A Phase 2, Multi-center, Randomized, Double- Masked and Placebo-Controlled Study Evaluating the Efficacy and Safety of YP-P10 Ophthalmic Solution Compared to Placebo in Subjects With Dry Eye (ICECAP 1)
Phase: PHASE2
Conditions: Dry Eye
Sponsor: Yuyu Pharma, Inc.

&/,1,&$/75,$/35272&2/
3URWRFRO7LWOH
$3KDVH0XOWLFHQWHU5DQGRPL]HG'RXEOH±
0DVNHGDQG3ODFHER±&RQWUROOHG6WXG\
(YDOXDWLQJWKH(IILFDF\DQG6DIHW\RI<33
2SKWKDOPLF6ROXWLRQ&RPSDUHGWR3ODFHERLQ
6XEMHFWVZLWK'U\(\H
3URWRFRO1XPEHU
<33
6WXG\3KDVH

,QYHVWLJDWLRQDO3URGXFW1DPH <332SKWKDOPLF6ROXWLRQ
,1'1XPEHU

,QGLFDWLRQ
'U\(\H'LVHDVH
,QYHVWLJDWRUV
*DLO7RUNLOGVHQ0'
$QGRYHU(\H$VVRFLDWHV
+DYHUKLOO6WUHHW6XLWH
$QGRYHU0$
6SRQVRU
<X\X3KDUPD,QF
<X\X%XLOGLQJ
'RQJKRUR
-XQJJX
6HRXO6RXWK.RUHD
&RQWUDFW5HVHDUFK
2UJDQL]DWLRQ
2UD,QF
%ULFNVWRQH6TXDUHUG)ORRU
$QGRYHU0$
86$
,5%,(&
$OSKD,5%
3URWRFRO
2ULJLQDO3URWRFRO0DUFK
9HUVLRQ-XQ
9HUVLRQ2FWREHU
9HUVLRQ2FWREHU
9HUVLRQ0DUFK
&RQILGHQWLDOLW\6WDWHPHQW
7KLVSURWRFROFRQWDLQVFRQILGHQWLDOSURSULHWDU\LQIRUPDWLRQRI2UD,QF)XUWKHU
GLVVHPLQDWLRQGLVWULEXWLRQRUFRS\LQJRIWKLVSURWRFRORULWVFRQWHQWVLVVWULFWO\SURKLELWHG
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

63216253(56211(/
6HQLRU935HVHDUFK	
'HYHORSPHQW
 
&KLHI6FLHQWLILF2IILFHU
 
25$3(56211(/
'HSDUWPHQW6HQLRU9LFH
3UHVLGHQW
 
'HSDUWPHQW'LUHFWRU
 
 
 
0(',&$/021,725
0HGLFDO0RQLWRU
 


<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

6<1236,6
3URWRFRO7LWOH
$3KDVH0XOWLFHQWHU5DQGRPL]HG'RXEOH±
0DVNHGDQG3ODFHER±&RQWUROOHG6WXG\(YDOXDWLQJWKH
(IILFDF\DQG6DIHW\RI<332SKWKDOPLF6ROXWLRQ
&RPSDUHGWR3ODFHERLQ6XEMHFWVZLWK'U\(\H
6WXG\'UXJ
 <332SKWKDOPLF6ROXWLRQ
 <332SKWKDOPLF6ROXWLRQ
 <333ODFHER2SKWKDOPLF6ROXWLRQYHKLFOH
6WXG\3KDVH

6WXG\2EMHFWLYH
7KHREMHFWLYHRIWKLVVWXG\LVWRFRPSDUHWKHVDIHW\
DQGHIILFDF\RI<332SKWKDOPLF6ROXWLRQWR
SODFHERIRUWKHWUHDWPHQWRIWKHVLJQVDQGV\PSWRPVRI
GU\H\H
2YHUDOO6WXG\'HVLJQ
6WUXFWXUH
0XOWLFHQWHUUDQGRPL]HGGRXEOHPDVNHGSODFHER
FRQWUROOHGVWUDWLILHGVWXG\
'XUDWLRQ
$SSUR[LPDWHO\ZHHNVLQFOXGLQJDZHHNUXQLQ
SHULRGDQGZHHNVRIWUHDWPHQW
&RQWUROV
<333ODFHER2SKWKDOPLF6ROXWLRQYHKLFOH
'RVDJH'RVH5HJLPHQ
6FUHHQLQJ5XQ,Q3HULRG
'XULQJD
VWXG\UXQLQSHULRGIRUWKHSXUSRVHRI
VXEMHFWVHOHFWLRQSULRUWRUDQGRPL]DWLRQDOOVXEMHFWV
ZLOOUHFHLYH<333ODFHER2SKWKDOPLF6ROXWLRQ
YHKLFOHWREHDGPLQLVWHUHGRQHGURSLQHDFKH\H
WZLFHGDLO\%,'
7UHDWPHQW3HULRG
6XEMHFWVHOLJLEOHWREHUDQGRPL]HG'D\ZLOO
UHFHLYHRQHRIWKHIROORZLQJRQHGURSHDFKH\H%,'
IRUZHHNVIURP9LVLWWR9LVLW
 
 
 
6XPPDU\RI9LVLW6FKHGXOH
YLVLWVRYHUWKHFRXUVHRIDSSUR[LPDWHO\ZHHNV
x 9LVLW 'D\GD\&RQWUROOHG$GYHUVH
(QYLURQPHQW&$(6FUHHQLQJ
x 9LVLW 'D\&$(&RQILUPDWLRQ%DVHOLQH
x 9LVLW 'D\GD\VZHHN)ROORZ8S
x 9LVLW 'D\GD\VZHHN)ROORZ8S
x 9LVLW 'D\GD\VZHHN)ROORZ8S
x 9LVLW 'D\GD\VZHHN)ROORZ8S
DQG6WXG\([LW
0HDVXUHV7DNHQWR5HGXFH
%LDV
7KLVLVDUDQGRPL]HGWUHDWPHQWDVVLJQPHQW
PXOWLFHQWHUVWUDWLILHGGRXEOHPDVNHGDQGYHKLFOH
FRQWUROOHGVWXG\
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

6WXG\3RSXODWLRQ&KDUDFWHULVWLFV
1XPEHURI6XEMHFWV
$SSUR[LPDWHO\

SHUWUHDWPHQWDUPVXEMHFWV
ZLOOEHHQUROOHG2IWKH
UDQGRPL]HGVXEMHFWV
DSSUR[LPDWHO\
VXEMHFWVZLOOEHRIILUVWVHFRQGRU
WKLUGJHQHUDWLRQ-DSDQHVHGHVFHQWYHULILHGE\UHYLHZ
RIVXEMHFW
VIDPLO\WUHHJRYHUQPHQWDSSURYHG,'HJ
ELUWKFHUWLILFDWHDQGDIILUPDWLYHUHVSRQVHWRD
-DSDQHVHOLIHVW\OHTXHVWLRQQDLUH
&RQGLWLRQ'LVHDVH
'U\(\H'LVHDVH'('
,QFOXVLRQ&ULWHULD
,QGLYLGXDOV HOLJLEOH WR SDUWLFLSDWH LQ WKLV VWXG\ PXVW
PHHWDOORIWKHIROORZLQJFULWHULD
 %HDWOHDVW\HDUVRIDJH
 3URYLGHZULWWHQLQIRUPHGFRQVHQW
 %HZLOOLQJDQGDEOHWRFRPSO\ZLWKDOOVWXG\
SURFHGXUHV
 +DYHDSDWLHQWUHSRUWHGKLVWRU\RIGU\H\HIRUDW
OHDVWPRQWKVSULRUWR9LVLW
 +DYHDKLVWRU\RIXVHRUGHVLUHWRXVHH\HGURSV
IRUGU\H\HV\PSWRPVZLWKLQPRQWKVRI9LVLW

 +DYHDEHVWFRUUHFWHGYLVXDODFXLW\%&9$RI
ORJDULWKPRIWKHPLQLPXPDQJOHRI
UHVROXWLRQORJ0$5RUEHWWHU6QHOOHQ
HTXLYDOHQWVFRUHRI
RUEHWWHULQHDFK
H\HDW9LVLW
 +DYHDVFRUHRI
IRUERWKH\HVDFFRUGLQJWR
WKH2UD&DOLEUD2FXODU'LVFRPIRUW	
6\PSWRP4XHVWLRQQDLUHLQDWOHDVWRQHRIWKH
GU\H\HV\PSWRPVDW9LVLWVDQG
 +DYHDQXQDQHVWKHWL]HG6FKLUPHU¶V7HVWVFRUH
RI
DQG
LQ
DWOHDVWRQHH\HDW9LVLWVDQG
 +DYHDFRUQHDOIOXRUHVFHLQVWDLQLQJVFRUHRI

DFFRUGLQJWRWKH2UD&DOLEUD&RUQHDODQG
&RQMXQFWLYDO6WDLQLQJ6FDOHIRU*UDGLQJRI
)OXRUHVFHLQ6WDLQLQJLQDWOHDVWRQHUHJLRQLQ
RQHH\HDW9LVLWVDQGSUH&$(DQGD
FHQWUDOVFRUH
LQWKHVDPHH\H
 +DYHDFRQMXQFWLYDOUHGQHVVVFRUH

DFFRUGLQJWRWKH2UD&DOLEUD&RQMXQFWLYDO
5HGQHVVIRU'U\(\H6FDOHLQDWOHDVWRQHH\HDW
9LVLWVDQGSUH&$(
 'HPRQVWUDWHLQWKHVDPHH\HVDUHVSRQVHWR
WKH&$(DW9LVLWVDQGDVGHILQHGE\
D +DYLQJDWOHDVWD
SRLQWLQFUHDVHLQ
IOXRUHVFHLQVWDLQLQJLQWKHLQIHULRUUHJLRQLQ
DWOHDVWRQHH\HIROORZLQJ&$(H[SRVXUH
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

E 5HSRUWLQJDQ2FXODU'LVFRPIRUWVFRUH

DWRUPRUHFRQVHFXWLYHWLPHSRLQWVLQDW
OHDVWRQHH\HGXULQJ&$(H[SRVXUH

 +DYHDWOHDVWRQHH\HWKHVDPHH\HVDWLVI\DOO
FULWHULDIRUDQGDERYH
 $QHJDWLYHXULQHSUHJQDQF\WHVWLIIHPDOHRI
FKLOGEHDULQJSRWHQWLDOWKRVHZKRDUHQRW
VXUJLFDOO\VWHULOL]HG>ELODWHUDOWXEDOOLJDWLRQ
K\VWHUHFWRP\RUELODWHUDORRSKRUHFWRP\@RU
SRVW±PHQRSDXVDO>PRQWKVDIWHUODVW
PHQVHV@DQGPXVWXVHDGHTXDWHELUWKFRQWURO
WKURXJKWKHVWXG\SHULRG)RUQRQVH[XDOO\
DFWLYHIHPDOHVDEVWLQHQFHPD\EHUHJDUGHGDV
DQDGHTXDWHPHWKRGRIELUWKFRQWURO
([FOXVLRQ&ULWHULD
,QGLYLGXDOVZKRPHHWDQ\RIWKHIROORZLQJH[FOXVLRQ
FULWHULDZLOOQRWEHHOLJLEOHWRSDUWLFLSDWHLQWKHVWXG\
 +DYHDQ\FOLQLFDOO\VLJQLILFDQWVOLWODPS
ILQGLQJVDW9LVLWWKDWPD\LQFOXGHDFWLYH
EOHSKDULWLVPHLERPLDQJODQGG\VIXQFWLRQOLG
PDUJLQLQIODPPDWLRQRUDFWLYHRFXODUDOOHUJLHV
WKDWUHTXLUHWKHUDSHXWLFWUHDWPHQWDQGRULQWKH
RSLQLRQRIWKHLQYHVWLJDWRUPD\LQWHUIHUHZLWK
VWXG\SDUDPHWHUV
 %HGLDJQRVHGZLWKDQRQJRLQJRFXODULQIHFWLRQ
EDFWHULDOYLUDORUIXQJDORUDFWLYHRFXODU
LQIODPPDWLRQDW9LVLW
 +DYHZRUQFRQWDFWOHQVHVZLWKLQGD\VRI9LVLW
RUDQWLFLSDWHXVLQJFRQWDFWOHQVHVGXULQJWKH
VWXG\
 +DYHSUHYLRXVO\KDGODVHUDVVLVWHGLQVLWX
NHUDWRPLOHXVLV/$6,.VXUJHU\ZLWKLQWKHODVW
PRQWKV
 +DYHXVHG5HVWDVLV;LLGUDRU&HTXD
(\VXYLVDQG7\UYD\DZLWKLQGD\VRI
9LVLW
 +DYHKDGDQ\RFXODUDQGRUOLGVXUJHULHVLQWKH
SDVWPRQWKVRUKDYHDQ\SODQQHGRFXODU
DQGRUOLGVXUJHULHVRYHUWKHVWXG\SHULRG
 %HXVLQJRUDQWLFLSDWHXVLQJWHPSRUDU\SXQFWDO
SOXJVGXULQJWKHVWXG\WKDWKDYHQRWEHHQVWDEOH
ZLWKLQGD\VRI9LVLW
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

 %HFXUUHQWO\WDNLQJDQ\WRSLFDORSKWKDOPLF
SUHVFULSWLRQLQFOXGLQJPHGLFDWLRQVIRU
JODXFRPDRURYHUWKHFRXQWHUVROXWLRQV
DUWLILFLDOWHDUVJHOVRUVFUXEVDQGFDQQRW
GLVFRQWLQXHWKHVHPHGLFDWLRQVIRUWKHGXUDWLRQ
RIWKHWULDOH[FOXGLQJPHGLFDWLRQVDOORZHGIRU
WKHFRQGXFWRIWKHVWXG\WKHUHVSHFWLYHZDVK
RXWSHULRGVDUHUHTXLUHGIRUWKHIROORZLQJ
PHGLFDWLRQV
D 
$QWLKLVWDPLQHVLQFOXGLQJRFXODU
KRXUVSULRUWR9LVLW
E 
2UDODVSLULQRUDVSLULQ±FRQWDLQLQJ
SURGXFWVDOORZHGLIGRVHKDVEHHQVWDEOH
RYHUSDVWGD\VSULRUWR9LVLWDQGQR
FKDQJHLQGRVHLVDQWLFLSDWHGGXULQJWKH
VWXG\SHULRG
F 
&RUWLFRVWHURLGVRUPDVWFHOOVWDELOL]HUV
LQFOXGLQJRFXODUGD\VSULRUWR9LVLW
G 
$Q\PHGLFDWLRQRUDORUWRSLFDONQRZQWR
FDXVHRFXODUGU\LQJWKDWKDVQRWEHHQ
DGPLQLVWHUHGDVDVWDEOHGRVHIRUDWOHDVW
GD\VSULRUWR9LVLWDQGGXULQJWKH
VWXG\
H 
$OORWKHUWRSLFDORSKWKDOPLFSUHSDUDWLRQV
LQFOXGLQJDUWLILFLDOWHDUVXEVWLWXWHVRWKHU
WKDQWKHVWXG\GURSVKRXUVSULRUWR
9LVLW
 +DYHDQXQFRQWUROOHGV\VWHPLFGLVHDVH
 %HDZRPDQZKRLVSUHJQDQWQXUVLQJRU
SODQQLQJDSUHJQDQF\
 %HXQZLOOLQJWRVXEPLWDXULQHSUHJQDQF\WHVW
DW9LVLWDQG9LVLWRUHDUO\WHUPLQDWLRQYLVLW
LIRIFKLOGEHDULQJSRWHQWLDO1RQFKLOGEHDULQJ
SRWHQWLDOLVGHILQHGDVDZRPDQZKRLV
SHUPDQHQWO\VWHULOL]HGHJKDVKDGD
K\VWHUHFWRP\RUWXEDOOLJDWLRQRULVSRVW
PHQRSDXVDOZLWKRXWPHQVHVIRU
FRQVHFXWLYHPRQWKV
 %HDZRPDQRIFKLOGEHDULQJSRWHQWLDOZKRLV
QRWXVLQJDQDFFHSWDEOHPHDQVRIELUWKFRQWURO
DFFHSWDEOHPHWKRGVRIFRQWUDFHSWLRQLQFOXGH
KRUPRQDO±RUDOLPSODQWDEOHLQMHFWDEOHRU
WUDQVGHUPDOFRQWUDFHSWLYHVPHFKDQLFDO±
VSHUPLFLGHLQFRQMXQFWLRQZLWKDEDUULHUVXFKDV
DGLDSKUDJPRUFRQGRPLQWUDXWHULQHGHYLFHRU
VXUJLFDOVWHULOL]DWLRQRISDUWQHU)RUQRQ
VH[XDOO\DFWLYHIHPDOHVDEVWLQHQFHPD\EH
UHJDUGHGDVDQDGHTXDWHPHWKRGRIELUWK
FRQWUROKRZHYHULIWKHVXEMHFWEHFRPHV
VH[XDOO\DFWLYHGXULQJWKHVWXG\VKHPXVWDJUHH
WRXVHDGHTXDWHELUWKFRQWURODVGHILQHGDERYH
IRUWKHUHPDLQGHURIWKHVWXG\
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

 +DYHDNQRZQDOOHUJ\DQGRUVHQVLWLYLW\WRWKH
WHVWDUWLFOHRULWVFRPSRQHQWV
 +DYHDFRQGLWLRQRUEHLQDVLWXDWLRQZKLFKWKH
LQYHVWLJDWRUIHHOVPD\SXWWKHVXEMHFWDW
VLJQLILFDQWULVNPD\FRQIRXQGWKHVWXG\
UHVXOWVRUPD\LQWHUIHUHVLJQLILFDQWO\ZLWKWKH
VXEMHFW¶VSDUWLFLSDWLRQLQWKHVWXG\
 %HFXUUHQWO\HQUROOHGLQDQLQYHVWLJDWLRQDOGUXJ
RUGHYLFHVWXG\RUKDYHXVHGDQLQYHVWLJDWLRQDO
GUXJRUGHYLFHZLWKLQGD\VRI9LVLW
 %HXQDEOHRUXQZLOOLQJWRIROORZLQVWUXFWLRQV
LQFOXGLQJSDUWLFLSDWLRQLQDOOVWXG\DVVHVVPHQWV
DQGYLVLWV
6WXG\)RUPXODWLRQV
x 
<332SKWKDOPLF6ROXWLRQ
x 
<332SKWKDOPLF6ROXWLRQ
x 
<333ODFHER2SKWKDOPLF6ROXWLRQYHKLFOH
(YDOXDWLRQ&ULWHULD
(IILFDF\0HDVXUHV
3ULPDU\(IILFDF\0HDVXUHV
7KHSULPDU\HIILFDF\HQGSRLQWVRIWKHVWXG\DUH
x 
7RWDOFRUQHDOIOXRUHVFHLQVWDLQLQJVLJQRI
VWXG\H\H'D\:HHNXVLQJWKH

x 
2FXODUGLVFRPIRUWV\PSWRPRIERWKH\HV
'D\:HHNDVPHDVXUHGE\WKH

6HFRQGDU\(IILFDF\0HDVXUHV
x 
)OXRUHVFHLQVWDLQLQJRIWKHFRUQHDXVLQJWKH
x 
/LVVDPLQHJUHHQVWDLQLQJRIWKHFRQMXQFWLYD
XVLQJWKH
x 
&RQMXQFWLYDOUHGQHVVRIHDFKH\H
x 
6FKLUPHU¶V7HVWRIHDFKH\H
x 
7HDUILOPEUHDNXSWLPH7)%87RIHDFKH\H
x 
2FXODU6XUIDFH'LVHDVH,QGH[26',
x 
%XUQLQJVWLQJLQJ,WFKLQJ)RUHLJQERG\
VHQVDWLRQ%OXUUHGYLVLRQ3KRWRSKRELD3DLQ
(\H'U\QHVVDVPHDVXUHGE\YLVXDODQDORJ
VFDOH9$6
x 
'DLO\FRPSOLDQFHGLDU\
x 
'URSFRPIRUW
6DIHW\0HDVXUHV
x 
9LVXDODFXLW\
x 
6OLWODPSHYDOXDWLRQ
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

x 
$GYHUVHHYHQWTXHU\
x 
,QWUDRFXODU3UHVVXUH,23
x 
'LODWHGIXQGRVFRS\
*HQHUDO6WDWLVWLFDO0HWKRGVDQG7\SHVRI$QDO\VHV
$QDO\VLV3RSXODWLRQV
x 
,QWHQWWR7UHDW3RSXODWLRQ±7KHLQWHQWWRWUHDW,77SRSXODWLRQLQFOXGHV
x 
3HU3URWRFRO3RSXODWLRQ±7KHSHUSURWRFRO33SRSXODWLRQLQFOXGHV
x 
6DIHW\3RSXODWLRQ±7KHVDIHW\SRSXODWLRQLQFOXGHV

6DPSOH6L]H
7KLVVWXG\LVH[SHFWHGWRHQUROO
VXEMHFWVLQHDFKJURXSIRUDWRWDORI
UDQGRPL]HG
VXEMHFWV2IWKH
UDQGRPL]HGVXEMHFWVDSSUR[LPDWHO\
VXEMHFWVZLOOEHRIILUVWVHFRQG
RUWKLUGJHQHUDWLRQ-DSDQHVHGHVFHQWYHULILHGE\UHYLHZRIVXEMHFW
VIDPLO\WUHHJRYHUQPHQW
DSSURYHG,'HJELUWKFHUWLILFDWHDQGVXEMHFW¶VDIILUPDWLYHUHVSRQVHWRD-DSDQHVHOLIHVW\OH
TXHVWLRQQDLUH $SSUR[LPDWHO\
VXEMHFWV ZLOO EH VFUHHQHG WR HQUROO
 UDQGRPL]HG
VXEMHFWV$VVXPLQJDSSUR[LPDWHO\GURSRXWUDWH
VXEMHFWVSHUJURXSDUHH[SHFWHGWR
FRPSOHWH WKH VWXG\ 7KH VDPSOH VL]H ZLOO DFKLHYH  SRZHU WR GHWHFW D VWDWLVWLFDOO\
VLJQLILFDQWVWDQGDUGL]HGWUHDWPHQWHIIHFWVL]HRI
EHWZHHQDQDFWLYHGRVHDQGSODFHERDW
WKHVLGHGVLJQLILFDQFHOHYHORI
IRUHDFKSULPDU\HQGSRLQW
3ULPDU\(IILFDF\$QDO\VHVIRUWKH3ULPDU\(QGSRLQWV
7KHSULPDU\HIILFDF\HQGSRLQWVWKHFKDQJHVIURPEDVHOLQHWRYLVLWLQWKHWRWDOFRUQHDO
IOXRUHVFHLQVWDLQLQJDQGRFXODUGLVFRPIRUWZLOOEHDQDO\]HGZLWK$129$PRGHOLQFOXGLQJ
WKHWZRUDQGRPL]DWLRQVWUDWLILFDWLRQIDFWRUVDQGWUHDWPHQWLQGLFDWRUDVFRYDULDWHV7KHWZR
VWUDWLILFDWLRQIDFWRUVDUH9LVLWSUH&$(WRWDOFRUQHDOIOXRUHVFHLQVWDLQLQJVFRUH
DQG
9LVLWSUH&$(RFXODUGLVFRPIRUWVFRUH
7KHSULPDU\DQDO\VHVRIWKHSULPDU\
HIILFDF\HQGSRLQWVZLOOEHSHUIRUPHGRQ,77SRSXODWLRQZLWKSUHGHILQHG(VWLPDQG
$QDO\VHVIRU6HFRQGDU\(QGSRLQWV
)RUWRWDOFRUQHDOIOXRUHVFHLQVWDLQLQJVFRUHDQGRFXODUGLVFRPIRUWVFRUHXVLQJWKH9$6D
PL[HGHIIHFWPRGHOZLWKUHSHDWHGPHDVXUHV0050PD\DOVREHXVHGWRREWDLQWKHPHDQ
VFRUHVDWHDFKYLVLWDQGWKHPHDQVFRUHVRIWKHFKDQJHIURPEDVHOLQHDWHDFKSRVWEDVHOLQH
YLVLW7KH,77SRSXODWLRQZLWKWKHREVHUYHGGDWDRQO\ZLOOEHXVHGLQWKHPRGHO7KHPRGHO
ZLOOLQFOXGHWKHIL[HGHIIHFWVXFKDVEDVHOLQHWUHDWPHQWYLVLWLQWHUDFWLRQEHWZHHQWUHDWPHQW
DQGYLVLWDVZHOODVVXEMHFWDVWKHUDQGRPHIIHFW
7KHVHFRQGDU\HIILFDF\HQGSRLQWVZLOOEHDQDO\]HGZLWKWKHREVHUYHGGDWDRQO\LQWKH,77
SRSXODWLRQ&RQWLQXRXVYDULDEOHVZLOOEHVXPPDUL]HGZLWKPHDQDQGFRQILGHQFHLQWHUYDOVE\
WUHDWPHQWJURXSVDQGE\YLVLWV0HDQFKDQJHVIURPEDVHOLQHPD\DOVREHVXPPDUL]HGE\
WUHDWPHQW JURXSV DQG YLVLWV LI DSSURSULDWH $129$ ZLOO EH XVHG WR UHSRUW SYDOXHV IRU
WUHDWPHQWGLIIHUHQFH)RUELQDU\RXWFRPHYDULDEOHVSHUFHQWDJHGLIIHUHQFHDQGDVVRFLDWHG
FRQILGHQFHLQWHUYDOVZLOOEHXVHGWRVXPPDUL]HWKHGDWD&KLVTXDUHWHVWRUORJLVWLFUHJUHVVLRQ
ZLOOEHFRQVLGHUHGIRUUHSRUWLQJSYDOXHV
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

6DIHW\9DULDEOHV
$OOVDIHW\DQDO\VHVZLOOEHSHUIRUPHGRQWKH6DIHW\3RSXODWLRQ
'RVLQJLQIRUPDWLRQIRUHDFKWUHDWPHQWDQGHDFKVXEMHFWZLOOEHOLVWHG'LVFRQWLQXDWLRQRI
WUHDWPHQW ZLOO EH VXPPDUL]HG E\ WUHDWPHQW UHFHLYHG 7KH SULPDU\ UHDVRQ IRU WULDO GUXJ
GLVFRQWLQXDWLRQZLOODOVREHVXPPDUL]HGE\WUHDWPHQWUHFHLYHG
$GYHUVHHYHQWVZLOOEHFRGHGXVLQJWKH0HG'5$GLFWLRQDU\)UHTXHQFLHVDQGSHUFHQWDJHV
RIVXEMHFWVZLWKWUHDWPHQWHPHUJHQWDGYHUVHHYHQWV7($(VVHULRXV7($(VDQG7($(V
FDXVLQJ SUHPDWXUH GLVFRQWLQXDWLRQ ZLOO EH SURYLGHG E\ WUHDWPHQW JURXS 7($(V DUH
XQGHVLUDEOHHYHQWVQRWSUHVHQWSULRUWRPHGLFDOWUHDWPHQWRUDQDOUHDG\SUHVHQWHYHQWWKDW
ZRUVHQVHLWKHULQLQWHQVLW\RUIUHTXHQF\IROORZLQJWKHWUHDWPHQW)XUWKHUPRUHIUHTXHQFLHV
ZLOOEHJLYHQRIVXEMHFWVZLWK7($(VE\V\VWHPRUJDQFODVVE\V\VWHPRUJDQFODVVDQG
SUHIHUUHGWHUPE\V\VWHPRUJDQFODVVSUHIHUUHGWHUPDQGPD[LPDOVHYHULW\E\V\VWHPRUJDQ
FODVVDQGSUHIHUUHGWHUPIRUWUHDWPHQWUHODWHG7($(VDQGE\V\VWHPRUJDQFODVVSUHIHUUHG
WHUPDQGVWXG\GD\RIRQVHW6HSDUDWHVXPPDULHVZLOOEHSHUIRUPHGIRURFXODUDQGQRQ
RFXODU$(V
&RQFRPLWDQW PHGLFDWLRQV ZLOO EH FRGHG XVLQJ WKH PRVW UHFHQW YHUVLRQ RI :+2'UXJ
'LFWLRQDU\DQGVXPPDUL]HGE\WUHDWPHQWJURXS
2WKHU VDIHW\ HQGSRLQWV LQFOXGLQJ YLVXDO DFXLW\ VOLWODPS ELRPLFURVFRS\ LQWUDRFXODU
SUHVVXUHDQGGLODWHGIXQGRVFRS\ZLOOEHVXPPDUL]HGE\WUHDWPHQWDQGYLVLWXVLQJGHVFULSWLYH
VWDWLVWLFV&KDQJHRUVKLIWIURPEDVHOLQHZLOODOVREHVXPPDUL]HGZKHUHDSSURSULDWH)RU
DVVHVVPHQWVSHUIRUPHGE\H\HERWKH\HVZLOOEHVXPPDUL]HGVHSDUDWHO\


<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

7$%/(2)&217(176
63216253(56211(/ 
6<1236,6 
7$%/(2)&217(176 
/,672)$%%5(9,$7,216 
 ,1752'8&7,21 
 
678'<2%-(&7,9(6 
 
&/,1,&$/+<327+(6,6 
 
29(5$//678'<'(6,*1 
 678'<3238/$7,21
 1XPEHURI6XEMHFWV$SSUR[LPDWH 
 6WXG\3RSXODWLRQ&KDUDFWHULVWLFV 
 ,QFOXVLRQ&ULWHULD 
 ([FOXVLRQ&ULWHULD 
 :LWKGUDZDO&ULWHULD,I$SSOLFDEOH 
 678'<3$5$0(7(56 
 (IILFDF\(QGSRLQWV
 
 

3ULPDU\(IILFDF\(QGSRLQWV 
6HFRQGDU\(IILFDF\(QGSRLQWV 
([SORUDWRU\(IILFDF\(QGSRLQWV
 6DIHW\(QGSRLQWV 
 678'<0$7(5,$/6 
 6WXG\7UHDWPHQWV



6WXG\'UXJ)RUPXODWLRQ
'HVFULSWLRQRIDQG-XVWLILFDWLRQIRUWKH5RXWHRI$GPLQLVWUDWLRQ 
'RVDJH'RVDJH5HJLPHQDQG7UHDWPHQW3HULRG
,QVWUXFWLRQVIRU8VHDQG$GPLQLVWUDWLRQ
 /DEHOLQJ3DFNDJLQJ6WRUDJH$FFRXQWDELOLW\DQG5HWXUQRU'LVSRVDORI
,QYHVWLJDWLRQDO3URGXFW
 
 
 

/DEHOLQJ3DFNDJLQJ 
6WRUDJHRI,QYHVWLJDWLRQDO3URGXFW 
$FFRXQWDELOLW\RI,QYHVWLJDWLRQDO3URGXFW 
5HWXUQRU'LVSRVDORI,QYHVWLJDWLRQDO3URGXFW
 2WKHU6WXG\6XSSOLHV 
 678'<0(7+2'6$1'352&('85(6 
 6XEMHFW(QWU\3URFHGXUHV
 
 
 
 

2YHUYLHZ 
,QIRUPHG&RQVHQW 
:DVKRXW,QWHUYDOV 
3URFHGXUHVIRU)LQDO6WXG\(QWU\ 
0HWKRGVIRU$VVLJQPHQWWR7UHDWPHQW*URXSV
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

 &RQFXUUHQW7KHUDSLHV
 
 

3URKLELWHG0HGLFDWLRQV7UHDWPHQWV 
(VFDSH0HGLFDWLRQV 
6SHFLDO'LHWRU$FWLYLWLHV
 ([DPLQDWLRQ3URFHGXUHV
 
3URFHGXUHVWREH3HUIRUPHGDW(DFK6WXG\9LVLWZLWK5HJDUGWR6WXG\
 
 
 
 
 

2EMHFWLYHV 
9LVLW'D\±±&$(6FUHHQLQJ 
9LVLW'D\±&$(&RQILUPDWLRQDQG%DVHOLQH 
9LVLW'D\GD\VZHHN)ROORZXS 
9LVLW'D\GD\VZHHN)ROORZXS 
9LVLW'D\GD\VZHHN)ROORZXS 
9LVLW'D\GD\VZHHN)ROORZXSDQG6WXG\([LW
 6FKHGXOHRI9LVLWV0HDVXUHPHQWVDQG'RVLQJ
 

6FKHGXOHG9LVLWV 
8QVFKHGXOHG9LVLWV
 &RPSOLDQFHZLWK3URWRFRO 
 6XEMHFW'LVSRVLWLRQ 
 
&RPSOHWHG6XEMHFWV 
 
'LVFRQWLQXHG6XEMHFWV 
 6WXG\7HUPLQDWLRQ 
 6WXG\'XUDWLRQ 
 0RQLWRULQJDQG4XDOLW\$VVXUDQFH 
 $'9(56((9(176 
 $GYHUVH(YHQW$(
 
 

6HYHULW\ 
5HODWLRQVKLSWR,QYHVWLJDWLRQDO3URGXFW 
([SHFWHGQHVV
 6HULRXV$GYHUVH(YHQWV 
 3URFHGXUHVIRU5HSRUWLQJ6HULRXV$GYHUVH(YHQWV 
 
5HSRUWLQJD6HULRXV8QH[SHFWHG6XVSHFWHG$GYHUVH5HDFWLRQ 
 
5HSRUWLQJD6HULRXV$GYHUVH(YHQW 
 3URFHGXUHVIRU8QPDVNLQJ,I$SSOLFDEOH 
 7\SHDQG'XUDWLRQRIWKH)ROORZ8SRI6XEMHFWV$IWHU$GYHUVH(YHQWV 
 67$7,67,&$/+<327+(6(6$1'0(7+2'62)$1$/<6,6 
 $QDO\VLV3RSXODWLRQV 
 7KH3ULPDU\(QGSRLQWV 
(VWLPDQG'HILQLWLRQIRUWKH3ULPDU\(QGSRLQWV 
6WDWLVWLFDO+\SRWKHVHVIRUWKH3ULPDU\(QGSRLQWV 
 6HFRQGDU\(QGSRLQWV 
6DPSOH6L]H
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

6WDWLVWLFDO$QDO\VLV 
 *HQHUDO&RQVLGHUDWLRQV 
 8QLWRI$QDO\VLV 
 0LVVLQJ'DWD 
 0XOWLSOLFLW\&RQVLGHUDWLRQ 
 (IILFDF\$QDO\VHV 
 3ULPDU\$QDO\VHVRIWKH3ULPDU\(IILFDF\(QGSRLQWV 
 6HQVLWLYLW\$QDO\VHVIRUWKH3ULPDU\(IILFDF\(QGSRLQWV 
 $QDO\VHVRIWKH6HFRQGDU\(IILFDF\(QGSRLQWV
 
 

6DIHW\9DULDEOHV 
6XEJURXS$QDO\VHVIRUWKH3ULPDU\(IILFDF\(QGSRLQWV 
,QWHULP$QDO\VHV
 &203/,$1&(:,7+*22'&/,1,&$/35$&7,&(6(7+,&$/
&216,'(5$7,216$1'$'0,1,675$7,9(,668(6
 3URWHFWLRQRI+XPDQ6XEMHFWV 
 6XEMHFW,QIRUPHG&RQVHQW 
 ,QVWLWXWLRQDO5HYLHZ%RDUG,5%$SSURYDO 
 (WKLFDO&RQGXFWRIWKH6WXG\ 
 6XEMHFW&RQILGHQWLDOLW\ 
 'RFXPHQWDWLRQ 
5HWHQWLRQRI'RFXPHQWDWLRQ 
 5HFRUGLQJRI'DWDRQ6RXUFH'RFXPHQWVDQG&DVH5HSRUWV)RUPV&5)V 
 3XEOLFDWLRQV 
 5()(5(1&(6 
 $33(1',&(6 
 $SSHQGL[6FKHGXOHRI9LVLWVDQG0HDVXUHPHQWV 
 $SSHQGL[([DPLQDWLRQ3URFHGXUHV7HVWV	(YDOXDWLRQV 
 $SSHQGL[3URWRFRO$PHQGPHQW6XPPDU\ 
 $SSHQGL[6SRQVRUDQG2UD$SSURYDOV 
 $SSHQGL[,QYHVWLJDWRU¶V6LJQDWXUH
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

/,672)$%%5(9,$7,216
$(
$GYHUVH(YHQW
$1&29$
$QDO\VLVRI&RYDULDQFH
%,'
7ZLFH'DLO\
&$(
&RQWUROOHG$GYHUVH(QYLURQPHQW
&'V
&RPSDFW'LVFV
&)5
&RGHRI)HGHUDO5HJXODWLRQV
&5)
&DVH5HSRUW)RUP
&03
&ROODJHQ0LPHWLF3HSWLGH
&52
&RQWUDFW5HVHDUFK2UJDQL]DWLRQ
'('
'U\(\H'LVHDVH
H&5)
HOHFWURQLF&DVH5HSRUW)RUP
(7'56
(DUO\7UHDWPHQW'LDEHWLF5HWLQRSDWK\6WXG\
('6
(\H'U\QHVV
)'$
86)RRGDQG'UXJ$GPLQLVWUDWLRQ
*&3
*RRG&OLQLFDO3UDFWLFH
+&(&
+XPDQ&RUQHDO(SLWKHOLDO&HOO
3%0&
3HULSKHUDO%ORRG0RQRQXFOHDU&HOOV
+,3$$
+HDOWK,QVXUDQFH3RUWDELOLW\DQG$FFRXQWDELOLW\$FW
,%
,QYHVWLJDWRU¶VEURFKXUH
,&)
,QIRUPHG&RQVHQW)RUP
,&+
,QWHUQDWLRQDO&RQIHUHQFHRQ+DUPRQLVDWLRQ
,(&
,QGHSHQGHQW(WKLFV&RPPLWWHH
,1'
,QYHVWLJDWLRQDO1HZ'UXJ$SSOLFDWLRQ
,23
,QWUDRFXODU3UHVVXUH
,3
,QYHVWLJDWLRQDO3URGXFW
,5%
,QVWLWXWLRQDO5HYLHZ%RDUG
,77
,QWHQW7R7UHDW
,:56
,QWHUDFWLYH:HE5HVSRQVH6\VWHP
/$6,.
/DVHU,Q6LWX.HUDWRPLOHXVLV
/2&)
/DVW2EVHUYDWLRQ&DUULHG)RUZDUG
ORJ0$5
/RJDULWKPRIWKH0LQLPXP$QJOHRI5HVROXWLRQ
0&0&
0DUNRY&KDLQ0RQWH&DUOR
0HG'5$
0HGLFDO'LFWLRQDU\IRU5HJXODWRU\$FWLYLWLHV
1&6
1RW&OLQLFDOO\6LJQLILFDQW
1(,
1DWLRQDO(\H,QVWLWXWH
2&7
2SWLFDO&RKHUHQFH7RPRJUDSK\
2'
5LJKW(\H
2'6
2FXODU'LVFRPIRUW6FDOH
23
2FXODU3DLQ
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

26',
2FXODU6XUIDFH'LVHDVH,QGH[
3,
3ULQFLSDO,QYHVWLJDWRU
33
3HU3URWRFRO
6$(
6HULRXV$GYHUVH(YHQW
6$3
6WDWLVWLFDO$QDO\VLV3ODQ
623
6WDQGDUG2SHUDWLQJ3URFHGXUH
7)%87
7HDU)LOP%UHDN8SWLPH
7($(V
7UHDWPHQW(PHUJHQW$GYHUVH(YHQWV
70)
7ULDO0DVWHU)LOH
9$
9LVXDO$FXLW\
9$6
9LVXDO$QDORJ6FDOH
:+2
:RUOG+HDOWK2UJDQL]DWLRQ
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

 
,1752'8&7,21
8QWLO UHFHQWO\ 'U\ (\H 'LVHDVH '(' KDV EHHQ FRQVLGHUHG D PXOWLIDFWRULDO 
SURJUHVVLYHGLVRUGHURIWKHRFXODUVXUIDFHUHVXOWLQJIURPLQVXIILFLHQWWHDUFRYHUDJHRI 
WKHFRUQHDDQGFRQMXQFWLYDDFFRPSDQLHGE\RFXODUVXUIDFHLQIODPPDWLRQ
3DWLHQWV ZLWK '(' RIWHQ H[SHULHQFH VHYHUH EXUQLQJ DQG SDLQ 7KHVH V\PSWRPV DUH 
DVVRFLDWHGZLWKWHDUILOPK\SHURVPRODULW\DQGLQVWDELOLW\LQIODPPDWLRQDQGZRXQGLQJ 
RIWKHFRUQHDOHSLWKHOLXPDQGWKHFROODJHQVXEVWUDWH%RZPDQ¶VOD\HUXSRQZKLFKLW 
DGKHUHVDQGUHQHZV:KLOHWKHSUHYDOHQFHRI'('LVGLIILFXOWWRUHSRUWGXHWRYDU\LQJ 
GHILQLWLRQVDQGGLDJQRVWLFFULWHULDWKHGLVHDVHDIIHFWVDQHVWLPDWHGRIWKHJOREDO 
SRSXODWLRQHJSHRSOHZLWKVRPHUHJLRQVRIWKHZRUOGUHIOHFWLQJ 
*D\WRQ7KHLQFLGHQFHRI'('LQFUHDVHVZLWKDJH%URQHWDO,QWKH 
8QLWHG6WDWHVLWLVHVWLPDWHGWKDWDVPDQ\DVPLOOLRQZRPHQDQGPLOOLRQPHQ 
RYHUWKHDJHRIKDYH'('ZLWKDSURMHFWWHGLQFUHDVHLQQXPEHURISDWLHQWV 
DIIHFWHGE\6FKDXPEHUJ'DQDHWDO6FKDXPEHUJ8FKLQRHWDO 
(YHQ VR WKH DJH RI RQVHW RI '(' LV GHFUHDVLQJ DV LQFLGHQFH LQFUHDVHV ZLWK WKH 
ZLGHVSUHDG DQG JURZLQJ XVH RI FHOO SKRQHV DQG KDQGKHOG FRPSXWHUV DQG UHDGLQJ 
GHYLFHV 6LGH HIIHFWV RI WRSLFDO JODXFRPD PHGLFDWLRQV FDQ DOVR DJJUDYDWH '(' 
V\PSWRPV 7KLV WRR UHSUHVHQWV D VXEVWDQWLDO SUREOHP DV WKH QXPEHU RI JODXFRPD 
SDWLHQWVVRRQZLOODSSURDFKPLOOLRQZRUOGZLGHDVWKHSRSXODWLRQDJHV4XLJOH\DQG 
%URPDQ
:KLOH WKH HWLRORJ\ RI '(' LV GLYHUVH FRPPRQDOLW\ LQ VLJQV DQG V\PSWRPV LV 
VXJJHVWLYHRIFRPPRQXQGHUO\LQJSDWKRSK\VLRORJLFDOSDWKZD\V&XUUHQWWUHDWPHQWDQG 
PDQDJHPHQW RI '(' FRQVLVWV SULPDULO\ RI WHDU VXSSOHPHQWDWLRQ ZLWK OXEULFDQWV 
DUWLILFLDOWHDUV:KLOHDUWLILFLDOWHDUVLPSURYHV\PSWRPVDVVRFLDWHGZLWK'('WKH\ 
KDYHQRHIIHFWRQUHVROYLQJWKHXQGHUO\LQJFRQGLWLRQVWKDWOHDGWRLQIODPPDWLRQRIWKH 
RFXODUVXUIDFH7KUHHFXUUHQWO\DYDLODEOHRSWLRQVIRUWUHDWLQJLQIODPPDWLRQDWWKHRFXODU 
VXUIDFH DUH 5HVWDVLV F\FORVSRULQH RSKWKDOPLF HPXOVLRQ &HTXD QDQRPLFHOODU 
VROXWLRQ RI F\FORVSRULQH DQG ;LLGUD OLILWHJUDVW RSKWKDOPLF VROXWLRQ ,W KDV EHHQ 
VKRZQWKDWRQO\RISDWLHQWVUHVSRQGWR5HVWDVLVDIWHUPRQWKVRIWUHDWPHQWDV 
PHDVXUHGE\6FKLUPHU¶VWHVWDQGPDQ\PRUHUHSRUWRFXODUVLGHHIIHFWVVXFKDVEXUQLQJ 
DQG VWLQJLQJ 0DK HW DO  &HTXD DQG ;LLGUD KDYH DOVR EHHQ VKRZQ WR EH 
DVVRFLDWHGZLWKRFXODUDGYHUVHHYHQWVLQFOLQLFDOVWXGLHVRI&HTXDDQG;LLGUDIRU 
VXEMHFWVZLWK'('VXEMHFWVUHSRUWHGLQFUHDVHGRFXODULUULWDWLRQXSRQLQVWLOODWLRQZLWK 
&HTXDDQG;LLGUDFRPSDUHGWRSODFHERFRPSDUHGWRLQWKHSODFHER 
JURXS IRU &HTXD DQG  FRPSDUHG WR  LQ WKH SODFHER JURXS IRU ;LLGUD 
7DXEHUHWDO0DQGDOHWDO7ZRUHFHQWO\DSSURYHGRSWLRQV(<689,6 
ORWHSUHGQROHWDERQDWHRSKWKDOPLFVXVSHQVLRQDQG7<59$<$YDUHQLFOLQHVROXWLRQ 
QDVDOVSUD\KDYHEHFRPHDYDLODEOHRSWLRQVIRU'('$VDWRSLFDOVWHURLG(<689,6 
KDV D OLPLWHG ODEHO VKRUWWHUP XVH IRU XS WR WZR ZHHNV .RUHQIHOG HW DO  
7<59$<$ SURGXFHV WHDU SURGXFWLRQ DV D UHVXOW  RI WKH QDVDO VSUD\ WULJJHULQJ 
WULJHPLQDO QHUYH WHDU SURGXFWLRQ :LUWD HW DO  $V VXFK (<689,6 DQG 
7<59$<$DUHHLWKHUOLPLWHGLQXVHRUGRQRWDGGUHVVWKHLQIODPPDWRU\SURFHVVHVRI 
GU\H\HGLVHDVH7KXVWKHUHUHPDLQVDPHGLFDOQHHGIRUPRUHHIILFDFLRXVWUHDWPHQW 
RSWLRQVZLWKDIDYRUDEOHVDIHW\DQGFRPIRUWSURILOHIRUSDWLHQWVZLWK'('



<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

<X\X 3KDUPD ,QF LV GHYHORSLQJ <33 3HSWLGH D V\QWKHWLF SHSWLGH ZLWK DQWL
LQIODPPDWRU\DQGZRXQGKHDOLQJSURSHUWLHVWRWUHDWWKHVLJQVDQGV\PSWRPVRI'('
,Q SURRIRIFRQFHSW SUHFOLQLFDO HIILFDF\ VWXGLHV <33 3HSWLGH FRQVLVWHQWO\ DQG
VLJQLILFDQWO\LPSURYHGFRUQHDOGDPDJHLQGXFHGE\GU\H\HFRQGLWLRQVLQPRXVHDQGUDW
PRGHOV7KLVLPSURYHPHQWZDVPRUHHIILFDFLRXVDQGSRWHQWWKDQDSSURYHGGU\H\H
GUXJVHJ;LLGUD5HVWDVLV)LQGLQJVIURPQRQFOLQLFDOVWXGLHVDOVRVXJJHVWWKDW
LPSURYHPHQWLQFRUQHDOGDPDJHLQGU\H\HFRQGLWLRQVLVUHODWHGWR<333HSWLGH¶V
DQWLLQIODPPDWRU\ SURSHUWLHV GXH WR REVHUYHG UHGXFWLRQ LQ F\WRNLQHV DQG
SURLQIODPPDWRU\ FKHPRNLQHV LQ WHDUV IURP WKH GU\ H\H UDW PRGHO +XPDQ &RUQHDO
(SLWKHOLDO&HOOV+&(&VDQG+XPDQ3HULSKHUDO%ORRG0RQRQXFOHDU&HOOV3%0&V
FHOOXODUVWXGLHV

678'<2%-(&7,9(6
7KHREMHFWLYHRIWKLVVWXG\LVWRFRPSDUHWKHVDIHW\DQGHIILFDF\RI<332SKWKDOPLF
6ROXWLRQWRSODFHERIRUWKHWUHDWPHQWRIWKHVLJQVDQGV\PSWRPVRIGU\H\H

&/,1,&$/+<327+(6,6
7KHFOLQLFDOK\SRWKHVLVIRUWKLVVWXG\LVWKDW<332SKWKDOPLF6ROXWLRQWZLFH
GDLO\ %,' DQG  <33 2SKWKDOPLF 6ROXWLRQ %,' DUH VXSHULRU WR <33
3ODFHER 2SKWKDOPLF 6ROXWLRQ YHKLFOH IRU WKH SULPDU\ HQGSRLQWV RI VLJQV DQG
V\PSWRPVRIGU\H\HDVIROORZV
x 6LJQ7RWDOFRUQHDOIOXRUHVFHLQVWDLQLQJVFRUHRIWKHVWXG\H\HXVLQJWKH
PHDVXUHGE\PHDQFKDQJHIURPEDVHOLQH9LVLW
3UH&RQWUROOHG$GYHUVH(QYLURQPHQW>&$(@WR9LVLW
x 6\PSWRP2FXODUGLVFRPIRUWVFRUHRIERWKH\HVXVLQJWKH
 PHDVXUHG E\ PHDQ FKDQJH IURP
EDVHOLQH9LVLW3UH&$(WR9LVLW

29(5$//678'<'(6,*1
7KLVLVD3KDVHPXOWLFHQWHUUDQGRPL]HGGRXEOHPDVNHGSODFHERFRQWUROOHGFOLQLFDO
VWXG\6XEMHFWVZLOOEHUDQGRPL]HGWRRQHRIWKHIROORZLQJWUHDWPHQWDUPVDW9LVLW
'D\
x <332SKWKDOPLF6ROXWLRQGURS%,'LQHDFKH\H1 

x <332SKWKDOPLF6ROXWLRQGURS%,'LQHDFKH\H1 

x <333ODFHER2SKWKDOPLF6ROXWLRQYHKLFOHGURS%,'LQHDFKH\H
1 

$SSUR[LPDWHO\
 VXEMHFWV ZLOO EH UDQGRPO\ DVVLJQHG WR RQH RI WKH WKUHH JURXSV
WRUHFHLYHHLWKHU<332SKWKDOPLF6ROXWLRQRUSODFHERVROXWLRQDVWRSLFDO
RSKWKDOPLFGURSVDGPLQLVWHUHGELODWHUDOO\%,'IRUZHHNV2IWKH
UDQGRPL]HG
VXEMHFWVDSSUR[LPDWHO\
VXEMHFWVZLOOEHRIILUVWVHFRQGRUWKLUGJHQHUDWLRQ-DSDQHVH
GHVFHQWYHULILHGE\UHYLHZRIVXEMHFW¶VIDPLO\WUHHJRYHUQPHQWDSSURYHG,'HJ
ELUWK FHUWLILFDWH DQG DIILUPDWLYH UHVSRQVH WR D -DSDQHVH OLIHVW\OH TXHVWLRQQDLUH
,QFOXVLRQRI-DSDQHVHVXEMHFWVZLOORQO\EHDSSOLFDEOHDWRQHVLWH$HVWKHWLF(\H&DUH
,QVWLWXWH &$ 6XEMHFWV 6SRQVRU &RQWUDFW 5HVHDUFK 2UJDQL]DWLRQ &52 DQG VLWH
SHUVRQQHOZLOOEHPDVNHGWRWUHDWPHQWDVVLJQPHQW

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

'XULQJWKHGD\VWXG\UXQLQSHULRGSULRUWRUDQGRPL]DWLRQDOOVXEMHFWVZLOOUHFHLYH
<333ODFHER2SKWKDOPLF6ROXWLRQYHKLFOHLQHDFKH\H%,'
'XULQJWKHVFUHHQLQJSHULRGWZRPLQXWHH[SRVXUHVWRWKH&$(ZLOOEHFRQGXFWHG
WRDVFHUWDLQHOLJLELOLW\WRHQWHUWKHVWXG\DW9LVLW'D\GD\DQG9LVLW'D\
6XEMHFWVZKRTXDOLI\DIWHUWKHLQLWLDOVFUHHQLQJYLVLWZLOOHQWHUWKHUXQLQSKDVHZKHUH
WKH\ZLOOVHOIDGPLQLVWHUYHKLFOH%,'IRUDSSUR[LPDWHO\GD\V7KRVHZKRTXDOLI\DW
9LVLW'D\ZLOOEHUDQGRPL]HGWRUHFHLYHVWXG\GUXJLQDGRXEOHPDVNHGIDVKLRQ
IRUZHHNV6XEMHFWVZLOOVHOIDGPLQLVWHUGURSV%,'DQGZLOOFRPSOHWHGDLO\GLDU\
DVVHVVPHQWVDVLQVWUXFWHG
7KH&$(H[SRVXUHZLOORFFXUDW9LVLW'D\GD\DQG9LVLW'D\ZLWK
3UH&$(GXULQJ&$(DQG3RVW&$(DVVHVVPHQWVRIRFXODUVLJQVDQGV\PSWRPV
6WXG\GUXJZLOOEHGLVFRQWLQXHGDW9LVLW6XEMHFWVZLOOH[LWIURPWKHVWXG\DWWKLVYLVLW
7KHWRWDOQXPEHURIH[SHFWHGSDUWLFLSDQWVLQFOXGLQJVFUHHQIDLOXUHVLVDSSUR[LPDWHO\
VXEMHFWV
$VWXG\GHVLJQIORZFKDUWLVSURYLGHGEHORZ
9LVLW
'D\GD\
&$(6FUHHQLQJ
3UH&$(
x 
,QIRUPHG&RQVHQW+HDOWK,QVXUDQFH
3RUWDELOLW\DQG$FFRXQWDELOLW\$FW+,3$$
x 
'HPRJUDSKLF'DWDDQG
0HGLFDO0HGLFDWLRQ2FXODU+LVWRU\
x 
5HYLHZRI)DPLO\7UHH*RYHUQPHQWDSSURYHG
,'HJ%LUWK&HUWLILFDWHDQG-DSDQHVH
/LIHVW\OH4XHVWLRQQDLUH-DSDQHVHVXEJURXS
RQO\
x 
5HYLHZRI,QFOXVLRQ([FOXVLRQ&ULWHULD
x 
$GYHUVH(YHQW4XHU\
x 
8ULQH3UHJQDQF\7HVWLQJIRU
IHPDOHVRIFKLOGEHDULQJSRWHQWLDO
x 
2UD&DOLEUD2FXODU'LVFRPIRUW
6FDOH	6\PSWRP
4XHVWLRQQDLUH
x 
2FXODU6XUIDFH'LVHDVH,QGH[
26',4XHVWLRQQDLUH
x 
2FXODU'LVFRPIRUWDVPHDVXUHGE\

x 
%XUQLQJVWLQJLQJ,WFKLQJ)RUHLJQERG\
VHQVDWLRQ%OXUUHGYLVLRQ3KRWRSKRELD
3DLQ(\H'U\QHVVDVPHDVXUHGE\

x 
9LVXDO$FXLW\(DUO\7UHDWPHQW
'LDEHWLF5HWLQRSDWK\6WXG\
>(7'56@
x 
6OLW/DPS%LRPLFURVFRS\
x 
2UD&DOLEUD&RQMXQFWLYDO5HGQHVV6FDOH
x 
7)%87
x 
)OXRUHVFHLQ6WDLQLQJ
x 
/LVVDPLQH*UHHQ6WDLQLQJ
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

x 
6RGLXP)OXRUHVFHLQ6WDLQLQJEDVHGRQ2UD
&DOLEUD*UDGLQJ6FDOH
x 
6FKLUPHU¶V7HVW
6FUHHQLQJ&KDOOHQJH&$(
x 
6XEMHFWVPHHWLQJDOORIWKHDERYHHYDOXDWLRQ
3UH±&$(FULWHULDZLOOXQGHUJRIXUWKHU
VFUHHQLQJHYDOXDWLRQLQWKH&$(6XEMHFWV
ZLOOEHH[SRVHGWRWKH&$(IRUPLQXWHV
2FXODU'LVFRPIRUW6FDOH2'6VHOI
DVVHVVPHQWVFRUHVZLOOEHREWDLQHGMXVWSULRU
WRHQWHULQJDWPLQGXULQJDQGMXVWDIWHUWKH
&$(H[SRVXUHDWPLQ'XULQJWKH&$(
H[SRVXUH2'6VFRUHVZLOOEHFROOHFWHGDW
WLPHDQGHYHU\PLQXWHVWKHUHDIWHU
WKURXJKRXWWKHPLQXWHV
3RVW±&$(
x 
6OLW/DPS%LRPLFURVFRS\
x 
2UD&DOLEUD&RQMXQFWLYDO5HGQHVV6FDOH
x 
7)%87
x 
6RGLXP)OXRUHVFHLQ6WDLQLQJEDVHGRQ2UD
&DOLEUD*UDGLQJ6FDOH
x 
,QWUDRFXODU3UHVVXUH,23
x 
'LODWHG)XQGRVFRS\
x 
5HYLHZRI,QFOXVLRQ([FOXVLRQ&ULWHULD
x 
6WXG\'UXJ,QVWLOODWLRQDWWKH6WXG\6LWH
x 
3ODFHER'LVSHQVDWLRQ
x 
0RQLWRULQJDQG4XHU\RI$(V
x 
6FKHGXOH1H[W9LVLW

3ODFHER5XQLQ3HULRGaGD\V

9LVLW
'D\
&$(&RQILUPDWLRQ%DVHOLQH
3UH&$(
x 
6WXG\'LDU\5XQLQ&ROOHFWLRQ
x 
0HGLFDODQG0HGLFDWLRQ+LVWRU\8SGDWH
x 
5HYLHZRI,QFOXVLRQ([FOXVLRQ&ULWHULD
x 
$(TXHU\
x 
2UD&DOLEUD2FXODU'LVFRPIRUW6FDOH	
6\PSWRP4XHVWLRQQDLUH
x 
26',4XHVWLRQQDLUH
x 
2FXODU'LVFRPIRUWDVPHDVXUHGE\
x 
%XUQLQJVWLQJLQJ,WFKLQJ)RUHLJQERG\
VHQVDWLRQ%OXUUHGYLVLRQ3KRWRSKRELD
3DLQ(\H'U\QHVVDVPHDVXUHGE\

x 
9LVXDO$FXLW\(7'56
x 
6OLW/DPS%LRPLFURVFRS\
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

x 
2UD&DOLEUD&RQMXQFWLYDO5HGQHVV6FDOH
x 
7)%87
x 
)OXRUHVFHLQ6WDLQLQJ
x 
/LVVDPLQH*UHHQ6WDLQLQJ
x 
6RGLXP)OXRUHVFHLQ6WDLQLQJEDVHGRQ2UD
&DOLEUD*UDGLQJ6FDOH
x 
6FKLUPHU¶V7HVW
&RQILUPDWRU\6FUHHQLQJ&KDOOHQJH&$(
x 
6XEMHFWVZLOOEHH[SRVHGWRWKH&$(IRU
PLQXWHV2FXODUGLVFRPIRUWVHOI±DVVHVVPHQW
VFRUHV2'6ZLOOEHREWDLQHGMXVWSULRUWR
HQWHULQJDWPLQGXULQJDQGMXVWDIWHUWKH
&$(H[SRVXUHDWPLQ'XULQJWKH
&$(H[SRVXUH2'6ZLOOEHFROOHFWHGDW
WLPHDQGHYHU\PLQXWHVWKHUHDIWHU
WKURXJKRXWWKHPLQXWHV
3RVW±&$(
x 
6OLW/DPS%LRPLFURVFRS\
x 
2UD&DOLEUD&RQMXQFWLYDO5HGQHVV6FDOH
x 
7)%87
x 
6RGLXP)OXRUHVFHLQ6WDLQLQJEDVHGRQ2UD
&DOLEUD*UDGLQJ6FDOH
x 
5HYLHZRI,QFOXVLRQ([FOXVLRQ&ULWHULD
x 
5DQGRPL]DWLRQ
x 
6WXG\'UXJ,QVWLOODWLRQDWWKH6WXG\6LWH
x 
'URS&RPIRUW$VVHVVPHQW
x 
0RQLWRULQJDQG4XHU\RI$(V
x 
6WXG\'UXJ'LDU\6WXG\'UXJ'LVSHQVDWLRQ
x 
6XEMHFWVZLOOEHVFKHGXOHGIRU9LVLW

9LVLW
'D\GD\V
ZHHN)ROORZXS
x 
6WXG\'LDU\6WXG\'UXJ&ROOHFWLRQ
x 
0HGLFDO0HGLFDWLRQ+LVWRU\8SGDWH
x 
5HYLHZRI,QFOXVLRQ([FOXVLRQ&ULWHULD
x 
$(TXHU\
x 
26',4XHVWLRQQDLUH
x 
2FXODU'LVFRPIRUWDVPHDVXUHGE\

x 
%XUQLQJVWLQJLQJ,WFKLQJ)RUHLJQERG\
VHQVDWLRQ%OXUUHGYLVLRQ3KRWRSKRELD
3DLQ(\H'U\QHVVDVPHDVXUHGE\

x 
9LVXDO$FXLW\(7'56
x 
2UD&DOLEUD&RQMXQFWLYDO5HGQHVV6FDOH
x 
6OLW/DPS%LRPLFURVFRS\
x 
7)%87
x 
)OXRUHVFHLQ6WDLQLQJ
x 
/LVVDPLQH*UHHQ6WDLQLQJ
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

x 
$WOHDVWPLQXWHZDLWEHWZHHQOLVVDPLQH
JUHHQVWDLQLQJDQG6FKLUPHU¶VWHVW
x 
6FKLUPHU¶VWHVW
x 
6WXG\'UXJ'LDU\6WXG\'UXJ'LVSHQVDWLRQ
x 
6WXG\'UXJ,QVWLOODWLRQDWWKH6WXG\6LWH
x 
6XEMHFWVZLOOEHVFKHGXOHGIRU9LVLW

9LVLW
'D\GD\V
ZHHN)ROORZXS
x 
6WXG\'LDU\6WXG\'UXJ&ROOHFWLRQ
x 
0HGLFDODQG0HGLFDWLRQ+LVWRU\8SGDWH
x 
5HYLHZRI,QFOXVLRQ([FOXVLRQ&ULWHULD
x 
$(TXHU\
x 
26',4XHVWLRQQDLUH
x 
2FXODU'LVFRPIRUWDVPHDVXUHGE\

x 
%XUQLQJVWLQJLQJ,WFKLQJ)RUHLJQERG\
VHQVDWLRQ%OXUUHGYLVLRQ3KRWRSKRELD
3DLQ(\H'U\QHVVDVPHDVXUHGE\

x 
9LVXDO$FXLW\(7'56
x 
2UD&DOLEUD&RQMXQFWLYDO5HGQHVV6FDOH
x 
6OLW/DPS%LRPLFURVFRS\
x 
7)%87
x 
)OXRUHVFHLQ6WDLQLQJ
x 
/LVVDPLQH*UHHQ6WDLQLQJ
x 
$WOHDVWPLQXWHZDLWEHWZHHQOLVVDPLQH
JUHHQVWDLQLQJDQG6FKLUPHU¶VWHVW
x 
6FKLUPHU¶VWHVW
x 
6WXG\'UXJ'LDU\6WXG\'UXJ'LVSHQVDWLRQ
3ULRUWRGLVFKDUJHIURPWKHVWXG\VLWHRQ9LVLW
'D\GD\VUDQGRPL]HGVXEMHFWVZLOO
EHHGXFDWHGLQVWXG\GUXJGLDU\UHFRUGLQJDQG
VHOI±DGPLQLVWUDWLRQRIVWXG\GUXJ6XEMHFWV
ZLOOUHFHLYHWKHLUDVVLJQHGVWXG\GUXJNLWZLWK
VXIILFLHQWVXSSO\WRODVWXQWLO9LVLW
x 
6WXG\'UXJ,QVWLOODWLRQDWWKH6WXG\6LWH
x 
6XEMHFWVZLOOEHVFKHGXOHGIRU9LVLW

9LVLW
'D\GD\V
ZHHN)ROORZXS
x 
6WXG\'LDU\6WXG\'UXJ&ROOHFWLRQ
x 
0HGLFDODQG0HGLFDWLRQ+LVWRU\8SGDWH
x 
5HYLHZRI,QFOXVLRQ([FOXVLRQ&ULWHULD
x 
$(TXHU\
x 
26',4XHVWLRQQDLUH
x 
2FXODU'LVFRPIRUWDVPHDVXUHGE\

x 
%XUQLQJVWLQJLQJ,WFKLQJ)RUHLJQERG\
VHQVDWLRQ%OXUUHGYLVLRQ3KRWRSKRELD
3DLQ(\H'U\QHVVDVPHDVXUHGE\

x 
9LVXDO$FXLW\(7'56
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

x 
2UD&DOLEUD&RQMXQFWLYDO5HGQHVV6FDOH
x 
6OLW/DPS%LRPLFURVFRS\
x 
7)%87
x 
)OXRUHVFHLQ6WDLQLQJ
x 
/LVVDPLQH*UHHQ6WDLQLQJ
x 
$WOHDVWPLQXWHZDLWEHWZHHQOLVVDPLQH
JUHHQVWDLQLQJDQG6FKLUPHU¶VWHVW
x 
6FKLUPHU¶VWHVW
x 
6WXG\'UXJ'LDU\6WXG\'UXJ'LVSHQVDWLRQ
x 
6WXG\'UXJ,QVWLOODWLRQDWWKH6WXG\6LWH
x 
6XEMHFWVZLOOEHVFKHGXOHGIRU9LVLW

9LVLW
'D\GD\V
:HHN)ROORZ8SDQG
6WXG\([LW
x 
6WXG\'LDU\6WXG\'UXJ&ROOHFWLRQ
x 
0HGLFDODQG0HGLFDWLRQ+LVWRU\8SGDWH
x 
5HYLHZRI,QFOXVLRQ([FOXVLRQ&ULWHULD
x 
8ULQH3UHJQDQF\7HVWIRUIHPDOHVRI
FKLOGEHDULQJSRWHQWLDO:RPHQRI
FKLOGEHDULQJSRWHQWLDOPXVWKDYHDQHJDWLYH
XULQHSUHJQDQF\WHVWWRFRQWLQXHLQWKHVWXG\
x 
$(TXHU\
x 
26',4XHVWLRQQDLUH
x 
2FXODU'LVFRPIRUWDVPHDVXUHGE\

x 
%XUQLQJVWLQJLQJ,WFKLQJ)RUHLJQERG\
VHQVDWLRQ%OXUUHGYLVLRQ3KRWRSKRELD
3DLQ(\H'U\QHVVDVPHDVXUHGE\

x 
9LVXDO$FXLW\(7'56
x 
2UD&DOLEUD&RQMXQFWLYDO5HGQHVV6FDOH
x 
6OLW/DPS%LRPLFURVFRS\
x 
7)%87
x 
)OXRUHVFHLQ6WDLQLQJ
x 
/LVVDPLQH*UHHQ6WDLQLQJ
x 
$WOHDVWPLQXWHZDLWEHWZHHQOLVVDPLQH
JUHHQVWDLQLQJDQG6FKLUPHU¶VWHVW
x 
6FKLUPHU¶VWHVW
x 
,23
x 
'LODWHG)XQGRVFRS\
x 
6WXG\([LW


<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI


678'<3238/$7,21

1XPEHURI6XEMHFWV$SSUR[LPDWH
,WLVHVWLPDWHGWKDWDSSUR[LPDWHO\
VXEMHFWVZLOOEHVFUHHQHGWRHQUROODSSUR[LPDWHO\
 UDQGRPL]HG VXEMHFWV 
 LQ HDFK JURXS 6XEMHFWV ZLOO EH UDQGRPL]HG LQ HDFK
WUHDWPHQWDUP6XEMHFWVZLOOEHUDQGRPL]HGLQD
UDWLRRI
x 
<332SKWKDOPLF6ROXWLRQ
x 
<332SKWKDOPLF6ROXWLRQ
x 
<333ODFHER2SKWKDOPLF6ROXWLRQYHKLFOH
2IWKH
UDQGRPL]HGVXEMHFWVDSSUR[LPDWHO\
VXEMHFWVZLOOEHRIILUVWVHFRQGRU
WKLUG JHQHUDWLRQ -DSDQHVH GHVFHQW YHULILHG E\ UHYLHZ RI VXEMHFW
V IDPLO\ WUHH
JRYHUQPHQWDSSURYHG,'HJELUWKFHUWLILFDWHDQGDIILUPDWLYHUHVSRQVHWRD-DSDQHVH
OLIHVW\OHTXHVWLRQQDLUH

6WXG\3RSXODWLRQ&KDUDFWHULVWLFV
$OOVXEMHFWVPXVWEHDWOHDVW\HDUVRIDJHRIHLWKHUJHQGHUDQGRIDQ\UDFHDQGPXVW
PHHWDOOLQFOXVLRQFULWHULDDQGQRQHRIWKHH[FOXVLRQFULWHULD

,QFOXVLRQ&ULWHULD
(DFKVXEMHFWPXVW
 
%HDWOHDVW\HDUVRIDJH
 
3URYLGHZULWWHQLQIRUPHGFRQVHQW
 
%HZLOOLQJDQGDEOHWRFRPSO\ZLWKDOOVWXG\SURFHGXUHV
 
+DYHDSDWLHQWUHSRUWHGKLVWRU\RIGU\H\HIRUDWOHDVWPRQWKVSULRUWR
9LVLW
 
+DYHDKLVWRU\RIXVHRUGHVLUHWRXVHH\HGURSVIRUGU\H\HV\PSWRPV
ZLWKLQPRQWKVRI9LVLW
 
+DYH D EHVW FRUUHFWHG YLVXDO DFXLW\ %&9$ RI
 RU EHWWHU
LQHDFKH\HDW9LVLW
 
+DYHDVFRUHRI
IRUERWKH\HVDFFRUGLQJWRWKH2UD&DOLEUD2FXODU
'LVFRPIRUW	6\PSWRP4XHVWLRQQDLUHLQDWOHDVWRQHRIWKHGU\H\H
V\PSWRPVDW9LVLWVDQG
 
+DYHDQXQDQHVWKHWL]HG6FKLUPHU¶V7HVWVFRUHRI
DQG
LQDWOHDVWRQHH\HDW9LVLWVDQG
 
+DYHDFRUQHDOIOXRUHVFHLQVWDLQLQJVFRUHRI
DFFRUGLQJWRWKH2UD
&DOLEUD &RUQHDO DQG &RQMXQFWLYDO 6WDLQLQJ 6FDOH IRU *UDGLQJ RI
)OXRUHVFHLQ6WDLQLQJLQDWOHDVWRQHUHJLRQLQRQHH\HDW9LVLWVDQGSUH
&$(DQGDFHQWUDOVFRUH
LQWKHVDPHH\H
 
+DYH D FRQMXQFWLYDO UHGQHVV VFRUH
DFFRUGLQJ WR WKH 2UD &DOLEUD
&RQMXQFWLYDO5HGQHVVIRU'U\(\H6FDOHLQDWOHDVWRQHH\HDW9LVLWVDQG
SUH&$(
 
'HPRQVWUDWHLQWKHVDPHH\HVDUHVSRQVHWRWKH&$(DW9LVLWVDQG
DVGHILQHGE\
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

D +DYLQJDWOHDVWD
SRLQWLQFUHDVHLQIOXRUHVFHLQVWDLQLQJLQWKH
LQIHULRUUHJLRQLQDWOHDVWRQHH\HIROORZLQJ&$(H[SRVXUH
E 5HSRUWLQJDQ2FXODU'LVFRPIRUWVFRUH
DWRUPRUHFRQVHFXWLYH
WLPHSRLQWVLQDWOHDVWRQHH\HGXULQJ&$(H[SRVXUH

 
+DYHDWOHDVWRQHH\HWKHVDPHH\HVDWLVI\DOOFULWHULDIRUDQG
DERYH
 
$QHJDWLYHXULQHSUHJQDQF\WHVWLIIHPDOHRIFKLOGEHDULQJSRWHQWLDOWKRVH
ZKRDUHQRWVXUJLFDOO\VWHULOL]HG>ELODWHUDOWXEDOOLJDWLRQK\VWHUHFWRP\RU
ELODWHUDO RRSKRUHFWRP\@ RU SRVW±PHQRSDXVDO > PRQWKV DIWHU ODVW
PHQVHV@DQGPXVWXVHDGHTXDWHELUWKFRQWUROWKURXJKWKHVWXG\SHULRG
)RU QRQVH[XDOO\ DFWLYH IHPDOHV DEVWLQHQFH PD\ EH UHJDUGHG DV DQ
DGHTXDWHPHWKRGRIELUWKFRQWURO

([FOXVLRQ&ULWHULD
(DFKVXEMHFWPD\QRW
 
+DYH DQ\ FOLQLFDOO\ VLJQLILFDQW VOLW ODPS ILQGLQJV DW 9LVLW  WKDW PD\
LQFOXGH DFWLYH EOHSKDULWLV PHLERPLDQ JODQG G\VIXQFWLRQ OLG PDUJLQ
LQIODPPDWLRQRUDFWLYHRFXODUDOOHUJLHVWKDWUHTXLUHWKHUDSHXWLFWUHDWPHQW
DQGRU LQ WKH RSLQLRQ RI WKH LQYHVWLJDWRU PD\ LQWHUIHUH ZLWK VWXG\
SDUDPHWHUV
 
%HGLDJQRVHGZLWKDQRQJRLQJRFXODULQIHFWLRQEDFWHULDOYLUDORUIXQJDO
RUDFWLYHRFXODULQIODPPDWLRQDW9LVLW
 
+DYHZRUQFRQWDFWOHQVHVZLWKLQGD\VRI9LVLWRUDQWLFLSDWHXVLQJ
FRQWDFWOHQVHVGXULQJWKHVWXG\
 
+DYH SUHYLRXVO\ KDG ODVHUDVVLVWHG LQ VLWX NHUDWRPLOHXVLV /$6,.
VXUJHU\ZLWKLQWKHODVWPRQWKV
 
+DYH XVHG 5HVWDVLV ;LLGUD RU &HTXD (\VXYLV DQG 7\UYD\D
ZLWKLQGD\VRI9LVLW
 
+DYHKDGDQ\RFXODUDQGRUOLGVXUJHULHVLQWKHSDVWPRQWKVRUKDYHDQ\
SODQQHGRFXODUDQGRUOLGVXUJHULHVRYHUWKHVWXG\SHULRG
 
%HXVLQJRUDQWLFLSDWHXVLQJWHPSRUDU\SXQFWDOSOXJVGXULQJWKHVWXG\WKDW
KDYHQRWEHHQVWDEOHZLWKLQGD\VRI9LVLW
 
%H FXUUHQWO\ WDNLQJ DQ\ WRSLFDO RSKWKDOPLF SUHVFULSWLRQ LQFOXGLQJ
PHGLFDWLRQVIRUJODXFRPDRURYHUWKHFRXQWHUVROXWLRQVDUWLILFLDOWHDUV
JHOVRUVFUXEVDQGFDQQRWGLVFRQWLQXHWKHVHPHGLFDWLRQVIRUWKHGXUDWLRQ
RIWKHWULDOH[FOXGLQJPHGLFDWLRQVDOORZHGIRUWKHFRQGXFWRIWKHVWXG\
WKH UHVSHFWLYH ZDVKRXW SHULRGV DUH UHTXLUHG IRU WKH IROORZLQJ
PHGLFDWLRQV
D $QWLKLVWDPLQHVLQFOXGLQJRFXODUKRXUVSULRUWR9LVLW

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

E 2UDODVSLULQRUDVSLULQ±FRQWDLQLQJSURGXFWVDOORZHGLIGRVHKDV
EHHQVWDEOHRYHUSDVWGD\VSULRUWR9LVLWDQGQRFKDQJHLQ
GRVHLVDQWLFLSDWHGGXULQJWKHVWXG\SHULRG
F &RUWLFRVWHURLGVRUPDVWFHOOVWDELOL]HUVLQFOXGLQJRFXODUGD\V
SULRUWR9LVLW
G $Q\PHGLFDWLRQRUDORUWRSLFDONQRZQWRFDXVHRFXODUGU\LQJWKDW
KDVQRWEHHQDGPLQLVWHUHGDVDVWDEOHGRVHIRUDWOHDVWGD\VSULRU
WR9LVLWDQGGXULQJWKHVWXG\
H $OORWKHUWRSLFDORSKWKDOPLFSUHSDUDWLRQVLQFOXGLQJDUWLILFLDOWHDU
VXEVWLWXWHVRWKHUWKDQWKHVWXG\GURSVKRXUVSULRUWR9LVLW
 
+DYHDQXQFRQWUROOHGV\VWHPLFGLVHDVH
 
%HDZRPDQZKRLVSUHJQDQWQXUVLQJRUSODQQLQJDSUHJQDQF\
 
%HXQZLOOLQJWRVXEPLWDXULQHSUHJQDQF\WHVWDW9LVLWDQG9LVLWRU
HDUO\ WHUPLQDWLRQ YLVLW LI RI FKLOGEHDULQJ SRWHQWLDO 1RQFKLOGEHDULQJ
SRWHQWLDOLVGHILQHGDVDZRPDQZKRLVSHUPDQHQWO\VWHULOL]HGHJKDV
KDG D K\VWHUHFWRP\ RU WXEDO OLJDWLRQ RU LV SRVWPHQRSDXVDO ZLWKRXW
PHQVHVIRUFRQVHFXWLYHPRQWKV
 
%H D ZRPDQ RI FKLOGEHDULQJSRWHQWLDOZKRLVQRWXVLQJDQDFFHSWDEOH
PHDQV RI ELUWK FRQWURO DFFHSWDEOH PHWKRGV RI FRQWUDFHSWLRQ LQFOXGH
KRUPRQDO±RUDOLPSODQWDEOHLQMHFWDEOHRUWUDQVGHUPDOFRQWUDFHSWLYHV
PHFKDQLFDO ± VSHUPLFLGH LQ FRQMXQFWLRQ ZLWK D EDUULHU VXFK DV D
GLDSKUDJP RU FRQGRP LQWUDXWHULQH GHYLFH RU VXUJLFDO VWHULOL]DWLRQ RI
SDUWQHU)RUQRQVH[XDOO\DFWLYHIHPDOHVDEVWLQHQFHPD\EHUHJDUGHGDV
DQ DGHTXDWH PHWKRG RI ELUWK FRQWURO KRZHYHULI WKHVXEMHFW EHFRPHV
VH[XDOO\DFWLYHGXULQJWKHVWXG\VKHPXVWDJUHHWRXVHDGHTXDWHELUWK
FRQWURODVGHILQHGDERYHIRUWKHUHPDLQGHURIWKHVWXG\
 
+DYH D NQRZQ DOOHUJ\ DQGRU VHQVLWLYLW\ WR WKH WHVW DUWLFOH RU LWV
FRPSRQHQWV
 
+DYHDFRQGLWLRQRUEHLQDVLWXDWLRQZKLFKWKHLQYHVWLJDWRUIHHOVPD\SXW
WKHVXEMHFWDWVLJQLILFDQWULVNPD\FRQIRXQGWKHVWXG\UHVXOWVRUPD\
LQWHUIHUHVLJQLILFDQWO\ZLWKWKHVXEMHFW¶VSDUWLFLSDWLRQLQWKHVWXG\
 
%HFXUUHQWO\HQUROOHGLQDQLQYHVWLJDWLRQDOGUXJRUGHYLFHVWXG\RUKDYH
XVHGDQLQYHVWLJDWLRQDOGUXJRUGHYLFHZLWKLQGD\VRI9LVLW
 
%HXQDEOHRUXQZLOOLQJWRIROORZLQVWUXFWLRQVLQFOXGLQJSDUWLFLSDWLRQLQ
DOOVWXG\DVVHVVPHQWVDQGYLVLWV

:LWKGUDZDO&ULWHULD,I$SSOLFDEOH
,IDWDQ\WLPHGXULQJWKHVWXG\WKHLQYHVWLJDWRUGHWHUPLQHVWKDWDVXEMHFW¶VVDIHW\KDV 
EHHQFRPSURPLVHGWKHVXEMHFWPD\EHZLWKGUDZQIURPWKHVWXG\
6XEMHFWVPD\ZLWKGUDZFRQVHQWIURPWKHVWXG\DWDQ\WLPH
6SRQVRUDQGRULQYHVWLJDWRUPD\GLVFRQWLQXHDQ\VXEMHFWIRUQRQFRPSOLDQFHRUDQ\ 
YDOLGPHGLFDOUHDVRQVHH6HFWLRQ
,IDVXEMHFWGLVFRQWLQXHVSDUWLFLSDWLRQLQWKHVWXG\HDUO\HYHU\DWWHPSWZLOOEHPDGHWR 
FRPSOHWHWKHH[LWSURFHGXUHVUHTXLUHGDWWKHILQDOVWXG\YLVLW9LVLW
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI


678'<3$5$0(7(56

(IILFDF\(QGSRLQWV

3ULPDU\(IILFDF\(QGSRLQWV
7KHSULPDU\HIILFDF\HQGSRLQWVLJQLV
x 
7RWDO FRUQHDO IOXRUHVFHLQ VWDLQLQJ VFRUH RI WKH VWXG\ H\H XVLQJ WKH
PHDVXUHGE\PHDQFKDQJHIURPEDVHOLQH9LVLW
SUH&$(WR'D\9LVLW
7KHSULPDU\HIILFDF\HQGSRLQWV\PSWRPLV
x 
2FXODUGLVFRPIRUWVFRUHRIERWKH\HVXVLQJWKH
PHDVXUHGE\PHDQ
FKDQJHIURPEDVHOLQH9LVLWSUH&$(WR'D\9LVLW

6HFRQGDU\(IILFDF\(QGSRLQWV
7KHVHFRQGDU\HIILFDF\HQGSRLQWVDUH
x 
)OXRUHVFHLQ VWDLQLQJ RI WKH FRUQHD XVLQJ WKH PRGLILHG 1(, VFDOH E\
UHJLRQFHQWUDOVXSHULRULQIHULRUWHPSRUDOQDVDODQGFRUQHDOVXPRI
HDFKH\H
x 
/LVVDPLQH JUHHQ VWDLQLQJ RIWKHFRQMXQFWLYDXVLQJWKHPRGLILHG1(,
VFDOHE\UHJLRQLQIHULRUWHPSRUDOVXSHULRUWHPSRUDOWHPSRUDOLQIHULRU
QDVDOVXSHULRUQDVDOQDVDODQGFRQMXQFWLYDOVXPRIHDFKH\H
x 
&RQMXQFWLYDOUHGQHVVRIHDFKH\H
x 
6FKLUPHU¶V7HVWRIHDFKH\H
x 
7)%87RIHDFKH\H
x 
26',
x 
%XUQLQJVWLQJLQJ ,WFKLQJ )RUHLJQ ERG\ VHQVDWLRQ %OXUUHG YLVLRQ
3KRWRSKRELD3DLQ(\H'U\QHVVDVPHDVXUHGE\

x 
'DLO\FRPSOLDQFHGLDU\
x 
'URSFRPIRUW

([SORUDWRU\(IILFDF\(QGSRLQWV
7KHUHDUHQRH[SORUDWRU\HIILFDF\HQGSRLQWVSODQQHG

6DIHW\(QGSRLQWV
7KHVDIHW\HQGSRLQWVEHLQJHYDOXDWHGDUH
x 
9LVXDODFXLW\
x 
6OLWODPSHYDOXDWLRQ
x 
$GYHUVHHYHQW
x 
,QWUDRFXODU3UHVVXUH
x 
'LODWHGIXQGRVFRS\
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI


678'<0$7(5,$/6

6WXG\7UHDWPHQWV

6WXG\'UXJ)RUPXODWLRQ
$OODUPVZLOOEHGRXEOHPDVNHG6XEMHFWVZLOOEHUDQGRPL]HG
LQWR
x
<332SKWKDOPLF6ROXWLRQ%,'
x
<332SKWKDOPLF6ROXWLRQ%,'
x
<333ODFHER2SKWKDOPLF6ROXWLRQ9HKLFOH%,'
<332SKWKDOPLF6ROXWLRQZLOOEHIRUPXODWHGDVDVWHULOHVROXWLRQDW
IRU
WRSLFDORSKWKDOPLFDGPLQLVWUDWLRQDQGLVLQWHQGHGIRUFOLQLFDOXVH7KHVWXG\GUXJZLOO
EHVXSSOLHGLQEORZILOOVHDODPSRXOHVZKLFKDOORZIRUSURGXFWDGPLQLVWUDWLRQGLUHFWO\
WRWKHH\H(DFKDPSRXOHZLOOFRQWDLQDQRPLQDOYROXPHRI

7KHH[FLSLHQWVZKLFKZLOOEHXVHGWRPDQXIDFWXUH<332SKWKDOPLF6ROXWLRQZLOOEH
VWDQGDUGH[FLSLHQWVIRUXVHLQRSKWKDOPLFVROXWLRQVWKDWFRPSO\ZLWKWKHLUUHVSHFWLYH
863(3PRQRJUDSKV
7KHSODFHERIRU<332SKWKDOPLF6ROXWLRQFRQWDLQVDOOWKHVDPHH[FLSLHQWVXVHGLQ
WKHDFWLYHIRUPXODWLRQZLWKRXWWKHSHSWLGH

'HVFULSWLRQ RI DQG -XVWLILFDWLRQ IRU WKH 5RXWH RI $GPLQLVWUDWLRQ
'RVDJH'RVDJH5HJLPHQDQG7UHDWPHQW3HULRG
7RSLFDORSKWKDOPLFGRVLQJLVWKHRSWLPDOURXWHRIDGPLQLVWUDWLRQIRUGU\H\HWUHDWPHQWV
7KHGRVDJHDQGGRVDJHUHJLPHQZHUHVHOHFWHGEDVHGRQSRVLWLYHHIILFDF\UHVXOWVLQWKH
SURRIRIFRQFHSWQRQFOLQLFDOVWXGLHV7KHSURSRVHGWUHDWPHQWSHULRGLVZHHNV

,QVWUXFWLRQVIRU8VHDQG$GPLQLVWUDWLRQ
x
6XEMHFWV ZLOO UHFHLYH <33 3ODFHER 2SKWKDOPLF 6ROXWLRQ YHKLFOH DW
9LVLWDQGDVVLJQHGVWXG\GUXJNLWDW9LVLWVDQG
x
6XEMHFWVZKRDUHUDQGRPL]HGPXVWDGPLQLVWHUVWXG\GUXJLQHDFKH\H%,'
$W9LVLWVDQGVXEMHFWVZLOOVHOIDGPLQLVWHURQHGRVHRIVWXG\GUXJ
LQRIILFH
x
6XEMHFWVVKRXOGZLWKKROGWKHLUVWXG\GUXJGRVHRQWKHPRUQLQJRIDOOVWXG\
YLVLWV7KHVXEMHFWZLOOWDNHWKHVWXG\GUXJGRVHLQFOLQLFRQWKHGD\RIWKHLU
YLVLW

/DEHOLQJ3DFNDJLQJ6WRUDJH$FFRXQWDELOLW\DQG5HWXUQRU'LVSRVDORI
,QYHVWLJDWLRQDO3URGXFW

/DEHOLQJ3DFNDJLQJ
,QYHVWLJDWLRQDOSURGXFW,3ZLOOEHSDFNDJHGDQGODEHOHGLQWRFOLQLFDONLWV7KHSULPDU\
SDFNDJLQJRIWKH<332SKWKDOPLF6ROXWLRQZLOOEHEORZILOOVHDODPSXOHVZLWKDILOO
YROXPHRI
7KHVHFRQGDU\SDFNDJLQJLVDIRLOSRXFKWKDWFRQWDLQVWKUHHDPSXOHV
LQHDFKSRXFK
6FUHHQLQJ5XQLQ3HULRG
)RUWKHUXQLQSHULRGSRXFKHVRIDPSRXOHVZLOOEHSDFNDJHGLQDZHHNFOLQLFDO
NLW(DFKVXEMHFWZLOOUHFHLYHNLW
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

7UHDWPHQW3HULRG
%,''RVLQJ)RUWKHWUHDWPHQWSHULRGSRXFKHVRIDPSRXOHVZLOOEHSDFNDJHGLQ 
DZHHNFOLQLFDONLW(DFKVXEMHFWZLOOUHFHLYHNLWVWRWDOZLWKHDFKVXEMHFWUHFHLYLQJ 
NLWSHUYLVLWRQ9LVLW'D\DQG9LVLW'D\DQGNLWVSHUYLVLWDW9LVLW9LVLW 
DQG9LVLW'D\
 
6WRUDJHRI,QYHVWLJDWLRQDO3URGXFW
$PSRXOHVPXVWEHVWRUHGDW&XQWLOWKHGD\RIXVH$Q\PDWHULDOUHPDLQLQJLQ 
WKHDPSRXOHDIWHUXVHVKRXOGEHGLVFDUGHG<332SKWKDOPLF6ROXWLRQVKRXOGEHNHSW 
RXWRIUHDFKRIFKLOGUHQ'UXJDGPLQLVWUDWLRQLQVWUXFWLRQVDQGGLVFDUGLQJLQIRUPDWLRQ 
ZLOOEHSURYLGHGZLWKHDFKVWXG\
 
$FFRXQWDELOLW\RI,QYHVWLJDWLRQDO3URGXFW
7KHLQYHVWLJDWLRQDOSURGXFW,3LVWRRQO\EHSUHVFULEHGE\WKH3ULQFLSDO,QYHVWLJDWRU 
3,RUKLVKHUQDPHGVXELQYHVWLJDWRUVDQGLVWRRQO\EHXVHGLQDFFRUGDQFHZLWKWKLV 
SURWRFRO 7KH ,3 PXVW RQO\ EH GLVWULEXWHG WR VXEMHFWV SURSHUO\ TXDOLILHG XQGHU WKLV 
SURWRFROWRUHFHLYH,3
7KH,QYHVWLJDWRUPXVWNHHSDQDFFXUDWHDFFRXQWLQJRIWKH,3UHFHLYHGIURPWKHVXSSOLHU 
7KLV LQFOXGHV WKH DPRXQW RI ,3 GLVSHQVHG WR VXEMHFWV DPRXQW RI,3UHWXUQHGWRWKH 
LQYHVWLJDWRUE\WKHVXEMHFWVDQGWKHDPRXQWUHWXUQHGRUGLVSRVHGXSRQWKHFRPSOHWLRQ 
RIWKHVWXG\$GHWDLOHGLQYHQWRU\PXVWEHFRPSOHWHGIRUWKH,3
 
5HWXUQRU'LVSRVDORI,QYHVWLJDWLRQDO3URGXFW
$OO,3XVHGRUXQXVHGZLOOEHUHWXUQHGWRWKHVSRQVRURUWKHLUGHVLJQHH7KHUHWXUQRI 
,3ZLOOEHVSHFLILHGLQZULWLQJ
 
2WKHU6WXG\6XSSOLHV
2WKHUVWXG\VXSSOLHVLQFOXGH6FKLUPHU¶VWHVWVWULSVVRGLXPIOXRUHVFHLQOLVVDPLQHJUHHQ 
)OXUHVV7URSLFDPLGHDQGGDLO\GLDU\
 
678'<0(7+2'6$1'352&('85(6
 
6XEMHFW(QWU\3URFHGXUHV
 
2YHUYLHZ
6XEMHFWVDVGHILQHGE\WKHFULWHULDLQ6HFWLRQDQG6HFWLRQZLOOEHFRQVLGHUHGIRU 
HQWU\LQWRWKLVVWXG\
 
,QIRUPHG&RQVHQW
3ULRU WR D VXEMHFW¶V SDUWLFLSDWLRQ LQ WKH VWXG\ LH FKDQJHV LQ D VXEMHFW¶V PHGLFDO 
WUHDWPHQW DQGRU VWXG\ UHODWHG SURFHGXUHV WKH VWXG\ ZLOO EH GLVFXVVHG ZLWK HDFK 
VXEMHFWDQGVXEMHFWVZLVKLQJWRSDUWLFLSDWHPXVWJLYHZULWWHQLQIRUPHGFRQVHQWXVLQJ 
DQLQIRUPHGFRQVHQWIRUP7KHLQIRUPHGFRQVHQWIRUPPXVWEHWKHPRVWUHFHQWYHUVLRQ 
WKDW KDV UHFHLYHG DSSURYDOIDYRUDEOH UHYLHZ E\ D SURSHUO\ FRQVWLWXWHG ,QVWLWXWLRQDO 
5HYLHZ%RDUG,5%
 
:DVKRXW,QWHUYDOV
3URKLELWHGPHGLFDWLRQVWUHDWPHQWVDQGDFWLYLWLHVDUHRXWOLQHGLQWKHH[FOXVLRQFULWHULD 
6HFWLRQ
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

 
3URFHGXUHVIRU)LQDO6WXG\(QWU\
6XEMHFWVPXVWPHHWDOOLQFOXVLRQDQGQRQHRIWKHH[FOXVLRQFULWHULD6HFWLRQDQG 

 
0HWKRGVIRU$VVLJQPHQWWR7UHDWPHQW*URXSV
%HIRUH WKH LQLWLDWLRQ RI VWXG\ UXQLQ DW 9LVLW  HDFK VXEMHFW ZKR SURYLGHV ZULWWHQ 
LQIRUPHGFRQVHQWZLOOEHDVVLJQHGDVFUHHQLQJQXPEHU$OOVFUHHQLQJQXPEHUVZLOOEH 
DVVLJQHG LQ VWULFW QXPHULFDO VHTXHQFH DW D VLWH DQG QR QXPEHUV ZLOO EH VNLSSHG RU 
RPLWWHG(DFKVXEMHFWZKRPHHWVDOOWKHLQFOXVLRQDQGQRQHRIWKHH[FOXVLRQFULWHULDDW 
9LVLWDQG9LVLWZLOOEHDVVLJQHGDUDQGRPL]DWLRQQXPEHUDWWKHHQGRI9LVLW7KH 
,QWHUDFWLYH:HE5HVSRQVH6\VWHP ,:56ZLOOEHXVHGWRDVVLJQDOOUDQGRPL]DWLRQ 
QXPEHUV
5DQGRPL]DWLRQDQGNLWQXPEHUVZLOOEHDVVLJQHGDXWRPDWLFDOO\WRHDFKVXEMHFWDVWKH\ 
DUH HQWHUHG LQWR WKH ,:56 6XEMHFWV ZLOO EH VWUDWLILHG E\ WKH IROORZLQJ VLJQ DQG 
V\PSWRP
x 
7RWDOFRUQHDOIOXRUHVFHLQVWDLQLQJVFRUHRIWKHVWXG\H\H
DW9LVLWSUH&$(

x 
2FXODUGLVFRPIRUWVFRUHXVLQJWKH
DW9LVLWSUH
&$(
7KHVLWHVWDIIZLOOGLVSHQVHNLWVUHTXLUHGXQWLOWKHQH[WYLVLW%RWKWKHUDQGRPL]DWLRQ 
QXPEHUDQGWKHGLVSHQVHGVWXG\GUXJNLWQXPEHUVZLOOEHUHFRUGHGRQWKHVXEMHFW¶V 
VRXUFHGRFXPHQWDQGHOHFWURQLFFDVHUHSRUWIRUPH&5)6XEMHFWV6SRQVRU&52DQG 
VLWHSHUVRQQHOZLOOEHPDVNHGWRWUHDWPHQWDVVLJQPHQW
 
&RQFXUUHQW7KHUDSLHV 
7KHXVHRIDQ\FRQFXUUHQWPHGLFDWLRQSUHVFULSWLRQRURYHUWKHFRXQWHULVWREHUHFRUGHG 
RQWKHVXEMHFW¶VVRXUFHGRFXPHQWDQGFRUUHVSRQGLQJH&5)DORQJZLWKWKHUHDVRQWKH 
PHGLFDWLRQZDVWDNHQ
&RQFXUUHQWHQUROOPHQWLQDQRWKHULQYHVWLJDWLRQDOGUXJRUPHGLFDOGHYLFHVWXG\LVQRW 
SHUPLWWHG
 
3URKLELWHG0HGLFDWLRQV7UHDWPHQWV
'LVDOORZHG PHGLFDWLRQVWUHDWPHQWV GXULQJ WKH VWXG\ DUH RXWOLQHG LQ WKH ([FOXVLRQ 
&ULWHULD6HFWLRQ
 
(VFDSH0HGLFDWLRQV 
1RHVFDSHPHGLFDWLRQVDUHUHTXLUHGIRUWKLVVWXG\
 
6SHFLDO'LHWRU$FWLYLWLHV 
1RVSHFLDOGLHWVRUDFWLYLWLHVDUHUHTXLUHGIRUWKLVVWXG\
 
([DPLQDWLRQ3URFHGXUHV 
$Q,QIRUPHG&RQVHQW)RUP,&)PXVWEHVLJQHGDQGGDWHGE\WKHVXEMHFWWKH3,RU 
GHVLJQHHDQGZLWQHVVLIUHTXLUHGEHIRUHDQ\VWXG\UHODWHGSURFHGXUHVDUHSHUIRUPHG



<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI


3URFHGXUHV WR EH 3HUIRUPHG DW (DFK 6WXG\ 9LVLW ZLWK 5HJDUG WR
6WXG\2EMHFWLYHV 
3URFHGXUHVOLVWHGEHORZVKRXOGEHSHUIRUPHGLQWKHJLYHQRUGHU6HH$SSHQGL[IRU 
WKH6FKHGXOHRI9LVLWVDQG0HDVXUHPHQWV$SSHQGL[IRUGHWDLOVRQPHWKRGRORJLHVDQG
 JUDGLQJV\VWHPV
 
9LVLW'D\±±&$(6FUHHQLQJ 
$OOVXEMHFWVZLOOXQGHUJRWKHIROORZLQJVFUHHQLQJDVVHVVPHQWV
3UH±&$( 
x 
,QIRUPHG&RQVHQW+,3$$
x 
'HPRJUDSKLF'DWDDQG0HGLFDO0HGLFDWLRQ2FXODU+LVWRU\
x 
5HYLHZRI)DPLO\7UHH*RYHUQPHQWDSSURYHG,'HJ%LUWK&HUWLILFDWH
DQG-DSDQHVH/LIHVW\OH4XHVWLRQQDLUH-DSDQHVHVXEJURXSRQO\
x 
5HYLHZRI,QFOXVLRQ([FOXVLRQ&ULWHULD
x 
$GYHUVH(YHQW4XHU\
x 
8ULQH3UHJQDQF\7HVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDO:RPHQRI
FKLOGEHDULQJ SRWHQWLDO PXVW KDYH D QHJDWLYH XULQH SUHJQDQF\ WHVW WR
FRQWLQXHLQWKHVWXG\)HPDOHVRIFKLOGEHDULQJSRWHQWLDOLQFOXGHDOOIHPDOHV
ZKR KDYH H[SHULHQFHG PHQDUFKH DQG KDYH QRW XQGHUJRQH VXFFHVVIXO
VXUJLFDO VWHULOL]DWLRQ K\VWHUHFWRP\ ELODWHUDO WXEDO OLJDWLRQ RU ELODWHUDO
RRSKRUHFWRP\
x 
2UD&DOLEUD2FXODU'LVFRPIRUW6FDOH	6\PSWRP4XHVWLRQQDLUH
x 
26',4XHVWLRQQDLUH
x 
2FXODU'LVFRPIRUWDVPHDVXUHGE\

x 
%XUQLQJVWLQJLQJ ,WFKLQJ )RUHLJQ ERG\ VHQVDWLRQ %OXUUHG YLVLRQ
3KRWRSKRELD3DLQ(\H'U\QHVVDVPHDVXUHGE\

x 
9LVXDO$FXLW\(7'56
x 
6OLW/DPS%LRPLFURVFRS\
x 
2UD&DOLEUD&RQMXQFWLYDO5HGQHVV6FDOH
x 
7)%87
x 
6FDOH)OXRUHVFHLQ6WDLQLQJ
x 
6FDOH/LVVDPLQH*UHHQ6WDLQLQJ
x 
6RGLXP)OXRUHVFHLQ6WDLQLQJEDVHGRQ2UD&DOLEUD*UDGLQJ6FDOH
x 
6FKLUPHU¶V7HVW
6FUHHQLQJ&KDOOHQJH&$(
6XEMHFWV PHHWLQJ DOO RI WKH DERYH HYDOXDWLRQ 3UH±&$(  FULWHULD ZLOO XQGHUJR
IXUWKHUVFUHHQLQJHYDOXDWLRQLQWKH&$(6XEMHFWVZLOOEHH[SRVHGWRWKH&$(IRU
PLQXWHV2FXODU'LVFRPIRUW6FDOH2'6VHOIDVVHVVPHQWVFRUHVZLOOEHREWDLQHGMXVW
SULRUWRHQWHULQJDWPLQGXULQJDQGMXVWDIWHUWKH&$(H[SRVXUHDWPLQ'XULQJ
WKH &$( H[SRVXUH 2'6 VFRUHV ZLOO EH FROOHFWHG DW WLPH  DQG HYHU\  PLQXWHV
WKHUHDIWHUWKURXJKRXWWKHPLQXWHV
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

3RVW±&$( 
x 
6OLW/DPS%LRPLFURVFRS\
x 
2UD&DOLEUD&RQMXQFWLYDO5HGQHVV6FDOH
x 
7)%87
x 
6RGLXP)OXRUHVFHLQ6WDLQLQJEDVHGRQ2UD&DOLEUD*UDGLQJ6FDOH
x 
,23
x 
'LODWHG)XQGRVFRS\
x 
5HYLHZRI,QFOXVLRQ([FOXVLRQ&ULWHULD
x 
6WXG\ 'UXJ ,QVWLOODWLRQ DW WKH 6WXG\ 6LWH $OO VXEMHFWV PHHWLQJ DOO
VFUHHQLQJHOLJLELOLW\FULWHULDDIWHU9LVLWZLOOEHGLVSHQVHG3ODFHER5XQ
LQ6XEMHFWVZLOOVHOIDGPLQLVWHUWKHLULQLWLDOVWXG\GUXJGRVHELODWHUDOO\
DWWKHVWXG\VLWH
x 
3ODFHER'LVSHQVDWLRQ3ULRUWRGLVFKDUJHIURPWKHVWXG\VLWHRQ'D\±
VXEMHFWVZLOOEHGLVSHQVHGVXIILFLHQWSODFHERVXSSO\WRODVWXQWLO9LVLW
DQGZLOOEHHGXFDWHGLQVHOI±DGPLQLVWUDWLRQRISODFHER6XEMHFWVZLOOEH
LQVWUXFWHGWRVHOI±DGPLQLVWHURQHGURS%,'LQHDFKH\HXQWLOVFUHHQLQJ
9LVLW6XEMHFWVZLOOEHLQVWUXFWHG127WRLQVWLOOVWXG\GUXJRQWKH
PRUQLQJRIWKHLUQH[WVFKHGXOHGVWXG\YLVLW9LVLW'D\
x 
0RQLWRULQJDQG4XHU\RI$(V
x 
6FKHGXOH1H[W9LVLW6XEMHFWVZLOOEHVFKHGXOHGIRU9LVLW

9LVLW'D\±&$(&RQILUPDWLRQDQG%DVHOLQH
3UH±&$( 
x 
6WXG\'LDU\5XQLQ&ROOHFWLRQ
x 
0HGLFDODQG0HGLFDWLRQ+LVWRU\8SGDWH
x 
5HYLHZRI,QFOXVLRQ([FOXVLRQ&ULWHULD
x 
$(TXHU\
x 
2UD&DOLEUD2FXODU'LVFRPIRUW6FDOH	6\PSWRP4XHVWLRQQDLUH
x 
26',4XHVWLRQQDLUH
x 
2FXODU'LVFRPIRUWDVPHDVXUHGE\

x 
%XUQLQJVWLQJLQJ ,WFKLQJ )RUHLJQ ERG\ VHQVDWLRQ %OXUUHG YLVLRQ
3KRWRSKRELD3DLQ(\H'U\QHVVDVPHDVXUHGE\

x 
9LVXDO$FXLW\(7'56
x 
6OLW/DPS%LRPLFURVFRS\
x 
2UD&DOLEUD&RQMXQFWLYDO5HGQHVV6FDOH
x 
7)%87
x 
6FDOH)OXRUHVFHLQ6WDLQLQJ
x 
6FDOH/LVVDPLQH*UHHQ6WDLQLQJ
x 
6RGLXP)OXRUHVFHLQ6WDLQLQJEDVHGRQ2UD&DOLEUD*UDGLQJ6FDOH
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

x 
6FKLUPHU¶V7HVW
&RQILUPDWRU\6FUHHQLQJ&KDOOHQJH&$(
6XEMHFWV ZLOO EH H[SRVHG WR WKH &$( IRU  PLQXWHV 2FXODU GLVFRPIRUW VHOI±
DVVHVVPHQWVFRUHV2'6ZLOOEHREWDLQHGMXVWSULRUWRHQWHULQJDWPLQGXULQJDQG
MXVWDIWHUWKH&$(H[SRVXUHDWPLQ'XULQJWKH&$(H[SRVXUH2'6ZLOOEH
FROOHFWHGDWWLPHDQGHYHU\PLQXWHVWKHUHDIWHUWKURXJKRXWWKHPLQXWHV
3RVW±&$( 
x 
6OLW/DPS%LRPLFURVFRS\
x 
2UD&DOLEUD&RQMXQFWLYDO5HGQHVV6FDOH
x 
7)%87
x 
6RGLXP)OXRUHVFHLQ6WDLQLQJEDVHGRQ2UD&DOLEUD*UDGLQJ6FDOH
x 
5HYLHZRI,QFOXVLRQ([FOXVLRQ&ULWHULD
x 
5DQGRPL]DWLRQ
x 
6WXG\'UXJ,QVWLOODWLRQDWWKH6WXG\6LWH$OOVXEMHFWVKDYLQJDSRVLWLYH
UHVSRQVHDQGPHHWLQJDOORWKHUVFUHHQLQJHOLJLELOLW\FULWHULDDWWKHHQGRI
9LVLWZLOOEHUDQGRPL]HGWRRQHRIWKHWKUHHWUHDWPHQWJURXSVXWLOL]LQJ
WKH,:56V\VWHP5DQGRPL]HGVXEMHFWVZLOOVHOIDGPLQLVWHUWKHLULQLWLDO
VWXG\ GUXJ GRVH ELODWHUDOO\ DW WKH VWXG\ VLWH XQGHU VXSHUYLVLRQ RI D
WUDLQHGWHFKQLFLDQ
x 
'URS &RPIRUW $VVHVVPHQW $ GURS FRPIRUW HYDOXDWLRQ ZLOO EH
SHUIRUPHGLPPHGLDWHO\XSRQDGPLQLVWUDWLRQRIVWXG\GUXJDQGWKHQDW
DQGPLQXWHVIROORZLQJLQLWLDOGRVLQJXVLQJWKH2UD&DOLEUD'URS
&RPIRUW6FDOH
x 
0RQLWRULQJDQG4XHU\RI$(V
x 
6WXG\'UXJ'LDU\6WXG\'UXJ'LVSHQVDWLRQ3ULRUWRGLVFKDUJHIURPWKH
VWXG\VLWHRQ9LVLW'D\UDQGRPL]HGVXEMHFWVZLOOEHHGXFDWHGLQ
VWXG\ GUXJ GLDU\ UHFRUGLQJ DQG VHOI±DGPLQLVWUDWLRQ RI VWXG\ GUXJ
6XEMHFWVZLOOUHFHLYHWKHLUDVVLJQHGVWXG\GUXJNLWZLWKVXIILFLHQWVXSSO\
WRODVWXQWLO9LVLW
x 
6XEMHFWVZLOOEHVFKHGXOHGIRU9LVLW

9LVLW'D\GD\VZHHN)ROORZXS
x 
6WXG\'LDU\6WXG\'UXJ&ROOHFWLRQ
x 
0HGLFDODQG0HGLFDWLRQ+LVWRU\8SGDWH
x 
5HYLHZRI,QFOXVLRQ([FOXVLRQ&ULWHULD
x 
$(TXHU\
x 
26',4XHVWLRQQDLUH
x 
2FXODU'LVFRPIRUWDVPHDVXUHGE\

x 
%XUQLQJVWLQJLQJ ,WFKLQJ )RUHLJQ ERG\ VHQVDWLRQ %OXUUHG YLVLRQ
3KRWRSKRELD3DLQ(\H'U\QHVVDVPHDVXUHGE\

x 
9LVXDO$FXLW\(7'56
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

x 
2UD&DOLEUD&RQMXQFWLYDO5HGQHVV6FDOH
x 
6OLW/DPS%LRPLFURVFRS\
x 
7)%87
x 
6FDOH)OXRUHVFHLQ6WDLQLQJ
x 
6FDOH/LVVDPLQH*UHHQ6WDLQLQJ
x 
$W OHDVW PLQXWH ZDLW EHWZHHQ OLVVDPLQH JUHHQ VWDLQLQJ DQG
6FKLUPHU¶VWHVW
x 
6FKLUPHU¶VWHVW
x 
6WXG\'UXJ'LDU\6WXG\'UXJ'LVSHQVDWLRQ3ULRUWRGLVFKDUJHIURPWKH
VWXG\VLWHRQ9LVLW'D\GD\VUDQGRPL]HGVXEMHFWVZLOOEH
HGXFDWHGLQVWXG\GUXJGLDU\UHFRUGLQJDQGVHOI±DGPLQLVWUDWLRQRIVWXG\
GUXJ6XEMHFWVZLOOUHFHLYHWKHLUDVVLJQHGVWXG\GUXJNLWZLWKVXIILFLHQW
VXSSO\WRODVWXQWLO9LVLW
x 
6WXG\'UXJ,QVWLOODWLRQDWWKH6WXG\6LWH
x 
6XEMHFWVZLOOEHVFKHGXOHGIRU9LVLW

9LVLW'D\GD\VZHHN)ROORZXS
x 
6WXG\'LDU\6WXG\'UXJ&ROOHFWLRQ
x 
0HGLFDODQG0HGLFDWLRQ+LVWRU\8SGDWH
x 
5HYLHZRI,QFOXVLRQ([FOXVLRQ&ULWHULD
x 
$(TXHU\
x 
26',4XHVWLRQQDLUH
x 
2FXODU'LVFRPIRUWDVPHDVXUHGE\

x 
%XUQLQJVWLQJLQJ ,WFKLQJ )RUHLJQ ERG\ VHQVDWLRQ %OXUUHG YLVLRQ
3KRWRSKRELD3DLQ(\H'U\QHVVDVPHDVXUHGE\

x 
9LVXDO$FXLW\(7'56
x 
2UD&DOLEUD&RQMXQFWLYDO5HGQHVV6FDOH
x 
6OLW/DPS%LRPLFURVFRS\
x 
7)%87
x 
6FDOH)OXRUHVFHLQ6WDLQLQJ
x 
6FDOH/LVVDPLQH*UHHQ6WDLQLQJ
x 
$W OHDVW PLQXWH ZDLW EHWZHHQ OLVVDPLQH JUHHQ VWDLQLQJ DQG
6FKLUPHU¶VWHVW
x 
6FKLUPHU¶VWHVW
x 
6WXG\'UXJ'LDU\6WXG\'UXJ'LVSHQVDWLRQ3ULRUWRGLVFKDUJHIURPWKH
VWXG\VLWHRQ9LVLW'D\GD\VUDQGRPL]HGVXEMHFWVZLOOEH
HGXFDWHGLQVWXG\GUXJGLDU\UHFRUGLQJDQGVHOI±DGPLQLVWUDWLRQRIVWXG\
GUXJ6XEMHFWVZLOOUHFHLYHWKHLUDVVLJQHGVWXG\GUXJNLWZLWKVXIILFLHQW
VXSSO\WRODVWXQWLO9LVLW
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

x 
6WXG\'UXJ,QVWLOODWLRQDWWKH6WXG\6LWH
x 
6XEMHFWVZLOOEHVFKHGXOHGIRU9LVLW

9LVLW'D\GD\VZHHN)ROORZXS
x 
6WXG\'LDU\6WXG\'UXJ&ROOHFWLRQ
x 
0HGLFDODQG0HGLFDWLRQ+LVWRU\8SGDWH
x 
5HYLHZRI,QFOXVLRQ([FOXVLRQ&ULWHULD
x 
$(TXHU\
x 
26',4XHVWLRQQDLUH
x 
2FXODU'LVFRPIRUWDVPHDVXUHGE\

x 
%XUQLQJVWLQJLQJ ,WFKLQJ )RUHLJQ ERG\ VHQVDWLRQ %OXUUHG YLVLRQ
3KRWRSKRELD3DLQ(\H'U\QHVVDVPHDVXUHGE\

x 
9LVXDO$FXLW\(7'56
x 
2UD&DOLEUD&RQMXQFWLYDO5HGQHVV6FDOH
x 
6OLW/DPS%LRPLFURVFRS\
x 
7)%87
x 
6FDOH)OXRUHVFHLQ6WDLQLQJ
x 
6FDOH/LVVDPLQH*UHHQ6WDLQLQJ
x 
$W OHDVW PLQXWH ZDLW EHWZHHQ OLVVDPLQH JUHHQ VWDLQLQJ DQG
6FKLUPHU¶VWHVW
x 
6FKLUPHU¶VWHVW
x 
6WXG\'UXJ'LDU\6WXG\'UXJ'LVSHQVDWLRQ3ULRUWRGLVFKDUJHIURPWKH
VWXG\VLWHRQ9LVLW'D\GD\VUDQGRPL]HGVXEMHFWVZLOOEH
HGXFDWHGLQVWXG\GUXJGLDU\UHFRUGLQJDQGVHOI±DGPLQLVWUDWLRQRIVWXG\
GUXJ6XEMHFWVZLOOUHFHLYHWKHLUDVVLJQHGVWXG\GUXJNLWZLWKVXIILFLHQW
VXSSO\WRODVWXQWLO9LVLW
x 
6WXG\'UXJ,QVWLOODWLRQDWWKH6WXG\6LWH
x 
6XEMHFWVZLOOEHVFKHGXOHGIRU9LVLW

9LVLW'D\GD\VZHHN)ROORZXSDQG6WXG\([LW
x 
6WXG\'LDU\6WXG\'UXJ&ROOHFWLRQ
x 
0HGLFDODQG0HGLFDWLRQ+LVWRU\8SGDWH
x 
5HYLHZRI,QFOXVLRQ([FOXVLRQ&ULWHULD
x 
8ULQH3UHJQDQF\7HVWIRUIHPDOHVRIFKLOGEHDULQJSRWHQWLDO:RPHQ
RIFKLOGEHDULQJSRWHQWLDOPXVWKDYHDQHJDWLYHXULQHSUHJQDQF\WHVWWR
FRQWLQXHLQWKHVWXG\
x 
$(TXHU\
x 
26',4XHVWLRQQDLUH
x 
2FXODU'LVFRPIRUWDVPHDVXUHGE\

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

x 
%XUQLQJVWLQJLQJ ,WFKLQJ )RUHLJQ ERG\ VHQVDWLRQ %OXUUHG YLVLRQ
3KRWRSKRELD3DLQ(\H'U\QHVVDVPHDVXUHGE\

x 
9LVXDO$FXLW\(7'56
x 
2UD&DOLEUD&RQMXQFWLYDO5HGQHVV6FDOH
x 
6OLW/DPS%LRPLFURVFRS\
x 
7)%87
x 
6FDOH)OXRUHVFHLQ6WDLQLQJ
x 
6FDOH/LVVDPLQH*UHHQ6WDLQLQJ
x 
$W OHDVW PLQXWH ZDLW EHWZHHQ OLVVDPLQH JUHHQ VWDLQLQJ DQG
6FKLUPHU¶VWHVW
x 
6FKLUPHU¶VWHVW
x 
,23
x 
'LODWHG)XQGRVFRS\
x 
6WXG\([LW
 
6FKHGXOHRI9LVLWV0HDVXUHPHQWVDQG'RVLQJ
 
6FKHGXOHG9LVLWV
5HIHUWR$SSHQGL[6FKHGXOHRI9LVLWVDQG0HDVXUHPHQWVIRUDVFKHGXOHRIYLVLWVDQG 
PHDVXUHPHQWV
 
8QVFKHGXOHG9LVLWV
7KHVH YLVLWV PD\ EH SHUIRUPHG LQ RUGHU WR HQVXUH VXEMHFW VDIHW\ $OO SURFHGXUHV 
SHUIRUPHGDWDQXQVFKHGXOHGYLVLWZLOOEHUHFRUGHGLQWKHVRXUFHGRFXPHQWVDQGRQWKH 
8QVFKHGXOHG 9LVLW H&5) SDJHV $Q\ SURFHGXUH LQGLFDWHG LQ WKH H&5) WKDW LV QRW 
SHUIRUPHGVKRXOGEHLQGLFDWHGDV³1RWGRQH´
(YDOXDWLRQVWKDWPD\EHFRQGXFWHGDWDQ8QVFKHGXOHG9LVLWLQFOXGH
x 
6OLWODPS%LRPLFURVFRS\
x 
9LVXDO$FXLW\
x 
,23
x 
8ULQH3UHJQDQF\7HVW
x 
'LODWHG)XQGRVFRS\
x 
$VVHVVPHQWRI$(V
x 
$VVHVVPHQWRIFRQFRPLWDQWPHGLFDWLRQVDQGRUWUHDWPHQWV
x 
$Q\RWKHUDVVHVVPHQWVQHHGHGLQWKHMXGJPHQWRIWKHLQYHVWLJDWRU





<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI


&RPSOLDQFHZLWK3URWRFRO
6XEMHFWV ZLOO EH LQVWUXFWHG RQ SURSHU XVH RI WKH VXEMHFW GDLO\ GLDU\ DQG SURSHU
LQVWLOODWLRQDQGVWRUDJHRIVWXG\GUXJDWWKHHQGRI9LVLWVWKURXJKDQGJLYHQZULWWHQ
LQVWUXFWLRQV7RDVVHVVGRVLQJDQGV\PSWRPDVVHVVPHQWFRPSOLDQFHWKHVXEMHFWGDLO\
GLDULHVZLOOEHFROOHFWHGDW9LVLWVWKURXJKDQGWKHVXEMHFW¶VXVHGDQGXQXVHGVWXG\
GUXJDPSXOHVZLOOEHFROOHFWHGDW9LVLWWKURXJK'RVLQJFRPSOLDQFHZLOOEHEDVHG
RQWKHXVHGDQGXQXVHGDPSXOHFRXQW,IWKHVXEMHFWLVOHVVWKDQRUPRUHWKDQ
FRPSOLDQWZLWKGRVLQJEDVHGRQWKHH[SHFWHGQXPEHURIXVHGDPSXOHVWKHQWKHVXEMHFW
ZLOOEHGHHPHGQRQFRPSOLDQWDQGDGRVLQJGHYLDWLRQVKRXOGEHUHFRUGHG
6XEMHFWVZLOOEHUHLQVWUXFWHGRQGRVLQJFRPSOLDQFHDQGWKLVZLOOEHGRFXPHQWHGLQWKH
VRXUFHGRFXPHQWV7KHVHJXLGHOLQHVZLOOEHXVHGE\WKH,QYHVWLJDWRUIRUGHWHUPLQLQJ
WKHVXEMHFW¶VQHFHVVDU\FRPSOLDQFHIRUWKHVWXG\DQGIRUUHFRUGLQJGHYLDWLRQVIURPWKLV
FRPSOLDQFH
$SURWRFROGHYLDWLRQRFFXUVZKHQWKHUHLVDQ\QRQDGKHUHQFHWRDVWXG\SURFHGXUHRU
VFKHGXOHWKDWLVVSHFLILHGE\WKHSURWRFRO7KHWHUP³SURWRFROGHYLDWLRQ´LQFOXGHVWKRVH
GHSDUWXUHVIURPWKHSURWRFROSUHYLRXVO\GHVFULEHGE\WKHWHUP³SURWRFROYLRODWLRQ´DOO
GHSDUWXUHVIURPWKHSURWRFRODUHQRZGHVFULEHGDVSURWRFROGHYLDWLRQVUHJDUGOHVVRIWKH
SRWHQWLDOLPSDFWRQVXEMHFWVDIHW\$3URWRFRO'HYLDWLRQ/RJVKDOOEHPDLQWDLQHGE\WKH
VLWHV3URWRFROGHYLDWLRQVZLOOEHVXPPDUL]HGLQWKHILQDOFOLQLFDOVWXG\UHSRUW

6XEMHFW'LVSRVLWLRQ

&RPSOHWHG6XEMHFWV
$FRPSOHWHGVXEMHFWLVRQHZKRKDVQRWEHHQGLVFRQWLQXHGIURPWKHVWXG\

'LVFRQWLQXHG6XEMHFWV
6XEMHFWVPD\EHGLVFRQWLQXHGSULRUWRWKHLUFRPSOHWLRQRIWKHVWXG\GXHWR
x VXEMHFWUHTXHVWZLWKGUDZDO
x $(V
x SURWRFROYLRODWLRQV
x DGPLQLVWUDWLYHUHDVRQVHJLQDELOLW\WRFRQWLQXHORVWWRIROORZXS
x VSRQVRUWHUPLQDWLRQRIVWXG\
1RWH,QDGGLWLRQDQ\VXEMHFWPD\EHGLVFRQWLQXHGIRUDQ\VRXQGPHGLFDOUHDVRQ
1RWLILFDWLRQ RI D VXEMHFW GLVFRQWLQXDWLRQDQGWKHUHDVRQIRUGLVFRQWLQXDWLRQZLOOEH
PDGHWR2UDDQGRUVSRQVRUDQGZLOOEHFOHDUO\GRFXPHQWHGRQWKHH&5)
$OOVXEMHFWVZLOOEHHQFRXUDJHGWRUHPDLQLQWKHVWXG\DQGSURYLGHVDIHW\DQGHIILFDF\
RXWFRPHVDIWHUWKHDGYHQWRILQWHUFXUUHQWHYHQWVLQFOXGLQJWUHDWPHQWGLVFRQWLQXDWLRQ
DQGUHFHLSWRIDGGLWLRQDOSURKLELWHGPHGLFDWLRQV$Q\VXEMHFWZKRGLVFRQWLQXHVGXHWR
DQLQWHUFXUUHQWHYHQWPD\UHPDLQHQUROOHGLQWKHVWXG\LIDJUHHGE\WKHVXEMHFWDQG
SULQFLSDOLQYHVWLJDWRUDQGFRQWLQXHWRSDUWLFLSDWHLQDOOVXEVHTXHQWYLVLWVIRUVDIHW\DQG
HIILFDF\DVVHVVPHQWV

6WXG\7HUPLQDWLRQ
7KHVWXG\PD\EHVWRSSHGDWDQ\WLPHE\WKHLQYHVWLJDWRUWKHVSRQVRUDQGRU2UDZLWK
DSSURSULDWHQRWLILFDWLRQ
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI


6WXG\'XUDWLRQ
$QLQGLYLGXDOVXEMHFW¶VSDUWLFLSDWLRQZLOOLQYROYHYLVLWVRYHUDSSUR[LPDWHO\DGD\
SHULRGGD\VSUHVFUHHQLQJGD\VRIWUHDWPHQW

0RQLWRULQJDQG4XDOLW\$VVXUDQFH
'XULQJWKHFRXUVHRIWKHVWXG\DQ2UDPRQLWRURUGHVLJQHHZLOOPDNHURXWLQHVLWHYLVLWV
WRUHYLHZSURWRFROFRPSOLDQFHDVVHVV,3DFFRXQWDELOLW\DQGHQVXUHWKHVWXG\LVEHLQJ
FRQGXFWHG DFFRUGLQJ WR WKH SHUWLQHQW UHJXODWRU\ UHTXLUHPHQWV 7KH UHYLHZ RI WKH
VXEMHFWV¶PHGLFDOUHFRUGVZLOOEHSHUIRUPHGLQDPDQQHUWKDWDGHTXDWHO\PDLQWDLQV
VXEMHFWFRQILGHQWLDOLW\)XUWKHUGHWDLOVRIWKHVWXG\PRQLWRULQJZLOOEHRXWOLQHGLQD
PRQLWRULQJSODQ
5HJXODWRU\DXWKRULWLHVRIGRPHVWLFDQGIRUHLJQDJHQFLHVTXDOLW\DVVXUDQFHDQGRULWV
GHVLJQHHVPD\FDUU\RXWRQVLWHLQVSHFWLRQVDQGRUDXGLWVZKLFKPD\LQFOXGHVRXUFH
GDWDFKHFNV7KHUHIRUHGLUHFWDFFHVVWRWKHRULJLQDOVRXUFHGDWDZLOOEHUHTXLUHGIRU
LQVSHFWLRQV DQGRU DXGLWV $OO LQVSHFWLRQV DQG DXGLWV ZLOO EH FDUULHG RXW JLYLQJ
FRQVLGHUDWLRQWRGDWDSURWHFWLRQDVZHOODVVXEMHFWFRQILGHQWLDOLW\WRWKHH[WHQWWKDWORFDO
VWDWHDQGIHGHUDOODZVDSSO\

$'9(56((9(176

$GYHUVH(YHQW$(
$Q$(LVGHILQHGDVDQ\XQWRZDUGPHGLFDORFFXUUHQFHDVVRFLDWHGZLWKWKHXVHRIDQ,3
LQKXPDQVZKHWKHURUQRWFRQVLGHUHG,3UHODWHG$Q$(FDQEHDQ\XQIDYRUDEOHDQG
XQLQWHQGHGVLJQHJDQDEQRUPDOODERUDWRU\ILQGLQJV\PSWRPRUGLVHDVHWHPSRUDOO\
DVVRFLDWHGZLWKWKHXVHRIDQ,3ZLWKRXWDQ\MXGJPHQWDERXWFDXVDOLW\$Q$(FDQDULVH
IURPDQ\XVHRIWKH,3HJRIIODEHOXVHXVHLQFRPELQDWLRQZLWKDQRWKHUGUXJRU
PHGLFDOGHYLFHDQGIURPDQ\URXWHRIDGPLQLVWUDWLRQIRUPXODWLRQRUGRVHLQFOXGLQJ
DQRYHUGRVH$Q$(FDQDULVHIURPDQ\GHOLYHU\LPSODQWDWLRQRUXVHRIDPHGLFDO
GHYLFH LQFOXGLQJ PHGLFDO GHYLFH IDLOXUH VXEMHFW FKDUDFWHULVWLFV WKDW PD\ LPSDFW
PHGLFDOGHYLFHSHUIRUPDQFHHJDQDWRPLFDOOLPLWDWLRQVDQGWKHUDSHXWLFSDUDPHWHUV
HJHQHUJ\DSSOLHGVL]LQJGRVHUHOHDVHDQGDQDWRPLFILWDVVRFLDWHGZLWKPHGLFDO
GHYLFHXVH
$OO$(VVSRQWDQHRXVO\UHSRUWHGE\WKHVXEMHFWDQGRULQUHVSRQVHWRDQRSHQTXHVWLRQ
IURP VWXG\ SHUVRQQHO RU UHYHDOHG E\ REVHUYDWLRQ SK\VLFDO H[DPLQDWLRQ RU RWKHU
GLDJQRVWLFSURFHGXUHVZLOOEHUHFRUGHGLQWKHVRXUFHGRFXPHQWDQGRQWKHDSSURSULDWH
SDJHVRIWKHFDVHUHSRUWIRUP&5)$Q\FOLQLFDOO\UHOHYDQWGHWHULRUDWLRQLQFOLQLFDO
ILQGLQJLVFRQVLGHUHGDQ$(DQGPXVWEHUHFRUGHG:KHQSRVVLEOHVLJQVDQGV\PSWRPV
LQGLFDWLQJ D FRPPRQ XQGHUO\LQJ SDWKRORJ\ VKRXOG EH QRWHG DV RQH FRPSUHKHQVLYH
HYHQW7UHDWPHQWHPHUJHQWDGYHUVHHYHQWV7($(DUHXQGHVLUDEOHHYHQWVQRWSUHVHQW
SULRUWRPHGLFDOWUHDWPHQWRUDQDOUHDG\SUHVHQWHYHQWWKDWZRUVHQVHLWKHULQLQWHQVLW\
RUIUHTXHQF\IROORZLQJWKHWUHDWPHQW
'RFXPHQWDWLRQUHJDUGLQJWKH$(VKRXOGEHPDGHDVWRWKHQDWXUHGDWHRIRQVHWHQG
GDWHVHYHULW\DQGUHODWLRQVKLSWR,3DFWLRQVWDNHQVHULRXVQHVVDQGRXWFRPHRIDQ\
VLJQRUV\PSWRPREVHUYHGE\WKHSK\VLFLDQRUUHSRUWHGE\WKHVXEMHFWXSRQLQGLUHFW
TXHVWLRQLQJ([DFHUEDWLRQRIFRQGLWLRQVUHODWHGWRWKHVLJQVDQGV\PSWRPVRI'('ZLOO
QRWEHUHSRUWHGDVDQ$(


<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI


6HYHULW\
6HYHULW\RIDQ$(LVGHILQHGDVDTXDOLWDWLYHDVVHVVPHQWRIWKHGHJUHHRILQWHQVLW\RIDQ
$( DV GHWHUPLQHG E\ WKH ,QYHVWLJDWRU RU UHSRUWHG WR KLPKHU E\ WKH VXEMHFW 7KH
DVVHVVPHQWRIVHYHULW\LVPDGHLUUHVSHFWLYHRIUHODWLRQVKLSWR,3RUVHULRXVQHVVRIWKH
HYHQWDQGVKRXOGEHHYDOXDWHGDFFRUGLQJWRWKHIROORZLQJVFDOH
x 0LOG(YHQWLVQRWLFHDEOHWRWKHVXEMHFWEXWLVHDVLO\WROHUDWHGDQGGRHVQRW
LQWHUIHUHZLWKWKHVXEMHFW¶VGDLO\DFWLYLWLHV
x 0RGHUDWH(YHQWLVERWKHUVRPHSRVVLEO\UHTXLULQJDGGLWLRQDOWKHUDS\DQG
PD\LQWHUIHUHZLWKWKHVXEMHFW¶VGDLO\DFWLYLWLHV
x 6HYHUH(YHQWLVLQWROHUDEOHQHFHVVLWDWHVDGGLWLRQDOWKHUDS\RUDOWHUDWLRQRI
WKHUDS\DQGLQWHUIHUHVZLWKWKHVXEMHFW¶VGDLO\DFWLYLWLHV

5HODWLRQVKLSWR,QYHVWLJDWLRQDO3URGXFW
7KH ,QYHVWLJDWRU PXVW DVVHVV ZKHWKHU WKH\ FRQVLGHU DQ $( WR EH GUXJ UHODWHG ,Q
DVVHVVLQJ WKLV UHODWLRQVKLS WKH ,QYHVWLJDWRU PXVW XVH LQIRUPDWLRQ DERXW WKH
FRQGLWLRQVFRQFXUUHQWPHGLFDWLRQDQGFKURQRORJ\RIWKHHYHQWUHODWLYHWRGUXJ7KH
LQYHVWLJDWRUVKRXOGLQLWLDOO\FODVVLI\WKHUHODWHGQHVVRIDQ$(EXWWKHILQDOFODVVLILFDWLRQ
LVVXEMHFWWRWKH0HGLFDO0RQLWRU¶VGHWHUPLQDWLRQXQOHVVUHYLVHGE\WKH6SRQVRUZKLFK
KDVWKHXOWLPDWHUHVSRQVLELOLW\IRUMXGJLQJUHODWHGQHVV7KHUHODWLRQVKLSRIHDFK$(WR
WKH,3VKRXOGEHGHWHUPLQHGE\WKHLQYHVWLJDWRUXVLQJWKHVHH[SODQDWLRQV
x 'HILQLWHO\5HODWHG5HODWLRQVKLSH[LVWVZKHQWKH$(IROORZVDUHDVRQDEOH
VHTXHQFH IURP WKH WLPHRI,3DGPLQLVWUDWLRQIROORZVDNQRZQUHVSRQVH
SDWWHUQRIWKHGUXJFODVVLVFRQILUPHGE\LPSURYHPHQWRQVWRSSLQJWKH,3
DQGQRRWKHUUHDVRQDEOHFDXVHH[LVWV
x 3UREDEO\5HODWHG5HODWLRQVKLSH[LVWVZKHQWKH$(IROORZVDUHDVRQDEOH
VHTXHQFH IURP WKH WLPHRI,3DGPLQLVWUDWLRQIROORZVDNQRZQUHVSRQVH
SDWWHUQRIWKHGUXJFODVVLVFRQILUPHGE\LPSURYHPHQWRQVWRSSLQJWKH,3
DQGWKHVXVSHFW,3LVWKHPRVWOLNHO\RIDOOFDXVHV
x 3RVVLEO\5HODWHG5HODWLRQVKLSH[LVWVZKHQWKH$(IROORZVDUHDVRQDEOH
VHTXHQFH IURP WKH WLPH RI ,3 DGPLQLVWUDWLRQ EXW FRXOG DOVR KDYH EHHQ
SURGXFHGE\WKHVXEMHFW¶VFOLQLFDOVWDWHRUE\RWKHUGUXJVDGPLQLVWHUHGWR
WKHVXEMHFW
x 8QOLNHO\ WR EH 5HODWHG 5HODWLRQVKLS XQFHUWDLQ WR WKH LQYHVWLJDWLRQDO
SURGXFW/LNHO\WREHUHODWHGWRIDFWRUVRWKHUWKDQLQYHVWLJDWLRQDOSURGXFW
EXWFDQQRWEHUXOHGRXWZLWKFHUWDLQW\
x 1RW 5HODWHG &RQFXUUHQW LOOQHVV FRQFXUUHQW PHGLFDWLRQ RU RWKHU NQRZQ
FDXVHLVFOHDUO\UHVSRQVLEOHIRUWKH$(WKHDGPLQLVWUDWLRQRIWKH,3DQGWKH
RFFXUUHQFHRIWKH$(DUHQRWUHDVRQDEO\UHODWHGLQWLPHRUH[SRVXUHWR,3
KDVQRWRFFXUUHG





<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI


([SHFWHGQHVV
7KH H[SHFWHGQHVV RI DQ $( VKRXOG EH GHWHUPLQHG EDVHG XSRQ H[LVWLQJ VDIHW\
LQIRUPDWLRQDERXWWKH,3XVLQJWKHVHH[SODQDWLRQV
x 8QH[SHFWHG: $Q$(WKDWLVQRWOLVWHGLQWKH,QYHVWLJDWRU¶V%URFKXUH,%RU
LVQRWOLVWHGDWWKHVSHFLILFLW\RUVHYHULW\WKDWKDVEHHQREVHUYHG
x ([SHFWHG: $Q$(WKDWLVOLVWHGLQWKH,QYHVWLJDWLRQDO%URFKXUH,%DWWKH
VSHFLILFLW\DQGVHYHULW\WKDWKDVEHHQREVHUYHG
x 1RWDSSOLFDEOH: $Q$(XQUHODWHGWRWKH,3
$(VWKDWDUHPHQWLRQHGLQWKHLQYHVWLJDWRU¶VEURFKXUH,%DVRFFXUULQJZLWKDFODVVRI
SURGXFWVRUDVDQWLFLSDWHGIURPWKHSKDUPDFRORJLFDOPHFKDQLFDORURWKHUSURSHUWLHV
RI WKH SURGXFW EXW DUH QRW VSHFLILFDOO\ PHQWLRQHG DV RFFXUULQJ ZLWK WKH SDUWLFXODU
SURGXFWXQGHULQYHVWLJDWLRQDUHWREHFRQVLGHUHGXQH[SHFWHG
7KH LQYHVWLJDWRU VKRXOG LQLWLDOO\ FODVVLI\ WKH H[SHFWHGQHVV RI DQ $( EXW WKH ILQDO
FODVVLILFDWLRQLVVXEMHFWWRWKH0HGLFDO0RQLWRU¶VGHWHUPLQDWLRQ

6HULRXV$GYHUVH(YHQWV
$Q$(LVFRQVLGHUHGVHULRXVLILQWKHYLHZRIHLWKHUWKH,QYHVWLJDWRURU6SRQVRULW
UHVXOWVLQDQ\RIWKHIROORZLQJRXWFRPHV
x 'HDWK
x ,VOLIHWKUHDWHQLQJ
1RWH$Q$(LVFRQVLGHUHG³OLIHWKUHDWHQLQJ´LILQWKHYLHZRIHLWKHUWKH
,QYHVWLJDWRURU6SRQVRULWVRFFXUUHQFHSODFHVWKHVXEMHFWDWLPPHGLDWHULVN
RIGHDWK,WGRHVQRWLQFOXGHDQ$(WKDWKDGLWRFFXUUHGLQDPRUHVHYHUH
IRUPPLJKWKDYHFDXVHGGHDWK
x ,QSDWLHQWKRVSLWDOL]DWLRQRUSURORQJDWLRQRIH[LVWLQJKRVSLWDOL]DWLRQ
1RWH7KHWHUP³LQSDWLHQWKRVSLWDOL]DWLRQ´UHIHUVWRDQ\LQSDWLHQWDGPLVVLRQ
HYHQLIOHVVWKDQKRXUVXQOHVVWKHLQSDWLHQWDGPLVVLRQZDVSUHSODQQHG
SULRU WR WKH VLJQLQJ RI WKH LQIRUPHG FRQVHQW )RU FKURQLF RU ORQJWHUP
LQSDWLHQWVLQSDWLHQWDGPLVVLRQLQFOXGHVWUDQVIHUZLWKLQWKHKRVSLWDOWRDQ
DFXWHLQWHQVLYH FDUH LQSDWLHQW XQLW ,QSDWLHQW KRVSLWDOL]DWLRQ GRHV QRW
LQFOXGH
HPHUJHQF\
URRP
YLVLWV
RXWSDWLHQWVDPHGD\DPEXODWRU\
SURFHGXUHV REVHUYDWLRQVKRUW VWD\ XQLWV UHKDELOLWDWLRQ IDFLOLWLHV KRVSLFH
IDFLOLWLHVQXUVLQJKRPHVRUFOLQLFDOUHVHDUFKSKDVHXQLWV
1RWH 7KH WHUP ³SURORQJDWLRQ RI H[LVWLQJ KRVSLWDOL]DWLRQ´ UHIHUV WR DQ\
H[WHQVLRQ RI DQ LQSDWLHQW KRVSLWDOL]DWLRQ EH\RQG WKH VWD\ DQWLFLSDWHG RU
UHTXLUHG IRU WKH UHDVRQ IRU WKH LQLWLDO DGPLVVLRQ DV GHWHUPLQHG E\ WKH
LQYHVWLJDWRURUWUHDWLQJSK\VLFLDQ
x $SHUVLVWHQWRUVLJQLILFDQWLQFDSDFLW\RUVXEVWDQWLDOGLVUXSWLRQRIWKHDELOLW\
WRFRQGXFWQRUPDOOLIHIXQFWLRQV
1RWH$VHULRXVDGYHUVHHYHQW6$(VSHFLILFDOO\UHODWHGWRYLVXDOWKUHDW
ZRXOGEHLQWHUSUHWHGDVDQ\SRWHQWLDOLPSDLUPHQWRUGDPDJHWRWKHVXEMHFW¶V
H\HVHJKHPRUUKDJHUHWLQDOGHWDFKPHQWFHQWUDOFRUQHDOXOFHURUGDPDJH
WRWKHRSWLFQHUYH
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

x $FRQJHQLWDODQRPDO\ELUWKGHIHFW
x ,PSRUWDQWPHGLFDOHYHQWVWKDWPD\QRWUHVXOWLQGHDWKEHOLIHWKUHDWHQLQJ
RU UHTXLUH KRVSLWDOL]DWLRQ PD\ EH FRQVLGHUHG VHULRXV ZKHQ EDVHG XSRQ
DSSURSULDWHPHGLFDOMXGJPHQWWKH\PD\MHRSDUGL]HWKHVXEMHFWDQGPD\
UHTXLUH PHGLFDO RU VXUJLFDO LQWHUYHQWLRQ WR SUHYHQW RQH RI WKH RXWFRPHV
OLVWHGLQWKLVGHILQLWLRQ

3URFHGXUHVIRU5HSRUWLQJ6HULRXV$GYHUVH(YHQWV
$OO6$(VDQGWKHLURXWFRPHVUHJDUGOHVVRIFDXVDOLW\RUH[SHFWHGQHVVPXVWEHUHSRUWHG
WR2UDDQGWKH6SRQVRUDVUHTXLUHGE\WKH,5%,QGHSHQGHQW(WKLFV&RPPLWWHH,(&
IHGHUDOVWDWHRUORFDOUHJXODWLRQVDQGJRYHUQLQJKHDOWKDXWKRULWLHVDQGUHFRUGHGRQWKH
DSSURSULDWH&5)$GYHUVHHYHQWVZLOOEHFROOHFWHGDIWHUWKHVLJQLQJRIWKH,QIRUPHG
&RQVHQW

5HSRUWLQJD6HULRXV8QH[SHFWHG6XVSHFWHG$GYHUVH5HDFWLRQ
$OO6$(VWKDWDUHERWKµVXVSHFWHG¶DQGµXQH[SHFWHG¶DUHWREHUHSRUWHGWR2UDWKH
6SRQVRUDQGWKH,5%,(&DQGWKHUHJXODWRU\DXWKRULWLHVDVUHTXLUHGE\WKH,5%,(&
IHGHUDOVWDWHRUORFDOUHJXODWLRQVDQGJRYHUQLQJKHDOWKDXWKRULWLHV

5HSRUWLQJD6HULRXV$GYHUVH(YHQW
7R HQVXUH VXEMHFW VDIHW\ DOO 6$(V UHJDUGOHVV RI UHODWLRQVKLS WR WKH ,3 PXVW EH
LPPHGLDWHO\UHSRUWHG$OOLQIRUPDWLRQUHOHYDQWWRWKH6$(PXVWEHUHFRUGHGRQWKH
DSSURSULDWH &5)V 7KH LQYHVWLJDWRU LV REOLJDWHG WR SXUVXH DQG REWDLQ LQIRUPDWLRQ
UHTXHVWHGE\2UDDQGRUWKHVSRQVRULQDGGLWLRQWRWKDWLQIRUPDWLRQUHSRUWHGRQWKH
&5)$OOVXEMHFWVH[SHULHQFLQJD6$(PXVWEHIROORZHGXSDQGWKHRXWFRPHUHSRUWHG
,QWKHHYHQWRID6$(WKHLQYHVWLJDWRUPXVWQRWLI\2UDDQGWKH6SRQVRULPPHGLDWHO\
XVLQJWKHFRQWDFWLQIRUPDWLRQEHORZREWDLQDQGPDLQWDLQLQKLVKHUILOHVDOOSHUWLQHQW
PHGLFDOUHFRUGVLQIRUPDWLRQDQGPHGLFDOMXGJPHQWVIURPFROOHDJXHVZKRDVVLVWHGLQ
WKHWUHDWPHQWDQGIROORZXSRIWKHVXEMHFWSURYLGH2UDDQGWKHVSRQVRUZLWKDFRPSOHWH
FDVH KLVWRU\ ZKLFK LQFOXGHV D VWDWHPHQW DV WR ZKHWKHU WKH HYHQW ZDV RU ZDV QRW
VXVSHFWHGWREHUHODWHGWRWKHXVHRIWKH,3DQGLQIRUPWKH,5%RIWKH6$(ZLWKLQWKHLU
JXLGHOLQHVIRUUHSRUWLQJ6$(V
&RQWDFWLQIRUPDWLRQIRUUHSRUWLQJ6$(V
1DPH
7LWOH
2IILFH7HOHSKRQH
2IILFH)DFVLPLOH

3URFHGXUHVIRU8QPDVNLQJ,I$SSOLFDEOH
$OOVXEMHFWVLQYHVWLJDWRUVDQGVWXG\SHUVRQQHOLQYROYHGZLWKWKHFRQGXFWRIWKHVWXG\
ZLOOEHPDVNHGZLWKUHJDUGWRWUHDWPHQWDVVLJQPHQWV:KHQPHGLFDOO\QHFHVVDU\WKH
LQYHVWLJDWRUPD\QHHGWRGHWHUPLQHZKDWWUHDWPHQWJURXSKDVEHHQDVVLJQHGWRDVXEMHFW
:KHQSRVVLEOHLHLQQRQHPHUJHQWVLWXDWLRQV2UDDQGWKHVWXG\6SRQVRUVKRXOGEH
QRWLILHGEHIRUHXQPDVNLQJVWXG\GUXJ2UDDQGWKHVWXG\6SRQVRUPXVWEHLQIRUPHG
LPPHGLDWHO\DERXWDQ\XQPDVNLQJHYHQW

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

,IDQLQYHVWLJDWRULGHQWLILHVDPHGLFDOQHHGIRUXQPDVNLQJWKHWUHDWPHQWDVVLJQPHQWRI
DVXEMHFWKHVKHVKRXOGFRQWDFW2UDDQGRUWKHPHGLFDOPRQLWRUSULRUWRXQPDVNLQJWKH
LGHQWLW\RIWKH,3LISRVVLEOH2UDZLOODVNWKHVLWHWRFRPSOHWHDQGVHQGWKHPWKH
8QPDVNLQJ5HTXHVW)RUP2UDZLOOQRWLI\WKH6SRQVRUDQGMRLQWO\ZLOOGHWHUPLQHLIWKH
XQPDVNLQJUHTXHVWVKRXOGEHJUDQWHG7KH\PD\FRQVXOWWKHPHGLFDOPRQLWRUDVQHHGHG
7KH UHVXOW RI WKH UHTXHVW ZLOO EH GRFXPHQWHG RQ WKH 8QPDVNLQJ 5HTXHVW )RUP ,I
DSSURYDOLVJUDQWHGWRXQPDVNDVXEMHFWZULWWHQSHUPLVVLRQYLDWKH8QPDVNLQJ5HTXHVW
)RUPZLOOEHSURYLGHGWRWKHLQYHVWLJDWRU7KHLQYHVWLJDWRUZLOOXQPDVNWKHVXEMHFW
XVLQJ,:567KHLQYHVWLJDWRUZLOOFRPSOHWHWKH8QPDVNLQJ0HPRIRUPDQGLQFOXGHLW
LQWKHVXEMHFW¶VVWXG\ILOHDQGSURYLGHDFRS\IRUWKH7ULDO0DVWHU)LOH70))RUHDFK
XQPDVNHGUHTXHVWWKHUHDVRQGDWHVLJQDWXUHDQGQDPHRIWKHSHUVRQZKRXQPDVNHG
WKHVXEMHFWPXVWEHQRWHGLQWKHVXEMHFW¶VVWXG\ILOH
8QPDVNHGVXEMHFWVZLOOEHGLVFRQWLQXHGIURPWKHVWXG\8QPDVNHGVXEMHFWVZLOOEH
IROORZHG IRU VDIHW\ PRQLWRULQJ XQWLO UHVROXWLRQ RI WKH DGYHUVH HYHQW RU VWXG\
FRPSOHWLRQZKLFKHYHURFFXUVODVW

7\SHDQG'XUDWLRQRIWKH)ROORZ8SRI6XEMHFWV$IWHU$GYHUVH(YHQWV
7KHLQYHVWLJDWRUZLOOIROORZXQUHVROYHG$(VWRUHVROXWLRQXQWLOWKHVXEMHFWLVORVWWR
IROORZXSRUXQWLOWKH$(LVRWKHUZLVHFODVVLILHG5HVROXWLRQPHDQVWKHVXEMHFWKDV
UHWXUQHG WR EDVHOLQH VWDWH RI KHDOWK RU WKH ,QYHVWLJDWRU GRHV QRW H[SHFW DQ\ IXUWKHU
LPSURYHPHQWRUZRUVHQLQJRIWKH$(,IWKHVXEMHFWLVORVWWRIROORZXSWKHLQYHVWLJDWRU
VKRXOGPDNHUHDVRQDEOHDWWHPSWVWRFRQWDFWWKHVXEMHFWYLDWHOHSKRQHSRVWRUFHUWLILHG
PDLO$OOIROORZXSZLOOEHGRFXPHQWHGLQWKHVXEMHFW¶VVRXUFHGRFXPHQW1RQVHULRXV
$(VLGHQWLILHGRQWKHODVWVFKHGXOHGFRQWDFWPXVWEHUHFRUGHGRQWKH$(H&5)ZLWKWKH
VWDWXVQRWHG
,IWKHLQYHVWLJDWRUEHFRPHVDZDUHRIDQ\QHZLQIRUPDWLRQUHJDUGLQJDQH[LVWLQJ6$(
LH UHVROXWLRQ FKDQJH LQ FRQGLWLRQ RU QHZ WUHDWPHQW D QHZ 6$(8QDQWLFLSDWHG
5HSRUW )RUP PXVW EH FRPSOHWHG DQG ID[HG WR 2UD ZLWKLQ  KRXUV RI WKH VLWH¶V
DZDUHQHVVRIWKHQHZLQIRUPDWLRQ7KHRULJLQDO6$(IRUPLVQRWWREHDOWHUHG7KH
UHSRUWVKRXOGGHVFULEHZKHWKHUWKHHYHQWKDVUHVROYHGRUFRQWLQXHVDQGKRZWKHHYHQW
ZDVWUHDWHG

67$7,67,&$/+<327+(6(6$1'0(7+2'62)$1$/<6,6

$QDO\VLV3RSXODWLRQV
7KHIROORZLQJDQDO\VLVSRSXODWLRQVZLOOEHFRQVLGHUHG
x
,QWHQWWR7UHDW3RSXODWLRQ±7KHLQWHQWWRWUHDW,77SRSXODWLRQLQFOXGHV 
 
 
 
 
 
x
3HU 3URWRFRO 3RSXODWLRQ ± 7KH SHU SURWRFRO 33 SRSXODWLRQ LQFOXGHV
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

x
6DIHW\3RSXODWLRQ±7KHVDIHW\SRSXODWLRQLQFOXGHV
7KHVWDWLVWLFDODQDO\VLVRIVDIHW\GDWDZLOOEHSHUIRUPHGIRUWKHVDIHW\SRSXODWLRQ7KH
DQDO\VLV RI HIILFDF\ GDWD ZLOO EH SHUIRUPHG IRU WKH ,77 SRSXODWLRQ DQG RQ WKH 33
SRSXODWLRQDVVHQVLWLYLW\DQDO\VHV

7KH3ULPDU\(QGSRLQWV
7KHSULPDU\HIILFDF\HQGSRLQWVLJQLV
x
7RWDO FRUQHDO IOXRUHVFHLQ VWDLQLQJ VFRUH RI WKH VWXG\ H\H XVLQJ WKH
PHDVXUHGE\PHDQFKDQJHIURPEDVHOLQH9LVLW
SUH&$(WR'D\9LVLW
7KHSULPDU\HIILFDF\HQGSRLQWV\PSWRPLV
x
2FXODUGLVFRPIRUWVFRUHRIERWKH\HVXVLQJWKH
PHDVXUHGE\PHDQ
FKDQJHIURPEDVHOLQH9LVLWSUH&$(WR'D\9LVLW

(VWLPDQG'HILQLWLRQIRUWKH3ULPDU\(QGSRLQWV
(VWLPDQGGHVFULEHVVWUDWHJLHVRIKDQGOLQJLQWHUFXUUHQWHYHQWVWKDWSRWHQWLDOO\RFFXU
GXULQJWKHWULDOFRQGXFWIRUWKHSULPDU\DQDO\VHVRIWKHSULPDU\HQGSRLQWV7KHSURSRVHG
VWUDWHJLHVZLOOSRWHQWLDOO\SURYLGHUHODWLYHO\FRQVHUYDWLYHWUHDWPHQWHIIHFWEDVHGRQWKH
DVVXPSWLRQVDVVRFLDWHGZLWKHDFKLQWHUFXUUHQWHYHQW
x
(VWLPDQGIRUVHQVLWLYLW\DQDO\VHV
x
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

x 
 

 

6WDWLVWLFDO+\SRWKHVHVIRUWKH3ULPDU\(QGSRLQWV
7KHQXOODQGDOWHUQDWLYHK\SRWKHVHVIRUWKHWZRSULPDU\HQGSRLQWVDQGWZRGRVHVRI
<332SKWKDOPLF6ROXWLRQDUH

6HFRQGDU\(QGSRLQWV
7KHGHILQLWLRQRIWKHVHFRQGDU\HQGSRLQWVFDQEHIRXQGLQ6HFWLRQ




<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

 6DPSOH6L]H
7KLVVWXG\LVH[SHFWHGWRHQUROO
VXEMHFWVLQHDFKJURXSIRUDWRWDORI
UDQGRPL]HG
VXEMHFWV2IWKH
UDQGRPL]HGVXEMHFWVDSSUR[LPDWHO\
VXEMHFWVZLOOEHRIILUVW
VHFRQGRUWKLUGJHQHUDWLRQ-DSDQHVHGHVFHQWYHULILHGE\UHYLHZRIVXEMHFW
VIDPLO\WUHH
JRYHUQPHQWDSSURYHG,'HJELUWKFHUWLILFDWHDQGVXEMHFW¶VDIILUPDWLYHUHVSRQVHWR
D -DSDQHVH OLIHVW\OH TXHVWLRQQDLUH $SSUR[LPDWHO\
 VXEMHFWV ZLOO EH VFUHHQHG WR
HQUROO
 UDQGRPL]HG VXEMHFWV $VVXPLQJ DSSUR[LPDWHO\  GURS RXW UDWH

VXEMHFWVSHUJURXSDUHH[SHFWHGWRFRPSOHWHWKHVWXG\7KHVDPSOHVL]HZLOODFKLHYH
SRZHUWRGHWHFWDVWDWLVWLFDOO\VLJQLILFDQWVWDQGDUGL]HGWUHDWPHQWHIIHFWVL]HRI
EHWZHHQDQDFWLYHGRVHDQGSODFHERDWWKHVLGHGVLJQLILFDQFHOHYHORI
IRUHDFK
SULPDU\HQGSRLQW

6WDWLVWLFDO$QDO\VLV

*HQHUDO&RQVLGHUDWLRQV
4XDQWLWDWLYHYDULDEOHVZLOOEHVXPPDUL]HGGHVFULSWLYHO\XVLQJ
4XDOLWDWLYHYDULDEOHVZLOO
EHVXPPDUL]HGXVLQJ

$OO VXPPDULHV ZLOO EH SUHVHQWHG E\ WUHDWPHQW JURXS DQG WRWDO ZKHUH DSSOLFDEOH
6XPPDULHVZLOOEHSURYLGHGIRUGHPRJUDSKLFVEDVHOLQHPHGLFDOKLVWRU\FRQFXUUHQW
WKHUDSLHVDQGVXEMHFWGLVSRVLWLRQ
)RUWKHSXUSRVHRIVXPPDUL]DWLRQPHGLFDOKLVWRU\DQG$(VZLOOEHFRGHGWR0HGLFDO
'LFWLRQDU\IRU5HJXODWRU\$XWKRULWLHV0HG'5$DVDSSURSULDWH
%DVHOLQHPHDVXUHVDUHGHILQHGDV
&KDQJHIURPEDVHOLQH
ZLOO EH FDOFXODWHG DV
 7UHDWPHQW
FRPSDULVRQVEHWZHHQDFWLYHDQGYHKLFOHZLOOEHFDOFXODWHGDV


8QLWRI$QDO\VLV
6DIHW\HQGSRLQWVDQGSULPDU\V\PSWRPHIILFDF\HQGSRLQWVZLOOEHDQDO\]HGIRUERWK
H\HV)RURWKHUH\HOHYHOHIILFDF\HQGSRLQWVWKHXQLWRIDQDO\VLVZLOOEHWKHVWXG\H\H
RUWKH³ZRUVWH\H´DVGHILQHGE\WKHIROORZLQJ
x 6WXG\(\H

0LVVLQJ'DWD
(IIRUWZLOOEHPDGHWRPLQLPL]HWKHPLVVLQJGDWDZKHQSRVVLEOHIRUDOOHQGSRLQWV


<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

)RU WKH SULPDU\ HQGSRLQWV PLVVLQJ SDWWHUQV DQG UHDVRQV ZLOO EH H[DPLQHG ,I WKH 
PLVVLQJLVFRQVLGHUHGPLVVLQJDWUDQGRPWKHGDWDZLOOEHLPSXWHGE\WUHDWPHQWJURXS 
EDVHGRQ0DUNRY&KDLQ0RQWH&DUOR0&0&LQWKH,77SRSXODWLRQ,IWKHPLVVLQJLV 
PLVVLQJQRWDWUDQGRPGXHWRLQWHUFXUUHQWHYHQWVWKHLPSXWDWLRQPHWKRGVDUHGHILQHG 
LQWKHHVWLPDQGV6HFWLRQ,QDGGLWLRQWLSSLQJDSSURDFKZLOOEHXVHGWRHYDOXDWHWKH
 LPSDFWRIWKHPLVVLQJYDOXHVRQWKHWUHDWPHQWHIIHFW
)RUWKHVHFRQGDU\HQGSRLQWVPLVVLQJGDWDZLOOQRWEHLPSXWHG
 0XOWLSOLFLW\&RQVLGHUDWLRQ
+LHUDUFKLFDOIL[HGVHTXHQFHWHVWLQJSURFHGXUHZLOOEHXVHGWRPDLQWDLQWKHVWXG\ZLVH 
VLGHGW\SH,HUURUUDWHRI
IRUWHVWLQJPXOWLSOHSULPDU\HQGSRLQWVDQGPXOWLSOH 
GRVHV7KHKLHUDUFKLFDORUGHULVVSHFLILHGDVWKHIROORZLQJ)LJXUH
)LJXUH
7HVWLQJ6HTXHQFHRIWKH3ULPDU\(QGSRLQWV
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQW
I

$Q\WHVWLQWKHKLHUDUFKRUGHUIDLOVWRVKRZVWDWLVWLFDOVLJQLILFDQFHWKHWHVWUHVXOWV 
EHORZWKHKLHUDUFKLFDORUGHUZLOOQRWEHFODLPHGLQWKLVVWXG\7KHFODLPRILQGLFDWLRQ 
ZLOOEHEDVHGRQWKHWRWDOLW\HYLGHQFHDFURVVDOOGRVHVDQGIURPDOOVWXGLHV
7KHWHVWVIRUWKHVHFRQGDU\HQGSRLQWVDUHFRQVLGHUHGH[SORUDWRU\LQWKLVVWXG\7KH 
WRWDOLW\RIHYLGHQFHDFURVVGRVHVDQGIURPIXWXUHVWXGLHVZLOOEHFRQVLGHUHGIRUDQ\ 
IXWXUHFODLPRIWKHVHFRQGDU\HQGSRLQWV
 (IILFDF\$QDO\VHV
 3ULPDU\$QDO\VHVRIWKH3ULPDU\(IILFDF\(QGSRLQWV
7KHSULPDU\HIILFDF\HQGSRLQWVWKHFKDQJHVIURPEDVHOLQHWR'D\9LVLWLQWKH 
WRWDOFRUQHDOIOXRUHVFHLQVWDLQLQJDQGRFXODUGLVFRPIRUWZLOOEHDQDO\]HGZLWK$129$ 
PRGHOLQFOXGLQJWKHWZRUDQGRPL]DWLRQVWUDWLILFDWLRQIDFWRUVDQGWUHDWPHQWLQGLFDWRUDV 
FRYDULDWHV7KHWZRVWUDWLILFDWLRQIDFWRUVDUH9LVLWSUH&$(WRWDOFRUQHDOIOXRUHVFHLQ 
VWDLQLQJVFRUH
DQG9LVLWSUH&$(RFXODUGLVFRPIRUWVFRUH

7KHOHDVWVTXDUHVPHDQVDQGWKHLUUHVSHFWLYHVWDQGDUGHUURUV6(VRIWKHFKDQJHIURP 
EDVHOLQHIRUHDFKWUHDWPHQWJURXSDQGWKHWUHDWPHQWGLIIHUHQFHVEHWZHHQHDFKGRVHOHYHO 
DQGSODFHERZLOOEHSUHVHQWHGIRUWKHLQGLYLGXDOHQGSRLQWVZLWKVLGHGSYDOXHVDQG 
VLGHGFRQILGHQFHLQWHUYDOV7KHPLVVLQJGDWDRIWKHSULPDU\HIILFDF\HQGSRLQWVZLOO 
EHLPSXWHGDVVSHFLILHGLQ6HFWLRQ7KHVWUDWHJLHVRIKDQGOLQJWKHLQWHUFXUUHQW 
HYHQWVLQWKHSULPDU\DQDO\VLVDUHGHVFULEHGLQ(VWLPDQGLQ6HFWLRQ
7KH SULPDU\ DQDO\VHV RI WKH SULPDU\ HIILFDF\ HQGSRLQWV ZLOO EH SHUIRUPHG RQ ,77 
SRSXODWLRQZLWK(VWLPDQG
 6HQVLWLYLW\$QDO\VHVIRUWKH3ULPDU\(IILFDF\(QGSRLQWV
7KHSULPDU\HIILFDF\HQGSRLQWVZLOOEHDQDO\]HGLQWKH,77SRSXODWLRQZLWK(VWLPDQG 
XVLQJ$1&29$PRGHOFRQWUROOLQJWKHEDVHOLQHYDOXHDQGWUHDWPHQWLQGLFDWRUDVZHOO 
DVZLWK(VWLPDQGXVLQJWKHVDPH$129$PRGHOVSHFLILHGLQWKHSULPDU\DQDO\VHV 
7KHSULPDU\HQGSRLQWVZLOODOVREHDQDO\]HGZLWKWKH,77DQG33SRSXODWLRQVXVLQJWKH 
REVHUYHGGDWDRQO\XVLQJWKHVDPH$129$PRGHO:LOFR[RQUDQNVXPWHVWVZLOOEH 
SHUIRUPHGDVDGGLWLRQDOVHQVLWLYLW\DQDO\VHVZLWKWKH,77DQG33SRSXODWLRQVXVLQJWKH 
REVHUYHGGDWDRQO\
0LVVLQJGDWDLPSXWDWLRQZLOODOVREHLPSOHPHQWHGXVLQJDWLSSLQJSRLQWDQDO\VLVIRUWKH 
SULPDU\HQGSRLQWVLQWKH,77SRSXODWLRQ
 $QDO\VHVRIWKH6HFRQGDU\(IILFDF\(QGSRLQWV
)RUWRWDOFRUQHDOIOXRUHVFHLQVWDLQLQJVFRUHDQGRFXODUGLVFRPIRUWVFRUHXVLQJWKH
 
D
PD\DOVREHXVHGWRREWDLQWKH 
PHDQVFRUHVDWHDFKYLVLWDQGWKHPHDQVFRUHVRIWKHFKDQJHIURPEDVHOLQHDWHDFKSRVW 
EDVHOLQHYLVLW7KH,77SRSXODWLRQZLWKWKHREVHUYHGGDWDRQO\ZLOOEHXVHGLQWKHPRGHO
 7KHPRGHOZLOOLQFOXGHWKHIL[HGHIIHFWVXFKDVEDVHOLQHWUHDWPHQWYLVLWLQWHUDFWLRQ 
EHWZHHQWUHDWPHQWDQGYLVLWDVZHOODVVXEMHFWDVWKHUDQGRPHIIHFW
7KH VHFRQGDU\ HQGSRLQWV ZLOO EH DQDO\]HG ZLWK WKH REVHUYHG GDWD RQO\  LQ WKH ,77 
SRSXODWLRQ &RQWLQXRXV YDULDEOHV ZLOO EH VXPPDUL]HG ZLWK PHDQ DQG FRQILGHQFH 
LQWHUYDOVE\WUHDWPHQWJURXSVDQGE\YLVLWV0HDQFKDQJHVIURPEDVHOLQHPD\DOVREH 
VXPPDUL]HG E\ WUHDWPHQW JURXSVDQG YLVLWV LI DSSURSULDWH $129$ZLOOEHXVHG WR 
UHSRUW SYDOXHV IRU WUHDWPHQW GLIIHUHQFH )RU ELQDU\ RXWFRPH YDULDEOHV SHUFHQWDJH 
GLIIHUHQFHDQGDVVRFLDWHGFRQILGHQFHLQWHUYDOVZLOOEHXVHGWRVXPPDUL]HWKHGDWD&KL 
VTXDUHWHVWRUORJLVWLFUHJUHVVLRQZLOOEHFRQVLGHUHGIRUUHSRUWLQJSYDOXHV
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

 6DIHW\9DULDEOHV
$OOVDIHW\DQDO\VHVZLOOEHSHUIRUPHGRQWKH6DIHW\3RSXODWLRQ
'RVLQJLQIRUPDWLRQIRUHDFKWUHDWPHQWDQGHDFKVXEMHFWZLOOEHOLVWHG'LVFRQWLQXDWLRQ
RIWUHDWPHQWZLOOEHVXPPDUL]HGE\WUHDWPHQWUHFHLYHG7KHSULPDU\UHDVRQIRUWULDO
GUXJGLVFRQWLQXDWLRQZLOODOVREHVXPPDUL]HGE\WUHDWPHQWUHFHLYHG
$GYHUVH HYHQWV ZLOO EH FRGHG XVLQJ WKH 0HG'5$ GLFWLRQDU\ )UHTXHQFLHV DQG
SHUFHQWDJHV RI VXEMHFWV ZLWK WUHDWPHQWHPHUJHQW DGYHUVH HYHQWV 7($(V VHULRXV
7($(VDQG7($(VFDXVLQJSUHPDWXUHGLVFRQWLQXDWLRQZLOOEHSURYLGHGE\WUHDWPHQW
JURXS 7($(V DUH XQGHVLUDEOH HYHQWV QRW SUHVHQW SULRU WRPHGLFDO WUHDWPHQW RU DQ
DOUHDG\ SUHVHQW HYHQW WKDW ZRUVHQV HLWKHU LQ LQWHQVLW\ RU IUHTXHQF\ IROORZLQJ WKH
WUHDWPHQW)XUWKHUPRUHIUHTXHQFLHVZLOOEHJLYHQRIVXEMHFWVZLWK7($(VE\V\VWHP
RUJDQFODVVE\V\VWHPRUJDQFODVVDQGSUHIHUUHGWHUPE\V\VWHPRUJDQFODVVSUHIHUUHG
WHUPDQGPD[LPDOVHYHULW\E\V\VWHPRUJDQFODVVDQGSUHIHUUHGWHUPIRUWUHDWPHQW
UHODWHG7($(VDQGE\V\VWHPRUJDQFODVVSUHIHUUHGWHUPDQGVWXG\GD\RIRQVHW
6HSDUDWHVXPPDULHVZLOOEHSHUIRUPHGIRURFXODUDQGQRQRFXODU$(V
&RQFRPLWDQWPHGLFDWLRQVZLOOEHFRGHGXVLQJWKHPRVWUHFHQWYHUVLRQRI:+2'UXJ
'LFWLRQDU\DQGVXPPDUL]HGE\WUHDWPHQWJURXS
2WKHUVDIHW\HQGSRLQWVLQFOXGLQJYLVXDODFXLW\VOLWODPSELRPLFURVFRS\LQWUDRFXODU
SUHVVXUH DQG GLODWHG IXQGRVFRS\ ZLOO EH VXPPDUL]HG E\ WUHDWPHQW DQG YLVLW XVLQJ
GHVFULSWLYHVWDWLVWLFV&KDQJHRUVKLIWIURPEDVHOLQHZLOODOVREHVXPPDUL]HGZKHUH
DSSURSULDWH )RU DVVHVVPHQWV SHUIRUPHG E\ H\H ERWK H\HV ZLOO EH VXPPDUL]HG
VHSDUDWHO\
 6XEJURXS$QDO\VHVIRUWKH3ULPDU\(IILFDF\(QGSRLQWV
7KHVXEJURXSDQDO\VHVZLOOEHSHUIRUPHGEDVHGRQYDULRXVGHPRJUDSKLFFKDUDFWHULVWLFV
XVLQJWKH,77SRSXODWLRQVXFKDVDJHJURXSVJHQGHUUDFHDQGHWKQLFLW\
,QSDUWLFXODU VXEJURXSV IRU WKH-DSDQHVHSDUWLFLSDQWVHQUROOHGLQWKLVVWXG\ZLOOEH
DQDO\]HGWRIXOILOOWKHUHTXLUHPHQWRIUHJLRQDOKHDOWKDXWKRULWLHV
7KHVXEJURXSDQDO\VHVEDVHGRQWKHWZRVWUDWLILFDWLRQIDFWRUV9LVLWSUH&$(WRWDO
FRUQHDOIOXRUHVFHLQVWDLQLQJVFRUH
DQGRFXODUGLVFRPIRUWVFRUH
ZLOO
DOVREHSHUIRUPHG
 ,QWHULP$QDO\VHV
7KHUHZLOOEHQRLQWHULPDQDO\VHVLQWKLVVWXG\

&203/,$1&( :,7+ *22' &/,1,&$/ 35$&7,&(6 (7+,&$/
&216,'(5$7,216$1'$'0,1,675$7,9(,668(6
7KLVVWXG\ZLOOEHFRQGXFWHGLQFRPSOLDQFHZLWKWKHSURWRFROFXUUHQW*RRG&OLQLFDO
3UDFWLFHV *&3V LQFOXGLQJ WKH ,QWHUQDWLRQDO &RQIHUHQFH RQ +DUPRQLVDWLRQ ,&+
*XLGHOLQHVDQGLQJHQHUDOFRQVLVWHQWZLWKWKH'HFODUDWLRQRI+HOVLQNL,QDGGLWLRQDOO
DSSOLFDEOHORFDOVWDWHDQGIHGHUDOUHTXLUHPHQWVUHOHYDQWWRWKHXVHRI,3LQWKHFRXQWULHV
LQYROYHGZLOOEHDGGUHVVHG



<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI


3URWHFWLRQRI+XPDQ6XEMHFWV

6XEMHFW,QIRUPHG&RQVHQW
,QIRUPHG FRQVHQWDVVHQW PXVW WDNH SODFH EHIRUH DQ\ VWXG\ VSHFLILF SURFHGXUHV DUH
LQLWLDWHG 6LJQHG DQG GDWHG ZULWWHQ LQIRUPHG FRQVHQW PXVW EH REWDLQHG IURP HDFK
VXEMHFWDQGRUIURPWKHVXEMHFW¶VSDUHQWRUOHJDOJXDUGLDQSULRUWRHQUROOPHQWLQWRWKH
VWXG\
$OO LQIRUPHG FRQVHQW IRUPV PXVW EH DSSURYHG IRU XVH E\ WKH 6SRQVRU DQG UHFHLYH
DSSURYDOIDYRUDEOHRSLQLRQIURPDQ,5%SULRUWRWKHLUXVH,IWKHFRQVHQWIRUPUHTXLUHV
UHYLVLRQHJGXHWRDSURWRFRODPHQGPHQWRUVLJQLILFDQWQHZVDIHW\LQIRUPDWLRQLWLV
WKH ,QYHVWLJDWRU¶V UHVSRQVLELOLW\ WR HQVXUH WKDW WKH DPHQGHG LQIRUPHG FRQVHQW LV
UHYLHZHGDQGDSSURYHGE\2UDSULRUWRVXEPLVVLRQWRWKHJRYHUQLQJ,5%DQGWKDWLWLV
UHDGVLJQHGDQGGDWHGE\DOOVXEMHFWVVXEVHTXHQWO\HQUROOHGLQWKHVWXG\DVZHOODVWKRVH
FXUUHQWO\HQUROOHGLQWKHVWXG\
,ILQIRUPHGFRQVHQWLVWDNHQXQGHUVSHFLDOFLUFXPVWDQFHVRUDOLQIRUPHGFRQVHQWWKHQ
WKHSURFHGXUHVWREHIROORZHGPXVWEHGHWHUPLQHGE\2UDDQG6SRQVRUDQGSURYLGHGLQ
ZULWLQJE\2UDDQG6SRQVRUSULRUWRWKHFRQVHQWSURFHVV

,QVWLWXWLRQDO5HYLHZ%RDUG,5%$SSURYDO
7KLVVWXG\LVWREHFRQGXFWHGLQDFFRUGDQFHZLWK,5%UHJXODWLRQV86&RGHRI
)HGHUDO 5HJXODWLRQV 3DUW  7KH ,QYHVWLJDWRU PXVW REWDLQ DSSURSULDWH ,5%
DSSURYDOEHIRUHLQLWLDWLQJWKHVWXG\DQGUHDSSURYDODWOHDVWDQQXDOO\
2QO\DQ,5%DSSURYHGYHUVLRQRIWKHLQIRUPHGFRQVHQWIRUPZLOOEHXVHG

(WKLFDO&RQGXFWRIWKH6WXG\
7KLVVWXG\ZLOOEHFRQGXFWHGLQDFFRUGDQFHZLWKWKHHWKLFDOSULQFLSOHVWKDWRULJLQDWHG
ZLWKWKH'HFODUDWLRQRI+HOVLQNL

6XEMHFW&RQILGHQWLDOLW\
$OOSHUVRQDOVWXG\VXEMHFWGDWDFROOHFWHGDQGSURFHVVHGIRUWKHSXUSRVHVRIWKLVVWXG\
VKRXOGEHPDLQWDLQHGE\WKH,QYHVWLJDWRUDQGKLVKHUVWDIIZLWKDGHTXDWHSUHFDXWLRQVDV
WRHQVXUHWKDWWKHFRQILGHQWLDOLW\RIWKHGDWDLVLQDFFRUGDQFHZLWKORFDOVWDWHDQG
IHGHUDOODZVDQGUHJXODWLRQV
0RQLWRUV DXGLWRUV DQG RWKHU DXWKRUL]HG UHSUHVHQWDWLYHV RI 2UD WKH 6SRQVRU WKH
,5%,(& DSSURYLQJ WKLV VWXG\ WKH )RRG DQG 'UXJ $GPLQLVWUDWLRQ )'$ WKH
'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHVRWKHUGRPHVWLFJRYHUQPHQWDJHQFLHVDQG
RWKHUIRUHLJQUHJXODWRU\DJHQFLHVZKHQUHOHYDQWZLOOEHJUDQWHGGLUHFWDFFHVVWRWKH
VXEMHFW¶VRULJLQDOPHGLFDODQGVWXG\UHFRUGVIRUYHULILFDWLRQRIWKHGDWDDQGRUFOLQLFDO
VWXG\SURFHGXUHV$FFHVVWRWKLVLQIRUPDWLRQZLOOEHSHUPLWWHGWRWKHDIRUHPHQWLRQHG
LQGLYLGXDOVWRWKHH[WHQWSHUPLWWHGE\ODZ
$UHSRUWRIWKHUHVXOWVRIWKLVVWXG\PD\EHSXEOLVKHGRUVHQWWRWKHDSSURSULDWHKHDOWK
DXWKRULWLHVLQDQ\FRXQWU\LQZKLFKWKH,3PD\XOWLPDWHO\EHPDUNHWHGEXWWKHVXEMHFW¶V
LGHQWLW\ZLOOQRWEHGLVFORVHGLQWKHVHGRFXPHQWV

'RFXPHQWDWLRQ
6RXUFH GRFXPHQWV PD\ LQFOXGH D VXEMHFW¶V PHGLFDO UHFRUGV KRVSLWDO FKDUWV FOLQLF
FKDUWVWKH,QYHVWLJDWRU¶VVWXG\VXEMHFWILOHVDVZHOODVWKHUHVXOWVRIGLDJQRVWLFWHVWV
VXFKDV;UD\VODERUDWRU\WHVWVDQGHOHFWURFDUGLRJUDPV7KH,QYHVWLJDWRU¶VFRS\RIWKH
&5)VVHUYHVDVWKH,QYHVWLJDWRU¶VUHFRUGRIDVXEMHFW¶VVWXG\UHODWHGGDWD
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

5HWHQWLRQRI'RFXPHQWDWLRQ
$OO VWXG\ UHODWHG FRUUHVSRQGHQFH VXEMHFW UHFRUGV FRQVHQW IRUPV UHFRUG RI WKH
GLVWULEXWLRQDQGXVHRIDOO,3DQGFRSLHVRI&5)VVKRXOGEHPDLQWDLQHGRQILOHIRUDW
OHDVWWZR\HDUVDIWHUWKHODVWDSSURYDORIDPDUNHWLQJDSSOLFDWLRQLQDQ,&+UHJLRQDQG
XQWLOWKHUHDUHQRSHQGLQJRUFRQWHPSODWHGPDUNHWLQJDSSOLFDWLRQVLQDQ,&+UHJLRQRU
XQWLO DW OHDVW WZR \HDUV KDYH HODSVHG VLQFH WKH IRUPDO GLVFRQWLQXDWLRQ RI FOLQLFDO
GHYHORSPHQWRIWKH,37KHVHGRFXPHQWVZLOOEHUHWDLQHGIRUDORQJHUSHULRGLIUHTXLUHG
E\WKHDSSOLFDEOHUHJXODWRU\UHTXLUHPHQWVRUE\DQDJUHHPHQWZLWKWKHVSRQVRU,WLVWKH
UHVSRQVLELOLW\ RI WKH VSRQVRU WRLQIRUPWKHLQYHVWLJDWRULQVWLWXWLRQDVWRZKHQWKHVH
GRFXPHQWVQRORQJHUQHHGWREHUHWDLQHG
,IWKHUHVSRQVLEOHLQYHVWLJDWRUUHWLUHVUHORFDWHVRUIRURWKHUUHDVRQVZLWKGUDZVIURPWKH
UHVSRQVLELOLW\RINHHSLQJVWXG\UHFRUGVFXVWRG\PXVWEHWUDQVIHUUHGWRDSHUVRQZKR
ZLOODFFHSWWKHUHVSRQVLELOLW\7KHVSRQVRUPXVWEHQRWLILHGLQZULWLQJRIWKHQDPHDQG
DGGUHVVRIWKHQHZFXVWRGLDQ

5HFRUGLQJRI'DWDRQ6RXUFH'RFXPHQWVDQG&DVH5HSRUWV)RUPV&5)V
7KH,QYHVWLJDWRULVUHVSRQVLEOHIRUHQVXULQJWKDWVWXG\GDWDLVFRPSOHWHO\DQGDFFXUDWHO\
UHFRUGHGRQHDFKVXEMHFW¶V&5)VRXUFHGRFXPHQWDQGDOOVWXG\UHODWHGPDWHULDO$OO
VWXG\ GDWD VKRXOG DOVR EH DWWULEXWDEOH OHJLEOH FRQWHPSRUDQHRXV DQG RULJLQDO
5HFRUGHGGDWXPVKRXOGRQO\EHFRUUHFWHGLQDPDQQHUWKDWGRHVQRWREOLWHUDWHGHVWUR\
RUUHQGHULOOHJLEOHWKHSUHYLRXVHQWU\HJE\GUDZLQJDVLQJOHOLQHWKURXJKWKHLQFRUUHFW
HQWU\ DQG ZULWLQJ WKH UHYLVLRQ QH[W WR WKH FRUUHFWHG GDWD $Q LQGLYLGXDO ZKR KDV
FRUUHFWHGDGDWDHQWU\VKRXOGPDNHFOHDUZKRPDGHWKHFRUUHFWLRQDQGZKHQE\DGGLQJ
WRWKHFRUUHFWLRQKLVKHULQLWLDOVDVZHOODVWKHGDWHRIWKHFRUUHFWLRQ
'DWDHQWU\RIDOOHQUROOHGDQGUDQGRPL]HGVXEMHFWVZLOOXVHVRIWZDUHWKDWFRQIRUPVWR
&RGHRI)HGHUDO5HJXODWLRQV&)53DUWUHTXLUHPHQWVDQGZLOOEHSHUIRUPHG
RQO\E\VWDIIZKRKDYHEHHQWUDLQHGRQWKHV\VWHPDQGKDYHDFFHVVWRWKHV\VWHP
'DWD ZLOO EH HQWHUHG LQ H&5) IRU VFUHHQ IDLOXUH VXEMHFWV $Q DXGLW WUDLO ZLOO EH
PDLQWDLQHGZLWKLQWKHHOHFWURQLFV\VWHPWRFDSWXUHDOOFKDQJHVPDGHZLWKLQWKHH&5)
GDWDEDVH$IWHUWKHHQGRIWKHVWXG\DQGGDWDEDVHORFNFRPSDFWGLVFV&'VFRQWDLQLQJ
FRSLHVRIDOODSSOLFDEOHVXEMHFWV¶H&5)VZLOOEHSURYLGHGWRHDFK,QYHVWLJDWRU6LWHWREH
PDLQWDLQHGRQILOHE\WKH,QYHVWLJDWRU

3XEOLFDWLRQV
$OOGDWDGHULYHGIURPWKHVWXG\ZLOOEHWKHSURSHUW\RIWKH6SRQVRUDQGPXVWEHNHSW
VWULFWO\FRQILGHQWLDO7KH,QYHVWLJDWRUPXVWQRWVXEPLWDQ\RIWKHGDWDIURPWKLVVWXG\
IRUSXEOLFDWLRQZLWKRXWSULRUFRQVHQWRIWKH6SRQVRU7KH6SRQVRUZLOOKDYHWKHILQDO
GHFLVLRQUHJDUGLQJDQ\PDQXVFULSWDQGSXEOLFDWLRQ


<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI


5()(5(1&(6
%URQ$-&6GH3DLYD6.&KDXKDQ6%RQLQL((*DELVRQ6-DLQ(.QRSHWDO
7)26'(:6,,SDWKRSK\VLRORJ\UHSRUWOcul Surf
*D\WRQ -/  (WLRORJ\ SUHYDOHQFH DQG WUHDWPHQW RI GU\ H\H GLVHDVH Clin 
Ophthalmol
.RUHQIHOG0.1LFKROV'*ROGEHUJ'(YDQV.6DOO*)RXONV6&RXOWDVDQG.
%UD]]HOO6DIHW\RI.3,2SKWKDOPLF6XVSHQVLRQLQ3DWLHQWVZLWK'U\
(\H'LVHDVH$3RROHG$QDO\VLVRI0XOLWFHQWHU5DQGRPL]HG9HKLFOH&RQWUROOHG
6WXGLHVCornea
0DK ) 0 0LOQHU 6 <LX ( 'RQQHQIHOG 70 &RQZD\ DQG '$ +ROODQGHU 
3(56,673K\VLFLDQ
V(YDOXDWLRQRI5HVWDVLV56DWLVIDFWLRQLQ6HFRQG7ULDORI
WRSLFDOF\FORVSRQULQHRSKWKDOPLFHPXOVLRQIRUGU\H\HDUHWURVSHFWLYHUHYLHZ
Clin Ophthalmol
0DQGDO$9*RWH'3DO$2JXQGHOHDQG$.0LWUD2FXODU3KDUPDFRNLQHWLFV
RID7RSLFDO2SKWKDOPLF1DQRPLFHOODU6ROXWLRQRI&\FORVSRULQH&HTXD5IRU'U\
(\H'LVHDVHPharm Res
4XLJOH\+$DQG$7%URPDQ7KHQXPEHURISHRSOHZLWKJODXFRPDZRUOGZLGH
LQDQGBr J Ophthalmol
6FKDXPEHUJ'$08FKLQR:*&KLVWHQ5%6HPED-(%XULQJDQG-=/L
3DWLHQW UHSRUWHG GLIIHUHQFHV LQ GU\ H\H GLVHDVH EHWZHHQ PHQ DQG ZRPHQ LPSDFW
PDQDJHPHQWDQGSDWLHQWVDWLVIDFWLRQPLoS OneH
6FKDXPEHUJ'$5'DQD-(%XULQJDQG'$6XOOLYDQ3UHYDOHQFHRIGU\H\H
GLVHDVH DPRQJ 86 PHQ HVWLPDWHV IURP WKH 3K\VLFLDQV
 +HDOWK 6WXGLHV Arch 
Ophthalmol
7DXEHU-3.DUSHFNL5/DWNDQ\-/XFKV-0DUWHO.6DOO$5D\FKDXGKXUL96PLWK
&36HPEDDQG2386,QYHVWLJDWRUV/LILWHJUDVW2SKWKDOPLF6ROXWLRQ
YHUVXV3ODFHERIRU7UHDWPHQWRI'U\(\H'LVHDVH5HVXOWVRIWKH5DQGRPL]HG3KDVH,,,
23866WXG\Ophthalmology
:LUWD'39ROOPHU-3DDXZ.+&KLX(+HQU\.6WULIIOHU-1DXDQG216(7
6WXG\*URXS(IILFDF\DQG6DIHW\RI2&9DUHQLFOLQH6ROXWLRQ1DVDO6SUD\
RQ 6LJQV DQG 6\PSWRPV RI 'U\ (\H 'LVHDVH 7KH 216(7 3KDVH  5DQGRPL]HG
7ULDOOphthalmology

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI


$33(1',&(6

$SSHQGL[6FKHGXOHRI9LVLWVDQG0HDVXUHPHQWV
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI


$SSHQGL[([DPLQDWLRQ3URFHGXUHV7HVWV	(YDOXDWLRQV
9LVXDO$FXLW\3URFHGXUHV(7'56&KDUW
(TXLSPHQW
0HDVXUHPHQW7HFKQLTXH
/RJ0$59LVXDO$FXLW\&DOFXODWLRQV

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

6OLW/DPS%LRPLFURVFRS\3URFHGXUHV
 
 
 
 
 
 
'LODWHG)XQGRVFRS\
 
 
 

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

,QWUDRFXODU3UHVVXUH,23
8QDQHVWKHWL]HG6FKLUPHU¶V7HVW
 
 
 
 


<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

2FXODU6XUIDFHDQG'LVHDVH,QGH[26',IRU'U\(\H
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

7HDU)LOP%UHDN8S7LPH7)%87
 
 
 
 
 
 
 
 
 
 
9LVXDO$QDORJ6FDOH9$6
 
 
 
 
 
)LJXUH
9LVXDO$QDORJ6FDOH
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

 
 
 
 
 
)LJXUH
2FXODU'LVFRPIRUW9LVXDO$QDORJ6FDOH
6RGLXP)OXRUHVFHLQ6WDLQLQJRIWKH&RUQHD%DVHGRQWKH0RGLILHG1DWLRQDO(\H 
,QVWLWXWH1(,*UDGLQJ6FKHPH
 
 
 
 
 
 
 
 
 
 
 
)LJXUH
0RGLILHG1(,&RUQHDO6WDLQLQJ*UDGLQJ6FKHPH
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

/LVVDPLQH*UHHQ6WDLQLQJRIWKH&RQMXQFWLYD%DVHGRQWKH0RGLILHG1DWLRQDO 
(\H,QVWLWXWH1(,*UDGLQJ6FKHPH
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

)LJXUH
0RGLILHG1(,&RQMXQFWLYDO6WDLQLQJ*UDGLQJ6FKHPH
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

2UDSURSULHWDU\VFDOHV±1RWIRUGLVWULEXWLRQZLWKRXWSHUPLVVLRQ
2UD&DOLEUD2FXODU'LVFRPIRUW6FDOH
2UD&DOLEUD2FXODU'LVFRPIRUW	6\PSWRP4XHVWLRQQDLUHIRU'U\(\H
2UDSURSULHWDU\VFDOHV±1RWIRUGLVWULEXWLRQZLWKRXWSHUPLVVLRQ
 
 
 
 
 
 
 
 


<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

)LJXUH
2UD&DOLEUD*UDGLQJ6FDOH&RUQHD
6WDLQLQJ$UHDV

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

2UDSURSULHWDU\VFDOHV±1RWIRUGLVWULEXWLRQZLWKRXWSHUPLVVLRQ
2UD&DOLEUD&RQMXQFWLYDO5HGQHVV6FDOHIRU'U\(\H
2UDSURSULHWDU\VFDOHV±1RWIRUGLVWULEXWLRQZLWKRXWSHUPLVVLRQ
'URS&RPIRUW$VVHVVPHQWV
6XEMHFW5HSRUWHG'URS&RPIRUW6FDOH
2UD&DOLEUD'URS&RPIRUW6FDOH
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

6XEMHFW&RPSOLDQFH'DLO\'LDU\
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

)DPLO\7UHH9HULILFDWLRQ)RUP
 
)LJXUH)DPLO\7UHH9HULILFDWLRQ)RUP
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ

$SSHQGL[3URWRFRO$PHQGPHQW6XPPDU\
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI





<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI




<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI



<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI


<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI


<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI



<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI


$SSHQGL[6SRQVRUDQG2UD$SSURYDOV
3URWRFRO7LWOH
$3KDVH0XOWLFHQWHU5DQGRPL]HG'RXEOH±0DVNHGDQG
3ODFHER±&RQWUROOHG6WXG\(YDOXDWLQJWKH(IILFDF\DQG6DIHW\
RI <33 2SKWKDOPLF 6ROXWLRQ &RPSDUHG WR 3ODFHER LQ
6XEMHFWVZLWK'U\(\H
,1'1XPEHU

)LQDO'DWH
7%'
7KLVFOLQLFDOVWXG\SURWRFROZDVVXEMHFWWRFULWLFDOUHYLHZDQGKDVEHHQDSSURYHGE\WKH
VSRQVRU7KHIROORZLQJSHUVRQQHOFRQWULEXWHGWRZULWLQJDQGRUDSSURYLQJWKLVSURWRFRO
<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI


$SSHQGL[,QYHVWLJDWRU¶V6LJQDWXUH
3URWRFRO7LWOH
$3KDVH0XOWLFHQWHU5DQGRPL]HG'RXEOH±0DVNHGDQG
3ODFHER±&RQWUROOHG6WXG\(YDOXDWLQJWKH(IILFDF\DQG6DIHW\
RI <33 2SKWKDOPLF 6ROXWLRQ &RPSDUHG WR 3ODFHER LQ
6XEMHFWVZLWK'U\(\H
,1'1XPEHU

)LQDO'DWH
7%'
,DJUHHWRLPSOHPHQWDQGFRQGXFWWKHVWXG\GLOLJHQWO\DQGLQVWULFWFRPSOLDQFHZLWKWKH
SURWRFROJRRGFOLQLFDOSUDFWLFHVDQGDOODSSOLFDEOHODZVDQGUHJXODWLRQV,DJUHHWR
PDLQWDLQDOOLQIRUPDWLRQVXSSOLHGE\2UDDQGWKHVSRQVRULQFRQILGHQFHDQGZKHQWKLV
LQIRUPDWLRQ LV VXEPLWWHG WR DQ ,QVWLWXWLRQDO 5HYLHZ %RDUG ,5% (WKLFDO 5HYLHZ
&RPPLWWHH(5&RUDQRWKHUJURXSLWZLOOEHVXEPLWWHGZLWKDGHVLJQDWLRQWKDWWKH
PDWHULDOLVFRQILGHQWLDO
,KDYHUHDGWKLVSURWRFROLQLWVHQWLUHW\LQFOXGLQJWKHDERYHVWDWHPHQWDQG,DJUHHWRDOO
DVSHFWV




6LJQHG

'DWH

<X\X3KDUPD,QF
<332SKWKDOPLF6ROXWLRQ
3URWRFRO9HUVLRQ
,1'
&RQILGHQWLDO
3DJHRI

Document History
SignNow E-Signature Audit Log
All dates expressed in MM/DD/YYYY (US)