WWKHZHHNYLVLWVXEMHFWVLQHDFKWUHDWPHQWJURXSZLOOEHJLQWR
UHFHLYHRSHQODEHOHUHQXPDEPJIRUWKHZHHN2/73$VDIHW\IROORZXSYLVLWZLOO
RFFXUZHHNVDIWHUWKHODVWGRVHRILQYHVWLJDWLRQDOSURGXFWZKLFKFDQRFFXUGXULQJWKH
'%73RU2/736XEMHFWVZLOOKDYHVFKHGXOHGLQFOLQLFVWXG\YLVLWVPRQWKO\IURPZHHN
WKURXJKWKHHQGRIWKH2/73
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWDOODGYHUVHHYHQWVREVHUYHGE\WKH
LQYHVWLJDWRURUUHSRUWHGE\WKHVXEMHFWWKDWRFFXUDIWHUILUVWGRVHRILQYHVWLJDWLRQDO
SURGXFWWKURXJKWKHVDIHW\IROORZXSYLVLWRUHQGRIVWXG\ZKLFKHYHULVODWHUDUHUHSRUWHG
XVLQJWKH(YHQWFDVHUHSRUWIRUP&5)
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWDOOVHULRXVDGYHUVHHYHQWVREVHUYHGE\
WKHLQYHVWLJDWRURUUHSRUWHGE\WKHVXEMHFWWKDWRFFXUDIWHUVLJQLQJRIWKHLQIRUPHG
FRQVHQWWKURXJKWKHVDIHW\IROORZXSYLVLWRUHQGRIVWXG\ZKLFKHYHULVODWHUDUHUHSRUWHG
XVLQJWKH(YHQW&5)
$OOVHULRXVDGYHUVHHYHQWVZLOOEHFROOHFWHGUHFRUGHGDQGUHSRUWHGWRWKHVSRQVRURU
GHVLJQHHZLWKLQKRXUV7KHLQYHVWLJDWRUZLOOVXEPLWDQ\XSGDWHGVHULRXVDGYHUVH
HYHQWGDWDWRWKHVSRQVRUZLWKLQKRXUVRILWEHLQJDYDLODEOH
)RUDIXOOOLVWRIVWXG\SURFHGXUHVLQFOXGLQJWKHWLPLQJRIHDFKSURFHGXUHSOHDVHUHIHUWR
6HFWLRQDQGWKH6FKHGXOHRI$FWLYLWLHVLQ7DEOHDQG7DEOH
6WDWLVWLFDO&RQVLGHUDWLRQV
7KHSULPDU\DQDO\VLVZLOOEHSHUIRUPHGZKHQWKHODVWVXEMHFWFRPSOHWHVWKH
DVVHVVPHQWVIRUZHHNRUWKHHDUO\WHUPLQDWLRQ(7YLVLWGXULQJWKH'%737KHILQDO
DQDO\VLVZLOOEHSHUIRUPHGDIWHUDOOVXEMHFWVKDYHFRPSOHWHGVDIHW\IROORZXSDWWKHHQG
RIWKHVWXG\


7KH
WUHDWPHQWHIIHFWDQGYDULDELOLW\DUHZHLJKWHGEDVHGRQWUHDWPHQWHIIHFWDQGYDULDELOLW\
HVWLPDWHVIURP-DSDQHVH(06WXG\DQGSLYRWDOJOREDO&06WXG\
5DQGRPL]LQJVXEMHFWVVXEMHFWVSHUWUHDWPHQWJURXSDSSUR[LPDWHO\IRU(0
DQGIRU&0ZLOODFFRXQWIRUGURSRXW
&RQWLQXRXVHIILFDF\HQGSRLQWVZLOOEHDQDO\]HGXVLQJWKHUHSHDWHGPHDVXUHVOLQHDU
PL[HGHIIHFWVPRGHOLQFOXGLQJWUHDWPHQWJURXSEDVHOLQHYDOXHVVWUDWLILFDWLRQIDFWRUV
VFKHGXOHGYLVLWDQGWKHLQWHUDFWLRQRIWUHDWPHQWJURXSZLWKVFKHGXOHGYLVLWZLWKRXWDQ\
LPSXWDWLRQRIPLVVLQJGDWDEH\RQGSURUDWLRQRIHOHFWURQLFGLDU\H'LDU\GDWDSHU
6HFWLRQXQGHUWKHPLVVLQJDWUDQGRP0$5DVVXPSWLRQRQPLVVLQJGDWD
PHFKDQLVP7KHOHDVWVTXDUHVPHDQV/60FKDQJHIURPEDVHOLQHZLWKWKH&,IRU
HDFKWUHDWPHQWJURXSWKHWUHDWPHQWGLIIHUHQFHHUHQXPDEPJSODFHERZLWKWKH
&,DQGSYDOXHZLOOEHUHSRUWHG
'LFKRWRPRXVHIILFDF\HQGSRLQWVZLOOEHDQDO\]HGXVLQJDVWUDWLILHG&RFKUDQ0DQWHO
+DHQV]HO&0+WHVWDIWHUWKHPLVVLQJGDWDDUHLPSXWHGDVQRQUHVSRQVH7KHRGGV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


UDWLRIRUHUHQXPDEPJJURXSYHUVXVSODFHERJURXSDVVRFLDWHG&,DQGSYDOXH
ZLOOEHUHSRUWHG
$VVDIHW\DQDO\VHVVXEMHFWLQFLGHQFHRIWUHDWPHQWHPHUJHQWDGYHUVHHYHQWVZLOOEH
WDEXODWHGE\WUHDWPHQWJURXSDQGE\V\VWHPRUJDQFODVVDQGSUHIHUUHGWHUP
0HDVXUHPHQWVRIVDIHW\ODERUDWRU\DQGYLWDOVLJQGDWDZLOOEHVXPPDUL]HGRYHUWLPHE\
WUHDWPHQWJURXSDQGODERUDWRU\VKLIWWDEOHVZLOOEHSURYLGHG$OOVDIHW\DQDO\VHVZLOOEH
SHUIRUPHGIRUWKH'%73DQGWKH2/73VHSDUDWHO\
)RUDIXOOGHVFULSWLRQRIVWDWLVWLFDODQDO\VLVPHWKRGVSOHDVHUHIHUWR6HFWLRQ
6SRQVRU1DPH$PJHQ,QF
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



6WXG\6FKHPDDQG6FKHGXOHRI$FWLYLWLHV

6WXG\6FKHPD
)LJXUH6WXG\6FKHPD



&0 FKURQLFPLJUDLQH(0 HSLVRGLFPLJUDLQHH'LDU\ HOHFWURQLFGLDU\,3 LQYHVWLJDWLRQDOSURGXFW4: HYHU\ZHHNV6& VXEFXWDQHRXVO\
'RXEOHEOLQG7UHDWPHQW3HULRG
ZHHNV
6FUHHQLQJ
3HULRG
XSWRZHHNV
6DIHW\)ROORZXS
ZHHNV
,QLWLDO
6FUHHQLQJ
3HULRG
XSWR
ZHHNV
%DVHOLQH
3HULRG
ZHHNV
3ODFHER4:6&
Q§
Q§
(UHQXPDEPJ4:6&
ZHHNVDIWHU
ODVWGRVHRI,3
(QUROOa(0VXEMHFWVDQGa&0
VXEMHFWV
5DQGRPL]DWLRQVWUDWLILHGZLWKLQ(0&0
DQGDFFRUGLQJWRPLJUDLQHSUHYHQWLYH
WUHDWPHQWVWDWXVHYHUXVHG>SULRU
DQGRUFXUUHQW@YHUVXVQHYHUXVHGZLWK
WUHDWPHQWDOORFDWLRQUDWLREHWZHHQ
HUHQXPDEPJDQGSODFHER
.H\LQFOXVLRQFULWHULDGXULQJ
EDVHOLQH
0LJUDLQHFULWHULD
x&0tKHDGDFKHGD\V
ZLWKtPLJUDLQHGD\V
x (0KHDGDFKHGD\V
ZLWKtPLJUDLQHGD\V
FRPSOLDQFHZLWKWKH
H'LDU\
2SHQODEHO
7UHDWPHQW3HULRG
ZHHNV
(UHQXPDEPJ4:6&
2SHQODEHO
7UHDWPHQW3HULRG
ZHHNV

$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



6FKHGXOHRI$FWLYLWLHV
7DEOH6FKHGXOHRI$FWLYLWLHV±6WXG\9LVLWV7KURXJK'RXEOHEOLQG7UHDWPHQW3HULRG
3URFHGXUH
6FUHHQLQJ3HULRG
XSWRZNV
'RXEOHEOLQG7UHDWPHQW3HULRGZNVD
)ROORZXS
,QLWLDO
6FUHHQLQJ
XSWR
ZNV
%DVHOLQH
3HULRG
ZNVD
'D\
:N
:N
:N
:N
:N
:N
(7E
6DIHW\ZNV
DIWHUODVWGRVHLQ
'%73LIVXEMHFW
GRHVQRWHQWHU
2/73(QGRI
6WXG\
:N
*(1(5$/$1'6$)(7<$66(660(176
,QIRUPHGFRQVHQW
;









&DOOVWR,57V\VWHP
;

;
;
;
;
;
;
;
;
(QWU\LQWRWKHEDVHOLQHSHULRG

;








,QFOXVLRQDQGH[FOXVLRQFULWHULD
;

;







5DQGRPL]DWLRQLQWRWKHGRXEOHEOLQG
WUHDWPHQWSHULRGF


;







'HPRJUDSKLFV
;









3K\VLFDOH[DPLQDWLRQ
;








;
3K\VLFDOPHDVXUHPHQWV
;

;





;

0HGLFDODQGPHGLFDWLRQKLVWRU\
;









+HSDWLWLV%DQG&VDPSOHFROOHFWLRQ
;









(&*
;

;
;
;
;


;

3DJHRI
)RRWQRWHVGHILQHGRQODVWSDJHRIWDEOH

$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


7DEOH6FKHGXOHRI$FWLYLWLHV±6WXG\9LVLWV7KURXJK'RXEOHEOLQG7UHDWPHQW3HULRG
3URFHGXUH
6FUHHQLQJ3HULRG
XSWRZNV
'RXEOHEOLQG7UHDWPHQW3HULRGZNVD
)ROORZXS
,QLWLDO
6FUHHQLQJ
XSWR
ZNV
%DVHOLQH
3HULRG
ZNVD
'D\
:N
:N
:N
:N
:N
:N
(7E
6DIHW\ZNV
DIWHUODVWGRVHLQ
'%73LIVXEMHFW
GRHVQRWHQWHU
2/73(QGRI
6WXG\
:N
*(1(5$/$1'6$)(7<$66(660(176&217
9LWDOVLJQV
;
;
;
;
;
;
;
;
;
;
$GYHUVHHYHQW
FROOHFWLRQUHFRUGLQJUHSRUWLQJ


;
;
;
;
;
;
;
;
6HULRXVDGYHUVHHYHQW
FROOHFWLRQUHFRUGLQJUHSRUWLQJG
;
;
;
;
;
;
;
;
;
;
$GYHUVHGHYLFHHIIHFWV


;
;
;
;
;
;
;
;
3URGXFWFRPSODLQWVUHFRUGLQJ


;
;
;
;
;
;
;
;
3ULRUFRQFRPLWDQWPHGLFDWLRQV
UHFRUGLQJ
;
;
;
;
;
;
;
;
/$%25$725<$66(660(176
8ULQHGUXJVFUHHQ
;
7HVWLQJDVQHHGHGWKURXJKRXWVWXG\EDVHGRQLQYHVWLJDWRU¶VFOLQLFDOVXVSLFLRQ

6HUXPSUHJQDQF\WHVWIHPDOHVRI
FKLOGEHDULQJSRWHQWLDORQO\±&HQWUDO
ODE
;








;
8ULQHSUHJQDQF\WHVWIHPDOHVRI
FKLOGEHDULQJSRWHQWLDORQO\±/RFDOODE


;
;
;
;
;
;
;

&KHPLVWU\KHPDWRORJ\
;

;
;

;


;
;
3DJHRI
)RRWQRWHVGHILQHGRQODVWSDJHRIWDEOH

$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


7DEOH6FKHGXOHRI$FWLYLWLHV±6WXG\9LVLWV7KURXJK'RXEOHEOLQG7UHDWPHQW3HULRG
3URFHGXUH
6FUHHQLQJ3HULRG
XSWRZNV
'RXEOHEOLQG7UHDWPHQW3HULRGZNVD
)ROORZXS
,QLWLDO
6FUHHQLQJ
XSWRZNV
%DVHOLQH
3HULRG
ZNVD
'D\
:N
:N
:N
:N
:N
:N
(7E
6DIHW\ZNV
DIWHUODVWGRVHLQ
'%73LIVXEMHFW
GRHVQRWHQWHU
2/73(QGRI
6WXG\
:N
/$%25$725<$66(660(176&217
8ULQDO\VLV
;







;

$QWLHUHQXPDEDQWLERG\VHUXP


;
;

;


;
;
678'<63(&,),&$66(660(176
6LWHDVVLJQVH'LDU\WRVXEMHFW

;








6XEMHFWEULQJVH'LDU\WRVLWHIRUXVH
GXULQJVWXG\YLVLW


;
;
;
;
;
;
;

3+$50$&2.,1(7,&$66(660(176
3.VDPSOLQJFROOHFWHGSUHGRVH


;
;
;
;


;

&/,1,&$/287&20($66(660(176
'DLO\GLDU\

;GDLO\

&6656
;
;
;
;
;
;
;
;
;
;
3DJHRI
)RRWQRWHVGHILQHGRQODVWSDJHRIWDEOH

$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


7DEOH6FKHGXOHRI$FWLYLWLHV±6WXG\9LVLWV7KURXJK'RXEOHEOLQG7UHDWPHQW3HULRG
3URFHGXUH
6FUHHQLQJ3HULRG
XSWRZNV
'RXEOHEOLQG7UHDWPHQW3HULRGZNVD
)ROORZXS
,QLWLDO
6FUHHQLQJ
XSWR
ZNV
%DVHOLQH
3HULRG
ZNVD
'D\
:N
:N
:N
:N
:N
:N
(7E
6DIHW\ZNV
DIWHUODVWGRVHLQ
'%73LIVXEMHFW
GRHVQRWHQWHU
2/73(QGRI
6WXG\
:N
&/,1,&$/287&20($66(660(176&217
%',
;

;





;

678'<75($70(17
$PJHQLQYHVWLJDWLRQDOSURGXFW
DGPLQLVWUDWLRQI


;
;
;
;
;
;


3DJHRI
)RRWQRWHVGHILQHGRQODVWSDJHRIWDEOH

$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


%', %HFN'HSUHVVLRQ,QYHQWRU\&2$V &OLQLFDO2XWFRPH$VVHVVPHQWV&6656 &ROXPELDVXLFLGH6HYHULW\5DWLQJ6FDOH'%73 GRXEOHEOLQGWUHDWPHQW
SHULRG(&* HOHFWURFDUGLRJUDPH'LDU\ HOHFWURQLFGLDU\(7 HDUO\WHUPLQDWLRQ
,57 LQWHUDFWLYHUHVSRQVHWHFKQRORJ\
2/73 RSHQODEHOWUHDWPHQWSHULRG:N ZHHN
D(DFKVWXG\YLVLWGXULQJWKHGRXEOHEOLQGWUHDWPHQWSHULRG'%73DQGVDIHW\IROORZXSYLVLWKDVDZLQGRZRIrFRQVHFXWLYHFDOHQGDUGD\V7KHGD\YLVLW
UDQGRPL]DWLRQGD\KDVDZLQGRZRIFRQVHFXWLYHFDOHQGDUGD\VWKHGD\YLVLWPXVWRFFXUWRGD\VDIWHUWKHZHHNYLVLWGDWH$OOVWXG\YLVLWWDUJHWGDWHV
DUHWREHFDOFXODWHGIURPWKHGD\YLVLWGDWH$OOVWXG\SURFHGXUHVIRUDJLYHQVWXG\YLVLWDUHWREHFRPSOHWHGRQWKHVDPHGD\
E$VXEMHFWZKRGLVFRQWLQXHVWKHVWXG\GXULQJWKH'%73ZLOOFRPSOHWHWKHZHHNHDUO\WHUPLQDWLRQ(7YLVLW
F5DQGRPL]DWLRQDQGDGPLQLVWUDWLRQRIWKHILUVWGRVHRILQYHVWLJDWLRQDOSURGXFWVKRXOGRFFXURQGD\
G6HULRXVDGYHUVHHYHQWVDUHWREHFROOHFWHGDIWHUVLJQLQJRIWKHLQIRUPHGFRQVHQWWKURXJKHQGRIVWXG\ZHHNVDIWHUWKHODVWGRVHRILQYHVWLJDWLRQDOSURGXFW
1RQVHULRXVDGYHUVHHYHQWVDUHWREHFROOHFWHGDIWHUWKHILUVWGRVHRILQYHVWLJDWLRQDOSURGXFWWKURXJKHQGRIVWXG\ZHHNVDIWHUWKHODVWGRVHRILQYHVWLJDWLRQDO
SURGXFW

I$GPLQLVWUDWLRQRILQYHVWLJDWLRQDOSURGXFWLVWREHDGPLQLVWHUHGODVWGXULQJHDFKYLVLWWKDWLWLVUHTXLUHG

$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


7DEOH6FKHGXOHRI$FWLYLWLHV6WXG\9LVLWV7KURXJK2SHQODEHO7UHDWPHQW3HULRGDQG6DIHW\)ROORZXS
3URFHGXUH
2SHQODEHO7UHDWPHQW3HULRGZNVD
)ROORZXSD
:N
FRQW
:N
:N
:N
:N
:N
:N
:N(7E
6DIHW\ZNVDIWHU
ODVWGRVHLQ
2/73(QGRI6WXG\
*(1(5$/$1'6$)(7<$66(660(176
&DOOVWR,57V\VWHP
;
;
;
;
;
;
;
;
;
(QWU\LQWRWKH2/73F
;








3K\VLFDOH[DPLQDWLRQ







;
%RG\ZHLJKWPHDVXUHPHQW







;
;
(&*







;

9LWDOVLJQV

;
;
;
;
;
;
;
;
$GYHUVHHYHQW
FROOHFWLRQUHFRUGLQJUHSRUWLQJ
;
;
;
;
;
;
;
;
;
6HULRXVDGYHUVHHYHQW
FROOHFWLRQUHFRUGLQJUHSRUWLQJG
;
;
;
;
;
;
;
;
;
$GYHUVHGHYLFHHIIHFWV
;
;
;
;
;
;
;
;
;
3URGXFWFRPSODLQWVUHFRUGLQJ
;
;
;
;
;
;
;
;
;
&RQFRPLWDQWPHGLFDWLRQV
UHFRUGLQJ

;
;
;
;
;
;
;
;
/$%25$725<$66(660(176
8ULQHGUXJVFUHHQ
7HVWLQJDVQHHGHGWKURXJKRXWVWXG\EDVHGRQLQYHVWLJDWRU¶VFOLQLFDOVXVSLFLRQ

3DJHRI
)RRWQRWHVGHILQHGRQODVWSDJHRIWDEOH

$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


7DEOH6FKHGXOHRI$FWLYLWLHV6WXG\9LVLWV7KURXJK2SHQODEHO7UHDWPHQW3HULRGDQG6DIHW\)ROORZXS
3URFHGXUH
2SHQODEHO7UHDWPHQW3HULRGZNVD
)ROORZXSD
:N
FRQW
:N
:N
:N
:N
:N
:N
:N(7E
6DIHW\ZNVDIWHU
ODVWGRVHLQ
2/73(QGRI6WXG\
/$%25$725<$66(660(176&217
6HUXPSUHJQDQF\WHVWIHPDOHVRI
FKLOGEHDULQJSRWHQWLDORQO\±
&HQWUDOODE








;
8ULQHSUHJQDQF\WHVWIHPDOHVRI
FKLOGEHDULQJSRWHQWLDORQO\±
/RFDOODE

;
;
;
;
;
;
;

&KHPLVWU\KHPDWRORJ\







;
;
$QWLHUHQXPDEDQWLERG\VHUXP

;

;



;
;
678'<63(&,),&$66(660(176
6XEMHFWEULQJVH'LDU\WRVLWHIRU
XVHGXULQJVWXG\YLVLW

;
;
;
;
;
;
;

3+$50$&2.,1(7,&$66(660(176
3.VDPSOLQJFROOHFWHGSUHGRVH

;

;



;

&/,1,&$/287&20($66(660(176
'DLO\GLDU\


;GDLO\IURPZHHNVWR


;GDLO\IURPZHHNV
WR

&6656

;
;
;
;
;
;
;
;
3DJHRI
)RRWQRWHVGHILQHGRQODVWSDJHRIWDEOH

$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


7DEOH6FKHGXOHRI$FWLYLWLHV6WXG\9LVLWV7KURXJK2SHQODEHO7UHDWPHQW3HULRGDQG6DIHW\)ROORZXS
3URFHGXUH
2SHQODEHO7UHDWPHQW3HULRGZNVD
)ROORZXSD
:N
FRQW
:N
:N
:N
:N
:N
:N
:N(7E
6DIHW\ZNVDIWHU
ODVWGRVHLQ
2/73(QGRI6WXG\
&/,1,&$/287&20($66(660(176&RQW
678'<75($70(17
$PJHQLQYHVWLJDWLRQDOSURGXFW
DGPLQLVWUDWLRQI
;
;
;
;
;
;
;


3DJHRI
&2$V &OLQLFDO2XWFRPH$VVHVVPHQWV&6656 &ROXPELDVXLFLGH6HYHULW\5DWLQJ6FDOH'%73 GRXEOHEOLQGWUHDWPHQWSHULRG(&* HOHFWURFDUGLRJUDP
H'LDU\ HOHFWURQLFGLDU\(7 HDUO\WHUPLQDWLRQ
,57 LQWHUDFWLYHUHVSRQVHWHFKQRORJ\

2/73 RSHQODEHOWUHDWPHQWSHULRG3. SKDUPDFRNLQHWLF:N ZHHN
D(DFKVWXG\YLVLWGXULQJWKHRSHQODEHOWUHDWPHQWSHULRG2/73KDVDZLQGRZRIFRQVHFXWLYHFDOHQGDUGD\V7KHVDIHW\IROORZXSYLVLWKDVDZLQGRZRI
FRQVHFXWLYHFDOHQGDUGD\V$OOVWXG\YLVLWWDUJHWGDWHVDUHWREHFDOFXODWHGIURPWKHGD\YLVLWGDWH$OOVWXG\SURFHGXUHVIRUDJLYHQVWXG\YLVLWDUHWREH
FRPSOHWHGRQWKHVDPHGD\
E$VXEMHFWZKRGLVFRQWLQXHVRSHQODEHOLQYHVWLJDWLRQDOSURGXFWRUWKHVWXG\GXULQJWKH2/73ZLOOFRPSOHWHWKHZHHNHDUO\WHUPLQDWLRQ(7YLVLW
F (QWU\LQWRWKH2/73XVLQJWKH,576\VWHPPXVWRFFXURQO\DIWHUFRPSOHWLRQRIDOO'%73SURFHGXUHVDQGSULRUWRWKHILUVWGRVHRIRSHQODEHOHUHQXPDE
G6HULRXVDGYHUVHHYHQWVDUHWREHFROOHFWHGDIWHUVLJQLQJRIWKHLQIRUPHGFRQVHQWWKURXJKHQGRIVWXG\ZHHNVDIWHUWKHODVWGRVHRILQYHVWLJDWLRQDOSURGXFW
1RQVHULRXVDGYHUVHHYHQWVDUHWREHFROOHFWHGDIWHUWKHILUVWGRVHRILQYHVWLJDWLRQDOSURGXFWWKURXJKHQGRIVWXG\ZHHNVDIWHUWKHODVWGRVHRILQYHVWLJDWLRQDO
SURGXFW

I$GPLQLVWUDWLRQRILQYHVWLJDWLRQDOSURGXFWLVWREHDGPLQLVWHUHGODVWGXULQJHDFKYLVLWWKDWLWLVUHTXLUHG

$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


7DEOH6FKHGXOHRI$FWLYLWLHV±2SWLRQDO,QWHUYLHZEDVHG6XEVWXG\
3URFHGXUH
:HHN
:HHN
6XEVWXG\LQIRUPHGFRQVHQW
;D

6XEVWXG\3DUWLFLSDWLRQ5HTXLUHPHQWV
;D

,QWHUYLHZE

;
D6LJQLQJRILQIRUPHGFRQVHQWDQGSDUWLFLSDWLRQVFUHHQLQJFDQRFFXUDQ\WLPHDWRUDIWHUWKH:HHNYLVLW
E,QWHUYLHZHUVZLOODWWHPSWWRFRQGXFWWKHLQWHUYLHZDVVRRQDVSRVVLEOHDQGZLWKLQEXVLQHVVGD\VDIWHU:HHNYLVLW

$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



,QWURGXFWLRQ

6WXG\5DWLRQDOH
0LJUDLQHSUHYHQWLRQLVDQDUHDRIDODUJHXQPHWPHGLFDOQHHGZLWKH[LVWLQJWKHUDSLHV
RIWHQKDYLQJPRGHVWHIILFDF\DQGSRRUWROHUDELOLW\&DOFLWRQLQJHQHUHODWHGSHSWLGH
&*53UHFHSWRUDQWDJRQLVPLVDQRYHODSSURDFKWRPLJUDLQHSUHYHQWLYHWKHUDS\
(UHQXPDELVDKXPDQPRQRFORQDODQWLERG\DJDLQVWFDQRQLFDO&*53UHFHSWRU7KH
SUHVHQWVWXG\LVDSKDVHFRQILUPDWRU\WULDOLQWHQGHGWRDVVHVVWKHHIILFDF\DQGVDIHW\
RIHUHQXPDEIRUSUHYHQWLRQRIPLJUDLQHLQ-DSDQHVHVXEMHFWVZLWKHSLVRGLFPLJUDLQH
(0DQGFKURQLFPLJUDLQH&0
7KHFXUUHQWVWXG\ZDVGHVLJQHGDFFRUGLQJWRWKHSULQFLSOHVRXWOLQHGLQWKH(XURSHDQ
0HGLFLQHV$JHQF\(0$*XLGHOLQHRQ&OLQLFDO,QYHVWLJDWLRQRI0HGLFLQDO3URGXFWVIRU
WKH7UHDWPHQWRI0LJUDLQH&+03(:35HYWKH,QWHUQDWLRQDO+HDGDFKH
6RFLHW\,+6*XLGHOLQHVIRU&RQWUROOHG7ULDOVRI'UXJVLQ0LJUDLQH7DVVRUHOOLHWDO
7IHOW+DQVHQHWDODQGEDVHGRQVFLHQWLILFDGYLFHREWDLQHGIURPWKH
3KDUPDFHXWLFDOVDQG0HGLFDO'HYLFHV$JHQF\30'$

%DFNJURXQG

'LVHDVH
0LJUDLQH
0LJUDLQHLVDGLVDEOLQJGLVRUGHUFKDUDFWHUL]HGE\SULPDU\UHFXUUHQWKHDGDFKHVZLWKRU
ZLWKRXWDXUDODVWLQJWRKRXUVZLWKDWOHDVWRIWKHIROORZLQJSDLQFKDUDFWHULVWLFV
XQLODWHUDOSXOVDWLQJPRGHUDWHRUVHYHUHLQWHQVLW\RUDJJUDYDWHGE\URXWLQHSK\VLFDO
DFWLYLW\,QDGGLWLRQWKHPLJUDLQHDWWDFNVDUHRIWHQDFFRPSDQLHGE\QDXVHDYRPLWLQJ
DQGVHQVLWLYLW\WROLJKWSKRWRSKRELDDQGVRXQGSKRQRSKRELD
0LJUDLQHLVDKLJKO\SUHYDOHQWGLVHDVHZRUOGZLGH7KHSUHYDOHQFHRIPLJUDLQHLV
DSSUR[LPDWHO\LQWKH86$LQ&DQDGDLQ(XURSHDQGLQ
-DSDQ6WRYQHUDQG$QGUHH/LSWRQHWDO6DNDLDQG,JDUDVKL
'HSHQGLQJRQWKHKHDGDFKHIUHTXHQF\PLJUDLQHLVGLYLGHGLQWREURDGIRUPVHSLVRGLF
PLJUDLQH(0DQGFKURQLFPLJUDLQH&0>,&+'@(SLVRGLFPLJUDLQHLVFKDUDFWHUL]HG
E\PLJUDLQHZLWKIHZHUWKDQKHDGDFKHGD\VSHUPRQWKZKLOH&0LVFKDUDFWHUL]HGE\
RUPRUHKHDGDFKHGD\VSHUPRQWKZKHUHDWOHDVWRIWKRVHGD\VDUHPLJUDLQH
GD\V(SLVRGLFPLJUDLQHDQG&0VKDUHPDQ\FRPPRQIHDWXUHVLQWHUPVRIWKHFOLQLFDO
SUHVHQWDWLRQZKLFKLQFOXGHWKHKHDGDFKHSDLQIHDWXUHVDQGDVVRFLDWHGV\PSWRPV
$OWKRXJK(0DQG&0DUHVRPHZKDWDUELWUDULO\GLVWLQJXLVKHGEDVHGRQPLJUDLQH
KHDGDFKHIUHTXHQF\QXPHURXVOLQHVRIHYLGHQFHVXSSRUWWKDWWKH\DUHDFRQWLQXXPRI
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


WKHVDPHGLVRUGHU1RWRQO\DUHFOLQLFDOV\PSWRPRORJLHVDQGIXQFWLRQDOLPSDLUPHQWV
YHU\VLPLODUEXWIXQFWLRQDOLPDJLQJUHVXOWVGHPRQVWUDWLQJWKDWVLPLODUDUHDVRIWKHEUDLQ
DUHLQYROYHGVXSSRUWDFRPPRQXQGHUO\LQJSDWKRSK\VLRORJ\$XURUDDQG
:LONLQVRQ$IULGLHWDO$XURUDHWDO:HOFKHWDO2QO\
DSSUR[LPDWHO\RISDWLHQWVUHFHLYHDQ\SUHYHQWLYHWKHUDS\GXHWROLPLWHGHIILFDF\DQG
VLJQLILFDQWWROHUDELOLW\DQGVDIHW\LVVXHVZLWKDYDLODEOHSUHYHQWLYHWKHUDSLHV0LJUDLQH
SUHYHQWLRQLVDQDUHDRIODUJHXQPHWPHGLFDOQHHG

$PJHQ,QYHVWLJDWLRQDO3URGXFW%DFNJURXQG(UHQXPDE
7KHVWXG\GUXJHUHQXPDELVDJHQHWLFDOO\UHFRPELQDQWGUXJPDQXIDFWXUHGXVLQJ
&KLQHVHKDPVWHURYDU\&+2FHOOOLQH(UHQXPDELVDKXPDQLPPXQRJOREXOLQ*
,J*WKDWLVGLUHFWHGDJDLQVWWKHFDQRQLFDO&*53UHFHSWRUFRPSOH[DQGLQKLELWVWKH
DFWLRQRI&*53&DOFLWRQLQJHQHUHODWHGSHSWLGHEHORQJVWRWKHFDOFLWRQLQIDPLO\RI
SHSWLGHVDQGLVH[SUHVVHGLQERWKWKHFHQWUDODQGSHULSKHUDOQHUYRXVV\VWHPV,WLV
SURPLQHQWO\LQYROYHGLQWKHSDWKRSK\VLRORJ\RIPLJUDLQHWKURXJKQRFLFHSWLYHPRGXODWLRQ
LQWKHWULJHPLQRYDVFXODUV\VWHP*RDGVE\HWDO7DMWLHWDO1RQFOLQLFDO
VWXGLHVZLWKHUHQXPDEGHPRQVWUDWHGWKDWLWELQGVWRDQGDQWDJRQL]HVERWKKXPDQDQG
F\QRPROJXVPRQNH\&*53UHFHSWRUVZLWKKLJKDIILQLW\DQGSRWHQF\(UHQXPDEKDV
EHHQGHYHORSHGIRUWKHSUHYHQWLRQRIPLJUDLQHLQDGXOWVEDVHGRQWKHREVHUYHGORQJ
VHUXPKDOIOLIHLQKXPDQVGD\VFOLQLFDOGDWDGHPRQVWUDWLQJWKDWVPDOOPROHFXOH
&*53UHFHSWRUDQWDJRQLVWVDUHHIIHFWLYHLQDFXWHPLJUDLQHUHYHUVDO+RHWDOD
+RHWDOESUHYHQWLRQ+RHWDODQGWKHVWURQJUDWLRQDOHIRU&*53¶V
DVVRFLDWLRQZLWKPLJUDLQHSDWKRSK\VLRORJ\*RDGVE\HWDO6XQHWDO
%HOODP\HWDO6DUFKLHOOLHWDO-XKDV]HWDO3HWHUVHQHWDO
/DVVHQHWDO7DMWLHWDO*DOODLHWDO*RDGVE\HWDO
*RDGVE\HWDO
$VRIWKHGDWHRIDSSURYDORIWKLVSURWRFROHUHQXPDEPJDQGPJVXEFXWDQHRXVO\
6&HYHU\ZHHNV4:RURQFHPRQWKO\40KDYHEHHQDSSURYHGLQWKH8QLWHG
6WDWHV86(XURSH$XVWUDOLDDQG6ZLW]HUODQGIRUWKHSUHYHQWLRQRIPLJUDLQHLQDGXOWV
$GHWDLOHGGHVFULSWLRQRIWKHFKHPLVWU\SKDUPDFRORJ\HIILFDF\DQGVDIHW\RIHUHQXPDE
LVSURYLGHGLQWKH,QYHVWLJDWRU¶V%URFKXUH

%HQHILW5LVN$VVHVVPHQW
7KHIROORZLQJEHQHILWULVNDVVHVVPHQWVXSSRUWVWKHFRQGXFWRIWKLVFOLQLFDOWULDO
5HIHUHQFHVKRXOGEHPDGHWRWKH,QYHVWLJDWRU¶V%URFKXUHIRUIXUWKHUGDWDRQHUHQXPDE
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



7KHUDSHXWLF&RQWH[W
7KHRYHUDOOSUHYDOHQFHRIPLJUDLQHLQ-DSDQKDVEHHQHVWLPDWHGWREHRIWKH
SRSXODWLRQ6DNDLDQG,JDUDVKL6HYHQW\IRXUSHUFHQWRIPLJUDLQHSDWLHQWV
IHHOGDLO\OLIHGLVWXUEDQFH+RZHYHULQ-DSDQRQO\DVPDOOQXPEHURISUHYHQWLYH
WKHUDSLHVDUHFXUUHQWO\LQGLFDWHGIRUPLJUDLQHDQGWKHDYDLODEOHRSWLRQVDUHLQVXIILFLHQW
0RUHRYHUSUHYHQWLRQVWUDWHJLHVIRUPLJUDLQHDUHIUHTXHQWO\EDVHGRQOLWHUDWXUHSXEOLVKHG
LQ1RUWK$PHULFDDQG(XURSH6KLPL]X$QLQWHUQDWLRQDOFURVVVHFWLRQDOVXUYH\RI
DGXOWVZLWKPLJUDLQHUHYHDOHGORZUDWHVRISUHYHQWLYHWKHUDS\XVHGXHWRGLVFRQWLQXDWLRQ
HLWKHUEHFDXVHRIODFNRIHIILFDF\DQGRUDGYHUVHHYHQWV%OXPHQIHOGHWDO

.H\%HQHILWV
*OREDOO\WKHWRWDOLW\RIUHVXOWVIURPWKHSLYRWDOVWXGLHVLQ&06WXG\
>LQFOXGLQJWKHRSHQODEHOH[WHQVLRQ6WXG\@DQG(06WXG\
SURYLGHVVXEVWDQWLDOHYLGHQFHIRUWKHHIILFDF\DQGVDIHW\RIHUHQXPDELQDGXOWVZLWK
PLJUDLQH)RU-DSDQWKHHYLGHQFHLVIXUWKHUVXSSRUWHGE\WKH-DSDQHVH(06WXG\
ZKLFKGHPRQVWUDWHGDVWDWLVWLFDOO\VLJQLILFDQWUHGXFWLRQLQFKDQJHIURP
EDVHOLQHRYHUPRQWKVDQGLQPRQWKO\PLJUDLQHGD\V00'IRUHUHQXPDEPJ
YHUVXVSODFHERZLWKDOHDVWVTXDUHVPHDQV/60&,YHUVXVSODFHER
RIGD\V6LJQLILFDQWO\PRUHVXEMHFWVLQWKHHUHQXPDEPJJURXS
DFKLHYHGDWOHDVWDUHGXFWLRQLQ00'IURPEDVHOLQHRYHUPRQWKVDQG
FRPSDUHGWRSODFHERYHUVXVUHVSHFWLYHO\)XUWKHUPRUHWKHUHZDVD
VWDWLVWLFDOO\VLJQLILFDQWJUHDWHUUHGXFWLRQLQFKDQJHIURPEDVHOLQHLQPHDQPRQWKO\DFXWH
PLJUDLQHVSHFLILFPHGLFDWLRQWUHDWPHQWGD\VRYHUPRQWKVDQGLQWKHHUHQXPDE
PJJURXSYHUVXVSODFHERZLWKD/60&,YHUVXVSODFHERRI
GD\VLQWKHHUHQXPDEPJJURXS7KHNH\EHQHILWVRIHUHQXPDEFRQVLVWRIUHVXOWVWKDW
LQFOXGHUHGXFWLRQLQIUHTXHQF\RI00'VUHGXFWLRQLQDFXWHPLJUDLQHVSHFLILFPHGLFDWLRQ
XVH

3DWLHQWUHSRUWHG2XWFRPH>352@DV
ZHOODVLPSURYHPHQWVLQDUDQJHRIRWKHU352VIDYRUDEOHWROHUDELOLW\RYHUWKHVWDQGDUG
RIFDUHORZWUHDWPHQWGLVFRQWLQXDWLRQUDWHVFRQYHQLHQFH40LQMHFWLRQVZLWKWKHRSWLRQ
RIVHOIDGPLQLVWUDWLRQDQGUDSLGRQVHWRIHIIHFW

.H\5LVNV
$VRIWKHWLPHRIWKHPDUNHWLQJDSSOLFDWLRQLQWKH86DQG(XURSHDQ8QLRQVXEMHFWV
ZLWKPLJUDLQHZHUHH[SRVHGWRHUHQXPDEPJRUPJ40IRUDWOHDVWPRQWKV
VXEMHFWVZHUHH[SRVHGIRUDWOHDVWPRQWKVDQGVXEMHFWVZHUHH[SRVHGIRU
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


DWOHDVWPRQWKV,QSODFHERFRQWUROOHGFOLQLFDOVWXGLHV6WXGLHV
DQGRISDWLHQWVSDWLHQWVUHFHLYHGDWOHDVWRQHGRVHRI
HUHQXPDEPJ40SDWLHQWVUHFHLYHGDWOHDVWRQHGRVHRIHUHQXPDEPJ
RQFHPRQWKO\DQGSDWLHQWVUHFHLYHGSODFHERGXULQJPRQWKVRUPRQWKVRI
GRXEOHEOLQGWUHDWPHQW
7KHPRVWFRPPRQDGYHUVHUHDFWLRQVLQWKHPLJUDLQHVWXGLHVZHUHLQMHFWLRQVLWH
UHDFWLRQVDQGFRQVWLSDWLRQ7DEOHVXPPDUL]HVDOODGYHUVHUHDFWLRQVWKDWRFFXUUHGLQ
HUHQXPDEWUHDWHGVXEMHFWVGXULQJWKHZHHNSODFHERFRQWUROOHGSHULRGRIWKHSRROHG
WULDOV0RVWDGYHUVHGUXJUHDFWLRQVZHUHPLOGRUPRGHUDWHLQVHYHULW\
7DEOH$GYHUVH5HDFWLRQV:LWK(UHQXPDE
6\VWHP2UJDQ
&ODVV
$GYHUVH
5HDFWLRQ
3UHIHUUHG
7HUP
)UHTXHQF\
&DWHJRU\
2YHUDOO
6XEMHFW
,QFLGHQFH
DWPJ
1 
Q
2YHUDOO
6XEMHFW
,QFLGHQFH
DWPJ
1 
Q
3ODFHER
6XEMHFW
,QFLGHQFH
1 
Q
1DWXUH
6HYHULW\
6HULRXVQHVV
RI(UHQXPDE
$UPV
*HQHUDO
GLVRUGHUVDQG
DGPLQLVWUDWLRQ
VLWHFRQGLWLRQV
LQMHFWLRQVLWH
UHDFWLRQVD
&RPPRQ
D
D
D

*DVWURLQWHVWLQDO
GLVRUGHUV
FRQVWLSDWLRQ
&RPPRQ




0XVFXORVNHOHWDO
DQGFRQQHFWLYH
WLVVXHGLVRUGHUV
PXVFOH
VSDVP
&RPPRQG



2QHJUDGH
HYHQW
ZDVUHSRUWHG
DOORWKHUVZHUH
JUDGHRUE
6NLQDQG
VXEFXWDQHRXV
WLVVXHGLVRUGHUV
SUXULWXVF
&RPPRQG
F
F


1RWH)UHTXHQF\LVSURYLGHGE\&RXQFLOIRU,QWHUQDWLRQDO2UJDQL]DWLRQVRI0HGLFDO6FLHQFHVFDWHJRU\
HJ9HU\&RPPRQt&RPPRQtDQGXQFRPPRQtDQGUDUHtDQG
YHU\UDUH
D,QMHFWLRQVLWHUHDFWLRQVLQFOXGHVPXOWLSOHSUHIHUUHGWHUPVVXFKDVLQMHFWLRQVLWHSDLQDQGLQMHFWLRQVLWH
HU\WKHPD
E6HYHULW\JUDGHVDUHEDVHGRQWKH&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH(YHQWV&7&$(*UDGH
PLOGJUDGHPRGHUDWHJUDGHVHYHUHRUPHGLFDOO\VLJQLILFDQWJUDGHOLIHWKUHDWHQLQJFRQVHTXHQFHV
JUDGHGHDWK
F3UXULWXVLQFOXGHVSUHIHUUHGWHUPVRIJHQHUDOL]HGSUXULWXVSUXULWXVDQGSUXULWLFUDVK
G)UHTXHQF\FDWHJRU\LVEDVHGRQWKHKLJKHVWIUHTXHQF\IRUHLWKHUWKHPJRUPJGRVHV
,QWKHSODFHERFRQWUROOHGPLJUDLQHVWXGLHVDQGRISDWLHQWVWUHDWHGZLWK
HUHQXPDEPJRUPJRUSODFHERUHVSHFWLYHO\GLVFRQWLQXHGGRXEOHEOLQG
WUHDWPHQWEHFDXVHRIDGYHUVHHYHQWV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



5LVNV
7KHUHLVQRLPSRUWDQWLGHQWLILHGULVNRULPSRUWDQWSRWHQWLDOULVNZLWKHUHQXPDE7KH
VDIHW\DQGHIILFDF\RIHUHQXPDEKDVQRWEHHQHVWDEOLVKHGLQPLJUDLQHSDWLHQWVZLWK
PDMRUFDUGLRYDVFXODUGLVHDVHP\RFDUGLDOLQIUDFWLRQ>0,@VWURNHWUDQVLHQWLVFKHPLF
DWWDFN>7,$@XQVWDEOHDQJLQDFRURQDU\DUWHU\E\SDVVVXUJHU\RURWKHUUHYDVFXODUL]DWLRQ
SURFHGXUHVZLWKLQPRQWKVSULRUWRVFUHHQLQJLQWKHORQJWHUPXVHRIHUHQXPDERULQ
HOGHUO\SDWLHQWV!\HDUVRIDJH

2EMHFWLYHV(QGSRLQWVDQG+\SRWKHVHV

2EMHFWLYHVDQG(QGSRLQWV

2EMHFWLYHV
(QGSRLQWV
3ULPDU\
x
7RHYDOXDWHWKHHIIHFWRIHUHQXPDEFRPSDUHG
WRSODFHERRQWKHFKDQJHIURPEDVHOLQHLQ
PHDQPRQWKO\PLJUDLQHGD\V00'
x
&KDQJHIURPEDVHOLQHLQPHDQ00'
RYHUPRQWKVDQGRIWKH
GRXEOHEOLQGWUHDWPHQWSHULRG'%73
3ULPDU\(VWLPDQG
7KHSULPDU\HVWLPDQGFRQVLVWVRI
x
7KHWDUJHWSRSXODWLRQZKLFKLV-DSDQHVHVXEMHFWVGLDJQRVHGZLWKPLJUDLQHZKRZHUH
UDQGRPL]HGUHFHLYHGDWOHDVWRQHGRVHRILQYHVWLJDWLRQDOSURGXFWDQGKDGDWOHDVW
FKDQJHIURPEDVHOLQHPHDVXUHPHQWLQ00'GXULQJWKH'%73
x
7KHSULPDU\HQGSRLQWZKLFKLVWKHFKDQJHIURPEDVHOLQHLQPHDQ00'RYHUPRQWKV
DQGRIWKH'%73
x
7KHVXPPDU\PHDVXUHZKLFKLVWKHPHDQGLIIHUHQFHRIWKHSULPDU\HQGSRLQWEHWZHHQ
$0*PJDQGSODFHERJURXSV
x
7KHLQWHUFXUUHQWHYHQWDGKHUHQFHWRWUHDWPHQWZLOOEHLJQRUHGDQGWKHSULPDU\HQGSRLQW
ZLOOEHDVVHVVHGIRUDOOVXEMHFWVLQWKHWDUJHWSRSXODWLRQUHJDUGOHVVRIDGKHUHQFHWR
WUHDWPHQW
6HFRQGDU\
x
7RHYDOXDWHWKHHIIHFWRIHUHQXPDEFRPSDUHG
WRSODFHERRQWKHSURSRUWLRQRIVXEMHFWVZLWK
DWOHDVWDUHGXFWLRQIURPEDVHOLQHLQ
PHDQ00'
x
$FKLHYHPHQWRIDWOHDVWD
UHGXFWLRQIURPEDVHOLQHLQPHDQ
00'RYHUPRQWKVDQGRIWKH
'%73
x
7RHYDOXDWHWKHHIIHFWRIHUHQXPDEFRPSDUHG
WRSODFHERRQWKHFKDQJHIURPEDVHOLQHLQ
PHDQPRQWKO\DFXWHPLJUDLQHVSHFLILF
PHGLFDWLRQWUHDWPHQWGD\V
x
&KDQJHIURPEDVHOLQHLQPHDQ
PRQWKO\DFXWHPLJUDLQHVSHFLILF
PHGLFDWLRQWUHDWPHQWGD\VRYHU
PRQWKVDQGRIWKH'%73
6DIHW\
x
7RHYDOXDWHWKHVDIHW\DQGWROHUDELOLW\RI
HUHQXPDE
x
6XEMHFWLQFLGHQFHRI
WUHDWPHQWHPHUJHQWDGYHUVHHYHQWV
x
&OLQLFDOODERUDWRU\YDOXHVDQGYLWDO
VLJQV
x
6XEMHFWLQFLGHQFHRIDQWLHUHQXPDE
DQWLERGLHV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


2EMHFWLYHV
(QGSRLQWV
([SORUDWRU\
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


2EMHFWLYHV
(QGSRLQWV
([SORUDWRU\FRQWLQXHG
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


2EMHFWLYHV
(QGSRLQWV
([SORUDWRU\FRQWLQXHG

+\SRWKHVHV
,QVXEMHFWVZLWKPLJUDLQHHUHQXPDEWUHDWPHQWUHVXOWVLQDJUHDWHUUHGXFWLRQIURP
EDVHOLQHLQPHDQ00'FRPSDUHGZLWKSODFHER

6WXG\'HVLJQ

2YHUDOO'HVLJQ
7KLVLVDSKDVHUDQGRPL]HGGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\LQVXEMHFWVZLWK
(0RU&0
7KHVWXG\LVFRPSRVHGRIDQLQLWLDOVFUHHQLQJSHULRGXSWRZHHNVDZHHNEDVHOLQH
SHULRGDZHHN'%73DZHHNRSHQODEHOWUHDWPHQWSHULRG2/73DQGDQZHHN
VDIHW\IROORZXSSHULRGZHHNVDIWHUWKHODVWGRVHRILQYHVWLJDWLRQDOSURGXFW
6XEMHFWVZLOOKDYHVFKHGXOHGLQFOLQLFVWXG\YLVLWVPRQWKO\IURPZHHNWKURXJKWKHHQG
RIWKH2/73
$SSUR[LPDWHO\HOLJLEOHVXEMHFWVLQFOXGLQJDSSUR[LPDWHO\(0DQG&0
VXEMHFWVZLOOEHUDQGRPL]HGWRHUHQXPDEPJRUSODFHERLQHDFKDUP
DSSUR[LPDWHO\VXEMHFWVZLWK(0DQGVXEMHFWVZLWK&0
5DQGRPL]DWLRQZLOORFFXUZKHQWKHVXEMHFWPHHWVDOOEDVHOLQHHOLJLELOLW\FULWHULDDQGSULRU
WRWKHILUVWLQYHVWLJDWLRQDOSURGXFWDGPLQLVWUDWLRQLQWKH'%735DQGRPL]DWLRQZLOOEH
VWUDWLILHGE\(0&0DQGPLJUDLQHSUHYHQWLYHWUHDWPHQWVWDWXVHYHUXVHG>SULRUDQGRU
FXUUHQW@RUQHYHUXVHG
,QYHVWLJDWLRQDOSURGXFWLHSODFHERRUHUHQXPDEZLOOEHGRVHG4:6&
7KHRYHUDOOVWXG\GHVLJQLVGHVFULEHGE\DVWXG\VFKHPDLQ6HFWLRQ7KHHQGSRLQWV
DUHGHILQHGLQ6HFWLRQ
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



1XPEHURI6XEMHFWV
3DUWLFLSDQWVLQWKLVFOLQLFDOLQYHVWLJDWLRQVKDOOEHUHIHUUHGWRDV³VXEMHFWV´$SSUR[LPDWHO\
VXEMHFWVLQFOXGLQJDSSUR[LPDWHO\(0DQG&0VXEMHFWVZLOOEHHQUROOHGLQ
WKHVWXG\ZLWKDSSUR[LPDWHO\VXEMHFWVUDQGRPL]HGWRHUHQXPDEPJDQG
VXEMHFWVUDQGRPL]HGWRSODFHERLQHDFKDUPDSSUR[LPDWHO\VXEMHFWVZLWK(0
DQGVXEMHFWVZLWK&0
)RUWKHVDPSOHVL]HMXVWLILFDWLRQVHH6HFWLRQ

5HSODFHPHQWRI6XEMHFWV
6XEMHFWVZKRDUHZLWKGUDZQRUUHPRYHGIURPWUHDWPHQWRUWKHVWXG\ZLOOQRWEHUHSODFHG

1XPEHURI6LWHV
$SSUR[LPDWHO\LQYHVWLJDWLYHVLWHVLQ-DSDQZLOOEHLQFOXGHGLQWKHVWXG\6LWHVWKDWGR
QRWHQUROOVXEMHFWVZLWKLQPRQWKVRIVLWHLQLWLDWLRQPD\EHFORVHG

(QGRI6WXG\

(QGRI6WXG\'HILQLWLRQ
3ULPDU\&RPSOHWLRQ7KHSULPDU\FRPSOHWLRQGDWHLVGHILQHGDVWKHGDWHZKHQWKHODVW
VXEMHFWLVDVVHVVHGRUUHFHLYHVDQLQWHUYHQWLRQIRUWKHILQDOFROOHFWLRQRIGDWDIRUWKH
SULPDU\HQGSRLQWVIRUWKHSXUSRVHVRIFRQGXFWLQJWKHSULPDU\DQDO\VLVZKHWKHUWKH
VWXG\FRQFOXGHGDVSODQQHGLQWKHSURWRFRORUZDVWHUPLQDWHGHDUO\
7KHSULPDU\FRPSOHWLRQGDWHLVWKHGDWHZKHQWKHODVWVXEMHFWKDVFRPSOHWHGWKH
DVVHVVPHQWVIRUZHHNRULVGLVFRQWLQXHGIURPWKHVWXG\
,IWKHVWXG\FRQFOXGHVSULRUWRWKHSULPDU\FRPSOHWLRQGDWHRULJLQDOO\SODQQHGLQWKH
SURWRFROLHHDUO\WHUPLQDWLRQRIWKHVWXG\WKHQWKHSULPDU\FRPSOHWLRQZLOOEHWKHGDWH
ZKHQWKHODVWVXEMHFWLVDVVHVVHGRUUHFHLYHVDQLQWHUYHQWLRQIRUHYDOXDWLRQLQWKHVWXG\
LHODVWVXEMHFWODVWYLVLW
(QGRI6WXG\7KHHQGRIVWXG\GDWHLVGHILQHGDVWKHGDWHZKHQWKHODVWVXEMHFW
DFURVVDOOVLWHVLVDVVHVVHGRUUHFHLYHVDQLQWHUYHQWLRQIRUHYDOXDWLRQLQWKHVWXG\
LHODVWVXEMHFWODVWYLVLWIROORZLQJDQ\DGGLWLRQDOSDUWVLQWKHVWXG\HJORQJWHUP
IROORZXSDVDSSOLFDEOH
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



6WXG\'XUDWLRQIRU6XEMHFWV
7KHSODQQHGOHQJWKRISDUWLFLSDWLRQLQWKHVWXG\IRUDQLQGLYLGXDOVXEMHFWLVXSWR
ZHHNVZKLFKLQFOXGHVWKHIROORZLQJ
x
VFUHHQLQJSHULRGXSWRZHHNV
x
ZHHNEDVHOLQHSHULRG
x
ZHHN'%73
x
ZHHN2/73
x
ZHHNVDIHW\IROORZXSSHULRGZHHNVDIWHUWKHODVWGRVHRILQYHVWLJDWLRQDO
SURGXFW

-XVWLILFDWLRQIRU,QYHVWLJDWLRQDO3URGXFW'RVH
(UHQXPDEPJZLOOEHHYDOXDWHGLQWKHSUHVHQWVWXG\6XEMHFWVZLOOUHFHLYHHLWKHU
HUHQXPDEPJRUSODFHER4:6&IRUZHHNVLQWKH'%73IROORZHGE\DZHHN
2/73GXULQJZKLFKDOOVXEMHFWVZLOOUHFHLYHHUHQXPDEPJ4:6&7KHUDWLRQDOHIRU
WKHGRVHLVEDVHGRQUHVXOWVIURPWKH-DSDQSKDVH(06WXG\DQGWKHJOREDO
SLYRWDO&06WXG\
6WXG\UDQGRPL]HG-DSDQHVH(0VXEMHFWVWRUHFHLYHSODFHERHUHQXPDE
RUPJLQDUDWLRRYHUDZHHN'%737KHUHZDVDVWDWLVWLFDOO\
VLJQLILFDQWJUHDWHUUHGXFWLRQLQWKHFKDQJHIURPEDVHOLQHLQPHDQ00'RYHUWKHODVW
PRQWKVPRQWKVDQGRIWKH'%73IRUHUHQXPDEDQGPJFRPSDUHG
WRSODFHER7KHGLIIHUHQFHLQ/60&,YHUVXVSODFHERZDV
GD\VGD\VDQGGD\VIRUHUHQXPDEDQG
PJUHVSHFWLYHO\S IRUPJSIRUPJDQGPJ7KH
SURSRUWLRQRIVXEMHFWVZKRDFKLHYHGDWOHDVWDUHGXFWLRQLQPHDQ00'IURP
EDVHOLQHRYHUWKHODVWPRQWKVPRQWKVDQGRIWKH'%73ZDV
DQGIRUWKHSODFHERHUHQXPDEDQGPJJURXSVUHVSHFWLYHO\
UHVXOWVZHUHVWDWLVWLFDOO\VLJQLILFDQWIRUHDFKHUHQXPDEJURXSYHUVXVSODFHERS 
IRUPJSIRUPJDQGPJ)XUWKHUPRUHIRUWKHHQGSRLQWRIFKDQJH
IURPEDVHOLQHLQPHDQPRQWKO\DFXWHPLJUDLQHVSHFLILFPHGLFDWLRQWUHDWPHQWGD\VRYHU
WKHODVWPRQWKVPRQWKVDQGRIWKH'%73WKHGLIIHUHQFHLQ/60&,
YHUVXVSODFHERZDVGD\VGD\VDQG
GD\VIRUHUHQXPDEDQGPJUHVSHFWLYHO\S IRU
PJSIRUPJDQGPJ
'XULQJWKH'%73WUHDWPHQWHPHUJHQWDGYHUVHHYHQWVZHUHUHSRUWHGLQ
DQGRIVXEMHFWVIRUWKHSODFHERHUHQXPDEDQGPJJURXSV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


UHVSHFWLYHO\7KHSHUFHQWDJHRIVXEMHFWVZLWKDVHULRXVDGYHUVHHYHQWZDV
DQGLQWKHSODFHERHUHQXPDEDQGPJWUHDWPHQWJURXSV
UHVSHFWLYHO\,QWKHSODFHERJURXSVXEMHFWKDGDQDGYHUVHHYHQWOHDGLQJWR
ZLWKGUDZDORILQYHVWLJDWLRQDOSURGXFWZKLOHVXEMHFWVLQWKHHUHQXPDEPJ
JURXSKDGDGYHUVHHYHQWVOHDGLQJWRZLWKGUDZDORILQYHVWLJDWLRQDOSURGXFW1RVXEMHFWLQ
WKHHUHQXPDEPJDQGPJJURXSVKDGDQDGYHUVHHYHQWOHDGLQJWRZLWKGUDZDORI
LQYHVWLJDWLRQDOSURGXFW1RIDWDOWUHDWPHQWHPHUJHQWDGYHUVHHYHQWVZHUHUHSRUWHG
7KHPRVWFRPPRQHYHQWVtRIVXEMHFWVLQDOOHUHQXPDEJURXSVFRPELQHGDUHOLVWHG
LQ7DEOH
7DEOH7UHDWPHQWHPHUJHQW$GYHUVH(YHQWV2FFXUULQJLQtRI6XEMHFWVLQ
WKH$OO(UHQXPDE*URXSLQWKH'RXEOHEOLQG7UHDWPHQW3HULRGE\3UHIHUUHG7HUP
6DIHW\$QDO\VLV6HW
3UHIHUUHG7HUP
3ODFHER
1 
Q
(UHQXPDE
PJ
1 
Q
PJ
1 
Q
PJ
1 
Q
$OO
HUHQXPDE
1 
Q
1XPEHURIVXEMHFWVUHSRUWLQJ
WUHDWPHQWHPHUJHQWDGYHUVH
HYHQWV





1DVRSKDU\QJLWLV





&RQVWLSDWLRQ





3KDU\QJLWLV





%DFNSDLQ





'HQWDOFDULHV





*DVWURHQWHULWLV





$EGRPLQDOSDLQXSSHU





 Q1[0HG'5$ 0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV1 QXPEHURIVXEMHFWVLQWKH
DQDO\VLVVHWQ QXPEHURIVXEMHFWVUHSRUWLQJDWOHDVWRQHRFFXUUHQFHRIDQDGYHUVHHYHQWLQWKDWFODVV
&RGHGXVLQJ0HG'5$YHUVLRQ
6RXUFH6WXG\3ULPDU\$QDO\VLV&65
,Q6WXG\WKHIUHTXHQFLHVRIDGYHUVHHYHQWVVHULRXVDGYHUVHHYHQWVDQG
DGYHUVHHYHQWVOHDGLQJWRGLVFRQWLQXDWLRQRILQYHVWLJDWLRQDOSURGXFWZHUHVLPLODUDFURVV
WKHSODFHERHUHQXPDEDQGPJWUHDWPHQWJURXSVGXULQJWKH'%732YHUDOO
ZLWKWKHH[FHSWLRQRIFRQVWLSDWLRQZKLFKRFFXUUHGDWDKLJKHULQFLGHQFHLQWKHHUHQXPDE
PJDQGPJGRVHJURXSVFRPSDUHGZLWKHLWKHUSODFHERRUHUHQXPDEPJ
WUHDWPHQWJURXSWKHUHZHUHQRQRWDEOHGLIIHUHQFHVLQWKHLQFLGHQFHVHYHULW\RUQDWXUH
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


RIDGYHUVHHYHQWVEHWZHHQWKHWUHDWPHQWJURXSVSODFHERDQG$OOHUHQXPDE7KHUH
ZHUHQRRWKHUVLJQLILFDQWGRVHGHSHQGHQWDGYHUVHHYHQWV
6WXG\ZDVDZHHNGRXEOHEOLQGSODFHERFRQWUROOHGVWXG\LQZKLFK&0
VXEMHFWVZHUHUDQGRPL]HGLQDUDWLRWRSODFHERHUHQXPDEPJRUPJ
7KHUHZDVDVWDWLVWLFDOO\VLJQLILFDQWJUHDWHUPHDQUHGXFWLRQLQWKHFKDQJHLQ00'IURP
EDVHOLQHWRWKHODVWZHHNVRIWKHZHHN'%73IRU$0*PJDQGPJ
FRPSDUHGZLWKSODFHER7KHGLIIHUHQFHLQ/60&,YHUVXVSODFHER
ZDVííGD\VDQGíííGD\VIRUHUHQXPDEPJDQG
PJUHVSHFWLYHO\SIRUERWKGRVHV7KHSURSRUWLRQRIVXEMHFWVZLWKDWOHDVW
DUHGXFWLRQLQ00'IURPEDVHOLQHWRWKHODVWZHHNVRIWKH'%73ZDV
DQGIRUWKHSODFHERHUHQXPDEPJDQGHUHQXPDEPJ
JURXSVUHVSHFWLYHO\UHVXOWVZHUHVWDWLVWLFDOO\VLJQLILFDQWIRUHDFKHUHQXPDEJURXS
YHUVXVSODFHERSIRUERWKGRVHV)XUWKHUPRUHIRUWKHHQGSRLQWRIFKDQJHLQ
PRQWKO\DFXWHPLJUDLQHVSHFLILFPHGLFDWLRQWUHDWPHQWGD\VIURPEDVHOLQHWRWKHODVW
ZHHNVRIWKH'%73WKHGLIIHUHQFHLQ/60&,YHUVXVSODFHERZDV
íííGD\VDQGíííGD\VIRUHUHQXPDEPJDQG
PJUHVSHFWLYHO\SIRUERWKGRVHV
7KHRYHUDOOSHUFHQWDJHRIVXEMHFWVZLWKDWUHDWPHQWHPHUJHQWDGYHUVHHYHQWZDV
DQGIRUWKHSODFHERHUHQXPDEPJDQGHUHQXPDEPJ
JURXSVUHVSHFWLYHO\7KHRYHUDOOSHUFHQWDJHRIVXEMHFWVZLWKDVHULRXVDGYHUVHHYHQW
ZDVDQGIRUWKHSODFHERHUHQXPDEPJDQGHUHQXPDEPJ
JURXSVUHVSHFWLYHO\7ZRVXEMHFWVLQWKHSODFHERJURXSVXEMHFWVLQWKH
HUHQXPDEPJJURXSDQGVXEMHFWVLQWKHHUHQXPDEPJJURXSKDG
DGYHUVHHYHQWVOHDGLQJWRZLWKGUDZDORILQYHVWLJDWLRQDOSURGXFW1RIDWDO
WUHDWPHQWHPHUJHQWDGYHUVHHYHQWVZHUHUHSRUWHG7KHPRVWFRPPRQHYHQWV
tRIVXEMHFWVLQDOOHUHQXPDEVXEMHFWVFRPELQHGDUHOLVWHGLQ7DEOH
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


7DEOH7UHDWPHQWHPHUJHQW$GYHUVH(YHQWV2FFXUULQJLQtRI6XEMHFWVLQ
WKH$OO(UHQXPDE*URXS3UHIHUUHG7HUP6DIHW\$QDO\VLV6HW
3UHIHUUHG7HUP
3ODFHER
1 
Q
(UHQXPDE
PJ
1 
Q
PJ
1 
Q
$OO
HUHQXPDE
1 
Q
1XPEHURIVXEMHFWVUHSRUWLQJ
WUHDWPHQWHPHUJHQWDGYHUVHHYHQWV




,QMHFWLRQVLWHSDLQ




8SSHUUHVSLUDWRU\WUDFWLQIHFWLRQ




1DXVHD




1DVRSKDU\QJLWLV




&RQVWLSDWLRQ




0XVFOHVSDVPV




0LJUDLQH




1 QXPEHURIVXEMHFWVLQWKHDQDO\VLVVHWQ QXPEHURIVXEMHFWVUHSRUWLQJDWOHDVWRQHRFFXUUHQFHRIDQ
DGYHUVHHYHQWLQWKDWFODVV Q1
&RGHGXVLQJ0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV0HG'5$YHUVLRQ
6RXUFH6WXG\)LQDO$QDO\VLV&65
7KHIUHTXHQFLHVRIDGYHUVHHYHQWVVHULRXVDGYHUVHHYHQWVDQGDGYHUVHHYHQWVOHDGLQJ
WRGLVFRQWLQXDWLRQRILQYHVWLJDWLRQDOSURGXFWZHUHVLPLODUDFURVVWKHSODFHERHUHQXPDE
PJDQGHUHQXPDEPJJURXSV
7KHGRVHRIPJHUHQXPDELQWKLVVWXG\LVVXSSRUWHGE\FRPSDUDEOHHIILFDF\
REVHUYHGEHWZHHQPJDQGPJLQ6WXG\UHVXOWVIURP6WXG\
GHPRQVWUDWLQJPD[LPDOHIILFDF\IRUPJZLWKQRLQFUHPHQWDOHIILFDF\IRUPJLQWKH
SULPDU\DQGVHFRQGDU\HQGSRLQWVDQGVLPLODUVDIHW\SURILOHVRIWKHPJDQGPJ
GRVHVLQ6WXG\DQG6WXG\

3DWLHQW,QSXWRQ6WXG\'HVLJQ
3DWLHQWLQSXWZDVQRWFROOHFWHGGXULQJWKHVWXG\GHVLJQ

'HILQLWLRQVRI7HUPV,QFOXGHGLQ(QGSRLQWV
0LJUDLQH'D\$Q\FDOHQGDUGD\LQZKLFKWKHVXEMHFWH[SHULHQFHVDTXDOLILHGPLJUDLQH
KHDGDFKHRQVHWFRQWLQXDWLRQRUUHFXUUHQFHRIWKHPLJUDLQHKHDGDFKH$TXDOLILHG
PLJUDLQHKHDGDFKHLVGHILQHGDVDPLJUDLQHZLWKRUZLWKRXWDXUDODVWLQJIRUtKRXUV
DQGPHHWLQJDWOHDVWRIWKHIROORZLQJFULWHULD
 tRIWKHIROORZLQJSDLQIHDWXUHV
x
XQLODWHUDO
x
WKUREELQJ
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


x
PRGHUDWHWRVHYHUH
x
H[DFHUEDWHGZLWKH[HUFLVHSK\VLFDODFWLYLW\
 tRIWKHIROORZLQJDVVRFLDWHGV\PSWRPV
x
QDXVHD
x
YRPLWLQJ
x
SKRWRSKRELDDQGSKRQRSKRELD
,IWKHVXEMHFWWRRNDPLJUDLQHVSHFLILFPHGLFDWLRQLHWULSWDQRUHUJRWDPLQHGXULQJDXUD
RUWRWUHDWKHDGDFKHRQDFDOHQGDUGD\WKHQLWZLOOEHFRXQWHGDVDPLJUDLQHGD\
UHJDUGOHVVRIWKHGXUDWLRQDQGSDLQIHDWXUHVDVVRFLDWHGV\PSWRPV
+HDGDFKH'D\$Q\FDOHQGDUGD\LQZKLFKWKHVXEMHFWH[SHULHQFHVDTXDOLILHG
KHDGDFKHLQLWLDORQVHWFRQWLQXDWLRQRUUHFXUUHQFHRIWKHKHDGDFKH$TXDOLILHG
KHDGDFKHLVGHILQHGDV
x
DTXDOLILHGPLJUDLQHKHDGDFKHLQFOXGLQJDQDXUDRQO\HYHQWWKDWLVWUHDWHGZLWKDFXWH
PLJUDLQHVSHFLILFPHGLFDWLRQ
x
RUDTXDOLILHGQRQPLJUDLQHKHDGDFKHZKLFKLVDKHDGDFKHWKDWODVWVtKRXUVDQG
LVQRWDTXDOLILHGPLJUDLQHKHDGDFKH
x
RUDKHDGDFKHRIDQ\GXUDWLRQIRUZKLFKDFXWHKHDGDFKHWUHDWPHQWLVDGPLQLVWHUHG
$FXWH+HDGDFKH0HGLFDWLRQ7UHDWPHQW'D\$Q\FDOHQGDUGD\GXULQJZKLFKWKH
VXEMHFWWRRNDQDFXWHKHDGDFKHPHGLFDWLRQPLJUDLQHVSHFLILFRUQRWPLJUDLQHVSHFLILF
$FXWH0LJUDLQHVSHFLILF0HGLFDWLRQ7UHDWPHQW'D\$Q\FDOHQGDUGD\GXULQJZKLFK
WKHVXEMHFWWRRNDPLJUDLQHVSHFLILFPHGLFDWLRQLHWULSWDQRUHUJRWDPLQH
0RQWKO\(OHFWURQLF'LDU\H'LDU\'DWD'DWDFROOHFWHGE\WKHH'LDU\LQDQ\
FRQVHFXWLYHGD\LQWHUYDOUHODWLYHWRVWXG\GD\ZKHQDWOHDVWGD\VRIH'LDU\GDWD
DUHFROOHFWHGZLWKLQWKDWFRQVHFXWLYHGD\LQWHUYDO0RQWKO\IUHTXHQF\PHDVXUHPHQWV
ZLOOEHSURUDWHGWRGD\HTXLYDOHQWV

6WXG\3RSXODWLRQ
,QYHVWLJDWRUVZLOOEHH[SHFWHGWRPDLQWDLQDVFUHHQLQJORJRIDOOSRWHQWLDOVWXG\
FDQGLGDWHVWKDWLQFOXGHVOLPLWHGLQIRUPDWLRQDERXWWKHSRWHQWLDOFDQGLGDWHHJGDWHRI
VFUHHQLQJ7KLVORJPD\EHFRPSOHWHGDQGXSGDWHGYLDDQ,QWHUDFWLYH5HVSRQVH
7HFKQRORJ\,57
3DUWHOLJLELOLW\FULWHULDZLOOEHHYDOXDWHGGXULQJVFUHHQLQJ$WWKHHQGRIVFUHHQLQJ
SHULRGVXEMHFWVZKRVXFFHVVIXOO\PHWHOLJLELOLW\FULWHULDZLOOXQGHUJRDZHHNEDVHOLQH
SHULRG$WWKHHQGRI3DUWHOLJLELOLW\UHTXLUHPHQWVZLOOWKHQEHDVVHVVHG
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


%HIRUHDQ\VWXG\VSHFLILFDFWLYLWLHVSURFHGXUHVWKHDSSURSULDWHZULWWHQLQIRUPHGFRQVHQW
PXVWEHREWDLQHGVHH6HFWLRQ
3URVSHFWLYHDSSURYDORISURWRFROGHYLDWLRQVWRUHFUXLWPHQWDQGHQUROOPHQWFULWHULDDOVR
NQRZQDVSURWRFROZDLYHUVRUH[HPSWLRQVZLOOQRWEHSURYLGHG

,QFOXVLRQ&ULWHULD3DUW
7KHVHLQFOXVLRQFULWHULDDUHWREHDVVHVVHGGXULQJWKHVFUHHQLQJSHULRGSULRUWR
HQUROOPHQWLQWRWKHEDVHOLQHSHULRG

6XEMHFWKDVSURYLGHGLQIRUPHGFRQVHQWDVVHQWSULRUWRLQLWLDWLRQRIDQ\VWXG\
VSHFLILFDFWLYLWLHVSURFHGXUHV

-DSDQHVHVXEMHFWVtWRd\HDUVRIDJHXSRQHQWU\LQWRVFUHHQLQJ

+LVWRU\RIPLJUDLQHZLWKRUZLWKRXWDXUDIRUtPRQWKVEHIRUHVFUHHQLQJ
DFFRUGLQJWRWKH,QWHUQDWLRQDO+HDGDFKH6RFLHW\&ODVVLILFDWLRQ,&+'
+HDGDFKH&ODVVLILFDWLRQ&RPPLWWHHRIWKH,QWHUQDWLRQDO+HDGDFKH
6RFLHW\EDVHGRQPHGLFDOUHFRUGVDQGRUSDWLHQWVHOIUHSRUW

0LJUDLQHIUHTXHQF\&0RU(0RYHUWKHPRQWKVEHIRUHVFUHHQLQJUHIHUWR
6HFWLRQIRUGHILQLWLRQRIPLJUDLQHGD\EDVHGRQWKHIROORZLQJFULWHULD
D&0LVGHILQHGDVtKHDGDFKHGD\VSHUPRQWKRIZKLFKtKHDGDFKHGD\V
PHHWFULWHULDDVPLJUDLQHGD\VRQDYHUDJHDFURVVWKHPRQWKV
E(0LVGHILQHGDVKHDGDFKHGD\VSHUPRQWKRIZKLFKtKHDGDFKHGD\V
PHHWFULWHULDDVPLJUDLQHGD\VRQDYHUDJHDFURVVWKHPRQWKV

([FOXVLRQ&ULWHULD3DUW
6XEMHFWVDUHH[FOXGHGIURPWKHVWXG\LIDQ\RIWKHIROORZLQJFULWHULDDSSO\
'LVHDVH5HODWHG

6XEMHFWV!\HDUVRIDJHDWPLJUDLQHRQVHW

+LVWRU\RIFOXVWHUKHDGDFKHRUKHPLSOHJLFPLJUDLQHKHDGDFKH

8QDEOHWRGLIIHUHQWLDWHPLJUDLQHIURPRWKHUKHDGDFKHV

0LJUDLQHZLWKFRQWLQXRXVSDLQLQZKLFKWKHVXEMHFWGRHVQRWH[SHULHQFHDQ\
SDLQIUHHSHULRGVRIDQ\GXUDWLRQGXULQJWKHPRQWKEHIRUHWKHVFUHHQLQJ
SHULRG
2WKHU0HGLFDO&RQGLWLRQV

0DOLJQDQF\H[FHSWQRQPHODQRPDVNLQFDQFHUVFHUYLFDORUEUHDVWGXFWDO
FDUFLQRPDLQVLWXZLWKLQWKHODVW\HDUV

+LVWRU\RIPDMRUSV\FKLDWULFGLVRUGHUVXFKDVVFKL]RSKUHQLDDQGELSRODU
GLVRUGHURUFXUUHQWHYLGHQFHRIGHSUHVVLRQEDVHGRQD%HFN'HSUHVVLRQ
,QYHQWRU\%',WRWDOVFRUH!DWVFUHHQLQJ6XEMHFWVZLWKDQ[LHW\GLVRUGHU
DQGRUPDMRUGHSUHVVLYHGLVRUGHUDUHSHUPLWWHGLQWKHVWXG\LIWKH\DUH
FRQVLGHUHGE\WKHLQYHVWLJDWRUWREHVWDEOHZLWK%',dDQGDUHWDNLQJQR
PRUHWKDQPHGLFDWLRQIRUHDFKGLVRUGHU6XEMHFWVPXVWKDYHEHHQRQDVWDEOH
GRVHZLWKLQWKHPRQWKVSULRUWRWKHVWDUWRIWKHEDVHOLQHSHULRG
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



+LVWRU\RIVHL]XUHGLVRUGHURURWKHUVLJQLILFDQWQHXURORJLFDOFRQGLWLRQVRWKHUWKDQ
PLJUDLQH1RWH$VLQJOHFKLOGKRRGIHEULOHVHL]XUHLVQRWH[FOXVLRQDU\

7KHVXEMHFWLVDWULVNRIVHOIKDUPRUKDUPWRRWKHUVDVHYLGHQFHGE\SDVWVXLFLGDO
EHKDYLRURUHQGRUVLQJLWHPVRURQWKH&ROXPELD6XLFLGH6HYHULW\5DWLQJ
6FDOH&6656DVVHVVHGDWVFUHHQLQJ

$FWLYHFKURQLFSDLQV\QGURPHVVXFKDVILEURP\DOJLDDQGFKURQLFSHOYLFSDLQ

.QRZQKXPDQLPPXQRGHILFLHQF\YLUXVLQIHFWLRQ

.QRZQKHSDWLFGLVHDVHZLWKSRWHQWLDOIRUKHSDWLFIXQFWLRQLPSDLUPHQWRUNQRZQ
KLVWRU\RIDFXWHRUFKURQLFKHSDWLWLV%RUKHSDWLWLV&

'LDJQRVLVRI*LOEHUW¶V6\QGURPH

(YLGHQFHRIGUXJRUDOFRKRODEXVHRUGHSHQGHQFHRUUHFUHDWLRQDOXVHRILOOLFLW
GUXJVZLWKLQPRQWKVSULRUWRVFUHHQLQJEDVHGRQPHGLFDOUHFRUGVSDWLHQW
VHOIUHSRUWRUSRVLWLYHXULQHGUXJWHVWSHUIRUPHGGXULQJVFUHHQLQJZLWKWKH
H[FHSWLRQRISUHVFULEHGPHGLFDWLRQVVXFKDVRSLRLGVRUEDUELWXUDWHV

0\RFDUGLDOLQIDUFWLRQVWURNH7,$XQVWDEOHDQJLQDFRURQDU\DUWHU\E\SDVV
VXUJHU\RURWKHUUHYDVFXODUL]DWLRQSURFHGXUHZLWKLQPRQWKVSULRUWRVFUHHQLQJ
3ULRU&RQFRPLWDQW7KHUDS\

1RWKHUDSHXWLFUHVSRQVHZLWK!RIWKHIROORZLQJPHGLFDWLRQFDWHJRULHVIRU
SUHYHQWLYHWUHDWPHQWRIPLJUDLQHDIWHUDQDGHTXDWHWKHUDSHXWLFWULDO
x
&DWHJRU\GLYDOSURH[VRGLXPVRGLXPYDOSURDWH
x
&DWHJRU\WRSLUDPDWH
x
&DWHJRU\EHWDEORFNHUVHJDWHQROROELVRSUROROPHWRSUROROQDGRORO
QHELYROROSLQGROROSURSUDQROROWLPRORO
x
&DWHJRU\WULF\FOLFDQWLGHSUHVVDQWVHJDPLWULSW\OLQHQRUWULSW\OLQH
SURWULSW\OLQH
x
&DWHJRU\VHURWRQLQQRUHSLQHSKULQHUHXSWDNHLQKLELWRUVHJYHQODID[LQH
GHVYHQODID[LQHGXOR[HWLQHPLOQDFLSUDQ
x
&DWHJRU\IOXQDUL]LQHYHUDSDPLOORPHUL]LQH
x
&DWHJRU\OLVLQRSULOFDQGHVDUWDQ
x
&DWHJRU\ERWXOLQXPWR[LQ
1RWKHUDSHXWLFUHVSRQVHLVGHILQHGDVQRUHGXFWLRQLQKHDGDFKHIUHTXHQF\
GXUDWLRQRUVHYHULW\DIWHUDGPLQLVWUDWLRQRIWKHPHGLFDWLRQIRUDWOHDVWZHHNVDW
WKHJHQHUDOO\DFFHSWHGWKHUDSHXWLFGRVHVDQGLVEDVHGRQWKHLQYHVWLJDWRU¶V
DVVHVVPHQW
7KHIROORZLQJVFHQDULRVGRQRWFRQVWLWXWHODFNRIWKHUDSHXWLFUHVSRQVH
x
/DFNRIVXVWDLQHGUHVSRQVHWRDPHGLFDWLRQ
x
)DLOXUHWRWROHUDWHDWKHUDSHXWLFGRVH
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



&RQFRPLWDQWXVHRIRUPRUHPHGLFDWLRQVZLWKSRVVLEOHPLJUDLQHSUHYHQWLYH
HIIHFWVZLWKLQPRQWKVSULRUWRWKHVWDUWRIWKHEDVHOLQHSHULRG
x
,IRQO\SUHYHQWLYHPHGLFDWLRQLVXVHGWKHGRVHPXVWEHVWDEOHZLWKLQ
PRQWKVSULRUWRWKHVWDUWRIWKHEDVHOLQHSHULRGDQGWKURXJKRXWWKHVWXG\

8VHGDSURKLELWHGPHGLFDWLRQGHYLFHRUSURFHGXUHZLWKLQPRQWKVSULRUWRWKH
VWDUWRIWKHEDVHOLQHSHULRGUHIHUWR6HFWLRQIRUWKHOLVWRIH[FOXGHG
PHGLFDWLRQVGHYLFHVDQGSURFHGXUHV

5HFHLYHGERWXOLQXPWR[LQLQWKHKHDGDQGRUQHFNUHJLRQZLWKLQPRQWKVSULRUWR
WKHVWDUWRIWKHEDVHOLQHSHULRG

7DNHQDQRSLRLGRUEXWDOELWDOFRQWDLQLQJDQDOJHVLFRQtGD\VSHUPRQWKIRUDQ\
LQGLFDWLRQLQDQ\PRQWKGXULQJWKHPRQWKVSULRUWRWKHVWDUWRIWKHEDVHOLQH
SHULRG

&XUUHQWXVHRUDQ\SULRUXVHRID&*53PRQRFORQDODQWLERG\

$QWLFLSDWHGWRUHTXLUHDQ\H[FOXGHGPHGLFDWLRQGHYLFHHJQHUYHVWLPXODWRUV
WUDQVFUDQLDOPDJQHWLFVWLPXODWLRQRUSURFHGXUHGXULQJWKHVWXG\5HIHUWR
6HFWLRQIRUWKHOLVWRIH[FOXGHGPHGLFDWLRQVGHYLFHVDQGSURFHGXUHV
3ULRU&RQFXUUHQW&OLQLFDO6WXG\([SHULHQFH

&XUUHQWO\UHFHLYLQJWUHDWPHQWLQDQRWKHULQYHVWLJDWLRQDOGHYLFHRUGUXJVWXG\RU
OHVVWKDQGD\VVLQFHHQGLQJWUHDWPHQWRQDQRWKHULQYHVWLJDWLRQDOGHYLFHRU
GUXJVWXG\LHV2WKHULQYHVWLJDWLRQDOSURFHGXUHVZKLOHSDUWLFLSDWLQJLQWKLVVWXG\
DUHH[FOXGHG
'LDJQRVWLF$VVHVVPHQWV

7RWDOELOLUXELQt[XSSHUOLPLWRIQRUPDO8/1RUDODQLQHDPLQRWUDQVIHUDVH
$/7RUDVSDUWDWHDPLQRWUDQVIHUDVH$67t[8/1DVDVVHVVHGE\WKH
FHQWUDOODERUDWRU\DWVFUHHQLQJ

6XEMHFWKDVDQ\FOLQLFDOO\VLJQLILFDQWYLWDOVLJQODERUDWRU\RUHOHFWURFDUGLRJUDP
(&*DEQRUPDOLW\GXULQJVFUHHQLQJWKDWLQWKHRSLQLRQRIWKHLQYHVWLJDWRUFRXOG
SRVHDULVNWRVXEMHFWVDIHW\RULQWHUIHUHZLWKWKHVWXG\HYDOXDWLRQ
2WKHU([FOXVLRQV

%RG\PDVVLQGH[%0,!NJPDVDVVHVVHGDWVFUHHQLQJ

)HPDOHVXEMHFWLVSUHJQDQWRUEUHDVWIHHGLQJRUSODQQLQJWREHFRPHSUHJQDQWRU
EUHDVWIHHGGXULQJWUHDWPHQWDQGIRUDQDGGLWLRQDOZHHNVDIWHUWKHODVWGRVHRI
LQYHVWLJDWLRQDOSURGXFW

)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOXQZLOOLQJWRXVHDFFHSWDEOHPHWKRGRI
HIIHFWLYHFRQWUDFHSWLRQGXULQJWUHDWPHQWDQGIRUDQDGGLWLRQDOZHHNVDIWHUWKH
ODVWGRVHRILQYHVWLJDWLRQDOSURGXFW5HIHUWR6HFWLRQIRUDGGLWLRQDO
FRQWUDFHSWLYHLQIRUPDWLRQ

)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOZLWKDSRVLWLYHSUHJQDQF\WHVW
DVVHVVHGDWVFUHHQLQJE\DVHUXPSUHJQDQF\

6XEMHFWKDVNQRZQVHQVLWLYLW\WRDQ\RIWKHSURGXFWVRUFRPSRQHQWVWREH
DGPLQLVWHUHGGXULQJGRVLQJ
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



6XEMHFWOLNHO\WRQRWEHDYDLODEOHWRFRPSOHWHDOOSURWRFROUHTXLUHGVWXG\YLVLWVRU
SURFHGXUHVDQGRUWRFRPSO\ZLWKDOOUHTXLUHGVWXG\SURFHGXUHVHJFOLQLFDO
RXWFRPHDVVHVVPHQWV>&2$V@WRWKHEHVWRIWKHVXEMHFWDQGLQYHVWLJDWRU¶V
NQRZOHGJH

+LVWRU\RUHYLGHQFHRIDQ\RWKHUFOLQLFDOO\VLJQLILFDQWGLVRUGHUFRQGLWLRQRU
GLVHDVHZLWKWKHH[FHSWLRQRIWKRVHRXWOLQHGDERYHWKDWLQWKHRSLQLRQRIWKH
LQYHVWLJDWRURU$PJHQSK\VLFLDQLIFRQVXOWHGZRXOGSRVHDULVNWRVXEMHFWVDIHW\
RULQWHUIHUHZLWKWKHVWXG\HYDOXDWLRQSURFHGXUHVRUFRPSOHWLRQ

3UHYLRXVO\UDQGRPL]HGLQWRDQHUHQXPDEVWXG\RUWUHDWHGZLWKHUHQXPDE

,QYHVWLJDWLRQDOVLWHVWDIIRUUHODWLYHVRIWKHLQYHVWLJDWRU

,QFOXVLRQ&ULWHULD3DUW
&ULWHULDWREHDVVHVVHGSURVSHFWLYHO\GXULQJWKHZHHNEDVHOLQHSHULRGDQGFRQILUPHG
EHIRUHUDQGRPL]LQJWKHVXEMHFWLQWRWKH'%73

0XVWPHHWRIWKHIROORZLQJPLJUDLQHFULWHULDDQGPXVWDOVREHWKHVDPH
PLJUDLQHW\SHLQ,QFOXVLRQ&ULWHULRQRI3DUWIRUH[DPSOHLIDVXEMHFWPHHWV
(0FULWHULDLQWKHSUHYLRXVPRQWKVEHIRUHVFUHHQLQJWKHQWKHVXEMHFWPXVW
PHHW(0FULWHULDGXULQJEDVHOLQH
D&0LVGHILQHGDVtKHDGDFKHGD\VRIZKLFKtKHDGDFKHGD\VPHHW
FULWHULDDVPLJUDLQHGD\VGXULQJWKHEDVHOLQHSHULRGEDVHGRQWKHH'LDU\
FDOFXODWLRQV
E(0LVGHILQHGDVKHDGDFKHGD\VRIZKLFKtKHDGDFKHGD\VPHHW
FULWHULDDVPLJUDLQHGD\VGXULQJWKHEDVHOLQHSHULRGEDVHGRQWKHH'LDU\
FDOFXODWLRQV

'HPRQVWUDWHGDWOHDVWFRPSOLDQFHZLWKWKHH'LDU\GXULQJWKHEDVHOLQH
SHULRG

([FOXVLRQ&ULWHULD3DUW
6XEMHFWVDUHH[FOXGHGIURPWKHVWXG\LIDQ\RIWKHIROORZLQJFULWHULDDSSO\
&RQFRPLWDQWWUHDWPHQWDWEDVHOLQH

7DNHQDQRSLRLGRUEXWDOELWDOFRQWDLQLQJDQDOJHVLFRQtGD\VSHUPRQWKIRUDQ\
LQGLFDWLRQGXULQJWKHEDVHOLQHSHULRG

&RQFRPLWDQWXVHRIRUPRUHPHGLFDWLRQVZLWKSRVVLEOHPLJUDLQHSUHYHQWLYH
HIIHFWVGXULQJWKHEDVHOLQHSHULRG,IRQO\SUHYHQWLYHPHGLFDWLRQLVXVHGWKH
GRVHPXVWEHVWDEOHGXULQJWKHEDVHOLQHSHULRGDQGWKURXJKRXWWKHVWXG\

5HFHLYHGERWXOLQXPWR[LQLQWKHKHDGDQGRUQHFNUHJLRQGXULQJWKHEDVHOLQH
SHULRG

&XUUHQWXVHRUDQ\SULRUXVHRID&*53PRQRFORQDODQWLERG\

8VHGDSURKLELWHGPHGLFDWLRQGHYLFHRUSURFHGXUHGXULQJWKHEDVHOLQHSHULRG
UHIHUWR6HFWLRQIRUWKHOLVWRIWKHVHH[FOXGHGWUHDWPHQWVDQGWKH
WLPHIUDPHV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


0HGLFDOFRQGLWLRQVQHZO\GLDJQRVHGGXULQJEDVHOLQH

7KHVXEMHFWLVDWULVNRIVHOIKDUPRUKDUPWRRWKHUVDVHYLGHQFHGE\SDVWVXLFLGDO
EHKDYLRURUHQGRUVLQJLWHPVRURQWKH&6656DVVHVVHGDWEDVHOLQH

8QVWDEOHRUFOLQLFDOO\VLJQLILFDQWPHGLFDOFRQGLWLRQWKDWLQWKHRSLQLRQRIWKH
LQYHVWLJDWRURU$PJHQSK\VLFLDQLIFRQVXOWHGZRXOGSRVHDULVNWRVXEMHFWVDIHW\
RULQWHUIHUHZLWKWKHVWXG\HYDOXDWLRQSURFHGXUHVRUFRPSOHWLRQ

6XEMHFWKDVDQ\FOLQLFDOO\VLJQLILFDQWYLWDOVLJQODERUDWRU\RU(&*DEQRUPDOLW\
GXULQJEDVHOLQHWKDWLQWKHRSLQLRQRIWKHLQYHVWLJDWRUFRXOGSRVHDULVNWR
VXEMHFWVDIHW\RULQWHUIHUHZLWKWKHVWXG\HYDOXDWLRQ
&RQWUDFHSWLRQSUHJQDQF\RUEUHDVWIHHGLQJ

8QZLOOLQJQHVVWRPDLQWDLQDFFHSWDEOHFRQWUDFHSWLRQPHWKRGZKHQDSSOLFDEOH
UHIHUWR&ULWHULRQDQG

(YLGHQFHRISUHJQDQF\RUEUHDVWIHHGLQJSHUVXEMHFWVHOIUHSRUWPHGLFDOUHFRUGV
RUSRVLWLYLW\RQEDVHOLQHSUHJQDQF\VFUHHQLQJWHVWV

6XEMHFW(QUROOPHQW
%HIRUHVXEMHFWVEHJLQSDUWLFLSDWLRQLQDQ\VWXG\VSHFLILFDFWLYLWLHVSURFHGXUHV$PJHQ
UHTXLUHVDFRS\RIWKHVLWH¶VZULWWHQLQVWLWXWLRQDOUHYLHZERDUGLQGHSHQGHQWHWKLFV
FRPPLWWHH,5%,(&DSSURYDORIWKHSURWRFROLQIRUPHGFRQVHQWIRUPDQGDOORWKHU
VXEMHFWLQIRUPDWLRQDQGRUUHFUXLWPHQWPDWHULDOLIDSSOLFDEOHVHH6HFWLRQ
7KHVXEMHFWRUWKHVXEMHFW¶VOHJDOO\DFFHSWDEOHUHSUHVHQWDWLYHPXVWSHUVRQDOO\VLJQDQG
GDWHWKH,5%,(&DQG$PJHQDSSURYHGLQIRUPHGFRQVHQWEHIRUHFRPPHQFHPHQWRI
VWXG\VSHFLILFSURFHGXUHV
$VXEMHFWPD\SURFHHGWRWKHEDVHOLQHSHULRGZKHQWKHLQYHVWLJDWRUGHFLGHVWKDWWKH
VXEMHFWKDVPHWDOO3DUWHOLJLELOLW\FULWHULD
8SRQFRPSOHWLRQRIEDVHOLQHSHULRGSURFHGXUHVWKHVXEMHFWLVHYDOXDWHGE\WKH
LQYHVWLJDWRUDQGLIWKHVXEMHFWPHHWVDOO3DUWHOLJLELOLW\FULWHULDKHVKHLVVXEVHTXHQWO\
HQUROOHGDQGUDQGRPL]HGWRDWUHDWPHQWUHJLPHQ7KHLQYHVWLJDWRULVWRGRFXPHQWWKLV
GHFLVLRQDQGGDWHLQWKHVXEMHFW¶VPHGLFDOUHFRUGDQGLQRQWKHHQUROOPHQWFDVHUHSRUW
IRUP&5)6XEMHFWVZKRGRQRWPHHW3DUWHOLJLELOLW\FULWHULDZLOOEHVFUHHQIDLOHG
(DFKVXEMHFWZKRHQWHUVLQWRWKHVFUHHQLQJSHULRGIRUWKHVWXG\GHILQHGDVZKHQWKH
VXEMHFWVLJQVDQGGDWHVWKHLQIRUPHGFRQVHQWIRUPUHFHLYHVDXQLTXHVXEMHFW
LGHQWLILFDWLRQQXPEHUEHIRUHDQ\VWXG\UHODWHGDFWLYLWLHVSURFHGXUHVDUHSHUIRUPHG7KH
VXEMHFWLGHQWLILFDWLRQQXPEHUZLOOEHDVVLJQHGYLD,577KLVQXPEHUZLOOEHXVHGWR
LGHQWLI\WKHVXEMHFWWKURXJKRXWWKHFOLQLFDOVWXG\DQGPXVWEHXVHGRQDOOVWXG\
GRFXPHQWDWLRQUHODWHGWRWKDWVXEMHFW
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


7KHVXEMHFWLGHQWLILFDWLRQQXPEHUPXVWUHPDLQFRQVWDQWWKURXJKRXWWKHHQWLUHFOLQLFDO
VWXG\LWPXVWQRWEHFKDQJHGDIWHULQLWLDODVVLJQPHQW7KLVQXPEHUZLOOQRWEHWKHVDPH
DVWKHUDQGRPL]DWLRQQXPEHUDVVLJQHGIRUWKHVWXG\

6FUHHQ)DLOXUHV
6FUHHQIDLOXUHVDUHGHILQHGDVVXEMHFWVZKRFRQVHQWWRSDUWLFLSDWHLQWKHFOLQLFDOVWXG\
EXWDUHQRWVXEVHTXHQWO\HQUROOHGLQWKHVWXG\$PLQLPDOVHWRIVFUHHQIDLOXUH
LQIRUPDWLRQZLOOEHFROOHFWHGWKDWLQFOXGHVGHPRJUDSK\VFUHHQIDLOXUHGHWDLOVHOLJLELOLW\
FULWHULDPHGLFDOKLVWRU\SULRUWKHUDSLHVDQGDQ\VHULRXVDGYHUVHHYHQWV

7UHDWPHQWV
6WXG\WUHDWPHQWLVGHILQHGDVDQ\LQYHVWLJDWLRQDOSURGXFWVQRQLQYHVWLJDWLRQDO
SURGXFWVSODFHERRUPHGLFDOGHYLFHVLQWHQGHGWREHDGPLQLVWHUHGWRDVWXG\VXEMHFW
DFFRUGLQJWRWKHVWXG\SURWRFRO
1RWHWKDWLQVHYHUDOFRXQWULHVLQYHVWLJDWLRQDOSURGXFWDQGQRQLQYHVWLJDWLRQDOSURGXFW
DUHUHIHUUHGWRDVLQYHVWLJDWLRQDOPHGLFLQDOSURGXFWDQGQRQLQYHVWLJDWLRQDOPHGLFLQDO
SURGXFWUHVSHFWLYHO\
7KH,QYHVWLJDWLRQDO3URGXFW,QVWUXFWLRQ0DQXDO,3,0DGRFXPHQWH[WHUQDOWRWKLV
SURWRFROFRQWDLQVGHWDLOHGLQIRUPDWLRQUHJDUGLQJWKHVWRUDJHSUHSDUDWLRQGHVWUXFWLRQ
DQGDGPLQLVWUDWLRQRIHDFKWUHDWPHQWVKRZQLQ7DEOHEHORZ

7UHDWPHQW3URFHGXUHV

,QYHVWLJDWLRQDO3URGXFWV

$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


7DEOH6WXG\7UHDWPHQWV
6WXG\7UHDWPHQW1DPH
$PJHQ,QYHVWLJDWLRQDO3URGXFWD
(UHQXPDE
3ODFHER
'RVDJH)RUPXODWLRQ
(UHQXPDEZLOOEHSDFNDJHGLQP/SUHILOOHGV\ULQJHV
FRQWDLQLQJPJP/HUHQXPDEIRUPXODWHGZLWKVRGLXP
DFHWDWHVXFURVHSRO\VRUEDWHDWS+
3ODFHERFRQVLVWLQJRIVRGLXPDFHWDWHVXFURVH
SRO\VRUEDWHDWS+ZLOOEHSDFNDJHGWRPDWFK
WKHDFWLYHGUXJSURGXFW
8QLW'RVH6WUHQJWKV
'RVDJH/HYHOVDQG'RVDJH
)UHTXHQF\
PJPRQWKO\
1$
5RXWHRI$GPLQLVWUDWLRQ
6XEFXWDQHRXVO\6&LQMHFWLRQRQO\
$FFRXQWDELOLW\
7KHTXDQWLW\VWDUWGDWHWLPHLQMHFWLRQVLWHDQGER[QXPEHURILQYHVWLJDWLRQDOSURGXFWDUHWREHUHFRUGHGRQHDFK
VXEMHFW
VFDVHUHSRUWIRUP&5)
'RVLQJ,QVWUXFWLRQV
x
'RXEOHEOLQGHUHQXPDEPJZLOOEHDGPLQLVWHUHG
GXULQJWKHZHHNGRXEOHEOLQGWUHDWPHQWSHULRG
LHDWGD\DQGZHHNVDQGDQG
HUHQXPDEPJZLOOEHDGPLQLVWHUHGGXULQJWKH
ZHHNRSHQODEHOWUHDWPHQWSHULRGLHDWZHHNV
DQG
x
3ODFHERZLOOEHDGPLQLVWHUHGGXULQJWKHZHHN
GRXEOHEOLQGWUHDWPHQWSHULRGLHDWGD\DQG
ZHHNVDQG
x
2QO\DXWKRUL]HGLQYHVWLJDWLRQDOVLWHVWXG\VWDIIPHPEHUVDUHWRDGPLQLVWHU$PJHQLQYHVWLJDWLRQDOSURGXFW
x
,QYHVWLJDWLRQDOSURGXFWGRVHVDUHIL[HGDQGZLOOQRWEHDGMXVWHGIRULQGLYLGXDOVXEMHFWVGXULQJWKHVWXG\
x
7KHDQDWRPLFDOVLWHVIRUDGPLQLVWUDWLRQRILQYHVWLJDWLRQDOSURGXFWDUHWKHXSSHUDUPXSSHUWKLJKRUDEGRPHQ
x
2YHUGRVHZLWKWKLVSURGXFWKDVQRWEHHQUHSRUWHG
'HYLFH
3UHILOOHGV\ULQJH
D(UHQXPDEZLOOEHPDQXIDFWXUHGDQGSDFNDJHGE\$PJHQDQGGLVWULEXWHGXVLQJ$PJHQFOLQLFDOVWXG\GUXJGLVWULEXWLRQSURFHGXUHV

$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



1RQLQYHVWLJDWLRQDO3URGXFWV
1RQLQYHVWLJDWLRQDOSURGXFWVZLOOQRWEHXVHGLQWKLVVWXG\

0HGLFDO'HYLFHV
7KHIROORZLQJLQYHVWLJDWLRQDOPHGLFDOGHYLFHVSURYLGHGE\$PJHQIRUXVHLQWKLVVWXG\
LVWKHSUHILOOHGV\ULQJH7DEOH
7KHHUHQXPDESUHILOOHGV\ULQJHLVDVLQJOHXVHGLVSRVDEOHKDQGKHOGPDQXDOLQMHFWLRQ
GHYLFHIRUIL[HGGRVHVXEFXWDQHRXVLQMHFWLRQRIPJLQDP/GHOLYHUDEOHYROXPH
$GGLWLRQDOGHWDLOVDUHSURYLGHGLQWKH,3,0
2WKHUQRQLQYHVWLJDWLRQDOPHGLFDOGHYLFHVPD\EHXVHGLQWKHFRQGXFWRIWKLVVWXG\DV
SDUWRIVWDQGDUGFDUH
1RQLQYHVWLJDWLRQDOPHGLFDOGHYLFHVHJV\ULQJHVVWHULOHQHHGOHVWKDWDUH
FRPPHUFLDOO\DYDLODEOHDUHQRWXVXDOO\SURYLGHGRUUHLPEXUVHGE\$PJHQH[FHSWIRU
H[DPSOHLIUHTXLUHGE\ORFDOUHJXODWLRQ7KHLQYHVWLJDWRUZLOOEHUHVSRQVLEOHIRU
REWDLQLQJVXSSOLHVRIWKHVHGHYLFHV

2WKHU3URWRFROUHTXLUHG7KHUDSLHV
7KHUHDUHQRRWKHUSURWRFROUHTXLUHGWKHUDSLHVIRUWKLVVWXG\

2WKHU7UHDWPHQW3URFHGXUHV
7KHUHDUHQRRWKHUWUHDWPHQWSURFHGXUHVIRUWKLVVWXG\

3URGXFW&RPSODLQWV
$SURGXFWFRPSODLQWLVDQ\ZULWWHQHOHFWURQLFRURUDOFRPPXQLFDWLRQWKDWDOOHJHV
GHILFLHQFLHVUHODWHGWRWKHLGHQWLW\TXDOLW\GXUDELOLW\UHOLDELOLW\VDIHW\HIIHFWLYHQHVVRU
SHUIRUPDQFHRIDGUXJVRUGHYLFHVDIWHULWLVUHOHDVHGIRUGLVWULEXWLRQWRPDUNHWRU
FOLQLFE\HLWKHU$PJHQRUE\GLVWULEXWRUVDQGSDUWQHUVIRUZKRP$PJHQPDQXIDFWXUHVWKH
PDWHULDO
7KLVLQFOXGHVDQ\LQYHVWLJDWLRQDOSURGXFWVRUGHYLFHVSURYLVLRQHGDQGRU
UHSDFNDJHGPRGLILHGE\$PJHQ
$Q\SURGXFWFRPSODLQWVDVVRFLDWHGZLWKDQLQYHVWLJDWLRQDOSURGXFWVRUGHYLFHVV
VXSSOLHGE\$PJHQDUHWREHUHSRUWHGDFFRUGLQJWRWKHLQVWUXFWLRQVSURYLGHGLQWKH,3,0
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



([FOXGHG7UHDWPHQWV0HGLFDO'HYLFHVDQGRU3URFHGXUHV'XULQJ
6WXG\3HULRG
 0RUHWKDQRIWKHIROORZLQJPHGLFDWLRQVZLWKSRVVLEOHPLJUDLQHSUHYHQWLYHHIIHFWV
DUHH[FOXGHGZLWKLQPRQWKVSULRUWKHVWDUWRIWKHEDVHOLQHSHULRGDQGWKURXJKRXWWKH
VWXG\,IRIWKHIROORZLQJPHGLFDWLRQVLVXVHGGRVHVPXVWEHVWDEOHZLWKLQ
PRQWKVSULRUWRWKHVWDUWRIWKHEDVHOLQHSHULRGDQGWKURXJKRXWWKHVWXG\
x
GLYDOSURH[VRGLXPVRGLXPYDOSURDWHWRSLUDPDWHFDUEDPD]HSLQHJDEDSHQWLQ
x
EHWDEORFNHUVIRUH[DPSOHDWHQROROELVRSUROROPHWRSUROROQDGROROQHELYRORO
SLQGROROSURSUDQROROWLPRORO
x
WULF\FOLFDQWLGHSUHVVDQWVIRUH[DPSOHDPLWULSW\OLQHQRUWULSW\OLQHSURWULSW\OLQH
x
YHQODID[LQHGHVYHQODID[LQHGXOR[HWLQHPLOQDFLSUDQ
x
IOXQDUL]LQHYHUDSDPLOORPHUL]LQH
x
OLVLQRSULOFDQGHVDUWDQ
x
FORQLGLQHJXDQIDFLQH
x
F\SURKHSWDGLQH
x
PHWK\VHUJLGH
x
SL]RWLIHQ
x
EXWWHUEXUIHYHUIHZPDJQHVLXPtPJGD\ULERIODYLQtPJGD\
 7KHIROORZLQJPHGLFDWLRQVDUHH[FOXGHGRQO\LIXVHGGDLO\WKURXJKRXWWKHPRQWKIRU
PLJUDLQHSUHYHQWLRQ
x
IOXR[HWLQHIOXYR[DPLQH
x
DFHWD]RODPLGH
x
SLFRWDPLGH
x
F\FODQGHODWH
x
HUJRWGHULYDWLYHVVWHURLGVWULSWDQV
x
QLFDUGLSLQHQLIHGLSLQHQLPRGLSLQH
,IWKHDERYHPHGLFDWLRQVDUHXVHGGDLO\IRUPLJUDLQHSUHYHQWLRQVXEMHFWVPXVWKDYH
EHHQIUHHIURPWKHVHPHGLFDWLRQVIRUDWOHDVWPRQWKVSULRUWRWKHVWDUWRIWKH
EDVHOLQHSHULRG
 %RWXOLQXPWR[LQLQWKHKHDGDQGRUQHFNUHJLRQLVH[FOXGHGZLWKLQPRQWKVSULRUWR
WKHVWDUWRIWKHEDVHOLQHSHULRGDQGWKURXJKRXWWKHVWXG\
 $QDQWL&*53PRQRFORQDODQWLERG\LVH[FOXGHGWKURXJKRXWWKHVWXG\&XUUHQWXVH
DQGDQ\SULRUXVHLVH[FOXGHG
 'HYLFHVDQGSURFHGXUHVXVHGIRUPLJUDLQHSUHYHQWLRQDUHH[FOXGHGZLWKLQPRQWKV
SULRUWRWKHVWDUWRIWKHEDVHOLQHSHULRGDQGWKURXJKRXWWKHVWXG\
 ,QYHVWLJDWLRQDOPHGLFDWLRQVDQGGHYLFHVDQGSURFHGXUHVDUHH[FOXGHGWKURXJKRXW
WKHVWXG\6XEMHFWVDOVRPXVWQRWKDYHXVHGLQYHVWLJDWLRQDOPHGLFDWLRQVGHYLFHVRU
SURFHGXUHVIRUDWOHDVWGD\VSULRUWRVFUHHQLQJUHIHUWR([FOXVLRQ&ULWHULRQ
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



0HWKRGRI7UHDWPHQW$VVLJQPHQW
6XEMHFWVZLOOEHUDQGRPL]HGLQDOORFDWLRQUDWLRWRHUHQXPDERUSODFHERUHVSHFWLYHO\
LQGRXEOHEOLQGPDQQHUZLWKDSSUR[LPDWHO\VXEMHFWVUDQGRPL]HGWRSODFHERDQG
DSSUR[LPDWHO\VXEMHFWVUDQGRPL]HGWRHUHQXPDEPJLQHDFKDUPDSSUR[LPDWHO\
VXEMHFWVZLWK(0DQGVXEMHFWVZLWK&0
7KHUDQGRPL]DWLRQZLOOEHSHUIRUPHGE\,57DQGWKHUDQGRPL]DWLRQQXPEHUZLOOEH
DVVLJQHGE\,57
7KHVXEMHFWVZLOOEHVWUDWLILHGE\(0&0DQGPLJUDLQHSUHYHQWLYHWUHDWPHQWVWDWXVHYHU
XVHG>SULRUDQGRUFXUUHQW@RUQHYHUXVHG7KHUHPD\EHDOLPLWRQWKHSHUFHQWDJHRI
VXEMHFWVZLWKFXUUHQWXVHRIDPLJUDLQHSUHYHQWLYHWUHDWPHQW
7KHUDQGRPL]DWLRQGDWHLVWREHGRFXPHQWHGLQWKHVXEMHFW¶VPHGLFDOUHFRUGDQGRQWKH
HQUROOPHQW&5)

%OLQGLQJ
7KLVLVDGRXEOHEOLQGVWXG\RQO\GXULQJWKH'%737UHDWPHQWDVVLJQPHQWZLOOEHEOLQGHG
WRDOOVXEMHFWVVLWHSHUVRQQHODQG$PJHQDVGHVFULEHGEHORZ

6LWH3HUVRQQHO$FFHVVWR,QGLYLGXDO7UHDWPHQW$VVLJQPHQWV
$VXEMHFW¶VWUHDWPHQWDVVLJQPHQWLVWRRQO\EHXQEOLQGHGE\WKHLQYHVWLJDWRUZKHQ
NQRZOHGJHRIWKHWUHDWPHQWLVHVVHQWLDOIRUWKHIXUWKHUPDQDJHPHQWRIWKHVXEMHFWRQWKLV
VWXG\RUPD\SRWHQWLDOO\LPSDFWWKHVDIHW\RIWKHVXEMHFW8QEOLQGLQJDWWKHVWXG\VLWHIRU
DQ\RWKHUUHDVRQZLOOEHFRQVLGHUHGDSURWRFROGHYLDWLRQ,WLVHQFRXUDJHGWKDWWKH
$PJHQ7ULDO0DQDJHUEHQRWLILHGEHIRUHWKHEOLQGLVEURNHQXQOHVVWKHLQYHVWLJDWRU
EHOLHYHVWKDWLGHQWLILFDWLRQRIWKHVWXG\WUHDWPHQWLVUHTXLUHGIRUDPHGLFDOHPHUJHQF\,I
WKLVLVQRWSRVVLEOHWKH$PJHQ7ULDO0DQDJHUPXVWEHQRWLILHGZLWKLQKRXUVDIWHU
EUHDNLQJWKHEOLQG7KHGDWHDQGUHDVRQWKDWWKHEOLQGZDVEURNHQPXVWEHUHFRUGHGLQ
WKHVRXUFHGRFXPHQWDWLRQDQG&5)DVDSSOLFDEOH

$FFHVVWR,QGLYLGXDO6XEMHFW7UHDWPHQW$VVLJQPHQWVE\$PJHQRU
'HVLJQHHV
%OLQGHGLQGLYLGXDOVZLOOQRWKDYHDFFHVVWRXQEOLQGHGLQIRUPDWLRQXQWLOWKHVWXG\LV
IRUPDOO\XQEOLQGHG8QEOLQGLQJDQGSRWHQWLDOO\XQEOLQGLQJLQIRUPDWLRQLVQRWWREH
GLVWULEXWHGWRWKHVWXG\WHDPLQYHVWLJDWRUVRUVXEMHFWVSULRUWRWKHVWXG\EHLQJIRUPDOO\
XQEOLQGHGDWWKHSULPDU\DQDO\VLV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



'RVH0RGLILFDWLRQ

'RVDJH$GMXVWPHQWV'HOD\V5XOHVIRU:LWKKROGLQJRU5HVWDUWLQJ
3HUPDQHQW'LVFRQWLQXDWLRQ
$PJHQ,QYHVWLJDWLRQDO3URGXFWHUHQXPDE
7KHGRVDJHRILQYHVWLJDWLRQDOSURGXFWLVIL[HGIRUDOOVXEMHFWVDQGFDQQRWEHDGMXVWHG
0LVVHGRUGHOD\HGGRVHVVKRXOGEHQRWHGRQWKHLQYHVWLJDWLRQDOSURGXFWDGPLQLVWUDWLRQ
&5)EXWQRDWWHPSWVKRXOGEHPDGHWRDGPLQLVWHUDQ\PLVVHGGRVHVDWWKHVXEMHFW¶V
QH[WYLVLW
$WDQ\WLPHGXULQJWKHVWXG\WKHLQYHVWLJDWRUPD\GLVFRQWLQXHLQYHVWLJDWLRQDOSURGXFW
DGPLQLVWUDWLRQIRUDQ\VXEMHFWZKRH[SHULHQFHVDVHYHUHRUOLIHWKUHDWHQLQJDGYHUVH
HYHQWUHSRUWHGE\WKHLQYHVWLJDWRUWREHUHODWHGWRLQYHVWLJDWLRQDOSURGXFW5HIHUWR
6HFWLRQIRUGHWDLOVUHJDUGLQJDGYHUVHHYHQWUHSRUWLQJ
6XEMHFWVZKRSHUPDQHQWO\GLVFRQWLQXHLQYHVWLJDWLRQDOSURGXFWGXULQJWKH'%73DUHWR
FRQWLQXHWRUHWXUQIRUDOORWKHUVWXG\SURFHGXUHVXQWLOWKHHQGRIWKH'%73DQGVWXG\
SURFHGXUHVIRUWKHVDIHW\IROORZXSYLVLWZHHNVDIWHUWKHODVWGRVHRILQYHVWLJDWLRQDO
SURGXFW
6XEMHFWVZKRSHUPDQHQWO\GLVFRQWLQXHLQYHVWLJDWLRQDOSURGXFWGXULQJWKH2/73DUHWR
FRPSOHWHWKHVWXG\SURFHGXUHVIRUWKHZHHN(7YLVLWDQGWKHVDIHW\IROORZXSYLVLW
ZHHNVDIWHUWKHODVWGRVHRILQYHVWLJDWLRQDOSURGXFW
(QGRILQYHVWLJDWLRQDOSURGXFWDQGHDUO\GLVFRQWLQXDWLRQIURPLQYHVWLJDWLRQDOSURGXFWDUH
WREHUHJLVWHUHGLQWKH,576\VWHP

+HSDWRWR[LFLW\6WRSSLQJDQG5HFKDOOHQJH5XOHV
5HIHUWR6HFWLRQIRUGHWDLOVUHJDUGLQJGUXJLQGXFHGOLYHULQMXU\JXLGHOLQHVDV
VSHFLILHGLQWKH*XLGDQFHIRU,QGXVWU\'UXJ,QGXFHG/LYHU,QMXU\3UHPDUNHWLQJ&OLQLFDO
(YDOXDWLRQ-XO\

3UHSDUDWLRQ+DQGOLQJ6WRUDJH$FFRXQWDELOLW\
*XLGDQFHDQGLQIRUPDWLRQRQSUHSDUDWLRQKDQGOLQJVWRUDJHDFFRXQWDELOLW\GHVWUXFWLRQ
RUUHWXUQRIWKHLQYHVWLJDWLRQDOSURGXFWDQGGHYLFHGXULQJWKHVWXG\DUHSURYLGHGLQWKH
,3,0

7UHDWPHQW&RPSOLDQFH
$GPLQLVWUDWLRQRILQYHVWLJDWLRQDOSURGXFWZLOOEHFRQGXFWHGDWVLWHVGXULQJVFKHGXOHG
YLVLWV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


1RQFRPSOLDQFHLVWREHGRFXPHQWHGLQWKHPHGLFDOILOHDQGZLOOEHUHIOHFWHGLQWKH
HOHFWURQLF&5)1RQFRPSOLDQWVXEMHFWVDUHWREHUHHGXFDWHGRQWKHLPSRUWDQFHRI
DGKHULQJWRWKHLQYHVWLJDWLRQDOSURGXFWDGPLQLVWUDWLRQVFKHGXOHDQGUHPLQGHGWKDW
UHSHDWHGF\FOHVRIQRQFRPSOLDQFHFRXOGEHDUHDVRQIRUGLVFRQWLQXDWLRQRIVWXG\
WUHDWPHQW

7UHDWPHQWRI2YHUGRVH
2YHUGRVHZLWKWKLVSURGXFWKDVQRWEHHQUHSRUWHG

3ULRUDQG&RQFRPLWDQW7UHDWPHQW

3ULRU7UHDWPHQW
3ULRUWKHUDSLHVWKDWZHUHEHLQJWDNHQXVHGIURPGD\VEHIRUHVFUHHQLQJWKURXJKWKH
VLJQLQJRIWKHLQIRUPHGFRQVHQWZLOOEHFROOHFWHG

&RQFRPLWDQW7UHDWPHQW
7KURXJKRXWWKHVWXG\LQYHVWLJDWRUVPD\SUHVFULEHDQ\FRQFRPLWDQWPHGLFDWLRQVRU
WUHDWPHQWVGHHPHGQHFHVVDU\WRSURYLGHDGHTXDWHVXSSRUWLYHFDUHH[FHSWIRUWKRVH
OLVWHGLQ6HFWLRQ
&RQFRPLWDQWWKHUDSLHVDUHWREHFROOHFWHGIURPWKHVLJQLQJRIWKHLQIRUPHGFRQVHQW
WKURXJKWKHHQGRIVDIHW\IROORZXSSHULRGZHHNVDIWHUWKHODVWGRVHRILQYHVWLJDWLRQDO
SURGXFW
7KHVXEMHFWPD\WDNHPHGLFDWLRQZLWKSRVVLEOHPLJUDLQHSUHYHQWLYHHIIHFWV7KHVH
PHGLFDWLRQVOLVWHGLQ6HFWLRQVKRXOGQRWFKDQJHIRUWKHGXUDWLRQRIWKHVWXG\DQG
WKHGRVHVVKRXOGEHVWDEOHIRUPRQWKVSULRUWRWKHVWDUWRIWKHEDVHOLQHSHULRGDQG
WKURXJKRXWWKHVWXG\
'XULQJWKHLQLWLDOVFUHHQLQJSHULRGWKHVXEMHFWDQGLQYHVWLJDWRUDUHWRDJUHHRQWKHDFXWH
KHDGDFKHPHGLFDWLRQVDQGWKHDSSURSULDWHGRVHVWKDWWKHVXEMHFWPD\WDNHRQDQ
DVQHHGHGEDVLVWKURXJKRXWWKHVWXG\7RDYRLGFRQIRXQGLQJWKHVWXG\UHVXOWVHIIRUWV
VKRXOGEHPDGHWKURXJKRXWWKHVWXG\WRQRWLQWURGXFHQHZDFXWHPLJUDLQHVSHFLILF
PHGLFDWLRQVLHWULSWDQVRUHUJRWDPLQHV

'LVFRQWLQXDWLRQ&ULWHULD
6XEMHFWVKDYHWKHULJKWWRZLWKGUDZIURPLQYHVWLJDWLRQDOSURGXFWDQGRURWKHU
SURWRFROUHTXLUHGWKHUDSLHVSURWRFROSURFHGXUHVRUWKHVWXG\DVDZKROHDWDQ\WLPH
DQGIRUDQ\UHDVRQZLWKRXWSUHMXGLFHWRWKHLUIXWXUHPHGLFDOFDUHE\WKHSK\VLFLDQRUDW
WKHLQVWLWXWLRQ
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


7KHLQYHVWLJDWRUDQGRUVSRQVRUFDQGHFLGHWRZLWKGUDZDVXEMHFWVIURPLQYHVWLJDWLRQDO
SURGXFWGHYLFHDQGRURWKHUSURWRFROUHTXLUHGWKHUDSLHVSURWRFROSURFHGXUHVRUWKH
VWXG\DVDZKROHDWDQ\WLPHSULRUWRVWXG\FRPSOHWLRQIRUWKHUHDVRQVOLVWHGLQ
6HFWLRQVDQG

'LVFRQWLQXDWLRQRI6WXG\7UHDWPHQW
6XEMHFWVRUDOHJDOO\DFFHSWDEOHUHSUHVHQWDWLYHFDQGHFOLQHWRFRQWLQXHUHFHLYLQJ
LQYHVWLJDWLRQDOSURGXFWDQGRURWKHUSURWRFROUHTXLUHGWKHUDSLHVRUSURFHGXUHVDWDQ\
WLPHGXULQJWKHVWXG\EXWFRQWLQXHSDUWLFLSDWLRQLQWKHVWXG\,IWKLVRFFXUVWKH
LQYHVWLJDWRULVWRGLVFXVVZLWKWKHVXEMHFWWKHDSSURSULDWHSURFHVVHVIRUGLVFRQWLQXDWLRQ
IURPLQYHVWLJDWLRQDOSURGXFWRURWKHUSURWRFROUHTXLUHGWKHUDSLHVDQGPXVWGLVFXVVZLWK
WKHVXEMHFWWKHSRVVLELOLWLHVIRUFRQWLQXDWLRQRIWKH6FKHGXOHRI$FWLYLWLHVVHH7DEOH
LQFOXGLQJGLIIHUHQWRSWLRQVRIIROORZXSHJLQSHUVRQE\SKRQHPDLOWKURXJK
IDPLO\IULHQGVLQFRUUHVSRQGHQFHFRPPXQLFDWLRQZLWKRWKHUWUHDWLQJSK\VLFLDQVIURPWKH
UHYLHZRIPHGLFDOUHFRUGVDQGFROOHFWLRQRIGDWDLQFOXGLQJHQGSRLQWVDGYHUVHHYHQWV
DQGPXVWGRFXPHQWWKLVGHFLVLRQLQWKHVXEMHFW¶VPHGLFDOUHFRUGV6XEMHFWVZKRKDYH
GLVFRQWLQXHGLQYHVWLJDWLRQDOSURGXFWDQGRURWKHUSURWRFROUHTXLUHGWKHUDSLHVRU
SURFHGXUHVVKRXOGQRWEHDXWRPDWLFDOO\UHPRYHGIURPWKHVWXG\:KHQHYHUVDIHDQG
IHDVLEOHLWLVLPSHUDWLYHWKDWVXEMHFWVUHPDLQRQVWXG\WRHQVXUHVDIHW\VXUYHLOODQFH
DQGRUFROOHFWLRQRIRXWFRPHGDWD
6XEMHFWVPD\EHHOLJLEOHIRUFRQWLQXHGWUHDWPHQWZLWK$PJHQLQYHVWLJDWLRQDOSURGXFWV
DQGRURWKHUSURWRFROUHTXLUHGWKHUDSLHVE\DVHSDUDWHSURWRFRORUDVSURYLGHGIRUE\WKH
ORFDOFRXQWU\¶VUHJXODWRU\PHFKDQLVPEDVHGRQSDUDPHWHUVFRQVLVWHQWZLWK
6HFWLRQ
5HDVRQVIRUUHPRYDOIURPSURWRFROUHTXLUHGLQYHVWLJDWLRQDOSURGXFWVRUSURFHGXUDO
DVVHVVPHQWVLQFOXGHDQ\RIWKHIROORZLQJ
x
GHFLVLRQE\VSRQVRU
x
ORVWWRIROORZXS
x
GHDWK
x
LQHOLJLELOLW\GHWHUPLQHG
x
SURWRFROGHYLDWLRQ
x
QRQFRPSOLDQFH
x
DGYHUVHHYHQW
x
VXEMHFWUHTXHVW
x
SUHJQDQF\
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



'LVFRQWLQXDWLRQ)URPWKH6WXG\
:LWKGUDZDORIFRQVHQWIRUDVWXG\PHDQVWKDWWKHVXEMHFWGRHVQRWZLVKWRUHFHLYH
IXUWKHUSURWRFROUHTXLUHGWKHUDSLHVRUSURFHGXUHVDQGWKHVXEMHFWGRHVQRWZLVKWRRULV
XQDEOHWRFRQWLQXHIXUWKHUVWXG\SDUWLFLSDWLRQ6XEMHFWGDWDXSWRZLWKGUDZDORIFRQVHQW
ZLOOEHLQFOXGHGLQWKHDQDO\VLVRIWKHVWXG\DQGZKHUHSHUPLWWHGSXEOLFO\DYDLODEOHGDWD
FDQEHLQFOXGHGDIWHUZLWKGUDZDORIFRQVHQW7KHLQYHVWLJDWRULVWRGLVFXVVZLWKWKH
VXEMHFWDSSURSULDWHSURFHGXUHVIRUZLWKGUDZDOIURPWKHVWXG\DQGPXVWGRFXPHQWWKH
VXEMHFW¶VGHFLVLRQWRZLWKGUDZLQWKHVXEMHFW¶VPHGLFDOUHFRUGV
,IDVXEMHFWZLWKGUDZVIURPWKHVWXG\KHVKHPD\UHTXHVWGHVWUXFWLRQRIDQ\VDPSOHV
WDNHQDQGQRWWHVWHGDQGWKHLQYHVWLJDWRUPXVWQRWLI\$PJHQDFFRUGLQJO\VHH
6HFWLRQIRUIXUWKHUGHWDLOV5HIHUWRWKH6FKHGXOHRI$FWLYLWLHV7DEOHIRUGDWD
WREHFROOHFWHGDWWKHWLPHRIVWXG\GLVFRQWLQXDWLRQDQGIROORZXSDQGIRUDQ\IXUWKHU
HYDOXDWLRQVWKDWQHHGWREHFRPSOHWHG

5HDVRQVIRU5HPRYDO)URP:DVKRXW5XQLQRU,QYDVLYH3URFHGXUHV
1RWDSSOLFDEOH

5HDVRQVIRU5HPRYDO)URP6WXG\
5HDVRQVIRUUHPRYDORIDVXEMHFWIURPWKHVWXG\DUH
x
GHFLVLRQE\VSRQVRU
x
ZLWKGUDZDORIFRQVHQWIURPVWXG\
x
GHDWK
x
ORVWWRIROORZXS

/RVWWR)ROORZXS
$VXEMHFW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
7KHIROORZLQJDFWLRQVPXVWEHWDNHQLIDVXEMHFWIDLOVWRUHWXUQWRWKHFOLQLFIRUDUHTXLUHG
VWXG\YLVLW
x
7KHVLWHPXVWDWWHPSWWRFRQWDFWWKHVXEMHFWDQGUHVFKHGXOHWKHPLVVHGYLVLWDVVRRQ
DVSRVVLEOHDQGFRXQVHOWKHVXEMHFWRQWKHLPSRUWDQFHRIPDLQWDLQLQJWKHDVVLJQHG
YLVLWVFKHGXOHDQGDVFHUWDLQZKHWKHURUQRWWKHVXEMHFWZLVKHVWRDQGRULVDEOHWR
FRQWLQXHLQWKHVWXG\
x
,QFDVHVLQZKLFKWKHVXEMHFWLVGHHPHGORVWWRIROORZXSWKHLQYHVWLJDWRURU
GHVLJQHHPXVWPDNHHYHU\HIIRUWWRUHJDLQFRQWDFWZLWKWKHVXEMHFWZKHUHSRVVLEOH
WHOHSKRQHFDOOVDQGLIQHFHVVDU\DFHUWLILHGOHWWHUWRWKHVXEMHFW¶VODVWNQRZQ
PDLOLQJDGGUHVVRUORFDOHTXLYDOHQWPHWKRGV7KHVHFRQWDFWDWWHPSWVDUHWREH
GRFXPHQWHGLQWKHVXEMHFW¶VPHGLFDOUHFRUG
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


x
,IWKHVXEMHFWFRQWLQXHVWREHXQUHDFKDEOHKHVKHZLOOEHFRQVLGHUHGWRKDYH
ZLWKGUDZQIURPWKHVWXG\ZLWKDSULPDU\UHDVRQRIORVWWRIROORZXS
x
)RUVXEMHFWVZKRDUHORVWWRIROORZXSWKHLQYHVWLJDWRUFDQVHDUFKSXEOLFO\ DYDLODEOH
UHFRUGVZKHUHSHUPLWWHGWRDVFHUWDLQVXUYLYDOVWDWXV7KLVHQVXUHVWKDWWKHGDWD
VHWVSURGXFHGDVDQRXWFRPHRIWKHVWXG\LVDUHDVFRPSUHKHQVLYHDVSRVVLEOH

6WXG\$VVHVVPHQWVDQG3URFHGXUHV
6WXG\SURFHGXUHVDQGWKHLUWLPHSRLQWVDUHVXPPDUL]HGLQWKH6FKHGXOHRI$FWLYLWLHV
VHH7DEOH
$VSURWRFROZDLYHUVRUH[HPSWLRQVDUHQRWDOORZHGLIDQHQUROOHGVXEMHFWLVVXEVHTXHQWO\
GHWHUPLQHGWREHLQHOLJLEOHIRUWKHVWXG\WKLVPXVWEHGLVFXVVHGZLWKWKHVSRQVRU
LPPHGLDWHO\XSRQRFFXUUHQFHRUDZDUHQHVVWRGHWHUPLQHLIWKHVXEMHFWLVWRFRQWLQXHRU
GLVFRQWLQXHVWXG\WUHDWPHQW
$GKHUHQFHWRWKHVWXG\GHVLJQUHTXLUHPHQWVLQFOXGLQJWKRVHVSHFLILHGLQWKH6FKHGXOH
RI$FWLYLWLHVLVHVVHQWLDODQGUHTXLUHGIRUVWXG\FRQGXFW

*HQHUDO6WXG\3HULRGV

6FUHHQLQJ(QUROOPHQWDQGRU5DQGRPL]DWLRQ

6FUHHQLQJ3HULRGDQG%DVHOLQH3HULRG

6FUHHQLQJ3HULRG
,QIRUPHGFRQVHQWPXVWEHREWDLQHGEHIRUHFRPSOHWLQJDQ\VFUHHQLQJSURFHGXUHRU
GLVFRQWLQXDWLRQRIVWDQGDUGWKHUDS\IRUDQ\GLVDOORZHGWKHUDS\$IWHUWKHVXEMHFWKDV
VLJQHGWKHLQIRUPHGFRQVHQWIRUPWKHVLWHZLOOUHJLVWHUWKHVXEMHFWLQWKH,57DQGVFUHHQ
WKHVXEMHFWLQRUGHUWRDVVHVVHOLJLELOLW\IRUSDUWLFLSDWLRQ7KHVFUHHQLQJSHULRGLVXSWR
ZHHNVZKLFKFRQVLVWVRIDQLQLWLDOVFUHHQLQJSHULRGRIXSWRZHHNVDQGDEDVHOLQH
SHULRGRIZHHNV
$OOVFUHHQLQJHYDOXDWLRQVPXVWEHFRPSOHWHGDQGUHYLHZHGWRFRQILUPWKDWSRWHQWLDO
VXEMHFWVPHHWDOOHOLJLELOLW\FULWHULD7KHLQYHVWLJDWRUZLOOPDLQWDLQDVFUHHQLQJORJWR
UHFRUGGHWDLOVRIDOOVXEMHFWVVFUHHQHGDQGWRFRQILUPHOLJLELOLW\RUUHFRUGUHDVRQVIRU
VFUHHQLQJIDLOXUHDVDSSOLFDEOH
,IDVXEMHFWKDVQRWPHWDOO3DUWHOLJLELOLW\FULWHULDDWWKHHQGRIWKHVFUHHQLQJSHULRGWKH
VXEMHFWZLOOEHUHJLVWHUHGDVDVFUHHQIDLO

%DVHOLQH3HULRG
7KHZHHNEDVHOLQHSHULRGVWDUWVZKHQWKHVXEMHFWKDVPHWDOO3DUWHOLJLELOLW\FULWHULD
UHIHUWR6HFWLRQDQG6HFWLRQDQGLVHQWHUHGLQWKHEDVHOLQHSHULRGDQGHQGV
HLWKHUZLWKVFUHHQIDLOXUHRULVUDQGRPL]HG
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



5DQGRPL]DWLRQ
2QFRPSOHWLRQRIWKHEDVHOLQHSHULRGVXEMHFWVIRXQGWRPHHWHOLJLELOLW\UHTXLUHPHQWVZLOO
XQGHUJRUDQGRPL]DWLRQDQGZLOOEHDVVLJQHGDVWXG\WUHDWPHQW

7UHDWPHQW3HULRG
9LVLWVZLOORFFXUSHUWKH6FKHGXOHRI$FWLYLWLHV7DEOH2QVWXG\YLVLWVPD\EH
FRPSOHWHGZLWKLQGD\V7KHGDWHRIWKHILUVWGRVHRISURWRFROUHTXLUHGWKHUDSLHVLV
GHILQHGDVGD\$OOVXEVHTXHQWGRVHVDQGVWXG\YLVLWVZLOOEHVFKHGXOHGEDVHGRQWKH
GD\GDWH$GPLQLVWUDWLRQRISURWRFROUHTXLUHGWKHUDSLHVLVWREHDGPLQLVWHUHGODVW
GXULQJHDFKYLVLWWKDWLWLVUHTXLUHG

(DUO\7HUPLQDWLRQ
8SRQSHUPDQHQWGLVFRQWLQXDWLRQIURPWKHVWXG\WUHDWPHQWIRUDQ\UHDVRQDQ(7YLVLWZLOO
EHSHUIRUPHGDSSUR[LPDWHO\GD\VDIWHUWKHODVWGRVHRILQYHVWLJDWLRQDOSURGXFW
6XEMHFWVZKRHDUO\WHUPLQDWHWKHVWXG\WUHDWPHQWEHIRUHRUDWZHHNVKRXOGFRPSOHWH
WKHZHHN(7DVVHVVPHQWV7DEOH
6XEMHFWVZKRHDUO\WHUPLQDWHWKHVWXG\WUHDWPHQWDIWHUZHHNDQGEHIRUHZHHN
VKRXOGFRPSOHWHWKHZHHN(7DVVHVVPHQWV7DEOH

6DIHW\)ROORZXS
$VDIHW\IROORZXSYLVLWZLOOEHSHUIRUPHGZHHNVDIWHUWKHODVWGRVHRILQYHVWLJDWLRQDO
SURGXFWZKLFKFDQRFFXUGXULQJWKH'%73RU2/737DEOHRU7DEOH

(QGRI6WXG\
6XEMHFWVZKRFRPSOHWHVDIHW\IROORZXSZLOOHQGWKHVWXG\DQGFRPSOHWHDOO(26
DVVHVVPHQWVDFFRUGLQJWR7DEOHRU7DEOH

'HVFULSWLRQRI*HQHUDO6WXG\$VVHVVPHQWVDQG3URFHGXUHV
7KHVHFWLRQVEHORZSURYLGHDGHVFULSWLRQRIWKHLQGLYLGXDOVWXG\SURFHGXUHVIRUUHTXLUHG
WLPHSRLQWV

*HQHUDO$VVHVVPHQWV

,QIRUPHG&RQVHQW
$OOVXEMHFWVRUWKHLUOHJDOO\DXWKRUL]HGUHSUHVHQWDWLYHPXVWVLJQDQGSHUVRQDOO\GDWHWKH
,5%,(&DSSURYHGLQIRUPHGFRQVHQWEHIRUHDQ\VWXG\VSHFLILFSURFHGXUHVDUH
SHUIRUPHG
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



&DOOVWR,QWHUDFWLYH5HVSRQVH7HFKQRORJ\,576\VWHP
6LWHVDUHWRFDOOWKH,57V\VWHPIRUWKHIROORZLQJWRHQWHUWKHVXEMHFWLQWRWKHLQLWLDO
VFUHHQLQJSHULRGWRUDQGRPL]HDQHOLJLEOHVXEMHFWWRREWDLQWKHLQYHVWLJDWLRQDOSURGXFW
DVVLJQPHQWWRHQWHUWKHVXEMHFWLQWRWKH2/73WRUHJLVWHUWKHHQGRILQYHVWLJDWLRQDO
SURGXFWDQGWRUHJLVWHUVWXG\(7RUFRPSOHWLRQ6XEMHFWGDWDZLOOEHFROOHFWHGLQWKH,57
V\VWHPLQFOXGLQJEXWQRWOLPLWHGWRUHDVRQIRUVFUHHQIDLOLIDSSOLFDEOH

'HPRJUDSKLFV
'HPRJUDSKLFGDWDFROOHFWLRQLQFOXGLQJVH[DJHUDFHDQGHWKQLFLW\ZLOOEHFROOHFWHGLQ
RUGHUWRVWXG\WKHLUSRVVLEOHDVVRFLDWLRQZLWKVXEMHFWVDIHW\DQGWUHDWPHQWHIIHFWLYHQHVV
$GGLWLRQDOO\GHPRJUDSKLFGDWDZLOOEHXVHGWRVWXG\WKHLPSDFWRQELRPDUNHUV
YDULDELOLW\DQGSKDUPDFRNLQHWLFV3.VRIWKHSURWRFROUHTXLUHGWKHUDSLHV

0HGLFDO+LVWRU\
7KH,QYHVWLJDWRURUGHVLJQHHZLOOFROOHFWDFRPSOHWHPHGLFDOSV\FKLDWULFDQGVXUJLFDO
KLVWRU\WKDWVWDUWHGZLWKLQGD\VSULRUWRHQUROOPHQWWKURXJKGD\$OLIHWLPH
FDUGLRYDVFXODUKLVWRU\ZLOODOVREHFROOHFWHG0HGLFDOKLVWRU\ZLOOLQFOXGHLQIRUPDWLRQRQ
WKHVXEMHFW
VFRQFXUUHQWPHGLFDOFRQGLWLRQV5HFRUGDOOILQGLQJVRQWKHPHGLFDOKLVWRU\
&5),QDGGLWLRQWRWKHPHGLFDOKLVWRU\DERYHPLJUDLQHKLVWRU\PXVWGDWHEDFNWRWKH
RULJLQDOGLDJQRVLV7KHFXUUHQWVHYHULW\ZLOOEHFROOHFWHGIRUHDFKFRQGLWLRQWKDWKDVQRW
UHVROYHG

3K\VLFDO([DPLQDWLRQ
3K\VLFDOH[DPLQDWLRQZLOOEHSHUIRUPHGDVSHUVWDQGDUGRIFDUH3K\VLFDOH[DPLQDWLRQ
ILQGLQJVVKRXOGEHUHFRUGHGRQWKHDSSURSULDWH&5)HJPHGLFDOKLVWRU\HYHQW

3K\VLFDO0HDVXUHPHQWV
+HLJKWLQFHQWLPHWHUVVKRXOGEHPHDVXUHGZLWKRXWVKRHV:HLJKWLQNLORJUDPVVKRXOG
EHPHDVXUHGZLWKRXWVKRHV
$OOPHDVXUHPHQWVDUHWREHUHFRUGHGRQWKH3K\VLFDO0HDVXUHPHQWV&5)
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



+HSDWLWLV7HVWLQJ
x
,IDKHSDWLFHYHQWLVVXVSHFWHGGXULQJWKHVWXG\KHSDWLWLVWHVWLQJZLOOEHSHUIRUPHGRQ
DEORRGVDPSOHFROOHFWHGDQGVWRUHGGXULQJVFUHHQLQJDQGDEORRGVDPSOHFROOHFWHG
GXULQJWKHHYHQW+HSDWLWLVWHVWLQJZLOOEHSHUIRUPHGE\WKHFHQWUDOODERUDWRU\7KH
IROORZLQJODERUDWRU\WHVWLQJZLOOEHSHUIRUPHG

+HSDWLWLV%6XUIDFH$QWLJHQ+HS%V$JDQGWRWDO+HSDWLWLV%&RUH$QWLERG\
+HS%F$E

+HSDWLWLV%9LUXV'1$5HDOWLPHSRO\PHUDVHFKDLQUHDFWLRQ3&5ZLOOEHRQO\
SHUIRUPHGLIWRWDO+HS%F$ELVSRVLWLYHDQG+HS%V$JLVQHJDWLYH

+HSDWLWLV&YLUXVDQWLERG\

+HSDWLWLV&9LUXV51$5HDOWLPH3&5ZLOOEHRQO\SHUIRUPHGLIKHSDWLWLV&YLUXV
DQWLERG\LVSRVLWLYH

8ULQH'UXJ6FUHHQLQJ
6XEMHFWVZLOOEHWHVWHGIRUVXEVWDQFHVRIDEXVHDWLQLWLDOVFUHHQLQJWRFRQILUPVXEMHFW
HOLJLELOLW\'XULQJWKHVWXG\XULQHGUXJWHVWVFDQDOVREHSHUIRUPHGDWWKHLQYHVWLJDWRU¶V
GLVFUHWLRQEDVHGRQFOLQLFDOVXVSLFLRQ8ULQHVDPSOHVZLOOEHDQDO\]HGE\WKHFHQWUDO
ODERUDWRU\)RUDVXEMHFWZLWKDSRVLWLYHXULQHGUXJVFUHHQGXULQJWKHVWXG\H[FHSWIRU
FHUWDLQSUHVFULEHGPHGLFDWLRQVWKHLQYHVWLJDWRUVKRXOGFRQVLGHUGLVFRQWLQXLQJWKH
VXEMHFWIURPLQYHVWLJDWLRQDOSURGXFW

(IILFDF\$VVHVVPHQWV

&OLQLFDO2XWFRPH$VVHVVPHQWV
&OLQLFDO2XWFRPH$VVHVVPHQWVZLOOEHFROOHFWHGE\VXEMHFWVXVLQJDKDQGKHOGH'LDU\DW
YDULRXVIUHTXHQFLHV
7KHH'LDU\ZLOOFROOHFWWKHIROORZLQJ&2$VGDLO\DWKRPHLQWKH'%73DQGGDLO\GXULQJ
ZHHNVWRDQGZHHNVWRLQWKH2/73
x
GDWHDQGWLPHRIVWDUWRIKHDGDFKHLHPLJUDLQHRUQRQPLJUDLQHKHDGDFKH
x
GDWHDQGWLPHRIHQGRIKHDGDFKH
x
ZRUVWSDLQVHYHULW\SHUKHDGDFKH
x
SDLQIHDWXUHVHJVLGHGWKUREELQJZRUVHQVZLWKH[HUFLVHSK\VLFDODFWLYLW\
x
V\PSWRPVHJDXUDQDXVHDYRPLWLQJSKRWRSKRELDSKRQRSKRELD
x
XVHRIDFXWHKHDGDFKHPHGLFDWLRQVPHGLFDWLRQQDPH>IURPSUHHQWHUHGOLVW@GDWHRI
GRVLQJQXPEHURIWLPHVWDNHQRQHDFKGDWH
7KHH'LDU\ZLOOFROOHFWWKHIROORZLQJ352V
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


x
%',LQFOLQLFDWGD\DQGZHHN(7LQWKH'%73
6LWHVWXG\VWDIIZLOODVVLJQDQGSURYLGHDQH'LDU\WRWKHVXEMHFWDWWKHZHHNYLVLWDIWHU
FRQILUPLQJWKHVXEMHFW¶VHOLJLELOLW\WRHQWHUWKHEDVHOLQHSHULRG7KHVLWHVWXG\VWDIIZLOO
WUDLQWKHVXEMHFWRQKRZWRXVHWKHH'LDU\HJWXUQLQJRQRIIFKDUJLQJQDYLJDWLQJ
VFUHHQVWUDQVPLWWLQJGDWDFRQWDFWLQJWKHKHOSGHVNIRUWHFKQLFDODVVLVWDQFHDQG
FRPSOHWHWKHTXHVWLRQV7KHVXEMHFWZLOOEHLQVWUXFWHGWRLQWHUDFWZLWKWKHH'LDU\HYHU\
GD\DQGWREULQJWKHH'LDU\WRHYHU\VWXG\YLVLW$WWKHGD\VWXG\YLVLWWKHLQYHVWLJDWRU
ZLOOXVHWKHVXEMHFW¶VH'LDU\WRUHYLHZDOOGDWDHQWHUHGGXULQJWKHEDVHOLQHSHULRGDQG
FRQILUPWKHUHOHYDQWLQFOXVLRQDQGH[FOXVLRQFULWHULD
3OHDVHUHIHUWRWKHH'LDU\PDQXDOIRUDGGLWLRQDOGHWDLOV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



%HFN'HSUHVVLRQ,QYHQWRU\
7KH%',LVDLWHPTXHVWLRQQDLUHWKDWDVVHVVHVVHYHULW\RIGHSUHVVLRQ(DFKLWHPLV
VFRUHGIURPWR7KHWRWDOVFRUHLVFDWHJRUL]HGLQWRVHYHULW\JUDGHVPLQLPDO
GHSUHVVLRQPLOGGHSUHVVLRQPRGHUDWHGHSUHVVLRQDQG
VHYHUHGHSUHVVLRQ

6DIHW\$VVHVVPHQWV
3ODQQHGWLPHSRLQWVIRUDOOVDIHW\DVVHVVPHQWVDUHOLVWHGLQWKH6FKHGXOHRI$FWLYLWLHV
VHH7DEOHDQG7DEOH
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



$GYHUVH(YHQWV

7LPH3HULRGDQG)UHTXHQF\IRU&ROOHFWLQJDQG5HSRUWLQJ6DIHW\
(YHQW,QIRUPDWLRQ

$GYHUVH(YHQWV
7KHDGYHUVHHYHQWJUDGLQJVFDOHWREHXVHGIRUWKLVVWXG\ZLOOEHWKH&RPPRQ
7HUPLQRORJ\&ULWHULDIRU$GYHUVH(YHQWV&7&$(DQGLVGHVFULEHGLQ6HFWLRQ
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWDOODGYHUVHHYHQWVREVHUYHGE\WKH
LQYHVWLJDWRURUUHSRUWHGE\WKHVXEMHFWWKDWRFFXUDIWHUILUVWGRVHRILQYHVWLJDWLRQDO
SURGXFWWKURXJKWKHVDIHW\IROORZXSYLVLWRUHQGRIVWXG\ZKLFKHYHULVODWHUDUHUHSRUWHG
XVLQJWKH(YHQW&5)

6HULRXV$GYHUVH(YHQWV
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWDOOVHULRXVDGYHUVHHYHQWVREVHUYHGE\
WKHLQYHVWLJDWRURUUHSRUWHGE\WKHVXEMHFWWKDWRFFXUDIWHUVLJQLQJRIWKHLQIRUPHG
FRQVHQWWKURXJKWKHVDIHW\IROORZXSYLVLWRUHQGRIVWXG\ZKLFKHYHULVODWHUDUHUHSRUWHG
XVLQJWKH(YHQW&5)
$OOVHULRXVDGYHUVHHYHQWVZLOOEHFROOHFWHGUHFRUGHGDQGUHSRUWHGWRWKHVSRQVRURU
GHVLJQHHZLWKLQKRXUVDVLQGLFDWHGLQ6HFWLRQ7KHLQYHVWLJDWRUZLOOVXEPLWDQ\
XSGDWHGVHULRXVDGYHUVHHYHQWGDWDWRWKHVSRQVRUZLWKLQKRXUVRILWEHLQJDYDLODEOH
7KHFULWHULDIRUJUDGHLQWKH&7&$(JUDGLQJVFDOHGLIIHUVIURPWKHUHJXODWRU\FULWHULDIRU
VHULRXVDGYHUVHHYHQWV,WLVOHIWWRWKHLQYHVWLJDWRU¶VMXGJPHQWWRUHSRUWWKHVHJUDGH
DEQRUPDOLWLHVDVVHULRXVDGYHUVHHYHQWV

6HULRXV$GYHUVH(YHQWV$IWHUWKH3URWRFROUHTXLUHG5HSRUWLQJ
3HULRG
7KHUHLVQRUHTXLUHPHQWWRPRQLWRUVWXG\VXEMHFWVIRUVHULRXVDGYHUVHHYHQWVIROORZLQJ
WKHSURWRFROUHTXLUHGUHSRUWLQJSHULRGRUDIWHUHQGRIVWXG\+RZHYHUWKHVHVHULRXV
DGYHUVHHYHQWVFDQEHUHSRUWHGWR$PJHQ3HUORFDOUHTXLUHPHQWVLQVRPHFRXQWULHV
LQYHVWLJDWRUVDUHUHTXLUHGWRUHSRUWVHULRXVDGYHUVHHYHQWVWKDWWKH\EHFRPHDZDUHRI
DIWHUHQGRIVWXG\,IVHULRXVDGYHUVHHYHQWVDUHUHSRUWHGWKHLQYHVWLJDWRULVWRUHSRUW
WKHPWR$PJHQZLWKLQKRXUVIROORZLQJWKHLQYHVWLJDWRU¶VNQRZOHGJHRIWKHHYHQW
6HULRXVDGYHUVHHYHQWVUHSRUWHGRXWVLGHRIWKHSURWRFROUHTXLUHGUHSRUWLQJSHULRGZLOOEH
FDSWXUHGZLWKLQWKHVDIHW\GDWDEDVHDVFOLQLFDOWULDOFDVHVDQGKDQGOHGDFFRUGLQJO\EDVHG
RQUHODWLRQVKLSWRLQYHVWLJDWLRQDOSURGXFW
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


7KHPHWKRGRIUHFRUGLQJHYDOXDWLQJDQGDVVHVVLQJFDXVDOLW\RIDGYHUVHHYHQWVDQG
VHULRXVDGYHUVHHYHQWVDQGWKHSURFHGXUHVIRUFRPSOHWLQJDQGWUDQVPLWWLQJVHULRXV
DGYHUVHHYHQWUHSRUWVDUHSURYLGHGLQ6HFWLRQ

0HWKRGRI'HWHFWLQJ$GYHUVH(YHQWVDQG6HULRXV$GYHUVH(YHQWV
&DUHZLOOEHWDNHQQRWWRLQWURGXFHELDVZKHQGHWHFWLQJDGYHUVHHYHQWVDQGRUVHULRXV
DGYHUVHHYHQWV2SHQHQGHGDQGQRQOHDGLQJYHUEDOTXHVWLRQLQJRIWKHVXEMHFWLVWKH
SUHIHUUHGPHWKRGWRLQTXLUHDERXWDGYHUVHHYHQWRFFXUUHQFH

)ROORZXSRI$GYHUVH(YHQWVDQG6HULRXV$GYHUVH(YHQWV
$IWHUWKHLQLWLDODGYHUVHHYHQWVHULRXVDGYHUVHHYHQWUHSRUWWKHLQYHVWLJDWRULVUHTXLUHGWR
SURDFWLYHO\IROORZHDFKVXEMHFWDWVXEVHTXHQWYLVLWVFRQWDFWV$OODGYHUVHHYHQWVDQG
VHULRXVDGYHUVHHYHQWVZLOOEHIROORZHGXQWLOUHVROXWLRQVWDELOL]DWLRQXQWLOWKHHYHQWLV
RWKHUZLVHH[SODLQHGRUWKHVXEMHFWLVORVWWRIROORZXSDVGHILQHGLQ6HFWLRQ
)XUWKHULQIRUPDWLRQRQIROORZXSSURFHGXUHVLVJLYHQLQ6HFWLRQ
$OOQHZLQIRUPDWLRQIRUSUHYLRXVO\UHSRUWHGVHULRXVDGYHUVHHYHQWVPXVWEHVHQWWR
$PJHQZLWKLQKRXUVIROORZLQJNQRZOHGJHRIWKHQHZLQIRUPDWLRQ,IVSHFLILFDOO\
UHTXHVWHGWKHLQYHVWLJDWRUPD\QHHGWRSURYLGHDGGLWLRQDOIROORZXSLQIRUPDWLRQVXFKDV
GLVFKDUJHVXPPDULHVPHGLFDOUHFRUGVRUH[WUDFWVIURPWKHPHGLFDOUHFRUGV
,QIRUPDWLRQSURYLGHGDERXWWKHVHULRXVDGYHUVHHYHQWPXVWEHFRQVLVWHQWZLWKWKDW
UHFRUGHGRQWKH(YHQW&5)

5HJXODWRU\5HSRUWLQJ5HTXLUHPHQWVIRU6HULRXV$GYHUVH(YHQWV
,IVXEMHFWLVSHUPDQHQWO\ZLWKGUDZQIURPSURWRFROUHTXLUHGWKHUDSLHVEHFDXVHRID
VHULRXVDGYHUVHHYHQWWKLVLQIRUPDWLRQPXVWEHVXEPLWWHGWR$PJHQ
3URPSWQRWLILFDWLRQE\WKHLQYHVWLJDWRUWRWKHVSRQVRURIVHULRXVDGYHUVHHYHQWVLV
HVVHQWLDOVRWKDWOHJDOREOLJDWLRQVDQGHWKLFDOUHVSRQVLELOLWLHVWRZDUGVWKHVDIHW\RI
VXEMHFWV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\,5%V,(&VDQGLQYHVWLJDWRUV
,QGLYLGXDOVDIHW\UHSRUWVPXVWEHSUHSDUHGIRUVXVSHFWHGXQH[SHFWHGVHULRXVDGYHUVH
UHDFWLRQVDFFRUGLQJWRORFDOUHJXODWRU\UHTXLUHPHQWVDQGVSRQVRUSROLF\DQGIRUZDUGHG
WRLQYHVWLJDWRUVDVQHFHVVDU\
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


$QLQYHVWLJDWRUZKRUHFHLYHVDQLQGLYLGXDOVDIHW\UHSRUWGHVFULELQJDVHULRXVDGYHUVH
HYHQWRURWKHUVSHFLILFVDIHW\LQIRUPDWLRQHJVXPPDU\RUOLVWLQJRIVHULRXVDGYHUVH
HYHQWVIURPWKHVSRQVRUZLOOILOHLWDORQJZLWKWKH,QYHVWLJDWRU¶V%URFKXUHDQGZLOOQRWLI\
WKH,5%,(&LIDSSURSULDWHDFFRUGLQJWRORFDOUHTXLUHPHQWV
7RFRPSO\ZLWKZRUOGZLGHUHSRUWLQJUHJXODWLRQVIRUVHULRXVDGYHUVHHYHQWVWKHWUHDWPHQW
DVVLJQPHQWRIVXEMHFWVZKRGHYHORSVHULRXVXQH[SHFWHGDQGUHODWHGDGYHUVHHYHQWV
PD\EHXQEOLQGHGE\$PJHQEHIRUHVXEPLVVLRQWRUHJXODWRU\DXWKRULWLHV$JJUHJDWH
DQDO\VHVPD\DOVREHXQEOLQGHGE\WKH6DIHW\$VVHVVPHQW7HDPDVDSSURSULDWH
,QYHVWLJDWRUVZLOOUHFHLYHQRWLILFDWLRQRIUHODWHGVHULRXVDGYHUVHHYHQWVUHSRUWVVHQWWR
UHJXODWRU\DXWKRULWLHVLQDFFRUGDQFHZLWKORFDOUHTXLUHPHQWV

3UHJQDQF\DQG/DFWDWLRQ
'HWDLOVRIDOOSUHJQDQFLHVDQGRUODFWDWLRQLQIHPDOHVXEMHFWVDQGLILQGLFDWHGIHPDOH
SDUWQHUVRIPDOHVXEMHFWVZLOOEHFROOHFWHGDIWHUWKHVWDUWRIVWXG\WUHDWPHQWDQGXQWLO
ZHHNVDIWHUODVWGRVHRILQYHVWLJDWLRQDOSURGXFW
,IDSUHJQDQF\LVUHSRUWHGWKHLQYHVWLJDWRULVWRLQIRUP$PJHQZLWKLQKRXUVRIOHDUQLQJ
RIWKHSUHJQDQF\DQGRUODFWDWLRQDQGLVWRIROORZWKHSURFHGXUHVRXWOLQHGLQ
6HFWLRQ$PJHQ*OREDO3DWLHQW6DIHW\ZLOOIROORZXSZLWKWKHLQYHVWLJDWRUUHJDUGLQJ
DGGLWLRQDOLQIRUPDWLRQWKDWPD\EHUHTXHVWHG
$EQRUPDOSUHJQDQF\RXWFRPHVHJVSRQWDQHRXVDERUWLRQIHWDOGHDWKVWLOOELUWK
FRQJHQLWDODQRPDOLHVHFWRSLFSUHJQDQF\DUHFRQVLGHUHGVHULRXVDGYHUVHHYHQWV
)XUWKHUGHWDLOVUHJDUGLQJSUHJQDQF\DQGODFWDWLRQDUHSURYLGHGLQ6HFWLRQ

$GYHUVH'HYLFH(IIHFWV
,QRUGHUWRIXOILOOUHJXODWRU\UHSRUWLQJREOLJDWLRQVZRUOGZLGHWKHLQYHVWLJDWRULV
UHVSRQVLEOHIRUWKHGHWHFWLRQDQGGRFXPHQWDWLRQRIDQ\DGYHUVHGHYLFHHIIHFWVWKDWRFFXU
GXULQJWKHVWXG\ZLWKVXFKGHYLFHV
$QDGYHUVHGHYLFHHIIHFWLVDQ\DGYHUVHHYHQWUHODWHGWRWKHXVHRIDFRPELQDWLRQ
SURGXFWRUPHGLFDOGHYLFH$GYHUVHGHYLFHHIIHFWVLQFOXGHDGYHUVHHYHQWVUHVXOWLQJIURP
LQVXIILFLHQWRULQDGHTXDWHLQVWUXFWLRQVIRUXVHDGYHUVHHYHQWVUHVXOWLQJIURPDQ\
PDOIXQFWLRQRIWKHGHYLFHRUDGYHUVHHYHQWVUHVXOWLQJIURPXVHHUURURUIURPLQWHQWLRQDO
PLVXVHRIWKHGHYLFH
$OODGYHUVHGHYLFHHIIHFWVDUHWREHUHSRUWHGDVDGYHUVHHYHQWVIROORZLQJWKHVDPH
UHSRUWLQJSHULRGVDQGSURFHGXUHV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


3URGXFWFRPSODLQWVDUHGHVFULEHGLQ6HFWLRQ
)XUWKHUGHWDLOVUHJDUGLQJDGYHUVHGHYLFHHIIHFWVFDQEHIRXQGLQ6HFWLRQ

9LWDO6LJQV
7KHIROORZLQJPHDVXUHPHQWVPXVWEHSHUIRUPHGV\VWROLFGLDVWROLFEORRGSUHVVXUHKHDUW
UDWHUHVSLUDWRU\UDWHDQGWHPSHUDWXUH6XEMHFWPXVWEHLQDVXSLQHSRVLWLRQLQDUHVWHG
DQGFDOPVWDWHIRUDWOHDVWPLQXWHVEHIRUHEORRGSUHVVXUHDVVHVVPHQWVDUHFRQGXFWHG
,IWKHVXEMHFWLVXQDEOHWREHLQWKHVXSLQHSRVLWLRQWKHVXEMHFWVKRXOGEHLQPRVW
UHFXPEHQWSRVLWLRQDVSRVVLEOH7KHSRVLWLRQVHOHFWHGIRUDVXEMHFWVKRXOGEHWKHVDPH
WKDWLVXVHGWKURXJKRXWWKHVWXG\DQGGRFXPHQWHGRQWKHYLWDOVLJQ&5)7KH
WHPSHUDWXUHORFDWLRQVHOHFWHGIRUDVXEMHFWVKRXOGEHWKHVDPHWKDWLVXVHGWKURXJKRXW
WKHVWXG\DQGGRFXPHQWHGRQWKHYLWDOVLJQV&5)5HFRUGDOOPHDVXUHPHQWVRQWKH
9LWDO6LJQV&5)
%ORRGSUHVVXUHZLOOEHPHDVXUHGLQWKHIROORZLQJPDQQHU
x
6XEMHFWVVKRXOGEHO\LQJLQDVHPLUHFXPEHQWSRVLWLRQSDUWLDOVHPL)RZOHU¶V
SRVLWLRQRUVXSLQHSRVLWLRQTXLHWO\DQGFRPIRUWDEO\IRUDWOHDVWPLQXWHV7KHXSSHU
DUPVKRXOGEHEDUHZLWKRXWFRQVWULFWLYHFORWKLQJDQGVXSSRUWHGDWKHDUWOHYHO
x
&DIIHLQHH[HUFLVHDQGVPRNLQJVKRXOGEHDYRLGHGIRUDWOHDVWPLQXWHVSULRUWR
PHDVXUHPHQW
x
$QDSSURSULDWHO\VL]HGFXIIFXIIEODGGHUHQFLUFOLQJDWOHDVWSHUFHQWRIWKHDUP
VKRXOGEHXVHGWRHQVXUHDFFXUDF\$WOHDVWPHDVXUHPHQWVVHSDUDWHGE\DWOHDVW
PLQXWHVVKRXOGEHPDGHDQGWKHDYHUDJHUHFRUGHG,IWKHUHLVDKLJKYDOXHLWLV
DFFHSWDEOHWRZDLWDSSUR[LPDWHO\PLQXWHVEHIRUHWKHQH[WEORRGSUHVVXUH
PHDVXUHPHQWVDUHWDNHQIRUWKHSXUSRVHRIDYHUDJLQJDQGUHFRUGLQJLQWKH&5)
x
%ORRGSUHVVXUHZLOOLQLWLDOO\EHUHFRUGHGLQERWKRIWKHVXEMHFW¶VDUPVXQOHVVD
FRQFRPLWDQWFRQGLWLRQIDYRUVWKHXVHRIDSDUWLFXODUDUP7KHDUPZLWKWKHKLJKHU
V\VWROLFUHDGLQJDWLQLWLDOVFUHHQLQJVKRXOGWKHQEHXVHGIRUEORRGSUHVVXUH
GHWHUPLQDWLRQVWKURXJKRXWWKHVWXG\
x
1HLWKHUWKHVXEMHFWQRUWKHREVHUYHUPHDVXUHUVKRXOGWDONGXULQJPHDVXUHPHQW
,IDEQRUPDOLWLHVDUHIRXQGDQGWKH\DUHFRQVLGHUHGWREHDQDGYHUVHHYHQWUHFRUGRQWKH
$GYHUVH(YHQW&5)

(OHFWURFDUGLRJUDPV
6XEMHFWPXVWEHLQVXSLQHSRVLWLRQLQDUHVWHGDQGFDOPVWDWHIRUDWOHDVWPLQXWHV
EHIRUH(&*DVVHVVPHQWLVFRQGXFWHG,IWKHVXEMHFWLVXQDEOHWREHLQWKHVXSLQH
SRVLWLRQWKHVXEMHFWVKRXOGEHLQPRVWUHFXPEHQWSRVLWLRQDVSRVVLEOH7KH(&*PXVW
LQFOXGHWKHIROORZLQJPHDVXUHPHQWVKHDUWUDWH4564747FDQG35LQWHUYDOV7KH
SULQFLSDOLQYHVWLJDWRURUGHVLJQDWHGVLWHSK\VLFLDQZLOOUHYLHZDOO(&*V2QFHVLJQHG
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


WKHRULJLQDO(&*WUDFLQJZLOOEHUHWDLQHGZLWKWKHVXEMHFW
VVRXUFHGRFXPHQWV$WWKH
UHTXHVWRIWKHVSRQVRUDFRS\RIWKHRULJLQDO(&*ZLOOEHPDGHDYDLODEOHWR$PJHQ
,WLVWKHUHVSRQVLELOLW\RIWKHLQYHVWLJDWRUWRGHWHUPLQHLIWKH(&*WUDFLQJVDUHFRQVLVWHQW
ZLWKDVXEMHFW¶VVDIHSDUWLFLSDWLRQLQWKHVWXG\

6XLFLGDO5LVN0RQLWRULQJ

&ROXPELDVXLFLGH6HYHULW\5DWLQJ6FDOH&6656
7KH&6656LVDFOLQLFLDQUDWLQJRIVXLFLGDOEHKDYLRUDQGLGHDWLRQ7KH&6656
FRQVLVWVRIDPD[LPXPRILWHPVZKLFKGHILQHVVXEW\SHVRIVXLFLGDOLGHDWLRQDQG
EHKDYLRULQDGGLWLRQWRVHOILQMXULRXVEHKDYLRUZLWKQRVXLFLGDOLQWHQW7KH&6656ZLOOEH
DGPLQLVWHUHGE\WKHSULQFLSDOLQYHVWLJDWRURUTXDOLILHGGHVLJQHH5HSRUWVRIVXLFLGDO
LGHDWLRQZLWKLQWHQWWRDFWVHYHULW\RIRUDQGUHSRUWVRIDFWXDODERUWHGRULQWHUUXSWHG
VXLFLGHDWWHPSWVRUDEHKDYLRUSUHSDUDWRU\IRUPDNLQJDQDWWHPSWLQGLFDWHVXEMHFWVDW
KLJKULVNIRUVXLFLGH,IVXFKUHSRUWVDUHLGHQWLILHGDWVFUHHQLQJWKLVLVFRQVLGHUHGDQ
H[FOXVLRQFULWHULD,IVXFKUHSRUWVDUHLGHQWLILHGRQVWXG\WKHLQYHVWLJDWRULVWR
DSSURSULDWHO\PDQDJHWKHVXEMHFWLQDFFRUGDQFHZLWKVWDQGDUGRIFDUH

2WKHU6DIHW\
1RWDSSOLFDEOH

&OLQLFDO/DERUDWRU\$VVHVVPHQWV
5HIHUWR6HFWLRQIRUWKHOLVWRIFOLQLFDOODERUDWRU\WHVWVWREHSHUIRUPHGDQGWRWKH
6FKHGXOHRI$FWLYLWLHV7DEOHIRUWKHWLPLQJDQGIUHTXHQF\
7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUUHYLHZLQJODERUDWRU\WHVWUHVXOWVDQGUHFRUGLQJDQ\
FOLQLFDOO\UHOHYDQWFKDQJHVRFFXUULQJGXULQJWKHVWXG\LQWKH(YHQW&5)7KHLQYHVWLJDWRU
PXVWGHWHUPLQHZKHWKHUDQDEQRUPDOYDOXHLQDQLQGLYLGXDOVWXG\VXEMHFWUHSUHVHQWVD
FOLQLFDOO\VLJQLILFDQWFKDQJHIURPWKHVXEMHFW¶VEDVHOLQHYDOXHV,QJHQHUDODEQRUPDO
ODERUDWRU\ILQGLQJVZLWKRXWFOLQLFDOVLJQLILFDQFHEDVHGRQWKHLQYHVWLJDWRU
VMXGJPHQW
DUHQRWWREHUHFRUGHGDVDGYHUVHHYHQWV+RZHYHUODERUDWRU\YDOXHFKDQJHVWKDW
UHTXLUHWUHDWPHQWRUDGMXVWPHQWLQFXUUHQWWKHUDS\DUHFRQVLGHUHGDGYHUVHHYHQWV
:KHUHDSSOLFDEOHFOLQLFDOVHTXHODHQRWWKHODERUDWRU\DEQRUPDOLW\DUHWREHUHFRUGHG
DVWKHDGYHUVHHYHQW
$OOSURWRFROUHTXLUHGODERUDWRU\DVVHVVPHQWVDVGHILQHGLQ6HFWLRQPXVWEH
FRQGXFWHGLQDFFRUGDQFHZLWKWKHODERUDWRU\PDQXDODQGWKH6FKHGXOHRI$FWLYLWLHV
7DEOH
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


/DERUDWRU\DQDO\WHUHVXOWVWKDWFRXOGXQEOLQGWKHVWXG\ZLOOQRWEHUHSRUWHGWR
LQYHVWLJDWLYHVLWHVRURWKHUEOLQGHGSHUVRQQHOXQWLOWKHVWXG\KDVEHHQXQEOLQGHG

3UHJQDQF\7HVWLQJ
$KLJKVHQVLWLYHVHUXPSUHJQDQF\WHVWVKRXOGEHFRPSOHWHGDWVFUHHQLQJDQGDWWKH
VDIHW\IROORZXSYLVLWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDO
1RWH)HPDOHVZKRKDYHXQGHUJRQHDELODWHUDOWXEDOOLJDWLRQRFFOXVLRQVKRXOGKDYH
SUHJQDQF\WHVWLQJSHUSURWRFROUHTXLUHPHQWV,IDIHPDOHVXEMHFWRUWKHSDUWQHURID
PDOHVXEMHFWEHFRPHVSUHJQDQWLWPXVWEHUHSRUWHGRQWKH3UHJQDQF\1RWLILFDWLRQ
:RUNVKHHWVHH)LJXUH5HIHUWR6HFWLRQIRUFRQWUDFHSWLYHUHTXLUHPHQWV
$GGLWLRQDOXULQHSUHJQDQF\WHVWLQJVKRXOGEHSHUIRUPHGDWPRQWKO\LQWHUYDOVGXULQJ
WUHDWPHQWZLWKSURWRFROUHTXLUHGWKHUDSLHVDQGXSWRZHHNVDIWHUWKHODVWGRVHRI
SURWRFROUHTXLUHGWKHUDSLHV
$GGLWLRQDORQWUHDWPHQWSUHJQDQF\WHVWLQJPD\EHSHUIRUPHGDWWKHLQYHVWLJDWRU¶V
GLVFUHWLRQRUDVUHTXLUHGSHUORFDOODZVDQGUHJXODWLRQV

3UHVSHFLILHG%LRPDUNHU$VVHVVPHQWV
1RWDSSOLFDEOH

3KDUPDFRNLQHWLF$VVHVVPHQWV
$OOVXEMHFWVZKRPHHWWKH3DUWHOLJLELOLW\FULWHULDZLOOKDYH3.VDPSOHVDVVHVVHGDW
GD\IRUEDVHOLQHSXUSRVHV
%ORRGVDPSOHVRIDSSUR[LPDWHO\P/ZLOOEHFROOHFWHGIRUPHDVXUHPHQWRIEORRG
FRQFHQWUDWLRQVRIHUHQXPDEDVVSHFLILHGLQWKH6FKHGXOHRI$FWLYLWLHV7DEOHDQG
7DEOH
3OHDVHUHIHUWRWKHFHQWUDOODERUDWRU\PDQXDOIRULQVWUXFWLRQVRQVDPSOHFROOHFWLRQ
SURFHVVLQJDQGVKLSSLQJRI3.VDPSOHV7KHDFWXDOGDWHDQGWLPHKRXUFORFNWLPH
RIHDFKVDPSOHZLOOEHUHFRUGHG
'UXJFRQFHQWUDWLRQLQIRUPDWLRQWKDWZRXOGXQEOLQGWKHVWXG\ZLOOQRWEHUHSRUWHGWR
LQYHVWLJDWLYHVLWHVRUEOLQGHGSHUVRQQHOXQWLOWKHVWXG\KDVEHHQXQEOLQGHG
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



$QWLERG\7HVWLQJ3URFHGXUHV
%ORRGVDPSOHVIRUDQWLERG\WHVWLQJDUHWREHFROOHFWHGDFFRUGLQJWRWKHWLPHSRLQWV
VSHFLILHGLQWKH6FKHGXOHRI$FWLYLWLHV7DEOHIRUWKHPHDVXUHPHQWRIDQWLHUHQXPDE
ELQGLQJDQWLERGLHV6DPSOHVWHVWLQJSRVLWLYHIRUELQGLQJDQWLERGLHVZLOODOVREHWHVWHGIRU
QHXWUDOL]LQJDQWLERGLHVDQGPD\EHIXUWKHUFKDUDFWHUL]HGIRUTXDQWLW\WLWHULVRW\SHDIILQLW\
DQGSUHVHQFHRILPPXQHFRPSOH[HV$GGLWLRQDOEORRGVDPSOHVPD\EHREWDLQHGWRUXOH
RXWDQWLHUHQXPDEDQWLERGLHVGXULQJWKHVWXG\
6LWHVZLOOEHQRWLILHGRIDQ\SRVLWLYHQHXWUDOL]LQJDQWLERG\UHVXOWVWRHUHQXPDEIRU
LQGLYLGXDOVXEMHFWVDWWKHHQGRIWKHVWXG\IRUHDFKVXEMHFW,IUHVXOWVDUHQRWSURYLGHG
QRQHXWUDOL]LQJDQWLERGLHVWRHUHQXPDEKDYHEHHQGHWHFWHG
7KLVQRWLILFDWLRQLVLQGHSHQGHQWRIDQGPD\EHLQDGYDQFHRIWKHWLPHSRLQWZKHQWKH
HQWLUHVWXG\LVSODQQHGWREHXQEOLQGHG5HIHUWR6HFWLRQIRUDGGLWLRQDOLQIRUPDWLRQ
UHJDUGLQJXQEOLQGLQJ
6XEMHFWVZKRWHVWSRVLWLYHIRUQHXWUDOL]LQJDQWLERGLHVWRHUHQXPDEDWWKHILQDOVFKHGXOHG
VWXG\YLVLWGHILQHGDVWKHHQGRIWUHDWPHQWYLVLWZLOOEHDVNHGWRUHWXUQIRUDGGLWLRQDO
IROORZXSWHVWLQJ7KLVWHVWLQJLVWRRFFXUDSSUR[LPDWHO\HYHU\PRQWKVVWDUWLQJIURP
ZKHQWKHVLWHKDVEHHQQRWLILHGRIWKHSRVLWLYHUHVXOWXQWLOQHXWUDOL]LQJDQWLERGLHVDUH
QRORQJHUGHWHFWDEOHRUWKHVXEMHFWKDVEHHQIROORZHGIRUDSHULRGRIDWOHDVW\HDU
ZHHNVSRVWDGPLQLVWUDWLRQRIHUHQXPDE$OOIROORZXSUHVXOWVERWKSRVLWLYHDQG
QHJDWLYHZLOOEHFRPPXQLFDWHGWRWKHVLWHV0RUHIUHTXHQWWHVWLQJHJHYHU\PRQWKRU
WHVWLQJIRUDORQJHUSHULRGRIWLPHPD\EHUHTXHVWHGLQWKHHYHQWRIVDIHW\UHODWHG
FRQFHUQV)ROORZXSWHVWLQJLVQRWUHTXLUHGZKHUHLWLVHVWDEOLVKHGWKDWWKHVXEMHFWGLG
QRWUHFHLYHHUHQXPDE
6XEMHFWVZKRWHVWSRVLWLYHIRUELQGLQJQRQQHXWUDOL]LQJDQWLERGLHVDQGKDYHFOLQLFDO
VHTXHODHWKDWDUHFRQVLGHUHGSRWHQWLDOO\UHODWHGWRDQDQWLHUHQXPDEDQWLERG\UHVSRQVH
PD\DOVREHDVNHGWRUHWXUQIRUDGGLWLRQDOIROORZXSWHVWLQJ5HIHUWRWKH6FKHGXOHRI
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


$FWLYLWLHV7DEOHDVDSSOLFDEOHIRUVSHFLILFWLPHSRLQWVDQGWKHODERUDWRU\PDQXDO
IRUGHWDLOHGFROOHFWLRQDQGKDQGOLQJLQVWUXFWLRQV

&OLQLFDO2XWFRPH$VVHVVPHQWV
5HIHUWR6HFWLRQIRU&2$GHWDLOV

2SWLRQDO6XEVWXGLHV
8SWRVXEMHFWVZLOOEHDVNHGWRSDUWLFLSDWHLQDQRSWLRQDOLQWHUYLHZEDVHG
VXEVWXG\7KHVXEVWXG\ZLOOEHFRQGXFWHGDWVHOHFWHGVLWHVDQGZLOOFRQVLVWRID
RQHWLPHTXDOLWDWLYHWHOHSKRQHLQWHUYLHZ,QWHUYLHZHUVZLOODWWHPSWWRFRQGXFWWKH
LQWHUYLHZDVVRRQDVSRVVLEOHDQGZLWKLQEXVLQHVVGD\VDIWHU:HHNYLVLW
7KHWHOHSKRQHLQWHUYLHZZLOOODVWDSSUR[LPDWHO\KRXU7KHLQWHUYLHZVZLOOEH
FRQGXFWHGLQORFDOODQJXDJHE\+0HGL6ROXWLRQVDQGDXGLRUHFRUGHG$XGLR
ILOHVRIWKHLQWHUYLHZVZLOOEHWUDQVFULEHGDQGGHLGHQWLILHGLHDQ\LGHQWLI\LQJ
LQIRUPDWLRQVXFKDVQDPHVDQGORFDWLRQVZLOOEHUHPRYHG7KHGHLGHQWLILHG
WUDQVFULSWVZLOOEHWUDQVODWHGIRUDQDO\VLVGHLGHQWLILHGWUDQVFULSWZLOOEHNHSWDVD
VRXUFHGRFXPHQWLQWKHWULDOPDVWHUILOH&RSLHVRIWKHDXGLRILOHZLOOEHGHVWUR\HG
LPPHGLDWHO\XSRQFRQILUPDWLRQRIUHFHLSWRIWKHILQDOWUDQVFULSW
7KHREMHFWLYHRIWKHVXEVWXG\LVWRHOLFLWDVXEMHFW¶VSHUFHSWLRQVRIPLJUDLQH
DVVRFLDWHGV\PSWRPVDQGWKHLPSDFWEXUGHQDQGLQWHUIHUHQFHRIV\PSWRPVRQD
VXEMHFW¶VOLIHHOLFLWDVXEMHFW¶VSHUFHSWLRQVRIPHDQLQJIXOFKDQJHVLQ
H[SHULHQFHRIPLJUDLQHDQGH[SORUHVXEMHFW¶VH[SHULHQFHZLWKWUHDWPHQW
DGPLQLVWUDWLRQ7KHUHODWLRQVKLSEHWZHHQKHDGDFKHDQGPLJUDLQHDWWDFNDQGWKH
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


VXEMHFWOHYHOSHUFHSWLRQRIWUHDWPHQWHIIHFWZLOODOVREHH[SORUHGDQGZLOOKHOS
LOOXVWUDWHWKHVXEMHFW¶VSHUVSHFWLYHRIWUHDWPHQWUHVSRQVH
6XEMHFWVLQWKHRSHQODEHOSKDVHZLOOEHLQYLWHGWRSDUWLFLSDWHLQWKHWHOHSKRQH
LQWHUYLHZVE\WKHVWXG\LQYHVWLJDWRUV$VHSDUDWHFRQVHQWIRUPZLOOEHUHTXHVWHG
IRUVXEVWXG\LQFOXVLRQ,QIRUPDWLRQWKDWH[SODLQVSDUWLFLSDWLRQLQWKHLQWHUYLHZ
SURFHVVZLOOEHSURYLGHGWRWKHVXEMHFWV$FFHSWDQFHWRSDUWLFLSDWHLQWKH
LQWHUYLHZVZLOOEHGRFXPHQWHGRQWKHLQIRUPHGFRQVHQWIRUP8SRQDFFHSWDQFH
VXEMHFWFRQWDFWGHWDLOVZLOOEHVHQWWR+0HGL6ROXWLRQV+0HGL6ROXWLRQVZLOO
EHUHVSRQVLEOHIRUPDQDJLQJWKHLQWHUYLHZVVFKHGXOLQJDQGLQWHUYLHZLQJWKH
VXEMHFWV
'XULQJVXEMHFWLQWHUYLHZVDQ\DGYHUVHHYHQWVUHSRUWHGE\WKHVXEMHFWVZLOOEH
UHSRUWHGWRWKH,QYHVWLJDWRURUGHVLJQHHE\WKHLQWHUYLHZHUZLWKLQEXVLQHVVGD\
7KH,QYHVWLJDWRUZLOOEHUHVSRQVLEOHIRUUHSRUWLQJDOODGYHUVHHYHQWVLQFOXGLQJ
WKRVHUHSRUWHGGXULQJWKHLQWHUYLHZVIROORZLQJWKHSURFHVVGHVFULEHGLQWKH
SURWRFRO
7KHUHVXOWVRIWKLVVXEVWXG\ZLOOEHUHSRUWHGVHSDUDWHO\IURPWKHPDLQVWXG\
5HIHUWR$SSHQGL[IRUPRUHLQIRUPDWLRQRQWKHVXEVWXG\

2WKHU$VVHVVPHQWV
1RWDSSOLFDEOH

6WDWLVWLFDO&RQVLGHUDWLRQV

6DPSOH6L]H'HWHUPLQDWLRQ
7KHSULPDU\HQGSRLQWLVWKHFKDQJHIURPEDVHOLQHLQPHDQ00'RYHUPRQWKVDQG
RIWKH'%73




7KHWUHDWPHQWHIIHFWDQG
YDULDELOLW\DUHZHLJKWHGEDVHGRQWUHDWPHQWHIIHFWDQGYDULDELOLW\HVWLPDWHVIURP
-DSDQHVH(06WXG\DQGSLYRWDOJOREDO&06WXG\5DQGRPL]LQJ
VXEMHFWVVXEMHFWVSHUWUHDWPHQWJURXSDSSUR[LPDWHO\IRU(0DQGIRU&0
ZLOODFFRXQWIRUGURSRXW
)XUWKHUPRUHVLPXODWLRQRIJOREDO-DSDQHVHJOREDODQG-DSDQHVHHUHQXPDEGDWD
VKRZVWKDWWKHSUREDELOLW\RIDFKLHYLQJWKHSRLQWHVWLPDWHRIWUHDWPHQWGLIIHUHQFH
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


EHWZHHQHUHQXPDEDQGSODFHERHUHQXPDE±SODFHER00'LV

UHVSHFWLYHO\Dt00'UHGXFWLRQKDVEHHQIRXQGFOLQLFDOO\
PHDQLQJIXO>6LOEHUVWHLQHWDO@7KHMRLQWSUREDELOLW\RIGHPRQVWUDWLQJVWDWLVWLFDO
VLJQLILFDQFHLQWKHRYHUDOOSRSXODWLRQDQGDFKLHYLQJWKHSRLQWHVWLPDWHRIWUHDWPHQW
GLIIHUHQFHEHWZHHQHUHQXPDEDQGSODFHER00'LQERWK(0DQG&0
VXESRSXODWLRQVLV
7DEOH
7DEOH/LNHOLKRRGRI2EVHUYLQJ*UHDWHU00'5HGXFWLRQLQ(UHQXPDEPJ
&RPSDUHGWR3ODFHERLQWKH(0&06XEJURXS

6DPSOH6L]HD
(06XEMHFWV
SHUJURXS
&06XEMHFWV
SHUJURXS
3RZHUIRUDFKLHYLQJVWDWLVWLFDOVLJQLILFDQFHIRUWKH
SULPDU\HQGSRLQWLQRYHUDOOSRSXODWLRQE

3UREDELOLW\RIDFKLHYLQJSRLQWHVWLPDWHRIWUHDWPHQW
GLIIHUHQFHHUHQXPDEYVSODFHER00'F


-RLQWSUREDELOLW\RIDFKLHYLQJERWKFULWHULDDERYHF

&0 FKURQLFPLJUDLQH(0 HSLVRGLFPLJUDLQH00' PRQWKO\PLJUDLQHGD\V
D1RWLQFOXGLQJGURSRXWV
E%DVHGRQWKHZHLJKWHGDYHUDJHZLWKWKHUHVSHFWLYHVDPSOHVL]HRI(0&0VXEJURXSWUHDWPHQWGLIIHUHQFH
YVSODFHERLQRYHUDOOSRSXODWLRQZDVHVWLPDWHGWREH


$QDO\VLV6HWV6XEJURXSVDQG&RYDULDWHV

$QDO\VLV6HWV
7KHIXOODQDO\VLVVHW)$6LQFOXGHVDOOVXEMHFWVZKRZHUHUDQGRPL]HGLQWKHVWXG\7KH
HIILFDF\DQDO\VLVVHWLQFOXGHVVXEMHFWVLQWKH)$6DQGZKRUHFHLYHGDWOHDVWRQHGRVHRI
LQYHVWLJDWLRQDOSURGXFWDQGKDGDWOHDVWFKDQJHIURPEDVHOLQHPHDVXUHPHQWLQ00'
GXULQJWKH'%73,QWKHHIILFDF\DQDO\VLVVHWVXEMHFWVZLOOEHDQDO\]HGDFFRUGLQJWR
UDQGRPL]HGWUHDWPHQWUHJDUGOHVVRIWKHWUHDWPHQWUHFHLYHG)RUVDIHW\HQGSRLQWVDOO
UDQGRPL]HGVXEMHFWVZKRUHFHLYHGDWOHDVWRQHGRVHRILQYHVWLJDWLRQDOSURGXFWLHVDIHW\
DQDO\VLVVHWZLOOEHDQDO\]HGDFFRUGLQJWRWKHUDQGRPL]HGWUHDWPHQWXQOHVVDVXEMHFW
KDVUHFHLYHGWKHLQFRUUHFWGRVHGXULQJWKHHQWLUH'%737KHRSHQODEHODQDO\VLVVHW
2/$6ZLOOFRQVLVWRIDOOVXEMHFWVUHFHLYLQJDWOHDVWRQHGRVHRIHUHQXPDELQWKH2/73
7KLVDQDO\VLVVHWZLOOEHXVHGZKHQVXPPDUL]LQJGDWDFROOHFWHGGXULQJWKH2/73

&RYDULDWHV
$OODQDO\VHVRIHIILFDF\HQGSRLQWVZLOOEHDGMXVWHGIRUWKHHIIHFWRIWKHVWUDWLILFDWLRQ
IDFWRUVLQFOXGLQJ(0&0DQGPLJUDLQHSUHYHQWLYHWUHDWPHQWVWDWXVHYHUXVHG>SULRU
DQGRUFXUUHQW@RUQHYHUXVHGDQGWKHEDVHOLQHYDOXHRIWKHHIILFDF\HQGSRLQWRI
LQWHUHVW
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



6XEJURXSV
7KHSULPDU\VHFRQGDU\HIILFDF\DQGVHOHFWHGVDIHW\HQGSRLQWVZLOOEHDQDO\]HGLQWKH
VXEJURXSVGHILQHGE\WKHVWUDWLILFDWLRQIDFWRUVDVZHOODVSULRUSUHYHQWLYHWUHDWPHQW
IDLOXUHVWDWXVIDLOHGYVQRWIDLOHG>LQFOXGLQJQHYHUXVHG@DQG%0,PHGLDQYV
tPHGLDQ

+DQGOLQJRI0LVVLQJDQG,QFRPSOHWH'DWD
6XEMHFWVPD\PLVVVSHFLILFGDWDSRLQWVIRUDYDULHW\RIFDXVHV,QJHQHUDOGDWDFRXOGEH
PLVVLQJGXHWRDVXEMHFW¶VHDUO\ZLWKGUDZDOIURPVWXG\DPLVVHGYLVLWRULQDELOLW\WR
HYDOXDWHDQHQGSRLQWDWDSDUWLFXODUSRLQWLQWLPH)RUWKLVVWXG\PRVWRIWKHHIILFDF\
HQGSRLQWZLOOEHFROOHFWHGYLDH'LDU\DQGVXEMHFWVFRXOGPLVVHQWHULQJVHYHUDOGD\VRI
GDWDLQHDFKPRQWKO\LQWHUYDO7KHJHQHUDOSURFHGXUHVRXWOLQHGEHORZGHVFULEHZKDWZLOO
EHSHUIRUPHGZKHQDGDWDSRLQWLVPLVVLQJ
0LVVLQJH'LDU\GDWDLQWKHFDOFXODWLRQRIPRQWKO\PHDVXUHPHQWVDERXWVXEMHFWV¶
PLJUDLQHDQGQRQPLJUDLQHKHDGDFKHVZLOOEHKDQGOHGXVLQJWKHIROORZLQJPHWKRG
x
)RUHDFKPRQWKO\LQWHUYDOZLWKtGD\VRIH'LDU\XVHLQFOXGLQJUHWURVSHFWLYH
H'LDU\GD\V

0RQWKO\IUHTXHQF\PHDVXUHPHQWVLQFOXGLQJPLJUDLQHGD\VKHDGDFKHGD\V
PLJUDLQHDWWDFNVDQGDFXWHPHGLFDWLRQXVHZLOOEHSURUDWHGWRGD\
HTXLYDOHQWV3URUDWHGUHVXOWGRHVQRWQHHGWREHURXQGHG
x
)RUPRQWKO\LQWHUYDOVZLWKGD\VRIH'LDU\XVHLQFOXGLQJUHWURVSHFWLYHH'LDU\
GD\VDOOPRQWKO\PHDVXUHPHQWVZLOOEHVHWDVPLVVLQJ
0LVVLQJ&2$V
VFKHGXOHGWREHFROOHFWHGDWRIILFHYLVLWDWFHUWDLQ
DVVHVVPHQWZLOOQRWEHLPSXWHG
0LVVLQJVDIHW\HQGSRLQWVZLOOQRWEHLPSXWHG0LVVLQJRULQFRPSOHWHGDWHVZLOOEHOLVWHG
DVUHSRUWHGH[FHSWIRULQFRPSOHWHVWDUWGDWHRIDQDGYHUVHHYHQWRUFRQFRPLWDQW
PHGLFDWLRQZKLFKZLOOEHLPSXWHGDVIROORZV
0LVVLQJ
,PSXWDWLRQ
([FHSWLRQ
'D\

'HIDXOWWRVWXG\GD\LIDQDGYHUVHHYHQWVWDUWHG
WKHVDPH\HDUDQGPRQWKDVVWXG\GD\DQGWKH
IODJLQGLFDWHVWKDWWKHDGYHUVHHYHQWVWDUWHGRQRU
DIWHUWKHILUVWGRVHRILQYHVWLJDWLRQDOSURGXFWRQ
WKH(YHQWVHOHFWURQLFFDVHUHSRUWIRUPH&5)
'D\0RQWK
-$1
'HIDXOWWRVWXG\GD\LIDQDGYHUVHHYHQWVWDUWHG
WKHVDPH\HDUDVVWXG\GD\DQGWKHIODJ
LQGLFDWHVWKDWWKHDGYHUVHHYHQWVWDUWHGRQRUDIWHU
WKHILUVWGRVHRILQYHVWLJDWLRQDOSURGXFWRQWKH
(YHQWVH&5)
'D\0RQWK<HDU
1RQH

0LVVLQJ3.DQGDQWLERG\GDWDZLOOQRWEHLPSXWHG
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



6WDWLVWLFDO$QDO\VHV
%HORZLVDVXPPDU\RIWKHWLPLQJDQGPHWKRGVIRUWKHSODQQHGVWDWLVWLFDODQDO\VHV

3ODQQHG$QDO\VHV

3ULPDU\$QDO\VLV
7KHREMHFWLYHRIWKHSULPDU\DQDO\VLVLVWRHYDOXDWHWKHHIILFDF\DQGVDIHW\RIHUHQXPDE
LQVXEMHFWVZLWK(0RU&0FRPSDUHGWRSODFHER7KHSULPDU\DQDO\VLVZLOOEH
SHUIRUPHGZKHQWKHODVWVXEMHFWFRPSOHWHVWKHDVVHVVPHQWVIRUZHHNRUWKH(7YLVLW
GXULQJ'%73DQGDOOGDWDDUHFROOHFWHGIRUWKHSULPDU\HQGSRLQW$WWKLVWLPHWKHVWXG\
ZLOOEHXQEOLQGHGWRWKHVSRQVRUDQGDOOHIILFDF\DQGVDIHW\DQDO\VHVZLOOEHFRQGXFWHG
DQGUHSRUWHGE\WUHDWPHQWJURXS6WXG\VXEMHFWVDQGLQYHVWLJDWRUVZLOOUHPDLQEOLQGHGWR
WKHRULJLQDO'%73DVVLJQPHQWXQWLOVWXG\FRPSOHWLRQ6DIHW\GDWDFROOHFWHGGXULQJWKH
2/37EHIRUHWKHGDWDFXWRIIGDWHIRUWKHSULPDU\DQDO\VLVZLOODOVREHVXPPDUL]HG

)LQDO$QDO\VLV
7KHREMHFWLYHRIWKHILQDODQDO\VLVLVWRHYDOXDWHWKHORQJWHUPSURILOHRI00'DQG
DGYHUVHHYHQWVRIHUHQXPDELQVXEMHFWVZLWKPLJUDLQHGXULQJWKH2/737KHILQDO
DQDO\VLVZLOOEHSHUIRUPHGDIWHUDOOVXEMHFWVKDYHFRPSOHWHGVDIHW\IROORZXSDWWKHHQG
RIWKHVWXG\(IILFDF\GDWDDQGVDIHW\GDWDIURPWKH2/73ZLOOEHWDEXODWHGE\
GRXEOHEOLQGWUHDWPHQWJURXS1RIRUPDOWHVWLQJZLOOEHFRQGXFWHG

0HWKRGVRI$QDO\VHV

*HQHUDO&RQVLGHUDWLRQV
7KHSULPDU\REMHFWLYHRIWKLVVWXG\LVWRHYDOXDWHWKHHIIHFWRIHUHQXPDEFRPSDUHGWR
SODFHERRQWKHFKDQJHIURPEDVHOLQHLQPHDQ00'RYHUPRQWKVDQGLQVXEMHFWV
ZLWK(0RU&0
6XPPDU\GHVFULSWLYHVWDWLVWLFVE\HDFKWUHDWPHQWJURXSZLOOEHWDEXODWHGDWHDFKYLVLW
)RUFRQWLQXRXVHQGSRLQWVWKHGHVFULSWLYHVWDWLVWLFVLQFOXGHQXPEHURIREVHUYDWLRQV
PHDQVPHGLDQV6'V6(VILUVWDQGWKLUGTXDUWLOHVDQGPLQLPXPVDQGPD[LPXPV)RU
FDWHJRULFDOHQGSRLQWVWKHVXPPDULHVZLOOFRQWDLQWKHQXPEHUDQGSHUFHQWDJHRI
VXEMHFWVIDOOLQJLQWRHDFKFDWHJRU\7KHQXPEHURIGD\VRQLQYHVWLJDWLRQDOSURGXFWDQG
WKHWRWDOGRVHRILQYHVWLJDWLRQDOSURGXFWZLOOEHVXPPDUL]HGXVLQJGHVFULSWLYHVWDWLVWLFV
7KH)$6ZLOOEHXWLOL]HGWRWDEXODWHGHPRJUDSKLFGDWDEDVHOLQHGLVHDVHFKDUDFWHULVWLFV
DQGVXEMHFWGLVSRVLWLRQ7KHHIILFDF\DQDO\VLVVHWZLOOEHXWLOL]HGWRDQDO\]HHIILFDF\
HQGSRLQWV7KHVDIHW\DQDO\VLVVHWZLOOEHXVHGWRDQDO\]HVDIHW\HQGSRLQWVGXULQJWKH
'%737KH2/$6ZLOOEHXVHGWRDQDO\]HWKHGDWDFROOHFWHGGXULQJWKH2/73
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



(IILFDF\$QDO\VHV
(QGSRLQW
6WDWLVWLFDO$QDO\VLV0HWKRGV
3ULPDU\
7KHSULPDU\HQGSRLQWWKHFKDQJHIURPEDVHOLQHLQPHDQ00'RYHU
PRQWKVDQGRIWKH'%73ZLOOEHDQDO\]HGXVLQJWKHUHSHDWHG
PHDVXUHVOLQHDUPL[HGHIIHFWVPRGHOLQFOXGLQJWUHDWPHQWJURXSEDVHOLQH
YDOXHVWUDWLILFDWLRQIDFWRUVVFKHGXOHGYLVLWDQGWKHLQWHUDFWLRQRIWUHDWPHQW
JURXSZLWKVFKHGXOHGYLVLWZLWKRXWDQ\LPSXWDWLRQIRUPLVVLQJGDWDEH\RQG
SURUDWLRQRIH'LDU\GDWDSHU6HFWLRQXQGHUWKHPLVVLQJDWUDQGRP
0$5DVVXPSWLRQRQPLVVLQJGDWDPHFKDQLVP7KH/60FKDQJHIURP
EDVHOLQHZLWKWKH&,IRUHDFKWUHDWPHQWJURXSWKHWUHDWPHQWGLIIHUHQFH
HUHQXPDEPJ±SODFHERZLWKWKH&,DQGSYDOXHZLOOEHUHSRUWHG
7KHSULPDU\HQGSRLQWZLOOEHWHVWHGIRUHUHQXPDEPJJURXSFRPSDUHGWR
WKHSODFHERJURXSDWDVLGHGVLJQLILFDQFHOHYHORI
,QDGGLWLRQWKHWUHDWPHQWGLIIHUHQFHZLWK&,VZLOODOVREHSURYLGHGIRU
HDFKRI(0DQG&0VXESRSXODWLRQV
6HQVLWLYLW\DQDO\VHVIRUWKHSULPDU\HQGSRLQWLQFOXGHWKHODVWREVHUYDWLRQ
FDUULHGIRUZDUG/2&)WRKDQGOHPLVVLQJGDWDZLWKDQDO\VLVRIFRYDULDQFH
$1&29$PRGHODQGPXOWLSOHLPSXWDWLRQZLWKDVVXPSWLRQVRI0$5DQG
PLVVLQJQRWDWUDQGRPWRKDQGOHPLVVLQJGDWD
6HFRQGDU\
x
$FKLHYHPHQWRIDWOHDVWDUHGXFWLRQIURPEDVHOLQHLQPHDQ00'
RYHUPRQWKVDQGRIWKH'%73
7KHUHVSRQGHUHQGSRLQWZLOOEHDQDO\]HGXVLQJDVWUDWLILHG&RFKUDQ
0DQWHO+DHQV]HO&0+WHVWDIWHUWKHPLVVLQJGDWDDUHLPSXWHGDV
QRQUHVSRQVH7KHRGGVUDWLRIRUHUHQXPDEPJJURXSYHUVXVSODFHER
JURXSDVVRFLDWHG&,DQGSYDOXHZLOOEHUHSRUWHG6HQVLWLYLW\DQDO\VHV
IRUWKHELQDU\HQGSRLQWLQFOXGHJHQHUDOL]HGOLQHDUPL[HGHIIHFWVPRGHO
ZLWKRXWLPSXWDWLRQRIPLVVLQJGDWDEH\RQGSURUDWLRQRIH'LDU\GDWDSHU
6HFWLRQXQGHUWKH0$5DVVXPSWLRQDQGORJLVWLFUHJUHVVLRQPRGHO
IRUHDFKYLVLWDIWHUWKHPLVVLQJGDWDDUHLPSXWHGDVQRQUHVSRQGHUV
x
&KDQJHIURPEDVHOLQHLQPHDQPRQWKO\DFXWHPLJUDLQHVSHFLILF
PHGLFDWLRQWUHDWPHQWGD\VRYHUPRQWKVDQGRIWKH'%73
7KHVDPHDQDO\VLVPHWKRGVZLOOEHXVHGDVIRUWKHSULPDU\HQGSRLQW
([SORUDWRU\

6DIHW\$QDO\VHV
$OOVDIHW\DQDO\VHVZLOOEHSHUIRUPHGIRUWKH'%73DQG2/73VHSDUDWHO\

$GYHUVH(YHQWV
6XEMHFWLQFLGHQFHRIDOOWUHDWPHQWHPHUJHQWDGYHUVHHYHQWVZLOOEHWDEXODWHGE\
WUHDWPHQWJURXSDQGE\V\VWHPRUJDQFODVVDQGSUHIHUUHGWHUP7DEOHVRIIDWDODGYHUVH
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


HYHQWVVHULRXVDGYHUVHHYHQWVDGYHUVHHYHQWVOHDGLQJWRZLWKGUDZDOIURP
LQYHVWLJDWLRQDOSURGXFWDQGVLJQLILFDQWWUHDWPHQWHPHUJHQWDGYHUVHHYHQWVZLOODOVREH
SURYLGHG6XEMHFWLQFLGHQFHRIDGYHUVHGHYLFHHIIHFWVZLOOEHWDEXODWHGE\V\VWHPRUJDQ
FODVVDQGSUHIHUUHGWHUP

/DERUDWRU\7HVW5HVXOWV
7KHDQDO\VHVRIVDIHW\ODERUDWRU\HQGSRLQWVZLOOLQFOXGHVXPPDU\VWDWLVWLFVRYHUWLPHE\
WUHDWPHQWJURXSIRUVHOHFWHGDQDO\WHV6KLIWVLQJUDGHVRIVHOHFWHGVDIHW\ODERUDWRU\
YDOXHVEHWZHHQEDVHOLQHDQGWKHZRUVWRQVWXG\YDOXHZLOOEHWDEXODWHGE\WUHDWPHQW
JURXS

9LWDO6LJQV
7KHDQDO\VHVRIYLWDOVLJQVZLOOLQFOXGHVXPPDU\VWDWLVWLFVRYHUWLPHE\WUHDWPHQWJURXS

3K\VLFDO0HDVXUHPHQWV
7KHDQDO\VHVRISK\VLFDOPHDVXUHPHQWVZLOOLQFOXGHVXPPDU\VWDWLVWLFVRYHUWLPHE\
WUHDWPHQWJURXS

(OHFWURFDUGLRJUDP
7KH(&*PHDVXUHPHQWVIURPWKLVFOLQLFDOVWXG\ZHUHSHUIRUPHGDVSHUVWDQGDUGRIFDUH
IRUURXWLQHVDIHW\PRQLWRULQJUDWKHUWKDQIRUSXUSRVHVRIDVVHVVPHQWRISRWHQWLDO47F
HIIHFW6LQFHWKHVHHYDOXDWLRQVPD\QRWQHFHVVDULO\EHSHUIRUPHGXQGHUWKHULJRURXV
FRQGLWLRQVH[SHFWHGWROHDGWRPHDQLQJIXOHYDOXDWLRQRI47FGDWDVXPPDULHVDQG
VWDWLVWLFDODQDO\VHVRI(&*PHDVXUHPHQWVDUHQRWSODQQHGDQGWKHVHGDWDZRXOGQRWEH
H[SHFWHGWREHXVHIXOIRUPHWDDQDO\VLVZLWKGDWDIURPRWKHUWULDOV
6XEMHFWLQFLGHQFHRIDEQRUPDO(&*GLDJQRVLVZLOOEHVXPPDUL]HGE\WUHDWPHQWJURXS

$QWLERG\)RUPDWLRQ
7KHLQFLGHQFHDQGSHUFHQWDJHRIVXEMHFWVZKRGHYHORSDQWLHUHQXPDEDQWLERGLHV
ELQGLQJDQGLISRVLWLYHQHXWUDOL]LQJDWDQ\WLPHZLOOEHWDEXODWHGIRUVXEMHFWVZKR
UHFHLYHGDWOHDVWRQHGRVHRIHUHQXPDELQWKH'%73RU2/73

([SRVXUHWR,QYHVWLJDWLRQDO3URGXFW
7KHQXPEHUDQGSHUFHQWDJHRIVXEMHFWVUHFHLYLQJWRWDOQXPEHURILQYHVWLJDWLRQDOSURGXFW
GRVHVDQGWKHQXPEHURIGD\VRQLQYHVWLJDWLRQDOSURGXFWZLOOEHVXPPDUL]HG

([SRVXUHWR&RQFRPLWDQW0HGLFDWLRQ
1XPEHUDQGSHUFHQWDJHRIVXEMHFWVUHFHLYLQJKHDGDFKHUHODWHGPHGLFDWLRQZLOOEH
VXPPDUL]HGE\FDWHJRU\IRUHDFKWUHDWPHQWJURXS
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



5HIHUHQFHV
$PJHQ,QF(UHQXPDE,QYHVWLJDWRU¶V%URFKXUH7KRXVDQG2DNV&$
$IULGL6.*LIILQ1-.DXEH+HWDO$SRVLWURQHPLVVLRQWRPRJUDSKLFVWXG\LQ
VSRQWDQHRXVPLJUDLQH$UFK1HXURO
$XURUD6.:LONLQVRQ)7KHEUDLQLVK\SHUH[FLWDEOHLQPLJUDLQH&HSKDODOJLD

$XURUD6.%DUURGDOH3&KURQLFOH(30XOOHQHUV:0&RUWLFDOLQKLELWLRQLVUHGXFHGLQ
FKURQLFDQGHSLVRGLFPLJUDLQHDQGGHPRQVWUDWHVDVSHFWUXPRILOOQHVV+HDGDFKH

%HOODP\-/&DG\5.'XUKDP3/6DOLYDU\OHYHOVRI&*53DQG9,3LQUKLQRVLQXVLWLV
DQGPLJUDLQHSDWLHQWV+HDGDFKH
%OXPHQIHOG$:%ORXGHN/0%HFNHU:-HWDO3DWWHUQVRIXVHDQGUHDVRQVIRU
GLVFRQWLQXDWLRQRISURSK\ODFWLFPHGLFDWLRQVIRUHSLVRGLFPLJUDLQHDQGFKURQLFPLJUDLQH
UHVXOWVIURPWKHVHFRQG,QWHUQDWLRQDO%XUGHQRI0LJUDLQH6WXG\,%06,,+HDGDFKH

)RRGDQG'UXJ$GPLQLVWUDWLRQ)'$3ODQIRU,VVXDQFHRI3DWLHQW)RFXVHG'UXJ
'HYHORSPHQW*XLGDQFH$YDLODEOHDW
KWWSVZZZIGDJRYPHGLDGRZQORDG
)ULHVH65LQJPD\U7$7/$6WL8VHU*XLGHDQG5HIHUHQFH%HUOLQ$7/$6WL
6FLHQWLILF6RIWZDUH'HYHORSPHQW*P%+
*DOODL96DUFKLHOOL3)ORULGL$HWDO9DVRDFWLYHSHSWLGHOHYHOVLQWKHSODVPDRI\RXQJ
PLJUDLQHSDWLHQWVZLWKDQGZLWKRXWDXUDDVVHVVHGERWKLQWHULFWDOO\DQGLFWDOO\
&HSKDODOJLD
*RDGVE\3-+ROODQG350DUWLQV2OLYHLUD0+RIIPDQQ-6FKDQNLQ&$NHUPDQ6
3DWKRSK\VLRORJ\RI0LJUDLQH$'LVRUGHURI6HQVRU\3URFHVVLQJ3K\VLRO5HY

*RDGVE\3*/LSWRQ5%)HUUDUL0'0LJUDLQH²FXUUHQWXQGHUVWDQGLQJDQGWUHDWPHQW
1(QJO-0HG
*RDGVE\3-(GYLQVVRQ/(NPDQ59DVRDFWLYHSHSWLGHUHOHDVHLQWKHH[WUDFHUHEUDO
FLUFXODWLRQRIKXPDQVGXULQJPLJUDLQHKHDGDFKH$QQ1HXURO
*RDGVE\3-(GYLQVVRQ/(NPDQ55HOHDVHRIYDVRDFWLYHSHSWLGHVLQWKH
H[WUDFHUHEUDOFLUFXODWLRQRIKXPDQVDQGWKHFDWGXULQJDFWLYDWLRQRIWKHWULJHPLQRYDVFXODU
V\VWHP$QQ1HXURO
+HDGDFKH&ODVVLILFDWLRQ&RPPLWWHHRIWKH,QWHUQDWLRQDO+HDGDFKH6RFLHW\,+67KH
,QWHUQDWLRQDO&ODVVLILFDWLRQRI+HDGDFKH'LVRUGHUVUGHG&HSKDODOJLD

+R7:&RQQRU.0=KDQJ<HWDO5DQGRPL]HGFRQWUROOHGWULDORIWKH&*53UHFHSWRU
DQWDJRQLVWWHOFDJHSDQWIRUPLJUDLQHSUHYHQWLRQ1HXURORJ\
+R7:)HUUDUL0''RGLFN':HWDO(IILFDF\DQGWROHUDELOLW\RI0.
WHOFDJHSDQWDQHZRUDODQWDJRQLVWRIFDOFLWRQLQJHQHUHODWHGSHSWLGHUHFHSWRU
FRPSDUHGZLWK]ROPLWULSWDQIRUDFXWHPLJUDLQHDUDQGRPLVHGSODFHERFRQWUROOHG
SDUDOOHOWUHDWPHQWWULDO/DQFHWD
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


+R7:0DQQL[/.)DQ;HWDO0.3URWRFROVWXG\JURXS5DQGRPL]HG
FRQWUROOHGWULDORIDQRUDO&*53UHFHSWRUDQWDJRQLVW0.LQDFXWHWUHDWPHQWRI
PLJUDLQH1HXURORJ\E
,QWHUQDWLRQDO&RPPLWWHHRI0HGLFDO-RXUQDO(GLWRUV8QLIRUP5HTXLUHPHQWVIRU
0DQXVFULSWV6XEPLWWHGWR%LRPHGLFDO-RXUQDOV:ULWLQJDQG(GLWLQJIRU%LRPHGLFDO
3XEOLFDWLRQKWWSZZZLFPMHRUJ
-XKDV]*=VRPERN7-DNDE%1HPHWK-6]ROFVDQ\L-%DJG\*6XPDWULSWDQFDXVHV
SDUDOOHOGHFUHDVHLQSODVPDFDOFLWRQLQJHQHUHODWHGSHSWLGH&*53FRQFHQWUDWLRQDQG
PLJUDLQHKHDGDFKHGXULQJQLWURJO\FHULQLQGXFHGPLJUDLQHDWWDFN&HSKDODOJLD

/DVVHQ/++DGHUVOHY3$-DFREVHQ9%,YHUVHQ+.6SHUOLQJ%2OHVHQ-&*53PD\
SOD\DFDXVDWLYHUROHLQPLJUDLQH&HSKDODOJLD
/LSWRQ5%%LJDO0('LDPRQG0)UHLWDJ)5HHG0/6WHZDUW:)$033$GYLVRU\
*URXSPLJUDLQHSUHYDOHQFHGLVHDVHEXUGHQDQGWKHQHHGIRUSUHYHQWLYHWKHUDS\
1HXURORJ\
3HWHUVHQ.$/DVVHQ/+%LUN6/HVNR/2OHVHQ-%,%1%6DQWDJRQL]HVKXPDQ
DOSKDFDOFLWRQLQJHQHUHODWHGSHSWLGHLQGXFHGKHDGDFKHDQGH[WUDFHUHEUDODUWHU\
GLODWDWLRQ&OLQ3KDUPDFRO7KHU0DUFK
6DNDL),JDUDVKL+3UHYDOHQFHRIPLJUDLQHLQ-DSDQDQDWLRQZLGHVXUYH\
&HSKDODOJLD
6DUFKLHOOL33LQL/$=DQFKLQ*HWDO&OLQLFDOELRFKHPLFDOFRUUHODWHVRIPLJUDLQH
DWWDFNVLQUL]DWULSWDQUHVSRQGHUVDQGQRQUHVSRQGHUV&HSKDODOJLD
6KLPL]X7$QRYHUYLHZRISURSK\ODFWLFWKHUDS\IRUPLJUDLQH%UDLQ1HUYH
>$UWLFOHLQ-DSDQHVH@
6LOEHUVWHLQ6'0DUPXUD0-6KDZ-HWDO+HDGDFKHSURSK\OD[LVZLWK%R15$SDWLHQW
FKDUDFWHULVWLFV+HDGDFKH
6WRYQHU/-$QGUHH&3UHYDOHQFHRIKHDGDFKHLQ(XURSHDUHYLHZIRUWKH(XUROLJKW
SURMHFW-+HDGDFKH3DLQ
6XQ+'RGLFN':6LOEHUVWHLQ6HWDO6DIHW\DQGHIILFDF\RI$0*IRUSUHYHQWLRQ
RIHSLVRGLFPLJUDLQHDUDQGRPLVHGGRXEOHEOLQGSODFHERFRQWUROOHGSKDVHWULDO
/DQFHW1HXURO
7DMWL-8GGPDQ50|OOHU66XQGOHU)(GYLQVVRQ/0HVVHQJHUPROHFXOHVDQG
UHFHSWRUP51$LQWKHKXPDQWULJHPLQDOJDQJOLRQ-$XWRQ1HUY6\VW
7DVVRUHOOL&'LHQHU+'RGLFN'HWDO*XLGHOLQHVRIWKH,QWHUQDWLRQDO+HDGDFKH
6RFLHW\IRUFRQWUROOHGWULDOVRISUHYHQWLYHWUHDWPHQWRIFKURQLFPLJUDLQHLQDGXOWV6DJH
-RXUQDO
7IHOW+DQVHQ33DVFXDO-5DPDGDQ1HWDO*XLGHOLQHVIRUFRQWUROOHGWULDOVRIGUXJVLQ
PLJUDLQH7KLUGHGLWLRQ$JXLGHIRULQYHVWLJDWRUV&HSKDODOJLD
:HOFK.01DJHVK9$XURUD6*HOPDQ13HULDTXHGXFWDOJUD\PDWWHUG\VIXQFWLRQLQ
PLJUDLQHDQGFKURQLFGDLO\KHDGDFKHPD\EHGXHWRIUHHUDGLFDOGDPDJH-+HDGDFKH
3DLQ6XSSO
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



$SSHQGLFHV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



$SSHQGL[/LVWRI$EEUHYLDWLRQVDQG'HILQLWLRQVRI7HUPV
$EEUHYLDWLRQRU7HUP
'HILQLWLRQ([SODQDWLRQ
$/3
DONDOLQHSKRVSKDWDVH
$/7
DODQLQHDPLQRWUDQVIHUDVH
$1&29$
DQDO\VLVRIFRYDULDQFH
$67
DVSDUWDWHDPLQRWUDQVIHUDVH
%',
%HFN'HSUHVVLRQ,QYHQWRU\
%,/
ELOLUXELQ
%0,
ERG\PDVVLQGH[
&)5
&RGHRI)HGHUDO5HJXODWLRQV
&*53
FDOFLWRQLQJHQHUHODWHGSHSWLGH
&+2
&KLQHVHKDPVWHURYDU\
&,
FRQILGHQFHLQWHUYDO
&0
FKURQLFPLJUDLQH
&0+
&RFKUDQ0DQWHO+DHQV]HO
&2$
FOLQLFDORXWFRPHDVVHVVPHQW
&5)
FDVHUHSRUWIRUP
&6656
&ROXPELDVXLFLGH6HYHULW\5DWLQJ6FDOH
&7&$(
&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH(YHQWV
'%73
GRXEOHEOLQGWUHDWPHQWSHULRG
',/,
GUXJLQGXFHGOLYHULQMXU\
(&*
HOHFWURFDUGLRJUDP
H&5)
HOHFWURQLFFDVHUHSRUWIRUP
('&
HOHFWURQLFGDWDFDSWXUH
H'LDU\
HOHFWURQLFGLDU\
(0
HSLVRGLFPLJUDLQH
(0$
(XURSHDQ0HGLFLQHV$JHQF\
(OHFWURQLF6RXUFH'DWD
H6RXUFH
VRXUFHGDWDFDSWXUHGLQLWLDOO\LQWRDSHUPDQHQWHOHFWURQLFUHFRUG
XVHGIRUWKHUHFRQVWUXFWLRQDQGHYDOXDWLRQRIDWULDO
(7
HDUO\WHUPLQDWLRQ
)$6
IXOODQDO\VLVVHW
)6+
IROOLFOHVWLPXODWLQJKRUPRQH
*&3
*RRG&OLQLFDO3UDFWLFH
+HS%F$E
KHSDWLWLV%FRUHDQWLERG\
+HS%V$J
KHSDWLWLV%VXUIDFHDQWLJHQ
+57
KRUPRQDOUHSODFHPHQWWKHUDS\
,&)
LQIRUPHGFRQVHQWIRUP
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


$EEUHYLDWLRQRU7HUP
'HILQLWLRQ([SODQDWLRQ
,&+
,QWHUQDWLRQDO&RXQFLOIRU+DUPRQLVDWLRQ
,(&
,QGHSHQGHQW(WKLFV&RPPLWWHH
,J*
LPPXQRJOREXOLQ*
,+6
,QWHUQDWLRQDO+HDGDFKH6RFLHW\
,15
LQWHUQDWLRQDOQRUPDOL]HGUDWLR
,3,0
,QYHVWLJDWLRQDO3URGXFW,QVWUXFWLRQ0DQXDO
,5%
,QVWLWXWLRQDO5HYLHZ%RDUG
,8'
LQWUDXWHULQHGHYLFH
,86
LQWUDXWHULQHKRUPRQDOUHOHDVLQJV\VWHP
,QWHUDFWLYH5HVSRQVH
7HFKQRORJ\6\VWHP,57
WHOHFRPPXQLFDWLRQWHFKQRORJ\WKDWLVOLQNHGWRDFHQWUDO
FRPSXWHULQUHDOWLPHDVDQLQWHUIDFHWRFROOHFWDQGSURFHVV
LQIRUPDWLRQ
/2&)
ODVWREVHUYDWLRQFDUULHGIRUZDUG
/60
OHDVWVTXDUHVPHDQV
0$5
PLVVLQJDWUDQGRP
0,
P\RFDUGLDOLQIDUFWLRQ
00'
PRQWKO\PLJUDLQHGD\V
1&7
1DWLRQDO&OLQLFDO7ULDOV
2/$6
RSHQODEHODQDO\VLVVHW
2/73
RSHQODEHOWUHDWPHQWSHULRG
3&5
SRO\PHUDVHFKDLQUHDFWLRQ
3.
SKDUPDFRNLQHWLF
30'$
3KDUPDFHXWLFDOVDQG0HGLFDO'HYLFHV$JHQF\
352
3DWLHQWUHSRUWHG2XWFRPH
4:
HYHU\ZHHNV
40
RQFHPRQWKO\
6&
VXEFXWDQHRXVO\
6'
VWDQGDUGGHYLDWLRQ
6RXUFH'DWD
LQIRUPDWLRQIURPDQRULJLQDOUHFRUGRUFHUWLILHGFRS\RIWKH
RULJLQDOUHFRUGFRQWDLQLQJSDWLHQWLQIRUPDWLRQIRUXVHLQFOLQLFDO
UHVHDUFK7KHLQIRUPDWLRQPD\LQFOXGHEXWLVQRWOLPLWHGWR
FOLQLFDOILQGLQJVREVHUYDWLRQVRURWKHUDFWLYLWLHVLQDFOLQLFDOWULDO
QHFHVVDU\IRUWKHUHFRQVWUXFWLRQDQGHYDOXDWLRQRIWKHWULDO
6RXUFHGDWDDUHFRQWDLQHGLQVRXUFHGRFXPHQWVRULJLQDOUHFRUGV
RUFHUWLILHGFRSLHV,&+*XLGHOLQH>(@([DPSOHVRIVRXUFH
GDWDLQFOXGH6XEMHFWLGHQWLILFDWLRQ5DQGRPL]DWLRQLGHQWLILFDWLRQ
DQG6WUDWLILFDWLRQ9DOXH
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


$EEUHYLDWLRQRU7HUP
'HILQLWLRQ([SODQDWLRQ
VWXG\GD\
GHILQHGDVWKHILUVWGD\WKDWSURWRFROVSHFLILHGLQYHVWLJDWLRQDO
SURGXFWVSURWRFROUHTXLUHGWKHUDSLHVLVDUHDGPLQLVWHUHGWRWKH
VXEMHFW
7%/
WRWDOELOLUXELQ
7,$
WUDQVLHQWLVFKHPLFDWWDFN
8/1
XSSHUOLPLWRIQRUPDO
86
8QLWHG6WDWHV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



$SSHQGL[&OLQLFDO/DERUDWRU\7HVWV
7KHWHVWVGHWDLOHGLQ7DEOHZLOOEHSHUIRUPHGE\WKHFHQWUDOODERUDWRU\DQGRUE\WKH
ORFDOODERUDWRU\
/RFDOODERUDWRU\UHVXOWVDUHRQO\UHTXLUHGLQWKHHYHQWWKDWWKHFHQWUDOODERUDWRU\UHVXOWV
DUHQRWDYDLODEOHLQWLPHIRUHLWKHUVWXG\WUHDWPHQWDGPLQLVWUDWLRQDQGRUUHVSRQVH
HYDOXDWLRQ,IDORFDOVDPSOHLVUHTXLUHGLWLVLPSRUWDQWWKDWWKHVDPSOHIRUFHQWUDO
DQDO\VLVLVREWDLQHGDWWKHVDPHWLPH$GGLWLRQDOO\LIWKHORFDOODERUDWRU\UHVXOWVDUH
XVHGWRPDNHHLWKHUDVWXG\WUHDWPHQWGHFLVLRQRUUHVSRQVHHYDOXDWLRQWKHUHVXOWVPXVW
EHHQWHUHGLQWRWKHFDVHUHSRUWIRUP&5)
3URWRFROVSHFLILFUHTXLUHPHQWVIRULQFOXVLRQRUH[FOXVLRQRIVXEMHFWVDUHGHWDLOHGLQ
6HFWLRQVWRRIWKHSURWRFRO
$GGLWLRQDOWHVWVPD\EHSHUIRUPHGDWDQ\WLPHGXULQJWKHVWXG\DVGHWHUPLQHGQHFHVVDU\
E\WKHLQYHVWLJDWRURUUHTXLUHGE\ORFDOUHJXODWLRQV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


7DEOH$QDO\WH/LVWLQJ
&HQWUDO/DERUDWRU\
&KHPLVWU\
&HQWUDO/DERUDWRU\
8ULQDO\VLV
&HQWUDO/DERUDWRU\
+HPDWRORJ\
2WKHU/DEV
6RGLXP
3RWDVVLXP
&KORULGH
%LFDUERQDWH
7RWDOSURWHLQ
$OEXPLQ
&DOFLXP
$GMXVWHGFDOFLXP
0DJQHVLXP
3KRVSKRUXV
*OXFRVH
%81RU8UHD
&UHDWLQLQH
7RWDOELOLUXELQ
'LUHFWELOLUXELQ
$/3
/'+
$676*27
$/76*37
6SHFLILFJUDYLW\
S+
%ORRG
3URWHLQ
*OXFRVH
%LOLUXELQ
:%&
5%&
(SLWKHOLDOFHOOV
%DFWHULD
&DVWV
&U\VWDOV
5%&
1XFOHDWHG5%&
+HPRJORELQ
+HPDWRFULW
0&9
0&+
0&+&
5':
5HWLFXORF\WHV
3ODWHOHWV
:%&
'LIIHUHQWLDO
%DQGVVWDEV
6HJPHQWHG
QHXWURSKLOV
7RWDOQHXWURSKLOV
(RVLQRSKLOV
%DVRSKLOV
/\PSKRF\WHV
0RQRF\WHV
0\HOREODVWV
3URP\HORF\WHV
0\HORF\WHV
0HWDP\HORF\WHV
$W\SLFDO
O\PSKRF\WHV
&HQWUDO/DERUDWRU\
$QWLHUHQXPDE
DQWLERGLHV
+HS%VXUIDFHDQWLJHQD
+HS%FRUHDQWLERG\D
+HS&DQWLERG\D
6HUXPSUHJQDQF\

/RFDO/DERUDWRU\
8ULQH3UHJQDQF\
D$EORRGVDPSOHZLOOEHFROOHFWHGDQGVWRUHGGXULQJVFUHHQLQJ+HSDWLWLVWHVWLQJZLOORQO\EHSHUIRUPHGLID
KHSDWLFHYHQWLVVXVSHFWHGGXULQJWKHVWXG\
$/3 DONDOLQHSKRVSKDWDVH$/7 DODQLQHDPLQRWUDQVIHUDVH$67 DVSDUWDWHDPLQRWUDQVIHUDVH
%81 EORRGXUHDQLWURJHQ+HS KHSDWLWLV/'+ ODFWDWHGHK\GURJHQDVH0&+ PHDQFRUSXVFXODU
KHPRJORELQ0&+& PHDQFRUSXVFXODUKHPRJORELQFRQFHQWUDWLRQ0&9 PHDQFRUSXVFXODUYROXPH
5': UHGFHOOGLVWULEXWLRQZLGWK6*27 VHUXPJOXWDPLFR[DORDFHWLFWUDQVDPLQDVH6*37 VHUXP
JOXWDPLFS\UXYLFWUDQVDPLQDVH
/DERUDWRU\DQDO\WHUHVXOWVWKDWFRXOGXQEOLQGWKHVWXG\ZLOOQRWEHUHSRUWHGWR
LQYHVWLJDWLYHVLWHVRURWKHUEOLQGHGSHUVRQQHOXQWLOWKHVWXG\KDVEHHQXQEOLQGHG
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



$SSHQGL[6WXG\*RYHUQDQFH&RQVLGHUDWLRQV
,QGHSHQGHQW5HYLHZ&RPPLWWHH
1RWDSSOLFDEOH
5HJXODWRU\DQG(WKLFDO&RQVLGHUDWLRQV
7KLVVWXG\ZLOOEHFRQGXFWHGLQDFFRUGDQFHZLWKWKHSURWRFRODQGZLWK
x
&RQVHQVXVHWKLFDOSULQFLSOHVGHULYHGIURPLQWHUQDWLRQDOJXLGHOLQHVLQFOXGLQJWKH
'HFODUDWLRQRI+HOVLQNLDQG&RXQFLOIRU,QWHUQDWLRQDO2UJDQL]DWLRQVRI0HGLFDO
6FLHQFHV,QWHUQDWLRQDO(WKLFDO*XLGHOLQHV
x
$SSOLFDEOH,QWHUQDWLRQDO&RXQFLOIRU+DUPRQLVDWLRQ,&+*RRG&OLQLFDO3UDFWLFH
*&3*XLGHOLQHV
x
$SSOLFDEOH,&+ODZVDQGUHJXODWLRQV
7KHSURWRFROSURWRFRODPHQGPHQWVLQIRUPHGFRQVHQWIRUP,QYHVWLJDWRU¶V%URFKXUHDQG
RWKHUUHOHYDQWGRFXPHQWVHJVXEMHFWUHFUXLWPHQWDGYHUWLVHPHQWVPXVWEHVXEPLWWHGWR
DQ,QVWLWXWLRQDO5HYLHZ%RDUG,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&E\WKH
LQYHVWLJDWRUDQGUHYLHZHGDQGDSSURYHGE\WKH,5%,(&$FRS\RIWKHZULWWHQDSSURYDO
RIWKHSURWRFRODQGLQIRUPHGFRQVHQWIRUPPXVWEHUHFHLYHGE\$PJHQEHIRUH
UHFUXLWPHQWRIVXEMHFWVLQWRWKHVWXG\DQGVKLSPHQWRI$PJHQLQYHVWLJDWLRQDOSURGXFW
$PJHQPD\DPHQGWKHSURWRFRODWDQ\WLPH7KHLQYHVWLJDWRUPXVWVXEPLWDQGZKHUH
QHFHVVDU\REWDLQDSSURYDOIURPWKH,5%,(&IRUDOOVXEVHTXHQWSURWRFRODPHQGPHQWV
DQGFKDQJHVWRWKHLQIRUPHGFRQVHQWGRFXPHQW7KHLQYHVWLJDWRUPXVWVHQGDFRS\RI
WKHDSSURYDOOHWWHUIURPWKH,5%,(&DQGDPHQGHGSURWRFRO,QYHVWLJDWRU¶V6LJQDWXUH
SDJHWR$PJHQSULRUWRLPSOHPHQWDWLRQRIWKHSURWRFRODPHQGPHQWDWWKHLUVLWH
7KHLQYHVWLJDWRUZLOOEHUHVSRQVLEOHIRUWKHIROORZLQJ
x
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%,(&
x
2EWDLQLQJDQQXDO,5%,(&DSSURYDOUHQHZDOWKURXJKRXWWKHGXUDWLRQRIWKHVWXG\
&RSLHVRIWKHLQYHVWLJDWRU¶VUHSRUWVDQGWKH,5%,(&FRQWLQXDQFHRIDSSURYDOPXVWEH
VHQWWR$PJHQ
x
1RWLI\LQJWKH,5%,(&RIVHULRXVDGYHUVHHYHQWVRFFXUULQJDWWKHVLWHGHYLDWLRQVIURP
WKHSURWRFRORURWKHUDGYHUVHHYHQWUHSRUWVUHFHLYHGIURP$PJHQLQDFFRUGDQFHZLWK
ORFDOSURFHGXUHV
x
2YHUDOOFRQGXFWRIWKHVWXG\DWWKHVLWHDQGDGKHUHQFHWRUHTXLUHPHQWVRI7LWOHRI
WKH8QLWHG6WDWHV86&RGHRI)HGHUDO5HJXODWLRQV&)5,&+JXLGHOLQHVWKH
,5%,(&DQGDOORWKHUDSSOLFDEOHORFDOUHJXODWLRQV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


,QIRUPHG&RQVHQW3URFHVV
$QLQLWLDOVDPSOHLQIRUPHGFRQVHQWIRUPLVSURYLGHGIRUWKHLQYHVWLJDWRUWRSUHSDUHWKH
LQIRUPHGFRQVHQWGRFXPHQWWREHXVHGDWKLVRUKHUVLWH8SGDWHVWRWKHVDPSOH
LQIRUPHGFRQVHQWIRUPDUHWREHFRPPXQLFDWHGIRUPDOO\LQZULWLQJIURPWKH$PJHQ7ULDO
0DQDJHUWRWKHLQYHVWLJDWRU7KHZULWWHQLQIRUPHGFRQVHQWIRUPLVWREHSUHSDUHGLQWKH
ODQJXDJHVRIWKHSRWHQWLDOSDWLHQWSRSXODWLRQ
7KHLQYHVWLJDWRURUKLVKHUGHOHJDWHGUHSUHVHQWDWLYHZLOOH[SODLQWRWKHVXEMHFWRUKLVKHU
OHJDOO\DXWKRUL]HGUHSUHVHQWDWLYHWKHDLPVPHWKRGVDQWLFLSDWHGEHQHILWVDQGSRWHQWLDO
KD]DUGVRIWKHVWXG\EHIRUHDQ\SURWRFROVSHFLILFVFUHHQLQJSURFHGXUHVRUDQ\
LQYHVWLJDWLRQDOSURGXFWVLVDUHDGPLQLVWHUHGDQGDQVZHUDOOTXHVWLRQVUHJDUGLQJWKH
VWXG\
6XEMHFWVPXVWEHLQIRUPHGWKDWWKHLUSDUWLFLSDWLRQLVYROXQWDU\6XEMHFWVRUWKHLUOHJDOO\
DXWKRUL]HGUHSUHVHQWDWLYHZLOOWKHQEHUHTXLUHGWRVLJQDVWDWHPHQWRILQIRUPHGFRQVHQW
WKDWPHHWVWKHUHTXLUHPHQWVRI&)5ORFDOUHJXODWLRQV,&+JXLGHOLQHV+HDOWK
,QVXUDQFH3RUWDELOLW\DQG$FFRXQWDELOLW\$FWUHTXLUHPHQWVZKHUHDSSOLFDEOHDQGWKH
,5%,(&RUVWXG\VLWH
7KHPHGLFDOUHFRUGPXVWLQFOXGHDVWDWHPHQWWKDWZULWWHQLQIRUPHGFRQVHQWZDVREWDLQHG
EHIRUHWKHVXEMHFWZDVHQUROOHGLQWKHVWXG\DQGWKHGDWHWKHZULWWHQFRQVHQWZDV
REWDLQHG7KHDXWKRUL]HGSHUVRQREWDLQLQJWKHLQIRUPHGFRQVHQWPXVWDOVRVLJQWKH
LQIRUPHGFRQVHQWIRUP
7KHLQYHVWLJDWRULVDOVRUHVSRQVLEOHIRUDVNLQJWKHVXEMHFWLIWKHVXEMHFWKDVDSULPDU\
FDUHSK\VLFLDQDQGLIWKHVXEMHFWDJUHHVWRKDYHKLVKHUSULPDU\FDUHSK\VLFLDQLQIRUPHG
RIWKHVXEMHFW¶VSDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\XQOHVVLWLVDORFDOUHTXLUHPHQW7KH
LQYHVWLJDWRUVKDOOWKHQLQIRUPWKHSULPDU\FDUHSK\VLFLDQ,IWKHVXEMHFWDJUHHVWRVXFK
QRWLILFDWLRQWKHLQYHVWLJDWRULVWRLQIRUPWKHVXEMHFW¶VSULPDU\FDUHSK\VLFLDQRIWKH
VXEMHFW¶VSDUWLFLSDWLRQLQWKHFOLQLFDOVWXG\,IWKHVXEMHFWGRHVQRWKDYHDSULPDU\FDUH
SK\VLFLDQDQGWKHLQYHVWLJDWRUZLOOEHDFWLQJLQWKDWFDSDFLW\WKHLQYHVWLJDWRULVWR
GRFXPHQWVXFKLQWKHVXEMHFW¶VPHGLFDOUHFRUG
7KHDFTXLVLWLRQRILQIRUPHGFRQVHQWLVWREHGRFXPHQWHGLQWKHVXEMHFW¶VPHGLFDO
UHFRUGVDQGWKHLQIRUPHGFRQVHQWIRUPLVWREHVLJQHGDQGSHUVRQDOO\GDWHGE\WKH
VXEMHFWDQGE\WKHSHUVRQZKRFRQGXFWHGWKHLQIRUPHGFRQVHQWGLVFXVVLRQ6XEMHFW
ZLWKGUDZDORIFRQVHQWRUGLVFRQWLQXDWLRQIURPVWXG\WUHDWPHQWDQGRUSURFHGXUHVPXVW
DOVREHGRFXPHQWHGLQWKHVXEMHFW¶VPHGLFDOUHFRUGVUHIHUWR6HFWLRQ
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


6XEMHFWVPXVWEHUHFRQVHQWHGWRWKHPRVWFXUUHQWYHUVLRQRIWKHLQIRUPHGFRQVHQW
IRUPVGXULQJWKHLUSDUWLFLSDWLRQLQWKHVWXG\
7KHRULJLQDOVLJQHGLQIRUPHGFRQVHQWIRUPLVWREHUHWDLQHGLQDFFRUGDQFHZLWK
LQVWLWXWLRQDOSROLF\DQGDFRS\RIWKHLQIRUPHGFRQVHQWIRUPVPXVWEHSURYLGHGWRWKH
VXEMHFWRUWKHVXEMHFW¶VOHJDOO\DXWKRUL]HGUHSUHVHQWDWLYH
,IDSRWHQWLDOVXEMHFWLVLOOLWHUDWHRUYLVXDOO\LPSDLUHGDQGGRHVQRWKDYHDOHJDOO\
DFFHSWDEOHUHSUHVHQWDWLYHWKHLQYHVWLJDWRUPXVWSURYLGHDQLPSDUWLDOZLWQHVVWRUHDGWKH
LQIRUPHGFRQVHQWIRUPWRWKHVXEMHFWDQGPXVWDOORZIRUTXHVWLRQV7KHUHDIWHUERWKWKH
VXEMHFWDQGWKHZLWQHVVPXVWVLJQWKHLQIRUPHGFRQVHQWIRUPWRDWWHVWWKDWLQIRUPHG
FRQVHQWZDVIUHHO\JLYHQDQGXQGHUVWRRG5HIHUWR,&+*&3JXLGHOLQH6HFWLRQ
7KHLQIRUPHGFRQVHQWIRUP,&)ZLOOFRQWDLQDVHSDUDWHVHFWLRQWKDWDGGUHVVHVWKHXVH
RIUHPDLQLQJPDQGDWRU\VDPSOHVIRURSWLRQDOIXWXUHUHVHDUFK7KHLQYHVWLJDWRURU
DXWKRUL]HGGHVLJQHHZLOOH[SODLQWRHDFKVXEMHFWWKHREMHFWLYHVRIWKHIXWXUHUHVHDUFK
6XEMHFWVZLOOEHWROGWKDWWKH\DUHIUHHWRUHIXVHWRSDUWLFLSDWHDQGPD\ZLWKGUDZWKHLU
VSHFLPHQVDWDQ\WLPHDQGIRUDQ\UHDVRQGXULQJWKHVWRUDJHSHULRG$VHSDUDWH
VLJQDWXUHZLOOEHUHTXLUHGWRGRFXPHQWDVXEMHFW¶VDJUHHPHQWWRDOORZDQ\UHPDLQLQJ
VSHFLPHQVWREHXVHGIRUIXWXUHUHVHDUFK6XEMHFWVZKRGHFOLQHWRSDUWLFLSDWHZLOOQRW
SURYLGHWKLVVHSDUDWHVLJQDWXUH
'DWD3URWHFWLRQ6XEMHFW&RQILGHQWLDOLW\
7KHLQYHVWLJDWRUPXVWHQVXUHWKDWWKHVXEMHFW¶VFRQILGHQWLDOLW\LVPDLQWDLQHGIRU
GRFXPHQWVVXEPLWWHGWR$PJHQ
6XEMHFWZLOOEHDVVLJQHGDXQLTXHLGHQWLILHUE\WKHVSRQVRU$Q\VXEMHFWUHFRUGVRU
GDWDVHWVWKDWDUHWUDQVIHUUHGWRWKHVSRQVRUZLOOFRQWDLQWKHLGHQWLILHURQO\VXEMHFWQDPHV
RUDQ\LQIRUPDWLRQZKLFKZRXOGPDNHWKHVXEMHFWLGHQWLILDEOHZLOOQRWEHWUDQVIHUUHG
2QWKHFDVHUHSRUWIRUP&5)GHPRJUDSKLFVSDJHLQDGGLWLRQWRWKHXQLTXHVXEMHFW
LGHQWLILFDWLRQQXPEHULQFOXGHWKHDJHDWWLPHRIHQUROOPHQW
)RUVHULRXVDGYHUVHHYHQWVUHSRUWHGWR$PJHQVXEMHFWVDUHWREHLGHQWLILHGE\WKHLU
XQLTXHVXEMHFWLGHQWLILFDWLRQQXPEHULQLWLDOVIRUID[HGUHSRUWVLQDFFRUGDQFHZLWKORFDO
ODZVDQGUHJXODWLRQVDQGDJHLQDFFRUGDQFHZLWKORFDOODZVDQGUHJXODWLRQV
'RFXPHQWVWKDWDUHQRWVXEPLWWHGWR$PJHQHJVLJQHGLQIRUPHGFRQVHQWIRUPVDUHWR
EHNHSWLQFRQILGHQFHE\WKHLQYHVWLJDWRUH[FHSWDVGHVFULEHGEHORZ
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


,QFRPSOLDQFHZLWKJRYHUQPHQWDOUHJXODWLRQV,&+*&3*XLGHOLQHVLWLVUHTXLUHGWKDWWKH
LQYHVWLJDWRUDQGLQVWLWXWLRQSHUPLWDXWKRUL]HGUHSUHVHQWDWLYHVRIWKHFRPSDQ\RIWKH
UHJXODWRU\DJHQF\VDQGWKH,5%,(&GLUHFWDFFHVVWRUHYLHZWKHVXEMHFW¶VRULJLQDO
PHGLFDOUHFRUGVIRUYHULILFDWLRQRIVWXG\UHODWHGSURFHGXUHVDQGGDWD'LUHFWDFFHVV
LQFOXGHVH[DPLQLQJDQDO\]LQJYHULI\LQJDQGUHSURGXFLQJDQ\UHFRUGVDQGUHSRUWVWKDW
DUHLPSRUWDQWWRWKHHYDOXDWLRQRIWKHVWXG\
7KHLQYHVWLJDWRULVREOLJDWHGWRLQIRUPDQGREWDLQWKHFRQVHQWRIWKHVXEMHFWWRSHUPLW
VXFKLQGLYLGXDOVWRKDYHDFFHVVWRKLVKHUVWXG\UHODWHGUHFRUGVLQFOXGLQJSHUVRQDO
LQIRUPDWLRQ
3XEOLFDWLRQ3ROLF\
7RFRRUGLQDWHGLVVHPLQDWLRQRIGDWDIURPWKLVVWXG\$PJHQPD\IDFLOLWDWHWKHIRUPDWLRQ
RIDSXEOLFDWLRQFRPPLWWHHFRQVLVWLQJRIVHYHUDOLQYHVWLJDWRUVDQGDSSURSULDWH$PJHQ
VWDIIWKHJRYHUQDQFHDQGUHVSRQVLELOLWLHVRIZKLFKDUHVHWIRUWKLQD3XEOLFDWLRQ&KDUWHU
7KHFRPPLWWHHLVH[SHFWHGWRVROLFLWLQSXWDQGDVVLVWDQFHIURPRWKHULQYHVWLJDWRUVDQGWR
FROODERUDWHZLWKDXWKRUVDQG$PJHQVWDIIDVDSSURSULDWHDVGHILQHGLQWKH3XEOLFDWLRQ
&KDUWHU0HPEHUVKLSRQWKHFRPPLWWHHERWKIRULQYHVWLJDWRUVDQG$PJHQVWDIIGRHV
QRWJXDUDQWHHDXWKRUVKLS7KHFULWHULDGHVFULEHGEHORZDUHWREHPHWIRUHYHU\
SXEOLFDWLRQ
$XWKRUVKLSRIDQ\SXEOLFDWLRQVUHVXOWLQJIURPWKLVVWXG\ZLOOEHGHWHUPLQHGRQWKHEDVLV
RIWKH8QLIRUP5HTXLUHPHQWIRU0DQXVFULSWV6XEPLWWHGWR%LRPHGLFDO-RXUQDOV
,QWHUQDWLRQDO&RPPLWWHHRI0HGLFDO-RXUQDO(GLWRUV5HFRPPHQGDWLRQVIRUWKH
&RQGXFWRI5HSRUWLQJ(GLWLQJDQG3XEOLFDWLRQVRI6FKRODUO\:RUNLQ0HGLFDO-RXUQDOV
ZKLFKVWDWHV$XWKRUVKLSFUHGLWLVWREHEDVHGRQVXEVWDQWLDOFRQWULEXWLRQVWR
FRQFHSWLRQDQGGHVLJQDFTXLVLWLRQRIGDWDRUDQDO\VLVDQGLQWHUSUHWDWLRQRIGDWD
GUDIWLQJWKHDUWLFOHRUUHYLVLQJLWFULWLFDOO\IRULPSRUWDQWLQWHOOHFWXDOFRQWHQWILQDO
DSSURYDORIWKHYHUVLRQWREHSXEOLVKHGDQGDJUHHPHQWWREHDFFRXQWDEOHIRUDOO
DVSHFWVRIWKHZRUNLQHQVXULQJWKDWTXHVWLRQVUHODWHGWRWKHDFFXUDF\RULQWHJULW\RIDQ\
SDUWRIWKHZRUNDUHDSSURSULDWHO\LQYHVWLJDWHGDQGUHVROYHG$XWKRUVQHHGWRPHHW
FRQGLWLRQVDQG
:KHQDODUJHPXOWLFHQWHUJURXSKDVFRQGXFWHGWKHZRUNWKHJURXSLVWRLGHQWLI\WKH
LQGLYLGXDOVZKRDFFHSWGLUHFWUHVSRQVLELOLW\IRUWKHPDQXVFULSW7KHVHLQGLYLGXDOVPXVW
IXOO\PHHWWKHFULWHULDIRUDXWKRUVKLSGHILQHGDERYH$FTXLVLWLRQRIIXQGLQJFROOHFWLRQRI
GDWDRUJHQHUDOVXSHUYLVLRQRIWKHUHVHDUFKJURXSDORQHGRHVQRWMXVWLI\DXWKRUVKLS$OO
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


SHUVRQVGHVLJQDWHGDVDXWKRUVPXVWTXDOLI\IRUDXWKRUVKLSDQGDOOWKRVHZKRTXDOLI\DUH
WREHOLVWHG(DFKDXWKRUPXVWKDYHSDUWLFLSDWHGVXIILFLHQWO\LQWKHZRUNWRWDNHSXEOLF
UHVSRQVLELOLW\IRUDSSURSULDWHSRUWLRQVRIWKHFRQWHQW$OOSXEOLFDWLRQVHJPDQXVFULSWV
DEVWUDFWVRUDOVOLGHSUHVHQWDWLRQVERRNFKDSWHUVEDVHGRQWKLVVWXG\PXVWEH
VXEPLWWHGWR$PJHQIRUUHYLHZ7KH&OLQLFDO7ULDO$JUHHPHQWDPRQJWKHLQVWLWXWLRQ
LQYHVWLJDWRUDQG$PJHQZLOOGHWDLOWKHSURFHGXUHVIRUDQGWLPLQJRI$PJHQ¶VUHYLHZRI
SXEOLFDWLRQV
,QYHVWLJDWRU6LJQDWRU\2EOLJDWLRQV
(DFKFOLQLFDOVWXG\UHSRUWLVWREHVLJQHGE\WKHLQYHVWLJDWRURULQWKHFDVHRIPXOWLFHQWHU
VWXGLHVWKHFRRUGLQDWLQJLQYHVWLJDWRU
7KHFRRUGLQDWLQJLQYHVWLJDWRULGHQWLILHGE\$PJHQZLOOEHDQ\RUDOORIWKHIROORZLQJ
x
DUHFRJQL]HGH[SHUWLQWKHWKHUDSHXWLFDUHD
x
DQ,QYHVWLJDWRUZKRSURYLGHGVLJQLILFDQWFRQWULEXWLRQVWRHLWKHUWKHGHVLJQRU
LQWHUSUHWDWLRQRIWKHVWXG\
x
DQ,QYHVWLJDWRUFRQWULEXWLQJDKLJKQXPEHURIHOLJLEOHVXEMHFWV
'DWD4XDOLW\$VVXUDQFH
$OOVXEMHFWGDWDUHODWLQJWRWKHVWXG\ZLOOEHUHFRUGHGRQSULQWHGRUHOHFWURQLF&5)XQOHVV
WUDQVPLWWHGWRWKHVSRQVRURUGHVLJQHHHOHFWURQLFDOO\HJODERUDWRU\GDWDFHQWUDOO\RU
DGMXGLFDWHGGDWD7KHLQYHVWLJDWRULVUHVSRQVLEOHIRUYHULI\LQJWKDWGDWDHQWULHVDUH
DFFXUDWHDQGFRUUHFWE\SK\VLFDOO\RUHOHFWURQLFDOO\VLJQLQJWKH&5)
7KHLQYHVWLJDWRUPXVWPDLQWDLQDFFXUDWHGRFXPHQWDWLRQVRXUFHGDWDWKDWVXSSRUWVWKH
LQIRUPDWLRQHQWHUHGLQWKH&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
&OLQLFDOPRQLWRUVZLOOSHUIRUPRQJRLQJVRXUFHGDWDYHULILFDWLRQWRFRQILUPWKDWGDWD
HQWHUHGLQWRWKH&5)E\DXWKRUL]HGVLWHSHUVRQQHODUHDFFXUDWHFRPSOHWHDQGYHULILDEOH
IURPVRXUFHGRFXPHQWVWKDWWKHVDIHW\DQGULJKWVRIVXEMHFWV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SHU
WKHVSRQVRU¶VPRQLWRULQJSODQ
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


7KHLQYHVWLJDWRUDJUHHVWRFRRSHUDWHZLWKWKHFOLQLFDOPRQLWRUWRHQVXUHWKDWDQ\
SUREOHPVGHWHFWHGLQWKHFRXUVHRIWKHVHPRQLWRULQJYLVLWVLQFOXGLQJGHOD\VLQ
FRPSOHWLQJ&5)VDUHUHVROYHG
7KH$PJHQUHSUHVHQWDWLYHVDQGUHJXODWRU\DXWKRULW\LQVSHFWRUVDUHUHVSRQVLEOHIRU
FRQWDFWLQJDQGYLVLWLQJWKHLQYHVWLJDWRUIRUWKHSXUSRVHRILQVSHFWLQJWKHIDFLOLWLHVDQG
XSRQUHTXHVWLQVSHFWLQJWKHYDULRXVUHFRUGVRIWKHFOLQLFDOVWXG\HJ&5)VDQGRWKHU
SHUWLQHQWGDWDSURYLGHGWKDWVXEMHFWFRQILGHQWLDOLW\LVUHVSHFWHG
,QDFFRUGDQFHZLWK,&+*&3DQGWKHVSRQVRU¶VDXGLWSODQVWKLVVWXG\PD\EHVHOHFWHG
IRUDXGLWE\UHSUHVHQWDWLYHVIURP$PJHQ¶V*OREDO5HVHDUFKDQG'HYHORSPHQW
&RPSOLDQFHDQG$XGLWIXQFWLRQRUGHVLJQHHV,QVSHFWLRQRIVLWHIDFLOLWLHVHJ
SKDUPDF\SURWRFROUHTXLUHGWKHUDS\VWRUDJHDUHDVODERUDWRULHVDQGUHYLHZRI
VWXG\UHODWHGUHFRUGVZLOORFFXUWRHYDOXDWHWKHVWXG\FRQGXFWDQGFRPSOLDQFHZLWKWKH
SURWRFRO,&+*&3DQGDSSOLFDEOHUHJXODWRU\UHTXLUHPHQWV
5HWHQWLRQRIVWXG\GRFXPHQWVZLOOEHJRYHUQHGE\WKH&OLQLFDO7ULDO$JUHHPHQW
&DVHUHSRUWIRUPVPXVWEHFRPSOHWHGLQ(QJOLVK75$'(1$0(6LIXVHGIRU
FRQFRPLWDQWPHGLFDWLRQVPD\EHHQWHUHGLQWKHORFDOODQJXDJH&RQVXOWWKH
FRXQWU\VSHFLILFODQJXDJHUHTXLUHPHQWV
$OOZULWWHQLQIRUPDWLRQDQGRWKHUPDWHULDOWREHXVHGE\VXEMHFWVDQGLQYHVWLJDWLYHVWDII
PXVWXVHYRFDEXODU\DQGODQJXDJHWKDWDUHFOHDUO\XQGHUVWRRG
6RXUFH'RFXPHQWV
7KHLQYHVWLJDWRULVWRPDLQWDLQDOLVWRIDSSURSULDWHO\TXDOLILHGSHUVRQVWRZKRPKHVKH
KDVGHOHJDWHGVWXG\GXWLHV$OOSHUVRQVDXWKRUL]HGWRPDNHHQWULHVDQGRUFRUUHFWLRQV
RQ&5)VZLOOEHLQFOXGHGRQWKH$PJHQ'HOHJDWLRQRI$XWKRULW\)RUP
6RXUFHGRFXPHQWVSURYLGHHYLGHQFHIRUWKHH[LVWHQFHRIWKHVXEMHFWDQGVXEVWDQWLDWH
WKHLQWHJULW\RIWKHGDWDFROOHFWHG6RXUFHGRFXPHQWVDUHILOHGDWWKHLQYHVWLJDWRU¶VVLWH
6RXUFHGRFXPHQWVDUHRULJLQDOGRFXPHQWVGDWDDQGUHFRUGVIURPZKLFKWKHVXEMHFW¶V
&5)GDWDDUHREWDLQHG7KHVHLQFOXGHEXWDUHQRWOLPLWHGWRKRVSLWDOUHFRUGVFOLQLFDO
DQGRIILFHFKDUWVODERUDWRU\DQGSKDUPDF\UHFRUGVGLDULHVPLFURILFKHVUDGLRJUDSKV
DQGFRUUHVSRQGHQFH6RXUFHGRFXPHQWVPD\DOVRLQFOXGHGDWDFDSWXUHGLQWKH
,QWHUDFWLYH5HVSRQVH7HFKQRORJ\,57V\VWHPLIXVHGVXFKDVVXEMHFW,'DQG
UDQGRPL]DWLRQQXPEHUDQG&5)HQWULHVLIWKH&5)LVWKHVLWHRIWKHRULJLQDOUHFRUGLQJ
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


LHWKHUHLVQRRWKHUZULWWHQRUHOHFWURQLFUHFRUGRIGDWDVXFKDVSDSHUTXHVWLRQQDLUHV
IRUDFOLQLFDORXWFRPHDVVHVVPHQW
'DWDUHSRUWHGRQWKH&5)RUHQWHUHGLQWKHHOHFWURQLF&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\$OVRFXUUHQWPHGLFDOUHFRUGVPXVWEH
DYDLODEOH
7KH,QYHVWLJDWRUDQGVWXG\VWDIIDUHUHVSRQVLEOHIRUPDLQWDLQLQJDFRPSUHKHQVLYHDQG
FHQWUDOL]HGILOLQJV\VWHPRIDOOVWXG\UHODWHGHVVHQWLDOGRFXPHQWDWLRQVXLWDEOHIRU
LQVSHFWLRQDWDQ\WLPHE\UHSUHVHQWDWLYHVIURP$PJHQDQGRUDSSOLFDEOHUHJXODWRU\
DXWKRULWLHV
(OHPHQWVWRLQFOXGH
x
6XEMHFWILOHVFRQWDLQLQJFRPSOHWHG&5)VLQIRUPHGFRQVHQWIRUPVDQGVXEMHFW
LGHQWLILFDWLRQOLVW
x
6WXG\ILOHVFRQWDLQLQJWKHSURWRFROZLWKDOODPHQGPHQWV,QYHVWLJDWRU¶V%URFKXUH
FRSLHVRISUHVWXG\GRFXPHQWDWLRQDQGDOOFRUUHVSRQGHQFHWRDQGIURPWKH>,5%,(&@
DQG$PJHQ
x
,QYHVWLJDWLRQDOSURGXFWUHODWHGFRUUHVSRQGHQFHLQFOXGLQJ3URRIRI5HFHLSWV
,QYHVWLJDWLRQDO3URGXFW$FFRXQWDELOLW\5HFRUGV5HWXUQRI,QYHVWLJDWLRQDO3URGXFW
IRU'HVWUXFWLRQ)RUPV)LQDO,QYHVWLJDWLRQDO3URGXFW5HFRQFLOLDWLRQ6WDWHPHQWDV
DSSOLFDEOH
x
1RQLQYHVWLJDWLRQDOSURGXFWVDQGRUPHGLFDOGHYLFHVRUFRPELQDWLRQSURGXFWV
GRFXPHQWDWLRQDVDSSOLFDEOH
5HWHQWLRQRIVWXG\GRFXPHQWVZLOOEHJRYHUQHGE\WKH&OLQLFDO7ULDO$JUHHPHQW
6WXG\DQG6LWH&ORVXUH
$PJHQRULWVGHVLJQHHPD\VWRSWKHVWXG\RUVWXG\VLWHSDUWLFLSDWLRQLQWKHVWXG\IRU
PHGLFDOVDIHW\UHJXODWRU\DGPLQLVWUDWLYHRURWKHUUHDVRQVFRQVLVWHQWZLWKDSSOLFDEOH
ODZVUHJXODWLRQVDQG*&3
%RWK$PJHQDQGWKH,QYHVWLJDWRUUHVHUYHWKHULJKWWRWHUPLQDWHWKH,QYHVWLJDWRU¶V
SDUWLFLSDWLRQLQWKHVWXG\DFFRUGLQJWRWKH&OLQLFDO7ULDO$JUHHPHQW7KHLQYHVWLJDWRULVWR
QRWLI\WKH,5%,(&LQZULWLQJRIWKHVWXG\¶VFRPSOHWLRQRUHDUO\WHUPLQDWLRQDQGVHQGD
FRS\RIWKHQRWLILFDWLRQWR$PJHQ
6XEMHFWVPD\EHHOLJLEOHIRUFRQWLQXHGWUHDWPHQWZLWK$PJHQLQYHVWLJDWLRQDOSURGXFWV
E\DQH[WHQVLRQSURWRFRORUDVSURYLGHGIRUE\WKHORFDOFRXQWU\¶VUHJXODWRU\PHFKDQLVP
+RZHYHU$PJHQUHVHUYHVWKHXQLODWHUDOULJKWDWLWVVROHGLVFUHWLRQWRGHWHUPLQH
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


ZKHWKHUWRVXSSO\$PJHQLQYHVWLJDWLRQDOSURGXFWVDQGE\ZKDWPHFKDQLVPDIWHU
WHUPLQDWLRQRIWKHVWXG\DQGEHIRUHWKHSURGXFWVLVDUHDYDLODEOHFRPPHUFLDOO\
&RPSHQVDWLRQ
$Q\DUUDQJHPHQWVIRUFRPSHQVDWLRQWRVXEMHFWVIRULQMXU\RULOOQHVVWKDWDULVHVLQWKH
VWXG\DUHGHVFULEHGLQWKH&RPSHQVDWLRQIRU,QMXU\VHFWLRQRIWKH,QIRUPHG&RQVHQWWKDW
LVDYDLODEOHDVDVHSDUDWHGRFXPHQW
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



$SSHQGL[6DIHW\(YHQWV'HILQLWLRQVDQG3URFHGXUHVIRU
5HFRUGLQJ(YDOXDWLQJ)ROORZXSDQG5HSRUWLQJ
'HILQLWLRQRI$GYHUVH(YHQW
$GYHUVH(YHQW'HILQLWLRQ
x
$QDGYHUVHHYHQWLVDQ\XQWRZDUGPHGLFDORFFXUUHQFHLQDFOLQLFDOVWXG\VXEMHFW
LUUHVSHFWLYHRIDFDXVDOUHODWLRQVKLSZLWKWKHVWXG\WUHDWPHQW
x
1RWH$QDGYHUVHHYHQW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DWUHDWPHQWFRPELQDWLRQSURGXFWPHGLFDOGHYLFHRUSURFHGXUH
(YHQWV0HHWLQJWKH$GYHUVH(YHQW'HILQLWLRQ
x
$Q\DEQRUPDOODERUDWRU\WHVWUHVXOWVKHPDWRORJ\FOLQLFDOFKHPLVWU\RUXULQDO\VLVRURWKHU
VDIHW\DVVHVVPHQWVHJHOHFWURFDUGLRJUDPUDGLRORJLFDOVFDQVYLWDOVLJQVPHDVXUHPHQWV
LQFOXGLQJWKRVHWKDWZRUVHQIURPEDVHOLQHWKDWDUHFRQVLGHUHGFOLQLFDOO\VLJQLILFDQWLQWKH
PHGLFDODQGVFLHQWLILFMXGJPHQWRIWKHLQYHVWLJDWRULHQRWUHODWHGWRSURJUHVVLRQRI
XQGHUO\LQJGLVHDVH
x
([DFHUEDWLRQRIDFKURQLFRULQWHUPLWWHQWSUHH[LVWLQJFRQGLWLRQLQFOXGLQJHLWKHUDQLQFUHDVH
LQIUHTXHQF\DQGRULQWHQVLW\RIWKHFRQGLWLRQ
x
1HZFRQGLWLRQVGHWHFWHGRUGLDJQRVHGDIWHUVWXG\WUHDWPHQWDGPLQLVWUDWLRQHYHQWKRXJKLW
PD\KDYHEHHQSUHVHQWEHIRUHWKHVWDUWRIWKHVWXG\
x
6LJQVV\PSWRPVRUWKHFOLQLFDOVHTXHODHRIDVXVSHFWHGGUXJGUXJLQWHUDFWLRQ
x
6LJQVV\PSWRPVRUWKHFOLQLFDOVHTXHODHRIDVXVSHFWHGRYHUGRVHRIHLWKHUVWXG\
WUHDWPHQWRUDFRQFRPLWDQWPHGLFDWLRQ2YHUGRVHSHUVHZLOOQRWEHUHSRUWHGDVDQ
DGYHUVHHYHQWVHULRXVDGYHUVHHYHQWXQOHVVLWLVDQLQWHQWLRQDORYHUGRVHWDNHQZLWK
SRVVLEOHVXLFLGDOVHOIKDUPLQJLQWHQW6XFKRYHUGRVHVDUHWREHUHSRUWHGUHJDUGOHVVRI
VHTXHODH
x
³/DFNRIHIILFDF\´RU³IDLOXUHRIH[SHFWHGSKDUPDFRORJLFDODFWLRQ´SHUVHZLOOQRWEHUHSRUWHG
DVDQDGYHUVHHYHQWRUVHULRXVDGYHUVHHYHQW6XFKLQVWDQFHVZLOOEHFDSWXUHGLQWKH
HIILFDF\DVVHVVPHQWV+RZHYHUWKHVLJQVV\PSWRPVDQGRUFOLQLFDOVHTXHODHUHVXOWLQJ
IURPODFNRIHIILFDF\ZLOOEHUHSRUWHGDVDGYHUVHHYHQWRUVHULRXVDGYHUVHHYHQWLIWKH\IXOILOO
WKHGHILQLWLRQRIDQDGYHUVHHYHQWRUVHULRXVDGYHUVHHYHQW
(YHQWV1270HHWLQJWKH$GYHUVH(YHQW'HILQLWLRQ
x
0HGLFDORUVXUJLFDOSURFHGXUHHJHQGRVFRS\DSSHQGHFWRP\WKHFRQGLWLRQWKDWOHDGVWR
WKHSURFHGXUHLVWKHDGYHUVHHYHQW
x
6LWXDWLRQVLQZKLFKDQXQWRZDUGPHGLFDORFFXUUHQFHGLGQRWRFFXUVRFLDODQGRU
FRQYHQLHQFHDGPLVVLRQWRDKRVSLWDO
x
$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
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


'HILQLWLRQRI6HULRXV$GYHUVH(YHQW
$6HULRXV$GYHUVH(YHQWLVGHILQHGDVDQ\XQWRZDUGPHGLFDORFFXUUHQFHWKDWPHHWV
DWOHDVWRIWKHIROORZLQJVHULRXVFULWHULD
5HVXOWVLQGHDWKIDWDO
,PPHGLDWHO\OLIHWKUHDWHQLQJ
7KHWHUP³OLIHWKUHDWHQLQJ´LQWKHGHILQLWLRQRI³VHULRXV´UHIHUVWRDQHYHQWLQZKLFKWKH
VXEMHFWZDVDWULVNRIGHDWKDWWKHWLPHRIWKHHYHQW,WGRHVQRWUHIHUWRDQHYHQWZKLFK
K\SRWKHWLFDOO\PLJKWKDYHFDXVHGGHDWKLILWZHUHPRUHVHYHUH
5HTXLUHVLQSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ
,QJHQHUDOKRVSLWDOL]DWLRQVLJQLILHVWKDWWKHVXEMHFW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DQDGYHUVHHYHQW,IDFRPSOLFDWLRQ
SURORQJVKRVSLWDOL]DWLRQRUIXOILOOVDQ\RWKHUVHULRXVFULWHULDWKHHYHQWLVVHULRXV:KHQLQ
GRXEWDVWRZKHWKHU³KRVSLWDOL]DWLRQ´RFFXUUHGRUZDVQHFHVVDU\WKHDGYHUVHHYHQWLVWREH
FRQVLGHUHGVHULRXV+RVSLWDOL]DWLRQIRUHOHFWLYHWUHDWPHQWRIDSUHH[LVWLQJFRQGLWLRQWKDW
GLGQRWZRUVHQIURPEDVHOLQHLVQRWFRQVLGHUHGDQDGYHUVHHYHQW
5HVXOWVLQSHUVLVWHQWRUVLJQLILFDQW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
,VDFRQJHQLWDODQRPDO\ELUWKGHIHFW
2WKHUPHGLFDOO\LPSRUWDQWVHULRXVHYHQW
0HGLFDORUVFLHQWLILFMXGJPHQWLVWREHH[HUFLVHGLQGHFLGLQJZKHWKHUVHULRXVDGYHUVHHYHQW
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
VXEMHFWRUPD\UHTXLUHPHGLFDORUVXUJLFDOLQWHUYHQWLRQWRSUHYHQWRIWKHRWKHURXWFRPHV
OLVWHGLQWKHDERYHGHILQLWLRQ7KHVHHYHQWVDUHW\SLFDOO\WR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
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


'HILQLWLRQRI$GYHUVH'HYLFH(IIHFW
7KHGHWHFWLRQDQGGRFXPHQWDWLRQSURFHGXUHVIRUDGYHUVHGHYLFHHIIHFWVGHVFULEHGLQ
WKLVSURWRFRODSSO\WRDOO$PJHQPHGLFDOGHYLFHVSURYLGHGIRUXVHLQWKHVWXG\
VHH6HFWLRQIRUWKHOLVWRI$PJHQPHGLFDOGHYLFHV
$GYHUVH'HYLFH(IIHFW'HILQLWLRQ
$QDGYHUVHGHYLFHHIIHFWLVDQ\DGYHUVHHYHQWUHODWHGWRWKHXVHRIDFRPELQDWLRQSURGXFWRU
PHGLFDOGHYLFH$GYHUVHGHYLFHHIIHFWVLQFOXGHDGYHUVHHYHQWVUHVXOWLQJIURPLQVXIILFLHQWRU
LQDGHTXDWHLQVWUXFWLRQVIRUXVHDGYHUVHHYHQWVUHVXOWLQJIURPDQ\PDOIXQFWLRQRIWKHGHYLFHRU
DGYHUVHHYHQWVUHVXOWLQJIURPXVHHUURURUIURPLQWHQWLRQDOPLVXVHRIWKHGHYLFH
5HFRUGLQJ$GYHUVH(YHQWV'LVHDVHUHODWHG(YHQWVLIDSSOLFDEOHDQG6HULRXV
$GYHUVH(YHQWV
$GYHUVH(YHQWDQG6HULRXV$GYHUVH(YHQW5HFRUGLQJ
x
:KHQDQDGYHUVHHYHQWRUVHULRXVDGYHUVHHYHQWRFFXUVLWLVWKHUHVSRQVLELOLW\RIWKH
LQYHVWLJDWRUWRUHYLHZDOOGRFXPHQWDWLRQHJKRVSLWDOSURJUHVVQRWHVODERUDWRU\DQG
GLDJQRVWLFVUHSRUWVUHODWHGWRWKHHYHQW
x
7KHLQYHVWLJDWRUZLOOWKHQUHFRUGDOOUHOHYDQWDGYHUVHHYHQWVHULRXVDGYHUVHHYHQW
LQIRUPDWLRQLQWKH(YHQWFDVHUHSRUWIRUP&5)
x
7KHLQYHVWLJDWRUPXVWDVVLJQWKHIROORZLQJDGYHUVHHYHQWDWWULEXWHV

$GYHUVHHYHQWGLDJQRVLVRUV\QGURPHVLINQRZQLIQRWNQRZQVLJQVRUV\PSWRPV

'DWHVRIRQVHWDQGUHVROXWLRQLIUHVROYHG

6HYHULW\RUWR[LFLW\GHILQHGEHORZ

$VVHVVPHQWRIUHODWHGQHVVWRLQYHVWLJDWLRQDOSURGXFWHUHQXPDERUSODFHERRU$PJHQ
PHGLFDOGHYLFHVSUHILOOHGV\ULQJHDQG

$FWLRQWDNHQ
x
,IWKHVHYHULW\RIDQDGYHUVHHYHQWFKDQJHVIURPWKHGDWHRIRQVHWWRWKHGDWHRIUHVROXWLRQ
UHFRUGDVDVLQJOHHYHQWZLWKWKHZRUVWVHYHULW\RQWKH(YHQW&5)
x
,WLVQRWDFFHSWDEOHIRUWKHLQYHVWLJDWRUWRVHQGSKRWRFRSLHVRIWKHVXEMHFW¶VPHGLFDO
UHFRUGVWRVSRQVRULQOLHXRIFRPSOHWLRQRIWKH(YHQW&5)SDJH
x
,IVSHFLILFDOO\UHTXHVWHGWKHLQYHVWLJDWRUPD\QHHGWRSURYLGHDGGLWLRQDOIROORZXS
LQIRUPDWLRQVXFKDVGLVFKDUJHVXPPDULHVPHGLFDOUHFRUGVRUH[WUDFWVIURPWKHPHGLFDO
UHFRUGV,QWKLVFDVHDOOVXEMHFWLGHQWLILHUVZLWKWKHH[FHSWLRQRIWKHVXEMHFWQXPEHUZLOO
EHEOLQGHGRQWKHFRSLHVRIWKHPHGLFDOUHFRUGVEHIRUHVXEPLVVLRQWR$PJHQ
x
7KHLQYHVWLJDWRUZLOODWWHPSWWRHVWDEOLVKDGLDJQRVLVRIWKHHYHQWEDVHGRQVLJQV
V\PSWRPVDQGRURWKHUFOLQLFDOLQIRUPDWLRQ,QVXFKFDVHVWKHGLDJQRVLVQRWWKH
LQGLYLGXDOVLJQVV\PSWRPVZLOOEHGRFXPHQWHGDVWKHDGYHUVHHYHQWVHULRXVDGYHUVH
HYHQW
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


(YDOXDWLQJ$GYHUVH(YHQWVDQG6HULRXV$GYHUVH(YHQWV
$VVHVVPHQWRI6HYHULW\
7KHLQYHVWLJDWRUZLOOPDNHDQDVVHVVPHQWRIVHYHULW\IRUHDFKDGYHUVHHYHQWDQGVHULRXV
DGYHUVHHYHQWUHSRUWHGGXULQJWKHVWXG\7KHDVVHVVPHQWRIVHYHULW\ZLOOEHEDVHGRQ
7KH&RPPRQ7HUPLQRORJ\&ULWHULDIRU$GYHUVH(YHQWVYHUVLRQZKLFKLVDYDLODEOHDWWKH
IROORZLQJORFDWLRQKWWSFWHSFDQFHUJRYSURWRFRO'HYHORSPHQWHOHFWURQLFBDSSOLFDWLRQVFWFKWP
$VVHVVPHQWRI&DXVDOLW\
x
7KHLQYHVWLJDWRULVREOLJDWHGWRDVVHVVWKHUHODWLRQVKLSEHWZHHQLQYHVWLJDWLRQDOSURGXFWDQG
GHYLFHDQGHDFKRFFXUUHQFHRIHDFKDGYHUVHHYHQWVHULRXVDGYHUVHHYHQW
x
5HODWHGQHVVPHDQVWKDWWKHUHDUHIDFWVRUUHDVRQVWRVXSSRUWDUHODWLRQVKLSEHWZHHQ
LQYHVWLJDWLRQDOSURGXFWDQGWKHHYHQW
x
7KHLQYHVWLJDWRUZLOOXVHFOLQLFDOMXGJPHQWWRGHWHUPLQHWKHUHODWLRQVKLS
x
$OWHUQDWLYHFDXVHVVXFKDVXQGHUO\LQJGLVHDVHVFRQFRPLWDQWWKHUDS\DQGRWKHUULVN
IDFWRUVDVZHOODVWKHWHPSRUDOUHODWLRQVKLSRIWKHHYHQWWRVWXG\WUHDWPHQWDGPLQLVWUDWLRQ
ZLOOEHFRQVLGHUHGDQGLQYHVWLJDWHG
x
7KHLQYHVWLJDWRUZLOODOVRFRQVXOWWKH,QYHVWLJDWRU¶V%URFKXUHDQGRU3URGXFW,QIRUPDWLRQ
IRUPDUNHWHGSURGXFWVLQKLVKHUDVVHVVPHQW
x
)RUHDFKDGYHUVHHYHQWVHULRXVDGYHUVHHYHQWWKHLQYHVWLJDWRUPXVWGRFXPHQWLQWKH
PHGLFDOQRWHVWKDWKHVKHKDVUHYLHZHGWKHDGYHUVHHYHQWVHULRXVDGYHUVHHYHQWDQGKDV
SURYLGHGDQDVVHVVPHQWRIFDXVDOLW\
x
7KHUHPD\EHVLWXDWLRQVLQZKLFKDVHULRXVDGYHUVHHYHQWKDVRFFXUUHGDQGWKH
LQYHVWLJDWRUKDVPLQLPDOLQIRUPDWLRQWRLQFOXGHLQWKHLQLWLDOUHSRUW+RZHYHULWLVYHU\
LPSRUWDQWWKDWWKHLQYHVWLJDWRUDOZD\VPDNHDQDVVHVVPHQWRIFDXVDOLW\IRUHYHU\HYHQW
EHIRUHWKHLQLWLDOWUDQVPLVVLRQRIWKHVHULRXVDGYHUVHHYHQWGDWD
x
7KHLQYHVWLJDWRUPD\FKDQJHKLVKHURSLQLRQRIFDXVDOLW\LQOLJKWRIIROORZXSLQIRUPDWLRQ
DQGVHQGDVHULRXVDGYHUVHHYHQWIROORZXSUHSRUWZLWKWKHXSGDWHGFDXVDOLW\DVVHVVPHQW
x
7KHFDXVDOLW\DVVHVVPHQWLVRIWKHFULWHULDXVHGZKHQGHWHUPLQLQJUHJXODWRU\UHSRUWLQJ
UHTXLUHPHQWV
)ROORZXSRI$GYHUVH(YHQWDQG6HULRXV$GYHUVH(YHQW
x
7KHLQYHVWLJDWRULVREOLJDWHGWRSHUIRUPRUDUUDQJHIRUWKHFRQGXFWRIVXSSOHPHQWDO
PHDVXUHPHQWVDQGRUHYDOXDWLRQVDVPHGLFDOO\LQGLFDWHGRUDVUHTXHVWHGE\$PJHQWR
HOXFLGDWHWKHQDWXUHDQGRUFDXVDOLW\RIWKHDGYHUVHHYHQWRUVHULRXVDGYHUVHHYHQWDVIXOO\
DVSRVVLEOH7KLVPD\LQFOXGHDGGLWLRQDOODERUDWRU\WHVWVRULQYHVWLJDWLRQV
KLVWRSDWKRORJLFDOH[DPLQDWLRQVRUFRQVXOWDWLRQZLWKRWKHUKHDOWKFDUHSURIHVVLRQDOV
x
,IDVXEMHFWLVSHUPDQHQWO\ZLWKGUDZQIURPSURWRFROUHTXLUHGWKHUDSLHVEHFDXVHRID
VHULRXVDGYHUVHHYHQWWKLVLQIRUPDWLRQPXVWEHVXEPLWWHGWR$PJHQ
x
,IDVXEMHFWGLHVGXULQJSDUWLFLSDWLRQLQWKHVWXG\RUGXULQJDUHFRJQL]HGIROORZXSSHULRG
WKHLQYHVWLJDWRUZLOOSURYLGH$PJHQZLWKDFRS\RIDQ\SRVWPRUWHPILQGLQJVLQFOXGLQJ
KLVWRSDWKRORJ\
x
1HZRUXSGDWHGLQIRUPDWLRQZLOOEHUHFRUGHGLQWKHRULJLQDOO\FRPSOHWHG(YHQW&5)
x
7KHLQYHVWLJDWRUZLOOVXEPLWDQ\XSGDWHGVHULRXVDGYHUVHHYHQWGDWDWR$PJHQZLWKLQ
KRXUVRIUHFHLSWRIWKHLQIRUPDWLRQ
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


5HSRUWLQJRI6HULRXV$GYHUVH(YHQW
6HULRXV$GYHUVH(YHQW5HSRUWLQJYLD(OHFWURQLF'DWD&ROOHFWLRQ7RRO
x
7KHSULPDU\PHFKDQLVPIRUUHSRUWLQJVHULRXVDGYHUVHHYHQWZLOOEHWKHHOHFWURQLFGDWD
FDSWXUH('&V\VWHPYLDWKH6DIHW\5HSRUW)RUP
x
,IWKH('&V\VWHPLVXQDYDLODEOHIRUPRUHWKDQKRXUVWKHQWKHVLWHZLOOUHSRUWWKH
LQIRUPDWLRQWR$PJHQXVLQJDQHOHFWURQLF6HULRXV$GYHUVH&RQWLQJHQF\5HSRUW)RUP
VHH)LJXUHZLWKLQKRXUVRIWKHLQYHVWLJDWRU¶VNQRZOHGJHRIWKHHYHQW
x
7KHVLWHZLOOHQWHUWKHVHULRXVDGYHUVHHYHQWGDWDLQWRWKHHOHFWURQLFV\VWHPDVVRRQDVLW
EHFRPHVDYDLODEOH
x
$IWHUWKHVWXG\LVFRPSOHWHGDWDJLYHQVLWHWKH('&V\VWHPZLOOEHWDNHQRIIOLQHWR
SUHYHQWWKHHQWU\RIQHZGDWDRUFKDQJHVWRH[LVWLQJGDWD
x
,IDVLWHUHFHLYHVDUHSRUWRIDQHZVHULRXVDGYHUVHHYHQWIURPDVWXG\VXEMHFWRUUHFHLYHV
XSGDWHGGDWDRQDSUHYLRXVO\UHSRUWHGVHULRXVDGYHUVHHYHQWDIWHUWKH('&KDVEHHQ
WDNHQRIIOLQHWKHQWKHVLWHFDQUHSRUWWKLVLQIRUPDWLRQRQDSDSHU6HULRXV$GYHUVH(YHQW
5HSRUW)RUPVHH)LJXUH
$GYHUVH'HYLFH(IIHFWV5HFRUGLQJ(YDOXDWLQJDQG5HSRUWLQJ
x
$Q\DGYHUVHHYHQWUHVXOWLQJIURPDQDGYHUVHGHYLFHHIIHFWWKDWRFFXUGXULQJWKHVWXG\ZLOO
EHGRFXPHQWHGLQWKHVXEMHFW¶VPHGLFDOUHFRUGVLQDFFRUGDQFHZLWKWKHLQYHVWLJDWRU¶V
QRUPDOFOLQLFDOSUDFWLFHDQGRQWKH(YHQW&5)SDJH
x
,WLVYHU\LPSRUWDQWWKDWWKHLQYHVWLJDWRUSURYLGHVKLVKHUDVVHVVPHQWRIFDXVDOLW\
UHODWLRQVKLSWRWKHPHGLFDOGHYLFHSURYLGHGE\$PJHQDWWKHWLPHRIWKHLQLWLDOUHSRUWDQG
GHVFULEHVDQ\FRUUHFWLYHRUUHPHGLDODFWLRQVWDNHQWRSUHYHQWUHFXUUHQFHRIWKHLQFLGHQW
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


)LJXUH6DPSOH(OHFWURQLF6HULRXV$GYHUVH(YHQW&RQWLQJHQF\)RUP

$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


$SSURYHG



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

3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



$SSHQGL[&RQWUDFHSWLYH*XLGDQFHDQG&ROOHFWLRQRI3UHJQDQF\
DQG/DFWDWLRQ,QIRUPDWLRQ
6WXG\VSHFLILFFRQWUDFHSWLRQUHTXLUHPHQWVIRUIHPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDO
DUHRXWOLQHGLQ6HFWLRQ
)HPDOHVXEMHFWVRIFKLOGEHDULQJSRWHQWLDOPXVWUHFHLYHSUHJQDQF\SUHYHQWLRQFRXQVHOLQJ
DQGEHDGYLVHGRIWKHULVNWRWKHIHWXVLIWKH\EHFRPHSUHJQDQWGXULQJWUHDWPHQWDQGIRU
ZHHNVDIWHUWKHODVWGRVHRISURWRFROUHTXLUHGWKHUDSLHV
'HILQLWLRQRI)HPDOHVRI&KLOGEHDULQJ3RWHQWLDO
$IHPDOHLVFRQVLGHUHGIHUWLOHIROORZLQJPHQDUFKHDQGXQWLOEHFRPLQJSRVWPHQRSDXVDO
XQOHVVSHUPDQHQWO\VWHULOH3HUPDQHQWVWHULOL]DWLRQPHWKRGVLQFOXGHK\VWHUHFWRP\
ELODWHUDOVDOSLQJHFWRP\DQGELODWHUDORRSKRUHFWRP\
)HPDOHVLQWKHIROORZLQJFDWHJRULHVDUHQRWFRQVLGHUHGIHPDOHRIFKLOGEHDULQJSRWHQWLDO
x
3UHPHQRSDXVDOIHPDOHZLWKRIWKHIROORZLQJ

GRFXPHQWHGK\VWHUHFWRP\

GRFXPHQWHGELODWHUDOVDOSLQJHFWRP\RU

GRFXPHQWHGELODWHUDORRSKRUHFWRP\
1RWH6LWHSHUVRQQHOGRFXPHQWDWLRQIURPWKHIROORZLQJVRXUFHVLVDFFHSWDEOH
UHYLHZRIVXEMHFW¶VPHGLFDOUHFRUGVVXEMHFW¶VPHGLFDOH[DPLQDWLRQRU
VXEMHFW¶VPHGLFDOKLVWRU\LQWHUYLHZ
x
3UHPHQDUFKDOIHPDOH
x
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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0HWKRGVIRU)HPDOH6XEMHFWV
$FFHSWDEOH0HWKRGVRI(IIHFWLYH&RQWUDFHSWLRQ
x
FRPELQHGHVWURJHQDQGSURJHVWRJHQFRQWDLQLQJRUSURJHVWRJHQRQO\KRUPRQDO
PHWKRGVRUDO
x
LQWUDXWHULQHGHYLFH,8'
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


x
LQWUDXWHULQHKRUPRQDOUHOHDVLQJV\VWHP,86
x
ELODWHUDOWXEDOOLJDWLRQ
x
YDVHFWRPL]HGSDUWQHUSURYLGHGWKDWSDUWQHULVWKHVROHVH[XDOSDUWQHURIWKHIHPDOH
VXEMHFWRIFKLOGEHDULQJSRWHQWLDODQGWKDWWKHYDVHFWRPL]HGSDUWQHUKDVUHFHLYHG
PHGLFDODVVHVVPHQWRIWKHVXUJLFDOVXFFHVV
x
VH[XDODEVWLQHQFHGHILQHGDVUHIUDLQLQJIURPKHWHURVH[XDOLQWHUFRXUVHGXULQJWKH
HQWLUHSHULRGRIULVNDVVRFLDWHGZLWKWKHVWXG\WUHDWPHQWVWKHUHOLDELOLW\RIVH[XDO
DEVWLQHQFHPXVWEHHYDOXDWHGLQUHODWLRQWRWKHGXUDWLRQRIWKHWULDODQGWKHSUHIHUUHG
DQGXVXDOOLIHVW\OHRIWKHVXEMHFW
x
PDOHRUIHPDOHFRQGRPZLWKRUZLWKRXWVSHUPLFLGH
x
FDSRUGLDSKUDJP
x
GRXEOHEDUULHUPHWKRGWKHPDOHXVHVDFRQGRPDQGWKHIHPDOHPD\FKRRVHHLWKHU
DFDSRUGLDSKUDJPDIHPDOHFRQGRPLVQRWDQRSWLRQGXHWRWKHULVNRIWHDULQJ
ZKHQERWKSDUWQHUVXVHDFRQGRP
8QDFFHSWDEOH0HWKRGVRI%LUWK&RQWUROIRU)HPDOH6XEMHFWV
%LUWKFRQWUROPHWKRGVWKDWDUHFRQVLGHUHGXQDFFHSWDEOHLQFOLQLFDOWULDOVLQFOXGH
x
SHULRGLFDEVWLQHQFHFDOHQGDUV\PSWRWKHUPDOSRVWRYXODWLRQPHWKRGV
x
ZLWKGUDZDOFRLWXVLQWHUUXSWXV
x
VSHUPLFLGHVRQO\
x
ODFWDWLRQDODPHQRUUKHDPHWKRG
&ROOHFWLRQRI3UHJQDQF\,QIRUPDWLRQ
)HPDOH6XEMHFWV:KR%HFRPH3UHJQDQW
x
,QYHVWLJDWRUZLOOFROOHFWSUHJQDQF\LQIRUPDWLRQRQDQ\IHPDOHVXEMHFWZKREHFRPHV
SUHJQDQWZKLOHWDNLQJSURWRFROUHTXLUHGWKHUDSLHVWKURXJKZHHNVDIWHUWKHODVW
GRVHRIVWXG\GUXJ
x
,QIRUPDWLRQZLOOEHUHFRUGHGRQWKH3UHJQDQF\1RWLILFDWLRQ:RUNVKHHWVHH
)LJXUH7KHZRUNVKHHWPXVWEHVXEPLWWHGWR$PJHQ*OREDO3DWLHQW6DIHW\
ZLWKLQKRXUVRIOHDUQLQJRIDVXEMHFW¶VSUHJQDQF\1RWH6LWHVDUHQRWUHTXLUHGWR
SURYLGHDQ\LQIRUPDWLRQRQWKH3UHJQDQF\1RWLILFDWLRQ:RUNVKHHWWKDWYLRODWHVWKH
FRXQWU\RUUHJLRQVORFDOSULYDF\ODZV
x
$IWHUREWDLQLQJWKHIHPDOHVXEMHFW¶VVLJQHGDXWKRUL]DWLRQIRUUHOHDVHRISUHJQDQF\
DQGLQIDQWKHDOWKLQIRUPDWLRQWKHLQYHVWLJDWRUZLOOFROOHFWSUHJQDQF\DQGLQIDQWKHDOWK
LQIRUPDWLRQDQGFRPSOHWHWKHSUHJQDQF\TXHVWLRQQDLUHIRUDQ\IHPDOHVXEMHFWZKR
EHFRPHVSUHJQDQWZKLOHWDNLQJSURWRFROUHTXLUHGWKHUDSLHVWKURXJKZHHNVDIWHU
WKHODVWGRVHRIWKHVWXG\GUXJ7KLVLQIRUPDWLRQZLOOEHIRUZDUGHGWR$PJHQ*OREDO
3DWLHQW6DIHW\*HQHUDOO\LQIDQWIROORZXSZLOOEHFRQGXFWHGXSWRPRQWKVDIWHU
WKHELUWKRIWKHFKLOGLIDSSOLFDEOH
x
$Q\WHUPLQDWLRQRISUHJQDQF\ZLOOEHUHSRUWHGWR$PJHQ*OREDO3DWLHQW6DIHW\
UHJDUGOHVVRIIHWDOVWDWXVSUHVHQFHRUDEVHQFHRIDQRPDOLHVRULQGLFDWLRQIRU
SURFHGXUH
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


x
:KLOHSUHJQDQF\LWVHOILVQRWFRQVLGHUHGWREHDQDGYHUVHHYHQWRUVHULRXVDGYHUVH
HYHQWDQ\SUHJQDQF\FRPSOLFDWLRQRUUHSRUWRIDFRQJHQLWDODQRPDO\RU
GHYHORSPHQWDOGHOD\IHWDOGHDWKRUVXVSHFWHGDGYHUVHUHDFWLRQVLQWKHQHRQDWHZLOO
EHUHSRUWHGDVDQDGYHUVHHYHQWRUVHULRXVDGYHUVHHYHQW1RWHWKDWDQHOHFWLYH
WHUPLQDWLRQZLWKQRLQIRUPDWLRQRQDIHWDOFRQJHQLWDOPDOIRUPDWLRQRUPDWHUQDO
FRPSOLFDWLRQLVJHQHUDOO\QRWFRQVLGHUHGDQDGYHUVHHYHQWEXWVWLOOPXVWEHUHSRUWHG
WR$PJHQDVDSUHJQDQF\H[SRVXUHFDVH
x
,IWKHRXWFRPHRIWKHSUHJQDQF\PHHWVDFULWHULRQIRULPPHGLDWHFODVVLILFDWLRQDVD
VHULRXVDGYHUVHHYHQWHJIHPDOHVXEMHFWH[SHULHQFHVDVSRQWDQHRXVDERUWLRQ
VWLOOELUWKRUQHRQDWDOGHDWKRUWKHUHLVDIHWDORUQHRQDWDOFRQJHQLWDODQRPDO\WKH
LQYHVWLJDWRUZLOOUHSRUWWKHHYHQWDVDVHULRXVDGYHUVHHYHQW
x
$Q\VHULRXVDGYHUVHHYHQWRFFXUULQJDVDUHVXOWRIDSRVWVWXG\SUHJQDQF\ZKLFKLV
FRQVLGHUHGUHDVRQDEO\UHODWHGWRWKHVWXG\WUHDWPHQWE\WKHLQYHVWLJDWRUZLOOEH
UHSRUWHGWR$PJHQ*OREDO3DWLHQW6DIHW\DVGHVFULEHGLQ6HFWLRQ:KLOHWKH
LQYHVWLJDWRULVQRWREOLJDWHGWRDFWLYHO\VHHNWKLVLQIRUPDWLRQLQIRUPHUVWXG\VXEMHFWV
KHRUVKHPD\OHDUQRIDVHULRXVDGYHUVHHYHQWWKURXJKVSRQWDQHRXVUHSRUWLQJ
x
$Q\IHPDOHVXEMHFWZKREHFRPHVSUHJQDQWZKLOHSDUWLFLSDWLQJZLOOGLVFRQWLQXHVWXG\
WUHDWPHQWVHH6HFWLRQIRUGHWDLOV
0DOH6XEMHFWV:LWK3DUWQHUV:KR%HFRPH3UHJQDQW
x
,QWKHHYHQWDPDOHVXEMHFWIDWKHUVDFKLOGGXULQJWUHDWPHQWDQGIRUDQDGGLWLRQDO
ZHHNVDIWHUGLVFRQWLQXLQJSURWRFROUHTXLUHGWKHUDSLHVWKHLQIRUPDWLRQZLOOEH
UHFRUGHGRQWKH3UHJQDQF\1RWLILFDWLRQ:RUNVKHHW7KHZRUNVKHHWVHH
)LJXUHPXVWEHVXEPLWWHGWR$PJHQ*OREDO3DWLHQW6DIHW\ZLWKLQKRXUVRI
WKHVLWH¶VDZDUHQHVVRIWKHSUHJQDQF\1RWH6LWHVDUHQRWUHTXLUHGWRSURYLGHDQ\
LQIRUPDWLRQRQWKH3UHJQDQF\1RWLILFDWLRQ:RUNVKHHWWKDWYLRODWHVWKHFRXQWU\RU
UHJLRQVORFDOSULYDF\ODZV
x
7KHLQYHVWLJDWRUZLOODWWHPSWWRREWDLQDVLJQHGDXWKRUL]DWLRQIRUUHOHDVHRISUHJQDQF\
DQGLQIDQWKHDOWKLQIRUPDWLRQGLUHFWO\IURPWKHSUHJQDQWIHPDOHSDUWQHUWRREWDLQ
DGGLWLRQDOSUHJQDQF\LQIRUPDWLRQ
x
$IWHUREWDLQLQJWKHIHPDOHSDUWQHU¶VVLJQHGDXWKRUL]DWLRQIRUUHOHDVHRISUHJQDQF\
DQGLQIDQWKHDOWKLQIRUPDWLRQWKHLQYHVWLJDWRUZLOOFROOHFWSUHJQDQF\RXWFRPHDQG
LQIDQWKHDOWKLQIRUPDWLRQRQWKHSUHJQDQWSDUWQHUDQGKHUEDE\DQGFRPSOHWHWKH
SUHJQDQF\TXHVWLRQQDLUHV7KLVLQIRUPDWLRQZLOOEHIRUZDUGHGWR$PJHQ*OREDO
3DWLHQW6DIHW\
x
*HQHUDOO\LQIDQWIROORZXSZLOOEHFRQGXFWHGXSWRPRQWKVDIWHUWKHELUWKRIWKH
FKLOGLIDSSOLFDEOH
x
$Q\WHUPLQDWLRQRIWKHSUHJQDQF\ZLOOEHUHSRUWHGWR$PJHQ*OREDO3DWLHQW6DIHW\
UHJDUGOHVVRIIHWDOVWDWXVSUHVHQFHRUDEVHQFHRIDQRPDOLHVRULQGLFDWLRQIRU
SURFHGXUH
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


&ROOHFWLRQRI/DFWDWLRQ,QIRUPDWLRQ
x
,QYHVWLJDWRUZLOOFROOHFWODFWDWLRQLQIRUPDWLRQRQDQ\IHPDOHVXEMHFWZKREUHDVWIHHGV
ZKLOHWDNLQJSURWRFROUHTXLUHGWKHUDSLHVWKURXJKZHHNVDIWHUWKHODVWGRVHRIVWXG\
GUXJ
x
,QIRUPDWLRQZLOOEHUHFRUGHGRQWKH/DFWDWLRQ1RWLILFDWLRQ:RUNVKHHWVHHEHORZDQG
VXEPLWWHGWR$PJHQ*OREDO3DWLHQW6DIHW\ZLWKLQKRXUVRIWKHLQYHVWLJDWRU¶V
NQRZOHGJHRIHYHQW
x
6WXG\WUHDWPHQWZLOOEHGLVFRQWLQXHGLIIHPDOHVXEMHFWEUHDVWIHHGVGXULQJWKHVWXG\
DVGHVFULEHGLQ([FOXVLRQ&ULWHULRQ
x
:LWKWKHIHPDOHVXEMHFWVVLJQHGDXWKRUL]DWLRQIRUUHOHDVHRIPRWKHUDQGLQIDQWKHDOWK
LQIRUPDWLRQWKHLQYHVWLJDWRUZLOOFROOHFWPRWKHUDQGLQIDQWKHDOWKLQIRUPDWLRQDQG
FRPSOHWHWKHODFWDWLRQTXHVWLRQQDLUHRQDQ\IHPDOHVXEMHFWZKREUHDVWIHHGVZKLOH
WDNLQJSURWRFROUHTXLUHGWKHUDSLHVWKURXJKWKHODVWGRVHRIVWXG\GUXJDIWHU
GLVFRQWLQXLQJSURWRFROUHTXLUHGWKHUDSLHV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


)LJXUH3UHJQDQF\DQG/DFWDWLRQ1RWLILFDWLRQ:RUNVKHHWV


$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



$SSHQGL[6DPSOH6WRUDJHDQG'HVWUXFWLRQ
$Q\EORRGRUSKDUPDFRNLQHWLFV3.VDPSOHFROOHFWHGDFFRUGLQJWRWKH6FKHGXOHRI
$FWLYLWLHV7DEOHFDQEHDQDO\]HGIRUDQ\RIWKHWHVWVRXWOLQHGLQWKHSURWRFRODQGIRU
DQ\WHVWVQHFHVVDU\WRPLQLPL]HULVNVWRVWXG\VXEMHFWV7KLVLQFOXGHVWHVWLQJWRHQVXUH
DQDO\WLFDOPHWKRGVSURGXFHUHOLDEOHDQGYDOLGGDWDWKURXJKRXWWKHFRXUVHRIWKHVWXG\
7KLVFDQDOVRLQFOXGHEXWLVQRWOLPLWHGWRLQYHVWLJDWLRQRIXQH[SHFWHGUHVXOWVLQFXUUHG
VDPSOHUHDQDO\VLVDQGDQDO\VHVIRUPHWKRGWUDQVIHUDQGFRPSDUDELOLW\
$OOVDPSOHVDQGDVVRFLDWHGUHVXOWVZLOOEHFRGHGSULRUWREHLQJVKLSSHGIURPWKHVLWHIRU
DQDO\VLVRUVWRUDJH6DPSOHVZLOOEHWUDFNHGXVLQJDXQLTXHLGHQWLILHUWKDWLVDVVLJQHGWR
WKHVDPSOHVIRUWKHVWXG\5HVXOWVDUHVWRUHGLQDVHFXUHGDWDEDVHWRHQVXUH
FRQILGHQWLDOLW\
,ILQIRUPHGFRQVHQWLVSURYLGHGE\WKHVXEMHFW$PJHQFDQGRDGGLWLRQDOWHVWLQJRQ
UHPDLQLQJVDPSOHVLHUHVLGXDODQGEDFNXSWRLQYHVWLJDWHDQGEHWWHUXQGHUVWDQGWKH
PLJUDLQHWKHGRVHUHVSRQVHDQGRUSUHGLFWLRQRIUHVSRQVHWRHUHQXPDEFKDUDFWHUL]H
DQWLERG\UHVSRQVHDQGFKDUDFWHUL]HDVSHFWVRIWKHPROHFXOHHJPHFKDQLVPRI
DFWLRQWDUJHWPHWDEROLWHV5HVXOWVIURPWKLVDQDO\VLVDUHWREHGRFXPHQWHGDQG
PDLQWDLQHGEXWDUHQRWQHFHVVDULO\UHSRUWHGDVSDUWRIWKLVVWXG\6DPSOHVFDQEH
UHWDLQHGIRUXSWR\HDUV
6LQFHWKHHYDOXDWLRQVDUHQRWH[SHFWHGWREHQHILWWKHVXEMHFWGLUHFWO\RUWRDOWHUWKH
WUHDWPHQWFRXUVHWKHUHVXOWVRI
RURWKHU
H[SORUDWRU\VWXGLHVDUHQRWSODFHGLQWKHVXEMHFW¶VPHGLFDOUHFRUGDQGDUHQRWWREH
PDGHDYDLODEOHWRWKHVXEMHFWPHPEHUVRIWKHIDPLO\WKHSHUVRQDOSK\VLFLDQRURWKHU
WKLUGSDUWLHVH[FHSWDVVSHFLILHGLQWKHLQIRUPHGFRQVHQW
7KHVXEMHFWUHWDLQVWKHULJKWWRUHTXHVWWKDWWKHVDPSOHPDWHULDOEHGHVWUR\HGE\
FRQWDFWLQJWKHLQYHVWLJDWRU)ROORZLQJWKHUHTXHVWIURPWKHVXEMHFWWKHLQYHVWLJDWRULVWR
SURYLGHWKHVSRQVRUZLWKWKHUHTXLUHGVWXG\DQGVXEMHFWQXPEHUVRWKDWDQ\UHPDLQLQJ
EORRG3.VDPSOHVDQGDQ\RWKHUFRPSRQHQWVIURPWKHFHOOVFDQEHORFDWHGDQG
GHVWUR\HG6DPSOHVZLOOEHGHVWUR\HGRQFHDOOSURWRFROGHILQHGSURFHGXUHVDUH
FRPSOHWHG+RZHYHULQIRUPDWLRQFROOHFWHGIURPVDPSOHVSULRUWRWKHUHTXHVWIRU
GHVWUXFWLRQZLOOEHUHWDLQHGE\$PJHQ
7KHVSRQVRULVWKHH[FOXVLYHRZQHURIDQ\GDWDGLVFRYHULHVRUGHULYDWLYHPDWHULDOVIURP
WKHVDPSOHPDWHULDOVDQGLVUHVSRQVLEOHIRUWKHGHVWUXFWLRQRIWKHVDPSOHVDWWKH
UHTXHVWRIWKHVXEMHFWWKURXJKWKHLQYHVWLJDWRUDWWKHHQGRIWKHVWRUDJHSHULRGRUDV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


DSSURSULDWHHJWKHVFLHQWLILFUDWLRQDOHIRUH[SHULPHQWDWLRQZLWKDFHUWDLQVDPSOHW\SHQR
ORQJHUMXVWLILHVNHHSLQJWKHVDPSOH,IDFRPPHUFLDOSURGXFWLVGHYHORSHGIURPWKLV
UHVHDUFKSURMHFWWKHVSRQVRURZQVWKHFRPPHUFLDOSURGXFW7KHVXEMHFWKDVQR
FRPPHUFLDOULJKWVWRVXFKSURGXFWDQGKDVQRFRPPHUFLDOULJKWVWRWKHGDWDLQIRUPDWLRQ
GLVFRYHULHVRUGHULYDWLYHPDWHULDOVJDLQHGRUSURGXFHGIURPWKHVDPSOH6HH
6HFWLRQIRUVXEMHFWFRQILGHQWLDOLW\
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



$SSHQGL[+HSDWRWR[LFLW\6WRSSLQJ5XOHV6XJJHVWHG$FWLRQVDQG
)ROORZXS$VVHVVPHQWVDQG6WXG\7UHDWPHQW5HFKDOOHQJH
*XLGHOLQHV
6XEMHFWVZLWKDEQRUPDOKHSDWLFODERUDWRU\YDOXHVLHDONDOLQHSKRVSKDWDVH>$/3@
DVSDUWDWHDPLQRWUDQVIHUDVH>$67@DODQLQHDPLQRWUDQVIHUDVH>$/7@WRWDOELOLUXELQ>7%/@
DQGRULQWHUQDWLRQDOQRUPDOL]HGUDWLR,15DQGRUVLJQVV\PSWRPVRIKHSDWLWLVDV
GHVFULEHGEHORZPD\PHHWWKHFULWHULDIRUZLWKKROGLQJRUSHUPDQHQWGLVFRQWLQXDWLRQRI
$PJHQLQYHVWLJDWLRQDOSURGXFWRURWKHUSURWRFROUHTXLUHGWKHUDSLHVDVVSHFLILHGLQWKH
*XLGDQFHIRU,QGXVWU\'UXJ,QGXFHG/LYHU,QMXU\3UHPDUNHWLQJ&OLQLFDO(YDOXDWLRQ
-XO\
&ULWHULDIRU:LWKKROGLQJDQGRU3HUPDQHQW'LVFRQWLQXDWLRQRI$PJHQ
,QYHVWLJDWLRQDO3URGXFWDQG2WKHU3URWRFROUHTXLUHG7KHUDSLHV'XHWR3RWHQWLDO
+HSDWRWR[LFLW\
7KHIROORZLQJVWRSSLQJDQGRUZLWKKROGLQJUXOHVDSSO\WRVXEMHFWVIRUZKRPDQRWKHU
FDXVHRIWKHLUFKDQJHVLQOLYHUELRPDUNHUV7%/,15DQGWUDQVDPLQDVHVKDVQRWEHHQ
LGHQWLILHG
,PSRUWDQWDOWHUQDWLYHFDXVHVIRUHOHYDWHG$67$/7DQGRU7%/YDOXHVLQFOXGHEXWDUH
QRWOLPLWHGWR
x
KHSDWRELOLDU\WUDFWGLVHDVH
x
YLUDOKHSDWLWLVHJKHSDWLWLV$%&'((SVWHLQ%DUU9LUXVF\WRPHJDORYLUXVKHUSHV
VLPSOH[YLUXVYDULFHOODWR[RSODVPRVLVDQGSDUYRYLUXV
x
ULJKWVLGHGKHDUWIDLOXUHK\SRWHQVLRQRUDQ\FDXVHRIK\SR[LDWRWKHOLYHUFDXVLQJ
LVFKHPLD
x
H[SRVXUHWRKHSDWRWR[LFDJHQWVGUXJVRUKHSDWRWR[LQVLQFOXGLQJKHUEDODQGGLHWDU\
VXSSOHPHQWVSODQWVDQGPXVKURRPV
x
KHULWDEOHGLVRUGHUVFDXVLQJLPSDLUHGJOXFXURQLGDWLRQHJ*LOEHUW¶VV\QGURPH
&ULJOHU1DMMDUV\QGURPHDQGGUXJVWKDWLQKLELWELOLUXELQ%,/JOXFXURQLGDWLRQHJ
LQGLQDYLUDWD]DQDYLU
x
DOSKDRQHDQWLWU\SVLQGHILFLHQF\
x
DOFRKROLFKHSDWLWLV
x
DXWRLPPXQHKHSDWLWLV
x
:LOVRQ¶VGLVHDVHDQGKHPRFKURPDWRVLV
x
QRQDOFRKROLFIDWW\OLYHUGLVHDVHLQFOXGLQJVWHDWRKHSDWLWLV
x
QRQKHSDWLFFDXVHVHJUKDEGRP\ORVLVKHPRO\VLV
,ILQYHVWLJDWLRQDOSURGXFWVLVDUHZLWKKHOGWKHVXEMHFWLVWREHIROORZHGIRUSRVVLEOHGUXJ
LQGXFHGOLYHULQMXU\',/,DFFRUGLQJWRUHFRPPHQGDWLRQVLQWKHODVWVHFWLRQRIWKLV
DSSHQGL[
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


5HFKDOOHQJHPD\EHFRQVLGHUHGLIDQDOWHUQDWLYHFDXVHIRULPSDLUHGOLYHUWHVWV$/7
$67$/3DQGRUHOHYDWHG7%/LVGLVFRYHUHGDQGWKHODERUDWRU\DEQRUPDOLWLHVUHVROYH
WRQRUPDORUEDVHOLQHVHHQH[WVHFWLRQLQWKLVDSSHQGL[
7DEOH&RQGLWLRQVIRU:LWKKROGLQJDQGRU3HUPDQHQW'LVFRQWLQXDWLRQRI
$PJHQ,QYHVWLJDWLRQDO3URGXFWDQG2WKHU3URWRFROUHTXLUHG7KHUDSLHVGXHWR
3RWHQWLDO+HSDWRWR[LFLW\
$QDO\WH
7HPSRUDU\:LWKKROGLQJ
3HUPDQHQW'LVFRQWLQXDWLRQ
7%/
![8/1
DWDQ\WLPH
![8/1


25
,15

![IRUVXEMHFWVQRWRQ
DQWLFRDJXODWLRQWKHUDS\

25
$1'
$67$/7
![8/1DWDQ\WLPH
![8/1EXW[8/1IRUtZHHNV
![8/1EXW[8/1DQGXQDEOHWR
DGKHUHWRHQKDQFHGPRQLWRULQJVFKHGXOH
![8/1ZLWKFOLQLFDOVLJQVRUV\PSWRPV
WKDWDUHFRQVLVWHQWZLWKKHSDWLWLVVXFKDV
ULJKWXSSHUTXDGUDQWSDLQWHQGHUQHVV
IHYHUQDXVHDYRPLWLQJDQGMDXQGLFH
,QWKHSUHVHQFHRIQRLPSRUWDQW
DOWHUQDWLYHFDXVHVIRUHOHYDWHG
$67$/7DQGRU7%/YDOXHV
![8/1ZKHQEDVHOLQHZDV8/1

25

$/3
![8/1DWDQ\WLPH

$/3 DONDOLQHSKRVSKDWDVH$/7 DODQLQHDPLQRWUDQVIHUDVH$67 DVSDUWDWHDPLQRWUDQVIHUDVH
,15 LQWHUQDWLRQDOQRUPDOL]HGUDWLR7%/ WRWDOELOLUXELQ8/1 XSSHUOLPLWRIQRUPDO
&ULWHULDIRU5HFKDOOHQJHRI$PJHQ,QYHVWLJDWLRQDO3URGXFWDQG2WKHU
3URWRFROUHTXLUHG7KHUDSLHV$IWHU3RWHQWLDO+HSDWRWR[LFLW\
7KHGHFLVLRQWRUHFKDOOHQJHWKHVXEMHFWLVWREHGLVFXVVHGDQGDJUHHGXSRQ
XQDQLPRXVO\E\WKHVXEMHFWLQYHVWLJDWRUDQG$PJHQ
,IVLJQVRUV\PSWRPVUHFXUZLWKUHFKDOOHQJHWKHQ$PJHQLQYHVWLJDWLRQDOSURGXFWLVWREH
SHUPDQHQWO\GLVFRQWLQXHG6XEMHFWVZKRFOHDUO\PHHWWKHFULWHULDIRUSHUPDQHQW
GLVFRQWLQXDWLRQDVGHVFULEHGLQ7DEOHDUHQHYHUWREHUHFKDOOHQJHG
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


'UXJLQGXFHG/LYHU,QMXU\5HSRUWLQJDQG$GGLWLRQDO$VVHVVPHQWV
5HSRUWLQJ
7RIDFLOLWDWHDSSURSULDWHPRQLWRULQJIRUVLJQDOVRI',/,FDVHVRIFRQFXUUHQW$67RU$/7
DQG7%/DQGRU,15HOHYDWLRQDFFRUGLQJWRWKHFULWHULDVSHFLILHGLQWKHDERYHUHTXLUH
WKHIROORZLQJ
x
7KHHYHQWLVWREHUHSRUWHGWR$PJHQDVDVHULRXVDGYHUVHHYHQWZLWKLQKRXUVRI
GLVFRYHU\RUQRWLILFDWLRQRIWKHHYHQWLHEHIRUHDGGLWLRQDOHWLRORJLFLQYHVWLJDWLRQV
KDYHEHHQFRQFOXGHG
x
7KHDSSURSULDWHFDVHUHSRUWIRUP&5)HJ(YHQW&5)WKDWFDSWXUHVLQIRUPDWLRQ
QHFHVVDU\WRIDFLOLWDWHWKHHYDOXDWLRQRIWUHDWPHQWHPHUJHQWOLYHUDEQRUPDOLWLHVLVWR
EHFRPSOHWHGDQGVHQWWR$PJHQ
2WKHUHYHQWVRIKHSDWRWR[LFLW\DQGSRWHQWLDO',/,DUHWREHUHSRUWHGDVVHULRXVDGYHUVH
HYHQWVLIWKH\PHHWWKHFULWHULDIRUDVHULRXVDGYHUVHHYHQWGHILQHGLQ6HFWLRQ
$GGLWLRQDO&OLQLFDO$VVHVVPHQWVDQG2EVHUYDWLRQ
$OOVXEMHFWVLQZKRPLQYHVWLJDWLRQDOSURGXFWVRUSURWRFROUHTXLUHGWKHUDSLHVLVDUH
ZLWKKHOGHLWKHUSHUPDQHQWO\RUFRQGLWLRQDOO\GXHWRSRWHQWLDO',/,DVVSHFLILHGLQ
7DEOHRUZKRH[SHULHQFH$67RU$/7HOHYDWLRQV![XSSHUOLPLWRIQRUPDO8/1
RUIROGLQFUHDVHVDERYHEDVHOLQHYDOXHVIRUVXEMHFWVZLWKHOHYDWHGYDOXHVEHIRUHGUXJ
DUHWRXQGHUJRDSHULRGRI³FORVHREVHUYDWLRQ´XQWLODEQRUPDOLWLHVUHWXUQWRQRUPDORUWR
WKHVXEMHFW¶VEDVHOLQHOHYHOV
$VVHVVPHQWVWKDWDUHWREHSHUIRUPHGGXULQJWKLVSHULRGLQFOXGH
x
5HSHDW$67$/7$/3ELOLUXELQ%,/WRWDODQGGLUHFWDQG,15ZLWKLQKRXUV
x
,QFDVHVRI7%/![8/1RU,15!UHWHVWLQJRIOLYHUWHVWV%,/WRWDODQGGLUHFW
DQG,15LVWREHSHUIRUPHGHYHU\KRXUVXQWLOODERUDWRU\DEQRUPDOLWLHVLPSURYH
7HVWLQJIUHTXHQF\RIWKHDERYHODERUDWRU\WHVWVPD\GHFUHDVHLIWKHDEQRUPDOLWLHV
VWDELOL]HRUWKHLQYHVWLJDWLRQDOSURGXFWVRUSURWRFROUHTXLUHGWKHUDSLHVKDVKDYHEHHQ
GLVFRQWLQXHG$1'WKHVXEMHFWLVDV\PSWRPDWLF
,QLWLDWHLQYHVWLJDWLRQRIDOWHUQDWLYHFDXVHVIRUHOHYDWHG$67RU$/7DQGRUHOHYDWHG7%/
7KHIROORZLQJDUHWREHFRQVLGHUHGGHSHQGLQJRQWKHFOLQLFDOVLWXDWLRQ
x
FRPSOHWHEORRGFRXQWZLWKGLIIHUHQWLDOWRDVVHVVIRUHRVLQRSKLOLD
x
VHUXPWRWDOLPPXQRJOREXOLQ,J*DQWLQXFOHDUDQWLERG\DQWLVPRRWKPXVFOH
DQWLERG\DQGOLYHUNLGQH\PLFURVRPDODQWLERG\WRDVVHVVIRUDXWRLPPXQHKHSDWLWLV
x
VHUXPDFHWDPLQRSKHQSDUDFHWDPROOHYHOV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


x
DPRUHGHWDLOHGKLVWRU\RI

SULRUDQGRUFRQFXUUHQWGLVHDVHVRULOOQHVV

H[SRVXUHWRHQYLURQPHQWDODQGRULQGXVWULDOFKHPLFDODJHQWV

V\PSWRPVLIDSSOLFDEOHLQFOXGLQJULJKWXSSHUTXDGUDQWSDLQ
K\SHUVHQVLWLYLW\W\SHUHDFWLRQVIDWLJXHQDXVHDYRPLWLQJDQGIHYHU

SULRUDQGRUFRQFXUUHQWXVHRIDOFRKROUHFUHDWLRQDOGUXJVDQGVSHFLDOGLHWV

FRQFRPLWDQWXVHRIPHGLFDWLRQVLQFOXGLQJQRQSUHVFULSWLRQPHGLFLQHVDQGKHUEDO
DQGGLHWDU\VXSSOHPHQWVSODQWVDQGPXVKURRPV
x
YLUDOVHURORJLHV
x
FUHDWLQHSKRVSKRNLQDVHKDSWRJORELQODFWDWHGHK\GURJHQDVHDQGSHULSKHUDOEORRG
VPHDU
x
DSSURSULDWHOLYHULPDJLQJLIFOLQLFDOO\LQGLFDWHG
x
DSSURSULDWHEORRGVDPSOLQJIRUSKDUPDFRNLQHWLFDQDO\VLVLIWKLVKDVQRWDOUHDG\EHHQ
FROOHFWHG
x
KHSDWRORJ\FRQVXOWOLYHUELRSV\PD\EHFRQVLGHUHGLQFRQVXOWDWLRQZLWKD
KHSDWRORJLVW
)ROORZWKHVXEMHFWDQGWKHODERUDWRU\WHVWV$/7$677%/,15XQWLODOOODERUDWRU\
DEQRUPDOLWLHVUHWXUQWREDVHOLQHRUQRUPDORUFRQVLGHUHGVWDEOHE\WKHLQYHVWLJDWRU7KH
³FORVHREVHUYDWLRQSHULRG´LVWRFRQWLQXHIRUDPLQLPXPRIZHHNVDIWHUGLVFRQWLQXDWLRQ
RIDOOLQYHVWLJDWLRQDOSURGXFWVDQGSURWRFROUHTXLUHGWKHUDSLHV
7KHSRWHQWLDO',/,HYHQWDQGDGGLWLRQDOLQIRUPDWLRQVXFKDVPHGLFDOKLVWRU\FRQFRPLWDQW
PHGLFDWLRQVDQGODERUDWRU\UHVXOWVPXVWEHFDSWXUHGLQWKHFRUUHVSRQGLQJ&5)V
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/



$SSHQGL[6XEVWXG\4XDOLWDWLYH,QWHUYLHZ6XEVWXG\WR
³$3KDVH-DSDQHVH5DQGRPL]HG'RXEOH%OLQG3ODFHERFRQWUROOHG
6WXG\WR(YDOXDWHWKH(IILFDF\DQG6DIHW\RI(UHQXPDELQ0LJUDLQH
3UHYHQWLRQ´
6XEVWXG\%DFNJURXQGDQG5DWLRQDOH
4XDOLWDWLYHLQWHUYLHZVHQDEOHDFFHVVWRTXDOLWDWLYHDVSHFWVRIH[SHULHQFHVRI
FOLQLFDOWULDOSDUWLFLSDQWVWRVXSSOHPHQWWKHTXDQWLWDWLYHGDWDFROOHFWHGDVSDUWRI
WKHVWXG\)RUH[DPSOHWUHDWPHQWVDWLVIDFWLRQFDQEHDVVHVVHGWRXQGHUVWDQG
ZKLFKDVSHFWVRIWKHWUHDWPHQWDUHYDOXHGE\VXEMHFWVVXFKDVV\PSWRPEHQHILW
GHOLYHU\PHWKRGDQGDGYHUVHHYHQWWROHUDELOLW\,QWHUYLHZLQJFOLQLFDOWULDO
SDUWLFLSDQWVDWWKHHQGRIWKHWUHDWPHQWSHULRGFDQDOVRKHOSLGHQWLI\EHQHILWVPRVW
UHOHYDQWDQGPHDQLQJIXOWRVXEMHFWV7KLVFDQDOVRFRPSOHPHQWDQGKHOSLQWHUSUHW
WKHTXDQWLWDWLYHGDWDFROOHFWHGXVLQJ&2$LQVWUXPHQWVLQWKHFOLQLFDOWULDO
5HJXODWRU\DJHQFLHVDUHVKRZLQJLQFUHDVLQJLQWHUHVWLQXQGHUVWDQGLQJVXEMHFWV¶
H[SHULHQFHVRIWKHULVNEHQHILWUHODWHGWRQHZLQWHUYHQWLRQVEHLQJWHVWHGLQFOLQLFDO
WULDOV)'$4XDOLWDWLYHLQWHUYLHZVDWWKHHQGRIFOLQLFDOWULDOVKHOSWR
XQGHUVWDQGWKHVXEMHFWV¶H[SHULHQFHRIWKHWUHDWPHQWLQWKHWULDOVHWWLQJWKHLU
H[SHULHQFHRIWKHFRQYHQLHQFHRIWUHDWPHQWFKDQJHVWKH\SHUFHLYHDVUHVXOWRI
WUHDWPHQWVDQGLQIRUPDODVVHVVPHQWVRIWUDGHRIIVRQEHQHILWDQGULVNVWKH\
SHUFHLYHDERXWWKHWUHDWPHQW
5HVHDUFK4XHVWLRQDQG2EMHFWLYHVRIWKH4XDOLWDWLYH,QWHUYLHZ6XEVWXG\
7KHDLPRIWKLVVWXG\LVWRFROOHFWTXDOLWDWLYHGDWDWRDVVHVVWKHH[SHULHQFHRI
WUHDWPHQWIURPDVXEVHWRIDGXOWVZLWK(0DQG&0ZKRKDYHSDUWLFLSDWHGLQ
6WXG\WRSURYLGHDPRUHLQGHSWKXQGHUVWDQGLQJRIVXEMHFWV¶H[SHULHQFH
ZLWKPLJUDLQHDQGWKHLPSDFWRIPLJUDLQHLQFOXGLQJSHUFHSWLRQRIV\PSWRPVDQG
EXUGHQRIGLVHDVH7KHREMHFWLYHVDUHWRHOLFLWVXEMHFW¶VSHUFHSWLRQVRIPLJUDLQH
DVVRFLDWHGV\PSWRPVDQGV\PSWRPLPSDFWEXUGHQDQGLQWHUIHUHQFHRQVXEMHFW¶V
OLIHSDWLHQWSHUFHSWLRQVRIPHDQLQJIXOFKDQJHVLQH[SHULHQFHRIPLJUDLQHDQGWR
H[SORUHVXEMHFW¶VH[SHULHQFHZLWKWUHDWPHQWDGPLQLVWUDWLRQ
6XEVWXG\'HVLJQ
2QHWLPHTXDOLWDWLYHWHOHSKRQHLQWHUYLHZVZLOOEHFRQGXFWHGZLWKVXEMHFWVZKR
FRQVHQWWRWKLVVXEVWXG\([LWLQWHUYLHZVZLOOEHFRQGXFWHGDVVRRQDVSRVVLEOH
DQGZLWKLQEXVLQHVVGD\VDIWHU:HHNYLVLW
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


6XPPDU\RI6XEVWXG\6XEMHFW3DUWLFLSDWLRQ&ULWHULD
6WXG\VXEMHFWVPXVWPHHWWKHIROORZLQJFULWHULDWREHFRQVLGHUHGIRUHQUROOPHQW
LQWRWKHVXEVWXG\
&RPSOHWHGWKHLQYHVWLJDWLRQDOSURGXFWLQERWKWUHDWPHQWSHULRGVDV
LQGLFDWHGRQWKHUHVSHFWLYHHQGRILQYHVWLJDWLRQDOSURGXFWH&5)PD\PLVVXS
WRGRVHGXULQJHDFKSKDVH
+DYHSURYLGHGVXSSOHPHQWDU\LQIRUPHGFRQVHQWWRSDUWLFLSDWHLQWKH
VXEVWXG\
%HZLOOLQJDQGDEOHWRSDUWLFLSDWHLQDWHOHSKRQHLQWHUYLHZODVWLQJ
DSSUR[LPDWHO\KRXU
%HDEOHWRUHDGXQGHUVWDQGDQGVSHDN-DSDQHVHVXIILFLHQWO\WRSDUWLFLSDWH
LQWKHLQWHUYLHZV
%HZLOOLQJWREHDXGLRUHFRUGHGGXULQJWKHLQWHUYLHZVHVVLRQV
0HHWLQJDQ\RIWKHIROORZLQJFULWHULRQZLOOH[FOXGHDVXEMHFWIURPHQUROOPHQWLQWR
WKHVXEVWXG\
8QDEOHWRFRPSOHWHLQWHUYLHZZLWKLQEXVLQHVVGD\VRIWKH:HHNYLVLW
+DVDQ\FOLQLFDOO\UHOHYDQWPHGLFDORUSV\FKLDWULFFRQGLWLRQWKDWLQWKH
RSLQLRQRIWKHLQYHVWLJDWRUDQGRUVWXG\FRRUGLQDWRUZRXOGLQWHUIHUHZLWKWKH
FRPSOHWLRQRIWKHVXEVWXG\DFWLYLWLHV7KLVLQFOXGHVEXWLVQRWOLPLWHGWR
ODQJXDJHVSHHFKKHDULQJRUFRJQLWLYHGLVRUGHUVWKDWFRXOGLPSDFWDVXEMHFW¶V
DELOLW\WRSDUWLFLSDWHLQDQLQWHUYLHZEDVHGGLVFXVVLRQ
6XEVWXG\'XUDWLRQDQG6XEVWXG\3URFHGXUHV
6XEMHFWVDUHUHTXLUHGWRSDUWLFLSDWHLQWHOHSKRQHLQWHUYLHZODVWLQJDSSUR[LPDWHO\
KRXU,QWHUYLHZVZLOOEHFRQGXFWHGDVVRRQDVSRVVLEOHDIWHUWKHZHHNYLVLW
EXWZLWKLQEXVLQHVVGD\VRIWKHYLVLW
6XEMHFWVHQUROOHGLQWKHFOLQLFDOWULDOZLOOEHDSSURDFKHGE\FOLQLFVWDII
IRUUHFUXLWPHQWDQGSRVVLEOHHQUROOPHQWLQWRWKLVVXEVWXG\
$WSDUWLFLSDWLQJVLWHVUDQGRPL]HGVXEMHFWVWKDWDUHVXFFHVVIXOO\GRVHGPD\PLVV
XSWRGRVHGXULQJHDFKSKDVHZLWKLQYHVWLJDWLRQDOSURGXFW'%73DQG2/73
ZLOOEHSURYLGHGDQRSWLRQWRSDUWLFLSDWHLQWKHTXDOLWDWLYHLQWHUYLHZVXEVWXG\DQG
EHSURYLGHGZLWKDGGLWLRQDOLQIRUPDWLRQDERXWWKHVXEVWXG\&OLQLFDOVLWHVWDIIZLOO
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


H[SODLQWKHVXEVWXG\REMHFWLYHVDQGSURFHGXUHVWRWKHVXEMHFWDQGREWDLQD
VXSSOHPHQWDU\ZULWWHQLQIRUPHGFRQVHQW7KHVLJQDWXUHSURFHVVIRUWKLVLQIRUPHG
FRQVHQWZLOOEHWKHVDPHDVWKHLQIRUPHGFRQVHQWIRUWKHPDLQVWXG\
2QFHFRQVHQWKDVEHHQREWDLQHGWKHVXEMHFW,'DQGVLWHGHWDLOVFDQEH
FRPPXQLFDWHGE\WKHVLWHWRWKHLQWHUYLHZVFKHGXOHUIURP+0HGL6ROXWLRQV
DORQJZLWKSRWHQWLDOGDWHVIRUWKH:HHNYLVLW7KHLQWHUYLHZVFKHGXOHUZLOO
REWDLQVXEMHFWFRQWDFWLQIRUPDWLRQDQGVFKHGXOHDWHQWDWLYHGDWHDQGWLPHIRUWKH
LQWHUYLHZZLWKWKHSDUWLFLSDQW+0HGL6ROXWLRQVZLOOFRQILUPZLWKWKHVLWHWKDWWKH
VXEMHFWKDVFRPSOHWHGVWXG\SURFHGXUHVIRUWKH:HHNYLVLWEHIRUHFRQILUPLQJ
WKHLQWHUYLHZGDWHDQGWLPHRIWKHLQWHUYLHZZLWKWKHVXEMHFWWRHQVXUHFRPSOLDQFH
WRWKHVXEVWXG\SURWRFRO
7KHVXEMHFWPXVWSHUVRQDOO\VLJQDQGGDWHWKH,5%,(&DSSURYHGVXEVWXG\
LQIRUPHGFRQVHQWEHIRUHFRPPHQFHPHQWRIVXEVWXG\VSHFLILFSURFHGXUHV$
VXEMHFWLVFRQVLGHUHGHQUROOHGLQWKHVXEVWXG\ZKHQWKHLQYHVWLJDWRUGHFLGHVWKDW
WKHVXEMHFWKDVPHWWKHVXEVWXG\SDUWLFLSDWLRQFULWHULDDQGVXEMHFWKDVVLJQHGDQG
GDWHGWKHVXEVWXG\LQIRUPHGFRQVHQW7KHLQWHUYLHZHUZLOOQRWLQWHUYLHZWKH
VXEMHFWXQWLO+0HGL6ROXWLRQVUHFHLYHVZULWWHQFRQILUPDWLRQIURPVLWHVRI
FRPSOHWLRQRIZHHNVWXG\SURFHGXUHV
+0HGL6ROXWLRQVVWDIIZKRDUHWUDLQHGDQGH[SHULHQFHGLQTXDOLWDWLYHGDWD
FROOHFWLRQZLOOFRQGXFWWHOHSKRQHLQWHUYLHZVXVLQJDVHPLVWUXFWXUHGLQWHUYLHZ
JXLGHLQORFDOODQJXDJH6XEMHFWVZLOOEHLQWHUYLHZHGDERXWWKHLUSUHWUHDWPHQW
VWDWXVDQGDQ\SHUFHLYHGFKDQJHVVLQFHWKHVWDUWRIWKHRSHQODEHOSKDVHRI
WUHDWPHQWLHIURPWKHWLPHWKH\ZHUHLQIRUPHGWKH\ZHUHEHLQJDGPLQLVWHUHG
(UHQXPDE
6XEMHFWVZLOOEHLQWHUYLHZHGDERXWWKHFKDQJHVH[SHULHQFHGDQGWKH
PHDQLQJIXOQHVVRIWKHFKDQJHVH[SHULHQFHG'XULQJWKHLQWHUYLHZVLQWHUYLHZHUV
ZLOODVNVXEMHFWVIRUVSHFLILFH[DPSOHVWRTXDOLWDWLYHO\LOOXVWUDWHWKHVXEMHFWV¶
H[SHULHQFH
6XEMHFWVZLOOEHVSHFLILFDOO\DVNHGDERXWWKHLUH[SHULHQFHVZLWKIXQFWLRQLQJGXULQJ
DQGEHWZHHQPLJUDLQHDWWDFNVDIWHUWKHVWDUWRIWKHRSHQODEHOSKDVHLH
SHUFHSWLRQVRIPLJUDLQHDVVRFLDWHGV\PSWRPVDQGV\PSWRPLPSDFWEXUGHQDQG
LQWHUIHUHQFHRQWKHLUOLIHSHUFHSWLRQVRIPHDQLQJIXOFKDQJHVLQH[SHULHQFHRI
PLJUDLQHH[SHULHQFHZLWKWUHDWPHQWDGPLQLVWUDWLRQ
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


$IWHURSHQHQGHGTXHVWLRQVLIVXEMHFWVGRQRWPHQWLRQFRQFHSWVDVVRFLDWHGZLWK
WKHGRPDLQVRIWKH&2$LQVWUXPHQWLQWKHFOLQLFDOWULDOWKHLQWHUYLHZHUZLOO
VSHFLILFDOO\SUREHDERXWWKRVHFRQFHSWV7KHLQWHUYLHZHUVZLOODOVRH[SORUHZKDW
DVSHFWVRILPSURYHPHQWRUZRUVHQLQJRIWKHLUPLJUDLQHHJIUHTXHQF\VHYHULW\
DQGGXUDWLRQGURYHWKHFKDQJHVDVZHOODVWKHPHDQLQJIXOQHVVRIFKDQJHQR
FKDQJHUHSRUWHGE\WKHVXEMHFW
9DULDEOHV
6XEVWXG\2XWFRPH9DULDEOHV
4XDOLWDWLYHGDWDRQFKDQJHVUHVXOWLQJIURPWUHDWPHQWUHFHLYHGLQWKHRSHQODEHO
H[WHQVLRQZLOOEHFROOHFWHGYLDWHOHSKRQHLQWHUYLHZ&RQFHSWVWKDWHPHUJHIURP
WKHTXDOLWDWLYHLQWHUYLHZVLQUHODWLRQWRPLJUDLQHLPSDFWWUHDWPHQWHIILFDF\DQG
PLJUDLQHH[SHULHQFHZLOOEHWKHRXWFRPH'DWDZLOOEHDQDO\]HGWRDFKLHYHWKH
VWXG\REMHFWLYHVXVLQJTXDOLWDWLYHGDWDDQDO\VLVVRIWZDUHLH$7/$6WL8SRQ
XQEOLQGLQJDVRXWOLQHGLQWKHSDUHQWSURWRFROWKHFOLQLFDOWULDOGDWDPD\EHIXUWKHU
XVHGWRH[SORUHUHVSRQVHSHUFHSWLRQV
([SRVXUH9DULDEOHV
6XEMHFWVZLOOEHUDQGRPL]HGWRSODFHERRUHUHQXPDEPJ6&LQMHFWLRQV
HYHU\ZHHNVLQWKH'%73GXULQJRSHQODEHOH[WHQVLRQRIVWXG\SURWRFRO
DOOVXEMHFWVZLOOUHFHLYHHUHQXPDEPJ,QWHUYLHZHUVDQGVXEMHFWVZLOO
EHEOLQGHGWRWKHWUHDWPHQWWKDWVXEMHFWVZHUHDGPLQLVWHUHGGXULQJWKHSDUHQW
FOLQLFDOWULDO
6XEVWXG\6DPSOH6L]H
7KHVXEVWXG\VDPSOHVL]HLVEDVHGRQDFRQYHQLHQFHVDPSOHWRDOORZIRU
VXIILFLHQWQXPEHUVRI(0DQG&0VXEMHFWVHQUROOHG
7KHVXEVWXG\VDPSOHZLOOEHDVXEVHWRIXSWRVXEMHFWVZKRZLOOEHUHFUXLWHG
IURPXSWRFOLQLFDOVLWHVSDUWLFLSDWLQJLQWKHFOLQLFDOWULDODFURVV-DSDQ
6XEVWXG\'DWD$QDO\VLV
$XGLRUHFRUGLQJVIURPWKHLQWHUYLHZVZLOOEHWUDQVFULEHGIRUTXDOLWDWLYHDQDO\VHV
(YLGHUDZLOOGHYHORSDVHSDUDWHGDWDDQDO\VLVSODQWKDWZLOOGHWDLOKRZWKH
TXDOLWDWLYHGDWDZLOOEHDQDO\]HG7KHDQDO\VHVRILQWHUYLHZGDWDZLOOKHOSWR
LOOXVWUDWHVXEMHFWV¶SHUFHSWLRQVRIPHDQLQJIXOFKDQJHRUGLIIHUHQFHPLJUDLQH
IXQFWLRQDOLPSDFWVDQGWUHDWPHQWHIILFDF\RUEHQHILW7KHTXDOLWDWLYHUHSRUWZLOO
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


GLVFXVVVXEMHFWUHSRUWHGSHUFHSWLRQVRIPLJUDLQHDVVRFLDWHGV\PSWRPVDQG
V\PSWRPLPSDFWEXUGHQDQGLQWHUIHUHQFHRQVXEMHFW¶VOLIHVXEMHFW¶V
SHUFHSWLRQVRIPHDQLQJIXOFKDQJHVLQH[SHULHQFHRIPLJUDLQHDQGVXEMHFW¶V
H[SHULHQFHZLWKWUHDWPHQWDGPLQLVWUDWLRQ
$TXDOLWDWLYHFRQWHQWDQDO\VLVDSSURDFKZLOOEHXVHGWRDQDO\]HGDWDFROOHFWHG
IURPTXDOLWDWLYHLQWHUYLHZVXVLQJFRGLQJGLFWLRQDULHVDQG$7/$6WLTXDOLWDWLYHGDWD
DQDO\VLVVRIWZDUH7KHFOHDQHGWUDQVFULSWVZLOOEHHQWHUHGLQWR$7/$6WL
TXDOLWDWLYHDQDO\VLVVRIWZDUHYHUVLRQRUKLJKHU)ULHVHDQG5LQJPD\U
4XDOLWDWLYHGDWDFRGHGLQ$7/$6WLFDQEHV\VWHPDWLFDOO\RUJDQL]HGLQWRDQDO\VLV
RXWSXWV$7/$6WLVRIWZDUHLVGHVLJQHGWRIDFLOLWDWHWKHVWRUDJHFRGLQJDQG
UHWULHYDORITXDOLWDWLYHGDWD
&RGLQJZLOOEHDQLWHUDWLYHSURFHVVWKDWPDUNVWKHEHJLQQLQJRIWKHTXDOLWDWLYH
DQDO\VLVSURFHVV&RQFHSWFRGHVZLOOEHXVHGWRFDSWXUHV\PSWRPVRULPSDFWVRI
WKHGLVHDVHPRVWLPSRUWDQWDQGUHOHYDQWWRSDUWLFLSDQWV4XDOLWDWLYHGDWDZLOOEH
FRGHGDFFRUGLQJWRWKHFRGLQJGLFWLRQDU\DVRXWOLQHGLQWKHDQDO\VLVSODQ7KH
LQLWLDOFRGLQJGLFWLRQDU\ZLOOEHEDVHGRQWKHVWUXFWXUHRIWKHPDLQWKHPHVDQG
FRQWHQWRIGLVFXVVLRQJXLGHWRDOORZWKHWH[WGDWDWREHFRGHGZLWKNH\FRQFHSWV
FRGHV7KHFRGLQJGLFWLRQDU\ZLOOEHLWHUDWLYHO\XSGDWHGZLWKHPHUJLQJWKHPHV
DQGFRQFHSWVIURPGLVFXVVLRQV
$OODQDO\VLVDQGUHSRUWLQJZLOOEHFRQGXFWHGE\(YLGHUDVWDIIZLWKH[SHULHQFHLQ
TXDOLWDWLYHUHVHDUFK
6XEMHFWFKDUDFWHULVWLFVFROOHFWHGLQWKHFOLQLFDOWULDOZLOOEHVXPPDUL]HGIRU
GHVFULELQJWKHVDPSOH'HVFULSWLYHVWDWLVWLFVHJQPHDQ6'DQGRUIUHTXHQF\
ZLOOEHXVHGWRFKDUDFWHUL]HWKHVDPSOHLQWHUPVRITXHVWLRQQDLUHGDWD
VRFLRGHPRJUDSKLFDQGFOLQLFDOFKDUDFWHULVWLFV
&ROOHFWLRQRI6DIHW\,QIRUPDWLRQDQG3URGXFW&RPSODLQWV
7KHUHZLOOEHQRVXEVWXG\VSHFLILFVDIHW\GDWDEDVHIRUFROOHFWLRQUHFRUGLQJDQG
UHSRUWLQJRIDGYHUVHHYHQWVUHSRUWHGGXULQJWKHFRQGXFWRIWKHVXEVWXG\$OO
VDIHW\GDWDFROOHFWLRQUHFRUGLQJDQGUHSRUWLQJZLOOEHSHUIRUPHGWKURXJKWKH
SDUHQWVWXG\DQGZLOOIROORZWKHGHWDLOHGSURFHGXUHVRXWOLQHGLQVWXG\
SURWRFRO$GYHUVHHYHQWVVHULRXVDGYHUVHHYHQWVRUSURGXFW
FRPSODLQWVUHSRUWHGGXULQJWKHFRQGXFWRIDQLQWHUYLHZZLOOEHUHSRUWHGWR$PJHQ
DQGWRLQYHVWLJDWLRQDOVLWHVZLWKLQEXVLQHVVGD\RIDZDUHQHVV
$SSURYHG



3URGXFW$0*HUHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/


'HILQLWLRQRI6DIHW\(YHQWV
5HIHUWR6HFWLRQRIWKHSDUHQWSURWRFROIRUGHILQLWLRQRIVDIHW\HYHQWV
6DIHW\5HSRUWLQJ5HTXLUHPHQWV
7KHFOLQLFDOVLWH,QYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWVDIHW\HYHQWV
DGYHUVHHYHQWVSURGXFWFRPSODLQWVDQGRWKHUVDIHW\ILQGLQJVDUHUHSRUWHGLQ
DFFRUGDQFHZLWK$PJHQ¶VFOLQLFDOWULDOSURWRFRO+0HGL6ROXWLRQVZLOO
QRWLI\WKHFOLQLFDOVLWHDQG$PJHQZLWKDQ\UHSRUWRIDGYHUVHHYHQWVWRFRPSOHWH
WKHDGYHUVHHYHQWGDWDFROOHFWLRQLQWRWKH6WXG\GDWDEDVH+0HGL
6ROXWLRQVZLOOUHSRUWDQ\DGYHUVHHYHQWVWRWKHFOLQLFDOVLWHDQG$PJHQZLWKLQ
EXVLQHVVGD\RIDZDUHQHVVWKHVLWH,QYHVWLJDWRUZLOOEHUHVSRQVLEOHIRU
UHFRQFLOLQJWKHUHSRUWLQJWR$PJHQ
6DIHW\HYHQWVPXVWEHVXEPLWWHGE\WKHFOLQLFDOVLWH,QYHVWLJDWRUDVLQGLYLGXDO
FDVHVDIHW\UHSRUWVWR$PJHQYLDWKHDSSOLFDEOH$PJHQ6DIHW\5HSRUWLQJ)RUP
SDSHURUHOHFWURQLFIRUPZKLFKZLOOEHWKHUHVSRQVLELOLW\RIWKHVXEMHFW¶VFOLQLF
VLWHLQDFFRUGDQFHZLWKFOLQLFDOWULDOSURWRFRO
$SSURYHG



3URGXFW$0*(UHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/ 
 
$PHQGPHQW
3URWRFRO7LWOH$3KDVH-DSDQHVH5DQGRPL]HG'RXEOHEOLQG
3ODFHERFRQWUROOHG6WXG\WR(YDOXDWHWKH(IILFDF\DQG6DIHW\RI(UHQXPDELQ
0LJUDLQH3UHYHQWLRQ

$PJHQ3URWRFRO1XPEHU(UHQXPDE

1&7QXPEHU1&7
$PHQGPHQW'DWH
'HFHPEHU
5DWLRQDOH
7KLVSURWRFROLVEHLQJDPHQGHGWR
x
DGGDVXEVWXG\
x
WRUHSODFH³,QWHUDFWLYH9RLFH5HVSRQVH6\VWHP,956,QWHUDFWLYH:HE5HVSRQVH
6\VWHP,:56V\VWHP´ZLWK³,QWHUDFWLYH5HVSRQVH7HFKQRORJ\,57´
$SSURYHG



3URGXFW$0*(UHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/ 
 
'HVFULSWLRQRI&KDQJHV
6HFWLRQ*OREDO
&KDQJH7KH$PJHQJOREDOYHUVLRQGDWHZDVFKDQJHGIURP'HFHPEHUWR
'HFHPEHU
6HFWLRQ*OREDO
5HSODFH
,QWHUDFWLYH9RLFH5HVSRQVH6\VWHP,956,QWHUDFWLYH:HE5HVSRQVH6\VWHP,:56
V\VWHP
:LWK
,QWHUDFWLYH5HVSRQVH7HFKQRORJ\,57
6HFWLRQ7LWOH3DJH
5HSODFH
1&71XPEHU
8QDYDLODEOHIRUILUVWYHUVLRQ
3URWRFRO'DWH
'RFXPHQW9HUVLRQ
'DWH
2ULJLQDO
6HSWHPEHU
$PHQGPHQW
'HFHPEHU
:LWK
1&71XPEHU
1&7
3URWRFRO'DWH
'RFXPHQW9HUVLRQ
'DWH
2ULJLQDO
6HSWHPEHU
$PHQGPHQW
'HFHPEHU
$PHQGPHQW
'HFHPEHU
$SSURYHG



3URGXFW$0*(UHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/ 
 
6HFWLRQ6FKHGXOHRI$FWLYLWLHV7DEOH6FKHGXOHRI$FWLYLWLHV±2SWLRQDO,QWHUYLHZEDVHG6XEVWXG\
$GG
7DEOH6FKHGXOHRI$FWLYLWLHV±2SWLRQDO,QWHUYLHZEDVHG6XEVWXG\
3URFHGXUH
:HHN
:HHN
6XEVWXG\LQIRUPHGFRQVHQW
;D

6XEVWXG\3DUWLFLSDWLRQ5HTXLUHPHQWV
;D

,QWHUYLHZE

;
D6LJQLQJRILQIRUPHGFRQVHQWDQGSDUWLFLSDWLRQVFUHHQLQJFDQRFFXUDQ\WLPHDWRUDIWHUWKH:HHNYLVLW
E ,QWHUYLHZHUVZLOODWWHPSWWRFRQGXFWWKHLQWHUYLHZDVVRRQDVSRVVLEOHDQG ZLWKLQEXVLQHVVGD\VDIWHU:HHNYLVLW

$SSURYHG



3URGXFW$0*(UHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/ 
6HFWLRQ2SWLRQDO6XEVWXGLHV
5HSODFH
1RWDSSOLFDEOH
:LWK
8SWRVXEMHFWVZLOOEHDVNHGWRSDUWLFLSDWHLQDQRSWLRQDOLQWHUYLHZEDVHG
VXEVWXG\7KHVXEVWXG\ZLOOEHFRQGXFWHGDWVHOHFWHGVLWHVDQGZLOOFRQVLVWRID
RQHWLPHTXDOLWDWLYHWHOHSKRQHLQWHUYLHZ,QWHUYLHZHUVZLOODWWHPSWWRFRQGXFWWKH
LQWHUYLHZDVVRRQDVSRVVLEOHDQGZLWKLQEXVLQHVVGD\VDIWHU:HHNYLVLW
7KHWHOHSKRQHLQWHUYLHZZLOOODVWDSSUR[LPDWHO\KRXU7KHLQWHUYLHZVZLOOEH
FRQGXFWHGLQORFDOODQJXDJHE\+0HGL6ROXWLRQVDQGDXGLRUHFRUGHG$XGLR
ILOHVRIWKHLQWHUYLHZVZLOOEHWUDQVFULEHGDQGGHLGHQWLILHGLHDQ\LGHQWLI\LQJ
LQIRUPDWLRQVXFKDVQDPHVDQGORFDWLRQVZLOOEHUHPRYHG7KHGHLGHQWLILHG
WUDQVFULSWVZLOOEHWUDQVODWHGIRUDQDO\VLVGHLGHQWLILHGWUDQVFULSWZLOOEHNHSWDVD
VRXUFHGRFXPHQWLQWKHWULDOPDVWHUILOH&RSLHVRIWKHDXGLRILOHZLOOEHGHVWUR\HG
LPPHGLDWHO\XSRQFRQILUPDWLRQRIUHFHLSWRIWKHILQDOWUDQVFULSW
7KHREMHFWLYHRIWKHVXEVWXG\LVWRHOLFLWDVXEMHFW¶VSHUFHSWLRQVRIPLJUDLQH
DVVRFLDWHGV\PSWRPVDQGWKHLPSDFWEXUGHQDQGLQWHUIHUHQFHRIV\PSWRPVRQD
VXEMHFW¶VOLIHHOLFLWDVXEMHFW¶VSHUFHSWLRQVRIPHDQLQJIXOFKDQJHVLQ
H[SHULHQFHRIPLJUDLQHDQGH[SORUHVXEMHFW¶VH[SHULHQFHZLWKWUHDWPHQW
DGPLQLVWUDWLRQ7KHUHODWLRQVKLSEHWZHHQKHDGDFKHDQGPLJUDLQHDWWDFNDQGWKH
VXEMHFWOHYHOSHUFHSWLRQRIWUHDWPHQWHIIHFWZLOODOVREHH[SORUHGDQGZLOOKHOS
LOOXVWUDWHWKHVXEMHFW¶VSHUVSHFWLYHRIWUHDWPHQWUHVSRQVH
6XEMHFWVLQWKHRSHQODEHOSKDVHZLOOEHLQYLWHGWRSDUWLFLSDWHLQWKHWHOHSKRQH
LQWHUYLHZVE\WKHVWXG\LQYHVWLJDWRUV$VHSDUDWHFRQVHQWIRUPZLOOEHUHTXHVWHG
IRUVXEVWXG\LQFOXVLRQ,QIRUPDWLRQWKDWH[SODLQVSDUWLFLSDWLRQLQWKHLQWHUYLHZ
SURFHVVZLOOEHSURYLGHGWRWKHVXEMHFWV$FFHSWDQFHWRSDUWLFLSDWHLQWKH
LQWHUYLHZVZLOOEHGRFXPHQWHGRQWKHLQIRUPHGFRQVHQWIRUP8SRQDFFHSWDQFH
VXEMHFWFRQWDFWGHWDLOVZLOOEHVHQWWR+0HGL6ROXWLRQV+0HGL6ROXWLRQVZLOO
EHUHVSRQVLEOHIRUPDQDJLQJWKHLQWHUYLHZVVFKHGXOLQJDQGLQWHUYLHZLQJWKH
VXEMHFWV
'XULQJVXEMHFWLQWHUYLHZVDQ\DGYHUVHHYHQWVUHSRUWHGE\WKHVXEMHFWVZLOOEH
UHSRUWHGWRWKH,QYHVWLJDWRURUGHVLJQHHE\WKHLQWHUYLHZHUZLWKLQEXVLQHVVGD\
$SSURYHG



3URGXFW$0*(UHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/ 
7KH,QYHVWLJDWRUZLOOEHUHVSRQVLEOHIRUUHSRUWLQJDOODGYHUVHHYHQWVLQFOXGLQJ
WKRVHUHSRUWHGGXULQJWKHLQWHUYLHZVIROORZLQJWKHSURFHVVGHVFULEHGLQWKH
SURWRFRO
7KHUHVXOWVRIWKLVVXEVWXG\ZLOOEHUHSRUWHGVHSDUDWHO\IURPWKHPDLQVWXG\
5HIHUWR$SSHQGL[IRUPRUHLQIRUPDWLRQRQWKHVXEVWXG\
6HFWLRQ5HIHUHQFHV
$GG
)RRGDQG'UXJ$GPLQLVWUDWLRQ)'$3ODQIRU,VVXDQFHRI3DWLHQW)RFXVHG'UXJ
'HYHORSPHQW*XLGDQFH$YDLODEOHDW
KWWSVZZZIGDJRYPHGLDGRZQORDG
)ULHVH65LQJPD\U7$7/$6WL8VHU*XLGHDQG5HIHUHQFH%HUOLQ$7/$6WL
6FLHQWLILF6RIWZDUH'HYHORSPHQW*P%+
6HFWLRQ$SSHQGL[QHZVHFWLRQ
$GG
$SSHQGL[6XEVWXG\4XDOLWDWLYH,QWHUYLHZ6XEVWXG\WR³$3KDVH-DSDQHVH
5DQGRPL]HG'RXEOHEOLQG3ODFHERFRQWUROOHG6WXG\WR(YDOXDWHWKH(IILFDF\DQG
6DIHW\RI(UHQXPDELQ0LJUDLQH3UHYHQWLRQ´
6XEVWXG\%DFNJURXQGDQG5DWLRQDOH
4XDOLWDWLYHLQWHUYLHZVHQDEOHDFFHVVWRTXDOLWDWLYHDVSHFWVRIH[SHULHQFHVRI
FOLQLFDOWULDOSDUWLFLSDQWVWRVXSSOHPHQWWKHTXDQWLWDWLYHGDWDFROOHFWHGDVSDUWRI
WKHVWXG\)RUH[DPSOHWUHDWPHQWVDWLVIDFWLRQFDQEHDVVHVVHGWRXQGHUVWDQG
ZKLFKDVSHFWVRIWKHWUHDWPHQWDUHYDOXHGE\VXEMHFWVVXFKDVV\PSWRPEHQHILW
GHOLYHU\PHWKRGDQGDGYHUVHHYHQWWROHUDELOLW\,QWHUYLHZLQJFOLQLFDOWULDO
SDUWLFLSDQWVDWWKHHQGRIWKHWUHDWPHQWSHULRGFDQDOVRKHOSLGHQWLI\EHQHILWVPRVW
UHOHYDQWDQGPHDQLQJIXOWRVXEMHFWV7KLVFDQDOVRFRPSOHPHQWDQGKHOSLQWHUSUHW
WKHTXDQWLWDWLYHGDWDFROOHFWHGXVLQJ&2$LQVWUXPHQWVLQWKHFOLQLFDOWULDO
5HJXODWRU\DJHQFLHVDUHVKRZLQJLQFUHDVLQJLQWHUHVWLQXQGHUVWDQGLQJVXEMHFWV¶
H[SHULHQFHVRIWKHULVNEHQHILWUHODWHGWRQHZLQWHUYHQWLRQVEHLQJWHVWHGLQFOLQLFDO
WULDOV)'$4XDOLWDWLYHLQWHUYLHZVDWWKHHQGRIFOLQLFDOWULDOVKHOSWR
XQGHUVWDQGWKHVXEMHFWV¶H[SHULHQFHRIWKHWUHDWPHQWLQWKHWULDOVHWWLQJWKHLU
H[SHULHQFHRIWKHFRQYHQLHQFHRIWUHDWPHQWFKDQJHVWKH\SHUFHLYHDVUHVXOWRI
WUHDWPHQWVDQGLQIRUPDODVVHVVPHQWVRIWUDGHRIIVRQEHQHILWDQGULVNVWKH\
SHUFHLYHDERXWWKHWUHDWPHQW
$SSURYHG



3URGXFW$0*(UHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/ 
5HVHDUFK4XHVWLRQDQG2EMHFWLYHVRIWKH4XDOLWDWLYH,QWHUYLHZ6XEVWXG\
7KHDLPRIWKLVVWXG\LVWRFROOHFWTXDOLWDWLYHGDWDWRDVVHVVWKHH[SHULHQFHRI
WUHDWPHQWIURPDVXEVHWRIDGXOWVZLWK(0DQG&0ZKRKDYHSDUWLFLSDWHGLQ6WXG\
WRSURYLGHDPRUHLQGHSWKXQGHUVWDQGLQJRIVXEMHFWV¶H[SHULHQFHZLWK
PLJUDLQHDQGWKHLPSDFWRIPLJUDLQHLQFOXGLQJSHUFHSWLRQRIV\PSWRPVDQG
EXUGHQRIGLVHDVH7KHREMHFWLYHVDUHWRHOLFLWVXEMHFW¶VSHUFHSWLRQVRIPLJUDLQH
DVVRFLDWHGV\PSWRPVDQGV\PSWRPLPSDFWEXUGHQDQGLQWHUIHUHQFHRQVXEMHFW¶V
OLIHSDWLHQWSHUFHSWLRQVRIPHDQLQJIXOFKDQJHVLQH[SHULHQFHRIPLJUDLQHDQGWR
H[SORUHVXEMHFW¶VH[SHULHQFHZLWKWUHDWPHQWDGPLQLVWUDWLRQ
6XEVWXG\'HVLJQ
2QHWLPHTXDOLWDWLYHWHOHSKRQHLQWHUYLHZVZLOOEHFRQGXFWHGZLWKVXEMHFWVZKR
FRQVHQWWRWKLVVXEVWXG\([LWLQWHUYLHZVZLOOEHFRQGXFWHGDVVRRQDVSRVVLEOH
DQGZLWKLQEXVLQHVVGD\VDIWHU:HHNYLVLW
6XPPDU\RI6XEVWXG\6XEMHFW3DUWLFLSDWLRQ&ULWHULD
6WXG\VXEMHFWVPXVWPHHWWKHIROORZLQJFULWHULDWREHFRQVLGHUHGIRUHQUROOPHQW
LQWRWKHVXEVWXG\
&RPSOHWHGWKHLQYHVWLJDWLRQDOSURGXFWLQERWKWUHDWPHQWSHULRGVDV
LQGLFDWHGRQWKHUHVSHFWLYHHQGRILQYHVWLJDWLRQDOSURGXFWH&5)PD\PLVVXS
WRGRVHGXULQJHDFKSKDVH
+DYHSURYLGHGVXSSOHPHQWDU\LQIRUPHGFRQVHQWWRSDUWLFLSDWHLQWKH
VXEVWXG\
%HZLOOLQJDQGDEOHWRSDUWLFLSDWHLQDWHOHSKRQHLQWHUYLHZODVWLQJ
DSSUR[LPDWHO\KRXU
%HDEOHWRUHDGXQGHUVWDQGDQGVSHDN-DSDQHVHVXIILFLHQWO\WRSDUWLFLSDWH
LQWKHLQWHUYLHZV
%HZLOOLQJWREHDXGLRUHFRUGHGGXULQJWKHLQWHUYLHZVHVVLRQV
$SSURYHG



3URGXFW$0*(UHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/ 
0HHWLQJDQ\RIWKHIROORZLQJFULWHULRQZLOOH[FOXGHDVXEMHFWIURPHQUROOPHQWLQWR
WKHVXEVWXG\
8QDEOHWRFRPSOHWHLQWHUYLHZZLWKLQEXVLQHVVGD\VRIWKH:HHNYLVLW
+DVDQ\FOLQLFDOO\UHOHYDQWPHGLFDORUSV\FKLDWULFFRQGLWLRQWKDWLQWKH
RSLQLRQRIWKHLQYHVWLJDWRUDQGRUVWXG\FRRUGLQDWRUZRXOGLQWHUIHUHZLWKWKH
FRPSOHWLRQRIWKHVXEVWXG\DFWLYLWLHV7KLVLQFOXGHVEXWLVQRWOLPLWHGWR
ODQJXDJHVSHHFKKHDULQJRUFRJQLWLYHGLVRUGHUVWKDWFRXOGLPSDFWDVXEMHFW¶V
DELOLW\WRSDUWLFLSDWHLQDQLQWHUYLHZEDVHGGLVFXVVLRQ
6XEVWXG\'XUDWLRQDQG6XEVWXG\3URFHGXUHV
6XEMHFWVDUHUHTXLUHGWRSDUWLFLSDWHLQWHOHSKRQHLQWHUYLHZODVWLQJDSSUR[LPDWHO\
KRXU,QWHUYLHZVZLOOEHFRQGXFWHGDVVRRQDVSRVVLEOHDIWHUWKHZHHNYLVLW
EXWZLWKLQEXVLQHVVGD\VRIWKHYLVLW
6XEMHFWVHQUROOHGLQWKHFOLQLFDOWULDOZLOOEHDSSURDFKHGE\FOLQLFVWDII
IRUUHFUXLWPHQWDQGSRVVLEOHHQUROOPHQWLQWRWKLVVXEVWXG\
$WSDUWLFLSDWLQJVLWHVUDQGRPL]HGVXEMHFWVWKDWDUHVXFFHVVIXOO\GRVHGPD\PLVV
XSWRGRVHGXULQJHDFKSKDVHZLWKLQYHVWLJDWLRQDOSURGXFW'%73DQG2/73
ZLOOEHSURYLGHGDQRSWLRQWRSDUWLFLSDWHLQWKHTXDOLWDWLYHLQWHUYLHZVXEVWXG\DQG
EHSURYLGHGZLWKDGGLWLRQDOLQIRUPDWLRQDERXWWKHVXEVWXG\&OLQLFDOVLWHVWDIIZLOO
H[SODLQWKHVXEVWXG\REMHFWLYHVDQGSURFHGXUHVWRWKHVXEMHFWDQGREWDLQD
VXSSOHPHQWDU\ZULWWHQLQIRUPHGFRQVHQW7KHVLJQDWXUHSURFHVVIRUWKLVLQIRUPHG
FRQVHQWZLOOEHWKHVDPHDVWKHLQIRUPHGFRQVHQWIRUWKHPDLQVWXG\
2QFHFRQVHQWKDVEHHQREWDLQHGWKHVXEMHFW,'DQGVLWHGHWDLOVFDQEH
FRPPXQLFDWHGE\WKHVLWHWRWKHLQWHUYLHZVFKHGXOHUIURP+0HGL6ROXWLRQV
DORQJZLWKSRWHQWLDOGDWHVIRUWKH:HHNYLVLW7KHLQWHUYLHZVFKHGXOHUZLOO
REWDLQVXEMHFWFRQWDFWLQIRUPDWLRQDQGVFKHGXOHDWHQWDWLYHGDWHDQGWLPHIRUWKH
LQWHUYLHZZLWKWKHSDUWLFLSDQW+0HGL6ROXWLRQVZLOOFRQILUPZLWKWKHVLWHWKDWWKH
VXEMHFWKDVFRPSOHWHGVWXG\SURFHGXUHVIRUWKH:HHNYLVLWEHIRUHFRQILUPLQJ
WKHLQWHUYLHZGDWHDQGWLPHRIWKHLQWHUYLHZZLWKWKHVXEMHFWWRHQVXUHFRPSOLDQFH
WRWKHVXEVWXG\SURWRFRO
7KHVXEMHFWPXVWSHUVRQDOO\VLJQDQGGDWHWKH,5%,(&DSSURYHGVXEVWXG\
LQIRUPHGFRQVHQWEHIRUHFRPPHQFHPHQWRIVXEVWXG\VSHFLILFSURFHGXUHV$
VXEMHFWLVFRQVLGHUHGHQUROOHGLQWKHVXEVWXG\ZKHQWKHLQYHVWLJDWRUGHFLGHVWKDW
$SSURYHG



3URGXFW$0*(UHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/ 
WKHVXEMHFWKDVPHWWKHVXEVWXG\SDUWLFLSDWLRQFULWHULDDQGVXEMHFWKDVVLJQHGDQG
GDWHGWKHVXEVWXG\LQIRUPHGFRQVHQW7KHLQWHUYLHZHUZLOOQRWLQWHUYLHZWKH
VXEMHFWXQWLO+0HGL6ROXWLRQVUHFHLYHVZULWWHQFRQILUPDWLRQIURPVLWHVRI
FRPSOHWLRQRIZHHNVWXG\SURFHGXUHV
+0HGL6ROXWLRQVVWDIIZKRDUHWUDLQHGDQGH[SHULHQFHGLQTXDOLWDWLYHGDWD
FROOHFWLRQZLOOFRQGXFWWHOHSKRQHLQWHUYLHZVXVLQJDVHPLVWUXFWXUHGLQWHUYLHZ
JXLGHLQORFDOODQJXDJH6XEMHFWVZLOOEHLQWHUYLHZHGDERXWWKHLUSUHWUHDWPHQW
VWDWXVDQGDQ\SHUFHLYHGFKDQJHVVLQFHWKHVWDUWRIWKHRSHQODEHOSKDVHRI
WUHDWPHQWLHIURPWKHWLPHWKH\ZHUHLQIRUPHGWKH\ZHUHEHLQJDGPLQLVWHUHG
(UHQXPDE
6XEMHFWVZLOOEHLQWHUYLHZHGDERXWWKHFKDQJHVH[SHULHQFHGDQGWKH
PHDQLQJIXOQHVVRIWKHFKDQJHVH[SHULHQFHG'XULQJWKHLQWHUYLHZVLQWHUYLHZHUV
ZLOODVNVXEMHFWVIRUVSHFLILFH[DPSOHVWRTXDOLWDWLYHO\LOOXVWUDWHWKHVXEMHFWV¶
H[SHULHQFH
6XEMHFWVZLOOEHVSHFLILFDOO\DVNHGDERXWWKHLUH[SHULHQFHVZLWKIXQFWLRQLQJGXULQJ
DQGEHWZHHQPLJUDLQHDWWDFNVDIWHUWKHVWDUWRIWKHRSHQODEHOSKDVHLH
SHUFHSWLRQVRIPLJUDLQHDVVRFLDWHGV\PSWRPVDQGV\PSWRPLPSDFWEXUGHQDQG
LQWHUIHUHQFHRQWKHLUOLIHSHUFHSWLRQVRIPHDQLQJIXOFKDQJHVLQH[SHULHQFHRI
PLJUDLQHH[SHULHQFHZLWKWUHDWPHQWDGPLQLVWUDWLRQ
$IWHURSHQHQGHGTXHVWLRQVLIVXEMHFWVGRQRWPHQWLRQFRQFHSWVDVVRFLDWHGZLWK
WKHGRPDLQVRIWKH&2$LQVWUXPHQWLQWKHFOLQLFDOWULDOWKHLQWHUYLHZHUZLOO
VSHFLILFDOO\SUREHDERXWWKRVHFRQFHSWV7KHLQWHUYLHZHUVZLOODOVRH[SORUHZKDW
DVSHFWVRILPSURYHPHQWRUZRUVHQLQJRIWKHLUPLJUDLQHHJIUHTXHQF\VHYHULW\
DQGGXUDWLRQGURYHWKHFKDQJHVDVZHOODVWKHPHDQLQJIXOQHVVRIFKDQJHQR
FKDQJHUHSRUWHGE\WKHVXEMHFW
9DULDEOHV
6XEVWXG\2XWFRPH9DULDEOHV
4XDOLWDWLYHGDWDRQFKDQJHVUHVXOWLQJIURPWUHDWPHQWUHFHLYHGLQWKHRSHQODEHO
H[WHQVLRQZLOOEHFROOHFWHGYLDWHOHSKRQHLQWHUYLHZ&RQFHSWVWKDWHPHUJHIURP
WKHTXDOLWDWLYHLQWHUYLHZVLQUHODWLRQWRPLJUDLQHLPSDFWWUHDWPHQWHIILFDF\DQG
PLJUDLQHH[SHULHQFHZLOOEHWKHRXWFRPH'DWDZLOOEHDQDO\]HGWRDFKLHYHWKH
VWXG\REMHFWLYHVXVLQJTXDOLWDWLYHGDWDDQDO\VLVVRIWZDUHLH$7/$6WL8SRQ
$SSURYHG



3URGXFW$0*(UHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/ 
XQEOLQGLQJDVRXWOLQHGLQWKHSDUHQWSURWRFROWKHFOLQLFDOWULDOGDWDPD\EHIXUWKHU
XVHGWRH[SORUHUHVSRQVHSHUFHSWLRQV
([SRVXUH9DULDEOHV
6XEMHFWVZLOOEHUDQGRPL]HGWRSODFHERRUHUHQXPDEPJ6&LQMHFWLRQV
HYHU\ZHHNVLQWKH'%73GXULQJRSHQODEHOH[WHQVLRQRIVWXG\SURWRFRO
DOOVXEMHFWVZLOOUHFHLYHHUHQXPDEPJ,QWHUYLHZHUVDQGVXEMHFWVZLOO
EHEOLQGHGWRWKHWUHDWPHQWWKDWVXEMHFWVZHUHDGPLQLVWHUHGGXULQJWKHSDUHQW
FOLQLFDOWULDO
6XEVWXG\6DPSOH6L]H
7KHVXEVWXG\VDPSOHVL]HLVEDVHGRQDFRQYHQLHQFHVDPSOHWRDOORZIRU
VXIILFLHQWQXPEHUVRI(0DQG&0VXEMHFWVHQUROOHG
7KHVXEVWXG\VDPSOHZLOOEHDVXEVHWRIXSWRVXEMHFWVZKRZLOOEHUHFUXLWHG
IURPXSWRFOLQLFDOVLWHVSDUWLFLSDWLQJLQWKHFOLQLFDOWULDODFURVV-DSDQ
6XEVWXG\'DWD$QDO\VLV
$XGLRUHFRUGLQJVIURPWKHLQWHUYLHZVZLOOEHWUDQVFULEHGIRUTXDOLWDWLYHDQDO\VHV
(YLGHUDZLOOGHYHORSDVHSDUDWHGDWDDQDO\VLVSODQWKDWZLOOGHWDLOKRZWKH
TXDOLWDWLYHGDWDZLOOEHDQDO\]HG7KHDQDO\VHVRILQWHUYLHZGDWDZLOOKHOSWR
LOOXVWUDWHVXEMHFWV¶SHUFHSWLRQVRIPHDQLQJIXOFKDQJHRUGLIIHUHQFHPLJUDLQH
IXQFWLRQDOLPSDFWVDQGWUHDWPHQWHIILFDF\RUEHQHILW7KHTXDOLWDWLYHUHSRUWZLOO
GLVFXVVVXEMHFWUHSRUWHGSHUFHSWLRQVRIPLJUDLQHDVVRFLDWHGV\PSWRPVDQG
V\PSWRPLPSDFWEXUGHQDQGLQWHUIHUHQFHRQVXEMHFW¶VOLIHVXEMHFW¶V
SHUFHSWLRQVRIPHDQLQJIXOFKDQJHVLQH[SHULHQFHRIPLJUDLQHDQGVXEMHFW¶V
H[SHULHQFHZLWKWUHDWPHQWDGPLQLVWUDWLRQ
$TXDOLWDWLYHFRQWHQWDQDO\VLVDSSURDFKZLOOEHXVHGWRDQDO\]HGDWDFROOHFWHG
IURPTXDOLWDWLYHLQWHUYLHZVXVLQJFRGLQJGLFWLRQDULHVDQG$7/$6WLTXDOLWDWLYHGDWD
DQDO\VLVVRIWZDUH7KHFOHDQHGWUDQVFULSWVZLOOEHHQWHUHGLQWR$7/$6WL
TXDOLWDWLYHDQDO\VLVVRIWZDUHYHUVLRQRUKLJKHU)ULHVHDQG5LQJPD\U
4XDOLWDWLYHGDWDFRGHGLQ$7/$6WLFDQEHV\VWHPDWLFDOO\RUJDQL]HGLQWRDQDO\VLV
RXWSXWV$7/$6WLVRIWZDUHLVGHVLJQHGWRIDFLOLWDWHWKHVWRUDJHFRGLQJDQG
UHWULHYDORITXDOLWDWLYHGDWD
&RGLQJZLOOEHDQLWHUDWLYHSURFHVVWKDWPDUNVWKHEHJLQQLQJRIWKHTXDOLWDWLYH
DQDO\VLVSURFHVV&RQFHSWFRGHVZLOOEHXVHGWRFDSWXUHV\PSWRPVRULPSDFWVRI
$SSURYHG



3URGXFW$0*(UHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/ 
WKHGLVHDVHPRVWLPSRUWDQWDQGUHOHYDQWWRSDUWLFLSDQWV4XDOLWDWLYHGDWDZLOOEH
FRGHGDFFRUGLQJWRWKHFRGLQJGLFWLRQDU\DVRXWOLQHGLQWKHDQDO\VLVSODQ7KH
LQLWLDOFRGLQJGLFWLRQDU\ZLOOEHEDVHGRQWKHVWUXFWXUHRIWKHPDLQWKHPHVDQG
FRQWHQWRIGLVFXVVLRQJXLGHWRDOORZWKHWH[WGDWDWREHFRGHGZLWKNH\FRQFHSWV
FRGHV7KHFRGLQJGLFWLRQDU\ZLOOEHLWHUDWLYHO\XSGDWHGZLWKHPHUJLQJWKHPHV
DQGFRQFHSWVIURPGLVFXVVLRQV
$OODQDO\VLVDQGUHSRUWLQJZLOOEHFRQGXFWHGE\(YLGHUDVWDIIZLWKH[SHULHQFHLQ
TXDOLWDWLYHUHVHDUFK
6XEMHFWFKDUDFWHULVWLFVFROOHFWHGLQWKHFOLQLFDOWULDOZLOOEHVXPPDUL]HGIRU
GHVFULELQJWKHVDPSOH'HVFULSWLYHVWDWLVWLFVHJQPHDQ6'DQGRUIUHTXHQF\
ZLOOEHXVHGWRFKDUDFWHUL]HWKHVDPSOHLQWHUPVRITXHVWLRQQDLUHGDWD
VRFLRGHPRJUDSKLFDQGFOLQLFDOFKDUDFWHULVWLFV
&ROOHFWLRQRI6DIHW\,QIRUPDWLRQDQG3URGXFW&RPSODLQWV
7KHUHZLOOEHQRVXEVWXG\VSHFLILFVDIHW\GDWDEDVHIRUFROOHFWLRQUHFRUGLQJDQG
UHSRUWLQJRIDGYHUVHHYHQWVUHSRUWHGGXULQJWKHFRQGXFWRIWKHVXEVWXG\$OO
VDIHW\GDWDFROOHFWLRQUHFRUGLQJDQGUHSRUWLQJZLOOEHSHUIRUPHGWKURXJKWKH
SDUHQWVWXG\DQGZLOOIROORZWKHGHWDLOHGSURFHGXUHVRXWOLQHGLQVWXG\SURWRFRO
$GYHUVHHYHQWVVHULRXVDGYHUVHHYHQWVRUSURGXFWFRPSODLQWV
UHSRUWHGGXULQJWKHFRQGXFWRIDQLQWHUYLHZZLOOEHUHSRUWHGWR$PJHQDQGWR
LQYHVWLJDWLRQDOVLWHVZLWKLQEXVLQHVVGD\RIDZDUHQHVV
'HILQLWLRQRI6DIHW\(YHQWV
5HIHUWR6HFWLRQRIWKHSDUHQWSURWRFROIRUGHILQLWLRQRIVDIHW\HYHQWV
6DIHW\5HSRUWLQJ5HTXLUHPHQWV
7KHFOLQLFDOVLWH,QYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWVDIHW\HYHQWV
DGYHUVHHYHQWVSURGXFWFRPSODLQWVDQGRWKHUVDIHW\ILQGLQJVDUHUHSRUWHGLQ
DFFRUGDQFHZLWK$PJHQ¶VFOLQLFDOWULDOSURWRFRO+0HGL6ROXWLRQVZLOO
QRWLI\WKHFOLQLFDOVLWHDQG$PJHQZLWKDQ\UHSRUWRIDGYHUVHHYHQWVWRFRPSOHWH
WKHDGYHUVHHYHQWGDWDFROOHFWLRQLQWRWKH6WXG\GDWDEDVH+0HGL
6ROXWLRQVZLOOUHSRUWDQ\DGYHUVHHYHQWVWRWKHFOLQLFDOVLWHDQG$PJHQZLWKLQ
EXVLQHVVGD\RIDZDUHQHVVWKHVLWH,QYHVWLJDWRUZLOOEHUHVSRQVLEOHIRU
UHFRQFLOLQJWKHUHSRUWLQJWR$PJHQ
$SSURYHG



3URGXFW$0*(UHQXPDE
3URWRFRO1XPEHU
'DWH'HFHPEHU
3DJHRI
&21),'(17,$/ 
6DIHW\HYHQWVPXVWEHVXEPLWWHGE\WKHFOLQLFDOVLWH,QYHVWLJDWRUDVLQGLYLGXDO
FDVHVDIHW\UHSRUWVWR$PJHQYLDWKHDSSOLFDEOH$PJHQ6DIHW\5HSRUWLQJ)RUP
SDSHURUHOHFWURQLFIRUPZKLFKZLOOEHWKHUHVSRQVLELOLW\RIWKHVXEMHFW¶VFOLQLF
VLWHLQDFFRUGDQFHZLWKFOLQLFDOWULDOSURWRFRO
$SSURYHG



Product:  AMG 334 (erenumab) 
Protocol Number:  20170609 
Date:  19 December 2018 
Page 1 of 29 
CONFIDENTIAL 
 
 
Amendment 1 
Protocol Title:  A Phase 3 Japanese Randomized, Double-blind, 
Placebo-controlled Study to Evaluate the Efficacy and Safety of Erenumab in 
Migraine Prevention 
 
Amgen Protocol Number AMG 334 (erenumab) 20170609 
 
Amendment Date: 
19 December 2018 
 
Rationale: 
The purpose of this protocol amendment is to add in an additional Patient-reported 
Outcome (PRO) to evaluate the 
 
 
 over months 4, 5, and 6 of the double-blind treatment period (DBTP) during this 
study. 
In addition, the following were clarified to ensure alignment with study procedures: 
• 
Update contraception changes to align with contraception requirements approved 
by the PMDA in Japan. 
• 
Update double-blind treatment phase to double-blind treatment period (DBTP). 
• 
Add clinical outcomes assessments to be performed/collected at Day 1, and 
include a
and eDiary COA 
collection in the DBTP and daily during weeks 33 to 36 and weeks 49 to 52 in the 
OLTP. 
• 
Add investigational product background description that study drug, erenumab, is 
a genetically recombinant drug manufactured using Chinese hamster ovary 
(CHO) cell line. 
• 
Add the exploratory objective and endpoints to evaluate the 
 
 
 
 
 
• 
Clarify definitions of terms included in endpoints for headache day and remove 
language for migraine attack. 
• 
Update language for inclusion criteria for migraine frequency and exclusion 
criteria for prior/concomitant therapy for preventive treatment of migraine. 
• 
Add language for exclusion criteria for subject risk of self-harm or harm to others. 
Approved 
 
 

Product:  AMG 334 (erenumab) 
Protocol Number:  20170609 
Date:  19 December 2018 
Page 2 of 29 
CONFIDENTIAL 
 
 
• 
Update language for subject enrollment to clarify that subjects may proceed to 
the baseline period if Part 1 eligibility criteria is not met, or subjects will be 
screen-failed if all Part 2 eligibility criteria is not met. 
• 
Remove language that individuals who do not meet the criteria for participation in 
the study (screen failure) may be rescreened 1 time. 
• 
Add that in addition to weeks 24, 32, 36, 40, 44, and 48, erenumab will also be 
administered at week 28 during the 28-week open-label treatment period. 
• 
Add that anti-CGRP monoclonal antibody use, including current or prior use, is 
excluded throughout the study. 
• 
Remove protocol-specific criteria language from reasons for removal from study. 
• 
Add language to describe the 
 
• 
Update the volume of blood samples to be collected for measurement of blood 
concentrations of erenumab as specified in the Schedule of Activities. 
• 
Administrative, typographical, and formatting changes were made throughout the 
protocol. 
Approved